# EDGAR Filing Document

**Accession Number:** 0000933691
**File Stem:** 0001387131-25-000238
**Filing Date:** 2025-8
**Character Count:** 7046616
**Document Hash:** 530b1029e5f9448c833803599a28dbff
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001387131-25-000238.hdr.sgml**: 20250828

**ACCESSION NUMBER**: 0001387131-25-000238

**CONFORMED SUBMISSION TYPE**: N-CSRS

**PUBLIC DOCUMENT COUNT**: 47

**CONFORMED PERIOD OF REPORT**: 20250630

**FILED AS OF DATE**: 20250828

**DATE AS OF CHANGE**: 20250828

**EFFECTIVENESS DATE**: 20250828

**FILER**: 

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

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

**FILING VALUES:**
- **FORM TYPE:** N-CSRS
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-08894
- **FILM NUMBER:** 251270800

**BUSINESS ADDRESS:**
- **STREET 1:** 1 CORPORATE WAY
- **CITY:** LANSING
- **STATE:** MI
- **ZIP:** 48951
- **BUSINESS PHONE:** (517) 367-4336

**MAIL ADDRESS:**
- **STREET 1:** 1 CORPORATE WAY
- **CITY:** LANSING
- **STATE:** MI
- **ZIP:** 48951

## Series and Classes Contracts Data

### JNL/MFS MID CAP VALUE FUND (Series ID: S000001722)

| Class ID   | Class Name                     | Ticker Symbol   |
|:---|:---|:---|
| C000004629 | JNL/MFS MID CAP VALUE FUND (A) |  |
| C000067963 | JNL/MFS MID CAP VALUE FUND (I) |  |

### JNL/William Blair International Leaders Fund (Series ID: S000001723)

| Class ID   | Class Name                                       | Ticker Symbol   |
|:---|:---|:---|
| C000004630 | JNL/William Blair International Leaders Fund (A) |  |
| C000067964 | JNL/William Blair International Leaders Fund (I) |  |

### JNL/CAUSEWAY INTERNATIONAL VALUE SELECT FUND (Series ID: S000001724)

| Class ID   | Class Name                                       | Ticker Symbol   |
|:---|:---|:---|
| C000004631 | JNL/CAUSEWAY INTERNATIONAL VALUE SELECT FUND (A) |  |
| C000067965 | JNL/CAUSEWAY INTERNATIONAL VALUE SELECT FUND (I) |  |

### JNL/MELLON S&P 500 INDEX FUND (Series ID: S000001727)

| Class ID   | Class Name                        | Ticker Symbol   |
|:---|:---|:---|
| C000004634 | JNL/MELLON S&P 500 INDEX FUND (A) |  |
| C000067968 | JNL/MELLON S&P 500 INDEX FUND (I) |  |

### JNL/MELLON S&P 400 MIDCAP INDEX FUND (Series ID: S000001728)

| Class ID   | Class Name                               | Ticker Symbol   |
|:---|:---|:---|
| C000004635 | JNL/MELLON S&P 400 MIDCAP INDEX FUND (A) |  |
| C000067969 | JNL/MELLON S&P 400 MIDCAP INDEX FUND (I) |  |

### JNL/MELLON SMALL CAP INDEX FUND (Series ID: S000001729)

| Class ID   | Class Name                          | Ticker Symbol   |
|:---|:---|:---|
| C000004636 | JNL/MELLON SMALL CAP INDEX FUND (A) |  |
| C000067970 | JNL/MELLON SMALL CAP INDEX FUND (I) |  |

### JNL/MELLON INTERNATIONAL INDEX FUND (Series ID: S000001730)

| Class ID   | Class Name                              | Ticker Symbol   |
|:---|:---|:---|
| C000004637 | JNL/MELLON INTERNATIONAL INDEX FUND (A) |  |
| C000067971 | JNL/MELLON INTERNATIONAL INDEX FUND (I) |  |

### JNL/MELLON BOND INDEX FUND (Series ID: S000001731)

| Class ID   | Class Name                     | Ticker Symbol   |
|:---|:---|:---|
| C000004638 | JNL/MELLON BOND INDEX FUND (A) |  |
| C000067972 | JNL/MELLON BOND INDEX FUND (I) |  |

### JNL/WMC GLOBAL REAL ESTATE FUND (Series ID: S000001732)

| Class ID   | Class Name                          | Ticker Symbol   |
|:---|:---|:---|
| C000004639 | JNL/WMC GLOBAL REAL ESTATE FUND (A) |  |
| C000067973 | JNL/WMC GLOBAL REAL ESTATE FUND (I) |  |

### JNL/INVESCO GLOBAL GROWTH FUND (Series ID: S000001734)

| Class ID   | Class Name                         | Ticker Symbol   |
|:---|:---|:---|
| C000004641 | JNL/INVESCO GLOBAL GROWTH FUND (A) |  |
| C000067975 | JNL/INVESCO GLOBAL GROWTH FUND (I) |  |

### JNL/DOUBLELINE CORE FIXED INCOME FUND (Series ID: S000001736)

| Class ID   | Class Name                                | Ticker Symbol   |
|:---|:---|:---|
| C000004643 | JNL/DOUBLELINE CORE FIXED INCOME FUND (A) |  |
| C000067976 | JNL/DOUBLELINE CORE FIXED INCOME FUND (I) |  |

### JNL/PPM AMERICA HIGH YIELD BOND FUND (Series ID: S000001740)

| Class ID   | Class Name                               | Ticker Symbol   |
|:---|:---|:---|
| C000004647 | JNL/PPM AMERICA HIGH YIELD BOND FUND (A) |  |
| C000067978 | JNL/PPM AMERICA HIGH YIELD BOND FUND (I) |  |

### JNL/FIDELITY INSTITUTIONAL ASSET MANAGEMENT TOTAL BOND FUND (Series ID: S000001741)

| Class ID   | Class Name                                                      | Ticker Symbol   |
|:---|:---|:---|
| C000004648 | JNL/FIDELITY INSTITUTIONAL ASSET MANAGEMENT TOTAL BOND FUND (A) |  |
| C000067979 | JNL/FIDELITY INSTITUTIONAL ASSET MANAGEMENT TOTAL BOND FUND (I) |  |

### JNL/JPMORGAN US GOVERNMENT & QUALITY BOND FUND (Series ID: S000001742)

| Class ID   | Class Name                                           | Ticker Symbol   |
|:---|:---|:---|
| C000004649 | JNL/JPMORGAN US GOVERNMENT & QUALITY BOND FUND (A)   |  |
| C000067980 | JNL/JPMORGAN U.S. GOVERNMENT & QUALITY BOND FUND (I) |  |

### JNL/INVESCO SMALL CAP GROWTH FUND (Series ID: S000001743)

| Class ID   | Class Name                            | Ticker Symbol   |
|:---|:---|:---|
| C000004650 | JNL/INVESCO SMALL CAP GROWTH FUND (A) |  |
| C000067981 | JNL/INVESCO SMALL CAP GROWTH FUND (I) |  |

### JNL/WMC BALANCED FUND (Series ID: S000001744)

| Class ID   | Class Name                | Ticker Symbol   |
|:---|:---|:---|
| C000004651 | JNL/WMC BALANCED FUND (A) |  |
| C000067982 | JNL/WMC BALANCED FUND (I) |  |

### JNL/BLACKROCK LARGE CAP SELECT GROWTH FUND (Series ID: S000001746)

| Class ID   | Class Name                                     | Ticker Symbol   |
|:---|:---|:---|
| C000004653 | JNL/BLACKROCK LARGE CAP SELECT GROWTH FUND (A) |  |
| C000067984 | JNL/BLACKROCK LARGE CAP SELECT GROWTH FUND (I) |  |

### JNL/DREYFUS GOVERNMENT MONEY MARKET FUND (Series ID: S000001747)

| Class ID   | Class Name                                   | Ticker Symbol   |
|:---|:---|:---|
| C000004654 | JNL/DREYFUS GOVERNMENT MONEY MARKET FUND (A) |  |
| C000067985 | JNL/DREYFUS GOVERNMENT MONEY MARKET FUND (I) |  |

### JNL/WMC VALUE FUND (Series ID: S000001748)

| Class ID   | Class Name             | Ticker Symbol   |
|:---|:---|:---|
| C000004655 | JNL/WMC VALUE FUND (A) |  |
| C000067986 | JNL/WMC VALUE FUND (I) |  |

### JNL/T. Rowe Price Growth Stock Fund (Series ID: S000001749)

| Class ID   | Class Name                              | Ticker Symbol   |
|:---|:---|:---|
| C000004656 | JNL/T. Rowe Price Growth Stock Fund (A) |  |
| C000067987 | JNL/T. Rowe Price Growth Stock Fund (I) |  |

### JNL/T. ROWE PRICE MID-CAP GROWTH FUND (Series ID: S000001750)

| Class ID   | Class Name                                | Ticker Symbol   |
|:---|:---|:---|
| C000004657 | JNL/T. ROWE PRICE MID-CAP GROWTH FUND (A) |  |
| C000067988 | JNL/T. ROWE PRICE MID-CAP GROWTH FUND (I) |  |

### JNL/T. ROWE PRICE VALUE FUND (Series ID: S000001751)

| Class ID   | Class Name                       | Ticker Symbol   |
|:---|:---|:---|
| C000004658 | JNL/T. ROWE PRICE VALUE FUND (A) |  |
| C000067989 | JNL/T. ROWE PRICE VALUE FUND (I) |  |

### JNL/JPMorgan Managed Conservative Fund (Series ID: S000001752)

| Class ID   | Class Name                                 | Ticker Symbol   |
|:---|:---|:---|
| C000004659 | JNL/JPMorgan Managed Conservative Fund (A) |  |
| C000192197 | JNL/JPMorgan Managed Conservative Fund (I) |  |

### JNL/JPMorgan Managed Moderate Fund (Series ID: S000001753)

| Class ID   | Class Name                             | Ticker Symbol   |
|:---|:---|:---|
| C000004660 | JNL/JPMorgan Managed Moderate Fund (A) |  |
| C000192198 | JNL/JPMorgan Managed Moderate Fund (I) |  |

### JNL/JPMorgan Managed Moderate Growth Fund (Series ID: S000001755)

| Class ID   | Class Name                                    | Ticker Symbol   |
|:---|:---|:---|
| C000004662 | JNL/JPMorgan Managed Moderate Growth Fund (A) |  |
| C000192199 | JNL/JPMorgan Managed Moderate Growth Fund (I) |  |

### JNL/JPMorgan Managed Growth Fund (Series ID: S000001756)

| Class ID   | Class Name                           | Ticker Symbol   |
|:---|:---|:---|
| C000004663 | JNL/JPMorgan Managed Growth Fund (A) |  |
| C000192200 | JNL/JPMorgan Managed Growth Fund (I) |  |

### JNL/JPMorgan Managed Aggressive Growth Fund (Series ID: S000001757)

| Class ID   | Class Name                                      | Ticker Symbol   |
|:---|:---|:---|
| C000004664 | JNL/JPMorgan Managed Aggressive Growth Fund (A) |  |
| C000192201 | JNL/JPMorgan Managed Aggressive Growth Fund (I) |  |

### JNL/DFA U.S. CORE EQUITY FUND (Series ID: S000001765)

| Class ID   | Class Name                        | Ticker Symbol   |
|:---|:---|:---|
| C000004672 | JNL/DFA U.S. CORE EQUITY FUND (A) |  |
| C000067990 | JNL/DFA U.S. CORE EQUITY FUND (I) |  |

### JNL Multi-Manager Small Cap Growth Fund (Series ID: S000001776)

| Class ID   | Class Name                                  | Ticker Symbol   |
|:---|:---|:---|
| C000004683 | JNL Multi-Manager Small Cap Growth Fund (A) |  |
| C000067991 | JNL Multi-Manager Small Cap Growth Fund (I) |  |

### JNL/AMERICAN FUNDS BALANCED FUND (Series ID: S000001787)

| Class ID   | Class Name                           | Ticker Symbol   |
|:---|:---|:---|
| C000004694 | JNL/AMERICAN FUNDS BALANCED FUND (A) |  |
| C000067992 | JNL/AMERICAN FUNDS BALANCED FUND (I) |  |

### JNL/JPMORGAN MIDCAP GROWTH FUND (Series ID: S000001797)

| Class ID   | Class Name                          | Ticker Symbol   |
|:---|:---|:---|
| C000004704 | JNL/JPMORGAN MIDCAP GROWTH FUND (A) |  |
| C000067993 | JNL/JPMORGAN MIDCAP GROWTH FUND (I) |  |

### JNL MULTI-MANAGER SMALL CAP VALUE FUND (Series ID: S000001798)

| Class ID   | Class Name                                 | Ticker Symbol   |
|:---|:---|:---|
| C000004705 | JNL MULTI-MANAGER SMALL CAP VALUE FUND (A) |  |
| C000067994 | JNL MULTI-MANAGER SMALL CAP VALUE FUND (I) |  |

### JNL/FRANKLIN TEMPLETON INCOME FUND (Series ID: S000010705)

| Class ID   | Class Name                             | Ticker Symbol   |
|:---|:---|:---|
| C000029596 | JNL/FRANKLIN TEMPLETON INCOME FUND (A) |  |
| C000067995 | JNL/FRANKLIN TEMPLETON INCOME FUND (I) |  |

### JNL/T. ROWE PRICE SHORT-TERM BOND FUND (Series ID: S000010707)

| Class ID   | Class Name                                 | Ticker Symbol   |
|:---|:---|:---|
| C000029598 | JNL/T. ROWE PRICE SHORT-TERM BOND FUND (A) |  |
| C000067996 | JNL/T. ROWE PRICE SHORT-TERM BOND FUND (I) |  |

### JNL MULTI-MANAGER EMERGING MARKETS EQUITY FUND (Series ID: S000010709)

| Class ID   | Class Name                                         | Ticker Symbol   |
|:---|:---|:---|
| C000029600 | JNL MULTI-MANAGER EMERGING MARKETS EQUITY FUND (A) |  |
| C000067997 | JNL MULTI-MANAGER EMERGING MARKETS EQUITY FUND (I) |  |

### JNL/PIMCO REAL RETURN FUND (Series ID: S000010711)

| Class ID   | Class Name                     | Ticker Symbol   |
|:---|:---|:---|
| C000029602 | JNL/PIMCO REAL RETURN FUND (A) |  |
| C000067998 | JNL/PIMCO REAL RETURN FUND (I) |  |

### JNL/BLACKROCK GLOBAL NATURAL RESOURCES FUND (Series ID: S000014502)

| Class ID   | Class Name                                      | Ticker Symbol   |
|:---|:---|:---|
| C000039480 | JNL/BLACKROCK GLOBAL NATURAL RESOURCES FUND (A) |  |
| C000067999 | JNL/BLACKROCK GLOBAL NATURAL RESOURCES FUND (I) |  |

### JNL/JPMORGAN U.S. VALUE FUND (Series ID: S000014515)

| Class ID   | Class Name                       | Ticker Symbol   |
|:---|:---|:---|
| C000039493 | JNL/JPMORGAN U.S. VALUE FUND (A) |  |
| C000068003 | JNL/JPMORGAN U.S. VALUE FUND (I) |  |

### JNL MODERATE GROWTH ALLOCATION FUND (Series ID: S000014517)

| Class ID   | Class Name                              | Ticker Symbol   |
|:---|:---|:---|
| C000039495 | JNL MODERATE GROWTH ALLOCATION FUND (A) |  |
| C000192203 | JNL MODERATE GROWTH ALLOCATION FUND (I) |  |

### JNL GROWTH ALLOCATION FUND (Series ID: S000014518)

| Class ID   | Class Name                     | Ticker Symbol   |
|:---|:---|:---|
| C000039496 | JNL GROWTH ALLOCATION FUND (A) |  |
| C000192204 | JNL GROWTH ALLOCATION FUND (I) |  |

### JNL AGGRESSIVE GROWTH ALLOCATION FUND (Series ID: S000014519)

| Class ID   | Class Name                                | Ticker Symbol   |
|:---|:---|:---|
| C000039497 | JNL AGGRESSIVE GROWTH ALLOCATION FUND (A) |  |
| C000192205 | JNL AGGRESSIVE GROWTH ALLOCATION FUND (I) |  |

### JNL/GOLDMAN SACHS 4 FUND (Series ID: S000019485)

| Class ID   | Class Name                   | Ticker Symbol   |
|:---|:---|:---|
| C000054128 | JNL/GOLDMAN SACHS 4 FUND (A) |  |
| C000192208 | JNL/GOLDMAN SACHS 4 FUND (I) |  |

### JNL/AMERICAN FUNDS WASHINGTON MUTUAL INVESTORS FUND (Series ID: S000028038)

| Class ID   | Class Name                                              | Ticker Symbol   |
|:---|:---|:---|
| C000085345 | JNL/AMERICAN FUNDS WASHINGTON MUTUAL INVESTORS FUND (A) |  |
| C000085346 | JNL/AMERICAN FUNDS WASHINGTON MUTUAL INVESTORS FUND (I) |  |

### JNL/AMERICAN FUNDS CAPITAL WORLD BOND FUND (Series ID: S000028039)

| Class ID   | Class Name                                     | Ticker Symbol   |
|:---|:---|:---|
| C000085347 | JNL/AMERICAN FUNDS CAPITAL WORLD BOND FUND (A) |  |
| C000085348 | JNL/AMERICAN FUNDS CAPITAL WORLD BOND FUND (I) |  |

### JNL/AMERICAN FUNDS GLOBAL SMALL CAPITALIZATION FUND (Series ID: S000028040)

| Class ID   | Class Name                                              | Ticker Symbol   |
|:---|:---|:---|
| C000085349 | JNL/AMERICAN FUNDS GLOBAL SMALL CAPITALIZATION FUND (A) |  |
| C000085350 | JNL/AMERICAN FUNDS GLOBAL SMALL CAPITALIZATION FUND (I) |  |

### JNL/AMERICAN FUNDS GROWTH-INCOME FUND (Series ID: S000028041)

| Class ID   | Class Name                                | Ticker Symbol   |
|:---|:---|:---|
| C000085351 | JNL/AMERICAN FUNDS GROWTH-INCOME FUND (A) |  |
| C000085352 | JNL/AMERICAN FUNDS GROWTH-INCOME FUND (I) |  |

### JNL/AMERICAN FUNDS INTERNATIONAL FUND (Series ID: S000028042)

| Class ID   | Class Name                                | Ticker Symbol   |
|:---|:---|:---|
| C000085353 | JNL/AMERICAN FUNDS INTERNATIONAL FUND (I) |  |
| C000085354 | JNL/AMERICAN FUNDS INTERNATIONAL FUND (A) |  |

### JNL/AMERICAN FUNDS NEW WORLD FUND (Series ID: S000028043)

| Class ID   | Class Name                            | Ticker Symbol   |
|:---|:---|:---|
| C000085355 | JNL/AMERICAN FUNDS NEW WORLD FUND (A) |  |
| C000085356 | JNL/AMERICAN FUNDS NEW WORLD FUND (I) |  |

### JNL/BLACKROCK GLOBAL ALLOCATION FUND (Series ID: S000029611)

| Class ID   | Class Name                               | Ticker Symbol   |
|:---|:---|:---|
| C000090917 | JNL/BLACKROCK GLOBAL ALLOCATION FUND (A) |  |
| C000090918 | JNL/BLACKROCK GLOBAL ALLOCATION FUND (I) |  |

### JNL MULTI-MANAGER FLOATING RATE INCOME FUND (Series ID: S000030878)

| Class ID   | Class Name                                      | Ticker Symbol   |
|:---|:---|:---|
| C000095821 | JNL MULTI-MANAGER FLOATING RATE INCOME FUND (A) |  |
| C000192211 | JNL MULTI-MANAGER FLOATING RATE INCOME FUND (I) |  |

### JNL/MELLON EMERGING MARKETS INDEX FUND (Series ID: S000033505)

| Class ID   | Class Name                                 | Ticker Symbol   |
|:---|:---|:---|
| C000102953 | JNL/MELLON EMERGING MARKETS INDEX FUND (A) |  |
| C000102954 | JNL/MELLON EMERGING MARKETS INDEX FUND (I) |  |

### JNL/FIRST SENTIER GLOBAL INFRASTRUCTURE FUND (Series ID: S000034689)

| Class ID   | Class Name                                       | Ticker Symbol   |
|:---|:---|:---|
| C000106863 | JNL/FIRST SENTIER GLOBAL INFRASTRUCTURE FUND (A) |  |
| C000106864 | JNL/FIRST SENTIER GLOBAL INFRASTRUCTURE FUND (I) |  |

### JNL/AMERICAN FUNDS MODERATE GROWTH ALLOCATION FUND (Series ID: S000036378)

| Class ID   | Class Name                                             | Ticker Symbol   |
|:---|:---|:---|
| C000111243 | JNL/AMERICAN FUNDS MODERATE GROWTH ALLOCATION FUND (A) |  |
| C000192212 | JNL/AMERICAN FUNDS MODERATE GROWTH ALLOCATION FUND (I) |  |

### JNL/AMERICAN FUNDS GROWTH ALLOCATION FUND (Series ID: S000036379)

| Class ID   | Class Name                                    | Ticker Symbol   |
|:---|:---|:---|
| C000111244 | JNL/AMERICAN FUNDS GROWTH ALLOCATION FUND (A) |  |
| C000192213 | JNL/AMERICAN FUNDS GROWTH ALLOCATION FUND (I) |  |

### JNL/NEUBERGER BERMAN STRATEGIC INCOME FUND (Series ID: S000036382)

| Class ID   | Class Name                                     | Ticker Symbol   |
|:---|:---|:---|
| C000111249 | JNL/NEUBERGER BERMAN STRATEGIC INCOME FUND (A) |  |
| C000111250 | JNL/NEUBERGER BERMAN STRATEGIC INCOME FUND (I) |  |

### JNL/MELLON UTILITIES SECTOR FUND (Series ID: S000040007)

| Class ID   | Class Name                           | Ticker Symbol   |
|:---|:---|:---|
| C000124095 | JNL/MELLON UTILITIES SECTOR FUND (A) |  |
| C000124096 | JNL/MELLON UTILITIES SECTOR FUND (I) |  |

### JNL/JPMORGAN GLOBAL ALLOCATION FUND (Series ID: S000044434)

| Class ID   | Class Name                              | Ticker Symbol   |
|:---|:---|:---|
| C000138276 | JNL/JPMORGAN GLOBAL ALLOCATION FUND (A) |  |
| C000138277 | JNL/JPMORGAN GLOBAL ALLOCATION FUND (I) |  |

### JNL/T. ROWE PRICE BALANCED FUND (Series ID: S000044437)

| Class ID   | Class Name                          | Ticker Symbol   |
|:---|:---|:---|
| C000138280 | JNL/T. ROWE PRICE BALANCED FUND (A) |  |
| C000192215 | JNL/T. ROWE PRICE BALANCED FUND (I) |  |

### JNL Multi-Manager Alternative Fund (Series ID: S000048717)

| Class ID   | Class Name                             | Ticker Symbol   |
|:---|:---|:---|
| C000153487 | JNL Multi-Manager Alternative Fund (A) |  |
| C000192217 | JNL Multi-Manager Alternative Fund (I) |  |

### JNL/Westchester Capital Event Driven Fund (Series ID: S000048720)

| Class ID   | Class Name                                    | Ticker Symbol   |
|:---|:---|:---|
| C000153492 | JNL/Westchester Capital Event Driven Fund (A) |  |
| C000153493 | JNL/Westchester Capital Event Driven Fund (I) |  |

### JNL/DoubleLine Shiller Enhanced CAPE Fund (Series ID: S000050455)

| Class ID   | Class Name                                    | Ticker Symbol   |
|:---|:---|:---|
| C000159263 | JNL/DoubleLine Shiller Enhanced CAPE Fund (A) |  |
| C000159264 | JNL/DoubleLine Shiller Enhanced CAPE Fund (I) |  |

### JNL/T. ROWE PRICE U.S. HIGH YIELD FUND (Series ID: S000052994)

| Class ID   | Class Name                                 | Ticker Symbol   |
|:---|:---|:---|
| C000166581 | JNL/T. ROWE PRICE U.S. HIGH YIELD FUND (A) |  |
| C000192218 | JNL/T. ROWE PRICE U.S. HIGH YIELD FUND (I) |  |

### JNL/DOUBLELINE EMERGING MARKETS FIXED INCOME FUND (Series ID: S000052995)

| Class ID   | Class Name                                            | Ticker Symbol   |
|:---|:---|:---|
| C000166582 | JNL/DOUBLELINE EMERGING MARKETS FIXED INCOME FUND (A) |  |
| C000192219 | JNL/DOUBLELINE EMERGING MARKETS FIXED INCOME FUND (I) |  |

### JNL/PPM AMERICA TOTAL RETURN FUND (Series ID: S000052996)

| Class ID   | Class Name                            | Ticker Symbol   |
|:---|:---|:---|
| C000166583 | JNL/PPM AMERICA TOTAL RETURN FUND (A) |  |
| C000192220 | JNL/PPM AMERICA TOTAL RETURN FUND (I) |  |

### JNL MULTI-MANAGER MID CAP FUND (Series ID: S000054971)

| Class ID   | Class Name                         | Ticker Symbol   |
|:---|:---|:---|
| C000172890 | JNL MULTI-MANAGER MID CAP FUND (A) |  |
| C000192221 | JNL MULTI-MANAGER MID CAP FUND (I) |  |

### JNL/Morningstar U.S. Sustainability Index Fund (Series ID: S000056619)

| Class ID   | Class Name                                         | Ticker Symbol   |
|:---|:---|:---|
| C000179076 | JNL/Morningstar U.S. Sustainability Index Fund (A) |  |
| C000192222 | JNL/Morningstar U.S. Sustainability Index Fund (I) |  |

### JNL S&P 500 Index Fund (Series ID: S000058482)

| Class ID   | Class Name                 | Ticker Symbol   |
|:---|:---|:---|
| C000192047 | JNL S&P 500 Index Fund (I) |  |

### JNL/Mellon Consumers Staples Sector Fund (Series ID: S000058483)

| Class ID   | Class Name                                   | Ticker Symbol   |
|:---|:---|:---|
| C000192048 | JNL/Mellon Consumers Staples Sector Fund (A) |  |
| C000192049 | JNL/Mellon Consumers Staples Sector Fund (I) |  |

### JNL/Mellon Materials Sector Fund (Series ID: S000058484)

| Class ID   | Class Name                           | Ticker Symbol   |
|:---|:---|:---|
| C000192050 | JNL/Mellon Materials Sector Fund (A) |  |
| C000192051 | JNL/Mellon Materials Sector Fund (I) |  |

### JNL/Mellon Industrials Sector Fund (Series ID: S000058485)

| Class ID   | Class Name                             | Ticker Symbol   |
|:---|:---|:---|
| C000192052 | JNL/Mellon Industrials Sector Fund (A) |  |
| C000192053 | JNL/Mellon Industrials Sector Fund (I) |  |

### JNL/Mellon Real Estate Sector Fund (Series ID: S000058486)

| Class ID   | Class Name                             | Ticker Symbol   |
|:---|:---|:---|
| C000192054 | JNL/Mellon Real Estate Sector Fund (A) |  |
| C000192055 | JNL/Mellon Real Estate Sector Fund (I) |  |

### JNL/ClearBridge Large Cap Growth Fund (Series ID: S000058487)

| Class ID   | Class Name                                | Ticker Symbol   |
|:---|:---|:---|
| C000192056 | JNL/ClearBridge Large Cap Growth Fund (A) |  |
| C000192057 | JNL/ClearBridge Large Cap Growth Fund (I) |  |

### JNL/GQG Emerging Markets Equity Fund (Series ID: S000058488)

| Class ID   | Class Name                               | Ticker Symbol   |
|:---|:---|:---|
| C000192058 | JNL/GQG Emerging Markets Equity Fund (A) |  |
| C000192059 | JNL/GQG Emerging Markets Equity Fund (I) |  |

### JNL/Invesco Diversified Dividend Fund (Series ID: S000058489)

| Class ID   | Class Name                                | Ticker Symbol   |
|:---|:---|:---|
| C000192060 | JNL/Invesco Diversified Dividend Fund (A) |  |
| C000192061 | JNL/Invesco Diversified Dividend Fund (I) |  |

### JNL/PIMCO Income Fund (Series ID: S000058490)

| Class ID   | Class Name                | Ticker Symbol   |
|:---|:---|:---|
| C000192062 | JNL/PIMCO Income Fund (A) |  |
| C000192063 | JNL/PIMCO Income Fund (I) |  |

### JNL/WMC Equity Income Fund (Series ID: S000058491)

| Class ID   | Class Name                     | Ticker Symbol   |
|:---|:---|:---|
| C000192064 | JNL/WMC Equity Income Fund (A) |  |
| C000192065 | JNL/WMC Equity Income Fund (I) |  |

### JNL/Vanguard Moderate ETF Allocation Fund (Series ID: S000058493)

| Class ID   | Class Name                                    | Ticker Symbol   |
|:---|:---|:---|
| C000192068 | JNL/Vanguard Moderate ETF Allocation Fund (A) |  |
| C000192069 | JNL/Vanguard Moderate ETF Allocation Fund (I) |  |

### JNL/Mellon U.S. Stock Market Index Fund (Series ID: S000058496)

| Class ID   | Class Name                                  | Ticker Symbol   |
|:---|:---|:---|
| C000192074 | JNL/Mellon U.S. Stock Market Index Fund (I) |  |
| C000192075 | JNL/Mellon U.S. Stock Market Index Fund (A) |  |

### JNL/Vanguard Moderate Growth ETF Allocation Fund (Series ID: S000058498)

| Class ID   | Class Name                                           | Ticker Symbol   |
|:---|:---|:---|
| C000192078 | JNL/Vanguard Moderate Growth ETF Allocation Fund (A) |  |
| C000192079 | JNL/Vanguard Moderate Growth ETF Allocation Fund (I) |  |

### JNL/Vanguard Growth ETF Allocation Fund (Series ID: S000058499)

| Class ID   | Class Name                                  | Ticker Symbol   |
|:---|:---|:---|
| C000192080 | JNL/Vanguard Growth ETF Allocation Fund (A) |  |
| C000192081 | JNL/Vanguard Growth ETF Allocation Fund (I) |  |

### JNL/American Funds Capital Income Builder Fund (Series ID: S000062459)

| Class ID   | Class Name                                         | Ticker Symbol   |
|:---|:---|:---|
| C000202635 | JNL/American Funds Capital Income Builder Fund (A) |  |
| C000202636 | JNL/American Funds Capital Income Builder Fund (I) |  |

### JNL Multi-Manager International Small Cap Fund (Series ID: S000062460)

| Class ID   | Class Name                                         | Ticker Symbol   |
|:---|:---|:---|
| C000202637 | JNL Multi-Manager International Small Cap Fund (A) |  |
| C000202638 | JNL Multi-Manager International Small Cap Fund (I) |  |

### JNL/Cohen & Steers U.S. Realty Fund (Series ID: S000062461)

| Class ID   | Class Name                              | Ticker Symbol   |
|:---|:---|:---|
| C000202639 | JNL/Cohen & Steers U.S. Realty Fund (A) |  |
| C000202640 | JNL/Cohen & Steers U.S. Realty Fund (I) |  |

### JNL/JPMorgan Hedged Equity Fund (Series ID: S000062462)

| Class ID   | Class Name                          | Ticker Symbol   |
|:---|:---|:---|
| C000202641 | JNL/JPMorgan Hedged Equity Fund (A) |  |
| C000202642 | JNL/JPMorgan Hedged Equity Fund (I) |  |

### JNL/Loomis Sayles Global Growth Fund (Series ID: S000062463)

| Class ID   | Class Name                               | Ticker Symbol   |
|:---|:---|:---|
| C000202643 | JNL/Loomis Sayles Global Growth Fund (I) |  |
| C000202644 | JNL/Loomis Sayles Global Growth Fund (A) |  |

### JNL/Morningstar Wide Moat Index Fund (Series ID: S000062464)

| Class ID   | Class Name                               | Ticker Symbol   |
|:---|:---|:---|
| C000202645 | JNL/Morningstar Wide Moat Index Fund (A) |  |
| C000202646 | JNL/Morningstar Wide Moat Index Fund (I) |  |

### JNL/AQR Large Cap Defensive Style Fund (Series ID: S000064958)

| Class ID   | Class Name                                 | Ticker Symbol   |
|:---|:---|:---|
| C000210326 | JNL/AQR Large Cap Defensive Style Fund (I) |  |
| C000210327 | JNL/AQR Large Cap Defensive Style Fund (A) |  |

### JNL/DFA International Core Equity Fund (Series ID: S000064960)

| Class ID   | Class Name                                 | Ticker Symbol   |
|:---|:---|:---|
| C000210330 | JNL/DFA International Core Equity Fund (I) |  |
| C000210331 | JNL/DFA International Core Equity Fund (A) |  |

### JNL/RAFI Multi-Factor U.S. Equity Fund (Series ID: S000064961)

| Class ID   | Class Name                                 | Ticker Symbol   |
|:---|:---|:---|
| C000210332 | JNL/RAFI Multi-Factor U.S. Equity Fund (I) |  |
| C000210333 | JNL/RAFI Multi-Factor U.S. Equity Fund (A) |  |

### JNL/RAFI Fundamental U.S. Small Cap Fund (Series ID: S000064962)

| Class ID   | Class Name                                   | Ticker Symbol   |
|:---|:---|:---|
| C000210334 | JNL/RAFI Fundamental U.S. Small Cap Fund (A) |  |
| C000210335 | JNL/RAFI Fundamental U.S. Small Cap Fund (I) |  |

### JNL/Lord Abbett Short Duration Income Fund (Series ID: S000068109)

| Class ID   | Class Name                                     | Ticker Symbol   |
|:---|:---|:---|
| C000218176 | JNL/Lord Abbett Short Duration Income Fund (I) |  |
| C000218177 | JNL/Lord Abbett Short Duration Income Fund (A) |  |

### JNL/DFA U.S. Small Cap Fund (Series ID: S000068110)

| Class ID   | Class Name                      | Ticker Symbol   |
|:---|:---|:---|
| C000218178 | JNL/DFA U.S. Small Cap Fund (A) |  |
| C000218179 | JNL/DFA U.S. Small Cap Fund (I) |  |

### JNL/DoubleLine Total Return Fund (Series ID: S000068111)

| Class ID   | Class Name                           | Ticker Symbol   |
|:---|:---|:---|
| C000218180 | JNL/DoubleLine Total Return Fund (A) |  |
| C000218181 | JNL/DoubleLine Total Return Fund (I) |  |

### JNL/Lazard International Quality Growth Fund (Series ID: S000068112)

| Class ID   | Class Name                                       | Ticker Symbol   |
|:---|:---|:---|
| C000218182 | JNL/Lazard International Quality Growth Fund (A) |  |
| C000218183 | JNL/Lazard International Quality Growth Fund (I) |  |

### JNL/Neuberger Berman Commodity Strategy Fund (Series ID: S000068113)

| Class ID   | Class Name                                       | Ticker Symbol   |
|:---|:---|:---|
| C000218184 | JNL/Neuberger Berman Commodity Strategy Fund (I) |  |
| C000218185 | JNL/Neuberger Berman Commodity Strategy Fund (A) |  |

### JNL/PIMCO Investment Grade Credit Bond Fund (Series ID: S000068114)

| Class ID   | Class Name                                      | Ticker Symbol   |
|:---|:---|:---|
| C000218186 | JNL/PIMCO Investment Grade Credit Bond Fund (I) |  |
| C000218187 | JNL/PIMCO Investment Grade Credit Bond Fund (A) |  |

### JNL/T. Rowe Price Capital Appreciation Fund (Series ID: S000068115)

| Class ID   | Class Name                                      | Ticker Symbol   |
|:---|:---|:---|
| C000218188 | JNL/T. Rowe Price Capital Appreciation Fund (I) |  |
| C000218189 | JNL/T. Rowe Price Capital Appreciation Fund (A) |  |

### JNL/WCM Focused International Equity Fund (Series ID: S000068116)

| Class ID   | Class Name                                    | Ticker Symbol   |
|:---|:---|:---|
| C000218190 | JNL/WCM Focused International Equity Fund (I) |  |
| C000218191 | JNL/WCM Focused International Equity Fund (A) |  |

### JNL/Mellon Dow Index Fund (Series ID: S000068117)

| Class ID   | Class Name                    | Ticker Symbol   |
|:---|:---|:---|
| C000218192 | JNL/Mellon Dow Index Fund (I) |  |
| C000218193 | JNL/Mellon Dow Index Fund (A) |  |

### JNL/Mellon World Index Fund (Series ID: S000068118)

| Class ID   | Class Name                      | Ticker Symbol   |
|:---|:---|:---|
| C000218194 | JNL/Mellon World Index Fund (I) |  |
| C000218195 | JNL/Mellon World Index Fund (A) |  |

### JNL/Mellon Nasdaq 100 Index Fund (Series ID: S000068119)

| Class ID   | Class Name                           | Ticker Symbol   |
|:---|:---|:---|
| C000218196 | JNL/Mellon Nasdaq 100 Index Fund (I) |  |
| C000218197 | JNL/Mellon Nasdaq 100 Index Fund (A) |  |

### JNL Conservative Allocation Fund (Series ID: S000068120)

| Class ID   | Class Name                           | Ticker Symbol   |
|:---|:---|:---|
| C000218198 | JNL Conservative Allocation Fund (A) |  |
| C000218199 | JNL Conservative Allocation Fund (I) |  |

### JNL/Mellon Communication Services Sector Fund (Series ID: S000068121)

| Class ID   | Class Name                                        | Ticker Symbol   |
|:---|:---|:---|
| C000218200 | JNL/Mellon Communication Services Sector Fund (I) |  |
| C000218201 | JNL/Mellon Communication Services Sector Fund (A) |  |

### JNL/Mellon Consumer Discretionary Sector Fund (Series ID: S000068122)

| Class ID   | Class Name                                        | Ticker Symbol   |
|:---|:---|:---|
| C000218202 | JNL/Mellon Consumer Discretionary Sector Fund (A) |  |
| C000218203 | JNL/Mellon Consumer Discretionary Sector Fund (I) |  |

### JNL/Mellon Energy Sector Fund (Series ID: S000068123)

| Class ID   | Class Name                        | Ticker Symbol   |
|:---|:---|:---|
| C000218204 | JNL/Mellon Energy Sector Fund (A) |  |
| C000218205 | JNL/Mellon Energy Sector Fund (I) |  |

### JNL/Mellon Financial Sector Fund (Series ID: S000068124)

| Class ID   | Class Name                           | Ticker Symbol   |
|:---|:---|:---|
| C000218206 | JNL/Mellon Financial Sector Fund (I) |  |
| C000218207 | JNL/Mellon Financial Sector Fund (A) |  |

### JNL/Mellon Healthcare Sector Fund (Series ID: S000068125)

| Class ID   | Class Name                            | Ticker Symbol   |
|:---|:---|:---|
| C000218208 | JNL/Mellon Healthcare Sector Fund (I) |  |
| C000218209 | JNL/Mellon Healthcare Sector Fund (A) |  |

### JNL/Mellon Information Technology Sector Fund (Series ID: S000068126)

| Class ID   | Class Name                                        | Ticker Symbol   |
|:---|:---|:---|
| C000218210 | JNL/Mellon Information Technology Sector Fund (A) |  |
| C000218211 | JNL/Mellon Information Technology Sector Fund (I) |  |

### JNL Moderate Allocation Fund (Series ID: S000068127)

| Class ID   | Class Name                       | Ticker Symbol   |
|:---|:---|:---|
| C000218212 | JNL Moderate Allocation Fund (A) |  |
| C000218213 | JNL Moderate Allocation Fund (I) |  |

### JNL Moderate ETF Allocation Fund (Series ID: S000068128)

| Class ID   | Class Name                           | Ticker Symbol   |
|:---|:---|:---|
| C000218214 | JNL Moderate ETF Allocation Fund (A) |  |
| C000218215 | JNL Moderate ETF Allocation Fund (I) |  |

### JNL Moderate Growth ETF Allocation Fund (Series ID: S000068129)

| Class ID   | Class Name                                  | Ticker Symbol   |
|:---|:---|:---|
| C000218216 | JNL Moderate Growth ETF Allocation Fund (I) |  |
| C000218217 | JNL Moderate Growth ETF Allocation Fund (A) |  |

### JNL Growth ETF Allocation Fund (Series ID: S000068130)

| Class ID   | Class Name                         | Ticker Symbol   |
|:---|:---|:---|
| C000218218 | JNL Growth ETF Allocation Fund (A) |  |
| C000218219 | JNL Growth ETF Allocation Fund (I) |  |

### JNL/Newton Equity Income Fund (Series ID: S000068131)

| Class ID   | Class Name                        | Ticker Symbol   |
|:---|:---|:---|
| C000218220 | JNL/Newton Equity Income Fund (A) |  |
| C000218221 | JNL/Newton Equity Income Fund (I) |  |

### JNL/American Funds Global Growth Fund (Series ID: S000068132)

| Class ID   | Class Name                                | Ticker Symbol   |
|:---|:---|:---|
| C000218222 | JNL/American Funds Global Growth Fund (A) |  |
| C000218223 | JNL/American Funds Global Growth Fund (I) |  |

### JNL/American Funds Growth Fund (Series ID: S000068133)

| Class ID   | Class Name                         | Ticker Symbol   |
|:---|:---|:---|
| C000218224 | JNL/American Funds Growth Fund (I) |  |
| C000218225 | JNL/American Funds Growth Fund (A) |  |

### JNL Mid Cap Index Fund (Series ID: S000071119)

| Class ID   | Class Name                 | Ticker Symbol   |
|:---|:---|:---|
| C000225785 | JNL Mid Cap Index Fund (I) |  |

### JNL Small Cap Index Fund (Series ID: S000071120)

| Class ID   | Class Name                   | Ticker Symbol   |
|:---|:---|:---|
| C000225786 | JNL Small Cap Index Fund (I) |  |

### JNL Bond Index Fund (Series ID: S000071121)

| Class ID   | Class Name              | Ticker Symbol   |
|:---|:---|:---|
| C000225787 | JNL Bond Index Fund (I) |  |

### JNL International Index Fund (Series ID: S000071122)

| Class ID   | Class Name                       | Ticker Symbol   |
|:---|:---|:---|
| C000225788 | JNL International Index Fund (I) |  |

### JNL Emerging Markets Index Fund (Series ID: S000071123)

| Class ID   | Class Name                          | Ticker Symbol   |
|:---|:---|:---|
| C000225789 | JNL Emerging Markets Index Fund (I) |  |

### JNL/American Funds Bond Fund of America Fund (Series ID: S000071126)

| Class ID   | Class Name                                       | Ticker Symbol   |
|:---|:---|:---|
| C000225793 | JNL/American Funds Bond Fund of America Fund (I) |  |
| C000225794 | JNL/American Funds Bond Fund of America Fund (A) |  |

### JNL/Morningstar PitchBook Listed Private Equity Index Fund (Series ID: S000071127)

| Class ID   | Class Name                                                     | Ticker Symbol   |
|:---|:---|:---|
| C000225795 | JNL/Morningstar PitchBook Listed Private Equity Index Fund (A) |  |
| C000225796 | JNL/Morningstar PitchBook Listed Private Equity Index Fund (I) |  |

### JNL/AB Sustainable Global Thematic Fund (Series ID: S000075429)

| Class ID   | Class Name                                  | Ticker Symbol   |
|:---|:---|:---|
| C000234520 | JNL/AB Sustainable Global Thematic Fund (I) |  |
| C000234521 | JNL/AB Sustainable Global Thematic Fund (A) |  |

### JNL/Neuberger Berman Gold Plus Strategy Fund (Series ID: S000075430)

| Class ID   | Class Name                                       | Ticker Symbol   |
|:---|:---|:---|
| C000234522 | JNL/Neuberger Berman Gold Plus Strategy Fund (I) |  |
| C000234523 | JNL/Neuberger Berman Gold Plus Strategy Fund (A) |  |

### JNL/WCM China Quality Growth Fund (Series ID: S000075431)

| Class ID   | Class Name                            | Ticker Symbol   |
|:---|:---|:---|
| C000234524 | JNL/WCM China Quality Growth Fund (I) |  |
| C000234525 | JNL/WCM China Quality Growth Fund (A) |  |

### JNL Multi-Manager U.S. Select Equity Fund (Series ID: S000078310)

| Class ID   | Class Name                                    | Ticker Symbol   |
|:---|:---|:---|
| C000239073 | JNL Multi-Manager U.S. Select Equity Fund (A) |  |
| C000239074 | JNL Multi-Manager U.S. Select Equity Fund (I) |  |

### JNL/Morningstar SMID Moat Focus Index Fund (Series ID: S000084074)

| Class ID   | Class Name                                     | Ticker Symbol   |
|:---|:---|:---|
| C000248332 | JNL/Morningstar SMID Moat Focus Index Fund (I) |  |
| C000248333 | JNL/Morningstar SMID Moat Focus Index Fund (A) |  |

### JNL/PPM America Investment Grade Credit Fund (Series ID: S000084075)

| Class ID   | Class Name                                       | Ticker Symbol   |
|:---|:---|:---|
| C000248334 | JNL/PPM America Investment Grade Credit Fund (I) |  |
| C000248335 | JNL/PPM America Investment Grade Credit Fund (A) |  |

### JNL/American Funds Moderate Allocation Fund (Series ID: S000086555)

| Class ID   | Class Name                                      | Ticker Symbol   |
|:---|:---|:---|
| C000252140 | JNL/American Funds Moderate Allocation Fund (I) |  |
| C000252141 | JNL/American Funds Moderate Allocation Fund (A) |  |

### JNL/T. Rowe Price Capital Appreciation Equity Fund (Series ID: S000086556)

| Class ID   | Class Name                                             | Ticker Symbol   |
|:---|:---|:---|
| C000252142 | JNL/T. Rowe Price Capital Appreciation Equity Fund (I) |  |
| C000252143 | JNL/T. Rowe Price Capital Appreciation Equity Fund (A) |  |

### JNL/JPMorgan Nasdaq Hedged Equity Fund (Series ID: S000086557)

| Class ID   | Class Name                                 | Ticker Symbol   |
|:---|:---|:---|
| C000252144 | JNL/JPMorgan Nasdaq Hedged Equity Fund (I) |  |
| C000252145 | JNL/JPMorgan Nasdaq Hedged Equity Fund (A) |  |

?xml version='1.0' encoding='ASCII'? Shareholder Report

**UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549**

**FORM N-CSR**

**CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT INVESTMENT COMPANIES**

Investment Company Act File number: **811-08894**

**JNL Series Trust** (Exact name of registrant as specified in charter)

**1 Corporate Way, Lansing, Michigan 48951** (Address of principal executive offices)

**225 West Wacker Drive, Suite 1200, Chicago, Illinois 60606** (Mailing address)

**Andrew Tedeschi Jackson National Asset Management, LLC 225 West Wacker Drive, Suite 1200 Chicago, Illinois 60606** (Name and address of agent for service)

Registrant's telephone number, including area code: **(312) 338-5800**

Date of Fiscal Year End: **December 31**

Date of Reporting Period: **January 1, 2025 – June 30, 2025**

Form N-CSR is to be used by management investment companies to file reports with the Commission not later than 10 days after the transmission to stockholders of any report that is required to be transmitted to stockholders under Rule 30e-1 under the Investment Company Act of 1940 (17 CFR 270.30e-1). The Commission may use the information provided on Form N-CSR in its regulatory, disclosure review, inspection, and policymaking roles.

A registrant is required to disclose the information specified by Form N-CSR, and the Commission will make this information public. A registrant is not required to respond to the collection of information contained in Form N-CSR unless the Form displays a currently valid Office of Management and Budget ("OMB") control number. Please direct comments concerning the accuracy of the information collection burden estimate and any suggestions for reducing the burden to Secretary, Securities and Exchange Commission, 100 F Street, NE, Washington, DC 20549-1090. The OMB has reviewed this collection of information under the clearance requirements of 44 U.S.C. §3507.

**Item 1. Report to Shareholders.**

---

| | |
|:---|:---|
| JNL/American Funds Balanced Fund | |
| Semi-Annual Shareholder Report |  |
| Share Class A | June 30, 2025 |

---

![](img_8194364922554.jpg)

**This shareholder report contains important information about JNL/American Funds Balanced Fund for the period ended June 30, 2025. You can find additional information at https://www.jackson.com/fund-literature.html. You can also request this information by contacting us at 1-800-644-4565 or DocumentRequest@jackson.com.** 

**What were the Fund costs for the last six months?**<br>

---

| | | |
|:---|:---|:---|
| Share Class | Costs of a $10,000 investment<sup>(a)</sup> | Costs paid as a percentage of a $10,000 investment<sup>(a)</sup> |
| Class A | $47 | 0.91% |

---

<br> <sup>(a)</sup> Costs include the impact of the Master Fund's expenses.

**What are some key Fund statistics as of June 30, 2025?**<br>

---

| | |
|:---|:---|
| Fund Statistic | Value ($ in thousands) |
| Fund Size ($): | 3454482 |
| Number of Investments: | 1 |
| Portfolio Turnover (%): | 33 |
| Total Advisory Fees Paid ($): | 3356 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **What did the Fund invest in as of June 30, 2025?**<br>

---

| | |
|:---|:---|
| Industry Sector (%) | Industry Sector (%) |
| **Long Investments** | **Long Investments** |
| Global Balanced | 100.0 |
| **Total Net Assets** | 100.0 |

---

---

| |
|:---|
| **Where can I find additional information about the Fund?** |
| Additional information is available on the Fund's website at https://www.jackson.com/fund-literature.html, including: |
| ⬥ Prospectus |
| ⬥ Financial information |
| ⬥ Holdings |
| ⬥ Proxy voting information |

---

If you have questions regarding electronic delivery, please scan the QR Code.

![](img_6521f264220c4.jpg)

---

| | |
|:---|:---|
| JNL/American Funds Bond Fund of America Fund | |
| Semi-Annual Shareholder Report |  |
| Share Class A | June 30, 2025 |

---

![](img_8194364922554.jpg)

**This shareholder report contains important information about JNL/American Funds Bond Fund of America Fund for the period ended June 30, 2025. You can find additional information at https://www.jackson.com/fund-literature.html. You can also request this information by contacting us at 1-800-644-4565 or DocumentRequest@jackson.com.** 

**What were the Fund costs for the last six months?**<br>

---

| | | |
|:---|:---|:---|
| Share Class | Costs of a $10,000 investment<sup>(a)</sup> | Costs paid as a percentage of a $10,000 investment<sup>(a)</sup> |
| Class A | $42 | 0.84% |

---

<br> <sup>(a)</sup> Costs include the impact of the Master Fund's expenses.

**What are some key Fund statistics as of June 30, 2025?**<br>

---

| | |
|:---|:---|
| Fund Statistic | Value ($ in thousands) |
| Fund Size ($): | 468990 |
| Number of Investments: | 1 |
| Portfolio Turnover (%): | 66 |
| Total Advisory Fees Paid ($): | 457 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **What did the Fund invest in as of June 30, 2025?**<br>

---

| | |
|:---|:---|
| Industry Sector (%) | Industry Sector (%) |
| **Long Investments** | **Long Investments** |
| Domestic Fixed Income | 100.0 |
| **Total Net Assets** | 100.0 |

---

---

| |
|:---|
| **Where can I find additional information about the Fund?** |
| Additional information is available on the Fund's website at https://www.jackson.com/fund-literature.html, including: |
| ⬥ Prospectus |
| ⬥ Financial information |
| ⬥ Holdings |
| ⬥ Proxy voting information |

---

If you have questions regarding electronic delivery, please scan the QR Code.

![](img_6521f264220c4.jpg)

---

| | |
|:---|:---|
| JNL/American Funds Capital Income Builder Fund | |
| Semi-Annual Shareholder Report |  |
| Share Class A | June 30, 2025 |

---

![](img_8194364922554.jpg)

**This shareholder report contains important information about JNL/American Funds Capital Income Builder Fund for the period ended June 30, 2025. You can find additional information at https://www.jackson.com/fund-literature.html. You can also request this information by contacting us at 1-800-644-4565 or DocumentRequest@jackson.com.** 

**What were the Fund costs for the last six months?**<br>

---

| | | |
|:---|:---|:---|
| Share Class | Costs of a $10,000 investment<sup>(a)</sup> | Costs paid as a percentage of a $10,000 investment<sup>(a)</sup> |
| Class A | $50 | 0.95% |

---

<br> <sup>(a)</sup> Costs include the impact of the Master Fund's expenses.

**What are some key Fund statistics as of June 30, 2025?**<br>

---

| | |
|:---|:---|
| Fund Statistic | Value ($ in thousands) |
| Fund Size ($): | 516265 |
| Number of Investments: | 1 |
| Portfolio Turnover (%): | 34 |
| Total Advisory Fees Paid ($): | 637 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **What did the Fund invest in as of June 30, 2025?**<br>

---

| | |
|:---|:---|
| Industry Sector (%) | Industry Sector (%) |
| **Long Investments** | **Long Investments** |
| Global Balanced | 100.0 |
| **Total Net Assets** | 100.0 |

---

---

| |
|:---|
| **Where can I find additional information about the Fund?** |
| Additional information is available on the Fund's website at https://www.jackson.com/fund-literature.html, including: |
| ⬥ Prospectus |
| ⬥ Financial information |
| ⬥ Holdings |
| ⬥ Proxy voting information |

---

If you have questions regarding electronic delivery, please scan the QR Code.

![](img_6521f264220c4.jpg)

---

| | |
|:---|:---|
| JNL/American Funds Capital World Bond Fund | |
| Semi-Annual Shareholder Report |  |
| Share Class A | June 30, 2025 |

---

![](img_8194364922554.jpg)

**This shareholder report contains important information about JNL/American Funds Capital World Bond Fund for the period ended June 30, 2025. You can find additional information at https://www.jackson.com/fund-literature.html. You can also request this information by contacting us at 1-800-644-4565 or DocumentRequest@jackson.com.** 

**What were the Fund costs for the last six months?**<br>

---

| | | |
|:---|:---|:---|
| Share Class | Costs of a $10,000 investment<sup>(a)</sup> | Costs paid as a percentage of a $10,000 investment<sup>(a)</sup> |
| Class A | $54 | 1.05% |

---

<br> <sup>(a)</sup> Costs include the impact of the Master Fund's expenses.

**What are some key Fund statistics as of June 30, 2025?**<br>

---

| | |
|:---|:---|
| Fund Statistic | Value ($ in thousands) |
| Fund Size ($): | 320777 |
| Number of Investments: | 1 |
| Portfolio Turnover (%): | 31 |
| Total Advisory Fees Paid ($): | 261 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **What did the Fund invest in as of June 30, 2025?**<br>

---

| | |
|:---|:---|
| Industry Sector (%) | Industry Sector (%) |
| **Long Investments** | **Long Investments** |
| Global Fixed Income | 100.0 |
| **Total Net Assets** | 100.0 |

---

---

| |
|:---|
| **Where can I find additional information about the Fund?** |
| Additional information is available on the Fund's website at https://www.jackson.com/fund-literature.html, including: |
| ⬥ Prospectus |
| ⬥ Financial information |
| ⬥ Holdings |
| ⬥ Proxy voting information |

---

If you have questions regarding electronic delivery, please scan the QR Code.

![](img_6521f264220c4.jpg)

---

| | |
|:---|:---|
| JNL/American Funds Global Growth Fund | |
| Semi-Annual Shareholder Report |  |
| Share Class A | June 30, 2025 |

---

![](img_8194364922554.jpg)

**This shareholder report contains important information about JNL/American Funds Global Growth Fund for the period ended June 30, 2025. You can find additional information at https://www.jackson.com/fund-literature.html. You can also request this information by contacting us at 1-800-644-4565 or DocumentRequest@jackson.com.** 

**What were the Fund costs for the last six months?**<br>

---

| | | |
|:---|:---|:---|
| Share Class | Costs of a $10,000 investment<sup>(a)</sup> | Costs paid as a percentage of a $10,000 investment<sup>(a)</sup> |
| Class A | $55 | 1.06% |

---

<br> <sup>(a)</sup> Costs include the impact of the Master Fund's expenses.

**What are some key Fund statistics as of June 30, 2025?**<br>

---

| | |
|:---|:---|
| Fund Statistic | Value ($ in thousands) |
| Fund Size ($): | 1067236 |
| Number of Investments: | 1 |
| Portfolio Turnover (%): | 15 |
| Total Advisory Fees Paid ($): | 1241 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **What did the Fund invest in as of June 30, 2025?**<br>

---

| | |
|:---|:---|
| Industry Sector (%) | Industry Sector (%) |
| **Long Investments** | **Long Investments** |
| Global Equity | 100.0 |
| **Total Net Assets** | 100.0 |

---

---

| |
|:---|
| **Where can I find additional information about the Fund?** |
| Additional information is available on the Fund's website at https://www.jackson.com/fund-literature.html, including: |
| ⬥ Prospectus |
| ⬥ Financial information |
| ⬥ Holdings |
| ⬥ Proxy voting information |

---

If you have questions regarding electronic delivery, please scan the QR Code.

![](img_6521f264220c4.jpg)

---

| | |
|:---|:---|
| JNL/American Funds Global Small Capitalization Fund | |
| Semi-Annual Shareholder Report |  |
| Share Class A | June 30, 2025 |

---

![](img_8194364922554.jpg)

**This shareholder report contains important information about JNL/American Funds Global Small Capitalization Fund for the period ended June 30, 2025. You can find additional information at https://www.jackson.com/fund-literature.html. You can also request this information by contacting us at 1-800-644-4565 or DocumentRequest@jackson.com.** 

**What were the Fund costs for the last six months?**<br>

---

| | | |
|:---|:---|:---|
| Share Class | Costs of a $10,000 investment<sup>(a)</sup> | Costs paid as a percentage of a $10,000 investment<sup>(a)</sup> |
| Class A | $63 | 1.23% |

---

<br> <sup>(a)</sup> Costs include the impact of the Master Fund's expenses.

**What are some key Fund statistics as of June 30, 2025?**<br>

---

| | |
|:---|:---|
| Fund Statistic | Value ($ in thousands) |
| Fund Size ($): | 609548 |
| Number of Investments: | 1 |
| Portfolio Turnover (%): | 27 |
| Total Advisory Fees Paid ($): | 517 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **What did the Fund invest in as of June 30, 2025?**<br>

---

| | |
|:---|:---|
| Industry Sector (%) | Industry Sector (%) |
| **Long Investments** | **Long Investments** |
| Global Equity | 100.0 |
| **Total Net Assets** | 100.0 |

---

---

| |
|:---|
| **Where can I find additional information about the Fund?** |
| Additional information is available on the Fund's website at https://www.jackson.com/fund-literature.html, including: |
| ⬥ Prospectus |
| ⬥ Financial information |
| ⬥ Holdings |
| ⬥ Proxy voting information |

---

If you have questions regarding electronic delivery, please scan the QR Code.

![](img_6521f264220c4.jpg)

---

| | |
|:---|:---|
| JNL/American Funds Growth Fund | |
| Semi-Annual Shareholder Report |  |
| Share Class A | June 30, 2025 |

---

![](img_8194364922554.jpg)

**This shareholder report contains important information about JNL/American Funds Growth Fund for the period ended June 30, 2025. You can find additional information at https://www.jackson.com/fund-literature.html. You can also request this information by contacting us at 1-800-644-4565 or DocumentRequest@jackson.com.** 

**What were the Fund costs for the last six months?**<br>

---

| | | |
|:---|:---|:---|
| Share Class | Costs of a $10,000 investment<sup>(a)</sup> | Costs paid as a percentage of a $10,000 investment<sup>(a)</sup> |
| Class A | $47 | 0.90% |

---

<br> <sup>(a)</sup> Costs include the impact of the Master Fund's expenses.

**What are some key Fund statistics as of June 30, 2025?**<br>

---

| | |
|:---|:---|
| Fund Statistic | Value ($ in thousands) |
| Fund Size ($): | 7691138 |
| Number of Investments: | 1 |
| Portfolio Turnover (%): | 14 |
| Total Advisory Fees Paid ($): | 5796 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **What did the Fund invest in as of June 30, 2025?**<br>

---

| | |
|:---|:---|
| Industry Sector (%) | Industry Sector (%) |
| **Long Investments** | **Long Investments** |
| Domestic Equity | 100.0 |
| **Total Net Assets** | 100.0 |

---

---

| |
|:---|
| **Where can I find additional information about the Fund?** |
| Additional information is available on the Fund's website at https://www.jackson.com/fund-literature.html, including: |
| ⬥ Prospectus |
| ⬥ Financial information |
| ⬥ Holdings |
| ⬥ Proxy voting information |

---

If you have questions regarding electronic delivery, please scan the QR Code.

![](img_6521f264220c4.jpg)

---

| | |
|:---|:---|
| JNL/American Funds Growth-Income Fund | |
| Semi-Annual Shareholder Report |  |
| Share Class A | June 30, 2025 |

---

![](img_8194364922554.jpg)

**This shareholder report contains important information about JNL/American Funds Growth-Income Fund for the period ended June 30, 2025. You can find additional information at https://www.jackson.com/fund-literature.html. You can also request this information by contacting us at 1-800-644-4565 or DocumentRequest@jackson.com.** 

**What were the Fund costs for the last six months?**<br>

---

| | | |
|:---|:---|:---|
| Share Class | Costs of a $10,000 investment<sup>(a)</sup> | Costs paid as a percentage of a $10,000 investment<sup>(a)</sup> |
| Class A | $47 | 0.91% |

---

<br> <sup>(a)</sup> Costs include the impact of the Master Fund's expenses.

**What are some key Fund statistics as of June 30, 2025?**<br>

---

| | |
|:---|:---|
| Fund Statistic | Value ($ in thousands) |
| Fund Size ($): | 12085081 |
| Number of Investments: | 1 |
| Portfolio Turnover (%): | 18 |
| Total Advisory Fees Paid ($): | 13692 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **What did the Fund invest in as of June 30, 2025?**<br>

---

| | |
|:---|:---|
| Industry Sector (%) | Industry Sector (%) |
| **Long Investments** | **Long Investments** |
| Domestic Equity | 100.0 |
| **Total Net Assets** | 100.0 |

---

---

| |
|:---|
| **Where can I find additional information about the Fund?** |
| Additional information is available on the Fund's website at https://www.jackson.com/fund-literature.html, including: |
| ⬥ Prospectus |
| ⬥ Financial information |
| ⬥ Holdings |
| ⬥ Proxy voting information |

---

If you have questions regarding electronic delivery, please scan the QR Code.

![](img_6521f264220c4.jpg)

---

| | |
|:---|:---|
| JNL/American Funds International Fund | |
| Semi-Annual Shareholder Report |  |
| Share Class A | June 30, 2025 |

---

![](img_8194364922554.jpg)

**This shareholder report contains important information about JNL/American Funds International Fund for the period ended June 30, 2025. You can find additional information at https://www.jackson.com/fund-literature.html. You can also request this information by contacting us at 1-800-644-4565 or DocumentRequest@jackson.com.** 

**What were the Fund costs for the last six months?**<br>

---

| | | |
|:---|:---|:---|
| Share Class | Costs of a $10,000 investment<sup>(a)</sup> | Costs paid as a percentage of a $10,000 investment<sup>(a)</sup> |
| Class A | $61 | 1.16% |

---

<br> <sup>(a)</sup> Costs include the impact of the Master Fund's expenses.

**What are some key Fund statistics as of June 30, 2025?**<br>

---

| | |
|:---|:---|
| Fund Statistic | Value ($ in thousands) |
| Fund Size ($): | 1375918 |
| Number of Investments: | 1 |
| Portfolio Turnover (%): | 42 |
| Total Advisory Fees Paid ($): | 1545 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **What did the Fund invest in as of June 30, 2025?**<br>

---

| | |
|:---|:---|
| Industry Sector (%) | Industry Sector (%) |
| **Long Investments** | **Long Investments** |
| International Equity | 100.0 |
| **Total Net Assets** | 100.0 |

---

---

| |
|:---|
| **Where can I find additional information about the Fund?** |
| Additional information is available on the Fund's website at https://www.jackson.com/fund-literature.html, including: |
| ⬥ Prospectus |
| ⬥ Financial information |
| ⬥ Holdings |
| ⬥ Proxy voting information |

---

If you have questions regarding electronic delivery, please scan the QR Code.

![](img_6521f264220c4.jpg)

---

| | |
|:---|:---|
| JNL/American Funds New World Fund | |
| Semi-Annual Shareholder Report |  |
| Share Class A | June 30, 2025 |

---

![](img_8194364922554.jpg)

**This shareholder report contains important information about JNL/American Funds New World Fund for the period ended June 30, 2025. You can find additional information at https://www.jackson.com/fund-literature.html. You can also request this information by contacting us at 1-800-644-4565 or DocumentRequest@jackson.com.** 

**What were the Fund costs for the last six months?**<br>

---

| | | |
|:---|:---|:---|
| Share Class | Costs of a $10,000 investment<sup>(a)</sup> | Costs paid as a percentage of a $10,000 investment<sup>(a)</sup> |
| Class A | $67 | 1.26% |

---

<br> <sup>(a)</sup> Costs include the impact of the Master Fund's expenses.

**What are some key Fund statistics as of June 30, 2025?**<br>

---

| | |
|:---|:---|
| Fund Statistic | Value ($ in thousands) |
| Fund Size ($): | 1416640 |
| Number of Investments: | 1 |
| Portfolio Turnover (%): | 23 |
| Total Advisory Fees Paid ($): | 1894 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **What did the Fund invest in as of June 30, 2025?**<br>

---

| | |
|:---|:---|
| Industry Sector (%) | Industry Sector (%) |
| **Long Investments** | **Long Investments** |
| Emerging Markets Equity | 100.0 |
| **Total Net Assets** | 100.0 |

---

---

| |
|:---|
| **Where can I find additional information about the Fund?** |
| Additional information is available on the Fund's website at https://www.jackson.com/fund-literature.html, including: |
| ⬥ Prospectus |
| ⬥ Financial information |
| ⬥ Holdings |
| ⬥ Proxy voting information |

---

If you have questions regarding electronic delivery, please scan the QR Code.

![](img_6521f264220c4.jpg)

---

| | |
|:---|:---|
| JNL/American Funds Washington Mutual Investors Fund | |
| Semi-Annual Shareholder Report |  |
| Share Class A | June 30, 2025 |

---

![](img_8194364922554.jpg)

**This shareholder report contains important information about JNL/American Funds Washington Mutual Investors Fund for the period ended June 30, 2025. You can find additional information at https://www.jackson.com/fund-literature.html. You can also request this information by contacting us at 1-800-644-4565 or DocumentRequest@jackson.com.** 

**What were the Fund costs for the last six months?**<br>

---

| | | |
|:---|:---|:---|
| Share Class | Costs of a $10,000 investment<sup>(a)</sup> | Costs paid as a percentage of a $10,000 investment<sup>(a)</sup> |
| Class A | $48 | 0.92% |

---

<br> <sup>(a)</sup> Costs include the impact of the Master Fund's expenses.

**What are some key Fund statistics as of June 30, 2025?**<br>

---

| | |
|:---|:---|
| Fund Statistic | Value ($ in thousands) |
| Fund Size ($): | 4173283 |
| Number of Investments: | 1 |
| Portfolio Turnover (%): | 18 |
| Total Advisory Fees Paid ($): | 5130 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **What did the Fund invest in as of June 30, 2025?**<br>

---

| | |
|:---|:---|
| Industry Sector (%) | Industry Sector (%) |
| **Long Investments** | **Long Investments** |
| Domestic Equity | 100.0 |
| **Total Net Assets** | 100.0 |

---

---

| |
|:---|
| **Where can I find additional information about the Fund?** |
| Additional information is available on the Fund's website at https://www.jackson.com/fund-literature.html, including: |
| ⬥ Prospectus |
| ⬥ Financial information |
| ⬥ Holdings |
| ⬥ Proxy voting information |

---

If you have questions regarding electronic delivery, please scan the QR Code.

![](img_6521f264220c4.jpg)

---

| | |
|:---|:---|
| JNL/Mellon Bond Index Fund | |
| Semi-Annual Shareholder Report |  |
| Share Class A | June 30, 2025 |

---

![](img_8194364922554.jpg)

**This shareholder report contains important information about JNL/Mellon Bond Index Fund for the period ended June 30, 2025. You can find additional information at https://www.jackson.com/fund-literature.html. You can also request this information by contacting us at 1-800-644-4565 or DocumentRequest@jackson.com.** 

**What were the Fund costs for the last six months?**<br>

---

| | | |
|:---|:---|:---|
| Share Class | Costs of a $10,000 investment<sup>(a)</sup> | Costs paid as a percentage of a $10,000 investment<sup>(a)</sup> |
| Class A | $28 | 0.56% |

---

<br> <sup>(a)</sup> Costs include the impact of the Master Fund's expenses.

**What are some key Fund statistics as of June 30, 2025?**<br>

---

| | |
|:---|:---|
| Fund Statistic | Value ($ in thousands) |
| Fund Size ($): | 1002148 |
| Number of Investments: | 1 |
| Portfolio Turnover (%): | 45 |
| Total Advisory Fees Paid ($): | 462 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **What did the Fund invest in as of June 30, 2025?**<br>

---

| | |
|:---|:---|
| Industry Sector (%) | Industry Sector (%) |
| **Long Investments** | **Long Investments** |
| Domestic Fixed Income | 100.0 |
| **Total Net Assets** | 100.0 |

---

---

| |
|:---|
| **Where can I find additional information about the Fund?** |
| Additional information is available on the Fund's website at https://www.jackson.com/fund-literature.html, including: |
| ⬥ Prospectus |
| ⬥ Financial information |
| ⬥ Holdings |
| ⬥ Proxy voting information |

---

If you have questions regarding electronic delivery, please scan the QR Code.

![](img_6521f264220c4.jpg)

---

| | |
|:---|:---|
| JNL/Mellon Emerging Markets Index Fund | |
| Semi-Annual Shareholder Report |  |
| Share Class A | June 30, 2025 |

---

![](img_8194364922554.jpg)

**This shareholder report contains important information about JNL/Mellon Emerging Markets Index Fund for the period ended June 30, 2025. You can find additional information at https://www.jackson.com/fund-literature.html. You can also request this information by contacting us at 1-800-644-4565 or DocumentRequest@jackson.com.** 

**What were the Fund costs for the last six months?**<br>

---

| | | |
|:---|:---|:---|
| Share Class | Costs of a $10,000 investment<sup>(a)</sup> | Costs paid as a percentage of a $10,000 investment<sup>(a)</sup> |
| Class A | $39 | 0.74% |

---

<br> <sup>(a)</sup> Costs include the impact of the Master Fund's expenses.

**What are some key Fund statistics as of June 30, 2025?**<br>

---

| | |
|:---|:---|
| Fund Statistic | Value ($ in thousands) |
| Fund Size ($): | 828380 |
| Number of Investments: | 1 |
| Portfolio Turnover (%): | 3 |
| Total Advisory Fees Paid ($): | 523 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **What did the Fund invest in as of June 30, 2025?**<br>

---

| | |
|:---|:---|
| Industry Sector (%) | Industry Sector (%) |
| **Long Investments** | **Long Investments** |
| Emerging Markets Equity | 100.0 |
| **Total Net Assets** | 100.0 |

---

---

| |
|:---|
| **Where can I find additional information about the Fund?** |
| Additional information is available on the Fund's website at https://www.jackson.com/fund-literature.html, including: |
| ⬥ Prospectus |
| ⬥ Financial information |
| ⬥ Holdings |
| ⬥ Proxy voting information |

---

If you have questions regarding electronic delivery, please scan the QR Code.

![](img_6521f264220c4.jpg)

---

| | |
|:---|:---|
| JNL/Mellon International Index Fund | |
| Semi-Annual Shareholder Report |  |
| Share Class A | June 30, 2025 |

---

![](img_8194364922554.jpg)

**This shareholder report contains important information about JNL/Mellon International Index Fund for the period ended June 30, 2025. You can find additional information at https://www.jackson.com/fund-literature.html. You can also request this information by contacting us at 1-800-644-4565 or DocumentRequest@jackson.com.** 

**What were the Fund costs for the last six months?**<br>

---

| | | |
|:---|:---|:---|
| Share Class | Costs of a $10,000 investment<sup>(a)</sup> | Costs paid as a percentage of a $10,000 investment<sup>(a)</sup> |
| Class A | $33 | 0.61% |

---

<br> <sup>(a)</sup> Costs include the impact of the Master Fund's expenses.

**What are some key Fund statistics as of June 30, 2025?**<br>

---

| | |
|:---|:---|
| Fund Statistic | Value ($ in thousands) |
| Fund Size ($): | 2991525 |
| Number of Investments: | 1 |
| Portfolio Turnover (%): | 8 |
| Total Advisory Fees Paid ($): | 704 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **What did the Fund invest in as of June 30, 2025?**<br>

---

| | |
|:---|:---|
| Industry Sector (%) | Industry Sector (%) |
| **Long Investments** | **Long Investments** |
| International Equity | 100.0 |
| **Total Net Assets** | 100.0 |

---

---

| |
|:---|
| **Where can I find additional information about the Fund?** |
| Additional information is available on the Fund's website at https://www.jackson.com/fund-literature.html, including: |
| ⬥ Prospectus |
| ⬥ Financial information |
| ⬥ Holdings |
| ⬥ Proxy voting information |

---

If you have questions regarding electronic delivery, please scan the QR Code.

![](img_6521f264220c4.jpg)

---

| | |
|:---|:---|
| JNL/Mellon S&P 400 MidCap Index Fund | |
| Semi-Annual Shareholder Report |  |
| Share Class A | June 30, 2025 |

---

![](img_8194364922554.jpg)

**This shareholder report contains important information about JNL/Mellon S&P 400 MidCap Index Fund for the period ended June 30, 2025. You can find additional information at https://www.jackson.com/fund-literature.html. You can also request this information by contacting us at 1-800-644-4565 or DocumentRequest@jackson.com.** 

**What were the Fund costs for the last six months?**<br>

---

| | | |
|:---|:---|:---|
| Share Class | Costs of a $10,000 investment<sup>(a)</sup> | Costs paid as a percentage of a $10,000 investment<sup>(a)</sup> |
| Class A | $28 | 0.56% |

---

<br> <sup>(a)</sup> Costs include the impact of the Master Fund's expenses.

**What are some key Fund statistics as of June 30, 2025?**<br>

---

| | |
|:---|:---|
| Fund Statistic | Value ($ in thousands) |
| Fund Size ($): | 3275654 |
| Number of Investments: | 1 |
| Portfolio Turnover (%): | 6 |
| Total Advisory Fees Paid ($): | 955 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **What did the Fund invest in as of June 30, 2025?**<br>

---

| | |
|:---|:---|
| Industry Sector (%) | Industry Sector (%) |
| **Long Investments** | **Long Investments** |
| Domestic Equity | 100.0 |
| **Total Net Assets** | 100.0 |

---

---

| |
|:---|
| **Where can I find additional information about the Fund?** |
| Additional information is available on the Fund's website at https://www.jackson.com/fund-literature.html, including: |
| ⬥ Prospectus |
| ⬥ Financial information |
| ⬥ Holdings |
| ⬥ Proxy voting information |

---

If you have questions regarding electronic delivery, please scan the QR Code.

![](img_6521f264220c4.jpg)

---

| | |
|:---|:---|
| JNL/Mellon Small Cap Index Fund | |
| Semi-Annual Shareholder Report |  |
| Share Class A | June 30, 2025 |

---

![](img_8194364922554.jpg)

**This shareholder report contains important information about JNL/Mellon Small Cap Index Fund for the period ended June 30, 2025. You can find additional information at https://www.jackson.com/fund-literature.html. You can also request this information by contacting us at 1-800-644-4565 or DocumentRequest@jackson.com.** 

**What were the Fund costs for the last six months?**<br>

---

| | | |
|:---|:---|:---|
| Share Class | Costs of a $10,000 investment<sup>(a)</sup> | Costs paid as a percentage of a $10,000 investment<sup>(a)</sup> |
| Class A | $27 | 0.56% |

---

<br> <sup>(a)</sup> Costs include the impact of the Master Fund's expenses.

**What are some key Fund statistics as of June 30, 2025?**<br>

---

| | |
|:---|:---|
| Fund Statistic | Value ($ in thousands) |
| Fund Size ($): | 2281061 |
| Number of Investments: | 1 |
| Portfolio Turnover (%): | 14 |
| Total Advisory Fees Paid ($): | 731 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **What did the Fund invest in as of June 30, 2025?**<br>

---

| | |
|:---|:---|
| Industry Sector (%) | Industry Sector (%) |
| **Long Investments** | **Long Investments** |
| Domestic Equity | 100.0 |
| **Total Net Assets** | 100.0 |

---

---

| |
|:---|
| **Where can I find additional information about the Fund?** |
| Additional information is available on the Fund's website at https://www.jackson.com/fund-literature.html, including: |
| ⬥ Prospectus |
| ⬥ Financial information |
| ⬥ Holdings |
| ⬥ Proxy voting information |

---

If you have questions regarding electronic delivery, please scan the QR Code.

![](img_6521f264220c4.jpg)

---

| | |
|:---|:---|
| JNL Aggressive Growth Allocation Fund | |
| Semi-Annual Shareholder Report |  |
| Share Class A | June 30, 2025 |

---

![](img_8194364922554.jpg)

**This shareholder report contains important information about JNL Aggressive Growth Allocation Fund for the period ended June 30, 2025. You can find additional information at https://www.jackson.com/fund-literature.html. You can also request this information by contacting us at 1-800-644-4565 or DocumentRequest@jackson.com.** 

**What were the Fund costs for the last six months?**<br>

---

| | | |
|:---|:---|:---|
| Share Class | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| Class A | $23 | 0.45% |

---

**What are some key Fund statistics as of June 30, 2025?**<br>

---

| | |
|:---|:---|
| Fund Statistic | Value ($ in thousands) |
| Fund Size ($): | 1480720 |
| Number of Investments: | 22 |
| Portfolio Turnover (%): | 13 |
| Total Advisory Fees Paid ($): | 687 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **What did the Fund invest in as of June 30, 2025?**<br>

---

| | |
|:---|:---|
| Industry Sector (%) | Industry Sector (%) |
| **Long Investments** | **Long Investments** |
| Domestic Equity | 61.3 |
| International Equity | 19.7 |
| Emerging Markets Equity | 8.0 |
| Global Equity | 5.5 |
| Alternative | 3.0 |
| Domestic Fixed Income | 2.5 |
| **Total Net Assets** | 100.0 |

---

---

| |
|:---|
| **Where can I find additional information about the Fund?** |
| Additional information is available on the Fund's website at https://www.jackson.com/fund-literature.html, including: |
| ⬥ Prospectus |
| ⬥ Financial information |
| ⬥ Holdings |
| ⬥ Proxy voting information |

---

If you have questions regarding electronic delivery, please scan the QR Code.

![](img_6521f264220c4.jpg)

---

| | |
|:---|:---|
| JNL Conservative Allocation Fund | |
| Semi-Annual Shareholder Report |  |
| Share Class A | June 30, 2025 |

---

![](img_8194364922554.jpg)

**This shareholder report contains important information about JNL Conservative Allocation Fund for the period ended June 30, 2025. You can find additional information at https://www.jackson.com/fund-literature.html. You can also request this information by contacting us at 1-800-644-4565 or DocumentRequest@jackson.com.** 

**What were the Fund costs for the last six months?**<br>

---

| | | |
|:---|:---|:---|
| Share Class | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| Class A | $24 | 0.48% |

---

**What are some key Fund statistics as of June 30, 2025?**<br>

---

| | |
|:---|:---|
| Fund Statistic | Value ($ in thousands) |
| Fund Size ($): | 565234 |
| Number of Investments: | 24 |
| Portfolio Turnover (%): | 11 |
| Total Advisory Fees Paid ($): | 344 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **What did the Fund invest in as of June 30, 2025?**<br>

---

| | |
|:---|:---|
| Industry Sector (%) | Industry Sector (%) |
| **Long Investments** | **Long Investments** |
| Domestic Fixed Income | 62.4 |
| Alternative | 11.2 |
| Domestic Equity | 10.9 |
| Domestic Balanced | 6.0 |
| Emerging Markets Fixed Income | 4.0 |
| International Equity | 3.5 |
| Emerging Markets Equity | 2.0 |
| **Total Net Assets** | 100.0 |

---

---

| |
|:---|
| **Where can I find additional information about the Fund?** |
| Additional information is available on the Fund's website at https://www.jackson.com/fund-literature.html, including: |
| ⬥ Prospectus |
| ⬥ Financial information |
| ⬥ Holdings |
| ⬥ Proxy voting information |

---

If you have questions regarding electronic delivery, please scan the QR Code.

![](img_6521f264220c4.jpg)

---

| | |
|:---|:---|
| JNL Growth Allocation Fund | |
| Semi-Annual Shareholder Report |  |
| Share Class A | June 30, 2025 |

---

![](img_8194364922554.jpg)

**This shareholder report contains important information about JNL Growth Allocation Fund for the period ended June 30, 2025. You can find additional information at https://www.jackson.com/fund-literature.html. You can also request this information by contacting us at 1-800-644-4565 or DocumentRequest@jackson.com.** 

**What were the Fund costs for the last six months?**<br>

---

| | | |
|:---|:---|:---|
| Share Class | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| Class A | $23 | 0.44% |

---

**What are some key Fund statistics as of June 30, 2025?**<br>

---

| | |
|:---|:---|
| Fund Statistic | Value ($ in thousands) |
| Fund Size ($): | 2878066 |
| Number of Investments: | 35 |
| Portfolio Turnover (%): | 9 |
| Total Advisory Fees Paid ($): | 1250 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **What did the Fund invest in as of June 30, 2025?**<br>

---

| | |
|:---|:---|
| Industry Sector (%) | Industry Sector (%) |
| **Long Investments** | **Long Investments** |
| Domestic Equity | 51.5 |
| International Equity | 17.9 |
| Domestic Fixed Income | 11.3 |
| Alternative | 7.8 |
| Emerging Markets Equity | 6.5 |
| Global Equity | 4.0 |
| Emerging Markets Fixed Income | 1.0 |
| **Total Net Assets** | 100.0 |

---

---

| |
|:---|
| **Where can I find additional information about the Fund?** |
| Additional information is available on the Fund's website at https://www.jackson.com/fund-literature.html, including: |
| ⬥ Prospectus |
| ⬥ Financial information |
| ⬥ Holdings |
| ⬥ Proxy voting information |

---

If you have questions regarding electronic delivery, please scan the QR Code.

![](img_6521f264220c4.jpg)

---

| | |
|:---|:---|
| JNL Moderate Allocation Fund | |
| Semi-Annual Shareholder Report |  |
| Share Class A | June 30, 2025 |

---

![](img_8194364922554.jpg)

**This shareholder report contains important information about JNL Moderate Allocation Fund for the period ended June 30, 2025. You can find additional information at https://www.jackson.com/fund-literature.html. You can also request this information by contacting us at 1-800-644-4565 or DocumentRequest@jackson.com.** 

**What were the Fund costs for the last six months?**<br>

---

| | | |
|:---|:---|:---|
| Share Class | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| Class A | $23 | 0.45% |

---

**What are some key Fund statistics as of June 30, 2025?**<br>

---

| | |
|:---|:---|
| Fund Statistic | Value ($ in thousands) |
| Fund Size ($): | 1903482 |
| Number of Investments: | 32 |
| Portfolio Turnover (%): | 7 |
| Total Advisory Fees Paid ($): | 877 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **What did the Fund invest in as of June 30, 2025?**<br>

---

| | |
|:---|:---|
| Industry Sector (%) | Industry Sector (%) |
| **Long Investments** | **Long Investments** |
| Domestic Fixed Income | 42.9 |
| Domestic Equity | 25.2 |
| Alternative | 11.3 |
| Domestic Balanced | 6.0 |
| International Equity | 5.8 |
| Emerging Markets Equity | 3.5 |
| Emerging Markets Fixed Income | 3.3 |
| Global Equity | 2.0 |
| **Total Net Assets** | 100.0 |

---

---

| |
|:---|
| **Where can I find additional information about the Fund?** |
| Additional information is available on the Fund's website at https://www.jackson.com/fund-literature.html, including: |
| ⬥ Prospectus |
| ⬥ Financial information |
| ⬥ Holdings |
| ⬥ Proxy voting information |

---

If you have questions regarding electronic delivery, please scan the QR Code.

![](img_6521f264220c4.jpg)

---

| | |
|:---|:---|
| JNL Moderate Growth Allocation Fund | |
| Semi-Annual Shareholder Report |  |
| Share Class A | June 30, 2025 |

---

![](img_8194364922554.jpg)

**This shareholder report contains important information about JNL Moderate Growth Allocation Fund for the period ended June 30, 2025. You can find additional information at https://www.jackson.com/fund-literature.html. You can also request this information by contacting us at 1-800-644-4565 or DocumentRequest@jackson.com.** 

**What were the Fund costs for the last six months?**<br>

---

| | | |
|:---|:---|:---|
| Share Class | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| Class A | $23 | 0.44% |

---

**What are some key Fund statistics as of June 30, 2025?**<br>

---

| | |
|:---|:---|
| Fund Statistic | Value ($ in thousands) |
| Fund Size ($): | 3510719 |
| Number of Investments: | 32 |
| Portfolio Turnover (%): | 8 |
| Total Advisory Fees Paid ($): | 1495 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **What did the Fund invest in as of June 30, 2025?**<br>

---

| | |
|:---|:---|
| Industry Sector (%) | Industry Sector (%) |
| **Long Investments** | **Long Investments** |
| Domestic Equity | 41.3 |
| Domestic Fixed Income | 26.5 |
| International Equity | 11.9 |
| Alternative | 10.3 |
| Emerging Markets Equity | 4.8 |
| Global Equity | 3.0 |
| Emerging Markets Fixed Income | 2.2 |
| **Total Net Assets** | 100.0 |

---

---

| |
|:---|
| **Where can I find additional information about the Fund?** |
| Additional information is available on the Fund's website at https://www.jackson.com/fund-literature.html, including: |
| ⬥ Prospectus |
| ⬥ Financial information |
| ⬥ Holdings |
| ⬥ Proxy voting information |

---

If you have questions regarding electronic delivery, please scan the QR Code.

![](img_6521f264220c4.jpg)

---

| | |
|:---|:---|
| JNL/JPMorgan Managed Aggressive Growth Fund | |
| Semi-Annual Shareholder Report |  |
| Share Class A | June 30, 2025 |

---

![](img_8194364922554.jpg)

**This shareholder report contains important information about JNL/JPMorgan Managed Aggressive Growth Fund for the period ended June 30, 2025. You can find additional information at https://www.jackson.com/fund-literature.html. You can also request this information by contacting us at 1-800-644-4565 or DocumentRequest@jackson.com.** 

**What were the Fund costs for the last six months?**<br>

---

| | | |
|:---|:---|:---|
| Share Class | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| Class A | $23 | 0.44% |

---

**What are some key Fund statistics as of June 30, 2025?**<br>

---

| | |
|:---|:---|
| Fund Statistic | Value ($ in thousands) |
| Fund Size ($): | 2157045 |
| Number of Investments: | 29 |
| Portfolio Turnover (%): | 0 |
| Total Advisory Fees Paid ($): | 902 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **What did the Fund invest in as of June 30, 2025?**<br>

---

| | |
|:---|:---|
| Industry Sector (%) | Industry Sector (%) |
| **Long Investments** | **Long Investments** |
| Domestic Equity | 62.9 |
| International Equity | 21.6 |
| Domestic Fixed Income | 5.6 |
| Emerging Markets Equity | 5.5 |
| Alternative | 4.4 |
| **Total Net Assets** | 100.0 |

---

---

| |
|:---|
| **Where can I find additional information about the Fund?** |
| Additional information is available on the Fund's website at https://www.jackson.com/fund-literature.html, including: |
| ⬥ Prospectus |
| ⬥ Financial information |
| ⬥ Holdings |
| ⬥ Proxy voting information |

---

If you have questions regarding electronic delivery, please scan the QR Code.

![](img_6521f264220c4.jpg)

---

| | |
|:---|:---|
| JNL/JPMorgan Managed Conservative Fund | |
| Semi-Annual Shareholder Report |  |
| Share Class A | June 30, 2025 |

---

![](img_8194364922554.jpg)

**This shareholder report contains important information about JNL/JPMorgan Managed Conservative Fund for the period ended June 30, 2025. You can find additional information at https://www.jackson.com/fund-literature.html. You can also request this information by contacting us at 1-800-644-4565 or DocumentRequest@jackson.com.** 

**What were the Fund costs for the last six months?**<br>

---

| | | |
|:---|:---|:---|
| Share Class | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| Class A | $23 | 0.45% |

---

**What are some key Fund statistics as of June 30, 2025?**<br>

---

| | |
|:---|:---|
| Fund Statistic | Value ($ in thousands) |
| Fund Size ($): | 684734 |
| Number of Investments: | 31 |
| Portfolio Turnover (%): | 4 |
| Total Advisory Fees Paid ($): | 342 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **What did the Fund invest in as of June 30, 2025?**<br>

---

| | |
|:---|:---|
| Industry Sector (%) | Industry Sector (%) |
| **Long Investments** | **Long Investments** |
| Domestic Fixed Income | 69.6 |
| Domestic Equity | 14.2 |
| Alternative | 7.3 |
| International Equity | 4.5 |
| Global Fixed Income | 3.2 |
| Emerging Markets Equity | 1.2 |
| **Total Net Assets** | 100.0 |

---

---

| |
|:---|
| **Where can I find additional information about the Fund?** |
| Additional information is available on the Fund's website at https://www.jackson.com/fund-literature.html, including: |
| ⬥ Prospectus |
| ⬥ Financial information |
| ⬥ Holdings |
| ⬥ Proxy voting information |

---

If you have questions regarding electronic delivery, please scan the QR Code.

![](img_6521f264220c4.jpg)

---

| | |
|:---|:---|
| JNL/JPMorgan Managed Growth Fund | |
| Semi-Annual Shareholder Report |  |
| Share Class A | June 30, 2025 |

---

![](img_8194364922554.jpg)

**This shareholder report contains important information about JNL/JPMorgan Managed Growth Fund for the period ended June 30, 2025. You can find additional information at https://www.jackson.com/fund-literature.html. You can also request this information by contacting us at 1-800-644-4565 or DocumentRequest@jackson.com.** 

**What were the Fund costs for the last six months?**<br>

---

| | | |
|:---|:---|:---|
| Share Class | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| Class A | $22 | 0.43% |

---

**What are some key Fund statistics as of June 30, 2025?**<br>

---

| | |
|:---|:---|
| Fund Statistic | Value ($ in thousands) |
| Fund Size ($): | 4088500 |
| Number of Investments: | 32 |
| Portfolio Turnover (%): | 0 |
| Total Advisory Fees Paid ($): | 1643 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **What did the Fund invest in as of June 30, 2025?**<br>

---

| | |
|:---|:---|
| Industry Sector (%) | Industry Sector (%) |
| **Long Investments** | **Long Investments** |
| Domestic Equity | 56.1 |
| International Equity | 19.3 |
| Domestic Fixed Income | 15.5 |
| Emerging Markets Equity | 4.7 |
| Alternative | 4.4 |
| **Total Net Assets** | 100.0 |

---

---

| |
|:---|
| **Where can I find additional information about the Fund?** |
| Additional information is available on the Fund's website at https://www.jackson.com/fund-literature.html, including: |
| ⬥ Prospectus |
| ⬥ Financial information |
| ⬥ Holdings |
| ⬥ Proxy voting information |

---

If you have questions regarding electronic delivery, please scan the QR Code.

![](img_6521f264220c4.jpg)

---

| | |
|:---|:---|
| JNL/JPMorgan Managed Moderate Fund | |
| Semi-Annual Shareholder Report |  |
| Share Class A | June 30, 2025 |

---

![](img_8194364922554.jpg)

**This shareholder report contains important information about JNL/JPMorgan Managed Moderate Fund for the period ended June 30, 2025. You can find additional information at https://www.jackson.com/fund-literature.html. You can also request this information by contacting us at 1-800-644-4565 or DocumentRequest@jackson.com.** 

**What were the Fund costs for the last six months?**<br>

---

| | | |
|:---|:---|:---|
| Share Class | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| Class A | $22 | 0.44% |

---

**What are some key Fund statistics as of June 30, 2025?**<br>

---

| | |
|:---|:---|
| Fund Statistic | Value ($ in thousands) |
| Fund Size ($): | 1676305 |
| Number of Investments: | 37 |
| Portfolio Turnover (%): | 1 |
| Total Advisory Fees Paid ($): | 741 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **What did the Fund invest in as of June 30, 2025?**<br>

---

| | |
|:---|:---|
| Industry Sector (%) | Industry Sector (%) |
| **Long Investments** | **Long Investments** |
| Domestic Fixed Income | 51.7 |
| Domestic Equity | 27.8 |
| International Equity | 9.4 |
| Alternative | 6.4 |
| Emerging Markets Equity | 2.5 |
| Global Fixed Income | 2.2 |
| **Total Net Assets** | 100.0 |

---

---

| |
|:---|
| **Where can I find additional information about the Fund?** |
| Additional information is available on the Fund's website at https://www.jackson.com/fund-literature.html, including: |
| ⬥ Prospectus |
| ⬥ Financial information |
| ⬥ Holdings |
| ⬥ Proxy voting information |

---

If you have questions regarding electronic delivery, please scan the QR Code.

![](img_6521f264220c4.jpg)

---

| | |
|:---|:---|
| JNL/JPMorgan Managed Moderate Growth Fund | |
| Semi-Annual Shareholder Report |  |
| Share Class A | June 30, 2025 |

---

![](img_8194364922554.jpg)

**This shareholder report contains important information about JNL/JPMorgan Managed Moderate Growth Fund for the period ended June 30, 2025. You can find additional information at https://www.jackson.com/fund-literature.html. You can also request this information by contacting us at 1-800-644-4565 or DocumentRequest@jackson.com.** 

**What were the Fund costs for the last six months?**<br>

---

| | | |
|:---|:---|:---|
| Share Class | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| Class A | $22 | 0.43% |

---

**What are some key Fund statistics as of June 30, 2025?**<br>

---

| | |
|:---|:---|
| Fund Statistic | Value ($ in thousands) |
| Fund Size ($): | 3734240 |
| Number of Investments: | 35 |
| Portfolio Turnover (%): | 1 |
| Total Advisory Fees Paid ($): | 1529 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **What did the Fund invest in as of June 30, 2025?**<br>

---

| | |
|:---|:---|
| Industry Sector (%) | Industry Sector (%) |
| **Long Investments** | **Long Investments** |
| Domestic Equity | 41.9 |
| Domestic Fixed Income | 33.8 |
| International Equity | 14.5 |
| Alternative | 6.3 |
| Emerging Markets Equity | 3.5 |
| **Total Net Assets** | 100.0 |

---

---

| |
|:---|
| **Where can I find additional information about the Fund?** |
| Additional information is available on the Fund's website at https://www.jackson.com/fund-literature.html, including: |
| ⬥ Prospectus |
| ⬥ Financial information |
| ⬥ Holdings |
| ⬥ Proxy voting information |

---

If you have questions regarding electronic delivery, please scan the QR Code.

![](img_6521f264220c4.jpg)

---

| | |
|:---|:---|
| JNL/American Funds Growth Allocation Fund | |
| Semi-Annual Shareholder Report |  |
| Share Class A | June 30, 2025 |

---

![](img_8194364922554.jpg)

**This shareholder report contains important information about JNL/American Funds Growth Allocation Fund for the period ended June 30, 2025. You can find additional information at https://www.jackson.com/fund-literature.html. You can also request this information by contacting us at 1-800-644-4565 or DocumentRequest@jackson.com.** 

**What were the Fund costs for the last six months?**<br>

---

| | | |
|:---|:---|:---|
| Share Class | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| Class A | $33 | 0.63% |

---

**What are some key Fund statistics as of June 30, 2025?**<br>

---

| | |
|:---|:---|
| Fund Statistic | Value ($ in thousands) |
| Fund Size ($): | 4101334 |
| Number of Investments: | 16 |
| Portfolio Turnover (%): | 12 |
| Total Advisory Fees Paid ($): | 3448 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **What did the Fund invest in as of June 30, 2025?**<br>

---

| | |
|:---|:---|
| Industry Sector (%) | Industry Sector (%) |
| **Long Investments** | **Long Investments** |
| Domestic Equity | 46.8 |
| Domestic Fixed Income | 16.1 |
| International Equity | 15.7 |
| Global Equity | 13.3 |
| Emerging Markets Equity | 6.7 |
| Emerging Markets Fixed Income | 1.4 |
| **Total Net Assets** | 100.0 |

---

---

| |
|:---|
| **Where can I find additional information about the Fund?** |
| Additional information is available on the Fund's website at https://www.jackson.com/fund-literature.html, including: |
| ⬥ Prospectus |
| ⬥ Financial information |
| ⬥ Holdings |
| ⬥ Proxy voting information |

---

If you have questions regarding electronic delivery, please scan the QR Code.

![](img_6521f264220c4.jpg)

---

| | |
|:---|:---|
| JNL/American Funds Moderate Allocation Fund | |
| Semi-Annual Shareholder Report |  |
| Share Class A | June 30, 2025 |

---

![](img_8194364922554.jpg)

**This shareholder report contains important information about JNL/American Funds Moderate Allocation Fund for the period ended June 30, 2025. You can find additional information at https://www.jackson.com/fund-literature.html. You can also request this information by contacting us at 1-800-644-4565 or DocumentRequest@jackson.com.** 

**What were the Fund costs for the last six months?**<br>

---

| | | |
|:---|:---|:---|
| Share Class | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| Class A | $33 | 0.65% |

---

**What are some key Fund statistics as of June 30, 2025?**<br>

---

| | |
|:---|:---|
| Fund Statistic | Value ($ in thousands) |
| Fund Size ($): | 25236 |
| Number of Investments: | 15 |
| Portfolio Turnover (%): | 22 |
| Total Advisory Fees Paid ($): | 14 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **What did the Fund invest in as of June 30, 2025?**<br>

---

| | |
|:---|:---|
| Industry Sector (%) | Industry Sector (%) |
| **Long Investments** | **Long Investments** |
| Domestic Fixed Income | 54.5 |
| Domestic Equity | 23.5 |
| International Equity | 7.5 |
| Global Equity | 6.7 |
| Emerging Markets Fixed Income | 4.5 |
| Emerging Markets Equity | 3.3 |
| **Total Net Assets** | 100.0 |

---

---

| |
|:---|
| **Where can I find additional information about the Fund?** |
| Additional information is available on the Fund's website at https://www.jackson.com/fund-literature.html, including: |
| ⬥ Prospectus |
| ⬥ Financial information |
| ⬥ Holdings |
| ⬥ Proxy voting information |

---

If you have questions regarding electronic delivery, please scan the QR Code.

![](img_6521f264220c4.jpg)

---

| | |
|:---|:---|
| JNL/American Funds Moderate Growth Allocation Fund | |
| Semi-Annual Shareholder Report |  |
| Share Class A | June 30, 2025 |

---

![](img_8194364922554.jpg)

**This shareholder report contains important information about JNL/American Funds Moderate Growth Allocation Fund for the period ended June 30, 2025. You can find additional information at https://www.jackson.com/fund-literature.html. You can also request this information by contacting us at 1-800-644-4565 or DocumentRequest@jackson.com.** 

**What were the Fund costs for the last six months?**<br>

---

| | | |
|:---|:---|:---|
| Share Class | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| Class A | $33 | 0.64% |

---

**What are some key Fund statistics as of June 30, 2025?**<br>

---

| | |
|:---|:---|
| Fund Statistic | Value ($ in thousands) |
| Fund Size ($): | 2471949 |
| Number of Investments: | 15 |
| Portfolio Turnover (%): | 11 |
| Total Advisory Fees Paid ($): | 2204 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **What did the Fund invest in as of June 30, 2025?**<br>

---

| | |
|:---|:---|
| Industry Sector (%) | Industry Sector (%) |
| **Long Investments** | **Long Investments** |
| Domestic Equity | 36.1 |
| Domestic Fixed Income | 33.8 |
| International Equity | 11.8 |
| Global Equity | 10.1 |
| Emerging Markets Equity | 5.2 |
| Emerging Markets Fixed Income | 3.0 |
| **Total Net Assets** | 100.0 |

---

---

| |
|:---|
| **Where can I find additional information about the Fund?** |
| Additional information is available on the Fund's website at https://www.jackson.com/fund-literature.html, including: |
| ⬥ Prospectus |
| ⬥ Financial information |
| ⬥ Holdings |
| ⬥ Proxy voting information |

---

If you have questions regarding electronic delivery, please scan the QR Code.

![](img_6521f264220c4.jpg)

---

| | |
|:---|:---|
| JNL Growth ETF Allocation Fund | |
| Semi-Annual Shareholder Report |  |
| Share Class A | June 30, 2025 |

---

![](img_8194364922554.jpg)

**This shareholder report contains important information about JNL Growth ETF Allocation Fund for the period ended June 30, 2025. You can find additional information at https://www.jackson.com/fund-literature.html. You can also request this information by contacting us at 1-800-644-4565 or DocumentRequest@jackson.com.** 

**What were the Fund costs for the last six months?**<br>

---

| | | |
|:---|:---|:---|
| Share Class | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| Class A | $33 | 0.65% |

---

**What are some key Fund statistics as of June 30, 2025?**<br>

---

| | |
|:---|:---|
| Fund Statistic | Value ($ in thousands) |
| Fund Size ($): | 373665 |
| Number of Investments: | 19 |
| Portfolio Turnover (%): | 42 |
| Total Advisory Fees Paid ($): | 348 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **What did the Fund invest in as of June 30, 2025?**<br>

---

| | |
|:---|:---|
| Industry Sector (%) | Industry Sector (%) |
| **Long Investments** | **Long Investments** |
| Domestic Equity | 59.2 |
| International Equity | 17.9 |
| Domestic Fixed Income | 14.4 |
| Emerging Markets Equity | 7.5 |
| Securities Lending Collateral | 2.9 |
| Emerging Markets Fixed Income | 1.0 |
| **Total Net Assets** | 102.9 |

---

---

| |
|:---|
| **Where can I find additional information about the Fund?** |
| Additional information is available on the Fund's website at https://www.jackson.com/fund-literature.html, including: |
| ⬥ Prospectus |
| ⬥ Financial information |
| ⬥ Holdings |
| ⬥ Proxy voting information |

---

If you have questions regarding electronic delivery, please scan the QR Code.

![](img_6521f264220c4.jpg)

---

| | |
|:---|:---|
| JNL Moderate ETF Allocation Fund | |
| Semi-Annual Shareholder Report |  |
| Share Class A | June 30, 2025 |

---

![](img_8194364922554.jpg)

**This shareholder report contains important information about JNL Moderate ETF Allocation Fund for the period ended June 30, 2025. You can find additional information at https://www.jackson.com/fund-literature.html. You can also request this information by contacting us at 1-800-644-4565 or DocumentRequest@jackson.com.** 

**What were the Fund costs for the last six months?**<br>

---

| | | |
|:---|:---|:---|
| Share Class | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| Class A | $33 | 0.65% |

---

**What are some key Fund statistics as of June 30, 2025?**<br>

---

| | |
|:---|:---|
| Fund Statistic | Value ($ in thousands) |
| Fund Size ($): | 207689 |
| Number of Investments: | 22 |
| Portfolio Turnover (%): | 34 |
| Total Advisory Fees Paid ($): | 198 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **What did the Fund invest in as of June 30, 2025?**<br>

---

| | |
|:---|:---|
| Industry Sector (%) | Industry Sector (%) |
| **Long Investments** | **Long Investments** |
| Domestic Fixed Income | 53.3 |
| Domestic Equity | 32.1 |
| International Equity | 8.4 |
| Emerging Markets Equity | 4.3 |
| Securities Lending Collateral | 4.2 |
| Emerging Markets Fixed Income | 2.0 |
| Short Term Investments | 0.1 |
| **Total Net Assets** | 104.4 |

---

---

| |
|:---|
| **Where can I find additional information about the Fund?** |
| Additional information is available on the Fund's website at https://www.jackson.com/fund-literature.html, including: |
| ⬥ Prospectus |
| ⬥ Financial information |
| ⬥ Holdings |
| ⬥ Proxy voting information |

---

If you have questions regarding electronic delivery, please scan the QR Code.

![](img_6521f264220c4.jpg)

---

| | |
|:---|:---|
| JNL Moderate Growth ETF Allocation Fund | |
| Semi-Annual Shareholder Report |  |
| Share Class A | June 30, 2025 |

---

![](img_8194364922554.jpg)

**This shareholder report contains important information about JNL Moderate Growth ETF Allocation Fund for the period ended June 30, 2025. You can find additional information at https://www.jackson.com/fund-literature.html. You can also request this information by contacting us at 1-800-644-4565 or DocumentRequest@jackson.com.** 

**What were the Fund costs for the last six months?**<br>

---

| | | |
|:---|:---|:---|
| Share Class | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| Class A | $33 | 0.65% |

---

**What are some key Fund statistics as of June 30, 2025?**<br>

---

| | |
|:---|:---|
| Fund Statistic | Value ($ in thousands) |
| Fund Size ($): | 337751 |
| Number of Investments: | 22 |
| Portfolio Turnover (%): | 36 |
| Total Advisory Fees Paid ($): | 321 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **What did the Fund invest in as of June 30, 2025?**<br>

---

| | |
|:---|:---|
| Industry Sector (%) | Industry Sector (%) |
| **Long Investments** | **Long Investments** |
| Domestic Equity | 46.4 |
| Domestic Fixed Income | 33.7 |
| International Equity | 12.9 |
| Securities Lending Collateral | 6.7 |
| Emerging Markets Equity | 5.8 |
| Emerging Markets Fixed Income | 1.2 |
| Short Term Investments | 0.1 |
| **Total Net Assets** | 106.8 |

---

---

| |
|:---|
| **Where can I find additional information about the Fund?** |
| Additional information is available on the Fund's website at https://www.jackson.com/fund-literature.html, including: |
| ⬥ Prospectus |
| ⬥ Financial information |
| ⬥ Holdings |
| ⬥ Proxy voting information |

---

If you have questions regarding electronic delivery, please scan the QR Code.

![](img_6521f264220c4.jpg)

---

| | |
|:---|:---|
| JNL/Vanguard Growth ETF Allocation Fund | |
| Semi-Annual Shareholder Report |  |
| Share Class A | June 30, 2025 |

---

![](img_8194364922554.jpg)

**This shareholder report contains important information about JNL/Vanguard Growth ETF Allocation Fund for the period ended June 30, 2025. You can find additional information at https://www.jackson.com/fund-literature.html. You can also request this information by contacting us at 1-800-644-4565 or DocumentRequest@jackson.com.** 

**What were the Fund costs for the last six months?**<br>

---

| | | |
|:---|:---|:---|
| Share Class | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| Class A | $33 | 0.64% |

---

**What are some key Fund statistics as of June 30, 2025?**<br>

---

| | |
|:---|:---|
| Fund Statistic | Value ($ in thousands) |
| Fund Size ($): | 2084446 |
| Number of Investments: | 18 |
| Portfolio Turnover (%): | 16 |
| Total Advisory Fees Paid ($): | 1872 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **What did the Fund invest in as of June 30, 2025?**<br>

---

| | |
|:---|:---|
| Industry Sector (%) | Industry Sector (%) |
| **Long Investments** | **Long Investments** |
| Domestic Equity | 57.2 |
| International Equity | 18.1 |
| Domestic Fixed Income | 15.7 |
| Emerging Markets Equity | 7.1 |
| Emerging Markets Fixed Income | 1.7 |
| Securities Lending Collateral | 0.2 |
| **Total Net Assets** | 100.0 |

---

---

| |
|:---|
| **Where can I find additional information about the Fund?** |
| Additional information is available on the Fund's website at https://www.jackson.com/fund-literature.html, including: |
| ⬥ Prospectus |
| ⬥ Financial information |
| ⬥ Holdings |
| ⬥ Proxy voting information |

---

If you have questions regarding electronic delivery, please scan the QR Code.

![](img_6521f264220c4.jpg)

---

| | |
|:---|:---|
| JNL/Vanguard Moderate ETF Allocation Fund | |
| Semi-Annual Shareholder Report |  |
| Share Class A | June 30, 2025 |

---

![](img_8194364922554.jpg)

**This shareholder report contains important information about JNL/Vanguard Moderate ETF Allocation Fund for the period ended June 30, 2025. You can find additional information at https://www.jackson.com/fund-literature.html. You can also request this information by contacting us at 1-800-644-4565 or DocumentRequest@jackson.com.** 

**What were the Fund costs for the last six months?**<br>

---

| | | |
|:---|:---|:---|
| Share Class | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| Class A | $33 | 0.65% |

---

**What are some key Fund statistics as of June 30, 2025?**<br>

---

| | |
|:---|:---|
| Fund Statistic | Value ($ in thousands) |
| Fund Size ($): | 563733 |
| Number of Investments: | 18 |
| Portfolio Turnover (%): | 11 |
| Total Advisory Fees Paid ($): | 545 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **What did the Fund invest in as of June 30, 2025?**<br>

---

| | |
|:---|:---|
| Industry Sector (%) | Industry Sector (%) |
| **Long Investments** | **Long Investments** |
| Domestic Fixed Income | 52.4 |
| Domestic Equity | 32.2 |
| International Equity | 7.5 |
| Emerging Markets Fixed Income | 4.0 |
| Emerging Markets Equity | 3.7 |
| Securities Lending Collateral | 1.2 |
| **Total Net Assets** | 101.0 |

---

---

| |
|:---|
| **Where can I find additional information about the Fund?** |
| Additional information is available on the Fund's website at https://www.jackson.com/fund-literature.html, including: |
| ⬥ Prospectus |
| ⬥ Financial information |
| ⬥ Holdings |
| ⬥ Proxy voting information |

---

If you have questions regarding electronic delivery, please scan the QR Code.

![](img_6521f264220c4.jpg)

---

| | |
|:---|:---|
| JNL/Vanguard Moderate Growth ETF Allocation Fund | |
| Semi-Annual Shareholder Report |  |
| Share Class A | June 30, 2025 |

---

![](img_8194364922554.jpg)

**This shareholder report contains important information about JNL/Vanguard Moderate Growth ETF Allocation Fund for the period ended June 30, 2025. You can find additional information at https://www.jackson.com/fund-literature.html. You can also request this information by contacting us at 1-800-644-4565 or DocumentRequest@jackson.com.** 

**What were the Fund costs for the last six months?**<br>

---

| | | |
|:---|:---|:---|
| Share Class | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| Class A | $33 | 0.65% |

---

**What are some key Fund statistics as of June 30, 2025?**<br>

---

| | |
|:---|:---|
| Fund Statistic | Value ($ in thousands) |
| Fund Size ($): | 955501 |
| Number of Investments: | 19 |
| Portfolio Turnover (%): | 10 |
| Total Advisory Fees Paid ($): | 922 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **What did the Fund invest in as of June 30, 2025?**<br>

---

| | |
|:---|:---|
| Industry Sector (%) | Industry Sector (%) |
| **Long Investments** | **Long Investments** |
| Domestic Equity | 45.6 |
| Domestic Fixed Income | 32.8 |
| International Equity | 13.1 |
| Emerging Markets Equity | 5.3 |
| Emerging Markets Fixed Income | 3.0 |
| Securities Lending Collateral | 0.7 |
| Short Term Investments | 0.1 |
| **Total Net Assets** | 100.6 |

---

---

| |
|:---|
| **Where can I find additional information about the Fund?** |
| Additional information is available on the Fund's website at https://www.jackson.com/fund-literature.html, including: |
| ⬥ Prospectus |
| ⬥ Financial information |
| ⬥ Holdings |
| ⬥ Proxy voting information |

---

If you have questions regarding electronic delivery, please scan the QR Code.

![](img_6521f264220c4.jpg)

---

| | |
|:---|:---|
| JNL Multi-Manager Alternative Fund | |
| Semi-Annual Shareholder Report |  |
| Share Class A | June 30, 2025 |

---

![](img_8194364922554.jpg)

**This shareholder report contains important information about JNL Multi-Manager Alternative Fund for the period ended June 30, 2025. You can find additional information at https://www.jackson.com/fund-literature.html. You can also request this information by contacting us at 1-800-644-4565 or DocumentRequest@jackson.com.** 

**What were the Fund costs for the last six months?**<br>

---

| | | |
|:---|:---|:---|
| Share Class | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| Class A | $113 | 2.21% |

---

**What are some key Fund statistics as of June 30, 2025?**<br>

---

| | |
|:---|:---|
| Fund Statistic | Value ($ in thousands) |
| Fund Size ($): | 903634 |
| Number of Investments: | 1315 |
| Portfolio Turnover (%): | 83 |
| Total Advisory Fees Paid ($): | 4753 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **What did the Fund invest in as of June 30, 2025?**<br>

---

| | |
|:---|:---|
| Industry Sector (%) | Industry Sector (%) |
| **Long Investments** | **Long Investments** |
| Other Short Term Investments | 26.2 |
| Financials | 14.8 |
| Information Technology | 14.7 |
| Communication Services | 13.8 |
| Consumer Discretionary | 10.9 |
| Private Investment Funds | 10.2 |
| Health Care | 8.6 |
| Non-U.S. Government Agency ABS | 7.9 |
| Industrials | 6.9 |
| Derivative Instruments | 5.5 |
| Other Sectors | 11.8 |
| **Total Net Assets** | 131.3 |
| **Short Investments** | **Short Investments** |
| Information Technology | (7.6) |
| Investment Companies | (5.4) |
| Consumer Discretionary | (4.4) |
| Derivative Instruments | (3.7) |
| Other Short Term Investments | (3.3) |
| Financials | (1.9) |
| Industrials | (1.3) |
| Health Care | (1.3) |
| Communication Services | (1.1) |
| Government Securities | (0.6) |
| Other Sectors | (1.4) |
| **Total Net Assets** | **(32.0)** |

---

---

| |
|:---|
| **Where can I find additional information about the Fund?** |
| Additional information is available on the Fund's website at https://www.jackson.com/fund-literature.html, including: |
| ⬥ Prospectus |
| ⬥ Financial information |
| ⬥ Holdings |
| ⬥ Proxy voting information |

---

If you have questions regarding electronic delivery, please scan the QR Code.

![](img_6521f264220c4.jpg)

---

| | |
|:---|:---|
| JNL Multi-Manager Emerging Markets Equity Fund | |
| Semi-Annual Shareholder Report |  |
| Share Class A | June 30, 2025 |

---

![](img_8194364922554.jpg)

**This shareholder report contains important information about JNL Multi-Manager Emerging Markets Equity Fund for the period ended June 30, 2025. You can find additional information at https://www.jackson.com/fund-literature.html. You can also request this information by contacting us at 1-800-644-4565 or DocumentRequest@jackson.com.** 

**What were the Fund costs for the last six months?**<br>

---

| | | |
|:---|:---|:---|
| Share Class | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| Class A | $65 | 1.22% |

---

**What are some key Fund statistics as of June 30, 2025?**<br>

---

| | |
|:---|:---|
| Fund Statistic | Value ($ in thousands) |
| Fund Size ($): | 1233939 |
| Number of Investments: | 251 |
| Portfolio Turnover (%): | 33 |
| Total Advisory Fees Paid ($): | 4424 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **What did the Fund invest in as of June 30, 2025?**<br>

---

| | |
|:---|:---|
| Industry Sector (%) | Industry Sector (%) |
| **Long Investments** | **Long Investments** |
| Financials | 25.0 |
| Information Technology | 16.6 |
| Industrials | 16.4 |
| Communication Services | 11.3 |
| Consumer Discretionary | 8.4 |
| Consumer Staples | 7.9 |
| Energy | 3.9 |
| Utilities | 3.4 |
| Materials | 3.0 |
| Health Care | 1.8 |
| Other Sectors | 3.0 |
| **Total Net Assets** | 100.7 |

---

---

| |
|:---|
| **Where can I find additional information about the Fund?** |
| Additional information is available on the Fund's website at https://www.jackson.com/fund-literature.html, including: |
| ⬥ Prospectus |
| ⬥ Financial information |
| ⬥ Holdings |
| ⬥ Proxy voting information |

---

If you have questions regarding electronic delivery, please scan the QR Code.

![](img_6521f264220c4.jpg)

---

| | |
|:---|:---|
| JNL Multi-Manager Floating Rate Income Fund | |
| Semi-Annual Shareholder Report |  |
| Share Class A | June 30, 2025 |

---

![](img_8194364922554.jpg)

**This shareholder report contains important information about JNL Multi-Manager Floating Rate Income Fund for the period ended June 30, 2025. You can find additional information at https://www.jackson.com/fund-literature.html. You can also request this information by contacting us at 1-800-644-4565 or DocumentRequest@jackson.com.** 

**What were the Fund costs for the last six months?**<br>

---

| | | |
|:---|:---|:---|
| Share Class | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| Class A | $47 | 0.93% |

---

**What are some key Fund statistics as of June 30, 2025?**<br>

---

| | |
|:---|:---|
| Fund Statistic | Value ($ in thousands) |
| Fund Size ($): | 1006887 |
| Number of Investments: | 752 |
| Portfolio Turnover (%): | 22 |
| Total Advisory Fees Paid ($): | 2453 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **What did the Fund invest in as of June 30, 2025?**<br>

---

| | |
|:---|:---|
| Industry Sector (%) | Industry Sector (%) |
| **Long Investments** | **Long Investments** |
| Industrials | 24.2 |
| Information Technology | 14.6 |
| Communication Services | 12.2 |
| Financials | 10.7 |
| Consumer Discretionary | 10.0 |
| Health Care | 6.1 |
| Materials | 5.6 |
| Energy | 4.3 |
| Consumer Staples | 3.4 |
| Other Short Term Investments | 3.3 |
| Other Sectors | 2.6 |
| **Total Net Assets** | 97.0 |

---

---

| |
|:---|
| **Where can I find additional information about the Fund?** |
| Additional information is available on the Fund's website at https://www.jackson.com/fund-literature.html, including: |
| ⬥ Prospectus |
| ⬥ Financial information |
| ⬥ Holdings |
| ⬥ Proxy voting information |

---

If you have questions regarding electronic delivery, please scan the QR Code.

![](img_6521f264220c4.jpg)

---

| | |
|:---|:---|
| JNL Multi-Manager International Small Cap Fund | |
| Semi-Annual Shareholder Report |  |
| Share Class A | June 30, 2025 |

---

![](img_8194364922554.jpg)

**This shareholder report contains important information about JNL Multi-Manager International Small Cap Fund for the period ended June 30, 2025. You can find additional information at https://www.jackson.com/fund-literature.html. You can also request this information by contacting us at 1-800-644-4565 or DocumentRequest@jackson.com.** 

**What were the Fund costs for the last six months?**<br>

---

| | | |
|:---|:---|:---|
| Share Class | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| Class A | $66 | 1.20% |

---

**What are some key Fund statistics as of June 30, 2025?**<br>

---

| | |
|:---|:---|
| Fund Statistic | Value ($ in thousands) |
| Fund Size ($): | 693680 |
| Number of Investments: | 231 |
| Portfolio Turnover (%): | 28 |
| Total Advisory Fees Paid ($): | 2409 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **What did the Fund invest in as of June 30, 2025?**<br>

---

| | |
|:---|:---|
| Industry Sector (%) | Industry Sector (%) |
| **Long Investments** | **Long Investments** |
| Industrials | 23.8 |
| Financials | 16.5 |
| Information Technology | 16.0 |
| Communication Services | 10.0 |
| Consumer Discretionary | 7.6 |
| Health Care | 6.0 |
| Consumer Staples | 4.5 |
| Materials | 4.4 |
| Utilities | 3.3 |
| Real Estate | 2.6 |
| Other Sectors | 3.9 |
| **Total Net Assets** | 98.6 |
| **Short Investments** | **Short Investments** |
| Derivative Instruments | (0.0) |
| **Total Net Assets** | **(0.0)** |

---

---

| |
|:---|
| **Where can I find additional information about the Fund?** |
| Additional information is available on the Fund's website at https://www.jackson.com/fund-literature.html, including: |
| ⬥ Prospectus |
| ⬥ Financial information |
| ⬥ Holdings |
| ⬥ Proxy voting information |

---

If you have questions regarding electronic delivery, please scan the QR Code.

![](img_6521f264220c4.jpg)

---

| | |
|:---|:---|
| JNL Multi-Manager Mid Cap Fund | |
| Semi-Annual Shareholder Report |  |
| Share Class A | June 30, 2025 |

---

![](img_8194364922554.jpg)

**This shareholder report contains important information about JNL Multi-Manager Mid Cap Fund for the period ended June 30, 2025. You can find additional information at https://www.jackson.com/fund-literature.html. You can also request this information by contacting us at 1-800-644-4565 or DocumentRequest@jackson.com.** 

**What were the Fund costs for the last six months?**<br>

---

| | | |
|:---|:---|:---|
| Share Class | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| Class A | $54 | 1.08% |

---

**What are some key Fund statistics as of June 30, 2025?**<br>

---

| | |
|:---|:---|
| Fund Statistic | Value ($ in thousands) |
| Fund Size ($): | 1240597 |
| Number of Investments: | 287 |
| Portfolio Turnover (%): | 43 |
| Total Advisory Fees Paid ($): | 3771 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **What did the Fund invest in as of June 30, 2025?**<br>

---

| | |
|:---|:---|
| Industry Sector (%) | Industry Sector (%) |
| **Long Investments** | **Long Investments** |
| Industrials | 19.7 |
| Information Technology | 18.1 |
| Health Care | 13.6 |
| Financials | 13.3 |
| Consumer Discretionary | 9.7 |
| Consumer Staples | 9.1 |
| Materials | 3.9 |
| Other Short Term Investments | 3.7 |
| Utilities | 3.3 |
| Real Estate | 3.0 |
| Other Sectors | 3.2 |
| **Total Net Assets** | 100.6 |

---

---

| |
|:---|
| **Where can I find additional information about the Fund?** |
| Additional information is available on the Fund's website at https://www.jackson.com/fund-literature.html, including: |
| ⬥ Prospectus |
| ⬥ Financial information |
| ⬥ Holdings |
| ⬥ Proxy voting information |

---

If you have questions regarding electronic delivery, please scan the QR Code.

![](img_6521f264220c4.jpg)

---

| | |
|:---|:---|
| JNL Multi-Manager Small Cap Growth Fund | |
| Semi-Annual Shareholder Report |  |
| Share Class A | June 30, 2025 |

---

![](img_8194364922554.jpg)

**This shareholder report contains important information about JNL Multi-Manager Small Cap Growth Fund for the period ended June 30, 2025. You can find additional information at https://www.jackson.com/fund-literature.html. You can also request this information by contacting us at 1-800-644-4565 or DocumentRequest@jackson.com.** 

**What were the Fund costs for the last six months?**<br>

---

| | | |
|:---|:---|:---|
| Share Class | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| Class A | $48 | 0.97% |

---

**What are some key Fund statistics as of June 30, 2025?**<br>

---

| | |
|:---|:---|
| Fund Statistic | Value ($ in thousands) |
| Fund Size ($): | 2332839 |
| Number of Investments: | 596 |
| Portfolio Turnover (%): | 33 |
| Total Advisory Fees Paid ($): | 6323 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **What did the Fund invest in as of June 30, 2025?**<br>

---

| | |
|:---|:---|
| Industry Sector (%) | Industry Sector (%) |
| **Long Investments** | **Long Investments** |
| Information Technology | 24.9 |
| Industrials | 22.6 |
| Health Care | 16.1 |
| Consumer Discretionary | 12.6 |
| Financials | 10.3 |
| Communication Services | 4.1 |
| Consumer Staples | 4.0 |
| Other Short Term Investments | 1.7 |
| Materials | 1.7 |
| Securities Lending Collateral | 1.5 |
| Other Sectors | 1.7 |
| **Total Net Assets** | 101.2 |

---

---

| |
|:---|
| **Where can I find additional information about the Fund?** |
| Additional information is available on the Fund's website at https://www.jackson.com/fund-literature.html, including: |
| ⬥ Prospectus |
| ⬥ Financial information |
| ⬥ Holdings |
| ⬥ Proxy voting information |

---

If you have questions regarding electronic delivery, please scan the QR Code.

![](img_6521f264220c4.jpg)

---

| | |
|:---|:---|
| JNL Multi-Manager Small Cap Value Fund | |
| Semi-Annual Shareholder Report |  |
| Share Class A | June 30, 2025 |

---

![](img_8194364922554.jpg)

**This shareholder report contains important information about JNL Multi-Manager Small Cap Value Fund for the period ended June 30, 2025. You can find additional information at https://www.jackson.com/fund-literature.html. You can also request this information by contacting us at 1-800-644-4565 or DocumentRequest@jackson.com.** 

**What were the Fund costs for the last six months?**<br>

---

| | | |
|:---|:---|:---|
| Share Class | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| Class A | $52 | 1.07% |

---

**What are some key Fund statistics as of June 30, 2025?**<br>

---

| | |
|:---|:---|
| Fund Statistic | Value ($ in thousands) |
| Fund Size ($): | 1784559 |
| Number of Investments: | 271 |
| Portfolio Turnover (%): | 15 |
| Total Advisory Fees Paid ($): | 5870 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **What did the Fund invest in as of June 30, 2025?**<br>

---

| | |
|:---|:---|
| Industry Sector (%) | Industry Sector (%) |
| **Long Investments** | **Long Investments** |
| Industrials | 25.1 |
| Financials | 21.1 |
| Consumer Discretionary | 12.4 |
| Health Care | 10.3 |
| Information Technology | 9.7 |
| Consumer Staples | 4.4 |
| Real Estate | 4.1 |
| Energy | 3.3 |
| Materials | 3.2 |
| Other Short Term Investments | 2.8 |
| Other Sectors | 4.3 |
| **Total Net Assets** | 100.7 |

---

---

| |
|:---|
| **Where can I find additional information about the Fund?** |
| Additional information is available on the Fund's website at https://www.jackson.com/fund-literature.html, including: |
| ⬥ Prospectus |
| ⬥ Financial information |
| ⬥ Holdings |
| ⬥ Proxy voting information |

---

If you have questions regarding electronic delivery, please scan the QR Code.

![](img_6521f264220c4.jpg)

---

| | |
|:---|:---|
| JNL Multi-Manager U.S. Select Equity Fund | |
| Semi-Annual Shareholder Report |  |
| Share Class A | June 30, 2025 |

---

![](img_8194364922554.jpg)

**This shareholder report contains important information about JNL Multi-Manager U.S. Select Equity Fund for the period ended June 30, 2025. You can find additional information at https://www.jackson.com/fund-literature.html. You can also request this information by contacting us at 1-800-644-4565 or DocumentRequest@jackson.com.** 

**What were the Fund costs for the last six months?**<br>

---

| | | |
|:---|:---|:---|
| Share Class | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| Class A | $51 | 0.98% |

---

**What are some key Fund statistics as of June 30, 2025?**<br>

---

| | |
|:---|:---|
| Fund Statistic | Value ($ in thousands) |
| Fund Size ($): | 1219936 |
| Number of Investments: | 67 |
| Portfolio Turnover (%): | 74 |
| Total Advisory Fees Paid ($): | 3008 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **What did the Fund invest in as of June 30, 2025?**<br>

---

| | |
|:---|:---|
| Industry Sector (%) | Industry Sector (%) |
| **Long Investments** | **Long Investments** |
| Information Technology | 17.3 |
| Communication Services | 15.3 |
| Financials | 14.9 |
| Health Care | 10.2 |
| Industrials | 10.2 |
| Consumer Staples | 9.2 |
| Utilities | 9.1 |
| Consumer Discretionary | 5.6 |
| Other Short Term Investments | 2.9 |
| Energy | 2.3 |
| Other Sectors | 2.9 |
| **Total Net Assets** | 99.9 |

---

---

| |
|:---|
| **Where can I find additional information about the Fund?** |
| Additional information is available on the Fund's website at https://www.jackson.com/fund-literature.html, including: |
| ⬥ Prospectus |
| ⬥ Financial information |
| ⬥ Holdings |
| ⬥ Proxy voting information |

---

If you have questions regarding electronic delivery, please scan the QR Code.

![](img_6521f264220c4.jpg)

---

| | |
|:---|:---|
| JNL/AB Sustainable Global Thematic Fund | |
| Semi-Annual Shareholder Report |  |
| Share Class A | June 30, 2025 |

---

![](img_8194364922554.jpg)

**This shareholder report contains important information about JNL/AB Sustainable Global Thematic Fund for the period ended June 30, 2025. You can find additional information at https://www.jackson.com/fund-literature.html. You can also request this information by contacting us at 1-800-644-4565 or DocumentRequest@jackson.com.** 

**What were the Fund costs for the last six months?**<br>

---

| | | |
|:---|:---|:---|
| Share Class | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| Class A | $62 | 1.21% |

---

**What are some key Fund statistics as of June 30, 2025?**<br>

---

| | |
|:---|:---|
| Fund Statistic | Value ($ in thousands) |
| Fund Size ($): | 24712 |
| Number of Investments: | 91 |
| Portfolio Turnover (%): | 40 |
| Total Advisory Fees Paid ($): | 72 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **What did the Fund invest in as of June 30, 2025?**<br>

---

| | |
|:---|:---|
| Industry Sector (%) | Industry Sector (%) |
| **Long Investments** | **Long Investments** |
| Information Technology | 35.1 |
| Derivative Instruments | 22.2 |
| Industrials | 16.6 |
| Financials | 16.1 |
| Health Care | 12.7 |
| Consumer Discretionary | 5.9 |
| Utilities | 4.6 |
| Consumer Staples | 3.7 |
| Other Short Term Investments | 3.1 |
| Energy | 2.3 |
| **Total Net Assets** | 122.3 |
| **Short Investments** | **Short Investments** |
| Derivative Instruments | (18.5) |
| **Total Net Assets** | **(18.5)** |

---

---

| |
|:---|
| **Where can I find additional information about the Fund?** |
| Additional information is available on the Fund's website at https://www.jackson.com/fund-literature.html, including: |
| ⬥ Prospectus |
| ⬥ Financial information |
| ⬥ Holdings |
| ⬥ Proxy voting information |

---

If you have questions regarding electronic delivery, please scan the QR Code.

![](img_6521f264220c4.jpg)

---

| | |
|:---|:---|
| JNL/AQR Large Cap Defensive Style Fund | |
| Semi-Annual Shareholder Report |  |
| Share Class A | June 30, 2025 |

---

![](img_8194364922554.jpg)

**This shareholder report contains important information about JNL/AQR Large Cap Defensive Style Fund for the period ended June 30, 2025. You can find additional information at https://www.jackson.com/fund-literature.html. You can also request this information by contacting us at 1-800-644-4565 or DocumentRequest@jackson.com.** 

**What were the Fund costs for the last six months?**<br>

---

| | | |
|:---|:---|:---|
| Share Class | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| Class A | $44 | 0.85% |

---

**What are some key Fund statistics as of June 30, 2025?**<br>

---

| | |
|:---|:---|
| Fund Statistic | Value ($ in thousands) |
| Fund Size ($): | 445499 |
| Number of Investments: | 165 |
| Portfolio Turnover (%): | 13 |
| Total Advisory Fees Paid ($): | 814 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **What did the Fund invest in as of June 30, 2025?**<br>

---

| | |
|:---|:---|
| Industry Sector (%) | Industry Sector (%) |
| **Long Investments** | **Long Investments** |
| Information Technology | 16.4 |
| Consumer Staples | 14.3 |
| Industrials | 13.4 |
| Financials | 13.0 |
| Health Care | 12.5 |
| Communication Services | 10.3 |
| Consumer Discretionary | 8.0 |
| Other Short Term Investments | 6.1 |
| Derivative Instruments | 5.8 |
| Energy | 4.0 |
| Other Sectors | 1.8 |
| **Total Net Assets** | 105.6 |

---

---

| |
|:---|
| **Where can I find additional information about the Fund?** |
| Additional information is available on the Fund's website at https://www.jackson.com/fund-literature.html, including: |
| ⬥ Prospectus |
| ⬥ Financial information |
| ⬥ Holdings |
| ⬥ Proxy voting information |

---

If you have questions regarding electronic delivery, please scan the QR Code.

![](img_6521f264220c4.jpg)

---

| | |
|:---|:---|
| JNL/BlackRock Global Allocation Fund | |
| Semi-Annual Shareholder Report |  |
| Share Class A | June 30, 2025 |

---

![](img_8194364922554.jpg)

**This shareholder report contains important information about JNL/BlackRock Global Allocation Fund for the period ended June 30, 2025. You can find additional information at https://www.jackson.com/fund-literature.html. You can also request this information by contacting us at 1-800-644-4565 or DocumentRequest@jackson.com.** 

**What were the Fund costs for the last six months?**<br>

---

| | | |
|:---|:---|:---|
| Share Class | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| Class A | $54 | 1.03% |

---

**What are some key Fund statistics as of June 30, 2025?**<br>

---

| | |
|:---|:---|
| Fund Statistic | Value ($ in thousands) |
| Fund Size ($): | 2660038 |
| Number of Investments: | 2530 |
| Portfolio Turnover (%): | 73 |
| Total Advisory Fees Paid ($): | 7405 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **What did the Fund invest in as of June 30, 2025?**<br>

---

| | |
|:---|:---|
| Industry Sector (%) | Industry Sector (%) |
| **Long Investments** | **Long Investments** |
| Derivative Instruments | 127.3 |
| Information Technology | 17.1 |
| Financials | 11.9 |
| Industrials | 10.4 |
| Consumer Discretionary | 9.4 |
| Other Short Term Investments | 8.8 |
| Communication Services | 7.8 |
| Health Care | 6.9 |
| Non-U.S. Government Agency ABS | 6.2 |
| Government Securities | 4.7 |
| Other Sectors | 18.0 |
| **Total Net Assets** | 228.5 |
| **Short Investments** | **Short Investments** |
| Derivative Instruments | (60.6) |
| **Total Net Assets** | **(60.6)** |

---

---

| |
|:---|
| **Where can I find additional information about the Fund?** |
| Additional information is available on the Fund's website at https://www.jackson.com/fund-literature.html, including: |
| ⬥ Prospectus |
| ⬥ Financial information |
| ⬥ Holdings |
| ⬥ Proxy voting information |

---

If you have questions regarding electronic delivery, please scan the QR Code.

![](img_6521f264220c4.jpg)

---

| | |
|:---|:---|
| JNL/BlackRock Global Natural Resources Fund | |
| Semi-Annual Shareholder Report |  |
| Share Class A | June 30, 2025 |

---

![](img_8194364922554.jpg)

**This shareholder report contains important information about JNL/BlackRock Global Natural Resources Fund for the period ended June 30, 2025. You can find additional information at https://www.jackson.com/fund-literature.html. You can also request this information by contacting us at 1-800-644-4565 or DocumentRequest@jackson.com.** 

**What were the Fund costs for the last six months?**<br>

---

| | | |
|:---|:---|:---|
| Share Class | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| Class A | $52 | 0.99% |

---

**What are some key Fund statistics as of June 30, 2025?**<br>

---

| | |
|:---|:---|
| Fund Statistic | Value ($ in thousands) |
| Fund Size ($): | 721928 |
| Number of Investments: | 40 |
| Portfolio Turnover (%): | 67 |
| Total Advisory Fees Paid ($): | 1965 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **What did the Fund invest in as of June 30, 2025?**<br>

---

| | |
|:---|:---|
| Industry Sector (%) | Industry Sector (%) |
| **Long Investments** | **Long Investments** |
| Materials | 66.4 |
| Energy | 29.9 |
| Securities Lending Collateral | 8.1 |
| Consumer Staples | 1.9 |
| Other Short Term Investments | 1.8 |
| **Total Net Assets** | 108.1 |

---

---

| |
|:---|
| **Where can I find additional information about the Fund?** |
| Additional information is available on the Fund's website at https://www.jackson.com/fund-literature.html, including: |
| ⬥ Prospectus |
| ⬥ Financial information |
| ⬥ Holdings |
| ⬥ Proxy voting information |

---

If you have questions regarding electronic delivery, please scan the QR Code.

![](img_6521f264220c4.jpg)

---

| | |
|:---|:---|
| JNL/BlackRock Large Cap Select Growth Fund | |
| Semi-Annual Shareholder Report |  |
| Share Class A | June 30, 2025 |

---

![](img_8194364922554.jpg)

**This shareholder report contains important information about JNL/BlackRock Large Cap Select Growth Fund for the period ended June 30, 2025. You can find additional information at https://www.jackson.com/fund-literature.html. You can also request this information by contacting us at 1-800-644-4565 or DocumentRequest@jackson.com.** 

**What were the Fund costs for the last six months?**<br>

---

| | | |
|:---|:---|:---|
| Share Class | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| Class A | $43 | 0.83% |

---

**What are some key Fund statistics as of June 30, 2025?**<br>

---

| | |
|:---|:---|
| Fund Statistic | Value ($ in thousands) |
| Fund Size ($): | 4709718 |
| Number of Investments: | 37 |
| Portfolio Turnover (%): | 17 |
| Total Advisory Fees Paid ($): | 9434 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **What did the Fund invest in as of June 30, 2025?**<br>

---

| | |
|:---|:---|
| Industry Sector (%) | Industry Sector (%) |
| **Long Investments** | **Long Investments** |
| Information Technology | 47.7 |
| Communication Services | 15.3 |
| Consumer Discretionary | 14.9 |
| Financials | 8.2 |
| Health Care | 7.4 |
| Industrials | 5.6 |
| Materials | 0.7 |
| Real Estate | 0.2 |
| Other Short Term Investments | 0.0 |
| **Total Net Assets** | 100.0 |

---

---

| |
|:---|
| **Where can I find additional information about the Fund?** |
| Additional information is available on the Fund's website at https://www.jackson.com/fund-literature.html, including: |
| ⬥ Prospectus |
| ⬥ Financial information |
| ⬥ Holdings |
| ⬥ Proxy voting information |

---

If you have questions regarding electronic delivery, please scan the QR Code.

![](img_6521f264220c4.jpg)

---

| | |
|:---|:---|
| JNL/Causeway International Value Select Fund | |
| Semi-Annual Shareholder Report |  |
| Share Class A | June 30, 2025 |

---

![](img_8194364922554.jpg)

**This shareholder report contains important information about JNL/Causeway International Value Select Fund for the period ended June 30, 2025. You can find additional information at https://www.jackson.com/fund-literature.html. You can also request this information by contacting us at 1-800-644-4565 or DocumentRequest@jackson.com.** 

**What were the Fund costs for the last six months?**<br>

---

| | | |
|:---|:---|:---|
| Share Class | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| Class A | $53 | 0.96% |

---

**What are some key Fund statistics as of June 30, 2025?**<br>

---

| | |
|:---|:---|
| Fund Statistic | Value ($ in thousands) |
| Fund Size ($): | 2335429 |
| Number of Investments: | 66 |
| Portfolio Turnover (%): | 25 |
| Total Advisory Fees Paid ($): | 5343 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **What did the Fund invest in as of June 30, 2025?**<br>

---

| | |
|:---|:---|
| Industry Sector (%) | Industry Sector (%) |
| **Long Investments** | **Long Investments** |
| Financials | 19.1 |
| Industrials | 18.0 |
| Information Technology | 14.9 |
| Health Care | 12.9 |
| Consumer Staples | 9.8 |
| Consumer Discretionary | 7.4 |
| Materials | 6.6 |
| Utilities | 3.8 |
| Communication Services | 3.5 |
| Energy | 2.0 |
| Other Sectors | 1.6 |
| **Total Net Assets** | 99.6 |

---

---

| |
|:---|
| **Where can I find additional information about the Fund?** |
| Additional information is available on the Fund's website at https://www.jackson.com/fund-literature.html, including: |
| ⬥ Prospectus |
| ⬥ Financial information |
| ⬥ Holdings |
| ⬥ Proxy voting information |

---

If you have questions regarding electronic delivery, please scan the QR Code.

![](img_6521f264220c4.jpg)

---

| | |
|:---|:---|
| JNL/ClearBridge Large Cap Growth Fund | |
| Semi-Annual Shareholder Report |  |
| Share Class A | June 30, 2025 |

---

![](img_8194364922554.jpg)

**This shareholder report contains important information about JNL/ClearBridge Large Cap Growth Fund for the period ended June 30, 2025. You can find additional information at https://www.jackson.com/fund-literature.html. You can also request this information by contacting us at 1-800-644-4565 or DocumentRequest@jackson.com.** 

**What were the Fund costs for the last six months?**<br>

---

| | | |
|:---|:---|:---|
| Share Class | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| Class A | $48 | 0.94% |

---

**What are some key Fund statistics as of June 30, 2025?**<br>

---

| | |
|:---|:---|
| Fund Statistic | Value ($ in thousands) |
| Fund Size ($): | 1580549 |
| Number of Investments: | 43 |
| Portfolio Turnover (%): | 8 |
| Total Advisory Fees Paid ($): | 3642 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **What did the Fund invest in as of June 30, 2025?**<br>

---

| | |
|:---|:---|
| Industry Sector (%) | Industry Sector (%) |
| **Long Investments** | **Long Investments** |
| Information Technology | 40.9 |
| Communication Services | 13.8 |
| Consumer Discretionary | 12.7 |
| Industrials | 9.4 |
| Financials | 9.2 |
| Health Care | 8.1 |
| Materials | 2.4 |
| Consumer Staples | 1.3 |
| Real Estate | 1.2 |
| Other Short Term Investments | 0.2 |
| Other Sectors | 0.0 |
| **Total Net Assets** | 99.2 |

---

---

| |
|:---|
| **Where can I find additional information about the Fund?** |
| Additional information is available on the Fund's website at https://www.jackson.com/fund-literature.html, including: |
| ⬥ Prospectus |
| ⬥ Financial information |
| ⬥ Holdings |
| ⬥ Proxy voting information |

---

If you have questions regarding electronic delivery, please scan the QR Code.

![](img_6521f264220c4.jpg)

---

| | |
|:---|:---|
| JNL/Cohen & Steers U.S. Realty Fund | |
| Semi-Annual Shareholder Report |  |
| Share Class A | June 30, 2025 |

---

![](img_8194364922554.jpg)

**This shareholder report contains important information about JNL/Cohen & Steers U.S. Realty Fund for the period ended June 30, 2025. You can find additional information at https://www.jackson.com/fund-literature.html. You can also request this information by contacting us at 1-800-644-4565 or DocumentRequest@jackson.com.** 

**What were the Fund costs for the last six months?**<br>

---

| | | |
|:---|:---|:---|
| Share Class | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| Class A | $53 | 1.04% |

---

**What are some key Fund statistics as of June 30, 2025?**<br>

---

| | |
|:---|:---|
| Fund Statistic | Value ($ in thousands) |
| Fund Size ($): | 86857 |
| Number of Investments: | 38 |
| Portfolio Turnover (%): | 23 |
| Total Advisory Fees Paid ($): | 276 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **What did the Fund invest in as of June 30, 2025?**<br>

---

| | |
|:---|:---|
| Industry Sector (%) | Industry Sector (%) |
| **Long Investments** | **Long Investments** |
| Real Estate | 96.6 |
| Consumer Discretionary | 2.1 |
| Warrants | 0.5 |
| Health Care | 0.2 |
| Other Short Term Investments | 0.1 |
| **Total Net Assets** | 99.5 |

---

---

| |
|:---|
| **Where can I find additional information about the Fund?** |
| Additional information is available on the Fund's website at https://www.jackson.com/fund-literature.html, including: |
| ⬥ Prospectus |
| ⬥ Financial information |
| ⬥ Holdings |
| ⬥ Proxy voting information |

---

If you have questions regarding electronic delivery, please scan the QR Code.

![](img_6521f264220c4.jpg)

---

| | |
|:---|:---|
| JNL/DFA International Core Equity Fund | |
| Semi-Annual Shareholder Report |  |
| Share Class A | June 30, 2025 |

---

![](img_8194364922554.jpg)

**This shareholder report contains important information about JNL/DFA International Core Equity Fund for the period ended June 30, 2025. You can find additional information at https://www.jackson.com/fund-literature.html. You can also request this information by contacting us at 1-800-644-4565 or DocumentRequest@jackson.com.** 

**What were the Fund costs for the last six months?**<br>

---

| | | |
|:---|:---|:---|
| Share Class | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| Class A | $50 | 0.91% |

---

**What are some key Fund statistics as of June 30, 2025?**<br>

---

| | |
|:---|:---|
| Fund Statistic | Value ($ in thousands) |
| Fund Size ($): | 485215 |
| Number of Investments: | 1053 |
| Portfolio Turnover (%): | 12 |
| Total Advisory Fees Paid ($): | 872 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **What did the Fund invest in as of June 30, 2025?**<br>

---

| | |
|:---|:---|
| Industry Sector (%) | Industry Sector (%) |
| **Long Investments** | **Long Investments** |
| Financials | 20.2 |
| Industrials | 20.0 |
| Consumer Discretionary | 10.1 |
| Materials | 9.8 |
| Health Care | 8.0 |
| Energy | 7.2 |
| Consumer Staples | 6.4 |
| Information Technology | 5.9 |
| Communication Services | 5.2 |
| Utilities | 3.7 |
| Other Sectors | 4.5 |
| **Total Net Assets** | 101.0 |

---

---

| |
|:---|
| **Where can I find additional information about the Fund?** |
| Additional information is available on the Fund's website at https://www.jackson.com/fund-literature.html, including: |
| ⬥ Prospectus |
| ⬥ Financial information |
| ⬥ Holdings |
| ⬥ Proxy voting information |

---

If you have questions regarding electronic delivery, please scan the QR Code.

![](img_6521f264220c4.jpg)

---

| | |
|:---|:---|
| JNL/DFA U.S. Core Equity Fund | |
| Semi-Annual Shareholder Report |  |
| Share Class A | June 30, 2025 |

---

![](img_8194364922554.jpg)

**This shareholder report contains important information about JNL/DFA U.S. Core Equity Fund for the period ended June 30, 2025. You can find additional information at https://www.jackson.com/fund-literature.html. You can also request this information by contacting us at 1-800-644-4565 or DocumentRequest@jackson.com.** 

**What were the Fund costs for the last six months?**<br>

---

| | | |
|:---|:---|:---|
| Share Class | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| Class A | $41 | 0.80% |

---

**What are some key Fund statistics as of June 30, 2025?**<br>

---

| | |
|:---|:---|
| Fund Statistic | Value ($ in thousands) |
| Fund Size ($): | 1295137 |
| Number of Investments: | 2140 |
| Portfolio Turnover (%): | 1 |
| Total Advisory Fees Paid ($): | 2485 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **What did the Fund invest in as of June 30, 2025?**<br>

---

| | |
|:---|:---|
| Industry Sector (%) | Industry Sector (%) |
| **Long Investments** | **Long Investments** |
| Information Technology | 26.2 |
| Financials | 16.8 |
| Industrials | 12.2 |
| Consumer Discretionary | 10.5 |
| Communication Services | 9.2 |
| Health Care | 8.8 |
| Consumer Staples | 5.8 |
| Energy | 4.5 |
| Materials | 3.1 |
| Utilities | 2.4 |
| Other Sectors | 0.6 |
| **Total Net Assets** | 100.1 |

---

---

| |
|:---|
| **Where can I find additional information about the Fund?** |
| Additional information is available on the Fund's website at https://www.jackson.com/fund-literature.html, including: |
| ⬥ Prospectus |
| ⬥ Financial information |
| ⬥ Holdings |
| ⬥ Proxy voting information |

---

If you have questions regarding electronic delivery, please scan the QR Code.

![](img_6521f264220c4.jpg)

---

| | |
|:---|:---|
| JNL/DFA U.S. Small Cap Fund | |
| Semi-Annual Shareholder Report |  |
| Share Class A | June 30, 2025 |

---

![](img_8194364922554.jpg)

**This shareholder report contains important information about JNL/DFA U.S. Small Cap Fund for the period ended June 30, 2025. You can find additional information at https://www.jackson.com/fund-literature.html. You can also request this information by contacting us at 1-800-644-4565 or DocumentRequest@jackson.com.** 

**What were the Fund costs for the last six months?**<br>

---

| | | |
|:---|:---|:---|
| Share Class | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| Class A | $49 | 0.99% |

---

**What are some key Fund statistics as of June 30, 2025?**<br>

---

| | |
|:---|:---|
| Fund Statistic | Value ($ in thousands) |
| Fund Size ($): | 637113 |
| Number of Investments: | 1988 |
| Portfolio Turnover (%): | 9 |
| Total Advisory Fees Paid ($): | 1670 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **What did the Fund invest in as of June 30, 2025?**<br>

---

| | |
|:---|:---|
| Industry Sector (%) | Industry Sector (%) |
| **Long Investments** | **Long Investments** |
| Industrials | 20.9 |
| Financials | 20.6 |
| Consumer Discretionary | 14.8 |
| Information Technology | 11.8 |
| Health Care | 10.5 |
| Materials | 5.6 |
| Energy | 4.9 |
| Consumer Staples | 4.2 |
| Utilities | 3.1 |
| Communication Services | 3.0 |
| Other Sectors | 1.2 |
| **Total Net Assets** | 100.6 |

---

---

| |
|:---|
| **Where can I find additional information about the Fund?** |
| Additional information is available on the Fund's website at https://www.jackson.com/fund-literature.html, including: |
| ⬥ Prospectus |
| ⬥ Financial information |
| ⬥ Holdings |
| ⬥ Proxy voting information |

---

If you have questions regarding electronic delivery, please scan the QR Code.

![](img_6521f264220c4.jpg)

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| | |
|:---|:---|
| JNL/DoubleLine Core Fixed Income Fund | |
| Semi-Annual Shareholder Report |  |
| Share Class A | June 30, 2025 |

---

![](img_8194364922554.jpg)

**This shareholder report contains important information about JNL/DoubleLine Core Fixed Income Fund for the period ended June 30, 2025. You can find additional information at https://www.jackson.com/fund-literature.html. You can also request this information by contacting us at 1-800-644-4565 or DocumentRequest@jackson.com.** 

**What were the Fund costs for the last six months?**<br>

---

| | | |
|:---|:---|:---|
| Share Class | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| Class A | $39 | 0.77% |

---

**What are some key Fund statistics as of June 30, 2025?**<br>

---

| | |
|:---|:---|
| Fund Statistic | Value ($ in thousands) |
| Fund Size ($): | 2650661 |
| Number of Investments: | 1593 |
| Portfolio Turnover (%): | 19 |
| Total Advisory Fees Paid ($): | 4975 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **What did the Fund invest in as of June 30, 2025?**<br>

---

| | |
|:---|:---|
| Industry Sector (%) | Industry Sector (%) |
| **Long Investments** | **Long Investments** |
| Derivative Instruments | 61.1 |
| Government Securities | 23.9 |
| U.S. Government Agency MBS | 23.9 |
| Non-U.S. Government Agency ABS | 20.7 |
| Financials | 5.5 |
| Industrials | 4.1 |
| Other Short Term Investments | 3.8 |
| Utilities | 3.8 |
| Energy | 2.3 |
| Information Technology | 2.1 |
| Other Sectors | 9.3 |
| **Total Net Assets** | 160.5 |
| **Short Investments** | **Short Investments** |
| Derivative Instruments | (6.2) |
| **Total Net Assets** | **(6.2)** |

---

---

| |
|:---|
| **Where can I find additional information about the Fund?** |
| Additional information is available on the Fund's website at https://www.jackson.com/fund-literature.html, including: |
| ⬥ Prospectus |
| ⬥ Financial information |
| ⬥ Holdings |
| ⬥ Proxy voting information |

---

If you have questions regarding electronic delivery, please scan the QR Code.

![](img_6521f264220c4.jpg)

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| | |
|:---|:---|
| JNL/DoubleLine Emerging Markets Fixed Income Fund | |
| Semi-Annual Shareholder Report |  |
| Share Class A | June 30, 2025 |

---

![](img_8194364922554.jpg)

**This shareholder report contains important information about JNL/DoubleLine Emerging Markets Fixed Income Fund for the period ended June 30, 2025. You can find additional information at https://www.jackson.com/fund-literature.html. You can also request this information by contacting us at 1-800-644-4565 or DocumentRequest@jackson.com.** 

**What were the Fund costs for the last six months?**<br>

---

| | | |
|:---|:---|:---|
| Share Class | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| Class A | $55 | 1.08% |

---

**What are some key Fund statistics as of June 30, 2025?**<br>

---

| | |
|:---|:---|
| Fund Statistic | Value ($ in thousands) |
| Fund Size ($): | 319147 |
| Number of Investments: | 138 |
| Portfolio Turnover (%): | 22 |
| Total Advisory Fees Paid ($): | 1003 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **What did the Fund invest in as of June 30, 2025?**<br>

---

| | |
|:---|:---|
| Industry Sector (%) | Industry Sector (%) |
| **Long Investments** | **Long Investments** |
| Financials | 22.4 |
| Utilities | 14.9 |
| Energy | 12.3 |
| Materials | 12.3 |
| Industrials | 11.8 |
| Government Securities | 9.8 |
| Consumer Staples | 9.7 |
| Real Estate | 2.9 |
| Other Short Term Investments | 1.6 |
| Communication Services | 1.1 |
| Other Sectors | 1.0 |
| **Total Net Assets** | 99.8 |

---

---

| |
|:---|
| **Where can I find additional information about the Fund?** |
| Additional information is available on the Fund's website at https://www.jackson.com/fund-literature.html, including: |
| ⬥ Prospectus |
| ⬥ Financial information |
| ⬥ Holdings |
| ⬥ Proxy voting information |

---

If you have questions regarding electronic delivery, please scan the QR Code.

![](img_6521f264220c4.jpg)

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| | |
|:---|:---|
| JNL/DoubleLine Shiller Enhanced CAPE Fund | |
| Semi-Annual Shareholder Report |  |
| Share Class A | June 30, 2025 |

---

![](img_8194364922554.jpg)

**This shareholder report contains important information about JNL/DoubleLine Shiller Enhanced CAPE Fund for the period ended June 30, 2025. You can find additional information at https://www.jackson.com/fund-literature.html. You can also request this information by contacting us at 1-800-644-4565 or DocumentRequest@jackson.com.** 

**What were the Fund costs for the last six months?**<br>

---

| | | |
|:---|:---|:---|
| Share Class | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| Class A | $50 | 0.98% |

---

**What are some key Fund statistics as of June 30, 2025?**<br>

---

| | |
|:---|:---|
| Fund Statistic | Value ($ in thousands) |
| Fund Size ($): | 1546997 |
| Number of Investments: | 684 |
| Portfolio Turnover (%): | 21 |
| Total Advisory Fees Paid ($): | 4123 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **What did the Fund invest in as of June 30, 2025?**<br>

---

| | |
|:---|:---|
| Industry Sector (%) | Industry Sector (%) |
| **Long Investments** | **Long Investments** |
| Derivative Instruments | 97.1 |
| Non-U.S. Government Agency ABS | 44.2 |
| Government Securities | 26.6 |
| U.S. Government Agency MBS | 5.2 |
| Financials | 4.6 |
| Other Short Term Investments | 3.1 |
| Industrials | 2.8 |
| Utilities | 2.0 |
| Energy | 1.8 |
| Information Technology | 1.3 |
| Other Sectors | 4.9 |
| **Total Net Assets** | 193.6 |

---

---

| |
|:---|
| **Where can I find additional information about the Fund?** |
| Additional information is available on the Fund's website at https://www.jackson.com/fund-literature.html, including: |
| ⬥ Prospectus |
| ⬥ Financial information |
| ⬥ Holdings |
| ⬥ Proxy voting information |

---

If you have questions regarding electronic delivery, please scan the QR Code.

![](img_6521f264220c4.jpg)

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| | |
|:---|:---|
| JNL/DoubleLine Total Return Fund |  |
| Semi-Annual Shareholder Report |  |
| Share Class A | June 30, 2025 |

---

![](img_8194364922554.jpg)

**This shareholder report contains important information about JNL/DoubleLine Total Return Fund for the period ended June 30, 2025. You can find additional information at https://www.jackson.com/fund-literature.html. You can also request this information by contacting us at 1-800-644-4565 or DocumentRequest@jackson.com.** 

**What were the Fund costs for the last six months?**<br>

---

| | | |
|:---|:---|:---|
| Share Class | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| Class A | $42 | 0.83% |

---

**What are some key Fund statistics as of June 30, 2025?**<br>

---

| | |
|:---|:---|
| Fund Statistic | Value ($ in thousands) |
| Fund Size ($): | 1880767 |
| Number of Investments: | 483 |
| Portfolio Turnover (%): | 11 |
| Total Advisory Fees Paid ($): | 3999 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **What did the Fund invest in as of June 30, 2025?**<br>

---

| | |
|:---|:---|
| Industry Sector (%) | Industry Sector (%) |
| **Long Investments** | **Long Investments** |
| Derivative Instruments | 58.2 |
| U.S. Government Agency MBS | 55.7 |
| Non-U.S. Government Agency ABS | 40.4 |
| Other Short Term Investments | 2.7 |
| **Total Net Assets** | 157.0 |
| **Short Investments** | **Short Investments** |
| Derivative Instruments | (3.1) |
| **Total Net Assets** | **(3.1)** |

---

---

| |
|:---|
| **Where can I find additional information about the Fund?** |
| Additional information is available on the Fund's website at https://www.jackson.com/fund-literature.html, including: |
| ⬥ Prospectus |
| ⬥ Financial information |
| ⬥ Holdings |
| ⬥ Proxy voting information |

---

If you have questions regarding electronic delivery, please scan the QR Code.

![](img_6521f264220c4.jpg)

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| | |
|:---|:---|
| JNL/Dreyfus Government Money Market Fund | |
| Semi-Annual Shareholder Report |  |
| Share Class A | June 30, 2025 |

---

![](img_8194364922554.jpg)

**This shareholder report contains important information about JNL/Dreyfus Government Money Market Fund for the period ended June 30, 2025. You can find additional information at https://www.jackson.com/fund-literature.html. You can also request this information by contacting us at 1-800-644-4565 or DocumentRequest@jackson.com.** 

**What were the Fund costs for the last six months?**<br>

---

| | | |
|:---|:---|:---|
| Share Class | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| Class A | $28 | 0.56% |

---

**What are some key Fund statistics as of June 30, 2025?**<br>

---

| | |
|:---|:---|
| Fund Statistic | Value ($ in thousands) |
| Fund Size ($): | 2543971 |
| Number of Investments: | 76 |
| Total Advisory Fees Paid ($): | 2022 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **What did the Fund invest in as of June 30, 2025?**<br>

---

| | |
|:---|:---|
| &nbsp;&nbsp; Industry Sector (%) | &nbsp;&nbsp; Industry Sector (%) |
| **Long Investments** | **Long Investments** |
| Repurchase Agreements | 58.9 |
| Government Securities | 38.1 |
| Discount Notes | 5.1 |
| **Total Net Assets** | 102.1 |

---

---

| |
|:---|
| **Where can I find additional information about the Fund?** |
| Additional information is available on the Fund's website at https://www.jackson.com/fund-literature.html, including: |
| ⬥ Prospectus |
| ⬥ Financial information |
| ⬥ Holdings |
| ⬥ Proxy voting information |

---

If you have questions regarding electronic delivery, please scan the QR Code.

![](img_6521f264220c4.jpg)

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| | |
|:---|:---|
| JNL/Fidelity Institutional Asset Management Total Bond Fund |  |
| Semi-Annual Shareholder Report |  |
| Share Class A | June 30, 2025 |

---

![](img_8194364922554.jpg)

**This shareholder report contains important information about JNL/Fidelity Institutional Asset Management Total Bond Fund for the period ended June 30, 2025. You can find additional information at https://www.jackson.com/fund-literature.html. You can also request this information by contacting us at 1-800-644-4565 or DocumentRequest@jackson.com.** 

**What were the Fund costs for the last six months?**<br>

---

| | | |
|:---|:---|:---|
| Share Class | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| Class A | $39 | 0.77% |

---

**What are some key Fund statistics as of June 30, 2025?**<br>

---

| | |
|:---|:---|
| Fund Statistic | Value ($ in thousands) |
| Fund Size ($): | 1459551 |
| Number of Investments: | 2951 |
| Portfolio Turnover (%): | 101 |
| Total Advisory Fees Paid ($): | 2724 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **What did the Fund invest in as of June 30, 2025?**<br>

---

| | |
|:---|:---|
| Industry Sector (%) | Industry Sector (%) |
| **Long Investments** | **Long Investments** |
| Government Securities | 33.5 |
| U.S. Government Agency MBS | 24.3 |
| Non-U.S. Government Agency ABS | 12.9 |
| Financials | 12.4 |
| Derivative Instruments | 11.3 |
| Energy | 4.1 |
| Industrials | 2.9 |
| Communication Services | 2.5 |
| Real Estate | 2.1 |
| Consumer Discretionary | 1.8 |
| Other Sectors | 8.6 |
| **Total Net Assets** | 116.4 |
| **Short Investments** | **Short Investments** |
| Derivative Instruments | (4.0) |
| U.S. Government Agency MBS | (0.0) |
| **Total Net Assets** | **(4.0)** |

---

---

| |
|:---|
| **Where can I find additional information about the Fund?** |
| Additional information is available on the Fund's website at https://www.jackson.com/fund-literature.html, including: |
| ⬥ Prospectus |
| ⬥ Financial information |
| ⬥ Holdings |
| ⬥ Proxy voting information |

---

If you have questions regarding electronic delivery, please scan the QR Code.

![](img_6521f264220c4.jpg)

---

| | |
|:---|:---|
| JNL/First Sentier Global Infrastructure Fund | |
| Semi-Annual Shareholder Report |  |
| Share Class A | June 30, 2025 |

---

![](img_8194364922554.jpg)

**This shareholder report contains important information about JNL/First Sentier Global Infrastructure Fund for the period ended June 30, 2025. You can find additional information at https://www.jackson.com/fund-literature.html. You can also request this information by contacting us at 1-800-644-4565 or DocumentRequest@jackson.com.** 

**What were the Fund costs for the last six months?**<br>

---

| | | |
|:---|:---|:---|
| Share Class | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| Class A | $61 | 1.15% |

---

**What are some key Fund statistics as of June 30, 2025?**<br>

---

| | |
|:---|:---|
| Fund Statistic | Value ($ in thousands) |
| Fund Size ($): | 511044 |
| Number of Investments: | 43 |
| Portfolio Turnover (%): | 32 |
| Total Advisory Fees Paid ($): | 1774 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **What did the Fund invest in as of June 30, 2025?**<br>

---

| | |
|:---|:---|
| Industry Sector (%) | Industry Sector (%) |
| **Long Investments** | **Long Investments** |
| Utilities | 44.0 |
| Industrials | 37.4 |
| Energy | 10.1 |
| Real Estate | 4.7 |
| Securities Lending Collateral | 3.0 |
| Communication Services | 2.4 |
| Other Short Term Investments | 0.9 |
| **Total Net Assets** | 102.5 |

---

---

| |
|:---|
| **Where can I find additional information about the Fund?** |
| Additional information is available on the Fund's website at https://www.jackson.com/fund-literature.html, including: |
| ⬥ Prospectus |
| ⬥ Financial information |
| ⬥ Holdings |
| ⬥ Proxy voting information |

---

If you have questions regarding electronic delivery, please scan the QR Code.

![](img_6521f264220c4.jpg)

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| | |
|:---|:---|
| JNL/Franklin Templeton Income Fund | |
| Semi-Annual Shareholder Report |  |
| Share Class A | June 30, 2025 |

---

![](img_8194364922554.jpg)

**This shareholder report contains important information about JNL/Franklin Templeton Income Fund for the period ended June 30, 2025. You can find additional information at https://www.jackson.com/fund-literature.html. You can also request this information by contacting us at 1-800-644-4565 or DocumentRequest@jackson.com.** 

**What were the Fund costs for the last six months?**<br>

---

| | | |
|:---|:---|:---|
| Share Class | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| Class A | $47 | 0.93% |

---

**What are some key Fund statistics as of June 30, 2025?**<br>

---

| | |
|:---|:---|
| Fund Statistic | Value ($ in thousands) |
| Fund Size ($): | 1404680 |
| Number of Investments: | 250 |
| Portfolio Turnover (%): | 22 |
| Total Advisory Fees Paid ($): | 3658 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **What did the Fund invest in as of June 30, 2025?**<br>

---

| | |
|:---|:---|
| Industry Sector (%) | Industry Sector (%) |
| **Long Investments** | **Long Investments** |
| Equity Linked Structured Notes | 17.0 |
| Health Care | 13.3 |
| Industrials | 9.5 |
| Energy | 8.9 |
| Financials | 8.5 |
| Utilities | 6.8 |
| Consumer Staples | 6.5 |
| U.S. Government Agency MBS | 6.3 |
| Consumer Discretionary | 5.2 |
| Materials | 5.1 |
| Other Sectors | 13.9 |
| **Total Net Assets** | 101.0 |

---

---

| |
|:---|
| **Where can I find additional information about the Fund?** |
| Additional information is available on the Fund's website at https://www.jackson.com/fund-literature.html, including: |
| ⬥ Prospectus |
| ⬥ Financial information |
| ⬥ Holdings |
| ⬥ Proxy voting information |

---

If you have questions regarding electronic delivery, please scan the QR Code.

![](img_6521f264220c4.jpg)

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| | |
|:---|:---|
| JNL/Goldman Sachs 4 Fund | |
| Semi-Annual Shareholder Report |  |
| Share Class A | June 30, 2025 |

---

![](img_8194364922554.jpg)

**This shareholder report contains important information about JNL/Goldman Sachs 4 Fund for the period ended June 30, 2025. You can find additional information at https://www.jackson.com/fund-literature.html. You can also request this information by contacting us at 1-800-644-4565 or DocumentRequest@jackson.com.** 

**What were the Fund costs for the last six months?**<br>

---

| | | |
|:---|:---|:---|
| Share Class | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| Class A | $36 | 0.70% |

---

**What are some key Fund statistics as of June 30, 2025?**<br>

---

| | |
|:---|:---|
| Fund Statistic | Value ($ in thousands) |
| Fund Size ($): | 4980592 |
| Number of Investments: | 140 |
| Portfolio Turnover (%): | 17 |
| Total Advisory Fees Paid ($): | 6098 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **What did the Fund invest in as of June 30, 2025?**<br>

---

| | |
|:---|:---|
| Industry Sector (%) | Industry Sector (%) |
| **Long Investments** | **Long Investments** |
| Information Technology | 31.6 |
| Financials | 13.2 |
| Health Care | 10.5 |
| Consumer Discretionary | 10.5 |
| Communication Services | 8.8 |
| Industrials | 6.3 |
| Consumer Staples | 6.1 |
| Utilities | 3.3 |
| Energy | 3.2 |
| Real Estate | 3.2 |
| Other Sectors | 3.8 |
| **Total Net Assets** | 100.5 |

---

---

| |
|:---|
| **Where can I find additional information about the Fund?** |
| Additional information is available on the Fund's website at https://www.jackson.com/fund-literature.html, including: |
| ⬥ Prospectus |
| ⬥ Financial information |
| ⬥ Holdings |
| ⬥ Proxy voting information |

---

If you have questions regarding electronic delivery, please scan the QR Code.

![](img_6521f264220c4.jpg)

---

| | |
|:---|:---|
| JNL/GQG Emerging Markets Equity Fund | |
| Semi-Annual Shareholder Report |  |
| Share Class A | June 30, 2025 |

---

![](img_8194364922554.jpg)

**This shareholder report contains important information about JNL/GQG Emerging Markets Equity Fund for the period ended June 30, 2025. You can find additional information at https://www.jackson.com/fund-literature.html. You can also request this information by contacting us at 1-800-644-4565 or DocumentRequest@jackson.com.** 

**What were the Fund costs for the last six months?**<br>

---

| | | |
|:---|:---|:---|
| Share Class | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| Class A | $68 | 1.33% |

---

**What are some key Fund statistics as of June 30, 2025?**<br>

---

| | |
|:---|:---|
| Fund Statistic | Value ($ in thousands) |
| Fund Size ($): | 865821 |
| Number of Investments: | 81 |
| Portfolio Turnover (%): | 48 |
| Total Advisory Fees Paid ($): | 3690 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **What did the Fund invest in as of June 30, 2025?**<br>

---

| | |
|:---|:---|
| Industry Sector (%) | Industry Sector (%) |
| **Long Investments** | **Long Investments** |
| Financials | 28.5 |
| Consumer Staples | 17.8 |
| Industrials | 11.5 |
| Information Technology | 9.7 |
| Energy | 9.6 |
| Utilities | 8.8 |
| Communication Services | 4.9 |
| Consumer Discretionary | 3.1 |
| Materials | 2.8 |
| Health Care | 1.9 |
| Other Sectors | 2.7 |
| **Total Net Assets** | 101.3 |

---

---

| |
|:---|
| **Where can I find additional information about the Fund?** |
| Additional information is available on the Fund's website at https://www.jackson.com/fund-literature.html, including: |
| ⬥ Prospectus |
| ⬥ Financial information |
| ⬥ Holdings |
| ⬥ Proxy voting information |

---

If you have questions regarding electronic delivery, please scan the QR Code.

![](img_6521f264220c4.jpg)

---

| | |
|:---|:---|
| JNL/Invesco Diversified Dividend Fund | |
| Semi-Annual Shareholder Report |  |
| Share Class A | June 30, 2025 |

---

![](img_8194364922554.jpg)

**This shareholder report contains important information about JNL/Invesco Diversified Dividend Fund for the period ended June 30, 2025. You can find additional information at https://www.jackson.com/fund-literature.html. You can also request this information by contacting us at 1-800-644-4565 or DocumentRequest@jackson.com.** 

**What were the Fund costs for the last six months?**<br>

---

| | | |
|:---|:---|:---|
| Share Class | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| Class A | $50 | 0.98% |

---

**What are some key Fund statistics as of June 30, 2025?**<br>

---

| | |
|:---|:---|
| Fund Statistic | Value ($ in thousands) |
| Fund Size ($): | 817699 |
| Number of Investments: | 79 |
| Portfolio Turnover (%): | 33 |
| Total Advisory Fees Paid ($): | 2093 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **What did the Fund invest in as of June 30, 2025?**<br>

---

| | |
|:---|:---|
| Industry Sector (%) | Industry Sector (%) |
| **Long Investments** | **Long Investments** |
| Financials | 20.0 |
| Industrials | 13.5 |
| Consumer Staples | 12.4 |
| Health Care | 11.8 |
| Information Technology | 10.8 |
| Consumer Discretionary | 7.2 |
| Energy | 7.2 |
| Communication Services | 5.0 |
| Utilities | 4.7 |
| Materials | 2.7 |
| Other Sectors | 4.6 |
| **Total Net Assets** | 99.9 |

---

---

| |
|:---|
| **Where can I find additional information about the Fund?** |
| Additional information is available on the Fund's website at https://www.jackson.com/fund-literature.html, including: |
| ⬥ Prospectus |
| ⬥ Financial information |
| ⬥ Holdings |
| ⬥ Proxy voting information |

---

If you have questions regarding electronic delivery, please scan the QR Code.

![](img_6521f264220c4.jpg)

---

| | |
|:---|:---|
| JNL/Invesco Global Growth Fund | |
| Semi-Annual Shareholder Report |  |
| Share Class A | June 30, 2025 |

---

![](img_8194364922554.jpg)

**This shareholder report contains important information about JNL/Invesco Global Growth Fund for the period ended June 30, 2025. You can find additional information at https://www.jackson.com/fund-literature.html. You can also request this information by contacting us at 1-800-644-4565 or DocumentRequest@jackson.com.** 

**What were the Fund costs for the last six months?**<br>

---

| | | |
|:---|:---|:---|
| Share Class | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| Class A | $49 | 0.96% |

---

**What are some key Fund statistics as of June 30, 2025?**<br>

---

| | |
|:---|:---|
| Fund Statistic | Value ($ in thousands) |
| Fund Size ($): | 1403576 |
| Number of Investments: | 63 |
| Portfolio Turnover (%): | 9 |
| Total Advisory Fees Paid ($): | 3358 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **What did the Fund invest in as of June 30, 2025?**<br>

---

| | |
|:---|:---|
| Industry Sector (%) | Industry Sector (%) |
| **Long Investments** | **Long Investments** |
| Information Technology | 32.0 |
| Communication Services | 22.7 |
| Financials | 12.7 |
| Health Care | 11.1 |
| Consumer Discretionary | 10.0 |
| Industrials | 6.2 |
| Real Estate | 4.1 |
| Materials | 0.9 |
| Other Short Term Investments | 0.8 |
| Securities Lending Collateral | 0.2 |
| **Total Net Assets** | 100.7 |

---

---

| |
|:---|
| **Where can I find additional information about the Fund?** |
| Additional information is available on the Fund's website at https://www.jackson.com/fund-literature.html, including: |
| ⬥ Prospectus |
| ⬥ Financial information |
| ⬥ Holdings |
| ⬥ Proxy voting information |

---

If you have questions regarding electronic delivery, please scan the QR Code.

![](img_6521f264220c4.jpg)

---

| | |
|:---|:---|
| JNL/Invesco Small Cap Growth Fund | |
| Semi-Annual Shareholder Report |  |
| Share Class A | June 30, 2025 |

---

![](img_8194364922554.jpg)

**This shareholder report contains important information about JNL/Invesco Small Cap Growth Fund for the period ended June 30, 2025. You can find additional information at https://www.jackson.com/fund-literature.html. You can also request this information by contacting us at 1-800-644-4565 or DocumentRequest@jackson.com.** 

**What were the Fund costs for the last six months?**<br>

---

| | | |
|:---|:---|:---|
| Share Class | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| Class A | $50 | 1.03% |

---

**What are some key Fund statistics as of June 30, 2025?**<br>

---

| | |
|:---|:---|
| Fund Statistic | Value ($ in thousands) |
| Fund Size ($): | 1604035 |
| Number of Investments: | 117 |
| Portfolio Turnover (%): | 48 |
| Total Advisory Fees Paid ($): | 5025 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **What did the Fund invest in as of June 30, 2025?**<br>

---

| | |
|:---|:---|
| Industry Sector (%) | Industry Sector (%) |
| **Long Investments** | **Long Investments** |
| Industrials | 25.3 |
| Information Technology | 21.5 |
| Health Care | 19.2 |
| Consumer Discretionary | 12.1 |
| Financials | 11.2 |
| Materials | 2.7 |
| Consumer Staples | 2.4 |
| Energy | 2.2 |
| Real Estate | 1.3 |
| Utilities | 1.2 |
| Other Sectors | 1.2 |
| **Total Net Assets** | 100.3 |

---

---

| |
|:---|
| **Where can I find additional information about the Fund?** |
| Additional information is available on the Fund's website at https://www.jackson.com/fund-literature.html, including: |
| ⬥ Prospectus |
| ⬥ Financial information |
| ⬥ Holdings |
| ⬥ Proxy voting information |

---

If you have questions regarding electronic delivery, please scan the QR Code.

![](img_6521f264220c4.jpg)

---

| | |
|:---|:---|
| JNL/JPMorgan Global Allocation Fund | |
| Semi-Annual Shareholder Report |  |
| Share Class A | June 30, 2025 |

---

![](img_8194364922554.jpg)

**This shareholder report contains important information about JNL/JPMorgan Global Allocation Fund for the period ended June 30, 2025. You can find additional information at https://www.jackson.com/fund-literature.html. You can also request this information by contacting us at 1-800-644-4565 or DocumentRequest@jackson.com.** 

**What were the Fund costs for the last six months?**<br>

---

| | | |
|:---|:---|:---|
| Share Class | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| Class A | $54 | 1.04% |

---

**What are some key Fund statistics as of June 30, 2025?**<br>

---

| | |
|:---|:---|
| Fund Statistic | Value ($ in thousands) |
| Fund Size ($): | 912724 |
| Number of Investments: | 1841 |
| Portfolio Turnover (%): | 43 |
| Total Advisory Fees Paid ($): | 2588 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **What did the Fund invest in as of June 30, 2025?**<br>

---

| | |
|:---|:---|
| Industry Sector (%) | Industry Sector (%) |
| **Long Investments** | **Long Investments** |
| Derivative Instruments | 43.3 |
| Financials | 15.4 |
| Government Securities | 13.0 |
| Information Technology | 12.2 |
| Consumer Discretionary | 10.9 |
| Industrials | 9.2 |
| Communication Services | 7.7 |
| Health Care | 6.8 |
| Energy | 5.2 |
| Investment Companies | 3.9 |
| Other Sectors | 16.0 |
| **Total Net Assets** | 143.6 |
| **Short Investments** | **Short Investments** |
| Derivative Instruments | (9.8) |
| **Total Net Assets** | **(9.8)** |

---

---

| |
|:---|
| **Where can I find additional information about the Fund?** |
| Additional information is available on the Fund's website at https://www.jackson.com/fund-literature.html, including: |
| ⬥ Prospectus |
| ⬥ Financial information |
| ⬥ Holdings |
| ⬥ Proxy voting information |

---

If you have questions regarding electronic delivery, please scan the QR Code.

![](img_6521f264220c4.jpg)

---

| | |
|:---|:---|
| JNL/JPMorgan Hedged Equity Fund | |
| Semi-Annual Shareholder Report |  |
| Share Class A | June 30, 2025 |

---

![](img_8194364922554.jpg)

**This shareholder report contains important information about JNL/JPMorgan Hedged Equity Fund for the period ended June 30, 2025. You can find additional information at https://www.jackson.com/fund-literature.html. You can also request this information by contacting us at 1-800-644-4565 or DocumentRequest@jackson.com.** 

**What were the Fund costs for the last six months?**<br>

---

| | | |
|:---|:---|:---|
| Share Class | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| Class A | $48 | 0.96% |

---

**What are some key Fund statistics as of June 30, 2025?**<br>

---

| | |
|:---|:---|
| Fund Statistic | Value ($ in thousands) |
| Fund Size ($): | 892402 |
| Number of Investments: | 153 |
| Portfolio Turnover (%): | 14 |
| Total Advisory Fees Paid ($): | 2201 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **What did the Fund invest in as of June 30, 2025?**<br>

---

| | |
|:---|:---|
| Industry Sector (%) | Industry Sector (%) |
| **Long Investments** | **Long Investments** |
| Information Technology | 32.8 |
| Financials | 14.5 |
| Consumer Discretionary | 11.8 |
| Communication Services | 9.4 |
| Health Care | 9.3 |
| Industrials | 8.6 |
| Consumer Staples | 4.6 |
| Other Short Term Investments | 4.5 |
| Energy | 3.0 |
| Utilities | 2.4 |
| Other Sectors | 5.2 |
| **Total Net Assets** | 106.1 |
| **Short Investments** | **Short Investments** |
| Derivative Instruments | (1.4) |
| **Total Net Assets** | **(1.4)** |

---

---

| |
|:---|
| **Where can I find additional information about the Fund?** |
| Additional information is available on the Fund's website at https://www.jackson.com/fund-literature.html, including: |
| ⬥ Prospectus |
| ⬥ Financial information |
| ⬥ Holdings |
| ⬥ Proxy voting information |

---

If you have questions regarding electronic delivery, please scan the QR Code.

![](img_6521f264220c4.jpg)

---

| | |
|:---|:---|
| JNL/JPMorgan MidCap Growth Fund | |
| Semi-Annual Shareholder Report |  |
| Share Class A | June 30, 2025 |

---

![](img_8194364922554.jpg)

**This shareholder report contains important information about JNL/JPMorgan MidCap Growth Fund for the period ended June 30, 2025. You can find additional information at https://www.jackson.com/fund-literature.html. You can also request this information by contacting us at 1-800-644-4565 or DocumentRequest@jackson.com.** 

**What were the Fund costs for the last six months?**<br>

---

| | | |
|:---|:---|:---|
| Share Class | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| Class A | $46 | 0.89% |

---

**What are some key Fund statistics as of June 30, 2025?**<br>

---

| | |
|:---|:---|
| Fund Statistic | Value ($ in thousands) |
| Fund Size ($): | 3434525 |
| Number of Investments: | 110 |
| Portfolio Turnover (%): | 46 |
| Total Advisory Fees Paid ($): | 7935 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **What did the Fund invest in as of June 30, 2025?**<br>

---

| | |
|:---|:---|
| Industry Sector (%) | Industry Sector (%) |
| **Long Investments** | **Long Investments** |
| Consumer Discretionary | 20.4 |
| Information Technology | 19.3 |
| Industrials | 18.7 |
| Health Care | 14.4 |
| Financials | 11.4 |
| Communication Services | 5.4 |
| Energy | 3.4 |
| Utilities | 3.1 |
| Consumer Staples | 1.6 |
| Real Estate | 1.4 |
| Other Sectors | 1.2 |
| **Total Net Assets** | 100.3 |

---

---

| |
|:---|
| **Where can I find additional information about the Fund?** |
| Additional information is available on the Fund's website at https://www.jackson.com/fund-literature.html, including: |
| ⬥ Prospectus |
| ⬥ Financial information |
| ⬥ Holdings |
| ⬥ Proxy voting information |

---

If you have questions regarding electronic delivery, please scan the QR Code.

![](img_6521f264220c4.jpg)

---

| | |
|:---|:---|
| JNL/JPMorgan Nasdaq Hedged Equity Fund | |
| Semi-Annual Shareholder Report |  |
| Share Class A | June 30, 2025 |

---

![](img_8194364922554.jpg)

**This shareholder report contains important information about JNL/JPMorgan Nasdaq Hedged Equity Fund for the period ended June 30, 2025. You can find additional information at https://www.jackson.com/fund-literature.html. You can also request this information by contacting us at 1-800-644-4565 or DocumentRequest@jackson.com.** 

**What were the Fund costs for the last six months?**<br>

---

| | | |
|:---|:---|:---|
| Share Class | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| Class A | $49 | 0.99% |

---

**What are some key Fund statistics as of June 30, 2025?**<br>

---

| | |
|:---|:---|
| Fund Statistic | Value ($ in thousands) |
| Fund Size ($): | 60244 |
| Number of Investments: | 100 |
| Portfolio Turnover (%): | 24 |
| Total Advisory Fees Paid ($): | 125 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **What did the Fund invest in as of June 30, 2025?**<br>

---

| | |
|:---|:---|
| Industry Sector (%) | Industry Sector (%) |
| **Long Investments** | **Long Investments** |
| Information Technology | 51.7 |
| Communication Services | 15.5 |
| Consumer Discretionary | 14.2 |
| Health Care | 4.9 |
| Consumer Staples | 4.7 |
| Industrials | 4.0 |
| Derivative Instruments | 2.9 |
| Other Short Term Investments | 1.5 |
| Utilities | 1.3 |
| Materials | 1.1 |
| Other Sectors | 1.4 |
| **Total Net Assets** | 103.2 |
| **Short Investments** | **Short Investments** |
| Derivative Instruments | (1.8) |
| **Total Net Assets** | **(1.8)** |

---

---

| |
|:---|
| **Where can I find additional information about the Fund?** |
| Additional information is available on the Fund's website at https://www.jackson.com/fund-literature.html, including: |
| ⬥ Prospectus |
| ⬥ Financial information |
| ⬥ Holdings |
| ⬥ Proxy voting information |

---

If you have questions regarding electronic delivery, please scan the QR Code.

![](img_6521f264220c4.jpg)

---

| | |
|:---|:---|
| JNL/JPMorgan U.S. Government & Quality Bond Fund | |
| Semi-Annual Shareholder Report |  |
| Share Class A | June 30, 2025 |

---

![](img_8194364922554.jpg)

**This shareholder report contains important information about JNL/JPMorgan U.S. Government & Quality Bond Fund for the period ended June 30, 2025. You can find additional information at https://www.jackson.com/fund-literature.html. You can also request this information by contacting us at 1-800-644-4565 or DocumentRequest@jackson.com.** 

**What were the Fund costs for the last six months?**<br>

---

| | | |
|:---|:---|:---|
| Share Class | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| Class A | $35 | 0.69% |

---

**What are some key Fund statistics as of June 30, 2025?**<br>

---

| | |
|:---|:---|
| Fund Statistic | Value ($ in thousands) |
| Fund Size ($): | 1290561 |
| Number of Investments: | 307 |
| Portfolio Turnover (%): | 9 |
| Total Advisory Fees Paid ($): | 1839 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **What did the Fund invest in as of June 30, 2025?**<br>

---

| | |
|:---|:---|
| Industry Sector (%) | Industry Sector (%) |
| **Long Investments** | **Long Investments** |
| U.S. Government Agency MBS | 45.7 |
| Government Securities | 36.1 |
| Non-U.S. Government Agency ABS | 7.4 |
| Financials | 3.1 |
| Other Short Term Investments | 3.0 |
| Communication Services | 1.3 |
| Consumer Staples | 1.1 |
| Health Care | 0.5 |
| Utilities | 0.4 |
| Industrials | 0.4 |
| Other Sectors | 0.6 |
| **Total Net Assets** | 99.6 |

---

---

| |
|:---|
| **Where can I find additional information about the Fund?** |
| Additional information is available on the Fund's website at https://www.jackson.com/fund-literature.html, including: |
| ⬥ Prospectus |
| ⬥ Financial information |
| ⬥ Holdings |
| ⬥ Proxy voting information |

---

If you have questions regarding electronic delivery, please scan the QR Code.

![](img_6521f264220c4.jpg)

---

| | |
|:---|:---|
| JNL/JPMorgan U.S. Value Fund | |
| Semi-Annual Shareholder Report |  |
| Share Class A | June 30, 2025 |

---

![](img_8194364922554.jpg)

**This shareholder report contains important information about JNL/JPMorgan U.S. Value Fund for the period ended June 30, 2025. You can find additional information at https://www.jackson.com/fund-literature.html. You can also request this information by contacting us at 1-800-644-4565 or DocumentRequest@jackson.com.** 

**What were the Fund costs for the last six months?**<br>

---

| | | |
|:---|:---|:---|
| Share Class | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| Class A | $45 | 0.88% |

---

**What are some key Fund statistics as of June 30, 2025?**<br>

---

| | |
|:---|:---|
| Fund Statistic | Value ($ in thousands) |
| Fund Size ($): | 1580489 |
| Number of Investments: | 92 |
| Portfolio Turnover (%): | 12 |
| Total Advisory Fees Paid ($): | 3771 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **What did the Fund invest in as of June 30, 2025?**<br>

---

| | |
|:---|:---|
| Industry Sector (%) | Industry Sector (%) |
| **Long Investments** | **Long Investments** |
| Financials | 26.4 |
| Industrials | 15.8 |
| Health Care | 13.0 |
| Information Technology | 9.1 |
| Consumer Discretionary | 8.5 |
| Energy | 5.7 |
| Consumer Staples | 5.6 |
| Materials | 4.2 |
| Communication Services | 4.0 |
| Utilities | 3.9 |
| Other Sectors | 3.8 |
| **Total Net Assets** | 100.0 |

---

---

| |
|:---|
| **Where can I find additional information about the Fund?** |
| Additional information is available on the Fund's website at https://www.jackson.com/fund-literature.html, including: |
| ⬥ Prospectus |
| ⬥ Financial information |
| ⬥ Holdings |
| ⬥ Proxy voting information |

---

If you have questions regarding electronic delivery, please scan the QR Code.

![](img_6521f264220c4.jpg)

---

| | |
|:---|:---|
| JNL/Lazard International Quality Growth Fund | |
| Semi-Annual Shareholder Report |  |
| Share Class A | June 30, 2025 |

---

![](img_8194364922554.jpg)

**This shareholder report contains important information about JNL/Lazard International Quality Growth Fund for the period ended June 30, 2025. You can find additional information at https://www.jackson.com/fund-literature.html. You can also request this information by contacting us at 1-800-644-4565 or DocumentRequest@jackson.com.** 

**What were the Fund costs for the last six months?**<br>

---

| | | |
|:---|:---|:---|
| Share Class | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| Class A | $55 | 1.05% |

---

**What are some key Fund statistics as of June 30, 2025?**<br>

---

| | |
|:---|:---|
| Fund Statistic | Value ($ in thousands) |
| Fund Size ($): | 471847 |
| Number of Investments: | 46 |
| Portfolio Turnover (%): | 7 |
| Total Advisory Fees Paid ($): | 1383 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **What did the Fund invest in as of June 30, 2025?**<br>

---

| | |
|:---|:---|
| Industry Sector (%) | Industry Sector (%) |
| **Long Investments** | **Long Investments** |
| Information Technology | 25.1 |
| Industrials | 21.5 |
| Financials | 17.2 |
| Health Care | 9.3 |
| Communication Services | 9.0 |
| Consumer Discretionary | 8.7 |
| Consumer Staples | 7.4 |
| Other Short Term Investments | 1.7 |
| **Total Net Assets** | 99.9 |

---

---

| |
|:---|
| **Where can I find additional information about the Fund?** |
| Additional information is available on the Fund's website at https://www.jackson.com/fund-literature.html, including: |
| ⬥ Prospectus |
| ⬥ Financial information |
| ⬥ Holdings |
| ⬥ Proxy voting information |

---

If you have questions regarding electronic delivery, please scan the QR Code.

![](img_6521f264220c4.jpg)

---

| | |
|:---|:---|
| JNL/Loomis Sayles Global Growth Fund | |
| Semi-Annual Shareholder Report |  |
| Share Class A | June 30, 2025 |

---

![](img_8194364922554.jpg)

**This shareholder report contains important information about JNL/Loomis Sayles Global Growth Fund for the period ended June 30, 2025. You can find additional information at https://www.jackson.com/fund-literature.html. You can also request this information by contacting us at 1-800-644-4565 or DocumentRequest@jackson.com.** 

**What were the Fund costs for the last six months?**<br>

---

| | | |
|:---|:---|:---|
| Share Class | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| Class A | $53 | 1.00% |

---

**What are some key Fund statistics as of June 30, 2025?**<br>

---

| | |
|:---|:---|
| Fund Statistic | Value ($ in thousands) |
| Fund Size ($): | 881060 |
| Number of Investments: | 44 |
| Portfolio Turnover (%): | 8 |
| Total Advisory Fees Paid ($): | 2197 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **What did the Fund invest in as of June 30, 2025?**<br>

---

| | |
|:---|:---|
| Industry Sector (%) | Industry Sector (%) |
| **Long Investments** | **Long Investments** |
| Consumer Discretionary | 23.9 |
| Communication Services | 23.2 |
| Information Technology | 19.5 |
| Health Care | 12.8 |
| Financials | 8.6 |
| Industrials | 8.4 |
| Consumer Staples | 3.1 |
| **Total Net Assets** | 99.5 |

---

---

| |
|:---|
| **Where can I find additional information about the Fund?** |
| Additional information is available on the Fund's website at https://www.jackson.com/fund-literature.html, including: |
| ⬥ Prospectus |
| ⬥ Financial information |
| ⬥ Holdings |
| ⬥ Proxy voting information |

---

If you have questions regarding electronic delivery, please scan the QR Code.

![](img_6521f264220c4.jpg)

---

| | |
|:---|:---|
| JNL/Lord Abbett Short Duration Income Fund | |
| Semi-Annual Shareholder Report |  |
| Share Class A | June 30, 2025 |

---

![](img_8194364922554.jpg)

**This shareholder report contains important information about JNL/Lord Abbett Short Duration Income Fund for the period ended June 30, 2025. You can find additional information at https://www.jackson.com/fund-literature.html. You can also request this information by contacting us at 1-800-644-4565 or DocumentRequest@jackson.com.** 

**What were the Fund costs for the last six months?**<br>

---

| | | |
|:---|:---|:---|
| Share Class | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| Class A | $40 | 0.80% |

---

**What are some key Fund statistics as of June 30, 2025?**<br>

---

| | |
|:---|:---|
| Fund Statistic | Value ($ in thousands) |
| Fund Size ($): | 705880 |
| Number of Investments: | 758 |
| Portfolio Turnover (%): | 48 |
| Total Advisory Fees Paid ($): | 1197 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **What did the Fund invest in as of June 30, 2025?**<br>

---

| | |
|:---|:---|
| Industry Sector (%) | Industry Sector (%) |
| **Long Investments** | **Long Investments** |
| Derivative Instruments | 42.2 |
| Non-U.S. Government Agency ABS | 26.4 |
| Financials | 23.1 |
| Energy | 11.0 |
| Industrials | 7.1 |
| Consumer Discretionary | 6.6 |
| Utilities | 4.7 |
| Government Securities | 4.0 |
| Consumer Staples | 3.4 |
| Health Care | 3.4 |
| Other Sectors | 9.7 |
| **Total Net Assets** | 141.6 |
| **Short Investments** | **Short Investments** |
| Derivative Instruments | (9.8) |
| **Total Net Assets** | **(9.8)** |

---

---

| |
|:---|
| **Where can I find additional information about the Fund?** |
| Additional information is available on the Fund's website at https://www.jackson.com/fund-literature.html, including: |
| ⬥ Prospectus |
| ⬥ Financial information |
| ⬥ Holdings |
| ⬥ Proxy voting information |

---

If you have questions regarding electronic delivery, please scan the QR Code.

![](img_6521f264220c4.jpg)

---

| | |
|:---|:---|
| JNL/Mellon Communication Services Sector Fund | |
| Semi-Annual Shareholder Report |  |
| Share Class A | June 30, 2025 |

---

![](img_8194364922554.jpg)

**This shareholder report contains important information about JNL/Mellon Communication Services Sector Fund for the period ended June 30, 2025. You can find additional information at https://www.jackson.com/fund-literature.html. You can also request this information by contacting us at 1-800-644-4565 or DocumentRequest@jackson.com.** 

**What were the Fund costs for the last six months?**<br>

---

| | | |
|:---|:---|:---|
| Share Class | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| Class A | $33 | 0.64% |

---

**What are some key Fund statistics as of June 30, 2025?**<br>

---

| | |
|:---|:---|
| Fund Statistic | Value ($ in thousands) |
| Fund Size ($): | 851476 |
| Number of Investments: | 52 |
| Portfolio Turnover (%): | 16 |
| Total Advisory Fees Paid ($): | 738 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **What did the Fund invest in as of June 30, 2025?**<br>

---

| | |
|:---|:---|
| Industry Sector (%) | Industry Sector (%) |
| **Long Investments** | **Long Investments** |
| Communication Services | 99.4 |
| Derivative Instruments | 0.4 |
| Real Estate | 0.3 |
| Other Short Term Investments | 0.2 |
| Securities Lending Collateral | 0.0 |
| **Total Net Assets** | 100.3 |

---

---

| |
|:---|
| **Where can I find additional information about the Fund?** |
| Additional information is available on the Fund's website at https://www.jackson.com/fund-literature.html, including: |
| ⬥ Prospectus |
| ⬥ Financial information |
| ⬥ Holdings |
| ⬥ Proxy voting information |

---

If you have questions regarding electronic delivery, please scan the QR Code.

![](img_6521f264220c4.jpg)

---

| | |
|:---|:---|
| JNL/Mellon Consumer Discretionary Sector Fund | |
| Semi-Annual Shareholder Report |  |
| Share Class A | June 30, 2025 |

---

![](img_8194364922554.jpg)

**This shareholder report contains important information about JNL/Mellon Consumer Discretionary Sector Fund for the period ended June 30, 2025. You can find additional information at https://www.jackson.com/fund-literature.html. You can also request this information by contacting us at 1-800-644-4565 or DocumentRequest@jackson.com.** 

**What were the Fund costs for the last six months?**<br>

---

| | | |
|:---|:---|:---|
| Share Class | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| Class A | $31 | 0.64% |

---

**What are some key Fund statistics as of June 30, 2025?**<br>

---

| | |
|:---|:---|
| Fund Statistic | Value ($ in thousands) |
| Fund Size ($): | 1363074 |
| Number of Investments: | 148 |
| Portfolio Turnover (%): | 5 |
| Total Advisory Fees Paid ($): | 1236 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **What did the Fund invest in as of June 30, 2025?**<br>

---

| | |
|:---|:---|
| Industry Sector (%) | Industry Sector (%) |
| **Long Investments** | **Long Investments** |
| Consumer Discretionary | 95.9 |
| Materials | 2.7 |
| Industrials | 0.5 |
| Consumer Staples | 0.5 |
| Derivative Instruments | 0.5 |
| Securities Lending Collateral | 0.1 |
| Other Short Term Investments | 0.1 |
| **Total Net Assets** | 100.3 |

---

---

| |
|:---|
| **Where can I find additional information about the Fund?** |
| Additional information is available on the Fund's website at https://www.jackson.com/fund-literature.html, including: |
| ⬥ Prospectus |
| ⬥ Financial information |
| ⬥ Holdings |
| ⬥ Proxy voting information |

---

If you have questions regarding electronic delivery, please scan the QR Code.

![](img_6521f264220c4.jpg)

---

| | |
|:---|:---|
| JNL/Mellon Consumer Staples Sector Fund | |
| Semi-Annual Shareholder Report |  |
| Share Class A | June 30, 2025 |

---

![](img_8194364922554.jpg)

**This shareholder report contains important information about JNL/Mellon Consumer Staples Sector Fund for the period ended June 30, 2025. You can find additional information at https://www.jackson.com/fund-literature.html. You can also request this information by contacting us at 1-800-644-4565 or DocumentRequest@jackson.com.** 

**What were the Fund costs for the last six months?**<br>

---

| | | |
|:---|:---|:---|
| Share Class | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| Class A | $33 | 0.65% |

---

**What are some key Fund statistics as of June 30, 2025?**<br>

---

| | |
|:---|:---|
| Fund Statistic | Value ($ in thousands) |
| Fund Size ($): | 404833 |
| Number of Investments: | 68 |
| Portfolio Turnover (%): | 22 |
| Total Advisory Fees Paid ($): | 384 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **What did the Fund invest in as of June 30, 2025?**<br>

---

| | |
|:---|:---|
| Industry Sector (%) | Industry Sector (%) |
| **Long Investments** | **Long Investments** |
| Consumer Staples | 96.9 |
| Consumer Discretionary | 1.8 |
| Derivative Instruments | 0.8 |
| Health Care | 0.5 |
| Other Short Term Investments | 0.5 |
| Securities Lending Collateral | 0.5 |
| **Total Net Assets** | 101.0 |

---

---

| |
|:---|
| **Where can I find additional information about the Fund?** |
| Additional information is available on the Fund's website at https://www.jackson.com/fund-literature.html, including: |
| ⬥ Prospectus |
| ⬥ Financial information |
| ⬥ Holdings |
| ⬥ Proxy voting information |

---

If you have questions regarding electronic delivery, please scan the QR Code.

![](img_6521f264220c4.jpg)

---

| | |
|:---|:---|
| JNL/Mellon Dow Index Fund | |
| Semi-Annual Shareholder Report |  |
| Share Class A | June 30, 2025 |

---

![](img_8194364922554.jpg)

**This shareholder report contains important information about JNL/Mellon Dow Index Fund for the period ended June 30, 2025. You can find additional information at https://www.jackson.com/fund-literature.html. You can also request this information by contacting us at 1-800-644-4565 or DocumentRequest@jackson.com.** 

**What were the Fund costs for the last six months?**<br>

---

| | | |
|:---|:---|:---|
| Share Class | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| Class A | $33 | 0.65% |

---

**What are some key Fund statistics as of June 30, 2025?**<br>

---

| | |
|:---|:---|
| Fund Statistic | Value ($ in thousands) |
| Fund Size ($): | 1284049 |
| Number of Investments: | 32 |
| Total Advisory Fees Paid ($): | 1123 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **What did the Fund invest in as of June 30, 2025?**<br>

---

| | |
|:---|:---|
| Industry Sector (%) | Industry Sector (%) |
| **Long Investments** | **Long Investments** |
| Financials | 26.8 |
| Information Technology | 20.7 |
| Industrials | 13.6 |
| Consumer Discretionary | 13.1 |
| Health Care | 11.4 |
| Materials | 4.7 |
| Consumer Staples | 4.5 |
| Communication Services | 2.3 |
| Energy | 2.0 |
| Derivative Instruments | 1.0 |
| Other Sectors | 0.9 |
| **Total Net Assets** | 101.0 |

---

---

| |
|:---|
| **Where can I find additional information about the Fund?** |
| Additional information is available on the Fund's website at https://www.jackson.com/fund-literature.html, including: |
| ⬥ Prospectus |
| ⬥ Financial information |
| ⬥ Holdings |
| ⬥ Proxy voting information |

---

If you have questions regarding electronic delivery, please scan the QR Code.

![](img_6521f264220c4.jpg)

---

| | |
|:---|:---|
| JNL/Mellon Energy Sector Fund | |
| Semi-Annual Shareholder Report |  |
| Share Class A | June 30, 2025 |

---

![](img_8194364922554.jpg)

**This shareholder report contains important information about JNL/Mellon Energy Sector Fund for the period ended June 30, 2025. You can find additional information at https://www.jackson.com/fund-literature.html. You can also request this information by contacting us at 1-800-644-4565 or DocumentRequest@jackson.com.** 

**What were the Fund costs for the last six months?**<br>

---

| | | |
|:---|:---|:---|
| Share Class | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| Class A | $32 | 0.64% |

---

**What are some key Fund statistics as of June 30, 2025?**<br>

---

| | |
|:---|:---|
| Fund Statistic | Value ($ in thousands) |
| Fund Size ($): | 1569207 |
| Number of Investments: | 50 |
| Portfolio Turnover (%): | 8 |
| Total Advisory Fees Paid ($): | 1453 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **What did the Fund invest in as of June 30, 2025?**<br>

---

| | |
|:---|:---|
| Industry Sector (%) | Industry Sector (%) |
| **Long Investments** | **Long Investments** |
| Energy | 99.0 |
| Derivative Instruments | 0.7 |
| Other Short Term Investments | 0.5 |
| Utilities | 0.4 |
| Securities Lending Collateral | 0.1 |
| **Total Net Assets** | 100.7 |

---

---

| |
|:---|
| **Where can I find additional information about the Fund?** |
| Additional information is available on the Fund's website at https://www.jackson.com/fund-literature.html, including: |
| ⬥ Prospectus |
| ⬥ Financial information |
| ⬥ Holdings |
| ⬥ Proxy voting information |

---

If you have questions regarding electronic delivery, please scan the QR Code.

![](img_6521f264220c4.jpg)

---

| | |
|:---|:---|
| JNL/Mellon Financial Sector Fund | |
| Semi-Annual Shareholder Report |  |
| Share Class A | June 30, 2025 |

---

![](img_8194364922554.jpg)

**This shareholder report contains important information about JNL/Mellon Financial Sector Fund for the period ended June 30, 2025. You can find additional information at https://www.jackson.com/fund-literature.html. You can also request this information by contacting us at 1-800-644-4565 or DocumentRequest@jackson.com.** 

**What were the Fund costs for the last six months?**<br>

---

| | | |
|:---|:---|:---|
| Share Class | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| Class A | $33 | 0.64% |

---

**What are some key Fund statistics as of June 30, 2025?**<br>

---

| | |
|:---|:---|
| Fund Statistic | Value ($ in thousands) |
| Fund Size ($): | 1601028 |
| Number of Investments: | 187 |
| Portfolio Turnover (%): | 8 |
| Total Advisory Fees Paid ($): | 1367 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **What did the Fund invest in as of June 30, 2025?**<br>

---

| | |
|:---|:---|
| Industry Sector (%) | Industry Sector (%) |
| **Long Investments** | **Long Investments** |
| Financials | 99.2 |
| Derivative Instruments | 0.7 |
| Other Short Term Investments | 0.6 |
| Industrials | 0.2 |
| Information Technology | 0.1 |
| Securities Lending Collateral | 0.1 |
| Health Care | 0.0 |
| **Total Net Assets** | 100.9 |

---

---

| |
|:---|
| **Where can I find additional information about the Fund?** |
| Additional information is available on the Fund's website at https://www.jackson.com/fund-literature.html, including: |
| ⬥ Prospectus |
| ⬥ Financial information |
| ⬥ Holdings |
| ⬥ Proxy voting information |

---

If you have questions regarding electronic delivery, please scan the QR Code.

![](img_6521f264220c4.jpg)

---

| | |
|:---|:---|
| JNL/Mellon Healthcare Sector Fund | |
| Semi-Annual Shareholder Report |  |
| Share Class A | June 30, 2025 |

---

![](img_8194364922554.jpg)

**This shareholder report contains important information about JNL/Mellon Healthcare Sector Fund for the period ended June 30, 2025. You can find additional information at https://www.jackson.com/fund-literature.html. You can also request this information by contacting us at 1-800-644-4565 or DocumentRequest@jackson.com.** 

**What were the Fund costs for the last six months?**<br>

---

| | | |
|:---|:---|:---|
| Share Class | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| Class A | $31 | 0.63% |

---

**What are some key Fund statistics as of June 30, 2025?**<br>

---

| | |
|:---|:---|
| Fund Statistic | Value ($ in thousands) |
| Fund Size ($): | 2670423 |
| Number of Investments: | 139 |
| Portfolio Turnover (%): | 2 |
| Total Advisory Fees Paid ($): | 2477 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **What did the Fund invest in as of June 30, 2025?**<br>

---

| | |
|:---|:---|
| Industry Sector (%) | Industry Sector (%) |
| **Long Investments** | **Long Investments** |
| Health Care | 99.4 |
| Materials | 0.2 |
| Derivative Instruments | 0.2 |
| Consumer Staples | 0.2 |
| Securities Lending Collateral | 0.1 |
| **Total Net Assets** | 100.1 |

---

---

| |
|:---|
| **Where can I find additional information about the Fund?** |
| Additional information is available on the Fund's website at https://www.jackson.com/fund-literature.html, including: |
| ⬥ Prospectus |
| ⬥ Financial information |
| ⬥ Holdings |
| ⬥ Proxy voting information |

---

If you have questions regarding electronic delivery, please scan the QR Code.

![](img_6521f264220c4.jpg)

---

| | |
|:---|:---|
| JNL/Mellon Industrials Sector Fund | |
| Semi-Annual Shareholder Report |  |
| Share Class A | June 30, 2025 |

---

![](img_8194364922554.jpg)

**This shareholder report contains important information about JNL/Mellon Industrials Sector Fund for the period ended June 30, 2025. You can find additional information at https://www.jackson.com/fund-literature.html. You can also request this information by contacting us at 1-800-644-4565 or DocumentRequest@jackson.com.** 

**What were the Fund costs for the last six months?**<br>

---

| | | |
|:---|:---|:---|
| Share Class | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| Class A | $34 | 0.65% |

---

**What are some key Fund statistics as of June 30, 2025?**<br>

---

| | |
|:---|:---|
| Fund Statistic | Value ($ in thousands) |
| Fund Size ($): | 321470 |
| Number of Investments: | 201 |
| Portfolio Turnover (%): | 17 |
| Total Advisory Fees Paid ($): | 282 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **What did the Fund invest in as of June 30, 2025?**<br>

---

| | |
|:---|:---|
| Industry Sector (%) | Industry Sector (%) |
| **Long Investments** | **Long Investments** |
| Industrials | 97.2 |
| Derivative Instruments | 0.8 |
| Other Short Term Investments | 0.8 |
| Consumer Discretionary | 0.7 |
| Financials | 0.4 |
| Materials | 0.4 |
| Information Technology | 0.3 |
| Securities Lending Collateral | 0.1 |
| Utilities | 0.1 |
| **Total Net Assets** | 100.8 |

---

---

| |
|:---|
| **Where can I find additional information about the Fund?** |
| Additional information is available on the Fund's website at https://www.jackson.com/fund-literature.html, including: |
| ⬥ Prospectus |
| ⬥ Financial information |
| ⬥ Holdings |
| ⬥ Proxy voting information |

---

If you have questions regarding electronic delivery, please scan the QR Code.

![](img_6521f264220c4.jpg)

---

| | |
|:---|:---|
| JNL/Mellon Information Technology Sector Fund | |
| Semi-Annual Shareholder Report |  |
| Share Class A | June 30, 2025 |

---

![](img_8194364922554.jpg)

**This shareholder report contains important information about JNL/Mellon Information Technology Sector Fund for the period ended June 30, 2025. You can find additional information at https://www.jackson.com/fund-literature.html. You can also request this information by contacting us at 1-800-644-4565 or DocumentRequest@jackson.com.** 

**What were the Fund costs for the last six months?**<br>

---

| | | |
|:---|:---|:---|
| Share Class | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| Class A | $31 | 0.61% |

---

**What are some key Fund statistics as of June 30, 2025?**<br>

---

| | |
|:---|:---|
| Fund Statistic | Value ($ in thousands) |
| Fund Size ($): | 7136191 |
| Number of Investments: | 206 |
| Portfolio Turnover (%): | 10 |
| Total Advisory Fees Paid ($): | 5323 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **What did the Fund invest in as of June 30, 2025?**<br>

---

| | |
|:---|:---|
| Industry Sector (%) | Industry Sector (%) |
| **Long Investments** | **Long Investments** |
| Information Technology | 92.3 |
| Industrials | 4.2 |
| Financials | 2.1 |
| Communication Services | 0.8 |
| Derivative Instruments | 0.4 |
| Consumer Discretionary | 0.4 |
| Other Short Term Investments | 0.2 |
| Securities Lending Collateral | 0.2 |
| **Total Net Assets** | 100.6 |

---

---

| |
|:---|
| **Where can I find additional information about the Fund?** |
| Additional information is available on the Fund's website at https://www.jackson.com/fund-literature.html, including: |
| ⬥ Prospectus |
| ⬥ Financial information |
| ⬥ Holdings |
| ⬥ Proxy voting information |

---

If you have questions regarding electronic delivery, please scan the QR Code.

![](img_6521f264220c4.jpg)

---

| | |
|:---|:---|
| JNL/Mellon Materials Sector Fund | |
| Semi-Annual Shareholder Report |  |
| Share Class A | June 30, 2025 |

---

![](img_8194364922554.jpg)

**This shareholder report contains important information about JNL/Mellon Materials Sector Fund for the period ended June 30, 2025. You can find additional information at https://www.jackson.com/fund-literature.html. You can also request this information by contacting us at 1-800-644-4565 or DocumentRequest@jackson.com.** 

**What were the Fund costs for the last six months?**<br>

---

| | | |
|:---|:---|:---|
| Share Class | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| Class A | $34 | 0.67% |

---

**What are some key Fund statistics as of June 30, 2025?**<br>

---

| | |
|:---|:---|
| Fund Statistic | Value ($ in thousands) |
| Fund Size ($): | 150121 |
| Number of Investments: | 51 |
| Portfolio Turnover (%): | 20 |
| Total Advisory Fees Paid ($): | 152 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **What did the Fund invest in as of June 30, 2025?**<br>

---

| | |
|:---|:---|
| Industry Sector (%) | Industry Sector (%) |
| **Long Investments** | **Long Investments** |
| Materials | 97.4 |
| Industrials | 1.8 |
| Derivative Instruments | 0.6 |
| Other Short Term Investments | 0.6 |
| Consumer Staples | 0.3 |
| **Total Net Assets** | 100.7 |

---

---

| |
|:---|
| **Where can I find additional information about the Fund?** |
| Additional information is available on the Fund's website at https://www.jackson.com/fund-literature.html, including: |
| ⬥ Prospectus |
| ⬥ Financial information |
| ⬥ Holdings |
| ⬥ Proxy voting information |

---

If you have questions regarding electronic delivery, please scan the QR Code.

![](img_6521f264220c4.jpg)

---

| | |
|:---|:---|
| JNL/Mellon Nasdaq 100 Index Fund | |
| Semi-Annual Shareholder Report |  |
| Share Class A | June 30, 2025 |

---

![](img_8194364922554.jpg)

**This shareholder report contains important information about JNL/Mellon Nasdaq 100 Index Fund for the period ended June 30, 2025. You can find additional information at https://www.jackson.com/fund-literature.html. You can also request this information by contacting us at 1-800-644-4565 or DocumentRequest@jackson.com.** 

**What were the Fund costs for the last six months?**<br>

---

| | | |
|:---|:---|:---|
| Share Class | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| Class A | $33 | 0.64% |

---

**What are some key Fund statistics as of June 30, 2025?**<br>

---

| | |
|:---|:---|
| Fund Statistic | Value ($ in thousands) |
| Fund Size ($): | 8721475 |
| Number of Investments: | 103 |
| Portfolio Turnover (%): | 2 |
| Total Advisory Fees Paid ($): | 6430 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **What did the Fund invest in as of June 30, 2025?**<br>

---

| | |
|:---|:---|
| Industry Sector (%) | Industry Sector (%) |
| **Long Investments** | **Long Investments** |
| Information Technology | 52.5 |
| Communication Services | 15.3 |
| Consumer Discretionary | 13.3 |
| Consumer Staples | 5.1 |
| Health Care | 4.8 |
| Industrials | 4.4 |
| Utilities | 1.4 |
| Materials | 1.3 |
| Derivative Instruments | 0.7 |
| Other Short Term Investments | 0.6 |
| Other Sectors | 1.1 |
| **Total Net Assets** | 100.5 |

---

---

| |
|:---|
| **Where can I find additional information about the Fund?** |
| Additional information is available on the Fund's website at https://www.jackson.com/fund-literature.html, including: |
| ⬥ Prospectus |
| ⬥ Financial information |
| ⬥ Holdings |
| ⬥ Proxy voting information |

---

If you have questions regarding electronic delivery, please scan the QR Code.

![](img_6521f264220c4.jpg)

---

| | |
|:---|:---|
| JNL/Mellon Real Estate Sector Fund | |
| Semi-Annual Shareholder Report |  |
| Share Class A | June 30, 2025 |

---

![](img_8194364922554.jpg)

**This shareholder report contains important information about JNL/Mellon Real Estate Sector Fund for the period ended June 30, 2025. You can find additional information at https://www.jackson.com/fund-literature.html. You can also request this information by contacting us at 1-800-644-4565 or DocumentRequest@jackson.com.** 

**What were the Fund costs for the last six months?**<br>

---

| | | |
|:---|:---|:---|
| Share Class | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| Class A | $33 | 0.66% |

---

**What are some key Fund statistics as of June 30, 2025?**<br>

---

| | |
|:---|:---|
| Fund Statistic | Value ($ in thousands) |
| Fund Size ($): | 190616 |
| Number of Investments: | 82 |
| Portfolio Turnover (%): | 7 |
| Total Advisory Fees Paid ($): | 195 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **What did the Fund invest in as of June 30, 2025?**<br>

---

| | |
|:---|:---|
| Industry Sector (%) | Industry Sector (%) |
| **Long Investments** | **Long Investments** |
| Real Estate | 96.8 |
| Financials | 2.6 |
| Derivative Instruments | 0.7 |
| Securities Lending Collateral | 0.3 |
| Other Short Term Investments | 0.1 |
| **Total Net Assets** | 100.5 |

---

---

| |
|:---|
| **Where can I find additional information about the Fund?** |
| Additional information is available on the Fund's website at https://www.jackson.com/fund-literature.html, including: |
| ⬥ Prospectus |
| ⬥ Financial information |
| ⬥ Holdings |
| ⬥ Proxy voting information |

---

If you have questions regarding electronic delivery, please scan the QR Code.

![](img_6521f264220c4.jpg)

---

| | |
|:---|:---|
| JNL/Mellon S&P 500 Index Fund | |
| Semi-Annual Shareholder Report |  |
| Share Class A | June 30, 2025 |

---

![](img_8194364922554.jpg)

**This shareholder report contains important information about JNL/Mellon S&P 500 Index Fund for the period ended June 30, 2025. You can find additional information at https://www.jackson.com/fund-literature.html. You can also request this information by contacting us at 1-800-644-4565 or DocumentRequest@jackson.com.** 

**What were the Fund costs for the last six months?**<br>

---

| | | |
|:---|:---|:---|
| Share Class | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| Class A | $27 | 0.52% |

---

**What are some key Fund statistics as of June 30, 2025?**<br>

---

| | |
|:---|:---|
| Fund Statistic | Value ($ in thousands) |
| Fund Size ($): | 15952726 |
| Number of Investments: | 509 |
| Portfolio Turnover (%): | 1 |
| Total Advisory Fees Paid ($): | 7502 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **What did the Fund invest in as of June 30, 2025?**<br>

---

| | |
|:---|:---|
| Industry Sector (%) | Industry Sector (%) |
| **Long Investments** | **Long Investments** |
| Information Technology | 32.8 |
| Financials | 13.9 |
| Consumer Discretionary | 10.3 |
| Communication Services | 9.7 |
| Health Care | 9.2 |
| Industrials | 8.5 |
| Consumer Staples | 5.5 |
| Securities Lending Collateral | 5.3 |
| Energy | 2.9 |
| Utilities | 2.4 |
| Other Sectors | 5.5 |
| **Total Net Assets** | 106.0 |

---

---

| |
|:---|
| **Where can I find additional information about the Fund?** |
| Additional information is available on the Fund's website at https://www.jackson.com/fund-literature.html, including: |
| ⬥ Prospectus |
| ⬥ Financial information |
| ⬥ Holdings |
| ⬥ Proxy voting information |

---

If you have questions regarding electronic delivery, please scan the QR Code.

![](img_6521f264220c4.jpg)

---

| | |
|:---|:---|
| JNL/Mellon U.S. Stock Market Index Fund | |
| Semi-Annual Shareholder Report |  |
| Share Class A | June 30, 2025 |

---

![](img_8194364922554.jpg)

**This shareholder report contains important information about JNL/Mellon U.S. Stock Market Index Fund for the period ended June 30, 2025. You can find additional information at https://www.jackson.com/fund-literature.html. You can also request this information by contacting us at 1-800-644-4565 or DocumentRequest@jackson.com.** 

**What were the Fund costs for the last six months?**<br>

---

| | | |
|:---|:---|:---|
| Share Class | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| Class A | $31 | 0.61% |

---

**What are some key Fund statistics as of June 30, 2025?**<br>

---

| | |
|:---|:---|
| Fund Statistic | Value ($ in thousands) |
| Fund Size ($): | 4917114 |
| Number of Investments: | 1211 |
| Portfolio Turnover (%): | 1 |
| Total Advisory Fees Paid ($): | 3704 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **What did the Fund invest in as of June 30, 2025?**<br>

---

| | |
|:---|:---|
| Industry Sector (%) | Industry Sector (%) |
| **Long Investments** | **Long Investments** |
| Information Technology | 31.5 |
| Financials | 14.3 |
| Consumer Discretionary | 10.7 |
| Industrials | 9.6 |
| Communication Services | 9.4 |
| Health Care | 9.3 |
| Consumer Staples | 5.3 |
| Energy | 3.0 |
| Real Estate | 2.3 |
| Utilities | 2.3 |
| Other Sectors | 2.8 |
| **Total Net Assets** | 100.5 |

---

---

| |
|:---|
| **Where can I find additional information about the Fund?** |
| Additional information is available on the Fund's website at https://www.jackson.com/fund-literature.html, including: |
| ⬥ Prospectus |
| ⬥ Financial information |
| ⬥ Holdings |
| ⬥ Proxy voting information |

---

If you have questions regarding electronic delivery, please scan the QR Code.

![](img_6521f264220c4.jpg)

---

| | |
|:---|:---|
| JNL/Mellon Utilities Sector Fund | |
| Semi-Annual Shareholder Report |  |
| Share Class A | June 30, 2025 |

---

![](img_8194364922554.jpg)

**This shareholder report contains important information about JNL/Mellon Utilities Sector Fund for the period ended June 30, 2025. You can find additional information at https://www.jackson.com/fund-literature.html. You can also request this information by contacting us at 1-800-644-4565 or DocumentRequest@jackson.com.** 

**What were the Fund costs for the last six months?**<br>

---

| | | |
|:---|:---|:---|
| Share Class | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| Class A | $34 | 0.65% |

---

**What are some key Fund statistics as of June 30, 2025?**<br>

---

| | |
|:---|:---|
| Fund Statistic | Value ($ in thousands) |
| Fund Size ($): | 662885 |
| Number of Investments: | 53 |
| Portfolio Turnover (%): | 25 |
| Total Advisory Fees Paid ($): | 564 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **What did the Fund invest in as of June 30, 2025?**<br>

---

| | |
|:---|:---|
| Industry Sector (%) | Industry Sector (%) |
| **Long Investments** | **Long Investments** |
| Utilities | 100.0 |
| Other Short Term Investments | 0.9 |
| Derivative Instruments | 0.6 |
| **Total Net Assets** | 101.5 |

---

---

| |
|:---|
| **Where can I find additional information about the Fund?** |
| Additional information is available on the Fund's website at https://www.jackson.com/fund-literature.html, including: |
| ⬥ Prospectus |
| ⬥ Financial information |
| ⬥ Holdings |
| ⬥ Proxy voting information |

---

If you have questions regarding electronic delivery, please scan the QR Code.

![](img_6521f264220c4.jpg)

---

| | |
|:---|:---|
| JNL/Mellon World Index Fund | |
| Semi-Annual Shareholder Report |  |
| Share Class A | June 30, 2025 |

---

![](img_8194364922554.jpg)

**This shareholder report contains important information about JNL/Mellon World Index Fund for the period ended June 30, 2025. You can find additional information at https://www.jackson.com/fund-literature.html. You can also request this information by contacting us at 1-800-644-4565 or DocumentRequest@jackson.com.** 

**What were the Fund costs for the last six months?**<br>

---

| | | |
|:---|:---|:---|
| Share Class | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| Class A | $34 | 0.66% |

---

**What are some key Fund statistics as of June 30, 2025?**<br>

---

| | |
|:---|:---|
| Fund Statistic | Value ($ in thousands) |
| Fund Size ($): | 872234 |
| Number of Investments: | 1284 |
| Portfolio Turnover (%): | 8 |
| Total Advisory Fees Paid ($): | 542 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **What did the Fund invest in as of June 30, 2025?**<br>

---

| | |
|:---|:---|
| Industry Sector (%) | Industry Sector (%) |
| **Long Investments** | **Long Investments** |
| Information Technology | 25.9 |
| Financials | 17.2 |
| Industrials | 11.2 |
| Consumer Discretionary | 10.1 |
| Health Care | 9.4 |
| Communication Services | 8.3 |
| Consumer Staples | 5.9 |
| Energy | 3.4 |
| Materials | 3.1 |
| Utilities | 2.6 |
| Other Sectors | 3.4 |
| **Total Net Assets** | 100.5 |
| **Short Investments** | **Short Investments** |
| Derivative Instruments | (0.1) |
| **Total Net Assets** | **(0.1)** |

---

---

| |
|:---|
| **Where can I find additional information about the Fund?** |
| Additional information is available on the Fund's website at https://www.jackson.com/fund-literature.html, including: |
| ⬥ Prospectus |
| ⬥ Financial information |
| ⬥ Holdings |
| ⬥ Proxy voting information |

---

If you have questions regarding electronic delivery, please scan the QR Code.

![](img_6521f264220c4.jpg)

---

| | |
|:---|:---|
| JNL/MFS Mid Cap Value Fund | |
| Semi-Annual Shareholder Report |  |
| Share Class A | June 30, 2025 |

---

![](img_8194364922554.jpg)

**This shareholder report contains important information about JNL/MFS Mid Cap Value Fund for the period ended June 30, 2025. You can find additional information at https://www.jackson.com/fund-literature.html. You can also request this information by contacting us at 1-800-644-4565 or DocumentRequest@jackson.com.** 

**What were the Fund costs for the last six months?**<br>

---

| | | |
|:---|:---|:---|
| Share Class | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| Class A | $47 | 0.95% |

---

**What are some key Fund statistics as of June 30, 2025?**<br>

---

| | |
|:---|:---|
| Fund Statistic | Value ($ in thousands) |
| Fund Size ($): | 1917893 |
| Number of Investments: | 142 |
| Portfolio Turnover (%): | 10 |
| Total Advisory Fees Paid ($): | 5247 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **What did the Fund invest in as of June 30, 2025?**<br>

---

| | |
|:---|:---|
| Industry Sector (%) | Industry Sector (%) |
| **Long Investments** | **Long Investments** |
| Financials | 19.7 |
| Industrials | 18.1 |
| Consumer Discretionary | 9.2 |
| Health Care | 8.1 |
| Utilities | 7.8 |
| Real Estate | 7.6 |
| Materials | 7.3 |
| Consumer Staples | 7.0 |
| Information Technology | 6.9 |
| Energy | 6.0 |
| Other Sectors | 2.2 |
| **Total Net Assets** | 99.9 |

---

---

| |
|:---|
| **Where can I find additional information about the Fund?** |
| Additional information is available on the Fund's website at https://www.jackson.com/fund-literature.html, including: |
| ⬥ Prospectus |
| ⬥ Financial information |
| ⬥ Holdings |
| ⬥ Proxy voting information |

---

If you have questions regarding electronic delivery, please scan the QR Code.

![](img_6521f264220c4.jpg)

---

| | |
|:---|:---|
| JNL/Morningstar PitchBook Listed Private Equity Index Fund | |
| Semi-Annual Shareholder Report |  |
| Share Class A | June 30, 2025 |

---

![](img_8194364922554.jpg)

**This shareholder report contains important information about JNL/Morningstar PitchBook Listed Private Equity Index Fund for the period ended June 30, 2025. You can find additional information at https://www.jackson.com/fund-literature.html. You can also request this information by contacting us at 1-800-644-4565 or DocumentRequest@jackson.com.** 

**What were the Fund costs for the last six months?**<br>

---

| | | |
|:---|:---|:---|
| Share Class | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| Class A | $36 | 0.72% |

---

**What are some key Fund statistics as of June 30, 2025?**<br>

---

| | |
|:---|:---|
| Fund Statistic | Value ($ in thousands) |
| Fund Size ($): | 16923 |
| Number of Investments: | 77 |
| Portfolio Turnover (%): | 27 |
| Total Advisory Fees Paid ($): | 16 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **What did the Fund invest in as of June 30, 2025?**<br>

---

| | |
|:---|:---|
| Industry Sector (%) | Industry Sector (%) |
| **Long Investments** | **Long Investments** |
| Financials | 86.9 |
| Industrials | 6.1 |
| Investment Companies | 4.9 |
| Health Care | 1.0 |
| Communication Services | 0.5 |
| Information Technology | 0.2 |
| Other Short Term Investments | 0.1 |
| **Total Net Assets** | 99.7 |

---

---

| |
|:---|
| **Where can I find additional information about the Fund?** |
| Additional information is available on the Fund's website at https://www.jackson.com/fund-literature.html, including: |
| ⬥ Prospectus |
| ⬥ Financial information |
| ⬥ Holdings |
| ⬥ Proxy voting information |

---

If you have questions regarding electronic delivery, please scan the QR Code.

![](img_6521f264220c4.jpg)

---

| | |
|:---|:---|
| JNL/Morningstar SMID Moat Focus Index Fund | |
| Semi-Annual Shareholder Report |  |
| Share Class A | June 30, 2025 |

---

![](img_8194364922554.jpg)

**This shareholder report contains important information about JNL/Morningstar SMID Moat Focus Index Fund for the period ended June 30, 2025. You can find additional information at https://www.jackson.com/fund-literature.html. You can also request this information by contacting us at 1-800-644-4565 or DocumentRequest@jackson.com.** 

**What were the Fund costs for the last six months?**<br>

---

| | | |
|:---|:---|:---|
| Share Class | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| Class A | $38 | 0.76% |

---

**What are some key Fund statistics as of June 30, 2025?**<br>

---

| | |
|:---|:---|
| Fund Statistic | Value ($ in thousands) |
| Fund Size ($): | 133020 |
| Number of Investments: | 108 |
| Portfolio Turnover (%): | 51 |
| Total Advisory Fees Paid ($): | 127 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **What did the Fund invest in as of June 30, 2025?**<br>

---

| | |
|:---|:---|
| Industry Sector (%) | Industry Sector (%) |
| **Long Investments** | **Long Investments** |
| Consumer Discretionary | 21.3 |
| Industrials | 18.2 |
| Information Technology | 13.9 |
| Health Care | 12.3 |
| Financials | 10.4 |
| Materials | 5.6 |
| Consumer Staples | 4.2 |
| Communication Services | 3.9 |
| Utilities | 3.2 |
| Energy | 3.0 |
| Other Sectors | 4.4 |
| **Total Net Assets** | 100.4 |

---

---

| |
|:---|
| **Where can I find additional information about the Fund?** |
| Additional information is available on the Fund's website at https://www.jackson.com/fund-literature.html, including: |
| ⬥ Prospectus |
| ⬥ Financial information |
| ⬥ Holdings |
| ⬥ Proxy voting information |

---

If you have questions regarding electronic delivery, please scan the QR Code.

![](img_6521f264220c4.jpg)

---

| | |
|:---|:---|
| JNL/Morningstar U.S. Sustainability Index Fund | |
| Semi-Annual Shareholder Report |  |
| Share Class A | June 30, 2025 |

---

![](img_8194364922554.jpg)

**This shareholder report contains important information about JNL/Morningstar U.S. Sustainability Index Fund for the period ended June 30, 2025. You can find additional information at https://www.jackson.com/fund-literature.html. You can also request this information by contacting us at 1-800-644-4565 or DocumentRequest@jackson.com.** 

**What were the Fund costs for the last six months?**<br>

---

| | | |
|:---|:---|:---|
| Share Class | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| Class A | $37 | 0.71% |

---

**What are some key Fund statistics as of June 30, 2025?**<br>

---

| | |
|:---|:---|
| Fund Statistic | Value ($ in thousands) |
| Fund Size ($): | 444449 |
| Number of Investments: | 330 |
| Portfolio Turnover (%): | 11 |
| Total Advisory Fees Paid ($): | 544 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **What did the Fund invest in as of June 30, 2025?**<br>

---

| | |
|:---|:---|
| Industry Sector (%) | Industry Sector (%) |
| **Long Investments** | **Long Investments** |
| Information Technology | 31.6 |
| Financials | 16.7 |
| Health Care | 12.0 |
| Consumer Discretionary | 9.1 |
| Industrials | 8.5 |
| Communication Services | 7.1 |
| Real Estate | 4.3 |
| Consumer Staples | 4.2 |
| Materials | 2.6 |
| Energy | 2.2 |
| Other Sectors | 2.2 |
| **Total Net Assets** | 100.5 |

---

---

| |
|:---|
| **Where can I find additional information about the Fund?** |
| Additional information is available on the Fund's website at https://www.jackson.com/fund-literature.html, including: |
| ⬥ Prospectus |
| ⬥ Financial information |
| ⬥ Holdings |
| ⬥ Proxy voting information |

---

If you have questions regarding electronic delivery, please scan the QR Code.

![](img_6521f264220c4.jpg)

---

| | |
|:---|:---|
| JNL/Morningstar Wide Moat Index Fund | |
| Semi-Annual Shareholder Report |  |
| Share Class A | June 30, 2025 |

---

![](img_8194364922554.jpg)

**This shareholder report contains important information about JNL/Morningstar Wide Moat Index Fund for the period ended June 30, 2025. You can find additional information at https://www.jackson.com/fund-literature.html. You can also request this information by contacting us at 1-800-644-4565 or DocumentRequest@jackson.com.** 

**What were the Fund costs for the last six months?**<br>

---

| | | |
|:---|:---|:---|
| Share Class | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| Class A | $38 | 0.76% |

---

**What are some key Fund statistics as of June 30, 2025?**<br>

---

| | |
|:---|:---|
| Fund Statistic | Value ($ in thousands) |
| Fund Size ($): | 1005833 |
| Number of Investments: | 56 |
| Portfolio Turnover (%): | 26 |
| Total Advisory Fees Paid ($): | 1050 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **What did the Fund invest in as of June 30, 2025?**<br>

---

| | |
|:---|:---|
| Industry Sector (%) | Industry Sector (%) |
| **Long Investments** | **Long Investments** |
| Information Technology | 27.6 |
| Health Care | 20.0 |
| Industrials | 20.0 |
| Consumer Staples | 12.9 |
| Financials | 6.4 |
| Communication Services | 5.2 |
| Consumer Discretionary | 3.8 |
| Materials | 3.6 |
| Derivative Instruments | 0.7 |
| Other Short Term Investments | 0.1 |
| **Total Net Assets** | 100.3 |

---

---

| |
|:---|
| **Where can I find additional information about the Fund?** |
| Additional information is available on the Fund's website at https://www.jackson.com/fund-literature.html, including: |
| ⬥ Prospectus |
| ⬥ Financial information |
| ⬥ Holdings |
| ⬥ Proxy voting information |

---

If you have questions regarding electronic delivery, please scan the QR Code.

![](img_6521f264220c4.jpg)

---

| | |
|:---|:---|
| JNL/Neuberger Berman Commodity Strategy Fund | |
| Semi-Annual Shareholder Report |  |
| Share Class A | June 30, 2025 |

---

![](img_8194364922554.jpg)

**This shareholder report contains important information about JNL/Neuberger Berman Commodity Strategy Fund for the period ended June 30, 2025. You can find additional information at https://www.jackson.com/fund-literature.html. You can also request this information by contacting us at 1-800-644-4565 or DocumentRequest@jackson.com.** 

**What were the Fund costs for the last six months?**<br>

---

| | | |
|:---|:---|:---|
| Share Class | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| Class A | $46 | 0.90% |

---

**What are some key Fund statistics as of June 30, 2025?**<br>

---

| | |
|:---|:---|
| Fund Statistic | Value ($ in thousands) |
| Fund Size ($): | 39742 |
| Number of Investments: | 144 |
| Portfolio Turnover (%): | 42 |
| Total Advisory Fees Paid ($): | 89 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **What did the Fund invest in as of June 30, 2025?**<br>

---

| | |
|:---|:---|
| Industry Sector (%) | Industry Sector (%) |
| **Long Investments** | **Long Investments** |
| Derivative Instruments | 107.1 |
| Financials | 33.0 |
| Other Short Term Investments | 20.1 |
| Non-U.S. Government Agency ABS | 14.3 |
| Health Care | 5.9 |
| Communication Services | 3.8 |
| Information Technology | 3.7 |
| Industrials | 3.1 |
| Consumer Staples | 3.1 |
| Utilities | 3.1 |
| Other Sectors | 5.0 |
| **Total Net Assets** | 202.2 |
| **Short Investments** | **Short Investments** |
| Derivative Instruments | (1.5) |
| **Total Net Assets** | **(1.5)** |

---

---

| |
|:---|
| **Where can I find additional information about the Fund?** |
| Additional information is available on the Fund's website at https://www.jackson.com/fund-literature.html, including: |
| ⬥ Prospectus |
| ⬥ Financial information |
| ⬥ Holdings |
| ⬥ Proxy voting information |

---

If you have questions regarding electronic delivery, please scan the QR Code.

![](img_6521f264220c4.jpg)

---

| | |
|:---|:---|
| JNL/Neuberger Berman Gold Plus Strategy Fund | |
| Semi-Annual Shareholder Report |  |
| Share Class A | June 30, 2025 |

---

![](img_8194364922554.jpg)

**This shareholder report contains important information about JNL/Neuberger Berman Gold Plus Strategy Fund for the period ended June 30, 2025. You can find additional information at https://www.jackson.com/fund-literature.html. You can also request this information by contacting us at 1-800-644-4565 or DocumentRequest@jackson.com.** 

**What were the Fund costs for the last six months?**<br>

---

| | | |
|:---|:---|:---|
| Share Class | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| Class A | $67 | 1.20% |

---

**What are some key Fund statistics as of June 30, 2025?**<br>

---

| | |
|:---|:---|
| Fund Statistic | Value ($ in thousands) |
| Fund Size ($): | 78853 |
| Number of Investments: | 73 |
| Portfolio Turnover (%): | 29 |
| Total Advisory Fees Paid ($): | 256 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **What did the Fund invest in as of June 30, 2025?**<br>

---

| | |
|:---|:---|
| Industry Sector (%) | Industry Sector (%) |
| **Long Investments** | **Long Investments** |
| Derivative Instruments | 95.8 |
| Other Short Term Investments | 34.0 |
| Financials | 32.3 |
| Health Care | 4.9 |
| Communication Services | 4.3 |
| Information Technology | 3.2 |
| Investment Companies | 3.1 |
| Utilities | 3.0 |
| Consumer Staples | 2.7 |
| Energy | 2.5 |
| Other Sectors | 5.0 |
| **Total Net Assets** | 190.8 |

---

---

| |
|:---|
| **Where can I find additional information about the Fund?** |
| Additional information is available on the Fund's website at https://www.jackson.com/fund-literature.html, including: |
| ⬥ Prospectus |
| ⬥ Financial information |
| ⬥ Holdings |
| ⬥ Proxy voting information |

---

If you have questions regarding electronic delivery, please scan the QR Code.

![](img_6521f264220c4.jpg)

---

| | |
|:---|:---|
| JNL/Neuberger Berman Strategic Income Fund | |
| Semi-Annual Shareholder Report |  |
| Share Class A | June 30, 2025 |

---

![](img_8194364922554.jpg)

**This shareholder report contains important information about JNL/Neuberger Berman Strategic Income Fund for the period ended June 30, 2025. You can find additional information at https://www.jackson.com/fund-literature.html. You can also request this information by contacting us at 1-800-644-4565 or DocumentRequest@jackson.com.** 

**What were the Fund costs for the last six months?**<br>

---

| | | |
|:---|:---|:---|
| Share Class | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| Class A | $48 | 0.95% |

---

**What are some key Fund statistics as of June 30, 2025?**<br>

---

| | |
|:---|:---|
| Fund Statistic | Value ($ in thousands) |
| Fund Size ($): | 1054259 |
| Number of Investments: | 1590 |
| Portfolio Turnover (%): | 51 |
| Total Advisory Fees Paid ($): | 1963 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **What did the Fund invest in as of June 30, 2025?**<br>

---

| | |
|:---|:---|
| Industry Sector (%) | Industry Sector (%) |
| **Long Investments** | **Long Investments** |
| U.S. Government Agency MBS | 38.2 |
| Derivative Instruments | 21.1 |
| Non-U.S. Government Agency ABS | 18.7 |
| Government Securities | 16.3 |
| Financials | 9.0 |
| Consumer Discretionary | 4.9 |
| Energy | 4.8 |
| Communication Services | 3.9 |
| Industrials | 2.8 |
| Utilities | 2.7 |
| Other Sectors | 12.1 |
| **Total Net Assets** | 134.5 |
| **Short Investments** | **Short Investments** |
| Derivative Instruments | (8.4) |
| **Total Net Assets** | **(8.4)** |

---

---

| |
|:---|
| **Where can I find additional information about the Fund?** |
| Additional information is available on the Fund's website at https://www.jackson.com/fund-literature.html, including: |
| ⬥ Prospectus |
| ⬥ Financial information |
| ⬥ Holdings |
| ⬥ Proxy voting information |

---

If you have questions regarding electronic delivery, please scan the QR Code.

![](img_6521f264220c4.jpg)

---

| | |
|:---|:---|
| JNL/Newton Equity Income Fund | |
| Semi-Annual Shareholder Report |  |
| Share Class A | June 30, 2025 |

---

![](img_8194364922554.jpg)

**This shareholder report contains important information about JNL/Newton Equity Income Fund for the period ended June 30, 2025. You can find additional information at https://www.jackson.com/fund-literature.html. You can also request this information by contacting us at 1-800-644-4565 or DocumentRequest@jackson.com.** 

**What were the Fund costs for the last six months?**<br>

---

| | | |
|:---|:---|:---|
| Share Class | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| Class A | $44 | 0.86% |

---

**What are some key Fund statistics as of June 30, 2025?**<br>

---

| | |
|:---|:---|
| Fund Statistic | Value ($ in thousands) |
| Fund Size ($): | 3334525 |
| Number of Investments: | 68 |
| Portfolio Turnover (%): | 35 |
| Total Advisory Fees Paid ($): | 6115 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **What did the Fund invest in as of June 30, 2025?**<br>

---

| | |
|:---|:---|
| Industry Sector (%) | Industry Sector (%) |
| **Long Investments** | **Long Investments** |
| Financials | 29.7 |
| Industrials | 14.7 |
| Health Care | 14.1 |
| Information Technology | 9.0 |
| Energy | 8.6 |
| Materials | 7.2 |
| Communication Services | 5.5 |
| Consumer Discretionary | 3.8 |
| Other Short Term Investments | 2.2 |
| Consumer Staples | 2.0 |
| Other Sectors | 2.7 |
| **Total Net Assets** | 99.5 |

---

---

| |
|:---|
| **Where can I find additional information about the Fund?** |
| Additional information is available on the Fund's website at https://www.jackson.com/fund-literature.html, including: |
| ⬥ Prospectus |
| ⬥ Financial information |
| ⬥ Holdings |
| ⬥ Proxy voting information |

---

If you have questions regarding electronic delivery, please scan the QR Code.

![](img_6521f264220c4.jpg)

---

| | |
|:---|:---|
| JNL/PIMCO Income Fund | |
| Semi-Annual Shareholder Report |  |
| Share Class A | June 30, 2025 |

---

![](img_8194364922554.jpg)

**This shareholder report contains important information about JNL/PIMCO Income Fund for the period ended June 30, 2025. You can find additional information at https://www.jackson.com/fund-literature.html. You can also request this information by contacting us at 1-800-644-4565 or DocumentRequest@jackson.com.** 

**What were the Fund costs for the last six months?**<br>

---

| | | |
|:---|:---|:---|
| Share Class | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| Class A | $54 | 1.05% |

---

**What are some key Fund statistics as of June 30, 2025?**<br>

---

| | |
|:---|:---|
| Fund Statistic | Value ($ in thousands) |
| Fund Size ($): | 1590190 |
| Number of Investments: | 1156 |
| Portfolio Turnover (%): | 11 |
| Total Advisory Fees Paid ($): | 3696 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **What did the Fund invest in as of June 30, 2025?**<br>

---

| | |
|:---|:---|
| Industry Sector (%) | Industry Sector (%) |
| **Long Investments** | **Long Investments** |
| Derivative Instruments | 144.6 |
| U.S. Government Agency MBS | 63.8 |
| Non-U.S. Government Agency ABS | 38.6 |
| Government Securities | 27.0 |
| Other Short Term Investments | 5.1 |
| Financials | 4.8 |
| Utilities | 2.0 |
| Health Care | 2.0 |
| Energy | 1.9 |
| Communication Services | 1.7 |
| Other Sectors | 4.0 |
| **Total Net Assets** | 295.5 |
| **Short Investments** | **Short Investments** |
| Derivative Instruments | (113.6) |
| U.S. Government Agency MBS | (0.0) |
| **Total Net Assets** | **(113.6)** |

---

---

| |
|:---|
| **Where can I find additional information about the Fund?** |
| Additional information is available on the Fund's website at https://www.jackson.com/fund-literature.html, including: |
| ⬥ Prospectus |
| ⬥ Financial information |
| ⬥ Holdings |
| ⬥ Proxy voting information |

---

If you have questions regarding electronic delivery, please scan the QR Code.

![](img_6521f264220c4.jpg)

---

| | |
|:---|:---|
| JNL/PIMCO Investment Grade Credit Bond Fund | |
| Semi-Annual Shareholder Report |  |
| Share Class A | June 30, 2025 |

---

![](img_8194364922554.jpg)

**This shareholder report contains important information about JNL/PIMCO Investment Grade Credit Bond Fund for the period ended June 30, 2025. You can find additional information at https://www.jackson.com/fund-literature.html. You can also request this information by contacting us at 1-800-644-4565 or DocumentRequest@jackson.com.** 

**What were the Fund costs for the last six months?**<br>

---

| | | |
|:---|:---|:---|
| Share Class | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| Class A | $49 | 0.97% |

---

**What are some key Fund statistics as of June 30, 2025?**<br>

---

| | |
|:---|:---|
| Fund Statistic | Value ($ in thousands) |
| Fund Size ($): | 848315 |
| Number of Investments: | 1055 |
| Portfolio Turnover (%): | 15 |
| Total Advisory Fees Paid ($): | 1472 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **What did the Fund invest in as of June 30, 2025?**<br>

---

| | |
|:---|:---|
| Industry Sector (%) | Industry Sector (%) |
| **Long Investments** | **Long Investments** |
| Derivative Instruments | 135.2 |
| Financials | 29.7 |
| Government Securities | 9.9 |
| Utilities | 9.1 |
| Energy | 8.5 |
| Real Estate | 7.7 |
| Non-U.S. Government Agency ABS | 7.1 |
| Health Care | 6.9 |
| Industrials | 4.6 |
| U.S. Government Agency MBS | 4.4 |
| Other Sectors | 13.7 |
| **Total Net Assets** | 236.8 |
| **Short Investments** | **Short Investments** |
| Derivative Instruments | (30.1) |
| **Total Net Assets** | **(30.1)** |

---

---

| |
|:---|
| **Where can I find additional information about the Fund?** |
| Additional information is available on the Fund's website at https://www.jackson.com/fund-literature.html, including: |
| ⬥ Prospectus |
| ⬥ Financial information |
| ⬥ Holdings |
| ⬥ Proxy voting information |

---

If you have questions regarding electronic delivery, please scan the QR Code.

![](img_6521f264220c4.jpg)

---

| | |
|:---|:---|
| JNL/PIMCO Real Return Fund | |
| Semi-Annual Shareholder Report |  |
| Share Class A | June 30, 2025 |

---

![](img_8194364922554.jpg)

**This shareholder report contains important information about JNL/PIMCO Real Return Fund for the period ended June 30, 2025. You can find additional information at https://www.jackson.com/fund-literature.html. You can also request this information by contacting us at 1-800-644-4565 or DocumentRequest@jackson.com.** 

**What were the Fund costs for the last six months?**<br>

---

| | | |
|:---|:---|:---|
| Share Class | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| Class A | $80 | 1.58% |

---

**What are some key Fund statistics as of June 30, 2025?**<br>

---

| | |
|:---|:---|
| Fund Statistic | Value ($ in thousands) |
| Fund Size ($): | 1112155 |
| Number of Investments: | 565 |
| Portfolio Turnover (%): | 33 |
| Total Advisory Fees Paid ($): | 2132 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **What did the Fund invest in as of June 30, 2025?**<br>

---

| | |
|:---|:---|
| Industry Sector (%) | Industry Sector (%) |
| **Long Investments** | **Long Investments** |
| Derivative Instruments | 116.6 |
| Government Securities | 101.8 |
| U.S. Government Agency MBS | 18.4 |
| Non-U.S. Government Agency ABS | 9.4 |
| Financials | 0.2 |
| Consumer Discretionary | 0.0 |
| Information Technology | 0.0 |
| Health Care | 0.0 |
| **Total Net Assets** | 246.4 |
| **Short Investments** | **Short Investments** |
| Derivative Instruments | (113.7) |
| U.S. Government Agency MBS | (1.3) |
| Government Securities | (0.3) |
| **Total Net Assets** | **(115.3)** |

---

---

| |
|:---|
| **Where can I find additional information about the Fund?** |
| Additional information is available on the Fund's website at https://www.jackson.com/fund-literature.html, including: |
| ⬥ Prospectus |
| ⬥ Financial information |
| ⬥ Holdings |
| ⬥ Proxy voting information |

---

If you have questions regarding electronic delivery, please scan the QR Code.

![](img_6521f264220c4.jpg)

---

| | |
|:---|:---|
| JNL/PPM America High Yield Bond Fund | |
| Semi-Annual Shareholder Report |  |
| Share Class A | June 30, 2025 |

---

![](img_8194364922554.jpg)

**This shareholder report contains important information about JNL/PPM America High Yield Bond Fund for the period ended June 30, 2025. You can find additional information at https://www.jackson.com/fund-literature.html. You can also request this information by contacting us at 1-800-644-4565 or DocumentRequest@jackson.com.** 

**What were the Fund costs for the last six months?**<br>

---

| | | |
|:---|:---|:---|
| Share Class | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| Class A | $37 | 0.74% |

---

**What are some key Fund statistics as of June 30, 2025?**<br>

---

| | |
|:---|:---|
| Fund Statistic | Value ($ in thousands) |
| Fund Size ($): | 1374786 |
| Number of Investments: | 324 |
| Portfolio Turnover (%): | 31 |
| Total Advisory Fees Paid ($): | 2344 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **What did the Fund invest in as of June 30, 2025?**<br>

---

| | |
|:---|:---|
| Industry Sector (%) | Industry Sector (%) |
| **Long Investments** | **Long Investments** |
| Financials | 15.6 |
| Consumer Discretionary | 13.4 |
| Industrials | 13.3 |
| Communication Services | 12.9 |
| Energy | 12.7 |
| Information Technology | 7.0 |
| Other Short Term Investments | 5.8 |
| Health Care | 5.2 |
| Consumer Staples | 4.8 |
| Materials | 4.5 |
| Other Sectors | 8.7 |
| **Total Net Assets** | 103.9 |

---

---

| |
|:---|
| **Where can I find additional information about the Fund?** |
| Additional information is available on the Fund's website at https://www.jackson.com/fund-literature.html, including: |
| ⬥ Prospectus |
| ⬥ Financial information |
| ⬥ Holdings |
| ⬥ Proxy voting information |

---

If you have questions regarding electronic delivery, please scan the QR Code.

![](img_6521f264220c4.jpg)

---

| | |
|:---|:---|
| JNL/PPM America Investment Grade Credit Fund | |
| Semi-Annual Shareholder Report |  |
| Share Class A | June 30, 2025 |

---

![](img_8194364922554.jpg)

**This shareholder report contains important information about JNL/PPM America Investment Grade Credit Fund for the period ended June 30, 2025. You can find additional information at https://www.jackson.com/fund-literature.html. You can also request this information by contacting us at 1-800-644-4565 or DocumentRequest@jackson.com.** 

**What were the Fund costs for the last six months?**<br>

---

| | | |
|:---|:---|:---|
| Share Class | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| Class A | $42 | 0.83% |

---

**What are some key Fund statistics as of June 30, 2025?**<br>

---

| | |
|:---|:---|
| Fund Statistic | Value ($ in thousands) |
| Fund Size ($): | 281539 |
| Number of Investments: | 405 |
| Portfolio Turnover (%): | 38 |
| Total Advisory Fees Paid ($): | 524 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **What did the Fund invest in as of June 30, 2025?**<br>

---

| | |
|:---|:---|
| Industry Sector (%) | Industry Sector (%) |
| **Long Investments** | **Long Investments** |
| Financials | 35.4 |
| Health Care | 9.2 |
| Utilities | 8.2 |
| Industrials | 7.2 |
| Information Technology | 6.4 |
| Government Securities | 6.2 |
| Consumer Staples | 6.1 |
| Communication Services | 5.2 |
| Energy | 5.1 |
| Derivative Instruments | 4.3 |
| Other Sectors | 11.1 |
| **Total Net Assets** | 104.4 |
| **Short Investments** | **Short Investments** |
| Derivative Instruments | (2.0) |
| **Total Net Assets** | **(2.0)** |

---

---

| |
|:---|
| **Where can I find additional information about the Fund?** |
| Additional information is available on the Fund's website at https://www.jackson.com/fund-literature.html, including: |
| ⬥ Prospectus |
| ⬥ Financial information |
| ⬥ Holdings |
| ⬥ Proxy voting information |

---

If you have questions regarding electronic delivery, please scan the QR Code.

![](img_6521f264220c4.jpg)

---

| | |
|:---|:---|
| JNL/PPM America Total Return Fund |  |
| Semi-Annual Shareholder Report |  |
| Share Class A | June 30, 2025 |

---

![](img_8194364922554.jpg)

**This shareholder report contains important information about JNL/PPM America Total Return Fund for the period ended June 30, 2025. You can find additional information at https://www.jackson.com/fund-literature.html. You can also request this information by contacting us at 1-800-644-4565 or DocumentRequest@jackson.com.** 

**What were the Fund costs for the last six months?**<br>

---

| | | |
|:---|:---|:---|
| Share Class | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| Class A | $40 | 0.79% |

---

**What are some key Fund statistics as of June 30, 2025?**<br>

---

| | |
|:---|:---|
| Fund Statistic | Value ($ in thousands) |
| Fund Size ($): | 1438631 |
| Number of Investments: | 535 |
| Portfolio Turnover (%): | 50 |
| Total Advisory Fees Paid ($): | 2771 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **What did the Fund invest in as of June 30, 2025?**<br>

---

| | |
|:---|:---|
| Industry Sector (%) | Industry Sector (%) |
| **Long Investments** | **Long Investments** |
| U.S. Government Agency MBS | 23.0 |
| Government Securities | 22.6 |
| Financials | 18.6 |
| Derivative Instruments | 17.3 |
| Non-U.S. Government Agency ABS | 8.7 |
| Utilities | 5.1 |
| Industrials | 3.7 |
| Consumer Staples | 3.0 |
| Consumer Discretionary | 2.7 |
| Information Technology | 2.5 |
| Other Sectors | 9.8 |
| **Total Net Assets** | 117.0 |
| **Short Investments** | **Short Investments** |
| Derivative Instruments | (7.9) |
| **Total Net Assets** | **(7.9)** |

---

---

| |
|:---|
| **Where can I find additional information about the Fund?** |
| Additional information is available on the Fund's website at https://www.jackson.com/fund-literature.html, including: |
| ⬥ Prospectus |
| ⬥ Financial information |
| ⬥ Holdings |
| ⬥ Proxy voting information |

---

If you have questions regarding electronic delivery, please scan the QR Code.

![](img_6521f264220c4.jpg)

---

| | |
|:---|:---|
| JNL/RAFI Fundamental U.S. Small Cap Fund | |
| Semi-Annual Shareholder Report |  |
| Share Class A | June 30, 2025 |

---

![](img_8194364922554.jpg)

**This shareholder report contains important information about JNL/RAFI Fundamental U.S. Small Cap Fund for the period ended June 30, 2025. You can find additional information at https://www.jackson.com/fund-literature.html. You can also request this information by contacting us at 1-800-644-4565 or DocumentRequest@jackson.com.** 

**What were the Fund costs for the last six months?**<br>

---

| | | |
|:---|:---|:---|
| Share Class | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| Class A | $33 | 0.67% |

---

**What are some key Fund statistics as of June 30, 2025?**<br>

---

| | |
|:---|:---|
| Fund Statistic | Value ($ in thousands) |
| Fund Size ($): | 378467 |
| Number of Investments: | 1021 |
| Portfolio Turnover (%): | 12 |
| Total Advisory Fees Paid ($): | 341 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **What did the Fund invest in as of June 30, 2025?**<br>

---

| | |
|:---|:---|
| Industry Sector (%) | Industry Sector (%) |
| **Long Investments** | **Long Investments** |
| Industrials | 20.0 |
| Financials | 17.2 |
| Consumer Discretionary | 14.5 |
| Information Technology | 11.7 |
| Real Estate | 8.8 |
| Health Care | 8.0 |
| Materials | 4.8 |
| Energy | 4.7 |
| Communication Services | 3.6 |
| Consumer Staples | 3.6 |
| Other Sectors | 3.5 |
| **Total Net Assets** | 100.4 |

---

---

| |
|:---|
| **Where can I find additional information about the Fund?** |
| Additional information is available on the Fund's website at https://www.jackson.com/fund-literature.html, including: |
| ⬥ Prospectus |
| ⬥ Financial information |
| ⬥ Holdings |
| ⬥ Proxy voting information |

---

If you have questions regarding electronic delivery, please scan the QR Code.

![](img_6521f264220c4.jpg)

---

| | |
|:---|:---|
| JNL/RAFI Multi-Factor U.S. Equity Fund | |
| Semi-Annual Shareholder Report |  |
| Share Class A | June 30, 2025 |

---

![](img_8194364922554.jpg)

**This shareholder report contains important information about JNL/RAFI Multi-Factor U.S. Equity Fund for the period ended June 30, 2025. You can find additional information at https://www.jackson.com/fund-literature.html. You can also request this information by contacting us at 1-800-644-4565 or DocumentRequest@jackson.com.** 

**What were the Fund costs for the last six months?**<br>

---

| | | |
|:---|:---|:---|
| Share Class | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| Class A | $35 | 0.67% |

---

**What are some key Fund statistics as of June 30, 2025?**<br>

---

| | |
|:---|:---|
| Fund Statistic | Value ($ in thousands) |
| Fund Size ($): | 2138183 |
| Number of Investments: | 864 |
| Portfolio Turnover (%): | 21 |
| Total Advisory Fees Paid ($): | 1806 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **What did the Fund invest in as of June 30, 2025?**<br>

---

| | |
|:---|:---|
| Industry Sector (%) | Industry Sector (%) |
| **Long Investments** | **Long Investments** |
| Financials | 17.6 |
| Information Technology | 15.1 |
| Health Care | 12.9 |
| Consumer Staples | 12.3 |
| Industrials | 11.4 |
| Consumer Discretionary | 11.0 |
| Communication Services | 7.6 |
| Energy | 4.3 |
| Materials | 2.6 |
| Real Estate | 2.2 |
| Other Sectors | 4.1 |
| **Total Net Assets** | 101.1 |

---

---

| |
|:---|
| **Where can I find additional information about the Fund?** |
| Additional information is available on the Fund's website at https://www.jackson.com/fund-literature.html, including: |
| ⬥ Prospectus |
| ⬥ Financial information |
| ⬥ Holdings |
| ⬥ Proxy voting information |

---

If you have questions regarding electronic delivery, please scan the QR Code.

![](img_6521f264220c4.jpg)

---

| | |
|:---|:---|
| JNL/T. Rowe Price Balanced Fund | |
| Semi-Annual Shareholder Report |  |
| Share Class A | June 30, 2025 |

---

![](img_8194364922554.jpg)

**This shareholder report contains important information about JNL/T. Rowe Price Balanced Fund for the period ended June 30, 2025. You can find additional information at https://www.jackson.com/fund-literature.html. You can also request this information by contacting us at 1-800-644-4565 or DocumentRequest@jackson.com.** 

**What were the Fund costs for the last six months?**<br>

---

| | | |
|:---|:---|:---|
| Share Class | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| Class A | $49 | 0.96% |

---

**What are some key Fund statistics as of June 30, 2025?**<br>

---

| | |
|:---|:---|
| Fund Statistic | Value ($ in thousands) |
| Fund Size ($): | 565652 |
| Number of Investments: | 1434 |
| Portfolio Turnover (%): | 29 |
| Total Advisory Fees Paid ($): | 1350 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **What did the Fund invest in as of June 30, 2025?**<br>

---

| | |
|:---|:---|
| Industry Sector (%) | Industry Sector (%) |
| **Long Investments** | **Long Investments** |
| Information Technology | 15.4 |
| Financials | 14.8 |
| Government Securities | 11.4 |
| Industrials | 7.6 |
| Consumer Discretionary | 7.5 |
| U.S. Government Agency MBS | 7.3 |
| Health Care | 7.0 |
| Communication Services | 5.6 |
| Other Short Term Investments | 4.3 |
| Energy | 4.3 |
| Other Sectors | 16.5 |
| **Total Net Assets** | 101.7 |
| **Short Investments** | **Short Investments** |
| Derivative Instruments | (0.1) |
| **Total Net Assets** | **(0.1)** |

---

---

| |
|:---|
| **Where can I find additional information about the Fund?** |
| Additional information is available on the Fund's website at https://www.jackson.com/fund-literature.html, including: |
| ⬥ Prospectus |
| ⬥ Financial information |
| ⬥ Holdings |
| ⬥ Proxy voting information |

---

If you have questions regarding electronic delivery, please scan the QR Code.

![](img_6521f264220c4.jpg)

---

| | |
|:---|:---|
| JNL/T. Rowe Price Capital Appreciation Fund | |
| Semi-Annual Shareholder Report |  |
| Share Class A | June 30, 2025 |

---

![](img_8194364922554.jpg)

**This shareholder report contains important information about JNL/T. Rowe Price Capital Appreciation Fund for the period ended June 30, 2025. You can find additional information at https://www.jackson.com/fund-literature.html. You can also request this information by contacting us at 1-800-644-4565 or DocumentRequest@jackson.com.** 

**What were the Fund costs for the last six months?**<br>

---

| | | |
|:---|:---|:---|
| Share Class | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| Class A | $49 | 0.95% |

---

**What are some key Fund statistics as of June 30, 2025?**<br>

---

| | |
|:---|:---|
| Fund Statistic | Value ($ in thousands) |
| Fund Size ($): | 14545419 |
| Number of Investments: | 263 |
| Portfolio Turnover (%): | 57 |
| Total Advisory Fees Paid ($): | 36180 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **What did the Fund invest in as of June 30, 2025?**<br>

---

| | |
|:---|:---|
| Industry Sector (%) | Industry Sector (%) |
| **Long Investments** | **Long Investments** |
| Information Technology | 28.8 |
| Government Securities | 14.4 |
| Health Care | 13.0 |
| Consumer Discretionary | 9.9 |
| Other Short Term Investments | 8.9 |
| Financials | 7.6 |
| Utilities | 5.3 |
| Industrials | 5.3 |
| Communication Services | 4.2 |
| Energy | 1.5 |
| Other Sectors | 1.6 |
| **Total Net Assets** | 100.5 |
| **Short Investments** | **Short Investments** |
| Derivative Instruments | (0.2) |
| **Total Net Assets** | **(0.2)** |

---

---

| |
|:---|
| **Where can I find additional information about the Fund?** |
| Additional information is available on the Fund's website at https://www.jackson.com/fund-literature.html, including: |
| ⬥ Prospectus |
| ⬥ Financial information |
| ⬥ Holdings |
| ⬥ Proxy voting information |

---

If you have questions regarding electronic delivery, please scan the QR Code.

![](img_6521f264220c4.jpg)

---

| | |
|:---|:---|
| JNL/T. Rowe Price Capital Appreciation Equity Fund | |
| Semi-Annual Shareholder Report |  |
| Share Class A | June 30, 2025 |

---

![](img_8194364922554.jpg)

**This shareholder report contains important information about JNL/T. Rowe Price Capital Appreciation Equity Fund for the period ended June 30, 2025. You can find additional information at https://www.jackson.com/fund-literature.html. You can also request this information by contacting us at 1-800-644-4565 or DocumentRequest@jackson.com.** 

**What were the Fund costs for the last six months?**<br>

---

| | | |
|:---|:---|:---|
| Share Class | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| Class A | $51 | 1.00% |

---

**What are some key Fund statistics as of June 30, 2025?**<br>

---

| | |
|:---|:---|
| Fund Statistic | Value ($ in thousands) |
| Fund Size ($): | 858144 |
| Number of Investments: | 92 |
| Portfolio Turnover (%): | 34 |
| Total Advisory Fees Paid ($): | 1970 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **What did the Fund invest in as of June 30, 2025?**<br>

---

| | |
|:---|:---|
| Industry Sector (%) | Industry Sector (%) |
| **Long Investments** | **Long Investments** |
| Information Technology | 41.3 |
| Health Care | 16.2 |
| Consumer Discretionary | 10.4 |
| Utilities | 7.9 |
| Financials | 7.2 |
| Industrials | 6.5 |
| Communication Services | 6.1 |
| Energy | 2.3 |
| Real Estate | 1.1 |
| Materials | 1.0 |
| **Total Net Assets** | 100.0 |

---

---

| |
|:---|
| **Where can I find additional information about the Fund?** |
| Additional information is available on the Fund's website at https://www.jackson.com/fund-literature.html, including: |
| ⬥ Prospectus |
| ⬥ Financial information |
| ⬥ Holdings |
| ⬥ Proxy voting information |

---

If you have questions regarding electronic delivery, please scan the QR Code.

![](img_6521f264220c4.jpg)

---

| | |
|:---|:---|
| JNL/T. Rowe Price Growth Stock Fund | |
| Semi-Annual Shareholder Report |  |
| Share Class A | June 30, 2025 |

---

![](img_8194364922554.jpg)

**This shareholder report contains important information about JNL/T. Rowe Price Growth Stock Fund for the period ended June 30, 2025. You can find additional information at https://www.jackson.com/fund-literature.html. You can also request this information by contacting us at 1-800-644-4565 or DocumentRequest@jackson.com.** 

**What were the Fund costs for the last six months?**<br>

---

| | | |
|:---|:---|:---|
| Share Class | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| Class A | $42 | 0.83% |

---

**What are some key Fund statistics as of June 30, 2025?**<br>

---

| | |
|:---|:---|
| Fund Statistic | Value ($ in thousands) |
| Fund Size ($): | 9887484 |
| Number of Investments: | 59 |
| Portfolio Turnover (%): | 16 |
| Total Advisory Fees Paid ($): | 20217 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **What did the Fund invest in as of June 30, 2025?**<br>

---

| | |
|:---|:---|
| Industry Sector (%) | Industry Sector (%) |
| **Long Investments** | **Long Investments** |
| Information Technology | 54.9 |
| Consumer Discretionary | 14.1 |
| Communication Services | 13.0 |
| Financials | 7.0 |
| Health Care | 6.9 |
| Industrials | 2.9 |
| Materials | 0.7 |
| Other Short Term Investments | 0.4 |
| **Total Net Assets** | 99.9 |

---

---

| |
|:---|
| **Where can I find additional information about the Fund?** |
| Additional information is available on the Fund's website at https://www.jackson.com/fund-literature.html, including: |
| ⬥ Prospectus |
| ⬥ Financial information |
| ⬥ Holdings |
| ⬥ Proxy voting information |

---

If you have questions regarding electronic delivery, please scan the QR Code.

![](img_6521f264220c4.jpg)

---

| | |
|:---|:---|
| JNL/T. Rowe Price Mid-Cap Growth Fund | |
| Semi-Annual Shareholder Report |  |
| Share Class A | June 30, 2025 |

---

![](img_8194364922554.jpg)

**This shareholder report contains important information about JNL/T. Rowe Price Mid-Cap Growth Fund for the period ended June 30, 2025. You can find additional information at https://www.jackson.com/fund-literature.html. You can also request this information by contacting us at 1-800-644-4565 or DocumentRequest@jackson.com.** 

**What were the Fund costs for the last six months?**<br>

---

| | | |
|:---|:---|:---|
| Share Class | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| Class A | $49 | 0.98% |

---

**What are some key Fund statistics as of June 30, 2025?**<br>

---

| | |
|:---|:---|
| Fund Statistic | Value ($ in thousands) |
| Fund Size ($): | 4839160 |
| Number of Investments: | 123 |
| Portfolio Turnover (%): | 17 |
| Total Advisory Fees Paid ($): | 13748 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **What did the Fund invest in as of June 30, 2025?**<br>

---

| | |
|:---|:---|
| Industry Sector (%) | Industry Sector (%) |
| **Long Investments** | **Long Investments** |
| Information Technology | 19.4 |
| Health Care | 19.0 |
| Industrials | 17.0 |
| Consumer Discretionary | 14.9 |
| Financials | 9.0 |
| Energy | 4.9 |
| Communication Services | 4.8 |
| Materials | 3.8 |
| Consumer Staples | 3.6 |
| Other Short Term Investments | 2.8 |
| Other Sectors | 1.1 |
| **Total Net Assets** | 100.3 |

---

---

| |
|:---|
| **Where can I find additional information about the Fund?** |
| Additional information is available on the Fund's website at https://www.jackson.com/fund-literature.html, including: |
| ⬥ Prospectus |
| ⬥ Financial information |
| ⬥ Holdings |
| ⬥ Proxy voting information |

---

If you have questions regarding electronic delivery, please scan the QR Code.

![](img_6521f264220c4.jpg)

---

| | |
|:---|:---|
| JNL/T. Rowe Price Short-Term Bond Fund | |
| Semi-Annual Shareholder Report |  |
| Share Class A | June 30, 2025 |

---

![](img_8194364922554.jpg)

**This shareholder report contains important information about JNL/T. Rowe Price Short-Term Bond Fund for the period ended June 30, 2025. You can find additional information at https://www.jackson.com/fund-literature.html. You can also request this information by contacting us at 1-800-644-4565 or DocumentRequest@jackson.com.** 

**What were the Fund costs for the last six months?**<br>

---

| | | |
|:---|:---|:---|
| Share Class | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| Class A | $36 | 0.71% |

---

**What are some key Fund statistics as of June 30, 2025?**<br>

---

| | |
|:---|:---|
| Fund Statistic | Value ($ in thousands) |
| Fund Size ($): | 1099924 |
| Number of Investments: | 882 |
| Portfolio Turnover (%): | 49 |
| Total Advisory Fees Paid ($): | 1713 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **What did the Fund invest in as of June 30, 2025?**<br>

---

| | |
|:---|:---|
| Industry Sector (%) | Industry Sector (%) |
| **Long Investments** | **Long Investments** |
| Derivative Instruments | 30.4 |
| Non-U.S. Government Agency ABS | 28.9 |
| Government Securities | 17.4 |
| Financials | 14.8 |
| U.S. Government Agency MBS | 7.4 |
| Health Care | 4.8 |
| Energy | 4.3 |
| Industrials | 3.9 |
| Utilities | 3.3 |
| Consumer Discretionary | 2.9 |
| Other Sectors | 13.2 |
| **Total Net Assets** | 131.3 |
| **Short Investments** | **Short Investments** |
| Derivative Instruments | (8.9) |
| **Total Net Assets** | **(8.9)** |

---

---

| |
|:---|
| **Where can I find additional information about the Fund?** |
| Additional information is available on the Fund's website at https://www.jackson.com/fund-literature.html, including: |
| ⬥ Prospectus |
| ⬥ Financial information |
| ⬥ Holdings |
| ⬥ Proxy voting information |

---

If you have questions regarding electronic delivery, please scan the QR Code.

![](img_6521f264220c4.jpg)

---

| | |
|:---|:---|
| JNL/T. Rowe Price U.S. High Yield Fund | |
| Semi-Annual Shareholder Report |  |
| Share Class A | June 30, 2025 |

---

![](img_8194364922554.jpg)

**This shareholder report contains important information about JNL/T. Rowe Price U.S. High Yield Fund for the period ended June 30, 2025. You can find additional information at https://www.jackson.com/fund-literature.html. You can also request this information by contacting us at 1-800-644-4565 or DocumentRequest@jackson.com.** 

**What were the Fund costs for the last six months?**<br>

---

| | | |
|:---|:---|:---|
| Share Class | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| Class A | $47 | 0.92% |

---

**What are some key Fund statistics as of June 30, 2025?**<br>

---

| | |
|:---|:---|
| Fund Statistic | Value ($ in thousands) |
| Fund Size ($): | 445496 |
| Number of Investments: | 100 |
| Portfolio Turnover (%): | 37 |
| Total Advisory Fees Paid ($): | 1088 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **What did the Fund invest in as of June 30, 2025?**<br>

---

| | |
|:---|:---|
| Industry Sector (%) | Industry Sector (%) |
| **Long Investments** | **Long Investments** |
| Energy | 19.0 |
| Financials | 14.0 |
| Communication Services | 13.0 |
| Consumer Discretionary | 11.9 |
| Industrials | 9.0 |
| Information Technology | 6.8 |
| Securities Lending Collateral | 6.7 |
| Health Care | 6.6 |
| Consumer Staples | 5.0 |
| Materials | 4.8 |
| Other Sectors | 7.7 |
| **Total Net Assets** | 104.5 |

---

---

| |
|:---|
| **Where can I find additional information about the Fund?** |
| Additional information is available on the Fund's website at https://www.jackson.com/fund-literature.html, including: |
| ⬥ Prospectus |
| ⬥ Financial information |
| ⬥ Holdings |
| ⬥ Proxy voting information |

---

If you have questions regarding electronic delivery, please scan the QR Code.

![](img_6521f264220c4.jpg)

---

| | |
|:---|:---|
| JNL/T. Rowe Price Value Fund | |
| Semi-Annual Shareholder Report |  |
| Share Class A | June 30, 2025 |

---

![](img_8194364922554.jpg)

**This shareholder report contains important information about JNL/T. Rowe Price Value Fund for the period ended June 30, 2025. You can find additional information at https://www.jackson.com/fund-literature.html. You can also request this information by contacting us at 1-800-644-4565 or DocumentRequest@jackson.com.** 

**What were the Fund costs for the last six months?**<br>

---

| | | |
|:---|:---|:---|
| Share Class | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| Class A | $44 | 0.87% |

---

**What are some key Fund statistics as of June 30, 2025?**<br>

---

| | |
|:---|:---|
| Fund Statistic | Value ($ in thousands) |
| Fund Size ($): | 4504961 |
| Number of Investments: | 102 |
| Portfolio Turnover (%): | 32 |
| Total Advisory Fees Paid ($): | 10450 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **What did the Fund invest in as of June 30, 2025?**<br>

---

| | |
|:---|:---|
| Industry Sector (%) | Industry Sector (%) |
| **Long Investments** | **Long Investments** |
| Financials | 24.3 |
| Industrials | 16.2 |
| Health Care | 12.1 |
| Energy | 7.9 |
| Information Technology | 7.8 |
| Consumer Discretionary | 7.2 |
| Consumer Staples | 6.7 |
| Materials | 6.1 |
| Communication Services | 4.7 |
| Utilities | 4.1 |
| Other Sectors | 2.8 |
| **Total Net Assets** | 99.9 |

---

---

| |
|:---|
| **Where can I find additional information about the Fund?** |
| Additional information is available on the Fund's website at https://www.jackson.com/fund-literature.html, including: |
| ⬥ Prospectus |
| ⬥ Financial information |
| ⬥ Holdings |
| ⬥ Proxy voting information |

---

If you have questions regarding electronic delivery, please scan the QR Code.

![](img_6521f264220c4.jpg)

---

| | |
|:---|:---|
| JNL/WCM China Quality Growth Fund | |
| Semi-Annual Shareholder Report |  |
| Share Class A | June 30, 2025 |

---

![](img_8194364922554.jpg)

**This shareholder report contains important information about JNL/WCM China Quality Growth Fund for the period ended June 30, 2025. You can find additional information at https://www.jackson.com/fund-literature.html. You can also request this information by contacting us at 1-800-644-4565 or DocumentRequest@jackson.com.** 

**What were the Fund costs for the last six months?**<br>

---

| | | |
|:---|:---|:---|
| Share Class | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| Class A | $70 | 1.31% |

---

**What are some key Fund statistics as of June 30, 2025?**<br>

---

| | |
|:---|:---|
| Fund Statistic | Value ($ in thousands) |
| Fund Size ($): | 9437 |
| Number of Investments: | 30 |
| Portfolio Turnover (%): | 70 |
| Total Advisory Fees Paid ($): | 36 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **What did the Fund invest in as of June 30, 2025?**<br>

---

| | |
|:---|:---|
| Industry Sector (%) | Industry Sector (%) |
| **Long Investments** | **Long Investments** |
| Industrials | 23.6 |
| Communication Services | 23.2 |
| Consumer Discretionary | 20.6 |
| Information Technology | 10.0 |
| Consumer Staples | 7.1 |
| Financials | 6.3 |
| Health Care | 2.4 |
| Other Short Term Investments | 1.4 |
| **Total Net Assets** | 94.6 |

---

---

| |
|:---|
| **Where can I find additional information about the Fund?** |
| Additional information is available on the Fund's website at https://www.jackson.com/fund-literature.html, including: |
| ⬥ Prospectus |
| ⬥ Financial information |
| ⬥ Holdings |
| ⬥ Proxy voting information |

---

If you have questions regarding electronic delivery, please scan the QR Code.

![](img_6521f264220c4.jpg)

---

| | |
|:---|:---|
| JNL/WCM Focused International Equity Fund | |
| Semi-Annual Shareholder Report |  |
| Share Class A | June 30, 2025 |

---

![](img_8194364922554.jpg)

**This shareholder report contains important information about JNL/WCM Focused International Equity Fund for the period ended June 30, 2025. You can find additional information at https://www.jackson.com/fund-literature.html. You can also request this information by contacting us at 1-800-644-4565 or DocumentRequest@jackson.com.** 

**What were the Fund costs for the last six months?**<br>

---

| | | |
|:---|:---|:---|
| Share Class | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| Class A | $62 | 1.10% |

---

**What are some key Fund statistics as of June 30, 2025?**<br>

---

| | |
|:---|:---|
| Fund Statistic | Value ($ in thousands) |
| Fund Size ($): | 2199977 |
| Number of Investments: | 40 |
| Portfolio Turnover (%): | 16 |
| Total Advisory Fees Paid ($): | 6128 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **What did the Fund invest in as of June 30, 2025?**<br>

---

| | |
|:---|:---|
| Industry Sector (%) | Industry Sector (%) |
| **Long Investments** | **Long Investments** |
| Industrials | 29.0 |
| Financials | 16.3 |
| Information Technology | 15.8 |
| Communication Services | 13.3 |
| Consumer Discretionary | 10.4 |
| Other Short Term Investments | 4.9 |
| Health Care | 4.3 |
| Consumer Staples | 3.9 |
| Materials | 1.7 |
| Energy | 1.3 |
| **Total Net Assets** | 100.9 |
| **Short Investments** | **Short Investments** |
| Derivative Instruments | (0.1) |
| **Total Net Assets** | **(0.1)** |

---

---

| |
|:---|
| **Where can I find additional information about the Fund?** |
| Additional information is available on the Fund's website at https://www.jackson.com/fund-literature.html, including: |
| ⬥ Prospectus |
| ⬥ Financial information |
| ⬥ Holdings |
| ⬥ Proxy voting information |

---

If you have questions regarding electronic delivery, please scan the QR Code.

![](img_6521f264220c4.jpg)

---

| | |
|:---|:---|
| JNL/Westchester Capital Event Driven Fund | |
| Semi-Annual Shareholder Report |  |
| Share Class A | June 30, 2025 |

---

![](img_8194364922554.jpg)

**This shareholder report contains important information about JNL/Westchester Capital Event Driven Fund for the period ended June 30, 2025. You can find additional information at https://www.jackson.com/fund-literature.html. You can also request this information by contacting us at 1-800-644-4565 or DocumentRequest@jackson.com.** 

**What were the Fund costs for the last six months?**<br>

---

| | | |
|:---|:---|:---|
| Share Class | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| Class A | $75 | 1.48% |

---

**What are some key Fund statistics as of June 30, 2025?**<br>

---

| | |
|:---|:---|
| Fund Statistic | Value ($ in thousands) |
| Fund Size ($): | 46974 |
| Number of Investments: | 306 |
| Portfolio Turnover (%): | 126 |
| Total Advisory Fees Paid ($): | 251 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **What did the Fund invest in as of June 30, 2025?**<br>

---

| | |
|:---|:---|
| Industry Sector (%) | Industry Sector (%) |
| **Long Investments** | **Long Investments** |
| Derivative Instruments | 57.6 |
| Communication Services | 21.4 |
| Financials | 19.3 |
| Other Short Term Investments | 10.6 |
| Consumer Discretionary | 7.7 |
| Industrials | 7.4 |
| Energy | 6.7 |
| Information Technology | 4.7 |
| Investment Companies | 4.2 |
| Other Equity Interests | 2.3 |
| Other Sectors | 2.8 |
| **Total Net Assets** | 144.7 |
| **Short Investments** | **Short Investments** |
| Derivative Instruments | (26.6) |
| Real Estate | (2.8) |
| Communication Services | (1.0) |
| Financials | (0.5) |
| Energy | (0.1) |
| **Total Net Assets** | **(31.0)** |

---

---

| |
|:---|
| **Where can I find additional information about the Fund?** |
| Additional information is available on the Fund's website at https://www.jackson.com/fund-literature.html, including: |
| ⬥ Prospectus |
| ⬥ Financial information |
| ⬥ Holdings |
| ⬥ Proxy voting information |

---

If you have questions regarding electronic delivery, please scan the QR Code.

![](img_6521f264220c4.jpg)

---

| | |
|:---|:---|
| JNL/William Blair International Leaders Fund | |
| Semi-Annual Shareholder Report |  |
| Share Class A | June 30, 2025 |

---

![](img_8194364922554.jpg)

**This shareholder report contains important information about JNL/William Blair International Leaders Fund for the period ended June 30, 2025. You can find additional information at https://www.jackson.com/fund-literature.html. You can also request this information by contacting us at 1-800-644-4565 or DocumentRequest@jackson.com.** 

**What were the Fund costs for the last six months?**<br>

---

| | | |
|:---|:---|:---|
| Share Class | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| Class A | $52 | 0.97% |

---

**What are some key Fund statistics as of June 30, 2025?**<br>

---

| | |
|:---|:---|
| Fund Statistic | Value ($ in thousands) |
| Fund Size ($): | 1012836 |
| Number of Investments: | 64 |
| Portfolio Turnover (%): | 44 |
| Total Advisory Fees Paid ($): | 2504 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **What did the Fund invest in as of June 30, 2025?**<br>

---

| | |
|:---|:---|
| Industry Sector (%) | Industry Sector (%) |
| **Long Investments** | **Long Investments** |
| Financials | 23.7 |
| Industrials | 19.5 |
| Consumer Discretionary | 16.2 |
| Information Technology | 15.0 |
| Communication Services | 7.0 |
| Health Care | 6.7 |
| Materials | 4.6 |
| Consumer Staples | 2.8 |
| Other Short Term Investments | 2.6 |
| Utilities | 2.1 |
| **Total Net Assets** | 100.2 |

---

---

| |
|:---|
| **Where can I find additional information about the Fund?** |
| Additional information is available on the Fund's website at https://www.jackson.com/fund-literature.html, including: |
| ⬥ Prospectus |
| ⬥ Financial information |
| ⬥ Holdings |
| ⬥ Proxy voting information |

---

If you have questions regarding electronic delivery, please scan the QR Code.

![](img_6521f264220c4.jpg)

---

| | |
|:---|:---|
| JNL/WMC Balanced Fund | |
| Semi-Annual Shareholder Report |  |
| Share Class A | June 30, 2025 |

---

![](img_8194364922554.jpg)

**This shareholder report contains important information about JNL/WMC Balanced Fund for the period ended June 30, 2025. You can find additional information at https://www.jackson.com/fund-literature.html. You can also request this information by contacting us at 1-800-644-4565 or DocumentRequest@jackson.com.** 

**What were the Fund costs for the last six months?**<br>

---

| | | |
|:---|:---|:---|
| Share Class | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| Class A | $36 | 0.71% |

---

**What are some key Fund statistics as of June 30, 2025?**<br>

---

| | |
|:---|:---|
| Fund Statistic | Value ($ in thousands) |
| Fund Size ($): | 9156598 |
| Number of Investments: | 610 |
| Portfolio Turnover (%): | 50 |
| Total Advisory Fees Paid ($): | 14010 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **What did the Fund invest in as of June 30, 2025?**<br>

---

| | |
|:---|:---|
| Industry Sector (%) | Industry Sector (%) |
| **Long Investments** | **Long Investments** |
| Information Technology | 22.4 |
| Government Securities | 17.1 |
| Financials | 12.9 |
| U.S. Government Agency MBS | 8.7 |
| Consumer Discretionary | 7.9 |
| Communication Services | 6.3 |
| Health Care | 5.9 |
| Industrials | 4.4 |
| Consumer Staples | 4.0 |
| Energy | 3.8 |
| Other Sectors | 8.3 |
| **Total Net Assets** | 101.7 |
| **Short Investments** | **Short Investments** |
| U.S. Government Agency MBS | (1.0) |
| **Total Net Assets** | **(1.0)** |

---

---

| |
|:---|
| **Where can I find additional information about the Fund?** |
| Additional information is available on the Fund's website at https://www.jackson.com/fund-literature.html, including: |
| ⬥ Prospectus |
| ⬥ Financial information |
| ⬥ Holdings |
| ⬥ Proxy voting information |

---

If you have questions regarding electronic delivery, please scan the QR Code.

![](img_6521f264220c4.jpg)

---

| | |
|:---|:---|
| JNL/WMC Equity Income Fund | |
| Semi-Annual Shareholder Report |  |
| Share Class A | June 30, 2025 |

---

![](img_8194364922554.jpg)

**This shareholder report contains important information about JNL/WMC Equity Income Fund for the period ended June 30, 2025. You can find additional information at https://www.jackson.com/fund-literature.html. You can also request this information by contacting us at 1-800-644-4565 or DocumentRequest@jackson.com.** 

**What were the Fund costs for the last six months?**<br>

---

| | | |
|:---|:---|:---|
| Share Class | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| Class A | $46 | 0.89% |

---

**What are some key Fund statistics as of June 30, 2025?**<br>

---

| | |
|:---|:---|
| Fund Statistic | Value ($ in thousands) |
| Fund Size ($): | 941170 |
| Number of Investments: | 69 |
| Portfolio Turnover (%): | 31 |
| Total Advisory Fees Paid ($): | 2071 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **What did the Fund invest in as of June 30, 2025?**<br>

---

| | |
|:---|:---|
| Industry Sector (%) | Industry Sector (%) |
| **Long Investments** | **Long Investments** |
| Financials | 20.3 |
| Health Care | 15.2 |
| Industrials | 12.6 |
| Information Technology | 11.7 |
| Consumer Staples | 9.5 |
| Energy | 9.2 |
| Utilities | 8.4 |
| Materials | 4.9 |
| Consumer Discretionary | 3.9 |
| Real Estate | 2.5 |
| Other Sectors | 1.6 |
| **Total Net Assets** | 99.8 |

---

---

| |
|:---|
| **Where can I find additional information about the Fund?** |
| Additional information is available on the Fund's website at https://www.jackson.com/fund-literature.html, including: |
| ⬥ Prospectus |
| ⬥ Financial information |
| ⬥ Holdings |
| ⬥ Proxy voting information |

---

If you have questions regarding electronic delivery, please scan the QR Code.

![](img_6521f264220c4.jpg)

---

| | |
|:---|:---|
| JNL/WMC Global Real Estate Fund | |
| Semi-Annual Shareholder Report |  |
| Share Class A | June 30, 2025 |

---

![](img_8194364922554.jpg)

**This shareholder report contains important information about JNL/WMC Global Real Estate Fund for the period ended June 30, 2025. You can find additional information at https://www.jackson.com/fund-literature.html. You can also request this information by contacting us at 1-800-644-4565 or DocumentRequest@jackson.com.** 

**What were the Fund costs for the last six months?**<br>

---

| | | |
|:---|:---|:---|
| Share Class | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| Class A | $52 | 1.03% |

---

**What are some key Fund statistics as of June 30, 2025?**<br>

---

| | |
|:---|:---|
| Fund Statistic | Value ($ in thousands) |
| Fund Size ($): | 565619 |
| Number of Investments: | 57 |
| Portfolio Turnover (%): | 58 |
| Total Advisory Fees Paid ($): | 1645 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **What did the Fund invest in as of June 30, 2025?**<br>

---

| | |
|:---|:---|
| Industry Sector (%) | Industry Sector (%) |
| **Long Investments** | **Long Investments** |
| Real Estate | 91.0 |
| Consumer Discretionary | 4.8 |
| Health Care | 1.8 |
| Other Short Term Investments | 1.8 |
| Industrials | 0.5 |
| Securities Lending Collateral | 0.2 |
| **Total Net Assets** | 100.1 |
| **Short Investments** | **Short Investments** |
| Derivative Instruments | (0.2) |
| **Total Net Assets** | **(0.2)** |

---

---

| |
|:---|
| **Where can I find additional information about the Fund?** |
| Additional information is available on the Fund's website at https://www.jackson.com/fund-literature.html, including: |
| ⬥ Prospectus |
| ⬥ Financial information |
| ⬥ Holdings |
| ⬥ Proxy voting information |

---

If you have questions regarding electronic delivery, please scan the QR Code.

![](img_6521f264220c4.jpg)

---

| | |
|:---|:---|
| JNL/WMC Value Fund | |
| Semi-Annual Shareholder Report |  |
| Share Class A | June 30, 2025 |

---

![](img_8194364922554.jpg)

**This shareholder report contains important information about JNL/WMC Value Fund for the period ended June 30, 2025. You can find additional information at https://www.jackson.com/fund-literature.html. You can also request this information by contacting us at 1-800-644-4565 or DocumentRequest@jackson.com.** 

**What were the Fund costs for the last six months?**<br>

---

| | | |
|:---|:---|:---|
| Share Class | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| Class A | $40 | 0.79% |

---

**What are some key Fund statistics as of June 30, 2025?**<br>

---

| | |
|:---|:---|
| Fund Statistic | Value ($ in thousands) |
| Fund Size ($): | 1042441 |
| Number of Investments: | 67 |
| Portfolio Turnover (%): | 22 |
| Total Advisory Fees Paid ($): | 2009 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **What did the Fund invest in as of June 30, 2025?**<br>

---

| | |
|:---|:---|
| Industry Sector (%) | Industry Sector (%) |
| **Long Investments** | **Long Investments** |
| Financials | 23.5 |
| Health Care | 17.9 |
| Industrials | 11.8 |
| Information Technology | 11.3 |
| Energy | 8.7 |
| Consumer Staples | 6.6 |
| Utilities | 6.1 |
| Consumer Discretionary | 5.7 |
| Communication Services | 3.8 |
| Real Estate | 2.8 |
| Other Sectors | 1.8 |
| **Total Net Assets** | 100.0 |

---

---

| |
|:---|
| **Where can I find additional information about the Fund?** |
| Additional information is available on the Fund's website at https://www.jackson.com/fund-literature.html, including: |
| ⬥ Prospectus |
| ⬥ Financial information |
| ⬥ Holdings |
| ⬥ Proxy voting information |

---

If you have questions regarding electronic delivery, please scan the QR Code.

![](img_6521f264220c4.jpg)

---

| | |
|:---|:---|
| JNL/American Funds Balanced Fund | |
| Semi-Annual Shareholder Report |  |
| Share Class I | June 30, 2025 |

---

![](img_63986cf449ba4.jpg)

**This shareholder report contains important information about JNL/American Funds Balanced Fund for the period ended June 30, 2025. You can find additional information at https://www.jackson.com/fund-literature.html. You can also request this information by contacting us at 1-800-644-4565 or DocumentRequest@jackson.com.** 

**What were the Fund costs for the last six months?**<br>

---

| | | |
|:---|:---|:---|
| Share Class | Costs of a $10,000 investment<sup>(a)</sup> | Costs paid as a percentage of a $10,000 investment<sup>(a)</sup> |
| Class I | $31 | 0.61% |

---

<br> <sup><sup>(a)</sup></sup> Costs include the impact of the Master Fund's expenses.

**What are some key Fund statistics as of June 30, 2025?**<br>

---

| | |
|:---|:---|
| Fund Statistic | Value ($ in thousands) |
| Fund Size ($): | 3454482 |
| Number of Investments: | 1 |
| Portfolio Turnover (%): | 33 |
| Total Advisory Fees Paid ($): | 3356 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **What did the Fund invest in as of June 30, 2025?**<br>

---

| | |
|:---|:---|
| Industry Sector (%) | Industry Sector (%) |
| **Long Investments** | **Long Investments** |
| Global Balanced | 100.0 |
| **Total Net Assets** | 100.0 |

---

---

| |
|:---|
| **Where can I find additional information about the Fund?** |
| Additional information is available on the Fund's website at https://www.jackson.com/fund-literature.html, including: |
| ⬥ Prospectus |
| ⬥ Financial information |
| ⬥ Holdings |
| ⬥ Proxy voting information |

---

If you have questions regarding electronic delivery, please scan the QR Code.

![](img_0a77b1f30fbf4.jpg)

---

| | |
|:---|:---|
| JNL/American Funds Bond Fund of America Fund | |
| Semi-Annual Shareholder Report |  |
| Share Class I | June 30, 2025 |

---

![](img_63986cf449ba4.jpg)

**This shareholder report contains important information about JNL/American Funds Bond Fund of America Fund for the period ended June 30, 2025. You can find additional information at https://www.jackson.com/fund-literature.html. You can also request this information by contacting us at 1-800-644-4565 or DocumentRequest@jackson.com.** 

**What were the Fund costs for the last six months?**<br>

---

| | | |
|:---|:---|:---|
| Share Class | Costs of a $10,000 investment<sup>(a)</sup> | Costs paid as a percentage of a $10,000 investment<sup>(a)</sup> |
| Class I | $27 | 0.54% |

---

<br> <sup><sup>(a)</sup></sup> Costs include the impact of the Master Fund's expenses.

**What are some key Fund statistics as of June 30, 2025?**<br>

---

| | |
|:---|:---|
| Fund Statistic | Value ($ in thousands) |
| Fund Size ($): | 468990 |
| Number of Investments: | 1 |
| Portfolio Turnover (%): | 66 |
| Total Advisory Fees Paid ($): | 457 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **What did the Fund invest in as of June 30, 2025?**<br>

---

| | |
|:---|:---|
| Industry Sector (%) | Industry Sector (%) |
| **Long Investments** | **Long Investments** |
| Domestic Fixed Income | 100.0 |
| **Total Net Assets** | 100.0 |

---

---

| |
|:---|
| **Where can I find additional information about the Fund?** |
| Additional information is available on the Fund's website at https://www.jackson.com/fund-literature.html, including: |
| ⬥ Prospectus |
| ⬥ Financial information |
| ⬥ Holdings |
| ⬥ Proxy voting information |

---

If you have questions regarding electronic delivery, please scan the QR Code.

![](img_0a77b1f30fbf4.jpg)

---

| | |
|:---|:---|
| JNL/American Funds Capital Income Builder Fund | |
| Semi-Annual Shareholder Report |  |
| Share Class I | June 30, 2025 |

---

![](img_63986cf449ba4.jpg)

**This shareholder report contains important information about JNL/American Funds Capital Income Builder Fund for the period ended June 30, 2025. You can find additional information at https://www.jackson.com/fund-literature.html. You can also request this information by contacting us at 1-800-644-4565 or DocumentRequest@jackson.com.** 

**What were the Fund costs for the last six months?**<br>

---

| | | |
|:---|:---|:---|
| Share Class | Costs of a $10,000 investment<sup>(a)</sup> | Costs paid as a percentage of a $10,000 investment<sup>(a)</sup> |
| Class I | $34 | 0.65% |

---

<br> <sup><sup>(a)</sup></sup> Costs include the impact of the Master Fund's expenses.

**What are some key Fund statistics as of June 30, 2025?**<br>

---

| | |
|:---|:---|
| Fund Statistic | Value ($ in thousands) |
| Fund Size ($): | 516265 |
| Number of Investments: | 1 |
| Portfolio Turnover (%): | 34 |
| Total Advisory Fees Paid ($): | 637 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **What did the Fund invest in as of June 30, 2025?**<br>

---

| | |
|:---|:---|
| Industry Sector (%) | Industry Sector (%) |
| **Long Investments** | **Long Investments** |
| Global Balanced | 100.0 |
| **Total Net Assets** | 100.0 |

---

---

| |
|:---|
| **Where can I find additional information about the Fund?** |
| Additional information is available on the Fund's website at https://www.jackson.com/fund-literature.html, including: |
| ⬥ Prospectus |
| ⬥ Financial information |
| ⬥ Holdings |
| ⬥ Proxy voting information |

---

If you have questions regarding electronic delivery, please scan the QR Code.

![](img_0a77b1f30fbf4.jpg)

---

| | |
|:---|:---|
| JNL/American Funds Capital World Bond Fund | |
| Semi-Annual Shareholder Report |  |
| Share Class I | June 30, 2025 |

---

![](img_63986cf449ba4.jpg)

**This shareholder report contains important information about JNL/American Funds Capital World Bond Fund for the period ended June 30, 2025. You can find additional information at https://www.jackson.com/fund-literature.html. You can also request this information by contacting us at 1-800-644-4565 or DocumentRequest@jackson.com.** 

**What were the Fund costs for the last six months?**<br>

---

| | | |
|:---|:---|:---|
| Share Class | Costs of a $10,000 investment<sup>(a)</sup> | Costs paid as a percentage of a $10,000 investment<sup>(a)</sup> |
| Class I | $39 | 0.75% |

---

<br> <sup><sup>(a)</sup></sup> Costs include the impact of the Master Fund's expenses.

**What are some key Fund statistics as of June 30, 2025?**<br>

---

| | |
|:---|:---|
| Fund Statistic | Value ($ in thousands) |
| Fund Size ($): | 320777 |
| Number of Investments: | 1 |
| Portfolio Turnover (%): | 31 |
| Total Advisory Fees Paid ($): | 261 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **What did the Fund invest in as of June 30, 2025?**<br>

---

| | |
|:---|:---|
| Industry Sector (%) | Industry Sector (%) |
| **Long Investments** | **Long Investments** |
| Global Fixed Income | 100.0 |
| **Total Net Assets** | 100.0 |

---

---

| |
|:---|
| **Where can I find additional information about the Fund?** |
| Additional information is available on the Fund's website at https://www.jackson.com/fund-literature.html, including: |
| ⬥ Prospectus |
| ⬥ Financial information |
| ⬥ Holdings |
| ⬥ Proxy voting information |

---

If you have questions regarding electronic delivery, please scan the QR Code.

![](img_0a77b1f30fbf4.jpg)

---

| | |
|:---|:---|
| JNL/American Funds Global Growth Fund | |
| Semi-Annual Shareholder Report |  |
| Share Class I | June 30, 2025 |

---

![](img_63986cf449ba4.jpg)

**This shareholder report contains important information about JNL/American Funds Global Growth Fund for the period ended June 30, 2025. You can find additional information at https://www.jackson.com/fund-literature.html. You can also request this information by contacting us at 1-800-644-4565 or DocumentRequest@jackson.com.** 

**What were the Fund costs for the last six months?**<br>

---

| | | |
|:---|:---|:---|
| Share Class | Costs of a $10,000 investment<sup>(a)</sup> | Costs paid as a percentage of a $10,000 investment<sup>(a)</sup> |
| Class I | $40 | 0.76% |

---

<br> <sup><sup>(a)</sup></sup> Costs include the impact of the Master Fund's expenses.

**What are some key Fund statistics as of June 30, 2025?**<br>

---

| | |
|:---|:---|
| Fund Statistic | Value ($ in thousands) |
| Fund Size ($): | 1067236 |
| Number of Investments: | 1 |
| Portfolio Turnover (%): | 15 |
| Total Advisory Fees Paid ($): | 1241 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **What did the Fund invest in as of June 30, 2025?**<br>

---

| | |
|:---|:---|
| Industry Sector (%) | Industry Sector (%) |
| **Long Investments** | **Long Investments** |
| Global Equity | 100.0 |
| **Total Net Assets** | 100.0 |

---

---

| |
|:---|
| **Where can I find additional information about the Fund?** |
| Additional information is available on the Fund's website at https://www.jackson.com/fund-literature.html, including: |
| ⬥ Prospectus |
| ⬥ Financial information |
| ⬥ Holdings |
| ⬥ Proxy voting information |

---

If you have questions regarding electronic delivery, please scan the QR Code.

![](img_0a77b1f30fbf4.jpg)

---

| | |
|:---|:---|
| JNL/American Funds Global Small Capitalization Fund | |
| Semi-Annual Shareholder Report |  |
| Share Class I | June 30, 2025 |

---

![](img_63986cf449ba4.jpg)

**This shareholder report contains important information about JNL/American Funds Global Small Capitalization Fund for the period ended June 30, 2025. You can find additional information at https://www.jackson.com/fund-literature.html. You can also request this information by contacting us at 1-800-644-4565 or DocumentRequest@jackson.com.** 

**What were the Fund costs for the last six months?**<br>

---

| | | |
|:---|:---|:---|
| Share Class | Costs of a $10,000 investment<sup>(a)</sup> | Costs paid as a percentage of a $10,000 investment<sup>(a)</sup> |
| Class I | $48 | 0.93% |

---

<br> <sup><sup>(a)</sup></sup> Costs include the impact of the Master Fund's expenses.

**What are some key Fund statistics as of June 30, 2025?**<br>

---

| | |
|:---|:---|
| Fund Statistic | Value ($ in thousands) |
| Fund Size ($): | 609548 |
| Number of Investments: | 1 |
| Portfolio Turnover (%): | 27 |
| Total Advisory Fees Paid ($): | 517 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **What did the Fund invest in as of June 30, 2025?**<br>

---

| | |
|:---|:---|
| Industry Sector (%) | Industry Sector (%) |
| **Long Investments** | **Long Investments** |
| Global Equity | 100.0 |
| **Total Net Assets** | 100.0 |

---

---

| |
|:---|
| **Where can I find additional information about the Fund?** |
| Additional information is available on the Fund's website at https://www.jackson.com/fund-literature.html, including: |
| ⬥ Prospectus |
| ⬥ Financial information |
| ⬥ Holdings |
| ⬥ Proxy voting information |

---

If you have questions regarding electronic delivery, please scan the QR Code.

![](img_0a77b1f30fbf4.jpg)

---

| | |
|:---|:---|
| JNL/American Funds Growth Fund | |
| Semi-Annual Shareholder Report |  |
| Share Class I | June 30, 2025 |

---

![](img_63986cf449ba4.jpg)

**This shareholder report contains important information about JNL/American Funds Growth Fund for the period ended June 30, 2025. You can find additional information at https://www.jackson.com/fund-literature.html. You can also request this information by contacting us at 1-800-644-4565 or DocumentRequest@jackson.com.** 

**What were the Fund costs for the last six months?**<br>

---

| | | |
|:---|:---|:---|
| Share Class | Costs of a $10,000 investment<sup>(a)</sup> | Costs paid as a percentage of a $10,000 investment<sup>(a)</sup> |
| Class I | $31 | 0.60% |

---

<br> <sup><sup>(a)</sup></sup> Costs include the impact of the Master Fund's expenses.

**What are some key Fund statistics as of June 30, 2025?**<br>

---

| | |
|:---|:---|
| Fund Statistic | Value ($ in thousands) |
| Fund Size ($): | 7691138 |
| Number of Investments: | 1 |
| Portfolio Turnover (%): | 14 |
| Total Advisory Fees Paid ($): | 5796 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **What did the Fund invest in as of June 30, 2025?**<br>

---

| | |
|:---|:---|
| Industry Sector (%) | Industry Sector (%) |
| **Long Investments** | **Long Investments** |
| Domestic Equity | 100.0 |
| **Total Net Assets** | 100.0 |

---

---

| |
|:---|
| **Where can I find additional information about the Fund?** |
| Additional information is available on the Fund's website at https://www.jackson.com/fund-literature.html, including: |
| ⬥ Prospectus |
| ⬥ Financial information |
| ⬥ Holdings |
| ⬥ Proxy voting information |

---

If you have questions regarding electronic delivery, please scan the QR Code.

![](img_0a77b1f30fbf4.jpg)

---

| | |
|:---|:---|
| JNL/American Funds Growth-Income Fund | |
| Semi-Annual Shareholder Report |  |
| Share Class I | June 30, 2025 |

---

![](img_63986cf449ba4.jpg)

**This shareholder report contains important information about JNL/American Funds Growth-Income Fund for the period ended June 30, 2025. You can find additional information at https://www.jackson.com/fund-literature.html. You can also request this information by contacting us at 1-800-644-4565 or DocumentRequest@jackson.com.** 

**What were the Fund costs for the last six months?**<br>

---

| | | |
|:---|:---|:---|
| Share Class | Costs of a $10,000 investment<sup>(a)</sup> | Costs paid as a percentage of a $10,000 investment<sup>(a)</sup> |
| Class I | $31 | 0.61% |

---

<br> <sup><sup>(a)</sup></sup> Costs include the impact of the Master Fund's expenses.

**What are some key Fund statistics as of June 30, 2025?**<br>

---

| | |
|:---|:---|
| Fund Statistic | Value ($ in thousands) |
| Fund Size ($): | 12085081 |
| Number of Investments: | 1 |
| Portfolio Turnover (%): | 18 |
| Total Advisory Fees Paid ($): | 13692 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **What did the Fund invest in as of June 30, 2025?**<br>

---

| | |
|:---|:---|
| Industry Sector (%) | Industry Sector (%) |
| **Long Investments** | **Long Investments** |
| Domestic Equity | 100.0 |
| **Total Net Assets** | 100.0 |

---

---

| |
|:---|
| **Where can I find additional information about the Fund?** |
| Additional information is available on the Fund's website at https://www.jackson.com/fund-literature.html, including: |
| ⬥ Prospectus |
| ⬥ Financial information |
| ⬥ Holdings |
| ⬥ Proxy voting information |

---

If you have questions regarding electronic delivery, please scan the QR Code.

![](img_0a77b1f30fbf4.jpg)

---

| | |
|:---|:---|
| JNL/American Funds International Fund | |
| Semi-Annual Shareholder Report |  |
| Share Class I | June 30, 2025 |

---

![](img_63986cf449ba4.jpg)

**This shareholder report contains important information about JNL/American Funds International Fund for the period ended June 30, 2025. You can find additional information at https://www.jackson.com/fund-literature.html. You can also request this information by contacting us at 1-800-644-4565 or DocumentRequest@jackson.com.** 

**What were the Fund costs for the last six months?**<br>

---

| | | |
|:---|:---|:---|
| Share Class | Costs of a $10,000 investment<sup>(a)</sup> | Costs paid as a percentage of a $10,000 investment<sup>(a)</sup> |
| Class I | $45 | 0.86% |

---

<br> <sup><sup>(a)</sup></sup> Costs include the impact of the Master Fund's expenses.

**What are some key Fund statistics as of June 30, 2025?**<br>

---

| | |
|:---|:---|
| Fund Statistic | Value ($ in thousands) |
| Fund Size ($): | 1375918 |
| Number of Investments: | 1 |
| Portfolio Turnover (%): | 42 |
| Total Advisory Fees Paid ($): | 1545 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **What did the Fund invest in as of June 30, 2025?**<br>

---

| | |
|:---|:---|
| Industry Sector (%) | Industry Sector (%) |
| **Long Investments** | **Long Investments** |
| International Equity | 100.0 |
| **Total Net Assets** | 100.0 |

---

---

| |
|:---|
| **Where can I find additional information about the Fund?** |
| Additional information is available on the Fund's website at https://www.jackson.com/fund-literature.html, including: |
| ⬥ Prospectus |
| ⬥ Financial information |
| ⬥ Holdings |
| ⬥ Proxy voting information |

---

If you have questions regarding electronic delivery, please scan the QR Code.

![](img_0a77b1f30fbf4.jpg)

---

| | |
|:---|:---|
| JNL/American Funds New World Fund | |
| Semi-Annual Shareholder Report |  |
| Share Class I | June 30, 2025 |

---

![](img_63986cf449ba4.jpg)

**This shareholder report contains important information about JNL/American Funds New World Fund for the period ended June 30, 2025. You can find additional information at https://www.jackson.com/fund-literature.html. You can also request this information by contacting us at 1-800-644-4565 or DocumentRequest@jackson.com.** 

**What were the Fund costs for the last six months?**<br>

---

| | | |
|:---|:---|:---|
| Share Class | Costs of a $10,000 investment<sup>(a)</sup> | Costs paid as a percentage of a $10,000 investment<sup>(a)</sup> |
| Class I | $51 | 0.96% |

---

<br> <sup><sup>(a)</sup></sup> Costs include the impact of the Master Fund's expenses.

**What are some key Fund statistics as of June 30, 2025?**<br>

---

| | |
|:---|:---|
| Fund Statistic | Value ($ in thousands) |
| Fund Size ($): | 1416640 |
| Number of Investments: | 1 |
| Portfolio Turnover (%): | 23 |
| Total Advisory Fees Paid ($): | 1894 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **What did the Fund invest in as of June 30, 2025?**<br>

---

| | |
|:---|:---|
| Industry Sector (%) | Industry Sector (%) |
| **Long Investments** | **Long Investments** |
| Emerging Markets Equity | 100.0 |
| **Total Net Assets** | 100.0 |

---

---

| |
|:---|
| **Where can I find additional information about the Fund?** |
| Additional information is available on the Fund's website at https://www.jackson.com/fund-literature.html, including: |
| ⬥ Prospectus |
| ⬥ Financial information |
| ⬥ Holdings |
| ⬥ Proxy voting information |

---

If you have questions regarding electronic delivery, please scan the QR Code.

![](img_0a77b1f30fbf4.jpg)

---

| | |
|:---|:---|
| JNL/American Funds Washington Mutual Investors Fund | |
| Semi-Annual Shareholder Report |  |
| Share Class I | June 30, 2025 |

---

![](img_63986cf449ba4.jpg)

**This shareholder report contains important information about JNL/American Funds Washington Mutual Investors Fund for the period ended June 30, 2025. You can find additional information at https://www.jackson.com/fund-literature.html. You can also request this information by contacting us at 1-800-644-4565 or DocumentRequest@jackson.com.** 

**What were the Fund costs for the last six months?**<br>

---

| | | |
|:---|:---|:---|
| Share Class | Costs of a $10,000 investment<sup>(a)</sup> | Costs paid as a percentage of a $10,000 investment<sup>(a)</sup> |
| Class I | $32 | 0.62% |

---

<br> <sup><sup>(a)</sup></sup> Costs include the impact of the Master Fund's expenses.

**What are some key Fund statistics as of June 30, 2025?**<br>

---

| | |
|:---|:---|
| Fund Statistic | Value ($ in thousands) |
| Fund Size ($): | 4173283 |
| Number of Investments: | 1 |
| Portfolio Turnover (%): | 18 |
| Total Advisory Fees Paid ($): | 5130 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **What did the Fund invest in as of June 30, 2025?**<br>

---

| | |
|:---|:---|
| Industry Sector (%) | Industry Sector (%) |
| **Long Investments** | **Long Investments** |
| Domestic Equity | 100.0 |
| **Total Net Assets** | 100.0 |

---

---

| |
|:---|
| **Where can I find additional information about the Fund?** |
| Additional information is available on the Fund's website at https://www.jackson.com/fund-literature.html, including: |
| ⬥ Prospectus |
| ⬥ Financial information |
| ⬥ Holdings |
| ⬥ Proxy voting information |

---

If you have questions regarding electronic delivery, please scan the QR Code.

![](img_0a77b1f30fbf4.jpg)

---

| | |
|:---|:---|
| JNL/Mellon Bond Index Fund | |
| Semi-Annual Shareholder Report |  |
| Share Class I | June 30, 2025 |

---

![](img_63986cf449ba4.jpg)

**This shareholder report contains important information about JNL/Mellon Bond Index Fund for the period ended June 30, 2025. You can find additional information at https://www.jackson.com/fund-literature.html. You can also request this information by contacting us at 1-800-644-4565 or DocumentRequest@jackson.com.** 

**What were the Fund costs for the last six months?**<br>

---

| | | |
|:---|:---|:---|
| Share Class | Costs of a $10,000 investment<sup>(a)</sup> | Costs paid as a percentage of a $10,000 investment<sup>(a)</sup> |
| Class I | $13 | 0.26% |

---

<br> <sup><sup>(a)</sup></sup> Costs include the impact of the Master Fund's expenses.

**What are some key Fund statistics as of June 30, 2025?**<br>

---

| | |
|:---|:---|
| Fund Statistic | Value ($ in thousands) |
| Fund Size ($): | 1002148 |
| Number of Investments: | 1 |
| Portfolio Turnover (%): | 45 |
| Total Advisory Fees Paid ($): | 462 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **What did the Fund invest in as of June 30, 2025?**<br>

---

| | |
|:---|:---|
| Industry Sector (%) | Industry Sector (%) |
| **Long Investments** | **Long Investments** |
| Domestic Fixed Income | 100.0 |
| **Total Net Assets** | 100.0 |

---

---

| |
|:---|
| **Where can I find additional information about the Fund?** |
| Additional information is available on the Fund's website at https://www.jackson.com/fund-literature.html, including: |
| ⬥ Prospectus |
| ⬥ Financial information |
| ⬥ Holdings |
| ⬥ Proxy voting information |

---

If you have questions regarding electronic delivery, please scan the QR Code.

![](img_0a77b1f30fbf4.jpg)

---

| | |
|:---|:---|
| JNL/Mellon Emerging Markets Index Fund | |
| Semi-Annual Shareholder Report |  |
| Share Class I | June 30, 2025 |

---

![](img_63986cf449ba4.jpg)

**This shareholder report contains important information about JNL/Mellon Emerging Markets Index Fund for the period ended June 30, 2025. You can find additional information at https://www.jackson.com/fund-literature.html. You can also request this information by contacting us at 1-800-644-4565 or DocumentRequest@jackson.com.** 

**What were the Fund costs for the last six months?**<br>

---

| | | |
|:---|:---|:---|
| Share Class | Costs of a $10,000 investment<sup>(a)</sup> | Costs paid as a percentage of a $10,000 investment<sup>(a)</sup> |
| Class I | $21 | 0.39% |

---

<br> <sup><sup>(a)</sup></sup> Costs include the impact of the Master Fund's expenses.

**What are some key Fund statistics as of June 30, 2025?**<br>

---

| | |
|:---|:---|
| Fund Statistic | Value ($ in thousands) |
| Fund Size ($): | 828380 |
| Number of Investments: | 1 |
| Portfolio Turnover (%): | 3 |
| Total Advisory Fees Paid ($): | 523 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **What did the Fund invest in as of June 30, 2025?**<br>

---

| | |
|:---|:---|
| Industry Sector (%) | Industry Sector (%) |
| **Long Investments** | **Long Investments** |
| Emerging Markets Equity | 100.0 |
| **Total Net Assets** | 100.0 |

---

---

| |
|:---|
| **Where can I find additional information about the Fund?** |
| Additional information is available on the Fund's website at https://www.jackson.com/fund-literature.html, including: |
| ⬥ Prospectus |
| ⬥ Financial information |
| ⬥ Holdings |
| ⬥ Proxy voting information |

---

If you have questions regarding electronic delivery, please scan the QR Code.

![](img_0a77b1f30fbf4.jpg)

---

| | |
|:---|:---|
| JNL/Mellon International Index Fund | |
| Semi-Annual Shareholder Report |  |
| Share Class I | June 30, 2025 |

---

![](img_63986cf449ba4.jpg)

**This shareholder report contains important information about JNL/Mellon International Index Fund for the period ended June 30, 2025. You can find additional information at https://www.jackson.com/fund-literature.html. You can also request this information by contacting us at 1-800-644-4565 or DocumentRequest@jackson.com.** 

**What were the Fund costs for the last six months?**<br>

---

| | | |
|:---|:---|:---|
| Share Class | Costs of a $10,000 investment<sup>(a)</sup> | Costs paid as a percentage of a $10,000 investment<sup>(a)</sup> |
| Class I | $17 | 0.31% |

---

<br> <sup><sup>(a)</sup></sup> Costs include the impact of the Master Fund's expenses.

**What are some key Fund statistics as of June 30, 2025?**<br>

---

| | |
|:---|:---|
| Fund Statistic | Value ($ in thousands) |
| Fund Size ($): | 2991525 |
| Number of Investments: | 1 |
| Portfolio Turnover (%): | 8 |
| Total Advisory Fees Paid ($): | 704 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **What did the Fund invest in as of June 30, 2025?**<br>

---

| | |
|:---|:---|
| Industry Sector (%) | Industry Sector (%) |
| **Long Investments** | **Long Investments** |
| International Equity | 100.0 |
| **Total Net Assets** | 100.0 |

---

---

| |
|:---|
| **Where can I find additional information about the Fund?** |
| Additional information is available on the Fund's website at https://www.jackson.com/fund-literature.html, including: |
| ⬥ Prospectus |
| ⬥ Financial information |
| ⬥ Holdings |
| ⬥ Proxy voting information |

---

If you have questions regarding electronic delivery, please scan the QR Code.

![](img_0a77b1f30fbf4.jpg)

---

| | |
|:---|:---|
| JNL/Mellon S&P 400 MidCap Index Fund | |
| Semi-Annual Shareholder Report |  |
| Share Class I | June 30, 2025 |

---

![](img_63986cf449ba4.jpg)

**This shareholder report contains important information about JNL/Mellon S&P 400 MidCap Index Fund for the period ended June 30, 2025. You can find additional information at https://www.jackson.com/fund-literature.html. You can also request this information by contacting us at 1-800-644-4565 or DocumentRequest@jackson.com.** 

**What were the Fund costs for the last six months?**<br>

---

| | | |
|:---|:---|:---|
| Share Class | Costs of a $10,000 investment<sup>(a)</sup> | Costs paid as a percentage of a $10,000 investment<sup>(a)</sup> |
| Class I | $13 | 0.26% |

---

<br> <sup><sup>(a)</sup></sup> Costs include the impact of the Master Fund's expenses.

**What are some key Fund statistics as of June 30, 2025?**<br>

---

| | |
|:---|:---|
| Fund Statistic | Value ($ in thousands) |
| Fund Size ($): | 3275654 |
| Number of Investments: | 1 |
| Portfolio Turnover (%): | 6 |
| Total Advisory Fees Paid ($): | 955 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **What did the Fund invest in as of June 30, 2025?**<br>

---

| | |
|:---|:---|
| Industry Sector (%) | Industry Sector (%) |
| **Long Investments** | **Long Investments** |
| Domestic Equity | 100.0 |
| **Total Net Assets** | 100.0 |

---

---

| |
|:---|
| **Where can I find additional information about the Fund?** |
| Additional information is available on the Fund's website at https://www.jackson.com/fund-literature.html, including: |
| ⬥ Prospectus |
| ⬥ Financial information |
| ⬥ Holdings |
| ⬥ Proxy voting information |

---

If you have questions regarding electronic delivery, please scan the QR Code.

![](img_0a77b1f30fbf4.jpg)

---

| | |
|:---|:---|
| JNL/Mellon Small Cap Index Fund | |
| Semi-Annual Shareholder Report |  |
| Share Class I | June 30, 2025 |

---

![](img_63986cf449ba4.jpg)

**This shareholder report contains important information about JNL/Mellon Small Cap Index Fund for the period ended June 30, 2025. You can find additional information at https://www.jackson.com/fund-literature.html. You can also request this information by contacting us at 1-800-644-4565 or DocumentRequest@jackson.com.** 

**What were the Fund costs for the last six months?**<br>

---

| | | |
|:---|:---|:---|
| Share Class | Costs of a $10,000 investment<sup>(a)</sup> | Costs paid as a percentage of a $10,000 investment<sup>(a)</sup> |
| Class I | $13 | 0.26% |

---

<br> <sup><sup>(a)</sup></sup> Costs include the impact of the Master Fund's expenses.

**What are some key Fund statistics as of June 30, 2025?**<br>

---

| | |
|:---|:---|
| Fund Statistic | Value ($ in thousands) |
| Fund Size ($): | 2281061 |
| Number of Investments: | 1 |
| Portfolio Turnover (%): | 14 |
| Total Advisory Fees Paid ($): | 731 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **What did the Fund invest in as of June 30, 2025?**<br>

---

| | |
|:---|:---|
| Industry Sector (%) | Industry Sector (%) |
| **Long Investments** | **Long Investments** |
| Domestic Equity | 100.0 |
| **Total Net Assets** | 100.0 |

---

---

| |
|:---|
| **Where can I find additional information about the Fund?** |
| Additional information is available on the Fund's website at https://www.jackson.com/fund-literature.html, including: |
| ⬥ Prospectus |
| ⬥ Financial information |
| ⬥ Holdings |
| ⬥ Proxy voting information |

---

If you have questions regarding electronic delivery, please scan the QR Code.

![](img_0a77b1f30fbf4.jpg)

---

| | |
|:---|:---|
| JNL Aggressive Growth Allocation Fund | |
| Semi-Annual Shareholder Report |  |
| Share Class I | June 30, 2025 |

---

![](img_63986cf449ba4.jpg)

**This shareholder report contains important information about JNL Aggressive Growth Allocation Fund for the period ended June 30, 2025. You can find additional information at https://www.jackson.com/fund-literature.html. You can also request this information by contacting us at 1-800-644-4565 or DocumentRequest@jackson.com.** 

**What were the Fund costs for the last six months?**<br>

---

| | | |
|:---|:---|:---|
| Share Class | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| Class I | $8 | 0.15% |

---

**What are some key Fund statistics as of June 30, 2025?**<br>

---

| | |
|:---|:---|
| Fund Statistic | Value ($ in thousands) |
| Fund Size ($): | 1480720 |
| Number of Investments: | 22 |
| Portfolio Turnover (%): | 13 |
| Total Advisory Fees Paid ($): | 687 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **What did the Fund invest in as of June 30, 2025?**<br>

---

| | |
|:---|:---|
| Industry Sector (%) | Industry Sector (%) |
| **Long Investments** | **Long Investments** |
| Domestic Equity | 61.3 |
| International Equity | 19.7 |
| Emerging Markets Equity | 8.0 |
| Global Equity | 5.5 |
| Alternative | 3.0 |
| Domestic Fixed Income | 2.5 |
| **Total Net Assets** | 100.0 |

---

---

| |
|:---|
| **Where can I find additional information about the Fund?** |
| Additional information is available on the Fund's website at https://www.jackson.com/fund-literature.html, including: |
| ⬥ Prospectus |
| ⬥ Financial information |
| ⬥ Holdings |
| ⬥ Proxy voting information |

---

If you have questions regarding electronic delivery, please scan the QR Code.

![](img_0a77b1f30fbf4.jpg)

---

| | |
|:---|:---|
| JNL Conservative Allocation Fund | |
| Semi-Annual Shareholder Report |  |
| Share Class I | June 30, 2025 |

---

![](img_63986cf449ba4.jpg)

**This shareholder report contains important information about JNL Conservative Allocation Fund for the period ended June 30, 2025. You can find additional information at https://www.jackson.com/fund-literature.html. You can also request this information by contacting us at 1-800-644-4565 or DocumentRequest@jackson.com.** 

**What were the Fund costs for the last six months?**<br>

---

| | | |
|:---|:---|:---|
| Share Class | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| Class I | $9 | 0.18% |

---

**What are some key Fund statistics as of June 30, 2025?**<br>

---

| | |
|:---|:---|
| Fund Statistic | Value ($ in thousands) |
| Fund Size ($): | 565234 |
| Number of Investments: | 24 |
| Portfolio Turnover (%): | 11 |
| Total Advisory Fees Paid ($): | 344 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **What did the Fund invest in as of June 30, 2025?**<br>

---

| | |
|:---|:---|
| Industry Sector (%) | Industry Sector (%) |
| **Long Investments** | **Long Investments** |
| Domestic Fixed Income | 62.4 |
| Alternative | 11.2 |
| Domestic Equity | 10.9 |
| Domestic Balanced | 6.0 |
| Emerging Markets Fixed Income | 4.0 |
| International Equity | 3.5 |
| Emerging Markets Equity | 2.0 |
| **Total Net Assets** | 100.0 |

---

---

| |
|:---|
| **Where can I find additional information about the Fund?** |
| Additional information is available on the Fund's website at https://www.jackson.com/fund-literature.html, including: |
| ⬥ Prospectus |
| ⬥ Financial information |
| ⬥ Holdings |
| ⬥ Proxy voting information |

---

If you have questions regarding electronic delivery, please scan the QR Code.

![](img_0a77b1f30fbf4.jpg)

---

| | |
|:---|:---|
| JNL Growth Allocation Fund | |
| Semi-Annual Shareholder Report |  |
| Share Class I | June 30, 2025 |

---

![](img_63986cf449ba4.jpg)

**This shareholder report contains important information about JNL Growth Allocation Fund for the period ended June 30, 2025. You can find additional information at https://www.jackson.com/fund-literature.html. You can also request this information by contacting us at 1-800-644-4565 or DocumentRequest@jackson.com.** 

**What were the Fund costs for the last six months?**<br>

---

| | | |
|:---|:---|:---|
| Share Class | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| Class I | $7 | 0.14% |

---

**What are some key Fund statistics as of June 30, 2025?**<br>

---

| | |
|:---|:---|
| Fund Statistic | Value ($ in thousands) |
| Fund Size ($): | 2878066 |
| Number of Investments: | 35 |
| Portfolio Turnover (%): | 9 |
| Total Advisory Fees Paid ($): | 1250 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **What did the Fund invest in as of June 30, 2025?**<br>

---

| | |
|:---|:---|
| Industry Sector (%) | Industry Sector (%) |
| **Long Investments** | **Long Investments** |
| Domestic Equity | 51.5 |
| International Equity | 17.9 |
| Domestic Fixed Income | 11.3 |
| Alternative | 7.8 |
| Emerging Markets Equity | 6.5 |
| Global Equity | 4.0 |
| Emerging Markets Fixed Income | 1.0 |
| **Total Net Assets** | 100.0 |

---

---

| |
|:---|
| **Where can I find additional information about the Fund?** |
| Additional information is available on the Fund's website at https://www.jackson.com/fund-literature.html, including: |
| ⬥ Prospectus |
| ⬥ Financial information |
| ⬥ Holdings |
| ⬥ Proxy voting information |

---

If you have questions regarding electronic delivery, please scan the QR Code.

![](img_0a77b1f30fbf4.jpg)

---

| | |
|:---|:---|
| JNL Moderate Allocation Fund | |
| Semi-Annual Shareholder Report |  |
| Share Class I | June 30, 2025 |

---

![](img_63986cf449ba4.jpg)

**This shareholder report contains important information about JNL Moderate Allocation Fund for the period ended June 30, 2025. You can find additional information at https://www.jackson.com/fund-literature.html. You can also request this information by contacting us at 1-800-644-4565 or DocumentRequest@jackson.com.** 

**What were the Fund costs for the last six months?**<br>

---

| | | |
|:---|:---|:---|
| Share Class | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| Class I | $8 | 0.15% |

---

**What are some key Fund statistics as of June 30, 2025?**<br>

---

| | |
|:---|:---|
| Fund Statistic | Value ($ in thousands) |
| Fund Size ($): | 1903482 |
| Number of Investments: | 32 |
| Portfolio Turnover (%): | 7 |
| Total Advisory Fees Paid ($): | 877 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **What did the Fund invest in as of June 30, 2025?**<br>

---

| | |
|:---|:---|
| Industry Sector (%) | Industry Sector (%) |
| **Long Investments** | **Long Investments** |
| Domestic Fixed Income | 42.9 |
| Domestic Equity | 25.2 |
| Alternative | 11.3 |
| Domestic Balanced | 6.0 |
| International Equity | 5.8 |
| Emerging Markets Equity | 3.5 |
| Emerging Markets Fixed Income | 3.3 |
| Global Equity | 2.0 |
| **Total Net Assets** | 100.0 |

---

---

| |
|:---|
| **Where can I find additional information about the Fund?** |
| Additional information is available on the Fund's website at https://www.jackson.com/fund-literature.html, including: |
| ⬥ Prospectus |
| ⬥ Financial information |
| ⬥ Holdings |
| ⬥ Proxy voting information |

---

If you have questions regarding electronic delivery, please scan the QR Code.

![](img_0a77b1f30fbf4.jpg)

---

| | |
|:---|:---|
| JNL Moderate Growth Allocation Fund | |
| Semi-Annual Shareholder Report |  |
| Share Class I | June 30, 2025 |

---

![](img_63986cf449ba4.jpg)

**This shareholder report contains important information about JNL Moderate Growth Allocation Fund for the period ended June 30, 2025. You can find additional information at https://www.jackson.com/fund-literature.html. You can also request this information by contacting us at 1-800-644-4565 or DocumentRequest@jackson.com.** 

**What were the Fund costs for the last six months?**<br>

---

| | | |
|:---|:---|:---|
| Share Class | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| Class I | $7 | 0.14% |

---

**What are some key Fund statistics as of June 30, 2025?**<br>

---

| | |
|:---|:---|
| Fund Statistic | Value ($ in thousands) |
| Fund Size ($): | 3510719 |
| Number of Investments: | 32 |
| Portfolio Turnover (%): | 8 |
| Total Advisory Fees Paid ($): | 1495 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **What did the Fund invest in as of June 30, 2025?**<br>

---

| | |
|:---|:---|
| Industry Sector (%) | Industry Sector (%) |
| **Long Investments** | **Long Investments** |
| Domestic Equity | 41.3 |
| Domestic Fixed Income | 26.5 |
| International Equity | 11.9 |
| Alternative | 10.3 |
| Emerging Markets Equity | 4.8 |
| Global Equity | 3.0 |
| Emerging Markets Fixed Income | 2.2 |
| **Total Net Assets** | 100.0 |

---

---

| |
|:---|
| **Where can I find additional information about the Fund?** |
| Additional information is available on the Fund's website at https://www.jackson.com/fund-literature.html, including: |
| ⬥ Prospectus |
| ⬥ Financial information |
| ⬥ Holdings |
| ⬥ Proxy voting information |

---

If you have questions regarding electronic delivery, please scan the QR Code.

![](img_0a77b1f30fbf4.jpg)

---

| | |
|:---|:---|
| JNL/JPMorgan Managed Aggressive Growth Fund | |
| Semi-Annual Shareholder Report |  |
| Share Class I | June 30, 2025 |

---

![](img_63986cf449ba4.jpg)

**This shareholder report contains important information about JNL/JPMorgan Managed Aggressive Growth Fund for the period ended June 30, 2025. You can find additional information at https://www.jackson.com/fund-literature.html. You can also request this information by contacting us at 1-800-644-4565 or DocumentRequest@jackson.com.** 

**What were the Fund costs for the last six months?**<br>

---

| | | |
|:---|:---|:---|
| Share Class | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| Class I | $7 | 0.14% |

---

**What are some key Fund statistics as of June 30, 2025?**<br>

---

| | |
|:---|:---|
| Fund Statistic | Value ($ in thousands) |
| Fund Size ($): | 2157045 |
| Number of Investments: | 29 |
| Portfolio Turnover (%): | 0 |
| Total Advisory Fees Paid ($): | 902 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **What did the Fund invest in as of June 30, 2025?**<br>

---

| | |
|:---|:---|
| Industry Sector (%) | Industry Sector (%) |
| **Long Investments** | **Long Investments** |
| Domestic Equity | 62.9 |
| International Equity | 21.6 |
| Domestic Fixed Income | 5.6 |
| Emerging Markets Equity | 5.5 |
| Alternative | 4.4 |
| **Total Net Assets** | 100.0 |

---

---

| |
|:---|
| **Where can I find additional information about the Fund?** |
| Additional information is available on the Fund's website at https://www.jackson.com/fund-literature.html, including: |
| ⬥ Prospectus |
| ⬥ Financial information |
| ⬥ Holdings |
| ⬥ Proxy voting information |

---

If you have questions regarding electronic delivery, please scan the QR Code.

![](img_0a77b1f30fbf4.jpg)

---

| | |
|:---|:---|
| JNL/JPMorgan Managed Conservative Fund | |
| Semi-Annual Shareholder Report |  |
| Share Class I | June 30, 2025 |

---

![](img_63986cf449ba4.jpg)

**This shareholder report contains important information about JNL/JPMorgan Managed Conservative Fund for the period ended June 30, 2025. You can find additional information at https://www.jackson.com/fund-literature.html. You can also request this information by contacting us at 1-800-644-4565 or DocumentRequest@jackson.com.** 

**What were the Fund costs for the last six months?**<br>

---

| | | |
|:---|:---|:---|
| Share Class | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| Class I | $8 | 0.15% |

---

**What are some key Fund statistics as of June 30, 2025?**<br>

---

| | |
|:---|:---|
| Fund Statistic | Value ($ in thousands) |
| Fund Size ($): | 684734 |
| Number of Investments: | 31 |
| Portfolio Turnover (%): | 4 |
| Total Advisory Fees Paid ($): | 342 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **What did the Fund invest in as of June 30, 2025?**<br>

---

| | |
|:---|:---|
| Industry Sector (%) | Industry Sector (%) |
| **Long Investments** | **Long Investments** |
| Domestic Fixed Income | 69.6 |
| Domestic Equity | 14.2 |
| Alternative | 7.3 |
| International Equity | 4.5 |
| Global Fixed Income | 3.2 |
| Emerging Markets Equity | 1.2 |
| **Total Net Assets** | 100.0 |

---

---

| |
|:---|
| **Where can I find additional information about the Fund?** |
| Additional information is available on the Fund's website at https://www.jackson.com/fund-literature.html, including: |
| ⬥ Prospectus |
| ⬥ Financial information |
| ⬥ Holdings |
| ⬥ Proxy voting information |

---

If you have questions regarding electronic delivery, please scan the QR Code.

![](img_0a77b1f30fbf4.jpg)

---

| | |
|:---|:---|
| JNL/JPMorgan Managed Growth Fund | |
| Semi-Annual Shareholder Report |  |
| Share Class I | June 30, 2025 |

---

![](img_63986cf449ba4.jpg)

**This shareholder report contains important information about JNL/JPMorgan Managed Growth Fund for the period ended June 30, 2025. You can find additional information at https://www.jackson.com/fund-literature.html. You can also request this information by contacting us at 1-800-644-4565 or DocumentRequest@jackson.com.** 

**What were the Fund costs for the last six months?**<br>

---

| | | |
|:---|:---|:---|
| Share Class | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| Class I | $7 | 0.13% |

---

**What are some key Fund statistics as of June 30, 2025?**<br>

---

| | |
|:---|:---|
| Fund Statistic | Value ($ in thousands) |
| Fund Size ($): | 4088500 |
| Number of Investments: | 32 |
| Portfolio Turnover (%): | 0 |
| Total Advisory Fees Paid ($): | 1643 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **What did the Fund invest in as of June 30, 2025?**<br>

---

| | |
|:---|:---|
| Industry Sector (%) | Industry Sector (%) |
| **Long Investments** | **Long Investments** |
| Domestic Equity | 56.1 |
| International Equity | 19.3 |
| Domestic Fixed Income | 15.5 |
| Emerging Markets Equity | 4.7 |
| Alternative | 4.4 |
| **Total Net Assets** | 100.0 |

---

---

| |
|:---|
| **Where can I find additional information about the Fund?** |
| Additional information is available on the Fund's website at https://www.jackson.com/fund-literature.html, including: |
| ⬥ Prospectus |
| ⬥ Financial information |
| ⬥ Holdings |
| ⬥ Proxy voting information |

---

If you have questions regarding electronic delivery, please scan the QR Code.

![](img_0a77b1f30fbf4.jpg)

---

| | |
|:---|:---|
| JNL/JPMorgan Managed Moderate Fund | |
| Semi-Annual Shareholder Report |  |
| Share Class I | June 30, 2025 |

---

![](img_63986cf449ba4.jpg)

**This shareholder report contains important information about JNL/JPMorgan Managed Moderate Fund for the period ended June 30, 2025. You can find additional information at https://www.jackson.com/fund-literature.html. You can also request this information by contacting us at 1-800-644-4565 or DocumentRequest@jackson.com.** 

**What were the Fund costs for the last six months?**<br>

---

| | | |
|:---|:---|:---|
| Share Class | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| Class I | $7 | 0.14% |

---

**What are some key Fund statistics as of June 30, 2025?**<br>

---

| | |
|:---|:---|
| Fund Statistic | Value ($ in thousands) |
| Fund Size ($): | 1676305 |
| Number of Investments: | 37 |
| Portfolio Turnover (%): | 1 |
| Total Advisory Fees Paid ($): | 741 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **What did the Fund invest in as of June 30, 2025?**<br>

---

| | |
|:---|:---|
| Industry Sector (%) | Industry Sector (%) |
| **Long Investments** | **Long Investments** |
| Domestic Fixed Income | 51.7 |
| Domestic Equity | 27.8 |
| International Equity | 9.4 |
| Alternative | 6.4 |
| Emerging Markets Equity | 2.5 |
| Global Fixed Income | 2.2 |
| **Total Net Assets** | 100.0 |

---

---

| |
|:---|
| **Where can I find additional information about the Fund?** |
| Additional information is available on the Fund's website at https://www.jackson.com/fund-literature.html, including: |
| ⬥ Prospectus |
| ⬥ Financial information |
| ⬥ Holdings |
| ⬥ Proxy voting information |

---

If you have questions regarding electronic delivery, please scan the QR Code.

![](img_0a77b1f30fbf4.jpg)

---

| | |
|:---|:---|
| JNL/JPMorgan Managed Moderate Growth Fund | |
| Semi-Annual Shareholder Report |  |
| Share Class I | June 30, 2025 |

---

![](img_63986cf449ba4.jpg)

**This shareholder report contains important information about JNL/JPMorgan Managed Moderate Growth Fund for the period ended June 30, 2025. You can find additional information at https://www.jackson.com/fund-literature.html. You can also request this information by contacting us at 1-800-644-4565 or DocumentRequest@jackson.com.** 

**What were the Fund costs for the last six months?**<br>

---

| | | |
|:---|:---|:---|
| Share Class | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| Class I | $7 | 0.13% |

---

**What are some key Fund statistics as of June 30, 2025?**<br>

---

| | |
|:---|:---|
| Fund Statistic | Value ($ in thousands) |
| Fund Size ($): | 3734240 |
| Number of Investments: | 35 |
| Portfolio Turnover (%): | 1 |
| Total Advisory Fees Paid ($): | 1529 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **What did the Fund invest in as of June 30, 2025?**<br>

---

| | |
|:---|:---|
| Industry Sector (%) | Industry Sector (%) |
| **Long Investments** | **Long Investments** |
| Domestic Equity | 41.9 |
| Domestic Fixed Income | 33.8 |
| International Equity | 14.5 |
| Alternative | 6.3 |
| Emerging Markets Equity | 3.5 |
| **Total Net Assets** | 100.0 |

---

---

| |
|:---|
| **Where can I find additional information about the Fund?** |
| Additional information is available on the Fund's website at https://www.jackson.com/fund-literature.html, including: |
| ⬥ Prospectus |
| ⬥ Financial information |
| ⬥ Holdings |
| ⬥ Proxy voting information |

---

If you have questions regarding electronic delivery, please scan the QR Code.

![](img_0a77b1f30fbf4.jpg)

---

| | |
|:---|:---|
| JNL/American Funds Growth Allocation Fund | |
| Semi-Annual Shareholder Report |  |
| Share Class I | June 30, 2025 |

---

![](img_63986cf449ba4.jpg)

**This shareholder report contains important information about JNL/American Funds Growth Allocation Fund for the period ended June 30, 2025. You can find additional information at https://www.jackson.com/fund-literature.html. You can also request this information by contacting us at 1-800-644-4565 or DocumentRequest@jackson.com.** 

**What were the Fund costs for the last six months?**<br>

---

| | | |
|:---|:---|:---|
| Share Class | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| Class I | $17 | 0.33% |

---

**What are some key Fund statistics as of June 30, 2025?**<br>

---

| | |
|:---|:---|
| Fund Statistic | Value ($ in thousands) |
| Fund Size ($): | 4101334 |
| Number of Investments: | 16 |
| Portfolio Turnover (%): | 12 |
| Total Advisory Fees Paid ($): | 3448 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **What did the Fund invest in as of June 30, 2025?**<br>

---

| | |
|:---|:---|
| Industry Sector (%) | Industry Sector (%) |
| **Long Investments** | **Long Investments** |
| Domestic Equity | 46.8 |
| Domestic Fixed Income | 16.1 |
| International Equity | 15.7 |
| Global Equity | 13.3 |
| Emerging Markets Equity | 6.7 |
| Emerging Markets Fixed Income | 1.4 |
| **Total Net Assets** | 100.0 |

---

---

| |
|:---|
| **Where can I find additional information about the Fund?** |
| Additional information is available on the Fund's website at https://www.jackson.com/fund-literature.html, including: |
| ⬥ Prospectus |
| ⬥ Financial information |
| ⬥ Holdings |
| ⬥ Proxy voting information |

---

If you have questions regarding electronic delivery, please scan the QR Code.

![](img_0a77b1f30fbf4.jpg)

---

| | |
|:---|:---|
| JNL/American Funds Moderate Allocation Fund | |
| Semi-Annual Shareholder Report |  |
| Share Class I | June 30, 2025 |

---

![](img_63986cf449ba4.jpg)

**This shareholder report contains important information about JNL/American Funds Moderate Allocation Fund for the period ended June 30, 2025. You can find additional information at https://www.jackson.com/fund-literature.html. You can also request this information by contacting us at 1-800-644-4565 or DocumentRequest@jackson.com.** 

**What were the Fund costs for the last six months?**<br>

---

| | | |
|:---|:---|:---|
| Share Class | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| Class I | $19 | 0.36% |

---

**What are some key Fund statistics as of June 30, 2025?**<br>

---

| | |
|:---|:---|
| Fund Statistic | Value ($ in thousands) |
| Fund Size ($): | 25236 |
| Number of Investments: | 15 |
| Portfolio Turnover (%): | 22 |
| Total Advisory Fees Paid ($): | 14 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **What did the Fund invest in as of June 30, 2025?**<br>

---

| | |
|:---|:---|
| Industry Sector (%) | Industry Sector (%) |
| **Long Investments** | **Long Investments** |
| Domestic Fixed Income | 54.5 |
| Domestic Equity | 23.5 |
| International Equity | 7.5 |
| Global Equity | 6.7 |
| Emerging Markets Fixed Income | 4.5 |
| Emerging Markets Equity | 3.3 |
| **Total Net Assets** | 100.0 |

---

---

| |
|:---|
| **Where can I find additional information about the Fund?** |
| Additional information is available on the Fund's website at https://www.jackson.com/fund-literature.html, including: |
| ⬥ Prospectus |
| ⬥ Financial information |
| ⬥ Holdings |
| ⬥ Proxy voting information |

---

If you have questions regarding electronic delivery, please scan the QR Code.

![](img_0a77b1f30fbf4.jpg)

---

| | |
|:---|:---|
| JNL/American Funds Moderate Growth Allocation Fund | |
| Semi-Annual Shareholder Report |  |
| Share Class I | June 30, 2025 |

---

![](img_63986cf449ba4.jpg)

**This shareholder report contains important information about JNL/American Funds Moderate Growth Allocation Fund for the period ended June 30, 2025. You can find additional information at https://www.jackson.com/fund-literature.html. You can also request this information by contacting us at 1-800-644-4565 or DocumentRequest@jackson.com.** 

**What were the Fund costs for the last six months?**<br>

---

| | | |
|:---|:---|:---|
| Share Class | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| Class I | $18 | 0.34% |

---

**What are some key Fund statistics as of June 30, 2025?**<br>

---

| | |
|:---|:---|
| Fund Statistic | Value ($ in thousands) |
| Fund Size ($): | 2471949 |
| Number of Investments: | 15 |
| Portfolio Turnover (%): | 11 |
| Total Advisory Fees Paid ($): | 2204 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **What did the Fund invest in as of June 30, 2025?**<br>

---

| | |
|:---|:---|
| Industry Sector (%) | Industry Sector (%) |
| **Long Investments** | **Long Investments** |
| Domestic Equity | 36.1 |
| Domestic Fixed Income | 33.8 |
| International Equity | 11.8 |
| Global Equity | 10.1 |
| Emerging Markets Equity | 5.2 |
| Emerging Markets Fixed Income | 3.0 |
| **Total Net Assets** | 100.0 |

---

---

| |
|:---|
| **Where can I find additional information about the Fund?** |
| Additional information is available on the Fund's website at https://www.jackson.com/fund-literature.html, including: |
| ⬥ Prospectus |
| ⬥ Financial information |
| ⬥ Holdings |
| ⬥ Proxy voting information |

---

If you have questions regarding electronic delivery, please scan the QR Code.

![](img_0a77b1f30fbf4.jpg)

---

| | |
|:---|:---|
| JNL Growth ETF Allocation Fund | |
| Semi-Annual Shareholder Report |  |
| Share Class I | June 30, 2025 |

---

![](img_63986cf449ba4.jpg)

**This shareholder report contains important information about JNL Growth ETF Allocation Fund for the period ended June 30, 2025. You can find additional information at https://www.jackson.com/fund-literature.html. You can also request this information by contacting us at 1-800-644-4565 or DocumentRequest@jackson.com.** 

**What were the Fund costs for the last six months?**<br>

---

| | | |
|:---|:---|:---|
| Share Class | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| Class I | $18 | 0.35% |

---

**What are some key Fund statistics as of June 30, 2025?**<br>

---

| | |
|:---|:---|
| Fund Statistic | Value ($ in thousands) |
| Fund Size ($): | 373665 |
| Number of Investments: | 19 |
| Portfolio Turnover (%): | 42 |
| Total Advisory Fees Paid ($): | 348 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **What did the Fund invest in as of June 30, 2025?**<br>

---

| | |
|:---|:---|
| Industry Sector (%) | Industry Sector (%) |
| **Long Investments** | **Long Investments** |
| Domestic Equity | 59.2 |
| International Equity | 17.9 |
| Domestic Fixed Income | 14.4 |
| Emerging Markets Equity | 7.5 |
| Securities Lending Collateral | 2.9 |
| Emerging Markets Fixed Income | 1.0 |
| **Total Net Assets** | 102.9 |

---

---

| |
|:---|
| **Where can I find additional information about the Fund?** |
| Additional information is available on the Fund's website at https://www.jackson.com/fund-literature.html, including: |
| ⬥ Prospectus |
| ⬥ Financial information |
| ⬥ Holdings |
| ⬥ Proxy voting information |

---

If you have questions regarding electronic delivery, please scan the QR Code.

![](img_0a77b1f30fbf4.jpg)

---

| | |
|:---|:---|
| JNL Moderate ETF Allocation Fund | |
| Semi-Annual Shareholder Report |  |
| Share Class I | June 30, 2025 |

---

![](img_63986cf449ba4.jpg)

**This shareholder report contains important information about JNL Moderate ETF Allocation Fund for the period ended June 30, 2025. You can find additional information at https://www.jackson.com/fund-literature.html. You can also request this information by contacting us at 1-800-644-4565 or DocumentRequest@jackson.com.** 

**What were the Fund costs for the last six months?**<br>

---

| | | |
|:---|:---|:---|
| Share Class | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| Class I | $18 | 0.35% |

---

**What are some key Fund statistics as of June 30, 2025?**<br>

---

| | |
|:---|:---|
| Fund Statistic | Value ($ in thousands) |
| Fund Size ($): | 207689 |
| Number of Investments: | 22 |
| Portfolio Turnover (%): | 34 |
| Total Advisory Fees Paid ($): | 198 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **What did the Fund invest in as of June 30, 2025?**<br>

---

| | |
|:---|:---|
| Industry Sector (%) | Industry Sector (%) |
| **Long Investments** | **Long Investments** |
| Domestic Fixed Income | 53.3 |
| Domestic Equity | 32.1 |
| International Equity | 8.4 |
| Emerging Markets Equity | 4.3 |
| Securities Lending Collateral | 4.2 |
| Emerging Markets Fixed Income | 2.0 |
| Short Term Investments | 0.1 |
| **Total Net Assets** | 104.4 |

---

---

| |
|:---|
| **Where can I find additional information about the Fund?** |
| Additional information is available on the Fund's website at https://www.jackson.com/fund-literature.html, including: |
| ⬥ Prospectus |
| ⬥ Financial information |
| ⬥ Holdings |
| ⬥ Proxy voting information |

---

If you have questions regarding electronic delivery, please scan the QR Code.

![](img_0a77b1f30fbf4.jpg)

---

| | |
|:---|:---|
| JNL Moderate Growth ETF Allocation Fund | |
| Semi-Annual Shareholder Report |  |
| Share Class I | June 30, 2025 |

---

![](img_63986cf449ba4.jpg)

**This shareholder report contains important information about JNL Moderate Growth ETF Allocation Fund for the period ended June 30, 2025. You can find additional information at https://www.jackson.com/fund-literature.html. You can also request this information by contacting us at 1-800-644-4565 or DocumentRequest@jackson.com.** 

**What were the Fund costs for the last six months?**<br>

---

| | | |
|:---|:---|:---|
| Share Class | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| Class I | $18 | 0.35% |

---

**What are some key Fund statistics as of June 30, 2025?**<br>

---

| | |
|:---|:---|
| Fund Statistic | Value ($ in thousands) |
| Fund Size ($): | 337751 |
| Number of Investments: | 22 |
| Portfolio Turnover (%): | 36 |
| Total Advisory Fees Paid ($): | 321 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **What did the Fund invest in as of June 30, 2025?**<br>

---

| | |
|:---|:---|
| Industry Sector (%) | Industry Sector (%) |
| **Long Investments** | **Long Investments** |
| Domestic Equity | 46.4 |
| Domestic Fixed Income | 33.7 |
| International Equity | 12.9 |
| Securities Lending Collateral | 6.7 |
| Emerging Markets Equity | 5.8 |
| Emerging Markets Fixed Income | 1.2 |
| Short Term Investments | 0.1 |
| **Total Net Assets** | 106.8 |

---

---

| |
|:---|
| **Where can I find additional information about the Fund?** |
| Additional information is available on the Fund's website at https://www.jackson.com/fund-literature.html, including: |
| ⬥ Prospectus |
| ⬥ Financial information |
| ⬥ Holdings |
| ⬥ Proxy voting information |

---

If you have questions regarding electronic delivery, please scan the QR Code.

![](img_0a77b1f30fbf4.jpg)

---

| | |
|:---|:---|
| JNL/Vanguard Growth ETF Allocation Fund | |
| Semi-Annual Shareholder Report |  |
| Share Class I | June 30, 2025 |

---

![](img_63986cf449ba4.jpg)

**This shareholder report contains important information about JNL/Vanguard Growth ETF Allocation Fund for the period ended June 30, 2025. You can find additional information at https://www.jackson.com/fund-literature.html. You can also request this information by contacting us at 1-800-644-4565 or DocumentRequest@jackson.com.** 

**What were the Fund costs for the last six months?**<br>

---

| | | |
|:---|:---|:---|
| Share Class | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| Class I | $11 | 0.22% |

---

**What are some key Fund statistics as of June 30, 2025?**<br>

---

| | |
|:---|:---|
| Fund Statistic | Value ($ in thousands) |
| Fund Size ($): | 2084446 |
| Number of Investments: | 18 |
| Portfolio Turnover (%): | 16 |
| Total Advisory Fees Paid ($): | 1872 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **What did the Fund invest in as of June 30, 2025?**<br>

---

| | |
|:---|:---|
| Industry Sector (%) | Industry Sector (%) |
| **Long Investments** | **Long Investments** |
| Domestic Equity | 57.2 |
| International Equity | 18.1 |
| Domestic Fixed Income | 15.7 |
| Emerging Markets Equity | 7.1 |
| Emerging Markets Fixed Income | 1.7 |
| Securities Lending Collateral | 0.2 |
| **Total Net Assets** | 100.0 |

---

---

| |
|:---|
| **Where can I find additional information about the Fund?** |
| Additional information is available on the Fund's website at https://www.jackson.com/fund-literature.html, including: |
| ⬥ Prospectus |
| ⬥ Financial information |
| ⬥ Holdings |
| ⬥ Proxy voting information |

---

If you have questions regarding electronic delivery, please scan the QR Code.

![](img_0a77b1f30fbf4.jpg)

---

| | |
|:---|:---|
| JNL/Vanguard Moderate ETF Allocation Fund | |
| Semi-Annual Shareholder Report |  |
| Share Class I | June 30, 2025 |

---

![](img_63986cf449ba4.jpg)

**This shareholder report contains important information about JNL/Vanguard Moderate ETF Allocation Fund for the period ended June 30, 2025. You can find additional information at https://www.jackson.com/fund-literature.html. You can also request this information by contacting us at 1-800-644-4565 or DocumentRequest@jackson.com.** 

**What were the Fund costs for the last six months?**<br>

---

| | | |
|:---|:---|:---|
| Share Class | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| Class I | $11 | 0.22% |

---

**What are some key Fund statistics as of June 30, 2025?**<br>

---

| | |
|:---|:---|
| Fund Statistic | Value ($ in thousands) |
| Fund Size ($): | 563733 |
| Number of Investments: | 18 |
| Portfolio Turnover (%): | 11 |
| Total Advisory Fees Paid ($): | 545 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **What did the Fund invest in as of June 30, 2025?**<br>

---

| | |
|:---|:---|
| Industry Sector (%) | Industry Sector (%) |
| **Long Investments** | **Long Investments** |
| Domestic Fixed Income | 52.4 |
| Domestic Equity | 32.2 |
| International Equity | 7.5 |
| Emerging Markets Fixed Income | 4.0 |
| Emerging Markets Equity | 3.7 |
| Securities Lending Collateral | 1.2 |
| **Total Net Assets** | 101.0 |

---

---

| |
|:---|
| **Where can I find additional information about the Fund?** |
| Additional information is available on the Fund's website at https://www.jackson.com/fund-literature.html, including: |
| ⬥ Prospectus |
| ⬥ Financial information |
| ⬥ Holdings |
| ⬥ Proxy voting information |

---

If you have questions regarding electronic delivery, please scan the QR Code.

![](img_0a77b1f30fbf4.jpg)

---

| | |
|:---|:---|
| JNL/Vanguard Moderate Growth ETF Allocation Fund | |
| Semi-Annual Shareholder Report |  |
| Share Class I | June 30, 2025 |

---

![](img_63986cf449ba4.jpg)

**This shareholder report contains important information about JNL/Vanguard Moderate Growth ETF Allocation Fund for the period ended June 30, 2025. You can find additional information at https://www.jackson.com/fund-literature.html. You can also request this information by contacting us at 1-800-644-4565 or DocumentRequest@jackson.com.** 

**What were the Fund costs for the last six months?**<br>

---

| | | |
|:---|:---|:---|
| Share Class | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| Class I | $12 | 0.23% |

---

**What are some key Fund statistics as of June 30, 2025?**<br>

---

| | |
|:---|:---|
| Fund Statistic | Value ($ in thousands) |
| Fund Size ($): | 955501 |
| Number of Investments: | 19 |
| Portfolio Turnover (%): | 10 |
| Total Advisory Fees Paid ($): | 922 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **What did the Fund invest in as of June 30, 2025?**<br>

---

| | |
|:---|:---|
| Industry Sector (%) | Industry Sector (%) |
| **Long Investments** | **Long Investments** |
| Domestic Equity | 45.6 |
| Domestic Fixed Income | 32.8 |
| International Equity | 13.1 |
| Emerging Markets Equity | 5.3 |
| Emerging Markets Fixed Income | 3.0 |
| Securities Lending Collateral | 0.7 |
| Short Term Investments | 0.1 |
| **Total Net Assets** | 100.6 |

---

---

| |
|:---|
| **Where can I find additional information about the Fund?** |
| Additional information is available on the Fund's website at https://www.jackson.com/fund-literature.html, including: |
| ⬥ Prospectus |
| ⬥ Financial information |
| ⬥ Holdings |
| ⬥ Proxy voting information |

---

If you have questions regarding electronic delivery, please scan the QR Code.

![](img_0a77b1f30fbf4.jpg)

---

| | |
|:---|:---|
| JNL Bond Index Fund | |
| Semi-Annual Shareholder Report |  |
| Share Class I | June 30, 2025 |

---

![](img_63986cf449ba4.jpg)

**This shareholder report contains important information about JNL Bond Index Fund for the period ended June 30, 2025. You can find additional information at https://www.jackson.com/fund-literature.html. You can also request this information by contacting us at 1-800-644-4565 or DocumentRequest@jackson.com.** 

**What were the Fund costs for the last six months?**<br>

---

| | | |
|:---|:---|:---|
| Share Class | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| Class I | $4 | 0.07% |

---

**What are some key Fund statistics as of June 30, 2025?**<br>

---

| | |
|:---|:---|
| Fund Statistic | Value ($ in thousands) |
| Fund Size ($): | 1020512 |
| Number of Investments: | 3456 |
| Portfolio Turnover (%): | 45 |
| Total Advisory Fees Paid ($): | 356 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **What did the Fund invest in as of June 30, 2025?**<br>

---

| | |
|:---|:---|
| Industry Sector (%) | Industry Sector (%) |
| **Long Investments** | **Long Investments** |
| Government Securities | 47.1 |
| U.S. Government Agency MBS | 26.1 |
| Financials | 9.2 |
| Other Short Term Investments | 4.0 |
| Health Care | 2.6 |
| Utilities | 2.4 |
| Information Technology | 1.9 |
| Energy | 1.8 |
| Industrials | 1.8 |
| Consumer Staples | 1.7 |
| Other Sectors | 5.6 |
| **Total Net Assets** | 104.2 |
| **Short Investments** | **Short Investments** |
| U.S. Government Agency MBS | (0.9) |
| **Total Net Assets** | **(0.9)** |

---

---

| |
|:---|
| **Where can I find additional information about the Fund?** |
| Additional information is available on the Fund's website at https://www.jackson.com/fund-literature.html, including: |
| ⬥ Prospectus |
| ⬥ Financial information |
| ⬥ Holdings |
| ⬥ Proxy voting information |

---

If you have questions regarding electronic delivery, please scan the QR Code.

![](img_0a77b1f30fbf4.jpg)

---

| | |
|:---|:---|
| JNL Emerging Markets Index Fund | |
| Semi-Annual Shareholder Report |  |
| Share Class I | June 30, 2025 |

---

![](img_63986cf449ba4.jpg)

**This shareholder report contains important information about JNL Emerging Markets Index Fund for the period ended June 30, 2025. You can find additional information at https://www.jackson.com/fund-literature.html. You can also request this information by contacting us at 1-800-644-4565 or DocumentRequest@jackson.com.** 

**What were the Fund costs for the last six months?**<br>

---

| | | |
|:---|:---|:---|
| Share Class | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| Class I | $9 | 0.16% |

---

**What are some key Fund statistics as of June 30, 2025?**<br>

---

| | |
|:---|:---|
| Fund Statistic | Value ($ in thousands) |
| Fund Size ($): | 830924 |
| Number of Investments: | 1524 |
| Portfolio Turnover (%): | 3 |
| Total Advisory Fees Paid ($): | 566 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **What did the Fund invest in as of June 30, 2025?**<br>

---

| | |
|:---|:---|
| Industry Sector (%) | Industry Sector (%) |
| **Long Investments** | **Long Investments** |
| Financials | 23.7 |
| Information Technology | 23.5 |
| Consumer Discretionary | 12.9 |
| Communication Services | 9.1 |
| Industrials | 8.4 |
| Materials | 5.8 |
| Consumer Staples | 4.4 |
| Energy | 4.4 |
| Health Care | 3.2 |
| Utilities | 3.0 |
| Other Sectors | 4.8 |
| **Total Net Assets** | 103.2 |

---

---

| |
|:---|
| **Where can I find additional information about the Fund?** |
| Additional information is available on the Fund's website at https://www.jackson.com/fund-literature.html, including: |
| ⬥ Prospectus |
| ⬥ Financial information |
| ⬥ Holdings |
| ⬥ Proxy voting information |

---

If you have questions regarding electronic delivery, please scan the QR Code.

![](img_0a77b1f30fbf4.jpg)

---

| | |
|:---|:---|
| JNL International Index Fund | |
| Semi-Annual Shareholder Report |  |
| Share Class I | June 30, 2025 |

---

![](img_63986cf449ba4.jpg)

**This shareholder report contains important information about JNL International Index Fund for the period ended June 30, 2025. You can find additional information at https://www.jackson.com/fund-literature.html. You can also request this information by contacting us at 1-800-644-4565 or DocumentRequest@jackson.com.** 

**What were the Fund costs for the last six months?**<br>

---

| | | |
|:---|:---|:---|
| Share Class | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| Class I | $5 | 0.10% |

---

**What are some key Fund statistics as of June 30, 2025?**<br>

---

| | |
|:---|:---|
| Fund Statistic | Value ($ in thousands) |
| Fund Size ($): | 3006232 |
| Number of Investments: | 696 |
| Portfolio Turnover (%): | 8 |
| Total Advisory Fees Paid ($): | 1153 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **What did the Fund invest in as of June 30, 2025?**<br>

---

| | |
|:---|:---|
| Industry Sector (%) | Industry Sector (%) |
| **Long Investments** | **Long Investments** |
| Financials | 24.0 |
| Industrials | 18.6 |
| Health Care | 11.2 |
| Consumer Discretionary | 9.9 |
| Consumer Staples | 8.0 |
| Information Technology | 7.9 |
| Materials | 5.4 |
| Communication Services | 4.5 |
| Utilities | 3.5 |
| Energy | 3.3 |
| Other Sectors | 5.3 |
| **Total Net Assets** | 101.6 |
| **Short Investments** | **Short Investments** |
| Derivative Instruments | (1.2) |
| **Total Net Assets** | **(1.2)** |

---

---

| |
|:---|
| **Where can I find additional information about the Fund?** |
| Additional information is available on the Fund's website at https://www.jackson.com/fund-literature.html, including: |
| ⬥ Prospectus |
| ⬥ Financial information |
| ⬥ Holdings |
| ⬥ Proxy voting information |

---

If you have questions regarding electronic delivery, please scan the QR Code.

![](img_0a77b1f30fbf4.jpg)

---

| | |
|:---|:---|
| JNL Mid Cap Index Fund | |
| Semi-Annual Shareholder Report |  |
| Share Class I | June 30, 2025 |

---

![](img_63986cf449ba4.jpg)

**This shareholder report contains important information about JNL Mid Cap Index Fund for the period ended June 30, 2025. You can find additional information at https://www.jackson.com/fund-literature.html. You can also request this information by contacting us at 1-800-644-4565 or DocumentRequest@jackson.com.** 

**What were the Fund costs for the last six months?**<br>

---

| | | |
|:---|:---|:---|
| Share Class | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| Class I | $5 | 0.10% |

---

**What are some key Fund statistics as of June 30, 2025?**<br>

---

| | |
|:---|:---|
| Fund Statistic | Value ($ in thousands) |
| Fund Size ($): | 3286522 |
| Number of Investments: | 404 |
| Portfolio Turnover (%): | 6 |
| Total Advisory Fees Paid ($): | 1296 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **What did the Fund invest in as of June 30, 2025?**<br>

---

| | |
|:---|:---|
| Industry Sector (%) | Industry Sector (%) |
| **Long Investments** | **Long Investments** |
| Industrials | 22.7 |
| Financials | 18.2 |
| Consumer Discretionary | 13.2 |
| Information Technology | 11.6 |
| Health Care | 8.5 |
| Real Estate | 6.8 |
| Materials | 5.4 |
| Consumer Staples | 5.3 |
| Energy | 3.7 |
| Utilities | 2.8 |
| Other Sectors | 2.3 |
| **Total Net Assets** | 100.5 |

---

---

| |
|:---|
| **Where can I find additional information about the Fund?** |
| Additional information is available on the Fund's website at https://www.jackson.com/fund-literature.html, including: |
| ⬥ Prospectus |
| ⬥ Financial information |
| ⬥ Holdings |
| ⬥ Proxy voting information |

---

If you have questions regarding electronic delivery, please scan the QR Code.

![](img_0a77b1f30fbf4.jpg)

---

| | |
|:---|:---|
| JNL Small Cap Index Fund | |
| Semi-Annual Shareholder Report |  |
| Share Class I | June 30, 2025 |

---

![](img_63986cf449ba4.jpg)

**This shareholder report contains important information about JNL Small Cap Index Fund for the period ended June 30, 2025. You can find additional information at https://www.jackson.com/fund-literature.html. You can also request this information by contacting us at 1-800-644-4565 or DocumentRequest@jackson.com.** 

**What were the Fund costs for the last six months?**<br>

---

| | | |
|:---|:---|:---|
| Share Class | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| Class I | $5 | 0.10% |

---

**What are some key Fund statistics as of June 30, 2025?**<br>

---

| | |
|:---|:---|
| Fund Statistic | Value ($ in thousands) |
| Fund Size ($): | 2289395 |
| Number of Investments: | 608 |
| Portfolio Turnover (%): | 14 |
| Total Advisory Fees Paid ($): | 916 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **What did the Fund invest in as of June 30, 2025?**<br>

---

| | |
|:---|:---|
| Industry Sector (%) | Industry Sector (%) |
| **Long Investments** | **Long Investments** |
| Industrials | 19.6 |
| Financials | 18.9 |
| Consumer Discretionary | 13.0 |
| Information Technology | 12.5 |
| Health Care | 10.4 |
| Real Estate | 7.7 |
| Materials | 4.9 |
| Energy | 3.9 |
| Communication Services | 2.9 |
| Consumer Staples | 2.9 |
| Other Sectors | 5.1 |
| **Total Net Assets** | 101.8 |

---

---

| |
|:---|
| **Where can I find additional information about the Fund?** |
| Additional information is available on the Fund's website at https://www.jackson.com/fund-literature.html, including: |
| ⬥ Prospectus |
| ⬥ Financial information |
| ⬥ Holdings |
| ⬥ Proxy voting information |

---

If you have questions regarding electronic delivery, please scan the QR Code.

![](img_0a77b1f30fbf4.jpg)

---

| | |
|:---|:---|
| JNL Multi-Manager Alternative Fund | |
| Semi-Annual Shareholder Report |  |
| Share Class I | June 30, 2025 |

---

![](img_63986cf449ba4.jpg)

**This shareholder report contains important information about JNL Multi-Manager Alternative Fund for the period ended June 30, 2025. You can find additional information at https://www.jackson.com/fund-literature.html. You can also request this information by contacting us at 1-800-644-4565 or DocumentRequest@jackson.com.** 

**What were the Fund costs for the last six months?**<br>

---

| | | |
|:---|:---|:---|
| Share Class | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| Class I | $98 | 1.91% |

---

**What are some key Fund statistics as of June 30, 2025?**<br>

---

| | |
|:---|:---|
| Fund Statistic | Value ($ in thousands) |
| Fund Size ($): | 903634 |
| Number of Investments: | 1315 |
| Portfolio Turnover (%): | 83 |
| Total Advisory Fees Paid ($): | 4753 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **What did the Fund invest in as of June 30, 2025?**<br>

---

| | |
|:---|:---|
| Industry Sector (%) | Industry Sector (%) |
| **Long Investments** | **Long Investments** |
| Other Short Term Investments | 26.2 |
| Financials | 14.8 |
| Information Technology | 14.7 |
| Communication Services | 13.8 |
| Consumer Discretionary | 10.9 |
| Private Investment Funds | 10.2 |
| Health Care | 8.6 |
| Non-U.S. Government Agency ABS | 7.9 |
| Industrials | 6.9 |
| Derivative Instruments | 5.5 |
| Other Sectors | 11.8 |
| **Total Net Assets** | 131.3 |
| **Short Investments** | **Short Investments** |
| Information Technology | (7.6) |
| Investment Companies | (5.4) |
| Consumer Discretionary | (4.4) |
| Derivative Instruments | (3.7) |
| Other Short Term Investments | (3.3) |
| Financials | (1.9) |
| Industrials | (1.3) |
| Health Care | (1.3) |
| Communication Services | (1.1) |
| Government Securities | (0.6) |
| Other Sectors | (1.4) |
| **Total Net Assets** | **(32.0)** |

---

---

| |
|:---|
| **Where can I find additional information about the Fund?** |
| Additional information is available on the Fund's website at https://www.jackson.com/fund-literature.html, including: |
| ⬥ Prospectus |
| ⬥ Financial information |
| ⬥ Holdings |
| ⬥ Proxy voting information |

---

If you have questions regarding electronic delivery, please scan the QR Code.

![](img_0a77b1f30fbf4.jpg)

---

| | |
|:---|:---|
| JNL Multi-Manager Emerging Markets Equity Fund | |
| Semi-Annual Shareholder Report |  |
| Share Class I | June 30, 2025 |

---

![](img_63986cf449ba4.jpg)

**This shareholder report contains important information about JNL Multi-Manager Emerging Markets Equity Fund for the period ended June 30, 2025. You can find additional information at https://www.jackson.com/fund-literature.html. You can also request this information by contacting us at 1-800-644-4565 or DocumentRequest@jackson.com.** 

**What were the Fund costs for the last six months?**<br>

---

| | | |
|:---|:---|:---|
| Share Class | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| Class I | $49 | 0.92% |

---

**What are some key Fund statistics as of June 30, 2025?**<br>

---

| | |
|:---|:---|
| Fund Statistic | Value ($ in thousands) |
| Fund Size ($): | 1233939 |
| Number of Investments: | 251 |
| Portfolio Turnover (%): | 33 |
| Total Advisory Fees Paid ($): | 4424 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **What did the Fund invest in as of June 30, 2025?**<br>

---

| | |
|:---|:---|
| Industry Sector (%) | Industry Sector (%) |
| **Long Investments** | **Long Investments** |
| Financials | 25.0 |
| Information Technology | 16.6 |
| Industrials | 16.4 |
| Communication Services | 11.3 |
| Consumer Discretionary | 8.4 |
| Consumer Staples | 7.9 |
| Energy | 3.9 |
| Utilities | 3.4 |
| Materials | 3.0 |
| Health Care | 1.8 |
| Other Sectors | 3.0 |
| **Total Net Assets** | 100.7 |

---

---

| |
|:---|
| **Where can I find additional information about the Fund?** |
| Additional information is available on the Fund's website at https://www.jackson.com/fund-literature.html, including: |
| ⬥ Prospectus |
| ⬥ Financial information |
| ⬥ Holdings |
| ⬥ Proxy voting information |

---

If you have questions regarding electronic delivery, please scan the QR Code.

![](img_0a77b1f30fbf4.jpg)

---

| | |
|:---|:---|
| JNL Multi-Manager Floating Rate Income Fund | |
| Semi-Annual Shareholder Report |  |
| Share Class I | June 30, 2025 |

---

![](img_63986cf449ba4.jpg)

**This shareholder report contains important information about JNL Multi-Manager Floating Rate Income Fund for the period ended June 30, 2025. You can find additional information at https://www.jackson.com/fund-literature.html. You can also request this information by contacting us at 1-800-644-4565 or DocumentRequest@jackson.com.** 

**What were the Fund costs for the last six months?**<br>

---

| | | |
|:---|:---|:---|
| Share Class | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| Class I | $32 | 0.63% |

---

**What are some key Fund statistics as of June 30, 2025?**<br>

---

| | |
|:---|:---|
| Fund Statistic | Value ($ in thousands) |
| Fund Size ($): | 1006887 |
| Number of Investments: | 752 |
| Portfolio Turnover (%): | 22 |
| Total Advisory Fees Paid ($): | 2453 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **What did the Fund invest in as of June 30, 2025?**<br>

---

| | |
|:---|:---|
| Industry Sector (%) | Industry Sector (%) |
| **Long Investments** | **Long Investments** |
| Industrials | 24.2 |
| Information Technology | 14.6 |
| Communication Services | 12.2 |
| Financials | 10.7 |
| Consumer Discretionary | 10.0 |
| Health Care | 6.1 |
| Materials | 5.6 |
| Energy | 4.3 |
| Consumer Staples | 3.4 |
| Other Short Term Investments | 3.3 |
| Other Sectors | 2.6 |
| **Total Net Assets** | 97.0 |

---

---

| |
|:---|
| **Where can I find additional information about the Fund?** |
| Additional information is available on the Fund's website at https://www.jackson.com/fund-literature.html, including: |
| ⬥ Prospectus |
| ⬥ Financial information |
| ⬥ Holdings |
| ⬥ Proxy voting information |

---

If you have questions regarding electronic delivery, please scan the QR Code.

![](img_0a77b1f30fbf4.jpg)

---

| | |
|:---|:---|
| JNL Multi-Manager International Small Cap Fund | |
| Semi-Annual Shareholder Report |  |
| Share Class I | June 30, 2025 |

---

![](img_63986cf449ba4.jpg)

**This shareholder report contains important information about JNL Multi-Manager International Small Cap Fund for the period ended June 30, 2025. You can find additional information at https://www.jackson.com/fund-literature.html. You can also request this information by contacting us at 1-800-644-4565 or DocumentRequest@jackson.com.** 

**What were the Fund costs for the last six months?**<br>

---

| | | |
|:---|:---|:---|
| Share Class | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| Class I | $50 | 0.90% |

---

**What are some key Fund statistics as of June 30, 2025?**<br>

---

| | |
|:---|:---|
| Fund Statistic | Value ($ in thousands) |
| Fund Size ($): | 693680 |
| Number of Investments: | 231 |
| Portfolio Turnover (%): | 28 |
| Total Advisory Fees Paid ($): | 2409 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **What did the Fund invest in as of June 30, 2025?**<br>

---

| | |
|:---|:---|
| Industry Sector (%) | Industry Sector (%) |
| **Long Investments** | **Long Investments** |
| Industrials | 23.8 |
| Financials | 16.5 |
| Information Technology | 16.0 |
| Communication Services | 10.0 |
| Consumer Discretionary | 7.6 |
| Health Care | 6.0 |
| Consumer Staples | 4.5 |
| Materials | 4.4 |
| Utilities | 3.3 |
| Real Estate | 2.6 |
| Other Sectors | 3.9 |
| **Total Net Assets** | 98.6 |
| **Short Investments** | **Short Investments** |
| Derivative Instruments | (0.0) |
| **Total Net Assets** | **(0.0)** |

---

---

| |
|:---|
| **Where can I find additional information about the Fund?** |
| Additional information is available on the Fund's website at https://www.jackson.com/fund-literature.html, including: |
| ⬥ Prospectus |
| ⬥ Financial information |
| ⬥ Holdings |
| ⬥ Proxy voting information |

---

If you have questions regarding electronic delivery, please scan the QR Code.

![](img_0a77b1f30fbf4.jpg)

---

| | |
|:---|:---|
| JNL Multi-Manager Mid Cap Fund | |
| Semi-Annual Shareholder Report |  |
| Share Class I | June 30, 2025 |

---

![](img_63986cf449ba4.jpg)

**This shareholder report contains important information about JNL Multi-Manager Mid Cap Fund for the period ended June 30, 2025. You can find additional information at https://www.jackson.com/fund-literature.html. You can also request this information by contacting us at 1-800-644-4565 or DocumentRequest@jackson.com.** 

**What were the Fund costs for the last six months?**<br>

---

| | | |
|:---|:---|:---|
| Share Class | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| Class I | $39 | 0.78% |

---

**What are some key Fund statistics as of June 30, 2025?**<br>

---

| | |
|:---|:---|
| Fund Statistic | Value ($ in thousands) |
| Fund Size ($): | 1240597 |
| Number of Investments: | 287 |
| Portfolio Turnover (%): | 43 |
| Total Advisory Fees Paid ($): | 3771 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **What did the Fund invest in as of June 30, 2025?**<br>

---

| | |
|:---|:---|
| Industry Sector (%) | Industry Sector (%) |
| **Long Investments** | **Long Investments** |
| Industrials | 19.7 |
| Information Technology | 18.1 |
| Health Care | 13.6 |
| Financials | 13.3 |
| Consumer Discretionary | 9.7 |
| Consumer Staples | 9.1 |
| Materials | 3.9 |
| Other Short Term Investments | 3.7 |
| Utilities | 3.3 |
| Real Estate | 3.0 |
| Other Sectors | 3.2 |
| **Total Net Assets** | 100.6 |

---

---

| |
|:---|
| **Where can I find additional information about the Fund?** |
| Additional information is available on the Fund's website at https://www.jackson.com/fund-literature.html, including: |
| ⬥ Prospectus |
| ⬥ Financial information |
| ⬥ Holdings |
| ⬥ Proxy voting information |

---

If you have questions regarding electronic delivery, please scan the QR Code.

![](img_0a77b1f30fbf4.jpg)

---

| | |
|:---|:---|
| JNL Multi-Manager Small Cap Growth Fund | |
| Semi-Annual Shareholder Report |  |
| Share Class I | June 30, 2025 |

---

![](img_63986cf449ba4.jpg)

**This shareholder report contains important information about JNL Multi-Manager Small Cap Growth Fund for the period ended June 30, 2025. You can find additional information at https://www.jackson.com/fund-literature.html. You can also request this information by contacting us at 1-800-644-4565 or DocumentRequest@jackson.com.** 

**What were the Fund costs for the last six months?**<br>

---

| | | |
|:---|:---|:---|
| Share Class | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| Class I | $33 | 0.67% |

---

**What are some key Fund statistics as of June 30, 2025?**<br>

---

| | |
|:---|:---|
| Fund Statistic | Value ($ in thousands) |
| Fund Size ($): | 2332839 |
| Number of Investments: | 596 |
| Portfolio Turnover (%): | 33 |
| Total Advisory Fees Paid ($): | 6323 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **What did the Fund invest in as of June 30, 2025?**<br>

---

| | |
|:---|:---|
| Industry Sector (%) | Industry Sector (%) |
| **Long Investments** | **Long Investments** |
| Information Technology | 24.9 |
| Industrials | 22.6 |
| Health Care | 16.1 |
| Consumer Discretionary | 12.6 |
| Financials | 10.3 |
| Communication Services | 4.1 |
| Consumer Staples | 4.0 |
| Other Short Term Investments | 1.7 |
| Materials | 1.7 |
| Securities Lending Collateral | 1.5 |
| Other Sectors | 1.7 |
| **Total Net Assets** | 101.2 |

---

---

| |
|:---|
| **Where can I find additional information about the Fund?** |
| Additional information is available on the Fund's website at https://www.jackson.com/fund-literature.html, including: |
| ⬥ Prospectus |
| ⬥ Financial information |
| ⬥ Holdings |
| ⬥ Proxy voting information |

---

If you have questions regarding electronic delivery, please scan the QR Code.

![](img_0a77b1f30fbf4.jpg)

---

| | |
|:---|:---|
| JNL Multi-Manager Small Cap Value Fund | |
| Semi-Annual Shareholder Report |  |
| Share Class I | June 30, 2025 |

---

![](img_63986cf449ba4.jpg)

**This shareholder report contains important information about JNL Multi-Manager Small Cap Value Fund for the period ended June 30, 2025. You can find additional information at https://www.jackson.com/fund-literature.html. You can also request this information by contacting us at 1-800-644-4565 or DocumentRequest@jackson.com.** 

**What were the Fund costs for the last six months?**<br>

---

| | | |
|:---|:---|:---|
| Share Class | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| Class I | $38 | 0.77% |

---

**What are some key Fund statistics as of June 30, 2025?**<br>

---

| | |
|:---|:---|
| Fund Statistic | Value ($ in thousands) |
| Fund Size ($): | 1784559 |
| Number of Investments: | 271 |
| Portfolio Turnover (%): | 15 |
| Total Advisory Fees Paid ($): | 5870 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **What did the Fund invest in as of June 30, 2025?**<br>

---

| | |
|:---|:---|
| Industry Sector (%) | Industry Sector (%) |
| **Long Investments** | **Long Investments** |
| Industrials | 25.1 |
| Financials | 21.1 |
| Consumer Discretionary | 12.4 |
| Health Care | 10.3 |
| Information Technology | 9.7 |
| Consumer Staples | 4.4 |
| Real Estate | 4.1 |
| Energy | 3.3 |
| Materials | 3.2 |
| Other Short Term Investments | 2.8 |
| Other Sectors | 4.3 |
| **Total Net Assets** | 100.7 |

---

---

| |
|:---|
| **Where can I find additional information about the Fund?** |
| Additional information is available on the Fund's website at https://www.jackson.com/fund-literature.html, including: |
| ⬥ Prospectus |
| ⬥ Financial information |
| ⬥ Holdings |
| ⬥ Proxy voting information |

---

If you have questions regarding electronic delivery, please scan the QR Code.

![](img_0a77b1f30fbf4.jpg)

---

| | |
|:---|:---|
| JNL Multi-Manager U.S. Select Equity Fund | |
| Semi-Annual Shareholder Report |  |
| Share Class I | June 30, 2025 |

---

![](img_63986cf449ba4.jpg)

**This shareholder report contains important information about JNL Multi-Manager U.S. Select Equity Fund for the period ended June 30, 2025. You can find additional information at https://www.jackson.com/fund-literature.html. You can also request this information by contacting us at 1-800-644-4565 or DocumentRequest@jackson.com.** 

**What were the Fund costs for the last six months?**<br>

---

| | | |
|:---|:---|:---|
| Share Class | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| Class I | $35 | 0.68% |

---

**What are some key Fund statistics as of June 30, 2025?**<br>

---

| | |
|:---|:---|
| Fund Statistic | Value ($ in thousands) |
| Fund Size ($): | 1219936 |
| Number of Investments: | 67 |
| Portfolio Turnover (%): | 74 |
| Total Advisory Fees Paid ($): | 3008 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **What did the Fund invest in as of June 30, 2025?**<br>

---

| | |
|:---|:---|
| Industry Sector (%) | Industry Sector (%) |
| **Long Investments** | **Long Investments** |
| Information Technology | 17.3 |
| Communication Services | 15.3 |
| Financials | 14.9 |
| Health Care | 10.2 |
| Industrials | 10.2 |
| Consumer Staples | 9.2 |
| Utilities | 9.1 |
| Consumer Discretionary | 5.6 |
| Other Short Term Investments | 2.9 |
| Energy | 2.3 |
| Other Sectors | 2.9 |
| **Total Net Assets** | 99.9 |

---

---

| |
|:---|
| **Where can I find additional information about the Fund?** |
| Additional information is available on the Fund's website at https://www.jackson.com/fund-literature.html, including: |
| ⬥ Prospectus |
| ⬥ Financial information |
| ⬥ Holdings |
| ⬥ Proxy voting information |

---

If you have questions regarding electronic delivery, please scan the QR Code.

![](img_0a77b1f30fbf4.jpg)

---

| | |
|:---|:---|
| JNL S&P 500 Index Fund | |
| Semi-Annual Shareholder Report |  |
| Share Class I | June 30, 2025 |

---

![](img_63986cf449ba4.jpg)

**This shareholder report contains important information about JNL S&P 500 Index Fund for the period ended June 30, 2025. You can find additional information at https://www.jackson.com/fund-literature.html. You can also request this information by contacting us at 1-800-644-4565 or DocumentRequest@jackson.com.** 

**What were the Fund costs for the last six months?**<br>

---

| | | |
|:---|:---|:---|
| Share Class | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| Class I | $5 | 0.09% |

---

**What are some key Fund statistics as of June 30, 2025?**<br>

---

| | |
|:---|:---|
| Fund Statistic | Value ($ in thousands) |
| Fund Size ($): | 534502 |
| Number of Investments: | 507 |
| Portfolio Turnover (%): | 10 |
| Total Advisory Fees Paid ($): | 74 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **What did the Fund invest in as of June 30, 2025?**<br>

---

| | |
|:---|:---|
| Industry Sector (%) | Industry Sector (%) |
| **Long Investments** | **Long Investments** |
| Information Technology | 32.8 |
| Financials | 13.9 |
| Consumer Discretionary | 10.3 |
| Communication Services | 9.7 |
| Health Care | 9.2 |
| Industrials | 8.5 |
| Consumer Staples | 5.5 |
| Energy | 2.9 |
| Utilities | 2.4 |
| Real Estate | 2.0 |
| Other Sectors | 2.9 |
| **Total Net Assets** | 100.1 |

---

---

| |
|:---|
| **Where can I find additional information about the Fund?** |
| Additional information is available on the Fund's website at https://www.jackson.com/fund-literature.html, including: |
| ⬥ Prospectus |
| ⬥ Financial information |
| ⬥ Holdings |
| ⬥ Proxy voting information |

---

If you have questions regarding electronic delivery, please scan the QR Code.

![](img_0a77b1f30fbf4.jpg)

---

| | |
|:---|:---|
| JNL/AB Sustainable Global Thematic Fund | |
| Semi-Annual Shareholder Report |  |
| Share Class I | June 30, 2025 |

---

![](img_63986cf449ba4.jpg)

**This shareholder report contains important information about JNL/AB Sustainable Global Thematic Fund for the period ended June 30, 2025. You can find additional information at https://www.jackson.com/fund-literature.html. You can also request this information by contacting us at 1-800-644-4565 or DocumentRequest@jackson.com.** 

**What were the Fund costs for the last six months?**<br>

---

| | | |
|:---|:---|:---|
| Share Class | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| Class I | $47 | 0.91% |

---

**What are some key Fund statistics as of June 30, 2025?**<br>

---

| | |
|:---|:---|
| Fund Statistic | Value ($ in thousands) |
| Fund Size ($): | 24712 |
| Number of Investments: | 91 |
| Portfolio Turnover (%): | 40 |
| Total Advisory Fees Paid ($): | 72 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **What did the Fund invest in as of June 30, 2025?**<br>

---

| | |
|:---|:---|
| Industry Sector (%) | Industry Sector (%) |
| **Long Investments** | **Long Investments** |
| Information Technology | 35.1 |
| Derivative Instruments | 22.2 |
| Industrials | 16.6 |
| Financials | 16.1 |
| Health Care | 12.7 |
| Consumer Discretionary | 5.9 |
| Utilities | 4.6 |
| Consumer Staples | 3.7 |
| Other Short Term Investments | 3.1 |
| Energy | 2.3 |
| **Total Net Assets** | 122.3 |
| **Short Investments** | **Short Investments** |
| Derivative Instruments | (18.5) |
| **Total Net Assets** | **(18.5)** |

---

---

| |
|:---|
| **Where can I find additional information about the Fund?** |
| Additional information is available on the Fund's website at https://www.jackson.com/fund-literature.html, including: |
| ⬥ Prospectus |
| ⬥ Financial information |
| ⬥ Holdings |
| ⬥ Proxy voting information |

---

If you have questions regarding electronic delivery, please scan the QR Code.

![](img_0a77b1f30fbf4.jpg)

---

| | |
|:---|:---|
| JNL/AQR Large Cap Defensive Style Fund | |
| Semi-Annual Shareholder Report |  |
| Share Class I | June 30, 2025 |

---

![](img_63986cf449ba4.jpg)

**This shareholder report contains important information about JNL/AQR Large Cap Defensive Style Fund for the period ended June 30, 2025. You can find additional information at https://www.jackson.com/fund-literature.html. You can also request this information by contacting us at 1-800-644-4565 or DocumentRequest@jackson.com.** 

**What were the Fund costs for the last six months?**<br>

---

| | | |
|:---|:---|:---|
| Share Class | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| Class I | $29 | 0.55% |

---

**What are some key Fund statistics as of June 30, 2025?**<br>

---

| | |
|:---|:---|
| Fund Statistic | Value ($ in thousands) |
| Fund Size ($): | 445499 |
| Number of Investments: | 165 |
| Portfolio Turnover (%): | 13 |
| Total Advisory Fees Paid ($): | 814 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **What did the Fund invest in as of June 30, 2025?**<br>

---

| | |
|:---|:---|
| Industry Sector (%) | Industry Sector (%) |
| **Long Investments** | **Long Investments** |
| Information Technology | 16.4 |
| Consumer Staples | 14.3 |
| Industrials | 13.4 |
| Financials | 13.0 |
| Health Care | 12.5 |
| Communication Services | 10.3 |
| Consumer Discretionary | 8.0 |
| Other Short Term Investments | 6.1 |
| Derivative Instruments | 5.8 |
| Energy | 4.0 |
| Other Sectors | 1.8 |
| **Total Net Assets** | 105.6 |

---

---

| |
|:---|
| **Where can I find additional information about the Fund?** |
| Additional information is available on the Fund's website at https://www.jackson.com/fund-literature.html, including: |
| ⬥ Prospectus |
| ⬥ Financial information |
| ⬥ Holdings |
| ⬥ Proxy voting information |

---

If you have questions regarding electronic delivery, please scan the QR Code.

![](img_0a77b1f30fbf4.jpg)

---

| | |
|:---|:---|
| JNL/BlackRock Global Allocation Fund | |
| Semi-Annual Shareholder Report |  |
| Share Class I | June 30, 2025 |

---

![](img_63986cf449ba4.jpg)

**This shareholder report contains important information about JNL/BlackRock Global Allocation Fund for the period ended June 30, 2025. You can find additional information at https://www.jackson.com/fund-literature.html. You can also request this information by contacting us at 1-800-644-4565 or DocumentRequest@jackson.com.** 

**What were the Fund costs for the last six months?**<br>

---

| | | |
|:---|:---|:---|
| Share Class | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| Class I | $38 | 0.73% |

---

**What are some key Fund statistics as of June 30, 2025?**<br>

---

| | |
|:---|:---|
| Fund Statistic | Value ($ in thousands) |
| Fund Size ($): | 2660038 |
| Number of Investments: | 2530 |
| Portfolio Turnover (%): | 73 |
| Total Advisory Fees Paid ($): | 7405 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **What did the Fund invest in as of June 30, 2025?**<br>

---

| | |
|:---|:---|
| Industry Sector (%) | Industry Sector (%) |
| **Long Investments** | **Long Investments** |
| Derivative Instruments | 127.3 |
| Information Technology | 17.1 |
| Financials | 11.9 |
| Industrials | 10.4 |
| Consumer Discretionary | 9.4 |
| Other Short Term Investments | 8.8 |
| Communication Services | 7.8 |
| Health Care | 6.9 |
| Non-U.S. Government Agency ABS | 6.2 |
| Government Securities | 4.7 |
| Other Sectors | 18.0 |
| **Total Net Assets** | 228.5 |
| **Short Investments** | **Short Investments** |
| Derivative Instruments | (60.6) |
| **Total Net Assets** | **(60.6)** |

---

---

| |
|:---|
| **Where can I find additional information about the Fund?** |
| Additional information is available on the Fund's website at https://www.jackson.com/fund-literature.html, including: |
| ⬥ Prospectus |
| ⬥ Financial information |
| ⬥ Holdings |
| ⬥ Proxy voting information |

---

If you have questions regarding electronic delivery, please scan the QR Code.

![](img_0a77b1f30fbf4.jpg)

---

| | |
|:---|:---|
| JNL/BlackRock Global Natural Resources Fund | |
| Semi-Annual Shareholder Report |  |
| Share Class I | June 30, 2025 |

---

![](img_63986cf449ba4.jpg)

**This shareholder report contains important information about JNL/BlackRock Global Natural Resources Fund for the period ended June 30, 2025. You can find additional information at https://www.jackson.com/fund-literature.html. You can also request this information by contacting us at 1-800-644-4565 or DocumentRequest@jackson.com.** 

**What were the Fund costs for the last six months?**<br>

---

| | | |
|:---|:---|:---|
| Share Class | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| Class I | $36 | 0.69% |

---

**What are some key Fund statistics as of June 30, 2025?**<br>

---

| | |
|:---|:---|
| Fund Statistic | Value ($ in thousands) |
| Fund Size ($): | 721928 |
| Number of Investments: | 40 |
| Portfolio Turnover (%): | 67 |
| Total Advisory Fees Paid ($): | 1965 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **What did the Fund invest in as of June 30, 2025?**<br>

---

| | |
|:---|:---|
| Industry Sector (%) | Industry Sector (%) |
| **Long Investments** | **Long Investments** |
| Materials | 66.4 |
| Energy | 29.9 |
| Securities Lending Collateral | 8.1 |
| Consumer Staples | 1.9 |
| Other Short Term Investments | 1.8 |
| **Total Net Assets** | 108.1 |

---

---

| |
|:---|
| **Where can I find additional information about the Fund?** |
| Additional information is available on the Fund's website at https://www.jackson.com/fund-literature.html, including: |
| ⬥ Prospectus |
| ⬥ Financial information |
| ⬥ Holdings |
| ⬥ Proxy voting information |

---

If you have questions regarding electronic delivery, please scan the QR Code.

![](img_0a77b1f30fbf4.jpg)

---

| | |
|:---|:---|
| JNL/BlackRock Large Cap Select Growth Fund | |
| Semi-Annual Shareholder Report |  |
| Share Class I | June 30, 2025 |

---

![](img_63986cf449ba4.jpg)

**This shareholder report contains important information about JNL/BlackRock Large Cap Select Growth Fund for the period ended June 30, 2025. You can find additional information at https://www.jackson.com/fund-literature.html. You can also request this information by contacting us at 1-800-644-4565 or DocumentRequest@jackson.com.** 

**What were the Fund costs for the last six months?**<br>

---

| | | |
|:---|:---|:---|
| Share Class | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| Class I | $27 | 0.53% |

---

**What are some key Fund statistics as of June 30, 2025?**<br>

---

| | |
|:---|:---|
| Fund Statistic | Value ($ in thousands) |
| Fund Size ($): | 4709718 |
| Number of Investments: | 37 |
| Portfolio Turnover (%): | 17 |
| Total Advisory Fees Paid ($): | 9434 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **What did the Fund invest in as of June 30, 2025?**<br>

---

| | |
|:---|:---|
| Industry Sector (%) | Industry Sector (%) |
| **Long Investments** | **Long Investments** |
| Information Technology | 47.7 |
| Communication Services | 15.3 |
| Consumer Discretionary | 14.9 |
| Financials | 8.2 |
| Health Care | 7.4 |
| Industrials | 5.6 |
| Materials | 0.7 |
| Real Estate | 0.2 |
| Other Short Term Investments | 0.0 |
| **Total Net Assets** | 100.0 |

---

---

| |
|:---|
| **Where can I find additional information about the Fund?** |
| Additional information is available on the Fund's website at https://www.jackson.com/fund-literature.html, including: |
| ⬥ Prospectus |
| ⬥ Financial information |
| ⬥ Holdings |
| ⬥ Proxy voting information |

---

If you have questions regarding electronic delivery, please scan the QR Code.

![](img_0a77b1f30fbf4.jpg)

---

| | |
|:---|:---|
| JNL/Causeway International Value Select Fund | |
| Semi-Annual Shareholder Report |  |
| Share Class I | June 30, 2025 |

---

![](img_63986cf449ba4.jpg)

**This shareholder report contains important information about JNL/Causeway International Value Select Fund for the period ended June 30, 2025. You can find additional information at https://www.jackson.com/fund-literature.html. You can also request this information by contacting us at 1-800-644-4565 or DocumentRequest@jackson.com.** 

**What were the Fund costs for the last six months?**<br>

---

| | | |
|:---|:---|:---|
| Share Class | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| Class I | $36 | 0.66% |

---

**What are some key Fund statistics as of June 30, 2025?**<br>

---

| | |
|:---|:---|
| Fund Statistic | Value ($ in thousands) |
| Fund Size ($): | 2335429 |
| Number of Investments: | 66 |
| Portfolio Turnover (%): | 25 |
| Total Advisory Fees Paid ($): | 5343 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **What did the Fund invest in as of June 30, 2025?**<br>

---

| | |
|:---|:---|
| Industry Sector (%) | Industry Sector (%) |
| **Long Investments** | **Long Investments** |
| Financials | 19.1 |
| Industrials | 18.0 |
| Information Technology | 14.9 |
| Health Care | 12.9 |
| Consumer Staples | 9.8 |
| Consumer Discretionary | 7.4 |
| Materials | 6.6 |
| Utilities | 3.8 |
| Communication Services | 3.5 |
| Energy | 2.0 |
| Other Sectors | 1.6 |
| **Total Net Assets** | 99.6 |

---

---

| |
|:---|
| **Where can I find additional information about the Fund?** |
| Additional information is available on the Fund's website at https://www.jackson.com/fund-literature.html, including: |
| ⬥ Prospectus |
| ⬥ Financial information |
| ⬥ Holdings |
| ⬥ Proxy voting information |

---

If you have questions regarding electronic delivery, please scan the QR Code.

![](img_0a77b1f30fbf4.jpg)

---

| | |
|:---|:---|
| JNL/ClearBridge Large Cap Growth Fund | |
| Semi-Annual Shareholder Report |  |
| Share Class I | June 30, 2025 |

---

![](img_63986cf449ba4.jpg)

**This shareholder report contains important information about JNL/ClearBridge Large Cap Growth Fund for the period ended June 30, 2025. You can find additional information at https://www.jackson.com/fund-literature.html. You can also request this information by contacting us at 1-800-644-4565 or DocumentRequest@jackson.com.** 

**What were the Fund costs for the last six months?**<br>

---

| | | |
|:---|:---|:---|
| Share Class | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| Class I | $33 | 0.64% |

---

**What are some key Fund statistics as of June 30, 2025?**<br>

---

| | |
|:---|:---|
| Fund Statistic | Value ($ in thousands) |
| Fund Size ($): | 1580549 |
| Number of Investments: | 43 |
| Portfolio Turnover (%): | 8 |
| Total Advisory Fees Paid ($): | 3642 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **What did the Fund invest in as of June 30, 2025?**<br>

---

| | |
|:---|:---|
| Industry Sector (%) | Industry Sector (%) |
| **Long Investments** | **Long Investments** |
| Information Technology | 40.9 |
| Communication Services | 13.8 |
| Consumer Discretionary | 12.7 |
| Industrials | 9.4 |
| Financials | 9.2 |
| Health Care | 8.1 |
| Materials | 2.4 |
| Consumer Staples | 1.3 |
| Real Estate | 1.2 |
| Other Short Term Investments | 0.2 |
| Other Sectors | 0.0 |
| **Total Net Assets** | 99.2 |

---

---

| |
|:---|
| **Where can I find additional information about the Fund?** |
| Additional information is available on the Fund's website at https://www.jackson.com/fund-literature.html, including: |
| ⬥ Prospectus |
| ⬥ Financial information |
| ⬥ Holdings |
| ⬥ Proxy voting information |

---

If you have questions regarding electronic delivery, please scan the QR Code.

![](img_0a77b1f30fbf4.jpg)

---

| | |
|:---|:---|
| JNL/Cohen & Steers U.S. Realty Fund | |
| Semi-Annual Shareholder Report |  |
| Share Class I | June 30, 2025 |

---

![](img_63986cf449ba4.jpg)

**This shareholder report contains important information about JNL/Cohen & Steers U.S. Realty Fund for the period ended June 30, 2025. You can find additional information at https://www.jackson.com/fund-literature.html. You can also request this information by contacting us at 1-800-644-4565 or DocumentRequest@jackson.com.** 

**What were the Fund costs for the last six months?**<br>

---

| | | |
|:---|:---|:---|
| Share Class | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| Class I | $38 | 0.74% |

---

**What are some key Fund statistics as of June 30, 2025?**<br>

---

| | |
|:---|:---|
| Fund Statistic | Value ($ in thousands) |
| Fund Size ($): | 86857 |
| Number of Investments: | 38 |
| Portfolio Turnover (%): | 23 |
| Total Advisory Fees Paid ($): | 276 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **What did the Fund invest in as of June 30, 2025?**<br>

---

| | |
|:---|:---|
| Industry Sector (%) | Industry Sector (%) |
| **Long Investments** | **Long Investments** |
| Real Estate | 96.6 |
| Consumer Discretionary | 2.1 |
| Warrants | 0.5 |
| Health Care | 0.2 |
| Other Short Term Investments | 0.1 |
| **Total Net Assets** | 99.5 |

---

---

| |
|:---|
| **Where can I find additional information about the Fund?** |
| Additional information is available on the Fund's website at https://www.jackson.com/fund-literature.html, including: |
| ⬥ Prospectus |
| ⬥ Financial information |
| ⬥ Holdings |
| ⬥ Proxy voting information |

---

If you have questions regarding electronic delivery, please scan the QR Code.

![](img_0a77b1f30fbf4.jpg)

---

| | |
|:---|:---|
| JNL/DFA International Core Equity Fund | |
| Semi-Annual Shareholder Report |  |
| Share Class I | June 30, 2025 |

---

![](img_63986cf449ba4.jpg)

**This shareholder report contains important information about JNL/DFA International Core Equity Fund for the period ended June 30, 2025. You can find additional information at https://www.jackson.com/fund-literature.html. You can also request this information by contacting us at 1-800-644-4565 or DocumentRequest@jackson.com.** 

**What were the Fund costs for the last six months?**<br>

---

| | | |
|:---|:---|:---|
| Share Class | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| Class I | $31 | 0.56% |

---

**What are some key Fund statistics as of June 30, 2025?**<br>

---

| | |
|:---|:---|
| Fund Statistic | Value ($ in thousands) |
| Fund Size ($): | 485215 |
| Number of Investments: | 1053 |
| Portfolio Turnover (%): | 12 |
| Total Advisory Fees Paid ($): | 872 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **What did the Fund invest in as of June 30, 2025?**<br>

---

| | |
|:---|:---|
| Industry Sector (%) | Industry Sector (%) |
| **Long Investments** | **Long Investments** |
| Financials | 20.2 |
| Industrials | 20.0 |
| Consumer Discretionary | 10.1 |
| Materials | 9.8 |
| Health Care | 8.0 |
| Energy | 7.2 |
| Consumer Staples | 6.4 |
| Information Technology | 5.9 |
| Communication Services | 5.2 |
| Utilities | 3.7 |
| Other Sectors | 4.5 |
| **Total Net Assets** | 101.0 |

---

---

| |
|:---|
| **Where can I find additional information about the Fund?** |
| Additional information is available on the Fund's website at https://www.jackson.com/fund-literature.html, including: |
| ⬥ Prospectus |
| ⬥ Financial information |
| ⬥ Holdings |
| ⬥ Proxy voting information |

---

If you have questions regarding electronic delivery, please scan the QR Code.

![](img_0a77b1f30fbf4.jpg)

---

| | |
|:---|:---|
| JNL/DFA U.S. Core Equity Fund | |
| Semi-Annual Shareholder Report |  |
| Share Class I | June 30, 2025 |

---

![](img_63986cf449ba4.jpg)

**This shareholder report contains important information about JNL/DFA U.S. Core Equity Fund for the period ended June 30, 2025. You can find additional information at https://www.jackson.com/fund-literature.html. You can also request this information by contacting us at 1-800-644-4565 or DocumentRequest@jackson.com.** 

**What were the Fund costs for the last six months?**<br>

---

| | | |
|:---|:---|:---|
| Share Class | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| Class I | $23 | 0.45% |

---

**What are some key Fund statistics as of June 30, 2025?**<br>

---

| | |
|:---|:---|
| Fund Statistic | Value ($ in thousands) |
| Fund Size ($): | 1295137 |
| Number of Investments: | 2140 |
| Portfolio Turnover (%): | 1 |
| Total Advisory Fees Paid ($): | 2485 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **What did the Fund invest in as of June 30, 2025?**<br>

---

| | |
|:---|:---|
| Industry Sector (%) | Industry Sector (%) |
| **Long Investments** | **Long Investments** |
| Information Technology | 26.2 |
| Financials | 16.8 |
| Industrials | 12.2 |
| Consumer Discretionary | 10.5 |
| Communication Services | 9.2 |
| Health Care | 8.8 |
| Consumer Staples | 5.8 |
| Energy | 4.5 |
| Materials | 3.1 |
| Utilities | 2.4 |
| Other Sectors | 0.6 |
| **Total Net Assets** | 100.1 |

---

---

| |
|:---|
| **Where can I find additional information about the Fund?** |
| Additional information is available on the Fund's website at https://www.jackson.com/fund-literature.html, including: |
| ⬥ Prospectus |
| ⬥ Financial information |
| ⬥ Holdings |
| ⬥ Proxy voting information |

---

If you have questions regarding electronic delivery, please scan the QR Code.

![](img_0a77b1f30fbf4.jpg)

---

| | |
|:---|:---|
| JNL/DFA U.S. Small Cap Fund | |
| Semi-Annual Shareholder Report |  |
| Share Class I | June 30, 2025 |

---

![](img_63986cf449ba4.jpg)

**This shareholder report contains important information about JNL/DFA U.S. Small Cap Fund for the period ended June 30, 2025. You can find additional information at https://www.jackson.com/fund-literature.html. You can also request this information by contacting us at 1-800-644-4565 or DocumentRequest@jackson.com.** 

**What were the Fund costs for the last six months?**<br>

---

| | | |
|:---|:---|:---|
| Share Class | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| Class I | $31 | 0.64% |

---

**What are some key Fund statistics as of June 30, 2025?**<br>

---

| | |
|:---|:---|
| Fund Statistic | Value ($ in thousands) |
| Fund Size ($): | 637113 |
| Number of Investments: | 1988 |
| Portfolio Turnover (%): | 9 |
| Total Advisory Fees Paid ($): | 1670 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **What did the Fund invest in as of June 30, 2025?**<br>

---

| | |
|:---|:---|
| Industry Sector (%) | Industry Sector (%) |
| **Long Investments** | **Long Investments** |
| Industrials | 20.9 |
| Financials | 20.6 |
| Consumer Discretionary | 14.8 |
| Information Technology | 11.8 |
| Health Care | 10.5 |
| Materials | 5.6 |
| Energy | 4.9 |
| Consumer Staples | 4.2 |
| Utilities | 3.1 |
| Communication Services | 3.0 |
| Other Sectors | 1.2 |
| **Total Net Assets** | 100.6 |

---

---

| |
|:---|
| **Where can I find additional information about the Fund?** |
| Additional information is available on the Fund's website at https://www.jackson.com/fund-literature.html, including: |
| ⬥ Prospectus |
| ⬥ Financial information |
| ⬥ Holdings |
| ⬥ Proxy voting information |

---

If you have questions regarding electronic delivery, please scan the QR Code.

![](img_0a77b1f30fbf4.jpg)

---

| | |
|:---|:---|
| JNL/DoubleLine Core Fixed Income Fund | |
| Semi-Annual Shareholder Report |  |
| Share Class I | June 30, 2025 |

---

![](img_63986cf449ba4.jpg)

**This shareholder report contains important information about JNL/DoubleLine Core Fixed Income Fund for the period ended June 30, 2025. You can find additional information at https://www.jackson.com/fund-literature.html. You can also request this information by contacting us at 1-800-644-4565 or DocumentRequest@jackson.com.** 

**What were the Fund costs for the last six months?**<br>

---

| | | |
|:---|:---|:---|
| Share Class | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| Class I | $24 | 0.47% |

---

**What are some key Fund statistics as of June 30, 2025?**<br>

---

| | |
|:---|:---|
| Fund Statistic | Value ($ in thousands) |
| Fund Size ($): | 2650661 |
| Number of Investments: | 1593 |
| Portfolio Turnover (%): | 19 |
| Total Advisory Fees Paid ($): | 4975 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **What did the Fund invest in as of June 30, 2025?**<br>

---

| | |
|:---|:---|
| Industry Sector (%) | Industry Sector (%) |
| **Long Investments** | **Long Investments** |
| Derivative Instruments | 61.1 |
| Government Securities | 23.9 |
| U.S. Government Agency MBS | 23.9 |
| Non-U.S. Government Agency ABS | 20.7 |
| Financials | 5.5 |
| Industrials | 4.1 |
| Other Short Term Investments | 3.8 |
| Utilities | 3.8 |
| Energy | 2.3 |
| Information Technology | 2.1 |
| Other Sectors | 9.3 |
| **Total Net Assets** | 160.5 |
| **Short Investments** | **Short Investments** |
| Derivative Instruments | (6.2) |
| **Total Net Assets** | **(6.2)** |

---

---

| |
|:---|
| **Where can I find additional information about the Fund?** |
| Additional information is available on the Fund's website at https://www.jackson.com/fund-literature.html, including: |
| ⬥ Prospectus |
| ⬥ Financial information |
| ⬥ Holdings |
| ⬥ Proxy voting information |

---

If you have questions regarding electronic delivery, please scan the QR Code.

![](img_0a77b1f30fbf4.jpg)

---

| | |
|:---|:---|
| JNL/DoubleLine Emerging Markets Fixed Income Fund | |
| Semi-Annual Shareholder Report |  |
| Share Class I | June 30, 2025 |

---

![](img_63986cf449ba4.jpg)

**This shareholder report contains important information about JNL/DoubleLine Emerging Markets Fixed Income Fund for the period ended June 30, 2025. You can find additional information at https://www.jackson.com/fund-literature.html. You can also request this information by contacting us at 1-800-644-4565 or DocumentRequest@jackson.com.** 

**What were the Fund costs for the last six months?**<br>

---

| | | |
|:---|:---|:---|
| Share Class | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| Class I | $40 | 0.78% |

---

**What are some key Fund statistics as of June 30, 2025?**<br>

---

| | |
|:---|:---|
| Fund Statistic | Value ($ in thousands) |
| Fund Size ($): | 319147 |
| Number of Investments: | 138 |
| Portfolio Turnover (%): | 22 |
| Total Advisory Fees Paid ($): | 1003 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **What did the Fund invest in as of June 30, 2025?**<br>

---

| | |
|:---|:---|
| Industry Sector (%) | Industry Sector (%) |
| **Long Investments** | **Long Investments** |
| Financials | 22.4 |
| Utilities | 14.9 |
| Energy | 12.3 |
| Materials | 12.3 |
| Industrials | 11.8 |
| Government Securities | 9.8 |
| Consumer Staples | 9.7 |
| Real Estate | 2.9 |
| Other Short Term Investments | 1.6 |
| Communication Services | 1.1 |
| Other Sectors | 1.0 |
| **Total Net Assets** | 99.8 |

---

---

| |
|:---|
| **Where can I find additional information about the Fund?** |
| Additional information is available on the Fund's website at https://www.jackson.com/fund-literature.html, including: |
| ⬥ Prospectus |
| ⬥ Financial information |
| ⬥ Holdings |
| ⬥ Proxy voting information |

---

If you have questions regarding electronic delivery, please scan the QR Code.

![](img_0a77b1f30fbf4.jpg)

---

| | |
|:---|:---|
| JNL/DoubleLine Shiller Enhanced CAPE Fund | |
| Semi-Annual Shareholder Report |  |
| Share Class I | June 30, 2025 |

---

![](img_63986cf449ba4.jpg)

**This shareholder report contains important information about JNL/DoubleLine Shiller Enhanced CAPE Fund for the period ended June 30, 2025. You can find additional information at https://www.jackson.com/fund-literature.html. You can also request this information by contacting us at 1-800-644-4565 or DocumentRequest@jackson.com.** 

**What were the Fund costs for the last six months?**<br>

---

| | | |
|:---|:---|:---|
| Share Class | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| Class I | $35 | 0.68% |

---

**What are some key Fund statistics as of June 30, 2025?**<br>

---

| | |
|:---|:---|
| Fund Statistic | Value ($ in thousands) |
| Fund Size ($): | 1546997 |
| Number of Investments: | 684 |
| Portfolio Turnover (%): | 21 |
| Total Advisory Fees Paid ($): | 4123 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **What did the Fund invest in as of June 30, 2025?**<br>

---

| | |
|:---|:---|
| Industry Sector (%) | Industry Sector (%) |
| **Long Investments** | **Long Investments** |
| Derivative Instruments | 97.1 |
| Non-U.S. Government Agency ABS | 44.2 |
| Government Securities | 26.6 |
| U.S. Government Agency MBS | 5.2 |
| Financials | 4.6 |
| Other Short Term Investments | 3.1 |
| Industrials | 2.8 |
| Utilities | 2.0 |
| Energy | 1.8 |
| Information Technology | 1.3 |
| Other Sectors | 4.9 |
| **Total Net Assets** | 193.6 |

---

---

| |
|:---|
| **Where can I find additional information about the Fund?** |
| Additional information is available on the Fund's website at https://www.jackson.com/fund-literature.html, including: |
| ⬥ Prospectus |
| ⬥ Financial information |
| ⬥ Holdings |
| ⬥ Proxy voting information |

---

If you have questions regarding electronic delivery, please scan the QR Code.

![](img_0a77b1f30fbf4.jpg)

---

| | |
|:---|:---|
| JNL/DoubleLine Total Return Fund |  |
| Semi-Annual Shareholder Report |  |
| Share Class I | June 30, 2025 |

---

![](img_63986cf449ba4.jpg)

**This shareholder report contains important information about JNL/DoubleLine Total Return Fund for the period ended June 30, 2025. You can find additional information at https://www.jackson.com/fund-literature.html. You can also request this information by contacting us at 1-800-644-4565 or DocumentRequest@jackson.com.** 

**What were the Fund costs for the last six months?**<br>

---

| | | |
|:---|:---|:---|
| Share Class | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| Class I | $27 | 0.53% |

---

**What are some key Fund statistics as of June 30, 2025?**<br>

---

| | |
|:---|:---|
| Fund Statistic | Value ($ in thousands) |
| Fund Size ($): | 1880767 |
| Number of Investments: | 483 |
| Portfolio Turnover (%): | 11 |
| Total Advisory Fees Paid ($): | 3999 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **What did the Fund invest in as of June 30, 2025?**<br>

---

| | |
|:---|:---|
| Industry Sector (%) | Industry Sector (%) |
| **Long Investments** | **Long Investments** |
| Derivative Instruments | 58.2 |
| U.S. Government Agency MBS | 55.7 |
| Non-U.S. Government Agency ABS | 40.4 |
| Other Short Term Investments | 2.7 |
| **Total Net Assets** | 157.0 |
| **Short Investments** | **Short Investments** |
| Derivative Instruments | (3.1) |
| **Total Net Assets** | **(3.1)** |

---

---

| |
|:---|
| **Where can I find additional information about the Fund?** |
| Additional information is available on the Fund's website at https://www.jackson.com/fund-literature.html, including: |
| ⬥ Prospectus |
| ⬥ Financial information |
| ⬥ Holdings |
| ⬥ Proxy voting information |

---

If you have questions regarding electronic delivery, please scan the QR Code.

![](img_0a77b1f30fbf4.jpg)

---

| | |
|:---|:---|
| JNL/Dreyfus Government Money Market Fund | |
| Semi-Annual Shareholder Report |  |
| Share Class I | June 30, 2025 |

---

![](img_63986cf449ba4.jpg)

**This shareholder report contains important information about JNL/Dreyfus Government Money Market Fund for the period ended June 30, 2025. You can find additional information at https://www.jackson.com/fund-literature.html. You can also request this information by contacting us at 1-800-644-4565 or DocumentRequest@jackson.com.** 

**What were the Fund costs for the last six months?**<br>

---

| | | |
|:---|:---|:---|
| Share Class | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| Class I | $13 | 0.26% |

---

**What are some key Fund statistics as of June 30, 2025?**<br>

---

| | |
|:---|:---|
| Fund Statistic | Value ($ in thousands) |
| Fund Size ($): | 2543971 |
| Number of Investments: | 76 |
| Total Advisory Fees Paid ($): | 2022 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **What did the Fund invest in as of June 30, 2025?**<br>

---

| | |
|:---|:---|
| &nbsp;&nbsp; Industry Sector (%) | &nbsp;&nbsp; Industry Sector (%) |
| **Long Investments** | **Long Investments** |
| Repurchase Agreements | 58.9 |
| Government Securities | 38.1 |
| Discount Notes | 5.1 |
| **Total Net Assets** | 102.1 |

---

---

| |
|:---|
| **Where can I find additional information about the Fund?** |
| Additional information is available on the Fund's website at https://www.jackson.com/fund-literature.html, including: |
| ⬥ Prospectus |
| ⬥ Financial information |
| ⬥ Holdings |
| ⬥ Proxy voting information |

---

If you have questions regarding electronic delivery, please scan the QR Code.

![](img_0a77b1f30fbf4.jpg)

---

| | |
|:---|:---|
| JNL/Fidelity Institutional Asset Management Total Bond Fund |  |
| Semi-Annual Shareholder Report |  |
| Share Class I | June 30, 2025 |

---

![](img_63986cf449ba4.jpg)

**This shareholder report contains important information about JNL/Fidelity Institutional Asset Management Total Bond Fund for the period ended June 30, 2025. You can find additional information at https://www.jackson.com/fund-literature.html. You can also request this information by contacting us at 1-800-644-4565 or DocumentRequest@jackson.com.** 

**What were the Fund costs for the last six months?**<br>

---

| | | |
|:---|:---|:---|
| Share Class | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| Class I | $24 | 0.47% |

---

**What are some key Fund statistics as of June 30, 2025?**<br>

---

| | |
|:---|:---|
| Fund Statistic | Value ($ in thousands) |
| Fund Size ($): | 1459551 |
| Number of Investments: | 2951 |
| Portfolio Turnover (%): | 101 |
| Total Advisory Fees Paid ($): | 2724 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **What did the Fund invest in as of June 30, 2025?**<br>

---

| | |
|:---|:---|
| Industry Sector (%) | Industry Sector (%) |
| **Long Investments** | **Long Investments** |
| Government Securities | 33.5 |
| U.S. Government Agency MBS | 24.3 |
| Non-U.S. Government Agency ABS | 12.9 |
| Financials | 12.4 |
| Derivative Instruments | 11.3 |
| Energy | 4.1 |
| Industrials | 2.9 |
| Communication Services | 2.5 |
| Real Estate | 2.1 |
| Consumer Discretionary | 1.8 |
| Other Sectors | 8.6 |
| **Total Net Assets** | 116.4 |
| **Short Investments** | **Short Investments** |
| Derivative Instruments | (4.0) |
| U.S. Government Agency MBS | (0.0) |
| **Total Net Assets** | **(4.0)** |

---

---

| |
|:---|
| **Where can I find additional information about the Fund?** |
| Additional information is available on the Fund's website at https://www.jackson.com/fund-literature.html, including: |
| ⬥ Prospectus |
| ⬥ Financial information |
| ⬥ Holdings |
| ⬥ Proxy voting information |

---

If you have questions regarding electronic delivery, please scan the QR Code.

![](img_0a77b1f30fbf4.jpg)

---

| | |
|:---|:---|
| JNL/First Sentier Global Infrastructure Fund | |
| Semi-Annual Shareholder Report |  |
| Share Class I | June 30, 2025 |

---

![](img_63986cf449ba4.jpg)

**This shareholder report contains important information about JNL/First Sentier Global Infrastructure Fund for the period ended June 30, 2025. You can find additional information at https://www.jackson.com/fund-literature.html. You can also request this information by contacting us at 1-800-644-4565 or DocumentRequest@jackson.com.** 

**What were the Fund costs for the last six months?**<br>

---

| | | |
|:---|:---|:---|
| Share Class | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| Class I | $45 | 0.85% |

---

**What are some key Fund statistics as of June 30, 2025?**<br>

---

| | |
|:---|:---|
| Fund Statistic | Value ($ in thousands) |
| Fund Size ($): | 511044 |
| Number of Investments: | 43 |
| Portfolio Turnover (%): | 32 |
| Total Advisory Fees Paid ($): | 1774 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **What did the Fund invest in as of June 30, 2025?**<br>

---

| | |
|:---|:---|
| Industry Sector (%) | Industry Sector (%) |
| **Long Investments** | **Long Investments** |
| Utilities | 44.0 |
| Industrials | 37.4 |
| Energy | 10.1 |
| Real Estate | 4.7 |
| Securities Lending Collateral | 3.0 |
| Communication Services | 2.4 |
| Other Short Term Investments | 0.9 |
| **Total Net Assets** | 102.5 |

---

---

| |
|:---|
| **Where can I find additional information about the Fund?** |
| Additional information is available on the Fund's website at https://www.jackson.com/fund-literature.html, including: |
| ⬥ Prospectus |
| ⬥ Financial information |
| ⬥ Holdings |
| ⬥ Proxy voting information |

---

If you have questions regarding electronic delivery, please scan the QR Code.

![](img_0a77b1f30fbf4.jpg)

---

| | |
|:---|:---|
| JNL/Franklin Templeton Income Fund | |
| Semi-Annual Shareholder Report |  |
| Share Class I | June 30, 2025 |

---

![](img_63986cf449ba4.jpg)

**This shareholder report contains important information about JNL/Franklin Templeton Income Fund for the period ended June 30, 2025. You can find additional information at https://www.jackson.com/fund-literature.html. You can also request this information by contacting us at 1-800-644-4565 or DocumentRequest@jackson.com.** 

**What were the Fund costs for the last six months?**<br>

---

| | | |
|:---|:---|:---|
| Share Class | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| Class I | $32 | 0.63% |

---

**What are some key Fund statistics as of June 30, 2025?**<br>

---

| | |
|:---|:---|
| Fund Statistic | Value ($ in thousands) |
| Fund Size ($): | 1404680 |
| Number of Investments: | 250 |
| Portfolio Turnover (%): | 22 |
| Total Advisory Fees Paid ($): | 3658 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **What did the Fund invest in as of June 30, 2025?**<br>

---

| | |
|:---|:---|
| Industry Sector (%) | Industry Sector (%) |
| **Long Investments** | **Long Investments** |
| Equity Linked Structured Notes | 17.0 |
| Health Care | 13.3 |
| Industrials | 9.5 |
| Energy | 8.9 |
| Financials | 8.5 |
| Utilities | 6.8 |
| Consumer Staples | 6.5 |
| U.S. Government Agency MBS | 6.3 |
| Consumer Discretionary | 5.2 |
| Materials | 5.1 |
| Other Sectors | 13.9 |
| **Total Net Assets** | 101.0 |

---

---

| |
|:---|
| **Where can I find additional information about the Fund?** |
| Additional information is available on the Fund's website at https://www.jackson.com/fund-literature.html, including: |
| ⬥ Prospectus |
| ⬥ Financial information |
| ⬥ Holdings |
| ⬥ Proxy voting information |

---

If you have questions regarding electronic delivery, please scan the QR Code.

![](img_0a77b1f30fbf4.jpg)

---

| | |
|:---|:---|
| JNL/Goldman Sachs 4 Fund | |
| Semi-Annual Shareholder Report |  |
| Share Class I | June 30, 2025 |

---

![](img_63986cf449ba4.jpg)

**This shareholder report contains important information about JNL/Goldman Sachs 4 Fund for the period ended June 30, 2025. You can find additional information at https://www.jackson.com/fund-literature.html. You can also request this information by contacting us at 1-800-644-4565 or DocumentRequest@jackson.com.** 

**What were the Fund costs for the last six months?**<br>

---

| | | |
|:---|:---|:---|
| Share Class | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| Class I | $21 | 0.40% |

---

**What are some key Fund statistics as of June 30, 2025?**<br>

---

| | |
|:---|:---|
| Fund Statistic | Value ($ in thousands) |
| Fund Size ($): | 4980592 |
| Number of Investments: | 140 |
| Portfolio Turnover (%): | 17 |
| Total Advisory Fees Paid ($): | 6098 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **What did the Fund invest in as of June 30, 2025?**<br>

---

| | |
|:---|:---|
| Industry Sector (%) | Industry Sector (%) |
| **Long Investments** | **Long Investments** |
| Information Technology | 31.6 |
| Financials | 13.2 |
| Health Care | 10.5 |
| Consumer Discretionary | 10.5 |
| Communication Services | 8.8 |
| Industrials | 6.3 |
| Consumer Staples | 6.1 |
| Utilities | 3.3 |
| Energy | 3.2 |
| Real Estate | 3.2 |
| Other Sectors | 3.8 |
| **Total Net Assets** | 100.5 |

---

---

| |
|:---|
| **Where can I find additional information about the Fund?** |
| Additional information is available on the Fund's website at https://www.jackson.com/fund-literature.html, including: |
| ⬥ Prospectus |
| ⬥ Financial information |
| ⬥ Holdings |
| ⬥ Proxy voting information |

---

If you have questions regarding electronic delivery, please scan the QR Code.

![](img_0a77b1f30fbf4.jpg)

---

| | |
|:---|:---|
| JNL/GQG Emerging Markets Equity Fund | |
| Semi-Annual Shareholder Report |  |
| Share Class I | June 30, 2025 |

---

![](img_63986cf449ba4.jpg)

**This shareholder report contains important information about JNL/GQG Emerging Markets Equity Fund for the period ended June 30, 2025. You can find additional information at https://www.jackson.com/fund-literature.html. You can also request this information by contacting us at 1-800-644-4565 or DocumentRequest@jackson.com.** 

**What were the Fund costs for the last six months?**<br>

---

| | | |
|:---|:---|:---|
| Share Class | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| Class I | $52 | 1.03% |

---

**What are some key Fund statistics as of June 30, 2025?**<br>

---

| | |
|:---|:---|
| Fund Statistic | Value ($ in thousands) |
| Fund Size ($): | 865821 |
| Number of Investments: | 81 |
| Portfolio Turnover (%): | 48 |
| Total Advisory Fees Paid ($): | 3690 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **What did the Fund invest in as of June 30, 2025?**<br>

---

| | |
|:---|:---|
| Industry Sector (%) | Industry Sector (%) |
| **Long Investments** | **Long Investments** |
| Financials | 28.5 |
| Consumer Staples | 17.8 |
| Industrials | 11.5 |
| Information Technology | 9.7 |
| Energy | 9.6 |
| Utilities | 8.8 |
| Communication Services | 4.9 |
| Consumer Discretionary | 3.1 |
| Materials | 2.8 |
| Health Care | 1.9 |
| Other Sectors | 2.7 |
| **Total Net Assets** | 101.3 |

---

---

| |
|:---|
| **Where can I find additional information about the Fund?** |
| Additional information is available on the Fund's website at https://www.jackson.com/fund-literature.html, including: |
| ⬥ Prospectus |
| ⬥ Financial information |
| ⬥ Holdings |
| ⬥ Proxy voting information |

---

If you have questions regarding electronic delivery, please scan the QR Code.

![](img_0a77b1f30fbf4.jpg)

---

| | |
|:---|:---|
| JNL/Invesco Diversified Dividend Fund | |
| Semi-Annual Shareholder Report |  |
| Share Class I | June 30, 2025 |

---

![](img_63986cf449ba4.jpg)

**This shareholder report contains important information about JNL/Invesco Diversified Dividend Fund for the period ended June 30, 2025. You can find additional information at https://www.jackson.com/fund-literature.html. You can also request this information by contacting us at 1-800-644-4565 or DocumentRequest@jackson.com.** 

**What were the Fund costs for the last six months?**<br>

---

| | | |
|:---|:---|:---|
| Share Class | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| Class I | $35 | 0.68% |

---

**What are some key Fund statistics as of June 30, 2025?**<br>

---

| | |
|:---|:---|
| Fund Statistic | Value ($ in thousands) |
| Fund Size ($): | 817699 |
| Number of Investments: | 79 |
| Portfolio Turnover (%): | 33 |
| Total Advisory Fees Paid ($): | 2093 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **What did the Fund invest in as of June 30, 2025?**<br>

---

| | |
|:---|:---|
| Industry Sector (%) | Industry Sector (%) |
| **Long Investments** | **Long Investments** |
| Financials | 20.0 |
| Industrials | 13.5 |
| Consumer Staples | 12.4 |
| Health Care | 11.8 |
| Information Technology | 10.8 |
| Consumer Discretionary | 7.2 |
| Energy | 7.2 |
| Communication Services | 5.0 |
| Utilities | 4.7 |
| Materials | 2.7 |
| Other Sectors | 4.6 |
| **Total Net Assets** | 99.9 |

---

---

| |
|:---|
| **Where can I find additional information about the Fund?** |
| Additional information is available on the Fund's website at https://www.jackson.com/fund-literature.html, including: |
| ⬥ Prospectus |
| ⬥ Financial information |
| ⬥ Holdings |
| ⬥ Proxy voting information |

---

If you have questions regarding electronic delivery, please scan the QR Code.

![](img_0a77b1f30fbf4.jpg)

---

| | |
|:---|:---|
| JNL/Invesco Global Growth Fund | |
| Semi-Annual Shareholder Report |  |
| Share Class I | June 30, 2025 |

---

![](img_63986cf449ba4.jpg)

**This shareholder report contains important information about JNL/Invesco Global Growth Fund for the period ended June 30, 2025. You can find additional information at https://www.jackson.com/fund-literature.html. You can also request this information by contacting us at 1-800-644-4565 or DocumentRequest@jackson.com.** 

**What were the Fund costs for the last six months?**<br>

---

| | | |
|:---|:---|:---|
| Share Class | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| Class I | $34 | 0.66% |

---

**What are some key Fund statistics as of June 30, 2025?**<br>

---

| | |
|:---|:---|
| Fund Statistic | Value ($ in thousands) |
| Fund Size ($): | 1403576 |
| Number of Investments: | 63 |
| Portfolio Turnover (%): | 9 |
| Total Advisory Fees Paid ($): | 3358 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **What did the Fund invest in as of June 30, 2025?**<br>

---

| | |
|:---|:---|
| Industry Sector (%) | Industry Sector (%) |
| **Long Investments** | **Long Investments** |
| Information Technology | 32.0 |
| Communication Services | 22.7 |
| Financials | 12.7 |
| Health Care | 11.1 |
| Consumer Discretionary | 10.0 |
| Industrials | 6.2 |
| Real Estate | 4.1 |
| Materials | 0.9 |
| Other Short Term Investments | 0.8 |
| Securities Lending Collateral | 0.2 |
| **Total Net Assets** | 100.7 |

---

---

| |
|:---|
| **Where can I find additional information about the Fund?** |
| Additional information is available on the Fund's website at https://www.jackson.com/fund-literature.html, including: |
| ⬥ Prospectus |
| ⬥ Financial information |
| ⬥ Holdings |
| ⬥ Proxy voting information |

---

If you have questions regarding electronic delivery, please scan the QR Code.

![](img_0a77b1f30fbf4.jpg)

---

| | |
|:---|:---|
| JNL/Invesco Small Cap Growth Fund | |
| Semi-Annual Shareholder Report |  |
| Share Class I | June 30, 2025 |

---

![](img_63986cf449ba4.jpg)

**This shareholder report contains important information about JNL/Invesco Small Cap Growth Fund for the period ended June 30, 2025. You can find additional information at https://www.jackson.com/fund-literature.html. You can also request this information by contacting us at 1-800-644-4565 or DocumentRequest@jackson.com.** 

**What were the Fund costs for the last six months?**<br>

---

| | | |
|:---|:---|:---|
| Share Class | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| Class I | $36 | 0.73% |

---

**What are some key Fund statistics as of June 30, 2025?**<br>

---

| | |
|:---|:---|
| Fund Statistic | Value ($ in thousands) |
| Fund Size ($): | 1604035 |
| Number of Investments: | 117 |
| Portfolio Turnover (%): | 48 |
| Total Advisory Fees Paid ($): | 5025 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **What did the Fund invest in as of June 30, 2025?**<br>

---

| | |
|:---|:---|
| Industry Sector (%) | Industry Sector (%) |
| **Long Investments** | **Long Investments** |
| Industrials | 25.3 |
| Information Technology | 21.5 |
| Health Care | 19.2 |
| Consumer Discretionary | 12.1 |
| Financials | 11.2 |
| Materials | 2.7 |
| Consumer Staples | 2.4 |
| Energy | 2.2 |
| Real Estate | 1.3 |
| Utilities | 1.2 |
| Other Sectors | 1.2 |
| **Total Net Assets** | 100.3 |

---

---

| |
|:---|
| **Where can I find additional information about the Fund?** |
| Additional information is available on the Fund's website at https://www.jackson.com/fund-literature.html, including: |
| ⬥ Prospectus |
| ⬥ Financial information |
| ⬥ Holdings |
| ⬥ Proxy voting information |

---

If you have questions regarding electronic delivery, please scan the QR Code.

![](img_0a77b1f30fbf4.jpg)

---

| | |
|:---|:---|
| JNL/JPMorgan Global Allocation Fund | |
| Semi-Annual Shareholder Report |  |
| Share Class I | June 30, 2025 |

---

![](img_63986cf449ba4.jpg)

**This shareholder report contains important information about JNL/JPMorgan Global Allocation Fund for the period ended June 30, 2025. You can find additional information at https://www.jackson.com/fund-literature.html. You can also request this information by contacting us at 1-800-644-4565 or DocumentRequest@jackson.com.** 

**What were the Fund costs for the last six months?**<br>

---

| | | |
|:---|:---|:---|
| Share Class | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| Class I | $38 | 0.74% |

---

**What are some key Fund statistics as of June 30, 2025?**<br>

---

| | |
|:---|:---|
| Fund Statistic | Value ($ in thousands) |
| Fund Size ($): | 912724 |
| Number of Investments: | 1841 |
| Portfolio Turnover (%): | 43 |
| Total Advisory Fees Paid ($): | 2588 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **What did the Fund invest in as of June 30, 2025?**<br>

---

| | |
|:---|:---|
| Industry Sector (%) | Industry Sector (%) |
| **Long Investments** | **Long Investments** |
| Derivative Instruments | 43.3 |
| Financials | 15.4 |
| Government Securities | 13.0 |
| Information Technology | 12.2 |
| Consumer Discretionary | 10.9 |
| Industrials | 9.2 |
| Communication Services | 7.7 |
| Health Care | 6.8 |
| Energy | 5.2 |
| Investment Companies | 3.9 |
| Other Sectors | 16.0 |
| **Total Net Assets** | 143.6 |
| **Short Investments** | **Short Investments** |
| Derivative Instruments | (9.8) |
| **Total Net Assets** | **(9.8)** |

---

---

| |
|:---|
| **Where can I find additional information about the Fund?** |
| Additional information is available on the Fund's website at https://www.jackson.com/fund-literature.html, including: |
| ⬥ Prospectus |
| ⬥ Financial information |
| ⬥ Holdings |
| ⬥ Proxy voting information |

---

If you have questions regarding electronic delivery, please scan the QR Code.

![](img_0a77b1f30fbf4.jpg)

---

| | |
|:---|:---|
| JNL/JPMorgan Hedged Equity Fund | |
| Semi-Annual Shareholder Report |  |
| Share Class I | June 30, 2025 |

---

![](img_63986cf449ba4.jpg)

**This shareholder report contains important information about JNL/JPMorgan Hedged Equity Fund for the period ended June 30, 2025. You can find additional information at https://www.jackson.com/fund-literature.html. You can also request this information by contacting us at 1-800-644-4565 or DocumentRequest@jackson.com.** 

**What were the Fund costs for the last six months?**<br>

---

| | | |
|:---|:---|:---|
| Share Class | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| Class I | $33 | 0.66% |

---

**What are some key Fund statistics as of June 30, 2025?**<br>

---

| | |
|:---|:---|
| Fund Statistic | Value ($ in thousands) |
| Fund Size ($): | 892402 |
| Number of Investments: | 153 |
| Portfolio Turnover (%): | 14 |
| Total Advisory Fees Paid ($): | 2201 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **What did the Fund invest in as of June 30, 2025?**<br>

---

| | |
|:---|:---|
| Industry Sector (%) | Industry Sector (%) |
| **Long Investments** | **Long Investments** |
| Information Technology | 32.8 |
| Financials | 14.5 |
| Consumer Discretionary | 11.8 |
| Communication Services | 9.4 |
| Health Care | 9.3 |
| Industrials | 8.6 |
| Consumer Staples | 4.6 |
| Other Short Term Investments | 4.5 |
| Energy | 3.0 |
| Utilities | 2.4 |
| Other Sectors | 5.2 |
| **Total Net Assets** | 106.1 |
| **Short Investments** | **Short Investments** |
| Derivative Instruments | (1.4) |
| **Total Net Assets** | **(1.4)** |

---

---

| |
|:---|
| **Where can I find additional information about the Fund?** |
| Additional information is available on the Fund's website at https://www.jackson.com/fund-literature.html, including: |
| ⬥ Prospectus |
| ⬥ Financial information |
| ⬥ Holdings |
| ⬥ Proxy voting information |

---

If you have questions regarding electronic delivery, please scan the QR Code.

![](img_0a77b1f30fbf4.jpg)

---

| | |
|:---|:---|
| JNL/JPMorgan MidCap Growth Fund | |
| Semi-Annual Shareholder Report |  |
| Share Class I | June 30, 2025 |

---

![](img_63986cf449ba4.jpg)

**This shareholder report contains important information about JNL/JPMorgan MidCap Growth Fund for the period ended June 30, 2025. You can find additional information at https://www.jackson.com/fund-literature.html. You can also request this information by contacting us at 1-800-644-4565 or DocumentRequest@jackson.com.** 

**What were the Fund costs for the last six months?**<br>

---

| | | |
|:---|:---|:---|
| Share Class | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| Class I | $30 | 0.59% |

---

**What are some key Fund statistics as of June 30, 2025?**<br>

---

| | |
|:---|:---|
| Fund Statistic | Value ($ in thousands) |
| Fund Size ($): | 3434525 |
| Number of Investments: | 110 |
| Portfolio Turnover (%): | 46 |
| Total Advisory Fees Paid ($): | 7935 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **What did the Fund invest in as of June 30, 2025?**<br>

---

| | |
|:---|:---|
| Industry Sector (%) | Industry Sector (%) |
| **Long Investments** | **Long Investments** |
| Consumer Discretionary | 20.4 |
| Information Technology | 19.3 |
| Industrials | 18.7 |
| Health Care | 14.4 |
| Financials | 11.4 |
| Communication Services | 5.4 |
| Energy | 3.4 |
| Utilities | 3.1 |
| Consumer Staples | 1.6 |
| Real Estate | 1.4 |
| Other Sectors | 1.2 |
| **Total Net Assets** | 100.3 |

---

---

| |
|:---|
| **Where can I find additional information about the Fund?** |
| Additional information is available on the Fund's website at https://www.jackson.com/fund-literature.html, including: |
| ⬥ Prospectus |
| ⬥ Financial information |
| ⬥ Holdings |
| ⬥ Proxy voting information |

---

If you have questions regarding electronic delivery, please scan the QR Code.

![](img_0a77b1f30fbf4.jpg)

---

| | |
|:---|:---|
| JNL/JPMorgan Nasdaq Hedged Equity Fund | |
| Semi-Annual Shareholder Report |  |
| Share Class I | June 30, 2025 |

---

![](img_63986cf449ba4.jpg)

**This shareholder report contains important information about JNL/JPMorgan Nasdaq Hedged Equity Fund for the period ended June 30, 2025. You can find additional information at https://www.jackson.com/fund-literature.html. You can also request this information by contacting us at 1-800-644-4565 or DocumentRequest@jackson.com.** 

**What were the Fund costs for the last six months?**<br>

---

| | | |
|:---|:---|:---|
| Share Class | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| Class I | $34 | 0.69% |

---

**What are some key Fund statistics as of June 30, 2025?**<br>

---

| | |
|:---|:---|
| Fund Statistic | Value ($ in thousands) |
| Fund Size ($): | 60244 |
| Number of Investments: | 100 |
| Portfolio Turnover (%): | 24 |
| Total Advisory Fees Paid ($): | 125 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **What did the Fund invest in as of June 30, 2025?**<br>

---

| | |
|:---|:---|
| Industry Sector (%) | Industry Sector (%) |
| **Long Investments** | **Long Investments** |
| Information Technology | 51.7 |
| Communication Services | 15.5 |
| Consumer Discretionary | 14.2 |
| Health Care | 4.9 |
| Consumer Staples | 4.7 |
| Industrials | 4.0 |
| Derivative Instruments | 2.9 |
| Other Short Term Investments | 1.5 |
| Utilities | 1.3 |
| Materials | 1.1 |
| Other Sectors | 1.4 |
| **Total Net Assets** | 103.2 |
| **Short Investments** | **Short Investments** |
| Derivative Instruments | (1.8) |
| **Total Net Assets** | **(1.8)** |

---

---

| |
|:---|
| **Where can I find additional information about the Fund?** |
| Additional information is available on the Fund's website at https://www.jackson.com/fund-literature.html, including: |
| ⬥ Prospectus |
| ⬥ Financial information |
| ⬥ Holdings |
| ⬥ Proxy voting information |

---

If you have questions regarding electronic delivery, please scan the QR Code.

![](img_0a77b1f30fbf4.jpg)

---

| | |
|:---|:---|
| JNL/JPMorgan U.S. Government & Quality Bond Fund | |
| Semi-Annual Shareholder Report |  |
| Share Class I | June 30, 2025 |

---

![](img_63986cf449ba4.jpg)

**This shareholder report contains important information about JNL/JPMorgan U.S. Government & Quality Bond Fund for the period ended June 30, 2025. You can find additional information at https://www.jackson.com/fund-literature.html. You can also request this information by contacting us at 1-800-644-4565 or DocumentRequest@jackson.com.** 

**What were the Fund costs for the last six months?**<br>

---

| | | |
|:---|:---|:---|
| Share Class | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| Class I | $20 | 0.39% |

---

**What are some key Fund statistics as of June 30, 2025?**<br>

---

| | |
|:---|:---|
| Fund Statistic | Value ($ in thousands) |
| Fund Size ($): | 1290561 |
| Number of Investments: | 307 |
| Portfolio Turnover (%): | 9 |
| Total Advisory Fees Paid ($): | 1839 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **What did the Fund invest in as of June 30, 2025?**<br>

---

| | |
|:---|:---|
| Industry Sector (%) | Industry Sector (%) |
| **Long Investments** | **Long Investments** |
| U.S. Government Agency MBS | 45.7 |
| Government Securities | 36.1 |
| Non-U.S. Government Agency ABS | 7.4 |
| Financials | 3.1 |
| Other Short Term Investments | 3.0 |
| Communication Services | 1.3 |
| Consumer Staples | 1.1 |
| Health Care | 0.5 |
| Utilities | 0.4 |
| Industrials | 0.4 |
| Other Sectors | 0.6 |
| **Total Net Assets** | 99.6 |

---

---

| |
|:---|
| **Where can I find additional information about the Fund?** |
| Additional information is available on the Fund's website at https://www.jackson.com/fund-literature.html, including: |
| ⬥ Prospectus |
| ⬥ Financial information |
| ⬥ Holdings |
| ⬥ Proxy voting information |

---

If you have questions regarding electronic delivery, please scan the QR Code.

![](img_0a77b1f30fbf4.jpg)

---

| | |
|:---|:---|
| JNL/JPMorgan U.S. Value Fund | |
| Semi-Annual Shareholder Report |  |
| Share Class I | June 30, 2025 |

---

![](img_63986cf449ba4.jpg)

**This shareholder report contains important information about JNL/JPMorgan U.S. Value Fund for the period ended June 30, 2025. You can find additional information at https://www.jackson.com/fund-literature.html. You can also request this information by contacting us at 1-800-644-4565 or DocumentRequest@jackson.com.** 

**What were the Fund costs for the last six months?**<br>

---

| | | |
|:---|:---|:---|
| Share Class | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| Class I | $29 | 0.58% |

---

**What are some key Fund statistics as of June 30, 2025?**<br>

---

| | |
|:---|:---|
| Fund Statistic | Value ($ in thousands) |
| Fund Size ($): | 1580489 |
| Number of Investments: | 92 |
| Portfolio Turnover (%): | 12 |
| Total Advisory Fees Paid ($): | 3771 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **What did the Fund invest in as of June 30, 2025?**<br>

---

| | |
|:---|:---|
| Industry Sector (%) | Industry Sector (%) |
| **Long Investments** | **Long Investments** |
| Financials | 26.4 |
| Industrials | 15.8 |
| Health Care | 13.0 |
| Information Technology | 9.1 |
| Consumer Discretionary | 8.5 |
| Energy | 5.7 |
| Consumer Staples | 5.6 |
| Materials | 4.2 |
| Communication Services | 4.0 |
| Utilities | 3.9 |
| Other Sectors | 3.8 |
| **Total Net Assets** | 100.0 |

---

---

| |
|:---|
| **Where can I find additional information about the Fund?** |
| Additional information is available on the Fund's website at https://www.jackson.com/fund-literature.html, including: |
| ⬥ Prospectus |
| ⬥ Financial information |
| ⬥ Holdings |
| ⬥ Proxy voting information |

---

If you have questions regarding electronic delivery, please scan the QR Code.

![](img_0a77b1f30fbf4.jpg)

---

| | |
|:---|:---|
| JNL/Lazard International Quality Growth Fund | |
| Semi-Annual Shareholder Report |  |
| Share Class I | June 30, 2025 |

---

![](img_63986cf449ba4.jpg)

**This shareholder report contains important information about JNL/Lazard International Quality Growth Fund for the period ended June 30, 2025. You can find additional information at https://www.jackson.com/fund-literature.html. You can also request this information by contacting us at 1-800-644-4565 or DocumentRequest@jackson.com.** 

**What were the Fund costs for the last six months?**<br>

---

| | | |
|:---|:---|:---|
| Share Class | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| Class I | $39 | 0.75% |

---

**What are some key Fund statistics as of June 30, 2025?**<br>

---

| | |
|:---|:---|
| Fund Statistic | Value ($ in thousands) |
| Fund Size ($): | 471847 |
| Number of Investments: | 46 |
| Portfolio Turnover (%): | 7 |
| Total Advisory Fees Paid ($): | 1383 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **What did the Fund invest in as of June 30, 2025?**<br>

---

| | |
|:---|:---|
| Industry Sector (%) | Industry Sector (%) |
| **Long Investments** | **Long Investments** |
| Information Technology | 25.1 |
| Industrials | 21.5 |
| Financials | 17.2 |
| Health Care | 9.3 |
| Communication Services | 9.0 |
| Consumer Discretionary | 8.7 |
| Consumer Staples | 7.4 |
| Other Short Term Investments | 1.7 |
| **Total Net Assets** | 99.9 |

---

---

| |
|:---|
| **Where can I find additional information about the Fund?** |
| Additional information is available on the Fund's website at https://www.jackson.com/fund-literature.html, including: |
| ⬥ Prospectus |
| ⬥ Financial information |
| ⬥ Holdings |
| ⬥ Proxy voting information |

---

If you have questions regarding electronic delivery, please scan the QR Code.

![](img_0a77b1f30fbf4.jpg)

---

| | |
|:---|:---|
| JNL/Loomis Sayles Global Growth Fund | |
| Semi-Annual Shareholder Report |  |
| Share Class I | June 30, 2025 |

---

![](img_63986cf449ba4.jpg)

**This shareholder report contains important information about JNL/Loomis Sayles Global Growth Fund for the period ended June 30, 2025. You can find additional information at https://www.jackson.com/fund-literature.html. You can also request this information by contacting us at 1-800-644-4565 or DocumentRequest@jackson.com.** 

**What were the Fund costs for the last six months?**<br>

---

| | | |
|:---|:---|:---|
| Share Class | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| Class I | $37 | 0.70% |

---

**What are some key Fund statistics as of June 30, 2025?**<br>

---

| | |
|:---|:---|
| Fund Statistic | Value ($ in thousands) |
| Fund Size ($): | 881060 |
| Number of Investments: | 44 |
| Portfolio Turnover (%): | 8 |
| Total Advisory Fees Paid ($): | 2197 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **What did the Fund invest in as of June 30, 2025?**<br>

---

| | |
|:---|:---|
| Industry Sector (%) | Industry Sector (%) |
| **Long Investments** | **Long Investments** |
| Consumer Discretionary | 23.9 |
| Communication Services | 23.2 |
| Information Technology | 19.5 |
| Health Care | 12.8 |
| Financials | 8.6 |
| Industrials | 8.4 |
| Consumer Staples | 3.1 |
| **Total Net Assets** | 99.5 |

---

---

| |
|:---|
| **Where can I find additional information about the Fund?** |
| Additional information is available on the Fund's website at https://www.jackson.com/fund-literature.html, including: |
| ⬥ Prospectus |
| ⬥ Financial information |
| ⬥ Holdings |
| ⬥ Proxy voting information |

---

If you have questions regarding electronic delivery, please scan the QR Code.

![](img_0a77b1f30fbf4.jpg)

---

| | |
|:---|:---|
| JNL/Lord Abbett Short Duration Income Fund | |
| Semi-Annual Shareholder Report |  |
| Share Class I | June 30, 2025 |

---

![](img_63986cf449ba4.jpg)

**This shareholder report contains important information about JNL/Lord Abbett Short Duration Income Fund for the period ended June 30, 2025. You can find additional information at https://www.jackson.com/fund-literature.html. You can also request this information by contacting us at 1-800-644-4565 or DocumentRequest@jackson.com.** 

**What were the Fund costs for the last six months?**<br>

---

| | | |
|:---|:---|:---|
| Share Class | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| Class I | $25 | 0.50% |

---

**What are some key Fund statistics as of June 30, 2025?**<br>

---

| | |
|:---|:---|
| Fund Statistic | Value ($ in thousands) |
| Fund Size ($): | 705880 |
| Number of Investments: | 758 |
| Portfolio Turnover (%): | 48 |
| Total Advisory Fees Paid ($): | 1197 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **What did the Fund invest in as of June 30, 2025?**<br>

---

| | |
|:---|:---|
| Industry Sector (%) | Industry Sector (%) |
| **Long Investments** | **Long Investments** |
| Derivative Instruments | 42.2 |
| Non-U.S. Government Agency ABS | 26.4 |
| Financials | 23.1 |
| Energy | 11.0 |
| Industrials | 7.1 |
| Consumer Discretionary | 6.6 |
| Utilities | 4.7 |
| Government Securities | 4.0 |
| Consumer Staples | 3.4 |
| Health Care | 3.4 |
| Other Sectors | 9.7 |
| **Total Net Assets** | 141.6 |
| **Short Investments** | **Short Investments** |
| Derivative Instruments | (9.8) |
| **Total Net Assets** | **(9.8)** |

---

---

| |
|:---|
| **Where can I find additional information about the Fund?** |
| Additional information is available on the Fund's website at https://www.jackson.com/fund-literature.html, including: |
| ⬥ Prospectus |
| ⬥ Financial information |
| ⬥ Holdings |
| ⬥ Proxy voting information |

---

If you have questions regarding electronic delivery, please scan the QR Code.

![](img_0a77b1f30fbf4.jpg)

---

| | |
|:---|:---|
| JNL/Mellon Communication Services Sector Fund | |
| Semi-Annual Shareholder Report |  |
| Share Class I | June 30, 2025 |

---

![](img_63986cf449ba4.jpg)

**This shareholder report contains important information about JNL/Mellon Communication Services Sector Fund for the period ended June 30, 2025. You can find additional information at https://www.jackson.com/fund-literature.html. You can also request this information by contacting us at 1-800-644-4565 or DocumentRequest@jackson.com.** 

**What were the Fund costs for the last six months?**<br>

---

| | | |
|:---|:---|:---|
| Share Class | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| Class I | $15 | 0.29% |

---

**What are some key Fund statistics as of June 30, 2025?**<br>

---

| | |
|:---|:---|
| Fund Statistic | Value ($ in thousands) |
| Fund Size ($): | 851476 |
| Number of Investments: | 52 |
| Portfolio Turnover (%): | 16 |
| Total Advisory Fees Paid ($): | 738 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **What did the Fund invest in as of June 30, 2025?**<br>

---

| | |
|:---|:---|
| Industry Sector (%) | Industry Sector (%) |
| **Long Investments** | **Long Investments** |
| Communication Services | 99.4 |
| Derivative Instruments | 0.4 |
| Real Estate | 0.3 |
| Other Short Term Investments | 0.2 |
| Securities Lending Collateral | 0.0 |
| **Total Net Assets** | 100.3 |

---

---

| |
|:---|
| **Where can I find additional information about the Fund?** |
| Additional information is available on the Fund's website at https://www.jackson.com/fund-literature.html, including: |
| ⬥ Prospectus |
| ⬥ Financial information |
| ⬥ Holdings |
| ⬥ Proxy voting information |

---

If you have questions regarding electronic delivery, please scan the QR Code.

![](img_0a77b1f30fbf4.jpg)

---

| | |
|:---|:---|
| JNL/Mellon Consumer Discretionary Sector Fund | |
| Semi-Annual Shareholder Report |  |
| Share Class I | June 30, 2025 |

---

![](img_63986cf449ba4.jpg)

**This shareholder report contains important information about JNL/Mellon Consumer Discretionary Sector Fund for the period ended June 30, 2025. You can find additional information at https://www.jackson.com/fund-literature.html. You can also request this information by contacting us at 1-800-644-4565 or DocumentRequest@jackson.com.** 

**What were the Fund costs for the last six months?**<br>

---

| | | |
|:---|:---|:---|
| Share Class | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| Class I | $14 | 0.29% |

---

**What are some key Fund statistics as of June 30, 2025?**<br>

---

| | |
|:---|:---|
| Fund Statistic | Value ($ in thousands) |
| Fund Size ($): | 1363074 |
| Number of Investments: | 148 |
| Portfolio Turnover (%): | 5 |
| Total Advisory Fees Paid ($): | 1236 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **What did the Fund invest in as of June 30, 2025?**<br>

---

| | |
|:---|:---|
| Industry Sector (%) | Industry Sector (%) |
| **Long Investments** | **Long Investments** |
| Consumer Discretionary | 95.9 |
| Materials | 2.7 |
| Industrials | 0.5 |
| Consumer Staples | 0.5 |
| Derivative Instruments | 0.5 |
| Securities Lending Collateral | 0.1 |
| Other Short Term Investments | 0.1 |
| **Total Net Assets** | 100.3 |

---

---

| |
|:---|
| **Where can I find additional information about the Fund?** |
| Additional information is available on the Fund's website at https://www.jackson.com/fund-literature.html, including: |
| ⬥ Prospectus |
| ⬥ Financial information |
| ⬥ Holdings |
| ⬥ Proxy voting information |

---

If you have questions regarding electronic delivery, please scan the QR Code.

![](img_0a77b1f30fbf4.jpg)

---

| | |
|:---|:---|
| JNL/Mellon Consumer Staples Sector Fund | |
| Semi-Annual Shareholder Report |  |
| Share Class I | June 30, 2025 |

---

![](img_63986cf449ba4.jpg)

**This shareholder report contains important information about JNL/Mellon Consumer Staples Sector Fund for the period ended June 30, 2025. You can find additional information at https://www.jackson.com/fund-literature.html. You can also request this information by contacting us at 1-800-644-4565 or DocumentRequest@jackson.com.** 

**What were the Fund costs for the last six months?**<br>

---

| | | |
|:---|:---|:---|
| Share Class | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| Class I | $15 | 0.30% |

---

**What are some key Fund statistics as of June 30, 2025?**<br>

---

| | |
|:---|:---|
| Fund Statistic | Value ($ in thousands) |
| Fund Size ($): | 404833 |
| Number of Investments: | 68 |
| Portfolio Turnover (%): | 22 |
| Total Advisory Fees Paid ($): | 384 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **What did the Fund invest in as of June 30, 2025?**<br>

---

| | |
|:---|:---|
| Industry Sector (%) | Industry Sector (%) |
| **Long Investments** | **Long Investments** |
| Consumer Staples | 96.9 |
| Consumer Discretionary | 1.8 |
| Derivative Instruments | 0.8 |
| Health Care | 0.5 |
| Other Short Term Investments | 0.5 |
| Securities Lending Collateral | 0.5 |
| **Total Net Assets** | 101.0 |

---

---

| |
|:---|
| **Where can I find additional information about the Fund?** |
| Additional information is available on the Fund's website at https://www.jackson.com/fund-literature.html, including: |
| ⬥ Prospectus |
| ⬥ Financial information |
| ⬥ Holdings |
| ⬥ Proxy voting information |

---

If you have questions regarding electronic delivery, please scan the QR Code.

![](img_0a77b1f30fbf4.jpg)

---

| | |
|:---|:---|
| JNL/Mellon Dow Index Fund | |
| Semi-Annual Shareholder Report |  |
| Share Class I | June 30, 2025 |

---

![](img_63986cf449ba4.jpg)

**This shareholder report contains important information about JNL/Mellon Dow Index Fund for the period ended June 30, 2025. You can find additional information at https://www.jackson.com/fund-literature.html. You can also request this information by contacting us at 1-800-644-4565 or DocumentRequest@jackson.com.** 

**What were the Fund costs for the last six months?**<br>

---

| | | |
|:---|:---|:---|
| Share Class | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| Class I | $15 | 0.30% |

---

**What are some key Fund statistics as of June 30, 2025?**<br>

---

| | |
|:---|:---|
| Fund Statistic | Value ($ in thousands) |
| Fund Size ($): | 1284049 |
| Number of Investments: | 32 |
| Total Advisory Fees Paid ($): | 1123 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **What did the Fund invest in as of June 30, 2025?**<br>

---

| | |
|:---|:---|
| Industry Sector (%) | Industry Sector (%) |
| **Long Investments** | **Long Investments** |
| Financials | 26.8 |
| Information Technology | 20.7 |
| Industrials | 13.6 |
| Consumer Discretionary | 13.1 |
| Health Care | 11.4 |
| Materials | 4.7 |
| Consumer Staples | 4.5 |
| Communication Services | 2.3 |
| Energy | 2.0 |
| Derivative Instruments | 1.0 |
| Other Sectors | 0.9 |
| **Total Net Assets** | 101.0 |

---

---

| |
|:---|
| **Where can I find additional information about the Fund?** |
| Additional information is available on the Fund's website at https://www.jackson.com/fund-literature.html, including: |
| ⬥ Prospectus |
| ⬥ Financial information |
| ⬥ Holdings |
| ⬥ Proxy voting information |

---

If you have questions regarding electronic delivery, please scan the QR Code.

![](img_0a77b1f30fbf4.jpg)

---

| | |
|:---|:---|
| JNL/Mellon Energy Sector Fund | |
| Semi-Annual Shareholder Report |  |
| Share Class I | June 30, 2025 |

---

![](img_63986cf449ba4.jpg)

**This shareholder report contains important information about JNL/Mellon Energy Sector Fund for the period ended June 30, 2025. You can find additional information at https://www.jackson.com/fund-literature.html. You can also request this information by contacting us at 1-800-644-4565 or DocumentRequest@jackson.com.** 

**What were the Fund costs for the last six months?**<br>

---

| | | |
|:---|:---|:---|
| Share Class | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| Class I | $14 | 0.29% |

---

**What are some key Fund statistics as of June 30, 2025?**<br>

---

| | |
|:---|:---|
| Fund Statistic | Value ($ in thousands) |
| Fund Size ($): | 1569207 |
| Number of Investments: | 50 |
| Portfolio Turnover (%): | 8 |
| Total Advisory Fees Paid ($): | 1453 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **What did the Fund invest in as of June 30, 2025?**<br>

---

| | |
|:---|:---|
| Industry Sector (%) | Industry Sector (%) |
| **Long Investments** | **Long Investments** |
| Energy | 99.0 |
| Derivative Instruments | 0.7 |
| Other Short Term Investments | 0.5 |
| Utilities | 0.4 |
| Securities Lending Collateral | 0.1 |
| **Total Net Assets** | 100.7 |

---

---

| |
|:---|
| **Where can I find additional information about the Fund?** |
| Additional information is available on the Fund's website at https://www.jackson.com/fund-literature.html, including: |
| ⬥ Prospectus |
| ⬥ Financial information |
| ⬥ Holdings |
| ⬥ Proxy voting information |

---

If you have questions regarding electronic delivery, please scan the QR Code.

![](img_0a77b1f30fbf4.jpg)

---

| | |
|:---|:---|
| JNL/Mellon Financial Sector Fund | |
| Semi-Annual Shareholder Report |  |
| Share Class I | June 30, 2025 |

---

![](img_63986cf449ba4.jpg)

**This shareholder report contains important information about JNL/Mellon Financial Sector Fund for the period ended June 30, 2025. You can find additional information at https://www.jackson.com/fund-literature.html. You can also request this information by contacting us at 1-800-644-4565 or DocumentRequest@jackson.com.** 

**What were the Fund costs for the last six months?**<br>

---

| | | |
|:---|:---|:---|
| Share Class | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| Class I | $15 | 0.29% |

---

**What are some key Fund statistics as of June 30, 2025?**<br>

---

| | |
|:---|:---|
| Fund Statistic | Value ($ in thousands) |
| Fund Size ($): | 1601028 |
| Number of Investments: | 187 |
| Portfolio Turnover (%): | 8 |
| Total Advisory Fees Paid ($): | 1367 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **What did the Fund invest in as of June 30, 2025?**<br>

---

| | |
|:---|:---|
| Industry Sector (%) | Industry Sector (%) |
| **Long Investments** | **Long Investments** |
| Financials | 99.2 |
| Derivative Instruments | 0.7 |
| Other Short Term Investments | 0.6 |
| Industrials | 0.2 |
| Information Technology | 0.1 |
| Securities Lending Collateral | 0.1 |
| Health Care | 0.0 |
| **Total Net Assets** | 100.9 |

---

---

| |
|:---|
| **Where can I find additional information about the Fund?** |
| Additional information is available on the Fund's website at https://www.jackson.com/fund-literature.html, including: |
| ⬥ Prospectus |
| ⬥ Financial information |
| ⬥ Holdings |
| ⬥ Proxy voting information |

---

If you have questions regarding electronic delivery, please scan the QR Code.

![](img_0a77b1f30fbf4.jpg)

---

| | |
|:---|:---|
| JNL/Mellon Healthcare Sector Fund | |
| Semi-Annual Shareholder Report |  |
| Share Class I | June 30, 2025 |

---

![](img_63986cf449ba4.jpg)

**This shareholder report contains important information about JNL/Mellon Healthcare Sector Fund for the period ended June 30, 2025. You can find additional information at https://www.jackson.com/fund-literature.html. You can also request this information by contacting us at 1-800-644-4565 or DocumentRequest@jackson.com.** 

**What were the Fund costs for the last six months?**<br>

---

| | | |
|:---|:---|:---|
| Share Class | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| Class I | $14 | 0.28% |

---

**What are some key Fund statistics as of June 30, 2025?**<br>

---

| | |
|:---|:---|
| Fund Statistic | Value ($ in thousands) |
| Fund Size ($): | 2670423 |
| Number of Investments: | 139 |
| Portfolio Turnover (%): | 2 |
| Total Advisory Fees Paid ($): | 2477 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **What did the Fund invest in as of June 30, 2025?**<br>

---

| | |
|:---|:---|
| Industry Sector (%) | Industry Sector (%) |
| **Long Investments** | **Long Investments** |
| Health Care | 99.4 |
| Materials | 0.2 |
| Derivative Instruments | 0.2 |
| Consumer Staples | 0.2 |
| Securities Lending Collateral | 0.1 |
| **Total Net Assets** | 100.1 |

---

---

| |
|:---|
| **Where can I find additional information about the Fund?** |
| Additional information is available on the Fund's website at https://www.jackson.com/fund-literature.html, including: |
| ⬥ Prospectus |
| ⬥ Financial information |
| ⬥ Holdings |
| ⬥ Proxy voting information |

---

If you have questions regarding electronic delivery, please scan the QR Code.

![](img_0a77b1f30fbf4.jpg)

---

| | |
|:---|:---|
| JNL/Mellon Industrials Sector Fund | |
| Semi-Annual Shareholder Report |  |
| Share Class I | June 30, 2025 |

---

![](img_63986cf449ba4.jpg)

**This shareholder report contains important information about JNL/Mellon Industrials Sector Fund for the period ended June 30, 2025. You can find additional information at https://www.jackson.com/fund-literature.html. You can also request this information by contacting us at 1-800-644-4565 or DocumentRequest@jackson.com.** 

**What were the Fund costs for the last six months?**<br>

---

| | | |
|:---|:---|:---|
| Share Class | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| Class I | $16 | 0.30% |

---

**What are some key Fund statistics as of June 30, 2025?**<br>

---

| | |
|:---|:---|
| Fund Statistic | Value ($ in thousands) |
| Fund Size ($): | 321470 |
| Number of Investments: | 201 |
| Portfolio Turnover (%): | 17 |
| Total Advisory Fees Paid ($): | 282 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **What did the Fund invest in as of June 30, 2025?**<br>

---

| | |
|:---|:---|
| Industry Sector (%) | Industry Sector (%) |
| **Long Investments** | **Long Investments** |
| Industrials | 97.2 |
| Derivative Instruments | 0.8 |
| Other Short Term Investments | 0.8 |
| Consumer Discretionary | 0.7 |
| Financials | 0.4 |
| Materials | 0.4 |
| Information Technology | 0.3 |
| Securities Lending Collateral | 0.1 |
| Utilities | 0.1 |
| **Total Net Assets** | 100.8 |

---

---

| |
|:---|
| **Where can I find additional information about the Fund?** |
| Additional information is available on the Fund's website at https://www.jackson.com/fund-literature.html, including: |
| ⬥ Prospectus |
| ⬥ Financial information |
| ⬥ Holdings |
| ⬥ Proxy voting information |

---

If you have questions regarding electronic delivery, please scan the QR Code.

![](img_0a77b1f30fbf4.jpg)

---

| | |
|:---|:---|
| JNL/Mellon Information Technology Sector Fund | |
| Semi-Annual Shareholder Report |  |
| Share Class I | June 30, 2025 |

---

![](img_63986cf449ba4.jpg)

**This shareholder report contains important information about JNL/Mellon Information Technology Sector Fund for the period ended June 30, 2025. You can find additional information at https://www.jackson.com/fund-literature.html. You can also request this information by contacting us at 1-800-644-4565 or DocumentRequest@jackson.com.** 

**What were the Fund costs for the last six months?**<br>

---

| | | |
|:---|:---|:---|
| Share Class | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| Class I | $13 | 0.26% |

---

**What are some key Fund statistics as of June 30, 2025?**<br>

---

| | |
|:---|:---|
| Fund Statistic | Value ($ in thousands) |
| Fund Size ($): | 7136191 |
| Number of Investments: | 206 |
| Portfolio Turnover (%): | 10 |
| Total Advisory Fees Paid ($): | 5323 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **What did the Fund invest in as of June 30, 2025?**<br>

---

| | |
|:---|:---|
| Industry Sector (%) | Industry Sector (%) |
| **Long Investments** | **Long Investments** |
| Information Technology | 92.3 |
| Industrials | 4.2 |
| Financials | 2.1 |
| Communication Services | 0.8 |
| Derivative Instruments | 0.4 |
| Consumer Discretionary | 0.4 |
| Other Short Term Investments | 0.2 |
| Securities Lending Collateral | 0.2 |
| **Total Net Assets** | 100.6 |

---

---

| |
|:---|
| **Where can I find additional information about the Fund?** |
| Additional information is available on the Fund's website at https://www.jackson.com/fund-literature.html, including: |
| ⬥ Prospectus |
| ⬥ Financial information |
| ⬥ Holdings |
| ⬥ Proxy voting information |

---

If you have questions regarding electronic delivery, please scan the QR Code.

![](img_0a77b1f30fbf4.jpg)

---

| | |
|:---|:---|
| JNL/Mellon Materials Sector Fund | |
| Semi-Annual Shareholder Report |  |
| Share Class I | June 30, 2025 |

---

![](img_63986cf449ba4.jpg)

**This shareholder report contains important information about JNL/Mellon Materials Sector Fund for the period ended June 30, 2025. You can find additional information at https://www.jackson.com/fund-literature.html. You can also request this information by contacting us at 1-800-644-4565 or DocumentRequest@jackson.com.** 

**What were the Fund costs for the last six months?**<br>

---

| | | |
|:---|:---|:---|
| Share Class | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| Class I | $16 | 0.32% |

---

**What are some key Fund statistics as of June 30, 2025?**<br>

---

| | |
|:---|:---|
| Fund Statistic | Value ($ in thousands) |
| Fund Size ($): | 150121 |
| Number of Investments: | 51 |
| Portfolio Turnover (%): | 20 |
| Total Advisory Fees Paid ($): | 152 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **What did the Fund invest in as of June 30, 2025?**<br>

---

| | |
|:---|:---|
| Industry Sector (%) | Industry Sector (%) |
| **Long Investments** | **Long Investments** |
| Materials | 97.4 |
| Industrials | 1.8 |
| Derivative Instruments | 0.6 |
| Other Short Term Investments | 0.6 |
| Consumer Staples | 0.3 |
| **Total Net Assets** | 100.7 |

---

---

| |
|:---|
| **Where can I find additional information about the Fund?** |
| Additional information is available on the Fund's website at https://www.jackson.com/fund-literature.html, including: |
| ⬥ Prospectus |
| ⬥ Financial information |
| ⬥ Holdings |
| ⬥ Proxy voting information |

---

If you have questions regarding electronic delivery, please scan the QR Code.

![](img_0a77b1f30fbf4.jpg)

---

| | |
|:---|:---|
| JNL/Mellon Nasdaq 100 Index Fund | |
| Semi-Annual Shareholder Report |  |
| Share Class I | June 30, 2025 |

---

![](img_63986cf449ba4.jpg)

**This shareholder report contains important information about JNL/Mellon Nasdaq 100 Index Fund for the period ended June 30, 2025. You can find additional information at https://www.jackson.com/fund-literature.html. You can also request this information by contacting us at 1-800-644-4565 or DocumentRequest@jackson.com.** 

**What were the Fund costs for the last six months?**<br>

---

| | | |
|:---|:---|:---|
| Share Class | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| Class I | $15 | 0.29% |

---

**What are some key Fund statistics as of June 30, 2025?**<br>

---

| | |
|:---|:---|
| Fund Statistic | Value ($ in thousands) |
| Fund Size ($): | 8721475 |
| Number of Investments: | 103 |
| Portfolio Turnover (%): | 2 |
| Total Advisory Fees Paid ($): | 6430 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **What did the Fund invest in as of June 30, 2025?**<br>

---

| | |
|:---|:---|
| Industry Sector (%) | Industry Sector (%) |
| **Long Investments** | **Long Investments** |
| Information Technology | 52.5 |
| Communication Services | 15.3 |
| Consumer Discretionary | 13.3 |
| Consumer Staples | 5.1 |
| Health Care | 4.8 |
| Industrials | 4.4 |
| Utilities | 1.4 |
| Materials | 1.3 |
| Derivative Instruments | 0.7 |
| Other Short Term Investments | 0.6 |
| Other Sectors | 1.1 |
| **Total Net Assets** | 100.5 |

---

---

| |
|:---|
| **Where can I find additional information about the Fund?** |
| Additional information is available on the Fund's website at https://www.jackson.com/fund-literature.html, including: |
| ⬥ Prospectus |
| ⬥ Financial information |
| ⬥ Holdings |
| ⬥ Proxy voting information |

---

If you have questions regarding electronic delivery, please scan the QR Code.

![](img_0a77b1f30fbf4.jpg)

---

| | |
|:---|:---|
| JNL/Mellon Real Estate Sector Fund | |
| Semi-Annual Shareholder Report |  |
| Share Class I | June 30, 2025 |

---

![](img_63986cf449ba4.jpg)

**This shareholder report contains important information about JNL/Mellon Real Estate Sector Fund for the period ended June 30, 2025. You can find additional information at https://www.jackson.com/fund-literature.html. You can also request this information by contacting us at 1-800-644-4565 or DocumentRequest@jackson.com.** 

**What were the Fund costs for the last six months?**<br>

---

| | | |
|:---|:---|:---|
| Share Class | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| Class I | $16 | 0.31% |

---

**What are some key Fund statistics as of June 30, 2025?**<br>

---

| | |
|:---|:---|
| Fund Statistic | Value ($ in thousands) |
| Fund Size ($): | 190616 |
| Number of Investments: | 82 |
| Portfolio Turnover (%): | 7 |
| Total Advisory Fees Paid ($): | 195 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **What did the Fund invest in as of June 30, 2025?**<br>

---

| | |
|:---|:---|
| Industry Sector (%) | Industry Sector (%) |
| **Long Investments** | **Long Investments** |
| Real Estate | 96.8 |
| Financials | 2.6 |
| Derivative Instruments | 0.7 |
| Securities Lending Collateral | 0.3 |
| Other Short Term Investments | 0.1 |
| **Total Net Assets** | 100.5 |

---

---

| |
|:---|
| **Where can I find additional information about the Fund?** |
| Additional information is available on the Fund's website at https://www.jackson.com/fund-literature.html, including: |
| ⬥ Prospectus |
| ⬥ Financial information |
| ⬥ Holdings |
| ⬥ Proxy voting information |

---

If you have questions regarding electronic delivery, please scan the QR Code.

![](img_0a77b1f30fbf4.jpg)

---

| | |
|:---|:---|
| JNL/Mellon S&P 500 Index Fund | |
| Semi-Annual Shareholder Report |  |
| Share Class I | June 30, 2025 |

---

![](img_63986cf449ba4.jpg)

**This shareholder report contains important information about JNL/Mellon S&P 500 Index Fund for the period ended June 30, 2025. You can find additional information at https://www.jackson.com/fund-literature.html. You can also request this information by contacting us at 1-800-644-4565 or DocumentRequest@jackson.com.** 

**What were the Fund costs for the last six months?**<br>

---

| | | |
|:---|:---|:---|
| Share Class | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| Class I | $11 | 0.22% |

---

**What are some key Fund statistics as of June 30, 2025?**<br>

---

| | |
|:---|:---|
| Fund Statistic | Value ($ in thousands) |
| Fund Size ($): | 15952726 |
| Number of Investments: | 509 |
| Portfolio Turnover (%): | 1 |
| Total Advisory Fees Paid ($): | 7502 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **What did the Fund invest in as of June 30, 2025?**<br>

---

| | |
|:---|:---|
| Industry Sector (%) | Industry Sector (%) |
| **Long Investments** | **Long Investments** |
| Information Technology | 32.8 |
| Financials | 13.9 |
| Consumer Discretionary | 10.3 |
| Communication Services | 9.7 |
| Health Care | 9.2 |
| Industrials | 8.5 |
| Consumer Staples | 5.5 |
| Securities Lending Collateral | 5.3 |
| Energy | 2.9 |
| Utilities | 2.4 |
| Other Sectors | 5.5 |
| **Total Net Assets** | 106.0 |

---

---

| |
|:---|
| **Where can I find additional information about the Fund?** |
| Additional information is available on the Fund's website at https://www.jackson.com/fund-literature.html, including: |
| ⬥ Prospectus |
| ⬥ Financial information |
| ⬥ Holdings |
| ⬥ Proxy voting information |

---

If you have questions regarding electronic delivery, please scan the QR Code.

![](img_0a77b1f30fbf4.jpg)

---

| | |
|:---|:---|
| JNL/Mellon U.S. Stock Market Index Fund | |
| Semi-Annual Shareholder Report |  |
| Share Class I | June 30, 2025 |

---

![](img_63986cf449ba4.jpg)

**This shareholder report contains important information about JNL/Mellon U.S. Stock Market Index Fund for the period ended June 30, 2025. You can find additional information at https://www.jackson.com/fund-literature.html. You can also request this information by contacting us at 1-800-644-4565 or DocumentRequest@jackson.com.** 

**What were the Fund costs for the last six months?**<br>

---

| | | |
|:---|:---|:---|
| Share Class | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| Class I | $16 | 0.31% |

---

**What are some key Fund statistics as of June 30, 2025?**<br>

---

| | |
|:---|:---|
| Fund Statistic | Value ($ in thousands) |
| Fund Size ($): | 4917114 |
| Number of Investments: | 1211 |
| Portfolio Turnover (%): | 1 |
| Total Advisory Fees Paid ($): | 3704 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **What did the Fund invest in as of June 30, 2025?**<br>

---

| | |
|:---|:---|
| Industry Sector (%) | Industry Sector (%) |
| **Long Investments** | **Long Investments** |
| Information Technology | 31.5 |
| Financials | 14.3 |
| Consumer Discretionary | 10.7 |
| Industrials | 9.6 |
| Communication Services | 9.4 |
| Health Care | 9.3 |
| Consumer Staples | 5.3 |
| Energy | 3.0 |
| Real Estate | 2.3 |
| Utilities | 2.3 |
| Other Sectors | 2.8 |
| **Total Net Assets** | 100.5 |

---

---

| |
|:---|
| **Where can I find additional information about the Fund?** |
| Additional information is available on the Fund's website at https://www.jackson.com/fund-literature.html, including: |
| ⬥ Prospectus |
| ⬥ Financial information |
| ⬥ Holdings |
| ⬥ Proxy voting information |

---

If you have questions regarding electronic delivery, please scan the QR Code.

![](img_0a77b1f30fbf4.jpg)

---

| | |
|:---|:---|
| JNL/Mellon Utilities Sector Fund | |
| Semi-Annual Shareholder Report |  |
| Share Class I | June 30, 2025 |

---

![](img_63986cf449ba4.jpg)

**This shareholder report contains important information about JNL/Mellon Utilities Sector Fund for the period ended June 30, 2025. You can find additional information at https://www.jackson.com/fund-literature.html. You can also request this information by contacting us at 1-800-644-4565 or DocumentRequest@jackson.com.** 

**What were the Fund costs for the last six months?**<br>

---

| | | |
|:---|:---|:---|
| Share Class | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| Class I | $16 | 0.30% |

---

**What are some key Fund statistics as of June 30, 2025?**<br>

---

| | |
|:---|:---|
| Fund Statistic | Value ($ in thousands) |
| Fund Size ($): | 662885 |
| Number of Investments: | 53 |
| Portfolio Turnover (%): | 25 |
| Total Advisory Fees Paid ($): | 564 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **What did the Fund invest in as of June 30, 2025?**<br>

---

| | |
|:---|:---|
| Industry Sector (%) | Industry Sector (%) |
| **Long Investments** | **Long Investments** |
| Utilities | 100.0 |
| Other Short Term Investments | 0.9 |
| Derivative Instruments | 0.6 |
| **Total Net Assets** | 101.5 |

---

---

| |
|:---|
| **Where can I find additional information about the Fund?** |
| Additional information is available on the Fund's website at https://www.jackson.com/fund-literature.html, including: |
| ⬥ Prospectus |
| ⬥ Financial information |
| ⬥ Holdings |
| ⬥ Proxy voting information |

---

If you have questions regarding electronic delivery, please scan the QR Code.

![](img_0a77b1f30fbf4.jpg)

---

| | |
|:---|:---|
| JNL/Mellon World Index Fund | |
| Semi-Annual Shareholder Report |  |
| Share Class I | June 30, 2025 |

---

![](img_63986cf449ba4.jpg)

**This shareholder report contains important information about JNL/Mellon World Index Fund for the period ended June 30, 2025. You can find additional information at https://www.jackson.com/fund-literature.html. You can also request this information by contacting us at 1-800-644-4565 or DocumentRequest@jackson.com.** 

**What were the Fund costs for the last six months?**<br>

---

| | | |
|:---|:---|:---|
| Share Class | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| Class I | $16 | 0.31% |

---

**What are some key Fund statistics as of June 30, 2025?**<br>

---

| | |
|:---|:---|
| Fund Statistic | Value ($ in thousands) |
| Fund Size ($): | 872234 |
| Number of Investments: | 1284 |
| Portfolio Turnover (%): | 8 |
| Total Advisory Fees Paid ($): | 542 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **What did the Fund invest in as of June 30, 2025?**<br>

---

| | |
|:---|:---|
| Industry Sector (%) | Industry Sector (%) |
| **Long Investments** | **Long Investments** |
| Information Technology | 25.9 |
| Financials | 17.2 |
| Industrials | 11.2 |
| Consumer Discretionary | 10.1 |
| Health Care | 9.4 |
| Communication Services | 8.3 |
| Consumer Staples | 5.9 |
| Energy | 3.4 |
| Materials | 3.1 |
| Utilities | 2.6 |
| Other Sectors | 3.4 |
| **Total Net Assets** | 100.5 |
| **Short Investments** | **Short Investments** |
| Derivative Instruments | (0.1) |
| **Total Net Assets** | **(0.1)** |

---

---

| |
|:---|
| **Where can I find additional information about the Fund?** |
| Additional information is available on the Fund's website at https://www.jackson.com/fund-literature.html, including: |
| ⬥ Prospectus |
| ⬥ Financial information |
| ⬥ Holdings |
| ⬥ Proxy voting information |

---

If you have questions regarding electronic delivery, please scan the QR Code.

![](img_0a77b1f30fbf4.jpg)

---

| | |
|:---|:---|
| JNL/MFS Mid Cap Value Fund | |
| Semi-Annual Shareholder Report |  |
| Share Class I | June 30, 2025 |

---

![](img_63986cf449ba4.jpg)

**This shareholder report contains important information about JNL/MFS Mid Cap Value Fund for the period ended June 30, 2025. You can find additional information at https://www.jackson.com/fund-literature.html. You can also request this information by contacting us at 1-800-644-4565 or DocumentRequest@jackson.com.** 

**What were the Fund costs for the last six months?**<br>

---

| | | |
|:---|:---|:---|
| Share Class | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| Class I | $32 | 0.65% |

---

**What are some key Fund statistics as of June 30, 2025?**<br>

---

| | |
|:---|:---|
| Fund Statistic | Value ($ in thousands) |
| Fund Size ($): | 1917893 |
| Number of Investments: | 142 |
| Portfolio Turnover (%): | 10 |
| Total Advisory Fees Paid ($): | 5247 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **What did the Fund invest in as of June 30, 2025?**<br>

---

| | |
|:---|:---|
| Industry Sector (%) | Industry Sector (%) |
| **Long Investments** | **Long Investments** |
| Financials | 19.7 |
| Industrials | 18.1 |
| Consumer Discretionary | 9.2 |
| Health Care | 8.1 |
| Utilities | 7.8 |
| Real Estate | 7.6 |
| Materials | 7.3 |
| Consumer Staples | 7.0 |
| Information Technology | 6.9 |
| Energy | 6.0 |
| Other Sectors | 2.2 |
| **Total Net Assets** | 99.9 |

---

---

| |
|:---|
| **Where can I find additional information about the Fund?** |
| Additional information is available on the Fund's website at https://www.jackson.com/fund-literature.html, including: |
| ⬥ Prospectus |
| ⬥ Financial information |
| ⬥ Holdings |
| ⬥ Proxy voting information |

---

If you have questions regarding electronic delivery, please scan the QR Code.

![](img_0a77b1f30fbf4.jpg)

---

| | |
|:---|:---|
| JNL/Morningstar PitchBook Listed Private Equity Index Fund | |
| Semi-Annual Shareholder Report |  |
| Share Class I | June 30, 2025 |

---

![](img_63986cf449ba4.jpg)

**This shareholder report contains important information about JNL/Morningstar PitchBook Listed Private Equity Index Fund for the period ended June 30, 2025. You can find additional information at https://www.jackson.com/fund-literature.html. You can also request this information by contacting us at 1-800-644-4565 or DocumentRequest@jackson.com.** 

**What were the Fund costs for the last six months?**<br>

---

| | | |
|:---|:---|:---|
| Share Class | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| Class I | $21 | 0.42% |

---

**What are some key Fund statistics as of June 30, 2025?**<br>

---

| | |
|:---|:---|
| Fund Statistic | Value ($ in thousands) |
| Fund Size ($): | 16923 |
| Number of Investments: | 77 |
| Portfolio Turnover (%): | 27 |
| Total Advisory Fees Paid ($): | 16 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **What did the Fund invest in as of June 30, 2025?**<br>

---

| | |
|:---|:---|
| Industry Sector (%) | Industry Sector (%) |
| **Long Investments** | **Long Investments** |
| Financials | 86.9 |
| Industrials | 6.1 |
| Investment Companies | 4.9 |
| Health Care | 1.0 |
| Communication Services | 0.5 |
| Information Technology | 0.2 |
| Other Short Term Investments | 0.1 |
| **Total Net Assets** | 99.7 |

---

---

| |
|:---|
| **Where can I find additional information about the Fund?** |
| Additional information is available on the Fund's website at https://www.jackson.com/fund-literature.html, including: |
| ⬥ Prospectus |
| ⬥ Financial information |
| ⬥ Holdings |
| ⬥ Proxy voting information |

---

If you have questions regarding electronic delivery, please scan the QR Code.

![](img_0a77b1f30fbf4.jpg)

---

| | |
|:---|:---|
| JNL/Morningstar SMID Moat Focus Index Fund | |
| Semi-Annual Shareholder Report |  |
| Share Class I | June 30, 2025 |

---

![](img_63986cf449ba4.jpg)

**This shareholder report contains important information about JNL/Morningstar SMID Moat Focus Index Fund for the period ended June 30, 2025. You can find additional information at https://www.jackson.com/fund-literature.html. You can also request this information by contacting us at 1-800-644-4565 or DocumentRequest@jackson.com.** 

**What were the Fund costs for the last six months?**<br>

---

| | | |
|:---|:---|:---|
| Share Class | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| Class I | $23 | 0.46% |

---

**What are some key Fund statistics as of June 30, 2025?**<br>

---

| | |
|:---|:---|
| Fund Statistic | Value ($ in thousands) |
| Fund Size ($): | 133020 |
| Number of Investments: | 108 |
| Portfolio Turnover (%): | 51 |
| Total Advisory Fees Paid ($): | 127 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **What did the Fund invest in as of June 30, 2025?**<br>

---

| | |
|:---|:---|
| Industry Sector (%) | Industry Sector (%) |
| **Long Investments** | **Long Investments** |
| Consumer Discretionary | 21.3 |
| Industrials | 18.2 |
| Information Technology | 13.9 |
| Health Care | 12.3 |
| Financials | 10.4 |
| Materials | 5.6 |
| Consumer Staples | 4.2 |
| Communication Services | 3.9 |
| Utilities | 3.2 |
| Energy | 3.0 |
| Other Sectors | 4.4 |
| **Total Net Assets** | 100.4 |

---

---

| |
|:---|
| **Where can I find additional information about the Fund?** |
| Additional information is available on the Fund's website at https://www.jackson.com/fund-literature.html, including: |
| ⬥ Prospectus |
| ⬥ Financial information |
| ⬥ Holdings |
| ⬥ Proxy voting information |

---

If you have questions regarding electronic delivery, please scan the QR Code.

![](img_0a77b1f30fbf4.jpg)

---

| | |
|:---|:---|
| JNL/Morningstar U.S. Sustainability Index Fund | |
| Semi-Annual Shareholder Report |  |
| Share Class I | June 30, 2025 |

---

![](img_63986cf449ba4.jpg)

**This shareholder report contains important information about JNL/Morningstar U.S. Sustainability Index Fund for the period ended June 30, 2025. You can find additional information at https://www.jackson.com/fund-literature.html. You can also request this information by contacting us at 1-800-644-4565 or DocumentRequest@jackson.com.** 

**What were the Fund costs for the last six months?**<br>

---

| | | |
|:---|:---|:---|
| Share Class | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| Class I | $19 | 0.36% |

---

**What are some key Fund statistics as of June 30, 2025?**<br>

---

| | |
|:---|:---|
| Fund Statistic | Value ($ in thousands) |
| Fund Size ($): | 444449 |
| Number of Investments: | 330 |
| Portfolio Turnover (%): | 11 |
| Total Advisory Fees Paid ($): | 544 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **What did the Fund invest in as of June 30, 2025?**<br>

---

| | |
|:---|:---|
| Industry Sector (%) | Industry Sector (%) |
| **Long Investments** | **Long Investments** |
| Information Technology | 31.6 |
| Financials | 16.7 |
| Health Care | 12.0 |
| Consumer Discretionary | 9.1 |
| Industrials | 8.5 |
| Communication Services | 7.1 |
| Real Estate | 4.3 |
| Consumer Staples | 4.2 |
| Materials | 2.6 |
| Energy | 2.2 |
| Other Sectors | 2.2 |
| **Total Net Assets** | 100.5 |

---

---

| |
|:---|
| **Where can I find additional information about the Fund?** |
| Additional information is available on the Fund's website at https://www.jackson.com/fund-literature.html, including: |
| ⬥ Prospectus |
| ⬥ Financial information |
| ⬥ Holdings |
| ⬥ Proxy voting information |

---

If you have questions regarding electronic delivery, please scan the QR Code.

![](img_0a77b1f30fbf4.jpg)

---

| | |
|:---|:---|
| JNL/Morningstar Wide Moat Index Fund | |
| Semi-Annual Shareholder Report |  |
| Share Class I | June 30, 2025 |

---

![](img_63986cf449ba4.jpg)

**This shareholder report contains important information about JNL/Morningstar Wide Moat Index Fund for the period ended June 30, 2025. You can find additional information at https://www.jackson.com/fund-literature.html. You can also request this information by contacting us at 1-800-644-4565 or DocumentRequest@jackson.com.** 

**What were the Fund costs for the last six months?**<br>

---

| | | |
|:---|:---|:---|
| Share Class | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| Class I | $23 | 0.46% |

---

**What are some key Fund statistics as of June 30, 2025?**<br>

---

| | |
|:---|:---|
| Fund Statistic | Value ($ in thousands) |
| Fund Size ($): | 1005833 |
| Number of Investments: | 56 |
| Portfolio Turnover (%): | 26 |
| Total Advisory Fees Paid ($): | 1050 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **What did the Fund invest in as of June 30, 2025?**<br>

---

| | |
|:---|:---|
| Industry Sector (%) | Industry Sector (%) |
| **Long Investments** | **Long Investments** |
| Information Technology | 27.6 |
| Health Care | 20.0 |
| Industrials | 20.0 |
| Consumer Staples | 12.9 |
| Financials | 6.4 |
| Communication Services | 5.2 |
| Consumer Discretionary | 3.8 |
| Materials | 3.6 |
| Derivative Instruments | 0.7 |
| Other Short Term Investments | 0.1 |
| **Total Net Assets** | 100.3 |

---

---

| |
|:---|
| **Where can I find additional information about the Fund?** |
| Additional information is available on the Fund's website at https://www.jackson.com/fund-literature.html, including: |
| ⬥ Prospectus |
| ⬥ Financial information |
| ⬥ Holdings |
| ⬥ Proxy voting information |

---

If you have questions regarding electronic delivery, please scan the QR Code.

![](img_0a77b1f30fbf4.jpg)

---

| | |
|:---|:---|
| JNL/Neuberger Berman Commodity Strategy Fund | |
| Semi-Annual Shareholder Report |  |
| Share Class I | June 30, 2025 |

---

![](img_63986cf449ba4.jpg)

**This shareholder report contains important information about JNL/Neuberger Berman Commodity Strategy Fund for the period ended June 30, 2025. You can find additional information at https://www.jackson.com/fund-literature.html. You can also request this information by contacting us at 1-800-644-4565 or DocumentRequest@jackson.com.** 

**What were the Fund costs for the last six months?**<br>

---

| | | |
|:---|:---|:---|
| Share Class | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| Class I | $23 | 0.44% |

---

**What are some key Fund statistics as of June 30, 2025?**<br>

---

| | |
|:---|:---|
| Fund Statistic | Value ($ in thousands) |
| Fund Size ($): | 39742 |
| Number of Investments: | 144 |
| Portfolio Turnover (%): | 42 |
| Total Advisory Fees Paid ($): | 89 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **What did the Fund invest in as of June 30, 2025?**<br>

---

| | |
|:---|:---|
| Industry Sector (%) | Industry Sector (%) |
| **Long Investments** | **Long Investments** |
| Derivative Instruments | 107.1 |
| Financials | 33.0 |
| Other Short Term Investments | 20.1 |
| Non-U.S. Government Agency ABS | 14.3 |
| Health Care | 5.9 |
| Communication Services | 3.8 |
| Information Technology | 3.7 |
| Industrials | 3.1 |
| Consumer Staples | 3.1 |
| Utilities | 3.1 |
| Other Sectors | 5.0 |
| **Total Net Assets** | 202.2 |
| **Short Investments** | **Short Investments** |
| Derivative Instruments | (1.5) |
| **Total Net Assets** | **(1.5)** |

---

---

| |
|:---|
| **Where can I find additional information about the Fund?** |
| Additional information is available on the Fund's website at https://www.jackson.com/fund-literature.html, including: |
| ⬥ Prospectus |
| ⬥ Financial information |
| ⬥ Holdings |
| ⬥ Proxy voting information |

---

If you have questions regarding electronic delivery, please scan the QR Code.

![](img_0a77b1f30fbf4.jpg)

---

| | |
|:---|:---|
| JNL/Neuberger Berman Gold Plus Strategy Fund | |
| Semi-Annual Shareholder Report |  |
| Share Class I | June 30, 2025 |

---

![](img_63986cf449ba4.jpg)

**This shareholder report contains important information about JNL/Neuberger Berman Gold Plus Strategy Fund for the period ended June 30, 2025. You can find additional information at https://www.jackson.com/fund-literature.html. You can also request this information by contacting us at 1-800-644-4565 or DocumentRequest@jackson.com.** 

**What were the Fund costs for the last six months?**<br>

---

| | | |
|:---|:---|:---|
| Share Class | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| Class I | $51 | 0.91% |

---

**What are some key Fund statistics as of June 30, 2025?**<br>

---

| | |
|:---|:---|
| Fund Statistic | Value ($ in thousands) |
| Fund Size ($): | 78853 |
| Number of Investments: | 73 |
| Portfolio Turnover (%): | 29 |
| Total Advisory Fees Paid ($): | 256 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **What did the Fund invest in as of June 30, 2025?**<br>

---

| | |
|:---|:---|
| Industry Sector (%) | Industry Sector (%) |
| **Long Investments** | **Long Investments** |
| Derivative Instruments | 95.8 |
| Other Short Term Investments | 34.0 |
| Financials | 32.3 |
| Health Care | 4.9 |
| Communication Services | 4.3 |
| Information Technology | 3.2 |
| Investment Companies | 3.1 |
| Utilities | 3.0 |
| Consumer Staples | 2.7 |
| Energy | 2.5 |
| Other Sectors | 5.0 |
| **Total Net Assets** | 190.8 |

---

---

| |
|:---|
| **Where can I find additional information about the Fund?** |
| Additional information is available on the Fund's website at https://www.jackson.com/fund-literature.html, including: |
| ⬥ Prospectus |
| ⬥ Financial information |
| ⬥ Holdings |
| ⬥ Proxy voting information |

---

If you have questions regarding electronic delivery, please scan the QR Code.

![](img_0a77b1f30fbf4.jpg)

---

| | |
|:---|:---|
| JNL/Neuberger Berman Strategic Income Fund | |
| Semi-Annual Shareholder Report |  |
| Share Class I | June 30, 2025 |

---

![](img_63986cf449ba4.jpg)

**This shareholder report contains important information about JNL/Neuberger Berman Strategic Income Fund for the period ended June 30, 2025. You can find additional information at https://www.jackson.com/fund-literature.html. You can also request this information by contacting us at 1-800-644-4565 or DocumentRequest@jackson.com.** 

**What were the Fund costs for the last six months?**<br>

---

| | | |
|:---|:---|:---|
| Share Class | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| Class I | $33 | 0.65% |

---

**What are some key Fund statistics as of June 30, 2025?**<br>

---

| | |
|:---|:---|
| Fund Statistic | Value ($ in thousands) |
| Fund Size ($): | 1054259 |
| Number of Investments: | 1590 |
| Portfolio Turnover (%): | 51 |
| Total Advisory Fees Paid ($): | 1963 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **What did the Fund invest in as of June 30, 2025?**<br>

---

| | |
|:---|:---|
| Industry Sector (%) | Industry Sector (%) |
| **Long Investments** | **Long Investments** |
| U.S. Government Agency MBS | 38.2 |
| Derivative Instruments | 21.1 |
| Non-U.S. Government Agency ABS | 18.7 |
| Government Securities | 16.3 |
| Financials | 9.0 |
| Consumer Discretionary | 4.9 |
| Energy | 4.8 |
| Communication Services | 3.9 |
| Industrials | 2.8 |
| Utilities | 2.7 |
| Other Sectors | 12.1 |
| **Total Net Assets** | 134.5 |
| **Short Investments** | **Short Investments** |
| Derivative Instruments | (8.4) |
| **Total Net Assets** | **(8.4)** |

---

---

| |
|:---|
| **Where can I find additional information about the Fund?** |
| Additional information is available on the Fund's website at https://www.jackson.com/fund-literature.html, including: |
| ⬥ Prospectus |
| ⬥ Financial information |
| ⬥ Holdings |
| ⬥ Proxy voting information |

---

If you have questions regarding electronic delivery, please scan the QR Code.

![](img_0a77b1f30fbf4.jpg)

---

| | |
|:---|:---|
| JNL/Newton Equity Income Fund | |
| Semi-Annual Shareholder Report |  |
| Share Class I | June 30, 2025 |

---

![](img_63986cf449ba4.jpg)

**This shareholder report contains important information about JNL/Newton Equity Income Fund for the period ended June 30, 2025. You can find additional information at https://www.jackson.com/fund-literature.html. You can also request this information by contacting us at 1-800-644-4565 or DocumentRequest@jackson.com.** 

**What were the Fund costs for the last six months?**<br>

---

| | | |
|:---|:---|:---|
| Share Class | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| Class I | $29 | 0.56% |

---

**What are some key Fund statistics as of June 30, 2025?**<br>

---

| | |
|:---|:---|
| Fund Statistic | Value ($ in thousands) |
| Fund Size ($): | 3334525 |
| Number of Investments: | 68 |
| Portfolio Turnover (%): | 35 |
| Total Advisory Fees Paid ($): | 6115 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **What did the Fund invest in as of June 30, 2025?**<br>

---

| | |
|:---|:---|
| Industry Sector (%) | Industry Sector (%) |
| **Long Investments** | **Long Investments** |
| Financials | 29.7 |
| Industrials | 14.7 |
| Health Care | 14.1 |
| Information Technology | 9.0 |
| Energy | 8.6 |
| Materials | 7.2 |
| Communication Services | 5.5 |
| Consumer Discretionary | 3.8 |
| Other Short Term Investments | 2.2 |
| Consumer Staples | 2.0 |
| Other Sectors | 2.7 |
| **Total Net Assets** | 99.5 |

---

---

| |
|:---|
| **Where can I find additional information about the Fund?** |
| Additional information is available on the Fund's website at https://www.jackson.com/fund-literature.html, including: |
| ⬥ Prospectus |
| ⬥ Financial information |
| ⬥ Holdings |
| ⬥ Proxy voting information |

---

If you have questions regarding electronic delivery, please scan the QR Code.

![](img_0a77b1f30fbf4.jpg)

---

| | |
|:---|:---|
| JNL/PIMCO Income Fund | |
| Semi-Annual Shareholder Report |  |
| Share Class I | June 30, 2025 |

---

![](img_63986cf449ba4.jpg)

**This shareholder report contains important information about JNL/PIMCO Income Fund for the period ended June 30, 2025. You can find additional information at https://www.jackson.com/fund-literature.html. You can also request this information by contacting us at 1-800-644-4565 or DocumentRequest@jackson.com.** 

**What were the Fund costs for the last six months?**<br>

---

| | | |
|:---|:---|:---|
| Share Class | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| Class I | $38 | 0.75% |

---

**What are some key Fund statistics as of June 30, 2025?**<br>

---

| | |
|:---|:---|
| Fund Statistic | Value ($ in thousands) |
| Fund Size ($): | 1590190 |
| Number of Investments: | 1156 |
| Portfolio Turnover (%): | 11 |
| Total Advisory Fees Paid ($): | 3696 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **What did the Fund invest in as of June 30, 2025?**<br>

---

| | |
|:---|:---|
| Industry Sector (%) | Industry Sector (%) |
| **Long Investments** | **Long Investments** |
| Derivative Instruments | 144.6 |
| U.S. Government Agency MBS | 63.8 |
| Non-U.S. Government Agency ABS | 38.6 |
| Government Securities | 27.0 |
| Other Short Term Investments | 5.1 |
| Financials | 4.8 |
| Utilities | 2.0 |
| Health Care | 2.0 |
| Energy | 1.9 |
| Communication Services | 1.7 |
| Other Sectors | 4.0 |
| **Total Net Assets** | 295.5 |
| **Short Investments** | **Short Investments** |
| Derivative Instruments | (113.6) |
| U.S. Government Agency MBS | (0.0) |
| **Total Net Assets** | **(113.6)** |

---

---

| |
|:---|
| **Where can I find additional information about the Fund?** |
| Additional information is available on the Fund's website at https://www.jackson.com/fund-literature.html, including: |
| ⬥ Prospectus |
| ⬥ Financial information |
| ⬥ Holdings |
| ⬥ Proxy voting information |

---

If you have questions regarding electronic delivery, please scan the QR Code.

![](img_0a77b1f30fbf4.jpg)

---

| | |
|:---|:---|
| JNL/PIMCO Investment Grade Credit Bond Fund | |
| Semi-Annual Shareholder Report |  |
| Share Class I | June 30, 2025 |

---

![](img_63986cf449ba4.jpg)

**This shareholder report contains important information about JNL/PIMCO Investment Grade Credit Bond Fund for the period ended June 30, 2025. You can find additional information at https://www.jackson.com/fund-literature.html. You can also request this information by contacting us at 1-800-644-4565 or DocumentRequest@jackson.com.** 

**What were the Fund costs for the last six months?**<br>

---

| | | |
|:---|:---|:---|
| Share Class | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| Class I | $34 | 0.67% |

---

**What are some key Fund statistics as of June 30, 2025?**<br>

---

| | |
|:---|:---|
| Fund Statistic | Value ($ in thousands) |
| Fund Size ($): | 848315 |
| Number of Investments: | 1055 |
| Portfolio Turnover (%): | 15 |
| Total Advisory Fees Paid ($): | 1472 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **What did the Fund invest in as of June 30, 2025?**<br>

---

| | |
|:---|:---|
| Industry Sector (%) | Industry Sector (%) |
| **Long Investments** | **Long Investments** |
| Derivative Instruments | 135.2 |
| Financials | 29.7 |
| Government Securities | 9.9 |
| Utilities | 9.1 |
| Energy | 8.5 |
| Real Estate | 7.7 |
| Non-U.S. Government Agency ABS | 7.1 |
| Health Care | 6.9 |
| Industrials | 4.6 |
| U.S. Government Agency MBS | 4.4 |
| Other Sectors | 13.7 |
| **Total Net Assets** | 236.8 |
| **Short Investments** | **Short Investments** |
| Derivative Instruments | (30.1) |
| **Total Net Assets** | **(30.1)** |

---

---

| |
|:---|
| **Where can I find additional information about the Fund?** |
| Additional information is available on the Fund's website at https://www.jackson.com/fund-literature.html, including: |
| ⬥ Prospectus |
| ⬥ Financial information |
| ⬥ Holdings |
| ⬥ Proxy voting information |

---

If you have questions regarding electronic delivery, please scan the QR Code.

![](img_0a77b1f30fbf4.jpg)

---

| | |
|:---|:---|
| JNL/PIMCO Real Return Fund | |
| Semi-Annual Shareholder Report |  |
| Share Class I | June 30, 2025 |

---

![](img_63986cf449ba4.jpg)

**This shareholder report contains important information about JNL/PIMCO Real Return Fund for the period ended June 30, 2025. You can find additional information at https://www.jackson.com/fund-literature.html. You can also request this information by contacting us at 1-800-644-4565 or DocumentRequest@jackson.com.** 

**What were the Fund costs for the last six months?**<br>

---

| | | |
|:---|:---|:---|
| Share Class | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| Class I | $65 | 1.28% |

---

**What are some key Fund statistics as of June 30, 2025?**<br>

---

| | |
|:---|:---|
| Fund Statistic | Value ($ in thousands) |
| Fund Size ($): | 1112155 |
| Number of Investments: | 565 |
| Portfolio Turnover (%): | 33 |
| Total Advisory Fees Paid ($): | 2132 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **What did the Fund invest in as of June 30, 2025?**<br>

---

| | |
|:---|:---|
| Industry Sector (%) | Industry Sector (%) |
| **Long Investments** | **Long Investments** |
| Derivative Instruments | 116.6 |
| Government Securities | 101.8 |
| U.S. Government Agency MBS | 18.4 |
| Non-U.S. Government Agency ABS | 9.4 |
| Financials | 0.2 |
| Consumer Discretionary | 0.0 |
| Information Technology | 0.0 |
| Health Care | 0.0 |
| **Total Net Assets** | 246.4 |
| **Short Investments** | **Short Investments** |
| Derivative Instruments | (113.7) |
| U.S. Government Agency MBS | (1.3) |
| Government Securities | (0.3) |
| **Total Net Assets** | **(115.3)** |

---

---

| |
|:---|
| **Where can I find additional information about the Fund?** |
| Additional information is available on the Fund's website at https://www.jackson.com/fund-literature.html, including: |
| ⬥ Prospectus |
| ⬥ Financial information |
| ⬥ Holdings |
| ⬥ Proxy voting information |

---

If you have questions regarding electronic delivery, please scan the QR Code.

![](img_0a77b1f30fbf4.jpg)

---

| | |
|:---|:---|
| JNL/PPM America High Yield Bond Fund | |
| Semi-Annual Shareholder Report |  |
| Share Class I | June 30, 2025 |

---

![](img_63986cf449ba4.jpg)

**This shareholder report contains important information about JNL/PPM America High Yield Bond Fund for the period ended June 30, 2025. You can find additional information at https://www.jackson.com/fund-literature.html. You can also request this information by contacting us at 1-800-644-4565 or DocumentRequest@jackson.com.** 

**What were the Fund costs for the last six months?**<br>

---

| | | |
|:---|:---|:---|
| Share Class | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| Class I | $22 | 0.44% |

---

**What are some key Fund statistics as of June 30, 2025?**<br>

---

| | |
|:---|:---|
| Fund Statistic | Value ($ in thousands) |
| Fund Size ($): | 1374786 |
| Number of Investments: | 324 |
| Portfolio Turnover (%): | 31 |
| Total Advisory Fees Paid ($): | 2344 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **What did the Fund invest in as of June 30, 2025?**<br>

---

| | |
|:---|:---|
| Industry Sector (%) | Industry Sector (%) |
| **Long Investments** | **Long Investments** |
| Financials | 15.6 |
| Consumer Discretionary | 13.4 |
| Industrials | 13.3 |
| Communication Services | 12.9 |
| Energy | 12.7 |
| Information Technology | 7.0 |
| Other Short Term Investments | 5.8 |
| Health Care | 5.2 |
| Consumer Staples | 4.8 |
| Materials | 4.5 |
| Other Sectors | 8.7 |
| **Total Net Assets** | 103.9 |

---

---

| |
|:---|
| **Where can I find additional information about the Fund?** |
| Additional information is available on the Fund's website at https://www.jackson.com/fund-literature.html, including: |
| ⬥ Prospectus |
| ⬥ Financial information |
| ⬥ Holdings |
| ⬥ Proxy voting information |

---

If you have questions regarding electronic delivery, please scan the QR Code.

![](img_0a77b1f30fbf4.jpg)

---

| | |
|:---|:---|
| JNL/PPM America Investment Grade Credit Fund | |
| Semi-Annual Shareholder Report |  |
| Share Class I | June 30, 2025 |

---

![](img_63986cf449ba4.jpg)

**This shareholder report contains important information about JNL/PPM America Investment Grade Credit Fund for the period ended June 30, 2025. You can find additional information at https://www.jackson.com/fund-literature.html. You can also request this information by contacting us at 1-800-644-4565 or DocumentRequest@jackson.com.** 

**What were the Fund costs for the last six months?**<br>

---

| | | |
|:---|:---|:---|
| Share Class | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| Class I | $27 | 0.53% |

---

**What are some key Fund statistics as of June 30, 2025?**<br>

---

| | |
|:---|:---|
| Fund Statistic | Value ($ in thousands) |
| Fund Size ($): | 281539 |
| Number of Investments: | 405 |
| Portfolio Turnover (%): | 38 |
| Total Advisory Fees Paid ($): | 524 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **What did the Fund invest in as of June 30, 2025?**<br>

---

| | |
|:---|:---|
| Industry Sector (%) | Industry Sector (%) |
| **Long Investments** | **Long Investments** |
| Financials | 35.4 |
| Health Care | 9.2 |
| Utilities | 8.2 |
| Industrials | 7.2 |
| Information Technology | 6.4 |
| Government Securities | 6.2 |
| Consumer Staples | 6.1 |
| Communication Services | 5.2 |
| Energy | 5.1 |
| Derivative Instruments | 4.3 |
| Other Sectors | 11.1 |
| **Total Net Assets** | 104.4 |
| **Short Investments** | **Short Investments** |
| Derivative Instruments | (2.0) |
| **Total Net Assets** | **(2.0)** |

---

---

| |
|:---|
| **Where can I find additional information about the Fund?** |
| Additional information is available on the Fund's website at https://www.jackson.com/fund-literature.html, including: |
| ⬥ Prospectus |
| ⬥ Financial information |
| ⬥ Holdings |
| ⬥ Proxy voting information |

---

If you have questions regarding electronic delivery, please scan the QR Code.

![](img_0a77b1f30fbf4.jpg)

---

| | |
|:---|:---|
| JNL/PPM America Total Return Fund |  |
| Semi-Annual Shareholder Report |  |
| Share Class I | June 30, 2025 |

---

![](img_63986cf449ba4.jpg)

**This shareholder report contains important information about JNL/PPM America Total Return Fund for the period ended June 30, 2025. You can find additional information at https://www.jackson.com/fund-literature.html. You can also request this information by contacting us at 1-800-644-4565 or DocumentRequest@jackson.com.** 

**What were the Fund costs for the last six months?**<br>

---

| | | |
|:---|:---|:---|
| Share Class | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| Class I | $25 | 0.49% |

---

**What are some key Fund statistics as of June 30, 2025?**<br>

---

| | |
|:---|:---|
| Fund Statistic | Value ($ in thousands) |
| Fund Size ($): | 1438631 |
| Number of Investments: | 535 |
| Portfolio Turnover (%): | 50 |
| Total Advisory Fees Paid ($): | 2771 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **What did the Fund invest in as of June 30, 2025?**<br>

---

| | |
|:---|:---|
| Industry Sector (%) | Industry Sector (%) |
| **Long Investments** | **Long Investments** |
| U.S. Government Agency MBS | 23.0 |
| Government Securities | 22.6 |
| Financials | 18.6 |
| Derivative Instruments | 17.3 |
| Non-U.S. Government Agency ABS | 8.7 |
| Utilities | 5.1 |
| Industrials | 3.7 |
| Consumer Staples | 3.0 |
| Consumer Discretionary | 2.7 |
| Information Technology | 2.5 |
| Other Sectors | 9.8 |
| **Total Net Assets** | 117.0 |
| **Short Investments** | **Short Investments** |
| Derivative Instruments | (7.9) |
| **Total Net Assets** | **(7.9)** |

---

---

| |
|:---|
| **Where can I find additional information about the Fund?** |
| Additional information is available on the Fund's website at https://www.jackson.com/fund-literature.html, including: |
| ⬥ Prospectus |
| ⬥ Financial information |
| ⬥ Holdings |
| ⬥ Proxy voting information |

---

If you have questions regarding electronic delivery, please scan the QR Code.

![](img_0a77b1f30fbf4.jpg)

---

| | |
|:---|:---|
| JNL/RAFI Fundamental U.S. Small Cap Fund | |
| Semi-Annual Shareholder Report |  |
| Share Class I | June 30, 2025 |

---

![](img_63986cf449ba4.jpg)

**This shareholder report contains important information about JNL/RAFI Fundamental U.S. Small Cap Fund for the period ended June 30, 2025. You can find additional information at https://www.jackson.com/fund-literature.html. You can also request this information by contacting us at 1-800-644-4565 or DocumentRequest@jackson.com.** 

**What were the Fund costs for the last six months?**<br>

---

| | | |
|:---|:---|:---|
| Share Class | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| Class I | $16 | 0.32% |

---

**What are some key Fund statistics as of June 30, 2025?**<br>

---

| | |
|:---|:---|
| Fund Statistic | Value ($ in thousands) |
| Fund Size ($): | 378467 |
| Number of Investments: | 1021 |
| Portfolio Turnover (%): | 12 |
| Total Advisory Fees Paid ($): | 341 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **What did the Fund invest in as of June 30, 2025?**<br>

---

| | |
|:---|:---|
| Industry Sector (%) | Industry Sector (%) |
| **Long Investments** | **Long Investments** |
| Industrials | 20.0 |
| Financials | 17.2 |
| Consumer Discretionary | 14.5 |
| Information Technology | 11.7 |
| Real Estate | 8.8 |
| Health Care | 8.0 |
| Materials | 4.8 |
| Energy | 4.7 |
| Communication Services | 3.6 |
| Consumer Staples | 3.6 |
| Other Sectors | 3.5 |
| **Total Net Assets** | 100.4 |

---

---

| |
|:---|
| **Where can I find additional information about the Fund?** |
| Additional information is available on the Fund's website at https://www.jackson.com/fund-literature.html, including: |
| ⬥ Prospectus |
| ⬥ Financial information |
| ⬥ Holdings |
| ⬥ Proxy voting information |

---

If you have questions regarding electronic delivery, please scan the QR Code.

![](img_0a77b1f30fbf4.jpg)

---

| | |
|:---|:---|
| JNL/RAFI Multi-Factor U.S. Equity Fund | |
| Semi-Annual Shareholder Report |  |
| Share Class I | June 30, 2025 |

---

![](img_63986cf449ba4.jpg)

**This shareholder report contains important information about JNL/RAFI Multi-Factor U.S. Equity Fund for the period ended June 30, 2025. You can find additional information at https://www.jackson.com/fund-literature.html. You can also request this information by contacting us at 1-800-644-4565 or DocumentRequest@jackson.com.** 

**What were the Fund costs for the last six months?**<br>

---

| | | |
|:---|:---|:---|
| Share Class | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| Class I | $19 | 0.37% |

---

**What are some key Fund statistics as of June 30, 2025?**<br>

---

| | |
|:---|:---|
| Fund Statistic | Value ($ in thousands) |
| Fund Size ($): | 2138183 |
| Number of Investments: | 864 |
| Portfolio Turnover (%): | 21 |
| Total Advisory Fees Paid ($): | 1806 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **What did the Fund invest in as of June 30, 2025?**<br>

---

| | |
|:---|:---|
| Industry Sector (%) | Industry Sector (%) |
| **Long Investments** | **Long Investments** |
| Financials | 17.6 |
| Information Technology | 15.1 |
| Health Care | 12.9 |
| Consumer Staples | 12.3 |
| Industrials | 11.4 |
| Consumer Discretionary | 11.0 |
| Communication Services | 7.6 |
| Energy | 4.3 |
| Materials | 2.6 |
| Real Estate | 2.2 |
| Other Sectors | 4.1 |
| **Total Net Assets** | 101.1 |

---

---

| |
|:---|
| **Where can I find additional information about the Fund?** |
| Additional information is available on the Fund's website at https://www.jackson.com/fund-literature.html, including: |
| ⬥ Prospectus |
| ⬥ Financial information |
| ⬥ Holdings |
| ⬥ Proxy voting information |

---

If you have questions regarding electronic delivery, please scan the QR Code.

![](img_0a77b1f30fbf4.jpg)

---

| | |
|:---|:---|
| JNL/T. Rowe Price Balanced Fund | |
| Semi-Annual Shareholder Report |  |
| Share Class I | June 30, 2025 |

---

![](img_63986cf449ba4.jpg)

**This shareholder report contains important information about JNL/T. Rowe Price Balanced Fund for the period ended June 30, 2025. You can find additional information at https://www.jackson.com/fund-literature.html. You can also request this information by contacting us at 1-800-644-4565 or DocumentRequest@jackson.com.** 

**What were the Fund costs for the last six months?**<br>

---

| | | |
|:---|:---|:---|
| Share Class | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| Class I | $34 | 0.66% |

---

**What are some key Fund statistics as of June 30, 2025?**<br>

---

| | |
|:---|:---|
| Fund Statistic | Value ($ in thousands) |
| Fund Size ($): | 565652 |
| Number of Investments: | 1434 |
| Portfolio Turnover (%): | 29 |
| Total Advisory Fees Paid ($): | 1350 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **What did the Fund invest in as of June 30, 2025?**<br>

---

| | |
|:---|:---|
| Industry Sector (%) | Industry Sector (%) |
| **Long Investments** | **Long Investments** |
| Information Technology | 15.4 |
| Financials | 14.8 |
| Government Securities | 11.4 |
| Industrials | 7.6 |
| Consumer Discretionary | 7.5 |
| U.S. Government Agency MBS | 7.3 |
| Health Care | 7.0 |
| Communication Services | 5.6 |
| Other Short Term Investments | 4.3 |
| Energy | 4.3 |
| Other Sectors | 16.5 |
| **Total Net Assets** | 101.7 |
| **Short Investments** | **Short Investments** |
| Derivative Instruments | (0.1) |
| **Total Net Assets** | **(0.1)** |

---

---

| |
|:---|
| **Where can I find additional information about the Fund?** |
| Additional information is available on the Fund's website at https://www.jackson.com/fund-literature.html, including: |
| ⬥ Prospectus |
| ⬥ Financial information |
| ⬥ Holdings |
| ⬥ Proxy voting information |

---

If you have questions regarding electronic delivery, please scan the QR Code.

![](img_0a77b1f30fbf4.jpg)

---

| | |
|:---|:---|
| JNL/T. Rowe Price Capital Appreciation Fund | |
| Semi-Annual Shareholder Report |  |
| Share Class I | June 30, 2025 |

---

![](img_63986cf449ba4.jpg)

**This shareholder report contains important information about JNL/T. Rowe Price Capital Appreciation Fund for the period ended June 30, 2025. You can find additional information at https://www.jackson.com/fund-literature.html. You can also request this information by contacting us at 1-800-644-4565 or DocumentRequest@jackson.com.** 

**What were the Fund costs for the last six months?**<br>

---

| | | |
|:---|:---|:---|
| Share Class | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| Class I | $33 | 0.65% |

---

**What are some key Fund statistics as of June 30, 2025?**<br>

---

| | |
|:---|:---|
| Fund Statistic | Value ($ in thousands) |
| Fund Size ($): | 14545419 |
| Number of Investments: | 263 |
| Portfolio Turnover (%): | 57 |
| Total Advisory Fees Paid ($): | 36180 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **What did the Fund invest in as of June 30, 2025?**<br>

---

| | |
|:---|:---|
| Industry Sector (%) | Industry Sector (%) |
| **Long Investments** | **Long Investments** |
| Information Technology | 28.8 |
| Government Securities | 14.4 |
| Health Care | 13.0 |
| Consumer Discretionary | 9.9 |
| Other Short Term Investments | 8.9 |
| Financials | 7.6 |
| Utilities | 5.3 |
| Industrials | 5.3 |
| Communication Services | 4.2 |
| Energy | 1.5 |
| Other Sectors | 1.6 |
| **Total Net Assets** | 100.5 |
| **Short Investments** | **Short Investments** |
| Derivative Instruments | (0.2) |
| **Total Net Assets** | **(0.2)** |

---

---

| |
|:---|
| **Where can I find additional information about the Fund?** |
| Additional information is available on the Fund's website at https://www.jackson.com/fund-literature.html, including: |
| ⬥ Prospectus |
| ⬥ Financial information |
| ⬥ Holdings |
| ⬥ Proxy voting information |

---

If you have questions regarding electronic delivery, please scan the QR Code.

![](img_0a77b1f30fbf4.jpg)

---

| | |
|:---|:---|
| JNL/T. Rowe Price Capital Appreciation Equity Fund | |
| Semi-Annual Shareholder Report |  |
| Share Class I | June 30, 2025 |

---

![](img_63986cf449ba4.jpg)

**This shareholder report contains important information about JNL/T. Rowe Price Capital Appreciation Equity Fund for the period ended June 30, 2025. You can find additional information at https://www.jackson.com/fund-literature.html. You can also request this information by contacting us at 1-800-644-4565 or DocumentRequest@jackson.com.** 

**What were the Fund costs for the last six months?**<br>

---

| | | |
|:---|:---|:---|
| Share Class | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| Class I | $36 | 0.70% |

---

**What are some key Fund statistics as of June 30, 2025?**<br>

---

| | |
|:---|:---|
| Fund Statistic | Value ($ in thousands) |
| Fund Size ($): | 858144 |
| Number of Investments: | 92 |
| Portfolio Turnover (%): | 34 |
| Total Advisory Fees Paid ($): | 1970 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **What did the Fund invest in as of June 30, 2025?**<br>

---

| | |
|:---|:---|
| Industry Sector (%) | Industry Sector (%) |
| **Long Investments** | **Long Investments** |
| Information Technology | 41.3 |
| Health Care | 16.2 |
| Consumer Discretionary | 10.4 |
| Utilities | 7.9 |
| Financials | 7.2 |
| Industrials | 6.5 |
| Communication Services | 6.1 |
| Energy | 2.3 |
| Real Estate | 1.1 |
| Materials | 1.0 |
| **Total Net Assets** | 100.0 |

---

---

| |
|:---|
| **Where can I find additional information about the Fund?** |
| Additional information is available on the Fund's website at https://www.jackson.com/fund-literature.html, including: |
| ⬥ Prospectus |
| ⬥ Financial information |
| ⬥ Holdings |
| ⬥ Proxy voting information |

---

If you have questions regarding electronic delivery, please scan the QR Code.

![](img_0a77b1f30fbf4.jpg)

---

| | |
|:---|:---|
| JNL/T. Rowe Price Growth Stock Fund | |
| Semi-Annual Shareholder Report |  |
| Share Class I | June 30, 2025 |

---

![](img_63986cf449ba4.jpg)

**This shareholder report contains important information about JNL/T. Rowe Price Growth Stock Fund for the period ended June 30, 2025. You can find additional information at https://www.jackson.com/fund-literature.html. You can also request this information by contacting us at 1-800-644-4565 or DocumentRequest@jackson.com.** 

**What were the Fund costs for the last six months?**<br>

---

| | | |
|:---|:---|:---|
| Share Class | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| Class I | $27 | 0.53% |

---

**What are some key Fund statistics as of June 30, 2025?**<br>

---

| | |
|:---|:---|
| Fund Statistic | Value ($ in thousands) |
| Fund Size ($): | 9887484 |
| Number of Investments: | 59 |
| Portfolio Turnover (%): | 16 |
| Total Advisory Fees Paid ($): | 20217 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **What did the Fund invest in as of June 30, 2025?**<br>

---

| | |
|:---|:---|
| Industry Sector (%) | Industry Sector (%) |
| **Long Investments** | **Long Investments** |
| Information Technology | 54.9 |
| Consumer Discretionary | 14.1 |
| Communication Services | 13.0 |
| Financials | 7.0 |
| Health Care | 6.9 |
| Industrials | 2.9 |
| Materials | 0.7 |
| Other Short Term Investments | 0.4 |
| **Total Net Assets** | 99.9 |

---

---

| |
|:---|
| **Where can I find additional information about the Fund?** |
| Additional information is available on the Fund's website at https://www.jackson.com/fund-literature.html, including: |
| ⬥ Prospectus |
| ⬥ Financial information |
| ⬥ Holdings |
| ⬥ Proxy voting information |

---

If you have questions regarding electronic delivery, please scan the QR Code.

![](img_0a77b1f30fbf4.jpg)

---

| | |
|:---|:---|
| JNL/T. Rowe Price Mid-Cap Growth Fund | |
| Semi-Annual Shareholder Report |  |
| Share Class I | June 30, 2025 |

---

![](img_63986cf449ba4.jpg)

**This shareholder report contains important information about JNL/T. Rowe Price Mid-Cap Growth Fund for the period ended June 30, 2025. You can find additional information at https://www.jackson.com/fund-literature.html. You can also request this information by contacting us at 1-800-644-4565 or DocumentRequest@jackson.com.** 

**What were the Fund costs for the last six months?**<br>

---

| | | |
|:---|:---|:---|
| Share Class | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| Class I | $34 | 0.68% |

---

**What are some key Fund statistics as of June 30, 2025?**<br>

---

| | |
|:---|:---|
| Fund Statistic | Value ($ in thousands) |
| Fund Size ($): | 4839160 |
| Number of Investments: | 123 |
| Portfolio Turnover (%): | 17 |
| Total Advisory Fees Paid ($): | 13748 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **What did the Fund invest in as of June 30, 2025?**<br>

---

| | |
|:---|:---|
| Industry Sector (%) | Industry Sector (%) |
| **Long Investments** | **Long Investments** |
| Information Technology | 19.4 |
| Health Care | 19.0 |
| Industrials | 17.0 |
| Consumer Discretionary | 14.9 |
| Financials | 9.0 |
| Energy | 4.9 |
| Communication Services | 4.8 |
| Materials | 3.8 |
| Consumer Staples | 3.6 |
| Other Short Term Investments | 2.8 |
| Other Sectors | 1.1 |
| **Total Net Assets** | 100.3 |

---

---

| |
|:---|
| **Where can I find additional information about the Fund?** |
| Additional information is available on the Fund's website at https://www.jackson.com/fund-literature.html, including: |
| ⬥ Prospectus |
| ⬥ Financial information |
| ⬥ Holdings |
| ⬥ Proxy voting information |

---

If you have questions regarding electronic delivery, please scan the QR Code.

![](img_0a77b1f30fbf4.jpg)

---

| | |
|:---|:---|
| JNL/T. Rowe Price Short-Term Bond Fund | |
| Semi-Annual Shareholder Report |  |
| Share Class I | June 30, 2025 |

---

![](img_63986cf449ba4.jpg)

**This shareholder report contains important information about JNL/T. Rowe Price Short-Term Bond Fund for the period ended June 30, 2025. You can find additional information at https://www.jackson.com/fund-literature.html. You can also request this information by contacting us at 1-800-644-4565 or DocumentRequest@jackson.com.** 

**What were the Fund costs for the last six months?**<br>

---

| | | |
|:---|:---|:---|
| Share Class | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| Class I | $21 | 0.41% |

---

**What are some key Fund statistics as of June 30, 2025?**<br>

---

| | |
|:---|:---|
| Fund Statistic | Value ($ in thousands) |
| Fund Size ($): | 1099924 |
| Number of Investments: | 882 |
| Portfolio Turnover (%): | 49 |
| Total Advisory Fees Paid ($): | 1713 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **What did the Fund invest in as of June 30, 2025?**<br>

---

| | |
|:---|:---|
| Industry Sector (%) | Industry Sector (%) |
| **Long Investments** | **Long Investments** |
| Derivative Instruments | 30.4 |
| Non-U.S. Government Agency ABS | 28.9 |
| Government Securities | 17.4 |
| Financials | 14.8 |
| U.S. Government Agency MBS | 7.4 |
| Health Care | 4.8 |
| Energy | 4.3 |
| Industrials | 3.9 |
| Utilities | 3.3 |
| Consumer Discretionary | 2.9 |
| Other Sectors | 13.2 |
| **Total Net Assets** | 131.3 |
| **Short Investments** | **Short Investments** |
| Derivative Instruments | (8.9) |
| **Total Net Assets** | **(8.9)** |

---

---

| |
|:---|
| **Where can I find additional information about the Fund?** |
| Additional information is available on the Fund's website at https://www.jackson.com/fund-literature.html, including: |
| ⬥ Prospectus |
| ⬥ Financial information |
| ⬥ Holdings |
| ⬥ Proxy voting information |

---

If you have questions regarding electronic delivery, please scan the QR Code.

![](img_0a77b1f30fbf4.jpg)

---

| | |
|:---|:---|
| JNL/T. Rowe Price U.S. High Yield Fund | |
| Semi-Annual Shareholder Report |  |
| Share Class I | June 30, 2025 |

---

![](img_63986cf449ba4.jpg)

**This shareholder report contains important information about JNL/T. Rowe Price U.S. High Yield Fund for the period ended June 30, 2025. You can find additional information at https://www.jackson.com/fund-literature.html. You can also request this information by contacting us at 1-800-644-4565 or DocumentRequest@jackson.com.** 

**What were the Fund costs for the last six months?**<br>

---

| | | |
|:---|:---|:---|
| Share Class | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| Class I | $31 | 0.62% |

---

**What are some key Fund statistics as of June 30, 2025?**<br>

---

| | |
|:---|:---|
| Fund Statistic | Value ($ in thousands) |
| Fund Size ($): | 445496 |
| Number of Investments: | 100 |
| Portfolio Turnover (%): | 37 |
| Total Advisory Fees Paid ($): | 1088 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **What did the Fund invest in as of June 30, 2025?**<br>

---

| | |
|:---|:---|
| Industry Sector (%) | Industry Sector (%) |
| **Long Investments** | **Long Investments** |
| Energy | 19.0 |
| Financials | 14.0 |
| Communication Services | 13.0 |
| Consumer Discretionary | 11.9 |
| Industrials | 9.0 |
| Information Technology | 6.8 |
| Securities Lending Collateral | 6.7 |
| Health Care | 6.6 |
| Consumer Staples | 5.0 |
| Materials | 4.8 |
| Other Sectors | 7.7 |
| **Total Net Assets** | 104.5 |

---

---

| |
|:---|
| **Where can I find additional information about the Fund?** |
| Additional information is available on the Fund's website at https://www.jackson.com/fund-literature.html, including: |
| ⬥ Prospectus |
| ⬥ Financial information |
| ⬥ Holdings |
| ⬥ Proxy voting information |

---

If you have questions regarding electronic delivery, please scan the QR Code.

![](img_0a77b1f30fbf4.jpg)

---

| | |
|:---|:---|
| JNL/T. Rowe Price Value Fund | |
| Semi-Annual Shareholder Report |  |
| Share Class I | June 30, 2025 |

---

![](img_63986cf449ba4.jpg)

**This shareholder report contains important information about JNL/T. Rowe Price Value Fund for the period ended June 30, 2025. You can find additional information at https://www.jackson.com/fund-literature.html. You can also request this information by contacting us at 1-800-644-4565 or DocumentRequest@jackson.com.** 

**What were the Fund costs for the last six months?**<br>

---

| | | |
|:---|:---|:---|
| Share Class | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| Class I | $29 | 0.57% |

---

**What are some key Fund statistics as of June 30, 2025?**<br>

---

| | |
|:---|:---|
| Fund Statistic | Value ($ in thousands) |
| Fund Size ($): | 4504961 |
| Number of Investments: | 102 |
| Portfolio Turnover (%): | 32 |
| Total Advisory Fees Paid ($): | 10450 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **What did the Fund invest in as of June 30, 2025?**<br>

---

| | |
|:---|:---|
| Industry Sector (%) | Industry Sector (%) |
| **Long Investments** | **Long Investments** |
| Financials | 24.3 |
| Industrials | 16.2 |
| Health Care | 12.1 |
| Energy | 7.9 |
| Information Technology | 7.8 |
| Consumer Discretionary | 7.2 |
| Consumer Staples | 6.7 |
| Materials | 6.1 |
| Communication Services | 4.7 |
| Utilities | 4.1 |
| Other Sectors | 2.8 |
| **Total Net Assets** | 99.9 |

---

---

| |
|:---|
| **Where can I find additional information about the Fund?** |
| Additional information is available on the Fund's website at https://www.jackson.com/fund-literature.html, including: |
| ⬥ Prospectus |
| ⬥ Financial information |
| ⬥ Holdings |
| ⬥ Proxy voting information |

---

If you have questions regarding electronic delivery, please scan the QR Code.

![](img_0a77b1f30fbf4.jpg)

---

| | |
|:---|:---|
| JNL/WCM China Quality Growth Fund | |
| Semi-Annual Shareholder Report |  |
| Share Class I | June 30, 2025 |

---

![](img_63986cf449ba4.jpg)

**This shareholder report contains important information about JNL/WCM China Quality Growth Fund for the period ended June 30, 2025. You can find additional information at https://www.jackson.com/fund-literature.html. You can also request this information by contacting us at 1-800-644-4565 or DocumentRequest@jackson.com.** 

**What were the Fund costs for the last six months?**<br>

---

| | | |
|:---|:---|:---|
| Share Class | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| Class I | $56 | 1.04% |

---

**What are some key Fund statistics as of June 30, 2025?**<br>

---

| | |
|:---|:---|
| Fund Statistic | Value ($ in thousands) |
| Fund Size ($): | 9437 |
| Number of Investments: | 30 |
| Portfolio Turnover (%): | 70 |
| Total Advisory Fees Paid ($): | 36 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **What did the Fund invest in as of June 30, 2025?**<br>

---

| | |
|:---|:---|
| Industry Sector (%) | Industry Sector (%) |
| **Long Investments** | **Long Investments** |
| Industrials | 23.6 |
| Communication Services | 23.2 |
| Consumer Discretionary | 20.6 |
| Information Technology | 10.0 |
| Consumer Staples | 7.1 |
| Financials | 6.3 |
| Health Care | 2.4 |
| Other Short Term Investments | 1.4 |
| **Total Net Assets** | 94.6 |

---

---

| |
|:---|
| **Where can I find additional information about the Fund?** |
| Additional information is available on the Fund's website at https://www.jackson.com/fund-literature.html, including: |
| ⬥ Prospectus |
| ⬥ Financial information |
| ⬥ Holdings |
| ⬥ Proxy voting information |

---

If you have questions regarding electronic delivery, please scan the QR Code.

![](img_0a77b1f30fbf4.jpg)

---

| | |
|:---|:---|
| JNL/WCM Focused International Equity Fund | |
| Semi-Annual Shareholder Report |  |
| Share Class I | June 30, 2025 |

---

![](img_63986cf449ba4.jpg)

**This shareholder report contains important information about JNL/WCM Focused International Equity Fund for the period ended June 30, 2025. You can find additional information at https://www.jackson.com/fund-literature.html. You can also request this information by contacting us at 1-800-644-4565 or DocumentRequest@jackson.com.** 

**What were the Fund costs for the last six months?**<br>

---

| | | |
|:---|:---|:---|
| Share Class | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| Class I | $45 | 0.80% |

---

**What are some key Fund statistics as of June 30, 2025?**<br>

---

| | |
|:---|:---|
| Fund Statistic | Value ($ in thousands) |
| Fund Size ($): | 2199977 |
| Number of Investments: | 40 |
| Portfolio Turnover (%): | 16 |
| Total Advisory Fees Paid ($): | 6128 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **What did the Fund invest in as of June 30, 2025?**<br>

---

| | |
|:---|:---|
| Industry Sector (%) | Industry Sector (%) |
| **Long Investments** | **Long Investments** |
| Industrials | 29.0 |
| Financials | 16.3 |
| Information Technology | 15.8 |
| Communication Services | 13.3 |
| Consumer Discretionary | 10.4 |
| Other Short Term Investments | 4.9 |
| Health Care | 4.3 |
| Consumer Staples | 3.9 |
| Materials | 1.7 |
| Energy | 1.3 |
| **Total Net Assets** | 100.9 |
| **Short Investments** | **Short Investments** |
| Derivative Instruments | (0.1) |
| **Total Net Assets** | **(0.1)** |

---

---

| |
|:---|
| **Where can I find additional information about the Fund?** |
| Additional information is available on the Fund's website at https://www.jackson.com/fund-literature.html, including: |
| ⬥ Prospectus |
| ⬥ Financial information |
| ⬥ Holdings |
| ⬥ Proxy voting information |

---

If you have questions regarding electronic delivery, please scan the QR Code.

![](img_0a77b1f30fbf4.jpg)

---

| | |
|:---|:---|
| JNL/Westchester Capital Event Driven Fund | |
| Semi-Annual Shareholder Report |  |
| Share Class I | June 30, 2025 |

---

![](img_63986cf449ba4.jpg)

**This shareholder report contains important information about JNL/Westchester Capital Event Driven Fund for the period ended June 30, 2025. You can find additional information at https://www.jackson.com/fund-literature.html. You can also request this information by contacting us at 1-800-644-4565 or DocumentRequest@jackson.com.** 

**What were the Fund costs for the last six months?**<br>

---

| | | |
|:---|:---|:---|
| Share Class | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| Class I | $60 | 1.18% |

---

**What are some key Fund statistics as of June 30, 2025?**<br>

---

| | |
|:---|:---|
| Fund Statistic | Value ($ in thousands) |
| Fund Size ($): | 46974 |
| Number of Investments: | 306 |
| Portfolio Turnover (%): | 126 |
| Total Advisory Fees Paid ($): | 251 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **What did the Fund invest in as of June 30, 2025?**<br>

---

| | |
|:---|:---|
| Industry Sector (%) | Industry Sector (%) |
| **Long Investments** | **Long Investments** |
| Derivative Instruments | 57.6 |
| Communication Services | 21.4 |
| Financials | 19.3 |
| Other Short Term Investments | 10.6 |
| Consumer Discretionary | 7.7 |
| Industrials | 7.4 |
| Energy | 6.7 |
| Information Technology | 4.7 |
| Investment Companies | 4.2 |
| Other Equity Interests | 2.3 |
| Other Sectors | 2.8 |
| **Total Net Assets** | 144.7 |
| **Short Investments** | **Short Investments** |
| Derivative Instruments | (26.6) |
| Real Estate | (2.8) |
| Communication Services | (1.0) |
| Financials | (0.5) |
| Energy | (0.1) |
| **Total Net Assets** | **(31.0)** |

---

---

| |
|:---|
| **Where can I find additional information about the Fund?** |
| Additional information is available on the Fund's website at https://www.jackson.com/fund-literature.html, including: |
| ⬥ Prospectus |
| ⬥ Financial information |
| ⬥ Holdings |
| ⬥ Proxy voting information |

---

If you have questions regarding electronic delivery, please scan the QR Code.

![](img_0a77b1f30fbf4.jpg)

---

| | |
|:---|:---|
| JNL/William Blair International Leaders Fund | |
| Semi-Annual Shareholder Report |  |
| Share Class I | June 30, 2025 |

---

![](img_63986cf449ba4.jpg)

**This shareholder report contains important information about JNL/William Blair International Leaders Fund for the period ended June 30, 2025. You can find additional information at https://www.jackson.com/fund-literature.html. You can also request this information by contacting us at 1-800-644-4565 or DocumentRequest@jackson.com.** 

**What were the Fund costs for the last six months?**<br>

---

| | | |
|:---|:---|:---|
| Share Class | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| Class I | $36 | 0.67% |

---

**What are some key Fund statistics as of June 30, 2025?**<br>

---

| | |
|:---|:---|
| Fund Statistic | Value ($ in thousands) |
| Fund Size ($): | 1012836 |
| Number of Investments: | 64 |
| Portfolio Turnover (%): | 44 |
| Total Advisory Fees Paid ($): | 2504 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **What did the Fund invest in as of June 30, 2025?**<br>

---

| | |
|:---|:---|
| Industry Sector (%) | Industry Sector (%) |
| **Long Investments** | **Long Investments** |
| Financials | 23.7 |
| Industrials | 19.5 |
| Consumer Discretionary | 16.2 |
| Information Technology | 15.0 |
| Communication Services | 7.0 |
| Health Care | 6.7 |
| Materials | 4.6 |
| Consumer Staples | 2.8 |
| Other Short Term Investments | 2.6 |
| Utilities | 2.1 |
| **Total Net Assets** | 100.2 |

---

---

| |
|:---|
| **Where can I find additional information about the Fund?** |
| Additional information is available on the Fund's website at https://www.jackson.com/fund-literature.html, including: |
| ⬥ Prospectus |
| ⬥ Financial information |
| ⬥ Holdings |
| ⬥ Proxy voting information |

---

If you have questions regarding electronic delivery, please scan the QR Code.

![](img_0a77b1f30fbf4.jpg)

---

| | |
|:---|:---|
| JNL/WMC Balanced Fund | |
| Semi-Annual Shareholder Report |  |
| Share Class I | June 30, 2025 |

---

![](img_63986cf449ba4.jpg)

**This shareholder report contains important information about JNL/WMC Balanced Fund for the period ended June 30, 2025. You can find additional information at https://www.jackson.com/fund-literature.html. You can also request this information by contacting us at 1-800-644-4565 or DocumentRequest@jackson.com.** 

**What were the Fund costs for the last six months?**<br>

---

| | | |
|:---|:---|:---|
| Share Class | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| Class I | $21 | 0.41% |

---

**What are some key Fund statistics as of June 30, 2025?**<br>

---

| | |
|:---|:---|
| Fund Statistic | Value ($ in thousands) |
| Fund Size ($): | 9156598 |
| Number of Investments: | 610 |
| Portfolio Turnover (%): | 50 |
| Total Advisory Fees Paid ($): | 14010 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **What did the Fund invest in as of June 30, 2025?**<br>

---

| | |
|:---|:---|
| Industry Sector (%) | Industry Sector (%) |
| **Long Investments** | **Long Investments** |
| Information Technology | 22.4 |
| Government Securities | 17.1 |
| Financials | 12.9 |
| U.S. Government Agency MBS | 8.7 |
| Consumer Discretionary | 7.9 |
| Communication Services | 6.3 |
| Health Care | 5.9 |
| Industrials | 4.4 |
| Consumer Staples | 4.0 |
| Energy | 3.8 |
| Other Sectors | 8.3 |
| **Total Net Assets** | 101.7 |
| **Short Investments** | **Short Investments** |
| U.S. Government Agency MBS | (1.0) |
| **Total Net Assets** | **(1.0)** |

---

---

| |
|:---|
| **Where can I find additional information about the Fund?** |
| Additional information is available on the Fund's website at https://www.jackson.com/fund-literature.html, including: |
| ⬥ Prospectus |
| ⬥ Financial information |
| ⬥ Holdings |
| ⬥ Proxy voting information |

---

If you have questions regarding electronic delivery, please scan the QR Code.

![](img_0a77b1f30fbf4.jpg)

---

| | |
|:---|:---|
| JNL/WMC Equity Income Fund | |
| Semi-Annual Shareholder Report |  |
| Share Class I | June 30, 2025 |

---

![](img_63986cf449ba4.jpg)

**This shareholder report contains important information about JNL/WMC Equity Income Fund for the period ended June 30, 2025. You can find additional information at https://www.jackson.com/fund-literature.html. You can also request this information by contacting us at 1-800-644-4565 or DocumentRequest@jackson.com.** 

**What were the Fund costs for the last six months?**<br>

---

| | | |
|:---|:---|:---|
| Share Class | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| Class I | $30 | 0.59% |

---

**What are some key Fund statistics as of June 30, 2025?**<br>

---

| | |
|:---|:---|
| Fund Statistic | Value ($ in thousands) |
| Fund Size ($): | 941170 |
| Number of Investments: | 69 |
| Portfolio Turnover (%): | 31 |
| Total Advisory Fees Paid ($): | 2071 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **What did the Fund invest in as of June 30, 2025?**<br>

---

| | |
|:---|:---|
| Industry Sector (%) | Industry Sector (%) |
| **Long Investments** | **Long Investments** |
| Financials | 20.3 |
| Health Care | 15.2 |
| Industrials | 12.6 |
| Information Technology | 11.7 |
| Consumer Staples | 9.5 |
| Energy | 9.2 |
| Utilities | 8.4 |
| Materials | 4.9 |
| Consumer Discretionary | 3.9 |
| Real Estate | 2.5 |
| Other Sectors | 1.6 |
| **Total Net Assets** | 99.8 |

---

---

| |
|:---|
| **Where can I find additional information about the Fund?** |
| Additional information is available on the Fund's website at https://www.jackson.com/fund-literature.html, including: |
| ⬥ Prospectus |
| ⬥ Financial information |
| ⬥ Holdings |
| ⬥ Proxy voting information |

---

If you have questions regarding electronic delivery, please scan the QR Code.

![](img_0a77b1f30fbf4.jpg)

---

| | |
|:---|:---|
| JNL/WMC Global Real Estate Fund | |
| Semi-Annual Shareholder Report |  |
| Share Class I | June 30, 2025 |

---

![](img_63986cf449ba4.jpg)

**This shareholder report contains important information about JNL/WMC Global Real Estate Fund for the period ended June 30, 2025. You can find additional information at https://www.jackson.com/fund-literature.html. You can also request this information by contacting us at 1-800-644-4565 or DocumentRequest@jackson.com.** 

**What were the Fund costs for the last six months?**<br>

---

| | | |
|:---|:---|:---|
| Share Class | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| Class I | $37 | 0.73% |

---

**What are some key Fund statistics as of June 30, 2025?**<br>

---

| | |
|:---|:---|
| Fund Statistic | Value ($ in thousands) |
| Fund Size ($): | 565619 |
| Number of Investments: | 57 |
| Portfolio Turnover (%): | 58 |
| Total Advisory Fees Paid ($): | 1645 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **What did the Fund invest in as of June 30, 2025?**<br>

---

| | |
|:---|:---|
| Industry Sector (%) | Industry Sector (%) |
| **Long Investments** | **Long Investments** |
| Real Estate | 91.0 |
| Consumer Discretionary | 4.8 |
| Health Care | 1.8 |
| Other Short Term Investments | 1.8 |
| Industrials | 0.5 |
| Securities Lending Collateral | 0.2 |
| **Total Net Assets** | 100.1 |
| **Short Investments** | **Short Investments** |
| Derivative Instruments | (0.2) |
| **Total Net Assets** | **(0.2)** |

---

---

| |
|:---|
| **Where can I find additional information about the Fund?** |
| Additional information is available on the Fund's website at https://www.jackson.com/fund-literature.html, including: |
| ⬥ Prospectus |
| ⬥ Financial information |
| ⬥ Holdings |
| ⬥ Proxy voting information |

---

If you have questions regarding electronic delivery, please scan the QR Code.

![](img_0a77b1f30fbf4.jpg)

---

| | |
|:---|:---|
| JNL/WMC Value Fund | |
| Semi-Annual Shareholder Report |  |
| Share Class I | June 30, 2025 |

---

![](img_63986cf449ba4.jpg)

**This shareholder report contains important information about JNL/WMC Value Fund for the period ended June 30, 2025. You can find additional information at https://www.jackson.com/fund-literature.html. You can also request this information by contacting us at 1-800-644-4565 or DocumentRequest@jackson.com.** 

**What were the Fund costs for the last six months?**<br>

---

| | | |
|:---|:---|:---|
| Share Class | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| Class I | $25 | 0.49% |

---

**What are some key Fund statistics as of June 30, 2025?**<br>

---

| | |
|:---|:---|
| Fund Statistic | Value ($ in thousands) |
| Fund Size ($): | 1042441 |
| Number of Investments: | 67 |
| Portfolio Turnover (%): | 22 |
| Total Advisory Fees Paid ($): | 2009 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **What did the Fund invest in as of June 30, 2025?**<br>

---

| | |
|:---|:---|
| Industry Sector (%) | Industry Sector (%) |
| **Long Investments** | **Long Investments** |
| Financials | 23.5 |
| Health Care | 17.9 |
| Industrials | 11.8 |
| Information Technology | 11.3 |
| Energy | 8.7 |
| Consumer Staples | 6.6 |
| Utilities | 6.1 |
| Consumer Discretionary | 5.7 |
| Communication Services | 3.8 |
| Real Estate | 2.8 |
| Other Sectors | 1.8 |
| **Total Net Assets** | 100.0 |

---

---

| |
|:---|
| **Where can I find additional information about the Fund?** |
| Additional information is available on the Fund's website at https://www.jackson.com/fund-literature.html, including: |
| ⬥ Prospectus |
| ⬥ Financial information |
| ⬥ Holdings |
| ⬥ Proxy voting information |

---

If you have questions regarding electronic delivery, please scan the QR Code.

![](img_0a77b1f30fbf4.jpg)

(b) Not applicable

**Item 2. Code of Ethics.** 

Not applicable to the semi-annual filing.

**Item 3. Audit Committee Financial Expert.** 

Not applicable to the semi-annual filing.

**Item 4. Principal Accountant Fees and Services.**

Not applicable to the semi-annual filing.

**Item 5. Audit Committee of Listed Registrants.**

Not applicable.

**Item 6. Investments.**

(a) Included as a part of the financial statements under Item 7.

(b) Not applicable.

**Item 7. Financial Statements and Financial Highlights for Open-End Management Investment Companies.**

![](jnlstncsrs001.jpg)

**JNL Series Trust (Unaudited)**

June 30, 2025

JNL/American Funds Balanced Fund, JNL/American Funds Bond Fund of America Fund, JNL/American Funds Capital Income Builder Fund, JNL/American Funds Capital World Bond Fund, JNL/American Funds Global Growth Fund, JNL/American Funds Global Small Capitalization Fund, JNL/American Funds Growth Fund, JNL/American Funds Growth-Income Fund, JNL/American Funds International Fund, JNL/American Funds New World Fund, JNL/American Funds Washington Mutual Investors Fund, JNL/Mellon Bond Index Fund, JNL/Mellon Emerging Markets Index Fund, JNL/Mellon International Index Fund, JNL/Mellon S&P 400 MidCap Index Fund, JNL/Mellon Small Cap Index Fund, JNL Aggressive Growth Allocation Fund, JNL Conservative Allocation Fund, JNL Growth Allocation Fund, JNL Moderate Allocation Fund, JNL Moderate Growth Allocation Fund, JNL/JPMorgan Managed Aggressive Growth Fund, JNL/JPMorgan Managed Conservative Fund, JNL/JPMorgan Managed Growth Fund, JNL/JPMorgan Managed Moderate Fund, JNL/JPMorgan Managed Moderate Growth Fund, JNL/American Funds Growth Allocation Fund, JNL/American Funds Moderate Allocation Fund, JNL/American Funds Moderate Growth Allocation Fund, JNL Growth ETF Allocation Fund, JNL Moderate ETF Allocation Fund, JNL Moderate Growth ETF Allocation Fund, JNL/Vanguard Growth ETF Allocation Fund, JNL/Vanguard Moderate ETF Allocation Fund, JNL/Vanguard Moderate Growth ETF Allocation Fund, JNL Bond Index Fund, JNL Emerging Markets Index Fund, JNL International Index Fund, JNL Mid Cap Index Fund, JNL Small Cap Index Fund, JNL Multi-Manager Alternative Fund, JNL Multi-Manager Emerging Markets Equity Fund, JNL Multi-Manager Floating Rate Income Fund, JNL Multi-Manager International Small Cap Fund, JNL Multi-Manager Mid Cap Fund, JNL Multi-Manager Small Cap Growth Fund, JNL Multi-Manager Small Cap Value Fund, JNL Multi-Manager U.S. Select Equity Fund, JNL S&P 500 Index Fund, JNL/AB Sustainable Global Thematic Fund, JNL/AQR Large Cap Defensive Style Fund, JNL/BlackRock Global Allocation Fund, JNL/BlackRock Global Natural Resources Fund, JNL/BlackRock Large Cap Select Growth Fund, JNL/Causeway International Value Select Fund, JNL/ClearBridge Large Cap Growth Fund, JNL/Cohen & Steers U.S. Realty Fund, JNL/DFA International Core Equity Fund, JNL/DFA U.S. Core Equity Fund, JNL/DFA U.S. Small Cap Fund, JNL/DoubleLine Core Fixed Income Fund, JNL/DoubleLine Emerging Markets Fixed Income Fund, JNL/DoubleLine Shiller Enhanced CAPE Fund, JNL/DoubleLine Total Return Fund, JNL/Dreyfus Government Money Market Fund, JNL/Fidelity Institutional Asset Management Total Bond Fund, JNL/First Sentier Global Infrastructure Fund, JNL/Franklin Templeton Income Fund, JNL/Goldman Sachs 4 Fund, JNL/GQG Emerging Markets Equity Fund, JNL/Invesco Diversified Dividend Fund, JNL/Invesco Global Growth Fund, JNL/Invesco Small Cap Growth Fund, JNL/JPMorgan Global Allocation Fund, JNL/JPMorgan Hedged Equity Fund, JNL/JPMorgan MidCap Growth Fund, JNL/JPMorgan Nasdaq<sup>®</sup> Hedged Equity Fund, JNL/JPMorgan U.S. Government & Quality Bond Fund, JNL/JPMorgan U.S. Value Fund, JNL/Lazard International Quality Growth Fund, JNL/Loomis Sayles Global Growth Fund, JNL/Lord Abbett Short Duration Income Fund, JNL/Mellon Communication Services Sector Fund, JNL/Mellon Consumer Discretionary Sector Fund, JNL/Mellon Consumer Staples Sector Fund, JNL/Mellon Dow Index Fund, JNL/Mellon Energy Sector Fund, JNL/Mellon Financial Sector Fund, JNL/Mellon Healthcare Sector Fund, JNL/Mellon Industrials Sector Fund, JNL/Mellon Information Technology Sector Fund, JNL/Mellon Materials Sector Fund, JNL/Mellon Nasdaq 100 Index Fund, JNL/Mellon Real Estate Sector Fund, JNL/Mellon S&P 500 Index Fund, JNL/Mellon U.S. Stock Market Index Fund, JNL/Mellon Utilities Sector Fund, JNL/Mellon World Index Fund, JNL/MFS Mid Cap Value Fund, JNL/Morningstar PitchBook Listed Private Equity Index Fund, JNL/Morningstar SMID Moat Focus Index Fund, JNL/Morningstar U.S. Sustainability Index Fund, JNL/Morningstar Wide Moat Index Fund, JNL/Neuberger Berman Commodity Strategy Fund, JNL/Neuberger Berman Gold Plus Strategy Fund, JNL/Neuberger Berman Strategic Income Fund, JNL/Newton Equity Income Fund, JNL/PIMCO Income Fund, JNL/PIMCO Investment Grade Credit Bond Fund, JNL/PIMCO Real Return Fund, JNL/PPM America High Yield Bond Fund, JNL/PPM America Investment Grade Credit Fund, JNL/PPM America Total Return Fund, JNL/RAFI Fundamental U.S. Small Cap Fund, JNL/RAFI Multi-Factor U.S. Equity Fund, JNL/T. Rowe Price Balanced Fund, JNL/T. Rowe Price Capital Appreciation Equity Fund, JNL/T. Rowe Price Capital Appreciation Fund, JNL/T. Rowe Price Growth Stock Fund, JNL/T. Rowe Price Mid-Cap Growth Fund, JNL/T. Rowe Price Short-Term Bond Fund, JNL/T. Rowe Price U.S. High Yield Fund, JNL/T. Rowe Price Value Fund, JNL/WCM China Quality Growth Fund, JNL/WCM Focused International Equity Fund, JNL/Westchester Capital Event Driven Fund, JNL/William Blair International Leaders Fund, JNL/WMC Balanced Fund, JNL/WMC Equity Income Fund, JNL/WMC Global Real Estate Fund, JNL/WMC Value Fund

---

| | |
|:---|:---|
| **[Schedules of Investments](#a_001)** | [2](#a_001) |
| **[Statements of Assets and Liabilities](#a_002)** | [609](#a_002) |
| **[Statements of Operations](#a_003)** | [628](#a_003) |
| **[Statements of Cash Flows](#a_004)** | [647](#a_004) |
| **[Statements of Changes in Net Assets](#a_005)** | [648](#a_005) |
| **[Financial Highlights](#a_006)** | [687](#a_006) |
| **[Notes to Financial Statements](#a_007)** | [735](#a_007) |
| **[Additional Disclosures](#a_008)** | [802](#a_008) |
| **[Form N-CSR Items 8-11](#a_009)** | [803](#a_009) |

---

**JNL Series Trust Supplements to Prospectus**

**JNL Series Trust (Unaudited)**

**Schedules of Investments (in thousands)**

June 30, 2025

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value ($)** |
| **JNL/American Funds Balanced Fund** | **JNL/American Funds Balanced Fund** | **JNL/American Funds Balanced Fund** |
| **INVESTMENT COMPANIES 100.0%** | **INVESTMENT COMPANIES 100.0%** | **INVESTMENT COMPANIES 100.0%** |
| **Global Balanced 100.0%** | **Global Balanced 100.0%** | **Global Balanced 100.0%** |
| American Funds Insurance Series - Asset Allocation Fund - Class 1 (a) | 132549 | 3455540 |
| Total Investment Companies (cost $3,248,778) | Total Investment Companies (cost $3,248,778) | 3455540 |
| **Total Investments 100.0% (cost $3,248,778)** | **Total Investments 100.0% (cost $3,248,778)** | **3455540** |
| **Other Assets and Liabilities, Net (0.0)%** | **Other Assets and Liabilities, Net (0.0)%** | **(1058)** |
| **Total Net Assets 100.0%** | **Total Net Assets 100.0%** | **3454482** |

---

(a) Investment in affiliate.

---

| | | |
|:---|:---|:---|
| **JNL/American Funds Bond Fund of America Fund** | **JNL/American Funds Bond Fund of America Fund** | **JNL/American Funds Bond Fund of America Fund** |
| **INVESTMENT COMPANIES 100.0%** | **INVESTMENT COMPANIES 100.0%** | **INVESTMENT COMPANIES 100.0%** |
| **Domestic Fixed Income 100.0%** | **Domestic Fixed Income 100.0%** | **Domestic Fixed Income 100.0%** |
| American Funds Insurance Series - The Bond Fund of America - Class 1 | 48970 | 469128 |
| Total Investment Companies (cost $469,764) | Total Investment Companies (cost $469,764) | 469128 |
| **Total Investments 100.0% (cost $469,764)** | **Total Investments 100.0% (cost $469,764)** | **469128** |
| **Other Assets and Liabilities, Net (0.0)%** | **Other Assets and Liabilities, Net (0.0)%** | (138) |
| **Total Net Assets 100.0%** | **Total Net Assets 100.0%** | **468990** |

---

---

| | | |
|:---|:---|:---|
| **JNL/American Funds Capital Income Builder Fund** | **JNL/American Funds Capital Income Builder Fund** | **JNL/American Funds Capital Income Builder Fund** |
| **INVESTMENT COMPANIES 100.0%** | **INVESTMENT COMPANIES 100.0%** | **INVESTMENT COMPANIES 100.0%** |
| **Global Balanced 100.0%** | **Global Balanced 100.0%** | **Global Balanced 100.0%** |
| American Funds Insurance Series - Capital Income Builder Fund - Class 1 (a) | 37560 | 516449 |
| Total Investment Companies (cost $424,943) | Total Investment Companies (cost $424,943) | 516449 |
| **Total Investments 100.0% (cost $424,943)** | **Total Investments 100.0% (cost $424,943)** | **516449** |
| **Other Assets and Liabilities, Net (0.0)%** | **Other Assets and Liabilities, Net (0.0)%** | (184) |
| **Total Net Assets 100.0%** | **Total Net Assets 100.0%** | **516265** |

---

(a) Investment in affiliate.

---

| | | |
|:---|:---|:---|
| **JNL/American Funds Capital World Bond Fund** | **JNL/American Funds Capital World Bond Fund** | **JNL/American Funds Capital World Bond Fund** |
| **INVESTMENT COMPANIES 100.0%** | **INVESTMENT COMPANIES 100.0%** | **INVESTMENT COMPANIES 100.0%** |
| **Global Fixed Income 100.0%** | **Global Fixed Income 100.0%** | **Global Fixed Income 100.0%** |
| American Funds Insurance Series - Capital World Bond Fund - Class 1 (a) | 30736 | 320888 |
| Total Investment Companies (cost $359,168) | Total Investment Companies (cost $359,168) | 320888 |
| **Total Investments 100.0% (cost $359,168)** | **Total Investments 100.0% (cost $359,168)** | **320888** |
| **Other Assets and Liabilities, Net (0.0)%** | **Other Assets and Liabilities, Net (0.0)%** | (111) |
| **Total Net Assets 100.0%** | **Total Net Assets 100.0%** | **320777** |

---

(a) Investment in affiliate.

---

| | | |
|:---|:---|:---|
| **JNL/American Funds Global Growth Fund** | **JNL/American Funds Global Growth Fund** | **JNL/American Funds Global Growth Fund** |
| **INVESTMENT COMPANIES 100.0%** | **INVESTMENT COMPANIES 100.0%** | **INVESTMENT COMPANIES 100.0%** |
| **Global Equity 100.0%** | **Global Equity 100.0%** | **Global Equity 100.0%** |
| American Funds Insurance Series - Global Growth Fund - Class 1 (a) | 29796 | 1067598 |
| Total Investment Companies (cost $1,039,072) | Total Investment Companies (cost $1,039,072) | 1067598 |
| **Total Investments 100.0% (cost $1,039,072)** | **Total Investments 100.0% (cost $1,039,072)** | **1067598** |
| **Other Assets and Liabilities, Net (0.0)%** | **Other Assets and Liabilities, Net (0.0)%** | (362) |
| **Total Net Assets 100.0%** | **Total Net Assets 100.0%** | **1067236** |

---

(a) Investment in affiliate.

---

| | | |
|:---|:---|:---|
| **JNL/American Funds Global Small Capitalization Fund** | **JNL/American Funds Global Small Capitalization Fund** | **JNL/American Funds Global Small Capitalization Fund** |
| **INVESTMENT COMPANIES 100.0%** | **INVESTMENT COMPANIES 100.0%** | **INVESTMENT COMPANIES 100.0%** |
| **Global Equity 100.0%** | **Global Equity 100.0%** | **Global Equity 100.0%** |
| American Funds Insurance Series - Global Small Capitalization Fund - Class 1 (a) | 31757 | 609743 |
| Total Investment Companies (cost $678,816) | Total Investment Companies (cost $678,816) | 609743 |
| **Total Investments 100.0% (cost $678,816)** | **Total Investments 100.0% (cost $678,816)** | **609743** |
| **Other Assets and Liabilities, Net (0.0)%** | **Other Assets and Liabilities, Net (0.0)%** | (195) |
| **Total Net Assets 100.0%** | **Total Net Assets 100.0%** | **609548** |

---

(a) Investment in affiliate.

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value ($)** |
| **JNL/American Funds Growth Fund** | **JNL/American Funds Growth Fund** | **JNL/American Funds Growth Fund** |
| **INVESTMENT COMPANIES 100.0%** | **INVESTMENT COMPANIES 100.0%** | **INVESTMENT COMPANIES 100.0%** |
| **Domestic Equity 100.0%** | **Domestic Equity 100.0%** | **Domestic Equity 100.0%** |
| American Funds Insurance Series - Growth Fund - Class 1 (a) | 59595 | 7693115 |
| Total Investment Companies (cost $5,986,467) | Total Investment Companies (cost $5,986,467) | 7693115 |
| **Total Investments 100.0% (cost $5,986,467)** | **Total Investments 100.0% (cost $5,986,467)** | **7693115** |
| **Other Assets and Liabilities, Net (0.0)%** | **Other Assets and Liabilities, Net (0.0)%** | **(1977)** |
| **Total Net Assets 100.0%** | **Total Net Assets 100.0%** | **7691138** |

---

(a) Investment in affiliate.

---

| | | |
|:---|:---|:---|
| **JNL/American Funds Growth-Income Fund** | **JNL/American Funds Growth-Income Fund** | **JNL/American Funds Growth-Income Fund** |
| **INVESTMENT COMPANIES 100.0%** | **INVESTMENT COMPANIES 100.0%** | **INVESTMENT COMPANIES 100.0%** |
| **Domestic Equity 100.0%** | **Domestic Equity 100.0%** | **Domestic Equity 100.0%** |
| American Funds Insurance Series - Growth-Income Fund - Class 1 (a) | 193735 | 12089080 |
| Total Investment Companies (cost $10,074,842) | Total Investment Companies (cost $10,074,842) | 12089080 |
| **Total Investments 100.0% (cost $10,074,842)** | **Total Investments 100.0% (cost $10,074,842)** | **12089080** |
| **Other Assets and Liabilities, Net (0.0)%** | **Other Assets and Liabilities, Net (0.0)%** | **(3999)** |
| **Total Net Assets 100.0%** | **Total Net Assets 100.0%** | **12085081** |

---

(a) Investment in affiliate.

---

| | | |
|:---|:---|:---|
| **JNL/American Funds International Fund** | **JNL/American Funds International Fund** | **JNL/American Funds International Fund** |
| **INVESTMENT COMPANIES 100.0%** | **INVESTMENT COMPANIES 100.0%** | **INVESTMENT COMPANIES 100.0%** |
| **International Equity 100.0%** | **International Equity 100.0%** | **International Equity 100.0%** |
| American Funds Insurance Series - International Fund - Class 1 (a) | 68821 | 1376424 |
| Total Investment Companies (cost $1,341,899) | Total Investment Companies (cost $1,341,899) | 1376424 |
| **Total Investments 100.0% (cost $1,341,899)** | **Total Investments 100.0% (cost $1,341,899)** | **1376424** |
| **Other Assets and Liabilities, Net (0.0)%** | **Other Assets and Liabilities, Net (0.0)%** | (506) |
| **Total Net Assets 100.0%** | **Total Net Assets 100.0%** | **1375918** |

---

(a) Investment in affiliate.

---

| | | |
|:---|:---|:---|
| **JNL/American Funds New World Fund** | **JNL/American Funds New World Fund** | **JNL/American Funds New World Fund** |
| **INVESTMENT COMPANIES 100.0%** | **INVESTMENT COMPANIES 100.0%** | **INVESTMENT COMPANIES 100.0%** |
| **Emerging Markets Equity 100.0%** | **Emerging Markets Equity 100.0%** | **Emerging Markets Equity 100.0%** |
| American Funds Insurance Series - New World Fund - Class 1 (a) | 47992 | 1417203 |
| Total Investment Companies (cost $1,186,349) | Total Investment Companies (cost $1,186,349) | 1417203 |
| **Total Investments 100.0% (cost $1,186,349)** | **Total Investments 100.0% (cost $1,186,349)** | **1417203** |
| **Other Assets and Liabilities, Net (0.0)%** | **Other Assets and Liabilities, Net (0.0)%** | (563) |
| **Total Net Assets 100.0%** | **Total Net Assets 100.0%** | **1416640** |

---

(a) Investment in affiliate.

---

| | | |
|:---|:---|:---|
| **JNL/American Funds Washington Mutual Investors Fund** | **JNL/American Funds Washington Mutual Investors Fund** | **JNL/American Funds Washington Mutual Investors Fund** |
| **INVESTMENT COMPANIES 100.0%** | **INVESTMENT COMPANIES 100.0%** | **INVESTMENT COMPANIES 100.0%** |
| **Domestic Equity 100.0%** | **Domestic Equity 100.0%** | **Domestic Equity 100.0%** |
| American Funds Insurance Series - Washington Mutual Investors Fund - Class 1 (a) | 244141 | 4174804 |
| Total Investment Companies (cost $3,369,599) | Total Investment Companies (cost $3,369,599) | 4174804 |
| **Total Investments 100.0% (cost $3,369,599)** | **Total Investments 100.0% (cost $3,369,599)** | **4174804** |
| **Other Assets and Liabilities, Net (0.0)%** | **Other Assets and Liabilities, Net (0.0)%** | **(1521)** |
| **Total Net Assets 100.0%** | **Total Net Assets 100.0%** | **4173283** |

---

(a) Investment in affiliate.

---

| | | |
|:---|:---|:---|
| **JNL/Mellon Bond Index Fund** | **JNL/Mellon Bond Index Fund** | **JNL/Mellon Bond Index Fund** |
| **INVESTMENT COMPANIES 100.0%** | **INVESTMENT COMPANIES 100.0%** | **INVESTMENT COMPANIES 100.0%** |
| **Domestic Fixed Income 100.0%** | **Domestic Fixed Income 100.0%** | **Domestic Fixed Income 100.0%** |
| JNL Bond Index Fund - Class I (98.3%) (a) | 103229 | 1002353 |
| Total Investment Companies (cost $1,021,992) | Total Investment Companies (cost $1,021,992) | 1002353 |
| **Total Investments 100.0% (cost $1,021,992)** | **Total Investments 100.0% (cost $1,021,992)** | **1002353** |
| **Other Assets and Liabilities, Net (0.0)%** | **Other Assets and Liabilities, Net (0.0)%** | (205) |
| **Total Net Assets 100.0%** | **Total Net Assets 100.0%** | **1002148** |

---

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page [607](#abbreviations)

**JNL Series Trust (Unaudited)**

**Schedules of Investments (in thousands)**

June 30, 2025

---

| | |
|:---|:---|
| **Shares** | **Value ($)** |

---

(a) The Fund's percentage ownership of the underlying affiliated fund at June 30, 2025 is presented parenthetically. The Fund does not invest in the underlying affiliated funds for the purpose of exercising management or control.

---

| | | |
|:---|:---|:---|
| **JNL/Mellon Emerging Markets Index Fund** | **JNL/Mellon Emerging Markets Index Fund** | **JNL/Mellon Emerging Markets Index Fund** |
| **INVESTMENT COMPANIES 100.0%** | **INVESTMENT COMPANIES 100.0%** | **INVESTMENT COMPANIES 100.0%** |
| **Emerging Markets Equity 100.0%** | **Emerging Markets Equity 100.0%** | **Emerging Markets Equity 100.0%** |
| JNL Emerging Markets Index Fund - Class I (99.7%) (a) | 82613 | 828608 |
| Total Investment Companies (cost $805,551) | Total Investment Companies (cost $805,551) | 828608 |
| **Total Investments 100.0% (cost $805,551)** | **Total Investments 100.0% (cost $805,551)** | **828608** |
| **Other Assets and Liabilities, Net (0.0)%** | **Other Assets and Liabilities, Net (0.0)%** | (228) |
| **Total Net Assets 100.0%** | **Total Net Assets 100.0%** | **828380** |

---

(a) The Fund's percentage ownership of the underlying affiliated fund at June 30, 2025 is presented parenthetically. The Fund does not invest in the underlying affiliated funds for the purpose of exercising management or control.

---

| | | |
|:---|:---|:---|
| **JNL/Mellon International Index Fund** | **JNL/Mellon International Index Fund** | **JNL/Mellon International Index Fund** |
| **INVESTMENT COMPANIES 100.0%** | **INVESTMENT COMPANIES 100.0%** | **INVESTMENT COMPANIES 100.0%** |
| **International Equity 100.0%** | **International Equity 100.0%** | **International Equity 100.0%** |
| JNL International Index Fund - Class I (99.6%) (a) | 255720 | 2991923 |
| Total Investment Companies (cost $2,586,420) | Total Investment Companies (cost $2,586,420) | 2991923 |
| **Total Investments 100.0% (cost $2,586,420)** | **Total Investments 100.0% (cost $2,586,420)** | **2991923** |
| **Other Assets and Liabilities, Net (0.0)%** | **Other Assets and Liabilities, Net (0.0)%** | (398) |
| **Total Net Assets 100.0%** | **Total Net Assets 100.0%** | **2991525** |

---

(a) The Fund's percentage ownership of the underlying affiliated fund at June 30, 2025 is presented parenthetically. The Fund does not invest in the underlying affiliated funds for the purpose of exercising management or control.

---

| | | |
|:---|:---|:---|
| **JNL/Mellon S&P 400 MidCap Index Fund** | **JNL/Mellon S&P 400 MidCap Index Fund** | **JNL/Mellon S&P 400 MidCap Index Fund** |
| **INVESTMENT COMPANIES 100.0%** | **INVESTMENT COMPANIES 100.0%** | **INVESTMENT COMPANIES 100.0%** |
| **Domestic Equity 100.0%** | **Domestic Equity 100.0%** | **Domestic Equity 100.0%** |
| JNL Mid Cap Index Fund - Class I (99.7%) (a) | 272338 | 3276232 |
| Total Investment Companies (cost $2,725,558) | Total Investment Companies (cost $2,725,558) | 3276232 |
| **Total Investments 100.0% (cost $2,725,558)** | **Total Investments 100.0% (cost $2,725,558)** | **3276232** |
| **Other Assets and Liabilities, Net (0.0)%** | **Other Assets and Liabilities, Net (0.0)%** | (578) |
| **Total Net Assets 100.0%** | **Total Net Assets 100.0%** | **3275654** |

---

(a) The Fund's percentage ownership of the underlying affiliated fund at June 30, 2025 is presented parenthetically. The Fund does not invest in the underlying affiliated funds for the purpose of exercising management or control.

---

| | | |
|:---|:---|:---|
| **JNL/Mellon Small Cap Index Fund** | **JNL/Mellon Small Cap Index Fund** | **JNL/Mellon Small Cap Index Fund** |
| **INVESTMENT COMPANIES 100.0%** | **INVESTMENT COMPANIES 100.0%** | **INVESTMENT COMPANIES 100.0%** |
| **Domestic Equity 100.0%** | **Domestic Equity 100.0%** | **Domestic Equity 100.0%** |
| JNL Small Cap Index Fund - Class I (99.6%) (a) | 216049 | 2281474 |
| Total Investment Companies (cost $2,153,840) | Total Investment Companies (cost $2,153,840) | 2281474 |
| **Total Investments 100.0% (cost $2,153,840)** | **Total Investments 100.0% (cost $2,153,840)** | **2281474** |
| **Other Assets and Liabilities, Net (0.0)%** | **Other Assets and Liabilities, Net (0.0)%** | (413) |
| **Total Net Assets 100.0%** | **Total Net Assets 100.0%** | **2281061** |

---

(a) The Fund's percentage ownership of the underlying affiliated fund at June 30, 2025 is presented parenthetically. The Fund does not invest in the underlying affiliated funds for the purpose of exercising management or control.

---

| | | |
|:---|:---|:---|
| **JNL Aggressive Growth Allocation Fund** | **JNL Aggressive Growth Allocation Fund** | **JNL Aggressive Growth Allocation Fund** |
| **INVESTMENT COMPANIES 100.0%** | **INVESTMENT COMPANIES 100.0%** | **INVESTMENT COMPANIES 100.0%** |
| **Domestic Equity 61.3%** | **Domestic Equity 61.3%** | **Domestic Equity 61.3%** |
| JNL Multi-Manager Mid Cap Fund - Class I (7.0%) (a) | 4188 | 87533 |
| JNL Multi-Manager Small Cap Growth Fund - Class I (2.1%) (a) | 1140 | 51989 |
| JNL Multi-Manager Small Cap Value Fund - Class I (2.8%) (a) | 2373 | 50937 |
| JNL Multi-Manager U.S. Select Equity Fund - Class I (12.2%) (a) | 8426 | 149219 |
| JNL/JPMorgan MidCap Growth Fund - Class I (0.5%) (a) | 240 | 18696 |
| JNL/JPMorgan U.S. Value Fund - Class I (2.5%) (a) | 2046 | 40839 |
| JNL/Morningstar SMID Moat Focus Index Fund - Class I (30.0%) (a) | 3661 | 39874 |
|  | **Shares** | **Value ($)** |
| JNL/Morningstar Wide Moat Index Fund - Class I (7.3%) (a) | 5679 | 74165 |
| JNL/Newton Equity Income Fund - Class I (2.6%) (a) | 2396 | 88760 |
| JNL/T. Rowe Price Capital Appreciation Equity Fund - Class I (10.4%) (a) | 8505 | 89389 |
| JNL/T. Rowe Price Growth Stock Fund - Class I (0.8%) (a) | 808 | 82744 |
| JNL/T. Rowe Price Value Fund - Class I (2.0%) (a) | 2911 | 93062 |
| JNL/WMC Equity Income Fund - Class I (4.2%) (a) | 1933 | 40718 |
|  |  | 907925 |
| **International Equity 19.7%** | **International Equity 19.7%** | **International Equity 19.7%** |
| JNL Multi-Manager International Small Cap Fund - Class I (10.2%) (a) | 5232 | 71463 |
| JNL/Causeway International Value Select Fund - Class I (4.5%) (a) | 4650 | 107658 |
| JNL/WCM Focused International Equity Fund - Class I (5.1%) (a) | 6073 | 112653 |
|  |  | 291774 |
| **Emerging Markets Equity 8.0%** | **Emerging Markets Equity 8.0%** | **Emerging Markets Equity 8.0%** |
| JNL Multi-Manager Emerging Markets Equity Fund - Class I (5.7%) (a) | 7048 | 70760 |
| JNL/GQG Emerging Markets Equity Fund - Class I (5.4%) (a) | 2966 | 47368 |
|  |  | 118128 |
| **Global Equity 5.5%** | **Global Equity 5.5%** | **Global Equity 5.5%** |
| JNL/Loomis Sayles Global Growth Fund - Class I (9.2%) (a) | 3821 | 82081 |
| **Alternative 3.0%** | **Alternative 3.0%** | **Alternative 3.0%** |
| Jackson Real Assets Fund - Class I (4.8%) (a) | 1425 | 15233 |
| JNL Multi-Manager Alternative Fund - Class I (3.2%) (a) | 2097 | 29338 |
|  |  | 44571 |
| **Domestic Fixed Income 2.5%** | **Domestic Fixed Income 2.5%** | **Domestic Fixed Income 2.5%** |
| JNL/DoubleLine Core Fixed Income Fund - Class I (1.3%) (a) | 2465 | 36552 |
| Total Investment Companies (cost $1,176,598) | Total Investment Companies (cost $1,176,598) | 1481031 |
| **Total Investments 100.0% (cost $1,176,598)** | **Total Investments 100.0% (cost $1,176,598)** | **1481031** |
| **Other Assets and Liabilities, Net (0.0)%** | **Other Assets and Liabilities, Net (0.0)%** | (311) |
| **Total Net Assets 100.0%** | **Total Net Assets 100.0%** | **1480720** |

---

(a) The Fund's percentage ownership of the underlying affiliated fund at June 30, 2025 is presented parenthetically. The Fund does not invest in the underlying affiliated funds for the purpose of exercising management or control.

---

| | | |
|:---|:---|:---|
| **JNL Conservative Allocation Fund** | **JNL Conservative Allocation Fund** | **JNL Conservative Allocation Fund** |
| **INVESTMENT COMPANIES 100.0%** | **INVESTMENT COMPANIES 100.0%** | **INVESTMENT COMPANIES 100.0%** |
| **Domestic Fixed Income 62.4%** | **Domestic Fixed Income 62.4%** | **Domestic Fixed Income 62.4%** |
| JNL/DoubleLine Core Fixed Income Fund - Class I (2.1%) (a) | 4009 | 59448 |
| JNL/DoubleLine Total Return Fund - Class I (3.4%) (a) | 5661 | 65105 |
| JNL/Fidelity Institutional Asset Management Total Bond Fund - Class I (4.0%) (a) | 4538 | 59447 |
| JNL/Lord Abbett Short Duration Income Fund - Class I (2.8%) (a) | 1912 | 19789 |
| JNL/PIMCO Income Fund - Class I (2.8%) (a) | 3560 | 45320 |
| JNL/PIMCO Investment Grade Credit Bond Fund - Class I (1.3%) (a) | 863 | 11334 |
| JNL/PIMCO Real Return Fund - Class I (1.0%) (a) | 909 | 11329 |
| JNL/PPM America Investment Grade Credit Fund - Class I (4.0%) (a) | 1042 | 11329 |
| JNL/PPM America Total Return Fund - Class I (3.7%) (a) | 3946 | 53785 |
| JNL/T. Rowe Price U.S. High Yield Fund - Class I (3.5%) (a) | 1187 | 15588 |
|  |  | 352474 |
| **Alternative 11.2%** | **Alternative 11.2%** | **Alternative 11.2%** |
| Jackson Credit Opportunities Fund - Class I (5.0%) (a) | 2700 | 28108 |
| Jackson Real Assets Fund - Class I (3.6%) (a) | 1060 | 11332 |
| JNL Multi-Manager Alternative Fund - Class I (2.6%) (a) | 1706 | 23859 |
|  |  | 63299 |

---

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page [607](#abbreviations)

**JNL Series Trust (Unaudited)**

**Schedules of Investments (in thousands)**

June 30, 2025

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value ($)** |
| **Domestic Equity 10.9%** | **Domestic Equity 10.9%** | **Domestic Equity 10.9%** |
| JNL Multi-Manager Mid Cap Fund - Class I (0.9%) (a) | 544 | 11372 |
| JNL Multi-Manager Small Cap Value Fund - Class I (0.3%) (a) | 265 | 5695 |
| JNL Multi-Manager U.S. Select Equity Fund - Class I (1.6%) (a) | 1137 | 20138 |
| JNL/JPMorgan Nasdaq<sup>®</sup> Hedged Equity Fund - Class I (9.4%) (a) | 547 | 5653 |
| JNL/Newton Equity Income Fund - Class I (0.3%) (a) | 230 | 8518 |
| JNL/T. Rowe Price Value Fund - Class I (0.2%) (a) | 315 | 10081 |
|  |  | 61457 |
| **Domestic Balanced 6.0%** | **Domestic Balanced 6.0%** | **Domestic Balanced 6.0%** |
| JNL/T. Rowe Price Capital Appreciation Fund - Class I (0.2%) (a) | 1125 | 34025 |
| **Emerging Markets Fixed Income 4.0%** | **Emerging Markets Fixed Income 4.0%** | **Emerging Markets Fixed Income 4.0%** |
| JNL/DoubleLine Emerging Markets Fixed Income Fund - Class I (7.1%) (a) | 1774 | 22653 |
| **International Equity 3.5%** | **International Equity 3.5%** | **International Equity 3.5%** |
| JNL/Causeway International Value Select Fund - Class I (0.4%) (a) | 431 | 9981 |
| JNL/WCM Focused International Equity Fund - Class I (0.5%) (a) | 545 | 10099 |
|  |  | 20080 |
| **Emerging Markets Equity 2.0%** | **Emerging Markets Equity 2.0%** | **Emerging Markets Equity 2.0%** |
| JNL Multi-Manager Emerging Markets Equity Fund - Class I (0.9%) (a) | 1132 | 11369 |
| Total Investment Companies (cost $519,128) | Total Investment Companies (cost $519,128) | 565357 |
| **Total Investments 100.0% (cost $519,128)** | **Total Investments 100.0% (cost $519,128)** | **565357** |
| **Other Assets and Liabilities, Net (0.0)%** | **Other Assets and Liabilities, Net (0.0)%** | (123) |
| **Total Net Assets 100.0%** | **Total Net Assets 100.0%** | **565234** |

---

(a) The Fund's percentage ownership of the underlying affiliated fund at June 30, 2025 is presented parenthetically. The Fund does not invest in the underlying affiliated funds for the purpose of exercising management or control.

---

| | | |
|:---|:---|:---|
| **JNL Growth Allocation Fund** | **JNL Growth Allocation Fund** | **JNL Growth Allocation Fund** |
| **INVESTMENT COMPANIES 100.0%** | **INVESTMENT COMPANIES 100.0%** | **INVESTMENT COMPANIES 100.0%** |
| **Domestic Equity 51.5%** | **Domestic Equity 51.5%** | **Domestic Equity 51.5%** |
| JNL Multi-Manager Mid Cap Fund - Class I (11.5%) (a) | 6864 | 143451 |
| JNL Multi-Manager Small Cap Growth Fund - Class I (2.9%) (a) | 1579 | 72015 |
| JNL Multi-Manager Small Cap Value Fund - Class I (3.9%) (a) | 3325 | 71354 |
| JNL Multi-Manager U.S. Select Equity Fund - Class I (20.9%) (a) | 14386 | 254771 |
| JNL/JPMorgan MidCap Growth Fund - Class I (0.6%) (a) | 278 | 21667 |
| JNL/JPMorgan U.S. Value Fund - Class I (4.5%) (a) | 3615 | 72163 |
| JNL/Morningstar SMID Moat Focus Index Fund - Class I (35.8%) (a) | 4376 | 47659 |
| JNL/Morningstar Wide Moat Index Fund - Class I (12.1%) (a) | 9404 | 122813 |
| JNL/Newton Equity Income Fund - Class I (4.5%) (a) | 4096 | 151707 |
| JNL/T. Rowe Price Capital Appreciation Equity Fund - Class I (17.7%) (a) | 14474 | 152121 |
| JNL/T. Rowe Price Growth Stock Fund - Class I (1.3%) (a) | 1353 | 138664 |
| JNL/T. Rowe Price Value Fund - Class I (3.5%) (a) | 5112 | 163418 |
| JNL/WMC Equity Income Fund - Class I (7.5%) (a) | 3419 | 72014 |
|  |  | 1483817 |
| **International Equity 17.9%** | **International Equity 17.9%** | **International Equity 17.9%** |
| JNL Multi-Manager International Small Cap Fund - Class I (13.6%) (a) | 6944 | 94857 |
| JNL/Causeway International Value Select Fund - Class I (8.8%) (a) | 9053 | 209583 |
| JNL/WCM Focused International Equity Fund - Class I (9.5%) (a) | 11398 | 211427 |
|  |  | 515867 |
| **Domestic Fixed Income 11.3%** | **Domestic Fixed Income 11.3%** | **Domestic Fixed Income 11.3%** |
| JNL/DoubleLine Core Fixed Income Fund - Class I (3.4%) (a) | 6357 | 94280 |
| JNL/DoubleLine Total Return Fund - Class I (5.0%) (a) | 8199 | 94294 |
|  | **Shares** | **Value ($)** |
| JNL/Fidelity Institutional Asset Management Total Bond Fund - Class I (4.5%) (a) | 5126 | 67149 |
| JNL/Lord Abbett Short Duration Income Fund - Class I (3.8%) (a) | 2626 | 27183 |
| JNL/PIMCO Investment Grade Credit Bond Fund - Class I (2.4%) (a) | 1566 | 20581 |
| JNL/T. Rowe Price U.S. High Yield Fund - Class I (4.8%) (a) | 1628 | 21375 |
|  |  | 324862 |
| **Alternative 7.8%** | **Alternative 7.8%** | **Alternative 7.8%** |
| Jackson Credit Opportunities Fund - Class I (16.1%) (a) | 8680 | 90355 |
| Jackson Real Assets Fund - Class I (14.8%) (a) | 4400 | 47036 |
| JNL Multi-Manager Alternative Fund - Class I (9.5%) (a) | 6155 | 86114 |
|  |  | 223505 |
| **Emerging Markets Equity 6.5%** | **Emerging Markets Equity 6.5%** | **Emerging Markets Equity 6.5%** |
| JNL Multi-Manager Emerging Markets Equity Fund - Class I (9.4%) (a) | 11521 | 115668 |
| JNL/GQG Emerging Markets Equity Fund - Class I (8.1%) (a) | 4463 | 71267 |
|  |  | 186935 |
| **Global Equity 4.0%** | **Global Equity 4.0%** | **Global Equity 4.0%** |
| JNL/Loomis Sayles Global Growth Fund - Class I (13.1%) (a) | 5407 | 116132 |
| **Emerging Markets Fixed Income 1.0%** | **Emerging Markets Fixed Income 1.0%** | **Emerging Markets Fixed Income 1.0%** |
| JNL/DoubleLine Emerging Markets Fixed Income Fund - Class I (8.6%) (a) | 2160 | 27584 |
| Total Investment Companies (cost $2,381,034) | Total Investment Companies (cost $2,381,034) | 2878702 |
| **COMMON STOCKS 0.0%** | **COMMON STOCKS 0.0%** | **COMMON STOCKS 0.0%** |
| **Russian Federation 0.0%** | **Russian Federation 0.0%** | **Russian Federation 0.0%** |
| Public Joint Stock Company Mining And Metallurgical Company Norilsk Nickel (b) (c) (d) | 175 | - |
| Public Joint Stock Company Novolipetsk Metallurgical Plant (b) (c) (d) | 193 | - |
| Public Joint Stock Company Phosagro (b) (c) (d) | - | - |
| Public Joint Stock Company Phosagro (b) (c) (d) | 18 | - |
| Public Joint-Stock Company Inter RAO UES (b) (c) (d) | 4795 | - |
| Public Joint-Stock Company Severstal (b) (c) (d) | 27 | - |
| Total Common Stocks (cost $2,242) | Total Common Stocks (cost $2,242) |  |
| **Total Investments 100.0% (cost $2,383,276)** | **Total Investments 100.0% (cost $2,383,276)** | **2878702** |
| **Other Assets and Liabilities, Net (0.0)%** | **Other Assets and Liabilities, Net (0.0)%** | (636) |
| **Total Net Assets 100.0%** | **Total Net Assets 100.0%** | **2878066** |

---

(a) The Fund's percentage ownership of the underlying affiliated fund at June 30, 2025 is presented parenthetically. The Fund does not invest in the underlying affiliated funds for the purpose of exercising management or control.

(b) Security acquired as part of a reorganization. Due to sanctions imposed, the security is unable to be traded. See Restricted Securities table following the Schedules of Investments.

(c) Non-income producing security.

(d) Security fair valued in good faith as a Level 3 security in accordance with the procedures approved by the Board of Trustees. Good faith fair valued securities are classified based on the applicable valuation inputs. See "Fair Value Measurement" in the Notes to Financial Statements.

---

| | | |
|:---|:---|:---|
| **JNL Moderate Allocation Fund** | **JNL Moderate Allocation Fund** | **JNL Moderate Allocation Fund** |
| **INVESTMENT COMPANIES 100.0%** | **INVESTMENT COMPANIES 100.0%** | **INVESTMENT COMPANIES 100.0%** |
| **Domestic Fixed Income 42.9%** | **Domestic Fixed Income 42.9%** | **Domestic Fixed Income 42.9%** |
| JNL/DoubleLine Core Fixed Income Fund - Class I (4.9%) (a) | 9235 | 136949 |
| JNL/DoubleLine Total Return Fund - Class I (7.5%) (a) | 12304 | 141495 |
| JNL/Fidelity Institutional Asset Management Total Bond Fund - Class I (9.1%) (a) | 10381 | 135991 |
| JNL/Lord Abbett Short Duration Income Fund - Class I (8.6%) (a) | 5918 | 61254 |
| JNL/PIMCO Income Fund - Class I (6.5%) (a) | 8201 | 104402 |
| JNL/PIMCO Investment Grade Credit Bond Fund - Class I (3.3%) (a) | 2166 | 28458 |
| JNL/PIMCO Real Return Fund - Class I (2.1%) (a) | 1889 | 23557 |
| JNL/PPM America Investment Grade Credit Fund - Class I (10.1%) (a) | 2612 | 28394 |

---

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page [607](#abbreviations)

**JNL Series Trust (Unaudited)**

**Schedules of Investments (in thousands)**

June 30, 2025

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value ($)** |
| JNL/PPM America Total Return Fund - Class I (7.8%) (a) | 8334 | 113597 |
| JNL/T. Rowe Price U.S. High Yield Fund - Class I (9.6%) (a) | 3266 | 42882 |
| | | 816979 |
| **Domestic Equity 25.2%** | **Domestic Equity 25.2%** | **Domestic Equity 25.2%** |
| JNL Multi-Manager Mid Cap Fund - Class I (4.6%) (a) | 2732 | 57095 |
| JNL Multi-Manager Small Cap Growth Fund - Class I (1.0%) (a) | 526 | 23988 |
| JNL Multi-Manager Small Cap Value Fund - Class I (1.6%) (a) | 1329 | 28527 |
| JNL Multi-Manager U.S. Select Equity Fund - Class I (9.1%) (a) | 6252 | 110716 |
| JNL/JPMorgan Nasdaq<sup>®</sup> Hedged Equity Fund - Class I (31.4%) (a) | 1834 | 18943 |
| JNL/JPMorgan U.S. Value Fund - Class I (1.8%) (a) | 1438 | 28706 |
| JNL/Morningstar Wide Moat Index Fund - Class I (3.8%) (a) | 2943 | 38442 |
| JNL/Newton Equity Income Fund - Class I (1.4%) (a) | 1294 | 47912 |
| JNL/T. Rowe Price Growth Stock Fund - Class I (0.4%) (a) | 379 | 38844 |
| JNL/T. Rowe Price Value Fund - Class I (1.2%) (a) | 1790 | 57213 |
| JNL/WMC Equity Income Fund - Class I (3.0%) (a) | 1361 | 28655 |
|  |  | 479041 |
| **Alternative 11.3%** | **Alternative 11.3%** | **Alternative 11.3%** |
| Jackson Credit Opportunities Fund - Class I (16.8%) (a) | 9024 | 93942 |
| Jackson Real Assets Fund - Class I (12.5%) (a) | 3730 | 39878 |
| JNL Multi-Manager Alternative Fund - Class I (9.0%) (a) | 5817 | 81376 |
|  |  | 215196 |
| **Domestic Balanced 6.0%** | **Domestic Balanced 6.0%** | **Domestic Balanced 6.0%** |
| JNL/T. Rowe Price Capital Appreciation Fund - Class I (0.8%) (a) | 3786 | 114562 |
| **International Equity 5.8%** | **International Equity 5.8%** | **International Equity 5.8%** |
| JNL Multi-Manager International Small Cap Fund - Class I (2.1%) (a) | 1068 | 14582 |
| JNL/Causeway International Value Select Fund - Class I (2.0%) (a) | 2069 | 47904 |
| JNL/WCM Focused International Equity Fund - Class I (2.2%) (a) | 2609 | 48396 |
|  |  | 110882 |
| **Emerging Markets Equity 3.5%** | **Emerging Markets Equity 3.5%** | **Emerging Markets Equity 3.5%** |
| JNL Multi-Manager Emerging Markets Equity Fund - Class I (3.5%) (a) | 4309 | 43264 |
| JNL/GQG Emerging Markets Equity Fund - Class I (2.7%) (a) | 1495 | 23868 |
|  |  | 67132 |
| **Emerging Markets Fixed Income 3.3%** | **Emerging Markets Fixed Income 3.3%** | **Emerging Markets Fixed Income 3.3%** |
| JNL/DoubleLine Emerging Markets Fixed Income Fund - Class I (19.3%) (a) | 4822 | 61582 |
| **Global Equity 2.0%** | **Global Equity 2.0%** | **Global Equity 2.0%** |
| JNL/Loomis Sayles Global Growth Fund - Class I (4.3%) (a) | 1798 | 38628 |
| Total Investment Companies (cost $1,645,049) | Total Investment Companies (cost $1,645,049) | 1904002 |
| **Total Investments 100.0% (cost $1,645,049)** | **Total Investments 100.0% (cost $1,645,049)** | **1904002** |
| **Other Assets and Liabilities, Net (0.0)%** | **Other Assets and Liabilities, Net (0.0)%** | (520) |
| **Total Net Assets 100.0%** | **Total Net Assets 100.0%** | **1903482** |

---

(a) The Fund's percentage ownership of the underlying affiliated fund at June 30, 2025 is presented parenthetically. The Fund does not invest in the underlying affiliated funds for the purpose of exercising management or control.

---

| | | |
|:---|:---|:---|
| **JNL Moderate Growth Allocation Fund** | **JNL Moderate Growth Allocation Fund** | **JNL Moderate Growth Allocation Fund** |
| **INVESTMENT COMPANIES 100.0%** | **INVESTMENT COMPANIES 100.0%** | **INVESTMENT COMPANIES 100.0%** |
| **Domestic Equity 41.3%** | **Domestic Equity 41.3%** | **Domestic Equity 41.3%** |
| JNL Multi-Manager Mid Cap Fund - Class I (11.9%) (a) | 7133 | 149079 |
| JNL Multi-Manager Small Cap Growth Fund - Class I (2.5%) (a) | 1350 | 61575 |
| JNL Multi-Manager Small Cap Value Fund - Class I (3.4%) (a) | 2846 | 61073 |
| JNL Multi-Manager U.S. Select Equity Fund - Class I (21.1%) (a) | 14515 | 257061 |
| JNL/JPMorgan U.S. Value Fund - Class I (4.9%) (a) | 3988 | 79603 |
|  | **Shares** | **Value ($)** |
| JNL/Morningstar SMID Moat Focus Index Fund - Class I (26.2%) (a) | 3206 | 34910 |
| JNL/Morningstar Wide Moat Index Fund - Class I (10.4%) (a) | 8137 | 106275 |
| JNL/Newton Equity Income Fund - Class I (4.4%) (a) | 4055 | 150187 |
| JNL/T. Rowe Price Capital Appreciation Equity Fund - Class I (20.6%) (a) | 16849 | 177087 |
| JNL/T. Rowe Price Growth Stock Fund - Class I (1.3%) (a) | 1305 | 133675 |
| JNL/T. Rowe Price Value Fund - Class I (3.4%) (a) | 4949 | 158220 |
| JNL/WMC Equity Income Fund - Class I (8.3%) (a) | 3778 | 79566 |
|  |  | 1448311 |
| **Domestic Fixed Income 26.5%** | **Domestic Fixed Income 26.5%** | **Domestic Fixed Income 26.5%** |
| JNL/DoubleLine Core Fixed Income Fund - Class I (6.5%) (a) | 12293 | 182299 |
| JNL/DoubleLine Total Return Fund - Class I (10.2%) (a) | 16751 | 192637 |
| JNL/Fidelity Institutional Asset Management Total Bond Fund - Class I (11.8%) (a) | 13400 | 175534 |
| JNL/Lord Abbett Short Duration Income Fund - Class I (13.3%) (a) | 9115 | 94336 |
| JNL/PIMCO Income Fund - Class I (4.8%) (a) | 6143 | 78206 |
| JNL/PIMCO Investment Grade Credit Bond Fund - Class I (2.0%) (a) | 1307 | 17177 |
| JNL/PIMCO Real Return Fund - Class I (2.2%) (a) | 2058 | 25661 |
| JNL/PPM America Investment Grade Credit Fund - Class I (6.1%) (a) | 1576 | 17128 |
| JNL/PPM America Total Return Fund - Class I (7.7%) (a) | 8212 | 111930 |
| JNL/T. Rowe Price U.S. High Yield Fund - Class I (7.9%) (a) | 2701 | 35470 |
|  |  | 930378 |
| **International Equity 11.9%** | **International Equity 11.9%** | **International Equity 11.9%** |
| JNL Multi-Manager International Small Cap Fund - Class I (8.9%) (a) | 4572 | 62452 |
| JNL/Causeway International Value Select Fund - Class I (7.5%) (a) | 7641 | 176899 |
| JNL/WCM Focused International Equity Fund - Class I (8.0%) (a) | 9600 | 178077 |
|  |  | 417428 |
| **Alternative 10.3%** | **Alternative 10.3%** | **Alternative 10.3%** |
| Jackson Credit Opportunities Fund - Class I (26.2%) (a) | 14064 | 146408 |
| Jackson Real Assets Fund - Class I (23.7%) (a) | 7052 | 75387 |
| JNL Multi-Manager Alternative Fund - Class I (15.5%) (a) | 10086 | 141098 |
|  |  | 362893 |
| **Emerging Markets Equity 4.8%** | **Emerging Markets Equity 4.8%** | **Emerging Markets Equity 4.8%** |
| JNL Multi-Manager Emerging Markets Equity Fund - Class I (8.6%) (a) | 10585 | 106274 |
| JNL/GQG Emerging Markets Equity Fund - Class I (7.0%) (a) | 3860 | 61649 |
|  |  | 167923 |
| **Global Equity 3.0%** | **Global Equity 3.0%** | **Global Equity 3.0%** |
| JNL/Loomis Sayles Global Growth Fund - Class I (12.0%) (a) | 4971 | 106787 |
| **Emerging Markets Fixed Income 2.2%** | **Emerging Markets Fixed Income 2.2%** | **Emerging Markets Fixed Income 2.2%** |
| JNL/DoubleLine Emerging Markets Fixed Income Fund - Class I (24.4%) (a) | 6094 | 77822 |
| Total Investment Companies (cost $2,919,886) | Total Investment Companies (cost $2,919,886) | 3511542 |
| **Total Investments 100.0% (cost $2,919,886)** | **Total Investments 100.0% (cost $2,919,886)** | **3511542** |
| **Other Assets and Liabilities, Net (0.0)%** | **Other Assets and Liabilities, Net (0.0)%** | (823) |
| **Total Net Assets 100.0%** | **Total Net Assets 100.0%** | **3510719** |

---

(a) The Fund's percentage ownership of the underlying affiliated fund at June 30, 2025 is presented parenthetically. The Fund does not invest in the underlying affiliated funds for the purpose of exercising management or control.

---

| | | |
|:---|:---|:---|
| **JNL/JPMorgan Managed Aggressive Growth Fund** | **JNL/JPMorgan Managed Aggressive Growth Fund** | **JNL/JPMorgan Managed Aggressive Growth Fund** |
| **INVESTMENT COMPANIES 100.0%** | **INVESTMENT COMPANIES 100.0%** | **INVESTMENT COMPANIES 100.0%** |
| **Domestic Equity 62.9%** | **Domestic Equity 62.9%** | **Domestic Equity 62.9%** |
| JNL Multi-Manager Mid Cap Fund - Class I (5.9%) (a) | 3544 | 74071 |
| JNL Multi-Manager Small Cap Growth Fund - Class I (2.6%) (a) | 1388 | 63307 |

---

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page [607](#abbreviations)

**JNL Series Trust (Unaudited)**

**Schedules of Investments (in thousands)**

June 30, 2025

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value ($)** |
| JNL Multi-Manager Small Cap Value Fund - Class I (3.4%) (a) | 2891 | 62037 |
| JNL Multi-Manager U.S. Select Equity Fund - Class I (6.4%) (a) | 4427 | 78404 |
| JNL/BlackRock Large Cap Select Growth Fund - Class I (2.7%) (a) | 1269 | 132500 |
| JNL/ClearBridge Large Cap Growth Fund - Class I (10.1%) (a) | 5320 | 161572 |
| JNL/Invesco Diversified Dividend Fund - Class I (12.4%) (a) | 5719 | 102191 |
| JNL/JPMorgan MidCap Growth Fund - Class I (1.1%) (a) | 489 | 38133 |
| JNL/JPMorgan U.S. Value Fund - Class I (4.6%) (a) | 3747 | 74801 |
| JNL/MFS Mid Cap Value Fund - Class I (1.3%) (a) | 1225 | 26265 |
| JNL/Newton Equity Income Fund - Class I (1.9%) (a) | 1748 | 64749 |
| JNL/T. Rowe Price Capital Appreciation Equity Fund - Class I (5.1%) (a) | 4138 | 43490 |
| JNL/T. Rowe Price Growth Stock Fund - Class I (1.5%) (a) | 1501 | 153838 |
| JNL/T. Rowe Price Mid-Cap Growth Fund - Class I (0.2%) (a) | 123 | 10594 |
| JNL/T. Rowe Price Value Fund - Class I (4.5%) (a) | 6636 | 212149 |
| JNL/WMC Value Fund - Class I (5.4%) (a) | 1505 | 58516 |
| | | 1356617 |
| **International Equity 21.6%** | **International Equity 21.6%** | **International Equity 21.6%** |
| JNL/Causeway International Value Select Fund - Class I (7.3%) (a) | 7489 | 173369 |
| JNL/Lazard International Quality Growth Fund - Class I (16.9%) (a) | 4736 | 79795 |
| JNL/WCM Focused International Equity Fund - Class I (5.4%) (a) | 6511 | 120787 |
| JNL/William Blair International Leaders Fund - Class I (8.7%) (a) | 6754 | 92458 |
|  |  | 466409 |
| **Domestic Fixed Income 5.6%** | **Domestic Fixed Income 5.6%** | **Domestic Fixed Income 5.6%** |
| JNL/DoubleLine Total Return Fund - Class I (2.7%) (a) | 4364 | 50182 |
| JNL/PIMCO Investment Grade Credit Bond Fund - Class I (1.2%) (a) | 796 | 10454 |
| JNL/PPM America Investment Grade Credit Fund - Class I (3.7%) (a) | 958 | 10418 |
| JNL/PPM America Total Return Fund - Class I (3.5%) (a) | 3689 | 50285 |
|  |  | 121339 |
| **Emerging Markets Equity 5.5%** | **Emerging Markets Equity 5.5%** | **Emerging Markets Equity 5.5%** |
| JNL Multi-Manager Emerging Markets Equity Fund - Class I (5.3%) (a) | 6501 | 65268 |
| JNL/GQG Emerging Markets Equity Fund - Class I (6.1%) (a) | 3354 | 53570 |
|  |  | 118838 |
| **Alternative 4.4%** | **Alternative 4.4%** | **Alternative 4.4%** |
| Jackson Credit Opportunities Fund - Class I (5.4%) (a) | 2886 | 30042 |
| Jackson Real Assets Fund - Class I (5.9%) (a) | 1758 | 18796 |
| JNL Multi-Manager Alternative Fund - Class I (5.0%) (a) | 3250 | 45461 |
|  |  | 94299 |
| Total Investment Companies (cost $1,610,441) | Total Investment Companies (cost $1,610,441) | 2157502 |
| **Total Investments 100.0% (cost $1,610,441)** | **Total Investments 100.0% (cost $1,610,441)** | **2157502** |
| **Other Assets and Liabilities, Net (0.0)%** | **Other Assets and Liabilities, Net (0.0)%** | (457) |
| **Total Net Assets 100.0%** | **Total Net Assets 100.0%** | **2157045** |

---

(a) The Fund's percentage ownership of the underlying affiliated fund at June 30, 2025 is presented parenthetically. The Fund does not invest in the underlying affiliated funds for the purpose of exercising management or control.

---

| | | |
|:---|:---|:---|
| **JNL/JPMorgan Managed Conservative Fund** | **JNL/JPMorgan Managed Conservative Fund** | **JNL/JPMorgan Managed Conservative Fund** |
| **INVESTMENT COMPANIES 100.0%** | **INVESTMENT COMPANIES 100.0%** | **INVESTMENT COMPANIES 100.0%** |
| **Domestic Fixed Income 69.6%** | **Domestic Fixed Income 69.6%** | **Domestic Fixed Income 69.6%** |
| JNL/DoubleLine Core Fixed Income Fund - Class I (2.3%) (a) | 4368 | 64775 |
| JNL/DoubleLine Total Return Fund - Class I (3.5%) (a) | 5714 | 65713 |
| JNL/Fidelity Institutional Asset Management Total Bond Fund - Class I (3.1%) (a) | 3467 | 45420 |
|  | **Shares** | **Value ($)** |
| JNL/JPMorgan U.S. Government & Quality Bond Fund - Class I (4.4%) (a) | 4044 | 59285 |
| JNL/PIMCO Income Fund - Class I (2.1%) (a) | 2664 | 33909 |
| JNL/PIMCO Investment Grade Credit Bond Fund - Class I (3.8%) (a) | 2496 | 32792 |
| JNL/PIMCO Real Return Fund - Class I (3.0%) (a) | 2716 | 33870 |
| JNL/PPM America High Yield Bond Fund - Class I (1.8%) (a) | 1391 | 28761 |
| JNL/PPM America Investment Grade Credit Fund - Class I (9.6%) (a) | 2492 | 27086 |
| JNL/PPM America Total Return Fund - Class I (4.5%) (a) | 4751 | 64761 |
| JNL/T. Rowe Price U.S. High Yield Fund - Class I (4.5%) (a) | 1549 | 20334 |
|  |  | 476706 |
| **Domestic Equity 14.2%** | **Domestic Equity 14.2%** | **Domestic Equity 14.2%** |
| JNL Multi-Manager Mid Cap Fund - Class I (0.8%) (a) | 484 | 10125 |
| JNL Multi-Manager Small Cap Growth Fund - Class I (0.2%) (a) | 112 | 5102 |
| JNL Multi-Manager Small Cap Value Fund - Class I (0.3%) (a) | 237 | 5082 |
| JNL Multi-Manager U.S. Select Equity Fund - Class I (0.9%) (a) | 600 | 10632 |
| JNL/ClearBridge Large Cap Growth Fund - Class I (0.7%) (a) | 350 | 10626 |
| JNL/Invesco Diversified Dividend Fund - Class I (1.0%) (a) | 478 | 8544 |
| JNL/JPMorgan U.S. Value Fund - Class I (0.3%) (a) | 256 | 5101 |
| JNL/Newton Equity Income Fund - Class I (0.2%) (a) | 203 | 7524 |
| JNL/T. Rowe Price Capital Appreciation Equity Fund - Class I (1.4%) (a) | 1166 | 12250 |
| JNL/T. Rowe Price Growth Stock Fund - Class I (0.1%) (a) | 104 | 10645 |
| JNL/T. Rowe Price Value Fund - Class I (0.3%) (a) | 372 | 11888 |
|  |  | 97519 |
| **Alternative 7.3%** | **Alternative 7.3%** | **Alternative 7.3%** |
| Jackson Credit Opportunities Fund - Class I (2.3%) (a) | 1257 | 13089 |
| Jackson Real Assets Fund - Class I (2.7%) (a) | 798 | 8535 |
| JNL Multi-Manager Alternative Fund - Class I (3.1%) (a) | 2025 | 28333 |
|  |  | 49957 |
| **International Equity 4.5%** | **International Equity 4.5%** | **International Equity 4.5%** |
| JNL/Causeway International Value Select Fund - Class I (0.5%) (a) | 514 | 11890 |
| JNL/Lazard International Quality Growth Fund - Class I (1.1%) (a) | 298 | 5027 |
| JNL/WCM Focused International Equity Fund - Class I (0.4%) (a) | 462 | 8578 |
| JNL/William Blair International Leaders Fund - Class I (0.5%) (a) | 373 | 5103 |
|  |  | 30598 |
| **Global Fixed Income 3.2%** | **Global Fixed Income 3.2%** | **Global Fixed Income 3.2%** |
| JNL/Neuberger Berman Strategic Income Fund - Class I (2.0%) (a) | 1597 | 22009 |
| **Emerging Markets Equity 1.2%** | **Emerging Markets Equity 1.2%** | **Emerging Markets Equity 1.2%** |
| JNL Multi-Manager Emerging Markets Equity Fund - Class I (0.7%) (a) | 812 | 8156 |
| Total Investment Companies (cost $623,789) | Total Investment Companies (cost $623,789) | 684945 |
| **Total Investments 100.0% (cost $623,789)** | **Total Investments 100.0% (cost $623,789)** | **684945** |
| **Other Assets and Liabilities, Net (0.0)%** | **Other Assets and Liabilities, Net (0.0)%** | (211) |
| **Total Net Assets 100.0%** | **Total Net Assets 100.0%** | **684734** |

---

(a) The Fund's percentage ownership of the underlying affiliated fund at June 30, 2025 is presented parenthetically. The Fund does not invest in the underlying affiliated funds for the purpose of exercising management or control.

---

| | | |
|:---|:---|:---|
| **JNL/JPMorgan Managed Growth Fund** | **JNL/JPMorgan Managed Growth Fund** | **JNL/JPMorgan Managed Growth Fund** |
| **INVESTMENT COMPANIES 100.0%** | **INVESTMENT COMPANIES 100.0%** | **INVESTMENT COMPANIES 100.0%** |
| **Domestic Equity 56.1%** | **Domestic Equity 56.1%** | **Domestic Equity 56.1%** |
| JNL Multi-Manager Mid Cap Fund - Class I (10.4%) (a) | 6211 | 129819 |
| JNL Multi-Manager Small Cap Growth Fund - Class I (4.3%) (a) | 2311 | 105435 |
| JNL Multi-Manager Small Cap Value Fund - Class I (5.7%) (a) | 4840 | 103865 |

---

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page [607](#abbreviations)

**JNL Series Trust (Unaudited)**

**Schedules of Investments (in thousands)**

June 30, 2025

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value ($)** |
| JNL Multi-Manager U.S. Select Equity Fund - Class I (8.5%) (a) | 5839 | 103417 |
| JNL/BlackRock Large Cap Select Growth Fund - Class I (4.6%) (a) | 2195 | 229223 |
| JNL/ClearBridge Large Cap Growth Fund - Class I (16.8%) (a) | 8838 | 268416 |
| JNL/Invesco Diversified Dividend Fund - Class I (19.8%) (a) | 9142 | 163360 |
| JNL/JPMorgan MidCap Growth Fund - Class I (1.7%) (a) | 794 | 61928 |
| JNL/JPMorgan U.S. Value Fund - Class I (8.9%) (a) | 7160 | 142911 |
| JNL/MFS Mid Cap Value Fund - Class I (2.1%) (a) | 1886 | 40432 |
| JNL/Newton Equity Income Fund - Class I (2.4%) (a) | 2212 | 81920 |
| JNL/T. Rowe Price Capital Appreciation Equity Fund - Class I (8.4%) (a) | 6853 | 72023 |
| JNL/T. Rowe Price Growth Stock Fund - Class I (2.8%) (a) | 2834 | 290404 |
| JNL/T. Rowe Price Mid-Cap Growth Fund - Class I (0.4%) (a) | 258 | 22220 |
| JNL/T. Rowe Price Value Fund - Class I (7.5%) (a) | 11110 | 355192 |
| JNL/WMC Value Fund - Class I (11.3%) (a) | 3139 | 121995 |
| | | 2292560 |
| **International Equity 19.3%** | **International Equity 19.3%** | **International Equity 19.3%** |
| JNL/Causeway International Value Select Fund - Class I (12.1%) (a) | 12379 | 286567 |
| JNL/Lazard International Quality Growth Fund - Class I (25.7%) (a) | 7199 | 121306 |
| JNL/WCM Focused International Equity Fund - Class I (8.9%) (a) | 10607 | 196768 |
| JNL/William Blair International Leaders Fund - Class I (17.5%) (a) | 13518 | 185065 |
|  |  | 789706 |
| **Domestic Fixed Income 15.5%** | **Domestic Fixed Income 15.5%** | **Domestic Fixed Income 15.5%** |
| JNL/DoubleLine Core Fixed Income Fund - Class I (4.4%) (a) | 8315 | 123319 |
| JNL/DoubleLine Total Return Fund - Class I (9.5%) (a) | 15722 | 180799 |
| JNL/PIMCO Investment Grade Credit Bond Fund - Class I (6.3%) (a) | 4121 | 54156 |
| JNL/PPM America High Yield Bond Fund - Class I (2.5%) (a) | 1942 | 40157 |
| JNL/PPM America Investment Grade Credit Fund - Class I (19.2%) (a) | 4969 | 54008 |
| JNL/PPM America Total Return Fund - Class I (11.0%) (a) | 11711 | 159623 |
| JNL/T. Rowe Price U.S. High Yield Fund - Class I (4.5%) (a) | 1531 | 20099 |
|  |  | 632161 |
| **Emerging Markets Equity 4.7%** | **Emerging Markets Equity 4.7%** | **Emerging Markets Equity 4.7%** |
| JNL Multi-Manager Emerging Markets Equity Fund - Class I (9.1%) (a) | 11248 | 112931 |
| JNL/GQG Emerging Markets Equity Fund - Class I (9.3%) (a) | 5102 | 81472 |
|  |  | 194403 |
| **Alternative 4.4%** | **Alternative 4.4%** | **Alternative 4.4%** |
| Jackson Credit Opportunities Fund - Class I (10.1%) (a) | 5409 | 56312 |
| Jackson Real Assets Fund - Class I (11.5%) (a) | 3416 | 36516 |
| JNL Multi-Manager Alternative Fund - Class I (9.7%) (a) | 6273 | 87762 |
|  |  | 180590 |
| Total Investment Companies (cost $3,071,308) | Total Investment Companies (cost $3,071,308) | 4089420 |
| **Total Investments 100.0% (cost $3,071,308)** | **Total Investments 100.0% (cost $3,071,308)** | **4089420** |
| **Other Assets and Liabilities, Net (0.0)%** | **Other Assets and Liabilities, Net (0.0)%** | (920) |
| **Total Net Assets 100.0%** | **Total Net Assets 100.0%** | **4088500** |

---

(a) The Fund's percentage ownership of the underlying affiliated fund at June 30, 2025 is presented parenthetically. The Fund does not invest in the underlying affiliated funds for the purpose of exercising management or control.

---

| | | |
|:---|:---|:---|
| **JNL/JPMorgan Managed Moderate Fund** | **JNL/JPMorgan Managed Moderate Fund** | **JNL/JPMorgan Managed Moderate Fund** |
| **INVESTMENT COMPANIES 100.0%** | **INVESTMENT COMPANIES 100.0%** | **INVESTMENT COMPANIES 100.0%** |
| **Domestic Fixed Income 51.7%** | **Domestic Fixed Income 51.7%** | **Domestic Fixed Income 51.7%** |
| JNL/DoubleLine Core Fixed Income Fund - Class I (4.1%) (a) | 7744 | 114838 |
|  | **Shares** | **Value ($)** |
| JNL/DoubleLine Total Return Fund - Class I (7.2%) (a) | 11858 | 136366 |
| JNL/Fidelity Institutional Asset Management Total Bond Fund - Class I (4.7%) (a) | 5375 | 70409 |
| JNL/JPMorgan U.S. Government & Quality Bond Fund - Class I (7.6%) (a) | 7059 | 103478 |
| JNL/PIMCO Income Fund - Class I (4.4%) (a) | 5536 | 70475 |
| JNL/PIMCO Investment Grade Credit Bond Fund - Class I (8.6%) (a) | 5619 | 73834 |
| JNL/PIMCO Real Return Fund - Class I (4.4%) (a) | 3987 | 49714 |
| JNL/PPM America High Yield Bond Fund - Class I (3.4%) (a) | 2600 | 53762 |
| JNL/PPM America Investment Grade Credit Fund - Class I (13.3%) (a) | 3433 | 37320 |
| JNL/PPM America Total Return Fund - Class I (8.6%) (a) | 9090 | 123892 |
| JNL/T. Rowe Price U.S. High Yield Fund - Class I (7.4%) (a) | 2518 | 33063 |
|  |  | 867151 |
| **Domestic Equity 27.8%** | **Domestic Equity 27.8%** | **Domestic Equity 27.8%** |
| JNL Multi-Manager Mid Cap Fund - Class I (2.1%) (a) | 1271 | 26556 |
| JNL Multi-Manager Small Cap Growth Fund - Class I (0.9%) (a) | 500 | 22795 |
| JNL Multi-Manager Small Cap Value Fund - Class I (1.3%) (a) | 1057 | 22690 |
| JNL Multi-Manager U.S. Select Equity Fund - Class I (3.4%) (a) | 2357 | 41745 |
| JNL/BlackRock Large Cap Select Growth Fund - Class I (0.6%) (a) | 280 | 29260 |
| JNL/ClearBridge Large Cap Growth Fund - Class I (3.1%) (a) | 1648 | 50060 |
| JNL/Invesco Diversified Dividend Fund - Class I (4.5%) (a) | 2097 | 37481 |
| JNL/JPMorgan MidCap Growth Fund - Class I (0.3%) (a) | 140 | 10881 |
| JNL/JPMorgan U.S. Value Fund - Class I (0.5%) (a) | 418 | 8343 |
| JNL/MFS Mid Cap Value Fund - Class I (0.4%) (a) | 388 | 8324 |
| JNL/Newton Equity Income Fund - Class I (0.6%) (a) | 561 | 20784 |
| JNL/T. Rowe Price Capital Appreciation Equity Fund - Class I (3.4%) (a) | 2773 | 29142 |
| JNL/T. Rowe Price Growth Stock Fund - Class I (0.5%) (a) | 529 | 54229 |
| JNL/T. Rowe Price Mid-Cap Growth Fund - Class I (0.1%) (a) | 47 | 4084 |
| JNL/T. Rowe Price Value Fund - Class I (1.7%) (a) | 2471 | 79003 |
| JNL/WMC Value Fund - Class I (1.9%) (a) | 534 | 20766 |
|  |  | 466143 |
| **International Equity 9.4%** | **International Equity 9.4%** | **International Equity 9.4%** |
| JNL/Causeway International Value Select Fund - Class I (2.5%) (a) | 2517 | 58266 |
| JNL/Lazard International Quality Growth Fund - Class I (7.0%) (a) | 1966 | 33129 |
| JNL/WCM Focused International Equity Fund - Class I (0.9%) (a) | 1124 | 20857 |
| JNL/William Blair International Leaders Fund - Class I (4.3%) (a) | 3337 | 45676 |
|  |  | 157928 |
| **Alternative 6.4%** | **Alternative 6.4%** | **Alternative 6.4%** |
| Jackson Credit Opportunities Fund - Class I (5.7%) (a) | 3067 | 31929 |
| Jackson Real Assets Fund - Class I (6.6%) (a) | 1952 | 20868 |
| JNL Multi-Manager Alternative Fund - Class I (5.9%) (a) | 3852 | 53894 |
|  |  | 106691 |
| **Emerging Markets Equity 2.5%** | **Emerging Markets Equity 2.5%** | **Emerging Markets Equity 2.5%** |
| JNL Multi-Manager Emerging Markets Equity Fund - Class I (2.0%) (a) | 2476 | 24857 |
| JNL/GQG Emerging Markets Equity Fund - Class I (1.9%) (a) | 1043 | 16664 |
|  |  | 41521 |

---

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page [607](#abbreviations)

**JNL Series Trust (Unaudited)**

**Schedules of Investments (in thousands)**

June 30, 2025

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value ($)** |
| **Global Fixed Income 2.2%** | **Global Fixed Income 2.2%** | **Global Fixed Income 2.2%** |
| JNL/Neuberger Berman Strategic Income Fund - Class I (3.5%) (a) | 2709 | 37326 |
| Total Investment Companies (cost $1,419,559) | Total Investment Companies (cost $1,419,559) | 1676760 |
| **Total Investments 100.0% (cost $1,419,559)** | **Total Investments 100.0% (cost $1,419,559)** | **1676760** |
| **Other Assets and Liabilities, Net (0.0)%** | **Other Assets and Liabilities, Net (0.0)%** | (455) |
| **Total Net Assets 100.0%** | **Total Net Assets 100.0%** | **1676305** |

---

(a) The Fund's percentage ownership of the underlying affiliated fund at June 30, 2025 is presented parenthetically. The Fund does not invest in the underlying affiliated funds for the purpose of exercising management or control.

---

| | | |
|:---|:---|:---|
| **JNL/JPMorgan Managed Moderate Growth Fund** | **JNL/JPMorgan Managed Moderate Growth Fund** | **JNL/JPMorgan Managed Moderate Growth Fund** |
| **INVESTMENT COMPANIES 100.0%** | **INVESTMENT COMPANIES 100.0%** | **INVESTMENT COMPANIES 100.0%** |
| **Domestic Equity 41.9%** | **Domestic Equity 41.9%** | **Domestic Equity 41.9%** |
| JNL Multi-Manager Mid Cap Fund - Class I (7.4%) (a) | 4425 | 92489 |
| JNL Multi-Manager Small Cap Growth Fund - Class I (3.0%) (a) | 1620 | 73912 |
| JNL Multi-Manager Small Cap Value Fund - Class I (4.0%) (a) | 3374 | 72401 |
| JNL Multi-Manager U.S. Select Equity Fund - Class I (7.7%) (a) | 5290 | 93690 |
| JNL/BlackRock Large Cap Select Growth Fund - Class I (1.9%) (a) | 904 | 94456 |
| JNL/ClearBridge Large Cap Growth Fund - Class I (12.3%) (a) | 6482 | 196862 |
| JNL/Invesco Diversified Dividend Fund - Class I (13.5%) (a) | 6251 | 111711 |
| JNL/JPMorgan MidCap Growth Fund - Class I (1.0%) (a) | 482 | 37557 |
| JNL/JPMorgan U.S. Value Fund - Class I (6.9%) (a) | 5595 | 111677 |
| JNL/MFS Mid Cap Value Fund - Class I (1.4%) (a) | 1291 | 27684 |
| JNL/Newton Equity Income Fund - Class I (1.4%) (a) | 1256 | 46534 |
| JNL/T. Rowe Price Capital Appreciation Equity Fund - Class I (6.6%) (a) | 5383 | 56577 |
| JNL/T. Rowe Price Growth Stock Fund - Class I (2.2%) (a) | 2204 | 225794 |
| JNL/T. Rowe Price Mid-Cap Growth Fund - Class I (0.4%) (a) | 216 | 18601 |
| JNL/T. Rowe Price Value Fund - Class I (4.9%) (a) | 7245 | 231608 |
| JNL/WMC Value Fund - Class I (6.9%) (a) | 1906 | 74088 |
|  |  | 1565641 |
| **Domestic Fixed Income 33.8%** | **Domestic Fixed Income 33.8%** | **Domestic Fixed Income 33.8%** |
| JNL/DoubleLine Core Fixed Income Fund - Class I (6.3%) (a) | 11905 | 176545 |
| JNL/DoubleLine Total Return Fund - Class I (11.6%) (a) | 19131 | 220007 |
| JNL/Fidelity Institutional Asset Management Total Bond Fund - Class I (6.6%) (a) | 7496 | 98196 |
| JNL/JPMorgan U.S. Government & Quality Bond Fund - Class I (13.4%) (a) | 12437 | 182326 |
| JNL/PIMCO Income Fund - Class I (5.5%) (a) | 6943 | 88383 |
| JNL/PIMCO Investment Grade Credit Bond Fund - Class I (12.4%) (a) | 8127 | 106783 |
| JNL/PPM America High Yield Bond Fund - Class I (3.9%) (a) | 3026 | 62580 |
| JNL/PPM America Investment Grade Credit Fund - Class I (31.3%) (a) | 8099 | 88034 |
| JNL/PPM America Total Return Fund - Class I (12.9%) (a) | 13725 | 187071 |
| JNL/T. Rowe Price U.S. High Yield Fund - Class I (12.0%) (a) | 4097 | 53796 |
|  |  | 1263721 |
| **International Equity 14.5%** | **International Equity 14.5%** | **International Equity 14.5%** |
| JNL/Causeway International Value Select Fund - Class I (7.9%) (a) | 8052 | 186400 |
| JNL/Lazard International Quality Growth Fund - Class I (19.5%) (a) | 5482 | 92380 |
| JNL/WCM Focused International Equity Fund - Class I (6.3%) (a) | 7605 | 141069 |
| JNL/William Blair International Leaders Fund - Class I (11.5%) (a) | 8863 | 121339 |
|  |  | 541188 |
| **Alternative 6.3%** | **Alternative 6.3%** | **Alternative 6.3%** |
| Jackson Credit Opportunities Fund - Class I (12.4%) (a) | 6654 | 69267 |
|  | **Shares** | **Value ($)** |
| Jackson Real Assets Fund - Class I (14.1%) (a) | 4191 | 44803 |
| JNL Multi-Manager Alternative Fund - Class I (13.3%) (a) | 8613 | 120489 |
|  |  | 234559 |
| **Emerging Markets Equity 3.5%** | **Emerging Markets Equity 3.5%** | **Emerging Markets Equity 3.5%** |
| JNL Multi-Manager Emerging Markets Equity Fund - Class I (6.0%) (a) | 7427 | 74568 |
| JNL/GQG Emerging Markets Equity Fund - Class I (6.3%) (a) | 3474 | 55484 |
|  |  | 130052 |
| Total Investment Companies (cost $2,971,662) | Total Investment Companies (cost $2,971,662) | 3735161 |
| **Total Investments 100.0% (cost $2,971,662)** | **Total Investments 100.0% (cost $2,971,662)** | **3735161** |
| **Other Assets and Liabilities, Net (0.0)%** | **Other Assets and Liabilities, Net (0.0)%** | (921) |
| **Total Net Assets 100.0%** | **Total Net Assets 100.0%** | **3734240** |

---

(a) The Fund's percentage ownership of the underlying affiliated fund at June 30, 2025 is presented parenthetically. The Fund does not invest in the underlying affiliated funds for the purpose of exercising management or control.

---

| | | |
|:---|:---|:---|
| **JNL/American Funds Growth Allocation Fund** | **JNL/American Funds Growth Allocation Fund** | **JNL/American Funds Growth Allocation Fund** |
| **INVESTMENT COMPANIES 100.0%** | **INVESTMENT COMPANIES 100.0%** | **INVESTMENT COMPANIES 100.0%** |
| **Domestic Equity 46.8%** | **Domestic Equity 46.8%** | **Domestic Equity 46.8%** |
| American Funds American Mutual Fund - R-6 | 5566 | 330699 |
| American Funds Insurance Series - Growth Fund - Class 1 | 3333 | 430254 |
| American Funds Insurance Series - Washington Mutual Investors Fund - Class 1 | 8511 | 544103 |
| American Funds Investment Company of America Fund - R-6 | 9757 | 614018 |
|  |  | 1919074 |
| **Domestic Fixed Income 16.1%** | **Domestic Fixed Income 16.1%** | **Domestic Fixed Income 16.1%** |
| American Funds Inflation Linked Bond Fund - R-6 | 3753 | 36070 |
| American Funds Insurance Series - American Funds Mortgage Fund - Class 1 (a) | 1757 | 16634 |
| American Funds Insurance Series - American High-Income Trust - Class 1 (a) | 8029 | 75957 |
| American Funds Insurance Series - The Bond Fund of America - Class 1 | 28805 | 275947 |
| American Funds Mortgage Fund - R-6 | 14523 | 128387 |
| American Funds Strategic Bond Fund - R-6 | 13891 | 129323 |
|  |  | 662318 |
| **International Equity 15.7%** | **International Equity 15.7%** | **International Equity 15.7%** |
| American Funds EuroPacific Growth Fund - R-6 | 5341 | 324324 |
| American Funds International Growth and Income Fund - R-6 | 7515 | 321354 |
|  |  | 645678 |
| **Global Equity 13.3%** | **Global Equity 13.3%** | **Global Equity 13.3%** |
| American Funds Insurance Series - Global Growth Fund - Class 1 | 10587 | 379346 |
| American Funds SMALLCAP World Fund - R-6 | 2188 | 164934 |
|  |  | 544280 |
| **Emerging Markets Equity 6.7%** | **Emerging Markets Equity 6.7%** | **Emerging Markets Equity 6.7%** |
| American Funds New World Fund - R-6 | 3070 | 273180 |
| **Emerging Markets Fixed Income 1.4%** | **Emerging Markets Fixed Income 1.4%** | **Emerging Markets Fixed Income 1.4%** |
| American Funds Emerging Markets Bond Fund - R-6 | 7307 | 58162 |
| Total Investment Companies (cost $3,667,716) | Total Investment Companies (cost $3,667,716) | 4102692 |
| **Total Investments 100.0% (cost $3,667,716)** | **Total Investments 100.0% (cost $3,667,716)** | **4102692** |
| **Other Assets and Liabilities, Net (0.0)%** | **Other Assets and Liabilities, Net (0.0)%** | **(1358)** |
| **Total Net Assets 100.0%** | **Total Net Assets 100.0%** | **4101334** |

---

(a) Investment in affiliate.

---

| | | |
|:---|:---|:---|
| **JNL/American Funds Moderate Allocation Fund** | **JNL/American Funds Moderate Allocation Fund** | **JNL/American Funds Moderate Allocation Fund** |
| **INVESTMENT COMPANIES 100.0%** | **INVESTMENT COMPANIES 100.0%** | **INVESTMENT COMPANIES 100.0%** |
| **Domestic Fixed Income 54.5%** | **Domestic Fixed Income 54.5%** | **Domestic Fixed Income 54.5%** |
| American Funds Inflation Linked Bond Fund - R-6 | 79 | 757 |
| American Funds Insurance Series - American High-Income Trust - Class 1 | 160 | 1514 |
| American Funds Insurance Series - The Bond Fund of America - Class 1 | 645 | 6181 |
| American Funds Mortgage Fund - R-6 | 301 | 2659 |
| American Funds Strategic Bond Fund - R-6 | 284 | 2649 |
|  |  | 13760 |

---

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page [607](#abbreviations)

**JNL Series Trust (Unaudited)**

**Schedules of Investments (in thousands)**

June 30, 2025

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value ($)** |
| **Domestic Equity 23.5%** | **Domestic Equity 23.5%** | **Domestic Equity 23.5%** |
| American Funds American Mutual Fund - R-6 | 18 | 1072 |
| American Funds Insurance Series - Growth Fund - Class 1 | 10 | 1261 |
| American Funds Insurance Series - Washington Mutual Investors Fund - Class 1 | 28 | 1766 |
| American Funds Investment Company of America Fund - R-6 | 29 | 1829 |
|  |  | 5928 |
| **International Equity 7.5%** | **International Equity 7.5%** | **International Equity 7.5%** |
| American Funds EuroPacific Growth Fund - R-6 | 16 | 946 |
| American Funds International Growth and Income Fund - R-6 | 22 | 946 |
|  |  | 1892 |
| **Global Equity 6.7%** | **Global Equity 6.7%** | **Global Equity 6.7%** |
| American Funds Insurance Series - Global Growth Fund - Class 1 | 33 | 1198 |
| American Funds SMALLCAP World Fund - R-6 | 7 | 505 |
|  |  | 1703 |
| **Emerging Markets Fixed Income 4.5%** | **Emerging Markets Fixed Income 4.5%** | **Emerging Markets Fixed Income 4.5%** |
| American Funds Emerging Markets Bond Fund - R-6 | 143 | 1141 |
| **Emerging Markets Equity 3.3%** | **Emerging Markets Equity 3.3%** | **Emerging Markets Equity 3.3%** |
| American Funds New World Fund - R-6 | 9 | 820 |
| Total Investment Companies (cost $24,300) | Total Investment Companies (cost $24,300) | 25244 |
| **Total Investments 100.0% (cost $24,300)** | **Total Investments 100.0% (cost $24,300)** | **25244** |
| **Other Assets and Liabilities, Net (0.0)%** | **Other Assets and Liabilities, Net (0.0)%** | (8) |
| **Total Net Assets 100.0%** | **Total Net Assets 100.0%** | **25236** |

---

---

| | | |
|:---|:---|:---|
| **JNL/American Funds Moderate Growth Allocation Fund** | **JNL/American Funds Moderate Growth Allocation Fund** | **JNL/American Funds Moderate Growth Allocation Fund** |
| **INVESTMENT COMPANIES 100.0%** | **INVESTMENT COMPANIES 100.0%** | **INVESTMENT COMPANIES 100.0%** |
| **Domestic Equity 36.1%** | **Domestic Equity 36.1%** | **Domestic Equity 36.1%** |
| American Funds American Mutual Fund - R-6 | 2628 | 156165 |
| American Funds Insurance Series - Growth Fund - Class 1 | 1529 | 197373 |
| American Funds Insurance Series - Washington Mutual Investors Fund - Class 1 | 3961 | 253251 |
| American Funds Investment Company of America Fund - R-6 | 4538 | 285606 |
|  |  | 892395 |
| **Domestic Fixed Income 33.8%** | **Domestic Fixed Income 33.8%** | **Domestic Fixed Income 33.8%** |
| American Funds Inflation Linked Bond Fund - R-6 | 4792 | 46050 |
| American Funds Insurance Series - American High-Income Trust - Class 1 (a) | 10145 | 95973 |
| American Funds Insurance Series - The Bond Fund of America - Class 1 | 38627 | 370042 |
| American Funds Mortgage Fund - R-6 | 18348 | 162200 |
| American Funds Strategic Bond Fund - R-6 | 17430 | 162271 |
|  |  | 836536 |
| **International Equity 11.8%** | **International Equity 11.8%** | **International Equity 11.8%** |
| American Funds EuroPacific Growth Fund - R-6 | 2413 | 146519 |
| American Funds International Growth and Income Fund - R-6 | 3402 | 145484 |
|  |  | 292003 |
| **Global Equity 10.1%** | **Global Equity 10.1%** | **Global Equity 10.1%** |
| American Funds Insurance Series - Global Growth Fund - Class 1 | 4864 | 174266 |
| American Funds SMALLCAP World Fund - R-6 | 1011 | 76170 |
|  |  | 250436 |
| **Emerging Markets Equity 5.2%** | **Emerging Markets Equity 5.2%** | **Emerging Markets Equity 5.2%** |
| American Funds New World Fund - R-6 | 1442 | 128334 |
| **Emerging Markets Fixed Income 3.0%** | **Emerging Markets Fixed Income 3.0%** | **Emerging Markets Fixed Income 3.0%** |
| American Funds Emerging Markets Bond Fund - R-6 | 9186 | 73120 |
| Total Investment Companies (cost $2,348,596) | Total Investment Companies (cost $2,348,596) | 2472824 |
| **Total Investments 100.0% (cost $2,348,596)** | **Total Investments 100.0% (cost $2,348,596)** | **2472824** |
| **Other Assets and Liabilities, Net (0.0)%** | **Other Assets and Liabilities, Net (0.0)%** | (875) |
| **Total Net Assets 100.0%** | **Total Net Assets 100.0%** | **2471949** |

---

(a) Investment in affiliate.

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value ($)** |
| **JNL Growth ETF Allocation Fund** | **JNL Growth ETF Allocation Fund** | **JNL Growth ETF Allocation Fund** |
| **INVESTMENT COMPANIES 100.0%** | **INVESTMENT COMPANIES 100.0%** | **INVESTMENT COMPANIES 100.0%** |
| **Domestic Equity 59.2%** | **Domestic Equity 59.2%** | **Domestic Equity 59.2%** |
| Capital Group Dividend Value ETF | 655 | 25881 |
| iShares Core Dividend Growth ETF (a) | 395 | 25255 |
| iShares Core S&P 500 ETF | 61 | 37552 |
| iShares Core S&P Mid-Cap ETF | 552 | 34258 |
| iShares Core S&P Small Cap ETF | 116 | 12687 |
| iShares Core S&P U.S. Growth ETF | 105 | 15792 |
| iShares Select U.S. REIT ETF (a) | 118 | 7186 |
| JPMorgan Active Growth ETF | 271 | 23314 |
| T. Rowe Price Capital Appreciation Equity ETF (a) | 856 | 30193 |
| VanEck Morningstar Wide Moat ETF (a) | 98 | 9199 |
|  |  | 221317 |
| **International Equity 17.9%** | **International Equity 17.9%** | **International Equity 17.9%** |
| iShares Core MSCI EAFE ETF | 319 | 26629 |
| JPMorgan International Research Enhanced Equity ETF | 570 | 40345 |
|  |  | 66974 |
| **Domestic Fixed Income 14.4%** | **Domestic Fixed Income 14.4%** | **Domestic Fixed Income 14.4%** |
| ALPS Smith Core Plus Bond ETF (a) | 481 | 12432 |
| iShares 0-5 Year High Yield Corporate Bond ETF | 232 | 10005 |
| iShares Core U.S. Aggregate Bond ETF | 197 | 19547 |
| iShares MBS ETF | 124 | 11649 |
|  |  | 53633 |
| **Emerging Markets Equity 7.5%** | **Emerging Markets Equity 7.5%** | **Emerging Markets Equity 7.5%** |
| iShares Core MSCI Emerging Markets ETF | 469 | 28168 |
| **Emerging Markets Fixed Income 1.0%** | **Emerging Markets Fixed Income 1.0%** | **Emerging Markets Fixed Income 1.0%** |
| iShares JP Morgan USD Emerging Markets Bond ETF (a) | 40 | 3712 |
| Total Investment Companies (cost $328,502) | Total Investment Companies (cost $328,502) | 373804 |
| **SHORT TERM INVESTMENTS 2.9%** | **SHORT TERM INVESTMENTS 2.9%** | **SHORT TERM INVESTMENTS 2.9%** |
| **Securities Lending Collateral 2.9%** | **Securities Lending Collateral 2.9%** | **Securities Lending Collateral 2.9%** |
| JNL Government Money Market Fund - Class SL, 4.30% (b) (c) | 10804 | 10804 |
| Total Short Term Investments (cost $10,804) | Total Short Term Investments (cost $10,804) | 10804 |
| **Total Investments 102.9% (cost $339,306)** | **Total Investments 102.9% (cost $339,306)** | **384608** |
| **Other Assets and Liabilities, Net (2.9)%** | **Other Assets and Liabilities, Net (2.9)%** | **(10943)** |
| **Total Net Assets 100.0%** | **Total Net Assets 100.0%** | **373665** |

---

(a) All or a portion of the security was on loan as of June 30, 2025.

(b) Investment in affiliate.

(c) Yield changes daily to reflect current market conditions. Rate was the quoted yield as of June 30, 2025.

---

| | | |
|:---|:---|:---|
| **JNL Moderate ETF Allocation Fund** | **JNL Moderate ETF Allocation Fund** | **JNL Moderate ETF Allocation Fund** |
| **INVESTMENT COMPANIES 100.0%** | **INVESTMENT COMPANIES 100.0%** | **INVESTMENT COMPANIES 100.0%** |
| **Domestic Fixed Income 53.3%** | **Domestic Fixed Income 53.3%** | **Domestic Fixed Income 53.3%** |
| ALPS Smith Core Plus Bond ETF (a) | 701 | 18135 |
| iShares 0-5 Year High Yield Corporate Bond ETF | 259 | 11185 |
| iShares 0-5 Year TIPS Bond ETF | 20 | 2050 |
| iShares 5-10 Year Investment Grade Corporate Bond ETF | 347 | 18489 |
| iShares Core U.S. Aggregate Bond ETF | 348 | 34483 |
| iShares MBS ETF | 281 | 26434 |
|  |  | 110776 |
| **Domestic Equity 32.1%** | **Domestic Equity 32.1%** | **Domestic Equity 32.1%** |
| Capital Group Dividend Value ETF | 165 | 6523 |
| iShares Core Dividend Growth ETF (a) | 126 | 8068 |
| iShares Core S&P 500 ETF | 21 | 12833 |
| iShares Core S&P Mid-Cap ETF | 151 | 9346 |
| iShares Core S&P Small Cap ETF | 37 | 4062 |
| iShares Core S&P U.S. Growth ETF | 30 | 4477 |
| iShares Select U.S. REIT ETF (a) | 41 | 2512 |
| JPMorgan Active Growth ETF | 70 | 6060 |
| T. Rowe Price Capital Appreciation Equity ETF | 288 | 10170 |
| VanEck Morningstar Wide Moat ETF (a) | 27 | 2572 |
|  |  | 66623 |
| **International Equity 8.4%** | **International Equity 8.4%** | **International Equity 8.4%** |
| iShares Core MSCI EAFE ETF | 78 | 6474 |

---

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page [607](#abbreviations)

**JNL Series Trust (Unaudited)**

**Schedules of Investments (in thousands)**

June 30, 2025

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value ($)** |
| JPMorgan International Research Enhanced Equity ETF | 154 | 10897 |
| | | 17371 |
| **Emerging Markets Equity 4.2%** | **Emerging Markets Equity 4.2%** | **Emerging Markets Equity 4.2%** |
| iShares Core MSCI Emerging Markets ETF | 147 | 8816 |
| **Emerging Markets Fixed Income 2.0%** | **Emerging Markets Fixed Income 2.0%** | **Emerging Markets Fixed Income 2.0%** |
| iShares JP Morgan USD Emerging Markets Bond ETF (a) | 45 | 4154 |
| Total Investment Companies (cost $198,795) | Total Investment Companies (cost $198,795) | 207740 |
| **SHORT TERM INVESTMENTS 4.4%** | **SHORT TERM INVESTMENTS 4.4%** | **SHORT TERM INVESTMENTS 4.4%** |
| **Securities Lending Collateral 4.3%** | **Securities Lending Collateral 4.3%** | **Securities Lending Collateral 4.3%** |
| JNL Government Money Market Fund - Class SL, 4.30% (b) (c) | 8812 | 8812 |
| **Investment Companies 0.1%** | **Investment Companies 0.1%** | **Investment Companies 0.1%** |
| JNL Government Money Market Fund - Class I, 4.20% (b) (c) | 263 | 263 |
| Total Short Term Investments (cost $9,075) | Total Short Term Investments (cost $9,075) | 9075 |
| **Total Investments 104.4% (cost $207,870)** | **Total Investments 104.4% (cost $207,870)** | **216815** |
| **Other Assets and Liabilities, Net (4.4)%** | **Other Assets and Liabilities, Net (4.4)%** | **(9126)** |
| **Total Net Assets 100.0%** | **Total Net Assets 100.0%** | **207689** |

---

(a) All or a portion of the security was on loan as of June 30, 2025.

(b) Investment in affiliate.

(c) Yield changes daily to reflect current market conditions. Rate was the quoted yield as of June 30, 2025.

---

| | | |
|:---|:---|:---|
| **JNL Moderate Growth ETF Allocation Fund** | **JNL Moderate Growth ETF Allocation Fund** | **JNL Moderate Growth ETF Allocation Fund** |
| **INVESTMENT COMPANIES 100.1%** | **INVESTMENT COMPANIES 100.1%** | **INVESTMENT COMPANIES 100.1%** |
| **Domestic Equity 46.4%** | **Domestic Equity 46.4%** | **Domestic Equity 46.4%** |
| Capital Group Dividend Value ETF (a) | 377 | 14881 |
| iShares Core Dividend Growth ETF (a) | 307 | 19619 |
| iShares Core S&P 500 ETF | 53 | 32799 |
| iShares Core S&P Mid-Cap ETF | 360 | 22300 |
| iShares Core S&P Small Cap ETF | 75 | 8182 |
| iShares Core S&P U.S. Growth ETF | 72 | 10812 |
| iShares Select U.S. REIT ETF | 80 | 4891 |
| JPMorgan Active Growth ETF | 165 | 14194 |
| T. Rowe Price Capital Appreciation Equity ETF | 660 | 23277 |
| VanEck Morningstar Wide Moat ETF (a) | 62 | 5840 |
|  |  | 156795 |
| **Domestic Fixed Income 33.7%** | **Domestic Fixed Income 33.7%** | **Domestic Fixed Income 33.7%** |
| ALPS Smith Core Plus Bond ETF | 753 | 19473 |
| iShares 0-5 Year High Yield Corporate Bond ETF (a) | 325 | 14018 |
| iShares 0-5 Year TIPS Bond ETF | 24 | 2494 |
| iShares 5-10 Year Investment Grade Corporate Bond ETF | 249 | 13243 |
| iShares Core U.S. Aggregate Bond ETF | 379 | 37637 |
| iShares MBS ETF | 288 | 27022 |
|  |  | 113887 |
| **International Equity 12.9%** | **International Equity 12.9%** | **International Equity 12.9%** |
| iShares Core MSCI EAFE ETF | 218 | 18166 |
| JPMorgan International Research Enhanced Equity ETF (a) | 360 | 25450 |
|  |  | 43616 |
| **Emerging Markets Equity 5.8%** | **Emerging Markets Equity 5.8%** | **Emerging Markets Equity 5.8%** |
| iShares Core MSCI Emerging Markets ETF | 325 | 19524 |
| **Emerging Markets Fixed Income 1.3%** | **Emerging Markets Fixed Income 1.3%** | **Emerging Markets Fixed Income 1.3%** |
| iShares JP Morgan USD Emerging Markets Bond ETF (a) | 45 | 4209 |
| Total Investment Companies (cost $307,118) | Total Investment Companies (cost $307,118) | 338031 |
| **SHORT TERM INVESTMENTS 6.7%** | **SHORT TERM INVESTMENTS 6.7%** | **SHORT TERM INVESTMENTS 6.7%** |
| **Securities Lending Collateral 6.7%** | **Securities Lending Collateral 6.7%** | **Securities Lending Collateral 6.7%** |
| JNL Government Money Market Fund - Class SL, 4.30% (b) (c) | 22566 | 22566 |
| **Investment Companies 0.0%** | **Investment Companies 0.0%** | **Investment Companies 0.0%** |
| JNL Government Money Market Fund - Class I, 4.20% (b) (c) | 190 | 190 |
| Total Short Term Investments (cost $22,756) | Total Short Term Investments (cost $22,756) | 22756 |
| **Total Investments 106.8% (cost $329,874)** | **Total Investments 106.8% (cost $329,874)** | **360787** |
| **Other Assets and Liabilities, Net (6.8)%** | **Other Assets and Liabilities, Net (6.8)%** | **(23036)** |
| **Total Net Assets 100.0%** | **Total Net Assets 100.0%** | **337751** |

---

---

| | |
|:---|:---|
| **Shares** | **Value ($)** |

---

(a) All or a portion of the security was on loan as of June 30, 2025.

(b) Investment in affiliate.

(c) Yield changes daily to reflect current market conditions. Rate was the quoted yield as of June 30, 2025.

---

| | | |
|:---|:---|:---|
| **JNL/Vanguard Growth ETF Allocation Fund** | **JNL/Vanguard Growth ETF Allocation Fund** | **JNL/Vanguard Growth ETF Allocation Fund** |
| **INVESTMENT COMPANIES 99.8%** | **INVESTMENT COMPANIES 99.8%** | **INVESTMENT COMPANIES 99.8%** |
| **Domestic Equity 57.2%** | **Domestic Equity 57.2%** | **Domestic Equity 57.2%** |
| Vanguard Dividend Appreciation ETF (a) | 594 | 121640 |
| Vanguard Growth ETF (a) | 499 | 218827 |
| Vanguard Mid-Cap ETF | 531 | 148644 |
| Vanguard Real Estate ETF | 441 | 39285 |
| Vanguard Small-Cap ETF (a) | 389 | 92136 |
| Vanguard Total Stock Market ETF (a) | 1174 | 356704 |
| Vanguard Value ETF (a) | 1219 | 215510 |
|  |  | 1192746 |
| **International Equity 18.1%** | **International Equity 18.1%** | **International Equity 18.1%** |
| Vanguard FTSE Developed Markets ETF | 4449 | 253611 |
| Vanguard International Dividend Appreciation ETF (a) | 1382 | 124582 |
|  |  | 378193 |
| **Domestic Fixed Income 15.7%** | **Domestic Fixed Income 15.7%** | **Domestic Fixed Income 15.7%** |
| Vanguard Intermediate-Term Corporate Bond ETF (a) | 377 | 31278 |
| Vanguard Intermediate-Term Treasury ETF | 525 | 31368 |
| Vanguard Mortgage-Backed Securities ETF | 2007 | 93004 |
| Vanguard Short-Term Corporate Bond ETF | 454 | 36072 |
| Vanguard Short-Term Inflation-Protected Securities ETF | 310 | 15598 |
| Vanguard Total Bond Market ETF | 1616 | 118942 |
|  |  | 326262 |
| **Emerging Markets Equity 7.1%** | **Emerging Markets Equity 7.1%** | **Emerging Markets Equity 7.1%** |
| Vanguard FTSE Emerging Markets ETF | 2986 | 147685 |
| **Emerging Markets Fixed Income 1.7%** | **Emerging Markets Fixed Income 1.7%** | **Emerging Markets Fixed Income 1.7%** |
| Vanguard Emerging Markets Government Bond ETF | 554 | 36194 |
| Total Investment Companies (cost $1,812,988) | Total Investment Companies (cost $1,812,988) | 2081080 |
| **SHORT TERM INVESTMENTS 0.2%** | **SHORT TERM INVESTMENTS 0.2%** | **SHORT TERM INVESTMENTS 0.2%** |
| **Securities Lending Collateral 0.2%** | **Securities Lending Collateral 0.2%** | **Securities Lending Collateral 0.2%** |
| JNL Government Money Market Fund - Class SL, 4.30% (b) (c) | 3270 | 3270 |
| Total Short Term Investments (cost $3,270) | Total Short Term Investments (cost $3,270) | 3270 |
| **Total Investments 100.0% (cost $1,816,258)** | **Total Investments 100.0% (cost $1,816,258)** | **2084350** |
| **Other Assets and Liabilities, Net 0.0%** | **Other Assets and Liabilities, Net 0.0%** | **96** |
| **Total Net Assets 100.0%** | **Total Net Assets 100.0%** | **2084446** |

---

(a) All or a portion of the security was on loan as of June 30, 2025.

(b) Investment in affiliate.

(c) Yield changes daily to reflect current market conditions. Rate was the quoted yield as of June 30, 2025.

---

| | | |
|:---|:---|:---|
| **JNL/Vanguard Moderate ETF Allocation Fund** | **JNL/Vanguard Moderate ETF Allocation Fund** | **JNL/Vanguard Moderate ETF Allocation Fund** |
| **INVESTMENT COMPANIES 99.8%** | **INVESTMENT COMPANIES 99.8%** | **INVESTMENT COMPANIES 99.8%** |
| **Domestic Fixed Income 52.4%** | **Domestic Fixed Income 52.4%** | **Domestic Fixed Income 52.4%** |
| Vanguard Intermediate-Term Corporate Bond ETF (a) | 256 | 21248 |
| Vanguard Intermediate-Term Treasury ETF | 522 | 31213 |
| Vanguard Mortgage-Backed Securities ETF | 1998 | 92569 |
| Vanguard Short-Term Corporate Bond ETF | 440 | 34990 |
| Vanguard Short-Term Inflation-Protected Securities ETF | 309 | 15549 |
| Vanguard Total Bond Market ETF | 1354 | 99711 |
|  |  | 295280 |
| **Domestic Equity 32.2%** | **Domestic Equity 32.2%** | **Domestic Equity 32.2%** |
| Vanguard Dividend Appreciation ETF | 94 | 19269 |
| Vanguard Growth ETF | 71 | 31144 |
| Vanguard Mid-Cap ETF | 75 | 20877 |
| Vanguard Real Estate ETF | 120 | 10664 |
| Vanguard Small-Cap ETF (a) | 56 | 13156 |
| Vanguard Total Stock Market ETF | 182 | 55352 |
| Vanguard Value ETF | 177 | 31293 |
|  |  | 181755 |

---

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page [607](#abbreviations)

**JNL Series Trust (Unaudited)**

**Schedules of Investments (in thousands)**

June 30, 2025

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value ($)** |
| **International Equity 7.5%** | **International Equity 7.5%** | **International Equity 7.5%** |
| Vanguard FTSE Developed Markets ETF | 537 | 30624 |
| Vanguard International Dividend Appreciation ETF (a) | 131 | 11780 |
|  |  | 42404 |
| **Emerging Markets Fixed Income 4.0%** | **Emerging Markets Fixed Income 4.0%** | **Emerging Markets Fixed Income 4.0%** |
| Vanguard Emerging Markets Government Bond ETF | 344 | 22492 |
| **Emerging Markets Equity 3.7%** | **Emerging Markets Equity 3.7%** | **Emerging Markets Equity 3.7%** |
| Vanguard FTSE Emerging Markets ETF (a) | 420 | 20794 |
| Total Investment Companies (cost $532,951) | Total Investment Companies (cost $532,951) | 562725 |
| **SHORT TERM INVESTMENTS 1.2%** | **SHORT TERM INVESTMENTS 1.2%** | **SHORT TERM INVESTMENTS 1.2%** |
| **Securities Lending Collateral 1.2%** | **Securities Lending Collateral 1.2%** | **Securities Lending Collateral 1.2%** |
| JNL Government Money Market Fund - Class SL, 4.30% (b) (c) | 6624 | 6624 |
| Total Short Term Investments (cost $6,624) | Total Short Term Investments (cost $6,624) | 6624 |
| **Total Investments 101.0% (cost $539,575)** | **Total Investments 101.0% (cost $539,575)** | **569349** |
| **Other Assets and Liabilities, Net (1.0)%** | **Other Assets and Liabilities, Net (1.0)%** | **(5616)** |
| **Total Net Assets 100.0%** | **Total Net Assets 100.0%** | **563733** |

---

(a) All or a portion of the security was on loan as of June 30, 2025.

(b) Investment in affiliate.

(c) Yield changes daily to reflect current market conditions. Rate was the quoted yield as of June 30, 2025.

---

| | | |
|:---|:---|:---|
| **JNL/Vanguard Moderate Growth ETF Allocation Fund** | **JNL/Vanguard Moderate Growth ETF Allocation Fund** | **JNL/Vanguard Moderate Growth ETF Allocation Fund** |
| **INVESTMENT COMPANIES 99.8%** | **INVESTMENT COMPANIES 99.8%** | **INVESTMENT COMPANIES 99.8%** |
| **Domestic Equity 45.6%** | **Domestic Equity 45.6%** | **Domestic Equity 45.6%** |
| Vanguard Dividend Appreciation ETF | 228 | 46576 |
| Vanguard Growth ETF | 180 | 78968 |
| Vanguard Mid-Cap ETF | 185 | 51789 |
| Vanguard Real Estate ETF | 203 | 18058 |
| Vanguard Small-Cap ETF | 131 | 31168 |
| Vanguard Total Stock Market ETF | 431 | 131058 |
| Vanguard Value ETF (a) | 443 | 78265 |
|  |  | 435882 |
| **Domestic Fixed Income 32.8%** | **Domestic Fixed Income 32.8%** | **Domestic Fixed Income 32.8%** |
| Vanguard Intermediate-Term Corporate Bond ETF (a) | 318 | 26329 |
| Vanguard Intermediate-Term Treasury ETF | 561 | 33560 |
| Vanguard Mortgage-Backed Securities ETF | 2150 | 99622 |
| Vanguard Short-Term Corporate Bond ETF | 417 | 33126 |
| Vanguard Short-Term Inflation-Protected Securities ETF | 333 | 16753 |
| Vanguard Total Bond Market ETF | 1419 | 104502 |
|  |  | 313892 |
| **International Equity 13.1%** | **International Equity 13.1%** | **International Equity 13.1%** |
| Vanguard FTSE Developed Markets ETF | 1680 | 95768 |
| Vanguard International Dividend Appreciation ETF | 331 | 29857 |
|  |  | 125625 |
| **Emerging Markets Equity 5.3%** | **Emerging Markets Equity 5.3%** | **Emerging Markets Equity 5.3%** |
| Vanguard FTSE Emerging Markets ETF | 1015 | 50226 |
| **Emerging Markets Fixed Income 3.0%** | **Emerging Markets Fixed Income 3.0%** | **Emerging Markets Fixed Income 3.0%** |
| Vanguard Emerging Markets Government Bond ETF | 437 | 28541 |
| Total Investment Companies (cost $860,980) | Total Investment Companies (cost $860,980) | 954166 |
| **SHORT TERM INVESTMENTS 0.8%** | **SHORT TERM INVESTMENTS 0.8%** | **SHORT TERM INVESTMENTS 0.8%** |
| **Securities Lending Collateral 0.7%** | **Securities Lending Collateral 0.7%** | **Securities Lending Collateral 0.7%** |
| JNL Government Money Market Fund - Class SL, 4.30% (b) (c) | 6796 | 6796 |
| **Investment Companies 0.1%** | **Investment Companies 0.1%** | **Investment Companies 0.1%** |
| JNL Government Money Market Fund - Class I, 4.20% (b) (c) | 694 | 694 |
| Total Short Term Investments (cost $7,490) | Total Short Term Investments (cost $7,490) | 7490 |
| **Total Investments 100.6% (cost $868,470)** | **Total Investments 100.6% (cost $868,470)** | **961656** |
| **Other Assets and Liabilities, Net (0.6)%** | **Other Assets and Liabilities, Net (0.6)%** | **(6155)** |
| **Total Net Assets 100.0%** | **Total Net Assets 100.0%** | **955501** |

---

(a) All or a portion of the security was on loan as of June 30, 2025.

(b) Investment in affiliate.

(c) Yield changes daily to reflect current market conditions. Rate was the quoted yield as of June 30, 2025.

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page [607](#abbreviations)

**JNL Series Trust** (Unaudited)

**Schedules of Investments (in thousands)**

June 30, 2025

**Long Term Investments in Affiliates** 

The Funds of Funds, except for JNL/American Funds Funds of Funds, JNL ETF Allocation Funds and JNL/Vanguard ETF Allocation Funds, invested solely in shares of other affiliated Funds advised by Jackson National Asset Management, LLC. The JNL/American Funds Funds of Funds may invest in underlying funds that are considered affiliated companies. As defined by the Investment Company Act of 1940, as amended ("1940 Act"), an affiliated company is one in which the Fund owns 5% or more of the outstanding voting securities. Based on each Fund's relative ownership for all or some portion of the period ended June 30, 2025, certain Funds of Funds may be deemed an affiliated person thereof under the 1940 Act. JNL/American Funds Feeder Funds and JNL Mellon Feeder Funds invest primarily all of their investable assets in the respective Master Fund. Due to their ownership of more than 5% of the shares of the Master Fund, certain Feeder Funds may be deemed an affiliated person thereof under the 1940 Act. The following table details each Fund's long term investments in affiliates held during the period ended June 30, 2025.

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Affiliate** | **Value Beginning of Period($)** | **Purchases($)** | **Sales Proceeds($)** | **Distributions from Funds($)** | **Realized Gain/Loss from Sales($)** | **Change in Unrealized Appreciation (Depreciation)($)** | **Value End of Period($)** | **Percentage of Net Assets(%)** |
| **JNL/American Funds Balanced Fund** | | | | | | | | |
| American Funds Insurance Series - Asset Allocation Fund - Class 1 | 3270770 | 287445 | 114147 | 250379 | 14404 | (2932) | 3455540 | 100.0 |
|  | **3270770** | **287445** | **114147** | **250379** | **14404** | **(2932)** | **3455540** | 100.0 |
| **JNL/American Funds Capital Income Builder Fund** |  |  |  |  |  |  |  |  |
| American Funds Insurance Series - Capital Income Builder Fund - Class 1 | 434944 | 44272 | 12164 | 5798 | 2631 | 46766 | 516449 | 100.0 |
|  | **434944** | **44272** | **12164** | **5798** | **2631** | **46766** | **516449** | 100.0 |
| **JNL/American Funds Capital World Bond Fund** |  |  |  |  |  |  |  |  |
| American Funds Insurance Series - Capital World Bond Fund - Class 1 | 301999 | 16016 | 22152 | 863 | (3829) | 28854 | 320888 | 100.0 |
|  | **301999** | **16016** | **22152** | **863** | **(3829)** | **28854** | **320888** | 100.0 |
| **JNL/American Funds Global Growth Fund** |  |  |  |  |  |  |  |  |
| American Funds Insurance Series - Global Growth Fund - Class 1 | 1029704 | 139962 | 81528 | 131148 | 19632 | (40172) | 1067598 | 100.0 |
|  | **1029704** | **139962** | **81528** | **131148** | **19632** | **(40172)** | **1067598** | 100.0 |
| **JNL/American Funds Global Small Capitalization Fund** |  |  |  |  |  |  |  |  |
| American Funds Insurance Series - Global Small Capitalization Fund - Class 1 | 614732 | 16110 | 53681 | 12432 | (9557) | 42139 | 609743 | 100.0 |
|  | **614732** | **16110** | **53681** | **12432** | **(9557)** | **42139** | **609743** | 100.0 |
| **JNL/American Funds Growth Fund** |  |  |  |  |  |  |  |  |
| American Funds Insurance Series - Growth Fund - Class 1 | 6868698 | 949439 | 233758 | 595310 | 91324 | 17412 | 7693115 | 100.0 |
|  | **6868698** | **949439** | **233758** | **595310** | **91324** | **17412** | **7693115** | 100.0 |
| **JNL/American Funds Growth-Income Fund** |  |  |  |  |  |  |  |  |
| American Funds Insurance Series - Growth-Income Fund - Class 1 | 11702453 | 2019019 | 549906 | 1990584 | 168850 | (1251336) | 12089080 | 100.0 |
|  | **11702453** | **2019019** | **549906** | **1990584** | **168850** | **(1251336)** | **12089080** | 100.0 |
| **JNL/American Funds International Fund** |  |  |  |  |  |  |  |  |
| American Funds Insurance Series - International Fund - Class 1 | 1306267 | 10273 | 91942 | 877 | 6435 | 145391 | 1376424 | 100.0 |
|  | **1306267** | **10273** | **91942** | **877** | **6435** | **145391** | **1376424** | 100.0 |
| **JNL/American Funds New World Fund** |  |  |  |  |  |  |  |  |
| American Funds Insurance Series - New World Fund - Class 1 | 1321843 | 66150 | 107939 | 58053 | 30864 | 106285 | 1417203 | 100.0 |
|  | **1321843** | **66150** | **107939** | **58053** | **30864** | **106285** | **1417203** | 100.0 |
| **JNL/American Funds Washington Mutual Investors Fund** |  |  |  |  |  |  |  |  |
| American Funds Insurance Series - Washington Mutual Investors Fund - Class 1 | 4000794 | 310061 | 201505 | 288417 | 54327 | 11127 | 4174804 | 100.0 |
|  | **4000794** | **310061** | **201505** | **288417** | **54327** | **11127** | **4174804** | 100.0 |
| **JNL/Mellon Bond Index Fund** |  |  |  |  |  |  |  |  |
| JNL Bond Index Fund - Class I | 1018592 | 11272 | 66665 |  | (3458) | 42612 | 1002353 | 100.0 |
|  | **1018592** | **11272** | **66665** | **—** | **(3458)** | **42612** | **1002353** | 100.0 |
| **JNL/Mellon Emerging Markets Index Fund** |  |  |  |  |  |  |  |  |
| JNL Emerging Markets Index Fund - Class I | 778459 | 14840 | 72738 |  | (6640) | 114687 | 828608 | 100.0 |
|  | **778459** | **14840** | **72738** | **—** | **(6640)** | **114687** | **828608** | 100.0 |
| **JNL/Mellon International Index Fund** |  |  |  |  |  |  |  |  |
| JNL International Index Fund - Class I | 2069729 | 679809 | 211882 |  | 14242 | 440025 | 2991923 | 100.0 |
|  | **2069729** | **679809** | **211882** | **—** | **14242** | **440025** | **2991923** | 100.0 |
| **JNL/Mellon S&P 400 MidCap Index Fund** |  |  |  |  |  |  |  |  |
| JNL Mid Cap Index Fund - Class I | 3434158 | 18765 | 177917 |  | 26529 | (25303) | 3276232 | 100.0 |
|  | **3434158** | **18765** | **177917** | **—** | **26529** | **(25303)** | **3276232** | 100.0 |

---

See accompanying Notes to Financial Statements.

**JNL Series Trust** (Unaudited)

**Schedules of Investments (in thousands)**

June 30, 2025

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Affiliate** | **Value Beginning of Period($)** | **Purchases($)** | **Sales Proceeds($)** | **Distributions from Funds($)** | **Realized Gain/Loss from Sales($)** | **Change in Unrealized Appreciation (Depreciation)($)** | **Value End of Period($)** | **Percentage of Net Assets(%)** |
| **JNL/Mellon Small Cap Index Fund** | | | | | | | | |
| JNL Small Cap Index Fund - Class I | 2524728 | 9172 | 140627 |  | 7227 | (119026) | 2281474 | 100.0 |
|  | **2524728** | **9172** | **140627** | **—** | **7227** | **(119026)** | **2281474** | 100.0 |
| **JNL Aggressive Growth Allocation Fund** |  |  |  |  |  |  |  |  |
| Jackson Real Assets Fund - Class I | 14749 |  |  | 110 |  | 484 | 15233 | 1.0 |
| JNL Multi-Manager Alternative Fund - Class I |  | 28530 |  |  |  | 808 | 29338 | 2.0 |
| JNL Multi-Manager Emerging Markets Equity Fund - Class I | 58278 | 9639 | 5906 |  | 1088 | 7661 | 70760 | 4.8 |
| JNL Multi-Manager International Small Cap Fund - Class I | 66239 | 1415 | 9950 |  | 1605 | 12154 | 71463 | 4.8 |
| JNL Multi-Manager Mid Cap Fund - Class I | 79367 | 9212 | 1920 |  | 767 | 107 | 87533 | 5.9 |
| JNL Multi-Manager Small Cap Growth Fund - Class I | 46809 | 6612 | 1772 |  | 710 | (370) | 51989 | 3.5 |
| JNL Multi-Manager Small Cap Value Fund - Class I | 46729 | 5896 | 586 |  | 241 | (1343) | 50937 | 3.4 |
| JNL Multi-Manager U.S. Select Equity Fund - Class I | 133744 | 14253 | 10028 |  | 4142 | 7108 | 149219 | 10.1 |
| JNL/Causeway International Value Select Fund - Class I | 100477 | 82 | 14710 |  | 3139 | 18670 | 107658 | 7.3 |
| JNL/DoubleLine Core Fixed Income Fund - Class I | 39556 | 5635 | 10293 |  | 706 | 948 | 36552 | 2.5 |
| JNL/DoubleLine Shiller Enhanced CAPE Fund - Class I | 32510 | 8 | 34311 |  | 15991 | (14198) |  |  |
| JNL/GQG Emerging Markets Equity Fund - Class I | 49187 | 937 | 5155 |  | 1861 | 538 | 47368 | 3.2 |
| JNL/Harris Oakmark Global Equity Fund - Class I | 28865 | 25 | 31145 |  | 3488 | (1233) |  |  |
| JNL/JPMorgan MidCap Growth Fund - Class I |  | 19644 | 927 |  | (53) | 32 | 18696 | 1.3 |
| JNL/JPMorgan U.S. Value Fund - Class I | 57094 | 314 | 19324 |  | 4804 | (2049) | 40839 | 2.8 |
| JNL/Loomis Sayles Global Growth Fund - Class I | 77952 | 3551 | 9655 |  | 4471 | 5762 | 82081 | 5.5 |
| JNL/Morningstar SMID Moat Focus Index Fund - Class I | 38961 | 2556 | 2199 |  | 150 | 406 | 39874 | 2.7 |
| JNL/Morningstar Wide Moat Index Fund - Class I | 117114 | 2550 | 46238 |  | 1520 | (781) | 74165 | 5.0 |
| JNL/Newton Equity Income Fund - Class I | 60961 | 26633 | 4140 |  | 518 | 4788 | 88760 | 6.0 |
| JNL/T. Rowe Price Capital Appreciation Equity Fund - Class I | 43714 | 46119 | 4157 |  | (41) | 3754 | 89389 | 6.0 |
| JNL/T. Rowe Price Growth Stock Fund - Class I | 88132 | 4174 | 14977 |  | 8736 | (3321) | 82744 | 5.6 |
| JNL/T. Rowe Price Value Fund - Class I | 96640 | 201 | 9775 |  | 4428 | 1568 | 93062 | 6.3 |
| JNL/WCM Focused International Equity Fund - Class I | 101644 | 38 | 14304 |  | 2524 | 22751 | 112653 | 7.6 |
| JNL/WMC Equity Income Fund - Class I | 58023 | 133 | 21069 |  | 5197 | (1566) | 40718 | 2.7 |
|  | **1436745** | **188157** | **272541** | **110** | **65992** | **62678** | **1481031** | 100.0 |
| **JNL Conservative Allocation Fund** |  |  |  |  |  |  |  |  |
| Jackson Credit Opportunities Fund - Class I | 25660 | 2230 |  | 894 |  | 218 | 28108 | 5.0 |
| Jackson Real Assets Fund - Class I | 8772 | 2240 |  | 82 |  | 320 | 11332 | 2.0 |
| JNL Multi-Manager Alternative Fund - Class I | 24701 | 750 | 3014 |  | 305 | 1117 | 23859 | 4.2 |
| JNL Multi-Manager Emerging Markets Equity Fund - Class I | 8287 | 3614 | 1914 |  | (10) | 1392 | 11369 | 2.0 |
| JNL Multi-Manager Mid Cap Fund - Class I | 5976 | 6432 | 1064 |  | 82 | (54) | 11372 | 2.0 |
| JNL Multi-Manager Small Cap Value Fund - Class I | 5403 | 908 | 524 |  | 90 | (182) | 5695 | 1.0 |
| JNL Multi-Manager U.S. Select Equity Fund - Class I | 19102 | 2967 | 3669 |  | 995 | 743 | 20138 | 3.6 |
| JNL/Causeway International Value Select Fund - Class I | 7181 | 3240 | 2225 |  | 372 | 1413 | 9981 | 1.8 |
| JNL/DoubleLine Core Fixed Income Fund - Class I | 58748 | 2188 | 3958 |  | 124 | 2346 | 59448 | 10.5 |
| JNL/DoubleLine Emerging Markets Fixed Income Fund - Class I | 19576 | 3633 | 1477 |  | 102 | 819 | 22653 | 4.0 |
| JNL/DoubleLine Total Return Fund - Class I | 64337 | 2480 | 4640 |  | (102) | 3030 | 65105 | 11.5 |
| JNL/Fidelity Institutional Asset Management Total Bond Fund - Class I | 61459 | 1758 | 6247 |  | 358 | 2119 | 59447 | 10.5 |
| JNL/JPMorgan Nasdaq<sup>®</sup> Hedged Equity Fund - Class I | 5516 | 587 | 474 |  | 9 | 15 | 5653 | 1.0 |
| JNL/JPMorgan U.S. Value Fund - Class I | 7103 | 113 | 7590 |  | 1779 | (1405) |  |  |
| JNL/Lord Abbett Short Duration Income Fund - Class I | 19651 | 913 | 1403 |  | (19) | 647 | 19789 | 3.5 |
| JNL/Morningstar Wide Moat Index Fund - Class I | 14265 | 794 | 14984 |  | 964 | (1039) |  |  |
| JNL/Newton Equity Income Fund - Class I |  | 9148 | 784 |  | (16) | 170 | 8518 | 1.5 |
| JNL/PIMCO Income Fund - Class I | 44762 | 1273 | 3384 |  | 662 | 2007 | 45320 | 8.0 |
| JNL/PIMCO Investment Grade Credit Bond Fund - Class I | 11168 | 368 | 743 |  | (30) | 571 | 11334 | 2.0 |
| JNL/PIMCO Real Return Fund - Class I | 8403 | 3130 | 726 |  | 69 | 453 | 11329 | 2.0 |
| JNL/PPM America Investment Grade Credit Fund - Class I | 11166 | 434 | 723 |  | 41 | 411 | 11329 | 2.0 |
| JNL/PPM America Total Return Fund - Class I | 53062 | 1910 | 3337 |  | 29 | 2121 | 53785 | 9.5 |
| JNL/T. Rowe Price Capital Appreciation Fund - Class I | 33785 | 1458 | 3253 |  | 1163 | 872 | 34025 | 6.0 |
| JNL/T. Rowe Price U.S. High Yield Fund - Class I | 15414 | 1989 | 2439 |  | 289 | 335 | 15588 | 2.8 |
| JNL/T. Rowe Price Value Fund - Class I | 9607 | 788 | 947 |  | 79 | 554 | 10081 | 1.8 |
| JNL/WCM Focused International Equity Fund - Class I | 7002 | 3319 | 2231 |  | (52) | 2061 | 10099 | 1.8 |
| JNL/WMC Equity Income Fund - Class I | 7189 | 101 | 7670 |  | 1797 | (1417) |  |  |
|  | **557295** | **58765** | **79420** | **976** | **9080** | **19637** | **565357** | 100.0 |
| **JNL Growth Allocation Fund** |  |  |  |  |  |  |  |  |
| Jackson Credit Opportunities Fund - Class I | 76147 | 13500 |  | 2787 |  | 708 | 90355 | 3.1 |
| Jackson Real Assets Fund - Class I | 45540 |  |  | 339 |  | 1496 | 47036 | 1.6 |
| JNL Multi-Manager Alternative Fund - Class I | 45398 | 38150 | 1140 |  | 179 | 3527 | 86114 | 3.0 |

---

See accompanying Notes to Financial Statements.

**JNL Series Trust** (Unaudited)

**Schedules of Investments (in thousands)**

June 30, 2025

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Affiliate** | **Value Beginning of Period($)** | **Purchases($)** | **Sales Proceeds($)** | **Distributions from Funds($)** | **Realized Gain/Loss from Sales($)** | **Change in Unrealized Appreciation (Depreciation)($)** | **Value End of Period($)** | **Percentage of Net Assets(%)** |
| JNL Multi-Manager Emerging Markets Equity Fund - Class I | 79090 | 37358 | 13980 |  | 2539 | 10661 | 115668 | 4.0 |
| JNL Multi-Manager International Small Cap Fund - Class I | 102754 | 139 | 27119 |  | 4895 | 14188 | 94857 | 3.3 |
| JNL Multi-Manager Mid Cap Fund - Class I | 147902 |  | 6152 |  | 2321 | (620) | 143451 | 5.0 |
| JNL Multi-Manager Small Cap Growth Fund - Class I | 64906 | 8647 | 1493 |  | 619 | (664) | 72015 | 2.5 |
| JNL Multi-Manager Small Cap Value Fund - Class I | 71763 | 2180 | 908 |  | 383 | (2064) | 71354 | 2.5 |
| JNL Multi-Manager U.S. Select Equity Fund - Class I | 250392 |  | 15989 |  | 6702 | 13666 | 254771 | 8.8 |
| JNL/Causeway International Value Select Fund - Class I | 200812 | 2112 | 36116 |  | 8953 | 33822 | 209583 | 7.3 |
| JNL/DoubleLine Core Fixed Income Fund - Class I | 110690 | 1410 | 22009 |  | 1820 | 2369 | 94280 | 3.3 |
| JNL/DoubleLine Emerging Markets Fixed Income Fund - Class I | 36798 | 598 | 11180 |  | 943 | 425 | 27584 | 1.0 |
| JNL/DoubleLine Shiller Enhanced CAPE Fund - Class I | 43482 | 20 | 45913 |  | 9784 | (7373) |  |  |
| JNL/DoubleLine Total Return Fund - Class I | 103393 | 2007 | 15612 |  | (347) | 4853 | 94294 | 3.3 |
| JNL/Fidelity Institutional Asset Management Total Bond Fund - Class I | 78027 | 944 | 14744 |  | 952 | 1970 | 67149 | 2.3 |
| JNL/GQG Emerging Markets Equity Fund - Class I | 71179 | 3067 | 6497 |  | 2241 | 1277 | 71267 | 2.5 |
| JNL/Harris Oakmark Global Equity Fund - Class I | 36437 |  | 39273 |  | 3218 | (382) |  |  |
| JNL/JPMorgan MidCap Growth Fund - Class I |  | 22325 | 367 |  | (13) | (278) | 21667 | 0.8 |
| JNL/JPMorgan U.S. Value Fund - Class I | 104676 | 265 | 37670 |  | 9452 | (4560) | 72163 | 2.5 |
| JNL/Loomis Sayles Global Growth Fund - Class I | 116305 |  | 14710 |  | 4168 | 10369 | 116132 | 4.0 |
| JNL/Lord Abbett Short Duration Income Fund - Class I | 29578 | 574 | 3871 |  | (4) | 906 | 27183 | 0.9 |
| JNL/Morningstar SMID Moat Focus Index Fund - Class I | 50586 | 322 | 3685 |  | 242 | 194 | 47659 | 1.7 |
| JNL/Morningstar Wide Moat Index Fund - Class I | 161500 | 27 | 39837 |  | (3653) | 4776 | 122813 | 4.3 |
| JNL/Newton Equity Income Fund - Class I | 115524 | 37836 | 11193 |  | 1426 | 8114 | 151707 | 5.3 |
| JNL/PIMCO Investment Grade Credit Bond Fund - Class I | 22049 | 214 | 2693 |  | (36) | 1047 | 20581 | 0.7 |
| JNL/T. Rowe Price Capital Appreciation Equity Fund - Class I | 87949 | 67574 | 9863 |  | (110) | 6571 | 152121 | 5.3 |
| JNL/T. Rowe Price Growth Stock Fund - Class I | 146445 |  | 15718 |  | 6026 | 1911 | 138664 | 4.8 |
| JNL/T. Rowe Price U.S. High Yield Fund - Class I | 22212 | 7714 | 9388 |  | 1188 | (351) | 21375 | 0.7 |
| JNL/T. Rowe Price Value Fund - Class I | 172792 | 427 | 20368 |  | 9367 | 1200 | 163418 | 5.7 |
| JNL/WCM Focused International Equity Fund - Class I | 204775 | 291 | 42618 |  | 4192 | 44787 | 211427 | 7.3 |
| JNL/WMC Equity Income Fund - Class I | 106721 | 512 | 41721 |  | 9975 | (3473) | 72014 | 2.5 |
|  | **2905822** | **248213** | **511827** | **3126** | **87422** | **149072** | **2878702** | 100.0 |
| **JNL Moderate Allocation Fund** |  |  |  |  |  |  |  |  |
| Jackson Credit Opportunities Fund - Class I | 86388 | 6825 |  | 2998 |  | 729 | 93942 | 4.9 |
| Jackson Real Assets Fund - Class I | 36086 | 2570 |  | 288 |  | 1222 | 39878 | 2.1 |
| JNL Multi-Manager Alternative Fund - Class I | 79194 | 150 | 2727 |  | 693 | 4066 | 81376 | 4.3 |
| JNL Multi-Manager Emerging Markets Equity Fund - Class I | 38407 | 4712 | 5492 |  | 1092 | 4545 | 43264 | 2.3 |
| JNL Multi-Manager International Small Cap Fund - Class I | 14667 | 124 | 3128 |  | 864 | 2055 | 14582 | 0.8 |
| JNL Multi-Manager Mid Cap Fund - Class I | 48444 | 10292 | 2169 |  | 993 | (465) | 57095 | 3.0 |
| JNL Multi-Manager Small Cap Growth Fund - Class I | 23521 | 918 | 639 |  | (12) | 200 | 23988 | 1.3 |
| JNL Multi-Manager Small Cap Value Fund - Class I | 32954 | 453 | 4371 |  | 1472 | (1981) | 28527 | 1.5 |
| JNL Multi-Manager U.S. Select Equity Fund - Class I | 119748 | 2035 | 21589 |  | 9469 | 1053 | 110716 | 5.8 |
| JNL/Causeway International Value Select Fund - Class I | 47397 | 543 | 10128 |  | 4278 | 5814 | 47904 | 2.5 |
| JNL/DoubleLine Core Fixed Income Fund - Class I | 137862 | 5989 | 12689 |  | 410 | 5377 | 136949 | 7.2 |
| JNL/DoubleLine Emerging Markets Fixed Income Fund - Class I | 58932 | 5076 | 5058 |  | 780 | 1852 | 61582 | 3.2 |
| JNL/DoubleLine Total Return Fund - Class I | 137888 | 11029 | 13873 |  | 39 | 6412 | 141495 | 7.4 |
| JNL/Fidelity Institutional Asset Management Total Bond Fund - Class I | 157356 | 62 | 27371 |  | 1558 | 4386 | 135991 | 7.2 |
| JNL/GQG Emerging Markets Equity Fund - Class I | 23902 | 511 | 1785 |  | 394 | 846 | 23868 | 1.3 |
| JNL/JPMorgan Nasdaq<sup>®</sup> Hedged Equity Fund - Class I | 19465 | 171 | 746 |  | 23 | 30 | 18943 | 1.0 |
| JNL/JPMorgan U.S. Value Fund - Class I | 47330 | 200 | 21266 |  | 5525 | (3083) | 28706 | 1.5 |
| JNL/Loomis Sayles Global Growth Fund - Class I | 28752 | 10086 | 4315 |  | 1270 | 2835 | 38628 | 2.0 |
| JNL/Lord Abbett Short Duration Income Fund - Class I | 64073 | 672 | 5488 |  | (208) | 2205 | 61254 | 3.2 |
| JNL/Morningstar Wide Moat Index Fund - Class I | 78055 | 628 | 40574 |  | 1149 | (816) | 38442 | 2.0 |
| JNL/Newton Equity Income Fund - Class I |  | 49274 | 2186 |  | (36) | 860 | 47912 | 2.5 |
| JNL/PIMCO Income Fund - Class I | 98102 | 9948 | 9748 |  | 1450 | 4650 | 104402 | 5.5 |
| JNL/PIMCO Investment Grade Credit Bond Fund - Class I | 29518 | 90 | 2540 |  | 54 | 1336 | 28458 | 1.5 |
| JNL/PIMCO Real Return Fund - Class I | 29556 | 135 | 7453 |  | 648 | 671 | 23557 | 1.2 |
| JNL/PPM America Investment Grade Credit Fund - Class I | 29511 | 142 | 2415 |  | 136 | 1020 | 28394 | 1.5 |
| JNL/PPM America Total Return Fund - Class I | 117892 | 761 | 9694 |  | 118 | 4520 | 113597 | 6.0 |
| JNL/T. Rowe Price Capital Appreciation Fund - Class I | 116985 | 1160 | 10406 |  | 4559 | 2264 | 114562 | 6.0 |
| JNL/T. Rowe Price Growth Stock Fund - Class I | 43433 | 855 | 8031 |  | 3482 | (895) | 38844 | 2.0 |
| JNL/T. Rowe Price U.S. High Yield Fund - Class I | 49340 | 89 | 8381 |  | 1982 | (148) | 42882 | 2.3 |

---

See accompanying Notes to Financial Statements.

**JNL Series Trust** (Unaudited)

**Schedules of Investments (in thousands)**

June 30, 2025

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Affiliate** | **Value Beginning of Period($)** | **Purchases($)** | **Sales Proceeds($)** | **Distributions from Funds($)** | **Realized Gain/Loss from Sales($)** | **Change in Unrealized Appreciation (Depreciation)($)** | **Value End of Period($)** | **Percentage of Net Assets(%)** |
| JNL/T. Rowe Price Value Fund - Class I | 56996 | 366 | 3815 |  | 338 | 3328 | 57213 | 3.0 |
| JNL/WCM Focused International Equity Fund - Class I | 49345 | 513 | 13183 |  | 1416 | 10305 | 48396 | 2.5 |
| JNL/WMC Equity Income Fund - Class I | 48511 | 164 | 23082 |  | 6102 | (3040) | 28655 | 1.5 |
|  | **1949610** | **126543** | **284342** | **3286** | **50038** | **62153** | **1904002** | 100.0 |
| **JNL Moderate Growth Allocation Fund** |  |  |  |  |  |  |  |  |
| Jackson Credit Opportunities Fund - Class I | 139878 | 5400 |  | 4745 |  | 1130 | 146408 | 4.2 |
| Jackson Real Assets Fund - Class I | 72989 |  |  | 544 |  | 2398 | 75387 | 2.2 |
| JNL Multi-Manager Alternative Fund - Class I | 127481 | 6900 | 1288 |  | 102 | 7903 | 141098 | 4.0 |
| JNL Multi-Manager Emerging Markets Equity Fund - Class I | 79241 | 26426 | 12144 |  | 2400 | 10351 | 106274 | 3.0 |
| JNL Multi-Manager International Small Cap Fund - Class I | 62847 |  | 12855 |  | 3683 | 8777 | 62452 | 1.8 |
| JNL Multi-Manager Mid Cap Fund - Class I | 123111 | 28148 | 3096 |  | 1644 | (728) | 149079 | 4.2 |
| JNL Multi-Manager Small Cap Growth Fund - Class I | 69829 |  | 8719 |  | 3684 | (3219) | 61575 | 1.8 |
| JNL Multi-Manager Small Cap Value Fund - Class I | 69881 |  | 7533 |  | 3288 | (4563) | 61073 | 1.7 |
| JNL Multi-Manager U.S. Select Equity Fund - Class I | 256761 |  | 20855 |  | 8965 | 12190 | 257061 | 7.3 |
| JNL/Causeway International Value Select Fund - Class I | 167243 | 4873 | 31275 |  | 9263 | 26795 | 176899 | 5.0 |
| JNL/DoubleLine Core Fixed Income Fund - Class I | 199530 | 2300 | 27410 |  | 1389 | 6490 | 182299 | 5.2 |
| JNL/DoubleLine Emerging Markets Fixed Income Fund - Class I | 90432 |  | 16244 |  | 1704 | 1930 | 77822 | 2.2 |
| JNL/DoubleLine Shiller Enhanced CAPE Fund - Class I | 35222 |  | 37173 |  | 19962 | (18011) |  |  |
| JNL/DoubleLine Total Return Fund - Class I | 199569 | 5242 | 21079 |  | 987 | 7918 | 192637 | 5.5 |
| JNL/Fidelity Institutional Asset Management Total Bond Fund - Class I | 198821 |  | 30925 |  | 1793 | 5845 | 175534 | 5.0 |
| JNL/GQG Emerging Markets Equity Fund - Class I | 61309 | 1986 | 4782 |  | 1712 | 1424 | 61649 | 1.8 |
| JNL/JPMorgan U.S. Value Fund - Class I | 95864 |  | 21096 |  | 5363 | (528) | 79603 | 2.3 |
| JNL/Loomis Sayles Global Growth Fund - Class I | 70518 | 35798 | 9476 |  | 2810 | 7137 | 106787 | 3.0 |
| JNL/Lord Abbett Short Duration Income Fund - Class I | 100228 | 807 | 9803 |  | (4) | 3108 | 94336 | 2.7 |
| JNL/Morningstar SMID Moat Focus Index Fund - Class I | 35225 | 169 | 863 |  | 96 | 283 | 34910 | 1.0 |
| JNL/Morningstar Wide Moat Index Fund - Class I | 151116 |  | 45808 |  | 2754 | (1787) | 106275 | 3.0 |
| JNL/Newton Equity Income Fund - Class I | 105340 | 45071 | 9348 |  | 1358 | 7766 | 150187 | 4.3 |
| JNL/PIMCO Income Fund - Class I | 81742 |  | 8260 |  | 1205 | 3519 | 78206 | 2.2 |
| JNL/PIMCO Investment Grade Credit Bond Fund - Class I | 18053 |  | 1723 |  | 38 | 809 | 17177 | 0.5 |
| JNL/PIMCO Real Return Fund - Class I | 18068 | 8900 | 2494 |  | 496 | 691 | 25661 | 0.7 |
| JNL/PPM America Investment Grade Credit Fund - Class I | 18045 |  | 1619 |  | 92 | 610 | 17128 | 0.5 |
| JNL/PPM America Total Return Fund - Class I | 123170 |  | 15894 |  | 1680 | 2974 | 111930 | 3.2 |
| JNL/T. Rowe Price Capital Appreciation Equity Fund - Class I | 107161 | 73022 | 11005 |  | 94 | 7815 | 177087 | 5.0 |
| JNL/T. Rowe Price Capital Appreciation Fund - Class I | 111406 |  | 114191 |  | 47076 | (44291) |  |  |
| JNL/T. Rowe Price Growth Stock Fund - Class I | 124280 | 8736 | 6386 |  | 3767 | 3278 | 133675 | 3.8 |
| JNL/T. Rowe Price U.S. High Yield Fund - Class I | 45616 | 8950 | 20753 |  | 3610 | (1953) | 35470 | 1.0 |
| JNL/T. Rowe Price Value Fund - Class I | 140217 | 17914 | 8743 |  | 4146 | 4686 | 158220 | 4.5 |
| JNL/WCM Focused International Equity Fund - Class I | 173275 |  | 36959 |  | 7381 | 34380 | 178077 | 5.1 |
| JNL/WMC Equity Income Fund - Class I | 98028 |  | 24954 |  | 6435 | 57 | 79566 | 2.3 |
|  | **3571496** | **280642** | **584753** | **5289** | **148973** | **95184** | **3511542** | 100.0 |
| **JNL/JPMorgan Managed Aggressive Growth Fund** |  |  |  |  |  |  |  |  |
| Jackson Credit Opportunities Fund - Class I | 28846 | 965 |  | 965 |  | 231 | 30042 | 1.4 |
| Jackson Real Assets Fund - Class I | 17928 | 275 |  | 135 |  | 593 | 18796 | 0.9 |
| JNL Multi-Manager Alternative Fund - Class I | 43497 |  | 674 |  | 123 | 2515 | 45461 | 2.1 |
| JNL Multi-Manager Emerging Markets Equity Fund - Class I | 64038 | 17 | 7497 |  | 1412 | 7298 | 65268 | 3.0 |
| JNL Multi-Manager Mid Cap Fund - Class I | 73972 | 322 | 1107 |  | 487 | 397 | 74071 | 3.4 |
| JNL Multi-Manager Small Cap Growth Fund - Class I | 62680 | 799 | 457 |  | 214 | 71 | 63307 | 2.9 |
| JNL Multi-Manager Small Cap Value Fund - Class I | 62842 | 720 | 159 |  | 95 | (1461) | 62037 | 2.9 |
| JNL Multi-Manager U.S. Select Equity Fund - Class I | 76417 | 290 | 4606 |  | 405 | 5898 | 78404 | 3.6 |
| JNL/BlackRock Large Cap Select Growth Fund - Class I | 128542 | 1074 | 6348 |  | 4007 | 5225 | 132500 | 6.2 |
| JNL/Causeway International Value Select Fund - Class I | 171907 |  | 34469 |  | 7309 | 28622 | 173369 | 8.0 |
| JNL/ClearBridge Large Cap Growth Fund - Class I | 157533 | 605 | 5851 |  | 3068 | 6217 | 161572 | 7.5 |
| JNL/DoubleLine Total Return Fund - Class I | 52286 | 217 | 4636 |  | 176 | 2139 | 50182 | 2.3 |
| JNL/GQG Emerging Markets Equity Fund - Class I | 53341 | 91 | 2598 |  | 27 | 2709 | 53570 | 2.5 |
| JNL/Invesco Diversified Dividend Fund - Class I | 101182 | 15 | 5106 |  | 1889 | 4211 | 102191 | 4.8 |
| JNL/JPMorgan MidCap Growth Fund - Class I | 36657 | 348 | 1391 |  | 463 | 2056 | 38133 | 1.8 |
| JNL/JPMorgan U.S. Value Fund - Class I | 73174 | 96 | 2101 |  | 1037 | 2595 | 74801 | 3.5 |
| JNL/Lazard International Quality Growth Fund - Class I | 80073 | 54 | 8927 |  | 1620 | 6975 | 79795 | 3.7 |
| JNL/MFS Mid Cap Value Fund - Class I | 26170 | 132 | 192 |  | (4) | 159 | 26265 | 1.2 |
| JNL/Newton Equity Income Fund - Class I | 63008 | 16 | 3309 |  | 882 | 4152 | 64749 | 3.0 |
| JNL/PIMCO Investment Grade Credit Bond Fund - Class I | 10667 | 42 | 764 |  | 41 | 468 | 10454 | 0.5 |

---

See accompanying Notes to Financial Statements.

**JNL Series Trust** (Unaudited)

**Schedules of Investments (in thousands)**

June 30, 2025

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Affiliate** | **Value Beginning of Period($)** | **Purchases($)** | **Sales Proceeds($)** | **Distributions from Funds($)** | **Realized Gain/Loss from Sales($)** | **Change in Unrealized Appreciation (Depreciation)($)** | **Value End of Period($)** | **Percentage of Net Assets(%)** |
| JNL/PPM America Investment Grade Credit Fund - Class I | 10681 | 44 | 731 |  | 42 | 382 | 10418 | 0.5 |
| JNL/PPM America Total Return Fund - Class I | 52233 | 201 | 4194 |  | (119) | 2164 | 50285 | 2.3 |
| JNL/T. Rowe Price Capital Appreciation Equity Fund - Class I | 42687 | 8 | 1662 |  | 1 | 2456 | 43490 | 2.0 |
| JNL/T. Rowe Price Growth Stock Fund - Class I | 149459 | 931 | 5139 |  | 2921 | 5666 | 153838 | 7.1 |
| JNL/T. Rowe Price Mid-Cap Growth Fund - Class I | 10578 | 70 | 166 |  | 76 | 36 | 10594 | 0.5 |
| JNL/T. Rowe Price Value Fund - Class I | 209627 | 432 | 11057 |  | 4989 | 8158 | 212149 | 9.8 |
| JNL/WCM Focused International Equity Fund - Class I | 115232 |  | 22212 |  | 1439 | 26328 | 120787 | 5.6 |
| JNL/William Blair International Leaders Fund - Class I | 89982 | 11 | 11421 |  | (1621) | 15507 | 92458 | 4.3 |
| JNL/WMC Value Fund - Class I | 57707 | 74 | 2164 |  | 771 | 2128 | 58516 | 2.7 |
|  | **2122946** | **7849** | **148938** | **1100** | **31750** | **143895** | **2157502** | 100.0 |
| **JNL/JPMorgan Managed Conservative Fund** |  |  |  |  |  |  |  |  |
| Jackson Credit Opportunities Fund - Class I | 11073 | 1886 |  | 386 |  | 130 | 13089 | 1.9 |
| Jackson Real Assets Fund - Class I | 1990 | 6370 |  | 61 |  | 175 | 8535 | 1.2 |
| JNL Multi-Manager Alternative Fund - Class I | 27529 | 1 | 857 |  | 181 | 1479 | 28333 | 4.1 |
| JNL Multi-Manager Emerging Markets Equity Fund - Class I | 8161 | 59 | 1181 |  | (332) | 1449 | 8156 | 1.2 |
| JNL Multi-Manager Mid Cap Fund - Class I | 9966 | 801 | 792 |  | 385 | (235) | 10125 | 1.5 |
| JNL Multi-Manager Small Cap Growth Fund - Class I | 4919 | 690 | 568 |  | 104 | (43) | 5102 | 0.7 |
| JNL Multi-Manager Small Cap Value Fund - Class I | 4933 | 591 | 358 |  | 9 | (93) | 5082 | 0.7 |
| JNL Multi-Manager U.S. Select Equity Fund - Class I | 10396 | 1069 | 1765 |  | 143 | 789 | 10632 | 1.6 |
| JNL/Causeway International Value Select Fund - Class I | 11938 | 109 | 2645 |  | 239 | 2249 | 11890 | 1.7 |
| JNL/ClearBridge Large Cap Growth Fund - Class I | 10420 | 976 | 1453 |  | 613 | 70 | 10626 | 1.6 |
| JNL/DoubleLine Core Fixed Income Fund - Class I | 66689 | 2580 | 7204 |  | (57) | 2767 | 64775 | 9.5 |
| JNL/DoubleLine Total Return Fund - Class I | 68409 | 967 | 6657 |  | (159) | 3153 | 65713 | 9.6 |
| JNL/Fidelity Institutional Asset Management Total Bond Fund - Class I | 44747 | 1790 | 2975 |  | 86 | 1772 | 45420 | 6.6 |
| JNL/Invesco Diversified Dividend Fund - Class I | 8442 | 438 | 871 |  | 415 | 120 | 8544 | 1.2 |
| JNL/JPMorgan U.S. Government & Quality Bond Fund - Class I | 61987 | 968 | 5989 |  | (379) | 2698 | 59285 | 8.7 |
| JNL/JPMorgan U.S. Value Fund - Class I | 4943 | 279 | 381 |  | (4) | 264 | 5101 | 0.7 |
| JNL/Lazard International Quality Growth Fund - Class I | 5074 | 54 | 656 |  | 81 | 474 | 5027 | 0.7 |
| JNL/Neuberger Berman Strategic Income Fund - Class I | 22402 | 244 | 1749 |  | 245 | 867 | 22009 | 3.2 |
| JNL/Newton Equity Income Fund - Class I | 7321 | 364 | 768 |  | 11 | 596 | 7524 | 1.1 |
| JNL/PIMCO Income Fund - Class I | 34470 | 379 | 2971 |  | 380 | 1651 | 33909 | 5.0 |
| JNL/PIMCO Investment Grade Credit Bond Fund - Class I | 34053 | 463 | 3312 |  | (133) | 1721 | 32792 | 4.8 |
| JNL/PIMCO Real Return Fund - Class I | 34506 | 503 | 2880 |  | 527 | 1214 | 33870 | 4.9 |
| JNL/PPM America High Yield Bond Fund - Class I | 29262 | 455 | 2176 |  | 38 | 1182 | 28761 | 4.2 |
| JNL/PPM America Investment Grade Credit Fund - Class I | 27546 | 380 | 1934 |  | 111 | 983 | 27086 | 4.0 |
| JNL/PPM America Total Return Fund - Class I | 66647 | 872 | 5380 |  | 579 | 2043 | 64761 | 9.5 |
| JNL/T. Rowe Price Capital Appreciation Equity Fund - Class I | 12206 | 615 | 1305 |  | 16 | 718 | 12250 | 1.8 |
| JNL/T. Rowe Price Growth Stock Fund - Class I | 10395 | 1115 | 1542 |  | 408 | 269 | 10645 | 1.6 |
| JNL/T. Rowe Price U.S. High Yield Fund - Class I | 20696 | 369 | 1551 |  | 276 | 544 | 20334 | 3.0 |
| JNL/T. Rowe Price Value Fund - Class I | 11620 | 514 | 1003 |  | 509 | 248 | 11888 | 1.7 |
| JNL/WCM Focused International Equity Fund - Class I | 8248 | 70 | 1747 |  | 44 | 1963 | 8578 | 1.3 |
| JNL/William Blair International Leaders Fund - Class I | 5035 | 40 | 754 |  | 33 | 749 | 5103 | 0.7 |
|  | **686023** | **26011** | **63424** | **447** | **4369** | **31966** | **684945** | 100.0 |
| **JNL/JPMorgan Managed Growth Fund** |  |  |  |  |  |  |  |  |
| Jackson Credit Opportunities Fund - Class I | 54069 | 1808 |  | 1808 |  | 435 | 56312 | 1.4 |
| Jackson Real Assets Fund - Class I | 31399 | 4016 |  | 264 |  | 1101 | 36516 | 0.9 |
| JNL Multi-Manager Alternative Fund - Class I | 84050 |  | 1380 |  | 332 | 4760 | 87762 | 2.1 |
| JNL Multi-Manager Emerging Markets Equity Fund - Class I | 114159 |  | 16527 |  | (3348) | 18647 | 112931 | 2.8 |
| JNL Multi-Manager Mid Cap Fund - Class I | 130574 | 145 | 2432 |  | 384 | 1148 | 129819 | 3.2 |
| JNL Multi-Manager Small Cap Growth Fund - Class I | 104943 | 275 | 99 |  | 47 | 269 | 105435 | 2.6 |
| JNL Multi-Manager Small Cap Value Fund - Class I | 105699 | 520 |  |  |  | (2354) | 103865 | 2.5 |
| JNL Multi-Manager U.S. Select Equity Fund - Class I | 102412 | 37 | 7433 |  | 684 | 7717 | 103417 | 2.5 |
| JNL/BlackRock Large Cap Select Growth Fund - Class I | 228069 | 130 | 14742 |  | 9307 | 6459 | 229223 | 5.6 |
| JNL/Causeway International Value Select Fund - Class I | 292004 |  | 65887 |  | 14711 | 45739 | 286567 | 7.0 |
| JNL/ClearBridge Large Cap Growth Fund - Class I | 268068 | 104 | 15212 |  | 7993 | 7463 | 268416 | 6.6 |
| JNL/DoubleLine Core Fixed Income Fund - Class I | 131182 | 458 | 13600 |  | 252 | 5027 | 123319 | 3.0 |
| JNL/DoubleLine Total Return Fund - Class I | 197173 | 677 | 25473 |  | (187) | 8609 | 180799 | 4.4 |
| JNL/GQG Emerging Markets Equity Fund - Class I | 83266 |  | 5971 |  | 1675 | 2502 | 81472 | 2.0 |
| JNL/Invesco Diversified Dividend Fund - Class I | 165050 |  | 11613 |  | 3875 | 6048 | 163360 | 4.0 |
| JNL/JPMorgan MidCap Growth Fund - Class I | 60599 | 42 | 2771 |  | 1515 | 2543 | 61928 | 1.5 |
| JNL/JPMorgan U.S. Value Fund - Class I | 141162 | 4 | 5250 |  | 2608 | 4387 | 142911 | 3.5 |
| JNL/Lazard International Quality Growth Fund - Class I | 124210 | 128 | 16299 |  | 3014 | 10253 | 121306 | 3.0 |

---

See accompanying Notes to Financial Statements.

**JNL Series Trust** (Unaudited)

**Schedules of Investments (in thousands)**

June 30, 2025

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Affiliate** | **Value Beginning of Period($)** | **Purchases($)** | **Sales Proceeds($)** | **Distributions from Funds($)** | **Realized Gain/Loss from Sales($)** | **Change in Unrealized Appreciation (Depreciation)($)** | **Value End of Period($)** | **Percentage of Net Assets(%)** |
| JNL/MFS Mid Cap Value Fund - Class I | 40549 | 29 | 376 |  | (13) | 243 | 40432 | 1.0 |
| JNL/Newton Equity Income Fund - Class I | 81117 |  | 5661 |  | 1546 | 4918 | 81920 | 2.0 |
| JNL/PIMCO Investment Grade Credit Bond Fund - Class I | 56691 | 167 | 5361 |  | 278 | 2381 | 54156 | 1.3 |
| JNL/PPM America High Yield Bond Fund - Class I | 42055 | 70 | 3658 |  | 801 | 889 | 40157 | 1.0 |
| JNL/PPM America Investment Grade Credit Fund - Class I | 56560 | 176 | 4935 |  | 282 | 1925 | 54008 | 1.3 |
| JNL/PPM America Total Return Fund - Class I | 167997 | 535 | 15448 |  | 691 | 5848 | 159623 | 3.9 |
| JNL/T. Rowe Price Capital Appreciation Equity Fund - Class I | 72783 |  | 4860 |  | 17 | 4083 | 72023 | 1.8 |
| JNL/T. Rowe Price Growth Stock Fund - Class I | 289283 | 140 | 15061 |  | 8567 | 7475 | 290404 | 7.1 |
| JNL/T. Rowe Price Mid-Cap Growth Fund - Class I | 22481 | 16 | 504 |  | 231 | (4) | 22220 | 0.5 |
| JNL/T. Rowe Price U.S. High Yield Fund - Class I | 21084 | 35 | 1820 |  | 130 | 670 | 20099 | 0.5 |
| JNL/T. Rowe Price Value Fund - Class I | 354415 | 290 | 21774 |  | 9896 | 12365 | 355192 | 8.7 |
| JNL/WCM Focused International Equity Fund - Class I | 192057 |  | 41264 |  | 817 | 45158 | 196768 | 4.8 |
| JNL/William Blair International Leaders Fund - Class I | 184991 |  | 28137 |  | (4333) | 32544 | 185065 | 4.5 |
| JNL/WMC Value Fund - Class I | 122251 | 63 | 6453 |  | 2330 | 3804 | 121995 | 3.0 |
|  | **4122402** | **9865** | **360001** | **2072** | **64102** | **253052** | **4089420** | 100.0 |
| **JNL/JPMorgan Managed Moderate Fund** |  |  |  |  |  |  |  |  |
| Jackson Credit Opportunities Fund - Class I | 25675 | 5910 |  | 911 |  | 344 | 31929 | 1.9 |
| Jackson Real Assets Fund - Class I | 5250 | 15185 |  | 150 |  | 433 | 20868 | 1.2 |
| JNL Multi-Manager Alternative Fund - Class I | 52087 |  | 1338 |  | 332 | 2813 | 53894 | 3.2 |
| JNL Multi-Manager Emerging Markets Equity Fund - Class I | 25635 | 29 | 4276 |  | (112) | 3581 | 24857 | 1.5 |
| JNL Multi-Manager Mid Cap Fund - Class I | 26822 | 209 | 795 |  | 125 | 195 | 26556 | 1.6 |
| JNL Multi-Manager Small Cap Growth Fund - Class I | 22675 | 226 | 183 |  | 85 | (8) | 22795 | 1.4 |
| JNL Multi-Manager Small Cap Value Fund - Class I | 23032 | 206 | 34 |  | 7 | (521) | 22690 | 1.4 |
| JNL Multi-Manager U.S. Select Equity Fund - Class I | 42395 | 173 | 4314 |  | 416 | 3075 | 41745 | 2.5 |
| JNL/BlackRock Large Cap Select Growth Fund - Class I | 29855 | 151 | 2814 |  | 846 | 1222 | 29260 | 1.8 |
| JNL/Causeway International Value Select Fund - Class I | 60297 | 69 | 14611 |  | 2728 | 9783 | 58266 | 3.5 |
| JNL/ClearBridge Large Cap Growth Fund - Class I | 50983 | 179 | 4049 |  | 2209 | 738 | 50060 | 3.0 |
| JNL/DoubleLine Core Fixed Income Fund - Class I | 124842 | 11 | 14950 |  | (151) | 5086 | 114838 | 6.9 |
| JNL/DoubleLine Total Return Fund - Class I | 150216 | 2 | 20203 |  | 610 | 5741 | 136366 | 8.1 |
| JNL/Fidelity Institutional Asset Management Total Bond Fund - Class I | 69285 | 90 | 1843 |  | 45 | 2832 | 70409 | 4.2 |
| JNL/GQG Emerging Markets Equity Fund - Class I | 17075 | 17 | 1309 |  | 46 | 835 | 16664 | 1.0 |
| JNL/Invesco Diversified Dividend Fund - Class I | 38350 | 51 | 3256 |  | 1106 | 1230 | 37481 | 2.2 |
| JNL/JPMorgan MidCap Growth Fund - Class I | 10800 | 85 | 733 |  | 110 | 619 | 10881 | 0.7 |
| JNL/JPMorgan U.S. Government & Quality Bond Fund - Class I | 108308 |  | 8974 |  | (40) | 4184 | 103478 | 6.2 |
| JNL/JPMorgan U.S. Value Fund - Class I | 8401 | 34 | 510 |  | (4) | 422 | 8343 | 0.5 |
| JNL/Lazard International Quality Growth Fund - Class I | 34257 | 116 | 4956 |  | 502 | 3210 | 33129 | 2.0 |
| JNL/MFS Mid Cap Value Fund - Class I | 8405 | 53 | 182 |  | (6) | 54 | 8324 | 0.5 |
| JNL/Neuberger Berman Strategic Income Fund - Class I | 38998 |  | 3590 |  | 632 | 1286 | 37326 | 2.2 |
| JNL/Newton Equity Income Fund - Class I | 21017 | 68 | 1979 |  | 39 | 1639 | 20784 | 1.2 |
| JNL/PIMCO Income Fund - Class I | 77308 |  | 11144 |  | 1560 | 2751 | 70475 | 4.2 |
| JNL/PIMCO Investment Grade Credit Bond Fund - Class I | 77204 |  | 7006 |  | (225) | 3861 | 73834 | 4.4 |
| JNL/PIMCO Real Return Fund - Class I | 52004 |  | 4905 |  | 891 | 1724 | 49714 | 3.0 |
| JNL/PPM America High Yield Bond Fund - Class I | 56326 | 4 | 4830 |  | 1053 | 1209 | 53762 | 3.2 |
| JNL/PPM America Investment Grade Credit Fund - Class I | 38946 |  | 3159 |  | 187 | 1346 | 37320 | 2.2 |
| JNL/PPM America Total Return Fund - Class I | 132400 |  | 13603 |  | 1497 | 3598 | 123892 | 7.4 |
| JNL/T. Rowe Price Capital Appreciation Equity Fund - Class I | 30033 | 22 | 2618 |  | 48 | 1657 | 29142 | 1.7 |
| JNL/T. Rowe Price Growth Stock Fund - Class I | 55299 | 249 | 4392 |  | 2592 | 481 | 54229 | 3.2 |
| JNL/T. Rowe Price Mid-Cap Growth Fund - Class I | 4167 | 20 | 145 |  | 6 | 36 | 4084 | 0.2 |
| JNL/T. Rowe Price U.S. High Yield Fund - Class I | 34721 | 2 | 2977 |  | 443 | 874 | 33063 | 2.0 |
| JNL/T. Rowe Price Value Fund - Class I | 79465 | 382 | 5895 |  | 2749 | 2302 | 79003 | 4.7 |
| JNL/WCM Focused International Equity Fund - Class I | 20834 | 88 | 5090 |  | (1707) | 6732 | 20857 | 1.2 |
| JNL/William Blair International Leaders Fund - Class I | 46679 | 131 | 8309 |  | 232 | 6943 | 45676 | 2.7 |
| JNL/WMC Value Fund - Class I | 21120 | 60 | 1483 |  | 632 | 437 | 20766 | 1.2 |
|  | **1721166** | **23822** | **170455** | **1061** | **19483** | **82744** | **1676760** | 100.0 |
| **JNL/JPMorgan Managed Moderate Growth Fund** |  |  |  |  |  |  |  |  |
| Jackson Credit Opportunities Fund - Class I | 56543 | 11993 |  | 1995 |  | 731 | 69267 | 1.9 |
| Jackson Real Assets Fund - Class I | 11694 | 32169 |  | 323 |  | 940 | 44803 | 1.2 |
| JNL Multi-Manager Alternative Fund - Class I | 116006 |  | 2538 |  | 629 | 6392 | 120489 | 3.2 |
| JNL Multi-Manager Emerging Markets Equity Fund - Class I | 76342 |  | 12021 |  | (3196) | 13443 | 74568 | 2.0 |
| JNL Multi-Manager Mid Cap Fund - Class I | 93565 | 16 | 2181 |  | 335 | 754 | 92489 | 2.5 |
| JNL Multi-Manager Small Cap Growth Fund - Class I | 73860 | 41 | 209 |  | 98 | 122 | 73912 | 2.0 |

---

See accompanying Notes to Financial Statements.

**JNL Series Trust** (Unaudited)

**Schedules of Investments (in thousands)**

June 30, 2025

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Affiliate** | **Value Beginning of Period($)** | **Purchases($)** | **Sales Proceeds($)** | **Distributions from Funds($)** | **Realized Gain/Loss from Sales($)** | **Change in Unrealized Appreciation (Depreciation)($)** | **Value End of Period($)** | **Percentage of Net Assets(%)** |
| JNL Multi-Manager Small Cap Value Fund - Class I | 73999 | 54 |  |  |  | (1652) | 72401 | 1.9 |
| JNL Multi-Manager U.S. Select Equity Fund - Class I | 94384 |  | 8423 |  | 790 | 6939 | 93690 | 2.5 |
| JNL/BlackRock Large Cap Select Growth Fund - Class I | 95339 |  | 7436 |  | 2207 | 4346 | 94456 | 2.5 |
| JNL/Causeway International Value Select Fund - Class I | 191779 | 7 | 45186 |  | 8875 | 30925 | 186400 | 5.0 |
| JNL/ClearBridge Large Cap Growth Fund - Class I | 199360 |  | 13945 |  | 6975 | 4472 | 196862 | 5.3 |
| JNL/DoubleLine Core Fixed Income Fund - Class I | 190715 | 38 | 21801 |  | 348 | 7245 | 176545 | 4.7 |
| JNL/DoubleLine Total Return Fund - Class I | 248479 | 60 | 38901 |  | (118) | 10487 | 220007 | 5.9 |
| JNL/Fidelity Institutional Asset Management Total Bond Fund - Class I | 96174 | 18 | 1995 |  | 131 | 3868 | 98196 | 2.6 |
| JNL/GQG Emerging Markets Equity Fund - Class I | 57490 |  | 4886 |  | 1909 | 971 | 55484 | 1.5 |
| JNL/Invesco Diversified Dividend Fund - Class I | 113646 | 1 | 8814 |  | 2988 | 3890 | 111711 | 3.0 |
| JNL/JPMorgan MidCap Growth Fund - Class I | 36954 | 7 | 1873 |  | 1089 | 1380 | 37557 | 1.0 |
| JNL/JPMorgan U.S. Government & Quality Bond Fund - Class I | 192411 | 26 | 17453 |  | 220 | 7122 | 182326 | 4.9 |
| JNL/JPMorgan U.S. Value Fund - Class I | 111075 | 32 | 4937 |  | 2269 | 3238 | 111677 | 3.0 |
| JNL/Lazard International Quality Growth Fund - Class I | 95358 | 6 | 13220 |  | 1555 | 8681 | 92380 | 2.5 |
| JNL/MFS Mid Cap Value Fund - Class I | 27915 | 6 | 392 |  | (17) | 172 | 27684 | 0.7 |
| JNL/Newton Equity Income Fund - Class I | 46755 | 7 | 3948 |  | 1092 | 2628 | 46534 | 1.2 |
| JNL/PIMCO Income Fund - Class I | 94413 | 2 | 11404 |  | 1617 | 3755 | 88383 | 2.4 |
| JNL/PIMCO Investment Grade Credit Bond Fund - Class I | 113306 | 7 | 11797 |  | 321 | 4946 | 106783 | 2.9 |
| JNL/PPM America High Yield Bond Fund - Class I | 67422 | 23 | 7472 |  | 1603 | 1004 | 62580 | 1.7 |
| JNL/PPM America Investment Grade Credit Fund - Class I | 101880 | 6 | 17463 |  | 859 | 2752 | 88034 | 2.4 |
| JNL/PPM America Total Return Fund - Class I | 200867 | 14 | 21470 |  | 1633 | 6027 | 187071 | 5.0 |
| JNL/T. Rowe Price Capital Appreciation Equity Fund - Class I | 57280 |  | 3951 |  | 41 | 3207 | 56577 | 1.5 |
| JNL/T. Rowe Price Growth Stock Fund - Class I | 228165 |  | 14971 |  | 8813 | 3787 | 225794 | 6.0 |
| JNL/T. Rowe Price Mid-Cap Growth Fund - Class I | 18932 | 2 | 521 |  | 71 | 117 | 18601 | 0.5 |
| JNL/T. Rowe Price U.S. High Yield Fund - Class I | 57909 | 17 | 6233 |  | 1178 | 925 | 53796 | 1.4 |
| JNL/T. Rowe Price Value Fund - Class I | 232467 | 60 | 15583 |  | 7130 | 7534 | 231608 | 6.2 |
| JNL/WCM Focused International Equity Fund - Class I | 139148 | 32 | 31530 |  | (494) | 33913 | 141069 | 3.8 |
| JNL/William Blair International Leaders Fund - Class I | 122834 | 14 | 20282 |  | (1814) | 20587 | 121339 | 3.2 |
| JNL/WMC Value Fund - Class I | 74772 | 18 | 4468 |  | 1589 | 2177 | 74088 | 2.0 |
|  | **3809238** | **44676** | **377304** | **2318** | **50726** | **207825** | **3735161** | 100.0 |
| **JNL/American Funds Growth Allocation Fund** |  |  |  |  |  |  |  |  |
| American Funds Insurance Series - American Funds Mortgage Fund - Class 1 | 15819 | 133 |  | 133 |  | 682 | 16634 | 0.4 |
| American Funds Insurance Series - American High-Income Trust - Class 1 | 78522 | 1063 | 5787 | 851 | (715) | 2874 | 75957 | 1.9 |
|  | **94341** | **1196** | **5787** | **984** | **(715)** | **3556** | **92591** | 2.3 |
| **JNL/American Funds Moderate Growth Allocation Fund** |  |  |  |  |  |  |  |  |
| American Funds Insurance Series - American High-Income Trust - Class 1 | 73631 | 22552 | 3390 | 1075 | (395) | 3575 | 95973 | 3.9 |
|  | **73631** | **22552** | **3390** | **1075** | **(395)** | **3575** | **95973** | 3.9 |

---

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **JNL Growth ETF Allocation Fund — Investments in Affiliates** | **JNL Growth ETF Allocation Fund — Investments in Affiliates** | **JNL Growth ETF Allocation Fund — Investments in Affiliates** | **JNL Growth ETF Allocation Fund — Investments in Affiliates** | **JNL Growth ETF Allocation Fund — Investments in Affiliates** | **JNL Growth ETF Allocation Fund — Investments in Affiliates** | **JNL Growth ETF Allocation Fund — Investments in Affiliates** | **JNL Growth ETF Allocation Fund — Investments in Affiliates** | **JNL Growth ETF Allocation Fund — Investments in Affiliates** |
| **Affiliated Investment** | **Value Beginning of Period($)** | **Purchases($)** | **Sales Proceeds($)** | **Dividend Income/ Distributions from Funds($)** | **Realized Gain (Loss)($)** | **Change in Unrealized Appreciation (Depreciation) ($)** | **Value End of Period($)** | **Percentage of Net Assets(%)** |
| JNL Government Money Market Fund, 4.20% - Class I | 10 | 19295 | 19305 | 4 |  |  |  |  |
| JNL Government Money Market Fund, 4.30% - Class SL | 21112 | 224580 | 234888 | 206 |  |  | 10804 | 2.9 |
|  | 21122 | 243875 | 254193 | 210 |  |  | 10804 | 2.9 |

---

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **JNL Moderate ETF Allocation Fund — Investments in Affiliates** | **JNL Moderate ETF Allocation Fund — Investments in Affiliates** | **JNL Moderate ETF Allocation Fund — Investments in Affiliates** | **JNL Moderate ETF Allocation Fund — Investments in Affiliates** | **JNL Moderate ETF Allocation Fund — Investments in Affiliates** | **JNL Moderate ETF Allocation Fund — Investments in Affiliates** | **JNL Moderate ETF Allocation Fund — Investments in Affiliates** | **JNL Moderate ETF Allocation Fund — Investments in Affiliates** | **JNL Moderate ETF Allocation Fund — Investments in Affiliates** |
| **Affiliated Investment** | **Value Beginning of Period($)** | **Purchases($)** | **Sales Proceeds($)** | **Dividend Income/ Distributions from Funds($)** | **Realized Gain (Loss)($)** | **Change in Unrealized Appreciation (Depreciation) ($)** | **Value End of Period($)** | **Percentage of Net Assets(%)** |
| JNL Government Money Market Fund, 4.20% - Class I | 127 | 28192 | 28056 | 9 |  |  | 263 | 0.1 |

---

See accompanying Notes to Financial Statements.

**JNL Series Trust** (Unaudited)

**Schedules of Investments (in thousands)**

June 30, 2025

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **JNL Moderate ETF Allocation Fund — Investments in Affiliates (continued)** | **JNL Moderate ETF Allocation Fund — Investments in Affiliates (continued)** | **JNL Moderate ETF Allocation Fund — Investments in Affiliates (continued)** | **JNL Moderate ETF Allocation Fund — Investments in Affiliates (continued)** | **JNL Moderate ETF Allocation Fund — Investments in Affiliates (continued)** | **JNL Moderate ETF Allocation Fund — Investments in Affiliates (continued)** | **JNL Moderate ETF Allocation Fund — Investments in Affiliates (continued)** | **JNL Moderate ETF Allocation Fund — Investments in Affiliates (continued)** | **JNL Moderate ETF Allocation Fund — Investments in Affiliates (continued)** |
| **Affiliated Investment** | **Value Beginning of Period($)** | **Purchases($)** | **Sales Proceeds($)** | **Dividend Income/ Distributions from Funds($)** | **Realized Gain (Loss)($)** | **Change in Unrealized Appreciation (Depreciation) ($)** | **Value End of Period($)** | **Percentage of Net Assets(%)** |
| JNL Government Money Market Fund, 4.30% - Class SL | 1626 | 142887 | 135701 | 108 |  |  | 8812 | 4.3 |
|  | 1753 | 171079 | 163757 | 117 |  |  | 9075 | 4.4 |

---

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **JNL Moderate Growth ETF Allocation Fund — Investments in Affiliates** | **JNL Moderate Growth ETF Allocation Fund — Investments in Affiliates** | **JNL Moderate Growth ETF Allocation Fund — Investments in Affiliates** | **JNL Moderate Growth ETF Allocation Fund — Investments in Affiliates** | **JNL Moderate Growth ETF Allocation Fund — Investments in Affiliates** | **JNL Moderate Growth ETF Allocation Fund — Investments in Affiliates** | **JNL Moderate Growth ETF Allocation Fund — Investments in Affiliates** | **JNL Moderate Growth ETF Allocation Fund — Investments in Affiliates** | **JNL Moderate Growth ETF Allocation Fund — Investments in Affiliates** |
| **Affiliated Investment** | **Value Beginning of Period($)** | **Purchases($)** | **Sales Proceeds($)** | **Dividend Income/ Distributions from Funds($)** | **Realized Gain (Loss)($)** | **Change in Unrealized Appreciation (Depreciation) ($)** | **Value End of Period($)** | **Percentage of Net Assets(%)** |
| JNL Government Money Market Fund, 4.20% - Class I | 166 | 31065 | 31041 | 10 |  |  | 190 |  |
| JNL Government Money Market Fund, 4.30% - Class SL | 1001 | 207609 | 186044 | 193 |  |  | 22566 | 6.7 |
|  | 1167 | 238674 | 217085 | 203 |  |  | 22756 | 6.7 |

---

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **JNL/Vanguard Growth ETF Allocation Fund — Investments in Affiliates** | **JNL/Vanguard Growth ETF Allocation Fund — Investments in Affiliates** | **JNL/Vanguard Growth ETF Allocation Fund — Investments in Affiliates** | **JNL/Vanguard Growth ETF Allocation Fund — Investments in Affiliates** | **JNL/Vanguard Growth ETF Allocation Fund — Investments in Affiliates** | **JNL/Vanguard Growth ETF Allocation Fund — Investments in Affiliates** | **JNL/Vanguard Growth ETF Allocation Fund — Investments in Affiliates** | **JNL/Vanguard Growth ETF Allocation Fund — Investments in Affiliates** | **JNL/Vanguard Growth ETF Allocation Fund — Investments in Affiliates** |
| **Affiliated Investment** | **Value Beginning of Period($)** | **Purchases($)** | **Sales Proceeds($)** | **Dividend Income/ Distributions from Funds($)** | **Realized Gain (Loss)($)** | **Change in Unrealized Appreciation (Depreciation) ($)** | **Value End of Period($)** | **Percentage of Net Assets(%)** |
| JNL Government Money Market Fund, 4.20% - Class I |  | 33921 | 33921 | 9 |  |  |  |  |
| JNL Government Money Market Fund, 4.30% - Class SL | 170988 | 885357 | 1053075 | 1164 |  |  | 3270 | 0.2 |
|  | 170988 | 919278 | 1086996 | 1173 |  |  | 3270 | 0.2 |

---

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **JNL/Vanguard Moderate ETF Allocation Fund — Investments in Affiliates** | **JNL/Vanguard Moderate ETF Allocation Fund — Investments in Affiliates** | **JNL/Vanguard Moderate ETF Allocation Fund — Investments in Affiliates** | **JNL/Vanguard Moderate ETF Allocation Fund — Investments in Affiliates** | **JNL/Vanguard Moderate ETF Allocation Fund — Investments in Affiliates** | **JNL/Vanguard Moderate ETF Allocation Fund — Investments in Affiliates** | **JNL/Vanguard Moderate ETF Allocation Fund — Investments in Affiliates** | **JNL/Vanguard Moderate ETF Allocation Fund — Investments in Affiliates** | **JNL/Vanguard Moderate ETF Allocation Fund — Investments in Affiliates** |
| **Affiliated Investment** | **Value Beginning of Period($)** | **Purchases($)** | **Sales Proceeds($)** | **Dividend Income/ Distributions from Funds($)** | **Realized Gain (Loss)($)** | **Change in Unrealized Appreciation (Depreciation) ($)** | **Value End of Period($)** | **Percentage of Net Assets(%)** |
| JNL Government Money Market Fund, 4.20% - Class I | 200 | 19337 | 19537 | 6 |  |  |  |  |
| JNL Government Money Market Fund, 4.30% - Class SL | 53185 | 288114 | 334675 | 614 |  |  | 6624 | 1.2 |
|  | 53385 | 307451 | 354212 | 620 |  |  | 6624 | 1.2 |

---

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **JNL/Vanguard Moderate Growth ETF Allocation Fund — Investments in Affiliates** | **JNL/Vanguard Moderate Growth ETF Allocation Fund — Investments in Affiliates** | **JNL/Vanguard Moderate Growth ETF Allocation Fund — Investments in Affiliates** | **JNL/Vanguard Moderate Growth ETF Allocation Fund — Investments in Affiliates** | **JNL/Vanguard Moderate Growth ETF Allocation Fund — Investments in Affiliates** | **JNL/Vanguard Moderate Growth ETF Allocation Fund — Investments in Affiliates** | **JNL/Vanguard Moderate Growth ETF Allocation Fund — Investments in Affiliates** | **JNL/Vanguard Moderate Growth ETF Allocation Fund — Investments in Affiliates** | **JNL/Vanguard Moderate Growth ETF Allocation Fund — Investments in Affiliates** |
| **Affiliated Investment** | **Value Beginning of Period($)** | **Purchases($)** | **Sales Proceeds($)** | **Dividend Income/ Distributions from Funds($)** | **Realized Gain (Loss)($)** | **Change in Unrealized Appreciation (Depreciation) ($)** | **Value End of Period($)** | **Percentage of Net Assets(%)** |
| JNL Government Money Market Fund, 4.20% - Class I | 102 | 18065 | 17473 | 5 |  |  | 694 | 0.1 |
| JNL Government Money Market Fund, 4.30% - Class SL | 30103 | 367911 | 391218 | 824 |  |  | 6796 | 0.7 |
|  | 30205 | 385976 | 408691 | 829 |  |  | 7490 | 0.8 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **JNL Growth Allocation Fund — Restricted Securities** | **JNL Growth Allocation Fund — Restricted Securities** | **JNL Growth Allocation Fund — Restricted Securities** | **JNL Growth Allocation Fund — Restricted Securities** | **JNL Growth Allocation Fund — Restricted Securities** |
|  | **Initial Acquisition** | **Cost ($)** | **Value ($)** | **Percent of**<br> **Net Assets (%)** |
| Public Joint Stock Company Mining And Metallurgical Company Norilsk Nickel | 05/27/20 | 522 |  |  |
| Public Joint Stock Company Novolipetsk Metallurgical Plant | 05/06/21 | 658 |  |  |
| Public Joint Stock Company Phosagro | 06/30/21 | 266 |  |  |
| Public Joint Stock Company Phosagro | 06/30/21 | 2 |  |  |
| Public Joint-Stock Company Inter RAO UES | 10/07/21 | 331 |  |  |

---

See accompanying Notes to Financial Statements.

**JNL Series Trust** (Unaudited)

**Schedules of Investments (in thousands)**

June 30, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
| **JNL Growth Allocation Fund — Restricted Securities (continued)** | **JNL Growth Allocation Fund — Restricted Securities (continued)** | **JNL Growth Allocation Fund — Restricted Securities (continued)** | **JNL Growth Allocation Fund — Restricted Securities (continued)** | **JNL Growth Allocation Fund — Restricted Securities (continued)** |
|  | **Initial Acquisition** | **Cost ($)** | **Value ($)** | **Percent of**<br> **Net Assets (%)** |
| Public Joint-Stock Company Severstal | 06/25/21 | 463 |  |  |
|  |  | 2242 |  |  |

---

Topic 820, "Fair Value Measurement" establishes a single authoritative definition of fair value under U.S. GAAP, sets out a framework for measuring fair value and requires additional disclosures about fair value measurements. Various inputs are used in determining the value of a Fund's investments under FASB ASC Topic 820 guidance and are summarized into three broad categories. Level 1 includes valuations based on quoted prices of identical securities in active markets, including valuations for investments in mutual funds. Investments in the Underlying Funds and Master Funds are categorized as Level 1 within FASB ASC Topic 820 fair value hierarchy. The Level 1 valuation assets for the Funds can be referenced in the Schedules of Investments.

See accompanying Notes to Financial Statements.

**JNL Series Trust** (Unaudited)

**Schedules of Investments (in thousands)**

June 30, 2025

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| **JNL Bond Index Fund** | **JNL Bond Index Fund** | **JNL Bond Index Fund** |
| **GOVERNMENT AND AGENCY OBLIGATIONS 73.1%** | **GOVERNMENT AND AGENCY OBLIGATIONS 73.1%** | **GOVERNMENT AND AGENCY OBLIGATIONS 73.1%** |
| **U.S. Treasury Note 35.4%** | **U.S. Treasury Note 35.4%** | **U.S. Treasury Note 35.4%** |
| Treasury, United States Department of |  |  |
| 4.50%, 07/15/26 - 11/15/33 | 10630 | 10831 |
| 0.63%, 07/31/26 - 08/15/30 | 13400 | 11798 |
| 1.88%, 07/31/26 - 02/15/32 | 9640 | 8761 |
| 4.38%, 07/31/26 - 05/15/34 | 18435 | 18715 |
| 1.50%, 08/15/26 - 02/15/30 | 10320 | 9738 |
| 0.75%, 08/31/26 - 01/31/28 | 3620 | 3429 |
| 1.38%, 08/31/26 - 11/15/31 | 12403 | 11079 |
| 3.75%, 08/31/26 - 12/31/30 | 14140 | 14129 |
| 4.63%, 09/15/26 - 02/15/35 | 24100 | 24778 |
| 0.88%, 09/30/26 - 11/15/30 | 6995 | 6210 |
| 1.63%, 09/30/26 - 08/15/29 | 3887 | 3711 |
| 3.50%, 09/30/26 - 02/15/33 | 16060 | 15844 |
| 1.13%, 10/31/26 - 08/31/28 | 10405 | 9784 |
| 4.13%, 10/31/26 - 11/15/32 | 36900 | 37254 |
| 2.00%, 11/15/26 | 760 | 741 |
| 1.25%, 11/30/26 - 09/30/28 | 10575 | 9977 |
| 4.25%, 11/30/26 - 11/15/34 | 26265 | 26588 |
| 1.75%, 12/31/26 - 11/15/29 | 7395 | 6868 |
| 4.00%, 01/15/27 - 02/15/34 | 25465 | 25638 |
| 2.25%, 02/15/27 - 11/15/27 | 2970 | 2888 |
| 2.50%, 03/31/27 | 155 | 152 |
| 3.88%, 03/31/27 - 08/15/34 | 21500 | 21390 |
| 0.50%, 04/30/27 - 10/31/27 | 3965 | 3711 |
| 2.75%, 04/30/27 - 08/15/32 | 12145 | 11603 |
| 2.38%, 05/15/27 - 03/31/29 | 5470 | 5246 |
| 2.63%, 05/31/27 - 02/15/29 | 6460 | 6241 |
| 3.25%, 06/30/27 - 06/30/29 | 2150 | 2129 |
| 3.75%, 06/30/27 (a) | 2370 | 2371 |
| 0.38%, 07/31/27 - 09/30/27 | 4635 | 4312 |
| 3.13%, 08/31/27 - 11/15/28 | 5625 | 5529 |
| 3.38%, 09/15/27 - 05/15/33 | 4780 | 4627 |
| 3.63%, 03/31/28 - 09/30/31 | 9935 | 9862 |
| 2.88%, 05/15/28 - 05/15/32 | 10077 | 9586 |
| 3.88%, 06/15/28 - 06/30/30 (a) | 4395 | 4415 |
| 1.00%, 07/31/28 | 2265 | 2088 |
| 4.88%, 10/31/28 - 10/31/30 | 3575 | 3724 |
| 4.00%, 06/30/32 (a) | 3000 | 3002 |
| 4.25%, 05/15/35 (a) | 2650 | 2654 |
|  |  | 361403 |
| **Mortgage-Backed Securities 25.3%** | **Mortgage-Backed Securities 25.3%** | **Mortgage-Backed Securities 25.3%** |
| Federal Home Loan Mortgage Corporation |  |  |
| 4.00%, 09/01/25 - 04/01/53 | 4730 | 4489 |
| 3.50%, 10/01/25 - 12/01/52 | 5154 | 4773 |
| 5.00%, 03/01/26 - 02/01/55 | 4247 | 4188 |
| 3.00%, 01/01/27 - 09/01/52 | 7059 | 6350 |
| 2.50%, 08/01/27 - 05/01/52 | 14605 | 12421 |
| 6.50%, 07/01/28 - 12/01/53 | 922 | 956 |
| 5.50%, 11/01/28 - 11/01/54 | 5231 | 5242 |
| 2.00%, 01/01/29 - 03/01/52 | 23208 | 18969 |
| 6.00%, 02/01/29 - 01/01/55 | 2355 | 2402 |
| 4.50%, 08/01/30 - 07/01/53 | 2949 | 2865 |
| 1.50%, 02/01/36 - 03/01/52 | 5849 | 4738 |
| Federal National Mortgage Association, Inc. |  |  |
| 3.50%, 09/01/25 - 06/01/52 | 9606 | 8890 |
| 4.00%, 09/01/25 - 09/01/52 | 6836 | 6507 |
| 4.50%, 05/01/26 - 07/01/53 | 2730 | 2665 |
| 3.00%, 11/01/26 - 03/01/52 | 15703 | 14056 |
| 2.50%, 03/01/27 - 05/01/52 | 28270 | 23871 |
| 2.00%, 09/01/28 - 06/01/52 | 33743 | 27545 |
| 5.00%, 09/01/29 - 11/01/53 | 3025 | 2995 |
| 6.00%, 11/01/31 - 01/01/55 | 2714 | 2773 |
| 5.50%, 01/01/32 - 09/01/54 | 3876 | 3891 |
| 6.50%, 07/01/32 - 12/01/38 | 107 | 113 |
| 1.50%, 09/01/35 - 09/01/51 | 6856 | 5665 |
| 7.00%, 12/01/35 - 02/01/38 | 8 | 10 |
| TBA, 3.50%, 07/15/40 (a) | 200 | 193 |
| TBA, 4.00%, 07/15/40 (a) | 300 | 293 |
| TBA, 4.50%, 07/15/40 - 07/15/55 (a) | 3025 | 2906 |
| TBA, 5.00%, 07/15/40 - 08/15/55 (a) | 4100 | 4033 |
| TBA, 5.50%, 07/15/40 - 08/15/55 (a) | 5825 | 5828 |
| TBA, 6.00%, 07/15/40 - 08/15/55 (a) | 8750 | 8892 |
| TBA, 2.00%, 07/15/55 (a) | 125 | 99 |
| TBA, 6.50%, 07/15/55 - 08/15/55 (a) | 5625 | 5806 |
| TBA, 7.00%, 07/15/55 (a) | 1550 | 1631 |
| Government National Mortgage Association |  |  |
| 4.50%, 04/20/26 - 12/20/54 | 2472 | 2413 |
| 3.50%, 05/15/26 - 09/20/52 | 6851 | 6336 |
| 3.00%, 01/20/27 - 06/20/52 | 9525 | 8521 |
| 2.50%, 08/20/27 - 07/20/52 | 12428 | 10594 |
| 8.50%, 06/15/30 |  |  |
| 6.00%, 05/15/32 - 12/20/40 | 30 | 31 |
| 5.00%, 03/15/33 - 01/20/55 | 1538 | 1532 |
| 5.50%, 08/15/33 - 05/20/54 | 1910 | 1919 |
| 6.50%, 07/15/38 | 3 | 3 |
| 4.00%, 06/15/39 - 09/20/52 | 3353 | 3196 |
| 2.00%, 11/20/50 - 05/20/52 | 8941 | 7288 |
| TBA, 2.00%, 07/15/55 (a) | 1725 | 1405 |
| TBA, 4.00%, 07/15/55 (a) | 975 | 906 |
| TBA, 4.50%, 07/15/55 (a) | 2350 | 2248 |
| TBA, 5.00%, 07/15/55 - 08/15/55 (a) | 4525 | 4443 |
| TBA, 5.50%, 07/15/55 - 08/15/55 (a) | 4850 | 4854 |
| TBA, 6.00%, 07/15/55 - 08/15/55 (a) | 4250 | 4309 |
| TBA, 6.50%, 07/15/55 (a) | 1700 | 1745 |
| TBA, 7.00%, 07/15/55 (a) | 400 | 413 |
|  |  | 258211 |
| **U.S. Treasury Bond 9.1%** | **U.S. Treasury Bond 9.1%** | **U.S. Treasury Bond 9.1%** |
| Treasury, United States Department of |  |  |
| 6.75%, 08/15/26 | 1520 | 1564 |
| 6.50%, 11/15/26 | 465 | 482 |
| 5.25%, 11/15/28 - 02/15/29 | 295 | 310 |
| 6.25%, 05/15/30 | 250 | 276 |
| 5.38%, 02/15/31 | 360 | 386 |
| 4.50%, 02/15/36 - 11/15/54 | 3800 | 3691 |
| 5.00%, 05/15/37 - 05/15/45 | 755 | 782 |
| 4.25%, 05/15/39 - 08/15/54 | 4955 | 4558 |
| 4.38%, 11/15/39 - 08/15/43 | 1990 | 1923 |
| 1.13%, 05/15/40 - 08/15/40 | 4560 | 2824 |
| 3.88%, 08/15/40 - 05/15/43 | 1370 | 1229 |
| 1.38%, 11/15/40 - 08/15/50 | 4996 | 2803 |
| 1.88%, 02/15/41 - 11/15/51 | 6210 | 3687 |
| 4.75%, 02/15/41 - 05/15/55 | 7615 | 7603 |
| 2.25%, 05/15/41 - 02/15/52 | 7380 | 4784 |
| 1.75%, 08/15/41 | 1075 | 713 |
| 3.75%, 08/15/41 - 11/15/43 | 2220 | 1963 |
| 3.13%, 11/15/41 - 05/15/48 | 7387 | 5805 |
| 2.38%, 02/15/42 - 05/15/51 | 7240 | 4835 |
| 3.00%, 05/15/42 - 08/15/52 | 6737 | 5030 |
| 3.25%, 05/15/42 | 2450 | 2026 |
| 2.75%, 08/15/42 - 11/15/47 | 2619 | 1934 |
| 3.38%, 08/15/42 - 05/15/44 | 4342 | 3594 |
| 4.00%, 11/15/42 - 11/15/52 | 1055 | 930 |
| 2.88%, 05/15/43 - 05/15/52 | 5017 | 3692 |
| 3.63%, 08/15/43 - 05/15/53 | 10206 | 8492 |
| 4.63%, 05/15/44 - 02/15/55 | 4885 | 4761 |
| 4.13%, 08/15/44 - 08/15/53 | 4620 | 4141 |
| 2.50%, 02/15/45 - 05/15/46 | 4075 | 2822 |
| 2.00%, 02/15/50 - 08/15/51 | 5304 | 3092 |
| 1.25%, 05/15/50 | 897 | 431 |
| 1.63%, 11/15/50 | 3940 | 2075 |
|  |  | 93238 |
| **Sovereign 1.2%** | **Sovereign 1.2%** | **Sovereign 1.2%** |
| Aktiebolaget Svensk Exportkredit |  |  |
| 4.13%, 06/14/28 | 300 | 302 |
| Comision De Promocion Del Peru Para La Exportacion Y El Turismo |  |  |
| 4.13%, 08/25/27 (b) | 250 | 250 |
| 6.55%, 03/14/37 | 250 | 272 |
| 5.88%, 08/08/54 | 200 | 193 |
| Export Development Canada |  |  |
| 4.75%, 06/05/34 | 400 | 414 |
| Export-Import Bank of Korea, The |  |  |
| 4.63%, 01/11/27 | 500 | 503 |

---

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page [607](#abbreviations).

**JNL Series Trust** (Unaudited)

**Schedules of Investments (in thousands)**

June 30, 2025

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| Gobierno De La Republica Oriental Del Uruguay |  |  |
| 4.38%, 10/27/27 | 190 | 190 |
| 4.13%, 11/20/45 | 200 | 170 |
| 5.10%, 06/18/50 | 100 | 92 |
| 4.98%, 04/20/55 | 100 | 89 |
| Gobierno Federal de los Estados Unidos Mexicanos |  |  |
| 3.75%, 01/11/28 | 400 | 393 |
| 5.00%, 05/07/29 | 200 | 201 |
| 8.30%, 08/15/31 | 300 | 355 |
| 4.75%, 04/27/32 - 03/08/44 | 856 | 725 |
| 4.60%, 01/23/46 | 250 | 189 |
| 6.40%, 05/07/54 | 200 | 184 |
| 5.75%, 10/12/10 | 100 | 79 |
| Gouvernement de la Province de Quebec |  |  |
| 3.63%, 04/13/28 | 300 | 298 |
| Government of the Province of British Columbia |  |  |
| 4.80%, 06/11/35 | 200 | 203 |
| Government of the Republic of Panama |  |  |
| 6.40%, 02/14/35 | 200 | 195 |
| 6.70%, 01/26/36 | 400 | 398 |
| 4.50%, 04/16/50 | 600 | 406 |
| Korea Development Bank |  |  |
| 4.63%, 02/15/27 | 250 | 252 |
| Ministry of Defence State of Israel |  |  |
| 2.75%, 07/03/30 | 400 | 361 |
| 3.38%, 01/15/50 | 200 | 129 |
| 4.50%, 04/03/20 | 300 | 212 |
| Ontario, Government of |  |  |
| 4.85%, 06/11/35 | 200 | 204 |
| Presidencia de la Republica de Chile |  |  |
| 3.24%, 02/06/28 | 400 | 389 |
| 3.25%, 09/21/71 | 600 | 365 |
| Republic of Indonesia, The Government of, The |  |  |
| 2.85%, 02/14/30 | 600 | 562 |
| 5.35%, 02/11/49 (b) | 200 | 193 |
| Sandor-Palota |  |  |
| 7.63%, 03/29/41 | 250 | 281 |
| Segretariato Generale Della Presidenza Della Repubblica |  |  |
| 5.38%, 06/15/33 | 200 | 208 |
| The Philippines, Government of |  |  |
| 9.50%, 02/02/30 | 400 | 483 |
| 1.65%, 06/10/31 | 300 | 255 |
| 6.38%, 01/15/32 | 500 | 546 |
| 5.25%, 05/14/34 | 200 | 204 |
| 3.70%, 03/01/41 | 300 | 244 |
| 5.95%, 10/13/47 | 200 | 207 |
| Urzad Rady Ministrow |  |  |
| 5.50%, 11/16/27 - 03/18/54 | 435 | 434 |
| 4.88%, 02/12/30 | 200 | 204 |
| 5.75%, 11/16/32 | 300 | 316 |
| 5.13%, 09/18/34 | 115 | 115 |
| | | 12265 |
| **Commercial Mortgage-Backed Securities 0.8%** | **Commercial Mortgage-Backed Securities 0.8%** | **Commercial Mortgage-Backed Securities 0.8%** |
| Federal Home Loan Mortgage Corporation |  |  |
| Series A2-K062, REMIC, 3.41%, 12/25/26 | 500 | 494 |
| Series A2-K082, REMIC, 3.92%, 09/25/28 (c) | 750 | 746 |
| Series A2-K087, REMIC, 3.77%, 12/25/28 | 500 | 498 |
| Series A2-K092, REMIC, 3.30%, 04/25/29 | 400 | 388 |
| Series A1-K099, REMIC, 2.26%, 06/25/29 | 289 | 276 |
| Series A1-K106, REMIC, 1.78%, 10/25/29 | 263 | 248 |
| Series A2-K103, REMIC, 2.65%, 11/25/29 | 300 | 284 |
| Series A2-K117, REMIC, 1.41%, 08/25/30 | 500 | 435 |
| Series A2-K126, REMIC, 2.07%, 01/25/31 | 400 | 358 |
| Series AM-K138, REMIC, 1.89%, 01/25/32 | 300 | 256 |
| Series K-A2-157, REMIC, 4.20%, 05/25/33 | 150 | 148 |
| Series K-A2-1516, REMIC, 1.72%, 05/25/35 | 750 | 574 |
| Series K-A2-1521, REMIC, 2.18%, 08/25/36 | 750 | 575 |
| Federal National Mortgage Association, Inc. |  |  |
| Series 2018-A2-M1, REMIC, 3.09%, 12/25/27 (c) | 318 | 309 |
| Series 2018-A2-M14, REMIC, 3.70%, 08/25/28 (c) | 469 | 458 |
| Series 2019-A2-M5, REMIC, 3.27%, 02/25/29 | 279 | 271 |
| Series 2019-A2-M12, REMIC, 2.89%, 06/25/29 | 483 | 460 |
| Series 2020-A2-M1, REMIC, 2.44%, 10/25/29 | 200 | 186 |
| Series 2020-A2-M8, REMIC, 1.82%, 02/25/30 | 281 | 252 |
| Series 2020-A2-M14, REMIC, 1.78%, 05/25/30 | 309 | 276 |
| Series 2022-A2-M1, REMIC, 1.72%, 10/25/31 (c) | 300 | 254 |
|  |  | 7746 |
| **U.S. Government Agency Obligations 0.7%** | **U.S. Government Agency Obligations 0.7%** | **U.S. Government Agency Obligations 0.7%** |
| Federal Farm Credit Banks Funding Corporation |  |  |
| 4.13%, 02/12/27 (d) | 175 | 176 |
| 4.75%, 05/06/27 (d) | 175 | 178 |
| 1.10%, 08/10/29 (d) | 500 | 448 |
| 1.23%, 09/10/29 (d) | 500 | 448 |
| 1.65%, 07/23/35 (d) | 225 | 170 |
| 5.31%, 09/25/35 (d) | 400 | 397 |
| Federal Home Loan Bank of Topeka |  |  |
| 4.75%, 04/09/27 (d) | 800 | 814 |
| Federal Home Loan Mortgage Corporation |  |  |
| 0.80%, 10/27/26 (d) | 200 | 192 |
| 6.75%, 09/15/29 - 03/15/31 (d) | 930 | 1038 |
| 6.25%, 07/15/32 (d) | 205 | 232 |
| Federal National Mortgage Association, Inc. |  |  |
| 0.88%, 12/18/26 (d) | 225 | 215 |
| 7.25%, 05/15/30 (d) | 540 | 621 |
| 6.63%, 11/15/30 (d) | 331 | 373 |
| FHLBanks Office of Finance |  |  |
| 3.25%, 11/16/28 (d) | 550 | 543 |
| 5.50%, 07/15/36 (d) | 400 | 435 |
| Tennessee Valley Authority |  |  |
| 5.25%, 09/15/39 (d) | 200 | 208 |
| 5.38%, 04/01/56 (d) | 300 | 297 |
|  |  | 6785 |
| **Municipal 0.6%** | **Municipal 0.6%** | **Municipal 0.6%** |
| Atlanta, City of |  |  |
| 2.26%, 11/01/35 | 400 | 328 |
| Bay Area Toll Authority |  |  |
| 6.26%, 04/01/49 | 200 | 210 |
| California, State of |  |  |
| 3.50%, 04/01/28 | 80 | 79 |
| 6.00%, 03/01/33 | 100 | 109 |
| 7.55%, 04/01/39 | 300 | 360 |
| Chicago Transit Authority |  |  |
| 6.90%, 12/01/40 | 183 | 203 |
| Connecticut, State of |  |  |
| 5.85%, 03/15/32 | 125 | 134 |
| County of Cook |  |  |
| 6.23%, 11/15/34 | 100 | 106 |
| Dallas Convention Center Hotel Development Corporation |  |  |
| 7.09%, 01/01/42 | 200 | 221 |
| Dallas County Hospital District |  |  |
| 5.62%, 08/15/44 | 300 | 301 |
| Dallas Independent School District |  |  |
| 6.45%, 02/15/35 | 300 | 302 |
| Florida Department of Management Services |  |  |
| 1.71%, 07/01/27 | 300 | 286 |
| Illinois, State of |  |  |
| 7.35%, 07/01/35 | 314 | 336 |
| Maryland Economic Development Corporation |  |  |
| 5.43%, 05/31/56 | 200 | 190 |
| Massachusetts, Commonwealth of |  |  |
| 4.91%, 05/01/29 | 300 | 303 |
| Municipal Electric Authority of Georgia |  |  |
| 7.06%, 04/01/57 | 184 | 204 |
| New Jersey Economic Development Authority |  |  |
| 7.43%, 02/15/29 | 200 | 211 |
| New Jersey Turnpike Authority |  |  |
| 7.10%, 01/01/41 | 250 | 286 |
| New York City Municipal Water Finance Authority |  |  |
| 6.01%, 06/15/42 | 235 | 242 |
| New York, City of |  |  |
| 5.83%, 10/01/53 | 200 | 206 |
| Ohio State University, The |  |  |
| 4.91%, 06/01/40 | 200 | 195 |

---

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page [607](#abbreviations).

**JNL Series Trust** (Unaudited)

**Schedules of Investments (in thousands)**

June 30, 2025

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| Pennsylvania Turnpike Commission |  |  |
| 5.51%, 12/01/45 | 300 | 298 |
| Port Authority of New York And New Jersey, The |  |  |
| 6.04%, 12/01/29 | 200 | 214 |
| Rector & Visitors of The University of Virginia |  |  |
| 2.26%, 09/01/50 | 300 | 171 |
| San Diego County Water Authority |  |  |
| 6.14%, 05/01/49 | 260 | 267 |
| Texas A&M University |  |  |
| 3.66%, 07/01/47 | 100 | 80 |
| Texas, State of |  |  |
| 5.52%, 04/01/39 | 200 | 206 |
| Transportation, Texas Department of |  |  |
| 5.18%, 04/01/30 | 400 | 408 |
| University of Pittsburgh-Of The Commonwealth System of Higher Education |  |  |
| 3.56%, 09/15/19 | 300 | 190 |
| | | 6646 |
| Total Government And Agency Obligations (cost $792,346) | Total Government And Agency Obligations (cost $792,346) | 746294 |
| **CORPORATE BONDS AND NOTES 25.7%** | **CORPORATE BONDS AND NOTES 25.7%** | **CORPORATE BONDS AND NOTES 25.7%** |
| **Financials 9.2%** | **Financials 9.2%** | **Financials 9.2%** |
| AerCap Ireland Capital Designated Activity Company |  |  |
| 3.88%, 01/23/28 | 300 | 296 |
| African Development Bank |  |  |
| 3.50%, 09/18/29 | 400 | 395 |
| Ally Financial Inc. |  |  |
| 6.99%, 06/13/29 | 200 | 211 |
| 6.85%, 01/03/30 | 200 | 211 |
| American Express Company |  |  |
| 3.30%, 05/03/27 | 300 | 295 |
| 5.10%, 02/16/28 | 250 | 253 |
| 4.73%, 04/25/29 | 300 | 303 |
| 4.05%, 12/03/42 | 200 | 169 |
| American Honda Finance Corporation |  |  |
| 5.65%, 11/15/28 | 50 | 52 |
| 5.05%, 07/10/31 | 400 | 405 |
| American International Group, Inc. |  |  |
| 4.75%, 04/01/48 | 60 | 53 |
| 4.38%, 06/30/50 | 350 | 293 |
| Ameriprise Financial, Inc. |  |  |
| 5.15%, 05/15/33 | 100 | 103 |
| Aon Corporation |  |  |
| 3.75%, 05/02/29 | 300 | 294 |
| 2.80%, 05/15/30 | 350 | 324 |
| Apollo Global Management, Inc. |  |  |
| 6.00%, 12/15/54 | 250 | 243 |
| Arch Capital Group (U.S.) Inc. |  |  |
| 5.14%, 11/01/43 | 150 | 139 |
| Arthur J. Gallagher & Co. |  |  |
| 4.60%, 12/15/27 | 200 | 202 |
| 3.50%, 05/20/51 | 45 | 31 |
| Asian Development Bank |  |  |
| 4.13%, 01/12/27 | 200 | 201 |
| 1.50%, 01/20/27 | 750 | 724 |
| 2.38%, 08/10/27 | 300 | 292 |
| 4.38%, 01/14/28 | 300 | 304 |
| 2.75%, 01/19/28 | 400 | 391 |
| 6.38%, 10/01/28 | 210 | 224 |
| 1.88%, 01/24/30 | 200 | 184 |
| 4.00%, 01/12/33 | 300 | 298 |
| Asian Infrastructure Investment Bank |  |  |
| 4.25%, 03/13/34 | 300 | 300 |
| 4.50%, 05/21/35 | 200 | 204 |
| Assured Guaranty US Holdings Inc. |  |  |
| 6.13%, 09/15/28 | 300 | 315 |
| Athene Holding Ltd |  |  |
| 3.95%, 05/25/51 | 300 | 212 |
| Australia and New Zealand Banking Group Limited |  |  |
| 4.62%, 12/16/29 | 400 | 407 |
| Banco De Desarrollo Para America Latina |  |  |
| 4.13%, 01/07/28 | 400 | 401 |
| Banco Santander, S.A. |  |  |
| 3.80%, 02/23/28 | 400 | 393 |
| 5.54%, 03/14/30 (b) | 200 | 206 |
| Bank of America Corporation |  |  |
| 3.59%, 07/21/28 | 350 | 345 |
| 6.20%, 11/10/28 | 400 | 416 |
| 4.98%, 01/24/29 | 90 | 91 |
| 3.97%, 03/05/29 | 150 | 148 |
| 4.27%, 07/23/29 | 170 | 169 |
| 3.19%, 07/23/30 | 300 | 285 |
| 2.88%, 10/22/30 | 400 | 374 |
| 5.16%, 01/24/31 | 100 | 102 |
| 2.50%, 02/13/31 | 185 | 169 |
| 2.59%, 04/29/31 | 250 | 229 |
| 1.90%, 07/23/31 | 150 | 132 |
| 1.92%, 10/24/31 | 300 | 262 |
| 2.69%, 04/22/32 | 255 | 229 |
| 2.30%, 07/21/32 | 200 | 174 |
| 2.57%, 10/20/32 | 300 | 264 |
| 2.97%, 02/04/33 - 07/21/52 | 500 | 398 |
| 5.87%, 09/15/34 | 250 | 264 |
| 5.51%, 01/24/36 | 130 | 134 |
| 5.74%, 02/12/36 | 300 | 305 |
| 5.46%, 05/09/36 | 200 | 205 |
| 3.85%, 03/08/37 | 200 | 183 |
| 4.24%, 04/24/38 | 120 | 109 |
| 4.44%, 01/20/48 | 120 | 103 |
| 3.95%, 01/23/49 | 75 | 59 |
| 4.33%, 03/15/50 | 300 | 249 |
| 2.83%, 10/24/51 | 200 | 125 |
| 3.48%, 03/13/52 | 55 | 39 |
| Bank of Montreal |  |  |
| 4.70%, 09/14/27 (e) | 100 | 101 |
| Bank of Nova Scotia, The |  |  |
| 1.30%, 09/15/26 (e) | 200 | 193 |
| Banque Developpt Conseil Europe 9 |  |  |
| 3.63%, 05/08/28 | 200 | 199 |
| 4.50%, 01/15/30 | 200 | 205 |
| Barclays PLC |  |  |
| 4.84%, 05/09/28 | 300 | 301 |
| 2.89%, 11/24/32 (e) | 200 | 177 |
| 6.22%, 05/09/34 | 300 | 318 |
| 5.25%, 08/17/45 (b) | 250 | 240 |
| 6.04%, 03/12/55 (e) | 200 | 204 |
| Barings BDC, Inc. |  |  |
| 7.00%, 02/15/29 | 300 | 309 |
| Berkshire Hathaway Finance Corporation |  |  |
| 4.30%, 05/15/43 | 200 | 176 |
| 4.20%, 08/15/48 | 135 | 113 |
| 2.85%, 10/15/50 | 200 | 129 |
| BlackRock Finance, Inc. |  |  |
| 2.40%, 04/30/30 | 200 | 184 |
| Blackstone Private Credit Fund |  |  |
| 5.60%, 11/22/29 | 200 | 201 |
| Blackstone Secured Lending Fund |  |  |
| 5.88%, 11/15/27 | 300 | 306 |
| 5.35%, 04/13/28 | 300 | 302 |
| Blue Owl Capital Corporation |  |  |
| 3.40%, 07/15/26 | 400 | 393 |
| Blue Owl Credit Income Corp. |  |  |
| 7.95%, 06/13/28 | 200 | 214 |
| 6.60%, 09/15/29 | 300 | 309 |
| Brookfield Capital Finance LLC |  |  |
| 6.09%, 06/14/33 | 200 | 212 |
| Brookfield Financial, Inc. |  |  |
| 3.90%, 01/25/28 | 150 | 148 |
| Brown & Brown, Inc. |  |  |
| 4.70%, 06/23/28 | 300 | 303 |
| Capital One Financial Corporation |  |  |
| 6.38%, 06/08/34 | 400 | 426 |
| Carlyle Secured Lending, Inc. |  |  |
| 6.75%, 02/18/30 | 300 | 307 |
| Caterpillar Financial Services Corporation |  |  |
| 5.00%, 05/14/27 | 300 | 305 |
| 4.60%, 11/15/27 | 300 | 304 |
| Charles Schwab Corporation, The |  |  |
| 5.88%, 08/24/26 | 200 | 203 |

---

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page [607](#abbreviations).

**JNL Series Trust** (Unaudited)

**Schedules of Investments (in thousands)**

June 30, 2025

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| 1.65%, 03/11/31 | 300 | 258 |
| 6.14%, 08/24/34 | 200 | 216 |
| Chubb INA Holdings Inc. |  |  |
| 1.38%, 09/15/30 | 400 | 348 |
| 4.35%, 11/03/45 | 150 | 130 |
| Cincinnati Financial Corporation |  |  |
| 6.13%, 11/01/34 | 100 | 106 |
| Citigroup Inc. |  |  |
| 3.20%, 10/21/26 | 780 | 769 |
| 4.88%, 11/19/27 | 300 | 302 |
| 3.89%, 01/10/28 | 160 | 159 |
| 4.64%, 05/07/28 | 200 | 201 |
| 3.67%, 07/24/28 | 450 | 443 |
| 4.13%, 07/25/28 | 250 | 248 |
| 4.08%, 04/23/29 | 115 | 114 |
| 6.63%, 06/15/32 | 300 | 327 |
| 3.06%, 01/25/33 | 300 | 269 |
| 3.79%, 03/17/33 | 200 | 187 |
| 6.27%, 11/17/33 | 300 | 323 |
| 5.59%, 11/19/34 | 300 | 305 |
| 5.83%, 02/13/35 | 95 | 97 |
| 5.33%, 03/27/36 | 300 | 302 |
| 5.88%, 01/30/42 | 489 | 507 |
| 4.75%, 05/18/46 | 200 | 171 |
| 4.28%, 04/24/48 | 60 | 49 |
| 4.65%, 07/23/48 | 140 | 121 |
| Citizens Financial Group, Inc. |  |  |
| 2.64%, 09/30/32 | 300 | 252 |
| Commonwealth Bank of Australia |  |  |
| 4.42%, 03/14/28 | 250 | 252 |
| Corebridge Financial, Inc. |  |  |
| 3.65%, 04/05/27 | 200 | 197 |
| 3.90%, 04/05/32 | 200 | 188 |
| 4.40%, 04/05/52 | 200 | 160 |
| Deutsche Bank Aktiengesellschaft |  |  |
| 2.55%, 01/07/28 | 300 | 291 |
| 3.55%, 09/18/31 | 300 | 281 |
| 3.73%, 01/14/32 (e) | 400 | 366 |
| Discover Bank |  |  |
| 2.70%, 02/06/30 | 250 | 230 |
| Equitable Holdings, Inc. |  |  |
| 4.35%, 04/20/28 | 85 | 85 |
| 5.59%, 01/11/33 | 300 | 312 |
| 5.00%, 04/20/48 | 68 | 60 |
| European Bank for Reconstruction and Development |  |  |
| 4.25%, 03/13/34 | 300 | 300 |
| European Investment Bank |  |  |
| 1.38%, 03/15/27 | 800 | 768 |
| 4.38%, 03/19/27 - 10/10/31 | 700 | 711 |
| 3.88%, 03/15/28 | 210 | 211 |
| 4.13%, 02/13/34 | 500 | 497 |
| Fairfax Financial Holdings Limited |  |  |
| 6.35%, 03/22/54 | 200 | 204 |
| Fifth Third Bancorp |  |  |
| 8.25%, 03/01/38 | 300 | 360 |
| First Citizens BancShares, Inc. |  |  |
| 5.23%, 03/12/31 | 200 | 201 |
| Fiserv, Inc. |  |  |
| 3.50%, 07/01/29 | 190 | 183 |
| 4.75%, 03/15/30 | 150 | 151 |
| 4.40%, 07/01/49 | 100 | 82 |
| Ford Motor Credit Company LLC |  |  |
| 4.54%, 08/01/26 | 300 | 298 |
| 5.85%, 05/17/27 | 300 | 302 |
| 7.35%, 11/04/27 | 300 | 312 |
| 4.00%, 11/13/30 | 300 | 274 |
| FS KKR Capital Corp. |  |  |
| 6.13%, 01/15/30 | 200 | 199 |
| General Motors Financial Company, Inc. |  |  |
| 5.40%, 05/08/27 | 250 | 254 |
| 2.40%, 04/10/28 | 300 | 282 |
| 5.80%, 01/07/29 | 300 | 309 |
| 2.35%, 01/08/31 | 400 | 347 |
| 2.70%, 06/10/31 | 400 | 350 |
| 5.45%, 09/06/34 | 300 | 295 |
| Goldman Sachs Group, Inc., The |  |  |
| 3.85%, 01/26/27 | 110 | 109 |
| 1.54%, 09/10/27 | 150 | 145 |
| 1.95%, 10/21/27 | 170 | 165 |
| 2.64%, 02/24/28 | 300 | 291 |
| 4.94%, 04/23/28 | 300 | 303 |
| 3.81%, 04/23/29 | 150 | 148 |
| 5.21%, 01/28/31 | 100 | 102 |
| 2.62%, 04/22/32 | 205 | 182 |
| 2.38%, 07/21/32 | 200 | 175 |
| 2.65%, 10/21/32 | 160 | 141 |
| 3.10%, 02/24/33 | 300 | 270 |
| 5.02%, 10/23/35 | 300 | 296 |
| 5.54%, 01/28/36 | 110 | 113 |
| 6.75%, 10/01/37 | 350 | 383 |
| 4.41%, 04/23/39 | 90 | 81 |
| 3.21%, 04/22/42 | 125 | 94 |
| 4.75%, 10/21/45 | 230 | 204 |
| 5.56%, 11/19/45 | 300 | 296 |
| 5.73%, 01/28/56 | 110 | 110 |
| HA Sustainable Infrastructure Capital, Inc. |  |  |
| 6.15%, 01/15/31 | 200 | 202 |
| Hartford Insurance Group, Inc., The |  |  |
| 6.10%, 10/01/41 | 75 | 78 |
| HSBC Holdings PLC |  |  |
| 5.89%, 08/14/27 (e) | 400 | 406 |
| 5.60%, 05/17/28 | 300 | 306 |
| 5.21%, 08/11/28 | 300 | 304 |
| 2.21%, 08/17/29 (e) | 400 | 372 |
| 3.97%, 05/22/30 | 300 | 292 |
| 5.40%, 08/11/33 | 500 | 513 |
| 6.25%, 03/09/34 | 200 | 214 |
| 6.55%, 06/20/34 (e) | 200 | 212 |
| 7.40%, 11/13/34 | 250 | 279 |
| Huntington Bancshares Incorporated |  |  |
| 6.21%, 08/21/29 | 300 | 315 |
| Huntington National Bank, The |  |  |
| 4.87%, 04/12/28 | 300 | 302 |
| ING Groep N.V. |  |  |
| 4.25%, 03/28/33 | 200 | 192 |
| 5.53%, 03/25/36 (e) | 300 | 305 |
| Inter-American Development Bank |  |  |
| 1.50%, 01/13/27 | 750 | 724 |
| 4.00%, 01/12/28 | 300 | 302 |
| 4.50%, 02/15/30 | 200 | 206 |
| 3.75%, 06/14/30 | 200 | 199 |
| 1.13%, 01/13/31 | 300 | 259 |
| 3.50%, 04/12/33 | 95 | 90 |
| 4.38%, 01/24/44 | 100 | 93 |
| Inter-American Investment Corporation |  |  |
| 4.25%, 02/14/29 | 400 | 404 |
| Intercontinental Exchange, Inc. |  |  |
| 2.10%, 06/15/30 | 400 | 358 |
| 4.60%, 03/15/33 | 250 | 249 |
| 4.25%, 09/21/48 | 75 | 62 |
| 3.00%, 09/15/60 | 85 | 52 |
| International Bank for Reconstruction and Development |  |  |
| 3.13%, 06/15/27 | 400 | 395 |
| 2.50%, 11/22/27 - 03/29/32 | 1300 | 1244 |
| 1.38%, 04/20/28 | 300 | 281 |
| 4.50%, 06/26/28 - 04/10/31 | 500 | 509 |
| 3.50%, 07/12/28 | 205 | 204 |
| 3.88%, 02/14/30 | 210 | 210 |
| 4.00%, 01/10/31 | 500 | 502 |
| 1.25%, 02/10/31 | 195 | 169 |
| 4.63%, 01/15/32 | 220 | 227 |
| 4.75%, 11/14/33 | 200 | 208 |
| Japan Bank For International Cooperation |  |  |
| 2.25%, 11/04/26 | 400 | 391 |
| 2.00%, 10/17/29 | 400 | 369 |
| Jefferies Group LLC |  |  |
| 4.15%, 01/23/30 (b) | 150 | 147 |

---

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page [607](#abbreviations).

**JNL Series Trust** (Unaudited)

**Schedules of Investments (in thousands)**

June 30, 2025

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| John Deere Capital Corporation |  |  |
| 2.35%, 03/08/27 | 300 | 292 |
| 3.45%, 03/07/29 | 115 | 112 |
| 1.45%, 01/15/31 | 200 | 173 |
| 4.40%, 09/08/31 | 300 | 299 |
| JPMorgan Chase & Co. |  |  |
| 8.00%, 04/29/27 | 200 | 213 |
| 3.54%, 05/01/28 | 300 | 296 |
| 2.18%, 06/01/28 | 500 | 481 |
| 4.85%, 07/25/28 | 150 | 152 |
| 3.51%, 01/23/29 | 200 | 196 |
| 4.92%, 01/24/29 | 100 | 101 |
| 4.01%, 04/23/29 | 150 | 149 |
| 4.20%, 07/23/29 | 640 | 638 |
| 2.74%, 10/15/30 | 220 | 205 |
| 5.14%, 01/24/31 | 90 | 92 |
| 2.52%, 04/22/31 | 405 | 370 |
| 2.96%, 05/13/31 | 350 | 324 |
| 1.76%, 11/19/31 | 85 | 74 |
| 2.58%, 04/22/32 | 200 | 179 |
| 2.96%, 01/25/33 | 300 | 269 |
| 4.91%, 07/25/33 | 200 | 201 |
| 5.72%, 09/14/33 | 100 | 104 |
| 5.35%, 06/01/34 | 500 | 515 |
| 5.34%, 01/23/35 (b) | 250 | 256 |
| 5.77%, 04/22/35 | 115 | 121 |
| 5.29%, 07/22/35 | 200 | 203 |
| 5.50%, 01/24/36 | 100 | 103 |
| 4.85%, 02/01/44 | 300 | 279 |
| 3.96%, 11/15/48 | 200 | 160 |
| 3.90%, 01/23/49 | 105 | 83 |
| 3.11%, 04/22/51 | 370 | 249 |
| 3.33%, 04/22/52 | 195 | 136 |
| KeyCorp |  |  |
| 2.25%, 04/06/27 | 250 | 241 |
| KfW |  |  |
| 4.38%, 03/01/27 (b) | 300 | 303 |
| 3.75%, 02/15/28 | 300 | 300 |
| 4.13%, 07/15/33 | 700 | 697 |
| 0.00%, 06/29/37 (f) | 374 | 222 |
| Landwirtschaftliche Rentenbank |  |  |
| 2.50%, 11/15/27 | 400 | 389 |
| 3.88%, 06/14/28 | 200 | 201 |
| Lazard Group LLC |  |  |
| 4.38%, 03/11/29 | 300 | 297 |
| Lloyds Banking Group PLC |  |  |
| 5.99%, 08/07/27 | 200 | 203 |
| 3.75%, 03/18/28 (e) | 300 | 296 |
| 4.82%, 06/13/29 | 300 | 303 |
| 4.34%, 01/09/48 | 250 | 199 |
| Manufacturers and Traders Trust Company |  |  |
| 4.76%, 07/06/28 | 300 | 302 |
| Marex Group PLC |  |  |
| 5.83%, 05/08/28 | 300 | 304 |
| Markel Group Inc. |  |  |
| 4.15%, 09/17/50 | 300 | 230 |
| 6.00%, 05/16/54 | 200 | 200 |
| Marsh & Mclennan Companies, Inc. |  |  |
| 5.15%, 03/15/34 | 250 | 255 |
| 4.90%, 03/15/49 | 65 | 59 |
| 5.45%, 03/15/53 | 100 | 97 |
| MasterCard Incorporated |  |  |
| 4.85%, 03/09/33 | 100 | 102 |
| 3.85%, 03/26/50 | 300 | 236 |
| MetLife, Inc. |  |  |
| 5.70%, 06/15/35 | 100 | 106 |
| 6.40%, 12/15/36 | 100 | 104 |
| 5.25%, 01/15/54 | 300 | 283 |
| Mitsubishi UFJ Financial Group, Inc. |  |  |
| 5.02%, 07/20/28 | 300 | 304 |
| 5.35%, 09/13/28 | 300 | 306 |
| 4.32%, 04/19/33 | 300 | 289 |
| 5.41%, 04/19/34 (b) | 200 | 205 |
| Mizuho Financial Group, Inc. |  |  |
| 4.02%, 03/05/28 | 500 | 498 |
| 2.20%, 07/10/31 | 200 | 178 |
| 5.42%, 05/13/36 | 200 | 203 |
| Moody's Corporation |  |  |
| 2.00%, 08/19/31 | 400 | 347 |
| Morgan Stanley |  |  |
| 6.25%, 08/09/26 | 200 | 204 |
| 4.35%, 09/08/26 | 300 | 299 |
| 3.63%, 01/20/27 | 600 | 595 |
| 1.51%, 07/20/27 | 200 | 194 |
| 5.12%, 02/01/29 | 300 | 305 |
| 2.70%, 01/22/31 | 435 | 401 |
| 2.24%, 07/21/32 | 200 | 173 |
| 2.51%, 10/20/32 | 130 | 114 |
| 2.94%, 01/21/33 | 600 | 535 |
| 4.89%, 07/20/33 | 500 | 501 |
| 6.34%, 10/18/33 | 130 | 141 |
| 5.47%, 01/18/35 | 250 | 256 |
| 5.66%, 04/17/36 | 300 | 311 |
| 5.94%, 02/07/39 | 250 | 257 |
| 3.22%, 04/22/42 | 110 | 83 |
| 4.38%, 01/22/47 | 200 | 171 |
| Morgan Stanley Bank, N.A. |  |  |
| 4.45%, 10/15/27 | 400 | 401 |
| Nasdaq, Inc. |  |  |
| 1.65%, 01/15/31 (g) | 300 | 259 |
| 2.50%, 12/21/40 (g) | 100 | 69 |
| National Australia Bank Limited |  |  |
| 2.50%, 07/12/26 | 500 | 492 |
| National Rural Utilities Cooperative Finance Corporation |  |  |
| 4.75%, 02/07/28 | 200 | 203 |
| 5.15%, 06/15/29 | 200 | 206 |
| NatWest Group PLC |  |  |
| 5.81%, 09/13/29 | 200 | 208 |
| Nomura Holdings, Inc. |  |  |
| 5.59%, 07/02/27 | 300 | 307 |
| 5.78%, 07/03/34 | 300 | 310 |
| ORIX Corporation |  |  |
| 3.70%, 07/18/27 | 200 | 197 |
| Owl Rock Capital Advisors LLC |  |  |
| 8.45%, 11/15/26 | 50 | 52 |
| PACCAR Financial Corp. |  |  |
| 4.60%, 01/10/28 | 250 | 253 |
| PayPal Holdings, Inc. |  |  |
| 2.85%, 10/01/29 | 100 | 94 |
| 3.25%, 06/01/50 | 200 | 136 |
| Principal Financial Group, Inc. |  |  |
| 5.38%, 03/15/33 | 200 | 206 |
| 5.50%, 03/15/53 | 100 | 96 |
| Prudential Financial, Inc. |  |  |
| 3.91%, 12/07/47 | 313 | 245 |
| 3.70%, 03/13/51 | 300 | 221 |
| Royal Bank of Canada |  |  |
| 3.63%, 05/04/27 (e) | 300 | 297 |
| 4.51%, 10/18/27 (e) | 500 | 501 |
| 4.52%, 10/18/28 (b) (e) | 400 | 401 |
| 3.88%, 05/04/32 | 300 | 287 |
| 5.00%, 02/01/33 (e) | 150 | 152 |
| S&P Global Inc. |  |  |
| 2.45%, 03/01/27 | 200 | 195 |
| 4.75%, 08/01/28 | 100 | 101 |
| 2.90%, 03/01/32 | 200 | 182 |
| Santander Holdings USA, Inc. |  |  |
| 6.50%, 03/09/29 | 200 | 209 |
| 5.47%, 03/20/29 | 300 | 305 |
| Southstate Corporation |  |  |
| 7.00%, 06/13/35 | 200 | 205 |
| State Street Corporation |  |  |
| 5.27%, 08/03/26 | 200 | 202 |
| 4.53%, 02/20/29 | 200 | 202 |
| 4.68%, 10/22/32 | 500 | 500 |
| 5.16%, 05/18/34 | 300 | 306 |
| 3.03%, 11/01/34 | 230 | 212 |
| Sumitomo Mitsui Financial Group, Inc. |  |  |
| 3.45%, 01/11/27 | 150 | 148 |

---

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page [607](#abbreviations).

**JNL Series Trust** (Unaudited)

**Schedules of Investments (in thousands)**

June 30, 2025

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| 5.52%, 01/13/28 | 300 | 309 |
| 3.54%, 01/17/28 | 200 | 196 |
| 3.04%, 07/16/29 | 300 | 284 |
| 5.56%, 07/09/34 | 300 | 310 |
| Synchrony Bank |  |  |
| 5.63%, 08/23/27 (h) | 400 | 408 |
| The PNC Financial Services Group, Inc. |  |  |
| 3.15%, 05/19/27 | 400 | 393 |
| 3.45%, 04/23/29 | 200 | 195 |
| 4.81%, 10/21/32 | 400 | 401 |
| 5.94%, 08/18/34 | 400 | 423 |
| 5.68%, 01/22/35 | 250 | 260 |
| The Progressive Corporation |  |  |
| 4.35%, 04/25/44 | 200 | 172 |
| 4.13%, 04/15/47 | 50 | 41 |
| Toronto-Dominion Bank, The |  |  |
| 5.26%, 12/11/26 (e) | 200 | 203 |
| 3.20%, 03/10/32 (e) | 200 | 181 |
| Toyota Motor Credit Corporation |  |  |
| 2.15%, 02/13/30 | 500 | 454 |
| 1.65%, 01/10/31 | 100 | 86 |
| 4.70%, 01/12/33 | 100 | 100 |
| Travelers Companies, Inc., The |  |  |
| 6.38%, 03/15/33 | 200 | 224 |
| 4.00%, 05/30/47 | 100 | 80 |
| Truist Financial Corporation |  |  |
| 7.16%, 10/30/29 | 400 | 433 |
| 5.71%, 01/24/35 | 250 | 259 |
| U.S. Bancorp |  |  |
| 4.65%, 02/01/29 | 500 | 503 |
| 1.38%, 07/22/30 | 100 | 87 |
| 5.42%, 02/12/36 | 200 | 204 |
| U.S. Bank National Association |  |  |
| 4.51%, 10/22/27 (h) | 500 | 501 |
| UBS Group AG |  |  |
| 4.88%, 05/15/45 (e) | 350 | 312 |
| Unum Group |  |  |
| 4.50%, 12/15/49 | 300 | 238 |
| Visa Inc. |  |  |
| 1.10%, 02/15/31 | 300 | 256 |
| 2.70%, 04/15/40 | 200 | 151 |
| 3.65%, 09/15/47 | 45 | 35 |
| Wells Fargo & Company |  |  |
| 3.00%, 10/23/26 | 500 | 492 |
| 3.58%, 05/22/28 | 250 | 246 |
| 4.15%, 01/24/29 | 130 | 129 |
| 2.57%, 02/11/31 | 360 | 330 |
| 5.15%, 04/23/31 | 300 | 307 |
| 4.90%, 07/25/33 | 400 | 400 |
| 5.50%, 01/23/35 | 250 | 256 |
| 3.07%, 04/30/41 | 150 | 113 |
| 5.61%, 01/15/44 | 350 | 340 |
| 4.90%, 11/17/45 | 250 | 220 |
| 4.75%, 12/07/46 | 200 | 171 |
| 4.61%, 04/25/53 | 250 | 213 |
| Wells Fargo Bank, National Association |  |  |
| 5.45%, 08/07/26 | 250 | 253 |
| 5.25%, 12/11/26 | 250 | 254 |
| Westpac Banking Corporation |  |  |
| 2.70%, 08/19/26 | 250 | 246 |
| 5.54%, 11/17/28 | 200 | 209 |
| 4.11%, 07/24/34 (e) | 500 | 485 |
| 5.62%, 11/20/35 (e) | 300 | 302 |
| 3.02%, 11/18/36 | 85 | 75 |
| 4.42%, 07/24/39 (e) | 50 | 45 |
| Willis North America Inc. |  |  |
| 3.88%, 09/15/49 | 300 | 221 |
| | | 94132 |
| **Health Care 2.6%** | **Health Care 2.6%** | **Health Care 2.6%** |
| Abbott Laboratories |  |  |
| 1.40%, 06/30/30 | 100 | 88 |
| 6.00%, 04/01/39 | 100 | 110 |
| 4.75%, 04/15/43 | 200 | 190 |
| AbbVie Inc. |  |  |
| 4.65%, 03/15/28 | 200 | 203 |
| 4.25%, 11/14/28 | 100 | 100 |
| 3.20%, 11/21/29 | 350 | 335 |
| 4.30%, 05/14/36 | 115 | 109 |
| 4.05%, 11/21/39 | 400 | 350 |
| 4.45%, 05/14/46 | 140 | 121 |
| 4.88%, 11/14/48 | 100 | 91 |
| Aetna Inc. |  |  |
| 6.63%, 06/15/36 | 150 | 161 |
| Amgen Inc. |  |  |
| 2.60%, 08/19/26 | 180 | 177 |
| 2.45%, 02/21/30 | 80 | 73 |
| 5.25%, 03/02/30 | 400 | 412 |
| 2.30%, 02/25/31 | 350 | 314 |
| 3.15%, 02/21/40 | 265 | 204 |
| 3.38%, 02/21/50 | 265 | 187 |
| 4.66%, 06/15/51 | 408 | 350 |
| 3.00%, 01/15/52 | 200 | 129 |
| AstraZeneca Finance LLC |  |  |
| 4.80%, 02/26/27 | 250 | 253 |
| 4.90%, 03/03/30 | 200 | 205 |
| 5.00%, 02/26/34 | 250 | 255 |
| AstraZeneca PLC |  |  |
| 1.38%, 08/06/30 | 80 | 69 |
| 6.45%, 09/15/37 | 250 | 281 |
| 4.38%, 11/16/45 - 08/17/48 | 130 | 112 |
| Baxalta Incorporated |  |  |
| 5.25%, 06/23/45 | 60 | 56 |
| Baxter International Inc. |  |  |
| 1.92%, 02/01/27 | 145 | 140 |
| 2.54%, 02/01/32 | 100 | 87 |
| Becton, Dickinson and Company |  |  |
| 3.70%, 06/06/27 | 300 | 297 |
| Biogen Inc. |  |  |
| 6.45%, 05/15/55 | 200 | 206 |
| Bristol-Myers Squibb Company |  |  |
| 4.90%, 02/22/27 | 250 | 253 |
| 3.90%, 02/20/28 | 200 | 199 |
| 3.40%, 07/26/29 | 75 | 73 |
| 1.45%, 11/13/30 | 90 | 78 |
| 2.95%, 03/15/32 | 85 | 77 |
| 4.13%, 06/15/39 | 100 | 89 |
| 3.55%, 03/15/42 | 60 | 47 |
| 4.35%, 11/15/47 | 70 | 58 |
| 4.55%, 02/20/48 | 70 | 60 |
| 4.25%, 10/26/49 | 190 | 154 |
| 2.55%, 11/13/50 | 85 | 50 |
| 5.55%, 02/22/54 | 135 | 132 |
| Cardinal Health, Inc. |  |  |
| 3.41%, 06/15/27 | 200 | 197 |
| 5.00%, 11/15/29 | 300 | 306 |
| Cencora, Inc. |  |  |
| 5.15%, 02/15/35 | 200 | 202 |
| Centene Corporation |  |  |
| 2.45%, 07/15/28 | 365 | 339 |
| 2.63%, 08/01/31 | 305 | 261 |
| Cigna Group, The |  |  |
| 4.38%, 10/15/28 | 210 | 210 |
| 4.80%, 08/15/38 | 620 | 582 |
| 3.88%, 10/15/47 | 60 | 45 |
| 4.90%, 12/15/48 | 160 | 140 |
| CommonSpirit Health |  |  |
| 5.32%, 12/01/34 | 200 | 201 |
| Cottage Health |  |  |
| 3.30%, 11/01/49 | 300 | 208 |
| CVS Health Corporation |  |  |
| 4.30%, 03/25/28 | 620 | 618 |
| 5.40%, 06/01/29 | 300 | 309 |
| 3.25%, 08/15/29 | 300 | 285 |
| 1.75%, 08/21/30 | 95 | 82 |
| 6.00%, 06/01/44 | 300 | 296 |
| 5.13%, 07/20/45 | 200 | 177 |
| 5.05%, 03/25/48 | 470 | 407 |

---

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page [607](#abbreviations).

**JNL Series Trust** (Unaudited)

**Schedules of Investments (in thousands)**

June 30, 2025

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| Elevance Health, Inc. |  |  |
| 2.25%, 05/15/30 | 350 | 316 |
| 4.38%, 12/01/47 | 80 | 65 |
| 3.60%, 03/15/51 | 70 | 49 |
| Eli Lilly and Company |  |  |
| 4.50%, 02/09/27 | 250 | 252 |
| 4.55%, 02/12/28 | 200 | 203 |
| 3.38%, 03/15/29 | 250 | 245 |
| 4.90%, 02/12/32 | 200 | 205 |
| 4.70%, 02/09/34 | 250 | 250 |
| 2.50%, 09/15/60 | 300 | 165 |
| 5.60%, 02/12/65 | 200 | 202 |
| GE HealthCare Technologies Inc. |  |  |
| 5.65%, 11/15/27 | 130 | 134 |
| 4.80%, 08/14/29 | 150 | 152 |
| 5.91%, 11/22/32 | 100 | 106 |
| Gilead Sciences, Inc. |  |  |
| 2.95%, 03/01/27 | 300 | 294 |
| 1.65%, 10/01/30 | 400 | 350 |
| 2.60%, 10/01/40 | 100 | 72 |
| 4.15%, 03/01/47 | 150 | 122 |
| 5.60%, 11/15/64 | 150 | 147 |
| GlaxoSmithKline Capital Inc. |  |  |
| 3.88%, 05/15/28 | 120 | 119 |
| HCA Inc. |  |  |
| 4.13%, 06/15/29 | 100 | 98 |
| 5.45%, 09/15/34 | 200 | 202 |
| 5.13%, 06/15/39 | 50 | 47 |
| 5.50%, 06/15/47 | 300 | 279 |
| 5.25%, 06/15/49 | 100 | 89 |
| 5.90%, 06/01/53 | 200 | 193 |
| 6.20%, 03/01/55 | 200 | 201 |
| Hoag Memorial Hospital Presbyterian |  |  |
| 3.80%, 07/15/52 | 200 | 151 |
| Humana Inc. |  |  |
| 5.38%, 04/15/31 | 200 | 205 |
| 5.95%, 03/15/34 | 250 | 260 |
| 5.75%, 04/15/54 | 200 | 186 |
| Johnson & Johnson |  |  |
| 4.80%, 06/01/29 | 300 | 308 |
| 4.70%, 03/01/30 | 200 | 205 |
| 3.63%, 03/03/37 | 100 | 89 |
| 5.95%, 08/15/37 | 250 | 276 |
| 3.50%, 01/15/48 | 50 | 38 |
| 2.45%, 09/01/60 | 200 | 111 |
| McKesson Corporation |  |  |
| 5.10%, 07/15/33 | 200 | 205 |
| MedStar Health, Inc. |  |  |
| 3.63%, 08/15/49 | 200 | 139 |
| Medtronic Global Holdings S.C.A. |  |  |
| 4.50%, 03/30/33 | 100 | 99 |
| Medtronic, Inc. |  |  |
| 4.63%, 03/15/45 | 284 | 255 |
| Memorial Sloan-Kettering Cancer Center |  |  |
| 4.13%, 07/01/52 | 150 | 120 |
| 4.20%, 07/01/55 | 250 | 201 |
| Merck & Co., Inc. |  |  |
| 2.15%, 12/10/31 | 120 | 105 |
| 3.90%, 03/07/39 | 50 | 44 |
| 2.35%, 06/24/40 | 55 | 39 |
| 3.70%, 02/10/45 | 250 | 197 |
| 4.00%, 03/07/49 | 80 | 64 |
| 2.45%, 06/24/50 | 70 | 41 |
| 5.00%, 05/17/53 | 200 | 184 |
| 5.15%, 05/17/63 | 100 | 92 |
| Mylan II B.V. |  |  |
| 5.25%, 06/15/46 | 85 | 69 |
| New York and Presbyterian Hospital, The |  |  |
| 4.06%, 08/01/56 | 150 | 116 |
| Northwell Health, Inc. |  |  |
| 3.98%, 11/01/46 | 300 | 230 |
| Novartis Capital Corporation |  |  |
| 2.00%, 02/14/27 | 400 | 389 |
| 2.20%, 08/14/30 | 95 | 87 |
| 4.40%, 05/06/44 | 200 | 178 |
| 2.75%, 08/14/50 | 65 | 42 |
| Pfizer Inc. |  |  |
| 6.60%, 12/01/28 (i) | 50 | 54 |
| 4.20%, 09/15/48 | 50 | 41 |
| 4.00%, 03/15/49 | 65 | 51 |
| Pfizer Investment Enterprises Pte. Ltd |  |  |
| 4.65%, 05/19/30 (b) | 300 | 304 |
| 5.34%, 05/19/63 | 300 | 278 |
| Providence St. Joseph Health |  |  |
| 3.74%, 10/01/47 | 350 | 256 |
| Shire Acquisitions Investments Ireland Designated Activity Company |  |  |
| 3.20%, 09/23/26 | 12 | 12 |
| Smith & Nephew PLC |  |  |
| 5.40%, 03/20/34 | 200 | 202 |
| Stryker Corporation |  |  |
| 4.85%, 12/08/28 | 200 | 204 |
| 4.10%, 04/01/43 | 200 | 166 |
| Thermo Fisher Scientific Inc. |  |  |
| 5.30%, 02/01/44 | 200 | 194 |
| Trinity Health Group, Ltd. |  |  |
| 4.13%, 12/01/45 | 250 | 204 |
| UnitedHealth Group Incorporated |  |  |
| 5.25%, 02/15/28 | 200 | 205 |
| 3.88%, 12/15/28 | 200 | 197 |
| 4.25%, 01/15/29 - 06/15/48 | 180 | 164 |
| 5.30%, 02/15/30 | 200 | 207 |
| 4.90%, 04/15/31 | 200 | 203 |
| 2.30%, 05/15/31 | 80 | 71 |
| 4.95%, 01/15/32 | 400 | 405 |
| 4.20%, 05/15/32 - 01/15/47 | 400 | 363 |
| 5.35%, 02/15/33 | 200 | 206 |
| 5.80%, 03/15/36 | 150 | 158 |
| 3.50%, 08/15/39 | 250 | 202 |
| 3.05%, 05/15/41 | 80 | 59 |
| 3.75%, 10/15/47 | 60 | 45 |
| 4.45%, 12/15/48 | 60 | 50 |
| 5.88%, 02/15/53 | 100 | 100 |
| 6.05%, 02/15/63 | 100 | 101 |
| Viatris Inc. |  |  |
| 2.70%, 06/22/30 | 90 | 80 |
| 3.85%, 06/22/40 | 80 | 59 |
| 4.00%, 06/22/50 | 110 | 73 |
| Wyeth LLC |  |  |
| 5.95%, 04/01/37 | 250 | 267 |
| Zimmer Biomet Holdings, Inc. |  |  |
| 4.70%, 02/19/27 | 200 | 201 |
| Zoetis Inc. |  |  |
| 2.00%, 05/15/30 | 200 | 180 |
| 5.60%, 11/16/32 | 200 | 211 |
| | | 26855 |
| **Utilities 2.4%** | **Utilities 2.4%** | **Utilities 2.4%** |
| AEP Texas Inc. |  |  |
| 3.45%, 01/15/50 | 10 | 7 |
| AEP Transmission Company, LLC |  |  |
| 5.40%, 03/15/53 | 100 | 96 |
| Alabama Power Company |  |  |
| 6.00%, 03/01/39 | 250 | 269 |
| 3.70%, 12/01/47 | 200 | 153 |
| 3.13%, 07/15/51 | 200 | 134 |
| Ameren Corporation |  |  |
| 5.00%, 01/15/29 | 200 | 204 |
| American Water Capital Corp. |  |  |
| 5.15%, 03/01/34 | 250 | 254 |
| 3.75%, 09/01/47 | 100 | 76 |
| Appalachian Power Company |  |  |
| 5.65%, 04/01/34 | 200 | 206 |
| 3.70%, 05/01/50 | 200 | 141 |
| Arizona Public Service Company |  |  |
| 4.50%, 04/01/42 | 100 | 86 |
| Atmos Energy Corporation |  |  |
| 1.50%, 01/15/31 | 300 | 256 |
| 5.90%, 11/15/33 | 100 | 107 |
| 6.20%, 11/15/53 | 200 | 216 |

---

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page [607](#abbreviations).

**JNL Series Trust** (Unaudited)

**Schedules of Investments (in thousands)**

June 30, 2025

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| Baltimore Gas and Electric Company |  |  |
| 2.25%, 06/15/31 | 300 | 267 |
| Berkshire Hathaway Energy Company |  |  |
| 3.25%, 04/15/28 | 200 | 196 |
| 6.13%, 04/01/36 | 400 | 430 |
| 3.80%, 07/15/48 | 100 | 76 |
| CenterPoint Energy Houston Electric, LLC |  |  |
| 4.45%, 10/01/32 | 100 | 98 |
| CenterPoint Energy, Inc. |  |  |
| 2.95%, 03/01/30 | 200 | 186 |
| CMS Energy Corporation |  |  |
| 4.75%, 06/01/50 | 300 | 292 |
| Commonwealth Edison Company |  |  |
| 5.65%, 06/01/54 | 200 | 199 |
| 5.95%, 06/01/55 | 200 | 207 |
| Consolidated Edison Company of New York, Inc. |  |  |
| 5.50%, 03/15/34 | 100 | 104 |
| 5.38%, 05/15/34 | 300 | 310 |
| 5.13%, 03/15/35 | 150 | 152 |
| 5.70%, 06/15/40 | 100 | 103 |
| 3.88%, 06/15/47 | 300 | 230 |
| Constellation Energy Generation, LLC |  |  |
| 5.75%, 03/15/54 | 200 | 196 |
| Consumers Energy Company |  |  |
| 4.63%, 05/15/33 | 300 | 297 |
| Dominion Energy, Inc. |  |  |
| 4.60%, 05/15/28 | 300 | 302 |
| 3.38%, 04/01/30 | 250 | 238 |
| 5.00%, 06/15/30 | 200 | 204 |
| 6.88%, 02/01/55 | 300 | 315 |
| DTE Electric Company |  |  |
| 2.63%, 03/01/31 | 250 | 227 |
| 5.85%, 05/15/55 | 200 | 205 |
| Duke Energy Corporation |  |  |
| 2.45%, 02/01/30 - 06/01/30 | 550 | 503 |
| 5.30%, 02/15/40 | 300 | 299 |
| 3.20%, 08/15/49 | 250 | 169 |
| Duke Energy Florida, LLC |  |  |
| 3.40%, 10/01/46 | 60 | 43 |
| Duke Energy Indiana, LLC |  |  |
| 6.12%, 10/15/35 | 250 | 265 |
| 5.90%, 05/15/55 | 200 | 205 |
| Duke Energy Progress NC Storm Funding LLC |  |  |
| 2.39%, 07/01/37 | 100 | 83 |
| Duke Energy Progress, LLC |  |  |
| 5.05%, 03/15/35 | 200 | 201 |
| 4.20%, 08/15/45 | 250 | 206 |
| 5.35%, 03/15/53 | 100 | 95 |
| Edison International |  |  |
| 6.95%, 11/15/29 | 200 | 208 |
| Entergy Utility Assets, LLC |  |  |
| 5.35%, 03/15/34 | 200 | 205 |
| 5.15%, 09/15/34 | 150 | 151 |
| Entergy Utility Enterprises, Inc. |  |  |
| 5.00%, 09/01/33 | 400 | 401 |
| Evergy Kansas Central, Inc. |  |  |
| 4.70%, 03/13/28 | 200 | 202 |
| Eversource Energy |  |  |
| 3.30%, 01/15/28 | 200 | 195 |
| Exelon Corporation |  |  |
| 4.95%, 06/15/35 | 250 | 243 |
| 5.88%, 03/15/55 | 200 | 200 |
| Florida Power & Light Company |  |  |
| 5.05%, 04/01/28 | 100 | 102 |
| 3.70%, 12/01/47 | 40 | 30 |
| 4.13%, 06/01/48 | 300 | 244 |
| 5.70%, 03/15/55 | 200 | 203 |
| Iberdrola International B.V. |  |  |
| 6.75%, 07/15/36 | 150 | 170 |
| Idaho Power Company |  |  |
| 5.70%, 03/15/55 | 200 | 197 |
| Kentucky Utilities Company |  |  |
| 5.13%, 11/01/40 | 150 | 145 |
| MidAmerican Energy Company |  |  |
| 6.75%, 12/30/31 | 50 | 56 |
| 3.15%, 04/15/50 | 125 | 84 |
| National Fuel Gas Company |  |  |
| 3.95%, 09/15/27 (g) | 301 | 297 |
| NextEra Energy Capital Holdings, Inc. |  |  |
| 4.90%, 02/28/28 | 200 | 203 |
| 5.00%, 02/28/30 | 200 | 205 |
| 2.25%, 06/01/30 | 400 | 360 |
| 5.05%, 02/28/33 | 200 | 202 |
| 5.25%, 02/28/53 | 200 | 185 |
| NiSource Finance Corp. |  |  |
| 3.49%, 05/15/27 | 200 | 197 |
| NiSource Inc. |  |  |
| 5.25%, 03/30/28 | 100 | 102 |
| 1.70%, 02/15/31 | 500 | 428 |
| Northern States Power Company |  |  |
| 4.13%, 05/15/44 | 250 | 208 |
| 5.10%, 05/15/53 | 200 | 186 |
| NorthWestern Corporation |  |  |
| 4.18%, 11/15/44 | 150 | 122 |
| NSTAR Electric Company |  |  |
| 3.20%, 05/15/27 | 200 | 197 |
| 4.95%, 09/15/52 | 100 | 89 |
| Ohio Power Company |  |  |
| 2.60%, 04/01/30 | 200 | 184 |
| Oncor Electric Delivery Company LLC |  |  |
| 5.75%, 03/15/29 | 150 | 157 |
| 5.25%, 09/30/40 | 200 | 196 |
| 3.80%, 09/30/47 | 200 | 151 |
| One Gas, Inc. |  |  |
| 5.10%, 04/01/29 | 200 | 205 |
| PacifiCorp |  |  |
| 6.25%, 10/15/37 | 200 | 211 |
| 5.50%, 05/15/54 | 200 | 184 |
| PECO Energy Company |  |  |
| 2.85%, 09/15/51 | 250 | 157 |
| PG&E Company |  |  |
| 4.55%, 07/01/30 | 235 | 229 |
| 6.95%, 03/15/34 | 200 | 215 |
| 6.00%, 08/15/35 | 200 | 202 |
| 4.50%, 07/01/40 | 240 | 200 |
| 4.95%, 07/01/50 | 275 | 222 |
| 3.50%, 08/01/50 | 105 | 67 |
| PG&E Wildfire Recovery Funding LLC |  |  |
| 4.26%, 06/01/36 | 200 | 188 |
| 5.21%, 12/01/47 | 100 | 95 |
| 5.10%, 06/01/52 | 225 | 207 |
| PPL Capital Funding, Inc. |  |  |
| 4.13%, 04/15/30 | 250 | 246 |
| PPL Electric Utilities Corporation |  |  |
| 3.00%, 10/01/49 | 250 | 164 |
| Progress Energy, Inc. |  |  |
| 7.75%, 03/01/31 | 300 | 345 |
| Public Service Company of Colorado |  |  |
| 5.85%, 05/15/55 | 200 | 199 |
| Public Service Electric And Gas Company |  |  |
| 3.00%, 05/15/27 | 200 | 196 |
| 2.05%, 08/01/50 | 300 | 160 |
| 5.30%, 08/01/54 | 200 | 192 |
| Public Service Enterprise Group Incorporated |  |  |
| 1.60%, 08/15/30 | 200 | 173 |
| Puget Sound Energy, Inc. |  |  |
| 5.76%, 10/01/39 | 200 | 207 |
| 3.25%, 09/15/49 | 170 | 114 |
| San Diego Gas & Electric Company |  |  |
| 1.70%, 10/01/30 (b) | 200 | 174 |
| 5.55%, 04/15/54 | 200 | 192 |
| Sempra |  |  |
| 5.50%, 08/01/33 | 200 | 204 |
| 4.00%, 02/01/48 | 50 | 37 |
| Southern California Edison Company |  |  |
| 5.95%, 11/01/32 - 02/01/38 | 400 | 408 |
| 6.00%, 01/15/34 | 75 | 77 |
| 5.63%, 02/01/36 | 195 | 190 |
| 4.05%, 03/15/42 | 200 | 152 |

---

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page [607](#abbreviations).

**JNL Series Trust** (Unaudited)

**Schedules of Investments (in thousands)**

June 30, 2025

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| Southern Company Gas Capital Corporation |  |  |
| 4.40%, 05/30/47 | 200 | 163 |
| 3.15%, 09/30/51 | 200 | 128 |
| Southwest Gas Corporation |  |  |
| 5.45%, 03/23/28 | 100 | 102 |
| System Energy Resources, Inc. |  |  |
| 6.00%, 04/15/28 | 100 | 104 |
| 5.30%, 12/15/34 | 200 | 198 |
| The Cleveland Electric Illuminating Company |  |  |
| 5.95%, 12/15/36 | 250 | 261 |
| The Southern Company |  |  |
| 3.70%, 04/30/30 (e) | 250 | 241 |
| 4.40%, 07/01/46 | 200 | 167 |
| Union Electric Company |  |  |
| 3.65%, 04/15/45 | 350 | 270 |
| Virginia Electric and Power Company |  |  |
| 6.00%, 05/15/37 | 200 | 210 |
| 4.45%, 02/15/44 | 100 | 85 |
| 4.00%, 11/15/46 | 300 | 233 |
| Washington Gas Light Company |  |  |
| 3.80%, 09/15/46 | 200 | 151 |
| Wisconsin Electric Power Company |  |  |
| 4.75%, 09/30/32 | 100 | 101 |
| XCEL Energy Inc. |  |  |
| 2.60%, 12/01/29 | 300 | 278 |
| | | 24317 |
| **Information Technology 1.9%** | **Information Technology 1.9%** | **Information Technology 1.9%** |
| Accenture Capital Inc. |  |  |
| 3.90%, 10/04/27 | 400 | 399 |
| 4.50%, 10/04/34 | 400 | 390 |
| Adobe Inc. |  |  |
| 4.75%, 01/17/28 | 500 | 509 |
| 2.30%, 02/01/30 | 200 | 184 |
| Apple Inc. |  |  |
| 3.20%, 05/11/27 | 150 | 148 |
| 3.00%, 11/13/27 (b) | 620 | 608 |
| 4.00%, 05/10/28 - 05/12/28 | 500 | 501 |
| 2.20%, 09/11/29 | 300 | 279 |
| 4.20%, 05/12/30 | 200 | 201 |
| 3.35%, 08/08/32 | 75 | 71 |
| 4.30%, 05/10/33 | 200 | 201 |
| 4.75%, 05/12/35 | 200 | 202 |
| 2.38%, 02/08/41 | 90 | 63 |
| 4.25%, 02/09/47 | 60 | 51 |
| 3.75%, 09/12/47 | 60 | 47 |
| 2.95%, 09/11/49 | 300 | 202 |
| 2.65%, 05/11/50 | 250 | 157 |
| 4.85%, 05/10/53 (b) | 100 | 95 |
| 2.80%, 02/08/61 | 240 | 142 |
| Atlassian Corporation |  |  |
| 5.50%, 05/15/34 | 300 | 307 |
| Autodesk, Inc. |  |  |
| 5.30%, 06/15/35 | 200 | 203 |
| Broadcom Inc. |  |  |
| 3.50%, 01/15/28 | 300 | 294 |
| 4.75%, 04/15/29 | 200 | 203 |
| 5.00%, 04/15/30 | 250 | 255 |
| 4.15%, 11/15/30 | 100 | 98 |
| 5.15%, 11/15/31 | 300 | 309 |
| 3.47%, 04/15/34 (j) | 255 | 228 |
| 3.50%, 02/15/41 (j) | 300 | 238 |
| 3.75%, 02/15/51 (j) | 300 | 224 |
| Cisco Systems, Inc. |  |  |
| 2.50%, 09/20/26 | 400 | 393 |
| 4.80%, 02/26/27 | 250 | 253 |
| 5.05%, 02/26/34 | 250 | 256 |
| Corning Incorporated |  |  |
| 5.75%, 08/15/40 | 95 | 97 |
| 3.90%, 11/15/49 | 300 | 228 |
| 4.38%, 11/15/57 | 40 | 32 |
| Dell International L.L.C. |  |  |
| 6.02%, 06/15/26 (g) | 303 | 306 |
| 6.20%, 07/15/30 (g) | 250 | 267 |
| 8.10%, 07/15/36 (g) | 79 | 95 |
| 8.35%, 07/15/46 (g) | 13 | 17 |
| 3.45%, 12/15/51 | 22 | 15 |
| DXC Technology Company |  |  |
| 2.38%, 09/15/28 | 300 | 279 |
| Hewlett Packard Enterprise Company |  |  |
| 5.00%, 10/15/34 | 100 | 97 |
| 6.35%, 10/15/45 (i) | 90 | 92 |
| HP, Inc. |  |  |
| 6.10%, 04/25/35 | 300 | 310 |
| Intel Corporation |  |  |
| 3.15%, 05/11/27 | 150 | 147 |
| 4.88%, 02/10/28 | 130 | 132 |
| 5.20%, 02/10/33 | 115 | 116 |
| 2.80%, 08/12/41 | 300 | 202 |
| 4.10%, 05/11/47 | 150 | 113 |
| 3.73%, 12/08/47 | 120 | 85 |
| 3.25%, 11/15/49 | 80 | 51 |
| 5.05%, 08/05/62 | 105 | 85 |
| 5.90%, 02/10/63 | 125 | 117 |
| International Business Machines Corporation |  |  |
| 3.50%, 05/15/29 | 210 | 204 |
| 5.88%, 11/29/32 | 100 | 108 |
| 4.00%, 06/20/42 | 200 | 166 |
| 4.25%, 05/15/49 | 150 | 121 |
| 5.70%, 02/10/55 | 200 | 198 |
| Intuit Inc. |  |  |
| 5.20%, 09/15/33 | 100 | 104 |
| 5.50%, 09/15/53 | 300 | 298 |
| Keysight Technologies, Inc. |  |  |
| 5.35%, 07/30/30 | 300 | 310 |
| 4.95%, 10/15/34 | 400 | 395 |
| KLA Corporation |  |  |
| 3.30%, 03/01/50 | 300 | 208 |
| Micron Technology, Inc. |  |  |
| 5.38%, 04/15/28 | 200 | 205 |
| Microsoft Corporation |  |  |
| 3.40%, 06/15/27 | 200 | 199 |
| 2.53%, 06/01/50 | 377 | 233 |
| 2.92%, 03/17/52 | 210 | 139 |
| 2.68%, 06/01/60 | 179 | 106 |
| 3.04%, 03/17/62 | 220 | 141 |
| Motorola Solutions, Inc. |  |  |
| 4.60%, 05/23/29 | 300 | 302 |
| NVIDIA Corporation |  |  |
| 1.55%, 06/15/28 | 300 | 281 |
| 3.50%, 04/01/40 | 300 | 253 |
| Oracle Corporation |  |  |
| 2.65%, 07/15/26 | 200 | 196 |
| 3.25%, 11/15/27 | 210 | 205 |
| 2.88%, 03/25/31 | 230 | 210 |
| 6.25%, 11/09/32 | 110 | 119 |
| 3.90%, 05/15/35 | 350 | 316 |
| 3.80%, 11/15/37 | 200 | 171 |
| 3.60%, 04/01/40 | 200 | 160 |
| 4.50%, 07/08/44 | 200 | 168 |
| 4.13%, 05/15/45 | 200 | 159 |
| 6.90%, 11/09/52 | 105 | 117 |
| 5.55%, 02/06/53 | 95 | 89 |
| 4.38%, 05/15/55 | 310 | 243 |
| 4.10%, 03/25/61 | 235 | 170 |
| Qualcomm Incorporated |  |  |
| 5.40%, 05/20/33 | 200 | 211 |
| 4.65%, 05/20/35 | 60 | 59 |
| 4.50%, 05/20/52 | 250 | 211 |
| 6.00%, 05/20/53 | 100 | 105 |
| Roper Technologies, Inc. |  |  |
| 1.40%, 09/15/27 | 300 | 282 |
| TD SYNNEX Corporation |  |  |
| 1.75%, 08/09/26 (g) | 200 | 193 |
| 2.65%, 08/09/31 (g) | 200 | 173 |
| Texas Instruments Incorporated |  |  |
| 4.90%, 03/14/33 | 100 | 102 |
| 4.85%, 02/08/34 | 250 | 254 |
| 4.15%, 05/15/48 | 75 | 62 |
| 5.00%, 03/14/53 | 200 | 185 |

---

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page [607](#abbreviations).

**JNL Series Trust** (Unaudited)

**Schedules of Investments (in thousands)**

June 30, 2025

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| VMware LLC |  |  |
| 4.70%, 05/15/30 (g) | 250 | 251 |
| | | 18976 |
| **Energy 1.8%** | **Energy 1.8%** | **Energy 1.8%** |
| Apa Corp. |  |  |
| 4.25%, 01/15/30 (j) | 200 | 191 |
| Baker Hughes Holdings LLC |  |  |
| 3.34%, 12/15/27 | 400 | 392 |
| 4.49%, 05/01/30 | 250 | 251 |
| BP Capital Markets America Inc. |  |  |
| 3.63%, 04/06/30 | 350 | 340 |
| 4.81%, 02/13/33 | 95 | 95 |
| 2.94%, 06/04/51 | 85 | 53 |
| BP Capital Markets P.L.C. |  |  |
| 3.28%, 09/19/27 | 90 | 88 |
| Burlington Resources Finance Co |  |  |
| 7.20%, 08/15/31 | 100 | 114 |
| Canadian Natural Resources Limited |  |  |
| 5.85%, 02/01/35 | 150 | 152 |
| 6.25%, 03/15/38 | 150 | 155 |
| Cenovus Energy Inc. |  |  |
| 6.75%, 11/15/39 | 87 | 93 |
| Cheniere Energy Partners, L.P. |  |  |
| 5.95%, 06/30/33 | 200 | 209 |
| 5.75%, 08/15/34 | 300 | 308 |
| Chevron Corporation |  |  |
| 2.24%, 05/11/30 | 180 | 164 |
| Chevron U.S.A. Inc. |  |  |
| 2.34%, 08/12/50 | 40 | 23 |
| Columbia Pipeline Group, Inc. |  |  |
| 5.80%, 06/01/45 | 100 | 97 |
| ConocoPhillips Company |  |  |
| 5.05%, 09/15/33 | 300 | 305 |
| 3.76%, 03/15/42 | 300 | 240 |
| Diamondback Energy, Inc. |  |  |
| 5.40%, 04/18/34 | 200 | 200 |
| Enable Midstream Partners, LP |  |  |
| 4.95%, 05/15/28 | 300 | 305 |
| Enbridge Energy Partners, L.P. |  |  |
| 7.50%, 04/15/38 | 200 | 231 |
| Enbridge Inc. |  |  |
| 5.55%, 06/20/35 | 300 | 305 |
| 6.70%, 11/15/53 | 50 | 54 |
| Energy Transfer LP |  |  |
| 4.95%, 06/15/28 | 300 | 304 |
| 3.75%, 05/15/30 | 250 | 240 |
| 6.55%, 12/01/33 | 75 | 81 |
| 7.50%, 07/01/38 | 200 | 229 |
| 6.50%, 02/01/42 | 150 | 156 |
| 5.00%, 05/15/50 | 200 | 168 |
| Enterprise Products Operating LLC |  |  |
| 2.80%, 01/31/30 | 250 | 234 |
| 6.88%, 03/01/33 | 25 | 28 |
| 5.20%, 01/15/36 | 200 | 201 |
| 6.45%, 09/01/40 | 100 | 110 |
| 4.45%, 02/15/43 | 150 | 130 |
| 4.95%, 10/15/54 | 300 | 262 |
| 5.55%, 02/16/55 | 150 | 145 |
| 3.95%, 01/31/60 | 100 | 73 |
| EOG Resources, Inc. |  |  |
| 5.65%, 12/01/54 | 200 | 195 |
| 5.95%, 07/15/55 | 200 | 203 |
| EQT Corporation |  |  |
| 4.75%, 01/15/31 (j) | 300 | 296 |
| Equinor ASA |  |  |
| 3.13%, 04/06/30 | 300 | 286 |
| 3.95%, 05/15/43 | 300 | 252 |
| Exxon Mobil Corporation |  |  |
| 2.28%, 08/16/26 | 150 | 147 |
| 2.61%, 10/15/30 | 360 | 333 |
| 3.00%, 08/16/39 | 300 | 233 |
| 4.11%, 03/01/46 | 205 | 168 |
| 3.10%, 08/16/49 | 200 | 134 |
| Halliburton Company |  |  |
| 7.45%, 09/15/39 | 250 | 293 |
| 5.00%, 11/15/45 | 120 | 106 |
| Hess Corporation |  |  |
| 7.30%, 08/15/31 | 23 | 26 |
| 5.60%, 02/15/41 | 200 | 199 |
| Kinder Morgan Energy Partners, L.P. |  |  |
| 5.00%, 03/01/43 | 300 | 267 |
| 5.40%, 09/01/44 | 250 | 232 |
| Kinder Morgan, Inc. |  |  |
| 5.30%, 12/01/34 | 350 | 351 |
| 3.60%, 02/15/51 | 300 | 207 |
| Marathon Petroleum Corporation |  |  |
| 6.50%, 03/01/41 | 300 | 313 |
| MPLX LP |  |  |
| 5.40%, 04/01/35 | 200 | 199 |
| 4.50%, 04/15/38 | 105 | 93 |
| 5.50%, 02/15/49 | 80 | 72 |
| 5.95%, 04/01/55 | 200 | 191 |
| 4.90%, 04/15/58 | 110 | 88 |
| ONEOK Partners, L.P. |  |  |
| 6.65%, 10/01/36 | 150 | 161 |
| ONEOK, Inc. |  |  |
| 4.00%, 07/13/27 | 200 | 199 |
| 4.55%, 07/15/28 | 50 | 50 |
| 5.65%, 11/01/28 | 150 | 155 |
| 4.40%, 10/15/29 | 300 | 298 |
| 3.25%, 06/01/30 | 250 | 234 |
| 5.70%, 11/01/54 | 300 | 277 |
| Ovintiv Canada ULC |  |  |
| 7.20%, 11/01/31 | 130 | 141 |
| Phillips 66 |  |  |
| 4.65%, 11/15/34 | 250 | 239 |
| 4.90%, 10/01/46 | 150 | 127 |
| Plains All American Pipeline, L.P. |  |  |
| 4.30%, 01/31/43 | 200 | 159 |
| Sabine Pass Liquefaction, LLC |  |  |
| 5.00%, 03/15/27 | 100 | 101 |
| 4.20%, 03/15/28 | 300 | 299 |
| 4.50%, 05/15/30 | 250 | 249 |
| Shell Finance US Inc. |  |  |
| 2.75%, 04/06/30 | 250 | 234 |
| 4.00%, 05/10/46 | 155 | 123 |
| 3.25%, 04/06/50 | 250 | 171 |
| Shell International Finance B.V. |  |  |
| 6.38%, 12/15/38 | 200 | 222 |
| 3.13%, 11/07/49 | 200 | 134 |
| South Bow USA Infrastructure Holdings LLC |  |  |
| 4.91%, 09/01/27 (j) | 200 | 201 |
| Suncor Energy Inc. |  |  |
| 4.00%, 11/15/47 | 340 | 251 |
| Targa Resources Corp. |  |  |
| 6.50%, 03/30/34 | 200 | 215 |
| 5.65%, 02/15/36 | 200 | 202 |
| TotalEnergies Capital International |  |  |
| 3.46%, 07/12/49 | 50 | 35 |
| TransCanada PipeLines Limited |  |  |
| 4.10%, 04/15/30 | 250 | 245 |
| 6.20%, 10/15/37 | 100 | 105 |
| Transcontinental Gas Pipe Line Company, LLC |  |  |
| 3.25%, 05/15/30 | 250 | 236 |
| Valero Energy Corporation |  |  |
| 2.80%, 12/01/31 | 750 | 667 |
| Western Midstream Operating, LP |  |  |
| 4.75%, 08/15/28 | 100 | 100 |
| Williams Companies, Inc., The |  |  |
| 3.50%, 11/15/30 | 250 | 236 |
| 5.80%, 11/15/54 | 200 | 195 |
| Williams Partners L.P. |  |  |
| 3.75%, 06/15/27 | 300 | 297 |
| 6.30%, 04/15/40 | 200 | 213 |
|  |  | 18381 |

---

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page [607](#abbreviations).

**JNL Series Trust** (Unaudited)

**Schedules of Investments (in thousands)**

June 30, 2025

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| **Industrials 1.8%** | **Industrials 1.8%** | **Industrials 1.8%** |
| 3M Company |  |  |
| 2.38%, 08/26/29 | 690 | 640 |
| Air Lease Corporation |  |  |
| 2.20%, 01/15/27 | 200 | 194 |
| 5.30%, 02/01/28 | 300 | 307 |
| Allegion US Holding Company Inc. |  |  |
| 3.55%, 10/01/27 | 300 | 294 |
| Boeing Company, The |  |  |
| 2.70%, 02/01/27 | 125 | 122 |
| 5.04%, 05/01/27 (g) | 100 | 101 |
| 2.95%, 02/01/30 | 125 | 116 |
| 5.15%, 05/01/30 (g) | 285 | 290 |
| 6.53%, 05/01/34 (g) | 400 | 434 |
| 5.88%, 02/15/40 | 25 | 25 |
| 5.71%, 05/01/40 (g) | 500 | 493 |
| 3.90%, 05/01/49 | 40 | 29 |
| 3.95%, 08/01/59 | 125 | 86 |
| Burlington Northern Santa Fe, LLC |  |  |
| 6.15%, 05/01/37 | 100 | 109 |
| 5.75%, 05/01/40 | 400 | 419 |
| Canadian National Railway Company |  |  |
| 3.65%, 02/03/48 | 300 | 229 |
| Canadian Pacific Kansas City Limited |  |  |
| 3.50%, 05/01/50 | 300 | 214 |
| 6.13%, 09/15/15 | 90 | 92 |
| Carrier Global Corporation |  |  |
| 2.72%, 02/15/30 | 125 | 116 |
| 5.90%, 03/15/34 | 208 | 221 |
| 3.58%, 04/05/50 | 104 | 76 |
| Caterpillar Inc. |  |  |
| 3.25%, 04/09/50 | 250 | 175 |
| 5.50%, 05/15/55 | 200 | 199 |
| CSX Corporation |  |  |
| 3.80%, 03/01/28 | 300 | 297 |
| 5.50%, 04/15/41 | 205 | 205 |
| 4.30%, 03/01/48 | 50 | 42 |
| 3.95%, 05/01/50 | 300 | 234 |
| Cummins Inc. |  |  |
| 1.50%, 09/01/30 | 300 | 262 |
| 2.60%, 09/01/50 | 200 | 119 |
| Deere & Company |  |  |
| 3.90%, 06/09/42 | 200 | 170 |
| Delta Air Lines, Inc. |  |  |
| 4.95%, 07/10/28 | 200 | 201 |
| Dover Corporation |  |  |
| 5.38%, 03/01/41 | 150 | 146 |
| Eaton Corporation |  |  |
| 4.15%, 11/02/42 | 100 | 86 |
| Equifax Inc. |  |  |
| 3.10%, 05/15/30 | 250 | 234 |
| FedEx Corporation |  |  |
| 4.25%, 05/15/30 (j) | 300 | 294 |
| 3.88%, 08/01/42 (j) | 200 | 153 |
| 5.25%, 05/15/50 (j) | 100 | 88 |
| Fortune Brands Innovations, Inc. |  |  |
| 5.88%, 06/01/33 | 200 | 210 |
| GATX Corporation |  |  |
| 6.90%, 05/01/34 | 200 | 222 |
| General Dynamics Corporation |  |  |
| 3.75%, 05/15/28 | 300 | 298 |
| General Electric Company |  |  |
| 6.88%, 01/10/39 | 300 | 351 |
| Honeywell International Inc. |  |  |
| 1.10%, 03/01/27 | 300 | 286 |
| 1.75%, 09/01/31 | 250 | 214 |
| 3.81%, 11/21/47 | 300 | 233 |
| Howmet Aerospace Inc. |  |  |
| 3.00%, 01/15/29 (b) | 300 | 287 |
| Kennametal Inc. |  |  |
| 4.63%, 06/15/28 | 100 | 100 |
| L3Harris Technologies, Inc. |  |  |
| 2.90%, 12/15/29 | 300 | 282 |
| 5.05%, 04/27/45 | 250 | 234 |
| Lockheed Martin Corporation |  |  |
| 4.50%, 05/15/36 | 105 | 101 |
| 4.07%, 12/15/42 | 243 | 204 |
| 4.09%, 09/15/52 | 107 | 84 |
| Norfolk Southern Corporation |  |  |
| 2.30%, 05/15/31 | 300 | 266 |
| 2.90%, 08/25/51 | 250 | 157 |
| 5.95%, 03/15/64 | 100 | 103 |
| Northrop Grumman Corporation |  |  |
| 3.25%, 01/15/28 | 150 | 147 |
| 3.85%, 04/15/45 | 250 | 198 |
| Otis Worldwide Corporation |  |  |
| 3.11%, 02/15/40 | 100 | 77 |
| Owens Corning |  |  |
| 3.50%, 02/15/30 | 200 | 191 |
| Parker-Hannifin Corporation |  |  |
| 4.00%, 06/14/49 | 40 | 32 |
| Paychex, Inc. |  |  |
| 5.60%, 04/15/35 | 300 | 310 |
| Quanta Services, Inc. |  |  |
| 4.75%, 08/09/27 | 200 | 202 |
| Republic Services, Inc. |  |  |
| 4.88%, 04/01/29 | 100 | 102 |
| 5.00%, 12/15/33 - 04/01/34 | 300 | 305 |
| RTX Corporation |  |  |
| 3.13%, 05/04/27 | 400 | 392 |
| 6.10%, 03/15/34 | 250 | 270 |
| 4.50%, 06/01/42 | 150 | 133 |
| 4.80%, 12/15/43 | 25 | 23 |
| 4.05%, 05/04/47 | 200 | 160 |
| 4.63%, 11/16/48 | 90 | 78 |
| 6.40%, 03/15/54 | 200 | 219 |
| Snap-on Incorporated |  |  |
| 3.25%, 03/01/27 | 250 | 246 |
| Southwest Airlines Co. |  |  |
| 5.13%, 06/15/27 | 200 | 202 |
| 2.63%, 02/10/30 | 300 | 274 |
| Textron Inc. |  |  |
| 6.10%, 11/15/33 | 200 | 213 |
| Trane Technologies Financing Limited |  |  |
| 4.50%, 03/21/49 | 200 | 167 |
| Uber Technologies, Inc. |  |  |
| 4.80%, 09/15/34 | 300 | 296 |
| Union Pacific Corporation |  |  |
| 3.95%, 09/10/28 | 300 | 299 |
| 4.50%, 01/20/33 | 100 | 99 |
| 3.84%, 03/20/60 | 445 | 320 |
| 3.80%, 04/06/71 | 50 | 34 |
| 3.85%, 02/14/72 | 80 | 55 |
| United Parcel Service, Inc. |  |  |
| 6.20%, 01/15/38 | 350 | 382 |
| 3.75%, 11/15/47 | 70 | 53 |
| Veralto Corporation |  |  |
| 5.35%, 09/18/28 | 300 | 309 |
| Verisk Analytics, Inc. |  |  |
| 5.75%, 04/01/33 | 200 | 210 |
| W.W. Grainger, Inc. |  |  |
| 4.60%, 06/15/45 | 200 | 177 |
| Waste Connections, Inc. |  |  |
| 5.00%, 03/01/34 | 250 | 253 |
| Waste Management, Inc. |  |  |
| 1.15%, 03/15/28 | 300 | 278 |
| 4.15%, 07/15/49 | 50 | 41 |
|  |  | 17891 |
| **Consumer Staples 1.7%** | **Consumer Staples 1.7%** | **Consumer Staples 1.7%** |
| Altria Group, Inc. |  |  |
| 4.80%, 02/14/29 | 180 | 182 |
| 5.80%, 02/14/39 (b) | 110 | 111 |
| 4.50%, 05/02/43 | 200 | 167 |
| 5.95%, 02/14/49 | 400 | 398 |
| Anheuser-Busch Companies, LLC |  |  |
| 4.70%, 02/01/36 | 482 | 470 |
| 4.90%, 02/01/46 | 300 | 275 |

---

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page [607](#abbreviations).

**JNL Series Trust** (Unaudited)

**Schedules of Investments (in thousands)**

June 30, 2025

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| Anheuser-Busch InBev Worldwide Inc. |  |  |
| 3.50%, 06/01/30 | 110 | 106 |
| 5.45%, 01/23/39 | 250 | 255 |
| 4.44%, 10/06/48 | 362 | 308 |
| Archer-Daniels-Midland Company |  |  |
| 2.50%, 08/11/26 | 300 | 295 |
| B.A.T Capital Corporation |  |  |
| 3.22%, 09/06/26 | 250 | 247 |
| 2.73%, 03/25/31 | 300 | 270 |
| 4.39%, 08/15/37 | 150 | 134 |
| 4.54%, 08/15/47 | 100 | 81 |
| Board of Trustees of the Leland Stanford Junior University, The |  |  |
| 3.65%, 05/01/48 | 20 | 15 |
| Brown-Forman Corporation |  |  |
| 4.75%, 04/15/33 | 100 | 100 |
| California Institute of Technology |  |  |
| 4.32%, 08/01/45 | 40 | 34 |
| Campbell's Company, The |  |  |
| 4.15%, 03/15/28 | 300 | 299 |
| 5.40%, 03/21/34 | 200 | 203 |
| Church & Dwight Co., Inc. |  |  |
| 3.15%, 08/01/27 | 200 | 196 |
| 3.95%, 08/01/47 | 200 | 156 |
| Coca-Cola Company, The |  |  |
| 2.13%, 09/06/29 | 250 | 232 |
| 2.25%, 01/05/32 | 300 | 265 |
| 3.00%, 03/05/51 | 300 | 200 |
| 5.30%, 05/13/54 (b) | 300 | 292 |
| Conagra Brands, Inc. |  |  |
| 1.38%, 11/01/27 | 300 | 280 |
| 5.30%, 11/01/38 | 55 | 53 |
| 5.40%, 11/01/48 | 55 | 50 |
| Constellation Brands, Inc. |  |  |
| 3.15%, 08/01/29 | 400 | 380 |
| Costco Wholesale Corporation |  |  |
| 3.00%, 05/18/27 | 80 | 79 |
| 1.38%, 06/20/27 | 300 | 286 |
| Diageo Investment Corporation |  |  |
| 5.13%, 08/15/30 | 300 | 309 |
| Dollar General Corporation |  |  |
| 5.45%, 07/05/33 (b) | 200 | 205 |
| Dollar Tree, Inc. |  |  |
| 4.20%, 05/15/28 | 90 | 89 |
| Estee Lauder Companies Inc., The |  |  |
| 5.00%, 02/14/34 | 250 | 250 |
| 3.13%, 12/01/49 | 225 | 144 |
| General Mills, Inc. |  |  |
| 4.20%, 04/17/28 | 105 | 105 |
| Haleon US Capital LLC |  |  |
| 4.00%, 03/24/52 | 250 | 193 |
| J. M. Smucker Company, The |  |  |
| 3.38%, 12/15/27 | 250 | 246 |
| Kenvue Inc. |  |  |
| 5.00%, 03/22/30 | 200 | 206 |
| 4.90%, 03/22/33 | 100 | 101 |
| 5.20%, 03/22/63 | 100 | 93 |
| Keurig Dr Pepper Inc. |  |  |
| 5.10%, 03/15/27 | 200 | 203 |
| 5.20%, 03/15/31 | 200 | 207 |
| 4.50%, 04/15/52 | 100 | 82 |
| Kraft Heinz Foods Company |  |  |
| 3.88%, 05/15/27 | 200 | 198 |
| 5.20%, 03/15/32 | 200 | 204 |
| 5.00%, 06/04/42 | 400 | 361 |
| 4.38%, 06/01/46 | 200 | 162 |
| Kroger Co., The |  |  |
| 4.50%, 01/15/29 | 300 | 304 |
| 7.50%, 04/01/31 | 150 | 172 |
| 4.45%, 02/01/47 | 300 | 249 |
| Massachusetts Institute of Technology |  |  |
| 5.60%, 07/01/11 | 100 | 100 |
| 4.68%, 07/01/14 | 250 | 209 |
| McCormick & Company, Incorporated |  |  |
| 1.85%, 02/15/31 | 300 | 260 |
| Mead Johnson Nutrition Company |  |  |
| 4.60%, 06/01/44 | 200 | 175 |
| Mondelez International, Inc. |  |  |
| 4.25%, 05/06/28 (b) | 300 | 301 |
| PepsiCo Singapore Financing I Pte. Ltd. |  |  |
| 4.70%, 02/16/34 | 250 | 249 |
| PepsiCo, Inc. |  |  |
| 3.00%, 10/15/27 (b) | 500 | 489 |
| 3.45%, 10/06/46 | 90 | 67 |
| 2.75%, 10/21/51 | 50 | 31 |
| 3.88%, 03/19/60 | 400 | 300 |
| Philip Morris International Inc. |  |  |
| 4.75%, 02/12/27 | 250 | 252 |
| 4.38%, 11/15/41 | 300 | 262 |
| RELX Capital Inc. |  |  |
| 4.00%, 03/18/29 | 300 | 297 |
| Reynolds American Inc. |  |  |
| 5.70%, 08/15/35 | 100 | 102 |
| Southern California, University of |  |  |
| 3.03%, 10/01/39 | 450 | 363 |
| 5.25%, 10/01/11 | 20 | 19 |
| Sysco Corporation |  |  |
| 5.95%, 04/01/30 (g) | 266 | 282 |
| 6.00%, 01/17/34 | 200 | 215 |
| 6.60%, 04/01/50 (g) | 300 | 325 |
| The Hershey Company |  |  |
| 4.55%, 02/24/28 | 500 | 507 |
| 4.95%, 02/24/32 | 400 | 409 |
| Tyson Foods, Inc. |  |  |
| 5.15%, 08/15/44 | 200 | 182 |
| Unilever Capital Corporation |  |  |
| 1.38%, 09/14/30 | 500 | 435 |
| University of Notre Dame du Lac |  |  |
| 3.44%, 02/15/45 | 250 | 193 |
| University of Washington |  |  |
| 3.52%, 04/15/54 | 100 | 72 |
| Walmart Inc. |  |  |
| 3.90%, 04/15/28 | 200 | 200 |
| 3.70%, 06/26/28 | 185 | 184 |
| 3.63%, 12/15/47 | 300 | 233 |
| 4.50%, 09/09/52 | 100 | 88 |
| 4.50%, 04/15/53 (b) | 200 | 175 |
| | | 17478 |
| **Communication Services 1.7%** | **Communication Services 1.7%** | **Communication Services 1.7%** |
| Alphabet Inc. |  |  |
| 2.00%, 08/15/26 | 300 | 293 |
| 1.10%, 08/15/30 | 280 | 242 |
| 2.25%, 08/15/60 | 225 | 120 |
| America Movil, S.A.B. De C.V. |  |  |
| 5.00%, 01/20/33 | 200 | 198 |
| 6.38%, 03/01/35 | 100 | 109 |
| 4.38%, 07/16/42 | 200 | 169 |
| AT&T Inc. |  |  |
| 2.30%, 06/01/27 | 500 | 482 |
| 4.35%, 03/01/29 - 06/15/45 | 255 | 238 |
| 2.25%, 02/01/32 | 250 | 215 |
| 2.55%, 12/01/33 | 751 | 628 |
| 4.50%, 05/15/35 - 03/09/48 | 1206 | 1118 |
| 3.65%, 06/01/51 - 09/15/59 | 706 | 493 |
| British Telecommunications Public Limited Company |  |  |
| 9.63%, 12/15/30 (g) (i) | 250 | 307 |
| Charter Communications Operating, LLC |  |  |
| 6.65%, 02/01/34 | 250 | 268 |
| 6.55%, 06/01/34 | 300 | 320 |
| 6.48%, 10/23/45 | 210 | 208 |
| 5.75%, 04/01/48 | 100 | 91 |
| 5.25%, 04/01/53 | 200 | 170 |
| 4.40%, 12/01/61 | 75 | 53 |
| 5.50%, 04/01/63 | 300 | 254 |
| Comcast Corporation |  |  |
| 4.15%, 10/15/28 | 650 | 649 |
| 4.55%, 01/15/29 | 100 | 101 |
| 6.50%, 11/15/35 | 100 | 111 |
| 6.95%, 08/15/37 | 250 | 285 |

---

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page [607](#abbreviations).

**JNL Series Trust** (Unaudited)

**Schedules of Investments (in thousands)**

June 30, 2025

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| 3.90%, 03/01/38 | 70 | 61 |
| 4.00%, 08/15/47 - 03/01/48 | 410 | 318 |
| 4.70%, 10/15/48 | 365 | 313 |
| 2.45%, 08/15/52 | 450 | 245 |
| 6.05%, 05/15/55 | 200 | 204 |
| 5.50%, 05/15/64 | 120 | 112 |
| Deutsche Telekom International Finance B.V. |  |  |
| 8.75%, 06/15/30 (g) (i) | 300 | 354 |
| Electronic Arts Inc. |  |  |
| 2.95%, 02/15/51 | 300 | 188 |
| Fox Corporation |  |  |
| 6.50%, 10/13/33 | 200 | 216 |
| 5.48%, 01/25/39 | 65 | 64 |
| 5.58%, 01/25/49 | 80 | 75 |
| Meta Platforms, Inc. |  |  |
| 4.80%, 05/15/30 | 100 | 103 |
| 4.55%, 08/15/31 | 200 | 203 |
| 4.95%, 05/15/33 | 85 | 87 |
| 5.60%, 05/15/53 | 200 | 200 |
| 5.75%, 05/15/63 | 365 | 369 |
| Omnicom Group Inc. |  |  |
| 2.60%, 08/01/31 | 375 | 332 |
| Orange |  |  |
| 5.38%, 01/13/42 | 100 | 97 |
| 5.50%, 02/06/44 | 300 | 295 |
| Paramount Global |  |  |
| 7.88%, 07/30/30 | 125 | 139 |
| Rogers Communications Inc. |  |  |
| 3.70%, 11/15/49 | 250 | 183 |
| 4.55%, 03/15/52 | 300 | 244 |
| Telefonica Emisiones SA |  |  |
| 5.52%, 03/01/49 | 300 | 274 |
| Telefonica Europe B.V. |  |  |
| 8.25%, 09/15/30 | 250 | 289 |
| T-Mobile USA, Inc. |  |  |
| 2.05%, 02/15/28 | 900 | 851 |
| 3.88%, 04/15/30 | 435 | 422 |
| 2.55%, 02/15/31 | 400 | 359 |
| 4.50%, 04/15/50 | 160 | 132 |
| 5.75%, 01/15/54 | 200 | 196 |
| 3.60%, 11/15/60 | 100 | 67 |
| 5.80%, 09/15/62 | 100 | 98 |
| TWDC Enterprises 18 Corp. |  |  |
| 7.00%, 03/01/32 | 50 | 57 |
| Verizon Communications Inc. |  |  |
| 4.13%, 03/16/27 | 300 | 300 |
| 4.33%, 09/21/28 | 400 | 402 |
| 1.75%, 01/20/31 | 130 | 112 |
| 2.36%, 03/15/32 | 250 | 215 |
| 3.40%, 03/22/41 | 215 | 166 |
| 3.70%, 03/22/61 | 405 | 279 |
| Vodafone Group Public Limited Company |  |  |
| 5.25%, 05/30/48 | 175 | 160 |
| 4.25%, 09/17/50 | 75 | 58 |
| 5.13%, 06/19/59 | 110 | 96 |
| 5.75%, 02/10/63 | 50 | 47 |
| Walt Disney Company, The |  |  |
| 2.00%, 09/01/29 | 625 | 574 |
| 6.20%, 12/15/34 | 50 | 56 |
| 2.75%, 09/01/49 | 225 | 142 |
| 3.80%, 05/13/60 | 350 | 256 |
| | | 17132 |
| **Consumer Discretionary 1.1%** | **Consumer Discretionary 1.1%** | **Consumer Discretionary 1.1%** |
| Amazon.com, Inc. |  |  |
| 3.30%, 04/13/27 | 165 | 163 |
| 3.15%, 08/22/27 | 740 | 728 |
| 1.65%, 05/12/28 | 400 | 376 |
| 1.50%, 06/03/30 | 130 | 115 |
| 3.60%, 04/13/32 | 135 | 129 |
| 3.88%, 08/22/37 | 170 | 154 |
| 2.50%, 06/03/50 | 200 | 120 |
| 2.70%, 06/03/60 | 55 | 31 |
| 3.25%, 05/12/61 | 240 | 156 |
| 4.10%, 04/13/62 | 160 | 125 |
| Aptiv PLC |  |  |
| 5.75%, 09/13/54 | 300 | 269 |
| AutoZone, Inc. |  |  |
| 3.75%, 06/01/27 | 200 | 198 |
| 5.13%, 06/15/30 | 200 | 205 |
| Discovery Communications, LLC |  |  |
| 3.95%, 03/20/28 | 105 | 96 |
| 3.63%, 05/15/30 | 400 | 324 |
| 5.20%, 09/20/47 | 75 | 48 |
| eBay Inc. |  |  |
| 3.65%, 05/10/51 | 15 | 11 |
| Expedia Group, Inc. |  |  |
| 5.40%, 02/15/35 | 200 | 201 |
| Ford Motor Company |  |  |
| 7.40%, 11/01/46 | 300 | 308 |
| General Motors Company |  |  |
| 5.35%, 04/15/28 | 200 | 204 |
| 5.00%, 04/01/35 | 200 | 189 |
| 5.15%, 04/01/38 | 70 | 65 |
| Hasbro, Inc. |  |  |
| 6.35%, 03/15/40 | 300 | 308 |
| Home Depot, Inc., The |  |  |
| 1.38%, 03/15/31 | 300 | 255 |
| 4.50%, 09/15/32 | 200 | 201 |
| 5.88%, 12/16/36 | 600 | 643 |
| 3.13%, 12/15/49 | 200 | 135 |
| 4.95%, 09/15/52 | 150 | 136 |
| 3.50%, 09/15/56 | 200 | 139 |
| Leggett & Platt, Incorporated |  |  |
| 4.40%, 03/15/29 | 200 | 195 |
| Lowe`s Companies, Inc. |  |  |
| 1.70%, 09/15/28 - 10/15/30 | 700 | 626 |
| 3.65%, 04/05/29 | 75 | 73 |
| 3.00%, 10/15/50 | 300 | 188 |
| 5.80%, 09/15/62 | 105 | 101 |
| Marriott International, Inc. |  |  |
| 5.30%, 05/15/34 | 250 | 253 |
| McDonald's Corporation |  |  |
| 4.88%, 12/09/45 | 165 | 149 |
| 3.63%, 09/01/49 | 200 | 145 |
| 5.45%, 08/14/53 (b) | 300 | 289 |
| NIKE, Inc. |  |  |
| 2.85%, 03/27/30 | 400 | 377 |
| O'Reilly Automotive, Inc. |  |  |
| 5.75%, 11/20/26 | 100 | 102 |
| 1.75%, 03/15/31 | 300 | 258 |
| Spectrum Management Holding Company, LLC |  |  |
| 6.75%, 06/15/39 | 300 | 311 |
| Starbucks Corporation |  |  |
| 4.50%, 05/15/28 - 11/15/48 | 400 | 367 |
| 4.00%, 11/15/28 | 200 | 199 |
| 2.55%, 11/15/30 | 200 | 181 |
| 5.00%, 02/15/34 (b) | 250 | 252 |
| 4.45%, 08/15/49 | 50 | 41 |
| Toyota Motor Corporation |  |  |
| 3.67%, 07/20/28 | 200 | 198 |
| Warnermedia Holdings, Inc. |  |  |
| 3.76%, 03/15/27 | 300 | 283 |
| 5.39%, 03/15/62 | 500 | 242 |
|  |  | 10862 |
| **Real Estate 0.8%** | **Real Estate 0.8%** | **Real Estate 0.8%** |
| Alexandria Real Estate Equities, Inc. |  |  |
| 4.50%, 07/30/29 | 250 | 249 |
| 4.85%, 04/15/49 | 300 | 252 |
| 5.63%, 05/15/54 | 300 | 281 |
| American Tower Corporation |  |  |
| 1.50%, 01/31/28 | 500 | 466 |
| 3.80%, 08/15/29 | 90 | 87 |
| 2.70%, 04/15/31 | 375 | 336 |
| 5.65%, 03/15/33 | 200 | 208 |
| AvalonBay Communities, Inc. |  |  |
| 2.45%, 01/15/31 | 350 | 315 |
| 5.35%, 06/01/34 | 200 | 206 |

---

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page [607](#abbreviations).

**JNL Series Trust** (Unaudited)

**Schedules of Investments (in thousands)**

June 30, 2025

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| Boston Properties Limited Partnership |  |  |
| 2.90%, 03/15/30 | 200 | 184 |
| COPT Defense Properties |  |  |
| 2.00%, 01/15/29 | 450 | 410 |
| Crown Castle Inc. |  |  |
| 3.65%, 09/01/27 | 80 | 79 |
| 5.80%, 03/01/34 | 300 | 311 |
| 3.25%, 01/15/51 | 50 | 33 |
| Equinix, Inc. |  |  |
| 3.40%, 02/15/52 | 300 | 201 |
| ERP Operating Limited Partnership |  |  |
| 2.50%, 02/15/30 | 200 | 184 |
| GLP Financing, LLC |  |  |
| 5.75%, 06/01/28 | 300 | 308 |
| 6.75%, 12/01/33 | 200 | 214 |
| Healthpeak OP, LLC |  |  |
| 5.25%, 12/15/32 | 150 | 153 |
| 6.75%, 02/01/41 | 200 | 219 |
| Kimco Realty OP, LLC |  |  |
| 2.70%, 10/01/30 | 200 | 184 |
| Mid-America Apartments, L.P. |  |  |
| 1.10%, 09/15/26 | 350 | 337 |
| 4.95%, 03/01/35 | 200 | 199 |
| NNN REIT, Inc. |  |  |
| 3.10%, 04/15/50 | 200 | 128 |
| ProLogis, L.P. |  |  |
| 2.13%, 04/15/27 | 100 | 97 |
| 2.25%, 04/15/30 | 175 | 159 |
| 4.63%, 01/15/33 | 100 | 99 |
| 4.75%, 06/15/33 | 100 | 100 |
| 3.00%, 04/15/50 | 35 | 23 |
| Public Storage, Inc. |  |  |
| 1.85%, 05/01/28 | 300 | 282 |
| Realty Income Corporation |  |  |
| 4.13%, 10/15/26 | 250 | 250 |
| 4.85%, 03/15/30 | 300 | 305 |
| Rexford Industrial Realty, L.P. |  |  |
| 2.15%, 09/01/31 | 300 | 256 |
| Safehold GL Holdings LLC |  |  |
| 5.65%, 01/15/35 | 200 | 200 |
| Simon Property Group, L.P. |  |  |
| 2.65%, 07/15/30 | 200 | 184 |
| 5.50%, 03/08/33 | 100 | 104 |
| 3.25%, 09/13/49 | 65 | 44 |
| 5.85%, 03/08/53 | 100 | 100 |
| Store Capital LLC |  |  |
| 4.50%, 03/15/28 | 200 | 198 |
| Tanger Properties Limited Partnership |  |  |
| 2.75%, 09/01/31 | 200 | 175 |
| UDR, Inc. |  |  |
| 2.10%, 08/01/32 | 200 | 166 |
| Ventas Realty, Limited Partnership |  |  |
| 3.00%, 01/15/30 | 200 | 188 |
| Welltower Inc. |  |  |
| 4.95%, 09/01/48 | 150 | 138 |
| Weyerhaeuser Company |  |  |
| 7.38%, 03/15/32 | 57 | 64 |
| | | 8676 |
| **Materials 0.7%** | **Materials 0.7%** | **Materials 0.7%** |
| Air Products and Chemicals, Inc. |  |  |
| 4.60%, 02/08/29 | 150 | 152 |
| 4.85%, 02/08/34 | 250 | 251 |
| Albemarle Corporation |  |  |
| 5.45%, 12/01/44 | 150 | 126 |
| Avery Dennison Corporation |  |  |
| 5.75%, 03/15/33 | 200 | 209 |
| BHP Billiton Finance (USA) Limited |  |  |
| 5.00%, 02/21/30 | 200 | 205 |
| 5.25%, 09/08/33 | 75 | 77 |
| Dow Chemical Company, The |  |  |
| 4.63%, 10/01/44 | 250 | 206 |
| DuPont de Nemours, Inc. |  |  |
| 4.73%, 11/15/28 | 200 | 203 |
| 5.32%, 11/15/38 | 54 | 56 |
| 5.42%, 11/15/48 | 115 | 116 |
| Ecolab Inc. |  |  |
| 1.30%, 01/30/31 | 300 | 255 |
| 2.13%, 08/15/50 | 200 | 109 |
| 2.75%, 08/18/55 | 75 | 45 |
| EIDP, Inc. |  |  |
| 2.30%, 07/15/30 | 300 | 273 |
| FMC Corporation |  |  |
| 4.50%, 10/01/49 (b) | 150 | 111 |
| 6.38%, 05/18/53 | 200 | 192 |
| Freeport-McMoRan Inc. |  |  |
| 5.45%, 03/15/43 | 300 | 284 |
| LYB International Finance B.V. |  |  |
| 5.25%, 07/15/43 | 300 | 268 |
| Martin Marietta Materials, Inc. |  |  |
| 3.50%, 12/15/27 | 300 | 295 |
| 5.50%, 12/01/54 | 200 | 193 |
| Mosaic Company, The |  |  |
| 4.88%, 11/15/41 | 20 | 18 |
| NewMarket Corporation |  |  |
| 2.70%, 03/18/31 | 400 | 358 |
| Newmont Corporation |  |  |
| 5.88%, 04/01/35 | 200 | 214 |
| Nucor Corporation |  |  |
| 2.98%, 12/15/55 | 200 | 122 |
| Nutrien Ltd. |  |  |
| 4.90%, 03/27/28 | 100 | 101 |
| 2.95%, 05/13/30 | 300 | 279 |
| 3.95%, 05/13/50 | 150 | 112 |
| 5.80%, 03/27/53 | 100 | 99 |
| PPG Industries, Inc. |  |  |
| 2.80%, 08/15/29 | 200 | 188 |
| 2.55%, 06/15/30 | 300 | 273 |
| Rio Tinto Alcan Inc. |  |  |
| 5.75%, 06/01/35 | 250 | 265 |
| Rio Tinto Finance (USA) plc |  |  |
| 5.00%, 03/09/33 | 100 | 101 |
| Sherwin-Williams Company, The |  |  |
| 3.45%, 06/01/27 | 350 | 345 |
| 4.55%, 03/01/28 | 200 | 202 |
| 4.50%, 06/01/47 | 70 | 59 |
| Sonoco Products Company |  |  |
| 5.00%, 09/01/34 | 300 | 292 |
| Southern Copper Corporation |  |  |
| 7.50%, 07/27/35 | 150 | 172 |
| Steel Dynamics, Inc. |  |  |
| 3.25%, 10/15/50 | 115 | 76 |
| Vale Overseas Ltd |  |  |
| 3.75%, 07/08/30 | 100 | 94 |
| Westlake Corporation |  |  |
| 3.38%, 08/15/61 | 200 | 120 |
|  |  | 7116 |
| Total Corporate Bonds And Notes (cost $290,024) | Total Corporate Bonds And Notes (cost $290,024) | 261816 |
| **NON-U.S. GOVERNMENT AGENCY ASSET-BACKED SECURITIES 1.2%** | **NON-U.S. GOVERNMENT AGENCY ASSET-BACKED SECURITIES 1.2%** | **NON-U.S. GOVERNMENT AGENCY ASSET-BACKED SECURITIES 1.2%** |
| Ally Auto Receivables Trust 2024-2 |  |  |
| Series 2024-A3-2, 4.14%, 07/16/29 | 200 | 200 |
| American Express Credit Account Master Trust |  |  |
| Series 2023-A-2, 4.80%, 05/15/28 | 300 | 306 |
| BA Credit Card Trust |  |  |
| Series 2023-A2-A2, 4.98%, 11/16/26 | 150 | 152 |
| Bank 2017-BNK8 |  |  |
| Series 2017-A3-BNK8, REMIC, 3.23%, 10/15/27 | 137 | 133 |
| Bank 2019-BNK23 |  |  |
| Series 2019-A3-BN23, REMIC, 2.92%, 11/16/29 | 500 | 465 |
| BBCMS Mortgage Trust 2022-C15 |  |  |
| Series 2022-A5-C15, REMIC, 3.66%, 03/17/32 (c) | 200 | 183 |
| BBCMS Mortgage Trust 2023-C21 |  |  |
| Series 2023-A5-C21, REMIC, 6.00%, 06/17/33 (c) | 200 | 214 |
| Benchmark 2019-B10 Mortgage Trust |  |  |
| Series 2019-A4-B10, REMIC, 3.72%, 03/16/29 | 800 | 773 |

---

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page [607](#abbreviations).

**JNL Series Trust** (Unaudited)

**Schedules of Investments (in thousands)**

June 30, 2025

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| Benchmark 2021-B25 Mortgage Trust |  |  |
| Series 2021-A5-B25, REMIC, 2.58%, 04/17/31 | 300 | 263 |
| Benchmark 2021-B29 Mortgage Trust |  |  |
| Series 2021-A5-B29, REMIC, 2.39%, 08/15/31 | 300 | 263 |
| Benchmark 2022-B32 Mortgage Trust |  |  |
| Series 2022-A5-B32, REMIC, 3.00%, 01/16/32 (c) | 400 | 353 |
| BMO 2023-C5 Mortgage Trust |  |  |
| Series 2023-A5-C5, REMIC, 5.77%, 05/17/33 | 350 | 365 |
| BMO 2025-5C9 Mortgage Trust |  |  |
| Series 2025-A3-5C9, REMIC, 5.78%, 03/15/30 (c) (k) | 500 | 521 |
| Capital One Multi-Asset Execution Trust |  |  |
| Series 2021-A2-A2, 1.39%, 07/15/30 | 300 | 277 |
| CD 2017-CD5 Mortgage Trust |  |  |
| Series 2017-AS-CD5, REMIC, 3.68%, 07/16/27 (c) | 300 | 287 |
| CFCRE 2017-C8 Mortgage Trust |  |  |
| Series 2017-A4-C8, REMIC, 3.57%, 05/17/27 | 750 | 722 |
| Chase Issuance Trust |  |  |
| Series 2024-A-A2, 4.63%, 01/16/29 | 200 | 203 |
| Citigroup Commercial Mortgage Trust 2019-C7 |  |  |
| Series 2019-A4-C7, REMIC, 3.10%, 12/17/29 | 300 | 282 |
| Citigroup Commercial Mortgage Trust 2020-GC46 |  |  |
| Series 2020-AS-GC46, REMIC, 2.92%, 02/15/30 (c) | 500 | 448 |
| Ford Credit Auto Lease Trust 2024-B |  |  |
| Series 2024-A4-B, 4.99%, 01/15/27 | 200 | 202 |
| GS Mortgage Securities Trust 2019-GC42 |  |  |
| Series 2019-A4-GC42, REMIC, 3.00%, 09/12/29 | 200 | 186 |
| GS Mortgage Securities Trust 2019-GSA1 |  |  |
| Series 2019-A4-GSA1, REMIC, 3.05%, 10/15/29 | 100 | 94 |
| GS Mortgage Securities Trust 2020-GC45 |  |  |
| Series 2020-AS-GC45, REMIC, 3.17%, 12/14/29 | 300 | 275 |
| Hyundai Auto Receivables Trust 2024-A |  |  |
| Series 2024-A3-A, 4.99%, 02/15/29 | 100 | 101 |
| Hyundai Auto Receivables Trust 2024-B |  |  |
| Series 2024-A3-B, 4.84%, 11/15/27 | 200 | 202 |
| Series 2024-A4-B, 4.74%, 04/17/28 | 200 | 203 |
| Mercedes-Benz Auto Lease Trust 2025-A |  |  |
| Series 2025-A4-A, 4.69%, 05/15/28 | 200 | 203 |
| Morgan Stanley Capital I Trust 2017-H1 |  |  |
| Series 2017-A4-H1, REMIC, 3.26%, 03/17/27 | 500 | 486 |
| Morgan Stanley Capital I Trust 2018-H4 |  |  |
| Series 2018-A3-H4, REMIC, 4.04%, 10/17/28 | 265 | 262 |
| Nissan Auto Receivables 2024-A Owner Trust |  |  |
| Series 2024-A3-A, 5.28%, 08/16/27 | 150 | 152 |
| Synchrony Card Issuance Trust |  |  |
| Series 2023-A-A1, 5.54%, 07/15/26 | 100 | 101 |
| Toyota Auto Receivables 2022-C Owner Trust |  |  |
| Series 2022-A4-C, 3.77%, 08/17/26 | 145 | 144 |
| Toyota Auto Receivables 2024-A Owner Trust |  |  |
| Series 2024-A4-A, 4.77%, 04/16/29 | 300 | 303 |
| United Airlines 2014-2 Pass-Through Trust |  |  |
| Series 2014-A-2, 3.75%, 09/03/26 | 94 | 93 |
| Verizon Master Trust |  |  |
| Series 2024-A1A-6, 4.17%, 08/20/27 | 350 | 350 |
| Volkswagen Auto Lease Trust 2024-A |  |  |
| Series 2024-A3-A, 5.21%, 10/20/26 | 200 | 202 |
| Volkswagen Auto Loan Enhanced Trust 2025-1 |  |  |
| Series 2025-A4-1, 4.61%, 07/21/31 | 225 | 228 |
| Wells Fargo Commercial Mortgage Trust 2018-C44 |  |  |
| Series 2018-A5-C44, REMIC, 4.21%, 04/17/28 | 1000 | 987 |
| WF Card Issuance Trust |  |  |
| Series 2024-A-A1, 4.94%, 02/16/27 | 100 | 101 |
| World Omni Auto Receivables Trust 2024-B |  |  |
| Series 2024-A3-B, 5.27%, 03/15/28 | 200 | 202 |
| World Omni Auto Receivables Trust 2025-A |  |  |
| Series 2025-A4-A, 4.86%, 12/15/28 | 100 | 102 |
| Total Non-U.S. Government Agency Asset-Backed Securities (cost $12,104) | Total Non-U.S. Government Agency Asset-Backed Securities (cost $12,104) | 11589 |
| **SHORT TERM INVESTMENTS 4.2%** | **SHORT TERM INVESTMENTS 4.2%** | **SHORT TERM INVESTMENTS 4.2%** |
| **Investment Companies 4.0%** | **Investment Companies 4.0%** | **Investment Companies 4.0%** |
| JNL Government Money Market Fund - Class I, 4.20% (l) (m) | 41308 | 41308 |
| **Securities Lending Collateral 0.2%** | **Securities Lending Collateral 0.2%** | **Securities Lending Collateral 0.2%** |
| JNL Government Money Market Fund - Class SL, 4.30% (l) (m) | 1896 | 1896 |
| Total Short Term Investments (cost $43,204) | Total Short Term Investments (cost $43,204) | 43204 |
| **Total Investments 104.2% (cost $1,137,678)** | **Total Investments 104.2% (cost $1,137,678)** | **1062903** |
| **Total Forward Sales Commitments (0.9)% (proceeds $9,489)** | **Total Forward Sales Commitments (0.9)% (proceeds $9,489)** | **(9619)** |
| **Other Assets and Liabilities, Net (3.3)%** | **Other Assets and Liabilities, Net (3.3)%** | **(32772)** |
| **Total Net Assets 100.0%** | **Total Net Assets 100.0%** | **1020512** |

---

(a) All or a portion of the security was purchased on a delayed delivery basis. As of June 30, 2025, the total payable for investments purchased on a delayed delivery basis was $62,022.

(b) All or a portion of the security was on loan as of June 30, 2025.

(c) Security has a variable rate. Interest rates reset periodically. Rate stated was in effect as of June 30, 2025. For securities based on a published reference rate and spread, the reference rate and spread are presented. Certain variable rate securities do not indicate a reference rate and spread because they are determined by the issuer, remarketing agent, or offering documents and are based on current market conditions. The coupon rate for securities with certain features outlined in the offering documents may vary from the stated reference rate and spread. This includes, but is not limited to, securities with deferred rates, contingent distributions, caps, floors, and fixed-rate to float-rate features. In addition, variable rates for government and agency collateralized mortgage obligations ("CMO") and mortgage-backed securities ("MBS") are determined by tranches of underlying mortgage-backed security pools' cash flows into securities and pass-through rates which reflect the rate earned on the asset pool after management and guarantee fees are paid to the securitizing corporation. CMO and MBS variable rates are determined by a formula set forth in the security's offering documents.

(d) The security is a direct debt of the agency and not collateralized by mortgages.

(e) Convertible security.

(f) Security issued with a zero coupon. Income is recognized through the accretion of discount.

(g) The interest rate for this security is inversely affected by upgrades or downgrades to the credit rating of the issuer. Rate stated was the coupon as of June 30, 2025.

(h) Security is restricted to resale to institutional investors or subject to trading restrictions due to sanctions on foreign issuers. See Restricted Securities table following the Schedules of Investments.

(i) Security is a step-up bond where the coupon may increase or step up at a future date or as the result of an upgrade or downgrade to the credit rating of the issuer. Rate stated was the coupon as of June 30, 2025.

(j) Security is exempt from registration under the Securities Act of 1933, as amended. As of June 30, 2025, the value and the percentage of net assets of these securities was $1,913 and 0.2% of the Fund.

(k) The coupon rate represents the weighted average coupon and may differ from the stated coupon rate.

(l) Investment in affiliate.

(m) Yield changes daily to reflect current market conditions. Rate was the quoted yield as of June 30, 2025.

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>**  | **Value ($)**  |
| **FORWARD SALES COMMITMENTS (0.9%)** | **FORWARD SALES COMMITMENTS (0.9%)** | **FORWARD SALES COMMITMENTS (0.9%)** |
| **GOVERNMENT AND AGENCY OBLIGATIONS (0.9%)** | **GOVERNMENT AND AGENCY OBLIGATIONS (0.9%)** | **GOVERNMENT AND AGENCY OBLIGATIONS (0.9%)** |
| **Mortgage-Backed Securities (0.9%)** | **Mortgage-Backed Securities (0.9%)** | **Mortgage-Backed Securities (0.9%)** |
| Federal National Mortgage Association, Inc. |  |  |
| TBA, 1.50%, 07/15/40 (a) | (75) | (67) |
| TBA, 2.00%, 07/15/40 (a) | (200) | (183) |
| TBA, 2.50%, 07/15/40 (a) | (500) | (467) |
| TBA, 3.00%, 07/15/40 (a) | (100) | (95) |
| TBA, 1.50%, 08/15/40 (a) | (50) | (45) |
| TBA, 2.00%, 08/15/40 (a) | (75) | (69) |
| TBA, 2.50%, 07/15/55 (a) | (4175) | (3464) |
| TBA, 3.00%, 07/15/55 (a) | (925) | (800) |
| TBA, 3.50%, 07/15/55 (a) | (625) | (563) |
| TBA, 4.00%, 07/15/55 (a) | (275) | (256) |

---

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page [607](#abbreviations).

**JNL Series Trust** (Unaudited)

**Schedules of Investments (in thousands)**

June 30, 2025

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>**  | **Value ($)**  |
| TBA, 1.50%, 08/15/55 (a) | (225) | (169) |
| TBA, 2.50%, 08/15/55 (a) | (300) | (249) |
| TBA, 3.00%, 08/15/55 (a) | (300) | (260) |
| TBA, 3.50%, 08/15/55 (a) | (125) | (113) |
| Government National Mortgage Association |  |  |
| TBA, 2.50%, 07/15/55 (a) | (1250) | (1063) |
| TBA, 3.00%, 07/15/55 (a) | (1350) | (1194) |
| TBA, 3.50%, 07/15/55 (a) | (475) | (431) |
| TBA, 2.50%, 08/15/55 (a) | (75) | (64) |
| TBA, 3.00%, 08/15/55 (a) | (50) | (44) |
| TBA, 3.50%, 08/15/55 (a) | (25) | (23) |
| Total Government And Agency Obligations (proceeds $9,489) | Total Government And Agency Obligations (proceeds $9,489) | (9619) |
| **Total Forward Sales Commitments (0.9%) (proceeds $9,489)** | **Total Forward Sales Commitments (0.9%) (proceeds $9,489)** | **(9619)** |

---

(a) All or a portion of the security was sold on a delayed delivery basis. As of June 30, 2025, the total proceeds for investments sold on a delayed delivery basis was $9,489.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **JNL Bond Index Fund — Restricted Securities** | **JNL Bond Index Fund — Restricted Securities** | **JNL Bond Index Fund — Restricted Securities** | **JNL Bond Index Fund — Restricted Securities** | **JNL Bond Index Fund — Restricted Securities** |
|  | **Initial Acquisition** | **Cost ($)** | **Value ($)** | **Percent of**<br> **Net Assets (%)** |
| Synchrony Bank, 5.63%, 08/23/27 | 08/12/24 | 403 | 408 |  |
| U.S. Bank National Association, 4.51%, 10/22/27 | 10/28/24 | 499 | 501 | 0.1 |
|  |  | 902 | 909 | 0.1 |

---

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **JNL Bond Index Fund — Investments in Affiliates** | **JNL Bond Index Fund — Investments in Affiliates** | **JNL Bond Index Fund — Investments in Affiliates** | **JNL Bond Index Fund — Investments in Affiliates** | **JNL Bond Index Fund — Investments in Affiliates** | **JNL Bond Index Fund — Investments in Affiliates** | **JNL Bond Index Fund — Investments in Affiliates** | **JNL Bond Index Fund — Investments in Affiliates** | **JNL Bond Index Fund — Investments in Affiliates** |
| **Affiliated Investment** | **Value Beginning of Period($)** | **Purchases($)** | **Sales Proceeds($)** | **Dividend Income/ Distributions from Funds($)** | **Realized Gain (Loss)($)** | **Change in Unrealized Appreciation (Depreciation) ($)** | **Value End of Period($)** | **Percentage of Net Assets(%)** |
| JNL Government Money Market Fund, 4.20% - Class I | 49934 | 49499 | 58125 | 915 |  |  | 41308 | 4.0 |
| JNL Government Money Market Fund, 4.30% - Class SL | 6474 | 16189 | 20767 | 86 |  |  | 1896 | 0.2 |
|  | 56408 | 65688 | 78892 | 1001 |  |  | 43204 | 4.2 |

---

**Fair Value Hierarchy.** Various inputs are used in determining the fair value of financial instruments. For a description of the input levels and information about the Fund's policy regarding valuation of financial instruments, see Note 3 in the Notes to Financial Statements. The following table summarizes the Fund's investments categorized in the disclosure hierarchy as of June 30, 2025.

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **<u>. Level 1 ($) .</u>** | **<u>. Level 2 ($) .</u>** | **<u>. Level 3 ($) .</u>** | **<u>. Total ($) .</u>** |
| **JNL Bond Index Fund** | **JNL Bond Index Fund** | **JNL Bond Index Fund** | **JNL Bond Index Fund** | **JNL Bond Index Fund** |
| **Assets - Securities** |  |  |  |  |
| &nbsp;&nbsp; Government And Agency Obligations |  | 746294 |  | 746294 |
| &nbsp;&nbsp; Corporate Bonds And Notes |  | 261816 |  | 261816 |
| &nbsp;&nbsp; Non-U.S. Government Agency Asset-Backed Securities |  | 11589 |  | 11589 |
| &nbsp;&nbsp; Short Term Investments | 43204 |  |  | 43204 |
|  | 43204 | 1019699 |  | 1062903 |
| **Liabilities - Securities** | **Liabilities - Securities** | **Liabilities - Securities** | **Liabilities - Securities** | **Liabilities - Securities** |
| &nbsp;&nbsp; Government And Agency Obligations |  | (9619) |  | (9619) |
|  |  | (9619) |  | (9619) |

---

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page [607](#abbreviations).

**JNL Series Trust** (Unaudited)

**Schedules of Investments (in thousands)**

June 30, 2025

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| **JNL Emerging Markets Index Fund** | **JNL Emerging Markets Index Fund** | **JNL Emerging Markets Index Fund** |
| **COMMON STOCKS 98.3%** | **COMMON STOCKS 98.3%** | **COMMON STOCKS 98.3%** |
| **China 27.8%** | **China 27.8%** | **China 27.8%** |
| 360 Security Technology Inc. - Class A | 50 | 71 |
| 37 Interactive Entertainment Network Technology Group Co., Ltd. - Class A | 7 | 18 |
| AAC Technologies Holdings Inc. | 60 | 312 |
| ACM Research (Shanghai), Inc. - Class A | 2 | 32 |
| AECC Aero-Engine Control Co., Ltd. - Class A | 11 | 31 |
| Agricultural Bank of China Limited - Class A | 1077 | 883 |
| Agricultural Bank of China Limited - Class H | 2556 | 1825 |
| AIMA Technology Group Co., Ltd. - Class A | 6 | 29 |
| Akeso Inc. (a) (b) | 49 | 576 |
| Alibaba Group Holding Limited (c) | 1613 | 22792 |
| Alibaba Health Information Technology Limited (a) (b) | 474 | 289 |
| Aluminum Corporation of China Limited - Class A | 64 | 63 |
| Aluminum Corporation of China Limited - Class H | 366 | 248 |
| Amlogic (Shanghai) Co., Ltd. - Class A (a) | 3 | 34 |
| Andon Health Co., Ltd. - Class A | 5 | 23 |
| Angel Yeast Co., Ltd. - Class A | 9 | 42 |
| Anhui Conch Cement Company Limited - Class A | 28 | 83 |
| Anhui Conch Cement Company Limited - Class H | 108 | 275 |
| Anhui Gujing Distillery Company Limited - Class A | 3 | 52 |
| Anhui Gujing Distillery Company Limited - Class B | 10 | 134 |
| Anhui Jianghuai Automobile Group Co., Ltd. - Class A | 12 | 64 |
| Anhui Kouzi Distillery Co., Ltd. - Class A | 7 | 32 |
| Anhui Yingjia Gongjiu Co. Ltd. - Class A | 6 | 31 |
| Anjing Food Group Co., Ltd. - Class A | 3 | 29 |
| ANTA Sports Products Limited | 121 | 1465 |
| Aojie Technology Co., Ltd. - Class A (a) | 3 | 33 |
| APT Medical Inc. - Class A | 1 | 54 |
| Asia-Potash International Investment (Guangzhou)Co., Ltd. - Class A (a) | 10 | 42 |
| Asymchem Laboratories (Tianjin) Co., Ltd. - Class A |  | 5 |
| Atour Lifestyle Holdings Limited - ADR | 7 | 243 |
| Autobio Diagnostics Co., Ltd. - Class A | 5 | 28 |
| Avary Holding (Shenzhen) Co., Ltd - Class A | 12 | 53 |
| AviChina Industry & Technology Company Limited - Class H | 257 | 146 |
| Avicopter PLC - Class A | 6 | 35 |
| Baic Bluepark New Energy Technology Co., Ltd. - Class A (a) | 27 | 28 |
| Baidu, Inc. - Class A (a) (c) | 193 | 2066 |
| Baiyin Nonferrous Group Co., Ltd. - Class A | 45 | 20 |
| Bank of Beijing Co., Ltd. - Class A | 152 | 145 |
| Bank of Changsha Co., Ltd. - Class A | 34 | 47 |
| Bank of Chengdu Co., Ltd. - Class A | 23 | 64 |
| Bank of China Limited - Class H | 7150 | 4162 |
| Bank of Communications Co., Ltd. - Class A | 131 | 146 |
| Bank of Communications Co., Ltd. - Class H | 652 | 607 |
| Bank of Jiangsu Co., Ltd. - Class A | 121 | 202 |
| Bank of Nanjing Co., Ltd. - Class A | 74 | 120 |
| Bank of Ningbo Co., Ltd. - Class A | 40 | 153 |
| Bank of Shanghai Co., Ltd. - Class A | 89 | 132 |
| Bank of Suzhou Co., Ltd. - Class A | 29 | 36 |
| Baoshan Iron & Steel Co., Ltd. - Class A | 161 | 148 |
| Baotou Iron&Steel (Group) Co., Ltd. - Class A | 306 | 76 |
| Beijing Dabeinong Technology Group Co., Ltd. - Class A | 46 | 26 |
| Beijing Enterprises Holdings Limited | 44 | 182 |
| Beijing Enterprises Water Group Limited | 356 | 107 |
| Beijing Huaer Company Limited - Class A | 48 | 53 |
| Beijing Jingneng Power Co., Ltd. - Class A | 47 | 29 |
| Beijing Kingsoft Office Software Co., Ltd - Class A | 3 | 113 |
| Beijing New Building Material (Group) Co., Ltd. - Class A | 7 | 24 |
| Beijing Oriental Yuhong Waterproof Technology Co., Ltd. - Class A | 16 | 24 |
| Beijing Roborock Technology Co., Ltd. - Class A | 1 | 33 |
| Beijing Shiji Information Technology Co., Ltd. - Class A | 5 | 6 |
| Beijing Shougang Co., Ltd. - Class A | 34 | 16 |
| Beijing Tiantan Biological Products Corporation Limited - Class A | 12 | 32 |
| Beijing Tongrentang Co., Ltd. - Class A | 13 | 63 |
| Beijing United Information Technology Co., Ltd. - Class A | 6 | 20 |
| Beijing Wantai Biological Pharmacy Enterprise Co., Ltd. - Class A (a) | 6 | 51 |
| Beijing Yanjing Brewery Co., Ltd. - Class A | 23 | 42 |
| Beijing Zhonggong Education Technology Co., Ltd. - Class A (a) | 49 | 21 |
| Beiqi Foton Motor Co., Ltd. - Class A (a) | 65 | 25 |
| Bestechnic (Shanghai) Co., Ltd. - Class A | 1 | 39 |
| Bethel Automotive Safety Systems Co., Ltd - Class A | 5 | 37 |
| Bicycle Club Joint Venture, L.P. - Class A (a) | 23 | 43 |
| Bilibili Inc (a) | 23 | 491 |
| Bloks Group Limited (a) | 7 | 130 |
| Bloomage Biotechnology Corporation Limited - Class A | 2 | 17 |
| Bluestar Adisseo Co., Ltd - Class A | 24 | 33 |
| BNP Paribas Emissions- und Handelsgesellschaft mbH - Class A | 12 | 22 |
| BOC International (China) Co., Ltd. - Class A | 25 | 38 |
| BOE Technology Group Co., Ltd. - Class A | 193 | 107 |
| Bosideng International Holdings Limited | 402 | 238 |
| BYD Company Limited - Class A | 12 | 551 |
| BYD Company Limited - Class H | 334 | 5188 |
| BYD Electronic (International) Company Limited | 64 | 263 |
| Caida Securities Co., Ltd. - Class A | 33 | 31 |
| Caitong Securities Co., Ltd. - Class A | 50 | 55 |
| Cambricon Technologies Corporation Limited - Class A (a) | 3 | 255 |
| Cathay Biotech, Inc. - Class A | 2 | 14 |
| CGN Power Co., Ltd. - Class A | 122 | 62 |
| CGN Power Co., Ltd. - Class H (c) | 845 | 288 |
| Chagee Holdings Ltd. - ADR (a) (b) | 2 | 44 |
| Changchun High-Tech Industries (Group) Inc. - Class A | 2 | 22 |
| Changjiang Securities Co., Ltd. - Class A | 59 | 57 |
| Changzhou Xingyu Automotive Lighting Systems Co., Ltd. - Class A | 3 | 51 |
| Chifeng Jilong Gold Mining Co., Ltd. - Class A | 11 | 38 |
| Chifeng Jilong Gold Mining Co., Ltd. - Class H (c) | 16 | 54 |
| China Aviation Power Co., Ltd. - Class A | 18 | 96 |
| China Baoan Group Co., Ltd. - Class A | 31 | 39 |
| China CITIC Bank Corporation Limited - Class H | 723 | 689 |
| China Coal Energy Company Limited - Class A | 20 | 30 |
| China Coal Energy Company Limited - Class H (b) | 195 | 226 |
| China Construction Bank Corporation - Class A | 68 | 89 |
| China Construction Bank Corporation - Class H | 8833 | 8928 |
| China CSSC Holdings Limited - Class A | 32 | 146 |
| China Eastern Airlines Corporation Limited - Class A (a) | 150 | 84 |
| China Eastern Airlines Corporation Limited - Class H (a) (b) | 162 | 65 |
| China Energy Engineering Corporation Limited - Class A | 139 | 43 |
| China Energy Engineering Corporation Limited - Class H | 658 | 88 |
| China Everbright Bank Company Limited - Class A | 319 | 185 |
| China Everbright Bank Company Limited - Class H | 326 | 163 |
| China Everbright Environment Group Limited | 307 | 149 |
| China Feihe Limited (c) | 350 | 256 |
| China Film Group Co., Ltd. - Class A | 18 | 27 |
| China First Heavy Industries - Class A (a) | 53 | 21 |
| China Galaxy Securities Co., Ltd. - Class A | 36 | 86 |
| China Galaxy Securities Co., Ltd. - Class H | 307 | 347 |
| China Gas Holdings Limited | 229 | 215 |
| China Hainan Rubber Industry Group Co., Ltd. - Class A | 33 | 22 |
| China Hongqiao Group Limited (b) | 243 | 560 |
| China Huishan Dairy Holdings Company Limited (a) (d) | 946 |  |
| China International Capital Corporation Limited - Class A | 17 | 85 |
| China International Capital Corporation Limited - Class H (c) | 145 | 330 |

---

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page [607](#abbreviations).

**JNL Series Trust** (Unaudited)

**Schedules of Investments (in thousands)**

June 30, 2025

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
|  China International Marine Containers (Group) Co., Ltd. - Class A | 30 | 32 |
|  China International Marine Containers (Group) Co., Ltd. - Class H | 44 | 35 |
|  China Jushi Co., Ltd. - Class A | 41 | 66 |
|  China Life Insurance Company Limited - Class H | 658 | 1588 |
|  China Literature Limited (a) (b) (c) | 35 | 135 |
|  China Longyuan Power Group Corporation Limited - Class H | 302 | 273 |
|  China Medical System Holdings Limited | 108 | 165 |
|  China Mengniu Dairy Company Limited | 274 | 566 |
|  China Merchants Bank Co., Ltd. - Class A | 138 | 888 |
|  China Merchants Bank Co., Ltd. - Class H | 346 | 2422 |
|  China Merchants Energy Shipping Co., Ltd. - Class A | 70 | 61 |
|  China Merchants Expressway Network & Technology Holdings Co., Ltd. - Class A | 43 | 71 |
|  China Merchants Port Holdings Company Limited | 108 | 197 |
|  China Merchants Securities Co., Ltd. - Class A | 46 | 114 |
|  China Merchants Securities Co., Ltd. - Class H (b) (c) | 46 | 84 |
|  China Merchants Shekou Industrial Zone Holdings Co., Ltd. - Class A | 70 | 85 |
|  China Minsheng Banking Corp., Ltd. - Class A | 226 | 150 |
|  China Minsheng Banking Corp., Ltd. - Class H | 654 | 372 |
|  China Molybdenum Co., Ltd - Class A | 116 | 136 |
|  China Molybdenum Co., Ltd - Class H | 341 | 350 |
|  China National Medicines Corporation Ltd. - Class A | 7 | 28 |
|  China National Nuclear Power Co Ltd - Class A | 144 | 188 |
|  China National Software and Service Company Limited - Class A (a) | 8 | 49 |
|  China Northern Rare Earth (Group) High-Tech Co., Ltd. - Class A | 19 | 67 |
|  China Oilfield Services Limited - Class A |  | 1 |
|  China Oilfield Services Limited - Class H | 170 | 140 |
|  China Overseas Land & Investment Limited | 340 | 593 |
|  China Pacific Insurance (Group) Co., Ltd. - Class A | 51 | 269 |
|  China Pacific Insurance (Group) Co., Ltd. - Class H | 227 | 781 |
|  China Petroleum & Chemical Corporation - Class A | 245 | 193 |
|  China Petroleum & Chemical Corporation - Class H | 2122 | 1113 |
|  China Petroleum Engineering Corporation - Class A | 45 | 20 |
|  China Power International Development Limited (b) | 446 | 170 |
|  China Railway Construction Group Co., Ltd. - Class A | 32 | 18 |
|  China Railway Group Limited - Class A | 124 | 97 |
|  China Railway Group Limited - Class H | 401 | 193 |
|  China Railway Signal & Communication Corporation Limited - Class A | 120 | 86 |
|  China Railway Signal & Communication Corporation Limited - Class H | 66 | 27 |
|  China Rare Earth Resources and Technology Co., Ltd. - Class A (a) | 1 | 7 |
|  China Resources Beverage (Holdings) Company Limited | 39 | 60 |
|  China Resources Gas Group Limited | 77 | 198 |
|  China Resources Land Limited | 263 | 894 |
|  China Resources Microelectronics Limited - Class A | 10 | 65 |
|  China Resources Mixc Lifestyle Services Limited (c) | 60 | 291 |
|  China Resources Pharmaceutical Group Limited (c) | 161 | 106 |
|  China Resources Sanjiu Medical & Pharmaceutical Co., Ltd. - Class A | 6 | 25 |
|  China Securities Co., Ltd. - Class A | 22 | 75 |
|  China Shandong Hi-Speed Financial Group Limited (a) (b) | 71 | 143 |
|  China Shenhua Energy Company Limited - Class A | 45 | 253 |
|  China Shenhua Energy Company Limited - Class H | 312 | 1212 |
|  China Southern Airlines Company Limited - Class A (a) | 130 | 107 |
|  China Southern Airlines Company Limited - Class H (a) | 108 | 55 |
|  China Southern Power Grid Energy Storage Co., Ltd - Class A | 11 | 15 |
|  China Suntien Green Energy Corporation Limited - Class A | 8 | 9 |
|  China Suntien Green Energy Corporation Limited - Class H (b) | 123 | 69 |
|  China Taiping Insurance Holdings Company Limited | 138 | 271 |
|  China Three Gorges Corporation - Class A | 178 | 106 |
|  China Tourism Group Duty Free Corporation Limited - Class A | 15 | 126 |
|  China Tourism Group Duty Free Corporation Limited - Class H (b) | 6 | 39 |
|  China Tower Corporation Limited - Class H | 381 | 545 |
|  China Vanke Co., Ltd. - Class A (a) | 75 | 67 |
|  China Vanke Co., Ltd. - Class H (a) (b) | 159 | 100 |
|  China XD Electric Co., Ltd. - Class A | 46 | 39 |
|  China Yangtze Power Co., Ltd. - Class A | 167 | 703 |
|  China Zhenhua (Group) Science & Technology Co., Ltd. - Class A |  | 3 |
|  China Zheshang Bank Co., Ltd. - Class A | 151 | 72 |
|  China Zheshang Bank Co., Ltd. - Class H (c) | 134 | 50 |
|  Chongqing Brewery Co., Ltd. - Class A | 5 | 40 |
|  Chongqing Changan Automobile Company Limited - Class A | 52 | 92 |
|  Chongqing Changan Automobile Company Limited - Class B | 179 | 90 |
|  Chongqing Qianli Technology Co., Ltd. - Class A (a) | 33 | 40 |
|  Chongqing Rural Commercial Bank Co., Ltd. - Class A | 60 | 60 |
|  Chongqing Rural Commercial Bank Co., Ltd. - Class H | 257 | 217 |
|  Chongqing Water Conservancy Investment (Group) Co., Ltd. - Class A | 11 | 7 |
|  Chongqing Zongshen Power Machinery Co., Ltd. - Class A | 6 | 19 |
|  CITIC Limited | 442 | 609 |
|  CITIC Securities Company Limited - Class A | 88 | 341 |
|  CITIC Securities Company Limited - Class H | 131 | 398 |
|  CNOOC Energy Development Co., Ltd. - Class A | 52 | 30 |
|  CNPC Capital Company Limited - Class A | 44 | 45 |
|  COFCO Capital Holdings Co., Ltd. - Class A | 9 | 15 |
|  COFCO Sugar Holding Co., Ltd - Class A | 15 | 20 |
|  Copper Sub Corporation, Inc. - Class A | 29 | 27 |
|  COSCO SHIPPING Development Co., Ltd. - Class A | 121 | 42 |
|  COSCO SHIPPING Development Co., Ltd. - Class H | 270 | 37 |
|  COSCO SHIPPING Energy Transportation Co., Ltd. - Class A | 35 | 51 |
|  COSCO SHIPPING Energy Transportation Co., Ltd. - Class H (b) | 106 | 88 |
|  COSCO SHIPPING Holdings Co., Ltd. - Class A | 77 | 161 |
|  COSCO SHIPPING Holdings Co., Ltd. - Class H | 244 | 425 |
|  Country Garden Services Holdings Company Limited | 191 | 161 |
|  CSPC Pharmaceutical Group Limited | 713 | 702 |
|  Daqin Railway Co., Ltd. - Class A | 114 | 105 |
|  DaShenLin Pharmaceutical Group Co., Ltd. - Class A | 8 | 19 |
|  Datang International Power Generation Co., Ltd. - Class A | 46 | 20 |
|  Datang International Power Generation Co., Ltd. - Class H (b) | 364 | 93 |
|  DHC Software Co., Ltd. - Class A | 11 | 15 |
|  Dong'e Ejiao Co., Ltd. - Class A | 6 | 40 |
|  Dongfang Electric Co., Ltd. - Class A | 21 | 49 |
|  Dongfang Electric Co., Ltd. - Class H (b) | 33 | 57 |
|  Dongxing Securities Co., Ltd. - Class A | 31 | 48 |
|  Eastern Air Logistics Co., Ltd. - Class A | 12 | 21 |
|  Eastroc Beverage(Group) Co., Ltd. - Class A | 3 | 153 |
|  Easyhome New Retail Group Corporation Limited - Class A | 2 | 1 |
|  Ecovacs Robotics Co., Ltd. - Class A | 1 | 4 |
|  ENN Energy Holdings Limited | 65 | 524 |
|  ENN Natural Gas Co., Ltd. - Class A | 14 | 37 |
|  Everbright Securities Company Limited - Class A | 27 | 68 |
|  EverDisplay Optronics (Shanghai) Co., Ltd. - Class A (a) | 104 | 34 |
|  Far East Horizon Limited | 145 | 126 |
|  Faw Jiefang Group Co., Ltd - Class A | 33 | 31 |
|  Flat Glass Group Co., Ltd. - Class A | 12 | 26 |
|  Flat Glass Group Co., Ltd. - Class H | 24 | 27 |

---

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page [607](#abbreviations).

**JNL Series Trust** (Unaudited)

**Schedules of Investments (in thousands)**

June 30, 2025

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
|  Foshan Haitian Flavouring & Food Co., Ltd. - Class A | 31 | 166 |
|  Fosun International Limited | 172 | 102 |
|  Founder Securities Co., Ltd. - Class A | 43 | 47 |
|  Foxconn Industrial Internet Co., Ltd. - Class A | 76 | 227 |
|  Fujian Sunner Development Co., Ltd. - Class A | 14 | 27 |
|  Full Truck Alliance Co. Ltd. - Class A - ADR | 72 | 850 |
|  Fuyao Glass Industry Group Co., Ltd. - Class A | 15 | 122 |
|  Fuyao Glass Industry Group Co., Ltd. - Class H (c) | 52 | 371 |
|  Fuzhou Tianyu Electric Co., Ltd. - Class A (a) | 45 | 27 |
|  Galaxycore Inc. - Class A | 15 | 32 |
|  Gan & Lee Pharmaceuticals - Class A | 4 | 30 |
|  Ganfeng Lithium Group Co., Ltd - Class A | 3 | 16 |
|  Ganfeng Lithium Group Co., Ltd - Class H (b) (c) | 48 | 139 |
|  GCL-Poly Energy Holdings Limited (a) (b) | 1925 | 246 |
|  GD Power Development Co., Ltd. - Class A | 113 | 76 |
|  Geely Automobile Holdings Limited | 516 | 1055 |
|  GEM Co., Ltd. - Class A | 46 | 41 |
|  Gemdale Corporation - Class A (a) | 41 | 21 |
|  GenScript Biotech Corporation (a) | 106 | 201 |
|  GF Securities Co., Ltd. - Class A | 40 | 94 |
|  GF Securities Co., Ltd. - Class H | 71 | 119 |
|  Giant Network Group Co., Ltd. - Class A | 19 | 62 |
|  GigaDevice Semiconductor Inc. - Class A | 3 | 60 |
|  Glodon Company Limited - Class A | 8 | 16 |
|  Goertek Inc. - Class A | 21 | 69 |
|  Goldwind Science&Technology Co., Ltd. - Class A | 25 | 36 |
|  Goldwind Science&Technology Co., Ltd. - Class H | 60 | 58 |
|  Gongniu Group Co., Ltd. - Class A | 5 | 34 |
|  Great Wall Motor Company Limited - Class A | 18 | 53 |
|  Great Wall Motor Company Limited - Class H (b) | 220 | 340 |
|  Greatwall Securities Co., Ltd. Beijing Haiying Road Stock Exchange - Class A | 31 | 36 |
|  Gree Electric Appliances, Inc. of Zhuhai - Class A | 40 | 251 |
|  Greenland Holding Group Co., Ltd. - Class A (a) | 99 | 22 |
|  GRG Banking Equipment Co., Ltd. - Class A | 25 | 48 |
|  Guangdong Electric Power Development Co., Ltd - Class A | 34 | 22 |
|  Guangdong Haid Group Co., Ltd. - Class A | 9 | 74 |
|  Guangdong Yangzhiguang Industrial Co., Ltd. - Class A (a) | 31 | 51 |
|  Guangxi Guiguan Electric Power Co., Ltd. - Class A | 17 | 15 |
|  Guangzhou Automobile Group Co., Ltd. - Class A | 29 | 31 |
|  Guangzhou Automobile Group Co., Ltd. - Class H (b) | 140 | 51 |
|  Guangzhou Baiyun International Airport Xianglong Restaurant - Class A | 21 | 26 |
|  Guangzhou Baiyunshan Pharmaceutical Holdings Co., Ltd. - Class A | 5 | 20 |
|  Guangzhou Baiyunshan Pharmaceutical Holdings Co., Ltd. - Class H | 20 | 44 |
|  Guangzhou Haige Communications Group Incorporated Company - Class A | 29 | 56 |
|  Guangzhou Port Co., Ltd. - Class A | 18 | 8 |
|  Guangzhou Shiyuan Electronic Technology Co., Ltd. - Class A | 7 | 35 |
|  Guangzhou State-Owned Development Holding Co., Ltd. - Class A | 24 | 21 |
|  Guangzhou Tinci Materials Technology Co., Ltd. - Class A | 5 | 12 |
|  Guangzhou Yuexiu Capital Holdings Group Co., Ltd. - Class A | 40 | 38 |
|  Guming Holdings Ltd. (a) | 58 | 189 |
|  Guolian Minsheng Securities Company Limited - Class A | 20 | 28 |
|  Guosen Securities Co., Ltd - Class A | 65 | 105 |
|  Guotai Haitong Securities Co., Limited - Class A | 112 | 300 |
|  Guotai Haitong Securities Co., Limited - Class H (c) | 201 | 325 |
|  Guoxuan High-Tech Co., Ltd. - Class A | 14 | 62 |
|  H World Group Limited | 147 | 499 |
|  Haidilao International Holding Ltd. (c) | 130 | 249 |
|  Haier Smart Home Co., Ltd. - Class A | 40 | 139 |
|  Haier Smart Home Co., Ltd. - Class H | 209 | 599 |
|  Hainan Airlines Holding Co., Ltd. - Class A (a) | 365 | 68 |
|  Hainan Airport Infrastructure Co., Ltd - Class A | 28 | 14 |
|  Haisco Pharmaceutical Group Co., Ltd. - Class A | 7 | 39 |
|  Haitian International Holdings Limited | 93 | 243 |
|  Hangzhou Bank Co., Ltd. - Class A | 40 | 93 |
|  Hangzhou Binjiang Real Estate Group Co., Ltd. - Class A | 30 | 41 |
|  Hangzhou First Applied Material Co., Ltd. - Class A | 12 | 22 |
|  Hangzhou Lion Microelectronics Co., Ltd. - Class A (a) | 6 | 19 |
|  Hangzhou Oxygen Plant Group Co., Ltd. - Class A | 8 | 21 |
|  Hangzhou Robam Appliances Co., Ltd. - Class A | 10 | 26 |
|  Hangzhou Silan Microelectronics Co., Ltd. - Class A | 14 | 47 |
|  Han's Laser Technology Industry Group Co., Ltd. - Class A | 11 | 37 |
|  Hansoh Pharmaceutical Group Company Limited (c) | 102 | 387 |
|  Haohua Chemical Science & Technology Corp., Ltd. - Class A | 7 | 26 |
|  Harris County School District - Class A | 334 | 268 |
|  Hebei Sinopack Electronic Technology Co., Ltd. - Class A | 2 | 16 |
|  Hebei Yangyuan Zhihui Beverage Co., Ltd. - Class A | 11 | 32 |
|  Hedy Holding Co., Ltd. - Class A | 105 | 107 |
|  Heilongjiang Agriculture Company Limited - Class A | 1 | 1 |
|  Henan Shenhuo Coal & Power Co., Ltd. - Class A | 21 | 48 |
|  Henan Shuanghui Investment & Development Co., Ltd. - Class A | 21 | 71 |
|  Hengan International Group Company Limited | 62 | 180 |
|  Hengdian Group DMEGC Magnetics Co., Ltd. - Class A | 15 | 29 |
|  Hengli Petrochemical (Dalian) Co., Ltd. - Class A | 27 | 53 |
|  Hengsheng Chemical Industry Co., Ltd. - Class A | 11 | 35 |
|  Hengtong Optic-Electric Co., Ltd. - Class A | 19 | 40 |
|  Hengyi Petrochemical Co. Ltd - Class A | 39 | 32 |
|  Hesheng Silicon Industry Co., Ltd. - Class A | 6 | 38 |
|  Himile Mechanical Science And Technology (Shandong) Co., Ltd. - Class A | 5 | 41 |
|  Hisense (Guangdong) Kitchen & Bath System Co., Ltd. - Class A | 1 | 3 |
|  Hisense (Guangdong) Kitchen & Bath System Co., Ltd. - Class H (b) | 33 | 90 |
|  Hisense Visual Technology Co., Ltd. - Class A | 13 | 41 |
|  HLA Group Corp., Ltd. - Class A | 35 | 34 |
|  Hongta Securities Co., Ltd. - Class A | 25 | 29 |
|  Horizon Robotics (a) (b) | 719 | 600 |
|  Hua Hong Semiconductor Limited (a) (b) (c) | 63 | 280 |
|  Hua Xia Bank Co., Limited - Class A | 106 | 117 |
|  Huaan Securities Co., Ltd. - Class A | 34 | 28 |
|  Huadian Power International Corporation Limited - Class A | 86 | 66 |
|  Huadian Power International Corporation Limited - Class H | 108 | 57 |
|  Huadong Medicine Co., Ltd - Class A | 9 | 50 |
|  Huafon Chemical Co., Ltd. - Class A | 27 | 25 |
|  Huagong Tech Company Limited - Class A | 10 | 64 |
|  Huaibei Mining Co., Ltd. - Class A | 21 | 33 |
|  Hualan Bioengineering Co., Ltd. - Class A | 2 | 5 |
|  Huaneng Power International, Inc. - Class A | 97 | 97 |
|  Huaneng Power International, Inc. - Class H | 344 | 222 |
|  Huatai Securities Co., Ltd. - Class A | 34 | 84 |
|  Huatai Securities Co., Ltd. - Class H (c) | 125 | 254 |
|  Huaxi Securities Co., Ltd. - Class A | 29 | 36 |
|  Huaxin Cement Co., Ltd. - Class A | 19 | 31 |
|  Huayu Automotive Systems Co., Ltd. - Class A | 14 | 34 |
|  Hubei Energy Group Co., Ltd. - Class A | 52 | 33 |
|  Hubei Jumpcan Pharmaceutical Co., Ltd. - Class A | 9 | 33 |
|  Hubei Xingfa Chemicals Group Co., Ltd. - Class A | 13 | 37 |
|  Huizhou Desay SV Automotive Co., Ltd. - Class A | 2 | 34 |
|  Humanwell Healthcare (Group) Co., Ltd - Class A | 5 | 15 |
|  Hunan Valin Steel Co., Ltd. - Class A | 59 | 37 |
|  Hundsun Technologies Inc. - Class A | 9 | 40 |
|  Hytera Communications Corporation Limited - Class A (a) | 9 | 15 |
|  iFlytek Co., Ltd. - Class A | 17 | 116 |
|  Industrial and Commercial Bank of China Limited - Class A | 773 | 818 |
|  Industrial and Commercial Bank of China Limited - Class H | 6782 | 5387 |

---

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page [607](#abbreviations).

**JNL Series Trust** (Unaudited)

**Schedules of Investments (in thousands)**

June 30, 2025

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
|  Industrial Bank Co., Ltd. - Class A | 148 | 482 |
|  Industrial Securities Co., Ltd. - Class A | 90 | 78 |
|  Inner Mongolia Dian Tou Energy Corporation Limited - Class A | 10 | 28 |
|  Inner Mongolia Eerduosi Resources Co., Ltd. - Class A | 14 | 17 |
|  Inner Mongolia Eerduosi Resources Co., Ltd. - Class B | 12 | 12 |
|  Inner Mongolia Junzheng Energy & Chemical Group Co., Ltd. - Class A | 40 | 31 |
|  Inner Mongolia Mengdian Huaneng Thermal Power Co., Ltd. - Class A | 58 | 33 |
|  Inner Mongolia Yili Industrial Group Co., Ltd. - Class A | 47 | 181 |
|  Inner Mongolia Yitai Coal Co., Ltd. - Class B | 81 | 160 |
|  Innovent Biologics, Inc. - Class B (a) (c) | 119 | 1190 |
|  Inspur Electronic Information Industry Co., Ltd. - Class A | 6 | 45 |
|  iRay Technology Company Limited - Class A | 2 | 22 |
|  J&T Global Express Limited (a) | 552 | 480 |
|  JA Solar Technology Co., Ltd. - Class A (a) | 22 | 31 |
|  Jason Furniture (Hangzhou) Co., Ltd. - Class A | 7 | 25 |
|  JCET Group Co., Ltd. - Class A | 17 | 81 |
|  JCHX Mining Management Co., Ltd. - Class A | 6 | 36 |
|  JD Health International Inc. (a) (c) | 98 | 538 |
|  JD Logistics, Inc. (a) | 206 | 347 |
|  JD.com, Inc. - Class A | 231 | 3786 |
|  Jiangsu Eastern Shenghong Co., Ltd. - Class A (a) | 46 | 53 |
|  Jiangsu Expressway Company Limited - Class A | 2 | 5 |
|  Jiangsu Expressway Company Limited - Class H | 129 | 182 |
|  Jiangsu Financial Leasing Co., Ltd. - Class A | 32 | 27 |
|  Jiangsu Guoxin Corp. Ltd. - Class A | 16 | 16 |
|  Jiangsu Hengli Hydraulic Technology Co., Ltd. - Class A | 7 | 68 |
|  Jiangsu Hengrui Pharmaceuticals Co., Ltd. - Class A | 44 | 321 |
|  Jiangsu King'S Luck Brewery Joint-Stock Co., Ltd. - Class A | 8 | 45 |
|  Jiangsu NHWA Pharmaceutical Co., Ltd - Class A | 10 | 28 |
|  Jiangsu Pacific Quartz Co., Ltd. - Class A | 5 | 26 |
|  Jiangsu Phoenix Publishing & Media Corporation Limited - Class A | 21 | 33 |
|  Jiangsu Xinquan Auto Trim Co., Ltd. - Class A | 5 | 29 |
|  Jiangsu Yanghe Distillery Co., Ltd. - Class A | 7 | 62 |
|  Jiangsu Yangnong Chemical Co., Ltd. - Class A | 3 | 22 |
|  Jiangsu Yoke Technology Co., Ltd. - Class A | 5 | 35 |
|  Jiangsu Yuyue Medical Equipment & Supply Co., Ltd. - Class A | 2 | 11 |
|  Jiangsu Zhongtian Technology Co., Ltd. - Class A | 13 | 27 |
|  Jiangxi Copper Company Limited - Class A | 12 | 40 |
|  Jiangxi Copper Company Limited - Class H | 82 | 160 |
|  Jinduicheng Molybdenum Group Co., Ltd. - Class A | 27 | 41 |
|  Jinko Solar Co., Ltd. - Class A (a) | 66 | 48 |
|  Jinneng Holding Shanxi Coal Industry Co., Ltd. - Class A | 13 | 23 |
|  Jointown Pharmaceutical Group Co., Ltd. - Class A | 53 | 38 |
|  Juneyao Airlines Co., Ltd. - Class A | 20 | 37 |
|  Kangmei Pharmaceutical Co., Ltd. - Class A (a) | 3 | 1 |
|  KE Holdings Inc. | 202 | 1227 |
|  Keboda Technology Co., Ltd. - Class A | 1 | 11 |
|  Kingdee International Software Group Company Limited (a) | 249 | 492 |
|  Kingfa Sci. & Tech. Co., Ltd. - Class A | 18 | 26 |
|  Kingnet Network Co., Ltd. - Class A | 21 | 56 |
|  Kingsoft Corp Ltd | 88 | 459 |
|  Kuaishou Technology (a) (c) | 261 | 2119 |
|  Kuang-Chi Technologies Co., Ltd. - Class A | 16 | 90 |
|  Kunlun Energy Company Limited | 354 | 344 |
|  Kweichow Moutai Co., Ltd. - Class A | 9 | 1710 |
|  Laopu Gold Co., Ltd. - Class H (c) | 3 | 400 |
|  Lenovo Group Limited | 551 | 663 |
|  Levima Advanced Materials Corporation - Class A | 9 | 20 |
|  Li Auto Inc. - Class A (a) | 98 | 1339 |
|  Li Ning Company Limited | 207 | 449 |
|  Liaoning Port Co., Ltd. - Class A | 185 | 39 |
|  Lingyi Itech (Guangdong) Company - Class A | 34 | 41 |
|  Livzon Pharmaceutical Group Inc. - Class A | 3 | 15 |
|  Livzon Pharmaceutical Group Inc. - Class H | 11 | 40 |
|  Longbai Group Co., Ltd - Class A | 21 | 49 |
|  Longfor Group Holdings Limited (b) | 181 | 215 |
|  LONGi Green Energy Technology Co., Ltd. - Class A | 59 | 123 |
|  Luxshare Precision Industry (Kunshan) Co., Ltd. - Class A | 51 | 245 |
|  Luzhou Lao Jiao Vintage Co., Ltd. - Class A | 11 | 167 |
|  Mao Geping Cosmetics Co., Ltd. - Class H | 12 | 161 |
|  Meinian Onehealth Healthcare Holdings Co., Ltd. - Class A | 42 | 30 |
|  Meituan - Class B (a) (c) | 484 | 7770 |
|  Metallurgical Corporation of China Ltd. - Class A | 127 | 53 |
|  Metallurgical Corporation of China Ltd. - Class H | 215 | 45 |
|  Midea Group Co., Ltd. - Class A | 47 | 473 |
|  Mingyang Smart Energy Group Co., Ltd. - Class A | 23 | 37 |
|  Miniso Group Holding Ltd (b) (e) | 37 | 167 |
|  Minmetals Capital Company Limited - Class A | 40 | 33 |
|  Mixue Group - Class H (a) | 4 | 250 |
|  Montage Technology Co., Ltd. - Class A | 10 | 112 |
|  Muyuan Foods Co., Ltd. - Class A | 36 | 209 |
|  Nangfang Science City Development Co., Ltd. - Class A | 14 | 36 |
|  Nanjing Iron and Steel Co., Ltd. - Class A | 37 | 22 |
|  Nanjing Securities Co., Ltd. - Class A | 23 | 26 |
|  NARI Technology Co., Ltd. - Class A | 49 | 154 |
|  National Silicon Industry Group Co., Ltd. - Class A | 21 | 54 |
|  Naura Technology Group Co., Ltd. - Class A | 4 | 234 |
|  Navinfo Co., Ltd. - Class A (a) | 19 | 23 |
|  NetEase, Inc. | 158 | 4273 |
|  New China Life Insurance Company Ltd. - Class A | 11 | 87 |
|  New China Life Insurance Company Ltd. - Class H | 87 | 476 |
|  New Hope Liuhe Co., Ltd. - Class A | 17 | 22 |
|  New Oriental Education & Technology Group Inc. (c) | 131 | 705 |
|  Ninestar Co., Ltd. - Class A (a) | 12 | 38 |
|  Ningbo Deye Technology Co., Ltd. - Class A | 3 | 25 |
|  Ningbo Joyson Electronics Co., Ltd. - Class A | 10 | 24 |
|  Ningbo Orient Wires & Cables Co., Ltd - Class A | 6 | 46 |
|  Ningbo Sanxing Medical Electric Co., Ltd. - Class A | 9 | 28 |
|  Ningbo Tuopu Group Co., Ltd. - Class A | 12 | 80 |
|  Ningbo Zhoushan Port Group - Class A | 120 | 61 |
|  Ningxia Baofeng Energy Group Shares Co., Ltd. - Class A | 62 | 140 |
|  NIO, Inc. - Class A (a) (b) | 138 | 486 |
|  Nongfu Spring Co., Ltd. - Class H (c) | 158 | 811 |
|  Offshore Oil Engineering Co., Ltd. - Class A | 38 | 29 |
|  OFILM Group Co., Ltd. - Class A (a) | 20 | 33 |
|  OmniVision Integrated Circuits Group, Inc. - Class A | 8 | 148 |
|  Oppein Home Group Inc. - Class A | 5 | 38 |
|  Orient Securities Company Limited - Class A | 36 | 48 |
|  Orient Securities Company Limited - Class H (c) | 89 | 64 |
|  Oriental Pearl Group Co., Ltd. - Class A | 33 | 35 |
|  Pangang Group Steel Vanadium & Titanium Co., Ltd. - Class A (a) | 74 | 26 |
|  People.cn Co., Ltd. - Class A | 9 | 24 |
|  People's Insurance Company (Group) of China Limited, The - Class H | 764 | 583 |
|  Perfect World Co., Ltd. - Class A | 2 | 4 |
|  PetroChina Company Limited - Class H | 1953 | 1684 |
|  PICC Property and Casualty Company Limited - Class H | 605 | 1173 |
|  Pinduoduo (Shanghai) Network Technology Co., Ltd. - ADR (a) | 69 | 7182 |
|  Ping An Bank Co., Ltd. - Class A | 114 | 192 |
|  Ping An Insurance (Group) Company of China, Ltd. - Class A | 77 | 596 |
|  Ping An Insurance (Group) Company of China, Ltd. - Class H | 556 | 3548 |
|  Pingdingshan Tianan Coal Mining Co., Ltd. - Class A | 15 | 15 |
|  Poly Developments and Holdings Group Co., Ltd. - Class A | 96 | 108 |
|  POP MART International Group Limited (c) | 59 | 2011 |
|  Postal Savings Bank of China Co., Ltd. - Class A | 513 | 392 |

---

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page [607](#abbreviations).

**JNL Series Trust** (Unaudited)

**Schedules of Investments (in thousands)**

June 30, 2025

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
|  Postal Savings Bank of China Co., Ltd. - Class H (c) | 830 | 580 |
|  Power Construction Corporation of China - Class A | 116 | 79 |
|  Proya Cosmetics Co., Ltd. - Class A | 4 | 40 |
|  Qi An Xin Technology Group Inc. - Class A (a) | 6 | 31 |
|  Qingdao Port International Co., Ltd. - Class A | 8 | 10 |
|  Qingdao Port International Co., Ltd. - Class H (c) | 71 | 60 |
|  Qinghai Salt Lake Industry Co., Ltd - Class A (a) | 24 | 56 |
|  Quzhou Xin'an Development Co., Ltd. - Class A (a) | 64 | 26 |
|  Rockchip Electronics Co., Ltd. - Class A | 4 | 78 |
|  Rongsheng Petrochemical Co., Ltd. - Class A | 57 | 66 |
|  S.F. Holding Co., Ltd. - Class A | 35 | 238 |
|  S.F. Holding Co., Ltd. - Class H | 7 | 42 |
|  SAIC Motor Corporation Limited - Class A | 58 | 130 |
|  Sailun Group Co., Ltd. - Class A | 26 | 47 |
|  San'an Optoelectronics Co., Ltd - Class A | 48 | 84 |
|  Sany Heavy Industry Co., Ltd. - Class A | 57 | 142 |
|  Satellite Chemical Co., Ltd. - Class A | 14 | 33 |
|  SDIC Capital Co., Ltd. - Class A | 53 | 56 |
|  SDIC Power Holdings Co., Ltd. - Class A | 51 | 105 |
|  Seazen Holdings Co., Ltd. - Class A (a) | 1 | 2 |
|  Seres Co., Ltd. - Class A | 10 | 183 |
|  Shaanxi Coal and Chemical Industry Group Co., Ltd. - Class A | 74 | 198 |
|  Shandong Gold Group Co., Ltd. - Class A | 20 | 91 |
|  Shandong Gold Group Co., Ltd. - Class H (b) (c) | 64 | 225 |
|  Shandong Hi-Speed ??Group Co., Ltd. - Class A | 19 | 28 |
|  Shandong Linglong Tyre Co., Ltd. - Class A | 14 | 28 |
|  Shandong Nanshan Aluminium Co., Ltd. - Class A | 119 | 63 |
|  Shandong Sun Paper Co., Ltd. - Class A | 22 | 42 |
|  Shandong Weigao Group Medical Polymer Company Limited - Class H | 210 | 164 |
|  Shanghai Aiko Solar Energy Co., Ltd. - Class A (a) | 13 | 23 |
|  Shanghai Allist Pharmaceuticals Co., Ltd. - Class A | 3 | 39 |
|  Shanghai Bairun Investment Holding Group Co., Ltd. - Class A | 10 | 34 |
|  Shanghai Baosight Software Co., Ltd - Class A | 15 | 51 |
|  Shanghai Baosight Software Co., Ltd - Class B | 58 | 78 |
|  Shanghai BOCHU Electronic Technology Corporation Limited. - Class A | 2 | 40 |
|  Shanghai Electric Group Company Limited - Class A (a) | 53 | 55 |
|  Shanghai Electric Group Company Limited - Class H (a) (b) | 312 | 115 |
|  Shanghai Electric Power Co., Ltd. - Class A | 27 | 33 |
|  Shanghai Fosun Pharmaceutical (Group) Co., Ltd. - Class A | 10 | 34 |
|  Shanghai Fosun Pharmaceutical (Group) Co., Ltd. - Class H (b) | 31 | 67 |
|  Shanghai Fudan Microelectronics Group Co., Ltd. - Class A | 5 | 35 |
|  Shanghai Fudan Microelectronics Group Co., Ltd. - Class H | 12 | 46 |
|  Shanghai International Airport Co., Ltd. - Class A | 16 | 71 |
|  Shanghai International Port(Group) Co., Ltd - Class A | 34 | 27 |
|  Shanghai Jiangong Tufang Construction Co., Ltd. - Class A | 118 | 39 |
|  Shanghai Jin Jiang International Hotels Co., Ltd. - Class A | 10 | 32 |
|  Shanghai Junshi Biosciences Co., Ltd. - Class A (a) | 6 | 29 |
|  Shanghai Junshi Biosciences Co., Ltd. - Class H (a) (c) | 14 | 36 |
|  Shanghai Lingang Holdings Co., Ltd - Class A | 18 | 23 |
|  Shanghai Lujiazui Finance & Trade Zone Development Co., Ltd. - Class A | 19 | 23 |
|  Shanghai Lujiazui Finance & Trade Zone Development Co., Ltd. - Class B | 120 | 55 |
|  Shanghai M&G Stationery Inc - Class A | 10 | 40 |
|  Shanghai Moons' Electric Co., Ltd. - Class A | 3 | 20 |
|  Shanghai Pharmaceuticals Holding Co., Ltd. - Class A | 15 | 38 |
|  Shanghai Pharmaceuticals Holding Co., Ltd. - Class H | 83 | 124 |
|  Shanghai Pu Tai Lai New Energy Technology Co., Ltd. - Class A | 8 | 21 |
|  Shanghai Pudong Development Bank Co., Ltd. - Class A | 197 | 381 |
|  Shanghai RAAS blood products co., Ltd. - Class A | 67 | 65 |
|  Shanghai Rural Commercial Bank Co., Ltd. - Class A | 85 | 115 |
|  Shanghai Wingtech Electronics Technology Co., Ltd. - Class A | 2 | 11 |
|  Shanghai Yto Express Co., Ltd. Dalian Branch - Class A | 32 | 57 |
|  Shanghai Yuyuan Tourist Mart (Group) Co., Ltd. - Class A | 41 | 32 |
|  Shanghai Zhangjiang Hi-Tech Park Development Co., Ltd. - Class A | 12 | 43 |
|  Shanxi Coal International Energy Group Co., Ltd. - Class A | 18 | 21 |
|  Shanxi Coking Coal Energy Group Co., Ltd. - Class A | 44 | 40 |
|  Shanxi Lu'an Environmental Energy Dev.Co., Ltd - Class A | 20 | 30 |
|  Shanxi Xinghuacun Fenjiu Group., Ltd - Class A | 8 | 193 |
|  Shede Spirits Co., Ltd. - Class A | 3 | 21 |
|  Shenergy Company Limited - Class A | 43 | 52 |
|  Shengyi Technology Co., Ltd. - Class A | 10 | 43 |
|  Shennan Circuits Co., Ltd. - Class A | 5 | 68 |
|  Shenwan Hongyuan Group Co., Ltd. - Class A | 154 | 108 |
|  Shenwan Hongyuan Group Co., Ltd. - Class H (c) | 198 | 68 |
|  Shenzhen Energy Group Co., Ltd. - Class A | 34 | 30 |
|  Shenzhen Goodix Technology Co., Ltd. - Class A | 4 | 40 |
|  Shenzhen Great Wall Development Technology Co., Ltd. - Class A | 15 | 40 |
|  Shenzhen Huaqiang Information Industry Co., Ltd. - Class A | 5 | 18 |
|  Shenzhen Kedali Industry Co.Limited - Class A | 2 | 35 |
|  Shenzhen Overseas Chinese Town Co., Ltd. - Class A (a) | 81 | 25 |
|  Shenzhen Salubris Pharmaceuticals Co., Ltd. - Class A | 9 | 57 |
|  Shenzhen SED Industry Co., Ltd. - Class A | 12 | 32 |
|  Shenzhen Transsion Holdings Co., Ltd. - Class A | 9 | 97 |
|  Shenzhou International Group Holdings Limited | 72 | 515 |
|  Shijiazhuang Changshan Beiming Technology Co., Ltd. - Class A (a) | 8 | 26 |
|  Shijiazhuang Yiling Pharmaceutical Co., Ltd. - Class A | 18 | 35 |
|  SICC Co., Ltd. - Class A (a) | 3 | 25 |
|  Sichuan Changhong Electric Co., Ltd. - Class A | 18 | 24 |
|  Sichuan Chuantou Energy Co,.Ltd. - Class A | 27 | 60 |
|  Sichuan Kelun Pharmaceutical Co., Ltd. - Class A | 15 | 74 |
|  Sichuan Kelun-Biotech Biopharmaceutical Co., Ltd. - Class H (a) | 3 | 121 |
|  Sichuan New Energy Power Company Limited - Class A | 17 | 23 |
|  Sichuan Road & Bridge (Group) Co., LTD - Class A | 44 | 61 |
|  Sichuan Swellfun Co., Ltd. - Class A | 5 | 28 |
|  Sieyuan Electric Co., Ltd. - Class A | 7 | 71 |
|  Sinolink Securities Co., Ltd. - Class A | 23 | 28 |
|  Sinoma International Engineering Co., Ltd. - Class A | 25 | 30 |
|  Sinoma Science & Technology Co., Ltd. - Class A | 19 | 51 |
|  Sinomach Heavy Equipment Group Co., Ltd. - Class A (a) | 48 | 20 |
|  Sinomine Resource Group Co., Ltd. - Class A | 6 | 25 |
|  Sinopec Oilfield Service Corporation - Class A (a) | 8 | 2 |
|  Sinopec Shanghai Petrochemical Company Limited - Class A | 40 | 16 |
|  Sinopec Shanghai Petrochemical Company Limited - Class H | 390 | 63 |
|  Sinopharm Group Co. Ltd. - Class H | 123 | 289 |
|  Sinotrans Limited - Class A | 51 | 35 |
|  Sinotrans Limited - Class H | 106 | 54 |
|  Sinotruk (Hong Kong) Limited | 55 | 160 |
|  SKSHU Paint Co., Ltd. - Class A | 6 | 33 |
|  Smoore International Holdings Limited (b) (c) | 172 | 401 |
|  Soochow Securities Co., Ltd. - Class A | 55 | 67 |
|  Southwest Securities Co., Ltd. - Class A | 13 | 8 |
|  SPIC Industry-Finance Holdings Co., Ltd - Class A | 19 | 19 |
|  Spring Airlines Co., Ltd. - Class A | 9 | 68 |

---

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page [607](#abbreviations).

**JNL Series Trust** (Unaudited)

**Schedules of Investments (in thousands)**

June 30, 2025

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| Starpower Semiconductor Ltd. - Class A | 2 | 27 |
| State Grid Xin Yuan Company Limited - Class A | 39 | 28 |
| Sunny Optical Technology (Group) Company Limited | 62 | 550 |
| Sunshine City Group Co., Ltd. - Class A | 31 | 26 |
| Suzhou Dongshan Precision Manufacturing Co., Ltd. - Class A | 5 | 24 |
| TAL Education Group - Class A - ADR (a) | 39 | 402 |
| Talkweb Information System Co., Ltd. - Class A (a) | 10 | 42 |
| Tasly Pharmaceutical Group Co., Ltd. - Class A | 13 | 28 |
| TBEA Co., Ltd. - Class A | 50 | 83 |
| TCL Technology Group Corporation - Class A | 164 | 99 |
| TCL Zhonghuan Renewable Energy Technology Co., Ltd - Class A | 3 | 3 |
| Tencent Holdings Limited | 549 | 35376 |
| Tencent Music Entertainment Group | 103 | 1002 |
| The Pacific Securities Co., Ltd - Class A (a) | 46 | 25 |
| Tianfeng Securities Co., Ltd. - Class A (a) | 58 | 40 |
| Tianjin Zhongxin Pharmaceutical Group Co., Ltd. | 20 | 48 |
| Tianjin Zhongxin Pharmaceutical Group Co., Ltd. - Class A | 6 | 28 |
| Tianma Microelectronics Co., Ltd. - Class A (a) | 28 | 34 |
| Tianneng Battery Group Co., Ltd - Class A | 4 | 14 |
| Tianqi Lithium Industry Co., Ltd - Class A (a) | 6 | 26 |
| Tianshan Aluminum Group Co., Ltd. - Class A | 37 | 43 |
| Tianshui Huatian Technology Co., Ltd. - Class A | 30 | 43 |
| Tingyi (Cayman Islands) Holding Corp. | 171 | 251 |
| Tongce Medical Co., Ltd. - Class A | 5 | 27 |
| Tongcheng-Elong Holdings Limited (c) | 109 | 273 |
| Tongfu Microelectronics Co., Ltd. - Class A | 12 | 43 |
| Tongkun Group Co., Ltd. - Class A | 16 | 24 |
| Tongling Nonferrous Metals Group Co., Ltd. - Class A | 85 | 40 |
| Tongwei Co., Ltd - Class A (a) | 32 | 74 |
| Trina Solar Co., Ltd. - Class A (a) | 15 | 30 |
| Trip.com Group Limited | 52 | 3044 |
| Tsinghua Tongfang Co., Ltd. - Class A (a) | 32 | 33 |
| Tsingtao Brewery Co., Ltd. - Class A | 5 | 51 |
| Tsingtao Brewery Co., Ltd. - Class H | 58 | 380 |
| Ubtech Robotics Corp. Ltd. - Class H (a) (b) | 20 | 218 |
| Unigroup Guoxin Microelectronics Co., Ltd. - Class A | 5 | 46 |
| Uni-President China Holdings Ltd | 105 | 127 |
| Unisplendour Corporation Limited - Class A | 14 | 46 |
| Universal Scientific Industrial (Shanghai) Co., Ltd. - Class A | 17 | 34 |
| Venustech Group Inc. - Class A | 9 | 21 |
| Verisilicon Microelectronics (Shanghai) Co., Ltd. - Class A (a) | 2 | 33 |
| Vipshop (China) Co., Ltd - ADR | 30 | 446 |
| Wanda Film Holding Co., Ltd. - Class A (a) | 19 | 31 |
| Wanhua Chemical Group Co., Ltd. - Class A | 19 | 145 |
| Want Want China Holdings Limited | 393 | 275 |
| Weichai Power Co., Ltd. - Class A | 48 | 104 |
| Weichai Power Co., Ltd. - Class H | 160 | 325 |
| Western Mining Co., Ltd. - Class A | 23 | 53 |
| Western Securities Co., Ltd. - Class A | 16 | 18 |
| Western Superconducting Technologies Co., Ltd. - Class A | 6 | 47 |
| Wintime Energy Co., Ltd. - Class A | 143 | 27 |
| Wuchan Zhongda Group Co., Ltd. - Class A | 44 | 32 |
| Wuhan Guide Infrared Co., Ltd. - Class A (a) | 44 | 63 |
| Wuliangye Yibin Co., Ltd. - Class A | 27 | 441 |
| WUS Printed Circuit (Kunshan) Co., Ltd. - Class A | 11 | 65 |
| WuXi AppTec Co., Ltd. - Class A | 15 | 150 |
| WuXi AppTec Co., Ltd. - Class H (b) (c) | 33 | 336 |
| Wuzhou Minovo Co., Ltd. - Class A | 20 | 30 |
| XCMG Construction Machinery Co., Ltd. - Class A | 77 | 83 |
| Xiamen Amoytop Biotech Co., Ltd. - Class A | 3 | 31 |
| Xiamen C&D Inc. - Class A | 28 | 41 |
| Xiamen Faratronic Co., Ltd. - Class A | 2 | 27 |
| Xiamen Tungsten Co., Ltd. - Class A | 12 | 36 |
| Xiaomi Corporation (a) (c) | 1545 | 11874 |
| Xinjiang Daqo New Energy Co. Ltd. - Class A (a) | 15 | 45 |
| Xinjiang Tianshan Cement Co., Ltd. - Class A (a) | 30 | 19 |
| Xinyi Solar Holdings Limited (b) | 484 | 154 |
| Xpeng Inc. - Class A (a) | 113 | 1019 |
| XtalPi Holdings Limited (a) | 204 | 152 |
| Yadea Group Holdings Ltd (c) | 108 | 173 |
| Yangzijiang Shipbuilding (Holdings) Ltd. | 243 | 427 |
| Yankuang Energy Group Company Limited - Class A | 28 | 47 |
| Yankuang Energy Group Company Limited - Class H (b) | 299 | 298 |
| Yantai Jereh Oilfield Service Group Co., Ltd. - Class A | 8 | 39 |
| Yifeng Pharmacy Chain Co., Ltd. - Class A | 1 | 3 |
| Yongan Futures Co., Ltd. - Class A | 5 | 10 |
| Yonghui Superstores Co., Limited - Class A (a) | 67 | 45 |
| Youngor Group Co., Ltd. - Class A | 12 | 12 |
| Yuexiu Property Company Limited (b) | 128 | 70 |
| Yum China Holdings, Inc. | 33 | 1465 |
| YUNDA Holding Group Co., Ltd. - Class A | 29 | 27 |
| Yunnan Aluminium Co., Ltd. - Class A | 12 | 27 |
| Yunnan Baiyao Industrial Co., Ltd. - Class A | 9 | 68 |
| Yunnan Chihong Zinc And Germanium Co., Ltd. - Class A | 44 | 32 |
| Yunnan Energy New Material Co., Ltd. - Class A (a) | 9 | 38 |
| Yunnan Yuntianhua Co., Ltd. - Class A | 16 | 50 |
| Zangge Mining Company Limited - Class A | 13 | 76 |
| Zeekr Intelligent Technology Holding Limited - ADR (a) | 4 | 107 |
| Zhangzhou Pien Tze Huang Pharmaceutical Co., Ltd. - Class A | 5 | 126 |
| Zhaojin Mining Industry Co., Ltd. - Class H | 152 | 401 |
| Zhejiang China Commodities City Group Co., Ltd. - Class A | 37 | 107 |
| Zhejiang Chint Electric Co., Ltd. - Class A | 8 | 25 |
| Zhejiang Dahua Technology Co., Ltd. - Class A | 11 | 23 |
| Zhejiang Dingli Machinery Co., Ltd. - Class A | 4 | 26 |
| Zhejiang Grandwall Electric Science&Technology Co., Ltd. - Class A (a) | 14 | 29 |
| Zhejiang Huahai Pharmaceutical Co., Ltd. - Class A | 16 | 40 |
| Zhejiang Huayou Cobalt Co., Ltd. - Class A | 12 | 60 |
| Zhejiang Juhua Co., Ltd. - Class A | 22 | 88 |
| Zhejiang Longsheng Group Co., Ltd. - Class A | 24 | 34 |
| Zhejiang NHU Company Ltd. - Class A | 31 | 93 |
| Zhejiang Provincial New Energy Investment Group Co., Ltd. - Class A | 5 | 5 |
| Zhejiang Sanhua Intelligent Controls Co., Ltd - Class A | 24 | 90 |
| Zhejiang SUPCON Technology Co., Ltd. - Class A | 7 | 47 |
| Zhejiang Supor Co., Ltd. - Class A | 6 | 40 |
| Zhejiang Wanfeng Auto Wheel Co., Ltd. - Class A | 21 | 48 |
| Zhejiang Weiming Environment Protection Co., Ltd. - Class A | 3 | 7 |
| Zhejiang Weixing New Building Materials Co., Ltd. - Class A | 13 | 19 |
| Zhejiang Zheneng Electric Power Co., Ltd - Class A | 59 | 44 |
| Zhengzhou Yutong Bus Co., Ltd. - Class A | 19 | 67 |
| Zheshang Securities Co., Ltd. - Class A | 38 | 58 |
| Zhongjin Gold Corporation Limited - Class A | 22 | 46 |
| Zhongsheng Group Holdings Limited | 44 | 69 |
| Zhongtai Securities Co., Ltd. - Class A | 23 | 21 |
| Zhuzhou CRRC Times Electric Co., Ltd. - Class A |  | 3 |
| Zhuzhou CRRC Times Electric Co., Ltd. - Class H | 42 | 169 |
| Zijin Mining Group Co., Ltd. - Class A | 137 | 375 |
| Zijin Mining Group Co., Ltd. - Class H | 526 | 1356 |
| ZJLD Group Inc (b) | 49 | 38 |
| Zoomlion Heavy Industry Science and Technology Co., Ltd. - Class A | 42 | 43 |
| Zoomlion Heavy Industry Science and Technology Co., Ltd. - Class H (b) | 158 | 118 |
| ZTE Corporation - Class A | 24 | 109 |
| ZTE Corporation - Class H | 67 | 207 |
| ZTO Express (Cayman) Inc. (c) | 36 | 638 |
| | | 231274 |
| **India 19.6%** | **India 19.6%** | **India 19.6%** |
| ABB India Limited | 5 | 359 |
| ACC Limited | 7 | 154 |
| Adani Energy Solutions Limited (a) | 32 | 326 |
| Adani Enterprises Limited | 37 | 1132 |

---

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page [607](#abbreviations).

**JNL Series Trust** (Unaudited)

**Schedules of Investments (in thousands)**

June 30, 2025

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
|  Adani Gas Limited | 19 | 153 |
|  Adani Green Energy (UP) Limited (a) | 35 | 414 |
|  Adani Ports and Special Economic Zone Limited | 81 | 1380 |
|  Adani Power Limited (a) | 98 | 670 |
|  Aditya Birla Capital Limited (a) | 70 | 227 |
|  Alkem Laboratories Limited | 6 | 357 |
|  Ambuja Cements Limited | 69 | 468 |
|  Apollo Hospitals Enterprise Limited | 10 | 858 |
|  Ashok Leyland Limited | 133 | 388 |
|  Asian Paints Limited | 66 | 1796 |
|  Astral Limited | 11 | 195 |
|  AU Small Finance Bank Limited (c) | 46 | 437 |
|  Aurobindo Pharma Ltd | 27 | 352 |
|  Avenue Supermarts Limited (a) (c) | 15 | 750 |
|  AWL Agri Business Limited (a) | 26 | 80 |
|  Axis Bank Limited | 205 | 2868 |
|  Bajaj Auto Limited | 6 | 598 |
|  Bajaj Finance Limited | 256 | 2782 |
|  Bajaj Finserv Limited | 35 | 831 |
|  Bajaj Holdings & Investment Limited. | 2 | 419 |
|  Bajaj Housing Finance Limited (a) | 76 | 108 |
|  Balkrishna Industries Limited | 7 | 195 |
|  Bandhan Bank Limited (c) | 64 | 142 |
|  Bank of Baroda | 85 | 248 |
|  Bank of India | 89 | 123 |
|  Berger Paints India Limited | 22 | 155 |
|  Bharat Electronics Limited | 326 | 1607 |
|  Bharat Forge Ltd | 23 | 356 |
|  Bharat Heavy Electricals Limited | 114 | 354 |
|  Bharat Petroleum Corporation Limited | 183 | 711 |
|  Bharti Airtel Limited | 256 | 6005 |
|  Bharti Hexacom Limited | 7 | 150 |
|  Biocon Limited | 42 | 174 |
|  Bosch Limited | 1 | 290 |
|  Britannia Industries Ltd | 12 | 810 |
|  Canara Bank | 167 | 223 |
|  CG Power and Industrial Solutions Limited | 58 | 464 |
|  Cholamandalam Investment and Finance Company Limited | 38 | 718 |
|  Cipla Limited | 52 | 909 |
|  Coal India Ltd Govt Of India Undertaking | 203 | 930 |
|  Colgate-Palmolive (India) Limited | 12 | 337 |
|  Container Corporation | 24 | 213 |
|  Coromandel International Limited | 11 | 327 |
|  CRISIL Limited | 2 | 121 |
|  Cummins India Limited | 12 | 486 |
|  Dabur India Limited | 59 | 336 |
|  Divis Laboratories Limited | 12 | 978 |
|  Dixon Technologies (India) Limited | 3 | 528 |
|  DLF Limited | 76 | 741 |
|  Dr. Reddy's Laboratories Limited | 53 | 794 |
|  Eicher Motors Limited | 14 | 916 |
|  Eternal Limited (a) | 405 | 1250 |
|  FSN E-Commerce Ventures Private Limited (a) | 108 | 262 |
|  GAIL (India) Limited | 259 | 576 |
|  GE Vernova T&D India Limited | 11 | 311 |
|  GMR Airports Infrastructure Limited (a) | 249 | 248 |
|  Godrej Consumer Products Limited | 38 | 518 |
|  Godrej Properties Limited (a) | 12 | 334 |
|  Grasim Industries Ltd | 36 | 1180 |
|  Havells India Limited | 21 | 372 |
|  HCL Technologies Limited | 98 | 1968 |
|  HDFC Life Insurance Company Limited (c) | 92 | 874 |
|  HDFC Asset Management Company Limited | 10 | 587 |
|  HDFC Bank Limited | 512 | 11971 |
|  Hero MotoCorp Limited | 12 | 584 |
|  Hexaware Technologies Limited | 10 | 102 |
|  Hindalco Industries Limited | 129 | 1046 |
|  Hindustan Aeronautics Limited | 17 | 976 |
|  Hindustan Petroleum Corporation Limited | 88 | 449 |
|  Hindustan Unilever Limited | 82 | 2197 |
|  Hitachi Energy India Limited | 1 | 275 |
|  Hyundai Motor India Limited | 13 | 335 |
|  ICICI Bank Limited | 478 | 8069 |
|  ICICI Lombard General Insurance Company Limited (c) | 21 | 510 |
|  ICICI Prudential Life Insurance Company Limited (c) | 34 | 262 |
|  IDFC First Bank Limited | 490 | 416 |
|  Indian Bank | 26 | 192 |
|  Indian Hotels Company Limited, The | 82 | 725 |
|  Indian Oil Corporation Limited | 351 | 603 |
|  Indian Railway Catering And Tourism Corporation Limited | 26 | 233 |
|  Indian Railway Finance Corporation Limited | 152 | 251 |
|  Indian Renewable Energy Development Agency Limited (a) | 57 | 113 |
|  Indraprastha Gas Limited | 63 | 160 |
|  Indus Towers Limited (a) | 117 | 578 |
|  IndusInd Bank Ltd. | 52 | 530 |
|  Infosys Limited | 370 | 6897 |
|  Interglobe Aviation Limited (c) | 16 | 1104 |
|  ITC Hotels Limited (a) | 87 | 226 |
|  ITC Limited | 273 | 1325 |
|  Jindal Stainless Limited | 36 | 298 |
|  Jindal Steel & Power Limited | 32 | 351 |
|  Jio Financial Services Limited | 281 | 1072 |
|  JSW Energy Limited | 56 | 344 |
|  JSW Infrastructure Limited | 33 | 120 |
|  JSW Steel Limited | 116 | 1383 |
|  Jubilant Foodworks Limited | 34 | 281 |
|  Kalyan Jewellers India Limited | 40 | 258 |
|  Kotak Mahindra Bank Limited | 99 | 2487 |
|  L&T Technology Services Limited | 3 | 129 |
|  Larsen and Toubro Limited | 61 | 2609 |
|  Linde India Limited | 2 | 141 |
|  Lloyds Metals and Energy Limited | 13 | 237 |
|  LTIMindtree Limited (c) | 9 | 537 |
|  Lupin Limited | 22 | 509 |
|  Macrotech Developers Limited | 26 | 422 |
|  Mahindra and Mahindra Limited | 88 | 3288 |
|  Mankind Pharma Limited (a) | 10 | 281 |
|  Marico Limited | 61 | 511 |
|  Maruti Suzuki India Limited | 12 | 1723 |
|  Max Healthcare Institute Limited | 62 | 920 |
|  Mazagon Dock Shipbuilders Limited | 7 | 268 |
|  Motilal Oswal Financial Services Limited | 17 | 170 |
|  Mphasis Limited | 10 | 331 |
|  MRF Limited |  | 472 |
|  Muthoot Finance Limited | 10 | 308 |
|  Nestle India Limited | 32 | 927 |
|  NHPC Limited | 296 | 297 |
|  NMDC Limited | 323 | 263 |
|  NTPC Green Energy Limited (a) | 76 | 93 |
|  NTPC Limited | 426 | 1666 |
|  Oberoi Realty Limited | 12 | 263 |
|  Oil and Natural Gas Corporation Limited | 387 | 1102 |
|  Oil India Limited | 55 | 277 |
|  Oracle Financial Services Software Limited | 2 | 206 |
|  Page Industries Limited | 1 | 349 |
|  Patanjali Foods Limited | 10 | 196 |
|  PB Fintech Limited (a) | 32 | 672 |
|  Persistent Systems Limited | 10 | 708 |
|  Petronet LNG Limited | 67 | 237 |
|  Phoenix Mills Limited, The | 20 | 372 |
|  PI Industries Limited | 9 | 424 |
|  Pidilite Industries Limited | 23 | 817 |
|  Polycab India Limited | 6 | 467 |
|  Power Finance Corporation Limited | 118 | 591 |
|  Power Grid Corporation of India Limited | 410 | 1437 |
|  Premier Energies Limited | 8 | 102 |
|  Prestige Estates Projects Limited | 16 | 317 |
|  Procter & Gamble Hygiene and Health Care Limited | 1 | 149 |
|  Punjab National Bank | 201 | 260 |
|  Rail Vikas Nigam Limited | 51 | 236 |
|  REC Limited | 103 | 483 |
|  Reliance Industries Limited | 655 | 11447 |
|  Samvardhana Motherson International Limited | 284 | 514 |
|  SBI Cards and Payment Services Private Limited | 29 | 318 |

---

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page [607](#abbreviations).

**JNL Series Trust** (Unaudited)

**Schedules of Investments (in thousands)**

June 30, 2025

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| SBI Life Insurance Company Limited (c) | 38 | 820 |
| Schaeffler India Limited | 4 | 181 |
| Shree Cement Limited | 2 | 562 |
| Shriram Finance Limited | 115 | 946 |
| Siemens Limited | 8 | 311 |
| Solar Industries Limited | 2 | 466 |
| Sona BLW Precision Forgings Limited | 33 | 188 |
| SRF Limited | 11 | 412 |
| State Bank of India | 161 | 1545 |
| Steel Authority of India Limited | 115 | 177 |
| Sun Pharma Advanced Research Company Limited | 105 | 2043 |
| Sundaram Finance Limited | 9 | 557 |
| Suzlon Energy Limited (a) | 1125 | 893 |
| Swiggy Limited (a) | 27 | 125 |
| Tata Communications Limited | 11 | 211 |
| Tata Consultancy Services Limited | 91 | 3658 |
| Tata Consumer Products Limited | 59 | 755 |
| Tata Elxsi Limited | 3 | 220 |
| Tata Motors Limited | 189 | 1516 |
| Tata Steel Limited | 744 | 1388 |
| Tata Technologies Limited | 13 | 104 |
| Tech Mahindra Limited | 59 | 1157 |
| The Supreme Industries Limited | 6 | 306 |
| The Tata Power Company Limited | 154 | 732 |
| Thermax Limited. | 3 | 128 |
| Titan Company Limited | 37 | 1603 |
| Torrent Pharmaceuticals Ltd | 9 | 361 |
| Torrent Power Limited | 18 | 302 |
| Trent Limited | 16 | 1180 |
| Tube Investments of India Limited | 11 | 388 |
| TVS Motor Company Limited | 22 | 738 |
| UltraTech Cement Limited | 11 | 1575 |
| Union Bank of India | 136 | 244 |
| United Spirits Limited | 28 | 468 |
| UNO Minda Limited | 20 | 259 |
| UPL Limited | 51 | 395 |
| Varun Beverages Limited | 131 | 701 |
| Vedanta Limited | 157 | 844 |
| Vishal Mega Mart Ltd. (a) | 96 | 149 |
| Vodafone Idea Limited (a) | 2674 | 232 |
| Voltas Limited | 22 | 339 |
| Waaree Energies Limited (a) | 3 | 110 |
| Wipro Limited | 278 | 862 |
| Yes Bank Limited (a) | 1848 | 439 |
| Zydus Lifesciences Limited | 25 | 284 |
| | | 162566 |
| **Taiwan 18.6%** | **Taiwan 18.6%** | **Taiwan 18.6%** |
| Accton Technology Corporation | 46 | 1151 |
| Acer Inc. | 262 | 272 |
| Advantech Co., Ltd. | 45 | 528 |
| Airtac International Group | 12 | 354 |
| Alchip Technologies, Limited | 7 | 744 |
| ASE Technology Holding Co., Ltd. | 297 | 1484 |
| Asia Cement Corporation | 233 | 341 |
| Asia Vital Components Co., Ltd. | 30 | 766 |
| ASUSTeK Computer Inc. | 64 | 1412 |
| AUO Corporation | 621 | 263 |
| Catcher Technology Co., Ltd. | 59 | 428 |
| Cathay Financial Holding Co., Ltd. | 839 | 1803 |
| Chailease Holding Company Limited | 140 | 605 |
| Chang Hwa Commercial Bank, Ltd. | 515 | 329 |
| Cheng Shin Rubber Ind. Co., Ltd. | 220 | 285 |
| Chicony Electronics Co., Ltd | 56 | 250 |
| China Airlines, Ltd. | 240 | 178 |
| China Steel Corporation | 1041 | 671 |
| Chunghwa Telecom Co., Ltd. | 349 | 1614 |
| Compal Electronics, Inc. | 356 | 354 |
| CTBC Financial Holding Co., Ltd. | 1741 | 2603 |
| Delta Electronics, Inc. | 173 | 2444 |
| E Ink Holdings Inc. | 82 | 620 |
| E.Sun Financial Holding Company, Ltd. | 1410 | 1585 |
| Eclat Textile Corporation Ltd. | 18 | 253 |
| Elite Material Co., Ltd. | 27 | 819 |
| eMemory Technology Inc. | 6 | 486 |
| EVA Airways Corporation | 247 | 338 |
| Evergreen Marine Corporation (Taiwan) Ltd. | 97 | 659 |
| Far Eastern New Century Corporation | 316 | 356 |
| Far EasTone Telecommunications Co., Ltd. | 160 | 491 |
| Feng Tay Enterprises Co., Ltd. | 64 | 268 |
| First Financial Holding Co., Ltd. | 986 | 980 |
| Formosa Chemicals & Fibre Corporation | 334 | 262 |
| Formosa Petrochemical Corporation | 111 | 137 |
| Formosa Plastics Corporation | 422 | 503 |
| Fortune Electric Co., Ltd. | 22 | 432 |
| FOXCONN Technology Co., Ltd. | 115 | 251 |
| Fubon Financial Holding Co., Ltd. | 805 | 2407 |
| Giga-Byte Technology Co., Ltd. | 54 | 525 |
| Global Unichip Corp. | 7 | 315 |
| GlobalWafers Co., Ltd. | 24 | 248 |
| Highwealth Construction Corp. | 144 | 204 |
| HIWIN Technologies Corp. | 25 | 181 |
| Hon Hai Precision Industry Co., Ltd. | 1090 | 6009 |
| Hotai Motor Co., Ltd. | 43 | 828 |
| Hua Nan Financial Holdings Co., Ltd. | 898 | 836 |
| Innolux Corporation | 707 | 284 |
| International Games System Co., Ltd. | 24 | 706 |
| Inventec Corporation | 271 | 393 |
| Jentech Precision Industrial Co., Ltd. | 8 | 416 |
| KGI Financial Holding Co., Ltd. | 1394 | 714 |
| Largan Precision Co., Ltd. | 9 | 735 |
| Lite-On Technology Corporation | 195 | 739 |
| Lotes Co., Ltd | 9 | 417 |
| MediaTek Inc. | 140 | 5998 |
| Mega Financial Holdings Co., Ltd. | 1028 | 1443 |
| Micro-Star International Co., Ltd. | 70 | 345 |
| Momo.Com Inc. | 7 | 61 |
| Nan Ya Plastics Corporation | 513 | 479 |
| Nan Ya Technology Corporation (a) | 115 | 202 |
| Nien Made Enterprise Co., Ltd. | 15 | 210 |
| Novatek Microelectronics Corporation | 55 | 1028 |
| PEGATRON Corporation | 200 | 528 |
| PharmaEssentia Corp. | 25 | 470 |
| Phison Electronics Corporation | 18 | 310 |
| Pou Chen Corporation | 246 | 261 |
| Powertech Technology Inc. | 64 | 289 |
| President Chain Store Corporation | 53 | 466 |
| Quanta Computer Inc. | 262 | 2467 |
| Realtek Semiconductor Corporation | 45 | 874 |
| Ruentex Development Co., Ltd. | 175 | 178 |
| Shanghai Commercial & Savings Bank, Ltd., The | 367 | 582 |
| Shin Kong Financial Holding Co., Ltd. (a) | 1510 | 585 |
| Silergy Corp. | 31 | 377 |
| SinoPac Financial Holdings Company Limited | 1216 | 1009 |
| Synnex Technology International Corporation | 116 | 256 |
| Taishin Financial Holding Co., Ltd. | 1220 | 657 |
| Taiwan Business Bank, Ltd. | 647 | 340 |
| Taiwan Cooperative Bank, Ltd. | 958 | 811 |
| Taiwan High Speed Rail Corporation | 142 | 137 |
| Taiwan Mobile Co., Ltd. | 125 | 492 |
| Taiwan Semiconductor Manufacturing Company Limited | 2189 | 79273 |
| Tatung Co. | 156 | 212 |
| TCC Group Holdings Co., Ltd. | 624 | 545 |
| TECO Electric & Machinery Co., Ltd. | 133 | 216 |
| Tripod Technology Corporation | 46 | 391 |
| Unimicron Technology Corp. | 124 | 485 |
| Uni-President Enterprises Corp. | 442 | 1226 |
| United Microelectronics Corporation | 1090 | 1645 |
| Vanguard International Semiconductor Corporation | 94 | 324 |
| Voltronic Power Technology Corporation | 6 | 259 |
| Walsin Lihwa Corporation | 273 | 203 |
| Wan Hai Lines Ltd. | 136 | 416 |
| Wistron Corporation | 255 | 1072 |
| Wiwynn Corporation | 10 | 869 |
| WPG Holdings Limited | 157 | 378 |
| WT Microelectronics Co., Ltd. | 63 | 278 |
| Yageo Corporation | 43 | 714 |
| Yang Ming Marine Transport Corporation | 164 | 400 |
| Yuanta Financial Holding Co., Ltd | 1081 | 1265 |

---

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page [607](#abbreviations).

**JNL Series Trust** (Unaudited)

**Schedules of Investments (in thousands)**

June 30, 2025

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| Zhen Ding Technology Holding Limited | 64 | 221 |
| | | 154523 |
| **South Korea 10.0%** | **South Korea 10.0%** | **South Korea 10.0%** |
| ALTEOGEN Inc. (a) | 4 | 998 |
| Amorepacific Corporation | 3 | 260 |
| Celltrion Inc. | 14 | 1698 |
| CJ CheilJedang Corp. | 1 | 145 |
| CJ Corporation | 1 | 146 |
| Coway Co., Ltd. | 5 | 332 |
| DB Insurance Co., Ltd. | 4 | 390 |
| Doosan Bobcat Inc. | 5 | 200 |
| Doosan Enerbility Co., Ltd. (a) | 40 | 2054 |
| Ecopro BM Co., Ltd. (a) | 4 | 317 |
| Ecopro Co., Ltd | 9 | 310 |
| EcoPro Materials Co., Ltd. (a) | 2 | 70 |
| GS Holdings Corp. | 7 | 244 |
| Hana Financial Group Inc. | 26 | 1648 |
| Hanjin Kal Co., Ltd. | 2 | 189 |
| Hankook Tire & Technology Co., Ltd | 6 | 190 |
| Hanmi Science Co., Ltd. | 1 | 141 |
| HANMI Semiconductor Co., Ltd. | 4 | 310 |
| Hanwha Aerospace CO., LTD. | 3 | 1752 |
| Hanwha Ocean Co., Ltd. (a) | 11 | 625 |
| Hanwha Solutions Corporation | 9 | 217 |
| HD Hyundai Co., Ltd. | 4 | 365 |
| HD Hyundai Electric Co., Ltd. | 2 | 757 |
| HD Hyundai Marine Solution Co., Ltd. | 1 | 113 |
| HD Korea Shipbuilding & Offshore Engineering Co., Ltd. | 4 | 1127 |
| HLB Co., Ltd (a) | 11 | 394 |
| HMM Co., Ltd. | 26 | 428 |
| HYBE Co., Ltd. | 2 | 447 |
| Hyundai Glovis Co., Ltd. | 3 | 319 |
| Hyundai Heavy Industries Co., Ltd. | 2 | 638 |
| Hyundai Mobis Co., Ltd. | 6 | 1198 |
| Hyundai Motor Company | 13 | 2011 |
| Hyundai Rotem Company | 6 | 942 |
| Industrial Bank of Korea | 24 | 321 |
| Kakao Corp. | 28 | 1232 |
| Kakao Pay Corp. (a) | 2 | 111 |
| KakaoBank Corp. | 31 | 698 |
| KB Financial Group Inc. | 33 | 2739 |
| KIA Corporation | 22 | 1586 |
| Korea Aerospace Industries, Ltd. | 7 | 443 |
| Korea Electric Power Corp | 23 | 673 |
| Korea Investment Holdings Co., Ltd. | 4 | 391 |
| Korea Zinc Co., Ltd. | 1 | 573 |
| Korean Air Lines Co., Ltd. | 16 | 276 |
| Krafton, Inc. (a) | 3 | 756 |
| KT&G Corporation | 10 | 923 |
| LG Chem, Ltd. | 4 | 665 |
| LG CNS Co., Ltd. | 3 | 156 |
| LG Corp. | 10 | 568 |
| LG Display Co., Ltd. (a) | 23 | 153 |
| LG Electronics Inc. | 9 | 502 |
| LG Energy Solution Ltd. (a) | 4 | 849 |
| LG H&H Co., Ltd. | 1 | 219 |
| LG Uplus Corp. | 18 | 195 |
| Meritz Financial Group Inc. | 7 | 601 |
| Mirae Asset Securities Co., Ltd. | 17 | 266 |
| NAVER Corporation | 13 | 2533 |
| Netmarble Corp. | 2 | 92 |
| NH Investment & Securities Co., Ltd. | 12 | 182 |
| Orion Incorporation | 2 | 153 |
| POSCO Future M Co., Ltd. (a) | 3 | 241 |
| POSCO Holdings Inc. | 6 | 1240 |
| POSCO ICT Company Ltd. | 4 | 63 |
| Posco International Corporation | 4 | 154 |
| Samsung Biologics Co., Ltd. (a) | 2 | 1214 |
| Samsung C&T Corporation | 7 | 877 |
| Samsung Card Co., Ltd. | 2 | 68 |
| Samsung Electro-Mechanics Co., Ltd. | 5 | 464 |
| Samsung Electronics Co., Ltd. | 436 | 19274 |
| Samsung Engineering Co., Ltd. | 15 | 252 |
| Samsung Fire & Marine Insurance Co., Ltd. | 3 | 886 |
| Samsung Heavy Industries Co., Ltd (a) | 62 | 768 |
| Samsung Life Insurance Co., Ltd. | 9 | 869 |
| Samsung SDI Co., Ltd. | 5 | 669 |
| Samsung SDS Co., Ltd. | 3 | 428 |
| Samsung Securities Co., Ltd. | 6 | 330 |
| Shinhan Financial Group Co., Ltd. | 41 | 1839 |
| SK Biopharmaceuticals Co., Ltd. (a) | 3 | 182 |
| SK Hynix Inc. | 49 | 10602 |
| SK Inc. | 3 | 485 |
| SK innovation Co., Ltd. | 6 | 518 |
| SK Square Co., Ltd. (a) | 8 | 1013 |
| SK Telecom Co., Ltd. | 9 | 385 |
| SKC Co., Ltd. (a) | 1 | 117 |
| S-Oil Corporation | 4 | 162 |
| Woori Financial Group Inc. | 58 | 966 |
| Yuhan Corporation | 5 | 381 |
|  |  | 83278 |
| **Saudi Arabia 3.3%** | **Saudi Arabia 3.3%** | **Saudi Arabia 3.3%** |
| Acwa Power Company | 12 | 844 |
| ADES Holding Company | 38 | 141 |
| Al Nahdi Medical Co | 4 | 141 |
| Al Rajhi Banking and Investment Corporation | 177 | 4470 |
| Alinma Bank | 115 | 822 |
| Almarai Company | 42 | 567 |
| Arab National Bank | 81 | 469 |
| Arabian Internet And Communications Services Company | 2 | 170 |
| Bank AlBilad | 66 | 463 |
| Bank Aljazira | 65 | 221 |
| Banque Saudi Fransi | 111 | 529 |
| BUPA Arabia for Cooperative Insurance Company | 7 | 350 |
| Dar AL-Arkan Real Estate Development Company (a) | 45 | 232 |
| Dr Sulaiman Al Habib For Medical Service Group Company (Closed Joint Stock) | 9 | 663 |
| Elm Company | 2 | 592 |
| Etihad Etisalat Company | 37 | 582 |
| Jabal Omar Development Company (a) | 49 | 263 |
| Jarir Marketing Company | 43 | 144 |
| Makkah Construction & Development Company | 8 | 196 |
| Mouwasat Medical Services Co. | 10 | 193 |
| Rabigh Refining and Petrochemical Company (a) | 41 | 79 |
| Riyad Bank | 137 | 1046 |
| SAL Saudi Logistics Services Company | 2 | 111 |
| Santana Mining Inc. (a) | 113 | 1609 |
| Saudi Arabian Fertilizer Company | 21 | 595 |
| Saudi Arabian Oil Company (c) | 528 | 3424 |
| Saudi Aramco Base Oil Company Luberef | 5 | 132 |
| Saudi Basic Industries Corporation | 82 | 1198 |
| Saudi British Bank | 92 | 830 |
| Saudi Electricity Company | 62 | 243 |
| Saudi Industrial Investment Group | 32 | 142 |
| Saudi International Petrochemical Company (Sipchem) | 26 | 137 |
| Saudi National Bank, The | 263 | 2539 |
| Saudi Research & Marketing Group (a) | 3 | 157 |
| Saudi Tadawul Group Holding Company | 5 | 231 |
| Saudi Telecom Company | 168 | 1908 |
| Savola Group (a) | 14 | 107 |
| The Company For Cooperative Insurance | 7 | 284 |
| The Saudi Investment Bank | 48 | 188 |
| Umm Al Qura For Development And Construction Company (a) | 40 | 267 |
| Yanbu National Petrochemical Company | 19 | 157 |
|  |  | 27436 |
| **South Africa 2.9%** | **South Africa 2.9%** | **South Africa 2.9%** |
| ABSA Group | 75 | 746 |
| Aspen Pharmacare Holdings Limited | 34 | 228 |
| Bid Corporation | 31 | 825 |
| Bidvest Group, The | 30 | 394 |
| Capitec Bank Holdings | 9 | 1737 |
| Clicks Group | 21 | 440 |
| Discovery | 47 | 565 |
| FirstRand Limited | 507 | 2167 |
| Gold Fields Limited | 81 | 1904 |

---

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page [607](#abbreviations).

**JNL Series Trust** (Unaudited)

**Schedules of Investments (in thousands)**

June 30, 2025

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| Harmony Gold Mining Company | 49 | 679 |
| Impala Platinum Holdings Limited (a) | 81 | 728 |
| Kumba Iron Ore Ltd (c) | 6 | 91 |
| Mr Price Group (b) | 24 | 306 |
| MTN Group | 155 | 1231 |
| Naspers Limited - Class N | 15 | 4591 |
| Nedbank Group Limited | 41 | 558 |
| Northam Platinum Limited (b) | 34 | 372 |
| OM Residual UK Ltd | 385 | 262 |
| Pepkor Holdings (c) | 170 | 262 |
| Rand Merchant Investment Holdings Limited | 84 | 371 |
| Remgro | 47 | 420 |
| Sanlam | 161 | 806 |
| Shoprite Holdings | 49 | 763 |
| Sibanye Stillwater (a) (b) | 264 | 481 |
| Standard Bank Group | 119 | 1529 |
| Valterra Platinum (b) | 16 | 706 |
| Vodacom Group | 48 | 370 |
| Woolworths Holdings Limited | 90 | 263 |
| | | 23795 |
| **Brazil 2.6%** | **Brazil 2.6%** | **Brazil 2.6%** |
| Alupar Investimento S.A. | 18 | 105 |
| Ambev S.A. | 389 | 951 |
| B3 S.A. - Brasil, Bolsa, Balcao | 471 | 1262 |
| Banco Bradesco S/A. | 138 | 366 |
| Banco BTG Pactual S/A | 127 | 985 |
| Banco do Brasil S.A | 149 | 607 |
| Banco Santander (Brasil) S.A. | 40 | 221 |
| BB Seguridade Participacoes S.A. | 55 | 362 |
| BRF S.A. (a) | 52 | 191 |
| Caixa Seguridade Participacoes S/A | 51 | 137 |
| Centrais Eletricas Brasileiras S/A - Eletrobras | 93 | 692 |
| Cia De Saneamento Basico Do Estado De Sao Paulo SABESP | 42 | 924 |
| Companhia Energetica de Minas Gerais-CEMIG | 35 | 100 |
| Companhia Paranaense De Energia | 75 | 160 |
| CPFL Energia S/A | 18 | 131 |
| CSN Mineracao S.A. | 64 | 59 |
| Embraer S.A. | 63 | 893 |
| Energisa S/A | 25 | 222 |
| ENGIE Brasil Energia S.A. | 25 | 210 |
| Equatorial Energia S.A | 113 | 756 |
| Hapvida Participacoes E Investimentos S/A (c) | 33 | 221 |
| Itausa S.A. | 138 | 279 |
| Klabin S.A. | 76 | 261 |
| Localiza Rent A Car SA | 88 | 658 |
| Motiva Infraestrutura De Mobilidade S.A. | 94 | 240 |
| Neoenergia S.A. | 48 | 224 |
| Petroleo Brasileiro S/A Petrobras. | 331 | 2069 |
| Porto Seguro S/A | 17 | 173 |
| Prio S.A. (a) | 78 | 606 |
| Raia Drogasil S.A. | 112 | 313 |
| Rede D'or Sao Luiz S.A. | 113 | 737 |
| Rumo S.A. | 102 | 347 |
| Suzano SA | 60 | 568 |
| Telefonica Brasil S.A. | 69 | 396 |
| TIM S.A | 71 | 285 |
| Vale S.A. | 327 | 3169 |
| Vibra Energia S/A | 95 | 380 |
| WEG SA | 143 | 1126 |
|  |  | 21386 |
| **United Arab Emirates 2.5%** | **United Arab Emirates 2.5%** | **United Arab Emirates 2.5%** |
| Abu Dhabi Commercial Bank PJSC | 269 | 986 |
| Abu Dhabi Islamic Bank | 134 | 787 |
| Abu Dhabi National Oil Company | 236 | 236 |
| Abu Dhabi Ports Company PJSC (a) | 72 | 80 |
| Adnoc Drilling Company PJSC | 247 | 384 |
| ADNOC Logistics & Services PLC | 115 | 147 |
| AFORTI Holding S.A. (a) | 310 | 294 |
| Aldar Properties - P J S C | 339 | 825 |
| Alpha Dhabi Holding | 139 | 467 |
| Dubai Electricity and Water Authority | 849 | 653 |
| Dubai Islamic Bank (P S C) Br. | 249 | 616 |
| Emaar Development LLC | 79 | 290 |
| Emaar Properties (P.J.S.C) | 566 | 2097 |
| Emirates Integrated Telecommunications Company PJSC | 75 | 202 |
| Emirates NBD Bank (P.J.S.C) | 219 | 1361 |
| Emirates Telecommunications Group Company (Etisalat Group) PJSC | 313 | 1499 |
| First Abu Dhabi Bank P.J.S.C. | 404 | 1827 |
| International Holdings Limited (a) | 67 | 7309 |
| Multipleplay Group PJSC (a) | 315 | 207 |
| Pure Health Holding L.L.C | 296 | 217 |
| Salik Company P.J.S.C. (c) | 178 | 293 |
| Talabat Holding PLC | 407 | 149 |
|  |  | 20926 |
| **Mexico 1.8%** | **Mexico 1.8%** | **Mexico 1.8%** |
| America Movil, S.A.B. De C.V. | 1593 | 1427 |
| Arca Continental S.A.B. de C.V. | 44 | 465 |
| Banco Actinver, S.A., Institucion de Banca Multiple, Grupo Financiero Actinver (b) | 227 | 313 |
| Becle, S.A.B. de C.V. (b) | 35 | 42 |
| CEMEX S.A.B. de C.V. - Series A | 1357 | 940 |
| Coca-Cola FEMSA, S.A.B. de C.V. | 48 | 468 |
| El Puerto De Liverpool, S.A.B. De C.V. | 20 | 111 |
| Fomento Economico Mexicano, S.A. B. De C.V. | 184 | 1897 |
| Gmexico Transportes, S.A.B. De C.V. | 43 | 73 |
| GRUMA, S.A.B. de C.V. - Class B | 15 | 264 |
| Grupo Aeroportuario Del Pacifico, S.A.B. de C.V. | 35 | 802 |
| Grupo Aeroportuario del Sureste, S.A.B. de C.V. - Class B | 15 | 490 |
| Grupo Bimbo S.A.B. de C.V. - Class A (b) | 114 | 318 |
| Grupo Carso, S.A.B. De C.V. (b) | 50 | 354 |
| Grupo Comercial Chedraui, S.A.B. de C.V. (b) | 23 | 184 |
| Grupo Financiero Banorte, S.A.B. de C.V. | 254 | 2330 |
| Grupo Financiero Inbursa, S.A.B. de C.V. | 212 | 549 |
| Grupo Mexico, S.A.B. de C.V. - Class B | 282 | 1703 |
| Industrias Penoles, S.A.B. de C.V. (a) | 16 | 460 |
| Kimberly - Clark De Mexico S.A.B. De C.V. - Class A (b) | 145 | 266 |
| Promotora y Operadora de Infraestructura, S.A.B. de C.V. | 14 | 161 |
| Wal - Mart de Mexico, S.A.B. de C.V. | 448 | 1482 |
|  |  | 15099 |
| **Malaysia 1.5%** | **Malaysia 1.5%** | **Malaysia 1.5%** |
| 99 Speed Mart Retail Holdings Berhad | 143 | 71 |
| Ammb Holdings Berhad | 250 | 303 |
| Axiata Group Berhad | 162 | 89 |
| Celcomdigi Berhad | 340 | 317 |
| CIMB Group Holdings Berhad | 750 | 1211 |
| Gamuda Berhad | 478 | 544 |
| Genting Berhad | 177 | 128 |
| Hong Leong Bank Berhad | 66 | 305 |
| Hong Leong Financial Group Berhad | 29 | 116 |
| IHH Healthcare Berhad | 204 | 330 |
| IOI Corporation Berhad | 256 | 227 |
| KLCC Property Holdings Berhad | 46 | 96 |
| Kuala Lumpur Kepong Berhad | 44 | 216 |
| Kumpulan Sime Darby Berhad | 234 | 92 |
| Malayan Banking Berhad | 686 | 1581 |
| Maxis Communications Berhad | 289 | 248 |
| MISC Berhad | 174 | 315 |
| Mr D.I.Y. Group (M) Berhad | 318 | 124 |
| Nestle (Malaysia) Berhad | 6 | 104 |
| Petronas Chemicals Group Berhad | 275 | 228 |
| Petronas Dagangan Berhad | 30 | 155 |
| Petronas Gas Berhad | 83 | 347 |
| PPB Group Berhad | 70 | 171 |
| Press Metal Berhad | 347 | 427 |
| Public Bank Berhad | 1387 | 1419 |
| QL Resources Berhad | 176 | 192 |
| RHB Bank Berhad | 354 | 530 |
| Sime Darby Plantation Berhad | 198 | 219 |
| Sunway City SDN. BHD. | 233 | 261 |
| Telekom Malaysia Berhad | 214 | 334 |
| Tenaga Nasional Berhad | 422 | 1441 |
| Westports Holdings Berhad | 128 | 164 |
| YTL Corporation Berhad | 434 | 240 |

---

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page [607](#abbreviations).

**JNL Series Trust** (Unaudited)

**Schedules of Investments (in thousands)**

June 30, 2025

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| YTL Power International Berhad | 271 | 256 |
| | | 12801 |
| **Indonesia 1.3%** | **Indonesia 1.3%** | **Indonesia 1.3%** |
| Aneka Tambang (Persero), PT TBK | 654 | 123 |
| PT. Adaro Energy Indonesia Tbk | 1191 | 135 |
| PT. Amman Mineral Internasional (a) | 692 | 361 |
| PT. Astra International Tbk | 1665 | 462 |
| PT. Bank Central Asia Tbk | 4971 | 2653 |
| PT. Bank Mandiri (Persero) Tbk. | 3297 | 992 |
| PT. Bank Negara Indonesia (Persero), Tbk. | 1251 | 318 |
| PT. Bank Rakyat Indonesia (Persero) Tbk. | 5898 | 1359 |
| PT. Barito Pacific Tbk | 2273 | 233 |
| PT. Barito Renewables Energy | 1398 | 506 |
| PT. Chandra Asri Petrochemical | 805 | 491 |
| PT. Charoen Pokphand Indonesia Tbk | 659 | 191 |
| PT. Dayamitra Telekomunikasi | 1118 | 38 |
| PT. Dian Swastatika Sentosa Tbk (a) | 146 | 483 |
| PT. Golden Energy Mines | 57 | 32 |
| PT. Goto Gojek Tokopedia (a) | 72656 | 260 |
| PT. Indofood Cbp Sukses Makmur | 190 | 123 |
| PT. Indofood Sukses Makmur | 398 | 199 |
| PT. Indosat | 529 | 68 |
| PT. Kalbe Farma Tbk | 1693 | 159 |
| PT. Mayora Indah Tbk | 280 | 36 |
| PT. Merdeka Copper Gold Tbk (a) | 1079 | 134 |
| PT. Multipolar Technology Tbk | 11 | 24 |
| PT. Pantai Indah Kapuk Dua | 178 | 125 |
| PT. Permata Bank .Tbk | 152 | 26 |
| PT. Petrindo Jaya Kreasi Tbk. | 152 | 118 |
| PT. Sumber Alfaria Trijaya | 1308 | 193 |
| PT. Telekomunikasi Indonesia (Persero) Tbk | 4376 | 750 |
| PT. Tower Bersama Infrastructure Tbk | 191 | 27 |
| PT. Trimegah Bangun Persada | 864 | 35 |
| PT. Unilever Indonesia, Tbk. | 576 | 51 |
| PT. United Tractors Tbk | 133 | 176 |
|  |  | 10881 |
| **Thailand 1.0%** | **Thailand 1.0%** | **Thailand 1.0%** |
| Advanced Info Service PLC. - NVDR | 18 | 156 |
| Advanced Info Service PLC. | 83 | 707 |
| Airports of Thailand Public Company Limited | 190 | 177 |
| Airports of Thailand Public Company Limited - NVDR (b) | 213 | 199 |
| Bangkok Bank Public Company Limited - NVDR | 35 | 151 |
| Bangkok Dusit Medical Services Public Company Limited. | 433 | 277 |
| Bangkok Expressway and Metro Public Company Limited | 484 | 71 |
| Bangkok Expressway and Metro Public Company Limited - NVDR | 367 | 54 |
| Berli Jucker Public Company Limited - NVDR | 114 | 67 |
| Berli Jucker Public Company Limited | 8 | 5 |
| BTS Group Holdings Public Company Limited (a) | 171 | 19 |
| BTS Group Holdings Public Company Limited - NVDR (a) | 371 | 41 |
| Bumrungrad Hospital Public Company Limited - NVDR | 28 | 119 |
| Bumrungrad Hospital Public Company Limited | 9 | 40 |
| Central Pattana Public Company Limited | 62 | 88 |
| Central Pattana Public Company Limited - NVDR | 70 | 99 |
| Central Retail Corporation Public Company Limited - NVDR (b) | 70 | 38 |
| Central Retail Corporation Public Company Limited | 193 | 105 |
| Charoen Pokphand Foods Public Company Limited | 234 | 166 |
| CP ALL Public Company Limited - NVDR | 184 | 249 |
| CP ALL Public Company Limited | 245 | 332 |
| CP Axtra Public Company Limited - NVDR (b) | 142 | 78 |
| Delta Electronics (Thailand) Public Company Ltd. | 416 | 1231 |
| Global Power Synergy Public Company Limited | 49 | 44 |
| Gulf Development Public Company Limited - NVDR (a) | 252 | 301 |
| Gulf Development Public Company Limited (a) | 397 | 474 |
| Home Product Center Public Company Limited | 426 | 85 |
| Indorama Ventures Public Company Limited - NVDR (b) | 188 | 117 |
| Kasikornbank Public Company Limited | 87 | 411 |
| Krungthai Bank Public Company Limited | 455 | 298 |
| Krungthai Card Public Company Limited | 12 | 9 |
| Krungthai Card Public Company Limited - NVDR (b) | 134 | 99 |
| Minor International Public Company Limited - NVDR (b) | 54 | 39 |
| Minor International Public Company Limited | 164 | 117 |
| Muangthai Capital Public Company Limited | 92 | 100 |
| PTT Exploration And Production Public Company Limited | 131 | 441 |
| PTT Oil And Retail Business Public Company Limited - NVDR (b) | 383 | 133 |
| PTT Public Company Limited | 472 | 436 |
| PTT Public Company Limited - NVDR (b) | 294 | 272 |
| SCB X Public Company Limited - NVDR | 68 | 245 |
| SCB X Public Company Limited | 16 | 58 |
| Thai Life Insurance Public Company Limited - NVDR | 270 | 83 |
| The Siam Cement Public Company Limited | 34 | 175 |
| TMB Bank Thanachart Public Company Limited (b) | 4104 | 239 |
|  |  | 8645 |
| **Kuwait 0.8%** | **Kuwait 0.8%** | **Kuwait 0.8%** |
| Boubyan Bank K.S.C.P | 140 | 329 |
| Gulf Bank K.S.C.P. | 234 | 275 |
| Kuwait Finance House KSCP | 1225 | 3216 |
| Mabanee Company (K.P.S.C) | 63 | 182 |
| Mobile Telecommunications Company. K.S.C.P | 214 | 338 |
| National Bank of Kuwait K.S.C. | 818 | 2674 |
|  |  | 7014 |
| **Qatar 0.8%** | **Qatar 0.8%** | **Qatar 0.8%** |
| Dukhan Bank (Qp.S.C.) | 245 | 245 |
| Industries Qatar Q.S.C. | 259 | 878 |
| Masraf Al Rayan | 609 | 389 |
| Mesaieed Petrochemical Holding Company Q.P.S.C. | 408 | 151 |
| Ooredoo Q.P.S.C | 111 | 389 |
| Qatar Electricity & Water Company | 52 | 230 |
| Qatar Fuel (WOQOD) | 71 | 291 |
| Qatar Gas Transport Company Ltd. | 318 | 432 |
| Qatar International Islamic Bank (Q.P.S.C) | 107 | 319 |
| Qatar Islamic Bank (Q.P.S.C.) | 157 | 957 |
| Qatar National Bank (Q.P.S.C.) | 392 | 1871 |
| The Commercial Bank (P.S.Q.C.) | 300 | 375 |
|  |  | 6527 |
| **Hong Kong 0.6%** | **Hong Kong 0.6%** | **Hong Kong 0.6%** |
| BOC Hong Kong (Holdings) Limited | 324 | 1415 |
| C&D International Investment Group Limited | 61 | 124 |
| Central New Energy Holding Group Ltd. (a) (b) (c) | 118 | 120 |
| China Resources Beer (Holdings) Company Limited | 133 | 428 |
| China Resources Power Holdings Company Limited | 179 | 433 |
| Chow Tai Fook Jewellery Group Limited | 153 | 262 |
| Giant Biogene Holding Co Ltd | 37 | 276 |
| Guangdong Investment Limited | 270 | 226 |
| Hanergy Thin Film Power Group Limited (a) (d) | 3098 |  |
| Kingboard Holdings Limited | 53 | 171 |
| Kingboard Laminates Holdings Limited | 46 | 56 |
| Orient Overseas (International) Limited | 11 | 187 |
| Sino Biopharmaceutical Limited | 927 | 625 |
| Xinyi Glass Holdings Limited (b) | 131 | 126 |
| Zhejiang Leapmotor Technology Co., Ltd. - Class H (a) | 60 | 424 |
|  |  | 4873 |
| **Greece 0.6%** | **Greece 0.6%** | **Greece 0.6%** |
| Alpha Bank S.A. (a) | 185 | 650 |
| Eurobank Ergasias Services And Holdings S.A - Class R | 219 | 752 |
| Greek Organisation of Football Prognostics S.A. - Class R | 15 | 349 |
| Hellenic Duty Free Shops Single Member S.A. - Class R (a) (d) | 9 |  |
| Hellenic Telecommunications Organization S.A. - Class R | 18 | 340 |
| Jumbo S.A. - Class R | 10 | 334 |
| Metlen Energy & Metals S.A. - Class R | 9 | 486 |
| Motor Oil (Hellas) Corinth Refineries S.A. - Class R | 6 | 173 |

---

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page [607](#abbreviations).

**JNL Series Trust** (Unaudited)

**Schedules of Investments (in thousands)**

June 30, 2025

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| National Bank of Greece SA - Class R | 75 | 954 |
| Piraeus Financial Holdings S.A. - Class R | 68 | 472 |
| Public Power Corporation S.A. - Class R | 16 | 256 |
| | | 4766 |
| **Turkey 0.6%** | **Turkey 0.6%** | **Turkey 0.6%** |
| Akbank Turk Anonim Sirketi - Class A | 266 | 457 |
| Aselsan Inc. - Class A | 110 | 418 |
| BIM Birlesik Magazalar Anonim Sirketi - Class A | 39 | 486 |
| Coca-Cola Icecek Anonim Sirketi - Class A | 77 | 95 |
| Enka Insaat Ve Sanayi Anonim Sirketi - Class A | 74 | 123 |
| Eregli Demir Ve Celik Fabrikalari Turk Anonim Sirketi - Class A | 339 | 228 |
| Ford Otomotiv Sanayi Anonim Sirketi - Class A | 59 | 132 |
| Haci Omer Sabanci Holding Anonim Sirketi - Class A | 127 | 288 |
| KOC Holding Anonim Sirketi - Class A | 72 | 280 |
| Petrokent Turizm A.S. (a) | 13 | 73 |
| SASA Polyester Sanayi A.S. - Class A (a) | 967 | 74 |
| Tofas Turk Otomobil Fabrikasi A.S. - Class A | 9 | 46 |
| Turk Hava Yollari Anonim Ortakligi - Class A | 62 | 442 |
| Turk Telekomunikasyon Anonim Sirketi - Class A (a) | 31 | 45 |
| Turkcell Iletisim Hizmetleri A.S. - Class A | 113 | 275 |
| Turkiye Garanti Bankasi Anonim Sirketi - Class A | 59 | 200 |
| Turkiye Is Bankasi Anonim Sirketi |  | 24 |
| Turkiye Is Bankasi Anonim Sirketi - Class C | 808 | 272 |
| Turkiye Petrol Rafinerileri Anonim Sirketi Tupras - Class A | 92 | 325 |
| Turkiye Sise Ve Cam Fabrikalari Anonim Sirketi - Class A | 115 | 104 |
| Turkiye Vakiflar Bankasi T.A.O. - Class A (a) | 137 | 91 |
| Yapi ve Kredi Bankasi A.S. - Class A (a) | 263 | 210 |
|  |  | 4688 |
| **Philippines 0.5%** | **Philippines 0.5%** | **Philippines 0.5%** |
| Aboitiz Equity Ventures, Inc. | 191 | 119 |
| Aboitiz Power Corporation | 86 | 63 |
| Ayala Corporation | 22 | 227 |
| Ayala Land Inc. | 579 | 278 |
| Bank of The Philippine Islands | 187 | 433 |
| BDO Unibank, Inc. | 197 | 535 |
| Emperador Inc. | 227 | 60 |
| International Container Terminal Services, Inc. | 72 | 526 |
| Jollibee Foods Corporation | 44 | 169 |
| Manila Electric Company | 26 | 252 |
| Metropolitan Bank & Trust Company | 160 | 206 |
| Monde Nissin Corporation | 405 | 53 |
| PLDT Inc. | 7 | 149 |
| San Miguel Corporation | 45 | 63 |
| SM Investments Corporation | 43 | 664 |
| SM Prime Holdings, Inc. | 966 | 403 |
| Universal Robina Corporation | 84 | 134 |
|  |  | 4334 |
| **Chile 0.5%** | **Chile 0.5%** | **Chile 0.5%** |
| Banco de Chile | 3882 | 587 |
| Banco de Credito e Inversiones | 9 | 388 |
| Banco Santander-Chile | 5002 | 314 |
| Cencosud S.A. | 131 | 445 |
| Compania Sud Americana de Vapores S.A. | 1357 | 69 |
| Empresas CMPC S.A. | 97 | 148 |
| Empresas Copec S.A. | 39 | 262 |
| Enel Americas S.A. | 1971 | 192 |
| Enel Chile S.A. | 2183 | 162 |
| Falabella S.A. | 119 | 634 |
| LATAM Airlines Group S.A. | 19340 | 392 |
| Plaza S.A. | 54 | 120 |
| Quinenco S.A. | 28 | 111 |
|  |  | 3824 |
| **Hungary 0.3%** | **Hungary 0.3%** | **Hungary 0.3%** |
| MOL Hungarian Oil and Gas Public Limited Company | 36 | 313 |
| OTP Bank Nyrt. | 19 | 1537 |
| Richter Gedeon Vegyeszeti Gyar Nyilvanosan Mukodo Rt. | 11 | 339 |
|  |  | 2189 |
| **Peru 0.2%** | **Peru 0.2%** | **Peru 0.2%** |
| Credicorp Ltd. | 6 | 1334 |
| Inretail Peru Corp. (c) | 2 | 61 |
|  |  | 1395 |
| **United States of America 0.2%** | **United States of America 0.2%** | **United States of America 0.2%** |
| BeOne Ltd. - Class A (a) | 1 | 17 |
| BeOne Medicines AG (a) (c) | 67 | 1258 |
|  |  | 1275 |
| **Czech Republic 0.1%** | **Czech Republic 0.1%** | **Czech Republic 0.1%** |
| CEZ, a. s. (b) | 15 | 905 |
| Komercni banka, a.s. | 6 | 313 |
|  |  | 1218 |
| **Colombia 0.1%** | **Colombia 0.1%** | **Colombia 0.1%** |
| Ecopetrol S.A. | 427 | 189 |
| Grupo Cibest S A | 26 | 323 |
| Grupo Energia Bogota S.A. ESP | 277 | 205 |
| Interconexion Electrica S A E S P | 44 | 214 |
|  |  | 931 |
| **Luxembourg 0.1%** | **Luxembourg 0.1%** | **Luxembourg 0.1%** |
| Reinet Investments S.C.A. | 13 | 412 |
| **Egypt 0.0%** | **Egypt 0.0%** | **Egypt 0.0%** |
| Commercial International Bank Egypt S.A.E | 182 | 310 |
| **Singapore 0.0%** | **Singapore 0.0%** | **Singapore 0.0%** |
| BOC Aviation Limited (c) | 20 | 168 |
| **Australia 0.0%** | **Australia 0.0%** | **Australia 0.0%** |
| Yancoal Australia Ltd (b) | 32 | 120 |
| **Russian Federation 0.0%** | **Russian Federation 0.0%** | **Russian Federation 0.0%** |
| Bank VTB (Publichnoe Aktsionernoe Obshchestvo) (a) (c) (d) | 680515 |  |
| Joint Stock Company Alrosa (Public Joint Stock Company) (a) (c) (d) | 346 |  |
| Public Joint Stock Company Federal Hydrogenerating Company - Rushydro (a) (c) (d) | 13159 |  |
| Public Joint Stock Company Gazprom (a) (c) (d) | 1618 |  |
| Public Joint Stock Company Magnit (a) (c) (d) | 10 |  |
| Public Joint Stock Company Magnitogorsk Metallurgical Works (a) (c) (d) | 241 |  |
| Public Joint Stock Company Mining And Metallurgical Company Norilsk Nickel (a) (c) (d) | 782 |  |
| Public Joint Stock Company Mobile Telesystems (a) (c) (d) | 115 |  |
| Public Joint Stock Company Novatek (a) (c) (d) | 131 |  |
| Public Joint Stock Company Novolipetsk Metallurgical Plant (a) (c) (d) | 167 |  |
| Public Joint Stock Company Oil Company Lukoil (a) (c) (d) | 49 |  |
| Public Joint Stock Company Oil Company Rosneft (a) (c) (d) | 301 |  |
| Public Joint Stock Company Phosagro (a) (c) (d) | 6 |  |
| Public Joint Stock Company Phosagro (a) (c) (d) |  |  |
| Public Joint Stock Company PIK-Specialized Homebuilder (a) (c) (d) | 15 |  |
| Public Joint Stock Company Polyus (a) (c) (d) | 4 |  |
| Public Joint Stock Company Rostelecom (a) (c) (d) | 157 |  |
| Public Joint Stock Company Sberbank of Russia (a) (c) (d) | 1458 |  |
| Public Joint Stock Company Surgutneftegaz (a) (c) (d) | 1157 |  |
| Public Joint Stock Company Tatneft Named After V.D. Shashin (a) (c) (d) | 220 |  |
| Public Joint Stock Society Moscow Exchange MICEX-RTS (a) (c) (d) | 189 |  |
| Public Joint-Stock Company Inter RAO UES (a) (c) (d) | 4398 |  |
| Public Joint-Stock Company Severstal (a) (c) (d) | 27 |  |
| United Company RUSAL PLC (a) (c) (d) | 320 |  |
| Total Common Stocks (cost $764,694) | Total Common Stocks (cost $764,694) | 816654 |
| **PREFERRED STOCKS 1.7%** | **PREFERRED STOCKS 1.7%** | **PREFERRED STOCKS 1.7%** |
| **Brazil 1.1%** | **Brazil 1.1%** | **Brazil 1.1%** |
| Banco Bradesco S/A. (f) | 479 | 1482 |
| Centrais Eletricas Brasileiras S/A - Eletrobras - Series B | 23 | 185 |
| Companhia Energetica de Minas Gerais-CEMIG | 168 | 335 |

---

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page [607](#abbreviations).

**JNL Series Trust** (Unaudited)

**Schedules of Investments (in thousands)**

June 30, 2025

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| Companhia Paranaense De Energia - Series B | 100 | 230 |
| Gerdau S.A. | 109 | 320 |
| Itau Unibanco Holding S.A. (f) | 481 | 3263 |
| Itausa S.A. | 542 | 1092 |
| Petroleo Brasileiro S/A Petrobras. (f) | 417 | 2410 |
| | | 9317 |
| **South Korea 0.4%** | **South Korea 0.4%** | **South Korea 0.4%** |
| Hyundai Motor Company, 1.00% (g) | 2 | 190 |
| Hyundai Motor Company, 2.00% (g) | 3 | 386 |
| LG Chem, Ltd., 1.00% (g) | 1 | 52 |
| LG Electronics Inc. | 2 | 63 |
| Mirae Asset Securities Co., Ltd., 2.70% (g) | 15 | 94 |
| Samsung Electronics Co., Ltd., 1.00% (g) | 74 | 2713 |
| Samsung Fire & Marine Insurance Co., Ltd. |  | 28 |
|  |  | 3526 |
| **Colombia 0.1%** | **Colombia 0.1%** | **Colombia 0.1%** |
| Grupo Aval Acciones y Valores S.A. | 403 | 56 |
| Grupo Cibest S A | 40 | 448 |
| Grupo de Inversiones Suramericana S.A. | 11 | 97 |
|  |  | 601 |
| **Chile 0.1%** | **Chile 0.1%** | **Chile 0.1%** |
| Sociedad Quimica Y Minera De Chile S.A. - Series B | 14 | 485 |
| **Russian Federation 0.0%** | **Russian Federation 0.0%** | **Russian Federation 0.0%** |
| Public Joint Stock Company Sberbank of Russia (a) (c) (d) | 126 |  |
| Public Joint Stock Company Surgutneftegaz (a) (c) (d) | 1025 |  |
| Public Joint Stock Company Tatneft Named After V.D. Shashin (a) (c) (d) | 9 |  |
| Total Preferred Stocks (cost $15,689) | Total Preferred Stocks (cost $15,689) | 13929 |
| **RIGHTS 0.0%** | **RIGHTS 0.0%** | **RIGHTS 0.0%** |
| **United States of America 0.0%** | **United States of America 0.0%** | **United States of America 0.0%** |
| Hanwha Aerospace CO., LTD. (a) (h) |  | 24 |
| **South Korea 0.0%** | **South Korea 0.0%** | **South Korea 0.0%** |
| POSCO Future M Co., Ltd. (a) (h) |  | 7 |
| **Taiwan 0.0%** | **Taiwan 0.0%** | **Taiwan 0.0%** |
| Acer Inc. (a) (h) |  |  |
| Total Rights (cost $0) | Total Rights (cost $0) | 31 |
| **WARRANTS 0.0%** | **WARRANTS 0.0%** | **WARRANTS 0.0%** |
| **United States of America 0.0%** | **United States of America 0.0%** | **United States of America 0.0%** |
| YTL Corporation Berhad (a) (h) | 87 | 23 |
| Total Warrants (cost $0) | Total Warrants (cost $0) | 23 |
| **SHORT TERM INVESTMENTS 1.5%** | **SHORT TERM INVESTMENTS 1.5%** | **SHORT TERM INVESTMENTS 1.5%** |
| **Investment Companies 1.0%** | **Investment Companies 1.0%** | **Investment Companies 1.0%** |
| JNL Government Money Market Fund - Class I, 4.20% (i) (j) | 8534 | 8534 |
| **Securities Lending Collateral 0.5%** | **Securities Lending Collateral 0.5%** | **Securities Lending Collateral 0.5%** |
| JNL Government Money Market Fund - Class SL, 4.30% (i) (j) | 4227 | 4227 |
| Total Short Term Investments (cost $12,761) | Total Short Term Investments (cost $12,761) | 12761 |
| **Total Investments 101.5% (cost $793,144)** | **Total Investments 101.5% (cost $793,144)** | **843398** |
| **Other Derivative Instruments 0.0%** | **Other Derivative Instruments 0.0%** | **25** |
| **Other Assets and Liabilities, Net (1.5)%** | **Other Assets and Liabilities, Net (1.5)%** | **(12499)** |
| **Total Net Assets 100.0%** | **Total Net Assets 100.0%** | **830924** |

---

(a) Non-income producing security.

(b) All or a portion of the security was on loan as of June 30, 2025.

(c) Security is restricted to resale to institutional investors or subject to trading restrictions due to sanctions on foreign issuers. See Restricted Securities table following the Schedules of Investments.

(d) Security fair valued in good faith as a Level 3 security in accordance with the procedures approved by the Board of Trustees. Good faith fair valued securities are classified based on the applicable valuation inputs. See "Fair Value Measurement" in the Notes to Financial Statements.

(e) Security is exempt from registration under the Securities Act of 1933, as amended. As of June 30, 2025, the value and the percentage of net assets of these securities was $167 and 0.0% of the Fund.

(f) Convertible security.

(g) Perpetual security. Next contractual call price and date are presented in parentheses, if applicable.

(h) Security fair valued in good faith as a Level 2 security in accordance with the procedures approved by the Board of Trustees. Good faith fair valued securities are classified based on the applicable valuation inputs. See "Fair Value Measurement" in the Notes to Financial Statements.

(i) Investment in affiliate.

(j) Yield changes daily to reflect current market conditions. Rate was the quoted yield as of June 30, 2025.

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **JNL Emerging Markets Index Fund — Investments in Affiliates** | **JNL Emerging Markets Index Fund — Investments in Affiliates** | **JNL Emerging Markets Index Fund — Investments in Affiliates** | **JNL Emerging Markets Index Fund — Investments in Affiliates** | **JNL Emerging Markets Index Fund — Investments in Affiliates** | **JNL Emerging Markets Index Fund — Investments in Affiliates** | **JNL Emerging Markets Index Fund — Investments in Affiliates** | **JNL Emerging Markets Index Fund — Investments in Affiliates** | **JNL Emerging Markets Index Fund — Investments in Affiliates** |
| **Affiliated Investment** | **Value Beginning of Period($)** | **Purchases($)** | **Sales Proceeds($)** | **Dividend Income/ Distributions from Funds($)** | **Realized Gain (Loss)($)** | **Change in Unrealized Appreciation (Depreciation) ($)** | **Value End of Period($)** | **Percentage of Net Assets(%)** |
| JNL Government Money Market Fund, 4.20% - Class I | 8915 | 56520 | 56901 | 119 |  |  | 8534 | 1.0 |
| JNL Government Money Market Fund, 4.30% - Class SL | 1109 | 15364 | 12246 | 54 |  |  | 4227 | 0.5 |
|  | 10024 | 71884 | 69147 | 173 |  |  | 12761 | 1.5 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **JNL Emerging Markets Index Fund — Restricted Securities** | **JNL Emerging Markets Index Fund — Restricted Securities** | **JNL Emerging Markets Index Fund — Restricted Securities** | **JNL Emerging Markets Index Fund — Restricted Securities** | **JNL Emerging Markets Index Fund — Restricted Securities** |
|  | **Initial Acquisition** | **Cost ($)** | **Value ($)** | **Percent of**<br> **Net Assets (%)** |
| Alibaba Group Holding Limited | 04/26/21 | 31127 | 22792 | 2.8 |
| AU Small Finance Bank Limited | 04/28/21 | 329 | 437 | 0.1 |
| Avenue Supermarts Limited | 04/28/21 | 615 | 750 | 0.1 |
| Baidu, Inc. - Class A | 06/18/21 | 4418 | 2066 | 0.3 |
| Bandhan Bank Limited | 04/28/21 | 273 | 142 |  |
| Bank VTB (Publichnoe Aktsionernoe Obshchestvo) | 04/26/21 | 600 |  |  |
| BeOne Medicines AG | 04/26/21 | 1515 | 1258 | 0.2 |
| BOC Aviation Limited | 04/26/21 | 165 | 168 |  |
| Central New Energy Holding Group Ltd. | 06/20/25 | 125 | 120 |  |
| CGN Power Co., Ltd. - Class H | 04/26/21 | 257 | 288 |  |
| Chifeng Jilong Gold Mining Co., Ltd. - Class H | 06/20/25 | 59 | 54 |  |
| China Feihe Limited | 04/26/21 | 923 | 256 |  |
| China International Capital Corporation Limited - Class H | 04/26/21 | 309 | 330 |  |
| China Literature Limited | 04/26/21 | 320 | 135 |  |
| China Merchants Securities Co., Ltd. - Class H | 05/20/21 | 79 | 84 |  |

---

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page [607](#abbreviations).

**JNL Series Trust** (Unaudited)

**Schedules of Investments (in thousands)**

June 30, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
| **JNL Emerging Markets Index Fund — Restricted Securities (continued)** | **JNL Emerging Markets Index Fund — Restricted Securities (continued)** | **JNL Emerging Markets Index Fund — Restricted Securities (continued)** | **JNL Emerging Markets Index Fund — Restricted Securities (continued)** | **JNL Emerging Markets Index Fund — Restricted Securities (continued)** |
|  | **Initial Acquisition** | **Cost ($)** | **Value ($)** | **Percent of**<br> **Net Assets (%)** |
| China Resources Mixc Lifestyle Services Limited | 06/18/21 | 356 | 291 |  |
| China Resources Pharmaceutical Group Limited | 06/16/23 | 145 | 106 |  |
| China Zheshang Bank Co., Ltd. - Class H | 06/16/23 | 50 | 50 |  |
| Fuyao Glass Industry Group Co., Ltd. - Class H | 04/26/21 | 240 | 371 | 0.1 |
| Ganfeng Lithium Group Co., Ltd - Class H | 04/26/21 | 558 | 139 |  |
| Guotai Haitong Securities Co., Limited - Class H | 04/26/21 | 380 | 325 |  |
| Haidilao International Holding Ltd. | 04/26/21 | 438 | 249 |  |
| Hansoh Pharmaceutical Group Company Limited | 04/26/21 | 501 | 387 | 0.1 |
| Hapvida Participacoes E Investimentos S/A | 04/26/21 | 1079 | 221 |  |
| HDFC Life Insurance Company Limited | 04/28/21 | 844 | 874 | 0.1 |
| Hua Hong Semiconductor Limited | 06/16/23 | 184 | 280 |  |
| Huatai Securities Co., Ltd. - Class H | 04/26/21 | 235 | 254 |  |
| ICICI Lombard General Insurance Company Limited | 04/28/21 | 414 | 510 | 0.1 |
| ICICI Prudential Life Insurance Company Limited | 04/28/21 | 242 | 262 |  |
| Innovent Biologics, Inc. - Class B | 04/26/21 | 636 | 1190 | 0.2 |
| Inretail Peru Corp. | 05/19/21 | 93 | 61 |  |
| Interglobe Aviation Limited | 04/28/21 | 471 | 1104 | 0.1 |
| JD Health International Inc. | 06/18/21 | 1021 | 538 | 0.1 |
| Joint Stock Company Alrosa (Public Joint Stock Company) | 04/26/21 | 532 |  |  |
| Kuaishou Technology | 06/18/21 | 2709 | 2119 | 0.3 |
| Kumba Iron Ore Ltd | 04/26/21 | 198 | 91 |  |
| Laopu Gold Co., Ltd. - Class H | 06/20/25 | 325 | 400 | 0.1 |
| LTIMindtree Limited | 04/28/21 | 490 | 537 | 0.1 |
| Meituan - Class B | 04/26/21 | 9783 | 7770 | 0.9 |
| New Oriental Education & Technology Group Inc. | 06/16/23 | 563 | 705 | 0.1 |
| Nongfu Spring Co., Ltd. - Class H | 04/26/21 | 845 | 811 | 0.1 |
| Orient Securities Company Limited - Class H | 05/20/21 | 57 | 64 |  |
| Pepkor Holdings | 05/19/21 | 204 | 262 |  |
| POP MART International Group Limited | 12/15/23 | 201 | 2011 | 0.3 |
| Postal Savings Bank of China Co., Ltd. - Class H | 04/26/21 | 478 | 580 | 0.1 |
| Public Joint Stock Company Federal Hydrogenerating Company - Rushydro | 04/26/21 | 143 |  |  |
| Public Joint Stock Company Gazprom | 04/26/21 | 3743 |  |  |
| Public Joint Stock Company Magnit | 04/26/21 | 1595 |  |  |
| Public Joint Stock Company Magnitogorsk Metallurgical Works | 04/26/21 | 225 |  |  |
| Public Joint Stock Company Mining And Metallurgical Company Norilsk Nickel | 04/26/21 | 1209 |  |  |
| Public Joint Stock Company Mobile Telesystems | 04/26/21 | 568 |  |  |
| Public Joint Stock Company Novatek | 04/26/21 | 1740 |  |  |
| Public Joint Stock Company Novolipetsk Metallurgical Plant | 05/06/21 | 361 |  |  |
| Public Joint Stock Company Oil Company Lukoil | 04/26/21 | 3119 |  |  |
| Public Joint Stock Company Oil Company Rosneft | 04/26/21 | 1923 |  |  |
| Public Joint Stock Company Phosagro | 07/01/21 | 1 |  |  |
| Public Joint Stock Company Phosagro | 05/19/21 | 322 |  |  |
| Public Joint Stock Company PIK-Specialized Homebuilder | 12/17/21 | 222 |  |  |
| Public Joint Stock Company Polyus | 04/26/21 | 454 |  |  |
| Public Joint Stock Company Rostelecom | 04/26/21 | 207 |  |  |
| Public Joint Stock Company Sberbank of Russia | 04/26/21 | 4445 |  |  |
| Public Joint Stock Company Sberbank of Russia | 04/26/21 | 481 |  |  |
| Public Joint Stock Company Surgutneftegaz | 04/26/21 | 563 |  |  |
| Public Joint Stock Company Surgutneftegaz | 04/26/21 | 561 |  |  |
| Public Joint Stock Company Tatneft Named After V.D. Shashin | 04/26/21 | 66 |  |  |
| Public Joint Stock Company Tatneft Named After V.D. Shashin | 04/26/21 | 1466 |  |  |
| Public Joint Stock Society Moscow Exchange MICEX-RTS | 04/26/21 | 375 |  |  |
| Public Joint-Stock Company Inter RAO UES | 04/26/21 | 271 |  |  |
| Public Joint-Stock Company Severstal | 04/26/21 | 411 |  |  |
| Qingdao Port International Co., Ltd. - Class H | 04/26/21 | 45 | 60 |  |
| Salik Company P.J.S.C. | 12/16/22 | 120 | 293 |  |
| Saudi Arabian Oil Company | 04/26/21 | 4347 | 3424 | 0.4 |
| SBI Life Insurance Company Limited | 04/28/21 | 498 | 820 | 0.1 |
| Shandong Gold Group Co., Ltd. - Class H | 04/26/21 | 133 | 225 |  |
| Shanghai Junshi Biosciences Co., Ltd. - Class H | 06/20/25 | 35 | 36 |  |
| Shenwan Hongyuan Group Co., Ltd. - Class H | 05/20/21 | 58 | 68 |  |
| Smoore International Holdings Limited | 04/26/21 | 1273 | 401 | 0.1 |
| Tongcheng-Elong Holdings Limited | 04/26/21 | 210 | 273 |  |
| United Company RUSAL PLC | 04/26/21 | 230 |  |  |
| WuXi AppTec Co., Ltd. - Class H | 04/26/21 | 358 | 336 |  |
| Xiaomi Corporation | 12/20/24 | 6359 | 11874 | 1.4 |
| Yadea Group Holdings Ltd | 12/16/22 | 181 | 173 |  |
| ZTO Express (Cayman) Inc. | 06/21/21 | 1064 | 638 | 0.1 |
|  |  | 104768 | 70063 | 8.4 |

---

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page [607](#abbreviations).

**JNL Series Trust** (Unaudited)

**Schedules of Investments (in thousands)**

June 30, 2025

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **JNL Emerging Markets Index Fund — Futures Contracts** | **JNL Emerging Markets Index Fund — Futures Contracts** | **JNL Emerging Markets Index Fund — Futures Contracts** | **JNL Emerging Markets Index Fund — Futures Contracts** | **JNL Emerging Markets Index Fund — Futures Contracts** | **JNL Emerging Markets Index Fund — Futures Contracts** |
| **Reference Entity** | **Contracts<sup>1</sup>** | **Expiration** | **Notional<sup>1</sup>** | **Variation**<br> **Margin**<br> **Receivable**<br> (Payable) ($) | **Value/**<br> **Unrealized**<br> **Appreciation**<br> (Depreciation) ($) |
| **Long Contracts** | **Long Contracts** | **Long Contracts** | **Long Contracts** | **Long Contracts** | **Long Contracts** |
| MSCI Emerging Markets Index | 223 | September 2025 | 13550 | 25 | 204 |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **JNL Emerging Markets Index Fund — Forward Foreign Currency Contracts** | **JNL Emerging Markets Index Fund — Forward Foreign Currency Contracts** | **JNL Emerging Markets Index Fund — Forward Foreign Currency Contracts** | **JNL Emerging Markets Index Fund — Forward Foreign Currency Contracts** | **JNL Emerging Markets Index Fund — Forward Foreign Currency Contracts** | **JNL Emerging Markets Index Fund — Forward Foreign Currency Contracts** | **JNL Emerging Markets Index Fund — Forward Foreign Currency Contracts** |
| **Purchased/Sold** | **Counterparty** | **Expiration** | **Notional<sup>1</sup>** | **Notional<sup>1</sup>** | **Value ($)** | **Unrealized**<br> **Appreciation**<br> (Depreciation) ($) |
| USD/CNY | BOA | 07/02/25 | CNY | (710) | (99) |  |
| USD/HKD | CIT | 07/03/25 | HKD | (1000) | (127) |  |
|  |  |  |  |  | (226) |  |

---

**Fair Value Hierarchy.** Various inputs are used in determining the fair value of financial instruments. For a description of the input levels and information about the Fund's policy regarding valuation of financial instruments, see Note 3 in the Notes to Financial Statements. The following table summarizes the Fund's investments categorized in the disclosure hierarchy as of June 30, 2025.

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **<u>. Level 1 ($) .</u>** | **<u>. Level 2 ($) .</u>** | **<u>. Level 3 ($) .</u>** | **<u>. Total ($) .</u>** |
| **JNL Emerging Markets Index Fund** | **JNL Emerging Markets Index Fund** | **JNL Emerging Markets Index Fund** | **JNL Emerging Markets Index Fund** | **JNL Emerging Markets Index Fund** |
| **Assets - Securities** |  |  |  |  |
| &nbsp;&nbsp; Common Stocks | 53242 | 763412 |  | 816654 |
| &nbsp;&nbsp; Preferred Stocks | 9802 | 4127 |  | 13929 |
| &nbsp;&nbsp; Rights |  | 31 |  | 31 |
| &nbsp;&nbsp; Warrants |  | 23 |  | 23 |
| &nbsp;&nbsp; Short Term Investments | 12761 |  |  | 12761 |
|  | 75805 | 767593 |  | 843398 |
| **Assets - Investments in Other Financial Instruments<sup>1</sup>** |  |  |  |  |
| &nbsp;&nbsp; Futures Contracts | 204 |  |  | 204 |
|  | 204 |  |  | 204 |
| **Liabilities - Investments in Other Financial Instruments<sup>1</sup>** |  |  |  |  |
| &nbsp;&nbsp; Open Forward Foreign Currency Contracts |  |  |  |  |

---

<sup>1</sup> All derivatives, except for purchased and written options, are reflected at the unrealized appreciation (depreciation) on the instrument. Purchased and written options are reflected at value.

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page [607](#abbreviations).

**JNL Series Trust** (Unaudited)

**Schedules of Investments (in thousands)**

June 30, 2025

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| **JNL International Index Fund** | **JNL International Index Fund** | **JNL International Index Fund** |
| **COMMON STOCKS 96.5%** | **COMMON STOCKS 96.5%** | **COMMON STOCKS 96.5%** |
| **Japan 23.2%** | **Japan 23.2%** | **Japan 23.2%** |
| Advantest Corporation | 118 | 8710 |
| AEON Co., Ltd. (a) | 133 | 4097 |
| AGC Inc. (a) | 35 | 1016 |
| Aisin Corporation | 94 | 1201 |
| Ajinomoto Co., Inc. | 153 | 4165 |
| ANA Holdings Inc. | 25 | 497 |
| Asahi Group Holdings, Ltd. (a) | 242 | 3227 |
| Asahi Kasei Corporation | 214 | 1523 |
| ASICS Corporation | 115 | 2925 |
| Astellas Pharma Inc. | 286 | 2808 |
| Bandai Namco Holdings Inc. | 104 | 3725 |
| Bridgestone Corporation (a) | 94 | 3845 |
| Canon Inc. (a) | 149 | 4316 |
| Capcom Co., Ltd. | 53 | 1824 |
| Central Japan Railway Company | 158 | 3535 |
| Chubu Electric Power Co., Ltd. | 124 | 1536 |
| Chugai Pharmaceutical Co., Ltd. | 107 | 5550 |
| Concordia Financial Group, Ltd. | 179 | 1161 |
| Dai Nippon Printing Co., Ltd. | 75 | 1136 |
| Daifuku Co., Ltd. (a) | 59 | 1520 |
| Dai-ichi Life Holdings, Inc. | 591 | 4456 |
| Daiichi Sankyo Company, Limited | 302 | 7049 |
| Daikin Industries, Ltd. | 47 | 5553 |
| Daito Trust Construction Co., Ltd. | 10 | 1098 |
| Daiwa House Industry Co., Ltd | 99 | 3399 |
| Daiwa Securities Group Inc. | 217 | 1539 |
| DENSO Corporation | 312 | 4206 |
| DISCO Corporation | 15 | 4267 |
| East Japan Railway Company | 175 | 3775 |
| Eisai Co., Ltd. | 44 | 1277 |
| ENEOS Holdings, Inc. | 439 | 2175 |
| FANUC Corporation | 150 | 4068 |
| Fast Retailing Co., Ltd. | 30 | 10083 |
| Fuji Electric Co., Ltd. | 20 | 937 |
| FUJIFILM Holdings Corporation | 193 | 4147 |
| Fujikura Ltd. | 42 | 2209 |
| Fujitsu Limited | 290 | 7047 |
| Hankyu Hanshin Holdings, Inc. | 38 | 1033 |
| Hikari Tsushin, Inc. | 2 | 620 |
| Hitachi Construction Machinery Co., Ltd. (a) | 14 | 414 |
| Hitachi, Ltd. | 739 | 21392 |
| Honda Motor Co., Ltd. | 679 | 6542 |
| Hoshizaki Corporation | 19 | 655 |
| Hoya Corporation | 56 | 6597 |
| Hulic Co., Ltd. (a) | 90 | 906 |
| Idemitsu Kosan Co., Ltd. | 142 | 861 |
| IHI Corporation | 25 | 2650 |
| Inpex Corporation (a) | 140 | 1971 |
| Isuzu Motors Limited | 91 | 1154 |
| ITOCHU Corporation | 228 | 11918 |
| Japan Airlines Co., Ltd. | 24 | 482 |
| Japan Exchange Group, Inc. | 171 | 1717 |
| Japan Post Bank Co., Ltd. | 293 | 3154 |
| Japan Post Holdings Co., Ltd. | 282 | 2611 |
| Japan Post Insurance Co., Ltd. | 28 | 626 |
| Japan Real Estate Investment Corporation (a) | 1 | 928 |
| Japan Tobacco Inc. (a) | 179 | 5263 |
| JFE Holdings, Inc. (a) | 104 | 1215 |
| Kajima Corporation | 73 | 1901 |
| Kao Corporation (a) | 74 | 3323 |
| Kawasaki Heavy Industries, Ltd. | 27 | 2034 |
| Kawasaki Kisen Kaisha, Ltd. | 60 | 853 |
| KDDI Corporation | 471 | 8066 |
| Keyence Corporation | 30 | 12023 |
| Kikkoman Corporation | 135 | 1250 |
| Kirin Holdings Company, Limited (a) | 133 | 1867 |
| Kobe Bussan Co., Ltd. | 24 | 750 |
| Komatsu Ltd. | 148 | 4874 |
| Konami Holdings Corporation | 15 | 2340 |
| Kubota Corporation | 188 | 2109 |
| KYOCERA Corporation | 229 | 2745 |
| Kyowa Kirin Co., Ltd. | 36 | 610 |
| Lasertec Co., Ltd. (a) | 13 | 1769 |
| LY Corporation | 411 | 1511 |
| M3, Inc. | 67 | 924 |
| Makita Corporation | 38 | 1157 |
| Marubeni Corporation | 266 | 5369 |
| MatsukiyoCocokara & Co. | 60 | 1244 |
| McDonald's Holdings Company (Japan), Ltd. | 14 | 583 |
| Meiji Holdings Co., Ltd. | 40 | 875 |
| Minebeamitsumi Inc. | 61 | 896 |
| Mitsubishi Chemical Group Corporation | 233 | 1225 |
| Mitsubishi Corporation | 640 | 12810 |
| Mitsubishi Electric Corporation | 333 | 7165 |
| Mitsubishi Estate Co., Ltd. | 203 | 3810 |
| Mitsubishi HC Capital Inc. | 125 | 925 |
| Mitsubishi Heavy Industries, Ltd. | 540 | 13484 |
| Mitsubishi UFJ Financial Group, Inc. | 1862 | 25481 |
| Mitsui & Co., Ltd. | 417 | 8488 |
| Mitsui Fudosan Co., Ltd. | 451 | 4360 |
| Mitsui O.S.K. Lines, Ltd. (a) | 54 | 1806 |
| Mizuho Bank, Ltd. (a) | 38 | 833 |
| Mizuho Financial Group, Inc. | 404 | 11154 |
| MonotaRO Co., Ltd. | 36 | 719 |
| MS&AD Insurance Group Holdings, Inc. | 228 | 5103 |
| Murata Manufacturing Co., Ltd. | 301 | 4484 |
| Nec Corporation | 204 | 5945 |
| NEXON Co., Ltd. | 64 | 1281 |
| Nidec Corporation | 161 | 3119 |
| Nintendo Co., Ltd. | 187 | 18012 |
| Nippon Building Fund Inc. (a) | 1 | 1243 |
| Nippon Paint Holdings Co., Ltd. | 147 | 1185 |
| Nippon Sanso Holdings Corporation | 32 | 1216 |
| Nippon Steel Corporation | 167 | 3167 |
| Nippon Telegraph and Telephone Corporation | 4407 | 4713 |
| Nippon Yusen Kabushiki Kaisha | 71 | 2544 |
| Nissan Motor Co., Ltd. (b) | 328 | 795 |
| Nissin Food Holdings Co., Ltd. | 34 | 713 |
| Niterra Co., Ltd. | 33 | 1093 |
| Nitori Holdings Co., Ltd. | 13 | 1292 |
| Nitto Denko Corporation | 113 | 2186 |
| Nomura Holdings, Inc. | 480 | 3162 |
| Nomura Research Institute, Ltd. | 69 | 2756 |
| Obayashi Corporation | 115 | 1738 |
| OBIC Co., Ltd. | 53 | 2078 |
| Olympus Corporation | 178 | 2110 |
| OMRON Corporation | 31 | 832 |
| Ono Pharmaceutical Co., Ltd. | 72 | 777 |
| Oracle Corporation Japan | 6 | 656 |
| Oriental Land Co., Ltd. | 182 | 4197 |
| ORIX Corporation | 181 | 4100 |
| Osaka Gas Co., Ltd. | 63 | 1630 |
| Otsuka Corporation | 40 | 809 |
| Otsuka Holdings Co., Ltd. (a) | 75 | 3691 |
| Pan Pacific International Holdings Corporation | 84 | 2891 |
| Panasonic Holdings Corporation | 357 | 3849 |
| Rakuten Group, Inc. (b) | 226 | 1245 |
| Recruit Holdings Co., Ltd. | 232 | 13651 |
| Renesas Electronics Corporation | 257 | 3122 |
| Resona Holdings, Inc. | 357 | 3293 |
| Ricoh Company, Ltd. | 83 | 787 |
| SBI Holdings, Inc. | 49 | 1722 |
| SCREEN Holdings Co., Ltd. | 15 | 1213 |
| SCSK Corporation | 25 | 763 |
| Secom Co., Ltd. | 67 | 2422 |
| Sekisui Chemical Co., Ltd. | 69 | 1250 |
| Sekisui House, Ltd. | 103 | 2267 |
| Seven & I Holdings Co., Ltd. | 385 | 6206 |
| SG Holdings Co., Ltd. (a) | 62 | 687 |
| Shimadzu Corporation | 45 | 1105 |
| Shimano Inc. | 13 | 1852 |
| Shimizu Corporation | 90 | 1002 |
| Shin-Etsu Chemical Co., Ltd. | 321 | 10582 |
| Shionogi & Co., Ltd. | 139 | 2510 |
| Shiseido Company, Limited (a) | 60 | 1072 |
| SMC Corporation | 9 | 3306 |

---

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page [607](#abbreviations).

**JNL Series Trust** (Unaudited)

**Schedules of Investments (in thousands)**

June 30, 2025

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| SoftBank Corp. | 4506 | 6962 |
| SoftBank Group Corp | 153 | 11090 |
| Sompo Holdings, Inc. | 150 | 4528 |
| Sony Group Corporation | 969 | 25040 |
| Square Enix Holdings Co., Ltd. | 11 | 846 |
| Subaru Corporation. | 93 | 1616 |
| Sumitomo Corporation | 197 | 5075 |
| Sumitomo Electric Industries, Ltd. | 128 | 2735 |
| Sumitomo Metal Mining Co., Ltd. | 43 | 1066 |
| Sumitomo Mitsui Financial Group, Inc. | 624 | 15693 |
| Sumitomo Mitsui Trust Group, Inc. | 115 | 3074 |
| Sumitomo Realty & Development Co., Ltd. (a) | 75 | 2913 |
| Suntory Beverage & Food Limited | 21 | 658 |
| Suzuki Motor Corporation | 294 | 3552 |
| Sysmex Corporation | 90 | 1570 |
| T&D Holdings, Inc. | 79 | 1741 |
| Taisei Corporation | 26 | 1506 |
| Takeda Pharmaceutical Company Limited | 252 | 7785 |
| TDK Corporation | 303 | 3543 |
| Terumo Corporation | 240 | 4395 |
| The Chiba Bank, Ltd. (a) | 107 | 993 |
| The Kansai Electric Power Company, Incorporated | 169 | 2001 |
| TIS Inc. | 38 | 1287 |
| Toho Co., Ltd. (a) | 19 | 1146 |
| Tokio Marine Holdings, Inc. | 311 | 13163 |
| Tokyo Century Corporation | 27 | 308 |
| Tokyo Electric Power Company Holdings, Inc. (b) | 252 | 838 |
| Tokyo Electron Limited | 71 | 13588 |
| Tokyo Gas Co., Ltd. | 60 | 2003 |
| Tokyu Corporation | 91 | 1082 |
| TOPPAN Holdings Inc. | 46 | 1251 |
| Toray Industries, Inc. | 243 | 1661 |
| Toyo Suisan Kaisha, Ltd. | 15 | 1018 |
| Toyota Industries Corporation | 29 | 3309 |
| Toyota Motor Corporation | 1850 | 31903 |
| Toyota Tsusho Corporation | 112 | 2531 |
| Trend Micro Incorporated | 20 | 1374 |
| Unicharm Corporation | 179 | 1291 |
| West Japan Railway Company | 76 | 1739 |
| Yakult Honsha Co., Ltd. | 48 | 896 |
| Yamaha Motor Co., Ltd. (a) | 149 | 1114 |
| Yaskawa Electric Corporation | 42 | 938 |
| Yokogawa Electric Corporation | 39 | 1049 |
| Zensho Holdings Co., Ltd. | 15 | 914 |
| ZOZO, Inc. | 66 | 704 |
| | | 696557 |
| **United Kingdom 14.8%** | **United Kingdom 14.8%** | **United Kingdom 14.8%** |
| 3I Group PLC | 158 | 8924 |
| Admiral Group PLC | 37 | 1677 |
| Anglo American PLC | 172 | 5095 |
| Associated British Foods PLC | 49 | 1381 |
| AstraZeneca PLC | 249 | 34744 |
| Auto Trader Group PLC | 142 | 1613 |
| Aviva PLC | 432 | 3670 |
| BAE Systems PLC | 471 | 12250 |
| Barclays PLC | 2296 | 10612 |
| Barratt Redrow PLC | 210 | 1311 |
| BP P.L.C. | 2526 | 12597 |
| British American Tobacco P.L.C. | 319 | 15129 |
| BT Group PLC | 998 | 2655 |
| Bunzl Public Limited Company | 50 | 1603 |
| Centrica PLC | 783 | 1739 |
| Coca-Cola Europacific Partners PLC | 35 | 3206 |
| Compass Group PLC | 275 | 9308 |
| Convatec Group PLC (c) | 267 | 1056 |
| Croda International Public Limited Company | 21 | 852 |
| CVC Capital Partners PLC | 126 | 2599 |
| Diageo PLC | 357 | 8999 |
| Entain PLC | 105 | 1293 |
| Experian PLC | 148 | 7617 |
| Fiat Chrysler Automobiles N.V. | 323 | 3227 |
| GSK PLC | 653 | 12422 |
| Haleon PLC | 1459 | 7498 |
| Halma Public Limited Company | 62 | 2734 |
| Hikma Pharmaceuticals Public Limited Company | 25 | 686 |
| Hiscox Ltd. | 56 | 960 |
| Howden Joinery Group PLC | 87 | 1019 |
| HSBC Holdings PLC | 2842 | 34399 |
| Imperial Brands PLC | 132 | 5224 |
| Informa PLC | 196 | 2168 |
| InterContinental Hotels Group PLC | 25 | 2866 |
| Intermediate Capital Group PLC | 48 | 1262 |
| International Consolidated Airlines Group, S.A. (a) | 558 | 2607 |
| Intertek Group PLC | 25 | 1630 |
| J Sainsbury PLC | 267 | 1064 |
| JD Sports Fashion PLC | 410 | 499 |
| Kingfisher PLC | 278 | 1105 |
| Land Securities Group PLC | 115 | 1000 |
| Legal & General Group PLC | 926 | 3238 |
| Lloyds Banking Group PLC | 9659 | 10180 |
| London Stock Exchange Group PLC | 77 | 11228 |
| M&G PLC | 372 | 1312 |
| Melrose Industries PLC | 188 | 1366 |
| Mondi PLC | 72 | 1181 |
| National Grid PLC | 785 | 11489 |
| NatWest Group PLC | 1236 | 8688 |
| Next PLC | 19 | 3223 |
| NMC Health PLC (d) | 12 |  |
| Pearson PLC | 105 | 1544 |
| Persimmon Public Limited Company | 48 | 848 |
| Phoenix Group Holdings PLC | 123 | 1111 |
| Prudential Public Limited Company | 394 | 4923 |
| Reckitt Benckiser Group PLC | 109 | 7424 |
| Relx PLC | 299 | 16182 |
| Rentokil Initial PLC | 379 | 1829 |
| Rightmove PLC | 122 | 1319 |
| Rio Tinto PLC | 172 | 10023 |
| Rolls-Royce Holdings PLC | 1346 | 17870 |
| Schroders PLC | 133 | 661 |
| SEGRO Public Limited Company | 201 | 1873 |
| Severn Trent PLC | 43 | 1625 |
| Shell PLC - Class A | 957 | 33461 |
| Smith & Nephew PLC | 143 | 2188 |
| Smiths Group PLC | 54 | 1669 |
| Spirax Group PLC | 11 | 899 |
| SSE PLC | 175 | 4408 |
| Standard Chartered PLC | 305 | 5060 |
| Taylor Wimpey PLC | 579 | 943 |
| Tesco PLC | 1081 | 5962 |
| The Berkeley Group Holdings PLC | 17 | 889 |
| The Sage Group PLC. | 154 | 2647 |
| Unilever PLC | 399 | 24293 |
| United Utilities PLC | 109 | 1710 |
| Vodafone Group Public Limited Company | 3215 | 3434 |
| Weir Group PLC(The) | 41 | 1415 |
| Whitbread PLC | 26 | 990 |
| Wise PLC - Class A (b) | 108 | 1537 |
| WPP 2012 Limited | 176 | 1239 |
|  |  | 444181 |
| **France 10.2%** | **France 10.2%** | **France 10.2%** |
| Aeroports de Paris | 6 | 737 |
| Airbus SE | 94 | 19704 |
| Amundi (c) | 10 | 825 |
| AXA | 283 | 13885 |
| Biomerieux SA (a) | 7 | 972 |
| BNP Paribas | 167 | 15022 |
| Bollore SE | 115 | 723 |
| Bouygues | 30 | 1364 |
| Bureau Veritas (a) | 49 | 1672 |
| Capgemini | 28 | 4703 |
| Compagnie de Saint-Gobain | 73 | 8518 |
| Compagnie Generale des Etablissements Michelin | 110 | 4084 |
| Credit Agricole SA | 184 | 3475 |
| Danone | 103 | 8425 |
| Dassault Aviation | 3 | 1040 |
| Dassault Systemes | 106 | 3831 |
| Engie | 281 | 6591 |
| EssilorLuxottica | 46 | 12694 |

---

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page [607](#abbreviations).

**JNL Series Trust** (Unaudited)

**Schedules of Investments (in thousands)**

June 30, 2025

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| Hermes International | 5 | 14775 |
| Kering (a) | 11 | 2408 |
| L'Air Liquide, societe anonyme pour l'Etude et l'Exploitation des procedes Georges Claude | 92 | 19086 |
| Legrand | 42 | 5625 |
| L'Oreal | 39 | 16631 |
| LVMH Moet Hennessy Louis Vuitton | 41 | 21673 |
| Orange | 294 | 4476 |
| Pernod Ricard | 32 | 3181 |
| Publicis Groupe SA | 36 | 4112 |
| Safran | 56 | 18216 |
| Sanofi | 178 | 17236 |
| Sartorius Stedim Biotech | 4 | 1002 |
| Schneider Electric SE | 87 | 23209 |
| Societe Generale | 112 | 6433 |
| Thales | 15 | 4311 |
| TotalEnergies SE | 329 | 20121 |
| Veolia Environnement | 103 | 3669 |
| VINCI | 81 | 11926 |
| | | 306355 |
| **Germany 9.4%** | **Germany 9.4%** | **Germany 9.4%** |
| Adidas AG - Class N | 29 | 6733 |
| Allianz SE | 62 | 25202 |
| BASF SE - Class N | 143 | 7040 |
| Bayer Aktiengesellschaft - Class N | 147 | 4433 |
| Bayerische Motoren Werke Aktiengesellschaft | 45 | 4008 |
| Beiersdorf Aktiengesellschaft | 15 | 1928 |
| BioNTech SE - ADR (b) | 15 | 1618 |
| COMMERZBANK Aktiengesellschaft | 142 | 4474 |
| Continental Aktiengesellschaft | 18 | 1541 |
| Daimler Truck Holding AG | 75 | 3558 |
| Deutsche Bank Aktiengesellschaft - Class N | 287 | 8451 |
| Deutsche Borse Aktiengesellschaft - Class N | 30 | 9723 |
| Deutsche Post AG - Class N | 153 | 7055 |
| Deutsche Telekom AG - Class N | 535 | 19549 |
| E.ON SE - Class N | 356 | 6570 |
| Elia Group | 7 | 785 |
| Fresenius SE & Co. KGaA | 66 | 3303 |
| Hannover Ruck SE - Class N | 10 | 3017 |
| Heidelberg Materials AG | 21 | 4896 |
| Henkel AG & Co. KGaA | 16 | 1145 |
| Infineon Technologies AG - Class N | 205 | 8728 |
| Mercedes-Benz Group AG - Class N | 112 | 6511 |
| MERCK Kommanditgesellschaft auf Aktien | 21 | 2658 |
| MTU Aero Engines AG - Class N | 8 | 3647 |
| Munchener Ruckversicherungs-Gesellschaft Aktiengesellschaft in Munchen - Class N | 21 | 13729 |
| Rheinmetall Aktiengesellschaft | 7 | 14831 |
| RWE Aktiengesellschaft | 109 | 4542 |
| SAP SE | 165 | 50506 |
| Siemens Aktiengesellschaft - Class N | 118 | 30331 |
| Siemens Energy AG (b) | 108 | 12568 |
| Siemens Healthineers AG (c) | 43 | 2366 |
| Symrise AG | 20 | 2082 |
| Talanx Aktiengesellschaft | 9 | 1190 |
| Vonovia SE | 134 | 4718 |
|  |  | 283436 |
| **Switzerland 7.7%** | **Switzerland 7.7%** | **Switzerland 7.7%** |
| ABB Ltd - Class N | 256 | 15322 |
| Alcon AG | 80 | 7058 |
| Chocoladefabriken Lindt & Sprungli AG - Class N |  | 2830 |
| Coca-Cola HBC AG | 32 | 1662 |
| Compagnie Financiere Richemont SA | 86 | 16201 |
| EMS-Chemie Holding AG | 1 | 843 |
| Galderma Group AG (a) | 20 | 2888 |
| Geberit AG - Class N | 5 | 4143 |
| Givaudan SA - Class N | 1 | 6293 |
| Glencore PLC | 1568 | 6114 |
| Holcim AG | 81 | 5998 |
| Julius Bar Gruppe AG - Class N | 32 | 2190 |
| Kuhne & Nagel International AG | 8 | 1648 |
| Lonza Group AG | 11 | 7974 |
| Nestle S.A. - Class N | 413 | 41109 |
| Novartis AG - Class N | 304 | 36913 |
| Partners Group Holding AG | 3 | 4534 |
| Roche Holding AG | 5 | 1644 |
| Sandoz Group AG | 67 | 3654 |
| Schindler Holding AG - Class N | 3 | 1230 |
| SGS SA | 25 | 2506 |
| Sika AG | 26 | 7015 |
| Sonova Holding AG | 8 | 2293 |
| Straumann Holding AG - Class N | 18 | 2289 |
| Swiss Life Holding AG - Class N | 5 | 4589 |
| Swiss Re AG | 47 | 8164 |
| Swisscom AG - Class N | 4 | 2860 |
| UBS Group AG | 484 | 16426 |
| Zurich Insurance Group AG - Class N | 23 | 16008 |
|  |  | 232398 |
| **Australia 6.9%** | **Australia 6.9%** | **Australia 6.9%** |
| ANZ Group Holdings Limited | 483 | 9280 |
| Aristocrat Leisure Limited | 100 | 4284 |
| ASX Limited | 32 | 1458 |
| Atlas Arteria Limited | 154 | 517 |
| Australian Pipeline Trust | 210 | 1131 |
| BHP Group Limited | 777 | 18770 |
| BlueScope Steel Limited | 73 | 1111 |
| Brambles Limited | 222 | 3423 |
| Cochlear Limited | 10 | 2017 |
| Coles Group Limited | 213 | 2929 |
| Commonwealth Bank of Australia | 269 | 32798 |
| Computershare Limited | 89 | 2341 |
| CSL Limited | 78 | 12247 |
| DEXUS Funds Management Limited | 176 | 774 |
| Fortescue Ltd | 251 | 2552 |
| Goodman Funding Pty Ltd | 308 | 6945 |
| GPT Management Holdings Limited | 313 | 997 |
| Insurance Australia Group Limited | 376 | 2233 |
| Macquarie Group Limited | 59 | 8840 |
| Medibank Private Limited | 451 | 1500 |
| Mirvac Limited | 646 | 938 |
| National Australia Bank Limited | 494 | 12792 |
| Northern Star Resources Ltd | 233 | 2875 |
| Orica Limited | 79 | 1014 |
| Origin Energy Limited | 270 | 1922 |
| Pro Medicus Limited | 9 | 1625 |
| Qantas Airways Limited | 122 | 860 |
| QBE Insurance Group Limited | 245 | 3782 |
| Ramsay Health Care Limited | 30 | 722 |
| REA Group Ltd | 8 | 1325 |
| Reece Limited | 57 | 537 |
| Rio Tinto Limited | 60 | 4216 |
| Santos Limited | 505 | 2543 |
| Scentre Group Limited | 851 | 1994 |
| SEEK Limited | 53 | 843 |
| SGH Limited | 33 | 1166 |
| Sigma Healthcare Ltd | 901 | 1776 |
| Sonic Healthcare Limited | 76 | 1343 |
| South32 Limited | 742 | 1428 |
| Stockland Corporation Ltd | 391 | 1381 |
| Suncorp Group Limited | 171 | 2437 |
| Telstra Corporation Limited | 635 | 2024 |
| The Lottery Corporation Limited | 339 | 1190 |
| TPG Corporation Limited | 49 | 172 |
| Transurban Holdings Limited | 497 | 4572 |
| Vicinity Centres RE Ltd | 594 | 967 |
| Washington H. Soul Pattinson and Company Limited | 40 | 1107 |
| Wesfarmers Limited | 183 | 10187 |
| Westpac Banking Corporation | 553 | 12331 |
| WiseTech Global Limited | 27 | 1939 |
| Woodside Energy Group Ltd | 305 | 4728 |
| Woolworths Group Limited | 198 | 4046 |
|  |  | 206929 |
| **Netherlands 4.1%** | **Netherlands 4.1%** | **Netherlands 4.1%** |
| Adyen N.V. (b) (c) | 5 | 8612 |
| Akzo Nobel N.V. | 27 | 1866 |
| ASM International N.V. | 7 | 4519 |
| ASML Holding N.V. | 63 | 50727 |

---

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page [607](#abbreviations).

**JNL Series Trust** (Unaudited)

**Schedules of Investments (in thousands)**

June 30, 2025

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| DSM-Firmenich AG | 40 | 4300 |
| Exor Nederland N.V. | 14 | 1465 |
| HAL Trust | 6 | 839 |
| Heineken Holding N.V. | 21 | 1596 |
| Heineken N.V. | 45 | 3930 |
| ING Groep N.V. | 486 | 10661 |
| JDE Peet's N.V. | 25 | 715 |
| Koninklijke Ahold Delhaize N.V. | 142 | 5917 |
| Koninklijke KPN N.V. | 625 | 3044 |
| Koninklijke Philips N.V. | 129 | 3097 |
| NN Group N.V. | 43 | 2892 |
| Prosus N.V. - Class N | 203 | 11355 |
| STMicroelectronics N.V. | 103 | 3150 |
| Wolters Kluwer N.V. - Class C | 38 | 6329 |
| | | 125014 |
| **Sweden 3.3%** | **Sweden 3.3%** | **Sweden 3.3%** |
| AB Sagax - Class B | 35 | 803 |
| AB Sagax - Class D (a) | 20 | 73 |
| Aktiebolaget Industrivarden - Class A | 18 | 650 |
| Aktiebolaget Industrivarden - Class C (a) | 25 | 917 |
| Aktiebolaget SKF - Class B | 59 | 1353 |
| Aktiebolaget Volvo - Class A | 31 | 868 |
| Aktiebolaget Volvo - Class B | 249 | 6979 |
| Alfa Laval AB | 44 | 1850 |
| ASSA ABLOY AB - Class B (a) | 169 | 5290 |
| Atlas Copco Aktiebolag - Class A | 409 | 6645 |
| Atlas Copco Aktiebolag - Class B | 250 | 3555 |
| Axfood AB (a) | 18 | 520 |
| Boliden AB (b) | 45 | 1402 |
| Castellum Aktiebolag (a) | 62 | 818 |
| Epiroc Aktiebolag - Class A | 98 | 2130 |
| Epiroc Aktiebolag - Class B | 64 | 1224 |
| EQT AB (c) | 112 | 3761 |
| Essity Aktiebolag (publ) - Class A | 4 | 116 |
| Essity Aktiebolag (publ) - Class B | 96 | 2666 |
| Evolution AB (publ) (c) | 30 | 2348 |
| Fastighets AB Balder - Class B (b) | 109 | 809 |
| G&L Beijer Ref AB - Class B (a) | 60 | 949 |
| H & M Hennes & Mauritz AB - Class B (a) | 80 | 1123 |
| Hexagon Aktiebolag - Class B | 337 | 3394 |
| Holmen Aktiebolag - Class B | 13 | 510 |
| Indutrade Aktiebolag | 44 | 1195 |
| Investment Ab Latour - Class B | 24 | 626 |
| Investor Aktiebolag - Class A | 91 | 2707 |
| Investor Aktiebolag - Class B | 291 | 8592 |
| L E Lundbergforetagen Aktiebolag (publ) - Series B | 12 | 611 |
| Lifco AB (Publ) - Class B | 37 | 1503 |
| NIBE Industrier AB - Class B (a) | 269 | 1145 |
| Nordnet AB | 26 | 698 |
| Saab AB - Class B | 60 | 3349 |
| Sandvik Aktiebolag | 157 | 3598 |
| Securitas AB - Class B | 87 | 1296 |
| Skandinaviska Enskilda Banken AB - Class A | 215 | 3759 |
| Skandinaviska Enskilda Banken AB - Class C | 4 | 78 |
| Skanska AB - Class B | 52 | 1205 |
| SSAB AB - Class A | 36 | 217 |
| SSAB AB - Class B | 93 | 548 |
| Svenska Cellulosa Aktiebolaget SCA - Class B | 79 | 1026 |
| Svenska Handelsbanken AB - Class A | 221 | 2958 |
| Svenska Handelsbanken AB - Class B (a) | 6 | 121 |
| Swedbank AB - Class A | 159 | 4209 |
| Swedish Orphan Biovitrum AB (Publ) (b) | 26 | 801 |
| Tele2 AB - Class B | 90 | 1323 |
| Telefonaktiebolaget LM Ericsson - Class A | 10 | 87 |
| Telefonaktiebolaget LM Ericsson - Class B | 419 | 3575 |
| Telia Company AB | 370 | 1330 |
| Trelleborg AB - Class B | 32 | 1195 |
|  |  | 98505 |
| **Spain 3.2%** | **Spain 3.2%** | **Spain 3.2%** |
| ACS, Actividades de Construccion y Servicios, S.A. (a) | 32 | 2209 |
| AENA, S.M.E., S.A. | 117 | 3129 |
| Amadeus IT Holding, S.A. (c) | 70 | 5912 |
| Banco Bilbao Vizcaya Argentaria, S.A. | 926 | 14235 |
| Banco Santander, S.A. | 2392 | 19787 |
| CaixaBank, S.A. | 571 | 4954 |
| Cellnex Telecom, S.A. (c) | 93 | 3619 |
| Endesa, S.A. (a) | 49 | 1552 |
| Ferrovial SE | 74 | 3935 |
| Iberdrola, Sociedad Anonima | 934 | 17894 |
| Industria de Diseno Textil, S.A. | 178 | 9257 |
| Naturgy Energy Group, S.A. (a) | 17 | 551 |
| Redeia Corporacion SA (a) | 66 | 1414 |
| Repsol SA (a) | 183 | 2679 |
| Telefonica, S.A. (a) | 733 | 3852 |
|  |  | 94979 |
| **Italy 3.1%** | **Italy 3.1%** | **Italy 3.1%** |
| A2a S.P.A. | 255 | 687 |
| Assicurazioni Generali Societa' Per Azioni | 146 | 5182 |
| Banca Mediolanum SpA | 34 | 587 |
| Banco BPM Societa' Per Azioni (a) | 208 | 2431 |
| Buzzi S.p.A. | 12 | 665 |
| Davide Campari-Milano N.V. (a) | 93 | 627 |
| DiaSorin S.p.A. | 4 | 380 |
| ENEL - SPA | 1247 | 11859 |
| Eni S.P.A. | 331 | 5359 |
| Ferrari N.V. | 20 | 9639 |
| Finecobank Banca Fineco S.P.A. | 100 | 2220 |
| Hera S.p.A. (a) | 148 | 715 |
| Infrastrutture Wireless Italiane S.p.A. O, In Forma Abbreviata, Inwit S.p.A. (c) | 50 | 607 |
| Intesa Sanpaolo SPA | 2520 | 14550 |
| Leonardo S.p.A. | 64 | 3626 |
| Mediobanca Banca di Credito Finanziario Societa' Per Azioni (a) | 92 | 2142 |
| Moncler S.p.A. | 35 | 2008 |
| Nexi S.p.A. | 89 | 532 |
| Pirelli & C. S.p.A. (c) | 55 | 378 |
| Poste Italiane - Societa' Per Azioni (a) (c) | 75 | 1615 |
| Prysmian S.p.A. | 45 | 3210 |
| Recordati Industria Chimica E Farmaceutica S.P.A. In Breve Recordati S.P.A. | 16 | 1002 |
| Snam S.p.A. (a) | 352 | 2134 |
| Telecom Italia S.p.A. | 1855 | 919 |
| Terna - Rete Elettrica Nazionale Societa Per Azioni (a) | 222 | 2279 |
| Unicredit, Societa' Per Azioni In Forma Abbreviata Unicredit S.P.A. | 251 | 16850 |
|  |  | 92203 |
| **Denmark 2.2%** | **Denmark 2.2%** | **Denmark 2.2%** |
| A.P. Moller - Maersk A/S - Class A |  | 795 |
| A.P. Moller - Maersk A/S - Class B | 1 | 1104 |
| Carlsberg A/S - Class B | 15 | 2124 |
| Coloplast A/S - Class B | 23 | 2157 |
| Danske Bank A/S | 106 | 4322 |
| DSV A/S | 31 | 7343 |
| Genmab A/S (b) | 10 | 2114 |
| Novo Nordisk A/S - Class B | 511 | 35314 |
| Novozymes A/S - Class B | 55 | 3951 |
| Orsted A/S (b) (c) | 24 | 1027 |
| Pandora A/S | 13 | 2223 |
| Tryg A/S | 48 | 1249 |
| Vestas Wind Systems A/S | 164 | 2482 |
|  |  | 66205 |
| **Hong Kong 1.8%** | **Hong Kong 1.8%** | **Hong Kong 1.8%** |
| AIA Group Limited | 1721 | 15518 |
| Budweiser Brewing Company APAC Limited (a) (c) | 258 | 257 |
| CK Asset Holdings Limited | 307 | 1358 |
| CK Hutchison Holdings Limited | 422 | 2605 |
| CK Infrastructure Holdings Limited | 101 | 666 |
| CLP Holdings Limited | 286 | 2410 |
| Hang Seng Bank, Limited | 113 | 1691 |
| Henderson Land Development Company Limited | 219 | 765 |
| HKT Trust | 585 | 874 |
| Hong Kong And China Gas Company Limited - The- | 1796 | 1511 |
| Hong Kong Exchanges and Clearing Limited | 192 | 10304 |
| Jardine Matheson Holdings Limited | 28 | 1342 |
| Link Real Estate Investment Trust | 402 | 2150 |

---

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page [607](#abbreviations).

**JNL Series Trust** (Unaudited)

**Schedules of Investments (in thousands)**

June 30, 2025

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| MTR Corporation Limited | 259 | 932 |
| Power Assets Holdings Limited | 224 | 1438 |
| Sino Land Company Limited | 562 | 598 |
| Sun Hung Kai Properties Limited | 271 | 3121 |
| Swire Pacific Limited - Class A | 55 | 475 |
| Swire Pacific Limited - Class B | 130 | 184 |
| Swire Properties Limited | 173 | 431 |
| Techtronic Industries Company Limited | 232 | 2553 |
| WH Group Limited (c) | 1279 | 1234 |
| Wharf (Holdings) Limited, The | 157 | 479 |
| Wharf Real Estate Investment Company Limited | 220 | 625 |
| | | 53521 |
| **Singapore 1.3%** | **Singapore 1.3%** | **Singapore 1.3%** |
| Capitaland Ascendas REIT | 577 | 1219 |
| Capitaland Group Pte. Ltd. | 751 | 1283 |
| Capitaland Investment Limited | 349 | 729 |
| DBS Group Holdings Ltd | 328 | 11586 |
| Genting Singapore Limited | 934 | 526 |
| Jardine Cycle & Carriage Limited | 9 | 171 |
| Keppel Ltd. | 232 | 1358 |
| Mapletree Commercial Trust Treasury Company Pte. Ltd. (c) | 395 | 392 |
| Oversea-Chinese Banking Corporation Limited | 527 | 6776 |
| Singapore Airlines Limited | 227 | 1245 |
| Singapore Exchange Limited | 135 | 1578 |
| Singapore Technologies Engineering Ltd | 256 | 1571 |
| Singapore Telecommunications Limited | 1320 | 3966 |
| United Overseas Bank Limited | 216 | 6112 |
| Wilmar International Limited | 296 | 668 |
|  |  | 39180 |
| **Finland 1.1%** | **Finland 1.1%** | **Finland 1.1%** |
| Elisa Oyj | 24 | 1309 |
| Fortum Oyj | 72 | 1340 |
| Kesko Oyj - Class A | 15 | 361 |
| Kesko Oyj - Class B | 44 | 1093 |
| Kone Corporation - Class B | 57 | 3739 |
| Metso Oyj | 115 | 1491 |
| Neste Oyj | 70 | 952 |
| Nokia Oyj | 810 | 4205 |
| Nordea Bank Abp | 483 | 7185 |
| Orion Oyj - Class A | 5 | 338 |
| Orion Oyj - Class B | 16 | 1227 |
| Sampo Oyj - Class A | 408 | 4378 |
| Stora Enso Oyj - Class R | 97 | 1051 |
| UPM-Kymmene Oyj | 84 | 2300 |
| Wartsila Oyj Abp | 79 | 1858 |
|  |  | 32827 |
| **Belgium 1.0%** | **Belgium 1.0%** | **Belgium 1.0%** |
| Ackermans | 4 | 928 |
| Ageas SA/NV | 27 | 1821 |
| Anheuser-Busch InBev | 158 | 10894 |
| argenx SE (b) | 9 | 5170 |
| Colruyt Group | 5 | 222 |
| D'Ieteren Group | 3 | 714 |
| Groupe Bruxelles Lambert - Groep Brussel Lambert | 13 | 1086 |
| KBC Groep | 41 | 4192 |
| Lotus Bakeries |  | 636 |
| Sofina | 2 | 764 |
| Syensqo | 11 | 840 |
| UCB | 19 | 3778 |
| Warehouses De Pauw | 28 | 691 |
|  |  | 31736 |
| **Norway 0.7%** | **Norway 0.7%** | **Norway 0.7%** |
| Aker BP ASA | 46 | 1182 |
| DNB Bank ASA | 119 | 3284 |
| Equinor ASA | 137 | 3451 |
| Gjensidige Forsikring ASA | 31 | 788 |
| Kongsberg Gruppen ASA | 69 | 2699 |
| Mowi ASA | 73 | 1404 |
| Norsk Hydro ASA | 215 | 1228 |
| Orkla ASA | 105 | 1138 |
| SalMar ASA | 10 | 454 |
| Storebrand ASA | 66 | 939 |
| Telenor ASA | 103 | 1607 |
| Var Energi ASA | 133 | 431 |
| Vend Marketplaces ASA - Class A | 10 | 338 |
| Vend Marketplaces ASA - Class B | 16 | 522 |
| Yara International ASA | 27 | 985 |
|  |  | 20450 |
| **Israel 0.7%** | **Israel 0.7%** | **Israel 0.7%** |
| Azrieli Group Ltd. | 5 | 454 |
| Bank Hapoalim B.M. | 214 | 4110 |
| Bank Leumi Le-Israel B.M. | 239 | 4450 |
| Elbit Systems Ltd. | 4 | 1690 |
| ICL Group Ltd | 118 | 813 |
| Israel Discount Bank Limited | 192 | 1912 |
| Mizrahi Tefahot Bank Ltd | 23 | 1504 |
| Nice Ltd (b) | 10 | 1762 |
| Teva Pharmaceutical Industries Ltd (b) | 186 | 3117 |
|  |  | 19812 |
| **Poland 0.4%** | **Poland 0.4%** | **Poland 0.4%** |
| Allegro.eu (b) (c) | 102 | 985 |
| Bank Polska Kasa Opieki - Spolka Akcyjna | 34 | 1767 |
| Dino Polska Spolka Akcyjna (b) (c) | 8 | 1152 |
| ING Bank Slaski Spolka Akcyjna | 5 | 461 |
| KGHM Polska Miedz Spolka Akcyjna | 22 | 804 |
| LPP Spolka Akcyjna |  | 840 |
| Orlen S A | 92 | 2087 |
| Powszechna Kasa Oszczednosci Bank Polski Spolka Akcyjna | 136 | 2842 |
| Powszechny Zaklad Ubezpieczen Spolka Akcyjna | 93 | 1632 |
| Santander Bank Polska Spolka Akcyjna | 6 | 845 |
|  |  | 13415 |
| **United States of America 0.4%** | **United States of America 0.4%** | **United States of America 0.4%** |
| Ashtead Group Public Limited Company | 69 | 4387 |
| James Hardie Industries Public Limited Company - CHESS | 68 | 1865 |
| Universal Music Group N.V. | 152 | 4941 |
|  |  | 11193 |
| **Austria 0.3%** | **Austria 0.3%** | **Austria 0.3%** |
| Andritz AG | 10 | 733 |
| BAWAG Group AG (c) | 12 | 1553 |
| Erste Group Bank AG | 47 | 4046 |
| OMV Aktiengesellschaft | 23 | 1276 |
| Raiffeisen Bank International AG | 24 | 733 |
| Telekom Austria Aktiengesellschaft | 17 | 195 |
| Verbund AG | 11 | 864 |
|  |  | 9400 |
| **Ireland 0.2%** | **Ireland 0.2%** | **Ireland 0.2%** |
| DCC Public Limited Company | 16 | 1052 |
| Kerry Group Public Limited Company - Class A | 23 | 2569 |
| Kingspan Group Public Limited Company | 25 | 2162 |
|  |  | 5783 |
| **Portugal 0.1%** | **Portugal 0.1%** | **Portugal 0.1%** |
| EDP Renovaveis, S.A. | 41 | 473 |
| EDP, S.A. | 444 | 1929 |
| Galp Energia, SGPS, S.A. - Class B | 66 | 1216 |
| Jeronimo Martins, SGPS, S.A. | 45 | 1142 |
|  |  | 4760 |
| **New Zealand 0.1%** | **New Zealand 0.1%** | **New Zealand 0.1%** |
| Auckland International Airport Limited | 249 | 1173 |
| Fisher & Paykel Healthcare Corporation Limited | 89 | 1953 |
| Meridian Energy Limited | 201 | 725 |
|  |  | 3851 |
| **Luxembourg 0.1%** | **Luxembourg 0.1%** | **Luxembourg 0.1%** |
| ArcelorMittal (a) | 68 | 2157 |
| Tenaris S.A. | 63 | 1181 |
|  |  | 3338 |
| **Macau 0.1%** | **Macau 0.1%** | **Macau 0.1%** |
| Galaxy Entertainment Group Limited | 370 | 1649 |
| Sands China Ltd. | 337 | 705 |
|  |  | 2354 |
| **China 0.1%** | **China 0.1%** | **China 0.1%** |
| WuXi Biologics (Cayman) Inc. (b) (c) | 564 | 1854 |

---

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page [607](#abbreviations).

**JNL Series Trust** (Unaudited)

**Schedules of Investments (in thousands)**

June 30, 2025

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| **Chile 0.0%** | **Chile 0.0%** | **Chile 0.0%** |
| Antofagasta PLC | 54 | 1336 |
| **Mexico 0.0%** | **Mexico 0.0%** | **Mexico 0.0%** |
| Fresnillo PLC | 28 | 560 |
| **Russian Federation 0.0%** | **Russian Federation 0.0%** | **Russian Federation 0.0%** |
| Evraz PLC (b) (c) (d) | 82 |  |
| Total Common Stocks (cost $2,242,388) | Total Common Stocks (cost $2,242,388) | 2902132 |
| **PREFERRED STOCKS 1.7%** | **PREFERRED STOCKS 1.7%** | **PREFERRED STOCKS 1.7%** |
| **Switzerland 1.4%** | **Switzerland 1.4%** | **Switzerland 1.4%** |
| Chocoladefabriken Lindt & Sprungli AG |  | 2644 |
| Roche Holding AG | 111 | 36113 |
| Schindler Holding AG | 6 | 2394 |
|  |  | 41151 |
| **Germany 0.3%** | **Germany 0.3%** | **Germany 0.3%** |
| Bayerische Motoren Werke Aktiengesellschaft | 9 | 710 |
| Dr. Ing. h.c. F. Porsche Aktiengesellschaft | 18 | 902 |
| Henkel AG & Co. KGaA (e) | 27 | 2096 |
| Sartorius Aktiengesellschaft | 4 | 1029 |
| Volkswagen Aktiengesellschaft (e) | 33 | 3482 |
|  |  | 8219 |
| **Italy 0.0%** | **Italy 0.0%** | **Italy 0.0%** |
| Telecom Italia S.p.A. | 970 | 531 |
| Total Preferred Stocks (cost $48,108) | Total Preferred Stocks (cost $48,108) | 49901 |
| **SHORT TERM INVESTMENTS 1.6%** | **SHORT TERM INVESTMENTS 1.6%** | **SHORT TERM INVESTMENTS 1.6%** |
| **Investment Companies 1.1%** | **Investment Companies 1.1%** | **Investment Companies 1.1%** |
| JNL Government Money Market Fund - Class I, 4.20% (f) (g) | 31988 | 31988 |
| **Securities Lending Collateral 0.5%** | **Securities Lending Collateral 0.5%** | **Securities Lending Collateral 0.5%** |
| JNL Government Money Market Fund - Class SL, 4.30% (f) (g) | 15771 | 15771 |
| Total Short Term Investments (cost $47,759) | Total Short Term Investments (cost $47,759) | 47759 |
| **Total Investments 99.8% (cost $2,338,255)** | **Total Investments 99.8% (cost $2,338,255)** | **2999792** |
| **Other Derivative Instruments 0.0%** | **Other Derivative Instruments 0.0%** | **559** |
| **Other Assets and Liabilities, Net 0.2%** | **Other Assets and Liabilities, Net 0.2%** | **5881** |
| **Total Net Assets 100.0%** | **Total Net Assets 100.0%** | **3006232** |

---

(a) All or a portion of the security was on loan as of June 30, 2025.

(b) Non-income producing security.

(c) Security is restricted to resale to institutional investors or subject to trading restrictions due to sanctions on foreign issuers. See Restricted Securities table following the Schedules of Investments.

(d) Security fair valued in good faith as a Level 3 security in accordance with the procedures approved by the Board of Trustees. Good faith fair valued securities are classified based on the applicable valuation inputs. See "Fair Value Measurement" in the Notes to Financial Statements.

(e) Convertible security.

(f) Investment in affiliate.

(g) Yield changes daily to reflect current market conditions. Rate was the quoted yield as of June 30, 2025.

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **JNL International Index Fund — Investments in Affiliates** | **JNL International Index Fund — Investments in Affiliates** | **JNL International Index Fund — Investments in Affiliates** | **JNL International Index Fund — Investments in Affiliates** | **JNL International Index Fund — Investments in Affiliates** | **JNL International Index Fund — Investments in Affiliates** | **JNL International Index Fund — Investments in Affiliates** | **JNL International Index Fund — Investments in Affiliates** | **JNL International Index Fund — Investments in Affiliates** |
| **Affiliated Investment** | **Value Beginning of Period($)** | **Purchases($)** | **Sales Proceeds($)** | **Dividend Income/ Distributions from Funds($)** | **Realized Gain (Loss)($)** | **Change in Unrealized Appreciation (Depreciation) ($)** | **Value End of Period($)** | **Percentage of Net Assets(%)** |
| JNL Government Money Market Fund, 4.20% - Class I | 12805 | 823255 | 804072 | 488 |  |  | 31988 | 1.1 |
| JNL Government Money Market Fund, 4.30% - Class SL | 2432 | 97606 | 84267 | 180 |  |  | 15771 | 0.5 |
|  | 15237 | 920861 | 888339 | 668 |  |  | 47759 | 1.6 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **JNL International Index Fund — Restricted Securities** | **JNL International Index Fund — Restricted Securities** | **JNL International Index Fund — Restricted Securities** | **JNL International Index Fund — Restricted Securities** | **JNL International Index Fund — Restricted Securities** |
|  | **Initial Acquisition** | **Cost ($)** | **Value ($)** | **Percent of**<br> **Net Assets (%)** |
| Adyen N.V. | 04/26/21 | 9477 | 8612 | 0.3 |
| Allegro.eu | 06/18/21 | 1202 | 985 |  |
| Amadeus IT Holding, S.A. | 04/26/21 | 4494 | 5912 | 0.2 |
| Amundi | 04/26/21 | 866 | 825 |  |
| BAWAG Group AG | 04/26/21 | 807 | 1553 | 0.1 |
| Budweiser Brewing Company APAC Limited | 04/26/21 | 795 | 257 |  |
| Cellnex Telecom, S.A. | 04/26/21 | 4311 | 3619 | 0.1 |
| Convatec Group PLC | 04/26/21 | 825 | 1056 |  |
| Dino Polska Spolka Akcyjna | 06/18/21 | 724 | 1152 |  |
| EQT AB | 04/26/21 | 3159 | 3761 | 0.1 |
| Evolution AB (publ) | 04/26/21 | 3258 | 2348 | 0.1 |
| Evraz PLC | 02/14/22 | 631 |  |  |
| Infrastrutture Wireless Italiane S.p.A. O, In Forma Abbreviata, Inwit S.p.A. | 04/26/21 | 588 | 607 |  |
| Mapletree Commercial Trust Treasury Company Pte. Ltd. | 04/26/21 | 615 | 392 |  |
| Orsted A/S | 04/26/21 | 2028 | 1027 |  |
| Pirelli & C. S.p.A. | 04/26/21 | 326 | 378 |  |
| Poste Italiane - Societa' Per Azioni | 04/26/21 | 966 | 1615 | 0.1 |
| Siemens Healthineers AG | 06/18/21 | 2463 | 2366 | 0.1 |
| WH Group Limited | 04/26/21 | 1106 | 1234 | 0.1 |
| WuXi Biologics (Cayman) Inc. | 12/17/21 | 4516 | 1854 | 0.1 |
|  |  | 43157 | 39553 | 1.3 |

---

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page [607](#abbreviations).

**JNL Series Trust** (Unaudited)

**Schedules of Investments (in thousands)**

June 30, 2025

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **JNL International Index Fund — Futures Contracts** | **JNL International Index Fund — Futures Contracts** | **JNL International Index Fund — Futures Contracts** | **JNL International Index Fund — Futures Contracts** | **JNL International Index Fund — Futures Contracts** | **JNL International Index Fund — Futures Contracts** | **JNL International Index Fund — Futures Contracts** |
| **Reference Entity** | **Contracts<sup>1</sup>** | **Expiration** | **Notional<sup>1</sup>** | **Notional<sup>1</sup>** | **Variation**<br> **Margin**<br> **Receivable**<br> (Payable) ($) | **Value/**<br> **Unrealized**<br> **Appreciation**<br> (Depreciation) ($) |
| **Long Contracts** | **Long Contracts** | **Long Contracts** | **Long Contracts** | **Long Contracts** | **Long Contracts** | **Long Contracts** |
| Euro STOXX 50 Price Index | 301 | September 2025 | EUR | 15996 | (39) | 46 |
| FTSE 100 Index | 72 | September 2025 | GBP | 6341 | (21) | (17) |
| S&P/ASX 200 Index | 29 | September 2025 | AUD | 6193 | 10 | (2) |
| Topix Index | 75 | September 2025 | JPY | 2085941 | 44 | 385 |
|  |  |  |  |  | (6) | 412 |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **JNL International Index Fund — Forward Foreign Currency Contracts** | **JNL International Index Fund — Forward Foreign Currency Contracts** | **JNL International Index Fund — Forward Foreign Currency Contracts** | **JNL International Index Fund — Forward Foreign Currency Contracts** | **JNL International Index Fund — Forward Foreign Currency Contracts** | **JNL International Index Fund — Forward Foreign Currency Contracts** | **JNL International Index Fund — Forward Foreign Currency Contracts** |
| **Purchased/Sold** | **Counterparty** | **Expiration** | **Notional<sup>1</sup>** | **Notional<sup>1</sup>** | **Value ($)** | **Unrealized**<br> **Appreciation**<br> (Depreciation) ($) |
| AUD/USD | BMO | 09/17/25 | AUD | 3132 | 2064 | 27 |
| EUR/USD | HSB | 09/17/25 | EUR | 15383 | 18215 | 565 |
| GBP/USD | BMO | 09/17/25 | GBP | 4016 | 5516 | 79 |
| JPY/USD | RBC | 09/17/25 | JPY | 1480768 | 10374 | 39 |
| USD/EUR | RBC | 09/17/25 | EUR | (3811) | (4512) | (130) |
| USD/JPY | CIT | 09/17/25 | JPY | (481042) | (3370) | (15) |
|  |  |  |  |  | 28287 | 565 |

---

**Fair Value Hierarchy.** Various inputs are used in determining the fair value of financial instruments. For a description of the input levels and information about the Fund's policy regarding valuation of financial instruments, see Note 3 in the Notes to Financial Statements. The following table summarizes the Fund's investments categorized in the disclosure hierarchy as of June 30, 2025.

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **<u>. Level 1 ($) .</u>** | **<u>. Level 2 ($) .</u>** | **<u>. Level 3 ($) .</u>** | **<u>. Total ($) .</u>** |
| **JNL International Index Fund** | **JNL International Index Fund** | **JNL International Index Fund** | **JNL International Index Fund** | **JNL International Index Fund** |
| **Assets - Securities** |  |  |  |  |
| &nbsp;&nbsp; Common Stocks | 4824 | 2897308 |  | 2902132 |
| &nbsp;&nbsp; Preferred Stocks |  | 49901 |  | 49901 |
| &nbsp;&nbsp; Short Term Investments | 47759 |  |  | 47759 |
|  | 52583 | 2947209 |  | 2999792 |
| **Assets - Investments in Other Financial Instruments<sup>1</sup>** |  |  |  |  |
| &nbsp;&nbsp; Futures Contracts | 431 |  |  | 431 |
| &nbsp;&nbsp; Open Forward Foreign Currency Contracts |  | 710 |  | 710 |
|  | 431 | 710 |  | 1141 |
| **Liabilities - Investments in Other Financial Instruments<sup>1</sup>** |  |  |  |  |
| &nbsp;&nbsp; Futures Contracts | (19) |  |  | (19) |
| &nbsp;&nbsp; Open Forward Foreign Currency Contracts |  | (145) |  | (145) |
|  | (19) | (145) |  | (164) |

---

<sup>1</sup> All derivatives, except for purchased and written options, are reflected at the unrealized appreciation (depreciation) on the instrument. Purchased and written options are reflected at value.

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page [607](#abbreviations).

**JNL Series Trust** (Unaudited)

**Schedules of Investments (in thousands)**

June 30, 2025

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| **JNL Mid Cap Index Fund** | **JNL Mid Cap Index Fund** | **JNL Mid Cap Index Fund** |
| **COMMON STOCKS 99.4%** | **COMMON STOCKS 99.4%** | **COMMON STOCKS 99.4%** |
| **Industrials 22.7%** | **Industrials 22.7%** | **Industrials 22.7%** |
| AAON, Inc. | 76 | 5574 |
| Acuity Brands, Inc. | 34 | 10247 |
| Advanced Drainage Systems, Inc. | 80 | 9147 |
| AECOM | 149 | 16762 |
| AGCO Corporation | 69 | 7152 |
| Alaska Air Group, Inc. (a) | 137 | 6787 |
| American Airlines Group Inc. (a) (b) | 742 | 8320 |
| API Group Corporation (a) | 271 | 13813 |
| Applied Industrial Technologies, Inc. | 43 | 9975 |
| ATI Inc. (a) | 160 | 13785 |
| Avis Budget Group, Inc. (a) (b) | 20 | 3336 |
| Brink's Company, The | 47 | 4205 |
| BWXT Government Group, Inc. | 102 | 14745 |
| Caci International Inc. - Class A (a) | 25 | 11778 |
| Carlisle Companies Incorporated | 49 | 18112 |
| Chart Industries, Inc. (a) | 50 | 8298 |
| Clean Harbors, Inc. (a) | 56 | 13052 |
| CNH Industrial N.V. | 990 | 12828 |
| Comfort Systems USA, Inc. | 40 | 21295 |
| Concentrix Corporation | 52 | 2751 |
| Core & Main, Inc. - Class A (a) | 213 | 12847 |
| Crane Company | 54 | 10301 |
| Curtiss-Wright Corporation | 42 | 20759 |
| Donaldson Company, Inc. | 135 | 9378 |
| EMCOR Group, Inc. | 50 | 26915 |
| EnerSys | 45 | 3883 |
| ESAB Corporation | 64 | 7729 |
| ExlService Holdings, Inc. (a) | 182 | 7986 |
| Exponent, Inc. | 57 | 4280 |
| Flowserve Corporation | 147 | 7698 |
| Fluor Corporation (a) | 185 | 9486 |
| Fortune Brands Innovations, Inc. | 138 | 7113 |
| FTI Consulting, Inc. (a) | 38 | 6110 |
| GATX Corporation | 39 | 6049 |
| Genpact Limited | 180 | 7938 |
| Graco Inc. | 187 | 16076 |
| GXO Logistics Inc. (a) | 128 | 6249 |
| Hexcel Corporation | 89 | 5022 |
| Insperity, Inc. | 40 | 2396 |
| ITT Inc. | 89 | 13923 |
| KBR, Inc. | 146 | 6979 |
| Kirby Corporation (a) | 63 | 7126 |
| Knight-Swift Transportation Holdings Inc. - Class A | 183 | 8077 |
| Landstar System, Inc. | 39 | 5362 |
| Lincoln Electric Holdings, Inc. | 63 | 13089 |
| ManpowerGroup Inc. | 53 | 2135 |
| MasTec, Inc. (a) | 68 | 11604 |
| Maximus, Inc. | 65 | 4573 |
| Middleby Corporation, The (a) | 61 | 8787 |
| Mine Safety Appliances Company, LLC | 44 | 7374 |
| MSC Industrial Direct Co., Inc. - Class A | 50 | 4292 |
| Mueller Industries, Inc. | 124 | 9883 |
| Nextracker LLC - Class A (a) | 163 | 8882 |
| Nvent Electric Public Limited Company | 185 | 13562 |
| Oshkosh Corporation | 72 | 8167 |
| Owens Corning | 96 | 13205 |
| Parsons Corporation (a) | 53 | 3776 |
| Paylocity Holding Corporation (a) | 49 | 8871 |
| RB Global, Inc. | 208 | 22100 |
| RBC Bearings Incorporated (a) | 35 | 13583 |
| Regal Rexnord Corporation | 74 | 10746 |
| Ryder System, Inc. | 47 | 7458 |
| Saia, Inc. (a) | 30 | 8264 |
| Science Applications International Corporation | 53 | 5961 |
| Sensata Technologies Holding PLC | 167 | 5041 |
| Simpson Manufacturing Co., Inc. | 48 | 7380 |
| Terex Corporation | 72 | 3353 |
| Tetra Tech, Inc. | 294 | 10590 |
| Timken Company, The | 71 | 5129 |
| Toro Company, The | 113 | 7960 |
| Trex Company, Inc. (a) | 120 | 6525 |
| UFP Industries, Inc. | 67 | 6649 |
| Valmont Industries, Inc. | 22 | 7314 |
| Watsco, Inc. | 39 | 17381 |
| Watts Water Technologies, Inc. - Class A | 31 | 7530 |
| WESCO International, Inc. | 50 | 9179 |
| Woodward, Inc. | 67 | 16451 |
| XPO, Inc. (a) | 133 | 16738 |
|  |  | 745176 |
| **Financials 18.2%** | **Financials 18.2%** | **Financials 18.2%** |
| Affiliated Managers Group, Inc. | 32 | 6387 |
| Ally Financial Inc. | 309 | 12036 |
| American Financial Group, Inc. | 81 | 10161 |
| Annaly Capital Management, Inc. | 684 | 12873 |
| Associated Banc-Corp | 182 | 4430 |
| Bank OZK | 116 | 5462 |
| Brighthouse Financial, Inc. (a) | 65 | 3509 |
| Cadence Bank | 211 | 6734 |
| CNO Financial Group, Inc. | 110 | 4251 |
| Columbia Banking System, Inc. | 233 | 5456 |
| Comerica Incorporated | 147 | 8795 |
| Commerce Bancshares, Inc. | 136 | 8475 |
| Cullen/Frost Bankers, Inc. | 72 | 9216 |
| East West Bancorp, Inc. | 155 | 15639 |
| Equitable Holdings, Inc. | 342 | 19161 |
| Essent Group Ltd. | 114 | 6940 |
| Euronet Worldwide, Inc. (a) | 46 | 4661 |
| Evercore Inc. - Class A | 40 | 10899 |
| F.N.B. Corporation | 406 | 5914 |
| Federated Hermes, Inc. - Class B | 86 | 3829 |
| Fidelity National Financial, Inc. - Class A | 293 | 16435 |
| First American Financial Corporation | 115 | 7074 |
| First Financial Bankshares, Inc. | 146 | 5246 |
| First Horizon Corporation | 579 | 12283 |
| FirstCash, Inc. | 44 | 5918 |
| Flagstar Financial, Inc. | 345 | 3656 |
| Glacier Bancorp, Inc. | 133 | 5729 |
| Hamilton Lane Incorporated - Class A | 48 | 6893 |
| Hancock Whitney Corporation | 95 | 5472 |
| Hanover Insurance Group Inc, The | 41 | 6921 |
| Home BancShares, Inc. | 205 | 5845 |
| Houlihan Lokey, Inc. - Class A | 60 | 10855 |
| Interactive Brokers Group, Inc. - Class A | 491 | 27180 |
| International Bancshares Corporation | 60 | 4019 |
| Janus Henderson Group PLC | 141 | 5482 |
| Jefferies Financial Group Inc. | 182 | 9974 |
| Kinsale Capital Group, Inc. | 25 | 12129 |
| MGIC Investment Corporation | 268 | 7469 |
| Morningstar, Inc. | 30 | 9443 |
| Old National Bancorp | 360 | 7677 |
| Old Republic International Corporation | 256 | 9860 |
| Pinnacle Financial Partners, Inc. | 86 | 9470 |
| Primerica, Inc. | 38 | 10275 |
| Prosperity Bancshares, Inc. | 108 | 7554 |
| Reinsurance Group of America, Incorporated | 75 | 14786 |
| RenaissanceRe Holdings Ltd | 55 | 13390 |
| RLI Corp. | 93 | 6702 |
| Ryan Specialty Group Holdings, Inc. - Class A | 121 | 8240 |
| SEI Investments Company | 106 | 9504 |
| Selective Insurance Group, Inc. | 68 | 5859 |
| Shift4 Payments, LLC - Class A (a) (b) | 76 | 7485 |
| SLM Corporation | 240 | 7853 |
| Southstate Corporation | 110 | 10153 |
| Starwood Property Trust, Inc. (b) | 359 | 7205 |
| Stifel Financial Corp. | 116 | 12014 |
| Synovus Financial Corp. | 157 | 8134 |
| Texas Capital Bancshares, Inc. (a) | 52 | 4130 |
| The Carlyle Group, Inc. | 240 | 12316 |
| The Western Union Company | 384 | 3229 |
| UMB Financial Corporation | 80 | 8380 |
| United Bankshares, Inc. | 160 | 5847 |
| Unum Group | 180 | 14513 |
| Valley National Bancorp | 518 | 4629 |
| Voya Financial, Inc. | 108 | 7647 |
| Webster Financial Corporation | 191 | 10449 |

---

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page [607](#abbreviations).

**JNL Series Trust** (Unaudited)

**Schedules of Investments (in thousands)**

June 30, 2025

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| Western Alliance Bancorporation | 123 | 9592 |
| Wex, Inc. (a) | 39 | 5682 |
| Wintrust Financial Corporation | 76 | 9467 |
| Zions Bancorporation, National Association | 167 | 8658 |
| Zurich American Corporation | 67 | 4292 |
| | | 597843 |
| **Consumer Discretionary 13.2%** | **Consumer Discretionary 13.2%** | **Consumer Discretionary 13.2%** |
| Abercrombie & Fitch Co. - Class A (a) | 53 | 4422 |
| Aramark | 293 | 12286 |
| Autoliv, Inc. | 80 | 8985 |
| AutoNation, Inc. (a) | 28 | 5523 |
| Bath & Body Works, Inc. | 241 | 7230 |
| Boyd Gaming Corporation | 69 | 5389 |
| Brunswick Corporation | 75 | 4145 |
| Burlington Stores, Inc. (a) | 71 | 16513 |
| Capri Holdings Limited (a) | 133 | 2354 |
| CAVA Group, Inc. (a) | 91 | 7668 |
| Chewy, Inc. - Class A (a) | 243 | 10348 |
| Choice Hotels International, Inc. (b) | 25 | 3175 |
| Churchill Downs Incorporated | 81 | 8201 |
| Columbia Sportswear Company | 34 | 2079 |
| Crocs, Inc. (a) | 63 | 6352 |
| Dick's Sporting Goods, Inc. | 63 | 12541 |
| Duolingo, Inc. - Class A (a) | 44 | 18091 |
| Five Below, Inc. (a) | 62 | 8077 |
| Floor & Decor Holdings, Inc. - Class A (a) | 119 | 9060 |
| GameStop Corp. - Class A (a) (b) | 462 | 11267 |
| Gap, Inc., The | 249 | 5429 |
| Gentex Corporation | 256 | 5630 |
| Graham Holdings Co., Ltd. - Class B | 4 | 3583 |
| Grand Canyon Education, Inc. (a) | 32 | 6045 |
| H & R Block, Inc. | 150 | 8212 |
| Harley-Davidson, Inc. | 122 | 2890 |
| Hilton Grand Vacations Inc. (a) | 65 | 2683 |
| Hyatt Hotels Corporation - Class A | 46 | 6480 |
| KB Home | 80 | 4250 |
| Lear Corporation | 60 | 5672 |
| Light & Wonder, Inc. (a) | 95 | 9126 |
| Lithia Motors, Inc. - Class A | 30 | 10036 |
| Macy's, Inc. | 313 | 3654 |
| Marriott Vacations Worldwide Corporation | 36 | 2626 |
| Mattel, Inc. (a) | 363 | 7152 |
| Murphy USA Inc. | 20 | 8247 |
| Ollie's Bargain Outlet Holdings, Inc. (a) | 69 | 9039 |
| Penske Automotive Group, Inc. | 21 | 3559 |
| Planet Fitness, Inc. - Class A (a) | 94 | 10237 |
| Polaris Inc. | 57 | 2330 |
| PVH Corp. | 54 | 3692 |
| RH (a) | 17 | 3191 |
| Service Corporation International | 160 | 13036 |
| Skechers U.S.A., Inc. - Class A (a) | 146 | 9200 |
| Somnigroup International Inc. | 232 | 15816 |
| Taylor Morrison Home II Corporation - Class A (a) | 112 | 6905 |
| Texas Roadhouse, Inc. - Class A | 74 | 13948 |
| The Goodyear Tire & Rubber Company (a) | 320 | 3323 |
| The Wendy's Company | 177 | 2020 |
| Thor Industries, Inc. | 60 | 5357 |
| Toll Brothers, Inc. | 112 | 12758 |
| TopBuild Corp. (a) | 32 | 10338 |
| Travel + Leisure Co. | 77 | 3950 |
| Under Armour, Inc. - Class A (a) | 220 | 1505 |
| Under Armour, Inc. - Class C (a) | 138 | 893 |
| V.F. Corporation | 380 | 4465 |
| Vail Resorts, Inc. | 42 | 6577 |
| Valvoline, Inc. (a) | 142 | 5388 |
| Visteon Corporation (a) | 31 | 2895 |
| Whirlpool Corporation | 62 | 6242 |
| Wingstop Inc. | 31 | 10569 |
| Wyndham Hotels & Resorts, Inc. | 86 | 7023 |
| YETI Holdings, Inc. (a) | 93 | 2933 |
|  |  | 432610 |
| **Information Technology 11.6%** | **Information Technology 11.6%** | **Information Technology 11.6%** |
| Allegro Microsystems Inc. (a) | 146 | 5007 |
| Amkor Technology, Inc. | 122 | 2569 |
| AppFolio, Inc. - Class A (a) | 26 | 5954 |
| Arrow Electronics, Inc. (a) | 58 | 7442 |
| ASGN Incorporated (a) | 50 | 2500 |
| Avnet, Inc. | 93 | 4957 |
| Belden Inc. | 45 | 5168 |
| Bill Holdings, Inc. (a) | 106 | 4883 |
| Blackbaud, Inc. (a) | 42 | 2710 |
| Ciena Corporation (a) | 162 | 13159 |
| Cirrus Logic, Inc. (a) | 60 | 6212 |
| Cognex Corporation | 189 | 6010 |
| Coherent Corp. (a) | 174 | 15544 |
| CommVault Systems, Inc. (a) | 49 | 8585 |
| Crane Nxt, Co. (b) | 55 | 2941 |
| DocuSign, Inc. (a) | 228 | 17759 |
| Dolby Laboratories, Inc. - Class A | 69 | 5150 |
| Dropbox, Inc. - Class A (a) | 220 | 6294 |
| Dynatrace, Inc. (a) | 338 | 18661 |
| Entegris, Inc. | 170 | 13712 |
| Fabrinet (a) | 40 | 11833 |
| Flex Ltd. (a) | 428 | 21365 |
| Guidewire Software, Inc. (a) | 94 | 22201 |
| IPG Photonics Corporation (a) | 30 | 2055 |
| Kyndryl Holdings, Inc. (a) | 261 | 10959 |
| Lattice Semiconductor Corporation (a) | 155 | 7573 |
| Littelfuse, Inc. | 28 | 6273 |
| Lumentum Holdings Inc. (a) | 79 | 7481 |
| MACOM Technology Solutions Holdings, Inc. (a) | 66 | 9528 |
| Manhattan Associates, Inc. (a) | 68 | 13506 |
| MKS Inc. | 75 | 7485 |
| Novanta Inc. (a) | 41 | 5261 |
| Okta, Inc. - Class A (a) | 188 | 18779 |
| Onto Innovation Inc. (a) | 55 | 5552 |
| Pegasystems Inc. | 97 | 5277 |
| Power Integrations, Inc. | 62 | 3480 |
| Pure Storage, Inc. - Class A (a) | 350 | 20153 |
| Qualys, Inc. (a) | 41 | 5798 |
| Rambus Inc. (a) | 120 | 7678 |
| Silicon Laboratories Inc. (a) | 36 | 5338 |
| Synaptics Incorporated (a) | 44 | 2851 |
| TD SYNNEX Corporation | 84 | 11407 |
| Universal Display Corporation | 50 | 7755 |
| Vontier Corporation | 166 | 6137 |
|  |  | 380942 |
| **Health Care 8.5%** | **Health Care 8.5%** | **Health Care 8.5%** |
| Acadia Healthcare Company, Inc. (a) | 105 | 2374 |
| Amedisys, Inc. (a) | 36 | 3567 |
| Avantor, Inc. (a) | 764 | 10285 |
| BioMarin Pharmaceutical Inc. (a) | 216 | 11870 |
| Bio-Rad Laboratories, Inc. - Class A (a) | 21 | 4976 |
| Bruker Corporation | 127 | 5245 |
| Chemed Corporation | 17 | 8136 |
| Cytokinetics, Incorporated (a) | 133 | 4396 |
| Dentsply Sirona Inc. | 225 | 3568 |
| Doximity, Inc. - Class A (a) | 149 | 9166 |
| Encompass Health Corporation | 113 | 13829 |
| Envista Holdings Corporation (a) | 184 | 3598 |
| Exelixis, Inc. (a) | 307 | 13539 |
| Globus Medical, Inc. - Class A (a) | 126 | 7462 |
| Haemonetics Corporation (a) | 57 | 4234 |
| Halozyme Therapeutics, Inc. (a) | 138 | 7199 |
| HealthEquity, Inc. (a) | 97 | 10162 |
| Hims & Hers Health, Inc. - Class A (a) (b) | 220 | 10986 |
| Illumina, Inc. (a) | 177 | 16916 |
| Jazz Pharmaceuticals Public Limited Company (a) | 69 | 7350 |
| Lantheus Holdings, Inc. (a) | 79 | 6431 |
| LivaNova PLC (a) | 61 | 2740 |
| Masimo Corporation (a) | 50 | 8439 |
| Medpace Holdings, Inc. (a) | 27 | 8370 |
| Neurocrine Biosciences, Inc. (a) | 112 | 14086 |
| Option Care Health, Inc. (a) | 184 | 5968 |
| Penumbra, Inc. (a) | 44 | 11182 |
| Perrigo Company Public Limited Company | 154 | 4112 |
| Repligen Corporation (a) | 60 | 7430 |
| Roivant Sciences Ltd. (a) (b) | 467 | 5260 |

---

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page [607](#abbreviations).

**JNL Series Trust** (Unaudited)

**Schedules of Investments (in thousands)**

June 30, 2025

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| Sarepta Therapeutics, Inc. (a) | 107 | 1830 |
| Sotera Health LLC (a) | 174 | 1931 |
| Tenet Healthcare Corporation (a) | 104 | 18371 |
| The Ensign Group, Inc. | 64 | 9845 |
| United Therapeutics Corporation (a) | 51 | 14562 |
| | | 279415 |
| **Real Estate 6.8%** | **Real Estate 6.8%** | **Real Estate 6.8%** |
| Agree Realty Corporation | 125 | 9111 |
| American Homes 4 Rent - Class A | 355 | 12808 |
| Brixmor Property Group Inc. | 342 | 8917 |
| COPT Defense Properties | 124 | 3420 |
| Cousins Properties Incorporated | 191 | 5738 |
| Cubesmart, L.P. | 257 | 10924 |
| EastGroup Properties, Inc. | 59 | 9880 |
| EPR Properties | 88 | 5154 |
| Equity Lifestyle Properties, Inc. | 214 | 13188 |
| First Industrial Realty Trust, Inc. | 147 | 7079 |
| Gaming and Leisure Properties, Inc. | 311 | 14505 |
| Healthcare Realty Trust Incorporated - Class A | 399 | 6328 |
| Independence Realty Trust, Inc. | 256 | 4521 |
| Jones Lang LaSalle Incorporated (a) | 54 | 13738 |
| Kilroy Realty Corporation | 120 | 4113 |
| Kite Realty Naperville, LLC | 242 | 5477 |
| Lamar Advertising Company - Class A | 98 | 11926 |
| National Storage Affiliates Trust | 79 | 2529 |
| NNN REIT, Inc. | 210 | 9065 |
| Omega Healthcare Investors, Inc. | 327 | 11968 |
| Park Hotels & Resorts Inc. | 227 | 2319 |
| PotlatchDeltic Corporation | 81 | 3090 |
| Rayonier Inc. | 159 | 3534 |
| Rexford Industrial Realty, Inc. | 266 | 9445 |
| Sabra Health Care REIT, Inc. | 267 | 4925 |
| STAG Industrial, Inc. | 209 | 7573 |
| Vornado Realty Trust | 186 | 7102 |
| W.P. Carey Inc. | 248 | 15440 |
|  |  | 223817 |
| **Materials 5.4%** | **Materials 5.4%** | **Materials 5.4%** |
| Alcoa Corporation | 289 | 8534 |
| AptarGroup, Inc. | 74 | 11625 |
| Ashland Inc. | 53 | 2645 |
| Avient Corporation | 103 | 3334 |
| Axalta Coating Systems Ltd. (a) | 246 | 7304 |
| Cabot Corporation | 60 | 4531 |
| Carpenter Technology Corporation | 56 | 15394 |
| Cleveland-Cliffs Inc. (a) | 552 | 4192 |
| Commercial Metals Company | 126 | 6168 |
| Crown Holdings, Inc. | 129 | 13331 |
| Eagle Materials Inc. | 37 | 7494 |
| Graphic Packaging Holding Company | 341 | 7186 |
| Greif, Inc. - Class A | 29 | 1854 |
| KRC Materials, Inc. (a) | 64 | 5226 |
| Louisiana-Pacific Corporation (W VA) | 70 | 6001 |
| NewMarket Corporation | 9 | 5878 |
| Olin Corporation | 132 | 2653 |
| Reliance, Inc. | 59 | 18484 |
| Royal Gold, Inc. | 74 | 13248 |
| RPM International Inc. | 144 | 15807 |
| Scotts Miracle-Gro Company, The | 49 | 3255 |
| Silgan Holdings Inc. | 90 | 4875 |
| Sonoco Products Company | 111 | 4822 |
| Westlake Corporation | 38 | 2881 |
|  |  | 176722 |
| **Consumer Staples 5.3%** | **Consumer Staples 5.3%** | **Consumer Staples 5.3%** |
| Albertsons Companies, Inc. - Class A | 453 | 9734 |
| Bellring Intermediate Holdings, Inc. (a) | 141 | 8197 |
| BJ's Wholesale Club Holdings, Inc. (a) | 147 | 15898 |
| Boston Beer Company, Inc., The - Class A (a) | 9 | 1753 |
| Casey's General Stores, Inc. | 42 | 21361 |
| Celsius Holdings, Inc. (a) | 176 | 8173 |
| Coca-Cola Consolidated, Inc. | 67 | 7430 |
| Coty Inc. - Class A (a) | 410 | 1906 |
| Darling Ingredients Inc. (a) | 177 | 6717 |
| e.l.f. Beauty, Inc. (a) | 64 | 7931 |
| Flowers Foods, Inc. (b) | 223 | 3571 |
| Ingredion Incorporated | 72 | 9748 |
| Lancaster Colony Corporation | 22 | 3740 |
| Maplebear Inc. (a) | 185 | 8350 |
| Performance Food Group Company (a) | 176 | 15408 |
| Pilgrim's Pride Corporation | 46 | 2088 |
| Post Holdings, Inc. (a) | 50 | 5456 |
| Sprouts Farmers Market, Inc. (a) | 110 | 18110 |
| US Foods Holding Corp. (a) | 260 | 20019 |
|  |  | 175590 |
| **Energy 3.7%** | **Energy 3.7%** | **Energy 3.7%** |
| Antero Midstream Corporation | 374 | 7091 |
| Antero Resources Corporation (a) | 327 | 13188 |
| ChampionX Corporation | 216 | 5370 |
| Chord Energy Corporation | 65 | 6286 |
| Civitas Resources, Inc. | 99 | 2717 |
| CNX Resources Corporation (a) | 165 | 5573 |
| DT Midstream, Inc. | 114 | 12512 |
| HF Sinclair Corporation | 179 | 7342 |
| Matador Resources Company | 133 | 6338 |
| Murphy Oil Corporation | 146 | 3284 |
| NOV Inc. | 416 | 5176 |
| Ovintiv Canada ULC | 290 | 11048 |
| PBF Energy Inc. - Class A | 108 | 2334 |
| Permian Resources Corporation - Class A | 716 | 9752 |
| Range Resources Corporation | 269 | 10945 |
| Valaris Limited (a) | 74 | 3125 |
| Viper Energy, Inc. - Class A | 147 | 5588 |
| Weatherford International Public Limited Company | 83 | 4161 |
|  |  | 121830 |
| **Utilities 2.8%** | **Utilities 2.8%** | **Utilities 2.8%** |
| ALLETE, Inc. | 65 | 4174 |
| Black Hills Corporation | 83 | 4656 |
| Essential Utilities, Inc. | 291 | 10794 |
| IDACORP, Inc. | 61 | 7074 |
| National Fuel Gas Company | 101 | 8544 |
| New Jersey Resources Corporation | 113 | 5058 |
| NorthWestern Corporation | 69 | 3557 |
| OGE Energy Corp. | 226 | 10019 |
| One Gas, Inc. | 64 | 4599 |
| Ormat Technologies, Inc. | 65 | 5439 |
| Portland General Electric Company | 127 | 5152 |
| Southwest Gas Holdings, Inc. | 67 | 4991 |
| Spire Inc. | 67 | 4909 |
| TXNM Energy, Inc. | 105 | 5916 |
| UGI Corporation | 241 | 8782 |
|  |  | 93664 |
| **Communication Services 1.2%** | **Communication Services 1.2%** | **Communication Services 1.2%** |
| EchoStar Corporation - Class A (a) | 151 | 4173 |
| Frontier Communications Parent, Inc. (a) | 251 | 9142 |
| Iridium Communications Inc. | 118 | 3561 |
| Nexstar Media Group, Inc. - Class A | 32 | 5518 |
| The New York Times Company - Class A | 183 | 10248 |
| Warner Music Group Corp. - Class A | 160 | 4356 |
| ZoomInfo Technologies Inc. - Class A (a) | 298 | 3016 |
|  |  | 40014 |
| Total Common Stocks (cost $2,931,288) | Total Common Stocks (cost $2,931,288) | 3267623 |
| **SHORT TERM INVESTMENTS 0.6%** | **SHORT TERM INVESTMENTS 0.6%** | **SHORT TERM INVESTMENTS 0.6%** |
| **Investment Companies 0.4%** | **Investment Companies 0.4%** | **Investment Companies 0.4%** |
| JNL Government Money Market Fund - Class I, 4.20% (c) (d) | 13781 | 13781 |
| **Securities Lending Collateral 0.2%** | **Securities Lending Collateral 0.2%** | **Securities Lending Collateral 0.2%** |
| JNL Government Money Market Fund - Class SL, 4.30% (c) (d) | 4556 | 4556 |
| Total Short Term Investments (cost $18,337) | Total Short Term Investments (cost $18,337) | 18337 |
| **Total Investments 100.0% (cost $2,949,625)** | **Total Investments 100.0% (cost $2,949,625)** | **3285960** |
| **Other Derivative Instruments 0.0%** | **Other Derivative Instruments 0.0%** | **9** |
| **Other Assets and Liabilities, Net 0.0%** | **Other Assets and Liabilities, Net 0.0%** | **553** |
| **Total Net Assets 100.0%** | **Total Net Assets 100.0%** | **3286522** |

---

(a) Non-income producing security.

(b) All or a portion of the security was on loan as of June 30, 2025.

(c) Investment in affiliate.

(d) Yield changes daily to reflect current market conditions. Rate was the quoted yield

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page [607](#abbreviations).

**JNL Series Trust** (Unaudited)

**Schedules of Investments (in thousands)**

June 30, 2025

as of June 30, 2025.

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **JNL Mid Cap Index Fund — Investments in Affiliates** | **JNL Mid Cap Index Fund — Investments in Affiliates** | **JNL Mid Cap Index Fund — Investments in Affiliates** | **JNL Mid Cap Index Fund — Investments in Affiliates** | **JNL Mid Cap Index Fund — Investments in Affiliates** | **JNL Mid Cap Index Fund — Investments in Affiliates** | **JNL Mid Cap Index Fund — Investments in Affiliates** | **JNL Mid Cap Index Fund — Investments in Affiliates** | **JNL Mid Cap Index Fund — Investments in Affiliates** |
| **Affiliated Investment** | **Value Beginning of Period($)** | **Purchases($)** | **Sales Proceeds($)** | **Dividend Income/ Distributions from Funds($)** | **Realized Gain (Loss)($)** | **Change in Unrealized Appreciation (Depreciation) ($)** | **Value End of Period($)** | **Percentage of Net Assets(%)** |
| JNL Government Money Market Fund, 4.20% - Class I | 45303 | 164463 | 195985 | 559 |  |  | 13781 | 0.4 |
| JNL Government Money Market Fund, 4.30% - Class SL | 12083 | 78322 | 85849 | 106 |  |  | 4556 | 0.2 |
|  | 57386 | 242785 | 281834 | 665 |  |  | 18337 | 0.6 |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **JNL Mid Cap Index Fund — Futures Contracts** | **JNL Mid Cap Index Fund — Futures Contracts** | **JNL Mid Cap Index Fund — Futures Contracts** | **JNL Mid Cap Index Fund — Futures Contracts** | **JNL Mid Cap Index Fund — Futures Contracts** | **JNL Mid Cap Index Fund — Futures Contracts** |
| **Reference Entity** | **Contracts<sup>1</sup>** | **Expiration** | **Notional<sup>1</sup>** | **Variation**<br> **Margin**<br> **Receivable**<br> (Payable) ($) | **Value/**<br> **Unrealized**<br> **Appreciation**<br> (Depreciation) ($) |
| **Long Contracts** | **Long Contracts** | **Long Contracts** | **Long Contracts** | **Long Contracts** | **Long Contracts** |
| S&P Midcap 400 Index | 60 | September 2025 | 18224 | 9 | 529 |

---

**Fair Value Hierarchy.** Various inputs are used in determining the fair value of financial instruments. For a description of the input levels and information about the Fund's policy regarding valuation of financial instruments, see Note 3 in the Notes to Financial Statements. The following table summarizes the Fund's investments categorized in the disclosure hierarchy as of June 30, 2025.

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **<u>. Level 1 ($) .</u>** | **<u>. Level 2 ($) .</u>** | **<u>. Level 3 ($) .</u>** | **<u>. Total ($) .</u>** |
| **JNL Mid Cap Index Fund** | **JNL Mid Cap Index Fund** | **JNL Mid Cap Index Fund** | **JNL Mid Cap Index Fund** | **JNL Mid Cap Index Fund** |
| **Assets - Securities** |  |  |  |  |
| &nbsp;&nbsp; Common Stocks | 3267623 |  |  | 3267623 |
| &nbsp;&nbsp; Short Term Investments | 18337 |  |  | 18337 |
|  | 3285960 |  |  | 3285960 |
| **Assets - Investments in Other Financial Instruments<sup>1</sup>** |  |  |  |  |
| &nbsp;&nbsp; Futures Contracts | 529 |  |  | 529 |
|  | 529 |  |  | 529 |

---

<sup>1</sup> All derivatives, except for purchased and written options, are reflected at the unrealized appreciation (depreciation) on the instrument. Purchased and written options are reflected at value.

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page [607](#abbreviations).

**JNL Series Trust** (Unaudited)

**Schedules of Investments (in thousands)**

June 30, 2025

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| **JNL Small Cap Index Fund** | **JNL Small Cap Index Fund** | **JNL Small Cap Index Fund** |
| **COMMON STOCKS 99.1%** | **COMMON STOCKS 99.1%** | **COMMON STOCKS 99.1%** |
| **Industrials 19.6%** | **Industrials 19.6%** | **Industrials 19.6%** |
| AAR Corp. (a) | 60 | 4161 |
| ABM Industries Incorporated | 105 | 4965 |
| AeroVironment, Inc. (a) | 48 | 13742 |
| Air Lease Corporation - Class A | 177 | 10379 |
| Alamo Group Inc. | 18 | 3871 |
| Albany International Corp. - Class A | 51 | 3597 |
| Allegiant Travel Company (a) | 25 | 1352 |
| Amentum Holdings, Inc. (a) | 257 | 6079 |
| American Woodmark Corporation (a) | 25 | 1323 |
| Apogee Enterprises, Inc. | 36 | 1473 |
| Arcbest Corporation | 39 | 2966 |
| Arcosa, Inc. | 83 | 7228 |
| Armstrong World Industries, Inc. | 74 | 12056 |
| Astec Industries, Inc. | 40 | 1665 |
| AZZ Inc. | 51 | 4839 |
| Boise Cascade Company | 64 | 5560 |
| Brady Corporation - Class A | 75 | 5088 |
| CoreCivic, Inc. (a) | 185 | 3901 |
| CSG Systems International, Inc. | 47 | 3083 |
| CSW Industrials, Inc. | 29 | 8180 |
| Deluxe Corporation | 77 | 1224 |
| DNOW Inc. (a) | 179 | 2660 |
| DXP Enterprises, Inc. (a) | 22 | 1937 |
| Dycom Industries, Inc. (a) | 49 | 12038 |
| Enerpac Tool Group Corp. - Class A | 91 | 3704 |
| Enpro Inc. | 36 | 6850 |
| Enviri Corporation (a) | 136 | 1180 |
| ESCO Technologies Inc. | 44 | 8443 |
| Everus Construction Group, Inc. (a) | 88 | 5563 |
| Federal Signal Corporation | 104 | 11105 |
| Forward Air Corporation (a) (b) | 35 | 853 |
| Franklin Electric Co., Inc. | 67 | 6040 |
| Gates Industrial Corporation PLC (a) | 392 | 9031 |
| GEO Group, Inc., The (a) | 238 | 5709 |
| Gibraltar Industries, Inc. (a) | 50 | 2956 |
| GMS Inc. (a) | 66 | 7144 |
| Granite Construction Incorporated (b) | 75 | 6999 |
| Greenbrier Companies, Inc., The | 53 | 2450 |
| Griffon Corporation | 67 | 4820 |
| Hayward Holdings, Inc. (a) | 243 | 3352 |
| Healthcare Services Group, Inc. (a) | 125 | 1872 |
| Heartland Express, Inc. | 78 | 673 |
| Heidrick & Struggles International, Inc. | 36 | 1651 |
| Hertz Global Holdings, Inc. (a) | 208 | 1419 |
| Hillenbrand, Inc. | 120 | 2404 |
| HNI Corporation | 79 | 3900 |
| Hub Group, Inc. - Class A | 104 | 3470 |
| Insteel Industries, Inc. | 33 | 1215 |
| Interface, Inc. - Class A | 101 | 2120 |
| JBT Marel Corporation | 79 | 9468 |
| JetBlue Airways Corporation (a) | 515 | 2179 |
| Kadant Inc. | 20 | 6383 |
| Kennametal Inc. | 131 | 3004 |
| Korn Ferry | 88 | 6424 |
| Kratos Defense & Security Solutions, Inc. (a) | 284 | 13179 |
| Lindsay Corporation | 19 | 2682 |
| Liquidity Services, Inc. (a) | 38 | 906 |
| Marten Transport, Ltd. | 100 | 1296 |
| Masterbrand, Inc. (a) | 214 | 2343 |
| Matson Intermodal - Paragon, Inc. | 56 | 6207 |
| Mercury Systems, Inc. (a) | 87 | 4702 |
| Millerknoll, Inc. | 115 | 2242 |
| MOOG Inc. - Class A | 48 | 8701 |
| Mueller Water Products, Inc. - Class A | 268 | 6453 |
| MYR Group Inc. (a) | 27 | 4813 |
| National Presto Industries, Inc. | 9 | 908 |
| NV5 Global, Inc. (a) | 89 | 2046 |
| Openlane, Inc. (a) | 184 | 4488 |
| Pitney Bowes Inc. | 273 | 2977 |
| Powell Industries, Inc. (b) | 16 | 3382 |
| Proto Labs, Inc. (a) | 40 | 1601 |
| Quanex Building Products Corporation | 80 | 1507 |
| Ralliant Corporation (a) | 194 | 9408 |
| Resideo Technologies, Inc. (a) | 253 | 5584 |
| Robert Half Inc. | 171 | 7017 |
| Rush Enterprises, Inc. - Class A | 104 | 5379 |
| RXO Inc (a) | 243 | 3819 |
| Schneider National, Inc. - Class B (b) | 81 | 1950 |
| SkyWest, Inc. (a) | 69 | 7114 |
| SPX Technologies, Inc. (a) | 79 | 13325 |
| Standex International Corporation | 20 | 3201 |
| Sterling Infrastructure, Inc. (a) | 52 | 12013 |
| Sun Country Airlines Holdings, Inc. (a) | 67 | 787 |
| Sunrun Inc. (a) (b) | 394 | 3226 |
| Tennant Company | 32 | 2443 |
| Titan International, Inc. (a) | 86 | 884 |
| Trinity Industries, Inc. | 138 | 3717 |
| Triumph Group, Inc. (a) | 132 | 3410 |
| Unifirst Corporation | 26 | 4865 |
| Verra Mobility Corporation - Class A (a) | 273 | 6929 |
| Vestis Corporation | 198 | 1135 |
| Vicor Corporation (a) | 40 | 1805 |
| Werner Enterprises, Inc. | 106 | 2889 |
| Willscot Holdings Corporation - Class A | 311 | 8531 |
| Worthington Industries, Inc. | 54 | 3406 |
| Zurn Elkay Water Solutions Corporation | 241 | 8797 |
|  |  | 447815 |
| **Financials 18.9%** | **Financials 18.9%** | **Financials 18.9%** |
| Ameris Bancorp | 109 | 7064 |
| Amerisafe, Inc. | 32 | 1399 |
| Apollo Commercial Real Estate Finance, Inc. | 221 | 2134 |
| Arbor Realty Trust, Inc. (b) | 329 | 3524 |
| Artisan Partners Asset Management Inc. - Class A | 120 | 5341 |
| Assured Guaranty Ltd. | 78 | 6822 |
| Atlantic Union Bank | 243 | 7600 |
| Axos Financial, Inc. (a) | 92 | 6963 |
| Banc of California, Inc. | 218 | 3059 |
| BancFirst Corporation | 34 | 4250 |
| Bancorp, Inc., The (a) | 79 | 4526 |
| Bank of Hawaii Corporation | 67 | 4527 |
| BankUnited, Inc. | 126 | 4500 |
| Banner Corporation | 59 | 3760 |
| Berkshire Hills Bancorp, Inc. | 78 | 1965 |
| BGC Group, Inc. - Class A | 644 | 6585 |
| Blackstone Mortgage Trust, Inc. - Class A | 287 | 5521 |
| Bread Financial Payments, Inc. | 79 | 4537 |
| Brightsphere Investment Group Inc. | 46 | 1633 |
| Brookline Bancorp, Inc. | 147 | 1552 |
| Capitol Federal Financial | 213 | 1299 |
| Cathay General Bancorp | 119 | 5440 |
| Central Pacific Financial Corp. | 46 | 1279 |
| City Holding Company (b) | 25 | 3089 |
| Cohen & Steers, Inc. | 46 | 3487 |
| Community Financial System, Inc. | 91 | 5161 |
| Customers Bancorp, Inc. (a) | 50 | 2908 |
| CVB Financial Corp. | 220 | 4361 |
| Dime Community Bancshares, Inc. | 69 | 1846 |
| Donnelley Financial Solutions, Inc. (a) | 44 | 2713 |
| Eagle Bancorp, Inc. | 52 | 1016 |
| Ellington Financial Inc. (b) | 158 | 2054 |
| Employers Holdings, Inc. | 41 | 1944 |
| Enact Holdings, Inc. | 49 | 1816 |
| Encore Capital Group, Inc. (a) | 40 | 1556 |
| Enova International, Inc. (a) | 43 | 4788 |
| EVERTEC, Inc. | 109 | 3941 |
| EZCORP, Inc. - Class A (a) | 90 | 1247 |
| FB Financial Corporation | 58 | 2613 |
| First Bancorp | 71 | 3114 |
| First Bancorp. | 273 | 5688 |
| First Commonwealth Financial Corporation | 177 | 2865 |
| First Financial Bancorp. | 162 | 3933 |
| First Hawaiian, Inc. | 213 | 5311 |
| Franklin BSP Realty Trust, Inc. | 145 | 1550 |
| Fulton Financial Corporation | 310 | 5588 |
| Genworth Financial, Inc. - Class A (a) | 707 | 5504 |

---

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page [607](#abbreviations).

**JNL Series Trust** (Unaudited)

**Schedules of Investments (in thousands)**

June 30, 2025

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| Goosehead Insurance, Inc. - Class A | 43 | 4545 |
| HA Sustainable Infrastructure Capital, Inc. (b) | 205 | 5511 |
| Hanmi Financial Corporation | 52 | 1287 |
| HCI Group, Inc. | 16 | 2395 |
| Heritage Financial Corporation | 58 | 1371 |
| Hilltop Holdings Inc. | 77 | 2335 |
| Hope Bancorp, Inc. | 212 | 2279 |
| Horace Mann Educators Corporation | 69 | 2964 |
| Independent Bank Corp. | 73 | 4603 |
| Jackson Financial Inc. - Class A (c) | 122 | 10844 |
| KKR Real Estate Finance Trust Inc. | 99 | 868 |
| Lakeland Financial Corporation | 43 | 2670 |
| Lincoln National Corporation | 292 | 10098 |
| Mercury General Corporation | 45 | 3054 |
| Moelis & Company - Class A | 126 | 7878 |
| Mr. Cooper Group Inc. (a) | 109 | 16280 |
| National Bank Holdings Corporation - Class A | 64 | 2412 |
| Navient Corporation | 125 | 1764 |
| NBT Bancorp Inc. | 89 | 3690 |
| NCR Atleos Corporation (a) | 124 | 3545 |
| New York Mortgage Trust, Inc. | 155 | 1036 |
| NMI Holdings, Inc. - Class A (a) | 133 | 5600 |
| Northwest Bancshares, Inc. | 217 | 2769 |
| OFG Bancorp (b) | 77 | 3277 |
| Pacific Premier Bancorp, Inc. | 165 | 3479 |
| Palomar Holdings, Inc. (a) | 46 | 7047 |
| Park National Corporation | 25 | 4168 |
| Pathward Financial, Inc. | 40 | 3172 |
| Payoneer Global Inc. (a) | 439 | 3008 |
| PennyMac Mortgage Investment Trust (b) | 151 | 1936 |
| Piper Sandler Companies | 28 | 7814 |
| PJT Partners Inc. - Class A | 42 | 6901 |
| PRA Group, Inc. (a) | 69 | 1016 |
| Preferred Bank | 20 | 1762 |
| ProAssurance Corporation (a) | 88 | 2015 |
| PROG Holdings, Inc. | 70 | 2051 |
| Provident Financial Services, Inc. | 224 | 3924 |
| Radian Group Inc. | 230 | 8302 |
| Ready Capital Corporation (b) | 294 | 1287 |
| Redwood Trust, Inc. | 234 | 1382 |
| Renasant Corporation | 158 | 5686 |
| S & T Bancorp, Inc. | 67 | 2531 |
| Safety Insurance Group, Inc. | 26 | 2049 |
| Seacoast Banking Corporation of Florida | 145 | 4002 |
| ServisFirst Bancshares, Inc. | 86 | 6651 |
| Simmons First National Corporation - Class A | 215 | 4071 |
| SiriusPoint Ltd. (a) | 159 | 3237 |
| Southside Bancshares, Inc. | 49 | 1456 |
| Stellar Bancorp, Inc. | 79 | 2208 |
| StepStone Group Inc. - Class A | 112 | 6193 |
| Stewart Information Services Corporation | 47 | 3089 |
| StoneX Group Inc. (a) | 75 | 6804 |
| Tompkins Financial Corporation | 21 | 1344 |
| Triumph Financial, Inc. (a) | 38 | 2096 |
| Trupanion, Inc. (a) (b) | 57 | 3178 |
| Trustco Bank Corp N Y | 33 | 1116 |
| Trustmark Corporation | 104 | 3801 |
| Two Harbors Investment Corp. (b) | 175 | 1880 |
| United Community Banks, Inc. | 207 | 6157 |
| United Fire Group, Inc. | 37 | 1069 |
| Veritex Holdings, Inc. | 92 | 2406 |
| Virtu Financial, Inc. - Class A | 138 | 6160 |
| Virtus Investment Partners, Inc. | 11 | 2043 |
| WAFD, Inc. | 137 | 4000 |
| Walker & Dunlop, Inc. | 55 | 3890 |
| Westamerica Bancorporation | 45 | 2193 |
| WisdomTree, Inc. (b) | 198 | 2283 |
| World Acceptance Corporation (a) | 5 | 891 |
| WSFS Financial Corporation | 97 | 5323 |
| | | 433519 |
| **Consumer Discretionary 13.0%** | **Consumer Discretionary 13.0%** | **Consumer Discretionary 13.0%** |
| Academy Sports & Outdoors, Inc. (b) | 114 | 5086 |
| Acushnet Holdings Corp. | 46 | 3323 |
| Adient Public Limited Company (a) | 143 | 2786 |
| Adtalem Global Education Inc. (a) | 61 | 7814 |
| Advance Auto Parts, Inc. (b) | 102 | 4726 |
| American Axle & Manufacturing Holdings, Inc. (a) | 207 | 844 |
| American Eagle Outfitters, Inc. | 266 | 2557 |
| Asbury Automotive Group, Inc. (a) | 34 | 8023 |
| BJ's Restaurants, Inc. (a) | 37 | 1654 |
| Bloomin' Brands, Inc. | 127 | 1096 |
| Boot Barn Holdings, Inc. (a) | 52 | 7951 |
| BorgWarner Inc. | 377 | 12621 |
| Brinker International, Inc. (a) | 76 | 13651 |
| Caleres, Inc. (b) | 59 | 722 |
| Carter's, Inc. | 61 | 1832 |
| Cavco Industries, Inc. (a) | 14 | 5944 |
| Century Communities, Inc. | 46 | 2611 |
| Cheesecake Factory Incorporated, The (b) | 77 | 4852 |
| Cracker Barrel Old Country Store, Inc. (b) | 38 | 2341 |
| Dana Incorporated | 221 | 3789 |
| Dave & Buster's Entertainment, Inc. (a) (b) | 48 | 1450 |
| Dorman Products, Inc. (a) | 46 | 5683 |
| Dream Finders Homes, Inc. - Class A (a) (b) | 48 | 1211 |
| Ethan Allen Interiors Inc. | 39 | 1081 |
| ETSY, Inc. (a) | 178 | 8944 |
| Foot Locker, Inc. (a) | 143 | 3510 |
| Fox Factory Holding Corp. (a) | 70 | 1823 |
| Frontdoor, Inc. (a) | 126 | 7402 |
| Gentherm Incorporated (a) | 52 | 1474 |
| G-III Apparel Group, Ltd. (a) | 67 | 1493 |
| Golden Entertainment, Inc. | 33 | 981 |
| Green Brick Partners, Inc. (a) | 52 | 3251 |
| Group 1 Automotive, Inc. | 22 | 9466 |
| Guess ?, Inc. (b) | 47 | 573 |
| Hanesbrands Inc. (a) | 603 | 2760 |
| Helen of Troy Limited (a) (b) | 40 | 1141 |
| Installed Building Products, Inc. | 39 | 7024 |
| Jack in the Box Inc. (b) | 34 | 587 |
| Kohl's Corporation (b) | 190 | 1611 |
| Kontoor Brands, Inc. | 85 | 5637 |
| La-Z-Boy Incorporated | 71 | 2635 |
| LCI Industries | 43 | 3899 |
| Leggett & Platt, Incorporated | 229 | 2041 |
| LGI Homes, Inc. (a) | 36 | 1846 |
| M/I Homes, Inc. (a) | 45 | 5085 |
| MarineMax, Inc. (a) | 33 | 823 |
| Matthews International Corporation - Class A (b) | 53 | 1262 |
| Meritage Homes Corporation | 122 | 8184 |
| Mister Car Wash, Inc. (a) | 164 | 984 |
| Monarch Casino & Resort, Inc. | 22 | 1875 |
| Monro, Inc. | 51 | 762 |
| National Vision Holdings, Inc. (a) | 134 | 3091 |
| Newell Brands Inc. | 715 | 3861 |
| Oxford Industries, Inc. (b) | 23 | 932 |
| Papa John's International, Inc. | 57 | 2767 |
| Patrick Industries, Inc. | 57 | 5255 |
| PENN Entertainment, Inc. (a) | 248 | 4423 |
| Perdoceo Education Corporation | 105 | 3437 |
| Phinia Inc. | 68 | 3011 |
| Pursuit Attractions And Hospitality, Inc. (a) | 37 | 1065 |
| Sabre Corporation (a) | 673 | 2127 |
| Sally Beauty Holdings, Inc. (a) | 170 | 1575 |
| Shake Shack, Inc. - Class A (a) | 69 | 9631 |
| Shoe Carnival, Inc. | 32 | 592 |
| Signet Jewelers Limited | 73 | 5810 |
| Six Flags Entertainment Corporation (a) (b) | 161 | 4900 |
| Skyline Champion Corporation (a) | 90 | 5641 |
| Sonic Automotive, Inc. - Class A | 25 | 1983 |
| Sonos, Inc. (a) | 202 | 2188 |
| Standard Motor Products, Inc. | 36 | 1096 |
| Steven Madden, Ltd. | 123 | 2947 |
| Strategic Education, Inc. | 41 | 3477 |
| Stride, Inc. (a) | 73 | 10670 |
| Sturm, Ruger & Company, Inc. | 28 | 1021 |
| The Buckle, Inc. | 51 | 2305 |
| Topgolf Callaway Brands Corp. (a) | 238 | 1917 |
| TRI Pointe Homes Holdings, Inc. (a) | 153 | 4888 |
| Upbound Group, Inc. | 86 | 2169 |

---

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page [607](#abbreviations).

**JNL Series Trust** (Unaudited)

**Schedules of Investments (in thousands)**

June 30, 2025

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| Urban Outfitters, Inc. (a) | 97 | 7033 |
| Victoria's Secret & Co. (a) | 138 | 2555 |
| Winnebago Industries, Inc. | 47 | 1377 |
| Wolverine World Wide, Inc. | 138 | 2489 |
| XPEL, Inc. (a) | 38 | 1370 |
| | | 298324 |
| **Information Technology 12.5%** | **Information Technology 12.5%** | **Information Technology 12.5%** |
| A10 Networks, Inc. | 125 | 2425 |
| ACI Worldwide, Inc. (a) | 180 | 8246 |
| Adeia Inc. | 184 | 2604 |
| Advanced Energy Industries, Inc. | 64 | 8487 |
| Agilysys, Inc. (a) | 38 | 4402 |
| Alarm.Com Holdings, Inc. (a) | 85 | 4809 |
| Alpha and Omega Semiconductor Limited (a) | 41 | 1064 |
| Arlo Technologies, Inc. (a) | 178 | 3015 |
| Axcelis Technologies, Inc. (a) | 56 | 3868 |
| Badger Meter, Inc. | 50 | 12298 |
| Benchmark Electronics, Inc. | 63 | 2435 |
| Blackline, Inc. (a) (b) | 88 | 4976 |
| Box, Inc. - Class A (a) | 247 | 8429 |
| Calix, Inc. (a) | 98 | 5222 |
| CEVA Inc. (a) | 42 | 914 |
| Cleanspark Inc. (a) (b) | 478 | 5269 |
| Clear Secure, Inc. - Class A | 158 | 4381 |
| Cohu, Inc. (a) | 79 | 1515 |
| Corsair Gaming, Inc. (a) | 77 | 725 |
| CTS Corporation | 50 | 2111 |
| Digi International Inc. (a) | 63 | 2197 |
| DigitalOcean Holdings, Inc. (a) | 107 | 3044 |
| Diodes Incorporated (a) | 78 | 4135 |
| DXC Technology Company (a) | 307 | 4694 |
| ePlus inc. (a) | 45 | 3250 |
| Extreme Networks, Inc. (a) | 228 | 4085 |
| Formfactor, Inc. (a) | 130 | 4490 |
| Grid Dynamics Holdings, Inc. - Class A (a) | 107 | 1240 |
| Harmonic, Inc. (a) | 192 | 1814 |
| Ichor Holdings, Ltd. (a) | 60 | 1170 |
| Impinj, Inc. (a) | 40 | 4430 |
| Insight Enterprises, Inc. (a) | 47 | 6457 |
| InterDigital, Inc. (b) | 44 | 9918 |
| Itron, Inc. (a) | 78 | 10230 |
| Knowles Corporation (a) | 148 | 2614 |
| Kulicke and Soffa Industries, Inc. | 91 | 3139 |
| LiveRamp Holdings, Inc. (a) | 112 | 3716 |
| Mara Holdings, Inc. (a) (b) | 602 | 9438 |
| MaxLinear, Inc. (a) | 133 | 1894 |
| N-Able, Inc. (a) | 120 | 975 |
| NCR Voyix Corporation (a) | 232 | 2727 |
| NetScout Systems, Inc. (a) | 121 | 3008 |
| OSI Systems, Inc. (a) | 27 | 5979 |
| PC Connection, Inc. | 21 | 1397 |
| PDF Solutions, Inc. (a) | 53 | 1139 |
| Penguin Solutions, Inc. (a) (b) | 89 | 1762 |
| Photronics, Inc. (a) | 108 | 2040 |
| Plexus Corp. (a) | 46 | 6237 |
| Progress Software Corporation | 74 | 4692 |
| Qorvo, Inc. (a) | 160 | 13548 |
| Rogers Corporation (a) | 28 | 1910 |
| SanDisk LLC (a) | 230 | 10436 |
| Sanmina Corporation (a) | 91 | 8916 |
| ScanSource, Inc. (a) | 37 | 1530 |
| Semtech Corporation (a) | 148 | 6664 |
| Sitime Corporation (a) | 36 | 7582 |
| SolarEdge Technologies Ltd. (a) (b) | 101 | 2068 |
| Sprinklr, Inc. - Class A (a) | 192 | 1625 |
| SPS Commerce, Inc. (a) | 65 | 8786 |
| Teradata Corporation (a) | 163 | 3631 |
| TTM Technologies, Inc. (a) | 173 | 7067 |
| Ultra Clean Holdings, Inc. (a) | 78 | 1758 |
| Veeco Instruments Inc. (a) | 101 | 2059 |
| ViaSat, Inc. (a) | 147 | 2150 |
| Viavi Solutions Inc. (a) | 382 | 3851 |
| Vishay Intertechnology, Inc. | 192 | 3046 |
| Xerox Holdings Corporation (b) | 205 | 1081 |
|  |  | 286814 |
| **Health Care 10.4%** | **Health Care 10.4%** | **Health Care 10.4%** |
| ACADIA Pharmaceuticals Inc. (a) | 212 | 4570 |
| AdaptHealth LLC - Class A (a) | 181 | 1707 |
| Addus HomeCare Corporation (a) | 31 | 3542 |
| ADMA Biologics, Inc. (a) | 407 | 7413 |
| Alkermes Public Limited Company (a) | 281 | 8026 |
| AMN Healthcare Services, Inc. (a) | 66 | 1362 |
| Amphastar Pharmaceuticals, Inc. (a) | 62 | 1420 |
| ANI Pharmaceuticals, Inc. (a) | 29 | 1909 |
| Arcus Biosciences, Inc. (a) | 115 | 936 |
| Arrowhead Pharmaceuticals Inc (a) | 215 | 3404 |
| Artivion, Inc. (a) | 65 | 2007 |
| Astrana Health, Inc. (a) | 71 | 1778 |
| Avanos Medical, Inc. (a) | 78 | 959 |
| Azenta, Inc. (a) | 77 | 2369 |
| BioLife Solutions, Inc. (a) | 63 | 1357 |
| Catalyst Pharmaceuticals, Inc. (a) | 197 | 4272 |
| Certara, Inc. (a) | 192 | 2246 |
| Collegium Pharmaceutical, Inc. (a) | 55 | 1638 |
| Concentra Group Holdings Parent, Inc. | 186 | 3829 |
| CONMED Corporation | 52 | 2717 |
| Corcept Therapeutics Incorporated (a) | 161 | 11810 |
| CorVel Corporation (a) | 46 | 4755 |
| Cytek Biosciences, Inc. (a) | 177 | 603 |
| Dynavax Technologies Corporation (a) | 188 | 1863 |
| Embecta Corp. | 102 | 991 |
| Enovis Corporation (a) | 96 | 3003 |
| Fortrea Holdings Inc. (a) | 159 | 786 |
| Glaukos Corporation (a) | 98 | 10075 |
| Harmony Biosciences Holdings, Inc. (a) | 66 | 2082 |
| Healthstream, Inc. | 40 | 1116 |
| ICU Medical, Inc. (a) | 42 | 5526 |
| Innoviva, Inc. (a) | 93 | 1861 |
| Inspire Medical Systems, Inc. (a) | 50 | 6533 |
| Integer Holdings Corporation (a) | 59 | 7290 |
| Integra LifeSciences Holdings Corporation (a) | 115 | 1416 |
| Krystal Biotech, Inc. (a) | 43 | 5954 |
| LeMaitre Vascular, Inc. | 35 | 2908 |
| Ligand Pharmaceuticals Incorporated (a) | 33 | 3743 |
| Merit Medical Systems, Inc. (a) | 100 | 9378 |
| Mesa Laboratories, Inc. | 10 | 912 |
| Myriad Genetics, Inc. (a) | 160 | 848 |
| National HealthCare Corporation | 22 | 2312 |
| Neogen Corporation (a) | 342 | 1637 |
| Neogenomics, Inc. (a) | 225 | 1641 |
| OmniAb, Inc. (a) (d) | 16 |  |
| OmniAb, Inc. (a) (d) | 16 |  |
| Omnicell, Inc. (a) | 81 | 2380 |
| Organon & Co. | 444 | 4298 |
| Owens & Minor, Inc. (a) | 130 | 1184 |
| Pacira Pharmaceuticals, Inc. (a) | 80 | 1905 |
| Pediatrix Medical Group, Inc. (a) | 143 | 2048 |
| Phibro Animal Health Corporation - Class A | 34 | 868 |
| Premier Healthcare Solutions, Inc. - Class A | 142 | 3121 |
| Prestige Consumer Healthcare Inc. (a) | 84 | 6712 |
| Privia Health Group Inc. (a) | 177 | 4076 |
| Progyny, Inc. (a) | 126 | 2779 |
| Protagonist Therapeutics, Inc. (a) | 107 | 5891 |
| QuidelOrtho Corporation (a) | 112 | 3240 |
| RadNet, Inc. (a) | 112 | 6388 |
| Schrodinger, Inc. (a) (b) | 97 | 1951 |
| Select Medical Holdings Corporation | 178 | 2695 |
| Simulations Plus, Inc. | 29 | 510 |
| STAAR Surgical Company (a) (b) | 85 | 1431 |
| Supernus Pharmaceuticals, Inc. (a) | 96 | 3019 |
| Tandem Diabetes Care, Inc. (a) | 113 | 2112 |
| Teleflex Incorporated | 75 | 8922 |
| TG Therapeutics, Inc. (a) | 232 | 8342 |
| TransMedics Group, Inc. (a) | 58 | 7746 |
| U. S. Physical Therapy, Inc. | 26 | 2054 |
| UFP Technologies, Inc. (a) (b) | 12 | 3049 |
| Vericel Corporation (a) | 87 | 3686 |

---

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page [607](#abbreviations).

**JNL Series Trust** (Unaudited)

**Schedules of Investments (in thousands)**

June 30, 2025

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| VIR Biotechnology, Inc. (a) | 165 | 833 |
| Xencor, Inc. (a) | 120 | 942 |
| | | 238686 |
| **Real Estate 7.7%** | **Real Estate 7.7%** | **Real Estate 7.7%** |
| Acadia Realty Trust | 222 | 4120 |
| Alexander & Baldwin, Inc. | 122 | 2182 |
| American Assets Trust, Inc. | 80 | 1580 |
| Apple Hospitality REIT, Inc. | 376 | 4387 |
| Armada Hoffler Properties, Inc. | 134 | 919 |
| ARMOUR Residential REIT, Inc. (b) | 135 | 2276 |
| Brandywine Realty Trust | 303 | 1302 |
| Caretrust REIT, Inc. | 327 | 9996 |
| Centerspace | 28 | 1689 |
| Curbline Properties Corp. | 163 | 3717 |
| Cushman & Wakefield PLC (a) | 393 | 4354 |
| DiamondRock Alpharetta Tenant, LLC | 353 | 2705 |
| Douglas Emmett, Inc. | 282 | 4245 |
| Easterly Government Properties, Inc. | 72 | 1605 |
| ELME Communities | 151 | 2405 |
| Essential Properties Realty Trust, Inc. | 335 | 10702 |
| eXp World Holdings, Inc. | 149 | 1355 |
| Four Corners Property Trust, Inc. | 171 | 4614 |
| Getty Realty Corp. | 88 | 2424 |
| Global Net Lease, Inc. | 327 | 2465 |
| Highwoods Properties, Inc. | 185 | 5746 |
| Innovative Industrial Properties, Inc. | 48 | 2666 |
| JBG Smith Properties (b) | 125 | 2154 |
| Kennedy-Wilson Holdings, Inc. | 206 | 1398 |
| LTC Properties, Inc. | 79 | 2733 |
| LXP Industrial Trust | 500 | 4131 |
| Macerich Company, The | 431 | 6967 |
| Marcus & Millichap Company | 42 | 1288 |
| Medical Properties Trust, Inc. (b) | 1035 | 4461 |
| Millrose Properties, Inc. - Class A | 204 | 5823 |
| NexPoint Residential Trust, Inc. | 37 | 1249 |
| OUTFRONT Media Inc. (b) | 238 | 3887 |
| Pebblebrook Hotel Trust | 198 | 1982 |
| Phillips Edison & Company, Inc. | 213 | 7471 |
| Ryman Hospitality Properties, Inc. | 102 | 10050 |
| Safehold Inc. | 80 | 1240 |
| Saul Centers, Inc. | 22 | 737 |
| SITE Centers Corp. (a) | 80 | 908 |
| SL Green Realty Corp. | 121 | 7499 |
| St. Joe Company, The | 64 | 3061 |
| Summit Hotel Properties, Inc. (b) | 190 | 966 |
| Sunstone Hotel Investors, Inc. | 338 | 2934 |
| Tanger Inc. | 192 | 5862 |
| Terreno Realty Corporation | 176 | 9878 |
| Uniti Group Inc. (a) | 427 | 1843 |
| Universal Health Realty Income Trust | 22 | 895 |
| Urban Edge Properties | 214 | 3997 |
| Veris Residential, Inc. | 138 | 2057 |
| Whitestone REIT | 80 | 995 |
| Xenia Hotels & Resorts, Inc. | 167 | 2102 |
|  |  | 176022 |
| **Materials 4.9%** | **Materials 4.9%** | **Materials 4.9%** |
| AdvanSix Inc. | 45 | 1074 |
| Alpha Metallurgical Resources, Inc. (a) | 19 | 2127 |
| Balchem Corporation | 56 | 8872 |
| Celanese Corporation - Class A | 187 | 10355 |
| Century Aluminum Company (a) | 89 | 1596 |
| Chemours Company, The | 253 | 2895 |
| Element Solutions Inc. | 382 | 8653 |
| FMC Corporation | 214 | 8918 |
| H.B. Fuller Company | 92 | 5533 |
| Hawkins, Inc. | 32 | 4578 |
| Ingevity Corporation (a) | 62 | 2673 |
| Innospec Inc. | 43 | 3606 |
| Kaiser Aluminum Corporation | 27 | 2178 |
| Koppers Holdings Inc. | 35 | 1139 |
| Materion Corporation | 36 | 2870 |
| Metallus Inc. (a) | 62 | 955 |
| Minerals Technologies Inc. | 54 | 2998 |
| MP Materials Corp. - Class A (a) (b) | 207 | 6887 |
| O-I Glass, Inc. (a) | 263 | 3882 |
| Quaker Chemical Corporation | 23 | 2626 |
| Sealed Air Corporation | 251 | 7777 |
| Sensient Technologies Corporation | 72 | 7122 |
| Stepan Company | 35 | 1922 |
| SunCoke Energy, Inc. | 142 | 1217 |
| Sylvamo Corporation | 58 | 2917 |
| Warrior Met Coal, Inc. | 90 | 4131 |
| Worthington Steel, Inc. | 61 | 1821 |
|  |  | 111322 |
| **Energy 3.9%** | **Energy 3.9%** | **Energy 3.9%** |
| Archrock, Inc. | 301 | 7475 |
| Atlas Energy Solutions Inc. (b) | 124 | 1664 |
| Bristow Holdings U.S. Inc. (a) | 43 | 1414 |
| Cactus, Inc. - Class A | 116 | 5065 |
| California Resources Corporation | 119 | 5427 |
| Comstock Resources, Inc. (a) | 155 | 4277 |
| Core Laboratories LP | 83 | 956 |
| Core Natural Resources, Inc. | 85 | 5946 |
| Crescent Energy Company - Class A | 315 | 2712 |
| CVR Energy, Inc. | 58 | 1551 |
| Dorian LPG Ltd. | 61 | 1485 |
| Helix Energy Solutions Group, Inc. (a) | 241 | 1504 |
| Helmerich & Payne, Inc. | 169 | 2565 |
| Innovex International, Inc. (a) | 68 | 1066 |
| International Seaways, Inc. | 69 | 2529 |
| Liberty Energy Inc. - Class A | 277 | 3181 |
| Magnolia Oil & Gas Corporation - Class A | 319 | 7170 |
| Northern Oil and Gas Incorporated | 168 | 4754 |
| Oceaneering International, Inc. (a) | 172 | 3555 |
| Par Pacific Holdings, Inc. (a) | 87 | 2313 |
| Patterson-UTI Energy, Inc. (b) | 604 | 3584 |
| Peabody Energy Corporation | 207 | 2779 |
| Propetro Holding Corp. (a) | 134 | 800 |
| REX American Resources Corporation (a) | 25 | 1215 |
| RPC, Inc. | 146 | 691 |
| SM Energy Company | 195 | 4806 |
| Talos Energy Inc. (a) | 212 | 1794 |
| Tidewater Inc. (a) | 77 | 3563 |
| Vital Energy, Inc. (a) | 46 | 733 |
| World Kinect Corporation (b) | 98 | 2765 |
|  |  | 89339 |
| **Communication Services 3.0%** | **Communication Services 3.0%** | **Communication Services 3.0%** |
| Angi Inc. - Class A (a) | 72 | 1099 |
| Cable One, Inc. (b) | 8 | 1082 |
| CarGurus, Inc. - Class A (a) | 144 | 4814 |
| Cars.com Inc. (a) | 102 | 1210 |
| Cinemark Holdings, Inc. (b) | 172 | 5185 |
| Cogent Communications Holdings, Inc. | 73 | 3506 |
| DoubleVerify Holdings, Inc. (a) | 230 | 3436 |
| Gogo, Inc. (a) | 103 | 1519 |
| IAC Inc. (a) | 111 | 4127 |
| John Wiley & Sons, Inc. - Class A | 70 | 3116 |
| Lumen Technologies, Inc. (a) | 1751 | 7668 |
| QuinStreet, Inc. (a) | 97 | 1558 |
| Scholastic Corporation | 42 | 882 |
| Shenandoah Telecommunications Company | 78 | 1064 |
| Shutterstock, Inc. | 41 | 769 |
| Sphere Entertainment Co. - Class A (a) | 29 | 5962 |
| TechTarget, Inc. (a) | 50 | 388 |
| TEGNA Inc. | 273 | 4571 |
| Telephone and Data Systems, Inc. | 168 | 5960 |
| Thryv Holdings, Inc. (a) | 69 | 835 |
| TripAdvisor, Inc. (a) | 203 | 2645 |
| Yelp Inc. (a) | 108 | 3700 |
| Ziff Davis, Inc. (a) | 73 | 2199 |
|  |  | 67295 |
| **Consumer Staples 2.9%** | **Consumer Staples 2.9%** | **Consumer Staples 2.9%** |
| Andersons, Inc., The | 55 | 2021 |
| B&G Foods, Inc. (b) | 140 | 594 |
| Cal-Maine Foods, Inc. | 74 | 7322 |
| Central Garden & Pet Company (a) | 15 | 522 |
| Central Garden & Pet Company - Class A (a) | 83 | 2607 |
| Del Monte Fresh Produce Company | 57 | 1852 |

---

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page [607](#abbreviations).

**JNL Series Trust** (Unaudited)

**Schedules of Investments (in thousands)**

June 30, 2025

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| Edgewell Personal Care Colombia S A S | 81 | 1902 |
| Energizer Holdings, Inc. | 111 | 2246 |
| Freshpet, Inc. (a) | 84 | 5680 |
| Grocery Outlet Holding Corp. (a) | 165 | 2050 |
| Interparfums, Inc. | 31 | 4043 |
| J&J Snack Foods Corp. | 27 | 3020 |
| John B. Sanfilippo & Son, Inc. | 16 | 1028 |
| MGPI Processing, Inc. | 24 | 721 |
| National Beverage Corp. | 40 | 1720 |
| PriceSmart, Inc. | 43 | 4473 |
| Simply Good Foods Company, The (a) | 156 | 4917 |
| Spartannash Company | 57 | 1516 |
| The Chefs' Warehouse, Inc. (a) | 61 | 3876 |
| Tootsie Roll Industries, Inc. | 28 | 949 |
| Treehouse Foods, Inc. (a) | 79 | 1532 |
| United Natural Foods, Inc. (a) | 104 | 2421 |
| Universal Corporation | 43 | 2498 |
| USANA Health Sciences, Inc. (a) | 17 | 532 |
| WD-40 Company | 23 | 5258 |
| WK Kellogg Co (b) | 116 | 1842 |
| | | 67142 |
| **Utilities 2.3%** | **Utilities 2.3%** | **Utilities 2.3%** |
| American States Water Company | 66 | 5078 |
| Avista Corporation | 138 | 5219 |
| California Water Service Group | 101 | 4579 |
| Chesapeake Utilities Corporation | 40 | 4783 |
| Clearway Energy, Inc. - Class A | 59 | 1796 |
| Clearway Energy, Inc. - Class C | 143 | 4560 |
| H2O America | 52 | 2722 |
| MDU Resources Group, Inc. | 351 | 5857 |
| MGE Energy, Inc. | 62 | 5521 |
| Middlesex Water Company | 31 | 1667 |
| Northwest Natural Holding Company | 68 | 2717 |
| Otter Tail Corporation (b) | 71 | 5472 |
| Unitil Corporation | 28 | 1480 |
|  |  | 51451 |
| Total Common Stocks (cost $2,251,997) | Total Common Stocks (cost $2,251,997) | 2267729 |
| **INVESTMENT COMPANIES 0.4%** | **INVESTMENT COMPANIES 0.4%** | **INVESTMENT COMPANIES 0.4%** |
| iShares Core S&P Small Cap ETF | 92 | 10051 |
| Total Investment Companies (cost $10,061) | Total Investment Companies (cost $10,061) | 10051 |
| **SHORT TERM INVESTMENTS 1.8%** | **SHORT TERM INVESTMENTS 1.8%** | **SHORT TERM INVESTMENTS 1.8%** |
| **Securities Lending Collateral 1.5%** | **Securities Lending Collateral 1.5%** | **Securities Lending Collateral 1.5%** |
| JNL Government Money Market Fund - Class SL, 4.30% (c) (e) | 33107 | 33107 |
| **Investment Companies 0.3%** | **Investment Companies 0.3%** | **Investment Companies 0.3%** |
| JNL Government Money Market Fund - Class I, 4.20% (c) (e) | 7912 | 7912 |
| Total Short Term Investments (cost $41,019) | Total Short Term Investments (cost $41,019) | 41019 |
| **Total Investments 101.3% (cost $2,303,077)** | **Total Investments 101.3% (cost $2,303,077)** | **2318799** |
| **Other Derivative Instruments 0.0%** | **Other Derivative Instruments 0.0%** | **15** |
| **Other Assets and Liabilities, Net (1.3)%** | **Other Assets and Liabilities, Net (1.3)%** | **(29419)** |
| **Total Net Assets 100.0%** | **Total Net Assets 100.0%** | **2289395** |

---

(a) Non-income producing security.

(b) All or a portion of the security was on loan as of June 30, 2025.

(c) Investment in affiliate.

(d) Security fair valued in good faith as a Level 3 security in accordance with the procedures approved by the Board of Trustees. Good faith fair valued securities are classified based on the applicable valuation inputs. See "Fair Value Measurement" in the Notes to Financial Statements.

(e) Yield changes daily to reflect current market conditions. Rate was the quoted yield as of June 30, 2025.

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **JNL Small Cap Index Fund — Investments in Affiliates** | **JNL Small Cap Index Fund — Investments in Affiliates** | **JNL Small Cap Index Fund — Investments in Affiliates** | **JNL Small Cap Index Fund — Investments in Affiliates** | **JNL Small Cap Index Fund — Investments in Affiliates** | **JNL Small Cap Index Fund — Investments in Affiliates** | **JNL Small Cap Index Fund — Investments in Affiliates** | **JNL Small Cap Index Fund — Investments in Affiliates** | **JNL Small Cap Index Fund — Investments in Affiliates** |
| **Affiliated Investment** | **Value Beginning of Period($)** | **Purchases($)** | **Sales Proceeds($)** | **Dividend Income/ Distributions from Funds($)** | **Realized Gain (Loss)($)** | **Change in Unrealized Appreciation (Depreciation) ($)** | **Value End of Period($)** | **Percentage of Net Assets(%)** |
| Jackson Financial Inc. - Class A | 12006 |  | 1361 | 208 | 769 | (570) | 10844 | 0.5 |
| JNL Government Money Market Fund, 4.30% - Class SL | 37184 | 161817 | 165894 | 684 |  |  | 33107 | 1.5 |
| JNL Government Money Market Fund, 4.20% - Class I | 9925 | 88479 | 90492 | 161 |  |  | 7912 | 0.3 |
|  | 59115 | 250296 | 257747 | 1053 | 769 | (570) | 51863 | 2.3 |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **JNL Small Cap Index Fund — Futures Contracts** | **JNL Small Cap Index Fund — Futures Contracts** | **JNL Small Cap Index Fund — Futures Contracts** | **JNL Small Cap Index Fund — Futures Contracts** | **JNL Small Cap Index Fund — Futures Contracts** | **JNL Small Cap Index Fund — Futures Contracts** |
| **Reference Entity** | **Contracts<sup>1</sup>** | **Expiration** | **Notional<sup>1</sup>** | **Variation**<br> **Margin**<br> **Receivable**<br> (Payable) ($) | **Value/**<br> **Unrealized**<br> **Appreciation**<br> (Depreciation) ($) |
| **Long Contracts** | **Long Contracts** | **Long Contracts** | **Long Contracts** | **Long Contracts** | **Long Contracts** |
| Russell 2000 Index | 104 | September 2025 | 11017 | 15 | 380 |

---

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page [607](#abbreviations).

**JNL Series Trust** (Unaudited)

**Schedules of Investments (in thousands)**

June 30, 2025

**Fair Value Hierarchy.** Various inputs are used in determining the fair value of financial instruments. For a description of the input levels and information about the Fund's policy regarding valuation of financial instruments, see Note 3 in the Notes to Financial Statements. The following table summarizes the Fund's investments categorized in the disclosure hierarchy as of June 30, 2025.

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **<u>. Level 1 ($) .</u>** | **<u>. Level 2 ($) .</u>** | **<u>. Level 3 ($) .</u>** | **<u>. Total ($) .</u>** |
| **JNL Small Cap Index Fund** | **JNL Small Cap Index Fund** | **JNL Small Cap Index Fund** | **JNL Small Cap Index Fund** | **JNL Small Cap Index Fund** |
| **Assets - Securities** |  |  |  |  |
| &nbsp;&nbsp; Common Stocks | 2267729 |  |  | 2267729 |
| &nbsp;&nbsp; Investment Companies | 10051 |  |  | 10051 |
| &nbsp;&nbsp; Short Term Investments | 41019 |  |  | 41019 |
|  | 2318799 |  |  | 2318799 |
| **Assets - Investments in Other Financial Instruments<sup>1</sup>** |  |  |  |  |
| &nbsp;&nbsp; Futures Contracts | 380 |  |  | 380 |
|  | 380 |  |  | 380 |

---

<sup>1</sup> All derivatives, except for purchased and written options, are reflected at the unrealized appreciation (depreciation) on the instrument. Purchased and written options are reflected at value.

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page [607](#abbreviations).

**JNL Series Trust** (Unaudited)

**Schedules of Investments (in thousands)**

June 30, 2025

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| **JNL Multi-Manager Alternative Fund** | **JNL Multi-Manager Alternative Fund** | **JNL Multi-Manager Alternative Fund** |
| **COMMON STOCKS 45.4%** | **COMMON STOCKS 45.4%** | **COMMON STOCKS 45.4%** |
| **Communication Services 11.0%** | **Communication Services 11.0%** | **Communication Services 11.0%** |
| Alphabet Inc. - Class A (a) | 87 | 15324 |
| Alphabet Inc. - Class C | 28 | 4879 |
| Comcast Corporation - Class A (a) | 61 | 2172 |
| EchoStar Corporation - Class A (b) | 11 | 312 |
| Endeavor Group Holdings, Inc. - Class A (c) (d) | 288 | 7932 |
| Former Charter Communications Parent, Inc. - Class A (b) | 3 | 1381 |
| Frontier Communications Parent, Inc. (b) | 130 | 4723 |
| Liberty Broadband Corporation - Series A (b) | 38 | 3723 |
| Meta Platforms, Inc. - Class A (a) | 43 | 31297 |
| Netflix, Inc. (a) (b) | 15 | 19705 |
| NEXON Co., Ltd. | 26 | 530 |
| Nintendo Co., Ltd. | 13 | 1207 |
| Oi S.A. - Em Recuperacao Judicial - ADR (e) | 9 | 1 |
| The Interpublic Group of Companies, Inc. | 114 | 2785 |
| Trade Desk, Inc., The - Class A (b) | 53 | 3847 |
|  |  | 99818 |
| **Financials 10.5%** | **Financials 10.5%** | **Financials 10.5%** |
| A SPAC III Acquisition Corp. - Class A (b) | 10 | 104 |
| Adyen N.V. (b) (f) | 4 | 7841 |
| Agriculture & Natural Solutions Acquisition Corp. - Class A (b) | 109 | 1187 |
| AI Transportation Acquisition Corp. (b) (e) | 14 | 158 |
| Aldel Financial II Inc. - Class A (b) | 59 | 620 |
| AmpliTech Group, Inc. - Class A (b) | 8 | 90 |
| Andretti Acquisition Corp. II - Class A (b) | 54 | 557 |
| AON Public Limited Company - Class A | 4 | 1545 |
| Archimedes Tech Spac Partners II Co. (b) | 32 | 324 |
| Ares Acquisition Corp II - Class A (b) | 57 | 646 |
| Armada Acquisition Corp. II (b) | 41 | 413 |
| Armada Acquisition Corp. II - Class A (b) | 11 | 115 |
| Artius II Acquisition Inc. - Class A (b) | 52 | 526 |
| Axiom Intelligence Acquisition Corp 1 (b) | 8 | 81 |
| Berto Acquisition Corp. (b) | 3 | 37 |
| BEST SPAC I Acquisition Corp. (b) | 2 | 23 |
| Bleichroeder Acquisition Corp. I - Class A (b) | 73 | 751 |
| Block, Inc. - Class A (a) (b) | 37 | 2503 |
| Blue Acquisition Corp (b) | 9 | 92 |
| Blue Water Acquisition Corp. III (b) | 23 | 229 |
| Brookline Bancorp, Inc. | 25 | 268 |
| Cal Redwood Acquisition Corp. (b) | 7 | 70 |
| Cantaloupe, Inc. (b) | 68 | 744 |
| Cantor Equity Partners III, Inc. - Class A (b) | 2 | 24 |
| Cartesian Growth Corp III (b) | 36 | 365 |
| Cartesian Growth Corp III - Class A (b) | 11 | 115 |
| Cartesian Growth Corporation II - Class A (b) | 30 | 360 |
| Cayson Acquisition Corp. (b) | 16 | 163 |
| Centurion Acquisition Corp. - Class A (b) | 17 | 176 |
| ChampionsGate Acquisition Corp. (b) | 3 | 28 |
| Charlton Aria Acquisition Corp. - Class A (b) | 10 | 106 |
| Chenghe Acquisition II Co. - Class A (b) | 5 | 47 |
| Churchill Capital Corp IX (b) | 4 | 38 |
| Churchill Capital Corp X/Cayman (b) | 9 | 94 |
| CI Financial Corp. | 119 | 2768 |
| Citigroup Inc. | 30 | 2555 |
| Columbus Circle Capital Corp. I (b) | 1 | 7 |
| Copley Acquisition Corp. (b) | 38 | 387 |
| Copley Acquisition Corp. (b) | 5 | 50 |
| Crane Harbor Acquisition Corp. (b) | 54 | 554 |
| Drugs Made In America Acquisition Corp. (b) | 25 | 256 |
| DT Cloud Star Acquisition Corporation (b) | 13 | 134 |
| Dune Acquisition Corp. II (b) | 32 | 329 |
| Dynamix Corporation - Class A (b) | 14 | 142 |
| EGH Acquisition Corp. (b) | 3 | 35 |
| Eureka Acquisition Corp. - Class A (b) | 14 | 146 |
| FACT II Acquisition Corp. - Class A (b) | 54 | 562 |
| FG Merger II Corp. (b) | 16 | 154 |
| FIGX Capital Acquisition Corp. (b) | 4 | 39 |
| Future Vision II Acquisition Corp (b) | 20 | 204 |
| Gesher Acquisition Corp. II (b) | 11 | 112 |
| GigCapital7 Corp. - Class A (b) | 28 | 294 |
| Gores Holdings X, Inc. (b) | 24 | 245 |
| GP-Act III Acquisition Corp. - Class A (b) | 13 | 137 |
| Graf Global Corp. - Class A (b) | 9 | 92 |
| GSR III Acquisition Corp. (b) | 136 | 1468 |
| Guild Holdings Company - Class A (b) | 7 | 131 |
| Haymaker Acquisition Corp. IV - Class A (b) | 12 | 133 |
| HCM II Acquisition Corp. - Class A (b) | 5 | 51 |
| Horizon Space Acquisition I Corp. (b) | 36 | 433 |
| Horizon Space Acquisition II Corp. (b) | 21 | 215 |
| Integrated Wellness Acquisition Corp - Class A (b) | 3 | 36 |
| Jack Henry & Associates, Inc. (a) | 13 | 2265 |
| Jackson Acquisition Co II - Class A (b) | 58 | 601 |
| Jefferies Financial Group Inc. | 20 | 1115 |
| Jena Acquisition Corp II (b) | 18 | 188 |
| JVSPAC Acquisition Corp - Class A (b) | 16 | 57 |
| K&F Growth Acquisition Corp II - Class A (b) | 63 | 645 |
| Kochav Defense Acquisition Corp. (b) | 52 | 532 |
| Lakeshore Acquisition III Corp. (b) | 20 | 205 |
| Launch Two Acquisition Corp. - Class A (b) | 47 | 493 |
| Legato Merger Corp. (b) | 26 | 276 |
| LightWave Acquisition Corp. (b) | 16 | 161 |
| Live Oak Acquisition Corp V - Class A (b) | 10 | 105 |
| LPL Financial Holdings Inc. | 13 | 4623 |
| Maywood Acquisition Corp. - Class A (b) | 25 | 251 |
| Melar Acquisition Corp. I - Class A (b) | 22 | 230 |
| Moody's Corporation | 9 | 4347 |
| Mountain Lake Acquisition Corp. - Class A (b) | 54 | 551 |
| Mr. Cooper Group Inc. (b) | 25 | 3760 |
| MSCI Inc. - Class A | 3 | 1660 |
| Nabors Energy Transition Corp. - Class A (b) | 73 | 808 |
| NCR Atleos Corporation (b) | 16 | 452 |
| New Providence Acquisition Corp. III (b) | 59 | 616 |
| Newbury Street Acquisition Corporation - Class A (b) | 33 | 337 |
| NewHold Investment Corp. III (b) | 10 | 98 |
| NewHold Investment Corp. III - Class A (b) | 13 | 131 |
| Oxley Bridge Acquisition Ltd. (b) | 9 | 92 |
| Oyster Enterprises II Acquisition Corp (b) | 43 | 434 |
| Pacific Premier Bancorp, Inc. | 13 | 273 |
| Perimeter Acquisition Corp. I (b) | 7 | 72 |
| Pioneer Acquisition I Corp (b) | 11 | 115 |
| Plum Acquisition Corp. IV - Class A (b) | 64 | 656 |
| Primerica, Inc. | 19 | 5278 |
| ProAssurance Corporation (b) | 88 | 2018 |
| Procap Acquisition Corp. (b) | 1 | 12 |
| Quartzsea Acquisition Corp (b) | 16 | 159 |
| Real Asset Acquisition Corp. - Class A (b) | 11 | 116 |
| Republic Digital Acquisition Co. (b) | 3 | 36 |
| Roman DBDR Acquisition Corp. II (b) | 13 | 135 |
| Ryan Specialty Group Holdings, Inc. - Class A | 49 | 3328 |
| SEI Investments Company (a) | 26 | 2351 |
| Siddhi Acquisition Corp. - Class A (b) | 31 | 316 |
| SilverBox Corp IV - Class A (b) | 15 | 167 |
| SIM Acquisition Corp. I - Class A (b) | 77 | 802 |
| Sizzle Acquisition Corp II (b) | 50 | 513 |
| Sizzle Acquisition Corp II - Class A (b) | 8 | 81 |
| Soulpower Acquisition Corp (b) | 62 | 628 |
| Spark I Acquisition Corp. - Class A (b) | 20 | 216 |
| Stellar V Capital Corp. - Class A (b) | 9 | 93 |
| Stichting Administratiekantoor Unigel Creditors (b) (e) | 1 |  |
| Stichting Administratiekantoor Unigel Creditors (b) (e) |  |  |
| Tavia Acquisition Corp (b) | 34 | 346 |
| Texas Ventures Acquisition III Corp (b) | 51 | 524 |
| Thayer Ventures Acquisition Corporation II (b) | 13 | 132 |
| Titan Acquisition Corp (b) | 68 | 687 |
| Triumph Financial, Inc. (b) | 52 | 2878 |
| UY Scuti Acquisition Corp. (b) | 16 | 165 |
| Vine Hill Capital Investment Corp. - Class A (b) | 51 | 532 |
| Visa Inc. - Class A (a) | 36 | 13094 |
| Voyager Acquisition Corp. - Class A (b) | 58 | 601 |
| Wells Fargo & Company | 12 | 942 |
| Wen Acquisition Corp. (b) | 18 | 186 |
| Willow Lane Acquisition Corp. - Class A (b) | 19 | 193 |

---

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page [607](#abbreviations).

**JNL Series Trust** (Unaudited)

**Schedules of Investments (in thousands)**

June 30, 2025

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| Wintergreen Acquisition Corp. (b) |  | 2 |
| YHN Acquisition I Ltd (b) | 19 | 196 |
| Yorkville Acquisition Corp. (b) | 7 | 77 |
| | | 95062 |
| **Consumer Discretionary 5.3%** | **Consumer Discretionary 5.3%** | **Consumer Discretionary 5.3%** |
| Alibaba Group Holding Limited - ADR (a) | 21 | 2396 |
| Amazon.com, Inc. (b) | 83 | 18305 |
| CarMax, Inc. (b) | 13 | 878 |
| Compagnie Financiere Richemont SA | 5 | 895 |
| Delivery Hero SE (b) (f) | 5 | 128 |
| Everi Holdings Inc. (b) | 110 | 1565 |
| Home Depot, Inc., The | 7 | 2531 |
| Marriott International, Inc. - Class A | 3 | 704 |
| Pool Corporation | 11 | 3228 |
| Prosus N.V. - Class N | 25 | 1388 |
| Skechers U.S.A., Inc. - Class A (b) | 30 | 1899 |
| Tesla Inc. (a) (b) | 34 | 10780 |
| Under Armour, Inc. - Class A (a) (b) | 209 | 1429 |
| Vail Resorts, Inc. | 6 | 895 |
| Vipshop (China) Co., Ltd - ADR | 1 | 16 |
| Vitamin Oldco Holdings, Inc. (b) (e) | 3 |  |
| Yum China Holdings, Inc. | 28 | 1266 |
|  |  | 48303 |
| **Information Technology 4.8%** | **Information Technology 4.8%** | **Information Technology 4.8%** |
| Analog Devices, Inc. | 12 | 2891 |
| Avaya Holdings Corp. (b) | 10 | 74 |
| Broadcom Inc. | 1 | 196 |
| CDW Corp. (a) | 12 | 2192 |
| E2open Parent Holdings, Inc. - Class A (b) | 102 | 329 |
| Hirose Electric Co., Ltd. | 3 | 375 |
| Intuit Inc. (a) | 4 | 3025 |
| Juniper Networks, Inc. | 38 | 1522 |
| nCino OpCo, Inc. (b) | 144 | 4027 |
| NCR Voyix Corporation (b) (g) | 24 | 276 |
| NXP Semiconductors N.V. | 4 | 924 |
| Oracle Corporation (a) | 73 | 15947 |
| Riverbed Holdings, Inc. (b) (e) | 7 |  |
| Salesforce, Inc. (a) | 24 | 6628 |
| TE Connectivity Public Limited Company | 15 | 2592 |
| Trimble Inc. (b) | 34 | 2556 |
|  |  | 43554 |
| **Industrials 4.8%** | **Industrials 4.8%** | **Industrials 4.8%** |
| Azelis Group (g) | 17 | 268 |
| Boeing Company, The (a) (b) | 56 | 11747 |
| Dun & Bradstreet Holdings, Inc. | 63 | 570 |
| Expeditors International of Washington, Inc. - Class A (a) | 6 | 705 |
| Ferguson Enterprises Inc. | 7 | 1552 |
| Fortune Brands Innovations, Inc. | 12 | 599 |
| GMS Inc. (b) | 1 | 141 |
| Hoshizaki Corporation (g) | 7 | 240 |
| Howmet Aerospace Inc. | 2 | 460 |
| Lennox International Inc. | 5 | 3090 |
| LG Corp. | 13 | 757 |
| Old Dominion Freight Line, Inc. | 14 | 2254 |
| Safran | 6 | 1937 |
| Samsung C&T Corporation | 6 | 713 |
| Spirit AeroSystems Holdings, Inc. - Class A (b) | 24 | 903 |
| Swire Pacific Limited - Class A | 18 | 157 |
| The AZEK Company Inc. - Class A (b) | 71 | 3858 |
| TransUnion | 44 | 3913 |
| Uber Technologies, Inc. (b) | 6 | 563 |
| UL Solutions Inc. - Class A | 30 | 2190 |
| Verisk Analytics, Inc. (a) | 11 | 3422 |
| Watts Water Technologies, Inc. - Class A | 12 | 2866 |
| Westinghouse Air Brake Technologies Corporation | 3 | 525 |
|  |  | 43430 |
| **Health Care 4.2%** | **Health Care 4.2%** | **Health Care 4.2%** |
| Amedisys, Inc. (b) | 8 | 743 |
| Bio-Rad Laboratories, Inc. - Class A (b) | 2 | 531 |
| Blueprint Medicines Corporation (b) | 3 | 394 |
| Cooper Companies, Inc., The (b) | 25 | 1805 |
| Doximity, Inc. - Class A (a) (b) | 77 | 4709 |
| Eurofins Scientific SE | 14 | 1025 |
| Icon Public Limited Company (b) | 5 | 763 |
| Novartis AG - ADR (a) | 51 | 6219 |
| Novo Nordisk A/S - ADR (a) | 59 | 4038 |
| Regeneron Pharmaceuticals, Inc. (a) | 9 | 4482 |
| Thermo Fisher Scientific Inc. | 1 | 204 |
| Vertex Pharmaceuticals Incorporated (a) (b) | 21 | 9332 |
| West Pharmaceutical Services, Inc. | 7 | 1531 |
| Zoetis Inc. - Class A | 11 | 1742 |
|  |  | 37518 |
| **Consumer Staples 3.3%** | **Consumer Staples 3.3%** | **Consumer Staples 3.3%** |
| American Beverage Co Ambev - ADR (a) | 1025 | 2471 |
| Celsius Holdings, Inc. (b) | 82 | 3819 |
| Heineken Holding N.V. | 25 | 1852 |
| JDE Peet's N.V. (g) | 52 | 1498 |
| Kellanova (a) | 89 | 7075 |
| Lamb Weston Holdings, Inc. | 30 | 1553 |
| Meridan Management Ltd - GDR (b) (e) (f) | 38 |  |
| Monster Beverage 1990 Corporation (a) (b) | 159 | 9954 |
| Orion Incorporation | 4 | 353 |
| Pernod Ricard (g) | 7 | 719 |
| Rohto Pharmaceutical Co., Ltd. | 3 | 45 |
| Shiseido Company, Limited (g) | 8 | 141 |
|  |  | 29480 |
| **Energy 0.8%** | **Energy 0.8%** | **Energy 0.8%** |
| ChampionX Corporation (a) | 176 | 4378 |
| Gulfport Energy Operating Corporation (b) | 1 | 282 |
| Hess Corporation | 5 | 746 |
| Kinder Morgan, Inc. | 23 | 661 |
| McDermott International, Ltd. (b) | 30 | 332 |
| McDermott International, Ltd. (b) | 3 | 37 |
| McDermott International, Ltd. (b) |  | 5 |
| NOV Inc. | 41 | 513 |
|  |  | 6954 |
| **Materials 0.6%** | **Materials 0.6%** | **Materials 0.6%** |
| Amrize AG (b) | 22 | 1095 |
| Glencore PLC | 244 | 951 |
| Grupo Mexico, S.A.B. de C.V. - Class B | 47 | 285 |
| Holcim AG | 17 | 1277 |
| International Flavors & Fragrances Inc. | 22 | 1639 |
| NOF Corporation | 1 | 21 |
|  |  | 5268 |
| **Real Estate 0.1%** | **Real Estate 0.1%** | **Real Estate 0.1%** |
| Douglas Emmett, Inc. | 35 | 532 |
| Vornado Realty Trust | 13 | 491 |
|  |  | 1023 |
| **Utilities 0.0%** | **Utilities 0.0%** | **Utilities 0.0%** |
| PG&E Corporation | 6 | 86 |
| Total Common Stocks (cost $280,068) | Total Common Stocks (cost $280,068) | 410496 |
| **CORPORATE BONDS AND NOTES 29.9%** | **CORPORATE BONDS AND NOTES 29.9%** | **CORPORATE BONDS AND NOTES 29.9%** |
| **Information Technology 9.8%** | **Information Technology 9.8%** | **Information Technology 9.8%** |
| A10 Networks, Inc. |  |  |
| 2.75%, 04/01/30 (a) (h) (i) | 702 | 742 |
| Advanced Energy Industries, Inc. |  |  |
| 2.50%, 09/15/28 (a) (h) | 201 | 242 |
| Akamai Technologies, Inc. |  |  |
| 0.38%, 09/01/27 (a) (h) | 1715 | 1655 |
| 1.13%, 02/15/29 (a) (h) | 1358 | 1288 |
| 0.25%, 05/15/33 (a) (h) (i) | 1402 | 1439 |
| Alarm.Com Holdings, Inc. |  |  |
| 0.00%, 01/15/26 (a) (h) (j) | 402 | 388 |
| 2.25%, 06/01/29 (a) (h) | 350 | 339 |
| Alkami Technology, Inc. |  |  |
| 1.50%, 03/15/30 (a) (h) (i) | 815 | 957 |
| AMS-Osram AG |  |  |
| 2.13%, 11/03/27, EUR (f) (h) | 200 | 221 |
| Applied Digital Corporation |  |  |
| 2.75%, 06/01/30 (a) (h) (i) | 402 | 521 |
| Applied Optoelectronics, Inc. |  |  |
| 2.75%, 01/15/30 (a) (h) | 475 | 441 |
| Bentley Systems, Incorporated |  |  |
| 0.13%, 01/15/26 (a) (h) | 486 | 478 |

---

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page [607](#abbreviations).

**JNL Series Trust** (Unaudited)

**Schedules of Investments (in thousands)**

June 30, 2025

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| 0.38%, 07/01/27 (a) (h) | 776 | 730 |
| BigBear.ai Holdings, LLC |  |  |
| 6.00%, 12/15/29 (a) (h) (i) (k) | 356 | 746 |
| Bill Holdings, Inc. |  |  |
| 0.00%, 04/01/30 (a) (h) (i) (j) | 1226 | 1035 |
| Bitdeer Technologies Group |  |  |
| 5.25%, 12/01/29 (a) (h) (i) | 194 | 199 |
| Blackline, Inc. |  |  |
| 0.00%, 03/15/26 (a) (h) (j) | 125 | 120 |
| 1.00%, 06/01/29 (a) (h) | 562 | 597 |
| Box, Inc. |  |  |
| 0.00%, 01/15/26 (a) (h) (j) | 899 | 1196 |
| Cleanspark Inc. |  |  |
| 0.00%, 06/15/30 (a) (h) (i) (j) | 39 | 38 |
| Cloudflare, Inc. |  |  |
| 0.00%, 08/15/26 (a) (h) (j) | 2594 | 3045 |
| 0.00%, 06/15/30 (a) (h) (i) (j) | 97 | 104 |
| Confluent, Inc. |  |  |
| 0.00%, 01/15/27 (a) (h) (j) | 1360 | 1269 |
| Core Scientific, Inc. |  |  |
| 3.00%, 09/01/29 (a) (h) (i) | 197 | 341 |
| 0.00%, 06/15/31 (a) (h) (i) (j) | 37 | 40 |
| Datadog, Inc. |  |  |
| 0.00%, 12/01/29 (a) (h) (i) (j) | 39 | 37 |
| DigitalOcean Holdings, Inc. |  |  |
| 0.00%, 12/01/26 (a) (h) (j) | 3031 | 2834 |
| Dropbox, Inc. |  |  |
| 0.00%, 03/01/26 - 03/01/28 (a) (h) (j) | 2940 | 2934 |
| Enphase Energy, Inc. |  |  |
| 0.00%, 03/01/28 (a) (h) (j) | 48 | 39 |
| FARO Technologies, Inc. |  |  |
| 5.50%, 02/01/28 (a) (h) | 490 | 604 |
| Fastly, Inc. |  |  |
| 7.75%, 06/01/28 (a) (h) (i) | 40 | 40 |
| Five9, Inc. |  |  |
| 1.00%, 03/15/29 (a) (h) | 253 | 220 |
| Guidewire Software, Inc. |  |  |
| 1.25%, 11/01/29 (a) (h) (i) | 429 | 502 |
| Hewlett Packard Enterprise Company |  |  |
| 4.85%, 10/15/31 | 479 | 478 |
| 5.00%, 10/15/34 | 161 | 156 |
| Impinj, Inc. |  |  |
| 1.13%, 05/15/27 (a) (h) | 456 | 568 |
| InterDigital, Inc. |  |  |
| 3.50%, 06/01/27 (a) (h) | 528 | 1546 |
| Itron, Inc. |  |  |
| 1.38%, 07/15/30 (a) (h) | 560 | 664 |
| JAMF Holding Corp. |  |  |
| 0.13%, 09/01/26 (a) (h) | 47 | 44 |
| Lenovo Group Limited |  |  |
| 2.50%, 08/26/29 (f) (h) | 261 | 325 |
| Lumentum Holdings Inc. |  |  |
| 0.50%, 12/15/26 - 06/15/28 (a) (h) | 3839 | 4389 |
| 1.50%, 12/15/29 (a) (h) | 528 | 809 |
| MACOM Technology Solutions Holdings, Inc. |  |  |
| 0.25%, 03/15/26 (a) (h) | 685 | 1199 |
| 0.00%, 12/15/29 (a) (h) (i) (j) | 596 | 637 |
| Mara Holdings, Inc. |  |  |
| 0.00%, 03/01/30 (a) (h) (i) (j) | 40 | 36 |
| 2.13%, 09/01/31 (a) (h) (i) | 49 | 52 |
| Microchip Technology Incorporated |  |  |
| 0.75%, 06/01/30 (a) (h) | 1603 | 1578 |
| MicroStrategy Incorporated |  |  |
| 0.63%, 03/15/30 (a) (h) | 48 | 133 |
| 2.25%, 06/15/32 (a) (h) | 519 | 1117 |
| Mitek Systems, Inc. |  |  |
| 0.75%, 02/01/26 (a) (h) | 1257 | 1220 |
| MKS Inc. |  |  |
| 1.25%, 06/01/30 (a) (h) | 161 | 157 |
| Nebius Group N.V. |  |  |
| 2.00%, 06/05/29 (a) (h) (i) | 815 | 1072 |
| 3.00%, 06/05/31 (a) (h) (i) | 291 | 385 |
| Nice Ltd |  |  |
| 0.00%, 09/15/25 (a) (h) (j) | 133 | 131 |
| Nutanix, Inc. |  |  |
| 0.25%, 10/01/27 (a) (h) | 1355 | 1900 |
| 0.50%, 12/15/29 (a) (h) (i) | 200 | 226 |
| Okta, Inc. |  |  |
| 0.13%, 09/01/25 (a) (h) | 1856 | 1826 |
| 0.38%, 06/15/26 (a) (h) | 195 | 187 |
| ON Semiconductor Corporation |  |  |
| 0.00%, 05/01/27 (a) (h) (j) | 1258 | 1480 |
| 0.50%, 03/01/29 (a) (h) | 1542 | 1419 |
| OSI Systems, Inc. |  |  |
| 2.25%, 08/01/29 (a) (h) (i) | 1008 | 1362 |
| Pagaya Us Holding Company LLC |  |  |
| 6.13%, 10/01/29 (a) (h) (i) | 122 | 215 |
| Pagerduty, Inc. |  |  |
| 1.50%, 10/15/28 (a) (h) | 119 | 113 |
| PAR Technology Corporation |  |  |
| 2.88%, 04/15/26 (a) (h) | 94 | 159 |
| 1.50%, 10/15/27 (a) (h) | 483 | 553 |
| 1.00%, 01/15/30 (a) (h) (i) | 221 | 218 |
| Penguin Solutions, Inc. |  |  |
| 2.00%, 02/01/29 - 08/15/30 (a) (h) (i) | 2443 | 2601 |
| Porch Group Inc |  |  |
| 6.75%, 10/01/28 (a) (h) (i) | 429 | 419 |
| Progress Software Corporation |  |  |
| 1.00%, 04/15/26 (a) (h) | 209 | 249 |
| 3.50%, 03/01/30 (a) (h) | 1390 | 1598 |
| PROS Holdings, Inc. |  |  |
| 2.25%, 09/15/27 (a) (h) | 244 | 229 |
| 2.50%, 07/01/30 (f) (h) | 1039 | 1119 |
| Q2 Holdings, Inc. |  |  |
| 0.13%, 11/15/25 (a) (h) | 1096 | 1071 |
| 0.75%, 06/01/26 (a) (h) | 1561 | 1818 |
| Rapid7, Inc. |  |  |
| 0.25%, 03/15/27 (a) (h) | 125 | 115 |
| Rubrik, Inc. |  |  |
| 0.00%, 06/15/30 (a) (h) (i) (j) | 291 | 303 |
| Seagate HDD Cayman |  |  |
| 3.50%, 06/01/28 (a) (h) | 214 | 384 |
| Semtech Corporation |  |  |
| 1.63%, 11/01/27 (a) (h) | 1316 | 1904 |
| Shopify Inc. |  |  |
| 0.13%, 11/01/25 (a) (h) | 2983 | 3029 |
| Snowflake Inc. |  |  |
| 0.00%, 10/01/27 - 10/01/29 (a) (h) (i) (j) | 3580 | 5443 |
| Super Micro Computer, Inc. |  |  |
| 2.25%, 07/15/28 (a) (h) (i) | 941 | 1096 |
| 3.50%, 03/01/29 (a) (h) | 970 | 1010 |
| 0.00%, 06/15/30 (a) (h) (i) (j) | 779 | 873 |
| TeraWulf Inc. |  |  |
| 2.75%, 02/01/30 (a) (h) (i) | 49 | 41 |
| Tyler Technologies, Inc. |  |  |
| 0.25%, 03/15/26 (a) (h) | 1648 | 2020 |
| Unity Software Inc. |  |  |
| 0.00%, 11/15/26 (a) (h) (j) | 825 | 763 |
| 0.00%, 03/15/30 (a) (h) (i) (j) | 136 | 139 |
| Veeco Instruments Inc. |  |  |
| 2.88%, 06/01/29 (a) (h) | 1261 | 1336 |
| Verint Systems Inc. |  |  |
| 0.25%, 04/15/26 (a) (h) | 822 | 786 |
| Vertex, Inc. |  |  |
| 0.75%, 05/01/29 (a) (h) | 1006 | 1184 |
| Viavi Solutions Inc. |  |  |
| 1.63%, 03/15/26 (a) (h) | 20 | 20 |
| Vishay Intertechnology, Inc. |  |  |
| 2.25%, 09/15/30 (a) (h) | 1904 | 1693 |
| Western Digital Corporation |  |  |
| 3.00%, 11/15/28 (a) (h) | 2865 | 5143 |
| Workiva Inc. |  |  |
| 1.25%, 08/15/28 (a) (h) | 156 | 145 |
| | | 88266 |
| **Consumer Discretionary 5.5%** | **Consumer Discretionary 5.5%** | **Consumer Discretionary 5.5%** |
| Alibaba Group Holding Limited |  |  |
| 0.50%, 06/01/31 (a) (h) | 3315 | 4188 |

---

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page [607](#abbreviations).

**JNL Series Trust** (Unaudited)

**Schedules of Investments (in thousands)**

June 30, 2025

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| Carnival Corporation |  |  |
| 5.75%, 12/01/27 (a) (h) | 2026 | 4439 |
| Cheesecake Factory Incorporated, The |  |  |
| 0.38%, 06/15/26 (a) (h) | 540 | 559 |
| 2.00%, 03/15/30 (a) (h) (i) | 1746 | 1884 |
| Cracker Barrel Old Country Store, Inc. |  |  |
| 0.63%, 06/15/26 (a) (h) | 531 | 504 |
| 1.75%, 09/15/30 (a) (h) (i) | 1649 | 1746 |
| Delivery Hero SE |  |  |
| 1.00%, 01/23/27, EUR (f) (h) | 1300 | 1449 |
| 1.50%, 01/15/28, EUR (f) (h) | 100 | 107 |
| 3.25%, 02/21/30, EUR (f) (h) | 500 | 561 |
| DK Crown Holdings Inc. |  |  |
| 0.00%, 03/15/28 (a) (h) (j) | 331 | 297 |
| ETSY, Inc. |  |  |
| 0.13%, 10/01/26 - 09/01/27 (a) (h) | 695 | 633 |
| 0.25%, 06/15/28 (a) (h) | 970 | 826 |
| 1.00%, 06/15/30 (a) (h) (i) | 194 | 184 |
| Everi Holdings Inc. |  |  |
| 5.00%, 07/15/29 (i) | 792 | 800 |
| Expedia Group, Inc. |  |  |
| 0.00%, 02/15/26 (a) (h) (j) | 1704 | 1650 |
| Fisker Group Inc. |  |  |
| 0.00%, 09/15/26 (a) (b) (h) (i) (l) | 2160 | 9 |
| Flight Centre Travel Group Limited |  |  |
| 2.50%, 11/17/27, AUD (f) (h) | 400 | 257 |
| 1.63%, 11/01/28, AUD (f) (h) | 1800 | 1148 |
| Ford Motor Company |  |  |
| 0.00%, 03/15/26 (a) (h) (j) | 2864 | 2825 |
| GameStop Corp. |  |  |
| 0.00%, 04/01/30 - 06/15/32 (a) (h) (i) (j) | 3206 | 3435 |
| Gol Finance LLP |  |  |
| 14.38%, 06/05/30 (a) (i) | 536 | 515 |
| Groupon, Inc. |  |  |
| 6.25%, 03/15/27 (a) (h) | 441 | 611 |
| Guess ?, Inc. |  |  |
| 3.75%, 04/15/28 (a) (h) | 584 | 551 |
| H World Group Limited |  |  |
| 3.00%, 05/01/26 (a) (h) | 480 | 508 |
| JD.com, Inc. |  |  |
| 0.25%, 06/01/29 (a) (h) | 1305 | 1353 |
| Just Eat Takeaway.Com N.V. |  |  |
| 1.25%, 04/30/26, EUR (f) (h) | 800 | 926 |
| 0.63%, 02/09/28, EUR (f) (h) | 100 | 115 |
| LCI Industries |  |  |
| 1.13%, 05/15/26 (a) (h) | 287 | 278 |
| 3.00%, 03/01/30 (a) (h) (i) | 1238 | 1235 |
| Marriott Vacations Worldwide Corporation |  |  |
| 0.00%, 01/15/26 (a) (h) (j) | 2597 | 2497 |
| 3.25%, 12/15/27 (a) (h) | 641 | 599 |
| McLaren Finance PLC |  |  |
| 7.50%, 08/01/26 (i) | 2536 | 2542 |
| Meritage Homes Corporation |  |  |
| 1.75%, 05/15/28 (a) (h) | 39 | 38 |
| NCL Corporation Ltd. |  |  |
| 1.13%, 02/15/27 (a) (h) | 883 | 863 |
| 2.50%, 02/15/27 (a) (h) | 1659 | 1662 |
| 0.88%, 04/15/30 (a) (h) (i) | 41 | 44 |
| Peloton Interactive, Inc. |  |  |
| 0.00%, 02/15/26 (a) (h) (j) | 653 | 625 |
| 5.50%, 12/01/29 (a) (h) | 795 | 1458 |
| Realreal, Inc., The |  |  |
| 1.00%, 03/01/28 (a) (h) | 250 | 193 |
| Shake Shack, Inc. |  |  |
| 0.00%, 03/01/28 (a) (h) (j) | 96 | 102 |
| Shift Technologies, Inc. |  |  |
| 0.00%, 05/15/26 (a) (b) (h) (i) (l) | 1305 | 2 |
| Trip.com Group Limited |  |  |
| 0.75%, 06/15/29 (h) (i) | 2080 | 2302 |
| Wayfair Inc. |  |  |
| 0.63%, 10/01/25 (h) | 780 | 770 |
| 1.00%, 08/15/26 (h) | 57 | 54 |
| 3.25%, 09/15/27 (a) (h) | 892 | 1018 |
| 3.50%, 11/15/28 (a) (h) | 777 | 1050 |
| Winnebago Industries, Inc. |  |  |
| 3.25%, 01/15/30 (a) (h) | 586 | 505 |
| | | 49917 |
| **Health Care 4.4%** | **Health Care 4.4%** | **Health Care 4.4%** |
| Alnylam Pharmaceuticals, Inc. |  |  |
| 1.00%, 09/15/27 (a) (h) | 887 | 1149 |
| Alphatec Holdings, Inc. |  |  |
| 0.75%, 08/01/26 (a) (h) | 512 | 503 |
| 0.75%, 03/15/30 (a) (h) (i) | 741 | 744 |
| Amphastar Pharmaceuticals, Inc. |  |  |
| 2.00%, 03/15/29 (a) (h) | 262 | 227 |
| ANI Pharmaceuticals, Inc. |  |  |
| 2.25%, 09/01/29 (a) (h) (i) | 1319 | 1485 |
| BioMarin Pharmaceutical Inc. |  |  |
| 1.25%, 05/15/27 (a) (h) | 847 | 797 |
| Bridgebio Pharma, Inc. |  |  |
| 2.50%, 03/15/27 (a) (h) | 1319 | 1631 |
| 2.25%, 02/01/29 (a) (h) | 253 | 237 |
| 1.75%, 03/01/31 (a) (h) (i) | 253 | 294 |
| Collegium Pharmaceutical, Inc. |  |  |
| 2.88%, 02/15/29 (a) (h) | 1416 | 1516 |
| CONMED Corporation |  |  |
| 2.25%, 06/15/27 (a) (h) | 2374 | 2238 |
| Cytokinetics, Incorporated |  |  |
| 3.50%, 07/01/27 (a) (h) | 497 | 527 |
| DexCom, Inc. |  |  |
| 0.25%, 11/15/25 (a) (h) | 2538 | 2480 |
| 0.38%, 05/15/28 (a) (h) | 722 | 679 |
| Dynavax Technologies Corporation |  |  |
| 2.00%, 03/15/30 (a) (f) (h) | 737 | 666 |
| Enovis Corporation |  |  |
| 3.88%, 10/15/28 (a) (h) | 38 | 37 |
| Envista Holdings Corporation |  |  |
| 1.75%, 08/15/28 (a) (h) | 88 | 82 |
| Evolent Health, Inc. |  |  |
| 3.50%, 12/01/29 (a) (h) | 317 | 267 |
| Exact Sciences Corporation |  |  |
| 0.38%, 03/15/27 - 03/01/28 (a) (h) | 3672 | 3442 |
| 2.00%, 03/01/30 (a) (h) (i) | 401 | 406 |
| 1.75%, 04/15/31 (a) (h) (i) | 201 | 184 |
| Guardant Health, Inc. |  |  |
| 0.00%, 11/15/27 (a) (h) (j) | 2613 | 2363 |
| 1.25%, 02/15/31 (a) (f) (h) | 194 | 226 |
| Haemonetics Corporation |  |  |
| 2.50%, 06/01/29 (a) (h) | 39 | 39 |
| Halozyme Therapeutics, Inc. |  |  |
| 0.25%, 03/01/27 (a) (h) | 1199 | 1193 |
| 1.00%, 08/15/28 (a) (h) | 100 | 114 |
| Hims & Hers Health, Inc. |  |  |
| 0.00%, 05/15/30 (a) (h) (i) (j) | 184 | 191 |
| Immunocore Holdings PLC |  |  |
| 2.50%, 02/01/30 (a) (h) | 146 | 125 |
| Innoviva, Inc. |  |  |
| 2.13%, 03/15/28 (a) (h) | 912 | 912 |
| Inotiv, Inc. |  |  |
| 3.25%, 10/15/27 (a) (h) | 701 | 165 |
| Integer Holdings Corporation |  |  |
| 1.88%, 03/15/30 (a) (h) (i) | 425 | 440 |
| Ionis Pharmaceuticals, Inc. |  |  |
| 1.75%, 06/15/28 (a) (h) | 117 | 123 |
| Jazz Investments I Limited |  |  |
| 2.00%, 06/15/26 (a) (h) | 2438 | 2464 |
| Lantheus Holdings, Inc. |  |  |
| 2.63%, 12/15/27 (a) (h) | 1363 | 1724 |
| LivaNova PLC |  |  |
| 2.50%, 03/15/29 (a) (h) | 39 | 40 |
| Merit Medical Systems, Inc. |  |  |
| 3.00%, 02/01/29 (a) (h) (i) | 312 | 393 |
| Mesa Laboratories, Inc. |  |  |
| 1.38%, 08/15/25 (a) (h) | 670 | 657 |
| Mirum Pharmaceuticals, Inc. |  |  |
| 4.00%, 05/01/29 (a) (h) | 123 | 218 |
| Pacira Pharmaceuticals, Inc. |  |  |
| 0.75%, 08/01/25 (a) (h) | 1100 | 1087 |

---

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page [607](#abbreviations).

**JNL Series Trust** (Unaudited)

**Schedules of Investments (in thousands)**

June 30, 2025

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| 2.13%, 05/15/29 (a) (h) | 680 | 657 |
| Pharming Group N.V. |  |  |
| 4.50%, 04/25/29, EUR (f) (h) | 400 | 492 |
| PTC Therapeutics, Inc. |  |  |
| 1.50%, 09/15/26 (a) (h) | 1883 | 2166 |
| Repligen Corporation |  |  |
| 1.00%, 12/15/28 (a) (h) | 963 | 958 |
| Semler Scientific, Inc. |  |  |
| 4.25%, 08/01/30 (a) (h) (i) | 20 | 17 |
| Tandem Diabetes Care, Inc. |  |  |
| 1.50%, 03/15/29 (a) (h) | 613 | 591 |
| Teladoc Health, Inc. |  |  |
| 1.25%, 06/01/27 (a) (h) | 192 | 176 |
| Tempus AI, Inc. |  |  |
| 0.75%, 07/15/30 (h) (i) | 272 | 272 |
| TransMedics Group, Inc. |  |  |
| 1.50%, 06/01/28 (a) (h) | 973 | 1551 |
| Travere Therapeutics, Inc. |  |  |
| 2.50%, 09/15/25 (a) (h) | 610 | 601 |
| 2.25%, 03/01/29 (a) (h) | 24 | 23 |
| | | 39569 |
| **Financials 4.2%** | **Financials 4.2%** | **Financials 4.2%** |
| 360 Financial, Inc. |  |  |
| 0.50%, 04/01/30 (a) (h) (i) | 249 | 245 |
| ABRA Global Finance |  |  |
| 5.00%, 03/02/28 (a) (i) (k) | 2659 | 2443 |
| 6.00%, 10/22/29 (a) (i) (k) | 260 | 196 |
| Affirm Holdings, Inc. |  |  |
| 0.00%, 11/15/26 (a) (h) (j) | 1735 | 1621 |
| 0.75%, 12/15/29 (a) (h) (i) | 888 | 935 |
| Alpha Holding, S.A. de C.V |  |  |
| 0.00%, 12/31/25 (b) (i) (l) | 236 | 1 |
| AssuredPartners, Inc. |  |  |
| 5.63%, 01/15/29 (i) | 1311 | 1311 |
| 7.50%, 02/15/32 (i) | 2165 | 2320 |
| Block, Inc. |  |  |
| 0.25%, 11/01/27 (a) (h) | 399 | 357 |
| Capital Southwest Corporation |  |  |
| 5.13%, 11/15/29 (a) (h) | 99 | 99 |
| Charles Schwab Corporation, The |  |  |
| 4.00%, (100, 06/01/26) (m) | 242 | 239 |
| 5.00%, (100, 12/01/27) (m) | 33 | 32 |
| Coinbase Global, Inc. |  |  |
| 0.50%, 06/01/26 (a) (h) | 2661 | 3058 |
| 0.25%, 04/01/30 (a) (h) | 602 | 787 |
| Encore Capital Group, Inc. |  |  |
| 3.25%, 10/01/25 (a) (h) | 926 | 961 |
| 4.00%, 03/15/29 (a) (h) | 1665 | 1569 |
| EZCORP, Inc. |  |  |
| 3.75%, 12/15/29 (a) (h) (i) | 415 | 593 |
| Hercules Capital, Inc. |  |  |
| 4.75%, 09/01/28 (a) (h) (i) | 141 | 135 |
| MoneyGram International, Inc. |  |  |
| 9.00%, 06/01/30 (i) | 268 | 240 |
| Nationstar Mortgage Holdings Inc. |  |  |
| 5.13%, 12/15/30 (i) | 605 | 609 |
| 5.75%, 11/15/31 (i) | 2140 | 2163 |
| Operadora de Servicios Mega SA de CV SOFOM ER. |  |  |
| 0.00%, 12/31/25 (b) (i) (l) | 200 | 72 |
| Ping An Insurance (Group) Company of China, Ltd. |  |  |
| 0.88%, 07/22/29 (f) (h) | 800 | 1017 |
| Repay Holdings Corporation |  |  |
| 0.00%, 02/01/26 (a) (h) (i) (j) | 1946 | 1859 |
| 2.88%, 07/15/29 (a) (h) (i) | 147 | 121 |
| Shift4 Payments, LLC |  |  |
| 0.00%, 12/15/25 (a) (h) (j) | 2981 | 3752 |
| 0.50%, 08/01/27 (a) (h) | 585 | 627 |
| SoFi Technologies, Inc. |  |  |
| 0.00%, 10/15/26 (a) (h) (i) (j) | 415 | 458 |
| 1.25%, 03/15/29 (a) (h) (i) | 2103 | 4264 |
| Tangerine Pomelo Group, S.A.P.I. De C.V. |  |  |
| 0.00%, 07/24/25 (b) (i) (l) | 200 | 1 |
| Unigel Netherlands Holding Corporation B.V. |  |  |
| 15.00%, 12/31/44 (f) (k) | 263 | 6 |
| Upstart Holdings, Inc. |  |  |
| 0.25%, 08/15/26 (a) (h) | 1419 | 1345 |
| 2.00%, 10/01/29 (a) (h) (i) | 1407 | 2299 |
| WisdomTree, Inc. |  |  |
| 3.25%, 08/15/29 (a) (h) (i) | 1747 | 2013 |
|  |  | 37748 |
| **Communication Services 2.4%** | **Communication Services 2.4%** | **Communication Services 2.4%** |
| AST Spacemobile, Inc. |  |  |
| 4.25%, 03/01/32 (a) (h) (i) | 275 | 547 |
| Consolidated Communications, Inc. |  |  |
| 6.50%, 10/01/28 (i) | 251 | 256 |
| Digital World Acquisition Corp. |  |  |
| 0.00%, 05/29/28 (a) (h) (i) (j) | 582 | 550 |
| EchoStar Corporation |  |  |
| 3.88%, 11/30/30 (h) (k) | 299 | 350 |
| Frontier Communications Holdings, LLC |  |  |
| 5.88%, 11/01/29 | 986 | 996 |
| 6.00%, 01/15/30 (i) | 1331 | 1349 |
| fuboTV Inc. |  |  |
| 3.25%, 02/15/26 (a) (h) | 244 | 239 |
| Liberty Media Corporation |  |  |
| 2.25%, 08/15/27 (a) (h) | 92 | 123 |
| 3.75%, 03/15/28 - 02/15/30 (a) (h) | 4328 | 1479 |
| 4.00%, 11/15/29 (a) (h) | 1635 | 149 |
| 2.38%, 09/30/53 (a) (h) (i) | 1125 | 1722 |
| Live Nation Entertainment, Inc. |  |  |
| 2.88%, 01/15/30 (h) (i) | 194 | 211 |
| Match Group FinanceCo 2, Inc. |  |  |
| 0.88%, 06/15/26 (a) (h) (i) | 2392 | 2293 |
| Match Group FinanceCo 3, Inc. |  |  |
| 2.00%, 01/15/30 (a) (h) (i) | 649 | 576 |
| Oi S.A. – Em Recuperacao Judicial |  |  |
| 10.00%, 06/30/27 (i) (k) | 112 | 73 |
| 8.50%, 12/31/28 (i) (k) | 232 | 15 |
| Sea Limited |  |  |
| 2.38%, 12/01/25 (a) (h) | 2932 | 5209 |
| 0.25%, 09/15/26 (a) (h) | 84 | 79 |
| Snap Inc. |  |  |
| 0.75%, 08/01/26 (a) (h) | 2048 | 1970 |
| 0.00%, 05/01/27 (a) (h) (j) | 404 | 366 |
| 0.13%, 03/01/28 (a) (h) | 45 | 39 |
| Sphere Entertainment Co. |  |  |
| 3.50%, 12/01/28 (a) (h) | 100 | 139 |
| Spotify USA Inc. |  |  |
| 0.00%, 03/15/26 (a) (h) (j) | 894 | 1352 |
| Ziff Davis, Inc. |  |  |
| 1.75%, 11/01/26 (a) (h) | 698 | 659 |
| 3.63%, 03/01/28 (a) (f) (h) | 774 | 721 |
|  |  | 21462 |
| **Industrials 1.9%** | **Industrials 1.9%** | **Industrials 1.9%** |
| Array Tech, Inc. |  |  |
| 2.88%, 07/01/31 (a) (h) (i) | 39 | 38 |
| Astronics Corporation |  |  |
| 5.50%, 03/15/30 (a) (h) (i) | 632 | 1084 |
| Bloom Energy Corporation |  |  |
| 3.00%, 06/01/28 - 06/01/29 (a) (h) | 1765 | 2592 |
| CSG Systems International, Inc. |  |  |
| 3.88%, 09/15/28 (a) (h) | 221 | 251 |
| Dayforce, Inc. |  |  |
| 0.25%, 03/15/26 (a) (h) | 2890 | 2765 |
| Dun & Bradstreet Corporation, The |  |  |
| 5.00%, 12/15/29 (i) | 678 | 694 |
| Eos Energy Enterprises, Inc. |  |  |
| 6.75%, 06/15/30 (a) (h) (i) | 97 | 106 |
| Greenbrier Companies, Inc., The |  |  |
| 2.88%, 04/15/28 (a) (h) | 1669 | 1767 |
| JBT Marel Corporation |  |  |
| 0.25%, 05/15/26 (a) (h) | 373 | 371 |
| JetBlue Airways Corporation |  |  |
| 2.50%, 09/01/29 (a) (h) (i) | 97 | 89 |
| Lyft, Inc. |  |  |
| 0.63%, 03/01/29 (a) (h) | 1011 | 1080 |
| Parsons Corporation |  |  |
| 2.63%, 03/01/29 (a) (h) | 174 | 185 |

---

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page [607](#abbreviations).

**JNL Series Trust** (Unaudited)

**Schedules of Investments (in thousands)**

June 30, 2025

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| Tetra Tech, Inc. |  |  |
| 2.25%, 08/15/28 (a) (h) | 655 | 732 |
| Triumph Group, Inc. |  |  |
| 9.00%, 03/15/28 (i) | 604 | 631 |
| Uber Technologies, Inc. |  |  |
| 0.00%, 12/15/25 (a) (h) (j) | 2109 | 2489 |
| 0.00%, 05/15/28 (a) (h) (i) (j) | 388 | 410 |
| 0.88%, 12/01/28 (a) (h) | 202 | 288 |
| Xometry, Inc. |  |  |
| 1.00%, 02/01/27 (a) (h) | 854 | 868 |
| 0.75%, 06/15/30 (a) (h) (i) | 778 | 789 |
| | | 17229 |
| **Utilities 0.8%** | **Utilities 0.8%** | **Utilities 0.8%** |
| Alliant Energy Corporation |  |  |
| 3.88%, 03/15/26 (a) (h) | 408 | 417 |
| American Water Capital Corp. |  |  |
| 3.63%, 06/15/26 (a) (h) | 1176 | 1173 |
| CMS Energy Corporation |  |  |
| 3.38%, 05/01/28 (a) (h) | 100 | 106 |
| Duke Energy Corporation |  |  |
| 4.13%, 04/15/26 (a) (h) | 621 | 653 |
| Evergy, Inc. |  |  |
| 4.50%, 12/15/27 (a) (h) | 776 | 904 |
| Ormat Technologies, Inc. |  |  |
| 2.50%, 07/15/27 (a) (h) | 412 | 450 |
| PG&E Corporation |  |  |
| 4.25%, 12/01/27 (a) (h) | 584 | 578 |
| The Southern Company |  |  |
| 4.50%, 06/15/27 (a) (h) | 603 | 662 |
| UGI Corporation |  |  |
| 5.00%, 06/01/28 (a) (h) | 1038 | 1425 |
| WEC Energy Group Inc. |  |  |
| 4.38%, 06/01/27 (a) (h) | 776 | 873 |
|  |  | 7241 |
| **Real Estate 0.4%** | **Real Estate 0.4%** | **Real Estate 0.4%** |
| Kite Realty Group, L.P. |  |  |
| 0.75%, 04/01/27 (a) (h) (i) | 103 | 106 |
| Open Doors Technology Inc. |  |  |
| 7.00%, 05/15/30 (a) (h) (i) | 481 | 351 |
| Pebblebrook Hotel Trust |  |  |
| 1.75%, 12/15/26 (a) (h) | 1523 | 1439 |
| Redfin Corporation |  |  |
| 0.50%, 04/01/27 (a) (h) | 194 | 174 |
| Rexford Industrial Realty, L.P. |  |  |
| 4.38%, 03/15/27 (a) (h) (i) | 194 | 191 |
| StorageVault Canada Inc. |  |  |
| 5.00%, 03/31/28, CAD (h) | 754 | 540 |
| Summit Hotel Properties, Inc. |  |  |
| 1.50%, 02/15/26 (a) (h) | 1074 | 1029 |
| Ventas Realty, Limited Partnership |  |  |
| 3.75%, 06/01/26 (a) (h) | 109 | 128 |
| Vornado Realty L.P. |  |  |
| 2.15%, 06/01/26 | 112 | 109 |
|  |  | 4067 |
| **Materials 0.2%** | **Materials 0.2%** | **Materials 0.2%** |
| B2Gold Corp. |  |  |
| 2.75%, 02/01/30 (a) (h) (i) | 526 | 702 |
| Danimer Scientific, Inc. |  |  |
| 0.00%, 12/15/26 (a) (b) (h) (i) (l) | 672 | 3 |
| Fortuna Mining Corp. |  |  |
| 3.75%, 06/30/29 (a) (h) | 364 | 459 |
| Silvercorp Metals Inc. |  |  |
| 4.75%, 12/15/29 (a) (h) (i) | 287 | 350 |
| SSR Mining Inc. |  |  |
| 2.50%, 04/01/39 (a) (h) | 49 | 51 |
| Unigel Luxembourg SA |  |  |
| 13.50%, 12/31/27 (i) (k) | 44 | 35 |
| 13.50%, 12/31/27 (f) (k) | 62 | 50 |
| 11.00%, 12/31/28 (i) (k) | 50 | 14 |
| 11.00%, 12/31/28 (f) (k) | 210 | 58 |
|  |  | 1722 |
| **Consumer Staples 0.2%** | **Consumer Staples 0.2%** | **Consumer Staples 0.2%** |
| Kronos Acquisition Holdings Inc |  |  |
| 8.25%, 06/30/31 (i) | 131 | 119 |
| MGPI Processing, Inc. |  |  |
| 1.88%, 11/15/41 (a) (h) | 1234 | 1157 |
| Rogers Sugar Inc. |  |  |
| 6.00%, 06/30/30, CAD (f) (h) | 379 | 289 |
| The Chefs' Warehouse, Inc. |  |  |
| 2.38%, 12/15/28 (a) (h) | 22 | 35 |
|  |  | 1600 |
| **Energy 0.1%** | **Energy 0.1%** | **Energy 0.1%** |
| Canacol Energy Ltd. |  |  |
| 5.75%, 11/24/28 (f) | 400 | 141 |
| Earthstone Energy Holdings, LLC |  |  |
| 8.00%, 04/15/27 (i) | 214 | 219 |
| Golar LNG Limited |  |  |
| 2.75%, 12/15/30 (a) (h) (i) | 454 | 466 |
| Solaris Energy Infrastructure, Inc. |  |  |
| 4.75%, 05/01/30 (a) (h) | 141 | 189 |
| Transocean Inc |  |  |
| 4.63%, 09/30/29 (a) (h) | 379 | 402 |
|  |  | 1417 |
| Total Corporate Bonds And Notes (cost $263,356) | Total Corporate Bonds And Notes (cost $263,356) | 270238 |
| **PRIVATE INVESTMENT FUNDS 10.2%** | **PRIVATE INVESTMENT FUNDS 10.2%** | **PRIVATE INVESTMENT FUNDS 10.2%** |
| WCM Partners Fund (f) (n) | 82500 | 91807 |
| Total Private Investment Funds (cost $82,500) | Total Private Investment Funds (cost $82,500) | 91807 |
| **NON-U.S. GOVERNMENT AGENCY ASSET-BACKED SECURITIES 7.9%** | **NON-U.S. GOVERNMENT AGENCY ASSET-BACKED SECURITIES 7.9%** | **NON-U.S. GOVERNMENT AGENCY ASSET-BACKED SECURITIES 7.9%** |
| 1345 Trust 2025-AOA |  |  |
| Series 2025-D-AOA, 7.30%, (1 Month Term SOFR + 3.00%), 06/15/27 (o) | 80 | 80 |
| AASET 2024-2 Ltd |  |  |
| Series 2024-B-2A, 6.61%, 09/16/31 | 237 | 242 |
| ACE Securities Corp. Home Equity Loan Trust, Series 2006-CW1 |  |  |
| Series 2006-A2C-CW1, REMIC, 2.92%, (1 Month Term SOFR + 0.39%), 07/25/36 (o) (p) (q) | 1681 | 1384 |
| AMSR 2020-SFR5 Trust |  |  |
| Series 2020-G-SFR5, REMIC, 4.11%, 11/19/25 | 5000 | 4954 |
| Apidos CLO XXIV |  |  |
| Series 2016-DR-24A, 10.33%, (3 Month Term SOFR + 6.06%), 10/21/30 (o) | 500 | 502 |
| Arbor Multifamily Mortgage Securities Trust 2021-MF3 |  |  |
| Series 2021-E-MF3, REMIC, 2.00%, 10/16/54 | 273 | 206 |
| Arbor Realty Commercial Real Estate Notes 2022-FL1 |  |  |
| Series 2022-C-FL1, 6.61%, (SOFR 30-Day Average + 2.30%), 01/15/37 (o) | 350 | 350 |
| Argentina, Republic of |  |  |
| Series 2022-E-CRE6, 7.70%, (SOFR 30-Day Average + 3.40%), 01/21/37 (o) | 330 | 324 |
| Bain Capital Credit CLO 2022-3, Limited |  |  |
| Series 2022-E-3A, 11.63%, (3 Month Term SOFR + 7.35%), 07/17/35 (o) | 500 | 500 |
| Bank 2019-BNK17 |  |  |
| Interest Only, Series 2019-XG-BN17, REMIC, 1.50%, 04/17/52 | 1978 | 86 |
| Bank5 2024-5YR9 |  |  |
| Series 2024-D-5YR9, REMIC, 4.00%, 09/17/29 | 325 | 281 |
| BBCMS Mortgage Trust 2024-5C27 |  |  |
| Interest Only, Series 2024-XD-5C27, REMIC, 2.74%, 07/17/57 (o) | 3110 | 298 |
| BBCMS Trust 2018-CBM |  |  |
| Series 2018-E-CBM, REMIC, 7.91%, (1 Month Term SOFR + 3.60%), 07/15/37 (o) (p) | 470 | 346 |
| Benchmark 2018-B4 Mortgage Trust |  |  |
| Series 2018-D-B4, REMIC, 2.76%, 07/17/28 (o) | 377 | 294 |
| Benchmark 2019-B14 Mortgage Trust |  |  |
| Interest Only, Series 2019-XA-B14, REMIC, 0.88%, 12/15/62 (o) | 15991 | 331 |
| Benchmark 2020-B18 Mortgage Trust |  |  |
| Series 2020-AGNE-B18, REMIC, 3.76%, 08/15/25 | 343 | 339 |

---

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page [607](#abbreviations).

**JNL Series Trust** (Unaudited)

**Schedules of Investments (in thousands)**

June 30, 2025

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| Benchmark 2021-B31 Mortgage Trust |  |  |
| Series 2021-E-B31, REMIC, 2.25%, 12/17/54 | 617 | 333 |
| BRSP Ltd |  |  |
| Series 2024-C-FL2, 7.86%, (1 Month Term SOFR + 3.54%), 02/19/30 (o) | 317 | 314 |
| BSPRT 2021-FL7 Issuer, Ltd. |  |  |
| Series 2021-E-FL7, 7.83%, (1 Month Term SOFR + 3.51%), 12/15/38 (o) | 300 | 294 |
| Business Jet Securities 2024-2, LLC |  |  |
| Series 2024-C-2A, 7.97%, 09/15/30 | 451 | 449 |
| BX Trust 2019-OC11 |  |  |
| Series 2019-E-OC11, REMIC, 3.94%, 12/11/29 (o) | 252 | 230 |
| BX Trust 2021-MFM1 |  |  |
| Series 2021-D-VIEW, REMIC, 7.33%, (1 Month Term SOFR + 3.01%), 06/16/36 (o) | 220 | 218 |
| BX Trust 2025-ROIC |  |  |
| Series 2025-E-ROIC, REMIC, 7.25%, (1 Month Term SOFR + 2.94%), 03/15/27 (o) | 200 | 196 |
| Canyon Capital CLO 2014-1 Ltd |  |  |
| Series 2014-DR-1A, 10.04%, (3 Month Term SOFR + 5.76%), 01/30/31 (o) | 700 | 676 |
| Canyon CLO 2020-1 Ltd |  |  |
| Series 2020-DR2-1A, 7.36%, (3 Month Term SOFR + 3.10%), 07/15/34 (o) | 500 | 500 |
| Carlyle Global Market Strategies CLO 2014-2-R, Ltd. |  |  |
| Series 2014-D-2RA, 9.94%, (3 Month Term SOFR + 5.61%), 05/15/31 (o) | 1000 | 1001 |
| Carlyle US CLO 2020-2, Ltd. |  |  |
| Series 2020-DR-2A, 11.24%, (3 Month Term SOFR + 6.96%), 01/25/35 (o) | 1500 | 1501 |
| Cascade MH Asset Trust 2019-MH1 |  |  |
| Series 2019-M-MH1, REMIC, 5.99%, 11/25/44 | 4100 | 3840 |
| Castlelake Aircraft Securitization Trust 2018-1 |  |  |
| Series 2018-C-1, 6.63%, 06/15/43 (p) | 1015 | 619 |
| Cent Clo 17 Limited |  |  |
| Series DR-C17A, 10.54%, (3 Month Term SOFR + 6.26%), 04/30/31 (o) | 500 | 495 |
| CF 2019-CF2 Mortgage Trust |  |  |
| Interest Only, Series 2019-XG-CF2, REMIC, 0.93%, 11/18/52 (o) | 3080 | 98 |
| Chenango Park CLO, Ltd. |  |  |
| Series 2018-D-1A, 10.32%, (3 Month Term SOFR + 6.06%), 04/15/30 (o) | 1000 | 996 |
| CHL Mortgage Pass-Through Trust 2002-HYB1 |  |  |
| Series 2007-A1-13, REMIC, 6.00%, 08/25/37 | 945 | 451 |
| CIFC Funding 2021-V Ltd |  |  |
| Series 2021-D1R-5A, 7.01%, (3 Month Term SOFR + 2.75%), 01/15/38 (o) | 500 | 501 |
| Citigroup Commercial Mortgage Trust 2018-B2 |  |  |
| Interest Only, Series 2018-XF-B2, REMIC, 1.40%, 03/10/51 (o) | 2522 | 81 |
| Clas 2019-1 Limited |  |  |
| Series 2019-E-1A, 0.00%, 04/15/39 (e) (o) | 1000 | 36 |
| Clover CLO 2021-3 LLC |  |  |
| Series 2021-DR-3A, 6.83%, (3 Month Term SOFR + 2.55%), 01/25/35 (o) | 500 | 500 |
| Cologix Data Centers US Issuer LLC |  |  |
| Series 2021-C-1A, 5.99%, 12/28/26 | 1300 | 1262 |
| COMM 2018-HCLV Mortgage Trust |  |  |
| Series 2018-D-HCLV, REMIC, 6.53%, (1 Month Term SOFR + 2.47%), 09/15/33 (o) | 1000 | 298 |
| CSAIL 2016-C5 Commercial Mortgage Trust |  |  |
| Series 2016-C-C5, REMIC, 4.61%, 11/18/25 (o) | 344 | 334 |
| CSAIL 2019-C16 Commercial Mortgage Trust |  |  |
| Series 2019-C-C16, REMIC, 4.24%, 06/15/29 (o) | 350 | 322 |
| CSMC 2021-B33 |  |  |
| Series 2021-C-B33, REMIC, 3.64%, 10/10/31 (o) | 338 | 279 |
| CSMC Trust 2017-PFHP |  |  |
| Series 2017-A-PFHP, REMIC, 5.31%, (1 Month Term SOFR + 1.00%), 12/15/30 (o) | 191 | 191 |
| DOLP Trust 2021-NYC |  |  |
| Series 2021-F-NYC, REMIC, 3.70%, 05/12/31 | 375 | 265 |
| Dryden 40 Senior Loan Fund |  |  |
| Series 2015-ER-40A, 10.34%, (3 Month Term SOFR + 6.01%), 08/15/31 (i) (o) | 500 | 465 |
| Eleven Madison Trust 2015-11MD Mortgage Trust |  |  |
| Series 2015-A-11MD, REMIC, 3.55%, 09/11/25 (o) | 143 | 142 |
| Five 2023-V1 Mortgage Trust |  |  |
| Series 2023-E-V1, REMIC, 6.30%, 02/11/28 (o) | 417 | 382 |
| FS Rialto 2021-FL3 Issuer, Ltd. |  |  |
| Series 2021-D-FL3, 6.93%, (1 Month Term SOFR + 2.61%), 11/18/36 (o) | 330 | 328 |
| FS Rialto 2024-FL9 Issuer, LLC |  |  |
| Series 2024-D-FL9, 8.26%, (1 Month Term SOFR + 3.94%), 10/19/39 (o) | 300 | 293 |
| GS Mortgage Securities Trust 2010-C1 |  |  |
| Series 2010-C-C1, REMIC, 5.64%, 08/10/43 (o) | 199 | 197 |
| GS Mortgage Securities Trust 2014-GC26 |  |  |
| Series 2014-D-GC26, REMIC, 4.40%, 11/13/47 (o) | 170 | 88 |
| GS Mortgage Securities Trust 2015-GC28 |  |  |
| Series 2015-D-GC28, REMIC, 4.42%, 02/12/48 (o) | 337 | 329 |
| GS Mortgage Securities Trust 2018-GS9 |  |  |
| Series 2018-D-GS9, REMIC, 3.00%, 03/10/28 | 1000 | 790 |
| GS Mortgage Securities Trust 2021-GSA3 |  |  |
| Interest Only, Series 2021-XF-GSA3, REMIC, 1.40%, 12/17/54 (o) | 3608 | 273 |
| GSAA Home Equity Trust 2007-9 |  |  |
| Series 2007-A2A-9, REMIC, 6.50%, 10/25/37 | 1553 | 901 |
| H.I.G. RCP 2023-FL1, LLC |  |  |
| Series 2023-B-FL1, 7.93%, (1 Month Term SOFR + 3.50%), 09/21/38 (o) | 400 | 401 |
| HGI CRE CLO 2021-FL1, Ltd. |  |  |
| Series 2021-D-FL1, 6.78%, (1 Month Term SOFR + 2.46%), 06/19/36 (o) | 350 | 349 |
| HPS Loan Management 2013-2, Ltd. |  |  |
| Series 2013-DR-2A, 11.13%, (3 Month Term SOFR + 6.86%), 10/22/29 (o) | 1000 | 999 |
| J.P. Morgan Chase Commercial Mortgage Securities Corp. |  |  |
| Series 2019-G-UES, REMIC, 4.45%, 05/06/32 (o) | 114 | 105 |
| J.P. Morgan Chase Commercial Mortgage Securities Trust 2019-MFP |  |  |
| Interest Only, Series 2019-XG-MFP, REMIC, 0.50%, 07/15/36 (o) | 347 | 3 |
| Series 2019-G-MFP, REMIC, 8.41%, (1 Month Term SOFR + 4.10%), 07/15/36 (o) | 347 | 251 |
| Jol Air Limited |  |  |
| Series 2019-B-1, 4.95%, 04/15/26 | 275 | 272 |
| JPMBB Commercial Mortgage Securities Trust 2014-C24 |  |  |
| Interest Only, Series 2014-XA-C24, REMIC, 0.71%, 11/18/47 (o) | 1408 | 7 |
| JPMBB Commercial Mortgage Securities Trust 2015-C31 |  |  |
| Interest Only, Series 2015-XA-C32, REMIC, 1.08%, 11/18/48 (o) | 17493 | 64 |
| LCM XVII Limited Partnership |  |  |
| Series ER-17A, 10.52%, (3 Month Term SOFR + 6.26%), 10/15/31 (o) | 500 | 376 |
| Lehman Mortgage Trust 2006-5 |  |  |
| Series 2006-1A6-5, REMIC, 4.93%, (1 Month Term SOFR + 0.61%), 09/25/36 (o) | 663 | 226 |
| Lehman Mortgage Trust 2007-2 |  |  |
| Interest Only, Series 2007-2A13-2, REMIC, 2.26%, (6.58% - (1 Month Term SOFR \* 1)), 03/25/37 (o) | 10870 | 822 |
| Series 2007-2A1-2, REMIC, 4.74%, (1 Month Term SOFR + 0.42%), 03/25/37 (o) | 10788 | 1918 |
| Madison Park Funding XIV, Ltd. |  |  |
| Series 2014-ER-14A, 10.33%, (3 Month Term SOFR + 6.06%), 10/22/30 (o) | 500 | 492 |
| Madison Park Funding XLVIII Ltd |  |  |
| Series 2021-E-48A, 10.78%, (3 Month Term SOFR + 6.51%), 04/19/33 (o) | 1000 | 1000 |
| MAPS 2021-1 Trust |  |  |
| Series 2021-C-1A, 5.44%, 06/15/28 | 9 | 9 |

---

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page [607](#abbreviations).

**JNL Series Trust** (Unaudited)

**Schedules of Investments (in thousands)**

June 30, 2025

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| Mariner Finance Issuance Trust 2024-B |  |  |
| Series 2024-A-BA, 4.91%, 10/21/30 | 250 | 253 |
| MetroNet Infrastructure Issuer LLC |  |  |
| Series 2023-B-1A, 8.01%, 02/20/28 | 500 | 516 |
| MF1 2024-FL14 LLC |  |  |
| Series 2024-D-FL14, REMIC, 8.71%, (1 Month Term SOFR + 4.84%), 03/19/39 (o) | 300 | 299 |
| Series 2024-E-FL14, REMIC, 10.61%, (1 Month Term SOFR + 6.29%), 03/19/39 (o) | 400 | 398 |
| MF1 2024-FL15 LLC |  |  |
| Series 2024-D-FL15, 8.35%, (1 Month Term SOFR + 4.04%), 08/18/41 (o) | 350 | 350 |
| Milos CLO, Ltd. |  |  |
| Series 2017-ER-1A, 10.68%, (3 Month Term SOFR + 6.41%), 10/21/30 (o) | 500 | 494 |
| Morgan Stanley Capital I Trust 2016-UBS11 |  |  |
| Interest Only, Series 2016-XA-UB11, REMIC, 1.43%, 08/17/49 (o) | 14155 | 143 |
| Morgan Stanley Mortgage Loan Trust 2006-13ARX |  |  |
| Series 2006-A1-13AX, REMIC, 0.70%, (1 Month Term SOFR + 0.29%), 10/25/36 (o) (p) (q) | 4038 | 1150 |
| Myers Park CLO, Ltd. |  |  |
| Series 2018-E-1A, 10.03%, (3 Month Term SOFR + 5.76%), 10/21/30 (o) | 1000 | 995 |
| Neuberger Berman Loan Advisers CLO 42, Ltd. |  |  |
| Series 2021-DR-46A, 6.92%, (3 Month Term SOFR + 2.65%), 01/21/37 (o) | 500 | 501 |
| Neuberger Berman Loan Advisers CLO 44, Ltd. |  |  |
| Series 2021-ER-44A, 9.41%, (3 Month Term SOFR + 5.15%), 10/16/35 (o) | 500 | 490 |
| Nomura Asset Acceptance Corporation, Alternative Loan Trust, Series 2005-AR4 |  |  |
| Series 2006-5A1-AR1, REMIC, 0.47%, (1 Month Term SOFR + 0.65%), 02/25/36 (o) (p) (q) | 6636 | 719 |
| Octagon 57 Ltd |  |  |
| Series 2021-E-1A, 11.12%, (3 Month Term SOFR + 6.86%), 10/16/34 (o) | 1500 | 1486 |
| Octagon Investment Partners 40 Ltd. |  |  |
| Series 2019-ER-1A, 11.53%, (3 Month Term SOFR + 7.26%), 01/20/35 (o) | 1000 | 950 |
| Octagon Investment Partners XVI, Ltd. |  |  |
| Series 2013-ER-1A, 10.29%, (3 Month Term SOFR + 6.01%), 07/17/30 (o) | 500 | 469 |
| Series 2013-SUB-1A, REMIC, 2.59%, 07/17/30 (i) (o) | 1500 |  |
| PFP 2024-11 Ltd |  |  |
| Series 2024-C-11, 7.30%, (1 Month Term SOFR + 3.05%), 09/19/39 (o) | 293 | 293 |
| PRKCM 2022-AFC2 Trust |  |  |
| Series 2022-M1-AFC2, REMIC, 6.14%, 08/25/26 (o) | 2000 | 1993 |
| Ready Capital Mortgage Financing 2021-FL7, LLC |  |  |
| Series 2021-E-FL7, 7.83%, (1 Month Term SOFR + 3.51%), 11/25/36 (o) | 300 | 296 |
| Rockland Park Limited |  |  |
| Series 2021-E-1A, 10.78%, (3 Month Term SOFR + 6.51%), 04/20/34 (o) | 500 | 501 |
| SG Residential Mortgage Trust 2021-2 |  |  |
| Series 2021-B2-2, REMIC, 3.95%, 12/25/61 (o) (q) | 4191 | 3057 |
| SMB Private Education Loan Trust 2021-A |  |  |
| Series 2021-R-A, 0.00%, 01/15/53 | 1 | 860 |
| SoFi Professional Loan Program 2018-C Trust |  |  |
| Series 2018-R1-C, REMIC, 0.00%, 01/25/48 (e) | 50 | 341 |
| Sound Point CLO 37, Ltd. |  |  |
| Series 2019-ER-2A, 10.99%, (3 Month Term SOFR + 6.73%), 07/17/34 (o) | 500 | 444 |
| Sound Point CLO XXXII Ltd |  |  |
| Series 2021-E-4A, 11.24%, (3 Month Term SOFR + 6.96%), 10/25/34 (o) | 500 | 453 |
| Spruce Hill Mortgage Loan Trust 2020-SH1 |  |  |
| Series 2020-B2-SH1, REMIC, 4.68%, 01/28/50 (o) | 1200 | 1140 |
| Starwood Mortgage Residential Trust 2021-4 |  |  |
| Series 2021-B2-4, REMIC, 4.14%, 08/25/56 (o) (q) | 3767 | 3126 |
| Structured Adjustable Rate Mortgage Loan Trust 2005-3XS |  |  |
| Series 2004-2A2-19, REMIC, 5.27%, 01/25/35 (o) | 983 | 889 |
| STWD 2021-FL2, Ltd. |  |  |
| Series 2021-B-FL2, 6.24%, (1 Month Term SOFR + 1.91%), 04/16/38 (o) (p) | 100 | 99 |
| Series 2021-C-FL2, 6.54%, (1 Month Term SOFR + 2.21%), 04/16/38 (o) (p) | 300 | 296 |
| Sunbird Engine Finance Limited |  |  |
| Series 2020-C-1A, 6.78%, 02/15/27 (p) | 28 | 28 |
| THL Credit Wind River 2014-3 CLO Ltd |  |  |
| Series 2014-ER2-3A, 10.75%, (3 Month Term SOFR + 6.48%), 10/22/31 (o) | 500 | 478 |
| Tricon American Homes 2020-SFR1 Trust |  |  |
| Series 2020-F-SFR1, REMIC, 4.88%, 07/17/26 | 5000 | 4966 |
| Upstart Securitization Trust 2021-4 |  |  |
| Series 2021-C-4, 3.19%, 09/20/31 | 275 | 272 |
| Velocity Commercial Capital Loan Trust 2018-2 |  |  |
| Series 2018-M4-2, REMIC, 5.32%, 03/25/26 | 162 | 143 |
| Series 2018-M5-2, REMIC, 6.36%, 06/25/26 | 92 | 82 |
| Series 2018-M6-2, REMIC, 7.05%, 08/25/27 | 213 | 181 |
| Velocity Commercial Capital Loan Trust 2019-1 |  |  |
| Series 2019-M4-1, REMIC, 4.61%, 03/25/27 (o) | 307 | 260 |
| Series 2019-M5-1, REMIC, 5.70%, 08/25/27 (o) | 178 | 154 |
| Series 2019-M6-1, REMIC, 6.79%, 08/25/28 (o) | 262 | 209 |
| VOLT XCII, LLC |  |  |
| Series 2021-A2-NPL1, 4.95%, 02/27/51 (p) | 510 | 510 |
| Voya CLO Ltd |  |  |
| Series 2019-E-2A, 11.13%, (3 Month Term SOFR + 6.86%), 07/20/32 (o) | 500 | 500 |
| Wells Fargo & Company |  |  |
| Series 2016-D-C33, REMIC, 3.12%, 03/17/26 | 470 | 439 |
| Wells Fargo Commercial Mortgage Trust 2015-NXS4 |  |  |
| Series 2015-D-NXS4, REMIC, 3.68%, 11/18/25 (o) | 293 | 282 |
| Wells Fargo Commercial Mortgage Trust 2018-C46 |  |  |
| Series 2018-C-C46, REMIC, 4.95%, 08/17/28 (o) | 280 | 261 |
| Wells Fargo Commercial Mortgage Trust 2024-C63 |  |  |
| Interest Only, Series 2024-XD-C63, REMIC, 2.30%, 08/17/57 (o) | 1840 | 296 |
| WFRBS Commercial Mortgage Trust 2013-C14 |  |  |
| Series 2013-AS-C14, REMIC, 3.49%, 06/15/46 | 48 | 46 |
| Willis Engine Structured Trust IV |  |  |
| Series 2018-A-A, 4.75%, 09/15/26 (i) (p) | 574 | 565 |
| Wind River 2018-2 CLO Ltd. |  |  |
| Series 2018-E-2A, 10.27%, (3 Month Term SOFR + 6.01%), 07/15/30 (o) | 500 | 479 |
| Total Non-U.S. Government Agency Asset-Backed Securities (cost $84,131) | Total Non-U.S. Government Agency Asset-Backed Securities (cost $84,131) | 71431 |
| **GOVERNMENT AND AGENCY OBLIGATIONS 4.9%** | **GOVERNMENT AND AGENCY OBLIGATIONS 4.9%** | **GOVERNMENT AND AGENCY OBLIGATIONS 4.9%** |
| **Collateralized Mortgage Obligations 4.3%** | **Collateralized Mortgage Obligations 4.3%** | **Collateralized Mortgage Obligations 4.3%** |
| Connecticut Avenue Securities Trust 2021-R01 |  |  |
| Series 2022-1B2-R01, REMIC, 10.31%, (SOFR 30-Day Average + 6.00%), 12/26/41 (o) | 1250 | 1310 |
| Connecticut Avenue Securities Trust 2022-R03 |  |  |
| Series 2022-1B2-R03, REMIC, 14.16%, (SOFR 30-Day Average + 9.85%), 03/25/42 (o) | 1000 | 1119 |
| Federal Home Loan Mortgage Corporation |  |  |
| Series SW-4170, REMIC, 0.00%, (3.94% - (SOFR 30-Day Average \* 1)), 01/15/33 (o) | 321 | 294 |
| Interest Only, Series SG-3972, REMIC, 1.48%, (5.79% - (SOFR 30-Day Average \* 1)), 12/15/41 (o) | 2719 | 279 |
| Series MS-4096, REMIC, 0.04%, (2.51% - (SOFR 30-Day Average \* 0.57)), 08/15/42 (o) | 129 | 71 |
| Series SB-4118, REMIC, 0.10%, (2.56% - (SOFR 30-Day Average \* 0.57)), 10/15/42 (o) | 77 | 38 |
| Series SJ-4141, REMIC, 0.00%, (4.63% - (SOFR 30-Day Average \* 1.5)), 12/15/42 (o) | 92 | 42 |
| Series ST-4666, REMIC, 0.00%, (6.80% - (SOFR 30-Day Average \* 1.75)), 12/15/42 (o) | 119 | 62 |
| Interest Only, Series CI-5156, REMIC, 3.00%, 02/25/50 | 3313 | 598 |

---

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page [607](#abbreviations).

**JNL Series Trust** (Unaudited)

**Schedules of Investments (in thousands)**

June 30, 2025

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| Interest Only, Series HI-5023, REMIC, 3.00%, 10/25/50 | 2317 | 385 |
| Interest Only, Series TI-5057, REMIC, 3.00%, 11/25/50 | 3053 | 497 |
| Interest Only, Series CI-5293, REMIC, 2.50%, 04/25/51 | 5507 | 883 |
| Interest Only, Series AI-5127, REMIC, 3.00%, 06/25/51 | 3689 | 633 |
| Interest Only, Series IN-5180, REMIC, 3.00%, 07/25/51 | 2028 | 408 |
| Interest Only, Series PI-5133, REMIC, 3.00%, 08/25/51 | 3491 | 551 |
| Interest Only, Series IA-5353, REMIC, 2.50%, 10/25/51 | 5410 | 622 |
| Federal National Mortgage Association, Inc. |  |  |
| Interest Only, Series C7-427, 2.50%, 08/25/35 | 6933 | 539 |
| Interest Only, Series C1-437, 1.50%, 05/25/37 | 15092 | 819 |
| Interest Only, Series C34-431, 1.50%, 06/25/37 | 10734 | 569 |
| Interest Only, Series C34-436, 3.00%, 07/25/52 | 2263 | 393 |
| Series 2012-GS-125, REMIC, 0.10%, (2.56% - (SOFR 30-Day Average \* 0.57)), 11/25/42 (o) | 811 | 478 |
| Interest Only, Series 2018-SA-54, REMIC, 1.83%, (6.14% - (SOFR 30-Day Average \* 1)), 08/25/48 (o) | 2010 | 196 |
| Interest Only, Series 2020-AS-54, REMIC, 1.73%, (6.04% - (SOFR 30-Day Average \* 1)), 08/25/50 (o) | 1962 | 249 |
| Interest Only, Series 2020-SA-74, REMIC, 0.00%, (4.10% - (SOFR 30-Day Average \* 1)), 10/25/50 (o) | 5076 | 262 |
| Interest Only, Series 2020-SA-77, REMIC, 0.00%, (4.10% - (SOFR 30-Day Average \* 1)), 11/25/50 (o) | 6727 | 277 |
| Interest Only, Series 2020-SB-77, REMIC, 0.00%, (4.10% - (SOFR 30-Day Average \* 1)), 11/25/50 (o) | 4818 | 207 |
| Interest Only, Series 2020-IB-80, REMIC, 2.50%, 11/25/50 | 3999 | 644 |
| Interest Only, Series 2021-S-82, REMIC, 0.00%, (3.75% - (SOFR 30-Day Average \* 1)), 01/25/51 (o) | 6825 | 261 |
| Interest Only, Series 2020-HI-96, REMIC, 3.00%, 01/25/51 | 2295 | 393 |
| Interest Only, Series 2021-PI-20, REMIC, 2.50%, 04/25/51 | 3999 | 662 |
| Interest Only, Series 2024-IO-32, REMIC, 2.50%, 04/25/51 | 671 | 105 |
| Interest Only, Series 2021-WI-56, REMIC, 2.50%, 09/25/51 | 3998 | 520 |
| Interest Only, Series 2021-LI-66, REMIC, 2.50%, 10/25/51 | 3451 | 576 |
| Interest Only, Series 2021-MI-74, REMIC, 2.50%, 11/25/51 | 3414 | 393 |
| Interest Only, Series 2023-IO-59, REMIC, 2.50%, 12/25/51 | 5093 | 563 |
| Government National Mortgage Association |  |  |
| Interest Only, Series 2013-SA-195, REMIC, 0.09%, 01/20/42 (o) | 3241 | 100 |
| Interest Only, Series 2018-HS-97, REMIC, 1.77%, (6.09% - (1 Month Term SOFR \* 1)), 07/20/48 (o) | 167 | 20 |
| Interest Only, Series 2018-SD-91, REMIC, 1.77%, (6.09% - (1 Month Term SOFR \* 1)), 07/20/48 (o) | 1329 | 145 |
| Interest Only, Series 2018-SA-111, REMIC, 0.12%, (4.44% - (1 Month Term SOFR \* 1)), 08/20/48 (o) | 2008 | 78 |
| Interest Only, Series 2018-SH-105, REMIC, 1.82%, (6.14% - (1 Month Term SOFR \* 1)), 08/20/48 (o) | 1272 | 145 |
| Interest Only, Series 2018-SK-124, REMIC, 1.77%, (6.09% - (1 Month Term SOFR \* 1)), 09/20/48 (o) | 1558 | 179 |
| Interest Only, Series 2018-SA-166, REMIC, 1.72%, (6.04% - (1 Month Term SOFR \* 1)), 12/20/48 (o) | 1410 | 150 |
| Interest Only, Series 2019-SH-92, REMIC, 1.67%, (5.99% - (1 Month Term SOFR \* 1)), 07/20/49 (o) | 1358 | 159 |
| Interest Only, Series 2022-IB-218, REMIC, 3.00%, 07/20/50 | 602 | 103 |
| Interest Only, Series 2020-SC-115, REMIC, 0.00%, (4.09% - (1 Month Term SOFR \* 1)), 08/20/50 (o) | 3608 | 163 |
| Interest Only, Series 2020-BS-112, REMIC, 1.82%, (6.14% - (1 Month Term SOFR \* 1)), 08/20/50 (o) | 2879 | 399 |
| Interest Only, Series 2020-SD-142, REMIC, 1.87%, (6.19% - (1 Month Term SOFR \* 1)), 09/20/50 (o) | 2383 | 354 |
| Interest Only, Series 2020-SH-146, REMIC, 1.87%, (6.19% - (1 Month Term SOFR \* 1)), 10/20/50 (o) | 2214 | 335 |
| Interest Only, Series 2020-TI-151, REMIC, 2.50%, 10/20/50 | 3990 | 599 |
| Interest Only, Series 2022-AI-112, REMIC, 2.50%, 10/20/50 | 1326 | 207 |
| Interest Only, Series 2020-MI-154, REMIC, 3.00%, 10/20/50 | 3502 | 590 |
| Interest Only, Series 2020-SD-167, REMIC, 1.87%, (6.19% - (1 Month Term SOFR \* 1)), 11/20/50 (o) | 2317 | 344 |
| Interest Only, Series 2020-AI-173, REMIC, 2.50%, 11/20/50 | 4091 | 639 |
| Interest Only, Series 2020-DI-167, REMIC, 2.50%, 11/20/50 | 4363 | 644 |
| Interest Only, Series 2020-HI-173, REMIC, 2.50%, 11/20/50 | 4209 | 626 |
| Interest Only, Series 2020-KI-175, REMIC, 2.50%, 11/20/50 | 4948 | 727 |
| Interest Only, Series 2020-YI-165, REMIC, 2.50%, 11/20/50 | 4221 | 618 |
| Interest Only, Series 2020-SU-189, REMIC, 1.87%, (6.19% - (1 Month Term SOFR \* 1)), 12/20/50 (o) | 2141 | 313 |
| Interest Only, Series 2020-BI-188, REMIC, 2.50%, 12/20/50 | 4284 | 667 |
| Interest Only, Series 2020-UH-191, REMIC, 3.50%, 12/20/50 | 3207 | 615 |
| Interest Only, Series 2021-SA-97, REMIC, 0.00%, (2.60% - (SOFR 30-Day Average \* 1)), 06/20/51 (o) | 8198 | 99 |
| Interest Only, Series 2021-SB-107, REMIC, 0.00%, (3.10% - (SOFR 30-Day Average \* 1)), 06/20/51 (o) | 5587 | 118 |
| Interest Only, Series 2021-SB-97, REMIC, 0.00%, (3.64% - (1 Month Term SOFR \* 1)), 06/20/51 (o) | 3203 | 105 |
| Interest Only, Series 2021-IP-160, REMIC, 2.50%, 06/20/51 | 3564 | 445 |
| Interest Only, Series 2021-BI-149, REMIC, 3.00%, 08/20/51 | 3548 | 567 |
| Interest Only, Series 2021-SA-158, REMIC, 0.00%, (3.70% - (SOFR 30-Day Average \* 1)), 09/20/51 (o) | 4782 | 173 |
| Interest Only, Series 2021-BI-160, REMIC, 3.00%, 09/20/51 | 3605 | 609 |
| Interest Only, Series 2021-IA-159, REMIC, 3.00%, 09/20/51 | 3576 | 571 |
| Interest Only, Series 2021-VI-161, REMIC, 3.00%, 09/20/51 | 4729 | 643 |
| Interest Only, Series 2024-KI-48, REMIC, 2.50%, 10/20/51 | 3999 | 586 |
| Interest Only, Series 2025-JI-62, REMIC, 2.50%, 10/20/51 | 5017 | 621 |
| Interest Only, Series 2021-SL-196, REMIC, 0.00%, (2.65% - (SOFR 30-Day Average \* 1)), 11/20/51 (o) | 13328 | 136 |
| Interest Only, Series 2022-IO-83, REMIC, 2.50%, 11/20/51 | 4313 | 630 |
| Interest Only, Series 2023-GI-19, REMIC, 3.00%, 11/20/51 | 3713 | 563 |
| Interest Only, Series 2021-IB-197, REMIC, 3.50%, 11/20/51 | 3657 | 683 |
| Interest Only, Series 2021-SC-221, REMIC, 0.00%, (3.80% - (SOFR 30-Day Average \* 1)), 12/20/51 (o) | 7928 | 251 |

---

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page [607](#abbreviations).

**JNL Series Trust** (Unaudited)

**Schedules of Investments (in thousands)**

June 30, 2025

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| Interest Only, Series 2021-SN-213, REMIC, 0.00%, (3.20% - (SOFR 30-Day Average \* 1)), 12/20/51 (o) | 7533 | 168 |
| Interest Only, Series 2024-BI-6, REMIC, 3.00%, 12/20/51 | 3688 | 596 |
| Interest Only, Series 2022-IO-137, REMIC, 3.00%, 01/20/52 | 3950 | 577 |
| Interest Only, Series 2024-CI-79, REMIC, 3.50%, 02/20/52 | 3494 | 583 |
| Interest Only, Series 2020-HI-H11, REMIC, 1.90%, 06/19/70 (o) | 5221 | 389 |
| Interest Only, Series 2020-AI-H18, REMIC, 2.45%, 09/20/70 (o) | 5182 | 378 |
| Interest Only, Series 2020-BI-H19, REMIC, 1.79%, 11/20/70 (o) | 4257 | 394 |
| Interest Only, Series 2021-QI-H08, REMIC, 0.15%, 05/20/71 (o) | 21041 | 649 |
| Government National Mortgage Association Guaranteed REMIC Pass-Through Securities, The |  |  |
| Interest Only, Series 2025-MI-48, REMIC, 2.50%, 06/20/51 | 6342 | 944 |
| Interest Only, Series 2022-IO-207, REMIC, 3.00%, 08/20/51 | 5208 | 872 |
| Government National Mortgage Association REMIC Trust 2019-085 |  |  |
| Interest Only, Series 2019-IH-90, REMIC, 3.00%, 05/20/48 | 3663 | 567 |
| Government National Mortgage Association REMIC Trust 2024-025 |  |  |
| Interest Only, Series 2024-DI-24, REMIC, 3.50%, 11/20/51 | 3119 | 590 |
| | | 38324 |
| **Commercial Mortgage-Backed Securities 0.4%** | **Commercial Mortgage-Backed Securities 0.4%** | **Commercial Mortgage-Backed Securities 0.4%** |
| Federal National Mortgage Association, Inc. |  |  |
| Interest Only, Series 2020-X9-M10, REMIC, 0.86%, 12/25/27 (o) | 9035 | 63 |
| Interest Only, Series 2019-X-M5, REMIC, 0.61%, 02/25/29 (o) | 11790 | 164 |
| Interest Only, Series 2019-X-M7, REMIC, 0.44%, 05/25/29 (o) | 8871 | 97 |
| Interest Only, Series 2019-X-M12, REMIC, 0.70%, 06/25/29 (o) | 7796 | 134 |
| Interest Only, Series 2019-X-M25, REMIC, 0.21%, 11/25/29 (o) | 24936 | 119 |
| Interest Only, Series 2022-X2-M4, REMIC, 0.26%, 05/25/30 (o) | 34805 | 259 |
| Interest Only, Series 2020-X2-M13, REMIC, 1.33%, 09/25/30 (o) | 3395 | 126 |
| Interest Only, Series 2019-X2-M21, REMIC, 1.40%, 02/25/31 (o) | 3397 | 173 |
| Interest Only, Series 2019-2XA-M24, REMIC, 1.27%, 03/25/31 (o) | 3434 | 158 |
| Interest Only, Series 2021-X1-M23, REMIC, 0.60%, 11/25/31 (o) | 12025 | 184 |
| Interest Only, Series 2020-X4-M10, REMIC, 0.99%, 07/25/32 (o) | 11736 | 410 |
| Freddie Mac Multifamily Securities 2018-KF56 Mortgage Trust |  |  |
| Series 2018-C-KF56, REMIC, 11.05%, (SOFR 30-Day Average + 5.91%), 11/25/28 (o) (q) | 246 | 235 |
| Government National Mortgage Association |  |  |
| Interest Only, Series 2021-IO-94, REMIC, 0.83%, 02/16/63 (o) | 6744 | 425 |
| Interest Only, Series 2021-IO-52, REMIC, 0.72%, 04/16/63 (o) | 4492 | 227 |
| Interest Only, Series 2023-IO-179, REMIC, 0.61%, 09/16/63 (o) | 9687 | 412 |
| Interest Only, Series 2022-IO-48, REMIC, 0.71%, 01/16/64 (o) | 7386 | 418 |
| Interest Only, Series 2025-IO-21, REMIC, 0.95%, 04/16/65 (o) | 1461 | 98 |
| Interest Only, Series 2024-AI-170, REMIC, 0.77%, 10/16/65 (o) | 1979 | 131 |
| Interest Only, Series 2024-IO-170, REMIC, 1.00%, 03/16/66 (o) | 1677 | 131 |
|  |  | 3964 |
| **U.S. Treasury Note 0.1%** | **U.S. Treasury Note 0.1%** | **U.S. Treasury Note 0.1%** |
| Treasury, United States Department of |  |  |
| 4.00%, 03/31/30 (a) | 1231 | 1243 |
| **Mortgage-Backed Securities 0.1%** | **Mortgage-Backed Securities 0.1%** | **Mortgage-Backed Securities 0.1%** |
| Federal National Mortgage Association, Inc. |  |  |
| 3.24%, 01/01/33 | 1092 | 1020 |
| Total Government And Agency Obligations (cost $51,709) | Total Government And Agency Obligations (cost $51,709) | 44551 |
| **SENIOR FLOATING RATE INSTRUMENTS 1.0%** | **SENIOR FLOATING RATE INSTRUMENTS 1.0%** | **SENIOR FLOATING RATE INSTRUMENTS 1.0%** |
| **Communication Services 0.4%** | **Communication Services 0.4%** | **Communication Services 0.4%** |
| Avaya, Inc. |  |  |
| 2023 Exit Term Loan, 11.83%, (1 Month Term SOFR + 7.50%), 08/01/28 (o) | 306 | 238 |
| ClubCorp Holdings, Inc. |  |  |
| 2023 Term Loan B2, 0.00%, (3 Month Term SOFR + 5.00%), 10/01/28 (o) (r) | 55 | 55 |
| CommScope, Inc. |  |  |
| 2024 Term Loan, 9.58%, (1 Month Term SOFR + 5.25%), 12/15/29 (o) | 50 | 51 |
| 2024 Term Loan, 0.00%, (1 Month Term SOFR + 5.25%), 12/17/29 (o) (r) | 15 | 15 |
| Crown Finance US, Inc. |  |  |
| 2024 Term Loan B, 9.57%, (1 Month Term SOFR + 5.25%), 10/31/31 (o) | 25 | 25 |
| DirecTV Financing, LLC |  |  |
| 2024 Term Loan, 9.79%, (3 Month Term SOFR + 5.25%), 08/02/29 (o) | 51 | 51 |
| Flutter Financing B.V. |  |  |
| 2025 Term Loan B, 8.50%, (Prime + 1.00%), 05/22/32 (o) | 15 | 15 |
| Great Outdoors Group, LLC |  |  |
| 2025 Term Loan B, 7.58%, (1 Month Term SOFR + 3.25%), 01/20/32 (o) | 34 | 34 |
| Lumen Technologies, Inc. |  |  |
| 2024 Extended Term Loan B1, 0.00%, (1 Month Term SOFR + 2.35%), 04/15/29 (o) (r) | 1000 | 987 |
| 2024 Extended Term Loan B2, 0.00%, (1 Month Term SOFR + 2.35%), 04/15/30 (o) (r) | 1500 | 1480 |
| NEP Group, Inc. |  |  |
| 2023 Term Loan B, 7.84%, (3 Month Term SOFR + 1.50%), 08/19/26 (o) | 60 | 55 |
| Univision Communications Inc. |  |  |
| 2022 First Lien Term Loan B, 8.55%, (3 Month Term SOFR + 4.25%), 06/10/29 (o) | 50 | 49 |
| Voyager Parent LLC |  |  |
| Term Loan, 0.00%, (SOFR + 4.75%), 05/08/32 (o) (r) | 120 | 119 |
|  |  | 3174 |
| **Industrials 0.2%** | **Industrials 0.2%** | **Industrials 0.2%** |
| AI Aqua Merger Sub, Inc. |  |  |
| 2024 1st Lien Term Loan B, 7.32%, (1 Month Term SOFR + 3.00%), 07/31/28 (o) | 100 | 100 |
| Air Comm Corporation, LLC |  |  |
| 2024 Term Loan, 7.30%, (3 Month Term SOFR + 3.00%), 11/21/31 (o) | 51 | 51 |
| Allied Universal Holdco LLC |  |  |
| 2021 USD Incremental Term Loan B, 8.18%, (1 Month Term SOFR + 3.75%), 05/04/28 (o) | 65 | 65 |
| American Airlines, Inc. |  |  |
| 2025 Term Loan B, 7.57%, (3 Month Term SOFR + 3.25%), 05/09/32 (o) | 45 | 45 |
| Beach Acquistion Bidco LLC |  |  |
| Tem Loan B1, 0.00%, (SOFR + 3.25%), 06/25/32 (o) (r) | 25 | 25 |
| Colossus Acquireco LLC |  |  |
| Term Loan, 0.00%, (SOFR + 1.75%), 06/12/32 (o) (r) | 110 | 109 |
| Constant Contact Inc |  |  |
| Second Lien Term Loan, 12.02%, (3 Month Term SOFR + 7.50%), 02/10/29 (o) | 360 | 306 |
| Cube Industrials Buyer Inc |  |  |
| 2024 Term Loan, 7.52%, (3 Month Term SOFR + 3.25%), 10/09/31 (o) | 100 | 100 |
| DG Investment Intermediate Holdings 2, Inc. |  |  |
| 2021 Term Loan, 7.94%, (1 Month Term SOFR + 3.50%), 03/31/28 (o) | 94 | 94 |

---

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page [607](#abbreviations).

**JNL Series Trust** (Unaudited)

**Schedules of Investments (in thousands)**

June 30, 2025

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| Edelman Financial Center, LLC |  |  |
| 2024 Term Loan, 7.33%, (1 Month Term SOFR + 3.00%), 04/07/28 (o) | 50 | 50 |
| 2024 2nd Lien Term Loan, 9.58%, (1 Month Term SOFR + 5.25%), 10/23/28 (o) | 50 | 50 |
| Fertitta Entertainment, LLC |  |  |
| 2022 Term Loan B, 7.83%, (1 Month Term SOFR + 3.50%), 01/13/29 (k) (o) | 64 | 64 |
| Focus Financial Partners, LLC |  |  |
| 2025 Incremental Term Loan B, 0.00%, (1 Month Term SOFR + 2.75%), 09/15/31 (o) (r) | 20 | 20 |
| 2025 Incremental Term Loan B, 7.08%, (1 Month Term SOFR + 2.75%), 09/15/31 (o) | 75 | 74 |
| GG Ferry Acquisition I Inc |  |  |
| Term Loan, 0.00%, (SOFR + 3.50%), 06/06/32 (o) (r) | 55 | 54 |
| Grant Thornton Advisors LLC |  |  |
| 2025 Incremental Term Loan, 7.33%, (1 Month Term SOFR + 3.00%), 05/30/31 (o) | 40 | 40 |
| HighTower Holdings LLC |  |  |
| 2025 Term Loan B, 7.26%, (3 Month Term SOFR + 3.00%), 01/16/32 (o) | 75 | 75 |
| Kenan Advantage Group, Inc. |  |  |
| 2024 Term Loan B4, 7.58%, (1 Month Term SOFR + 3.25%), 01/25/29 (o) | 99 | 98 |
| LBM Acquisition LLC |  |  |
| 2024 Incremental Term Loan B, 0.00%, (1 Month Term SOFR + 3.75%), 06/06/31 (o) (r) | 5 | 5 |
| 2024 Incremental Term Loan B, 8.16%, (1 Month Term SOFR + 3.75%), 06/06/31 (o) | 99 | 92 |
| LC AHAB US Bidco LLC |  |  |
| Term Loan B, 7.33%, (1 Month Term SOFR + 3.00%), 04/14/31 (o) | 50 | 50 |
| Madison IAQ LLC |  |  |
| 2025 Term Loan B, 7.56%, (3 Month Term SOFR + 3.25%), 03/26/32 (o) | 55 | 55 |
| PUG LLC |  |  |
| 2024 Extended Term Loan B, 9.08%, (1 Month Term SOFR + 4.75%), 03/12/30 (o) | 99 | 96 |
| QXO Inc |  |  |
| Term Loan B, 7.28%, (3 Month Term SOFR + 3.00%), 04/23/32 (o) | 11 | 11 |
| Tecta America Corp. |  |  |
| 2025 Term Loan B, 7.33%, (1 Month Term SOFR + 3.00%), 02/12/32 (o) | 40 | 40 |
| Tiger Acquisition, LLC |  |  |
| 2024 Term Loan B, 7.08%, (1 Month Term SOFR + 2.75%), 06/01/28 (o) | 93 | 94 |
| Titan Acquisition Limited |  |  |
| 2024 Term Loan B, 8.72%, (6 Month Term SOFR + 4.50%), 02/01/29 (o) | 109 | 109 |
| Travelport Finance (Luxembourg) S.a.r.l. |  |  |
| 2020 Super Priority Term Loan, 15.54%, (PIK + 2.20%), 09/29/28 (k) (o) | 61 | 47 |
| Veritiv Corporation |  |  |
| Term Loan B, 8.30%, (3 Month Term SOFR + 4.00%), 11/30/30 (o) | 20 | 20 |
| White Cap Buyer LLC |  |  |
| 2024 Term Loan B, 7.58%, (1 Month Term SOFR + 3.25%), 10/19/29 (o) | 100 | 99 |
| | | 2138 |
| **Information Technology 0.1%** | **Information Technology 0.1%** | **Information Technology 0.1%** |
| Arches Buyer Inc. |  |  |
| 2021 Term Loan B, 7.68%, (1 Month Term SOFR + 3.25%), 12/06/27 (o) | 25 | 25 |
| Ascend Learning, LLC |  |  |
| 2025 Repriced Term Loan B, 7.33%, (1 Month Term SOFR + 3.00%), 12/11/28 (o) | 95 | 94 |
| Astra Acquisition Corp. |  |  |
| 2021 2nd Lien Term Loan, 0.00%, (3 Month Term SOFR + 8.88%), 10/22/29 (o) (r) | 405 | 1 |
| Boxer Parent Company Inc. |  |  |
| 2024 2nd Lien Term Loan, 10.08%, (1 Month Term SOFR + 5.75%), 07/06/32 (o) | 55 | 53 |
| Camelot U.S. Acquisition LLC |  |  |
| 2025 Incremental Term Loan B, 0.00%, (1 Month Term SOFR + 3.25%), 01/31/31 (o) (r) | 40 | 40 |
| Central Parent Inc. |  |  |
| 2024 Term Loan B, 7.55%, (3 Month Term SOFR + 3.25%), 07/06/29 (o) | 56 | 46 |
| Chamberlain Group Inc |  |  |
| Term Loan B, 7.68%, (1 Month Term SOFR + 3.25%), 10/22/28 (o) | 94 | 94 |
| Clearwater Analytics, LLC |  |  |
| 2025 Term Loan B, 6.53%, (3 Month Term SOFR + 2.25%), 02/10/32 (o) | 5 | 5 |
| Cornerstone OnDemand, Inc. |  |  |
| 2021 Term Loan, 8.19%, (1 Month Term SOFR + 3.75%), 09/08/26 (o) | 32 | 30 |
| Cyxtera DC Holdings, Inc. |  |  |
| Term Loan B, 0.00%, (LIBOR + 3.00%), 05/01/26 (b) (e) (l) (o) | 43 | 1 |
| Gainwell Acquisition Corp. |  |  |
| Term Loan B, 8.40%, (3 Month Term SOFR + 4.00%), 08/17/27 (o) | 109 | 105 |
| LSF9 Atlantis Holdings, LLC |  |  |
| 2025 Repriced Term Loan B, 8.55%, (3 Month Term SOFR + 4.25%), 03/29/29 (o) | 24 | 24 |
| MH Sub I, LLC |  |  |
| 2024 Term Loan B4, 0.00%, (1 Month Term SOFR + 4.25%), 12/11/31 (o) (r) | 35 | 30 |
| Mitchell International, Inc. |  |  |
| 2024 1st Lien Term Loan, 7.58%, (1 Month Term SOFR + 3.25%), 06/05/31 (o) | 50 | 50 |
| 2024 2nd Lien Term Loan, 9.58%, (1 Month Term SOFR + 5.25%), 06/07/32 (o) | 10 | 10 |
| Polaris Newco LLC |  |  |
| USD Term Loan B, 8.29%, (3 Month Term SOFR + 3.75%), 06/03/28 (o) | 99 | 97 |
| Vision Solutions, Inc. |  |  |
| 2021 Incremental Term Loan, 8.54%, (3 Month Term SOFR + 4.00%), 04/24/28 (o) | 32 | 30 |
| Zayo Group Holdings, Inc. |  |  |
| 2022 USD Incremental Term Loan B, 0.00%, (1 Month Term SOFR + 4.25%), 03/09/27 (o) (r) | 25 | 24 |
|  |  | 759 |
| **Energy 0.1%** | **Energy 0.1%** | **Energy 0.1%** |
| Freeport LNG Investments, LLLP |  |  |
| 2025 Term Loan B, 7.52%, (3 Month Term SOFR + 3.25%), 12/21/28 (o) | 48 | 48 |
| Lealand Finance Company B.V. |  |  |
| 2020 Make Whole Term Loan, 7.44%, (1 Month Term SOFR + 3.00%), 06/30/27 (o) | 5 | 3 |
| 2020 Take Back Term Loan, 9.25%, (1 Month Term SOFR + 3.00%), 12/31/27 (k) (o) | 421 | 210 |
| Lealand Finance Company Bv |  |  |
| 2020 Letter Of Credit, 8.57%, (LIBOR + 4.75%), 06/30/27 (e) (o) | 351 | 228 |
| Lealand Reficar Term Loan |  |  |
| Term Loan, 12.06%, 06/30/27 (c) (o) | 4 | 3 |
| Waterbridge Midstream Operating LLC |  |  |
| 2024 Term Loan B, 8.30%, (3 Month Term SOFR + 4.00%), 05/07/29 (o) | 94 | 94 |
| 2024 1st Lien Term Loan B, 9.31%, (3 Month Term SOFR + 4.75%), 06/22/29 (o) | 60 | 59 |
| Whitewater Matterhorn Holdings LLC |  |  |
| 2025 Term Loan B, 6.57%, (3 Month Term SOFR + 2.25%), 05/12/32 (o) | 15 | 15 |
|  |  | 660 |
| **Financials 0.1%** | **Financials 0.1%** | **Financials 0.1%** |
| Alera Group, Inc. |  |  |
| 2025 Term Loan, 7.57%, (3 Month Term SOFR + 3.25%), 05/21/32 (o) | 45 | 45 |
| Alliant Holdings Intermediate, LLC |  |  |
| 2024 Term Loan B6, 7.07%, (1 Month Term SOFR + 2.75%), 09/12/31 (o) | 100 | 100 |
| Ardonagh Group FinCo Pty Ltd |  |  |
| Term Loan B, 0.00%, (SOFR + 3.75%), 02/28/31 (o) (r) | 60 | 59 |
| Broadstreet Partners, Inc. |  |  |
| 2024 Term Loan B4, 7.33%, (1 Month Term SOFR + 3.00%), 05/10/31 (o) | 95 | 95 |

---

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page [607](#abbreviations).

**JNL Series Trust** (Unaudited)

**Schedules of Investments (in thousands)**

June 30, 2025

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| Cotiviti Corporation |  |  |
| 2024 Term Loan, 7.07%, (1 Month Term SOFR + 2.75%), 02/21/31 (o) | 94 | 94 |
| Herc Holdings Inc |  |  |
| Term Loan B, 6.32%, (3 Month Term SOFR + 2.00%), 05/17/32 (o) | 10 | 10 |
| Kronos Acquisition Holdings Inc. |  |  |
| 2024 Term Loan, 8.30%, (3 Month Term SOFR + 4.00%), 06/27/31 (o) | 10 | 9 |
| Mavis Tire Express Services Corp. |  |  |
| 2025 Repriced Term Loan, 7.33%, (3 Month Term SOFR + 3.00%), 05/04/28 (o) | 15 | 15 |
| OneDigital Borrower LLC |  |  |
| 2025 Repriced Term Loan, 7.33%, (1 Month Term SOFR + 3.00%), 07/02/31 (o) | 69 | 69 |
| Opal Bidco SAS |  |  |
| USD Term Loan B, 7.58%, (3 Month Term SOFR + 3.25%), 03/01/32 (o) | 90 | 90 |
| Trucordia Insurance Holdings LLC |  |  |
| Term Loan B, 7.56%, (1 Month Term SOFR + 3.25%), 06/12/32 (o) | 50 | 50 |
| | | 636 |
| **Health Care 0.1%** | **Health Care 0.1%** | **Health Care 0.1%** |
| ADMI Corp. |  |  |
| 2021 Incremental Term Loan B3, 8.19%, (1 Month Term SOFR + 3.75%), 12/23/27 (o) | 109 | 104 |
| Aveanna Healthcare, LLC |  |  |
| 2021 Term Loan B, 8.18%, (3 Month Term SOFR + 3.75%), 07/17/28 (o) | 104 | 102 |
| Bausch & Lomb Corporation |  |  |
| Term Loan, 0.00%, (SOFR + 4.25%), 12/17/30 (o) (r) | 95 | 95 |
| LifePoint Health, Inc. |  |  |
| 2024 1st Lien Term Loan B, 8.01%, (3 Month Term SOFR + 3.75%), 05/16/31 (o) | 100 | 98 |
| Radiology Partners Inc |  |  |
| 2024 Extended Term Loan B, 9.59%, (3 Month Term SOFR + 1.50%), 01/31/29 (o) | 106 | 105 |
| Term Loan B, 0.00%, (SOFR + 4.50%), 06/26/32 (o) (r) | 65 | 64 |
| Team Health Holdings, Inc. |  |  |
| 2022 Term Loan B, 9.53%, (3 Month Term SOFR + 5.25%), 03/02/27 (k) (o) | 55 | 54 |
|  |  | 622 |
| **Consumer Discretionary 0.0%** | **Consumer Discretionary 0.0%** | **Consumer Discretionary 0.0%** |
| DexKo Global Inc. |  |  |
| 2021 USD Term Loan B, 8.19%, (1 Month Term SOFR + 3.75%), 09/24/28 (k) (o) | 25 | 24 |
| EG Group Limited |  |  |
| 2024 Term Loan B, 8.58%, (3 Month Term SOFR + 4.25%), 02/07/28 (o) | 59 | 59 |
| Michaels Companies, Inc. |  |  |
| 2021 Term Loan B, 0.00%, (3 Month Term SOFR + 4.25%), 04/08/28 (o) (r) | 15 | 13 |
| Mister Car Wash Holdings, Inc. |  |  |
| 2024 Term Loan B, 6.83%, (1 Month Term SOFR + 2.50%), 03/21/31 (o) | 88 | 88 |
| Sabre GLBL Inc. |  |  |
| 2022 1st Lien Term Loan B, 0.00%, (1 Month Term SOFR + 5.00%), 06/09/28 (o) (r) | 30 | 30 |
| 2024 Term Loan B1, 0.00%, (1 Month Term SOFR + 6.00%), 11/15/29 (o) (r) | 10 | 10 |
| Staples, Inc. |  |  |
| 2024 Term Loan B, 10.03%, (3 Month Term SOFR + 5.75%), 08/22/29 (o) | 25 | 23 |
| Wand NewCo 3, Inc. |  |  |
| 2025 Repriced Term Loan B, 6.83%, (1 Month Term SOFR + 2.50%), 01/30/31 (o) | 92 | 91 |
|  |  | 338 |
| **Materials 0.0%** | **Materials 0.0%** | **Materials 0.0%** |
| Hexion Holdings Corporation |  |  |
| 2024 Term Loan B, 8.31%, (1 Month Term SOFR + 4.00%), 03/15/29 (o) | 109 | 109 |
| INEOS Quattro Holdings UK Ltd |  |  |
| 2023 USD 1st Lien Term Loan B, 8.68%, (1 Month Term SOFR + 4.25%), 03/09/29 (o) | 99 | 92 |
| MI Windows and Doors, LLC |  |  |
| 2024 Term Loan B2, 7.33%, (1 Month Term SOFR + 3.00%), 03/21/31 (o) | 45 | 45 |
| Vantage Specialty Chemicals, Inc. |  |  |
| 2023 Term Loan B, 0.00%, (SOFR + 4.75%), 10/26/26 (o) (r) | 10 | 10 |
| 2023 Term Loan B, 9.03%, (3 Month Term SOFR + 4.75%), 10/26/26 (o) | 50 | 48 |
|  |  | 304 |
| **Consumer Staples 0.0%** | **Consumer Staples 0.0%** | **Consumer Staples 0.0%** |
| Aspire Bakeries Holdings LLC |  |  |
| Term Loan, 8.58%, (1 Month Term SOFR + 4.25%), 12/16/30 (o) | 5 | 5 |
| Eagle Parent Corp. |  |  |
| 2022 Term Loan B, 8.55%, (3 Month Term SOFR + 4.25%), 03/17/29 (o) | 110 | 109 |
| Golden State Food LLC |  |  |
| Term Loan B, 8.56%, (1 Month Term SOFR + 4.25%), 10/07/31 (o) | 5 | 5 |
| Sauer Brands Inc |  |  |
| Term Loan B, 7.58%, (1 Month Term SOFR + 3.25%), 02/04/32 (o) | 27 | 28 |
|  |  | 147 |
| **Real Estate 0.0%** | **Real Estate 0.0%** | **Real Estate 0.0%** |
| Vestis Corporation |  |  |
| Term Loan, 6.58%, (3 Month Term SOFR + 2.25%), 02/18/31 (o) | 40 | 38 |
| Total Senior Floating Rate Instruments (cost $9,744) | Total Senior Floating Rate Instruments (cost $9,744) | 8816 |
| **OTHER EQUITY INTERESTS 0.3%** | **OTHER EQUITY INTERESTS 0.3%** | **OTHER EQUITY INTERESTS 0.3%** |
| Acropolis Infrastructure Acquisition Corp. (b) (e) (s) | 17 |  |
| Altaba Inc. (b) (e) (s) | 2007 | 2609 |
| Amyris, Inc. (b) (e) (h) (s) | 2856 |  |
| Pershing Square Tontine Holdings, Ltd. (b) (e) (s) | 31 |  |
| Zalatoris Acquisition Escrow (b) (e) (s) | 13 |  |
| Total Other Equity Interests (cost $3,966) | Total Other Equity Interests (cost $3,966) | 2609 |
| **RIGHTS 0.0%** | **RIGHTS 0.0%** | **RIGHTS 0.0%** |
| ABIOMED, Inc. (b) (e) | 2 | 4 |
| Aimei Health Technology Co., Ltd. (b) | 15 | 4 |
| Akouos, Inc. (b) (e) | 14 | 7 |
| AmpliTech Group, Inc. (b) | 13 | 3 |
| Bristol-Myers Squibb Company (b) (e) | 25 | 19 |
| Cayson Acquisition Corp. (b) | 7 | 1 |
| Drugs Made In America Acquisition Corp. (b) | 25 | 3 |
| DT Cloud Acquisition Corp. (b) | 3 |  |
| ESH Acquisition Corp. (b) | 16 | 1 |
| Inhibrx, Inc. (b) (e) | 11 | 8 |
| Iron Horse Acquisitions Corp. (b) | 11 | 5 |
| Jackson Acquisition Co II (b) | 42 | 11 |
| K&F Growth Acquisition Corp II (b) | 11 | 1 |
| Mountain Lake Acquisition Corp. (b) | 38 | 5 |
| Pershing Square SPARC Holdings, Ltd. (b) (e) | 7 | 2 |
| Quetta Acquisition Corporation (b) | 1 | 2 |
| Spring Valley Acquisition Corp. II (b) | 4 |  |
| Tavia Acquisition Corp (b) | 19 | 3 |
| Total Rights (cost $122) | Total Rights (cost $122) | 79 |
| **WARRANTS 0.0%** | **WARRANTS 0.0%** | **WARRANTS 0.0%** |
| Agriculture & Natural Solutions Acquisition Corp. (b) | 11 | 2 |
| Alchemy Investments Acquisition Corp 1 (b) | 9 | 1 |
| Aldel Financial II Inc. (b) | 16 | 8 |
| Altenergy Acquisition Corp. (b) (e) | 3 |  |
| Andretti Acquisition Corp. II (b) | 10 | 2 |
| Archimedes Tech Spac Partners II Co. (b) | 9 | 4 |
| Capri Listco (b) (e) | 31 |  |
| Cartesian Growth Corporation II (b) | 3 |  |
| Cero Therapeutics Holdings, Inc. (b) | 3 |  |
| Danimer Scientific, Inc. (a) (b) | 57 |  |
| Electriq Power Holdings, Inc. (b) (e) | 4 |  |
| EVe Mobility Acquisition Corp (b) (e) | 4 |  |
| FACT II Acquisition Corp. (b) | 11 | 2 |
| Freightos Ltd (b) | 3 |  |
| Getaround Operating, Inc. (b) (e) | 1 |  |
| GIBO Holdings Ltd. (b) | 3 |  |
| Goal Acquisitions Corp. (b) | 45 |  |
| Graf Global Corp. (b) | 4 | 1 |

---

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page [607](#abbreviations).

**JNL Series Trust** (Unaudited)

**Schedules of Investments (in thousands)**

June 30, 2025

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| Grove Collaborative Holdings, Inc. (b) | 4 |  |
| iLearningEngines, Inc. (b) (e) | 14 |  |
| Iron Horse Acquisitions Corp. (b) | 11 | 1 |
| Israel Acquisitions Corp. (b) | 5 | 1 |
| Jaws Mustang Acquisition Corp. (b) | 12 |  |
| Keen Vision Acquisition Corporation (b) | 27 | 1 |
| Launch Two Acquisition Corp. (b) | 6 | 2 |
| Live Oak Acquisition Corp V (b) | 5 | 3 |
| Maxeon Solar Technologies, Ltd. (b) (e) | 81 |  |
| Newbury Street Acquisition Corporation (b) | 10 | 2 |
| Psyence Biomedical Ltd. (b) | 4 |  |
| Roman DBDR Acquisition Corp. II (b) | 7 | 3 |
| Ross Acquisition Corp. II (b) (e) | 1 |  |
| SIM Acquisition Corp. I (b) | 23 | 6 |
| Slam Corp. (b) | 3 |  |
| Spark I Acquisition Corp. (b) | 10 | 2 |
| Spring Valley Acquisition Corp. II (b) | 2 |  |
| Stellar V Capital Corp. (b) | 5 | 1 |
| Target Global Acquisition I Corp. (b) | 6 |  |
| Tevogen Bio Holdings Inc. (b) | 4 |  |
| Volato Group, Inc. (b) | 8 |  |
| Voyager Acquisition Corp. (b) | 8 | 2 |
| Willow Lane Acquisition Corp. (b) | 6 | 2 |
| Zapp Electric Vehicles Group Limited (b) | 7 |  |
| Zeo Energy Corp. (b) | 3 |  |
| Total Warrants (cost $156) | Total Warrants (cost $156) | 46 |
| **PREFERRED STOCKS 0.0%** | **PREFERRED STOCKS 0.0%** | **PREFERRED STOCKS 0.0%** |
| **Energy 0.0%** | **Energy 0.0%** | **Energy 0.0%** |
| Gulfport Energy Operating Corporation, 10.00%, (100, 08/08/25) (b) (e) (h) (i) (k) (m) |  | 4 |
| Total Preferred Stocks (cost $5) | Total Preferred Stocks (cost $5) | 4 |
| **SHORT TERM INVESTMENTS 26.2%** | **SHORT TERM INVESTMENTS 26.2%** | **SHORT TERM INVESTMENTS 26.2%** |
| **Investment Companies 22.4%** | **Investment Companies 22.4%** | **Investment Companies 22.4%** |
| JNL Government Money Market Fund - Class I, 4.20% (t) (u) | 202644 | 202644 |
| **U.S. Treasury Bill 3.8%** | **U.S. Treasury Bill 3.8%** | **U.S. Treasury Bill 3.8%** |
| Treasury, United States Department of |  |  |
| 4.24%, 07/10/25 | 16900 | 16882 |
| 4.26%, 10/02/25 | 17100 | 16913 |
|  |  | 33795 |
| **Securities Lending Collateral 0.0%** | **Securities Lending Collateral 0.0%** | **Securities Lending Collateral 0.0%** |
| JNL Government Money Market Fund - Class SL, 4.30% (t) (u) | 96 | 96 |
| Total Short Term Investments (cost $236,544) | Total Short Term Investments (cost $236,544) | 236535 |
| **Total Investments 125.8% (cost $1,012,301)** | **Total Investments 125.8% (cost $1,012,301)** | **1136612** |
| **Total Securities Sold Short (28.3)% (proceeds $215,422)** | **Total Securities Sold Short (28.3)% (proceeds $215,422)** | **(255683)** |
| **Total Purchased Options 0.0% (cost $39)** | **Total Purchased Options 0.0% (cost $39)** | **29** |
| **Other Derivative Instruments (0.0)%** | **Other Derivative Instruments (0.0)%** | (67) |
| **Other Assets and Liabilities, Net 2.5%** | **Other Assets and Liabilities, Net 2.5%** | **22743** |
| **Total Net Assets 100.0%** | **Total Net Assets 100.0%** | **903634** |

---

(a) All or a portion of the security is pledged or segregated as collateral.

(b) Non-income producing security.

(c) Security fair valued in good faith as a Level 2 security in accordance with the procedures approved by the Board of Trustees. Good faith fair valued securities are classified based on the applicable valuation inputs. See "Fair Value Measurement" in the Notes to Financial Statements.

(d) Shares subject to merger appraisal rights.

(e) Security fair valued in good faith as a Level 3 security in accordance with the procedures approved by the Board of Trustees. Good faith fair valued securities are classified based on the applicable valuation inputs. See "Fair Value Measurement" in the Notes to Financial Statements.

(f) Security is restricted to resale to institutional investors or subject to trading restrictions due to sanctions on foreign issuers. See Restricted Securities table following the Schedules of Investments.

(g) All or a portion of the security was on loan as of June 30, 2025.

(h) Convertible security.

(i) Security is exempt from registration under the Securities Act of 1933, as amended. As of June 30, 2025, the value and the percentage of net assets of these securities was $78,284 and 8.7% of the Fund.

(j) Security issued with a zero coupon. Income is recognized through the accretion of discount.

(k) Pay-in-kind security. Stated coupon is the pay-in-kind rate. The interest earned by the security may be paid in cash or additional par.

(l) As of June 30, 2025, issuer was in bankruptcy and/or was in default relating to principal and/or interest. Partial or no payments were paid on the last interest or dividend date.

(m) Perpetual security. Next contractual call price and date are presented in parentheses, if applicable.

(n) Security fair valued using the NAV per share practical expedient in accordance with the procedures approved by the Board of Trustees. Good faith fair valued securities are classified based on the applicable valuation inputs. See "Fair Value Measurement" in the Notes to Financial Statements.

(o) Security has a variable rate. Interest rates reset periodically. Rate stated was in effect as of June 30, 2025. For securities based on a published reference rate and spread, the reference rate and spread are presented. Certain variable rate securities do not indicate a reference rate and spread because they are determined by the issuer, remarketing agent, or offering documents and are based on current market conditions. The coupon rate for securities with certain features outlined in the offering documents may vary from the stated reference rate and spread. This includes, but is not limited to, securities with deferred rates, contingent distributions, caps, floors, and fixed-rate to float-rate features. In addition, variable rates for government and agency collateralized mortgage obligations ("CMO") and mortgage-backed securities ("MBS") are determined by tranches of underlying mortgage-backed security pools' cash flows into securities and pass-through rates which reflect the rate earned on the asset pool after management and guarantee fees are paid to the securitizing corporation. CMO and MBS variable rates are determined by a formula set forth in the security's offering documents.

(p) Security is a step-up bond where the coupon may increase or step up at a future date or as the result of an upgrade or downgrade to the credit rating of the issuer. Rate stated was the coupon as of June 30, 2025.

(q) The coupon rate represents the weighted average coupon and may differ from the stated coupon rate.

(r) This senior floating rate interest will settle after June 30, 2025. If a reference rate and spread is presented, it will go into effect upon settlement.

(s) Contingent distributions represent the right to receive additional distributions, if any, during the reorganization of the underlying company.

(t) Investment in affiliate.

(u) Yield changes daily to reflect current market conditions. Rate was the quoted yield as of June 30, 2025.

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>**  | **Value ($)**  |
| **SECURITIES SOLD SHORT (28.3%)** | **SECURITIES SOLD SHORT (28.3%)** | **SECURITIES SOLD SHORT (28.3%)** |
| **COMMON STOCKS (18.9%)** | **COMMON STOCKS (18.9%)** | **COMMON STOCKS (18.9%)** |
| **Information Technology (7.6%)** | **Information Technology (7.6%)** | **Information Technology (7.6%)** |
| A10 Networks, Inc. | (20) | (391) |
| Adeia Inc. | (108) | (1524) |
| Advanced Energy Industries, Inc. | (1) | (134) |
| Akamai Technologies, Inc. | (21) | (1658) |
| Alarm.Com Holdings, Inc. | (2) | (109) |
| Alkami Technology, Inc. | (18) | (553) |
| Applied Digital Corporation | (36) | (361) |
| Applied Optoelectronics, Inc. | (9) | (225) |
| ASML Holding N.V. - ADR | (4) | (3007) |
| Aurora Innovations Inc. - Class A | (29) | (150) |
| Bentley Systems, Incorporated - Class B | (4) | (229) |
| BigBear.ai Holdings, LLC | (92) | (624) |
| Bill Holdings, Inc. | (5) | (230) |
| Bitdeer Technologies Group - Class A | (10) | (117) |
| Blackline, Inc. | (5) | (302) |
| Box, Inc. - Class A | (34) | (1158) |
| Cleanspark Inc. | (2) | (26) |
| Cloudflare, Inc. - Class A | (9) | (1763) |
| Confluent, Inc. - Class A |  | (10) |
| Core Scientific, Inc. | (15) | (261) |
| Datadog, Inc. - Class A |  | (13) |

---

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page [607](#abbreviations).

**JNL Series Trust** (Unaudited)

**Schedules of Investments (in thousands)**

June 30, 2025

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>**  | **Value ($)**  |
| Dropbox, Inc. - Class A | (24) | (698) |
| FARO Technologies, Inc. | (7) | (294) |
| Fastly, Inc. - Class A | (1) | (7) |
| Five9, Inc. | (1) | (21) |
| Guidewire Software, Inc. | (1) | (295) |
| Impinj, Inc. | (3) | (284) |
| InterDigital, Inc. | (7) | (1528) |
| Itron, Inc. | (3) | (426) |
| KLA Corporation | (5) | (4865) |
| Lenovo Group Limited | (155) | (186) |
| Lumentum Holdings Inc. | (28) | (2673) |
| MACOM Technology Solutions Holdings, Inc. | (11) | (1527) |
| Mara Holdings, Inc. | (3) | (55) |
| MeridianLink, Inc. | (45) | (735) |
| Microchip Technology Incorporated | (5) | (350) |
| MicroStrategy Incorporated - Class A | (3) | (1075) |
| MKS Inc. | (1) | (62) |
| Nebius Group N.V. - Class A (a) | (15) | (833) |
| NetApp, Inc. | (62) | (6575) |
| Nutanix, Inc. - Class A | (20) | (1525) |
| ON Semiconductor Corporation | (21) | (1118) |
| OSI Systems, Inc. | (4) | (928) |
| Pagaya Technologies, Ltd. - Class A | (8) | (169) |
| Pagerduty, Inc. | (2) | (29) |
| PAR Technology Corporation | (7) | (510) |
| Penguin Solutions, Inc. | (72) | (1425) |
| Porch Group Inc - Class A | (7) | (78) |
| Progress Software Corporation | (17) | (1059) |
| PROS Holdings, Inc. | (34) | (533) |
| Q2 Holdings, Inc. | (12) | (1120) |
| Rubrik, Inc. - Class A | (2) | (147) |
| Seagate Technology Holdings Public Limited Company | (64) | (9228) |
| Semtech Corporation | (24) | (1100) |
| Shopify Inc. - Class A | (5) | (588) |
| Snowflake Inc. - Class A | (19) | (4261) |
| Super Micro Computer, Inc. | (29) | (1419) |
| TeraWulf Inc. | (5) | (21) |
| Tyler Technologies, Inc. | (3) | (1667) |
| Unity Software Inc. | (3) | (65) |
| Veeco Instruments Inc. | (26) | (520) |
| Vertex, Inc. - Class A | (20) | (710) |
| Viavi Solutions Inc. |  | (4) |
| Vishay Intertechnology, Inc. | (31) | (492) |
| Western Digital Corporation | (67) | (4302) |
| Workiva Inc. - Class A |  | (28) |
| Zscaler, Inc. | (1) | (290) |
| | | (68670) |
| **Consumer Discretionary (4.4%)** | **Consumer Discretionary (4.4%)** | **Consumer Discretionary (4.4%)** |
| Alibaba Group Holding Limited - ADR | (26) | (2923) |
| AutoZone, Inc. | (1) | (3582) |
| Best Buy Co., Inc. | (52) | (3510) |
| Carnival Corporation | (141) | (3977) |
| Cheesecake Factory Incorporated, The | (20) | (1277) |
| Cracker Barrel Old Country Store, Inc. | (16) | (973) |
| Cricut, Inc. - Class A | (195) | (1318) |
| D.R. Horton, Inc. | (9) | (1112) |
| Delivery Hero SE (a) | (1) | (20) |
| DK Crown Holdings Inc. - Class A | (1) | (50) |
| ETSY, Inc. | (2) | (92) |
| Expedia Group, Inc. | (1) | (140) |
| Flight Centre Travel Group Limited | (11) | (90) |
| Ford Motor Company | (56) | (607) |
| GameStop Corp. - Class A | (79) | (1931) |
| Groupon, Inc. | (7) | (245) |
| Guess ?, Inc. | (5) | (57) |
| H World Group Limited - ADR | (6) | (221) |
| Home Depot, Inc., The | (14) | (4988) |
| Hyundai Motor Company - GDR (a) (b) | (4) | (216) |
| JD.com, Inc. - Class A-ADR | (16) | (510) |
| LCI Industries | (6) | (567) |
| Lennar Corporation - Class A | (8) | (877) |
| Marriott Vacations Worldwide Corporation | (1) | (41) |
| Meritage Homes Corporation |  | (9) |
| Mister Car Wash, Inc. | (107) | (641) |
| Norwegian Cruise Line Holdings Ltd. | (26) | (519) |
| ODP Corporation, The | (36) | (652) |
| Peloton Interactive, Inc. - Class A | (152) | (1053) |
| Pool Corporation | (11) | (3310) |
| Realreal, Inc., The | (2) | (11) |
| Shake Shack, Inc. - Class A |  | (48) |
| Toll Brothers, Inc. | (14) | (1628) |
| Trip.com Group Limited - ADR | (21) | (1211) |
| Wayfair Inc. - Class A | (22) | (1121) |
| Winnebago Industries, Inc. | (2) | (61) |
|  |  | (39588) |
| **Financials (1.9%)** | **Financials (1.9%)** | **Financials (1.9%)** |
| 360 Financial, Inc. - ADR | (3) | (123) |
| Affirm Holdings, Inc. - Class A | (8) | (533) |
| American Coastal Insurance Corporation | (54) | (599) |
| Baldwin Insurance Group, Inc., The - Class A | (23) | (1004) |
| Berkshire Hills Bancorp, Inc. |  | (11) |
| Capital Southwest Corporation | (2) | (42) |
| Coinbase Global, Inc. - Class A | (5) | (1900) |
| Columbia Banking System, Inc. | (12) | (277) |
| Encore Capital Group, Inc. | (27) | (1038) |
| EZCORP, Inc. - Class A | (32) | (451) |
| Hercules Capital, Inc. | (2) | (42) |
| Ping An Insurance (Group) Company of China, Ltd. - Class H | (118) | (750) |
| Repay Holdings Corporation - Class A | (4) | (19) |
| Shift4 Payments, LLC - Class A | (33) | (3298) |
| SoFi Technologies, Inc. | (213) | (3875) |
| Upstart Holdings, Inc. | (28) | (1805) |
| WisdomTree, Inc. | (104) | (1199) |
|  |  | (16966) |
| **Industrials (1.3%)** | **Industrials (1.3%)** | **Industrials (1.3%)** |
| ACCO Brands Corporation | (200) | (715) |
| Array Tech, Inc. | (3) | (20) |
| Astronics Corporation | (24) | (804) |
| Bloom Energy Corporation - Class A | (75) | (1788) |
| Cintas Corporation | (1) | (150) |
| CSG Systems International, Inc. | (2) | (123) |
| Deluxe Corporation | (71) | (1133) |
| Eos Energy Enterprises, Inc. - Class A | (14) | (73) |
| Greenbrier Companies, Inc., The | (17) | (794) |
| JBT Marel Corporation | (1) | (69) |
| JetBlue Airways Corporation | (12) | (52) |
| Lyft, Inc. - Class A | (31) | (495) |
| Masco Corporation | (22) | (1449) |
| Millerknoll, Inc. | (30) | (590) |
| Parsons Corporation | (1) | (72) |
| Tetra Tech, Inc. | (11) | (379) |
| Uber Technologies, Inc. | (22) | (2020) |
| Werner Enterprises, Inc. | (22) | (591) |
| Xometry, Inc. - Class A | (18) | (592) |
|  |  | (11909) |
| **Health Care (1.3%)** | **Health Care (1.3%)** | **Health Care (1.3%)** |
| Alnylam Pharmaceuticals, Inc. | (2) | (727) |
| Alphatec Holdings, Inc. | (43) | (473) |
| Amphastar Pharmaceuticals, Inc. | (1) | (24) |
| ANI Pharmaceuticals, Inc. | (12) | (815) |
| Bridgebio Pharma, Inc. | (26) | (1135) |
| Collegium Pharmaceutical, Inc. | (26) | (766) |
| CONMED Corporation | (2) | (101) |
| Cytokinetics, Incorporated | (4) | (148) |
| DexCom, Inc. | (2) | (153) |
| Dynavax Technologies Corporation | (21) | (204) |
| Enovis Corporation |  | (8) |
| Envista Holdings Corporation | (1) | (11) |
| Evolent Health, Inc. - Class A | (4) | (46) |
| Exact Sciences Corporation | (13) | (681) |
| Guardant Health, Inc. | (8) | (421) |
| Haemonetics Corporation |  | (12) |
| Halozyme Therapeutics, Inc. | (7) | (347) |
| Hims & Hers Health, Inc. - Class A | (2) | (107) |
| Immunocore Holdings PLC - ADR | (1) | (18) |
| Innoviva, Inc. | (15) | (299) |
| Inotiv, Inc. | (43) | (78) |

---

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page [607](#abbreviations).

**JNL Series Trust** (Unaudited)

**Schedules of Investments (in thousands)**

June 30, 2025

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>**  | **Value ($)**  |
| Integer Holdings Corporation | (2) | (227) |
| Ionis Pharmaceuticals, Inc. | (1) | (48) |
| Jazz Pharmaceuticals Public Limited Company | (3) | (350) |
| Lantheus Holdings, Inc. | (11) | (914) |
| LivaNova PLC |  | (15) |
| Merit Medical Systems, Inc. | (3) | (251) |
| Mirum Pharmaceuticals, Inc. | (3) | (175) |
| Pacira Pharmaceuticals, Inc. | (10) | (236) |
| Pharming Group N.V. | (169) | (180) |
| PTC Therapeutics, Inc. | (21) | (1025) |
| Repligen Corporation | (2) | (306) |
| Semler Scientific, Inc. |  | (8) |
| Tandem Diabetes Care, Inc. | (10) | (186) |
| Tempus AI, Inc. - Class A | (2) | (153) |
| TransMedics Group, Inc. | (9) | (1178) |
| Travere Therapeutics, Inc. |  | (6) |
| | | (11832) |
| **Communication Services (1.1%)** | **Communication Services (1.1%)** | **Communication Services (1.1%)** |
| AST Spacemobile, Inc. - Class A | (9) | (407) |
| Digital World Acquisition Corp. | (6) | (117) |
| Former Charter Communications Parent, Inc. - Class A | (3) | (1208) |
| Liberty Media Corporation - Series C | (1) | (89) |
| Live Nation Entertainment, Inc. | (10) | (1494) |
| Match Group, Inc. | (2) | (69) |
| Sea Limited - Class A-ADR | (32) | (5083) |
| Sirius XM Holdings Inc. | (16) | (372) |
| Snap Inc. - Class A | (1) | (12) |
| Sphere Entertainment Co. - Class A | (2) | (93) |
| Spotify Technology S.A. | (2) | (1232) |
| Ziff Davis, Inc. | (1) | (27) |
|  |  | (10203) |
| **Real Estate (0.6%)** | **Real Estate (0.6%)** | **Real Estate (0.6%)** |
| Compass, Inc. - Class A | (127) | (797) |
| Kite Realty Naperville, LLC | (2) | (55) |
| Open Doors Technology Inc. - Class A | (270) | (144) |
| Pebblebrook Hotel Trust |  | (4) |
| Redfin Corporation | (350) | (3913) |
| Rexford Industrial Realty, Inc. |  | (11) |
| StorageVault Canada Inc. | (10) | (30) |
| Ventas, Inc. | (2) | (100) |
|  |  | (5054) |
| **Utilities (0.4%)** | **Utilities (0.4%)** | **Utilities (0.4%)** |
| Alliant Energy Corporation | (3) | (154) |
| American Water Works Company, Inc. | (1) | (164) |
| CMS Energy Corporation | (1) | (50) |
| Duke Energy Corporation | (3) | (298) |
| Evergy, Inc. | (9) | (597) |
| Ormat Technologies, Inc. | (3) | (238) |
| PG&E Corporation | (7) | (103) |
| The Southern Company | (3) | (322) |
| UGI Corporation | (31) | (1115) |
| WEC Energy Group Inc. | (5) | (498) |
|  |  | (3539) |
| **Materials (0.2%)** | **Materials (0.2%)** | **Materials (0.2%)** |
| B2Gold Corp. | (127) | (459) |
| Fortuna Mining Corp. | (42) | (276) |
| Sherwin-Williams Company, The | (3) | (959) |
| Silvercorp Metals Inc. | (48) | (204) |
| SSR Mining Inc. | (1) | (12) |
|  |  | (1910) |
| **Energy (0.1%)** | **Energy (0.1%)** | **Energy (0.1%)** |
| Chevron Corporation | (5) | (791) |
| Golar LNG Limited | (5) | (211) |
| Solaris Energy Infrastructure, Inc. - Class A | (4) | (127) |
| Transocean Ltd. (a) | (82) | (213) |
|  |  | (1342) |
| **Consumer Staples (0.0%)** | **Consumer Staples (0.0%)** | **Consumer Staples (0.0%)** |
| Rogers Sugar Inc. | (15) | (63) |
| The Chefs' Warehouse, Inc. |  | (28) |
|  |  | (91) |
| Total Common Stocks (proceeds $141,821) | Total Common Stocks (proceeds $141,821) | (171104) |
| **INVESTMENT COMPANIES (5.4%)** | **INVESTMENT COMPANIES (5.4%)** | **INVESTMENT COMPANIES (5.4%)** |
| iShares iBoxx $ High Yield Corporate Bond ETF | (16) | (1263) |
| iShares S&P 500 Growth ETF | (1) | (102) |
| SPDR Portfolio S&P 500 Growth ETF | (1) | (51) |
| SPDR S&P 500 ETF Trust | (61) | (37727) |
| VanEck Semiconductor ETF | (35) | (9755) |
| Total Investment Companies (proceeds $37,967) | Total Investment Companies (proceeds $37,967) | (48898) |
| **GOVERNMENT AND AGENCY OBLIGATIONS (0.6%)** | **GOVERNMENT AND AGENCY OBLIGATIONS (0.6%)** | **GOVERNMENT AND AGENCY OBLIGATIONS (0.6%)** |
| **U.S. Treasury Note (0.6%)** | **U.S. Treasury Note (0.6%)** | **U.S. Treasury Note (0.6%)** |
| Treasury, United States Department of |  |  |
| 3.88%, 03/31/27 | (1075) | (1077) |
| 3.75%, 04/30/27 | (1407) | (1407) |
| 3.88%, 04/30/30 | (2814) | (2826) |
| Total Government And Agency Obligations (proceeds $5,268) | Total Government And Agency Obligations (proceeds $5,268) | (5310) |
| **CORPORATE BONDS AND NOTES (0.1%)** | **CORPORATE BONDS AND NOTES (0.1%)** | **CORPORATE BONDS AND NOTES (0.1%)** |
| **Industrials (0.1%)** | **Industrials (0.1%)** | **Industrials (0.1%)** |
| JetBlue Airways Corporation |  |  |
| 0.50%, 04/01/26 (c) | (266) | (255) |
| **Consumer Discretionary (0.0%)** | **Consumer Discretionary (0.0%)** | **Consumer Discretionary (0.0%)** |
| Groupon, Inc. |  |  |
| 4.88%, 06/30/30 (c) | (203) | (211) |
| Total Corporate Bonds And Notes (proceeds $462) | Total Corporate Bonds And Notes (proceeds $462) | (466) |
| **SHORT TERM INVESTMENTS (3.3%)** | **SHORT TERM INVESTMENTS (3.3%)** | **SHORT TERM INVESTMENTS (3.3%)** |
| **Treasury Securities (3.3%)** | **Treasury Securities (3.3%)** | **Treasury Securities (3.3%)** |
| Treasury, United States Department of |  |  |
| 4.24%, 07/08/25 | (29000) | (28977) |
| 3.99%, 02/19/26 | (952) | (928) |
| Total Short Term Investments (proceeds $29,904) | Total Short Term Investments (proceeds $29,904) | (29905) |
| **Total Securities Sold Short (28.3%) (proceeds $215,422)** | **Total Securities Sold Short (28.3%) (proceeds $215,422)** | **(255683)** |

---

(a) Security is restricted to resale to institutional investors or subject to trading restrictions due to sanctions on foreign issuers. See Restricted Securities table following the Schedules of Investments.

(b) Security fair valued in good faith as a Level 3 security in accordance with the procedures approved by the Board of Trustees. Good faith fair valued securities are classified based on the applicable valuation inputs. See "Fair Value Measurement" in the Notes to Financial Statements.

(c) Convertible security.

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **JNL Multi-Manager Alternative Fund — Investments in Affiliates** | **JNL Multi-Manager Alternative Fund — Investments in Affiliates** | **JNL Multi-Manager Alternative Fund — Investments in Affiliates** | **JNL Multi-Manager Alternative Fund — Investments in Affiliates** | **JNL Multi-Manager Alternative Fund — Investments in Affiliates** | **JNL Multi-Manager Alternative Fund — Investments in Affiliates** | **JNL Multi-Manager Alternative Fund — Investments in Affiliates** | **JNL Multi-Manager Alternative Fund — Investments in Affiliates** | **JNL Multi-Manager Alternative Fund — Investments in Affiliates** |
| **Affiliated Investment** | **Value Beginning of Period($)** | **Purchases($)** | **Sales Proceeds($)** | **Dividend Income/ Distributions from Funds($)** | **Realized Gain (Loss)($)** | **Change in Unrealized Appreciation (Depreciation) ($)** | **Value End of Period($)** | **Percentage of Net Assets(%)** |
| JNL Government Money Market Fund, 4.20% - Class I | 133011 | 475380 | 405747 | 3796 |  |  | 202644 | 22.4 |
| JNL Government Money Market Fund, 4.30% - Class SL | 535 | 11438 | 11877 | 6 |  |  | 96 |  |
|  | 133546 | 486818 | 417624 | 3802 |  |  | 202740 | 22.4 |

---

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page [607](#abbreviations).

**JNL Series Trust** (Unaudited)

**Schedules of Investments (in thousands)**

June 30, 2025

---

| | | | |
|:---|:---|:---|:---|
| **JNL Multi-Manager Alternative Fund — Private Fund Investments (continued)** | **JNL Multi-Manager Alternative Fund — Private Fund Investments (continued)** | **JNL Multi-Manager Alternative Fund — Private Fund Investments (continued)** | **JNL Multi-Manager Alternative Fund — Private Fund Investments (continued)** |
| |  | **Lockup Period** | **Redemption Notice** |
| WCM Partners Fund | An evergreen hybrid fund seeking to invest in high quality businesses with growing moats and strong corporate cultures across both public equities and pre-IPO private companies. The fund will target roughly 40-50 investments domiciled within and outside the U.S. | 2 Years | 90 Days |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **JNL Multi-Manager Alternative Fund — Restricted Securities** | **JNL Multi-Manager Alternative Fund — Restricted Securities** | **JNL Multi-Manager Alternative Fund — Restricted Securities** | **JNL Multi-Manager Alternative Fund — Restricted Securities** | **JNL Multi-Manager Alternative Fund — Restricted Securities** |
|  | **Initial Acquisition** | **Cost ($)** | **Value ($)** | **Percent of**<br> **Net Assets (%)** |
| Adyen N.V. | 06/17/19 | 3578 | 7841 | 0.9 |
| AMS-Osram AG, 2.13%, 11/03/27 | 02/06/23 | 189 | 221 |  |
| Canacol Energy Ltd., 5.75%, 11/24/28 | 10/31/23 | 312 | 141 |  |
| Delivery Hero SE | 01/21/22 | 288 | 108 |  |
| Delivery Hero SE, 1.00%, 01/23/27 | 03/10/22 | 1271 | 1449 | 0.2 |
| Delivery Hero SE, 1.50%, 01/15/28 | 02/05/24 | 85 | 107 |  |
| Delivery Hero SE, 3.25%, 02/21/30 | 06/28/24 | 473 | 561 | 0.1 |
| Dynavax Technologies Corporation, 2.00%, 03/15/30 | 03/06/25 | 687 | 666 | 0.1 |
| Flight Centre Travel Group Limited, 2.50%, 11/17/27 | 10/24/24 | 273 | 257 |  |
| Flight Centre Travel Group Limited, 1.63%, 11/01/28 | 07/22/24 | 1174 | 1148 | 0.1 |
| Guardant Health, Inc., 1.25%, 02/15/31 | 06/09/25 | 220 | 226 |  |
| Hyundai Motor Company | 02/26/24 | (229) | (216) |  |
| Just Eat Takeaway.Com N.V., 1.25%, 04/30/26 | 03/10/21 | 946 | 926 | 0.1 |
| Just Eat Takeaway.Com N.V., 0.63%, 02/09/28 | 12/16/24 | 97 | 115 |  |
| Lenovo Group Limited, 2.50%, 08/26/29 | 03/26/25 | 371 | 325 |  |
| Meridan Management Ltd | 03/05/21 | 317 |  |  |
| Nebius Group N.V. - Class A | 02/07/25 | (729) | (833) | (0.1) |
| Pharming Group N.V., 4.50%, 04/25/29 | 09/17/24 | 428 | 492 | 0.1 |
| Ping An Insurance (Group) Company of China, Ltd., 0.88%, 07/22/29 | 12/06/24 | 940 | 1017 | 0.1 |
| PROS Holdings, Inc., 2.50%, 07/01/30 | 06/27/25 | 1105 | 1119 | 0.1 |
| Rogers Sugar Inc., 6.00%, 06/30/30 | 02/12/25 | 267 | 289 |  |
| Transocean Ltd. | 11/06/24 | (293) | (213) |  |
| Unigel Luxembourg SA, 13.50%, 12/31/27 | 02/11/25 | 62 | 50 |  |
| Unigel Luxembourg SA, 11.00%, 12/31/28 | 02/11/25 | 109 | 58 |  |
| Unigel Netherlands Holding Corporation B.V., 15.00%, 12/31/44 | 02/11/25 | 24 | 6 |  |
| WCM Partners Fund | 02/27/25 | 82500 | 91807 | 10.2 |
| Ziff Davis, Inc., 3.63%, 03/01/28 | 03/28/25 | 727 | 721 | 0.1 |
|  |  | 95192 | 108388 | 12.0 |

---

---

| | | |
|:---|:---|:---|
| **JNL Multi-Manager Alternative Fund —Unfunded Commitments** | **JNL Multi-Manager Alternative Fund —Unfunded Commitments** | **JNL Multi-Manager Alternative Fund —Unfunded Commitments** |
|  | **Unfunded Commitment ($)** | **Unrealized Appreciation / (Depreciation)($)** |
| Air Comm Corporation, LLC, 2024 Delayed Draw Term Loan | 4 |  |
| Lealand Finance Company B.V., 2020 Senior Letter Of Credit | 180 | 22 |
| Sauer Brands Inc, Delayed Draw Term Loan | 3 |  |
|  | 187 | 22 |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **JNL Multi-Manager Alternative Fund — Futures Contracts** | **JNL Multi-Manager Alternative Fund — Futures Contracts** | **JNL Multi-Manager Alternative Fund — Futures Contracts** | **JNL Multi-Manager Alternative Fund — Futures Contracts** | **JNL Multi-Manager Alternative Fund — Futures Contracts** | **JNL Multi-Manager Alternative Fund — Futures Contracts** |
| **Reference Entity** | **Contracts<sup>1</sup>** | **Expiration** | **Notional<sup>1</sup>** | **Variation**<br> **Margin**<br> **Receivable**<br> (Payable) ($) | **Value/**<br> **Unrealized**<br> **Appreciation**<br> (Depreciation) ($) |
| **Long Contracts** | **Long Contracts** | **Long Contracts** | **Long Contracts** | **Long Contracts** | **Long Contracts** |
| United States 2 Year Note | 50 | October 2025 | 10359 | 3 | 42 |
| United States 5 Year Note | 30 | October 2025 | 3230 | 4 | 41 |
| United States Long Bond | 66 | September 2025 | 7333 | 67 | 288 |
|  |  |  |  | 74 | 371 |
| **Short Contracts** | **Short Contracts** | **Short Contracts** | **Short Contracts** | **Short Contracts** | **Short Contracts** |
| United States Ultra Bond | (27) | September 2025 | (3068) | (37) | (149) |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **JNL Multi-Manager Alternative Fund — Exchange Traded Purchased Options** | **JNL Multi-Manager Alternative Fund — Exchange Traded Purchased Options** | **JNL Multi-Manager Alternative Fund — Exchange Traded Purchased Options** | **JNL Multi-Manager Alternative Fund — Exchange Traded Purchased Options** | **JNL Multi-Manager Alternative Fund — Exchange Traded Purchased Options** | **JNL Multi-Manager Alternative Fund — Exchange Traded Purchased Options** | **JNL Multi-Manager Alternative Fund — Exchange Traded Purchased Options** |
| **Reference Entity** | **Put/Call** | **Exercise Price ($)/ Swaption Rate (%)** | **Expiration** | **Contracts<sup>1</sup>** | **Notional<sup>1</sup>** | **Value ($)** |
| **Options on Securities** | **Options on Securities** | **Options on Securities** | **Options on Securities** | **Options on Securities** | **Options on Securities** | **Options on Securities** |
|  Affirm Holdings, Inc. | Put | 62.00 | 07/03/25 | 19 | 118 |  |

---

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page [607](#abbreviations).

**JNL Series Trust** (Unaudited)

**Schedules of Investments (in thousands)**

June 30, 2025

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **JNL Multi-Manager Alternative Fund — Exchange Traded Purchased Options (continued)** | **JNL Multi-Manager Alternative Fund — Exchange Traded Purchased Options (continued)** | **JNL Multi-Manager Alternative Fund — Exchange Traded Purchased Options (continued)** | **JNL Multi-Manager Alternative Fund — Exchange Traded Purchased Options (continued)** | **JNL Multi-Manager Alternative Fund — Exchange Traded Purchased Options (continued)** | **JNL Multi-Manager Alternative Fund — Exchange Traded Purchased Options (continued)** | **JNL Multi-Manager Alternative Fund — Exchange Traded Purchased Options (continued)** |
| **Reference Entity** | **Put/Call** | **Exercise Price ($)/ Swaption Rate (%)** | **Expiration** | **Contracts<sup>1</sup>** | **Notional<sup>1</sup>** | **Value ($)** |
|  Applied Digital Corporation | Put | 5.00 | 07/18/25 | 40 | 20 |  |
|  Bloom Energy Corporation | Put | 19.00 | 01/16/26 | 8 | 15 | 2 |
|  Boeing Company, The | Put | 150.00 | 07/18/25 | 36 | 540 |  |
|  Boeing Company, The | Put | 150.00 | 09/19/25 | 22 | 330 | 2 |
|  ETSY, Inc. | Call | 70.00 | 07/18/25 | 19 | 133 |  |
|  Porch Group Inc | Call | 12.50 | 12/19/25 | 20 | 25 | 6 |
|  PROS Holdings, Inc. | Call | 15.00 | 07/18/25 | 14 | 21 | 2 |
|  Sarepta Therapeutics, Inc. | Call | 30.00 | 01/16/26 | 10 | 30 | 2 |
|  SPDR S&P 500 ETF Trust | Put | 605.00 | 07/18/25 | 48 | 2904 | 15 |
|  Transocean Ltd. | Call | 3.00 | 07/11/25 | 39 | 12 |  |
|  |  |  |  |  |  | 29 |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **JNL Multi-Manager Alternative Fund — Exchange Traded Written Options** | **JNL Multi-Manager Alternative Fund — Exchange Traded Written Options** | **JNL Multi-Manager Alternative Fund — Exchange Traded Written Options** | **JNL Multi-Manager Alternative Fund — Exchange Traded Written Options** | **JNL Multi-Manager Alternative Fund — Exchange Traded Written Options** | **JNL Multi-Manager Alternative Fund — Exchange Traded Written Options** | **JNL Multi-Manager Alternative Fund — Exchange Traded Written Options** |
| **Reference Entity** | **Put/Call** | **Exercise Price ($)/ Swaption Rate (%)** | **Expiration** | **Contracts<sup>1</sup>** | **Notional<sup>1</sup>** | **Value ($)** |
| **Options on Securities** | **Options on Securities** | **Options on Securities** | **Options on Securities** | **Options on Securities** | **Options on Securities** | **Options on Securities** |
|  Boeing Company, The | Call | 205.00 | 07/18/25 | 24 | 492 | (19) |
|  Boeing Company, The | Call | 205.00 | 09/19/25 | 16 | 328 | (26) |
|  Paramount Global | Put | 10.00 | 08/15/25 | 168 | 168 | (7) |
|  SPDR S&P 500 ETF Trust | Put | 595.00 | 07/18/25 | 48 | 2856 | (9) |
|  |  |  |  |  |  | (61) |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **JNL Multi-Manager Alternative Fund — Forward Foreign Currency Contracts** | **JNL Multi-Manager Alternative Fund — Forward Foreign Currency Contracts** | **JNL Multi-Manager Alternative Fund — Forward Foreign Currency Contracts** | **JNL Multi-Manager Alternative Fund — Forward Foreign Currency Contracts** | **JNL Multi-Manager Alternative Fund — Forward Foreign Currency Contracts** | **JNL Multi-Manager Alternative Fund — Forward Foreign Currency Contracts** | **JNL Multi-Manager Alternative Fund — Forward Foreign Currency Contracts** |
| **Purchased/Sold** | **Counterparty** | **Expiration** | **Notional<sup>1</sup>** | **Notional<sup>1</sup>** | **Value ($)** | **Unrealized**<br> **Appreciation**<br> (Depreciation) ($) |
| GBP/USD | GSC | 07/15/25 | GBP | 403 | 554 | 8 |
| JPY/USD | GSC | 07/16/25 | JPY | 25834 | 180 | (2) |
| SEK/USD | GSC | 07/02/25 | SEK | 9206 | 973 | 14 |
| USD/AUD | SSB | 09/25/25 | AUD | (1467) | (967) | (23) |
| USD/CAD | JPM | 08/14/25 | CAD | (3779) | (2781) | (33) |
| USD/CAD | JPM | 08/14/25 | CAD | (28) | (21) |  |
| USD/CAD | SSB | 09/25/25 | CAD | (277) | (204) | (2) |
| USD/EUR | GSC | 09/04/25 | EUR | (139) | (165) | (5) |
| USD/EUR | SSB | 09/25/25 | EUR | (1531) | (1814) | (39) |
| USD/EUR | GSC | 11/05/25 | EUR | (1758) | (2090) | (80) |
| USD/EUR | GSC | 11/05/25 | EUR | (307) | (365) |  |
| USD/GBP | GSC | 07/15/25 | GBP | (404) | (554) | (35) |
| USD/JPY | GSC | 07/16/25 | JPY | (25834) | (180) | (13) |
| USD/JPY | GSC | 10/15/25 | JPY | (66888) | (470) | (11) |
| USD/SEK | GSC | 07/02/25 | SEK | (8767) | (927) | (13) |
| USD/SEK | GSC | 07/02/25 | SEK | (440) | (46) |  |
|  |  |  |  |  | (8877) | (234) |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **JNL Multi-Manager Alternative Fund — OTC Contracts for Difference** | **JNL Multi-Manager Alternative Fund — OTC Contracts for Difference** | **JNL Multi-Manager Alternative Fund — OTC Contracts for Difference** | **JNL Multi-Manager Alternative Fund — OTC Contracts for Difference** | **JNL Multi-Manager Alternative Fund — OTC Contracts for Difference** | **JNL Multi-Manager Alternative Fund — OTC Contracts for Difference** | **JNL Multi-Manager Alternative Fund — OTC Contracts for Difference** |
| **Reference Entity<sup>2</sup>** | **Counter-party** | **Financing Fee<sup>2</sup>** | **Expiration** | **Contracts<sup>1</sup>**<br> **Long**<br> (Short) | **Notional<sup>1</sup>** | **Value/**<br> **Unrealized Appreciation (Depreciation) ($)** |
| Headhunter Group PLC‡ (MT) | MSC | Federal Funds Effective Rate +0.55% (MT) | TBD | 13705 | 206 | (212) |
| Ozon Holdings PLC‡ (MT) | GSC | Federal Funds Effective Rate -0.25% (MT) | TBD | (48131) | (558) | 1 |
| Public Joint Stock Company Children's World‡ (MT) | GSC | Federal Funds Effective Rate +0.96% (MT) | TBD | 560770 | 284 | (292) |
| Public Joint Stock Company Sberbank of Russia‡ (MT) | GSC | Federal Funds Effective Rate +0.96% (MT) | TBD | 41476 | 0 |  |
| VK Company Limited‡ (MT) | MSC | Federal Funds Effective Rate -6.50% (MT) | TBD | (137620) | (249) | 3 |
|  |  |  |  |  |  | (500) |

---

‡Contract for Difference fair valued in good faith in accordance with the procedures approved by the JNL Series Trust's Board of Trustees and classified as Level 3 for FASB ASC Topic 820 "Fair Value Measurements" based on the applicable valuation inputs. See "Fair Value Measurements" in the Notes to Financial Statements.

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page [607](#abbreviations).

**JNL Series Trust** (Unaudited)

**Schedules of Investments (in thousands)**

June 30, 2025

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **JNL Multi-Manager Alternative Fund — OTC Total Return Swap Agreements** | **JNL Multi-Manager Alternative Fund — OTC Total Return Swap Agreements** | **JNL Multi-Manager Alternative Fund — OTC Total Return Swap Agreements** | **JNL Multi-Manager Alternative Fund — OTC Total Return Swap Agreements** | **JNL Multi-Manager Alternative Fund — OTC Total Return Swap Agreements** | **JNL Multi-Manager Alternative Fund — OTC Total Return Swap Agreements** | **JNL Multi-Manager Alternative Fund — OTC Total Return Swap Agreements** |
| **Reference Entity<sup>2</sup>** | **Rate Paid/Received by Fund<sup>2</sup>** | **Counter-party** | **Expiration** | **Notional<sup>1</sup>** | **Premiums Paid (Received) ($)** | **Value/**<br> **Unrealized Appreciation (Depreciation) ($)** |
|  **Total return swap agreements - receiving return** | **Total return swap agreements - receiving return** | **Total return swap agreements - receiving return** | **Total return swap agreements - receiving return** | **Total return swap agreements - receiving return** | **Total return swap agreements - receiving return** | **Total return swap agreements - receiving return** |
| **Equity** | **Equity** | **Equity** | **Equity** | **Equity** | **Equity** | **Equity** |
| Bristol-Myers Squibb Company‡ (MT) | 1M LIBOR +0.00% (Q) | BOA | 12/27/25 |  |  | 17 |
| Brookfield Property Preferred LP (MT) | OBFR +0.75% (M) | BOA | 01/05/26 | 38 |  | (2) |
| Hess Corporation (MT) | OBFR +0.61% (Q) | GSC | 01/13/26 | 14845 |  | (374) |
| Just Eat Takeaway.Com N.V. (MT) | OBFR +0.61% (Q) | GSC | 07/21/25 | 2243 |  | 87 |
| TOPCON Corporation (MT) | OBFR +0.61% (Q) | GSC | 07/21/25 | 441 |  | 17 |
| Vivendi SE (MT) | OBFR +0.61% (Q) | GSC | 12/19/25 | 126 |  | 34 |
|  |  |  |  |  |  | (221) |
|  **Total return swap agreements - paying return** | **Total return swap agreements - paying return** | **Total return swap agreements - paying return** | **Total return swap agreements - paying return** | **Total return swap agreements - paying return** | **Total return swap agreements - paying return** | **Total return swap agreements - paying return** |
| **Equity** | **Equity** | **Equity** | **Equity** | **Equity** | **Equity** | **Equity** |
| Berkshire Hills Bancorp, Inc. (MT) | OBFR -0.35% (Q) | GSC | 04/14/26 | (254) |  | (7) |
| Chevron Corporation (MT) | OBFR -0.35% (Q) | GSC | 11/15/25 | (430) |  | 50 |
| Former Charter Communications Parent, Inc. (MT) | OBFR -0.35% (Q) | GSC | 01/29/26 | (2305) |  | (156) |
| James Hardie Industries Public Limited Company (MT) | OBFR -3.25% (Q) | GSC | 07/21/25 | (33) |  | (7) |
| James Hardie Industries Public Limited Company (MT) | OBFR -0.75% (Q) | GSC | 07/21/25 | (288) |  | (93) |
| Omnicom Group Inc. (MT) | OBFR -0.35% (Q) | GSC | 01/03/26 | (3187) |  | 269 |
| Schlumberger Limited (MT) | OBFR -0.35% (Q) | GSC | 05/17/25 | (4652) |  | 242 |
| Chevron Corporation (MT) | OBFR -0.25% (Q) | JPM | 10/28/25 | (15716) |  | 823 |
| James Hardie Industries Public Limited Company (MT) | OBFR -0.75% (Q) | JPM | 03/25/26 | (1368) |  | (209) |
|  |  |  |  |  |  | 912 |

---

‡Total Return Swap fair valued in good faith in accordance with the procedures approved by the JNL Series Trust's Board of Trustees and classified as Level 3 for FASB ASC Topic 820 "Fair Value Measurements" based on the applicable valuation inputs. See "Fair Value Measurements" in the Notes to Financial Statements.

**Fair Value Hierarchy.** Various inputs are used in determining the fair value of financial instruments. For a description of the input levels and information about the Fund's policy regarding valuation of financial instruments, see Note 3 in the Notes to Financial Statements. The following table summarizes the Fund's investments categorized in the disclosure hierarchy as of June 30, 2025.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **. Level 1 ($) .** | **. Level 2 ($) .** | **. Level 3 ($) .** | **Other ($)<sup>1</sup>** | **. Total ($) .** |
| **JNL Multi-Manager Alternative Fund** | **JNL Multi-Manager Alternative Fund** | **JNL Multi-Manager Alternative Fund** | **JNL Multi-Manager Alternative Fund** | **JNL Multi-Manager Alternative Fund** | **JNL Multi-Manager Alternative Fund** |
| **Assets - Securities** |  |  |  |  |  |
| &nbsp;&nbsp; Common Stocks | 376918 | 33419 | 159 |  | 410496 |
| &nbsp;&nbsp; Corporate Bonds And Notes |  | 270238 |  |  | 270238 |
| &nbsp;&nbsp; Private Investment Funds |  |  |  | 91807 | 91807 |
| &nbsp;&nbsp; Non-U.S. Government Agency Asset-Backed Securities |  | 71054 | 377 |  | 71431 |
| &nbsp;&nbsp; Government And Agency Obligations |  | 44551 |  |  | 44551 |
| &nbsp;&nbsp; Senior Floating Rate Instruments<sup>2</sup> |  | 8609 | 229 |  | 8838 |
| &nbsp;&nbsp; Other Equity Interests |  |  | 2609 |  | 2609 |
| &nbsp;&nbsp; Rights | 39 |  | 40 |  | 79 |
| &nbsp;&nbsp; Warrants | 46 |  |  |  | 46 |
| &nbsp;&nbsp; Preferred Stocks |  |  | 4 |  | 4 |
| &nbsp;&nbsp; Short Term Investments | 202740 | 33795 |  |  | 236535 |
|  | 579743 | 461666 | 3418 | 91807 | 1136634 |
| **Liabilities - Securities** | **Liabilities - Securities** | **Liabilities - Securities** | **Liabilities - Securities** | **Liabilities - Securities** | **Liabilities - Securities** |
| &nbsp;&nbsp; Common Stocks | (169662) | (1226) | (216) |  | (171104) |
| &nbsp;&nbsp; Investment Companies | (48898) |  |  |  | (48898) |
| &nbsp;&nbsp; Government And Agency Obligations |  | (5310) |  |  | (5310) |
| &nbsp;&nbsp; Corporate Bonds And Notes |  | (466) |  |  | (466) |
| &nbsp;&nbsp; Short Term Investments |  | (29905) |  |  | (29905) |
|  | (218560) | (36907) | (216) |  | (255683) |
| **Assets - Investments in Other Financial Instruments<sup>3</sup>** |  |  |  |  |  |
| &nbsp;&nbsp; Futures Contracts | 371 |  |  |  | 371 |
| &nbsp;&nbsp; Exchange Traded Purchased Options | 29 |  |  |  | 29 |
| &nbsp;&nbsp; Open Forward Foreign Currency Contracts |  | 22 |  |  | 22 |
| &nbsp;&nbsp; OTC Contracts for Difference |  |  | 4 |  | 4 |
| &nbsp;&nbsp; OTC Total Return Swap Agreements |  | 1522 | 17 |  | 1539 |
|  | 400 | 1544 | 21 |  | 1965 |
| **Liabilities - Investments in Other Financial Instruments<sup>3</sup>** |  |  |  |  |  |
| &nbsp;&nbsp; Futures Contracts | (149) |  |  |  | (149) |
| &nbsp;&nbsp; Exchange Traded Written Options | (61) |  |  |  | (61) |
| &nbsp;&nbsp; Open Forward Foreign Currency Contracts |  | (256) |  |  | (256) |
| &nbsp;&nbsp; OTC Contracts for Difference |  |  | (504) |  | (504) |
| &nbsp;&nbsp; OTC Total Return Swap Agreements |  | (848) |  |  | (848) |
|  | (210) | (1104) | (504) |  | (1818) |

---

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page [607](#abbreviations).

**JNL Series Trust** (Unaudited)

**Schedules of Investments (in thousands)**

June 30, 2025

<sup>1</sup> Certain investments that are measured at fair value using the NAV per share practical expedient have not been classified in the fair value hierarchy. The fair value amounts presented in this table are intended to permit reconciliation of the fair value hierarchy to the amounts presented in the Schedule of Investments. Although there can be no assurance, in general, the fair value of the investment using the NAV per share practical expedient is the amount the owner of such investment might reasonably expect to receive in an orderly transaction between market participants upon its current sale.

<sup>2</sup> Unfunded commitments are not reflected in total investments in the Schedule of Investments. Net unrealized appreciation is reflected as an asset and net unrealized depreciation is reflected as a liability in the table. See Unfunded Commitments table following the Schedule of Investments.

<sup>3</sup> All derivatives, except for purchased and written options, are reflected at the unrealized appreciation (depreciation) on the instrument. Purchased and written options are reflected at value.

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page [607](#abbreviations).

**JNL Series Trust** (Unaudited)

**Schedules of Investments (in thousands)**

June 30, 2025

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| **JNL Multi-Manager Emerging Markets Equity Fund** | **JNL Multi-Manager Emerging Markets Equity Fund** | **JNL Multi-Manager Emerging Markets Equity Fund** |
| **COMMON STOCKS 97.7%** | **COMMON STOCKS 97.7%** | **COMMON STOCKS 97.7%** |
| **India 16.3%** | **India 16.3%** | **India 16.3%** |
| Adani Energy Solutions Limited (a) | 353 | 3638 |
| Adani Enterprises Limited | 264 | 8077 |
| Adani Green Energy (UP) Limited (a) | 392 | 4704 |
| Adani Ports and Special Economic Zone Limited | 442 | 7512 |
| Adani Power Limited (a) | 859 | 5881 |
| Ambuja Cements Limited | 283 | 1907 |
| Ashok Leyland Limited | 1682 | 4922 |
| Bajaj Finserv Limited | 56 | 1341 |
| Bharti Airtel Limited | 342 | 8029 |
| Computer Age Management Services Limited | 84 | 4231 |
| GMR Airports Infrastructure Limited (a) | 2473 | 2463 |
| HDFC Bank Limited - ADR | 74 | 5705 |
| Hindalco Industries Limited | 605 | 4901 |
| ICICI Bank Limited | 1601 | 27039 |
| ICICI Bank Limited - ADR | 57 | 1917 |
| Indraprastha Gas Limited | 2419 | 6144 |
| ITC Hotels Limited (a) | 532 | 1384 |
| ITC Limited | 3354 | 16295 |
| JSW Energy Limited | 399 | 2446 |
| JSW Steel Limited | 255 | 3036 |
| KEC International Limited | 475 | 5102 |
| KFIN Technologies Limited | 210 | 3304 |
| Kotak Mahindra Bank Limited | 129 | 3259 |
| Macrotech Developers Limited | 144 | 2325 |
| Oracle Financial Services Software Limited | 22 | 2324 |
| Patanjali Foods Limited | 243 | 4677 |
| PB Fintech Limited (a) | 280 | 5949 |
| Phoenix Mills Limited, The | 244 | 4428 |
| Power Finance Corporation Limited | 472 | 2360 |
| Reliance Industries Limited | 576 | 10062 |
| Shree Cement Limited | 14 | 5199 |
| Shriram Finance Limited | 801 | 6586 |
| State Bank of India | 311 | 2982 |
| Sun Pharma Advanced Research Company Limited | 293 | 5732 |
| Tech Mahindra Limited | 241 | 4740 |
| The Federal Bank Ltd | 4105 | 10223 |
|  |  | 200824 |
| **China 15.9%** | **China 15.9%** | **China 15.9%** |
| Alibaba Group Holding Limited (b) | 1369 | 19344 |
| Anhui Gujing Distillery Company Limited - Class B | 539 | 7212 |
| Bank of Ningbo Co., Ltd. - Class A | 1166 | 4449 |
| Bilibili Inc (a) | 89 | 1926 |
| BYD Company Limited - Class A | 91 | 4202 |
| China Construction Bank Corporation - Class H | 8170 | 8258 |
| China Mengniu Dairy Company Limited | 2032 | 4192 |
| China Pacific Insurance (Group) Co., Ltd. - Class H | 1127 | 3880 |
| China Resources Gas Group Limited | 126 | 324 |
| China Resources Land Limited | 1071 | 3647 |
| Chongqing Baiya Sanitary Products Co., Ltd. - Class A | 859 | 3284 |
| Chongqing Brewery Co., Ltd. - Class A | 305 | 2337 |
| Contemporary Amperex Technology Co., Limited - Class A | 179 | 6287 |
| DiDi Global Inc. - Class A - ADR (a) | 1804 | 8840 |
| Fuyao Glass Industry Group Co., Ltd. - Class A | 543 | 4323 |
| Haitian International Holdings Limited | 3123 | 8153 |
| Hosa International Limited (a) (c) | 7408 |  |
| Hundsun Technologies Inc. - Class A | 1077 | 5045 |
| Kanzhun Limited - ADR (a) | 399 | 7115 |
| KE Holdings Inc. | 763 | 4643 |
| Kuaishou Technology (a) (b) | 323 | 2627 |
| Meituan - Class B (a) (b) | 161 | 2582 |
| NARI Technology Co., Ltd. - Class A | 1232 | 3852 |
| NetEase, Inc. | 372 | 10060 |
| Pinduoduo (Shanghai) Network Technology Co., Ltd. - ADR (a) | 83 | 8652 |
| Sany Heavy Industry Co., Ltd. - Class A | 1788 | 4478 |
| Shenzhen Mindray Bio-Medical Electronics Co., Ltd. - Class A | 143 | 4499 |
| Sunny Optical Technology (Group) Company Limited | 569 | 5047 |
| Tencent Holdings Limited | 305 | 19644 |
| Tongcheng-Elong Holdings Limited (b) | 2237 | 5602 |
| Trip.com Group Limited | 55 | 3191 |
| Trip.com Group Limited - ADR | 74 | 4364 |
| Wanhua Chemical Group Co., Ltd. - Class A | 145 | 1094 |
| Xiamen Meitu Technology Co., Ltd. | 10240 | 11876 |
| Yangzijiang Shipbuilding (Holdings) Ltd. | 566 | 994 |
|  |  | 196023 |
| **Taiwan 11.0%** | **Taiwan 11.0%** | **Taiwan 11.0%** |
| ADDCN Technology Co., Ltd. | 599 | 3633 |
| ASE Technology Holding Co., Ltd. | 1099 | 5492 |
| BizLink Holding Inc. | 276 | 8066 |
| Chroma ATE Inc. | 304 | 4610 |
| Eclat Textile Corporation Ltd. | 255 | 3582 |
| Kerry TJ Logistics Company Limited | 1368 | 1585 |
| MediaTek Inc. | 318 | 13614 |
| Silergy Corp. | 341 | 4152 |
| Sporton International Inc. | 549 | 3193 |
| Taiwan Semiconductor Manufacturing Company Limited - ADR | 1 | 162 |
| Taiwan Semiconductor Manufacturing Company Limited | 2275 | 82387 |
| Voltronic Power Technology Corporation | 127 | 5483 |
| Wiwynn Corporation | 1 | 87 |
|  |  | 136046 |
| **Brazil 10.2%** | **Brazil 10.2%** | **Brazil 10.2%** |
| American Beverage Co Ambev - ADR | 1029 | 2481 |
| B3 S.A. - Brasil, Bolsa, Balcao | 565 | 1513 |
| Banco BTG Pactual S/A | 1375 | 10695 |
| Banco do Brasil S.A | 878 | 3582 |
| Br Advisory Partners Participacoes S/A. | 858 | 2446 |
| Caixa Seguridade Participacoes S/A | 3966 | 10716 |
| Centrais Eletricas Brasileiras S/A - Eletrobras | 455 | 3378 |
| Cia De Saneamento Basico Do Estado De Sao Paulo SABESP | 530 | 11669 |
| Companhia Paranaense De Energia | 514 | 1099 |
| Embraer S.A. | 825 | 11724 |
| Embraer S.A. - ADR | 57 | 3219 |
| Equatorial Energia S.A | 332 | 2220 |
| Gps Participacoes E Empreendimentos S.A. | 1474 | 4302 |
| Inter & Co, Inc. - Class A | 924 | 6866 |
| Klabin S.A. | 1133 | 3867 |
| NU Holdings Ltd. - Class A (a) | 242 | 3315 |
| Petroleo Brasileiro S/A Petrobras. - ADR | 824 | 10319 |
| Rede D'or Sao Luiz S.A. | 761 | 4954 |
| Tegma Gestao Logistica S.A. | 1333 | 8594 |
| TOTVS S.A. | 2009 | 15641 |
| Vale S.A. - ADR | 292 | 2839 |
|  |  | 125439 |
| **South Korea 9.7%** | **South Korea 9.7%** | **South Korea 9.7%** |
| APR Co., Ltd. (a) | 34 | 3920 |
| Coupang, Inc. - Class A (a) | 222 | 6656 |
| Coway Co., Ltd. | 53 | 3779 |
| Duzon Bizon Co., Ltd. | 94 | 4721 |
| HD Hyundai Marine Solution Co., Ltd. | 61 | 9250 |
| Hl Mando Corporation | 51 | 1243 |
| Hyundai Motor Company | 32 | 4848 |
| Hyundai Rotem Company | 40 | 5857 |
| KB Financial Group Inc. | 18 | 1468 |
| Leeno Industrial Inc. | 281 | 10585 |
| LIG Nex1 Co., Ltd. | 13 | 5081 |
| Nice Information Service Co., Ltd. | 742 | 8988 |
| S-1 Corporation | 112 | 5689 |
| Samsung Electronics Co., Ltd. | 315 | 13947 |
| Samsung Fire & Marine Insurance Co., Ltd. | 3 | 842 |
| Samsung Life Insurance Co., Ltd. | 70 | 6559 |
| Saramin Co., Ltd. | 168 | 1911 |
| Shinhan Financial Group Co., Ltd. | 153 | 6971 |
| SK Hynix Inc. | 79 | 17029 |
|  |  | 119344 |
| **Mexico 3.7%** | **Mexico 3.7%** | **Mexico 3.7%** |
| BBB Foods Inc. - Class A (a) | 121 | 3357 |
| Corporacion Moctezuma S.A.B. de C.V. (d) | 1513 | 6445 |

---

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page [607](#abbreviations).

**JNL Series Trust** (Unaudited)

**Schedules of Investments (in thousands)**

June 30, 2025

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| Fomento Economico Mexicano, S.A. B. De C.V. - ADR | 27 | 2768 |
| GRUMA, S.A.B. de C.V. - Class B | 54 | 932 |
| Grupo Aeroportuario Del Pacifico, S.A.B. de C.V. | 215 | 4926 |
| Grupo Aeroportuario Del Pacifico, S.A.B. de C.V. - Series B - ADR | 18 | 4236 |
| Grupo Financiero Banorte, S.A.B. de C.V. | 238 | 2187 |
| Grupo Mexico, S.A.B. de C.V. - Class B | 776 | 4683 |
| Qualitas Controladora, S.A.B. de C.V. (d) | 1154 | 11857 |
| Vista Energy, S.A.B. De C.V. - Series A - ADR (a) | 53 | 2522 |
| Wal - Mart de Mexico, S.A.B. de C.V. | 638 | 2112 |
| | | 46025 |
| **Singapore 3.1%** | **Singapore 3.1%** | **Singapore 3.1%** |
| DBS Group Holdings Ltd | 48 | 1687 |
| Haw Par Corporation Limited | 751 | 7079 |
| Sea Limited - Class A - ADR (a) | 123 | 19723 |
| Seatrium Limited | 2789 | 4426 |
| Singapore Telecommunications Limited | 1923 | 5778 |
|  |  | 38693 |
| **Indonesia 2.9%** | **Indonesia 2.9%** | **Indonesia 2.9%** |
| PT. Avia Avian | 80563 | 2087 |
| PT. Bank Central Asia Tbk | 20415 | 10894 |
| PT. Bank Mandiri (Persero) Tbk. | 32656 | 9825 |
| PT. Bank Rakyat Indonesia (Persero) Tbk. | 23608 | 5439 |
| PT. Dayamitra Telekomunikasi | 66234 | 2268 |
| PT. Sarana Menara Nusantara | 140916 | 4287 |
| PT. Semen Indonesia (Persero) Tbk | 6517 | 1082 |
|  |  | 35882 |
| **Poland 2.5%** | **Poland 2.5%** | **Poland 2.5%** |
| Allegro.eu (a) (b) | 845 | 8135 |
| Grupa Pracuj Spolka Akcyjna | 973 | 17187 |
| Powszechna Kasa Oszczednosci Bank Polski Spolka Akcyjna | 5 | 95 |
| Powszechny Zaklad Ubezpieczen Spolka Akcyjna | 330 | 5777 |
|  |  | 31194 |
| **Lithuania 2.1%** | **Lithuania 2.1%** | **Lithuania 2.1%** |
| Baltic Classifieds Group PLC | 5013 | 25628 |
| **United Arab Emirates 1.9%** | **United Arab Emirates 1.9%** | **United Arab Emirates 1.9%** |
| Adnoc Drilling Company PJSC | 2776 | 4311 |
| Adnoc Gas | 2946 | 2747 |
| Aldar Properties - P J S C | 1097 | 2668 |
| Alpha Dhabi Holding | 1243 | 4168 |
| First Abu Dhabi Bank P.J.S.C. | 630 | 2850 |
| International Holdings Limited (a) | 63 | 6927 |
|  |  | 23671 |
| **Thailand 1.9%** | **Thailand 1.9%** | **Thailand 1.9%** |
| Bangkok Bank Public Company Limited | 1152 | 4926 |
| Humanica Public Company Limited | 12553 | 3009 |
| Kasikornbank Public Company Limited | 268 | 1271 |
| Krungthai Bank Public Company Limited | 2134 | 1400 |
| SCB X Public Company Limited | 854 | 3087 |
| True Corporation Public Company Limited - NVDR (a) | 15640 | 5340 |
| Union Auction Public Company Limited | 24952 | 4534 |
|  |  | 23567 |
| **United States of America 1.8%** | **United States of America 1.8%** | **United States of America 1.8%** |
| Coca-Cola Company, The | 74 | 5214 |
| Cognizant Technology Solutions Corporation - Class A | 60 | 4676 |
| Colgate-Palmolive Company | 59 | 5387 |
| Philip Morris International Inc. | 39 | 7014 |
|  |  | 22291 |
| **Saudi Arabia 1.6%** | **Saudi Arabia 1.6%** | **Saudi Arabia 1.6%** |
| Al Rajhi Banking and Investment Corporation | 112 | 2822 |
| BUPA Arabia for Cooperative Insurance Company | 109 | 5163 |
| Saudi Arabian Oil Company (b) | 330 | 2143 |
| Saudi British Bank | 326 | 2931 |
| Saudi National Bank, The | 649 | 6251 |
| The Company For Cooperative Insurance | 19 | 802 |
|  |  | 20112 |
| **Malaysia 1.5%** | **Malaysia 1.5%** | **Malaysia 1.5%** |
| Carlsberg Brewery Malaysia Berhad | 1001 | 4579 |
| CIMB Group Holdings Berhad | 3406 | 5499 |
| Heineken Malaysia Berhad | 1477 | 8833 |
|  |  | 18911 |
| **United Kingdom 1.5%** | **United Kingdom 1.5%** | **United Kingdom 1.5%** |
| HSBC Holdings PLC | 170 | 2062 |
| NMC Health PLC (c) | 119 |  |
| Rightmove PLC | 1096 | 11863 |
| Unilever PLC - ADR | 69 | 4222 |
|  |  | 18147 |
| **South Africa 1.4%** | **South Africa 1.4%** | **South Africa 1.4%** |
| Capitec Bank Holdings | 25 | 5005 |
| Clicks Group | 141 | 2961 |
| FirstRand Limited | 1168 | 4993 |
| Rand Merchant Investment Holdings Limited | 1053 | 4659 |
|  |  | 17618 |
| **Greece 1.3%** | **Greece 1.3%** | **Greece 1.3%** |
| National Bank of Greece SA - Class R | 96 | 1229 |
| Optima Bank S.A. | 258 | 6083 |
| Piraeus Financial Holdings S.A. - Class R | 1259 | 8749 |
|  |  | 16061 |
| **Hong Kong 1.0%** | **Hong Kong 1.0%** | **Hong Kong 1.0%** |
| Futu Holdings Limited - ADR | 41 | 5041 |
| Giant Biogene Holding Co Ltd | 595 | 4390 |
| Xinyi Glass Holdings Limited (d) | 3407 | 3282 |
|  |  | 12713 |
| **Canada 0.9%** | **Canada 0.9%** | **Canada 0.9%** |
| Celestica Inc. (a) | 70 | 10977 |
| **Netherlands 0.8%** | **Netherlands 0.8%** | **Netherlands 0.8%** |
| Prosus N.V. - Class N (d) | 176 | 9911 |
| **Argentina 0.8%** | **Argentina 0.8%** | **Argentina 0.8%** |
| Grupo Financiero Galicia S.A. - Class B - ADR | 46 | 2304 |
| MercadoLibre, Inc. (a) | 3 | 7431 |
|  |  | 9735 |
| **Peru 0.8%** | **Peru 0.8%** | **Peru 0.8%** |
| Credicorp Ltd. | 43 | 9514 |
| **Kazakhstan 0.6%** | **Kazakhstan 0.6%** | **Kazakhstan 0.6%** |
| Joint Stock Company Kaspi.Kz - ADR (b) | 38 | 3177 |
| Joint Stock Company Kaspi.Kz - GDR (c) (e) | 50 | 4409 |
|  |  | 7586 |
| **Hungary 0.6%** | **Hungary 0.6%** | **Hungary 0.6%** |
| OTP Bank Nyrt. | 90 | 7218 |
| **France 0.5%** | **France 0.5%** | **France 0.5%** |
| TotalEnergies SE | 93 | 5700 |
| **Switzerland 0.5%** | **Switzerland 0.5%** | **Switzerland 0.5%** |
| Coca-Cola HBC AG | 20 | 1047 |
| VAT Group AG (b) | 10 | 4399 |
|  |  | 5446 |
| **Chile 0.4%** | **Chile 0.4%** | **Chile 0.4%** |
| Banco de Chile | 30992 | 4687 |
| **Luxembourg 0.4%** | **Luxembourg 0.4%** | **Luxembourg 0.4%** |
| Tenaris S.A. | 227 | 4257 |
| **Turkey 0.1%** | **Turkey 0.1%** | **Turkey 0.1%** |
| TAV Havalimanlari Holding Anonim Sirketi - Class A (a) | 201 | 1335 |
| **Philippines 0.0%** | **Philippines 0.0%** | **Philippines 0.0%** |
| International Container Terminal Services, Inc. | 60 | 435 |
| **Colombia 0.0%** | **Colombia 0.0%** | **Colombia 0.0%** |
| Grupo Cibest S A - ADR | 8 | 366 |
| **Russian Federation 0.0%** | **Russian Federation 0.0%** | **Russian Federation 0.0%** |
| Public Joint Stock Company Gazprom - ADR (a) (b) (c) | 627 |  |
| Public Joint Stock Company Mining And Metallurgical Company Norilsk Nickel (a) (b) (c) | 200 |  |
| Public Joint Stock Company Mobile Telesystems - ADR (a) (b) (c) | 101 |  |
| Public Joint Stock Company Novatek (a) (b) (c) | 150 |  |
| Public Joint Stock Company Novatek - GDR (a) (b) (c) | 1 |  |

---

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page [607](#abbreviations).

**JNL Series Trust** (Unaudited)

**Schedules of Investments (in thousands)**

June 30, 2025

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| Public Joint Stock Company Oil Company Lukoil - ADR (a) (b) (c) | 47 |  |
| Public Joint Stock Company Sberbank of Russia (a) (b) (c) | 544 |  |
| Public Joint Stock Society Moscow Exchange MICEX-RTS (a) (b) (c) | 2990 |  |
| Total Common Stocks (cost $1,051,358) | Total Common Stocks (cost $1,051,358) | 1205356 |
| **PREFERRED STOCKS 1.5%** | **PREFERRED STOCKS 1.5%** | **PREFERRED STOCKS 1.5%** |
| **Brazil 1.5%** | **Brazil 1.5%** | **Brazil 1.5%** |
| Banco Bradesco S/A. (f) | 1124 | 3479 |
| Itau Unibanco Holding S.A. (f) | 1248 | 8467 |
| Petroleo Brasileiro S/A Petrobras. (f) | 1119 | 6459 |
| Total Preferred Stocks (cost $17,517) | Total Preferred Stocks (cost $17,517) | 18405 |
| **SHORT TERM INVESTMENTS 1.4%** | **SHORT TERM INVESTMENTS 1.4%** | **SHORT TERM INVESTMENTS 1.4%** |
| **Investment Companies 0.8%** | **Investment Companies 0.8%** | **Investment Companies 0.8%** |
| JNL Government Money Market Fund - Class I, 4.20% (g) (h) | 7138 | 7138 |
| T. Rowe Price Government Reserve Fund - Class I, 4.32% (g) (h) | 2623 | 2623 |
|  |  | 9761 |
| **Securities Lending Collateral 0.6%** | **Securities Lending Collateral 0.6%** | **Securities Lending Collateral 0.6%** |
| JNL Government Money Market Fund - Class SL, 4.30% (g) (h) | 8396 | 8396 |
| Total Short Term Investments (cost $18,157) | Total Short Term Investments (cost $18,157) | 18157 |
| **Total Investments 100.6% (cost $1,087,032)** | **Total Investments 100.6% (cost $1,087,032)** | **1241918** |
| **Other Assets and Liabilities, Net (0.6)%** | **Other Assets and Liabilities, Net (0.6)%** | **(7979)** |
| **Total Net Assets 100.0%** | **Total Net Assets 100.0%** | **1233939** |

---

(a) Non-income producing security.

(b) Security is restricted to resale to institutional investors or subject to trading restrictions due to sanctions on foreign issuers. See Restricted Securities table following the Schedules of Investments.

(c) Security fair valued in good faith as a Level 3 security in accordance with the procedures approved by the Board of Trustees. Good faith fair valued securities are classified based on the applicable valuation inputs. See "Fair Value Measurement" in the Notes to Financial Statements.

(d) All or a portion of the security was on loan as of June 30, 2025.

(e) Security is exempt from registration under the Securities Act of 1933, as amended. As of June 30, 2025, the value and the percentage of net assets of these securities was $4,409 and 0.4% of the Fund.

(f) Convertible security.

(g) Investment in affiliate.

(h) Yield changes daily to reflect current market conditions. Rate was the quoted yield as of June 30, 2025.

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **JNL Multi-Manager Emerging Markets Equity Fund — Investments in Affiliates** | **JNL Multi-Manager Emerging Markets Equity Fund — Investments in Affiliates** | **JNL Multi-Manager Emerging Markets Equity Fund — Investments in Affiliates** | **JNL Multi-Manager Emerging Markets Equity Fund — Investments in Affiliates** | **JNL Multi-Manager Emerging Markets Equity Fund — Investments in Affiliates** | **JNL Multi-Manager Emerging Markets Equity Fund — Investments in Affiliates** | **JNL Multi-Manager Emerging Markets Equity Fund — Investments in Affiliates** | **JNL Multi-Manager Emerging Markets Equity Fund — Investments in Affiliates** | **JNL Multi-Manager Emerging Markets Equity Fund — Investments in Affiliates** |
| **Affiliated Investment** | **Value Beginning of Period($)** | **Purchases($)** | **Sales Proceeds($)** | **Dividend Income/ Distributions from Funds($)** | **Realized Gain (Loss)($)** | **Change in Unrealized Appreciation (Depreciation) ($)** | **Value End of Period($)** | **Percentage of Net Assets(%)** |
| JNL Government Money Market Fund, 4.20% - Class I | 35978 | 227477 | 256317 | 499 |  |  | 7138 | 0.6 |
| JNL Government Money Market Fund, 4.30% - Class SL | 1723 | 20476 | 13803 | 50 |  |  | 8396 | 0.7 |
| T. Rowe Price Government Reserve Fund, 4.32% - Class I | 3144 | 45216 | 45737 | 44 |  |  | 2623 | 0.2 |
|  | 40845 | 293169 | 315857 | 593 |  |  | 18157 | 1.5 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **JNL Multi-Manager Emerging Markets Equity Fund — Restricted Securities** | **JNL Multi-Manager Emerging Markets Equity Fund — Restricted Securities** | **JNL Multi-Manager Emerging Markets Equity Fund — Restricted Securities** | **JNL Multi-Manager Emerging Markets Equity Fund — Restricted Securities** | **JNL Multi-Manager Emerging Markets Equity Fund — Restricted Securities** |
|  | **Initial Acquisition** | **Cost ($)** | **Value ($)** | **Percent of**<br> **Net Assets (%)** |
| Alibaba Group Holding Limited | 01/04/23 | 17506 | 19344 | 1.6 |
| Allegro.eu | 09/01/22 | 5100 | 8135 | 0.7 |
| Joint Stock Company Kaspi.Kz | 01/19/24 | 3736 | 3177 | 0.3 |
| Kuaishou Technology | 10/22/24 | 2089 | 2627 | 0.2 |
| Meituan - Class B | 07/22/24 | 3526 | 2582 | 0.2 |
| Public Joint Stock Company Gazprom | 06/24/21 | 5367 |  |  |
| Public Joint Stock Company Mining And Metallurgical Company Norilsk Nickel | 05/03/24 | 541 |  |  |
| Public Joint Stock Company Mobile Telesystems | 11/16/20 | 876 |  |  |
| Public Joint Stock Company Novatek | 09/24/21 | 159 |  |  |
| Public Joint Stock Company Novatek | 11/13/20 | 2678 |  |  |
| Public Joint Stock Company Oil Company Lukoil | 01/15/21 | 3890 |  |  |
| Public Joint Stock Company Sberbank of Russia | 03/09/21 | 2176 |  |  |
| Public Joint Stock Society Moscow Exchange MICEX-RTS | 04/16/20 | 4462 |  |  |
| Saudi Arabian Oil Company | 10/22/24 | 2395 | 2143 | 0.2 |
| Tongcheng-Elong Holdings Limited | 05/31/23 | 4864 | 5602 | 0.4 |
| VAT Group AG | 04/14/25 | 3694 | 4399 | 0.3 |
|  |  | 63059 | 48009 | 3.9 |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **JNL Multi-Manager Emerging Markets Equity Fund — Forward Foreign Currency Contracts** | **JNL Multi-Manager Emerging Markets Equity Fund — Forward Foreign Currency Contracts** | **JNL Multi-Manager Emerging Markets Equity Fund — Forward Foreign Currency Contracts** | **JNL Multi-Manager Emerging Markets Equity Fund — Forward Foreign Currency Contracts** | **JNL Multi-Manager Emerging Markets Equity Fund — Forward Foreign Currency Contracts** | **JNL Multi-Manager Emerging Markets Equity Fund — Forward Foreign Currency Contracts** |
| **Purchased/Sold** | **Counterparty** | **Expiration** | **Notional<sup>1</sup>** | **Value ($)** | **Unrealized**<br> **Appreciation**<br> (Depreciation) ($) |
| USD/HKD | SSB | 07/02/25<br> HKD | (675) | (86) |  |

---

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page [607](#abbreviations).

**JNL Series Trust** (Unaudited)

**Schedules of Investments (in thousands)**

June 30, 2025

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **JNL Multi-Manager Emerging Markets Equity Fund — Forward Foreign Currency Contracts (continued)** | **JNL Multi-Manager Emerging Markets Equity Fund — Forward Foreign Currency Contracts (continued)** | **JNL Multi-Manager Emerging Markets Equity Fund — Forward Foreign Currency Contracts (continued)** | **JNL Multi-Manager Emerging Markets Equity Fund — Forward Foreign Currency Contracts (continued)** | **JNL Multi-Manager Emerging Markets Equity Fund — Forward Foreign Currency Contracts (continued)** | **JNL Multi-Manager Emerging Markets Equity Fund — Forward Foreign Currency Contracts (continued)** |
| **Purchased/Sold** | **Counterparty** | **Expiration** | **Notional<sup>1</sup>** | **Value ($)** | **Unrealized**<br> **Appreciation**<br> (Depreciation) ($) |
| USD/HKD | SSB | 07/03/25<br> HKD | (1355) | (173) |  |
|  |  |  |  | (259) |  |

---

**Fair Value Hierarchy.** Various inputs are used in determining the fair value of financial instruments. For a description of the input levels and information about the Fund's policy regarding valuation of financial instruments, see Note 3 in the Notes to Financial Statements. The following table summarizes the Fund's investments categorized in the disclosure hierarchy as of June 30, 2025.

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **<u>. Level 1 ($) .</u>** | **<u>. Level 2 ($) .</u>** | **<u>. Level 3 ($) .</u>** | **<u>. Total ($) .</u>** |
| **JNL Multi-Manager Emerging Markets Equity Fund** | **JNL Multi-Manager Emerging Markets Equity Fund** | **JNL Multi-Manager Emerging Markets Equity Fund** | **JNL Multi-Manager Emerging Markets Equity Fund** | **JNL Multi-Manager Emerging Markets Equity Fund** |
| **Assets - Securities** |  |  |  |  |
| &nbsp;&nbsp; Common Stocks | 304608 | 896339 | 4409 | 1205356 |
| &nbsp;&nbsp; Preferred Stocks | 18405 |  |  | 18405 |
| &nbsp;&nbsp; Short Term Investments | 18157 |  |  | 18157 |
|  | 341170 | 896339 | 4409 | 1241918 |
| **Assets - Investments in Other Financial Instruments<sup>1</sup>** |  |  |  |  |
| &nbsp;&nbsp; Open Forward Foreign Currency Contracts |  |  |  |  |
| **Liabilities - Investments in Other Financial Instruments<sup>1</sup>** |  |  |  |  |
| &nbsp;&nbsp; Open Forward Foreign Currency Contracts |  |  |  |  |

---

<sup>1</sup> All derivatives, except for purchased and written options, are reflected at the unrealized appreciation (depreciation) on the instrument. Purchased and written options are reflected at value.

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page [607](#abbreviations).

**JNL Series Trust** (Unaudited)

**Schedules of Investments (in thousands)**

June 30, 2025

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| **JNL Multi-Manager Floating Rate Income Fund** | **JNL Multi-Manager Floating Rate Income Fund** | **JNL Multi-Manager Floating Rate Income Fund** |
| **SENIOR FLOATING RATE INSTRUMENTS 88.0%** | **SENIOR FLOATING RATE INSTRUMENTS 88.0%** | **SENIOR FLOATING RATE INSTRUMENTS 88.0%** |
| **Industrials 23.6%** | **Industrials 23.6%** | **Industrials 23.6%** |
| Advantage Sales & Marketing, Inc. |  |  |
| 2024 Term Loan, 8.79%, (3 Month Term SOFR + 4.25%), 10/28/27 (a) | 542 | 450 |
| Advisor Group, Inc. |  |  |
| 2024 Term Loan B, 7.83%, (1 Month Term SOFR + 3.50%), 08/17/28 (a) | 4490 | 4497 |
| AI Aqua Merger Sub, Inc. |  |  |
| 2024 1st Lien Term Loan B, 7.32%, (1 Month Term SOFR + 3.00%), 07/31/28 (a) | 6260 | 6246 |
| Air Comm Corporation, LLC |  |  |
| 2024 Delayed Draw Term Loan, 0.00%, (SOFR + 3.00%), 11/21/31 (a) (b) | 44 | 44 |
| 2024 Term Loan, 7.30%, (3 Month Term SOFR + 3.00%), 11/21/31 (a) | 529 | 531 |
| Ali Group North America Corporation |  |  |
| 2021 Term Loan B, 6.44%, (1 Month Term SOFR + 2.00%), 10/13/28 (a) | 691 | 694 |
| Allied Universal Holdco LLC |  |  |
| 2021 USD Incremental Term Loan B, 8.18%, (1 Month Term SOFR + 3.75%), 05/04/28 (a) | 6362 | 6391 |
| Amentum Government Services Holdings LLC |  |  |
| 2024 Term Loan B, 6.58%, (1 Month Term SOFR + 2.25%), 07/31/31 (a) | 2551 | 2545 |
| American Airlines, Inc. |  |  |
| 2025 Term Loan, 6.52%, (3 Month Term SOFR + 2.25%), 04/20/28 (a) | 4003 | 3972 |
| 2023 1st Lien Term Loan, 6.51%, (6 Month Term SOFR + 2.25%), 05/29/29 (a) | 401 | 397 |
| 2025 Term Loan B, 7.57%, (3 Month Term SOFR + 3.25%), 05/09/32 (a) | 963 | 969 |
| Amynta Agency Borrower Inc. |  |  |
| 2024 1st Lien Term Loan B, 7.33%, (1 Month Term SOFR + 3.00%), 12/06/31 (a) | 576 | 576 |
| Anticimex International AB |  |  |
| 2021 USD Term Loan B1, 7.66%, (SOFR + 3.40%), 07/21/28 (a) | 335 | 335 |
| 2024 Term Loan B6, 7.66%, (SOFR + 3.40%), 11/16/28 (a) | 648 | 650 |
| APi Group DE, Inc. |  |  |
| 2025 Term Loan, 6.08%, (1 Month Term SOFR + 1.75%), 01/03/29 (a) | 669 | 669 |
| Archkey Solutions LLC |  |  |
| 2024 Delayed Draw Term Loan B, 0.00%, (SOFR + 4.75%), 10/10/31 (a) (b) | 49 | 49 |
| 2024 Term Loan B, 9.03%, (3 Month Term SOFR + 4.75%), 10/10/31 (a) | 425 | 428 |
| Arsenal AIC Parent LLC |  |  |
| 2025 Term Loan B, 7.08%, (1 Month Term SOFR + 2.75%), 08/19/30 (a) | 3533 | 3525 |
| Artera Services, LLC |  |  |
| 2024 Term Loan, 8.80%, (3 Month Term SOFR + 4.50%), 02/07/31 (a) | 736 | 614 |
| Arthur US Finco Inc |  |  |
| Term Loan B, 9.55%, (3 Month Term SOFR + 5.25%), 11/08/30 (a) | 474 | 440 |
| Assetmark Financial Holdings, Inc. |  |  |
| 2024 Term Loan, 0.00%, (SOFR + 3.00%), 06/03/31 (a) (b) | 115 | 115 |
| 2024 Term Loan, 7.05%, (3 Month Term SOFR + 2.75%), 06/03/31 (a) | 3477 | 3481 |
| Azuria Water Solutions, Inc. |  |  |
| 2025 Term Loan B, 7.33%, (1 Month Term SOFR + 3.00%), 05/17/28 (a) | 2150 | 2155 |
| Barnes Group Inc |  |  |
| 2025 Term Loan B, 7.33%, (1 Month Term SOFR + 3.00%), 12/11/31 (a) | 1784 | 1785 |
| BCPE Empire Holdings, Inc. |  |  |
| 2025 Term Loan B, 7.58%, (1 Month Term SOFR + 3.25%), 12/26/30 (a) | 1314 | 1305 |
| Beach Acquistion Bidco LLC |  |  |
| Tem Loan B1, 0.00%, (SOFR + 3.25%), 06/25/32 (a) (b) | 2930 | 2945 |
| Beacon Mobility Corp |  |  |
| Term Loan, 0.00%, (SOFR + 3.25%), 06/18/30 (a) (b) | 260 | 259 |
| Bleriot US Bidco Inc. |  |  |
| 2023 Term Loan B, 7.05%, (3 Month Term SOFR + 2.75%), 10/31/28 (a) | 267 | 268 |
| BrightView Landscapes, LLC |  |  |
| 2025 Term Loan B, 6.28%, (3 Month Term SOFR + 2.00%), 04/20/29 (a) | 2469 | 2464 |
| Brock Holdings III, Inc. |  |  |
| 2024 Term Loan B, 10.30%, (3 Month Term SOFR + 6.00%), 05/01/30 (a) | 218 | 207 |
| Calpine Construction Finance Company, L.P. |  |  |
| 2023 Refinancing Term Loan B, 6.33%, (1 Month Term SOFR + 2.00%), 07/20/30 (a) | 1849 | 1848 |
| Carnival Corporation |  |  |
| 2025 Term Loan (2027), 6.31%, (1 Month Term SOFR + 2.00%), 08/09/27 (a) | 520 | 520 |
| 2025 Term Loan (2028), 6.31%, (1 Month Term SOFR + 2.00%), 10/18/28 (a) | 4204 | 4200 |
| Cast and Crew Payroll, LLC |  |  |
| 2021 Incremental Term Loan, 8.08%, (1 Month Term SOFR + 3.75%), 12/30/28 (a) | 966 | 912 |
| Chart Industries, Inc. |  |  |
| 2024 Term Loan B, 6.79%, (3 Month Term SOFR + 2.50%), 03/15/30 (a) | 645 | 646 |
| CHG Healthcare Services Inc. |  |  |
| 2024 Term Loan B1, 7.33%, (3 Month Term SOFR + 3.00%), 09/29/28 (a) | 757 | 760 |
| Chromalloy Corporation |  |  |
| 2024 Term Loan B, 8.04%, (3 Month Term SOFR + 3.75%), 03/21/31 (a) | 376 | 377 |
| Clear Channel Outdoor Holdings, Inc. |  |  |
| 2024 Term Loan, 8.44%, (1 Month Term SOFR + 4.00%), 08/20/28 (a) | 2888 | 2858 |
| 2024 Term Loan, 0.00%, (1 Month Term SOFR + 4.00%), 08/23/28 (a) (b) | 2 | 2 |
| Clydesdale Acquisition Holdings Inc |  |  |
| Term Loan B, 7.50%, (1 Month Term SOFR + 3.17%), 03/30/29 (a) | 3471 | 3463 |
| 2025 Term Loan B, 7.49%, (3 Month Term SOFR + 3.25%), 03/27/32 (a) | 3812 | 3795 |
| Colossus Acquireco LLC |  |  |
| Term Loan, 0.00%, (SOFR + 1.75%), 06/12/32 (a) (b) | 3000 | 2978 |
| Conair Holdings, LLC |  |  |
| Term Loan B, 8.19%, (1 Month Term SOFR + 3.75%), 05/13/28 (a) | 2184 | 1587 |
| Constant Contact Inc |  |  |
| Term Loan, 8.52%, (3 Month Term SOFR + 4.00%), 02/10/28 (a) | 977 | 933 |
| Construction Partners Inc |  |  |
| Term Loan B, 6.83%, (1 Month Term SOFR + 2.50%), 10/30/31 (a) | 353 | 354 |
| Core & Main LP |  |  |
| 2024 Term Loan E, 6.27%, (6 Month Term SOFR + 2.00%), 02/09/31 (a) | 212 | 212 |
| Corporation Service Company |  |  |
| Term Loan B, 6.33%, (1 Month Term SOFR + 2.00%), 08/10/29 (a) | 596 | 595 |
| CPI Holdco B LLC |  |  |
| 2024 Term Loan, 0.00%, (1 Month Term SOFR + 2.00%), 05/10/31 (a) (b) | 1340 | 1335 |
| 2024 Term Loan, 6.33%, (1 Month Term SOFR + 2.00%), 05/10/31 (a) | 536 | 534 |
| CPM Holdings, Inc. |  |  |
| 2023 Term Loan, 8.82%, (1 Month Term SOFR + 4.50%), 09/18/28 (a) | 158 | 154 |
| CQP Holdco LP |  |  |
| 2024 1st Lien Term Loan B, 6.30%, (3 Month Term SOFR + 2.00%), 12/31/30 (a) | 7104 | 7101 |
| Crown Equipment Corporation |  |  |
| 2025 Term Loan B, 6.57%, (1 Month Term SOFR + 2.25%), 10/10/31 (a) | 299 | 299 |
| Crown Subsea Communications Holding, Inc. |  |  |
| 2024 Term Loan B1, 8.33%, (1 Month Term SOFR + 4.00%), 01/30/31 (a) | 2711 | 2726 |

---

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page [607](#abbreviations).

**JNL Series Trust** (Unaudited)

**Schedules of Investments (in thousands)**

June 30, 2025

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| Darktrace PLC |  |  |
| 1st Lien Term Loan, 7.46%, (3 Month Term SOFR + 3.25%), 07/02/31 (a) | 808 | 808 |
| 2nd Lien Term Loan, 0.00%, (SOFR + 5.25%), 07/02/32 (a) (b) | 15 | 15 |
| 2nd Lien Term Loan, 9.46%, (3 Month Term SOFR + 5.25%), 07/02/32 (a) | 235 | 233 |
| DG Investment Intermediate Holdings 2, Inc. |  |  |
| 2024 Delayed Draw Term Loan, 0.00%, (SOFR + 3.75%), 03/31/28 (a) (b) (c) | 39 | 39 |
| 2021 Term Loan, 7.94%, (1 Month Term SOFR + 3.50%), 03/31/28 (a) | 621 | 621 |
| Dynasty Acquisition Co., Inc. |  |  |
| 2024 1st Lien Term Loan B1, 6.33%, (1 Month Term SOFR + 2.00%), 10/24/31 (a) | 465 | 465 |
| 2024 1st Lien Term Loan B2, 6.33%, (1 Month Term SOFR + 2.00%), 10/24/31 (a) | 177 | 177 |
| EAB Global, Inc. |  |  |
| 2021 Term Loan, 7.33%, (1 Month Term SOFR + 3.00%), 08/16/28 (a) | 521 | 510 |
| Echo Global Logistics, Inc. |  |  |
| Term Loan, 8.18%, (1 Month Term SOFR + 3.75%), 11/09/28 (a) | 352 | 328 |
| Edelman Financial Center, LLC |  |  |
| 2024 Term Loan, 0.00%, (SOFR + 3.00%), 04/07/28 (a) (b) | 1500 | 1501 |
| EMG Utica, LLC |  |  |
| 2025 Term Loan B, 8.30%, (3 Month Term SOFR + 4.00%), 10/24/29 (a) | 314 | 316 |
| Employbridge Holding Company |  |  |
| 2025 Second Out Term Loan, 9.31%, (3 Month Term SOFR + 4.75%), 01/19/30 (a) | 4961 | 1199 |
| 2025 First Out Term Loan, 9.80%, (3 Month Term SOFR + 5.50%), 01/19/30 (a) | 1327 | 1018 |
| EMRLD Borrower LP |  |  |
| 2024 Term Loan B, 6.80%, (3 Month Term SOFR + 2.50%), 06/18/31 (a) | 318 | 317 |
| Ensemble RCM, LLC |  |  |
| 2024 Term Loan B, 7.28%, (3 Month Term SOFR + 3.00%), 08/01/29 (a) | 4318 | 4334 |
| EOC Borrower, LLC |  |  |
| Term Loan B, 7.33%, (1 Month Term SOFR + 3.00%), 01/28/32 (a) | 1481 | 1482 |
| Esdec Solar Group B.V. |  |  |
| Term Loan B, 9.56%, (3 Month Term SOFR + 5.00%), 08/23/28 (a) (c) | 430 | 316 |
| Fertitta Entertainment, LLC |  |  |
| 2022 Term Loan B, 7.83%, (1 Month Term SOFR + 3.50%), 01/13/29 (a) (d) | 4855 | 4847 |
| Focus Financial Partners, LLC |  |  |
| 2025 Incremental Term Loan B, 0.00%, (1 Month Term SOFR + 2.75%), 09/15/31 (a) (b) | 1653 | 1649 |
| 2025 Incremental Term Loan B, 7.08%, (1 Month Term SOFR + 2.75%), 09/15/31 (a) | 3200 | 3193 |
| Fortress Intermediate 3, Inc |  |  |
| Term Loan B, 7.83%, (1 Month Term SOFR + 3.50%), 05/09/31 (a) | 4892 | 4898 |
| Foundever Worldwide Corporation |  |  |
| 2021 USD Term Loan, 8.19%, (1 Month Term SOFR + 3.75%), 07/28/28 (a) | 4579 | 2479 |
| Franchise Group Intermediate Holdco, LLC |  |  |
| 2024 DIP New Money Term Loan, 0.00%, (1 Month Term SOFR + 9.00%), 07/14/25 (a) (b) | 63 | 63 |
| Fusion Buyer LLC |  |  |
| Term Loan, 12.41%, (1 Month Term SOFR + 8.00%), 06/06/30 (a) | 378 | 370 |
| Genesee & Wyoming Inc. (New) |  |  |
| 2024 Term Loan B, 6.05%, (3 Month Term SOFR + 1.75%), 03/27/31 (a) | 605 | 602 |
| Gloves Buyer, Inc. |  |  |
| 2025 Term Loan, 0.00%, (1 Month Term SOFR + 4.00%), 01/16/32 (a) (b) | 290 | 284 |
| 2025 Term Loan, 8.32%, (1 Month Term SOFR + 4.00%), 01/16/32 (a) | 5030 | 4923 |
| Grant Thornton Advisors LLC |  |  |
| 2025 Term Loan B, 7.08%, (1 Month Term SOFR + 2.75%), 05/30/31 (a) | 1688 | 1685 |
| 2025 Delayed Draw Term Loan, 0.00%, (SOFR + 2.75%), 06/02/31 (a) (b) | 35 | 35 |
| Griffon Corporation |  |  |
| 2024 Term Loan B, 6.55%, (3 Month Term SOFR + 2.25%), 01/24/29 (a) | 450 | 450 |
| Groupe Solmax Inc. |  |  |
| Term Loan, 9.19%, (1 Month Term SOFR + 4.75%), 06/28/28 (a) | 672 | 561 |
| Term Loan, 9.31%, (3 Month Term SOFR + 4.75%), 06/28/28 (a) | 784 | 654 |
| Harbourvest Partners, LLC |  |  |
| 2024 1st Lien Term Loan B, 6.55%, (3 Month Term SOFR + 2.25%), 04/22/30 (a) | 893 | 893 |
| HighTower Holdings LLC |  |  |
| 2025 Term Loan B, 7.26%, (3 Month Term SOFR + 3.00%), 01/16/32 (a) | 704 | 701 |
| Hilcorp Energy I L.P. |  |  |
| Term Loan B, 6.31%, (1 Month Term SOFR + 2.00%), 02/05/30 (a) | 1914 | 1914 |
| Horizon US Finco LP |  |  |
| Term Loan B, 9.03%, (3 Month Term SOFR + 4.75%), 12/16/31 (a) | 194 | 190 |
| Term Loan B, 9.03%, (3 Month Term SOFR + 4.75%), 12/16/31 (a) | 388 | 379 |
| Hunter Holdco 3 Limited |  |  |
| USD Term Loan B, 8.65%, (3 Month Term SOFR + 4.25%), 08/05/28 (a) | 780 | 741 |
| ICON Luxembourg S.A.R.L. |  |  |
| 2024 LUX Term Loan B, 6.30%, (3 Month Term SOFR + 2.00%), 07/03/28 (a) | 203 | 204 |
| IVC Acquisition Ltd |  |  |
| 2025 USD Repriced Term Loan B, 8.05%, (3 Month Term SOFR + 3.75%), 12/06/28 (a) | 768 | 772 |
| Janus International Group, LLC |  |  |
| 2024 Term Loan B, 6.78%, (3 Month Term SOFR + 2.50%), 08/02/30 (a) | 164 | 163 |
| John Bean Technologies Corp |  |  |
| Term Loan B, 6.43%, (1 Month Term SOFR + 2.00%), 10/09/31 (a) | 189 | 190 |
| Johnstone Supply LLC |  |  |
| Term Loan B, 6.82%, (1 Month Term SOFR + 2.50%), 06/09/31 (a) | 481 | 482 |
| Kaman Corporation |  |  |
| 2025 Delayed Draw Term Loan, 0.00%, 01/30/32 (a) (b) | 102 | 102 |
| 2025 Term Loan B, 7.08%, (3 Month Term SOFR + 2.75%), 01/30/32 (a) | 1079 | 1076 |
| Kenan Advantage Group, Inc. |  |  |
| 2024 Term Loan B4, 0.00%, (SOFR + 3.25%), 01/25/29 (a) (b) | 1500 | 1478 |
| KNS Acquisition Corp. |  |  |
| 2024 Term Loan A, 9.44%, (1 Month Term SOFR + 5.00%), 04/19/30 (a) (c) | 340 | 338 |
| 2024 Term Loan B, 11.44%, (1 Month Term SOFR + 7.00%), 10/19/30 (a) | 327 | 271 |
| Kohler Energy Co LLC |  |  |
| USD Term Loan B, 8.05%, (3 Month Term SOFR + 3.75%), 01/30/31 (a) | 3451 | 3450 |
| KUEHG Corp. |  |  |
| 2024 Term Loan, 7.55%, (3 Month Term SOFR + 3.25%), 06/12/30 (a) | 615 | 615 |
| LaserShip, Inc. |  |  |
| 2024 New Money Term Loan A, 10.56%, (3 Month Term SOFR + 6.25%), 01/02/29 (a) | 122 | 120 |
| 2024 Term Loan B, 10.06%, (3 Month Term SOFR + 5.50%), 08/10/29 (a) | 348 | 200 |
| LBM Acquisition LLC |  |  |
| 2024 Incremental Term Loan B, 8.16%, (1 Month Term SOFR + 3.75%), 06/06/31 (a) | 1055 | 983 |
| LC AHAB US Bidco LLC |  |  |
| Term Loan B, 7.33%, (1 Month Term SOFR + 3.00%), 04/14/31 (a) | 378 | 377 |
| Madison IAQ LLC |  |  |
| Term Loan, 6.76%, (6 Month Term SOFR + 2.50%), 06/15/28 (a) | 850 | 851 |
| 2025 Term Loan B, 7.56%, (3 Month Term SOFR + 3.25%), 03/26/32 (a) | 3487 | 3494 |

---

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page [607](#abbreviations).

**JNL Series Trust** (Unaudited)

**Schedules of Investments (in thousands)**

June 30, 2025

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| Madison Safety & Flow LLC |  |  |
| 2025 Term Loan B, 7.08%, (1 Month Term SOFR + 2.75%), 09/26/31 (a) | 3597 | 3601 |
| MajorDrive Holdings IV LLC |  |  |
| Term Loan B, 8.56%, (3 Month Term SOFR + 4.00%), 05/12/28 (a) | 1378 | 1349 |
| Maximus, Inc. |  |  |
| 2024 Term Loan B, 6.33%, (1 Month Term SOFR + 2.00%), 05/21/31 (a) | 193 | 192 |
| Medical Solutions Holdings, Inc. |  |  |
| 2021 1st Lien Term Loan, 7.88%, (3 Month Term SOFR + 3.50%), 10/08/28 (a) | 4056 | 2102 |
| Minimax Viking GmbH |  |  |
| 2025 USD Term Loan B, 6.58%, (1 Month Term SOFR + 2.25%), 02/19/32 (a) | 819 | 822 |
| Modena Buyer LLC |  |  |
| Term Loan, 8.78%, (3 Month Term SOFR + 4.50%), 04/03/31 (a) | 1677 | 1612 |
| MRP Buyer LLC |  |  |
| Delayed Draw Term Loan, 0.00%, 05/22/32 (a) (b) | 30 | 30 |
| Term Loan, 7.57%, (3 Month Term SOFR + 3.25%), 05/22/32 (a) | 240 | 236 |
| Neptune Bidco US Inc |  |  |
| 2022 USD Term Loan A, 9.08%, (3 Month Term SOFR + 4.75%), 10/11/28 (a) | 436 | 410 |
| 2022 USD Term Loan B, 9.33%, (3 Month Term SOFR + 5.00%), 04/11/29 (a) | 4313 | 4069 |
| NorthRiver Midstream Finance LP |  |  |
| 2023 USD Term Loan B, 6.55%, (3 Month Term SOFR + 2.25%), 08/10/30 (a) | 4012 | 4025 |
| Nuvei Technologies Corp. |  |  |
| 2024 Term Loan B1, 7.33%, (1 Month Term SOFR + 3.00%), 07/19/31 (a) | 2835 | 2839 |
| OMNIA Partners LLC |  |  |
| 2024 Term Loan B, 7.03%, (3 Month Term SOFR + 2.75%), 07/25/30 (a) | 878 | 879 |
| Optiv Security, Inc. |  |  |
| 2023 Term Loan, 9.53%, (3 Month Term SOFR + 5.25%), 08/17/26 (a) | 601 | 482 |
| Oscar AcquisitionCo, LLC |  |  |
| Term Loan B, 8.55%, (3 Month Term SOFR + 4.25%), 04/29/29 (a) | 513 | 471 |
| Osmose Utilities Services, Inc. |  |  |
| Term Loan, 7.69%, (1 Month Term SOFR + 3.25%), 06/18/28 (a) | 970 | 908 |
| Parexel International Corporation |  |  |
| 2025 Term Loan B, 6.83%, (1 Month Term SOFR + 2.50%), 11/15/28 (a) | 875 | 875 |
| Patagonia Holdco LLC |  |  |
| Term Loan B1, 10.05%, (3 Month Term SOFR + 5.75%), 08/01/29 (a) (d) | 350 | 283 |
| Pelican Products, Inc. |  |  |
| 2021 Term Loan, 8.81%, (3 Month Term SOFR + 4.25%), 11/16/28 (a) | 1437 | 1252 |
| PHRG Intermediate LLC |  |  |
| 2025 Term Loan B, 8.33%, (3 Month Term SOFR + 4.00%), 02/13/32 (a) | 555 | 552 |
| Pike Corporation |  |  |
| 2021 Incremental Term Loan B, 7.44%, (1 Month Term SOFR + 3.00%), 01/15/28 (a) | 999 | 1004 |
| Pitney Bowes Inc. |  |  |
| 2025 Term Loan B, 8.08%, (1 Month Term SOFR + 3.75%), 01/31/32 (a) | 2453 | 2446 |
| PRA Health Sciences, Inc. |  |  |
| 2024 US Term Loan B, 6.30%, (3 Month Term SOFR + 2.00%), 07/03/28 (a) | 50 | 51 |
| PUG LLC |  |  |
| 2024 Extended Term Loan B, 9.08%, (1 Month Term SOFR + 4.75%), 03/12/30 (a) | 4076 | 3947 |
| Quikrete Holdings, Inc. |  |  |
| 2024 Term Loan B1, 6.58%, (1 Month Term SOFR + 2.25%), 03/18/29 (a) | 1995 | 1993 |
| 2025 Term Loan B, 6.58%, (1 Month Term SOFR + 2.25%), 01/30/32 (a) | 1257 | 1255 |
| Rand Parent, LLC |  |  |
| 2025 Term Loan B, 7.30%, (3 Month Term SOFR + 3.00%), 03/18/30 (a) | 2761 | 2739 |
| Roper Industrial Products Investment Company LLC |  |  |
| 2024 USD 1st Lien Term Loan B, 7.05%, (3 Month Term SOFR + 2.75%), 11/23/29 (a) | 3404 | 3394 |
| Smyrna Ready Mix Concrete, LLC |  |  |
| 2025 Term Loan B, 7.32%, (1 Month Term SOFR + 3.00%), 04/02/29 (a) | 1905 | 1911 |
| Southern Veterinary Partners, LLC |  |  |
| 2024 1st Lien Term Loan, 7.53%, (3 Month Term SOFR + 3.25%), 10/30/31 (a) | 1102 | 1103 |
| Spin Holdco Inc. |  |  |
| 2021 Term Loan, 8.58%, (3 Month Term SOFR + 4.00%), 02/26/28 (a) | 4020 | 3518 |
| Star Parent Inc. |  |  |
| Term Loan B, 8.30%, (3 Month Term SOFR + 4.00%), 09/19/30 (a) | 1943 | 1923 |
| Stonepeak Nile Parent LLC |  |  |
| Term Loan B, 9.25%, (Prime + 1.75%), 02/03/32 (a) | 3094 | 3102 |
| Student Transportation of America Inc |  |  |
| Term Loan, 0.00%, (SOFR + 3.25%), 06/10/32 (a) (b) | 2746 | 2751 |
| Titan Acquisition Limited |  |  |
| 2024 Term Loan B, 8.72%, (6 Month Term SOFR + 4.50%), 02/01/29 (a) | 3256 | 3262 |
| TK Elevator Midco GmbH |  |  |
| 2025 USD Term Loan B, 7.24%, (SOFR + 3.00%), 04/30/30 (a) | 4181 | 4190 |
| TKC Holdings, Inc. |  |  |
| 2024 Term Loan, 9.32%, (1 Month Term SOFR + 5.00%), 05/15/28 (a) | 2508 | 2506 |
| TransDigm, Inc. |  |  |
| 2023 Term Loan J, 6.80%, (3 Month Term SOFR + 2.50%), 02/28/31 (a) | 8703 | 8718 |
| 2024 Term Loan, 6.80%, (3 Month Term SOFR + 2.50%), 09/05/32 (a) | 491 | 492 |
| United Airlines, Inc. |  |  |
| 2024 1st Lien Term Loan B, 6.28%, (3 Month Term SOFR + 2.00%), 02/22/31 (a) | 3028 | 3029 |
| US Fertility Enterprises LLC |  |  |
| 2024 Delayed Draw Term Loan, 0.00%, 10/03/31 (a) (b) | 8 | 8 |
| 2024 Delayed Draw Term Loan, 8.78%, (3 Month Term SOFR + 4.50%), 10/03/31 (a) | 8 | 8 |
| 2024 Term Loan, 8.78%, (6 Month Term SOFR + 4.50%), 10/03/31 (a) | 247 | 248 |
| 2024 Delayed Draw Term Loan, 8.82%, (3 Month Term SOFR + 4.50%), 10/03/31 (a) | 4 | 4 |
| Veritiv Corporation |  |  |
| Term Loan B, 8.30%, (3 Month Term SOFR + 4.00%), 11/30/30 (a) | 1430 | 1434 |
| Vista Management Holding, Inc. |  |  |
| 2025 Term Loan B, 8.05%, (3 Month Term SOFR + 3.75%), 03/27/31 (a) | 3885 | 3890 |
| WEC US Holdings Ltd. |  |  |
| 2024 Term Loan, 6.57%, (1 Month Term SOFR + 2.25%), 01/20/31 (a) | 1643 | 1642 |
| WestJet Loyalty LP |  |  |
| Term Loan B, 7.55%, (3 Month Term SOFR + 3.25%), 02/01/31 (a) | 1742 | 1741 |
| WIN Waste Innovations Holdings, Inc. |  |  |
| 2025 Incremental Term Loan, 8.19%, (1 Month Term SOFR + 3.75%), 03/27/28 (a) | 359 | 360 |
| 2021 Term Loan B, 7.19%, (1 Month Term SOFR + 2.75%), 03/31/28 (a) | 391 | 387 |
| | | 237596 |
| **Information Technology 14.3%** | **Information Technology 14.3%** | **Information Technology 14.3%** |
| Ahead DB Holdings, LLC |  |  |
| 2024 Term Loan B3, 7.30%, (3 Month Term SOFR + 3.00%), 01/24/31 (a) | 5604 | 5605 |
| Applied Systems, Inc. |  |  |
| 2024 1st Lien Term Loan, 6.80%, (3 Month Term SOFR + 2.50%), 02/07/31 (a) | 3877 | 3891 |
| Arches Buyer Inc. |  |  |
| 2021 Term Loan B, 0.00%, (SOFR + 3.25%), 12/06/27 (a) (b) | 1500 | 1480 |
| 2021 Term Loan B, 7.68%, (1 Month Term SOFR + 3.25%), 12/06/27 (a) | 997 | 984 |

---

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page [607](#abbreviations).

**JNL Series Trust** (Unaudited)

**Schedules of Investments (in thousands)**

June 30, 2025

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| Ascend Learning, LLC |  |  |
| 2025 Repriced Term Loan B, 7.33%, (1 Month Term SOFR + 3.00%), 12/11/28 (a) | 1609 | 1608 |
| 2021 2nd Lien Term Loan, 10.18%, (1 Month Term SOFR + 5.75%), 11/18/29 (a) | 275 | 275 |
| Athenahealth Group, Inc. |  |  |
| 2022 Term Loan B, 7.08%, (1 Month Term SOFR + 2.75%), 01/27/29 (a) | 5609 | 5600 |
| BCPE Pequod Buyer Inc |  |  |
| USD Term Loan B, 7.58%, (1 Month Term SOFR + 3.25%), 09/19/31 (a) | 2796 | 2799 |
| Boost Newco Borrower, LLC |  |  |
| 2025 USD Term Loan B, 6.30%, (3 Month Term SOFR + 2.00%), 01/31/31 (a) | 767 | 769 |
| Boxer Parent Company Inc. |  |  |
| 2025 USD Term Loan B, 7.33%, (1 Month Term SOFR + 3.00%), 07/30/31 (a) | 3569 | 3544 |
| Camelot U.S. Acquisition LLC |  |  |
| 2025 Incremental Term Loan B, 0.00%, (1 Month Term SOFR + 3.25%), 01/31/31 (a) (b) | 2796 | 2796 |
| 2025 Incremental Term Loan B, 7.57%, (1 Month Term SOFR + 3.25%), 01/31/31 (a) | 777 | 777 |
| CD&R Hydra Buyer Inc. |  |  |
| 2024 Term Loan B, 8.43%, (1 Month Term SOFR + 4.00%), 03/15/31 (a) | 859 | 844 |
| CD&R Hydra Buyer, Inc. |  |  |
| Term Loan, 0.00%, (SOFR + 4.25%), 03/15/31 (a) (b) | 40 | 39 |
| Central Parent Inc. |  |  |
| 2024 Term Loan B, 7.55%, (3 Month Term SOFR + 3.25%), 07/06/29 (a) | 2143 | 1784 |
| Cloud Software Group, Inc. |  |  |
| 2024 1st Lien Term Loan B, 7.80%, (3 Month Term SOFR + 3.50%), 03/30/29 (a) | 3730 | 3732 |
| 2024 USD Term Loan, 8.05%, (3 Month Term SOFR + 3.75%), 03/24/31 (a) | 2809 | 2812 |
| ConnectWise, LLC |  |  |
| 2021 Term Loan B, 8.06%, (3 Month Term SOFR + 3.50%), 09/23/28 (a) | 451 | 453 |
| Dayforce, Inc. |  |  |
| 2025 Term Loan B, 6.28%, (3 Month Term SOFR + 2.00%), 03/01/31 (a) | 312 | 312 |
| DCert Buyer, Inc. |  |  |
| 2019 Term Loan B, 8.33%, (1 Month Term SOFR + 4.00%), 07/31/26 (a) | 3266 | 3232 |
| 2021 2nd Lien Term Loan, 11.33%, (1 Month Term SOFR + 7.00%), 02/16/29 (a) | 250 | 216 |
| Delta TopCo, Inc. |  |  |
| 2025 Term Loan B, 7.07%, (3 Month Term SOFR + 2.75%), 11/30/29 (a) | 4835 | 4798 |
| Dragon Buyer, Inc |  |  |
| Term Loan B, 7.30%, (3 Month Term SOFR + 3.00%), 09/24/31 (a) | 354 | 355 |
| ECL Entertainment, LLC |  |  |
| 2024 1st Lien Term Loan B, 7.83%, (1 Month Term SOFR + 3.50%), 08/31/30 (a) | 217 | 216 |
| Ellucian Holdings, Inc. |  |  |
| 2024 1st Lien Term Loan B, 7.33%, (1 Month Term SOFR + 3.00%), 10/29/29 (a) | 1307 | 1309 |
| EP Purchaser LLC |  |  |
| Term Loan, 0.00%, (3 Month USD LIBOR + 3.50%), 11/06/28 (a) (b) | 120 | 118 |
| Epicor Software Corporation |  |  |
| 2024 Term Loan E, 7.08%, (1 Month Term SOFR + 2.75%), 05/23/31 (a) | 5106 | 5117 |
| Gainwell Acquisition Corp. |  |  |
| Term Loan B, 8.40%, (3 Month Term SOFR + 4.00%), 08/17/27 (a) | 4290 | 4125 |
| Galaxy US Opco Inc. |  |  |
| Term Loan, 9.28%, (3 Month Term SOFR + 2.00%), 04/19/29 (a) | 192 | 178 |
| Gen Digital Inc. |  |  |
| 2024 Term Loan B, 6.08%, (1 Month Term SOFR + 1.75%), 01/28/29 (a) | 1213 | 1211 |
| Genesys Cloud Services Holdings II LLC |  |  |
| 2025 USD Term Loan B, 6.83%, (1 Month Term SOFR + 2.50%), 01/23/32 (a) | 3805 | 3802 |
| Go Daddy Operating Company, LLC |  |  |
| 2024 Term Loan B7, 6.08%, (1 Month Term SOFR + 1.75%), 05/21/31 (a) | 972 | 973 |
| Helios Software Holdings, Inc. |  |  |
| 2024 Term Loan B, 7.80%, (3 Month Term SOFR + 3.50%), 07/18/30 (a) | 3285 | 3286 |
| Kaseya Inc. |  |  |
| 2025 1st Lien Term Loan B, 7.58%, (1 Month Term SOFR + 3.25%), 03/05/32 (a) | 3997 | 4010 |
| 2025 2nd Lien Term Loan B, 9.33%, (1 Month Term SOFR + 5.00%), 03/07/33 (a) | 355 | 355 |
| McAfee, LLC |  |  |
| 2024 USD 1st Lien Term Loan B, 7.32%, (1 Month Term SOFR + 3.00%), 03/01/29 (a) | 3102 | 3009 |
| MH Sub I, LLC |  |  |
| 2023 Term Loan, 8.58%, (1 Month Term SOFR + 4.25%), 04/13/28 (a) | 51 | 47 |
| 2024 Term Loan B4, 8.58%, (1 Month Term SOFR + 4.25%), 12/11/31 (a) | 9604 | 8323 |
| Mitchell International, Inc. |  |  |
| 2024 1st Lien Term Loan, 7.58%, (1 Month Term SOFR + 3.25%), 06/05/31 (a) | 839 | 837 |
| MKS Instruments, Inc. |  |  |
| 2025 USD Repriced Term Loan, 6.32%, (1 Month Term SOFR + 2.00%), 08/17/29 (a) | 606 | 606 |
| NCR Atleos LLC |  |  |
| 2024 Term Loan B, 8.03%, (3 Month Term SOFR + 3.75%), 04/16/29 (a) | 324 | 326 |
| Open Text Corporation |  |  |
| 2023 Term Loan B, 6.08%, (1 Month Term SOFR + 1.75%), 01/31/30 (a) | 3923 | 3918 |
| Peraton Corp. |  |  |
| Term Loan B, 8.18%, (1 Month Term SOFR + 3.75%), 02/22/28 (a) | 4025 | 3543 |
| PointClickCare Technologies, Inc. |  |  |
| 2024 USD Term Loan B, 7.55%, (3 Month Term SOFR + 3.25%), 10/11/31 (a) | 2785 | 2793 |
| Polaris Newco LLC |  |  |
| USD Term Loan B, 8.29%, (3 Month Term SOFR + 3.75%), 06/03/28 (a) | 3501 | 3408 |
| Priority Holdings, LLC |  |  |
| 2024 Term Loan B, 9.08%, (1 Month Term SOFR + 4.75%), 05/16/31 (a) | 128 | 128 |
| Project Alpha Intermediate Holding, Inc. |  |  |
| 2024 1st Lien Term Loan B, 7.55%, (3 Month Term SOFR + 3.25%), 10/28/30 (a) | 1743 | 1751 |
| 2024 1st Lien Term Loan B, 7.56%, (3 Month Term SOFR + 3.25%), 10/28/30 (a) | 604 | 607 |
| 2025 2nd Lien Incremental Term Loan, 9.31%, (3 Month Term SOFR + 5.00%), 11/22/32 (a) | 430 | 427 |
| Project Boost Purchaser LLC |  |  |
| 2025 Refinancing Term Loan, 7.30%, (3 Month Term SOFR + 3.00%), 07/02/31 (a) | 808 | 809 |
| Proofpoint, Inc. |  |  |
| 2024 Term Loan, 0.00%, (1 Month Term SOFR + 3.00%), 08/31/28 (a) (b) | 667 | 667 |
| 2024 Term Loan, 7.33%, (1 Month Term SOFR + 3.00%), 08/31/28 (a) | 3946 | 3947 |
| Rackspace Finance, LLC |  |  |
| 2024 First Lien Second Out Term Loan, 7.18%, (1 Month Term SOFR + 2.75%), 03/15/28 (a) | 810 | 366 |
| 2024 First Lien First Out Term Loan, 10.68%, (1 Month Term SOFR + 6.25%), 05/15/28 (a) | 189 | 189 |
| RealPage, Inc |  |  |
| 1st Lien Term Loan, 7.56%, (3 Month Term SOFR + 3.00%), 02/18/28 (a) | 1224 | 1215 |
| 2024 Incremental Term Loan, 8.05%, (3 Month Term SOFR + 3.75%), 04/24/28 (a) | 2138 | 2139 |
| Red Planet Borrower, LLC |  |  |
| Term Loan B, 8.18%, (1 Month Term SOFR + 3.75%), 09/23/28 (a) | 690 | 681 |
| Renaissance Holding Corp. |  |  |
| 2024 1st Lien Term Loan, 8.28%, (3 Month Term SOFR + 4.00%), 04/05/30 (a) | 958 | 868 |
| Rocket Software, Inc. |  |  |
| 2023 USD Term Loan B, 8.58%, (1 Month Term SOFR + 4.25%), 11/28/28 (a) | 4938 | 4947 |

---

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page [607](#abbreviations).

**JNL Series Trust** (Unaudited)

**Schedules of Investments (in thousands)**

June 30, 2025

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| Sandisk Corp |  |  |
| Term Loan B, 7.32%, (3 Month Term SOFR + 3.00%), 12/12/31 (a) | 3935 | 3911 |
| Shift4 |  |  |
| Term Loan, 0.00%, (SOFR + 2.75%), 05/12/32 (a) (b) | 95 | 96 |
| SolarWinds Holdings, Inc. |  |  |
| 2025 Term Loan, 8.26%, (3 Month Term SOFR + 4.00%), 03/12/32 (a) | 2000 | 1953 |
| Sovos Compliance, LLC |  |  |
| 2025 Term Loan B, 8.33%, (1 Month Term SOFR + 4.00%), 08/12/29 (a) | 489 | 491 |
| SS&C Technologies Inc. |  |  |
| 2024 Term Loan B8, 6.33%, (1 Month Term SOFR + 2.00%), 05/09/31 (a) | 2791 | 2804 |
| TCP Sunbelt Acquisition Co. |  |  |
| 2024 Term Loan B, 8.58%, (3 Month Term SOFR + 4.25%), 10/11/31 (a) | 409 | 409 |
| Twitter, Inc. |  |  |
| Term Loan, 10.95%, (3 Month Term SOFR + 6.50%), 10/27/29 (a) | 1010 | 986 |
| 2025 Fixed Term Loan, 9.50%, (Fixed + 9.50%), 12/31/99 (a) | 1730 | 1681 |
| UKG Inc. |  |  |
| 2024 Term Loan B, 7.31%, (1 Month Term SOFR + 3.00%), 01/30/31 (a) | 7230 | 7255 |
| Vertiv Group Corporation |  |  |
| 2024 Term Loan B, 6.07%, (1 Month Term SOFR + 1.75%), 03/02/27 (a) | 1459 | 1460 |
| VS Buyer, LLC |  |  |
| 2024 1st Lien Term Loan B, 7.02%, (1 Month Term SOFR + 2.75%), 04/12/31 (a) | 452 | 454 |
| World Wide Technology Holding Co. LLC |  |  |
| 2024 Term Loan B, 6.56%, (1 Month Term SOFR + 2.25%), 03/01/30 (a) | 1662 | 1669 |
| Xai Corp |  |  |
| Term Loan, 0.00%, (3 Month Term SOFR + 7.25%), 12/31/49 (a) (b) | 180 | 171 |
| Zayo Group Holdings, Inc. |  |  |
| USD Term Loan, 7.44%, (1 Month Term SOFR + 3.00%), 02/18/27 (a) | 495 | 470 |
| Zelis Payments Buyer, Inc. |  |  |
| 5th Amendment Term Loan, 7.58%, (1 Month Term SOFR + 3.25%), 10/24/31 (a) | 1307 | 1298 |
| | | 144064 |
| **Communication Services 11.6%** | **Communication Services 11.6%** | **Communication Services 11.6%** |
| 19th Holdings Golf, LLC |  |  |
| 2022 Term Loan B, 7.66%, (1 Month Term SOFR + 3.25%), 01/27/29 (a) | 822 | 808 |
| Academy, Ltd. |  |  |
| 2021 Term Loan, 8.19%, (1 Month Term SOFR + 3.75%), 11/05/27 (a) | 161 | 160 |
| AIT Worldwide Logistics, Inc |  |  |
| 2025 Repriced Term Loan, 8.26%, (3 Month Term SOFR + 4.00%), 04/08/30 (a) | 547 | 548 |
| Allen Media, LLC |  |  |
| 2021 Term Loan B, 9.95%, (3 Month Term SOFR + 5.50%), 02/10/27 (a) (d) | 7818 | 4965 |
| Altice Financing SA |  |  |
| 2022 USD Term Loan, 9.26%, (3 Month Term SOFR + 5.00%), 10/31/27 (a) | 7011 | 5614 |
| Altice France S.A. |  |  |
| 2018 Term Loan B13, 10.50%, (Prime + 3.00%), 07/13/26 (a) | 977 | 858 |
| 2023 USD Term Loan B14, 9.76%, (3 Month Term SOFR + 5.50%), 08/31/28 (a) | 6844 | 6184 |
| AMC Entertainment Holdings, Inc. |  |  |
| 2024 Term Loan, 11.32%, (1 Month Term SOFR + 7.00%), 01/04/29 (a) | 3657 | 3689 |
| AP Core Holdings II, LLC |  |  |
| Amortization Term Loan B1, 9.94%, (1 Month Term SOFR + 5.50%), 07/21/27 (a) | 1070 | 960 |
| High-Yield Term Loan B2, 9.94%, (1 Month Term SOFR + 5.50%), 07/21/27 (a) | 275 | 246 |
| Arcis Golf LLC |  |  |
| 2025 Term Loan B, 7.08%, (1 Month Term SOFR + 2.75%), 11/24/28 (a) | 474 | 474 |
| 2025 Incremental Delayed Draw Term Loan, 0.00%, 12/31/49 (a) (b) | 29 | 29 |
| Aventiv Technologies, LLC |  |  |
| 2024 PIK Third Out Term Loan, 5.56%, (3 Month Term SOFR + 4.09%), 07/31/25 (a) | 1217 | 847 |
| 2024 Incremental Second Out Term Loan, 12.06%, (3 Month Term SOFR + 7.50%), 07/31/25 (a) | 215 | 206 |
| 2024 Bridge Term Loan, 14.58%, (3 Month Term SOFR + 10.00%), 12/24/25 (a) | 198 | 203 |
| 2025 5th Amendment Incremental Bridge Loan, 14.52%, (1 Month Term SOFR + 10.00%), 03/25/26 (a) | 494 | 508 |
| Charter Communications Operating, LLC |  |  |
| 2024 Term Loan B5, 0.00%, (3 Month Term SOFR + 2.25%), 08/23/28 (a) (b) | 2000 | 2003 |
| Ciena Corporation |  |  |
| 2025 Repriced Term Loan B, 6.07%, (1 Month Term SOFR + 1.75%), 10/24/30 (a) | 132 | 133 |
| Cimpress Public Limited Company |  |  |
| 2024 Term Loan B, 6.83%, (1 Month Term SOFR + 2.50%), 05/17/28 (a) | 2254 | 2247 |
| City Football Group Limited |  |  |
| 2024 Term Loan, 8.04%, (3 Month Term SOFR + 3.50%), 07/21/30 (a) | 1499 | 1489 |
| CMG Media Corporation |  |  |
| 2024 Term Loan, 7.90%, (3 Month Term SOFR + 3.50%), 06/18/29 (a) | 4718 | 4559 |
| CommScope, Inc. |  |  |
| 2024 Term Loan, 9.58%, (1 Month Term SOFR + 5.25%), 12/15/29 (a) | 2020 | 2043 |
| Connect Finco Sarl |  |  |
| 2024 Extended Term Loan B, 8.83%, (1 Month Term SOFR + 4.50%), 09/11/29 (a) | 3020 | 2862 |
| Coral-US Co-Borrower, LLC |  |  |
| 2025 Term Loan B7, 7.51%, (3 Month Term SOFR + 3.25%), 01/24/32 (a) | 1500 | 1482 |
| Crown Finance US Inc |  |  |
| Term Loan, 0.00%, (SOFR + 4.50%), 10/31/31 (a) (b) | 235 | 235 |
| Crown Finance US, Inc. |  |  |
| 2024 Term Loan B, 9.57%, (1 Month Term SOFR + 5.25%), 10/31/31 (a) | 1438 | 1436 |
| CSC Holdings, LLC |  |  |
| 2022 Term Loan B6, 8.81%, (1 Month Term SOFR + 4.50%), 01/17/28 (a) | 4964 | 4890 |
| Dave & Buster's, Inc. |  |  |
| 2024 Term Loan B, 7.56%, (1 Month Term SOFR + 3.25%), 06/29/29 (a) | 307 | 297 |
| 2024 1st Lien Term Loan B, 7.56%, (3 Month Term SOFR + 3.25%), 09/26/31 (a) | 423 | 403 |
| DirecTV Financing, LLC |  |  |
| Term Loan, 9.54%, (3 Month Term SOFR + 5.00%), 07/22/27 (a) | 771 | 774 |
| 2024 Term Loan, 9.79%, (3 Month Term SOFR + 5.25%), 08/02/29 (a) | 845 | 837 |
| Dotdash Meredith Inc |  |  |
| 2025 Term Loan B, 7.82%, (3 Month Term SOFR + 3.50%), 06/05/32 (a) | 595 | 595 |
| Fanatics Commerce Intermediate Holdco, LLC |  |  |
| Term Loan B, 7.69%, (1 Month Term SOFR + 3.25%), 11/18/28 (a) | 72 | 72 |
| Flutter Financing B.V. |  |  |
| 2024 Term Loan B, 6.05%, (3 Month Term SOFR + 1.75%), 11/30/30 (a) | 2061 | 2053 |
| 2025 Term Loan B, 8.50%, (Prime + 1.00%), 05/22/32 (a) | 2180 | 2178 |
| Frontier Communications Corp. |  |  |
| 2025 Term Loan B, 6.79%, (6 Month Term SOFR + 2.50%), 07/01/31 (a) | 4941 | 4935 |
| Gray Television, Inc. |  |  |
| 2024 Term Loan B, 9.57%, (1 Month Term SOFR + 5.25%), 05/22/29 (a) | 3046 | 3041 |
| Great Outdoors Group, LLC |  |  |
| 2025 Term Loan B, 7.58%, (1 Month Term SOFR + 3.25%), 01/20/32 (a) | 13877 | 13838 |

---

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page [607](#abbreviations).

**JNL Series Trust** (Unaudited)

**Schedules of Investments (in thousands)**

June 30, 2025

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| GVC Holdings (Gibraltar) Limited |  |  |
| 2024 USD Term Loan B3, 7.05%, (3 Month Term SOFR + 2.75%), 10/31/29 (a) | 2817 | 2826 |
| Herschend Entertainment Company, LLC |  |  |
| 2025 Term Loan B, 7.57%, (3 Month Term SOFR + 3.25%), 05/17/32 (a) | 225 | 226 |
| II-VI Incorporated |  |  |
| 2024 1st Lien Term Loan B, 6.33%, (1 Month Term SOFR + 2.00%), 07/02/29 (a) | 872 | 872 |
| LCPR Loan Financing LLC |  |  |
| 2021 Term Loan B, 8.18%, (1 Month Term SOFR + 3.75%), 09/25/28 (a) | 500 | 323 |
| Level 3 Financing Inc. |  |  |
| 2025 Term Loan B, 8.58%, (1 Month Term SOFR + 4.25%), 03/20/32 (a) | 1125 | 1136 |
| Life Time Fitness Inc |  |  |
| 2024 Term Loan B, 6.78%, (3 Month Term SOFR + 2.50%), 10/22/31 (a) | 612 | 613 |
| Lumen Technologies, Inc. |  |  |
| 2024 Term Loan A, 10.33%, (1 Month Term SOFR + 6.00%), 06/01/28 (a) | 367 | 376 |
| 2024 Extended Term Loan B1, 6.79%, (1 Month Term SOFR + 2.35%), 04/15/29 (a) | 3142 | 3100 |
| 2024 Extended Term Loan B2, 6.79%, (1 Month Term SOFR + 2.35%), 04/15/30 (a) | 1313 | 1295 |
| Nexstar Media Inc |  |  |
| Term Loan, 0.00%, (SOFR + 2.75%), 06/23/32 (a) (b) | 580 | 579 |
| Ontario Gaming GTA LP |  |  |
| Term Loan B, 8.55%, (3 Month Term SOFR + 4.25%), 07/11/30 (a) | 478 | 473 |
| Recess Holdings, Inc. |  |  |
| 2025 Repriced Term Loan, 8.03%, (3 Month Term SOFR + 3.75%), 02/21/30 (a) | 337 | 337 |
| SBA Senior Finance II LLC |  |  |
| 2024 Term Loan B, 6.08%, (1 Month Term SOFR + 1.75%), 01/20/31 (a) | 351 | 351 |
| Scientific Games Holdings LP |  |  |
| 2024 USD Term Loan B, 7.28%, (3 Month Term SOFR + 3.00%), 04/04/29 (a) | 3401 | 3396 |
| Securus Technologies Holdings, Inc. |  |  |
| 2023 2nd Lien Term Loan, 13.61%, (3 Month Term SOFR + 9.05%), 11/01/25 (a) | 464 | 3 |
| Telesat Canada |  |  |
| Term Loan B5, 7.34%, (3 Month Term SOFR + 2.75%), 11/22/26 (a) | 3000 | 1779 |
| Topgolf Callaway Brands Corp. |  |  |
| Term Loan B, 7.33%, (1 Month Term SOFR + 3.00%), 03/14/30 (a) | 214 | 210 |
| Townsquare Media, Inc. |  |  |
| 2025 Term Loan, 9.32%, (3 Month Term SOFR + 5.00%), 01/17/31 (a) (c) | 159 | 142 |
| TripAdvisor Inc |  |  |
| Term Loan, 7.05%, (3 Month Term SOFR + 2.75%), 07/01/31 (a) | 213 | 213 |
| UFC Holdings, LLC |  |  |
| 2024 Term Loan B, 6.57%, (3 Month Term SOFR + 2.25%), 11/13/31 (a) | 2452 | 2460 |
| Univision Communications Inc. |  |  |
| 2022 Term Loan B, 7.69%, (1 Month Term SOFR + 3.25%), 05/06/28 (a) | 2024 | 1950 |
| 2024 Term Loan B, 7.94%, (1 Month Term SOFR + 3.50%), 01/31/29 (a) | 2144 | 2098 |
| 2022 First Lien Term Loan B, 8.55%, (3 Month Term SOFR + 4.25%), 06/10/29 (a) | 1274 | 1263 |
| ViaSat, Inc. |  |  |
| Term Loan, 8.94%, (1 Month Term SOFR + 4.50%), 02/23/29 (a) | 5064 | 4855 |
| 2023 Term Loan, 8.93%, (1 Month Term SOFR + 4.50%), 05/30/30 (a) | 1652 | 1575 |
| Virgin Media Bristol LLC |  |  |
| 2023 USD Term Loan Y, 7.37%, (6 Month Term SOFR + 3.17%), 03/06/31 (a) | 1290 | 1272 |
| Voyager Parent LLC |  |  |
| Term Loan, 0.00%, (SOFR + 4.75%), 05/08/32 (a) (b) | 4706 | 4652 |
| | | 117076 |
| **Financials 9.6%** | **Financials 9.6%** | **Financials 9.6%** |
| Acrisure, LLC |  |  |
| 2024 1st Lien Term Loan B6, 7.33%, (1 Month Term SOFR + 3.00%), 11/06/30 (a) | 10751 | 10712 |
| 2025 Term Loan B, 7.57%, (3 Month Term SOFR + 3.25%), 06/07/32 (a) | 968 | 967 |
| Albion Financing 3 SARL |  |  |
| 2025 USD Term Loan B, 7.32%, (3 Month Term SOFR + 3.00%), 08/16/29 (a) | 2575 | 2577 |
| Alera Group, Inc. |  |  |
| 2025 Term Loan, 0.00%, (3 Month Term SOFR + 3.25%), 05/21/32 (a) (b) | 608 | 609 |
| 2025 Term Loan, 7.57%, (3 Month Term SOFR + 3.25%), 05/21/32 (a) | 1823 | 1827 |
| 2025 2nd Lien Term Loan, 9.82%, (3 Month Term SOFR + 5.50%), 05/15/33 (a) | 360 | 367 |
| Alliant Holdings Intermediate, LLC |  |  |
| 2024 Term Loan B6, 7.07%, (1 Month Term SOFR + 2.75%), 09/12/31 (a) | 3377 | 3377 |
| Aretec Group, Inc. |  |  |
| 2024 1st Lien Term Loan B, 7.83%, (1 Month Term SOFR + 3.50%), 08/09/30 (a) | 2140 | 2143 |
| AssuredPartners, Inc. |  |  |
| 2024 Incremental Term Loan B5, 7.83%, (1 Month Term SOFR + 3.50%), 02/15/27 (a) | 3965 | 3974 |
| Asurion LLC |  |  |
| 2021 Term Loan B9, 7.69%, (1 Month Term SOFR + 3.25%), 02/05/28 (a) | 2563 | 2559 |
| 2021 2nd Lien Term Loan B3, 9.69%, (1 Month Term SOFR + 5.25%), 02/05/28 (a) | 340 | 324 |
| 2022 Term Loan B10, 8.43%, (1 Month Term SOFR + 4.00%), 08/16/28 (a) | 1746 | 1720 |
| 2023 Term Loan B11, 8.68%, (1 Month Term SOFR + 4.25%), 08/19/28 (a) | 1428 | 1411 |
| 2021 Second Lien Term Loan B4, 9.69%, (1 Month Term SOFR + 5.25%), 01/15/29 (a) | 3265 | 3023 |
| 2024 Term Loan B12, 8.58%, (1 Month Term SOFR + 4.25%), 09/12/30 (a) | 3396 | 3307 |
| 2025 Term Loan B13, 8.68%, (1 Month Term SOFR + 4.25%), 09/19/30 (a) | 1752 | 1700 |
| Azorra Soar TLB Finance Ltd |  |  |
| Term Loan B, 7.82%, (3 Month Term SOFR + 3.50%), 10/10/29 (a) | 318 | 319 |
| Broadstreet Partners, Inc. |  |  |
| 2024 Term Loan B4, 7.33%, (1 Month Term SOFR + 3.00%), 05/10/31 (a) | 109 | 109 |
| CFC Bidco 2022 Ltd |  |  |
| Term Loan, 0.00%, (SOFR + 3.75%), 05/30/32 (a) (b) | 495 | 493 |
| Charlotte Buyer, Inc. |  |  |
| 2025 Repriced Term Loan B, 8.56%, (1 Month Term SOFR + 4.25%), 02/11/28 (a) | 978 | 977 |
| Citadel Securities LP |  |  |
| 2024 First Lien Term Loan, 6.33%, (1 Month Term SOFR + 2.00%), 10/31/31 (a) | 1786 | 1792 |
| Cotiviti Corporation |  |  |
| 2024 Term Loan, 7.07%, (1 Month Term SOFR + 2.75%), 02/21/31 (a) | 5001 | 4973 |
| 2024 Fixed Term Loan B, 7.63%, (Fixed + 7.63%), 02/21/31 (a) | 230 | 231 |
| Herc Holdings Inc |  |  |
| Term Loan B, 0.00%, (3 Month Term SOFR + 2.00%), 07/06/29 (a) (b) | 1333 | 1337 |
| Term Loan B, 6.32%, (3 Month Term SOFR + 2.00%), 05/17/32 (a) | 667 | 669 |
| HUB International Limited |  |  |
| 2025 Term Loan B, 6.77%, (SOFR + 2.50%), 06/20/30 (a) | 14 | 14 |
| 2025 Term Loan B, 6.77%, (3 Month Term SOFR + 2.50%), 06/20/30 (a) | 4558 | 4571 |
| Hudson River Trading LLC |  |  |
| 2024 Term Loan B, 7.31%, (1 Month Term SOFR + 3.00%), 03/18/30 (a) | 4845 | 4854 |
| IMC Financing LLC |  |  |
| Term Loan B, 7.81%, (1 Month Term SOFR + 3.50%), 06/02/32 (a) | 2025 | 2035 |

---

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page [607](#abbreviations).

**JNL Series Trust** (Unaudited)

**Schedules of Investments (in thousands)**

June 30, 2025

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| Jane Street Group, LLC |  |  |
| 2024 Term Loan B1, 6.33%, (3 Month Term SOFR + 2.00%), 12/10/31 (a) | 7413 | 7404 |
| Jones DesLauriers Insurance Management Inc. |  |  |
| 2025 Term Loan B, 7.03%, (3 Month Term SOFR + 2.75%), 03/15/30 (a) | 217 | 215 |
| Jump Financial, LLC |  |  |
| 2025 Term Loan B, 8.55%, (3 Month Term SOFR + 4.25%), 02/20/32 (a) | 703 | 705 |
| Kronos Acquisition Holdings Inc. |  |  |
| 2024 Term Loan, 8.30%, (3 Month Term SOFR + 4.00%), 06/27/31 (a) | 203 | 182 |
| Moneygram International, Inc |  |  |
| 2024 Term Loan B, 9.07%, (3 Month Term SOFR + 4.75%), 06/01/30 (a) | 2943 | 2639 |
| NEXUS Buyer LLC |  |  |
| 2025 Term Loan B, 7.83%, (1 Month Term SOFR + 3.50%), 07/31/31 (a) | 1672 | 1677 |
| Novae LLC |  |  |
| 1st Lien Term Loan, 9.45%, (3 Month Term SOFR + 5.00%), 01/19/29 (a) (c) (d) | 349 | 328 |
| Opal Bidco SAS |  |  |
| USD Term Loan B, 7.58%, (3 Month Term SOFR + 3.25%), 03/01/32 (a) | 3250 | 3261 |
| Osttra Group Ltd |  |  |
| Term Loan, 0.00%, (SOFR + 3.50%), 05/21/32 (a) (b) | 280 | 281 |
| Ryan Specialty Group, LLC |  |  |
| 2024 USD Term Loan B, 6.58%, (1 Month Term SOFR + 2.25%), 09/11/31 (a) | 2465 | 2461 |
| Sedgwick Claims Management Services, Inc. |  |  |
| 2023 Term Loan B, 7.33%, (1 Month Term SOFR + 3.00%), 02/16/28 (a) | 5727 | 5745 |
| St. George Warehousing & Trucking Co. of CA, Inc. |  |  |
| 2024 Second Out Term Loan, 11.92%, (1 Month Term SOFR + 7.50%), 10/03/29 (a) | 939 | 281 |
| 2024 UnSub FLFO, 0.00%, (1 Month Term SOFR + 8.25%), 10/07/29 (a) (b) (c) | 3 | 2 |
| 2024 UnSub FLFO, 12.67%, (1 Month Term SOFR + 8.25%), 10/07/29 (a) (c) | 434 | 364 |
| Superannuation and Investments US LLC |  |  |
| USD Term Loan, 8.19%, (1 Month Term SOFR + 3.75%), 09/23/28 (a) | 2187 | 2197 |
| Trans Union, LLC |  |  |
| 2024 Term Loan B8, 6.08%, (1 Month Term SOFR + 1.75%), 06/06/31 (a) | 970 | 971 |
| Truist Insurance Holdings LLC |  |  |
| 2024 Term Loan B, 0.00%, (SOFR + 2.75%), 05/06/31 (a) (b) | 2333 | 2333 |
| 2024 Term Loan B, 7.05%, (3 Month Term SOFR + 2.75%), 05/06/31 (a) | 1618 | 1618 |
| USI, Inc. |  |  |
| 2024 Term Loan C, 6.55%, (3 Month Term SOFR + 2.25%), 09/27/30 (a) | 108 | 108 |
| Viant Medical Holdings, Inc. |  |  |
| 2024 Term Loan B, 8.33%, (1 Month Term SOFR + 4.00%), 10/15/31 (a) |  |  |
| Virtu Financial LLC |  |  |
| 2025 Term Loan B, 6.83%, (1 Month Term SOFR + 2.50%), 06/21/31 (a) | 510 | 511 |
| | | 96254 |
| **Consumer Discretionary 9.0%** | **Consumer Discretionary 9.0%** | **Consumer Discretionary 9.0%** |
| 1011778 B.C. Unlimited Liability Company |  |  |
| 2024 Term Loan B6, 6.08%, (1 Month Term SOFR + 1.75%), 09/23/30 (a) | 3940 | 3919 |
| ABG Intermediate Holdings 2 LLC |  |  |
| 2024 1st Lien Term Loan B, 6.58%, (1 Month Term SOFR + 2.25%), 12/21/28 (a) | 3775 | 3770 |
| ACProducts, Inc. |  |  |
| 2021 Term Loan B, 8.81%, (3 Month Term SOFR + 4.25%), 05/17/28 (a) | 593 | 446 |
| Adient US LLC |  |  |
| 2024 Term Loan B2, 6.58%, (1 Month Term SOFR + 2.25%), 01/31/31 (a) | 3079 | 3083 |
| American Trailer World Corp. |  |  |
| Term Loan B, 8.18%, (1 Month Term SOFR + 3.75%), 02/17/28 (a) | 686 | 557 |
| Apro, LLC |  |  |
| 2024 Term Loan B, 8.06%, (1 Month Term SOFR + 3.75%), 06/26/31 (a) | 521 | 519 |
| Asplundh Tree Expert, LLC |  |  |
| 2024 Incremental Term Loan B, 6.08%, (1 Month Term SOFR + 1.75%), 05/09/31 (a) | 445 | 445 |
| Belron Finance 2019 LLC |  |  |
| 2024 USD Term Loan B, 7.05%, (3 Month Term SOFR + 2.75%), 10/01/31 (a) | 957 | 960 |
| Bombardier Recreational Products, Inc. |  |  |
| 2023 Term Loan B3, 7.08%, (1 Month Term SOFR + 2.75%), 12/13/29 (a) | 541 | 542 |
| Caesars Entertainment Inc. |  |  |
| Term Loan B, 6.58%, (1 Month Term SOFR + 2.25%), 01/25/30 (a) | 9508 | 9489 |
| 2024 Term Loan B1, 6.58%, (1 Month Term SOFR + 2.25%), 01/24/31 (a) | 1150 | 1148 |
| Clarios Global LP |  |  |
| 2024 USD Term Loan B, 6.83%, (1 Month Term SOFR + 2.50%), 05/06/30 (a) | 4006 | 3992 |
| 2025 USD Term Loan B, 7.08%, (1 Month Term SOFR + 2.75%), 01/14/32 (a) | 1180 | 1181 |
| Crocs, Inc. |  |  |
| 2024 Term Loan, 6.55%, (3 Month Term SOFR + 2.25%), 02/20/29 (a) | 610 | 612 |
| CWGS Group, LLC |  |  |
| 2021 Term Loan B, 6.94%, (1 Month Term SOFR + 2.50%), 05/25/28 (a) | 474 | 462 |
| EG Group Limited |  |  |
| 2024 Term Loan B, 8.58%, (3 Month Term SOFR + 4.25%), 02/07/28 (a) | 2951 | 2961 |
| First Brands Group, LLC |  |  |
| 2021 Term Loan, 9.54%, (3 Month Term SOFR + 5.00%), 03/22/27 (a) | 219 | 207 |
| 2022 Incremental Term Loan, 9.54%, (3 Month Term SOFR + 5.00%), 03/30/27 (a) | 6266 | 5899 |
| 2021 2nd Lien Term Loan, 13.04%, (3 Month Term SOFR + 8.50%), 03/30/28 (a) | 2558 | 2290 |
| Flynn Restaurant Group LP |  |  |
| 2021 Term Loan B, 8.69%, (1 Month Term SOFR + 4.25%), 11/22/28 (a) | 265 | 266 |
| 2025 Incremental Term Loan, 8.08%, (1 Month Term SOFR + 3.75%), 01/17/32 (a) | 509 | 507 |
| Foundation Building Materials Holding Company LLC |  |  |
| 2024 Term Loan B2, 8.28%, (3 Month Term SOFR + 4.00%), 01/25/31 (a) | 1116 | 1091 |
| Four Seasons Hotels Limited |  |  |
| 2024 1st Lien Term Loan B, 6.08%, (1 Month Term SOFR + 1.75%), 11/30/29 (a) | 88 | 88 |
| Fugue Finance B.V. |  |  |
| 2025 Term Loan B, 7.58%, (3 Month Term SOFR + 3.25%), 01/09/32 (a) | 319 | 321 |
| GEN II Fund Services LLC |  |  |
| 2024 Term Loan B, 6.97%, (6 Month Term SOFR + 2.75%), 11/19/31 (a) | 419 | 419 |
| Golden Entertainment, Inc. |  |  |
| 2023 Term Loan B, 6.58%, (1 Month Term SOFR + 2.25%), 05/18/30 (a) | 648 | 649 |
| Hanesbrands, Inc. |  |  |
| 2025 Term Loan B, 7.08%, (1 Month Term SOFR + 2.75%), 02/20/32 (a) | 1683 | 1686 |
| Hilton Grand Vacations Borrower LLC |  |  |
| 2021 Term Loan B, 6.33%, (1 Month Term SOFR + 2.00%), 05/20/28 (a) | 618 | 617 |
| 2024 Incremental Term Loan B, 6.33%, (1 Month Term SOFR + 2.00%), 01/10/31 (a) | 2125 | 2121 |
| Hunter Douglas Inc. |  |  |
| 2025 USD Term Loan B, 7.55%, (3 Month Term SOFR + 3.25%), 01/14/32 (a) | 6113 | 6085 |
| J&J Ventures Gaming, LLC |  |  |
| 2025 Repriced Term Loan B, 7.83%, (1 Month Term SOFR + 3.50%), 04/26/30 (a) | 5713 | 5640 |
| Lippert Colipper |  |  |
| Term Loan B, 6.83%, (1 Month Term SOFR + 2.50%), 03/18/32 (a) | 314 | 314 |

---

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page [607](#abbreviations).

**JNL Series Trust** (Unaudited)

**Schedules of Investments (in thousands)**

June 30, 2025

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| P.F. Chang's China Bistro Inc. |  |  |
| 2019 Term Loan B, 10.53%, (1 Month Term SOFR + 6.25%), 03/01/26 (a) | 332 | 289 |
| PCI Gaming Authority |  |  |
| Term Loan, 6.33%, (1 Month Term SOFR + 2.00%), 05/15/26 (a) | 114 | 114 |
| PetSmart, Inc. |  |  |
| 2021 Term Loan B, 8.18%, (1 Month Term SOFR + 3.75%), 01/29/28 (a) | 2936 | 2900 |
| Raising Cane's Restaurants, LLC |  |  |
| 2024 Term Loan B, 6.33%, (1 Month Term SOFR + 2.00%), 09/10/31 (a) | 109 | 110 |
| Restoration Hardware, Inc. |  |  |
| Term Loan B, 0.00%, (1 Month Term SOFR + 2.50%), 10/15/28 (a) (b) | 349 | 339 |
| Term Loan B, 6.94%, (1 Month Term SOFR + 2.50%), 10/15/28 (a) | 435 | 422 |
| RVR Dealership Holdings, LLC |  |  |
| Term Loan B, 8.18%, (1 Month Term SOFR + 3.75%), 02/08/28 (a) | 655 | 598 |
| Sabre GLBL Inc. |  |  |
| 2021 Term Loan B1, 7.94%, (1 Month Term SOFR + 3.50%), 12/17/27 (a) | 590 | 579 |
| 2021 Term Loan B2, 7.94%, (1 Month Term SOFR + 3.50%), 12/17/27 (a) | 691 | 678 |
| 2022 1st Lien Term Loan B, 9.43%, (1 Month Term SOFR + 5.00%), 06/09/28 (a) | 946 | 936 |
| 2024 Term Loan B1, 10.43%, (1 Month Term SOFR + 6.00%), 11/15/29 (a) | 1931 | 1922 |
| Service Logic Acquisition, Inc |  |  |
| 2025 Repriced Term Loan B, 7.28%, (1 Month Term SOFR + 3.00%), 10/29/27 (a) | 1871 | 1871 |
| 2025 Repriced Term Loan B, 7.33%, (1 Month Term SOFR + 3.00%), 10/29/27 (a) | 5 | 5 |
| Sizzling Platter LLC |  |  |
| Term Loan, 0.00%, (SOFR + 5.00%), 06/24/32 (a) (b) | 260 | 252 |
| Somnigroup International Inc |  |  |
| Term Loan B, 6.57%, (SOFR + 2.25%), 10/24/31 (a) | 841 | 843 |
| Staples, Inc. |  |  |
| 2024 Term Loan B, 10.03%, (3 Month Term SOFR + 5.75%), 08/22/29 (a) | 6735 | 6200 |
| Station Casinos LLC |  |  |
| 2024 Term Loan B, 6.33%, (1 Month Term SOFR + 2.00%), 03/07/31 (a) | 1150 | 1152 |
| Sweetwater Borrower, LLC |  |  |
| Term Loan B, 8.69%, (1 Month Term SOFR + 4.25%), 08/03/28 (a) | 877 | 877 |
| Tenneco, Inc. |  |  |
| 2022 Term Loan B, 9.40%, (3 Month Term SOFR + 5.00%), 11/17/28 (a) | 9 | 8 |
| 2022 Term Loan B, 9.42%, (3 Month Term SOFR + 5.00%), 11/17/28 (a) | 3041 | 2962 |
| Tory Burch LLC |  |  |
| Term Loan B, 7.69%, (1 Month Term SOFR + 3.25%), 04/14/28 (a) | 470 | 467 |
| Varsity Brands, Inc. |  |  |
| 2025 Term Loan, 7.83%, (3 Month Term SOFR + 3.50%), 08/26/31 (a) | 878 | 877 |
| Wand NewCo 3, Inc. |  |  |
| 2025 Repriced Term Loan B, 6.83%, (1 Month Term SOFR + 2.50%), 01/30/31 (a) | 312 | 310 |
| Weber-Stephen Products LLC |  |  |
| Term Loan B, 7.69%, (1 Month Term SOFR + 3.25%), 10/20/27 (a) | 969 | 961 |
| WH Borrower, LLC |  |  |
| 2025 Term Loan B, 9.07%, (3 Month Term SOFR + 4.75%), 02/12/32 (a) | 1865 | 1862 |
| Whatabrands LLC |  |  |
| 2024 1st Lien Term Loan B, 6.83%, (1 Month Term SOFR + 2.50%), 08/03/28 (a) | 1129 | 1129 |
| | | 90949 |
| **Health Care 5.9%** | **Health Care 5.9%** | **Health Care 5.9%** |
| Accelerated Health Systems, LLC |  |  |
| 2022 Term Loan B, 8.70%, (3 Month Term SOFR + 4.25%), 02/01/29 (a) | 952 | 647 |
| ADMI Corp. |  |  |
| 2021 Incremental Term Loan B3, 8.19%, (1 Month Term SOFR + 3.75%), 12/23/27 (a) | 3104 | 2953 |
| 2023 Term Loan B5, 10.08%, (1 Month Term SOFR + 5.75%), 12/23/27 (a) | 677 | 655 |
| Amneal Pharmaceuticals LLC |  |  |
| 2023 Term Loan B, 9.83%, (1 Month Term SOFR + 5.50%), 05/04/28 (a) | 4164 | 4229 |
| Avantor Funding, Inc. |  |  |
| 2024 Term Loan, 6.43%, (1 Month Term SOFR + 2.00%), 11/08/27 (a) | 32 | 32 |
| Bausch & Lomb Corporation |  |  |
| Term Loan, 0.00%, (SOFR + 4.25%), 12/17/30 (a) (b) | 3100 | 3102 |
| Bausch Health Companies Inc. |  |  |
| 2025 Term Loan B, 10.56%, (1 Month Term SOFR + 6.25%), 09/25/30 (a) | 1750 | 1684 |
| CNT Holdings I Corp |  |  |
| 2025 Term Loan, 6.78%, (3 Month Term SOFR + 2.50%), 11/08/32 (a) | 1031 | 1033 |
| Embecta Corp |  |  |
| Term Loan B, 7.33%, (1 Month Term SOFR + 3.00%), 01/27/29 (a) | 397 | 395 |
| Endo Luxembourg Finance Company I S.a r.l. |  |  |
| 2024 1st Lien Term Loan, 8.33%, (1 Month Term SOFR + 4.00%), 04/23/31 (a) | 546 | 545 |
| Fitness International, LLC |  |  |
| 2024 Term Loan B, 9.58%, (1 Month Term SOFR + 5.25%), 01/30/29 (a) | 311 | 311 |
| Geo Group, Inc. (The) |  |  |
| 2024 Term Loan B, 9.58%, (1 Month Term SOFR + 5.25%), 04/04/29 (a) | 297 | 297 |
| Global Medical Response, Inc. |  |  |
| 2024 PIK Term Loan, 9.83%, (3 Month Term SOFR + 4.75%), 10/02/28 (a) | 5890 | 5893 |
| Grifols Worldwide Operations USA, Inc. |  |  |
| 2019 USD Term Loan B, 6.48%, (3 Month Term SOFR + 2.00%), 11/15/27 (a) | 3000 | 2989 |
| Hanger, Inc. |  |  |
| 2024 Delayed Draw Term Loan, 0.00%, (1 Month Term SOFR + 3.50%), 10/16/31 (a) (b) | 30 | 30 |
| 2024 Delayed Draw Term Loan, 7.83%, (1 Month Term SOFR + 3.50%), 10/16/31 (a) | 5 | 5 |
| 2024 Term Loan B, 7.83%, (1 Month Term SOFR + 3.50%), 10/16/31 (a) | 270 | 270 |
| Help At Home, Inc. |  |  |
| 2024 Term Loan B, 9.33%, (1 Month Term SOFR + 5.00%), 09/20/31 (a) | 851 | 824 |
| Insulet Corporation |  |  |
| 2025 Term Loan, 6.31%, (1 Month Term SOFR + 2.00%), 08/04/31 (a) | 1305 | 1312 |
| Jazz Financing Lux S.a.r.l. |  |  |
| 2024 1st Lien Term Loan B, 6.58%, (1 Month Term SOFR + 2.25%), 05/05/28 (a) | 4386 | 4402 |
| LifePoint Health, Inc. |  |  |
| 2024 1st Lien Term Loan B, 8.01%, (3 Month Term SOFR + 3.75%), 05/16/31 (a) | 4194 | 4145 |
| Loire Finco Luxembourg S.a.r.l. |  |  |
| 2025 USD Term Loan B, 8.43%, (1 Month Term SOFR + 4.00%), 01/31/30 (a) | 205 | 205 |
| MED ParentCo LP |  |  |
| 2024 1st Lien Term Loan B, 7.83%, (1 Month Term SOFR + 3.50%), 04/15/31 (a) | 1079 | 1082 |
| Medline Borrower, LP |  |  |
| 2024 USD Add-on Term Loan B, 6.58%, (1 Month Term SOFR + 2.25%), 10/23/28 (a) | 6459 | 6462 |
| National Mentor Holdings, Inc. |  |  |
| 2021 Term Loan, 8.15%, (1 Month Term SOFR + 3.75%), 02/18/28 (a) | 723 | 698 |
| 2021 Term Loan C, 8.15%, (3 Month Term SOFR + 3.75%), 02/18/28 (a) | 21 | 20 |
| Organon & Co |  |  |
| 2024 USD Term Loan, 6.57%, (1 Month Term SOFR + 2.25%), 05/19/31 (a) | 707 | 693 |
| Padagis LLC |  |  |
| Term Loan B, 9.27%, (3 Month Term SOFR + 4.75%), 06/30/28 (a) | 4053 | 3790 |

---

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page [607](#abbreviations).

**JNL Series Trust** (Unaudited)

**Schedules of Investments (in thousands)**

June 30, 2025

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| Phoenix Guarantor Inc |  |  |
| 2024 Term Loan B, 6.83%, (1 Month Term SOFR + 2.50%), 02/21/31 (a) | 2710 | 2717 |
| Radiology Partners Inc |  |  |
| 2024 Extended Term Loan B, 9.59%, (3 Month Term SOFR + 5.00%), 01/31/29 (a) | 29 | 29 |
| Term Loan B, 0.00%, (SOFR + 4.50%), 06/26/32 (a) (b) | 2840 | 2815 |
| Raven Acquisition Holdings LLC |  |  |
| Term Loan B, 7.58%, (1 Month Term SOFR + 3.25%), 10/25/31 (a) | 3912 | 3907 |
| Delayed Draw Term Loan, 0.00%, (SOFR + 16.25%), 11/19/31 (a) (b) | 67 | 67 |
| Sotera Health Holdings, LLC |  |  |
| 2024 Term Loan B, 7.55%, (3 Month Term SOFR + 3.25%), 05/30/31 (a) | 372 | 373 |
| U.S. Anesthesia Partners, Inc. |  |  |
| 2021 Term Loan, 8.69%, (1 Month Term SOFR + 4.25%), 09/22/28 (a) | 125 | 124 |
| United FP Holdings, LLC |  |  |
| 2019 1st Lien Term Loan, 8.54%, (3 Month Term SOFR + 4.00%), 12/30/26 (a) | 972 | 934 |
| | | 59669 |
| **Materials 5.2%** | **Materials 5.2%** | **Materials 5.2%** |
| Aruba Investments Holdings, LLC |  |  |
| 2020 USD Term Loan, 8.43%, (1 Month Term SOFR + 4.00%), 10/28/27 (a) | 635 | 593 |
| 2022 USD Incremental Term Loan, 9.08%, (1 Month Term SOFR + 4.75%), 11/04/27 (a) (c) | 336 | 311 |
| Avient Corporation |  |  |
| 2025 Term Loan B, 5.96%, (3 Month Term SOFR + 1.75%), 08/29/29 (a) | 408 | 409 |
| Axalta Coating Systems U.S. Holdings, Inc. |  |  |
| 2024 Term Loan B, 6.05%, (3 Month Term SOFR + 1.75%), 12/20/29 (a) | 123 | 123 |
| Berlin Packaging LLC |  |  |
| 2024 Term Loan B7, 7.80%, (3 Month Term SOFR + 3.50%), 06/09/31 (a) | 103 | 103 |
| 2024 Term Loan B7, 7.82%, (1 Month Term SOFR + 3.50%), 06/09/31 (a) | 780 | 783 |
| 2024 Term Loan B7, 7.82%, (1 Month Term SOFR + 3.50%), 06/09/31 (a) | 124 | 124 |
| Charter NEX US, Inc. |  |  |
| 2024 Term Loan B1, 7.06%, (1 Month Term SOFR + 2.75%), 12/01/30 (a) | 676 | 678 |
| Chemours Company (The) |  |  |
| 2023 USD Term Loan B, 7.33%, (1 Month Term SOFR + 3.00%), 08/10/28 (a) | 760 | 757 |
| Consolidated Energy Finance, S.A. |  |  |
| 2024 Term Loan B, 8.83%, (3 Month Term SOFR + 4.50%), 11/07/30 (a) | 775 | 731 |
| Discovery Purchaser Corporation |  |  |
| Term Loan, 8.02%, (3 Month Term SOFR + 3.75%), 08/04/29 (a) | 1310 | 1307 |
| Domtar Corporation |  |  |
| 2021 Term Loan B, 9.94%, (1 Month Term SOFR + 5.50%), 11/30/28 (a) | 1500 | 1393 |
| Fortis 333, Inc. |  |  |
| USD Term Loan B, 7.80%, (3 Month Term SOFR + 3.50%), 02/06/32 (a) | 2726 | 2722 |
| GEON Performance Solutions, LLC |  |  |
| 2021 Term Loan, 8.81%, (3 Month Term SOFR + 4.25%), 08/10/28 (a) | 563 | 533 |
| Hexion Holdings Corporation |  |  |
| 2024 Term Loan B, 8.31%, (1 Month Term SOFR + 4.00%), 03/15/29 (a) | 1515 | 1511 |
| 2022 USD 2nd Lien Term Loan, 0.00%, (1 Month Term SOFR + 7.44%), 02/09/30 (a) (b) | 325 | 317 |
| 2022 USD 2nd Lien Term Loan, 11.86%, (1 Month Term SOFR + 7.44%), 02/09/30 (a) | 28 | 28 |
| INEOS Quattro Holdings UK Ltd |  |  |
| 2023 USD 1st Lien Term Loan B, 8.68%, (1 Month Term SOFR + 4.25%), 03/09/29 (a) | 1274 | 1184 |
| 2023 USD Term Loan, 8.18%, (1 Month Term SOFR + 3.75%), 03/01/30 (a) | 1416 | 1292 |
| Ineos US Finance LLC |  |  |
| 2023 USD Term Loan B, 7.58%, (1 Month Term SOFR + 3.25%), 02/09/30 (a) | 7045 | 6740 |
| Klockner-Pentaplast of America, Inc. |  |  |
| 2021 Term Loan B, 9.23%, (6 Month Term SOFR + 4.72%), 02/04/26 (a) | 5808 | 5319 |
| Kodiak Building Partners Inc. |  |  |
| 2024 Term Loan B, 8.03%, (3 Month Term SOFR + 3.75%), 11/26/31 (a) | 3943 | 3794 |
| Lonza Group AG |  |  |
| USD Term Loan B, 8.32%, (3 Month Term SOFR + 3.92%), 04/29/28 (a) | 2426 | 2207 |
| M2S Group Holdings Inc |  |  |
| Term Loan B, 9.03%, (3 Month Term SOFR + 4.75%), 08/21/31 (a) | 582 | 562 |
| Natgasoline LLC |  |  |
| 2025 Term Loan B, 9.80%, (Prime + 5.50%), 03/25/30 (a) | 417 | 414 |
| New Arclin U.S. Holding Corp. |  |  |
| 2021 Term Loan, 7.93%, (1 Month Term SOFR + 3.50%), 09/22/28 (a) | 1014 | 1016 |
| Nouryon Finance B.V. |  |  |
| 2024 USD Term Loan B1, 7.51%, (3 Month Term SOFR + 3.25%), 04/03/28 (a) | 375 | 377 |
| 2024 USD Term Loan B2, 7.55%, (3 Month Term SOFR + 3.25%), 04/03/28 (a) | 655 | 658 |
| Pregis TopCo Corporation |  |  |
| 2025 Refinancing Term Loan, 8.33%, (1 Month Term SOFR + 4.00%), 02/28/29 (a) |  |  |
| Pretium Packaging, LLC |  |  |
| Second Out Term Loan A1, 8.86%, (PIK + 0.70%), 10/01/28 (a) | 3267 | 1550 |
| Pretium PKG Holdings, Inc. |  |  |
| 2021 2nd Lien Term Loan, 11.31%, (3 Month Term SOFR + 6.75%), 09/22/29 (a) | 2000 | 311 |
| RLG Holdings, LLC |  |  |
| Term Loan, 0.00%, (LIBOR + 4.25%), 07/02/28 (a) (b) | 1825 | 1520 |
| SCIH Salt Holdings Inc. |  |  |
| 2021 Incremental Term Loan B, 7.28%, (3 Month Term SOFR + 3.00%), 03/16/27 (a) | 469 | 469 |
| Spa Holdings 3 Oy |  |  |
| USD Term Loan B, 8.31%, (3 Month Term SOFR + 3.75%), 03/18/28 (a) | 294 | 294 |
| SupplyOne, Inc |  |  |
| 2024 Term Loan B, 8.08%, (1 Month Term SOFR + 3.50%), 03/27/31 (a) | 168 | 168 |
| TricorBraun Holdings, Inc. |  |  |
| 2021 Term Loan, 7.69%, (1 Month Term SOFR + 3.25%), 01/29/28 (a) | 730 | 729 |
| Trinseo Materials Operating S.C.A. |  |  |
| 2021 Term Loan B2, 7.09%, (3 Month Term SOFR + 2.50%), 05/03/28 (a) | 4089 | 1747 |
| W.R. Grace & Co.-Conn. |  |  |
| 2021 Term Loan B, 7.55%, (3 Month Term SOFR + 3.25%), 08/11/28 (a) | 201 | 201 |
| Wilsonart LLC |  |  |
| 2024 Term Loan B, 0.00%, (3 Month Term SOFR + 4.25%), 07/25/31 (a) (b) | 750 | 738 |
| 2024 Term Loan B, 8.55%, (3 Month Term SOFR + 4.25%), 07/25/31 (a) | 2977 | 2928 |
| Windsor Holdings III, LLC |  |  |
| 2025 USD Term Loan B, 7.07%, (1 Month Term SOFR + 2.75%), 08/01/30 (a) | 5364 | 5362 |
|  |  | 52003 |
| **Energy 3.2%** | **Energy 3.2%** | **Energy 3.2%** |
| AL NGPL Holdings, LLC |  |  |
| Term Loan B, 6.78%, (3 Month Term SOFR + 2.50%), 04/16/28 (a) | 2851 | 2847 |
| BCP Renaissance Parent LLC |  |  |
| 2024 Term Loan B3, 7.30%, (3 Month Term SOFR + 3.00%), 10/31/28 (a) | 5586 | 5602 |
| Delek US Holdings, Inc. |  |  |
| 2022 Term Loan B, 7.93%, (1 Month Term SOFR + 3.50%), 11/10/29 (a) | 463 | 455 |
| Epic Crude Services, LP |  |  |
| 2024 Term Loan B, 7.26%, (3 Month Term SOFR + 3.00%), 10/09/31 (a) | 444 | 445 |

---

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page [607](#abbreviations).

**JNL Series Trust** (Unaudited)

**Schedules of Investments (in thousands)**

June 30, 2025

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| Freeport LNG Investments, LLLP |  |  |
| 2025 Term Loan B, 7.52%, (3 Month Term SOFR + 3.25%), 12/21/28 (a) | 4034 | 4032 |
| GIP Pilot Acquisition Partners LP |  |  |
| 2025 Term Loan B, 6.28%, (3 Month Term SOFR + 2.00%), 10/04/30 (a) | 3603 | 3606 |
| NGL Energy Partners LP |  |  |
| 2024 Term Loan B, 8.07%, (1 Month Term SOFR + 3.75%), 01/25/31 (a) | 4 | 4 |
| Par Petroleum, LLC |  |  |
| 2024 Term Loan B, 8.01%, (3 Month Term SOFR + 3.75%), 02/28/30 (a) | 334 | 329 |
| Prairie ECI Acquiror LP |  |  |
| 2024 Term Loan B, 8.58%, (1 Month Term SOFR + 4.25%), 08/01/29 (a) | 252 | 253 |
| Rockpoint Gas Storage Partners LP |  |  |
| 2025 Term Loan B, 7.30%, (3 Month Term SOFR + 3.00%), 09/18/31 (a) | 682 | 683 |
| Traverse Midstream Partners LLC |  |  |
| 2017 Term Loan, 7.28%, (3 Month Term SOFR + 3.00%), 02/16/28 (a) | 5343 | 5349 |
| Waterbridge Midstream Operating LLC |  |  |
| 2024 Term Loan B, 0.00%, (3 Month Term SOFR + 4.00%), 05/07/29 (a) (b) | 175 | 174 |
| 2024 Term Loan B, 8.30%, (3 Month Term SOFR + 4.00%), 05/07/29 (a) | 2522 | 2512 |
| 2024 1st Lien Term Loan B, 9.31%, (3 Month Term SOFR + 4.75%), 06/22/29 (a) | 3557 | 3534 |
| Whitewater Matterhorn Holdings LLC |  |  |
| 2025 Term Loan B, 6.57%, (3 Month Term SOFR + 2.25%), 05/12/32 (a) | 2833 | 2829 |
| | | 32654 |
| **Consumer Staples 3.2%** | **Consumer Staples 3.2%** | **Consumer Staples 3.2%** |
| 8th Avenue Food & Provisions, Inc. |  |  |
| 2018 1st Lien Term Loan, 8.19%, (1 Month Term SOFR + 3.75%), 09/19/25 (a) | 1938 | 1935 |
| Aspire Bakeries Holdings LLC |  |  |
| Term Loan, 8.58%, (1 Month Term SOFR + 4.25%), 12/16/30 (a) | 392 | 393 |
| BW Gas & Convenience Holdings, LLC |  |  |
| 2021 Term Loan B, 7.94%, (1 Month Term SOFR + 3.50%), 03/17/28 (a) | 490 | 487 |
| Cardenas Markets, Inc. |  |  |
| 2022 Term Loan, 11.15%, (3 Month Term SOFR + 6.75%), 07/20/29 (a) | 783 | 718 |
| Celsius Holdings, Inc |  |  |
| Term Loan, 7.55%, (3 Month Term SOFR + 3.25%), 03/21/32 (a) | 390 | 392 |
| Chobani, LLC |  |  |
| 2025 Repriced Term Loan B, 6.83%, (1 Month Term SOFR + 2.50%), 10/25/27 (a) | 1177 | 1179 |
| Del Monte Foods, Inc. |  |  |
| 2024 First Out Term Loan, 15.47%, (PIK + 3.00%), 08/31/28 (a) | 609 | 547 |
| 2025 PIK Term Loan, 12.41%, (SOFR + 8.00%), 11/02/28 (a) | 565 | 507 |
| 2024 Second Out Term Loan, 8.71%, (3 Month Term SOFR + 4.25%), 02/15/29 (a) | 156 | 86 |
| 2024 Second Out Term Loan, 8.72%, (3 Month Term SOFR + 4.25%), 02/15/29 (a) | 962 | 529 |
| Eagle Parent Corp. |  |  |
| 2022 Term Loan B, 8.55%, (3 Month Term SOFR + 4.25%), 03/17/29 (a) | 694 | 686 |
| 2025 Incremental Term Loan, 8.55%, (3 Month Term SOFR + 4.25%), 03/17/29 (a) (c) | 788 | 782 |
| Fiesta Purchaser, Inc. |  |  |
| 2024 1st Lien Term Loan B, 7.58%, (1 Month Term SOFR + 3.25%), 02/12/31 (a) | 599 | 600 |
| Golden State Food LLC |  |  |
| Term Loan B, 8.56%, (1 Month Term SOFR + 4.25%), 10/07/31 (a) | 1911 | 1918 |
| Naked Juice LLC |  |  |
| 2025 FLSO Term Loan, 7.56%, (3 Month Term SOFR + 3.25%), 01/24/29 (a) | 825 | 654 |
| 2025 FLFO Term Loan, 9.71%, (3 Month Term SOFR + 5.50%), 01/24/29 (a) | 988 | 978 |
| 2025 FLTO Term Loan, 10.31%, (3 Month Term SOFR + 6.00%), 01/24/30 (a) | 844 | 389 |
| Newly Weds Foods Inc |  |  |
| Term Loan B, 6.56%, (1 Month Term SOFR + 2.25%), 03/05/32 (a) | 905 | 903 |
| Olaplex, Inc |  |  |
| 2022 Term Loan, 7.93%, (1 Month Term SOFR + 3.50%), 02/17/29 (a) | 1649 | 1586 |
| Pegasus BidCo BV |  |  |
| 2024 Term Loan B, 7.58%, (3 Month Term SOFR + 3.25%), 07/12/29 (a) | 3023 | 3038 |
| Primary Products Finance LLC |  |  |
| 2024 1st Lien Term Loan B, 7.53%, (3 Month Term SOFR + 3.25%), 04/01/29 (a) | 3033 | 3015 |
| Primo Brands Corporation |  |  |
| 2025 Term Loan B, 6.55%, (3 Month Term SOFR + 2.25%), 03/31/28 (a) | 6498 | 6518 |
| Upfield B.V. |  |  |
| 2025 USD Term Loan B12, 8.07%, (3 Month Term SOFR + 3.75%), 01/03/28 (a) | 3579 | 3579 |
| WOOF Holdings, Inc |  |  |
| 1st Lien Term Loan, 8.34%, (3 Month Term SOFR + 3.75%), 12/16/27 (a) | 972 | 632 |
|  |  | 32051 |
| **Utilities 1.9%** | **Utilities 1.9%** | **Utilities 1.9%** |
| Alpha Generation LLC |  |  |
| Term Loan B, 0.00%, (SOFR + 2.75%), 09/19/31 (a) (b) | 300 | 299 |
| BIP PipeCo Holdings LLC |  |  |
| Term Loan B, 6.53%, (3 Month Term SOFR + 2.25%), 12/05/30 (a) | 1029 | 1026 |
| Calpine Corporation |  |  |
| 2024 Term Loan B5, 6.08%, (1 Month Term SOFR + 1.75%), 12/02/27 (a) | 2000 | 1999 |
| Cogentrix Finance Holdco I LLC |  |  |
| Term Loan B, 7.08%, (1 Month Term SOFR + 2.75%), 02/13/32 (a) | 359 | 360 |
| Goodnight Water Solutions, LLC |  |  |
| 2024 Term Loan B, 8.83%, (1 Month Term SOFR + 4.50%), 05/22/29 (a) | 1766 | 1766 |
| Hamilton Projects Acquiror, LLC |  |  |
| Term Loan, 0.00%, (SOFR + 2.50%), 05/30/31 (a) (b) | 210 | 211 |
| Invenergy |  |  |
| Term Loan, 0.00%, (SOFR + 3.50%), 05/06/32 (a) (b) | 470 | 474 |
| Lightning Power LLC |  |  |
| Term Loan B, 6.55%, (3 Month Term SOFR + 2.25%), 08/08/31 (a) | 3668 | 3672 |
| New Fortress Energy Inc |  |  |
| 2025 Incremental Term Loan B, 9.81%, (3 Month Term SOFR + 5.50%), 10/30/28 (a) | 2220 | 1194 |
| Talen Energy Supply, LLC |  |  |
| 2023 Term Loan B, 6.81%, (3 Month Term SOFR + 2.50%), 05/27/30 (a) | 1628 | 1630 |
| 2024-1 Incremental Term Loan, 6.81%, (3 Month Term SOFR + 2.50%), 12/10/31 (a) | 2038 | 2041 |
| Vistra Zero Operating Company, LLC |  |  |
| Term Loan B, 6.33%, (1 Month Term SOFR + 2.00%), 03/20/31 (a) | 4888 | 4815 |
|  |  | 19487 |
| **Real Estate 0.5%** | **Real Estate 0.5%** | **Real Estate 0.5%** |
| Brand Industrial Services Inc |  |  |
| 2024 Term Loan B, 8.78%, (3 Month Term SOFR + 4.50%), 08/01/30 (a) | 1745 | 1453 |
| Cushman & Wakefield U.S. Borrower, LLC |  |  |
| 2025 Term Loan B1, 7.08%, (1 Month Term SOFR + 2.75%), 01/31/30 (a) | 152 | 153 |
| Greystar Real Estate Partners, LLC |  |  |
| 2024 1st Lien Term Loan B, 7.08%, (3 Month Term SOFR + 2.75%), 08/21/30 (a) | 2245 | 2248 |
| Iron Mountain Incorporated |  |  |
| 2023 Term Loan B, 6.33%, (1 Month Term SOFR + 2.00%), 01/31/31 (a) | 985 | 983 |
|  |  | 4837 |
| Total Senior Floating Rate Instruments (cost $909,108) | Total Senior Floating Rate Instruments (cost $909,108) | 886640 |

---

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page [607](#abbreviations).

**JNL Series Trust** (Unaudited)

**Schedules of Investments (in thousands)**

June 30, 2025

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| **CORPORATE BONDS AND NOTES 5.5%** | **CORPORATE BONDS AND NOTES 5.5%** | **CORPORATE BONDS AND NOTES 5.5%** |
| **Financials 1.1%** | **Financials 1.1%** | **Financials 1.1%** |
| Alliant Holdings Intermediate, LLC |  |  |
| 6.50%, 10/01/31 (e) | 1431 | 1460 |
| Ally Financial Inc. |  |  |
| 4.70%, (100, 05/15/26) (f) | 1250 | 1205 |
| Freedom Mortgage Holdings LLC |  |  |
| 9.13%, 05/15/31 (e) | 1213 | 1251 |
| OneMain Finance Corporation |  |  |
| 4.00%, 09/15/30 | 980 | 904 |
| 7.13%, 11/15/31 | 2000 | 2080 |
| PennyMac Financial Services, Inc. |  |  |
| 6.88%, 05/15/32 (e) | 1146 | 1173 |
| Rocket Companies, Inc. |  |  |
| 6.13%, 08/01/30 (e) | 975 | 994 |
| 6.38%, 08/01/33 (e) | 975 | 998 |
| VistaJet Group Holding SA |  |  |
| 9.50%, 06/01/28 (e) | 1000 | 1027 |
|  |  | 11092 |
| **Energy 1.1%** | **Energy 1.1%** | **Energy 1.1%** |
| Citgo Petroleum Corporation |  |  |
| 8.38%, 01/15/29 (e) | 1750 | 1821 |
| Hilcorp Energy I, L.P. |  |  |
| 5.75%, 02/01/29 (e) | 1885 | 1861 |
| NFE Fing LLC |  |  |
| 12.00%, 11/15/29 (e) | 296 | 133 |
| NGL Energy Operating LLC |  |  |
| 8.38%, 02/15/32 (e) | 3000 | 3003 |
| Plains All American Pipeline, L.P. |  |  |
| 8.70%(3 Month Term SOFR + 4.37%), (a) (f) | 565 | 566 |
| Venture Global LNG, Inc. |  |  |
| 9.00%, (100, 09/30/29) (e) (f) | 1570 | 1530 |
| 9.50%, 02/01/29 (e) | 1750 | 1907 |
|  |  | 10821 |
| **Consumer Discretionary 1.0%** | **Consumer Discretionary 1.0%** | **Consumer Discretionary 1.0%** |
| Carnival Corporation |  |  |
| 4.00%, 08/01/28 (e) | 2342 | 2292 |
| IHOL-Verwaltungs-GmbH |  |  |
| 7.75%, 11/15/30 (d) (e) | 2752 | 2823 |
| Macy's Retail Holdings, LLC |  |  |
| 6.13%, 03/15/32 (e) | 2000 | 1910 |
| Majordrive Holdings IV, LLC |  |  |
| 6.38%, 06/01/29 (e) | 1350 | 1068 |
| Ontario Gaming GTA Limited Partnership |  |  |
| 8.00%, 08/01/30 (e) | 15 | 15 |
| PM General Purchaser LLC |  |  |
| 9.50%, 10/01/28 (e) | 644 | 449 |
| Rivian Holdings LLC |  |  |
| 10.00%, 01/15/31 (g) | 595 | 584 |
| Sabre GLBL Inc. |  |  |
| 11.13%, 07/15/30 (e) | 896 | 938 |
|  |  | 10079 |
| **Communication Services 0.5%** | **Communication Services 0.5%** | **Communication Services 0.5%** |
| CCO Holdings, LLC |  |  |
| 5.38%, 06/01/29 (e) | 1408 | 1403 |
| CMG Media Corporation |  |  |
| 8.88%, 06/18/29 (e) | 1132 | 1077 |
| Dotdash Meredith, Inc. |  |  |
| 7.63%, 06/15/32 (e) | 120 | 117 |
| EchoStar Corporation |  |  |
| 10.75%, 11/30/29 | 603 | 620 |
| Intelsat Jackson Holdings S.A. |  |  |
| 6.50%, 03/15/30 (e) | 1500 | 1530 |
| LCPR Senior Secured Financing Designated Activity Company |  |  |
| 6.75%, 10/15/27 (e) | 500 | 336 |
| Level 3 Financing, Inc. |  |  |
| 4.50%, 04/01/30 (e) | 210 | 190 |
| Liberty Media Corporation |  |  |
| 8.25%, 02/01/30 | 1500 | 171 |
|  |  | 5444 |
| **Industrials 0.5%** | **Industrials 0.5%** | **Industrials 0.5%** |
| Cimpress NV |  |  |
| 7.38%, 09/15/32 (e) | 790 | 754 |
| Icahn Enterprises L.P. |  |  |
| 4.38%, 02/01/29 | 390 | 328 |
| 9.00%, 06/15/30 | 325 | 303 |
| JH North America Holdings Inc. |  |  |
| 5.88%, 01/31/31 (e) | 118 | 119 |
| 6.13%, 07/31/32 (e) | 172 | 175 |
| Smyrna Ready Mix Concrete, LLC |  |  |
| 8.88%, 11/15/31 (e) | 1000 | 1049 |
| TransDigm Inc. |  |  |
| 6.00%, 01/15/33 (e) | 1121 | 1127 |
| United Airlines Pass Through Certificates, Series 2015-1 |  |  |
| 4.38%, 04/15/26 (e) | 621 | 617 |
| 4.63%, 04/15/29 (e) | 856 | 831 |
|  |  | 5303 |
| **Materials 0.4%** | **Materials 0.4%** | **Materials 0.4%** |
| Avient Corporation |  |  |
| 6.25%, 11/01/31 (e) | 513 | 517 |
| Cerdia Finanz GmbH |  |  |
| 9.38%, 10/03/31 (e) | 1445 | 1499 |
| First Quantum Minerals Ltd |  |  |
| 6.88%, 10/15/27 (e) | 707 | 707 |
| 8.63%, 06/01/31 (e) | 1250 | 1297 |
|  |  | 4020 |
| **Information Technology 0.3%** | **Information Technology 0.3%** | **Information Technology 0.3%** |
| Central Parent Inc. |  |  |
| 8.00%, 06/15/29 (e) | 4000 | 3311 |
| X.Ai Corp. |  |  |
| 12.50%, 06/30/30 (g) | 120 | 121 |
|  |  | 3432 |
| **Consumer Staples 0.2%** | **Consumer Staples 0.2%** | **Consumer Staples 0.2%** |
| Marb Bondco PLC |  |  |
| 3.95%, 01/29/31 (e) | 846 | 750 |
| OT MidCo Inc. |  |  |
| 10.00%, 02/15/30 (e) | 125 | 97 |
| Raven Acquisition Holding LLC |  |  |
| 6.88%, 11/15/31 (e) | 1156 | 1155 |
| Sigma Holdco B.V. |  |  |
| 7.88%, 05/15/26 (e) | 269 | 269 |
|  |  | 2271 |
| **Health Care 0.2%** | **Health Care 0.2%** | **Health Care 0.2%** |
| 1261229 B.C. Ltd. |  |  |
| 10.00%, 04/15/32 (e) | 1883 | 1900 |
| **Real Estate 0.1%** | **Real Estate 0.1%** | **Real Estate 0.1%** |
| MPT Operating Partnership, L.P. |  |  |
| 5.00%, 10/15/27 | 615 | 568 |
| **Utilities 0.1%** | **Utilities 0.1%** | **Utilities 0.1%** |
| PG&E Corporation |  |  |
| 7.38%, 03/15/55 | 510 | 484 |
| Total Corporate Bonds And Notes (cost $55,901) | Total Corporate Bonds And Notes (cost $55,901) | 55414 |
| **COMMON STOCKS 0.1%** | **COMMON STOCKS 0.1%** | **COMMON STOCKS 0.1%** |
| **Industrials 0.1%** | **Industrials 0.1%** | **Industrials 0.1%** |
| Fusion Parent, LLC (c) (h) | 8 | 411 |
| **Communication Services 0.0%** | **Communication Services 0.0%** | **Communication Services 0.0%** |
| Clear Channel Outdoor Holdings, Inc. (h) | 112 | 132 |
| iHeartMedia, Inc. - Class A (h) | 48 | 84 |
|  |  | 216 |
| **Consumer Discretionary 0.0%** | **Consumer Discretionary 0.0%** | **Consumer Discretionary 0.0%** |
| Constellis Holdings, Inc. (h) | 21 | 1 |
| Elevate Textiles Inc (h) | 62 | 182 |
|  |  | 183 |
| **Energy 0.0%** | **Energy 0.0%** | **Energy 0.0%** |
| New Fortress Energy Inc. (h) (i) | 9 | 29 |
| Vantage Drilling International (c) (h) |  | 6 |
|  |  | 35 |
| **Health Care 0.0%** | **Health Care 0.0%** | **Health Care 0.0%** |
| Inotiv, Inc. (h) | 3 | 6 |

---

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page [607](#abbreviations).

**JNL Series Trust** (Unaudited)

**Schedules of Investments (in thousands)**

June 30, 2025

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| **Financials 0.0%** | **Financials 0.0%** | **Financials 0.0%** |
| AFGlobal Corporation (c) (g) | 39 |  |
| Total Common Stocks (cost $5,409) | Total Common Stocks (cost $5,409) | 851 |
| **NON-U.S. GOVERNMENT AGENCY ASSET-BACKED SECURITIES 0.1%** | **NON-U.S. GOVERNMENT AGENCY ASSET-BACKED SECURITIES 0.1%** | **NON-U.S. GOVERNMENT AGENCY ASSET-BACKED SECURITIES 0.1%** |
| AMMC CLO 24 Ltd |  |  |
| Series 2021-ER-24A, 10.79%, (3 Month Term SOFR + 6.50%), 01/20/35 (a) | 150 | 148 |
| BBAM US CLO I Ltd |  |  |
| Series 2022-D1R-1A, REMIC, 7.26%, (3 Month Term SOFR + 3.00%), 03/30/38 (a) | 125 | 123 |
| Birch Grove CLO 12 Ltd |  |  |
| Series 2025-D1-12A, 5.43%, (3 Month Term SOFR + 2.75%), 04/22/38 (a) | 150 | 150 |
| CIFC Funding 2018-IV Ltd |  |  |
| Series 2018-D2R-4A, 8.02%, (3 Month Term SOFR + 3.75%), 01/17/38 (a) | 100 | 100 |
| Flatiron RR CLO 30 Ltd |  |  |
| Series 2025-E-30A, REMIC, 9.51%, (3 Month Term SOFR + 5.25%), 04/15/38 (a) | 200 | 202 |
| Palmer Square CLO 2021-2 Ltd |  |  |
| Series 2021-DR2-2A, 8.40%, (3 Month Term SOFR + 4.14%), 04/15/38 (a) | 100 | 100 |
| Total Non-U.S. Government Agency Asset-Backed Securities (cost $825) | Total Non-U.S. Government Agency Asset-Backed Securities (cost $825) | 823 |
| **OTHER EQUITY INTERESTS 0.0%** | **OTHER EQUITY INTERESTS 0.0%** | **OTHER EQUITY INTERESTS 0.0%** |
| Paragon Offshore Ltd. (c) (h) (j) | 8 |  |
| Total Other Equity Interests (cost $0) | Total Other Equity Interests (cost $0) |  |
| **SHORT TERM INVESTMENTS 3.3%** | **SHORT TERM INVESTMENTS 3.3%** | **SHORT TERM INVESTMENTS 3.3%** |
| **Investment Companies 3.3%** | **Investment Companies 3.3%** | **Investment Companies 3.3%** |
| JNL Government Money Market Fund - Class I, 4.20% (k) (l) | 33314 | 33314 |
| Total Short Term Investments (cost $33,314) | Total Short Term Investments (cost $33,314) | 33314 |
| **Total Investments 97.0% (cost $1,004,557)** | **Total Investments 97.0% (cost $1,004,557)** | **977042** |
| **Other Assets and Liabilities, Net 3.0%** | **Other Assets and Liabilities, Net 3.0%** | **29845** |
| **Total Net Assets 100.0%** | **Total Net Assets 100.0%** | **1006887** |

---

(a) Security has a variable rate. Interest rates reset periodically. Rate stated was in effect as of June 30, 2025. For securities based on a published reference rate and spread, the reference rate and spread are presented. Certain variable rate securities do not indicate a reference rate and spread because they are determined by the issuer, remarketing agent, or offering documents and are based on current market conditions. The coupon rate for securities with certain features outlined in the offering documents may vary from the stated reference rate and spread. This includes, but is not limited to, securities with deferred rates, contingent distributions, caps, floors, and fixed-rate to float-rate features. In addition, variable rates for government and agency collateralized mortgage obligations ("CMO") and mortgage-backed securities ("MBS") are determined by tranches of underlying mortgage-backed security pools' cash flows into securities and pass-through rates which reflect the rate earned on the asset pool after management and guarantee fees are paid to the securitizing corporation. CMO and MBS variable rates are determined by a formula set forth in the security's offering documents.

(b) This senior floating rate interest will settle after June 30, 2025. If a reference rate and spread is presented, it will go into effect upon settlement.

(c) Security fair valued in good faith as a Level 3 security in accordance with the procedures approved by the Board of Trustees. Good faith fair valued securities are classified based on the applicable valuation inputs. See "Fair Value Measurement" in the Notes to Financial Statements.

(d) Pay-in-kind security. Stated coupon is the pay-in-kind rate. The interest earned by the security may be paid in cash or additional par.

(e) Security is exempt from registration under the Securities Act of 1933, as amended. As of June 30, 2025, the value and the percentage of net assets of these securities was $47,480 and 4.7% of the Fund.

(f) Perpetual security. Next contractual call price and date are presented in parentheses, if applicable.

(g) Security is restricted to resale to institutional investors or subject to trading restrictions due to sanctions on foreign issuers. See Restricted Securities table following the Schedules of Investments.

(h) Non-income producing security.

(i) Security fair valued in good faith as a Level 2 security in accordance with the procedures approved by the Board of Trustees. Good faith fair valued securities are classified based on the applicable valuation inputs. See "Fair Value Measurement" in the Notes to Financial Statements.

(j) Contingent distributions represent the right to receive additional distributions, if any, during the reorganization of the underlying company.

(k) Investment in affiliate.

(l) Yield changes daily to reflect current market conditions. Rate was the quoted yield as of June 30, 2025.

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **JNL Multi-Manager Floating Rate Income Fund — Investments in Affiliates** | **JNL Multi-Manager Floating Rate Income Fund — Investments in Affiliates** | **JNL Multi-Manager Floating Rate Income Fund — Investments in Affiliates** | **JNL Multi-Manager Floating Rate Income Fund — Investments in Affiliates** | **JNL Multi-Manager Floating Rate Income Fund — Investments in Affiliates** | **JNL Multi-Manager Floating Rate Income Fund — Investments in Affiliates** | **JNL Multi-Manager Floating Rate Income Fund — Investments in Affiliates** | **JNL Multi-Manager Floating Rate Income Fund — Investments in Affiliates** | **JNL Multi-Manager Floating Rate Income Fund — Investments in Affiliates** |
| **Affiliated Investment** | **Value Beginning of Period($)** | **Purchases($)** | **Sales Proceeds($)** | **Dividend Income/ Distributions from Funds($)** | **Realized Gain (Loss)($)** | **Change in Unrealized Appreciation (Depreciation) ($)** | **Value End of Period($)** | **Percentage of Net Assets(%)** |
| JNL Government Money Market Fund, 4.20% - Class I | 18702 | 198253 | 183641 | 503 |  |  | 33314 | 3.3 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **JNL Multi-Manager Floating Rate Income Fund — Restricted Securities** | **JNL Multi-Manager Floating Rate Income Fund — Restricted Securities** | **JNL Multi-Manager Floating Rate Income Fund — Restricted Securities** | **JNL Multi-Manager Floating Rate Income Fund — Restricted Securities** | **JNL Multi-Manager Floating Rate Income Fund — Restricted Securities** |
|  | **Initial Acquisition** | **Cost ($)** | **Value ($)** | **Percent of**<br> **Net Assets (%)** |
| AFGlobal Corporation | 07/13/17 | 2907 |  |  |
| Rivian Holdings LLC, 10.00%, 01/15/31 | 06/04/25 | 595 | 584 | 0.1 |
| X.Ai Corp., 12.50%, 06/30/30 | 06/20/25 | 120 | 121 |  |
|  |  | 3622 | 705 | 0.1 |

---

---

| | | |
|:---|:---|:---|
| **JNL Multi-Manager Floating Rate Income Fund — Unfunded Commitments (continued)** | **JNL Multi-Manager Floating Rate Income Fund — Unfunded Commitments (continued)** | **JNL Multi-Manager Floating Rate Income Fund — Unfunded Commitments (continued)** |
|  | **Unfunded Commitment ($)** | **Unrealized Appreciation / (Depreciation)($)** |
| Clydesdale Acquisition Holdings Inc, 2025 Delayed Draw Term Loan | 60 |  |
| Clydesdale Acquisition Holdings Inc, 2025 Delayed Draw Term Loan | 7 |  |
| Employbridge Holding Company, 2025 First Out Delayed Draw Term Loan | 557 | (129) |
| Raven Acquisition Holdings LLC, Delayed Draw Term Loan | 280 | 1 |
| Student Transportation of America Inc, Term Loan | 196 |  |
|  | 1100 | (128) |

---

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page [607](#abbreviations).

**JNL Series Trust** (Unaudited)

**Schedules of Investments (in thousands)**

June 30, 2025

**Fair Value Hierarchy.** Various inputs are used in determining the fair value of financial instruments. For a description of the input levels and information about the Fund's policy regarding valuation of financial instruments, see Note 3 in the Notes to Financial Statements. The following table summarizes the Fund's investments categorized in the disclosure hierarchy as of June 30, 2025.

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **<u>. Level 1 ($) .</u>** | **<u>. Level 2 ($) .</u>** | **<u>. Level 3 ($) .</u>** | **<u>. Total ($) .</u>** |
| **JNL Multi-Manager Floating Rate Income Fund** | **JNL Multi-Manager Floating Rate Income Fund** | **JNL Multi-Manager Floating Rate Income Fund** | **JNL Multi-Manager Floating Rate Income Fund** | **JNL Multi-Manager Floating Rate Income Fund** |
| **Assets - Securities** |  |  |  |  |
| &nbsp;&nbsp; Senior Floating Rate Instruments<sup>1</sup> |  | 884019 | 2622 | 886641 |
| &nbsp;&nbsp; Corporate Bonds And Notes |  | 55414 |  | 55414 |
| &nbsp;&nbsp; Common Stocks | 223 | 211 | 417 | 851 |
| &nbsp;&nbsp; Non-U.S. Government Agency Asset-Backed Securities |  | 823 |  | 823 |
| &nbsp;&nbsp; Other Equity Interests |  |  |  |  |
| &nbsp;&nbsp; Short Term Investments | 33314 |  |  | 33314 |
|  | 33537 | 940467 | 3039 | 977043 |
| **Liabilities - Securities** | **Liabilities - Securities** | **Liabilities - Securities** | **Liabilities - Securities** | **Liabilities - Securities** |
| &nbsp;&nbsp; Senior Floating Rate Instruments<sup>1</sup> |  | (129) |  | (129) |
|  |  | (129) |  | (129) |

---

<sup>1</sup> Unfunded commitments are not reflected in total investments in the Schedule of Investments. Net unrealized appreciation is reflected as an asset and net unrealized depreciation is reflected as a liability in the table. See Unfunded Commitments table following the Schedule of Investments.

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page [607](#abbreviations).

**JNL Series Trust** (Unaudited)

**Schedules of Investments (in thousands)**

June 30, 2025

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| **JNL Multi-Manager International Small Cap Fund** | **JNL Multi-Manager International Small Cap Fund** | **JNL Multi-Manager International Small Cap Fund** |
| **COMMON STOCKS 96.2%** | **COMMON STOCKS 96.2%** | **COMMON STOCKS 96.2%** |
| **Japan 17.7%** | **Japan 17.7%** | **Japan 17.7%** |
| Adastria Co., Ltd. | 46 | 949 |
| Alfresa Holdings Corporation | 167 | 2280 |
| Alps Alpine Co., Ltd. | 188 | 2017 |
| Asahi Intecc Co., Ltd. | 78 | 1238 |
| Biprogy Inc. | 32 | 1328 |
| Brother Industries, Ltd. | 114 | 1965 |
| COMSYS Holdings Corporation | 49 | 1132 |
| Credit Saison Co., Ltd. | 232 | 6265 |
| Electric Power Development Co., Ltd. - Class D | 75 | 1274 |
| Fujikura Ltd. | 110 | 5780 |
| GLP J-REIT | 2 | 1605 |
| HANWA Co., Ltd. | 48 | 1807 |
| IHI Corporation | 49 | 5311 |
| Integral Corporation (a) | 198 | 4380 |
| Kobe Steel, Ltd. (a) | 276 | 3018 |
| Konica Minolta, Inc. | 366 | 1186 |
| Kyushu Electric Power Co., Inc. | 222 | 1985 |
| Lifedrink Company, Inc. | 195 | 2865 |
| Macnica Holdings, Inc. | 131 | 1754 |
| MARUWA Co., Ltd. | 15 | 4165 |
| Mebuki Financial Group Inc. | 381 | 1993 |
| Medipal Holdings Corporation | 110 | 1788 |
| Mitsui Mining & Smelting Co., Ltd. | 40 | 1384 |
| mixi, Inc. | 101 | 2440 |
| Money Forward, Inc. (b) | 117 | 3953 |
| NGK Insulators, Ltd. | 100 | 1258 |
| Nippon Electric Glass Co., Ltd. (a) | 43 | 1028 |
| Nippon Express Co., Ltd. (a) | 122 | 2449 |
| Nippon Shinyaku Co., Ltd. | 49 | 1062 |
| Nomura Real Estate Holdings, Inc. | 180 | 1046 |
| NS United Kaiun Kaisha, Ltd. (a) | 57 | 1552 |
| Persol Holdings Co., Ltd. | 987 | 1925 |
| Rakus Co., Ltd. | 246 | 3955 |
| Rakuten Bank, Ltd. (b) | 50 | 2273 |
| Sankyo Co., Ltd. | 344 | 6365 |
| Santen Pharmaceutical Co., Ltd. | 160 | 1834 |
| Sawai Group Holdings Co., Ltd. | 87 | 1108 |
| SHIFT, Inc. (b) | 306 | 3710 |
| Sugi Holdings Co., Ltd. | 58 | 1332 |
| Suzuken Co., Ltd. | 74 | 2682 |
| Taiheiyo Cement Corporation | 56 | 1392 |
| The Chugoku Electric Power Co., Inc. (a) | 297 | 1468 |
| Timee, Inc. (b) | 546 | 7804 |
| Tohoku-Electric Power Co., Inc. | 261 | 1901 |
| Tokyo Steel Manufacturing Co., Ltd. | 214 | 2250 |
| Tokyo Tatemono Co., Ltd. (a) | 122 | 2175 |
| Tokyu Fudosan Holdings Corporation | 331 | 2362 |
| transcosmos inc. | 54 | 1311 |
| Valor Holdings Co., Ltd. | 105 | 1839 |
| Yamada Holdings Co., Ltd. | 539 | 1696 |
| Zeon Corporation | 111 | 1132 |
|  |  | 122771 |
| **United Kingdom 11.1%** | **United Kingdom 11.1%** | **United Kingdom 11.1%** |
| Ashtead Technology Holdings PLC | 499 | 3035 |
| Babcock International Group PLC | 499 | 7873 |
| Balfour Beatty PLC | 238 | 1702 |
| Centrica PLC | 1409 | 3127 |
| Computacenter PLC | 33 | 1102 |
| Cranswick PLC | 72 | 5251 |
| Currys PLC (b) | 1359 | 2271 |
| Diploma PLC | 51 | 3415 |
| Drax Group PLC | 480 | 4562 |
| easyJet PLC | 1021 | 7456 |
| FirstGroup PLC | 298 | 942 |
| Games Workshop Group PLC | 10 | 2204 |
| Genus PLC | 77 | 2153 |
| Inchcape PLC | 149 | 1489 |
| Jet2 PLC | 274 | 6951 |
| Keller Group PLC | 130 | 2613 |
| Marex Group PLC | 87 | 3440 |
| Melrose Industries PLC | 759 | 5530 |
| St. James's Place PLC | 327 | 5323 |
| Trustpilot Group PLC (b) | 1393 | 4633 |
| Zigup PLC | 470 | 2291 |
|  |  | 77363 |
| **Canada 7.0%** | **Canada 7.0%** | **Canada 7.0%** |
| AGF Management Limited - Class B (a) | 617 | 5992 |
| ATCO Ltd. - Class I | 28 | 1054 |
| Bird Construction Inc. (a) | 55 | 1167 |
| Canadian Apartment Properties Real Estate Investment Trust | 28 | 920 |
| Celestica Inc. (b) | 53 | 8237 |
| Centerra Gold Inc. | 269 | 1941 |
| Definity Financial Corporation | 98 | 5725 |
| Dundee Precious Metals Inc. | 85 | 1358 |
| Finning International Inc. | 137 | 5839 |
| Groupe Atkinsrealis Inc. | 52 | 3679 |
| OceanaGold Corporation | 59 | 832 |
| Prairiesky Royalty Ltd. (a) | 222 | 3843 |
| RioCan Real Estate Investment Trust | 86 | 1114 |
| Russel Metals Inc. | 122 | 3928 |
| Superior Plus Corp. (a) | 275 | 1614 |
| Tamarack Valley Energy Ltd. (a) | 404 | 1431 |
|  |  | 48674 |
| **South Korea 6.0%** | **South Korea 6.0%** | **South Korea 6.0%** |
| APR Co., Ltd. (b) | 23 | 2669 |
| Binggrae Co., Ltd. | 15 | 952 |
| GS Holdings Corp. | 52 | 1781 |
| Hanwha Corporation | 100 | 7018 |
| HD Hyundai Marine Solution Co., Ltd. | 19 | 2823 |
| Hyundai Department Store Co., Ltd. | 21 | 1200 |
| Hyundai Engineering & Construction Co., Ltd. | 62 | 3638 |
| Hyundai Rotem Company | 28 | 4089 |
| Korean Reinsurance Company | 59 | 450 |
| LS Corp. | 11 | 1649 |
| LX International Corp. | 127 | 2941 |
| Samsung Engineering Co., Ltd. | 309 | 5050 |
| Samsung Securities Co., Ltd. | 29 | 1593 |
| Samyang Holdings Corporation | 2 | 2498 |
| SM Entertainment Co., Ltd. | 15 | 1586 |
| Youngone Corporation | 40 | 1845 |
|  |  | 41782 |
| **China 5.6%** | **China 5.6%** | **China 5.6%** |
| 3SBio Inc. (c) | 631 | 1906 |
| FinVolution Group - Class A - ADR | 668 | 6332 |
| Fufeng Group Limited | 988 | 869 |
| Hello Group Inc. - ADR | 346 | 2920 |
| Joyy Inc. - Class A - ADR | 142 | 7229 |
| NetEase Cloud Music Inc. (b) | 98 | 3017 |
| TCL Electronics Holdings Limited | 3981 | 4858 |
| Weibo Corporation - Class A - ADR (a) | 314 | 2993 |
| Xiamen Meitu Technology Co., Ltd. (a) | 3921 | 4548 |
| Xtep International Holdings Limited | 51 | 37 |
| Yangzijiang Shipbuilding (Holdings) Ltd. | 2194 | 3851 |
|  |  | 38560 |
| **India 4.9%** | **India 4.9%** | **India 4.9%** |
| Cartrade Tech Limited (b) | 99 | 1965 |
| Indian Energy Exchange Limited | 1157 | 2613 |
| KPIT Technologies Ltd | 324 | 4765 |
| Lic Housing Finance Limited | 257 | 1858 |
| Muthoot Microfin Limited (b) | 84 | 142 |
| National Aluminium Co Ltd | 1648 | 3721 |
| Poly Medicure Limited | 89 | 2318 |
| Power Finance Corporation Limited | 1114 | 5565 |
| Redington Limited | 1586 | 6029 |
| The Federal Bank Ltd | 907 | 2260 |
| Triveni Turbine Limited | 340 | 2438 |
|  |  | 33674 |
| **Taiwan 4.8%** | **Taiwan 4.8%** | **Taiwan 4.8%** |
| Advancetek Enterprise Co., Ltd. | 142 | 349 |
| Arcadyan Technology Corporation | 308 | 2118 |
| Chicony Electronics Co., Ltd | 268 | 1197 |
| E Ink Holdings Inc. | 432 | 3266 |

---

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page [607](#abbreviations).

**JNL Series Trust** (Unaudited)

**Schedules of Investments (in thousands)**

June 30, 2025

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| International Games System Co., Ltd. | 147 | 4327 |
| Jentech Precision Industrial Co., Ltd. | 66 | 3430 |
| Primax Electronics Ltd | 407 | 1016 |
| SerComm Corporation (d) | 314 | 1025 |
| Simplo Technology Co., Ltd. | 510 | 6739 |
| T3EX Global Holdings Corp. | 469 | 1159 |
| Tripod Technology Corporation | 410 | 3482 |
| United Integrated Services Co., Ltd. | 125 | 2674 |
| WNC Corporation | 336 | 1401 |
| WT Microelectronics Co., Ltd. | 329 | 1452 |
| | | 33635 |
| **Germany 4.3%** | **Germany 4.3%** | **Germany 4.3%** |
| AUTO1 Group SE (b) | 148 | 4791 |
| CTS Eventim AG & Co. KGaA | 36 | 4462 |
| HOCHTIEF Aktiengesellschaft | 10 | 1994 |
| RENK Group AG | 50 | 3992 |
| Scout24 SE (c) | 76 | 10457 |
| TUI AG (b) (c) | 452 | 3950 |
|  |  | 29646 |
| **Italy 4.0%** | **Italy 4.0%** | **Italy 4.0%** |
| Banca Monte dei Paschi di Siena S.p.A. (a) | 638 | 5423 |
| Buzzi S.p.A. | 86 | 4795 |
| Hera S.p.A. | 311 | 1502 |
| Iveco Group N.V. | 108 | 2136 |
| Lottomatica Group S.P.A. | 263 | 7324 |
| Unipol Assicurazioni S.P.A. | 340 | 6748 |
|  |  | 27928 |
| **Sweden 3.5%** | **Sweden 3.5%** | **Sweden 3.5%** |
| Apotea AB (publ) (b) | 418 | 3894 |
| Bonesupport Holding AB (b) | 101 | 2995 |
| Hemnet AB | 114 | 3325 |
| MIPS AB | 63 | 2979 |
| RaySearch Laboratories AB (publ) - Class B | 150 | 5301 |
| SSAB AB - Class B (a) | 332 | 1963 |
| Truecaller AB - Class B | 533 | 3790 |
|  |  | 24247 |
| **Australia 3.4%** | **Australia 3.4%** | **Australia 3.4%** |
| AGL Energy Limited | 335 | 2151 |
| GrainCorp Limited - Class A | 382 | 1960 |
| Helia Group Limited | 614 | 2276 |
| HUB24 Limited | 75 | 4381 |
| JB Hi-Fi Limited | 106 | 7726 |
| Metcash Limited | 425 | 1095 |
| Perenti Limited | 1513 | 1614 |
| Perseus Mining Limited | 484 | 1100 |
| Yancoal Australia Ltd (a) | 293 | 1114 |
|  |  | 23417 |
| **France 2.1%** | **France 2.1%** | **France 2.1%** |
| EXOSENS | 91 | 4332 |
| Groupe Gorge (b) | 50 | 5803 |
| Planisware | 106 | 2956 |
| SCOR SE | 52 | 1712 |
|  |  | 14803 |
| **Brazil 2.1%** | **Brazil 2.1%** | **Brazil 2.1%** |
| CI&T Inc - Class A (b) | 263 | 1571 |
| Companhia de Saneamento de Minas Gerais - Copasa MG | 449 | 2316 |
| Embraer S.A. | 348 | 4946 |
| Inter & Co, Inc. - Class A | 465 | 3453 |
| IRB Brasil Resseguros S/A (b) | 131 | 1088 |
| OdontoPrev S.A. (b) | 609 | 1318 |
|  |  | 14692 |
| **Norway 1.4%** | **Norway 1.4%** | **Norway 1.4%** |
| Aker Solutions ASA (c) | 383 | 1323 |
| MPC Container Ships ASA | 1096 | 1739 |
| Protector Forsikring ASA | 72 | 3066 |
| Vend Marketplaces ASA - Class A | 110 | 3856 |
|  |  | 9984 |
| **Israel 1.4%** | **Israel 1.4%** | **Israel 1.4%** |
| Bezeq Israel Communications Company Ltd | 600 | 1025 |
| Wix.Com Ltd. (b) | 24 | 3725 |
| ZIM Integrated Shipping Services Ltd | 296 | 4759 |
|  |  | 9509 |
| **Netherlands 1.4%** | **Netherlands 1.4%** | **Netherlands 1.4%** |
| BE Semiconductor Industries N.V. | 33 | 4956 |
| Redcare Pharmacy N.V. (b) | 28 | 3086 |
| Signify N.V. (c) | 52 | 1415 |
|  |  | 9457 |
| **Austria 1.3%** | **Austria 1.3%** | **Austria 1.3%** |
| BAWAG Group AG (c) | 35 | 4469 |
| Raiffeisen Bank International AG | 149 | 4544 |
|  |  | 9013 |
| **Lithuania 1.2%** | **Lithuania 1.2%** | **Lithuania 1.2%** |
| Baltic Classifieds Group PLC | 1658 | 8475 |
| **Spain 1.2%** | **Spain 1.2%** | **Spain 1.2%** |
| Indra Sistemas SA (a) | 65 | 2841 |
| Puig Brands S.A. - Class B (a) | 196 | 3880 |
| Unicaja Banco SA (c) | 682 | 1615 |
|  |  | 8336 |
| **Hong Kong 1.2%** | **Hong Kong 1.2%** | **Hong Kong 1.2%** |
| Kerry Properties Limited | 982 | 2534 |
| VSTECS Holdings Limited | 5594 | 5558 |
|  |  | 8092 |
| **United States of America 1.0%** | **United States of America 1.0%** | **United States of America 1.0%** |
| Freshworks, Inc. - Class A (b) | 176 | 2622 |
| Life360, Inc. - CHESS (b) | 213 | 4520 |
|  |  | 7142 |
| **Denmark 1.0%** | **Denmark 1.0%** | **Denmark 1.0%** |
| ALK-Abello A/S - Class B (b) | 120 | 3546 |
| Dampskibsselskabet NORDEN A/S | 35 | 1127 |
| ISS A/S | 72 | 1998 |
|  |  | 6671 |
| **Mexico 0.9%** | **Mexico 0.9%** | **Mexico 0.9%** |
| Grupo Aeroportuario del Centro Norte, S.A.B. de C.V. - Class B | 225 | 2955 |
| Vista Energy, S.A.B. De C.V. - Series A - ADR (b) | 70 | 3336 |
|  |  | 6291 |
| **Greece 0.9%** | **Greece 0.9%** | **Greece 0.9%** |
| Piraeus Financial Holdings S.A. - Class R | 890 | 6185 |
| **Indonesia 0.9%** | **Indonesia 0.9%** | **Indonesia 0.9%** |
| Aneka Tambang (Persero), PT TBK | 6839 | 1286 |
| PT. Bank Syariah Indonesia TBK | 19926 | 3173 |
| PT. Indo Tambangraya Megah Tbk | 1261 | 1709 |
|  |  | 6168 |
| **South Africa 0.9%** | **South Africa 0.9%** | **South Africa 0.9%** |
| Growthpoint Properties Limited | 2256 | 1715 |
| Investec PLC | 143 | 1075 |
| Rand Merchant Investment Holdings Limited | 713 | 3157 |
|  |  | 5947 |
| **Ireland 0.8%** | **Ireland 0.8%** | **Ireland 0.8%** |
| Icon Public Limited Company (b) | 37 | 5370 |
| Uniphar Cork PLC | 72 | 317 |
|  |  | 5687 |
| **Russian Federation 0.7%** | **Russian Federation 0.7%** | **Russian Federation 0.7%** |
| Nebius Group N.V. - Class A (b) (c) | 91 | 5008 |
| **Poland 0.7%** | **Poland 0.7%** | **Poland 0.7%** |
| InPost S.A. (b) | 277 | 4617 |
| **Switzerland 0.7%** | **Switzerland 0.7%** | **Switzerland 0.7%** |
| Galenica AG (c) | 12 | 1338 |
| Kuros Biosciences AG (b) | 95 | 3278 |
|  |  | 4616 |
| **Thailand 0.6%** | **Thailand 0.6%** | **Thailand 0.6%** |
| Regional Container Lines Public Co Ltd | 3573 | 2833 |
| Sansiri Public Company Limited | 36867 | 1452 |
|  |  | 4285 |
| **Vietnam 0.4%** | **Vietnam 0.4%** | **Vietnam 0.4%** |
| FPT Corporation | 612 | 2770 |
| **Belgium 0.3%** | **Belgium 0.3%** | **Belgium 0.3%** |
| Proximus | 238 | 2311 |

---

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page [607](#abbreviations).

**JNL Series Trust** (Unaudited)

**Schedules of Investments (in thousands)**

June 30, 2025

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| **Turkey 0.3%** | **Turkey 0.3%** | **Turkey 0.3%** |
| Dogus Otomotiv Servis ve Ticaret Anonim Sirketi | 270 | 1184 |
| Torunlar Gayrimenkul Yatirim Ortakligi Anonim Sirketi | 634 | 1066 |
|  |  | 2250 |
| **Singapore 0.3%** | **Singapore 0.3%** | **Singapore 0.3%** |
| Mapletree Commercial Trust Treasury Company Pte. Ltd. (a) (c) | 1820 | 1807 |
| **Portugal 0.2%** | **Portugal 0.2%** | **Portugal 0.2%** |
| NOS, SGPS, SA. | 329 | 1499 |
| Total Common Stocks (cost $542,808) | Total Common Stocks (cost $542,808) | 667312 |
| **INVESTMENT COMPANIES 0.6%** | **INVESTMENT COMPANIES 0.6%** | **INVESTMENT COMPANIES 0.6%** |
| **United States of America 0.6%** | **United States of America 0.6%** | **United States of America 0.6%** |
| Vanguard FTSE All-World ex-US Small-Cap Index ETF | 33 | 4372 |
| Total Investment Companies (cost $4,276) | Total Investment Companies (cost $4,276) | 4372 |
| **PREFERRED STOCKS 0.3%** | **PREFERRED STOCKS 0.3%** | **PREFERRED STOCKS 0.3%** |
| **Brazil 0.3%** | **Brazil 0.3%** | **Brazil 0.3%** |
| Metalurgica Gerdau S.A. | 1064 | 1747 |
| Total Preferred Stocks (cost $2,499) | Total Preferred Stocks (cost $2,499) | 1747 |
| **SHORT TERM INVESTMENTS 1.5%** | **SHORT TERM INVESTMENTS 1.5%** | **SHORT TERM INVESTMENTS 1.5%** |
| **Investment Companies 1.5%** | **Investment Companies 1.5%** | **Investment Companies 1.5%** |
| JNL Government Money Market Fund - Class I, 4.20% (e) (f) | 10409 | 10409 |
| Total Short Term Investments (cost $10,409) | Total Short Term Investments (cost $10,409) | 10409 |
| **Total Investments 98.6% (cost $559,992)** | **Total Investments 98.6% (cost $559,992)** | **683840** |
| **Other Assets and Liabilities, Net 1.4%** | **Other Assets and Liabilities, Net 1.4%** | **9840** |
| **Total Net Assets 100.0%** | **Total Net Assets 100.0%** | **693680** |

---

(a) All or a portion of the security was on loan as of June 30, 2025.

(b) Non-income producing security.

(c) Security is restricted to resale to institutional investors or subject to trading restrictions due to sanctions on foreign issuers. See Restricted Securities table following the Schedules of Investments.

(d) Perpetual security. Next contractual call price and date are presented in parentheses, if applicable.

(e) Investment in affiliate.

(f) Yield changes daily to reflect current market conditions. Rate was the quoted yield as of June 30, 2025.

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **JNL Multi-Manager International Small Cap Fund — Investments in Affiliates** | **JNL Multi-Manager International Small Cap Fund — Investments in Affiliates** | **JNL Multi-Manager International Small Cap Fund — Investments in Affiliates** | **JNL Multi-Manager International Small Cap Fund — Investments in Affiliates** | **JNL Multi-Manager International Small Cap Fund — Investments in Affiliates** | **JNL Multi-Manager International Small Cap Fund — Investments in Affiliates** | **JNL Multi-Manager International Small Cap Fund — Investments in Affiliates** | **JNL Multi-Manager International Small Cap Fund — Investments in Affiliates** | **JNL Multi-Manager International Small Cap Fund — Investments in Affiliates** |
| **Affiliated Investment** | **Value Beginning of Period($)** | **Purchases($)** | **Sales Proceeds($)** | **Dividend Income/ Distributions from Funds($)** | **Realized Gain (Loss)($)** | **Change in Unrealized Appreciation (Depreciation) ($)** | **Value End of Period($)** | **Percentage of Net Assets(%)** |
| JNL Government Money Market Fund, 4.20% - Class I | 8668 | 262463 | 260722 | 220 |  |  | 10409 | 1.5 |
| JNL Government Money Market Fund, 4.30% - Class SL | 211 | 6673 | 6884 | 23 |  |  |  |  |
|  | 8879 | 269136 | 267606 | 243 |  |  | 10409 | 1.5 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **JNL Multi-Manager International Small Cap Fund — Restricted Securities** | **JNL Multi-Manager International Small Cap Fund — Restricted Securities** | **JNL Multi-Manager International Small Cap Fund — Restricted Securities** | **JNL Multi-Manager International Small Cap Fund — Restricted Securities** | **JNL Multi-Manager International Small Cap Fund — Restricted Securities** |
|  | **Initial Acquisition** | **Cost ($)** | **Value ($)** | **Percent of**<br> **Net Assets (%)** |
| 3SBio Inc. | 03/24/25 | 963 | 1906 | 0.3 |
| Aker Solutions ASA | 04/23/25 | 1171 | 1323 | 0.2 |
| BAWAG Group AG | 04/14/25 | 3693 | 4469 | 0.6 |
| Mapletree Commercial Trust Treasury Company Pte. Ltd. | 06/20/24 | 1661 | 1807 | 0.3 |
| Nebius Group N.V. - Class A | 02/07/25 | 3574 | 5008 | 0.7 |
| Scout24 SE | 03/15/22 | 6531 | 10457 | 1.5 |
| Signify N.V. | 05/30/24 | 1420 | 1415 | 0.2 |
| TUI AG | 12/22/23 | 3379 | 3950 | 0.6 |
| Unicaja Banco SA | 01/24/25 | 1035 | 1615 | 0.2 |
| Vifor Pharma AG | 03/01/24 | 1076 | 1338 | 0.2 |
|  |  | 24503 | 33288 | 4.8 |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **JNL Multi-Manager International Small Cap Fund — Forward Foreign Currency Contracts** | **JNL Multi-Manager International Small Cap Fund — Forward Foreign Currency Contracts** | **JNL Multi-Manager International Small Cap Fund — Forward Foreign Currency Contracts** | **JNL Multi-Manager International Small Cap Fund — Forward Foreign Currency Contracts** | **JNL Multi-Manager International Small Cap Fund — Forward Foreign Currency Contracts** | **JNL Multi-Manager International Small Cap Fund — Forward Foreign Currency Contracts** |
| **Purchased/Sold** | **Expiration** | **Notional<sup>1</sup>** | **Notional<sup>1</sup>** | **Value ($)** | **Unrealized**<br> **Appreciation**<br> (Depreciation) ($) |
| HKD/USD<br> BBH | 07/02/25 | HKD | 813 | 104 |  |
| ZAR/USD<br> BBH | 07/02/25 | ZAR | 787 | 44 |  |
|  |  |  |  | 148 |  |

---

**Fair Value Hierarchy.** Various inputs are used in determining the fair value of financial instruments. For a description of the input levels and information about the Fund's policy regarding valuation of financial instruments, see Note 3 in the Notes to Financial Statements. The following table summarizes the Fund's investments categorized in the disclosure hierarchy as of June 30, 2025.

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **<u>. Level 1 ($) .</u>** | **<u>. Level 2 ($) .</u>** | **<u>. Level 3 ($) .</u>** | **<u>. Total ($) .</u>** |
| **JNL Multi-Manager International Small Cap Fund** | **JNL Multi-Manager International Small Cap Fund** | **JNL Multi-Manager International Small Cap Fund** | **JNL Multi-Manager International Small Cap Fund** | **JNL Multi-Manager International Small Cap Fund** |
| **Assets - Securities** |  |  |  |  |
| &nbsp;&nbsp; Common Stocks | 114055 | 553257 |  | 667312 |
| &nbsp;&nbsp; Investment Companies | 4372 |  |  | 4372 |
| &nbsp;&nbsp; Preferred Stocks | 1747 |  |  | 1747 |
| &nbsp;&nbsp; Short Term Investments | 10409 |  |  | 10409 |
|  | 130583 | 553257 |  | 683840 |

---

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page [607](#abbreviations).

**JNL Series Trust** (Unaudited)

**Schedules of Investments (in thousands)**

June 30, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **<u>. Level 1 ($) .</u>** | **<u>. Level 2 ($) .</u>** | **<u>. Level 3 ($) .</u>** | **<u>. Total ($) .</u>** |
| **JNL Multi-Manager International Small Cap Fund (continued)** | **JNL Multi-Manager International Small Cap Fund (continued)** | **JNL Multi-Manager International Small Cap Fund (continued)** | **JNL Multi-Manager International Small Cap Fund (continued)** | **JNL Multi-Manager International Small Cap Fund (continued)** |
| **Assets - Investments in Other Financial Instruments<sup>1</sup>** |  |  |  |  |
| &nbsp;&nbsp; Open Forward Foreign Currency Contracts |  |  |  |  |
| **Liabilities - Investments in Other Financial Instruments<sup>1</sup>** |  |  |  |  |
| &nbsp;&nbsp; Open Forward Foreign Currency Contracts |  |  |  |  |

---

<sup>1</sup> All derivatives, except for purchased and written options, are reflected at the unrealized appreciation (depreciation) on the instrument. Purchased and written options are reflected at value.

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page [607](#abbreviations).

**JNL Series Trust** (Unaudited)

**Schedules of Investments (in thousands)**

June 30, 2025

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| **JNL Multi-Manager Mid Cap Fund** | **JNL Multi-Manager Mid Cap Fund** | **JNL Multi-Manager Mid Cap Fund** |
| **COMMON STOCKS 96.2%** | **COMMON STOCKS 96.2%** | **COMMON STOCKS 96.2%** |
| **Industrials 19.7%** | **Industrials 19.7%** | **Industrials 19.7%** |
| AAON, Inc. | 24 | 1770 |
| AerCap Holdings N.V. | 17 | 1943 |
| AGCO Corporation | 39 | 4052 |
| Alamo Group Inc. | 12 | 2632 |
| AMETEK, Inc. | 42 | 7600 |
| API Group Corporation (a) | 48 | 2474 |
| Axon Enterprise, Inc. (a) | 5 | 4140 |
| Caci International Inc. - Class A (a) | 9 | 4213 |
| Carlisle Companies Incorporated | 12 | 4448 |
| Carrier Global Corporation | 44 | 3244 |
| CNH Industrial N.V. | 273 | 3539 |
| Copart, Inc. (a) | 152 | 7461 |
| Daikin Industries, Ltd. - ADR | 67 | 781 |
| Delta Air Lines, Inc. | 56 | 2739 |
| Equifax Inc. | 35 | 9170 |
| ESAB Corporation | 42 | 5063 |
| Expeditors International of Washington, Inc. - Class A | 31 | 3580 |
| Fastenal Company | 120 | 5040 |
| Ferguson Enterprises Inc. | 15 | 3207 |
| Fortive Corporation | 62 | 3232 |
| FTI Consulting, Inc. (a) | 20 | 3234 |
| Genpact Limited | 133 | 5836 |
| Graco Inc. | 47 | 4080 |
| Hubbell Incorporated | 10 | 3992 |
| Huntington Ingalls Industries, Inc. | 6 | 1423 |
| IDEX Corporation | 46 | 8027 |
| J.B. Hunt Transport Services, Inc. | 24 | 3393 |
| Knight-Swift Transportation Holdings Inc. - Class A | 132 | 5821 |
| Landstar System, Inc. | 22 | 3051 |
| Legrand - ADR (b) | 14 | 385 |
| Lincoln Electric Holdings, Inc. | 45 | 9247 |
| Lindsay Corporation | 5 | 793 |
| Marten Transport, Ltd. | 497 | 6458 |
| McGrath RentCorp | 25 | 2950 |
| Middleby Corporation, The (a) | 24 | 3521 |
| Mine Safety Appliances Company, LLC | 33 | 5528 |
| Nordson Corporation | 35 | 7507 |
| Northrop Grumman Corporation | 5 | 2330 |
| Nvent Electric Public Limited Company | 82 | 6043 |
| Oshkosh Corporation | 20 | 2280 |
| Paycom Software, Inc. | 28 | 6545 |
| Ralliant Corporation (a) | 16 | 760 |
| Regal Rexnord Corporation | 22 | 3207 |
| Rentokil Initial PLC - ADR | 47 | 1125 |
| Republic Services, Inc. | 11 | 2670 |
| Robert Half Inc. | 24 | 1000 |
| Rockwell Automation, Inc. | 19 | 6145 |
| Rollins, Inc. | 109 | 6140 |
| Spirax Group PLC - ADR (b) | 63 | 2643 |
| SS&C Technologies Holdings, Inc. | 49 | 4033 |
| Textron Inc. | 55 | 4384 |
| Toro Company, The | 17 | 1168 |
| TransUnion | 41 | 3641 |
| UFP Industries, Inc. | 18 | 1809 |
| Valmont Industries, Inc. | 9 | 3061 |
| Veralto Corporation | 58 | 5855 |
| W.W. Grainger, Inc. | 5 | 4681 |
| Werner Enterprises, Inc. | 225 | 6148 |
| Xylem Inc. | 97 | 12577 |
|  |  | 243819 |
| **Information Technology 18.1%** | **Information Technology 18.1%** | **Information Technology 18.1%** |
| Akamai Technologies, Inc. (a) | 74 | 5906 |
| Amphenol Corporation - Class A | 195 | 19223 |
| Applied Materials, Inc. | 2 | 412 |
| Autodesk, Inc. (a) | 12 | 3560 |
| Check Point Software Technologies Ltd (a) | 21 | 4685 |
| Cloudflare, Inc. - Class A (a) | 105 | 20545 |
| Confluent, Inc. - Class A (a) | 283 | 7068 |
| Datadog, Inc. - Class A (a) | 95 | 12820 |
| Fair Isaac Corporation (a) | 9 | 15660 |
| Gartner, Inc. (a) | 31 | 12530 |
| GitLab Inc. - Class A (a) | 103 | 4646 |
| Globant S.A. (a) | 20 | 1858 |
| Informatica Inc. - Class A (a) | 157 | 3820 |
| Keysight Technologies, Inc. (a) | 27 | 4383 |
| Microchip Technology Incorporated | 53 | 3730 |
| MKS Inc. | 48 | 4792 |
| MongoDB, Inc. - Class A (a) | 25 | 5355 |
| Monolithic Power Systems, Inc. | 9 | 6770 |
| Nutanix, Inc. - Class A (a) | 84 | 6459 |
| Okta, Inc. - Class A (a) | 59 | 5898 |
| Palo Alto Networks, Inc. (a) | 23 | 4809 |
| Procore Technologies, Inc. (a) | 82 | 5610 |
| PTC Inc. (a) | 38 | 6503 |
| Pure Storage, Inc. - Class A (a) | 122 | 7025 |
| Rogers Corporation (a) | 40 | 2715 |
| Roper Technologies, Inc. | 7 | 4103 |
| Synopsys, Inc. (a) | 12 | 6152 |
| Trimble Inc. (a) | 167 | 12690 |
| Vertex, Inc. - Class A (a) | 273 | 9632 |
| Workday, Inc. - Class A (a) | 27 | 6600 |
| Zebra Technologies Corporation - Class A (a) | 12 | 3562 |
| Zscaler, Inc. (a) | 17 | 5337 |
|  |  | 224858 |
| **Health Care 13.6%** | **Health Care 13.6%** | **Health Care 13.6%** |
| Agilent Technologies, Inc. | 34 | 3958 |
| Becton, Dickinson and Company | 22 | 3789 |
| Bio-Techne Corporation | 97 | 5016 |
| Cooper Companies, Inc., The (a) | 156 | 11060 |
| DexCom, Inc. (a) | 66 | 5761 |
| Edwards Lifesciences Corporation (a) | 82 | 6413 |
| Exact Sciences Corporation (a) | 92 | 4915 |
| GE HealthCare Technologies Inc. | 61 | 4523 |
| HealthEquity, Inc. (a) | 79 | 8237 |
| Henry Schein, Inc. (a) | 70 | 5139 |
| Hologic, Inc. (a) | 190 | 12395 |
| IDEXX Laboratories, Inc. (a) | 21 | 11401 |
| Insulet Corporation (a) | 32 | 10071 |
| Labcorp Holdings Inc. | 27 | 7236 |
| Mettler-Toledo International Inc. (a) | 10 | 11462 |
| Penumbra, Inc. (a) | 19 | 4748 |
| Qiagen N.V. | 120 | 5748 |
| Quest Diagnostics Incorporated | 35 | 6287 |
| Repligen Corporation (a) | 27 | 3358 |
| Smith & Nephew PLC - ADR | 50 | 1518 |
| Solventum Corporation (a) | 78 | 5952 |
| Steris Public Limited Company | 16 | 3723 |
| Thermo Fisher Scientific Inc. | 8 | 3113 |
| Veeva Systems Inc. - Class A (a) | 19 | 5328 |
| Waters Corporation (a) | 19 | 6697 |
| West Pharmaceutical Services, Inc. | 51 | 11124 |
|  |  | 168972 |
| **Financials 12.9%** | **Financials 12.9%** | **Financials 12.9%** |
| American Financial Group, Inc. | 33 | 4111 |
| Arch Capital Group Ltd. | 40 | 3642 |
| Baldwin Insurance Group, Inc., The - Class A (a) | 29 | 1237 |
| Corpay Inc (a) | 7 | 2460 |
| Cullen/Frost Bankers, Inc. | 40 | 5142 |
| Everest Group, Ltd. | 16 | 5335 |
| FactSet Research Systems Inc. | 11 | 4920 |
| Fairfax Financial Holdings Limited | 2 | 2903 |
| Fidelity National Financial, Inc. - Class A | 109 | 6085 |
| First Citizens BancShares, Inc. - Class A | 1 | 2072 |
| Globe Life Inc. | 50 | 6244 |
| Goosehead Insurance, Inc. - Class A | 107 | 11240 |
| Hamilton Lane Incorporated - Class A | 25 | 3624 |
| Hartford Insurance Group, Inc., The | 44 | 5639 |
| Houlihan Lokey, Inc. - Class A | 69 | 12345 |
| Huntington Bancshares Incorporated | 306 | 5134 |
| Independent Bank Corp. | 6 | 376 |
| Kinsale Capital Group, Inc. | 12 | 5565 |
| M&T Bank Corporation | 2 | 402 |
| MSCI Inc. - Class A | 11 | 6056 |

---

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page [607](#abbreviations).

**JNL Series Trust** (Unaudited)

**Schedules of Investments (in thousands)**

June 30, 2025

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| Northern Trust Corporation | 34 | 4320 |
| Old Republic International Corporation | 128 | 4923 |
| Principal Financial Group, Inc. | 56 | 4412 |
| Prosperity Bancshares, Inc. | 23 | 1601 |
| Raymond James Financial, Inc. | 34 | 5180 |
| Reinsurance Group of America, Incorporated | 4 | 738 |
| Ryan Specialty Group Holdings, Inc. - Class A | 63 | 4317 |
| ServisFirst Bancshares, Inc. | 45 | 3488 |
| Toast, Inc. - Class A (a) | 281 | 12447 |
| TPG Inc. - Class A | 47 | 2462 |
| Tradeweb Markets Inc. - Class A | 29 | 4246 |
| Truist Financial Corporation | 115 | 4926 |
| Voya Financial, Inc. | 34 | 2396 |
| Willis Towers Watson Public Limited Company | 35 | 10682 |
| | | 160670 |
| **Consumer Discretionary 9.7%** | **Consumer Discretionary 9.7%** | **Consumer Discretionary 9.7%** |
| Aptiv PLC (a) | 31 | 2117 |
| Bath & Body Works, Inc. | 161 | 4817 |
| BorgWarner Inc. | 105 | 3531 |
| Carnival Corporation (a) | 69 | 1935 |
| CAVA Group, Inc. (a) | 49 | 4169 |
| Domino's Pizza, Inc. | 19 | 8548 |
| Expedia Group, Inc. | 48 | 8140 |
| Gentherm Incorporated (a) | 20 | 553 |
| Global-E Online Ltd. (a) | 211 | 7083 |
| Hilton Worldwide Holdings Inc. | 10 | 2637 |
| Lennar Corporation - Class A | 21 | 2372 |
| Lithia Motors, Inc. - Class A | 14 | 4614 |
| LKQ Corporation | 54 | 1992 |
| Lululemon Athletica Inc. (a) | 9 | 2227 |
| MercadoLibre, Inc. (a) | 6 | 15478 |
| Murphy USA Inc. | 8 | 3268 |
| NIKE, Inc. - Class B | 16 | 1147 |
| On Holding AG - Class A (a) | 194 | 10119 |
| Penske Automotive Group, Inc. | 12 | 2118 |
| Planet Fitness, Inc. - Class A (a) | 25 | 2781 |
| Pool Corporation | 20 | 5817 |
| Ralph Lauren Corporation - Class A | 9 | 2331 |
| Restaurant Brands International Limited Partnership | 44 | 2894 |
| Ross Stores, Inc. | 15 | 1939 |
| SharkNinja, Inc. (a) | 20 | 2018 |
| TopBuild Corp. (a) | 11 | 3601 |
| Ulta Beauty, Inc. (a) | 13 | 5848 |
| Wingstop Inc. | 18 | 6061 |
|  |  | 120155 |
| **Consumer Staples 9.1%** | **Consumer Staples 9.1%** | **Consumer Staples 9.1%** |
| Beiersdorf Aktiengesellschaft - ADR | 62 | 1551 |
| BJ's Wholesale Club Holdings, Inc. (a) | 24 | 2570 |
| Calavo Growers, Inc. | 58 | 1535 |
| Casey's General Stores, Inc. | 9 | 4533 |
| Celsius Holdings, Inc. (a) | 289 | 13389 |
| Clorox Company, The | 99 | 11988 |
| Constellation Brands, Inc. - Class A | 6 | 1046 |
| e.l.f. Beauty, Inc. (a) | 53 | 6658 |
| Estee Lauder Companies Inc., The - Class A | 113 | 9204 |
| Freshpet, Inc. (a) | 115 | 7796 |
| Henkel AG & Co. KGaA - ADR | 518 | 9408 |
| Hormel Foods Corporation | 116 | 3509 |
| Kimberly-Clark Corporation | 12 | 1557 |
| Kroger Co., The | 27 | 1921 |
| Maplebear Inc. (a) | 197 | 8926 |
| McCormick & Company, Incorporated | 70 | 5345 |
| Mission Produce, Inc. (a) | 91 | 1061 |
| Monster Beverage 1990 Corporation (a) | 55 | 3445 |
| Performance Food Group Company (a) | 69 | 6005 |
| Primo Brands Corporation - Class A | 117 | 3463 |
| Target Corporation | 6 | 551 |
| US Foods Holding Corp. (a) | 103 | 7899 |
|  |  | 113360 |
| **Materials 3.9%** | **Materials 3.9%** | **Materials 3.9%** |
| Amrize AG (a) | 37 | 1823 |
| AptarGroup, Inc. | 37 | 5860 |
| Avery Dennison Corporation | 16 | 2886 |
| Axalta Coating Systems Ltd. (a) | 135 | 4020 |
| CF Industries Holdings, Inc. | 51 | 4731 |
| Crown Holdings, Inc. | 61 | 6305 |
| Franco-Nevada Corporation | 25 | 4147 |
| Graphic Packaging Holding Company | 149 | 3139 |
| Packaging Corporation of America | 17 | 3284 |
| RPM International Inc. | 36 | 3984 |
| Steel Dynamics, Inc. | 26 | 3274 |
| Warrior Met Coal, Inc. | 28 | 1276 |
| Westlake Corporation | 50 | 3766 |
|  |  | 48495 |
| **Utilities 3.3%** | **Utilities 3.3%** | **Utilities 3.3%** |
| Alliant Energy Corporation | 128 | 7754 |
| American Water Works Company, Inc. | 54 | 7559 |
| Avista Corporation | 20 | 765 |
| California Water Service Group | 152 | 6924 |
| CMS Energy Corporation | 46 | 3192 |
| H2O America | 85 | 4419 |
| IDACORP, Inc. | 3 | 380 |
| Pennon Group PLC - ADR (b) | 262 | 3602 |
| Portland General Electric Company | 13 | 535 |
| Severn Trent PLC - ADR | 10 | 398 |
| Talen Energy Corporation (a) | 9 | 2570 |
| United Utilities Group PLC - ADR | 97 | 3043 |
|  |  | 41141 |
| **Real Estate 3.0%** | **Real Estate 3.0%** | **Real Estate 3.0%** |
| Alexandria Real Estate Equities, Inc. | 5 | 391 |
| Camden Property Trust | 48 | 5437 |
| CoStar Group, Inc. (a) | 77 | 6168 |
| Equity Lifestyle Properties, Inc. | 63 | 3901 |
| Healthpeak OP, LLC | 22 | 386 |
| Lamar Advertising Company - Class A | 43 | 5279 |
| Mid-America Apartment Communities, Inc. | 20 | 2933 |
| NNN REIT, Inc. | 125 | 5393 |
| SBA Communications Corporation - Class A | 22 | 5073 |
| St. Joe Company, The | 36 | 1712 |
|  |  | 36673 |
| **Energy 1.5%** | **Energy 1.5%** | **Energy 1.5%** |
| Baker Hughes Company - Class A | 115 | 4396 |
| Chord Energy Corporation | 39 | 3731 |
| Coterra Energy Inc. | 196 | 4979 |
| Devon Energy Corporation | 95 | 3007 |
| Tidewater Inc. (a) | 20 | 902 |
| Valaris Limited (a) | 26 | 1094 |
|  |  | 18109 |
| **Communication Services 1.4%** | **Communication Services 1.4%** | **Communication Services 1.4%** |
| Atlanta Braves Holdings, Inc. - Series C (a) | 42 | 1966 |
| Trade Desk, Inc., The - Class A (a) | 185 | 13330 |
| Warner Music Group Corp. - Class A | 80 | 2167 |
|  |  | 17463 |
| Total Common Stocks (cost $1,074,127) | Total Common Stocks (cost $1,074,127) | 1193715 |
| **PREFERRED STOCKS 0.4%** | **PREFERRED STOCKS 0.4%** | **PREFERRED STOCKS 0.4%** |
| **Financials 0.4%** | **Financials 0.4%** | **Financials 0.4%** |
| Charles Schwab Corporation, The, 4.45%, (25, 06/01/26) (b) (c) | 53 | 1012 |
| Charles Schwab Corporation, The, 5.95%, (25, 09/01/25) (b) (c) | 148 | 3639 |
| Total Preferred Stocks (cost $4,740) | Total Preferred Stocks (cost $4,740) | 4651 |
| **SHORT TERM INVESTMENTS 4.0%** | **SHORT TERM INVESTMENTS 4.0%** | **SHORT TERM INVESTMENTS 4.0%** |
| **Investment Companies 3.7%** | **Investment Companies 3.7%** | **Investment Companies 3.7%** |
| JNL Government Money Market Fund - Class I, 4.20% (d) (e) | 46240 | 46240 |
| **Securities Lending Collateral 0.3%** | **Securities Lending Collateral 0.3%** | **Securities Lending Collateral 0.3%** |
| JNL Government Money Market Fund - Class SL, 4.30% (d) (e) | 3880 | 3880 |
| Total Short Term Investments (cost $50,120) | Total Short Term Investments (cost $50,120) | 50120 |
| **Total Investments 100.6% (cost $1,128,987)** | **Total Investments 100.6% (cost $1,128,987)** | **1248486** |
| **Other Assets and Liabilities, Net (0.6)%** | **Other Assets and Liabilities, Net (0.6)%** | **(7889)** |
| **Total Net Assets 100.0%** | **Total Net Assets 100.0%** | **1240597** |

---

(a) Non-income producing security.

(b) All or a portion of the security was on loan as of June 30, 2025.

(c) Perpetual security. Next contractual call price and date are presented in

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page [607](#abbreviations).

**JNL Series Trust** (Unaudited)

**Schedules of Investments (in thousands)**

June 30, 2025

parentheses, if applicable.

(d) Investment in affiliate.

(e) Yield changes daily to reflect current market conditions. Rate was the quoted yield as of June 30, 2025.

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **JNL Multi-Manager Mid Cap Fund — Investments in Affiliates** | **JNL Multi-Manager Mid Cap Fund — Investments in Affiliates** | **JNL Multi-Manager Mid Cap Fund — Investments in Affiliates** | **JNL Multi-Manager Mid Cap Fund — Investments in Affiliates** | **JNL Multi-Manager Mid Cap Fund — Investments in Affiliates** | **JNL Multi-Manager Mid Cap Fund — Investments in Affiliates** | **JNL Multi-Manager Mid Cap Fund — Investments in Affiliates** | **JNL Multi-Manager Mid Cap Fund — Investments in Affiliates** | **JNL Multi-Manager Mid Cap Fund — Investments in Affiliates** |
| **Affiliated Investment** | **Value Beginning of Period($)** | **Purchases($)** | **Sales Proceeds($)** | **Dividend Income/ Distributions from Funds($)** | **Realized Gain (Loss)($)** | **Change in Unrealized Appreciation (Depreciation) ($)** | **Value End of Period($)** | **Percentage of Net Assets(%)** |
| JNL Government Money Market Fund, 4.20% - Class I | 38159 | 275266 | 267185 | 954 |  |  | 46240 | 3.7 |
| JNL Government Money Market Fund, 4.30% - Class SL | 645 | 21781 | 18546 | 19 |  |  | 3880 | 0.3 |
|  | 38804 | 297047 | 285731 | 973 |  |  | 50120 | 4.0 |

---

**Fair Value Hierarchy.** Various inputs are used in determining the fair value of financial instruments. For a description of the input levels and information about the Fund's policy regarding valuation of financial instruments, see Note 3 in the Notes to Financial Statements. The following table summarizes the Fund's investments categorized in the disclosure hierarchy as of June 30, 2025.

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **<u>. Level 1 ($) .</u>** | **<u>. Level 2 ($) .</u>** | **<u>. Level 3 ($) .</u>** | **<u>. Total ($) .</u>** |
| **JNL Multi-Manager Mid Cap Fund** | **JNL Multi-Manager Mid Cap Fund** | **JNL Multi-Manager Mid Cap Fund** | **JNL Multi-Manager Mid Cap Fund** | **JNL Multi-Manager Mid Cap Fund** |
| **Assets - Securities** |  |  |  |  |
| &nbsp;&nbsp; Common Stocks | 1193715 |  |  | 1193715 |
| &nbsp;&nbsp; Preferred Stocks | 4651 |  |  | 4651 |
| &nbsp;&nbsp; Short Term Investments | 50120 |  |  | 50120 |
|  | 1248486 |  |  | 1248486 |

---

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page [607](#abbreviations).

**JNL Series Trust** (Unaudited)

**Schedules of Investments (in thousands)**

June 30, 2025

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| **JNL Multi-Manager Small Cap Growth Fund** | **JNL Multi-Manager Small Cap Growth Fund** | **JNL Multi-Manager Small Cap Growth Fund** |
| **COMMON STOCKS 98.0%** | **COMMON STOCKS 98.0%** | **COMMON STOCKS 98.0%** |
| **Information Technology 24.9%** | **Information Technology 24.9%** | **Information Technology 24.9%** |
| ACI Worldwide, Inc. (a) | 208 | 9508 |
| Advanced Energy Industries, Inc. | 63 | 8395 |
| Alkami Technology, Inc. (a) | 93 | 2806 |
| AppFolio, Inc. - Class A (a) | 33 | 7805 |
| Astera Labs, Inc. (a) | 22 | 1999 |
| AvePoint, Inc. - Class A (a) | 117 | 2248 |
| Badger Meter, Inc. | 2 | 541 |
| Bentley Systems, Incorporated - Class B | 333 | 17984 |
| Bill Holdings, Inc. (a) | 213 | 9848 |
| Bitdeer Technologies Group - Class A (a) (b) | 52 | 599 |
| Box, Inc. - Class A (a) | 162 | 5534 |
| Braze, Inc. - Class A (a) | 24 | 685 |
| Celestica Inc. (a) (b) | 15 | 2316 |
| Cellebrite Di Ltd (a) | 70 | 1116 |
| Check Point Software Technologies Ltd (a) | 15 | 3323 |
| Ciena Corporation (a) | 28 | 2254 |
| Circle Internet Group, Inc. - Class A (a) (b) | 11 | 1950 |
| Clearwater Analytics Holdings, Inc. - Class A (a) | 377 | 8255 |
| Coherent Corp. (a) | 34 | 3041 |
| CommVault Systems, Inc. (a) | 80 | 14052 |
| Confluent, Inc. - Class A (a) | 199 | 4955 |
| Core Scientific, Inc. (a) | 237 | 4046 |
| Credo Technology Group Holding Ltd (a) | 167 | 15399 |
| CyberArk Software Ltd. (a) | 47 | 19287 |
| Descartes Systems Group Inc., The (a) | 185 | 18763 |
| Digital Turbine USA, Inc. (a) | 1289 | 7606 |
| D-Wave Quantum Inc. (a) (b) | 20 | 298 |
| Dynatrace, Inc. (a) | 155 | 8542 |
| Endava PLC - Class A - ADR (a) | 264 | 4046 |
| Fabrinet (a) | 26 | 7505 |
| Fair Isaac Corporation (a) | 8 | 15196 |
| Five9, Inc. (a) | 252 | 6663 |
| Freshworks, Inc. - Class A (a) | 80 | 1190 |
| GitLab Inc. - Class A (a) | 363 | 16375 |
| Globant S.A. (a) | 7 | 664 |
| Guidewire Software, Inc. (a) | 53 | 12562 |
| HubSpot, Inc. (a) | 3 | 1650 |
| Indie Semiconductor, Inc. - Class A (a) (b) | 5108 | 18181 |
| InterDigital, Inc. | 10 | 2229 |
| ionQ, Inc. (a) (b) | 26 | 1110 |
| Itron, Inc. (a) | 27 | 3528 |
| JFROG Ltd (a) | 86 | 3773 |
| Klaviyo, Inc. - Series A (a) | 336 | 11311 |
| Life360, Inc. (a) | 32 | 2094 |
| Lumentum Holdings Inc. (a) | 15 | 1405 |
| MACOM Technology Solutions Holdings, Inc. (a) | 65 | 9315 |
| Mirion Technologies (US), Inc. - Class A (a) | 392 | 8436 |
| Monday.Com Ltd. (a) | 4 | 1160 |
| nCino OpCo, Inc. (a) (b) | 836 | 23377 |
| Novanta Inc. (a) | 169 | 21901 |
| Nutanix, Inc. - Class A (a) | 44 | 3342 |
| NVE Corporation | 9 | 685 |
| OneStream, Inc. - Class A (a) | 286 | 8093 |
| Onto Innovation Inc. (a) | 12 | 1201 |
| OSI Systems, Inc. (a) | 3 | 628 |
| PAR Technology Corporation (a) | 141 | 9764 |
| PDF Solutions, Inc. (a) | 49 | 1050 |
| Porch Group Inc - Class A (a) | 1827 | 21538 |
| Power Integrations, Inc. | 134 | 7497 |
| Procore Technologies, Inc. (a) | 166 | 11340 |
| PTC Inc. (a) | 10 | 1706 |
| Pure Storage, Inc. - Class A (a) | 33 | 1889 |
| Q2 Holdings, Inc. (a) | 49 | 4588 |
| Rambus Inc. (a) | 199 | 12729 |
| Rubrik, Inc. - Class A (a) | 8 | 760 |
| SailPoint, Inc. (a) (b) | 133 | 3051 |
| Semtech Corporation (a) | 449 | 20210 |
| SentinelOne, Inc. - Class A (a) | 425 | 7769 |
| ServiceTitan, Inc. - Class A (a) | 202 | 21593 |
| Silicon Motion, Inc. - ADR | 52 | 3916 |
| Sitime Corporation (a) | 43 | 9099 |
| Sprout Social, Inc. - Class A (a) | 102 | 2143 |
| SPS Commerce, Inc. (a) | 58 | 7836 |
| Teledyne Technologies Incorporated (a) | 32 | 16519 |
| Trimble Inc. (a) | 29 | 2228 |
| Tyler Technologies, Inc. (a) | 34 | 19913 |
| Varonis Systems, Inc. (a) | 352 | 17863 |
| Veeco Instruments Inc. (a) | 134 | 2722 |
| Weave Communications, Inc. (a) | 98 | 816 |
| Zeta Global Holdings Corp. - Class A (a) | 53 | 813 |
|  |  | 580127 |
| **Industrials 22.6%** | **Industrials 22.6%** | **Industrials 22.6%** |
| AAON, Inc. | 347 | 25565 |
| ACV Auctions Inc. - Class A (a) | 242 | 3935 |
| Advanced Drainage Systems, Inc. | 88 | 10142 |
| AeroVironment, Inc. (a) | 10 | 2628 |
| Ameresco, Inc. - Class A (a) (b) | 173 | 2634 |
| Applied Industrial Technologies, Inc. | 85 | 19554 |
| Archer Aviation Inc. - Class A (a) (b) | 162 | 1758 |
| Axon Enterprise, Inc. (a) | 9 | 7984 |
| Booz Allen Hamilton Holding Corporation - Class A | 76 | 7887 |
| Builders FirstSource, Inc. (a) | 9 | 1033 |
| BWXT Government Group, Inc. | 9 | 1239 |
| Casella Waste Systems, Inc. - Class A (a) | 152 | 17594 |
| CBIZ, Inc. (a) | 50 | 3584 |
| CECO Environmental Corp. (a) (b) | 141 | 3998 |
| Chart Industries, Inc. (a) | 52 | 8588 |
| Clean Harbors, Inc. (a) | 12 | 2885 |
| Comfort Systems USA, Inc. | 12 | 6678 |
| Construction Partners, Inc. - Class A (a) | 66 | 6965 |
| Core & Main, Inc. - Class A (a) | 15 | 908 |
| Crane Company | 10 | 1844 |
| CSW Industrials, Inc. | 6 | 1777 |
| Curtiss-Wright Corporation | 7 | 3198 |
| Dycom Industries, Inc. (a) | 2 | 410 |
| Embraer S.A. - ADR (b) | 26 | 1472 |
| Enerpac Tool Group Corp. - Class A | 458 | 18594 |
| Enovix Corporation (a) (b) | 88 | 906 |
| Enpro Inc. | 24 | 4646 |
| ESAB Corporation | 7 | 863 |
| ESCO Technologies Inc. | 15 | 2881 |
| Everus Construction Group, Inc. (a) | 53 | 3365 |
| ExlService Holdings, Inc. (a) | 15 | 664 |
| Exponent, Inc. | 69 | 5178 |
| Federal Signal Corporation | 10 | 1025 |
| Flowserve Corporation | 21 | 1102 |
| FTAI Aviation Ltd. | 158 | 17987 |
| Gates Industrial Corporation PLC (a) | 195 | 4481 |
| HEICO Corporation - Class A | 120 | 31046 |
| JBT Marel Corporation | 47 | 5709 |
| Karman Holdings Inc. (a) | 396 | 19967 |
| Korn Ferry | 9 | 653 |
| Kornit Digital Ltd. (a) | 127 | 2534 |
| Kratos Defense & Security Solutions, Inc. (a) | 47 | 2200 |
| Leonardo DRS, Inc. | 32 | 1501 |
| Limbach Holdings, Inc. (a) | 25 | 3476 |
| Loar Holdings Inc. (a) | 102 | 8787 |
| Mayville Engineering Company, Inc. (a) | 98 | 1558 |
| McGrath RentCorp | 18 | 2072 |
| Mercury Systems, Inc. (a) | 379 | 20448 |
| Montrose Environmental Group, Inc. (a) | 447 | 9787 |
| MOOG Inc. - Class A | 5 | 957 |
| Mueller Water Products, Inc. - Class A | 58 | 1403 |
| Newpark Resources, Inc. (a) | 267 | 2271 |
| Nextracker LLC - Class A (a) | 112 | 6093 |
| Omega Flex, Inc. | 38 | 1219 |
| Parsons Corporation (a) | 25 | 1784 |
| Paylocity Holding Corporation (a) | 18 | 3200 |
| Planet Labs Inc. - Class A (a) | 79 | 481 |
| Powell Industries, Inc. | 56 | 11608 |
| Primoris Services Corporation | 34 | 2676 |
| RBC Bearings Incorporated (a) | 25 | 9426 |
| Regal Rexnord Corporation | 71 | 10328 |
| Rocket Lab Corporation (a) (b) | 212 | 7566 |
| Saia, Inc. (a) | 86 | 23638 |

---

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page [607](#abbreviations).

**JNL Series Trust** (Unaudited)

**Schedules of Investments (in thousands)**

June 30, 2025

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| SilverSun Techologies, Inc. (a) | 57 | 1217 |
| Simpson Manufacturing Co., Inc. | 91 | 14086 |
| SiteOne Landscape Supply, Inc. (a) | 146 | 17578 |
| Spire Global Subsidiary, Inc. - Class A (a) (b) | 116 | 1382 |
| SPX Technologies, Inc. (a) | 15 | 2483 |
| Sterling Infrastructure, Inc. (a) | 93 | 21574 |
| Tecnoglass Inc. | 41 | 3171 |
| Tetra Tech, Inc. | 53 | 1897 |
| Transcat, Inc. (a) | 13 | 1126 |
| TransUnion | 122 | 10720 |
| UL Solutions Inc. - Class A | 155 | 11264 |
| Verisk Analytics, Inc. | 54 | 16719 |
| Voyager Technologies, Inc. - Class A (a) | 120 | 4710 |
| VSE Corporation | 40 | 5298 |
| Watts Water Technologies, Inc. - Class A | 2 | 509 |
| Willscot Holdings Corporation - Class A | 65 | 1777 |
| WNS (Holdings) Limited (a) | 177 | 11187 |
| Woodward, Inc. | 5 | 1115 |
| Zurn Elkay Water Solutions Corporation | 19 | 700 |
| | | 526853 |
| **Health Care 16.1%** | **Health Care 16.1%** | **Health Care 16.1%** |
| Adaptive Biotechnologies Corporation (a) | 127 | 1476 |
| ADMA Biologics, Inc. (a) | 51 | 923 |
| Alignment Healthcare, Inc. (a) | 108 | 1516 |
| Alkermes Public Limited Company (a) | 132 | 3791 |
| Anaptysbio, Inc. (a) | 34 | 763 |
| Apogee Therapeutics, Inc. (a) | 76 | 3294 |
| Arcellx Inc. (a) | 37 | 2446 |
| Ascendis Pharma A/S - ADR (a) | 11 | 1940 |
| AtriCure, Inc. (a) | 159 | 5223 |
| Axsome Therapeutics, Inc. (a) | 66 | 6847 |
| Biohaven Ltd. (a) | 139 | 1965 |
| BioLife Solutions, Inc. (a) | 95 | 2038 |
| Bridgebio Pharma, Inc. (a) | 190 | 8206 |
| Caredx, Inc. (a) | 386 | 7535 |
| Certara, Inc. (a) | 757 | 8859 |
| Corcept Therapeutics Incorporated (a) | 9 | 629 |
| Crinetics Pharmaceuticals, Inc. (a) | 125 | 3614 |
| Cytokinetics, Incorporated (a) | 21 | 688 |
| Denali Therapeutics Inc. (a) | 124 | 1731 |
| Disc Medicine, Inc. (a) | 13 | 684 |
| Edgewise Therapeutics, Inc. (a) | 110 | 1448 |
| Establishment Labs Holdings Inc. (a) (b) | 149 | 6367 |
| Exact Sciences Corporation (a) | 329 | 17520 |
| Genedx Holdings Corp. - Class A (a) | 5 | 430 |
| Glaukos Corporation (a) | 107 | 11047 |
| Globus Medical, Inc. - Class A (a) | 31 | 1829 |
| Guardant Health, Inc. (a) | 145 | 7537 |
| Halozyme Therapeutics, Inc. (a) | 32 | 1676 |
| Harvard Bioscience, Inc. (a) (b) | 434 | 193 |
| HealthEquity, Inc. (a) | 387 | 40485 |
| Hims & Hers Health, Inc. - Class A (a) | 10 | 510 |
| Hinge Health, Inc. - Class A (a) | 58 | 3013 |
| IDEAYA Biosciences, Inc. (a) | 131 | 2756 |
| Insmed Incorporated (a) | 125 | 12608 |
| Inspire Medical Systems, Inc. (a) | 94 | 12110 |
| Intellia Therapeutics, Inc. (a) | 142 | 1328 |
| Irhythm Technologies, Inc. (a) | 48 | 7583 |
| Janux Therapeutics, Inc. (a) | 13 | 292 |
| Kiniksa Pharmaceuticals International, PLC - Class A (a) | 40 | 1105 |
| Krystal Biotech, Inc. (a) | 21 | 2972 |
| Kymera Therapeutics, Inc. (a) | 23 | 1000 |
| Lantheus Holdings, Inc. (a) | 68 | 5568 |
| LeMaitre Vascular, Inc. | 182 | 15138 |
| LENZ Therapeutics, Inc. (a) (b) | 26 | 768 |
| Masimo Corporation (a) | 54 | 9067 |
| Merit Medical Systems, Inc. (a) | 4 | 409 |
| Merus N.V. (a) | 28 | 1474 |
| MoonLake Immunotherapeutics AG - Class A (a) | 9 | 401 |
| Natera, Inc. (a) | 35 | 5989 |
| National Research Corporation | 73 | 1227 |
| Neurocrine Biosciences, Inc. (a) | 19 | 2357 |
| Nuvalent, Inc. - Class A (a) | 6 | 448 |
| Option Care Health, Inc. (a) | 84 | 2721 |
| Orthopediatrics Corp. (a) | 307 | 6590 |
| Owlet, Inc. - Class A (a) | 70 | 591 |
| Penumbra, Inc. (a) | 24 | 6061 |
| Phreesia, Inc. (a) | 138 | 3922 |
| Procept Biorobotics Corporation (a) | 62 | 3570 |
| Protagonist Therapeutics, Inc. (a) | 39 | 2131 |
| Prothena Corporation Public Limited Company (a) | 39 | 235 |
| PTC Therapeutics, Inc. (a) | 19 | 932 |
| RadNet, Inc. (a) | 201 | 11481 |
| Repligen Corporation (a) | 103 | 12779 |
| Revolution Medicines, Inc. (a) | 151 | 5555 |
| Rhythm Pharmaceuticals, Inc. (a) | 22 | 1390 |
| Scholar Rock Holding Corporation (a) | 18 | 641 |
| Septerna, Inc (a) (b) | 55 | 582 |
| SI-BONE, Inc. (a) | 462 | 8702 |
| Soleno Therapeutics, Inc. (a) | 26 | 2213 |
| Spyre Therapeutics, Inc. (a) | 53 | 784 |
| Stevanato Group Societa' Per Azioni (b) | 318 | 7771 |
| Stoke Therapeutics, Inc. (a) (b) | 84 | 958 |
| Surgery Partners, Inc. (a) | 44 | 988 |
| Syndax Pharmaceuticals, Inc. (a) | 121 | 1136 |
| Tarsus Pharmaceuticals, Inc. (a) | 12 | 492 |
| TG Therapeutics, Inc. (a) | 22 | 790 |
| The Ensign Group, Inc. | 27 | 4230 |
| TransMedics Group, Inc. (a) | 10 | 1371 |
| Twist Bioscience Corporation (a) | 22 | 817 |
| U. S. Physical Therapy, Inc. | 61 | 4754 |
| Ultragenyx Pharmaceutical Inc. (a) | 166 | 6000 |
| Vaxcyte, Inc. (a) | 100 | 3272 |
| Veracyte, Inc. (a) | 125 | 3392 |
| Vericel Corporation (a) | 59 | 2507 |
| Verona Pharma PLC. - ADR (a) | 9 | 869 |
| Viking Therapeutics, Inc. (a) (b) | 68 | 1792 |
| Viridian Therapeutics, Inc. (a) | 39 | 541 |
| Wave Life Sciences Ltd. (a) | 87 | 568 |
| Waystar Holding Corp. (a) | 77 | 3134 |
| West Pharmaceutical Services, Inc. | 72 | 15664 |
| Xenon Pharmaceuticals Inc. (a) | 95 | 2961 |
|  |  | 375710 |
| **Consumer Discretionary 12.6%** | **Consumer Discretionary 12.6%** | **Consumer Discretionary 12.6%** |
| Adtalem Global Education Inc. (a) | 9 | 1139 |
| Boot Barn Holdings, Inc. (a) | 103 | 15594 |
| Bright Horizons Family Solutions, Inc. (a) | 22 | 2716 |
| Brunello Cucinelli S.p.A. | 64 | 7819 |
| Carvana Co. - Class A (a) | 5 | 1704 |
| CAVA Group, Inc. (a) | 8 | 711 |
| Cheesecake Factory Incorporated, The (b) | 28 | 1714 |
| Churchill Downs Incorporated | 93 | 9458 |
| DK Crown Holdings Inc. - Class A (a) | 290 | 12438 |
| Dream Finders Homes, Inc. - Class A (a) (b) | 213 | 5346 |
| Duolingo, Inc. - Class A (a) | 3 | 1374 |
| Dutch Bros Inc. - Class A (a) | 52 | 3544 |
| First Watch Restaurant Group, Inc. (a) | 451 | 7235 |
| Five Below, Inc. (a) | 27 | 3521 |
| Fox Factory Holding Corp. (a) | 10 | 272 |
| Genius Sports Limited (a) | 625 | 6495 |
| Global-E Online Ltd. (a) | 59 | 1964 |
| Grand Canyon Education, Inc. (a) | 5 | 992 |
| Green Brick Partners, Inc. (a) | 69 | 4357 |
| Holley Inc. (a) | 224 | 449 |
| Installed Building Products, Inc. | 70 | 12769 |
| Kura Sushi USA, Inc. - Class A (a) (b) | 44 | 3779 |
| Life Time Group Holdings, Inc. (a) | 171 | 5172 |
| Lindblad Expeditions, LLC (a) | 68 | 791 |
| Modine Manufacturing Company (a) | 89 | 8792 |
| Norwegian Cruise Line Holdings Ltd. (a) | 243 | 4930 |
| Ollie's Bargain Outlet Holdings, Inc. (a) | 219 | 28788 |
| OneSpaWorld Holdings Limited | 67 | 1374 |
| Planet Fitness, Inc. - Class A (a) | 98 | 10749 |
| Pool Corporation | 55 | 15943 |
| Portillo's Inc. - Class A (a) (b) | 385 | 4488 |
| Revolve Group Inc. - Class A (a) | 294 | 5890 |
| RH (a) | 49 | 9327 |
| SharkNinja, Inc. (a) | 196 | 19406 |

---

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page [607](#abbreviations).

**JNL Series Trust** (Unaudited)

**Schedules of Investments (in thousands)**

June 30, 2025

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| Skyline Champion Corporation (a) | 30 | 1905 |
| Smith Douglas Homes Corp. - Class A (a) (b) | 64 | 1240 |
| Sportradar Group AG - Class A (a) | 209 | 5855 |
| Stride, Inc. (a) | 64 | 9357 |
| Sweetgreen, Inc. - Class A (a) (b) | 278 | 4144 |
| Texas Roadhouse, Inc. - Class A | 80 | 15137 |
| Topgolf Callaway Brands Corp. (a) | 118 | 948 |
| Universal Technical Institute, Inc. (a) | 55 | 1876 |
| Warby Parker Inc. - Class A (a) | 45 | 982 |
| Watches of Switzerland Group PLC (a) | 300 | 1692 |
| Wingstop Inc. | 60 | 20252 |
| Wynn Resorts, Limited | 92 | 8635 |
| | | 293063 |
| **Financials 10.3%** | **Financials 10.3%** | **Financials 10.3%** |
| Bancorp, Inc., The (a) | 68 | 3882 |
| eToro Group Ltd. - Class A (a) (b) | 14 | 923 |
| Euronet Worldwide, Inc. (a) | 32 | 3266 |
| Evercore Inc. - Class A | 49 | 13106 |
| FactSet Research Systems Inc. | 34 | 15063 |
| FirstCash, Inc. | 25 | 3406 |
| Goosehead Insurance, Inc. - Class A | 91 | 9560 |
| Hamilton Lane Incorporated - Class A | 26 | 3704 |
| HCI Group, Inc. | 9 | 1360 |
| Houlihan Lokey, Inc. - Class A | 20 | 3674 |
| Jack Henry & Associates, Inc. | 70 | 12635 |
| Kinsale Capital Group, Inc. | 35 | 16926 |
| LendingClub Corporation (a) | 64 | 766 |
| LPL Financial Holdings Inc. | 22 | 8077 |
| Marex Group PLC | 169 | 6695 |
| Moelis & Company - Class A | 218 | 13567 |
| Morningstar, Inc. | 32 | 10197 |
| Palomar Holdings, Inc. (a) | 15 | 2317 |
| Paymentus Holdings, Inc. - Class A (a) | 44 | 1456 |
| Payoneer Global Inc. (a) | 531 | 3639 |
| Primerica, Inc. | 28 | 7724 |
| Remitly Global, Inc. (a) | 21 | 392 |
| Ryan Specialty Group Holdings, Inc. - Class A | 416 | 28290 |
| ServisFirst Bancshares, Inc. | 88 | 6848 |
| Shift4 Payments, LLC - Class A (a) (b) | 120 | 11881 |
| Skyward Specialty Insurance Group, Inc. (a) | 105 | 6044 |
| Slide Insurance Holdings, Inc. (a) | 30 | 659 |
| StepStone Group Inc. - Class A | 203 | 11249 |
| Toast, Inc. - Class A (a) | 108 | 4794 |
| Triumph Financial, Inc. (a) | 68 | 3758 |
| TWFG, Inc. (a) | 17 | 608 |
| Upstart Holdings, Inc. (a) (b) | 28 | 1814 |
| Victory Capital Holdings, Inc. - Class A | 93 | 5933 |
| Walker & Dunlop, Inc. | 3 | 211 |
| Western Alliance Bancorporation | 97 | 7591 |
| Wintrust Financial Corporation | 36 | 4426 |
| WisdomTree, Inc. (b) | 326 | 3755 |
|  |  | 240196 |
| **Communication Services 4.1%** | **Communication Services 4.1%** | **Communication Services 4.1%** |
| AST Spacemobile, Inc. - Class A (a) (b) | 9 | 439 |
| Auto Trader Group PLC | 847 | 9586 |
| Auto Trader Group PLC - ADR | 2998 | 8423 |
| Cogent Communications Holdings, Inc. | 44 | 2107 |
| Liberty Media Corporation - Series A (a) | 101 | 9628 |
| Liberty Media Corporation - Series C (a) | 128 | 10385 |
| Magnite, Inc. (a) | 864 | 20819 |
| Reddit, Inc. - Class A (a) | 6 | 891 |
| Rightmove PLC | 1773 | 19192 |
| Rightmove PLC - ADR | 648 | 14027 |
|  |  | 95497 |
| **Consumer Staples 4.0%** | **Consumer Staples 4.0%** | **Consumer Staples 4.0%** |
| Bellring Intermediate Holdings, Inc. (a) | 47 | 2695 |
| BJ's Wholesale Club Holdings, Inc. (a) | 23 | 2519 |
| Celsius Holdings, Inc. (a) | 378 | 17551 |
| e.l.f. Beauty, Inc. (a) | 36 | 4464 |
| Freshpet, Inc. (a) (b) | 147 | 9966 |
| Natural Grocers By Vitamin Cottage, Inc. | 27 | 1072 |
| Oddity Tech Ltd - Class A (a) | 104 | 7813 |
| Performance Food Group Company (a) | 91 | 7927 |
| PriceSmart, Inc. | 15 | 1613 |
| Primo Brands Corporation - Class A | 183 | 5433 |
| Simply Good Foods Company, The (a) | 19 | 609 |
| Sprouts Farmers Market, Inc. (a) | 18 | 2834 |
| SunOpta Inc. (a) | 1387 | 8044 |
| The Chefs' Warehouse, Inc. (a) | 203 | 12958 |
| The Honest Company, Inc. (a) | 256 | 1303 |
| Turning Point Brands, Inc. | 8 | 635 |
| Vita Coco Company, Inc., The (a) | 118 | 4275 |
| Vital Farms, Inc. (a) | 76 | 2910 |
|  |  | 94621 |
| **Materials 1.7%** | **Materials 1.7%** | **Materials 1.7%** |
| Avient Corporation | 262 | 8452 |
| Balchem Corporation | 16 | 2474 |
| Carpenter Technology Corporation | 44 | 12384 |
| Hawkins, Inc. | 28 | 3967 |
| Innospec Inc. | 29 | 2464 |
| KRC Materials, Inc. (a) | 61 | 5037 |
| Materion Corporation | 44 | 3460 |
| Pan American Silver Corp. | 46 | 1302 |
| Titan America | 29 | 366 |
|  |  | 39906 |
| **Energy 1.1%** | **Energy 1.1%** | **Energy 1.1%** |
| Archrock, Inc. | 56 | 1388 |
| Aris Water Solutions, Inc. - Class A | 17 | 395 |
| Cameco Corporation | 21 | 1585 |
| Centrus Energy Corp. - Class A (a) | 13 | 2303 |
| Gulfport Energy Operating Corporation (a) | 9 | 1827 |
| Matador Resources Company | 123 | 5849 |
| Permian Resources Corporation - Class A | 40 | 551 |
| Range Resources Corporation | 93 | 3792 |
| Solaris Energy Infrastructure, Inc. - Class A | 39 | 1113 |
| TechnipFMC PLC | 151 | 5193 |
| Uranium Energy Corp. (a) (b) | 177 | 1206 |
| Weatherford International Public Limited Company | 9 | 452 |
|  |  | 25654 |
| **Real Estate 0.6%** | **Real Estate 0.6%** | **Real Estate 0.6%** |
| Compass, Inc. - Class A (a) | 301 | 1889 |
| CoStar Group, Inc. (a) | 23 | 1853 |
| EastGroup Properties, Inc. | 43 | 7264 |
| National Storage Affiliates Trust | 16 | 498 |
| Terreno Realty Corporation | 54 | 3036 |
|  |  | 14540 |
| Total Common Stocks (cost $2,005,920) | Total Common Stocks (cost $2,005,920) | 2286167 |
| **RIGHTS 0.0%** | **RIGHTS 0.0%** | **RIGHTS 0.0%** |
| Flexion Therapeutics, Inc. (a) (b) (c) | 491 | 5 |
| Total Rights (cost $0) | Total Rights (cost $0) | 5 |
| **SHORT TERM INVESTMENTS 3.2%** | **SHORT TERM INVESTMENTS 3.2%** | **SHORT TERM INVESTMENTS 3.2%** |
| **Investment Companies 1.7%** | **Investment Companies 1.7%** | **Investment Companies 1.7%** |
| JNL Government Money Market Fund - Class I, 4.20% (d) (e) | 40682 | 40682 |
| **Securities Lending Collateral 1.5%** | **Securities Lending Collateral 1.5%** | **Securities Lending Collateral 1.5%** |
| JNL Government Money Market Fund - Class SL, 4.30% (d) (e) | 34922 | 34922 |
| Total Short Term Investments (cost $75,604) | Total Short Term Investments (cost $75,604) | 75604 |
| **Total Investments 101.2% (cost $2,081,524)** | **Total Investments 101.2% (cost $2,081,524)** | **2361776** |
| **Other Assets and Liabilities, Net (1.2)%** | **Other Assets and Liabilities, Net (1.2)%** | **(28937)** |
| **Total Net Assets 100.0%** | **Total Net Assets 100.0%** | **2332839** |

---

(a) Non-income producing security.

(b) All or a portion of the security was on loan as of June 30, 2025.

(c) Security fair valued in good faith as a Level 3 security in accordance with the procedures approved by the Board of Trustees. Good faith fair valued securities are classified based on the applicable valuation inputs. See "Fair Value Measurement" in the Notes to Financial Statements.

(d) Investment in affiliate.

(e) Yield changes daily to reflect current market conditions. Rate was the quoted yield as of June 30, 2025.

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page [607](#abbreviations).

**JNL Series Trust** (Unaudited)

**Schedules of Investments (in thousands)**

June 30, 2025

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **JNL Multi-Manager Small Cap Growth Fund — Investments in Affiliates** | **JNL Multi-Manager Small Cap Growth Fund — Investments in Affiliates** | **JNL Multi-Manager Small Cap Growth Fund — Investments in Affiliates** | **JNL Multi-Manager Small Cap Growth Fund — Investments in Affiliates** | **JNL Multi-Manager Small Cap Growth Fund — Investments in Affiliates** | **JNL Multi-Manager Small Cap Growth Fund — Investments in Affiliates** | **JNL Multi-Manager Small Cap Growth Fund — Investments in Affiliates** | **JNL Multi-Manager Small Cap Growth Fund — Investments in Affiliates** | **JNL Multi-Manager Small Cap Growth Fund — Investments in Affiliates** |
| **Affiliated Investment** | **Value Beginning of Period($)** | **Purchases($)** | **Sales Proceeds($)** | **Dividend Income/ Distributions from Funds($)** | **Realized Gain (Loss)($)** | **Change in Unrealized Appreciation (Depreciation) ($)** | **Value End of Period($)** | **Percentage of Net Assets(%)** |
| JNL Government Money Market Fund, 4.20% - Class I | 85183 | 295674 | 340175 | 1509 |  |  | 40682 | 1.7 |
| JNL Government Money Market Fund, 4.30% - Class SL | 23978 | 279643 | 268699 | 663 |  |  | 34922 | 1.5 |
|  | 109161 | 575317 | 608874 | 2172 |  |  | 75604 | 3.2 |

---

**Fair Value Hierarchy.** Various inputs are used in determining the fair value of financial instruments. For a description of the input levels and information about the Fund's policy regarding valuation of financial instruments, see Note 3 in the Notes to Financial Statements. The following table summarizes the Fund's investments categorized in the disclosure hierarchy as of June 30, 2025.

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **<u>. Level 1 ($) .</u>** | **<u>. Level 2 ($) .</u>** | **<u>. Level 3 ($) .</u>** | **<u>. Total ($) .</u>** |
| **JNL Multi-Manager Small Cap Growth Fund** | **JNL Multi-Manager Small Cap Growth Fund** | **JNL Multi-Manager Small Cap Growth Fund** | **JNL Multi-Manager Small Cap Growth Fund** | **JNL Multi-Manager Small Cap Growth Fund** |
| **Assets - Securities** |  |  |  |  |
| &nbsp;&nbsp; Common Stocks | 2247878 | 38289 |  | 2286167 |
| &nbsp;&nbsp; Rights |  |  | 5 | 5 |
| &nbsp;&nbsp; Short Term Investments | 75604 |  |  | 75604 |
|  | 2323482 | 38289 | 5 | 2361776 |

---

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page [607](#abbreviations).

**JNL Series Trust** (Unaudited)

**Schedules of Investments (in thousands)**

June 30, 2025

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| **JNL Multi-Manager Small Cap Value Fund** | **JNL Multi-Manager Small Cap Value Fund** | **JNL Multi-Manager Small Cap Value Fund** |
| **COMMON STOCKS 97.0%** | **COMMON STOCKS 97.0%** | **COMMON STOCKS 97.0%** |
| **Industrials 25.1%** | **Industrials 25.1%** | **Industrials 25.1%** |
| ACV Auctions Inc. - Class A (a) | 275 | 4466 |
| Air Lease Corporation - Class A | 361 | 21093 |
| Alight, Inc. - Class A | 764 | 4325 |
| American Woodmark Corporation (a) | 251 | 13402 |
| API Group Corporation (a) | 137 | 6973 |
| Armstrong World Industries, Inc. | 56 | 9212 |
| Atkore Inc. | 48 | 3409 |
| Blue Bird Global Corporation (a) | 47 | 2033 |
| BrightView Holdings, Inc. (a) | 414 | 6887 |
| Caci International Inc. - Class A (a) | 22 | 10463 |
| Cadre Holdings, Inc. | 250 | 7956 |
| CBIZ, Inc. (a) | 14 | 991 |
| CNH Industrial N.V. | 439 | 5691 |
| CoreCivic, Inc. (a) | 574 | 12089 |
| CSW Industrials, Inc. | 29 | 8375 |
| Enerpac Tool Group Corp. - Class A | 182 | 7362 |
| ESAB Corporation | 43 | 5149 |
| Gates Industrial Corporation PLC (a) | 164 | 3773 |
| GMS Inc. (a) | 141 | 15323 |
| Gorman- Rupp Company, The | 80 | 2942 |
| GXO Logistics Inc. (a) | 241 | 11724 |
| Hayward Holdings, Inc. (a) | 790 | 10908 |
| Hillman Solutions Corp. - Class A (a) | 2910 | 20778 |
| Huntington Ingalls Industries, Inc. | 31 | 7452 |
| Huron Consulting Group Inc. (a) | 56 | 7693 |
| ICF International, Inc. | 46 | 3922 |
| IES Holdings, Inc. (a) | 26 | 7772 |
| Insperity, Inc. | 290 | 17453 |
| Janus International Group, Inc. (a) | 1327 | 10807 |
| Landstar System, Inc. | 125 | 17447 |
| Maximus, Inc. | 134 | 9410 |
| McGrath RentCorp | 111 | 12850 |
| Mine Safety Appliances Company, LLC | 55 | 9284 |
| MOOG Inc. - Class A | 24 | 4335 |
| MYR Group Inc. (a) | 62 | 11166 |
| Openlane, Inc. (a) | 195 | 4758 |
| Powell Industries, Inc. | 9 | 1860 |
| Rentokil Initial PLC - ADR | 288 | 6914 |
| Rush Enterprises, Inc. - Class A | 64 | 3312 |
| Science Applications International Corporation | 18 | 1982 |
| Steelcase Inc. - Class A | 602 | 6283 |
| Tecnoglass Inc. | 86 | 6691 |
| The AZEK Company Inc. - Class A (a) | 206 | 11196 |
| Timken Company, The | 75 | 5406 |
| U-Haul Holding Company - Series N | 224 | 12185 |
| Unifirst Corporation | 87 | 16442 |
| V2X, Inc. (a) | 65 | 3173 |
| Verra Mobility Corporation - Class A (a) | 786 | 19965 |
| Werner Enterprises, Inc. | 105 | 2874 |
| WESCO International, Inc. | 62 | 11553 |
| Willscot Holdings Corporation - Class A | 162 | 4450 |
| Woodward, Inc. | 55 | 13433 |
|  |  | 447392 |
| **Financials 21.1%** | **Financials 21.1%** | **Financials 21.1%** |
| Amalgamated Financial Corp. | 122 | 3791 |
| Assured Guaranty Ltd. | 261 | 22736 |
| Atlantic Union Bank | 127 | 3978 |
| AXIS Capital Holdings Limited | 98 | 10214 |
| Bancorp, Inc., The (a) | 168 | 9595 |
| Bank of Hawaii Corporation | 90 | 6104 |
| Bank OZK | 65 | 3051 |
| BankUnited, Inc. | 147 | 5230 |
| Brookline Bancorp, Inc. | 205 | 2165 |
| Burford Capital Limited - Class C | 478 | 6817 |
| Cannae Holdings, Inc. | 339 | 7067 |
| CNA Financial Corporation | 93 | 4346 |
| CNO Financial Group, Inc. | 112 | 4306 |
| Columbia Banking System, Inc. | 384 | 8988 |
| Commerce Bancshares, Inc. | 188 | 11695 |
| Essent Group Ltd. | 111 | 6756 |
| Euronet Worldwide, Inc. (a) | 130 | 13179 |
| EVERTEC, Inc. | 129 | 4668 |
| F.N.B. Corporation | 364 | 5306 |
| Federated Hermes, Inc. - Class B | 53 | 2334 |
| First American Financial Corporation | 180 | 11043 |
| First Citizens BancShares, Inc. - Class A | 10 | 18876 |
| First Hawaiian, Inc. | 327 | 8164 |
| Genworth Financial, Inc. - Class A (a) | 1110 | 8634 |
| Glacier Bancorp, Inc. | 205 | 8828 |
| Hanover Insurance Group Inc, The | 33 | 5653 |
| Independent Bank Corp. | 72 | 4528 |
| International Bancshares Corporation | 103 | 6869 |
| LendingTree, Inc. (a) | 20 | 750 |
| Marqeta, Inc. - Class A (a) | 863 | 5033 |
| P10, Inc. - Class A | 326 | 3333 |
| Radian Group Inc. | 29 | 1029 |
| Selective Insurance Group, Inc. | 66 | 5761 |
| Skyward Specialty Insurance Group, Inc. (a) | 348 | 20122 |
| Stewart Information Services Corporation | 91 | 5897 |
| Texas Capital Bancshares, Inc. (a) | 47 | 3722 |
| UMB Financial Corporation | 90 | 9433 |
| Virtu Financial, Inc. - Class A | 251 | 11221 |
| Virtus Investment Partners, Inc. | 59 | 10612 |
| WAFD, Inc. | 171 | 5016 |
| Wex, Inc. (a) | 59 | 8651 |
| White Mountains Insurance Group Ltd | 22 | 39952 |
| Wintrust Financial Corporation | 171 | 21247 |
| WSFS Financial Corporation | 179 | 9820 |
|  |  | 376520 |
| **Consumer Discretionary 12.4%** | **Consumer Discretionary 12.4%** | **Consumer Discretionary 12.4%** |
| America's Car Mart, Inc. (a) (b) | 144 | 8047 |
| Dorman Products, Inc. (a) | 84 | 10304 |
| Dream Finders Homes, Inc. - Class A (a) (b) | 370 | 9295 |
| Frontdoor, Inc. (a) | 264 | 15539 |
| Grand Canyon Education, Inc. (a) | 40 | 7513 |
| Group 1 Automotive, Inc. | 21 | 9026 |
| Hanesbrands Inc. (a) | 877 | 4015 |
| Hasbro, Inc. | 100 | 7389 |
| Installed Building Products, Inc. | 8 | 1419 |
| LCI Industries | 41 | 3731 |
| Les Vetements de Sport Gildan Inc. - Class A | 258 | 12684 |
| LGI Homes, Inc. (a) (b) | 52 | 2679 |
| Lithia Motors, Inc. - Class A | 30 | 10142 |
| LKQ Corporation | 231 | 8531 |
| M/I Homes, Inc. (a) | 37 | 4128 |
| Malibu Boats, Inc. - Class A (a) | 238 | 7459 |
| Meritage Homes Corporation | 20 | 1350 |
| Modine Manufacturing Company (a) | 195 | 19137 |
| Murphy USA Inc. | 27 | 10966 |
| Papa John's International, Inc. | 36 | 1767 |
| Patrick Industries, Inc. (b) | 106 | 9793 |
| Pursuit Attractions And Hospitality, Inc. (a) | 78 | 2237 |
| United Parks And Resorts Inc. (a) (b) | 114 | 5386 |
| Vail Resorts, Inc. | 35 | 5461 |
| Valvoline, Inc. (a) | 202 | 7646 |
| Winmark Corporation | 12 | 4540 |
| Winnebago Industries, Inc. | 199 | 5774 |
| Wyndham Hotels & Resorts, Inc. | 115 | 9354 |
| YETI Holdings, Inc. (a) | 494 | 15553 |
|  |  | 220865 |
| **Health Care 10.3%** | **Health Care 10.3%** | **Health Care 10.3%** |
| Acadia Healthcare Company, Inc. (a) | 131 | 2973 |
| AdaptHealth LLC - Class A (a) | 1109 | 10458 |
| Addus HomeCare Corporation (a) | 209 | 24052 |
| Alphatec Holdings, Inc. (a) | 291 | 3235 |
| Arcellx Inc. (a) | 19 | 1274 |
| Bausch + Lomb Corporation (a) (b) | 138 | 1791 |
| Charles River Laboratories International, Inc. (a) | 34 | 5115 |
| CONMED Corporation | 141 | 7352 |
| CRISPR Therapeutics AG (a) (b) | 53 | 2556 |
| Dentsply Sirona Inc. | 419 | 6647 |
| Dynavax Technologies Corporation (a) | 174 | 1722 |
| Embecta Corp. | 197 | 1914 |
| Encompass Health Corporation | 51 | 6301 |

---

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page [607](#abbreviations).

**JNL Series Trust** (Unaudited)

**Schedules of Investments (in thousands)**

June 30, 2025

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| Enovis Corporation (a) | 72 | 2269 |
| Evolent Health, Inc. - Class A (a) | 137 | 1540 |
| Haemonetics Corporation (a) | 97 | 7265 |
| ICU Medical, Inc. (a) | 144 | 18959 |
| Inspire Medical Systems, Inc. (a) | 10 | 1320 |
| Integer Holdings Corporation (a) | 57 | 6992 |
| Lantheus Holdings, Inc. (a) (b) | 185 | 15146 |
| MoonLake Immunotherapeutics AG - Class A (a) | 56 | 2627 |
| Pennant Group, Inc., The (a) | 112 | 3358 |
| Perrigo Company Public Limited Company | 299 | 7981 |
| Relay Therapeutics, Inc. (a) | 120 | 415 |
| Smith & Nephew PLC - ADR (b) | 203 | 6224 |
| Tango Therapeutics, Inc. (a) (b) | 173 | 887 |
| Teleflex Incorporated | 43 | 5084 |
| The Ensign Group, Inc. | 103 | 15947 |
| UFP Technologies, Inc. (a) | 19 | 4741 |
| Varex Imaging Corporation (a) | 436 | 3782 |
| Vericel Corporation (a) | 98 | 4156 |
| | | 184083 |
| **Information Technology 9.7%** | **Information Technology 9.7%** | **Information Technology 9.7%** |
| ACI Worldwide, Inc. (a) | 139 | 6375 |
| ACM Research, Inc. - Class A (a) | 149 | 3859 |
| Alkami Technology, Inc. (a) | 142 | 4270 |
| Arrow Electronics, Inc. (a) | 43 | 5487 |
| ASGN Incorporated (a) | 153 | 7639 |
| Axcelis Technologies, Inc. (a) | 220 | 15320 |
| Cleanspark Inc. (a) (b) | 266 | 2931 |
| Cognex Corporation | 45 | 1414 |
| Couchbase, Inc. (a) | 270 | 6584 |
| ePlus inc. (a) | 291 | 20954 |
| Formfactor, Inc. (a) | 273 | 9394 |
| Insight Enterprises, Inc. (a) | 52 | 7194 |
| InterDigital, Inc. | 59 | 13230 |
| MeridianLink, Inc. (a) | 495 | 8036 |
| MKS Inc. | 80 | 7979 |
| Napco Security Technologies, Inc. | 198 | 5876 |
| NCR Voyix Corporation (a) | 183 | 2143 |
| Open Text Corporation | 121 | 3523 |
| PAR Technology Corporation (a) | 124 | 8587 |
| Plexus Corp. (a) | 12 | 1665 |
| Silicon Motion, Inc. - ADR | 205 | 15410 |
| TD SYNNEX Corporation | 57 | 7719 |
| Vontier Corporation | 208 | 7661 |
|  |  | 173250 |
| **Consumer Staples 4.4%** | **Consumer Staples 4.4%** | **Consumer Staples 4.4%** |
| BJ's Wholesale Club Holdings, Inc. (a) | 128 | 13814 |
| Cal-Maine Foods, Inc. | 65 | 6524 |
| Dole Public Limited Company | 175 | 2447 |
| Flowers Foods, Inc. (b) | 460 | 7358 |
| Ingles Markets, Incorporated - Class A | 55 | 3464 |
| Ingredion Incorporated | 44 | 5988 |
| Interparfums, Inc. | 74 | 9704 |
| Lancaster Colony Corporation | 42 | 7258 |
| Molson Coors Beverage Company - Class B | 142 | 6836 |
| Nomad Foods Limited | 562 | 9548 |
| PriceSmart, Inc. | 43 | 4522 |
|  |  | 77463 |
| **Real Estate 4.1%** | **Real Estate 4.1%** | **Real Estate 4.1%** |
| Apple Hospitality REIT, Inc. | 352 | 4103 |
| Brandywine Realty Trust | 628 | 2692 |
| Cushman & Wakefield PLC (a) | 1065 | 11795 |
| Getty Realty Corp. | 164 | 4523 |
| Highwoods Properties, Inc. | 97 | 3008 |
| Howard Hughes Holdings Inc. (a) | 39 | 2658 |
| Independence Realty Trust, Inc. | 103 | 1826 |
| Marcus & Millichap Company | 346 | 10639 |
| PotlatchDeltic Corporation | 122 | 4685 |
| Ryman Hospitality Properties, Inc. | 174 | 17173 |
| STAG Industrial, Inc. | 161 | 5841 |
| Terreno Realty Corporation | 87 | 4869 |
|  |  | 73812 |
| **Energy 3.3%** | **Energy 3.3%** | **Energy 3.3%** |
| Atlas Energy Solutions Inc. (b) | 488 | 6528 |
| CNX Resources Corporation (a) | 194 | 6533 |
| CVR Energy, Inc. | 65 | 1737 |
| Delek US Holdings, Inc. | 206 | 4362 |
| DHT Holdings, Inc. | 326 | 3524 |
| DMC Global Inc. (a) | 402 | 3243 |
| Gulfport Energy Operating Corporation (a) | 26 | 5226 |
| HF Sinclair Corporation | 89 | 3664 |
| Matador Resources Company | 46 | 2213 |
| Ovintiv Canada ULC | 33 | 1261 |
| Permian Resources Corporation - Class A | 501 | 6823 |
| SM Energy Company | 183 | 4526 |
| Solaris Energy Infrastructure, Inc. - Class A | 151 | 4265 |
| Talos Energy Inc. (a) | 292 | 2480 |
| Weatherford International Public Limited Company | 58 | 2930 |
|  |  | 59315 |
| **Materials 3.2%** | **Materials 3.2%** | **Materials 3.2%** |
| Ashland Inc. | 110 | 5516 |
| Century Aluminum Company (a) | 166 | 2993 |
| Commercial Metals Company | 53 | 2574 |
| Element Solutions Inc. | 937 | 21228 |
| H.B. Fuller Company | 123 | 7413 |
| Hecla Mining Company | 606 | 3627 |
| KRC Materials, Inc. (a) | 53 | 4359 |
| Quaker Chemical Corporation | 52 | 5787 |
| Warrior Met Coal, Inc. | 56 | 2569 |
|  |  | 56066 |
| **Utilities 2.7%** | **Utilities 2.7%** | **Utilities 2.7%** |
| Avista Corporation | 65 | 2468 |
| Black Hills Corporation | 71 | 3973 |
| Clearway Energy, Inc. - Class C | 135 | 4330 |
| Hawaiian Electric Industries, Inc. (a) | 581 | 6172 |
| IDACORP, Inc. | 15 | 1757 |
| NorthWestern Corporation | 122 | 6280 |
| Portland General Electric Company | 96 | 3896 |
| Southwest Gas Holdings, Inc. | 83 | 6192 |
| Spire Inc. | 46 | 3330 |
| Talen Energy Corporation (a) | 17 | 5041 |
| TXNM Energy, Inc. | 95 | 5328 |
|  |  | 48767 |
| **Communication Services 0.7%** | **Communication Services 0.7%** | **Communication Services 0.7%** |
| Lumen Technologies, Inc. (a) | 326 | 1427 |
| Telephone and Data Systems, Inc. | 157 | 5603 |
| TripAdvisor, Inc. (a) | 243 | 3174 |
| Yelp Inc. (a) | 72 | 2476 |
|  |  | 12680 |
| Total Common Stocks (cost $1,582,333) | Total Common Stocks (cost $1,582,333) | 1730213 |
| **SHORT TERM INVESTMENTS 3.7%** | **SHORT TERM INVESTMENTS 3.7%** | **SHORT TERM INVESTMENTS 3.7%** |
| **Investment Companies 2.8%** | **Investment Companies 2.8%** | **Investment Companies 2.8%** |
| JNL Government Money Market Fund - Class I, 4.20% (c) (d) | 50229 | 50229 |
| **Securities Lending Collateral 0.9%** | **Securities Lending Collateral 0.9%** | **Securities Lending Collateral 0.9%** |
| JNL Government Money Market Fund - Class SL, 4.30% (c) (d) | 15900 | 15900 |
| Total Short Term Investments (cost $66,129) | Total Short Term Investments (cost $66,129) | 66129 |
| **Total Investments 100.7% (cost $1,648,462)** | **Total Investments 100.7% (cost $1,648,462)** | **1796342** |
| **Other Assets and Liabilities, Net (0.7)%** | **Other Assets and Liabilities, Net (0.7)%** | **(11783)** |
| **Total Net Assets 100.0%** | **Total Net Assets 100.0%** | **1784559** |

---

(a) Non-income producing security.

(b) All or a portion of the security was on loan as of June 30, 2025.

(c) Investment in affiliate.

(d) Yield changes daily to reflect current market conditions. Rate was the quoted yield as of June 30, 2025.

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page [607](#abbreviations).

**JNL Series Trust** (Unaudited)

**Schedules of Investments (in thousands)**

June 30, 2025

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **JNL Multi-Manager Small Cap Value Fund — Investments in Affiliates** | **JNL Multi-Manager Small Cap Value Fund — Investments in Affiliates** | **JNL Multi-Manager Small Cap Value Fund — Investments in Affiliates** | **JNL Multi-Manager Small Cap Value Fund — Investments in Affiliates** | **JNL Multi-Manager Small Cap Value Fund — Investments in Affiliates** | **JNL Multi-Manager Small Cap Value Fund — Investments in Affiliates** | **JNL Multi-Manager Small Cap Value Fund — Investments in Affiliates** | **JNL Multi-Manager Small Cap Value Fund — Investments in Affiliates** | **JNL Multi-Manager Small Cap Value Fund — Investments in Affiliates** |
| **Affiliated Investment** | **Value Beginning of Period($)** | **Purchases($)** | **Sales Proceeds($)** | **Dividend Income/ Distributions from Funds($)** | **Realized Gain (Loss)($)** | **Change in Unrealized Appreciation (Depreciation) ($)** | **Value End of Period($)** | **Percentage of Net Assets(%)** |
| JNL Government Money Market Fund, 4.20% - Class I | 54416 | 192796 | 196983 | 1019 |  |  | 50229 | 2.8 |
| JNL Government Money Market Fund, 4.30% - Class SL | 19164 | 120559 | 123823 | 306 |  |  | 15900 | 0.9 |
|  | 73580 | 313355 | 320806 | 1325 |  |  | 66129 | 3.7 |

---

**Fair Value Hierarchy.** Various inputs are used in determining the fair value of financial instruments. For a description of the input levels and information about the Fund's policy regarding valuation of financial instruments, see Note 3 in the Notes to Financial Statements. The following table summarizes the Fund's investments categorized in the disclosure hierarchy as of June 30, 2025.

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **<u>. Level 1 ($) .</u>** | **<u>. Level 2 ($) .</u>** | **<u>. Level 3 ($) .</u>** | **<u>. Total ($) .</u>** |
| **JNL Multi-Manager Small Cap Value Fund** | **JNL Multi-Manager Small Cap Value Fund** | **JNL Multi-Manager Small Cap Value Fund** | **JNL Multi-Manager Small Cap Value Fund** | **JNL Multi-Manager Small Cap Value Fund** |
| **Assets - Securities** |  |  |  |  |
| &nbsp;&nbsp; Common Stocks | 1730213 |  |  | 1730213 |
| &nbsp;&nbsp; Short Term Investments | 66129 |  |  | 66129 |
|  | 1796342 |  |  | 1796342 |

---

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page [607](#abbreviations).

**JNL Series Trust** (Unaudited)

**Schedules of Investments (in thousands)**

June 30, 2025

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| **JNL Multi-Manager U.S. Select Equity Fund** | **JNL Multi-Manager U.S. Select Equity Fund** | **JNL Multi-Manager U.S. Select Equity Fund** |
| **COMMON STOCKS 97.1%** | **COMMON STOCKS 97.1%** | **COMMON STOCKS 97.1%** |
| **Information Technology 17.3%** | **Information Technology 17.3%** | **Information Technology 17.3%** |
| AppLovin Corporation - Class A (a) | 143 | 49938 |
| GoDaddy Inc. - Class A (a) | 79 | 14221 |
| International Business Machines Corporation | 53 | 15713 |
| Microsoft Corporation | 96 | 48214 |
| Monday.Com Ltd. (a) | 60 | 18888 |
| NVIDIA Corporation | 287 | 45437 |
| Taiwan Semiconductor Manufacturing Company Limited - ADR | 82 | 18672 |
|  |  | 211083 |
| **Communication Services 15.3%** | **Communication Services 15.3%** | **Communication Services 15.3%** |
| AT&T Inc. | 1266 | 36626 |
| Meta Platforms, Inc. - Class A | 51 | 37116 |
| Netflix, Inc. (a) | 16 | 22102 |
| Sea Limited - Class A - ADR (a) | 229 | 36578 |
| Spotify Technology S.A. (a) | 35 | 26666 |
| Verizon Communications Inc. | 638 | 27588 |
|  |  | 186676 |
| **Financials 14.9%** | **Financials 14.9%** | **Financials 14.9%** |
| Allstate Corporation, The | 63 | 12626 |
| American International Group, Inc. | 275 | 23540 |
| Arthur J. Gallagher & Co. | 33 | 10586 |
| Cincinnati Financial Corporation | 82 | 12178 |
| CME Group Inc. - Class A | 45 | 12528 |
| LPL Financial Holdings Inc. | 44 | 16387 |
| Reinsurance Group of America, Incorporated | 126 | 25023 |
| Robinhood Markets, Inc. - Class A (a) | 324 | 30335 |
| Slide Insurance Holdings, Inc. (a) | 200 | 4329 |
| The Progressive Corporation | 85 | 22680 |
| Visa Inc. - Class A | 31 | 11077 |
|  |  | 181289 |
| **Health Care 10.2%** | **Health Care 10.2%** | **Health Care 10.2%** |
| Cigna Group, The | 64 | 21149 |
| Elevance Health, Inc. | 21 | 8238 |
| Eli Lilly and Company | 27 | 21042 |
| Illumina, Inc. (a) | 73 | 6919 |
| McKesson Corporation | 28 | 20610 |
| Tenet Healthcare Corporation (a) | 146 | 25743 |
| UnitedHealth Group Incorporated | 68 | 21248 |
|  |  | 124949 |
| **Industrials 10.2%** | **Industrials 10.2%** | **Industrials 10.2%** |
| BAE Systems PLC - ADR | 306 | 32108 |
| GE Vernova Inc. | 34 | 17874 |
| General Electric Company | 72 | 18653 |
| Rolls-Royce Holdings PLC - ADR | 1470 | 19668 |
| Siemens Energy AG (a) | 312 | 36203 |
|  |  | 124506 |
| **Consumer Staples 9.2%** | **Consumer Staples 9.2%** | **Consumer Staples 9.2%** |
| Altria Group, Inc. | 367 | 21489 |
| Coca-Cola Company, The | 211 | 14948 |
| Kroger Co., The | 160 | 11450 |
| Philip Morris International Inc. | 350 | 63879 |
|  |  | 111766 |
| **Utilities 9.1%** | **Utilities 9.1%** | **Utilities 9.1%** |
| American Electric Power Company, Inc. | 217 | 22483 |
| American Water Works Company, Inc. | 54 | 7528 |
| Atmos Energy Corporation | 32 | 4944 |
| CenterPoint Energy, Inc. | 276 | 10145 |
| DTE Energy Company | 58 | 7706 |
| Duke Energy Corporation | 127 | 15032 |
| Exelon Corporation | 321 | 13949 |
| NextEra Energy, Inc. | 184 | 12761 |
| PPL Corporation | 212 | 7181 |
| XCEL Energy Inc. | 143 | 9733 |
|  |  | 111462 |
| **Consumer Discretionary 5.6%** | **Consumer Discretionary 5.6%** | **Consumer Discretionary 5.6%** |
| Amazon.com, Inc. (a) | 225 | 49300 |
| Tapestry, Inc. | 217 | 19046 |
|  |  | 68346 |
| **Energy 2.3%** | **Energy 2.3%** | **Energy 2.3%** |
| Canadian Natural Resources Limited | 315 | 9897 |
| Exxon Mobil Corporation | 169 | 18179 |
|  |  | 28076 |
| **Real Estate 1.9%** | **Real Estate 1.9%** | **Real Estate 1.9%** |
| Welltower Inc. | 147 | 22564 |
| **Materials 1.1%** | **Materials 1.1%** | **Materials 1.1%** |
| Corteva, Inc. | 181 | 13520 |
| Total Common Stocks (cost $973,192) | Total Common Stocks (cost $973,192) | 1184237 |
| **RIGHTS 0.0%** | **RIGHTS 0.0%** | **RIGHTS 0.0%** |
| ABIOMED, Inc. (a) (b) | 8 | 13 |
| Total Rights (cost $0) | Total Rights (cost $0) | 13 |
| **SHORT TERM INVESTMENTS 2.8%** | **SHORT TERM INVESTMENTS 2.8%** | **SHORT TERM INVESTMENTS 2.8%** |
| **Investment Companies 2.8%** | **Investment Companies 2.8%** | **Investment Companies 2.8%** |
| JNL Government Money Market Fund - Class I, 4.20% (c) (d) | 34799 | 34799 |
| Total Short Term Investments (cost $34,799) | Total Short Term Investments (cost $34,799) | 34799 |
| **Total Investments 99.9% (cost $1,007,991)** | **Total Investments 99.9% (cost $1,007,991)** | **1219049** |
| **Other Assets and Liabilities, Net 0.1%** | **Other Assets and Liabilities, Net 0.1%** | **887** |
| **Total Net Assets 100.0%** | **Total Net Assets 100.0%** | **1219936** |

---

(a) Non-income producing security.

(b) Security fair valued in good faith as a Level 3 security in accordance with the procedures approved by the Board of Trustees. Good faith fair valued securities are classified based on the applicable valuation inputs. See "Fair Value Measurement" in the Notes to Financial Statements.

(c) Investment in affiliate.

(d) Yield changes daily to reflect current market conditions. Rate was the quoted yield as of June 30, 2025.

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **JNL Multi-Manager U.S. Select Equity Fund — Investments in Affiliates** | **JNL Multi-Manager U.S. Select Equity Fund — Investments in Affiliates** | **JNL Multi-Manager U.S. Select Equity Fund — Investments in Affiliates** | **JNL Multi-Manager U.S. Select Equity Fund — Investments in Affiliates** | **JNL Multi-Manager U.S. Select Equity Fund — Investments in Affiliates** | **JNL Multi-Manager U.S. Select Equity Fund — Investments in Affiliates** | **JNL Multi-Manager U.S. Select Equity Fund — Investments in Affiliates** | **JNL Multi-Manager U.S. Select Equity Fund — Investments in Affiliates** | **JNL Multi-Manager U.S. Select Equity Fund — Investments in Affiliates** |
| **Affiliated Investment** | **Value Beginning of Period($)** | **Purchases($)** | **Sales Proceeds($)** | **Dividend Income/ Distributions from Funds($)** | **Realized Gain (Loss)($)** | **Change in Unrealized Appreciation (Depreciation) ($)** | **Value End of Period($)** | **Percentage of Net Assets(%)** |
| JNL Government Money Market Fund, 4.20% - Class I | 9713 | 376734 | 351648 | 967 |  |  | 34799 | 2.9 |
| JNL Government Money Market Fund, 4.30% - Class SL |  | 59784 | 59784 | 166 |  |  |  |  |
|  | 9713 | 436518 | 411432 | 1133 |  |  | 34799 | 2.9 |

---

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page [607](#abbreviations).

**JNL Series Trust** (Unaudited)

**Schedules of Investments (in thousands)**

June 30, 2025

**Fair Value Hierarchy.** Various inputs are used in determining the fair value of financial instruments. For a description of the input levels and information about the Fund's policy regarding valuation of financial instruments, see Note 3 in the Notes to Financial Statements. The following table summarizes the Fund's investments categorized in the disclosure hierarchy as of June 30, 2025.

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **<u>. Level 1 ($) .</u>** | **<u>. Level 2 ($) .</u>** | **<u>. Level 3 ($) .</u>** | **<u>. Total ($) .</u>** |
| **JNL Multi-Manager U.S. Select Equity Fund** | **JNL Multi-Manager U.S. Select Equity Fund** | **JNL Multi-Manager U.S. Select Equity Fund** | **JNL Multi-Manager U.S. Select Equity Fund** | **JNL Multi-Manager U.S. Select Equity Fund** |
| **Assets - Securities** |  |  |  |  |
| &nbsp;&nbsp; Common Stocks | 1148034 | 36203 |  | 1184237 |
| &nbsp;&nbsp; Rights |  |  | 13 | 13 |
| &nbsp;&nbsp; Short Term Investments | 34799 |  |  | 34799 |
|  | 1182833 | 36203 | 13 | 1219049 |

---

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page [607](#abbreviations).

**JNL Series Trust** (Unaudited)

**Schedules of Investments (in thousands)**

June 30, 2025

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| **JNL S&P 500 Index Fund** | **JNL S&P 500 Index Fund** | **JNL S&P 500 Index Fund** |
| **COMMON STOCKS 99.0%** | **COMMON STOCKS 99.0%** | **COMMON STOCKS 99.0%** |
| **Information Technology 32.8%** | **Information Technology 32.8%** | **Information Technology 32.8%** |
| Accenture Public Limited Company - Class A | 6 | 1895 |
| Adobe Inc. (a) | 4 | 1660 |
| Advanced Micro Devices, Inc. (a) | 16 | 2315 |
| Akamai Technologies, Inc. (a) | 2 | 124 |
| Amphenol Corporation - Class A | 12 | 1213 |
| Analog Devices, Inc. | 5 | 1186 |
| ANSYS, Inc. (a) | 1 | 309 |
| Apple Inc. | 151 | 30893 |
| Applied Materials, Inc. | 8 | 1492 |
| Arista Networks, Inc. (a) | 10 | 1061 |
| Autodesk, Inc. (a) | 2 | 675 |
| Broadcom Inc. | 47 | 13066 |
| Cadence Design Systems, Inc. (a) | 3 | 847 |
| CDW Corp. | 1 | 233 |
| Cisco Systems, Inc. | 40 | 2783 |
| Cognizant Technology Solutions Corporation - Class A | 5 | 384 |
| Corning Incorporated | 8 | 404 |
| CrowdStrike Holdings, Inc. - Class A (a) | 3 | 1277 |
| Dell Technologies Inc. - Class C | 3 | 375 |
| Enphase Energy, Inc. (a) | 1 | 54 |
| EPAM Systems, Inc. (a) | 1 | 103 |
| F5, Inc. (a) | 1 | 170 |
| Fair Isaac Corporation (a) |  | 442 |
| First Solar, Inc. (a) | 1 | 176 |
| Fortinet, Inc. (a) | 6 | 682 |
| Gartner, Inc. (a) | 1 | 308 |
| Gen Digital Inc. | 5 | 161 |
| GoDaddy Inc. - Class A (a) | 1 | 261 |
| Hewlett Packard Enterprise Company | 13 | 267 |
| HP, Inc. | 10 | 235 |
| Intel Corporation | 44 | 990 |
| International Business Machines Corporation | 9 | 2762 |
| Intuit Inc. | 3 | 2218 |
| Jabil Inc. | 1 | 235 |
| Juniper Networks, Inc. | 3 | 127 |
| Keysight Technologies, Inc. (a) | 2 | 282 |
| KLA Corporation | 1 | 1194 |
| Lam Research Corporation | 13 | 1255 |
| Microchip Technology Incorporated | 5 | 374 |
| Micron Technology, Inc. | 11 | 1393 |
| Microsoft Corporation | 75 | 37271 |
| Monolithic Power Systems, Inc. |  | 347 |
| Motorola Solutions, Inc. | 2 | 708 |
| NetApp, Inc. | 2 | 216 |
| NVIDIA Corporation | 246 | 38843 |
| NXP Semiconductors N.V. | 3 | 552 |
| ON Semiconductor Corporation (a) | 4 | 215 |
| Oracle Corporation | 16 | 3585 |
| Palantir Technologies Inc. - Class A (a) | 21 | 2923 |
| Palo Alto Networks, Inc. (a) | 7 | 1358 |
| PTC Inc. (a) | 1 | 202 |
| Qualcomm Incorporated | 11 | 1762 |
| Roper Technologies, Inc. | 1 | 610 |
| Salesforce, Inc. | 10 | 2645 |
| Seagate Technology Holdings Public Limited Company | 2 | 305 |
| ServiceNow, Inc. (a) | 2 | 2146 |
| Skyworks Solutions, Inc. | 2 | 118 |
| Super Micro Computer, Inc. (a) | 5 | 248 |
| Synopsys, Inc. (a) | 2 | 806 |
| TE Connectivity Public Limited Company | 3 | 502 |
| Teledyne Technologies Incorporated (a) |  | 240 |
| Teradyne, Inc. | 2 | 147 |
| Texas Instruments Incorporated | 9 | 1901 |
| Trimble Inc. (a) | 2 | 184 |
| Tyler Technologies, Inc. (a) |  | 255 |
| VeriSign, Inc. | 1 | 228 |
| Western Digital Corporation | 3 | 222 |
| Workday, Inc. - Class A (a) | 2 | 522 |
| Zebra Technologies Corporation - Class A (a) | 1 | 162 |
|  |  | 175104 |
| **Financials 13.9%** | **Financials 13.9%** | **Financials 13.9%** |
| AFLAC Incorporated | 5 | 517 |
| Allstate Corporation, The | 3 | 532 |
| American Express Company | 6 | 1779 |
| American International Group, Inc. | 6 | 497 |
| Ameriprise Financial, Inc. | 1 | 518 |
| AON Public Limited Company - Class A | 2 | 766 |
| Apollo Global Management, Inc. | 5 | 640 |
| Arch Capital Group Ltd. | 4 | 336 |
| Arthur J. Gallagher & Co. | 3 | 825 |
| Assurant, Inc. |  | 99 |
| Bank of America Corporation | 66 | 3125 |
| Bank of New York Mellon Corporation, The (b) | 7 | 656 |
| Berkshire Hathaway Inc. - Class B (a) | 18 | 8980 |
| BlackRock, Inc. | 1 | 1549 |
| Blackstone Inc. - Class A | 7 | 1110 |
| Brown & Brown, Inc. | 3 | 306 |
| Capital One Financial Corporation | 6 | 1367 |
| CBOE Global Markets, Inc. | 1 | 246 |
| Charles Schwab Corporation, The | 17 | 1576 |
| Chubb Limited | 4 | 1088 |
| Cincinnati Financial Corporation | 2 | 235 |
| Citigroup Inc. | 19 | 1596 |
| Citizens Financial Group, Inc. | 4 | 199 |
| CME Group Inc. - Class A | 4 | 1010 |
| Coinbase Global, Inc. - Class A (a) | 2 | 754 |
| Corpay Inc (a) | 1 | 235 |
| Erie Indemnity Company - Class A |  | 85 |
| Everest Group, Ltd. |  | 149 |
| FactSet Research Systems Inc. |  | 168 |
| Fidelity National Information Services, Inc. | 5 | 426 |
| Fifth Third Bancorp | 7 | 274 |
| Fiserv, Inc. (a) | 6 | 970 |
| Franklin Resources, Inc. | 3 | 69 |
| Global Payments Inc. | 3 | 203 |
| Globe Life Inc. | 1 | 103 |
| Goldman Sachs Group, Inc., The | 3 | 2189 |
| Hartford Insurance Group, Inc., The | 3 | 370 |
| Huntington Bancshares Incorporated | 15 | 250 |
| Intercontinental Exchange, Inc. | 6 | 1059 |
| Invesco Ltd. | 4 | 69 |
| Jack Henry & Associates, Inc. | 1 | 136 |
| JPMorgan Chase & Co. | 28 | 8122 |
| KeyCorp | 10 | 179 |
| KKR & Co. Inc. - Class A | 7 | 903 |
| Loews Corporation | 2 | 154 |
| M&T Bank Corporation | 2 | 313 |
| MarketAxess Holdings Inc. |  | 87 |
| Marsh & Mclennan Companies, Inc. | 5 | 1090 |
| MasterCard Incorporated - Class A | 8 | 4595 |
| MetLife, Inc. | 6 | 456 |
| Moody's Corporation | 2 | 779 |
| Morgan Stanley | 12 | 1752 |
| MSCI Inc. - Class A | 1 | 452 |
| Nasdaq, Inc. | 4 | 366 |
| Northern Trust Corporation | 2 | 241 |
| PayPal Holdings, Inc. (a) | 10 | 721 |
| Principal Financial Group, Inc. | 2 | 171 |
| Prudential Financial, Inc. | 4 | 381 |
| Raymond James Financial, Inc. | 2 | 286 |
| Regions Financial Corporation | 9 | 220 |
| S&P Global Inc. | 3 | 1661 |
| State Street Corporation | 3 | 306 |
| Synchrony Financial | 4 | 261 |
| T. Rowe Price Group, Inc. | 2 | 219 |
| The PNC Financial Services Group, Inc. | 4 | 748 |
| The Progressive Corporation | 6 | 1585 |
| Travelers Companies, Inc., The | 2 | 613 |
| Truist Financial Corporation | 13 | 559 |
| U.S. Bancorp | 16 | 711 |
| Visa Inc. - Class A | 17 | 6124 |
| W. R. Berkley Corporation | 3 | 227 |

---

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page [607](#abbreviations).

**JNL Series Trust** (Unaudited)

**Schedules of Investments (in thousands)**

June 30, 2025

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| Wells Fargo & Company | 33 | 2628 |
| Willis Towers Watson Public Limited Company | 1 | 313 |
| | | 74284 |
| **Consumer Discretionary 10.3%** | **Consumer Discretionary 10.3%** | **Consumer Discretionary 10.3%** |
| Airbnb, Inc. - Class A (a) | 4 | 582 |
| Amazon.com, Inc. (a) | 95 | 20898 |
| Aptiv PLC (a) | 2 | 155 |
| AutoZone, Inc. (a) |  | 609 |
| Best Buy Co., Inc. | 2 | 126 |
| Booking Holdings Inc. |  | 1899 |
| Caesars Entertainment, Inc. (a) | 2 | 55 |
| CarMax, Inc. (a) | 2 | 109 |
| Carnival Corporation (a) | 10 | 289 |
| Chipotle Mexican Grill, Inc. (a) | 14 | 768 |
| D.R. Horton, Inc. | 3 | 358 |
| Darden Restaurants, Inc. | 1 | 258 |
| Deckers Outdoor Corporation (a) | 2 | 158 |
| Domino's Pizza, Inc. |  | 152 |
| DoorDash, Inc. - Class A (a) | 3 | 853 |
| eBay Inc. | 5 | 352 |
| Expedia Group, Inc. | 1 | 216 |
| Ford Motor Company | 39 | 423 |
| Garmin Ltd. | 2 | 329 |
| General Motors Company | 10 | 478 |
| Genuine Parts Company | 1 | 176 |
| Hasbro, Inc. | 1 | 91 |
| Hilton Worldwide Holdings Inc. | 2 | 635 |
| Home Depot, Inc., The | 10 | 3674 |
| Las Vegas Sands Corp. | 4 | 154 |
| Lennar Corporation - Class A | 2 | 262 |
| LKQ Corporation (c) | 2 | 92 |
| Lowe`s Companies, Inc. | 6 | 1252 |
| Lululemon Athletica Inc. (a) | 1 | 273 |
| Marriott International, Inc. - Class A | 2 | 626 |
| McDonald's Corporation | 7 | 2106 |
| MGM Resorts International (a) | 2 | 68 |
| Mohawk Industries, Inc. (a) | 1 | 59 |
| NIKE, Inc. - Class B | 12 | 834 |
| Norwegian Cruise Line Holdings Ltd. (a) | 4 | 89 |
| NVR, Inc. (a) |  | 222 |
| O'Reilly Automotive, Inc. (a) | 9 | 771 |
| Pool Corporation (c) |  | 114 |
| PulteGroup, Inc. | 2 | 204 |
| Ralph Lauren Corporation - Class A |  | 102 |
| Ross Stores, Inc. | 3 | 424 |
| Royal Caribbean Cruises Ltd. | 3 | 786 |
| Starbucks Corporation | 12 | 1057 |
| Tapestry, Inc. | 2 | 177 |
| Tesla Inc. (a) | 28 | 8974 |
| TJX Companies, Inc., The | 11 | 1390 |
| Tractor Supply Company | 5 | 276 |
| Ulta Beauty, Inc. (a) |  | 214 |
| Williams-Sonoma, Inc. | 1 | 197 |
| Wynn Resorts, Limited | 1 | 87 |
| Yum! Brands, Inc. | 3 | 407 |
|  |  | 54860 |
| **Communication Services 9.7%** | **Communication Services 9.7%** | **Communication Services 9.7%** |
| Alphabet Inc. - Class A | 59 | 10340 |
| Alphabet Inc. - Class C | 47 | 8396 |
| AT&T Inc. | 72 | 2090 |
| Comcast Corporation - Class A | 38 | 1340 |
| Electronic Arts Inc. | 2 | 363 |
| Former Charter Communications Parent, Inc. - Class A (a) | 1 | 388 |
| Fox Corporation - Class A | 2 | 125 |
| Fox Corporation - Class B | 1 | 75 |
| Live Nation Entertainment, Inc. (a) | 2 | 249 |
| Match Group, Inc. | 3 | 83 |
| Meta Platforms, Inc. - Class A | 22 | 16155 |
| Netflix, Inc. (a) | 4 | 5745 |
| News Corporation - Class A | 4 | 109 |
| News Corporation - Class B | 1 | 47 |
| Omnicom Group Inc. | 2 | 137 |
| Paramount Global - Class B | 6 | 79 |
| Take-Two Interactive Software, Inc. (a) | 2 | 410 |
| The Interpublic Group of Companies, Inc. | 4 | 88 |
| TKO Group Holdings Inc. - Class A | 1 | 117 |
| T-Mobile US, Inc. | 5 | 1142 |
| Verizon Communications Inc. | 43 | 1846 |
| Walt Disney Company, The | 18 | 2248 |
| Warner Bros. Discovery, Inc. - Series A (a) | 23 | 259 |
|  |  | 51831 |
| **Health Care 9.2%** | **Health Care 9.2%** | **Health Care 9.2%** |
| Abbott Laboratories | 18 | 2391 |
| AbbVie Inc. | 18 | 3306 |
| Agilent Technologies, Inc. | 3 | 342 |
| Align Technology, Inc. (a) | 1 | 135 |
| Amgen Inc. | 5 | 1521 |
| Baxter International Inc. | 5 | 148 |
| Becton, Dickinson and Company | 3 | 497 |
| Biogen Inc. (a) | 2 | 190 |
| Bio-Techne Corporation | 2 | 86 |
| Boston Scientific Corporation (a) | 15 | 1605 |
| Bristol-Myers Squibb Company | 21 | 953 |
| Cardinal Health, Inc. | 2 | 403 |
| Cencora, Inc. | 2 | 524 |
| Centene Corporation (a) | 5 | 271 |
| Charles River Laboratories International, Inc. (a) | 1 | 77 |
| Cigna Group, The | 3 | 888 |
| Cooper Companies, Inc., The (a) | 2 | 147 |
| CVS Health Corporation | 13 | 883 |
| Danaher Corporation | 6 | 1268 |
| Davita Inc. (a) |  | 52 |
| DexCom, Inc. (a) | 4 | 345 |
| Edwards Lifesciences Corporation (a) | 6 | 463 |
| Elevance Health, Inc. | 2 | 886 |
| Eli Lilly and Company | 8 | 6182 |
| GE HealthCare Technologies Inc. | 5 | 346 |
| Gilead Sciences, Inc. | 12 | 1384 |
| HCA Healthcare, Inc. | 2 | 676 |
| Henry Schein, Inc. (a) | 1 | 93 |
| Hologic, Inc. (a) | 2 | 142 |
| Humana Inc. | 1 | 304 |
| IDEXX Laboratories, Inc. (a) | 1 | 442 |
| Incyte Corporation (a) | 2 | 107 |
| Insulet Corporation (a) | 1 | 225 |
| Intuitive Surgical, Inc. (a) | 4 | 1964 |
| IQVIA Holdings Inc (a) | 2 | 267 |
| Johnson & Johnson | 24 | 3705 |
| Labcorp Holdings Inc. | 1 | 223 |
| McKesson Corporation | 1 | 926 |
| Medtronic, Inc. | 13 | 1118 |
| Merck & Co., Inc. | 25 | 2004 |
| Mettler-Toledo International Inc. (a) |  | 247 |
| Moderna, Inc. (a) | 3 | 93 |
| Molina Healthcare, Inc. (a) | 1 | 162 |
| Pfizer Inc. | 57 | 1392 |
| Quest Diagnostics Incorporated | 1 | 202 |
| Regeneron Pharmaceuticals, Inc. | 1 | 548 |
| ResMed Inc. | 2 | 389 |
| Revvity, Inc. | 1 | 120 |
| Solventum Corporation (a) | 1 | 98 |
| Steris Public Limited Company | 1 | 235 |
| Stryker Corporation | 3 | 1377 |
| Thermo Fisher Scientific Inc. | 4 | 1540 |
| UnitedHealth Group Incorporated | 9 | 2853 |
| Universal Health Services, Inc. - Class B | 1 | 97 |
| Vertex Pharmaceuticals Incorporated (a) | 3 | 1147 |
| Viatris Inc. | 11 | 97 |
| Waters Corporation (a) | 1 | 205 |
| West Pharmaceutical Services, Inc. | 1 | 160 |
| Zimmer Biomet Holdings, Inc. | 2 | 182 |
| Zoetis Inc. - Class A | 4 | 702 |
|  |  | 49335 |
| **Industrials 8.5%** | **Industrials 8.5%** | **Industrials 8.5%** |
| 3M Company | 5 | 830 |
| A. O. Smith Corporation | 1 | 76 |
| Allegion Public Limited Company | 1 | 124 |

---

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page [607](#abbreviations).

**JNL Series Trust** (Unaudited)

**Schedules of Investments (in thousands)**

June 30, 2025

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| AMETEK, Inc. | 2 | 426 |
| Automatic Data Processing, Inc. | 4 | 1259 |
| Axon Enterprise, Inc. (a) | 1 | 625 |
| Boeing Company, The (a) | 8 | 1593 |
| Broadridge Financial Solutions, Inc. | 1 | 292 |
| Builders FirstSource, Inc. (a) | 1 | 131 |
| C.H. Robinson Worldwide, Inc. | 1 | 118 |
| Carrier Global Corporation | 8 | 583 |
| Caterpillar Inc. | 5 | 1849 |
| Cintas Corporation | 3 | 770 |
| Copart, Inc. (a) | 9 | 434 |
| CSX Corporation | 19 | 617 |
| Cummins Inc. | 1 | 448 |
| Dayforce, Inc. (a) | 2 | 95 |
| Deere & Company | 3 | 1296 |
| Delta Air Lines, Inc. | 6 | 318 |
| Dover Corporation | 1 | 250 |
| Eaton Corporation Public Limited Company | 4 | 1408 |
| Emerson Electric Co. | 6 | 751 |
| Equifax Inc. | 1 | 320 |
| Expeditors International of Washington, Inc. - Class A | 1 | 156 |
| Fastenal Company | 12 | 488 |
| FedEx Corporation | 2 | 512 |
| Fortive Corporation | 4 | 187 |
| GE Vernova Inc. | 3 | 1450 |
| Generac Holdings Inc. (a) | 1 | 81 |
| General Dynamics Corporation | 3 | 739 |
| General Electric Company | 11 | 2767 |
| Honeywell International Inc. | 6 | 1509 |
| Howmet Aerospace Inc. | 4 | 753 |
| Hubbell Incorporated | 1 | 217 |
| Huntington Ingalls Industries, Inc. |  | 93 |
| IDEX Corporation | 1 | 138 |
| Illinois Tool Works Inc. | 3 | 665 |
| Ingersoll Rand Inc. | 4 | 331 |
| J.B. Hunt Transport Services, Inc. | 1 | 113 |
| Jacobs Solutions Inc. | 1 | 160 |
| Johnson Controls International Public Limited Company | 7 | 702 |
| L3Harris Technologies, Inc. | 2 | 474 |
| Leidos Holdings, Inc. | 1 | 210 |
| Lennox International Inc. |  | 179 |
| Lockheed Martin Corporation | 2 | 968 |
| Masco Corporation | 2 | 139 |
| Nordson Corporation | 1 | 116 |
| Norfolk Southern Corporation | 2 | 587 |
| Northrop Grumman Corporation | 1 | 689 |
| Old Dominion Freight Line, Inc. | 2 | 300 |
| Otis Worldwide Corporation | 4 | 381 |
| PACCAR Inc | 5 | 501 |
| Parker-Hannifin Corporation | 1 | 900 |
| Paychex, Inc. | 3 | 469 |
| Paycom Software, Inc. |  | 114 |
| Pentair Public Limited Company | 2 | 168 |
| Quanta Services, Inc. | 2 | 571 |
| Ralliant Corporation (a) |  | 1 |
| Republic Services, Inc. | 2 | 499 |
| Rockwell Automation, Inc. | 1 | 373 |
| Rollins, Inc. | 3 | 163 |
| RTX Corporation | 13 | 1972 |
| Snap-on Incorporated | 1 | 166 |
| Southwest Airlines Co. (c) | 6 | 191 |
| Stanley Black & Decker, Inc. | 2 | 106 |
| Textron Inc. | 2 | 149 |
| Trane Technologies Public Limited Company | 2 | 992 |
| TransDigm Group Incorporated | 1 | 858 |
| Uber Technologies, Inc. (a) | 21 | 1968 |
| Union Pacific Corporation | 6 | 1381 |
| United Airlines Holdings, Inc. (a) | 3 | 260 |
| United Parcel Service, Inc. - Class B | 7 | 738 |
| United Rentals, Inc. | 1 | 499 |
| Veralto Corporation | 3 | 260 |
| Verisk Analytics, Inc. | 1 | 443 |
| W.W. Grainger, Inc. |  | 451 |
| Waste Management, Inc. | 4 | 842 |
| Westinghouse Air Brake Technologies Corporation | 2 | 363 |
| Xylem Inc. | 2 | 311 |
| | | 45426 |
| **Consumer Staples 5.4%** | **Consumer Staples 5.4%** | **Consumer Staples 5.4%** |
| Altria Group, Inc. | 17 | 992 |
| Archer-Daniels-Midland Company | 5 | 254 |
| Brown-Forman Corporation - Class B | 2 | 45 |
| Bunge Global SA | 1 | 108 |
| Campbell's Company, The | 2 | 56 |
| Church & Dwight Co., Inc. | 3 | 241 |
| Clorox Company, The | 1 | 147 |
| Coca-Cola Company, The | 39 | 2761 |
| Colgate-Palmolive Company | 8 | 737 |
| Conagra Brands, Inc. | 5 | 100 |
| Constellation Brands, Inc. - Class A | 2 | 246 |
| Costco Wholesale Corporation | 4 | 4428 |
| Dollar General Corporation | 2 | 247 |
| Dollar Tree, Inc. (a) | 2 | 196 |
| Estee Lauder Companies Inc., The - Class A | 2 | 196 |
| General Mills, Inc. | 6 | 288 |
| Hormel Foods Corporation | 3 | 86 |
| J. M. Smucker Company, The | 1 | 108 |
| Kellanova | 3 | 222 |
| Kenvue Inc. | 19 | 406 |
| Keurig Dr Pepper Inc. | 14 | 457 |
| Kimberly-Clark Corporation | 3 | 432 |
| Kraft Heinz Company, The | 9 | 224 |
| Kroger Co., The | 6 | 447 |
| Lamb Weston Holdings, Inc. | 1 | 73 |
| McCormick & Company, Incorporated | 2 | 185 |
| Molson Coors Beverage Company - Class B | 2 | 87 |
| Mondelez International, Inc. - Class A | 13 | 884 |
| Monster Beverage 1990 Corporation (a) | 7 | 447 |
| PepsiCo, Inc. | 14 | 1820 |
| Philip Morris International Inc. | 16 | 2855 |
| Procter & Gamble Company, The | 24 | 3766 |
| Sysco Corporation | 5 | 376 |
| Target Corporation | 5 | 454 |
| The Hershey Company | 2 | 254 |
| Tyson Foods, Inc. - Class A | 3 | 162 |
| Walgreens Boots Alliance, Inc. | 7 | 77 |
| Walmart Inc. | 44 | 4259 |
|  |  | 29123 |
| **Energy 2.9%** | **Energy 2.9%** | **Energy 2.9%** |
| Apa Corp. | 3 | 63 |
| Baker Hughes Company - Class A | 10 | 384 |
| Chevron Corporation | 16 | 2345 |
| ConocoPhillips | 13 | 1142 |
| Coterra Energy Inc. | 7 | 188 |
| Devon Energy Corporation | 7 | 207 |
| Diamondback Energy, Inc. | 2 | 257 |
| EOG Resources, Inc. | 6 | 664 |
| EQT Corporation | 6 | 357 |
| Expand Energy Corporation | 2 | 247 |
| Exxon Mobil Corporation | 43 | 4684 |
| Halliburton Company | 9 | 184 |
| Hess Corporation | 3 | 391 |
| Kinder Morgan, Inc. | 20 | 580 |
| Marathon Petroleum Corporation | 3 | 512 |
| Occidental Petroleum Corporation | 7 | 294 |
| ONEOK, Inc. | 6 | 518 |
| Phillips 66 | 4 | 495 |
| Schlumberger Limited | 14 | 458 |
| Targa Resources Corp. | 2 | 375 |
| Texas Pacific Land Corporation |  | 207 |
| Valero Energy Corporation | 3 | 428 |
| Williams Companies, Inc., The | 12 | 768 |
|  |  | 15748 |
| **Utilities 2.4%** | **Utilities 2.4%** | **Utilities 2.4%** |
| AES Corporation, The | 7 | 75 |
| Alliant Energy Corporation | 3 | 159 |
| Ameren Corporation | 3 | 259 |
| American Electric Power Company, Inc. | 5 | 560 |

---

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page [607](#abbreviations).

**JNL Series Trust** (Unaudited)

**Schedules of Investments (in thousands)**

June 30, 2025

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| American Water Works Company, Inc. | 2 | 278 |
| Atmos Energy Corporation | 2 | 247 |
| CenterPoint Energy, Inc. | 6 | 239 |
| CMS Energy Corporation | 3 | 213 |
| Consolidated Edison, Inc. | 4 | 363 |
| Constellation Energy Group, Inc. | 3 | 1014 |
| Dominion Energy, Inc. | 8 | 479 |
| DTE Energy Company | 2 | 281 |
| Duke Energy Corporation | 8 | 933 |
| Edison International | 4 | 197 |
| Entergy Corporation | 4 | 365 |
| Evergy, Inc. | 2 | 164 |
| Eversource Energy | 4 | 233 |
| Exelon Corporation | 10 | 446 |
| FirstEnergy Corp. | 5 | 203 |
| NextEra Energy, Inc. | 21 | 1448 |
| NiSource Inc. | 5 | 195 |
| NRG Energy, Inc. | 2 | 309 |
| PG&E Corporation | 22 | 311 |
| Pinnacle West Capital Corporation | 1 | 107 |
| PPL Corporation | 8 | 257 |
| Public Service Enterprise Group Incorporated | 5 | 426 |
| Sempra | 7 | 509 |
| The Southern Company | 11 | 1017 |
| Vistra Corp. | 3 | 661 |
| WEC Energy Group Inc. | 3 | 330 |
| XCEL Energy Inc. | 6 | 399 |
| | | 12677 |
| **Real Estate 2.0%** | **Real Estate 2.0%** | **Real Estate 2.0%** |
| Alexandria Real Estate Equities, Inc. (c) | 2 | 113 |
| American Tower Corporation | 5 | 1035 |
| AvalonBay Communities, Inc. | 1 | 298 |
| BXP, Inc. | 2 | 102 |
| Camden Property Trust | 1 | 127 |
| CBRE Group, Inc. - Class A (a) | 3 | 414 |
| CoStar Group, Inc. (a) | 4 | 349 |
| Crown Castle Inc. | 4 | 451 |
| Digital Realty Trust, Inc. | 3 | 559 |
| Equinix, Inc. | 1 | 787 |
| Equity Residential | 3 | 230 |
| Essex Property Trust, Inc. | 1 | 190 |
| Extra Space Storage Inc. | 2 | 318 |
| Federal Realty Investment Trust | 1 | 79 |
| Healthpeak OP, LLC | 7 | 129 |
| Host Hotels & Resorts, Inc. | 7 | 103 |
| Invitation Homes Inc. | 6 | 188 |
| Iron Mountain Incorporated | 3 | 299 |
| Kimco Realty OP, LLC | 7 | 145 |
| Mid-America Apartment Communities, Inc. | 1 | 170 |
| ProLogis Inc. | 9 | 990 |
| Public Storage Operating Company | 2 | 468 |
| Realty Income Corporation | 9 | 523 |
| Regency Centers Corporation | 2 | 123 |
| SBA Communications Corporation - Class A | 1 | 260 |
| Simon Property Group, Inc. | 3 | 498 |
| UDR, Inc. | 3 | 126 |
| Ventas, Inc. | 5 | 290 |
| VICI Properties Inc. | 11 | 351 |
| Welltower Inc. | 6 | 962 |
| Weyerhaeuser Company | 7 | 191 |
|  |  | 10868 |
| **Materials 1.9%** | **Materials 1.9%** | **Materials 1.9%** |
| Air Products and Chemicals, Inc. | 2 | 636 |
| Albemarle Corporation | 1 | 69 |
| Amcor Pty Ltd | 23 | 208 |
| Avery Dennison Corporation | 1 | 143 |
| Ball Corporation | 3 | 156 |
| CF Industries Holdings, Inc. | 2 | 151 |
| Corteva, Inc. | 7 | 521 |
| Dow Inc. | 7 | 183 |
| DuPont de Nemours, Inc. | 4 | 286 |
| Eastman Chemical Company | 1 | 83 |
| Ecolab Inc. | 3 | 682 |
| Freeport-McMoRan Inc. | 14 | 621 |
| International Flavors & Fragrances Inc. | 3 | 188 |
| International Paper Company | 5 | 253 |
| Linde Public Limited Company | 5 | 2227 |
| LyondellBasell Industries N.V. - Class A | 3 | 157 |
| Martin Marietta Materials, Inc. | 1 | 332 |
| Mosaic Company, The | 3 | 109 |
| Newmont Corporation | 11 | 659 |
| Nucor Corporation | 2 | 302 |
| Packaging Corporation of America | 1 | 164 |
| PPG Industries, Inc. | 2 | 261 |
| Sherwin-Williams Company, The | 2 | 803 |
| Smurfit Westrock Public Limited Company | 5 | 216 |
| Steel Dynamics, Inc. | 1 | 183 |
| Vulcan Materials Company | 1 | 349 |
|  |  | 9942 |
| Total Common Stocks (cost $331,400) | Total Common Stocks (cost $331,400) | 529198 |
| **INVESTMENT COMPANIES 0.7%** | **INVESTMENT COMPANIES 0.7%** | **INVESTMENT COMPANIES 0.7%** |
| iShares Core S&P 500 ETF | 6 | 3883 |
| Total Investment Companies (cost $3,817) | Total Investment Companies (cost $3,817) | 3883 |
| **SHORT TERM INVESTMENTS 0.1%** | **SHORT TERM INVESTMENTS 0.1%** | **SHORT TERM INVESTMENTS 0.1%** |
| **Securities Lending Collateral 0.1%** | **Securities Lending Collateral 0.1%** | **Securities Lending Collateral 0.1%** |
| JNL Government Money Market Fund - Class SL, 4.30% (b) (d) | 117 | 117 |
| **Investment Companies 0.0%** | **Investment Companies 0.0%** | **Investment Companies 0.0%** |
| JNL Government Money Market Fund - Class I, 4.20% (b) (d) | 98 | 98 |
| Total Short Term Investments (cost $215) | Total Short Term Investments (cost $215) | 215 |
| **Total Investments 99.8% (cost $335,432)** | **Total Investments 99.8% (cost $335,432)** | **533296** |
| **Other Derivative Instruments 0.0%** | **Other Derivative Instruments 0.0%** | **8** |
| **Other Assets and Liabilities, Net 0.2%** | **Other Assets and Liabilities, Net 0.2%** | **1198** |
| **Total Net Assets 100.0%** | **Total Net Assets 100.0%** | **534502** |

---

(a) Non-income producing security.

(b) Investment in affiliate.

(c) All or a portion of the security was on loan as of June 30, 2025.

(d) Yield changes daily to reflect current market conditions. Rate was the quoted yield as of June 30, 2025.

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **JNL S&P 500 Index Fund — Investments in Affiliates** | **JNL S&P 500 Index Fund — Investments in Affiliates** | **JNL S&P 500 Index Fund — Investments in Affiliates** | **JNL S&P 500 Index Fund — Investments in Affiliates** | **JNL S&P 500 Index Fund — Investments in Affiliates** | **JNL S&P 500 Index Fund — Investments in Affiliates** | **JNL S&P 500 Index Fund — Investments in Affiliates** | **JNL S&P 500 Index Fund — Investments in Affiliates** | **JNL S&P 500 Index Fund — Investments in Affiliates** |
| **Affiliated Investment** | **Value Beginning of Period($)** | **Purchases($)** | **Sales Proceeds($)** | **Dividend Income/ Distributions from Funds($)** | **Realized Gain (Loss)($)** | **Change in Unrealized Appreciation (Depreciation) ($)** | **Value End of Period($)** | **Percentage of Net Assets(%)** |
| Bank of New York Mellon Corporation, The | 553 |  | 1 | 7 |  | 104 | 656 | 0.2 |
| JNL Government Money Market Fund, 4.20% - Class I | 738 | 43950 | 44590 | 22 |  |  | 98 |  |
| JNL Government Money Market Fund, 4.30% - Class SL | 671 | 3122 | 3676 | 4 |  |  | 117 |  |
|  | 1962 | 47072 | 48267 | 33 |  | 104 | 871 | 0.2 |

---

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page [607](#abbreviations).

**JNL Series Trust** (Unaudited)

**Schedules of Investments (in thousands)**

June 30, 2025

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **JNL S&P 500 Index Fund — Futures Contracts** | **JNL S&P 500 Index Fund — Futures Contracts** | **JNL S&P 500 Index Fund — Futures Contracts** | **JNL S&P 500 Index Fund — Futures Contracts** | **JNL S&P 500 Index Fund — Futures Contracts** | **JNL S&P 500 Index Fund — Futures Contracts** |
| **Reference Entity** | **Contracts<sup>1</sup>** | **Expiration** | **Notional<sup>1</sup>** | **Variation**<br> **Margin**<br> **Receivable**<br> (Payable) ($) | **Value/**<br> **Unrealized**<br> **Appreciation**<br> (Depreciation) ($) |
| **Long Contracts** | **Long Contracts** | **Long Contracts** | **Long Contracts** | **Long Contracts** | **Long Contracts** |
| S&P 500 Index | 5 | September 2025 | 1508 | 8 | 55 |

---

**Fair Value Hierarchy.** Various inputs are used in determining the fair value of financial instruments. For a description of the input levels and information about the Fund's policy regarding valuation of financial instruments, see Note 3 in the Notes to Financial Statements. The following table summarizes the Fund's investments categorized in the disclosure hierarchy as of June 30, 2025.

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **<u>. Level 1 ($) .</u>** | **<u>. Level 2 ($) .</u>** | **<u>. Level 3 ($) .</u>** | **<u>. Total ($) .</u>** |
| **JNL S&P 500 Index Fund** | **JNL S&P 500 Index Fund** | **JNL S&P 500 Index Fund** | **JNL S&P 500 Index Fund** | **JNL S&P 500 Index Fund** |
| **Assets - Securities** |  |  |  |  |
| &nbsp;&nbsp; Common Stocks | 529198 |  |  | 529198 |
| &nbsp;&nbsp; Investment Companies | 3883 |  |  | 3883 |
| &nbsp;&nbsp; Short Term Investments | 215 |  |  | 215 |
|  | 533296 |  |  | 533296 |
| **Assets - Investments in Other Financial Instruments<sup>1</sup>** |  |  |  |  |
| &nbsp;&nbsp; Futures Contracts | 55 |  |  | 55 |
|  | 55 |  |  | 55 |

---

<sup>1</sup> All derivatives, except for purchased and written options, are reflected at the unrealized appreciation (depreciation) on the instrument. Purchased and written options are reflected at value.

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page [607](#abbreviations).

**JNL Series Trust** (Unaudited)

**Schedules of Investments (in thousands)**

June 30, 2025

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| **JNL/AB Sustainable Global Thematic Fund** | **JNL/AB Sustainable Global Thematic Fund** | **JNL/AB Sustainable Global Thematic Fund** |
| **COMMON STOCKS 97.0%** | **COMMON STOCKS 97.0%** | **COMMON STOCKS 97.0%** |
| **United States of America 54.4%** | **United States of America 54.4%** | **United States of America 54.4%** |
| AbbVie Inc. | 2 | 399 |
| AECOM | 4 | 484 |
| Apple Inc. | 2 | 392 |
| Becton, Dickinson and Company | 1 | 173 |
| Broadcom Inc. | 2 | 527 |
| Cadence Design Systems, Inc. (a) | 1 | 244 |
| Eli Lilly and Company |  | 238 |
| Emerson Electric Co. | 4 | 503 |
| Fiserv, Inc. (a) | 2 | 342 |
| Flex Ltd. (a) | 17 | 849 |
| GE HealthCare Technologies Inc. | 6 | 443 |
| Hologic, Inc. (a) | 4 | 277 |
| Jefferies Financial Group Inc. | 6 | 322 |
| LPL Financial Holdings Inc. | 1 | 484 |
| Microsoft Corporation | 2 | 1018 |
| Monolithic Power Systems, Inc. |  | 256 |
| NextEra Energy, Inc. | 8 | 527 |
| NVIDIA Corporation | 5 | 838 |
| Palo Alto Networks, Inc. (a) | 2 | 496 |
| Primo Brands Corporation - Class A | 12 | 358 |
| Reinsurance Group of America, Incorporated | 2 | 333 |
| Rockwell Automation, Inc. | 2 | 592 |
| Salesforce, Inc. | 2 | 497 |
| ServiceNow, Inc. (a) |  | 499 |
| Stryker Corporation | 1 | 361 |
| Tetra Tech, Inc. | 11 | 402 |
| Veralto Corporation | 6 | 567 |
| Visa Inc. - Class A | 2 | 628 |
| Zebra Technologies Corporation - Class A (a) | 1 | 385 |
|  |  | 13434 |
| **United Kingdom 7.2%** | **United Kingdom 7.2%** | **United Kingdom 7.2%** |
| Experian PLC | 8 | 393 |
| Halma Public Limited Company | 11 | 488 |
| London Stock Exchange Group PLC | 4 | 616 |
| Relx PLC | 5 | 288 |
|  |  | 1785 |
| **Canada 4.9%** | **Canada 4.9%** | **Canada 4.9%** |
| Cameco Corporation | 8 | 570 |
| Groupe WSP Global Inc. | 2 | 412 |
| TMX Group Limited | 6 | 238 |
|  |  | 1220 |
| **Switzerland 4.8%** | **Switzerland 4.8%** | **Switzerland 4.8%** |
| Alcon AG | 6 | 539 |
| On Holding AG - Class A (a) | 8 | 399 |
| Partners Group Holding AG |  | 255 |
|  |  | 1193 |
| **Brazil 3.2%** | **Brazil 3.2%** | **Brazil 3.2%** |
| Cia De Saneamento Basico Do Estado De Sao Paulo SABESP | 28 | 612 |
| NU Holdings Ltd. - Class A (a) | 13 | 181 |
|  |  | 793 |
| **Japan 2.7%** | **Japan 2.7%** | **Japan 2.7%** |
| Keyence Corporation | 1 | 220 |
| Terumo Corporation | 25 | 454 |
|  |  | 674 |
| **Taiwan 2.6%** | **Taiwan 2.6%** | **Taiwan 2.6%** |
| Taiwan Semiconductor Manufacturing Company Limited - ADR | 3 | 638 |
| **China 2.4%** | **China 2.4%** | **China 2.4%** |
| Lenovo Group Limited | 146 | 176 |
| Xiaomi Corporation (a) (b) | 54 | 415 |
|  |  | 591 |
| **Hong Kong 2.3%** | **Hong Kong 2.3%** | **Hong Kong 2.3%** |
| AIA Group Limited | 63 | 566 |
| **Argentina 2.2%** | **Argentina 2.2%** | **Argentina 2.2%** |
| MercadoLibre, Inc. (a) |  | 552 |
| **Jersey 2.1%** | **Jersey 2.1%** | **Jersey 2.1%** |
| Aptiv PLC (a) | 7 | 507 |
| **Germany 1.9%** | **Germany 1.9%** | **Germany 1.9%** |
| SAP SE | 2 | 469 |
| **Italy 1.9%** | **Italy 1.9%** | **Italy 1.9%** |
| Prysmian S.p.A. | 7 | 463 |
| **France 1.4%** | **France 1.4%** | **France 1.4%** |
| Danone | 4 | 334 |
| **India 1.1%** | **India 1.1%** | **India 1.1%** |
| Apollo Hospitals Enterprise Limited | 3 | 261 |
| **Netherlands 1.0%** | **Netherlands 1.0%** | **Netherlands 1.0%** |
| NXP Semiconductors N.V. | 1 | 259 |
| **Ireland 0.9%** | **Ireland 0.9%** | **Ireland 0.9%** |
| Kerry Group Public Limited Company - Class A | 2 | 233 |
| Total Common Stocks (cost $20,773) | Total Common Stocks (cost $20,773) | 23972 |
| **SHORT TERM INVESTMENTS 3.1%** | **SHORT TERM INVESTMENTS 3.1%** | **SHORT TERM INVESTMENTS 3.1%** |
| **Investment Companies 3.1%** | **Investment Companies 3.1%** | **Investment Companies 3.1%** |
| JNL Government Money Market Fund - Class I, 4.20% (c) (d) | 762 | 762 |
| Total Short Term Investments (cost $762) | Total Short Term Investments (cost $762) | 762 |
| **Total Investments 100.1% (cost $21,535)** | **Total Investments 100.1% (cost $21,535)** | **24734** |
| **Other Derivative Instruments (0.2)%** | **Other Derivative Instruments (0.2)%** | (44) |
| **Other Assets and Liabilities, Net 0.1%** | **Other Assets and Liabilities, Net 0.1%** | **22** |
| **Total Net Assets 100.0%** | **Total Net Assets 100.0%** | **24712** |

---

(a) Non-income producing security.

(b) Security is restricted to resale to institutional investors or subject to trading restrictions due to sanctions on foreign issuers. See Restricted Securities table following the Schedules of Investments.

(c) Investment in affiliate.

(d) Yield changes daily to reflect current market conditions. Rate was the quoted yield as of June 30, 2025.

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **JNL/AB Sustainable Global Thematic Fund — Investments in Affiliates** | **JNL/AB Sustainable Global Thematic Fund — Investments in Affiliates** | **JNL/AB Sustainable Global Thematic Fund — Investments in Affiliates** | **JNL/AB Sustainable Global Thematic Fund — Investments in Affiliates** | **JNL/AB Sustainable Global Thematic Fund — Investments in Affiliates** | **JNL/AB Sustainable Global Thematic Fund — Investments in Affiliates** | **JNL/AB Sustainable Global Thematic Fund — Investments in Affiliates** | **JNL/AB Sustainable Global Thematic Fund — Investments in Affiliates** | **JNL/AB Sustainable Global Thematic Fund — Investments in Affiliates** |
| **Affiliated Investment** | **Value Beginning of Period($)** | **Purchases($)** | **Sales Proceeds($)** | **Dividend Income/ Distributions from Funds($)** | **Realized Gain (Loss)($)** | **Change in Unrealized Appreciation (Depreciation) ($)** | **Value End of Period($)** | **Percentage of Net Assets(%)** |
| JNL Government Money Market Fund, 4.20% - Class I | 328 | 6115 | 5681 | 15 |  |  | 762 | 3.1 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **JNL/AB Sustainable Global Thematic Fund — Restricted Securities** | **JNL/AB Sustainable Global Thematic Fund — Restricted Securities** | **JNL/AB Sustainable Global Thematic Fund — Restricted Securities** | **JNL/AB Sustainable Global Thematic Fund — Restricted Securities** | **JNL/AB Sustainable Global Thematic Fund — Restricted Securities** |
| | **Initial Acquisition** | **Cost ($)** | **Value ($)** | **Percent of**<br> **Net Assets (%)** |
| Xiaomi Corporation | 05/09/25 | 357 | 415 | 1.7 |

---

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page [607](#abbreviations).

**JNL Series Trust** (Unaudited)

**Schedules of Investments (in thousands)**

June 30, 2025

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **JNL/AB Sustainable Global Thematic Fund — Forward Foreign Currency Contracts** | **JNL/AB Sustainable Global Thematic Fund — Forward Foreign Currency Contracts** | **JNL/AB Sustainable Global Thematic Fund — Forward Foreign Currency Contracts** | **JNL/AB Sustainable Global Thematic Fund — Forward Foreign Currency Contracts** | **JNL/AB Sustainable Global Thematic Fund — Forward Foreign Currency Contracts** | **JNL/AB Sustainable Global Thematic Fund — Forward Foreign Currency Contracts** | **JNL/AB Sustainable Global Thematic Fund — Forward Foreign Currency Contracts** |
| **Purchased/Sold** | **Counterparty** | **Expiration** | **Notional<sup>1</sup>** | **Notional<sup>1</sup>** | **Value ($)** | **Unrealized**<br> **Appreciation**<br> (Depreciation) ($) |
| AUD/USD | MSC | 08/21/25 | AUD | 552 | 364 | 3 |
| BRL/USD | BOA | 07/02/25 | BRL | 3628 | 668 | 16 |
| CHF/USD | MSC | 07/09/25 | CHF | 164 | 207 | 4 |
| CNY/USD | MSC | 08/07/25 | CNY | 1698 | 238 | 1 |
| EUR/USD | MSC | 07/09/25 | EUR | 1157 | 1364 | 44 |
| HKD/USD | MSC | 07/11/25 | HKD | 3430 | 437 | (6) |
| INR/USD | MSC | 08/14/25 | INR | 16804 | 196 |  |
| JPY/USD | MSC | 08/27/25 | JPY | 66015 | 461 | 7 |
| KRW/USD | CIT | 07/17/25 | KRW | 349836 | 259 | 14 |
| MXN/USD | MSC | 08/22/25 | MXN | 867 | 46 | 1 |
| SEK/USD | MSC | 09/04/25 | SEK | 1710 | 181 | 2 |
| TWD/USD | UBS | 08/22/25 | TWD | 5164 | 178 | (2) |
| USD/BRL | MSC | 07/02/25 | BRL | (3628) | (668) | (32) |
| USD/BRL | BOA | 08/04/25 | BRL | (3628) | (662) | (15) |
| USD/CAD | MSC | 08/28/25 | CAD | (84) | (62) | (1) |
| USD/CAD | MSC | 08/28/25 | CAD | (586) | (432) | 2 |
| USD/CHF | MSC | 07/09/25 | CHF | (693) | (874) | (27) |
| USD/CNY | MSC | 08/07/25 | CNY | (432) | (60) |  |
| USD/EUR | CIT | 07/09/25 | EUR | (111) | (131) | (7) |
| USD/EUR | MSC | 07/09/25 | EUR | (491) | (579) | (23) |
| USD/GBP | MSC | 07/16/25 | GBP | (739) | (1014) | (31) |
| USD/HKD | BOA | 07/11/25 | HKD | (505) | (64) | 1 |
| USD/HKD | MSC | 07/11/25 | HKD | (6205) | (792) | 10 |
| USD/TWD | BOA | 08/22/25 | TWD | (6478) | (223) | (5) |
| USD/TWD | UBS | 08/22/25 | TWD | (1803) | (62) | (1) |
| ZAR/USD | MSC | 08/07/25 | ZAR | 991 | 56 | 1 |
|  |  |  |  |  | (968) | (44) |

---

**Fair Value Hierarchy.** Various inputs are used in determining the fair value of financial instruments. For a description of the input levels and information about the Fund's policy regarding valuation of financial instruments, see Note 3 in the Notes to Financial Statements. The following table summarizes the Fund's investments categorized in the disclosure hierarchy as of June 30, 2025.

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **<u>. Level 1 ($) .</u>** | **<u>. Level 2 ($) .</u>** | **<u>. Level 3 ($) .</u>** | **<u>. Total ($) .</u>** |
| **JNL/AB Sustainable Global Thematic Fund** | **JNL/AB Sustainable Global Thematic Fund** | **JNL/AB Sustainable Global Thematic Fund** | **JNL/AB Sustainable Global Thematic Fund** | **JNL/AB Sustainable Global Thematic Fund** |
| **Assets - Securities** |  |  |  |  |
| &nbsp;&nbsp; Common Stocks | 17802 | 6170 |  | 23972 |
| &nbsp;&nbsp; Short Term Investments | 762 |  |  | 762 |
|  | 18564 | 6170 |  | 24734 |
| **Assets - Investments in Other Financial Instruments<sup>1</sup>** |  |  |  |  |
| &nbsp;&nbsp; Open Forward Foreign Currency Contracts |  | 106 |  | 106 |
|  |  | 106 |  | 106 |
| **Liabilities - Investments in Other Financial Instruments<sup>1</sup>** |  |  |  |  |
| &nbsp;&nbsp; Open Forward Foreign Currency Contracts |  | (150) |  | (150) |
|  |  | (150) |  | (150) |

---

<sup>1</sup> All derivatives, except for purchased and written options, are reflected at the unrealized appreciation (depreciation) on the instrument. Purchased and written options are reflected at value.

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page [607](#abbreviations).

**JNL Series Trust** (Unaudited)

**Schedules of Investments (in thousands)**

June 30, 2025

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| **JNL/AQR Large Cap Defensive Style Fund** | **JNL/AQR Large Cap Defensive Style Fund** | **JNL/AQR Large Cap Defensive Style Fund** |
| **COMMON STOCKS 93.4%** | **COMMON STOCKS 93.4%** | **COMMON STOCKS 93.4%** |
| **Information Technology 16.4%** | **Information Technology 16.4%** | **Information Technology 16.4%** |
| Accenture Public Limited Company - Class A | 11 | 3180 |
| Adobe Inc. (a) | 1 | 386 |
| Apple Inc. | 12 | 2537 |
| AppLovin Corporation - Class A (a) | 3 | 1136 |
| Arista Networks, Inc. (a) | 81 | 8317 |
| Broadcom Inc. | 5 | 1352 |
| Cisco Systems, Inc. | 93 | 6444 |
| CrowdStrike Holdings, Inc. - Class A (a) | 5 | 2516 |
| Datadog, Inc. - Class A (a) | 22 | 2967 |
| Dell Technologies Inc. - Class C | 40 | 4952 |
| Dolby Laboratories, Inc. - Class A | 15 | 1098 |
| Fortinet, Inc. (a) | 19 | 1997 |
| International Business Machines Corporation | 14 | 4002 |
| Intuit Inc. | 2 | 1496 |
| Lam Research Corporation | 14 | 1408 |
| Lattice Semiconductor Corporation (a) | 9 | 420 |
| Microsoft Corporation | 7 | 3712 |
| Motorola Solutions, Inc. | 6 | 2532 |
| Nutanix, Inc. - Class A (a) | 5 | 371 |
| NVIDIA Corporation | 22 | 3506 |
| Palantir Technologies Inc. - Class A (a) | 7 | 981 |
| Palo Alto Networks, Inc. (a) | 2 | 350 |
| Roper Technologies, Inc. | 9 | 4943 |
| Salesforce, Inc. | 3 | 767 |
| ServiceNow, Inc. (a) | 3 | 3185 |
| Teledyne Technologies Incorporated (a) | 1 | 492 |
| Tyler Technologies, Inc. (a) | 4 | 2446 |
| Ubiquiti Inc. (b) | 1 | 584 |
| Zoom Communications, Inc. - Class A (a) | 57 | 4431 |
| Zscaler, Inc. (a) | 1 | 451 |
|  |  | 72959 |
| **Consumer Staples 14.3%** | **Consumer Staples 14.3%** | **Consumer Staples 14.3%** |
| Altria Group, Inc. | 30 | 1778 |
| Casey's General Stores, Inc. | 2 | 1099 |
| Church & Dwight Co., Inc. | 30 | 2915 |
| Coca-Cola Company, The | 80 | 5674 |
| Coca-Cola Consolidated, Inc. | 1 | 156 |
| Colgate-Palmolive Company | 58 | 5255 |
| Costco Wholesale Corporation | 6 | 5915 |
| General Mills, Inc. | 30 | 1538 |
| Hormel Foods Corporation | 47 | 1424 |
| Kimberly-Clark Corporation | 1 | 182 |
| Kraft Heinz Company, The | 24 | 611 |
| Kroger Co., The | 78 | 5614 |
| Mondelez International, Inc. - Class A | 32 | 2128 |
| Monster Beverage 1990 Corporation (a) | 81 | 5047 |
| PepsiCo, Inc. | 31 | 4062 |
| Philip Morris International Inc. | 35 | 6333 |
| Pilgrim's Pride Corporation | 15 | 670 |
| Procter & Gamble Company, The | 34 | 5459 |
| Seaboard Corporation |  | 426 |
| The Hershey Company | 11 | 1837 |
| Walmart Inc. | 58 | 5697 |
|  |  | 63820 |
| **Industrials 13.4%** | **Industrials 13.4%** | **Industrials 13.4%** |
| AAON, Inc. | 7 | 489 |
| Automatic Data Processing, Inc. | 19 | 5900 |
| Caci International Inc. - Class A (a) | 7 | 3391 |
| Caterpillar Inc. | 3 | 977 |
| Cintas Corporation | 10 | 2262 |
| Copart, Inc. (a) | 52 | 2534 |
| Cummins Inc. |  | 134 |
| Deere & Company | 1 | 711 |
| FTI Consulting, Inc. (a) | 16 | 2519 |
| General Dynamics Corporation | 8 | 2313 |
| General Electric Company | 25 | 6381 |
| Illinois Tool Works Inc. | 5 | 1360 |
| KBR, Inc. | 3 | 124 |
| Leidos Holdings, Inc. | 7 | 1040 |
| Lockheed Martin Corporation | 11 | 4875 |
| MSC Industrial Direct Co., Inc. - Class A | 12 | 979 |
| Northrop Grumman Corporation | 6 | 2817 |
| Parsons Corporation (a) | 10 | 746 |
| Republic Services, Inc. | 24 | 5984 |
| Rollins, Inc. | 8 | 471 |
| RTX Corporation | 15 | 2197 |
| Trane Technologies Public Limited Company | 9 | 3740 |
| Verisk Analytics, Inc. | 5 | 1681 |
| Waste Management, Inc. | 26 | 5865 |
| Westinghouse Air Brake Technologies Corporation | 1 | 158 |
|  |  | 59648 |
| **Financials 13.0%** | **Financials 13.0%** | **Financials 13.0%** |
| Allstate Corporation, The | 7 | 1464 |
| Arch Capital Group Ltd. | 38 | 3501 |
| CBOE Global Markets, Inc. | 28 | 6484 |
| Chubb Limited | 21 | 5946 |
| Cincinnati Financial Corporation | 2 | 309 |
| Citigroup Inc. | 7 | 578 |
| CME Group Inc. - Class A | 23 | 6206 |
| Everest Group, Ltd. | 7 | 2346 |
| Fiserv, Inc. (a) | 8 | 1453 |
| Hartford Insurance Group, Inc., The | 9 | 1170 |
| Intercontinental Exchange, Inc. | 7 | 1313 |
| JPMorgan Chase & Co. | 1 | 392 |
| Loews Corporation | 5 | 486 |
| Marsh & Mclennan Companies, Inc. | 2 | 408 |
| MasterCard Incorporated - Class A | 11 | 6049 |
| Prosperity Bancshares, Inc. | 13 | 945 |
| The Progressive Corporation | 22 | 5880 |
| Travelers Companies, Inc., The | 15 | 4118 |
| Visa Inc. - Class A | 17 | 6173 |
| W. R. Berkley Corporation | 12 | 902 |
| White Mountains Insurance Group Ltd | 1 | 1787 |
|  |  | 57910 |
| **Health Care 12.6%** | **Health Care 12.6%** | **Health Care 12.6%** |
| Abbott Laboratories | 43 | 5906 |
| Becton, Dickinson and Company | 4 | 695 |
| Boston Scientific Corporation (a) | 31 | 3360 |
| Cardinal Health, Inc. | 16 | 2700 |
| Cencora, Inc. | 14 | 4276 |
| Centene Corporation (a) | 2 | 102 |
| Chemed Corporation | 2 | 819 |
| Cigna Group, The | 3 | 1111 |
| Danaher Corporation | 7 | 1404 |
| Edwards Lifesciences Corporation (a) | 8 | 596 |
| Elevance Health, Inc. | 4 | 1709 |
| Eli Lilly and Company | 2 | 1572 |
| Hologic, Inc. (a) | 3 | 188 |
| Humana Inc. | 5 | 1166 |
| Johnson & Johnson | 37 | 5617 |
| McKesson Corporation | 8 | 6228 |
| Medpace Holdings, Inc. (a) | 3 | 855 |
| Medtronic, Inc. | 13 | 1090 |
| Merck & Co., Inc. | 47 | 3686 |
| Neurocrine Biosciences, Inc. (a) | 12 | 1476 |
| Regeneron Pharmaceuticals, Inc. | 3 | 1403 |
| Stryker Corporation | 2 | 609 |
| Thermo Fisher Scientific Inc. | 2 | 919 |
| United Therapeutics Corporation (a) | 10 | 2781 |
| UnitedHealth Group Incorporated | 10 | 3115 |
| Veeva Systems Inc. - Class A (a) | 3 | 973 |
| Vertex Pharmaceuticals Incorporated (a) | 3 | 1183 |
| Viking Therapeutics, Inc. (a) | 13 | 338 |
|  |  | 55877 |
| **Communication Services 10.3%** | **Communication Services 10.3%** | **Communication Services 10.3%** |
| Alphabet Inc. - Class A | 38 | 6616 |
| AT&T Inc. | 216 | 6254 |
| DoubleVerify Holdings, Inc. (a) | 51 | 764 |
| Electronic Arts Inc. | 37 | 5874 |
| Fox Corporation - Class A | 12 | 685 |
| Liberty Global Ltd. - Class A (a) | 49 | 490 |
| Meta Platforms, Inc. - Class A | 9 | 6687 |
| Netflix, Inc. (a) | 3 | 3586 |
| Spotify Technology S.A. (a) | 8 | 6125 |

---

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page [607](#abbreviations).

**JNL Series Trust** (Unaudited)

**Schedules of Investments (in thousands)**

June 30, 2025

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| The New York Times Company - Class A | 8 | 455 |
| T-Mobile US, Inc. | 10 | 2471 |
| Verizon Communications Inc. | 135 | 5828 |
| | | 45835 |
| **Consumer Discretionary 8.0%** | **Consumer Discretionary 8.0%** | **Consumer Discretionary 8.0%** |
| Airbnb, Inc. - Class A (a) | 1 | 131 |
| Amazon.com, Inc. (a) | 4 | 779 |
| AutoZone, Inc. (a) | 1 | 5353 |
| Booking Holdings Inc. | 1 | 5222 |
| Chipotle Mexican Grill, Inc. (a) | 15 | 870 |
| Deckers Outdoor Corporation (a) | 20 | 2017 |
| Dillard's, Inc. - Class A (b) | 5 | 1935 |
| DoorDash, Inc. - Class A (a) | 2 | 547 |
| Garmin Ltd. | 10 | 2047 |
| General Motors Company | 29 | 1406 |
| Macy's, Inc. | 11 | 123 |
| McDonald's Corporation | 18 | 5372 |
| O'Reilly Automotive, Inc. (a) | 63 | 5685 |
| TJX Companies, Inc., The | 22 | 2761 |
| Williams-Sonoma, Inc. | 9 | 1493 |
|  |  | 35741 |
| **Energy 4.0%** | **Energy 4.0%** | **Energy 4.0%** |
| Chevron Corporation | 17 | 2499 |
| Civitas Resources, Inc. | 60 | 1658 |
| ConocoPhillips | 25 | 2246 |
| Coterra Energy Inc. | 27 | 680 |
| DT Midstream, Inc. | 18 | 1958 |
| EOG Resources, Inc. | 35 | 4167 |
| Exxon Mobil Corporation | 24 | 2602 |
| Texas Pacific Land Corporation | 2 | 2107 |
|  |  | 17917 |
| **Materials 1.0%** | **Materials 1.0%** | **Materials 1.0%** |
| Linde Public Limited Company | 8 | 3664 |
| Packaging Corporation of America | 4 | 691 |
|  |  | 4355 |
| **Utilities 0.4%** | **Utilities 0.4%** | **Utilities 0.4%** |
| Duke Energy Corporation | 16 | 1944 |
| Total Common Stocks (cost $320,068) | Total Common Stocks (cost $320,068) | 416006 |
| **SHORT TERM INVESTMENTS 6.4%** | **SHORT TERM INVESTMENTS 6.4%** | **SHORT TERM INVESTMENTS 6.4%** |
| **Investment Companies 6.0%** | **Investment Companies 6.0%** | **Investment Companies 6.0%** |
| JNL Government Money Market Fund - Class I, 4.20% (c) (d) | 27098 | 27098 |
| **Securities Lending Collateral 0.4%** | **Securities Lending Collateral 0.4%** | **Securities Lending Collateral 0.4%** |
| JNL Government Money Market Fund - Class SL, 4.30% (c) (d) | 1723 | 1723 |
| Total Short Term Investments (cost $28,821) | Total Short Term Investments (cost $28,821) | 28821 |
| **Total Investments 99.8% (cost $348,889)** | **Total Investments 99.8% (cost $348,889)** | **444827** |
| **Other Derivative Instruments 0.0%** | **Other Derivative Instruments 0.0%** | **127** |
| **Other Assets and Liabilities, Net 0.2%** | **Other Assets and Liabilities, Net 0.2%** | **545** |
| **Total Net Assets 100.0%** | **Total Net Assets 100.0%** | **445499** |

---

(a) Non-income producing security.

(b) All or a portion of the security was on loan as of June 30, 2025.

(c) Investment in affiliate.

(d) Yield changes daily to reflect current market conditions. Rate was the quoted yield as of June 30, 2025.

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **JNL/AQR Large Cap Defensive Style Fund — Investments in Affiliates** | **JNL/AQR Large Cap Defensive Style Fund — Investments in Affiliates** | **JNL/AQR Large Cap Defensive Style Fund — Investments in Affiliates** | **JNL/AQR Large Cap Defensive Style Fund — Investments in Affiliates** | **JNL/AQR Large Cap Defensive Style Fund — Investments in Affiliates** | **JNL/AQR Large Cap Defensive Style Fund — Investments in Affiliates** | **JNL/AQR Large Cap Defensive Style Fund — Investments in Affiliates** | **JNL/AQR Large Cap Defensive Style Fund — Investments in Affiliates** | **JNL/AQR Large Cap Defensive Style Fund — Investments in Affiliates** |
| **Affiliated Investment** | **Value Beginning of Period($)** | **Purchases($)** | **Sales Proceeds($)** | **Dividend Income/ Distributions from Funds($)** | **Realized Gain (Loss)($)** | **Change in Unrealized Appreciation (Depreciation) ($)** | **Value End of Period($)** | **Percentage of Net Assets(%)** |
| JNL Government Money Market Fund, 4.20% - Class I | 6626 | 71316 | 50844 | 357 |  |  | 27098 | 6.1 |
| JNL Government Money Market Fund, 4.30% - Class SL |  | 5660 | 3937 | 1 |  |  | 1723 | 0.4 |
|  | 6626 | 76976 | 54781 | 358 |  |  | 28821 | 6.5 |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **JNL/AQR Large Cap Defensive Style Fund — Futures Contracts** | **JNL/AQR Large Cap Defensive Style Fund — Futures Contracts** | **JNL/AQR Large Cap Defensive Style Fund — Futures Contracts** | **JNL/AQR Large Cap Defensive Style Fund — Futures Contracts** | **JNL/AQR Large Cap Defensive Style Fund — Futures Contracts** | **JNL/AQR Large Cap Defensive Style Fund — Futures Contracts** |
| **Reference Entity** | **Contracts<sup>1</sup>** | **Expiration** | **Notional<sup>1</sup>** | **Variation**<br> **Margin**<br> **Receivable**<br> (Payable) ($) | **Value/**<br> **Unrealized**<br> **Appreciation**<br> (Depreciation) ($) |
| **Long Contracts** | **Long Contracts** | **Long Contracts** | **Long Contracts** | **Long Contracts** | **Long Contracts** |
| S&P 500 Index | 85 | September 2025 | 25725 | 127 | 853 |

---

**Fair Value Hierarchy.** Various inputs are used in determining the fair value of financial instruments. For a description of the input levels and information about the Fund's policy regarding valuation of financial instruments, see Note 3 in the Notes to Financial Statements. The following table summarizes the Fund's investments categorized in the disclosure hierarchy as of June 30, 2025.

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **<u>. Level 1 ($) .</u>** | **<u>. Level 2 ($) .</u>** | **<u>. Level 3 ($) .</u>** | **<u>. Total ($) .</u>** |
| **JNL/AQR Large Cap Defensive Style Fund** | **JNL/AQR Large Cap Defensive Style Fund** | **JNL/AQR Large Cap Defensive Style Fund** | **JNL/AQR Large Cap Defensive Style Fund** | **JNL/AQR Large Cap Defensive Style Fund** |
| **Assets - Securities** |  |  |  |  |
| &nbsp;&nbsp; Common Stocks | 416006 |  |  | 416006 |
| &nbsp;&nbsp; Short Term Investments | 28821 |  |  | 28821 |
|  | 444827 |  |  | 444827 |
| **Assets - Investments in Other Financial Instruments<sup>1</sup>** |  |  |  |  |
| &nbsp;&nbsp; Futures Contracts | 853 |  |  | 853 |
|  | 853 |  |  | 853 |

---

<sup>1</sup> All derivatives, except for purchased and written options, are reflected at the unrealized appreciation (depreciation) on the instrument. Purchased and written options are reflected at value.

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page [607](#abbreviations).

**JNL Series Trust** (Unaudited)

**Schedules of Investments (in thousands)**

June 30, 2025

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| **JNL/BlackRock Global Allocation Fund** | **JNL/BlackRock Global Allocation Fund** | **JNL/BlackRock Global Allocation Fund** |
| **COMMON STOCKS 60.5%** | **COMMON STOCKS 60.5%** | **COMMON STOCKS 60.5%** |
| **Information Technology 15.4%** | **Information Technology 15.4%** | **Information Technology 15.4%** |
| Accenture Public Limited Company - Class A | 6 | 1903 |
| Accton Technology Corporation | 7 | 175 |
| Adobe Inc. (a) (b) | 10 | 3994 |
| Advanced Micro Devices, Inc. (a) | 2 | 341 |
| Amphenol Corporation - Class A | 23 | 2253 |
| Analog Devices, Inc. | 1 | 323 |
| ANSYS, Inc. (a) | 4 | 1318 |
| Apple Inc. (b) (c) | 201 | 41170 |
| Applied Materials, Inc. | 10 | 1793 |
| Arista Networks, Inc. (a) | 15 | 1565 |
| ASMedia Technology Inc. | 7 | 459 |
| ASML Holding N.V. | 22 | 17482 |
| Avaya Holdings Corp. (a) |  | 1 |
| Broadcom Inc. (c) | 101 | 27724 |
| Cadence Design Systems, Inc. (a) | 13 | 4119 |
| Canon Inc. (d) | 33 | 952 |
| Cisco Systems, Inc. | 140 | 9735 |
| CommScope Holding Company, Inc. (a) | 48 | 397 |
| Confluent, Inc. - Class A (a) | 239 | 5970 |
| Constellation Software Inc. |  | 1313 |
| CrowdStrike Holdings, Inc. - Class A (a) (c) | 5 | 2483 |
| CyberArk Software Ltd. (a) (c) | 22 | 8800 |
| Dassault Systemes | 39 | 1422 |
| Datadog, Inc. - Class A (a) | 33 | 4458 |
| Elm Company |  | 114 |
| EPAM Systems, Inc. (a) | 1 | 139 |
| Fair Isaac Corporation (a) | 1 | 1466 |
| Fortinet, Inc. (a) | 30 | 3171 |
| FUJIFILM Holdings Corporation | 49 | 1055 |
| Gen Digital Inc. | 22 | 651 |
| Genius Electronic Optical Co., Ltd. | 45 | 639 |
| Global Unichip Corp. | 11 | 494 |
| Hewlett Packard Enterprise Company | 33 | 679 |
| HP, Inc. | 122 | 2987 |
| Hygon Information Technology Co., Ltd. - Class A | 26 | 511 |
| Infosys Limited | 25 | 465 |
| Intuit Inc. (c) | 14 | 11227 |
| IREN Limited (a) (d) | 25 | 367 |
| Jabil Inc. | 12 | 2530 |
| Keyence Corporation | 4 | 1520 |
| King Slide Works Co., Ltd. | 5 | 349 |
| Lam Research Corporation | 23 | 2222 |
| Logitech International S.A. - Class N | 16 | 1464 |
| Marvell Technology, Inc. | 31 | 2426 |
| MediaTek Inc. | 39 | 1660 |
| Microchip Technology Incorporated | 15 | 1067 |
| Micron Technology, Inc. (c) | 100 | 12344 |
| Microsoft Corporation (c) | 129 | 64060 |
| Murata Manufacturing Co., Ltd. | 131 | 1949 |
| Northern Data AG (a) | 7 | 206 |
| NVIDIA Corporation (b) (c) | 399 | 62974 |
| NXP Semiconductors N.V. | 18 | 3859 |
| Oracle Corporation (c) | 78 | 16969 |
| Palantir Technologies Inc. - Class A (a) | 4 | 522 |
| Palo Alto Networks, Inc. (a) | 10 | 2144 |
| Qualcomm Incorporated | 4 | 686 |
| Rakus Co., Ltd. | 24 | 385 |
| Realtek Semiconductor Corporation | 71 | 1372 |
| Salesforce, Inc. (c) | 53 | 14498 |
| Samsung Electronics Co., Ltd. | 30 | 1310 |
| SAP SE | 26 | 7921 |
| ServiceTitan, Inc. - Class A (a) | 50 | 5357 |
| Shopify Inc. - Class A (a) | 7 | 751 |
| SK Hynix Inc. | 6 | 1232 |
| Snowflake Inc. - Class A (a) | 12 | 2721 |
| Socionext Inc. (d) | 34 | 654 |
| STMicroelectronics N.V. | 39 | 1189 |
| Taiwan Semiconductor Manufacturing Company Limited - ADR | 4 | 869 |
| Taiwan Semiconductor Manufacturing Company Limited | 571 | 20678 |
| Tata Consultancy Services Limited | 27 | 1079 |
| TE Connectivity Public Limited Company | 4 | 696 |
| Texas Instruments Incorporated | 4 | 775 |
| Tokyo Electron Limited | 2 | 306 |
| Trend Micro Incorporated | 12 | 803 |
| Veritas NewCo. (a) (e) | 4 | 91 |
| Veritas NewCo. (a) (e) | 6 | 131 |
| Western Digital Corporation | 12 | 762 |
| WOM Mobile SPA (a) (e) | 1 | 16 |
| Workday, Inc. - Class A (a) | 6 | 1530 |
| Xero Limited (a) (f) | 1 | 63 |
| Xiaomi Corporation (a) (g) | 86 | 664 |
|  |  | 408919 |
| **Financials 9.6%** | **Financials 9.6%** | **Financials 9.6%** |
| Abu Dhabi Commercial Bank PJSC | 28 | 103 |
| Admiral Group PLC | 22 | 1000 |
| AIA Group Limited | 148 | 1336 |
| Akbank Turk Anonim Sirketi - Class A | 87 | 151 |
| Aktsionernoe Obshchestvo Narodny Bank Kazakhstana - GDR (g) | 4 | 111 |
| Al Rajhi Banking and Investment Corporation | 16 | 391 |
| Allianz SE | 6 | 2507 |
| AXA | 13 | 653 |
| Axis Bank Limited | 4 | 50 |
| B3 S.A. - Brasil, Bolsa, Balcao | 509 | 1362 |
| Bajaj Finance Limited | 4 | 40 |
| Banca Monte dei Paschi di Siena S.p.A. | 33 | 282 |
| Banco Bilbao Vizcaya Argentaria, S.A. | 220 | 3374 |
| Banco de Sabadell, S.A. | 356 | 1138 |
| Banco do Brasil S.A | 256 | 1044 |
| Bank of America Corporation (c) | 339 | 16043 |
| Bankinter Sociedad Anonima (d) | 85 | 1104 |
| BB Seguridade Participacoes S.A. | 115 | 756 |
| Berkshire Hathaway Inc. - Class B (a) |  | 141 |
| Bper Banca S.P.A. | 94 | 855 |
| CaixaBank, S.A. | 271 | 2348 |
| Capital One Financial Corporation (c) | 111 | 23573 |
| CIMB Group Holdings Berhad | 40 | 65 |
| Citigroup Inc. | 196 | 16679 |
| Comerica Incorporated | 2 | 112 |
| Credicorp Ltd. | 5 | 1018 |
| Dai-ichi Life Holdings, Inc. | 184 | 1387 |
| Daiwa Securities Group Inc. | 37 | 265 |
| DNB Bank ASA | 15 | 405 |
| Edenred | 10 | 298 |
| Erie Indemnity Company - Class A | 3 | 1043 |
| eToro Group Ltd. - Class A (a) | 10 | 670 |
| FactSet Research Systems Inc. | 1 | 486 |
| Fifth Third Bancorp | 21 | 877 |
| Finecobank Banca Fineco S.P.A. | 12 | 258 |
| First Citizens BancShares, Inc. - Class A |  | 657 |
| First Horizon Corporation | 11 | 224 |
| FirstRand Limited | 193 | 826 |
| Fiserv, Inc. (a) | 18 | 3128 |
| Flagstar Financial, Inc. | 89 | 948 |
| Global Payments Inc. | 2 | 140 |
| GMO Payment Gateway, Inc. | 8 | 544 |
| Grupo Cibest S A - ADR | 3 | 116 |
| Grupo Financiero Banorte, S.A.B. de C.V. | 151 | 1390 |
| ICICI Bank Limited | 3 | 56 |
| ING Groep N.V. | 89 | 1943 |
| Intesa Sanpaolo SPA | 2280 | 13165 |
| Invesco Ltd. | 80 | 1261 |
| Investor Aktiebolag - Class B | 33 | 990 |
| Japan Exchange Group, Inc. | 75 | 757 |
| Japan Post Bank Co., Ltd. | 227 | 2450 |
| Japan Post Holdings Co., Ltd. | 75 | 697 |
| Joint Stock Company Kaspi.Kz - ADR (g) | 3 | 223 |
| JPMorgan Chase & Co. (c) | 63 | 18324 |
| KB Financial Group Inc. | 9 | 756 |
| KKR & Co. Inc. - Class A | 71 | 9474 |
| Komercni banka, a.s. | 2 | 119 |
| Lion Finance Group PLC | 2 | 192 |
| Lloyds Banking Group PLC | 619 | 653 |
| Macquarie Group Limited | 5 | 740 |

---

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page [607](#abbreviations).

**JNL Series Trust** (Unaudited)

**Schedules of Investments (in thousands)**

June 30, 2025

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| MarketAxess Holdings Inc. | 6 | 1440 |
| Marsh & Mclennan Companies, Inc. | 80 | 17454 |
| MasterCard Incorporated - Class A | 23 | 12965 |
| Metropolitan Bank & Trust Company | 61 | 78 |
| Mitsubishi UFJ Financial Group, Inc. | 168 | 2296 |
| MONETA Money Bank, a.s. (g) | 15 | 102 |
| MS&AD Insurance Group Holdings, Inc. | 20 | 454 |
| MSCI Inc. - Class A | 5 | 2684 |
| National Bank of Greece SA - Class R | 9 | 111 |
| NatWest Group PLC | 211 | 1483 |
| Nomura Holdings, Inc. | 69 | 457 |
| Northern Trust Corporation | 6 | 710 |
| OTP Bank Nyrt. | 5 | 369 |
| Partners Group Holding AG | 2 | 2731 |
| PayPal Holdings, Inc. (a) | 21 | 1577 |
| Power Corporation of Canada (d) | 4 | 140 |
| Powszechny Zaklad Ubezpieczen Spolka Akcyjna | 67 | 1179 |
| Principal Financial Group, Inc. | 26 | 2080 |
| PT. Bank Mandiri (Persero) Tbk. | 963 | 290 |
| PT. Bank Syariah Indonesia TBK | 451 | 72 |
| Raiffeisen Bank International AG | 2 | 72 |
| S&P Global Inc. | 4 | 2316 |
| Sampo Oyj - Class A | 42 | 448 |
| Saudi National Bank, The | 6 | 61 |
| State Street Corporation | 11 | 1175 |
| Steadfast Group Ltd | 28 | 110 |
| Sumitomo Mitsui Financial Group, Inc. | 68 | 1714 |
| Synchrony Financial | 31 | 2068 |
| T. Rowe Price Group, Inc. | 17 | 1634 |
| The PNC Financial Services Group, Inc. | 19 | 3565 |
| The Progressive Corporation | 64 | 16983 |
| Tokio Marine Holdings, Inc. | 17 | 707 |
| Turkiye Is Bankasi Anonim Sirketi - Class C | 591 | 199 |
| Unicredit, Societa' Per Azioni In Forma Abbreviata Unicredit S.P.A. (c) | 205 | 13770 |
| Visa Inc. - Class A | 7 | 2322 |
| Wells Fargo & Company | 219 | 17554 |
| XP Inc. - Class A | 4 | 80 |
| Zurich Insurance Group AG - Class N | 2 | 1203 |
| | | 256351 |
| **Industrials 8.2%** | **Industrials 8.2%** | **Industrials 8.2%** |
| ABB Ltd - Class N | 7 | 406 |
| Air Arabia PJSC | 111 | 103 |
| Airbus SE | 10 | 1996 |
| Airtac International Group | 18 | 537 |
| Aktiebolaget Volvo - Class B | 31 | 866 |
| Amentum Holdings, Inc. (a) | 44 | 1033 |
| Athens International Airport SA | 17 | 193 |
| Atlas Copco Aktiebolag - Class A | 51 | 832 |
| Automatic Data Processing, Inc. | 3 | 930 |
| BAE Systems PLC | 774 | 20111 |
| BELIMO Holding AG - Class N | 1 | 818 |
| Boeing Company, The (a) (c) | 78 | 16449 |
| Bouygues | 17 | 755 |
| Bunzl Public Limited Company | 17 | 538 |
| Canadian National Railway Company | 18 | 1911 |
| Carrier Global Corporation | 10 | 735 |
| Cintas Corporation | 5 | 1151 |
| Compagnie de Saint-Gobain | 70 | 8192 |
| Contemporary Amperex Technology Co., Limited - Class A | 114 | 4001 |
| Daikin Industries, Ltd. | 13 | 1524 |
| Delta Air Lines, Inc. | 69 | 3415 |
| DSV A/S | 27 | 6403 |
| EBARA Corporation | 29 | 556 |
| Eiffage | 8 | 1159 |
| Experian PLC | 14 | 725 |
| FANUC Corporation | 11 | 310 |
| Frontken Corporation Berhad | 151 | 143 |
| GE Vernova Inc. | 3 | 1836 |
| Geberit AG - Class N | 3 | 2142 |
| General Dynamics Corporation | 2 | 625 |
| General Electric Company | 11 | 2777 |
| Grupo Aeroportuario del Sureste, S.A.B. de C.V. - Class B | 4 | 142 |
| GS Engineering & Construction Corp. | 14 | 213 |
| HD Korea Shipbuilding & Offshore Engineering Co., Ltd. | 1 | 339 |
| Hindustan Aeronautics Limited | 6 | 326 |
| Howmet Aerospace Inc. | 17 | 3115 |
| Huntington Ingalls Industries, Inc. | 5 | 1211 |
| Hyundai Mipo Dockyard Co., Ltd. | 4 | 593 |
| International Container Terminal Services, Inc. | 10 | 75 |
| Kawasaki Kisen Kaisha, Ltd. (d) | 39 | 545 |
| Kingspan Group Public Limited Company | 11 | 910 |
| Komatsu Ltd. | 26 | 870 |
| Kone Corporation - Class B | 11 | 733 |
| Kongsberg Gruppen ASA | 29 | 1139 |
| Kuhne & Nagel International AG (d) | 7 | 1487 |
| Leonardo S.p.A. | 9 | 491 |
| Lockheed Martin Corporation | 12 | 5392 |
| MISUMI Group Inc. | 30 | 399 |
| Mitsubishi Corporation | 13 | 256 |
| Mitsubishi Electric Corporation | 27 | 579 |
| Nidec Corporation | 47 | 904 |
| Nippon Yusen Kabushiki Kaisha | 27 | 985 |
| Northrop Grumman Corporation | 2 | 1236 |
| Obayashi Corporation | 34 | 521 |
| Otis Worldwide Corporation | 6 | 592 |
| Palladyne AI Corp. (a) (d) | 1 | 11 |
| Paychex, Inc. | 2 | 292 |
| Prysmian S.p.A. | 19 | 1361 |
| PT. Astra International Tbk | 595 | 165 |
| Relx PLC | 319 | 17284 |
| Rheinmetall Aktiengesellschaft |  | 13 |
| Rockwell Automation, Inc. | 3 | 867 |
| Rolls-Royce Holdings PLC | 334 | 4435 |
| RTX Corporation | 4 | 520 |
| Safran | 3 | 860 |
| Schneider Electric SE | 2 | 430 |
| SGS SA | 8 | 787 |
| Shimizu Corporation | 75 | 835 |
| Siemens Energy AG (a) | 16 | 1842 |
| Sojitz Corporation | 1 | 34 |
| Southwest Airlines Co. | 19 | 615 |
| Sungrow Power Supply Co., Ltd. - Class A | 17 | 161 |
| Techtronic Industries Company Limited | 84 | 924 |
| Textron Inc. | 28 | 2269 |
| Thomson Reuters Corporation | 11 | 2201 |
| TOTO Ltd. | 24 | 597 |
| Toyota Tsusho Corporation | 30 | 686 |
| Trane Technologies Public Limited Company | 34 | 14827 |
| TransDigm Group Incorporated | 13 | 19321 |
| Transurban Holdings Limited | 145 | 1338 |
| Uber Technologies, Inc. (a) | 72 | 6712 |
| Union Pacific Corporation | 45 | 10447 |
| United Airlines Holdings, Inc. (a) | 38 | 3043 |
| Vertiv Holdings Co - Class A (c) | 111 | 14219 |
| Vestas Wind Systems A/S | 87 | 1308 |
| Waste Management, Inc. | 5 | 1074 |
| Weichai Power Co., Ltd. - Class H | 331 | 674 |
| Wizz Air Holdings PLC (a) (d) (g) | 8 | 119 |
| Yaskawa Electric Corporation | 6 | 138 |
|  |  | 216634 |
| **Consumer Discretionary 7.0%** | **Consumer Discretionary 7.0%** | **Consumer Discretionary 7.0%** |
| Accor | 86 | 4470 |
| Airbnb, Inc. - Class A (a) | 5 | 641 |
| Alibaba Group Holding Limited (g) | 1 | 11 |
| Alibaba Group Holding Limited - ADR | 17 | 1943 |
| Amazon.com, Inc. (a) (b) (c) | 221 | 48557 |
| Best Buy Co., Inc. | 14 | 915 |
| Bloomberry Resorts Corporation | 448 | 41 |
| Booking Holdings Inc. |  | 2217 |
| BYD Company Limited - Class H | 653 | 10157 |
| Caesars Entertainment, Inc. (a) | 13 | 382 |
| CarMax, Inc. (a) | 33 | 2227 |
| Compass Group PLC | 361 | 12207 |
| D.R. Horton, Inc. | 32 | 4100 |
| DigiPlus Interactive Corp. | 84 | 78 |
| DK Crown Holdings Inc. - Class A (a) | 42 | 1804 |

---

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page [607](#abbreviations).

**JNL Series Trust** (Unaudited)

**Schedules of Investments (in thousands)**

June 30, 2025

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| DoorDash, Inc. - Class A (a) | 3 | 749 |
| eBay Inc. | 12 | 891 |
| Eicher Motors Limited | 2 | 107 |
| Evolution AB (publ) (g) | 16 | 1304 |
| Fast Retailing Co., Ltd. | 1 | 479 |
| Ferrari N.V. | 6 | 2792 |
| Fiat Chrysler Automobiles N.V. | 51 | 512 |
| Flutter Entertainment Public Limited Company (a) | 16 | 4444 |
| Garmin Ltd. | 1 | 210 |
| Geely Automobile Holdings Limited | 211 | 431 |
| General Motors Company | 4 | 188 |
| Genius Sports Limited (a) | 107 | 1114 |
| Great Wall Motor Company Limited - Class A | 450 | 1348 |
| Greek Organisation of Football Prognostics S.A. - Class R | 5 | 109 |
| Haidilao International Holding Ltd. (g) | 126 | 240 |
| Hermes International | 4 | 11680 |
| Hilton Worldwide Holdings Inc. | 24 | 6356 |
| Home Depot, Inc., The | 36 | 13215 |
| Industria de Diseno Textil, S.A. | 18 | 917 |
| Isetan Mitsukoshi Holdings Ltd. (d) | 28 | 429 |
| J.Front Retailing Co., Ltd. (d) | 4 | 50 |
| Jawbone Inc. (e) (g) |  |  |
| JD.com, Inc. - Class A | 84 | 1369 |
| KIA Corporation | 10 | 719 |
| Las Vegas Sands Corp. | 60 | 2605 |
| Lojas Renner S/A. | 265 | 956 |
| LPP Spolka Akcyjna |  | 253 |
| Lululemon Athletica Inc. (a) | 1 | 225 |
| LVMH Moet Hennessy Louis Vuitton | 10 | 5190 |
| Mazda Motor Corporation | 71 | 427 |
| MercadoLibre, Inc. (a) | 1 | 2436 |
| MGM Resorts International (a) | 2 | 84 |
| Misto Holdings Corporation | 3 | 89 |
| Mr Price Group (d) | 30 | 376 |
| NagaCorp Ltd. (a) | 154 | 70 |
| NIKE, Inc. - Class B | 7 | 473 |
| Nikon Corporation (d) | 27 | 280 |
| Pinduoduo (Shanghai) Network Technology Co., Ltd. - ADR (a) |  | 45 |
| Prosus N.V. - Class N | 62 | 3470 |
| PT. Mitra Adiperkasa Tbk | 1102 | 80 |
| Rakuten Group, Inc. (a) | 83 | 458 |
| Shenzhou International Group Holdings Limited | 48 | 344 |
| Societe d'exploitation Hoteliere | 9 | 542 |
| Suzuki Motor Corporation | 95 | 1152 |
| Tesla Inc. (a) (c) | 31 | 9712 |
| TJX Companies, Inc., The | 89 | 10970 |
| Toll Brothers, Inc. | 9 | 1059 |
| Tractor Supply Company | 19 | 983 |
| Ulta Beauty, Inc. (a) | 2 | 742 |
| Wynn Macau, Limited (d) | 805 | 557 |
| Yamaha Motor Co., Ltd. (d) | 88 | 658 |
| Yum China Holdings, Inc. | 28 | 1251 |
| Yum! Brands, Inc. | 6 | 902 |
| | | 185792 |
| **Health Care 5.8%** | **Health Care 5.8%** | **Health Care 5.8%** |
| AbbVie Inc. | 8 | 1550 |
| Agilent Technologies, Inc. | 1 | 143 |
| Alcon AG | 10 | 929 |
| Amgen Inc. | 4 | 985 |
| argenx SE (a) | 2 | 958 |
| argenx SE - ADR (a) | 1 | 562 |
| Asahi Intecc Co., Ltd. | 29 | 452 |
| AstraZeneca PLC | 8 | 1177 |
| Boston Scientific Corporation (a) | 152 | 16355 |
| Coloplast A/S - Class B | 6 | 543 |
| CSL Limited | 4 | 600 |
| Daiichi Sankyo Company, Limited | 64 | 1499 |
| Danaher Corporation | 22 | 4371 |
| Davita Inc. (a) | 7 | 1014 |
| DexCom, Inc. (a) | 16 | 1434 |
| Edwards Lifesciences Corporation (a) | 15 | 1190 |
| Eli Lilly and Company (c) | 35 | 27028 |
| EssilorLuxottica | 35 | 9637 |
| Galderma Group AG | 14 | 2106 |
| Genmab A/S (a) | 2 | 409 |
| Gilead Sciences, Inc. | 10 | 1120 |
| Grand Round, Inc. (e) (g) | 644 | 483 |
| GSK PLC | 74 | 1400 |
| Hoya Corporation | 6 | 712 |
| Humana Inc. | 1 | 150 |
| Intuitive Surgical, Inc. (a) (c) | 20 | 11033 |
| IQVIA Holdings Inc (a) | 3 | 462 |
| Johnson & Johnson | 18 | 2777 |
| Masimo Corporation (a) | 20 | 3353 |
| McKesson Corporation | 17 | 12621 |
| Medtronic, Inc. | 112 | 9744 |
| Merck & Co., Inc. | 22 | 1725 |
| MERCK Kommanditgesellschaft auf Aktien | 7 | 915 |
| Mettler-Toledo International Inc. (a) | 1 | 687 |
| Moderna, Inc. (a) | 15 | 415 |
| NMC Health PLC (e) | 162 |  |
| Novartis AG - Class N | 10 | 1239 |
| Novo Nordisk A/S - Class B | 83 | 5737 |
| Olympus Corporation | 72 | 854 |
| Rede D'or Sao Luiz S.A. | 8 | 54 |
| ResMed Inc. | 3 | 807 |
| Sanofi | 72 | 6988 |
| Santen Pharmaceutical Co., Ltd. | 31 | 359 |
| Straumann Holding AG - Class N | 1 | 144 |
| Stryker Corporation | 32 | 12575 |
| Telix Pharmaceuticals Limited (a) | 30 | 488 |
| UnitedHealth Group Incorporated | 4 | 1148 |
| Universal Health Services, Inc. - Class B | 6 | 1045 |
| Vertex Pharmaceuticals Incorporated (a) | 2 | 758 |
| Viatris Inc. | 73 | 652 |
| Waters Corporation (a) | 2 | 535 |
| Zimmer Biomet Holdings, Inc. | 9 | 808 |
| Zoetis Inc. - Class A | 3 | 482 |
|  |  | 155212 |
| **Communication Services 5.6%** | **Communication Services 5.6%** | **Communication Services 5.6%** |
| Alphabet Inc. - Class C (c) | 178 | 31588 |
| AMC Networks, Inc. - Class A (a) | 15 | 91 |
| AT&T Inc. | 93 | 2686 |
| Cellnex Telecom, S.A. (g) | 160 | 6202 |
| Electronic Arts Inc. | 8 | 1331 |
| Elisa Oyj | 9 | 495 |
| Etihad Etisalat Company | 16 | 250 |
| Former Charter Communications Parent, Inc. - Class A (a) | 2 | 1005 |
| Fox Corporation - Class A | 55 | 3063 |
| Hellenic Telecommunications Organization S.A. - Class R | 5 | 103 |
| International Games System Co., Ltd. | 26 | 765 |
| Kakaku.com, Inc. | 24 | 440 |
| Koninklijke KPN N.V. | 255 | 1243 |
| Krafton, Inc. (a) | 3 | 745 |
| Lionsgate Studios Corp. (a) | 116 | 673 |
| Live Nation Entertainment, Inc. (a) | 55 | 8246 |
| Lumen Technologies, Inc. (a) | 176 | 770 |
| LY Corporation | 242 | 889 |
| Match Group, Inc. | 105 | 3229 |
| Meta Platforms, Inc. - Class A (c) | 44 | 32737 |
| NAVER Corporation | 11 | 2154 |
| NetEase, Inc. | 83 | 2240 |
| Netflix, Inc. (a) (c) | 10 | 13634 |
| NEXON Co., Ltd. | 61 | 1219 |
| Nintendo Co., Ltd. |  | 29 |
| Orange | 78 | 1189 |
| Paramount Global - Class B | 14 | 186 |
| PT. Telekomunikasi Indonesia (Persero) Tbk | 290 | 50 |
| Sea Limited - Class A - ADR (a) | 4 | 717 |
| SoftBank Group Corp | 4 | 312 |
| Spotify Technology S.A. (a) | 3 | 2549 |
| Starz Entertainment (a) | 5 | 77 |
| Take-Two Interactive Software, Inc. (a) | 6 | 1558 |
| Telenor ASA | 40 | 621 |
| Tencent Holdings Limited | 139 | 8966 |
| T-Mobile US, Inc. | 7 | 1676 |

---

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page [607](#abbreviations).

**JNL Series Trust** (Unaudited)

**Schedules of Investments (in thousands)**

June 30, 2025

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| True Corporation Public Company Limited (a) | 316 | 108 |
| Universal Music Group N.V. | 10 | 327 |
| Verizon Communications Inc. | 78 | 3386 |
| Vivendi SE | 123 | 425 |
| Walt Disney Company, The (c) | 85 | 10535 |
| Warner Bros. Discovery, Inc. - Series A (a) | 100 | 1145 |
| | | 149654 |
| **Energy 3.1%** | **Energy 3.1%** | **Energy 3.1%** |
| BP P.L.C. | 115 | 575 |
| Cameco Corporation (c) | 126 | 9322 |
| Canadian Natural Resources Limited | 43 | 1347 |
| Cenovus Energy Inc. | 74 | 1009 |
| Cheniere Energy, Inc. | 5 | 1119 |
| Chevron Corporation (c) | 39 | 5630 |
| ENEOS Holdings, Inc. | 215 | 1064 |
| Enterprise Products Partners L.P. | 23 | 706 |
| EOG Resources, Inc. | 31 | 3660 |
| EQT Corporation (c) | 124 | 7230 |
| Flowco Holdings Inc. - Class A | 28 | 504 |
| Hess Corporation (c) | 27 | 3677 |
| Hindustan Petroleum Corporation Limited | 10 | 54 |
| Idemitsu Kosan Co., Ltd. | 72 | 439 |
| Koninklijke Vopak N.V. | 5 | 237 |
| Marathon Petroleum Corporation | 6 | 975 |
| Phillips 66 | 7 | 837 |
| Repsol SA (d) | 57 | 833 |
| Santos Limited | 124 | 622 |
| Shell PLC - Class A | 446 | 15737 |
| Solaris Energy Infrastructure, Inc. - Class A | 78 | 2216 |
| Suncor Energy Inc. (d) | 136 | 5103 |
| TC Energy Corporation (d) | 43 | 2094 |
| Valero Energy Corporation (c) | 71 | 9513 |
| Venture Global, Inc. - Class A (d) | 18 | 286 |
| Viper Energy, Inc. - Class A | 18 | 679 |
| Williams Companies, Inc., The | 115 | 7251 |
|  |  | 82719 |
| **Consumer Staples 2.3%** | **Consumer Staples 2.3%** | **Consumer Staples 2.3%** |
| Alimentation Couche-Tard Inc. | 37 | 1824 |
| Altria Group, Inc. | 29 | 1706 |
| British American Tobacco P.L.C. | 30 | 1438 |
| Carlsberg A/S - Class B | 2 | 259 |
| Carrefour | 40 | 563 |
| Clorox Company, The | 2 | 252 |
| Costco Wholesale Corporation | 23 | 22738 |
| CP ALL Public Company Limited | 158 | 214 |
| Eastroc Beverage(Group) Co., Ltd. - Class A | 20 | 872 |
| Estee Lauder Companies Inc., The - Class A | 7 | 570 |
| Fomento Economico Mexicano, S.A. B. De C.V. | 5 | 52 |
| J Sainsbury PLC | 287 | 1143 |
| Japan Tobacco Inc. (d) | 35 | 1025 |
| Jeronimo Martins, SGPS, S.A. | 7 | 168 |
| KT&G Corporation | 7 | 632 |
| L'Oreal | 1 | 426 |
| Marks and Spencer Group P.L.C. | 161 | 784 |
| Molson Coors Beverage Company - Class B | 4 | 187 |
| Nongfu Spring Co., Ltd. - Class H (g) | 50 | 257 |
| PepsiCo, Inc. | 23 | 3030 |
| Philip Morris International Inc. | 11 | 2076 |
| Rohto Pharmaceutical Co., Ltd. | 23 | 326 |
| Unicharm Corporation (d) | 79 | 566 |
| Walgreens Boots Alliance, Inc. | 46 | 533 |
| Walmart Inc. (c) | 198 | 19365 |
| Woolworths Group Limited | 54 | 1103 |
|  |  | 62109 |
| **Utilities 1.8%** | **Utilities 1.8%** | **Utilities 1.8%** |
| Duke Energy Corporation | 18 | 2100 |
| Edison International | 16 | 821 |
| Elia Group | 4 | 409 |
| Eneva S.A. (a) | 63 | 158 |
| Engie | 15 | 359 |
| Eversource Energy | 13 | 822 |
| GAIL (India) Limited | 33 | 73 |
| National Grid PLC | 1062 | 15542 |
| NextEra Energy, Inc. (c) | 160 | 11074 |
| NRG Energy, Inc. | 15 | 2368 |
| RWE Aktiengesellschaft | 28 | 1173 |
| Vistra Corp. (c) | 61 | 11815 |
|  |  | 46714 |
| **Materials 1.6%** | **Materials 1.6%** | **Materials 1.6%** |
| Agnico Eagle Mines Limited | 6 | 706 |
| Air Products and Chemicals, Inc. (c) | 16 | 4618 |
| Algoma Steel Group Inc. | 88 | 607 |
| Amcor Pty Ltd | 117 | 1071 |
| Amrize AG (a) | 10 | 491 |
| Asahi Kasei Corporation | 44 | 315 |
| Ball Corporation | 10 | 566 |
| Barrick Mining Corporation | 97 | 2023 |
| BHP Group Limited | 77 | 1860 |
| Boliden AB (a) | 16 | 497 |
| Borouge PLC | 167 | 116 |
| CEMEX S.A.B. de C.V. - Series A | 429 | 297 |
| CF Industries Holdings, Inc. | 20 | 1808 |
| CRH Public Limited Company | 92 | 8417 |
| DuPont de Nemours, Inc. | 20 | 1404 |
| Eldorado Gold Corporation (a) | 12 | 242 |
| Evonik Industries AG | 28 | 585 |
| Fortescue Ltd | 19 | 191 |
| Freeport-McMoRan Inc. (c) | 155 | 6728 |
| Fresnillo PLC | 43 | 847 |
| Grupo Mexico, S.A.B. de C.V. - Class B | 9 | 53 |
| Harmony Gold Mining Company | 63 | 879 |
| Holcim AG | 10 | 732 |
| James Hardie Industries Public Limited Company - CHESS | 23 | 634 |
| Kansai Paint Co., Ltd. | 22 | 296 |
| Kumba Iron Ore Ltd (d) (g) | 9 | 151 |
| Kuraray Co., Ltd. (d) | 37 | 470 |
| LyondellBasell Industries N.V. - Class A | 14 | 789 |
| Mosaic Company, The | 33 | 1217 |
| Nippon Paint Holdings Co., Ltd. | 83 | 668 |
| Nissan Chemical Corporation | 17 | 518 |
| Nucor Corporation | 5 | 710 |
| Quintis Limited (e) (g) (t) | 3771 |  |
| Saudi Basic Industries Corporation | 5 | 70 |
| SSAB AB - Class A | 32 | 193 |
| SSAB AB - Class B | 62 | 364 |
| Symrise AG | 7 | 778 |
| Teck Resources Limited - Class B | 12 | 494 |
| Valterra Platinum | 14 | 611 |
| Yanbu National Petrochemical Company | 11 | 92 |
|  |  | 43108 |
| **Real Estate 0.1%** | **Real Estate 0.1%** | **Real Estate 0.1%** |
| Aldar Properties - P J S C | 53 | 129 |
| Ayala Land Inc. | 198 | 95 |
| Digital Realty Trust, Inc. | 2 | 319 |
| Emaar Development LLC | 22 | 81 |
| Emaar Properties (P.J.S.C) | 108 | 401 |
| PT. Ciputra Development | 2757 | 162 |
| UOL Group Limited | 29 | 139 |
| Ventas, Inc. | 9 | 596 |
| Vonovia SE | 20 | 701 |
|  |  | 2623 |
| Total Common Stocks (cost $1,395,893) | Total Common Stocks (cost $1,395,893) | 1609835 |
| **CORPORATE BONDS AND NOTES 10.5%** | **CORPORATE BONDS AND NOTES 10.5%** | **CORPORATE BONDS AND NOTES 10.5%** |
| **Financials 2.1%** | **Financials 2.1%** | **Financials 2.1%** |
| ABN AMRO Bank N.V. |  |  |
| 6.38%, (100, 09/22/34), EUR (g) (h) | 200 | 243 |
| Acrisure, LLC |  |  |
| 4.25%, 02/15/29 (i) | 262 | 252 |
| AIA Group Limited |  |  |
| 5.40%, 09/30/54 (g) | 300 | 282 |
| AIB Group Public Limited Company |  |  |
| 6.00%, (100, 07/14/31), EUR (g) (h) | 250 | 292 |
| Alliant Holdings Intermediate, LLC |  |  |
| 4.25%, 10/15/27 (i) | 465 | 456 |
| 7.00%, 01/15/31 (i) | 181 | 187 |

---

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page [607](#abbreviations).

**JNL Series Trust** (Unaudited)

**Schedules of Investments (in thousands)**

June 30, 2025

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| AmWINS Group, Inc. |  |  |
| 4.88%, 06/30/29 (i) | 154 | 150 |
| Ardonagh Finco Ltd. |  |  |
| 6.88%, 02/15/31, EUR (i) | 1475 | 1782 |
| Aretec Escrow Issuer 2 Inc |  |  |
| 10.00%, 08/15/30 (i) | 537 | 590 |
| Axis Bank Limited |  |  |
| 4.10%, (100, 09/08/26) (g) (h) | 300 | 291 |
| Banco Bilbao Vizcaya Argentaria, S.A. |  |  |
| 6.88%, (100, 12/13/30), EUR (g) (h) | 400 | 499 |
| 7.75%, (100, 01/14/32) (h) (j) | 600 | 608 |
| 8.38%, (100, 06/21/28), EUR (g) (h) | 200 | 261 |
| Banco Mercantil Del Norte, S.A., Institucion De Banca Multiple, Grupo Financiero Banorte |  |  |
| 5.88%, (100, 01/24/27) (h) (i) | 200 | 194 |
| Banco Santander, S.A. |  |  |
| 3.13%, 10/06/26, GBP (g) | 500 | 683 |
| Bank of America Corporation |  |  |
| 1.95%, 10/27/26, EUR (g) | 556 | 654 |
| Bank of Ireland Group Public Limited Company |  |  |
| 6.00%, (100, 09/01/25), EUR (g) (h) | 429 | 508 |
| Bank of New York Mellon Corporation, The |  |  |
| 6.30%, (100, 03/20/30) (h) | 73 | 75 |
| Bankinter Sociedad Anonima |  |  |
| 7.38%, (100, 08/15/28), EUR (g) (h) | 400 | 505 |
| Barclays PLC |  |  |
| 4.38%, (100, 03/15/28) (h) (j) | 214 | 199 |
| 7.63%, (100, 03/15/35) (d) (h) (j) | 200 | 201 |
| 3.00%, 05/08/26, GBP (g) | 100 | 135 |
| 3.25%, 02/12/27, GBP (g) | 100 | 135 |
| BNP Paribas |  |  |
| 4.63%, (100, 01/12/27) (h) (i) | 214 | 208 |
| 3.38%, 01/23/26, GBP (g) | 100 | 136 |
| 1.88%, 12/14/27, GBP (g) | 100 | 129 |
| Bper Banca S.P.A. |  |  |
| 6.50%, (100, 03/20/30), EUR (g) (h) | 200 | 241 |
| Bracken Midco1 PLC |  |  |
| 6.75%, 11/01/27, GBP (g) (k) | 183 | 248 |
| CaixaBank, S.A. |  |  |
| 5.88%, (100, 10/09/27), EUR (g) (h) (j) | 400 | 488 |
| 6.25%, (100, 07/24/32), EUR (g) (h) | 200 | 241 |
| Citigroup Inc. |  |  |
| 6.95%, (100, 02/15/30) (h) | 76 | 78 |
| 1.25%, 07/06/26, EUR (g) | 555 | 654 |
| 1.75%, 10/23/26, GBP | 200 | 265 |
| COMMERZBANK Aktiengesellschaft |  |  |
| 4.25%, (100, 10/09/27), EUR (g) (h) | 200 | 230 |
| 6.50%, (100, 10/09/29), EUR (g) (h) | 600 | 745 |
| 7.88%, (100, 07/02/29), EUR (g) (h) | 400 | 523 |
| Cooperatieve Rabobank U.A. |  |  |
| 1.88%, 07/12/28, GBP (g) | 100 | 130 |
| Deutsche Bank Aktiengesellschaft |  |  |
| 4.50%, (100, 11/30/26), EUR (g) (h) | 200 | 229 |
| 4.63%, (100, 10/30/27), EUR (g) (h) | 1000 | 1131 |
| 7.13%, EUR (g) (h) | 200 | 240 |
| Dongyang Life Insurance Co., Ltd. |  |  |
| 6.25%, 05/07/35 (g) | 300 | 308 |
| Dynamo NewCo II GmbH |  |  |
| 6.25%, 10/15/31, EUR (g) | 185 | 223 |
| Eurobank Ergasias Services And Holdings S.A |  |  |
| 4.00%, 02/07/36, EUR (g) | 421 | 485 |
| Far East Horizon Limited |  |  |
| 6.00%, 10/01/28 (g) | 250 | 249 |
| Fidelity National Information Services, Inc. |  |  |
| 1.50%, 05/21/27, EUR (g) | 579 | 671 |
| First Citizens BancShares, Inc. |  |  |
| 6.25%, 03/12/40 | 2373 | 2366 |
| Flourishing Trade And Investment Ltd |  |  |
| 11.04%, 04/02/28 (e) (i) (k) | 3711 | 3785 |
| Focus Financial Partners, LLC |  |  |
| 6.75%, 09/15/31 (i) | 266 | 272 |
| Freedom Mortgage Corporation |  |  |
| 12.00%, 10/01/28 (i) | 200 | 215 |
| 12.25%, 10/01/30 (i) | 100 | 111 |
| Freedom Mortgage Holdings LLC |  |  |
| 9.13%, 05/15/31 (i) | 200 | 206 |
| 8.38%, 04/01/32 (i) | 108 | 109 |
| FWD Group Investments Limited |  |  |
| 8.40%, 04/05/29 (g) | 1700 | 1750 |
| General Motors Financial Company, Inc. |  |  |
| 4.30%, 02/15/29, EUR (g) | 374 | 459 |
| Global Payments Inc. |  |  |
| 4.88%, 03/17/31, EUR | 269 | 332 |
| Goldman Sachs Group, Inc., The |  |  |
| 0.25%, 01/26/28, EUR (g) | 634 | 706 |
| 7.25%, 04/10/28, GBP | 137 | 201 |
| 0.88%, 05/09/29, EUR (g) | 588 | 643 |
| GS Finance Corp. |  |  |
| 8.75%, (10 Year Treasury + 0.00%), 02/14/30 (l) | 4390 | 4464 |
| Home Point Capital Inc. |  |  |
| 5.00%, 02/01/26 (i) | 141 | 141 |
| Howden UK Refinance PLC |  |  |
| 7.25%, 02/15/31 (i) | 200 | 207 |
| HSBC Holdings PLC |  |  |
| 4.75%, (100, 07/04/29), EUR (g) (h) (j) | 452 | 529 |
| 6.95%, (100, 08/27/31) (h) (j) | 68 | 68 |
| 1.75%, 07/24/27, GBP (j) | 100 | 133 |
| HUB International Limited |  |  |
| 7.25%, 06/15/30 (i) | 515 | 538 |
| ING Groep N.V. |  |  |
| 3.88%, (100, 05/16/27) (h) (j) | 400 | 371 |
| 7.25%, (100, 11/16/34) (g) (h) | 450 | 457 |
| 3.00%, 02/18/26, GBP (g) (j) | 100 | 136 |
| JPMorgan Chase & Co. |  |  |
| 6.50%, (100, 04/01/30) (h) | 69 | 71 |
| 1.09%, 03/11/27, EUR (g) | 578 | 675 |
| 3.67%, 06/06/28, EUR (g) | 493 | 593 |
| Kane Bidco Limited |  |  |
| 6.50%, 02/15/27, GBP (i) | 991 | 1374 |
| KBC Groep |  |  |
| 1.25%, 09/21/27, GBP (g) (j) | 100 | 132 |
| Liberty Costa Rica Senior Secured Finance |  |  |
| 10.88%, 01/15/31 (i) | 291 | 310 |
| Lloyds Banking Group PLC |  |  |
| 7.50%, (100, 06/27/30), GBP (h) | 200 | 276 |
| Minejesa Capital B.V. |  |  |
| 5.63%, 08/10/37 (i) | 200 | 192 |
| Morgan Stanley |  |  |
| 1.34%, 10/23/26, EUR | 705 | 828 |
| 4.66%, 03/02/29, EUR | 471 | 582 |
| Muangthai Capital Public Company Limited |  |  |
| 6.88%, 09/30/28 (g) | 300 | 299 |
| Nasdaq, Inc. |  |  |
| 4.50%, 02/15/32, EUR | 390 | 489 |
| National Bank of Greece SA |  |  |
| 5.88%, 06/28/35, EUR (g) | 200 | 251 |
| Nationstar Mortgage Holdings Inc. |  |  |
| 5.50%, 08/15/28 (i) | 100 | 100 |
| 6.50%, 08/01/29 (i) | 147 | 150 |
| 5.75%, 11/15/31 (i) | 211 | 213 |
| 7.13%, 02/01/32 (i) | 200 | 208 |
| Nationwide Building Society |  |  |
| 5.75%, (100, 06/20/27), GBP (g) (h) (j) | 215 | 291 |
| 7.50%, (100, 12/20/30), GBP (g) (h) | 567 | 785 |
| NatWest Group PLC |  |  |
| 7.50%, (100, 02/28/32), GBP (h) (j) | 225 | 306 |
| 2.88%, 09/19/26, GBP | 100 | 137 |
| 3.13%, 03/28/27, GBP (g) | 100 | 136 |
| Nexi Spa |  |  |
| 0.00%, 02/24/28, EUR (g) (j) (m) | 400 | 428 |
| NN Group N.V. |  |  |
| 5.75%, (100, 09/11/34), EUR (g) (h) | 275 | 320 |
| Nomura Holdings, Inc. |  |  |
| 7.00%, (100, 07/15/30) (h) | 425 | 430 |
| OneMain Finance Corporation |  |  |
| 7.13%, 11/15/31 | 110 | 114 |
| Osaic Holdings, Inc. |  |  |
| 6.25%, 03/01/28 (i) | 300 | 301 |

---

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page [607](#abbreviations).

**JNL Series Trust** (Unaudited)

**Schedules of Investments (in thousands)**

June 30, 2025

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| Panther Escrow Issuer LLC |  |  |
| 7.13%, 06/01/31 (i) | 291 | 302 |
| Progroup AG |  |  |
| 5.13%, 04/15/29, EUR (i) | 224 | 267 |
| 5.38%, 04/15/31, EUR (i) | 188 | 219 |
| PT. Bank Negara Indonesia (Persero), Tbk. |  |  |
| 4.30%, (100, 03/24/27) (g) (h) | 300 | 287 |
| Santander UK Group Holdings PLC |  |  |
| 3.63%, 01/14/26, GBP (g) | 100 | 137 |
| Shift4 Payments, LLC |  |  |
| 5.50%, 05/15/33, EUR (g) | 259 | 315 |
| Societe Generale |  |  |
| 8.13%, (100, 11/21/29) (h) (i) (j) | 427 | 434 |
| Stena International S.A. |  |  |
| 7.25%, 01/15/31 (g) | 1417 | 1419 |
| Sumitomo Mitsui Financial Group, Inc. |  |  |
| 6.45%, (100, 06/05/35) (h) | 482 | 475 |
| Swedbank AB |  |  |
| 1.38%, 12/08/27, GBP (g) | 100 | 131 |
| Texas Capital Bancshares, Inc. |  |  |
| 4.00%, 05/06/31 | 1202 | 1165 |
| Toronto-Dominion Bank, The |  |  |
| 2.88%, 04/05/27, GBP (g) (j) | 100 | 134 |
| UBS Group AG |  |  |
| 6.85%, (100, 09/10/29) (h) (i) (j) | 725 | 728 |
| 7.00%, (100, 02/10/30) (h) (i) (j) | 200 | 199 |
| Unicredit, Societa' Per Azioni In Forma Abbreviata Unicredit S.P.A. |  |  |
| 5.86%, 06/19/32 (i) | 200 | 202 |
| UnipolSai Assicurazioni S.p.A. |  |  |
| 4.90%, 05/23/34, EUR (g) | 200 | 246 |
| United Wholesale Mortgage, LLC |  |  |
| 5.50%, 04/15/29 (i) | 75 | 73 |
| UWM Holdings Corporation |  |  |
| 6.63%, 02/01/30 (i) | 402 | 403 |
| VistaJet Group Holding SA |  |  |
| 9.50%, 06/01/28 (i) | 100 | 103 |
| VistaJet Malta Finance P.L.C. |  |  |
| 7.88%, 05/01/27 (i) | 100 | 101 |
| 6.38%, 02/01/30 (i) | 100 | 94 |
| Wells Fargo & Company |  |  |
| 1.38%, 10/26/26, EUR (g) | 578 | 672 |
| 1.50%, 05/24/27, EUR (g) | 882 | 1021 |
| 0.63%, 03/25/30, EUR (g) | 581 | 613 |
| WOM Chile Holdco SpA |  |  |
| 5.00%, 04/01/32 (i) (j) (k) | 292 | 289 |
| WOM Mobile S.A. |  |  |
| 12.50%, 04/01/31 (i) (k) | 83 | 82 |
| Worldline |  |  |
| 5.50%, 06/10/30, EUR (d) (g) | 500 | 514 |
| | | 55849 |
| **Consumer Discretionary 1.6%** | **Consumer Discretionary 1.6%** | **Consumer Discretionary 1.6%** |
| AAG FH UK Limited |  |  |
| 8.38%, 01/15/29 (i) | 200 | 185 |
| Adient Global Holdings Ltd |  |  |
| 7.50%, 02/15/33 (i) | 261 | 267 |
| Adler Pelzer Holding GmbH |  |  |
| 9.50%, 04/01/27, EUR (i) | 276 | 319 |
| Affinity Interactive |  |  |
| 6.88%, 12/15/27 (i) | 157 | 96 |
| Afflelou |  |  |
| 6.00%, 07/25/29, EUR (g) | 430 | 525 |
| Alibaba Group Holding Limited |  |  |
| 0.50%, 06/01/31 (j) | 697 | 881 |
| Allwyn Entertainment Financing (UK) PLC |  |  |
| 7.25%, 04/30/30, EUR (g) | 640 | 800 |
| American Axle & Manufacturing, Inc. |  |  |
| 5.00%, 10/01/29 | 385 | 352 |
| Aramark Services, Inc. |  |  |
| 5.00%, 02/01/28 (i) | 266 | 265 |
| Aston Martin Capital Holdings Limited |  |  |
| 10.00%, 03/31/29 (i) | 654 | 621 |
| 10.38%, 03/31/29, GBP (g) | 611 | 779 |
| BCPE Flavor Debt Merger Sub LLC |  |  |
| 9.50%, 07/01/32 (i) | 212 | 217 |
| Beach Acquisition Bidco, LLC |  |  |
| 5.25%, 07/15/32, EUR (g) | 256 | 304 |
| Bertrand Franchise Finance |  |  |
| 5.99%, (3 Month EURIBOR + 3.75%), 07/18/30, EUR (g) (l) | 464 | 535 |
| Boyd Gaming Corporation |  |  |
| 4.75%, 06/15/31 (d) (i) | 303 | 290 |
| Brookfield Residential Properties Inc. |  |  |
| 6.25%, 09/15/27 (i) | 100 | 100 |
| 4.88%, 02/15/30 (i) | 166 | 149 |
| Bubbles BidCo S.p.A. |  |  |
| 6.50%, 09/30/31, EUR (g) | 259 | 309 |
| 6.60%, (3 Month EURIBOR + 4.25%), 09/30/31, EUR (g) (l) | 355 | 419 |
| Caesars Entertainment, Inc. |  |  |
| 4.63%, 10/15/29 (i) | 250 | 239 |
| 6.00%, 10/15/32 (i) | 149 | 146 |
| CD&R Firefly Bidco PLC |  |  |
| 8.63%, 04/30/29, GBP (g) | 122 | 172 |
| CDI Escrow Issuer, Inc. |  |  |
| 5.75%, 04/01/30 (i) | 331 | 332 |
| Churchill Downs Incorporated |  |  |
| 5.50%, 04/01/27 (i) | 130 | 130 |
| Cinemark USA, Inc. |  |  |
| 5.25%, 07/15/28 (i) | 559 | 557 |
| 7.00%, 08/01/32 (d) (i) | 131 | 136 |
| Cirsa Finance International S.a r.l. |  |  |
| 7.88%, 07/31/28, EUR (g) | 637 | 781 |
| Clarios Global LP |  |  |
| 6.75%, 05/15/28 - 02/15/30 (i) | 431 | 445 |
| 4.75%, 06/15/31, EUR (g) | 430 | 508 |
| Dana Financing Luxembourg S.a r.l. |  |  |
| 8.50%, 07/15/31, EUR (g) | 476 | 610 |
| Deuce Finco PLC |  |  |
| 5.50%, 06/15/27, GBP (g) | 840 | 1142 |
| 5.50%, 06/15/27, GBP (i) | 971 | 1320 |
| Duomo Bidco S.P.A. |  |  |
| 6.40%, (3 Month EURIBOR + 4.13%), 07/15/31, EUR (g) (l) | 441 | 520 |
| EG Global Finance PLC |  |  |
| 12.00%, 11/30/28 (i) | 654 | 722 |
| Eldorado Resorts, Inc. |  |  |
| 8.13%, 07/01/27 (i) | 150 | 150 |
| Fertitta Entertainment LLC |  |  |
| 4.63%, 01/15/29 (i) | 156 | 150 |
| Flutter Treasury Designated Activity Company |  |  |
| 4.00%, 06/04/31, EUR (g) | 392 | 462 |
| 6.13%, 06/04/31, GBP (g) | 186 | 257 |
| Forvia |  |  |
| 2.75%, 02/15/27, EUR (g) (n) | 279 | 323 |
| Fressnapf Holding SE |  |  |
| 5.25%, 10/31/31, EUR (g) | 209 | 248 |
| Full House Resorts, Inc. |  |  |
| 8.25%, 02/15/28 (i) | 46 | 45 |
| Goldstory |  |  |
| 6.18%, (3 Month EURIBOR + 4.00%), 02/01/30, EUR (i) (l) | 502 | 596 |
| 6.75%, 02/01/30, EUR (i) | 669 | 816 |
| GTECH S.p.A. |  |  |
| 4.88%, 01/31/31, EUR (g) | 275 | 332 |
| Hilton Grand Vacations Borrower LLC |  |  |
| 5.00%, 06/01/29 (i) | 57 | 55 |
| 4.88%, 07/01/31 (i) | 337 | 311 |
| Hyundai Capital America |  |  |
| 5.74%, (SOFR + 1.35%), 03/27/30 (g) (l) | 300 | 298 |
| IHO Verwaltungs GmbH |  |  |
| 8.75%, 05/15/28, EUR (g) (k) | 654 | 805 |
| 7.00%, 11/15/31, EUR (g) (k) | 394 | 489 |
| LCM Investments Holdings II, LLC |  |  |
| 4.88%, 05/01/29 (i) | 366 | 356 |
| 8.25%, 08/01/31 (i) | 101 | 107 |
| LGI Homes, Inc. |  |  |
| 7.00%, 11/15/32 (i) | 592 | 564 |
| Light and Wonder International, Inc. |  |  |
| 7.25%, 11/15/29 (i) | 200 | 206 |

---

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page [607](#abbreviations).

**JNL Series Trust** (Unaudited)

**Schedules of Investments (in thousands)**

June 30, 2025

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| 7.50%, 09/01/31 (i) | 96 | 100 |
| Lions Gate Capital Holdings 1, Inc. |  |  |
| 5.50%, 04/15/29 (i) | 2662 | 2314 |
| Lions Gate Capital Holdings LLC |  |  |
| 5.50%, 04/15/29 (i) | 177 | 147 |
| Lottomatica S.p.A. |  |  |
| 5.38%, 06/01/30, EUR (g) | 137 | 168 |
| 5.25%, (3 Month EURIBOR + 3.25%), 06/01/31, EUR (g) (l) | 207 | 245 |
| Magnum Management Corporation |  |  |
| 5.25%, 07/15/29 | 152 | 149 |
| MAHLE GmbH |  |  |
| 6.50%, 05/02/31, EUR (i) | 767 | 915 |
| MGM Resorts International |  |  |
| 6.50%, 04/15/32 (d) | 80 | 81 |
| Mohegan Escrow Issuer, LLC |  |  |
| 11.88%, 04/15/31 (i) | 234 | 245 |
| Motion Finco S.a r.l. |  |  |
| 7.38%, 06/15/30, EUR (g) | 294 | 324 |
| NCL Corporation Ltd. |  |  |
| 6.75%, 02/01/32 (d) (i) | 414 | 423 |
| Newell Brands Inc. |  |  |
| 6.38%, 05/15/30 (d) | 173 | 168 |
| 6.63%, 05/15/32 | 170 | 163 |
| PetSmart, LLC |  |  |
| 4.75%, 02/15/28 (d) (i) | 250 | 244 |
| Pinewood Finco PLC |  |  |
| 6.00%, 03/27/30, GBP (i) | 828 | 1121 |
| Pinnacle Bidco PLC |  |  |
| 10.00%, 10/11/28, GBP (g) | 273 | 396 |
| PrestigeBidCo GmbH |  |  |
| 6.03%, (3 Month EURIBOR + 3.75%), 07/01/29, EUR (g) (l) | 358 | 423 |
| Rakuten Group, Inc. |  |  |
| 8.13%, (100, 12/15/29) (h) (i) | 500 | 489 |
| RCI Banque |  |  |
| 5.50%, 10/09/34, EUR (g) | 600 | 743 |
| 4.75%, 03/24/37, EUR (g) | 200 | 237 |
| Restaurant Brands International Limited Partnership |  |  |
| 4.38%, 01/15/28 (d) (i) | 168 | 165 |
| 4.00%, 10/15/30 (i) | 406 | 379 |
| Sabre GLBL Inc. |  |  |
| 8.63%, 06/01/27 (i) | 221 | 226 |
| 10.75%, 11/15/29 (i) | 1433 | 1473 |
| 11.13%, 07/15/30 (i) | 450 | 471 |
| Schaeffler AG |  |  |
| 4.25%, 04/01/28, EUR (g) | 200 | 237 |
| 5.38%, 04/01/31, EUR (g) | 100 | 120 |
| Shiba Bidco S.P.A. |  |  |
| 4.50%, 10/31/28, EUR (i) | 1589 | 1869 |
| Six Flags Operations Inc. |  |  |
| 5.50%, 04/15/27 (i) | 219 | 218 |
| Station Casinos LLC |  |  |
| 6.63%, 03/15/32 (i) | 200 | 205 |
| STL Holding Company LLC |  |  |
| 8.75%, 02/15/29 (i) | 212 | 222 |
| Stonegate Pub Company Financing PLC |  |  |
| 8.77%, (3 Month EURIBOR + 6.63%), 07/31/29, EUR (g) (l) | 183 | 219 |
| 10.75%, 07/31/29, GBP (g) | 578 | 820 |
| Studio City Finance Limited |  |  |
| 5.00%, 01/15/29 (g) | 300 | 275 |
| Tenneco Inc. |  |  |
| 8.00%, 11/17/28 (d) (i) | 1088 | 1076 |
| The Goodyear Tire & Rubber Company |  |  |
| 5.25%, 04/30/31 | 100 | 96 |
| 5.63%, 04/30/33 | 177 | 169 |
| The Unique Pub Finance Company PLC |  |  |
| 6.46%, 03/30/32, GBP (g) | 499 | 710 |
| TKC Holdings, Inc. |  |  |
| 6.88%, 05/15/28 (i) | 100 | 100 |
| TUI Cruises GmbH |  |  |
| 6.25%, 04/15/29, EUR (i) | 521 | 638 |
| 5.00%, 05/15/30, EUR (g) | 160 | 189 |
| Univision Communications Inc. |  |  |
| 6.63%, 06/01/27 (i) | 185 | 185 |
| 4.50%, 05/01/29 (d) (i) | 128 | 116 |
| 7.38%, 06/30/30 (i) | 100 | 98 |
| 8.50%, 07/31/31 (i) | 179 | 179 |
| Viking Cruises Limited |  |  |
| 5.88%, 09/15/27 (i) | 386 | 386 |
| Volkswagen International Finance N.V. |  |  |
| 5.49%, (100, 11/15/30), EUR (g) (h) | 100 | 119 |
| 5.99%, (100, 11/15/33), EUR (g) (h) | 200 | 237 |
| 4.25%, 10/09/25, GBP (g) | 100 | 137 |
| Voyager Parent, LLC |  |  |
| 9.25%, 07/01/32 (i) | 117 | 122 |
| Wynn Macau, Limited |  |  |
| 5.63%, 08/26/28 (g) | 300 | 294 |
| ZF Friedrichshafen AG |  |  |
| 7.00%, 06/12/30, EUR (g) | 300 | 354 |
| | | 42942 |
| **Communication Services 1.5%** | **Communication Services 1.5%** | **Communication Services 1.5%** |
| A + N Real Estate & Business Management Corporation |  |  |
| 5.63%, 08/15/29 (i) | 180 | 172 |
| Altice France |  |  |
| 3.38%, 01/15/28, EUR (g) | 138 | 135 |
| 4.13%, 01/15/29, EUR (g) | 118 | 117 |
| 4.25%, 10/15/29, EUR (g) | 117 | 115 |
| AMC Networks, Inc. |  |  |
| 10.25%, 01/15/29 (i) | 889 | 922 |
| 4.25%, 02/15/29 (j) | 417 | 335 |
| 4.25%, 02/15/29 | 804 | 643 |
| 10.50%, 07/15/32 (i) | 100 | 101 |
| Arches Buyer Inc. |  |  |
| 4.25%, 06/01/28 (i) | 201 | 192 |
| AT&T Inc. |  |  |
| 2.90%, 12/04/26, GBP | 245 | 329 |
| 5.50%, 03/15/27, GBP (g) | 150 | 209 |
| British Telecommunications Public Limited Company |  |  |
| 4.88%, 11/23/81 (i) | 463 | 426 |
| CCO Holdings, LLC |  |  |
| 4.75%, 02/01/32 (i) | 188 | 178 |
| Cellnex Telecom, S.A. |  |  |
| 0.75%, 11/20/31, EUR (g) (j) | 200 | 210 |
| Clear Channel Outdoor Holdings, Inc. |  |  |
| 5.13%, 08/15/27 (i) | 261 | 258 |
| 9.00%, 09/15/28 (i) | 200 | 210 |
| Comcast Corporation |  |  |
| 0.25%, 09/14/29, EUR | 326 | 346 |
| CommScope, LLC. |  |  |
| 9.50%, 12/15/31 (i) | 185 | 194 |
| Connect Finco SARL |  |  |
| 9.00%, 09/15/29 (i) | 328 | 330 |
| CSC Holdings, LLC |  |  |
| 5.50%, 04/15/27 (d) (i) | 856 | 817 |
| 11.25%, 05/15/28 (i) | 200 | 199 |
| 11.75%, 01/31/29 (i) | 491 | 465 |
| DISH Network Corporation |  |  |
| 0.00%, 12/15/25 (j) (m) | 917 | 827 |
| 3.38%, 08/15/26 (j) | 258 | 218 |
| Dotdash Meredith, Inc. |  |  |
| 7.63%, 06/15/32 (i) | 70 | 68 |
| Eircom Limited |  |  |
| 5.00%, 04/30/31, EUR | 442 | 511 |
| Engineering - Ingegneria Informatica - S.P.A. |  |  |
| 8.63%, 02/15/30, EUR (g) | 215 | 271 |
| Eutelsat SA |  |  |
| 1.50%, 10/13/28, EUR (g) | 100 | 107 |
| Fibercop S.P.A. |  |  |
| 4.75%, 06/30/30, EUR (g) | 132 | 156 |
| 5.13%, 06/30/32, EUR (g) | 127 | 150 |
| Frontier Communications Holdings, LLC |  |  |
| 5.88%, 11/01/29 | 60 | 61 |
| 6.00%, 01/15/30 (i) | 60 | 61 |
| 8.75%, 05/15/30 (i) | 1462 | 1529 |
| 8.63%, 03/15/31 (i) | 1100 | 1169 |

---

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page [607](#abbreviations).

**JNL Series Trust** (Unaudited)

**Schedules of Investments (in thousands)**

June 30, 2025

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| Frontier Communications Parent, Inc. |  |  |
| 5.88%, 10/15/27 (i) | 1055 | 1055 |
| 5.00%, 05/01/28 (i) | 428 | 428 |
| 6.75%, 05/01/29 (i) | 610 | 618 |
| Frontier Florida LLC |  |  |
| 6.86%, 02/01/28 | 1259 | 1316 |
| Frontier North Inc. |  |  |
| 6.73%, 02/15/28 | 175 | 180 |
| Global Switch Finance B.V. |  |  |
| 1.38%, 10/07/30, EUR (g) | 242 | 266 |
| Gray Media, Inc. |  |  |
| 10.50%, 07/15/29 (i) | 136 | 146 |
| Iliad Holding |  |  |
| 5.63%, 10/15/28, EUR (g) | 1693 | 2029 |
| 7.00%, 10/15/28 - 04/15/32 (i) | 400 | 409 |
| Informa Jersey Limited |  |  |
| 3.13%, 07/05/26, GBP (g) (o) | 100 | 135 |
| Intelsat Jackson Holdings S.A. |  |  |
| 6.50%, 03/15/30 (i) | 305 | 311 |
| Ion Trading Technologies S.a r.l. |  |  |
| 5.75%, 05/15/28 (i) | 400 | 387 |
| 9.50%, 05/30/29 (d) (i) | 201 | 208 |
| Kaixo Bondco Telecom SA. |  |  |
| 5.13%, 09/30/29, EUR (g) | 273 | 326 |
| Level 3 Financing, Inc. |  |  |
| 10.75%, 12/15/30 (i) | 398 | 451 |
| 10.00%, 10/15/32 (i) | 270 | 273 |
| 6.88%, 06/30/33 (i) | 174 | 177 |
| Live Nation Entertainment, Inc. |  |  |
| 4.75%, 10/15/27 (i) | 239 | 236 |
| Matterhorn Telecom S.A. |  |  |
| 3.13%, 09/15/26, EUR (g) | 917 | 1078 |
| McGraw-Hill Education, Inc. |  |  |
| 7.38%, 09/01/31 (i) | 175 | 183 |
| Netflix, Inc. |  |  |
| 3.63%, 05/15/27, EUR (g) | 1048 | 1261 |
| Nexstar Escrow Inc. |  |  |
| 5.63%, 07/15/27 (i) | 129 | 129 |
| Outfront Media Capital Corporation |  |  |
| 5.00%, 08/15/27 (i) | 122 | 121 |
| 4.63%, 03/15/30 (i) | 200 | 191 |
| SES |  |  |
| 4.13%, 06/24/30, EUR (g) | 125 | 148 |
| 4.88%, 06/24/33, EUR (g) | 175 | 208 |
| Snap Inc. |  |  |
| 6.88%, 03/01/33 (i) | 156 | 160 |
| SoftBank Group Corp |  |  |
| 6.88%, (100, 07/19/27) (g) (h) | 300 | 294 |
| 5.38%, 01/08/29, EUR (g) | 677 | 807 |
| 5.75%, 07/08/32, EUR (g) | 671 | 785 |
| Summer (BC) Holdco B S.a r.l. |  |  |
| 5.88%, 02/15/30, EUR (g) | 153 | 179 |
| 6.39%, (3 Month EURIBOR + 4.25%), 02/15/30, EUR (g) (l) | 199 | 231 |
| Sunrise FinCo I B.V. |  |  |
| 4.88%, 07/15/31 (i) | 950 | 896 |
| Tele Columbus AG |  |  |
| 10.00%, 03/19/29, EUR (a) (g) (k) (p) | 566 | 452 |
| Telecom Argentina SA |  |  |
| 9.25%, 05/28/33 (i) | 66 | 67 |
| Telefonica Emisiones SA |  |  |
| 5.38%, 02/02/26, GBP (g) | 267 | 368 |
| Telenet Finance Luxembourg Notes S.A R.L. |  |  |
| 5.50%, 03/01/28 (i) | 1000 | 983 |
| United Group B.V. |  |  |
| 6.39%, (3 Month EURIBOR + 4.25%), 02/15/31, EUR (i) (l) | 642 | 753 |
| 6.50%, 10/31/31, EUR (g) | 155 | 184 |
| Verizon Communications Inc. |  |  |
| 1.13%, 11/03/28, GBP | 100 | 124 |
| 4.25%, 10/31/30, EUR | 506 | 630 |
| VFU Funding PLC |  |  |
| 9.62%, 02/11/27 (g) (l) (n) | 161 | 153 |
| Virgin Media Secured Finance PLC |  |  |
| 4.25%, 01/15/30, GBP (g) | 525 | 658 |
| 4.13%, 08/15/30, GBP (g) | 956 | 1182 |
| Virgin Media Vendor Financing Notes III Designated Activity Company |  |  |
| 4.88%, 07/15/28, GBP (g) | 1382 | 1803 |
| Virgin Media Vendor Financing Notes IV Designated Activity Company |  |  |
| 5.00%, 07/15/28 (d) (i) | 559 | 547 |
| VMED O2 UK Financing I PLC |  |  |
| 4.50%, 07/15/31, GBP (g) | 591 | 725 |
| 4.75%, 07/15/31 (i) | 263 | 243 |
| Vodafone Group Public Limited Company |  |  |
| 4.13%, 06/04/81 | 88 | 80 |
| 8.00%, 08/30/86, GBP (g) | 228 | 340 |
| VZ Secured Financing B.V. |  |  |
| 5.00%, 01/15/32 (i) | 322 | 286 |
| VZ Vendor Financing II B.V. |  |  |
| 2.88%, 01/15/29, EUR (g) | 950 | 1016 |
| Zayo Group Holdings, Inc. |  |  |
| 4.00%, 03/01/27 (i) | 142 | 133 |
| Zegona Finance PLC |  |  |
| 6.75%, 07/15/29, EUR (g) | 573 | 717 |
| Ziggo Bond Company B.V. |  |  |
| 6.13%, 11/15/32, EUR (g) | 170 | 188 |
| | | 39285 |
| **Industrials 1.2%** | **Industrials 1.2%** | **Industrials 1.2%** |
| Aeropuerto Internacional de Tocumen, S.A. |  |  |
| 5.13%, 08/11/61 (i) | 200 | 141 |
| Air France - KLM |  |  |
| 5.75%, (100, 05/21/30), EUR (g) (h) | 200 | 234 |
| Allegiant Travel Company |  |  |
| 7.25%, 08/15/27 (i) | 372 | 372 |
| American Airlines, Inc. |  |  |
| 5.50%, 04/20/26 (i) | 29 | 29 |
| Arcosa, Inc. |  |  |
| 6.88%, 08/15/32 (i) | 200 | 207 |
| Ardagh Packaging Finance Public Limited Company |  |  |
| 2.13%, 08/15/26, EUR (g) | 371 | 415 |
| 4.13%, 08/15/26 (d) (i) | 2899 | 2722 |
| ATI Inc. |  |  |
| 7.25%, 08/15/30 | 240 | 252 |
| Bombardier Inc. |  |  |
| 7.25%, 07/01/31 (i) | 46 | 48 |
| 7.00%, 06/01/32 (i) | 342 | 356 |
| Clydesdale Acquisition Holdings, Inc. |  |  |
| 6.63%, 04/15/29 (i) | 245 | 249 |
| 8.75%, 04/15/30 (i) | 724 | 740 |
| Cornerstone Building Brands, Inc. |  |  |
| 8.75%, 08/01/28 (i) | 108 | 100 |
| 9.50%, 08/15/29 (i) | 100 | 92 |
| Corporation De Securite Garda World |  |  |
| 4.63%, 02/15/27 (i) | 139 | 138 |
| Czechoslovak Group a.s. |  |  |
| 5.25%, 01/10/31, EUR (g) | 425 | 509 |
| Deutsche Lufthansa Aktiengesellschaft |  |  |
| 5.25%, 01/15/55, EUR (d) (g) | 600 | 702 |
| Edge Finco PLC |  |  |
| 8.13%, 08/15/31, GBP (g) | 599 | 854 |
| Equipmentshare.Com Inc |  |  |
| 8.63%, 05/15/32 (i) | 137 | 146 |
| 8.00%, 03/15/33 (i) | 10 | 10 |
| Fedrigoni S.P.A. |  |  |
| 6.13%, 06/15/31, EUR (g) | 575 | 647 |
| Fiber Midco S.p.A. |  |  |
| 10.00%, 06/15/29, EUR (g) (k) | 287 | 305 |
| Gategroup Finance (Luxembourg) S.A. |  |  |
| 3.00%, 02/28/27, CHF (g) | 505 | 622 |
| Gatwick Airport Finance PLC |  |  |
| 4.38%, 04/07/26, GBP (g) | 299 | 406 |
| Heathrow Finance PLC |  |  |
| 6.63%, 03/01/31, GBP (g) | 877 | 1194 |
| Husky Injection Molding Systems Ltd. |  |  |
| 9.00%, 02/15/29 (d) (i) | 269 | 281 |

---

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page [607](#abbreviations).

**JNL Series Trust** (Unaudited)

**Schedules of Investments (in thousands)**

June 30, 2025

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| I.M.A. Industria Macchine Automatiche S.P.A. In Sigla Ima S.P.A. |  |  |
| 6.03%, (3 Month EURIBOR + 3.75%), 04/15/29, EUR (i) (l) | 516 | 610 |
| Intrum AB |  |  |
| 3.00%, 09/15/27, EUR (g) | 541 | 534 |
| 9.25%, 03/15/28, EUR (g) | 245 | 256 |
| JetBlue Airways Corporation |  |  |
| 9.88%, 09/20/31 (i) | 229 | 223 |
| Kleopatra Finco S.a r.l. |  |  |
| 4.25%, 03/01/26, EUR (g) | 626 | 686 |
| LG Energy Solution Ltd. |  |  |
| 5.38%, 04/02/30 (g) | 200 | 201 |
| 6.07%, (SOFR + 1.70%), 04/02/30 (g) (l) | 200 | 200 |
| Luna 2.5 S.a r.l. |  |  |
| 5.50%, 07/01/32, EUR (g) | 143 | 172 |
| Mauser Packaging Solutions Holding Company |  |  |
| 7.88%, 04/15/27 (i) | 357 | 363 |
| Maxam Prill S.a r.l. |  |  |
| 6.00%, 07/15/30, EUR (g) | 620 | 726 |
| Mobico Group PLC |  |  |
| 4.25%, (100, 11/26/25), GBP (g) (h) | 100 | 80 |
| 4.88%, 09/26/31, EUR (g) | 366 | 348 |
| MTR Corporation (C.I.) Limited |  |  |
| 5.63%, (100, 09/24/35) (g) (h) | 300 | 304 |
| Nova Alexandre III |  |  |
| 7.53%, (3 Month EURIBOR + 5.25%), 07/15/29, EUR (i) (l) | 424 | 506 |
| Novelis Corporation |  |  |
| 4.75%, 01/30/30 (i) | 100 | 96 |
| Owens-Brockway Glass Container Inc. |  |  |
| 7.25%, 05/15/31 (i) | 2 | 2 |
| Pacific National Finance Pty Ltd |  |  |
| 7.75%, 12/11/54, AUD (n) | 290 | 189 |
| Paprec Holding |  |  |
| 7.25%, 11/17/29, EUR (g) | 384 | 474 |
| PCF GmbH |  |  |
| 4.75%, 04/15/29, EUR (g) | 345 | 335 |
| 7.03%, (3 Month EURIBOR + 4.75%), 04/15/29, EUR (g) (l) | 315 | 307 |
| Pike Corporation |  |  |
| 5.50%, 09/01/28 (i) | 179 | 179 |
| Pitney Bowes Inc. |  |  |
| 6.88%, 03/15/27 (i) | 934 | 942 |
| Prysmian S.p.A. |  |  |
| 5.25%, (100, 05/21/30), EUR (g) (h) | 525 | 635 |
| Quikrete Holdings, Inc. |  |  |
| 6.75%, 03/01/33 (i) | 528 | 545 |
| R. R. Donnelley & Sons Company |  |  |
| 9.50%, 08/01/29 (i) | 110 | 110 |
| 10.88%, 08/01/29 (d) (i) | 222 | 214 |
| Reworld Holding Corporation |  |  |
| 4.88%, 12/01/29 (i) | 264 | 251 |
| Seche Environnement |  |  |
| 4.50%, 03/25/30, EUR (g) | 100 | 119 |
| SGL Group ApS |  |  |
| 6.30%, (3 Month EURIBOR + 4.25%), 02/24/31, EUR (l) | 225 | 263 |
| Spirit AeroSystems, Inc. |  |  |
| 9.38%, 11/30/29 (i) | 798 | 849 |
| 9.75%, 11/15/30 (i) | 2674 | 2953 |
| Stem, Inc. |  |  |
| 0.50%, 12/01/28 (i) (j) | 115 | 28 |
| TK Elevator Holdco GmbH |  |  |
| 6.63%, 07/15/28, EUR (g) | 553 | 652 |
| TK Elevator U.S. Newco, Inc. |  |  |
| 5.25%, 07/15/27 (i) | 819 | 817 |
| Toucan Finco Ltd. |  |  |
| 9.50%, 05/15/30 (i) (k) | 1022 | 1044 |
| TransDigm Inc. |  |  |
| 4.63%, 01/15/29 | 128 | 126 |
| 4.88%, 05/01/29 | 261 | 256 |
| 6.38%, 05/31/33 (i) | 397 | 399 |
| Vertical Midco GmbH |  |  |
| 4.38%, 07/15/27, EUR (g) | 1621 | 1905 |
| Weekley Homes, LLC |  |  |
| 4.88%, 09/15/28 (d) (i) | 10 | 10 |
| | | 30680 |
| **Consumer Staples 1.0%** | **Consumer Staples 1.0%** | **Consumer Staples 1.0%** |
| AA Bond Co Limited |  |  |
| 6.50%, 01/31/26, GBP (g) (n) | 414 | 565 |
| Albion Financing 1 S.a r.l. |  |  |
| 5.38%, 05/21/30, EUR (g) | 345 | 415 |
| Allied Universal Holdco LLC |  |  |
| 4.88%, 06/01/28, GBP (g) | 1913 | 2512 |
| 7.88%, 02/15/31 (i) | 327 | 342 |
| Amber FinCo PLC |  |  |
| 6.63%, 07/15/29, EUR (g) | 782 | 962 |
| Anheuser-Busch InBev |  |  |
| 4.00%, 09/24/25, GBP (g) | 100 | 137 |
| Apcoa Group GmbH |  |  |
| 6.40%, (3 Month EURIBOR + 4.13%), 04/15/31, EUR (g) (l) | 263 | 311 |
| Arena Luxembourg Finance S.a r.l. |  |  |
| 4.82%, (3 Month EURIBOR + 2.50%), 05/01/30, EUR (g) (l) | 306 | 363 |
| Atlas LuxCo 4 S.a r.l. |  |  |
| 4.63%, 06/01/28 (i) | 200 | 194 |
| Avis Budget Car Rental, LLC |  |  |
| 5.38%, 03/01/29 (i) | 206 | 199 |
| 8.25%, 01/15/30 (i) | 100 | 104 |
| BCP V Modular Services Finance II PLC |  |  |
| 6.13%, 11/30/28, GBP (g) | 263 | 348 |
| 6.13%, 11/30/28, GBP (i) | 1389 | 1839 |
| BCP V Modular Services Finance PLC |  |  |
| 6.75%, 11/30/29, EUR (i) | 1195 | 1251 |
| Bellis Acquisition Company PLC |  |  |
| 8.00%, 07/01/31, EUR (g) | 318 | 375 |
| Bellis Finco PLC |  |  |
| 4.00%, 02/16/27, GBP (g) | 898 | 1230 |
| Boels Topholding B.V. |  |  |
| 6.25%, 02/15/29, EUR (g) | 949 | 1156 |
| 5.75%, 05/15/30, EUR (i) | 178 | 217 |
| Cidron Aida Finco SARL |  |  |
| 7.00%, 10/27/31, EUR (g) | 168 | 202 |
| 9.13%, 10/27/31, GBP (g) | 173 | 242 |
| Currenta Group Holdings S.a r.l. |  |  |
| 5.50%, 05/15/30, EUR (g) | 297 | 356 |
| 6.14%, (3 Month EURIBOR + 4.00%), 05/17/32, EUR (g) (l) | 304 | 361 |
| Darling Global Finance B.V. |  |  |
| 4.50%, 07/15/32, EUR (g) | 393 | 469 |
| DP World Salaam |  |  |
| 6.00%, (100, 10/01/25) (g) (h) | 260 | 260 |
| Elo |  |  |
| 2.88%, 01/29/26, EUR (g) | 200 | 232 |
| 4.88%, 12/08/28, EUR (g) | 200 | 213 |
| Energizer Holdings, Inc. |  |  |
| 4.38%, 03/31/29 (i) | 200 | 189 |
| Irca S.P.A. |  |  |
| 5.72%, (3 Month EURIBOR + 3.75%), 12/15/29, EUR (g) (l) | 191 | 225 |
| KeHE Distributors, LLC |  |  |
| 9.00%, 02/15/29 (i) | 208 | 215 |
| Kraft Heinz Foods Company |  |  |
| 4.13%, 07/01/27, GBP (g) | 100 | 136 |
| Lion/Polaris Lux 4 S.A. |  |  |
| 5.95%, (3 Month EURIBOR + 3.63%), 07/01/29, EUR (g) (l) | 459 | 542 |
| Loxama |  |  |
| 6.38%, 05/31/29, EUR (g) | 949 | 1164 |
| Market Bidco Finco PLC |  |  |
| 4.75%, 11/04/27, EUR (g) | 385 | 451 |
| 5.50%, 11/04/27, GBP (g) | 833 | 1119 |
| Ocado Group PLC |  |  |
| 11.00%, 06/15/30, GBP (g) | 270 | 360 |
| Ontex Group |  |  |
| 5.25%, 04/15/30, EUR (g) | 100 | 120 |
| OT MidCo Inc. |  |  |
| 10.00%, 02/15/30 (i) | 709 | 548 |

---

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page [607](#abbreviations).

**JNL Series Trust** (Unaudited)

**Schedules of Investments (in thousands)**

June 30, 2025

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| Performance Food Group, Inc. |  |  |
| 4.25%, 08/01/29 (i) | 247 | 238 |
| Perrigo Finance Unlimited Company |  |  |
| 5.38%, 09/30/32, EUR | 161 | 194 |
| Post Holdings, Inc. |  |  |
| 5.50%, 12/15/29 (i) | 395 | 393 |
| 6.25%, 10/15/34 (i) | 150 | 151 |
| Prestige Brands, Inc. |  |  |
| 3.75%, 04/01/31 (i) | 305 | 281 |
| Prime Security Services Borrower, LLC |  |  |
| 6.25%, 01/15/28 (i) | 235 | 236 |
| Procter & Gamble Company, The |  |  |
| 4.88%, 05/11/27, EUR | 369 | 456 |
| PT. Indofood Cbp Sukses Makmur |  |  |
| 4.75%, 06/09/51 (g) | 300 | 242 |
| Q-Park Holding I B.V. |  |  |
| 5.13%, 02/15/30, EUR (g) | 674 | 818 |
| REI Agro Limited |  |  |
| 0.00%, 11/16/16 (a) (e) (g) (j) (p) | 628 |  |
| 0.00%, 11/16/16 (a) (e) (i) (j) (p) | 185 |  |
| Sigma Holdco B.V. |  |  |
| 5.75%, 05/15/26, EUR (g) | 162 | 190 |
| Tereos Finance Groupe I |  |  |
| 5.75%, 04/30/31, EUR (g) | 154 | 180 |
| Verisure Holding AB |  |  |
| 3.25%, 02/15/27, EUR (g) | 485 | 566 |
| 9.25%, 10/15/27, EUR (i) | 544 | 667 |
| Verisure Midholding AB |  |  |
| 5.25%, 02/15/29, EUR (g) | 853 | 1010 |
| Wand NewCo 3, Inc. |  |  |
| 7.63%, 01/30/32 (d) (i) | 100 | 105 |
| | | 25651 |
| **Energy 0.7%** | **Energy 0.7%** | **Energy 0.7%** |
| Aethon United BR LP |  |  |
| 7.50%, 10/01/29 (i) | 140 | 147 |
| BG Energy Capital PLC |  |  |
| 5.13%, 12/01/25, GBP (g) | 267 | 367 |
| Blue Racer Midstream, LLC |  |  |
| 7.25%, 07/15/32 (i) | 284 | 301 |
| California Resources Corporation |  |  |
| 8.25%, 06/15/29 (i) | 353 | 363 |
| Civitas Resources, Inc. |  |  |
| 8.38%, 07/01/28 (i) | 394 | 404 |
| 8.63%, 11/01/30 (i) | 367 | 373 |
| Comstock Resources, Inc. |  |  |
| 6.75%, 03/01/29 (d) (i) | 380 | 379 |
| 6.75%, 03/01/29 (i) | 100 | 100 |
| Crescent Energy Finance LLC |  |  |
| 7.38%, 01/15/33 (i) | 367 | 351 |
| CVR Energy, Inc. |  |  |
| 8.50%, 01/15/29 (i) | 300 | 300 |
| Delek Logistics Partners, LP |  |  |
| 8.63%, 03/15/29 (i) | 278 | 289 |
| 7.38%, 06/30/33 (i) | 30 | 30 |
| Earthstone Energy Holdings, LLC |  |  |
| 8.00%, 04/15/27 (i) | 331 | 338 |
| Ecopetrol S.A. |  |  |
| 8.88%, 01/13/33 | 149 | 154 |
| Encino Acquisition Partners Holdings, LLC |  |  |
| 8.75%, 05/01/31 (i) | 335 | 371 |
| Eni S.P.A. |  |  |
| 4.88%, (100, 01/21/34), EUR (g) (h) | 325 | 384 |
| EQT Corporation |  |  |
| 7.50%, 06/01/30 (i) | 135 | 148 |
| Global Partners LP |  |  |
| 8.25%, 01/15/32 (i) | 188 | 198 |
| Golar LNG Limited |  |  |
| 2.75%, 12/15/30 (i) (j) | 229 | 235 |
| Howard Midstream Energy Partners, LLC |  |  |
| 7.38%, 07/15/32 (i) | 300 | 316 |
| India Cleantech Energy |  |  |
| 4.70%, 08/10/26 (g) | 237 | 233 |
| ITT Holdings LLC |  |  |
| 6.50%, 08/01/29 (i) | 313 | 298 |
| Kondor Finance PLC |  |  |
| 7.13%, 07/19/26, EUR (g) | 124 | 126 |
| Medco Maple Tree Pte. Ltd. |  |  |
| 8.96%, 04/27/29 (g) | 300 | 312 |
| Northern Oil and Gas Incorporated |  |  |
| 8.75%, 06/15/31 (i) | 165 | 170 |
| Occidental Petroleum Corporation |  |  |
| 5.20%, 08/01/29 | 270 | 271 |
| Permian Resources Operating, LLC |  |  |
| 5.38%, 01/15/26 (i) | 46 | 46 |
| Petroleos Mexicanos |  |  |
| 7.50%, 03/20/26 (i) | 3919 | 3926 |
| 8.75%, 06/02/29 | 53 | 55 |
| 5.95%, 01/28/31 | 104 | 94 |
| 10.00%, 02/07/33 (d) | 35 | 37 |
| Pluspetrol Camisea SA |  |  |
| 6.24%, 07/03/36 (i) | 95 | 98 |
| Preem Holding AB (publ) |  |  |
| 12.00%, 06/30/27, EUR (g) | 230 | 282 |
| PT. Pertamina (Persero) |  |  |
| 6.45%, 05/30/44 (i) | 200 | 206 |
| Puma International Financing S.A. |  |  |
| 7.75%, 04/25/29 (g) | 300 | 308 |
| Raizen Fuels Finance S.A. |  |  |
| 6.45%, 03/05/34 (i) | 287 | 286 |
| 6.95%, 03/05/54 (i) | 200 | 185 |
| SM Energy Company |  |  |
| 6.75%, 08/01/29 (i) | 150 | 149 |
| Solaris Energy Infrastructure, Inc. |  |  |
| 4.75%, 05/01/30 (j) | 1239 | 1663 |
| Tallgrass Energy Partners, LP |  |  |
| 6.00%, 12/31/30 - 09/01/31 (i) | 710 | 696 |
| TotalEnergies Capital International |  |  |
| 1.66%, 07/22/26, GBP (g) | 100 | 133 |
| Transocean Inc |  |  |
| 8.25%, 05/15/29 (i) | 488 | 452 |
| Transocean Titan Financing Ltd. |  |  |
| 8.38%, 02/01/28 (i) | 195 | 199 |
| USA Compression Finance Corp. |  |  |
| 6.88%, 09/01/27 | 323 | 324 |
| 7.13%, 03/15/29 (i) | 251 | 257 |
| Valaris Limited |  |  |
| 8.38%, 04/30/30 (i) | 144 | 148 |
| Venture Global LNG, Inc. |  |  |
| 9.00%, (100, 09/30/29) (h) (i) | 489 | 477 |
| 7.00%, 01/15/30 (d) (i) | 367 | 371 |
| Venture Global Plaquemines LNG, LLC |  |  |
| 6.50%, 01/15/34 (i) | 66 | 66 |
| 6.75%, 01/15/36 (i) | 68 | 68 |
| Vista Energy Argentina S.A.U. |  |  |
| 8.50%, 06/10/33 (i) | 67 | 68 |
| Vital Energy, Inc. |  |  |
| 7.88%, 04/15/32 (i) | 315 | 269 |
| WildFire Intermediate Holdings, LLC |  |  |
| 7.50%, 10/15/29 (i) | 287 | 285 |
| Wintershall Dea GmbH |  |  |
| 6.12%, (100, 05/08/30), EUR (g) (h) | 460 | 553 |
|  |  | 18659 |
| **Information Technology 0.6%** | **Information Technology 0.6%** | **Information Technology 0.6%** |
| Almaviva - The Italian Innovation Company S.P.A. In Breve Almaviva S.P.A. |  |  |
| 5.00%, 10/30/30, EUR (g) | 619 | 731 |
| Amentum Escrow Corp. |  |  |
| 7.25%, 08/01/32 (i) | 200 | 205 |
| Amkor Technology, Inc. |  |  |
| 6.63%, 09/15/27 (i) | 280 | 281 |
| AMS-Osram AG |  |  |
| 2.13%, 11/03/27, EUR (g) (j) | 700 | 774 |
| Atos SE |  |  |
| 5.00%, 12/18/30, EUR (g) (n) | 548 | 548 |
| 1.00%, 12/18/32, EUR (g) (n) | 399 | 197 |
| Central Parent Inc. |  |  |
| 8.00%, 06/15/29 (i) | 293 | 243 |
| Cloud Software Group, Inc. |  |  |
| 6.50%, 03/31/29 (i) | 1263 | 1274 |

---

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page [607](#abbreviations).

**JNL Series Trust** (Unaudited)

**Schedules of Investments (in thousands)**

June 30, 2025

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| 9.00%, 09/30/29 (i) | 254 | 263 |
| 8.25%, 06/30/32 (i) | 619 | 659 |
| Core Scientific, Inc. |  |  |
| 0.00%, 06/15/31 (i) (j) (m) | 145 | 158 |
| Coreweave, Inc. |  |  |
| 9.25%, 06/01/30 (i) | 225 | 230 |
| Dell Bank International Designated Activity Company |  |  |
| 0.50%, 10/27/26, EUR (g) | 298 | 342 |
| GoTo Group, Inc. |  |  |
| 5.50%, 05/01/28 (i) | 393 | 223 |
| Helios Software Holdings, Inc. |  |  |
| 7.88%, 05/01/29, EUR (i) | 831 | 1011 |
| International Business Machines Corporation |  |  |
| 3.38%, 02/06/27, EUR | 531 | 635 |
| IPD 3 B.V. |  |  |
| 5.50%, 06/15/31, EUR (g) | 339 | 405 |
| IREN Limited |  |  |
| 3.50%, 12/15/29 (i) (j) | 421 | 549 |
| NCR Atleos Escrow Corporation |  |  |
| 9.50%, 04/01/29 (i) | 864 | 946 |
| NCR Voyix Corporation |  |  |
| 5.00%, 10/01/28 (i) | 534 | 528 |
| 5.13%, 04/15/29 (i) | 100 | 99 |
| RingCentral, Inc. |  |  |
| 8.50%, 08/15/30 (i) | 1337 | 1430 |
| Seagate HDD Cayman |  |  |
| 8.25%, 12/15/29 | 933 | 997 |
| 8.50%, 07/15/31 | 501 | 536 |
| 9.63%, 12/01/32 | 795 | 900 |
| SS&C Technologies, Inc. |  |  |
| 5.50%, 09/30/27 (i) | 110 | 110 |
| 6.50%, 06/01/32 (i) | 442 | 459 |
| TeamSystem S.p.A. |  |  |
| 5.00%, 07/01/31, EUR (g) | 161 | 189 |
| 5.78%, (3 Month EURIBOR + 3.50%), 07/31/31, EUR (g) (l) | 320 | 377 |
| 0.00%, (3 Month EURIBOR + 3.25%), 07/01/32, EUR (g) (l) | 273 | 321 |
| UKG Inc. |  |  |
| 6.88%, 02/01/31 (i) | 350 | 363 |
| Wolfspeed, Inc. |  |  |
| 1.75%, 05/01/26 (j) | 210 | 52 |
| Xerox Corporation |  |  |
| 10.25%, 10/15/30 (i) | 474 | 496 |
| Xerox Holdings Corporation |  |  |
| 5.50%, 08/15/28 (i) | 177 | 135 |
| 8.88%, 11/30/29 (i) | 259 | 196 |
| Xerox Issuer Corporation |  |  |
| 13.50%, 04/15/31 (d) (i) | 440 | 452 |
| | | 17314 |
| **Real Estate 0.5%** | **Real Estate 0.5%** | **Real Estate 0.5%** |
| Adler Financing S.a r.l. |  |  |
| 8.25%, 12/31/28, EUR (k) | 1262 | 1554 |
| 10.00%, 12/31/29, EUR (k) | 160 | 198 |
| alstria office AG |  |  |
| 5.50%, 03/20/31, EUR (g) | 300 | 359 |
| American Tower Corporation |  |  |
| 0.45%, 01/15/27, EUR | 1371 | 1566 |
| Aroundtown SA |  |  |
| 7.13%, (100, 01/16/30), EUR (g) (h) | 402 | 496 |
| 8.63%, (100, 05/07/29), GBP (g) (h) | 512 | 708 |
| DEMIRE Deutsche Mittelstand Real Estate AG |  |  |
| 5.00%, 12/31/27, EUR (g) (n) | 810 | 894 |
| Heimstaden Bostad AB |  |  |
| 0.63%, 07/24/25, EUR (g) | 481 | 565 |
| 1.38%, 03/03/27, EUR (g) | 219 | 251 |
| I&M Holdings Limited |  |  |
| 5.00%, 03/11/30, EUR (g) | 100 | 121 |
| 5.38%, 07/08/31, EUR (g) | 125 | 151 |
| Majid Al Futtaim Holding LLC |  |  |
| 6.38%, (100, 12/20/25) (g) (h) | 200 | 199 |
| MPT Operating Partnership, L.P. |  |  |
| 7.00%, 02/15/32, EUR (g) | 339 | 408 |
| Park Intermediate Holdings LLC |  |  |
| 5.88%, 10/01/28 (i) | 201 | 201 |
| 4.88%, 05/15/29 (i) | 109 | 106 |
| Service Properties Trust |  |  |
| 8.38%, 06/15/29 (d) | 1657 | 1729 |
| 8.63%, 11/15/31 (i) | 350 | 375 |
| 8.88%, 06/15/32 | 2016 | 2071 |
| Uniti Group Inc. |  |  |
| 10.50%, 02/15/28 (i) | 1072 | 1136 |
| 4.75%, 04/15/28 (i) | 206 | 202 |
| Vivion Investments S.a r.l. |  |  |
| 8.00%, 08/31/28, EUR (g) (k) (n) | 722 | 834 |
| Vonovia SE |  |  |
| 0.88%, 05/20/32, EUR (g) (j) | 300 | 371 |
|  |  | 14495 |
| **Health Care 0.5%** | **Health Care 0.5%** | **Health Care 0.5%** |
| Acadia Healthcare Company, Inc. |  |  |
| 5.50%, 07/01/28 (i) | 225 | 224 |
| 5.00%, 04/15/29 (i) | 90 | 87 |
| 7.38%, 03/15/33 (i) | 117 | 121 |
| Amgen Inc. |  |  |
| 5.50%, 12/07/26, GBP (g) | 100 | 139 |
| Bausch & Lomb Corporation |  |  |
| 8.38%, 10/01/28 (i) | 216 | 226 |
| Bausch+Lomb Netherlands B.V. |  |  |
| 5.87%, (3 Month EURIBOR + 3.88%), 01/15/31, EUR (g) (l) | 181 | 214 |
| Becton Dickinson Euro Finance S.a r.l. |  |  |
| 3.55%, 09/13/29, EUR | 926 | 1120 |
| Community Health Systems, Inc. |  |  |
| 6.00%, 01/15/29 (i) | 157 | 151 |
| 5.25%, 05/15/30 (i) | 211 | 187 |
| 4.75%, 02/15/31 (i) | 136 | 117 |
| 10.88%, 01/15/32 (i) | 100 | 106 |
| Dolcetto Holdco S.p.A |  |  |
| 0.00%, (3 Month EURIBOR + 3.63%), 07/14/32, EUR (g) (l) | 110 | 130 |
| 5.63%, 07/14/32, EUR (g) | 311 | 369 |
| Endo Finance Holdings, Inc. |  |  |
| 8.50%, 04/15/31 (i) | 194 | 206 |
| Grifols, S.A. |  |  |
| 7.13%, 05/01/30, EUR (g) | 344 | 421 |
| Lifepoint Health, Inc. |  |  |
| 9.88%, 08/15/30 (i) | 40 | 43 |
| 11.00%, 10/15/30 (i) | 100 | 111 |
| 8.38%, 02/15/32 (i) | 120 | 128 |
| Marcolin S.p.A. |  |  |
| 6.13%, 11/15/26, EUR (i) | 926 | 1090 |
| Mehilainen Yhtiot Oy |  |  |
| 5.13%, 06/30/32, EUR (g) | 301 | 356 |
| 5.41%, (3 Month EURIBOR + 3.38%), 06/30/32, EUR (g) (l) | 100 | 118 |
| Mozart Debt Merger Sub Inc. |  |  |
| 5.25%, 10/01/29 (i) | 755 | 749 |
| Organon & Co. |  |  |
| 5.13%, 04/30/31 (i) | 700 | 608 |
| 7.88%, 05/15/34 (i) | 200 | 181 |
| Rossini S.a r.l. |  |  |
| 6.23%, (3 Month EURIBOR + 3.88%), 12/31/29, EUR (g) (l) | 129 | 154 |
| 6.75%, 12/31/29, EUR (g) | 214 | 266 |
| Select Medical Corporation |  |  |
| 6.25%, 12/01/32 (d) (i) | 723 | 727 |
| Star Parent, Inc. |  |  |
| 9.00%, 10/01/30 (i) | 231 | 243 |
| Takeda Pharmaceutical Company Limited |  |  |
| 2.25%, 11/21/26, EUR (g) | 541 | 636 |
| Tempus AI, Inc. |  |  |
| 0.75%, 07/15/30 (i) (j) | 44 | 44 |
| Tenet Healthcare Corporation |  |  |
| 6.13%, 10/01/28 | 886 | 887 |
| Teva Pharmaceutical Finance Netherlands II B.V. |  |  |
| 1.88%, 03/31/27, EUR (g) | 328 | 375 |
| 3.75%, 05/09/27, EUR (g) | 648 | 765 |
| 7.88%, 09/15/31, EUR | 677 | 952 |

---

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page [607](#abbreviations).

**JNL Series Trust** (Unaudited)

**Schedules of Investments (in thousands)**

June 30, 2025

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| Thermo Fisher Scientific Inc. |  |  |
| 1.38%, 09/12/28, EUR | 582 | 661 |
| | | 12912 |
| **Materials 0.4%** | **Materials 0.4%** | **Materials 0.4%** |
| A.C.N. 092 200 854 Ltd |  |  |
| 7.50%, 10/01/26 (e) (i) (k) | 506 | 58 |
| 0.00%, 10/01/28 (e) (i) (k) (n) | 7017 |  |
| AngloGold Ashanti Holdings PLC |  |  |
| 3.75%, 10/01/30 | 292 | 272 |
| Ball Corporation |  |  |
| 4.25%, 07/01/32, EUR | 336 | 401 |
| Chemours Company, The |  |  |
| 4.63%, 11/15/29 (i) | 100 | 87 |
| 8.00%, 01/15/33 (i) | 166 | 155 |
| Constellium SE |  |  |
| 5.38%, 08/15/32, EUR (g) | 152 | 181 |
| Diamond Escrow Issuer, LLC |  |  |
| 9.75%, 11/15/28 (i) | 335 | 353 |
| EQUATE Petrochemical |  |  |
| 4.25%, 11/03/26 (g) | 200 | 198 |
| F.I.S. - Fabbrica Italiana Sintetici S.p.A. |  |  |
| 5.63%, 08/01/27, EUR (g) | 376 | 445 |
| First Quantum Minerals Ltd |  |  |
| 6.88%, 10/15/27 (i) | 313 | 313 |
| 9.38%, 03/01/29 (i) | 200 | 212 |
| Herens Holdco S.a r.l. |  |  |
| 5.25%, 05/15/29, EUR (i) | 944 | 814 |
| INEOS Finance PLC |  |  |
| 6.63%, 05/15/28, EUR (i) | 612 | 738 |
| 5.63%, 08/15/30, EUR (d) (g) | 152 | 174 |
| INEOS Quattro Finance 2 plc |  |  |
| 8.50%, 03/15/29, EUR (g) | 336 | 394 |
| 6.75%, 04/15/30, EUR (g) | 266 | 289 |
| Itelyum Regeneration S.p.A. |  |  |
| 5.75%, 04/15/30, EUR (g) | 111 | 132 |
| Kronos International, Inc. |  |  |
| 9.50%, 03/15/29, EUR (g) | 133 | 168 |
| Lune Holdings S.a r.l. |  |  |
| 5.63%, 11/15/28, EUR (g) | 379 | 179 |
| Magnera Corporation |  |  |
| 7.25%, 11/15/31 (i) | 200 | 189 |
| Mercer International Inc. |  |  |
| 5.13%, 02/01/29 | 349 | 285 |
| Mineral Resources Limited |  |  |
| 9.25%, 10/01/28 (i) | 128 | 131 |
| 8.50%, 05/01/30 (i) | 366 | 364 |
| Nobian Finance B.V. |  |  |
| 3.63%, 07/15/26, EUR (g) | 423 | 496 |
| Novelis Corporation |  |  |
| 6.88%, 01/30/30 (i) | 100 | 103 |
| 3.88%, 08/15/31 (i) | 342 | 307 |
| Olympus Water US Holding Corporation |  |  |
| 4.25%, 10/01/28 (i) | 200 | 190 |
| 7.25%, 06/15/31 (i) | 200 | 204 |
| PT. Freeport Indonesia |  |  |
| 4.76%, 04/14/27 (g) | 347 | 347 |
| 6.20%, 04/14/52 (g) | 300 | 294 |
| Samarco Mineracao S/A |  |  |
| 9.00%, 06/30/31 (g) (k) (n) | 17 | 17 |
| 9.00%, 06/30/31 (i) (k) (n) | 21 | 21 |
| Sappi Papier Holding GmbH |  |  |
| 4.50%, 03/15/32, EUR (g) | 232 | 268 |
| Sasol Financing USA LLC |  |  |
| 6.50%, 09/27/28 | 200 | 190 |
| Scih Salt Holdings Inc. |  |  |
| 4.88%, 05/01/28 (i) | 335 | 326 |
| Scotts Miracle-Gro Company, The |  |  |
| 4.00%, 04/01/31 (d) | 252 | 231 |
| Tronox Incorporated |  |  |
| 4.63%, 03/15/29 (i) | 257 | 222 |
| Vale Overseas Ltd |  |  |
| 6.40%, 06/28/54 | 25 | 24 |
| Vedanta Resources Finance II PLC |  |  |
| 10.88%, 09/17/29 (i) | 243 | 253 |
| Vedanta Resources Limited |  |  |
| 10.88%, 09/17/29 (g) | 300 | 312 |
| Volcan Compania Minera S.A.A. |  |  |
| 8.75%, 01/24/30 (i) | 99 | 98 |
| W. R. Grace Holdings LLC |  |  |
| 4.88%, 06/15/27 (i) | 228 | 226 |
|  |  | 10661 |
| **Utilities 0.4%** | **Utilities 0.4%** | **Utilities 0.4%** |
| A2a S.P.A. |  |  |
| 5.00%, (100, 06/11/29), EUR (g) (h) | 171 | 208 |
| AC Energy, Inc. |  |  |
| 4.00% (g) (h) | 300 | 194 |
| AES Andes SA |  |  |
| 6.30%, 03/15/29 (i) | 200 | 206 |
| Alexander Funding Trust II |  |  |
| 7.47%, 07/31/28 (i) | 295 | 315 |
| Alpha Generation LLC |  |  |
| 6.75%, 10/15/32 (i) | 227 | 234 |
| AmeriGas Partners, L.P. |  |  |
| 9.50%, 06/01/30 (i) | 100 | 104 |
| Atlantica Infraestructura Sostenible Sociedad Limitada |  |  |
| 5.63%, 02/15/32, EUR (g) | 303 | 367 |
| Calpine Corporation |  |  |
| 5.13%, 03/15/28 (i) | 100 | 100 |
| 4.63%, 02/01/29 (i) | 24 | 24 |
| 5.00%, 02/01/31 (i) | 362 | 358 |
| Centrica PLC |  |  |
| 6.50%, 05/21/55, GBP (g) | 513 | 711 |
| Clean Renewable Power (Mauritius) Pte. Ltd |  |  |
| 4.25%, 03/25/27 (g) | 241 | 234 |
| Continuum Energy Aura Pte. Ltd. |  |  |
| 9.50%, 02/24/27 (g) | 300 | 309 |
| Contourglobal Power Holdings SA |  |  |
| 5.00%, 02/28/30, EUR (g) | 257 | 305 |
| Diamond II Limited |  |  |
| 7.95%, 07/28/26 (g) | 300 | 302 |
| EDP, S.A. |  |  |
| 4.63%, 09/16/54, EUR (g) | 400 | 476 |
| Electricite de France |  |  |
| 5.13%, (100, 09/17/29), EUR (g) (h) | 200 | 241 |
| 5.63%, (100, 06/17/32), EUR (g) (h) | 200 | 244 |
| 7.38%, (100, 06/17/35), GBP (g) (h) | 200 | 277 |
| Iberdrola Finance Ireland Designated Activity Company |  |  |
| 1.50%, 03/27/30, EUR (g) (j) | 300 | 368 |
| Mong Duong Finance Holdings B.V. |  |  |
| 5.13%, 05/07/29 (g) | 203 | 198 |
| National Grid PLC |  |  |
| 0.16%, 01/20/28, EUR (g) | 785 | 869 |
| Pampa Energia S.A. |  |  |
| 7.88%, 12/16/34 (i) | 62 | 62 |
| PT. Perusahaan Listrik Negara |  |  |
| 1.88%, 11/05/31, EUR (g) | 300 | 307 |
| SMC Global Power Holdings Corp. |  |  |
| 8.13%, (100, 12/02/29) (g) (h) | 300 | 294 |
| Suburban Propane Partners, L.P. |  |  |
| 5.00%, 06/01/31 (i) | 139 | 131 |
| Talen Energy Supply, LLC |  |  |
| 8.63%, 06/01/30 (i) | 475 | 508 |
| Thames Water Utilities Finance PLC |  |  |
| 4.00%, 06/19/27, GBP (g) | 832 | 782 |
| Thames Water Utilities Limited |  |  |
| 0.00%, 03/22/27, GBP (i) (m) | 6 | 7 |
| Vistra Operations Company LLC |  |  |
| 5.63%, 02/15/27 (i) | 1615 | 1614 |
|  |  | 10349 |
| Total Corporate Bonds And Notes (cost $272,503) | Total Corporate Bonds And Notes (cost $272,503) | 278797 |
| **NON-U.S. GOVERNMENT AGENCY ASSET-BACKED SECURITIES 6.2%** | **NON-U.S. GOVERNMENT AGENCY ASSET-BACKED SECURITIES 6.2%** | **NON-U.S. GOVERNMENT AGENCY ASSET-BACKED SECURITIES 6.2%** |
| 1211 Avenue of The Americas |  |  |
| Series 2015-D-1211, REMIC, 4.14%, 08/12/25 (l) | 665 | 624 |

---

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page [607](#abbreviations).

**JNL Series Trust** (Unaudited)

**Schedules of Investments (in thousands)**

June 30, 2025

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| 720 East CLO VII Ltd |  |  |
| Series 2025-A1-7A, 5.36%, (3 Month Term SOFR + 1.06%), 04/20/37 (l) | 420 | 416 |
| AB Carval Euro CLO II-C Designated Activity Company |  |  |
| Series D-2X, 5.89%, (3 Month EURIBOR + 3.75%), 02/15/37, EUR (g) (l) | 380 | 448 |
| AGL CLO 32 Ltd |  |  |
| Series 2024-A1-32A, 5.65%, (3 Month Term SOFR + 1.38%), 07/21/37 (l) | 250 | 251 |
| AGL CLO 42 Ltd |  |  |
| Series 2025-A1-42A, 5.60%, (3 Month Term SOFR + 1.30%), 07/22/38 (l) | 1300 | 1299 |
| AGL Core CLO 31 Ltd |  |  |
| Series 2024-A-31A, 5.67%, (3 Month Term SOFR + 1.40%), 07/20/37 (l) | 1000 | 1003 |
| Air Canada |  |  |
| Series 2020-C-1, 10.50%, 07/15/26 | 931 | 979 |
| Ajax Mortgage Loan Trust 2021-E |  |  |
| Series 2021-A1-E, REMIC, 1.74%, 12/25/60 (n) | 2828 | 2481 |
| Series 2021-A2-E, REMIC, 2.69%, 12/25/60 (n) | 502 | 377 |
| Series 2021-M1-E, REMIC, 2.94%, 12/25/60 (n) | 203 | 147 |
| Series 2021-B1-E, REMIC, 3.73%, 12/25/60 (n) | 332 | 220 |
| Anchorage Capital CLO 17, Ltd. |  |  |
| Series 2021-A1R-17A, 5.49%, (3 Month Term SOFR + 1.23%), 02/16/38 (l) | 250 | 250 |
| Apidos CLO XV |  |  |
| Series 2013-A1RR-15A, 5.86%, (3 Month Term SOFR + 1.27%), 04/21/31 (l) | 75 | 75 |
| Arbor Multifamily Mortgage Securities Trust 2020-MF1 |  |  |
| Series 2020-E-MF1, REMIC, 1.75%, 04/15/30 | 257 | 206 |
| Arbour CLO VI Designated Activity Company |  |  |
| Series DR-6X, 5.34%, 11/16/37, EUR (g) (l) | 440 | 519 |
| Arcano Euro CLO I Designated Activity Company |  |  |
| Series D-1X, 5.59%, (3 Month EURIBOR + 3.40%), 04/25/39, EUR (g) (l) | 520 | 614 |
| Arcano Euro CLO II Designated Activity Company |  |  |
| Series D-2X, 0.00%, 07/25/38, EUR (g) (l) | 230 | 271 |
| AREIT 2025-CRE10 LTD |  |  |
| Series 2025-A-CRE10, 5.70%, (1 Month Term SOFR + 1.45%), 07/19/38 (l) | 1020 | 1018 |
| Arini European CLO IV Designated Activity Company |  |  |
| Series D-4X, 6.27%, (3 Month EURIBOR + 3.50%), 01/15/38, EUR (g) (l) | 630 | 740 |
| Arini European CLO V Designated Activity Company |  |  |
| Series D-5X, 5.15%, (3 Month EURIBOR + 2.80%), 01/17/39, EUR (g) (l) | 340 | 398 |
| Aurium CLO XIII Designated Activity Company |  |  |
| Series D-13X, 5.17%, (3 Month EURIBOR + 2.80%), 04/15/38, EUR (g) (l) | 230 | 264 |
| Avoca CLO XVIII Designated Activity Company |  |  |
| Series DR-18X, 5.70%, (3 Month EURIBOR + 3.05%), 04/15/38, EUR (g) (l) | 250 | 289 |
| Avoca Static CLO I Designated Activity Company |  |  |
| Series DR-1X, 5.18%, (3 Month EURIBOR + 2.90%), 01/15/35, EUR (g) (l) | 220 | 254 |
| BAHA Trust 2024-MAR |  |  |
| Series 2024-C-MAR, REMIC, 7.77%, 12/13/29 (l) | 830 | 866 |
| Ballyrock CLO 14 Ltd. |  |  |
| Series 2020-A1AR-14A, 5.65%, (3 Month Term SOFR + 1.38%), 07/20/37 (l) | 3500 | 3510 |
| BAMLL Commercial Mortgage Securities Trust 2025-ASHF |  |  |
| Series 2025-E-ASHF, REMIC, 9.56%, (1 Month Term SOFR + 5.25%), 02/16/27 (l) | 1232 | 1238 |
| Banc of America Alternative Loan Trust 2006-3 |  |  |
| Series 2022-A-FL8, 6.57%, (1 Month Term SOFR + 2.25%), 01/19/37 (l) | 428 | 428 |
| Bankers Healthcare Group Securitization Trust 2020-A |  |  |
| Series 2020-C-A, 5.17%, 09/17/31 | 110 | 110 |
| Battalion CLO X Ltd. |  |  |
| Series 2016-A2R2-10A, 6.09%, (3 Month Term SOFR + 1.81%), 01/25/35 (l) | 250 | 250 |
| Bayview Commercial Asset Trust 2006-3 |  |  |
| Series 2006-M1-3A, REMIC, 4.94%, (1 Month Term SOFR + 0.62%), 10/27/36 (l) (n) | 36 | 34 |
| BBCMS 2018-TALL Mortgage Trust |  |  |
| Series 2018-C-TALL, REMIC, 5.48%, (1 Month Term SOFR + 1.32%), 03/16/37 (l) (n) | 744 | 670 |
| Benchmark 2021-B23 Mortgage Trust |  |  |
| Interest Only, Series 2021-XA-B23, REMIC, 1.26%, 02/18/54 (l) | 8272 | 426 |
| Benefit Street Partners CLO Ltd |  |  |
| Series 2015-A1R-6BR, 5.48%, (3 Month Term SOFR + 1.18%), 04/20/38 (l) | 500 | 499 |
| BHMS 2018-ATLS |  |  |
| Series 2018-A-ATLS, REMIC, 5.86%, (1 Month Term SOFR + 1.55%), 07/16/35 (l) | 1034 | 1034 |
| Series 2018-C-ATLS, REMIC, 6.86%, (1 Month Term SOFR + 2.20%), 07/16/35 (l) | 459 | 459 |
| Birch Grove CLO 12 Ltd |  |  |
| Series 2025-A1-12A, 5.51%, (3 Month Term SOFR + 1.17%), 04/22/38 (l) | 4600 | 4600 |
| BlueMountain CLO Ltd |  |  |
| Series 2021-A-28A, 5.78%, (3 Month Term SOFR + 1.52%), 04/17/34 (l) | 150 | 150 |
| BlueMountain CLO XXII Ltd |  |  |
| Series 2018-B-22A, 6.02%, (3 Month Term SOFR + 1.76%), 07/15/31 (l) | 252 | 252 |
| BMP 2024-MF23 |  |  |
| Series 2024-E-MF23, 7.70%, (1 Month Term SOFR + 3.39%), 06/15/26 (l) | 376 | 373 |
| BWAY Corporation |  |  |
| Series 2013-D-1515, REMIC, 3.63%, 03/10/33 | 581 | 505 |
| BX Commercial Mortgage Trust 2020-VIV4 |  |  |
| Series 2020-A-VIV4, REMIC, 2.84%, 03/11/30 | 237 | 216 |
| BX Commercial Mortgage Trust 2021-SOAR |  |  |
| Series 2021-G-SOAR, REMIC, 7.23%, (1 Month Term SOFR + 2.91%), 06/15/38 (l) | 1231 | 1232 |
| BX Commercial Mortgage Trust 2021-VINO |  |  |
| Series 2021-F-VINO, REMIC, 7.23%, (1 Month Term SOFR + 2.92%), 05/15/26 (l) | 871 | 871 |
| BX Commercial Mortgage Trust 2021-XL2 |  |  |
| Series 2021-A-XL2, REMIC, 5.11%, (1 Month Term SOFR + 0.80%), 10/15/38 (l) | 144 | 144 |
| Series 2021-F-XL2, REMIC, 6.67%, (1 Month Term SOFR + 2.36%), 10/15/38 (l) | 1757 | 1758 |
| BX Commercial Mortgage Trust 2024-GPA3 |  |  |
| Series 2024-B-GPA3, REMIC, 5.95%, (1 Month Term SOFR + 1.64%), 12/15/26 (l) | 1513 | 1514 |
| BX Commercial Mortgage Trust 2024-KING |  |  |
| Series 2024-A-KING, REMIC, 5.85%, (1 Month Term SOFR + 1.54%), 05/15/26 (l) | 484 | 484 |
| BX Commercial Mortgage Trust 2024-XL5 |  |  |
| Series 2024-A-XL5, REMIC, 5.70%, (1 Month Term SOFR + 1.39%), 03/15/26 (l) | 739 | 740 |
| BX Trust 2019-OC11 |  |  |
| Series 2019-D-OC11, REMIC, 3.94%, 12/11/29 (l) | 1238 | 1156 |
| Series 2019-E-OC11, REMIC, 3.94%, 12/11/29 (l) | 1735 | 1584 |
| BX Trust 2021-MFM1 |  |  |
| Series 2021-F-MFM1, REMIC, 7.43%, (1 Month Term SOFR + 3.11%), 01/15/34 (l) | 311 | 311 |
| BX Trust 2024-CNYN |  |  |
| Series 2024-A-CNYN, REMIC, 5.75%, (1 Month Term SOFR + 1.44%), 04/15/29 (l) | 858 | 859 |
| BX Trust 2024-VLT4 |  |  |
| Series 2024-E-VLT4, REMIC, 7.20%, (1 Month Term SOFR + 2.89%), 06/15/26 (l) | 410 | 408 |
| Series 2024-F-VLT4, REMIC, 8.25%, (1 Month Term SOFR + 3.94%), 06/15/26 (l) | 1025 | 1012 |
| BX Trust 2025-ROIC |  |  |
| Series 2025-E-ROIC, REMIC, 7.25%, (1 Month Term SOFR + 2.94%), 03/15/27 (l) | 730 | 715 |
| Capital Four CLO VIII Designated Activity Company |  |  |
| Series D-8X, 5.41%, (3 Month EURIBOR + 3.25%), 10/25/37, EUR (g) (l) | 520 | 606 |

---

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page [607](#abbreviations).

**JNL Series Trust** (Unaudited)

**Schedules of Investments (in thousands)**

June 30, 2025

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| Carlyle Global Market Strategies CLO 2014-4-R Ltd |  |  |
| Series 2014-A2-4RA, 6.12%, (3 Month Term SOFR + 1.86%), 07/15/30 (l) | 1300 | 1303 |
| CD 2017-CD6 Mortgage Trust |  |  |
| Series 2017-B-CD6, REMIC, 3.91%, 11/15/27 (l) | 132 | 125 |
| CFSP 2024-AHP1 A |  |  |
| Series 2024-A-AHP1, REMIC, 6.50%, 04/17/37 | 805 | 778 |
| CIFC European Funding CLO II Designated Activity Company |  |  |
| Series B1-2X, 3.88%, (3 Month EURIBOR + 1.60%), 04/15/33, EUR (g) (l) | 100 | 118 |
| CIFC Funding 2014-III, Ltd. |  |  |
| Series 2014-A1R-3A, 5.45%, (3 Month Term SOFR + 1.18%), 03/31/38 (l) | 1800 | 1796 |
| CIFC Funding 2019-IV Ltd |  |  |
| Series 2019-A1R2-4A, 0.00%, (3 Month Term SOFR + 1.30%), 07/15/38 (l) | 3000 | 3000 |
| Series 2019-BR2-4A, 0.00%, (3 Month Term SOFR + 1.85%), 07/15/38 (l) | 1300 | 1300 |
| CIFC Funding 2021-V Ltd |  |  |
| Series 2021-A1R-5A, 5.52%, (3 Month Term SOFR + 1.26%), 01/15/38 (l) | 1300 | 1303 |
| CIFC Funding 2024-III Ltd |  |  |
| Series 2024-A1-3A, REMIC, 5.75%, (3 Month Term SOFR + 1.48%), 07/21/37 (l) | 300 | 301 |
| CIFC Funding 2025-II Ltd |  |  |
| Series 2025-A-2A, 5.43%, (3 Month Term SOFR + 1.13%), 04/15/38 (l) | 250 | 251 |
| CIFC Funding Ltd 2015-I |  |  |
| Series 2015-BRR-1A, 5.98%, (3 Month Term SOFR + 1.71%), 01/22/31 (l) | 250 | 250 |
| COMM 2024-WCL1 MORTGAGE TRUST |  |  |
| Series 2024-E-WCL1, REMIC, 8.80%, (1 Month Term SOFR + 4.49%), 06/15/26 (l) | 490 | 484 |
| Community Loan Servicing, LLC |  |  |
| Series 2005-M6-3A, REMIC, 5.48%, (1 Month Term SOFR + 1.16%), 11/25/35 (l) (n) | 37 | 39 |
| Concord Music Royalties LLC |  |  |
| Series 2024-A-1A, 5.64%, 10/20/29 | 441 | 443 |
| CONE Trust 2024-DFW1 |  |  |
| Series 2024-E-DFW1, REMIC, 8.20%, (1 Month Term SOFR + 3.95%), 08/15/41 (l) | 480 | 479 |
| Contego CLO V Designated Activity Company |  |  |
| Series DR-5X, 5.56%, (3 Month EURIBOR + 3.10%), 10/15/37, EUR (g) (l) | 340 | 392 |
| Contego CLO VII Designated Activity Company |  |  |
| Series DR-7X, 5.63%, (3 Month EURIBOR + 3.45%), 01/23/38, EUR (g) (l) | 430 | 499 |
| Contego CLO XI Designated Activity Company |  |  |
| Series DR-11X, 5.93%, (3 Month EURIBOR + 3.20%), 11/22/38, EUR (g) (l) | 320 | 372 |
| Cook Park CLO, Ltd. |  |  |
| Series 2018-B-1A, 5.94%, (3 Month Term SOFR + 1.66%), 04/17/30 (l) | 258 | 258 |
| CSAIL 2016-C5 Commercial Mortgage Trust |  |  |
| Series 2016-C-C5, REMIC, 4.61%, 11/18/25 (l) | 96 | 93 |
| CSMC 2020-FACT |  |  |
| Series 2020-E-FACT, REMIC, 9.79%, (1 Month Term SOFR + 4.98%), 10/15/37 (l) | 200 | 184 |
| CVC Cordatus Opportunity Loan Fund-R Designated Activity Company |  |  |
| Series DR-1X, 4.94%, (3 Month EURIBOR + 2.80%), 09/18/33, EUR (g) (l) | 1030 | 1203 |
| DBGS 2024-SBL |  |  |
| Series 2024-A-SBL, REMIC, 6.19%, (1 Month Term SOFR + 1.88%), 08/17/26 (l) | 110 | 110 |
| Diameter Capital CLO 9 Ltd |  |  |
| Series 2025-A-9A, 5.49%, (3 Month Term SOFR + 1.17%), 04/20/38 (l) | 250 | 250 |
| Dryden 50 Senior Loan Fund |  |  |
| Series 2017-B-50A, 6.17%, (3 Month Term SOFR + 1.91%), 07/15/30 (l) | 250 | 250 |
| ELM Trust 2024-ELM |  |  |
| Series 2024-E10-ELM, REMIC, 8.05%, 06/11/27 (l) | 918 | 923 |
| Elmwood CLO II Ltd |  |  |
| Series 2019-BRR-2A, 5.97%, (3 Month Term SOFR + 1.70%), 10/20/37 (l) | 350 | 351 |
| ELP Commercial Mortgage Trust 2021-ELP |  |  |
| Series 2021-F-ELP, REMIC, 7.09%, (1 Month Term SOFR + 2.78%), 11/15/38 (l) | 1009 | 1008 |
| Extended Stay America Trust 2021-ESH |  |  |
| Series 2021-D-ESH, REMIC, 6.68%, (1 Month Term SOFR + 2.36%), 07/15/38 (l) | 1867 | 1870 |
| Series 2021-E-ESH, REMIC, 7.28%, (1 Month Term SOFR + 2.96%), 07/15/38 (l) | 1190 | 1193 |
| Fidelity Grand Harbour CLO 2023-1 Designated Activity Company |  |  |
| Series 2023-DR-1X, 4.84%, 02/15/38, EUR (g) (l) | 440 | 503 |
| FNA 8, LLC |  |  |
| Series 2025-A-1, 5.62%, 03/15/45 (l) | 1075 | 1082 |
| FS Rialto 2025-FL10 Issuer, LLC |  |  |
| Series 2025-A-FL10, 5.77%, (1 Month Term SOFR + 1.45%), 08/19/42 (l) | 810 | 808 |
| Golub Capital Partners CLO 77 B Ltd |  |  |
| Series 2024-A1-77A, 5.55%, (3 Month Term SOFR + 1.25%), 01/25/38 (l) | 250 | 251 |
| GoodLeap Home Improvement Solutions Trust 2024-1 |  |  |
| Series 2024-A-1A, REMIC, 5.35%, 04/20/33 | 1745 | 1743 |
| Goodleap Sustainable Home Solutions Trust 2021-3 |  |  |
| Series 2021-A-3CS, REMIC, 2.10%, 03/20/36 | 446 | 351 |
| GreenSky Home Improvement Trust 2024-1 |  |  |
| Series 2024-A4-1, 5.67%, 06/25/59 | 1076 | 1092 |
| Series 2024-B-1, 5.87%, 06/25/59 | 160 | 163 |
| Greystone CRE Notes 2021-FL3, Ltd. |  |  |
| Series 2021-A-FL3, 5.45%, (1 Month Term SOFR + 1.13%), 07/15/39 (l) | 310 | 310 |
| GS Mortgage Securities Corporation Trust 2021-DM |  |  |
| Series 2021-E-DM, REMIC, 7.36%, (1 Month Term SOFR + 3.05%), 11/15/36 (l) | 1303 | 1294 |
| GS Mortgage Securities Corporation Trust 2021-IP |  |  |
| Series 2021-A-IP, REMIC, 5.38%, (1 Month Term SOFR + 1.06%), 10/15/26 (l) | 239 | 238 |
| GS Mortgage Securities Corporation Trust 2021-ROSS |  |  |
| Series 2021-A-ROSS, REMIC, 5.73%, (1 Month Term SOFR + 1.26%), 06/16/36 (l) | 230 | 217 |
| GS Mortgage Securities Corporation Trust 2025-800D |  |  |
| Series 2025-A-800D, REMIC, 6.96%, (1 Month Term SOFR + 2.65%), 11/18/27 (l) | 1439 | 1439 |
| GS Mortgage Securities Trust 2020-GC47 |  |  |
| Series 2020-AS-GC47, REMIC, 2.73%, 04/12/30 | 676 | 608 |
| GS Mortgage Securities Trust 2020-GSA2 |  |  |
| Interest Only, Series 2020-XA-GSA2, REMIC, 1.66%, 12/12/53 (l) | 936 | 63 |
| Harvest CLO XXXII Designated Activity Company |  |  |
| Series D-32X, 5.76%, (3 Month EURIBOR + 3.60%), 07/27/37, EUR (g) (l) | 322 | 382 |
| Henley CLO XI Designated Activity Company |  |  |
| Series D-11X, 4.97%, 04/25/39, EUR (g) (l) | 490 | 558 |
| Henley CLO XII Designated Activity Company |  |  |
| Series D-12X, 5.88%, (3 Month EURIBOR + 3.10%), 01/15/38, EUR (g) (l) | 320 | 371 |
| HILT Commercial Mortgage Trust 2024-ORL |  |  |
| Series 2024-A-ORL, REMIC, 5.85%, (1 Month Term SOFR + 1.54%), 05/15/26 (l) | 821 | 822 |
| Series 2024-D-ORL, REMIC, 7.50%, (1 Month Term SOFR + 3.19%), 05/15/26 (l) | 867 | 865 |
| Holland Park CLO Designated Activity Company |  |  |
| Series A1RR-1X, 3.06%, (3 Month EURIBOR + 0.92%), 11/14/32, EUR (g) (l) | 64 | 75 |
| Hudson Yards 2016-10HY Mortgage Trust |  |  |
| Series 2016-E-10HY, REMIC, 2.98%, 08/12/26 (l) | 138 | 130 |
| Huntington National Bank, The |  |  |
| Series 2024-B2-1, 5.70%, (SOFR 30-Day Average + 1.40%), 02/20/28 (i) (l) | 627 | 626 |

---

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page [607](#abbreviations).

**JNL Series Trust** (Unaudited)

**Schedules of Investments (in thousands)**

June 30, 2025

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| ICG US CLO 2023-1 I Ltd |  |  |
| Series 2023-AR-1A, 0.00%, (3 Month Term SOFR + 1.38%), 07/18/38 (l) | 1300 | 1300 |
| J.P. Morgan Chase Commercial Mortgage Securities Trust 2018-WPT |  |  |
| Series 2018-DFL-WPT, REMIC, 7.05%, (1 Month Term SOFR + 2.74%), 07/08/33 (l) (n) | 192 | 127 |
| J.P. Morgan Chase Commercial Mortgage Securities Trust 2021-MHC |  |  |
| Series 2021-E-MHC, REMIC, 6.88%, (1 Month Term SOFR + 2.56%), 04/15/26 (l) | 1108 | 1109 |
| Series 2021-F-MHC, REMIC, 7.38%, (1 Month Term SOFR + 3.06%), 04/15/26 (l) | 520 | 520 |
| J.P. Morgan Chase Commercial Mortgage Securities Trust 2022-OPO |  |  |
| Series 2022-C-OPO, REMIC, 3.45%, 01/08/27 (l) | 481 | 407 |
| J.P. Morgan Mortgage Trust 2021-INV5 |  |  |
| Series 2021-A2A-INV5, REMIC, 2.50%, 07/25/43 (l) | 2347 | 1913 |
| J.P. Morgan Mortgage Trust 2021-INV7 |  |  |
| Series 2021-A3A-INV7, REMIC, 2.50%, 02/25/28 (l) | 3323 | 2972 |
| Series 2021-A4A-INV7, REMIC, 2.50%, 07/25/43 (l) | 1620 | 1085 |
| JetBlue Airways Corporation |  |  |
| Series 2019-AA-1, 2.75%, 05/15/32 | 179 | 154 |
| Jubilee CLO 2024-XXIX Designated Activity Company |  |  |
| Series 2024-D-29X, 5.28%, (3 Month EURIBOR + 3.20%), 01/15/39, EUR (g) (l) | 540 | 635 |
| JW Commercial Mortgage Trust 2024-MRCO |  |  |
| Series 2024-D-MRCO, REMIC, 7.50%, (1 Month Term SOFR + 3.19%), 06/15/26 (l) | 340 | 340 |
| KSL Commercial Mortgage Trust 2024-HT2 |  |  |
| Series 2024-A-HT2, REMIC, 5.85%, (1 Month Term SOFR + 1.54%), 12/15/26 (l) | 625 | 623 |
| LBA Trust 2024-BOLT |  |  |
| Series 2024-F-BOLT, REMIC, 8.75%, (1 Month Term SOFR + 4.44%), 06/15/26 (l) | 149 | 147 |
| LCM 36 Ltd |  |  |
| Series A1R-36A, 5.33%, (3 Month Term SOFR + 1.07%), 01/15/34 (l) | 780 | 776 |
| LoanCore 2025-CRE8 Issuer LLC |  |  |
| Series 2025-A-CRE8, 5.70%, (1 Month Term SOFR + 1.45%), 11/01/29 (l) | 830 | 827 |
| Lyra Music Assets Delaware LP |  |  |
| Series 2024-A2-2A, 5.76%, 12/20/29 (i) | 1168 | 1148 |
| Mariner Finance Issuance Trust 2024- A |  |  |
| Series 2024-A-AA, 5.13%, 09/22/36 | 837 | 846 |
| Series 2024-D-AA, 6.77%, 09/22/36 | 139 | 141 |
| MCR 2024-TWA Mortgage Trust |  |  |
| Series 2024-E-TWA, REMIC, 8.73%, 06/12/27 | 314 | 317 |
| MF1 2021-FL6 Ltd. |  |  |
| Series 2021-A-FL6, 5.53%, (1 Month Term SOFR + 1.21%), 07/18/36 (l) | 90 | 90 |
| MF1 Multifamily Housing Mortgage Loan Trust |  |  |
| Series 2021-F-W10, REMIC, 7.68%, (1 Month Term SOFR + 3.37%), 12/16/26 (l) | 695 | 687 |
| MHC Commercial Mortgage Trust 2021-MHC |  |  |
| Series 2021-E-MHC, REMIC, 6.53%, (1 Month Term SOFR + 2.22%), 04/15/26 (l) | 1222 | 1224 |
| Series 2021-F-MHC, REMIC, 7.03%, (1 Month Term SOFR + 2.72%), 04/15/26 (l) | 137 | 137 |
| MHP Commercial Mortgage Trust 2021-STOR |  |  |
| Series 2021-G-STOR, REMIC, 7.18%, (1 Month Term SOFR + 2.86%), 07/15/38 (l) | 602 | 602 |
| MidOcean Credit CLO XVIII LLC |  |  |
| Series 2025-A1-18A, 0.00%, 10/18/35 (l) | 2000 | 2000 |
| Morgan Stanley Capital I Trust 2018-MP |  |  |
| Series 2018-A-MP, REMIC, 4.42%, 07/13/28 (l) | 338 | 319 |
| Myers Park CLO, Ltd. |  |  |
| Series 2018-B1-1A, 6.13%, (3 Month Term SOFR + 1.86%), 10/21/30 (l) | 250 | 250 |
| Navient Private Education Loan Trust 2021-D |  |  |
| Series 2021-B-DA, 2.61%, 04/15/60 | 228 | 216 |
| Series 2021-C-DA, 3.48%, 04/15/60 | 607 | 568 |
| Series 2021-A-DA, 5.51%, (Prime + -1.99%), 04/15/60 (l) | 794 | 773 |
| Navient Private Education Refi Loan Trust 2023-A |  |  |
| Series 2024-A-A, 5.66%, 12/15/34 | 1920 | 1948 |
| Nelnet Student Loan Trust 2021-A |  |  |
| Series 2021-B1-A, 2.85%, 04/20/62 | 981 | 872 |
| Series 2021-D-A, 4.93%, 04/20/62 | 930 | 855 |
| Nelnet Student Loan Trust 2021-B |  |  |
| Series 2021-C-BA, 3.57%, 04/20/62 | 980 | 889 |
| Nelnet Student Loan Trust 2021-C |  |  |
| Series 2021-C-CA, 3.36%, 04/20/62 | 130 | 113 |
| Nelnet Student Loan Trust 2025-A |  |  |
| Series 2025-A1B-AA, 5.40%, (SOFR 30-Day Average + 1.10%), 03/15/57 (l) | 1863 | 1851 |
| Neuberger Berman CLO XXI Ltd. |  |  |
| Series 2016-A1R3-21A, 5.59%, (3 Month Term SOFR + 1.32%), 01/20/39 (l) | 6600 | 6623 |
| Neuberger Berman Loan Advisers CLO 26 Ltd |  |  |
| Series 2017-BR2-26A, 6.02%, (3 Month Term SOFR + 1.75%), 10/18/38 (l) | 500 | 501 |
| OCP CLO 2014-5, Ltd. |  |  |
| Series 2014-A2R-5A, 5.94%, (3 Month Term SOFR + 1.66%), 04/28/31 (l) | 200 | 200 |
| OCP CLO 2017-13 Ltd |  |  |
| Series 2017-AR2-13A, 5.61%, (3 Month Term SOFR + 1.34%), 11/26/37 (l) | 700 | 701 |
| Octagon Investment Partners XVI, Ltd. |  |  |
| Series 2013-BR-1A, 6.14%, (3 Month Term SOFR + 1.86%), 07/17/30 (l) | 2000 | 2002 |
| OHA Credit Partners Ltd |  |  |
| Series 2023-A-15RA, 5.60%, (3 Month Term SOFR + 1.29%), 07/20/38 (l) | 1300 | 1303 |
| Oha Credit Partners X Ltd |  |  |
| Series 2014-AR2-10RA, 5.40%, (3 Month Term SOFR + 1.13%), 04/20/38 (l) | 250 | 249 |
| Pagaya AI Debt Selection Trust |  |  |
| Series 2021-NOTE-2, 3.00%, 01/25/29 | 56 | 56 |
| Palmer Square European Loan Funding 2024-2 Designated Activity Company |  |  |
| Series 2024-D-2X, 5.29%, (3 Month EURIBOR + 3.15%), 05/15/34, EUR (g) (l) | 380 | 443 |
| Palmer Square European Loan Funding 2024-3 Designated Activity Company |  |  |
| Series 2024-D-3X, 5.19%, (3 Month EURIBOR + 3.05%), 05/15/34, EUR (g) (l) | 320 | 371 |
| Penta CLO 17 Designated Activity Company |  |  |
| Series 2024-D-17X, 5.39%, (3 Month EURIBOR + 3.25%), 08/15/38, EUR (g) (l) | 350 | 412 |
| Pikes Peak Clo 4 |  |  |
| Series 2019-ARR-4A, 5.51%, 07/15/34 (l) | 250 | 250 |
| PKHL Commercial Mortgage Trust 2021-MF |  |  |
| Series 2021-F-MF, REMIC, 8.31%, (1 Month Term SOFR + 3.46%), 07/15/38 (l) | 141 | 73 |
| PRM5 Trust 2025-PRM5 |  |  |
| Series 2025-D-PRM5, REMIC, 5.81%, 03/10/28 (l) | 900 | 891 |
| Prodigy Finance CM2021-1 Designated Activity Company |  |  |
| Series 2021-B-1A, 6.93%, (1 Month Term SOFR + 2.61%), 07/25/51 (l) | 55 | 55 |
| Series 2021-C-1A, 8.18%, (1 Month Term SOFR + 3.86%), 07/25/51 (l) | 48 | 49 |
| Progress Residential 2021-SFR3 Trust |  |  |
| Series 2021-F-SFR3, REMIC, 3.44%, 05/19/26 | 419 | 413 |
| Providus CLO II Designated Activity Company |  |  |
| Series DRR-2X, 5.48%, (3 Month EURIBOR + 3.20%), 10/15/38, EUR (g) (l) | 346 | 409 |
| Recette CLO, Ltd. |  |  |
| Series 2015-BRR-1A, 5.93%, (3 Month Term SOFR + 1.66%), 04/20/34 (l) | 250 | 250 |
| Regatta 31 Funding Ltd |  |  |
| Series 2025-A1-1A, 5.47%, (3 Month Term SOFR + 1.17%), 03/25/38 (l) | 1600 | 1601 |
| Regatta XVIII Funding Ltd |  |  |
| Series 2021-A1R-1A, 5.42%, (3 Month Term SOFR + 1.16%), 04/15/38 (l) | 250 | 249 |

---

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page [607](#abbreviations).

**JNL Series Trust** (Unaudited)

**Schedules of Investments (in thousands)**

June 30, 2025

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| Republic Finance Issuance Trust 2024-A |  |  |
| Series 2024-A-A, 5.91%, 06/21/27 | 1284 | 1301 |
| Rockford Tower Europe CLO 2025-1 Designated Activity Company |  |  |
| Series 2025-D-1X, 5.21%, (3 Month EURIBOR + 3.00%), 10/25/37, EUR (g) (l) | 430 | 503 |
| RR 28 Ltd |  |  |
| Series 2024-A1R-28RA, 5.81%, (3 Month Term SOFR + 1.55%), 04/15/37 (l) | 762 | 764 |
| SCG Commercial Mortgage Trust 2025-DLFN |  |  |
| Series 2025-E-DLFN, REMIC, 7.26%, 03/15/27 (l) | 520 | 507 |
| Sesac Finance LLC |  |  |
| Series 2019-A2-1, REMIC, 5.22%, 07/25/26 | 151 | 149 |
| Silver Point CLO 7 LTD |  |  |
| Series 2024-A1-7A, 5.63%, (3 Month Term SOFR + 1.36%), 01/15/38 (l) | 250 | 251 |
| Silver Point CLO 8 Ltd |  |  |
| Series 2025-A1-8A, 5.43%, (3 Month Term SOFR + 1.21%), 04/15/38 (l) | 150 | 150 |
| Sixth Street CLO XX Ltd |  |  |
| Series 2021-A1R-20A, 0.00%, (3 Month Term SOFR + 1.32%), 07/19/38 (l) | 3000 | 3000 |
| Series 2021-A2R-20A, 0.00%, (3 Month Term SOFR + 1.57%), 07/19/38 (l) | 3000 | 3000 |
| SLM Private Education Loan Trust 2010-C |  |  |
| Series 2010-A5-C, 9.18%, (1 Month Term SOFR + 4.86%), 10/15/41 (l) | 1383 | 1446 |
| SMB Private Education Loan Trust 2021-A |  |  |
| Series 2021-B-A, 2.31%, 01/15/53 | 250 | 243 |
| Series 2021-C-A, 2.99%, 01/15/53 | 1715 | 1494 |
| SMB Private Education Loan Trust 2021-C |  |  |
| Series 2021-B-C, REMIC, 2.30%, 01/15/53 | 168 | 162 |
| Series 2021-C-C, REMIC, 3.00%, 01/15/53 | 108 | 96 |
| Series 2021-D-C, REMIC, 3.93%, 01/15/53 | 33 | 30 |
| SMB Private Education Loan Trust 2024-D |  |  |
| Series 2024-A1B-D, 5.40%, (SOFR 30-Day Average + 1.25%), 07/05/53 (l) | 1133 | 1133 |
| SoFi Personal Loan Trust 2023-1 |  |  |
| Series 2023-A-1, 6.00%, 09/13/27 (l) | 796 | 805 |
| Series 2023-R1-1, 0.00%, 11/12/30 (l) | 27 | 1220 |
| Sona Fios Clo III DAC |  |  |
| Series D-3X, 5.49%, (3 Month EURIBOR + 3.25%), 04/20/37, EUR (g) (l) | 690 | 813 |
| Spirit Airlines, LLC |  |  |
| Series 2015-A-1, 0.00%, 04/01/28 (a) (p) | 24 | 21 |
| Series 2017-A-1, 0.00%, 02/15/30 (a) (p) | 742 | 632 |
| Series 2017-AA-1, 0.00%, 02/15/30 (a) (p) | 282 | 246 |
| SPLT_24-1: A ABS |  |  |
| Series 2024-A-1, 6.06%, 02/12/31 | 791 | 795 |
| SPLT_24-1: R1 ABS |  |  |
| Series 2024-R1-1, 0.00%, 02/12/31 (l) | 24 | 671 |
| SREIT 2021-FLWR |  |  |
| Series 2021-E-FLWR, REMIC, 6.35%, (1 Month Term SOFR + 2.04%), 07/15/36 (l) | 401 | 401 |
| SREIT Commercial Mortgage Trust 2021-MFP |  |  |
| Series 2021-A-MFP, REMIC, 5.16%, (1 Month Term SOFR + 0.85%), 11/15/38 (l) | 216 | 216 |
| Series 2021-F-MFP, REMIC, 7.59%, (1 Month Term SOFR + 2.74%), 11/15/38 (l) | 1261 | 1261 |
| SREIT Commercial Mortgage Trust 2021-MFP2 |  |  |
| Series 2021-F-MFP2, REMIC, 7.58%, (1 Month Term SOFR + 2.73%), 11/16/26 (l) | 360 | 360 |
| Subway Funding LLC |  |  |
| Series 2024-A2II-1A, 6.27%, 07/30/31 | 829 | 848 |
| Symphony CLO XXI Ltd |  |  |
| Series 2019-AR2-21A, 5.16%, (3 Month Term SOFR + 0.90%), 07/15/32 (l) | 247 | 246 |
| TCW CLO 2023-1 Ltd |  |  |
| Series 2023-A1R-1A, 5.67%, (3 Month Term SOFR + 1.38%), 03/31/38 (l) | 2000 | 2000 |
| Texas Debt Capital CLO 2023-I Ltd |  |  |
| Series 2023-D1R-1A, 7.05%, (3 Month Term SOFR + 2.75%), 07/20/38 (l) | 1300 | 1300 |
| Texas Debt Capital Euro CLO 2025-I Designated Activity Company |  |  |
| Series 2025-D-1X, 5.20%, (3 Month EURIBOR + 3.00%), 04/16/39, EUR (g) (l) | 520 | 610 |
| TICP CLO VI 2016-2, Ltd. |  |  |
| Series 2016-AR2-6A, 5.64%, (3 Month Term SOFR + 1.38%), 01/17/34 (l) | 250 | 250 |
| TICP CLO XII, Ltd. |  |  |
| Series 2018-BR-12A, 6.17%, (3 Month Term SOFR + 1.91%), 07/17/34 (l) | 250 | 251 |
| Tikehau CLO XII Designated Activity Company |  |  |
| Series D-12X, 5.49%, (3 Month EURIBOR + 3.25%), 10/20/38, EUR (g) (l) | 570 | 665 |
| Trestles CLO III LTD |  |  |
| Series 2020-A1R-3A, 5.66%, (3 Month Term SOFR + 1.39%), 10/20/37 (l) | 1250 | 1254 |
| Trinitas CLO XIV, Ltd. |  |  |
| Series 2020-BR-14A, 6.23%, (3 Month Term SOFR + 1.95%), 01/25/34 (l) | 260 | 260 |
| Series 2020-CR-14A, 6.68%, (3 Month Term SOFR + 2.40%), 01/25/34 (l) | 260 | 260 |
| UBS Commercial Mortgage Trust 2019-C17 |  |  |
| Series 2019-A4-C17, REMIC, 2.92%, 09/17/29 | 180 | 167 |
| United Airlines Pass Through Trust 2019-2AA |  |  |
| Series 2019-A-2, REMIC, 2.90%, 05/01/28 | 115 | 107 |
| Usaa Ultra Short-Term Bond Fund |  |  |
| Series 2019-AR2-75A, 5.56%, (3 Month Term SOFR + 1.30%), 04/17/34 (l) | 3000 | 3005 |
| Victory Street CLO I Designated Activity Company |  |  |
| Series D-1X, 6.32%, (3 Month EURIBOR + 3.45%), 01/15/38, EUR (g) (l) | 480 | 566 |
| VNDO Trust 2016-350P |  |  |
| Series 2016-D-350P, REMIC, 3.90%, 01/12/27 (l) | 325 | 316 |
| Voya CLO 2017-2, Ltd. |  |  |
| Series 2017-A2AR-2A, 6.17%, (3 Month Term SOFR + 1.91%), 06/07/30 (l) | 1300 | 1304 |
| Voya CLO 2018-2 Ltd |  |  |
| Series 2018-C1-2A, 6.37%, (3 Month Term SOFR + 2.11%), 07/15/31 (l) | 700 | 701 |
| Wells Fargo Commercial Mortgage Trust 2018-1745 |  |  |
| Series 2018-A-1745, REMIC, 3.75%, 06/15/28 (l) | 211 | 192 |
| Wells Fargo Commercial Mortgage Trust 2020-C58 |  |  |
| Interest Only, Series 2020-XA-C58, REMIC, 1.79%, 07/17/53 (l) | 4800 | 336 |
| Wells Fargo Commercial Mortgage Trust 2021-C59 |  |  |
| Interest Only, Series 2021-XA-C59, REMIC, 1.49%, 04/17/54 (l) | 2811 | 168 |
| Wells Fargo Commercial Mortgage Trust 2022-ONL |  |  |
| Series 2024-A-1CHI, REMIC, 5.48%, 07/15/27 (l) | 417 | 419 |
| Whitebox CLO I Ltd |  |  |
| Series 2019-BRR-1A, 6.03%, (3 Month Term SOFR + 1.75%), 07/24/36 (l) | 250 | 250 |
| Whitebox Clo V Ltd |  |  |
| Series 2025-A1-5A, 0.00%, (3 Month Term SOFR + 1.36%), 07/20/38 (l) | 3000 | 3000 |
| Series 2025-B-5A, 0.00%, (3 Month Term SOFR + 1.70%), 07/20/38 (l) | 700 | 700 |
| Total Non-U.S. Government Agency Asset-Backed Securities (cost $166,947) | Total Non-U.S. Government Agency Asset-Backed Securities (cost $166,947) | 163801 |
| **GOVERNMENT AND AGENCY OBLIGATIONS 5.4%** | **GOVERNMENT AND AGENCY OBLIGATIONS 5.4%** | **GOVERNMENT AND AGENCY OBLIGATIONS 5.4%** |
| **Sovereign 3.8%** | **Sovereign 3.8%** | **Sovereign 3.8%** |
| Cabinet of Ministers of Ukraine |  |  |
| 1.75%, 02/01/29 - 02/01/34 (i) (n) | 93 | 53 |
| 0.00%, 02/01/30 - 02/01/36 (i) (n) | 53 | 23 |
| Canada, Government of |  |  |
| 2.75%, 03/01/30, CAD | 7049 | 5159 |
| CBB International Sukuk Company S.P.C |  |  |
| 5.45%, 09/16/32 (g) | 219 | 203 |
| City Of Ulaanbaataar Mongolia |  |  |
| 7.75%, 08/21/27 (g) | 300 | 300 |
| Comision De Promocion Del Peru Para La Exportacion Y El Turismo |  |  |
| 1.86%, 12/01/32 | 82 | 66 |

---

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page [607](#abbreviations).

**JNL Series Trust** (Unaudited)

**Schedules of Investments (in thousands)**

June 30, 2025

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| 6.85%, 08/12/35, PEN (i) | 4650 | 1349 |
| Departamento Administrativo De La Presidencia De La Republica |  |  |
| 8.00%, 04/20/33 | 329 | 341 |
| Estado Espanol |  |  |
| 2.70%, 01/31/30, EUR | 4676 | 5568 |
| 3.15%, 04/30/35, EUR (i) | 1139 | 1340 |
| Gobierno de la Republica de Guatemala |  |  |
| 7.05%, 10/04/32 (i) | 260 | 277 |
| 6.60%, 06/13/36 (i) | 200 | 204 |
| Gobierno De La Republica Oriental Del Uruguay |  |  |
| 9.75%, 07/20/33, UYU | 5901 | 155 |
| 5.25%, 09/10/60 | 135 | 122 |
| Gobierno Federal de los Estados Unidos Mexicanos |  |  |
| 7.00%, 09/03/26, MXN | 44544 | 2345 |
| 8.50%, 03/01/29, MXN | 16602 | 883 |
| 7.50%, 05/26/33, MXN | 54945 | 2667 |
| 6.35%, 02/09/35 | 407 | 417 |
| 7.75%, 11/13/42, MXN | 5928 | 260 |
| 7.38%, 05/13/55 | 594 | 614 |
| Gouvernement De France |  |  |
| 3.20%, 05/25/35, EUR (i) | 1272 | 1490 |
| Government of Barbados, The |  |  |
| 8.00%, 06/26/35 (i) | 85 | 85 |
| Government of Ireland |  |  |
| 2.60%, 10/18/34, EUR (g) | 15365 | 17637 |
| Government of Saudi Arabia |  |  |
| 5.00%, 01/18/53 (i) | 316 | 269 |
| HM Treasury |  |  |
| 4.38%, 03/07/30, GBP | 8024 | 11217 |
| Latvia, Republic of |  |  |
| 5.13%, 07/30/34 (i) | 200 | 199 |
| Magyar Export-Import Bank Zartkoruen Mukodo Reszvenytarsasag |  |  |
| 6.00%, 05/16/29, EUR (g) | 240 | 304 |
| Malaysia, Government of |  |  |
| 4.64%, 11/07/33, MYR | 6312 | 1622 |
| 3.83%, 07/05/34, MYR | 3491 | 848 |
| Ministerio De Hacienda Y Credito Publico |  |  |
| 5.75%, 11/03/27, COP | 8298900 | 1872 |
| 7.75%, 09/18/30, COP | 5531900 | 1171 |
| Ministry of Finance People's Republic of China |  |  |
| 2.11%, 08/25/34, CNY | 4110 | 594 |
| Morocco, Kingdom of |  |  |
| 5.95%, 03/08/28 (i) | 200 | 205 |
| 4.75%, 04/02/35, EUR (i) | 135 | 159 |
| Nigeria, Federal Government of |  |  |
| 8.38%, 03/24/29 (i) | 209 | 210 |
| Presidence de la Republique de Cote d'Ivoire |  |  |
| 8.08%, 04/01/36 (i) | 200 | 193 |
| Presidencia da Republica |  |  |
| 10.00%, 01/01/27, BRL | 15160 | 2645 |
| Presidencia de la Republica de Chile |  |  |
| 3.75%, 01/14/32, EUR | 404 | 484 |
| 4.34%, 03/07/42 | 354 | 306 |
| Presidencia de la Republica Dominicana |  |  |
| 5.95%, 01/25/27 (g) | 324 | 328 |
| 4.50%, 01/30/30 (i) | 370 | 352 |
| 7.05%, 02/03/31 (i) | 150 | 158 |
| 4.88%, 09/23/32 (i) | 198 | 183 |
| 10.75%, 06/01/36, DOP (i) | 30250 | 512 |
| Republic of Indonesia, The Government of, The |  |  |
| 7.00%, 05/15/27, IDR | 19263000 | 1207 |
| 6.75%, 07/15/35, IDR | 33230000 | 2060 |
| 8.25%, 05/15/36, IDR | 9178000 | 628 |
| 7.13%, 06/15/38, IDR (g) | 27570000 | 1729 |
| Romania, Government of |  |  |
| 2.12%, 07/16/31, EUR (g) | 56 | 55 |
| 5.88%, 07/11/32, EUR (i) | 151 | 179 |
| 6.25%, 09/10/34, EUR (i) | 148 | 176 |
| Sandor-Palota |  |  |
| 5.25%, 06/16/29 (i) | 344 | 347 |
| 5.38%, 09/12/33, EUR (g) | 45 | 57 |
| 7.00%, 10/24/35, HUF | 203300 | 595 |
| Saudi Arabia, Kingdom of |  |  |
| 4.50%, 04/17/30 (g) | 399 | 398 |
| Segretariato Generale Della Presidenza Della Repubblica |  |  |
| 2.95%, 07/01/30, EUR | 4209 | 5025 |
| South Africa, Parliament of |  |  |
| 8.00%, 01/31/30, ZAR | 107419 | 5967 |
| 7.00%, 02/28/31, ZAR | 41875 | 2176 |
| 8.50%, 01/31/37, ZAR | 8645 | 425 |
| 9.00%, 01/31/40, ZAR | 10069 | 492 |
| 5.00%, 10/12/46 | 200 | 140 |
| 5.75%, 09/30/49 | 353 | 265 |
| Thailand, Kingdom of |  |  |
| 2.50%, 11/17/29, THB | 80127 | 2578 |
| The Arab Republic of Egypt |  |  |
| 24.46%, 10/01/27, EGP | 6389 | 130 |
| 24.14%, 12/03/27, EGP | 794 | 16 |
| 21.38%, 02/04/28, EGP | 8581 | 166 |
| 23.44%, 07/01/28, EGP | 6970 | 142 |
| 5.63%, 04/16/30, EUR (g) | 106 | 115 |
| 8.50%, 01/31/47 (i) | 200 | 162 |
| 7.50%, 02/16/61 (i) | 200 | 145 |
| The Hashemite Kingdom of Jordan, The Government of |  |  |
| 4.95%, 07/07/25 (g) | 311 | 311 |
| The Philippines, Government of |  |  |
| 6.25%, 02/28/29, PHP | 31410 | 565 |
| 6.38%, 04/28/35, PHP | 11030 | 196 |
| The Republic of Uzbekistan |  |  |
| 5.38%, 05/29/27, EUR (i) | 108 | 130 |
| Turkiye Cumhuriyeti Basbakanlik |  |  |
| 31.08%, 11/08/28, TRY | 7148 | 170 |
| 30.00%, 09/12/29, TRY | 4100 | 96 |
| Urad Vlady Ceske Republiky |  |  |
| 5.00%, 09/30/30, CZK | 34890 | 1753 |
| 4.50%, 11/11/32, CZK | 18690 | 915 |
| Urzad Rady Ministrow |  |  |
| 5.75%, 04/25/29, PLN | 9724 | 2790 |
| 4.75%, 07/25/29, PLN | 5478 | 1517 |
| 4.88%, 10/04/33 | 38 | 38 |
| 5.00%, 10/25/34, PLN | 3132 | 839 |
| 5.50%, 04/04/53 | 58 | 54 |
| Vlada Crne Gore |  |  |
| 2.88%, 12/16/27, EUR (g) | 106 | 122 |
| Vlada NA Republika Severna Makedonija |  |  |
| 6.96%, 03/13/27, EUR (g) | 115 | 142 |
| | | 100402 |
| **U.S. Treasury Note 0.8%** | **U.S. Treasury Note 0.8%** | **U.S. Treasury Note 0.8%** |
| Treasury, United States Department of |  |  |
| 4.00%, 12/15/25 (b) | 20893 | 20875 |
| 4.13%, 02/28/27 (b) | 1380 | 1387 |
|  |  | 22262 |
| **Mortgage-Backed Securities 0.7%** | **Mortgage-Backed Securities 0.7%** | **Mortgage-Backed Securities 0.7%** |
| Federal National Mortgage Association, Inc. |  |  |
| TBA, 3.50%, 07/15/55 (q) | 20495 | 18446 |
| **Municipal 0.1%** | **Municipal 0.1%** | **Municipal 0.1%** |
| Grand Canyon University |  |  |
| 7.38%, 10/01/29 | 555 | 574 |
| Port of Beaumont Industrial Development Authority |  |  |
| 10.00%, 07/01/26 | 1335 | 1349 |
|  |  | 1923 |
| **Commercial Mortgage-Backed Securities 0.0%** | **Commercial Mortgage-Backed Securities 0.0%** | **Commercial Mortgage-Backed Securities 0.0%** |
| Federal Home Loan Mortgage Corporation |  |  |
| Interest Only, Series X1-KW09, REMIC, 0.92%, 05/25/29 (l) | 8703 | 193 |
| Interest Only, Series XFX-KL06, REMIC, 1.46%, 12/25/29 (l) | 1338 | 55 |
| Interest Only, Series X1-K105, REMIC, 1.64%, 01/25/30 (l) | 1707 | 97 |
| Interest Only, Series X1-K109, REMIC, 1.69%, 04/25/30 (l) | 2347 | 143 |
| Interest Only, Series X1-K110, REMIC, 1.76%, 04/25/30 (l) | 1306 | 82 |

---

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page [607](#abbreviations).

**JNL Series Trust** (Unaudited)

**Schedules of Investments (in thousands)**

June 30, 2025

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| Interest Only, Series X1-K116, REMIC, 1.52%, 07/25/30 (l) | 1197 | 68 |
| Interest Only, Series 2020-X1-K120, REMIC, 1.12%, 10/25/30 (l) | 7624 | 330 |
| Federal National Mortgage Association, Inc. |  |  |
| Series 2018-A2-M13, REMIC, 3.87%, 09/25/30 (l) | 244 | 238 |
| | | 1206 |
| **Collateralized Mortgage Obligations 0.0%** | **Collateralized Mortgage Obligations 0.0%** | **Collateralized Mortgage Obligations 0.0%** |
| Federal Home Loan Mortgage Corporation |  |  |
| Series 2022-B1-DNA1, REMIC, 7.71%, (SOFR 30-Day Average + 3.40%), 01/25/32 (l) | 331 | 341 |
| **Treasury Inflation Indexed Securities 0.0%** | **Treasury Inflation Indexed Securities 0.0%** | **Treasury Inflation Indexed Securities 0.0%** |
| Urzad Rady Ministrow |  |  |
| 2.00%, 08/25/36, PLN (r) | 1022 | 250 |
| Total Government And Agency Obligations (cost $140,571) | Total Government And Agency Obligations (cost $140,571) | 144830 |
| **SENIOR FLOATING RATE INSTRUMENTS 5.0%** | **SENIOR FLOATING RATE INSTRUMENTS 5.0%** | **SENIOR FLOATING RATE INSTRUMENTS 5.0%** |
| **Information Technology 1.1%** | **Information Technology 1.1%** | **Information Technology 1.1%** |
| Altar Bidco, Inc. |  |  |
| Term Loan, 9.75%, (SOFR + 5.60%), 11/09/28 (l) | 2318 | 2173 |
| Atos SE |  |  |
| Term Loan, 0.00%, (3 Month EURIBOR + 2.60%), 12/17/29, EUR (l) (s) | 1000 | 1250 |
| Aviv Group GmbH |  |  |
| Term Loan, 6.10%, (EURIBOR + 4.00%), 01/29/32, EUR (l) | 1434 | 1689 |
| Bock Capital Bidco B.V. |  |  |
| Term Loan, 5.86%, (3 Month EURIBOR + 4.00%), 06/29/28, EUR (l) | 912 | 1072 |
| Boost Newco Borrower, LLC |  |  |
| 2025 USD Term Loan B, 6.30%, (3 Month Term SOFR + 2.00%), 01/31/31 (l) | 869 | 870 |
| Boxer Parent Co Inc |  |  |
| Term Loan B, 5.51%, (EURIBOR + 3.50%), 07/30/31, EUR (l) | 1492 | 1753 |
| Cegid SAS |  |  |
| Term Loan, 5.44%, (3 Month EURIBOR + 3.25%), 01/16/30, EUR (l) | 1500 | 1764 |
| Cloud Software Group, Inc. |  |  |
| 2024 1st Lien Term Loan B, 7.80%, (3 Month Term SOFR + 3.50%), 03/30/29 (l) | 627 | 627 |
| ConnectWise, LLC |  |  |
| 2021 Term Loan B, 8.06%, (3 Month Term SOFR + 3.50%), 09/23/28 (l) | 606 | 608 |
| DRI Holdings, Inc |  |  |
| Term Loan, 9.68%, (SOFR + 5.25%), 12/15/28 (l) | 544 | 536 |
| ECL Entertainment, LLC |  |  |
| 2024 1st Lien Term Loan B, 7.83%, (1 Month Term SOFR + 3.50%), 08/31/30 (l) | 1733 | 1731 |
| GoTo Group Inc |  |  |
| Term Loan, 9.16%, (SOFR + 4.75%), 04/28/28 (l) | 215 | 136 |
| IGT Holding IV AB |  |  |
| Term Loan, 5.86%, (3 Month EURIBOR + 3.50%), 07/31/31, EUR (l) | 1333 | 1564 |
| Instructure Holdings, Inc. |  |  |
| 2024 Term Loan, 7.21%, (6 Month Term SOFR + 3.00%), 09/11/31 (l) | 1992 | 1994 |
| ION Trading Finance Limited |  |  |
| Term Loan, 6.60%, (EURIBOR + 4.25%), 04/01/28, EUR (l) | 1000 | 1168 |
| Lorca Telecom BidCo SA |  |  |
| Term Loan, 4.81%, (3 Month EURIBOR + 2.75%), 03/25/31, EUR (l) | 1774 | 2072 |
| McAfee, LLC |  |  |
| 2024 USD 1st Lien Term Loan B, 7.32%, (1 Month Term SOFR + 3.00%), 03/01/29 (l) | 1165 | 1130 |
| Mosel Bidco Se |  |  |
| Term Loan, 6.10%, (EURIBOR + 3.75%), 09/16/30, EUR (l) | 1239 | 1459 |
| Polaris Newco LLC |  |  |
| Term Loan, 5.76%, (3 Month EURIBOR + 4.00%), 06/02/28, EUR (l) | 1990 | 2230 |
| Redstone Holdco 2 L.P. |  |  |
| Term Loan, 9.29%, (SOFR + 4.75%), 04/27/28 (l) | 1255 | 672 |
| Twitter, Inc. |  |  |
| Term Loan, 10.95%, (3 Month Term SOFR + 6.50%), 10/27/29 (l) | 274 | 267 |
| 2025 Fixed Term Loan, 9.50%, (Fixed + 9.50%), 12/31/99 (l) | 279 | 271 |
| Verifone Sys Inc |  |  |
| Term Loan, 10.21%, (SOFR + 5.50%), 08/18/28 (l) | 1292 | 1206 |
| Term Loan, 0.00%, (SOFR + 5.50%), 12/31/49 (l) (s) | 128 | 119 |
|  |  | 28361 |
| **Industrials 1.1%** | **Industrials 1.1%** | **Industrials 1.1%** |
| AERNNOVA Aerospace SAU |  |  |
| Term Loan B, 6.32%, (EURIBOR + 4.00%), 02/27/30, EUR (l) | 1303 | 1530 |
| Allied Universal Holdco LLC |  |  |
| 2021 USD Incremental Term Loan B, 8.18%, (1 Month Term SOFR + 3.75%), 05/04/28 (l) | 425 | 426 |
| Amentum Government Services Holdings LLC |  |  |
| 2024 Term Loan B, 6.58%, (1 Month Term SOFR + 2.25%), 07/31/31 (l) | 854 | 852 |
| Apleona |  |  |
| Term Loan B, 5.94%, (3 Month EURIBOR + 3.75%), 12/31/29, EUR (l) | 1200 | 1411 |
| Applegreen Ireland Invts Fin Ltd |  |  |
| Term Loan, 7.19%, (3 Month EURIBOR + 5.00%), 01/24/32, EUR (l) | 854 | 1012 |
| Arctera US Holdings LLC |  |  |
| Term Loan, 12.30%, (SOFR + 8.00%), 12/10/29 (l) | 303 | 303 |
| Arsenal AIC Parent LLC |  |  |
| 2025 Term Loan B, 7.08%, (1 Month Term SOFR + 2.75%), 08/19/30 (l) | 98 | 98 |
| Artemis Bidco Ltd |  |  |
| Term Loan, 0.00%, (3 Month EURIBOR + 3.75%), 12/31/49, EUR (l) (s) | 1654 | 1946 |
| Beach Acquisition Bidco, LLC |  |  |
| Term Loan, 0.00%, (EURIBOR + 3.50%), 12/31/49, EUR (l) (s) | 1821 | 2141 |
| Clydesdale Acquisition Holdings Inc |  |  |
| Term Loan B, 7.50%, (1 Month Term SOFR + 3.17%), 03/30/29 (l) | 857 | 855 |
| CPPIB Capital Inc |  |  |
| Term Loan B, 7.05%, (3 Month Term SOFR + 2.75%), 08/07/31 (l) | 768 | 765 |
| Edge Finco PLC |  |  |
| Term Loan, 5.54%, (EURIBOR + 3.50%), 09/01/31, EUR (l) | 1162 | 1368 |
| Emerald Technologies (U.S.) AcquisitionCo Inc. |  |  |
| Term Loan, 10.73%, (SOFR + 6.25%), 02/03/29 (e) (l) | 630 | 435 |
| Fertitta Entertainment, LLC |  |  |
| 2022 Term Loan B, 7.83%, (1 Month Term SOFR + 3.50%), 01/13/29 (k) (l) | 970 | 969 |
| FNZ Group Entities Ltd |  |  |
| Term Loan, 10.21%, (SONIA + 6.00%), 10/30/31, GBP (l) | 1500 | 1632 |
| Garda World Security Corporation |  |  |
| 2025 Term Loan B, 7.31%, (1 Month Term SOFR + 3.00%), 02/01/29 (l) | 283 | 283 |
| Gategroup Fin Luxembourg SA |  |  |
| Term Loan, 0.00%, (3 Month EURIBOR + 4.25%), 12/31/49, EUR (l) (s) | 1416 | 1668 |
| Inspired Finco Holdings Ltd |  |  |
| Term Loan, 5.26%, (EURIBOR + 3.25%), 02/05/31, EUR (l) | 217 | 254 |
| Term Loan, 5.26%, (3 Month EURIBOR + 3.25%), 02/28/31, EUR (l) | 287 | 337 |
| Term Loan, 0.00%, (3 Month EURIBOR + 3.25%), 12/31/49, EUR (l) (s) | 575 | 674 |
| Nielsen Consumer Inc |  |  |
| Term Loan, 5.56%, (3 Month EURIBOR + 3.50%), 03/06/28, EUR (l) | 1496 | 1753 |

---

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page [607](#abbreviations).

**JNL Series Trust** (Unaudited)

**Schedules of Investments (in thousands)**

June 30, 2025

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| Pitney Bowes Inc. |  |  |
| 2025 Term Loan B, 8.08%, (1 Month Term SOFR + 3.75%), 01/31/32 (l) | 925 | 922 |
| Platea BC Bidco AB |  |  |
| Term Loan, 0.00%, (3 Month EURIBOR + 4.00%), 04/02/31, EUR (l) (s) | 101 | 120 |
| Term Loan, 4.00%, (3 Month EURIBOR + 4.00%), 04/02/31, EUR (l) | 833 | 983 |
| Term Loan, 6.36%, (3 Month EURIBOR + 4.00%), 04/02/31, EUR (l) | 65 | 77 |
| Sector Alarm Holding AS |  |  |
| Term Loan, 5.51%, (EURIBOR + 3.50%), 06/14/29, EUR (l) | 814 | 958 |
| Tackle Sa rl |  |  |
| Term Loan, 0.00%, (3 Month EURIBOR + 3.25%), 05/18/28, EUR (l) (s) | 891 | 1046 |
| Term Loan B2, 5.37%, (EURIBOR + 3.25%), 05/22/28, EUR (l) | 984 | 1155 |
| TK Elevator Midco GmbH |  |  |
| Term Loan, 5.85%, (EURIBOR + 3.25%), 04/30/30, EUR (l) | 1017 | 1193 |
| TransDigm, Inc. |  |  |
| 2023 Term Loan J, 6.80%, (3 Month Term SOFR + 2.50%), 02/28/31 (l) | 495 | 496 |
| Vaco Holdings, LLC |  |  |
| 2022 Term Loan, 9.45%, (3 Month Term SOFR + 5.00%), 01/07/29 (l) | 651 | 596 |
| | | 28258 |
| **Consumer Discretionary 0.8%** | **Consumer Discretionary 0.8%** | **Consumer Discretionary 0.8%** |
| Belron Finance 2019 LLC |  |  |
| 2024 USD Term Loan B, 7.05%, (3 Month Term SOFR + 2.75%), 10/01/31 (l) | 764 | 767 |
| Belron Finance US LLC |  |  |
| Term Loan, 5.15%, (3 Month EURIBOR + 3.00%), 10/16/31, EUR (l) | 1325 | 1558 |
| Caesars Entertainment Inc. |  |  |
| 2024 Term Loan B1, 6.58%, (1 Month Term SOFR + 2.25%), 01/24/31 (l) | 1343 | 1341 |
| CDR Firefly Bidco PLC |  |  |
| Term Loan, 9.21%, (EURIBOR + 4.75%), 04/29/29, GBP (l) | 1642 | 2240 |
| Clarios |  |  |
| Term Loan, 5.26%, (3 Month EURIBOR + 3.25%), 01/28/32, EUR (l) | 1500 | 1762 |
| First Brands Group LLC |  |  |
| Term Loan B, 7.19%, (EURIBOR + 5.00%), 03/30/27, EUR (l) | 984 | 1118 |
| HBX Group |  |  |
| Term Loan, 4.87%, (3 Month EURIBOR + 2.75%), 02/14/32, EUR (l) | 1685 | 1975 |
| Hestiafloor 2 |  |  |
| Term Loan, 6.10%, (EURIBOR + 3.75%), 02/28/30, EUR (l) | 588 | 693 |
| Hydrofarm Holdings Group, Inc. |  |  |
| Term Loan, 10.04%, (LIBOR + 5.50%), 10/21/28 (l) | 377 | 306 |
| J&J Ventures Gaming, LLC |  |  |
| 2025 Repriced Term Loan B, 7.83%, (1 Month Term SOFR + 3.50%), 04/26/30 (l) | 627 | 619 |
| Jack Ohio Finance LLC |  |  |
| 2025 Term Loan B, 8.33%, (1 Month Term SOFR + 4.00%), 01/28/32 (l) | 253 | 251 |
| Maverick Gaming LLC |  |  |
| Term Loan, 11.78%, (SOFR + 7.50%), 06/03/28 (l) | 818 | 583 |
| Parts Europe |  |  |
| Term Loan, 5.49%, (EURIBOR + 3.25%), 02/03/31, EUR (l) | 1132 | 1333 |
| Pax Holdco Spain Slu |  |  |
| Term Loan, 6.04%, (EURIBOR + 4.00%), 12/31/29, EUR (l) | 1632 | 1919 |
| Peer Holdings III BV |  |  |
| Term Loan, 5.11%, (EURIBOR + 2.75%), 07/01/31, EUR (l) | 1600 | 1882 |
| Speedster Bidco GmbH |  |  |
| Term Loan, 6.10%, (3 Month EURIBOR + 3.75%), 10/17/31, EUR (l) | 1110 | 1308 |
| Station Casinos LLC |  |  |
| 2024 Term Loan B, 6.33%, (1 Month Term SOFR + 2.00%), 03/07/31 (l) | 544 | 545 |
|  |  | 20200 |
| **Communication Services 0.7%** | **Communication Services 0.7%** | **Communication Services 0.7%** |
| Avaya, Inc. |  |  |
| 2023 Exit Term Loan, 11.83%, (1 Month Term SOFR + 7.50%), 08/01/28 (l) | 6 | 5 |
| Bally's Corporation |  |  |
| 2021 Term Loan B, 7.78%, (SOFR + 3.25%), 08/05/28 (l) | 660 | 582 |
| Banijay |  |  |
| Term Loan, 5.59%, (3 Month EURIBOR + 3.25%), 01/22/32, EUR (l) | 1398 | 1643 |
| Charter Communications Operating, LLC |  |  |
| 2024 Term Loan B5, 6.55%, (3 Month Term SOFR + 2.25%), 11/21/31 (l) | 143 | 143 |
| CSC Holdings, LLC |  |  |
| 2019 Term Loan B5, 9.00%, (Prime + 1.50%), 04/15/27 (l) | 295 | 287 |
| DirecTV Financing, LLC |  |  |
| Term Loan, 9.54%, (3 Month Term SOFR + 5.00%), 07/22/27 (l) | 110 | 111 |
| DIRECTV Financing, LLC |  |  |
| Term Loan, 9.83%, (SOFR + 5.50%), 02/15/31 (l) | 1102 | 1048 |
| Entain PLC |  |  |
| EUR Term Loan B3, 5.62%, (EURIBOR + 3.50%), 06/30/28, EUR (l) | 967 | 1141 |
| International Entertainment JJCO 3 Ltd |  |  |
| Term Loan, 9.21%, (SONIA + 4.75%), 04/02/32, GBP (l) | 2294 | 3154 |
| Matterhorn Telecom SA |  |  |
| Term Loan, 4.53%, (3 Month EURIBOR + 2.75%), 01/16/32, EUR (l) | 1000 | 1173 |
| Stage Entertainment |  |  |
| Term Loan, 6.12%, (EURIBOR + 4.00%), 06/29/29, EUR (l) | 1000 | 1180 |
| Tele Columbus AG |  |  |
| Term Loan B, 10.00%, (EURIBOR + 4.00%), 01/01/29, EUR (l) | 1099 | 839 |
| Zegona HoldCo Ltd |  |  |
| Term Loan, 5.66%, (EURIBOR + 3.00%), 07/09/29, EUR (l) | 516 | 605 |
| Ziggo BV |  |  |
| Term Loan, 4.89%, (3 Month EURIBOR + 3.00%), 01/16/29, EUR (l) | 6053 | 6805 |
|  |  | 18716 |
| **Health Care 0.6%** | **Health Care 0.6%** | **Health Care 0.6%** |
| Aenova Group |  |  |
| Term Loan B, 5.01%, (3 Month EURIBOR + 3.75%), 08/22/31, EUR (l) | 1698 | 1982 |
| AI Sirona Luxembourg Acquisition Sarl |  |  |
| Term Loan, 5.51%, (EURIBOR + 4.00%), 09/30/28, EUR (l) | 1000 | 1177 |
| Bausch Lomb Corp |  |  |
| Term Loan B, 8.57%, (SOFR + 4.25%), 12/17/30 (l) | 705 | 706 |
| HomeVi |  |  |
| Term Loan, 7.19%, (3 Month EURIBOR + 5.00%), 12/31/29, EUR (l) | 1500 | 1758 |
| Median BV |  |  |
| Term Loan B - B1, 7.61%, (3 Month EURIBOR + 5.00%), 10/14/27, EUR (l) | 1637 | 1920 |
| Medline Borrower, LP |  |  |
| 2024 USD Add-on Term Loan B, 6.58%, (1 Month Term SOFR + 2.25%), 10/23/28 (l) | 1686 | 1687 |
| Mehilainen Yhtioet Oy |  |  |
| Term Loan, 6.26%, (3 Month EURIBOR + 3.90%), 08/05/31, EUR (l) | 1788 | 2108 |
| Nidda Healthcare GmbH |  |  |
| Term Loan, 6.05%, (3 Month EURIBOR + 4.00%), 02/21/30, EUR (l) | 1399 | 1648 |
| Ramsay Sante |  |  |
| Term Loan, 5.49%, (EURIBOR + 3.25%), 08/13/31, EUR (l) | 900 | 1053 |

---

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page [607](#abbreviations).

**JNL Series Trust** (Unaudited)

**Schedules of Investments (in thousands)**

June 30, 2025

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| Schoen Klinik SE |  |  |
| Term Loan, 5.36%, (EURIBOR + 3.00%), 01/13/31, EUR (l) | 1111 | 1299 |
| | | 15338 |
| **Consumer Staples 0.3%** | **Consumer Staples 0.3%** | **Consumer Staples 0.3%** |
| Bellis Acquisition Company PLC |  |  |
| Term Loan B, 7.09%, (3 Month EURIBOR + 4.00%), 04/02/31, EUR (l) | 1654 | 1841 |
| Froneri International Limited |  |  |
| Term Loan, 5.10%, (3 Month EURIBOR + 2.50%), 09/30/31, EUR (l) | 1000 | 1158 |
| Market Bidco Ltd |  |  |
| Term Loan, 6.63%, (3 Month EURIBOR + 4.50%), 11/04/30, EUR (l) | 430 | 499 |
| Obol France 25 |  |  |
| Term Loan, 7.19%, (EURIBOR + 5.00%), 12/31/28, EUR (l) | 1000 | 1155 |
| Pegasus BidCo B.V. |  |  |
| Term Loan B, 5.64%, (3 Month EURIBOR + 3.50%), 07/12/29, EUR (l) | 1333 | 1573 |
| United Petfood |  |  |
| Term Loan, 5.17%, (3 Month EURIBOR + 2.75%), 02/26/32, EUR (l) | 1135 | 1331 |
| Upfield B.V. |  |  |
| Term Loan, 9.99%, (SONIA + 5.25%), 07/07/25, GBP (l) | 1150 | 1565 |
|  |  | 9122 |
| **Materials 0.3%** | **Materials 0.3%** | **Materials 0.3%** |
| IFCO Management GmbH |  |  |
| Term Loan, 6.09%, (EURIBOR + 3.50%), 11/24/29, EUR (l) | 1000 | 1179 |
| Ineos Finance PLC |  |  |
| Term Loan, 5.26%, (EURIBOR + 3.25%), 02/07/31, EUR (l) | 1000 | 1145 |
| Term Loan, 5.51%, (EURIBOR + 3.50%), 06/23/31, EUR (l) | 1000 | 1149 |
| INEOS Quattro Holdings UK Limited |  |  |
| Term Loan, 6.51%, (EURIBOR + 4.50%), 03/31/29, EUR (l) | 1210 | 1351 |
| Nobian Fin Bv |  |  |
| Term Loan B, 5.77%, (3 Month EURIBOR + 3.50%), 07/04/30, EUR (l) | 1895 | 2213 |
|  |  | 7037 |
| **Energy 0.1%** | **Energy 0.1%** | **Energy 0.1%** |
| CVR Energy, Inc. |  |  |
| Term Loan B, 8.30%, (3 Month Term SOFR + 4.00%), 12/30/27 (l) | 805 | 804 |
| Solaris Energy Infrastructure |  |  |
| Term Loan, 10.30%, (SOFR + 6.00%), 08/31/29 (e) (l) | 3009 | 2934 |
|  |  | 3738 |
| **Financials 0.0%** | **Financials 0.0%** | **Financials 0.0%** |
| Cervantes Bidco SL |  |  |
| Term Loan, 5.79%, (3 Month EURIBOR + 3.75%), 12/31/29, EUR (l) | 742 | 873 |
| Total Senior Floating Rate Instruments (cost $125,578) | Total Senior Floating Rate Instruments (cost $125,578) | 131643 |
| **INVESTMENT COMPANIES 2.5%** | **INVESTMENT COMPANIES 2.5%** | **INVESTMENT COMPANIES 2.5%** |
| Health Care Select Sector SPDR Fund | 10 | 1305 |
| iShares Broad USD High Yield Corporate Bond ETF (t) | 81 | 3056 |
| iShares China Large-Cap ETF (c) (d) (t) | 78 | 2883 |
| iShares Core S&P Small Cap ETF (t) | 12 | 1350 |
| iShares MSCI Brazil ETF (d) (t) | 41 | 1171 |
| iShares MSCI China ETF (t) | 84 | 4645 |
| KraneShares CSI China Internet ETF | 81 | 2775 |
| SPDR Blackstone Senior Loan ETF (d) | 33 | 1364 |
| SPDR Gold Shares (c) (d) | 131 | 40021 |
| SPDR S&P Homebuilders ETF (d) | 12 | 1211 |
| SPDR S&P Regional Banking ETF (d) | 17 | 991 |
| VanEck J. P. Morgan EM Local Currency Bond ETF (d) | 85 | 2146 |
| VanEck Semiconductor ETF (d) | 9 | 2566 |
| Xtrackers Harvest CSI 300 China A-Shares ETF - Class A (d) |  | 13 |
| Total Investment Companies (cost $65,294) | Total Investment Companies (cost $65,294) | 65497 |
| **PREFERRED STOCKS 0.2%** | **PREFERRED STOCKS 0.2%** | **PREFERRED STOCKS 0.2%** |
| **Financials 0.1%** | **Financials 0.1%** | **Financials 0.1%** |
| Banco Bradesco S/A. (j) | 239 | 738 |
| Citigroup Capital XIII, 10.91%, 10/30/40 | 70 | 2062 |
| Wells Fargo & Company - Series A, 7.50% (h) (j) | 1 | 1049 |
|  |  | 3849 |
| **Health Care 0.1%** | **Health Care 0.1%** | **Health Care 0.1%** |
| Roche Holding AG | 4 | 1452 |
| **Consumer Staples 0.0%** | **Consumer Staples 0.0%** | **Consumer Staples 0.0%** |
| Henkel AG & Co. KGaA (j) | 7 | 531 |
| **Materials 0.0%** | **Materials 0.0%** | **Materials 0.0%** |
| Gerdau S.A. | 150 | 441 |
| Total Preferred Stocks (cost $5,952) | Total Preferred Stocks (cost $5,952) | 6273 |
| **WARRANTS 0.0%** | **WARRANTS 0.0%** | **WARRANTS 0.0%** |
| Evgo Inc. (a) | 23 | 5 |
| Hippo Holdings Inc. (a) | 20 |  |
| Latch, Inc. (a) (e) | 53 |  |
| Offerpad Solutions Inc. (a) | 35 |  |
| Palladyne AI Corp. (a) | 121 | 46 |
| Total Warrants (cost $441) | Total Warrants (cost $441) | 51 |
| **SHORT TERM INVESTMENTS 10.9%** | **SHORT TERM INVESTMENTS 10.9%** | **SHORT TERM INVESTMENTS 10.9%** |
| **Investment Companies 8.8%** | **Investment Companies 8.8%** | **Investment Companies 8.8%** |
| JNL Government Money Market Fund - Class I, 4.20% (t) (u) | 232689 | 232689 |
| **Securities Lending Collateral 2.1%** | **Securities Lending Collateral 2.1%** | **Securities Lending Collateral 2.1%** |
| JNL Government Money Market Fund - Class SL, 4.30% (t) (u) | 57034 | 57034 |
| **Treasury Securities 0.0%** | **Treasury Securities 0.0%** | **Treasury Securities 0.0%** |
| Presidencia da Republica |  |  |
| 13.12%, 01/01/26, BRL | 3579 | 613 |
| The Arab Republic of Egypt |  |  |
| 22.03%, 11/18/25, EGP | 6325 | 115 |
| 23.50%, 11/25/25, EGP | 2850 | 52 |
| 22.11%, 12/16/25, EGP | 20825 | 372 |
|  |  | 1152 |
| Total Short Term Investments (cost $290,819) | Total Short Term Investments (cost $290,819) | 290875 |
| **Total Investments 101.2% (cost $2,463,998)** | **Total Investments 101.2% (cost $2,463,998)** | **2691602** |
| **Total Purchased Options 0.4% (cost $11,380)** | **Total Purchased Options 0.4% (cost $11,380)** | **11435** |
| **Other Derivative Instruments (0.3)%** | **Other Derivative Instruments (0.3)%** | **(8950)** |
| **Other Assets and Liabilities, Net (1.3)%** | **Other Assets and Liabilities, Net (1.3)%** | **(34049)** |
| **Total Net Assets 100.0%** | **Total Net Assets 100.0%** | **2660038** |

---

(a) Non-income producing security.

(b) All or a portion of the security is pledged or segregated as collateral.

(c) All or a portion of the security is subject to a written call option.

(d) All or a portion of the security was on loan as of June 30, 2025.

(e) Security fair valued in good faith as a Level 3 security in accordance with the procedures approved by the Board of Trustees. Good faith fair valued securities are classified based on the applicable valuation inputs. See "Fair Value Measurement" in the Notes to Financial Statements.

(f) Security fair valued in good faith as a Level 2 security in accordance with the procedures approved by the Board of Trustees. Good faith fair valued securities are classified based on the applicable valuation inputs. See "Fair Value Measurement" in the Notes to Financial Statements.

(g) Security is restricted to resale to institutional investors or subject to trading restrictions due to sanctions on foreign issuers. See Restricted Securities table following the Schedules of Investments.

(h) Perpetual security. Next contractual call price and date are presented in parentheses, if applicable.

(i) Security is exempt from registration under the Securities Act of 1933, as amended. As of June 30, 2025, the value and the percentage of net assets of these securities was $129,631 and 4.9% of the Fund.

(j) Convertible security.

(k) Pay-in-kind security. Stated coupon is the pay-in-kind rate. The interest earned by the security may be paid in cash or additional par.

(l) Security has a variable rate. Interest rates reset periodically. Rate stated was in effect as of June 30, 2025. For securities based on a published reference rate and spread, the reference rate and spread are presented. Certain variable rate securities do not indicate a reference rate and spread because they are determined by the issuer, remarketing agent, or offering documents and are based on current market conditions. The coupon rate for securities with certain features outlined in the offering documents may vary from the stated reference

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page [607](#abbreviations).

**JNL Series Trust** (Unaudited)

**Schedules of Investments (in thousands)**

June 30, 2025

rate and spread. This includes, but is not limited to, securities with deferred rates, contingent distributions, caps, floors, and fixed-rate to float-rate features. In addition, variable rates for government and agency collateralized mortgage obligations ("CMO") and mortgage-backed securities ("MBS") are determined by tranches of underlying mortgage-backed security pools' cash flows into securities and pass-through rates which reflect the rate earned on the asset pool after management and guarantee fees are paid to the securitizing corporation. CMO and MBS variable rates are determined by a formula set forth in the security's offering documents.

(m) Security issued with a zero coupon. Income is recognized through the accretion of discount.

(n) Security is a step-up bond where the coupon may increase or step up at a future date or as the result of an upgrade or downgrade to the credit rating of the issuer. Rate stated was the coupon as of June 30, 2025.

(o) The interest rate for this security is inversely affected by upgrades or downgrades to the credit rating of the issuer. Rate stated was the coupon as of June 30, 2025.

(p) As of June 30, 2025, issuer was in bankruptcy and/or was in default relating to principal and/or interest. Partial or no payments were paid on the last interest or dividend date.

(q) All or a portion of the security was purchased on a delayed delivery basis. As of June 30, 2025, the total payable for investments purchased on a delayed delivery basis was $18,042.

(r) Treasury inflation indexed note, par amount is adjusted for inflation.

(s) This senior floating rate interest will settle after June 30, 2025. If a reference rate and spread is presented, it will go into effect upon settlement.

(t) Investment in affiliate.

(u) Yield changes daily to reflect current market conditions. Rate was the quoted yield as of June 30, 2025.

---

| | |
|:---|:---|
| **Summary of Investments by Country^** | **Total Long Term Investments** |
| **United States of America** | 62.5% |
| **United Kingdom** | 6.8 |
| **France** | 3.2 |
| **Cayman Islands** | 2.4 |
| **Multi-National** | 2.3 |
| **Italy** | 2.1 |
| **Japan** | 2.0 |
| **Netherlands** | 2.0 |
| **Ireland** | 1.7 |
| **Germany** | 1.7 |
| **Canada** | 1.6 |
| **China** | 1.5 |
| **Spain** | 1.3 |
| **Taiwan** | 1.1 |
| **Switzerland** | 0.9 |
| **Denmark** | 0.6 |
| **Sweden** | 0.6 |
| **Mexico** | 0.6 |
| **South Africa** | 0.5 |
| **South Korea** | 0.4 |
| **Australia** | 0.4 |
| **Brazil** | 0.4 |
| **Indonesia** | 0.4 |
| **Poland** | 0.3 |
| **Luxembourg** | 0.2 |
| **Hong Kong** | 0.2 |
| **Czech Republic** | 0.2 |
| **India** | 0.2 |
| **Norway** | 0.2 |
| **Colombia** | 0.1 |
| **Thailand** | 0.1 |
| **Belgium** | 0.1 |
| **Israel** | 0.1 |
| **Malaysia** | 0.1 |
| **Argentina** | 0.1 |
| **Peru** | 0.1 |
| **Finland** | 0.1 |
| **Hungary** | 0.1 |
| **Saudi Arabia** | 0.1 |
| **Philippines** | 0.1 |
| **Dominican Republic** | 0.1 |
| **Egypt** | 0.1 |
| **United Arab Emirates** | 0.1 |
| **Chile** | 0.1 |
| **Jersey** | 0.1 |
| **Greece** | 0.1 |
| **Singapore** |  |
| **Gibraltar** |  |
| **Macau** |  |
| **Austria** |  |
| **Portugal** |  |
| **Turkey** |  |
| **Zambia** |  |
| **Guatemala** |  |
| **Romania** |  |

---

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page [607](#abbreviations).

**JNL Series Trust** (Unaudited)

**Schedules of Investments (in thousands)**

June 30, 2025

---

| | |
|:---|:---|
| **Summary of Investments by Country^** | **Total Long Term Investments** |
| **Morocco** |  |
| **Ukraine** |  |
| **Kazakhstan** |  |
| **Jordan** |  |
| **Costa Rica** |  |
| **Mongolia** |  |
| **Malta** |  |
| **Uruguay** |  |
| **Bermuda** |  |
| **Nigeria** |  |
| **Bahrain** |  |
| **Latvia** |  |
| **Kuwait** |  |
| **Vietnam** |  |
| **Cote D'Ivoire** |  |
| **Macedonia** |  |
| **Panama** |  |
| **Uzbekistan** |  |
| **Montenegro** |  |
| **Barbados** |  |
| **Cambodia** |  |
| **New Zealand** |  |
|  | **100.0%** |
| ^A country table is presented as a percentage of the Fund's total long term investments because its strategy includes investment in non-U.S. securities as deemed significant by the Fund's Adviser. | ^A country table is presented as a percentage of the Fund's total long term investments because its strategy includes investment in non-U.S. securities as deemed significant by the Fund's Adviser. |

---

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **JNL/BlackRock Global Allocation Fund — Investments in Affiliates** | **JNL/BlackRock Global Allocation Fund — Investments in Affiliates** | **JNL/BlackRock Global Allocation Fund — Investments in Affiliates** | **JNL/BlackRock Global Allocation Fund — Investments in Affiliates** | **JNL/BlackRock Global Allocation Fund — Investments in Affiliates** | **JNL/BlackRock Global Allocation Fund — Investments in Affiliates** | **JNL/BlackRock Global Allocation Fund — Investments in Affiliates** | **JNL/BlackRock Global Allocation Fund — Investments in Affiliates** | **JNL/BlackRock Global Allocation Fund — Investments in Affiliates** |
| **Affiliated Investment** | **Value Beginning of Period($)** | **Purchases($)** | **Sales Proceeds($)** | **Dividend Income/ Distributions from Funds($)** | **Realized Gain (Loss)($)** | **Change in Unrealized Appreciation (Depreciation) ($)** | **Value End of Period($)** | **Percentage of Net Assets(%)** |
| iShares 0-5 Year TIPS Bond ETF | 3079 |  | 3126 | 43 | 107 | (60) |  |  |
| iShares Biotechnology ETF | 2644 |  | 2656 | 3 | (206) | 218 |  |  |
| iShares Broad USD High Yield Corporate Bond ETF | 2998 |  |  | 85 |  | 58 | 3056 | 0.1 |
| iShares China Large-Cap ETF |  | 2812 | 59 | 40 | 2 | 128 | 2883 | 0.1 |
| iShares Core S&P Small Cap ETF | 1423 |  |  | 9 |  | (73) | 1350 | 0.1 |
| iShares iBoxx $ High Yield Corporate Bond ETF | 3392 | 6131 | 9637 | 16 | 95 | 19 |  |  |
| iShares Latin America 40 ETF | 730 |  | 844 |  | (68) | 182 |  |  |
| iShares MSCI Brazil ETF | 914 |  |  | 21 |  | 257 | 1171 |  |
| iShares MSCI China ETF | 3950 |  |  | 45 |  | 695 | 4645 | 0.2 |
| iShares MSCI Emerging Markets ETF | 354 |  | 378 |  | 1 | 23 |  |  |
| iShares Russell Mid-Cap Growth ETF | 495 |  | 469 |  | 97 | (123) |  |  |
| JNL Government Money Market Fund, 4.20% - Class I | 251956 | 517578 | 536845 | 5108 |  |  | 232689 | 8.8 |
| JNL Government Money Market Fund, 4.30% - Class SL | 37793 | 606138 | 586897 | 1070 |  |  | 57034 | 2.1 |
| Quintis Limited |  |  |  |  |  |  |  |  |
|  | 309728 | 1132659 | 1140911 | 6440 | 28 | 1324 | 302828 | 11.4 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **JNL/BlackRock Global Allocation Fund — Restricted Securities** | **JNL/BlackRock Global Allocation Fund — Restricted Securities** | **JNL/BlackRock Global Allocation Fund — Restricted Securities** | **JNL/BlackRock Global Allocation Fund — Restricted Securities** | **JNL/BlackRock Global Allocation Fund — Restricted Securities** |
|  | **Initial Acquisition** | **Cost ($)** | **Value ($)** | **Percent of**<br> **Net Assets (%)** |
| A2a S.P.A., 5.00% (callable at 100, 06/11/29) | 06/04/24 | 185 | 208 |  |
| AA Bond Co Limited, 6.50%, 01/31/26 | 04/23/24 | 514 | 565 |  |
| AB Carval Euro CLO II-C Designated Activity Company, Series D-2X, 5.89%, 02/15/37 | 07/05/24 | 412 | 448 |  |
| ABN AMRO Bank N.V., 6.38% (callable at 100, 09/22/34) | 09/02/24 | 221 | 243 |  |
| AC Energy, Inc., 4.00% | 02/13/25 | 200 | 194 |  |
| Afflelou, 6.00%, 07/25/29 | 07/17/24 | 470 | 525 |  |
| AIA Group Limited, 5.40%, 09/30/54 | 02/12/25 | 282 | 282 |  |
| AIB Group Public Limited Company, 6.00% (callable at 100, 07/14/31) | 01/07/25 | 259 | 292 |  |
| Air France - KLM, 5.75% (callable at 100, 05/21/30) | 05/15/25 | 223 | 234 |  |
| Aktsionernoe Obshchestvo Narodny Bank Kazakhstana | 10/22/24 | 82 | 111 |  |
| Albion Financing 1 S.a r.l., 5.38%, 05/21/30 | 05/14/25 | 385 | 415 |  |
| Alibaba Group Holding Limited | 03/25/25 | 12 | 11 |  |

---

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page [607](#abbreviations).

**JNL Series Trust** (Unaudited)

**Schedules of Investments (in thousands)**

June 30, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
| **JNL/BlackRock Global Allocation Fund — Restricted Securities (continued)** | **JNL/BlackRock Global Allocation Fund — Restricted Securities (continued)** | **JNL/BlackRock Global Allocation Fund — Restricted Securities (continued)** | **JNL/BlackRock Global Allocation Fund — Restricted Securities (continued)** | **JNL/BlackRock Global Allocation Fund — Restricted Securities (continued)** |
|  | **Initial Acquisition** | **Cost ($)** | **Value ($)** | **Percent of**<br> **Net Assets (%)** |
| Allied Universal Holdco LLC, 4.88%, 06/01/28 | 02/08/24 | 2213 | 2512 | 0.1 |
| Allwyn Entertainment Financing (UK) PLC, 7.25%, 04/30/30 | 03/19/24 | 724 | 800 | 0.1 |
| Almaviva - The Italian Innovation Company S.P.A. In Breve Almaviva S.P.A., 5.00%, 10/30/30 | 06/26/25 | 725 | 731 | 0.1 |
| alstria office AG, 5.50%, 03/20/31 | 03/14/25 | 324 | 359 |  |
| Altice France, 3.38%, 01/15/28 | 10/24/24 | 120 | 135 |  |
| Altice France, 4.13%, 01/15/29 | 10/21/24 | 100 | 117 |  |
| Altice France, 4.25%, 10/15/29 | 10/22/24 | 98 | 115 |  |
| Amber FinCo PLC, 6.63%, 07/15/29 | 07/04/24 | 851 | 962 | 0.1 |
| Amgen Inc., 5.50%, 12/07/26 | 09/13/22 | 117 | 139 |  |
| AMS-Osram AG, 2.13%, 11/03/27 | 11/15/23 | 640 | 774 | 0.1 |
| Anheuser-Busch InBev, 4.00%, 09/24/25 | 09/07/22 | 115 | 137 |  |
| Apcoa Group GmbH, 6.40%, 04/15/31 | 09/25/24 | 293 | 311 |  |
| Arbour CLO VI Designated Activity Company, Series DR-6X, 5.34%, 11/16/37 | 09/20/24 | 491 | 519 |  |
| Arcano Euro CLO I Designated Activity Company, Series D-1X, 5.59%, 04/25/39 | 03/12/25 | 566 | 614 |  |
| Arcano Euro CLO II Designated Activity Company, Series D-2X, 0.00%, 07/25/38 | 06/27/25 | 269 | 271 |  |
| Ardagh Packaging Finance Public Limited Company, 2.13%, 08/15/26 | 12/10/24 | 365 | 415 |  |
| Arena Luxembourg Finance S.a r.l., 4.82%, 05/01/30 | 03/25/25 | 330 | 363 |  |
| Arini European CLO IV Designated Activity Company, Series D-4X, 6.27%, 01/15/38 | 10/24/24 | 682 | 740 | 0.1 |
| Arini European CLO V Designated Activity Company, Series D-5X, 5.15%, 01/17/39 | 02/21/25 | 356 | 398 |  |
| Aroundtown SA, 7.13% (callable at 100, 01/16/30) | 07/24/24 | 349 | 496 |  |
| Aroundtown SA, 8.63% (callable at 100, 05/07/29) | 01/24/25 | 619 | 708 | 0.1 |
| Aston Martin Capital Holdings Limited, 10.38%, 03/31/29 | 07/09/24 | 796 | 779 | 0.1 |
| AT&T Inc., 5.50%, 03/15/27 | 09/07/22 | 174 | 209 |  |
| Atlantica Infraestructura Sostenible Sociedad Limitada, 5.63%, 02/15/32 | 10/23/24 | 327 | 367 |  |
| Atos SE, 5.00%, 12/18/30 | 01/10/25 | 354 | 548 |  |
| Atos SE, 1.00%, 12/18/32 | 02/05/25 | 139 | 197 |  |
| Aurium CLO XIII Designated Activity Company, Series D-13X, 5.17%, 04/15/38 | 01/30/25 | 239 | 264 |  |
| Avoca CLO XVIII Designated Activity Company, Series DR-18X, 5.70%, 04/15/38 | 12/13/24 | 262 | 289 |  |
| Avoca Static CLO I Designated Activity Company, Series DR-1X, 5.18%, 01/15/35 | 11/04/24 | 239 | 254 |  |
| Axis Bank Limited, 4.10% (callable at 100, 09/08/26) | 02/10/25 | 289 | 291 |  |
| Banco Bilbao Vizcaya Argentaria, S.A., 6.88% (callable at 100, 12/13/30) | 06/04/24 | 435 | 499 |  |
| Banco Bilbao Vizcaya Argentaria, S.A., 8.38% (callable at 100, 06/21/28) | 07/25/24 | 229 | 261 |  |
| Banco Santander, S.A., 3.13%, 10/06/26 | 09/14/22 | 566 | 683 |  |
| Bank of America Corporation, 1.95%, 10/27/26 | 04/20/23 | 597 | 654 |  |
| Bank of Ireland Group Public Limited Company, 6.00% (callable at 100, 09/01/25) | 07/30/24 | 464 | 508 |  |
| Bankinter Sociedad Anonima, 7.38% (callable at 100, 08/15/28) | 07/24/24 | 445 | 505 |  |
| Barclays PLC, 3.00%, 05/08/26 | 09/12/22 | 115 | 135 |  |
| Barclays PLC, 3.25%, 02/12/27 | 09/12/22 | 113 | 135 |  |
| Bausch+Lomb Netherlands B.V., 5.87%, 01/15/31 | 06/18/25 | 207 | 214 |  |
| BCP V Modular Services Finance II PLC, 6.13%, 11/30/28 | 01/18/24 | 311 | 348 |  |
| Beach Acquisition Bidco, LLC, 5.25%, 07/15/32 | 06/26/25 | 300 | 304 |  |
| Bellis Acquisition Company PLC, 8.00%, 07/01/31 | 06/18/25 | 365 | 375 |  |
| Bellis Finco PLC, 4.00%, 02/16/27 | 11/16/23 | 1033 | 1230 | 0.1 |
| Bertrand Franchise Finance, 5.99%, 07/18/30 | 05/30/24 | 506 | 535 |  |
| BG Energy Capital PLC, 5.13%, 12/01/25 | 09/07/22 | 308 | 367 |  |
| BNP Paribas, 3.38%, 01/23/26 | 09/07/22 | 115 | 136 |  |
| BNP Paribas, 1.88%, 12/14/27 | 09/07/22 | 107 | 129 |  |
| Boels Topholding B.V., 6.25%, 02/15/29 | 03/12/24 | 1063 | 1156 | 0.1 |
| Bper Banca S.P.A., 6.50% (callable at 100, 03/20/30) | 11/13/24 | 211 | 241 |  |
| Bracken Midco1 PLC, 6.75%, 11/01/27 | 12/03/24 | 229 | 248 |  |
| Bubbles BidCo S.p.A., 6.50%, 09/30/31 | 09/18/24 | 288 | 309 |  |
| Bubbles BidCo S.p.A., 6.60%, 09/30/31 | 09/18/24 | 392 | 419 |  |
| CaixaBank, S.A., 5.88% (callable at 100, 10/09/27) | 07/24/24 | 430 | 488 |  |
| CaixaBank, S.A., 6.25% (callable at 100, 07/24/32) | 01/16/25 | 206 | 241 |  |
| Capital Four CLO VIII Designated Activity Company, Series D-8X, 5.41%, 10/25/37 | 09/20/24 | 580 | 606 |  |
| CBB International Sukuk Company S.P.C, 5.45%, 09/16/32 | 12/09/22 | 202 | 203 |  |
| CD&R Firefly Bidco PLC, 8.63%, 04/30/29 | 12/11/24 | 160 | 172 |  |
| Cellnex Telecom, S.A. | 03/17/22 | 5877 | 6202 | 0.3 |
| Cellnex Telecom, S.A., 0.75%, 11/20/31 | 04/03/24 | 190 | 210 |  |
| Centrica PLC, 6.50%, 05/21/55 | 05/14/24 | 648 | 711 | 0.1 |
| Cidron Aida Finco SARL, 7.00%, 10/27/31 | 04/01/25 | 181 | 202 |  |
| Cidron Aida Finco SARL, 9.13%, 10/27/31 | 04/01/25 | 224 | 242 |  |
| CIFC European Funding CLO II Designated Activity Company, Series B1-2X, 3.88%, 04/15/33 | 07/07/20 | 112 | 118 |  |
| Cirsa Finance International S.a r.l., 7.88%, 07/31/28 | 03/14/24 | 721 | 781 | 0.1 |
| Citigroup Inc., 1.25%, 07/06/26 | 05/09/23 | 596 | 654 |  |
| City Of Ulaanbaataar Mongolia, 7.75%, 08/21/27 | 02/13/25 | 305 | 300 |  |
| Clarios Global LP, 4.75%, 06/15/31 | 06/04/25 | 491 | 508 |  |
| Clean Renewable Power (Mauritius) Pte. Ltd, 4.25%, 03/25/27 | 02/12/25 | 235 | 234 |  |
| COMMERZBANK Aktiengesellschaft, 4.25% (callable at 100, 10/09/27) | 07/23/24 | 194 | 230 |  |
| COMMERZBANK Aktiengesellschaft, 6.50% (callable at 100, 10/09/29) | 05/15/24 | 647 | 745 | 0.1 |
| COMMERZBANK Aktiengesellschaft, 7.88% (callable at 100, 07/02/29) | 06/25/24 | 429 | 523 |  |
| Constellium SE, 5.38%, 08/15/32 | 07/25/24 | 165 | 181 |  |

---

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page [607](#abbreviations).

**JNL Series Trust** (Unaudited)

**Schedules of Investments (in thousands)**

June 30, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
| **JNL/BlackRock Global Allocation Fund — Restricted Securities (continued)** | **JNL/BlackRock Global Allocation Fund — Restricted Securities (continued)** | **JNL/BlackRock Global Allocation Fund — Restricted Securities (continued)** | **JNL/BlackRock Global Allocation Fund — Restricted Securities (continued)** | **JNL/BlackRock Global Allocation Fund — Restricted Securities (continued)** |
|  | **Initial Acquisition** | **Cost ($)** | **Value ($)** | **Percent of**<br> **Net Assets (%)** |
| Contego CLO V Designated Activity Company, Series DR-5X, 5.56%, 10/15/37 | 03/03/25 | 356 | 392 |  |
| Contego CLO VII Designated Activity Company, Series DR-7X, 5.63%, 01/23/38 | 12/11/24 | 451 | 499 |  |
| Contego CLO XI Designated Activity Company, Series DR-11X, 5.93%, 11/22/38 | 10/29/24 | 346 | 372 |  |
| Continuum Energy Aura Pte. Ltd., 9.50%, 02/24/27 | 03/14/25 | 311 | 309 |  |
| Contourglobal Power Holdings SA, 5.00%, 02/28/30 | 01/23/25 | 268 | 305 |  |
| Cooperatieve Rabobank U.A., 1.88%, 07/12/28 | 09/12/22 | 109 | 130 |  |
| Currenta Group Holdings S.a r.l., 5.50%, 05/15/30 | 05/08/25 | 333 | 356 |  |
| Currenta Group Holdings S.a r.l., 6.14%, 05/17/32 | 05/08/25 | 341 | 361 |  |
| CVC Cordatus Opportunity Loan Fund-R Designated Activity Company, Series DR-1X, 4.94%, 09/18/33 | 03/13/25 | 1117 | 1203 | 0.1 |
| Czechoslovak Group a.s., 5.25%, 01/10/31 | 06/25/25 | 495 | 509 |  |
| Dana Financing Luxembourg S.a r.l., 8.50%, 07/15/31 | 03/12/24 | 557 | 610 |  |
| Darling Global Finance B.V., 4.50%, 07/15/32 | 06/18/25 | 451 | 469 |  |
| Dell Bank International Designated Activity Company, 0.50%, 10/27/26 | 05/25/23 | 305 | 342 |  |
| DEMIRE Deutsche Mittelstand Real Estate AG, 5.00%, 12/31/27 | 06/20/25 | 892 | 894 | 0.1 |
| Deuce Finco PLC, 5.50%, 06/15/27 | 11/28/23 | 1013 | 1142 | 0.1 |
| Deutsche Bank Aktiengesellschaft, 4.50% (callable at 100, 11/30/26) | 05/17/24 | 195 | 229 |  |
| Deutsche Bank Aktiengesellschaft, 4.63% (callable at 100, 10/30/27) | 01/24/25 | 1000 | 1131 | 0.1 |
| Deutsche Bank Aktiengesellschaft, 7.13% | 03/24/25 | 216 | 240 |  |
| Deutsche Lufthansa Aktiengesellschaft, 5.25%, 01/15/55 | 01/08/25 | 621 | 702 | 0.1 |
| Diamond II Limited, 7.95%, 07/28/26 | 03/17/25 | 303 | 302 |  |
| Dolcetto Holdco S.p.A, 0.00%, 07/14/32 | 06/25/25 | 128 | 130 |  |
| Dolcetto Holdco S.p.A, 5.63%, 07/14/32 | 06/25/25 | 363 | 369 |  |
| Dongyang Life Insurance Co., Ltd., 6.25%, 05/07/35 | 04/28/25 | 299 | 308 |  |
| DP World Salaam, 6.00% (callable at 100, 10/01/25) | 12/15/22 | 259 | 260 |  |
| Duomo Bidco S.P.A., 6.40%, 07/15/31 | 07/03/24 | 476 | 520 |  |
| Dynamo NewCo II GmbH, 6.25%, 10/15/31 | 09/25/24 | 206 | 223 |  |
| Edge Finco PLC, 8.13%, 08/15/31 | 10/03/24 | 786 | 854 | 0.1 |
| EDP, S.A., 4.63%, 09/16/54 | 09/09/24 | 439 | 476 |  |
| Electricite de France, 5.13% (callable at 100, 09/17/29) | 09/10/24 | 219 | 241 |  |
| Electricite de France, 5.63% (callable at 100, 06/17/32) | 09/10/24 | 221 | 244 |  |
| Electricite de France, 7.38% (callable at 100, 06/17/35) | 09/10/24 | 262 | 277 |  |
| Elo, 2.88%, 01/29/26 | 01/20/25 | 202 | 232 |  |
| Elo, 4.88%, 12/08/28 | 06/05/25 | 215 | 213 |  |
| Engineering - Ingegneria Informatica - S.P.A., 8.63%, 02/15/30 | 01/29/25 | 224 | 271 |  |
| Eni S.P.A., 4.88% (callable at 100, 01/21/34) | 01/14/25 | 332 | 384 |  |
| EQUATE Petrochemical, 4.25%, 11/03/26 | 12/09/22 | 197 | 198 |  |
| Eurobank Ergasias Services And Holdings S.A, 4.00%, 02/07/36 | 02/04/25 | 435 | 485 |  |
| Eutelsat SA, 1.50%, 10/13/28 | 12/17/24 | 78 | 107 |  |
| Evolution AB (publ) | 07/10/24 | 1326 | 1304 | 0.1 |
| F.I.S. - Fabbrica Italiana Sintetici S.p.A., 5.63%, 08/01/27 | 07/09/24 | 403 | 445 |  |
| Far East Horizon Limited, 6.00%, 10/01/28 | 03/25/25 | 248 | 249 |  |
| Fedrigoni S.P.A., 6.13%, 06/15/31 | 07/24/24 | 611 | 647 |  |
| Fiber Midco S.p.A., 10.00%, 06/15/29 | 05/09/24 | 309 | 305 |  |
| Fibercop S.P.A., 4.75%, 06/30/30 | 06/18/25 | 151 | 156 |  |
| Fibercop S.P.A., 5.13%, 06/30/32 | 06/18/25 | 146 | 150 |  |
| Fidelity Grand Harbour CLO 2023-1 Designated Activity Company, Series 2023-DR-1X, 4.84%, 02/15/38 | 02/07/25 | 454 | 503 |  |
| Fidelity National Information Services, Inc., 1.50%, 05/21/27 | 04/18/23 | 607 | 671 |  |
| Flutter Treasury Designated Activity Company, 4.00%, 06/04/31 | 05/22/25 | 442 | 462 |  |
| Flutter Treasury Designated Activity Company, 6.13%, 06/04/31 | 05/22/25 | 250 | 257 |  |
| Forvia, 2.75%, 02/15/27 | 05/18/23 | 288 | 323 |  |
| Fressnapf Holding SE, 5.25%, 10/31/31 | 10/23/24 | 225 | 248 |  |
| FWD Group Investments Limited, 8.40%, 04/05/29 | 03/21/24 | 1700 | 1750 | 0.1 |
| Gategroup Finance (Luxembourg) S.A., 3.00%, 02/28/27 | 06/18/25 | 606 | 622 |  |
| Gatwick Airport Finance PLC, 4.38%, 04/07/26 | 01/27/25 | 370 | 406 |  |
| General Motors Financial Company, Inc., 4.30%, 02/15/29 | 04/23/24 | 407 | 459 |  |
| Global Switch Finance B.V., 1.38%, 10/07/30 | 07/24/24 | 241 | 266 |  |
| Goldman Sachs Group, Inc., The, 0.25%, 01/26/28 | 04/21/23 | 631 | 706 | 0.1 |
| Goldman Sachs Group, Inc., The, 0.88%, 05/09/29 | 01/18/24 | 572 | 643 |  |
| Government of Ireland, 2.60%, 10/18/34 | 06/28/24 | 16250 | 17637 | 0.7 |
| Grand Round, Inc. | 03/31/15 | 1774 | 483 |  |
| Grifols, S.A., 7.13%, 05/01/30 | 12/11/24 | 361 | 421 |  |
| GTECH S.p.A., 4.88%, 01/31/31 | 04/24/25 | 313 | 332 |  |
| Haidilao International Holding Ltd. | 12/20/23 | 217 | 240 |  |
| Harvest CLO XXXII Designated Activity Company, Series D-32X, 5.76%, 07/27/37 | 05/31/24 | 349 | 382 |  |
| Heathrow Finance PLC, 6.63%, 03/01/31 | 10/03/24 | 1125 | 1194 | 0.1 |
| Heimstaden Bostad AB, 0.63%, 07/24/25 | 03/11/24 | 524 | 565 |  |
| Heimstaden Bostad AB, 1.38%, 03/03/27 | 03/13/24 | 221 | 251 |  |
| Henley CLO XI Designated Activity Company, Series D-11X, 4.97%, 04/25/39 | 02/10/25 | 505 | 558 |  |
| Henley CLO XII Designated Activity Company, Series D-12X, 5.88%, 01/15/38 | 10/22/24 | 345 | 371 |  |
| Holland Park CLO Designated Activity Company, Series A1RR-1X, 3.06%, 11/14/32 | 07/10/20 | 72 | 75 |  |

---

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page [607](#abbreviations).

**JNL Series Trust** (Unaudited)

**Schedules of Investments (in thousands)**

June 30, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
| **JNL/BlackRock Global Allocation Fund — Restricted Securities (continued)** | **JNL/BlackRock Global Allocation Fund — Restricted Securities (continued)** | **JNL/BlackRock Global Allocation Fund — Restricted Securities (continued)** | **JNL/BlackRock Global Allocation Fund — Restricted Securities (continued)** | **JNL/BlackRock Global Allocation Fund — Restricted Securities (continued)** |
|  | **Initial Acquisition** | **Cost ($)** | **Value ($)** | **Percent of**<br> **Net Assets (%)** |
| HSBC Holdings PLC, 4.75% (callable at 100, 07/04/29) | 07/23/24 | 467 | 529 |  |
| Hyundai Capital America, 5.74%, 03/27/30 | 03/24/25 | 300 | 298 |  |
| I&M Holdings Limited, 5.00%, 03/11/30 | 12/04/24 | 105 | 121 |  |
| I&M Holdings Limited, 5.38%, 07/08/31 | 04/01/25 | 134 | 151 |  |
| Iberdrola Finance Ireland Designated Activity Company, 1.50%, 03/27/30 | 03/20/25 | 326 | 368 |  |
| IHO Verwaltungs GmbH, 8.75%, 05/15/28 | 11/21/23 | 736 | 805 | 0.1 |
| IHO Verwaltungs GmbH, 7.00%, 11/15/31 | 03/18/25 | 433 | 489 |  |
| Iliad Holding, 5.63%, 10/15/28 | 12/06/23 | 1832 | 2029 | 0.1 |
| India Cleantech Energy, 4.70%, 08/10/26 | 02/12/25 | 234 | 233 |  |
| INEOS Finance PLC, 5.63%, 08/15/30 | 01/29/25 | 158 | 174 |  |
| INEOS Quattro Finance 2 plc, 8.50%, 03/15/29 | 03/05/24 | 379 | 394 |  |
| INEOS Quattro Finance 2 plc, 6.75%, 04/15/30 | 10/02/24 | 294 | 289 |  |
| Informa Jersey Limited, 3.13%, 07/05/26 | 09/07/22 | 113 | 135 |  |
| ING Groep N.V., 7.25% (callable at 100, 11/16/34) | 09/05/24 | 450 | 457 |  |
| ING Groep N.V., 3.00%, 02/18/26 | 09/07/22 | 114 | 136 |  |
| Intrum AB, 3.00%, 09/15/27 | 05/28/24 | 415 | 534 |  |
| Intrum AB, 9.25%, 03/15/28 | 02/14/25 | 208 | 256 |  |
| IPD 3 B.V., 5.50%, 06/15/31 | 04/29/25 | 386 | 405 |  |
| Irca S.P.A., 5.72%, 12/15/29 | 11/27/24 | 202 | 225 |  |
| Itelyum Regeneration S.p.A., 5.75%, 04/15/30 | 03/26/25 | 119 | 132 |  |
| Jawbone Inc. | 01/25/17 |  |  |  |
| Joint Stock Company Kaspi.Kz | 06/14/24 | 328 | 223 |  |
| JPMorgan Chase & Co., 1.09%, 03/11/27 | 05/18/23 | 600 | 675 |  |
| JPMorgan Chase & Co., 3.67%, 06/06/28 | 11/13/24 | 529 | 593 |  |
| Jubilee CLO 2024-XXIX Designated Activity Company, Series 2024-D-29X, 5.28%, 01/15/39 | 09/27/24 | 603 | 635 |  |
| Kaixo Bondco Telecom SA., 5.13%, 09/30/29 | 06/12/24 | 288 | 326 |  |
| KBC Groep, 1.25%, 09/21/27 | 09/07/22 | 108 | 132 |  |
| Kleopatra Finco S.a r.l., 4.25%, 03/01/26 | 07/31/24 | 647 | 686 |  |
| Kondor Finance PLC, 7.13%, 07/19/26 | 05/21/24 | 120 | 126 |  |
| Kraft Heinz Foods Company, 4.13%, 07/01/27 | 09/08/22 | 113 | 136 |  |
| Kronos International, Inc., 9.50%, 03/15/29 | 07/23/24 | 153 | 168 |  |
| Kumba Iron Ore Ltd | 04/05/22 | 258 | 151 |  |
| LG Energy Solution Ltd., 5.38%, 04/02/30 | 03/25/25 | 199 | 201 |  |
| LG Energy Solution Ltd., 6.07%, 04/02/30 | 03/25/25 | 200 | 200 |  |
| Lion/Polaris Lux 4 S.A., 5.95%, 07/01/29 | 06/26/24 | 492 | 542 |  |
| Lottomatica S.p.A., 5.38%, 06/01/30 | 05/14/24 | 148 | 168 |  |
| Lottomatica S.p.A., 5.25%, 06/01/31 | 05/14/24 | 224 | 245 |  |
| Loxama, 6.38%, 05/31/29 | 03/12/24 | 1067 | 1164 | 0.1 |
| Luna 2.5 S.a r.l., 5.50%, 07/01/32 | 06/18/25 | 164 | 172 |  |
| Lune Holdings S.a r.l., 5.63%, 11/15/28 | 08/08/24 | 290 | 179 |  |
| Magyar Export-Import Bank Zartkoruen Mukodo Reszvenytarsasag, 6.00%, 05/16/29 | 11/08/23 | 256 | 304 |  |
| Majid Al Futtaim Holding LLC, 6.38% (callable at 100, 12/20/25) | 12/09/22 | 194 | 199 |  |
| Market Bidco Finco PLC, 4.75%, 11/04/27 | 02/09/24 | 402 | 451 |  |
| Market Bidco Finco PLC, 5.50%, 11/04/27 | 12/08/23 | 983 | 1119 | 0.1 |
| Matterhorn Telecom S.A., 3.13%, 09/15/26 | 09/05/23 | 965 | 1078 | 0.1 |
| Maxam Prill S.a r.l., 6.00%, 07/15/30 | 06/26/25 | 726 | 726 | 0.1 |
| Medco Maple Tree Pte. Ltd., 8.96%, 04/27/29 | 02/13/25 | 316 | 312 |  |
| Mehilainen Yhtiot Oy, 5.13%, 06/30/32 | 06/11/25 | 346 | 356 |  |
| Mehilainen Yhtiot Oy, 5.41%, 06/30/32 | 06/11/25 | 115 | 118 |  |
| Mobico Group PLC, 4.25% (callable at 100, 11/26/25) | 10/14/24 | 120 | 80 |  |
| Mobico Group PLC, 4.88%, 09/26/31 | 05/09/25 | 389 | 348 |  |
| MONETA Money Bank, a.s. | 05/20/24 | 66 | 102 |  |
| Mong Duong Finance Holdings B.V., 5.13%, 05/07/29 | 02/13/25 | 198 | 198 |  |
| Motion Finco S.a r.l., 7.38%, 06/15/30 | 07/09/24 | 327 | 324 |  |
| MPT Operating Partnership, L.P., 7.00%, 02/15/32 | 01/30/25 | 348 | 408 |  |
| MTR Corporation (C.I.) Limited, 5.63% (callable at 100, 09/24/35) | 06/16/25 | 300 | 304 |  |
| Muangthai Capital Public Company Limited, 6.88%, 09/30/28 | 03/24/25 | 304 | 299 |  |
| National Bank of Greece SA, 5.88%, 06/28/35 | 07/25/24 | 226 | 251 |  |
| National Grid PLC, 0.16%, 01/20/28 | 05/24/23 | 771 | 869 | 0.1 |
| Nationwide Building Society, 5.75% (callable at 100, 06/20/27) | 07/25/24 | 264 | 291 |  |
| Nationwide Building Society, 7.50% (callable at 100, 12/20/30) | 09/09/24 | 726 | 785 | 0.1 |
| NatWest Group PLC, 3.13%, 03/28/27 | 09/07/22 | 112 | 136 |  |
| Netflix, Inc., 3.63%, 05/15/27 | 05/09/23 | 1136 | 1261 | 0.1 |
| Nexi Spa, 0.00%, 02/24/28 | 07/25/24 | 382 | 428 |  |
| NN Group N.V., 5.75% (callable at 100, 09/11/34) | 03/04/25 | 292 | 320 |  |
| Nobian Finance B.V., 3.63%, 07/15/26 | 03/13/24 | 456 | 496 |  |
| Nongfu Spring Co., Ltd. - Class H | 07/31/24 | 184 | 257 |  |
| Ocado Group PLC, 11.00%, 06/15/30 | 05/01/25 | 359 | 360 |  |
| Ontex Group, 5.25%, 04/15/30 | 03/26/25 | 108 | 120 |  |
| Palmer Square European Loan Funding 2024-2 Designated Activity Company, Series 2024-D-2X, 5.29%, 05/15/34 | 07/16/24 | 414 | 443 |  |

---

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page [607](#abbreviations).

**JNL Series Trust** (Unaudited)

**Schedules of Investments (in thousands)**

June 30, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
| **JNL/BlackRock Global Allocation Fund — Restricted Securities (continued)** | **JNL/BlackRock Global Allocation Fund — Restricted Securities (continued)** | **JNL/BlackRock Global Allocation Fund — Restricted Securities (continued)** | **JNL/BlackRock Global Allocation Fund — Restricted Securities (continued)** | **JNL/BlackRock Global Allocation Fund — Restricted Securities (continued)** |
|  | **Initial Acquisition** | **Cost ($)** | **Value ($)** | **Percent of**<br> **Net Assets (%)** |
| Palmer Square European Loan Funding 2024-3 Designated Activity Company, Series 2024-D-3X, 5.19%, 05/15/34 | 10/17/24 | 347 | 371 |  |
| Paprec Holding, 7.25%, 11/17/29 | 07/11/24 | 433 | 474 |  |
| PCF GmbH, 4.75%, 04/15/29 | 07/24/24 | 327 | 335 |  |
| PCF GmbH, 7.03%, 04/15/29 | 07/24/24 | 302 | 307 |  |
| Penta CLO 17 Designated Activity Company, Series 2024-D-17X, 5.39%, 08/15/38 | 06/14/24 | 375 | 412 |  |
| Pinnacle Bidco PLC, 10.00%, 10/11/28 | 10/03/24 | 376 | 396 |  |
| Preem Holding AB (publ), 12.00%, 06/30/27 | 04/02/25 | 257 | 282 |  |
| Presidencia de la Republica Dominicana, 5.95%, 01/25/27 | 12/09/22 | 322 | 328 |  |
| PrestigeBidCo GmbH, 6.03%, 07/01/29 | 06/19/24 | 382 | 423 |  |
| Providus CLO II Designated Activity Company, Series DRR-2X, 5.48%, 10/15/38 | 09/19/24 | 386 | 409 |  |
| Prysmian S.p.A., 5.25% (callable at 100, 05/21/30) | 05/14/25 | 583 | 635 |  |
| PT. Bank Negara Indonesia (Persero), Tbk., 4.30% (callable at 100, 03/24/27) | 02/12/25 | 287 | 287 |  |
| PT. Freeport Indonesia, 4.76%, 04/14/27 | 12/09/22 | 344 | 347 |  |
| PT. Freeport Indonesia, 6.20%, 04/14/52 | 02/20/25 | 298 | 294 |  |
| PT. Indofood Cbp Sukses Makmur, 4.75%, 06/09/51 | 03/10/25 | 249 | 242 |  |
| PT. Perusahaan Listrik Negara, 1.88%, 11/05/31 | 03/10/25 | 283 | 307 |  |
| Puma International Financing S.A., 7.75%, 04/25/29 | 02/13/25 | 306 | 308 |  |
| Q-Park Holding I B.V., 5.13%, 02/15/30 | 06/20/24 | 727 | 818 | 0.1 |
| Quintis Limited | 11/03/17 | 1905 |  |  |
| RCI Banque, 5.50%, 10/09/34 | 06/25/24 | 654 | 743 | 0.1 |
| RCI Banque, 4.75%, 03/24/37 | 03/10/25 | 216 | 237 |  |
| REI Agro Limited, 0.00%, 11/16/16 | 08/26/11 | 606 |  |  |
| Republic of Indonesia, The Government of, The, 7.13%, 06/15/38 | 08/01/24 | 1751 | 1729 | 0.1 |
| Rockford Tower Europe CLO 2025-1 Designated Activity Company, Series 2025-D-1X, 5.21%, 10/25/37 | 03/07/25 | 466 | 503 |  |
| Romania, Government of, 2.12%, 07/16/31 | 12/13/22 | 48 | 55 |  |
| Rossini S.a r.l., 6.23%, 12/31/29 | 07/11/24 | 141 | 154 |  |
| Rossini S.a r.l., 6.75%, 12/31/29 | 07/11/24 | 233 | 266 |  |
| Samarco Mineracao S/A, 9.00%, 06/30/31 | 02/13/24 | 16 | 17 |  |
| Sandor-Palota, 5.38%, 09/12/33 | 01/25/24 | 50 | 57 |  |
| Santander UK Group Holdings PLC, 3.63%, 01/14/26 | 09/07/22 | 115 | 137 |  |
| Sappi Papier Holding GmbH, 4.50%, 03/15/32 | 03/05/25 | 250 | 268 |  |
| Saudi Arabia, Kingdom of, 4.50%, 04/17/30 | 12/09/22 | 401 | 398 |  |
| Schaeffler AG, 4.25%, 04/01/28 | 03/25/25 | 216 | 237 |  |
| Schaeffler AG, 5.38%, 04/01/31 | 03/25/25 | 108 | 120 |  |
| Seche Environnement, 4.50%, 03/25/30 | 03/18/25 | 109 | 119 |  |
| SES, 4.13%, 06/24/30 | 06/17/25 | 143 | 148 |  |
| SES, 4.88%, 06/24/33 | 06/17/25 | 200 | 208 |  |
| Shift4 Payments, LLC, 5.50%, 05/15/33 | 05/08/25 | 291 | 315 |  |
| Sigma Holdco B.V., 5.75%, 05/15/26 | 08/03/23 | 170 | 190 |  |
| SMC Global Power Holdings Corp., 8.13% (callable at 100, 12/02/29) | 02/13/25 | 302 | 294 |  |
| SoftBank Group Corp, 6.88% (callable at 100, 07/19/27) | 02/10/25 | 299 | 294 |  |
| SoftBank Group Corp, 5.38%, 01/08/29 | 06/27/24 | 726 | 807 | 0.1 |
| SoftBank Group Corp, 5.75%, 07/08/32 | 06/27/24 | 718 | 785 | 0.1 |
| Sona Fios Clo III DAC, Series D-3X, 5.49%, 04/20/37 | 08/02/24 | 753 | 813 | 0.1 |
| Stena International S.A., 7.25%, 01/15/31 | 03/10/25 | 1431 | 1419 | 0.1 |
| Stonegate Pub Company Financing PLC, 8.77%, 07/31/29 | 07/31/24 | 198 | 219 |  |
| Stonegate Pub Company Financing PLC, 10.75%, 07/31/29 | 07/31/24 | 745 | 820 | 0.1 |
| Studio City Finance Limited, 5.00%, 01/15/29 | 02/13/25 | 277 | 275 |  |
| Summer (BC) Holdco B S.a r.l., 5.88%, 02/15/30 | 02/07/25 | 158 | 179 |  |
| Summer (BC) Holdco B S.a r.l., 6.39%, 02/15/30 | 02/07/25 | 206 | 231 |  |
| Swedbank AB, 1.38%, 12/08/27 | 09/07/22 | 107 | 131 |  |
| Takeda Pharmaceutical Company Limited, 2.25%, 11/21/26 | 08/09/23 | 582 | 636 |  |
| TeamSystem S.p.A., 5.00%, 07/01/31 | 06/18/25 | 185 | 189 |  |
| TeamSystem S.p.A., 5.78%, 07/31/31 | 07/17/24 | 350 | 377 |  |
| TeamSystem S.p.A., 0.00%, 07/01/32 | 06/18/25 | 313 | 321 |  |
| Tele Columbus AG, 10.00%, 03/19/29 | 03/21/24 | 489 | 452 |  |
| Telefonica Emisiones SA, 5.38%, 02/02/26 | 09/07/22 | 308 | 368 |  |
| Tereos Finance Groupe I, 5.75%, 04/30/31 | 01/08/25 | 159 | 180 |  |
| Teva Pharmaceutical Finance Netherlands II B.V., 1.88%, 03/31/27 | 08/02/23 | 332 | 375 |  |
| Teva Pharmaceutical Finance Netherlands II B.V., 3.75%, 05/09/27 | 07/27/23 | 676 | 765 | 0.1 |
| Texas Debt Capital Euro CLO 2025-I Designated Activity Company, Series 2025-D-1X, 5.20%, 04/16/39 | 03/13/25 | 564 | 610 |  |
| Thames Water Utilities Finance PLC, 4.00%, 06/19/27 | 04/16/24 | 947 | 782 | 0.1 |
| The Arab Republic of Egypt, 5.63%, 04/16/30 | 05/03/24 | 96 | 115 |  |
| The Hashemite Kingdom of Jordan, The Government of, 4.95%, 07/07/25 | 04/06/23 | 311 | 311 |  |
| The Unique Pub Finance Company PLC, 6.46%, 03/30/32 | 02/12/24 | 657 | 710 | 0.1 |
| Tikehau CLO XII Designated Activity Company, Series D-12X, 5.49%, 10/20/38 | 06/27/24 | 610 | 665 |  |
| TK Elevator Holdco GmbH, 6.63%, 07/15/28 | 01/30/24 | 587 | 652 |  |
| Toronto-Dominion Bank, The, 2.88%, 04/05/27 | 09/07/22 | 112 | 134 |  |
| TotalEnergies Capital International, 1.66%, 07/22/26 | 09/07/22 | 113 | 133 |  |

---

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page [607](#abbreviations).

**JNL Series Trust** (Unaudited)

**Schedules of Investments (in thousands)**

June 30, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
| **JNL/BlackRock Global Allocation Fund — Restricted Securities (continued)** | **JNL/BlackRock Global Allocation Fund — Restricted Securities (continued)** | **JNL/BlackRock Global Allocation Fund — Restricted Securities (continued)** | **JNL/BlackRock Global Allocation Fund — Restricted Securities (continued)** | **JNL/BlackRock Global Allocation Fund — Restricted Securities (continued)** |
|  | **Initial Acquisition** | **Cost ($)** | **Value ($)** | **Percent of**<br> **Net Assets (%)** |
| TUI Cruises GmbH, 5.00%, 05/15/30 | 11/19/24 | 170 | 189 |  |
| UnipolSai Assicurazioni S.p.A., 4.90%, 05/23/34 | 05/16/24 | 217 | 246 |  |
| United Group B.V., 6.50%, 10/31/31 | 10/09/24 | 170 | 184 |  |
| Vedanta Resources Limited, 10.88%, 09/17/29 | 02/13/25 | 313 | 312 |  |
| Verisure Holding AB, 3.25%, 02/15/27 | 01/23/23 | 503 | 566 |  |
| Verisure Midholding AB, 5.25%, 02/15/29 | 01/25/23 | 862 | 1010 | 0.1 |
| Vertical Midco GmbH, 4.38%, 07/15/27 | 02/13/23 | 1708 | 1905 | 0.1 |
| VFU Funding PLC, 9.62%, 02/11/27 | 06/21/23 | 140 | 153 |  |
| Victory Street CLO I Designated Activity Company, Series D-1X, 6.32%, 01/15/38 | 11/04/24 | 522 | 566 |  |
| Virgin Media Secured Finance PLC, 4.25%, 01/15/30 | 10/03/23 | 540 | 658 |  |
| Virgin Media Secured Finance PLC, 4.13%, 08/15/30 | 01/16/24 | 1073 | 1182 | 0.1 |
| Virgin Media Vendor Financing Notes III Designated Activity Company, 4.88%, 07/15/28 | 10/04/23 | 1649 | 1803 | 0.1 |
| Vivion Investments S.a r.l., 8.00%, 08/31/28 | 12/13/24 | 737 | 834 | 0.1 |
| Vlada Crne Gore, 2.88%, 12/16/27 | 03/15/24 | 109 | 122 |  |
| Vlada NA Republika Severna Makedonija, 6.96%, 03/13/27 | 11/03/23 | 125 | 142 |  |
| VMED O2 UK Financing I PLC, 4.50%, 07/15/31 | 01/23/24 | 650 | 725 | 0.1 |
| Vodafone Group Public Limited Company, 8.00%, 08/30/86 | 03/15/24 | 310 | 340 |  |
| Volkswagen International Finance N.V., 5.49% (callable at 100, 11/15/30) | 05/12/25 | 111 | 119 |  |
| Volkswagen International Finance N.V., 5.99% (callable at 100, 11/15/33) | 05/12/25 | 222 | 237 |  |
| Volkswagen International Finance N.V., 4.25%, 10/09/25 | 09/07/22 | 115 | 137 |  |
| Vonovia SE, 0.88%, 05/20/32 | 05/13/25 | 336 | 371 |  |
| VZ Vendor Financing II B.V., 2.88%, 01/15/29 | 03/12/24 | 945 | 1016 | 0.1 |
| Wells Fargo & Company, 1.38%, 10/26/26 | 04/20/23 | 612 | 672 |  |
| Wells Fargo & Company, 1.50%, 05/24/27 | 05/25/23 | 899 | 1021 | 0.1 |
| Wells Fargo & Company, 0.63%, 03/25/30 | 11/13/24 | 546 | 613 |  |
| Wintershall Dea GmbH, 6.12% (callable at 100, 05/08/30) | 04/29/25 | 524 | 553 |  |
| Wizz Air Holdings PLC | 04/03/24 | 202 | 119 |  |
| Worldline, 5.50%, 06/10/30 | 06/03/25 | 564 | 514 |  |
| Wynn Macau, Limited, 5.63%, 08/26/28 | 02/13/25 | 292 | 294 |  |
| Xiaomi Corporation | 03/26/25 | 584 | 664 |  |
| Zegona Finance PLC, 6.75%, 07/15/29 | 07/10/24 | 629 | 717 | 0.1 |
| ZF Friedrichshafen AG, 7.00%, 06/12/30 | 06/04/25 | 342 | 354 |  |
| Ziggo Bond Company B.V., 6.13%, 11/15/32 | 10/01/24 | 188 | 188 |  |
|  |  | 155081 | 163723 | 6.2 |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **JNL/BlackRock Global Allocation Fund — Futures Contracts** | **JNL/BlackRock Global Allocation Fund — Futures Contracts** | **JNL/BlackRock Global Allocation Fund — Futures Contracts** | **JNL/BlackRock Global Allocation Fund — Futures Contracts** | **JNL/BlackRock Global Allocation Fund — Futures Contracts** | **JNL/BlackRock Global Allocation Fund — Futures Contracts** | **JNL/BlackRock Global Allocation Fund — Futures Contracts** |
| **Reference Entity** | **Contracts<sup>1</sup>** | **Expiration** | **Notional<sup>1</sup>** | **Notional<sup>1</sup>** | **Variation**<br> **Margin**<br> **Receivable**<br> (Payable) ($) | **Value/**<br> **Unrealized**<br> **Appreciation**<br> (Depreciation) ($) |
| **Long Contracts** | **Long Contracts** | **Long Contracts** | **Long Contracts** | **Long Contracts** | **Long Contracts** | **Long Contracts** |
| Australia 10 Year Bond | 765 | September 2025 | AUD | 86922 | (155) | 492 |
| Chicago Board Options Exchange Volatility Index | 93 | August 2025 |  | 1948 | (9) | (79) |
| Chicago Board Options Exchange Volatility Index | 3 | December 2025 |  | 66 |  | (2) |
| Chicago Board Options Exchange Volatility Index | 1 | February 2026 |  | 22 |  |  |
| Euro BOBL | 597 | September 2025 | EUR | 70512 | 56 | (297) |
| Euro Bund | 362 | September 2025 | EUR | 47390 | 16 | (322) |
| Euro OAT | 110 | September 2025 | EUR | 13714 | 8 | (105) |
| Euro Schatz | 83 | September 2025 | EUR | 8916 | 3 | (16) |
| Euro STOXX 50 Price Index | 97 | September 2025 | EUR | 5137 | (13) | 36 |
| FTSE 100 Index | 2 | September 2025 | GBP | 177 | (1) | (2) |
| Italy Government BTP Bond | 95 | September 2025 | EUR | 11471 | 21 | 28 |
| Long Gilt | 109 | September 2025 | GBP | 9944 | 15 | 265 |
| NIFTY 50 Index | 254 | July 2025 |  | 12879 | (92) | 126 |
| Nikkei 225 Index | 165 | September 2025 | JPY | 6281712 | 1172 | 2781 |
| Russell 2000 Index | 23 | September 2025 |  | 2436 | 3 | 84 |
| S&P 500 Index | 198 | September 2025 |  | 59909 | 307 | 2004 |
| S&P/TSX 60 Index | 6 | September 2025 | CAD | 1895 | 9 | 18 |
| STOXX Banks Index | 939 | September 2025 | EUR | 9416 | (3) | 54 |
| United States 2 Year Note | 131 | October 2025 |  | 27245 | 6 | 6 |
| United States 5 Year Note | 701 | October 2025 |  | 75890 | 93 | 519 |
| United States Long Bond | 178 | September 2025 |  | 19871 | 178 | 682 |
| United States Ultra Bond | 762 | September 2025 |  | 88398 | 1017 | 2376 |
|  |  |  |  |  | 2631 | 8648 |
| **Short Contracts** | **Short Contracts** | **Short Contracts** | **Short Contracts** | **Short Contracts** | **Short Contracts** | **Short Contracts** |
| 3 Month SOFR Index | (161) | March 2026 |  | (38695) | (8) | (78) |
| Chicago Board Options Exchange Volatility Index | (1) | October 2025 |  | (21) |  |  |
| Chicago Board Options Exchange Volatility Index | (2) | November 2025 |  | (42) |  |  |
| Chicago Board Options Exchange Volatility Index | (1) | January 2026 |  | (22) |  |  |

---

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page [607](#abbreviations).

**JNL Series Trust** (Unaudited)

**Schedules of Investments (in thousands)**

June 30, 2025

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **JNL/BlackRock Global Allocation Fund — Futures Contracts (continued)** | **JNL/BlackRock Global Allocation Fund — Futures Contracts (continued)** | **JNL/BlackRock Global Allocation Fund — Futures Contracts (continued)** | **JNL/BlackRock Global Allocation Fund — Futures Contracts (continued)** | **JNL/BlackRock Global Allocation Fund — Futures Contracts (continued)** | **JNL/BlackRock Global Allocation Fund — Futures Contracts (continued)** | **JNL/BlackRock Global Allocation Fund — Futures Contracts (continued)** |
| **Reference Entity** | **Contracts<sup>1</sup>** | **Expiration** | **Notional<sup>1</sup>** | **Notional<sup>1</sup>** | **Variation**<br> **Margin**<br> **Receivable**<br> (Payable) ($) | **Value/**<br> **Unrealized**<br> **Appreciation**<br> (Depreciation) ($) |
| Euro Buxl 30 Year Bond | (15) | September 2025 | EUR | (1807) | 4 | 30 |
| Japan 10 Year Bond | (15) | September 2025 | JPY | (2079065) | 5 | (43) |
| NASDAQ 100 Stock Index | (215) | September 2025 |  | (94173) | (609) | (4268) |
| United States 10 Year Note | (1602) | September 2025 |  | (176150) | (501) | (3475) |
| United States 10 Year Ultra Bond | (2556) | September 2025 |  | (284798) | (1238) | (7265) |
|  |  |  |  |  | (2347) | (15099) |

---

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **JNL/BlackRock Global Allocation Fund — Centrally Cleared Interest Rate Swap Agreements** | **JNL/BlackRock Global Allocation Fund — Centrally Cleared Interest Rate Swap Agreements** | **JNL/BlackRock Global Allocation Fund — Centrally Cleared Interest Rate Swap Agreements** | **JNL/BlackRock Global Allocation Fund — Centrally Cleared Interest Rate Swap Agreements** | **JNL/BlackRock Global Allocation Fund — Centrally Cleared Interest Rate Swap Agreements** | **JNL/BlackRock Global Allocation Fund — Centrally Cleared Interest Rate Swap Agreements** | **JNL/BlackRock Global Allocation Fund — Centrally Cleared Interest Rate Swap Agreements** | **JNL/BlackRock Global Allocation Fund — Centrally Cleared Interest Rate Swap Agreements** |
| **Floating Rate Index<sup>2</sup>** | **Paying /**<br> **Receiving**<br> **Floating Rate** | **Fixed Rate<sup>2</sup> (%)** | **Expiration** | **Notional<sup>1</sup>** | **Notional<sup>1</sup>** | **Variation**<br> **Margin**<br> **Receivable**<br> (Payable) ($) | **Value/**<br> **Unrealized**<br> **Appreciation**<br> (Depreciation) ($) |
| 28-Day MEXIBOR (M) | Receiving | 9.31<br> (M) | 01/09/26 | MXN | 43904 |  | (17) |
| 28-Day MEXIBOR (M) | Receiving | 7.73<br> (M) | 06/19/26 | MXN | 46101 | (1) | (2) |
| 28-Day MEXIBOR (M) | Receiving | 8.97<br> (M) | 12/14/29 | MXN | 9218 | (1) | (23) |
| 28-Day MEXIBOR (M) | Receiving | 8.65<br> (M) | 02/07/30 | MXN | 9850 | (1) | (19) |
| 28-Day MEXIBOR (M) | Receiving | 7.73<br> (M) | 05/06/30 | MXN | 4433 | (1) | (1) |
| 28-Day MEXIBOR (M) | Paying | 8.47<br> (M) | 02/25/26 | MXN | 76642 | 1 | 18 |
| 28-Day MEXIBOR (M) | Paying | 7.73<br> (M) | 05/11/26 | MXN | 23608 |  | 1 |
| 28-Day MEXIBOR (M) | Paying | 9.26<br> (M) | 11/18/26 | MXN | 368829 | 10 | 405 |
| 28-Day MEXIBOR (M) | Paying | 9.04<br> (M) | 11/14/29 | MXN | 135897 | 20 | 355 |
| 28-Day MEXIBOR (M) | Paying | 7.82<br> (M) | 06/07/30 | MXN | 8813 | 1 | 3 |
| 28-Day MEXIBOR (M) | Paying | 7.72<br> (M) | 06/24/30 | MXN | 5735 |  |  |
| 3M JIBAR (Q) | Receiving | 8.02<br> (Q) | 03/26/26 | ZAR | 30810 |  | (11) |
| 3M JIBAR (Q) | Receiving | 8.15<br> (Q) | 05/07/26 | ZAR | 44841 | (1) | (21) |
| 3M JIBAR (Q) | Receiving | 6.94<br> (Q) | 09/17/26 | ZAR | 37265 |  | 1 |
| 3M JIBAR (Q) | Receiving | 6.92<br> (Q) | 09/23/26 | ZAR | 7160 |  |  |
| 3M JIBAR (Q) | Receiving | 7.25<br> (Q) | 03/19/27 | ZAR | 17380 | (1) | (4) |
| 3M JIBAR (Q) | Receiving | 6.99<br> (Q) | 09/17/27 | ZAR | 7821 |  | (1) |
| 3M JIBAR (Q) | Receiving | 7.94<br> (Q) | 03/19/30 | ZAR | 32421 | (7) | (48) |
| 3M JIBAR (Q) | Receiving | 7.60<br> (Q) | 09/17/30 | ZAR | 14589 | (3) | (8) |
| 3M JIBAR (Q) | Receiving | 7.77<br> (Q) | 09/17/30 | ZAR | 17026 | (4) | (16) |
| 3M JIBAR (Q) | Paying | 9.90<br> (Q) | 09/20/33 | ZAR | 44674 | 21 | 294 |
| 3M JIBAR (Q) | Paying | 9.90<br> (Q) | 09/20/33 | ZAR | 22337 | 10 | 147 |
| 3M JIBAR (Q) | Paying | 9.92<br> (Q) | 09/20/33 | ZAR | 22337 | 10 | 149 |
| 6M BUBOR (S) | Paying | 5.68<br> (A) | 09/17/27 | HUF | 270932 |  | (4) |
| 6M BUBOR (S) | Paying | 5.76<br> (A) | 09/17/27 | HUF | 408000 | 1 | (4) |
| 6M BUBOR (S) | Paying | 6.55<br> (A) | 03/19/30 | HUF | 77570 |  | 4 |
| 6M BUBOR (S) | Paying | 5.96<br> (A) | 09/17/30 | HUF | 34906 |  |  |
| 6M EURIBOR (S) | Receiving | 0.02<br> (A) | 08/26/31 | EUR | 15925 | 12 | 2286 |
| 6M EURIBOR (S) | Paying | 6.50<br> (A) | 03/19/27 | HUF | 194072 |  | 3 |
| 6M EURIBOR (S) | Paying | 3.00<br> (S) | 03/05/29 | EUR | 23857 | 9 | 784 |
| 6M EURIBOR (S) | Paying | 2.90<br> (A) | 04/30/29 | EUR | 26623 | (27) | 776 |
| 6M EURIBOR (S) | Paying | 2.87<br> (A) | 06/11/29 | EUR | 19266 | (22) | 549 |
| 6M EURIBOR (S) | Paying | 2.42<br> (A) | 01/31/30 | EUR | 346 |  | 3 |
| 6M EURIBOR (S) | Paying | 2.63<br> (A) | 01/31/30 | EUR | 468 |  | (2) |
| 6M EURIBOR (S) | Paying | 2.43<br> (A) | 02/03/30 | EUR | 695 | (1) | 6 |
| 6M EURIBOR (S) | Paying | 2.20<br> (A) | 06/04/30 | EUR | 4886 | (5) | (17) |
| 6M PRIBOR (S) | Paying | 3.46<br> (A) | 03/19/30 | CZK | 18218 | (2) | (6) |
| 6M PRIBOR (S) | Paying | 3.56<br> (A) | 06/18/30 | CZK | 4572 |  | (1) |
| 6M PRIBOR (S) | Paying | 3.66<br> (A) | 06/18/30 | CZK | 7410 | (1) |  |
| 6M PRIBOR (S) | Paying | 3.41<br> (A) | 09/17/30 | CZK | 13590 | (2) | (7) |
| 6M PRIBOR (S) | Paying | 3.55<br> (A) | 09/17/30 | CZK | 17667 | (2) | (4) |
| 6M WIBOR (S) | Receiving | 4.21<br> (A) | 09/17/26 | PLN | 3178 | 1 | 2 |
| 6M WIBOR (S) | Receiving | 5.24<br> (S) | 09/19/26 | PLN | 7062 | (3) | (12) |
| 6M WIBOR (S) | Receiving | 5.13<br> (A) | 03/19/27 | PLN | 3523 |  | (9) |
| 6M WIBOR (S) | Receiving | 5.14<br> (A) | 03/19/27 | PLN | 5872 |  | (16) |
| 6M WIBOR (S) | Receiving | 3.97<br> (A) | 09/17/27 | PLN | 4228 |  | 4 |
| 6M WIBOR (S) | Paying | 4.88<br> (A) | 03/19/30 | PLN | 1379 |  | 9 |
| 6M WIBOR (S) | Paying | 4.94<br> (A) | 03/19/30 | PLN | 2299 |  | 17 |
| 6M WIBOR (S) | Paying | 4.04<br> (A) | 09/17/30 | PLN | 2358 |  | (4) |
| Bank of Japan Overnight Call Rate TONAR (A) | Receiving | 0.28<br> (A) | 03/09/26 | JPY | 4330863 | (1) | 48 |
| Bank of Japan Overnight Call Rate TONAR (A) | Paying | 1.45<br> (A) | 03/06/54 | JPY | 440458 | (9) | (463) |
| Bank of Japan Overnight Call Rate TONAR (A) | Paying | 1.45<br> (A) | 03/11/54 | JPY | 440458 | (9) | (462) |
| ESTR Volume Weighted Trimmed Mean Rate (A) | Paying | 2.34<br> (A) | 01/19/33 | EUR | 11820 | (8) | (98) |
| Federal Funds Effective Rate (A) | Paying | 4.24<br> (A) | 07/30/25 |  | 387150 |  | (33) |
| Federal Funds Effective Rate (A) | Paying | 4.28<br> (A) | 09/17/25 |  | 202000 | (2) | 3 |
| HICP (A) | Paying | 2.69<br> (A) | 08/15/32 | EUR | 2335 | (7) | 80 |

---

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page [607](#abbreviations).

**JNL Series Trust** (Unaudited)

**Schedules of Investments (in thousands)**

June 30, 2025

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **JNL/BlackRock Global Allocation Fund — Centrally Cleared Interest Rate Swap Agreements (continued)** | **JNL/BlackRock Global Allocation Fund — Centrally Cleared Interest Rate Swap Agreements (continued)** | **JNL/BlackRock Global Allocation Fund — Centrally Cleared Interest Rate Swap Agreements (continued)** | **JNL/BlackRock Global Allocation Fund — Centrally Cleared Interest Rate Swap Agreements (continued)** | **JNL/BlackRock Global Allocation Fund — Centrally Cleared Interest Rate Swap Agreements (continued)** | **JNL/BlackRock Global Allocation Fund — Centrally Cleared Interest Rate Swap Agreements (continued)** | **JNL/BlackRock Global Allocation Fund — Centrally Cleared Interest Rate Swap Agreements (continued)** | **JNL/BlackRock Global Allocation Fund — Centrally Cleared Interest Rate Swap Agreements (continued)** |
| **Floating Rate Index<sup>2</sup>** | **Paying /**<br> **Receiving**<br> **Floating Rate** | **Fixed Rate<sup>2</sup> (%)** | **Expiration** | **Notional<sup>1</sup>** | **Notional<sup>1</sup>** | **Variation**<br> **Margin**<br> **Receivable**<br> (Payable) ($) | **Value/**<br> **Unrealized**<br> **Appreciation**<br> (Depreciation) ($) |
| Korean Won 3M Certificate of Deposit (Q) | Paying | 2.40<br> (Q) | 09/17/28 | KRW | 2630770 |  |  |
| MIBOR (S) | Paying | 6.34<br> (S) | 03/20/27 | INR | 304464 |  | 48 |
| MIBOR (S) | Paying | 6.26<br> (S) | 03/20/29 | INR | 94215 |  | 23 |
| MIBOR (S) | Paying | 6.30<br> (S) | 03/20/29 | INR | 115151 |  | 30 |
| MIBOR (S) | Paying | 6.34<br> (S) | 03/20/34 | INR | 38724 |  | 15 |
| MIBOR (S) | Paying | 6.35<br> (S) | 03/20/34 | INR | 38724 |  | 16 |
| Sterling Overnight Index Average Rate (A) | Paying | 3.18<br> (A) | 02/10/28 | GBP | 134798 | 49 | (430) |
| Sterling Overnight Index Average Rate (A) | Paying | 4.86<br> (A) | 06/20/28 | GBP | 10155 | 8 | 457 |
| Sterling Overnight Index Average Rate (A) | Paying | 4.12<br> (A) | 11/17/28 | GBP | 9358 | 9 | 199 |
| Sterling Overnight Index Average Rate (A) | Paying | 4.12<br> (A) | 11/21/28 | GBP | 9372 | 9 | 201 |
| Sterling Overnight Index Average Rate (A) | Paying | 4.00<br> (A) | 01/16/30 | GBP | 20893 | 18 | 415 |
| Sterling Overnight Index Average Rate (A) | Paying | 4.10<br> (A) | 11/07/54 | GBP | 7500 | (10) | (550) |
| Thai Overnight Repurchase Rate (Q) | Paying | 1.61<br> (Q) | 09/17/35 | THB | 4956 |  |  |
| U.S. SOFR (A) | Receiving | 3.88<br> (A) | 03/20/27 |  | 1380 | (1) | (7) |
| U.S. SOFR (A) | Receiving | 3.45<br> (A) | 01/26/28 |  | 36886 | (19) | (165) |
| U.S. SOFR (A) | Receiving | 3.27<br> (A) | 02/05/28 |  | 37186 | (18) | (47) |
| U.S. SOFR (A) | Receiving | 3.46<br> (A) | 12/15/36 |  | 7381 | (27) | 196 |
| U.S. SOFR (A) | Receiving | 4.25<br> (A) | 09/29/43 |  | 2537 | (15) | (95) |
| U.S. SOFR (A) | Receiving | 3.65<br> (A) | 11/03/53 |  | 8127 | (58) | 409 |
| U.S. SOFR (A) | Receiving | 3.65<br> (A) | 11/02/54 |  | 74211 | (543) | 3648 |
| U.S. SOFR (A) | Paying | 4.93<br> (A) | 04/26/26 |  | 172694 | 12 | 1278 |
| U.S. SOFR (A) | Paying | 4.50<br> (A) | 05/08/26 |  | 38002 | 4 | 168 |
| U.S. SOFR (A) | Paying | 4.35<br> (A) | 07/22/26 |  | 16524 | 3 | 87 |
| U.S. SOFR (A) | Paying | 4.00<br> (A) | 10/28/26 |  | 59862 | 18 | 221 |
| U.S. SOFR (A) | Paying | 4.07<br> (A) | 01/14/27 |  | 55300 | 22 | 365 |
| U.S. SOFR (A) | Paying | 4.73<br> (A) | 04/26/27 |  | 206451 | 93 | 4207 |
| U.S. SOFR (A) | Paying | 4.10<br> (A) | 05/30/27 |  | 45464 | 23 | 490 |
| U.S. SOFR (A) | Paying | 4.15<br> (A) | 05/30/27 |  | 45464 | 23 | 532 |
| U.S. SOFR (A) | Paying | 4.20<br> (A) | 10/23/27 |  | 15436 | 9 | 265 |
| U.S. SOFR (A) | Paying | 4.00<br> (A) | 01/26/28 |  | 36886 | 19 | 547 |
| U.S. SOFR (A) | Paying | 4.50<br> (A) | 04/26/29 |  | 265430 | 305 | 10196 |
| U.S. SOFR (A) | Paying | 4.00<br> (A) | 05/06/29 |  | 37974 | 44 | 826 |
| U.S. SOFR (A) | Paying | 3.66<br> (A) | 10/10/29 |  | 18554 | 25 | 188 |
| U.S. SOFR (A) | Paying | 4.00<br> (A) | 01/23/30 |  | 20893 | 31 | 515 |
| U.S. SOFR (A) | Paying | 3.23<br> (A) | 02/19/30 |  | 20761 | 32 | (170) |
| U.S. SOFR (A) | Paying | 3.90<br> (A) | 02/24/30 |  | 18047 | 28 | 373 |
| U.S. SOFR (A) | Paying | 4.35<br> (A) | 04/26/34 |  | 203666 | 690 | 10612 |
| U.S. SOFR (A) | Paying | 3.66<br> (A) | 10/10/34 |  | 12495 | 43 | (5) |
| U.S. SOFR (A) | Paying | 3.67<br> (A) | 12/26/34 |  | 21606 | 77 | (11) |
| U.S. SOFR (A) | Paying | 3.70<br> (A) | 01/06/35 |  | 16913 | 61 | 30 |
| U.S. SOFR (A) | Paying | 3.75<br> (A) | 03/27/35 |  | 16742 | 61 | 84 |
| U.S. SOFR (A) | Paying | 4.07<br> (A) | 04/26/54 |  | 8103 | 63 | 150 |
|  |  |  |  |  |  | 1063 | 39945 |

---

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **JNL/BlackRock Global Allocation Fund — Centrally Cleared Credit Default Swap Agreements** | **JNL/BlackRock Global Allocation Fund — Centrally Cleared Credit Default Swap Agreements** | **JNL/BlackRock Global Allocation Fund — Centrally Cleared Credit Default Swap Agreements** | **JNL/BlackRock Global Allocation Fund — Centrally Cleared Credit Default Swap Agreements** | **JNL/BlackRock Global Allocation Fund — Centrally Cleared Credit Default Swap Agreements** | **JNL/BlackRock Global Allocation Fund — Centrally Cleared Credit Default Swap Agreements** | **JNL/BlackRock Global Allocation Fund — Centrally Cleared Credit Default Swap Agreements** | **JNL/BlackRock Global Allocation Fund — Centrally Cleared Credit Default Swap Agreements** |
| **Reference Entity<sup>2</sup>** | **Implied**<br> **Credit**<br> **Spread** <br> **(%)** | **Fixed**<br> **Receive/**<br> **Pay Rate** <br> **(%)** | **Expiration** | **Notional<sup>1</sup>** | **Value ($)** | **Variation**<br> **Margin**<br> **Receivable**<br> (Payable) ($) | **Unrealized**<br> **Appreciation**<br> (Depreciation) ($) |
| **Credit default swap agreements - purchase protection** | **Credit default swap agreements - purchase protection** | **Credit default swap agreements - purchase protection** | **Credit default swap agreements - purchase protection** | **Credit default swap agreements - purchase protection** | **Credit default swap agreements - purchase protection** | **Credit default swap agreements - purchase protection** | **Credit default swap agreements - purchase protection** |
| Avis Budget Car Rental, LLC (Q) | N/A | 5.00 | 12/20/26 | 1885 | (93) | 3 | 185 |
| CDX.NA.HY.41.V2 (Q) | N/A | 5.00 | 12/20/28 | 936 | (69) | (2) | (63) |
| CDX.NA.HY.44 (Q) | N/A | 5.00 | 06/20/30 | 920 | (69) | (3) | (53) |
| CDX.NA.IG.44 (Q) | N/A | 1.00 | 06/20/30 | 2776 | (61) |  |  |
|  |  |  |  |  | (292) | (2) | 69 |
| **Credit default swap agreements - sell protection** | **Credit default swap agreements - sell protection** | **Credit default swap agreements - sell protection** | **Credit default swap agreements - sell protection** | **Credit default swap agreements - sell protection** | **Credit default swap agreements - sell protection** | **Credit default swap agreements - sell protection** | **Credit default swap agreements - sell protection** |
| CDX.NA.HY.39.V4 (Q) | 2.19 | 5.00 | 12/20/27 | (3189) | 206 | 6 | 204 |
| CDX.NA.HY.41.V2 (Q) | 2.62 | 5.00 | 12/20/28 | (6116) | 451 | 13 | 228 |
| CDX.NA.IG.39 (Q) | 0.29 | 1.00 | 12/20/27 | (2318) | 39 |  | 35 |
| ITRAXX.EUR.XO.42.V2 (Q) | 2.70 | 5.00 | 12/20/29 | (15651) | 1650 | 56 | 31 |
| ITRAXX.EUR.XO.43 (Q) | 2.80 | 5.00 | 06/20/30 | (249) | 27 | 6 | 2 |
|  |  |  |  |  | 2373 | 81 | 500 |

---

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page [607](#abbreviations).

**JNL Series Trust** (Unaudited)

**Schedules of Investments (in thousands)**

June 30, 2025

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **JNL/BlackRock Global Allocation Fund — Exchange Traded Purchased Options** | **JNL/BlackRock Global Allocation Fund — Exchange Traded Purchased Options** | **JNL/BlackRock Global Allocation Fund — Exchange Traded Purchased Options** | **JNL/BlackRock Global Allocation Fund — Exchange Traded Purchased Options** | **JNL/BlackRock Global Allocation Fund — Exchange Traded Purchased Options** | **JNL/BlackRock Global Allocation Fund — Exchange Traded Purchased Options** | **JNL/BlackRock Global Allocation Fund — Exchange Traded Purchased Options** |
| **Reference Entity** | **Put/Call** | **Exercise Price ($)/ Swaption Rate (%)** | **Expiration** | **Contracts<sup>1</sup>** | **Notional<sup>1</sup>** | **Value ($)** |
| **Exchange Traded Futures Options** | **Exchange Traded Futures Options** | **Exchange Traded Futures Options** | **Exchange Traded Futures Options** | **Exchange Traded Futures Options** | **Exchange Traded Futures Options** | **Exchange Traded Futures Options** |
|  United States 10 Year Note Future, Sep. 2025 | Call | 114.00 | 07/25/25 | 7 | 798 | 1 |
|  United States 10 Year Note Future, Sep. 2025 | Call | 114.00 | 08/22/25 | 12 | 1368 | 5 |
|  United States 10 Year Note Future, Sep. 2025 | Call | 113.00 | 08/22/25 | 8 | 904 | 5 |
|  |  |  |  |  |  | 11 |
| **Index Options** | **Index Options** | **Index Options** | **Index Options** | **Index Options** | **Index Options** | **Index Options** |
|  S&P 500 Index | Put | 5975.00 | 08/15/25 | 1 | 598 | 5 |
| **Options on Securities** | **Options on Securities** | **Options on Securities** | **Options on Securities** | **Options on Securities** | **Options on Securities** | **Options on Securities** |
|  Advanced Micro Devices, Inc. | Call | 155.00 | 09/19/25 | 88 | 1364 | 66 |
|  Air Products and Chemicals, Inc. | Call | 280.00 | 07/18/25 | 10 | 280 | 6 |
|  Alphabet Inc. | Call | 180.00 | 07/18/25 | 104 | 1872 | 34 |
|  Alphabet Inc. | Call | 185.00 | 08/15/25 | 88 | 1628 | 52 |
|  Amazon.com, Inc. | Call | 215.00 | 07/18/25 | 251 | 5397 | 206 |
|  American Airlines Group Inc. | Put | 8.00 | 09/19/25 | 120 | 96 | 2 |
|  Apple Inc. | Call | 215.00 | 07/18/25 | 128 | 2752 | 19 |
|  Apple Inc. | Call | 210.00 | 07/18/25 | 116 | 2436 | 32 |
|  Bank of America Corporation | Call | 46.00 | 07/18/25 | 892 | 4103 | 182 |
|  Boston Scientific Corporation | Call | 110.00 | 07/18/25 | 171 | 1881 | 18 |
|  Broadcom Inc. | Call | 260.00 | 07/18/25 | 57 | 1482 | 110 |
|  Capital One Financial Corporation | Call | 200.00 | 07/18/25 | 52 | 1040 | 75 |
|  Chevron Corporation | Call | 140.00 | 07/18/25 | 24 | 336 | 12 |
|  Citigroup Inc. | Call | 80.00 | 07/18/25 | 453 | 3624 | 270 |
|  Citigroup Inc. | Call | 90.00 | 09/19/25 | 336 | 3024 | 76 |
|  Confluent, Inc. | Call | 25.00 | 07/18/25 | 137 | 343 | 14 |
|  CyberArk Software Ltd. | Call | 400.00 | 07/18/25 | 12 | 480 | 19 |
|  Dollar Tree, Inc. | Put | 85.00 | 09/19/25 | 322 | 2737 | 73 |
|  Eli Lilly and Company | Call | 770.00 | 07/18/25 | 21 | 1617 | 60 |
|  Eli Lilly and Company | Call | 820.00 | 08/15/25 | 26 | 2132 | 79 |
|  EQT Corporation | Call | 60.00 | 07/18/25 | 77 | 462 | 8 |
|  Freeport-McMoRan Inc. | Call | 40.00 | 07/18/25 | 95 | 380 | 36 |
|  Hilton Worldwide Holdings Inc. | Call | 270.00 | 09/19/25 | 165 | 4455 | 193 |
|  Home Depot, Inc. , The | Call | 390.00 | 07/18/25 | 18 | 702 | 1 |
|  Home Depot, Inc. , The | Call | 380.00 | 07/18/25 | 18 | 684 | 3 |
|  Informatica Inc. | Call | 25.00 | 07/18/25 | 156 | 390 |  |
|  Informatica Inc. | Call | 35.00 | 11/21/25 | 47 | 165 |  |
|  Intuit Inc. | Call | 790.00 | 07/18/25 | 12 | 948 | 16 |
|  Intuitive Surgical, Inc. | Call | 585.00 | 07/18/25 | 26 | 1521 | 4 |
|  Invesco QQQ Trust Series I | Put | 523.00 | 06/30/25 | 448 | 23430 |  |
|  Invesco QQQ Trust Series I | Put | 500.00 | 07/18/25 | 267 | 13350 | 15 |
|  iShares China Large-Cap ETF | Call | 37.00 | 07/18/25 | 5485 | 20295 | 367 |
|  iShares iBoxx $ High Yield Corporate Bond ETF | Put | 78.00 | 07/18/25 | 181 | 1412 |  |
|  iShares iBoxx $ High Yield Corporate Bond ETF | Put | 77.00 | 07/18/25 | 234 | 1802 |  |
|  iShares Russell 2000 ETF | Call | 220.00 | 08/15/25 | 396 | 8712 | 195 |
|  iShares Russell 2000 ETF | Put | 198.00 | 07/18/25 | 212 | 4198 | 7 |
|  iShares Russell 2000 ETF | Put | 180.00 | 07/18/25 | 104 | 1872 | 1 |
|  iShares Russell 2000 ETF | Put | 170.00 | 07/18/25 | 57 | 969 |  |
|  iShares Russell 2000 ETF | Put | 185.00 | 08/15/25 | 78 | 1443 | 5 |
|  iShares Russell 2000 ETF | Put | 195.00 | 08/15/25 | 93 | 1814 | 12 |
|  JPMorgan Chase & Co. | Call | 275.00 | 07/18/25 | 130 | 3575 | 213 |
|  Live Nation Entertainment, Inc. | Call | 155.00 | 07/18/25 | 34 | 527 | 7 |
|  Live Nation Entertainment, Inc. | Call | 150.00 | 07/18/25 | 30 | 450 | 15 |
|  MasterCard Incorporated | Call | 600.00 | 07/18/25 | 15 | 900 | 1 |
|  MasterCard Incorporated | Call | 590.00 | 07/18/25 | 16 | 944 | 2 |
|  Meta Platforms, Inc. | Call | 680.00 | 07/18/25 | 28 | 1904 | 174 |
|  Meta Platforms, Inc. | Call | 675.00 | 07/18/25 | 26 | 1755 | 174 |
|  Meta Platforms, Inc. | Call | 740.00 | 08/15/25 | 49 | 3626 | 192 |
|  Micron Technology, Inc. | Call | 110.00 | 07/18/25 | 61 | 671 | 86 |
|  Microsoft Corporation | Call | 475.00 | 07/18/25 | 81 | 3848 | 206 |
|  Microsoft Corporation | Call | 470.00 | 07/18/25 | 87 | 4089 | 265 |
|  Microsoft Corporation | Call | 505.00 | 08/15/25 | 48 | 2424 | 66 |
|  Netflix, Inc. | Call | 1320.00 | 08/15/25 | 23 | 3036 | 203 |
|  NextEra Energy, Inc. | Call | 70.00 | 07/18/25 | 91 | 637 | 14 |
|  NextEra Energy, Inc. | Call | 67.50 | 07/18/25 | 106 | 716 | 32 |
|  NIKE, Inc. | Put | 55.00 | 07/18/25 | 960 | 5280 | 2 |
|  NVIDIA Corporation | Call | 150.00 | 07/18/25 | 185 | 2775 | 189 |
|  NVIDIA Corporation | Call | 130.00 | 07/18/25 | 47 | 611 | 136 |
|  NVIDIA Corporation | Call | 160.00 | 08/15/25 | 187 | 2992 | 143 |
|  NVIDIA Corporation | Call | 160.00 | 09/19/25 | 132 | 2112 | 162 |
|  Oracle Corporation | Call | 175.00 | 07/18/25 | 54 | 945 | 235 |
|  Oracle Corporation | Call | 170.00 | 07/18/25 | 58 | 986 | 284 |
|  Oracle Corporation | Put | 190.00 | 08/15/25 | 242 | 4598 | 39 |

---

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page [607](#abbreviations).

**JNL Series Trust** (Unaudited)

**Schedules of Investments (in thousands)**

June 30, 2025

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **JNL/BlackRock Global Allocation Fund — Exchange Traded Purchased Options (continued)** | **JNL/BlackRock Global Allocation Fund — Exchange Traded Purchased Options (continued)** | **JNL/BlackRock Global Allocation Fund — Exchange Traded Purchased Options (continued)** | **JNL/BlackRock Global Allocation Fund — Exchange Traded Purchased Options (continued)** | **JNL/BlackRock Global Allocation Fund — Exchange Traded Purchased Options (continued)** | **JNL/BlackRock Global Allocation Fund — Exchange Traded Purchased Options (continued)** | **JNL/BlackRock Global Allocation Fund — Exchange Traded Purchased Options (continued)** |
| **Reference Entity** | **Put/Call** | **Exercise Price ($)/ Swaption Rate (%)** | **Expiration** | **Contracts<sup>1</sup>** | **Notional<sup>1</sup>** | **Value ($)** |
|  Paramount Global | Call | 13.00 | 08/15/25 | 90 | 117 | 2 |
|  Sabre Corporation | Call | 3.00 | 07/18/25 | 212 | 64 | 5 |
|  Sabre Corporation | Call | 4.00 | 08/15/25 | 153 | 61 | 1 |
|  Sabre Corporation | Call | 4.00 | 10/17/25 | 120 | 48 | 2 |
|  Salesforce, Inc. | Call | 270.00 | 07/18/25 | 27 | 729 | 22 |
|  SPDR Gold Shares | Call | 320.00 | 08/15/25 | 1223 | 39136 | 299 |
|  SPDR Gold Shares | Call | 315.00 | 08/15/25 | 282 | 8883 | 103 |
|  SPDR Gold Shares | Call | 310.00 | 08/15/25 | 812 | 25172 | 434 |
|  SPDR Gold Shares | Call | 325.00 | 09/19/25 | 781 | 25383 | 272 |
|  SPDR S&P 500 ETF Trust | Call | 615.00 | 07/11/25 | 498 | 30627 | 368 |
|  SPDR S&P 500 ETF Trust | Call | 625.00 | 07/18/25 | 13 | 813 | 6 |
|  SPDR S&P 500 ETF Trust | Call | 620.00 | 07/18/25 | 201 | 12462 | 132 |
|  SPDR S&P 500 ETF Trust | Put | 590.00 | 06/30/25 | 597 | 35223 |  |
|  SPDR S&P 500 ETF Trust | Put | 570.00 | 07/18/25 | 267 | 15219 | 15 |
|  Stryker Corporation | Call | 400.00 | 07/18/25 | 20 | 800 | 9 |
|  The Progressive Corporation | Call | 295.00 | 07/18/25 | 34 | 1003 | 1 |
|  Trane Technologies Public Limited Company | Call | 450.00 | 07/18/25 | 39 | 1755 | 12 |
|  Valero Energy Corporation | Call | 135.00 | 07/18/25 | 35 | 473 | 12 |
|  Vertiv Holdings Co | Call | 120.00 | 07/18/25 | 62 | 744 | 67 |
|  Vistra Corp. | Call | 180.00 | 07/18/25 | 35 | 630 | 60 |
|  Walmart Inc. | Call | 105.00 | 08/15/25 | 334 | 3507 | 25 |
|  Walmart Inc. | Call | 100.00 | 09/19/25 | 193 | 1930 | 71 |
|  Walt Disney Company, The | Call | 115.00 | 07/18/25 | 55 | 633 | 52 |
|  Walt Disney Company, The | Call | 125.00 | 08/15/25 | 154 | 1925 | 74 |
|  Walt Disney Company, The | Call | 125.00 | 09/19/25 | 87 | 1088 | 54 |
|  Wells Fargo & Company | Call | 80.00 | 07/18/25 | 453 | 3624 | 109 |
|  Wells Fargo & Company | Call | 85.00 | 08/15/25 | 594 | 5049 | 74 |
|  Wells Fargo & Company | Call | 85.00 | 10/17/25 | 355 | 3018 | 103 |
|  Williams Companies, Inc., The | Call | 60.00 | 07/18/25 | 46 | 276 | 15 |
|  Xerox Holdings Corporation | Call | 7.00 | 07/18/25 | 153 | 107 |  |
|  Xerox Holdings Corporation | Call | 6.00 | 07/18/25 | 92 | 55 | 1 |
|  |  |  |  |  |  | 7508 |

---

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **JNL/BlackRock Global Allocation Fund — OTC Purchased Barrier Options** | **JNL/BlackRock Global Allocation Fund — OTC Purchased Barrier Options** | **JNL/BlackRock Global Allocation Fund — OTC Purchased Barrier Options** | **JNL/BlackRock Global Allocation Fund — OTC Purchased Barrier Options** | **JNL/BlackRock Global Allocation Fund — OTC Purchased Barrier Options** | **JNL/BlackRock Global Allocation Fund — OTC Purchased Barrier Options** | **JNL/BlackRock Global Allocation Fund — OTC Purchased Barrier Options** | **JNL/BlackRock Global Allocation Fund — OTC Purchased Barrier Options** | **JNL/BlackRock Global Allocation Fund — OTC Purchased Barrier Options** | **JNL/BlackRock Global Allocation Fund — OTC Purchased Barrier Options** | **JNL/BlackRock Global Allocation Fund — OTC Purchased Barrier Options** | **JNL/BlackRock Global Allocation Fund — OTC Purchased Barrier Options** |
| **Reference Entity** | **Counterparty** | **Put/Call** | **Option Type** | **Barrier**<br> **Price ($)** | **Barrier**<br> **Price ($)** | **Exercise**<br> **Price ($)** | **Exercise**<br> **Price ($)** | **Expiration** | **Notional/**<br> **Contracts<sup>1</sup>** | **Notional/**<br> **Contracts<sup>1</sup>** | **Value ($)** |
|  **Foreign Currency Options** | **Foreign Currency Options** | **Foreign Currency Options** | **Foreign Currency Options** | **Foreign Currency Options** | **Foreign Currency Options** | **Foreign Currency Options** | **Foreign Currency Options** | **Foreign Currency Options** | **Foreign Currency Options** | **Foreign Currency Options** | **Foreign Currency Options** |
|  EUR/USD Spot Rate | BOA | Call | Up-and-out |  | 1.25 |  | 1.18 | 09/26/25 | EUR | 7785000 | 94 |
|  EUR/USD Spot Rate | GSC | Put | One-touch |  | 1.09 |  | 1.09 | 07/14/25 | EUR | 75000 |  |
|  USD/CAD Spot Rate | UBS | Call | One-touch | CAD | 1.53 | CAD | 1.53 | 07/18/25 |  | 68148 |  |
|  USD/CNH Spot Rate | HSB | Call | Up-and-out | CNH | 7.74 | CNH | 7.35 | 07/02/25 |  | 1255060 |  |
|  USD/JPY Spot Rate | BCL | Put | Down-and-out | JPY | 136.00 | JPY | 144.00 | 08/07/25 |  | 619700 | 6 |
|  USD/JPY Spot Rate | UBS | Put | Down-and-out | JPY | 136.00 | JPY | 144.00 | 08/07/25 |  | 1377000 | 13 |
|  USD/TWD Spot Rate | BOA | Call | One-touch | TWD | 34.60 | TWD | 34.60 | 08/29/25 |  | 63000 |  |
|  |  |  |  |  |  |  |  |  |  |  | 113 |

---

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **JNL/BlackRock Global Allocation Fund — OTC Purchased Options** | **JNL/BlackRock Global Allocation Fund — OTC Purchased Options** | **JNL/BlackRock Global Allocation Fund — OTC Purchased Options** | **JNL/BlackRock Global Allocation Fund — OTC Purchased Options** | **JNL/BlackRock Global Allocation Fund — OTC Purchased Options** | **JNL/BlackRock Global Allocation Fund — OTC Purchased Options** | **JNL/BlackRock Global Allocation Fund — OTC Purchased Options** | **JNL/BlackRock Global Allocation Fund — OTC Purchased Options** | **JNL/BlackRock Global Allocation Fund — OTC Purchased Options** | **JNL/BlackRock Global Allocation Fund — OTC Purchased Options** |
| **Reference Entity** | **Counterparty** | **Put/Call** | **Exercise Price ($)/ Swaption Rate(%)** | **Exercise Price ($)/ Swaption Rate(%)** | **Expiration** | **Contracts<sup>1</sup>** | **Notional<sup>1</sup>** | **Notional<sup>1</sup>** | **Value ($)** |
| **Credit Default Swaptions** | **Credit Default Swaptions** | **Credit Default Swaptions** | **Credit Default Swaptions** | **Credit Default Swaptions** | **Credit Default Swaptions** | **Credit Default Swaptions** | **Credit Default Swaptions** | **Credit Default Swaptions** | **Credit Default Swaptions** |
|  CDX.NA.HY.44, 06/20/30 | GSC | Put |  | 104.00 | 08/20/25 | 3925000 |  | 3925 | 8 |
|  CDX.NA.HY.44, 06/20/30 | GSC | Put |  | 104.00 | 07/16/25 | 3305000 |  | 3305 | 2 |
|  |  |  |  |  |  |  |  |  | 10 |
| **Foreign Currency Options** | **Foreign Currency Options** | **Foreign Currency Options** | **Foreign Currency Options** | **Foreign Currency Options** | **Foreign Currency Options** | **Foreign Currency Options** | **Foreign Currency Options** | **Foreign Currency Options** | **Foreign Currency Options** |
|  DUAL USDJPY<148 EURUSD<1.02 | UBS | Call |  | 148.00 | 07/15/25 | 79651 |  | 80 |  |
|  EUR/USD Spot Rate | BNP | Call |  | 1.18 | 07/29/25 | 1244927 | EUR | 1245 | 14 |
|  EUR/USD Spot Rate | SGS | Call |  | 1.17 | 07/24/25 | 526000 | EUR | 526 | 8 |
|  USD/CNH Spot Rate | HSB | Call | CNH | 7.50 | 09/29/25 | 67000 |  | 67 | 1 |
|  USD/COP Spot Rate | CIT | Call | COP | 4200.00 | 07/22/25 | 452000 |  | 452 | 2 |
|  USD/MXN Spot Rate | RBC | Call | MXN | 19.40 | 08/07/25 | 1809000 |  | 1809 | 9 |
|  EUR/USD Spot Rate | BCL | Put |  | 1.02 | 07/15/25 | 1870000 | EUR | 1870 |  |
|  EUR/USD Spot Rate | BNP | Put |  | 1.06 | 07/15/25 | 561150 | EUR | 561 |  |
|  EUR/USD Spot Rate | HSB | Put |  | 1.13 | 07/09/25 | 970000 | EUR | 970 |  |
|  EUR/USD Spot Rate | JPM | Put |  | 1.14 | 07/15/25 | 807000 | EUR | 807 |  |
|  EUR/USD Spot Rate | JPM | Put |  | 1.15 | 07/24/25 | 240000 | EUR | 240 |  |
|  EUR/USD Spot Rate | UBS | Put |  | 1.06 | 07/15/25 | 1247000 | EUR | 1247 |  |
|  USD/BRL Spot Rate | BCL | Put | BRL | 5.80 | 07/18/25 | 601773 |  | 602 | 39 |

---

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page [607](#abbreviations).

**JNL Series Trust** (Unaudited)

**Schedules of Investments (in thousands)**

June 30, 2025

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **JNL/BlackRock Global Allocation Fund — OTC Purchased Options (continued)** | **JNL/BlackRock Global Allocation Fund — OTC Purchased Options (continued)** | **JNL/BlackRock Global Allocation Fund — OTC Purchased Options (continued)** | **JNL/BlackRock Global Allocation Fund — OTC Purchased Options (continued)** | **JNL/BlackRock Global Allocation Fund — OTC Purchased Options (continued)** | **JNL/BlackRock Global Allocation Fund — OTC Purchased Options (continued)** | **JNL/BlackRock Global Allocation Fund — OTC Purchased Options (continued)** | **JNL/BlackRock Global Allocation Fund — OTC Purchased Options (continued)** | **JNL/BlackRock Global Allocation Fund — OTC Purchased Options (continued)** | **JNL/BlackRock Global Allocation Fund — OTC Purchased Options (continued)** |
| **Reference Entity** | **Counterparty** | **Put/Call** | **Exercise Price ($)/ Swaption Rate(%)** | **Exercise Price ($)/ Swaption Rate(%)** | **Expiration** | **Contracts<sup>1</sup>** | **Notional<sup>1</sup>** | **Notional<sup>1</sup>** | **Value ($)** |
|  USD/BRL Spot Rate | HSB | Put | BRL | 5.52 | 08/14/25 | 736000 |  | 736 | 15 |
|  USD/CAD Spot Rate | MSC | Put | CAD | 1.34 | 07/24/25 | 65000 |  | 65 | 7 |
|  USD/CNH Spot Rate | CIT | Put | CNH | 7.05 | 08/06/25 | 33860000 |  | 33860 | 58 |
|  |  |  |  |  |  |  |  |  | 153 |
| **Index Options** | **Index Options** | **Index Options** | **Index Options** | **Index Options** | **Index Options** | **Index Options** | **Index Options** | **Index Options** | **Index Options** |
|  Euro STOXX 600 Banks Price Index | BOA | Call | EUR | 210.00 | 08/15/25 | 615 | EUR | 6458 | 94 |
|  Euro STOXX 600 Banks Price Index | JPM | Call | EUR | 200.00 | 09/19/25 | 538 | EUR | 5380 | 287 |
|  Nikkei 225 Index | BOA | Call | JPY | 39250.00 | 07/11/25 | 83 | JPY | 3257750 | 833 |
|  Euro STOXX 600 Banks Price Index | BCL | Put | EUR | 165.00 | 07/18/25 | 121 | EUR | 998 | 1 |
|  Euro STOXX 600 Banks Price Index | BOA | Put | EUR | 175.00 | 07/18/25 | 135 | EUR | 1181 | 2 |
|  |  |  |  |  |  |  |  |  | 1217 |
| **Interest Rate Swaptions** | **Interest Rate Swaptions** | **Interest Rate Swaptions** | **Interest Rate Swaptions** | **Interest Rate Swaptions** | **Interest Rate Swaptions** | **Interest Rate Swaptions** | **Interest Rate Swaptions** | **Interest Rate Swaptions** | **Interest Rate Swaptions** |
|  Sterling Overnight Index Average Rate, 05/01/27 | MSC | Call |  | 3.60 | 05/01/26 | 184365000 | GBP | 184365 | 937 |
|  Sterling Overnight Index Average Rate, 04/22/27 | MSC | Call |  | 3.50 | 04/22/26 | 149250441 | GBP | 149250 | 624 |
|  U.S. SOFR, 07/14/35 | DUB | Call |  | 3.50 | 07/10/25 | 29666000 |  | 29666 | 17 |
|  U.S. SOFR, 12/01/55 | GSC | Call |  | 3.65 | 11/26/25 | 18845000 |  | 18845 | 392 |
|  U.S. SOFR, 08/20/28 | JPM | Call |  | 3.50 | 08/18/25 | 37165722 |  | 37166 | 234 |
|  |  |  |  |  |  |  |  |  | 2204 |
| **Options on Securities** | **Options on Securities** | **Options on Securities** | **Options on Securities** | **Options on Securities** | **Options on Securities** | **Options on Securities** | **Options on Securities** | **Options on Securities** | **Options on Securities** |
|  Unicredit, Societa' Per Azioni In Forma Abbreviata Unicredit S.P.A. | BCL | Call | EUR | 54.00 | 07/18/25 | 107 | EUR | 2889 | 214 |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **JNL/BlackRock Global Allocation Fund — Exchange Traded Written Options** | **JNL/BlackRock Global Allocation Fund — Exchange Traded Written Options** | **JNL/BlackRock Global Allocation Fund — Exchange Traded Written Options** | **JNL/BlackRock Global Allocation Fund — Exchange Traded Written Options** | **JNL/BlackRock Global Allocation Fund — Exchange Traded Written Options** | **JNL/BlackRock Global Allocation Fund — Exchange Traded Written Options** | **JNL/BlackRock Global Allocation Fund — Exchange Traded Written Options** |
| **Reference Entity** | **Put/Call** | **Exercise Price ($)/ Swaption Rate (%)** | **Expiration** | **Contracts<sup>1</sup>** | **Notional<sup>1</sup>** | **Value ($)** |
| **Options on Securities** | **Options on Securities** | **Options on Securities** | **Options on Securities** | **Options on Securities** | **Options on Securities** | **Options on Securities** |
|  Advanced Micro Devices, Inc. | Put | 125.00 | 09/19/25 | 88 | 1100 | (40) |
|  Air Products and Chemicals, Inc. | Call | 310.00 | 09/19/25 | 12 | 372 | (4) |
|  Alphabet Inc. | Call | 185.00 | 07/18/25 | 147 | 2720 | (25) |
|  Alphabet Inc. | Call | 200.00 | 08/15/25 | 104 | 2080 | (22) |
|  Alphabet Inc. | Call | 200.00 | 09/19/25 | 101 | 2020 | (35) |
|  Alphabet Inc. | Call | 220.00 | 12/19/25 | 178 | 3916 | (69) |
|  Alphabet Inc. | Put | 165.00 | 08/15/25 | 88 | 1452 | (32) |
|  Amazon.com, Inc. | Call | 220.00 | 07/18/25 | 173 | 3806 | (90) |
|  Amazon.com, Inc. | Call | 250.00 | 08/15/25 | 35 | 875 | (6) |
|  Amazon.com, Inc. | Call | 235.00 | 08/15/25 | 251 | 5899 | (119) |
|  Amazon.com, Inc. | Call | 240.00 | 09/19/25 | 129 | 3096 | (74) |
|  Amazon.com, Inc. | Call | 270.00 | 12/19/25 | 215 | 5805 | (101) |
|  Apple Inc. | Call | 230.00 | 08/15/25 | 244 | 5612 | (38) |
|  Apple Inc. | Call | 230.00 | 09/19/25 | 106 | 2438 | (31) |
|  Apple Inc. | Call | 240.00 | 12/19/25 | 321 | 7704 | (152) |
|  Bank of America Corporation | Call | 48.00 | 07/18/25 | 225 | 1080 | (20) |
|  Bank of America Corporation | Call | 50.00 | 08/15/25 | 890 | 4450 | (60) |
|  Boeing Company, The | Call | 210.00 | 07/18/25 | 68 | 1428 | (37) |
|  Boeing Company, The | Call | 230.00 | 09/19/25 | 52 | 1196 | (28) |
|  Broadcom Inc. | Call | 300.00 | 08/15/25 | 57 | 1710 | (34) |
|  Broadcom Inc. | Call | 380.00 | 12/19/25 | 96 | 3648 | (61) |
|  Cameco Corporation | Call | 85.00 | 08/15/25 | 225 | 1913 | (35) |
|  Cameco Corporation | Call | 90.00 | 09/19/25 | 77 | 693 | (15) |
|  Capital One Financial Corporation | Call | 210.00 | 07/18/25 | 84 | 1764 | (59) |
|  Chevron Corporation | Call | 155.00 | 07/18/25 | 49 | 760 | (1) |
|  Chevron Corporation | Call | 160.00 | 09/19/25 | 29 | 464 | (4) |
|  Citigroup Inc. | Put | 75.00 | 09/19/25 | 336 | 2520 | (38) |
|  CrowdStrike Holdings, Inc. | Call | 560.00 | 09/19/25 | 48 | 2688 | (112) |
|  CyberArk Software Ltd. | Call | 460.00 | 08/15/25 | 12 | 552 | (7) |
|  CyberArk Software Ltd. | Call | 460.00 | 09/19/25 | 16 | 736 | (17) |
|  Dollar Tree, Inc. | Put | 70.00 | 09/19/25 | 322 | 2254 | (27) |
|  Eli Lilly and Company | Call | 900.00 | 08/15/25 | 47 | 4230 | (50) |
|  Eli Lilly and Company | Call | 940.00 | 09/19/25 | 18 | 1692 | (21) |
|  Eli Lilly and Company | Call | 1000.00 | 12/19/25 | 34 | 3400 | (62) |
|  Eli Lilly and Company | Put | 700.00 | 08/15/25 | 26 | 1820 | (42) |
|  EQT Corporation | Call | 65.00 | 07/18/25 | 112 | 728 | (1) |
|  EQT Corporation | Call | 70.00 | 09/19/25 | 93 | 651 | (7) |
|  Freeport-McMoRan Inc. | Call | 48.00 | 08/15/25 | 95 | 456 | (7) |

---

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page [607](#abbreviations).

**JNL Series Trust** (Unaudited)

**Schedules of Investments (in thousands)**

June 30, 2025

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **JNL/BlackRock Global Allocation Fund — Exchange Traded Written Options (continued)** | **JNL/BlackRock Global Allocation Fund — Exchange Traded Written Options (continued)** | **JNL/BlackRock Global Allocation Fund — Exchange Traded Written Options (continued)** | **JNL/BlackRock Global Allocation Fund — Exchange Traded Written Options (continued)** | **JNL/BlackRock Global Allocation Fund — Exchange Traded Written Options (continued)** | **JNL/BlackRock Global Allocation Fund — Exchange Traded Written Options (continued)** | **JNL/BlackRock Global Allocation Fund — Exchange Traded Written Options (continued)** |
| **Reference Entity** | **Put/Call** | **Exercise Price ($)/ Swaption Rate (%)** | **Expiration** | **Contracts<sup>1</sup>** | **Notional<sup>1</sup>** | **Value ($)** |
|  Freeport-McMoRan Inc. | Call | 50.00 | 09/19/25 | 116 | 580 | (10) |
|  Hess Corporation | Call | 160.00 | 09/19/25 | 20 | 320 | (3) |
|  Hilton Worldwide Holdings Inc. | Put | 230.00 | 09/19/25 | 165 | 3795 | (41) |
|  Intuit Inc. | Call | 860.00 | 09/19/25 | 10 | 860 | (15) |
|  Intuitive Surgical, Inc. | Call | 600.00 | 09/19/25 | 12 | 720 | (14) |
|  Intuitive Surgical, Inc. | Put | 465.00 | 08/15/25 | 26 | 1209 | (14) |
|  Invesco QQQ Trust Series I | Put | 510.00 | 06/30/25 | 448 | 22848 |  |
|  iShares China Large-Cap ETF | Call | 42.00 | 07/18/25 | 4219 | 17720 | (25) |
|  iShares iBoxx $ Investment Grade Corporate Bond ETF | Put | 103.00 | 09/19/25 | 1173 | 12082 | (24) |
|  iShares Russell 2000 ETF | Put | 189.00 | 07/18/25 | 212 | 4007 | (3) |
|  JPMorgan Chase & Co. | Call | 290.00 | 08/15/25 | 129 | 3741 | (125) |
|  MasterCard Incorporated | Put | 540.00 | 07/18/25 | 11 | 594 | (3) |
|  Meta Platforms, Inc. | Call | 820.00 | 08/15/25 | 49 | 4018 | (56) |
|  Meta Platforms, Inc. | Call | 780.00 | 08/15/25 | 55 | 4290 | (121) |
|  Meta Platforms, Inc. | Call | 820.00 | 09/19/25 | 22 | 1804 | (41) |
|  Meta Platforms, Inc. | Call | 940.00 | 12/19/25 | 46 | 4324 | (72) |
|  Meta Platforms, Inc. | Put | 620.00 | 08/15/25 | 49 | 3038 | (27) |
|  Micron Technology, Inc. | Call | 135.00 | 08/15/25 | 192 | 2592 | (56) |
|  Micron Technology, Inc. | Call | 125.00 | 08/15/25 | 61 | 763 | (39) |
|  Micron Technology, Inc. | Call | 155.00 | 09/19/25 | 58 | 899 | (10) |
|  Microsoft Corporation | Call | 540.00 | 09/19/25 | 69 | 3726 | (42) |
|  Microsoft Corporation | Call | 580.00 | 12/19/25 | 144 | 8352 | (97) |
|  Microsoft Corporation | Put | 440.00 | 08/15/25 | 48 | 2112 | (11) |
|  Netflix, Inc. | Call | 1500.00 | 08/15/25 | 23 | 3450 | (51) |
|  Netflix, Inc. | Call | 1480.00 | 09/19/25 | 4 | 592 | (17) |
|  Netflix, Inc. | Put | 1100.00 | 08/15/25 | 23 | 2530 | (20) |
|  NextEra Energy, Inc. | Call | 80.00 | 08/15/25 | 198 | 1584 | (6) |
|  NIKE, Inc. | Put | 50.00 | 07/18/25 | 960 | 4800 | (2) |
|  NVIDIA Corporation | Call | 165.00 | 08/15/25 | 232 | 3828 | (126) |
|  NVIDIA Corporation | Call | 200.00 | 11/21/25 | 132 | 2640 | (63) |
|  NVIDIA Corporation | Call | 220.00 | 12/19/25 | 321 | 7062 | (108) |
|  Oracle Corporation | Call | 220.00 | 08/15/25 | 242 | 5324 | (232) |
|  Oracle Corporation | Call | 200.00 | 08/15/25 | 112 | 2240 | (264) |
|  Oracle Corporation | Call | 250.00 | 09/19/25 | 59 | 1475 | (38) |
|  Salesforce, Inc. | Call | 300.00 | 08/15/25 | 27 | 810 | (7) |
|  Salesforce, Inc. | Call | 310.00 | 09/19/25 | 34 | 1054 | (19) |
|  SPDR Gold Shares | Call | 340.00 | 08/15/25 | 1223 | 41582 | (56) |
|  SPDR Gold Shares | Call | 335.00 | 08/15/25 | 282 | 9447 | (19) |
|  SPDR Gold Shares | Call | 325.00 | 08/15/25 | 812 | 26390 | (129) |
|  SPDR Gold Shares | Put | 300.00 | 07/18/25 | 200 | 6000 | (44) |
|  SPDR Gold Shares | Put | 290.00 | 07/18/25 | 285 | 8265 | (14) |
|  SPDR Gold Shares | Put | 300.00 | 08/15/25 | 611 | 18330 | (250) |
|  SPDR Gold Shares | Put | 295.00 | 08/15/25 | 200 | 5900 | (50) |
|  SPDR Gold Shares | Put | 290.00 | 09/19/25 | 781 | 22649 | (202) |
|  SPDR S&P 500 ETF Trust | Call | 625.00 | 07/11/25 | 498 | 31125 | (118) |
|  SPDR S&P 500 ETF Trust | Call | 635.00 | 07/18/25 | 13 | 826 | (2) |
|  SPDR S&P 500 ETF Trust | Call | 630.00 | 07/18/25 | 402 | 25326 | (100) |
|  Tesla Inc. | Call | 420.00 | 09/19/25 | 17 | 714 | (15) |
|  The Progressive Corporation | Put | 255.00 | 07/18/25 | 17 | 434 | (4) |
|  Trane Technologies Public Limited Company | Put | 400.00 | 07/18/25 | 14 | 560 | (1) |
|  Valero Energy Corporation | Call | 155.00 | 09/19/25 | 30 | 465 | (5) |
|  Vertiv Holdings Co | Call | 125.00 | 07/18/25 | 141 | 1763 | (101) |
|  Vertiv Holdings Co | Call | 145.00 | 08/15/25 | 62 | 899 | (31) |
|  Vistra Corp. | Call | 210.00 | 08/15/25 | 35 | 735 | (34) |
|  Vistra Corp. | Call | 220.00 | 09/19/25 | 88 | 1936 | (98) |
|  Walmart Inc. | Call | 115.00 | 08/15/25 | 334 | 3841 | (4) |
|  Walmart Inc. | Put | 90.00 | 09/19/25 | 193 | 1737 | (32) |
|  Walt Disney Company, The | Call | 130.00 | 08/15/25 | 55 | 715 | (15) |
|  Walt Disney Company, The | Call | 135.00 | 09/19/25 | 39 | 527 | (9) |
|  Walt Disney Company, The | Put | 110.00 | 08/15/25 | 154 | 1694 | (14) |
|  Walt Disney Company, The | Put | 110.00 | 09/19/25 | 87 | 957 | (13) |
|  Wells Fargo & Company | Put | 67.50 | 08/15/25 | 594 | 4010 | (20) |
|  |  |  |  |  |  | (4765) |

---

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **JNL/BlackRock Global Allocation Fund — OTC Written Options** | **JNL/BlackRock Global Allocation Fund — OTC Written Options** | **JNL/BlackRock Global Allocation Fund — OTC Written Options** | **JNL/BlackRock Global Allocation Fund — OTC Written Options** | **JNL/BlackRock Global Allocation Fund — OTC Written Options** | **JNL/BlackRock Global Allocation Fund — OTC Written Options** | **JNL/BlackRock Global Allocation Fund — OTC Written Options** | **JNL/BlackRock Global Allocation Fund — OTC Written Options** |
| **Reference Entity** | **Counterparty** | **Put/Call** | **Exercise Price ($)/ Swaption Rate(%)** | **Expiration** | **Contracts<sup>1</sup>** | **Notional<sup>1</sup>** | **Value ($)** |
| **Credit Default Swaptions** | **Credit Default Swaptions** | **Credit Default Swaptions** | **Credit Default Swaptions** | **Credit Default Swaptions** | **Credit Default Swaptions** | **Credit Default Swaptions** | **Credit Default Swaptions** |
|  CDX.NA.HY.44, 06/20/30 | GSC | Put | 99.00 | 07/16/25 | 3305000 | 3305 | (1) |

---

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page [607](#abbreviations).

**JNL Series Trust** (Unaudited)

**Schedules of Investments (in thousands)**

June 30, 2025

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **JNL/BlackRock Global Allocation Fund — OTC Written Options (continued)** | **JNL/BlackRock Global Allocation Fund — OTC Written Options (continued)** | **JNL/BlackRock Global Allocation Fund — OTC Written Options (continued)** | **JNL/BlackRock Global Allocation Fund — OTC Written Options (continued)** | **JNL/BlackRock Global Allocation Fund — OTC Written Options (continued)** | **JNL/BlackRock Global Allocation Fund — OTC Written Options (continued)** | **JNL/BlackRock Global Allocation Fund — OTC Written Options (continued)** | **JNL/BlackRock Global Allocation Fund — OTC Written Options (continued)** | **JNL/BlackRock Global Allocation Fund — OTC Written Options (continued)** | **JNL/BlackRock Global Allocation Fund — OTC Written Options (continued)** |
| **Reference Entity** | **Counterparty** | **Put/Call** | **Exercise Price ($)/ Swaption Rate(%)** | **Exercise Price ($)/ Swaption Rate(%)** | **Expiration** | **Contracts<sup>1</sup>** | **Notional<sup>1</sup>** | **Notional<sup>1</sup>** | **Value ($)** |
| **Foreign Currency Options** | **Foreign Currency Options** | **Foreign Currency Options** | **Foreign Currency Options** | **Foreign Currency Options** | **Foreign Currency Options** | **Foreign Currency Options** | **Foreign Currency Options** | **Foreign Currency Options** | **Foreign Currency Options** |
|  EUR/USD Spot Rate | BNP | Call |  | 1.20 | 07/29/25 | 1867391 | EUR | 1867 | (8) |
|  EUR/USD Spot Rate | BOA | Call |  | 1.17 | 07/29/25 | 14105000 | EUR | 14105 | (283) |
|  EUR/USD Spot Rate | SGS | Call |  | 1.18 | 07/24/25 | 526000 | EUR | 526 | (5) |
|  EUR/USD Spot Rate | UBS | Put |  | 1.02 | 07/15/25 | 1870000 | EUR | 1870 |  |
|  MXN/JPY Spot Rate | MSC | Call | JPY | 7.85 | 09/24/25 | 12393000 | MXN | 12393 | (6) |
|  USD/BRL Spot Rate | BCL | Put | BRL | 5.65 | 07/18/25 | 902660 |  | 903 | (35) |
|  USD/CNH Spot Rate | CIT | Put | CNH | 6.90 | 08/06/25 | 33860000 |  | 33860 | (15) |
|  USD/JPY Spot Rate | MSC | Put | JPY | 140.00 | 07/03/25 | 4177059 |  | 4177 |  |
|  USD/MXN Spot Rate | RBC | Call | MXN | 20.00 | 08/07/25 | 1809000 |  | 1809 | (4) |
|  |  |  |  |  |  |  |  |  | (356) |
| **Index Options** | **Index Options** | **Index Options** | **Index Options** | **Index Options** | **Index Options** | **Index Options** | **Index Options** | **Index Options** | **Index Options** |
|  Euro STOXX 600 Banks Price Index | JPM | Put | EUR | 165.00 | 09/19/25 | 269 | EUR | 2219 | (17) |
|  Nikkei 225 Index | BOA | Call | JPY | 41000.00 | 07/11/25 | 83 | JPY | 3403000 | (205) |
|  |  |  |  |  |  |  |  |  | (222) |
| **Interest Rate Swaptions** | **Interest Rate Swaptions** | **Interest Rate Swaptions** | **Interest Rate Swaptions** | **Interest Rate Swaptions** | **Interest Rate Swaptions** | **Interest Rate Swaptions** | **Interest Rate Swaptions** | **Interest Rate Swaptions** | **Interest Rate Swaptions** |
|  6M EURIBOR, 09/04/30 | MSC | Call |  | 2.05 | 09/02/25 | 15649000 | EUR | 15649 | (23) |
|  6M EURIBOR, 09/29/30 | DUB | Put |  | 2.50 | 09/25/25 | 27785000 | EUR | 27785 | (71) |
|  6M EURIBOR, 09/15/27 | JPM | Put |  | 2.15 | 09/10/25 | 64753000 | EUR | 64753 | (63) |
|  6M EURIBOR, 12/11/27 | MSC | Put |  | 2.45 | 12/09/25 | 22266000 | EUR | 22266 | (16) |
|  Sterling Overnight Index Average Rate, 04/22/27 | MSC | Call |  | 3.10 | 04/22/26 | 149250441 | GBP | 149250 | (320) |
|  Sterling Overnight Index Average Rate, 05/01/27 | MSC | Call |  | 2.80 | 05/01/26 | 184365000 | GBP | 184365 | (251) |
|  Sterling Overnight Index Average Rate, 04/22/27 | MSC | Put |  | 4.20 | 04/22/26 | 149250441 | GBP | 149250 | (107) |
|  Sterling Overnight Index Average Rate, 05/01/27 | MSC | Put |  | 4.10 | 05/01/26 | 184365000 | GBP | 184365 | (176) |
|  U.S. SOFR, 04/08/36 | BNP | Call |  | 3.46 | 04/06/26 | 2466266 |  | 2466 | (44) |
|  U.S. SOFR, 09/16/30 | BOA | Call |  | 3.23 | 09/12/25 | 47120000 |  | 47120 | (233) |
|  U.S. SOFR, 08/29/55 | CIT | Call |  | 3.60 | 08/27/25 | 12450000 |  | 12450 | (78) |
|  U.S. SOFR, 09/30/27 | CIT | Call |  | 3.08 | 09/26/25 | 92605000 |  | 92605 | (184) |
|  U.S. SOFR, 09/05/27 | DUB | Call |  | 3.25 | 09/03/25 | 31160000 |  | 31160 | (70) |
|  U.S. SOFR, 10/02/30 | DUB | Call |  | 3.00 | 09/30/25 | 37719000 |  | 37719 | (118) |
|  U.S. SOFR, 09/24/27 | GSC | Call |  | 3.05 | 09/22/25 | 100660000 |  | 100660 | (173) |
|  U.S. SOFR, 10/01/27 | GSC | Call |  | 3.05 | 09/29/25 | 50927116 |  | 50927 | (97) |
|  U.S. SOFR, 12/01/55 | GSC | Call |  | 3.15 | 11/26/25 | 18845000 |  | 18845 | (92) |
|  U.S. SOFR, 08/20/28 | JPM | Call |  | 3.20 | 08/18/25 | 37165722 |  | 37166 | (88) |
|  U.S. SOFR, 09/24/27 | JPM | Call |  | 3.30 | 09/22/25 | 73898000 |  | 73898 | (238) |
|  U.S. SOFR, 09/24/27 | BNP | Put |  | 3.90 | 09/22/25 | 49700000 |  | 49700 | (18) |
|  U.S. SOFR, 04/08/36 | BNP | Put |  | 3.46 | 04/06/26 | 2466266 |  | 2466 | (93) |
|  U.S. SOFR, 11/10/27 | CIT | Put |  | 3.80 | 11/06/25 | 77009768 |  | 77010 | (74) |
|  U.S. SOFR, 07/14/35 | DUB | Put |  | 4.30 | 07/10/25 | 14833000 |  | 14833 |  |
|  U.S. SOFR, 11/10/27 | DUB | Put |  | 4.10 | 11/06/25 | 21476000 |  | 21476 | (32) |
|  U.S. SOFR, 07/09/35 | GSC | Put |  | 3.75 | 07/07/25 | 8525346 |  | 8525 | (17) |
|  U.S. SOFR, 08/06/30 | JPM | Put |  | 3.80 | 08/04/25 | 4150000 |  | 4150 | (2) |
|  U.S. SOFR, 11/13/27 | NSI | Put |  | 3.95 | 11/10/25 | 17201800 |  | 17202 | (10) |
|  U.S. SOFR, 09/17/27 | UBS | Put |  | 3.95 | 09/15/25 | 94240000 |  | 94240 | (22) |
|  |  |  |  |  |  |  |  |  | (2710) |
| **Options on Securities** | **Options on Securities** | **Options on Securities** | **Options on Securities** | **Options on Securities** | **Options on Securities** | **Options on Securities** | **Options on Securities** | **Options on Securities** | **Options on Securities** |
|  Unicredit, Societa' Per Azioni In Forma Abbreviata Unicredit S.P.A. | BCL | Call | EUR | 62.00 | 07/18/25 | 107 | EUR | 3317 | (9) |
| **Spread Options** | **Spread Options** | **Spread Options** | **Spread Options** | **Spread Options** | **Spread Options** | **Spread Options** | **Spread Options** | **Spread Options** | **Spread Options** |
|  USD ICE SOFR 1 Year Swap Rate Index | DUB | Call |  | 0.69 | 09/02/25 | 227470000 |  |  | (66) |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **JNL/BlackRock Global Allocation Fund — Forward Foreign Currency Contracts** | **JNL/BlackRock Global Allocation Fund — Forward Foreign Currency Contracts** | **JNL/BlackRock Global Allocation Fund — Forward Foreign Currency Contracts** | **JNL/BlackRock Global Allocation Fund — Forward Foreign Currency Contracts** | **JNL/BlackRock Global Allocation Fund — Forward Foreign Currency Contracts** | **JNL/BlackRock Global Allocation Fund — Forward Foreign Currency Contracts** | **JNL/BlackRock Global Allocation Fund — Forward Foreign Currency Contracts** |
| **Purchased/Sold** | **Counterparty** | **Expiration** | **Notional<sup>1</sup>** | **Notional<sup>1</sup>** | **Value ($)** | **Unrealized**<br> **Appreciation**<br> (Depreciation) ($) |
| AUD/USD | RBC | 09/17/25 | AUD | 56911 | 37517 | 346 |
| AUD/USD | TDB | 09/17/25 | AUD | 6700 | 4417 | 40 |
| BRL/EUR | GSC | 09/17/25 | EUR | (9008) | (10667) | (30) |
| BRL/USD | BCL | 07/02/25 | BRL | 16572 | 3050 | 162 |
| BRL/USD | BNP | 07/02/25 | BRL | 18070 | 3326 | 46 |
| BRL/USD | BNP | 08/04/25 | BRL | 11933 | 2178 | 28 |

---

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page [607](#abbreviations).

**JNL Series Trust** (Unaudited)

**Schedules of Investments (in thousands)**

June 30, 2025

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **JNL/BlackRock Global Allocation Fund — Forward Foreign Currency Contracts (continued)** | **JNL/BlackRock Global Allocation Fund — Forward Foreign Currency Contracts (continued)** | **JNL/BlackRock Global Allocation Fund — Forward Foreign Currency Contracts (continued)** | **JNL/BlackRock Global Allocation Fund — Forward Foreign Currency Contracts (continued)** | **JNL/BlackRock Global Allocation Fund — Forward Foreign Currency Contracts (continued)** | **JNL/BlackRock Global Allocation Fund — Forward Foreign Currency Contracts (continued)** | **JNL/BlackRock Global Allocation Fund — Forward Foreign Currency Contracts (continued)** |
| **Purchased/Sold** | **Counterparty** | **Expiration** | **Notional<sup>1</sup>** | **Notional<sup>1</sup>** | **Value ($)** | **Unrealized**<br> **Appreciation**<br> (Depreciation) ($) |
| BRL/USD | CIT | 08/04/25 | BRL | 3100 | 566 | 11 |
| BRL/USD | MSC | 09/17/25 | BRL | 36553 | 6597 | (13) |
| CAD/USD | JPM | 07/25/25 | CAD | 402 | 296 | 2 |
| CAD/USD | CBA | 09/17/25 | CAD | 62521 | 46094 | 157 |
| CHF/USD | RBS | 09/17/25 | CHF | 55111 | 70145 | 2334 |
| CLP/USD | SGS | 07/25/25 | CLP | 276389 | 297 | 3 |
| CNY/USD | UBS | 07/25/25 | CNY | 24990 | 3494 | 9 |
| CNY/USD | SGS | 09/17/25 | CNY | 305529 | 42888 | 76 |
| COP/USD | HSB | 07/22/25 | COP | 2752371 | 672 | (3) |
| COP/USD | CIT | 07/25/25 | COP | 7019039 | 1713 | (6) |
| CZK/USD | BNP | 07/25/25 | CZK | 53894 | 2570 | 81 |
| DKK/USD | MSC | 09/17/25 | DKK | 81035 | 12869 | 374 |
| EGP/USD | CIT | 11/20/25 | EGP | 16796 | 326 | 16 |
| EUR/CHF | BCL | 09/17/25 | CHF | (11894) | (15139) | (60) |
| EUR/USD | CIT | 07/16/25 | EUR | 147 | 174 | 5 |
| EUR/USD | UBS | 07/16/25 | EUR | 341 | 402 | 14 |
| EUR/USD | CIB | 07/25/25 | EUR | 201 | 237 | 6 |
| EUR/USD | BOA | 09/17/25 | EUR | 11330 | 13416 | 212 |
| EUR/USD | CIT | 09/17/25 | EUR | 3403 | 4029 | 20 |
| EUR/USD | RBC | 09/17/25 | EUR | 38175 | 45203 | 1329 |
| EUR/USD | TDB | 09/17/25 | EUR | 1904 | 2255 | 12 |
| GBP/EUR | MSC | 09/17/25 | EUR | (5396) | (6390) | (86) |
| GBP/USD | RBC | 09/17/25 | GBP | 16430 | 22565 | 365 |
| HKD/USD | BNP | 08/15/25 | HKD | 44538 | 5699 | (56) |
| HKD/USD | BOA | 09/17/25 | HKD | 12819 | 1644 | (1) |
| HUF/USD | MSC | 07/25/25 | HUF | 487923 | 1436 | 55 |
| HUF/USD | GSC | 09/17/25 | HUF | 1060639 | 3113 | 107 |
| IDR/USD | MSC | 07/25/25 | IDR | 63395340 | 3901 | 41 |
| INR/USD | CIT | 07/25/25 | INR | 332728 | 3876 | 37 |
| JPY/EUR | DUB | 09/17/25 | EUR | (17178) | (20340) | (502) |
| JPY/USD | TDB | 07/25/25 | JPY | 83134 | 579 | 14 |
| JPY/USD | BNP | 09/17/25 | JPY | 25105087 | 175882 | 786 |
| JPY/USD | CIB | 09/17/25 | JPY | 143035 | 1002 | 5 |
| KRW/USD | DUB | 07/25/25 | KRW | 953245 | 707 | 10 |
| KRW/USD | MSC | 09/17/25 | KRW | 17501203 | 13031 | 149 |
| MXN/EUR | JPM | 09/17/25 | EUR | (8976) | (10628) | (121) |
| MXN/JPY | CIT | 09/26/25 | JPY | (72030) | (505) | 4 |
| MXN/JPY | MSC | 09/26/25 | JPY | (20576) | (144) | 1 |
| MXN/USD | UBS | 07/22/25 | MXN | 7006 | 373 | 2 |
| MXN/USD | GSC | 07/25/25 | MXN | 65969 | 3506 | 94 |
| MXN/USD | CIT | 09/17/25 | MXN | 74824 | 3955 | 50 |
| MYR/USD | BCL | 07/22/25 | MYR | 15654 | 3721 | 73 |
| MYR/USD | MSC | 07/22/25 | MYR | 3436 | 817 | 13 |
| MYR/USD | BCL | 07/25/25 | MYR | 19509 | 4638 | 39 |
| NGN/USD | CIT | 09/04/25 | NGN | 260622 | 164 |  |
| NGN/USD | MSC | 09/04/25 | NGN | 322820 | 203 | 10 |
| NOK/CHF | MSC | 09/17/25 | CHF | (11599) | (14763) | (448) |
| NOK/USD | BCL | 07/25/25 | NOK | 2827 | 281 | 2 |
| NZD/USD | TDB | 09/17/25 | NZD | 2414 | 1475 | 12 |
| PLN/USD | CIB | 07/25/25 | PLN | 9438 | 2617 | 88 |
| PLN/USD | CIB | 09/17/25 | PLN | 18191 | 5037 | 166 |
| SEK/USD | RBC | 09/17/25 | SEK | 96249 | 10226 | 150 |
| SGD/USD | MSC | 07/25/25 | SGD | 477 | 376 | 6 |
| SGD/USD | TDB | 09/17/25 | SGD | 7160 | 5664 | 66 |
| THB/USD | CIT | 07/25/25 | THB | 135544 | 4177 | 68 |
| TRY/USD | UBS | 07/31/25 | TRY | 96924 | 2372 | 29 |
| TWD/USD | MSC | 09/17/25 | TWD | 393030 | 13539 | 160 |
| USD/AUD | DUB | 07/25/25 | AUD | (787) | (518) | (15) |
| USD/BRL | BCL | 07/02/25 | BRL | (18070) | (3326) | (177) |
| USD/BRL | BNP | 07/02/25 | BRL | (13911) | (2561) | (42) |
| USD/BRL | GSC | 07/02/25 | BRL | (2066) | (380) | (11) |
| USD/BRL | BNP | 08/04/25 | BRL | (18070) | (3298) | (43) |
| USD/BRL | GSC | 09/17/25 | BRL | (34167) | (6167) | (166) |
| USD/CAD | HSB | 07/25/25 | CAD | (749) | (551) | (7) |
| USD/CAD | HSB | 09/17/25 | CAD | (237) | (174) |  |
| USD/CAD | TDB | 09/17/25 | CAD | (6818) | (5027) | (18) |
| USD/CHF | TDB | 07/25/25 | CHF | (139) | (175) | (5) |
| USD/CLP | SGS | 07/25/25 | CLP | (291412) | (313) | (4) |
| USD/CNY | BOA | 07/22/25 | CNY | (2923) | (409) | (1) |
| USD/CNY | UBS | 07/22/25 | CNY | (1323) | (185) | (1) |
| USD/COP | BOA | 07/22/25 | COP | (8847642) | (2160) | (99) |

---

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page [607](#abbreviations).

**JNL Series Trust** (Unaudited)

**Schedules of Investments (in thousands)**

June 30, 2025

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **JNL/BlackRock Global Allocation Fund — Forward Foreign Currency Contracts (continued)** | **JNL/BlackRock Global Allocation Fund — Forward Foreign Currency Contracts (continued)** | **JNL/BlackRock Global Allocation Fund — Forward Foreign Currency Contracts (continued)** | **JNL/BlackRock Global Allocation Fund — Forward Foreign Currency Contracts (continued)** | **JNL/BlackRock Global Allocation Fund — Forward Foreign Currency Contracts (continued)** | **JNL/BlackRock Global Allocation Fund — Forward Foreign Currency Contracts (continued)** | **JNL/BlackRock Global Allocation Fund — Forward Foreign Currency Contracts (continued)** |
| **Purchased/Sold** | **Counterparty** | **Expiration** | **Notional<sup>1</sup>** | **Notional<sup>1</sup>** | **Value ($)** | **Unrealized**<br> **Appreciation**<br> (Depreciation) ($) |
| USD/COP | JPM | 07/22/25 | COP | (20115303) | (4910) | (171) |
| USD/CZK | DUB | 07/22/25 | CZK | (18070) | (861) | (45) |
| USD/CZK | RBS | 07/22/25 | CZK | (39877) | (1901) | (107) |
| USD/EGP | CIT | 10/02/25 | EGP | (7036) | (137) |  |
| USD/EUR | DUB | 07/16/25 | EUR | (1232) | (1452) | (51) |
| USD/EUR | MSC | 07/16/25 | EUR | (97) | (114) | (4) |
| USD/EUR | RBC | 07/22/25 | EUR | (309) | (365) | (17) |
| USD/EUR | BCL | 09/17/25 | EUR | (1054) | (1248) | (19) |
| USD/EUR | BOA | 09/17/25 | EUR | (4577) | (5420) | (66) |
| USD/EUR | DUB | 09/17/25 | EUR | (13420) | (15891) | (465) |
| USD/GBP | RBS | 09/17/25 | GBP | (6285) | (8632) | (139) |
| USD/GBP | UBS | 09/17/25 | GBP | (28924) | (39723) | (638) |
| USD/HKD | HSB | 08/15/25 | HKD | (44633) | (5711) | 44 |
| USD/HKD | UBS | 09/17/25 | HKD | (201957) | (25900) | 16 |
| USD/HUF | GSC | 07/22/25 | HUF | (66130) | (195) | (11) |
| USD/HUF | HSB | 07/22/25 | HUF | (142049) | (418) | (26) |
| USD/IDR | DUB | 07/22/25 | IDR | (10491167) | (646) | (13) |
| USD/IDR | GSC | 07/22/25 | IDR | (18139106) | (1116) | (25) |
| USD/IDR | MSC | 07/22/25 | IDR | (63590786) | (3914) | (97) |
| USD/IDR | BNP | 09/17/25 | IDR | (591996) | (36) |  |
| USD/INR | JPM | 09/17/25 | INR | (44525) | (517) | 1 |
| USD/JPY | JPM | 09/17/25 | JPY | (626085) | (4386) | (20) |
| USD/JPY | MSC | 09/17/25 | JPY | (747597) | (5238) | 18 |
| USD/MXN | CIT | 07/22/25 | MXN | (124402) | (6615) | (233) |
| USD/MXN | BOA | 09/17/25 | MXN | (62492) | (3303) | (57) |
| USD/MYR | GSC | 07/22/25 | MYR | (2068) | (492) | (2) |
| USD/MYR | MSC | 07/22/25 | MYR | (25804) | (6133) | (124) |
| USD/NOK | BOA | 07/25/25 | NOK | (3048) | (302) | (2) |
| USD/NOK | CIT | 09/17/25 | NOK | (120087) | (11920) | (34) |
| USD/PEN | DUB | 07/22/25 | PEN | (4650) | (1312) | (40) |
| USD/PEN | DUB | 07/25/25 | PEN | (1329) | (375) | (6) |
| USD/PHP | BCL | 07/22/25 | PHP | (35305) | (627) | 3 |
| USD/PHP | BOA | 07/22/25 | PHP | (7432) | (132) |  |
| USD/PLN | GSC | 07/22/25 | PLN | (6163) | (1709) | (72) |
| USD/PLN | HSB | 07/22/25 | PLN | (14827) | (4111) | (206) |
| USD/THB | BCL | 07/22/25 | THB | (82304) | (2536) | (48) |
| USD/TRY | BCL | 07/31/25 | TRY | (14229) | (349) | (21) |
| USD/TRY | BCL | 09/02/25 | TRY | (15839) | (376) | (9) |
| USD/TRY | BCL | 09/26/25 | TRY | (4578) | (106) | (5) |
| USD/TRY | UBS | 09/26/25 | TRY | (10494) | (244) | (18) |
| USD/TRY | BCL | 10/24/25 | TRY | (14782) | (336) | (20) |
| USD/TWD | BNP | 07/15/25 | TWD | (6911) | (237) | (7) |
| USD/UYU | GSC | 07/22/25 | UYU | (8834) | (219) | (8) |
| USD/ZAR | CIB | 07/22/25 | ZAR | (6682) | (377) | (7) |
| USD/ZAR | HSB | 07/22/25 | ZAR | (107648) | (6071) | (149) |
| USD/ZAR | TDB | 07/22/25 | ZAR | (7644) | (431) | (5) |
| USD/ZAR | UBS | 07/22/25 | ZAR | (47643) | (2687) | (87) |
| ZAR/EUR | JPM | 09/17/25 | EUR | (6088) | (7208) | (198) |
| ZAR/USD | CIB | 07/22/25 | ZAR | 6817 | 384 | 1 |
| ZAR/USD | JPM | 07/25/25 | ZAR | 59723 | 3367 | 82 |
| ZAR/USD | JPM | 09/17/25 | ZAR | 54024 | 3034 | 6 |
|  |  |  |  |  | 317333 | 2869 |

---

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **JNL/BlackRock Global Allocation Fund — OTC Interest Rate Swap Agreements** | **JNL/BlackRock Global Allocation Fund — OTC Interest Rate Swap Agreements** | **JNL/BlackRock Global Allocation Fund — OTC Interest Rate Swap Agreements** | **JNL/BlackRock Global Allocation Fund — OTC Interest Rate Swap Agreements** | **JNL/BlackRock Global Allocation Fund — OTC Interest Rate Swap Agreements** | **JNL/BlackRock Global Allocation Fund — OTC Interest Rate Swap Agreements** | **JNL/BlackRock Global Allocation Fund — OTC Interest Rate Swap Agreements** | **JNL/BlackRock Global Allocation Fund — OTC Interest Rate Swap Agreements** | **JNL/BlackRock Global Allocation Fund — OTC Interest Rate Swap Agreements** |
| **Floating Rate Index<sup>2</sup>** | **Paying/**<br> **Receiving**<br> **Floating Rate** | **Counterparty** | **Fixed**<br> **Rate<sup>2</sup> (%)** | **Expiration** | **Notional<sup>1</sup>** | **Notional<sup>1</sup>** | **Premiums Paid**<br> (Received) ($) | **Value/**<br> **Unrealized**<br> **Appreciation**<br> (Depreciation) ($) |
| BRAZIBOR (A) | Paying | BCL | 11.83<br> (A) | 07/01/25 | BRL | 982 |  | (1) |
| BRAZIBOR (A) | Paying | BCL | 14.67<br> (A) | 07/01/25 | BRL | 10908 |  |  |
| BRAZIBOR (A) | Receiving | BCL | 14.18<br> (A) | 01/02/26 | BRL | 5496 |  |  |
| BRAZIBOR (A) | Receiving | BCL | 14.79<br> (A) | 01/02/26 | BRL | 2473 |  |  |
| BRAZIBOR (A) | Paying | BCL | 13.33<br> (A) | 01/02/29 | BRL | 1021 |  | 1 |
| BRAZIBOR (A) | Paying | BCL | 14.03<br> (A) | 01/02/29 | BRL | 2269 |  | 10 |
| BRAZIBOR (A) | Paying | BCL | 13.34<br> (A) | 01/02/29 | BRL | 4562 |  | 6 |
| BRAZIBOR (A) | Paying | BCL | 13.00<br> (A) | 01/02/29 | BRL | 18531 |  | (4) |
| BRAZIBOR (A) | Paying | BCL | 13.04<br> (A) | 01/02/31 | BRL | 2959 |  | (2) |
| BRAZIBOR (A) | Paying | BNP | 10.98<br> (A) | 07/01/25 | BRL | 11514 |  | (23) |
| BRAZIBOR (A) | Paying | BNP | 10.12<br> (A) | 01/04/27 | BRL | 150 |  | (2) |

---

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page [607](#abbreviations).

**JNL Series Trust** (Unaudited)

**Schedules of Investments (in thousands)**

June 30, 2025

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **JNL/BlackRock Global Allocation Fund — OTC Interest Rate Swap Agreements (continued)** | **JNL/BlackRock Global Allocation Fund — OTC Interest Rate Swap Agreements (continued)** | **JNL/BlackRock Global Allocation Fund — OTC Interest Rate Swap Agreements (continued)** | **JNL/BlackRock Global Allocation Fund — OTC Interest Rate Swap Agreements (continued)** | **JNL/BlackRock Global Allocation Fund — OTC Interest Rate Swap Agreements (continued)** | **JNL/BlackRock Global Allocation Fund — OTC Interest Rate Swap Agreements (continued)** | **JNL/BlackRock Global Allocation Fund — OTC Interest Rate Swap Agreements (continued)** | **JNL/BlackRock Global Allocation Fund — OTC Interest Rate Swap Agreements (continued)** | **JNL/BlackRock Global Allocation Fund — OTC Interest Rate Swap Agreements (continued)** |
| **Floating Rate Index<sup>2</sup>** | **Paying/**<br> **Receiving**<br> **Floating Rate** | **Counterparty** | **Fixed**<br> **Rate<sup>2</sup> (%)** | **Expiration** | **Notional<sup>1</sup>** | **Notional<sup>1</sup>** | **Premiums Paid**<br> (Received) ($) | **Value/**<br> **Unrealized**<br> **Appreciation**<br> (Depreciation) ($) |
| BRAZIBOR (A) | Paying | BNP | 9.79<br> (A) | 01/04/27 | BRL | 4784 |  | (63) |
| BRAZIBOR (A) | Paying | BNP | 10.03<br> (A) | 01/04/27 | BRL | 19707 |  | (277) |
| BRAZIBOR (A) | Paying | BNP | 10.12<br> (A) | 01/04/27 | BRL | 26802 |  | (364) |
| BRAZIBOR (A) | Paying | BOA | 12.16<br> (A) | 07/01/25 | BRL | 11745 |  | (11) |
| BRAZIBOR (A) | Paying | BOA | 9.97<br> (A) | 01/04/27 | BRL | 22621 |  | (319) |
| BRAZIBOR (A) | Paying | BOA | 10.12<br> (A) | 01/04/27 | BRL | 27934 |  | (380) |
| BRAZIBOR (A) | Paying | BOA | 12.95<br> (A) | 01/02/29 | BRL | 10350 |  | (4) |
| BRAZIBOR (A) | Paying | BOA | 13.00<br> (A) | 01/02/29 | BRL | 12045 |  | (3) |
| BRAZIBOR (A) | Paying | BOA | 13.12<br> (A) | 01/02/29 | BRL | 48379 |  | 10 |
| Colombian Interbank Rate (A) | Receiving | BCL | 8.07<br> (A) | 09/17/26 | COP | 115948 |  |  |
| Colombian Interbank Rate (Q) | Receiving | BCL | 7.25<br> (Q) | 09/25/26 | COP | 257662 |  | 1 |
| Colombian Interbank Rate (Q) | Receiving | BCL | 8.23<br> (Q) | 09/17/30 | COP | 3391133 |  | 16 |
| Colombian Interbank Rate (Q) | Receiving | MSC | 8.64<br> (Q) | 04/04/30 | COP | 3817872 |  | 1 |
| Colombian Interbank Rate (Q) | Receiving | MSC | 8.34<br> (Q) | 09/17/30 | COP | 3717980 |  | 13 |
|  |  |  |  |  |  |  |  | (1395) |

---

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **JNL/BlackRock Global Allocation Fund — OTC Credit Default Swap Agreements** | **JNL/BlackRock Global Allocation Fund — OTC Credit Default Swap Agreements** | **JNL/BlackRock Global Allocation Fund — OTC Credit Default Swap Agreements** | **JNL/BlackRock Global Allocation Fund — OTC Credit Default Swap Agreements** | **JNL/BlackRock Global Allocation Fund — OTC Credit Default Swap Agreements** | **JNL/BlackRock Global Allocation Fund — OTC Credit Default Swap Agreements** | **JNL/BlackRock Global Allocation Fund — OTC Credit Default Swap Agreements** | **JNL/BlackRock Global Allocation Fund — OTC Credit Default Swap Agreements** | **JNL/BlackRock Global Allocation Fund — OTC Credit Default Swap Agreements** |
| **Reference Entity<sup>2</sup>** | **Counter-party** | **Implied**<br> **Credit**<br> **Spread** <br> **(%)** | **Fixed**<br> **Receive/**<br> **Pay Rate** <br> **(%)** | **Expiration** | **Notional<sup>1</sup> ($)** | **Value ($)** | **Premiums**<br> **Paid**<br> (Received) ($) | **Unrealized**<br> **Appreciation**<br> (Depreciation) ($) |
|  **Credit default swap agreements - purchase protection** | **Credit default swap agreements - purchase protection** | **Credit default swap agreements - purchase protection** | **Credit default swap agreements - purchase protection** | **Credit default swap agreements - purchase protection** | **Credit default swap agreements - purchase protection** | **Credit default swap agreements - purchase protection** | **Credit default swap agreements - purchase protection** | **Credit default swap agreements - purchase protection** |
| Ally Financial Inc. (Q)  | GSC | N/A | 5.00 | 06/20/30  | 380  | (63)  | (58)  | (5)  |
| Boeing Company, The (Q)  | DUB | N/A | 1.00 | 12/20/28  | 1300  | (18)  | (7)  | (11)  |
| Boeing Company, The (Q)  | JPM | N/A | 1.00 | 06/20/29  | 1300  | (19)  | 16  | (35)  |
| BorgWarner Inc. (Q)  | BNP | N/A | 1.00 | 12/20/27  | 210  | (3)  | 3  | (6)  |
| Community Health Systems, Inc. (Q)  | GSC | N/A | 5.00 | 06/20/26  | 80  | —  | 8  | (8)  |
| Community Health Systems, Inc. (Q)  | GSC | N/A | 5.00 | 06/20/26  | 50  | —  | 4  | (4)  |
| Deutsche Bank Aktiengesellschaft (Q)  | BNP | N/A | 1.00 | 12/20/29  | 752  | (9)  | (4)  | (5)  |
| DXC Technology Company (Q)  | JPM | N/A | 5.00 | 06/20/29  | 225  | (34)  | (29)  | (5)  |
| DXC Technology Company (Q)  | JPM | N/A | 5.00 | 06/20/29  | 112  | (17)  | (13)  | (4)  |
| Hertz Vehicle Financing II LP (Q)  | JPM | N/A | 5.00 | 12/20/25  | 60  | 1  | 2  | (1)  |
| Intesa Sanpaolo SPA (Q)  | JPM | N/A | 1.00 | 12/20/29  | 722  | (4)  | (1)  | (3)  |
| Intesa Sanpaolo SPA (Q)  | BNP | N/A | 1.00 | 06/20/30  | 802  | (21)  | (15)  | (6)  |
| Southwest Airlines Co. (Q)  | GSC | N/A | 1.00 | 06/20/30  | 905  | 1  | 6  | (5)  |
| Occidental Petroleum Corporation (Q)  | DUB | N/A | 1.00 | 06/20/30  | 230  | (1)  | (1)  | —  |
| Government of the Republic of Panama (Q)  | MSC | N/A | 1.00 | 06/20/30  | 90  | 3  | 4  | (1)  |
| Paramount Global (Q)  | BCL | N/A | 1.00 | 06/20/28  | 68  | (1)  | 3  | (4)  |
| Paramount Global (Q)  | BCL | N/A | 1.00 | 06/20/28  | 63  | (1)  | 3  | (4)  |
| Pitney Bowes Inc. (Q)  | BCL | N/A | 1.00 | 12/20/27  | 80  | —  | 20  | (20)  |
| Pitney Bowes Inc. (Q)  | BOA | N/A | 1.00 | 12/20/27  | 115  | —  | 24  | (24)  |
| Pitney Bowes Inc. (Q)  | CIT | N/A | 1.00 | 12/20/27  | 60  | 1  | 17  | (16)  |
| Pitney Bowes Inc. (Q)  | CIT | N/A | 1.00 | 12/20/27  | 40  | —  | 11  | (11)  |
| Pitney Bowes Inc. (Q)  | GSC | N/A | 1.00 | 12/20/27  | 70  | —  | 18  | (18)  |
| Simon Property Group, Inc. (Q)  | JPM | N/A | 1.00 | 06/20/28  | 645  | (11)  | 16  | (27)  |
| Simon Property Group, L.P. (Q)  | BNP | N/A | 1.00 | 06/20/30  | 185  | (4)  | (1)  | (3)  |
| Telecom Italia S.p.A. (Q)  | GSC | N/A | 1.00 | 12/20/29  | 323  | 2  | 14  | (12)  |
| UBS Group AG (Q)  | JPM | N/A | 1.00 | 06/20/28  | 1318  | (27)  | 37  | (64)  |
| Xerox Corporation (Q)  | JPM | N/A | 1.00 | 12/20/27  | 120  | 19  | 14  | 5  |
|  |  |  |  |  | 10305 | (206) | 91 | (297) |
|  **Credit default swap agreements - sell protection** | **Credit default swap agreements - sell protection** | **Credit default swap agreements - sell protection** | **Credit default swap agreements - sell protection** | **Credit default swap agreements - sell protection** | **Credit default swap agreements - sell protection** | **Credit default swap agreements - sell protection** | **Credit default swap agreements - sell protection** | **Credit default swap agreements - sell protection** |
| ITRAXX.EUR.XO.42.V2 (Q)  | BNP | 2.70 | 5.00 | 12/20/29  | (1339)  | 122  | 142  | (20)  |
| AXA (Q)  | BNP | 0.45 | 1.00 | 06/20/30  | (802)  | 21  | 15  | 6  |
| Forvia (Q)  | GSC | 3.72 | 5.00 | 12/20/29  | (189)  | 10  | 12  | (2)  |
| Eutelsat SA (Q)  | DUB | 2.71 | 5.00 | 12/20/29  | (187)  | 17  | (16)  | 33  |
| Eutelsat SA (Q)  | JPM | 2.88 | 5.00 | 06/20/30  | (209)  | 20  | 6  | 14  |
| Hannover Ruck SE (Q)  | BNP | 0.78 | 1.00 | 12/20/29  | (376)  | 4  | 2  | 2  |
| Munchener Ruckversicherungs-Gesellschaft Aktiengesellschaft in Munchen (Q)  | BNP | 0.76 | 1.00 | 12/20/29  | (376)  | 4  | 2  | 2  |
| Altice France Holding S.A. (Q)  | DUB | 0.00 | 5.00 | 12/20/29  | (545)  | (87)  | (86)  | (1)  |
| Swedbank AB (Q)  | JPM | 0.97 | 1.00 | 12/20/29  | (722)  | 1  | (2)  | 3  |
| Vistra Operations Company LLC (Q)  | CIT | 0.71 | 5.00 | 12/20/29  | (120)  | 21  | 21  | —  |
| Vistra Operations Company LLC (Q)  | JPM | 0.33 | 5.00 | 12/20/25  | (337)  | 8  | 18  | (10)  |
| Vistra Corp. (Q)  | JPM | 0.71 | 5.00 | 12/20/29  | (65)  | 11  | 11  | —  |
|  |  |  |  |  | (5267) | 152 | 125 | 27 |

---

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page [607](#abbreviations).

**JNL Series Trust** (Unaudited)

**Schedules of Investments (in thousands)**

June 30, 2025

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **JNL/BlackRock Global Allocation Fund — OTC Contracts for Difference** | **JNL/BlackRock Global Allocation Fund — OTC Contracts for Difference** | **JNL/BlackRock Global Allocation Fund — OTC Contracts for Difference** | **JNL/BlackRock Global Allocation Fund — OTC Contracts for Difference** | **JNL/BlackRock Global Allocation Fund — OTC Contracts for Difference** | **JNL/BlackRock Global Allocation Fund — OTC Contracts for Difference** | **JNL/BlackRock Global Allocation Fund — OTC Contracts for Difference** |
| **Reference Entity<sup>2</sup>** | **Counter-party** | **Financing Fee<sup>2</sup>** | **Expiration** | **Contracts<sup>1</sup>**<br> **Long**<br> (Short) | **Notional<sup>1</sup>** | **Value/**<br> **Unrealized Appreciation (Depreciation) ($)** |
| Abbott Laboratories (MT) | BOA | OBFR -0.15% (M) | TBD | (4224) | (563) | (11) |
| ABN AMRO Bank N.V. (MT) | BOA | OBFR -0.26% (M) | TBD | (36096) | (949) | (41) |
| Adyen N.V. (MT) | JPM | OBFR +0.00% (M) | TBD | 1343 | 2616 | (153) |
| Albemarle Corporation (MT) | BOA | OBFR -0.15% (M) | TBD | (10861) | (628) | (59) |
| Alexandria Real Estate Equities, Inc. (MT) | BOA | OBFR -0.15% (M) | TBD | (5338) | (391) | (3) |
| ALFA, S.A.B. de C.V. (MT) | JPM | OBFR -0.50% (M) | TBD | (235243) | (186) | 13 |
| ALFA, S.A.B. de C.V. (MT) | BOA | OBFR -0.85% (M) | TBD | (92044) | (66) | (2) |
| Alstom (MT) | BOA | OBFR -0.26% (M) | TBD | (30250) | (642) | (63) |
| AMC Networks, Inc. (MT) | JPM | OBFR +0.20% (M) | TBD | 28632 | 193 | (14) |
| AppLovin Corporation (MT) | BOA | OBFR -0.15% (M) | TBD | (2841) | (953) | (41) |
| Atlantic Union Bank (MT) | JPM | OBFR -0.15% (M) | TBD | (2320) | (73) | (1) |
| Avolta AG (MT) | BOA | OBFR -0.26% (M) | TBD | (9717) | (502) | (25) |
| Avolta AG (MT) | JPM | OBFR -0.26% (M) | TBD | (56) | (3) | (2) |
| Axon Enterprise, Inc. (MT) | BOA | OBFR -0.15% (M) | TBD | (714) | (559) | (32) |
| Bachem Holding AG (MT) | JPM | OBFR -0.26% (M) | TBD | (3317) | (224) | (19) |
| Barratt Redrow PLC (MT) | BOA | OBFR -0.25% (M) | TBD | (32377) | (206) | 4 |
| Barry Callebaut AG (MT) | JPM | OBFR -0.47% (M) | TBD | (484) | (518) | (10) |
| BASF SE (MT) | BOA | OBFR -0.26% (M) | TBD | (40699) | (1937) | (69) |
| BASF SE (MT) | JPM | OBFR -0.26% (M) | TBD | (2655) | (128) | (3) |
| BE Semiconductor Industries N.V. (MT) | BOA | OBFR -0.26% (M) | TBD | (7529) | (1091) | (37) |
| Brandywine Realty Trust (MT) | JPM | OBFR -0.15% (M) | TBD | (813) | (4) |  |
| Brookfield Asset Management Ltd. (MT) | BOA | OBFR -0.20% (M) | TBD | (55916) | (3020) | (97) |
| Brown-Forman Corporation (MT) | BOA | OBFR -0.15% (M) | TBD | (12148) | (321) | (6) |
| Builders FirstSource, Inc. (MT) | BOA | OBFR -0.15% (M) | TBD | (4225) | (503) | 11 |
| C.H. Robinson Worldwide, Inc. (MT) | BOA | OBFR -0.15% (M) | TBD | (11484) | (1079) | (29) |
| Canadian Pacific Kansas City Limited (MT) | BOA | OBFR -0.25% (M) | TBD | (7089) | (566) | 2 |
| Chailease Holding Company Limited (MT) | BOA | OBFR -0.35% (M) | TBD | (106888) | (435) | (27) |
| China International Capital Corporation Limited (MT) | BOA | OBFR -0.30% (M) | TBD | (483600) | (996) | (102) |
| China Overseas Land & Investment Limited (MT) | BOA | OBFR -0.30% (M) | TBD | (223500) | (380) | (18) |
| China Railway Group Limited (MT) | BOA | OBFR -0.17% (M) | TBD | (735000) | (344) | (9) |
| China Resources Power Holdings Company Limited (MT) | BOA | OBFR -0.30% (M) | TBD | (426511) | (1016) | (51) |
| China Resources Power Holdings Company Limited (MT) | JPM | OBFR -0.30% (M) | TBD | (1866) | (5) |  |
| Clariant AG (MT) | JPM | OBFR -0.26% (M) | TBD | (5365) | (59) | (1) |
| Clariant AG (MT) | BOA | OBFR -0.26% (M) | TBD | (30872) | (313) | (14) |
| Coinbase Global, Inc. (MT) | BOA | OBFR -0.15% (M) | TBD | (3037) | (934) | (130) |
| Community Financial System, Inc. (MT) | JPM | OBFR -0.15% (M) | TBD | (2206) | (126) |  |
| Constellation Energy Group, Inc. (MT) | BOA | OBFR -0.15% (M) | TBD | (1826) | (576) | (13) |
| Convatec Group PLC (MT) | BOA | OBFR -0.25% (M) | TBD | (127281) | (499) | (5) |
| Cosan S.A. (MT) | JPM | OBFR -0.40% (M) | TBD | (113122) | (162) | 20 |
| Cosan S.A. (MT) | BOA | OBFR -0.30% (M) | TBD | (51030) | (64) |  |
| CoStar Group, Inc. (MT) | BOA | OBFR -0.15% (M) | TBD | (19956) | (1597) | (6) |
| CRRC Corporation Limited (MT) | BOA | OBFR -0.30% (M) | TBD | (520000) | (317) | (12) |
| CVB Financial Corp. (MT) | JPM | OBFR -0.15% (M) | TBD | (5610) | (107) | (3) |
| Derayah Financial (MT) | JPM | OBFR +0.75% (M) | TBD | 14191 | 98 | 6 |
| Diamondback Energy, Inc. (MT) | BOA | OBFR -0.15% (M) | TBD | (1806) | (255) | 7 |
| DiaSorin S.p.A. (MT) | BOA | OBFR -0.26% (M) | TBD | (2945) | (319) | 4 |
| DISCO Corporation (MT) | BOA | OBFR -0.10% (M) | TBD | (700) | (183) | (22) |
| DMG Mori Co., Ltd. (MT) | BOA | OBFR -0.25% (M) | TBD | (33781) | (710) | (83) |
| Dollar Tree, Inc. (MT) | BOA | OBFR -0.15% (M) | TBD | (15148) | (1523) | 23 |
| Eagle Bancorp, Inc. (MT) | JPM | OBFR +0.20% (M) | TBD | 5166 | 91 | 10 |
| Ecolab Inc. (MT) | BOA | OBFR -0.15% (M) | TBD | (3679) | (979) | (13) |
| Elevance Health, Inc. (MT) | BOA | OBFR -0.15% (M) | TBD | (2163) | (806) | (38) |
| Enphase Energy, Inc. (MT) | JPM | OBFR -0.15% (M) | TBD | (249) | (11) | 1 |
| Enphase Energy, Inc. (MT) | BOA | OBFR -0.15% (M) | TBD | (11191) | (387) | (57) |
| Entain PLC (MT) | BOA | OBFR -0.25% (M) | TBD | (15906) | (182) | (14) |
| eToro Group Ltd. (MT) | BCL | OBFR -3.75% (M) | TBD | (10067) | (608) | (62) |
| Expand Energy Corporation (MT) | BOA | OBFR -0.15% (M) | TBD | (26774) | (3250) | 122 |
| Fastenal Company (MT) | BOA | OBFR -0.15% (M) | TBD | (24969) | (1031) | (17) |
| FedEx Corporation (MT) | BOA | OBFR +0.00% (M) | TBD | (714) | (162) |  |

---

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page [607](#abbreviations).

**JNL Series Trust** (Unaudited)

**Schedules of Investments (in thousands)**

June 30, 2025

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **JNL/BlackRock Global Allocation Fund — OTC Contracts for Difference (continued)** | **JNL/BlackRock Global Allocation Fund — OTC Contracts for Difference (continued)** | **JNL/BlackRock Global Allocation Fund — OTC Contracts for Difference (continued)** | **JNL/BlackRock Global Allocation Fund — OTC Contracts for Difference (continued)** | **JNL/BlackRock Global Allocation Fund — OTC Contracts for Difference (continued)** | **JNL/BlackRock Global Allocation Fund — OTC Contracts for Difference (continued)** | **JNL/BlackRock Global Allocation Fund — OTC Contracts for Difference (continued)** |
| **Reference Entity<sup>2</sup>** | **Counter-party** | **Financing Fee<sup>2</sup>** | **Expiration** | **Contracts<sup>1</sup>**<br> **Long**<br> (Short) | **Notional<sup>1</sup>** | **Value/**<br> **Unrealized Appreciation (Depreciation) ($)** |
| Flagstar Financial, Inc. (MT) | JPM | OBFR +0.20% (M) | TBD | 91333 | 1082 | (116) |
| Flynas Company (MT) | JPM | OBFR +0.75% (M) | TBD | 16478 | 352 | 9 |
| Formosa Chemicals & Fibre Corporation (MT) | JPM | OBFR -0.35% (M) | TBD | (3000) | (2) |  |
| Formosa Chemicals & Fibre Corporation (MT) | BOA | OBFR -0.10% (M) | TBD | (231000) | (173) | (8) |
| Formosa Plastics Corporation (MT) | BOA | OBFR -0.10% (M) | TBD | (308000) | (360) | (7) |
| Fujitsu Limited (MT) | BOA | OBFR -0.11% (M) | TBD | (36900) | (839) | (58) |
| G&L Beijer Ref AB (MT) | JPM | OBFR -0.28% (M) | TBD | (16483) | (254) | (5) |
| G&L Beijer Ref AB (MT) | BOA | OBFR -0.26% (M) | TBD | (3467) | (53) | (2) |
| Georg Fischer AG (MT) | JPM | OBFR -0.26% (M) | TBD | (1968) | (157) | (4) |
| Georg Fischer AG (MT) | BOA | OBFR -0.26% (M) | TBD | (3802) | (291) | (21) |
| Grifols, S.A. (MT) | BOA | OBFR -0.26% (M) | TBD | (64319) | (751) | (35) |
| Harmonic Drive Systems Inc. (MT) | BOA | OBFR -0.13% (M) | TBD | (23700) | (419) | (39) |
| Harmonic Drive Systems Inc. (MT) | JPM | OBFR -0.25% (M) | TBD | (2100) | (43) | 2 |
| Hoshizaki Corporation (MT) | BOA | OBFR -0.10% (M) | TBD | (7900) | (269) | (8) |
| IBIDEN Co., Ltd. (MT) | BOA | OBFR -0.10% (M) | TBD | (10300) | (410) | (42) |
| IHI Corporation (MT) | BOA | OBFR -0.10% (M) | TBD | (8900) | (933) | (30) |
| Impala Platinum Holdings Limited (MT) | JPM | OBFR -0.40% (M) | TBD | (85051) | (722) | (43) |
| Informatica Inc. (MT) | JPM | OBFR +0.20% (M) | TBD | 5264 | 127 | 1 |
| Innolux Corporation (MT) | BOA | OBFR -0.35% (M) | TBD | (1366000) | (522) | (27) |
| InPost S.A. (MT) | JPM | OBFR -0.26% (M) | TBD | (3515) | (58) |  |
| Intel Corporation (MT) | BOA | OBFR -0.15% (M) | TBD | (36734) | (778) | (44) |
| International Paper Company (MT) | JPM | OBFR -0.25% (M) | TBD | (14838) | (703) | 8 |
| International Paper Company (MT) | BOA | OBFR -0.15% (M) | TBD | (35036) | (1615) | (24) |
| International Paper Company (MT) | BOA | OBFR -0.15% (M) | TBD | (29261) | (1349) | (10) |
| iShares iBoxx $ High Yield Corporate Bond ETF (MT) | BOA | OBFR -1.30% (M) | TBD | (30826) | (2465) | (20) |
| iShares iBoxx $ Investment Grade Corporate Bond ETF (MT) | JPM | OBFR -0.81% (M) | TBD | (32765) | (3514) | (83) |
| Japan Steel Works, Ltd., The (MT) | BOA | OBFR -0.15% (M) | TBD | (5800) | (315) | (16) |
| JD Health International Inc. (MT) | BOA | OBFR -0.30% (M) | TBD | (168400) | (852) | (76) |
| JD Sports Fashion PLC (MT) | BOA | OBFR -0.25% (M) | TBD | (493315) | (478) | (127) |
| JD Sports Fashion PLC (MT) | JPM | OBFR -0.25% (M) | TBD | (56619) | (63) | (6) |
| KADOKAWA Future Publishing Co., Ltd. (MT) | BOA | OBFR -0.14% (M) | TBD | (20600) | (541) | (34) |
| Kawasaki Heavy Industries, Ltd. (MT) | BOA | OBFR -0.10% (M) | TBD | (11200) | (782) | (82) |
| Kenvue Inc. (MT) | BOA | OBFR -0.15% (M) | TBD | (7680) | (164) | 4 |
| Kering (MT) | BOA | OBFR +0.00% (M) | TBD | (5688) | (1151) | (80) |
| Kobayashi Pharmaceutical Co., Ltd. (MT) | BOA | OBFR -0.10% (M) | TBD | (10100) | (376) | (8) |
| Kobe Bussan Co., Ltd. (MT) | BOA | OBFR -0.10% (M) | TBD | (17400) | (534) | (7) |
| Kuaishou Technology (MT) | BOA | OBFR -0.26% (M) | TBD | (85400) | (631) | (62) |
| Lamb Weston Holdings, Inc. (MT) | JPM | OBFR -0.15% (M) | TBD | (1196) | (67) | 4 |
| Lamb Weston Holdings, Inc. (MT) | BOA | OBFR -0.15% (M) | TBD | (14321) | (775) | 33 |
| LG Energy Solution Ltd. (MT) | BOA | OBFR -0.35% (M) | TBD | (1359) | (289) | (11) |
| Li Auto Inc. (MT) | BOA | OBFR -0.15% (M) | TBD | (71900) | (987) | 5 |
| LKQ Corporation (MT) | BOA | OBFR -0.15% (M) | TBD | (36534) | (1365) | 14 |
| Localiza Rent A Car SA (MT) | JPM | OBFR -0.50% (M) | TBD | (29826) | (233) | 7 |
| Lynas Rare Earths Limited (MT) | JPM | OBFR -0.25% (M) | TBD | (116011) | (709) | 52 |
| Marfrig Global Foods S.A (MT) | JPM | OBFR -4.25% (M) | TBD | (65744) | (296) | 18 |
| Marfrig Global Foods S.A (MT) | BOA | OBFR -0.41% (M) | TBD | (60260) | (266) | 12 |
| MatsukiyoCocokara & Co. (MT) | BOA | OBFR -0.25% (M) | TBD | (40500) | (807) | (26) |
| Meituan (MT) | BOA | OBFR -0.15% (M) | TBD | (19200) | (321) | 13 |
| Mercari, Inc. (MT) | JPM | OBFR -0.25% (M) | TBD | (34) | (1) |  |
| Mercari, Inc. (MT) | BOA | OBFR -0.25% (M) | TBD | (61698) | (1147) | 7 |
| Mineral Resources Limited (MT) | JPM | OBFR -0.25% (M) | TBD | (66870) | (1086) | 136 |
| Mitsubishi Heavy Industries, Ltd. (MT) | BOA | OBFR -0.15% (M) | TBD | (17600) | (411) | (28) |
| Mizuho Bank, Ltd. (MT) | BOA | OBFR -0.10% (M) | TBD | (25600) | (548) | (39) |
| MMG Limited (MT) | BOA | OBFR -0.30% (M) | TBD | (1212000) | (511) | (84) |
| Molina Healthcare, Inc. (MT) | BOA | OBFR -0.15% (M) | TBD | (1082) | (315) | (7) |
| MonotaRO Co., Ltd. (MT) | BOA | OBFR -0.24% (M) | TBD | (7000) | (139) | (1) |
| Natura & Co Holding S.A. (MT) | JPM | OBFR -0.40% (M) | TBD | (33507) | (62) | (6) |
| Natura & Co Holding S.A. (MT) | BOA | OBFR -0.41% (M) | TBD | (45201) | (84) | (8) |
| Nec Corporation (MT) | BOA | OBFR -0.10% (M) | TBD | (39400) | (1068) | (78) |
| Neste Oyj (MT) | BOA | OBFR -0.26% (M) | TBD | (63147) | (853) | (3) |

---

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page [607](#abbreviations).

**JNL Series Trust** (Unaudited)

**Schedules of Investments (in thousands)**

June 30, 2025

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **JNL/BlackRock Global Allocation Fund — OTC Contracts for Difference (continued)** | **JNL/BlackRock Global Allocation Fund — OTC Contracts for Difference (continued)** | **JNL/BlackRock Global Allocation Fund — OTC Contracts for Difference (continued)** | **JNL/BlackRock Global Allocation Fund — OTC Contracts for Difference (continued)** | **JNL/BlackRock Global Allocation Fund — OTC Contracts for Difference (continued)** | **JNL/BlackRock Global Allocation Fund — OTC Contracts for Difference (continued)** | **JNL/BlackRock Global Allocation Fund — OTC Contracts for Difference (continued)** |
| **Reference Entity<sup>2</sup>** | **Counter-party** | **Financing Fee<sup>2</sup>** | **Expiration** | **Contracts<sup>1</sup>**<br> **Long**<br> (Short) | **Notional<sup>1</sup>** | **Value/**<br> **Unrealized Appreciation (Depreciation) ($)** |
| New Oriental Education & Technology Group Inc. (MT) | BOA | OBFR -0.17% (M) | TBD | (54200) | (259) | (34) |
| Nexi S.p.A. (MT) | BOA | OBFR -0.26% (M) | TBD | (72777) | (404) | (31) |
| NEXTDC Limited (MT) | JPM | OBFR -0.25% (M) | TBD | (50758) | (460) | (25) |
| Nice One (MT) | JPM | OBFR +0.00% (M) | TBD | 6765 | 59 | 1 |
| Nippon Express Co., Ltd. (MT) | BOA | OBFR -0.25% (M) | TBD | (1000) | (19) | (11) |
| Norfolk Southern Corporation (MT) | BOA | OBFR -0.15% (M) | TBD | (1890) | (485) | 2 |
| Northern Star Resources Ltd (MT) | JPM | OBFR -0.25% (M) | TBD | (11328) | (143) | 3 |
| Norwegian Cruise Line Holdings Ltd. (MT) | BOA | OBFR -0.15% (M) | TBD | (63181) | (1177) | (103) |
| Novozymes A/S (MT) | BOA | OBFR -0.26% (M) | TBD | (18022) | (1306) | 14 |
| NU Holdings Ltd. (MT) | BOA | OBFR -0.15% (M) | TBD | (44152) | (550) | (55) |
| Oji Holdings Corporation (MT) | BOA | OBFR -0.15% (M) | TBD | (106600) | (517) | (20) |
| Ono Pharmaceutical Co., Ltd. (MT) | BOA | OBFR -0.13% (M) | TBD | (54200) | (566) | (19) |
| Orlen S A (MT) | BOA | OBFR -0.50% (M) | TBD | (41469) | (930) | (15) |
| Packaging Corporation of America (MT) | BOA | OBFR -0.15% (M) | TBD | (4112) | (776) | (1) |
| Paramount Global (MT) | JPM | OBFR +0.20% (M) | TBD | 3204 | 38 | 3 |
| Parker-Hannifin Corporation (MT) | BOA | OBFR -0.15% (M) | TBD | (1901) | (1263) | (64) |
| Paycom Software, Inc. (MT) | BOA | OBFR -0.15% (M) | TBD | (1205) | (281) | 2 |
| Pentair Public Limited Company (MT) | BOA | OBFR -0.15% (M) | TBD | (8791) | (876) | (26) |
| Pernod Ricard (MT) | BOA | OBFR -0.26% (M) | TBD | (11842) | (1186) | 7 |
| POSCO Future M Co., Ltd. (MT) | JPM | OBFR +0.00% (M) | TBD | (276) | (0) | (6) |
| POSCO Future M Co., Ltd. (MT) | BOA | OBFR -16.00% (M) | TBD | (1803) | (164) | (6) |
| POSCO Future M Co., Ltd. (MT) | JPM | OBFR +0.00% (M) | TBD | (214) | (0) | (5) |
| POSCO Future M Co., Ltd. (MT) | JPM | OBFR -15.00% (M) | TBD | (2324) | (201) | (18) |
| Postal Savings Bank of China Co., Ltd. (MT) | BOA | OBFR -0.30% (M) | TBD | (1506000) | (1051) | (1) |
| Power Corporation of Canada (MT) | JPM | OBFR -0.25% (M) | TBD | (3584) | (137) | (4) |
| Provident Financial Services, Inc. (MT) | JPM | OBFR -0.15% (M) | TBD | (7913) | (133) | (7) |
| Rakuten Group, Inc. (MT) | JPM | OBFR -0.25% (M) | TBD | (99) | (1) |  |
| Rasan Information Technology Company (MT) | JPM | OBFR +0.75% (M) | TBD | 28982 | 621 | 49 |
| Renault (MT) | BOA | OBFR -0.26% (M) | TBD | (8304) | (368) | (15) |
| Restaurant Brands International Limited Partnership (MT) | BOA | OBFR -0.20% (M) | TBD | (11472) | (756) | (12) |
| ROHM Co., Ltd. (MT) | BOA | OBFR -0.10% (M) | TBD | (18000) | (217) | (17) |
| Sandoz Group AG (MT) | BOA | OBFR -0.26% (M) | TBD | (39467) | (2092) | (70) |
| Sapporo Holdings Limited (MT) | JPM | OBFR -0.25% (M) | TBD | (7600) | (384) | (6) |
| Sartorius Stedim Biotech (MT) | JPM | OBFR -0.26% (M) | TBD | (2572) | (570) | (44) |
| Sasol (MT) | JPM | OBFR -0.40% (M) | TBD | (45284) | (231) | 29 |
| SATS Ltd. (MT) | JPM | OBFR -0.30% (M) | TBD | (125000) | (303) | 4 |
| SBI Sumishin Net Bank, Ltd. (MT) | BOA | OBFR -1.11% (M) | TBD | (11100) | (369) | (6) |
| Seatrium Limited (MT) | JPM | OBFR -1.25% (M) | TBD | (153800) | (251) | 6 |
| Seatrium Limited (MT) | BOA | OBFR -1.50% (M) | TBD | (264400) | (416) | (3) |
| ServisFirst Bancshares, Inc. (MT) | JPM | OBFR -0.15% (M) | TBD | (1904) | (143) | (4) |
| SGH Limited (MT) | JPM | OBFR -0.25% (M) | TBD | (15678) | (554) | (3) |
| Sharp Corporation (MT) | JPM | OBFR -0.47% (M) | TBD | (52900) | (246) | (10) |
| Sharp Corporation (MT) | BOA | OBFR -1.34% (M) | TBD | (9200) | (41) | (3) |
| Shimano Inc. (MT) | BOA | OBFR -0.15% (M) | TBD | (1100) | (151) | (13) |
| Shin Kong Financial Holding Co., Ltd. (MT) | BOA | OBFR -0.35% (M) | TBD | (1091000) | (415) | (7) |
| Smurfit Westrock Public Limited Company (MT) | BOA | OBFR -0.15% (M) | TBD | (60655) | (2573) | (42) |
| Societe Generale (MT) | BOA | OBFR -0.26% (M) | TBD | (21067) | (1142) | (66) |
| Solventum Corporation (MT) | BOA | OBFR -0.15% (M) | TBD | (9997) | (732) | (25) |
| SPDR S&P Retail ETF (MT) | JPM | OBFR -0.15% (M) | TBD | (51255) | (3917) | (35) |
| Square Enix Holdings Co., Ltd. (MT) | BOA | OBFR -0.25% (M) | TBD | (2105) | (149) | (8) |
| Square Enix Holdings Co., Ltd. (MT) | JPM | OBFR -0.25% (M) | TBD | (169) | (11) | (11) |
| St. James's Place PLC (MT) | JPM | OBFR -0.25% (M) | TBD | (16896) | (257) | (17) |
| Starbucks Corporation (MT) | BOA | OBFR -0.15% (M) | TBD | (15421) | (1422) | 10 |
| SUMCO Corporation (MT) | BOA | OBFR -0.25% (M) | TBD | (73900) | (516) | (73) |
| Sumitomo Metal Mining Co., Ltd. (MT) | BOA | OBFR -0.10% (M) | TBD | (32900) | (744) | (74) |
| Sumitomo Mitsui Banking Corporation (MT) | BOA | OBFR -0.15% (M) | TBD | (20600) | (952) | (51) |
| Super Micro Computer, Inc. (MT) | BOA | OBFR -0.15% (M) | TBD | (33069) | (1352) | (268) |
| Swatch Group AG, The (MT) | BOA | OBFR -0.30% (M) | TBD | (3132) | (506) | (5) |
| Talabat Holding PLC (MT) | JPM | OBFR +0.75% (M) | TBD | 1182305 | 454 | (24) |
| Target Corporation (MT) | BOA | OBFR -0.15% (M) | TBD | (11642) | (1124) | (24) |

---

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page [607](#abbreviations).

**JNL Series Trust** (Unaudited)

**Schedules of Investments (in thousands)**

June 30, 2025

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **JNL/BlackRock Global Allocation Fund — OTC Contracts for Difference (continued)** | **JNL/BlackRock Global Allocation Fund — OTC Contracts for Difference (continued)** | **JNL/BlackRock Global Allocation Fund — OTC Contracts for Difference (continued)** | **JNL/BlackRock Global Allocation Fund — OTC Contracts for Difference (continued)** | **JNL/BlackRock Global Allocation Fund — OTC Contracts for Difference (continued)** | **JNL/BlackRock Global Allocation Fund — OTC Contracts for Difference (continued)** | **JNL/BlackRock Global Allocation Fund — OTC Contracts for Difference (continued)** |
| **Reference Entity<sup>2</sup>** | **Counter-party** | **Financing Fee<sup>2</sup>** | **Expiration** | **Contracts<sup>1</sup>**<br> **Long**<br> (Short) | **Notional<sup>1</sup>** | **Value/**<br> **Unrealized Appreciation (Depreciation) ($)** |
| Teleperformance SE (MT) | BOA | OBFR -0.26% (M) | TBD | (4524) | (397) | (42) |
| Telstra Corporation Limited (MT) | JPM | OBFR -0.25% (M) | TBD | (148911) | (471) | (2) |
| Temenos AG (MT) | BOA | OBFR -0.26% (M) | TBD | (10001) | (727) | 12 |
| Toyota Industries Corporation (MT) | BOA | OBFR -0.10% (M) | TBD | (4000) | (446) | (4) |
| Treasury Wine Estates Limited (MT) | JPM | OBFR -0.25% (M) | TBD | (103239) | (550) | 20 |
| United International Holding Co (MT) | JPM | OBFR +0.75% (M) | TBD | 342 | 16 | (1) |
| Vanguard Intermediate-Term Corporate Bond ETF (MT) | JPM | OBFR -0.15% (M) | TBD | (30290) | (2460) | (56) |
| Wise PLC (MT) | BOA | OBFR -0.25% (M) | TBD | (17390) | (246) | (2) |
| Xinyi Glass Holdings Limited (MT) | BOA | OBFR -0.30% (M) | TBD | (242000) | (219) | (17) |
| Xinyi Glass Holdings Limited (MT) | JPM | OBFR -0.75% (M) | TBD | (39000) | (39) | 1 |
| Zealand Pharma A/S (MT) | BOA | OBFR -0.26% (M) | TBD | (5977) | (341) | 7 |
|  |  |  |  |  |  | (3622) |

---

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **JNL/BlackRock Global Allocation Fund — OTC Total Return Swap Agreements** | **JNL/BlackRock Global Allocation Fund — OTC Total Return Swap Agreements** | **JNL/BlackRock Global Allocation Fund — OTC Total Return Swap Agreements** | **JNL/BlackRock Global Allocation Fund — OTC Total Return Swap Agreements** | **JNL/BlackRock Global Allocation Fund — OTC Total Return Swap Agreements** | **JNL/BlackRock Global Allocation Fund — OTC Total Return Swap Agreements** | **JNL/BlackRock Global Allocation Fund — OTC Total Return Swap Agreements** | **JNL/BlackRock Global Allocation Fund — OTC Total Return Swap Agreements** |
| **Reference Entity<sup>2</sup>** | **Rate Paid/Received by Fund<sup>2</sup>** | **Counter-party** | **Expiration** | **Notional<sup>1</sup>** | **Notional<sup>1</sup>** | **Premiums Paid (Received) ($)** | **Value/**<br> **Unrealized Appreciation (Depreciation) ($)** |
|  **Total return swap agreements - receiving return** | **Total return swap agreements - receiving return** | **Total return swap agreements - receiving return** | **Total return swap agreements - receiving return** | **Total return swap agreements - receiving return** | **Total return swap agreements - receiving return** | **Total return swap agreements - receiving return** | **Total return swap agreements - receiving return** |
| **Equity** | **Equity** | **Equity** | **Equity** | **Equity** | **Equity** | **Equity** | **Equity** |
| iShares Broad USD High Yield Corporate Bond ETF (A) | SOFR +0.10% (A) | BNP | 09/19/25 |  | 949 |  | 13 |
| iShares iBoxx $ High Yield Corporate Bond ETF (A) | SOFR +0.50% (A) | BNP | 09/19/25 |  | 4736 |  | 6 |
| iShares iBoxx $ High Yield Corporate Bond ETF (A) | SOFR +0.50% (A) | BNP | 09/19/25 |  | 2368 |  | 4 |
| iShares iBoxx $ High Yield Corporate Bond ETF (Q) | SOFR -0.65% (Q) | BNP | 09/19/25 |  | 6201 |  | 128 |
| iShares iBoxx $ High Yield Corporate Bond ETF (A) | SOFR +0.55% (A) | GSC | 09/19/25 |  | 3442 |  | 33 |
| iShares Broad USD High Yield Corporate Bond ETF (A) | SOFR +0.10% (A) | JPM | 09/19/25 |  | 3917 |  | 36 |
| iShares iBoxx $ High Yield Corporate Bond ETF (A) | SOFR +0.50% (A) | JPM | 09/19/25 |  | 1278 |  | 18 |
| iShares iBoxx $ High Yield Corporate Bond ETF (Q) | SOFR -0.40% (Q) | JPM | 09/19/25 |  | 4553 |  | 78 |
|  |  |  |  |  |  |  | 316 |
| **Index** | **Index** | **Index** | **Index** | **Index** | **Index** | **Index** | **Index** |
| KOSPI 200 Index (A) | KWCDC +0.00% (A) | BNP | 09/17/25 | KRW | 5492712 |  | (13) |
| Citi EQ US 1W Volatility Carry Index‡ (Q) | SOFR +0.00% (Q) | BOA | 12/19/25 |  | 205 |  | (17) |
| Deutsche Bank Variable Notional Long-Short Credit Index (Q) | Fixed Rate of +0.00% (Q) | DUB | 12/19/25 |  | 130 |  |  |
| Goldman Sachs Rate Volatility Index‡ (Q) | Fixed Rate of +0.00% (Q) | GSC | 12/19/25 |  | 117 |  | (6) |
| Goldman Sachs Systematic Equity Skew Index‡ (Q) | Fixed Rate of +0.00% (Q) | GSC | 12/19/25 |  | 87 |  | (8) |
| Citi EQ US 1W Volatility Carry Index‡ (Q) | Fixed Rate of +0.00% (Q) | JPM | 12/19/25 |  | 133 |  | (2) |
|  |  |  |  |  |  |  | (46) |
|  **Total return swap agreements - paying return** | **Total return swap agreements - paying return** | **Total return swap agreements - paying return** | **Total return swap agreements - paying return** | **Total return swap agreements - paying return** | **Total return swap agreements - paying return** | **Total return swap agreements - paying return** | **Total return swap agreements - paying return** |
| **Equity** | **Equity** | **Equity** | **Equity** | **Equity** | **Equity** | **Equity** | **Equity** |
| iShares iBoxx $ Investment Grade Corporate Bond ETF (A) | SOFR +0.65% (A) | GSC | 09/19/25 |  | (5294) |  | (73) |
| iShares iBoxx $ Investment Grade Corporate Bond ETF (Q) | SOFR +0.75% (Q) | GSC | 09/19/25 |  | (8982) |  | (137) |
| iShares iBoxx $ Investment Grade Corporate Bond ETF (Q) | SOFR +0.65% (A) | JPM | 09/19/25 |  | (7585) |  | (105) |
|  |  |  |  |  |  |  | (315) |

---

‡Total Return Swap fair valued in good faith in accordance with the procedures approved by the JNL Series Trust's Board of Trustees and classified as Level 3 for FASB ASC Topic 820 "Fair Value Measurements" based on the applicable valuation inputs. See "Fair Value Measurements" in the Notes to Financial Statements.

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page [607](#abbreviations).

**JNL Series Trust** (Unaudited)

**Schedules of Investments (in thousands)**

June 30, 2025

**Fair Value Hierarchy.** Various inputs are used in determining the fair value of financial instruments. For a description of the input levels and information about the Fund's policy regarding valuation of financial instruments, see Note 3 in the Notes to Financial Statements. The following table summarizes the Fund's investments categorized in the disclosure hierarchy as of June 30, 2025.

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **<u>. Level 1 ($) .</u>** | **<u>. Level 2 ($) .</u>** | **<u>. Level 3 ($) .</u>** | **<u>. Total ($) .</u>** |
| **JNL/BlackRock Global Allocation Fund** | **JNL/BlackRock Global Allocation Fund** | **JNL/BlackRock Global Allocation Fund** | **JNL/BlackRock Global Allocation Fund** | **JNL/BlackRock Global Allocation Fund** |
| **Assets - Securities** |  |  |  |  |
| &nbsp;&nbsp; Common Stocks | 1183687 | 425427 | 721 | 1609835 |
| &nbsp;&nbsp; Corporate Bonds And Notes |  | 274954 | 3843 | 278797 |
| &nbsp;&nbsp; Non-U.S. Government Agency Asset-Backed Securities |  | 163801 |  | 163801 |
| &nbsp;&nbsp; Government And Agency Obligations |  | 144830 |  | 144830 |
| &nbsp;&nbsp; Senior Floating Rate Instruments |  | 128274 | 3369 | 131643 |
| &nbsp;&nbsp; Investment Companies | 65497 |  |  | 65497 |
| &nbsp;&nbsp; Preferred Stocks | 4290 | 1983 |  | 6273 |
| &nbsp;&nbsp; Warrants | 51 |  |  | 51 |
| &nbsp;&nbsp; Short Term Investments | 289723 | 1152 |  | 290875 |
|  | 1543248 | 1140421 | 7933 | 2691602 |
| **Assets - Investments in Other Financial Instruments<sup>1</sup>** |  |  |  |  |
| &nbsp;&nbsp; OTC Purchased Barrier Options |  | 113 |  | 113 |
| &nbsp;&nbsp; Futures Contracts | 9501 |  |  | 9501 |
| &nbsp;&nbsp; Centrally Cleared Interest Rate Swap Agreements |  | 42738 |  | 42738 |
| &nbsp;&nbsp; Centrally Cleared Credit Default Swap Agreements |  | 685 |  | 685 |
| &nbsp;&nbsp; Exchange Traded Purchased Options | 7524 |  |  | 7524 |
| &nbsp;&nbsp; OTC Purchased Options |  | 3798 |  | 3798 |
| &nbsp;&nbsp; Open Forward Foreign Currency Contracts |  | 8056 |  | 8056 |
| &nbsp;&nbsp; OTC Interest Rate Swap Agreements |  | 58 |  | 58 |
| &nbsp;&nbsp; OTC Credit Default Swap Agreements |  | 65 |  | 65 |
| &nbsp;&nbsp; OTC Contracts for Difference |  | 718 |  | 718 |
| &nbsp;&nbsp; OTC Total Return Swap Agreements |  | 316 |  | 316 |
|  | 17025 | 56547 |  | 73572 |
| **Liabilities - Investments in Other Financial Instruments<sup>1</sup>** |  |  |  |  |
| &nbsp;&nbsp; Futures Contracts | (15952) |  |  | (15952) |
| &nbsp;&nbsp; Centrally Cleared Interest Rate Swap Agreements |  | (2793) |  | (2793) |
| &nbsp;&nbsp; Centrally Cleared Credit Default Swap Agreements |  | (116) |  | (116) |
| &nbsp;&nbsp; Exchange Traded Written Options | (4765) |  |  | (4765) |
| &nbsp;&nbsp; OTC Written Options |  | (3364) |  | (3364) |
| &nbsp;&nbsp; Open Forward Foreign Currency Contracts |  | (5187) |  | (5187) |
| &nbsp;&nbsp; OTC Interest Rate Swap Agreements |  | (1453) |  | (1453) |
| &nbsp;&nbsp; OTC Credit Default Swap Agreements |  | (335) |  | (335) |
| &nbsp;&nbsp; OTC Contracts for Difference |  | (4340) |  | (4340) |
| &nbsp;&nbsp; OTC Total Return Swap Agreements |  | (328) | (33) | (361) |
|  | (20717) | (17916) | (33) | (38666) |

---

<sup>1</sup> All derivatives, except for purchased and written options, are reflected at the unrealized appreciation (depreciation) on the instrument. Purchased and written options are reflected at value.

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page [607](#abbreviations).

**JNL Series Trust** (Unaudited)

**Schedules of Investments (in thousands)**

June 30, 2025

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| **JNL/BlackRock Global Natural Resources Fund** | **JNL/BlackRock Global Natural Resources Fund** | **JNL/BlackRock Global Natural Resources Fund** |
| **COMMON STOCKS 98.2%** | **COMMON STOCKS 98.2%** | **COMMON STOCKS 98.2%** |
| **United States of America 40.9%** | **United States of America 40.9%** | **United States of America 40.9%** |
| Bunge Global SA | 86 | 6935 |
| CF Industries Holdings, Inc. | 25 | 2342 |
| Chevron Corporation | 182 | 26062 |
| Corteva, Inc. | 523 | 38975 |
| Darling Ingredients Inc. (a) | 176 | 6688 |
| EOG Resources, Inc. | 134 | 16067 |
| EQT Corporation | 96 | 5599 |
| Exxon Mobil Corporation | 506 | 54542 |
| Freeport-McMoRan Inc. | 657 | 28467 |
| Graphic Packaging Holding Company | 627 | 13214 |
| Hess Corporation | 99 | 13682 |
| Mosaic Company, The | 584 | 21303 |
| Newmont Corporation | 510 | 29736 |
| Packaging Corporation of America | 109 | 20564 |
| Permian Resources Corporation - Class A | 350 | 4765 |
| TechnipFMC PLC | 186 | 6414 |
|  |  | 295355 |
| **Canada 20.7%** | **Canada 20.7%** | **Canada 20.7%** |
| Barrick Mining Corporation | 846 | 17622 |
| Kinross Gold Corporation | 437 | 6833 |
| Nutrien Ltd. (b) | 792 | 46126 |
| Red Lake Madsen Mine Ltd. (a) (c) | 427 |  |
| Suncor Energy Inc. | 681 | 25520 |
| Teck Resources Limited - Class B (b) | 340 | 13742 |
| Wheaton Precious Metals Corp. | 441 | 39604 |
|  |  | 149447 |
| **United Kingdom 14.7%** | **United Kingdom 14.7%** | **United Kingdom 14.7%** |
| Anglo American PLC | 1121 | 33135 |
| Mondi PLC | 588 | 9599 |
| Shell PLC - Class A | 1804 | 63060 |
|  |  | 105794 |
| **Ireland 5.2%** | **Ireland 5.2%** | **Ireland 5.2%** |
| CRH Public Limited Company | 120 | 10971 |
| Smurfit Westrock Public Limited Company | 610 | 26327 |
|  |  | 37298 |
| **Brazil 3.6%** | **Brazil 3.6%** | **Brazil 3.6%** |
| Vale S.A. - ADR | 2702 | 26232 |
| **Switzerland 3.1%** | **Switzerland 3.1%** | **Switzerland 3.1%** |
| Glencore PLC | 5740 | 22384 |
| **Zambia 2.7%** | **Zambia 2.7%** | **Zambia 2.7%** |
| First Quantum Minerals Ltd (a) | 1098 | 19506 |
| **Norway 1.9%** | **Norway 1.9%** | **Norway 1.9%** |
| Norsk Hydro ASA | 2421 | 13852 |
| **Luxembourg 1.9%** | **Luxembourg 1.9%** | **Luxembourg 1.9%** |
| ArcelorMittal - ADR | 430 | 13574 |
| **Finland 1.8%** | **Finland 1.8%** | **Finland 1.8%** |
| UPM-Kymmene Oyj | 467 | 12748 |
| **Germany 1.1%** | **Germany 1.1%** | **Germany 1.1%** |
| Heidelberg Materials AG | 35 | 8177 |
| **South Africa 0.6%** | **South Africa 0.6%** | **South Africa 0.6%** |
| Valterra Platinum | 101 | 4433 |
| **Russian Federation 0.0%** | **Russian Federation 0.0%** | **Russian Federation 0.0%** |
| Public Joint Stock Company Gazprom (a) (c) (d) | 5692 |  |
| Public Joint Stock Company Polyus (a) (c) (d) | 106 |  |
| Total Common Stocks (cost $692,945) | Total Common Stocks (cost $692,945) | 708800 |
| **SHORT TERM INVESTMENTS 9.9%** | **SHORT TERM INVESTMENTS 9.9%** | **SHORT TERM INVESTMENTS 9.9%** |
| **Securities Lending Collateral 8.1%** | **Securities Lending Collateral 8.1%** | **Securities Lending Collateral 8.1%** |
| JNL Government Money Market Fund - Class SL, 4.30% (e) (f) | 58640 | 58640 |
| **Investment Companies 1.8%** | **Investment Companies 1.8%** | **Investment Companies 1.8%** |
| JNL Government Money Market Fund - Class I, 4.20% (e) (f) | 13148 | 13148 |
| Total Short Term Investments (cost $71,788) | Total Short Term Investments (cost $71,788) | 71788 |
| **Total Investments 108.1% (cost $764,733)** | **Total Investments 108.1% (cost $764,733)** | **780588** |
| **Other Assets and Liabilities, Net (8.1)%** | **Other Assets and Liabilities, Net (8.1)%** | **(58660)** |
| **Total Net Assets 100.0%** | **Total Net Assets 100.0%** | **721928** |

---

(a) Non-income producing security.

(b) All or a portion of the security was on loan as of June 30, 2025.

(c) Security fair valued in good faith as a Level 3 security in accordance with the procedures approved by the Board of Trustees. Good faith fair valued securities are classified based on the applicable valuation inputs. See "Fair Value Measurement" in the Notes to Financial Statements.

(d) Security is restricted to resale to institutional investors or subject to trading restrictions due to sanctions on foreign issuers. See Restricted Securities table following the Schedules of Investments.

(e) Investment in affiliate.

(f) Yield changes daily to reflect current market conditions. Rate was the quoted yield as of June 30, 2025.

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **JNL/BlackRock Global Natural Resources Fund — Investments in Affiliates** | **JNL/BlackRock Global Natural Resources Fund — Investments in Affiliates** | **JNL/BlackRock Global Natural Resources Fund — Investments in Affiliates** | **JNL/BlackRock Global Natural Resources Fund — Investments in Affiliates** | **JNL/BlackRock Global Natural Resources Fund — Investments in Affiliates** | **JNL/BlackRock Global Natural Resources Fund — Investments in Affiliates** | **JNL/BlackRock Global Natural Resources Fund — Investments in Affiliates** | **JNL/BlackRock Global Natural Resources Fund — Investments in Affiliates** | **JNL/BlackRock Global Natural Resources Fund — Investments in Affiliates** |
| **Affiliated Investment** | **Value Beginning of Period($)** | **Purchases($)** | **Sales Proceeds($)** | **Dividend Income/ Distributions from Funds($)** | **Realized Gain (Loss)($)** | **Change in Unrealized Appreciation (Depreciation) ($)** | **Value End of Period($)** | **Percentage of Net Assets(%)** |
| JNL Government Money Market Fund, 4.20% - Class I | 22076 | 252004 | 260932 | 289 |  |  | 13148 | 1.8 |
| JNL Government Money Market Fund, 4.30% - Class SL | 71 | 203879 | 145310 | 81 |  |  | 58640 | 8.1 |
|  | 22147 | 455883 | 406242 | 370 |  |  | 71788 | 9.9 |

---

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page [607](#abbreviations).

**JNL Series Trust** (Unaudited)

**Schedules of Investments (in thousands)**

June 30, 2025

**Fair Value Hierarchy.** Various inputs are used in determining the fair value of financial instruments. For a description of the input levels and information about the Fund's policy regarding valuation of financial instruments, see Note 3 in the Notes to Financial Statements. The following table summarizes the Fund's investments categorized in the disclosure hierarchy as of June 30, 2025.

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **<u>. Level 1 ($) .</u>** | **<u>. Level 2 ($) .</u>** | **<u>. Level 3 ($) .</u>** | **<u>. Total ($) .</u>** |
| **JNL/BlackRock Global Natural Resources Fund** | **JNL/BlackRock Global Natural Resources Fund** | **JNL/BlackRock Global Natural Resources Fund** | **JNL/BlackRock Global Natural Resources Fund** | **JNL/BlackRock Global Natural Resources Fund** |
| **Assets - Securities** |  |  |  |  |
| &nbsp;&nbsp; Common Stocks | 541412 | 167388 |  | 708800 |
| &nbsp;&nbsp; Short Term Investments | 71788 |  |  | 71788 |
|  | 613200 | 167388 |  | 780588 |

---

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page [607](#abbreviations).

**JNL Series Trust** (Unaudited)

**Schedules of Investments (in thousands)**

June 30, 2025

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| **JNL/BlackRock Large Cap Select Growth Fund** | **JNL/BlackRock Large Cap Select Growth Fund** | **JNL/BlackRock Large Cap Select Growth Fund** |
| **COMMON STOCKS 100.0%** | **COMMON STOCKS 100.0%** | **COMMON STOCKS 100.0%** |
| **Information Technology 47.7%** | **Information Technology 47.7%** | **Information Technology 47.7%** |
| Apple Inc. | 1296 | 265947 |
| AppLovin Corporation - Class A (a) | 279 | 97514 |
| ASM International N.V. | 64 | 40914 |
| ASML Holding N.V. - ADR | 40 | 32329 |
| Broadcom Inc. | 1116 | 307710 |
| Cadence Design Systems, Inc. (a) | 327 | 100918 |
| Fair Isaac Corporation (a) | 29 | 53086 |
| Intuit Inc. | 208 | 164105 |
| Microsoft Corporation | 995 | 494796 |
| NVIDIA Corporation | 3678 | 581089 |
| Shopify Inc. - Class A (a) | 162 | 18638 |
| Taiwan Semiconductor Manufacturing Company Limited - ADR | 399 | 90276 |
|  |  | 2247322 |
| **Communication Services 15.3%** | **Communication Services 15.3%** | **Communication Services 15.3%** |
| Former Charter Communications Parent, Inc. - Class A (a) | 144 | 58779 |
| Meta Platforms, Inc. - Class A | 510 | 376447 |
| Netflix, Inc. (a) | 137 | 183911 |
| Spotify Technology S.A. (a) | 134 | 102823 |
|  |  | 721960 |
| **Consumer Discretionary 14.9%** | **Consumer Discretionary 14.9%** | **Consumer Discretionary 14.9%** |
| Amazon.com, Inc. (a) | 1951 | 428106 |
| Carvana Co. - Class A (a) | 143 | 48267 |
| Ferrari N.V. | 150 | 73397 |
| Hilton Worldwide Holdings Inc. | 195 | 52063 |
| Tesla Inc. (a) | 313 | 99331 |
|  |  | 701164 |
| **Financials 8.2%** | **Financials 8.2%** | **Financials 8.2%** |
| Blue Owl Capital Inc. - Class A | 1989 | 38200 |
| KKR & Co. Inc. - Class A | 744 | 98931 |
| S&P Global Inc. | 104 | 54719 |
| Visa Inc. - Class A | 550 | 195372 |
|  |  | 387222 |
| **Health Care 7.4%** | **Health Care 7.4%** | **Health Care 7.4%** |
| Boston Scientific Corporation (a) | 558 | 59889 |
| Danaher Corporation | 288 | 56926 |
| Eli Lilly and Company | 180 | 140696 |
| Intuitive Surgical, Inc. (a) | 165 | 89621 |
|  |  | 347132 |
| **Industrials 5.6%** | **Industrials 5.6%** | **Industrials 5.6%** |
| Axon Enterprise, Inc. (a) | 43 | 35572 |
| Copart, Inc. (a) | 339 | 16636 |
| Trane Technologies Public Limited Company | 168 | 73706 |
| TransDigm Group Incorporated | 60 | 91883 |
| Vertiv Holdings Co - Class A | 339 | 43517 |
|  |  | 261314 |
| **Materials 0.7%** | **Materials 0.7%** | **Materials 0.7%** |
| Sherwin-Williams Company, The | 97 | 33342 |
| **Real Estate 0.2%** | **Real Estate 0.2%** | **Real Estate 0.2%** |
| CoStar Group, Inc. (a) | 137 | 11012 |
| Total Common Stocks (cost $2,576,919) | Total Common Stocks (cost $2,576,919) | 4710468 |
| **SHORT TERM INVESTMENTS 0.0%** | **SHORT TERM INVESTMENTS 0.0%** | **SHORT TERM INVESTMENTS 0.0%** |
| **Investment Companies 0.0%** | **Investment Companies 0.0%** | **Investment Companies 0.0%** |
| JNL Government Money Market Fund - Class I, 4.20% (b) (c) | 681 | 681 |
| Total Short Term Investments (cost $681) | Total Short Term Investments (cost $681) | 681 |
| **Total Investments 100.0% (cost $2,577,600)** | **Total Investments 100.0% (cost $2,577,600)** | **4711149** |
| **Other Assets and Liabilities, Net (0.0)%** | **Other Assets and Liabilities, Net (0.0)%** | **(1431)** |
| **Total Net Assets 100.0%** | **Total Net Assets 100.0%** | **4709718** |

---

(a) Non-income producing security.

(b) Investment in affiliate.

(c) Yield changes daily to reflect current market conditions. Rate was the quoted yield as of June 30, 2025.

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **JNL/BlackRock Large Cap Select Growth Fund — Investments in Affiliates** | **JNL/BlackRock Large Cap Select Growth Fund — Investments in Affiliates** | **JNL/BlackRock Large Cap Select Growth Fund — Investments in Affiliates** | **JNL/BlackRock Large Cap Select Growth Fund — Investments in Affiliates** | **JNL/BlackRock Large Cap Select Growth Fund — Investments in Affiliates** | **JNL/BlackRock Large Cap Select Growth Fund — Investments in Affiliates** | **JNL/BlackRock Large Cap Select Growth Fund — Investments in Affiliates** | **JNL/BlackRock Large Cap Select Growth Fund — Investments in Affiliates** | **JNL/BlackRock Large Cap Select Growth Fund — Investments in Affiliates** |
| **Affiliated Investment** | **Value Beginning of Period($)** | **Purchases($)** | **Sales Proceeds($)** | **Dividend Income/ Distributions from Funds($)** | **Realized Gain (Loss)($)** | **Change in Unrealized Appreciation (Depreciation) ($)** | **Value End of Period($)** | **Percentage of Net Assets(%)** |
| JNL Government Money Market Fund, 4.20% - Class I | 19634 | 291175 | 310128 | 231 |  |  | 681 |  |
| JNL Government Money Market Fund, 4.30% - Class SL |  | 112020 | 112020 | 27 |  |  |  |  |
|  | 19634 | 403195 | 422148 | 258 |  |  | 681 |  |

---

**Fair Value Hierarchy.** Various inputs are used in determining the fair value of financial instruments. For a description of the input levels and information about the Fund's policy regarding valuation of financial instruments, see Note 3 in the Notes to Financial Statements. The following table summarizes the Fund's investments categorized in the disclosure hierarchy as of June 30, 2025.

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **<u>. Level 1 ($) .</u>** | **<u>. Level 2 ($) .</u>** | **<u>. Level 3 ($) .</u>** | **<u>. Total ($) .</u>** |
| **JNL/BlackRock Large Cap Select Growth Fund** | **JNL/BlackRock Large Cap Select Growth Fund** | **JNL/BlackRock Large Cap Select Growth Fund** | **JNL/BlackRock Large Cap Select Growth Fund** | **JNL/BlackRock Large Cap Select Growth Fund** |
| **Assets - Securities** |  |  |  |  |
| &nbsp;&nbsp; Common Stocks | 4669554 | 40914 |  | 4710468 |
| &nbsp;&nbsp; Short Term Investments | 681 |  |  | 681 |
|  | 4670235 | 40914 |  | 4711149 |

---

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page [607](#abbreviations).

**JNL Series Trust** (Unaudited)

**Schedules of Investments (in thousands)**

June 30, 2025

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| **JNL/Causeway International Value Select Fund** | **JNL/Causeway International Value Select Fund** | **JNL/Causeway International Value Select Fund** |
| **COMMON STOCKS 96.5%** | **COMMON STOCKS 96.5%** | **COMMON STOCKS 96.5%** |
| **United Kingdom 29.2%** | **United Kingdom 29.2%** | **United Kingdom 29.2%** |
| AstraZeneca PLC | 469 | 65303 |
| Barclays PLC | 17470 | 80755 |
| BP P.L.C. | 9183 | 45792 |
| British American Tobacco P.L.C. | 532 | 25259 |
| Croda International Public Limited Company | 17 | 674 |
| Diageo PLC | 1791 | 45182 |
| GSK PLC | 2236 | 42535 |
| Kingfisher PLC | 3186 | 12683 |
| National Grid PLC | 1620 | 23707 |
| NatWest Group PLC | 1238 | 8699 |
| Prudential Public Limited Company | 3070 | 38411 |
| Reckitt Benckiser Group PLC | 1164 | 79084 |
| Relx PLC | 452 | 24495 |
| Rolls-Royce Holdings PLC | 7208 | 95658 |
| SEGRO Public Limited Company | 2293 | 21396 |
| Smith & Nephew PLC | 1605 | 24559 |
| Smiths Group PLC | 215 | 6644 |
| Standard Chartered PLC | 1357 | 22488 |
| The Berkeley Group Holdings PLC | 359 | 19040 |
|  |  | 682364 |
| **France 17.6%** | **France 17.6%** | **France 17.6%** |
| Alstom (a) | 3708 | 86421 |
| AXA | 514 | 25242 |
| BNP Paribas | 545 | 49156 |
| Capgemini | 218 | 37152 |
| Compagnie de Saint-Gobain | 427 | 50067 |
| Kering | 439 | 95058 |
| Sanofi | 431 | 41610 |
| Societe Generale | 441 | 25289 |
|  |  | 409995 |
| **Japan 11.5%** | **Japan 11.5%** | **Japan 11.5%** |
| FANUC Corporation | 1834 | 49879 |
| Fujitsu Limited | 597 | 14518 |
| Murata Manufacturing Co., Ltd. | 2486 | 36985 |
| Nintendo Co., Ltd. | 149 | 14305 |
| Renesas Electronics Corporation | 6037 | 73266 |
| SMC Corporation | 139 | 49848 |
| Sompo Holdings, Inc. | 807 | 24323 |
| Sumitomo Mitsui Financial Group, Inc. | 166 | 4178 |
|  |  | 267302 |
| **Germany 7.9%** | **Germany 7.9%** | **Germany 7.9%** |
| Deutsche Bank Aktiengesellschaft - Class N | 919 | 27036 |
| Deutsche Telekom AG - Class N | 1028 | 37547 |
| E.ON SE - Class N | 1071 | 19757 |
| Heidelberg Materials AG | 45 | 10584 |
| Infineon Technologies AG - Class N | 1396 | 59517 |
| SAP SE | 96 | 29333 |
|  |  | 183774 |
| **Netherlands 7.2%** | **Netherlands 7.2%** | **Netherlands 7.2%** |
| Akzo Nobel N.V. | 806 | 56500 |
| Heineken N.V. | 404 | 35198 |
| ING Groep N.V. | 1502 | 32950 |
| Koninklijke Philips N.V. | 1847 | 44461 |
|  |  | 169109 |
| **South Korea 5.4%** | **South Korea 5.4%** | **South Korea 5.4%** |
| Korea Electric Power Corp | 387 | 11237 |
| Samsung Electronics Co., Ltd. | 1888 | 83492 |
| Samsung Fire & Marine Insurance Co., Ltd. | 37 | 11982 |
| Shinhan Financial Group Co., Ltd. | 434 | 19685 |
|  |  | 126396 |
| **Italy 3.5%** | **Italy 3.5%** | **Italy 3.5%** |
| ENEL - SPA | 3678 | 34962 |
| Unicredit, Societa' Per Azioni In Forma Abbreviata Unicredit S.P.A. | 711 | 47769 |
|  |  | 82731 |
| **Canada 3.3%** | **Canada 3.3%** | **Canada 3.3%** |
| Barrick Mining Corporation | 962 | 20021 |
| Canadian Pacific Kansas City Limited | 728 | 57851 |
|  |  | 77872 |
| **Belgium 2.7%** | **Belgium 2.7%** | **Belgium 2.7%** |
| Anheuser-Busch InBev | 652 | 44882 |
| Syensqo | 231 | 17804 |
|  |  | 62686 |
| **United States of America 2.0%** | **United States of America 2.0%** | **United States of America 2.0%** |
| Carnival Corporation (a) | 1658 | 46637 |
| **China 1.2%** | **China 1.2%** | **China 1.2%** |
| Tencent Holdings Limited | 443 | 28497 |
| **Luxembourg 1.2%** | **Luxembourg 1.2%** | **Luxembourg 1.2%** |
| ArcelorMittal | 888 | 28172 |
| **Singapore 1.1%** | **Singapore 1.1%** | **Singapore 1.1%** |
| United Overseas Bank Limited | 914 | 25886 |
| **Denmark 1.1%** | **Denmark 1.1%** | **Denmark 1.1%** |
| Novo Nordisk A/S - Class B | 367 | 25390 |
| **Ireland 0.7%** | **Ireland 0.7%** | **Ireland 0.7%** |
| Smurfit Westrock Public Limited Company | 395 | 17059 |
| **Sweden 0.6%** | **Sweden 0.6%** | **Sweden 0.6%** |
| Hexagon Aktiebolag - Class B | 1311 | 13213 |
| **Switzerland 0.3%** | **Switzerland 0.3%** | **Switzerland 0.3%** |
| Glencore PLC | 1045 | 4076 |
| Julius Bar Gruppe AG - Class N | 32 | 2152 |
|  |  | 6228 |
| Total Common Stocks (cost $1,924,788) | Total Common Stocks (cost $1,924,788) | 2253311 |
| **PREFERRED STOCKS 2.4%** | **PREFERRED STOCKS 2.4%** | **PREFERRED STOCKS 2.4%** |
| **Switzerland 2.4%** | **Switzerland 2.4%** | **Switzerland 2.4%** |
| Roche Holding AG | 174 | 56707 |
| Total Preferred Stocks (cost $50,980) | Total Preferred Stocks (cost $50,980) | 56707 |
| **SHORT TERM INVESTMENTS 0.7%** | **SHORT TERM INVESTMENTS 0.7%** | **SHORT TERM INVESTMENTS 0.7%** |
| **Investment Companies 0.7%** | **Investment Companies 0.7%** | **Investment Companies 0.7%** |
| JNL Government Money Market Fund - Class I, 4.20% (b) (c) | 17214 | 17214 |
| Total Short Term Investments (cost $17,214) | Total Short Term Investments (cost $17,214) | 17214 |
| **Total Investments 99.6% (cost $1,992,982)** | **Total Investments 99.6% (cost $1,992,982)** | **2327232** |
| **Other Assets and Liabilities, Net 0.4%** | **Other Assets and Liabilities, Net 0.4%** | **8197** |
| **Total Net Assets 100.0%** | **Total Net Assets 100.0%** | **2335429** |

---

(a) Non-income producing security.

(b) Investment in affiliate.

(c) Yield changes daily to reflect current market conditions. Rate was the quoted yield as of June 30, 2025.

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **JNL/Causeway International Value Select Fund — Investments in Affiliates** | **JNL/Causeway International Value Select Fund — Investments in Affiliates** | **JNL/Causeway International Value Select Fund — Investments in Affiliates** | **JNL/Causeway International Value Select Fund — Investments in Affiliates** | **JNL/Causeway International Value Select Fund — Investments in Affiliates** | **JNL/Causeway International Value Select Fund — Investments in Affiliates** | **JNL/Causeway International Value Select Fund — Investments in Affiliates** | **JNL/Causeway International Value Select Fund — Investments in Affiliates** | **JNL/Causeway International Value Select Fund — Investments in Affiliates** |
| **Affiliated Investment** | **Value Beginning of Period($)** | **Purchases($)** | **Sales Proceeds($)** | **Dividend Income/ Distributions from Funds($)** | **Realized Gain (Loss)($)** | **Change in Unrealized Appreciation (Depreciation) ($)** | **Value End of Period($)** | **Percentage of Net Assets(%)** |
| JNL Government Money Market Fund, 4.20% - Class I | 9333 | 255276 | 247395 | 721 |  |  | 17214 | 0.7 |
| JNL Government Money Market Fund, 4.30% - Class SL | 10658 | 89545 | 100203 | 213 |  |  |  |  |
|  | 19991 | 344821 | 347598 | 934 |  |  | 17214 | 0.7 |

---

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page [607](#abbreviations).

**JNL Series Trust** (Unaudited)

**Schedules of Investments (in thousands)**

June 30, 2025

**Fair Value Hierarchy.** Various inputs are used in determining the fair value of financial instruments. For a description of the input levels and information about the Fund's policy regarding valuation of financial instruments, see Note 3 in the Notes to Financial Statements. The following table summarizes the Fund's investments categorized in the disclosure hierarchy as of June 30, 2025.

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **<u>. Level 1 ($) .</u>** | **<u>. Level 2 ($) .</u>** | **<u>. Level 3 ($) .</u>** | **<u>. Total ($) .</u>** |
| **JNL/Causeway International Value Select Fund** | **JNL/Causeway International Value Select Fund** | **JNL/Causeway International Value Select Fund** | **JNL/Causeway International Value Select Fund** | **JNL/Causeway International Value Select Fund** |
| **Assets - Securities** |  |  |  |  |
| &nbsp;&nbsp; Common Stocks | 141568 | 2111743 |  | 2253311 |
| &nbsp;&nbsp; Preferred Stocks |  | 56707 |  | 56707 |
| &nbsp;&nbsp; Short Term Investments | 17214 |  |  | 17214 |
|  | 158782 | 2168450 |  | 2327232 |

---

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page [607](#abbreviations).

**JNL Series Trust** (Unaudited)

**Schedules of Investments (in thousands)**

June 30, 2025

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| **JNL/ClearBridge Large Cap Growth Fund** | **JNL/ClearBridge Large Cap Growth Fund** | **JNL/ClearBridge Large Cap Growth Fund** |
| **COMMON STOCKS 99.0%** | **COMMON STOCKS 99.0%** | **COMMON STOCKS 99.0%** |
| **Information Technology 40.9%** | **Information Technology 40.9%** | **Information Technology 40.9%** |
| Accenture Public Limited Company - Class A | 64 | 19017 |
| Apple Inc. | 389 | 79833 |
| ASML Holding N.V. - ADR | 36 | 28754 |
| Broadcom Inc. | 79 | 21681 |
| Intuit Inc. | 46 | 36363 |
| Marvell Technology, Inc. | 102 | 7887 |
| Microsoft Corporation | 261 | 130037 |
| NVIDIA Corporation | 1118 | 176658 |
| Palo Alto Networks, Inc. (a) | 192 | 39208 |
| Salesforce, Inc. | 116 | 31650 |
| ServiceNow, Inc. (a) | 6 | 6683 |
| Synopsys, Inc. (a) | 47 | 23994 |
| Taiwan Semiconductor Manufacturing Company Limited - ADR | 80 | 18081 |
| Workday, Inc. - Class A (a) | 108 | 25817 |
|  |  | 645663 |
| **Communication Services 13.8%** | **Communication Services 13.8%** | **Communication Services 13.8%** |
| Alphabet Inc. - Class A | 193 | 34047 |
| Meta Platforms, Inc. - Class A | 152 | 112191 |
| Netflix, Inc. (a) | 53 | 71329 |
|  |  | 217567 |
| **Consumer Discretionary 12.7%** | **Consumer Discretionary 12.7%** | **Consumer Discretionary 12.7%** |
| Airbnb, Inc. - Class A (a) | 167 | 22108 |
| Amazon.com, Inc. (a) | 606 | 132997 |
| Starbucks Corporation | 180 | 16507 |
| Tesla Inc. (a) | 93 | 29486 |
|  |  | 201098 |
| **Industrials 9.4%** | **Industrials 9.4%** | **Industrials 9.4%** |
| Airbus SE - ADR | 293 | 15348 |
| Eaton Corporation Public Limited Company | 97 | 34688 |
| RTX Corporation | 136 | 19793 |
| Uber Technologies, Inc. (a) | 281 | 26234 |
| Union Pacific Corporation | 105 | 24067 |
| W.W. Grainger, Inc. | 28 | 29075 |
|  |  | 149205 |
| **Financials 9.2%** | **Financials 9.2%** | **Financials 9.2%** |
| Marsh & Mclennan Companies, Inc. | 90 | 19606 |
| PayPal Holdings, Inc. (a) | 363 | 26988 |
| S&P Global Inc. | 43 | 22442 |
| Visa Inc. - Class A | 214 | 75975 |
|  |  | 145011 |
| **Health Care 8.1%** | **Health Care 8.1%** | **Health Care 8.1%** |
| Eli Lilly and Company | 21 | 16182 |
| Intuitive Surgical, Inc. (a) | 62 | 33545 |
| Novo Nordisk A/S - ADR (b) | 170 | 11745 |
| Stryker Corporation | 73 | 28735 |
| Thermo Fisher Scientific Inc. | 35 | 14383 |
| UnitedHealth Group Incorporated | 57 | 17722 |
| Zoetis Inc. - Class A | 40 | 6191 |
|  |  | 128503 |
| **Materials 2.4%** | **Materials 2.4%** | **Materials 2.4%** |
| Linde Public Limited Company | 29 | 13841 |
| Sherwin-Williams Company, The | 71 | 24327 |
|  |  | 38168 |
| **Consumer Staples 1.3%** | **Consumer Staples 1.3%** | **Consumer Staples 1.3%** |
| Monster Beverage 1990 Corporation (a) | 338 | 21204 |
| **Real Estate 1.2%** | **Real Estate 1.2%** | **Real Estate 1.2%** |
| Equinix, Inc. | 23 | 18597 |
| Total Common Stocks (cost $870,540) | Total Common Stocks (cost $870,540) | 1565016 |
| **SHORT TERM INVESTMENTS 0.2%** | **SHORT TERM INVESTMENTS 0.2%** | **SHORT TERM INVESTMENTS 0.2%** |
| **Investment Companies 0.2%** | **Investment Companies 0.2%** | **Investment Companies 0.2%** |
| JNL Government Money Market Fund - Class I, 4.20% (c) (d) | 2245 | 2245 |
| **Securities Lending Collateral 0.0%** | **Securities Lending Collateral 0.0%** | **Securities Lending Collateral 0.0%** |
| JNL Government Money Market Fund - Class SL, 4.30% (c) (d) | 161 | 161 |
| Total Short Term Investments (cost $2,406) | Total Short Term Investments (cost $2,406) | 2406 |
| **Total Investments 99.2% (cost $872,946)** | **Total Investments 99.2% (cost $872,946)** | **1567422** |
| **Other Assets and Liabilities, Net 0.8%** | **Other Assets and Liabilities, Net 0.8%** | **13127** |
| **Total Net Assets 100.0%** | **Total Net Assets 100.0%** | **1580549** |

---

(a) Non-income producing security.

(b) All or a portion of the security was on loan as of June 30, 2025.

(c) Investment in affiliate.

(d) Yield changes daily to reflect current market conditions. Rate was the quoted yield as of June 30, 2025.

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **JNL/ClearBridge Large Cap Growth Fund — Investments in Affiliates** | **JNL/ClearBridge Large Cap Growth Fund — Investments in Affiliates** | **JNL/ClearBridge Large Cap Growth Fund — Investments in Affiliates** | **JNL/ClearBridge Large Cap Growth Fund — Investments in Affiliates** | **JNL/ClearBridge Large Cap Growth Fund — Investments in Affiliates** | **JNL/ClearBridge Large Cap Growth Fund — Investments in Affiliates** | **JNL/ClearBridge Large Cap Growth Fund — Investments in Affiliates** | **JNL/ClearBridge Large Cap Growth Fund — Investments in Affiliates** | **JNL/ClearBridge Large Cap Growth Fund — Investments in Affiliates** |
| **Affiliated Investment** | **Value Beginning of Period($)** | **Purchases($)** | **Sales Proceeds($)** | **Dividend Income/ Distributions from Funds($)** | **Realized Gain (Loss)($)** | **Change in Unrealized Appreciation (Depreciation) ($)** | **Value End of Period($)** | **Percentage of Net Assets(%)** |
| JNL Government Money Market Fund, 4.20% - Class I | 8912 | 140551 | 147218 | 331 |  |  | 2245 | 0.2 |
| JNL Government Money Market Fund, 4.30% - Class SL |  | 20479 | 20318 | 2 |  |  | 161 |  |
|  | 8912 | 161030 | 167536 | 333 |  |  | 2406 | 0.2 |

---

**Fair Value Hierarchy.** Various inputs are used in determining the fair value of financial instruments. For a description of the input levels and information about the Fund's policy regarding valuation of financial instruments, see Note 3 in the Notes to Financial Statements. The following table summarizes the Fund's investments categorized in the disclosure hierarchy as of June 30, 2025.

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **<u>. Level 1 ($) .</u>** | **<u>. Level 2 ($) .</u>** | **<u>. Level 3 ($) .</u>** | **<u>. Total ($) .</u>** |
| **JNL/ClearBridge Large Cap Growth Fund** | **JNL/ClearBridge Large Cap Growth Fund** | **JNL/ClearBridge Large Cap Growth Fund** | **JNL/ClearBridge Large Cap Growth Fund** | **JNL/ClearBridge Large Cap Growth Fund** |
| **Assets - Securities** |  |  |  |  |
| &nbsp;&nbsp; Common Stocks | 1565016 |  |  | 1565016 |
| &nbsp;&nbsp; Short Term Investments | 2406 |  |  | 2406 |
|  | 1567422 |  |  | 1567422 |

---

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page [607](#abbreviations).

**JNL Series Trust** (Unaudited)

**Schedules of Investments (in thousands)**

June 30, 2025

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| **JNL/Cohen & Steers U.S. Realty Fund** | **JNL/Cohen & Steers U.S. Realty Fund** | **JNL/Cohen & Steers U.S. Realty Fund** |
| **COMMON STOCKS 98.9%** | **COMMON STOCKS 98.9%** | **COMMON STOCKS 98.9%** |
| **Real Estate 96.6%** | **Real Estate 96.6%** | **Real Estate 96.6%** |
| Agree Realty Corporation | 19 | 1372 |
| American Homes 4 Rent - Class A | 35 | 1257 |
| American Tower Corporation | 33 | 7287 |
| Americold Realty Trust, Inc. | 46 | 771 |
| BXP, Inc. | 11 | 778 |
| Caretrust REIT, Inc. | 18 | 551 |
| Crown Castle Inc. | 59 | 6017 |
| Digital Realty Trust, Inc. | 41 | 7083 |
| Equinix, Inc. | 4 | 3051 |
| Essex Property Trust, Inc. | 10 | 2722 |
| Extra Space Storage Inc. | 23 | 3394 |
| Healthcare Realty Trust Incorporated - Class A | 100 | 1590 |
| Highwoods Properties, Inc. | 43 | 1343 |
| Host Hotels & Resorts, Inc. | 123 | 1885 |
| Hudson Pacific Properties, Inc. (a) | 87 | 238 |
| Invitation Homes Inc. | 103 | 3373 |
| Iron Mountain Incorporated | 24 | 2456 |
| Kilroy Realty Corporation | 22 | 768 |
| Kimco Realty OP, LLC | 81 | 1704 |
| Kite Realty Naperville, LLC | 38 | 853 |
| Lamar Advertising Company - Class A | 5 | 614 |
| Lineage, Inc. | 7 | 304 |
| Omega Healthcare Investors, Inc. | 16 | 603 |
| ProLogis Inc. | 52 | 5504 |
| Public Storage Operating Company | 8 | 2304 |
| Realty Income Corporation | 24 | 1394 |
| SBA Communications Corporation - Class A | 11 | 2571 |
| Simon Property Group, Inc. | 19 | 3061 |
| Sun Communities, Inc. | 28 | 3496 |
| UDR, Inc. | 47 | 1922 |
| VICI Properties Inc. | 37 | 1217 |
| Welltower Inc. | 62 | 9483 |
| Weyerhaeuser Company | 113 | 2902 |
|  |  | 83868 |
| **Consumer Discretionary 2.1%** | **Consumer Discretionary 2.1%** | **Consumer Discretionary 2.1%** |
| Boyd Gaming Corporation | 11 | 902 |
| Caesars Entertainment, Inc. (a) | 34 | 955 |
|  |  | 1857 |
| **Health Care 0.2%** | **Health Care 0.2%** | **Health Care 0.2%** |
| PACS Group, Inc. (a) | 16 | 205 |
| Total Common Stocks (cost $89,164) | Total Common Stocks (cost $89,164) | 85930 |
| **WARRANTS 0.5%** | **WARRANTS 0.5%** | **WARRANTS 0.5%** |
| Hudson Pacific Properties, Inc. (a) (b) | 152 | 416 |
| Total Warrants (cost $339) | Total Warrants (cost $339) | 416 |
| **SHORT TERM INVESTMENTS 0.1%** | **SHORT TERM INVESTMENTS 0.1%** | **SHORT TERM INVESTMENTS 0.1%** |
| **Investment Companies 0.1%** | **Investment Companies 0.1%** | **Investment Companies 0.1%** |
| JNL Government Money Market Fund - Class I, 4.20% (c) (d) | 98 | 98 |
| Total Short Term Investments (cost $98) | Total Short Term Investments (cost $98) | 98 |
| **Total Investments 99.5% (cost $89,601)** | **Total Investments 99.5% (cost $89,601)** | **86444** |
| **Other Assets and Liabilities, Net 0.5%** | **Other Assets and Liabilities, Net 0.5%** | **413** |
| **Total Net Assets 100.0%** | **Total Net Assets 100.0%** | **86857** |

---

(a) Non-income producing security.

(b) Security fair valued in good faith as a Level 2 security in accordance with the procedures approved by the Board of Trustees. Good faith fair valued securities are classified based on the applicable valuation inputs. See "Fair Value Measurement" in the Notes to Financial Statements.

(c) Investment in affiliate.

(d) Yield changes daily to reflect current market conditions. Rate was the quoted yield as of June 30, 2025.

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **JNL/Cohen & Steers U.S. Realty Fund — Investments in Affiliates** | **JNL/Cohen & Steers U.S. Realty Fund — Investments in Affiliates** | **JNL/Cohen & Steers U.S. Realty Fund — Investments in Affiliates** | **JNL/Cohen & Steers U.S. Realty Fund — Investments in Affiliates** | **JNL/Cohen & Steers U.S. Realty Fund — Investments in Affiliates** | **JNL/Cohen & Steers U.S. Realty Fund — Investments in Affiliates** | **JNL/Cohen & Steers U.S. Realty Fund — Investments in Affiliates** | **JNL/Cohen & Steers U.S. Realty Fund — Investments in Affiliates** | **JNL/Cohen & Steers U.S. Realty Fund — Investments in Affiliates** |
| **Affiliated Investment** | **Value Beginning of Period($)** | **Purchases($)** | **Sales Proceeds($)** | **Dividend Income/ Distributions from Funds($)** | **Realized Gain (Loss)($)** | **Change in Unrealized Appreciation (Depreciation) ($)** | **Value End of Period($)** | **Percentage of Net Assets(%)** |
| JNL Government Money Market Fund, 4.20% - Class I | 978 | 19225 | 20105 | 13 |  |  | 98 | 0.1 |

---

**Fair Value Hierarchy.** Various inputs are used in determining the fair value of financial instruments. For a description of the input levels and information about the Fund's policy regarding valuation of financial instruments, see Note 3 in the Notes to Financial Statements. The following table summarizes the Fund's investments categorized in the disclosure hierarchy as of June 30, 2025.

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **<u>. Level 1 ($) .</u>** | **<u>. Level 2 ($) .</u>** | **<u>. Level 3 ($) .</u>** | **<u>. Total ($) .</u>** |
| **JNL/Cohen & Steers U.S. Realty Fund** | **JNL/Cohen & Steers U.S. Realty Fund** | **JNL/Cohen & Steers U.S. Realty Fund** | **JNL/Cohen & Steers U.S. Realty Fund** | **JNL/Cohen & Steers U.S. Realty Fund** |
| **Assets - Securities** |  |  |  |  |
| &nbsp;&nbsp; Common Stocks | 85930 |  |  | 85930 |
| &nbsp;&nbsp; Warrants |  | 416 |  | 416 |
| &nbsp;&nbsp; Short Term Investments | 98 |  |  | 98 |
|  | 86028 | 416 |  | 86444 |

---

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page [607](#abbreviations).

**JNL Series Trust** (Unaudited)

**Schedules of Investments (in thousands)**

June 30, 2025

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| **JNL/DFA International Core Equity Fund** | **JNL/DFA International Core Equity Fund** | **JNL/DFA International Core Equity Fund** |
| **COMMON STOCKS 98.1%** | **COMMON STOCKS 98.1%** | **COMMON STOCKS 98.1%** |
| **Japan 21.1%** | **Japan 21.1%** | **Japan 21.1%** |
| Advantest Corporation | 11 | 825 |
| AEON Co., Ltd. | 10 | 293 |
| Ain Holdings Inc. | 4 | 132 |
| Ajinomoto Co., Inc. | 10 | 283 |
| Aozora Bank, Ltd. (a) | 35 | 521 |
| Asahi Group Holdings, Ltd. | 17 | 223 |
| ASICS Corporation | 16 | 405 |
| Astellas Pharma Inc. | 67 | 661 |
| Bandai Namco Holdings Inc. | 8 | 297 |
| Baycurrent Inc. | 4 | 206 |
| Bridgestone Corporation (a) | 14 | 556 |
| Canon Inc. (a) | 10 | 284 |
| Capcom Co., Ltd. | 11 | 362 |
| Central Japan Railway Company | 6 | 123 |
| Chubu Electric Power Co., Ltd. | 13 | 155 |
| Chugai Pharmaceutical Co., Ltd. | 6 | 323 |
| Concordia Financial Group, Ltd. | 70 | 452 |
| Cosmo Energy Holdings Co., Ltd. | 19 | 821 |
| Daifuku Co., Ltd. | 8 | 211 |
| Dai-ichi Life Holdings, Inc. | 85 | 640 |
| Daiichi Sankyo Company, Limited | 4 | 100 |
| Daikin Industries, Ltd. | 3 | 354 |
| Daito Trust Construction Co., Ltd. | 2 | 185 |
| Daiwa House Industry Co., Ltd | 12 | 412 |
| Daiwa Securities Group Inc. | 30 | 210 |
| Daiwabo Holdings Co., Ltd. | 32 | 575 |
| DENSO Corporation | 24 | 321 |
| DIC Corporation | 32 | 649 |
| DISCO Corporation | 2 | 441 |
| Dowa Holdings Co., Ltd. | 39 | 1244 |
| East Japan Railway Company | 7 | 140 |
| EBARA Corporation (a) | 22 | 422 |
| Eisai Co., Ltd. | 7 | 201 |
| ENEOS Holdings, Inc. | 163 | 807 |
| EXEO Group, Inc. | 85 | 1087 |
| FANUC Corporation | 2 | 65 |
| Fast Retailing Co., Ltd. | 2 | 513 |
| Fuji Corporation Co., Ltd. | 39 | 717 |
| FUJIFILM Holdings Corporation | 7 | 148 |
| Fujikura Ltd. | 8 | 398 |
| Fujitsu Limited | 17 | 414 |
| Hamamatsu Photonics K.K. | 78 | 940 |
| Hankyu Hanshin Holdings, Inc. | 8 | 204 |
| HASEKO Corporation | 33 | 495 |
| Hitachi, Ltd. | 62 | 1795 |
| Honda Motor Co., Ltd. - ADR (a) | 1 | 21 |
| Honda Motor Co., Ltd. | 51 | 490 |
| Hoya Corporation | 3 | 403 |
| Idemitsu Kosan Co., Ltd. | 55 | 333 |
| IHI Corporation | 5 | 487 |
| Inpex Corporation (a) | 92 | 1285 |
| Isuzu Motors Limited | 39 | 497 |
| ITOCHU Corporation | 8 | 429 |
| Japan Airlines Co., Ltd. | 3 | 65 |
| Japan Airport Terminal Co., Ltd. | 3 | 80 |
| Japan Exchange Group, Inc. | 30 | 302 |
| Japan Post Bank Co., Ltd. | 17 | 184 |
| Japan Post Holdings Co., Ltd. | 16 | 152 |
| Japan Tobacco Inc. (a) | 15 | 451 |
| JEOL Ltd. | 26 | 796 |
| Kaga Electronics Co., Ltd. | 4 | 78 |
| Kanematsu Corporation | 28 | 523 |
| Kao Corporation (a) | 6 | 260 |
| Kawasaki Heavy Industries, Ltd. | 6 | 489 |
| KDDI Corporation | 42 | 718 |
| Keyence Corporation | 1 | 240 |
| Kikkoman Corporation | 23 | 212 |
| Kintetsu Group Holdings Co., Ltd | 21 | 400 |
| Kirin Holdings Company, Limited | 11 | 149 |
| Koei Tecmo Holdings Co., Ltd. | 1 | 21 |
| Komatsu Ltd. | 10 | 328 |
| Konami Holdings Corporation | 2 | 316 |
| Konica Minolta, Inc. | 250 | 812 |
| Kose Corporation (a) | 1 | 43 |
| Kubota Corporation | 31 | 349 |
| KYOCERA Corporation | 35 | 413 |
| Kyushu Electric Power Co., Inc. | 22 | 193 |
| Lasertec Co., Ltd. (a) | 2 | 322 |
| LIXIL Corporation | 77 | 893 |
| LY Corporation | 35 | 130 |
| Mabuchi Motor Co., Ltd. (a) | 44 | 645 |
| Makita Corporation | 3 | 83 |
| Marubeni Corporation | 14 | 272 |
| Marui Group Co.Ltd. | 2 | 32 |
| MARUWA Co., Ltd. | 1 | 285 |
| MatsukiyoCocokara & Co. | 4 | 74 |
| Mebuki Financial Group Inc. | 106 | 554 |
| Meiji Holdings Co., Ltd. | 6 | 137 |
| Mercari, Inc. (b) | 47 | 862 |
| Minebeamitsumi Inc. | 59 | 869 |
| MIRAIT ONE Corporation | 29 | 516 |
| Mitsubishi Chemical Group Corporation | 110 | 578 |
| Mitsubishi Corporation | 29 | 587 |
| Mitsubishi Electric Corporation | 9 | 194 |
| Mitsubishi Estate Co., Ltd. | 10 | 182 |
| Mitsubishi Heavy Industries, Ltd. | 22 | 552 |
| Mitsubishi Materials Corporation | 87 | 1380 |
| Mitsubishi UFJ Financial Group, Inc. | 76 | 1038 |
| Mitsui & Co., Ltd. | 17 | 338 |
| Mitsui Fudosan Co., Ltd. | 17 | 163 |
| Mitsui Mining & Smelting Co., Ltd. | 21 | 727 |
| Mitsui O.S.K. Lines, Ltd. | 8 | 264 |
| Miura Industry Co., Ltd. | 1 | 16 |
| Mizuho Financial Group, Inc. | 22 | 596 |
| MonotaRO Co., Ltd. | 4 | 77 |
| MS&AD Insurance Group Holdings, Inc. | 28 | 624 |
| Murata Manufacturing Co., Ltd. | 12 | 184 |
| Nagase & Co., Ltd. | 52 | 998 |
| Nagoya Railroad Co., Ltd. | 11 | 129 |
| Nec Corporation | 7 | 189 |
| Nidec Corporation | 14 | 261 |
| Nifco Inc. | 37 | 875 |
| Nihon M&A Center Holdings Inc. | 10 | 51 |
| Nintendo Co., Ltd. | 2 | 183 |
| Nippon Express Co., Ltd. (a) | 40 | 793 |
| Nippon Gas Co., Ltd. | 73 | 1349 |
| Nippon Paint Holdings Co., Ltd. | 18 | 141 |
| Nippon Sanso Holdings Corporation | 2 | 60 |
| Nippon Steel Corporation | 16 | 301 |
| Nippon Telegraph and Telephone Corporation | 213 | 228 |
| Nippon Yusen Kabushiki Kaisha | 18 | 632 |
| Nipro Corporation | 12 | 104 |
| Nissan Chemical Corporation | 16 | 475 |
| Nissan Motor Co., Ltd. (a) (b) | 64 | 156 |
| Nissin Food Holdings Co., Ltd. | 2 | 42 |
| Niterra Co., Ltd. | 3 | 100 |
| Nitori Holdings Co., Ltd. | 2 | 145 |
| Nitto Denko Corporation | 24 | 462 |
| Nomura Holdings, Inc. | 52 | 339 |
| Nomura Holdings, Inc. - ADR | 4 | 25 |
| Nomura Research Institute, Ltd. | 6 | 253 |
| OBIC Business Consultants Co., Ltd. | 1 | 30 |
| OBIC Co., Ltd. | 4 | 156 |
| Olympus Corporation | 31 | 364 |
| OMRON Corporation | 2 | 48 |
| Ono Pharmaceutical Co., Ltd. | 4 | 41 |
| Oriental Land Co., Ltd. | 7 | 164 |
| ORIX Corporation | 18 | 413 |
| Otsuka Holdings Co., Ltd. | 5 | 262 |
| Pan Pacific International Holdings Corporation | 7 | 251 |
| Panasonic Holdings Corporation | 41 | 441 |
| Pigeon Corporation (a) | 43 | 528 |
| Rakuten Group, Inc. (b) | 40 | 220 |
| Recruit Holdings Co., Ltd. | 13 | 748 |
| Renesas Electronics Corporation | 29 | 347 |
| Resona Holdings, Inc. | 34 | 317 |

---

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page [607](#abbreviations).

**JNL Series Trust** (Unaudited)

**Schedules of Investments (in thousands)**

June 30, 2025

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| Resonac Graphite America Inc. | 59 | 1368 |
| Ryohin Keikaku Co., Ltd. | 2 | 91 |
| Sanken Electric Co., Ltd. (b) | 4 | 240 |
| Sankyu Co., Ltd. | 12 | 665 |
| Santen Pharmaceutical Co., Ltd. | 154 | 1765 |
| Sapporo Holdings Limited | 13 | 690 |
| Sawai Group Holdings Co., Ltd. | 43 | 548 |
| SBI Holdings, Inc. | 5 | 160 |
| SCREEN Holdings Co., Ltd. | 2 | 122 |
| Secom Co., Ltd. | 2 | 86 |
| Sekisui Chemical Co., Ltd. | 17 | 301 |
| Sekisui House, Ltd. | 24 | 529 |
| Seven & I Holdings Co., Ltd. | 48 | 779 |
| Shimadzu Corporation | 5 | 119 |
| Shimano Inc. | 1 | 159 |
| Shin-Etsu Chemical Co., Ltd. | 23 | 759 |
| Shionogi & Co., Ltd. | 16 | 281 |
| Ship Healthcare Holdings, Inc. | 69 | 934 |
| Shiseido Company, Limited (a) | 7 | 121 |
| SKYLARK Holdings Co., Ltd. (a) | 34 | 705 |
| SMC Corporation |  | 72 |
| Socionext Inc. | 77 | 1479 |
| SoftBank Corp. | 230 | 356 |
| SoftBank Group Corp | 29 | 2081 |
| Sojitz Corporation | 34 | 826 |
| Sompo Holdings, Inc. | 18 | 549 |
| Sony Group Corporation | 89 | 2296 |
| Sotetsu Holdings Inc. | 18 | 287 |
| Subaru Corporation. | 42 | 731 |
| Sumitomo Bakelite Co., Ltd. | 28 | 814 |
| Sumitomo Chemical Company, Limited | 346 | 836 |
| Sumitomo Corporation | 11 | 274 |
| Sumitomo Electric Industries, Ltd. | 24 | 503 |
| Sumitomo Forestry Co., Ltd. (a) | 48 | 483 |
| Sumitomo Metal Mining Co., Ltd. | 2 | 44 |
| Sumitomo Mitsui Financial Group, Inc. - ADR | 3 | 45 |
| Sumitomo Mitsui Financial Group, Inc. | 32 | 795 |
| Sumitomo Mitsui Trust Group, Inc. | 12 | 311 |
| Sumitomo Realty & Development Co., Ltd. | 12 | 455 |
| Suntory Beverage & Food Limited (a) | 1 | 38 |
| Suzuki Motor Corporation | 37 | 452 |
| Sysmex Corporation | 14 | 246 |
| T&D Holdings, Inc. | 13 | 279 |
| Taisei Corporation | 3 | 145 |
| Takeda Pharmaceutical Company Limited | 21 | 651 |
| TDK Corporation | 42 | 488 |
| TechnoPro Holdings, Inc. (a) | 60 | 1755 |
| Teijin Limited | 39 | 315 |
| Terumo Corporation | 6 | 110 |
| The Hachijuni Bank, Ltd. | 170 | 1381 |
| The Kansai Electric Power Company, Incorporated | 12 | 143 |
| TOBU Railway Co., LTD. | 1 | 14 |
| Toho Co., Ltd. | 1 | 53 |
| TOHO GAS Co., Ltd. | 3 | 95 |
| Tokai Carbon Co., Ltd. (a) | 171 | 1205 |
| Tokio Marine Holdings, Inc. | 26 | 1084 |
| Tokyo Electric Power Company Holdings, Inc. (b) | 36 | 119 |
| Tokyo Electron Limited | 4 | 821 |
| Tokyo Gas Co., Ltd. | 6 | 203 |
| Tokyu Corporation | 5 | 57 |
| Tokyu Fudosan Holdings Corporation | 245 | 1743 |
| Toray Industries, Inc. | 28 | 194 |
| Tosoh Corporation | 52 | 757 |
| TOTO Ltd. | 16 | 408 |
| Toyo Suisan Kaisha, Ltd. | 3 | 186 |
| Toyota Industries Corporation | 1 | 113 |
| Toyota Motor Corporation | 185 | 3185 |
| Toyota Tsusho Corporation | 17 | 394 |
| Trend Micro Incorporated | 4 | 269 |
| Tsumura & Co. | 37 | 899 |
| UBE Corporation | 45 | 708 |
| Unicharm Corporation | 38 | 274 |
| West Japan Railway Company | 11 | 259 |
| Yakult Honsha Co., Ltd. | 6 | 107 |
| Yamaha Corporation | 14 | 101 |
| Yamaha Motor Co., Ltd. (a) | 52 | 391 |
| Yamato Holdings Co., Ltd. | 29 | 384 |
| Yaskawa Electric Corporation | 4 | 99 |
| Yoshinoya Holdings Co., Ltd. | 30 | 661 |
| | | 102369 |
| **United Kingdom 11.8%** | **United Kingdom 11.8%** | **United Kingdom 11.8%** |
| 3I Group PLC | 24 | 1380 |
| Anglo American PLC | 26 | 775 |
| AstraZeneca PLC - ADR | 9 | 633 |
| AstraZeneca PLC | 13 | 1792 |
| Auto Trader Group PLC | 118 | 1333 |
| BAE Systems PLC | 18 | 461 |
| Barclays PLC | 188 | 871 |
| Barclays PLC - ADR | 6 | 104 |
| Barratt Redrow PLC | 57 | 357 |
| Beazley Ireland Holdings PLC | 87 | 1116 |
| Bellway p.l.c. | 18 | 726 |
| BP P.L.C. - ADR | 8 | 242 |
| BP P.L.C. | 335 | 1670 |
| British American Tobacco P.L.C. | 16 | 778 |
| BT Group PLC | 397 | 1054 |
| Bunzl Public Limited Company | 8 | 240 |
| Burberry Group PLC | 62 | 1002 |
| Centrica PLC | 418 | 928 |
| Compass Group PLC | 16 | 552 |
| Croda International Public Limited Company | 3 | 120 |
| Diageo PLC - ADR | 1 | 125 |
| Diageo PLC | 13 | 323 |
| Diploma PLC | 1 | 96 |
| Drax Group PLC | 31 | 293 |
| Experian PLC | 19 | 990 |
| Fiat Chrysler Automobiles N.V. | 45 | 450 |
| Frasers Group PLC (b) | 14 | 130 |
| Games Workshop Group PLC | 3 | 680 |
| GSK PLC | 56 | 1070 |
| GSK PLC - ADR (a) | 1 | 31 |
| Haleon PLC | 172 | 883 |
| Haleon PLC - ADR (a) | 1 | 10 |
| Halma Public Limited Company | 3 | 119 |
| Howden Joinery Group PLC | 76 | 890 |
| HSBC Holdings PLC - ADR | 8 | 493 |
| HSBC Holdings PLC | 199 | 2410 |
| Imperial Brands PLC | 3 | 121 |
| Inchcape PLC | 23 | 230 |
| Informa PLC | 101 | 1112 |
| InterContinental Hotels Group PLC | 1 | 139 |
| InterContinental Hotels Group PLC - ADR (a) | 1 | 89 |
| Intertek Group PLC | 2 | 152 |
| Ithaca Energy PLC | 46 | 99 |
| J Sainsbury PLC | 62 | 248 |
| JD Sports Fashion PLC | 28 | 35 |
| Jet2 PLC | 4 | 93 |
| Kingfisher PLC | 444 | 1767 |
| Legal & General Group PLC | 166 | 582 |
| Lion Finance Group PLC | 5 | 515 |
| Lloyds Banking Group PLC - ADR (a) | 17 | 70 |
| Lloyds Banking Group PLC | 704 | 742 |
| London Stock Exchange Group PLC | 1 | 218 |
| Man Group PLC | 183 | 425 |
| Marks and Spencer Group P.L.C. | 243 | 1184 |
| Melrose Industries PLC | 37 | 267 |
| Mondi PLC | 28 | 451 |
| National Grid PLC | 21 | 309 |
| National Grid PLC - ADR | 2 | 137 |
| NatWest Group PLC | 193 | 1356 |
| Next PLC | 3 | 440 |
| NMC Health PLC (c) | 1 |  |
| Paragon Banking Group PLC | 37 | 480 |
| Pennon Group PLC | 47 | 325 |
| Reckitt Benckiser Group PLC | 21 | 1457 |
| Relx PLC | 12 | 660 |
| Relx PLC - ADR | 5 | 283 |
| Rio Tinto PLC - ADR | 1 | 59 |
| Rio Tinto PLC | 23 | 1364 |

---

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page [607](#abbreviations).

**JNL Series Trust** (Unaudited)

**Schedules of Investments (in thousands)**

June 30, 2025

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| Rolls-Royce Holdings PLC | 135 | 1794 |
| RS Group PLC | 80 | 628 |
| Serco Group PLC | 98 | 272 |
| Severn Trent PLC | 6 | 230 |
| Shell PLC - Class A | 115 | 4024 |
| Shell PLC - Class A - ADR | 13 | 884 |
| Smith & Nephew PLC - ADR (a) | 5 | 168 |
| Smith & Nephew PLC | 29 | 449 |
| Softcat PLC | 47 | 1107 |
| Spirax Group PLC | 3 | 216 |
| SSE PLC | 37 | 931 |
| St. James's Place PLC | 55 | 899 |
| Standard Chartered PLC | 9 | 153 |
| Subsea 7 S.A. | 4 | 82 |
| Tate & Lyle Public Limited Company | 18 | 126 |
| Tesco PLC | 239 | 1321 |
| The Sage Group PLC. | 19 | 328 |
| Unilever PLC | 11 | 653 |
| Unilever PLC - ADR | 8 | 515 |
| United Utilities PLC | 17 | 260 |
| Vistry Group PLC | 11 | 95 |
| Vodafone Group Public Limited Company | 921 | 983 |
| Wise PLC - Class A (b) | 10 | 138 |
| WPP 2012 Limited | 30 | 208 |
| | | 57000 |
| **Canada 10.3%** | **Canada 10.3%** | **Canada 10.3%** |
| Agnico Eagle Mines Limited | 12 | 1433 |
| Alamos Gold Inc - Class A | 2 | 54 |
| Alimentation Couche-Tard Inc. | 9 | 470 |
| ARC Resources Ltd. | 56 | 1185 |
| Aritzia, Inc. (b) | 17 | 858 |
| ATCO Ltd. - Class I | 5 | 180 |
| ATS Corporation (b) | 4 | 142 |
| Bank of Montreal | 11 | 1195 |
| Bank of Nova Scotia, The (a) | 15 | 835 |
| Banque Nationale Du Canada (a) | 7 | 757 |
| Barrick Mining Corporation | 52 | 1078 |
| Bombardier Inc. - Class B (b) | 5 | 412 |
| Boyd Group Services Inc. | 2 | 351 |
| Brookfield Corporation - Class A | 8 | 498 |
| BRP Inc. (a) | 1 | 63 |
| Cameco Corporation | 2 | 149 |
| Canadian Imperial Bank of Commerce | 13 | 903 |
| Canadian National Railway Company | 7 | 771 |
| Canadian Natural Resources Limited | 45 | 1421 |
| Canadian Pacific Kansas City Limited | 6 | 512 |
| Capital Power Corporation (a) | 9 | 370 |
| Cenovus Energy Inc. | 67 | 911 |
| CGI Inc. - Class A | 6 | 597 |
| CGI Inc. - Class A |  | 40 |
| Constellation Software Inc. |  | 733 |
| Descartes Systems Group Inc., The (b) | 1 | 122 |
| Dollarama Inc. | 7 | 944 |
| Eldorado Gold Corporation (b) | 62 | 1267 |
| Element Fleet Management Corp. (a) | 19 | 465 |
| Emera Incorporated (d) | 4 | 202 |
| Empire Company Limited - Class A | 2 | 83 |
| Enbridge Inc. | 13 | 608 |
| EQB Inc. | 4 | 328 |
| Fairfax Financial Holdings Limited |  | 181 |
| Finning International Inc. | 42 | 1803 |
| FirstService Corporation | 3 | 576 |
| Fortis Inc. | 1 | 51 |
| Fortis Inc. | 8 | 391 |
| Franco-Nevada Corporation | 1 | 150 |
| Great-West Lifeco Inc. | 3 | 99 |
| Groupe Atkinsrealis Inc. | 4 | 288 |
| Groupe WSP Global Inc. | 3 | 662 |
| Hydro One Limited | 1 | 39 |
| iA Societe Financiere Inc. | 9 | 965 |
| IGM Financial Inc. | 4 | 140 |
| Imperial Oil Limited (a) | 6 | 499 |
| Intact Financial Corporation | 3 | 633 |
| Kinross Gold Corporation | 90 | 1410 |
| Les Vetements de Sport Gildan Inc. - Class A | 14 | 693 |
| Loblaw Companies Limited | 3 | 484 |
| Magna International Inc. | 17 | 673 |
| Manulife Financial Corporation | 17 | 535 |
| MDA Space Ltd. (b) | 5 | 132 |
| MEG Energy Corp. | 45 | 855 |
| Methanex Corporation | 6 | 209 |
| Metro Inc. - Class A | 7 | 581 |
| Northland Power Inc. |  |  |
| Nutrien Ltd. | 20 | 1144 |
| ONEX Corporation (a) | 13 | 1065 |
| Open Text Corporation | 1 | 26 |
| Orogen Royalties Inc. | 4 | 103 |
| Pan American Silver Corp. | 30 | 860 |
| Pembina Pipeline Corporation (a) | 22 | 811 |
| Prairiesky Royalty Ltd. (a) | 14 | 245 |
| Premium Brands Holdings Corporation (a) | 5 | 310 |
| Quebecor Inc. - Class B | 2 | 72 |
| Restaurant Brands International Limited Partnership (a) | 11 | 716 |
| Rogers Communications Inc. - Class B (a) | 11 | 323 |
| Royal Bank of Canada |  | 49 |
| Royal Bank of Canada | 28 | 3741 |
| Saputo Inc. | 3 | 54 |
| Shopify Inc. - Class A (b) | 1 | 150 |
| Shopify Inc. - Class A (b) |  | 43 |
| South Bow Corporation (a) | 5 | 133 |
| Spin Master Corp. (a) (e) | 2 | 41 |
| Sun Life Financial Inc. | 25 | 1646 |
| Suncor Energy Inc. | 37 | 1399 |
| TC Energy Corporation (a) | 6 | 302 |
| Teck Resources Limited - Class B | 8 | 319 |
| TFI International Inc. (a) | 2 | 208 |
| Thomson Reuters Corporation | 1 | 139 |
| TMX Group Limited | 6 | 271 |
| Topaz Energy Corp. (a) | 3 | 47 |
| Toromont Industries Ltd. | 9 | 788 |
| Toronto-Dominion Bank, The | 3 | 230 |
| Toronto-Dominion Bank, The | 11 | 780 |
| Tourmaline Oil Corp | 8 | 406 |
| TransAlta Corporation | 5 | 52 |
| Wheaton Precious Metals Corp. | 1 | 110 |
| Whitecap Resources Inc. (a) | 210 | 1414 |
| Winpak Ltd. (a) | 6 | 187 |
|  |  | 50170 |
| **Germany 8.4%** | **Germany 8.4%** | **Germany 8.4%** |
| Adidas AG - Class N | 4 | 860 |
| Allianz SE | 3 | 1350 |
| Aurubis AG | 4 | 408 |
| BASF SE - Class N | 44 | 2185 |
| Bayer Aktiengesellschaft - Class N | 5 | 144 |
| Bayerische Motoren Werke Aktiengesellschaft | 7 | 577 |
| Beiersdorf Aktiengesellschaft | 1 | 154 |
| Brenntag SE - Class N | 12 | 794 |
| Continental Aktiengesellschaft | 6 | 509 |
| Covestro AG (b) | 12 | 838 |
| CTS Eventim AG & Co. KGaA | 6 | 795 |
| Daimler Truck Holding AG | 24 | 1154 |
| Deutsche Bank Aktiengesellschaft - Class N | 25 | 729 |
| Deutsche Borse Aktiengesellschaft - Class N | 3 | 909 |
| Deutsche Lufthansa Aktiengesellschaft | 35 | 294 |
| Deutsche Post AG - Class N | 36 | 1685 |
| Deutsche Telekom AG - Class N | 86 | 3135 |
| DW Property Invest GmbH | 3 | 76 |
| E.ON SE - Class N | 87 | 1610 |
| Elia Group (a) | 1 | 102 |
| Fraport AG Frankfurt Airport Services Worldwide (b) | 2 | 128 |
| freenet AG - Class N | 17 | 556 |
| Fresenius Medical Care AG | 12 | 716 |
| Fresenius SE & Co. KGaA | 11 | 564 |
| GEA Group Aktiengesellschaft | 20 | 1381 |
| Gerresheimer AG |  | 20 |
| Hannover Ruck SE - Class N | 2 | 667 |
| Hapag-Lloyd Aktiengesellschaft (d) |  | 69 |
| Heidelberg Materials AG | 1 | 160 |

---

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page [607](#abbreviations).

**JNL Series Trust** (Unaudited)

**Schedules of Investments (in thousands)**

June 30, 2025

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| Henkel AG & Co. KGaA |  | 7 |
| Hensoldt AG | 9 | 1021 |
| Infineon Technologies AG - Class N | 48 | 2061 |
| Kion Group AG | 9 | 526 |
| Knorr - Bremse Aktiengesellschaft (d) | 6 | 628 |
| LEG Immobilien SE | 4 | 368 |
| Mercedes-Benz Group AG - Class N | 14 | 814 |
| MERCK Kommanditgesellschaft auf Aktien | 1 | 166 |
| MTU Aero Engines AG - Class N | 2 | 689 |
| Munchener Ruckversicherungs-Gesellschaft Aktiengesellschaft in Munchen - Class N | 3 | 1673 |
| Nemetschek SE | 1 | 126 |
| Puma SE | 9 | 242 |
| Qiagen N.V. | 2 | 94 |
| Qiagen N.V. | 12 | 598 |
| Rheinmetall Aktiengesellschaft | 2 | 4009 |
| RTL Group S.A. | 3 | 120 |
| RWE Aktiengesellschaft | 19 | 789 |
| SAP SE | 4 | 1208 |
| Siemens Aktiengesellschaft - Class N | 3 | 821 |
| Siemens Energy AG (b) | 8 | 944 |
| Siemens Healthineers AG (d) | 4 | 208 |
| Sixt SE | 1 | 123 |
| Stroer SE & Co. KGaA | 5 | 327 |
| Symrise AG | 4 | 398 |
| Volkswagen Aktiengesellschaft | 1 | 159 |
| Vonovia SE | 8 | 281 |
| | | 40969 |
| **France 7.9%** | **France 7.9%** | **France 7.9%** |
| Airbus SE | 6 | 1236 |
| Alstom (b) | 21 | 485 |
| Alten | 3 | 242 |
| AXA | 13 | 652 |
| Biomerieux SA | 1 | 188 |
| BNP Paribas | 8 | 676 |
| Bouygues | 1 | 39 |
| Bureau Veritas | 10 | 345 |
| Capgemini | 4 | 674 |
| Carrefour | 109 | 1531 |
| Compagnie de Saint-Gobain | 9 | 1059 |
| Compagnie Generale des Etablissements Michelin | 28 | 1059 |
| Credit Agricole SA | 15 | 284 |
| Danone | 3 | 277 |
| Dassault Aviation | 1 | 199 |
| Dassault Systemes | 3 | 102 |
| Edenred | 4 | 132 |
| Eiffage | 7 | 961 |
| Elis Services (a) | 8 | 216 |
| Engie | 77 | 1814 |
| EssilorLuxottica | 1 | 336 |
| Eurazeo | 5 | 334 |
| Eurofins Scientific SE | 11 | 750 |
| Euronext N.V. (d) | 5 | 826 |
| FDJ United (e) | 3 | 111 |
| Gaztransport Et Technigaz | 4 | 810 |
| Getlink S.E. | 15 | 290 |
| Hermes International |  | 752 |
| Horizon Parent Holdings S.a r.l. | 7 | 245 |
| JCDecaux SE | 24 | 443 |
| Kering | 1 | 167 |
| L'Air Liquide, societe anonyme pour l'Etude et l'Exploitation des procedes Georges Claude | 3 | 658 |
| Legrand | 2 | 290 |
| L'Oreal | 2 | 750 |
| LVMH Moet Hennessy Louis Vuitton | 3 | 1695 |
| Nexans | 2 | 256 |
| Orange | 113 | 1716 |
| Publicis Groupe SA (a) | 4 | 468 |
| Renault | 18 | 815 |
| Rexel | 54 | 1669 |
| Safran | 3 | 965 |
| Sanofi | 9 | 895 |
| Sartorius Stedim Biotech |  | 36 |
| Schneider Electric SE | 2 | 451 |
| Societe d'exploitation Hoteliere | 17 | 1037 |
| Societe Generale | 18 | 1031 |
| Spie SA | 12 | 696 |
| Technip Energies N.V. | 22 | 940 |
| Teleperformance SE | 3 | 305 |
| Thales | 3 | 866 |
| Tikehau Capital (a) | 5 | 110 |
| TotalEnergies SE | 58 | 3582 |
| Veolia Environnement | 8 | 299 |
| VINCI | 11 | 1658 |
|  |  | 38423 |
| **Switzerland 7.7%** | **Switzerland 7.7%** | **Switzerland 7.7%** |
| ABB Ltd - Class N | 11 | 634 |
| Adecco Group AG - Class N | 2 | 61 |
| Alcon AG (a) | 6 | 549 |
| Alcon AG | 8 | 740 |
| ALSO Holding AG - Class N | 1 | 358 |
| Amrize AG (b) | 15 | 735 |
| Avolta AG - Class N | 6 | 305 |
| Barry Callebaut AG - Class N (a) |  | 27 |
| BELIMO Holding AG - Class N |  | 306 |
| BKW Energie AG | 1 | 154 |
| Bucher Industries AG | 5 | 2369 |
| Compagnie Financiere Richemont SA | 4 | 804 |
| Datwyler Holding AG (a) | 1 | 219 |
| EMS-Chemie Holding AG |  | 76 |
| Geberit AG - Class N | 2 | 1275 |
| Georg Fischer AG - Class N | 15 | 1238 |
| Givaudan SA - Class N |  | 378 |
| Glencore PLC | 142 | 553 |
| Holcim AG | 15 | 1096 |
| INFICON Holding AG | 1 | 194 |
| Julius Bar Gruppe AG - Class N | 27 | 1840 |
| Lonza Group AG | 1 | 887 |
| Nestle S.A. - Class N | 41 | 4100 |
| Novartis AG - ADR | 11 | 1360 |
| Novartis AG - Class N | 34 | 4073 |
| Partners Group Holding AG | 1 | 784 |
| PSP Swiss Property AG - Class N | 3 | 487 |
| Roche Holding AG |  | 112 |
| Schindler Holding AG - Class N |  | 173 |
| SGS SA | 3 | 267 |
| Siegfried Holding AG | 6 | 705 |
| Sika AG | 2 | 621 |
| Sonova Holding AG | 2 | 703 |
| Sulzer AG - Class N | 1 | 154 |
| Swiss Life Holding AG - Class N | 1 | 769 |
| Swiss Prime Site AG - Class N | 30 | 4506 |
| Swiss Re AG | 1 | 118 |
| Swisscom AG - Class N | 1 | 779 |
| Swissquote Group Holding SA - Class N | 1 | 662 |
| UBS Group AG |  | 14 |
| UBS Group AG | 28 | 935 |
| VAT Group AG (d) |  | 68 |
| Zurich Insurance Group AG - Class N | 1 | 956 |
|  |  | 37144 |
| **Australia 5.8%** | **Australia 5.8%** | **Australia 5.8%** |
| AGL Energy Limited | 19 | 121 |
| ALS Limited | 23 | 258 |
| Ampol Limited | 12 | 200 |
| Ansell Limited | 29 | 581 |
| ANZ Group Holdings Limited | 28 | 536 |
| Aristocrat Leisure Limited | 5 | 227 |
| ASX Limited | 1 | 51 |
| Atlas Arteria Limited | 39 | 131 |
| Australian Pipeline Trust | 20 | 106 |
| BHP Group Limited - ADR (a) | 8 | 398 |
| BHP Group Limited | 116 | 2807 |
| BHP Group Limited (a) | 6 | 141 |
| BlueScope Steel Limited | 19 | 288 |
| Brambles Limited | 57 | 875 |
| Breville Group Limited (a) | 14 | 280 |
| Cleanaway Waste Management Limited | 139 | 248 |
| Cochlear Limited |  | 64 |
| Coles Group Limited | 40 | 547 |

---

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page [607](#abbreviations).

**JNL Series Trust** (Unaudited)

**Schedules of Investments (in thousands)**

June 30, 2025

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| Commonwealth Bank of Australia | 10 | 1163 |
| Computershare Limited | 22 | 570 |
| CSL Limited | 5 | 728 |
| Domino's Pizza Enterprises Limited | 6 | 72 |
| Downer EDI Limited | 8 | 32 |
| EBOS Group Limited | 3 | 70 |
| Evolution Mining Limited | 55 | 287 |
| Flight Centre Travel Group Limited | 19 | 152 |
| Fortescue Ltd | 31 | 319 |
| Genesis Minerals Limited (b) | 43 | 121 |
| HUB24 Limited | 3 | 186 |
| IDP Education Limited (a) | 5 | 12 |
| IGO Limited | 8 | 22 |
| Insurance Australia Group Limited | 99 | 587 |
| JB Hi-Fi Limited | 8 | 570 |
| Lendlease Corporation Limited | 44 | 157 |
| Lynas Rare Earths Limited (b) | 36 | 204 |
| Macquarie Group Limited | 2 | 322 |
| Medibank Private Limited | 70 | 232 |
| Metcash Limited | 261 | 673 |
| National Australia Bank Limited | 40 | 1037 |
| Netwealth Group Limited | 7 | 160 |
| New Hope Corporation Limited (a) | 371 | 903 |
| NEXTDC Limited (b) | 19 | 184 |
| Nine Entertainment Co. Holdings Limited | 197 | 211 |
| Norden Crown Metals Corp. | 363 | 643 |
| Northern Star Resources Ltd | 57 | 704 |
| Orica Limited | 63 | 803 |
| Orora Limited | 223 | 277 |
| Pilbara Minerals Limited (a) (b) | 44 | 39 |
| Premier Investments Limited | 7 | 87 |
| Qantas Airways Limited | 15 | 107 |
| QBE Insurance Group Limited | 49 | 762 |
| Regis Healthcare Limited | 10 | 54 |
| Rio Tinto Limited | 10 | 692 |
| Santos Limited | 190 | 959 |
| SEEK Limited | 14 | 214 |
| Sonic Healthcare Limited | 15 | 268 |
| Suncorp Group Limited | 46 | 661 |
| Super Retail Group Limited | 24 | 227 |
| Technology One Limited | 14 | 387 |
| Telix Pharmaceuticals Limited (b) | 3 | 53 |
| Telstra Corporation Limited | 66 | 209 |
| Transurban Holdings Limited | 18 | 166 |
| Treasury Wine Estates Limited | 81 | 417 |
| Ventia Services Group Limited (d) | 84 | 286 |
| Web Travel Group Limited (b) | 15 | 45 |
| Wesfarmers Limited | 11 | 611 |
| Westpac Banking Corporation | 34 | 753 |
| WiseTech Global Limited | 4 | 279 |
| Woodside Energy Group Ltd | 54 | 843 |
| Woodside Energy Group Ltd - ADR (a) | 3 | 46 |
| Woolworths Group Limited | 29 | 593 |
| | | 28018 |
| **Italy 3.8%** | **Italy 3.8%** | **Italy 3.8%** |
| Amplifon S.p.A | 16 | 369 |
| Assicurazioni Generali Societa' Per Azioni | 4 | 126 |
| Azimut Holding S.p.A. | 10 | 316 |
| Banca Mediolanum SpA | 4 | 67 |
| Banca Monte dei Paschi di Siena S.p.A. (a) | 146 | 1238 |
| Banco BPM Societa' Per Azioni | 126 | 1481 |
| Bper Banca S.P.A. | 102 | 926 |
| Brunello Cucinelli S.p.A. | 8 | 943 |
| Buzzi S.p.A. | 9 | 522 |
| Credito Emiliano SpA | 13 | 195 |
| ENEL - SPA | 106 | 1010 |
| Eni S.P.A. | 81 | 1316 |
| Ferrari N.V. | 1 | 349 |
| Ferrari N.V. |  | 162 |
| Finecobank Banca Fineco S.P.A. | 24 | 526 |
| Hera S.p.A. | 90 | 437 |
| Intesa Sanpaolo SPA | 159 | 920 |
| Iren S.p.A. | 34 | 106 |
| Italgas S.p.A. | 64 | 545 |
| Iveco Group N.V. | 33 | 654 |
| Leonardo S.p.A. | 8 | 440 |
| Mediobanca Banca di Credito Finanziario Societa' Per Azioni (a) | 23 | 543 |
| Moncler S.p.A. | 12 | 675 |
| Pirelli & C. S.p.A. (d) | 6 | 41 |
| Poste Italiane - Societa' Per Azioni (d) | 9 | 197 |
| Prada S.p.A. | 9 | 55 |
| Recordati Industria Chimica E Farmaceutica S.P.A. In Breve Recordati S.P.A. | 6 | 376 |
| Reply S.p.A. | 2 | 386 |
| Snam S.p.A. | 34 | 205 |
| Sol S.P.A. | 2 | 132 |
| Telecom Italia S.p.A. (a) | 1756 | 870 |
| Terna - Rete Elettrica Nazionale Societa Per Azioni | 29 | 299 |
| Unicredit, Societa' Per Azioni In Forma Abbreviata Unicredit S.P.A. | 28 | 1892 |
| Unipol Assicurazioni S.P.A. | 14 | 272 |
|  |  | 18591 |
| **Netherlands 3.5%** | **Netherlands 3.5%** | **Netherlands 3.5%** |
| Aalberts N.V. | 27 | 975 |
| ABN AMRO Bank N.V. - DUTCHCERT (d) | 54 | 1474 |
| Adyen N.V. (b) (d) |  | 169 |
| Arcadis N.V. | 4 | 207 |
| ASM International N.V. | 1 | 894 |
| ASML Holding N.V. - ADR | 1 | 886 |
| ASML Holding N.V. | 3 | 2038 |
| ASR Nederland N.V. | 11 | 728 |
| BE Semiconductor Industries N.V. | 3 | 418 |
| CTP N.V. | 6 | 127 |
| Heineken N.V. | 6 | 488 |
| IMcD N.V. | 3 | 399 |
| ING Groep N.V. | 27 | 598 |
| Just Eat Takeaway.Com N.V. (b) (d) | 16 | 375 |
| Koninklijke Ahold Delhaize N.V. | 38 | 1597 |
| Koninklijke KPN N.V. | 255 | 1240 |
| Koninklijke Philips N.V. - ADR (a) (d) | 2 | 49 |
| Koninklijke Philips N.V. | 18 | 430 |
| Koninklijke Vopak N.V. | 20 | 975 |
| NN Group N.V. | 17 | 1153 |
| Prosus N.V. - Class N | 11 | 592 |
| STMicroelectronics N.V. | 4 | 127 |
| Wolters Kluwer N.V. - Class C | 8 | 1255 |
|  |  | 17194 |
| **Sweden 2.9%** | **Sweden 2.9%** | **Sweden 2.9%** |
| AAK AB (publ) | 2 | 64 |
| AB Sagax - Class B | 3 | 62 |
| Addlife AB - Class B | 18 | 350 |
| Addnode Group Aktiebolag (publ) - Class B | 8 | 90 |
| Addtech AB - Class B | 6 | 216 |
| Aktiebolaget Electrolux - Class B (b) | 15 | 107 |
| Aktiebolaget SKF - Class B | 14 | 320 |
| Aktiebolaget Volvo - Class A | 5 | 135 |
| Aktiebolaget Volvo - Class B | 42 | 1172 |
| Alfa Laval AB | 3 | 146 |
| ASSA ABLOY AB - Class B | 6 | 177 |
| Atlas Copco Aktiebolag - Class A | 21 | 344 |
| Atlas Copco Aktiebolag - Class B | 12 | 170 |
| Avanza Bank Holding AB | 3 | 118 |
| Axfood AB | 5 | 150 |
| Betsson AB - Class B | 13 | 277 |
| Bilia AB - Class A | 5 | 74 |
| Billerud Aktiebolag (publ) | 18 | 185 |
| Boliden AB (b) | 10 | 320 |
| Bravida Holding AB (d) | 22 | 219 |
| Bure Equity AB | 13 | 399 |
| Camurus AB (b) |  | 26 |
| Castellum Aktiebolag (a) | 8 | 99 |
| Dometic Group AB (publ) (d) | 60 | 252 |
| Electrolux Professional AB (publ) - Class B | 20 | 141 |
| Elekta AB (publ) - Class B | 42 | 219 |
| Epiroc Aktiebolag - Class A | 7 | 156 |
| Epiroc Aktiebolag - Class B | 4 | 80 |
| EQT AB (d) | 1 | 25 |

---

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page [607](#abbreviations).

**JNL Series Trust** (Unaudited)

**Schedules of Investments (in thousands)**

June 30, 2025

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| Essity Aktiebolag (publ) - Class A |  | 13 |
| Essity Aktiebolag (publ) - Class B | 12 | 334 |
| Evolution AB (publ) (d) | 2 | 125 |
| G&L Beijer Ref AB - Class B | 3 | 53 |
| Getinge AB - Class B | 12 | 240 |
| H & M Hennes & Mauritz AB - Class B (a) | 10 | 141 |
| Hemnet AB | 1 | 29 |
| Hexagon Aktiebolag - Class B | 13 | 129 |
| Hexpol AB - Class B | 9 | 83 |
| HMS Networks AB (b) | 2 | 67 |
| Husqvarna Aktiebolag - Class B | 13 | 66 |
| Indutrade Aktiebolag | 1 | 26 |
| Lifco AB (Publ) - Class B | 2 | 80 |
| Lindab International AB (a) | 7 | 147 |
| Loomis AB - Class B | 9 | 365 |
| Medicover AB - Class B | 11 | 304 |
| Mycronic AB (publ) | 10 | 220 |
| NCC Aktiebolag - Class B | 10 | 184 |
| NIBE Industrier AB - Class B (a) | 22 | 93 |
| Nordnet AB | 4 | 121 |
| Nyfosa AB | 22 | 218 |
| Peab AB - Class B | 23 | 186 |
| Saab AB - Class B | 1 | 65 |
| Sandvik Aktiebolag | 19 | 444 |
| Scandic Hotels Group AB | 32 | 276 |
| Skandinaviska Enskilda Banken AB - Class A | 18 | 317 |
| Skanska AB - Class B | 7 | 170 |
| Skistar Aktiebolag - Class B | 9 | 143 |
| SSAB AB - Class B | 25 | 145 |
| Svenska Cellulosa Aktiebolaget SCA - Class A | 1 | 14 |
| Svenska Cellulosa Aktiebolaget SCA - Class B | 14 | 180 |
| Svenska Handelsbanken AB - Class A | 14 | 193 |
| Svenska Handelsbanken AB - Class B (a) | 1 | 12 |
| SWECO Civil AB - Class B | 11 | 192 |
| Swedbank AB - Class A | 12 | 309 |
| Swedish Orphan Biovitrum AB (Publ) (b) | 1 | 28 |
| Tele2 AB - Class B | 16 | 235 |
| Telefonaktiebolaget LM Ericsson - Class A | 1 | 8 |
| Telefonaktiebolaget LM Ericsson - Class B | 43 | 370 |
| Telia Company AB | 128 | 461 |
| Thule Group AB (d) | 2 | 68 |
| Trelleborg AB - Class B | 4 | 131 |
| Truecaller AB - Class B | 62 | 441 |
| Vitrolife AB | 3 | 37 |
| Volvo Cars AB - Class B (a) (b) | 26 | 47 |
| Wihlborgs Fastigheter AB | 27 | 291 |
| | | 13894 |
| **Spain 2.6%** | **Spain 2.6%** | **Spain 2.6%** |
| Acciona,S.A. (a) | 2 | 311 |
| ACS, Actividades de Construccion y Servicios, S.A. | 11 | 797 |
| AENA, S.M.E., S.A. | 11 | 294 |
| Amadeus IT Holding, S.A. (d) | 7 | 619 |
| Banco Bilbao Vizcaya Argentaria, S.A. | 102 | 1569 |
| Banco Bilbao Vizcaya Argentaria, S.A. - ADR (a) | 14 | 217 |
| Banco de Sabadell, S.A. | 381 | 1218 |
| Banco Santander, S.A. | 181 | 1497 |
| Bankinter Sociedad Anonima (a) | 67 | 875 |
| CaixaBank, S.A. | 86 | 743 |
| Cellnex Telecom, S.A. (d) | 4 | 152 |
| Enagas S.A. (a) | 11 | 182 |
| Endesa, S.A. (a) | 10 | 331 |
| Ferrovial SE | 1 | 55 |
| Fluidra S.A. (a) | 2 | 43 |
| Iberdrola, Sociedad Anonima (a) | 31 | 596 |
| Industria de Diseno Textil, S.A. | 10 | 504 |
| Logista Integral SA. | 6 | 205 |
| Mapfre SA (a) | 70 | 287 |
| Redeia Corporacion SA (a) | 12 | 246 |
| Repsol SA | 35 | 518 |
| Telefonica, S.A. (a) | 180 | 948 |
| Viscofan, S.A. (a) | 5 | 326 |
|  |  | 12533 |
| **Denmark 2.2%** | **Denmark 2.2%** | **Denmark 2.2%** |
| A.P. Moller - Maersk A/S - Class A |  | 76 |
| A.P. Moller - Maersk A/S - Class B |  | 101 |
| Ambu A/S - Class B | 9 | 134 |
| Cadeler A/S (b) (e) | 24 | 119 |
| Carlsberg A/S - Class B | 3 | 367 |
| Coloplast A/S - Class B | 3 | 277 |
| Danske Bank A/S | 24 | 977 |
| Demant A/S (b) | 12 | 483 |
| DSV A/S | 2 | 587 |
| H. Lundbeck A/S - Class B | 38 | 218 |
| NKT A/S (b) | 8 | 662 |
| Novo Nordisk A/S - Class B | 40 | 2790 |
| Novozymes A/S - Class B | 9 | 642 |
| Orsted A/S (b) (d) | 2 | 97 |
| Pandora A/S | 7 | 1173 |
| Ringkjobing Landbobank. Aktieselskab | 6 | 1420 |
| Rockwool A/S - Class A | 1 | 23 |
| Tryg A/S | 7 | 178 |
| Vestas Wind Systems A/S | 23 | 345 |
|  |  | 10669 |
| **Finland 1.5%** | **Finland 1.5%** | **Finland 1.5%** |
| Elisa Oyj | 19 | 1044 |
| Fortum Oyj | 12 | 228 |
| Hiab Oyj - Class B | 8 | 490 |
| Kesko Oyj - Class B | 6 | 160 |
| Kone Corporation - Class B | 4 | 292 |
| Konecranes Abp | 8 | 655 |
| Metso Oyj (a) | 44 | 568 |
| Neste Oyj | 6 | 78 |
| Nokia Oyj | 84 | 435 |
| Nokia Oyj - Series A - ADR | 17 | 89 |
| Nordea Bank Abp | 58 | 859 |
| Orion Oyj - Class B | 3 | 218 |
| Sampo Oyj - Class A | 46 | 488 |
| Sampo Oyj - Class A | 31 | 329 |
| Stora Enso Oyj - Class R (a) | 30 | 320 |
| UPM-Kymmene Oyj | 12 | 315 |
| Valmet Oy (a) | 12 | 367 |
| Wartsila Oyj Abp | 13 | 298 |
|  |  | 7233 |
| **Hong Kong 1.4%** | **Hong Kong 1.4%** | **Hong Kong 1.4%** |
| AIA Group Limited | 111 | 1003 |
| Bank of East Asia, Limited, The | 166 | 256 |
| BOC Hong Kong (Holdings) Limited | 42 | 183 |
| Budweiser Brewing Company APAC Limited (a) (d) | 63 | 63 |
| Cathay Pacific Airways Limited | 83 | 113 |
| CK Asset Holdings Limited | 48 | 213 |
| CK Hutchison Holdings Limited | 40 | 247 |
| CK Infrastructure Holdings Limited | 15 | 99 |
| CLP Holdings Limited | 15 | 126 |
| Dfi Retail Group Holdings Limited | 17 | 48 |
| ESR Group Limited (b) (d) (f) | 77 | 128 |
| First Pacific Company Limited | 170 | 120 |
| Hang Lung Properties Limited | 520 | 497 |
| Hang Seng Bank, Limited | 5 | 77 |
| HK Electric Investments Limited | 72 | 53 |
| HKT Trust | 203 | 303 |
| Hong Kong And China Gas Company Limited - The- | 235 | 198 |
| Hong Kong Exchanges and Clearing Limited | 9 | 498 |
| Hongkong Land Holdings Limited | 12 | 66 |
| Hysan Development Company Limited | 17 | 31 |
| MH Development Limited (b) (c) | 12 |  |
| MTR Corporation Limited | 15 | 54 |
| New World Development Company Limited (a) (b) | 203 | 148 |
| PCCW Limited | 80 | 54 |
| Power Assets Holdings Limited | 10 | 64 |
| Sino Land Company Limited | 157 | 167 |
| SITC International Holdings Company Limited | 107 | 343 |
| Sun Hung Kai Properties Limited | 13 | 150 |
| Swire Pacific Limited - Class A | 13 | 107 |
| Swire Properties Limited | 48 | 119 |
| Techtronic Industries Company Limited | 24 | 259 |
| United Laboratories International Holdings Ltd | 128 | 245 |
| VTech Holdings Limited | 14 | 105 |
| WH Group Limited (d) | 400 | 386 |

---

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page [607](#abbreviations).

**JNL Series Trust** (Unaudited)

**Schedules of Investments (in thousands)**

June 30, 2025

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| Wharf Real Estate Investment Company Limited | 33 | 94 |
| Xinyi Glass Holdings Limited (a) | 159 | 153 |
| Yue Yuen Industrial (Holdings) Limited | 100 | 152 |
| | | 6922 |
| **Israel 1.2%** | **Israel 1.2%** | **Israel 1.2%** |
| Alony Hetz Properties & Investments Ltd | 2 | 19 |
| Alrov Properties & Lodgings Ltd. |  | 6 |
| Azrieli Group Ltd. |  | 33 |
| Bank Hapoalim B.M. | 23 | 444 |
| Bank Leumi Le-Israel B.M. | 33 | 616 |
| Bezeq Israel Communications Company Ltd | 54 | 91 |
| Big Shopping Centers Ltd |  | 47 |
| Blue Square Real Estate Ltd |  | 50 |
| Camtek Ltd. (b) |  | 16 |
| Cellcom Israel Ltd. (b) | 14 | 115 |
| CLAL Insurance Enterprises Holdings Ltd | 8 | 360 |
| Delek Group Ltd. | 1 | 106 |
| Delta Galil Industries Ltd. | 1 | 33 |
| EL AL Israel Airlines Ltd. (b) | 64 | 252 |
| Elbit Systems Ltd. |  | 29 |
| Electra Ltd |  | 130 |
| Enlight Renewable Energy Ltd. (b) | 3 | 62 |
| Equital Ltd. (b) | 2 | 96 |
| Fattal Holdings (1998) Ltd. (b) |  | 26 |
| First International Bank of Israel Ltd. | 2 | 133 |
| Formula Systems (1985) Ltd. | 1 | 143 |
| Fox - Wizel Ltd | 1 | 73 |
| Harel Insurance Investments & Financial Services Ltd. | 5 | 138 |
| ICL Group Ltd | 8 | 55 |
| Industrial Buildings Corporation Ltd | 26 | 96 |
| Isracard Ltd. | 42 | 215 |
| Israel Canada (T. R) Ltd | 26 | 118 |
| Israel Discount Bank Limited | 31 | 310 |
| Matrix I.T. Ltd | 4 | 131 |
| Mega OR Holdings Ltd. | 1 | 56 |
| Melisron Limited |  | 37 |
| Migdal Insurance and Financial Holdings Ltd. | 21 | 57 |
| Mizrahi Tefahot Bank Ltd | 3 | 210 |
| Nice Ltd (b) |  | 31 |
| Nova Ltd. (b) |  | 32 |
| Oil Refineries Ltd | 484 | 131 |
| Partner Communications Ltd | 13 | 102 |
| Paz Retail And Energy Ltd | 1 | 234 |
| Phoenix Financial Ltd | 10 | 294 |
| Shufersal Ltd. | 8 | 88 |
| Strauss Group Ltd | 2 | 49 |
| Tel Aviv Stock Exchange Ltd., The | 10 | 186 |
| Teva Pharmaceutical Industries Ltd - ADR (b) | 4 | 69 |
| Teva Pharmaceutical Industries Ltd (b) | 9 | 147 |
| Tower Semiconductor Ltd. (b) | 1 | 21 |
| Tower Semiconductor Ltd. (b) | 1 | 53 |
| Veridis Environment Ltd. (b) | 5 | 42 |
| Y.H. Dimri Construction and Development Ltd. |  | 18 |
|  |  | 5800 |
| **Singapore 1.2%** | **Singapore 1.2%** | **Singapore 1.2%** |
| ASMPT Limited | 21 | 154 |
| ComfortDelGro Corporation Limited | 80 | 90 |
| DBS Group Holdings Ltd | 24 | 855 |
| Golden Agri-Resources Ltd. | 640 | 126 |
| Hafnia Limited | 13 | 66 |
| Jardine Cycle & Carriage Limited | 15 | 295 |
| Keppel Infrastructure Trust | 122 | 38 |
| Keppel Ltd. | 123 | 722 |
| NetLink NBN Trust | 46 | 32 |
| Olam Group Limited | 73 | 55 |
| Oversea-Chinese Banking Corporation Limited | 33 | 429 |
| SATS Ltd. | 41 | 98 |
| Seatrium Limited | 280 | 444 |
| Sheng Siong Group Ltd. | 30 | 44 |
| Singapore Airlines Limited (a) | 70 | 385 |
| Singapore Exchange Limited | 35 | 412 |
| Singapore Technologies Engineering Ltd | 30 | 186 |
| Singapore Telecommunications Limited | 16 | 49 |
| United Overseas Bank Limited | 23 | 645 |
| UOL Group Limited | 10 | 48 |
| Venture Corporation Limited | 25 | 227 |
| Wilmar International Limited | 108 | 243 |
|  |  | 5643 |
| **Belgium 1.0%** | **Belgium 1.0%** | **Belgium 1.0%** |
| Ackermans | 3 | 781 |
| Ageas SA/NV | 7 | 462 |
| Anheuser-Busch InBev | 19 | 1300 |
| argenx SE (b) |  | 79 |
| Azelis Group (a) | 7 | 115 |
| CMB.TECH (a) | 1 | 13 |
| Colruyt Group | 3 | 118 |
| D'Ieteren Group |  | 51 |
| KBC Groep | 9 | 969 |
| Lotus Bakeries |  | 270 |
| Solvay (a) | 6 | 221 |
| UCB | 3 | 526 |
| Umicore | 5 | 73 |
|  |  | 4978 |
| **Norway 0.8%** | **Norway 0.8%** | **Norway 0.8%** |
| Aker ASA |  | 24 |
| Aker BP ASA | 10 | 243 |
| Atea ASA | 7 | 108 |
| Bluenord ASA (b) | 1 | 70 |
| Borregaard ASA | 4 | 83 |
| Bw Lpg Limited | 5 | 64 |
| Crayon Group Holding ASA (b) (e) | 7 | 95 |
| DNB Bank ASA | 8 | 230 |
| DOF Group ASA | 8 | 68 |
| Elkem ASA (d) | 42 | 100 |
| Entra ASA (b) (d) | 1 | 14 |
| Equinor ASA | 22 | 546 |
| Flex Lng Ltd. | 1 | 20 |
| Frontline PLC | 4 | 62 |
| Gjensidige Forsikring ASA | 1 | 35 |
| Golden Ocean Group Limited | 2 | 13 |
| Hoegh Autoliners ASA | 11 | 97 |
| Kongsberg Gruppen ASA | 4 | 159 |
| Leroy Seafood Group ASA | 5 | 26 |
| Mowi ASA | 3 | 63 |
| Nordic Semiconductor ASA (b) | 4 | 51 |
| Norsk Hydro ASA | 23 | 131 |
| Odfjell Drilling Ltd. | 10 | 63 |
| Orkla ASA | 3 | 33 |
| Protector Forsikring ASA | 2 | 71 |
| SalMar ASA |  | 11 |
| Scatec ASA (b) (d) | 12 | 114 |
| Sparebank 1 Ostlandet | 2 | 45 |
| Sparebank 1 Sor-Norge ASA | 8 | 148 |
| Storebrand ASA | 15 | 214 |
| Telenor ASA | 7 | 113 |
| TGS-NOPEC Geophysical Company | 8 | 69 |
| TOMRA Systems ASA | 3 | 47 |
| Var Energi ASA | 7 | 24 |
| Veidekke ASA | 11 | 181 |
| Vend Marketplaces ASA - Class B | 3 | 113 |
| Wallenius Wilhelmsen ASA | 6 | 48 |
| Yara International ASA | 2 | 78 |
|  |  | 3674 |
| **United States of America 0.6%** | **United States of America 0.6%** | **United States of America 0.6%** |
| Ashtead Group Public Limited Company | 11 | 720 |
| Bausch Health Companies Inc. (b) | 7 | 43 |
| Flutter Entertainment Public Limited Company (b) |  | 31 |
| International Paper Company | 17 | 806 |
| James Hardie Industries Public Limited Company - CHESS | 7 | 202 |
| Reliance Worldwide Corporation Limited | 88 | 238 |
| Samsonite Group S.A. (d) | 73 | 136 |
| Universal Music Group N.V. | 13 | 418 |
| Waste Connections, Inc. | 2 | 430 |
|  |  | 3024 |

---

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page [607](#abbreviations).

**JNL Series Trust** (Unaudited)

**Schedules of Investments (in thousands)**

June 30, 2025

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| **Austria 0.6%** | **Austria 0.6%** | **Austria 0.6%** |
| Andritz AG | 4 | 261 |
| BAWAG Group AG (d) | 5 | 584 |
| Erste Group Bank AG | 6 | 531 |
| OMV Aktiengesellschaft | 8 | 449 |
| Raiffeisen Bank International AG | 1 | 35 |
| Strabag SE | 1 | 86 |
| Telekom Austria Aktiengesellschaft | 7 | 75 |
| Verbund AG | 1 | 96 |
| voestalpine AG | 15 | 413 |
| Wienerberger AG | 6 | 213 |
|  |  | 2743 |
| **Ireland 0.5%** | **Ireland 0.5%** | **Ireland 0.5%** |
| AIB Group Public Limited Company | 149 | 1231 |
| Bank of Ireland Group Public Limited Company | 50 | 716 |
| Kerry Group Public Limited Company - Class A | 2 | 190 |
| Kingspan Group Public Limited Company | 4 | 359 |
|  |  | 2496 |
| **New Zealand 0.3%** | **New Zealand 0.3%** | **New Zealand 0.3%** |
| Air New Zealand Limited | 113 | 40 |
| Auckland International Airport Limited | 15 | 71 |
| Chorus Limited | 20 | 102 |
| Contact Energy Limited | 12 | 67 |
| Fisher & Paykel Healthcare Corporation Limited | 5 | 99 |
| Fletcher Building Limited (b) | 55 | 96 |
| Freightways Group Limited | 15 | 103 |
| Genesis Energy Limited | 24 | 33 |
| Infratil Limited | 9 | 56 |
| Mainfreight Limited | 3 | 137 |
| Mercury NZ Limited | 10 | 37 |
| Meridian Energy Limited | 14 | 52 |
| Port of Tauranga Limited (a) | 2 | 10 |
| Ryman Healthcare Limited (b) | 14 | 19 |
| Summerset Group Holdings Limited | 14 | 95 |
| The a2 Milk Company Limited (a) | 10 | 53 |
| Xero Limited (b) (f) |  | 23 |
| Xero Limited (b) | 3 | 339 |
|  |  | 1432 |
| **Portugal 0.3%** | **Portugal 0.3%** | **Portugal 0.3%** |
| Banco Comercial Portugues S.A. | 607 | 473 |
| EDP Renovaveis, S.A. | 6 | 71 |
| EDP, S.A. | 46 | 199 |
| Galp Energia, SGPS, S.A. - Class B | 22 | 412 |
| Jeronimo Martins, SGPS, S.A. | 5 | 118 |
|  |  | 1273 |
| **Zambia 0.2%** | **Zambia 0.2%** | **Zambia 0.2%** |
| First Quantum Minerals Ltd (b) | 60 | 1066 |
| **Cote D'Ivoire 0.2%** | **Cote D'Ivoire 0.2%** | **Cote D'Ivoire 0.2%** |
| Endeavour Mining Corporation | 34 | 1042 |
| **Luxembourg 0.1%** | **Luxembourg 0.1%** | **Luxembourg 0.1%** |
| Tenaris S.A. | 23 | 431 |
| **Macau 0.1%** | **Macau 0.1%** | **Macau 0.1%** |
| Galaxy Entertainment Group Limited | 49 | 219 |
| MGM China Holdings Limited | 15 | 24 |
| Sands China Ltd. | 21 | 44 |
| SJM Holdings Limited (b) | 99 | 32 |
| Wynn Macau, Limited (a) | 83 | 57 |
|  |  | 376 |
| **Poland 0.1%** | **Poland 0.1%** | **Poland 0.1%** |
| InPost S.A. (b) | 18 | 300 |
| **Nigeria 0.0%** | **Nigeria 0.0%** | **Nigeria 0.0%** |
| Airtel Africa PLC | 59 | 147 |
| **South Africa 0.0%** | **South Africa 0.0%** | **South Africa 0.0%** |
| Valterra Platinum | 3 | 134 |
| **Faroe Islands 0.0%** | **Faroe Islands 0.0%** | **Faroe Islands 0.0%** |
| P/F Bakkafrost Sales | 1 | 34 |
| **Greece 0.0%** | **Greece 0.0%** | **Greece 0.0%** |
| Okeanis ECO Tankers Corp. | 1 | 20 |
| **China 0.0%** | **China 0.0%** | **China 0.0%** |
| Cowell E Holdings Inc. (a) (b) | 5 | 17 |
| Total Common Stocks (cost $387,180) | Total Common Stocks (cost $387,180) | 475759 |
| **PREFERRED STOCKS 1.0%** | **PREFERRED STOCKS 1.0%** | **PREFERRED STOCKS 1.0%** |
| **Germany 0.5%** | **Germany 0.5%** | **Germany 0.5%** |
| Bayerische Motoren Werke Aktiengesellschaft | 1 | 101 |
| Dr. Ing. h.c. F. Porsche Aktiengesellschaft | 2 | 75 |
| Henkel AG & Co. KGaA (g) | 14 | 1070 |
| Jungheinrich Aktiengesellschaft | 9 | 408 |
| Volkswagen Aktiengesellschaft (g) | 10 | 1078 |
|  |  | 2732 |
| **Switzerland 0.5%** | **Switzerland 0.5%** | **Switzerland 0.5%** |
| Roche Holding AG | 7 | 2293 |
| **Italy 0.0%** | **Italy 0.0%** | **Italy 0.0%** |
| Telecom Italia S.p.A. | 25 | 14 |
| Total Preferred Stocks (cost $5,317) | Total Preferred Stocks (cost $5,317) | 5039 |
| **WARRANTS 0.0%** | **WARRANTS 0.0%** | **WARRANTS 0.0%** |
| **Italy 0.0%** | **Italy 0.0%** | **Italy 0.0%** |
| Webuild S.p.A. (a) (b) (f) |  | 1 |
| **Canada 0.0%** | **Canada 0.0%** | **Canada 0.0%** |
| Constellation Software Inc. (b) (c) |  |  |
| Total Warrants (cost $0) | Total Warrants (cost $0) | 1 |
| **SHORT TERM INVESTMENTS 1.6%** | **SHORT TERM INVESTMENTS 1.6%** | **SHORT TERM INVESTMENTS 1.6%** |
| **Investment Companies 1.1%** | **Investment Companies 1.1%** | **Investment Companies 1.1%** |
| JNL Government Money Market Fund - Class I, 4.20% (h) (i) | 5502 | 5502 |
| **Securities Lending Collateral 0.5%** | **Securities Lending Collateral 0.5%** | **Securities Lending Collateral 0.5%** |
| JNL Government Money Market Fund - Class SL, 4.30% (h) (i) | 2294 | 2294 |
| Total Short Term Investments (cost $7,796) | Total Short Term Investments (cost $7,796) | 7796 |
| **Total Investments 100.7% (cost $400,293)** | **Total Investments 100.7% (cost $400,293)** | **488595** |
| **Other Derivative Instruments 0.0%** | **Other Derivative Instruments 0.0%** | **12** |
| **Other Assets and Liabilities, Net (0.7)%** | **Other Assets and Liabilities, Net (0.7)%** | **(3392)** |
| **Total Net Assets 100.0%** | **Total Net Assets 100.0%** | **485215** |

---

(a) All or a portion of the security was on loan as of June 30, 2025.

(b) Non-income producing security.

(c) Security fair valued in good faith as a Level 3 security in accordance with the procedures approved by the Board of Trustees. Good faith fair valued securities are classified based on the applicable valuation inputs. See "Fair Value Measurement" in the Notes to Financial Statements.

(d) Security is restricted to resale to institutional investors or subject to trading restrictions due to sanctions on foreign issuers. See Restricted Securities table following the Schedules of Investments.

(e) Security is exempt from registration under the Securities Act of 1933, as amended. As of June 30, 2025, the value and the percentage of net assets of these securities was $366 and 0.1% of the Fund.

(f) Security fair valued in good faith as a Level 2 security in accordance with the procedures approved by the Board of Trustees. Good faith fair valued securities are classified based on the applicable valuation inputs. See "Fair Value Measurement" in the Notes to Financial Statements.

(g) Convertible security.

(h) Investment in affiliate.

(i) Yield changes daily to reflect current market conditions. Rate was the quoted yield as of June 30, 2025.

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page [607](#abbreviations).

**JNL Series Trust** (Unaudited)

**Schedules of Investments (in thousands)**

June 30, 2025

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **JNL/DFA International Core Equity Fund — Investments in Affiliates** | **JNL/DFA International Core Equity Fund — Investments in Affiliates** | **JNL/DFA International Core Equity Fund — Investments in Affiliates** | **JNL/DFA International Core Equity Fund — Investments in Affiliates** | **JNL/DFA International Core Equity Fund — Investments in Affiliates** | **JNL/DFA International Core Equity Fund — Investments in Affiliates** | **JNL/DFA International Core Equity Fund — Investments in Affiliates** | **JNL/DFA International Core Equity Fund — Investments in Affiliates** | **JNL/DFA International Core Equity Fund — Investments in Affiliates** |
| **Affiliated Investment** | **Value Beginning of Period($)** | **Purchases($)** | **Sales Proceeds($)** | **Dividend Income/ Distributions from Funds($)** | **Realized Gain (Loss)($)** | **Change in Unrealized Appreciation (Depreciation) ($)** | **Value End of Period($)** | **Percentage of Net Assets(%)** |
| JNL Government Money Market Fund, 4.20% - Class I | 2166 | 95503 | 92167 | 85 |  |  | 5502 | 1.1 |
| JNL Government Money Market Fund, 4.30% - Class SL | 3131 | 23677 | 24514 | 87 |  |  | 2294 | 0.5 |
|  | 5297 | 119180 | 116681 | 172 |  |  | 7796 | 1.6 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **JNL/DFA International Core Equity Fund — Restricted Securities** | **JNL/DFA International Core Equity Fund — Restricted Securities** | **JNL/DFA International Core Equity Fund — Restricted Securities** | **JNL/DFA International Core Equity Fund — Restricted Securities** | **JNL/DFA International Core Equity Fund — Restricted Securities** |
|  | **Initial Acquisition** | **Cost ($)** | **Value ($)** | **Percent of**<br> **Net Assets (%)** |
| ABN AMRO Bank N.V. | 02/24/23 | 907 | 1474 | 0.3 |
| Adyen N.V. | 11/24/21 | 174 | 169 |  |
| Amadeus IT Holding, S.A. | 07/17/20 | 454 | 619 | 0.1 |
| BAWAG Group AG | 05/29/20 | 302 | 584 | 0.1 |
| Bravida Holding AB | 01/13/25 | 201 | 219 | 0.1 |
| Budweiser Brewing Company APAC Limited | 04/03/24 | 84 | 63 |  |
| Cellnex Telecom, S.A. | 06/25/19 | 163 | 152 |  |
| Dometic Group AB (publ) | 09/07/21 | 416 | 252 | 0.1 |
| Elkem ASA | 04/11/23 | 99 | 100 |  |
| Emera Incorporated | 01/05/21 | 188 | 202 | 0.1 |
| Entra ASA | 01/10/24 | 11 | 14 |  |
| EQT AB | 06/13/25 | 21 | 25 |  |
| ESR Group Limited | 02/17/23 | 118 | 128 |  |
| Euronext N.V. | 11/18/20 | 497 | 826 | 0.2 |
| Evolution AB (publ) | 05/06/22 | 154 | 125 |  |
| Hapag-Lloyd Aktiengesellschaft | 10/25/21 | 116 | 69 |  |
| Just Eat Takeaway.Com N.V. | 12/06/23 | 259 | 375 | 0.1 |
| Knorr - Bremse Aktiengesellschaft | 10/17/23 | 380 | 628 | 0.1 |
| Koninklijke Philips N.V. | 08/06/21 | 72 | 49 |  |
| Orsted A/S | 12/23/20 | 175 | 97 |  |
| Pirelli & C. S.p.A. | 07/23/24 | 37 | 41 |  |
| Poste Italiane - Societa' Per Azioni | 08/23/22 | 103 | 197 | 0.1 |
| Samsonite Group S.A. | 08/25/23 | 237 | 136 |  |
| Scatec ASA | 05/12/22 | 98 | 114 |  |
| Siemens Healthineers AG | 03/04/21 | 214 | 208 | 0.1 |
| Thule Group AB | 05/10/23 | 60 | 68 |  |
| VAT Group AG | 10/18/23 | 60 | 68 |  |
| Ventia Services Group Limited | 02/06/25 | 212 | 286 | 0.1 |
| WH Group Limited | 03/02/21 | 291 | 386 | 0.1 |
|  |  | 6103 | 7674 | 1.6 |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **JNL/DFA International Core Equity Fund — Futures Contracts** | **JNL/DFA International Core Equity Fund — Futures Contracts** | **JNL/DFA International Core Equity Fund — Futures Contracts** | **JNL/DFA International Core Equity Fund — Futures Contracts** | **JNL/DFA International Core Equity Fund — Futures Contracts** | **JNL/DFA International Core Equity Fund — Futures Contracts** |
| **Reference Entity** | **Contracts<sup>1</sup>** | **Expiration** | **Notional<sup>1</sup>** | **Variation**<br> **Margin**<br> **Receivable**<br> (Payable) ($) | **Value/**<br> **Unrealized**<br> **Appreciation**<br> (Depreciation) ($) |
| **Long Contracts** | **Long Contracts** | **Long Contracts** | **Long Contracts** | **Long Contracts** | **Long Contracts** |
| S&P 500 Index | 5 | September 2025 | 1553 | 12 | 10 |

---

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page [607](#abbreviations).

**JNL Series Trust** (Unaudited)

**Schedules of Investments (in thousands)**

June 30, 2025

**Fair Value Hierarchy.** Various inputs are used in determining the fair value of financial instruments. For a description of the input levels and information about the Fund's policy regarding valuation of financial instruments, see Note 3 in the Notes to Financial Statements. The following table summarizes the Fund's investments categorized in the disclosure hierarchy as of June 30, 2025.

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **<u>. Level 1 ($) .</u>** | **<u>. Level 2 ($) .</u>** | **<u>. Level 3 ($) .</u>** | **<u>. Total ($) .</u>** |
| **JNL/DFA International Core Equity Fund** | **JNL/DFA International Core Equity Fund** | **JNL/DFA International Core Equity Fund** | **JNL/DFA International Core Equity Fund** | **JNL/DFA International Core Equity Fund** |
| **Assets - Securities** |  |  |  |  |
| &nbsp;&nbsp; Common Stocks | 60900 | 414859 |  | 475759 |
| &nbsp;&nbsp; Preferred Stocks |  | 5039 |  | 5039 |
| &nbsp;&nbsp; Warrants |  | 1 |  | 1 |
| &nbsp;&nbsp; Short Term Investments | 7796 |  |  | 7796 |
|  | 68696 | 419899 |  | 488595 |
| **Assets - Investments in Other Financial Instruments<sup>1</sup>** |  |  |  |  |
| &nbsp;&nbsp; Futures Contracts | 10 |  |  | 10 |
|  | 10 |  |  | 10 |

---

<sup>1</sup> All derivatives, except for purchased and written options, are reflected at the unrealized appreciation (depreciation) on the instrument. Purchased and written options are reflected at value.

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page [607](#abbreviations).

**JNL Series Trust** (Unaudited)

**Schedules of Investments (in thousands)**

June 30, 2025

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| **JNL/DFA U.S. Core Equity Fund** | **JNL/DFA U.S. Core Equity Fund** | **JNL/DFA U.S. Core Equity Fund** |
| **COMMON STOCKS 99.8%** | **COMMON STOCKS 99.8%** | **COMMON STOCKS 99.8%** |
| **Information Technology 26.2%** | **Information Technology 26.2%** | **Information Technology 26.2%** |
| 8X8, Inc. (a) | 8 | 17 |
| A10 Networks, Inc. | 5 | 95 |
| Accenture Public Limited Company - Class A | 12 | 3509 |
| ACI Worldwide, Inc. (a) | 6 | 274 |
| Adeia Inc. | 9 | 121 |
| Adobe Inc. (a) | 7 | 2806 |
| Advanced Energy Industries, Inc. | 2 | 263 |
| Advanced Micro Devices, Inc. (a) | 18 | 2555 |
| Akamai Technologies, Inc. (a) | 6 | 451 |
| Alarm.Com Holdings, Inc. (a) | 2 | 130 |
| Allegro Microsystems Inc. (a) | 4 | 139 |
| Alpha and Omega Semiconductor Limited (a) | 2 | 64 |
| Amdocs Limited | 5 | 453 |
| Amkor Technology, Inc. | 10 | 215 |
| Amphenol Corporation - Class A | 22 | 2203 |
| Amtech Systems, Inc. (a) | 1 | 4 |
| Analog Devices, Inc. | 6 | 1536 |
| ANSYS, Inc. (a) | 2 | 659 |
| AppFolio, Inc. - Class A (a) |  | 115 |
| Apple Inc. | 292 | 59988 |
| Applied Materials, Inc. | 12 | 2148 |
| Applied Optoelectronics, Inc. (a) (b) | 1 | 26 |
| AppLovin Corporation - Class A (a) | 8 | 2792 |
| Arista Networks, Inc. (a) | 12 | 1194 |
| Arrow Electronics, Inc. (a) | 3 | 403 |
| ASGN Incorporated (a) | 2 | 101 |
| Astera Labs, Inc. (a) |  | 19 |
| Atlassian Corporation - Class A (a) | 1 | 196 |
| Aurora Innovations Inc. - Class A (a) | 15 | 77 |
| Autodesk, Inc. (a) | 4 | 1168 |
| AvePoint, Inc. - Class A (a) | 3 | 55 |
| Aviat Networks, Inc. (a) | 1 | 27 |
| Avnet, Inc. | 6 | 328 |
| Axcelis Technologies, Inc. (a) | 2 | 107 |
| Badger Meter, Inc. | 1 | 278 |
| Bel Fuse Inc. - Class B | 1 | 105 |
| Belden Inc. | 2 | 274 |
| Benchmark Electronics, Inc. | 3 | 112 |
| Bentley Systems, Incorporated - Class B | 8 | 422 |
| Bill Holdings, Inc. (a) | 4 | 169 |
| Blackbaud, Inc. (a) | 2 | 125 |
| Blackline, Inc. (a) | 2 | 95 |
| Box, Inc. - Class A (a) | 5 | 170 |
| Broadcom Inc. | 58 | 16078 |
| C3.ai, Inc. - Class A (a) | 3 | 71 |
| Cadence Design Systems, Inc. (a) | 3 | 869 |
| Calix, Inc. (a) | 2 | 101 |
| CCC Intelligent Solutions Holdings Inc. (a) | 9 | 81 |
| CDW Corp. | 3 | 593 |
| Cerence Inc. (a) | 2 | 25 |
| CEVA Inc. (a) | 1 | 17 |
| Ciena Corporation (a) | 8 | 610 |
| Cirrus Logic, Inc. (a) | 3 | 261 |
| Cisco Systems, Inc. | 71 | 4915 |
| Clear Secure, Inc. - Class A | 2 | 57 |
| Clearfield, Inc. (a) | 1 | 26 |
| Cloudflare, Inc. - Class A (a) | 3 | 497 |
| Cognex Corporation | 4 | 139 |
| Cognizant Technology Solutions Corporation - Class A | 14 | 1105 |
| Coherent Corp. (a) | 7 | 639 |
| Cohu, Inc. (a) | 2 | 35 |
| CommVault Systems, Inc. (a) | 1 | 139 |
| Comtech Telecommunications Corp. (a) | 1 | 3 |
| Consensus Cloud Solutions, Inc. (a) | 1 | 33 |
| Corning Incorporated | 25 | 1289 |
| Corsair Gaming, Inc. (a) | 3 | 29 |
| Crane Nxt, Co. | 3 | 156 |
| Credo Technology Group Holding Ltd (a) | 2 | 227 |
| CrowdStrike Holdings, Inc. - Class A (a) | 1 | 670 |
| CTS Corporation | 2 | 86 |
| Daily Journal Corporation (a) |  | 34 |
| Daktronics, Inc. (a) | 5 | 74 |
| Datadog, Inc. - Class A (a) | 2 | 316 |
| Dell Technologies Inc. - Class C | 4 | 509 |
| Digi International Inc. (a) | 3 | 103 |
| Digital Turbine USA, Inc. (a) | 5 | 31 |
| DigitalOcean Holdings, Inc. (a) | 3 | 88 |
| Diodes Incorporated (a) | 2 | 115 |
| DocuSign, Inc. (a) | 5 | 353 |
| Dolby Laboratories, Inc. - Class A | 2 | 163 |
| Dropbox, Inc. - Class A (a) | 9 | 265 |
| DXC Technology Company (a) | 14 | 207 |
| Dynatrace, Inc. (a) | 6 | 317 |
| E2open Parent Holdings, Inc. - Class A (a) | 20 | 66 |
| Enphase Energy, Inc. (a) | 3 | 112 |
| Entegris, Inc. | 5 | 376 |
| EPAM Systems, Inc. (a) | 1 | 235 |
| ePlus inc. (a) | 2 | 121 |
| F5, Inc. (a) | 3 | 793 |
| Fabrinet (a) | 2 | 540 |
| Fair Isaac Corporation (a) | 1 | 967 |
| FARO Technologies, Inc. (a) | 1 | 49 |
| Fastly, Inc. - Class A (a) | 7 | 51 |
| First Solar, Inc. (a) | 4 | 593 |
| Flex Ltd. (a) | 19 | 973 |
| Formfactor, Inc. (a) | 2 | 78 |
| Fortinet, Inc. (a) | 14 | 1432 |
| Frequency Electronics, Inc. | 1 | 23 |
| Freshworks, Inc. - Class A (a) | 6 | 84 |
| Gartner, Inc. (a) | 2 | 843 |
| Gen Digital Inc. | 25 | 724 |
| Globalfoundries Inc. (a) | 4 | 136 |
| Globant S.A. (a) | 1 | 98 |
| GoDaddy Inc. - Class A (a) | 3 | 601 |
| Grid Dynamics Holdings, Inc. - Class A (a) | 4 | 51 |
| GSI Technology, Inc. (a) | 1 | 3 |
| Guidewire Software, Inc. (a) | 2 | 488 |
| Hackett Group, Inc., The | 2 | 48 |
| Harmonic, Inc. (a) | 7 | 67 |
| Hewlett Packard Enterprise Company | 44 | 901 |
| HP, Inc. | 19 | 471 |
| HubSpot, Inc. (a) | 1 | 287 |
| I3 Verticals, Inc. - Class A (a) | 2 | 46 |
| Ichor Holdings, Ltd. (a) | 2 | 48 |
| Informatica Inc. - Class A (a) | 5 | 113 |
| Information Services Group, Inc. | 4 | 18 |
| Insight Enterprises, Inc. (a) | 1 | 182 |
| Intapp US, Inc. (a) | 1 | 46 |
| Intel Corporation | 71 | 1594 |
| InterDigital, Inc. | 1 | 316 |
| International Business Machines Corporation | 20 | 5750 |
| Intuit Inc. | 3 | 2531 |
| IPG Photonics Corporation (a) | 2 | 127 |
| Itron, Inc. (a) | 3 | 340 |
| Jabil Inc. | 6 | 1258 |
| JAMF Holding Corp. (a) | 2 | 21 |
| JFROG Ltd (a) | 4 | 166 |
| Juniper Networks, Inc. | 21 | 844 |
| Key Tronic Corporation (a) |  | 1 |
| Keysight Technologies, Inc. (a) | 5 | 810 |
| KLA Corporation | 3 | 2489 |
| Klaviyo, Inc. - Series A (a) | 1 | 17 |
| Knowles Corporation (a) | 6 | 110 |
| Kulicke and Soffa Industries, Inc. | 3 | 88 |
| KVH Industries, Inc. (a) | 2 | 8 |
| Kyndryl Holdings, Inc. (a) | 16 | 658 |
| Lam Research Corporation | 22 | 2140 |
| Lattice Semiconductor Corporation (a) | 1 | 44 |
| Littelfuse, Inc. | 1 | 212 |
| LiveRamp Holdings, Inc. (a) | 2 | 64 |
| Lumentum Holdings Inc. (a) | 2 | 225 |
| MACOM Technology Solutions Holdings, Inc. (a) | 3 | 370 |
| Magnachip Semiconductor Corporation (a) | 4 | 16 |
| Manhattan Associates, Inc. (a) | 1 | 230 |
| Marvell Technology, Inc. | 11 | 827 |

---

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page [607](#abbreviations).

**JNL Series Trust** (Unaudited)

**Schedules of Investments (in thousands)**

June 30, 2025

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| MaxLinear, Inc. (a) | 4 | 60 |
| MeridianLink, Inc. (a) | 2 | 28 |
| Methode Electronics, Inc. | 2 | 19 |
| Microchip Technology Incorporated | 14 | 965 |
| Micron Technology, Inc. | 17 | 2134 |
| Microsoft Corporation | 126 | 62853 |
| Mirion Technologies (US), Inc. - Class A (a) | 9 | 201 |
| Mitek Systems, Inc. (a) | 1 | 9 |
| MKS Inc. | 2 | 234 |
| MongoDB, Inc. - Class A (a) | 2 | 365 |
| Monolithic Power Systems, Inc. | 1 | 551 |
| Motorola Solutions, Inc. | 4 | 1487 |
| N-Able, Inc. (a) | 6 | 46 |
| Napco Security Technologies, Inc. | 2 | 58 |
| nCino OpCo, Inc. (a) | 2 | 63 |
| NCR Voyix Corporation (a) | 6 | 75 |
| NetApp, Inc. | 6 | 604 |
| NETGEAR, Inc. (a) | 2 | 64 |
| NetScout Systems, Inc. (a) | 5 | 134 |
| Nlight, Inc. (a) | 2 | 40 |
| Novanta Inc. (a) | 1 | 154 |
| Nutanix, Inc. - Class A (a) | 3 | 267 |
| NVE Corporation |  | 34 |
| NVIDIA Corporation | 476 | 75149 |
| NXP Semiconductors N.V. | 9 | 1878 |
| Okta, Inc. - Class A (a) | 4 | 395 |
| Olo Inc. - Class A (a) | 9 | 78 |
| ON Semiconductor Corporation (a) | 14 | 736 |
| ON24, Inc. (a) | 6 | 34 |
| OneSpan Inc. | 3 | 56 |
| Onto Innovation Inc. (a) | 2 | 186 |
| Oracle Corporation | 35 | 7732 |
| OSI Systems, Inc. (a) | 1 | 195 |
| Palantir Technologies Inc. - Class A (a) | 13 | 1783 |
| Palo Alto Networks, Inc. (a) | 7 | 1489 |
| PAR Technology Corporation (a) | 2 | 149 |
| PC Connection, Inc. | 2 | 143 |
| PDF Solutions, Inc. (a) | 2 | 51 |
| Pegasystems Inc. | 4 | 218 |
| Penguin Solutions, Inc. (a) | 3 | 65 |
| Photronics, Inc. (a) | 3 | 60 |
| Plexus Corp. (a) | 1 | 198 |
| Power Integrations, Inc. | 2 | 106 |
| Procore Technologies, Inc. (a) | 1 | 64 |
| Progress Software Corporation | 2 | 155 |
| PTC Inc. (a) | 3 | 432 |
| Pure Storage, Inc. - Class A (a) | 5 | 279 |
| Q2 Holdings, Inc. (a) | 2 | 197 |
| Qorvo, Inc. (a) | 4 | 322 |
| Qualcomm Incorporated | 19 | 3040 |
| Qualys, Inc. (a) | 1 | 189 |
| Rambus Inc. (a) | 3 | 209 |
| Ribbon Communications Inc. (a) | 7 | 28 |
| Richardson Electronics, Ltd. | 1 | 6 |
| Rimini Street, Inc. (a) | 1 | 5 |
| RingCentral, Inc. - Class A (a) | 4 | 105 |
| Rogers Corporation (a) | 1 | 65 |
| Roper Technologies, Inc. | 1 | 774 |
| Salesforce, Inc. | 12 | 3400 |
| Samsara Inc. - Class A (a) | 3 | 102 |
| SanDisk LLC (a) | 4 | 161 |
| Sanmina Corporation (a) | 3 | 313 |
| Sapiens International Corporation N.V. | 3 | 81 |
| ScanSource, Inc. (a) | 2 | 88 |
| Seagate Technology Holdings Public Limited Company | 5 | 672 |
| Semrush Holdings, Inc. - Class A (a) | 2 | 21 |
| SentinelOne, Inc. - Class A (a) | 5 | 86 |
| ServiceNow, Inc. (a) | 2 | 1882 |
| Silicon Laboratories Inc. (a) | 2 | 231 |
| Sitime Corporation (a) | 1 | 180 |
| Skyworks Solutions, Inc. | 5 | 364 |
| Snowflake Inc. - Class A (a) | 1 | 333 |
| SolarEdge Technologies Ltd. (a) (b) | 1 | 21 |
| SPS Commerce, Inc. (a) |  | 53 |
| Synaptics Incorporated (a) | 1 | 96 |
| Synchronoss Technologies, Inc. (a) |  | 3 |
| Synopsys, Inc. (a) | 2 | 795 |
| TD SYNNEX Corporation | 4 | 584 |
| TE Connectivity Public Limited Company | 7 | 1223 |
| Teledyne Technologies Incorporated (a) | 1 | 687 |
| Telos Corporation (a) | 5 | 17 |
| Teradata Corporation (a) | 3 | 69 |
| Teradyne, Inc. | 4 | 373 |
| TeraWulf Inc. (a) (b) | 12 | 53 |
| Texas Instruments Incorporated | 15 | 3070 |
| TransAct Technologies Incorporated (a) |  |  |
| Trimble Inc. (a) | 7 | 553 |
| TTM Technologies, Inc. (a) | 7 | 304 |
| Twilio Inc. - Class A (a) | 5 | 602 |
| Tyler Technologies, Inc. (a) | 1 | 499 |
| Uipath, Inc. - Class A (a) | 10 | 127 |
| Ultra Clean Holdings, Inc. (a) | 3 | 67 |
| Unisys Corporation (a) | 4 | 18 |
| Unity Software Inc. (a) | 7 | 166 |
| Universal Display Corporation | 1 | 208 |
| Veeco Instruments Inc. (a) | 3 | 62 |
| Verint Systems Inc. (a) | 3 | 66 |
| VeriSign, Inc. | 2 | 614 |
| Vertex, Inc. - Class A (a) | 2 | 69 |
| Viavi Solutions Inc. (a) | 12 | 125 |
| Vishay Intertechnology, Inc. | 5 | 81 |
| Vishay Precision Group, Inc. (a) | 1 | 20 |
| Vontier Corporation | 10 | 363 |
| Western Digital Corporation | 11 | 680 |
| Workday, Inc. - Class A (a) | 2 | 398 |
| Xerox Holdings Corporation (b) | 13 | 67 |
| Yext, Inc. (a) | 10 | 82 |
| Zebra Technologies Corporation - Class A (a) | 2 | 484 |
| Zeta Global Holdings Corp. - Class A (a) | 4 | 69 |
| Zoom Communications, Inc. - Class A (a) | 7 | 532 |
| Zscaler, Inc. (a) | 1 | 403 |
| | | 338867 |
| **Financials 16.8%** | **Financials 16.8%** | **Financials 16.8%** |
| 1st Security Bank of Washington | 1 | 20 |
| 1st Source Corporation | 2 | 134 |
| Acacia Research Corporation (a) | 2 | 6 |
| ACNB Corporation | 1 | 36 |
| Affiliated Managers Group, Inc. | 2 | 392 |
| Affirm Holdings, Inc. - Class A (a) | 6 | 424 |
| AFLAC Incorporated | 11 | 1203 |
| Allstate Corporation, The | 7 | 1384 |
| Ally Financial Inc. | 15 | 593 |
| Amalgamated Financial Corp. | 2 | 69 |
| Ambac Financial Group, Inc. (a) | 2 | 17 |
| Amerant Bancorp Inc. - Class A | 2 | 30 |
| American Coastal Insurance Corporation | 1 | 16 |
| American Express Company | 12 | 3746 |
| American Financial Group, Inc. | 5 | 623 |
| American International Group, Inc. | 19 | 1615 |
| Ameriprise Financial, Inc. | 4 | 2082 |
| Ameris Bancorp | 5 | 307 |
| Amerisafe, Inc. | 1 | 61 |
| AON Public Limited Company - Class A | 4 | 1364 |
| Apollo Global Management, Inc. | 6 | 899 |
| Arch Capital Group Ltd. | 12 | 1087 |
| Ares Management Corporation - Class A | 2 | 354 |
| Arrow Financial Corporation | 2 | 56 |
| Arthur J. Gallagher & Co. | 3 | 1037 |
| Artisan Partners Asset Management Inc. - Class A | 4 | 164 |
| Associated Banc-Corp | 11 | 267 |
| Assurant, Inc. | 3 | 592 |
| Assured Guaranty Ltd. | 3 | 293 |
| Atlantic Union Bank | 10 | 325 |
| Atlanticus Holdings Corporation (a) | 1 | 54 |
| Avidxchange Holdings, Inc. (a) | 8 | 83 |
| AXIS Capital Holdings Limited | 4 | 428 |
| Axos Financial, Inc. (a) | 4 | 301 |
| B. Riley & Co., LLC (a) (b) | 2 | 5 |

---

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page [607](#abbreviations).

**JNL Series Trust** (Unaudited)

**Schedules of Investments (in thousands)**

June 30, 2025

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
|  Baldwin Insurance Group, Inc., The - Class A (a) | 1 | 50 |
|  Banc of California, Inc. | 2 | 25 |
|  BancFirst Corporation | 2 | 263 |
|  Bancorp, Inc., The (a) | 4 | 210 |
|  Bank of America Corporation | 123 | 5807 |
|  Bank of Hawaii Corporation | 3 | 183 |
|  Bank of Marin Bancorp | 2 | 39 |
|  Bank of N.T. Butterfield & Son Limited, The | 3 | 146 |
|  Bank of New York Mellon Corporation, The | 18 | 1664 |
|  Bank OZK | 8 | 359 |
|  BankFinancial Corporation | 2 | 25 |
|  BankUnited, Inc. | 5 | 187 |
|  Banner Corporation | 3 | 181 |
|  Bar Harbor Bankshares | 1 | 39 |
|  Baycom Corp | 1 | 25 |
|  BCB Bancorp, Inc. | 1 | 11 |
|  Berkshire Hathaway Inc. - Class B (a) | 31 | 14919 |
|  Berkshire Hills Bancorp, Inc. | 4 | 93 |
|  BGC Group, Inc. - Class A | 20 | 203 |
|  BlackRock, Inc. | 2 | 1968 |
|  Blackstone Inc. - Class A | 7 | 986 |
|  Block, Inc. - Class A (a) | 7 | 470 |
|  Blue Foundry Bancorp (a) | 2 | 15 |
|  BOK Financial Corporation | 4 | 431 |
|  Bread Financial Payments, Inc. | 3 | 198 |
|  Bridgewater Bancshares, Inc. (a) (c) | 1 | 17 |
|  Brighthouse Financial, Inc. (a) | 5 | 244 |
|  Brightsphere Investment Group Inc. | 2 | 76 |
|  Brookline Bancorp, Inc. | 8 | 88 |
|  Brown & Brown, Inc. | 8 | 907 |
|  Burke & Herbert Financial Services Corp. |  | 25 |
|  Business First Bancshares, Inc. | 1 | 35 |
|  Byline Bancorp, Inc. | 3 | 92 |
|  C&F Financial Corporation |  | 2 |
|  Cadence Bank | 12 | 378 |
|  Camden National Corporation | 2 | 66 |
|  Cantaloupe, Inc. (a) | 2 | 27 |
|  Capital Bancorp, Inc. |  | 14 |
|  Capital City Bank Group, Inc. | 1 | 39 |
|  Capital One Financial Corporation | 15 | 3149 |
|  Capitol Federal Financial | 13 | 82 |
|  Carter Bankshares, Inc. (a) | 2 | 42 |
|  Cass Information Systems, Inc. | 1 | 54 |
|  Cathay General Bancorp | 5 | 239 |
|  CBOE Global Markets, Inc. | 3 | 655 |
|  Central Pacific Financial Corp. | 3 | 81 |
|  Charles Schwab Corporation, The | 28 | 2588 |
|  Chubb Limited | 7 | 1963 |
|  Cincinnati Financial Corporation | 5 | 693 |
|  Citigroup Inc. | 34 | 2857 |
|  Citizens & Northern Corporation | 1 | 14 |
|  Citizens Financial Group, Inc. | 13 | 585 |
|  Citizens, Inc. - Class A (a) (b) | 4 | 13 |
|  City Holding Company | 1 | 121 |
|  Civista Bancshares, Inc. | 2 | 51 |
|  CME Group Inc. - Class A | 5 | 1287 |
|  CNB Financial Corporation | 1 | 31 |
|  CNO Financial Group, Inc. | 1 | 56 |
|  Coastal Financial Corporation (a) |  | 24 |
|  Cohen & Steers, Inc. | 3 | 211 |
|  Coinbase Global, Inc. - Class A (a) | 3 | 1150 |
|  Columbia Banking System, Inc. | 5 | 124 |
|  Columbia Financial, Inc. (a) | 6 | 81 |
|  Comerica Incorporated | 7 | 419 |
|  Commerce Bancshares, Inc. | 8 | 495 |
|  Community Financial System, Inc. | 4 | 208 |
|  Community Trust Bancorp, Inc. | 2 | 94 |
|  Community West Bancshares |  | 4 |
|  ConnectOne Bancorp, Inc. | 5 | 104 |
|  Consumer Portfolio Services, Inc. (a) | 2 | 21 |
|  Corebridge Financial, Inc. | 28 | 985 |
|  Corpay Inc (a) | 3 | 966 |
|  Crawford & Company - Class A | 2 | 19 |
|  Crawford & Company - Class B | 1 | 15 |
|  Credit Acceptance Corporation (a) | 1 | 286 |
|  Cullen/Frost Bankers, Inc. | 3 | 432 |
|  Customers Bancorp, Inc. (a) | 2 | 137 |
|  CVB Financial Corp. | 9 | 183 |
|  Diamond Hill Investment Group, Inc. - Class A |  | 60 |
|  Dime Community Bancshares, Inc. | 3 | 84 |
|  Donegal Group Inc. - Class A | 2 | 32 |
|  Donnelley Financial Solutions, Inc. (a) | 2 | 93 |
|  Eagle Bancorp, Inc. | 3 | 50 |
|  East West Bancorp, Inc. | 8 | 800 |
|  Eastern Bankshares, Inc. | 3 | 51 |
|  eHealth, Inc. (a) | 2 | 7 |
|  Employers Holdings, Inc. | 2 | 105 |
|  Enact Holdings, Inc. | 1 | 26 |
|  Encore Capital Group, Inc. (a) | 2 | 64 |
|  Enova International, Inc. (a) | 2 | 216 |
|  Enstar Group Limited (a) | 1 | 426 |
|  Enterprise Bancorp, Inc. | 1 | 28 |
|  Enterprise Financial Services Corp. | 3 | 162 |
|  Equitable Holdings, Inc. | 11 | 604 |
|  Equity Bancshares, Inc. - Class A | 1 | 43 |
|  Erie Indemnity Company - Class A | 1 | 234 |
|  Esquire Financial Holdings, Inc. |  | 28 |
|  ESSA Bancorp, Inc. | 1 | 19 |
|  Essent Group Ltd. | 7 | 423 |
|  Euronet Worldwide, Inc. (a) | 2 | 224 |
|  Evercore Inc. - Class A | 2 | 501 |
|  Everest Group, Ltd. | 2 | 511 |
|  EVERTEC, Inc. | 1 | 42 |
|  EZCORP, Inc. - Class A (a) | 6 | 77 |
|  F&G Annuities & Life, Inc. | 2 | 50 |
|  F.N.B. Corporation | 25 | 369 |
|  FactSet Research Systems Inc. | 1 | 453 |
|  Farmers National Banc Corp. | 1 | 11 |
|  FB Financial Corporation | 4 | 168 |
|  Federal Agricultural Mortgage Corporation - Class C | 1 | 153 |
|  Federated Hermes, Inc. - Class B | 5 | 215 |
|  Fidelity National Financial, Inc. - Class A | 13 | 702 |
|  Fidelity National Information Services, Inc. | 15 | 1208 |
|  Fifth Third Bancorp | 21 | 874 |
|  Financial Institutions, Inc. | 2 | 49 |
|  First American Financial Corporation | 7 | 435 |
|  First Bancorp | 3 | 136 |
|  First Bancorp, Inc., The | 1 | 29 |
|  First Bancorp. | 13 | 264 |
|  First Bank of New Jersey | 1 | 18 |
|  First Busey Corporation | 5 | 122 |
|  First Business Financial Services, Inc. | 1 | 47 |
|  First Citizens BancShares, Inc. - Class A |  | 794 |
|  First Commonwealth Financial Corporation | 6 | 101 |
|  First Community Bancshares, Inc. | 2 | 68 |
|  First Financial Bancorp. | 7 | 173 |
|  First Financial Bankshares, Inc. | 6 | 234 |
|  First Financial Corporation | 1 | 52 |
|  First Foundation Inc. (a) | 4 | 21 |
|  First Hawaiian, Inc. | 9 | 212 |
|  First Horizon Corporation | 25 | 527 |
|  First Internet Bancorp | 1 | 23 |
|  First Interstate BancSystem, Inc. - Class A | 7 | 195 |
|  First Merchants Corporation | 4 | 161 |
|  First Mid Bancshares, Inc. | 2 | 62 |
|  First Western Financial, Inc. (a) | 1 | 12 |
|  FirstCash, Inc. | 3 | 430 |
|  Fiserv, Inc. (a) | 10 | 1723 |
|  Flushing Financial Corporation | 3 | 42 |
|  Flywire Corporation (a) |  | 5 |
|  Franklin Resources, Inc. | 17 | 400 |
|  Fulton Financial Corporation | 13 | 238 |
|  FVCBankcorp, Inc. (a) | 2 | 19 |
|  Genworth Financial, Inc. - Class A (a) | 30 | 233 |
|  German American Bancorp, Inc. | 3 | 105 |
|  Glacier Bancorp, Inc. | 6 | 273 |
|  Global Payments Inc. | 7 | 537 |
|  Globe Life Inc. | 6 | 690 |
|  Goldman Sachs Group, Inc., The | 6 | 3917 |
|  Goosehead Insurance, Inc. - Class A | 1 | 99 |

---

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page [607](#abbreviations).

**JNL Series Trust** (Unaudited)

**Schedules of Investments (in thousands)**

June 30, 2025

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
|  Great Southern Bancorp, Inc. | 2 | 107 |
|  Green Dot Corporation - Class A (a) | 3 | 38 |
|  Greenlight Capital Re, Ltd. - Class A (a) | 3 | 46 |
|  Guaranty Bancshares, Inc. |  | 18 |
|  Hamilton Lane Incorporated - Class A | 1 | 209 |
|  Hancock Whitney Corporation | 6 | 325 |
|  Hanmi Financial Corporation | 3 | 66 |
|  Hanover Insurance Group Inc, The | 3 | 428 |
|  HarborOne Bancorp, Inc. | 6 | 74 |
|  Hartford Insurance Group, Inc., The | 14 | 1744 |
|  HBT Financial, Inc. | 1 | 17 |
|  HCI Group, Inc. | 1 | 146 |
|  Hennessy Advisors, Inc. (b) |  | 5 |
|  Heritage Commerce Corp | 5 | 45 |
|  Heritage Financial Corporation | 3 | 81 |
|  Heritage Insurance Holdings, Inc. (a) | 3 | 66 |
|  Hilltop Holdings Inc. | 5 | 147 |
|  Hingham Institution For Savings, The |  | 53 |
|  Home BancShares, Inc. | 11 | 326 |
|  HomeStreet, Inc. (a) | 3 | 37 |
|  Hometrust Bancshares, Inc. | 1 | 54 |
|  Hope Bancorp, Inc. | 10 | 112 |
|  Horace Mann Educators Corporation | 3 | 136 |
|  Horizon Bancorp, Inc. | 5 | 70 |
|  Houlihan Lokey, Inc. - Class A | 3 | 482 |
|  Huntington Bancshares Incorporated | 44 | 742 |
|  Independence Holdings, LLC | 8 | 434 |
|  Independent Bank Corp. | 3 | 169 |
|  Independent Bank Corporation | 2 | 68 |
|  Interactive Brokers Group, Inc. - Class A | 4 | 238 |
|  Intercontinental Exchange, Inc. | 8 | 1421 |
|  International Bancshares Corporation | 4 | 299 |
|  International Money Express Inc. (a) | 3 | 29 |
|  Invesco Ltd. | 23 | 361 |
|  Investors Title Company |  | 21 |
|  Jack Henry & Associates, Inc. | 3 | 522 |
|  James River Group, Inc. | 2 | 9 |
|  Janus Henderson Group PLC | 10 | 389 |
|  Jefferies Financial Group Inc. | 11 | 584 |
|  JPMorgan Chase & Co. | 66 | 19039 |
|  Kearny Financial Corp | 5 | 30 |
|  Kestrel Group Ltd (a) |  | 12 |
|  KeyCorp | 30 | 515 |
|  Kinsale Capital Group, Inc. | 1 | 570 |
|  KKR & Co. Inc. - Class A | 8 | 1099 |
|  Lakeland Financial Corporation | 2 | 108 |
|  Lazard, Inc. | 4 | 173 |
|  LendingClub Corporation (a) | 9 | 109 |
|  LendingTree, Inc. (a) |  | 16 |
|  Lincoln National Corporation | 7 | 244 |
|  Live Oak Bancshares, Inc. | 3 | 81 |
|  Loews Corporation | 7 | 639 |
|  LPL Financial Holdings Inc. | 3 | 1135 |
|  M&T Bank Corporation | 5 | 912 |
|  Markel Group Inc. (a) |  | 811 |
|  MarketAxess Holdings Inc. | 1 | 247 |
|  Marqeta, Inc. - Class A (a) | 7 | 38 |
|  Marsh & Mclennan Companies, Inc. | 9 | 2011 |
|  MasterCard Incorporated - Class A | 17 | 9601 |
|  Mercantile Bank Corporation | 2 | 76 |
|  Merchants Bancorp, Inc. | 2 | 77 |
|  Mercury General Corporation | 4 | 279 |
|  MetLife, Inc. | 19 | 1520 |
|  Metrocity Bankshares, Inc. | 1 | 25 |
|  Metropolitan Bank Holding Corp. (a) | 1 | 68 |
|  MGIC Investment Corporation | 15 | 430 |
|  Mid Penn Bancorp, Inc. | 1 | 16 |
|  Midland States Bancorp, Inc. | 2 | 27 |
|  MidWestOne Financial Group, Inc. | 1 | 22 |
|  Moody's Corporation | 3 | 1461 |
|  Morgan Stanley | 29 | 4022 |
|  Morningstar, Inc. | 2 | 669 |
|  Mr. Cooper Group Inc. (a) | 4 | 671 |
|  MSCI Inc. - Class A | 2 | 969 |
|  MVB Financial Corp. | 1 | 13 |
|  Nasdaq, Inc. | 15 | 1323 |
|  National Bank Holdings Corporation - Class A | 3 | 115 |
|  National Bankshares, Inc. |  | 2 |
|  Navient Corporation | 9 | 122 |
|  NBT Bancorp Inc. | 4 | 147 |
|  NCR Atleos Corporation (a) | 5 | 143 |
|  Nelnet, Inc. - Class A | 2 | 237 |
|  NI Holdings Inc. (a) | 1 | 12 |
|  Nicolet Bankshares, Inc. | 1 | 156 |
|  NMI Holdings, Inc. - Class A (a) | 6 | 244 |
|  Northeast Bank |  | 44 |
|  Northern Trust Corporation | 6 | 786 |
|  Northfield Bancorp Inc. | 5 | 61 |
|  Northrim Bancorp, Inc. |  | 37 |
|  Northwest Bancshares, Inc. | 9 | 118 |
|  Norwood Financial Corp. |  | 8 |
|  OceanFirst Financial Corp. | 5 | 85 |
|  OFG Bancorp | 3 | 145 |
|  Old National Bancorp | 22 | 474 |
|  Old Republic International Corporation | 13 | 493 |
|  Old Second Bancorp, Inc. | 1 | 13 |
|  Onity Group Inc. (a) |  | 9 |
|  Open Lending Corporation - Class A (a) | 3 | 6 |
|  Oppenheimer Holdings Inc. - Class A | 1 | 72 |
|  Origin Bancorp, Inc. | 1 | 29 |
|  Orrstown Financial Services, Inc. | 1 | 30 |
|  P.C.B. Bancorp, Inc. | 1 | 11 |
|  Pacific Premier Bancorp, Inc. | 7 | 151 |
|  Palomar Holdings, Inc. (a) | 1 | 124 |
|  Park National Corporation | 1 | 199 |
|  Parke Bancorp, Inc. | 1 | 14 |
|  Pathward Financial, Inc. | 2 | 123 |
|  Paymentus Holdings, Inc. - Class A (a) | 1 | 30 |
|  Payoneer Global Inc. (a) | 22 | 150 |
|  PayPal Holdings, Inc. (a) | 18 | 1360 |
|  Paysafe Limited (a) | 5 | 58 |
|  Peapack-Gladstone Financial Corporation | 1 | 36 |
|  Penns Woods Bancorp, Inc. |  | 10 |
|  PennyMac Financial Services, Inc. | 1 | 104 |
|  Peoples Bancorp Inc. | 2 | 64 |
|  Peoples Financial Services Corp. |  | 11 |
|  Pinnacle Financial Partners, Inc. | 4 | 450 |
|  Pioneer Bancorp, Inc. (a) | 1 | 14 |
|  Piper Sandler Companies | 1 | 264 |
|  PJT Partners Inc. - Class A | 1 | 114 |
|  Popular, Inc. | 4 | 488 |
|  PRA Group, Inc. (a) | 4 | 52 |
|  Preferred Bank | 1 | 106 |
|  Primerica, Inc. | 2 | 642 |
|  Primis Financial Corp. | 3 | 34 |
|  Principal Financial Group, Inc. | 6 | 513 |
|  ProAssurance Corporation (a) | 4 | 102 |
|  PROG Holdings, Inc. | 3 | 79 |
|  Prosperity Bancshares, Inc. | 6 | 441 |
|  Provident Bancorp Inc. (a) | 1 | 15 |
|  Provident Financial Holdings, Inc. |  | 6 |
|  Provident Financial Services, Inc. | 11 | 185 |
|  Prudential Financial, Inc. | 10 | 1128 |
|  QCR Holdings, Inc. | 1 | 66 |
|  Radian Group Inc. | 10 | 356 |
|  Raymond James Financial, Inc. | 6 | 940 |
|  Red River Bancshares, Inc. |  | 11 |
|  Regional Management Corp. | 2 | 52 |
|  Regions Financial Corporation | 27 | 637 |
|  Reinsurance Group of America, Incorporated | 3 | 672 |
|  Remitly Global, Inc. (a) | 4 | 69 |
|  RenaissanceRe Holdings Ltd | 3 | 621 |
|  Renasant Corporation | 5 | 179 |
|  Repay Holdings Corporation - Class A (a) | 2 | 9 |
|  Republic Bancorp, Inc. - Class A | 2 | 111 |
|  RLI Corp. | 5 | 363 |
|  Robinhood Markets, Inc. - Class A (a) | 20 | 1876 |
|  Root LLC - Class A (a) |  | 19 |
|  S & T Bancorp, Inc. | 3 | 129 |
|  S&P Global Inc. | 4 | 2113 |

---

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page [607](#abbreviations).

**JNL Series Trust** (Unaudited)

**Schedules of Investments (in thousands)**

June 30, 2025

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| Safety Insurance Group, Inc. | 1 | 91 |
| Seacoast Banking Corporation of Florida | 4 | 104 |
| SEI Investments Company | 7 | 603 |
| Selective Insurance Group, Inc. | 4 | 306 |
| ServisFirst Bancshares, Inc. | 3 | 229 |
| Shift4 Payments, LLC - Class A (a) (b) | 2 | 186 |
| Shore Bancshares, Inc. | 1 | 23 |
| Sierra BanCorp | 1 | 43 |
| Simmons First National Corporation - Class A | 9 | 167 |
| SiriusPoint Ltd. (a) | 9 | 180 |
| Skyward Specialty Insurance Group, Inc. (a) | 3 | 150 |
| SLM Corporation | 14 | 453 |
| Smartfinancial, Inc. | 1 | 30 |
| SoFi Technologies, Inc. (a) | 19 | 337 |
| South Plains Financial, Inc. | 1 | 28 |
| Southern First Bancshares, Inc. (a) | 1 | 46 |
| Southern Missouri Bancorp, Inc. | 1 | 31 |
| Southside Bancshares, Inc. | 3 | 77 |
| Southstate Corporation | 7 | 628 |
| State Street Corporation | 9 | 919 |
| Stellar Bancorp, Inc. | 1 | 36 |
| Stewart Information Services Corporation | 2 | 144 |
| Stifel Financial Corp. | 5 | 558 |
| Stock Yards Bancorp, Inc. | 2 | 152 |
| StoneX Group Inc. (a) | 4 | 341 |
| Synchrony Financial | 15 | 1003 |
| Synovus Financial Corp. | 10 | 502 |
| T. Rowe Price Group, Inc. | 7 | 658 |
| Texas Capital Bancshares, Inc. (a) | 3 | 263 |
| TFS Financial Corporation | 11 | 137 |
| The Carlyle Group, Inc. | 11 | 591 |
| The PNC Financial Services Group, Inc. | 7 | 1352 |
| The Progressive Corporation | 10 | 2626 |
| The Western Union Company | 20 | 172 |
| Tiptree Inc. | 3 | 70 |
| Toast, Inc. - Class A (a) | 7 | 316 |
| Tompkins Financial Corporation | 1 | 74 |
| TowneBank | 5 | 174 |
| Tradeweb Markets Inc. - Class A | 3 | 452 |
| Travelers Companies, Inc., The | 11 | 2965 |
| TriCo Bancshares | 3 | 116 |
| Triumph Financial, Inc. (a) | 1 | 55 |
| Truist Financial Corporation | 24 | 1022 |
| Trupanion, Inc. (a) | 1 | 55 |
| Trustco Bank Corp N Y | 2 | 63 |
| Trustmark Corporation | 4 | 162 |
| U.S. Bancorp | 28 | 1255 |
| UMB Financial Corporation | 5 | 573 |
| United Bankshares, Inc. | 10 | 369 |
| United Community Banks, Inc. | 8 | 236 |
| United Fire Group, Inc. | 2 | 66 |
| Unity Bancorp, Inc. |  | 18 |
| Universal Insurance Holdings, Inc. | 3 | 93 |
| Univest Financial Corporation | 2 | 70 |
| Unum Group | 10 | 783 |
| Valley National Bancorp | 32 | 284 |
| Velocity Financial Inc. (a) | 1 | 17 |
| Veritex Holdings, Inc. | 4 | 98 |
| Victory Capital Holdings, Inc. - Class A | 3 | 167 |
| Virtu Financial, Inc. - Class A | 6 | 288 |
| Virtus Investment Partners, Inc. |  | 81 |
| Visa Inc. - Class A | 32 | 11234 |
| Voya Financial, Inc. | 5 | 370 |
| W. R. Berkley Corporation | 11 | 797 |
| WAFD, Inc. | 6 | 175 |
| Walker & Dunlop, Inc. | 2 | 158 |
| Washington Trust Bancorp, Inc. | 2 | 58 |
| Waterstone Financial, Inc. | 3 | 45 |
| Webster Financial Corporation | 8 | 452 |
| Wells Fargo & Company | 79 | 6360 |
| WesBanco, Inc. | 7 | 229 |
| West Bancorporation, Inc. | 2 | 35 |
| Westamerica Bancorporation | 2 | 99 |
| Western Alliance Bancorporation | 6 | 453 |
| Westwood Holdings Group, Inc. | 1 | 12 |
| Wex, Inc. (a) | 3 | 373 |
| White Mountains Insurance Group Ltd |  | 309 |
| Willis Towers Watson Public Limited Company | 3 | 1054 |
| Wintrust Financial Corporation | 3 | 431 |
| WisdomTree, Inc. | 10 | 116 |
| World Acceptance Corporation (a) | 1 | 89 |
| WSFS Financial Corporation | 4 | 241 |
| Zions Bancorporation, National Association | 9 | 493 |
| Zurich American Corporation | 5 | 297 |
| | | 217685 |
| **Industrials 12.2%** | **Industrials 12.2%** | **Industrials 12.2%** |
| 3D Systems Corporation (a) | 9 | 14 |
| 3M Company | 11 | 1632 |
| A. O. Smith Corporation | 7 | 454 |
| AAON, Inc. | 4 | 309 |
| AAR Corp. (a) | 2 | 143 |
| ABM Industries Incorporated | 4 | 195 |
| ACCO Brands Corporation | 8 | 29 |
| Acuity Brands, Inc. | 2 | 492 |
| ACV Auctions Inc. - Class A (a) | 6 | 100 |
| Advanced Drainage Systems, Inc. | 4 | 455 |
| AECOM | 5 | 614 |
| AeroVironment, Inc. (a) | 1 | 295 |
| AGCO Corporation | 5 | 470 |
| Air Lease Corporation - Class A | 7 | 421 |
| Alamo Group Inc. | 1 | 177 |
| Alaska Air Group, Inc. (a) | 8 | 388 |
| Albany International Corp. - Class A | 2 | 110 |
| Alight, Inc. - Class A | 12 | 69 |
| Allegiant Travel Company (a) | 1 | 31 |
| Allegion Public Limited Company | 5 | 687 |
| Allison Systems, Inc. | 7 | 619 |
| Alta Equipment Group Inc. - Class A (b) | 2 | 13 |
| Amentum Holdings, Inc. (a) | 2 | 44 |
| Ameresco, Inc. - Class A (a) | 1 | 17 |
| American Airlines Group Inc. (a) | 18 | 204 |
| American Woodmark Corporation (a) | 1 | 64 |
| AMETEK, Inc. | 7 | 1195 |
| API Group Corporation (a) | 14 | 716 |
| Apogee Enterprises, Inc. | 2 | 89 |
| Applied Industrial Technologies, Inc. | 2 | 489 |
| Arcbest Corporation | 1 | 90 |
| Arcosa, Inc. | 4 | 305 |
| Argan, Inc. | 1 | 243 |
| Armstrong World Industries, Inc. | 3 | 448 |
| Astec Industries, Inc. | 2 | 70 |
| Astronics Corporation (a) | 2 | 74 |
| Astronics Corporation - Class B (a) | 1 | 49 |
| ATI Inc. (a) | 8 | 673 |
| Atkore Inc. | 2 | 142 |
| ATMUS Filtration Technologies Inc. | 1 | 24 |
| Automatic Data Processing, Inc. | 8 | 2476 |
| Avis Budget Group, Inc. (a) (b) | 1 | 108 |
| Axon Enterprise, Inc. (a) | 1 | 953 |
| AZZ Inc. | 2 | 156 |
| Barrett Business Services, Inc. | 2 | 84 |
| Blue Bird Global Corporation (a) | 1 | 38 |
| BlueLinx Holdings Inc. (a) | 1 | 56 |
| Boeing Company, The (a) | 11 | 2225 |
| Boise Cascade Company | 2 | 153 |
| Booz Allen Hamilton Holding Corporation - Class A | 3 | 347 |
| Bowman Consulting Group Ltd. (a) | 1 | 38 |
| Brady Corporation - Class A | 3 | 171 |
| BrightView Holdings, Inc. (a) | 7 | 114 |
| Brink's Company, The | 3 | 232 |
| Broadridge Financial Solutions, Inc. | 3 | 811 |
| Builders FirstSource, Inc. (a) | 7 | 779 |
| BWXT Government Group, Inc. | 4 | 636 |
| C.H. Robinson Worldwide, Inc. | 6 | 593 |
| Caci International Inc. - Class A (a) | 1 | 612 |
| Cadeler A/S - ADR (a) | 1 | 17 |
| Cadre Holdings, Inc. | 1 | 19 |
| Carlisle Companies Incorporated | 2 | 690 |
| Carrier Global Corporation | 10 | 724 |

---

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page [607](#abbreviations).

**JNL Series Trust** (Unaudited)

**Schedules of Investments (in thousands)**

June 30, 2025

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
|  Casella Waste Systems, Inc. - Class A (a) | 3 | 334 |
|  Caterpillar Inc. | 10 | 3926 |
|  CBIZ, Inc. (a) | 3 | 242 |
|  CECO Environmental Corp. (a) | 2 | 51 |
|  Chart Industries, Inc. (a) | 1 | 109 |
|  Cimpress Public Limited Company (a) | 1 | 66 |
|  Cintas Corporation | 7 | 1582 |
|  Civeo Corporation | 1 | 15 |
|  Clarivate PLC (a) | 24 | 103 |
|  Clean Harbors, Inc. (a) | 4 | 853 |
|  CNH Industrial N.V. | 62 | 799 |
|  Columbus McKinnon Corporation | 2 | 28 |
|  Comfort Systems USA, Inc. | 2 | 1042 |
|  Commercial Vehicle Group, Inc. (a) | 5 | 8 |
|  Concrete Pumping Holdings, Inc. | 1 | 8 |
|  Conduent Incorporated (a) | 15 | 38 |
|  Construction Partners, Inc. - Class A (a) | 2 | 252 |
|  Copa Holdings, S.A. - Class A | 3 | 279 |
|  Copart, Inc. (a) | 14 | 709 |
|  Core & Main, Inc. - Class A (a) | 8 | 497 |
|  Costamare Bulkers Holdings Ltd. (a) | 2 | 14 |
|  Costamare Inc. | 8 | 73 |
|  Covenant Logistics Group, Inc. - Class A | 2 | 46 |
|  CRA International, Inc. | 1 | 96 |
|  Crane Company | 3 | 530 |
|  CSG Systems International, Inc. | 2 | 141 |
|  CSW Industrials, Inc. | 1 | 232 |
|  CSX Corporation | 54 | 1750 |
|  Cummins Inc. | 4 | 1366 |
|  Curtiss-Wright Corporation | 2 | 876 |
|  Dayforce, Inc. (a) | 4 | 245 |
|  Deere & Company | 6 | 2884 |
|  Delta Air Lines, Inc. | 36 | 1782 |
|  Deluxe Corporation | 5 | 74 |
|  Distribution Solutions Group, Inc. (a) | 1 | 27 |
|  DNOW Inc. (a) | 9 | 128 |
|  Donaldson Company, Inc. | 7 | 478 |
|  Douglas Dynamics, Inc. | 2 | 63 |
|  Dover Corporation | 4 | 720 |
|  Driven Brands Holdings Inc. (a) | 2 | 42 |
|  Ducommun Incorporated (a) | 1 | 107 |
|  Dun & Bradstreet Holdings, Inc. | 13 | 117 |
|  DXP Enterprises, Inc. (a) | 1 | 90 |
|  Dycom Industries, Inc. (a) | 2 | 498 |
|  Eaton Corporation Public Limited Company | 5 | 1754 |
|  Elance, Inc. (a) | 2 | 33 |
|  EMCOR Group, Inc. | 2 | 879 |
|  Emerson Electric Co. | 7 | 956 |
|  Energy Recovery, Inc. (a) | 3 | 34 |
|  Enerpac Tool Group Corp. - Class A | 4 | 152 |
|  EnerSys | 2 | 214 |
|  Ennis, Inc. | 2 | 45 |
|  Enpro Inc. | 1 | 226 |
|  Enviri Corporation (a) | 7 | 59 |
|  Equifax Inc. | 3 | 736 |
|  ESAB Corporation | 3 | 402 |
|  ESCO Technologies Inc. | 1 | 278 |
|  Everus Construction Group, Inc. (a) | 4 | 226 |
|  ExlService Holdings, Inc. (a) | 7 | 328 |
|  Expeditors International of Washington, Inc. - Class A | 6 | 665 |
|  Exponent, Inc. | 2 | 164 |
|  Fastenal Company | 27 | 1123 |
|  Federal Signal Corporation | 3 | 362 |
|  FedEx Corporation | 8 | 1780 |
|  Ferguson Enterprises Inc. | 6 | 1352 |
|  First Advantage Corporation (a) | 5 | 75 |
|  Flowserve Corporation | 7 | 385 |
|  Fluence Energy, Inc. - Class A (a) (b) | 4 | 27 |
|  Fluor Corporation (a) | 8 | 396 |
|  Forrester Research, Inc. (a) | 2 | 17 |
|  Fortive Corporation | 10 | 518 |
|  Fortune Brands Innovations, Inc. | 7 | 382 |
|  Franklin Covey Co. (a) | 1 | 25 |
|  Franklin Electric Co., Inc. | 3 | 236 |
|  Frontier Group Holdings, Inc. (a) (b) | 2 | 9 |
|  FTAI Aviation Ltd. |  | 24 |
|  FTAI Infrastructure Inc. | 4 | 27 |
|  FTI Consulting, Inc. (a) | 2 | 246 |
|  FuelCell Energy, Inc. (a) |  | 2 |
|  Gates Industrial Corporation PLC (a) | 5 | 120 |
|  GATX Corporation | 3 | 387 |
|  GE Vernova Inc. | 3 | 1490 |
|  Genco Shipping & Trading Limited | 1 | 10 |
|  Gencor Industries, Inc. (a) | 1 | 8 |
|  Generac Holdings Inc. (a) | 2 | 251 |
|  General Dynamics Corporation | 4 | 1193 |
|  General Electric Company | 12 | 3049 |
|  Genpact Limited | 10 | 423 |
|  Gibraltar Industries, Inc. (a) | 2 | 89 |
|  Global Industrial Company | 2 | 64 |
|  GMS Inc. (a) | 2 | 205 |
|  Gorman- Rupp Company, The | 2 | 74 |
|  Graco Inc. | 7 | 637 |
|  Graham Corporation (a) |  | 20 |
|  Granite Construction Incorporated | 3 | 241 |
|  Great Lakes Dredge & Dock Corporation (a) | 7 | 89 |
|  Greenbrier Companies, Inc., The | 2 | 107 |
|  Griffon Corporation | 3 | 181 |
|  GXO Logistics Inc. (a) | 5 | 238 |
|  Hayward Holdings, Inc. (a) | 3 | 43 |
|  Healthcare Services Group, Inc. (a) | 5 | 76 |
|  Heartland Express, Inc. | 5 | 42 |
|  HEICO Corporation | 1 | 415 |
|  HEICO Corporation - Class A | 2 | 491 |
|  Heidrick & Struggles International, Inc. | 1 | 67 |
|  Helios Technologies, Inc. | 2 | 72 |
|  Herc Holdings Inc. | 3 | 392 |
|  Hertz Global Holdings, Inc. (a) | 17 | 115 |
|  Hexcel Corporation | 2 | 126 |
|  Hillenbrand, Inc. | 3 | 68 |
|  Hillman Solutions Corp. - Class A (a) | 11 | 79 |
|  HNI Corporation | 3 | 147 |
|  Honeywell International Inc. | 12 | 2810 |
|  Howmet Aerospace Inc. | 10 | 1882 |
|  Hub Group, Inc. - Class A | 4 | 140 |
|  Hubbell Incorporated | 2 | 688 |
|  Hudson Global, Inc. (a) |  | 1 |
|  Hudson Technologies, Inc. (a) | 3 | 21 |
|  Huntington Ingalls Industries, Inc. | 2 | 380 |
|  Hurco Companies, Inc. (a) |  | 6 |
|  Huron Consulting Group Inc. (a) | 1 | 153 |
|  Hyster-Yale, Inc. - Class A | 1 | 29 |
|  IBEX Limited (a) | 1 | 25 |
|  ICF International, Inc. | 1 | 64 |
|  IDEX Corporation | 2 | 382 |
|  IES Holdings, Inc. (a) | 2 | 560 |
|  Illinois Tool Works Inc. | 7 | 1808 |
|  Ingersoll Rand Inc. | 10 | 810 |
|  Insperity, Inc. | 1 | 65 |
|  Insteel Industries, Inc. | 1 | 39 |
|  Interface, Inc. - Class A | 4 | 90 |
|  ITT Inc. | 4 | 650 |
|  J.B. Hunt Transport Services, Inc. | 6 | 847 |
|  Jacobs Solutions Inc. | 4 | 570 |
|  Janus International Group, Inc. (a) | 2 | 17 |
|  JBT Marel Corporation |  | 34 |
|  JELD-WEN Holding, Inc. (a) | 6 | 23 |
|  JetBlue Airways Corporation (a) | 14 | 58 |
|  Johnson Controls International Public Limited Company | 11 | 1186 |
|  Kadant Inc. | 1 | 217 |
|  KBR, Inc. | 8 | 374 |
|  Kennametal Inc. | 5 | 112 |
|  Kforce Inc. | 1 | 43 |
|  Kirby Corporation (a) | 4 | 412 |
|  Knight-Swift Transportation Holdings Inc. - Class A | 8 | 363 |
|  Korn Ferry | 4 | 270 |
|  Kratos Defense & Security Solutions, Inc. (a) | 8 | 350 |
| L. B. Foster Company (a) | 1 | 22 |

---

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page [607](#abbreviations).

**JNL Series Trust** (Unaudited)

**Schedules of Investments (in thousands)**

June 30, 2025

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
|  L3Harris Technologies, Inc. | 5 | 1348 |
|  Landstar System, Inc. | 2 | 219 |
|  Leidos Holdings, Inc. | 5 | 740 |
|  Lennox International Inc. | 1 | 570 |
|  Leonardo DRS, Inc. | 1 | 39 |
|  Limbach Holdings, Inc. (a) |  | 56 |
|  Lincoln Electric Holdings, Inc. | 3 | 531 |
|  Lindsay Corporation |  | 67 |
|  Liquidity Services, Inc. (a) | 2 | 39 |
|  Lockheed Martin Corporation | 6 | 2678 |
|  LSI Industries Inc. | 1 | 20 |
|  Luxfer Holdings PLC | 2 | 19 |
|  Lyft, Inc. - Class A (a) | 6 | 89 |
|  Manitowoc Company, Inc., The (a) | 1 | 15 |
|  ManpowerGroup Inc. | 2 | 89 |
|  Marten Transport, Ltd. | 2 | 27 |
|  Masco Corporation | 7 | 480 |
|  MasTec, Inc. (a) | 4 | 688 |
|  Masterbrand, Inc. (a) | 7 | 80 |
|  Matrix Service Company (a) | 3 | 44 |
|  Matson Intermodal - Paragon, Inc. | 2 | 261 |
|  Maximus, Inc. | 3 | 219 |
|  Mayville Engineering Company, Inc. (a) | 1 | 15 |
|  McGrath RentCorp | 1 | 174 |
|  Mercury Systems, Inc. (a) | 3 | 163 |
|  Middleby Corporation, The (a) | 3 | 474 |
|  Miller Industries, Inc. | 1 | 56 |
|  Millerknoll, Inc. | 4 | 72 |
|  Mine Safety Appliances Company, LLC | 2 | 332 |
|  Mistras Group, Inc. (a) | 3 | 20 |
|  Monocle Acquisition Corporation (a) | 2 | 14 |
|  Montrose Environmental Group, Inc. (a) | 2 | 33 |
|  MOOG Inc. - Class A | 2 | 298 |
|  MRC Global Inc. (a) | 6 | 87 |
|  MSC Industrial Direct Co., Inc. - Class A | 3 | 247 |
|  Mueller Industries, Inc. | 6 | 463 |
|  Mueller Water Products, Inc. - Class A | 9 | 205 |
|  MYR Group Inc. (a) | 1 | 121 |
|  N L Industries, Inc. | 1 | 6 |
|  National Presto Industries, Inc. | 1 | 61 |
|  Newpark Resources, Inc. (a) | 10 | 88 |
|  Nextracker LLC - Class A (a) | 2 | 104 |
|  NN, Inc. (a) | 3 | 6 |
|  Nordson Corporation | 1 | 316 |
|  Norfolk Southern Corporation | 5 | 1334 |
|  Northrop Grumman Corporation | 3 | 1266 |
|  NV5 Global, Inc. (a) | 4 | 87 |
|  Nvent Electric Public Limited Company | 6 | 436 |
|  NWPX Infrastructure, Inc. (a) | 1 | 41 |
|  Old Dominion Freight Line, Inc. | 5 | 834 |
|  Omega Flex, Inc. |  | 3 |
|  Openlane, Inc. (a) | 8 | 191 |
|  Orion Group Holdings, Inc. (a) | 2 | 14 |
|  Oshkosh Corporation | 4 | 418 |
|  Otis Worldwide Corporation | 9 | 864 |
|  Owens Corning | 6 | 808 |
|  P.A.M. Transportation Services, Inc. (a) | 1 | 15 |
|  PACCAR Inc | 14 | 1311 |
|  Pangaea Logistics Solutions Ltd. | 3 | 16 |
|  Park Aerospace Technologies Corp. | 2 | 32 |
|  Parker-Hannifin Corporation | 2 | 1160 |
|  Park-Ohio Holdings Corp. | 1 | 23 |
|  Parsons Corporation (a) | 4 | 298 |
|  Paychex, Inc. | 8 | 1096 |
|  Paycom Software, Inc. | 2 | 396 |
|  Paylocity Holding Corporation (a) | 1 | 269 |
|  Pentair Public Limited Company | 8 | 861 |
|  Planet Labs Inc. - Class A (a) | 5 | 28 |
|  Plug Power Inc. (a) (b) | 24 | 35 |
|  Powell Industries, Inc. | 1 | 150 |
|  Preformed Line Products Company |  | 30 |
|  Primoris Services Corporation | 3 | 215 |
|  Proto Labs, Inc. (a) | 2 | 71 |
|  Quad/Graphics, Inc. - Class A | 4 | 25 |
|  Quanex Building Products Corporation | 4 | 68 |
|  Quanta Services, Inc. | 3 | 1251 |
|  Radiant Logistics, Inc. (a) | 3 | 20 |
|  Ralliant Corporation (a) | 3 | 161 |
|  RBC Bearings Incorporated (a) | 1 | 552 |
|  Regal Rexnord Corporation | 3 | 415 |
|  Republic Services, Inc. | 4 | 1029 |
|  Resideo Technologies, Inc. (a) | 9 | 190 |
|  Resources Connection, Inc. | 4 | 24 |
|  REV Group, Inc. | 3 | 133 |
|  Robert Half Inc. | 3 | 111 |
|  Rocket Lab Corporation (a) | 5 | 195 |
|  Rockwell Automation, Inc. | 3 | 1080 |
|  Rollins, Inc. | 11 | 615 |
|  RTX Corporation | 24 | 3472 |
|  Rush Enterprises, Inc. - Class A | 4 | 221 |
|  Rush Enterprises, Inc. - Class B | 1 | 36 |
|  RXO Inc (a) | 7 | 104 |
|  Ryder System, Inc. | 4 | 576 |
|  Saia, Inc. (a) | 1 | 274 |
|  Schneider National, Inc. - Class B | 3 | 83 |
|  Science Applications International Corporation | 3 | 312 |
|  Sensata Technologies Holding PLC | 6 | 171 |
|  Shoals Technologies Group, Inc. - Class A (a) | 2 | 10 |
|  Shyft Group, Inc. | 3 | 36 |
|  SIFCO Industries, Inc. (a) |  | 1 |
|  Simpson Manufacturing Co., Inc. | 2 | 330 |
|  SiteOne Landscape Supply, Inc. (a) | 2 | 203 |
|  SkyWest, Inc. (a) | 3 | 312 |
|  Snap-on Incorporated | 2 | 665 |
|  Southwest Airlines Co. | 17 | 550 |
|  SPX Technologies, Inc. (a) | 3 | 423 |
|  SS&C Technologies Holdings, Inc. | 8 | 624 |
|  Standex International Corporation | 1 | 115 |
|  Stanley Black & Decker, Inc. | 6 | 428 |
|  Steelcase Inc. - Class A | 7 | 69 |
|  Sterling Infrastructure, Inc. (a) | 2 | 406 |
|  Stratasys, Inc. (a) | 1 | 13 |
|  Sunrun Inc. (a) | 11 | 90 |
|  Symbotic Inc. - Class A (a) (b) | 1 | 37 |
|  Taskus, Inc. - Class A (a) |  | 8 |
|  Tecnoglass Inc. | 3 | 194 |
|  Tennant Company | 1 | 58 |
|  Terex Corporation | 2 | 117 |
|  Tetra Tech, Inc. | 12 | 415 |
|  Textron Inc. | 8 | 621 |
|  The AZEK Company Inc. - Class A (a) | 9 | 470 |
|  Thermon Group Holdings, Inc. (a) | 2 | 55 |
|  Timken Company, The | 3 | 238 |
|  Titan Machinery Inc. (a) | 1 | 25 |
|  Toro Company, The | 5 | 350 |
|  Trane Technologies Public Limited Company | 4 | 1726 |
|  Transcat, Inc. (a) |  | 40 |
|  TransDigm Group Incorporated | 1 | 1416 |
|  TransUnion | 5 | 448 |
|  Trex Company, Inc. (a) | 3 | 154 |
|  Trinet Group, Inc. | 1 | 93 |
|  Trinity Industries, Inc. | 6 | 170 |
|  TrueBlue, Inc. (a) | 6 | 38 |
|  TTEC Holdings, Inc. (a) | 5 | 22 |
|  Tutor Perini Corporation (a) | 5 | 212 |
|  Twin Disc, Incorporated | 1 | 11 |
|  Uber Technologies, Inc. (a) | 18 | 1654 |
|  UFP Industries, Inc. | 4 | 399 |
|  U-Haul Holding Company (a) (b) | 1 | 68 |
|  U-Haul Holding Company - Series N | 8 | 456 |
|  Ultralife Corporation (a) |  | 2 |
|  Unifirst Corporation | 1 | 186 |
|  Union Pacific Corporation | 13 | 2940 |
|  United Airlines Holdings, Inc. (a) | 20 | 1596 |
|  United Parcel Service, Inc. - Class B | 17 | 1674 |
|  United Rentals, Inc. | 3 | 2166 |
|  Universal Logistics Holdings, Inc. | 2 | 58 |
|  V2X, Inc. (a) | 1 | 62 |
|  Valmont Industries, Inc. | 1 | 417 |
|  Veralto Corporation | 4 | 396 |

---

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page [607](#abbreviations).

**JNL Series Trust** (Unaudited)

**Schedules of Investments (in thousands)**

June 30, 2025

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| Verisk Analytics, Inc. | 4 | 1226 |
| Verra Mobility Corporation - Class A (a) | 8 | 191 |
| Vertiv Holdings Co - Class A | 6 | 826 |
| Vestis Corporation | 5 | 26 |
| Vicor Corporation (a) | 1 | 64 |
| VSE Corporation | 1 | 157 |
| W.W. Grainger, Inc. | 1 | 1392 |
| Wabash National Corporation | 1 | 16 |
| Waste Management, Inc. | 8 | 1813 |
| Watsco, Inc. | 1 | 342 |
| Watts Water Technologies, Inc. - Class A | 2 | 371 |
| Werner Enterprises, Inc. | 5 | 123 |
| WESCO International, Inc. | 3 | 565 |
| Westinghouse Air Brake Technologies Corporation | 5 | 947 |
| Willdan Group, Inc. (a) | 1 | 61 |
| Willis Lease Finance Corporation |  | 34 |
| Willscot Holdings Corporation - Class A | 8 | 224 |
| Woodward, Inc. | 3 | 683 |
| Worthington Industries, Inc. | 2 | 126 |
| XPO, Inc. (a) | 6 | 752 |
| Xylem Inc. | 6 | 760 |
| Zurn Elkay Water Solutions Corporation | 3 | 101 |
| | | 157812 |
| **Consumer Discretionary 10.5%** | **Consumer Discretionary 10.5%** | **Consumer Discretionary 10.5%** |
| 1-800-Flowers.com, Inc. - Class A (a) (b) | 4 | 17 |
| Abercrombie & Fitch Co. - Class A (a) | 3 | 263 |
| Academy Sports & Outdoors, Inc. | 4 | 176 |
| Acushnet Holdings Corp. | 4 | 299 |
| Adient Public Limited Company (a) | 3 | 61 |
| ADT, Inc. | 36 | 307 |
| Adtalem Global Education Inc. (a) | 3 | 336 |
| Advance Auto Parts, Inc. | 3 | 124 |
| Airbnb, Inc. - Class A (a) | 5 | 618 |
| A-Mark Precious Metals, Inc. | 1 | 17 |
| Amazon.com, Inc. (a) | 163 | 35839 |
| American Axle & Manufacturing Holdings, Inc. (a) | 9 | 36 |
| American Eagle Outfitters, Inc. | 9 | 85 |
| American Outdoor Brands, Inc. (a) | 2 | 17 |
| American Public Education, Inc. (a) | 2 | 58 |
| America's Car Mart, Inc. (a) |  | 24 |
| Aptiv PLC (a) | 8 | 533 |
| Aramark | 13 | 565 |
| Arhaus, Inc. - Class A (a) | 3 | 27 |
| ARKO Corp. - Class A | 3 | 13 |
| Asbury Automotive Group, Inc. (a) | 1 | 337 |
| Autoliv, Inc. | 5 | 600 |
| AutoNation, Inc. (a) | 3 | 595 |
| AutoZone, Inc. (a) |  | 1062 |
| Bassett Furniture Industries, Incorporated |  | 8 |
| Bath & Body Works, Inc. | 6 | 170 |
| Beazer Homes USA, Inc. (a) | 3 | 64 |
| Best Buy Co., Inc. | 12 | 810 |
| Beyond, Inc. (a) | 2 | 11 |
| Biglari Holdings Inc. - Class A (a) |  | 15 |
| Biglari Holdings Inc. - Class B (a) |  | 33 |
| Birkenstock Holding PLC (a) |  | 18 |
| BJ's Restaurants, Inc. (a) | 2 | 84 |
| Bloomin' Brands, Inc. | 5 | 43 |
| Booking Holdings Inc. | 1 | 3173 |
| Boot Barn Holdings, Inc. (a) | 2 | 245 |
| BorgWarner Inc. | 13 | 447 |
| Boyd Gaming Corporation | 3 | 247 |
| Bright Horizons Family Solutions, Inc. (a) | 3 | 323 |
| Brinker International, Inc. (a) | 2 | 337 |
| Brunswick Corporation | 4 | 199 |
| Build-A-Bear Workshop, Inc. | 1 | 52 |
| Burlington Stores, Inc. (a) | 2 | 561 |
| Caesars Entertainment, Inc. (a) | 7 | 199 |
| Caleres, Inc. | 3 | 42 |
| Camping World Holdings, Inc. - Class A | 3 | 47 |
| Capri Holdings Limited (a) | 7 | 123 |
| CarMax, Inc. (a) | 6 | 385 |
| Carnival Corporation (a) | 30 | 846 |
| Carriage Services, Inc. | 2 | 72 |
| Carter's, Inc. | 1 | 35 |
| Carvana Co. - Class A (a) | 3 | 970 |
| CAVA Group, Inc. (a) | 2 | 182 |
| Cavco Industries, Inc. (a) |  | 181 |
| Century Communities, Inc. | 1 | 72 |
| Cheesecake Factory Incorporated, The (b) | 3 | 191 |
| Chegg, Inc. (a) | 4 | 5 |
| Chewy, Inc. - Class A (a) | 3 | 108 |
| Chipotle Mexican Grill, Inc. (a) | 23 | 1299 |
| Choice Hotels International, Inc. (b) | 2 | 296 |
| Churchill Downs Incorporated | 3 | 344 |
| Citi Trends, Inc. (a) | 2 | 62 |
| Columbia Sportswear Company | 3 | 185 |
| Cooper-Standard Holdings Inc. (a) | 3 | 65 |
| Coupang, Inc. - Class A (a) | 23 | 679 |
| Coursera, Inc. (a) | 4 | 34 |
| Cracker Barrel Old Country Store, Inc. | 1 | 62 |
| Crocs, Inc. (a) | 3 | 278 |
| Culp, Inc. (a) | 2 | 6 |
| D.R. Horton, Inc. | 8 | 1018 |
| Dana Incorporated | 6 | 103 |
| Darden Restaurants, Inc. | 3 | 707 |
| Dave & Buster's Entertainment, Inc. (a) | 1 | 22 |
| Deckers Outdoor Corporation (a) | 4 | 443 |
| Denny's Corporation (a) | 4 | 16 |
| Destination XL Group, Inc. (a) | 4 | 5 |
| Dick's Sporting Goods, Inc. | 3 | 660 |
| Dillard's, Inc. - Class A (b) | 1 | 387 |
| DK Crown Holdings Inc. - Class A (a) | 6 | 276 |
| Domino's Pizza, Inc. | 1 | 381 |
| DoorDash, Inc. - Class A (a) | 3 | 823 |
| Dorman Products, Inc. (a) | 2 | 202 |
| Dream Finders Homes, Inc. - Class A (a) | 2 | 61 |
| Duluth Holdings Inc. - Class B (a) | 3 | 6 |
| Duolingo, Inc. - Class A (a) | 1 | 278 |
| Dutch Bros Inc. - Class A (a) | 3 | 181 |
| eBay Inc. | 15 | 1115 |
| El Pollo Loco Holdings, Inc. (a) | 2 | 19 |
| Escalade, Incorporated | 1 | 13 |
| Ethan Allen Interiors Inc. | 3 | 71 |
| ETSY, Inc. (a) | 2 | 109 |
| Expedia Group, Inc. | 3 | 497 |
| FIGS, Inc. - Class A (a) | 9 | 49 |
| First Watch Restaurant Group, Inc. (a) | 3 | 50 |
| Five Below, Inc. (a) | 2 | 213 |
| Flexsteel Industries, Inc. | 1 | 27 |
| Floor & Decor Holdings, Inc. - Class A (a) | 3 | 217 |
| Flutter Entertainment Public Limited Company (a) | 1 | 195 |
| Foot Locker, Inc. (a) | 4 | 93 |
| Ford Motor Company | 129 | 1399 |
| Fossil Group, Inc. (a) | 5 | 7 |
| Fox Factory Holding Corp. (a) | 2 | 64 |
| Frontdoor, Inc. (a) | 4 | 230 |
| GameStop Corp. - Class A (a) | 9 | 220 |
| Gap, Inc., The | 26 | 565 |
| Garmin Ltd. | 6 | 1184 |
| Garrett Motion Inc. | 3 | 31 |
| General Motors Company | 41 | 1993 |
| Gentex Corporation | 9 | 203 |
| Gentherm Incorporated (a) | 1 | 39 |
| Genuine Parts Company | 6 | 749 |
| G-III Apparel Group, Ltd. (a) | 2 | 40 |
| Global Business Travel Group, Inc. - Class A (a) | 3 | 17 |
| Gopro Inc. - Class A (a) | 8 | 6 |
| Graham Holdings Co., Ltd. - Class B |  | 214 |
| Grand Canyon Education, Inc. (a) | 2 | 306 |
| Green Brick Partners, Inc. (a) | 3 | 165 |
| Group 1 Automotive, Inc. | 1 | 397 |
| Guess ?, Inc. (b) | 4 | 46 |
| H & R Block, Inc. | 6 | 313 |
| Hamilton Beach Brands Holding Company - Class A | 1 | 18 |
| Hanesbrands Inc. (a) | 22 | 99 |
| Harley-Davidson, Inc. | 4 | 97 |
| Hasbro, Inc. | 7 | 493 |

---

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page [607](#abbreviations).

**JNL Series Trust** (Unaudited)

**Schedules of Investments (in thousands)**

June 30, 2025

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
|  Haverty Furniture Companies, Inc. | 2 | 32 |
|  Helen of Troy Limited (a) | 1 | 35 |
|  Hilton Grand Vacations Inc. (a) | 3 | 139 |
|  Hilton Worldwide Holdings Inc. | 4 | 1109 |
|  Home Depot, Inc., The | 21 | 7709 |
|  Hooker Furnishings Corporation | 1 | 14 |
|  Hovnanian Enterprises, Inc. - Class A (a) |  | 31 |
|  Hyatt Hotels Corporation - Class A | 2 | 262 |
|  Installed Building Products, Inc. | 1 | 263 |
|  Johnson Outdoors Inc. - Class A | 1 | 29 |
|  KB Home | 5 | 241 |
|  Kohl's Corporation | 7 | 58 |
|  Kontoor Brands, Inc. | 3 | 187 |
|  Lakeland Industries, Inc. |  | 2 |
|  Lands' End, Inc. (a) | 1 | 16 |
|  Las Vegas Sands Corp. | 10 | 421 |
|  Latham Group, Inc. (a) | 3 | 20 |
|  Laureate Education, Inc. - Class A (a) | 10 | 225 |
|  La-Z-Boy Incorporated | 3 | 98 |
|  LCI Industries | 1 | 131 |
|  Lear Corporation | 2 | 203 |
|  Leggett & Platt, Incorporated | 4 | 39 |
|  Lennar Corporation - Class A | 6 | 681 |
|  Lennar Corporation - Class B | 1 | 56 |
|  Leslie's, Inc. (a) | 3 | 1 |
|  Levi Strauss & Co. - Class A | 4 | 72 |
|  LGI Homes, Inc. (a) | 1 | 41 |
|  Life Time Group Holdings, Inc. (a) | 6 | 180 |
|  Lifetime Brands, Inc. | 1 | 6 |
|  Light & Wonder, Inc. (a) | 4 | 368 |
|  Lithia Motors, Inc. - Class A | 2 | 525 |
|  LKQ Corporation | 10 | 356 |
|  Lovesac Company, The (a) | 1 | 24 |
|  Lowe`s Companies, Inc. | 10 | 2118 |
|  Lucid Group, Inc. (a) (b) | 13 | 26 |
|  Lululemon Athletica Inc. (a) | 2 | 574 |
|  M/I Homes, Inc. (a) | 2 | 218 |
|  Macy's, Inc. | 17 | 203 |
|  Malibu Boats, Inc. - Class A (a) | 1 | 35 |
|  Marine Products Corporation | 2 | 15 |
|  MarineMax, Inc. (a) | 2 | 39 |
|  Marriott International, Inc. - Class A | 4 | 1048 |
|  Marriott Vacations Worldwide Corporation | 2 | 113 |
|  MasterCraft Boat Holdings, Inc. (a) | 1 | 15 |
|  Mattel, Inc. (a) | 23 | 452 |
|  Matthews International Corporation - Class A | 2 | 42 |
|  McDonald's Corporation | 12 | 3508 |
|  Meritage Homes Corporation | 4 | 295 |
|  MGM Resorts International (a) | 9 | 309 |
|  Mister Car Wash, Inc. (a) | 14 | 85 |
|  Mobileye Global Inc. - Class A (a) | 3 | 48 |
|  Modine Manufacturing Company (a) | 3 | 249 |
|  Mohawk Industries, Inc. (a) | 3 | 279 |
|  Monarch Casino & Resort, Inc. | 1 | 61 |
|  Motorcar Parts of America, Inc. (a) | 2 | 22 |
|  Movado Group, Inc. | 1 | 17 |
|  Murphy USA Inc. | 1 | 429 |
|  Nathan's Famous, Inc. | 1 | 66 |
|  National Vision Holdings, Inc. (a) | 5 | 111 |
|  Newell Brands Inc. | 19 | 105 |
|  NIKE, Inc. - Class B | 18 | 1286 |
|  Nishka, Inc. - Class A (a) | 3 | 15 |
|  Norwegian Cruise Line Holdings Ltd. (a) | 13 | 274 |
|  NVR, Inc. (a) |  | 990 |
|  ODP Corporation, The (a) | 2 | 29 |
|  Ollie's Bargain Outlet Holdings, Inc. (a) | 3 | 427 |
|  OneSpaWorld Holdings Limited | 7 | 141 |
|  O'Reilly Automotive, Inc. (a) | 15 | 1311 |
|  Oxford Industries, Inc. | 1 | 38 |
|  Papa John's International, Inc. |  | 11 |
|  Patrick Industries, Inc. | 2 | 226 |
|  PENN Entertainment, Inc. (a) | 6 | 115 |
|  Penske Automotive Group, Inc. | 3 | 485 |
|  Perdoceo Education Corporation | 5 | 165 |
|  PetMed Express, Inc. (a) (b) | 2 | 8 |
|  Phinia Inc. | 3 | 135 |
|  Planet Fitness, Inc. - Class A (a) | 4 | 431 |
|  Polaris Inc. | 2 | 81 |
|  Pool Corporation | 1 | 404 |
|  Potbelly Corporation (a) | 2 | 25 |
|  PulteGroup, Inc. | 8 | 797 |
|  Purple Innovation, Inc. (a) | 5 | 3 |
|  Pursuit Attractions And Hospitality, Inc. (a) | 2 | 47 |
|  PVH Corp. | 2 | 133 |
|  Quantumscape Battery, Inc. - Class A (a) (b) | 3 | 20 |
|  Ralph Lauren Corporation - Class A | 2 | 562 |
|  Red Rock Resorts, Inc. - Class A | 1 | 78 |
|  Revolve Group Inc. - Class A (a) | 1 | 23 |
|  RH (a) |  | 73 |
|  Rivian Automotive, Inc. - Class A (a) (b) | 22 | 309 |
|  Rocky Brands, Inc. | 1 | 13 |
|  Ross Stores, Inc. | 10 | 1299 |
|  Royal Caribbean Cruises Ltd. | 6 | 2026 |
|  Sally Beauty Holdings, Inc. (a) | 6 | 53 |
|  Service Corporation International | 8 | 672 |
|  Shake Shack, Inc. - Class A (a) | 2 | 254 |
|  SharkNinja, Inc. (a) | 6 | 586 |
|  Shoe Carnival, Inc. | 2 | 28 |
|  Signet Jewelers Limited | 2 | 135 |
|  Skechers U.S.A., Inc. - Class A (a) | 7 | 470 |
|  Skyline Champion Corporation (a) | 3 | 193 |
|  Sleep Number Corporation (a) | 1 | 10 |
|  Smith & Wesson Brands, Inc. | 2 | 13 |
|  Somnigroup International Inc. | 7 | 480 |
|  Sonic Automotive, Inc. - Class A | 2 | 154 |
|  Sonos, Inc. (a) | 3 | 31 |
|  Sportsman's Warehouse Holdings, Inc. (a) | 3 | 11 |
|  Standard Motor Products, Inc. | 2 | 74 |
|  Starbucks Corporation | 19 | 1763 |
|  Steven Madden, Ltd. | 2 | 53 |
|  Stitch Fix, Inc. - Class A (a) | 1 | 3 |
|  Stoneridge, Inc. (a) | 3 | 22 |
|  Strategic Education, Inc. | 1 | 69 |
|  Strattec Security Corporation (a) |  | 14 |
|  Stride, Inc. (a) | 4 | 530 |
|  Superior Group of Companies, Inc. | 1 | 10 |
|  Sweetgreen, Inc. - Class A (a) | 3 | 50 |
|  Tapestry, Inc. | 14 | 1199 |
|  Taylor Morrison Home II Corporation - Class A (a) | 7 | 419 |
|  Tesla Inc. (a) | 27 | 8558 |
|  Texas Roadhouse, Inc. - Class A | 4 | 685 |
|  The Buckle, Inc. | 5 | 205 |
|  The Cato Corporation - Class A | 2 | 6 |
|  The Goodyear Tire & Rubber Company (a) | 10 | 103 |
|  The Wendy's Company | 6 | 67 |
|  Thor Industries, Inc. | 2 | 204 |
|  Tile Shop Holdings, Inc. (a) | 7 | 44 |
|  Tilly's, Inc. - Class A (a) (b) | 1 | 2 |
|  TJX Companies, Inc., The | 22 | 2700 |
|  Toll Brothers, Inc. | 6 | 668 |
|  TopBuild Corp. (a) | 2 | 551 |
|  Topgolf Callaway Brands Corp. (a) | 9 | 69 |
|  Tractor Supply Company | 15 | 809 |
|  Travel + Leisure Co. | 3 | 170 |
|  TRI Pointe Homes Holdings, Inc. (a) | 5 | 169 |
|  Ulta Beauty, Inc. (a) | 2 | 864 |
|  Under Armour, Inc. - Class A (a) | 11 | 76 |
|  Under Armour, Inc. - Class C (a) | 14 | 90 |
|  Unifi, Inc. (a) | 2 | 11 |
|  United Parks And Resorts Inc. (a) | 2 | 100 |
|  Universal Electronics Inc. (a) | 1 | 6 |
|  Universal Technical Institute, Inc. (a) | 2 | 56 |
|  Upbound Group, Inc. | 4 | 107 |
|  Urban Outfitters, Inc. (a) | 6 | 447 |
|  V.F. Corporation | 17 | 196 |
|  Vail Resorts, Inc. | 2 | 237 |
|  Valvoline, Inc. (a) | 5 | 197 |
|  Vera Bradley, Inc. (a) | 3 | 7 |
|  Victoria's Secret & Co. (a) | 5 | 91 |
|  Visteon Corporation (a) | 1 | 112 |

---

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page [607](#abbreviations).

**JNL Series Trust** (Unaudited)

**Schedules of Investments (in thousands)**

June 30, 2025

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| Vitamin Oldco Holdings, Inc. (a) (d) | 7 |  |
| Warby Parker Inc. - Class A (a) | 2 | 51 |
| Weyco Group, Inc. | 1 | 31 |
| Whirlpool Corporation | 3 | 315 |
| Williams-Sonoma, Inc. | 4 | 573 |
| Wingstop Inc. |  | 60 |
| Winmark Corporation |  | 64 |
| Winnebago Industries, Inc. | 1 | 37 |
| Wyndham Hotels & Resorts, Inc. | 4 | 318 |
| Wynn Resorts, Limited | 3 | 292 |
| XPEL, Inc. (a) | 1 | 22 |
| YETI Holdings, Inc. (a) | 5 | 149 |
| Yum! Brands, Inc. | 6 | 899 |
| Zumiez Inc. (a) | 2 | 30 |
| | | 136529 |
| **Communication Services 9.2%** | **Communication Services 9.2%** | **Communication Services 9.2%** |
| Advantage Solutions, Inc. - Class A (a) | 11 | 15 |
| Alphabet Inc. - Class A | 105 | 18466 |
| Alphabet Inc. - Class C | 92 | 16297 |
| Altice USA, Inc. - Class A (a) | 13 | 29 |
| Angi Inc. - Class A (a) | 1 | 11 |
| Anterix Inc. (a) | 1 | 38 |
| AT&T Inc. | 237 | 6859 |
| Atlanta Braves Holdings, Inc. - Series A (a) |  | 18 |
| Atlanta Braves Holdings, Inc. - Series C (a) | 3 | 144 |
| ATN International, Inc. | 3 | 42 |
| Bandwidth Inc. - Class A (a) | 1 | 12 |
| Boston Omaha Corporation - Class A (a) | 1 | 19 |
| Bumble Inc. - Class A (a) | 2 | 12 |
| Cable One, Inc. |  | 53 |
| CarGurus, Inc. - Class A (a) | 3 | 102 |
| Cars.com Inc. (a) | 2 | 29 |
| Cinemark Holdings, Inc. | 7 | 222 |
| Comcast Corporation - Class A | 144 | 5137 |
| DHI Group, Inc. (a) |  | 1 |
| DoubleVerify Holdings, Inc. (a) | 2 | 27 |
| Electronic Arts Inc. | 7 | 1053 |
| Entravision Communications Corporation - Class A | 6 | 13 |
| Former Charter Communications Parent, Inc. - Class A (a) | 5 | 1982 |
| Fox Corporation - Class A | 7 | 397 |
| Fox Corporation - Class B | 8 | 428 |
| Frontier Communications Parent, Inc. (a) | 11 | 405 |
| Gannett Co., Inc. (a) | 13 | 46 |
| Gogo, Inc. (a) | 3 | 47 |
| Gray Media, Inc. | 5 | 24 |
| IDT Corporation - Class B | 2 | 115 |
| IMAX Corporation (a) | 4 | 107 |
| Integral Ad Science Holding Corp. (a) | 4 | 32 |
| Iridium Communications Inc. | 4 | 125 |
| John Wiley & Sons, Inc. - Class A | 4 | 158 |
| Liberty Broadband Corporation - Series A (a) | 1 | 118 |
| Liberty Broadband Corporation - Series C (a) | 5 | 483 |
| Liberty Global Ltd. - Class A (a) | 6 | 60 |
| Liberty Global Ltd. - Class C (a) | 12 | 121 |
| Liberty Latin America Ltd. - Class A (a) | 2 | 13 |
| Liberty Latin America Ltd. - Class C (a) | 13 | 79 |
| Liberty Media Corporation - Series A (a) | 1 | 63 |
| Liberty Media Corporation - Series A (a) | 1 | 110 |
| Liberty Media Corporation - Series C (a) | 3 | 224 |
| Liberty Media Corporation - Series C (a) | 6 | 589 |
| Lionsgate Studios Corp. (a) | 20 | 118 |
| Live Nation Entertainment, Inc. (a) | 6 | 843 |
| Lumen Technologies, Inc. (a) | 34 | 150 |
| Magnite, Inc. (a) | 7 | 174 |
| Marchex, Inc. - Class B (a) |  |  |
| Marcus Corporation, The | 2 | 28 |
| Match Group, Inc. | 7 | 224 |
| Meta Platforms, Inc. - Class A | 42 | 31314 |
| Netflix, Inc. (a) | 6 | 8441 |
| News Corporation - Class A | 17 | 504 |
| News Corporation - Class B | 8 | 259 |
| Nexstar Media Group, Inc. - Class A | 2 | 429 |
| Omnicom Group Inc. | 9 | 619 |
| Paramount Global - Class A | 1 | 23 |
| Paramount Global - Class B | 25 | 321 |
| Pinterest, Inc. - Class A (a) | 9 | 331 |
| PubMatic, Inc. - Class A (a) | 2 | 21 |
| QuinStreet, Inc. (a) | 2 | 38 |
| Reading International, Inc. - Class A (a) | 2 | 2 |
| Roblox Corporation - Class A (a) | 3 | 323 |
| Roku, Inc. - Class A (a) | 5 | 417 |
| Scholastic Corporation | 2 | 32 |
| Shenandoah Telecommunications Company | 3 | 38 |
| Shutterstock, Inc. | 2 | 30 |
| Sinclair, Inc. - Class A | 2 | 21 |
| Sirius XM Holdings Inc. | 16 | 374 |
| Snap Inc. - Class A (a) | 27 | 236 |
| Sphere Entertainment Co. - Class A (a) | 2 | 92 |
| Sphere Entertainment Co. - Class A (a) | 1 | 112 |
| Sphere Entertainment Co. - Class A (a) (e) | 2 | 88 |
| Spok Holdings, Inc. | 2 | 37 |
| Spotify Technology S.A. (a) | 1 | 917 |
| Stagwell, Inc. - Class A (a) | 3 | 13 |
| Starz Entertainment (a) | 1 | 22 |
| Sunrise Communications AG - ADR (b) | 4 | 201 |
| Take-Two Interactive Software, Inc. (a) | 3 | 721 |
| TechTarget, Inc. (a) | 1 | 11 |
| TEGNA Inc. | 10 | 175 |
| Telephone and Data Systems, Inc. | 8 | 281 |
| The E.W. Scripps Company - Class A (a) | 8 | 23 |
| The Interpublic Group of Companies, Inc. | 25 | 607 |
| The New York Times Company - Class A | 9 | 507 |
| Thryv Holdings, Inc. (a) | 1 | 17 |
| TKO Group Holdings Inc. - Class A | 2 | 295 |
| T-Mobile US, Inc. | 11 | 2725 |
| Townsquare Media, Inc. - Class A |  | 3 |
| Trade Desk, Inc., The - Class A (a) | 4 | 296 |
| Travelzoo (a) | 1 | 13 |
| TripAdvisor, Inc. (a) | 6 | 73 |
| Truecar, Inc. (a) | 12 | 23 |
| United States Cellular Corporation (a) (b) | 2 | 151 |
| Verizon Communications Inc. | 162 | 6990 |
| Vimeo, Inc. (a) | 12 | 50 |
| Walt Disney Company, The | 32 | 3992 |
| Warner Bros. Discovery, Inc. - Series A (a) | 73 | 840 |
| Warner Music Group Corp. - Class A | 3 | 85 |
| WideOpenWest, Inc. (a) | 3 | 11 |
| Yelp Inc. (a) | 2 | 80 |
| Zedge, Inc. - Class B (a) | 1 | 3 |
| Ziff Davis, Inc. (a) | 2 | 59 |
| ZoomInfo Technologies Inc. - Class A (a) | 4 | 46 |
|  |  | 119194 |
| **Health Care 8.8%** | **Health Care 8.8%** | **Health Care 8.8%** |
| 10X Genomics, Inc. - Class A (a) | 1 | 16 |
| Abbott Laboratories | 30 | 4143 |
| AbbVie Inc. | 37 | 6920 |
| Acadia Healthcare Company, Inc. (a) | 3 | 71 |
| Accuray Incorporated (a) | 6 | 8 |
| AdaptHealth LLC - Class A (a) | 9 | 86 |
| Adaptive Biotechnologies Corporation (a) | 4 | 41 |
| Addus HomeCare Corporation (a) | 1 | 128 |
| ADMA Biologics, Inc. (a) | 7 | 133 |
| Adverum Biotechnologies, Inc. (a) | 1 | 2 |
| Agilent Technologies, Inc. | 7 | 849 |
| Agilon Health Management, Inc. (a) | 8 | 18 |
| Agios Pharmaceuticals, Inc. (a) | 1 | 30 |
| Aldeyra Therapeutics, Inc. (a) | 4 | 16 |
| Alector, Inc. (a) | 5 | 8 |
| Align Technology, Inc. (a) | 2 | 385 |
| Alkermes Public Limited Company (a) | 8 | 242 |
| Allogene Therapeutics, Inc. (a) (b) | 13 | 15 |
| Alnylam Pharmaceuticals, Inc. (a) | 1 | 394 |
| Amedisys, Inc. (a) | 2 | 217 |
| American Well Corporation - Class A (a) |  | 3 |
| Amgen Inc. | 11 | 3186 |
| AMN Healthcare Services, Inc. (a) | 3 | 57 |
| Amneal Pharmaceuticals, Inc. - Class A (a) | 5 | 40 |
| AngioDynamics, Inc. (a) | 4 | 44 |

---

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page [607](#abbreviations).

**JNL Series Trust** (Unaudited)

**Schedules of Investments (in thousands)**

June 30, 2025

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
|  ANI Pharmaceuticals, Inc. (a) | 1 | 51 |
|  Anika Therapeutics, Inc. (a) | 1 | 16 |
|  Arcellx Inc. (a) | 1 | 44 |
|  Arcturus Therapeutics Holdings Inc. (a) | 1 | 16 |
|  Arcus Biosciences, Inc. (a) | 6 | 45 |
|  Artivion, Inc. (a) | 3 | 87 |
|  Assertio Holdings, Inc. (a) (b) |  |  |
|  Astrana Health, Inc. (a) | 2 | 49 |
|  AtriCure, Inc. (a) | 2 | 57 |
|  Avanos Medical, Inc. (a) | 1 | 18 |
|  Avantor, Inc. (a) | 20 | 274 |
|  Avidity Biosciences, Inc. (a) | 2 | 66 |
|  AxoGen, Inc. (a) | 4 | 41 |
|  Azenta, Inc. (a) | 2 | 49 |
|  Baxter International Inc. | 14 | 427 |
|  Beam Therapeutics Inc. (a) | 2 | 40 |
|  Becton, Dickinson and Company | 5 | 840 |
|  Biogen Inc. (a) | 4 | 445 |
|  BioLife Solutions, Inc. (a) | 2 | 44 |
|  BioMarin Pharmaceutical Inc. (a) | 6 | 309 |
|  Bio-Rad Laboratories, Inc. - Class A (a) | 1 | 226 |
|  Bio-Techne Corporation | 4 | 198 |
|  Boston Scientific Corporation (a) | 19 | 2016 |
|  Bristol-Myers Squibb Company | 65 | 3000 |
|  Brookdale Senior Living Inc. (a) | 16 | 113 |
|  Bruker Corporation | 4 | 178 |
|  C4 Therapeutics, Inc. (a) | 7 | 10 |
|  Cardinal Health, Inc. | 5 | 899 |
|  Castle Biosciences, Inc. (a) | 1 | 15 |
|  Catalyst Pharmaceuticals, Inc. (a) | 7 | 163 |
|  Cencora, Inc. | 4 | 1322 |
|  Centene Corporation (a) | 13 | 691 |
|  Certara, Inc. (a) | 4 | 50 |
|  Charles River Laboratories International, Inc. (a) | 2 | 291 |
|  Chemed Corporation | 1 | 283 |
|  Cigna Group, The | 7 | 2193 |
|  Cogent Biosciences, Inc. (a) | 2 | 12 |
|  Collegium Pharmaceutical, Inc. (a) | 2 | 50 |
|  Community Health Systems, Inc. (a) | 12 | 40 |
|  Concentra Group Holdings Parent, Inc. | 7 | 146 |
|  CONMED Corporation | 2 | 80 |
|  Cooper Companies, Inc., The (a) | 6 | 431 |
|  Corcept Therapeutics Incorporated (a) | 5 | 364 |
|  CorVel Corporation (a) | 3 | 288 |
|  Cross Country Healthcare, Inc. (a) | 2 | 31 |
|  Cryoport, Inc. (a) | 2 | 16 |
|  Cumberland Pharmaceuticals, Inc. (a) | 1 | 3 |
|  CVS Health Corporation | 21 | 1432 |
|  Cytek Biosciences, Inc. (a) | 6 | 20 |
|  Danaher Corporation | 8 | 1502 |
|  Davita Inc. (a) | 3 | 383 |
|  Day One Biopharmaceuticals, Inc. (a) | 1 | 8 |
|  Denali Therapeutics Inc. (a) | 5 | 75 |
|  Dentsply Sirona Inc. | 8 | 132 |
|  DexCom, Inc. (a) | 5 | 470 |
|  Doximity, Inc. - Class A (a) | 3 | 184 |
|  Dynavax Technologies Corporation (a) | 4 | 44 |
|  Edgewise Therapeutics, Inc. (a) | 1 | 15 |
|  Editas Medicine, Inc. (a) | 2 | 4 |
|  Edwards Lifesciences Corporation (a) | 12 | 912 |
|  Elanco Animal Health Incorporated (a) | 19 | 274 |
|  Elevance Health, Inc. | 4 | 1668 |
|  Eli Lilly and Company | 15 | 11442 |
|  Embecta Corp. | 1 | 9 |
|  Emergent BioSolutions Inc. (a) | 4 | 26 |
|  Enanta Pharmaceuticals, Inc. (a) | 2 | 12 |
|  Encompass Health Corporation | 7 | 822 |
|  Enhabit Inc. (a) | 4 | 38 |
|  Enovis Corporation (a) | 2 | 74 |
|  Envista Holdings Corporation (a) | 8 | 150 |
|  Evolent Health, Inc. - Class A (a) | 6 | 67 |
|  Exact Sciences Corporation (a) | 7 | 353 |
|  Exelixis, Inc. (a) | 14 | 628 |
|  Fate Therapeutics, Inc. (a) | 2 | 2 |
|  Fortrea Holdings Inc. (a) | 4 | 20 |
|  Fulcrum Therapeutics, Inc. (a) | 2 | 16 |
|  Fulgent Genetics, Inc. (a) | 1 | 28 |
|  GE HealthCare Technologies Inc. | 14 | 1048 |
|  Gilead Sciences, Inc. | 27 | 2956 |
|  Glaukos Corporation (a) | 1 | 93 |
|  Globus Medical, Inc. - Class A (a) | 2 | 106 |
|  GoodRx Holdings, Inc. - Class A (a) | 3 | 16 |
|  Grail, Inc. (a) (b) | 1 | 34 |
|  Haemonetics Corporation (a) | 1 | 105 |
|  Halozyme Therapeutics, Inc. (a) | 5 | 284 |
|  Harmony Biosciences Holdings, Inc. (a) | 2 | 55 |
|  Harvard Bioscience, Inc. (a) | 2 | 1 |
|  HCA Healthcare, Inc. | 3 | 1160 |
|  Health Catalyst, Inc. (a) | 1 | 5 |
|  HealthEquity, Inc. (a) | 4 | 462 |
|  Healthstream, Inc. | 2 | 59 |
|  Henry Schein, Inc. (a) | 6 | 408 |
|  Hologic, Inc. (a) | 7 | 458 |
|  Humana Inc. | 3 | 686 |
|  Icon Public Limited Company (a) | 2 | 228 |
|  ICU Medical, Inc. (a) |  | 40 |
|  IDEXX Laboratories, Inc. (a) | 2 | 873 |
|  Illumina, Inc. (a) | 2 | 236 |
|  Immunovant, Inc. (a) |  | 5 |
|  Incyte Corporation (a) | 6 | 423 |
|  Innoviva, Inc. (a) | 5 | 98 |
|  Inogen, Inc. (a) | 1 | 8 |
|  Insmed Incorporated (a) | 3 | 297 |
|  Inspire Medical Systems, Inc. (a) |  | 57 |
|  Insulet Corporation (a) | 2 | 702 |
|  Integer Holdings Corporation (a) | 2 | 235 |
|  Integra LifeSciences Holdings Corporation (a) | 3 | 38 |
|  Intellia Therapeutics, Inc. (a) (b) | 3 | 27 |
|  Intuitive Surgical, Inc. (a) | 3 | 1798 |
|  Iovance Biotherapeutics, Inc. (a) (b) | 10 | 17 |
|  IQVIA Holdings Inc (a) | 7 | 1053 |
|  Iradimed Corporation |  | 26 |
|  Jazz Pharmaceuticals Public Limited Company (a) | 3 | 354 |
|  Johnson & Johnson | 38 | 5742 |
|  KalVista Pharmaceuticals Inc. (a) | 2 | 21 |
|  Kiniksa Pharmaceuticals International, PLC - Class A (a) | 1 | 28 |
|  Kodiak Sciences Inc. (a) | 3 | 10 |
|  Krystal Biotech, Inc. (a) | 1 | 174 |
|  Kymera Therapeutics, Inc. (a) | 1 | 40 |
|  Labcorp Holdings Inc. | 2 | 605 |
|  Lantheus Holdings, Inc. (a) | 3 | 241 |
|  LeMaitre Vascular, Inc. | 1 | 108 |
|  Lensar, Inc. (a) |  | 6 |
|  Lifestance Health Group, Inc. (a) | 7 | 39 |
|  Ligand Pharmaceuticals Incorporated (a) | 1 | 142 |
|  LivaNova PLC (a) | 2 | 109 |
|  MacroGenics, Inc. (a) | 3 | 4 |
|  MannKind Corporation (a) | 14 | 51 |
|  Maravai LifeSciences Holdings, Inc. - Class A (a) (b) | 5 | 12 |
|  Masimo Corporation (a) | 2 | 403 |
|  McKesson Corporation | 2 | 1524 |
|  Medpace Holdings, Inc. (a) | 1 | 314 |
|  Medtronic, Inc. | 23 | 2014 |
|  MeiraGTx Holdings plc (a) | 1 | 7 |
|  Merck & Co., Inc. | 55 | 4347 |
|  Merit Medical Systems, Inc. (a) | 3 | 291 |
|  Mesa Laboratories, Inc. |  | 25 |
|  Mettler-Toledo International Inc. (a) |  | 456 |
|  MiMedx Group, Inc. (a) | 2 | 15 |
|  Moderna, Inc. (a) | 6 | 162 |
|  ModivCare Inc. (a) | 2 | 5 |
|  Molina Healthcare, Inc. (a) | 2 | 728 |
|  Myriad Genetics, Inc. (a) | 6 | 30 |
|  Natera, Inc. (a) | 2 | 417 |
|  National HealthCare Corporation | 1 | 136 |
|  National Research Corporation | 1 | 12 |
|  Nektar Therapeutics (a) |  | 10 |
|  Neogenomics, Inc. (a) | 7 | 49 |

---

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page [607](#abbreviations).

**JNL Series Trust** (Unaudited)

**Schedules of Investments (in thousands)**

June 30, 2025

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| Neurocrine Biosciences, Inc. (a) | 4 | 440 |
| Nurix Therapeutics, Inc. (a) | 1 | 15 |
| Nuvation Bio Operating Company LLC - Class A (a) (b) | 26 | 51 |
| OmniAb, Inc. (a) (d) |  |  |
| OmniAb, Inc. (a) (d) |  |  |
| OmniAb, Inc. (a) | 6 | 11 |
| Omnicell, Inc. (a) | 2 | 71 |
| OptimizeRX Corporation (a) | 2 | 34 |
| Option Care Health, Inc. (a) | 5 | 148 |
| Orasure Technologies, Inc. (a) | 4 | 12 |
| Organogenesis Holdings Inc. - Class A (a) | 8 | 30 |
| Organon & Co. | 13 | 124 |
| Orthofix Medical Inc. (a) | 3 | 39 |
| Orthopediatrics Corp. (a) | 1 | 29 |
| Oscar Health, Inc. - Class A (a) | 5 | 117 |
| Owens & Minor, Inc. (a) | 7 | 62 |
| Pacific Biosciences of California, Inc. (a) (b) | 5 | 7 |
| Pacira Pharmaceuticals, Inc. (a) | 3 | 72 |
| PDL BioPharma, Inc. (a) (b) (d) | 6 | 2 |
| Pediatrix Medical Group, Inc. (a) | 7 | 98 |
| Pennant Group, Inc., The (a) | 3 | 81 |
| Penumbra, Inc. (a) | 1 | 320 |
| Perrigo Company Public Limited Company | 7 | 197 |
| Pfizer Inc. | 101 | 2448 |
| Phibro Animal Health Corporation - Class A | 2 | 41 |
| Phreesia, Inc. (a) | 2 | 45 |
| Premier Healthcare Solutions, Inc. - Class A | 5 | 114 |
| Prestige Consumer Healthcare Inc. (a) | 3 | 257 |
| Progyny, Inc. (a) | 2 | 43 |
| Prothena Corporation Public Limited Company (a) | 3 | 17 |
| PTC Therapeutics, Inc. (a) | 1 | 32 |
| Quest Diagnostics Incorporated | 3 | 613 |
| QuidelOrtho Corporation (a) | 1 | 21 |
| RadNet, Inc. (a) | 4 | 214 |
| Rafael Holdings, Inc. - Class B (a) | 1 | 2 |
| RAPT Therapeutics, Inc. (a) |  | 2 |
| Regeneron Pharmaceuticals, Inc. | 1 | 618 |
| Regenxbio Inc. (a) | 3 | 28 |
| Relay Therapeutics, Inc. (a) | 2 | 8 |
| Repligen Corporation (a) | 2 | 265 |
| Replimune Group, Inc. (a) | 3 | 31 |
| ResMed Inc. | 3 | 862 |
| Revvity, Inc. | 4 | 377 |
| Roivant Sciences Ltd. (a) | 6 | 68 |
| Sage Therapeutics Inc. (a) | 1 | 12 |
| Sarepta Therapeutics, Inc. (a) | 1 | 24 |
| Schrodinger, Inc. (a) | 1 | 19 |
| Seer, Inc. - Class A (a) | 8 | 17 |
| Select Medical Holdings Corporation | 9 | 134 |
| SI-BONE, Inc. (a) | 2 | 46 |
| SIGA Technologies, Inc. | 6 | 36 |
| Sight Sciences, Inc. (a) | 3 | 11 |
| Solventum Corporation (a) | 3 | 203 |
| Sotera Health LLC (a) | 13 | 141 |
| STAAR Surgical Company (a) | 3 | 55 |
| Steris Public Limited Company | 2 | 566 |
| Stoke Therapeutics, Inc. (a) | 2 | 25 |
| Stryker Corporation | 4 | 1717 |
| Supernus Pharmaceuticals, Inc. (a) | 3 | 107 |
| Surgery Partners, Inc. (a) | 3 | 75 |
| Surmodics, Inc. (a) | 1 | 42 |
| Sutro Biopharma, Inc. (a) | 6 | 4 |
| Teladoc Health, Inc. (a) | 5 | 48 |
| Teleflex Incorporated | 2 | 217 |
| Tenet Healthcare Corporation (a) | 6 | 1065 |
| The Ensign Group, Inc. | 3 | 499 |
| Thermo Fisher Scientific Inc. | 5 | 1972 |
| TruBridge, Inc. (a) | 1 | 17 |
| U. S. Physical Therapy, Inc. | 1 | 69 |
| UFP Technologies, Inc. (a) |  | 73 |
| United Therapeutics Corporation (a) | 2 | 628 |
| UnitedHealth Group Incorporated | 17 | 5203 |
| Universal Health Services, Inc. - Class B | 3 | 599 |
| Utah Medical Products, Inc. |  | 11 |
| Vanda Pharmaceuticals Inc. (a) | 5 | 23 |
| Varex Imaging Corporation (a) | 3 | 26 |
| Veeva Systems Inc. - Class A (a) | 2 | 615 |
| Veracyte, Inc. (a) | 3 | 93 |
| Vericel Corporation (a) | 2 | 74 |
| Vertex Pharmaceuticals Incorporated (a) | 3 | 1236 |
| Viatris Inc. | 44 | 395 |
| Waters Corporation (a) | 2 | 692 |
| West Pharmaceutical Services, Inc. | 1 | 316 |
| Xencor, Inc. (a) | 4 | 34 |
| Zentalis Pharmaceuticals, Inc. (a) | 3 | 4 |
| Zimmer Biomet Holdings, Inc. | 5 | 489 |
| ZimVie Inc. (a) | 1 | 6 |
| Zoetis Inc. - Class A | 8 | 1290 |
| Zymeworks Inc. (a) | 4 | 47 |
| | | 113658 |
| **Consumer Staples 5.8%** | **Consumer Staples 5.8%** | **Consumer Staples 5.8%** |
| Albertsons Companies, Inc. - Class A | 25 | 540 |
| Alico, Inc. | 1 | 27 |
| Altria Group, Inc. | 28 | 1664 |
| Andersons, Inc., The | 1 | 35 |
| Archer-Daniels-Midland Company | 6 | 337 |
| B&G Foods, Inc. (b) | 3 | 11 |
| Bellring Intermediate Holdings, Inc. (a) | 6 | 347 |
| BJ's Wholesale Club Holdings, Inc. (a) | 7 | 804 |
| Boston Beer Company, Inc., The - Class A (a) |  | 74 |
| Brown-Forman Corporation - Class A | 3 | 87 |
| Brown-Forman Corporation - Class B | 9 | 243 |
| Bunge Global SA | 5 | 404 |
| Calavo Growers, Inc. | 2 | 44 |
| Cal-Maine Foods, Inc. | 3 | 269 |
| Campbell's Company, The | 15 | 450 |
| Casey's General Stores, Inc. | 2 | 1119 |
| Celsius Holdings, Inc. (a) | 4 | 201 |
| Central Garden & Pet Company (a) | 1 | 40 |
| Central Garden & Pet Company - Class A (a) | 4 | 121 |
| Church & Dwight Co., Inc. | 6 | 592 |
| Clorox Company, The | 3 | 392 |
| Coca-Cola Company, The | 74 | 5241 |
| Coca-Cola Consolidated, Inc. | 5 | 520 |
| Colgate-Palmolive Company | 16 | 1444 |
| Conagra Brands, Inc. | 18 | 362 |
| Constellation Brands, Inc. - Class A | 5 | 802 |
| Costco Wholesale Corporation | 9 | 8450 |
| Coty Inc. - Class A (a) | 28 | 132 |
| Darling Ingredients Inc. (a) | 6 | 224 |
| Del Monte Fresh Produce Company | 4 | 126 |
| Dole Public Limited Company | 2 | 25 |
| Dollar General Corporation | 9 | 1036 |
| Dollar Tree, Inc. (a) | 7 | 715 |
| e.l.f. Beauty, Inc. (a) | 1 | 103 |
| Edgewell Personal Care Colombia S A S | 2 | 57 |
| Energizer Holdings, Inc. | 4 | 75 |
| Estee Lauder Companies Inc., The - Class A | 3 | 259 |
| Farmer Bros. Co. (a) | 2 | 2 |
| Flowers Foods, Inc. | 12 | 184 |
| Freshpet, Inc. (a) | 1 | 64 |
| General Mills, Inc. | 16 | 813 |
| Grocery Outlet Holding Corp. (a) | 4 | 51 |
| Herbalife Nutrition Ltd. (a) | 4 | 33 |
| Hormel Foods Corporation | 16 | 476 |
| Ingles Markets, Incorporated - Class A | 1 | 52 |
| Ingredion Incorporated | 4 | 531 |
| Interparfums, Inc. | 2 | 219 |
| J&J Snack Foods Corp. | 1 | 125 |
| J. M. Smucker Company, The | 4 | 402 |
| John B. Sanfilippo & Son, Inc. | 1 | 55 |
| Kenvue Inc. | 55 | 1145 |
| Keurig Dr Pepper Inc. | 25 | 822 |
| Kimberly-Clark Corporation | 9 | 1171 |
| Kraft Heinz Company, The | 23 | 597 |
| Kroger Co., The | 39 | 2806 |
| Lamb Weston Holdings, Inc. | 5 | 283 |
| Lancaster Colony Corporation | 1 | 237 |

---

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page [607](#abbreviations).

**JNL Series Trust** (Unaudited)

**Schedules of Investments (in thousands)**

June 30, 2025

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| Limoneira Company | 1 | 17 |
| Maplebear Inc. (a) | 4 | 201 |
| McCormick & Company, Incorporated | 8 | 577 |
| McCormick & Company, Incorporated | 1 | 46 |
| Medifast, Inc. (a) |  | 7 |
| MGPI Processing, Inc. | 1 | 24 |
| Mission Produce, Inc. (a) | 3 | 39 |
| Molson Coors Beverage Company - Class B | 8 | 376 |
| Mondelez International, Inc. - Class A | 21 | 1415 |
| Monster Beverage 1990 Corporation (a) | 14 | 882 |
| National Beverage Corp. | 4 | 157 |
| Natural Grocers By Vitamin Cottage, Inc. | 2 | 83 |
| Natural Health Trends Corp. |  | 1 |
| Nature's Sunshine Products, Inc. (a) | 1 | 11 |
| Nu Skin Enterprises, Inc. - Class A | 5 | 38 |
| Oil-Dri Corporation of America | 1 | 47 |
| PepsiCo, Inc. | 27 | 3572 |
| Performance Food Group Company (a) | 8 | 695 |
| Philip Morris International Inc. | 26 | 4800 |
| Pilgrim's Pride Corporation | 7 | 293 |
| Post Holdings, Inc. (a) | 4 | 392 |
| PriceSmart, Inc. | 2 | 209 |
| Primo Brands Corporation - Class A | 11 | 330 |
| Procter & Gamble Company, The | 44 | 7074 |
| Reynolds Consumer Products Inc. | 10 | 204 |
| Seaboard Corporation |  | 103 |
| Seneca Foods Corporation - Class A (a) | 1 | 69 |
| Simply Good Foods Company, The (a) | 5 | 170 |
| Spartannash Company | 2 | 47 |
| Spectrum Brands Holdings, Inc. | 1 | 67 |
| Sprouts Farmers Market, Inc. (a) | 5 | 785 |
| Sysco Corporation | 15 | 1101 |
| Target Corporation | 14 | 1358 |
| The Chefs' Warehouse, Inc. (a) | 3 | 162 |
| The Hain Celestial Group, Inc. (a) | 6 | 9 |
| The Hershey Company | 4 | 699 |
| The Honest Company, Inc. (a) | 5 | 24 |
| Tootsie Roll Industries, Inc. | 2 | 82 |
| Treehouse Foods, Inc. (a) | 2 | 49 |
| Turning Point Brands, Inc. | 2 | 144 |
| Tyson Foods, Inc. - Class A | 9 | 497 |
| United Natural Foods, Inc. (a) | 4 | 92 |
| Universal Corporation | 2 | 117 |
| US Foods Holding Corp. (a) | 13 | 1026 |
| USANA Health Sciences, Inc. (a) | 1 | 40 |
| UTZ Brands, Inc. - Class A | 2 | 29 |
| Village Super Market, Inc. - Class A | 1 | 38 |
| Vita Coco Company, Inc., The (a) | 1 | 36 |
| Vital Farms, Inc. (a) | 3 | 98 |
| Walgreens Boots Alliance, Inc. | 25 | 291 |
| Walmart Inc. | 83 | 8131 |
| WD-40 Company | 1 | 151 |
| Weis Markets, Inc. | 2 | 146 |
| WK Kellogg Co (b) | 4 | 63 |
| | | 74554 |
| **Energy 4.5%** | **Energy 4.5%** | **Energy 4.5%** |
| Antero Midstream Corporation | 26 | 488 |
| Antero Resources Corporation (a) | 15 | 606 |
| Apa Corp. | 16 | 298 |
| Archrock, Inc. | 9 | 221 |
| Atlas Energy Solutions Inc. (b) | 1 | 11 |
| Baker Hughes Company - Class A | 29 | 1108 |
| Berry Corporation (Bry) | 5 | 15 |
| Bristow Holdings U.S. Inc. (a) | 1 | 49 |
| Cactus, Inc. - Class A | 3 | 138 |
| California Resources Corporation | 4 | 181 |
| Centrus Energy Corp. - Class A (a) | 1 | 202 |
| ChampionX Corporation | 15 | 376 |
| Cheniere Energy, Inc. | 6 | 1506 |
| Chevron Corporation | 39 | 5647 |
| Chord Energy Corporation |  | 45 |
| Clean Energy Fuels Corp. (a) | 5 | 10 |
| CNX Resources Corporation (a) | 9 | 319 |
| Comstock Resources, Inc. (a) (b) | 17 | 468 |
| ConocoPhillips | 45 | 4076 |
| Core Laboratories LP | 3 | 34 |
| Core Natural Resources, Inc. | 4 | 282 |
| Coterra Energy Inc. | 36 | 909 |
| Crescent Energy Company - Class A | 10 | 83 |
| CVR Energy, Inc. | 3 | 72 |
| Delek US Holdings, Inc. | 7 | 156 |
| Devon Energy Corporation | 42 | 1328 |
| DHT Holdings, Inc. | 12 | 134 |
| Diamondback Energy, Inc. | 8 | 1086 |
| DMC Global Inc. (a) | 2 | 18 |
| Dorian LPG Ltd. | 3 | 71 |
| DT Midstream, Inc. | 5 | 565 |
| EOG Resources, Inc. | 19 | 2214 |
| EQT Corporation | 18 | 1066 |
| Evolution Petroleum Corporation | 3 | 13 |
| Expand Energy Corporation | 12 | 1447 |
| Expro Group Holdings N.V. (a) | 4 | 31 |
| Exxon Mobil Corporation | 108 | 11630 |
| Forum Energy Technologies, Inc. (a) | 1 | 11 |
| FutureFuel Corp. | 4 | 14 |
| Geospace Technologies Corporation (a) | 1 | 10 |
| Green Plains Inc. (a) | 4 | 24 |
| Gulf Island Fabrication, Inc. (a) | 1 | 6 |
| Gulfport Energy Operating Corporation (a) | 1 | 181 |
| Hallador Energy Company (a) | 3 | 49 |
| Halliburton Company | 42 | 857 |
| Helix Energy Solutions Group, Inc. (a) | 9 | 58 |
| Helmerich & Payne, Inc. | 4 | 54 |
| Hess Corporation | 12 | 1666 |
| HF Sinclair Corporation | 6 | 260 |
| Innovex International, Inc. (a) | 4 | 64 |
| International Seaways, Inc. | 2 | 73 |
| Kinder Morgan, Inc. | 37 | 1087 |
| Kinetik Holdings Inc. - Class A | 2 | 83 |
| Kosmos Energy Ltd. (a) | 15 | 26 |
| Liberty Energy Inc. - Class A | 13 | 151 |
| Magnolia Oil & Gas Corporation - Class A | 15 | 347 |
| Mammoth Energy Services, Inc. (a) | 2 | 6 |
| Marathon Petroleum Corporation | 12 | 1956 |
| Matador Resources Company | 6 | 268 |
| Murphy Oil Corporation | 6 | 129 |
| Nabors Industries Ltd. (a) |  | 13 |
| NACCO Industries, Inc. - Class A |  | 22 |
| Natural Gas Services Group, Inc. (a) | 2 | 43 |
| New Fortress Energy Inc. - Class A | 7 | 24 |
| Noble Corporation 2022 Limited | 2 | 56 |
| Nordic American Tankers Limited | 13 | 33 |
| Northern Oil and Gas Incorporated | 3 | 86 |
| NOV Inc. | 17 | 206 |
| Occidental Petroleum Corporation | 27 | 1137 |
| Oceaneering International, Inc. (a) | 8 | 157 |
| Oil States International, Inc. (a) | 6 | 31 |
| ONEOK, Inc. | 16 | 1275 |
| Ovintiv Canada ULC | 16 | 607 |
| Par Pacific Holdings, Inc. (a) | 3 | 87 |
| PBF Energy Inc. - Class A | 4 | 97 |
| Peabody Energy Corporation | 5 | 64 |
| Permian Resources Corporation - Class A | 28 | 383 |
| Phillips 66 | 11 | 1349 |
| Propetro Holding Corp. (a) | 6 | 36 |
| Range Resources Corporation | 12 | 499 |
| REX American Resources Corporation (a) | 1 | 25 |
| RPC, Inc. | 13 | 59 |
| Schlumberger Limited | 32 | 1095 |
| Scorpio Tankers Inc. | 2 | 79 |
| SEACOR Marine Holdings Inc. (a) | 2 | 10 |
| Seadrill Limited (a) |  | 12 |
| Select Water Solutions, Inc. - Class A | 8 | 71 |
| SFL Corporation Ltd. | 9 | 79 |
| SM Energy Company | 6 | 154 |
| Solaris Energy Infrastructure, Inc. - Class A | 2 | 55 |
| STR Sub Inc. - Class A | 3 | 48 |
| Talos Energy Inc. (a) | 7 | 63 |
| Targa Resources Corp. | 7 | 1161 |

---

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page [607](#abbreviations).

**JNL Series Trust** (Unaudited)

**Schedules of Investments (in thousands)**

June 30, 2025

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| TechnipFMC PLC | 27 | 940 |
| Teekay Corporation | 7 | 61 |
| Teekay Tankers Ltd. - Class A | 1 | 44 |
| TETRA Technologies, Inc. (a) | 8 | 27 |
| Texas Pacific Land Corporation | 1 | 729 |
| Tidewater Inc. (a) | 2 | 93 |
| Transocean Ltd. (a) (c) | 35 | 92 |
| Uranium Energy Corp. (a) | 12 | 80 |
| Valaris Limited (a) | 2 | 75 |
| Valero Energy Corporation | 10 | 1282 |
| Vital Energy, Inc. (a) | 1 | 21 |
| Vitesse Energy, Inc. | 2 | 47 |
| W&T Offshore, Inc. (b) | 16 | 26 |
| Weatherford International Public Limited Company | 4 | 179 |
| Williams Companies, Inc., The | 19 | 1210 |
| World Kinect Corporation | 4 | 128 |
| | | 58433 |
| **Materials 3.1%** | **Materials 3.1%** | **Materials 3.1%** |
| AdvanSix Inc. | 2 | 53 |
| Air Products and Chemicals, Inc. | 4 | 1118 |
| Albemarle Corporation | 4 | 234 |
| Alcoa Corporation | 9 | 276 |
| Alpha Metallurgical Resources, Inc. (a) | 1 | 58 |
| Alto Ingredients, Inc. (a) | 10 | 11 |
| Amcor Pty Ltd | 129 | 1183 |
| American Vanguard Corporation | 4 | 14 |
| Ampco-Pittsburgh Corporation (a) | 1 | 3 |
| AptarGroup, Inc. | 4 | 558 |
| Ardagh Metal Packaging S.A. | 7 | 30 |
| Ashland Inc. | 2 | 108 |
| Aspen Aerogels, Inc. (a) | 2 | 12 |
| Avery Dennison Corporation | 4 | 685 |
| Avient Corporation | 6 | 195 |
| Axalta Coating Systems Ltd. (a) | 16 | 487 |
| Balchem Corporation | 2 | 277 |
| Ball Corporation | 8 | 447 |
| Cabot Corporation | 3 | 257 |
| Carpenter Technology Corporation | 4 | 972 |
| Celanese Corporation - Class A | 4 | 210 |
| Century Aluminum Company (a) | 6 | 110 |
| CF Industries Holdings, Inc. | 10 | 902 |
| Chemours Company, The | 3 | 38 |
| Clearwater Paper Corporation (a) |  | 4 |
| Cleveland-Cliffs Inc. (a) | 18 | 137 |
| Coeur Mining, Inc. (a) | 17 | 154 |
| Commercial Metals Company | 7 | 330 |
| Compass Minerals International, Inc. (a) | 3 | 67 |
| Core Molding Technologies, Inc. (a) | 1 | 13 |
| Corteva, Inc. | 17 | 1261 |
| CRH Public Limited Company | 3 | 279 |
| Crown Holdings, Inc. | 9 | 879 |
| Dow Inc. | 20 | 537 |
| DuPont de Nemours, Inc. | 12 | 821 |
| Eagle Materials Inc. | 2 | 446 |
| Eastman Chemical Company | 7 | 493 |
| Ecolab Inc. | 4 | 1067 |
| Ecovyst Inc. (a) | 4 | 34 |
| Element Solutions Inc. | 13 | 285 |
| Ferroglobe PLC | 13 | 48 |
| FMC Corporation | 4 | 165 |
| Fortitude Gold Corporation | 1 | 4 |
| Freeport-McMoRan Inc. | 39 | 1683 |
| Graphic Packaging Holding Company | 22 | 459 |
| Greif, Inc. - Class A | 2 | 132 |
| Greif, Inc. - Class B | 1 | 72 |
| H.B. Fuller Company | 2 | 131 |
| Hawkins, Inc. | 2 | 214 |
| Hecla Mining Company | 43 | 258 |
| Huntsman Corporation | 8 | 82 |
| Ingevity Corporation (a) | 2 | 76 |
| Innospec Inc. | 1 | 103 |
| International Flavors & Fragrances Inc. | 8 | 576 |
| International Paper Company | 12 | 554 |
| Intrepid Potash, Inc. (a) | 2 | 74 |
| Kaiser Aluminum Corporation | 1 | 88 |
| Koppers Holdings Inc. | 2 | 52 |
| KRC Materials, Inc. (a) | 3 | 266 |
| Kronos Worldwide, Inc. | 8 | 47 |
| Linde Public Limited Company | 9 | 4438 |
| Louisiana-Pacific Corporation (W VA) | 5 | 411 |
| LSB Industries, Inc. (a) | 4 | 27 |
| LyondellBasell Industries N.V. - Class A | 9 | 540 |
| Martin Marietta Materials, Inc. | 2 | 838 |
| Materion Corporation | 1 | 76 |
| MATIV Holdings, Inc. | 5 | 34 |
| Mercer International Inc. | 8 | 28 |
| Metallus Inc. (a) | 3 | 48 |
| Minerals Technologies Inc. | 2 | 84 |
| Mosaic Company, The | 15 | 561 |
| MP Materials Corp. - Class A (a) (b) | 6 | 195 |
| Myers Industries, Inc. | 2 | 31 |
| NewMarket Corporation | 1 | 402 |
| Newmont Corporation | 22 | 1263 |
| Nucor Corporation | 7 | 867 |
| O-I Glass, Inc. (a) | 7 | 106 |
| Olin Corporation | 6 | 116 |
| Olympic Steel, Inc. | 1 | 34 |
| Orion Engineered Carbons Finance & Co. S.C.A. | 4 | 47 |
| Packaging Corporation of America | 4 | 829 |
| PPG Industries, Inc. | 7 | 829 |
| Quaker Chemical Corporation | 1 | 84 |
| Radius Recycling, Inc. - Class A | 3 | 79 |
| Ramaco Resources, Inc. - Class A | 4 | 52 |
| Ramaco Resources, Inc. - Class B | 1 | 10 |
| Ranpak Holdings Corp - Class A (a) | 3 | 10 |
| Rayonier Advanced Materials Inc. (a) | 8 | 32 |
| Reliance, Inc. | 3 | 791 |
| Royal Gold, Inc. | 2 | 427 |
| RPM International Inc. | 5 | 548 |
| Ryerson Holding Corporation | 2 | 33 |
| Scotts Miracle-Gro Company, The |  | 22 |
| Sealed Air Corporation | 7 | 221 |
| Sensient Technologies Corporation | 2 | 214 |
| Sherwin-Williams Company, The | 5 | 1615 |
| Silgan Holdings Inc. | 4 | 231 |
| Smurfit Westrock Public Limited Company | 11 | 479 |
| Sonoco Products Company | 6 | 274 |
| Southern Copper Corporation | 2 | 170 |
| Steel Dynamics, Inc. | 5 | 610 |
| Stepan Company | 1 | 69 |
| SunCoke Energy, Inc. | 8 | 68 |
| Sylvamo Corporation | 3 | 131 |
| Tredegar Corporation (a) | 3 | 25 |
| TriMas Corporation | 3 | 96 |
| Tronox Holdings PLC | 10 | 51 |
| United States Lime & Minerals, Inc. | 2 | 182 |
| Vulcan Materials Company | 4 | 986 |
| Warrior Met Coal, Inc. | 3 | 138 |
| Westlake Corporation | 2 | 187 |
| Worthington Steel, Inc. | 2 | 68 |
|  |  | 39836 |
| **Utilities 2.4%** | **Utilities 2.4%** | **Utilities 2.4%** |
| AES Corporation, The | 16 | 165 |
| ALLETE, Inc. | 3 | 218 |
| Alliant Energy Corporation | 7 | 445 |
| Ameren Corporation | 6 | 558 |
| American Electric Power Company, Inc. | 9 | 983 |
| American States Water Company | 2 | 139 |
| American Water Works Company, Inc. | 3 | 466 |
| Artesian Resources Corporation - Class A | 1 | 31 |
| Atmos Energy Corporation | 4 | 549 |
| Avista Corporation | 3 | 124 |
| Black Hills Corporation | 3 | 188 |
| Brookfield Infrastructure Corporation - Class A | 3 | 109 |
| California Water Service Group | 3 | 140 |
| CenterPoint Energy, Inc. | 14 | 512 |
| Chesapeake Utilities Corporation | 1 | 105 |
| Clearway Energy, Inc. - Class A | 2 | 61 |

---

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page [607](#abbreviations).

**JNL Series Trust** (Unaudited)

**Schedules of Investments (in thousands)**

June 30, 2025

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| Clearway Energy, Inc. - Class C | 4 | 128 |
| CMS Energy Corporation | 6 | 437 |
| Consolidated Edison, Inc. | 8 | 770 |
| Constellation Energy Group, Inc. | 5 | 1718 |
| Dominion Energy, Inc. | 15 | 852 |
| DTE Energy Company | 5 | 609 |
| Duke Energy Corporation | 13 | 1551 |
| Edison International | 8 | 388 |
| Entergy Corporation | 10 | 817 |
| Essential Utilities, Inc. | 10 | 375 |
| Evergy, Inc. | 7 | 479 |
| Eversource Energy | 8 | 503 |
| Exelon Corporation | 20 | 867 |
| FirstEnergy Corp. | 13 | 517 |
| Genie Energy Ltd. - Class B | 2 | 53 |
| H2O America | 1 | 46 |
| Hawaiian Electric Industries, Inc. (a) | 6 | 64 |
| IDACORP, Inc. | 2 | 282 |
| MDU Resources Group, Inc. | 14 | 238 |
| MGE Energy, Inc. | 2 | 161 |
| Middlesex Water Company | 1 | 39 |
| National Fuel Gas Company | 4 | 362 |
| New Jersey Resources Corporation | 7 | 315 |
| NextEra Energy, Inc. | 34 | 2378 |
| NiSource Inc. | 13 | 534 |
| Northwest Natural Holding Company | 2 | 83 |
| NorthWestern Corporation | 3 | 145 |
| NRG Energy, Inc. | 7 | 1094 |
| OGE Energy Corp. | 9 | 405 |
| One Gas, Inc. | 3 | 209 |
| Ormat Technologies, Inc. | 3 | 255 |
| Otter Tail Corporation | 2 | 124 |
| PG&E Corporation | 47 | 655 |
| Pinnacle West Capital Corporation | 5 | 470 |
| Portland General Electric Company | 5 | 190 |
| PPL Corporation | 16 | 526 |
| Public Service Enterprise Group Incorporated | 11 | 944 |
| Sempra | 12 | 926 |
| Southwest Gas Holdings, Inc. | 3 | 246 |
| Spire Inc. | 3 | 201 |
| The Southern Company | 18 | 1680 |
| The York Water Company | 1 | 46 |
| TXNM Energy, Inc. | 4 | 243 |
| UGI Corporation | 9 | 341 |
| Unitil Corporation | 1 | 52 |
| Vistra Corp. | 10 | 2018 |
| WEC Energy Group Inc. | 7 | 711 |
| XCEL Energy Inc. | 13 | 856 |
| | | 31696 |
| **Real Estate 0.3%** | **Real Estate 0.3%** | **Real Estate 0.3%** |
| Anywhere Real Estate Inc. (a) | 4 | 13 |
| CBRE Group, Inc. - Class A (a) | 9 | 1203 |
| CoStar Group, Inc. (a) | 8 | 646 |
| Cushman & Wakefield PLC (a) | 17 | 185 |
| Douglas Elliman Inc. (a) | 6 | 13 |
| Dwight A. Walker Real Estate, Inc. - Class A (a) | 3 | 25 |
| eXp World Holdings, Inc. (b) | 2 | 20 |
| Florida Rock Properties, Inc. (a) | 1 | 29 |
| Forestar Group Inc. (a) | 2 | 41 |
| Howard Hughes Holdings Inc. (a) | 3 | 217 |
| Jones Lang LaSalle Incorporated (a) | 2 | 586 |
| Kennedy-Wilson Holdings, Inc. | 11 | 76 |
| Marcus & Millichap Company | 2 | 74 |
| Millrose Properties, Inc. - Class A | 1 | 43 |
| Newmark Group, Inc. - Class A | 9 | 111 |
| Seaport Entertainment Group Inc. (a) | 1 | 15 |
| St. Joe Company, The | 2 | 91 |
| Stratus Properties Inc. (a) |  | 8 |
| Tejon Ranch Co. (a) | 3 | 53 |
| The Rmr Group Inc. - Class A | 2 | 31 |
| Zillow Group, Inc. - Class A (a) | 2 | 155 |
| Zillow Group, Inc. - Class C (a) | 7 | 471 |
|  |  | 4106 |
| Total Common Stocks (cost $712,484) | Total Common Stocks (cost $712,484) | 1292370 |
| **RIGHTS 0.0%** | **RIGHTS 0.0%** | **RIGHTS 0.0%** |
| ABIOMED, Inc. (a) (d) | 1 | 1 |
| Albireo Pharma, Inc. (a) (d) | 2 | 14 |
| Bristol-Myers Squibb Company (a) | 2 |  |
| Chinook Therapeutics, Inc. (a) (d) | 5 |  |
| Poseida Therapeutics, Inc. (a) (d) | 5 | 2 |
| Progenics Pharmaceuticals, Inc. (a) (b) (d) |  |  |
| Resolute Forest Products Inc. (a) (d) | 8 | 2 |
| Spectrum Pharmaceuticals, Inc. (a) (d) | 3 |  |
| Total Rights (cost $0) | Total Rights (cost $0) | 19 |
| **SHORT TERM INVESTMENTS 0.3%** | **SHORT TERM INVESTMENTS 0.3%** | **SHORT TERM INVESTMENTS 0.3%** |
| **Investment Companies 0.2%** | **Investment Companies 0.2%** | **Investment Companies 0.2%** |
| JNL Government Money Market Fund - Class I, 4.20% (f) (g) | 2751 | 2751 |
| **Securities Lending Collateral 0.1%** | **Securities Lending Collateral 0.1%** | **Securities Lending Collateral 0.1%** |
| JNL Government Money Market Fund - Class SL, 4.30% (f) (g) | 1230 | 1230 |
| Total Short Term Investments (cost $3,981) | Total Short Term Investments (cost $3,981) | 3981 |
| **Total Investments 100.1% (cost $716,465)** | **Total Investments 100.1% (cost $716,465)** | **1296370** |
| **Other Assets and Liabilities, Net (0.1)%** | **Other Assets and Liabilities, Net (0.1)%** | **(1233)** |
| **Total Net Assets 100.0%** | **Total Net Assets 100.0%** | **1295137** |

---

(a) Non-income producing security.

(b) All or a portion of the security was on loan as of June 30, 2025.

(c) Security is restricted to resale to institutional investors or subject to trading restrictions due to sanctions on foreign issuers. See Restricted Securities table following the Schedules of Investments.

(d) Security fair valued in good faith as a Level 3 security in accordance with the procedures approved by the Board of Trustees. Good faith fair valued securities are classified based on the applicable valuation inputs. See "Fair Value Measurement" in the Notes to Financial Statements.

(e) Perpetual security. Next contractual call price and date are presented in parentheses, if applicable.

(f) Investment in affiliate.

(g) Yield changes daily to reflect current market conditions. Rate was the quoted yield as of June 30, 2025.

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **JNL/DFA U.S. Core Equity Fund — Investments in Affiliates** | **JNL/DFA U.S. Core Equity Fund — Investments in Affiliates** | **JNL/DFA U.S. Core Equity Fund — Investments in Affiliates** | **JNL/DFA U.S. Core Equity Fund — Investments in Affiliates** | **JNL/DFA U.S. Core Equity Fund — Investments in Affiliates** | **JNL/DFA U.S. Core Equity Fund — Investments in Affiliates** | **JNL/DFA U.S. Core Equity Fund — Investments in Affiliates** | **JNL/DFA U.S. Core Equity Fund — Investments in Affiliates** | **JNL/DFA U.S. Core Equity Fund — Investments in Affiliates** |
| **Affiliated Investment** | **Value Beginning of Period($)** | **Purchases($)** | **Sales Proceeds($)** | **Dividend Income/ Distributions from Funds($)** | **Realized Gain (Loss)($)** | **Change in Unrealized Appreciation (Depreciation) ($)** | **Value End of Period($)** | **Percentage of Net Assets(%)** |
| JNL Government Money Market Fund, 4.20% - Class I | 2670 | 52062 | 51981 | 54 |  |  | 2751 | 0.2 |
| JNL Government Money Market Fund, 4.30% - Class SL | 577 | 8770 | 8117 | 15 |  |  | 1230 | 0.1 |
|  | 3247 | 60832 | 60098 | 69 |  |  | 3981 | 0.3 |

---

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page [607](#abbreviations).

**JNL Series Trust** (Unaudited)

**Schedules of Investments (in thousands)**

June 30, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
| **JNL/DFA U.S. Core Equity Fund — Restricted Securities** | **JNL/DFA U.S. Core Equity Fund — Restricted Securities** | **JNL/DFA U.S. Core Equity Fund — Restricted Securities** | **JNL/DFA U.S. Core Equity Fund — Restricted Securities** | **JNL/DFA U.S. Core Equity Fund — Restricted Securities** |
|  | **Initial Acquisition** | **Cost ($)** | **Value ($)** | **Percent of**<br> **Net Assets (%)** |
| Bridgewater Bancshares, Inc. | 08/23/22 | 19 | 17 |  |
| Transocean Ltd. | 07/07/15 | 415 | 92 |  |
|  |  | 434 | 109 |  |

---

**Fair Value Hierarchy.** Various inputs are used in determining the fair value of financial instruments. For a description of the input levels and information about the Fund's policy regarding valuation of financial instruments, see Note 3 in the Notes to Financial Statements. The following table summarizes the Fund's investments categorized in the disclosure hierarchy as of June 30, 2025.

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **<u>. Level 1 ($) .</u>** | **<u>. Level 2 ($) .</u>** | **<u>. Level 3 ($) .</u>** | **<u>. Total ($) .</u>** |
| **JNL/DFA U.S. Core Equity Fund** | **JNL/DFA U.S. Core Equity Fund** | **JNL/DFA U.S. Core Equity Fund** | **JNL/DFA U.S. Core Equity Fund** | **JNL/DFA U.S. Core Equity Fund** |
| **Assets - Securities** |  |  |  |  |
| &nbsp;&nbsp; Common Stocks | 1292368 |  | 2 | 1292370 |
| &nbsp;&nbsp; Rights |  |  | 19 | 19 |
| &nbsp;&nbsp; Short Term Investments | 3981 |  |  | 3981 |
|  | 1296349 |  | 21 | 1296370 |

---

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page [607](#abbreviations).

**JNL Series Trust** (Unaudited)

**Schedules of Investments (in thousands)**

June 30, 2025

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| **JNL/DFA U.S. Small Cap Fund** | **JNL/DFA U.S. Small Cap Fund** | **JNL/DFA U.S. Small Cap Fund** |
| **COMMON STOCKS 100.0%** | **COMMON STOCKS 100.0%** | **COMMON STOCKS 100.0%** |
| **Industrials 20.9%** | **Industrials 20.9%** | **Industrials 20.9%** |
| 3D Systems Corporation (a) | 16 | 25 |
| A. O. Smith Corporation | 13 | 874 |
| AAON, Inc. | 12 | 866 |
| AAR Corp. (a) | 7 | 451 |
| ABM Industries Incorporated | 12 | 551 |
| ACCO Brands Corporation | 22 | 78 |
| Acme United Corporation | 1 | 29 |
| Acuity Brands, Inc. | 5 | 1410 |
| ACV Auctions Inc. - Class A (a) | 21 | 343 |
| Advanced Drainage Systems, Inc. | 9 | 997 |
| AeroVironment, Inc. (a) | 4 | 1162 |
| AGCO Corporation | 9 | 949 |
| Air Lease Corporation - Class A | 18 | 1078 |
| Alamo Group Inc. | 2 | 484 |
| Alaska Air Group, Inc. (a) | 20 | 987 |
| Albany International Corp. - Class A | 5 | 370 |
| Alight, Inc. - Class A | 79 | 449 |
| Allegiant Travel Company (a) | 3 | 184 |
| Allient Inc. | 3 | 120 |
| Allison Systems, Inc. | 13 | 1253 |
| Alta Equipment Group Inc. - Class A (b) | 8 | 48 |
| Ameresco, Inc. - Class A (a) | 6 | 84 |
| American Airlines Group Inc. (a) | 68 | 765 |
| American Superconductor Corporation (a) | 6 | 208 |
| American Woodmark Corporation (a) | 3 | 168 |
| API Group Corporation (a) | 21 | 1080 |
| Apogee Enterprises, Inc. | 4 | 172 |
| Applied Industrial Technologies, Inc. | 6 | 1447 |
| Arcbest Corporation | 4 | 321 |
| Archer Aviation Inc. - Class A (a) |  | 4 |
| Arcosa, Inc. | 8 | 708 |
| Argan, Inc. | 3 | 710 |
| Armstrong World Industries, Inc. | 7 | 1162 |
| Astec Industries, Inc. | 5 | 189 |
| Astronics Corporation (a) | 6 | 191 |
| Astronics Corporation - Class B (a) |  | 5 |
| Asure Software, Inc. (a) | 6 | 62 |
| ATI Inc. (a) | 15 | 1259 |
| Atkore Inc. | 6 | 411 |
| ATMUS Filtration Technologies Inc. | 10 | 379 |
| Avis Budget Group, Inc. (a) (b) | 1 | 168 |
| AZZ Inc. | 5 | 474 |
| Barrett Business Services, Inc. | 5 | 212 |
| BGSF, Inc. (a) | 2 | 10 |
| Blade Urban Air Mobility, Inc. - Class A (a) | 17 | 71 |
| Bloom Energy Corporation - Class A (a) (b) | 22 | 517 |
| Blue Bird Global Corporation (a) | 5 | 229 |
| BlueLinx Holdings Inc. (a) | 2 | 124 |
| Boise Cascade Company | 7 | 582 |
| Bowman Consulting Group Ltd. (a) | 3 | 80 |
| Brady Corporation - Class A | 7 | 504 |
| BrightView Holdings, Inc. (a) | 16 | 274 |
| Brink's Company, The | 7 | 613 |
| Broadwind Inc. (a) | 2 | 3 |
| BWXT Government Group, Inc. | 7 | 967 |
| Byrna Technologies Inc. (a) | 4 | 115 |
| Caci International Inc. - Class A (a) | 3 | 1299 |
| Cadeler A/S - ADR (a) | 1 | 28 |
| Cadre Holdings, Inc. | 7 | 229 |
| Casella Waste Systems, Inc. - Class A (a) | 10 | 1177 |
| CBIZ, Inc. (a) | 4 | 274 |
| CECO Environmental Corp. (a) | 6 | 177 |
| Chart Industries, Inc. (a) | 6 | 1052 |
| Cimpress Public Limited Company (a) | 4 | 209 |
| Civeo Corporation | 3 | 65 |
| Clarivate PLC (a) | 96 | 412 |
| Columbus McKinnon Corporation | 5 | 83 |
| Commercial Vehicle Group, Inc. (a) | 1 | 1 |
| Concentrix Corporation | 1 | 73 |
| Concrete Pumping Holdings, Inc. | 9 | 55 |
| Conduent Incorporated (a) | 35 | 93 |
| Construction Partners, Inc. - Class A (a) | 3 | 338 |
| Copa Holdings, S.A. - Class A | 5 | 553 |
| Core & Main, Inc. - Class A (a) | 14 | 817 |
| Costamare Bulkers Holdings Ltd. (a) | 4 | 34 |
| Costamare Inc. | 20 | 181 |
| Covenant Logistics Group, Inc. - Class A | 4 | 95 |
| CRA International, Inc. | 1 | 233 |
| Crane Company | 7 | 1349 |
| CSG Systems International, Inc. | 5 | 317 |
| CSW Industrials, Inc. | 3 | 787 |
| Custom Truck One Source, Inc. (a) (b) | 19 | 94 |
| Dayforce, Inc. (a) | 14 | 756 |
| Deluxe Corporation | 9 | 142 |
| Distribution Solutions Group, Inc. (a) | 6 | 158 |
| DLH Holdings Corp. (a) | 1 | 4 |
| DNOW Inc. (a) | 18 | 268 |
| Donaldson Company, Inc. | 13 | 927 |
| Douglas Dynamics, Inc. | 5 | 145 |
| Driven Brands Holdings Inc. (a) | 17 | 299 |
| Ducommun Incorporated (a) | 3 | 225 |
| Dun & Bradstreet Holdings, Inc. | 61 | 557 |
| DXP Enterprises, Inc. (a) | 4 | 309 |
| Dycom Industries, Inc. (a) | 5 | 1158 |
| Eastern Company The | 1 | 28 |
| Elance, Inc. (a) | 23 | 303 |
| Energy Recovery, Inc. (a) | 9 | 121 |
| Enerpac Tool Group Corp. - Class A | 9 | 383 |
| EnerSys | 7 | 569 |
| Ennis, Inc. | 5 | 99 |
| Enpro Inc. | 4 | 677 |
| Enviri Corporation (a) | 16 | 137 |
| ESAB Corporation | 9 | 1098 |
| ESCO Technologies Inc. | 4 | 807 |
| Everus Construction Group, Inc. (a) | 8 | 512 |
| EVI Industries, Inc. | 3 | 64 |
| ExlService Holdings, Inc. (a) | 27 | 1169 |
| Exponent, Inc. | 8 | 626 |
| Federal Signal Corporation | 10 | 1050 |
| First Advantage Corporation (a) | 13 | 218 |
| Flowserve Corporation | 21 | 1094 |
| Fluence Energy, Inc. - Class A (a) (b) | 18 | 121 |
| Fluor Corporation (a) | 26 | 1331 |
| Forrester Research, Inc. (a) | 5 | 48 |
| Fortune Brands Innovations, Inc. | 15 | 788 |
| Franklin Covey Co. (a) | 3 | 64 |
| Franklin Electric Co., Inc. | 8 | 712 |
| FreightCar America, Inc. (a) | 2 | 21 |
| Frontier Group Holdings, Inc. (a) (b) | 30 | 110 |
| FTAI Aviation Ltd. | 2 | 184 |
| FTAI Infrastructure Inc. | 15 | 95 |
| FTI Consulting, Inc. (a) | 6 | 917 |
| FuelCell Energy, Inc. (a) | 2 | 12 |
| Gates Industrial Corporation PLC (a) | 43 | 979 |
| GATX Corporation | 6 | 941 |
| Genco Shipping & Trading Limited | 8 | 110 |
| Gencor Industries, Inc. (a) | 2 | 27 |
| Generac Holdings Inc. (a) | 8 | 1081 |
| Genpact Limited | 21 | 938 |
| Gibraltar Industries, Inc. (a) | 5 | 309 |
| Global Industrial Company | 6 | 165 |
| GMS Inc. (a) | 7 | 709 |
| Gorman- Rupp Company, The | 5 | 196 |
| Graham Corporation (a) | 2 | 114 |
| Granite Construction Incorporated | 7 | 686 |
| Great Lakes Dredge & Dock Corporation (a) | 12 | 149 |
| Greenbrier Companies, Inc., The | 6 | 261 |
| Griffon Corporation | 8 | 576 |
| GXO Logistics Inc. (a) | 18 | 879 |
| Hayward Holdings, Inc. (a) | 34 | 467 |
| Healthcare Services Group, Inc. (a) | 13 | 190 |
| Heartland Express, Inc. | 12 | 106 |
| Heidrick & Struggles International, Inc. | 4 | 191 |
| Helios Technologies, Inc. | 5 | 181 |
| Herc Holdings Inc. | 6 | 732 |
| Hertz Global Holdings, Inc. (a) | 52 | 356 |

---

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page [607](#abbreviations).

**JNL Series Trust** (Unaudited)

**Schedules of Investments (in thousands)**

June 30, 2025

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
|  Hexcel Corporation | 12 | 657 |
|  Hillenbrand, Inc. | 12 | 232 |
|  Hillman Solutions Corp. - Class A (a) | 32 | 232 |
|  HireQuest, Inc. (b) | 1 | 6 |
|  HNI Corporation | 8 | 392 |
|  Hub Group, Inc. - Class A | 11 | 362 |
|  Hudson Global, Inc. (a) |  | 4 |
|  Hudson Technologies, Inc. (a) | 10 | 83 |
|  Huntington Ingalls Industries, Inc. | 4 | 1076 |
|  Hurco Companies, Inc. (a) | 2 | 29 |
|  Huron Consulting Group Inc. (a) | 3 | 413 |
|  Hyliion Holdings Corp. - Class A (a) | 12 | 17 |
|  Hyster-Yale, Inc. - Class A | 3 | 116 |
|  IBEX Limited (a) | 3 | 90 |
|  ICF International, Inc. | 3 | 265 |
|  IES Holdings, Inc. (a) | 4 | 1084 |
|  Innodata Inc. (a) | 6 | 297 |
|  Innovative Solutions and Support, Inc. (a) | 4 | 55 |
|  Insperity, Inc. | 6 | 369 |
|  Insteel Industries, Inc. | 4 | 143 |
|  Interface, Inc. - Class A | 12 | 241 |
|  ITT Inc. |  | 71 |
|  Janus International Group, Inc. (a) | 24 | 195 |
|  JBT Marel Corporation |  | 18 |
|  JELD-WEN Holding, Inc. (a) | 15 | 59 |
|  JetBlue Airways Corporation (a) | 61 | 259 |
|  Kadant Inc. | 2 | 614 |
|  Karat Packaging Inc. | 4 | 105 |
|  KBR, Inc. | 15 | 709 |
|  Kelly Services, Inc. - Class A | 7 | 80 |
|  Kennametal Inc. | 13 | 298 |
|  Kforce Inc. | 3 | 136 |
|  Kirby Corporation (a) | 9 | 1032 |
|  Knight-Swift Transportation Holdings Inc. - Class A | 22 | 974 |
|  Korn Ferry | 9 | 638 |
|  Kratos Defense & Security Solutions, Inc. (a) | 22 | 1032 |
| L. B. Foster Company (a) | 2 | 51 |
|  Landstar System, Inc. | 4 | 615 |
|  LegalZoom.com, Inc. (a) | 29 | 261 |
|  Leonardo DRS, Inc. | 18 | 828 |
|  Limbach Holdings, Inc. (a) | 2 | 341 |
|  Lincoln Electric Holdings, Inc. |  | 60 |
|  Lindsay Corporation | 2 | 269 |
|  Liquidity Services, Inc. (a) | 6 | 138 |
|  Loar Holdings Inc. (a) | 4 | 356 |
|  LSI Industries Inc. | 6 | 106 |
|  Luxfer Holdings PLC | 5 | 57 |
|  Lyft, Inc. - Class A (a) | 47 | 748 |
|  Manitowoc Company, Inc., The (a) | 8 | 94 |
|  ManpowerGroup Inc. | 8 | 308 |
|  Marten Transport, Ltd. | 15 | 189 |
|  MasTec, Inc. (a) | 6 | 1067 |
|  Mastech Digital, Inc. (a) | 3 | 19 |
|  Masterbrand, Inc. (a) | 21 | 228 |
|  Matrix Service Company (a) | 4 | 61 |
|  Matson Intermodal - Paragon, Inc. | 5 | 612 |
|  Maximus, Inc. | 9 | 663 |
|  Mayville Engineering Company, Inc. (a) | 4 | 61 |
|  McGrath RentCorp | 4 | 479 |
|  Mercury Systems, Inc. (a) | 10 | 543 |
|  Middleby Corporation, The (a) | 7 | 1053 |
|  Miller Industries, Inc. | 2 | 109 |
|  Millerknoll, Inc. | 12 | 228 |
|  Mine Safety Appliances Company, LLC | 6 | 1069 |
|  Mistras Group, Inc. (a) | 7 | 58 |
|  Monocle Acquisition Corporation (a) | 11 | 65 |
|  Montrose Environmental Group, Inc. (a) | 6 | 130 |
|  MOOG Inc. - Class A | 5 | 857 |
|  MRC Global Inc. (a) | 16 | 221 |
|  MSC Industrial Direct Co., Inc. - Class A | 8 | 655 |
|  Mueller Industries, Inc. | 18 | 1441 |
|  Mueller Water Products, Inc. - Class A | 25 | 611 |
|  MYR Group Inc. (a) | 3 | 481 |
|  National Presto Industries, Inc. | 1 | 139 |
|  NET Power Inc. - Class A (a) (b) | 6 | 16 |
|  Newpark Resources, Inc. (a) | 17 | 147 |
|  Nextracker LLC - Class A (a) | 19 | 1045 |
|  NN, Inc. (a) | 11 | 23 |
|  NV5 Global, Inc. (a) | 11 | 260 |
|  Nvent Electric Public Limited Company | 7 | 534 |
|  NWPX Infrastructure, Inc. (a) | 2 | 98 |
|  Omega Flex, Inc. | 2 | 60 |
|  Openlane, Inc. (a) | 18 | 451 |
|  Orion Group Holdings, Inc. (a) | 8 | 71 |
|  Oshkosh Corporation | 11 | 1195 |
|  P.A.M. Transportation Services, Inc. (a) | 4 | 56 |
|  Pangaea Logistics Solutions Ltd. | 8 | 38 |
|  Park Aerospace Technologies Corp. | 6 | 84 |
|  Park-Ohio Holdings Corp. | 3 | 57 |
|  Parsons Corporation (a) | 14 | 1005 |
|  Paylocity Holding Corporation (a) | 5 | 963 |
|  Perma-Fix Environmental Services, Inc. (a) | 3 | 35 |
|  Perma-Pipe International Holdings, Inc. (a) | 1 | 19 |
|  Pitney Bowes Inc. | 19 | 210 |
|  Planet Labs Inc. - Class A (a) | 30 | 184 |
|  Plug Power Inc. (a) | 3 | 5 |
|  Powell Industries, Inc. | 2 | 443 |
|  Preformed Line Products Company | 1 | 153 |
|  Primoris Services Corporation | 9 | 706 |
|  Proto Labs, Inc. (a) | 5 | 186 |
|  Quad/Graphics, Inc. - Class A | 8 | 47 |
|  Quanex Building Products Corporation | 8 | 155 |
|  Quest Resource Holding Corporation (a) | 1 | 3 |
|  Radiant Logistics, Inc. (a) | 8 | 49 |
|  RBC Bearings Incorporated (a) | 2 | 895 |
|  RCM Technologies, Inc. (a) | 2 | 51 |
|  Regal Rexnord Corporation | 4 | 519 |
|  Resideo Technologies, Inc. (a) | 25 | 544 |
|  Resources Connection, Inc. | 7 | 35 |
|  REV Group, Inc. | 9 | 431 |
|  Robert Half Inc. | 12 | 498 |
|  Rush Enterprises, Inc. - Class A | 10 | 516 |
|  Rush Enterprises, Inc. - Class B | 3 | 163 |
|  RXO Inc (a) | 16 | 252 |
|  Ryder System, Inc. | 7 | 1089 |
|  Saia, Inc. (a) | 2 | 638 |
|  Schneider National, Inc. - Class B | 15 | 360 |
|  Science Applications International Corporation | 8 | 881 |
|  Sensata Technologies Holding PLC | 19 | 561 |
|  Shoals Technologies Group, Inc. - Class A (a) | 20 | 85 |
|  Shyft Group, Inc. | 8 | 97 |
|  Simpson Manufacturing Co., Inc. | 7 | 1066 |
|  SiteOne Landscape Supply, Inc. (a) | 5 | 654 |
|  Skillsoft (US) LLC - Class A (a) | 1 | 11 |
|  SkyWest, Inc. (a) | 7 | 745 |
|  SPX Technologies, Inc. (a) | 8 | 1278 |
|  Standex International Corporation | 2 | 305 |
|  Stanley Black & Decker, Inc. | 7 | 471 |
|  Steelcase Inc. - Class A | 17 | 176 |
|  Sterling Infrastructure, Inc. (a) | 5 | 1221 |
|  Stratasys, Inc. (a) | 1 | 13 |
|  Sun Country Airlines Holdings, Inc. (a) | 10 | 113 |
|  Sunrun Inc. (a) | 36 | 291 |
|  Taskus, Inc. - Class A (a) | 3 | 56 |
|  Taylor Devices, Inc. (a) |  | 10 |
|  Tecnoglass Inc. | 8 | 600 |
|  Tennant Company | 3 | 253 |
|  Terex Corporation | 11 | 500 |
|  Tetra Tech, Inc. | 21 | 753 |
|  The AZEK Company Inc. - Class A (a) | 24 | 1282 |
|  Thermon Group Holdings, Inc. (a) | 6 | 181 |
|  Timken Company, The | 12 | 838 |
|  Titan International, Inc. (a) | 12 | 123 |
|  Titan Machinery Inc. (a) | 5 | 93 |
|  Toro Company, The | 11 | 790 |
|  Transcat, Inc. (a) | 2 | 141 |
|  Trex Company, Inc. (a) | 12 | 669 |
|  Trinet Group, Inc. | 8 | 586 |
|  Trinity Industries, Inc. | 14 | 382 |
|  TrueBlue, Inc. (a) | 6 | 42 |

---

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page [607](#abbreviations).

**JNL Series Trust** (Unaudited)

**Schedules of Investments (in thousands)**

June 30, 2025

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| TTEC Holdings, Inc. (a) | 8 | 39 |
| Tutor Perini Corporation (a) | 10 | 470 |
| Twin Disc, Incorporated | 3 | 26 |
| UFP Industries, Inc. | 10 | 1003 |
| Ultralife Corporation (a) | 3 | 24 |
| Unifirst Corporation | 2 | 468 |
| Universal Logistics Holdings, Inc. | 5 | 124 |
| V2X, Inc. (a) | 5 | 256 |
| Valmont Industries, Inc. | 3 | 1082 |
| Verra Mobility Corporation - Class A (a) | 23 | 583 |
| Vestis Corporation | 22 | 123 |
| Vicor Corporation (a) | 5 | 246 |
| Virco Mfg. Corporation | 4 | 30 |
| VirTra, Inc. (a) | 1 | 11 |
| VSE Corporation | 3 | 454 |
| Wabash National Corporation | 9 | 92 |
| Watts Water Technologies, Inc. - Class A | 5 | 1111 |
| Werner Enterprises, Inc. | 11 | 297 |
| WESCO International, Inc. | 6 | 1170 |
| Willdan Group, Inc. (a) | 3 | 163 |
| Willis Lease Finance Corporation | 1 | 145 |
| Willscot Holdings Corporation - Class A | 21 | 576 |
| Woodward, Inc. | 2 | 408 |
| Worthington Industries, Inc. | 8 | 540 |
| Xometry, Inc. - Class A (a) | 7 | 220 |
| Zurn Elkay Water Solutions Corporation | 22 | 800 |
| | | 133321 |
| **Financials 20.6%** | **Financials 20.6%** | **Financials 20.6%** |
| 1st Security Bank of Washington | 2 | 86 |
| 1st Source Corporation | 4 | 266 |
| Acacia Research Corporation (a) | 12 | 43 |
| ACNB Corporation | 2 | 82 |
| Affiliated Managers Group, Inc. | 5 | 962 |
| Alerus Financial Corporation | 5 | 111 |
| Amalgamated Financial Corp. | 6 | 173 |
| Ambac Financial Group, Inc. (a) | 10 | 74 |
| Amerant Bancorp Inc. - Class A | 8 | 139 |
| American Coastal Insurance Corporation | 4 | 39 |
| American Financial Group, Inc. | 3 | 402 |
| Ameris Bancorp | 12 | 795 |
| Amerisafe, Inc. | 4 | 160 |
| Ames National Corporation | 2 | 43 |
| Arrow Financial Corporation | 4 | 93 |
| Artisan Partners Asset Management Inc. - Class A | 12 | 528 |
| Associated Banc-Corp | 27 | 663 |
| Associated Capital Group Inc. - Class A (b) | 1 | 23 |
| Assurant, Inc. | 2 | 384 |
| Assured Guaranty Ltd. | 10 | 855 |
| Atlantic Union Bank | 24 | 745 |
| Atlanticus Holdings Corporation (a) | 4 | 194 |
| Avidxchange Holdings, Inc. (a) | 33 | 320 |
| AXIS Capital Holdings Limited | 13 | 1340 |
| Axos Financial, Inc. (a) | 10 | 787 |
| B. Riley & Co., LLC (a) (b) | 4 | 12 |
| Baldwin Insurance Group, Inc., The - Class A (a) | 11 | 481 |
| Banc of California, Inc. | 6 | 84 |
| BancFirst Corporation | 6 | 696 |
| Bancorp, Inc., The (a) | 9 | 527 |
| Bank First Corporation | 1 | 88 |
| Bank of Hawaii Corporation | 7 | 456 |
| Bank of Marin Bancorp | 3 | 78 |
| Bank of N.T. Butterfield & Son Limited, The | 8 | 337 |
| Bank OZK | 20 | 921 |
| Bank7 Corp. | 1 | 38 |
| BankFinancial Corporation | 3 | 31 |
| BankUnited, Inc. | 13 | 455 |
| Bankwell Financial Group, Inc. | 2 | 69 |
| Banner Corporation | 6 | 392 |
| Bar Harbor Bankshares | 3 | 89 |
| Baycom Corp | 3 | 85 |
| BCB Bancorp, Inc. | 5 | 41 |
| Berkshire Hills Bancorp, Inc. | 8 | 210 |
| BGC Group, Inc. - Class A | 64 | 651 |
| Blue Foundry Bancorp (a) | 6 | 58 |
| Blue Ridge Bankshares, Inc. (a) | 3 | 12 |
| BOK Financial Corporation | 10 | 994 |
| Bread Financial Payments, Inc. | 8 | 476 |
| Bridge Investment Group Holdings Inc. - Class A | 7 | 69 |
| Bridgewater Bancshares, Inc. (a) (c) | 5 | 75 |
| Brighthouse Financial, Inc. (a) | 10 | 553 |
| Brightsphere Investment Group Inc. | 6 | 228 |
| Brookline Bancorp, Inc. | 16 | 173 |
| Burke & Herbert Financial Services Corp. | 1 | 76 |
| Business First Bancshares, Inc. | 6 | 140 |
| BV Financial, Inc. (a) | 1 | 14 |
| Byline Bancorp, Inc. | 8 | 224 |
| C&F Financial Corporation | 1 | 44 |
| Cadence Bank | 30 | 972 |
| Camden National Corporation | 3 | 137 |
| Cantaloupe, Inc. (a) | 14 | 150 |
| Capital Bancorp, Inc. | 3 | 112 |
| Capital City Bank Group, Inc. | 4 | 145 |
| Capitol Federal Financial | 23 | 141 |
| Carter Bankshares, Inc. (a) | 5 | 92 |
| Cass Information Systems, Inc. | 3 | 130 |
| Cathay General Bancorp | 13 | 570 |
| Central Pacific Financial Corp. | 6 | 156 |
| Chemung Financial Corporation | 1 | 55 |
| ChoiceOne Financial Services, Inc. |  | 14 |
| Citizens & Northern Corporation | 4 | 73 |
| City Holding Company | 2 | 299 |
| Civista Bancshares, Inc. | 4 | 83 |
| CNB Financial Corporation | 4 | 98 |
| CNO Financial Group, Inc. | 16 | 608 |
| Coastal Financial Corporation (a) | 3 | 287 |
| Cohen & Steers, Inc. | 8 | 619 |
| Colony Bankcorp, Inc. | 4 | 64 |
| Columbia Banking System, Inc. | 19 | 441 |
| Columbia Financial, Inc. (a) | 16 | 234 |
| Comerica Incorporated | 17 | 996 |
| Commerce Bancshares, Inc. | 21 | 1321 |
| Community Financial System, Inc. | 9 | 535 |
| Community Trust Bancorp, Inc. | 4 | 192 |
| Community West Bancshares | 4 | 76 |
| ConnectOne Bancorp, Inc. | 9 | 218 |
| Consumer Portfolio Services, Inc. (a) | 6 | 57 |
| Crawford & Company - Class A | 6 | 68 |
| Crawford & Company - Class B | 5 | 48 |
| Credit Acceptance Corporation (a) | 2 | 979 |
| Cullen/Frost Bankers, Inc. | 10 | 1259 |
| Customers Bancorp, Inc. (a) | 6 | 341 |
| CVB Financial Corp. | 24 | 467 |
| Dave Inc. - Class A (a) | 2 | 545 |
| Diamond Hill Investment Group, Inc. - Class A | 1 | 82 |
| DigitalBridge Group, Inc. - Class A | 30 | 315 |
| Dime Community Bancshares, Inc. | 8 | 208 |
| Donegal Group Inc. - Class A | 6 | 126 |
| Donnelley Financial Solutions, Inc. (a) | 5 | 301 |
| Eagle Bancorp Montana, Inc. | 1 | 24 |
| Eagle Bancorp, Inc. | 6 | 112 |
| Eastern Bankshares, Inc. | 35 | 537 |
| eHealth, Inc. (a) | 7 | 28 |
| Employers Holdings, Inc. | 5 | 235 |
| Enact Holdings, Inc. | 8 | 302 |
| Encore Capital Group, Inc. (a) | 4 | 166 |
| Enova International, Inc. (a) | 5 | 530 |
| Enstar Group Limited (a) | 2 | 547 |
| Enterprise Bancorp, Inc. | 3 | 105 |
| Enterprise Financial Services Corp. | 7 | 363 |
| Equity Bancshares, Inc. - Class A | 3 | 143 |
| Esquire Financial Holdings, Inc. | 2 | 167 |
| Essent Group Ltd. | 17 | 1018 |
| Euronet Worldwide, Inc. (a) | 7 | 729 |
| Evercore Inc. - Class A | 5 | 1220 |
| EVERTEC, Inc. | 10 | 378 |
| EZCORP, Inc. - Class A (a) | 10 | 140 |
| F&G Annuities & Life, Inc. | 2 | 51 |
| F.N.B. Corporation | 61 | 882 |
| Farmers & Merchants Bancorp, Inc. | 2 | 53 |

---

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page [607](#abbreviations).

**JNL Series Trust** (Unaudited)

**Schedules of Investments (in thousands)**

June 30, 2025

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
|  Farmers National Banc Corp. | 7 | 101 |
|  FB Financial Corporation | 8 | 354 |
|  Federal Agricultural Mortgage Corporation - Class C | 2 | 338 |
|  Federated Hermes, Inc. - Class B | 14 | 614 |
|  Fidelis Insurance Holdings Limited | 5 | 88 |
|  Fidelity D&D Bancorp, Inc. |  | 10 |
|  Finance of America Companies Inc. - Class A (a) | 1 | 13 |
|  Financial Institutions, Inc. | 4 | 99 |
|  First American Financial Corporation | 16 | 970 |
|  First Bancorp | 7 | 311 |
|  First Bancorp, Inc., The | 3 | 68 |
|  First Bancorp. | 30 | 635 |
|  First Bank of New Jersey | 4 | 55 |
|  First Busey Corporation | 16 | 358 |
|  First Business Financial Services, Inc. | 2 | 88 |
|  First Commonwealth Financial Corporation | 17 | 283 |
|  First Community Bancshares, Inc. | 4 | 158 |
|  First Community Corporation | 1 | 26 |
|  First Financial Bancorp. | 16 | 400 |
|  First Financial Bankshares, Inc. | 23 | 839 |
|  First Financial Corporation | 2 | 131 |
|  First Foundation Inc. (a) | 15 | 78 |
|  First Hawaiian, Inc. | 21 | 531 |
|  First Horizon Corporation | 46 | 971 |
|  First Internet Bancorp | 2 | 60 |
|  First Interstate BancSystem, Inc. - Class A | 18 | 514 |
|  First Merchants Corporation | 10 | 387 |
|  First Mid Bancshares, Inc. | 4 | 156 |
|  First Savings Financial Group, Inc. | 1 | 19 |
|  First United Corporation |  | 15 |
|  First Western Financial, Inc. (a) | 3 | 56 |
|  FirstCash, Inc. | 8 | 1030 |
|  Firstsun Capital Bancorp (a) | 1 | 22 |
|  Five Star Bancorp | 3 | 83 |
|  Flagstar Financial, Inc. | 48 | 512 |
|  Flushing Financial Corporation | 7 | 88 |
|  Flywire Corporation (a) | 19 | 221 |
|  Fulton Financial Corporation | 29 | 527 |
|  Fundamental Global Inc. (a) |  | 2 |
|  FVCBankcorp, Inc. (a) | 1 | 8 |
|  GCM Grosvenor Inc. - Class A | 5 | 55 |
|  Genworth Financial, Inc. - Class A (a) | 71 | 549 |
|  German American Bancorp, Inc. | 7 | 255 |
|  Glacier Bancorp, Inc. | 19 | 814 |
|  Globe Life Inc. | 7 | 930 |
|  GoHealth, Inc. - Class A (a) | 1 | 6 |
|  Goosehead Insurance, Inc. - Class A | 4 | 418 |
|  Great Southern Bancorp, Inc. | 2 | 146 |
|  Green Dot Corporation - Class A (a) | 11 | 120 |
|  Greene County Bancorp, MHC | 2 | 53 |
|  Greenlight Capital Re, Ltd. - Class A (a) | 7 | 108 |
|  Guaranty Bancshares, Inc. | 3 | 113 |
|  Hagerty, Inc. - Class A (a) | 7 | 67 |
|  Hamilton Lane Incorporated - Class A | 6 | 873 |
|  Hancock Whitney Corporation | 14 | 819 |
|  Hanmi Financial Corporation | 6 | 159 |
|  Hanover Insurance Group Inc, The | 6 | 1003 |
|  HarborOne Bancorp, Inc. | 8 | 99 |
|  HBT Financial, Inc. | 6 | 143 |
|  HCI Group, Inc. | 2 | 310 |
|  Hennessy Advisors, Inc. (b) | 1 | 9 |
|  Heritage Commerce Corp | 13 | 124 |
|  Heritage Financial Corporation | 7 | 158 |
|  Heritage Global Solutions, Inc. (a) | 6 | 13 |
|  Heritage Insurance Holdings, Inc. (a) | 6 | 162 |
|  Hingham Institution For Savings, The |  | 118 |
|  Hippo Holdings Inc. (a) | 2 | 44 |
|  Home Bancorp, Inc. | 2 | 87 |
|  Home BancShares, Inc. | 33 | 931 |
|  HomeStreet, Inc. (a) | 4 | 57 |
|  Hometrust Bancshares, Inc. | 2 | 83 |
|  Hope Bancorp, Inc. | 23 | 248 |
|  Horace Mann Educators Corporation | 7 | 309 |
|  Horizon Bancorp, Inc. | 9 | 138 |
|  Houlihan Lokey, Inc. - Class A | 2 | 288 |
|  Independence Holdings, LLC | 19 | 1105 |
|  Independent Bank Corp. | 7 | 459 |
|  Independent Bank Corporation | 5 | 147 |
|  International Bancshares Corporation | 10 | 694 |
|  International Money Express Inc. (a) | 7 | 66 |
|  Invesco Ltd. | 53 | 838 |
|  Investar Holding Corporation | 2 | 43 |
|  Investors Title Company |  | 83 |
|  James River Group, Inc. | 9 | 50 |
|  Janus Henderson Group PLC | 25 | 984 |
|  Jefferies Financial Group Inc. | 6 | 305 |
|  Kearny Financial Corp | 14 | 90 |
|  Kestrel Group Ltd (a) | 1 | 29 |
|  Kingstone Companies, Inc. (a) | 1 | 22 |
|  Kinsale Capital Group, Inc. | 1 | 612 |
|  Lakeland Financial Corporation | 4 | 276 |
|  Lazard, Inc. | 14 | 687 |
|  LCNB Corp. | 3 | 39 |
|  LendingClub Corporation (a) | 18 | 215 |
|  LendingTree, Inc. (a) | 3 | 108 |
|  Lincoln National Corporation | 22 | 767 |
|  Live Oak Bancshares, Inc. | 8 | 228 |
|  Loandepot, Inc. - Class A (a) | 15 | 19 |
|  Mainstreet Bancshares, Inc. (b) | 1 | 27 |
|  MarketAxess Holdings Inc. | 5 | 1064 |
|  Marqeta, Inc. - Class A (a) | 75 | 435 |
|  Mercantile Bank Corporation | 3 | 151 |
|  Merchants Bancorp, Inc. | 7 | 247 |
|  Mercury General Corporation | 9 | 629 |
|  Meridian Bank | 3 | 36 |
|  Metrocity Bankshares, Inc. | 5 | 132 |
|  Metropolitan Bank Holding Corp. (a) | 2 | 140 |
|  MGIC Investment Corporation | 39 | 1091 |
|  Mid Penn Bancorp, Inc. | 3 | 90 |
|  Middlefield Banc Corp. |  | 15 |
|  Midland States Bancorp, Inc. | 5 | 83 |
|  MidWestOne Financial Group, Inc. | 4 | 123 |
|  Moelis & Company - Class A | 9 | 576 |
|  Mr. Cooper Group Inc. (a) | 10 | 1540 |
|  MVB Financial Corp. | 3 | 66 |
|  National Bank Holdings Corporation - Class A | 6 | 238 |
|  National Bankshares, Inc. | 1 | 26 |
|  Navient Corporation | 18 | 260 |
|  NBT Bancorp Inc. | 9 | 381 |
|  NCR Atleos Corporation (a) | 12 | 331 |
|  Nelnet, Inc. - Class A | 5 | 547 |
|  Nerdwallet, Inc. - Class A (a) | 7 | 79 |
|  NI Holdings Inc. (a) | 3 | 41 |
|  Nicholas Financial, Inc. (a) | 2 | 10 |
|  Nicolet Bankshares, Inc. | 3 | 338 |
|  NMI Holdings, Inc. - Class A (a) | 14 | 589 |
|  Northeast Bank | 2 | 147 |
|  Northeast Community Bancorp, Inc. | 3 | 60 |
|  Northfield Bancorp Inc. | 8 | 93 |
|  Northrim Bancorp, Inc. | 1 | 105 |
|  Northwest Bancshares, Inc. | 23 | 289 |
|  Norwood Financial Corp. | 2 | 42 |
|  Oak Valley Bancorp. | 1 | 15 |
|  OceanFirst Financial Corp. | 11 | 199 |
|  OFG Bancorp | 8 | 353 |
|  Old National Bancorp | 53 | 1135 |
|  Old Republic International Corporation | 31 | 1193 |
|  Old Second Bancorp, Inc. | 9 | 154 |
|  Onity Group Inc. (a) | 2 | 67 |
|  OP Bancorp | 2 | 32 |
|  Open Lending Corporation - Class A (a) | 19 | 37 |
|  Oportun Financial Corporation (a) | 8 | 60 |
|  Oppenheimer Holdings Inc. - Class A | 2 | 134 |
|  OppFi Inc. - Class A (b) | 3 | 40 |
|  Orange County Bancorp, Inc. | 1 | 21 |
|  Origin Bancorp, Inc. | 5 | 173 |
|  Orrstown Financial Services, Inc. | 4 | 118 |
|  P.C.B. Bancorp, Inc. | 3 | 73 |
|  Pacific Premier Bancorp, Inc. | 16 | 345 |
|  Palomar Holdings, Inc. (a) | 4 | 679 |

---

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page [607](#abbreviations).

**JNL Series Trust** (Unaudited)

**Schedules of Investments (in thousands)**

June 30, 2025

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| Park National Corporation | 3 | 511 |
| Parke Bancorp, Inc. | 3 | 60 |
| Pathward Financial, Inc. | 5 | 359 |
| Paymentus Holdings, Inc. - Class A (a) | 4 | 135 |
| Payoneer Global Inc. (a) | 59 | 402 |
| Paysafe Limited (a) | 10 | 132 |
| Paysign, Inc. (a) | 8 | 59 |
| Peapack-Gladstone Financial Corporation | 3 | 97 |
| Penns Woods Bancorp, Inc. | 2 | 51 |
| PennyMac Financial Services, Inc. | 9 | 856 |
| Peoples Bancorp Inc. | 7 | 202 |
| Peoples Bancorp of North Carolina, Inc. |  | 13 |
| Peoples Financial Services Corp. | 2 | 77 |
| Perella Weinberg Partners - Class A | 3 | 60 |
| Pinnacle Financial Partners, Inc. | 12 | 1371 |
| Piper Sandler Companies | 3 | 824 |
| PJT Partners Inc. - Class A | 4 | 625 |
| Plumas Bancorp | 1 | 24 |
| Ponce Financial Group, Inc. (a) | 5 | 71 |
| Popular, Inc. | 11 | 1243 |
| PRA Group, Inc. (a) | 7 | 104 |
| Preferred Bank | 2 | 212 |
| Primerica, Inc. | 4 | 1150 |
| Primis Financial Corp. | 6 | 60 |
| Princeton Bancorp, Inc. | 1 | 44 |
| Priority Technology Holdings, Inc. (a) | 6 | 49 |
| ProAssurance Corporation (a) | 12 | 267 |
| PROG Holdings, Inc. | 8 | 231 |
| Prosperity Bancshares, Inc. | 13 | 939 |
| Provident Bancorp Inc. (a) | 2 | 30 |
| Provident Financial Services, Inc. | 24 | 416 |
| QCR Holdings, Inc. | 3 | 222 |
| Radian Group Inc. | 22 | 807 |
| RBB Bancorp | 5 | 78 |
| Red River Bancshares, Inc. | 1 | 88 |
| Regional Management Corp. | 2 | 64 |
| Remitly Global, Inc. (a) | 27 | 504 |
| Renasant Corporation | 16 | 577 |
| Repay Holdings Corporation - Class A (a) | 17 | 84 |
| Republic Bancorp, Inc. - Class A | 3 | 243 |
| Richmond Mutual Bancorporation, Inc. | 3 | 40 |
| Riverview Bancorp, Inc. | 3 | 15 |
| RLI Corp. | 15 | 1084 |
| Root LLC - Class A (a) | 1 | 146 |
| S & T Bancorp, Inc. | 7 | 249 |
| Safety Insurance Group, Inc. | 3 | 200 |
| Seacoast Banking Corporation of Florida | 14 | 383 |
| Security National Financial Corporation - Class A (a) | 4 | 35 |
| SEI Investments Company | 11 | 1008 |
| Selective Insurance Group, Inc. | 10 | 860 |
| SelectQuote, Inc. (a) | 19 | 45 |
| ServisFirst Bancshares, Inc. | 9 | 709 |
| Shift4 Payments, LLC - Class A (a) (b) | 9 | 916 |
| Shore Bancshares, Inc. | 7 | 103 |
| Sierra BanCorp | 3 | 89 |
| Silvercrest Asset Management Group Inc. - Class A | 2 | 36 |
| Simmons First National Corporation - Class A | 22 | 423 |
| SiriusPoint Ltd. (a) | 22 | 448 |
| Skyward Specialty Insurance Group, Inc. (a) | 6 | 341 |
| SLM Corporation | 35 | 1133 |
| Smartfinancial, Inc. | 4 | 126 |
| South Plains Financial, Inc. | 3 | 115 |
| Southern First Bancshares, Inc. (a) | 2 | 82 |
| Southern Missouri Bancorp, Inc. | 2 | 135 |
| Southern States Bancshares, Inc. | 2 | 60 |
| Southside Bancshares, Inc. | 6 | 168 |
| Southstate Corporation | 17 | 1525 |
| Stellar Bancorp, Inc. | 8 | 235 |
| Stewart Information Services Corporation | 5 | 307 |
| Stifel Financial Corp. | 9 | 928 |
| Stock Yards Bancorp, Inc. | 5 | 409 |
| StoneX Group Inc. (a) | 8 | 739 |
| Synovus Financial Corp. | 23 | 1185 |
| Texas Capital Bancshares, Inc. (a) | 8 | 626 |
| TFS Financial Corporation | 28 | 361 |
| The Western Union Company | 55 | 465 |
| Third Coast Bancshares, Inc. (a) | 2 | 57 |
| Timberland Bancorp, Inc. | 2 | 70 |
| Tiptree Inc. | 8 | 181 |
| Tompkins Financial Corporation | 3 | 174 |
| TowneBank | 13 | 440 |
| TriCo Bancshares | 6 | 234 |
| Triumph Financial, Inc. (a) | 4 | 232 |
| Trupanion, Inc. (a) | 6 | 333 |
| Trustco Bank Corp N Y | 4 | 125 |
| Trustmark Corporation | 11 | 394 |
| UMB Financial Corporation | 12 | 1311 |
| United Bankshares, Inc. | 24 | 859 |
| United Community Banks, Inc. | 20 | 590 |
| United Fire Group, Inc. | 5 | 149 |
| Unity Bancorp, Inc. | 2 | 91 |
| Universal Insurance Holdings, Inc. | 6 | 153 |
| Univest Financial Corporation | 6 | 180 |
| USCB Financial Holdings, Inc. - Class A | 1 | 9 |
| Usio, Inc. (a) | 5 | 7 |
| Valley National Bancorp | 92 | 818 |
| Value Line, Inc. (b) |  | 19 |
| Velocity Financial Inc. (a) | 1 | 19 |
| Veritex Holdings, Inc. | 8 | 221 |
| Victory Capital Holdings, Inc. - Class A | 9 | 598 |
| Virginia National Bankshares Corporation |  | 12 |
| Virtu Financial, Inc. - Class A | 15 | 685 |
| Virtus Investment Partners, Inc. | 1 | 209 |
| Voya Financial, Inc. | 12 | 831 |
| WAFD, Inc. | 14 | 418 |
| Walker & Dunlop, Inc. | 6 | 420 |
| Washington Trust Bancorp, Inc. | 4 | 100 |
| Waterstone Financial, Inc. | 5 | 74 |
| Webster Financial Corporation | 17 | 913 |
| WesBanco, Inc. | 16 | 515 |
| West Bancorporation, Inc. | 5 | 96 |
| Westamerica Bancorporation | 5 | 219 |
| Western Alliance Bancorporation | 13 | 1050 |
| Western New England Bancorp, Inc. | 6 | 56 |
| Westwood Holdings Group, Inc. | 2 | 32 |
| Wex, Inc. (a) | 5 | 676 |
| White Mountains Insurance Group Ltd |  | 770 |
| Wintrust Financial Corporation | 11 | 1351 |
| WisdomTree, Inc. | 27 | 306 |
| World Acceptance Corporation (a) | 1 | 195 |
| WSFS Financial Corporation | 11 | 585 |
| Zions Bancorporation, National Association | 23 | 1214 |
| Zurich American Corporation | 10 | 671 |
| | | 131003 |
| **Consumer Discretionary 14.8%** | **Consumer Discretionary 14.8%** | **Consumer Discretionary 14.8%** |
| 1-800-Flowers.com, Inc. - Class A (a) (b) | 5 | 26 |
| 1stdibs.com, Inc. (a) | 7 | 18 |
| Abercrombie & Fitch Co. - Class A (a) | 7 | 551 |
| Academy Sports & Outdoors, Inc. | 13 | 602 |
| Accel Entertainment, Inc. (a) | 14 | 168 |
| Acushnet Holdings Corp. | 11 | 837 |
| Adient Public Limited Company (a) | 15 | 288 |
| ADT, Inc. | 104 | 882 |
| Adtalem Global Education Inc. (a) | 7 | 875 |
| Advance Auto Parts, Inc. | 7 | 331 |
| Allbirds, Inc. - Class A (a) |  | 3 |
| A-Mark Precious Metals, Inc. | 5 | 116 |
| American Axle & Manufacturing Holdings, Inc. (a) | 22 | 90 |
| American Eagle Outfitters, Inc. | 33 | 319 |
| American Outdoor Brands, Inc. (a) | 3 | 35 |
| American Public Education, Inc. (a) | 4 | 116 |
| America's Car Mart, Inc. (a) | 2 | 94 |
| Ammo, Inc. (a) (b) | 16 | 20 |
| Aramark | 29 | 1201 |
| Arhaus, Inc. - Class A (a) | 9 | 76 |
| Ark Restaurants Corp. (a) | 1 | 5 |
| ARKO Corp. - Class A | 23 | 97 |
| Asbury Automotive Group, Inc. (a) | 3 | 812 |

---

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page [607](#abbreviations).

**JNL Series Trust** (Unaudited)

**Schedules of Investments (in thousands)**

June 30, 2025

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
|  Autoliv, Inc. | 9 | 1049 |
|  AutoNation, Inc. (a) | 6 | 1233 |
|  Bassett Furniture Industries, Incorporated | 2 | 35 |
|  Bath & Body Works, Inc. | 26 | 779 |
|  Beazer Homes USA, Inc. (a) | 5 | 118 |
|  Beyond, Inc. (a) | 5 | 38 |
|  Biglari Holdings Inc. - Class A (a) |  | 13 |
|  Biglari Holdings Inc. - Class B (a) |  | 129 |
|  Birkenstock Holding PLC (a) | 13 | 619 |
|  BJ's Restaurants, Inc. (a) | 4 | 186 |
|  Bloomin' Brands, Inc. | 15 | 127 |
|  Boot Barn Holdings, Inc. (a) | 5 | 768 |
|  BorgWarner Inc. | 31 | 1042 |
|  Bowlero Corp. - Class A (b) | 5 | 47 |
|  Boyd Gaming Corporation | 1 | 104 |
|  Bright Horizons Family Solutions, Inc. (a) | 9 | 1156 |
|  Brinker International, Inc. (a) | 9 | 1556 |
|  Brunswick Corporation | 11 | 601 |
|  Build-A-Bear Workshop, Inc. | 3 | 159 |
|  Caesars Entertainment, Inc. (a) | 25 | 713 |
|  Caleres, Inc. | 8 | 96 |
|  Camping World Holdings, Inc. - Class A | 10 | 180 |
|  Capri Holdings Limited (a) | 15 | 273 |
|  CarMax, Inc. (a) | 12 | 815 |
|  Carriage Services, Inc. | 3 | 140 |
|  Carter's, Inc. | 6 | 194 |
|  CAVA Group, Inc. (a) | 9 | 745 |
|  Cavco Industries, Inc. (a) | 2 | 667 |
|  Century Communities, Inc. | 5 | 297 |
|  Cheesecake Factory Incorporated, The (b) | 8 | 525 |
|  Chegg, Inc. (a) | 22 | 26 |
|  Choice Hotels International, Inc. (b) | 7 | 853 |
|  Churchill Downs Incorporated | 8 | 813 |
|  Citi Trends, Inc. (a) | 2 | 65 |
|  CLARUS Corporation | 9 | 32 |
|  Columbia Sportswear Company | 9 | 563 |
|  Contextlogic Inc. - Class A (a) | 4 | 24 |
|  Cooper-Standard Holdings Inc. (a) | 4 | 80 |
|  Coursera, Inc. (a) | 27 | 236 |
|  Cracker Barrel Old Country Store, Inc. | 4 | 223 |
|  Cricut, Inc. - Class A | 2 | 14 |
|  Crocs, Inc. (a) | 8 | 861 |
|  Culp, Inc. (a) | 2 | 8 |
|  Dana Incorporated | 25 | 428 |
|  Dave & Buster's Entertainment, Inc. (a) (b) | 7 | 205 |
|  Denny's Corporation (a) | 12 | 51 |
|  Designer Brands Inc. - Class A | 10 | 23 |
|  Destination XL Group, Inc. (a) | 16 | 17 |
|  Dillard's, Inc. - Class A (b) | 2 | 731 |
|  Dine Brands Global, Inc. | 3 | 73 |
|  Dorman Products, Inc. (a) | 5 | 649 |
|  Dream Finders Homes, Inc. - Class A (a) | 5 | 113 |
|  Duluth Holdings Inc. - Class B (a) | 6 | 13 |
|  Dutch Bros Inc. - Class A (a) | 11 | 779 |
|  Educational Development Corporation (a) | 1 | 1 |
|  El Pollo Loco Holdings, Inc. (a) | 7 | 76 |
|  Escalade, Incorporated | 3 | 43 |
|  Ethan Allen Interiors Inc. | 5 | 144 |
|  ETSY, Inc. (a) | 13 | 631 |
|  European Wax Center, Inc. - Class A (a) | 8 | 45 |
|  FIGS, Inc. - Class A (a) | 29 | 163 |
|  First Watch Restaurant Group, Inc. (a) | 10 | 157 |
|  Five Below, Inc. (a) | 7 | 857 |
|  Flexsteel Industries, Inc. | 1 | 42 |
|  Floor & Decor Holdings, Inc. - Class A (a) | 10 | 793 |
|  Foot Locker, Inc. (a) | 16 | 383 |
|  Fossil Group, Inc. (a) | 1 | 1 |
|  Fox Factory Holding Corp. (a) | 7 | 188 |
|  Frontdoor, Inc. (a) | 7 | 391 |
|  Full House Resorts, Inc. (a) | 8 | 30 |
|  Gap, Inc., The | 62 | 1346 |
|  Garrett Motion Inc. | 36 | 374 |
|  Genesco Inc. (a) | 3 | 50 |
|  Gentex Corporation | 29 | 634 |
|  Gentherm Incorporated (a) | 5 | 153 |
|  G-III Apparel Group, Ltd. (a) | 9 | 198 |
|  Global Business Travel Group, Inc. - Class A (a) | 11 | 70 |
|  Golden Entertainment, Inc. | 4 | 104 |
|  Gopro Inc. - Class A (a) | 13 | 10 |
|  Graham Holdings Co., Ltd. - Class B | 1 | 624 |
|  Grand Canyon Education, Inc. (a) | 5 | 929 |
|  Green Brick Partners, Inc. (a) | 7 | 464 |
|  Group 1 Automotive, Inc. | 3 | 1111 |
|  Groupon, Inc. (a) | 2 | 72 |
|  GrowGeneration Corp. (a) | 4 | 4 |
|  Guess ?, Inc. (b) | 10 | 119 |
|  H & R Block, Inc. | 22 | 1201 |
|  Hamilton Beach Brands Holding Company - Class A | 1 | 15 |
|  Hanesbrands Inc. (a) | 60 | 274 |
|  Harley-Davidson, Inc. | 20 | 464 |
|  Hasbro, Inc. | 21 | 1531 |
|  Haverty Furniture Companies, Inc. | 3 | 71 |
|  Helen of Troy Limited (a) | 4 | 118 |
|  Hilton Grand Vacations Inc. (a) | 15 | 642 |
|  Holley Inc. (a) | 17 | 35 |
|  Hooker Furnishings Corporation | 3 | 32 |
|  Hovnanian Enterprises, Inc. - Class A (a) | 1 | 104 |
|  Inspired Entertainment, Inc. (a) | 4 | 32 |
|  Installed Building Products, Inc. | 5 | 831 |
|  International Game Technology PLC | 28 | 438 |
|  J.jill, Inc. | 2 | 35 |
|  JAKKS Pacific, Inc. | 2 | 46 |
|  Johnson Outdoors Inc. - Class A | 2 | 66 |
|  KB Home | 12 | 638 |
|  Kohl's Corporation | 15 | 124 |
|  Kontoor Brands, Inc. | 10 | 630 |
|  Krispy Kreme, Inc. (b) | 29 | 84 |
|  Kura Sushi USA, Inc. - Class A (a) | 2 | 182 |
|  Lakeland Industries, Inc. | 2 | 22 |
|  Lands' End, Inc. (a) | 7 | 71 |
|  Latham Group, Inc. (a) | 19 | 124 |
|  Laureate Education, Inc. - Class A (a) | 26 | 599 |
|  La-Z-Boy Incorporated | 8 | 280 |
|  LCI Industries | 4 | 399 |
|  Lear Corporation | 7 | 670 |
|  Legacy Housing Corporation (a) | 4 | 101 |
|  Leggett & Platt, Incorporated | 22 | 196 |
|  Leslie's, Inc. (a) | 28 | 12 |
|  Levi Strauss & Co. - Class A | 15 | 278 |
|  LGI Homes, Inc. (a) | 4 | 210 |
|  Life Time Group Holdings, Inc. (a) | 28 | 845 |
|  Lifetime Brands, Inc. | 5 | 27 |
|  Light & Wonder, Inc. (a) | 10 | 915 |
|  Lincoln Educational Services Corporation (a) | 7 | 151 |
|  Lindblad Expeditions, LLC (a) | 11 | 124 |
|  Lithia Motors, Inc. - Class A | 3 | 1137 |
|  LKQ Corporation | 20 | 733 |
|  Lovesac Company, The (a) | 4 | 67 |
|  Lucid Group, Inc. (a) (b) | 75 | 158 |
|  M/I Homes, Inc. (a) | 2 | 233 |
|  Macy's, Inc. | 45 | 522 |
|  Malibu Boats, Inc. - Class A (a) | 4 | 110 |
|  Marine Products Corporation (b) | 6 | 47 |
|  MarineMax, Inc. (a) | 4 | 107 |
|  Marriott Vacations Worldwide Corporation | 6 | 449 |
|  MasterCraft Boat Holdings, Inc. (a) | 4 | 68 |
|  Mattel, Inc. (a) | 46 | 912 |
|  Matthews International Corporation - Class A | 6 | 139 |
|  Meritage Homes Corporation | 5 | 313 |
|  MGM Resorts International (a) | 3 | 90 |
|  Mister Car Wash, Inc. (a) | 46 | 276 |
|  Modine Manufacturing Company (a) | 9 | 894 |
|  Mohawk Industries, Inc. (a) | 8 | 882 |
|  Monarch Casino & Resort, Inc. | 2 | 179 |
|  Monro, Inc. | 5 | 76 |
|  Motorcar Parts of America, Inc. (a) | 5 | 53 |
|  Movado Group, Inc. | 4 | 58 |
|  Murphy USA Inc. | 2 | 797 |
|  Nathan's Famous, Inc. | 1 | 96 |

---

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page [607](#abbreviations).

**JNL Series Trust** (Unaudited)

**Schedules of Investments (in thousands)**

June 30, 2025

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| National Vision Holdings, Inc. (a) | 14 | 322 |
| Newell Brands Inc. | 57 | 309 |
| Nishka, Inc. - Class A (a) | 8 | 36 |
| Norwegian Cruise Line Holdings Ltd. (a) | 45 | 908 |
| ODP Corporation, The (a) | 7 | 127 |
| Ollie's Bargain Outlet Holdings, Inc. (a) | 10 | 1333 |
| OneSpaWorld Holdings Limited | 17 | 356 |
| Onewater Marine Inc. - Class A (a) (b) | 2 | 30 |
| Oxford Industries, Inc. | 3 | 111 |
| Papa John's International, Inc. | 6 | 283 |
| Patrick Industries, Inc. | 6 | 549 |
| PENN Entertainment, Inc. (a) | 24 | 430 |
| Penske Automotive Group, Inc. | 1 | 120 |
| Perdoceo Education Corporation | 11 | 372 |
| Petco Health And Wellness Company, Inc. - Class A (a) | 22 | 62 |
| PetMed Express, Inc. (a) (b) | 5 | 16 |
| Phinia Inc. | 7 | 292 |
| Planet Fitness, Inc. - Class A (a) | 12 | 1317 |
| PlayAGS, Inc. (a) | 7 | 86 |
| Polaris Inc. | 7 | 270 |
| Portillo's Inc. - Class A (a) | 10 | 118 |
| Potbelly Corporation (a) | 7 | 85 |
| Purple Innovation, Inc. (a) | 4 | 3 |
| Pursuit Attractions And Hospitality, Inc. (a) | 4 | 128 |
| PVH Corp. | 8 | 551 |
| Quantumscape Battery, Inc. - Class A (a) (b) | 77 | 515 |
| RCI Hospitality Holdings, Inc. | 2 | 70 |
| Red Rock Resorts, Inc. - Class A | 8 | 431 |
| Revolve Group Inc. - Class A (a) | 7 | 144 |
| RH (a) | 3 | 557 |
| Rocky Brands, Inc. | 1 | 21 |
| Rush Street Interactive, Inc. - Class A (a) | 7 | 101 |
| Sabre Corporation (a) | 63 | 200 |
| Sally Beauty Holdings, Inc. (a) | 18 | 168 |
| Savers Value Village, Inc. (a) | 3 | 32 |
| Shake Shack, Inc. - Class A (a) | 7 | 939 |
| Shoe Carnival, Inc. | 6 | 115 |
| Signet Jewelers Limited | 7 | 562 |
| Skechers U.S.A., Inc. - Class A (a) | 13 | 819 |
| Skyline Champion Corporation (a) | 9 | 593 |
| Sleep Number Corporation (a) | 5 | 33 |
| Smith & Wesson Brands, Inc. | 9 | 77 |
| Soho House & Co Inc. - Class A (a) (b) | 6 | 46 |
| Solo Brands, Inc. - Class A (a) (b) |  |  |
| Somnigroup International Inc. | 15 | 990 |
| Sonic Automotive, Inc. - Class A | 4 | 314 |
| Sonos, Inc. (a) | 21 | 230 |
| Sportsman's Warehouse Holdings, Inc. (a) | 11 | 37 |
| Standard Motor Products, Inc. | 4 | 117 |
| Steven Madden, Ltd. | 13 | 302 |
| Stitch Fix, Inc. - Class A (a) | 19 | 72 |
| Stoneridge, Inc. (a) | 6 | 46 |
| Strategic Education, Inc. | 4 | 338 |
| Strattec Security Corporation (a) | 1 | 53 |
| Stride, Inc. (a) | 8 | 1141 |
| Sturm, Ruger & Company, Inc. | 2 | 76 |
| Superior Group of Companies, Inc. | 3 | 36 |
| Sweetgreen, Inc. - Class A (a) | 17 | 254 |
| Sypris Solutions, Inc. (a) | 3 | 6 |
| Target Hospitality Corp. (a) | 1 | 10 |
| Taylor Morrison Home II Corporation - Class A (a) | 17 | 1020 |
| The Buckle, Inc. | 9 | 390 |
| The Cato Corporation - Class A | 5 | 13 |
| The Goodyear Tire & Rubber Company (a) | 48 | 496 |
| The Wendy's Company | 32 | 364 |
| Thor Industries, Inc. | 8 | 755 |
| Tile Shop Holdings, Inc. (a) | 10 | 62 |
| Tilly's, Inc. - Class A (a) (b) | 4 | 6 |
| Toll Brothers, Inc. | 3 | 360 |
| TopBuild Corp. (a) | 3 | 910 |
| Topgolf Callaway Brands Corp. (a) | 32 | 259 |
| Travel + Leisure Co. | 11 | 580 |
| TRI Pointe Homes Holdings, Inc. (a) | 17 | 538 |
| Udemy, Inc. (a) | 5 | 33 |
| Under Armour, Inc. - Class A (a) | 32 | 221 |
| Under Armour, Inc. - Class C (a) | 35 | 229 |
| Unifi, Inc. (a) | 4 | 23 |
| United Parks And Resorts Inc. (a) | 10 | 460 |
| Universal Electronics Inc. (a) | 3 | 22 |
| Universal Technical Institute, Inc. (a) | 10 | 351 |
| Upbound Group, Inc. | 10 | 249 |
| Urban Outfitters, Inc. (a) | 15 | 1108 |
| V.F. Corporation | 49 | 573 |
| Vail Resorts, Inc. | 6 | 877 |
| Valvoline, Inc. (a) | 22 | 852 |
| Vera Bradley, Inc. (a) | 8 | 17 |
| Victoria's Secret & Co. (a) | 13 | 241 |
| Vince Holding Corp. (a) | 1 | 1 |
| Visteon Corporation (a) | 5 | 449 |
| Warby Parker Inc. - Class A (a) | 17 | 376 |
| Wayfair Inc. - Class A (a) | 2 | 94 |
| Weyco Group, Inc. | 3 | 84 |
| Whirlpool Corporation | 7 | 707 |
| Wingstop Inc. | 2 | 593 |
| Winmark Corporation | 1 | 233 |
| Winnebago Industries, Inc. | 5 | 150 |
| Wolverine World Wide, Inc. | 11 | 202 |
| Wyndham Hotels & Resorts, Inc. | 12 | 985 |
| Wynn Resorts, Limited | 13 | 1261 |
| XPEL, Inc. (a) | 4 | 150 |
| YETI Holdings, Inc. (a) | 14 | 429 |
| Zumiez Inc. (a) | 4 | 53 |
| | | 94501 |
| **Information Technology 11.8%** | **Information Technology 11.8%** | **Information Technology 11.8%** |
| 8X8, Inc. (a) | 16 | 32 |
| 908 Devices Inc. (a) (b) | 5 | 39 |
| A10 Networks, Inc. | 13 | 256 |
| Access Newswire Inc. (a) | 1 | 11 |
| ACI Worldwide, Inc. (a) | 19 | 850 |
| Adeia Inc. | 19 | 266 |
| Adtran Holdings, Inc. (a) | 5 | 41 |
| Advanced Energy Industries, Inc. | 6 | 833 |
| Aehr Test Systems (a) (b) | 6 | 74 |
| Agilysys, Inc. (a) | 4 | 462 |
| Airgain, Inc. (a) | 2 | 9 |
| Alarm.Com Holdings, Inc. (a) | 9 | 485 |
| Alkami Technology, Inc. (a) | 3 | 84 |
| Allegro Microsystems Inc. (a) | 22 | 761 |
| Alpha and Omega Semiconductor Limited (a) | 6 | 147 |
| Ambarella Inc. (a) | 6 | 395 |
| Amdocs Limited | 12 | 1069 |
| Amkor Technology, Inc. | 40 | 847 |
| Amplitude Inc. - Class A (a) | 2 | 27 |
| Amtech Systems, Inc. (a) | 3 | 14 |
| AppFolio, Inc. - Class A (a) | 3 | 651 |
| Applied Optoelectronics, Inc. (a) (b) | 6 | 160 |
| Arrow Electronics, Inc. (a) | 9 | 1104 |
| ASGN Incorporated (a) | 8 | 389 |
| AstroNova, Inc. (a) |  | 6 |
| AvePoint, Inc. - Class A (a) | 30 | 582 |
| Aviat Networks, Inc. (a) | 3 | 69 |
| Avnet, Inc. | 14 | 744 |
| Aware Inc. (a) | 5 | 9 |
| Axcelis Technologies, Inc. (a) | 5 | 378 |
| Backblaze Inc. - Class A (a) | 3 | 16 |
| Badger Meter, Inc. | 5 | 1192 |
| Bel Fuse Inc. - Class B | 2 | 239 |
| Belden Inc. | 7 | 781 |
| Benchmark Electronics, Inc. | 7 | 269 |
| Bill Holdings, Inc. (a) | 13 | 621 |
| Bit Digital, Inc. (a) | 9 | 21 |
| Bk Technologies, Inc. (a) |  | 10 |
| Blackbaud, Inc. (a) | 9 | 547 |
| Blackline, Inc. (a) | 8 | 470 |
| Box, Inc. - Class A (a) | 24 | 804 |
| C3.ai, Inc. - Class A (a) | 5 | 126 |
| Calix, Inc. (a) | 11 | 586 |
| CCC Intelligent Solutions Holdings Inc. (a) | 76 | 713 |

---

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page [607](#abbreviations).

**JNL Series Trust** (Unaudited)

**Schedules of Investments (in thousands)**

June 30, 2025

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
|  Cerence Inc. (a) (b) | 7 | 67 |
|  CEVA Inc. (a) | 5 | 119 |
|  Ciena Corporation (a) | 14 | 1153 |
|  Cipher Mining Inc. (a) (b) | 12 | 57 |
|  Cirrus Logic, Inc. (a) | 9 | 961 |
|  Cleanspark Inc. (a) (b) | 21 | 233 |
|  Clear Secure, Inc. - Class A | 13 | 359 |
|  Clearfield, Inc. (a) | 1 | 55 |
|  Clearwater Analytics Holdings, Inc. - Class A (a) | 6 | 133 |
|  Climb Global Solutions, Inc. | 1 | 125 |
|  Coda Octopus Group, Inc. (a) (b) | 1 | 9 |
|  Cognex Corporation | 21 | 659 |
|  Coherent Corp. (a) | 4 | 370 |
|  Cohu, Inc. (a) | 8 | 154 |
|  CommScope Holding Company, Inc. (a) | 7 | 60 |
|  CommVault Systems, Inc. (a) | 7 | 1243 |
|  Comtech Telecommunications Corp. (a) | 8 | 19 |
|  Consensus Cloud Solutions, Inc. (a) | 4 | 94 |
|  CoreCard Corporation (a) | 1 | 42 |
|  Corsair Gaming, Inc. (a) | 12 | 115 |
|  CPI Card Group Inc. (a) | 2 | 52 |
|  Crane Nxt, Co. | 8 | 454 |
|  Credo Technology Group Holding Ltd (a) | 3 | 299 |
|  Crexendo, Inc. (a) | 2 | 13 |
|  CS Disco, Inc. (a) | 13 | 57 |
|  CSP, Inc. | 1 | 9 |
|  CTS Corporation | 5 | 228 |
|  Daily Journal Corporation (a) |  | 107 |
|  Daktronics, Inc. (a) | 11 | 169 |
|  Diebold Nixdorf, Incorporated (a) | 4 | 231 |
|  Digi International Inc. (a) | 7 | 229 |
|  Digital Turbine USA, Inc. (a) | 14 | 84 |
|  DigitalOcean Holdings, Inc. (a) | 13 | 362 |
|  Diodes Incorporated (a) | 8 | 412 |
|  Dolby Laboratories, Inc. - Class A | 7 | 536 |
|  Dropbox, Inc. - Class A (a) | 29 | 836 |
|  DXC Technology Company (a) | 29 | 451 |
|  E2open Parent Holdings, Inc. - Class A (a) | 37 | 118 |
|  Eastman Kodak Company (a) | 14 | 78 |
|  Egain Corporation (a) | 9 | 56 |
|  Enphase Energy, Inc. (a) | 15 | 602 |
|  EPAM Systems, Inc. (a) | 4 | 632 |
|  ePlus inc. (a) | 5 | 332 |
|  EverCommerce Inc. (a) | 1 | 5 |
|  Everspin Technologies, Inc. (a) | 5 | 32 |
|  Evolv Technologies Holdings, Inc. - Class A (a) | 4 | 23 |
|  Fabrinet (a) | 6 | 1643 |
|  FARO Technologies, Inc. (a) | 4 | 181 |
|  Fastly, Inc. - Class A (a) | 24 | 170 |
|  Five9, Inc. (a) | 6 | 166 |
|  Formfactor, Inc. (a) | 13 | 436 |
|  Frequency Electronics, Inc. | 1 | 27 |
|  Freshworks, Inc. - Class A (a) | 30 | 453 |
|  Globant S.A. (a) | 5 | 484 |
|  Grid Dynamics Holdings, Inc. - Class A (a) | 15 | 171 |
|  GSI Technology, Inc. (a) | 3 | 12 |
|  Hackett Group, Inc., The | 6 | 143 |
|  Harmonic, Inc. (a) | 20 | 189 |
|  I3 Verticals, Inc. - Class A (a) | 5 | 130 |
|  Ichor Holdings, Ltd. (a) | 6 | 125 |
|  Identiv, Inc. (a) | 6 | 18 |
|  Indie Semiconductor, Inc. - Class A (a) (b) | 27 | 97 |
|  Informatica Inc. - Class A (a) | 23 | 570 |
|  Information Services Group, Inc. | 11 | 54 |
|  Inseego Corp. (a) | 1 | 11 |
|  Insight Enterprises, Inc. (a) | 6 | 812 |
|  Intapp US, Inc. (a) | 2 | 115 |
|  InterDigital, Inc. | 5 | 1121 |
|  inTEST Corporation (a) | 3 | 19 |
|  IPG Photonics Corporation (a) | 7 | 489 |
|  Itron, Inc. (a) | 8 | 996 |
|  JAMF Holding Corp. (a) | 21 | 197 |
|  JFROG Ltd (a) | 14 | 622 |
|  Kimball Electronics Group, LLC (a) | 5 | 103 |
|  Knowles Corporation (a) | 16 | 276 |
|  Kulicke and Soffa Industries, Inc. | 9 | 302 |
|  KVH Industries, Inc. (a) | 5 | 24 |
|  Kyndryl Holdings, Inc. (a) | 38 | 1594 |
|  Lantronix, Inc. (a) | 11 | 30 |
|  Lattice Semiconductor Corporation (a) | 17 | 814 |
|  Life360, Inc. (a) | 1 | 47 |
|  Littelfuse, Inc. | 4 | 813 |
|  LiveRamp Holdings, Inc. (a) | 12 | 393 |
|  Lumentum Holdings Inc. (a) | 9 | 858 |
|  MACOM Technology Solutions Holdings, Inc. (a) | 11 | 1570 |
|  Magnachip Semiconductor Corporation (a) | 12 | 47 |
|  MaxLinear, Inc. (a) | 16 | 223 |
|  MeridianLink, Inc. (a) | 11 | 179 |
|  Methode Electronics, Inc. | 6 | 59 |
|  Mirion Technologies (US), Inc. - Class A (a) | 34 | 728 |
|  Mitek Systems, Inc. (a) | 10 | 96 |
|  MKS Inc. | 8 | 810 |
|  N-Able, Inc. (a) | 30 | 242 |
|  Napco Security Technologies, Inc. | 6 | 180 |
|  Navitas Semiconductor USA, Inc. (a) | 16 | 102 |
|  nCino OpCo, Inc. (a) | 13 | 365 |
|  NCR Voyix Corporation (a) | 23 | 273 |
|  NETGEAR, Inc. (a) | 7 | 190 |
|  NetScout Systems, Inc. (a) | 12 | 307 |
|  Network-1 Technologies, Inc. | 3 | 3 |
|  Nlight, Inc. (a) | 9 | 185 |
|  Novanta Inc. (a) | 6 | 774 |
|  NVE Corporation | 1 | 65 |
|  Olo Inc. - Class A (a) | 19 | 166 |
|  ON24, Inc. (a) | 10 | 56 |
|  One Stop Systems, Inc. (a) | 1 | 5 |
|  OneSpan Inc. | 8 | 132 |
|  Onto Innovation Inc. (a) | 6 | 647 |
|  Ooma, Inc. (a) | 6 | 79 |
|  OSI Systems, Inc. (a) | 3 | 681 |
|  Ouster, Inc. - Class A (a) | 6 | 138 |
|  PAR Technology Corporation (a) | 6 | 418 |
|  PC Connection, Inc. | 5 | 314 |
|  PDF Solutions, Inc. (a) | 8 | 180 |
|  Pegasystems Inc. | 22 | 1171 |
|  Penguin Solutions, Inc. (a) | 9 | 179 |
|  Photronics, Inc. (a) | 12 | 219 |
|  Plexus Corp. (a) | 5 | 651 |
|  Power Integrations, Inc. | 10 | 534 |
|  Powerfleet Inc. (a) | 18 | 76 |
|  Progress Software Corporation | 7 | 470 |
|  Q2 Holdings, Inc. (a) | 8 | 721 |
|  Qorvo, Inc. (a) | 15 | 1264 |
|  Qualys, Inc. (a) | 6 | 861 |
|  Rambus Inc. (a) | 18 | 1135 |
|  Rapid7, Inc. (a) | 6 | 137 |
|  Red Violet, Inc. | 3 | 132 |
|  Research Solutions, Inc. (a) | 3 | 9 |
|  Ribbon Communications Inc. (a) | 38 | 151 |
|  Richardson Electronics, Ltd. | 2 | 21 |
|  Rimini Street, Inc. (a) | 2 | 7 |
|  RingCentral, Inc. - Class A (a) | 11 | 318 |
|  Riot Platforms, Inc. (a) (b) | 25 | 288 |
|  Rogers Corporation (a) | 3 | 207 |
|  Sanmina Corporation (a) | 9 | 873 |
|  Sapiens International Corporation N.V. | 9 | 258 |
|  ScanSource, Inc. (a) | 4 | 183 |
|  Semrush Holdings, Inc. - Class A (a) | 17 | 154 |
|  SentinelOne, Inc. - Class A (a) | 36 | 659 |
|  Silicon Laboratories Inc. (a) | 5 | 756 |
|  Sitime Corporation (a) | 3 | 553 |
|  Skywater Technology, Inc. (a) (b) | 6 | 55 |
|  Skyworks Solutions, Inc. | 9 | 694 |
|  SmartRent, Inc. - Class A (a) | 12 | 12 |
|  Soundthinking, Inc. (a) | 3 | 42 |
|  Sprinklr, Inc. - Class A (a) | 23 | 192 |
|  SPS Commerce, Inc. (a) | 6 | 849 |
|  Synaptics Incorporated (a) | 7 | 430 |
|  Synchronoss Technologies, Inc. (a) | 1 | 4 |
|  TD SYNNEX Corporation | 3 | 456 |

---

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page [607](#abbreviations).

**JNL Series Trust** (Unaudited)

**Schedules of Investments (in thousands)**

June 30, 2025

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| Telos Corporation (a) | 17 | 54 |
| Teradata Corporation (a) | 15 | 341 |
| TransAct Technologies Incorporated (a) |  | 1 |
| TTM Technologies, Inc. (a) | 17 | 705 |
| Turtle Beach Corporation (a) | 2 | 25 |
| Uipath, Inc. - Class A (a) | 50 | 645 |
| Ultra Clean Holdings, Inc. (a) | 8 | 188 |
| Unisys Corporation (a) | 15 | 66 |
| Unity Software Inc. (a) | 44 | 1072 |
| Universal Display Corporation | 6 | 876 |
| Veeco Instruments Inc. (a) | 10 | 201 |
| Verint Systems Inc. (a) | 11 | 216 |
| Vertex, Inc. - Class A (a) | 10 | 356 |
| Viant Technology Inc. - Class A (a) | 3 | 35 |
| Viavi Solutions Inc. (a) | 39 | 391 |
| Vishay Intertechnology, Inc. | 21 | 339 |
| Vishay Precision Group, Inc. (a) | 3 | 75 |
| Vontier Corporation | 24 | 887 |
| Xerox Holdings Corporation (b) | 22 | 115 |
| Xperi Inc. (a) | 9 | 67 |
| Yext, Inc. (a) | 22 | 190 |
| Zeta Global Holdings Corp. - Class A (a) | 15 | 228 |
| | | 75336 |
| **Health Care 10.5%** | **Health Care 10.5%** | **Health Care 10.5%** |
| 10X Genomics, Inc. - Class A (a) | 13 | 148 |
| 4D Molecular Therapeutics, Inc. (a) | 2 | 8 |
| 89Bio, Inc. (a) | 5 | 48 |
| Aadi Bioscience, Inc. (a) | 6 | 11 |
| AbSci, LLC (a) (b) | 18 | 47 |
| AC Immune SA (a) | 2 | 3 |
| Acadia Healthcare Company, Inc. (a) | 15 | 348 |
| ACADIA Pharmaceuticals Inc. (a) | 15 | 333 |
| Accuray Incorporated (a) | 25 | 34 |
| Aclaris Therapeutics, Inc. (a) | 9 | 13 |
| Actinium Pharmaceuticals, Inc. (a) | 5 | 7 |
| Acumen Pharmaceuticals, Inc. (a) | 2 | 2 |
| AdaptHealth LLC - Class A (a) | 18 | 166 |
| Adaptive Biotechnologies Corporation (a) | 24 | 285 |
| Addus HomeCare Corporation (a) | 3 | 353 |
| ADMA Biologics, Inc. (a) | 45 | 821 |
| Adverum Biotechnologies, Inc. (a) | 2 | 5 |
| Agilon Health Management, Inc. (a) | 10 | 23 |
| Agios Pharmaceuticals, Inc. (a) | 6 | 211 |
| Akebia Therapeutics, Inc. (a) | 23 | 82 |
| Akero Therapeutics Inc. (a) | 4 | 198 |
| Aldeyra Therapeutics, Inc. (a) | 17 | 65 |
| Alector, Inc. (a) | 17 | 24 |
| Alkermes Public Limited Company (a) | 27 | 784 |
| Allogene Therapeutics, Inc. (a) (b) | 40 | 46 |
| Altimmune, Inc. (a) | 6 | 24 |
| Alumis Inc. (a) | 4 | 11 |
| Amedisys, Inc. (a) | 6 | 600 |
| American Well Corporation - Class A (a) | 2 | 15 |
| AMN Healthcare Services, Inc. (a) | 7 | 149 |
| Amneal Pharmaceuticals, Inc. - Class A (a) | 53 | 429 |
| Amphastar Pharmaceuticals, Inc. (a) | 8 | 184 |
| AngioDynamics, Inc. (a) | 8 | 82 |
| ANI Pharmaceuticals, Inc. (a) | 4 | 245 |
| Anika Therapeutics, Inc. (a) | 4 | 40 |
| Annexon, Inc. (a) | 13 | 32 |
| Apyx Medical Corporation (a) | 7 | 15 |
| Aravas Inc. (a) (b) | 2 | 5 |
| Arcellx Inc. (a) | 4 | 289 |
| Arcturus Therapeutics Holdings Inc. (a) | 6 | 81 |
| Arcus Biosciences, Inc. (a) | 15 | 125 |
| Arrowhead Pharmaceuticals Inc (a) | 8 | 124 |
| ARS Pharmaceuticals, Inc. (a) | 3 | 59 |
| Artivion, Inc. (a) | 8 | 243 |
| Arvinas Operations, Inc. (a) | 8 | 61 |
| Assembly Biosciences, Inc. (a) | 1 | 12 |
| Assertio Holdings, Inc. (a) (b) | 5 | 3 |
| Astrana Health, Inc. (a) | 9 | 229 |
| Atea Pharmaceuticals, Inc. (a) | 12 | 43 |
| AtriCure, Inc. (a) | 8 | 259 |
| Atyr Pharma, Inc. (a) | 4 | 21 |
| Aura Biosciences, Inc. (a) | 8 | 51 |
| Avanos Medical, Inc. (a) | 9 | 108 |
| Avantor, Inc. (a) | 37 | 495 |
| Aveanna Healthcare Holdings Inc. (a) | 3 | 18 |
| Avidity Biosciences, Inc. (a) | 7 | 191 |
| AxoGen, Inc. (a) | 9 | 98 |
| Azenta, Inc. (a) | 8 | 233 |
| Beam Therapeutics Inc. (a) | 14 | 243 |
| BFLY Operations, Inc. - Class A (a) | 10 | 21 |
| Biohaven Ltd. (a) |  | 1 |
| BioLife Solutions, Inc. (a) | 8 | 181 |
| BioMarin Pharmaceutical Inc. (a) | 4 | 201 |
| Biomea Fusion, Inc. (a) | 3 | 6 |
| Bio-Rad Laboratories, Inc. - Class A (a) | 3 | 654 |
| Biote Corp. - Class A (a) | 6 | 24 |
| Bio-Techne Corporation | 14 | 716 |
| Bioventus Inc. - Class A (a) | 10 | 66 |
| Black Diamond Therapeutics, Inc. (a) | 11 | 28 |
| Brightspring Health Services, Inc. (a) | 2 | 41 |
| Brookdale Senior Living Inc. (a) | 39 | 274 |
| Bruker Corporation | 17 | 715 |
| C4 Therapeutics, Inc. (a) | 13 | 19 |
| Caredx, Inc. (a) | 10 | 200 |
| Caribou Biosciences, Inc. (a) | 18 | 23 |
| CASI Pharmaceuticals, Inc. (a) | 2 | 2 |
| Castle Biosciences, Inc. (a) | 6 | 120 |
| Catalyst Pharmaceuticals, Inc. (a) | 10 | 228 |
| Celldex Therapeutics, Inc. (a) | 3 | 52 |
| Certara, Inc. (a) | 26 | 303 |
| CG Oncology, Inc. (a) | 3 | 73 |
| Champions Oncology, Inc. (a) | 1 | 7 |
| Charles River Laboratories International, Inc. (a) | 7 | 1024 |
| Chemed Corporation | 2 | 819 |
| Chinook Therapeutics, Inc. (a) (d) | 3 | 1 |
| Codexis, Inc. (a) | 10 | 23 |
| Cogent Biosciences, Inc. (a) | 13 | 90 |
| Collegium Pharmaceutical, Inc. (a) | 6 | 188 |
| Community Health Systems, Inc. (a) | 30 | 101 |
| Compass Therapeutics, Inc. (a) | 5 | 13 |
| Concentra Group Holdings Parent, Inc. | 18 | 366 |
| CONMED Corporation | 5 | 273 |
| Corcept Therapeutics Incorporated (a) | 17 | 1257 |
| CorVel Corporation (a) | 9 | 962 |
| Crinetics Pharmaceuticals, Inc. (a) | 2 | 44 |
| CRISPR Therapeutics AG (a) (b) | 13 | 654 |
| Cross Country Healthcare, Inc. (a) | 8 | 103 |
| Cryoport, Inc. (a) | 9 | 68 |
| Cullinan Oncology, LLC (a) | 9 | 66 |
| Cumberland Pharmaceuticals, Inc. (a) | 3 | 9 |
| CVRx, Inc. (a) | 1 | 7 |
| Cytek Biosciences, Inc. (a) | 22 | 76 |
| Davita Inc. (a) | 4 | 540 |
| Day One Biopharmaceuticals, Inc. (a) | 13 | 86 |
| Definitive Healthcare Corp. - Class A (a) | 15 | 58 |
| Denali Therapeutics Inc. (a) | 20 | 282 |
| Dentsply Sirona Inc. | 31 | 499 |
| Design Therapeutics, Inc. (a) | 3 | 10 |
| Disc Medicine, Inc. (a) |  | 13 |
| Doximity, Inc. - Class A (a) | 10 | 640 |
| Dynavax Technologies Corporation (a) | 22 | 218 |
| Edgewise Therapeutics, Inc. (a) | 6 | 74 |
| Editas Medicine, Inc. (a) (b) | 19 | 41 |
| Elanco Animal Health Incorporated (a) | 74 | 1055 |
| Electromed, Inc. (a) | 2 | 34 |
| Embecta Corp. | 10 | 102 |
| Emergent BioSolutions Inc. (a) | 8 | 53 |
| Enanta Pharmaceuticals, Inc. (a) | 5 | 37 |
| Encompass Health Corporation | 9 | 1082 |
| Enhabit Inc. (a) | 10 | 94 |
| Enovis Corporation (a) | 10 | 308 |
| Entrada Therapeutics, Inc. (a) | 2 | 12 |
| Envista Holdings Corporation (a) | 22 | 434 |
| Erasca, Inc. (a) | 24 | 31 |
| Evolent Health, Inc. - Class A (a) | 20 | 226 |

---

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page [607](#abbreviations).

**JNL Series Trust** (Unaudited)

**Schedules of Investments (in thousands)**

June 30, 2025

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
|  Exact Sciences Corporation (a) | 19 | 996 |
|  Exagen Inc. (a) | 1 | 6 |
|  Exelixis, Inc. (a) | 33 | 1455 |
|  Eyepoint Pharmaceuticals, Inc. (a) | 2 | 17 |
|  Fate Therapeutics, Inc. (a) | 14 | 15 |
|  Fonar Corporation (a) | 1 | 18 |
|  Fulcrum Therapeutics, Inc. (a) | 12 | 85 |
|  Fulgent Genetics, Inc. (a) | 6 | 120 |
|  Genedx Holdings Corp. - Class A (a) | 1 | 105 |
|  Glaukos Corporation (a) | 5 | 528 |
|  Globus Medical, Inc. - Class A (a) | 9 | 516 |
|  GoodRx Holdings, Inc. - Class A (a) | 18 | 90 |
|  Haemonetics Corporation (a) | 8 | 602 |
|  Halozyme Therapeutics, Inc. (a) | 20 | 1048 |
|  Harmony Biosciences Holdings, Inc. (a) | 10 | 301 |
|  Harrow, Inc. (a) | 1 | 38 |
|  Harvard Bioscience, Inc. (a) | 9 | 4 |
|  Health Catalyst, Inc. (a) | 13 | 51 |
|  HealthEquity, Inc. (a) | 14 | 1457 |
|  Healthstream, Inc. | 6 | 155 |
|  Henry Schein, Inc. (a) | 19 | 1393 |
|  HilleVax, Inc. (a) | 8 | 16 |
|  Hims & Hers Health, Inc. - Class A (a) (b) | 25 | 1250 |
|  iCAD, Inc. (a) | 3 | 13 |
|  ICU Medical, Inc. (a) | 3 | 410 |
|  IDEAYA Biosciences, Inc. (a) | 1 | 11 |
|  Immunic, Inc. (a) | 1 | 1 |
|  Immunome, Inc. (a) | 1 | 12 |
|  Immunovant, Inc. (a) | 3 | 48 |
|  InfuSystem Holdings, Inc. (a) | 5 | 33 |
|  Innoviva, Inc. (a) | 12 | 231 |
|  Inogen, Inc. (a) | 6 | 40 |
|  Inovio Pharmaceuticals, Inc. (a) | 5 | 10 |
|  Inozyme Pharma, Inc. (a) | 9 | 34 |
|  Inspire Medical Systems, Inc. (a) | 4 | 513 |
|  Integer Holdings Corporation (a) | 6 | 718 |
|  Integra LifeSciences Holdings Corporation (a) | 13 | 156 |
|  Intellia Therapeutics, Inc. (a) (b) | 14 | 129 |
|  Iovance Biotherapeutics, Inc. (a) (b) | 27 | 46 |
|  Iradimed Corporation | 2 | 146 |
|  Iteos Therapeutics, Inc. (a) | 7 | 70 |
|  Janux Therapeutics, Inc. (a) | 2 | 53 |
|  Jasper Therapeutics, Inc. (a) | 3 | 14 |
|  Jazz Pharmaceuticals Public Limited Company (a) | 9 | 915 |
|  Joint Corp, The (a) | 1 | 14 |
|  Kalaris Therapeutics, Inc. (a) |  |  |
|  KalVista Pharmaceuticals Inc. (a) | 2 | 21 |
|  Keros Therapeutics, Inc. (a) | 3 | 36 |
|  Kewaunee Scientific Corporation (a) |  | 25 |
|  Kiniksa Pharmaceuticals International, PLC - Class A (a) | 8 | 209 |
|  Kodiak Sciences Inc. (a) | 11 | 40 |
|  Krystal Biotech, Inc. (a) | 5 | 647 |
|  Kura Oncology, Inc. (a) | 17 | 100 |
|  Kymera Therapeutics, Inc. (a) | 4 | 179 |
|  Lantheus Holdings, Inc. (a) | 11 | 868 |
|  Larimar Therapeutics, Inc. (a) (b) | 6 | 18 |
|  LeMaitre Vascular, Inc. | 4 | 317 |
|  Lensar, Inc. (a) | 1 | 14 |
|  LENZ Therapeutics, Inc. (a) (b) | 2 | 51 |
|  Lifestance Health Group, Inc. (a) | 41 | 212 |
|  Ligand Pharmaceuticals Incorporated (a) | 3 | 368 |
|  Lineage Cell Therapeutics, Inc. (a) | 4 | 4 |
|  LivaNova PLC (a) | 9 | 410 |
|  Lyell Immunopharma Inc. (a) |  | 1 |
|  MacroGenics, Inc. (a) | 15 | 18 |
|  MannKind Corporation (a) | 49 | 182 |
|  Maravai LifeSciences Holdings, Inc. - Class A (a) (b) | 25 | 61 |
|  Masimo Corporation (a) | 4 | 732 |
|  MaxCyte, Inc. (a) | 19 | 40 |
|  MediciNova, Inc. (a) | 3 | 4 |
|  Medpace Holdings, Inc. (a) | 3 | 879 |
|  MeiraGTx Holdings plc (a) | 3 | 21 |
|  Merit Medical Systems, Inc. (a) | 10 | 915 |
|  Merrimack Pharmaceuticals, Inc. (a) (d) | 4 |  |
|  Mesa Laboratories, Inc. | 1 | 105 |
|  MiMedx Group, Inc. (a) | 25 | 152 |
|  ModivCare Inc. (a) | 4 | 11 |
|  Monte Rosa Therapeutics, Inc. (a) | 3 | 12 |
|  Myriad Genetics, Inc. (a) | 17 | 89 |
|  National HealthCare Corporation | 3 | 311 |
|  National Research Corporation | 5 | 85 |
|  Nektar Therapeutics (a) | 1 | 21 |
|  Neogen Corporation (a) | 20 | 95 |
|  Neogenomics, Inc. (a) | 23 | 169 |
|  Neurocrine Biosciences, Inc. (a) |  | 56 |
|  Niagen Bioscience, Inc. (a) | 2 | 35 |
|  Nkarta, Inc. (a) | 7 | 12 |
|  Nurix Therapeutics, Inc. (a) | 7 | 77 |
|  Nutex Health Inc. (a) |  | 27 |
|  Nuvation Bio Operating Company LLC - Class A (a) (b) | 4 | 7 |
|  Olema Pharmaceuticals Inc. (a) | 13 | 56 |
|  OmniAb, Inc. (a) (d) | 1 |  |
|  OmniAb, Inc. (a) (d) | 1 |  |
|  OmniAb, Inc. (a) | 23 | 40 |
|  Omnicell, Inc. (a) | 8 | 239 |
|  OPKO Health, Inc. (a) | 22 | 29 |
|  OptimizeRX Corporation (a) | 4 | 53 |
|  Option Care Health, Inc. (a) | 27 | 883 |
|  Orasure Technologies, Inc. (a) | 14 | 43 |
|  Organogenesis Holdings Inc. - Class A (a) | 22 | 82 |
|  Organon & Co. | 35 | 343 |
|  Oric Pharmaceuticals, Inc. (a) | 11 | 111 |
|  Orthofix Medical Inc. (a) | 7 | 79 |
|  Orthopediatrics Corp. (a) | 5 | 110 |
|  Oscar Health, Inc. - Class A (a) | 32 | 682 |
|  Owens & Minor, Inc. (a) | 15 | 137 |
|  Pacific Biosciences of California, Inc. (a) | 12 | 15 |
|  Pacira Pharmaceuticals, Inc. (a) | 8 | 195 |
|  PDL BioPharma, Inc. (a) (b) (d) | 14 | 6 |
|  Pediatrix Medical Group, Inc. (a) | 17 | 238 |
|  Pennant Group, Inc., The (a) | 7 | 200 |
|  Penumbra, Inc. (a) | 1 | 317 |
|  Performant Healthcare, Inc. (a) | 17 | 67 |
|  Perrigo Company Public Limited Company | 23 | 602 |
|  Personalis, Inc. (a) | 5 | 36 |
|  Phibro Animal Health Corporation - Class A | 4 | 108 |
|  Phreesia, Inc. (a) | 1 | 38 |
|  Pliant Therapeutics, Inc. (a) | 10 | 11 |
|  Premier Healthcare Solutions, Inc. - Class A | 14 | 317 |
|  Prestige Consumer Healthcare Inc. (a) | 9 | 687 |
|  Privia Health Group Inc. (a) | 18 | 407 |
|  Progyny, Inc. (a) | 15 | 327 |
|  Prothena Corporation Public Limited Company (a) | 9 | 52 |
|  PTC Therapeutics, Inc. (a) | 8 | 404 |
|  Pulmonx Corporation (a) | 9 | 23 |
|  Puma Biotechnology, Inc. (a) | 10 | 35 |
|  Pyxis Oncology, Inc. (a) | 4 | 4 |
|  Quanterix Corporation (a) | 9 | 58 |
|  QuidelOrtho Corporation (a) | 11 | 311 |
|  Quipt Home Medical Corp. (a) | 6 | 10 |
|  RadNet, Inc. (a) | 14 | 786 |
|  Rafael Holdings, Inc. - Class B (a) | 4 | 7 |
|  RAPT Therapeutics, Inc. (a) | 1 | 7 |
|  Regenxbio Inc. (a) | 10 | 84 |
|  Relay Therapeutics, Inc. (a) | 21 | 73 |
|  Repligen Corporation (a) | 6 | 778 |
|  Replimune Group, Inc. (a) | 13 | 119 |
|  Revolution Medicines, Inc. (a) | 13 | 485 |
|  Rezolute, Inc. (a) | 6 | 26 |
|  Rigel Pharmaceuticals, Inc. (a) | 1 | 20 |
|  Rocket Pharmaceuticals, Inc. (a) | 12 | 29 |
|  Roivant Sciences Ltd. (a) | 94 | 1064 |
|  RxSight, Inc. (a) | 7 | 91 |
|  Sage Therapeutics Inc. (a) | 10 | 94 |
|  Sana Biotechnology, Inc. (a) (b) | 13 | 37 |
|  Sanara Medtech Inc. (a) | 1 | 24 |
|  Sarepta Therapeutics, Inc. (a) | 6 | 103 |

---

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page [607](#abbreviations).

**JNL Series Trust** (Unaudited)

**Schedules of Investments (in thousands)**

June 30, 2025

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| Schrodinger, Inc. (a) | 7 | 142 |
| Seer, Inc. - Class A (a) | 6 | 13 |
| Select Medical Holdings Corporation | 22 | 338 |
| Semler Scientific, Inc. (a) (b) | 2 | 61 |
| Sensus Healthcare, Inc. (a) | 2 | 11 |
| Sera Prognostics, Inc. - Class A (a) | 3 | 9 |
| SI-BONE, Inc. (a) | 8 | 145 |
| SIGA Technologies, Inc. | 14 | 90 |
| Sight Sciences, Inc. (a) | 8 | 33 |
| Simulations Plus, Inc. | 4 | 66 |
| Solid Biosciences Inc. (a) | 2 | 9 |
| Sotera Health LLC (a) | 44 | 485 |
| Spyre Therapeutics, Inc. (a) | 2 | 36 |
| STAAR Surgical Company (a) | 8 | 139 |
| Stoke Therapeutics, Inc. (a) | 9 | 101 |
| Supernus Pharmaceuticals, Inc. (a) | 10 | 304 |
| Surgery Partners, Inc. (a) | 22 | 480 |
| Surmodics, Inc. (a) | 4 | 105 |
| Sutro Biopharma, Inc. (a) | 12 | 8 |
| Syndax Pharmaceuticals, Inc. (a) | 8 | 76 |
| Tactile Systems Technology, Inc. (a) | 6 | 60 |
| Talkspace, Inc. (a) | 25 | 69 |
| Tango Therapeutics, Inc. (a) (b) | 13 | 68 |
| Tarsus Pharmaceuticals, Inc. (a) | 1 | 39 |
| Teladoc Health, Inc. (a) | 28 | 242 |
| Teleflex Incorporated | 6 | 665 |
| Terns Pharmaceuticals, Inc. (a) | 13 | 47 |
| The Ensign Group, Inc. | 9 | 1454 |
| Theravance Biopharma, Inc. (a) | 8 | 93 |
| Third Harmonic Bio, Inc. (a) | 4 | 21 |
| TransMedics Group, Inc. (a) (b) | 5 | 683 |
| Treace Medical Concepts, Inc. (a) | 5 | 28 |
| Trevi Therapeutics, Inc. (a) | 7 | 36 |
| TruBridge, Inc. (a) | 4 | 83 |
| TScan Therapeutics, Inc. (a) | 3 | 5 |
| Twist Bioscience Corporation (a) | 8 | 287 |
| Tyra Biosciences, Inc. (a) (b) | 3 | 25 |
| U. S. Physical Therapy, Inc. | 3 | 199 |
| UFP Technologies, Inc. (a) | 1 | 359 |
| Utah Medical Products, Inc. | 1 | 55 |
| Vanda Pharmaceuticals Inc. (a) | 14 | 65 |
| Varex Imaging Corporation (a) | 9 | 79 |
| Ventyx Biosciences, Inc. (a) |  | 1 |
| Vera Therapeutics, Inc. - Class A (a) | 2 | 58 |
| Veracyte, Inc. (a) | 13 | 350 |
| Vericel Corporation (a) | 8 | 341 |
| Verve Therapeutics, Inc. (a) | 1 | 15 |
| Viatris Inc. | 70 | 621 |
| VIR Biotechnology, Inc. (a) | 16 | 80 |
| Viridian Therapeutics, Inc. (a) | 1 | 15 |
| Voyager Therapeutics, Inc. (a) | 8 | 23 |
| Xbiotech Inc (a) | 6 | 18 |
| Xencor, Inc. (a) | 12 | 98 |
| Xenon Pharmaceuticals Inc. (a) | 4 | 113 |
| Y-mAbs Therapeutics, Inc. (a) | 8 | 38 |
| Zentalis Pharmaceuticals, Inc. (a) | 2 | 3 |
| ZimVie Inc. (a) | 5 | 50 |
| Zura Bio Limited - Class A (a) (b) | 7 | 8 |
| Zymeworks Inc. (a) | 11 | 137 |
| | | 66893 |
| **Materials 5.6%** | **Materials 5.6%** | **Materials 5.6%** |
| Advanced Emissions Solutions, Inc. (a) | 6 | 32 |
| AdvanSix Inc. | 5 | 119 |
| Albemarle Corporation | 15 | 931 |
| Alcoa Corporation | 34 | 989 |
| Alpha Metallurgical Resources, Inc. (a) | 2 | 193 |
| Alto Ingredients, Inc. (a) | 20 | 23 |
| American Vanguard Corporation | 6 | 24 |
| Ampco-Pittsburgh Corporation (a) | 3 | 8 |
| AptarGroup, Inc. | 5 | 852 |
| Ardagh Metal Packaging S.A. | 48 | 206 |
| Ascent Industries Co. (a) | 2 | 23 |
| Ashland Inc. | 8 | 397 |
| Aspen Aerogels, Inc. (a) | 13 | 80 |
| Avient Corporation | 15 | 496 |
| Axalta Coating Systems Ltd. (a) | 31 | 917 |
| Balchem Corporation | 6 | 877 |
| Bioceres Crop Solutions Corp. (a) (b) | 4 | 16 |
| Cabot Corporation | 9 | 708 |
| Caledonia Mining Corporation PLC | 3 | 52 |
| Carpenter Technology Corporation | 8 | 2216 |
| Celanese Corporation - Class A | 8 | 435 |
| Century Aluminum Company (a) | 17 | 302 |
| Chemours Company, The | 24 | 279 |
| Clearwater Paper Corporation (a) | 3 | 93 |
| Cleveland-Cliffs Inc. (a) | 63 | 482 |
| Coeur Mining, Inc. (a) | 76 | 670 |
| Commercial Metals Company | 20 | 987 |
| Compass Minerals International, Inc. (a) | 7 | 139 |
| Core Molding Technologies, Inc. (a) |  | 3 |
| Crown Holdings, Inc. | 4 | 403 |
| Dakota Gold Corp. (a) | 13 | 47 |
| Eagle Materials Inc. | 4 | 811 |
| Eastman Chemical Company | 12 | 924 |
| Ecovyst Inc. (a) | 20 | 166 |
| Element Solutions Inc. | 44 | 993 |
| Ferroglobe PLC | 33 | 122 |
| Flotek Industries, Inc. (a) | 3 | 47 |
| FMC Corporation | 15 | 622 |
| Fortitude Gold Corporation | 2 | 8 |
| Friedman Industries, Incorporated | 2 | 25 |
| Graphic Packaging Holding Company | 39 | 819 |
| Greif, Inc. - Class A | 4 | 291 |
| Greif, Inc. - Class B | 3 | 189 |
| H.B. Fuller Company | 9 | 554 |
| Hawkins, Inc. | 4 | 563 |
| Hecla Mining Company | 107 | 641 |
| Huntsman Corporation | 28 | 293 |
| Idaho Strategic Resources, Inc. (a) | 1 | 12 |
| Ingevity Corporation (a) | 6 | 279 |
| Innospec Inc. | 4 | 348 |
| Intrepid Potash, Inc. (a) | 3 | 102 |
| Ivanhoe Electric Inc. (a) | 6 | 58 |
| Kaiser Aluminum Corporation | 3 | 231 |
| Koppers Holdings Inc. | 4 | 135 |
| KRC Materials, Inc. (a) | 9 | 742 |
| Kronos Worldwide, Inc. | 12 | 76 |
| Louisiana-Pacific Corporation (W VA) | 11 | 988 |
| LSB Industries, Inc. (a) | 13 | 98 |
| Magnera Corporation (a) | 1 | 13 |
| Materion Corporation | 3 | 273 |
| MATIV Holdings, Inc. | 12 | 82 |
| Mercer International Inc. | 13 | 46 |
| Metallus Inc. (a) | 8 | 129 |
| Minera Andes Inc. (a) | 7 | 64 |
| Minerals Technologies Inc. | 6 | 323 |
| Mosaic Company, The | 33 | 1193 |
| MP Materials Corp. - Class A (a) (b) | 22 | 716 |
| Myers Industries, Inc. | 5 | 75 |
| NewMarket Corporation | 2 | 1069 |
| Nexa Resources S.A. | 9 | 43 |
| O-I Glass, Inc. (a) | 26 | 383 |
| Olin Corporation | 15 | 304 |
| Olympic Steel, Inc. | 2 | 71 |
| Orion Engineered Carbons Finance & Co. S.C.A. | 11 | 113 |
| Perimeter Solutions, Inc. (a) | 16 | 229 |
| Piedmont Lithium Inc. (a) | 2 | 14 |
| Quaker Chemical Corporation | 3 | 327 |
| Radius Recycling, Inc. - Class A | 3 | 98 |
| Ramaco Resources, Inc. - Class A (b) | 8 | 103 |
| Ramaco Resources, Inc. - Class B (b) | 2 | 17 |
| Ranpak Holdings Corp - Class A (a) | 14 | 49 |
| Rayonier Advanced Materials Inc. (a) | 13 | 50 |
| Royal Gold, Inc. | 5 | 968 |
| Ryerson Holding Corporation | 7 | 144 |
| Scotts Miracle-Gro Company, The | 6 | 390 |
| Sealed Air Corporation | 22 | 674 |
| Sensient Technologies Corporation | 7 | 701 |
| Silgan Holdings Inc. | 18 | 959 |

---

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page [607](#abbreviations).

**JNL Series Trust** (Unaudited)

**Schedules of Investments (in thousands)**

June 30, 2025

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| Smith-Midland Corporation (a) | 1 | 40 |
| Sonoco Products Company | 14 | 596 |
| Stepan Company | 4 | 209 |
| SunCoke Energy, Inc. | 15 | 128 |
| Sylvamo Corporation | 7 | 328 |
| Tredegar Corporation (a) | 8 | 72 |
| TriMas Corporation | 8 | 215 |
| Trinseo Public Limited Company (b) | 5 | 17 |
| Tronox Holdings PLC | 28 | 144 |
| United States Lime & Minerals, Inc. | 5 | 479 |
| Warrior Met Coal, Inc. | 8 | 385 |
| Westlake Corporation | 1 | 50 |
| Worthington Steel, Inc. | 9 | 269 |
| | | 35688 |
| **Energy 4.9%** | **Energy 4.9%** | **Energy 4.9%** |
| Amplify Energy Corp. (a) | 9 | 30 |
| Antero Midstream Corporation | 78 | 1478 |
| Antero Resources Corporation (a) | 22 | 882 |
| Apa Corp. | 46 | 839 |
| Archrock, Inc. | 29 | 717 |
| Ardmore Shipping Services (Ireland) Limited | 8 | 81 |
| Aris Water Solutions, Inc. - Class A | 5 | 124 |
| Atlas Energy Solutions Inc. (b) | 1 | 19 |
| Berry Corporation (Bry) | 14 | 38 |
| Bristow Holdings U.S. Inc. (a) | 5 | 174 |
| Cactus, Inc. - Class A | 11 | 474 |
| California Resources Corporation | 10 | 469 |
| Centrus Energy Corp. - Class A (a) | 3 | 470 |
| ChampionX Corporation | 32 | 805 |
| Chord Energy Corporation | 1 | 87 |
| Civitas Resources, Inc. | 9 | 254 |
| Clean Energy Fuels Corp. (a) | 46 | 89 |
| CNX Resources Corporation (a) | 24 | 813 |
| Comstock Resources, Inc. (a) (b) | 46 | 1262 |
| Core Laboratories LP | 9 | 100 |
| Core Natural Resources, Inc. | 5 | 319 |
| Crescent Energy Company - Class A | 23 | 194 |
| CVR Energy, Inc. | 17 | 459 |
| Delek US Holdings, Inc. | 11 | 228 |
| DHT Holdings, Inc. | 28 | 305 |
| DMC Global Inc. (a) | 5 | 43 |
| Dorian LPG Ltd. | 8 | 197 |
| DT Midstream, Inc. | 12 | 1298 |
| enCore Energy Corp. (a) | 6 | 18 |
| Energy Services of America Corporation | 1 | 13 |
| Epsilon Energy Ltd. | 5 | 36 |
| Evolution Petroleum Corporation | 9 | 40 |
| Excelerate Energy, Inc. - Class A | 4 | 116 |
| Expro Group Holdings N.V. (a) | 19 | 164 |
| Forum Energy Technologies, Inc. (a) | 2 | 43 |
| FutureFuel Corp. | 10 | 41 |
| Geospace Technologies Corporation (a) | 3 | 50 |
| Gevo, Inc. (a) (b) | 5 | 7 |
| Granite Ridge Resources, Inc. | 7 | 46 |
| Green Plains Inc. (a) | 11 | 65 |
| Gulf Island Fabrication, Inc. (a) | 2 | 11 |
| Gulfport Energy Operating Corporation (a) | 3 | 583 |
| Hallador Energy Company (a) | 8 | 124 |
| Helix Energy Solutions Group, Inc. (a) | 27 | 166 |
| Helmerich & Payne, Inc. | 16 | 250 |
| HF Sinclair Corporation | 28 | 1132 |
| Innovex International, Inc. (a) | 8 | 121 |
| International Seaways, Inc. | 8 | 309 |
| Kinetik Holdings Inc. - Class A | 9 | 376 |
| KLX Energy Services Holdings, Inc. (a) (b) | 1 | 2 |
| Kodiak Gas Services, LLC | 9 | 313 |
| Kosmos Energy Ltd. (a) | 47 | 82 |
| Liberty Energy Inc. - Class A | 27 | 314 |
| Lightbridge Corporation (a) (b) |  |  |
| Magnolia Oil & Gas Corporation - Class A | 30 | 686 |
| Mammoth Energy Services, Inc. (a) | 11 | 31 |
| Matador Resources Company | 17 | 810 |
| Murphy Oil Corporation | 23 | 515 |
| Nabors Industries Ltd. (a) | 2 | 61 |
| NACCO Industries, Inc. - Class A | 2 | 78 |
| Natural Gas Services Group, Inc. (a) | 2 | 53 |
| New Fortress Energy Inc. - Class A | 18 | 58 |
| Noble Corporation 2022 Limited | 19 | 514 |
| Nordic American Tankers Limited | 48 | 126 |
| Northern Oil and Gas Incorporated | 14 | 394 |
| NOV Inc. | 50 | 624 |
| Oceaneering International, Inc. (a) | 17 | 358 |
| Oil States International, Inc. (a) | 16 | 83 |
| Opal Fuels Inc. - Class A (a) (b) | 2 | 5 |
| Ovintiv Canada ULC | 27 | 1025 |
| Par Pacific Holdings, Inc. (a) | 8 | 224 |
| Patterson-UTI Energy, Inc. | 33 | 197 |
| PBF Energy Inc. - Class A | 19 | 417 |
| Peabody Energy Corporation | 21 | 278 |
| Permian Resources Corporation - Class A | 51 | 688 |
| Primeenergy Resources Corporation (a) |  | 38 |
| Propetro Holding Corp. (a) | 19 | 115 |
| Range Resources Corporation | 39 | 1590 |
| Ranger Energy Services, Inc. - Class A | 4 | 51 |
| REX American Resources Corporation (a) | 4 | 176 |
| Riley Exploration - Permian, LLC | 2 | 43 |
| Ring Energy Inc. (a) | 2 | 2 |
| RPC, Inc. | 38 | 178 |
| SandRidge Energy, Inc. | 6 | 67 |
| Scorpio Tankers Inc. | 9 | 341 |
| SEACOR Marine Holdings Inc. (a) | 7 | 37 |
| Seadrill Limited (a) | 11 | 284 |
| Select Water Solutions, Inc. - Class A | 19 | 164 |
| SFL Corporation Ltd. | 24 | 202 |
| SM Energy Company | 15 | 377 |
| Smart Sand, Inc. | 10 | 19 |
| Solaris Energy Infrastructure, Inc. - Class A | 8 | 233 |
| STR Sub Inc. - Class A | 11 | 200 |
| Talos Energy Inc. (a) | 30 | 254 |
| Teekay Corporation | 19 | 153 |
| Teekay Tankers Ltd. - Class A | 5 | 224 |
| TETRA Technologies, Inc. (a) | 28 | 95 |
| Tidewater Inc. (a) | 9 | 398 |
| Transocean Ltd. (a) (c) | 113 | 294 |
| Uranium Energy Corp. (a) | 66 | 451 |
| VAALCO Energy, Inc. | 16 | 58 |
| Valaris Limited (a) | 11 | 483 |
| Vital Energy, Inc. (a) | 5 | 75 |
| Vitesse Energy, Inc. | 5 | 114 |
| W&T Offshore, Inc. (b) | 13 | 21 |
| Weatherford International Public Limited Company | 10 | 488 |
| World Kinect Corporation | 11 | 298 |
|  |  | 31418 |
| **Consumer Staples 4.2%** | **Consumer Staples 4.2%** | **Consumer Staples 4.2%** |
| Alico, Inc. | 2 | 50 |
| Andersons, Inc., The | 6 | 222 |
| B&G Foods, Inc. (b) | 10 | 41 |
| Beauty Health Company, The - Class A (a) (b) | 14 | 27 |
| Bellring Intermediate Holdings, Inc. (a) | 20 | 1178 |
| Boston Beer Company, Inc., The - Class A (a) | 2 | 290 |
| Bunge Global SA | 3 | 201 |
| Calavo Growers, Inc. | 3 | 86 |
| Cal-Maine Foods, Inc. | 8 | 752 |
| Campbell's Company, The | 26 | 805 |
| Celsius Holdings, Inc. (a) | 16 | 755 |
| Central Garden & Pet Company (a) | 1 | 52 |
| Central Garden & Pet Company - Class A (a) | 9 | 275 |
| Coca-Cola Consolidated, Inc. | 9 | 1006 |
| Conagra Brands, Inc. | 13 | 260 |
| Coty Inc. - Class A (a) | 73 | 340 |
| Darling Ingredients Inc. (a) | 21 | 813 |
| Del Monte Fresh Produce Company | 8 | 268 |
| Dole Public Limited Company | 9 | 124 |
| e.l.f. Beauty, Inc. (a) | 7 | 858 |
| Edgewell Personal Care Colombia S A S | 8 | 198 |
| Energizer Holdings, Inc. | 12 | 249 |
| Farmer Bros. Co. (a) | 4 | 6 |
| Flowers Foods, Inc. | 34 | 539 |

---

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page [607](#abbreviations).

**JNL Series Trust** (Unaudited)

**Schedules of Investments (in thousands)**

June 30, 2025

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| Freshpet, Inc. (a) | 8 | 532 |
| Grocery Outlet Holding Corp. (a) | 16 | 200 |
| Herbalife Nutrition Ltd. (a) | 16 | 138 |
| Ingles Markets, Incorporated - Class A | 3 | 173 |
| Ingredion Incorporated | 11 | 1428 |
| Interparfums, Inc. | 5 | 691 |
| J&J Snack Foods Corp. | 3 | 361 |
| J. M. Smucker Company, The |  | 11 |
| John B. Sanfilippo & Son, Inc. | 2 | 118 |
| Lamb Weston Holdings, Inc. | 17 | 889 |
| Lancaster Colony Corporation | 5 | 796 |
| LifeVantage Corporation (b) | 2 | 24 |
| Lifeway Foods, Inc. (a) | 3 | 64 |
| Limoneira Company | 4 | 69 |
| Mama's Creations, Inc. (a) | 8 | 67 |
| Maplebear Inc. (a) | 1 | 32 |
| Medifast, Inc. (a) | 2 | 31 |
| MGPI Processing, Inc. | 3 | 83 |
| Mission Produce, Inc. (a) | 13 | 152 |
| Molson Coors Beverage Company - Class B | 3 | 160 |
| National Beverage Corp. | 11 | 485 |
| Natural Alternatives International, Inc. (a) | 1 | 3 |
| Natural Grocers By Vitamin Cottage, Inc. | 6 | 243 |
| Natural Health Trends Corp. | 1 | 4 |
| Nature's Sunshine Products, Inc. (a) | 5 | 70 |
| Nu Skin Enterprises, Inc. - Class A | 9 | 72 |
| Oil-Dri Corporation of America | 2 | 129 |
| Olaplex Holdings, Inc. (a) | 6 | 8 |
| Pilgrim's Pride Corporation | 3 | 147 |
| Post Holdings, Inc. (a) | 10 | 1064 |
| PriceSmart, Inc. | 5 | 546 |
| Reynolds Consumer Products Inc. | 25 | 530 |
| Rocky Mountain Chocolate Factory, Inc. (a) | 1 | 2 |
| Seaboard Corporation |  | 412 |
| Seneca Foods Corporation - Class A (a) | 1 | 112 |
| Simply Good Foods Company, The (a) | 17 | 521 |
| Spartannash Company | 8 | 207 |
| Spectrum Brands Holdings, Inc. | 5 | 265 |
| Sprouts Farmers Market, Inc. (a) | 15 | 2512 |
| The Chefs' Warehouse, Inc. (a) | 7 | 445 |
| The Hain Celestial Group, Inc. (a) | 17 | 26 |
| The Honest Company, Inc. (a) | 16 | 83 |
| Tootsie Roll Industries, Inc. | 7 | 243 |
| Treehouse Foods, Inc. (a) | 9 | 184 |
| Turning Point Brands, Inc. | 4 | 286 |
| United Natural Foods, Inc. (a) | 13 | 296 |
| United-Guardian, Inc. |  | 1 |
| Universal Corporation | 4 | 253 |
| USANA Health Sciences, Inc. (a) | 3 | 104 |
| UTZ Brands, Inc. - Class A | 14 | 170 |
| Village Super Market, Inc. - Class A | 2 | 92 |
| Vita Coco Company, Inc., The (a) | 10 | 354 |
| Vital Farms, Inc. (a) | 8 | 309 |
| WD-40 Company | 2 | 511 |
| Weis Markets, Inc. | 5 | 339 |
| WK Kellogg Co (b) | 7 | 112 |
| ZEVIA PBC - Class A (a) | 6 | 18 |
| | | 26572 |
| **Utilities 3.1%** | **Utilities 3.1%** | **Utilities 3.1%** |
| AES Corporation, The | 87 | 918 |
| ALLETE, Inc. | 10 | 641 |
| American States Water Company | 6 | 473 |
| Artesian Resources Corporation - Class A | 2 | 58 |
| Avista Corporation | 13 | 491 |
| Black Hills Corporation | 12 | 657 |
| California Water Service Group | 9 | 428 |
| Chesapeake Utilities Corporation | 4 | 460 |
| Clearway Energy, Inc. - Class A | 6 | 182 |
| Clearway Energy, Inc. - Class C | 13 | 430 |
| Consolidated Water Co. Ltd. | 3 | 89 |
| Essential Utilities, Inc. | 13 | 472 |
| Genie Energy Ltd. - Class B | 5 | 132 |
| Global Water Resources, Inc. | 1 | 9 |
| H2O America | 6 | 301 |
| Hawaiian Electric Industries, Inc. (a) | 26 | 281 |
| IDACORP, Inc. | 8 | 928 |
| MDU Resources Group, Inc. | 32 | 537 |
| MGE Energy, Inc. | 6 | 530 |
| Middlesex Water Company | 3 | 160 |
| Montauk Renewables, Inc. (a) | 25 | 55 |
| National Fuel Gas Company | 15 | 1232 |
| New Jersey Resources Corporation | 17 | 750 |
| Northwest Natural Holding Company | 7 | 259 |
| NorthWestern Corporation | 10 | 514 |
| OGE Energy Corp. | 30 | 1349 |
| One Gas, Inc. | 9 | 654 |
| Ormat Technologies, Inc. | 10 | 811 |
| Otter Tail Corporation | 7 | 528 |
| Pinnacle West Capital Corporation | 10 | 903 |
| Portland General Electric Company | 16 | 666 |
| Pure Cycle Corporation (a) | 6 | 63 |
| RGC Resources, Inc. | 2 | 42 |
| Southwest Gas Holdings, Inc. | 11 | 836 |
| Spire Inc. | 10 | 696 |
| The York Water Company | 3 | 96 |
| TXNM Energy, Inc. | 15 | 859 |
| UGI Corporation | 32 | 1161 |
| Unitil Corporation | 3 | 176 |
|  |  | 19827 |
| **Communication Services 3.0%** | **Communication Services 3.0%** | **Communication Services 3.0%** |
| Advantage Solutions, Inc. - Class A (a) (b) | 31 | 41 |
| Altice USA, Inc. - Class A (a) | 42 | 90 |
| AMC Networks, Inc. - Class A (a) | 8 | 48 |
| Angi Inc. - Class A (a) | 2 | 30 |
| Anterix Inc. (a) | 4 | 104 |
| Atlanta Braves Holdings, Inc. - Series A (a) | 2 | 89 |
| Atlanta Braves Holdings, Inc. - Series C (a) | 8 | 375 |
| ATN International, Inc. | 4 | 58 |
| Bandwidth Inc. - Class A (a) | 6 | 88 |
| Boston Omaha Corporation - Class A (a) | 6 | 81 |
| Bumble Inc. - Class A (a) | 20 | 134 |
| Cable One, Inc. | 1 | 104 |
| Cardlytics, Inc. (a) | 10 | 17 |
| CarGurus, Inc. - Class A (a) | 15 | 504 |
| Cars.com Inc. (a) | 11 | 135 |
| Cinemark Holdings, Inc. | 20 | 607 |
| DHI Group, Inc. (a) | 12 | 36 |
| DoubleVerify Holdings, Inc. (a) | 25 | 368 |
| Entravision Communications Corporation - Class A | 19 | 44 |
| Eventbrite, Inc. - Class A (a) | 15 | 39 |
| EverQuote, Inc. - Class A (a) | 5 | 111 |
| Frontier Communications Parent, Inc. (a) | 35 | 1272 |
| fuboTV Inc. (a) | 12 | 46 |
| Gaia, Inc. - Class A (a) | 3 | 15 |
| Gambling.Com Group Limited (a) | 7 | 81 |
| Gannett Co., Inc. (a) | 30 | 109 |
| Globalstar, Inc. (a) | 3 | 64 |
| Gogo, Inc. (a) | 19 | 283 |
| Gray Media, Inc. | 21 | 94 |
| Harte Hanks, Inc. (a) | 1 | 5 |
| IDT Corporation - Class B | 4 | 307 |
| IMAX Corporation (a) | 10 | 270 |
| Integral Ad Science Holding Corp. (a) | 26 | 214 |
| Iridium Communications Inc. | 17 | 526 |
| John Wiley & Sons, Inc. - Class A | 8 | 364 |
| Liberty Broadband Corporation - Series A (a) | 1 | 108 |
| Liberty Broadband Corporation - Series C (a) | 4 | 378 |
| Liberty Global Ltd. - Class A (a) | 25 | 250 |
| Liberty Global Ltd. - Class C (a) | 20 | 210 |
| Liberty Latin America Ltd. - Class A (a) | 5 | 29 |
| Liberty Latin America Ltd. - Class C (a) | 28 | 172 |
| Lionsgate Studios Corp. (a) | 11 | 67 |
| Lumen Technologies, Inc. (a) | 155 | 680 |
| Magnite, Inc. (a) | 24 | 572 |
| Marchex, Inc. - Class B (a) |  |  |
| Marcus Corporation, The | 4 | 75 |
| Match Group, Inc. | 33 | 1005 |
| Mediaalpha, Inc. - Class A (a) | 2 | 27 |

---

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page [607](#abbreviations).

**JNL Series Trust** (Unaudited)

**Schedules of Investments (in thousands)**

June 30, 2025

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| Nexstar Media Group, Inc. - Class A | 5 | 882 |
| Nextdoor Holdings, Inc. - Class A (a) | 34 | 57 |
| Paramount Global - Class A | 1 | 22 |
| Paramount Global - Class B | 9 | 115 |
| Playstudios, Inc. - Class A (a) | 5 | 7 |
| Podcastone, Inc. (a) |  |  |
| PubMatic, Inc. - Class A (a) | 8 | 98 |
| QuinStreet, Inc. (a) | 10 | 164 |
| Reading International, Inc. - Class A (a) | 2 | 3 |
| Reservoir Media Management, Inc. (a) | 4 | 34 |
| Saga Communications, Inc. - Class A | 1 | 12 |
| Scholastic Corporation | 5 | 109 |
| Shenandoah Telecommunications Company | 10 | 133 |
| Shutterstock, Inc. | 6 | 120 |
| Sinclair, Inc. - Class A | 8 | 109 |
| Skillz Inc. - Class A (a) | 4 | 29 |
| Sphere Entertainment Co. - Class A (a) | 5 | 223 |
| Sphere Entertainment Co. - Class A (a) | 3 | 653 |
| Sphere Entertainment Co. - Class A (a) (e) | 7 | 280 |
| Spok Holdings, Inc. | 2 | 37 |
| Stagwell, Inc. - Class A (a) | 25 | 112 |
| Starz Entertainment (a) | 1 | 12 |
| Sunrise Communications AG - ADR (b) | 7 | 399 |
| Teads Holding Co. (a) | 9 | 21 |
| TechTarget, Inc. (a) | 6 | 48 |
| TEGNA Inc. | 27 | 461 |
| Telephone and Data Systems, Inc. | 21 | 758 |
| The E.W. Scripps Company - Class A (a) | 20 | 57 |
| The New York Times Company - Class A | 24 | 1319 |
| Thryv Holdings, Inc. (a) | 8 | 96 |
| Travelzoo (a) | 2 | 26 |
| TripAdvisor, Inc. (a) | 21 | 273 |
| Truecar, Inc. (a) | 24 | 46 |
| United States Cellular Corporation (a) (b) | 9 | 565 |
| Urban One, Inc. - Class A (a) | 2 | 3 |
| Urban One, Inc. - Class D (a) | 7 | 4 |
| Vimeo, Inc. (a) | 29 | 119 |
| Vivid Seats Inc. - Class A (a) (b) | 23 | 38 |
| WideOpenWest, Inc. (a) | 13 | 52 |
| Yelp Inc. (a) | 11 | 373 |
| Zedge, Inc. - Class B (a) | 1 | 4 |
| Ziff Davis, Inc. (a) | 8 | 231 |
| ZoomInfo Technologies Inc. - Class A (a) | 47 | 476 |
| | | 18906 |
| **Real Estate 0.6%** | **Real Estate 0.6%** | **Real Estate 0.6%** |
| Anywhere Real Estate Inc. (a) | 21 | 75 |
| Compass, Inc. - Class A (a) | 59 | 369 |
| Cushman & Wakefield PLC (a) | 37 | 409 |
| Douglas Elliman Inc. (a) | 22 | 51 |
| Dwight A. Walker Real Estate, Inc. - Class A (a) | 4 | 32 |
| eXp World Holdings, Inc. (b) | 13 | 114 |
| Five Point Holdings, LLC - Class A (a) | 16 | 90 |
| Florida Rock Properties, Inc. (a) | 4 | 94 |
| Forestar Group Inc. (a) | 9 | 176 |
| Howard Hughes Holdings Inc. (a) | 8 | 550 |
| Jones Lang LaSalle Incorporated (a) |  | 12 |
| Kennedy-Wilson Holdings, Inc. | 24 | 161 |
| Marcus & Millichap Company | 7 | 202 |
| Maui Land & Pineapple Company, Inc. (a) | 4 | 67 |
| Newmark Group, Inc. - Class A | 26 | 311 |
| Open Doors Technology Inc. - Class A (a) | 91 | 48 |
| Seaport Entertainment Group Inc. (a) | 2 | 38 |
| St. Joe Company, The | 10 | 476 |
| Stratus Properties Inc. (a) | 2 | 37 |
| Tejon Ranch Co. (a) | 5 | 90 |
| The Rmr Group Inc. - Class A | 4 | 65 |
|  |  | 3467 |
| Total Common Stocks (cost $608,467) | Total Common Stocks (cost $608,467) | 636932 |
| **RIGHTS 0.0%** | **RIGHTS 0.0%** | **RIGHTS 0.0%** |
| Albireo Pharma, Inc. (a) (d) | 5 | 32 |
| Bristol-Myers Squibb Company (a) | 8 |  |
| Chinook Therapeutics, Inc. (a) (d) | 11 |  |
| Jounce Therapeutics, Inc. (a) (d) | 6 |  |
| Kinnate Biopharma Inc. (a) (d) | 1 |  |
| Opiant Pharmaceuticals, Inc. (a) (b) (d) | 1 |  |
| Poseida Therapeutics, Inc. (a) (d) | 21 | 11 |
| Resolute Forest Products Inc. (a) (d) | 16 | 4 |
| Spectrum Pharmaceuticals, Inc. (a) (d) | 30 |  |
| Total Rights (cost $0) | Total Rights (cost $0) | 47 |
| **SHORT TERM INVESTMENTS 0.6%** | **SHORT TERM INVESTMENTS 0.6%** | **SHORT TERM INVESTMENTS 0.6%** |
| **Securities Lending Collateral 0.6%** | **Securities Lending Collateral 0.6%** | **Securities Lending Collateral 0.6%** |
| JNL Government Money Market Fund - Class SL, 4.30% (f) (g) | 4033 | 4033 |
| **Investment Companies 0.0%** | **Investment Companies 0.0%** | **Investment Companies 0.0%** |
| JNL Government Money Market Fund - Class I, 4.20% (f) (g) | 26 | 26 |
| Total Short Term Investments (cost $4,059) | Total Short Term Investments (cost $4,059) | 4059 |
| **Total Investments 100.6% (cost $612,526)** | **Total Investments 100.6% (cost $612,526)** | **641038** |
| **Other Assets and Liabilities, Net (0.6)%** | **Other Assets and Liabilities, Net (0.6)%** | **(3925)** |
| **Total Net Assets 100.0%** | **Total Net Assets 100.0%** | **637113** |

---

(a) Non-income producing security.

(b) All or a portion of the security was on loan as of June 30, 2025.

(c) Security is restricted to resale to institutional investors or subject to trading restrictions due to sanctions on foreign issuers. See Restricted Securities table following the Schedules of Investments.

(d) Security fair valued in good faith as a Level 3 security in accordance with the procedures approved by the Board of Trustees. Good faith fair valued securities are classified based on the applicable valuation inputs. See "Fair Value Measurement" in the Notes to Financial Statements.

(e) Perpetual security. Next contractual call price and date are presented in parentheses, if applicable.

(f) Investment in affiliate.

(g) Yield changes daily to reflect current market conditions. Rate was the quoted yield as of June 30, 2025.

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **JNL/DFA U.S. Small Cap Fund — Investments in Affiliates** | **JNL/DFA U.S. Small Cap Fund — Investments in Affiliates** | **JNL/DFA U.S. Small Cap Fund — Investments in Affiliates** | **JNL/DFA U.S. Small Cap Fund — Investments in Affiliates** | **JNL/DFA U.S. Small Cap Fund — Investments in Affiliates** | **JNL/DFA U.S. Small Cap Fund — Investments in Affiliates** | **JNL/DFA U.S. Small Cap Fund — Investments in Affiliates** | **JNL/DFA U.S. Small Cap Fund — Investments in Affiliates** | **JNL/DFA U.S. Small Cap Fund — Investments in Affiliates** |
| **Affiliated Investment** | **Value Beginning of Period($)** | **Purchases($)** | **Sales Proceeds($)** | **Dividend Income/ Distributions from Funds($)** | **Realized Gain (Loss)($)** | **Change in Unrealized Appreciation (Depreciation) ($)** | **Value End of Period($)** | **Percentage of Net Assets(%)** |
| JNL Government Money Market Fund, 4.20% - Class I | 2030 | 46744 | 48748 | 34 |  |  | 26 |  |
| JNL Government Money Market Fund, 4.30% - Class SL | 2224 | 24833 | 23024 | 54 |  |  | 4033 | 0.6 |
|  | 4254 | 71577 | 71772 | 88 |  |  | 4059 | 0.6 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **JNL/DFA U.S. Small Cap Fund — Restricted Securities** | **JNL/DFA U.S. Small Cap Fund — Restricted Securities** | **JNL/DFA U.S. Small Cap Fund — Restricted Securities** | **JNL/DFA U.S. Small Cap Fund — Restricted Securities** | **JNL/DFA U.S. Small Cap Fund — Restricted Securities** |
|  | **Initial Acquisition** | **Cost ($)** | **Value ($)** | **Percent of**<br> **Net Assets (%)** |
| Bridgewater Bancshares, Inc. | 03/10/21 | 76 | 75 |  |

---

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page [607](#abbreviations).

**JNL Series Trust** (Unaudited)

**Schedules of Investments (in thousands)**

June 30, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
| **JNL/DFA U.S. Small Cap Fund — Restricted Securities (continued)** | **JNL/DFA U.S. Small Cap Fund — Restricted Securities (continued)** | **JNL/DFA U.S. Small Cap Fund — Restricted Securities (continued)** | **JNL/DFA U.S. Small Cap Fund — Restricted Securities (continued)** | **JNL/DFA U.S. Small Cap Fund — Restricted Securities (continued)** |
|  | **Initial Acquisition** | **Cost ($)** | **Value ($)** | **Percent of**<br> **Net Assets (%)** |
| Transocean Ltd. | 03/02/21 | 502 | 294 | 0.1 |
|  |  | 578 | 369 | 0.1 |

---

**Fair Value Hierarchy.** Various inputs are used in determining the fair value of financial instruments. For a description of the input levels and information about the Fund's policy regarding valuation of financial instruments, see Note 3 in the Notes to Financial Statements. The following table summarizes the Fund's investments categorized in the disclosure hierarchy as of June 30, 2025.

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **<u>. Level 1 ($) .</u>** | **<u>. Level 2 ($) .</u>** | **<u>. Level 3 ($) .</u>** | **<u>. Total ($) .</u>** |
| **JNL/DFA U.S. Small Cap Fund** | **JNL/DFA U.S. Small Cap Fund** | **JNL/DFA U.S. Small Cap Fund** | **JNL/DFA U.S. Small Cap Fund** | **JNL/DFA U.S. Small Cap Fund** |
| **Assets - Securities** |  |  |  |  |
| &nbsp;&nbsp; Common Stocks | 636925 |  | 7 | 636932 |
| &nbsp;&nbsp; Rights |  |  | 47 | 47 |
| &nbsp;&nbsp; Short Term Investments | 4059 |  |  | 4059 |
|  | 640984 |  | 54 | 641038 |

---

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page [607](#abbreviations).

**JNL Series Trust** (Unaudited)

**Schedules of Investments (in thousands)**

June 30, 2025

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| **JNL/DoubleLine Core Fixed Income Fund** | **JNL/DoubleLine Core Fixed Income Fund** | **JNL/DoubleLine Core Fixed Income Fund** |
| **GOVERNMENT AND AGENCY OBLIGATIONS 47.8%** | **GOVERNMENT AND AGENCY OBLIGATIONS 47.8%** | **GOVERNMENT AND AGENCY OBLIGATIONS 47.8%** |
| **Mortgage-Backed Securities 20.0%** | **Mortgage-Backed Securities 20.0%** | **Mortgage-Backed Securities 20.0%** |
| Federal Home Loan Mortgage Corporation |  |  |
| 7.48%, (1 Year Treasury + 2.36%), 07/01/27 (a) |  |  |
| 3.00%, 08/01/46 - 07/01/52 | 67390 | 59492 |
| 3.50%, 10/01/47 | 8376 | 7705 |
| 4.00%, 10/01/48 | 1673 | 1581 |
| 2.00%, 11/01/50 - 05/01/51 | 25023 | 20204 |
| 5.50%, 04/01/53 - 05/01/54 | 35412 | 35866 |
| 5.00%, 06/01/53 - 07/01/53 | 23577 | 23417 |
| 6.00%, 11/01/53 - 04/01/54 | 24075 | 24802 |
| Federal National Mortgage Association, Inc. |  |  |
| 4.00%, 07/01/25 - 01/01/46 | 169 | 167 |
| 4.50%, 08/01/25 - 07/01/42 | 1609 | 1596 |
| 5.10%, 03/01/30 | 3682 | 3793 |
| 5.09%, 05/01/30 | 4289 | 4451 |
| 4.48%, 06/01/30 | 12431 | 12714 |
| 4.97%, 07/01/31 | 7014 | 7156 |
| 2.46%, 04/01/32 | 11428 | 10107 |
| 5.41%, 12/01/32 | 5577 | 5706 |
| 6.15%, (FTSE USD IBOR Consumer Cash Fallbacks Term 1Y + 1.45%), 01/01/35 (a) | 94 | 96 |
| 6.68%, (1 Year Treasury + 2.24%), 01/01/36 (a) | 1000 | 1021 |
| 5.00%, 12/01/38 - 08/01/53 | 25882 | 25644 |
| 5.53%, 06/01/40 | 8462 | 8751 |
| 5.48%, 04/01/41 | 5467 | 5808 |
| 5.70%, (12 Month Treasury Average + 1.20%), 06/01/43 (a) | 28 | 28 |
| 3.00%, 04/01/47 | 3806 | 3383 |
| 3.50%, 06/01/47 - 04/01/52 | 19797 | 18121 |
| 2.50%, 10/01/50 - 05/01/52 | 85334 | 71792 |
| 2.00%, 11/01/50 - 02/01/51 | 27310 | 21969 |
| 6.00%, 05/01/53 - 06/01/54 | 42464 | 43545 |
| 5.50%, 08/01/53 - 08/01/54 | 40522 | 40909 |
| Government National Mortgage Association |  |  |
| 4.88%, (1 Year Treasury + 1.50%), 05/20/26 - 05/20/30 (a) | 1 | 1 |
| 5.63%, (1 Year Treasury + 1.50%), 02/20/27 - 02/20/32 (a) | 9 | 9 |
| 5.00%, (1 Year Treasury + 1.50%), 04/20/30 (a) |  |  |
| 5.00%, 02/15/38 - 07/15/39 | 2738 | 2768 |
| 3.50%, 09/15/42 - 07/20/51 | 33527 | 30886 |
| 3.00%, 11/15/44 - 04/20/52 | 25988 | 22833 |
| 2.50%, 10/20/51 - 11/20/51 | 15927 | 13493 |
|  |  | 529814 |
| **U.S. Treasury Note 13.3%** | **U.S. Treasury Note 13.3%** | **U.S. Treasury Note 13.3%** |
| Treasury, United States Department of |  |  |
| 0.25%, 07/31/25 | 400 | 399 |
| 0.38%, 11/30/25 | 790 | 777 |
| 0.75%, 03/31/26 - 01/31/28 | 96120 | 91024 |
| 0.63%, 03/31/27 - 08/15/30 | 151380 | 129864 |
| 0.50%, 10/31/27 | 730 | 678 |
| 0.88%, 11/15/30 | 152990 | 131237 |
|  |  | 353979 |
| **U.S. Treasury Bond 9.3%** | **U.S. Treasury Bond 9.3%** | **U.S. Treasury Bond 9.3%** |
| Treasury, United States Department of |  |  |
| 1.13%, 05/15/40 - 08/15/40 | 211460 | 130007 |
| 1.38%, 11/15/40 - 08/15/50 | 2220 | 1196 |
| 1.88%, 02/15/41 - 02/15/51 | 106640 | 73256 |
| 1.75%, 08/15/41 | 61440 | 40762 |
| 1.25%, 05/15/50 | 1610 | 773 |
|  |  | 245994 |
| **Collateralized Mortgage Obligations 3.9%** | **Collateralized Mortgage Obligations 3.9%** | **Collateralized Mortgage Obligations 3.9%** |
| Connecticut Avenue Securities Trust 2022-R04 |  |  |
| Series 2022-1M2-R04, REMIC, 7.41%, (SOFR 30-Day Average + 3.10%), 03/25/42 (a) | 6000 | 6181 |
| Connecticut Avenue Securities Trust 2024-R03 |  |  |
| Series 2024-2M1-R03, REMIC, 5.46%, (SOFR 30-Day Average + 1.15%), 03/25/27 (a) | 6855 | 6861 |
| Federal Home Loan Mortgage Corporation |  |  |
| Series 2023-A-GSP, REMIC, 6.70%, 01/12/29 (a) | 2350 | 2467 |
| Series LZ-2764, REMIC, 4.50%, 03/15/34 | 905 | 892 |
| Series QD-4076, REMIC, 2.50%, 11/15/41 | 128 | 126 |
| Series 2022-M1B-DNA3, REMIC, 7.21%, (SOFR 30-Day Average + 2.90%), 04/25/42 (a) | 10000 | 10299 |
| Series 2024-M2-HQA2, REMIC, 6.11%, (SOFR 30-Day Average + 1.80%), 08/25/44 (a) | 4000 | 4023 |
| Series 2025-A1-DNA1, REMIC, 5.26%, (SOFR 30-Day Average + 0.95%), 01/25/45 (a) | 1899 | 1898 |
| Series FK-5092, REMIC, 4.00%, (SOFR 30-Day Average + 0.70%), 03/25/51 (a) | 3909 | 3072 |
| Series FD-5527, REMIC, 5.51%, (SOFR 30-Day Average + 1.20%), 09/25/54 (a) | 15229 | 15162 |
| Series FB-5524, REMIC, 5.51%, (SOFR 30-Day Average + 1.20%), 04/25/55 (a) | 15283 | 15217 |
| Federal National Mortgage Association, Inc. |  |  |
| Series 2006-3A2-5, REMIC, 6.78%, 05/25/35 (a) | 5 | 5 |
| REMIC, 0.00%, 04/25/48 | 4922 | 3642 |
| Interest Only, Series 2021-NS-48, REMIC, 0.00%, (3.65% - (SOFR 30-Day Average \* 1)), 08/25/51 (a) | 10859 | 339 |
| Series 2024-FC-96, REMIC, 5.51%, (SOFR 30-Day Average + 1.20%), 12/25/54 (a) | 11980 | 11936 |
| Series 2024-FA-90, REMIC, 5.81%, (SOFR 30-Day Average + 1.50%), 12/25/54 (a) | 4946 | 4960 |
| Government National Mortgage Association |  |  |
| Interest Only, Series 2020-IO-188, REMIC, 2.00%, 12/20/50 | 8363 | 994 |
| Interest Only, Series 2021-IU-159, REMIC, 3.00%, 09/20/51 | 10185 | 1847 |
| Government National Mortgage Association Guaranteed REMIC Pass-Through Securities, The |  |  |
| Series 2025-FA-42, REMIC, 5.81%, (SOFR 30-Day Average + 1.50%), 06/25/55 (a) | 6495 | 6512 |
| Government National Mortgage Association REMIC Trust 2019-052 |  |  |
| Series 2019-FA-56, REMIC, 4.78%, (1 Month Term SOFR + 0.46%), 05/20/49 (a) | 6588 | 6424 |
|  |  | 102857 |
| **Sovereign 1.3%** | **Sovereign 1.3%** | **Sovereign 1.3%** |
| Assembleia da Republica |  |  |
| 0.48%, 10/18/30, EUR (b) | 400 | 427 |
| Bundesrepublik Deutschland |  |  |
| 0.00%, 08/15/30, EUR (c) | 1350 | 1426 |
| 0.00%, 02/15/31, EUR (b) (c) | 750 | 782 |
| 1.70%, 08/15/32, EUR | 860 | 970 |
| Cabinet Office, Government of Japan |  |  |
| 0.10%, 12/20/26 - 12/20/27, JPY | 113800 | 781 |
| 1.90%, 03/20/31, JPY | 133000 | 968 |
| 0.50%, 03/20/38, JPY | 94500 | 561 |
| 0.30%, 09/20/39, JPY | 130000 | 719 |
| Canada, Government of |  |  |
| 1.50%, 06/01/31, CAD | 500 | 338 |
| 3.25%, 12/01/34, CAD | 480 | 352 |
| Comision De Promocion Del Peru Para La Exportacion Y El Turismo |  |  |
| 6.15%, 08/12/32, PEN | 3900 | 1141 |
| Commonwealth of Australia |  |  |
| 1.50%, 06/21/31, AUD (b) | 700 | 408 |
| 2.75%, 06/21/35, AUD (b) | 1270 | 741 |
| Departamento Administrativo De La Presidencia De La Republica |  |  |
| 5.00%, 06/15/45 | 1300 | 881 |
| 4.13%, 05/15/51 | 2700 | 1539 |
| Estado Espanol |  |  |
| 0.60%, 10/31/29, EUR | 1000 | 1092 |
| 0.50%, 04/30/30, EUR (b) | 860 | 923 |
| French Republic Government Bond OAT |  |  |
| 0.50%, 05/25/29, EUR (b) | 830 | 910 |
| 1.50%, 05/25/31, EUR (b) | 400 | 441 |
| Gobierno de la Republica de Guatemala |  |  |
| 4.50%, 05/03/26 (b) | 800 | 793 |
| 4.38%, 06/05/27 (b) | 200 | 197 |

---

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page [607](#abbreviations).

**JNL Series Trust** (Unaudited)

**Schedules of Investments (in thousands)**

June 30, 2025

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| 4.88%, 02/13/28 (b) | 300 | 297 |
| 5.25%, 08/10/29 (b) | 700 | 695 |
| Gobierno de La Republica del Paraguay |  |  |
| 4.70%, 03/27/27 (b) | 686 | 684 |
| Gobierno Federal de los Estados Unidos Mexicanos |  |  |
| 5.75%, 03/05/26, MXN | 7000 | 367 |
| 8.50%, 02/28/30, MXN | 13000 | 709 |
| 7.75%, 05/29/31, MXN | 7700 | 390 |
| 4.40%, 02/12/52 | 500 | 351 |
| 6.34%, 05/04/53 | 2800 | 2572 |
| Gouvernement De France |  |  |
| 3.00%, 05/25/33, EUR (b) | 850 | 1000 |
| Government of Ireland |  |  |
| 1.10%, 05/15/29, EUR (b) | 720 | 814 |
| HM Treasury |  |  |
| 4.38%, 03/07/30, GBP | 490 | 685 |
| 4.25%, 03/07/36, GBP (b) | 700 | 938 |
| Ministry of Finance |  |  |
| 0.50%, 02/27/26, ILS | 1500 | 436 |
| 3.75%, 09/30/27, ILS | 500 | 152 |
| Morocco, Kingdom of |  |  |
| 2.38%, 12/15/27 (b) | 200 | 188 |
| 5.95%, 03/08/28 (b) | 300 | 307 |
| 3.00%, 12/15/32 (b) | 300 | 253 |
| New Zealand Parliament |  |  |
| 1.50%, 05/15/31, NZD | 1000 | 528 |
| 4.50%, 05/15/35, NZD | 1490 | 905 |
| Presidencia de la Republica Dominicana |  |  |
| 5.95%, 01/25/27 (b) | 500 | 506 |
| 5.50%, 02/22/29 (b) | 550 | 548 |
| Sandor-Palota |  |  |
| 7.00%, 10/24/35, HUF | 122100 | 357 |
| Service Public Federal Chancellerie Du Premier Ministre |  |  |
| 0.90%, 06/22/29, EUR (b) | 290 | 324 |
| 2.85%, 10/22/34, EUR (d) | 570 | 660 |
| South Africa, Parliament of |  |  |
| 8.88%, 02/28/35, ZAR | 26000 | 1371 |
| Urad Vlady Ceske Republiky |  |  |
| 2.75%, 07/23/29, CZK | 7400 | 340 |
| 6.20%, 06/16/31, CZK | 6200 | 331 |
| Urzad Rady Ministrow |  |  |
| 1.75%, 04/25/32, PLN | 800 | 179 |
| | | 33277 |
| **Treasury Inflation Indexed Securities 0.0%** | **Treasury Inflation Indexed Securities 0.0%** | **Treasury Inflation Indexed Securities 0.0%** |
| French Republic Government Bond OAT |  |  |
| 0.70%, 07/25/30, EUR (b) (e) | 693 | 815 |
| Total Government And Agency Obligations (cost $1,283,562) | Total Government And Agency Obligations (cost $1,283,562) | 1266736 |
| **CORPORATE BONDS AND NOTES 24.5%** | **CORPORATE BONDS AND NOTES 24.5%** | **CORPORATE BONDS AND NOTES 24.5%** |
| **Financials 5.2%** | **Financials 5.2%** | **Financials 5.2%** |
| 200 Park Funding Trust |  |  |
| 5.74%, 02/15/55 (d) | 2402 | 2372 |
| Acrisure, LLC |  |  |
| 6.00%, 08/01/29 (d) | 170 | 166 |
| 6.75%, 07/01/32 (d) | 415 | 421 |
| AerCap Ireland Capital Designated Activity Company |  |  |
| 5.10%, 01/19/29 | 1489 | 1515 |
| 6.95%, 03/10/55 | 1897 | 1973 |
| Alliant Holdings Intermediate, LLC |  |  |
| 6.75%, 10/15/27 (d) | 470 | 471 |
| 6.50%, 10/01/31 (d) | 300 | 306 |
| American Equity Investment Life Holding Company |  |  |
| 5.75%, 10/01/29 | 851 | 872 |
| 6.00%, 07/15/35 | 2652 | 2664 |
| American Express Company |  |  |
| 5.02%, 04/25/31 | 4257 | 4346 |
| American International Group, Inc. |  |  |
| 5.45%, 05/07/35 | 817 | 837 |
| APH Somerset Inv 2 LLC |  |  |
| 7.88%, 11/01/29 (d) | 160 | 164 |
| Ardonagh Finco Ltd. |  |  |
| 7.75%, 02/15/31 (d) | 520 | 543 |
| Arthur J. Gallagher & Co. |  |  |
| 4.85%, 12/15/29 | 1171 | 1189 |
| 5.15%, 02/15/35 | 2436 | 2437 |
| Aspen Insurance Holdings Limited |  |  |
| 5.75%, 07/01/30 | 1712 | 1739 |
| AssuredPartners, Inc. |  |  |
| 5.63%, 01/15/29 (d) (f) | 400 | 400 |
| Athene Global Funding |  |  |
| 5.35%, 07/09/27 (d) | 1622 | 1646 |
| 4.72%, 10/08/29 (d) | 2355 | 2348 |
| Athene Holding Ltd |  |  |
| 6.63%, 10/15/54 | 1520 | 1501 |
| Aviation Capital Group LLC |  |  |
| 5.38%, 07/15/29 (d) | 1502 | 1532 |
| Avolon Holdings Funding Limited |  |  |
| 5.75%, 03/01/29 - 11/15/29 (d) | 3943 | 4057 |
| Azorra Finance Limited |  |  |
| 7.75%, 04/15/30 (d) | 275 | 286 |
| 7.25%, 01/15/31 (d) | 385 | 393 |
| Banco Continental S.A.E.C.A. |  |  |
| 2.75%, 12/10/25 (b) | 450 | 446 |
| Banco Davivienda S A |  |  |
| 6.65%, (100, 04/22/31) (d) (g) | 400 | 356 |
| 8.13%, 07/02/35 (d) | 400 | 402 |
| Banco De Bogota |  |  |
| 6.25%, 05/12/26 (b) | 1000 | 1002 |
| Banco de Credito del Peru |  |  |
| 3.13%, 07/01/30 (b) | 750 | 750 |
| 3.13%, 07/01/30 (d) | 800 | 800 |
| 3.25%, 09/30/31 (b) | 1450 | 1407 |
| Banco do Brasil S.A |  |  |
| 8.75%, (10 Year Treasury + 4.40%), (100, 10/15/25) (a) (b) (g) | 1800 | 1816 |
| Banco Espirito Santo S.A. |  |  |
| 0.00%, 01/21/29, EUR (b) (h) (i) | 6400 | 1541 |
| Banco GNB Sudameris S.A. |  |  |
| 7.50%, 04/16/31 (b) | 150 | 148 |
| Banco Industrial S.A. |  |  |
| 4.88%, 01/29/31 (b) | 1800 | 1788 |
| Banco Internacional Del Peru S.A.A. – Interbank |  |  |
| 4.00%, 07/08/30 (b) | 2400 | 2395 |
| 6.40%, 04/30/35 (d) | 600 | 612 |
| Banco Mercantil Del Norte, S.A., Institucion De Banca Multiple, Grupo Financiero Banorte |  |  |
| 7.50%, (100, 06/27/29) (b) (g) | 200 | 200 |
| 7.63%, (100, 01/10/28) (b) (g) | 400 | 402 |
| 8.38%, (100, 05/20/31) (d) (g) | 1100 | 1117 |
| Banco Nacional De Comercio Exterior, S.N.C. |  |  |
| 2.72%, 08/11/31 (b) | 300 | 284 |
| Banco Santander Mexico, S.A., I.B.M., Grupo Financiero Santander Mexico |  |  |
| 8.13%, 01/08/39 (b) | 1300 | 1347 |
| Bancolombia SA |  |  |
| 8.63%, 12/24/34 | 300 | 315 |
| Bank of America Corporation |  |  |
| 6.63%, (100, 05/01/30) (g) | 1050 | 1095 |
| 2.57%, 10/20/32 | 1566 | 1380 |
| 5.47%, 01/23/35 | 1577 | 1620 |
| 5.74%, 02/12/36 | 1727 | 1755 |
| Bank of New York Mellon Corporation, The |  |  |
| 5.06%, 07/22/32 | 1764 | 1804 |
| Banque Nationale Du Canada |  |  |
| 4.50%, 10/10/29 (j) | 715 | 714 |
| BBVA Mexico, S.A., Institucion de Banca Multiple, Grupo Financiero BBVA Mexico |  |  |
| 5.88%, 09/13/34 (b) | 300 | 295 |
| BPCE |  |  |
| 6.29%, 01/14/36 (d) (j) | 2429 | 2550 |
| Brookfield Financial, Inc. |  |  |
| 5.81%, 03/03/55 | 2072 | 2023 |
| Brown & Brown, Inc. |  |  |
| 6.25%, 06/23/55 | 833 | 859 |
| CaixaBank, S.A. |  |  |
| 6.04%, 06/15/35 (d) | 1951 | 2040 |

---

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page [607](#abbreviations).

**JNL Series Trust** (Unaudited)

**Schedules of Investments (in thousands)**

June 30, 2025

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| Canadian Imperial Bank of Commerce |  |  |
| 5.25%, 01/13/31 (j) | 2027 | 2072 |
| Citigroup Inc. |  |  |
| 3.07%, 02/24/28 | 842 | 823 |
| 4.95%, 05/07/31 | 1742 | 1762 |
| 6.17%, 05/25/34 | 976 | 1021 |
| Comerica Incorporated |  |  |
| 5.98%, 01/30/30 | 1012 | 1037 |
| Credit Agricole SA |  |  |
| 5.86%, 01/09/36 (d) (j) | 2188 | 2260 |
| DBS Group Holdings Ltd |  |  |
| 1.82%, 03/10/31 (b) | 1900 | 1864 |
| Fiserv, Inc. |  |  |
| 5.45%, 03/15/34 | 1877 | 1921 |
| Freedom Mortgage Holdings LLC |  |  |
| 8.38%, 04/01/32 (d) | 315 | 318 |
| GGAM Finance Ltd. |  |  |
| 6.88%, 04/15/29 (d) | 525 | 543 |
| Global Aviation Leasing Co., Ltd. |  |  |
| 8.75%, 09/01/27 (d) | 860 | 882 |
| Global Payments Inc. |  |  |
| 4.95%, 08/15/27 | 1955 | 1980 |
| Goldman Sachs Group, Inc., The |  |  |
| 5.33%, 07/23/35 | 1907 | 1928 |
| Guardian Life Insurance Co. |  |  |
| 4.80%, 04/28/30 (d) | 1713 | 1743 |
| Hightower Holdings LLC |  |  |
| 6.75%, 04/15/29 (d) | 315 | 314 |
| HUB International Limited |  |  |
| 7.25%, 06/15/30 (d) | 260 | 272 |
| Huntington Bancshares Incorporated |  |  |
| 5.27%, 01/15/31 | 1212 | 1242 |
| 5.71%, 02/02/35 | 984 | 1007 |
| Intergroup Financial Services Corp. |  |  |
| 4.13%, 10/19/27 (b) | 600 | 583 |
| Itau Unibanco Holding S.A. |  |  |
| 3.88%, 04/15/31 (b) | 400 | 395 |
| JPMorgan Chase & Co. |  |  |
| 5.14%, 01/24/31 | 1719 | 1762 |
| 5.10%, 04/22/31 | 1925 | 1973 |
| 5.29%, 07/22/35 | 3813 | 3876 |
| LFS Topco LLC |  |  |
| 5.88%, 10/15/26 (d) | 340 | 341 |
| 8.75%, 07/15/30 (d) | 135 | 133 |
| Lloyds Banking Group PLC |  |  |
| 6.07%, 06/13/36 | 2392 | 2457 |
| Macquarie Airfinance Holdings Limited |  |  |
| 5.20%, 03/27/28 (d) | 1032 | 1044 |
| 6.40%, 03/26/29 (d) | 980 | 1024 |
| 5.15%, 03/17/30 (d) | 259 | 259 |
| 6.50%, 03/26/31 (d) | 215 | 227 |
| Massachusetts Mutual Life Insurance Company |  |  |
| 3.20%, 12/01/61 (d) | 2170 | 1312 |
| MetLife, Inc. |  |  |
| 6.35%, 03/15/55 | 1743 | 1791 |
| Mitsubishi UFJ Financial Group, Inc. |  |  |
| 5.62%, 04/24/36 | 1986 | 2040 |
| Morgan Stanley |  |  |
| 5.95%, 01/19/38 | 999 | 1028 |
| 5.94%, 02/07/39 | 1926 | 1977 |
| NatWest Group PLC |  |  |
| 5.12%, 05/23/31 (j) | 2416 | 2451 |
| Navient Corporation |  |  |
| 5.00%, 03/15/27 | 150 | 149 |
| 7.88%, 06/15/32 | 150 | 156 |
| OneMain Finance Corporation |  |  |
| 7.13%, 03/15/26 - 09/15/32 | 187 | 193 |
| 7.50%, 05/15/31 | 630 | 658 |
| Oversea-Chinese Banking Corporation Limited |  |  |
| 1.83%, 09/10/30 (b) | 1100 | 1094 |
| 1.83%, 09/10/30 (d) | 1400 | 1392 |
| Panther Escrow Issuer LLC |  |  |
| 7.13%, 06/01/31 (d) | 425 | 442 |
| PennyMac Financial Services, Inc. |  |  |
| 4.25%, 02/15/29 (d) | 280 | 269 |
| 7.88%, 12/15/29 (d) | 310 | 330 |
| 6.88%, 05/15/32 (d) | 185 | 189 |
| PT. Bank Negara Indonesia (Persero), Tbk. |  |  |
| 3.75%, 03/30/26 (b) | 900 | 889 |
| RFNA, LP |  |  |
| 7.88%, 02/15/30 (d) | 650 | 665 |
| Rocket Companies, Inc. |  |  |
| 6.13%, 08/01/30 (d) | 250 | 255 |
| 6.38%, 08/01/33 (d) | 250 | 256 |
| Santander Holdings USA, Inc. |  |  |
| 5.47%, 03/20/29 | 1314 | 1336 |
| Scotiabank Peru S.A.A. |  |  |
| 6.10%, 10/01/35 (d) | 200 | 203 |
| Starwood Property Trust, Inc. |  |  |
| 7.25%, 04/01/29 (d) | 350 | 368 |
| 6.00%, 04/15/30 (d) | 165 | 167 |
| State Street Corporation |  |  |
| 4.54%, 04/24/28 | 1616 | 1628 |
| Tangerine Pomelo Group, S.A.P.I. De C.V. |  |  |
| 0.00%, 07/24/25 (d) (h) (i) | 700 | 4 |
| Transocean Poseidon Limited |  |  |
| 6.88%, 02/01/27 (d) | 221 | 221 |
| Truist Financial Corporation |  |  |
| 7.16%, 10/30/29 | 885 | 958 |
| 5.15%, 08/05/32 | 1939 | 1975 |
| Unigel Netherlands Holding Corporation B.V. |  |  |
| 15.00%, 12/31/44 (b) (k) | 263 | 6 |
| United Overseas Bank Limited |  |  |
| 1.75%, 03/16/31 (b) | 1200 | 1177 |
| 2.00%, 10/14/31 (b) | 900 | 871 |
| Walker & Dunlop, Inc. |  |  |
| 6.63%, 04/01/33 (d) | 325 | 335 |
| Wells Fargo & Company |  |  |
| 5.15%, 04/23/31 | 3998 | 4093 |
| 6.49%, 10/23/34 | 2907 | 3178 |
| | | 138560 |
| **Utilities 3.7%** | **Utilities 3.7%** | **Utilities 3.7%** |
| Adani Electricity Mumbai Limited |  |  |
| 3.95%, 02/12/30 (b) | 400 | 358 |
| 3.87%, 07/22/31 (b) | 1100 | 941 |
| Adani Energy Solutions Limited |  |  |
| 4.00%, 08/03/26 (b) | 800 | 788 |
| 4.25%, 05/21/36 (b) | 765 | 648 |
| AEP Texas Inc. |  |  |
| 5.45%, 05/15/29 | 1196 | 1236 |
| AES Andres B.V. |  |  |
| 5.70%, 05/04/28 (d) | 800 | 767 |
| Ameren Corporation |  |  |
| 3.65%, 02/15/26 | 5000 | 4981 |
| Ameren Illinois Company |  |  |
| 4.95%, 06/01/33 | 1500 | 1521 |
| Arizona Public Service Company |  |  |
| 5.70%, 08/15/34 | 1974 | 2037 |
| Black Hills Corporation |  |  |
| 6.00%, 01/15/35 | 1867 | 1938 |
| Boston Gas Company |  |  |
| 3.15%, 08/01/27 (d) | 5000 | 4869 |
| Buffalo Energy Mexico Holding S A De C V |  |  |
| 7.88%, 02/15/39 (d) | 600 | 619 |
| Chile Electricity Lux MPC II S.a r.l. |  |  |
| 5.67%, 10/20/35 (d) | 600 | 604 |
| Chile Electricity Lux MPC S.a r.l. |  |  |
| 6.01%, 01/20/33 (b) | 302 | 314 |
| Chile Electricity PEC SpA |  |  |
| 0.00%, 01/25/28 (c) (d) | 1705 | 1494 |
| Cometa Energia, S.A. de C.V. |  |  |
| 6.38%, 04/24/35 (b) | 745 | 766 |
| Comision Federal De Electricidad, E.P.E. |  |  |
| 3.35%, 02/09/31 (b) | 200 | 176 |
| 6.45%, 01/24/35 (d) | 400 | 393 |
| Commonwealth Edison Company |  |  |
| 5.95%, 06/01/55 | 1945 | 2014 |
| Consumers Energy Company |  |  |
| 4.50%, 01/15/31 | 1190 | 1194 |

---

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page [607](#abbreviations).

**JNL Series Trust** (Unaudited)

**Schedules of Investments (in thousands)**

June 30, 2025

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| Dominion Energy, Inc. |  |  |
| 3.38%, 04/01/30 | 4500 | 4279 |
| DTE Energy Company |  |  |
| 5.85%, 06/01/34 | 3030 | 3164 |
| Duke Energy Corporation |  |  |
| 3.15%, 08/15/27 | 5000 | 4899 |
| 3.95%, 08/15/47 | 2566 | 1931 |
| 5.00%, 08/15/52 | 703 | 616 |
| 5.80%, 06/15/54 | 1454 | 1424 |
| Emirates Sembcorp Water & Power Company P.J.S.C. |  |  |
| 4.45%, 08/01/35 (d) | 1000 | 938 |
| Empresa Electrica Angamos S.p.A. |  |  |
| 4.88%, 05/25/29 (b) | 452 | 404 |
| Enel Finance International N.V. |  |  |
| 5.13%, 06/26/29 (d) | 782 | 797 |
| Energuate Trust |  |  |
| 5.88%, 05/03/27 (b) | 600 | 596 |
| Entergy Arkansas, LLC |  |  |
| 5.75%, 06/01/54 | 1037 | 1031 |
| Entergy Corporation |  |  |
| 7.13%, 12/01/54 | 980 | 1015 |
| Evergy Kansas Central, Inc. |  |  |
| 5.70%, 03/15/53 | 2062 | 2035 |
| Exelon Corporation |  |  |
| 5.45%, 03/15/34 | 3925 | 4031 |
| FEL Energy VI S.a r.l. |  |  |
| 5.75%, 12/01/40 (b) | 1014 | 957 |
| Fenix Power Peru S.A. |  |  |
| 4.32%, 09/20/27 (b) | 342 | 335 |
| Fermaca Enterprises S. de R.L. de C.V. |  |  |
| 6.38%, 03/30/38 (b) | 3661 | 3557 |
| GNL Quintero S.A |  |  |
| 4.63%, 07/31/29 (b) | 1589 | 1579 |
| ITC Holdings Corp. |  |  |
| 2.95%, 05/14/30 (d) | 1250 | 1163 |
| 5.40%, 06/01/33 (d) | 750 | 759 |
| JSW Energy Limited |  |  |
| 4.13%, 05/18/31 (b) | 1065 | 975 |
| JSW Hydro Energy Limited |  |  |
| 4.13%, 05/18/31 (d) | 355 | 325 |
| Mexico Generadora De Energia, S. De R.L. De C.V. |  |  |
| 5.50%, 12/06/32 (b) | 549 | 545 |
| Mong Duong Finance Holdings B.V. |  |  |
| 5.13%, 05/07/29 (b) | 847 | 825 |
| National Fuel Gas Company |  |  |
| 5.95%, 03/15/35 | 834 | 853 |
| NextEra Energy Capital Holdings, Inc. |  |  |
| 6.75%, 06/15/54 | 939 | 976 |
| Niagara Mohawk Power Corporation |  |  |
| 4.65%, 10/03/30 (d) | 655 | 655 |
| NiSource Inc. |  |  |
| 5.35%, 04/01/34 | 1981 | 2015 |
| 6.95%, 11/30/54 | 1015 | 1054 |
| 5.85%, 04/01/55 | 1723 | 1705 |
| NRG Energy, Inc. |  |  |
| 6.00%, 02/01/33 (d) | 300 | 303 |
| NSTAR Electric Company |  |  |
| 3.20%, 05/15/27 | 5000 | 4923 |
| Orazul Energy Egenor S. Enc. Por A. |  |  |
| 5.63%, 04/28/27 (b) | 265 | 262 |
| PSEG Power LLC |  |  |
| 5.20%, 05/15/30 (d) | 681 | 696 |
| PT. Perusahaan Listrik Negara |  |  |
| 4.13%, 05/15/27 (b) | 400 | 396 |
| Saavi Energia S.a r.l. |  |  |
| 8.88%, 02/10/35 (d) | 300 | 312 |
| Sempra |  |  |
| 5.50%, 08/01/33 | 4000 | 4085 |
| Southwestern Electric Power Company |  |  |
| 3.25%, 11/01/51 | 1494 | 962 |
| Suburban Propane Partners, L.P. |  |  |
| 5.00%, 06/01/31 (d) | 290 | 274 |
| The Cleveland Electric Illuminating Company |  |  |
| 3.50%, 04/01/28 (d) | 1500 | 1460 |
| The Southern Company |  |  |
| 3.70%, 04/30/30 (j) | 2500 | 2415 |
| 6.38%, 03/15/55 | 1374 | 1415 |
| Trans-Allegheny Interstate Line Company |  |  |
| 5.00%, 01/15/31 (d) | 3801 | 3868 |
| Transelec S.A. |  |  |
| 3.88%, 01/12/29 (d) | 2500 | 2416 |
| Virginia Electric and Power Company |  |  |
| 5.55%, 08/15/54 | 747 | 722 |
| Vistra Operations Company LLC |  |  |
| 7.75%, 10/15/31 (d) | 305 | 324 |
| 6.88%, 04/15/32 (d) | 315 | 329 |
| | | 98258 |
| **Industrials 3.3%** | **Industrials 3.3%** | **Industrials 3.3%** |
| AAR Escrow Issuer, LLC |  |  |
| 6.75%, 03/15/29 (d) | 310 | 321 |
| Adani Ports and Special Economic Zone Limited |  |  |
| 4.00%, 07/30/27 (b) | 400 | 386 |
| 4.38%, 07/03/29 (b) (f) | 800 | 750 |
| 3.10%, 02/02/31 (b) | 300 | 254 |
| Advanced Drainage Systems, Inc. |  |  |
| 6.38%, 06/15/30 (d) | 508 | 520 |
| Aircastle Limited |  |  |
| 5.25%, 03/15/30 (d) | 1941 | 1958 |
| American Airlines, Inc. |  |  |
| 8.50%, 05/15/29 (d) (f) | 285 | 299 |
| Arcosa, Inc. |  |  |
| 6.88%, 08/15/32 (d) | 205 | 212 |
| Artera Services, LLC |  |  |
| 8.50%, 02/15/31 (d) | 60 | 50 |
| Berry Global Escrow Corporation |  |  |
| 4.88%, 07/15/26 (d) | 744 | 744 |
| Berry Global, Inc. |  |  |
| 5.65%, 01/15/34 | 1210 | 1252 |
| Bioceanico Sovereign Certificate Limited |  |  |
| 0.00%, 06/05/34 (b) (c) | 1406 | 1118 |
| Brand Industrial Services, Inc. |  |  |
| 10.38%, 08/01/30 (d) | 105 | 97 |
| Builders FirstSource, Inc. |  |  |
| 6.38%, 03/01/34 (d) | 315 | 321 |
| 6.75%, 05/15/35 (d) | 270 | 278 |
| Burlington Northern Santa Fe, LLC |  |  |
| 5.20%, 04/15/54 | 1411 | 1335 |
| Caci International Inc. |  |  |
| 6.38%, 06/15/33 (d) | 175 | 181 |
| Clydesdale Acquisition Holdings, Inc. |  |  |
| 6.75%, 04/15/32 (d) | 490 | 502 |
| Cornerstone Building Brands, Inc. |  |  |
| 6.13%, 01/15/29 (d) | 65 | 48 |
| 9.50%, 08/15/29 (d) | 265 | 244 |
| Corporation De Securite Garda World |  |  |
| 4.63%, 02/15/27 (d) | 625 | 621 |
| 8.25%, 08/01/32 (d) | 480 | 493 |
| CRH SMW Finance Designated Activity Company |  |  |
| 5.13%, 01/09/30 | 2330 | 2389 |
| CSX Corporation |  |  |
| 3.80%, 11/01/46 | 4989 | 3887 |
| Dun & Bradstreet Corporation, The |  |  |
| 5.00%, 12/15/29 (d) | 570 | 583 |
| Element Fleet Management Corp. |  |  |
| 6.32%, 12/04/28 (d) | 1892 | 1995 |
| 5.04%, 03/25/30 (d) | 1947 | 1965 |
| Empresa de Transporte de Pasajeros Metro S.A. |  |  |
| 5.00%, 01/25/47 (d) (f) | 1095 | 946 |
| EMRLD Borrower LP |  |  |
| 6.63%, 12/15/30 (d) | 525 | 537 |
| Fideicomiso Patrimonio Autonomo Panamericana |  |  |
| 8.25%, 01/15/35 (b) | 402 | 407 |
| Fortress Transportation And Infrastructure Investors LLC |  |  |
| 5.88%, 04/15/33 (d) | 255 | 252 |
| GATX Corporation |  |  |
| 5.50%, 06/15/35 | 1171 | 1185 |
| Genesee & Wyoming Inc. |  |  |
| 6.25%, 04/15/32 (d) | 1055 | 1078 |

---

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page [607](#abbreviations).

**JNL Series Trust** (Unaudited)

**Schedules of Investments (in thousands)**

June 30, 2025

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| Goat Holdco LLC |  |  |
| 6.75%, 02/01/32 (d) | 290 | 295 |
| GrafTech Finance Inc. |  |  |
| 4.63%, 12/23/29 (d) (f) | 150 | 103 |
| Griffon Corporation |  |  |
| 5.75%, 03/01/28 | 420 | 420 |
| Grupo Kuo, S.A.B. De C.V. |  |  |
| 5.75%, 07/07/27 (b) | 700 | 690 |
| Herc Holdings Inc. |  |  |
| 7.00%, 06/15/30 (d) | 270 | 283 |
| Hexcel Corporation |  |  |
| 5.88%, 02/26/35 (l) | 1164 | 1183 |
| Holcim Finance US LLC |  |  |
| 4.95%, 04/07/30 (d) | 877 | 889 |
| Husky Injection Molding Systems Ltd. |  |  |
| 9.00%, 02/15/29 (d) | 750 | 784 |
| Icahn Enterprises L.P. |  |  |
| 5.25%, 05/15/27 | 260 | 252 |
| Jacobs Engineering Group Inc. |  |  |
| 5.90%, 03/01/33 | 1417 | 1473 |
| JetBlue Airways Corporation |  |  |
| 9.88%, 09/20/31 (d) | 195 | 190 |
| JSW Infrastructure Limited |  |  |
| 4.95%, 01/21/29 (b) | 700 | 683 |
| Lightning Power LLC |  |  |
| 7.25%, 08/15/32 (d) | 305 | 321 |
| Lima Metro Line 2 Finance Limited |  |  |
| 5.88%, 07/05/34 (b) | 2625 | 2674 |
| 4.35%, 04/05/36 (b) | 833 | 782 |
| Madison IAQ LLC |  |  |
| 5.88%, 06/30/29 (d) | 785 | 771 |
| MasTec, Inc. |  |  |
| 5.90%, 06/15/29 (l) | 2014 | 2085 |
| Miter Brands Acquisition Holdco, Inc. |  |  |
| 6.75%, 04/01/32 (d) | 525 | 539 |
| Molex Electronic Technologies, LLC |  |  |
| 5.25%, 04/30/32 (d) | 1921 | 1947 |
| MV24 Capital B.V. |  |  |
| 6.75%, 06/01/34 (b) | 2050 | 1988 |
| Norfolk Southern Corporation |  |  |
| 5.10%, 05/01/35 | 850 | 856 |
| Northrop Grumman Corporation |  |  |
| 5.20%, 06/01/54 | 2053 | 1914 |
| Novelis Corporation |  |  |
| 4.75%, 01/30/30 (d) | 435 | 417 |
| Owens Corning |  |  |
| 5.70%, 06/15/34 | 965 | 1002 |
| Paychex, Inc. |  |  |
| 5.35%, 04/15/32 | 3812 | 3911 |
| Penske Truck Leasing Co., L.P. |  |  |
| 5.25%, 02/01/30 (d) | 2011 | 2058 |
| Pike Corporation |  |  |
| 8.63%, 01/31/31 (d) | 255 | 278 |
| Quanta Services, Inc. |  |  |
| 5.25%, 08/09/34 | 1943 | 1968 |
| Queen Mergerco, Inc. |  |  |
| 6.75%, 04/30/32 (d) | 190 | 196 |
| Quikrete Holdings, Inc. |  |  |
| 6.75%, 03/01/33 (d) | 430 | 444 |
| Regal Rexnord Corporation |  |  |
| 6.05%, 02/15/26 - 04/15/28 (l) | 1955 | 1997 |
| Republic Services, Inc. |  |  |
| 5.15%, 03/15/35 | 3842 | 3917 |
| Rollins, Inc. |  |  |
| 5.25%, 02/24/35 | 883 | 886 |
| San Miguel Industrias Pet S.A. |  |  |
| 3.75%, 08/02/28 (a) (b) (m) | 200 | 187 |
| Seaspan Corporation |  |  |
| 5.50%, 08/01/29 (d) | 330 | 313 |
| Siemens Funding B.V. |  |  |
| 5.80%, 05/28/55 (d) | 1179 | 1216 |
| Simpar Europe |  |  |
| 5.20%, 01/26/31 (b) | 400 | 324 |
| Smurfit Kappa Treasury Unlimited Company |  |  |
| 5.20%, 01/15/30 | 1960 | 2008 |
| Spirit AeroSystems, Inc. |  |  |
| 9.75%, 11/15/30 (d) | 190 | 210 |
| Standard Building Solutions Inc. |  |  |
| 6.50%, 08/15/32 (d) | 260 | 266 |
| Star Leasing Company, LLC |  |  |
| 7.63%, 02/15/30 (d) | 265 | 263 |
| TK Elevator U.S. Newco, Inc. |  |  |
| 5.25%, 07/15/27 (d) | 325 | 324 |
| TransDigm Inc. |  |  |
| 6.88%, 12/15/30 (d) | 515 | 534 |
| 6.38%, 05/31/33 (d) | 490 | 492 |
| Trident TPI Holdings, Inc. |  |  |
| 12.75%, 12/31/28 (d) | 465 | 495 |
| Triton Container International Limited |  |  |
| 3.25%, 03/15/32 | 762 | 661 |
| Trivium Packaging Finance B.V. |  |  |
| 8.25%, 07/15/30 (d) | 340 | 359 |
| Uber Technologies, Inc. |  |  |
| 4.50%, 08/15/29 (d) | 2234 | 2223 |
| 4.80%, 09/15/34 | 1996 | 1966 |
| United Airlines Pass Through Certificates, Series 2015-1 |  |  |
| 4.63%, 04/15/29 (d) | 580 | 563 |
| Veralto Corporation |  |  |
| 5.35%, 09/18/28 | 1935 | 1995 |
| Verisk Analytics, Inc. |  |  |
| 5.25%, 06/05/34 | 1943 | 1983 |
| Waste Connections, Inc. |  |  |
| 5.25%, 09/01/35 | 1647 | 1682 |
| Watco Companies, L.L.C. |  |  |
| 7.13%, 08/01/32 (d) | 520 | 543 |
| Wesco Distribution, Inc. |  |  |
| 6.38%, 03/15/33 (d) | 170 | 176 |
| Westinghouse Air Brake Technologies Corporation |  |  |
| 4.90%, 05/29/30 | 1957 | 1982 |
| XPO, Inc. |  |  |
| 7.13%, 06/01/31 (d) | 650 | 678 |
| Yinson Bergenia Production B.V. |  |  |
| 8.50%, 01/31/45 (d) | 300 | 304 |
| | | 87151 |
| **Energy 2.2%** | **Energy 2.2%** | **Energy 2.2%** |
| Acu Petroleo Luxembourg S.a r.l. |  |  |
| 7.50%, 07/13/35 (b) | 969 | 969 |
| Adani Renewable Energy (RJ) Limited |  |  |
| 4.63%, 10/15/39 (b) | 585 | 471 |
| Aethon United BR LP |  |  |
| 7.50%, 10/01/29 (d) | 490 | 513 |
| AI Candelaria (Spain), S.L.U |  |  |
| 7.50%, 12/15/28 (b) | 487 | 488 |
| 5.75%, 06/15/33 (d) | 1000 | 841 |
| 5.75%, 06/15/33 (b) | 1500 | 1262 |
| Apa Corp. |  |  |
| 6.10%, 02/15/35 (d) | 1103 | 1079 |
| Archrock Partners, L.P. |  |  |
| 6.63%, 09/01/32 (d) | 510 | 520 |
| Bip-V Chinook |  |  |
| 5.50%, 06/15/31 (d) | 540 | 533 |
| Blue Racer Midstream, LLC |  |  |
| 7.25%, 07/15/32 (d) | 520 | 551 |
| BPRL International Singapore PTE. Ltd. |  |  |
| 4.38%, 01/18/27 (b) | 500 | 498 |
| Buckeye Partners, L.P. |  |  |
| 6.88%, 07/01/29 (d) | 730 | 756 |
| Canacol Energy Ltd. |  |  |
| 5.75%, 11/24/28 (b) | 1400 | 494 |
| Cheniere Energy Partners, L.P. |  |  |
| 4.00%, 03/01/31 | 2107 | 1979 |
| Cheniere Energy, Inc. |  |  |
| 4.63%, 10/15/28 | 2002 | 1999 |
| 5.65%, 04/15/34 | 1000 | 1023 |
| Chord Energy Corporation |  |  |
| 6.75%, 03/15/33 (d) | 530 | 542 |
| Civitas Resources, Inc. |  |  |
| 8.38%, 07/01/28 (d) | 205 | 210 |

---

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page [607](#abbreviations).

**JNL Series Trust** (Unaudited)

**Schedules of Investments (in thousands)**

June 30, 2025

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| CNX Midstream Partners LP |  |  |
| 4.75%, 04/15/30 (d) | 470 | 445 |
| CNX Resources Corporation |  |  |
| 6.00%, 01/15/29 (d) | 330 | 331 |
| Devon Energy Corporation |  |  |
| 5.75%, 09/15/54 | 910 | 820 |
| DT Midstream, Inc. |  |  |
| 4.13%, 06/15/29 (d) | 1059 | 1023 |
| Eastern Energy Gas Holdings, LLC |  |  |
| 5.65%, 10/15/54 | 2100 | 2010 |
| Ecopetrol S.A. |  |  |
| 5.88%, 05/28/45 - 11/02/51 | 3150 | 2081 |
| Empresa Electrica Cochrane SpA |  |  |
| 5.50%, 05/14/27 (b) | 279 | 276 |
| Enterprise Products Operating LLC |  |  |
| 5.55%, 02/16/55 | 1981 | 1911 |
| Florida Gas Transmission Company, LLC |  |  |
| 5.75%, 07/15/35 (d) | 859 | 879 |
| Galaxy Pipeline Assets Bidco Limited |  |  |
| 2.94%, 09/30/40 (b) | 618 | 507 |
| Gran Tierra Energy Inc. |  |  |
| 9.50%, 10/15/29 (d) | 200 | 152 |
| Guara Norte S.a r.l. |  |  |
| 5.20%, 06/15/34 (b) | 1229 | 1163 |
| Gulfport Energy Operating Corporation |  |  |
| 6.75%, 09/01/29 (d) | 505 | 518 |
| Harvest Midstream I, L.P. |  |  |
| 7.50%, 05/15/32 (d) | 495 | 523 |
| Hess Infrastructure Partners LP |  |  |
| 5.88%, 03/01/28 (d) | 1029 | 1044 |
| 5.50%, 10/15/30 (d) | 1420 | 1426 |
| Hilcorp Energy I, L.P. |  |  |
| 7.25%, 02/15/35 (d) | 210 | 206 |
| Kinder Morgan Energy Partners, L.P. |  |  |
| 6.95%, 01/15/38 | 2664 | 2954 |
| Kinetik Holdings LP |  |  |
| 5.88%, 06/15/30 (d) | 999 | 1008 |
| Kodiak Gas Services, LLC |  |  |
| 7.25%, 02/15/29 (d) | 520 | 538 |
| Matador Resources Company |  |  |
| 6.50%, 04/15/32 (d) | 420 | 420 |
| Medco Laurel Tree Pte. Ltd. |  |  |
| 6.95%, 11/12/28 (b) | 400 | 397 |
| Nabors Industries, Inc. |  |  |
| 9.13%, 01/31/30 (d) | 330 | 316 |
| NGL Energy Operating LLC |  |  |
| 8.13%, 02/15/29 (d) | 150 | 151 |
| NGPL PipeCo LLC |  |  |
| 3.25%, 07/15/31 (d) | 2303 | 2051 |
| NuStar Logistics, L.P. |  |  |
| 6.00%, 06/01/26 | 510 | 512 |
| ONEOK, Inc. |  |  |
| 5.38%, 06/01/29 | 1009 | 1030 |
| 6.63%, 09/01/53 | 5000 | 5193 |
| Ongc Videsh Vankorneft Pte. Ltd. |  |  |
| 3.75%, 07/27/26 (b) | 400 | 397 |
| Parkland Corporation |  |  |
| 4.63%, 05/01/30 (d) | 290 | 278 |
| PBF Holding Company LLC |  |  |
| 6.00%, 02/15/28 | 110 | 105 |
| Permian Resources Operating, LLC |  |  |
| 7.00%, 01/15/32 (d) | 530 | 549 |
| 6.25%, 02/01/33 (d) | 1250 | 1261 |
| PERU LNG |  |  |
| 5.38%, 03/22/30 (b) | 167 | 157 |
| Petroleos Mexicanos |  |  |
| 6.75%, 09/21/47 | 300 | 217 |
| PT. Pertamina (Persero) |  |  |
| 1.40%, 02/09/26 (b) | 1000 | 980 |
| Raizen Fuels Finance S.A. |  |  |
| 5.70%, 01/17/35 (b) | 1200 | 1124 |
| Reliance Industries Limited |  |  |
| 3.67%, 11/30/27 (b) | 500 | 491 |
| Sitio Royalties Operating Partnership, LP |  |  |
| 7.88%, 11/01/28 (d) | 260 | 272 |
| SM Energy Company |  |  |
| 7.00%, 08/01/32 (d) | 315 | 311 |
| Southwestern Energy Company |  |  |
| 4.75%, 02/01/32 | 1030 | 1002 |
| Sunoco LP |  |  |
| 6.00%, 04/15/27 | 225 | 225 |
| Tallgrass Energy Partners, LP |  |  |
| 7.38%, 02/15/29 (d) | 265 | 272 |
| Targa Resources Corp. |  |  |
| 5.50%, 02/15/35 | 447 | 449 |
| TransCanada PipeLines Limited |  |  |
| 4.63%, 03/01/34 | 3000 | 2878 |
| Transocean Inc |  |  |
| 8.00%, 02/01/27 (d) | 154 | 152 |
| Vallourec |  |  |
| 7.50%, 04/15/32 (d) | 535 | 561 |
| Venture Global LNG, Inc. |  |  |
| 8.13%, 06/01/28 (d) | 365 | 377 |
| 8.38%, 06/01/31 (d) | 235 | 244 |
| 9.88%, 02/01/32 (d) | 140 | 151 |
| Venture Global Plaquemines LNG, LLC |  |  |
| 7.50%, 05/01/33 (d) | 90 | 96 |
| 6.50%, 01/15/34 (d) | 285 | 285 |
| Vine Energy Holdings LLC |  |  |
| 6.75%, 04/15/29 (d) | 620 | 628 |
| Vital Energy, Inc. |  |  |
| 7.88%, 04/15/32 (d) (f) | 230 | 196 |
| Weatherford International Ltd |  |  |
| 8.63%, 04/30/30 (d) | 145 | 149 |
| | | 58420 |
| **Information Technology 1.8%** | **Information Technology 1.8%** | **Information Technology 1.8%** |
| Amentum Escrow Corp. |  |  |
| 7.25%, 08/01/32 (d) | 205 | 211 |
| Amphenol Corporation |  |  |
| 5.38%, 11/15/54 | 1028 | 1007 |
| AppLovin Corporation |  |  |
| 5.38%, 12/01/31 | 991 | 1008 |
| Arrow Electronics, Inc. |  |  |
| 5.15%, 08/21/29 | 1959 | 1991 |
| Atlassian Corporation |  |  |
| 5.25%, 05/15/29 | 1615 | 1658 |
| Broadcom Inc. |  |  |
| 3.50%, 02/15/41 (d) | 5020 | 3977 |
| Cadence Design Systems, Inc. |  |  |
| 4.70%, 09/10/34 | 991 | 979 |
| Castle US Holding Corporation |  |  |
| 10.00%, 06/30/31 (d) | 82 | 36 |
| Central Parent Inc. |  |  |
| 8.00%, 06/15/29 (d) | 115 | 95 |
| Clarivate Science Holdings Corporation |  |  |
| 4.88%, 07/01/29 (d) | 230 | 217 |
| Cloud Software Group, Inc. |  |  |
| 6.50%, 03/31/29 (d) | 325 | 328 |
| 9.00%, 09/30/29 (d) | 210 | 218 |
| Coreweave, Inc. |  |  |
| 9.25%, 06/01/30 (d) | 195 | 199 |
| Dell Inc. |  |  |
| 6.50%, 04/15/38 | 940 | 1005 |
| Diebold Nixdorf, Incorporated |  |  |
| 7.75%, 03/31/30 (d) | 160 | 170 |
| Ellucian Holdings Inc. |  |  |
| 6.50%, 12/01/29 (d) | 500 | 512 |
| Foundry JV Holdco LLC |  |  |
| 6.15%, 01/25/32 (d) | 1500 | 1579 |
| 5.88%, 01/25/34 (d) | 1000 | 1017 |
| 6.40%, 01/25/38 (d) | 1201 | 1266 |
| Helios Software Holdings, Inc. |  |  |
| 4.63%, 05/01/28 (d) | 450 | 426 |
| Hewlett Packard Enterprise Company |  |  |
| 5.00%, 10/15/34 | 4841 | 4699 |
| Intuit Inc. |  |  |
| 5.50%, 09/15/53 | 1704 | 1691 |
| Kyndryl Holdings, Inc. |  |  |
| 4.10%, 10/15/41 | 3737 | 2975 |

---

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page [607](#abbreviations).

**JNL Series Trust** (Unaudited)

**Schedules of Investments (in thousands)**

June 30, 2025

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| Marvell Technology, Inc. |  |  |
| 5.95%, 09/15/33 | 3737 | 3947 |
| McAfee Corp. |  |  |
| 7.38%, 02/15/30 (d) | 115 | 109 |
| Minerva Merger Sub Inc |  |  |
| 6.50%, 02/15/30 (d) | 415 | 408 |
| Motorola Solutions, Inc. |  |  |
| 5.20%, 08/15/32 | 1640 | 1666 |
| NetApp, Inc. |  |  |
| 5.50%, 03/17/32 | 965 | 1007 |
| Oracle Corporation |  |  |
| 3.80%, 11/15/37 | 750 | 642 |
| 5.38%, 09/27/54 | 1299 | 1187 |
| Qorvo, Inc. |  |  |
| 3.38%, 04/01/31 (d) | 1202 | 1083 |
| Renesas Electronics Corporation |  |  |
| 2.17%, 11/25/26 (d) (l) | 3813 | 3689 |
| UKG Inc. |  |  |
| 6.88%, 02/01/31 (d) | 255 | 265 |
| VeriSign, Inc. |  |  |
| 5.25%, 06/01/32 | 2497 | 2545 |
| Wipro IT Services, LLC |  |  |
| 1.50%, 06/23/26 (b) | 200 | 194 |
| Workday, Inc. |  |  |
| 3.70%, 04/01/29 | 1877 | 1834 |
| 3.80%, 04/01/32 | 1123 | 1056 |
| | | 46896 |
| **Consumer Discretionary 1.6%** | **Consumer Discretionary 1.6%** | **Consumer Discretionary 1.6%** |
| Academy, Ltd. |  |  |
| 6.00%, 11/15/27 (d) | 420 | 421 |
| Acushnet Company |  |  |
| 7.38%, 10/15/28 (d) | 265 | 276 |
| American Axle & Manufacturing, Inc. |  |  |
| 5.00%, 10/01/29 (f) | 210 | 192 |
| Ashton Woods USA L.L.C. |  |  |
| 4.63%, 04/01/30 (d) | 285 | 271 |
| AutoNation, Inc. |  |  |
| 5.89%, 03/15/35 | 1667 | 1692 |
| AutoZone, Inc. |  |  |
| 5.13%, 06/15/30 | 1902 | 1950 |
| Beach Acquisition Bidco, LLC |  |  |
| 10.00%, 07/15/33 (d) (k) | 200 | 208 |
| Caesars Entertainment, Inc. |  |  |
| 6.00%, 10/15/32 (d) (f) | 790 | 774 |
| Carnival Corporation |  |  |
| 6.13%, 02/15/33 (d) | 713 | 729 |
| Carvana Co. |  |  |
| 9.00%, 12/01/28 (d) (k) (m) | 172 | 176 |
| 11.00%, 06/01/30 (d) (k) (m) | 285 | 300 |
| Clarios Global LP |  |  |
| 6.75%, 05/15/28 - 02/15/30 (d) | 1205 | 1246 |
| Cougar JV Subsidiary, LLC |  |  |
| 8.00%, 05/15/32 (d) | 260 | 277 |
| Dana Incorporated |  |  |
| 5.38%, 11/15/27 | 120 | 120 |
| 5.63%, 06/15/28 | 310 | 311 |
| DCLI Bidco LLC |  |  |
| 7.75%, 11/15/29 (d) | 260 | 263 |
| Dealer Tire, LLC |  |  |
| 8.00%, 02/01/28 (d) | 260 | 250 |
| Dornoch Debt Merger Subordinated Incorporated |  |  |
| 6.63%, 10/15/29 (d) (f) | 210 | 163 |
| Expedia Group, Inc. |  |  |
| 3.80%, 02/15/28 | 2040 | 2010 |
| Fertitta Entertainment LLC |  |  |
| 6.75%, 01/15/30 (d) | 115 | 106 |
| Full House Resorts, Inc. |  |  |
| 8.25%, 02/15/28 (d) (f) | 205 | 199 |
| Gates Corporation |  |  |
| 6.88%, 07/01/29 (d) | 345 | 358 |
| Genting New York LLC |  |  |
| 7.25%, 10/01/29 (d) | 365 | 379 |
| Genuine Parts Company |  |  |
| 4.95%, 08/15/29 | 1974 | 2005 |
| Group 1 Automotive, Inc. |  |  |
| 4.00%, 08/15/28 (d) | 275 | 266 |
| 6.38%, 01/15/30 (d) | 340 | 350 |
| Hyundai Capital America |  |  |
| 5.30%, 01/08/29 (d) | 3885 | 3948 |
| Installed Building Products, Inc. |  |  |
| 5.75%, 02/01/28 (d) | 425 | 424 |
| Life Time, Inc. |  |  |
| 6.00%, 11/15/31 (d) | 525 | 534 |
| Light & Wonder, Inc. |  |  |
| 6.63%, 03/01/30 (d) | 220 | 212 |
| Light and Wonder International, Inc. |  |  |
| 7.25%, 11/15/29 (d) | 245 | 252 |
| Lions Gate Capital Holdings LLC |  |  |
| 5.50%, 04/15/29 (d) | 65 | 54 |
| Lowe`s Companies, Inc. |  |  |
| 5.63%, 04/15/53 | 1171 | 1128 |
| Magic Mergeco, Inc. |  |  |
| 5.25%, 05/01/28 (d) | 205 | 165 |
| Magnum Management Corporation |  |  |
| 5.25%, 07/15/29 | 280 | 274 |
| Marriott International, Inc. |  |  |
| 5.30%, 05/15/34 | 1968 | 1994 |
| Mattamy Homes Limited |  |  |
| 4.63%, 03/01/30 (d) | 415 | 399 |
| McDonald's Corporation |  |  |
| 4.45%, 03/01/47 | 2259 | 1914 |
| Meritage Homes Corporation |  |  |
| 5.65%, 03/15/35 | 1204 | 1202 |
| Merlin Entertainments Group U.S. Holdings Inc. |  |  |
| 7.38%, 02/15/31 (d) | 845 | 755 |
| Midwest Gaming Borrower, LLC |  |  |
| 4.88%, 05/01/29 (d) | 405 | 390 |
| NCL Corporation Ltd. |  |  |
| 5.88%, 03/15/26 (d) | 26 | 26 |
| 6.25%, 03/01/30 (d) | 85 | 86 |
| 6.75%, 02/01/32 (d) | 190 | 194 |
| Nissan Motor Co., Ltd. |  |  |
| 4.35%, 09/17/27 (d) | 210 | 202 |
| 4.81%, 09/17/30 (d) | 215 | 196 |
| Ontario Gaming GTA Limited Partnership |  |  |
| 8.00%, 08/01/30 (d) | 300 | 301 |
| O'Reilly Automotive, Inc. |  |  |
| 5.00%, 08/19/34 | 1049 | 1042 |
| Patrimonio en Fideicomiso D.S. N 093-2002-EF-InRetail Consumer |  |  |
| 3.25%, 03/22/28 (b) | 2050 | 1944 |
| PENN Entertainment, Inc. |  |  |
| 4.13%, 07/01/29 (d) (f) | 200 | 185 |
| PetSmart, LLC |  |  |
| 4.75%, 02/15/28 (d) | 830 | 809 |
| 7.75%, 02/15/29 (d) | 500 | 487 |
| Premier Entertainment Sub, LLC |  |  |
| 5.63%, 09/01/29 (d) | 145 | 83 |
| Rivers Enterprise Borrower, LLC |  |  |
| 6.63%, 02/01/33 (d) | 755 | 757 |
| Royal Caribbean Cruises Ltd. |  |  |
| 5.38%, 07/15/27 (d) | 1905 | 1915 |
| 5.63%, 09/30/31 (d) | 200 | 202 |
| Sabre GLBL Inc. |  |  |
| 8.63%, 06/01/27 (d) | 62 | 63 |
| 10.75%, 11/15/29 (d) | 201 | 207 |
| Six Flags Operations Inc. |  |  |
| 7.25%, 05/15/31 (d) | 520 | 534 |
| Sonic Automotive, Inc. |  |  |
| 4.63%, 11/15/29 (d) | 290 | 281 |
| Staples, Inc. |  |  |
| 10.75%, 09/01/29 (d) | 315 | 299 |
| Station Casinos LLC |  |  |
| 6.63%, 03/15/32 (d) | 260 | 266 |
| Swf Holdings I Corp. |  |  |
| 6.50%, 10/01/29 (d) | 95 | 37 |
| The Goodyear Tire & Rubber Company |  |  |
| 5.25%, 07/15/31 (f) | 235 | 225 |

---

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page [607](#abbreviations).

**JNL Series Trust** (Unaudited)

**Schedules of Investments (in thousands)**

June 30, 2025

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| Univision Communications Inc. |  |  |
| 4.50%, 05/01/29 (d) | 325 | 296 |
| 8.50%, 07/31/31 (d) | 100 | 100 |
| Upbound Group, Inc. |  |  |
| 6.38%, 02/15/29 (d) | 170 | 168 |
| Verde Purchaser, LLC |  |  |
| 10.50%, 11/30/30 (d) | 210 | 227 |
| Victra Holdings LLC |  |  |
| 8.75%, 09/15/29 (d) (f) | 415 | 435 |
| Viking Cruises Limited |  |  |
| 9.13%, 07/15/31 (d) | 240 | 259 |
| Voyager Parent, LLC |  |  |
| 9.25%, 07/01/32 (d) | 325 | 339 |
| Whirlpool Corporation |  |  |
| 6.50%, 06/15/33 | 250 | 251 |
| Wyndham Hotels & Resorts, Inc. |  |  |
| 4.38%, 08/15/28 (d) | 585 | 572 |
| | | 41925 |
| **Health Care 1.6%** | **Health Care 1.6%** | **Health Care 1.6%** |
| 1261229 B.C. Ltd. |  |  |
| 10.00%, 04/15/32 (d) | 400 | 404 |
| AbbVie Inc. |  |  |
| 4.70%, 05/14/45 | 2103 | 1885 |
| 5.50%, 03/15/64 | 1175 | 1141 |
| AdaptHealth LLC |  |  |
| 5.13%, 03/01/30 (d) | 165 | 157 |
| Agilent Technologies, Inc. |  |  |
| 4.75%, 09/09/34 | 2045 | 2010 |
| Amgen Inc. |  |  |
| 5.75%, 03/02/63 | 2832 | 2755 |
| Bausch & Lomb Corporation |  |  |
| 8.38%, 10/01/28 (d) | 650 | 679 |
| Bausch Health Companies Inc. |  |  |
| 8.50%, 01/31/27 (d) | 105 | 100 |
| 4.88%, 06/01/28 (d) | 290 | 244 |
| 5.25%, 01/30/30 (d) | 185 | 117 |
| 14.00%, 10/15/30 (d) | 30 | 26 |
| Biogen Inc. |  |  |
| 5.05%, 01/15/31 | 1917 | 1951 |
| Cardinal Health, Inc. |  |  |
| 4.60%, 03/15/43 | 1977 | 1704 |
| 4.50%, 11/15/44 | 291 | 245 |
| Centene Corporation |  |  |
| 2.50%, 03/01/31 | 3312 | 2851 |
| Community Health Systems, Inc. |  |  |
| 6.00%, 01/15/29 (d) | 360 | 347 |
| 6.88%, 04/15/29 (d) | 180 | 144 |
| 4.75%, 02/15/31 (d) | 330 | 283 |
| Elevance Health, Inc. |  |  |
| 4.55%, 05/15/52 | 593 | 485 |
| Gilead Sciences, Inc. |  |  |
| 5.55%, 10/15/53 | 1054 | 1040 |
| Grifols Escrow Issuer S.A. |  |  |
| 4.75%, 10/15/28 (d) | 635 | 609 |
| Icon Investments Six Designated Activity Company |  |  |
| 5.85%, 05/08/29 | 1200 | 1244 |
| 6.00%, 05/08/34 | 1200 | 1225 |
| IQVIA Inc. |  |  |
| 6.25%, 02/01/29 | 1359 | 1420 |
| 6.25%, 06/01/32 (d) | 340 | 349 |
| Labcorp Holdings Inc. |  |  |
| 4.80%, 10/01/34 | 4846 | 4744 |
| Lifepoint Health, Inc. |  |  |
| 10.00%, 06/01/32 (d) | 325 | 335 |
| Mars, Incorporated |  |  |
| 5.70%, 05/01/55 (d) | 2079 | 2077 |
| Mozart Debt Merger Sub Inc. |  |  |
| 5.25%, 10/01/29 (d) | 540 | 536 |
| Quest Diagnostics Incorporated |  |  |
| 5.00%, 12/15/34 | 1968 | 1959 |
| Radiology Partners, Inc. |  |  |
| 9.78%, 02/15/30 (a) (d) (k) (m) | 148 | 146 |
| 8.50%, 07/15/32 (d) | 455 | 456 |
| Royalty Pharma PLC |  |  |
| 5.40%, 09/02/34 | 1918 | 1943 |
| Select Medical Corporation |  |  |
| 6.25%, 12/01/32 (d) (f) | 385 | 387 |
| Sotera Health Holdings, LLC |  |  |
| 7.38%, 06/01/31 (d) | 285 | 296 |
| Takeda U.S. Financing, Inc. |  |  |
| 5.90%, 07/07/55 | 2005 | 2012 |
| Tenet Healthcare Corporation |  |  |
| 6.25%, 02/01/27 | 335 | 335 |
| 6.13%, 10/01/28 - 06/15/30 | 830 | 839 |
| Zimmer Biomet Holdings, Inc. |  |  |
| 5.20%, 09/15/34 | 1956 | 1961 |
|  |  | 41441 |
| **Communication Services 1.4%** | **Communication Services 1.4%** | **Communication Services 1.4%** |
| Acuris Finance US, Inc. |  |  |
| 5.00%, 05/01/28 (d) | 475 | 453 |
| Altice Financing S.A. |  |  |
| 5.00%, 01/15/28 (d) | 245 | 184 |
| Altice France Holding S.A. |  |  |
| 5.50%, 10/15/29 (d) | 470 | 389 |
| AMC Entertainment Holdings, Inc. |  |  |
| 7.50%, 02/15/29 (d) (f) | 135 | 106 |
| AT&T Inc. |  |  |
| 2.75%, 06/01/31 | 4000 | 3625 |
| 3.50%, 09/15/53 | 5738 | 3888 |
| Bell Canada inc. |  |  |
| 6.88%, 09/15/55 | 1194 | 1225 |
| CCO Holdings, LLC |  |  |
| 5.13%, 05/01/27 (d) | 550 | 548 |
| 4.75%, 03/01/30 (d) | 745 | 722 |
| 4.75%, 02/01/32 (d) | 385 | 365 |
| 4.25%, 01/15/34 (d) | 215 | 191 |
| Clear Channel Outdoor Holdings, Inc. |  |  |
| 7.50%, 06/01/29 (d) (f) | 120 | 111 |
| 7.88%, 04/01/30 (d) | 200 | 206 |
| Commscope Technologies LLC |  |  |
| 5.00%, 03/15/27 (d) | 185 | 180 |
| CommScope, LLC. |  |  |
| 4.75%, 09/01/29 (d) | 122 | 119 |
| 9.50%, 12/15/31 (d) | 200 | 209 |
| Consolidated Communications, Inc. |  |  |
| 5.00%, 10/01/28 (d) | 430 | 435 |
| CSC Holdings, LLC |  |  |
| 6.50%, 02/01/29 (d) | 795 | 646 |
| DIRECTV Financing, LLC |  |  |
| 5.88%, 08/15/27 (d) | 450 | 448 |
| DISH DBS Corporation |  |  |
| 5.75%, 12/01/28 (d) | 540 | 468 |
| 5.13%, 06/01/29 | 285 | 190 |
| EchoStar Corporation |  |  |
| 10.75%, 11/30/29 | 435 | 447 |
| Frontier Communications Holdings, LLC |  |  |
| 5.88%, 11/01/29 | 479 | 484 |
| Frontier Communications Parent, Inc. |  |  |
| 5.88%, 10/15/27 (d) | 130 | 130 |
| GCI, LLC |  |  |
| 4.75%, 10/15/28 (d) | 380 | 368 |
| Gray Media, Inc. |  |  |
| 10.50%, 07/15/29 (d) | 265 | 285 |
| Intelsat Jackson Holdings S.A. |  |  |
| 6.50%, 03/15/30 (d) | 235 | 240 |
| Level 3 Financing, Inc. |  |  |
| 4.25%, 07/01/28 (d) | 180 | 165 |
| 4.50%, 04/01/30 (d) | 350 | 317 |
| 6.88%, 06/30/33 (d) | 485 | 493 |
| Live Nation Entertainment, Inc. |  |  |
| 6.50%, 05/15/27 (d) | 260 | 264 |
| Lumen Technologies, Inc. |  |  |
| 8.00%, 06/01/36 | 115 | 53 |
| Match Group Holdings II, LLC |  |  |
| 5.00%, 12/15/27 (d) | 570 | 566 |
| McGraw-Hill Education, Inc. |  |  |
| 7.38%, 09/01/31 (d) | 100 | 104 |

---

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page [607](#abbreviations).

**JNL Series Trust** (Unaudited)

**Schedules of Investments (in thousands)**

June 30, 2025

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| Meta Platforms, Inc. |  |  |
| 4.45%, 08/15/52 | 2225 | 1880 |
| Millicom International Cellular SA |  |  |
| 5.13%, 01/15/28 (b) | 360 | 356 |
| 6.25%, 03/25/29 (b) | 630 | 632 |
| MVC Acquisition Corp. |  |  |
| 5.75%, 08/01/28 (d) | 280 | 281 |
| Netflix, Inc. |  |  |
| 5.40%, 08/15/54 | 1464 | 1445 |
| Outfront Media Capital Corporation |  |  |
| 7.38%, 02/15/31 (d) | 200 | 212 |
| Radiate HoldCo, LLC |  |  |
| 4.50%, 09/15/26 (d) (f) | 85 | 73 |
| Sirius XM Radio Inc. |  |  |
| 5.50%, 07/01/29 (d) | 885 | 878 |
| Telefonica Celular del Paraguay S.A.E. |  |  |
| 5.88%, 04/15/27 (b) | 287 | 286 |
| TELUS Corporation |  |  |
| 7.00%, 10/15/55 | 509 | 513 |
| T-Mobile USA, Inc. |  |  |
| 3.40%, 10/15/52 | 2229 | 1490 |
| 5.50%, 01/15/55 | 5000 | 4743 |
| 5.25%, 06/15/55 | 1318 | 1203 |
| 5.88%, 11/15/55 | 1242 | 1244 |
| Videotron Ltee |  |  |
| 5.70%, 01/15/35 (d) | 1968 | 1976 |
| Wayfair LLC |  |  |
| 7.25%, 10/31/29 (d) | 250 | 251 |
| Windstream Services, LLC |  |  |
| 8.25%, 10/01/31 (d) | 315 | 330 |
| | | 36417 |
| **Real Estate 1.3%** | **Real Estate 1.3%** | **Real Estate 1.3%** |
| Agree Limited Partnership |  |  |
| 2.60%, 06/15/33 | 1030 | 856 |
| American Homes 4 Rent, L.P. |  |  |
| 5.50%, 02/01/34 | 2857 | 2902 |
| American Tower Corporation |  |  |
| 5.55%, 07/15/33 | 995 | 1026 |
| 3.70%, 10/15/49 | 720 | 527 |
| Americold Realty Operating Partnership, L.P. |  |  |
| 5.60%, 05/15/32 | 855 | 859 |
| Anywhere Real Estate Group LLC |  |  |
| 5.25%, 04/15/30 (d) (f) | 80 | 66 |
| 7.00%, 04/15/30 (d) (f) | 235 | 219 |
| Banco Actinver, S.A., Institucion de Banca Multiple, Grupo Financiero Actinver |  |  |
| 7.25%, 01/31/41 (b) | 696 | 705 |
| 7.25%, 01/31/41 (d) | 1094 | 1108 |
| Crown Castle Inc. |  |  |
| 3.65%, 09/01/27 | 5000 | 4913 |
| Extra Space Storage LP |  |  |
| 5.40%, 02/01/34 | 1973 | 2002 |
| First Industrial, L.P. |  |  |
| 5.25%, 01/15/31 | 2501 | 2531 |
| Iron Mountain Incorporated |  |  |
| 7.00%, 02/15/29 (d) | 405 | 419 |
| 6.25%, 01/15/33 (d) | 100 | 103 |
| Lineage OP, LP |  |  |
| 5.25%, 07/15/30 (d) | 1969 | 1980 |
| Omega Healthcare Investors, Inc. |  |  |
| 4.75%, 01/15/28 | 1065 | 1071 |
| 3.25%, 04/15/33 | 1187 | 1024 |
| Park Intermediate Holdings LLC |  |  |
| 7.00%, 02/01/30 (d) | 730 | 750 |
| Patrimonio en Fideicomiso D.S. 093-2002 - EF Inretail Shopping Malls |  |  |
| 5.75%, 04/03/28 (b) | 1050 | 1046 |
| Phillips Edison Grocery Center Operating Partnership I, L.P. |  |  |
| 5.75%, 07/15/34 | 1524 | 1567 |
| Realty Income Corporation |  |  |
| 5.13%, 04/15/35 | 1189 | 1191 |
| RHP Hotel Properties, LP |  |  |
| 6.50%, 06/15/33 (d) | 420 | 432 |
| Sabra Health Care Limited Partnership |  |  |
| 3.20%, 12/01/31 | 1002 | 894 |
| Service Properties Trust |  |  |
| 5.50%, 12/15/27 | 115 | 114 |
| 8.88%, 06/15/32 | 220 | 226 |
| Sun Communities Operating Limited Partnership |  |  |
| 2.70%, 07/15/31 | 2351 | 2083 |
| Uniti Group Inc. |  |  |
| 10.50%, 02/15/28 (d) | 196 | 208 |
| 8.63%, 06/15/32 (d) | 205 | 207 |
| VICI Properties Inc. |  |  |
| 4.63%, 12/01/29 (d) | 2053 | 2015 |
| XHR LP |  |  |
| 6.63%, 05/15/30 (d) | 2075 | 2118 |
|  |  | 35162 |
| **Consumer Staples 1.3%** | **Consumer Staples 1.3%** | **Consumer Staples 1.3%** |
| Adani International Container Terminal Private Limited |  |  |
| 3.00%, 02/16/31 (b) | 720 | 633 |
| 3.00%, 02/16/31 (d) | 480 | 422 |
| Allied Universal Holdco LLC |  |  |
| 6.00%, 06/01/29 (d) (f) | 235 | 229 |
| 7.88%, 02/15/31 (d) | 670 | 700 |
| Ashtead Capital, Inc. |  |  |
| 5.55%, 05/30/33 (d) | 1680 | 1693 |
| B.A.T Capital Corporation |  |  |
| 5.63%, 08/15/35 | 1972 | 2006 |
| 4.54%, 08/15/47 | 1787 | 1444 |
| Belron UK Finance PLC |  |  |
| 5.75%, 10/15/29 (d) | 680 | 685 |
| Bunge Limited Finance Corp. |  |  |
| 4.65%, 09/17/34 | 2423 | 2348 |
| Campbell's Company, The |  |  |
| 5.40%, 03/21/34 | 1031 | 1048 |
| Cencosud S.A. |  |  |
| 4.38%, 07/17/27 (b) | 200 | 198 |
| Cosan Overseas Limited |  |  |
| 8.25% (b) (g) | 1400 | 1412 |
| Diageo Investment Corporation |  |  |
| 5.13%, 08/15/30 | 1597 | 1645 |
| Flowers Foods, Inc. |  |  |
| 5.75%, 03/15/35 | 2012 | 2064 |
| Frigorifico Concepcion S.A. |  |  |
| 7.70%, 07/21/28 (b) (f) | 400 | 315 |
| JBS USA Food Company |  |  |
| 3.75%, 12/01/31 | 1577 | 1467 |
| Keurig Dr Pepper Inc. |  |  |
| 5.20%, 03/15/31 | 1935 | 1998 |
| Metis Merger Subordinated LLC |  |  |
| 6.50%, 05/15/29 (d) | 160 | 157 |
| Minerva Luxembourg S.A. |  |  |
| 5.88%, 01/19/28 (b) | 200 | 200 |
| 8.88%, 09/13/33 (d) | 200 | 216 |
| Movida Europe S.A. |  |  |
| 7.85%, 04/11/29 (d) (f) | 500 | 460 |
| NBM US Holdings, Inc. |  |  |
| 6.63%, 08/06/29 (b) | 600 | 603 |
| Opal Bidco SAS |  |  |
| 6.50%, 03/31/32 (d) | 540 | 550 |
| Philip Morris International Inc. |  |  |
| 5.38%, 02/15/33 | 1915 | 1977 |
| 5.25%, 02/13/34 | 1772 | 1807 |
| Post Holdings, Inc. |  |  |
| 6.38%, 03/01/33 (d) | 405 | 409 |
| Prime Security Services Borrower, LLC |  |  |
| 6.25%, 01/15/28 (d) | 225 | 226 |
| Primo Water Holdings Inc. |  |  |
| 6.25%, 04/01/29 (d) | 315 | 317 |
| Prumo Participacoes E Investimentos SA |  |  |
| 7.50%, 12/31/31 (b) | 1838 | 1864 |
| Rentokil Terminix Funding, LLC |  |  |
| 5.00%, 04/28/30 (d) | 1991 | 2006 |
| Rutas 2 And 7 Finance Ltd |  |  |
| 0.00%, 09/30/36 (b) (c) | 1610 | 1172 |

---

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page [607](#abbreviations).

**JNL Series Trust** (Unaudited)

**Schedules of Investments (in thousands)**

June 30, 2025

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| U.S. Foods Inc. |  |  |
| 5.75%, 04/15/33 (d) | 700 | 701 |
| United Natural Foods, Inc. |  |  |
| 6.75%, 10/15/28 (d) | 830 | 820 |
| Vortex Opco LLC |  |  |
| 11.26%, 04/30/30 (a) (d) | 12 | 12 |
| VT Topco, Inc. |  |  |
| 8.50%, 08/15/30 (d) | 535 | 568 |
| Walgreens Boots Alliance, Inc. |  |  |
| 4.80%, 11/18/44 | 80 | 76 |
| Wand NewCo 3, Inc. |  |  |
| 7.63%, 01/30/32 (d) | 315 | 331 |
| | | 34779 |
| **Materials 1.1%** | **Materials 1.1%** | **Materials 1.1%** |
| AngloGold Ashanti Holdings PLC |  |  |
| 3.38%, 11/01/28 | 700 | 668 |
| ArcelorMittal |  |  |
| 6.00%, 06/17/34 | 1084 | 1137 |
| Aris Mining Corporation |  |  |
| 8.00%, 10/31/29 (d) | 600 | 612 |
| Arsenal AIC Parent LLC |  |  |
| 8.00%, 10/01/30 (d) | 150 | 160 |
| Avery Dennison Corporation |  |  |
| 5.75%, 03/15/33 | 965 | 1007 |
| Avient Corporation |  |  |
| 6.25%, 11/01/31 (d) | 100 | 101 |
| Braskem Idesa, S.A.P.I. |  |  |
| 6.99%, 02/20/32 (b) | 600 | 417 |
| Braskem Netherlands Finance B.V. |  |  |
| 4.50%, 01/31/30 (b) | 500 | 388 |
| Cap S.A. |  |  |
| 3.90%, 04/27/31 (b) | 1400 | 1130 |
| 3.90%, 04/27/31 (d) | 600 | 484 |
| CCL Industries Inc. |  |  |
| 3.05%, 06/01/30 (d) | 2149 | 1993 |
| Celanese US Holdings LLC |  |  |
| 6.50%, 04/15/30 | 245 | 251 |
| 6.75%, 04/15/33 (f) | 245 | 248 |
| CEMEX S.A.B. de C.V. |  |  |
| 5.13%, (100, 06/08/26) (b) (g) | 500 | 494 |
| 7.20%, (100, 06/10/30) (d) (g) | 200 | 202 |
| Cleveland-Cliffs Inc. |  |  |
| 6.88%, 11/01/29 (d) | 325 | 320 |
| Compania de Minas Buenaventura S.A.A. |  |  |
| 5.50%, 07/23/26 (b) | 500 | 498 |
| Corporacion Nacional del Cobre de Chile |  |  |
| 5.13%, 02/02/33 (b) | 1100 | 1068 |
| CSN Resources S.A. |  |  |
| 5.88%, 04/08/32 (b) | 1400 | 1151 |
| EIDP, Inc. |  |  |
| 5.13%, 05/15/32 | 1315 | 1342 |
| Freeport-McMoRan Inc. |  |  |
| 4.38%, 08/01/28 | 200 | 199 |
| 5.25%, 09/01/29 | 300 | 305 |
| GCC, S.A.B. de C.V |  |  |
| 3.61%, 04/20/32 (b) | 300 | 264 |
| Glencore Funding LLC |  |  |
| 5.37%, 04/04/29 (d) | 3396 | 3482 |
| Gold Fields Orogen Holding (BVI) Limited |  |  |
| 6.13%, 05/15/29 (b) | 1000 | 1038 |
| Illuminate Buyer LLC |  |  |
| 9.00%, 07/01/28 (d) | 485 | 487 |
| INEOS Finance PLC |  |  |
| 7.50%, 04/15/29 (d) | 255 | 256 |
| MATIV Holdings, Inc. |  |  |
| 8.00%, 10/01/29 (d) (f) | 120 | 109 |
| Minsur S.A. |  |  |
| 4.50%, 10/28/31 (b) | 800 | 742 |
| Newmont Corporation |  |  |
| 5.35%, 03/15/34 | 1902 | 1952 |
| Novelis Corporation |  |  |
| 6.88%, 01/30/30 (d) | 190 | 196 |
| OCP S.A. |  |  |
| 6.75%, 05/02/34 (b) | 1500 | 1556 |
| Office Cherifien Des Phosphates SA |  |  |
| 4.50%, 10/22/25 (b) | 400 | 398 |
| Olin Corporation |  |  |
| 6.63%, 04/01/33 (d) | 185 | 182 |
| Periama Holdings, LLC |  |  |
| 5.95%, 04/19/26 (b) | 500 | 500 |
| Rio Tinto Finance (USA) plc |  |  |
| 5.75%, 03/14/55 | 1201 | 1204 |
| Sasol Financing USA LLC |  |  |
| 4.38%, 09/18/26 | 200 | 196 |
| Sealed Air Corporation |  |  |
| 7.25%, 02/15/31 (d) | 515 | 542 |
| Sonoco Products Company |  |  |
| 4.60%, 09/01/29 | 1067 | 1065 |
| SunCoke Energy, Inc. |  |  |
| 4.88%, 06/30/29 (d) | 475 | 442 |
| Unigel Luxembourg SA |  |  |
| 13.50%, 12/31/27 (d) (k) | 44 | 35 |
| 13.50%, 12/31/27 (b) (k) | 62 | 49 |
| 11.00%, 12/31/28 (d) (k) | 50 | 14 |
| 11.00%, 12/31/28 (b) (k) | 209 | 58 |
| Vale Overseas Ltd |  |  |
| 6.40%, 06/28/54 | 783 | 767 |
| W. R. Grace Holdings LLC |  |  |
| 5.63%, 08/15/29 (d) | 270 | 244 |
|  |  | 29953 |
| Total Corporate Bonds And Notes (cost $659,121) | Total Corporate Bonds And Notes (cost $659,121) | 648962 |
| **NON-U.S. GOVERNMENT AGENCY ASSET-BACKED SECURITIES 20.6%** | **NON-U.S. GOVERNMENT AGENCY ASSET-BACKED SECURITIES 20.6%** | **NON-U.S. GOVERNMENT AGENCY ASSET-BACKED SECURITIES 20.6%** |
| AASET 2021-2 Trust |  |  |
| Series 2021-B-2A, 3.54%, 12/15/28 (m) | 1019 | 932 |
| AASET 2024-1 |  |  |
| Series 2024-A2-1A, 6.26%, 05/16/31 | 2127 | 2172 |
| Series 2024-B-1A, 6.90%, 05/16/31 | 4786 | 4771 |
| AASET 2024-2 Ltd |  |  |
| Series 2024-A-2A, 5.93%, 09/16/31 | 1423 | 1437 |
| ABFC 2006-HE1 Trust |  |  |
| Series 2006-A2B-HE1, REMIC, 2.48%, (1 Month Term SOFR + 0.33%), 01/25/37 (a) (m) (n) | 2486 | 1354 |
| ABFC 2007-WMC1 Trust |  |  |
| Series 2007-A1A-WMC1, REMIC, 2.58%, (1 Month Term SOFR + 1.36%), 06/25/37 (a) (m) (n) | 2305 | 1662 |
| Affirm Asset Securitization Trust 2025-X1 |  |  |
| Series 2025-B-X1, 5.19%, 07/15/26 | 2600 | 2598 |
| AIMCO CLO 10 Ltd |  |  |
| Series 2019-D1RR-10A, 7.27%, (3 Month Term SOFR + 3.00%), 07/22/37 (a) | 2000 | 2004 |
| Alternative Loan Trust 2004-24CB |  |  |
| Series 2005-1A7-6CB, REMIC, 5.50%, 04/25/35 | 2887 | 2487 |
| Alternative Loan Trust 2005-43 |  |  |
| Series 2005-1A2-27, REMIC, 4.81%, (12 Month Treasury Average + 1.40%), 08/25/35 (a) (n) | 157 | 150 |
| Series 2005-A3-32T1, REMIC, 5.43%, (1 Month Term SOFR + 1.11%), 08/25/35 (a) | 4422 | 2275 |
| Alternative Loan Trust 2005-45 |  |  |
| Series 2005-1A1-59, REMIC, 3.73%, (1 Month Term SOFR + 0.77%), 11/20/35 (a) (m) (n) | 2530 | 2368 |
| Series 2005-2A1-J12, REMIC, 2.38%, (1 Month Term SOFR + 0.65%), 11/25/35 (a) (m) (n) | 5508 | 2745 |
| Series 2005-1A10-64CB, REMIC, 5.75%, 12/25/35 | 2325 | 2108 |
| Alternative Loan Trust 2006-19CB |  |  |
| Series 2006-A5-19CB, REMIC, 6.00%, 08/25/36 | 3139 | 1703 |
| Alternative Loan Trust 2006-25CB |  |  |
| Series 2006-A4-25CB, REMIC, 6.00%, 10/25/36 | 3345 | 1732 |
| Alternative Loan Trust 2006-9T1 |  |  |
| Series 2006-2A4-6CB, REMIC, 5.75%, 05/25/36 | 5108 | 1877 |
| Alternative Loan Trust 2006-OA12 |  |  |
| Series 2006-A1B-OA12, REMIC, 4.22%, (1 Month Term SOFR + 0.30%), 09/20/46 (a) (m) (n) | 498 | 537 |

---

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page [607](#abbreviations).

**JNL Series Trust** (Unaudited)

**Schedules of Investments (in thousands)**

June 30, 2025

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| Alternative Loan Trust 2006-OA17 |  |  |
| Series 2006-1A1A-OA17, REMIC, 4.15%, (1 Month Term SOFR + 0.31%), 12/20/46 (a) (m) | 2909 | 2637 |
| Alternative Loan Trust 2006-OA21 |  |  |
| Series 2006-A1-OA21, REMIC, 4.19%, (1 Month Term SOFR + 0.30%), 03/20/47 (a) (m) (n) | 1929 | 1726 |
| Alternative Loan Trust 2006-OC3 |  |  |
| Series 2006-2A3-OC3, REMIC, 0.00%, (1 Month Term SOFR + 0.69%), 03/25/36 (a) (m) (n) | 4852 | 4166 |
| Alternative Loan Trust 2007-16CB |  |  |
| Series 2007-1A4-16CB, REMIC, 6.00%, 08/25/37 | 2970 | 2217 |
| Alternative Loan Trust 2007-9T1 |  |  |
| Series 2007-2A3-9T1, REMIC, 6.00%, 05/25/37 | 5999 | 2595 |
| Alternative Loan Trust 2007-Oa7 |  |  |
| Series 2007-A1A-OA7, REMIC, 4.52%, (1 Month Term SOFR + 0.47%), 05/25/47 (a) (m) (n) | 129 | 118 |
| AMSR 2020-SFR5 Trust |  |  |
| Series 2020-E1-SFR5, REMIC, 2.68%, 11/19/25 | 8000 | 7911 |
| Series 2020-E2-SFR5, REMIC, 2.93%, 11/19/25 | 10000 | 9894 |
| AMSR Trust |  |  |
| Series 2021-E1-SFR2, REMIC, 2.48%, 08/19/26 | 3000 | 2900 |
| Series 2021-E2-SFR2, REMIC, 2.58%, 08/19/26 | 2500 | 2415 |
| Series 2021-F1-SFR2, REMIC, 3.28%, 08/19/26 | 3000 | 2910 |
| Series 2021-F2-SFR2, REMIC, 3.67%, 08/19/26 | 2000 | 1944 |
| Anthelion CLO 2025-1 Ltd |  |  |
| Series 2025-A1-1A, 0.00%, (3 Month Term SOFR + 1.50%), 07/21/36 (a) (o) | 1000 | 998 |
| AREIT 2024-CRE9 Ltd |  |  |
| Series 2024-B-CRE9, 6.85%, (1 Month Term SOFR + 2.54%), 02/20/29 (a) (m) | 1820 | 1813 |
| AREIT 2025-CRE10 LTD |  |  |
| Series 2025-A-CRE10, 5.70%, (1 Month Term SOFR + 1.45%), 07/19/38 (a) | 2290 | 2285 |
| Argent Securities Inc. |  |  |
| Series 2006-A2C-W2, REMIC, 2.86%, (1 Month Term SOFR + 0.69%), 03/25/36 (a) (m) (n) | 10452 | 5624 |
| Argent Securities Trust 2006-M1 |  |  |
| Series 2006-A2C-M1, REMIC, 1.10%, (1 Month Term SOFR + 0.41%), 07/25/36 (a) (m) (n) | 12989 | 3215 |
| Bain Capital Credit CLO 2023-3, Limited |  |  |
| Series 2023-C-3A, 7.53%, (3 Month Term SOFR + 3.25%), 07/24/36 (a) | 1000 | 1004 |
| Bain Capital Credit CLO 2023-4 Ltd |  |  |
| Series 2023-D-4A, 9.27%, (3 Month Term SOFR + 5.00%), 10/21/36 (a) | 500 | 502 |
| Bain Capital Credit CLO 2024-4 Ltd |  |  |
| Series 2024-D1-4A, 7.38%, (3 Month Term SOFR + 3.10%), 10/23/37 (a) | 500 | 502 |
| BAMLL Commercial Mortgage Securities Trust 2016-ISQR |  |  |
| Series 2016-C-ISQ, REMIC, 3.61%, 08/14/26 (a) | 3125 | 1516 |
| Banc of America Funding Corp |  |  |
| Series 2005-4A1-A, REMIC, 5.00%, 02/20/35 (a) | 179 | 168 |
| Bank 2018-BNK14 |  |  |
| Series 2018-A3-BN14, REMIC, 3.97%, 07/17/28 | 2591 | 2558 |
| Bank 2019-BNK23 |  |  |
| Series 2019-A3-BN23, REMIC, 2.92%, 11/16/29 | 2331 | 2166 |
| Bank 2020-BNK26 |  |  |
| Series 2020-A3-BN26, REMIC, 2.16%, 01/17/30 | 2000 | 1827 |
| Bank 2021-BNK37 |  |  |
| Series 2021-C-BN37, REMIC, 3.11%, 11/18/31 (a) | 2121 | 1651 |
| Bank 2021-BNK38 |  |  |
| Series 2021-A5-BN38, REMIC, 2.52%, 12/15/31 | 3800 | 3295 |
| Bank 2022-BNK39 |  |  |
| Series 2022-E-BNK39, REMIC, 2.50%, 01/16/32 | 900 | 584 |
| Series 2022-AS-BNK39, REMIC, 3.18%, 01/16/32 | 2280 | 2020 |
| Bank of America Corporation |  |  |
| Series 2005-A1-D, REMIC, 5.43%, 05/25/35 (a) | 1622 | 1534 |
| Bank5 2024-5YR10 |  |  |
| Series 2024-AS-5YR10, REMIC, 5.64%, 10/17/29 | 2368 | 2440 |
| Bank5 2024-5YR9 |  |  |
| Series 2024-A3-5YR9, REMIC, 5.61%, 08/15/29 | 2363 | 2443 |
| Bank5 Trust 2024-5YR6 |  |  |
| Series 2024-A3-5YR6, REMIC, 6.23%, 04/15/29 | 1969 | 2069 |
| BBCMS Mortgage Trust 2019-C3 |  |  |
| Series 2019-C-C3, REMIC, 4.18%, 05/17/29 | 2600 | 2216 |
| BBCMS Mortgage Trust 2020-C8 |  |  |
| Series 2020-A5-C8, REMIC, 2.04%, 10/18/30 | 1275 | 1105 |
| BBCMS Mortgage Trust 2021-C12 |  |  |
| Series 2021-A5-C12, REMIC, 2.69%, 11/18/31 | 3157 | 2782 |
| BBCMS Mortgage Trust 2021-C9 |  |  |
| Series 2021-A5-C9, REMIC, 2.30%, 02/18/31 | 2916 | 2597 |
| BBCMS Mortgage Trust 2022-C17 |  |  |
| Series 2022-A5-C17, REMIC, 4.44%, 08/17/32 | 3037 | 2952 |
| BBCMS Mortgage Trust 2024-5C29 |  |  |
| Series 2024-A3-5C29, REMIC, 5.21%, 09/17/29 | 2369 | 2413 |
| BBCMS Mortgage Trust 2025-5C34 |  |  |
| Series 2025-A3-5C34, REMIC, 5.66%, 04/15/30 | 1593 | 1656 |
| BCAP LLC 2010-RR11-II Trust |  |  |
| Series 2010-5A3-RR11, REMIC, 5.17%, 03/27/47 (a) | 3761 | 3155 |
| BCAP LLC 2011-RR4-II Trust |  |  |
| Series 2011-8A1-RR4, REMIC, 5.25%, 02/26/36 (a) | 467 | 180 |
| BCAP LLC Trust 2007-AA2 |  |  |
| Series 2007-11A-AA2, REMIC, 4.81%, (1 Month Term SOFR + 0.49%), 05/25/47 (a) (m) | 1128 | 1180 |
| BCAP LLC Trust 2011-RR5 |  |  |
| Series 2011-12A1-RR5, REMIC, 4.47%, 03/26/37 (a) | 34 | 33 |
| Series 2011-9A1-RR5, REMIC, 5.25%, 05/25/37 | 2978 | 1364 |
| BDS 2022-FL11 LLC |  |  |
| Series 2022-B-FL11, 6.67%, (1 Month Term SOFR + 2.35%), 03/19/39 (a) | 2230 | 2232 |
| Bear Stearns ALT-A Trust 2006-3 |  |  |
| Series 2005-23A1-4, REMIC, 5.44%, 05/25/35 (a) | 54 | 52 |
| Series 2005-22A1-7, REMIC, 4.96%, 09/25/35 (a) | 60 | 34 |
| Bear Stearns ARM Trust 2004-1 |  |  |
| Series 2000-A1-2, REMIC, 4.82%, 11/25/30 (a) |  |  |
| Series 2002-1A1-11, REMIC, 6.25%, 02/25/33 (a) |  |  |
| Series 2003-6A1-1, REMIC, 6.57%, 04/25/33 (a) | 2 | 2 |
| Series 2003-4A1-8, REMIC, 6.73%, 01/25/34 (a) | 29 | 29 |
| Series 2004-2A1-8, REMIC, 5.83%, 11/25/34 (a) | 93 | 82 |
| Bear Stearns Structured Products Inc. Trust 2007-R6 |  |  |
| Series 2007-1A1-R6, REMIC, 5.05%, 01/26/36 (a) | 130 | 91 |
| Series 2007-2A1-R6, REMIC, 4.71%, 12/26/46 (a) | 108 | 85 |
| Benchmark 2019-B13 Mortgage Trust |  |  |
| Series 2019-A3-B13, REMIC, 2.70%, 08/17/29 | 1000 | 934 |
| Benchmark 2021-B30 Mortgage Trust |  |  |
| Series 2021-A5-B30, REMIC, 2.58%, 11/18/31 | 1654 | 1452 |

---

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page [607](#abbreviations).

**JNL Series Trust** (Unaudited)

**Schedules of Investments (in thousands)**

June 30, 2025

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| Benchmark 2021-B31 Mortgage Trust |  |  |
| Series 2021-A5-B31, REMIC, 2.67%, 12/17/31 | 1450 | 1271 |
| Benchmark 2022-B32 Mortgage Trust |  |  |
| Series 2022-AS-B32, REMIC, 3.41%, 01/16/32 (a) | 2300 | 2029 |
| Benchmark 2023-B38 Mortgage Trust |  |  |
| Series 2023-A4-B38, REMIC, 5.52%, 02/17/33 | 1650 | 1718 |
| Benchmark 2024-V10 Mortgage Trust |  |  |
| Series 2024-A3-V10, REMIC, 5.28%, 09/17/29 | 2400 | 2452 |
| Benchmark 2024-V11 Mortgage Trust |  |  |
| Series 2024-A3-V11, REMIC, 5.91%, 10/17/29 (a) | 1964 | 2056 |
| Benchmark 2024-V8 Mortgage Trust |  |  |
| Series 2024-A2-V8, REMIC, 5.71%, 05/17/29 (a) | 2386 | 2480 |
| Series 2024-A3-V8, REMIC, 6.19%, 06/15/29 (a) | 1963 | 2071 |
| Benchmark 2024-V9 Mortgage Trust |  |  |
| Series 2024-A3-V9, REMIC, 5.60%, 08/17/29 | 2361 | 2438 |
| Benchmark 2025-V15 Mortgage Trust |  |  |
| Series 2025-AS-V15, REMIC, 6.17%, 05/15/30 | 1306 | 1370 |
| BlueMountain CLO XXIII Ltd |  |  |
| Series 2018-D1R-23A, 8.12%, (3 Month Term SOFR + 3.85%), 07/20/37 (a) | 2000 | 2000 |
| BMO 2024-5C6 Mortgage Trust |  |  |
| Series 2024-A3-5C6, REMIC, 5.32%, 09/17/29 | 2367 | 2415 |
| BMO 2024-5C7 Mortgage Trust |  |  |
| Series 2024-AS-5C7, REMIC, 5.89%, 11/19/57 (a) | 1563 | 1612 |
| BPR Trust 2021-TY |  |  |
| Series 2021-A-TY, REMIC, 5.48%, (1 Month Term SOFR + 1.16%), 09/15/38 (a) | 2462 | 2459 |
| BRAVO Residential Funding Trust 2023-NQM5 |  |  |
| Series 2023-A1-NQM5, REMIC, 6.51%, 06/25/63 (m) | 6741 | 6786 |
| BSPRT 2023-FL10 Issuer LLC |  |  |
| Series 2023-B-FL10, 7.58%, (1 Month Term SOFR + 3.27%), 08/15/28 (a) (m) | 2500 | 2510 |
| Campbellsville Independent School District |  |  |
| Series 2018-DR-27A, 8.37%, (3 Month Term SOFR + 4.09%), 01/25/35 (a) | 2500 | 2445 |
| Canyon Capital CLO 2019-2 Ltd |  |  |
| Series 2019-DR2-2A, 7.11%, (3 Month Term SOFR + 2.85%), 10/15/34 (a) | 1000 | 998 |
| Canyon CLO 2021-3, Ltd. |  |  |
| Series 2021-D-3A, 7.57%, (3 Month Term SOFR + 3.31%), 07/17/34 (a) | 1000 | 1001 |
| Canyon CLO 2021-4 Ltd |  |  |
| Series 2021-E-4A, 10.82%, (3 Month Term SOFR + 6.56%), 10/16/34 (a) | 1000 | 1000 |
| Carlyle US CLO 2018-4 LTD |  |  |
| Series 2018-D1R-4A, 7.38%, (3 Month Term SOFR + 3.10%), 10/19/37 (a) | 500 | 501 |
| Carlyle US CLO 2019-4 LTD |  |  |
| Series 2019-A2R-4A, 6.01%, (3 Month Term SOFR + 1.75%), 04/15/35 (a) | 1000 | 1000 |
| Carvana Auto Receivables Trust 2024-P3 |  |  |
| Series 2024-A4-P3, 4.31%, 05/10/29 | 1500 | 1496 |
| Castlelake Aircraft Structured Trust 2021-1 |  |  |
| Series 2021-A-1A, 3.47%, 01/15/28 (m) | 816 | 793 |
| Cathedral Lake VIII, Ltd. |  |  |
| Series 2021-C-8A, 7.15%, (3 Month Term SOFR + 2.88%), 01/22/35 (a) | 1000 | 1002 |
| Series 2021-D1-8A, 7.95%, (3 Month Term SOFR + 3.68%), 01/22/35 (a) | 1000 | 1001 |
| C-BASS 2007-CB1 Trust |  |  |
| Series 2007-AF2-CB1, REMIC, 1.23%, 01/25/37 (a) (m) (n) | 2487 | 695 |
| CF 2019-CF1 Mortgage Trust |  |  |
| Series 2019-65C-CF1, REMIC, 4.12%, 05/17/52 | 2737 | 274 |
| CFCRE 2016-C6 Mortgage Trust |  |  |
| Series 2016-A2-C6, REMIC, 2.95%, 08/12/26 | 2887 | 2846 |
| Chase Mortgage Finance Trust |  |  |
| Series 2005-1A1-A1, REMIC, 4.74%, 12/25/35 (a) | 28 | 27 |
| ChaseFlex Trust Series 2007-3 |  |  |
| Series 2007-1A1-3, REMIC, 5.00%, 07/25/37 | 336 | 110 |
| CIFC Funding 2019-III Ltd |  |  |
| Series 2019-D1R2-3A, 7.01%, (3 Month Term SOFR + 2.75%), 01/16/38 (a) | 500 | 501 |
| CIFC Funding 2021-V Ltd |  |  |
| Series 2021-D1R-5A, 7.01%, (3 Month Term SOFR + 2.75%), 01/15/38 (a) | 500 | 501 |
| Citicorp Mortgage Securities Trust, Series 2007-2 |  |  |
| Series 2007-1A3-2, REMIC, 6.00%, 02/25/37 | 567 | 519 |
| Citigroup Commercial Mortgage Trust 2018-B2 |  |  |
| Series 2018-A3-B2, REMIC, 3.74%, 01/12/28 | 2766 | 2739 |
| Citigroup Commercial Mortgage Trust 2019-GC41 |  |  |
| Series 2019-B-GC41, REMIC, 3.20%, 08/10/29 | 1762 | 1540 |
| Citigroup Commercial Mortgage Trust 2020-555 |  |  |
| Series 2020-F-555, REMIC, 3.50%, 12/12/29 (a) | 1630 | 1387 |
| Citigroup Mortgage Loan Trust 2007-FS1 |  |  |
| Series 2007-1A1-FS1, REMIC, 4.16%, 10/25/37 (a) (m) | 1476 | 1423 |
| Citigroup Mortgage Loan Trust 2018-RP1 |  |  |
| Series 2018-M3-RP1, REMIC, 3.00%, 09/25/64 (a) | 1500 | 1268 |
| Citigroup Mortgage Loan Trust 2021-JL1 |  |  |
| Series 2021-A-JL1, REMIC, 2.61%, 02/25/62 (a) | 452 | 431 |
| Citigroup Mortgage Loan Trust Inc. |  |  |
| Series 2005-A2A-11, REMIC, 6.39%, (1 Year Treasury + 2.40%), 10/25/35 (a) (n) | 6 | 6 |
| Series 2005-1A3A-8, REMIC, 4.68%, 11/25/35 (a) | 739 | 768 |
| Citigroup Mortgage Loan Trust Series 2007 AHL3 |  |  |
| Series 2007-A3A-AHL3, REMIC, 3.00%, (1 Month Term SOFR + 0.17%), 07/25/45 (a) (m) (n) | 207 | 143 |
| CLI Funding IX LLC |  |  |
| Series 2025-A-1A, 5.35%, 06/22/37 | 1500 | 1512 |
| COLT 2020-RPL1 Trust |  |  |
| Series 2020-1-RPL, REMIC, 2.88%, 01/25/65 | 4257 | 3166 |
| COMM 2015-CCRE22 Mortgage Trust |  |  |
| Interest Only, Series 2015-XA-CR22, REMIC, 0.24%, 03/12/48 (a) | 10924 | 3 |
| COMM 2015-DC1 Mortgage Trust |  |  |
| Series 2015-C-DC1, REMIC, 4.30%, 02/12/48 (a) | 200 | 181 |
| Credit Suisse First Boston Mortgage Securities Corp. |  |  |
| Series 2002-A-P1A, REMIC, 5.07%, 03/25/32 (a) | 10 | 9 |
| CSAIL 2016-C6 Commercial Mortgage Trust |  |  |
| Series 2016-B-C6, REMIC, 3.92%, 04/17/26 (a) | 1097 | 1048 |
| CSMC 2021-B33 |  |  |
| Series 2021-B-B33, REMIC, 3.64%, 10/10/31 (a) | 2810 | 2474 |
| CSMC 2022-RPL4 Trust |  |  |
| Series 2022-A1-RPL4, REMIC, 3.90%, 04/25/62 (a) | 6830 | 6597 |
| CSMC Mortgage-Backed Trust 2006-6 |  |  |
| Series 2006-1A4-6, REMIC, 6.00%, 07/25/36 | 1264 | 588 |
| CSMC Series 2010-18R |  |  |
| Series 2010-4A4-18R, REMIC, 3.50%, 04/27/38 (a) | 194 | 191 |
| CSMC Trust 2017-CALI |  |  |
| Series 2017-F-CALI, REMIC, 3.78%, 11/12/32 (a) | 5200 | 515 |
| CWABS, Inc. |  |  |
| Series 2004-M1-3, REMIC, 5.19%, (1 Month Term SOFR + 0.86%), 06/25/34 (a) (m) | 14 | 14 |
| Series 2005-3A2A-HYB9, REMIC, 4.98%, (12 Month Term SOFR + 2.47%), 02/20/36 (a) (n) | 9 | 9 |
| CWMBS, Inc. |  |  |
| Series 2004-A14-19, REMIC, 5.50%, 10/25/34 | 990 | 980 |
| Series 2004-A2-HYB6, REMIC, 5.90%, 11/21/34 (a) | 188 | 181 |
| Series 2004-A3-22, REMIC, 5.13%, 11/25/34 (a) | 71 | 66 |

---

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page [607](#abbreviations).

**JNL Series Trust** (Unaudited)

**Schedules of Investments (in thousands)**

June 30, 2025

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| Series 2004-1A1-HYB9, REMIC, 5.39%, 02/20/35 (a) | 13 | 13 |
| Series 2005-1A13-26, REMIC, 5.50%, 11/25/35 | 2781 | 1642 |
| Series 2005-A1-29, REMIC, 5.75%, 12/25/35 | 860 | 401 |
| CyrusOne Data Centers Issuer I LLC |  |  |
| Series 2023-B-1A, 5.45%, 04/20/28 | 1744 | 1723 |
| Series 2024-A2-2A, 4.50%, 05/20/29 | 3000 | 2922 |
| Deutsche Alt-A Securities Mortgage Loan Trust, Series 2007-RAMP1 |  |  |
| Series 2006-A6-AR6, REMIC, 3.90%, (1 Month Term SOFR + 0.49%), 02/25/37 (a) (m) (n) | 4577 | 3974 |
| Dryden 43 Senior Loan Fund LLC |  |  |
| Series 2016-DR3-43A, REMIC, 7.78%, (3 Month Term SOFR + 3.51%), 04/20/34 (a) | 1000 | 1003 |
| Dryden 60 CLO, Ltd. |  |  |
| Series 2018-D-60A, 7.52%, (3 Month Term SOFR + 3.26%), 07/15/31 (a) | 2000 | 2005 |
| Empower CLO 2023-2 Ltd |  |  |
| Series 2023-B-2A, 7.01%, (3 Month Term SOFR + 2.75%), 07/15/36 (a) | 500 | 502 |
| Series 2023-C-2A, 7.66%, (3 Month Term SOFR + 3.40%), 07/15/36 (a) | 500 | 502 |
| Exeter Automobile Receivables Trust 2021-1 |  |  |
| Series 2021-D-1A, 1.08%, 11/16/26 | 47 | 47 |
| Series 2021-E-1A, 2.21%, 02/15/28 | 2850 | 2829 |
| ExteNet Issuer LLC |  |  |
| Series 2025-B-1A, 5.70%, 07/25/29 | 1500 | 1506 |
| First Horizon Alternative Mortgage Securities Trust 2007-FA4 |  |  |
| Series 2007-1A10-FA4, REMIC, 6.25%, 08/25/37 | 7827 | 2566 |
| First Horizon Mortgage Pass-Through Trust 2006-AR1 |  |  |
| Series 2005-2A1-AR4, REMIC, 5.05%, 10/25/35 (a) | 188 | 169 |
| Series 2005-4A1-AR6, REMIC, 5.61%, 02/25/36 (a) | 38 | 36 |
| FMC GMSR Issuer Trust |  |  |
| Series 2021-A-GT2, 3.85%, 10/25/26 | 3420 | 3283 |
| Global SC Finance VI SRL |  |  |
| Series 2020-A-1A, 2.17%, 10/17/40 | 475 | 450 |
| Goldentree Loan Management US Clo 15 Ltd |  |  |
| Series 2022-DR-15A, 8.77%, (3 Month Term SOFR + 4.40%), 10/20/36 (a) | 1000 | 1005 |
| Goodgreen 2020-1 Trust |  |  |
| Series 2020-A-1A, 2.63%, 04/15/55 | 478 | 400 |
| Greenwood Park CLO, Ltd. |  |  |
| Series 2018-D-1A, 7.02%, (3 Month Term SOFR + 2.76%), 04/15/31 (a) | 1000 | 1001 |
| GS Mortgage Securities Corp II |  |  |
| Series 2023-A-SHIP, REMIC, 4.32%, 09/11/26 (a) | 2300 | 2285 |
| GS Mortgage Securities Corp Trust 2018-RIVR |  |  |
| Series 2018-C-RIVR, REMIC, 5.86%, (1 Month Term SOFR + 1.55%), 07/16/35 (a) (m) | 1898 | 19 |
| GS Mortgage Securities Corp. |  |  |
| Series 2005-2A1-AR6, REMIC, 5.24%, 09/25/35 (a) | 72 | 68 |
| Series 2005-6A1-AR7, REMIC, 4.43%, 11/25/35 (a) | 21 | 18 |
| GS Mortgage Securities Trust 2015-GC32 |  |  |
| Series 2015-D-GC32, REMIC, 3.35%, 07/11/25 | 1969 | 1867 |
| GS Mortgage Securities Trust 2016-GS3 |  |  |
| Series 2016-WMB-GS3, REMIC, 3.60%, 09/14/26 (a) | 4000 | 3414 |
| GSAMP Trust 2006-HE4 |  |  |
| Series 2006-A1-HE4, REMIC, 3.82%, (1 Month Term SOFR + 0.39%), 06/25/36 (a) (m) (n) | 252 | 246 |
| GSR Mortgage Loan Trust 2006-OA1 |  |  |
| Series 2006-1A1-OA1, REMIC, 4.72%, (1 Month Term SOFR + 0.55%), 08/25/46 (a) (m) (n) | 15461 | 3248 |
| HarborView Mortgage Loan Trust |  |  |
| Series 2005-2A1A-2, REMIC, 4.52%, (1 Month Term SOFR + 0.55%), 05/19/35 (a) (m) (n) | 25 | 24 |
| Series 2005-3A1-4, REMIC, 4.73%, 07/19/35 (a) | 116 | 86 |
| Hardee's Funding LLC |  |  |
| Series 2018-A23-1A, 5.71%, 06/20/28 | 4663 | 4614 |
| HOMES Trust |  |  |
| Series 2023-A1-NQM2, REMIC, 6.46%, 02/25/68 (m) | 4340 | 4358 |
| Horizon Aircraft Finance III Limited |  |  |
| Series 2019-A-2, 3.43%, 11/15/26 (d) (m) | 1157 | 1053 |
| Series 2024-A-I, 5.38%, 09/15/31 | 1925 | 1914 |
| HSI Asset Securitization Corporation |  |  |
| Series 2006-1A1-HE1, REMIC, 1.41%, (1 Month Term SOFR + 0.39%), 10/25/36 (a) (m) (n) | 5249 | 1476 |
| HSI Asset Securitization Corporation Trust 2007-NC1 |  |  |
| Series 2007-A3-NC1, REMIC, 3.20%, (1 Month Term SOFR + 0.29%), 04/25/37 (a) (m) (n) | 335 | 220 |
| Hyundai Auto Receivables Trust 2024-C |  |  |
| Series 2024-C-C, 4.86%, 10/15/28 | 1150 | 1150 |
| ICG US CLO 2023-1 I Ltd |  |  |
| Series 2023-AR-1A, 0.00%, (3 Month Term SOFR + 1.38%), 07/18/38 (a) | 1000 | 1000 |
| Imperial Fund Mortgage Trust 2021-NQM4 |  |  |
| Series 2021-M1-NQM4, REMIC, 3.45%, 01/25/57 (a) | 3000 | 2306 |
| IndyMac Bancorp, Inc. |  |  |
| Series 2001-A2-H2, REMIC, 6.70%, 01/25/32 (a) |  |  |
| IndyMac MBS, Inc. |  |  |
| Series 2005-A3-AR11, REMIC, 3.69%, 08/25/35 (a) | 689 | 528 |
| Series 2005-1A1-AR31, REMIC, 3.57%, 01/25/36 (a) | 137 | 123 |
| Invesco U.S. CLO 2023-3, Ltd. |  |  |
| Series 2023-B-3A, 6.91%, (3 Month Term SOFR + 2.65%), 07/15/36 (a) | 1000 | 1000 |
| Series 2023-C-3A, 7.41%, (3 Month Term SOFR + 3.15%), 07/15/36 (a) | 500 | 500 |
| J.P. Morgan Chase Commercial Mortgage Securities Trust 2020-LOOP |  |  |
| Series 2020-E-LOOP, REMIC, 3.99%, 12/07/26 (a) | 2547 | 396 |
| J.P. Morgan Mortgage Acquisition Trust 2007-CH1 |  |  |
| Series 2007-MV6-CH1, REMIC, 4.56%, (1 Month Term SOFR + 0.94%), 11/25/36 (a) (m) (n) | 267 | 366 |
| J.P. Morgan Mortgage Trust 2005-A1 |  |  |
| Series 2005-1A2-S3, REMIC, 5.75%, 01/25/36 | 52 | 24 |
| Series 2006-3A1-S1, REMIC, 5.50%, 04/25/36 | 6 | 6 |
| JPMDB Commercial Mortgage Securities Trust 2017-C7 |  |  |
| Interest Only, Series 2017-XA-C7, REMIC, 0.83%, 10/17/50 (a) | 77297 | 1060 |
| Katayma CLO I, Ltd. |  |  |
| Series 2023-D-1A, 9.52%, (3 Month Term SOFR + 5.25%), 10/20/36 (a) | 1000 | 1010 |
| LCM 28 Ltd |  |  |
| Series D-28A, 7.48%, (3 Month Term SOFR + 3.21%), 10/21/30 (a) | 1000 | 982 |
| LCM XIV Limited Partnership |  |  |
| Series DR-14A, 7.28%, (3 Month Term SOFR + 3.01%), 07/21/31 (a) (d) | 2000 | 2001 |
| LCM XV LP |  |  |
| Series DR-15A, 8.23%, (3 Month Term SOFR + 3.96%), 07/22/30 (a) | 2750 | 2750 |
| Lehman Mortgage Trust 2006-3 |  |  |
| Series 2006-1A1-6, REMIC, 4.93%, (1 Month Term SOFR + 0.61%), 09/25/36 (a) | 11482 | 2944 |
| Lehman XS Trust Series 2006-12N |  |  |
| Series 2006-2A1A-12N, REMIC, 4.09%, (1 Month Term SOFR + 0.46%), 08/25/46 (a) (m) (n) | 2130 | 2123 |
| Lehman XS Trust, Series 2007-2N |  |  |
| Series 2007-3A3-2N, REMIC, 1.67%, (1 Month Term SOFR + 0.28%), 02/25/37 (a) (m) (n) | 3250 | 2723 |
| LoanCore 2021-CRE5 Issuer Ltd. |  |  |
| Series 2021-C-CRE5, REMIC, 6.78%, (1 Month Term SOFR + 2.46%), 07/15/36 (a) | 2000 | 1985 |

---

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page [607](#abbreviations).

**JNL Series Trust** (Unaudited)

**Schedules of Investments (in thousands)**

June 30, 2025

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| LoanCore 2025-CRE8 Issuer LLC |  |  |
| Series 2025-A-CRE8, 5.70%, (1 Month Term SOFR + 1.45%), 11/01/29 (a) | 2290 | 2283 |
| Long Point Park CLO, Ltd. |  |  |
| Series 2017-C-1A, 6.94%, (3 Month Term SOFR + 2.66%), 01/17/30 (a) | 1000 | 1001 |
| Luminace Abs-2024 Issuer LLC |  |  |
| Series 2024-A-1, 5.87%, 10/30/31 | 962 | 966 |
| Mach 1 Cayman Limited |  |  |
| Series 2019-A-1, 3.47%, 08/17/26 (d) (m) | 2325 | 2218 |
| Marble Point CLO XXI LTD |  |  |
| Series 2021-D1-3A, 8.04%, (3 Month Term SOFR + 3.76%), 10/17/34 (a) | 2000 | 2000 |
| MASTR Asset Backed Securities Trust 2006-AM1 |  |  |
| Series 2003-M3-OPT1, 3.76%, (1 Month Term SOFR + 4.24%), 12/25/32 (a) (m) (n) | 457 | 439 |
| MASTR Asset Backed Securities Trust 2007-HE2 |  |  |
| Series 2007-A1-HE2, REMIC, 3.25%, (1 Month Term SOFR + 1.26%), 08/25/37 (a) (m) (n) | 3425 | 2954 |
| MASTR Asset Backed Securities Trust 2007-WMC1 |  |  |
| Series 2007-A2-WMC1, REMIC, 1.06%, (1 Month Term SOFR + 0.16%), 01/25/37 (a) (m) (n) | 265 | 65 |
| MASTR Asset Securitization Trust 2006-2 |  |  |
| Series 2006-1A13-2, REMIC, 6.00%, 06/25/36 | 1243 | 745 |
| Series 2006-1A10-2, REMIC, 6.00%, (1 Month Term SOFR + 6.00%), 06/25/36 (a) | 1057 | 634 |
| Mellon Residential Funding Corporation |  |  |
| Series 1999-A2-TBC3, REMIC, 5.14%, (1 Month Term SOFR + 0.60%), 10/20/29 (a) | 7 | 7 |
| Menlo CLO I Ltd |  |  |
| Series 2024-A1-1A, 5.69%, (3 Month Term SOFR + 1.42%), 01/20/38 (a) | 2000 | 2004 |
| Merrill Lynch Mortgage Capital Inc. |  |  |
| Series 2005-5A-3, REMIC, 4.94%, (1 Month Term SOFR + 0.61%), 11/25/35 (a) (m) | 13 | 12 |
| Merrill Lynch Mortgage Investors Trust, Series MLCC 2003-C |  |  |
| Series 2003-1A-A3, REMIC, 5.86%, 05/25/33 (a) | 46 | 44 |
| MF1 2021-FL7 Ltd. |  |  |
| Series 2021-B-FL7, 6.18%, (1 Month Term SOFR + 1.86%), 10/16/36 (a) | 1900 | 1848 |
| MF1 2024-FL14 LLC |  |  |
| Series 2024-AS-FL14, REMIC, 6.56%, (1 Month Term SOFR + 2.24%), 03/19/39 (a) | 2500 | 2509 |
| MF1 2025-FL17 LLC |  |  |
| Series 2025-A-FL17, 5.63%, (1 Month Term SOFR + 1.32%), 02/21/40 (a) | 2290 | 2286 |
| MFA 2023-NQM3 Trust |  |  |
| Series 2023-A1-NQM3, REMIC, 6.62%, 07/25/68 (m) | 3726 | 3758 |
| Mill City Mortgage Loan Trust 2017-1 |  |  |
| Series 2017-B2-1, REMIC, 3.75%, 09/25/30 (a) | 8210 | 7392 |
| Morgan Stanley Capital I Trust 2019-NUGS |  |  |
| Series 2019-F-NUGS, REMIC, 7.27%, (1 Month Term SOFR + 2.96%), 12/15/36 (a) | 3663 | 18 |
| Morgan Stanley Capital I Trust 2020-HR8 |  |  |
| Series 2020-A3-HR8, REMIC, 1.79%, 03/15/30 | 1339 | 1165 |
| Morgan Stanley Mortgage Loan Trust 2007-2AX |  |  |
| Series 2007-2A1-2AX, REMIC, 1.07%, (1 Month Term SOFR + 0.29%), 12/25/36 (a) (m) (n) | 9630 | 3320 |
| MortgageIT Mortgage Loan Trust 2006-1 |  |  |
| Series 2005-A1-5, REMIC, 4.96%, (1 Month Term SOFR + 0.63%), 12/25/35 (a) (m) | 497 | 487 |
| Mosaic Solar Loan Trust 2018-1 |  |  |
| Series 2018-A-1A, REMIC, 4.01%, 08/20/30 | 605 | 576 |
| Mosaic Solar Loan Trust 2019-2 |  |  |
| Series 2019-B-2A, REMIC, 3.28%, 05/20/32 | 475 | 429 |
| Mosaic Solar Loan Trust 2020-1 |  |  |
| Series 2020-A-1A, 2.10%, 03/22/32 | 694 | 618 |
| Series 2020-B-1A, 3.10%, 11/22/32 | 868 | 759 |
| Mosaic Solar Loan Trust 2020-2 |  |  |
| Series 2020-B-2A, 2.21%, 05/20/33 | 789 | 644 |
| Mosaic Solar Loans 2017-2 LLC |  |  |
| Series 2017-A-2A, 3.82%, 01/22/30 | 2394 | 2250 |
| MSWF Commercial Mortgage Trust 2023-2 |  |  |
| Series 2023-A1-2, REMIC, 5.96%, 01/18/28 | 88 | 90 |
| Navient Private Education Loan Trust 2017-A |  |  |
| Series 2017-B-A, 3.91%, 09/15/25 | 3769 | 3736 |
| NBC Funding LLC |  |  |
| Series 2021-A2-1, 2.99%, 07/30/26 | 3930 | 3813 |
| New Residential Mortgage Loan Trust 2020-NQM1 |  |  |
| Series 2020-M1-NQM1, REMIC, 3.21%, 01/25/60 (a) | 3600 | 3075 |
| NP SPE II LLC |  |  |
| Series 2017-A1-1A, 3.37%, 10/20/47 | 1526 | 1439 |
| Ocean Trails CLO V |  |  |
| Series 2014-DRR-5A, 7.95%, (3 Month Term SOFR + 3.71%), 10/14/31 (a) | 1000 | 1000 |
| Octagon Investment Partners 34 17 1A 144A |  |  |
| Series 2017-D-34, 7.03%, (3 Month Term SOFR + 2.76%), 01/22/30 (a) | 1000 | 1001 |
| Octagon Investment Partners 40 Ltd. |  |  |
| Series 2019-DR-1A, 7.88%, (3 Month Term SOFR + 3.61%), 01/20/35 (a) | 1000 | 965 |
| Octagon Investment Partners XVI, Ltd. |  |  |
| Series 2013-DR-1A, 7.54%, (3 Month Term SOFR + 3.26%), 07/17/30 (a) | 500 | 501 |
| Option One Mortgage Loan Trust 2005-3 |  |  |
| Series 2005-M3-3, REMIC, 3.60%, (1 Month Term SOFR + 0.88%), 08/25/35 (a) (m) (n) | 2199 | 2128 |
| Option One Mortgage Loan Trust 2007-6 |  |  |
| Series 2007-2A2-6, REMIC, 0.00%, (1 Month Term SOFR + 0.24%), 07/25/37 (a) (m) (n) | 565 | 349 |
| Option One Mortgage Loan Trust 2007-CP1 |  |  |
| Series 2007-2A2-CP1, REMIC, 1.18%, (1 Month Term SOFR + 0.23%), 03/25/37 (a) (m) (n) | 1149 | 1116 |
| Pagaya AI Debt Selection Trust |  |  |
| Series 2021-NOTE-2, 3.00%, 01/25/29 | 197 | 196 |
| Park Place Securities, Inc. |  |  |
| Series 2005-M4-WCW2, REMIC, 3.81%, (1 Month Term SOFR + 1.09%), 07/25/35 (a) (m) (n) | 5000 | 4214 |
| PRET 2024-NPL6, LLC |  |  |
| Series 2024-A1-NPL6, REMIC, 5.93%, 09/25/54 (m) | 11602 | 11559 |
| Prime Mortgage Trust 2005-4 |  |  |
| Series 2004-1A2-CL1, REMIC, 4.83%, (1 Month Term SOFR + 0.51%), 02/25/34 (a) | 2 | 2 |
| Primrose Funding LLC |  |  |
| Series 2025-A2-1A, 6.46%, 07/30/32 (d) | 1500 | 1519 |
| Progress Residential 2021-SFR3 Trust |  |  |
| Series 2021-E1-SFR3, REMIC, 2.54%, 05/19/26 | 12000 | 11765 |
| Progress Residential 2021-SFR6 Trust |  |  |
| Series 2021-E2-SFR6, REMIC, 2.53%, 07/17/26 | 1150 | 1123 |
| Series 2021-F-SFR6, REMIC, 3.42%, 07/17/26 | 2000 | 1965 |
| Progress Residential 2024-SFR2 Trust |  |  |
| Series 2024-A-SFR2, REMIC, 3.30%, 04/17/29 | 5858 | 5603 |
| PRPM, LLC |  |  |
| Series 2020-A1-4, 6.61%, 10/25/25 (a) (m) (n) | 2475 | 2475 |
| RALI Series 2007-QS7 Trust |  |  |
| Series 2007-1A2-QS7, REMIC, 6.00%, 05/25/37 | 2217 | 1859 |
| RASC Series 2006-EMX9 Trust |  |  |
| Series 2006-1A3-EMX9, REMIC, 4.78%, (1 Month Term SOFR + 0.45%), 09/25/36 (a) (m) | 729 | 678 |
| Renaissance Home Equity Loan Trust 2006-1 |  |  |
| Series 2006-AF5-1, REMIC, 6.17%, 05/25/36 (m) | 3374 | 1498 |
| Renaissance Home Equity Loan Trust 2006-3 |  |  |
| Series 2006-AF3-2, REMIC, 3.18%, 08/25/36 (a) (m) | 1983 | 727 |
| Renew 20172 |  |  |
| Series 2017-A-2A, 3.22%, 09/22/53 | 2503 | 2277 |
| Research-Driven Pagaya Motor Trust 2025-3 |  |  |
| Series 2025-A2-3A, 5.15%, 06/25/27 | 2000 | 2011 |

---

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page [607](#abbreviations).

**JNL Series Trust** (Unaudited)

**Schedules of Investments (in thousands)**

June 30, 2025

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| Residential Accredit Loans, Inc. |  |  |
| Series 2006-A21-QA1, REMIC, 5.21%, 01/25/36 (a) | 3049 | 2242 |
| Series 2006-A5-QS1, REMIC, 5.34%, (1 Month Term SOFR + 1.02%), 01/25/36 (a) | 3316 | 2576 |
| Retained Vantage Data Centers Issuer LLC |  |  |
| Series 2023-A2A-1A, 5.00%, 09/15/28 (d) | 4000 | 3959 |
| Series 2023-B-1A, 5.75%, 09/15/28 (d) | 3000 | 2946 |
| Sapphire Aviation Finance II Limited |  |  |
| Series 2020-A-1A, 3.23%, 03/15/27 | 1527 | 1456 |
| Securitized Asset Backed Receivables LLC Trust 2007-BR2 |  |  |
| Series 2007-A2-BR2, REMIC, 1.38%, (1 Month Term SOFR + 0.34%), 02/25/37 (a) (m) (n) | 12364 | 5217 |
| Securitized Asset Backed Receivables LLC Trust 2007-HE1 |  |  |
| Series 2007-A2A-HE1, REMIC, 0.00%, (1 Month Term SOFR + 0.23%), 12/25/36 (a) (m) (n) | 209 | 42 |
| SG Commercial Mortgage Securities Trust 2016-C5 |  |  |
| Series 2016-B-C5, REMIC, 3.93%, 06/12/26 | 2391 | 2287 |
| Interest Only, Series 2016-XA-C5, REMIC, 1.82%, 10/13/48 (a) | 25853 | 298 |
| SG Mortgage Securities Trust 2006-FRE2 |  |  |
| Series 2006-A2D-FRE2, REMIC, 1.17%, (1 Month Term SOFR + 0.57%), 07/25/36 (a) (m) (n) | 15803 | 2965 |
| SG Residential Mortgage Trust 2021-1 |  |  |
| Series 2021-M1-1, REMIC, 2.50%, 07/25/61 (a) | 3258 | 2149 |
| Shenton Aircraft Investment I Limited |  |  |
| Series 2015-A-1A, 4.75%, 11/15/27 | 1470 | 1430 |
| Signal Rail I LLC |  |  |
| Series 2021-A-1, 2.23%, 08/18/51 | 847 | 788 |
| SMB Private Education Loan Trust 2018-B |  |  |
| Series 2018-A2B-B, 5.15%, (1 Month Term SOFR + 0.83%), 03/15/28 (a) (d) | 523 | 521 |
| SoFi Consumer Loan Program 2021-1 Trust |  |  |
| Series 2021-PT1-1, 9.72%, 05/25/30 | 291 | 289 |
| Sound Point CLO 36 Ltd |  |  |
| Series 2023-B-36A, 7.13%, (3 Month Term SOFR + 2.85%), 07/28/36 (a) (d) | 500 | 501 |
| Series 2023-C-36A, 7.68%, (3 Month Term SOFR + 3.40%), 07/28/36 (a) (d) | 500 | 502 |
| Sound Point CLO IX Ltd |  |  |
| Series 2015-DRRR-2A, 9.03%, (3 Month Term SOFR + 4.76%), 07/20/32 (a) | 1000 | 968 |
| Sound Point CLO XVIII Ltd |  |  |
| Series 2017-C-4A, 7.03%, (3 Month Term SOFR + 2.76%), 01/21/31 (a) | 1000 | 984 |
| Sound Point CLO XX Ltd |  |  |
| Series 2018-C-2A, 6.49%, (3 Month Term SOFR + 2.21%), 07/26/31 (a) | 500 | 500 |
| Sound Point CLO XXIII |  |  |
| Series 2019-DR-2A, 7.82%, (3 Month Term SOFR + 3.56%), 07/17/34 (a) | 2000 | 1947 |
| Sound Point CLO XXIX Ltd |  |  |
| Series 2021-B1-1A, 6.24%, (3 Month Term SOFR + 1.96%), 04/25/34 (a) | 1000 | 1000 |
| Sound Point Clo XXXI Ltd |  |  |
| Series 2021-D-3A, 7.79%, (3 Month Term SOFR + 3.51%), 10/25/34 (a) | 1000 | 957 |
| Specialty Underwriting & Residential Finance Trust, Series 2007-AB1 |  |  |
| Series 2007-A2B-AB1, REMIC, 2.14%, (1 Month Term SOFR + 0.30%), 03/25/37 (a) (m) (n) | 5486 | 2827 |
| Sprite 2021-1 Limited |  |  |
| Series 2021-A-1, 3.75%, 10/15/28 (d) (m) | 1394 | 1255 |
| SRVM 191 A2 FIX |  |  |
| Series 2019-A2-1A, 3.88%, 10/25/26 | 3780 | 3711 |
| Start Ltd |  |  |
| Series 2018-A-1, 4.09%, 05/15/43 | 616 | 611 |
| Starwood Mortgage Residential Trust 2019-INV1 |  |  |
| Series 2019-M1-INV1, REMIC, 3.06%, 09/25/49 (a) | 6721 | 6441 |
| Storm King Park CLO, Ltd |  |  |
| Series 2022-AR-1A, 5.62%, (3 Month Term SOFR + 1.36%), 10/15/37 (a) | 2200 | 2211 |
| Structured Asset Investment Loan Trust 2005-4 |  |  |
| Series 2006-A4-1, REMIC, 4.06%, (1 Month Term SOFR + 0.73%), 01/25/36 (a) (m) (n) | 898 | 850 |
| Structured Asset Mortgage Investments II Inc. |  |  |
| Series 2005-A3-AR5, REMIC, 4.94%, (1 Month Term SOFR + 0.61%), 07/19/35 (a) (m) | 48 | 45 |
| Structured Asset Mortgage Investments II Trust 2007-AR2 |  |  |
| Series 2007-2A1-AR2, REMIC, 2.52%, (1 Month Term SOFR + 0.37%), 03/25/37 (a) (m) (n) | 227 | 80 |
| Structured Asset Mortgage Investments LLC |  |  |
| Series 2002-A1-AR3, REMIC, 5.10%, (1 Month Term SOFR + 0.77%), 09/19/32 (a) (m) | 2 | 2 |
| Structured Asset Securities Corporation Mortgage Loan Trust 2006-BC3 |  |  |
| Series 2006-A1-BC3, REMIC, 3.37%, (1 Month Term SOFR + 0.43%), 10/25/36 (a) (m) (n) | 3057 | 2053 |
| Subway Funding LLC |  |  |
| Series 2024-A23-1A, 6.51%, 07/30/34 | 1990 | 2037 |
| Sunnova Helios VII Issuer, LLC |  |  |
| Series 2021-C-C, 2.63%, 10/20/28 | 3033 | 1378 |
| Sunrun Atlas Issuer 2019-2, LLC |  |  |
| Series 2019-A-2, 3.61%, 11/01/27 | 2479 | 2347 |
| Switch ABS Issuer, LLC |  |  |
| Series 2024-B-1A, 6.50%, 03/25/29 | 2000 | 2047 |
| Series 2024-A2-2A, 5.44%, 06/25/54 | 3000 | 3027 |
| Symphony CLO XVI, Ltd |  |  |
| Series 2015-DR-16A, 7.57%, (3 Month Term SOFR + 3.31%), 10/15/31 (a) | 1000 | 998 |
| Tailwind 2019-1 Limited |  |  |
| Series 2019-A-1, 3.97%, 12/15/26 (m) | 2351 | 2273 |
| Thayer Park CLO, Ltd. |  |  |
| Series 2017-CR-1A, 7.33%, (3 Month Term SOFR + 3.06%), 04/20/34 (a) | 1000 | 1001 |
| THL Credit Wind River 2018-1 CLO Ltd. |  |  |
| Series 2018-D-1, 7.42%, (3 Month Term SOFR + 3.16%), 07/15/30 (a) | 1500 | 1501 |
| Series 2018-E-1, 10.02%, (3 Month Term SOFR + 5.76%), 07/15/30 (a) | 500 | 502 |
| TierPoint Issuer LLC |  |  |
| Series 2023-A2-1A, 6.00%, 06/25/26 | 833 | 833 |
| TIF Funding II LLC |  |  |
| Series 2021-A-1A, 1.65%, 02/20/46 | 3223 | 2919 |
| Trestles CLO VI Ltd |  |  |
| Series 2023-A1R-6A, 5.45%, (3 Month Term SOFR + 1.18%), 04/26/38 (a) | 1000 | 998 |
| Trestles CLO VIII Ltd |  |  |
| Series 2025-A1-8A, 5.65%, (3 Month Term SOFR + 0.00%), 06/11/35 (a) | 1000 | 1000 |
| Trimaran CAVU 2021-3, Ltd. |  |  |
| Series 2021-D-3A, 8.31%, (3 Month Term SOFR + 4.04%), 01/18/35 (a) | 2250 | 2254 |
| Trinity Rail Leasing 2018 LLC |  |  |
| Series 2020-A-1A, 1.96%, 10/17/50 | 1662 | 1483 |
| TRTX 2021-FL4 Issuer, Ltd. |  |  |
| Series 2021-A-FL4, 5.63%, (1 Month Term SOFR + 1.31%), 03/17/38 (a) (m) | 1452 | 1449 |
| U.S. Auto Funding Trust 2021-1 |  |  |
| Series 2021-C-1A, 2.20%, 05/15/26 | 1925 | 1652 |
| UBS Commercial Mortgage Trust 2017-C4 |  |  |
| Series 2017-A3-C4, REMIC, 3.30%, 08/17/27 | 478 | 465 |
| UBS Commercial Mortgage Trust 2017-C7 |  |  |
| Series 2017-B-C7, REMIC, 4.29%, 01/18/28 (a) | 2000 | 1888 |
| UBS Commercial Mortgage Trust 2018-C8 |  |  |
| Series 2018-A3-C8, REMIC, 3.72%, 01/18/28 | 1419 | 1399 |
| UBS-Barclays Commercial Mortgage Trust 2013-C5 |  |  |
| Series 2013-C-C5, REMIC, 3.72%, 03/12/46 (a) | 2351 | 2115 |
| Upstart Pass-Through Trust |  |  |
| Series 2021-A-ST1, 2.75%, 02/20/27 | 1 | 1 |
| Upstart Pass-Through Trust Series 2021-St4 |  |  |
| Series 2021-A-ST4, 2.00%, 07/20/27 | 212 | 210 |
| Upstart Securitization Trust 2021-4 |  |  |
| Series 2021-C-4, 3.19%, 09/20/31 | 2750 | 2725 |
| USQ Rail I LLC |  |  |
| Series 2021-A-1A, 2.25%, 02/28/51 |  |  |

---

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page [607](#abbreviations).

**JNL Series Trust** (Unaudited)

**Schedules of Investments (in thousands)**

June 30, 2025

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| Vantage Data Centers Issuer, LLC |  |  |
| Series 2020-A2-2A, 1.99%, 09/15/27 | 250 | 235 |
| Vegas Trust 2024-TI |  |  |
| Series 2024-A-TI, REMIC, 5.52%, 11/15/27 | 1172 | 1187 |
| Verus Securitization Trust 2021-R2 |  |  |
| Series 2021-M1-R2, REMIC, 2.24%, 02/25/64 | 3017 | 2662 |
| VOLT XCVII, LLC |  |  |
| Series 2021-A1-NPL6, 5.24%, 04/25/51 (a) (m) | 115 | 115 |
| Voya CLO 2014-1, Ltd. |  |  |
| Series 2014-CR2-1A, 7.33%, (3 Month Term SOFR + 3.06%), 04/18/31 (a) | 1000 | 1001 |
| Voya CLO 2018-2 Ltd |  |  |
| Series 2018-D-2A, 7.27%, (3 Month Term SOFR + 3.01%), 07/15/31 (a) | 1000 | 999 |
| VR Funding LLC |  |  |
| Series 2020-A-1A, 2.79%, 11/15/27 | 2108 | 1969 |
| Warwick Capital CLO 6 Ltd |  |  |
| Series 2025-A1-6A, 5.73%, (3 Month Term SOFR + 0.00%), 07/20/38 (a) | 2000 | 2001 |
| Washington Mutual Asset-Backed Certificates, WaMu Series 200X-HEX Trust |  |  |
| Series 2004-A5-5, REMIC, 4.47%, (1 Month Term SOFR + 1.23%), 09/25/34 (a) (m) (n) | 24 | 24 |
| Washington Mutual Mortgage Pass-Through Certificates Series 2002-AR17 Trust |  |  |
| Series 2002-1A-AR17, REMIC, 4.83%, (12 Month Treasury Average + 1.20%), 11/25/42 (a) (n) | 8 | 8 |
| Washington Mutual Mortgage Pass-Through Certificates Series 2003-AR9 Trust |  |  |
| Series 2005-1A3A-AR18, REMIC, 4.96%, 01/25/36 (a) | 117 | 106 |
| Series 2005-A1A1-AR13, REMIC, 4.81%, (1 Month Term SOFR + 0.69%), 10/25/45 (a) (m) (n) | 14 | 14 |
| Washington Mutual Mortgage Pass-Through Certificates Series 2007-HY1 Trust |  |  |
| Series 2007-3A3-HY1, REMIC, 4.07%, 02/25/37 (a) | 736 | 652 |
| Series 2007-4A1-HY1, REMIC, 4.23%, 02/25/37 (a) | 75 | 69 |
| Washington Mutual Mortgage Pass-Through Certificates Wmalt Series 2006-Ar9 Trust |  |  |
| Series 2006-1A-AR9, REMIC, 3.61%, (12 Month Treasury Average + 0.83%), 11/25/46 (a) (m) (n) | 1109 | 980 |
| Washington Mutual Mortgage Pass-Through Certificates, Series 2006-AR8 Trust |  |  |
| Series 2006-3A3-AR8, REMIC, 4.36%, 08/25/36 (a) | 762 | 720 |
| Washington Mutual Mortgage Pass-Through Certificates, Series 2007-HY7 Trust |  |  |
| Series 2007-2A3-HY7, REMIC, 4.06%, 07/25/37 (a) | 127 | 118 |
| Washington Mutual Mortgage Securities Corp. |  |  |
| Series 2002-2A2-AR1, REMIC, 5.89%, 02/25/31 (a) |  |  |
| Series 2002-1A-AR9, REMIC, 5.77%, (12 Month Treasury Average + 1.40%), 08/25/42 (a) (n) | 14 | 13 |
| WAVE 2019-1 LLC |  |  |
| Series 2019-A-1, 3.60%, 09/15/27 | 1540 | 1465 |
| Wells Fargo Alternative Loan 2007-PA6 Trust |  |  |
| Series 2007-A1-PA6, REMIC, 6.39%, 12/25/37 (a) | 335 | 310 |
| Wells Fargo Commercial Mortgage Trust 2017-C41 |  |  |
| Series 2017-B-C41, REMIC, 4.19%, 11/17/27 (a) | 1643 | 1565 |
| Wells Fargo Commercial Mortgage Trust 2018-C43 |  |  |
| Interest Only, Series 2018-XA-C43, REMIC, 0.57%, 03/17/51 (a) | 58800 | 786 |
| Wells Fargo Commercial Mortgage Trust 2019-C50 |  |  |
| Series 2019-C-C50, REMIC, 4.35%, 04/17/29 | 2200 | 1911 |
| Wells Fargo Commercial Mortgage Trust 2020-C55 |  |  |
| Series 2020-B-C55, REMIC, 3.14%, 02/15/30 | 1034 | 925 |
| Wells Fargo Commercial Mortgage Trust 2020-C58 |  |  |
| Series 2020-A3-C58, REMIC, 1.81%, 09/17/30 | 2776 | 2469 |
| Wells Fargo Commercial Mortgage Trust 2021-C60 |  |  |
| Series 2021-A3-C60, REMIC, 2.06%, 04/15/31 | 1611 | 1433 |
| Wells Fargo Commercial Mortgage Trust 2021-C61 |  |  |
| Series 2021-A3-C61, REMIC, 2.41%, 10/17/31 | 1000 | 890 |
| Wells Fargo Commercial Mortgage Trust 2025-5C4 |  |  |
| Series 2025-A3-5C4, REMIC, 5.67%, 05/15/30 | 1950 | 2027 |
| Wells Fargo Mortgage Backed Securities 2007-15 Trust |  |  |
| Series 2007-A1-15, REMIC, 6.00%, 11/25/37 | 1385 | 1293 |
| Willis Engine Structured Trust V |  |  |
| Series 2020-A-A, 3.23%, 03/15/28 (m) | 3642 | 3398 |
| Wind River 2014-1 CLO Ltd. |  |  |
| Series 2014-DRR-1A, 7.53%, (3 Month Term SOFR + 3.26%), 07/18/31 (a) | 1000 | 1001 |
| Wind River 2014-2 CLO Ltd. |  |  |
| Series 2014-DR-2A, 7.42%, (3 Month Term SOFR + 3.16%), 01/15/31 (a) | 1000 | 1001 |
| Series 2014-ER-2A, 10.27%, (3 Month Term SOFR + 6.01%), 01/15/31 (a) | 1000 | 838 |
| Wind River 2021-1 CLO Ltd |  |  |
| Series 2021-D1R-1A, 8.22%, (3 Month Term SOFR + 3.95%), 07/20/37 (a) | 500 | 505 |
| Wind River 2021-4 CLO Ltd. |  |  |
| Series 2021-A-4A, 5.70%, (3 Month Term SOFR + 1.43%), 01/22/35 (a) | 5000 | 5000 |
| Total Non-U.S. Government Agency Asset-Backed Securities (cost $614,766) | Total Non-U.S. Government Agency Asset-Backed Securities (cost $614,766) | 547584 |
| **SENIOR FLOATING RATE INSTRUMENTS 2.5%** | **SENIOR FLOATING RATE INSTRUMENTS 2.5%** | **SENIOR FLOATING RATE INSTRUMENTS 2.5%** |
| **Industrials 0.9%** | **Industrials 0.9%** | **Industrials 0.9%** |
| Access CIG, LLC |  |  |
| 2023 Term Loan, 8.38%, (6 Month Term SOFR + 4.25%), 08/15/28 (a) | 137 | 137 |
| AI Aqua Merger Sub, Inc. |  |  |
| 2024 1st Lien Term Loan B, 7.32%, (1 Month Term SOFR + 3.00%), 07/31/28 (a) | 651 | 650 |
| Air Comm Corporation, LLC |  |  |
| 2024 Term Loan, 7.30%, (3 Month Term SOFR + 3.00%), 11/21/31 (a) | 488 | 489 |
| Allied Universal Holdco LLC |  |  |
| 2021 USD Incremental Term Loan B, 8.18%, (1 Month Term SOFR + 3.75%), 05/04/28 (a) | 419 | 420 |
| AllSpring Buyer LLC |  |  |
| 2024 Term Loan B, 7.31%, (3 Month Term SOFR + 3.00%), 11/01/30 (a) | 658 | 661 |
| American Airlines, Inc. |  |  |
| 2025 Term Loan, 6.52%, (3 Month Term SOFR + 2.25%), 04/20/28 (a) | 276 | 274 |
| 2025 Term Loan B, 7.57%, (3 Month Term SOFR + 3.25%), 05/09/32 (a) | 265 | 266 |
| APi Group DE, Inc. |  |  |
| 2025 Term Loan, 6.08%, (1 Month Term SOFR + 1.75%), 01/03/29 (a) | 120 | 120 |
| Arsenal AIC Parent LLC |  |  |
| 2025 Term Loan B, 7.08%, (1 Month Term SOFR + 2.75%), 08/19/30 (a) | 94 | 94 |
| BCPE Empire Holdings, Inc. |  |  |
| 2025 Term Loan B, 7.58%, (1 Month Term SOFR + 3.25%), 12/26/30 (a) | 1066 | 1059 |
| Beach Acquistion Bidco LLC |  |  |
| Tem Loan B1, 0.00%, (SOFR + 3.25%), 06/25/32 (a) (p) | 155 | 156 |
| Brown Group Holding LLC |  |  |
| Term Loan, 0.00%, (SOFR + 3.75%), 06/09/29 (a) (p) | 125 | 125 |
| Colossus Acquireco LLC |  |  |
| Term Loan, 0.00%, (SOFR + 1.75%), 06/12/32 (a) (p) | 700 | 695 |
| Construction Partners Inc |  |  |
| Term Loan B, 6.83%, (1 Month Term SOFR + 2.50%), 10/30/31 (a) | 353 | 354 |
| Cornerstone Building Brands, Inc. |  |  |
| 2021 Term Loan B, 7.66%, (1 Month Term SOFR + 3.25%), 04/12/28 (a) | 191 | 170 |
| 2024 Term Loan B, 8.81%, (1 Month Term SOFR + 4.50%), 05/05/31 (a) | 55 | 46 |

---

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page [607](#abbreviations).

**JNL Series Trust** (Unaudited)

**Schedules of Investments (in thousands)**

June 30, 2025

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| Corpay Technologies Operating Company LLC |  |  |
| Term Loan B5, 6.08%, (1 Month Term SOFR + 1.75%), 04/28/28 (a) | 80 | 80 |
| CPI Holdco B LLC |  |  |
| 2024 Term Loan, 0.00%, (1 Month Term SOFR + 2.00%), 05/10/31 (a) (p) | 90 | 90 |
| 2024 Term Loan, 6.33%, (1 Month Term SOFR + 2.00%), 05/10/31 (a) | 144 | 143 |
| 2024 Incremental Term Loan B, 6.58%, (1 Month Term SOFR + 2.25%), 05/19/31 (a) | 180 | 180 |
| CPPIB Capital Inc |  |  |
| Term Loan B, 7.05%, (3 Month Term SOFR + 2.75%), 08/07/31 (a) | 213 | 213 |
| Cube Industrials Buyer Inc |  |  |
| 2024 Term Loan, 7.52%, (3 Month Term SOFR + 3.25%), 10/09/31 (a) | 395 | 397 |
| DG Investment Intermediate Holdings 2, Inc. |  |  |
| 2021 Term Loan, 7.94%, (1 Month Term SOFR + 3.50%), 03/31/28 (a) | 488 | 488 |
| 2021 2nd Lien Term Loan, 11.19%, (1 Month Term SOFR + 6.75%), 03/18/29 (a) | 80 | 79 |
| Dun & Bradstreet Corporation (The) |  |  |
| 2024 Term Loan, 6.57%, (1 Month Term SOFR + 2.25%), 01/18/29 (a) | 279 | 279 |
| Dynasty Acquisition Co., Inc. |  |  |
| 2024 1st Lien Term Loan B1, 6.33%, (1 Month Term SOFR + 2.00%), 10/24/31 (a) | 209 | 209 |
| 2024 1st Lien Term Loan B2, 6.33%, (1 Month Term SOFR + 2.00%), 10/24/31 (a) | 80 | 80 |
| EAB Global, Inc. |  |  |
| 2021 Term Loan, 7.33%, (1 Month Term SOFR + 3.00%), 08/16/28 (a) | 449 | 440 |
| Edelman Financial Center, LLC |  |  |
| 2024 2nd Lien Term Loan, 9.58%, (1 Month Term SOFR + 5.25%), 10/23/28 (a) | 205 | 205 |
| Eisner Advisory Group LLC |  |  |
| 2024 Term Loan B, 8.33%, (1 Month Term SOFR + 4.00%), 02/24/31 (a) | 384 | 386 |
| Element Materials Technology Group US Holdings Inc |  |  |
| 2022 USD Term Loan, 8.05%, (3 Month Term SOFR + 3.75%), 04/12/29 (a) | 407 | 408 |
| EMRLD Borrower LP |  |  |
| 2024 Term Loan B, 6.80%, (3 Month Term SOFR + 2.50%), 06/18/31 (a) | 224 | 223 |
| Fertitta Entertainment, LLC |  |  |
| 2022 Term Loan B, 7.83%, (1 Month Term SOFR + 3.50%), 01/13/29 (a) (k) | 692 | 690 |
| Focus Financial Partners, LLC |  |  |
| 2025 Incremental Term Loan B, 0.00%, (1 Month Term SOFR + 2.75%), 09/15/31 (a) (p) | 120 | 120 |
| 2025 Incremental Term Loan B, 7.08%, (1 Month Term SOFR + 2.75%), 09/15/31 (a) | 521 | 520 |
| Fortrea Holdings Inc |  |  |
| Term Loan B, 8.08%, (1 Month Term SOFR + 3.75%), 06/12/30 (a) | 23 | 20 |
| Garda World Security Corporation |  |  |
| 2025 Term Loan B, 7.31%, (1 Month Term SOFR + 3.00%), 02/01/29 (a) | 130 | 130 |
| GBT US III LLC |  |  |
| 2025 Term Loan B, 6.78%, (3 Month Term SOFR + 2.50%), 07/28/31 (a) | 239 | 239 |
| GFL Environmental Inc. |  |  |
| 2025 Term Loan B, 6.82%, (3 Month Term SOFR + 2.50%), 02/04/32 (a) | 525 | 525 |
| GG Ferry Acquisition I Inc |  |  |
| Term Loan, 0.00%, (SOFR + 3.50%), 06/06/32 (a) (p) | 355 | 349 |
| Grant Thornton Advisors LLC |  |  |
| 2025 Term Loan B, 7.08%, (1 Month Term SOFR + 2.75%), 05/30/31 (a) | 382 | 381 |
| 2025 Incremental Term Loan, 7.33%, (1 Month Term SOFR + 3.00%), 05/30/31 (a) | 125 | 125 |
| 2025 Delayed Draw Term Loan, 7.08%, (SOFR + 2.75%), 06/02/31 (a) | 10 | 10 |
| HighTower Holdings LLC |  |  |
| 2025 Term Loan B, 7.26%, (3 Month Term SOFR + 3.00%), 01/16/32 (a) | 742 | 739 |
| Homeserve USA Holding Corp |  |  |
| 2024 Term Loan B, 6.32%, (1 Month Term SOFR + 2.00%), 10/21/30 (a) | 202 | 202 |
| Kaman Corporation |  |  |
| 2025 Term Loan B, 7.08%, (3 Month Term SOFR + 2.75%), 01/30/32 (a) | 534 | 534 |
| Kenan Advantage Group, Inc. |  |  |
| 2024 Term Loan B4, 7.58%, (1 Month Term SOFR + 3.25%), 01/25/29 (a) | 390 | 384 |
| KKR Apple Bidco, LLC |  |  |
| 2025 Term Loan, 6.83%, (1 Month Term SOFR + 2.50%), 09/25/31 (a) | 681 | 679 |
| LaserShip, Inc. |  |  |
| 2024 Third Out Term Loan E, 6.06%, (3 Month Term SOFR + 1.50%), 08/10/29 (a) | 54 | 16 |
| LBM Acquisition LLC |  |  |
| 2024 Incremental Term Loan B, 8.16%, (1 Month Term SOFR + 3.75%), 06/06/31 (a) | 592 | 551 |
| LC AHAB US Bidco LLC |  |  |
| Term Loan B, 7.33%, (1 Month Term SOFR + 3.00%), 04/14/31 (a) | 304 | 303 |
| Madison IAQ LLC |  |  |
| Term Loan, 6.76%, (6 Month Term SOFR + 2.50%), 06/15/28 (a) | 599 | 599 |
| 2025 Term Loan B, 7.56%, (3 Month Term SOFR + 3.25%), 03/26/32 (a) | 180 | 180 |
| Madison Safety & Flow LLC |  |  |
| 2025 Term Loan B, 7.05%, (1 Month Term SOFR + 2.75%), 09/26/31 (a) | 204 | 204 |
| MedAssets Software Intermediate Holdings, Inc. |  |  |
| 2024 First Out Term Loan, 8.32%, (1 Month Term SOFR + 4.00%), 12/17/28 (a) | 27 | 26 |
| 2024 Second Out Term Loan, 8.44%, (1 Month Term SOFR + 4.00%), 12/17/28 (a) | 46 | 41 |
| Minimax Viking GmbH |  |  |
| 2025 USD Term Loan B, 6.58%, (1 Month Term SOFR + 2.25%), 02/19/32 (a) | 105 | 105 |
| OVG Business Services, LLC |  |  |
| 2024 Term Loan B, 0.00%, (SOFR + 3.00%), 06/13/31 (a) (p) | 55 | 55 |
| 2024 Term Loan B, 7.33%, (1 Month Term SOFR + 3.00%), 06/13/31 (a) | 249 | 248 |
| Prime Security Services Borrower LLC |  |  |
| Term Loan B2, 0.00%, (SOFR + 1.75%), 03/08/32 (a) (p) | 350 | 347 |
| PUG LLC |  |  |
| 2024 Extended Term Loan B, 0.00%, (3 Month Term SOFR + 4.75%), 03/12/30 (a) (p) | 40 | 39 |
| 2024 Extended Term Loan B, 9.08%, (1 Month Term SOFR + 4.75%), 03/12/30 (a) | 390 | 378 |
| Quikrete Holdings, Inc. |  |  |
| 2024 Term Loan B1, 0.00%, (1 Month Term SOFR + 2.25%), 03/18/29 (a) (p) | 15 | 15 |
| 2024 Term Loan B1, 6.58%, (1 Month Term SOFR + 2.25%), 03/18/29 (a) | 260 | 260 |
| 2025 Term Loan B1, 6.58%, (1 Month Term SOFR + 2.25%), 04/14/31 (a) | 74 | 74 |
| 2025 Term Loan B, 6.58%, (1 Month Term SOFR + 2.25%), 01/30/32 (a) | 349 | 349 |
| QXO Inc |  |  |
| Term Loan B, 7.28%, (3 Month Term SOFR + 3.00%), 04/23/32 (a) | 70 | 70 |
| Spin Holdco Inc. |  |  |
| 2021 Term Loan, 8.58%, (3 Month Term SOFR + 4.00%), 02/26/28 (a) | 82 | 71 |
| Tecta America Corp. |  |  |
| 2025 Term Loan B, 7.33%, (1 Month Term SOFR + 3.00%), 02/12/32 (a) | 340 | 340 |
| Tiger Acquisition, LLC |  |  |
| 2024 Term Loan B, 7.08%, (1 Month Term SOFR + 2.75%), 06/01/28 (a) | 348 | 348 |
| Titan Acquisition Limited |  |  |
| 2024 Term Loan B, 8.72%, (6 Month Term SOFR + 4.50%), 02/01/29 (a) | 500 | 501 |
| TransDigm, Inc. |  |  |
| 2023 Term Loan J, 6.80%, (3 Month Term SOFR + 2.50%), 02/28/31 (a) | 915 | 916 |

---

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page [607](#abbreviations).

**JNL Series Trust** (Unaudited)

**Schedules of Investments (in thousands)**

June 30, 2025

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| Travelport Finance (Luxembourg) S.a.r.l. |  |  |
| 2020 Super Priority Term Loan, 15.54%, (PIK + 2.20%), 09/29/28 (a) (k) | 109 | 84 |
| Veritiv Corporation |  |  |
| Term Loan B, 8.30%, (3 Month Term SOFR + 4.00%), 11/30/30 (a) | 134 | 135 |
| VT Topco, Inc. |  |  |
| 2024 1st Lien Term Loan B, 7.30%, (3 Month Term SOFR + 3.00%), 08/12/30 (a) | 192 | 193 |
| WEC US Holdings Ltd. |  |  |
| 2024 Term Loan, 6.57%, (1 Month Term SOFR + 2.25%), 01/20/31 (a) | 526 | 526 |
| WestJet Loyalty LP |  |  |
| Term Loan B, 7.55%, (3 Month Term SOFR + 3.25%), 02/01/31 (a) | 171 | 171 |
| White Cap Buyer LLC |  |  |
| 2024 Term Loan B, 7.58%, (1 Month Term SOFR + 3.25%), 10/19/29 (a) | 343 | 341 |
| | | 22749 |
| **Information Technology 0.4%** | **Information Technology 0.4%** | **Information Technology 0.4%** |
| Applied Systems, Inc. |  |  |
| 2024 2nd Lien Term Loan, 8.80%, (3 Month Term SOFR + 4.50%), 02/07/32 (a) | 140 | 143 |
| Arches Buyer Inc. |  |  |
| 2021 Term Loan B, 7.68%, (1 Month Term SOFR + 3.25%), 12/06/27 (a) | 179 | 177 |
| Ascend Learning, LLC |  |  |
| 2025 Repriced Term Loan B, 7.33%, (1 Month Term SOFR + 3.00%), 12/11/28 (a) | 552 | 552 |
| 2021 2nd Lien Term Loan, 10.18%, (1 Month Term SOFR + 5.75%), 11/18/29 (a) | 73 | 73 |
| Astra Acquisition Corp. |  |  |
| 2021 2nd Lien Term Loan, 0.00%, (3 Month Term SOFR + 8.88%), 10/22/29 (a) (p) | 220 | 1 |
| Boxer Parent Company Inc. |  |  |
| 2025 USD Term Loan B, 7.33%, (1 Month Term SOFR + 3.00%), 07/30/31 (a) | 883 | 877 |
| 2024 2nd Lien Term Loan, 0.00%, (SOFR + 5.75%), 07/06/32 (a) (p) | 105 | 102 |
| 2024 2nd Lien Term Loan, 10.08%, (1 Month Term SOFR + 5.75%), 07/06/32 (a) | 108 | 105 |
| Camelot U.S. Acquisition LLC |  |  |
| 2025 Incremental Term Loan B, 0.00%, (1 Month Term SOFR + 3.25%), 01/31/31 (a) (p) | 240 | 240 |
| 2024 Term Loan B, 7.08%, (1 Month Term SOFR + 2.75%), 01/31/31 (a) | 488 | 482 |
| Castle US Holding Corporation |  |  |
| 2025 USD FLSO Term Loan B1, 8.84%, (SOFR + 4.25%), 01/23/27 (a) | 129 | 70 |
| Central Parent Inc. |  |  |
| 2024 Term Loan B, 7.55%, (3 Month Term SOFR + 3.25%), 07/06/29 (a) | 169 | 141 |
| Chamberlain Group Inc |  |  |
| Term Loan B, 7.68%, (1 Month Term SOFR + 3.25%), 10/22/28 (a) | 408 | 408 |
| Clearwater Analytics, LLC |  |  |
| 2025 Term Loan B, 6.53%, (3 Month Term SOFR + 2.25%), 02/10/32 (a) | 200 | 200 |
| Cloud Software Group, Inc. |  |  |
| 2024 USD Term Loan, 8.05%, (3 Month Term SOFR + 3.75%), 03/24/31 (a) | 338 | 339 |
| CoreLogic, Inc. |  |  |
| Term Loan, 7.94%, (1 Month Term SOFR + 3.50%), 04/14/28 (a) | 103 | 102 |
| Cornerstone OnDemand, Inc. |  |  |
| 2021 Term Loan, 8.19%, (1 Month Term SOFR + 3.75%), 09/08/26 (a) | 118 | 110 |
| Cyxtera DC Holdings, Inc. |  |  |
| Term Loan B, 0.00%, (LIBOR + 3.00%), 05/01/26 (a) (h) (i) (q) | 113 | 2 |
| Ellucian Holdings, Inc. |  |  |
| 2024 1st Lien Term Loan B, 7.33%, (1 Month Term SOFR + 3.00%), 10/29/29 (a) | 527 | 528 |
| 2024 2nd Lien Term Loan, 9.08%, (1 Month Term SOFR + 4.75%), 11/14/32 (a) | 25 | 26 |
| Endure Digital Inc. |  |  |
| Non-CoOp Term Loan, 7.93%, (1 Month Term SOFR + 3.50%), 01/27/28 (a) | 146 | 77 |
| Gainwell Acquisition Corp. |  |  |
| Term Loan B, 0.00%, (3 Month Term SOFR + 4.00%), 08/17/27 (a) (p) | 185 | 178 |
| Term Loan B, 8.40%, (3 Month Term SOFR + 4.00%), 08/17/27 (a) | 379 | 365 |
| Gen Digital Inc. |  |  |
| 2025 Term Loan B, 6.08%, (1 Month Term SOFR + 1.75%), 02/13/32 (a) | 420 | 419 |
| Helios Software Holdings, Inc. |  |  |
| 2024 Term Loan B, 7.80%, (3 Month Term SOFR + 3.50%), 07/18/30 (a) | 345 | 345 |
| I-Logic Technologies Bidco Limited |  |  |
| 2024 Term Loan, 8.05%, (3 Month Term SOFR + 3.75%), 02/16/28 (a) | 312 | 312 |
| ION Trading Technologies S.a.r.l. |  |  |
| 2024 Term Loan B, 7.80%, (3 Month Term SOFR + 3.50%), 04/01/28 (a) | 143 | 143 |
| Kaseya Inc. |  |  |
| 2025 1st Lien Term Loan B, 7.58%, (1 Month Term SOFR + 3.25%), 03/05/32 (a) | 209 | 210 |
| LSF9 Atlantis Holdings, LLC |  |  |
| 2025 Repriced Term Loan B, 8.55%, (3 Month Term SOFR + 4.25%), 03/29/29 (a) | 238 | 238 |
| McAfee, LLC |  |  |
| 2024 USD 1st Lien Term Loan B, 7.32%, (1 Month Term SOFR + 3.00%), 03/01/29 (a) | 496 | 481 |
| MH Sub I, LLC |  |  |
| 2024 Term Loan B4, 0.00%, (1 Month Term SOFR + 4.25%), 12/11/31 (a) (p) | 145 | 126 |
| 2024 Term Loan B4, 8.58%, (1 Month Term SOFR + 4.25%), 12/11/31 (a) | 258 | 223 |
| Mitchell International, Inc. |  |  |
| 2024 1st Lien Term Loan, 7.58%, (1 Month Term SOFR + 3.25%), 06/05/31 (a) | 356 | 356 |
| 2024 2nd Lien Term Loan, 9.58%, (1 Month Term SOFR + 5.25%), 06/07/32 (a) | 70 | 69 |
| Peraton Corp. |  |  |
| Term Loan B, 8.18%, (1 Month Term SOFR + 3.75%), 02/22/28 (a) | 312 | 275 |
| Polaris Newco LLC |  |  |
| USD Term Loan B, 8.29%, (3 Month Term SOFR + 3.75%), 06/03/28 (a) | 391 | 380 |
| Proofpoint, Inc. |  |  |
| 2024 Term Loan, 0.00%, (1 Month Term SOFR + 3.00%), 08/31/28 (a) (p) | 30 | 30 |
| RealPage, Inc |  |  |
| 1st Lien Term Loan, 7.56%, (3 Month Term SOFR + 3.00%), 02/18/28 (a) | 189 | 188 |
| 2024 Incremental Term Loan, 8.05%, (3 Month Term SOFR + 3.75%), 04/24/28 (a) | 145 | 145 |
| Zayo Group Holdings, Inc. |  |  |
| USD Term Loan, 7.44%, (1 Month Term SOFR + 3.00%), 02/18/27 (a) | 172 | 163 |
| 2022 USD Incremental Term Loan B, 0.00%, (1 Month Term SOFR + 4.25%), 03/09/27 (a) (p) | 150 | 144 |
| Zelis Payments Buyer, Inc. |  |  |
| 5th Amendment Term Loan, 7.58%, (1 Month Term SOFR + 3.25%), 10/24/31 (a) | 354 | 352 |
|  |  | 9897 |
| **Communication Services 0.2%** | **Communication Services 0.2%** | **Communication Services 0.2%** |
| Altice France S.A. |  |  |
| 2023 USD Term Loan B14, 9.76%, (3 Month Term SOFR + 5.50%), 08/31/28 (a) | 422 | 382 |
| Bally's Corporation |  |  |
| 2021 Term Loan B, 7.78%, (SOFR + 3.25%), 08/05/28 (a) | 302 | 266 |
| Cengage Learning, Inc. |  |  |
| 2024 1st Lien Term Loan B, 7.82%, (1 Month Term SOFR + 3.50%), 03/22/31 (a) | 86 | 86 |
| 2024 1st Lien Term Loan B, 7.83%, (3 Month Term SOFR + 3.50%), 03/22/31 (a) | 147 | 147 |
| ClubCorp Holdings, Inc. |  |  |
| 2023 Term Loan B2, 0.00%, (3 Month Term SOFR + 5.00%), 10/01/28 (a) (p) | 35 | 35 |
| 2023 Term Loan B2, 9.56%, (3 Month Term SOFR + 5.00%), 10/01/28 (a) | 304 | 304 |

---

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page [607](#abbreviations).

**JNL Series Trust** (Unaudited)

**Schedules of Investments (in thousands)**

June 30, 2025

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| CMG Media Corporation |  |  |
| 2024 Term Loan, 7.90%, (3 Month Term SOFR + 3.50%), 06/18/29 (a) | 55 | 54 |
| CommScope, Inc. |  |  |
| 2024 Term Loan, 9.58%, (1 Month Term SOFR + 5.25%), 12/15/29 (a) | 305 | 308 |
| 2024 Term Loan, 0.00%, (1 Month Term SOFR + 5.25%), 12/17/29 (a) (p) | 105 | 106 |
| Creative Artists Agency, LLC |  |  |
| 2024 1st Lien Term Loan B, 0.00%, (1 Month Term SOFR + 2.75%), 09/12/31 (a) (p) | 10 | 10 |
| 2024 1st Lien Term Loan B, 7.08%, (1 Month Term SOFR + 2.75%), 09/12/31 (a) | 35 | 35 |
| Crown Finance US, Inc. |  |  |
| 2024 Term Loan B, 9.57%, (1 Month Term SOFR + 5.25%), 10/31/31 (a) | 343 | 343 |
| CSC Holdings, LLC |  |  |
| 2019 Term Loan B5, 9.00%, (Prime + 1.50%), 04/15/27 (a) | 263 | 256 |
| 2022 Term Loan B6, 8.81%, (1 Month Term SOFR + 4.50%), 01/17/28 (a) | 155 | 153 |
| DirecTV Financing, LLC |  |  |
| Term Loan, 9.54%, (3 Month Term SOFR + 5.00%), 07/22/27 (a) | 67 | 67 |
| 2024 Term Loan, 9.79%, (3 Month Term SOFR + 5.25%), 08/02/29 (a) | 136 | 134 |
| Flutter Financing B.V. |  |  |
| 2025 Term Loan B, 8.50%, (Prime + 1.00%), 05/22/32 (a) | 105 | 105 |
| GOGO Intermediate Holdings LLC |  |  |
| Term Loan B, 8.19%, (1 Month Term SOFR + 3.75%), 04/21/28 (a) | 190 | 186 |
| Gray Television, Inc. |  |  |
| 2021 Term Loan D, 7.44%, (1 Month Term SOFR + 3.00%), 10/27/28 (a) | 194 | 188 |
| Great Outdoors Group, LLC |  |  |
| 2025 Term Loan B, 7.58%, (1 Month Term SOFR + 3.25%), 01/20/32 (a) | 194 | 193 |
| iHeartCommunications, Inc. |  |  |
| 2024 Term Loan, 10.21%, (1 Month Term SOFR + 5.78%), 05/01/29 (a) | 104 | 85 |
| Life Time Fitness Inc |  |  |
| 2024 Term Loan B, 6.78%, (3 Month Term SOFR + 2.50%), 10/22/31 (a) | 249 | 249 |
| Lumen Technologies, Inc. |  |  |
| 2024 Extended Term Loan B1, 6.79%, (1 Month Term SOFR + 2.35%), 04/15/29 (a) | 151 | 149 |
| Motion Finco Sarl |  |  |
| 2024 USD Term Loan B, 7.80%, (3 Month Term SOFR + 3.50%), 11/30/29 (a) | 224 | 212 |
| NEP Group, Inc. |  |  |
| 2023 Term Loan B, 0.00%, (3 Month Term SOFR + 3.25%), 08/19/26 (a) (p) |  |  |
| 2023 Term Loan B, 7.84%, (3 Month Term SOFR + 1.50%), 08/19/26 (a) | 370 | 341 |
| Ontario Gaming GTA LP |  |  |
| Term Loan B, 8.55%, (3 Month Term SOFR + 4.25%), 07/11/30 (a) | 274 | 271 |
| Pretzel Parent, Inc. |  |  |
| 2024 Term Loan B, 8.83%, (1 Month Term SOFR + 4.50%), 08/14/31 (a) | 70 | 69 |
| Six Flags Entertainment Corporation |  |  |
| 2024 Term Loan B, 0.00%, (1 Month Term SOFR + 2.00%), 04/18/31 (a) (p) | 60 | 60 |
| Townsquare Media, Inc. |  |  |
| 2025 Term Loan, 9.32%, (3 Month Term SOFR + 5.00%), 01/17/31 (a) (q) | 94 | 84 |
| UFC Holdings, LLC |  |  |
| 2024 Term Loan B, 6.57%, (3 Month Term SOFR + 2.25%), 11/13/31 (a) | 289 | 289 |
| United Talent Agency, LLC |  |  |
| 2025 Term Loan B, 7.81%, (1 Month Term SOFR + 3.50%), 06/02/32 (a) | 149 | 149 |
| Univision Communications Inc. |  |  |
| 2022 First Lien Term Loan B, 8.55%, (3 Month Term SOFR + 4.25%), 06/10/29 (a) | 297 | 295 |
| Virgin Media Bristol LLC |  |  |
| 2023 USD Term Loan Y, 7.37%, (6 Month Term SOFR + 3.17%), 03/06/31 (a) | 329 | 324 |
| Voyager Parent LLC |  |  |
| Term Loan, 0.00%, (SOFR + 4.75%), 05/08/32 (a) (p) | 735 | 727 |
| Ziggo Financing Partnership |  |  |
| USD Term Loan I, 6.93%, (1 Month Term SOFR + 2.50%), 04/17/28 (a) | 120 | 117 |
| | | 6779 |
| **Financials 0.2%** | **Financials 0.2%** | **Financials 0.2%** |
| Acrisure, LLC |  |  |
| 2024 1st Lien Term Loan B6, 7.33%, (1 Month Term SOFR + 3.00%), 11/06/30 (a) | 456 | 455 |
| 2025 Term Loan B, 7.57%, (3 Month Term SOFR + 3.25%), 06/07/32 (a) | 175 | 175 |
| Alera Group, Inc. |  |  |
| 2025 Term Loan, 7.57%, (3 Month Term SOFR + 3.25%), 05/21/32 (a) | 265 | 266 |
| 2025 2nd Lien Term Loan, 9.82%, (3 Month Term SOFR + 5.50%), 05/15/33 (a) | 100 | 102 |
| Alliant Holdings Intermediate, LLC |  |  |
| 2024 Term Loan B6, 7.07%, (1 Month Term SOFR + 2.75%), 09/12/31 (a) | 479 | 479 |
| AmWINS Group, Inc. |  |  |
| 2025 Term Loan B, 6.58%, (1 Month Term SOFR + 2.25%), 01/23/32 (a) | 348 | 348 |
| Ardonagh Group FinCo Pty Ltd |  |  |
| Term Loan B, 0.00%, (SOFR + 3.75%), 02/28/31 (a) (p) | 140 | 139 |
| Ardonagh Midco 3 PLC |  |  |
| 2024 USD Term Loan B, 6.93%, (6 Month Term SOFR + 2.75%), 02/28/31 (a) | 97 | 96 |
| 2024 USD Term Loan B, 7.00%, (6 Month Term SOFR + 2.75%), 02/28/31 (a) | 23 | 23 |
| 2024 USD Term Loan B, 7.05%, (3 Month Term SOFR + 2.75%), 02/28/31 (a) | 11 | 11 |
| 2024 USD Term Loan B, 7.05%, (6 Month Term SOFR + 2.75%), 02/28/31 (a) | 69 | 68 |
| Asurion LLC |  |  |
| 2021 2nd Lien Term Loan B3, 9.69%, (1 Month Term SOFR + 5.25%), 02/05/28 (a) | 100 | 95 |
| 2023 Term Loan B11, 0.00%, (1 Month Term SOFR + 4.25%), 08/19/28 (a) (p) | 100 | 99 |
| 2023 Term Loan B11, 8.68%, (1 Month Term SOFR + 4.25%), 08/19/28 (a) | 118 | 117 |
| 2021 Second Lien Term Loan B4, 9.69%, (1 Month Term SOFR + 5.25%), 01/15/29 (a) | 200 | 185 |
| 2025 Term Loan B13, 8.68%, (1 Month Term SOFR + 4.25%), 09/19/30 (a) | 100 | 97 |
| Broadstreet Partners, Inc. |  |  |
| 2024 Term Loan B4, 7.33%, (1 Month Term SOFR + 3.00%), 05/10/31 (a) | 381 | 381 |
| Cotiviti Corporation |  |  |
| 2024 Term Loan, 7.07%, (1 Month Term SOFR + 2.75%), 02/21/31 (a) | 220 | 219 |
| 2025 2nd Amendment Term Loan, 7.07%, (1 Month Term SOFR + 2.75%), 02/16/32 (a) | 350 | 348 |
| Herc Holdings Inc |  |  |
| Term Loan B, 6.32%, (3 Month Term SOFR + 2.00%), 05/17/32 (a) | 95 | 95 |
| Kronos Acquisition Holdings Inc. |  |  |
| 2024 Term Loan, 8.30%, (3 Month Term SOFR + 4.00%), 06/27/31 (a) | 74 | 66 |
| Mavis Tire Express Services Corp. |  |  |
| 2025 Repriced Term Loan, 7.33%, (3 Month Term SOFR + 3.00%), 05/04/28 (a) | 80 | 80 |
| OneDigital Borrower LLC |  |  |
| 2025 Repriced Term Loan, 7.33%, (1 Month Term SOFR + 3.00%), 07/02/31 (a) | 409 | 408 |
| 2024 2nd Lien Term Loan, 9.58%, (1 Month Term SOFR + 5.25%), 06/12/32 (a) | 70 | 70 |
| Opal Bidco SAS |  |  |
| USD Term Loan B, 7.58%, (3 Month Term SOFR + 3.25%), 03/01/32 (a) | 575 | 577 |
| Rent-A-Center, Inc. |  |  |
| 2021 First Lien Term Loan B, 7.03%, (3 Month Term SOFR + 2.75%), 02/04/28 (a) | 273 | 274 |

---

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page [607](#abbreviations).

**JNL Series Trust** (Unaudited)

**Schedules of Investments (in thousands)**

June 30, 2025

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| Sedgwick Claims Management Services, Inc. |  |  |
| 2023 Term Loan B, 7.33%, (1 Month Term SOFR + 3.00%), 02/16/28 (a) | 498 | 499 |
| Starwood Property Trust, Inc. |  |  |
| 2025 USD Term Loan B, 6.58%, (1 Month Term SOFR + 2.25%), 01/02/30 (a) | 152 | 152 |
| Trans Union, LLC |  |  |
| 2024 Term Loan B8, 6.08%, (1 Month Term SOFR + 1.75%), 06/06/31 (a) | 188 | 188 |
| Trucordia Insurance Holdings LLC |  |  |
| Term Loan B, 7.56%, (1 Month Term SOFR + 3.25%), 06/12/32 (a) | 315 | 315 |
| | | 6427 |
| **Materials 0.2%** | **Materials 0.2%** | **Materials 0.2%** |
| ECO Services Operations Corp |  |  |
| 2024 Term Loan B, 6.28%, (3 Month Term SOFR + 2.00%), 06/09/31 (a) | 705 | 700 |
| Harsco Corporation |  |  |
| 2021 Term Loan, 6.69%, (1 Month Term SOFR + 2.25%), 03/10/28 (a) | 204 | 202 |
| Hexion Holdings Corporation |  |  |
| 2024 Term Loan B, 8.31%, (1 Month Term SOFR + 4.00%), 03/15/29 (a) | 355 | 355 |
| INEOS Quattro Holdings UK Ltd |  |  |
| 2023 USD 1st Lien Term Loan B, 8.68%, (1 Month Term SOFR + 4.25%), 03/09/29 (a) | 200 | 186 |
| 2024 USD Term Loan B, 8.58%, (1 Month Term SOFR + 4.25%), 10/01/31 (a) | 244 | 222 |
| Ineos US Finance LLC |  |  |
| 2023 USD Term Loan B, 7.58%, (1 Month Term SOFR + 3.25%), 02/09/30 (a) | 700 | 669 |
| Klockner-Pentaplast of America, Inc. |  |  |
| 2021 Term Loan B, 9.23%, (6 Month Term SOFR + 4.72%), 02/04/26 (a) | 201 | 184 |
| MI Windows and Doors, LLC |  |  |
| 2024 Term Loan B2, 7.33%, (1 Month Term SOFR + 3.00%), 03/21/31 (a) | 274 | 274 |
| Natgasoline LLC |  |  |
| 2025 Term Loan B, 9.80%, (Prime + 5.50%), 03/25/30 (a) | 124 | 123 |
| Olympus Water US Holding Corporation |  |  |
| 2024 USD Term Loan, 7.30%, (3 Month Term SOFR + 3.00%), 06/23/31 (a) | 586 | 578 |
| Pregis TopCo Corporation |  |  |
| 2025 Refinancing Term Loan, 8.33%, (1 Month Term SOFR + 4.00%), 02/28/29 (a) | 336 | 337 |
| Pretium Packaging, LLC |  |  |
| First Out Term Loan A, 9.26%, (3 Month Term SOFR + 3.75%), 10/01/28 (a) | 97 | 96 |
| Pretium PKG Holdings, Inc. |  |  |
| 2021 2nd Lien Term Loan, 11.31%, (3 Month Term SOFR + 6.75%), 09/22/29 (a) | 80 | 12 |
| TricorBraun Holdings, Inc. |  |  |
| 2021 Term Loan, 7.69%, (1 Month Term SOFR + 3.25%), 01/29/28 (a) | 206 | 205 |
| Trident TPI Holdings, Inc. |  |  |
| 2024 Term Loan B7, 8.05%, (3 Month Term SOFR + 3.75%), 09/15/28 (a) | 421 | 413 |
| Vantage Specialty Chemicals, Inc. |  |  |
| 2023 Term Loan B, 9.03%, (3 Month Term SOFR + 4.75%), 10/26/26 (a) | 361 | 348 |
| W.R. Grace & Co.-Conn. |  |  |
| 2021 Term Loan B, 7.55%, (3 Month Term SOFR + 3.25%), 08/11/28 (a) | 209 | 210 |
|  |  | 5114 |
| **Consumer Discretionary 0.2%** | **Consumer Discretionary 0.2%** | **Consumer Discretionary 0.2%** |
| ABG Intermediate Holdings 2 LLC |  |  |
| 2024 1st Lien Term Loan B, 6.58%, (1 Month Term SOFR + 2.25%), 12/21/28 (a) | 40 | 40 |
| Apro, LLC |  |  |
| 2024 Term Loan B, 8.06%, (1 Month Term SOFR + 3.75%), 06/26/31 (a) | 372 | 370 |
| Burlington Coat Factory Warehouse Corporation |  |  |
| 2024 Term Loan B, 6.08%, (1 Month Term SOFR + 1.75%), 09/19/31 (a) | 75 | 74 |
| Caesars Entertainment Inc. |  |  |
| 2024 Term Loan B1, 6.58%, (1 Month Term SOFR + 2.25%), 01/24/31 (a) | 359 | 358 |
| Clarios Global LP |  |  |
| 2024 USD Term Loan B, 6.83%, (1 Month Term SOFR + 2.50%), 05/06/30 (a) | 645 | 643 |
| 2025 USD Term Loan B, 7.08%, (1 Month Term SOFR + 2.75%), 01/14/32 (a) | 30 | 30 |
| DexKo Global Inc. |  |  |
| 2021 USD Term Loan B, 8.19%, (1 Month Term SOFR + 3.75%), 09/24/28 (a) (k) | 225 | 214 |
| EG Group Limited |  |  |
| 2024 Term Loan B, 8.58%, (3 Month Term SOFR + 4.25%), 02/07/28 (a) | 264 | 265 |
| Hunter Douglas Inc. |  |  |
| 2025 USD Term Loan B, 7.55%, (3 Month Term SOFR + 3.25%), 01/14/32 (a) | 249 | 248 |
| Michaels Companies, Inc. |  |  |
| 2021 Term Loan B, 0.00%, (3 Month Term SOFR + 4.25%), 04/08/28 (a) (p) | 60 | 50 |
| 2021 Term Loan B, 8.81%, (3 Month Term SOFR + 4.25%), 04/08/28 (a) | 119 | 100 |
| Mister Car Wash Holdings, Inc. |  |  |
| 2024 Term Loan B, 6.83%, (1 Month Term SOFR + 2.50%), 03/21/31 (a) | 88 | 88 |
| PENN Entertainment, Inc. |  |  |
| 2022 Term Loan B, 6.83%, (1 Month Term SOFR + 2.50%), 04/13/29 (a) | 590 | 591 |
| PetSmart, Inc. |  |  |
| 2021 Term Loan B, 8.18%, (1 Month Term SOFR + 3.75%), 01/29/28 (a) | 356 | 352 |
| Sabre GLBL Inc. |  |  |
| 2021 Term Loan B1, 7.94%, (1 Month Term SOFR + 3.50%), 12/17/27 (a) | 106 | 104 |
| 2021 Term Loan B2, 7.94%, (1 Month Term SOFR + 3.50%), 12/17/27 (a) | 94 | 92 |
| 2024 Term Loan B1, 10.43%, (1 Month Term SOFR + 6.00%), 11/15/29 (a) | 163 | 162 |
| 2024 Term Loan B2, 10.43%, (1 Month Term SOFR + 6.00%), 11/15/29 (a) | 71 | 67 |
| Springs Windows Fashions, LLC |  |  |
| 2024 First Lien Second Out TL A2, 8.44%, (1 Month Term SOFR + 4.00%), 10/06/28 (a) | 124 | 94 |
| Staples, Inc. |  |  |
| 2024 Term Loan B, 10.03%, (3 Month Term SOFR + 5.75%), 08/22/29 (a) | 159 | 146 |
| Wand NewCo 3, Inc. |  |  |
| 2025 Repriced Term Loan B, 6.83%, (1 Month Term SOFR + 2.50%), 01/30/31 (a) | 192 | 192 |
| Whatabrands LLC |  |  |
| 2024 1st Lien Term Loan B, 6.83%, (1 Month Term SOFR + 2.50%), 08/03/28 (a) | 585 | 585 |
|  |  | 4865 |
| **Health Care 0.2%** | **Health Care 0.2%** | **Health Care 0.2%** |
| ADMI Corp. |  |  |
| 2021 Incremental Term Loan B3, 8.19%, (1 Month Term SOFR + 3.75%), 12/23/27 (a) | 235 | 224 |
| 2023 Term Loan B5, 10.08%, (1 Month Term SOFR + 5.75%), 12/23/27 (a) | 315 | 305 |
| Aveanna Healthcare, LLC |  |  |
| 2021 Term Loan B, 8.18%, (3 Month Term SOFR + 3.75%), 07/17/28 (a) | 553 | 540 |
| 2021 2nd Lien Term Loan, 11.48%, (3 Month Term SOFR + 7.00%), 12/08/29 (a) | 104 | 101 |
| Bausch & Lomb Corporation |  |  |
| 2023 Incremental Term Loan, 8.33%, (1 Month Term SOFR + 4.00%), 09/14/28 (a) | 236 | 236 |
| Term Loan, 0.00%, (SOFR + 4.25%), 12/17/30 (a) (p) | 585 | 585 |
| Bausch Health Companies Inc. |  |  |
| 2025 Term Loan B, 10.56%, (1 Month Term SOFR + 6.25%), 09/25/30 (a) | 165 | 159 |
| CNT Holdings I Corp |  |  |
| 2025 Term Loan, 6.78%, (3 Month Term SOFR + 2.50%), 11/08/32 (a) | 385 | 386 |
| Curium BidCo S.a r.l. |  |  |
| 2024 Term Loan B, 7.80%, (3 Month Term SOFR + 3.50%), 07/31/29 (a) | 166 | 166 |

---

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page [607](#abbreviations).

**JNL Series Trust** (Unaudited)

**Schedules of Investments (in thousands)**

June 30, 2025

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| LifePoint Health, Inc. |  |  |
| 2024 1st Lien Term Loan B, 8.01%, (3 Month Term SOFR + 3.75%), 05/16/31 (a) | 435 | 430 |
| Radiology Partners Inc |  |  |
| 2024 Extended Term Loan B, 9.59%, (3 Month Term SOFR + 5.00%), 01/31/29 (a) | 4 | 4 |
| 2024 Extended Term Loan B, 9.59%, (3 Month Term SOFR + 1.50%), 01/31/29 (a) | 431 | 430 |
| Term Loan B, 0.00%, (SOFR + 4.50%), 06/26/32 (a) (p) | 400 | 397 |
| Sotera Health Holdings, LLC |  |  |
| 2024 Term Loan B, 7.55%, (3 Month Term SOFR + 3.25%), 05/30/31 (a) | 620 | 622 |
| Team Health Holdings, Inc. |  |  |
| 2022 Term Loan B, 9.53%, (3 Month Term SOFR + 5.25%), 03/02/27 (a) (k) | 216 | 215 |
| | | 4800 |
| **Energy 0.1%** | **Energy 0.1%** | **Energy 0.1%** |
| BCP Renaissance Parent LLC |  |  |
| 2024 Term Loan B3, 7.30%, (3 Month Term SOFR + 3.00%), 10/31/28 (a) | 329 | 330 |
| Brazos Delaware II, LLC |  |  |
| 2025 Term Loan B, 7.31%, (1 Month Term SOFR + 3.00%), 02/11/30 (a) | 15 | 15 |
| Freeport LNG Investments, LLLP |  |  |
| 2025 Term Loan B, 7.52%, (3 Month Term SOFR + 3.25%), 12/21/28 (a) | 332 | 332 |
| GIP Pilot Acquisition Partners LP |  |  |
| 2025 Term Loan B, 6.28%, (3 Month Term SOFR + 2.00%), 10/04/30 (a) | 186 | 186 |
| Par Petroleum, LLC |  |  |
| 2024 Term Loan B, 8.01%, (3 Month Term SOFR + 3.75%), 02/28/30 (a) | 103 | 102 |
| Waterbridge Midstream Operating LLC |  |  |
| 2024 Term Loan B, 8.30%, (3 Month Term SOFR + 4.00%), 05/07/29 (a) | 194 | 193 |
| 2024 1st Lien Term Loan B, 9.31%, (3 Month Term SOFR + 4.75%), 06/22/29 (a) | 353 | 351 |
| Whitewater Matterhorn Holdings LLC |  |  |
| 2025 Term Loan B, 6.57%, (3 Month Term SOFR + 2.25%), 05/12/32 (a) | 80 | 80 |
|  |  | 1589 |
| **Consumer Staples 0.1%** | **Consumer Staples 0.1%** | **Consumer Staples 0.1%** |
| Aspire Bakeries Holdings LLC |  |  |
| Term Loan, 8.58%, (1 Month Term SOFR + 4.25%), 12/16/30 (a) | 293 | 293 |
| Eagle Parent Corp. |  |  |
| 2022 Term Loan B, 8.55%, (3 Month Term SOFR + 4.25%), 03/17/29 (a) | 469 | 463 |
| Golden State Food LLC |  |  |
| Term Loan B, 8.56%, (1 Month Term SOFR + 4.25%), 10/07/31 (a) | 243 | 244 |
| Sauer Brands Inc |  |  |
| Term Loan B, 7.58%, (1 Month Term SOFR + 3.25%), 02/04/32 (a) | 270 | 271 |
| Sazerac Co Inc |  |  |
| Term Loan, 0.00%, (SOFR + 2.50%), 06/25/32 (a) (p) | 110 | 110 |
| United Natural Foods, Inc. |  |  |
| 2024 Term Loan, 9.08%, (1 Month Term SOFR + 4.75%), 04/25/31 (a) | 158 | 159 |
|  |  | 1540 |
| **Utilities 0.0%** | **Utilities 0.0%** | **Utilities 0.0%** |
| Alpha Generation LLC |  |  |
| Term Loan, 0.00%, (SOFR + 2.00%), 09/30/31 (a) (p) | 215 | 214 |
| Compass Power Generation LLC |  |  |
| 2025 Term Loan B, 7.56%, (1 Month Term SOFR + 3.25%), 04/14/29 (a) | 504 | 506 |
| Hamilton Projects Acquiror, LLC |  |  |
| Term Loan, 0.00%, (SOFR + 2.50%), 05/30/31 (a) (p) | 75 | 75 |
| Lightning Power LLC |  |  |
| Term Loan B, 6.55%, (3 Month Term SOFR + 2.25%), 08/08/31 (a) | 328 | 328 |
|  |  | 1123 |
| **Real Estate 0.0%** | **Real Estate 0.0%** | **Real Estate 0.0%** |
| Brand Industrial Services Inc |  |  |
| 2024 Term Loan B, 8.78%, (3 Month Term SOFR + 4.50%), 08/01/30 (a) | 291 | 243 |
| Vestis Corporation |  |  |
| Term Loan, 6.58%, (3 Month Term SOFR + 2.25%), 02/18/31 (a) | 273 | 261 |
|  |  | 504 |
| Total Senior Floating Rate Instruments (cost $66,773) | Total Senior Floating Rate Instruments (cost $66,773) | 65387 |
| **COMMON STOCKS 0.0%** | **COMMON STOCKS 0.0%** | **COMMON STOCKS 0.0%** |
| **Communication Services 0.0%** | **Communication Services 0.0%** | **Communication Services 0.0%** |
| Flame Aggregator LLC (h) (q) |  | 5 |
| Flame Aggregator LLC (h) (q) | 2 | 50 |
| **Financials 0.0%** | **Financials 0.0%** | **Financials 0.0%** |
| Stichting Administratiekantoor Unigel Creditors (h) (q) | 1 |  |
| Stichting Administratiekantoor Unigel Creditors (h) (q) |  |  |
| Total Common Stocks (cost $0) | Total Common Stocks (cost $0) | 55 |
| **OTHER EQUITY INTERESTS 0.0%** | **OTHER EQUITY INTERESTS 0.0%** | **OTHER EQUITY INTERESTS 0.0%** |
| Credito Real, S.A.B. De C.V., Sofom, E.N.R. (h) (r) | 1100 | 8 |
| Parkland Corporation (h) (q) (r) | 290 |  |
| Total Other Equity Interests (cost $1,064) | Total Other Equity Interests (cost $1,064) | 8 |
| **WARRANTS 0.0%** | **WARRANTS 0.0%** | **WARRANTS 0.0%** |
| Avation PLC (h) | 10 | 5 |
| Total Warrants (cost $0) | Total Warrants (cost $0) | 5 |
| **SHORT TERM INVESTMENTS 4.0%** | **SHORT TERM INVESTMENTS 4.0%** | **SHORT TERM INVESTMENTS 4.0%** |
| **Investment Companies 2.3%** | **Investment Companies 2.3%** | **Investment Companies 2.3%** |
| JNL Government Money Market Fund - Class I, 4.20% (s) (t) | 60400 | 60400 |
| **U.S. Treasury Bill 1.5%** | **U.S. Treasury Bill 1.5%** | **U.S. Treasury Bill 1.5%** |
| Treasury, United States Department of |  |  |
| 4.25%, 07/31/25 | 40000 | 39861 |
| **Securities Lending Collateral 0.2%** | **Securities Lending Collateral 0.2%** | **Securities Lending Collateral 0.2%** |
| JNL Government Money Market Fund - Class SL, 4.30% (s) (t) | 5346 | 5346 |
| Total Short Term Investments (cost $105,607) | Total Short Term Investments (cost $105,607) | 105607 |
| **Total Investments 99.4% (cost $2,730,893)** | **Total Investments 99.4% (cost $2,730,893)** | **2634344** |
| **Other Derivative Instruments 0.0%** | **Other Derivative Instruments 0.0%** | **354** |
| **Other Assets and Liabilities, Net 0.6%** | **Other Assets and Liabilities, Net 0.6%** | **15963** |
| **Total Net Assets 100.0%** | **Total Net Assets 100.0%** | **2650661** |

---

(a) Security has a variable rate. Interest rates reset periodically. Rate stated was in effect as of June 30, 2025. For securities based on a published reference rate and spread, the reference rate and spread are presented. Certain variable rate securities do not indicate a reference rate and spread because they are determined by the issuer, remarketing agent, or offering documents and are based on current market conditions. The coupon rate for securities with certain features outlined in the offering documents may vary from the stated reference rate and spread. This includes, but is not limited to, securities with deferred rates, contingent distributions, caps, floors, and fixed-rate to float-rate features. In addition, variable rates for government and agency collateralized mortgage obligations ("CMO") and mortgage-backed securities ("MBS") are determined by tranches of underlying mortgage-backed security pools' cash flows into securities and pass-through rates which reflect the rate earned on the asset pool after management and guarantee fees are paid to the securitizing corporation. CMO and MBS variable rates are determined by a formula set forth in the security's offering documents.

(b) Security is restricted to resale to institutional investors or subject to trading restrictions due to sanctions on foreign issuers. See Restricted Securities table following the Schedules of Investments.

(c) Security issued with a zero coupon. Income is recognized through the accretion of discount.

(d) Security is exempt from registration under the Securities Act of 1933, as amended. As of June 30, 2025, the value and the percentage of net assets of these securities was $224,196 and 8.5% of the Fund.

(e) Treasury inflation indexed note, par amount is adjusted for inflation.

(f) All or a portion of the security was on loan as of June 30, 2025.

(g) Perpetual security. Next contractual call price and date are presented in parentheses, if applicable.

(h) Non-income producing security.

(i) As of June 30, 2025, issuer was in bankruptcy and/or was in default relating to

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page [607](#abbreviations).

**JNL Series Trust** (Unaudited)

**Schedules of Investments (in thousands)**

June 30, 2025

principal and/or interest. Partial or no payments were paid on the last interest or dividend date.

(j) Convertible security.

(k) Pay-in-kind security. Stated coupon is the pay-in-kind rate. The interest earned by the security may be paid in cash or additional par.

(l) The interest rate for this security is inversely affected by upgrades or downgrades to the credit rating of the issuer. Rate stated was the coupon as of June 30, 2025.

(m) Security is a step-up bond where the coupon may increase or step up at a future date or as the result of an upgrade or downgrade to the credit rating of the issuer. Rate stated was the coupon as of June 30, 2025.

(n) The coupon rate represents the weighted average coupon and may differ from the stated coupon rate.

(o) Security fair valued in good faith as a Level 2 security in accordance with the procedures approved by the Board of Trustees. Good faith fair valued securities are classified based on the applicable valuation inputs. See "Fair Value Measurement" in the Notes to Financial Statements.

(p) This senior floating rate interest will settle after June 30, 2025. If a reference rate and spread is presented, it will go into effect upon settlement.

(q) Security fair valued in good faith as a Level 3 security in accordance with the procedures approved by the Board of Trustees. Good faith fair valued securities are classified based on the applicable valuation inputs. See "Fair Value Measurement" in the Notes to Financial Statements.

(r) Contingent distributions represent the right to receive additional distributions, if any, during the reorganization of the underlying company.

(s) Investment in affiliate.

(t) Yield changes daily to reflect current market conditions. Rate was the quoted yield as of June 30, 2025.

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **JNL/DoubleLine Core Fixed Income Fund — Investments in Affiliates** | **JNL/DoubleLine Core Fixed Income Fund — Investments in Affiliates** | **JNL/DoubleLine Core Fixed Income Fund — Investments in Affiliates** | **JNL/DoubleLine Core Fixed Income Fund — Investments in Affiliates** | **JNL/DoubleLine Core Fixed Income Fund — Investments in Affiliates** | **JNL/DoubleLine Core Fixed Income Fund — Investments in Affiliates** | **JNL/DoubleLine Core Fixed Income Fund — Investments in Affiliates** | **JNL/DoubleLine Core Fixed Income Fund — Investments in Affiliates** | **JNL/DoubleLine Core Fixed Income Fund — Investments in Affiliates** |
| **Affiliated Investment** | **Value Beginning of Period($)** | **Purchases($)** | **Sales Proceeds($)** | **Dividend Income/ Distributions from Funds($)** | **Realized Gain (Loss)($)** | **Change in Unrealized Appreciation (Depreciation) ($)** | **Value End of Period($)** | **Percentage of Net Assets(%)** |
| JNL Government Money Market Fund, 4.20% - Class I | 75947 | 320952 | 336499 | 1298 |  |  | 60400 | 2.3 |
| JNL Government Money Market Fund, 4.30% - Class SL | 10105 | 37000 | 41759 | 229 |  |  | 5346 | 0.2 |
|  | 86052 | 357952 | 378258 | 1527 |  |  | 65746 | 2.5 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **JNL/DoubleLine Core Fixed Income Fund — Restricted Securities** | **JNL/DoubleLine Core Fixed Income Fund — Restricted Securities** | **JNL/DoubleLine Core Fixed Income Fund — Restricted Securities** | **JNL/DoubleLine Core Fixed Income Fund — Restricted Securities** | **JNL/DoubleLine Core Fixed Income Fund — Restricted Securities** |
|  | **Initial Acquisition** | **Cost ($)** | **Value ($)** | **Percent of**<br> **Net Assets (%)** |
| Acu Petroleo Luxembourg S.a r.l., 7.50%, 07/13/35 | 04/04/24 | 948 | 969 | 0.1 |
| Adani Electricity Mumbai Limited, 3.95%, 02/12/30 | 01/10/23 | 336 | 358 |  |
| Adani Electricity Mumbai Limited, 3.87%, 07/22/31 | 09/21/23 | 872 | 941 | 0.1 |
| Adani Energy Solutions Limited, 4.00%, 08/03/26 | 06/09/23 | 773 | 788 |  |
| Adani Energy Solutions Limited, 4.25%, 05/21/36 | 08/04/23 | 615 | 648 |  |
| Adani International Container Terminal Private Limited, 3.00%, 02/16/31 | 12/17/21 | 707 | 633 |  |
| Adani Ports and Special Economic Zone Limited, 4.00%, 07/30/27 | 12/14/21 | 400 | 386 |  |
| Adani Ports and Special Economic Zone Limited, 4.38%, 07/03/29 | 05/19/21 | 786 | 750 |  |
| Adani Ports and Special Economic Zone Limited, 3.10%, 02/02/31 | 06/02/21 | 293 | 254 |  |
| Adani Renewable Energy (RJ) Limited, 4.63%, 10/15/39 | 05/27/25 | 463 | 471 |  |
| AI Candelaria (Spain), S.L.U, 7.50%, 12/15/28 | 07/10/23 | 461 | 488 |  |
| AI Candelaria (Spain), S.L.U, 5.75%, 06/15/33 | 04/11/22 | 1204 | 1262 | 0.1 |
| Assembleia da Republica, 0.48%, 10/18/30 | 02/09/23 | 378 | 427 |  |
| Banco Actinver, S.A., Institucion de Banca Multiple, Grupo Financiero Actinver, 7.25%, 01/31/41 | 11/07/24 | 690 | 705 |  |
| Banco Continental S.A.E.C.A., 2.75%, 12/10/25 | 08/20/24 | 444 | 446 |  |
| Banco De Bogota, 6.25%, 05/12/26 | 01/22/24 | 1000 | 1002 | 0.1 |
| Banco de Credito del Peru, 3.13%, 07/01/30 | 09/02/21 | 717 | 750 |  |
| Banco de Credito del Peru, 3.25%, 09/30/31 | 02/02/23 | 1359 | 1407 | 0.1 |
| Banco do Brasil S.A, 8.75% (callable at 100, 10/15/25) | 06/15/23 | 1678 | 1816 | 0.1 |
| Banco Espirito Santo S.A., 0.00%, 01/21/29 | 07/10/15 | 5090 | 1138 | 0.1 |
| Banco Espirito Santo S.A., 0.00%, 01/21/29 | 12/09/15 | 1852 | 403 |  |
| Banco GNB Sudameris S.A., 7.50%, 04/16/31 | 06/04/25 | 147 | 148 |  |
| Banco Industrial S.A., 4.88%, 01/29/31 | 01/18/23 | 1735 | 1788 | 0.1 |
| Banco Internacional Del Peru S.A.A. – Interbank, 4.00%, 07/08/30 | 12/04/20 | 2313 | 2395 | 0.1 |
| Banco Mercantil Del Norte, S.A., Institucion De Banca Multiple, Grupo Financiero Banorte, 7.50% (callable at 100, 06/27/29) | 09/25/19 | 200 | 200 |  |
| Banco Mercantil Del Norte, S.A., Institucion De Banca Multiple, Grupo Financiero Banorte, 7.63% (callable at 100, 01/10/28) | 01/10/19 | 392 | 402 |  |
| Banco Nacional De Comercio Exterior, S.N.C., 2.72%, 08/11/31 | 10/24/23 | 250 | 284 |  |
| Banco Santander Mexico, S.A., I.B.M., Grupo Financiero Santander Mexico, 8.13%, 01/08/39 | 01/15/25 | 1320 | 1347 | 0.1 |
| BBVA Mexico, S.A., Institucion de Banca Multiple, Grupo Financiero BBVA Mexico, 5.88%, 09/13/34 | 07/27/23 | 271 | 295 |  |
| Bioceanico Sovereign Certificate Limited, 0.00%, 06/05/34 | 08/25/22 | 1077 | 1118 | 0.1 |
| BPRL International Singapore PTE. Ltd., 4.38%, 01/18/27 | 05/22/25 | 495 | 498 |  |
| Braskem Idesa, S.A.P.I., 6.99%, 02/20/32 | 05/22/25 | 466 | 417 |  |
| Braskem Netherlands Finance B.V., 4.50%, 01/31/30 | 11/18/24 | 441 | 388 |  |
| Bundesrepublik Deutschland, 0.00%, 02/15/31 | 04/13/22 | 783 | 782 |  |
| Canacol Energy Ltd., 5.75%, 11/24/28 | 09/25/23 | 1196 | 494 |  |
| Cap S.A., 3.90%, 04/27/31 | 12/13/21 | 1281 | 1130 | 0.1 |
| CEMEX S.A.B. de C.V., 5.13% (callable at 100, 06/08/26) | 09/27/23 | 469 | 494 |  |
| Cencosud S.A., 4.38%, 07/17/27 | 05/19/25 | 197 | 198 |  |
| Chile Electricity Lux MPC S.a r.l., 6.01%, 01/20/33 | 02/06/25 | 309 | 314 |  |
| Cometa Energia, S.A. de C.V., 6.38%, 04/24/35 | 06/12/24 | 731 | 766 |  |

---

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page [607](#abbreviations).

**JNL Series Trust** (Unaudited)

**Schedules of Investments (in thousands)**

June 30, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
| **JNL/DoubleLine Core Fixed Income Fund — Restricted Securities (continued)** | **JNL/DoubleLine Core Fixed Income Fund — Restricted Securities (continued)** | **JNL/DoubleLine Core Fixed Income Fund — Restricted Securities (continued)** | **JNL/DoubleLine Core Fixed Income Fund — Restricted Securities (continued)** | **JNL/DoubleLine Core Fixed Income Fund — Restricted Securities (continued)** |
|  | **Initial Acquisition** | **Cost ($)** | **Value ($)** | **Percent of**<br> **Net Assets (%)** |
| Comision Federal De Electricidad, E.P.E., 3.35%, 02/09/31 | 03/22/24 | 173 | 176 |  |
| Commonwealth of Australia, 1.50%, 06/21/31 | 02/09/23 | 413 | 408 |  |
| Commonwealth of Australia, 2.75%, 06/21/35 | 04/30/25 | 707 | 741 |  |
| Compania de Minas Buenaventura S.A.A., 5.50%, 07/23/26 | 05/15/25 | 498 | 498 |  |
| Corporacion Nacional del Cobre de Chile, 5.13%, 02/02/33 | 01/28/25 | 1049 | 1068 | 0.1 |
| Cosan Overseas Limited, 8.25% | 01/26/23 | 1397 | 1412 | 0.1 |
| CSN Resources S.A., 5.88%, 04/08/32 | 08/14/23 | 1184 | 1151 | 0.1 |
| DBS Group Holdings Ltd, 1.82%, 03/10/31 | 05/20/21 | 1857 | 1864 | 0.1 |
| Empresa Electrica Angamos S.p.A., 4.88%, 05/25/29 | 05/24/18 | 451 | 404 |  |
| Empresa Electrica Cochrane SpA, 5.50%, 05/14/27 | 12/09/20 | 284 | 276 |  |
| Energuate Trust, 5.88%, 05/03/27 | 05/28/24 | 586 | 596 |  |
| Estado Espanol, 0.50%, 04/30/30 | 04/14/21 | 839 | 923 |  |
| FEL Energy VI S.a r.l., 5.75%, 12/01/40 | 02/16/24 | 931 | 957 | 0.1 |
| Fenix Power Peru S.A., 4.32%, 09/20/27 | 02/24/21 | 347 | 335 |  |
| Fermaca Enterprises S. de R.L. de C.V., 6.38%, 03/30/38 | 09/27/17 | 3904 | 3557 | 0.1 |
| Fideicomiso Patrimonio Autonomo Panamericana, 8.25%, 01/15/35 | 01/24/19 | 401 | 407 |  |
| French Republic Government Bond OAT, 0.50%, 05/25/29 | 06/02/20 | 870 | 910 |  |
| French Republic Government Bond OAT, 0.70%, 07/25/30 | 03/12/25 | 751 | 815 |  |
| French Republic Government Bond OAT, 1.50%, 05/25/31 | 04/12/21 | 521 | 441 |  |
| Frigorifico Concepcion S.A., 7.70%, 07/21/28 | 04/28/23 | 332 | 315 |  |
| Galaxy Pipeline Assets Bidco Limited, 2.94%, 09/30/40 | 01/29/25 | 499 | 507 |  |
| GCC, S.A.B. de C.V, 3.61%, 04/20/32 | 03/28/25 | 262 | 264 |  |
| GNL Quintero S.A, 4.63%, 07/31/29 | 11/08/17 | 1609 | 1579 | 0.1 |
| Gobierno de la Republica de Guatemala, 4.50%, 05/03/26 | 05/05/25 | 795 | 793 |  |
| Gobierno de la Republica de Guatemala, 4.38%, 06/05/27 | 05/21/24 | 194 | 197 |  |
| Gobierno de la Republica de Guatemala, 4.88%, 02/13/28 | 07/24/24 | 293 | 297 |  |
| Gobierno de la Republica de Guatemala, 5.25%, 08/10/29 | 11/22/24 | 680 | 695 |  |
| Gobierno de La Republica del Paraguay, 4.70%, 03/27/27 | 07/24/24 | 681 | 684 |  |
| Gold Fields Orogen Holding (BVI) Limited, 6.13%, 05/15/29 | 12/09/24 | 1014 | 1038 | 0.1 |
| Gouvernement De France, 3.00%, 05/25/33 | 11/02/23 | 889 | 1000 | 0.1 |
| Government of Ireland, 1.10%, 05/15/29 | 02/09/23 | 751 | 814 |  |
| Grupo Kuo, S.A.B. De C.V., 5.75%, 07/07/27 | 05/07/24 | 687 | 690 |  |
| Guara Norte S.a r.l., 5.20%, 06/15/34 | 12/14/22 | 1097 | 1163 | 0.1 |
| HM Treasury, 4.25%, 03/07/36 | 09/12/24 | 951 | 938 |  |
| Intergroup Financial Services Corp., 4.13%, 10/19/27 | 06/28/24 | 578 | 583 |  |
| Itau Unibanco Holding S.A., 3.88%, 04/15/31 | 04/16/25 | 392 | 395 |  |
| JSW Energy Limited, 4.13%, 05/18/31 | 11/08/23 | 952 | 975 | 0.1 |
| JSW Infrastructure Limited, 4.95%, 01/21/29 | 08/12/24 | 674 | 683 |  |
| Lima Metro Line 2 Finance Limited, 5.88%, 07/05/34 | 10/24/17 | 2702 | 2674 | 0.1 |
| Lima Metro Line 2 Finance Limited, 4.35%, 04/05/36 | 05/06/24 | 761 | 782 |  |
| Medco Laurel Tree Pte. Ltd., 6.95%, 11/12/28 | 10/30/24 | 400 | 397 |  |
| Mexico Generadora De Energia, S. De R.L. De C.V., 5.50%, 12/06/32 | 05/25/22 | 529 | 545 |  |
| Millicom International Cellular SA, 5.13%, 01/15/28 | 06/14/23 | 334 | 356 |  |
| Millicom International Cellular SA, 6.25%, 03/25/29 | 04/10/23 | 590 | 632 |  |
| Minerva Luxembourg S.A., 5.88%, 01/19/28 | 05/20/25 | 200 | 200 |  |
| Minsur S.A., 4.50%, 10/28/31 | 03/12/24 | 721 | 742 |  |
| Mong Duong Finance Holdings B.V., 5.13%, 05/07/29 | 09/16/22 | 790 | 825 |  |
| Morocco, Kingdom of, 2.38%, 12/15/27 | 05/12/25 | 187 | 188 |  |
| Morocco, Kingdom of, 5.95%, 03/08/28 | 04/03/25 | 305 | 307 |  |
| Morocco, Kingdom of, 3.00%, 12/15/32 | 01/29/25 | 248 | 253 |  |
| MV24 Capital B.V., 6.75%, 06/01/34 | 08/09/22 | 1931 | 1988 | 0.1 |
| NBM US Holdings, Inc., 6.63%, 08/06/29 | 03/28/25 | 601 | 603 |  |
| OCP S.A., 6.75%, 05/02/34 | 01/17/25 | 1524 | 1556 | 0.1 |
| Office Cherifien Des Phosphates SA, 4.50%, 10/22/25 | 08/21/24 | 399 | 398 |  |
| Ongc Videsh Vankorneft Pte. Ltd., 3.75%, 07/27/26 | 06/23/25 | 396 | 397 |  |
| Orazul Energy Egenor S. Enc. Por A., 5.63%, 04/28/27 | 11/16/23 | 252 | 262 |  |
| Oversea-Chinese Banking Corporation Limited, 1.83%, 09/10/30 | 08/19/21 | 1056 | 1094 | 0.1 |
| Patrimonio en Fideicomiso D.S. 093-2002 - EF Inretail Shopping Malls, 5.75%, 04/03/28 | 03/05/24 | 1036 | 1046 | 0.1 |
| Patrimonio en Fideicomiso D.S. N 093-2002-EF-InRetail Consumer, 3.25%, 03/22/28 | 03/07/24 | 1914 | 1944 | 0.1 |
| Periama Holdings, LLC, 5.95%, 04/19/26 | 07/18/24 | 499 | 500 |  |
| PERU LNG, 5.38%, 03/22/30 | 06/04/25 | 155 | 157 |  |
| Presidencia de la Republica Dominicana, 5.95%, 01/25/27 | 04/03/25 | 502 | 506 |  |
| Presidencia de la Republica Dominicana, 5.50%, 02/22/29 | 11/21/24 | 539 | 548 |  |
| Prumo Participacoes E Investimentos SA, 7.50%, 12/31/31 | 02/02/24 | 1826 | 1864 | 0.1 |
| PT. Bank Negara Indonesia (Persero), Tbk., 3.75%, 03/30/26 | 03/20/24 | 883 | 889 |  |
| PT. Pertamina (Persero), 1.40%, 02/09/26 | 05/29/24 | 977 | 980 | 0.1 |
| PT. Perusahaan Listrik Negara, 4.13%, 05/15/27 | 05/12/25 | 394 | 396 |  |
| Raizen Fuels Finance S.A., 5.70%, 01/17/35 | 01/31/25 | 1121 | 1124 | 0.1 |
| Reliance Industries Limited, 3.67%, 11/30/27 | 05/15/25 | 487 | 491 |  |
| Rutas 2 And 7 Finance Ltd, 0.00%, 09/30/36 | 11/30/22 | 1126 | 1172 | 0.1 |
| San Miguel Industrias Pet S.A., 3.75%, 08/02/28 | 05/21/24 | 180 | 187 |  |
| Service Public Federal Chancellerie Du Premier Ministre, 0.90%, 06/22/29 | 08/03/23 | 294 | 324 |  |

---

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page [607](#abbreviations).

**JNL Series Trust** (Unaudited)

**Schedules of Investments (in thousands)**

June 30, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
| **JNL/DoubleLine Core Fixed Income Fund — Restricted Securities (continued)** | **JNL/DoubleLine Core Fixed Income Fund — Restricted Securities (continued)** | **JNL/DoubleLine Core Fixed Income Fund — Restricted Securities (continued)** | **JNL/DoubleLine Core Fixed Income Fund — Restricted Securities (continued)** | **JNL/DoubleLine Core Fixed Income Fund — Restricted Securities (continued)** |
|  | **Initial Acquisition** | **Cost ($)** | **Value ($)** | **Percent of**<br> **Net Assets (%)** |
| Simpar Europe, 5.20%, 01/26/31 | 03/31/22 | 357 | 324 |  |
| Telefonica Celular del Paraguay S.A.E., 5.88%, 04/15/27 | 05/20/25 | 286 | 286 |  |
| Unigel Luxembourg SA, 13.50%, 12/31/27 | 02/11/25 | 62 | 49 |  |
| Unigel Luxembourg SA, 11.00%, 12/31/28 | 02/11/25 | 109 | 58 |  |
| Unigel Netherlands Holding Corporation B.V., 15.00%, 12/31/44 | 02/11/25 | 24 | 6 |  |
| United Overseas Bank Limited, 1.75%, 03/16/31 | 03/01/23 | 1116 | 1177 | 0.1 |
| United Overseas Bank Limited, 2.00%, 10/14/31 | 02/22/23 | 822 | 871 |  |
| Wipro IT Services, LLC, 1.50%, 06/23/26 | 05/20/25 | 194 | 194 |  |
|  |  | 94461 | 89341 | 3.4 |

---

---

| | | |
|:---|:---|:---|
| **JNL/DoubleLine Core Fixed Income Fund — Unfunded Commitments** | **JNL/DoubleLine Core Fixed Income Fund — Unfunded Commitments** | **JNL/DoubleLine Core Fixed Income Fund — Unfunded Commitments** |
|  | **Unfunded Commitment ($)** | **Unrealized Appreciation / (Depreciation)($)** |
| Air Comm Corporation, LLC, 2024 Delayed Draw Term Loan | 41 |  |
| Kaman Corporation, 2025 Delayed Draw Term Loan | 50 |  |
| Sauer Brands Inc, Delayed Draw Term Loan | 25 |  |
|  | 116 |  |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **JNL/DoubleLine Core Fixed Income Fund — Futures Contracts** | **JNL/DoubleLine Core Fixed Income Fund — Futures Contracts** | **JNL/DoubleLine Core Fixed Income Fund — Futures Contracts** | **JNL/DoubleLine Core Fixed Income Fund — Futures Contracts** | **JNL/DoubleLine Core Fixed Income Fund — Futures Contracts** | **JNL/DoubleLine Core Fixed Income Fund — Futures Contracts** |
| **Reference Entity** | **Contracts<sup>1</sup>** | **Expiration** | **Notional<sup>1</sup>** | **Variation**<br> **Margin**<br> **Receivable**<br> (Payable) ($) | **Value/**<br> **Unrealized**<br> **Appreciation**<br> (Depreciation) ($) |
| **Long Contracts** | **Long Contracts** | **Long Contracts** | **Long Contracts** | **Long Contracts** | **Long Contracts** |
| United States 2 Year Note | 7500 | October 2025 | 1553369 | 410 | 6806 |
| United States Long Bond | 600 | September 2025 | 66548 | 600 | 2734 |
|  |  |  |  | 1010 | 9540 |
| **Short Contracts** | **Short Contracts** | **Short Contracts** | **Short Contracts** | **Short Contracts** | **Short Contracts** |
| United States 10 Year Ultra Bond | (1100) | September 2025 | (122534) | (533) | (3158) |
| United States 5 Year Note | (300) | October 2025 | (32235) | (40) | (465) |
| United States Ultra Bond | (70) | September 2025 | (7952) | (94) | (387) |
|  |  |  |  | (667) | (4010) |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **JNL/DoubleLine Core Fixed Income Fund — Forward Foreign Currency Contracts** | **JNL/DoubleLine Core Fixed Income Fund — Forward Foreign Currency Contracts** | **JNL/DoubleLine Core Fixed Income Fund — Forward Foreign Currency Contracts** | **JNL/DoubleLine Core Fixed Income Fund — Forward Foreign Currency Contracts** | **JNL/DoubleLine Core Fixed Income Fund — Forward Foreign Currency Contracts** | **JNL/DoubleLine Core Fixed Income Fund — Forward Foreign Currency Contracts** | **JNL/DoubleLine Core Fixed Income Fund — Forward Foreign Currency Contracts** |
| **Purchased/Sold** | **Counterparty** | **Expiration** | **Notional<sup>1</sup>** | **Notional<sup>1</sup>** | **Value ($)** | **Unrealized**<br> **Appreciation**<br> (Depreciation) ($) |
| BRL/USD | GSC | 08/01/25 | BRL | 3200 | 584 | 11 |

---

**Fair Value Hierarchy.** Various inputs are used in determining the fair value of financial instruments. For a description of the input levels and information about the Fund's policy regarding valuation of financial instruments, see Note 3 in the Notes to Financial Statements. The following table summarizes the Fund's investments categorized in the disclosure hierarchy as of June 30, 2025.

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **<u>. Level 1 ($) .</u>** | **<u>. Level 2 ($) .</u>** | **<u>. Level 3 ($) .</u>** | **<u>. Total ($) .</u>** |
| **JNL/DoubleLine Core Fixed Income Fund** | **JNL/DoubleLine Core Fixed Income Fund** | **JNL/DoubleLine Core Fixed Income Fund** | **JNL/DoubleLine Core Fixed Income Fund** | **JNL/DoubleLine Core Fixed Income Fund** |
| **Assets - Securities** |  |  |  |  |
| &nbsp;&nbsp; Government And Agency Obligations |  | 1266736 |  | 1266736 |
| &nbsp;&nbsp; Corporate Bonds And Notes |  | 648962 |  | 648962 |
| &nbsp;&nbsp; Non-U.S. Government Agency Asset-Backed Securities |  | 547584 |  | 547584 |
| &nbsp;&nbsp; Senior Floating Rate Instruments |  | 65301 | 86 | 65387 |
| &nbsp;&nbsp; Common Stocks |  |  | 55 | 55 |
| &nbsp;&nbsp; Other Equity Interests |  | 8 |  | 8 |
| &nbsp;&nbsp; Warrants |  | 5 |  | 5 |
| &nbsp;&nbsp; Short Term Investments | 65746 | 39861 |  | 105607 |
|  | 65746 | 2568457 | 141 | 2634344 |
| **Assets - Investments in Other Financial Instruments<sup>1</sup>** |  |  |  |  |
| &nbsp;&nbsp; Futures Contracts | 9540 |  |  | 9540 |
| &nbsp;&nbsp; Open Forward Foreign Currency Contracts |  | 11 |  | 11 |
|  | 9540 | 11 |  | 9551 |
| **Liabilities - Investments in Other Financial Instruments<sup>1</sup>** |  |  |  |  |
| &nbsp;&nbsp; Futures Contracts | (4010) |  |  | (4010) |
|  | (4010) |  |  | (4010) |

---

<sup>1</sup> All derivatives, except for purchased and written options, are reflected at the unrealized appreciation (depreciation) on the instrument. Purchased and written options are reflected at value.

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page [607](#abbreviations).

**JNL Series Trust** (Unaudited)

**Schedules of Investments (in thousands)**

June 30, 2025

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| **JNL/DoubleLine Emerging Markets Fixed Income Fund** | **JNL/DoubleLine Emerging Markets Fixed Income Fund** | **JNL/DoubleLine Emerging Markets Fixed Income Fund** |
| **CORPORATE BONDS AND NOTES 87.9%** | **CORPORATE BONDS AND NOTES 87.9%** | **CORPORATE BONDS AND NOTES 87.9%** |
| **Brazil 14.4%** | **Brazil 14.4%** | **Brazil 14.4%** |
| Acu Petroleo Luxembourg S.a r.l. |  |  |
| 7.50%, 07/13/35 (a) | 4613 | 4612 |
| Banco do Brasil S.A |  |  |
| 8.75%, (10 Year Treasury + 4.40%), (100, 10/15/25) (a) (b) (c) | 5300 | 5347 |
| Braskem Netherlands Finance B.V. |  |  |
| 4.50%, 01/31/30 (a) | 200 | 155 |
| Cosan Overseas Limited |  |  |
| 8.25% (a) (c) | 7300 | 7364 |
| CSN Resources S.A. |  |  |
| 5.88%, 04/08/32 (a) | 5000 | 4111 |
| Itau Unibanco Holding S.A. |  |  |
| 3.88%, 04/15/31 (a) | 400 | 395 |
| Movida Europe S.A. |  |  |
| 7.85%, 04/11/29 (a) | 2000 | 1842 |
| 7.85%, 04/11/29 (d) | 3000 | 2763 |
| MV24 Capital B.V. |  |  |
| 6.75%, 06/01/34 (a) | 7173 | 6953 |
| NBM US Holdings, Inc. |  |  |
| 7.00%, 05/14/26 (a) | 200 | 200 |
| Prumo Participacoes E Investimentos SA |  |  |
| 7.50%, 12/31/31 (a) | 5404 | 5469 |
| Raizen Fuels Finance S.A. |  |  |
| 5.70%, 01/17/35 (a) | 900 | 843 |
| Simpar Europe |  |  |
| 5.20%, 01/26/31 (a) | 6725 | 5448 |
| Unigel Luxembourg SA |  |  |
| 13.50%, 12/31/27 (d) (e) | 99 | 79 |
| 13.50%, 12/31/27 (a) (e) | 140 | 111 |
| 11.00%, 12/31/28 (d) (e) | 113 | 31 |
| 11.00%, 12/31/28 (a) (e) | 471 | 130 |
|  |  | 45853 |
| **Peru 12.8%** | **Peru 12.8%** | **Peru 12.8%** |
| Banco de Credito del Peru |  |  |
| 3.13%, 07/01/30 (a) | 5000 | 5000 |
| 3.25%, 09/30/31 (a) | 2900 | 2815 |
| Banco Internacional Del Peru S.A.A. – Interbank |  |  |
| 4.00%, 07/08/30 (a) | 8000 | 7983 |
| 6.40%, 04/30/35 (d) | 1800 | 1836 |
| Compania de Minas Buenaventura S.A.A. |  |  |
| 5.50%, 07/23/26 (a) | 1390 | 1385 |
| Intergroup Financial Services Corp. |  |  |
| 4.13%, 10/19/27 (a) | 3000 | 2917 |
| Lima Metro Line 2 Finance Limited |  |  |
| 5.88%, 07/05/34 (a) | 2784 | 2836 |
| 4.35%, 04/05/36 (a) | 6345 | 5958 |
| Minsur S.A. |  |  |
| 4.50%, 10/28/31 (a) | 3000 | 2782 |
| Orazul Energy Egenor S. Enc. Por A. |  |  |
| 5.63%, 04/28/27 (a) | 2817 | 2785 |
| Patrimonio en Fideicomiso D.S. 093-2002 - EF Inretail Shopping Malls |  |  |
| 5.75%, 04/03/28 (a) | 3000 | 2990 |
| Patrimonio en Fideicomiso D.S. N 093-2002-EF-InRetail Consumer |  |  |
| 3.25%, 03/22/28 (a) | 800 | 759 |
| PERU LNG |  |  |
| 5.38%, 03/22/30 (a) | 417 | 392 |
| Scotiabank Peru S.A.A. |  |  |
| 6.10%, 10/01/35 (d) | 300 | 305 |
|  |  | 40743 |
| **Mexico 11.5%** | **Mexico 11.5%** | **Mexico 11.5%** |
| Alpha Holding, S.A. de C.V |  |  |
| 0.00%, 12/31/25 (d) (f) (g) | 292 | 1 |
| Banco Actinver, S.A., Institucion de Banca Multiple, Grupo Financiero Actinver |  |  |
| 7.25%, 01/31/41 (a) | 1392 | 1410 |
| 7.25%, 01/31/41 (d) | 4872 | 4936 |
| Banco Mercantil Del Norte, S.A., Institucion De Banca Multiple, Grupo Financiero Banorte |  |  |
| 7.63%, (100, 01/10/28) (a) (c) | 2200 | 2211 |
| 8.38%, (100, 05/20/31) (c) (d) | 2100 | 2132 |
| Banco Santander Mexico, S.A., I.B.M., Grupo Financiero Santander Mexico |  |  |
| 8.13%, 01/08/39 (a) | 2000 | 2073 |
| BBVA Mexico, S.A., Institucion de Banca Multiple, Grupo Financiero BBVA Mexico |  |  |
| 5.88%, 09/13/34 (a) | 2600 | 2554 |
| Braskem Idesa, S.A.P.I. |  |  |
| 6.99%, 02/20/32 (a) | 1950 | 1356 |
| Buffalo Energy Mexico Holding S A De C V |  |  |
| 7.88%, 02/15/39 (d) | 2900 | 2991 |
| CEMEX S.A.B. de C.V. |  |  |
| 5.13%, (100, 06/08/26) (a) (c) | 1000 | 988 |
| 7.20%, (100, 06/10/30) (c) (d) | 800 | 809 |
| Cometa Energia, S.A. de C.V. |  |  |
| 6.38%, 04/24/35 (a) | 834 | 858 |
| Comision Federal De Electricidad, E.P.E. |  |  |
| 3.35%, 02/09/31 (a) | 200 | 176 |
| 6.45%, 01/24/35 (d) | 3300 | 3246 |
| FEL Energy VI S.a r.l. |  |  |
| 5.75%, 12/01/40 (a) | 2646 | 2496 |
| Fermaca Enterprises S. de R.L. de C.V. |  |  |
| 6.38%, 03/30/38 (a) | 523 | 508 |
| Grupo Kuo, S.A.B. De C.V. |  |  |
| 5.75%, 07/07/27 (a) | 3500 | 3448 |
| Petroleos Mexicanos |  |  |
| 6.75%, 09/21/47 | 5000 | 3617 |
| Saavi Energia S.a r.l. |  |  |
| 8.88%, 02/10/35 (d) | 1000 | 1040 |
| Tangerine Pomelo Group, S.A.P.I. De C.V. |  |  |
| 0.00%, 07/24/25 (d) (f) (g) | 2400 | 14 |
|  |  | 36864 |
| **India 11.0%** | **India 11.0%** | **India 11.0%** |
| Adani Electricity Mumbai Limited |  |  |
| 3.95%, 02/12/30 (a) | 2000 | 1788 |
| 3.87%, 07/22/31 (a) | 2400 | 2052 |
| Adani Energy Solutions Limited |  |  |
| 4.25%, 05/21/36 (a) | 5143 | 4356 |
| Adani International Container Terminal Private Limited |  |  |
| 3.00%, 02/16/31 (a) | 5556 | 4885 |
| 3.00%, 02/16/31 (d) | 640 | 563 |
| Adani Ports and Special Economic Zone Limited |  |  |
| 4.38%, 07/03/29 (a) | 1000 | 938 |
| 3.10%, 02/02/31 (a) | 2600 | 2200 |
| Adani Renewable Energy (RJ) Limited |  |  |
| 4.63%, 10/15/39 (a) (h) | 918 | 740 |
| BPRL International Singapore PTE. Ltd. |  |  |
| 4.38%, 01/18/27 (a) | 1100 | 1095 |
| JSW Energy Limited |  |  |
| 4.13%, 05/18/31 (a) | 4260 | 3900 |
| JSW Hydro Energy Limited |  |  |
| 4.13%, 05/18/31 (d) | 1136 | 1040 |
| JSW Infrastructure Limited |  |  |
| 4.95%, 01/21/29 (a) | 3900 | 3805 |
| Ongc Videsh Vankorneft Pte. Ltd. |  |  |
| 3.75%, 07/27/26 (a) | 1100 | 1090 |
| Periama Holdings, LLC |  |  |
| 5.95%, 04/19/26 (a) | 5000 | 4998 |
| Reliance Industries Limited |  |  |
| 3.67%, 11/30/27 (a) | 1250 | 1227 |
| Wipro IT Services, LLC |  |  |
| 1.50%, 06/23/26 (a) | 600 | 582 |
|  |  | 35259 |
| **Colombia 8.5%** | **Colombia 8.5%** | **Colombia 8.5%** |
| AI Candelaria (Spain), S.L.U |  |  |
| 5.75%, 06/15/33 (a) | 6000 | 5046 |
| 5.75%, 06/15/33 (d) | 4000 | 3364 |
| Aris Mining Corporation |  |  |
| 8.00%, 10/31/29 (d) | 1200 | 1224 |
| Banco Davivienda S A |  |  |
| 6.65%, (100, 04/22/31) (c) (d) | 2000 | 1778 |
| 8.13%, 07/02/35 (d) | 400 | 402 |

---

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page [607](#abbreviations).

**JNL Series Trust** (Unaudited)

**Schedules of Investments (in thousands)**

June 30, 2025

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| Banco De Bogota |  |  |
| 6.25%, 05/12/26 (a) | 2700 | 2707 |
| Banco GNB Sudameris S.A. |  |  |
| 7.50%, 04/16/31 (a) | 800 | 790 |
| Canacol Energy Ltd. |  |  |
| 5.75%, 11/24/28 (a) | 6070 | 2142 |
| Ecopetrol S.A. |  |  |
| 5.88%, 05/28/45 - 11/02/51 | 11540 | 7625 |
| Fideicomiso Patrimonio Autonomo Panamericana |  |  |
| 8.25%, 01/15/35 (a) | 1126 | 1140 |
| Gran Tierra Energy Inc. |  |  |
| 9.50%, 10/15/29 (d) | 800 | 610 |
| TermoCandelaria Power SA |  |  |
| 7.75%, 09/17/31 (d) | 400 | 410 |
| | | 27238 |
| **Singapore 6.5%** | **Singapore 6.5%** | **Singapore 6.5%** |
| DBS Group Holdings Ltd |  |  |
| 1.82%, 03/10/31 (a) | 6300 | 6180 |
| Oversea-Chinese Banking Corporation Limited |  |  |
| 1.83%, 09/10/30 (a) | 3100 | 3083 |
| 1.83%, 09/10/30 (d) | 3000 | 2983 |
| 4.60%, 06/15/32 (a) | 1900 | 1904 |
| United Overseas Bank Limited |  |  |
| 1.75%, 03/16/31 (a) | 6400 | 6276 |
| 2.00%, 10/14/31 (a) | 200 | 194 |
|  |  | 20620 |
| **Chile 6.1%** | **Chile 6.1%** | **Chile 6.1%** |
| Cap S.A. |  |  |
| 3.90%, 04/27/31 (a) | 4950 | 3996 |
| 3.90%, 04/27/31 (d) | 2250 | 1816 |
| Cencosud S.A. |  |  |
| 4.38%, 07/17/27 (a) | 500 | 496 |
| Chile Electricity Lux MPC II S.a r.l. |  |  |
| 5.67%, 10/20/35 (d) | 1227 | 1235 |
| Chile Electricity PEC SpA |  |  |
| 0.00%, 01/25/28 (a) (i) | 682 | 598 |
| 0.00%, 01/25/28 (d) (i) | 4579 | 4014 |
| Corporacion Nacional del Cobre de Chile |  |  |
| 5.13%, 02/02/33 (a) | 4000 | 3885 |
| Empresa Electrica Angamos S.p.A. |  |  |
| 4.88%, 05/25/29 (a) | 938 | 840 |
| Empresa Electrica Cochrane SpA |  |  |
| 5.50%, 05/14/27 (a) | 1839 | 1816 |
| GNL Quintero S.A |  |  |
| 4.63%, 07/31/29 (a) | 948 | 943 |
|  |  | 19639 |
| **Paraguay 3.6%** | **Paraguay 3.6%** | **Paraguay 3.6%** |
| Banco Continental S.A.E.C.A. |  |  |
| 2.75%, 12/10/25 (a) | 350 | 347 |
| Bioceanico Sovereign Certificate Limited |  |  |
| 0.00%, 06/05/34 (a) (i) | 4736 | 3767 |
| Frigorifico Concepcion S.A. |  |  |
| 7.70%, 07/21/28 (a) (h) | 1774 | 1395 |
| Rutas 2 And 7 Finance Ltd |  |  |
| 0.00%, 09/30/36 (a) (i) | 8113 | 5906 |
|  |  | 11415 |
| **Indonesia 3.3%** | **Indonesia 3.3%** | **Indonesia 3.3%** |
| Medco Laurel Tree Pte. Ltd. |  |  |
| 6.95%, 11/12/28 (a) | 2300 | 2284 |
| PT. Bank Negara Indonesia (Persero), Tbk. |  |  |
| 3.75%, 03/30/26 (a) | 5200 | 5138 |
| PT. Pertamina (Persero) |  |  |
| 1.40%, 02/09/26 (a) | 2100 | 2059 |
| PT. Perusahaan Listrik Negara |  |  |
| 4.13%, 05/15/27 (a) | 1100 | 1089 |
|  |  | 10570 |
| **Guatemala 2.0%** | **Guatemala 2.0%** | **Guatemala 2.0%** |
| Banco Industrial S.A. |  |  |
| 4.88%, 01/29/31 (a) | 4100 | 4074 |
| Energuate Trust |  |  |
| 5.88%, 05/03/27 (a) | 2300 | 2286 |
|  |  | 6360 |
| **South Africa 1.8%** | **South Africa 1.8%** | **South Africa 1.8%** |
| AngloGold Ashanti Holdings PLC |  |  |
| 3.38%, 11/01/28 | 3500 | 3342 |
| Gold Fields Orogen Holding (BVI) Limited |  |  |
| 6.13%, 05/15/29 (a) | 2300 | 2387 |
|  |  | 5729 |
| **Morocco 1.8%** | **Morocco 1.8%** | **Morocco 1.8%** |
| OCP S.A. |  |  |
| 6.75%, 05/02/34 (a) | 4000 | 4148 |
| Office Cherifien Des Phosphates SA |  |  |
| 4.50%, 10/22/25 (a) | 1460 | 1453 |
|  |  | 5601 |
| **Dominican Republic 1.6%** | **Dominican Republic 1.6%** | **Dominican Republic 1.6%** |
| AES Andres B.V. |  |  |
| 5.70%, 05/04/28 (d) | 5200 | 4988 |
| **Vietnam 1.2%** | **Vietnam 1.2%** | **Vietnam 1.2%** |
| Mong Duong Finance Holdings B.V. |  |  |
| 5.13%, 05/07/29 (a) | 4032 | 3929 |
| **United States of America 1.1%** | **United States of America 1.1%** | **United States of America 1.1%** |
| Chile Electricity Lux MPC S.a r.l. |  |  |
| 6.01%, 01/20/33 (a) | 186 | 193 |
| Millicom International Cellular SA |  |  |
| 6.25%, 03/25/29 (a) | 3420 | 3430 |
|  |  | 3623 |
| **Netherlands 0.4%** | **Netherlands 0.4%** | **Netherlands 0.4%** |
| Unigel Netherlands Holding Corporation B.V. |  |  |
| 15.00%, 12/31/44 (a) (e) | 591 | 14 |
| Yinson Bergenia Production B.V. |  |  |
| 8.50%, 01/31/45 (d) | 1100 | 1115 |
|  |  | 1129 |
| **United Arab Emirates 0.3%** | **United Arab Emirates 0.3%** | **United Arab Emirates 0.3%** |
| Galaxy Pipeline Assets Bidco Limited |  |  |
| 2.94%, 09/30/40 (a) | 1060 | 869 |
| **Jamaica 0.0%** | **Jamaica 0.0%** | **Jamaica 0.0%** |
| Digicel Group Holdings Limited |  |  |
| 0.00%, 12/31/30 (d) (i) (j) | 1124 | 18 |
| Total Corporate Bonds And Notes (cost $288,930) | Total Corporate Bonds And Notes (cost $288,930) | 280447 |
| **GOVERNMENT AND AGENCY OBLIGATIONS 9.8%** | **GOVERNMENT AND AGENCY OBLIGATIONS 9.8%** | **GOVERNMENT AND AGENCY OBLIGATIONS 9.8%** |
| **Mexico 3.5%** | **Mexico 3.5%** | **Mexico 3.5%** |
| Gobierno Federal de los Estados Unidos Mexicanos |  |  |
| 4.40%, 02/12/52 | 6600 | 4635 |
| 6.34%, 05/04/53 | 7000 | 6430 |
|  |  | 11065 |
| **Colombia 2.6%** | **Colombia 2.6%** | **Colombia 2.6%** |
| Departamento Administrativo De La Presidencia De La Republica |  |  |
| 5.00%, 06/15/45 | 9000 | 6098 |
| 4.13%, 05/15/51 | 4000 | 2280 |
|  |  | 8378 |
| **Guatemala 1.6%** | **Guatemala 1.6%** | **Guatemala 1.6%** |
| Gobierno de la Republica de Guatemala |  |  |
| 4.50%, 05/03/26 (a) | 3000 | 2974 |
| 5.25%, 08/10/29 (a) | 1700 | 1687 |
| 5.38%, 04/24/32 (a) | 400 | 392 |
|  |  | 5053 |
| **Morocco 0.8%** | **Morocco 0.8%** | **Morocco 0.8%** |
| Morocco, Kingdom of |  |  |
| 2.38%, 12/15/27 (a) | 800 | 752 |
| 5.95%, 03/08/28 (a) | 400 | 410 |
| 3.00%, 12/15/32 (a) | 700 | 590 |
| 4.00%, 12/15/50 (a) | 1000 | 678 |
|  |  | 2430 |
| **Dominican Republic 0.7%** | **Dominican Republic 0.7%** | **Dominican Republic 0.7%** |
| Presidencia de la Republica Dominicana |  |  |
| 5.95%, 01/25/27 (a) | 500 | 506 |
| 5.50%, 02/22/29 (a) | 1900 | 1893 |
|  |  | 2399 |

---

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page [607](#abbreviations).

**JNL Series Trust** (Unaudited)

**Schedules of Investments (in thousands)**

June 30, 2025

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| **Paraguay 0.6%** | **Paraguay 0.6%** | **Paraguay 0.6%** |
| Gobierno de La Republica del Paraguay |  |  |
| 4.70%, 03/27/27 (a) | 1886 | 1881 |
| Total Government And Agency Obligations (cost $38,741) | Total Government And Agency Obligations (cost $38,741) | 31206 |
| **OTHER EQUITY INTERESTS 0.0%** | **OTHER EQUITY INTERESTS 0.0%** | **OTHER EQUITY INTERESTS 0.0%** |
| **Mexico 0.0%** | **Mexico 0.0%** | **Mexico 0.0%** |
| Credito Real, S.A.B. De C.V., Sofom, E.N.R. (f) (k) | 3200 | 23 |
| Total Other Equity Interests (cost $3,123) | Total Other Equity Interests (cost $3,123) | 23 |
| **COMMON STOCKS 0.0%** | **COMMON STOCKS 0.0%** | **COMMON STOCKS 0.0%** |
| **United States of America 0.0%** | **United States of America 0.0%** | **United States of America 0.0%** |
| New Cotai LLC (f) (j) |  |  |
| **Netherlands 0.0%** | **Netherlands 0.0%** | **Netherlands 0.0%** |
| Stichting Administratiekantoor Unigel Creditors (f) (j) | 2 |  |
| Stichting Administratiekantoor Unigel Creditors (f) (j) | 1 |  |
| Total Common Stocks (cost $0) | Total Common Stocks (cost $0) |  |
| **SHORT TERM INVESTMENTS 2.1%** | **SHORT TERM INVESTMENTS 2.1%** | **SHORT TERM INVESTMENTS 2.1%** |
| **Investment Companies 1.6%** | **Investment Companies 1.6%** | **Investment Companies 1.6%** |
| JNL Government Money Market Fund - Class I, 4.20% (l) (m) | 5031 | 5031 |
| **Securities Lending Collateral 0.5%** | **Securities Lending Collateral 0.5%** | **Securities Lending Collateral 0.5%** |
| JNL Government Money Market Fund - Class SL, 4.30% (l) (m) | 1832 | 1832 |
| Total Short Term Investments (cost $6,863) | Total Short Term Investments (cost $6,863) | 6863 |
| **Total Investments 99.8% (cost $337,657)** | **Total Investments 99.8% (cost $337,657)** | **318539** |
| **Other Assets and Liabilities, Net 0.2%** | **Other Assets and Liabilities, Net 0.2%** | **608** |
| **Total Net Assets 100.0%** | **Total Net Assets 100.0%** | **319147** |

---

(a) Security is restricted to resale to institutional investors or subject to trading restrictions due to sanctions on foreign issuers. See Restricted Securities table following the Schedules of Investments.

(b) Security has a variable rate. Interest rates reset periodically. Rate stated was in effect as of June 30, 2025. For securities based on a published reference rate and spread, the reference rate and spread are presented. Certain variable rate securities do not indicate a reference rate and spread because they are determined by the issuer, remarketing agent, or offering documents and are based on current market conditions. The coupon rate for securities with certain features outlined in the offering documents may vary from the stated reference rate and spread. This includes, but is not limited to, securities with deferred rates, contingent distributions, caps, floors, and fixed-rate to float-rate features. In addition, variable rates for government and agency collateralized mortgage obligations ("CMO") and mortgage-backed securities ("MBS") are determined by tranches of underlying mortgage-backed security pools' cash flows into securities and pass-through rates which reflect the rate earned on the asset pool after management and guarantee fees are paid to the securitizing corporation. CMO and MBS variable rates are determined by a formula set forth in the security's offering documents.

(c) Perpetual security. Next contractual call price and date are presented in parentheses, if applicable.

(d) Security is exempt from registration under the Securities Act of 1933, as amended. As of June 30, 2025, the value and the percentage of net assets of these securities was $45,743 and 14.3% of the Fund.

(e) Pay-in-kind security. Stated coupon is the pay-in-kind rate. The interest earned by the security may be paid in cash or additional par.

(f) Non-income producing security.

(g) As of June 30, 2025, issuer was in bankruptcy and/or was in default relating to principal and/or interest. Partial or no payments were paid on the last interest or dividend date.

(h) All or a portion of the security was on loan as of June 30, 2025.

(i) Security issued with a zero coupon. Income is recognized through the accretion of discount.

(j) Security fair valued in good faith as a Level 3 security in accordance with the procedures approved by the Board of Trustees. Good faith fair valued securities are classified based on the applicable valuation inputs. See "Fair Value Measurement" in the Notes to Financial Statements.

(k) Contingent distributions represent the right to receive additional distributions, if any, during the reorganization of the underlying company.

(l) Investment in affiliate.

(m) Yield changes daily to reflect current market conditions. Rate was the quoted yield as of June 30, 2025.

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **JNL/DoubleLine Emerging Markets Fixed Income Fund — Investments in Affiliates** | **JNL/DoubleLine Emerging Markets Fixed Income Fund — Investments in Affiliates** | **JNL/DoubleLine Emerging Markets Fixed Income Fund — Investments in Affiliates** | **JNL/DoubleLine Emerging Markets Fixed Income Fund — Investments in Affiliates** | **JNL/DoubleLine Emerging Markets Fixed Income Fund — Investments in Affiliates** | **JNL/DoubleLine Emerging Markets Fixed Income Fund — Investments in Affiliates** | **JNL/DoubleLine Emerging Markets Fixed Income Fund — Investments in Affiliates** | **JNL/DoubleLine Emerging Markets Fixed Income Fund — Investments in Affiliates** | **JNL/DoubleLine Emerging Markets Fixed Income Fund — Investments in Affiliates** |
| **Affiliated Investment** | **Value Beginning of Period($)** | **Purchases($)** | **Sales Proceeds($)** | **Dividend Income/ Distributions from Funds($)** | **Realized Gain (Loss)($)** | **Change in Unrealized Appreciation (Depreciation) ($)** | **Value End of Period($)** | **Percentage of Net Assets(%)** |
| JNL Government Money Market Fund, 4.20% - Class I | 5335 | 57207 | 57511 | 53 |  |  | 5031 | 1.6 |
| JNL Government Money Market Fund, 4.30% - Class SL | 4114 | 13615 | 15897 | 82 |  |  | 1832 | 0.6 |
|  | 9449 | 70822 | 73408 | 135 |  |  | 6863 | 2.2 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **JNL/DoubleLine Emerging Markets Fixed Income Fund — Restricted Securities** | **JNL/DoubleLine Emerging Markets Fixed Income Fund — Restricted Securities** | **JNL/DoubleLine Emerging Markets Fixed Income Fund — Restricted Securities** | **JNL/DoubleLine Emerging Markets Fixed Income Fund — Restricted Securities** | **JNL/DoubleLine Emerging Markets Fixed Income Fund — Restricted Securities** |
|  | **Initial Acquisition** | **Cost ($)** | **Value ($)** | **Percent of**<br> **Net Assets (%)** |
| Acu Petroleo Luxembourg S.a r.l., 7.50%, 07/13/35 | 07/01/24 | 4461 | 4612 | 1.4 |
| Adani Electricity Mumbai Limited, 3.95%, 02/12/30 | 02/07/25 | 1738 | 1788 | 0.6 |
| Adani Electricity Mumbai Limited, 3.87%, 07/22/31 | 09/22/23 | 1917 | 2052 | 0.6 |
| Adani Energy Solutions Limited, 4.25%, 05/21/36 | 08/08/23 | 4221 | 4356 | 1.4 |
| Adani International Container Terminal Private Limited, 3.00%, 02/16/31 | 06/09/21 | 5367 | 4885 | 1.5 |
| Adani Ports and Special Economic Zone Limited, 4.38%, 07/03/29 | 03/28/25 | 908 | 938 | 0.3 |
| Adani Ports and Special Economic Zone Limited, 3.10%, 02/02/31 | 02/07/25 | 2159 | 2200 | 0.7 |
| Adani Renewable Energy (RJ) Limited, 4.63%, 10/15/39 | 05/27/25 | 728 | 740 | 0.2 |
| AI Candelaria (Spain), S.L.U, 5.75%, 06/15/33 | 04/12/22 | 4745 | 5046 | 1.6 |
| Banco Actinver, S.A., Institucion de Banca Multiple, Grupo Financiero Actinver, 7.25%, 01/31/41 | 01/21/25 | 1367 | 1410 | 0.4 |
| Banco Continental S.A.E.C.A., 2.75%, 12/10/25 | 09/11/24 | 345 | 347 | 0.1 |
| Banco De Bogota, 6.25%, 05/12/26 | 04/30/25 | 2708 | 2707 | 0.8 |
| Banco de Credito del Peru, 3.13%, 07/01/30 | 07/11/23 | 4738 | 5000 | 1.6 |
| Banco de Credito del Peru, 3.25%, 09/30/31 | 04/05/24 | 2729 | 2815 | 0.9 |
| Banco do Brasil S.A, 8.75% (callable at 100, 10/15/25) | 06/26/18 | 4704 | 5347 | 1.7 |
| Banco GNB Sudameris S.A., 7.50%, 04/16/31 | 09/16/22 | 655 | 790 | 0.2 |
| Banco Industrial S.A., 4.88%, 01/29/31 | 06/15/23 | 3978 | 4074 | 1.3 |
| Banco Internacional Del Peru S.A.A. – Interbank, 4.00%, 07/08/30 | 03/15/21 | 7643 | 7983 | 2.5 |
| Banco Mercantil Del Norte, S.A., Institucion De Banca Multiple, Grupo Financiero Banorte, 7.63% (callable at 100, 01/10/28) | 02/20/19 | 2170 | 2211 | 0.7 |

---

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page [607](#abbreviations).

**JNL Series Trust** (Unaudited)

**Schedules of Investments (in thousands)**

June 30, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
| **JNL/DoubleLine Emerging Markets Fixed Income Fund — Restricted Securities (continued)** | **JNL/DoubleLine Emerging Markets Fixed Income Fund — Restricted Securities (continued)** | **JNL/DoubleLine Emerging Markets Fixed Income Fund — Restricted Securities (continued)** | **JNL/DoubleLine Emerging Markets Fixed Income Fund — Restricted Securities (continued)** | **JNL/DoubleLine Emerging Markets Fixed Income Fund — Restricted Securities (continued)** |
|  | **Initial Acquisition** | **Cost ($)** | **Value ($)** | **Percent of**<br> **Net Assets (%)** |
| Banco Santander Mexico, S.A., I.B.M., Grupo Financiero Santander Mexico, 8.13%, 01/08/39 | 01/22/25 | 2034 | 2073 | 0.6 |
| BBVA Mexico, S.A., Institucion de Banca Multiple, Grupo Financiero BBVA Mexico, 5.88%, 09/13/34 | 11/17/23 | 2401 | 2554 | 0.8 |
| Bioceanico Sovereign Certificate Limited, 0.00%, 06/05/34 | 08/25/22 | 3569 | 3767 | 1.2 |
| BPRL International Singapore PTE. Ltd., 4.38%, 01/18/27 | 05/22/25 | 1090 | 1095 | 0.3 |
| Braskem Idesa, S.A.P.I., 6.99%, 02/20/32 | 09/15/22 | 1516 | 1356 | 0.4 |
| Braskem Netherlands Finance B.V., 4.50%, 01/31/30 | 11/20/24 | 177 | 155 |  |
| Canacol Energy Ltd., 5.75%, 11/24/28 | 09/25/23 | 5186 | 2142 | 0.7 |
| Cap S.A., 3.90%, 04/27/31 | 12/14/21 | 4191 | 3996 | 1.3 |
| CEMEX S.A.B. de C.V., 5.13% (callable at 100, 06/08/26) | 03/28/25 | 988 | 988 | 0.3 |
| Cencosud S.A., 4.38%, 07/17/27 | 05/19/25 | 494 | 496 | 0.2 |
| Chile Electricity Lux MPC S.a r.l., 6.01%, 01/20/33 | 02/05/25 | 190 | 193 | 0.1 |
| Chile Electricity PEC SpA, 0.00%, 01/25/28 | 05/23/23 | 587 | 598 | 0.2 |
| Cometa Energia, S.A. de C.V., 6.38%, 04/24/35 | 06/12/24 | 813 | 858 | 0.3 |
| Comision Federal De Electricidad, E.P.E., 3.35%, 02/09/31 | 03/22/24 | 173 | 176 | 0.1 |
| Compania de Minas Buenaventura S.A.A., 5.50%, 07/23/26 | 05/15/25 | 1383 | 1385 | 0.4 |
| Corporacion Nacional del Cobre de Chile, 5.13%, 02/02/33 | 01/28/25 | 3815 | 3885 | 1.2 |
| Cosan Overseas Limited, 8.25% | 01/24/23 | 7296 | 7364 | 2.3 |
| CSN Resources S.A., 5.88%, 04/08/32 | 08/14/23 | 4243 | 4111 | 1.3 |
| DBS Group Holdings Ltd, 1.82%, 03/10/31 | 11/19/21 | 6068 | 6180 | 1.9 |
| Empresa Electrica Angamos S.p.A., 4.88%, 05/25/29 | 05/24/18 | 944 | 840 | 0.3 |
| Empresa Electrica Cochrane SpA, 5.50%, 05/14/27 | 12/09/20 | 1863 | 1816 | 0.6 |
| Energuate Trust, 5.88%, 05/03/27 | 05/28/24 | 2248 | 2286 | 0.7 |
| FEL Energy VI S.a r.l., 5.75%, 12/01/40 | 02/12/24 | 2425 | 2496 | 0.8 |
| Fermaca Enterprises S. de R.L. de C.V., 6.38%, 03/30/38 | 01/23/24 | 506 | 508 | 0.2 |
| Fideicomiso Patrimonio Autonomo Panamericana, 8.25%, 01/15/35 | 01/24/19 | 1120 | 1140 | 0.4 |
| Frigorifico Concepcion S.A., 7.70%, 07/21/28 | 05/25/23 | 1508 | 1395 | 0.4 |
| Galaxy Pipeline Assets Bidco Limited, 2.94%, 09/30/40 | 01/29/25 | 855 | 869 | 0.3 |
| GNL Quintero S.A, 4.63%, 07/31/29 | 03/13/25 | 937 | 943 | 0.3 |
| Gobierno de la Republica de Guatemala, 4.50%, 05/03/26 | 05/05/25 | 2980 | 2974 | 0.9 |
| Gobierno de la Republica de Guatemala, 5.25%, 08/10/29 | 08/14/24 | 1649 | 1687 | 0.5 |
| Gobierno de la Republica de Guatemala, 5.38%, 04/24/32 | 02/13/25 | 382 | 392 | 0.1 |
| Gobierno de La Republica del Paraguay, 4.70%, 03/27/27 | 07/24/24 | 1876 | 1881 | 0.6 |
| Gold Fields Orogen Holding (BVI) Limited, 6.13%, 05/15/29 | 12/09/24 | 2327 | 2387 | 0.7 |
| Grupo Kuo, S.A.B. De C.V., 5.75%, 07/07/27 | 03/15/24 | 3422 | 3448 | 1.1 |
| Intergroup Financial Services Corp., 4.13%, 10/19/27 | 06/28/24 | 2865 | 2917 | 0.9 |
| Itau Unibanco Holding S.A., 3.88%, 04/15/31 | 04/16/25 | 392 | 395 | 0.1 |
| JSW Energy Limited, 4.13%, 05/18/31 | 05/20/24 | 3847 | 3900 | 1.2 |
| JSW Infrastructure Limited, 4.95%, 01/21/29 | 08/12/24 | 3759 | 3805 | 1.2 |
| Lima Metro Line 2 Finance Limited, 5.88%, 07/05/34 | 06/15/23 | 2746 | 2836 | 0.9 |
| Lima Metro Line 2 Finance Limited, 4.35%, 04/05/36 | 05/07/24 | 5782 | 5958 | 1.9 |
| Medco Laurel Tree Pte. Ltd., 6.95%, 11/12/28 | 07/01/24 | 2276 | 2284 | 0.7 |
| Millicom International Cellular SA, 6.25%, 03/25/29 | 04/10/23 | 3213 | 3430 | 1.1 |
| Minsur S.A., 4.50%, 10/28/31 | 01/15/25 | 2722 | 2782 | 0.9 |
| Mong Duong Finance Holdings B.V., 5.13%, 05/07/29 | 09/16/22 | 3783 | 3929 | 1.2 |
| Morocco, Kingdom of, 2.38%, 12/15/27 | 05/12/25 | 749 | 752 | 0.2 |
| Morocco, Kingdom of, 5.95%, 03/08/28 | 04/03/25 | 406 | 410 | 0.1 |
| Morocco, Kingdom of, 3.00%, 12/15/32 | 01/29/25 | 578 | 590 | 0.2 |
| Morocco, Kingdom of, 4.00%, 12/15/50 | 01/21/25 | 677 | 678 | 0.2 |
| Movida Europe S.A., 7.85%, 04/11/29 | 07/10/24 | 1906 | 1842 | 0.6 |
| MV24 Capital B.V., 6.75%, 06/01/34 | 08/09/22 | 6648 | 6953 | 2.2 |
| NBM US Holdings, Inc., 7.00%, 05/14/26 | 05/24/23 | 197 | 200 | 0.1 |
| OCP S.A., 6.75%, 05/02/34 | 01/17/25 | 4066 | 4148 | 1.3 |
| Office Cherifien Des Phosphates SA, 4.50%, 10/22/25 | 08/21/24 | 1456 | 1453 | 0.5 |
| Ongc Videsh Vankorneft Pte. Ltd., 3.75%, 07/27/26 | 06/23/25 | 1088 | 1090 | 0.3 |
| Orazul Energy Egenor S. Enc. Por A., 5.63%, 04/28/27 | 06/03/21 | 2724 | 2785 | 0.9 |
| Oversea-Chinese Banking Corporation Limited, 1.83%, 09/10/30 | 07/15/24 | 2997 | 3083 | 1.0 |
| Oversea-Chinese Banking Corporation Limited, 4.60%, 06/15/32 | 05/22/25 | 1892 | 1904 | 0.6 |
| Patrimonio en Fideicomiso D.S. 093-2002 - EF Inretail Shopping Malls, 5.75%, 04/03/28 | 04/24/24 | 2963 | 2990 | 0.9 |
| Patrimonio en Fideicomiso D.S. N 093-2002-EF-InRetail Consumer, 3.25%, 03/22/28 | 12/05/24 | 750 | 759 | 0.2 |
| Periama Holdings, LLC, 5.95%, 04/19/26 | 07/16/24 | 4987 | 4998 | 1.6 |
| PERU LNG, 5.38%, 03/22/30 | 06/04/25 | 386 | 392 | 0.1 |
| Presidencia de la Republica Dominicana, 5.95%, 01/25/27 | 04/03/25 | 502 | 506 | 0.2 |
| Presidencia de la Republica Dominicana, 5.50%, 02/22/29 | 11/21/24 | 1860 | 1893 | 0.6 |
| Prumo Participacoes E Investimentos SA, 7.50%, 12/31/31 | 02/02/24 | 5367 | 5469 | 1.7 |
| PT. Bank Negara Indonesia (Persero), Tbk., 3.75%, 03/30/26 | 03/20/24 | 5103 | 5138 | 1.6 |
| PT. Pertamina (Persero), 1.40%, 02/09/26 | 05/21/25 | 2057 | 2059 | 0.6 |
| PT. Perusahaan Listrik Negara, 4.13%, 05/15/27 | 05/12/25 | 1085 | 1089 | 0.3 |
| Raizen Fuels Finance S.A., 5.70%, 01/17/35 | 01/31/25 | 838 | 843 | 0.3 |
| Reliance Industries Limited, 3.67%, 11/30/27 | 05/15/25 | 1216 | 1227 | 0.4 |
| Rutas 2 And 7 Finance Ltd, 0.00%, 09/30/36 | 08/09/22 | 5718 | 5906 | 1.9 |
| Simpar Europe, 5.20%, 01/26/31 | 03/31/22 | 5791 | 5448 | 1.7 |

---

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page [607](#abbreviations).

**JNL Series Trust** (Unaudited)

**Schedules of Investments (in thousands)**

June 30, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
| **JNL/DoubleLine Emerging Markets Fixed Income Fund — Restricted Securities (continued)** | **JNL/DoubleLine Emerging Markets Fixed Income Fund — Restricted Securities (continued)** | **JNL/DoubleLine Emerging Markets Fixed Income Fund — Restricted Securities (continued)** | **JNL/DoubleLine Emerging Markets Fixed Income Fund — Restricted Securities (continued)** | **JNL/DoubleLine Emerging Markets Fixed Income Fund — Restricted Securities (continued)** |
|  | **Initial Acquisition** | **Cost ($)** | **Value ($)** | **Percent of**<br> **Net Assets (%)** |
| Unigel Luxembourg SA, 13.50%, 12/31/27 | 02/11/25 | 140 | 111 |  |
| Unigel Luxembourg SA, 11.00%, 12/31/28 | 02/11/25 | 245 | 130 |  |
| Unigel Netherlands Holding Corporation B.V., 15.00%, 12/31/44 | 02/11/25 | 53 | 14 |  |
| United Overseas Bank Limited, 1.75%, 03/16/31 | 08/19/21 | 5977 | 6276 | 2.0 |
| United Overseas Bank Limited, 2.00%, 10/14/31 | 05/21/25 | 192 | 194 | 0.1 |
| Wipro IT Services, LLC, 1.50%, 06/23/26 | 05/20/25 | 581 | 582 | 0.2 |
|  |  | 231117 | 231883 | 72.7 |

---

**Fair Value Hierarchy.** Various inputs are used in determining the fair value of financial instruments. For a description of the input levels and information about the Fund's policy regarding valuation of financial instruments, see Note 3 in the Notes to Financial Statements. The following table summarizes the Fund's investments categorized in the disclosure hierarchy as of June 30, 2025.

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **<u>. Level 1 ($) .</u>** | **<u>. Level 2 ($) .</u>** | **<u>. Level 3 ($) .</u>** | **<u>. Total ($) .</u>** |
| **JNL/DoubleLine Emerging Markets Fixed Income Fund** | **JNL/DoubleLine Emerging Markets Fixed Income Fund** | **JNL/DoubleLine Emerging Markets Fixed Income Fund** | **JNL/DoubleLine Emerging Markets Fixed Income Fund** | **JNL/DoubleLine Emerging Markets Fixed Income Fund** |
| **Assets - Securities** |  |  |  |  |
| &nbsp;&nbsp; Corporate Bonds And Notes |  | 280429 | 18 | 280447 |
| &nbsp;&nbsp; Government And Agency Obligations |  | 31206 |  | 31206 |
| &nbsp;&nbsp; Other Equity Interests |  | 23 |  | 23 |
| &nbsp;&nbsp; Common Stocks |  |  |  |  |
| &nbsp;&nbsp; Short Term Investments | 6863 |  |  | 6863 |
|  | 6863 | 311658 | 18 | 318539 |

---

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page [607](#abbreviations).

**JNL Series Trust** (Unaudited)

**Schedules of Investments (in thousands)**

June 30, 2025

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| **JNL/DoubleLine Shiller Enhanced CAPE Fund** | **JNL/DoubleLine Shiller Enhanced CAPE Fund** | **JNL/DoubleLine Shiller Enhanced CAPE Fund** |
| **NON-U.S. GOVERNMENT AGENCY ASSET-BACKED SECURITIES 44.2%** | **NON-U.S. GOVERNMENT AGENCY ASSET-BACKED SECURITIES 44.2%** | **NON-U.S. GOVERNMENT AGENCY ASSET-BACKED SECURITIES 44.2%** |
| 280 Park Avenue 2017-280P Mortgage Trust |  |  |
| Series 2017-A-280P, REMIC, 5.49%, (1 Month Term SOFR + 1.18%), 09/15/34 (a) (b) | 2320 | 2298 |
| ACREC 2025-Fl3 LLC |  |  |
| Series 2025-A-FL3, 5.62%, (1 Month Term SOFR + 1.31%), 08/18/42 (a) | 2300 | 2290 |
| Affirm Asset Securitization Trust 2024-A |  |  |
| Series 2024-A-A, 5.61%, 09/15/26 | 5500 | 5527 |
| Affirm Asset Securitization Trust 2024-B |  |  |
| Series 2024-B-B, 4.88%, 04/15/27 | 3000 | 3000 |
| Affirm Asset Securitization Trust 2024-X1 |  |  |
| Series 2024-A-X1, 6.27%, 07/15/25 | 187 | 187 |
| Affirm Master Trust |  |  |
| Series 2025-B-1A, 5.13%, 02/15/33 | 1500 | 1505 |
| Series 2025-C-1A, 5.28%, 02/15/33 | 1100 | 1106 |
| AJAX Mortgage Loan Trust 2021-C |  |  |
| Series 2021-A-C, 2.12%, 01/25/61 (b) | 803 | 802 |
| Aligned Data Centers Issuer, LLC |  |  |
| Series 2021-A2-1A, 1.94%, 08/17/26 | 2000 | 1933 |
| Alternative Loan Trust 2006-19CB |  |  |
| Series 2006-A16-19CB, REMIC, 6.00%, 08/25/36 | 748 | 406 |
| Alternative Loan Trust 2006-29T1 |  |  |
| Series 2006-2A6-29T1, REMIC, 6.50%, 10/25/36 | 644 | 368 |
| Alternative Loan Trust 2006-OC8 |  |  |
| Series 2006-1A2-OC8, REMIC, 4.68%, (1 Month Term SOFR + 0.43%), 11/25/36 (a) (b) (c) | 757 | 717 |
| Alternative Loan Trust 2007-12T1 |  |  |
| Series 2007-A6-12T1, REMIC, 6.00%, 06/25/37 | 4207 | 1821 |
| Alternative Loan Trust 2007-23CB |  |  |
| Series 2007-A5-23CB, REMIC, 6.50%, 09/25/37 | 5567 | 2790 |
| American Home Mortgage Investment Trust 2004-3 |  |  |
| Series 2004-M1-2, REMIC, 4.73%, (1 Month Term SOFR + 1.01%), 02/25/44 (a) (b) (c) | 1887 | 1843 |
| Anchorage Capital CLO 19, Ltd. |  |  |
| Series 2021-A-19A, 5.73%, (3 Month Term SOFR + 1.47%), 10/16/34 (a) | 7000 | 7004 |
| Angel Oak Mortgage Trust 2020-6 |  |  |
| Series 2020-A3-6, REMIC, 1.78%, 05/25/65 | 506 | 461 |
| Angel Oak Mortgage Trust 2021-7 |  |  |
| Series 2021-A1-7, REMIC, 1.98%, 11/25/25 | 3003 | 2597 |
| Arbor Multifamily Mortgage Securities Trust 2020-MF1 |  |  |
| Interest Only, Series 2020-XA-MF1, REMIC, 0.93%, 05/15/53 (a) | 23770 | 869 |
| Arbor Multifamily Mortgage Securities Trust 2021-Mf2 |  |  |
| Interest Only, Series 2021-XA-MF2, REMIC, 1.10%, 06/15/54 (a) | 50742 | 2396 |
| AREIT 2025-CRE10 LTD |  |  |
| Series 2025-A-CRE10, 5.70%, (1 Month Term SOFR + 1.45%), 07/19/38 (a) | 3450 | 3442 |
| Argentina, Republic of |  |  |
| Series 2022-A-CRE6, 5.55%, (SOFR 30-Day Average + 1.25%), 01/21/37 (a) | 721 | 719 |
| Arroyo Mortgage Trust 2019-3 |  |  |
| Series 2019-A3-3, REMIC, 3.42%, 12/25/25 (a) | 683 | 643 |
| Atlas Senior Loan Fund XVI, Ltd. |  |  |
| Series 2018-B-11A, 6.19%, (3 Month Term SOFR + 1.91%), 07/28/31 (a) (d) | 2000 | 2003 |
| Avant Loans Funding Trust 2024-REV1 |  |  |
| Series 2024-A-REV1, 5.92%, 10/15/33 | 3500 | 3540 |
| Avant Loans Funding Trust 2025-REV1 |  |  |
| Series 2025-B-REV1, 5.42%, 05/15/34 | 1600 | 1605 |
| Bain Capital Credit CLO 2022-3, Limited |  |  |
| Series 2022-B-3A, 6.28%, (3 Month Term SOFR + 2.00%), 07/17/35 (a) | 10500 | 10500 |
| Bain Capital Credit CLO 2024-6 Ltd |  |  |
| Series 2024-A1-6A, 5.64%, (3 Month Term SOFR + 1.33%), 01/21/38 (a) | 2500 | 2505 |
| Banc of America Alternative Loan Trust 2006-3 |  |  |
| Series 2005-2CB1-10, REMIC, 6.00%, 11/25/35 | 242 | 216 |
| Banc of America Funding 2006-D Trust |  |  |
| Series 2006-A1-D, REMIC, 4.05%, 05/20/36 (a) | 1649 | 1420 |
| Bank 2017-BNK4 |  |  |
| Interest Only, Series 2017-XA-BNK4, REMIC, 1.33%, 05/17/50 (a) | 12530 | 204 |
| Bank 2021-BNK36 |  |  |
| Interest Only, Series 2021-XA-BN36, REMIC, 0.88%, 09/17/64 (a) | 78377 | 2438 |
| Bank5 2024-5YR10 |  |  |
| Series 2024-AS-5YR10, REMIC, 5.64%, 10/17/29 | 2407 | 2480 |
| Bank5 2025-5YR13 |  |  |
| Interest Only, Series 2025-XA-5YR13, REMIC, 1.06%, 01/15/58 (a) | 21128 | 896 |
| Battalion CLO XI Ltd. |  |  |
| Series 2017-AR-11A, 5.69%, (3 Month Term SOFR + 1.41%), 04/24/34 (a) | 8000 | 8020 |
| Battalion CLO XX Ltd. |  |  |
| Series 2021-AR-20A, 5.51%, (3 Month Term SOFR + 1.22%), 04/15/38 (a) | 1500 | 1505 |
| Battalion CLO XXIII Ltd. |  |  |
| Series 2022-A1R-23A, 5.68%, (3 Month Term SOFR + 1.42%), 10/15/37 (a) | 5000 | 5032 |
| BBCMS 2019-BWAY Mortgage Trust |  |  |
| Series 2019-E-BWAY, REMIC, 7.28%, (1 Month Term SOFR + 2.96%), 11/15/34 (a) | 2715 | 30 |
| BBCMS Mortgage Trust 2017-C1 |  |  |
| Interest Only, Series 2017-XA-C1, REMIC, 1.44%, 02/17/50 (a) | 16859 | 274 |
| BBCMS Mortgage Trust 2021-C10 |  |  |
| Interest Only, Series 2021-XB-C10, REMIC, 1.01%, 07/17/54 (a) | 26096 | 1288 |
| Interest Only, Series 2021-XD-C10, REMIC, 1.68%, 07/17/54 (a) | 16250 | 1295 |
| BBCMS Mortgage Trust 2025-5C34 |  |  |
| Interest Only, Series 2025-XA-5C34, REMIC, 1.17%, 05/15/58 (a) | 23089 | 1144 |
| BBCMS Mortgage Trust 2025-C32 |  |  |
| Interest Only, Series 2025-XA-C32, REMIC, 1.36%, 02/17/62 (a) | 26541 | 2268 |
| BDS 2021-FL10 Ltd |  |  |
| Series 2021-A-FL10, 5.78%, (1 Month Term SOFR + 1.46%), 12/18/36 (a) | 2200 | 2200 |
| BDS 2024-FL13 LLC |  |  |
| Series 2024-A-FL13, 5.89%, (1 Month Term SOFR + 1.65%), 06/19/29 (a) | 3600 | 3606 |
| BDS Ltd |  |  |
| Series 2021-A-FL9, 5.50%, (1 Month Term SOFR + 1.18%), 11/18/38 (a) | 403 | 402 |
| Bear Stearns ARM Trust 2007-1 |  |  |
| Series 2007-4A1-1, REMIC, 6.59%, 02/25/47 (a) | 5803 | 5038 |
| Benchmark 2020-B22 Mortgage Trust |  |  |
| Interest Only, Series 2020-XA-B22, REMIC, 1.50%, 01/16/54 (a) | 30310 | 1956 |
| Benefit Street Partners Clo XXXVII Ltd |  |  |
| Series 2024-A-37A, 5.70%, (3 Month Term SOFR + 1.35%), 01/25/38 (a) | 2000 | 2004 |
| BFLD 2024-VICT Mortgage Trust |  |  |
| Series 2024-A-VICT, REMIC, 6.20%, (1 Month Term SOFR + 1.89%), 07/15/26 (a) | 1750 | 1754 |
| BMO 2024-5C5 Mortgage Trust |  |  |
| Interest Only, Series 2024-XA-5C5, REMIC, 1.16%, 08/17/57 (a) | 50246 | 2031 |
| BPR Trust 2021-TY |  |  |
| Series 2021-A-TY, REMIC, 5.48%, (1 Month Term SOFR + 1.16%), 09/15/38 (a) | 450 | 449 |
| Bridge Street CLO I Ltd |  |  |
| Series 2020-A1R-1A, 5.82%, (3 Month Term SOFR + 1.55%), 07/20/37 (a) | 2000 | 2006 |
| BRSP 2021-FL1, Ltd. |  |  |
| Series 2021-A-FL1, 5.58%, (1 Month Term SOFR + 1.26%), 08/19/38 (a) (b) | 2157 | 2148 |
| Series 2021-AS-FL1, 6.03%, (1 Month Term SOFR + 1.71%), 08/19/38 (a) (b) | 4812 | 4782 |

---

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page [607](#abbreviations).

**JNL Series Trust** (Unaudited)

**Schedules of Investments (in thousands)**

June 30, 2025

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| BRSP Ltd |  |  |
| Series 2024-A-FL2, 6.26%, (1 Month Term SOFR + 1.95%), 08/19/27 (a) | 3078 | 3080 |
| BSPRT 2021-FL7 Issuer, Ltd. |  |  |
| Series 2021-B-FL7, 6.48%, (1 Month Term SOFR + 2.16%), 12/15/38 (a) | 2000 | 1990 |
| BSPRT 2022-FL8 Issuer, Ltd. |  |  |
| Series 2022-A-FL8, 5.81%, (SOFR 30-Day Average + 1.50%), 02/17/37 (a) (b) | 1512 | 1512 |
| BSPRT 2023-FL10 Issuer LLC |  |  |
| Series 2023-AS-FL10, 7.17%, (1 Month Term SOFR + 2.86%), 09/17/35 (a) (b) | 3710 | 3714 |
| BX Commercial Mortgage Trust 2021-XL2 |  |  |
| Series 2021-D-XL2, REMIC, 5.82%, (1 Month Term SOFR + 1.51%), 10/15/26 (a) | 910 | 909 |
| Series 2021-A-XL2, REMIC, 5.11%, (1 Month Term SOFR + 0.80%), 10/15/38 (a) | 1479 | 1478 |
| BX Commercial Mortgage Trust 2022-LP2 |  |  |
| Series 2022-A-LP2, REMIC, 5.32%, (1 Month Term SOFR + 1.01%), 02/15/39 (a) | 1589 | 1588 |
| BX Commercial Mortgage Trust 2024-GPA3 |  |  |
| Series 2024-A-GPA3, REMIC, 5.60%, (1 Month Term SOFR + 1.29%), 12/15/26 (a) | 2185 | 2187 |
| BX Trust 2021-ARIA |  |  |
| Series 2021-B-ARIA, REMIC, 5.72%, (1 Month Term SOFR + 1.41%), 10/15/36 (a) | 2370 | 2367 |
| BX Trust 2022-PSB |  |  |
| Series 2022-B-PSB, REMIC, 7.26%, (1 Month Term SOFR + 2.95%), 08/15/27 (a) | 700 | 700 |
| Series 2022-A-PSB, REMIC, 6.76%, (1 Month Term SOFR + 2.45%), 08/15/39 (a) | 1204 | 1204 |
| BXMT 2020-FL2, Ltd. |  |  |
| Series 2020-A-FL2, REMIC, 5.33%, (1 Month Term SOFR + 1.01%), 02/18/38 (a) (b) | 900 | 895 |
| BXMT 2020-FL3 Ltd |  |  |
| Series 2020-A-FL3, 5.83%, (1 Month Term SOFR + 1.51%), 11/18/37 (a) | 1492 | 1490 |
| CAL Funding IV Ltd. |  |  |
| Series 2020-A-1A, REMIC, 2.22%, 03/27/28 | 1783 | 1680 |
| Carlyle US CLO 2023-3 Ltd |  |  |
| Series 2023-B-3A, 6.86%, (3 Month Term SOFR + 2.60%), 10/15/36 (a) | 4275 | 4285 |
| Carrington Mortgage Loan Trust, Series 2006-NC4 |  |  |
| Series 2006-A3-NC4, REMIC, 3.84%, (1 Month Term SOFR + 0.27%), 07/25/36 (a) (b) (c) | 1037 | 1015 |
| Carval CLO X-C Ltd. |  |  |
| Series 2024-A-2A, 5.73%, (3 Month Term SOFR + 1.46%), 07/20/37 (a) | 2000 | 2006 |
| Carvana Auto Receivables Trust 2020-P1 |  |  |
| Series 2020-D-P1, 1.82%, 09/08/25 | 1300 | 1277 |
| Carvana Auto Receivables Trust 2023-N3 |  |  |
| Series 2023-A-N3, REMIC, 6.41%, 08/10/25 | 478 | 479 |
| Carvana Auto Receivables Trust 2024-P1 |  |  |
| Series 2024-A2-P1, 5.50%, 12/10/25 | 440 | 441 |
| Carvana Auto Receivables Trust 2024-P3 |  |  |
| Series 2024-A4-P3, 4.31%, 05/10/29 | 4100 | 4089 |
| Castlelake Aircraft Structured Trust 2019-1 |  |  |
| Series 2019-A-1A, 3.97%, 04/15/26 (b) | 1295 | 1238 |
| CBAM 2017-1 Ltd |  |  |
| Series 2017-AR2-1A, 5.66%, (3 Month Term SOFR + 1.39%), 01/20/38 (a) | 5000 | 5012 |
| CBAM 2017-2 Ltd |  |  |
| Series 2017-AR-2A, 5.73%, (3 Month Term SOFR + 1.45%), 07/17/34 (a) | 5000 | 5012 |
| CD 2017-CD4 Mortgage Trust |  |  |
| Interest Only, Series 2017-XA-CD4, REMIC, 1.22%, 05/12/50 (a) | 13842 | 212 |
| Cedar Funding IX CLO Ltd |  |  |
| Series 2018-AR-9A, 5.69%, (3 Month Term SOFR + 1.42%), 07/20/37 (a) | 10000 | 10038 |
| CEDR Commercial Mortgage Trust 2022-SNAI |  |  |
| Series 2022-A-SNAI, REMIC, 5.30%, (1 Month Term SOFR + 0.99%), 02/15/39 (a) | 1820 | 1770 |
| CFCRE 2016-C4 Mortgage Trust |  |  |
| Interest Only, Series 2016-XA-C4, REMIC, 1.56%, 05/10/58 (a) | 11534 | 77 |
| CFCRE 2016-C7 Mortgage Trust |  |  |
| Series 2016-A3-C7, REMIC, 3.84%, 12/11/26 | 1090 | 1075 |
| Chase Auto Owner Trust 2024-5 |  |  |
| Series 2024-A4-5A, 4.15%, 03/25/30 | 3200 | 3183 |
| CHL Mortgage Pass-Through Trust 2007-HY3 |  |  |
| Series 2007-A19-10, REMIC, 6.00%, 07/25/37 | 2838 | 1307 |
| CIFC Funding 2021-V Ltd |  |  |
| Series 2021-A1R-5A, 5.52%, (3 Month Term SOFR + 1.26%), 01/15/38 (a) | 1500 | 1503 |
| Citigroup Commercial Mortgage Trust 2016-GC36 |  |  |
| Interest Only, Series 2016-XA-GC36, REMIC, 1.20%, 02/12/49 (a) | 3560 | 7 |
| Citigroup Commercial Mortgage Trust 2016-GC37 |  |  |
| Interest Only, Series 2016-XA-GC37, REMIC, 1.64%, 04/12/49 (a) | 3078 | 14 |
| Citigroup Commercial Mortgage Trust 2016-P3 |  |  |
| Series 2016-A4-P3, REMIC, 3.33%, 02/18/26 | 3745 | 3687 |
| Interest Only, Series 2016-XA-P3, REMIC, 1.64%, 04/16/49 (a) | 5370 | 58 |
| Citigroup Commercial Mortgage Trust 2016-P5 |  |  |
| Interest Only, Series 2016-XA-P5, REMIC, 1.37%, 10/13/49 (a) | 8660 | 85 |
| Citigroup Commercial Mortgage Trust 2017-P7 |  |  |
| Interest Only, Series 2017-XA-P7, REMIC, 1.07%, 04/15/50 (a) | 10623 | 138 |
| Citigroup Mortgage Loan Trust 2014-6 |  |  |
| Series 2014-2A2-6, REMIC, 4.36%, (1 Month Term SOFR + 0.31%), 04/26/38 (a) (b) | 10255 | 9727 |
| Citimortgage Alternative Loan Trust, Series 2006-A3 |  |  |
| Series 2006-1A13-A3, REMIC, 6.00%, 07/25/36 | 501 | 458 |
| CMALT (CitiMortgage Alternative Loan Trust), Series 2007-A6 |  |  |
| Series 2007-1A16-A6, REMIC, 6.00%, 06/25/37 | 757 | 684 |
| Cologix Data Centers US Issuer LLC |  |  |
| Series 2021-A2-1A, 3.30%, 12/28/26 | 3000 | 2904 |
| COLT 2021-RPL1 Trust |  |  |
| Series 2021-A1-RPL1, REMIC, 1.67%, 09/25/61 | 2868 | 2590 |
| COLT 2022-2 Mortgage Loan Trust |  |  |
| Series 2022-A1-2, REMIC, 2.99%, 02/25/67 (b) | 3282 | 3119 |
| COMM 2013-CCRE12 Mortgage Trust |  |  |
| Interest Only, Series 2013-XA-CR12, REMIC, 0.50%, 10/15/46 (a) | 2285 | 12 |
| COMM 2014-CCRE16 Mortgage Trust |  |  |
| Series 2014-C-CR16, REMIC, 4.78%, 04/12/47 (a) | 1000 | 953 |
| COMM 2014-UBS3 Mortgage Trust |  |  |
| Interest Only, Series 2014-XA-UBS3, REMIC, 0.61%, 06/12/47 (a) | 1244 | 1 |
| COMM 2015-CCRE25 Mortgage Trust |  |  |
| Interest Only, Series 2015-XA-CR25, REMIC, 0.62%, 08/12/48 (a) | 5857 |  |
| COMM 2015-CCRE26 Mortgage Trust |  |  |
| Interest Only, Series 2015-XA-CR26, REMIC, 0.84%, 10/13/48 (a) | 2613 | 3 |
| COMM 2015-CCRE27 Mortgage Trust |  |  |
| Interest Only, Series 2015-XA-CR27, REMIC, 0.82%, 10/13/48 (a) | 7079 |  |
| COMM 2015-LC21 Mortgage Trust |  |  |
| Series 2015-B-LC21, REMIC, 4.32%, 07/10/48 (a) | 2096 | 2069 |
| COMM 2018-HCLV Mortgage Trust |  |  |
| Series 2018-D-HCLV, REMIC, 6.53%, (1 Month Term SOFR + 2.47%), 09/15/33 (a) | 197 | 59 |
| Commonbond Student Loan Trust 2016-A |  |  |
| Series 2016-A1-A, REMIC, 3.32%, 05/25/40 | 186 | 178 |
| Compass Datacenters Issuer II, LLC |  |  |
| Series 2024-A1-1A, 5.25%, 02/26/29 | 5500 | 5543 |
| Credit Suisse First Boston Mortgage Securities Corp. |  |  |
| Series 2005-2A1-11, REMIC, 6.00%, 12/25/35 | 403 | 263 |
| Crown City CLO |  |  |
| Series 2021-A1A-1A, 5.70%, (3 Month Term SOFR + 1.43%), 07/20/34 (a) | 3000 | 3002 |

---

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page [607](#abbreviations).

**JNL Series Trust** (Unaudited)

**Schedules of Investments (in thousands)**

June 30, 2025

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| CSAIL 2015-C4 Commercial Mortgage Trust |  |  |
| Series 2015-A4-C4, REMIC, 3.81%, 10/20/25 | 877 | 873 |
| CSMC 2020-SPT1 Trust |  |  |
| Series 2020-A3-SPT1, REMIC, 3.73%, 04/25/65 (a) (b) | 500 | 493 |
| CWMBS, Inc. |  |  |
| Series 2006-A1-OA2, REMIC, 4.07%, (1 Month Term SOFR + 0.53%), 05/20/46 (a) (b) (c) | 1332 | 1152 |
| DBJPM 2016-C1 Mortgage Trust |  |  |
| Interest Only, Series 2016-XA-C1, REMIC, 1.36%, 05/12/49 (a) | 11071 | 30 |
| Deutsche Alt-A Securities Mortgage Loan Trust Series 2007-2 |  |  |
| Series 2007-2A1-2, REMIC, 3.20%, (1 Month Term SOFR + 0.41%), 09/25/47 (a) (b) (c) | 756 | 657 |
| Domino's Pizza, Inc. |  |  |
| Series 2015-A2II-1A, 4.47%, 10/25/25 | 2597 | 2590 |
| Series 2017-A23-1A, 4.12%, 07/26/27 | 1880 | 1850 |
| Elmwood CLO II Ltd |  |  |
| Series 2019-A1RR-2A, 5.62%, (3 Month Term SOFR + 1.35%), 10/20/37 (a) | 5000 | 5016 |
| ELP Commercial Mortgage Trust 2021-ELP |  |  |
| Series 2021-C-ELP, REMIC, 5.75%, (1 Month Term SOFR + 1.43%), 11/15/38 (a) | 989 | 988 |
| Exeter Automobile Receivables Trust 2021-1 |  |  |
| Series 2021-D-1A, 1.08%, 11/16/26 | 31 | 31 |
| Series 2021-E-1A, 2.21%, 02/15/28 | 3350 | 3325 |
| Exeter Automobile Receivables Trust 2021-4 |  |  |
| Series 2021-D-4A, 1.96%, 01/17/28 | 1802 | 1781 |
| Extended Stay America Trust 2021-ESH |  |  |
| Series 2021-A-ESH, REMIC, 5.51%, (1 Month Term SOFR + 1.19%), 07/15/38 (a) | 3457 | 3458 |
| First Franklin Mortgage Loan Trust 2004-FF10 Asset-Backed Certificates, Series 2004-FF10 |  |  |
| Series 2005-A6M-FF10, REMIC, 3.98%, (1 Month Term SOFR + 0.81%), 11/25/35 (a) (b) (c) | 824 | 774 |
| FS Rialto 2021-FL2 Issuer, Ltd. |  |  |
| Series 2021-A-FL2, 5.65%, (1 Month Term SOFR + 1.33%), 05/18/38 (a) (b) | 2263 | 2259 |
| FS Rialto 2021-FL3 Issuer, Ltd. |  |  |
| Series 2021-A-FL3, 5.68%, (1 Month Term SOFR + 1.36%), 11/18/36 (a) | 2896 | 2892 |
| GCAT 2021-NQM4 TRUST |  |  |
| Series 2021-A3-NQM4, REMIC, 1.56%, 08/25/66 (a) | 2737 | 2330 |
| GCAT 2025-NQM1 Trust |  |  |
| Series 2025-A1-NQM1, REMIC, 5.37%, 11/25/69 (b) | 9434 | 9451 |
| Generate CLO 9 LTD |  |  |
| Series AR-9A, 5.62%, (3 Month Term SOFR + 1.35%), 01/20/38 (a) | 7500 | 7519 |
| Global SC Finance VI SRL |  |  |
| Series 2020-A-1A, 2.17%, 10/17/40 | 949 | 899 |
| GLS Auto Select Receivables Trust 2024-4 |  |  |
| Series 2024-B-4A, 4.50%, 11/15/30 | 3000 | 3014 |
| GPMT 2021-FL3 Ltd |  |  |
| Series 2021-A-FL3, 5.69%, (1 Month Term SOFR + 1.36%), 07/18/35 (a) | 1816 | 1780 |
| GPMT 2021-FL4 Ltd |  |  |
| Series 2021-A-FL4, 5.79%, (1 Month Term SOFR + 1.46%), 12/22/36 (a) | 1939 | 1922 |
| Great Wolf Trust 2024-WOLF |  |  |
| Series 2024-A-WOLF, REMIC, 5.85%, (1 Month Term SOFR + 1.54%), 03/16/26 (a) | 2380 | 2384 |
| GreenSky Home Improvement Issuer Trust 2025-1 |  |  |
| Series 2025-A4-1A, 5.22%, 03/25/60 | 1409 | 1418 |
| Greystone CRE Notes 2021-FL3, Ltd. |  |  |
| Series 2021-A-FL3, 5.45%, (1 Month Term SOFR + 1.13%), 07/15/39 (a) | 1266 | 1265 |
| Series 2021-C-FL3, 6.43%, (1 Month Term SOFR + 2.11%), 07/15/39 (a) | 1300 | 1285 |
| GS Mortgage Securities Corp Trust 2018-RIVR |  |  |
| Series 2018-G-RIVR, REMIC, 6.96%, (1 Month Term SOFR + 2.90%), 07/16/35 (a) (b) | 2000 | 2 |
| GS Mortgage Securities Trust 2014-GC24 |  |  |
| Interest Only, Series 2014-XA-GC24, REMIC, 0.29%, 09/12/47 (a) | 673 |  |
| GS Mortgage Securities Trust 2015-GS1 |  |  |
| Interest Only, Series 2015-XA-GS1, REMIC, 0.69%, 11/13/48 (a) | 4229 | 8 |
| GS Mortgage Securities Trust 2017-GS6 |  |  |
| Interest Only, Series 2017-XA-GS6, REMIC, 1.00%, 05/12/50 (a) | 21448 | 341 |
| GS Mortgage Securities Trust 2017-GS8 |  |  |
| Interest Only, Series 2017-XA-GS8, REMIC, 0.93%, 11/11/50 (a) | 28097 | 435 |
| GS Mortgage Securities Trust 2020-GSA2 |  |  |
| Interest Only, Series 2020-XA-GSA2, REMIC, 1.66%, 12/12/53 (a) | 27095 | 1835 |
| HarborView Mortgage Loan Trust, 2006-11 |  |  |
| Series 2006-A1A-11, REMIC, 3.58%, (1 Month Term SOFR + 0.45%), 12/19/36 (a) (b) (c) | 3589 | 3280 |
| HGI CRE CLO 2021-FL1, Ltd. |  |  |
| Series 2021-A-FL1, 5.48%, (1 Month Term SOFR + 1.16%), 06/19/36 (a) | 133 | 133 |
| HGI CRE CLO 2021-FL2, Ltd. |  |  |
| Series 2021-A-FL2, 5.43%, (1 Month Term SOFR + 1.11%), 09/19/36 (a) (b) | 1467 | 1462 |
| Highbridge Loan Management 3-2014 |  |  |
| Series 3A-CR-2014, 8.13%, (3 Month Term SOFR + 3.86%), 07/18/29 (a) | 1900 | 1909 |
| Horizon Aircraft Finance III Limited |  |  |
| Series 2019-A-2, 3.43%, 11/15/26 (b) (d) | 4685 | 4264 |
| IndyMac MBS, Inc. |  |  |
| Series 2006-A10-A2, REMIC, 6.00%, 05/25/36 | 1096 | 400 |
| J.P. Morgan Chase Commercial Mortgage Securities Corp. |  |  |
| Series 2019-G-UES, REMIC, 4.45%, 05/06/32 (a) | 1612 | 1485 |
| J.P. Morgan Mortgage Trust 2025-NQM2 |  |  |
| Series 2025-A2-NQM2, REMIC, 5.77%, 05/25/29 (b) | 1966 | 1974 |
| Jamestown CLO IX Ltd |  |  |
| Series 2016-A1RR-9A, 5.78%, (3 Month Term SOFR + 1.50%), 07/25/34 (a) | 4000 | 4003 |
| Jimmy Johns Funding LLC |  |  |
| Series 2017-A2II-1A, 4.85%, 07/30/27 | 1747 | 1732 |
| JPMBB Commercial Mortgage Securities Trust 2015-C31 |  |  |
| Interest Only, Series 2015-XA-C32, REMIC, 1.08%, 11/18/48 (a) | 7230 | 26 |
| JPMCC Commercial Mortgage Securities Trust 2015-JP1 |  |  |
| Interest Only, Series 2015-XA-JP1, REMIC, 0.87%, 01/15/49 (a) | 2751 | 8 |
| JPMCC Commercial Mortgage Securities Trust 2016-JP4 |  |  |
| Interest Only, Series 2016-XA-JP4, REMIC, 0.57%, 12/17/49 (a) | 14500 | 76 |
| JPMDB Commercial Mortgage Securities Trust 2016-C2 |  |  |
| Interest Only, Series 2016-XA-C2, REMIC, 1.47%, 06/17/49 (a) | 23530 | 206 |
| Katayma CLO I, Ltd. |  |  |
| Series 2023-A1-1A, 6.27%, (3 Month Term SOFR + 2.00%), 10/20/36 (a) | 10000 | 10045 |
| Series 2023-B-1A, 6.92%, (3 Month Term SOFR + 2.65%), 10/20/36 (a) | 9500 | 9527 |
| Kestrel Aircraft Funding Limited |  |  |
| Series 2018-A-1A, 4.25%, 10/15/25 (d) | 647 | 639 |
| KREF 2021-FL2 Ltd. |  |  |
| Series 2021-A-FL2, 5.50%, (1 Month Term SOFR + 1.18%), 02/17/39 (a) (b) | 2002 | 1996 |
| KREF 2022-FL3 Ltd. |  |  |
| Series 2022-A-FL3, 5.77%, (1 Month Term SOFR + 1.45%), 02/22/39 (a) (b) | 2602 | 2601 |
| Legacy Mortgage Asset Trust 2021-GS3 |  |  |
| Series 2021-A1-GS3, REMIC, 4.75%, 07/25/61 (a) (b) | 3131 | 3124 |
| Legacy Mortgage Asset Trust 2021-GS4 |  |  |
| Series 2021-A1-GS4, REMIC, 4.34%, 11/25/60 (a) (b) | 3578 | 3570 |

---

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page [607](#abbreviations).

**JNL Series Trust** (Unaudited)

**Schedules of Investments (in thousands)**

June 30, 2025

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| Lendbuzz Securitization Trust 2022-1 |  |  |
| Series 2022-A-1A, 4.22%, 05/17/27 | 417 | 416 |
| LFT CRE 2021-FL1 LLC |  |  |
| Series 2021-A-FL1, 5.60%, (1 Month Term SOFR + 1.28%), 06/17/39 (a) | 1677 | 1673 |
| LoanCore 2021-CRE5 Issuer Ltd. |  |  |
| Series 2021-A-CRE5, REMIC, 5.73%, (1 Month Term SOFR + 1.41%), 07/15/36 (a) | 1228 | 1228 |
| LoanCore 2021-CRE6 Issuer Ltd |  |  |
| Series 2021-A-CRE6, 5.73%, (1 Month Term SOFR + 1.41%), 11/15/38 (a) (b) | 2097 | 2095 |
| LoanCore 2021-CRE7 Issuer Ltd |  |  |
| Series 2022-A-CRE7, 5.85%, (SOFR 30-Day Average + 1.55%), 01/21/37 (a) | 2824 | 2824 |
| LoanCore 2025-CRE8 Issuer LLC |  |  |
| Series 2025-A-CRE8, 5.70%, (1 Month Term SOFR + 1.45%), 11/01/29 (a) | 3450 | 3439 |
| Loanpal Solar Loan 2020-3 LLC |  |  |
| Series 2020-A-3GS, 2.47%, 08/20/35 | 1550 | 1301 |
| Loanpal Solar Loan 2021-1 Ltd. |  |  |
| Series 2021-A-1GS, 2.29%, 10/20/34 | 1601 | 1304 |
| Long Beach Mortgage Loan Trust 2006-6 |  |  |
| Series 2006-2A3-6, REMIC, 1.43%, (1 Month Term SOFR + 0.41%), 07/25/36 (a) (b) (c) | 9368 | 3620 |
| LSTAR Commercial Mortgage Trust 2016-4 |  |  |
| Interest Only, Series 2016-XA-4, REMIC, 1.46%, 03/12/49 (a) | 3623 | 3 |
| Lunar Aircraft 2020-1 Limited |  |  |
| Series 2020-A-1A, 3.38%, 02/15/27 (b) | 1302 | 1253 |
| Magnetite Xlii Ltd |  |  |
| Series 2024-A1-42A, 5.62%, (3 Month Term SOFR + 1.31%), 01/25/38 (a) | 4000 | 4009 |
| Mariner Finance Issuance Trust 2025-A |  |  |
| Series 2025-B-AA, 5.33%, 05/20/38 | 1950 | 1975 |
| Marlette Funding Trust 2021-1 |  |  |
| Series 2021-D-1A, 2.47%, 06/16/31 | 268 | 265 |
| Merrill Lynch Mortgage Investors Trust, Series MLCC 2006-2 |  |  |
| Series 2006-A2C-AHL1, REMIC, 1.45%, (1 Month Term SOFR + 0.43%), 05/25/37 (a) (b) (c) | 5745 | 3426 |
| MF1 2021-FL5 Ltd. |  |  |
| Series 2021-B-FL5, 5.88%, (1 Month Term SOFR + 1.56%), 07/17/36 (a) | 3538 | 3495 |
| MF1 2021-FL6 Ltd. |  |  |
| Series 2021-A-FL6, 5.53%, (1 Month Term SOFR + 1.21%), 07/18/36 (a) | 170 | 170 |
| MF1 2021-FL7 Ltd. |  |  |
| Series 2021-A-FL7, 5.51%, (1 Month Term SOFR + 1.19%), 10/21/36 (a) | 633 | 632 |
| MF1 2022-FL8 Ltd. |  |  |
| Series 2022-A-FL8, 5.65%, (1 Month Term SOFR + 1.35%), 02/20/37 (a) | 2403 | 2402 |
| MF1 2022-FL9 LLC |  |  |
| Series 2022-A-FL9, 6.47%, (1 Month Term SOFR + 2.15%), 06/22/37 (a) | 3114 | 3115 |
| MF1 2024-FL14 LLC |  |  |
| Series 2024-A-FL14, REMIC, 6.05%, (1 Month Term SOFR + 1.74%), 03/19/39 (a) | 3500 | 3513 |
| MF1 2024-FL15 LLC |  |  |
| Series 2024-A-FL15, 6.00%, (1 Month Term SOFR + 1.69%), 08/18/41 (a) | 3500 | 3511 |
| MF1 2025-FL17 LLC |  |  |
| Series 2025-A-FL17, 5.63%, (1 Month Term SOFR + 1.32%), 02/21/40 (a) | 3450 | 3444 |
| MFA 2023-NQM3 Trust |  |  |
| Series 2023-A1-NQM3, REMIC, 6.62%, 07/25/68 (b) | 8105 | 8174 |
| MHC Commercial Mortgage Trust 2021-MHC |  |  |
| Series 2021-A-MHC, REMIC, 5.23%, (1 Month Term SOFR + 0.92%), 04/15/26 (a) | 518 | 518 |
| Morgan Stanley ABS Capital I Inc. Trust 2007-HE3 |  |  |
| Series 2007-A1-HE3, REMIC, 3.91%, (1 Month Term SOFR + 0.24%), 12/25/36 (a) (b) (c) | 2754 | 1587 |
| Morgan Stanley ABS Capital Trust I Inc. |  |  |
| Series 2005-M2-HE2, REMIC, 3.69%, (1 Month Term SOFR + 0.77%), 01/25/35 (a) (b) (c) | 1531 | 1483 |
| Morgan Stanley Bank of America Merrill Lynch Trust 2016-C28 |  |  |
| Interest Only, Series 2016-XA-C28, REMIC, 1.14%, 01/15/49 (a) | 3272 | 4 |
| Morgan Stanley Capital I Trust 2015-UBS8 |  |  |
| Interest Only, Series 2015-XA-UBS8, REMIC, 0.83%, 12/17/48 (a) | 3687 | 10 |
| Morgan Stanley Capital I Trust 2017-H1 |  |  |
| Interest Only, Series 2017-XA-H1, REMIC, 1.29%, 06/17/50 (a) | 20715 | 279 |
| Morgan Stanley Capital I Trust 2019-NUGS |  |  |
| Series 2019-F-NUGS, REMIC, 7.27%, (1 Month Term SOFR + 2.96%), 12/15/36 (a) | 4283 | 21 |
| Morgan Stanley Capital I Trust 2024-NSTB |  |  |
| Series 2024-A-NSTB, REMIC, 3.90%, 07/25/32 (a) | 1772 | 1714 |
| Mosaic Solar Loan Trust 2020-1 |  |  |
| Series 2020-A-1A, 2.10%, 03/22/32 | 243 | 216 |
| Series 2020-B-1A, 3.10%, 11/22/32 | 2291 | 2003 |
| Mosaic Solar Loan Trust 2020-2 |  |  |
| Series 2020-B-2A, 2.21%, 05/20/33 | 887 | 725 |
| MTN Commercial Mortgage Trust 2022-LPFL |  |  |
| Series 2022-A-LPFL, REMIC, 5.71%, (1 Month Term SOFR + 1.40%), 03/15/39 (a) | 1980 | 1979 |
| Nassau 2018-I Ltd. |  |  |
| Series 2018-A-IA, 5.67%, (3 Month Term SOFR + 1.41%), 07/15/31 (a) | 1066 | 1066 |
| Natixis Commercial Mortgage Securities Trust 2018-FL1 |  |  |
| Series 2018-C-FL1, REMIC, 12.19%, (1 Month Term SOFR + 2.25%), 06/15/35 (a) (c) | 3129 | 1875 |
| Navient Private Education Refi Loan Trust 2018-A |  |  |
| Series 2018-B-A, 3.68%, 11/17/25 | 1483 | 1454 |
| Navient Private Education Refi Loan Trust 2022-A |  |  |
| Series 2022-A-A, 2.23%, 07/15/70 | 2760 | 2508 |
| NYC Commercial Mortgage Trust 2025-3BP |  |  |
| Series 2025-A-3BP, REMIC, 5.52%, (1 Month Term SOFR + 1.27%), 02/16/27 (a) | 2380 | 2373 |
| OBX 2020-EXP2 Trust |  |  |
| Series 2020-A3-EXP2, REMIC, 2.50%, 07/25/36 (a) | 306 | 256 |
| OBX 2024-NQM10 Trust |  |  |
| Series 2024-A1-NQM10, REMIC, 6.18%, 05/25/64 (b) | 3862 | 3906 |
| OBX 2025-NQM8 Trust |  |  |
| Series 2025-A1-NQM8, REMIC, 5.47%, 03/25/65 (b) | 9830 | 9872 |
| OCP CLO 2017-14 Ltd |  |  |
| Series 2017-A1R-14A, 5.64%, (3 Month Term SOFR + 1.37%), 07/20/37 (a) | 3000 | 3009 |
| OCP CLO 2020-18 Ltd |  |  |
| Series 2020-A1R2-18A, 5.64%, (3 Month Term SOFR + 1.37%), 07/20/37 (a) | 4000 | 4006 |
| Octagon 56, Ltd. |  |  |
| Series 2021-B-1A, REMIC, 6.17%, (3 Month Term SOFR + 1.91%), 10/16/34 (a) | 2500 | 2502 |
| Octagon INVESTMENT PARTNERS 20-R LTD |  |  |
| Series 2019-A1RR-4A, 5.70%, 08/12/37 (a) | 10000 | 10022 |
| OFSI BSL XI Ltd |  |  |
| Series 2022-BR-11A, 7.07%, (3 Month Term SOFR + 2.80%), 10/18/35 (a) | 4000 | 4010 |
| Pagaya AI Debt Selection Trust |  |  |
| Series 2021-B-HG1, 1.82%, 01/16/29 | 311 | 308 |
| Series 2021-NOTE-2, 3.00%, 01/25/29 | 139 | 138 |
| Pagaya AI Debt Selection Trust 2021-5 |  |  |
| Series 2021-C-5, 3.93%, 08/15/29 | 4385 | 4272 |
| Park Blue CLO 2022-1 Ltd |  |  |
| Series 2022-A1R-1A, 5.71%, 10/20/37 (a) | 9700 | 9720 |
| PFP 2024-11 Ltd |  |  |
| Series 2024-A-11, 6.15%, (1 Month Term SOFR + 1.90%), 09/19/39 (a) | 617 | 619 |
| Planet Fitness Master |  |  |
| Series 2022-A2I-1A, 3.25%, 12/07/26 | 967 | 947 |
| PRET 2021-RN3 LLC |  |  |
| Series 2021-A1-RN3, 4.84%, 09/25/51 (a) (b) | 2708 | 2700 |
| Pretium Mortgage Credit Partners LLC |  |  |
| Series 2021-A1-RN2, 4.74%, 07/25/51 (a) (b) | 1087 | 1085 |

---

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page [607](#abbreviations).

**JNL Series Trust** (Unaudited)

**Schedules of Investments (in thousands)**

June 30, 2025

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| PRPM 2024-NQM4 Trust |  |  |
| Series 2024-A1-NQM4, REMIC, 5.67%, 12/25/28 (b) | 2727 | 2743 |
| PRPM 2025-NQM2 Trust |  |  |
| Series 2025-A1-NQM2, REMIC, 5.69%, 05/25/29 (b) | 16628 | 16728 |
| RALI Series 2006-QS12 Trust |  |  |
| Series 2006-2A3-QS12, REMIC, 6.00%, 09/25/36 | 563 | 456 |
| RALI Series 2007-QS4 Trust |  |  |
| Series 2007-3A4-QS4, REMIC, 6.00%, 03/25/37 | 1034 | 857 |
| RALI Series 2007-QS8 Trust |  |  |
| Series 2007-A3-QS8, REMIC, 5.04%, (1 Month Term SOFR + 0.71%), 06/25/37 (a) | 953 | 697 |
| RBSSP Resecuritization Trust 2009-2 |  |  |
| Series 2009-3A2-2, REMIC, 4.94%, (SOFR 30-Day Average + 0.61%), 04/26/35 (a) | 424 | 391 |
| Ready Capital Mortgage Financing 2021-FL7, LLC |  |  |
| Series 2021-A-FL7, 5.63%, (1 Month Term SOFR + 1.31%), 11/25/36 (a) | 1225 | 1224 |
| Research-Driven Pagaya Motor Asset Trust 2025-1 |  |  |
| Series 2025-A-1A, 5.04%, 02/25/27 | 5919 | 5907 |
| Residential Mortgage Loan Trust 2019-2 |  |  |
| Series 2019-M1-2, REMIC, 3.86%, 05/27/59 (a) | 6751 | 6688 |
| Retained Vantage Data Centers Issuer LLC |  |  |
| Series 2023-A2A-1A, 5.00%, 09/15/28 (d) | 5000 | 4949 |
| RFMSI Series 2006-S4 Trust |  |  |
| Series 2006-A5-S4, REMIC, 6.00%, 04/25/36 | 366 | 300 |
| ROCK Trust 2024-CNTR |  |  |
| Series 2024-A-CNTR, REMIC, 5.39%, 11/15/41 | 1772 | 1804 |
| Sapphire Aviation Finance II Limited |  |  |
| Series 2020-A-1A, 3.23%, 03/15/27 | 3053 | 2911 |
| SCCU Auto Receivables Trust 2024-1 |  |  |
| Series 2024-A2-1A, 5.45%, 12/15/27 | 670 | 671 |
| Securitized Asset Backed Receivables LLC Trust 2006-WM4 |  |  |
| Series 2006-A2C-WM4, REMIC, 1.24%, (1 Month Term SOFR + 0.43%), 11/25/36 (a) (b) (c) | 15869 | 4227 |
| Securitized Asset Backed Receivables LLC Trust 2007-HE1 |  |  |
| Series 2007-A2B-HE1, REMIC, 0.87%, (1 Month Term SOFR + 0.33%), 12/25/36 (a) (b) (c) | 4978 | 1005 |
| SFO Commercial Mortgage Trust 2021-555 |  |  |
| Series 2021-A-555, REMIC, 5.58%, (1 Month Term SOFR + 1.26%), 05/15/28 (a) | 1980 | 1963 |
| Sierra Timeshare 2021-2 Receivables Funding LLC |  |  |
| Series 2021-C-2A, 1.95%, 09/20/38 | 323 | 315 |
| SoFi Consumer Loan Program 2021-1 Trust |  |  |
| Series 2021-PT1-1, 9.72%, 05/25/30 | 437 | 433 |
| SoFi Consumer Loan Program 2025-1 Trust |  |  |
| Series 2025-A-1, 4.80%, 02/27/34 | 1959 | 1963 |
| Sound Point CLO 40 Ltd |  |  |
| Series 2024-A1-40A, 5.66%, (3 Month Term SOFR + 1.39%), 10/20/37 (a) | 4000 | 4016 |
| Sound Point CLO XXIII |  |  |
| Series 2019-AR-2A, 5.69%, (3 Month Term SOFR + 1.43%), 07/17/34 (a) | 10000 | 10005 |
| Sound Point CLO XXIX Ltd |  |  |
| Series 2021-A-1A, 5.61%, (3 Month Term SOFR + 1.33%), 04/25/34 (a) | 2000 | 2004 |
| Series 2021-B1-1A, 6.24%, (3 Month Term SOFR + 1.96%), 04/25/34 (a) | 2000 | 2001 |
| SREIT Commercial Mortgage Trust 2021-MFP2 |  |  |
| Series 2021-A-MFP2, REMIC, 5.78%, (1 Month Term SOFR + 0.94%), 11/16/26 (a) | 2020 | 2019 |
| SREIT TRUST 2021-IND |  |  |
| Series 2021-B-IND, REMIC, 5.52%, (1 Month Term SOFR + 1.21%), 10/15/38 (a) | 200 | 199 |
| Start Ltd |  |  |
| Series 2018-A-1, 4.09%, 05/15/43 | 308 | 306 |
| Starwood Mortgage Residential Trust 2021-5 |  |  |
| Series 2021-A1-5, REMIC, 1.92%, 09/25/66 (a) | 6714 | 5729 |
| Steele Creek CLO 2017-1, Ltd. |  |  |
| Series 2017-A-1A, 5.77%, (3 Month Term SOFR + 1.51%), 10/15/30 (a) | 124 | 124 |
| Structured Adjustable Rate Mortgage Loan Trust 2005-3XS |  |  |
| Series 2005-4A1-22, REMIC, 5.46%, 12/25/35 (a) | 425 | 366 |
| Structured Adjustable Rate Mortgage Loan Trust Series 2006-11 |  |  |
| Series 2006-1A1-11, REMIC, 4.55%, (1 Month Term SOFR + 0.43%), 12/25/36 (a) (b) (c) | 2555 | 2507 |
| Structured Asset Securities Corporation |  |  |
| Series 2005-1A1-5, REMIC, 5.75%, 04/25/35 | 1701 | 860 |
| STWD 2021-FL2, Ltd. |  |  |
| Series 2021-A-FL2, 5.64%, (1 Month Term SOFR + 1.31%), 04/16/38 (a) (b) | 1505 | 1499 |
| STWD 2022-FL3, Ltd. |  |  |
| Series 2022-AS-FL3, 6.10%, (SOFR 30-Day Average + 1.80%), 11/18/38 (a) (b) | 1470 | 1460 |
| STWD Trust 2021-FLWR |  |  |
| Series 2021-B-FLWR, REMIC, 5.35%, (1 Month Term SOFR + 1.04%), 07/15/36 (a) | 1872 | 1870 |
| Taco Bell Funding, LLC |  |  |
| Series 2021-A2I-1A, 1.95%, 02/25/27 | 1670 | 1591 |
| Tesla Sustainable Energy Trust 2024-1 |  |  |
| Series 2024-A2-1A, 5.08%, 09/20/29 | 6767 | 6781 |
| Theorem Funding Trust 2022-3 |  |  |
| Series 2022-A-3A, 7.60%, 04/15/29 | 327 | 327 |
| TIF Funding II LLC |  |  |
| Series 2021-A-1A, 1.65%, 02/20/46 | 2578 | 2335 |
| Trestles CLO VI Ltd |  |  |
| Series 2023-A1R-6A, 5.45%, (3 Month Term SOFR + 1.18%), 04/26/38 (a) | 2500 | 2494 |
| Tricolor Auto Securitization Trust 2025-2 |  |  |
| Series 2025-A-2A, 5.12%, 01/16/29 | 1200 | 1201 |
| Trimaran CAVU 2021-3, Ltd. |  |  |
| Series 2021-A-3A, 5.74%, (3 Month Term SOFR + 1.47%), 01/18/35 (a) | 6500 | 6514 |
| TRTX 2022-FL5 Issuer, Ltd. |  |  |
| Series 2022-A-FL5, 5.95%, (1 Month Term SOFR + 1.65%), 02/17/39 (a) (b) | 4560 | 4559 |
| UBS Commercial Mortgage Trust 2017-C7 |  |  |
| Series 2017-ASB-C7, REMIC, 3.59%, 06/15/27 | 2019 | 2000 |
| UBS-Barclays Commercial Mortgage Trust 2013-C5 |  |  |
| Series 2013-B-C5, REMIC, 3.65%, 03/12/46 (a) | 1750 | 1619 |
| Upgrade Master Pass-Thru Trust Series 2025-ST2 |  |  |
| Series 2025-A-ST2, 6.11%, 06/15/32 | 3363 | 3391 |
| Upgrade Master Pass-Thru Trust Series 2025-ST4 |  |  |
| Series 2025-A-ST4, 5.50%, 08/16/32 | 1000 | 1000 |
| Upstart Pass-Through Trust Series 2021-St3 |  |  |
| Series 2021-A-ST3, 2.00%, 05/20/27 | 29 | 28 |
| Upstart Securitization Trust 2021-4 |  |  |
| Series 2021-C-4, 3.19%, 09/20/31 | 825 | 817 |
| Vegas Trust 2024-TI |  |  |
| Series 2024-A-TI, REMIC, 5.52%, 11/15/27 | 1774 | 1796 |
| Velocity Commercial Capital Loan Trust 2019-2 |  |  |
| Series 2019-A-2, REMIC, 3.13%, 07/25/49 (a) | 1713 | 1628 |
| Verus Securitization Trust 2021-7 |  |  |
| Series 2021-A1-7, REMIC, 1.83%, 10/25/66 (a) (b) | 1275 | 1146 |
| Verus Securitization Trust 2023-5 |  |  |
| Series 2023-A1-5, REMIC, 6.48%, 06/25/68 (b) | 671 | 674 |
| Verus Securitization Trust 2024-1 |  |  |
| Series 2024-A1-1, REMIC, 5.71%, 01/25/28 (b) | 10510 | 10555 |
| Verus Securitization Trust 2024-3 |  |  |
| Series 2024-A1-3, REMIC, 6.34%, 04/25/69 (a) (b) | 3937 | 3984 |
| Verus Securitization Trust 2024-9 |  |  |
| Series 2024-A1-9, REMIC, 5.44%, 11/25/69 (a) (b) | 7468 | 7483 |
| Vibrant CLO XR, Ltd. |  |  |
| Series 2018-A1-10RA, 5.97%, (3 Month Term SOFR + 1.70%), 04/21/36 (a) | 3000 | 3010 |
| VOLT CI, LLC |  |  |
| Series 2021-A1-NP10, 5.99%, 05/25/51 (a) (b) | 474 | 474 |
| VOLT XCIV, LLC |  |  |
| Series 2021-A1-NPL3, 2.24%, 02/27/51 (b) | 293 | 293 |

---

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page [607](#abbreviations).

**JNL Series Trust** (Unaudited)

**Schedules of Investments (in thousands)**

June 30, 2025

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| VOLT XCIX, LLC |  |  |
| Series 2021-A1-NPL8, 6.12%, 04/25/51 (a) (b) | 569 | 569 |
| VOLT XCVII, LLC |  |  |
| Series 2021-A1-NPL6, 5.24%, 04/25/51 (a) (b) | 81 | 81 |
| Warwick Capital CLO 4 Ltd. |  |  |
| Series 2024-A1-4A, 5.67%, (3 Month Term SOFR + 1.40%), 07/20/37 (a) | 10000 | 10027 |
| Washington Mutual Asset-Backed Certificates WMABS Series 2006-HE5 Trust |  |  |
| Series 2006-2A2-HE5, REMIC, 1.47%, (1 Month Term SOFR + 0.29%), 10/25/36 (a) (b) (c) | 7199 | 2418 |
| Washington Mutual Asset-Backed Certificates, WaMu Series 200X-HEX Trust |  |  |
| Series 2006-2A4-2, REMIC, 1.08%, (1 Month Term SOFR + 0.69%), 04/25/36 (a) (b) (c) | 6385 | 2119 |
| Washington Mutual Mortgage Pass-Through Certificates WMALT Series 2006-AR2 Trust |  |  |
| Series 2006-M1-HE1, REMIC, 4.29%, (1 Month Term SOFR + 0.62%), 02/25/36 (a) (b) (c) | 13291 | 12454 |
| Wellfleet CLO 2022-1 Ltd |  |  |
| Series 2022-A1R-1A, 5.68%, (3 Month Term SOFR + 1.42%), 07/15/37 (a) | 4000 | 4006 |
| Wellington Management Clo 4 Ltd |  |  |
| Series 2025-A-4A, 5.46%, (3 Month Term SOFR + 1.15%), 04/19/38 (a) | 5000 | 4985 |
| Wells Fargo & Company |  |  |
| Series 2016-B-C34, REMIC, 4.09%, 04/17/26 | 2000 | 1941 |
| Interest Only, Series 2016-XA-C33, REMIC, 1.54%, 03/17/59 (a) | 1761 | 8 |
| Wells Fargo Alternative Loan 2007-PA3 Trust |  |  |
| Series 2007-3A1-PA3, REMIC, 6.25%, 07/25/37 | 261 | 224 |
| Wells Fargo Commercial Mortgage Trust 2015-NXS4 |  |  |
| Series 2015-D-NXS4, REMIC, 3.68%, 11/18/25 (a) | 375 | 361 |
| Wells Fargo Commercial Mortgage Trust 2015-P2 |  |  |
| Interest Only, Series 2015-XA-P2, REMIC, 0.84%, 12/17/48 (a) | 2403 | 7 |
| Wells Fargo Commercial Mortgage Trust 2017-C38 |  |  |
| Interest Only, Series 2017-XA-C38, REMIC, 0.91%, 07/15/50 (a) | 21673 | 276 |
| Wells Fargo Commercial Mortgage Trust 2018-C48 |  |  |
| Interest Only, Series 2018-XA-C48, REMIC, 0.93%, 01/18/52 (a) | 12695 | 324 |
| Wells Fargo Commercial Mortgage Trust 2019-C53 |  |  |
| Series 2019-ASB-C53, REMIC, 2.96%, 12/15/28 | 254 | 246 |
| Wells Fargo Commercial Mortgage Trust 2022-ONL |  |  |
| Series 2022-A-ONL, REMIC, 3.86%, 02/18/27 | 5250 | 4935 |
| Wells Fargo Commercial Mortgage Trust 2025-C64 |  |  |
| Series 2025-A1-C64, REMIC, 5.02%, 02/15/30 | 762 | 764 |
| Interest Only, Series 2025-XA-C64, REMIC, 1.02%, 02/15/58 (a) | 23131 | 1752 |
| Wells Fargo Mortgage Backed Securities 2007-7 Trust |  |  |
| Series 2007-A1-7, REMIC, 6.00%, 06/25/37 | 148 | 138 |
| Wells Fargo Mortgage Backed Securities 2007-AR4 Trust |  |  |
| Series 2007-A1-AR4, REMIC, 6.45%, 08/25/37 (a) | 86 | 78 |
| Westlake Automobile Receivables Trust 2023-4 |  |  |
| Series 2023-A2A-4A, 6.23%, 01/15/27 | 554 | 554 |
| Willis Engine Structured Trust V |  |  |
| Series 2020-A-A, 3.23%, 03/15/28 (b) | 2185 | 2039 |
| Total Non-U.S. Government Agency Asset-Backed Securities (cost $719,354) | Total Non-U.S. Government Agency Asset-Backed Securities (cost $719,354) | 684324 |
| **GOVERNMENT AND AGENCY OBLIGATIONS 31.8%** | **GOVERNMENT AND AGENCY OBLIGATIONS 31.8%** | **GOVERNMENT AND AGENCY OBLIGATIONS 31.8%** |
| **U.S. Treasury Note 25.6%** | **U.S. Treasury Note 25.6%** | **U.S. Treasury Note 25.6%** |
| Treasury, United States Department of |  |  |
| 0.38%, 12/31/25 - 01/31/26 | 101450 | 99342 |
| 0.75%, 03/31/26 - 01/31/28 | 162050 | 154084 |
| 0.63%, 07/31/26 - 03/31/27 | 61000 | 58382 |
| 0.88%, 09/30/26 - 11/15/30 | 90100 | 81515 |
| 0.50%, 06/30/27 | 1950 | 1830 |
|  |  | 395153 |
| **Collateralized Mortgage Obligations 3.2%** | **Collateralized Mortgage Obligations 3.2%** | **Collateralized Mortgage Obligations 3.2%** |
| Connecticut Avenue Securities Trust 2024-R06 |  |  |
| Series 2024-1M1-R06, REMIC, 5.36%, (SOFR 30-Day Average + 1.05%), 09/25/28 (a) | 821 | 822 |
| Connecticut Avenue Securities Trust 2025-R04 |  |  |
| Series 2025-1A1-R04, REMIC, 5.31%, (SOFR 30-Day Average + 1.00%), 05/25/45 (a) | 3793 | 3796 |
| Federal Home Loan Mortgage Corporation |  |  |
| Series AN-4030, REMIC, 1.75%, 04/15/27 | 61 | 61 |
| Series 2024-M1-DNA2, REMIC, 5.51%, (SOFR 30-Day Average + 1.20%), 05/25/44 (a) | 4355 | 4359 |
| Series 2024-M1-DNA3, REMIC, 5.31%, (SOFR 30-Day Average + 1.00%), 10/25/44 (a) | 2046 | 2048 |
| Series FA-4631, REMIC, 4.92%, (SOFR 30-Day Average + 0.61%), 11/15/46 (a) | 1662 | 1642 |
| Series FE-4940, REMIC, 4.97%, (SOFR 30-Day Average + 0.66%), 01/25/50 (a) | 1817 | 1774 |
| Series FN-4990, REMIC, 4.77%, (SOFR 30-Day Average + 0.46%), 05/25/50 (a) | 2038 | 1969 |
| Series FD-5480, REMIC, 5.66%, (SOFR 30-Day Average + 1.35%), 03/25/54 (a) | 1751 | 1751 |
| Series FD-5536, REMIC, 5.51%, (SOFR 30-Day Average + 1.20%), 05/25/54 (a) | 2412 | 2402 |
| Series FG-5475, REMIC, 5.46%, (SOFR 30-Day Average + 1.15%), 11/25/54 (a) | 1844 | 1835 |
| Series AF-5524, REMIC, 5.51%, (SOFR 30-Day Average + 1.20%), 04/25/55 (a) | 2000 | 1991 |
| Series FA-5525, REMIC, 5.51%, (SOFR 30-Day Average + 1.20%), 04/25/55 (a) | 1896 | 1889 |
| Federal National Mortgage Association, Inc. |  |  |
| Series 2007-FC-44, REMIC, 4.75%, (SOFR 30-Day Average + 0.44%), 05/25/37 (a) | 1211 | 1195 |
| Series 2014-KF-10, REMIC, 4.87%, (SOFR 30-Day Average + 0.56%), 03/25/44 (a) | 1163 | 1141 |
| Series 2017-FC-112, REMIC, 4.77%, (SOFR 30-Day Average + 0.46%), 01/25/48 (a) | 1732 | 1675 |
| Series 2018-FE-85, REMIC, 4.72%, (SOFR 30-Day Average + 0.41%), 12/25/48 (a) | 882 | 866 |
| Series 2019-FB-49, REMIC, 4.90%, (SOFR 30-Day Average + 0.59%), 09/25/49 (a) | 1278 | 1250 |
| Series 2020-F-34, REMIC, 4.87%, (SOFR 30-Day Average + 0.56%), 06/25/50 (a) | 2561 | 2494 |
| Series 2025-FK-26, REMIC, 5.51%, (SOFR 30-Day Average + 1.20%), 06/25/54 (a) | 2022 | 2014 |
| Series 2025-FA-31, REMIC, 5.61%, (SOFR 30-Day Average + 1.30%), 06/25/54 (a) | 2052 | 2049 |
| Series 2024-FH-82, REMIC, 5.46%, (SOFR 30-Day Average + 1.15%), 11/25/54 (a) | 1574 | 1566 |
| Series 2024-FL-93, REMIC, 5.76%, (SOFR 30-Day Average + 1.45%), 12/25/54 (a) | 1373 | 1374 |
| Series 2025-FQ-15, REMIC, 5.51%, (SOFR 30-Day Average + 1.20%), 04/25/55 (a) | 2143 | 2134 |
| Series 2025-FM-28, REMIC, 5.56%, (SOFR 30-Day Average + 1.25%), 04/25/55 (a) | 2193 | 2185 |
| Government National Mortgage Association |  |  |
| Series 2017-QF-141, REMIC, 4.73%, (1 Month Term SOFR + 0.41%), 09/20/47 (a) | 1175 | 1147 |
| Series 2018-BF-125, REMIC, 5.19%, (1 Month Term SOFR + 0.86%), 06/20/48 (a) | 1259 | 1238 |
| Government National Mortgage Association REMIC Trust 2024-025 |  |  |
| Series 2024-AF-25, REMIC, 4.84%, (SOFR 30-Day Average + 0.51%), 02/20/49 (a) (c) | 1207 | 1188 |
|  |  | 49855 |
| **Mortgage-Backed Securities 1.5%** | **Mortgage-Backed Securities 1.5%** | **Mortgage-Backed Securities 1.5%** |
| Federal Home Loan Mortgage Corporation |  |  |
| 6.00%, 01/01/53 - 04/01/54 | 4021 | 4122 |
| 5.50%, 02/01/55 | 4274 | 4306 |
| Federal National Mortgage Association, Inc. |  |  |
| 7.01%, (FTSE USD IBOR Consumer Cash Fallbacks Term 1Y + 1.62%), 11/01/42 (a) | 288 | 298 |
| 5.00%, 01/01/43 - 08/01/43 | 4329 | 4358 |
| 6.00%, 10/01/53 | 2046 | 2088 |
| 5.50%, 04/01/54 - 04/01/55 | 8018 | 8082 |
|  |  | 23254 |

---

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page [607](#abbreviations).

**JNL Series Trust** (Unaudited)

**Schedules of Investments (in thousands)**

June 30, 2025

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| **U.S. Treasury Inflation Indexed Securities 0.9%** | **U.S. Treasury Inflation Indexed Securities 0.9%** | **U.S. Treasury Inflation Indexed Securities 0.9%** |
| Treasury, United States Department of |  |  |
| 2.38%, 01/15/27 (e) | 4454 | 4527 |
| 0.13%, 04/15/27 (e) | 6556 | 6416 |
| 1.63%, 10/15/27 (e) | 3314 | 3354 |
|  |  | 14297 |
| **Commercial Mortgage-Backed Securities 0.5%** | **Commercial Mortgage-Backed Securities 0.5%** | **Commercial Mortgage-Backed Securities 0.5%** |
| Federal Home Loan Mortgage Corporation |  |  |
| Series 2019-B-KF69, REMIC, 7.23%, (SOFR 30-Day Average + 2.41%), 08/27/29 (a) (c) | 920 | 883 |
| Federal National Mortgage Association, Inc. |  |  |
| Series 2020-1A1-M49, REMIC, 1.30%, 11/25/30 (a) | 6191 | 5794 |
| Freddie Mac Multifamily Securities 2016-KF18 Mortgage Trust |  |  |
| Series 2016-B-KF18, REMIC, 6.68%, (SOFR 30-Day Average + 5.61%), 05/25/26 (a) (c) | 457 | 452 |
| Freddie Mac Multifamily Securities 2017-KF30 Mortgage Trust |  |  |
| Series 2017-B-KF30, REMIC, 8.25%, (SOFR 30-Day Average + 3.36%), 03/25/27 (a) (c) | 500 | 493 |
|  |  | 7622 |
| **Sovereign 0.1%** | **Sovereign 0.1%** | **Sovereign 0.1%** |
| Comision De Promocion Del Peru Para La Exportacion Y El Turismo |  |  |
| 2.84%, 06/20/30 | 100 | 92 |
| Gobierno de la Republica de Guatemala |  |  |
| 5.25%, 08/10/29 (f) | 800 | 794 |
| Gobierno Federal de los Estados Unidos Mexicanos |  |  |
| 5.00%, 05/07/29 | 300 | 302 |
| Morocco, Kingdom of |  |  |
| 2.38%, 12/15/27 (f) | 300 | 282 |
| Presidencia de la Republica Dominicana |  |  |
| 5.50%, 02/22/29 (f) | 400 | 399 |
|  |  | 1869 |
| Total Government And Agency Obligations (cost $490,597) | Total Government And Agency Obligations (cost $490,597) | 492050 |
| **CORPORATE BONDS AND NOTES 15.3%** | **CORPORATE BONDS AND NOTES 15.3%** | **CORPORATE BONDS AND NOTES 15.3%** |
| **Financials 4.4%** | **Financials 4.4%** | **Financials 4.4%** |
| AerCap Ireland Capital Designated Activity Company |  |  |
| 6.45%, 04/15/27 | 1463 | 1511 |
| 5.75%, 06/06/28 | 707 | 732 |
| AIG Global Funding |  |  |
| 5.75%, 07/02/26 (d) | 1600 | 1620 |
| American Equity Investment Life Holding Company |  |  |
| 5.75%, 10/01/29 | 615 | 630 |
| American Express Company |  |  |
| 4.73%, 04/25/29 | 1706 | 1725 |
| American International Group, Inc. |  |  |
| 4.85%, 05/07/30 | 583 | 592 |
| Athene Global Funding |  |  |
| 5.17%, 05/08/26 (a) (d) | 1853 | 1858 |
| 4.72%, 10/08/29 (d) | 1794 | 1789 |
| Aviation Capital Group LLC |  |  |
| 6.25%, 04/15/28 (d) | 316 | 329 |
| Avolon Holdings Funding Limited |  |  |
| 6.38%, 05/04/28 (d) | 1050 | 1095 |
| 5.38%, 05/30/30 (d) | 1187 | 1210 |
| Banco Continental S.A.E.C.A. |  |  |
| 2.75%, 12/10/25 (f) | 150 | 149 |
| Banco De Bogota |  |  |
| 6.25%, 05/12/26 (f) | 600 | 601 |
| Banco de Credito del Peru |  |  |
| 3.25%, 09/30/31 (d) | 700 | 679 |
| Banco Industrial S.A. |  |  |
| 4.88%, 01/29/31 (f) | 650 | 646 |
| Banco Internacional Del Peru S.A.A. – Interbank |  |  |
| 4.00%, 07/08/30 (f) | 850 | 848 |
| Banco Nacional De Comercio Exterior, S.N.C. |  |  |
| 2.72%, 08/11/31 (f) | 500 | 473 |
| Banco Santander Mexico, S.A., I.B.M., Grupo Financiero Santander Mexico |  |  |
| 7.53%, 10/01/28 (f) | 550 | 580 |
| Bank of America Corporation |  |  |
| 4.83%, 07/22/26 | 239 | 239 |
| 3.56%, 04/23/27 | 819 | 813 |
| 4.98%, 01/24/29 | 2291 | 2323 |
| Bank of Ireland Group Public Limited Company |  |  |
| 5.60%, 03/20/30 (d) | 500 | 516 |
| Bank of Montreal |  |  |
| 4.64%, 09/10/30 (g) | 1427 | 1437 |
| BBVA Mexico, S.A., Institucion de Banca Multiple, Grupo Financiero BBVA Mexico |  |  |
| 5.88%, 09/13/34 (f) | 700 | 688 |
| BPCE |  |  |
| 5.88%, 01/14/31 (d) (g) | 1475 | 1527 |
| Brown & Brown, Inc. |  |  |
| 4.70%, 06/23/28 | 331 | 334 |
| 4.50%, 03/15/29 | 437 | 437 |
| CaixaBank, S.A. |  |  |
| 6.21%, 01/18/29 (d) | 1430 | 1486 |
| Canadian Imperial Bank of Commerce |  |  |
| 3.95%, 08/04/25 (g) | 755 | 754 |
| 5.25%, 01/13/31 (g) | 1084 | 1108 |
| Capital One Financial Corporation |  |  |
| 4.99%, 07/24/26 | 3600 | 3600 |
| Charles Schwab Corporation, The |  |  |
| 5.37%, (SOFR + 1.05%), 03/03/27 (a) | 633 | 638 |
| Citigroup Inc. |  |  |
| 4.58%, 05/29/27 | 2143 | 2155 |
| 4.79%, 03/04/29 | 1270 | 1279 |
| 4.54%, 09/19/30 | 2692 | 2679 |
| CNA Financial Corporation |  |  |
| 3.90%, 05/01/29 | 379 | 372 |
| Credit Agricole SA |  |  |
| 5.23%, 01/09/29 (d) (g) | 1477 | 1500 |
| DBS Group Holdings Ltd |  |  |
| 1.82%, 03/10/31 (f) | 800 | 785 |
| Fiserv, Inc. |  |  |
| 4.75%, 03/15/30 | 1830 | 1845 |
| Global Payments Inc. |  |  |
| 5.30%, 08/15/29 | 603 | 614 |
| Goldman Sachs Bank USA |  |  |
| 5.10%, (SOFR + 0.77%), 03/18/27 (a) (d) | 1032 | 1034 |
| Huntington Bancshares Incorporated |  |  |
| 5.27%, 01/15/31 | 433 | 444 |
| Intergroup Financial Services Corp. |  |  |
| 4.13%, 10/19/27 (f) | 600 | 583 |
| Interoceanica IV Finance Ltd |  |  |
| 0.00%, 11/30/25 (f) (h) | 15 | 15 |
| JPMorgan Chase & Co. |  |  |
| 5.25%, (SOFR + 0.92%), 04/22/28 (a) | 1239 | 1244 |
| 4.92%, 01/24/29 | 2298 | 2329 |
| LPL Holdings, Inc. |  |  |
| 4.63%, 11/15/27 (d) | 748 | 745 |
| M&T Bank Corporation |  |  |
| 4.83%, 01/16/29 | 678 | 684 |
| National Rural Utilities Cooperative Finance Corporation |  |  |
| 4.75%, 02/07/28 | 800 | 811 |
| National Securities Clearing Corporation |  |  |
| 4.70%, 05/20/30 (d) | 1391 | 1414 |
| Nationwide Building Society |  |  |
| 6.56%, 10/18/27 (d) | 200 | 205 |
| NatWest Group PLC |  |  |
| 4.96%, 08/15/30 (g) | 1569 | 1585 |
| New York Life Global Funding |  |  |
| 4.79%, (SOFR + 0.48%), 06/09/26 (a) (d) | 147 | 147 |
| 4.70%, 01/29/29 (d) | 187 | 190 |
| Oversea-Chinese Banking Corporation Limited |  |  |
| 1.83%, 09/10/30 (f) | 500 | 497 |
| Pacific Life Global Funding II |  |  |
| 4.94%, (SOFR + 0.62%), 06/04/26 (a) (d) | 137 | 137 |
| PayPal Holdings, Inc. |  |  |
| 4.45%, 03/06/28 | 739 | 745 |
| PT. Bank Negara Indonesia (Persero), Tbk. |  |  |
| 3.75%, 03/30/26 (f) | 700 | 692 |

---

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page [607](#abbreviations).

**JNL Series Trust** (Unaudited)

**Schedules of Investments (in thousands)**

June 30, 2025

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| Royal Bank of Canada |  |  |
| 4.85%, (SOFR + 0.53%), 01/20/26 (a) (g) | 642 | 642 |
| 5.19%, 10/18/28 (a) (g) | 2284 | 2281 |
| Santander Holdings USA, Inc. |  |  |
| 5.47%, 03/20/29 | 1412 | 1436 |
| Truist Financial Corporation |  |  |
| 7.16%, 10/30/29 | 1952 | 2112 |
| UBS Group AG |  |  |
| 6.33%, 12/22/27 (d) | 430 | 442 |
| United Overseas Bank Limited |  |  |
| 1.75%, 03/16/31 (f) | 500 | 490 |
| Wells Fargo & Company |  |  |
| 5.40%, (SOFR + 1.07%), 04/22/28 (a) | 2217 | 2230 |
| 6.30%, 10/23/29 | 1110 | 1173 |
| | | 68503 |
| **Industrials 2.2%** | **Industrials 2.2%** | **Industrials 2.2%** |
| Adani Ports and Special Economic Zone Limited |  |  |
| 4.00%, 07/30/27 (f) | 500 | 483 |
| Aircastle Limited |  |  |
| 5.25%, 03/15/30 (d) | 1043 | 1052 |
| BAE Systems PLC |  |  |
| 3.40%, 04/15/30 (d) | 2313 | 2208 |
| Bioceanico Sovereign Certificate Limited |  |  |
| 0.00%, 06/05/34 (f) (h) | 777 | 618 |
| Canadian Pacific Kansas City Limited |  |  |
| 4.80%, 03/30/30 | 2469 | 2510 |
| CRH SMW Finance Designated Activity Company |  |  |
| 5.13%, 01/09/30 | 1395 | 1430 |
| Delta Air Lines, Inc. |  |  |
| 4.95%, 07/10/28 | 2140 | 2152 |
| Element Fleet Management Corp. |  |  |
| 6.32%, 12/04/28 (d) | 1455 | 1534 |
| 5.04%, 03/25/30 (d) | 1223 | 1234 |
| Equifax Inc. |  |  |
| 4.80%, 09/15/29 | 1432 | 1445 |
| GATX Corporation |  |  |
| 4.70%, 04/01/29 | 1149 | 1158 |
| 4.00%, 06/30/30 | 81 | 79 |
| Grupo Kuo, S.A.B. De C.V. |  |  |
| 5.75%, 07/07/27 (f) | 400 | 394 |
| Holcim Finance US LLC |  |  |
| 4.70%, 04/07/28 (d) | 1199 | 1210 |
| JSW Infrastructure Limited |  |  |
| 4.95%, 01/21/29 (f) | 400 | 390 |
| Lima Metro Line 2 Finance Limited |  |  |
| 5.88%, 07/05/34 (f) | 676 | 689 |
| MasTec, Inc. |  |  |
| 4.50%, 08/15/28 (d) | 2265 | 2232 |
| Molex Electronic Technologies, LLC |  |  |
| 4.75%, 04/30/28 (d) | 1642 | 1652 |
| MV24 Capital B.V. |  |  |
| 6.75%, 06/01/34 (f) | 586 | 568 |
| Northrop Grumman Corporation |  |  |
| 4.65%, 07/15/30 | 1160 | 1171 |
| Paychex, Inc. |  |  |
| 5.10%, 04/15/30 | 637 | 653 |
| Penske Truck Leasing Co., L.P. |  |  |
| 5.25%, 02/01/30 (d) | 2282 | 2335 |
| Quanta Services, Inc. |  |  |
| 4.75%, 08/09/27 | 1414 | 1426 |
| Republic Services, Inc. |  |  |
| 4.75%, 07/15/30 | 2101 | 2141 |
| Ryder System, Inc. |  |  |
| 5.25%, 06/01/28 | 90 | 92 |
| 4.95%, 09/01/29 | 362 | 368 |
| Siemens Funding B.V. |  |  |
| 4.35%, 05/26/28 (d) | 1197 | 1218 |
| Uber Technologies, Inc. |  |  |
| 6.25%, 01/15/28 (d) | 551 | 560 |
| Veralto Corporation |  |  |
| 5.50%, 09/18/26 | 709 | 718 |
| 5.35%, 09/18/28 | 630 | 650 |
|  |  | 34370 |
| **Energy 1.8%** | **Energy 1.8%** | **Energy 1.8%** |
| AI Candelaria (Spain), S.L.U |  |  |
| 7.50%, 12/15/28 (f) | 650 | 650 |
| Aker BP ASA |  |  |
| 5.60%, 06/13/28 (d) | 400 | 411 |
| Apa Corp. |  |  |
| 4.25%, 01/15/30 (d) | 1415 | 1354 |
| Boardwalk Pipelines, LP |  |  |
| 4.45%, 07/15/27 | 693 | 693 |
| BPRL International Singapore PTE. Ltd. |  |  |
| 4.38%, 01/18/27 (f) | 400 | 398 |
| Cheniere Energy Partners, L.P. |  |  |
| 4.50%, 10/01/29 | 1110 | 1098 |
| Cheniere Energy, Inc. |  |  |
| 4.63%, 10/15/28 | 1557 | 1555 |
| Cosan Limited |  |  |
| 5.50%, 09/20/29 (f) | 400 | 391 |
| Coterra Energy Inc. |  |  |
| 3.90%, 05/15/27 | 170 | 168 |
| 4.38%, 03/15/29 | 110 | 109 |
| DCP Midstream Operating, LP |  |  |
| 5.13%, 05/15/29 | 355 | 361 |
| Devon Energy Corporation |  |  |
| 5.25%, 10/15/27 | 363 | 363 |
| Empresa Electrica Cochrane SpA |  |  |
| 5.50%, 05/14/27 (f) | 434 | 429 |
| Enbridge Inc. |  |  |
| 6.00%, 11/15/28 | 555 | 583 |
| Energy Transfer LP |  |  |
| 6.05%, 12/01/26 | 1451 | 1482 |
| 6.10%, 12/01/28 | 1129 | 1186 |
| EQT Corporation |  |  |
| 3.90%, 10/01/27 | 172 | 170 |
| 7.00%, 02/01/30 (b) (i) | 277 | 300 |
| Guara Norte S.a r.l. |  |  |
| 5.20%, 06/15/34 (f) | 538 | 509 |
| Kinder Morgan Kansas, Inc. |  |  |
| 5.00%, 02/01/29 | 1125 | 1143 |
| MPLX LP |  |  |
| 4.80%, 02/15/29 | 1129 | 1140 |
| NGPL PipeCo LLC |  |  |
| 4.88%, 08/15/27 (d) | 1523 | 1516 |
| Oleoducto Central S.A. |  |  |
| 4.00%, 07/14/27 (f) | 200 | 195 |
| ONEOK, Inc. |  |  |
| 5.38%, 06/01/29 | 1118 | 1142 |
| 4.40%, 10/15/29 | 1198 | 1188 |
| Ongc Videsh Vankorneft Pte. Ltd. |  |  |
| 3.75%, 07/27/26 (f) | 200 | 198 |
| Petrobras Global Finance B.V. |  |  |
| 6.00%, 01/27/28 | 600 | 612 |
| PT. Pertamina (Persero) |  |  |
| 1.40%, 02/09/26 (f) | 200 | 196 |
| Targa Resources Partners LP |  |  |
| 6.50%, 07/15/27 | 678 | 678 |
| 6.88%, 01/15/29 | 1863 | 1900 |
| 5.50%, 03/01/30 | 1895 | 1923 |
| Ultrapar International S.A. |  |  |
| 5.25%, 06/06/29 (f) | 200 | 198 |
| Western Midstream Operating, LP |  |  |
| 6.35%, 01/15/29 | 185 | 194 |
| 4.05%, 02/01/30 (b) (i) | 1390 | 1337 |
| Williams Companies, Inc., The |  |  |
| 4.80%, 11/15/29 | 1394 | 1413 |
|  |  | 27183 |
| **Utilities 1.7%** | **Utilities 1.7%** | **Utilities 1.7%** |
| Adani Energy Solutions Limited |  |  |
| 4.00%, 08/03/26 (f) | 400 | 394 |
| American Electric Power Company, Inc. |  |  |
| 5.20%, 01/15/29 | 2277 | 2336 |
| CenterPoint Energy, Inc. |  |  |
| 5.40%, 06/01/29 | 706 | 731 |
| Chile Electricity Lux MPC S.a r.l. |  |  |
| 6.01%, 01/20/33 (f) | 372 | 386 |

---

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page [607](#abbreviations).

**JNL Series Trust** (Unaudited)

**Schedules of Investments (in thousands)**

June 30, 2025

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| Chile Electricity PEC SpA |  |  |
| 0.00%, 01/25/28 (d) (h) | 1169 | 1025 |
| Cometa Energia, S.A. de C.V. |  |  |
| 6.38%, 04/24/35 (f) | 303 | 312 |
| Comision Federal De Electricidad, E.P.E. |  |  |
| 4.75%, 02/23/27 (f) | 200 | 200 |
| 5.70%, 01/24/30 (d) | 500 | 499 |
| Dominion Energy, Inc. |  |  |
| 5.00%, 06/15/30 | 1265 | 1291 |
| DTE Energy Company |  |  |
| 5.20%, 04/01/30 | 1360 | 1392 |
| Empresa Electrica Angamos S.p.A. |  |  |
| 4.88%, 05/25/29 (f) | 209 | 187 |
| Enel Finance International N.V. |  |  |
| 5.13%, 06/26/29 (d) | 1175 | 1197 |
| Energuate Trust |  |  |
| 5.88%, 05/03/27 (f) | 400 | 398 |
| Essential Utilities, Inc. |  |  |
| 4.80%, 08/15/27 | 539 | 544 |
| 3.57%, 05/01/29 | 69 | 67 |
| Evergy Kansas Central, Inc. |  |  |
| 4.70%, 03/13/28 | 2101 | 2124 |
| Exelon Corporation |  |  |
| 5.15%, 03/15/29 | 739 | 758 |
| Fenix Power Peru S.A. |  |  |
| 4.32%, 09/20/27 (f) | 114 | 112 |
| FirstEnergy Transmission, LLC |  |  |
| 4.55%, 01/15/30 | 454 | 454 |
| GNL Quintero S.A |  |  |
| 4.63%, 07/31/29 (f) | 530 | 526 |
| JSW Energy Limited |  |  |
| 4.13%, 05/18/31 (f) | 462 | 423 |
| Mexico Generadora De Energia, S. De R.L. De C.V. |  |  |
| 5.50%, 12/06/32 (f) | 768 | 762 |
| Mong Duong Finance Holdings B.V. |  |  |
| 5.13%, 05/07/29 (f) | 339 | 330 |
| National Fuel Gas Company |  |  |
| 5.50%, 03/15/30 (i) | 1086 | 1116 |
| NextEra Energy Capital Holdings, Inc. |  |  |
| 5.05%, 03/15/30 | 2087 | 2135 |
| Niagara Mohawk Power Corporation |  |  |
| 4.65%, 10/03/30 (d) | 1400 | 1400 |
| NiSource Inc. |  |  |
| 5.25%, 03/30/28 | 611 | 625 |
| 5.20%, 07/01/29 | 487 | 500 |
| Orazul Energy Egenor S. Enc. Por A. |  |  |
| 5.63%, 04/28/27 (f) | 500 | 494 |
| Pinnacle West Capital Corporation |  |  |
| 4.90%, 05/15/28 | 297 | 301 |
| PT. Perusahaan Listrik Negara |  |  |
| 4.13%, 05/15/27 (f) | 700 | 693 |
| Public Service Enterprise Group Incorporated |  |  |
| 5.85%, 11/15/27 | 1062 | 1099 |
| 5.88%, 10/15/28 | 1203 | 1260 |
| The Southern Company |  |  |
| 5.15%, 10/06/25 | 715 | 717 |
| | | 26788 |
| **Health Care 1.2%** | **Health Care 1.2%** | **Health Care 1.2%** |
| AbbVie Inc. |  |  |
| 4.88%, 03/15/30 | 847 | 868 |
| Agilent Technologies, Inc. |  |  |
| 4.20%, 09/09/27 | 137 | 137 |
| Biogen Inc. |  |  |
| 5.05%, 01/15/31 | 1074 | 1093 |
| Cardinal Health, Inc. |  |  |
| 5.13%, 02/15/29 | 1115 | 1143 |
| Edwards Lifesciences Corporation |  |  |
| 4.30%, 06/15/28 | 1402 | 1400 |
| GE HealthCare Technologies Inc. |  |  |
| 4.80%, 08/14/29 | 1417 | 1437 |
| Icon Investments Six Designated Activity Company |  |  |
| 5.81%, 05/08/27 | 815 | 832 |
| Illumina, Inc. |  |  |
| 4.65%, 09/09/26 | 964 | 965 |
| Labcorp Holdings Inc. |  |  |
| 4.35%, 04/01/30 | 1548 | 1537 |
| Mars, Incorporated |  |  |
| 4.80%, 03/01/30 (d) | 2467 | 2499 |
| Merck & Co., Inc. |  |  |
| 5.95%, 12/01/28 | 1574 | 1666 |
| Quest Diagnostics Incorporated |  |  |
| 4.20%, 06/30/29 | 1483 | 1476 |
| Solventum Corporation |  |  |
| 5.45%, 02/25/27 | 1397 | 1420 |
| Zimmer Biomet Holdings, Inc. |  |  |
| 4.70%, 02/19/27 | 906 | 911 |
| 5.05%, 02/19/30 | 1329 | 1361 |
|  |  | 18745 |
| **Information Technology 1.1%** | **Information Technology 1.1%** | **Information Technology 1.1%** |
| AppLovin Corporation |  |  |
| 5.13%, 12/01/29 | 1373 | 1392 |
| Arrow Electronics, Inc. |  |  |
| 5.15%, 08/21/29 | 1560 | 1586 |
| Atlassian Corporation |  |  |
| 5.25%, 05/15/29 | 1156 | 1187 |
| Broadcom Inc. |  |  |
| 3.15%, 11/15/25 | 644 | 642 |
| 5.05%, 07/12/29 | 625 | 640 |
| 4.35%, 02/15/30 | 655 | 653 |
| Dell International L.L.C. |  |  |
| 4.35%, 02/01/30 | 2439 | 2419 |
| Foundry JV Holdco LLC |  |  |
| 5.90%, 01/25/30 (d) | 828 | 865 |
| Hewlett Packard Enterprise Company |  |  |
| 4.55%, 10/15/29 | 1556 | 1547 |
| Kyndryl Holdings, Inc. |  |  |
| 2.05%, 10/15/26 | 1023 | 992 |
| Marvell Technology, Inc. |  |  |
| 5.75%, 02/15/29 | 1090 | 1134 |
| 4.75%, 07/15/30 | 842 | 846 |
| Microchip Technology Incorporated |  |  |
| 4.25%, 09/01/25 | 230 | 230 |
| 5.05%, 03/15/29 | 303 | 308 |
| Oracle Corporation |  |  |
| 5.80%, 11/10/25 | 1390 | 1397 |
| Wipro IT Services, LLC |  |  |
| 1.50%, 06/23/26 (f) | 300 | 291 |
|  |  | 16129 |
| **Real Estate 0.8%** | **Real Estate 0.8%** | **Real Estate 0.8%** |
| American Homes 4 Rent, L.P. |  |  |
| 4.25%, 02/15/28 | 760 | 756 |
| American Tower Corporation |  |  |
| 4.90%, 03/15/30 | 3704 | 3759 |
| Cubesmart, L.P. |  |  |
| 4.38%, 02/15/29 | 836 | 831 |
| Equinix, Inc. |  |  |
| 1.25%, 07/15/25 | 1583 | 1581 |
| Extra Space Storage LP |  |  |
| 5.50%, 07/01/30 | 2257 | 2342 |
| Omega Healthcare Investors, Inc. |  |  |
| 4.75%, 01/15/28 | 646 | 649 |
| Patrimonio en Fideicomiso D.S. 093-2002 - EF Inretail Shopping Malls |  |  |
| 5.75%, 04/03/28 (f) | 500 | 498 |
| Sun Communities Operating Limited Partnership |  |  |
| 2.30%, 11/01/28 | 593 | 555 |
| VICI Properties Inc. |  |  |
| 4.25%, 12/01/26 (d) | 1497 | 1488 |
|  |  | 12459 |
| **Consumer Staples 0.7%** | **Consumer Staples 0.7%** | **Consumer Staples 0.7%** |
| Adani International Container Terminal Private Limited |  |  |
| 3.00%, 02/16/31 (f) | 160 | 141 |
| Altria Group, Inc. |  |  |
| 6.20%, 11/01/28 | 381 | 402 |
| B.A.T Capital Corporation |  |  |
| 4.91%, 04/02/30 | 69 | 70 |

---

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page [607](#abbreviations).

**JNL Series Trust** (Unaudited)

**Schedules of Investments (in thousands)**

June 30, 2025

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| B.A.T. International Finance P.L.C. |  |  |
| 1.67%, 03/25/26 | 862 | 844 |
| 5.93%, 02/02/29 | 1007 | 1057 |
| BRF GmbH |  |  |
| 4.35%, 09/29/26 (f) | 200 | 198 |
| Bunge Limited Finance Corp. |  |  |
| 4.20%, 09/17/29 | 1174 | 1161 |
| Campbell's Company, The |  |  |
| 5.20%, 03/19/27 | 590 | 598 |
| Diageo Investment Corporation |  |  |
| 5.13%, 08/15/30 | 436 | 449 |
| Imperial Brands Finance PLC |  |  |
| 4.50%, 06/30/28 (d) | 1356 | 1356 |
| Minerva Luxembourg S.A. |  |  |
| 5.88%, 01/19/28 (f) | 400 | 399 |
| NBM US Holdings, Inc. |  |  |
| 7.00%, 05/14/26 (f) | 413 | 413 |
| 6.63%, 08/06/29 (f) | 250 | 251 |
| Prumo Participacoes E Investimentos SA |  |  |
| 7.50%, 12/31/31 (f) | 409 | 414 |
| Rentokil Terminix Funding, LLC |  |  |
| 5.00%, 04/28/30 (d) | 1094 | 1102 |
| Rutas 2 And 7 Finance Ltd |  |  |
| 0.00%, 09/30/36 (f) (h) | 153 | 112 |
| Sysco Corporation |  |  |
| 5.10%, 09/23/30 | 1177 | 1207 |
| | | 10174 |
| **Consumer Discretionary 0.6%** | **Consumer Discretionary 0.6%** | **Consumer Discretionary 0.6%** |
| Darden Restaurants, Inc. |  |  |
| 4.35%, 10/15/27 | 682 | 683 |
| Genuine Parts Company |  |  |
| 4.95%, 08/15/29 | 1284 | 1304 |
| Hyundai Capital America |  |  |
| 4.55%, 09/26/29 (d) | 1394 | 1380 |
| Marriott International, Inc. |  |  |
| 4.80%, 03/15/30 | 1434 | 1449 |
| Meritage Homes Corporation |  |  |
| 5.13%, 06/06/27 | 1140 | 1153 |
| 3.88%, 04/15/29 (d) | 158 | 152 |
| Mileage Plus Holdings, LLC |  |  |
| 6.50%, 06/20/27 (d) | 2614 | 2620 |
| O'Reilly Automotive, Inc. |  |  |
| 5.75%, 11/20/26 | 689 | 701 |
| Patrimonio en Fideicomiso D.S. N 093-2002-EF-InRetail Consumer |  |  |
| 3.25%, 03/22/28 (f) | 400 | 379 |
|  |  | 9821 |
| **Materials 0.6%** | **Materials 0.6%** | **Materials 0.6%** |
| AngloGold Ashanti Holdings PLC |  |  |
| 3.38%, 11/01/28 | 200 | 191 |
| Antofagasta PLC |  |  |
| 2.38%, 10/14/30 (f) | 400 | 352 |
| Avery Dennison Corporation |  |  |
| 4.88%, 12/06/28 | 280 | 284 |
| CEMEX S.A.B. de C.V. |  |  |
| 5.13%, (100, 06/08/26) (f) (j) | 300 | 297 |
| Corporacion Nacional del Cobre de Chile |  |  |
| 3.00%, 09/30/29 (f) | 300 | 279 |
| 3.15%, 01/14/30 (f) | 200 | 185 |
| Freeport-McMoRan Inc. |  |  |
| 4.13%, 03/01/28 | 300 | 297 |
| Glencore Funding LLC |  |  |
| 5.40%, (SOFR + 1.06%), 04/04/27 (a) (d) | 1271 | 1276 |
| 4.91%, 04/01/28 (d) | 931 | 941 |
| Gold Fields Orogen Holding (BVI) Limited |  |  |
| 6.13%, 05/15/29 (f) | 200 | 208 |
| Nutrien Ltd. |  |  |
| 4.90%, 03/27/28 | 1165 | 1181 |
| PT. Freeport Indonesia |  |  |
| 4.76%, 04/14/27 (d) | 600 | 600 |
| Rio Tinto Finance (USA) plc |  |  |
| 4.88%, 03/14/30 | 1482 | 1510 |
| Sherwin-Williams Company, The |  |  |
| 4.55%, 03/01/28 | 604 | 609 |
| Sonoco Products Company |  |  |
| 4.45%, 09/01/26 | 766 | 765 |
| Suzano Austria GmbH |  |  |
| 5.00%, 01/15/30 | 500 | 500 |
|  |  | 9475 |
| **Communication Services 0.2%** | **Communication Services 0.2%** | **Communication Services 0.2%** |
| Digicel Group Holdings Limited |  |  |
| 0.00%, 12/31/30 (d) (h) (k) | 136 | 4 |
| Millicom International Cellular SA |  |  |
| 5.13%, 01/15/28 (f) | 900 | 889 |
| Telefonica Celular del Paraguay S.A.E. |  |  |
| 5.88%, 04/15/27 (f) | 262 | 261 |
| Videotron Ltee |  |  |
| 5.13%, 04/15/27 (d) | 1493 | 1492 |
|  |  | 2646 |
| Total Corporate Bonds And Notes (cost $233,439) | Total Corporate Bonds And Notes (cost $233,439) | 236293 |
| **SENIOR FLOATING RATE INSTRUMENTS 2.1%** | **SENIOR FLOATING RATE INSTRUMENTS 2.1%** | **SENIOR FLOATING RATE INSTRUMENTS 2.1%** |
| **Industrials 0.6%** | **Industrials 0.6%** | **Industrials 0.6%** |
| APi Group DE, Inc. |  |  |
| 2025 Term Loan, 6.08%, (1 Month Term SOFR + 1.75%), 01/03/29 (a) | 1334 | 1334 |
| Colossus Acquireco LLC |  |  |
| Term Loan, 0.00%, (SOFR + 1.75%), 06/12/32 (a) (l) | 935 | 928 |
| Corpay Technologies Operating Company LLC |  |  |
| Term Loan B5, 6.08%, (1 Month Term SOFR + 1.75%), 04/28/28 (a) | 1238 | 1238 |
| CPI Holdco B LLC |  |  |
| 2024 Term Loan, 6.33%, (1 Month Term SOFR + 2.00%), 05/10/31 (a) | 144 | 143 |
| Dynasty Acquisition Co., Inc. |  |  |
| 2024 1st Lien Term Loan B1, 6.33%, (1 Month Term SOFR + 2.00%), 10/24/31 (a) | 332 | 332 |
| 2024 1st Lien Term Loan B2, 6.33%, (1 Month Term SOFR + 2.00%), 10/24/31 (a) | 126 | 126 |
| IQVIA Inc. |  |  |
| 2025 Repriced Term Loan B, 6.05%, (3 Month Term SOFR + 1.75%), 01/02/31 (a) | 975 | 978 |
| Lamar Media Corporation |  |  |
| 2020 Term Loan B, 5.93%, (1 Month Term SOFR + 1.50%), 02/06/27 (a) | 1580 | 1576 |
| Prime Security Services Borrower LLC |  |  |
| Term Loan B2, 0.00%, (SOFR + 1.75%), 03/08/32 (a) (l) | 1850 | 1832 |
| Standard Industries Inc. |  |  |
| 2021 Term Loan B, 6.07%, (1 Month Term SOFR + 1.75%), 08/05/28 (a) | 729 | 730 |
|  |  | 9217 |
| **Consumer Discretionary 0.3%** | **Consumer Discretionary 0.3%** | **Consumer Discretionary 0.3%** |
| 1011778 B.C. Unlimited Liability Company |  |  |
| 2024 Term Loan B6, 6.08%, (1 Month Term SOFR + 1.75%), 09/23/30 (a) | 1676 | 1667 |
| Burlington Coat Factory Warehouse Corporation |  |  |
| 2024 Term Loan B, 6.08%, (1 Month Term SOFR + 1.75%), 09/19/31 (a) | 1135 | 1129 |
| Somnigroup International Inc |  |  |
| Term Loan B, 6.57%, (SOFR + 2.25%), 10/24/31 (a) | 909 | 911 |
| Wyndham Hotels & Resorts, Inc. |  |  |
| 2024 Term Loan, 6.08%, (1 Month Term SOFR + 1.75%), 05/28/30 (a) | 969 | 972 |
|  |  | 4679 |
| **Information Technology 0.3%** | **Information Technology 0.3%** | **Information Technology 0.3%** |
| Cyxtera DC Holdings, Inc. |  |  |
| Term Loan B, 0.00%, (LIBOR + 3.00%), 05/01/26 (a) (k) (m) (n) | 86 | 1 |
| Energizer Holdings, Inc. |  |  |
| 2025 Term Loan B, 6.32%, (1 Month Term SOFR + 2.00%), 03/13/32 (a) | 939 | 940 |
| Gen Digital Inc. |  |  |
| 2025 Term Loan B, 6.08%, (1 Month Term SOFR + 1.75%), 02/13/32 (a) | 555 | 554 |
| Go Daddy Operating Company, LLC |  |  |
| 2024 Term Loan B8, 6.08%, (1 Month Term SOFR + 1.75%), 11/09/29 (a) | 1666 | 1666 |

---

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page [607](#abbreviations).

**JNL Series Trust** (Unaudited)

**Schedules of Investments (in thousands)**

June 30, 2025

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| SS&C Technologies Inc. |  |  |
| 2024 Term Loan B8, 6.33%, (1 Month Term SOFR + 2.00%), 05/09/31 (a) | 915 | 919 |
| | | 4080 |
| **Communication Services 0.3%** | **Communication Services 0.3%** | **Communication Services 0.3%** |
| Alterra Mountain Company |  |  |
| 2024 Term Loan B, 7.08%, (1 Month Term SOFR + 2.75%), 08/17/28 (a) | 458 | 460 |
| Delta 2 (LUX) S.a.r.l. |  |  |
| Term Loan, 0.00%, (SOFR + 2.00%), 09/10/31 (a) (l) | 195 | 195 |
| 2024 Term Loan B1, 6.30%, (3 Month Term SOFR + 2.00%), 09/10/31 (a) | 390 | 390 |
| Flutter Financing B.V. |  |  |
| 2024 Term Loan B, 6.05%, (3 Month Term SOFR + 1.75%), 11/30/30 (a) | 968 | 964 |
| Six Flags Entertainment Corporation |  |  |
| 2024 Term Loan B, 6.33%, (1 Month Term SOFR + 2.00%), 04/18/31 (a) | 779 | 779 |
| WMG Acquisition Corp. |  |  |
| 2024 Term Loan J, 6.08%, (1 Month Term SOFR + 1.75%), 01/24/31 (a) | 980 | 981 |
| Ziggo Financing Partnership |  |  |
| USD Term Loan I, 6.93%, (1 Month Term SOFR + 2.50%), 04/17/28 (a) | 25 | 24 |
|  |  | 3793 |
| **Utilities 0.2%** | **Utilities 0.2%** | **Utilities 0.2%** |
| Calpine Corporation |  |  |
| 2024 Term Loan B10, 6.08%, (1 Month Term SOFR + 1.75%), 01/31/31 (a) | 1138 | 1137 |
| NRG Energy, Inc. |  |  |
| 2024 Term Loan, 6.03%, (3 Month Term SOFR + 1.75%), 03/27/31 (a) | 1670 | 1672 |
| 2024 Term Loan, 6.08%, (1 Month Term SOFR + 1.75%), 03/27/31 (a) |  |  |
| Vistra Operations Company LLC |  |  |
| 1st Lien Term Loan B3, 6.08%, (1 Month Term SOFR + 1.75%), 12/11/25 (a) | 971 | 973 |
|  |  | 3782 |
| **Materials 0.1%** | **Materials 0.1%** | **Materials 0.1%** |
| H.B. Fuller Company |  |  |
| 2025 Term Loan B, 6.08%, (1 Month Term SOFR + 1.75%), 02/15/30 (a) | 967 | 970 |
| Reynolds Consumer Products LLC |  |  |
| 2025 Term Loan B, 6.08%, (1 Month Term SOFR + 1.75%), 02/19/32 (a) | 1127 | 1131 |
|  |  | 2101 |
| **Financials 0.1%** | **Financials 0.1%** | **Financials 0.1%** |
| Herc Holdings Inc |  |  |
| Term Loan B, 6.32%, (3 Month Term SOFR + 2.00%), 05/17/32 (a) | 130 | 130 |
| Trans Union, LLC |  |  |
| 2024 Term Loan B8, 6.08%, (1 Month Term SOFR + 1.75%), 06/06/31 (a) | 328 | 328 |
| 2024 Term Loan B9, 6.08%, (1 Month Term SOFR + 1.75%), 06/24/31 (a) | 1338 | 1339 |
| Walker & Dunlop, Inc. |  |  |
| 2025 Term Loan B, 6.31%, (1 Month Term SOFR + 2.00%), 03/08/32 (a) | 145 | 145 |
|  |  | 1942 |
| **Real Estate 0.1%** | **Real Estate 0.1%** | **Real Estate 0.1%** |
| Iron Mountain Incorporated |  |  |
| 2023 Term Loan B, 6.33%, (1 Month Term SOFR + 2.00%), 01/31/31 (a) | 972 | 970 |
| Vestis Corporation |  |  |
| Term Loan, 6.58%, (3 Month Term SOFR + 2.25%), 02/18/31 (a) | 465 | 445 |
|  |  | 1415 |
| **Consumer Staples 0.1%** | **Consumer Staples 0.1%** | **Consumer Staples 0.1%** |
| Froneri Lux Finco Sarl |  |  |
| 2024 USD Term Loan B4, 6.24%, (6 Month Term SOFR + 2.00%), 09/16/31 (a) | 976 | 964 |
| Total Senior Floating Rate Instruments (cost $32,054) | Total Senior Floating Rate Instruments (cost $32,054) | 31973 |
| **COMMON STOCKS 0.0%** | **COMMON STOCKS 0.0%** | **COMMON STOCKS 0.0%** |
| **Communication Services 0.0%** | **Communication Services 0.0%** | **Communication Services 0.0%** |
| Flame Aggregator LLC (k) (m) |  | 4 |
| Flame Aggregator LLC (k) (m) | 2 | 45 |
| Total Common Stocks (cost $0) | Total Common Stocks (cost $0) | 49 |
| **SHORT TERM INVESTMENTS 3.1%** | **SHORT TERM INVESTMENTS 3.1%** | **SHORT TERM INVESTMENTS 3.1%** |
| **U.S. Treasury Bill 1.9%** | **U.S. Treasury Bill 1.9%** | **U.S. Treasury Bill 1.9%** |
| Treasury, United States Department of |  |  |
| 4.25%, 07/31/25 | 30000 | 29896 |
| **Investment Companies 1.2%** | **Investment Companies 1.2%** | **Investment Companies 1.2%** |
| JNL Government Money Market Fund - Class I, 4.20% (o) (p) | 18473 | 18473 |
| Total Short Term Investments (cost $48,369) | Total Short Term Investments (cost $48,369) | 48369 |
| **Total Investments 96.5% (cost $1,523,813)** | **Total Investments 96.5% (cost $1,523,813)** | **1493058** |
| **Other Derivative Instruments 3.3%** | **Other Derivative Instruments 3.3%** | **51469** |
| **Other Assets and Liabilities, Net 0.2%** | **Other Assets and Liabilities, Net 0.2%** | **2470** |
| **Total Net Assets 100.0%** | **Total Net Assets 100.0%** | **1546997** |

---

(a) Security has a variable rate. Interest rates reset periodically. Rate stated was in effect as of June 30, 2025. For securities based on a published reference rate and spread, the reference rate and spread are presented. Certain variable rate securities do not indicate a reference rate and spread because they are determined by the issuer, remarketing agent, or offering documents and are based on current market conditions. The coupon rate for securities with certain features outlined in the offering documents may vary from the stated reference rate and spread. This includes, but is not limited to, securities with deferred rates, contingent distributions, caps, floors, and fixed-rate to float-rate features. In addition, variable rates for government and agency collateralized mortgage obligations ("CMO") and mortgage-backed securities ("MBS") are determined by tranches of underlying mortgage-backed security pools' cash flows into securities and pass-through rates which reflect the rate earned on the asset pool after management and guarantee fees are paid to the securitizing corporation. CMO and MBS variable rates are determined by a formula set forth in the security's offering documents.

(b) Security is a step-up bond where the coupon may increase or step up at a future date or as the result of an upgrade or downgrade to the credit rating of the issuer. Rate stated was the coupon as of June 30, 2025.

(c) The coupon rate represents the weighted average coupon and may differ from the stated coupon rate.

(d) Security is exempt from registration under the Securities Act of 1933, as amended. As of June 30, 2025, the value and the percentage of net assets of these securities was $68,190 and 4.4% of the Fund.

(e) Treasury inflation indexed note, par amount is adjusted for inflation.

(f) Security is restricted to resale to institutional investors or subject to trading restrictions due to sanctions on foreign issuers. See Restricted Securities table following the Schedules of Investments.

(g) Convertible security.

(h) Security issued with a zero coupon. Income is recognized through the accretion of discount.

(i) The interest rate for this security is inversely affected by upgrades or downgrades to the credit rating of the issuer. Rate stated was the coupon as of June 30, 2025.

(j) Perpetual security. Next contractual call price and date are presented in parentheses, if applicable.

(k) Security fair valued in good faith as a Level 3 security in accordance with the procedures approved by the Board of Trustees. Good faith fair valued securities are classified based on the applicable valuation inputs. See "Fair Value Measurement" in the Notes to Financial Statements.

(l) This senior floating rate interest will settle after June 30, 2025. If a reference rate and spread is presented, it will go into effect upon settlement.

(m) Non-income producing security.

(n) As of June 30, 2025, issuer was in bankruptcy and/or was in default relating to principal and/or interest. Partial or no payments were paid on the last interest or dividend date.

(o) Investment in affiliate.

(p) Yield changes daily to reflect current market conditions. Rate was the quoted yield as of June 30, 2025.

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page [607](#abbreviations).

**JNL Series Trust** (Unaudited)

**Schedules of Investments (in thousands)**

June 30, 2025

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **JNL/DoubleLine Shiller Enhanced CAPE Fund — Investments in Affiliates** | **JNL/DoubleLine Shiller Enhanced CAPE Fund — Investments in Affiliates** | **JNL/DoubleLine Shiller Enhanced CAPE Fund — Investments in Affiliates** | **JNL/DoubleLine Shiller Enhanced CAPE Fund — Investments in Affiliates** | **JNL/DoubleLine Shiller Enhanced CAPE Fund — Investments in Affiliates** | **JNL/DoubleLine Shiller Enhanced CAPE Fund — Investments in Affiliates** | **JNL/DoubleLine Shiller Enhanced CAPE Fund — Investments in Affiliates** | **JNL/DoubleLine Shiller Enhanced CAPE Fund — Investments in Affiliates** | **JNL/DoubleLine Shiller Enhanced CAPE Fund — Investments in Affiliates** |
| **Affiliated Investment** | **Value Beginning of Period($)** | **Purchases($)** | **Sales Proceeds($)** | **Dividend Income/ Distributions from Funds($)** | **Realized Gain (Loss)($)** | **Change in Unrealized Appreciation (Depreciation) ($)** | **Value End of Period($)** | **Percentage of Net Assets(%)** |
| JNL Government Money Market Fund, 4.20% - Class I | 82336 | 254799 | 318662 | 1133 |  |  | 18473 | 1.2 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **JNL/DoubleLine Shiller Enhanced CAPE Fund — Restricted Securities** | **JNL/DoubleLine Shiller Enhanced CAPE Fund — Restricted Securities** | **JNL/DoubleLine Shiller Enhanced CAPE Fund — Restricted Securities** | **JNL/DoubleLine Shiller Enhanced CAPE Fund — Restricted Securities** | **JNL/DoubleLine Shiller Enhanced CAPE Fund — Restricted Securities** |
|  | **Initial Acquisition** | **Cost ($)** | **Value ($)** | **Percent of**<br> **Net Assets (%)** |
| Adani Energy Solutions Limited, 4.00%, 08/03/26 | 08/16/23 | 381 | 394 |  |
| Adani International Container Terminal Private Limited, 3.00%, 02/16/31 | 08/31/22 | 139 | 141 |  |
| Adani Ports and Special Economic Zone Limited, 4.00%, 07/30/27 | 10/19/23 | 449 | 483 |  |
| AI Candelaria (Spain), S.L.U, 7.50%, 12/15/28 | 06/06/22 | 623 | 650 | 0.1 |
| Antofagasta PLC, 2.38%, 10/14/30 | 02/03/25 | 345 | 352 |  |
| Banco Continental S.A.E.C.A., 2.75%, 12/10/25 | 11/18/24 | 148 | 149 |  |
| Banco De Bogota, 6.25%, 05/12/26 | 09/29/23 | 592 | 601 | 0.1 |
| Banco Industrial S.A., 4.88%, 01/29/31 | 11/01/23 | 618 | 646 | 0.1 |
| Banco Internacional Del Peru S.A.A. – Interbank, 4.00%, 07/08/30 | 05/26/21 | 833 | 848 | 0.1 |
| Banco Nacional De Comercio Exterior, S.N.C., 2.72%, 08/11/31 | 10/19/23 | 418 | 473 |  |
| Banco Santander Mexico, S.A., I.B.M., Grupo Financiero Santander Mexico, 7.53%, 10/01/28 | 09/25/23 | 563 | 580 | 0.1 |
| BBVA Mexico, S.A., Institucion de Banca Multiple, Grupo Financiero BBVA Mexico, 5.88%, 09/13/34 | 11/15/24 | 669 | 688 | 0.1 |
| Bioceanico Sovereign Certificate Limited, 0.00%, 06/05/34 | 01/19/24 | 606 | 618 | 0.1 |
| BPRL International Singapore PTE. Ltd., 4.38%, 01/18/27 | 06/23/25 | 397 | 398 |  |
| BRF GmbH, 4.35%, 09/29/26 | 04/15/25 | 196 | 198 |  |
| CEMEX S.A.B. de C.V., 5.13% (callable at 100, 06/08/26) | 11/04/24 | 293 | 297 |  |
| Chile Electricity Lux MPC S.a r.l., 6.01%, 01/20/33 | 03/18/25 | 379 | 386 |  |
| Cometa Energia, S.A. de C.V., 6.38%, 04/24/35 | 03/07/25 | 302 | 312 |  |
| Comision Federal De Electricidad, E.P.E., 4.75%, 02/23/27 | 06/11/24 | 196 | 200 |  |
| Corporacion Nacional del Cobre de Chile, 3.00%, 09/30/29 | 02/10/25 | 272 | 279 |  |
| Corporacion Nacional del Cobre de Chile, 3.15%, 01/14/30 | 01/16/25 | 180 | 185 |  |
| Cosan Limited, 5.50%, 09/20/29 | 03/19/25 | 392 | 391 |  |
| DBS Group Holdings Ltd, 1.82%, 03/10/31 | 09/15/21 | 786 | 785 | 0.1 |
| Empresa Electrica Angamos S.p.A., 4.88%, 05/25/29 | 01/14/20 | 209 | 187 |  |
| Empresa Electrica Cochrane SpA, 5.50%, 05/14/27 | 05/11/21 | 431 | 429 |  |
| Energuate Trust, 5.88%, 05/03/27 | 10/30/24 | 395 | 398 |  |
| Fenix Power Peru S.A., 4.32%, 09/20/27 | 06/14/21 | 115 | 112 |  |
| GNL Quintero S.A, 4.63%, 07/31/29 | 08/04/21 | 548 | 526 | 0.1 |
| Gobierno de la Republica de Guatemala, 5.25%, 08/10/29 | 11/25/24 | 778 | 794 | 0.1 |
| Gold Fields Orogen Holding (BVI) Limited, 6.13%, 05/15/29 | 07/02/24 | 202 | 208 |  |
| Grupo Kuo, S.A.B. De C.V., 5.75%, 07/07/27 | 11/04/24 | 395 | 394 |  |
| Guara Norte S.a r.l., 5.20%, 06/15/34 | 01/09/24 | 493 | 509 |  |
| Intergroup Financial Services Corp., 4.13%, 10/19/27 | 05/03/24 | 571 | 583 | 0.1 |
| Interoceanica IV Finance Ltd, 0.00%, 11/30/25 | 12/06/19 | 15 | 15 |  |
| JSW Energy Limited, 4.13%, 05/18/31 | 11/13/23 | 400 | 423 |  |
| JSW Infrastructure Limited, 4.95%, 01/21/29 | 01/15/25 | 388 | 390 |  |
| Lima Metro Line 2 Finance Limited, 5.88%, 07/05/34 | 01/19/24 | 668 | 689 | 0.1 |
| Mexico Generadora De Energia, S. De R.L. De C.V., 5.50%, 12/06/32 | 12/08/23 | 753 | 762 | 0.1 |
| Millicom International Cellular SA, 5.13%, 01/15/28 | 06/21/21 | 868 | 889 | 0.1 |
| Minerva Luxembourg S.A., 5.88%, 01/19/28 | 09/23/24 | 399 | 399 |  |
| Mong Duong Finance Holdings B.V., 5.13%, 05/07/29 | 01/11/23 | 317 | 330 |  |
| Morocco, Kingdom of, 2.38%, 12/15/27 | 04/03/25 | 281 | 282 |  |
| MV24 Capital B.V., 6.75%, 06/01/34 | 06/07/23 | 532 | 568 | 0.1 |
| NBM US Holdings, Inc., 7.00%, 05/14/26 | 08/31/23 | 412 | 413 |  |
| NBM US Holdings, Inc., 6.63%, 08/06/29 | 03/27/25 | 250 | 251 |  |
| Oleoducto Central S.A., 4.00%, 07/14/27 | 01/10/23 | 189 | 195 |  |
| Ongc Videsh Vankorneft Pte. Ltd., 3.75%, 07/27/26 | 05/19/25 | 198 | 198 |  |
| Orazul Energy Egenor S. Enc. Por A., 5.63%, 04/28/27 | 07/13/21 | 483 | 494 |  |
| Oversea-Chinese Banking Corporation Limited, 1.83%, 09/10/30 | 11/11/20 | 500 | 497 |  |
| Patrimonio en Fideicomiso D.S. 093-2002 - EF Inretail Shopping Malls, 5.75%, 04/03/28 | 05/15/24 | 495 | 498 |  |
| Patrimonio en Fideicomiso D.S. N 093-2002-EF-InRetail Consumer, 3.25%, 03/22/28 | 05/06/25 | 376 | 379 |  |
| Presidencia de la Republica Dominicana, 5.50%, 02/22/29 | 12/03/24 | 394 | 399 |  |
| Prumo Participacoes E Investimentos SA, 7.50%, 12/31/31 | 02/07/24 | 403 | 414 |  |
| PT. Bank Negara Indonesia (Persero), Tbk., 3.75%, 03/30/26 | 04/02/24 | 688 | 692 | 0.1 |
| PT. Pertamina (Persero), 1.40%, 02/09/26 | 05/29/25 | 196 | 196 |  |
| PT. Perusahaan Listrik Negara, 4.13%, 05/15/27 | 03/22/23 | 688 | 693 | 0.1 |
| Rutas 2 And 7 Finance Ltd, 0.00%, 09/30/36 | 06/12/25 | 111 | 112 |  |
| Telefonica Celular del Paraguay S.A.E., 5.88%, 04/15/27 | 08/22/23 | 250 | 261 |  |
| Ultrapar International S.A., 5.25%, 06/06/29 | 03/19/25 | 197 | 198 |  |
| United Overseas Bank Limited, 1.75%, 03/16/31 | 09/27/21 | 499 | 490 |  |

---

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page [607](#abbreviations).

**JNL Series Trust** (Unaudited)

**Schedules of Investments (in thousands)**

June 30, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
| **JNL/DoubleLine Shiller Enhanced CAPE Fund — Restricted Securities (continued)** | **JNL/DoubleLine Shiller Enhanced CAPE Fund — Restricted Securities (continued)** | **JNL/DoubleLine Shiller Enhanced CAPE Fund — Restricted Securities (continued)** | **JNL/DoubleLine Shiller Enhanced CAPE Fund — Restricted Securities (continued)** | **JNL/DoubleLine Shiller Enhanced CAPE Fund — Restricted Securities (continued)** |
|  | **Initial Acquisition** | **Cost ($)** | **Value ($)** | **Percent of**<br> **Net Assets (%)** |
| Wipro IT Services, LLC, 1.50%, 06/23/26 | 05/20/25 | 291 | 291 |  |
|  |  | 25155 | 25612 | 1.7 |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **JNL/DoubleLine Shiller Enhanced CAPE Fund — OTC Total Return Swap Agreements** | **JNL/DoubleLine Shiller Enhanced CAPE Fund — OTC Total Return Swap Agreements** | **JNL/DoubleLine Shiller Enhanced CAPE Fund — OTC Total Return Swap Agreements** | **JNL/DoubleLine Shiller Enhanced CAPE Fund — OTC Total Return Swap Agreements** | **JNL/DoubleLine Shiller Enhanced CAPE Fund — OTC Total Return Swap Agreements** | **JNL/DoubleLine Shiller Enhanced CAPE Fund — OTC Total Return Swap Agreements** | **JNL/DoubleLine Shiller Enhanced CAPE Fund — OTC Total Return Swap Agreements** |
| **Reference Entity<sup>2</sup>** | **Rate Paid/Received by Fund<sup>2</sup>** | **Counter-party** | **Expiration** | **Notional<sup>1</sup>** | **Premiums Paid (Received) ($)** | **Value/**<br> **Unrealized Appreciation (Depreciation) ($)** |
|  **Total return swap agreements - receiving return** | **Total return swap agreements - receiving return** | **Total return swap agreements - receiving return** | **Total return swap agreements - receiving return** | **Total return swap agreements - receiving return** | **Total return swap agreements - receiving return** | **Total return swap agreements - receiving return** |
| **Index** | **Index** | **Index** | **Index** | **Index** | **Index** | **Index** |
| Schiller Barclays CAPE US Sector II Index (MT) ‡ | Fixed Rate of +0.40% (MT) | BCL | 08/08/25 | 16000 |  | 387 |
| Schiller Barclays CAPE US Sector II Index (MT) ‡ | Fixed Rate of +0.40% (MT) | BCL | 08/08/25 | 36500 |  | 45 |
| Schiller Barclays CAPE US Sector II Index (MT) ‡ | Fixed Rate of +0.39% (MT) | BNP | 09/18/25 | 95000 |  | 9155 |
| Schiller Barclays CAPE US Sector II Index (MT) ‡ | Fixed Rate of +0.39% (MT) | BNP | 08/14/25 | 97000 |  | 4425 |
| Schiller Barclays CAPE US Sector II Index (MT) ‡ | Fixed Rate of +0.39% (MT) | BNP | 12/04/25 | 74000 |  | 1349 |
| Schiller Barclays CAPE US Sector II Index (MT) ‡ | Fixed Rate of +0.39% (MT) | BNP | 10/17/25 | 78000 |  | 2787 |
| Schiller Barclays CAPE US Sector II Index (MT) ‡ | Fixed Rate of +0.39% (MT) | BNP | 10/23/25 | 70000 |  | 3379 |
| Schiller Barclays CAPE US Sector II Index (MT) ‡ | Fixed Rate of +0.39% (MT) | BNP | 07/10/25 | 93000 |  | 446 |
| Schiller Barclays CAPE US Sector II Index (MT) ‡ | Fixed Rate of +0.38% (MT) | BOA | 10/01/25 | 63000 |  | 2831 |
| Schiller Barclays CAPE US Sector II Index (MT) ‡ | Fixed Rate of +0.38% (MT) | BOA | 10/31/25 | 65000 |  | 1501 |
| Schiller Barclays CAPE US Sector II Index (MT) ‡ | Fixed Rate of +0.38% (MT) | BOA | 07/16/25 | 93000 |  | (28) |
| Schiller Barclays CAPE US Sector II Index (MT) ‡ | Fixed Rate of +0.38% (MT) | BOA | 08/22/25 | 95000 |  | 4840 |
| Schiller Barclays CAPE US Sector II Index (MT) ‡ | Fixed Rate of +0.38% (MT) | BOA | 09/03/25 | 63000 |  | 6256 |
| Schiller Barclays CAPE US Sector II Index (MT) ‡ | Fixed Rate of +0.38% (MT) | BOA | 11/21/25 | 70000 |  | 672 |
| Schiller Barclays CAPE US Sector II Index (MT) ‡ | Fixed Rate of +0.40% (MT) | CIB | 11/05/25 | 69000 |  | 349 |
| Schiller Barclays CAPE US Sector II Index (MT) ‡ | Fixed Rate of +0.40% (MT) | CIB | 09/24/25 | 30000 |  | 1887 |
| Schiller Barclays CAPE US Sector II Index (MT) ‡ | Fixed Rate of +0.40% (MT) | CIB | 09/12/25 | 80000 |  | 4918 |
| Schiller Barclays CAPE US Sector II Index (MT) ‡ | Fixed Rate of +0.40% (MT) | CIB | 07/30/25 | 70000 |  | (275) |
| Schiller Barclays CAPE US Sector II Index (MT) ‡ | Fixed Rate of +0.40% (MT) | CIB | 07/02/25 | 90000 |  | 2397 |
| Schiller Barclays CAPE US Sector II Index (MT) ‡ | Fixed Rate of +0.40% (MT) | CIB | 08/29/25 | 95000 |  | 2599 |
| Schiller Barclays CAPE US Sector II Index (MT) ‡ | Fixed Rate of +0.40% (MT) | CIB | 10/08/25 | 60000 |  | 1549 |
|  |  |  |  |  |  | 51469 |

---

‡Shiller Barclays CAPE US Sector Index aims to provide notional long exposure to the top four United States equity sectors that are relatively undervalued, as defined by a modified version of the classic CAPE Ratio (the "Relative CAPE Indicator") and that possess relatively strong price momentum over the period of six months. Each U.S. sector is represented by an ETF that invests primarily in equity securities of companies in the relevant sector. The components of the index are publicly available at

https://indices.cib.barclays/IM/12/en/indices/details.app;ticker=BXIICS2E#documents.

**Fair Value Hierarchy.** Various inputs are used in determining the fair value of financial instruments. For a description of the input levels and information about the Fund's policy regarding valuation of financial instruments, see Note 3 in the Notes to Financial Statements. The following table summarizes the Fund's investments categorized in the disclosure hierarchy as of June 30, 2025.

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **<u>. Level 1 ($) .</u>** | **<u>. Level 2 ($) .</u>** | **<u>. Level 3 ($) .</u>** | **<u>. Total ($) .</u>** |
| **JNL/DoubleLine Shiller Enhanced CAPE Fund** | **JNL/DoubleLine Shiller Enhanced CAPE Fund** | **JNL/DoubleLine Shiller Enhanced CAPE Fund** | **JNL/DoubleLine Shiller Enhanced CAPE Fund** | **JNL/DoubleLine Shiller Enhanced CAPE Fund** |
| **Assets - Securities** |  |  |  |  |
| &nbsp;&nbsp; Non-U.S. Government Agency Asset-Backed Securities |  | 684324 |  | 684324 |
| &nbsp;&nbsp; Government And Agency Obligations |  | 492050 |  | 492050 |
| &nbsp;&nbsp; Corporate Bonds And Notes |  | 236289 | 4 | 236293 |
| &nbsp;&nbsp; Senior Floating Rate Instruments |  | 31972 | 1 | 31973 |
| &nbsp;&nbsp; Common Stocks |  |  | 49 | 49 |
| &nbsp;&nbsp; Short Term Investments | 18473 | 29896 |  | 48369 |
|  | 18473 | 1474531 | 54 | 1493058 |
| **Assets - Investments in Other Financial Instruments<sup>1</sup>** |  |  |  |  |
| &nbsp;&nbsp; OTC Total Return Swap Agreements |  | 51772 |  | 51772 |
|  |  | 51772 |  | 51772 |
| **Liabilities - Investments in Other Financial Instruments<sup>1</sup>** |  |  |  |  |
| &nbsp;&nbsp; OTC Total Return Swap Agreements |  | (303) |  | (303) |
|  |  | (303) |  | (303) |

---

<sup>1</sup> All derivatives, except for purchased and written options, are reflected at the unrealized appreciation (depreciation) on the instrument. Purchased and written options are reflected at value.

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page [607](#abbreviations).

**JNL Series Trust** (Unaudited)

**Schedules of Investments (in thousands)**

June 30, 2025

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| **JNL/DoubleLine Total Return Fund** | **JNL/DoubleLine Total Return Fund** | **JNL/DoubleLine Total Return Fund** |
| **GOVERNMENT AND AGENCY OBLIGATIONS 55.7%** | **GOVERNMENT AND AGENCY OBLIGATIONS 55.7%** | **GOVERNMENT AND AGENCY OBLIGATIONS 55.7%** |
| **Mortgage-Backed Securities 34.7%** | **Mortgage-Backed Securities 34.7%** | **Mortgage-Backed Securities 34.7%** |
| Federal Home Loan Mortgage Corporation |  |  |
| 3.00%, 06/01/43 - 03/01/52 | 80564 | 71843 |
| 4.00%, 09/01/43 - 08/01/52 | 14645 | 13756 |
| 3.50%, 01/01/48 | 2100 | 1927 |
| 2.50%, 09/01/50 - 12/01/50 | 17998 | 15016 |
| 4.50%, 08/01/52 | 7287 | 6996 |
| 5.50%, 02/01/53 - 02/01/55 | 34230 | 34507 |
| 6.00%, 08/01/53 - 02/01/55 | 61672 | 63431 |
| 6.50%, 01/01/54 | 12032 | 12653 |
| Federal National Mortgage Association, Inc. |  |  |
| 4.50%, 04/01/26 - 06/01/52 | 11708 | 11251 |
| 6.18%, 12/01/28 | 8295 | 8693 |
| 2.48%, 11/01/29 | 16317 | 15190 |
| 1.90%, 05/01/30 | 9984 | 9033 |
| 4.65%, 05/01/30 | 13450 | 13593 |
| 5.45%, 01/01/31 | 6907 | 7102 |
| 5.81%, 06/01/31 | 17862 | 18763 |
| 2.63%, 04/01/32 | 62149 | 55352 |
| 1.83%, 11/01/33 | 6300 | 5179 |
| 3.00%, 03/01/35 - 04/01/51 | 43281 | 38339 |
| 3.50%, 09/01/43 - 04/01/52 | 39005 | 35610 |
| 4.00%, 01/01/44 - 01/01/48 | 13031 | 12482 |
| 2.50%, 09/01/50 - 03/01/51 | 59046 | 49541 |
| 2.00%, 10/01/50 - 02/01/51 | 38694 | 30937 |
| 5.00%, 08/01/52 - 05/01/53 | 23976 | 23810 |
| 5.50%, 05/01/53 - 02/01/55 | 48402 | 48848 |
| 6.00%, 02/01/54 - 02/01/55 | 21437 | 22071 |
| Government National Mortgage Association |  |  |
| 3.50%, 10/20/45 | 1106 | 1004 |
| 2.50%, 08/20/51 | 29251 | 24782 |
|  |  | 651709 |
| **Collateralized Mortgage Obligations 18.4%** | **Collateralized Mortgage Obligations 18.4%** | **Collateralized Mortgage Obligations 18.4%** |
| Connecticut Avenue Securities Trust 2024-R04 |  |  |
| Series 2024-1A1-R04, REMIC, 5.31%, (SOFR 30-Day Average + 1.00%), 05/25/44 (a) | 14020 | 14020 |
| Federal Home Loan Mortgage Corporation |  |  |
| Series UB-4247, REMIC, 3.00%, 09/15/33 | 6199 | 5897 |
| Series EB-4247, REMIC, 3.50%, 09/15/33 | 3334 | 3229 |
| Interest Only, Series SP-3770, REMIC, 2.08%, (6.39% - (SOFR 30-Day Average \* 1)), 11/15/40 (a) | 41 |  |
| Interest Only, Series SM-3780, REMIC, 2.08%, (6.39% - (SOFR 30-Day Average \* 1)), 12/15/40 (a) | 3992 | 423 |
| Series SL-4061, REMIC, 0.00%, (6.86% - (SOFR 30-Day Average \* 1.75)), 06/15/42 (a) | 36 | 17 |
| Series KM-4141, REMIC, 1.75%, 12/15/42 | 7053 | 6050 |
| Series CS-4156, REMIC, 0.09%, (5.26% - (SOFR 30-Day Average \* 1.2)), 01/15/43 (a) | 3279 | 2394 |
| Series 2023-M1B-HQA2, REMIC, 7.66%, (SOFR 30-Day Average + 3.35%), 06/25/43 (a) | 3000 | 3124 |
| Series UZ-4508, REMIC, 3.00%, 07/15/43 | 555 | 447 |
| Series 2024-M2-DNA3, REMIC, 5.76%, (SOFR 30-Day Average + 1.45%), 10/25/44 (a) | 8450 | 8463 |
| Series LZ-4410, REMIC, 4.00%, 11/15/44 | 2271 | 2088 |
| Series GZ-4612, REMIC, 3.00%, 09/15/46 | 22408 | 19874 |
| Series MY-4677, REMIC, 3.50%, 04/15/47 | 8228 | 7206 |
| Series DZ-4894, REMIC, 3.50%, 06/15/49 | 4565 | 4104 |
| Interest Only, Series ID-5159, REMIC, 3.00%, 10/25/49 | 17363 | 2780 |
| Series ZP-5028, REMIC, 1.50%, 10/25/50 | 6955 | 3256 |
| Series NH-5250, REMIC, 3.00%, 08/25/52 | 24493 | 20597 |
| Interest Only, Series MS-4291, REMIC, 1.48%, (5.79% - (SOFR 30-Day Average \* 1)), 01/15/54 (a) | 1816 | 196 |
| Series FB-5478, REMIC, 5.66%, (SOFR 30-Day Average + 1.35%), 02/25/54 (a) | 16500 | 16490 |
| Series FH-5470, REMIC, 5.51%, (SOFR 30-Day Average + 1.20%), 11/25/54 (a) | 17615 | 17553 |
| Series FP-5473, REMIC, 5.61%, (SOFR 30-Day Average + 1.30%), 11/25/54 (a) | 17840 | 17815 |
| Series FG-5507, REMIC, 5.71%, (SOFR 30-Day Average + 1.40%), 02/25/55 (a) | 3267 | 3269 |
| Series FC-5539, REMIC, 5.81%, (SOFR 30-Day Average + 1.50%), 05/25/55 (a) | 7498 | 7518 |
| Series FC-5543, REMIC, 5.81%, (SOFR 30-Day Average + 1.50%), 06/25/55 (a) | 18371 | 18420 |
| Federal National Mortgage Association, Inc. |  |  |
| Interest Only, Series C55-426, 2.50%, 11/25/50 | 40200 | 5995 |
| Interest Only, Series C26-437, 4.50%, 01/25/52 | 19083 | 4907 |
| Interest Only, Series C60-426, 3.50%, 02/25/52 | 16692 | 3208 |
| Interest Only, Series C8-437, 2.50%, 06/25/52 | 29839 | 4772 |
| Series 2013-QZ-54, REMIC, 3.00%, 06/25/33 | 204 | 190 |
| Interest Only, Series 2005-S-2, REMIC, 2.18%, (6.49% - (SOFR 30-Day Average \* 1)), 02/25/35 (a) | 1737 | 123 |
| Series 2010-KD-120, REMIC, 4.00%, 10/25/40 | 228 | 215 |
| Series 2013-PB-59, REMIC, 2.00%, 09/25/41 | 936 | 897 |
| Interest Only, Series 2011-ES-93, REMIC, 2.08%, (6.39% - (SOFR 30-Day Average \* 1)), 09/25/41 (a) | 694 | 77 |
| Interest Only, Series 2018-ST-25, REMIC, 1.63%, (5.94% - (SOFR 30-Day Average \* 1)), 03/25/42 (a) | 4985 | 410 |
| Series 2012-BZ-14, REMIC, 4.00%, 03/25/42 | 564 | 541 |
| Series 2012-CZ-87, REMIC, 3.00%, 08/25/42 | 8847 | 8057 |
| Series 2014-GZ-85, REMIC, 3.00%, 12/25/44 | 13769 | 12504 |
| Series 2018-LZ-38, REMIC, 3.50%, 06/25/48 | 18322 | 15249 |
| Series 2021-QL-47, REMIC, 2.50%, 07/25/51 | 10255 | 7030 |
| Government National Mortgage Association |  |  |
| Series 2012-Z-32, REMIC, 3.50%, 03/20/42 | 966 | 892 |
| Interest Only, Series 2020-KI-16, REMIC, 3.50%, 02/20/50 | 8724 | 1681 |
| Interest Only, Series 2021-IL-77, REMIC, 3.00%, 07/20/50 | 8480 | 1451 |
| Interest Only, Series 2022-SA-22, REMIC, 0.00%, (3.60% - (SOFR 30-Day Average \* 1)), 08/20/50 (a) | 10959 | 312 |
| Interest Only, Series 2020-IE-160, REMIC, 2.50%, 10/20/50 | 33792 | 4998 |
| Interest Only, Series 2020-MI-151, REMIC, 2.50%, 10/20/50 | 32921 | 4806 |
| Interest Only, Series 2020-AI-173, REMIC, 2.50%, 11/20/50 | 13448 | 2101 |
| Interest Only, Series 2020-SB-185, REMIC, 1.87%, (6.19% - (1 Month Term SOFR \* 1)), 12/20/50 (a) | 34100 | 4984 |
| Interest Only, Series 2021-IM-15J, REMIC, 2.50%, 01/20/51 | 44582 | 6605 |
| Interest Only, Series 2022-IA-218, REMIC, 2.50%, 01/20/51 | 25500 | 3495 |
| Interest Only, Series 2021-IB-30, REMIC, 2.50%, 02/20/51 | 23560 | 3526 |
| Interest Only, Series 2023-IO-19, REMIC, 2.50%, 02/20/51 | 37013 | 5482 |
| Interest Only, Series 2021-IM-24, REMIC, 3.00%, 02/20/51 | 14322 | 2452 |
| Interest Only, Series 2021-S-59, REMIC, 0.00%, (2.60% - (SOFR 30-Day Average \* 1)), 04/20/51 (a) | 15464 | 190 |
| Interest Only, Series 2021-SL-58, REMIC, 0.00%, (3.64% - (1 Month Term SOFR \* 1)), 04/20/51 (a) | 48436 | 1526 |
| Interest Only, Series 2021-IA-116, REMIC, 2.50%, 06/20/51 | 17166 | 2535 |
| Interest Only, Series 2021-IK-114, REMIC, 3.00%, 06/20/51 | 32891 | 5653 |
| Series 2021-LZ-177, REMIC, 3.00%, 10/20/51 | 17293 | 10601 |
| Interest Only, Series 2022-IO-83, REMIC, 2.50%, 11/20/51 | 36835 | 5379 |
| Interest Only, Series 2021-IQ-209, REMIC, 3.50%, 11/20/51 | 18039 | 3525 |
| Series 2022-Z-25, REMIC, 3.00%, 02/20/52 | 8559 | 6426 |
| Interest Only, Series 2022-IO-204, REMIC, 3.50%, 04/20/52 | 19909 | 3297 |
| Government National Mortgage Association Guaranteed REMIC Pass-Through Securities, The |  |  |
| Series 2025-FE-42, REMIC, 5.86%, (SOFR 30-Day Average + 1.55%), 06/25/55 (a) | 9048 | 9085 |

---

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page [607](#abbreviations).

**JNL Series Trust** (Unaudited)

**Schedules of Investments (in thousands)**

June 30, 2025

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| Government National Mortgage Association REMIC Trust 2020-095 |  |  |
| Interest Only, Series 2020-IH-86, REMIC, 3.00%, 06/20/50 | 12018 | 2081 |
| Interest Only, Series 2020-WI-86, REMIC, 3.00%, 06/20/50 | 24261 | 4213 |
| | | 346701 |
| **Commercial Mortgage-Backed Securities 2.6%** | **Commercial Mortgage-Backed Securities 2.6%** | **Commercial Mortgage-Backed Securities 2.6%** |
| Federal National Mortgage Association, Inc. |  |  |
| Series 2022-A1X-M4, REMIC, 2.54%, 05/25/30 (a) | 12216 | 11625 |
| Interest Only, Series 2020-X1-M15, REMIC, 1.56%, 09/25/31 (a) | 33413 | 2080 |
| Government National Mortgage Association |  |  |
| Interest Only, Series 2021-IO-84, REMIC, 0.79%, 04/16/61 (a) | 73337 | 3702 |
| Interest Only, Series 2022-IO-14, REMIC, 0.65%, 12/16/61 (a) | 36710 | 1676 |
| Interest Only, Series 2021-IO-20, REMIC, 1.15%, 08/16/62 (a) | 54023 | 4066 |
| Interest Only, REMIC, 0.82%, 02/16/63 (a) | 52706 | 3248 |
| Interest Only, Series 2021-IO-52, REMIC, 0.72%, 04/16/63 (a) | 64537 | 3256 |
| Interest Only, Series 2021-IO-45, REMIC, 0.81%, 04/16/63 (a) | 10612 | 598 |
| Interest Only, Series 2021-IO-22, REMIC, 0.97%, 05/16/63 (a) | 17464 | 1154 |
| Interest Only, Series 2021-IO-129, REMIC, 0.98%, 06/16/63 (a) | 77269 | 5017 |
| Interest Only, Series 2021-IO-79, REMIC, 0.88%, 08/16/63 (a) | 38785 | 2339 |
| Interest Only, Series 2022-IO-130, REMIC, 0.38%, 11/16/63 (a) | 77425 | 2533 |
| Interest Only, Series 2022-IO-118, REMIC, 0.64%, 06/16/64 (a) | 28503 | 1342 |
| Interest Only, Series 2025-IO-21, REMIC, 0.95%, 04/16/65 (a) | 39932 | 2666 |
| Interest Only, Series 2024-AI-170, REMIC, 0.77%, 10/16/65 (a) | 49393 | 3271 |
|  |  | 48573 |
| Total Government And Agency Obligations (cost $1,105,881) | Total Government And Agency Obligations (cost $1,105,881) | 1046983 |
| **NON-U.S. GOVERNMENT AGENCY ASSET-BACKED SECURITIES 40.4%** | **NON-U.S. GOVERNMENT AGENCY ASSET-BACKED SECURITIES 40.4%** | **NON-U.S. GOVERNMENT AGENCY ASSET-BACKED SECURITIES 40.4%** |
| 1345 Trust 2025-AOA |  |  |
| Series 2025-A-AOA, REMIC, 5.90%, (1 Month Term SOFR + 1.60%), 06/15/27 (a) | 1260 | 1264 |
| AASET 2024-1 |  |  |
| Series 2024-A2-1A, 6.26%, 05/16/31 | 2363 | 2413 |
| Series 2024-B-1A, 6.90%, 05/16/31 | 957 | 954 |
| AASET 2024-2 Ltd |  |  |
| Series 2024-A-2A, 5.93%, 09/16/31 | 4031 | 4072 |
| ABFC 2007-WMC1 Trust |  |  |
| Series 2007-A1A-WMC1, REMIC, 2.58%, (1 Month Term SOFR + 1.36%), 06/25/37 (a) (b) (c) | 3138 | 2264 |
| ACRES Commercial Realty 2021-FL1 Issuer, Ltd. |  |  |
| Series 2021-A-FL1, 5.58%, (1 Month Term SOFR + 1.26%), 10/20/36 (a) | 389 | 388 |
| Affirm Asset Securitization Trust 2023-B |  |  |
| Series 2023-A-B, 6.82%, 04/15/26 | 5000 | 5027 |
| Aircraft Lease Securitisation Limited |  |  |
| Series 2007-2F5-M1, REMIC, 6.45%, 12/25/28 (a) (b) (c) | 2061 | 1744 |
| Aligned Data Centers Issuer, LLC |  |  |
| Series 2021-A2-1A, 1.94%, 08/17/26 | 5000 | 4832 |
| Series 2021-B-1A, 2.48%, 08/17/26 | 4000 | 3837 |
| Series 2023-A2-1A, 6.00%, 08/15/28 | 1500 | 1516 |
| Allegro CLO V-S Ltd |  |  |
| Series 2024-A1-2A, 5.78%, (3 Month Term SOFR + 1.50%), 07/24/37 (a) | 3000 | 3009 |
| Alternative Loan Trust 2005-43 |  |  |
| Series 2005-A2-23CB, REMIC, 5.50%, 07/25/35 | 1477 | 1204 |
| Alternative Loan Trust 2005-45 |  |  |
| Series 2005-2A1-53T2, REMIC, 4.74%, 11/25/35 (a) (c) | 12598 | 7705 |
| Alternative Loan Trust 2006-15CB |  |  |
| Series 2006-1A7-23CB, REMIC, 6.00%, 08/25/36 | 947 | 929 |
| Alternative Loan Trust 2006-19CB |  |  |
| Series 2006-A16-19CB, REMIC, 6.00%, 08/25/36 | 4865 | 2642 |
| Alternative Loan Trust 2006-OC8 |  |  |
| Series 2006-1A2-OC8, REMIC, 4.68%, (1 Month Term SOFR + 0.43%), 11/25/36 (a) (b) (c) | 2586 | 2447 |
| Alternative Loan Trust 2007-3T1 |  |  |
| Series 2007-1A6-3T1, REMIC, 6.25%, 04/25/37 | 10887 | 4913 |
| Alternative Loan Trust 2007-5CB |  |  |
| Interest Only, Series 2007-1A5-5CB, REMIC, 0.96%, (5.29% - (1 Month Term SOFR \* 1)), 04/25/37 (a) | 3031 | 283 |
| Series 2007-1A6-5CB, REMIC, 5.04%, (1 Month Term SOFR + 0.71%), 04/25/37 (a) | 3031 | 1220 |
| Angel Oak Mortgage Trust 2025-7 |  |  |
| Series 2025-A3-7, REMIC, 5.92%, 06/25/70 (a) | 2200 | 2207 |
| Series 2025-M1-7, REMIC, 6.35%, 06/25/70 | 3800 | 3819 |
| Apidos CLO XLVIII Ltd |  |  |
| Series 2024-A1-48A, 5.72%, (3 Month Term SOFR + 1.44%), 07/27/37 (a) | 2000 | 2006 |
| Arbor Realty Collateralized Loan Obligation Ltd |  |  |
| Series 2022-A-FL1, 5.76%, (SOFR 30-Day Average + 1.45%), 01/15/37 (a) | 1536 | 1536 |
| Arbor Realty Commercial Real Estate Notes 2021-FL4, Ltd. |  |  |
| Series 2021-A-FL4, 5.78%, (1 Month Term SOFR + 1.46%), 11/17/36 (a) | 1707 | 1707 |
| ARDN 2025-ARCP Mortgage Trust |  |  |
| Series 2025-A-ARCP, REMIC, 6.05%, (1 Month Term SOFR + 1.75%), 06/15/27 (a) | 1270 | 1273 |
| AREIT 2024-CRE9 Ltd |  |  |
| Series 2024-A-CRE9, 6.00%, (1 Month Term SOFR + 1.69%), 01/17/29 (a) (b) | 804 | 806 |
| AREIT 2025-CRE10 LTD |  |  |
| Series 2025-A-CRE10, 5.70%, (1 Month Term SOFR + 1.45%), 07/19/38 (a) | 2710 | 2704 |
| Ares LIX CLO Ltd |  |  |
| Series 2021-B1-59A, 5.94%, (3 Month Term SOFR + 1.66%), 04/25/34 (a) | 3000 | 3005 |
| Bain Capital Credit Clo 2022-6, Limited |  |  |
| Series 2022-A1R-6A, 5.64%, (3 Month Term SOFR + 1.37%), 01/22/38 (a) | 1500 | 1503 |
| Bain Capital Credit CLO 2024-6 Ltd |  |  |
| Series 2024-A1-6A, 5.64%, (3 Month Term SOFR + 1.33%), 01/21/38 (a) | 5000 | 5010 |
| Banc of America Alternative Loan Trust 2006-4 |  |  |
| Series 2006-5CB1-4, REMIC, 6.50%, 05/25/36 | 2285 | 2089 |
| Bank 2020-BNK25 |  |  |
| Series 2020-AS-BN25, REMIC, 2.84%, 01/17/30 | 306 | 278 |
| Bank5 2024-5YR10 |  |  |
| Series 2024-B-5YR10, REMIC, 6.14%, 10/17/29 | 2747 | 2816 |
| Battalion CLO XI Ltd. |  |  |
| Series 2017-BR-11A, 6.26%, (3 Month Term SOFR + 1.98%), 04/24/34 (a) | 1000 | 1001 |
| Battalion CLO XXIII Ltd. |  |  |
| Series 2022-A1R-23A, 5.68%, (3 Month Term SOFR + 1.42%), 10/15/37 (a) | 1000 | 1006 |
| BBCMS Mortgage Trust 2021-C10 |  |  |
| Interest Only, Series 2021-XA-C10, REMIC, 1.21%, 07/17/54 (a) | 21035 | 1114 |
| BBCMS Mortgage Trust 2021-C11 |  |  |
| Interest Only, Series 2021-XA-C11, REMIC, 1.35%, 09/17/54 (a) | 42203 | 2343 |
| BBCMS Mortgage Trust 2021-C12 |  |  |
| Interest Only, Series 2021-XA-C12, REMIC, 0.93%, 11/18/54 (a) | 12260 | 494 |
| BBCMS Mortgage Trust 2021-C9 |  |  |
| Interest Only, Series 2021-XA-C9, REMIC, 1.57%, 02/18/54 (a) | 34782 | 2241 |
| BBCMS Mortgage Trust 2024-5C29 |  |  |
| Series 2024-A3-5C29, REMIC, 5.21%, 09/17/29 | 2629 | 2678 |

---

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page [607](#abbreviations).

**JNL Series Trust** (Unaudited)

**Schedules of Investments (in thousands)**

June 30, 2025

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| BBCMS Trust 2018-CBM |  |  |
| Series 2018-A-CBM, REMIC, 5.36%, (1 Month Term SOFR + 1.05%), 07/15/37 (a) (b) | 1599 | 1566 |
| BDS 2024-FL13 LLC |  |  |
| Series 2024-A-FL13, 5.89%, (1 Month Term SOFR + 1.65%), 06/19/29 (a) | 2600 | 2604 |
| Bear Stearns Asset Backed Securities I LLC |  |  |
| Series 2006-21A3-AC2, REMIC, 6.00%, 03/25/36 | 119 | 118 |
| Benchmark 2018-B7 Mortgage Trust |  |  |
| Interest Only, Series 2018-XA-B7, REMIC, 0.41%, 05/16/53 (a) | 83981 | 879 |
| Benchmark 2020-B19 Mortgage Trust |  |  |
| Interest Only, Series 2020-XA-B19, REMIC, 1.74%, 09/17/53 (a) | 34232 | 1596 |
| Benchmark 2021-B27 Mortgage Trust |  |  |
| Interest Only, Series 2021-XA-B27, REMIC, 1.23%, 07/17/54 (a) | 19685 | 992 |
| Benchmark 2021-B29 Mortgage Trust |  |  |
| Interest Only, Series 2021-XB-B29, REMIC, 0.70%, 09/17/54 (a) | 38734 | 1398 |
| Benchmark 2024-V10 Mortgage Trust |  |  |
| Series 2024-A3-V10, REMIC, 5.28%, 09/17/29 | 2650 | 2708 |
| Benchmark 2024-V9 Mortgage Trust |  |  |
| Series 2024-A3-V9, REMIC, 5.60%, 08/17/29 | 2636 | 2722 |
| Benefit Street Partners Clo XXXVII Ltd |  |  |
| Series 2024-A-37A, 5.70%, (3 Month Term SOFR + 1.35%), 01/25/38 (a) | 500 | 501 |
| BFLD Trust 2025-EWEST |  |  |
| Series 2025-C-EWEST, 6.40%, 06/15/27 (a) | 1270 | 1271 |
| BlueMountain CLO 2014-2 Ltd |  |  |
| Series 2014-BR2-2A, 6.28%, (3 Month Term SOFR + 2.01%), 10/21/30 (a) | 3000 | 3008 |
| BMO 2024-5C7 Mortgage Trust |  |  |
| Series 2024-AS-5C7, REMIC, 5.89%, 11/19/57 (a) | 1834 | 1891 |
| Bojangles Issuer LLC |  |  |
| Series 2024-A2-1A, 6.58%, 11/20/29 | 2000 | 2035 |
| BPR Trust 2021-TY |  |  |
| Series 2021-A-TY, REMIC, 5.48%, (1 Month Term SOFR + 1.16%), 09/15/38 (a) | 2580 | 2577 |
| BRAVO Residential Funding Trust 2020-RPL1 |  |  |
| Series 2020-M1-RPL1, REMIC, 3.25%, 05/25/59 (a) | 4500 | 4272 |
| BRAVO Residential Funding Trust 2023-NQM5 |  |  |
| Series 2023-A1-NQM5, REMIC, 6.51%, 06/25/63 (b) | 11667 | 11745 |
| Bridge Street CLO I Ltd |  |  |
| Series 2020-A1R-1A, 5.82%, (3 Month Term SOFR + 1.55%), 07/20/37 (a) | 10000 | 10030 |
| Bridge Street CLO IV Ltd |  |  |
| Series 2024-A-1A, 5.87%, (3 Month Term SOFR + 1.60%), 04/20/37 (a) | 1000 | 1003 |
| Bridgecrest Lending Auto Securitization Trust 2025-2 |  |  |
| Series 2025-C-2, 5.17%, 01/18/28 | 2000 | 2020 |
| BX Commercial Mortgage Trust 2021-VOLT |  |  |
| Series 2021-E-VOLT, REMIC, 6.43%, (1 Month Term SOFR + 2.11%), 09/15/36 (a) | 824 | 820 |
| BX Commercial Mortgage Trust 2021-XL2 |  |  |
| Series 2021-A-XL2, REMIC, 5.11%, (1 Month Term SOFR + 0.80%), 10/15/38 (a) | 827 | 827 |
| BX Commercial Mortgage Trust 2022-LP2 |  |  |
| Series 2022-A-LP2, REMIC, 5.32%, (1 Month Term SOFR + 1.01%), 02/15/39 (a) | 1218 | 1218 |
| BX Trust 2019-OC11 |  |  |
| Series 2019-E-OC11, REMIC, 3.94%, 12/11/29 (a) | 4727 | 4316 |
| CAL Funding IV Ltd. |  |  |
| Series 2020-A-1A, REMIC, 2.22%, 03/27/28 | 1783 | 1680 |
| Carlyle US CLO 2017-2, Ltd. |  |  |
| Series 2017-AR2-2A, 5.76%, (3 Month Term SOFR + 1.49%), 07/20/37 (a) | 2500 | 2508 |
| Carrington Mortgage Loan Trust, Series 2007-RFC1 |  |  |
| Series 2007-A3-RFC1, REMIC, 3.49%, (1 Month Term SOFR + 0.25%), 09/25/36 (a) (b) (c) | 1930 | 1894 |
| Carval CLO IX-C Ltd. |  |  |
| Series 2024-A-1A, 5.95%, (3 Month Term SOFR + 1.68%), 04/20/37 (a) | 1000 | 1004 |
| Carval CLO X-C Ltd. |  |  |
| Series 2024-A-2A, 5.73%, (3 Month Term SOFR + 1.46%), 07/20/37 (a) | 4000 | 4011 |
| CBAM 2017-1 Ltd |  |  |
| Series 2017-AR2-1A, 5.66%, (3 Month Term SOFR + 1.39%), 01/20/38 (a) | 3000 | 3007 |
| CBAM 2017-2 Ltd |  |  |
| Series 2017-BR-2A, 6.39%, (3 Month Term SOFR + 2.11%), 07/17/34 (a) | 1500 | 1501 |
| CD 2017-CD6 Mortgage Trust |  |  |
| Series 2017-C-CD6, REMIC, 4.27%, 11/15/27 (a) | 243 | 223 |
| Cedar Funding IX CLO Ltd |  |  |
| Series 2018-AR-9A, 5.69%, (3 Month Term SOFR + 1.42%), 07/20/37 (a) | 1000 | 1004 |
| CFCRE 2016-C4 Mortgage Trust |  |  |
| Interest Only, Series 2016-XA-C4, REMIC, 1.56%, 05/10/58 (a) | 58118 | 387 |
| Chase Mortgage Finance Trust Series 2006-S2 |  |  |
| Series 2006-2A1-S2, REMIC, 6.00%, 10/25/36 | 6297 | 2265 |
| CHL Mortgage Pass-Through Trust 2006-18 |  |  |
| Series 2006-1A35-20, REMIC, 6.00%, 02/25/37 | 1927 | 880 |
| CHL Mortgage Pass-Through Trust 2007-8 |  |  |
| Series 2007-1A5-8, REMIC, 5.44%, 01/25/38 | 2122 | 817 |
| CIM Trust 2023-R4 |  |  |
| Series 2023-A1-R4, REMIC, 5.00%, 05/25/62 | 6445 | 6442 |
| Citigroup Commercial Mortgage Trust 2016-GC36 |  |  |
| Interest Only, Series 2016-XA-GC36, REMIC, 1.20%, 02/12/49 (a) | 18075 | 38 |
| Citigroup Commercial Mortgage Trust 2016-P3 |  |  |
| Interest Only, Series 2016-XA-P3, REMIC, 1.64%, 04/16/49 (a) | 12834 | 139 |
| Citigroup Mortgage Loan Trust 2007-AR8 |  |  |
| Series 2007-1A1A-AR8, REMIC, 3.68%, 07/25/47 (a) | 1163 | 980 |
| Citigroup Mortgage Loan Trust 2021-JL1 |  |  |
| Series 2021-A-JL1, REMIC, 2.61%, 02/25/62 (a) | 678 | 647 |
| CLI Funding IX LLC |  |  |
| Series 2025-A-1A, 5.35%, 06/22/37 | 2000 | 2016 |
| Cmalt (Citimortgage Alternative Loan Trust), Series 2006-A4 |  |  |
| Series 2006-1A1-A4, REMIC, 6.00%, 09/25/36 | 953 | 844 |
| CMALT (Citimortgage Alternative Loan Trust), Series 2007-A5 |  |  |
| Series 2007-1A11-A5, REMIC, 6.00%, 05/25/37 | 696 | 648 |
| COLT 2023-1 Mortgage Loan Trust |  |  |
| Series 2023-A1-1, REMIC, 6.05%, 04/25/68 (b) | 4506 | 4513 |
| COLT 2023-2 Mortgage Loan Trust |  |  |
| Series 2023-A1-2, REMIC, 6.60%, 07/25/68 (b) | 3176 | 3199 |
| COMM 2013-CCRE12 Mortgage Trust |  |  |
| Interest Only, Series 2013-XA-CR12, REMIC, 0.50%, 10/15/46 (a) | 2174 | 11 |
| COMM 2015-CCRE26 Mortgage Trust |  |  |
| Interest Only, Series 2015-XA-CR26, REMIC, 0.84%, 10/13/48 (a) | 14952 | 14 |
| COMM 2015-DC1 Mortgage Trust |  |  |
| Interest Only, Series 2015-XA-DC1, REMIC, 0.57%, 02/12/48 (a) | 1923 |  |
| COMM 2016-DC2 Mortgage Trust |  |  |
| Series 2016-C-DC2, REMIC, 4.68%, 02/12/26 (a) | 1340 | 1306 |
| Interest Only, Series 2016-XA-DC2, REMIC, 0.89%, 02/12/49 (a) | 11773 | 18 |
| COMM 2018-HCLV Mortgage Trust |  |  |
| Series 2018-A-HCLV, REMIC, 5.61%, (1 Month Term SOFR + 1.30%), 09/15/33 (a) | 2125 | 1867 |
| CommonBond Student Loan Trust 2018-B-GS |  |  |
| Series 2018-C-BGS, REMIC, 4.12%, 08/25/28 | 85 | 74 |
| Credit Suisse First Boston Mortgage Securities Corp. |  |  |
| Series 2005-7A1-11, REMIC, 6.00%, 12/25/35 | 4976 | 2513 |

---

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page [607](#abbreviations).

**JNL Series Trust** (Unaudited)

**Schedules of Investments (in thousands)**

June 30, 2025

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| Credit Suisse Securities (USA) LLC |  |  |
| Series 2005-3A2-9, REMIC, 6.00%, 10/25/35 | 4023 | 1171 |
| Series 2006-2A3-2, REMIC, 6.00%, 03/25/36 | 2235 | 891 |
| CSAIL 2015-C1 Commercial Mortgage Trust |  |  |
| Interest Only, Series 2015-XA-C1, REMIC, 0.17%, 04/15/50 (a) | 1124 |  |
| CSAIL 2015-C4 Commercial Mortgage Trust |  |  |
| Series 2015-C-C4, REMIC, 4.74%, 11/18/25 (a) | 1911 | 1883 |
| CSAIL 2019-C16 Commercial Mortgage Trust |  |  |
| Interest Only, Series 2019-XA-C16, REMIC, 1.53%, 06/17/52 (a) | 8661 | 423 |
| CSMC 2020-SPT1 Trust |  |  |
| Series 2020-M1-SPT1, REMIC, 3.39%, 04/25/65 (a) | 7000 | 6708 |
| CSMC 2021-B33 |  |  |
| Series 2021-A1-B33, REMIC, 3.05%, 10/10/31 | 894 | 832 |
| Series 2021-A2-B33, REMIC, 3.17%, 10/10/31 | 2130 | 1862 |
| CSMC 2021-RPL3 Trust |  |  |
| Series 2021-A1-RPL3, REMIC, 2.00%, 01/25/60 (a) (c) | 7203 | 6411 |
| CSMCM Trust |  |  |
| Series 2018-CERT-SP3, 4.58%, 09/25/58 (a) | 13779 | 11766 |
| Databank Issuer, LLC |  |  |
| Series 2021-A2-1A, 2.06%, 02/25/26 | 2000 | 1956 |
| DBJPM 2016-C1 Mortgage Trust |  |  |
| Interest Only, Series 2016-XA-C1, REMIC, 1.36%, 05/12/49 (a) | 19858 | 53 |
| Deutsche Alt-A Securities Mortgage Loan Trust Series 2007-2 |  |  |
| Series 2007-2A1-2, REMIC, 3.20%, (1 Month Term SOFR + 0.41%), 09/25/47 (a) (b) (c) | 8955 | 7775 |
| Deutsche Alt-A Securities, Inc. Mortgage Loan Trust, Series 2006-Ar1 |  |  |
| Series 2006-A2B-AB1, REMIC, 4.54%, 02/25/36 (a) (c) | 2695 | 2481 |
| Series 2006-1A3-AR1, REMIC, 4.66%, (1 Month Term SOFR + 0.77%), 02/25/36 (a) (b) (c) | 6862 | 6465 |
| DOLP Trust 2021-NYC |  |  |
| Series 2021-D-NYC, REMIC, 3.70%, 05/12/31 | 550 | 471 |
| Dryden 53 CLO Ltd., Series 2017-53A |  |  |
| Series 2017-B-53A, 5.92%, (3 Month Term SOFR + 1.66%), 01/15/31 (a) | 1000 | 1000 |
| Empower CLO 2024-1 Ltd |  |  |
| Series 2024-A1-1A, 5.88%, (3 Month Term SOFR + 1.60%), 04/27/37 (a) | 5000 | 5015 |
| Extended Stay America Trust 2021-ESH |  |  |
| Series 2021-A-ESH, REMIC, 5.51%, (1 Month Term SOFR + 1.19%), 07/15/38 (a) | 2316 | 2317 |
| First Franklin Mortgage Loan Trust, Series 2007-FF2 |  |  |
| Series 2007-A1-FF2, REMIC, 1.83%, (1 Month Term SOFR + 0.25%), 03/25/37 (a) (b) (c) | 4846 | 2601 |
| First Horizon Mortgage Pass-Through Trust 2006-AR1 |  |  |
| Series 2006-1A2-FA2, REMIC, 6.00%, 05/25/36 | 2499 | 972 |
| FirstKey Homes 2020-SFR1 Trust |  |  |
| Series 2020-D-SFR1, 2.24%, 09/17/25 | 5100 | 5065 |
| FMC GMSR Issuer Trust |  |  |
| Series 2021-A-GT1, 3.62%, 07/25/26 (b) | 10500 | 10045 |
| Series 2021-A-GT2, 3.85%, 10/25/26 | 11300 | 10849 |
| FS Rialto 2021-FL2 Issuer, Ltd. |  |  |
| Series 2021-A-FL2, 5.65%, (1 Month Term SOFR + 1.33%), 05/18/38 (a) (b) | 1656 | 1652 |
| Global SC Finance VI SRL |  |  |
| Series 2020-A-1A, 2.17%, 10/17/40 | 949 | 899 |
| Goodgreen 2020-1 Trust |  |  |
| Series 2020-A-1A, 2.63%, 04/15/55 | 2174 | 1821 |
| GoodLeap Home Improvement Solutions Trust 2024-1 |  |  |
| Series 2024-A-1A, REMIC, 5.35%, 04/20/33 | 1167 | 1166 |
| Grace Trust |  |  |
| Series 2020-D-GRCE, REMIC, 2.68%, 12/12/30 (a) | 1845 | 1581 |
| Greystone CRE Notes 2021-FL3, Ltd. |  |  |
| Series 2021-A-FL3, 5.45%, (1 Month Term SOFR + 1.13%), 07/15/39 (a) | 1245 | 1244 |
| GS Mortgage Securities Corp Trust 2018-TWR |  |  |
| Series 2018-A-TWR, REMIC, 5.26%, (1 Month Term SOFR + 0.95%), 07/15/31 (a) | 436 | 338 |
| Series 2018-D-TWR, REMIC, 5.96%, (1 Month Term SOFR + 1.65%), 07/15/31 (a) | 1000 | 252 |
| Series 2018-E-TWR, REMIC, 6.46%, (1 Month Term SOFR + 2.15%), 07/15/31 (a) | 1000 | 104 |
| Series 2018-F-TWR, REMIC, 7.16%, (1 Month Term SOFR + 2.85%), 07/15/31 (a) | 1000 | 89 |
| Series 2018-G-TWR, REMIC, 8.28%, (1 Month Term SOFR + 3.97%), 07/15/31 (a) | 1000 | 80 |
| GS Mortgage Securities Corp. |  |  |
| Series 2006-AF5B-7, REMIC, 1.91%, 03/25/46 (a) (b) (c) | 3617 | 1313 |
| GS Mortgage Securities Trust 2014-GC24 |  |  |
| Interest Only, Series 2014-XA-GC24, REMIC, 0.29%, 09/12/47 (a) | 3113 | 1 |
| GS Mortgage Securities Trust 2015-GC34 |  |  |
| Series 2015-B-GC34, REMIC, 0.00%, 10/10/25 (a) (c) | 782 | 479 |
| Interest Only, Series 2015-XA-GC34, REMIC, 1.12%, 10/13/48 (a) | 14577 | 22 |
| GS Mortgage Securities Trust 2015-GS1 |  |  |
| Series 2015-AS-GS1, REMIC, 4.04%, 11/13/25 (a) | 2462 | 2390 |
| Interest Only, Series 2015-XA-GS1, REMIC, 0.69%, 11/13/48 (a) | 25743 | 51 |
| GS Mortgage Securities Trust 2016-GS3 |  |  |
| Interest Only, Series 2016-XA-GS3, REMIC, 1.18%, 10/13/49 (a) | 22467 | 180 |
| GS Mortgage Securities Trust 2017-GS7 |  |  |
| Series 2017-C-GS7, REMIC, 4.24%, 07/12/27 | 4800 | 4188 |
| Interest Only, Series 2017-C-2, REMIC, 1.07%, 08/12/50 (a) | 31869 | 472 |
| GS Mortgage Securities Trust 2018-GS9 |  |  |
| Series 2018-C-GS9, REMIC, 4.34%, 03/10/28 (a) | 2000 | 1680 |
| GS Mortgage Securities Trust 2019-GC38 |  |  |
| Interest Only, Series 2019-XA-GC38, REMIC, 1.01%, 02/12/52 (a) | 37027 | 1117 |
| GS Mortgage Securities Trust 2020-GC45 |  |  |
| Interest Only, Series 2020-XA-GC45, REMIC, 0.61%, 02/14/53 (a) | 45484 | 1020 |
| GSR Mortgage Loan Trust 2006-OA1 |  |  |
| Series 2006-3A2-OA1, REMIC, 3.54%, (COFI 11D (11th District Cost of Funds) + 1.50%), 08/25/46 (a) (c) | 12564 | 1933 |
| GWT Commercial Mortgage Trust 2024-WLF2 |  |  |
| Series 2024-A-WLF2, REMIC, 6.00%, (1 Month Term SOFR + 1.69%), 05/15/26 (a) | 2500 | 2505 |
| Halcyon Loan Advisors Funding 2013-2 Ltd. |  |  |
| Series 2013-D-2A, 8.34%, (3 Month Term SOFR + 4.06%), 08/01/25 (a) | 61 | 55 |
| HalseyPoint CLO II, Ltd. |  |  |
| Series 2020-AR-2A, 5.79%, (3 Month Term SOFR + 1.52%), 07/20/37 (a) | 6000 | 6017 |
| HERO Funding Trust 2016-4A |  |  |
| Series 2016-A2-4A, REMIC, 4.29%, 09/20/37 | 1426 | 1347 |
| Home Partners of America 2018-1 Trust |  |  |
| Series 2021-D-1, REMIC, 2.48%, 09/19/29 | 2169 | 1926 |
| Series 2021-E-1, REMIC, 2.58%, 09/19/29 | 992 | 871 |
| Series 2021-F-1, REMIC, 3.33%, 09/19/29 | 1142 | 1027 |
| HOMES Trust |  |  |
| Series 2023-A1-NQM2, REMIC, 6.46%, 02/25/68 (b) | 3617 | 3632 |
| Horizon Aircraft Finance III Limited |  |  |
| Series 2024-A-I, 5.38%, 09/15/31 | 2406 | 2393 |
| HSI Asset Securitization Corporation Trust 2007-NC1 |  |  |
| Series 2007-A2-NC1, REMIC, 3.20%, (1 Month Term SOFR + 0.25%), 04/25/37 (a) (b) (c) | 1773 | 1159 |
| Series 2007-A4-NC1, REMIC, 3.20%, (1 Month Term SOFR + 0.39%), 04/25/37 (a) (b) (c) | 8343 | 5496 |

---

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page [607](#abbreviations).

**JNL Series Trust** (Unaudited)

**Schedules of Investments (in thousands)**

June 30, 2025

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| INCREF 2025-FL1 LLC |  |  |
| Series 2025-A-FL1, 6.05%, (1 Month Term SOFR + 1.73%), 10/22/42 (a) | 2530 | 2539 |
| IndyMac INDA Mortgage Loan Trust 2006-AR2 |  |  |
| Series 2006-4A1-AR2, REMIC, 4.46%, 09/25/36 (a) | 514 | 485 |
| IndyMac MBS, Inc. |  |  |
| Series 2005-A6-A8CB, REMIC, 5.00%, 07/25/35 | 6273 | 3286 |
| Ixis Real Estate Capital Trust 2006-HE1 |  |  |
| Series 2006-A4-HE1, REMIC, 3.77%, (1 Month Term SOFR + 0.71%), 03/25/36 (a) (b) (c) | 3899 | 1926 |
| J.P. Morgan Chase Commercial Mortgage Securities Trust 2020-LOOP |  |  |
| Series 2020-E-LOOP, REMIC, 3.99%, 12/07/26 (a) | 2666 | 414 |
| J.P. Morgan Mortgage Acquisition Trust 2006-HE3 |  |  |
| Series 2006-A3-HE3, REMIC, 4.02%, (1 Month Term SOFR + 0.33%), 01/25/34 (a) (b) (c) | 4013 | 3743 |
| Series 2006-A4-HE3, REMIC, 4.02%, (1 Month Term SOFR + 0.43%), 07/25/36 (a) (b) (c) | 1500 | 1403 |
| Series 2006-A5-HE3, REMIC, 4.02%, (1 Month Term SOFR + 0.59%), 11/25/36 (a) (b) (c) | 3879 | 3629 |
| Series 2006-A5-WMC4, REMIC, 2.05%, (1 Month Term SOFR + 0.32%), 12/25/36 (a) (b) (c) | 19511 | 9657 |
| J.P. Morgan Resecuritization Trust, Series 2009-10 Trust |  |  |
| Series 2009-4A2-10, REMIC, 1.64%, 03/26/37 (a) | 807 | 889 |
| JPMBB Commercial Mortgage Securities Trust 2014-C21 |  |  |
| Series 2014-C-C21, REMIC, 4.56%, 08/16/47 (a) | 742 | 735 |
| JPMBB Commercial Mortgage Securities Trust 2015-C33 |  |  |
| Series 2015-C-C33, REMIC, 4.64%, 11/18/25 (a) | 2224 | 2104 |
| JPMCC Commercial Mortgage Securities Trust 2016-JP2 |  |  |
| Series 2016-B-JP2, REMIC, 3.46%, 07/17/26 | 5081 | 4660 |
| JPMDB Commercial Mortgage Securities Trust 2016-C2 |  |  |
| Interest Only, Series 2016-XA-C2, REMIC, 1.47%, 06/17/49 (a) | 17204 | 151 |
| JPMDB Commercial Mortgage Securities Trust 2019-COR6 |  |  |
| Series 2019-AS-COR6, REMIC, 3.41%, 11/15/29 | 4415 | 3826 |
| JPMDB Commercial Mortgage Securities Trust 2020-COR7 |  |  |
| Interest Only, Series 2020-XA-COR7, REMIC, 1.65%, 05/15/53 (a) | 34698 | 1779 |
| JPMorgan Chase Bank, N.A. |  |  |
| Series 2022-A-NLP, REMIC, 4.91%, (1 Month Term SOFR + 0.60%), 04/15/37 (a) | 2636 | 2606 |
| Katayma CLO I, Ltd. |  |  |
| Series 2023-A1-1A, 6.27%, (3 Month Term SOFR + 2.00%), 10/20/36 (a) | 5000 | 5022 |
| Series 2023-B-1A, 6.92%, (3 Month Term SOFR + 2.65%), 10/20/36 (a) | 1000 | 1003 |
| Katayma CLO II, Ltd. |  |  |
| Series 2024-A1-2A, 5.92%, (3 Month Term SOFR + 1.65%), 04/20/37 (a) | 1000 | 1003 |
| KREF 2021-FL2 Ltd. |  |  |
| Series 2021-A-FL2, 5.50%, (1 Month Term SOFR + 1.18%), 02/17/39 (a) (b) | 1440 | 1436 |
| Labrador Aviation Finance Limited |  |  |
| Series 2016-A1-1A, 4.30%, 01/15/42 (b) | 7701 | 7417 |
| LFT CRE 2021-FL1 LLC |  |  |
| Series 2021-A-FL1, 5.60%, (1 Month Term SOFR + 1.28%), 06/17/39 (a) | 845 | 842 |
| Series 2021-B-FL1, 6.18%, (1 Month Term SOFR + 1.86%), 06/17/39 (a) | 2600 | 2595 |
| LoanCore 2025-CRE8 Issuer LLC |  |  |
| Series 2025-A-CRE8, 5.70%, (1 Month Term SOFR + 1.45%), 11/01/29 (a) | 2710 | 2702 |
| LSTAR Commercial Mortgage Trust 2017-5 |  |  |
| Interest Only, Series 2017-X-5, REMIC, 0.85%, 03/11/50 (a) | 29661 | 207 |
| Luminace Abs-2024 Issuer LLC |  |  |
| Series 2024-A-1, 5.87%, 10/30/31 | 1178 | 1184 |
| Magnetite XL, Limited |  |  |
| Series 2024-A1-40A, 5.71%, (3 Month Term SOFR + 1.45%), 07/15/37 (a) | 2000 | 2006 |
| Marble Point CLO XXII Ltd. |  |  |
| Series 2021-A-2A, 5.74%, (3 Month Term SOFR + 1.46%), 07/25/34 (a) | 1000 | 1000 |
| Marble Point CLO XXV Ltd |  |  |
| Series 2022-A1R-2A, 6.20%, (3 Month Term SOFR + 1.93%), 10/20/36 (a) | 2000 | 2004 |
| Series 2022-BR-2A, 7.12%, (3 Month Term SOFR + 2.85%), 10/20/36 (a) | 1000 | 1004 |
| Master Asset Securitization Trust |  |  |
| Series 2006-1A13-1, REMIC, 5.75%, 05/25/36 | 1708 | 1014 |
| MASTR Adjustable Rate Mortgages Trust 2007-R5 |  |  |
| Series 2007-A1-R5, REMIC, 5.67%, 11/25/35 (a) | 8369 | 3935 |
| MASTR Alternative Loan Trust 2007-1 |  |  |
| Series 2007-2A1-1, REMIC, 6.50%, 10/25/36 | 2578 | 749 |
| Merrill Lynch Alternative Note Asset Trust, Series 2007-AF1 |  |  |
| Series 2007-1A1-OAR5, REMIC, 3.69%, 10/25/47 (a) | 9822 | 2662 |
| Merrill Lynch Mortgage Capital Inc. |  |  |
| Series 2006-A1-AR1, REMIC, 1.22%, (1 Month Term SOFR + 0.44%), 03/25/37 (a) (b) (c) | 27506 | 9333 |
| Merrill Lynch Mortgage Investors Trust, Series 2006-HE3 |  |  |
| Series 2006-A3-HE3, REMIC, 0.86%, (1 Month Term SOFR + 0.41%), 06/25/37 (a) (b) (c) | 16134 | 4102 |
| MF1 2021-FL7 Ltd. |  |  |
| Series 2021-A-FL7, 5.51%, (1 Month Term SOFR + 1.19%), 10/21/36 (a) | 1047 | 1046 |
| MF1 2022-FL8 Ltd. |  |  |
| Series 2022-A-FL8, 5.65%, (1 Month Term SOFR + 1.35%), 02/20/37 (a) | 684 | 684 |
| MF1 2024-FL15 LLC |  |  |
| Series 2024-A-FL15, 6.00%, (1 Month Term SOFR + 1.69%), 08/18/41 (a) | 2500 | 2508 |
| MF1 2025-FL17 LLC |  |  |
| Series 2025-A-FL17, 5.63%, (1 Month Term SOFR + 1.32%), 02/21/40 (a) | 2710 | 2705 |
| MFA 2023-NQM3 Trust |  |  |
| Series 2023-A1-NQM3, REMIC, 6.62%, 07/25/68 (b) | 10066 | 10152 |
| Morgan Stanley Bank of America Merrill Lynch Trust 2014-C19 |  |  |
| Series 2014-C-C19, REMIC, 4.00%, 12/17/47 | 788 | 752 |
| Morgan Stanley Bank of America Merrill Lynch Trust 2016-C28 |  |  |
| Interest Only, Series 2016-XA-C28, REMIC, 1.14%, 01/15/49 (a) | 17280 | 19 |
| Morgan Stanley Bank of America Merrill Lynch Trust 2016-C30 |  |  |
| Interest Only, Series 2016-XA-C30, REMIC, 1.28%, 09/17/49 (a) | 14892 | 163 |
| Morgan Stanley Bank of America Merrill Lynch Trust 2016-C31 |  |  |
| Series 2016-C-C31, REMIC, 4.25%, 10/19/26 (a) | 2360 | 2074 |
| Morgan Stanley Capital I Trust 2019-L3 |  |  |
| Series 2019-AS-L3, REMIC, 3.49%, 11/16/29 (a) | 3847 | 3595 |
| Interest Only, Series 2019-XA-L3, REMIC, 0.60%, 11/18/52 (a) | 65970 | 1513 |
| Morgan Stanley Capital I Trust 2024-NSTB |  |  |
| Series 2024-A-NSTB, REMIC, 3.90%, 07/25/32 (a) | 2565 | 2481 |
| Morgan Stanley Mortgage Loan Trust 2006-16AX |  |  |
| Series 2006-A2C-WMC2, REMIC, 1.44%, (1 Month Term SOFR + 0.41%), 07/25/36 (a) (b) (c) | 17013 | 6103 |
| Morgan Stanley Mortgage Loan Trust 2007-12 |  |  |
| Series 2007-3A22-12, REMIC, 6.00%, 08/25/37 | 1082 | 373 |

---

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page [607](#abbreviations).

**JNL Series Trust** (Unaudited)

**Schedules of Investments (in thousands)**

June 30, 2025

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| Morgan Stanley Mortgage Loan Trust 2007-8XS |  |  |
| Series 2007-A1-8XS, REMIC, 1.35%, 04/25/37 (a) (c) | 926 | 487 |
| Mosaic Solar Loan Trust 2020-1 |  |  |
| Series 2020-B-1A, 3.10%, 11/22/32 | 1293 | 1131 |
| MP CLO VIII Ltd |  |  |
| Series 2015-ARR-2A, 5.74%, (3 Month Term SOFR + 1.46%), 04/28/34 (a) | 1500 | 1502 |
| MRCD 2019-PARK Mortgage Trust |  |  |
| Series 2019-F-PARK, REMIC, 2.72%, 12/15/36 | 1018 | 632 |
| Nassau 2018-I Ltd. |  |  |
| Series 2018-A-IA, 5.67%, (3 Month Term SOFR + 1.41%), 07/15/31 (a) | 426 | 426 |
| Natixis Commercial Mortgage Securities Trust 2020-2PAC |  |  |
| Series 2020-D-2PAC, REMIC, 3.75%, 12/16/38 | 4415 | 3722 |
| NBC Funding LLC |  |  |
| Series 2024-A2-1A, 6.75%, 07/30/31 | 1492 | 1510 |
| New Residential Mortgage Loan Trust 2020-RPL1 |  |  |
| Series 2020-M2-RPL1, REMIC, 3.50%, 11/25/59 (a) | 5300 | 4629 |
| NJ 2025-WBRK Mortgage Trust |  |  |
| Series 2025-A-WBRK, REMIC, 5.87%, 03/07/30 | 1814 | 1871 |
| Nomura Asset Acceptance Corporation, Alternative Loan Trust, Series 2005-AR4 |  |  |
| Series 2006-3A-AR1, REMIC, 4.93%, 02/25/36 (a) | 397 | 275 |
| Nomura Resecuritization Trust 2011-4R |  |  |
| Series 2011-2A10-4RA, REMIC, 4.03%, 07/26/41 (a) | 5277 | 4552 |
| NP SPE II LLC |  |  |
| Series 2019-A2-1A, 3.24%, 09/20/26 | 7474 | 7268 |
| OBX 2022-NQM7 Trust |  |  |
| Series 2022-A1-NQM7, REMIC, 5.11%, 08/25/62 (b) | 3406 | 3388 |
| OBX 2023-NQM3 Trust |  |  |
| Series 2023-A1-NQM3, REMIC, 5.95%, 02/25/63 (a) (b) | 3368 | 3370 |
| OBX 2023-NQM4 Trust |  |  |
| Series 2023-A1-NQM4, REMIC, 6.11%, 03/25/63 (b) | 3010 | 3016 |
| OCP CLO 2017-13 Ltd |  |  |
| Series 2017-AR2-13A, 5.61%, (3 Month Term SOFR + 1.34%), 11/26/37 (a) | 1000 | 1001 |
| PMT Issuer Trust - FMSR |  |  |
| Series 2021-A-FT1, 7.43%, (1 Month Term SOFR + 3.11%), 03/25/26 (a) (d) | 2000 | 2011 |
| PR Mortgage Loan Trust |  |  |
| Series 2014-APT-1, REMIC, 5.86%, 09/25/47 (a) | 4217 | 3996 |
| PRET 2024-NPL6, LLC |  |  |
| Series 2024-A1-NPL6, REMIC, 5.93%, 09/25/54 (b) | 13387 | 13337 |
| PRET 2024-NPL9, LLC |  |  |
| Series 2024-A1-NPL9, 5.85%, 12/25/27 (b) | 7513 | 7625 |
| Pretium Mortgage Credit Partners LLC |  |  |
| Series 2021-A1-RN2, 4.74%, 07/25/51 (a) (b) | 2175 | 2169 |
| Progress Residential 2021-SFR3 Trust |  |  |
| Series 2021-E2-SFR3, REMIC, 2.69%, 05/19/26 | 8500 | 8338 |
| Progress Residential 2021-SFR5 Trust |  |  |
| Series 2021-E1-SFR5, REMIC, 2.21%, 07/17/26 | 15840 | 15435 |
| Progress Residential 2021-SFR8 Trust |  |  |
| Series 2021-E2-SFR8, REMIC, 2.53%, 10/19/26 | 5100 | 4943 |
| PRPM 2024-4, LLC |  |  |
| Series 2024-A1-4, REMIC, 6.41%, 08/25/27 (b) | 3316 | 3316 |
| PRPM 2024-6, LLC. |  |  |
| Series 2024-A1-6, REMIC, 5.70%, 11/25/27 (b) | 9276 | 9283 |
| PRPM 2024-7 LLC |  |  |
| Series 2024-A1-7, 5.87%, 11/25/27 (b) | 2026 | 2035 |
| RALI Series 2006-QS4 Trust |  |  |
| Series 2006-A4-QS4, REMIC, 6.00%, 04/25/36 | 1272 | 1011 |
| RALI Series 2006-QS5 Trust |  |  |
| Series 2006-A4-QS5, REMIC, 6.00%, 05/25/36 | 1276 | 1043 |
| Rate Adjustable Mortgage Trust |  |  |
| Series 2005-6A21-4, REMIC, 4.94%, 08/25/35 (a) | 2744 | 2361 |
| RBSGC Mortgage Loan Trust 2007-B |  |  |
| Series 2007-1A4-B, REMIC, 4.88%, (1 Month Term SOFR + 0.56%), 12/25/36 (a) | 2309 | 1252 |
| Interest Only, Series 2007-1A6-B, REMIC, 1.62%, (5.94% - (1 Month Term SOFR \* 1)), 01/25/37 (a) | 2309 | 243 |
| RBSGC Mortgage Loan Trust, 2007-A |  |  |
| Series 2007-2A1-A, REMIC, 6.75%, 01/25/37 | 2235 | 2129 |
| Research-Driven Pagaya Motor Trust 2025-3 |  |  |
| Series 2025-A2-3A, 5.15%, 06/25/27 | 2800 | 2815 |
| Residential Accredit Loans, Inc. |  |  |
| Series 2006-A21-QA1, REMIC, 5.21%, 01/25/36 (a) | 3883 | 2855 |
| Residential Asset Securitization Trust 2006-A12 |  |  |
| Series 2006-A1-A12, REMIC, 6.25%, 11/25/36 | 9030 | 3441 |
| Residential Asset Securitization Trust 2006-A6 |  |  |
| Series 2006-2A11-A6, REMIC, 6.00%, 07/25/36 | 2383 | 1209 |
| Residential Asset Securitization Trust 2007-A3 |  |  |
| Series 2007-1A1-A3, REMIC, 4.88%, (1 Month Term SOFR + 0.56%), 04/25/37 (a) | 5033 | 1839 |
| Series 2007-1A2-A3, REMIC, 12.39%, (45.51% - (1 Month Term SOFR \* 7.67)), 04/25/37 (a) | 656 | 759 |
| Residential Asset Securitization Trust 2007-A6 |  |  |
| Series 2007-2A1-A6, REMIC, 6.50%, 06/25/37 | 2904 | 565 |
| Residential Asset Securitization Trust 2007-A8 |  |  |
| Series 2007-1A1-A8, REMIC, 6.00%, 08/25/37 | 15332 | 7265 |
| RFMSI Series 2006-S6 Trust |  |  |
| Series 2006-A14-S6, REMIC, 6.00%, 07/25/36 | 145 | 128 |
| RFMSI Series 2007 S7 Trust |  |  |
| Series 2007-A20-S7, REMIC, 6.00%, 07/25/37 | 923 | 763 |
| RFMSI Series 2007-S2 Trust |  |  |
| Series 2007-A4-S2, REMIC, 6.00%, 02/25/37 | 473 | 356 |
| RFMSI Series 2007-S4 Trust |  |  |
| Series 2007-A2-S4, REMIC, 6.00%, 04/25/37 | 591 | 483 |
| RFMSI Series 2007-S5 Trust |  |  |
| Series 2007-A2-S5, REMIC, 6.00%, 05/25/37 | 3858 | 3195 |
| ROCK Trust 2024-CNTR |  |  |
| Series 2024-A-CNTR, REMIC, 5.39%, 11/15/41 | 1376 | 1401 |
| Rockford Tower CLO 2024-1 Ltd |  |  |
| Series 2024-A1-1A, 5.88%, (3 Month Term SOFR + 1.61%), 04/20/37 (a) | 2000 | 2007 |
| Sapphire Aviation Finance II Limited |  |  |
| Series 2020-A-1A, 3.23%, 03/15/27 | 5089 | 4852 |
| Securitized Asset Backed Receivables LLC Trust 2006-Nc3 |  |  |
| Series 2006-A2B-NC3, REMIC, 1.02%, (1 Month Term SOFR + 0.41%), 09/25/36 (a) (b) (c) | 15603 | 5106 |
| SFO Commercial Mortgage Trust 2021-555 |  |  |
| Series 2021-B-555, REMIC, 5.93%, (1 Month Term SOFR + 1.61%), 05/15/28 (a) | 1330 | 1321 |
| Shenton Aircraft Investment I Limited |  |  |
| Series 2015-A-1A, 4.75%, 11/15/27 | 5067 | 4928 |
| SLG Office Trust 2021-OVA |  |  |
| Series 2021-E-OVA, REMIC, 2.85%, 07/17/31 | 2180 | 1826 |
| SoFi Consumer Loan Program 2021-1 Trust |  |  |
| Series 2021-PT1-1, 9.72%, 05/25/30 | 291 | 289 |
| SoFi Consumer Loan Program 2025-2 Trust |  |  |
| Series 2025-C-2, 5.22%, 06/25/34 | 5000 | 5034 |
| SoFi Professional Loan Program 2017-F LLC |  |  |
| Series 2017-BFX-F, 3.62%, 05/25/27 | 8000 | 7574 |
| Sound Point CLO 38, Ltd. |  |  |
| Series 2024-A1-38A, 5.92%, (3 Month Term SOFR + 1.60%), 02/20/37 (a) | 1500 | 1504 |
| Sound Point CLO IV-R, Ltd. |  |  |
| Series 2013-A-3RA, 5.68%, (3 Month Term SOFR + 1.41%), 04/18/31 (a) (d) | 1426 | 1426 |
| Sound Point CLO IX Ltd |  |  |
| Series 2015-BRRR-2A, 6.33%, (3 Month Term SOFR + 2.06%), 07/20/32 (a) | 850 | 851 |
| Sound Point Clo XXI Ltd |  |  |
| Series 2018-A1AR-3A, 5.58%, (3 Month Term SOFR + 1.30%), 10/27/31 (a) | 1955 | 1956 |

---

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page [607](#abbreviations).

**JNL Series Trust** (Unaudited)

**Schedules of Investments (in thousands)**

June 30, 2025

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| Sound Point CLO XXIII |  |  |
| Series 2019-AR-2A, 5.69%, (3 Month Term SOFR + 1.43%), 07/17/34 (a) | 2000 | 2001 |
| Sound Point CLO XXIX Ltd |  |  |
| Series 2021-A-1A, 5.61%, (3 Month Term SOFR + 1.33%), 04/25/34 (a) | 1000 | 1002 |
| Starm Mortgage Loan Trust 2007-2 |  |  |
| Series 2007-4A1-2, REMIC, 6.82%, 04/25/37 (a) | 365 | 175 |
| Starwood Mortgage Residential Trust 2021-2 |  |  |
| Series 2021-B1-2, REMIC, 2.75%, 05/25/65 (a) | 5537 | 4765 |
| Steele Creek CLO 2016-1, Ltd. |  |  |
| Series 2016-AR-1A, 5.70%, (3 Month Term SOFR + 1.38%), 06/16/31 (a) (d) | 508 | 509 |
| Structured Adjustable Rate Mortgage Loan Trust 2005-3XS |  |  |
| Series 2005-2A-21, REMIC, 5.73%, 11/25/35 (a) | 2538 | 2091 |
| Structured Asset Investment Loan Trust 2006-3 |  |  |
| Series 2006-A1-3, REMIC, 2.43%, (1 Month Term SOFR + 0.27%), 06/25/36 (a) (b) (c) | 4495 | 2768 |
| Structured Asset Investment Loan Trust 2006-4 |  |  |
| Series 2006-A5-4, REMIC, 0.96%, (1 Month Term SOFR + 0.42%), 07/25/36 (a) (b) (c) | 20500 | 7483 |
| Structured Asset Investment Loan Trust 2006-BNC3 |  |  |
| Series 2006-A1-BNC3, REMIC, 2.52%, (1 Month Term SOFR + 0.29%), 09/25/36 (a) (b) (c) | 4602 | 2705 |
| Structured Asset Securities Corporation |  |  |
| Series 2005-1A1-5, REMIC, 5.75%, 04/25/35 | 4851 | 2453 |
| STWD 2021-FL2, Ltd. |  |  |
| Series 2021-A-FL2, 5.64%, (1 Month Term SOFR + 1.31%), 04/16/38 (a) (b) | 2338 | 2329 |
| Sunnova Helios III Issuer, LLC |  |  |
| Series 2019-A-AA, 3.75%, 06/20/29 | 1477 | 1351 |
| Sunnova Sol II Issuer, LLC |  |  |
| Series 2020-A-2A, 2.73%, 10/30/30 | 3283 | 2706 |
| Switch ABS Issuer, LLC |  |  |
| Series 2024-A2-2A, 5.44%, 06/25/54 | 2500 | 2522 |
| Taco Bell Funding, LLC |  |  |
| Series 2021-A2I-1A, 1.95%, 02/25/27 | 4912 | 4680 |
| Series 2021-A23-1A, 2.54%, 08/25/31 | 3930 | 3351 |
| Tesla Sustainable Energy Trust 2024-1 |  |  |
| Series 2024-A3-1A, 5.29%, 12/22/31 | 2450 | 2345 |
| Trinity Rail Leasing 2010 LLC |  |  |
| Series 2010-A-1A, 5.19%, 01/16/31 (d) | 2279 | 2265 |
| TRTX 2021-FL4 Issuer, Ltd. |  |  |
| Series 2021-A-FL4, 5.63%, (1 Month Term SOFR + 1.31%), 03/17/38 (a) (b) | 1264 | 1261 |
| TRTX 2022-FL5 Issuer, Ltd. |  |  |
| Series 2022-A-FL5, 5.95%, (1 Month Term SOFR + 1.65%), 02/17/39 (a) (b) | 2519 | 2518 |
| UBS Commercial Mortgage Trust 2017-C1 |  |  |
| Interest Only, Series 2017-XA-C1, REMIC, 1.46%, 06/17/50 (a) | 12845 | 250 |
| Upgrade Master Pass-Thru Trust Series 2025-ST1 |  |  |
| Series 2025-A-ST1, 5.44%, 02/15/29 | 917 | 918 |
| Upstart Securitization Trust 2021-4 |  |  |
| Series 2021-C-4, 3.19%, 09/20/31 | 2888 | 2861 |
| Upstart Securitization Trust 2024-1 |  |  |
| Series 2024-A-1, 5.33%, 11/20/34 | 1850 | 1853 |
| Vegas Trust 2024-TI |  |  |
| Series 2024-A-TI, REMIC, 5.52%, 11/15/27 | 1377 | 1394 |
| Velocity Commercial Capital Loan Trust 2017-2 |  |  |
| Series 2017-AFX-2, REMIC, 3.07%, 07/25/26 (a) | 481 | 478 |
| Verus Securitization Trust 2023-4 |  |  |
| Series 2023-A1-4, REMIC, 5.81%, 05/25/68 (b) | 2712 | 2712 |
| Vibrant CLO III Ltd |  |  |
| Series 2015-A1RR-3A, REMIC, 5.78%, (3 Month Term SOFR + 1.51%), 10/20/31 (a) | 347 | 347 |
| Visio 2021-1R Trust |  |  |
| Series 2021-M1-1R, REMIC, 2.73%, 05/25/56 | 6161 | 5332 |
| VOLT CV LLC |  |  |
| Series 2021-A1-CF2, 5.49%, 11/27/51 (a) (b) | 568 | 567 |
| VOLT XCIV, LLC |  |  |
| Series 2021-A1-NPL3, 2.24%, 02/27/51 (b) | 180 | 180 |
| VOLT XCVI, LLC |  |  |
| Series 2021-A1-NPL5, 6.12%, 03/27/51 (a) (b) | 274 | 274 |
| VOLT XCVII, LLC |  |  |
| Series 2021-A1-NPL6, 5.24%, 04/25/51 (a) (b) | 244 | 244 |
| Warwick Capital CLO 3 Ltd |  |  |
| Series 2024-A1-3A, 5.92%, (3 Month Term SOFR + 1.65%), 04/20/37 (a) | 1000 | 1003 |
| Warwick Capital CLO 4 Ltd. |  |  |
| Series 2024-A1-4A, 5.67%, (3 Month Term SOFR + 1.40%), 07/20/37 (a) | 3000 | 3008 |
| Washington Mutual Asset-Backed Certificates WMABS Series 2006-HE5 Trust |  |  |
| Series 2006-2A2-HE5, REMIC, 1.47%, (1 Month Term SOFR + 0.29%), 10/25/36 (a) (b) (c) | 51 | 17 |
| Washington Mutual Asset-Backed Certificates, WaMu Series 200X-HEX Trust |  |  |
| Series 2006-2A3-2, REMIC, 1.08%, (1 Month Term SOFR + 0.49%), 04/25/36 (a) (b) (c) | 13301 | 4409 |
| Washington Mutual Mortgage Pass-Through Certificates WMALT Series 2006-5 Trust |  |  |
| Series 2006-1A5-5, REMIC, 6.00%, 07/25/36 | 870 | 695 |
| Series 2006-1A7-5, REMIC, 6.00%, 07/25/36 | 1554 | 1241 |
| Washington Mutual Mortgage Pass-Through Certificates WMALT Series 2006-7 Trust |  |  |
| Series 2006-A4-7, REMIC, 1.17%, 09/25/36 (a) (b) (c) | 16601 | 4494 |
| Washington Mutual Mortgage Pass-Through Certificates WMALT Series 2007-2 Trust |  |  |
| Series 2007-2A2-2, REMIC, 5.50%, 04/25/37 | 806 | 796 |
| Waterfall Commercial Mortgage Trust 2015-SBC5 |  |  |
| Series 2015-A-SBC5, REMIC, 4.10%, 01/14/26 (a) | 257 | 256 |
| Wells Fargo & Company |  |  |
| Series 2016-C-C32, REMIC, 4.70%, 01/16/26 (a) | 1577 | 1550 |
| Series 2016-C-LC24, REMIC, 4.43%, 09/17/26 (a) | 2000 | 1798 |
| Interest Only, Series 2016-XA-C33, REMIC, 1.54%, 03/17/59 (a) | 9532 | 45 |
| Wells Fargo Alternative Loan 2007-PA3 Trust |  |  |
| Series 2007-2A1-PA3, REMIC, 6.00%, 07/25/37 | 970 | 858 |
| Series 2007-3A1-PA3, REMIC, 6.25%, 07/25/37 | 910 | 780 |
| Wells Fargo Alternative Loan 2007-PA5 Trust |  |  |
| Series 2007-1A1-PA5, REMIC, 6.25%, 11/25/37 | 324 | 269 |
| Wells Fargo Commercial Mortgage Trust 2015-C31 |  |  |
| Series 2015-C-C31, REMIC, 4.63%, 11/18/25 (a) | 1850 | 1808 |
| Wells Fargo Commercial Mortgage Trust 2015-LC20 |  |  |
| Series 2015-C-LC20, REMIC, 4.06%, 04/15/50 (a) | 1191 | 1147 |
| Wells Fargo Commercial Mortgage Trust 2015-NXS4 |  |  |
| Series 2015-D-NXS4, REMIC, 3.68%, 11/18/25 (a) | 2031 | 1956 |
| Wells Fargo Commercial Mortgage Trust 2015-P2 |  |  |
| Interest Only, Series 2015-XA-P2, REMIC, 0.84%, 12/17/48 (a) | 12892 | 35 |
| Wells Fargo Commercial Mortgage Trust 2017-C39 |  |  |
| Interest Only, Series 2017-XA-C39, REMIC, 1.07%, 09/16/50 (a) | 64168 | 1007 |
| Wells Fargo Commercial Mortgage Trust 2017-RC1 |  |  |
| Interest Only, Series 2017-XA-RC1, REMIC, 1.37%, 01/16/60 (a) | 14764 | 264 |
| Wells Fargo Commercial Mortgage Trust 2019-C54 |  |  |
| Interest Only, Series 2019-XA-C54, REMIC, 0.83%, 12/17/52 (a) | 33858 | 1055 |
| Wells Fargo Commercial Mortgage Trust 2020-C55 |  |  |
| Interest Only, Series 2020-XA-C55, REMIC, 1.27%, 02/18/53 (a) | 55968 | 2547 |

---

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page [607](#abbreviations).

**JNL Series Trust** (Unaudited)

**Schedules of Investments (in thousands)**

June 30, 2025

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| Wells Fargo Commercial Mortgage Trust 2020-C56 |  |  |
| Interest Only, Series 2020-XA-C56, REMIC, 1.26%, 06/17/53 (a) | 47881 | 2320 |
| Wells Fargo Mortgage Backed Securities 2007-7 Trust |  |  |
| Series 2007-A38-7, REMIC, 6.00%, 06/25/37 | 493 | 459 |
| Willis Engine Structured Trust IV |  |  |
| Series 2018-A-A, 4.75%, 09/15/26 (b) (d) | 1148 | 1131 |
| Total Non-U.S. Government Agency Asset-Backed Securities (cost $869,761) | Total Non-U.S. Government Agency Asset-Backed Securities (cost $869,761) | 760291 |
| **SHORT TERM INVESTMENTS 2.7%** | **SHORT TERM INVESTMENTS 2.7%** | **SHORT TERM INVESTMENTS 2.7%** |
| **Investment Companies 2.7%** | **Investment Companies 2.7%** | **Investment Companies 2.7%** |
| JNL Government Money Market Fund - Class I, 4.20% (e) (f) | 51254 | 51254 |
| Total Short Term Investments (cost $51,254) | Total Short Term Investments (cost $51,254) | 51254 |
| **Total Investments 98.8% (cost $2,026,896)** | **Total Investments 98.8% (cost $2,026,896)** | **1858528** |
| **Other Derivative Instruments 0.1%** | **Other Derivative Instruments 0.1%** | **1903** |
| **Other Assets and Liabilities, Net 1.1%** | **Other Assets and Liabilities, Net 1.1%** | **20336** |
| **Total Net Assets 100.0%** | **Total Net Assets 100.0%** | **1880767** |

---

(a) Security has a variable rate. Interest rates reset periodically. Rate stated was in effect as of June 30, 2025. For securities based on a published reference rate and spread, the reference rate and spread are presented. Certain variable rate securities do not indicate a reference rate and spread because they are determined by the issuer, remarketing agent, or offering documents and are based on current market conditions. The coupon rate for securities with certain features outlined in the offering documents may vary from the stated reference rate and spread. This includes, but is not limited to, securities with deferred rates, contingent distributions, caps, floors, and fixed-rate to float-rate features. In addition, variable rates for government and agency collateralized mortgage obligations ("CMO") and mortgage-backed securities ("MBS") are determined by tranches of underlying mortgage-backed security pools' cash flows into securities and pass-through rates which reflect the rate earned on the asset pool after management and guarantee fees are paid to the securitizing corporation. CMO and MBS variable rates are determined by a formula set forth in the security's offering documents.

(b) Security is a step-up bond where the coupon may increase or step up at a future date or as the result of an upgrade or downgrade to the credit rating of the issuer. Rate stated was the coupon as of June 30, 2025.

(c) The coupon rate represents the weighted average coupon and may differ from the stated coupon rate.

(d) Security is exempt from registration under the Securities Act of 1933, as amended. As of June 30, 2025, the value and the percentage of net assets of these securities was $7,342 and 0.4% of the Fund.

(e) Investment in affiliate.

(f) Yield changes daily to reflect current market conditions. Rate was the quoted yield as of June 30, 2025.

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **JNL/DoubleLine Total Return Fund — Investments in Affiliates** | **JNL/DoubleLine Total Return Fund — Investments in Affiliates** | **JNL/DoubleLine Total Return Fund — Investments in Affiliates** | **JNL/DoubleLine Total Return Fund — Investments in Affiliates** | **JNL/DoubleLine Total Return Fund — Investments in Affiliates** | **JNL/DoubleLine Total Return Fund — Investments in Affiliates** | **JNL/DoubleLine Total Return Fund — Investments in Affiliates** | **JNL/DoubleLine Total Return Fund — Investments in Affiliates** | **JNL/DoubleLine Total Return Fund — Investments in Affiliates** |
| **Affiliated Investment** | **Value Beginning of Period($)** | **Purchases($)** | **Sales Proceeds($)** | **Dividend Income/ Distributions from Funds($)** | **Realized Gain (Loss)($)** | **Change in Unrealized Appreciation (Depreciation) ($)** | **Value End of Period($)** | **Percentage of Net Assets(%)** |
| JNL Government Money Market Fund, 4.20% - Class I | 9530 | 319931 | 278207 | 506 |  |  | 51254 | 2.7 |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **JNL/DoubleLine Total Return Fund — Futures Contracts** | **JNL/DoubleLine Total Return Fund — Futures Contracts** | **JNL/DoubleLine Total Return Fund — Futures Contracts** | **JNL/DoubleLine Total Return Fund — Futures Contracts** | **JNL/DoubleLine Total Return Fund — Futures Contracts** | **JNL/DoubleLine Total Return Fund — Futures Contracts** |
| **Reference Entity** | **Contracts<sup>1</sup>** | **Expiration** | **Notional<sup>1</sup>** | **Variation**<br> **Margin**<br> **Receivable**<br> (Payable) ($) | **Value/**<br> **Unrealized**<br> **Appreciation**<br> (Depreciation) ($) |
| **Long Contracts** | **Long Contracts** | **Long Contracts** | **Long Contracts** | **Long Contracts** | **Long Contracts** |
| United States 2 Year Note | 4050 | October 2025 | 839060 | 222 | 3435 |
| United States 5 Year Note | 575 | October 2025 | 61870 | 76 | 805 |
| United States Long Bond | 1420 | September 2025 | 156173 | 1420 | 7793 |
| United States Ultra Bond | 325 | September 2025 | 36932 | 437 | 1783 |
|  |  |  |  | 2155 | 13816 |
| **Short Contracts** | **Short Contracts** | **Short Contracts** | **Short Contracts** | **Short Contracts** | **Short Contracts** |
| United States 10 Year Ultra Bond | (520) | September 2025 | (57743) | (252) | (1675) |

---

**Fair Value Hierarchy.** Various inputs are used in determining the fair value of financial instruments. For a description of the input levels and information about the Fund's policy regarding valuation of financial instruments, see Note 3 in the Notes to Financial Statements. The following table summarizes the Fund's investments categorized in the disclosure hierarchy as of June 30, 2025.

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **<u>. Level 1 ($) .</u>** | **<u>. Level 2 ($) .</u>** | **<u>. Level 3 ($) .</u>** | **<u>. Total ($) .</u>** |
| **JNL/DoubleLine Total Return Fund** | **JNL/DoubleLine Total Return Fund** | **JNL/DoubleLine Total Return Fund** | **JNL/DoubleLine Total Return Fund** | **JNL/DoubleLine Total Return Fund** |
| **Assets - Securities** |  |  |  |  |
| &nbsp;&nbsp; Government And Agency Obligations |  | 1046983 |  | 1046983 |
| &nbsp;&nbsp; Non-U.S. Government Agency Asset-Backed Securities |  | 760291 |  | 760291 |
| &nbsp;&nbsp; Short Term Investments | 51254 |  |  | 51254 |
|  | 51254 | 1807274 |  | 1858528 |
| **Assets - Investments in Other Financial Instruments<sup>1</sup>** |  |  |  |  |
| &nbsp;&nbsp; Futures Contracts | 13816 |  |  | 13816 |
|  | 13816 |  |  | 13816 |
| **Liabilities - Investments in Other Financial Instruments<sup>1</sup>** |  |  |  |  |
| &nbsp;&nbsp; Futures Contracts | (1675) |  |  | (1675) |
|  | (1675) |  |  | (1675) |

---

<sup>1</sup> All derivatives, except for purchased and written options, are reflected at the unrealized appreciation (depreciation) on the instrument. Purchased and written options are reflected at value.

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page [607](#abbreviations).

**JNL Series Trust** (Unaudited)

**Schedules of Investments (in thousands)**

June 30, 2025

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>**  | **Value ($)**  |
| **JNL/Dreyfus Government Money Market Fund** | **JNL/Dreyfus Government Money Market Fund** | **JNL/Dreyfus Government Money Market Fund** |
| **REPURCHASE AGREEMENTS 58.9%** | **REPURCHASE AGREEMENTS 58.9%** | **REPURCHASE AGREEMENTS 58.9%** |
| Repurchase Agreements (a) |  | 1499000 |
| Total Repurchase Agreements (cost $1,499,000) | Total Repurchase Agreements (cost $1,499,000) | 1499000 |
| **GOVERNMENT AND AGENCY OBLIGATIONS 43.2%** | **GOVERNMENT AND AGENCY OBLIGATIONS 43.2%** | **GOVERNMENT AND AGENCY OBLIGATIONS 43.2%** |
| **U.S. Treasury Bill 16.6%** | **U.S. Treasury Bill 16.6%** | **U.S. Treasury Bill 16.6%** |
| Treasury, United States Department of |  |  |
| 4.19%, 07/03/25 (b) | 26000 | 25994 |
| 4.01%, 10/09/25 (b) | 30700 | 30358 |
| 4.12%, 10/16/25 (b) | 18300 | 18079 |
| 4.11%, 10/23/25 - 02/19/26 (b) | 32700 | 32030 |
| 4.25%, 10/28/25 (b) | 15000 | 14792 |
| 4.16%, 10/30/25 (b) | 14000 | 13807 |
| 4.15%, 11/06/25 (b) | 26700 | 26312 |
| 4.17%, 11/13/25 (b) | 35600 | 35052 |
| 4.20%, 11/20/25 (b) | 10600 | 10427 |
| 4.23%, 11/28/25 (b) | 48000 | 47165 |
| 4.21%, 12/04/25 (b) | 25600 | 25140 |
| 4.21%, 12/11/25 (b) | 18900 | 18545 |
| 4.21%, 12/18/25 (b) | 13800 | 13529 |
| 4.13%, 12/26/25 (b) | 33500 | 32826 |
| 4.17%, 01/02/26 (b) | 13000 | 12728 |
| 4.08%, 01/22/26 (b) | 32500 | 31755 |
| 4.00%, 03/19/26 (b) | 15900 | 15445 |
| 3.98%, 05/14/26 (b) | 19800 | 19115 |
|  |  | 423099 |
| **U.S. Government Agency Obligations 14.1%** | **U.S. Government Agency Obligations 14.1%** | **U.S. Government Agency Obligations 14.1%** |
| Council of Federal Home Loan Banks |  |  |
| 4.40%, (SOFR + 0.01%), 10/02/25 (c) (d) | 14600 | 14600 |
| 4.39%, (SOFR + 0.00%), 12/18/25 (c) (d) | 25500 | 25500 |
| 0.00%, (SOFR + 0.00%), 01/05/26 (c) (d) | 25000 | 25000 |
| 4.25%, 05/22/26 (d) | 14900 | 14900 |
| 4.21%, 05/28/26 (d) | 14500 | 14500 |
| 4.16%, 06/09/26 (d) | 14100 | 14100 |
| Federal Farm Credit Banks Funding Corporation |  |  |
| 4.44%, (SOFR + 0.06%), 12/02/25 (c) (d) | 6100 | 6100 |
| 4.53%, (SOFR + 0.14%), 11/04/26 - 12/02/26 (c) (d) | 10800 | 10800 |
| 4.52%, (SOFR + 0.14%), 11/23/26 - 01/08/27 (c) (d) | 17000 | 17000 |
| Federal Home Loan Bank of New York |  |  |
| 4.40%, (SOFR + 0.01%), 07/28/25 (c) (d) | 11000 | 11000 |
| 4.42%, 02/09/26 (d) | 18000 | 18000 |
| 4.44%, 02/09/26 (d) | 14000 | 14000 |
| 4.52%, (SOFR + 0.14%), 12/17/26 (c) (d) | 10000 | 10000 |
| Federal Home Loan Bank of Topeka |  |  |
| 4.41%, (SOFR + 0.02%), 10/17/25 (c) (d) | 28000 | 28000 |
| 4.39%, (SOFR + 0.00%), 12/11/25 - 12/17/25 (c) (d) | 59000 | 59000 |
| 4.40%, 03/13/26 (d) | 13300 | 13300 |
| 4.33%, 04/15/26 (d) | 15000 | 15000 |
| 4.35%, 04/17/26 (d) | 7400 | 7400 |
| 4.25%, 04/20/26 (d) | 14700 | 14700 |
| Federal Home Loan Mortgage Corporation |  |  |
| 4.50%, (SOFR + 0.11%), 05/07/26 (c) (d) | 2400 | 2400 |
| 4.53%, (SOFR + 0.14%), 10/29/26 (c) (d) | 3300 | 3300 |
| Federal National Mortgage Association, Inc. |  |  |
| 4.53%, (SOFR + 0.14%), 10/23/26 - 12/11/26 (c) (d) | 19000 | 19000 |
|  |  | 357600 |
| **U.S. Treasury Note 7.4%** | **U.S. Treasury Note 7.4%** | **U.S. Treasury Note 7.4%** |
| Treasury, United States Department of |  |  |
| 0.25%, 10/31/25 | 5600 | 5524 |
| 4.41%, (3 Month Treasury + 0.17%), 10/31/25 (c) | 26000 | 26010 |
| 5.00%, 10/31/25 | 3900 | 3908 |
| 2.88%, 11/30/25 | 3100 | 3081 |
| 4.88%, 11/30/25 - 05/31/26 | 8500 | 8533 |
| 1.63%, 02/15/26 | 3500 | 3443 |
| 0.50%, 02/28/26 | 5300 | 5170 |
| 4.63%, 02/28/26 - 06/30/26 | 23200 | 23263 |
| 4.50%, 03/31/26 | 4000 | 4011 |
| 4.44%, (3 Month Treasury + 0.20%), 10/31/26 (c) | 40300 | 40325 |
| 4.34%, (3 Month Treasury + 0.10%), 01/31/27 (c) | 48300 | 48299 |
| 4.40%, (3 Month Treasury + 0.16%), 04/30/27 (c) | 15400 | 15400 |
|  |  | 186967 |
| **Discount Notes 5.1%** | **Discount Notes 5.1%** | **Discount Notes 5.1%** |
| FHLBanks Office of Finance |  |  |
| 4.27%, 07/08/25 (b) (d) | 8000 | 7994 |
| 4.27%, 07/09/25 (b) (d) | 8000 | 7993 |
| 4.27%, 07/11/25 (b) (d) | 23600 | 23572 |
| 4.29%, 07/18/25 (b) (d) | 7600 | 7585 |
| 4.27%, 07/23/25 (b) (d) | 11000 | 10972 |
| 4.24%, 08/27/25 (b) (d) | 3000 | 2980 |
| 4.29%, 09/05/25 (b) (d) | 35800 | 35522 |
| 4.29%, 10/17/25 (b) (d) | 20000 | 19746 |
| 4.20%, 11/05/25 (b) (d) | 6900 | 6799 |
| 4.19%, 11/13/25 (b) (d) | 6900 | 6793 |
|  |  | 129956 |
| Total Government And Agency Obligations (cost $1,097,622) | Total Government And Agency Obligations (cost $1,097,622) | 1097622 |
| **Total Investments 102.1% (cost $2,596,622)** | **Total Investments 102.1% (cost $2,596,622)** | **2596622** |
| **Other Assets and Liabilities, Net (2.1)%** | **Other Assets and Liabilities, Net (2.1)%** | **(52651)** |
| **Total Net Assets 100.0%** | **Total Net Assets 100.0%** | **2543971** |

---

(a) For repurchase agreements held at June 30, 2025, see Repurchase Agreements in the Schedules of Investments.

(b) The coupon rate represents the yield to maturity.

(c) Security has a variable rate. Interest rates reset periodically. Rate stated was in effect as of June 30, 2025. For securities based on a published reference rate and spread, the reference rate and spread are presented.

(d) The security is a direct debt of the agency and not collateralized by mortgages.

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Repurchase Agreements** | **Repurchase Agreements** | **Repurchase Agreements** | **Repurchase Agreements** | **Repurchase Agreements** | **Repurchase Agreements** | **Repurchase Agreements** | **Repurchase Agreements** | **Repurchase Agreements** | **Repurchase Agreements** |
| **Counter-party** | **Collateral** | **Collateral Par<sup>1</sup>** | **Collateral Value ($)** | **Rate (%)** | **Acquisition**<br> **Date** | **Maturity**<br> **Date** | **Proceeds at Maturity ($)** | **Par<sup>1</sup>** | **Value ($)** |
| BNS | Treasury, United States Department of, 0.00%-4.75%, due 07/31/25-11/15/53 | 104128 | 102012 | 4.38 | 06/30/25 | 07/01/25 | 100012 | 100000 | 100000 |
| CIB | Federal National Mortgage Association, Inc., 2.50%-7.00%, due 11/01/29-07/01/55 | 54325 | 53032 |  |  |  |  |  |  |
|  | Federal Home Loan Mortgage Corporation, 2.00%-6.50%, due 05/15/34-07/01/54 | 33661 | 24125 |  |  |  |  |  |  |
|  | Treasury, United States Department of, 0.38%-4.38%, due 12/31/25-08/15/51 | 20455 | 19595 |  |  |  |  |  |  |
|  | Government National Mortgage Association, 2.50%-7.00%, due 11/20/44-03/20/65 | 5136 | 5248 |  |  |  |  |  |  |
|  |  | 113577 | 102000 | 4.39 | 06/30/25 | 07/01/25 | 100012 | 100000 | 100000 |
| CTC | Treasury, United States Department of, 0.38%-4.63%, due 01/31/26-11/15/34 | 355893 | 357000 | 4.38 | 06/30/25 | 07/01/25 | 350043 | 350000 | 350000 |
| DWA | Government National Mortgage Association, 2.00%-5.50%, due 07/20/48-03/20/55 | 42792 | 30628 |  |  |  |  |  |  |

---

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page [607](#abbreviations).

**JNL Series Trust** (Unaudited)

**Schedules of Investments (in thousands)**

June 30, 2025

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Repurchase Agreements (continued)** | **Repurchase Agreements (continued)** | **Repurchase Agreements (continued)** | **Repurchase Agreements (continued)** | **Repurchase Agreements (continued)** | **Repurchase Agreements (continued)** | **Repurchase Agreements (continued)** | **Repurchase Agreements (continued)** | **Repurchase Agreements (continued)** | **Repurchase Agreements (continued)** |
| **Counter-party** | **Collateral** | **Collateral Par<sup>1</sup>** | **Collateral Value ($)** | **Rate (%)** | **Acquisition**<br> **Date** | **Maturity**<br> **Date** | **Proceeds at Maturity ($)** | **Par<sup>1</sup>** | **Value ($)** |
|  | Federal National Mortgage Association, Inc., 2.00%-6.00%, due 12/01/27-05/25/55 | 7320 | 7220 |  |  |  |  |  |  |
|  | Federal Home Loan Mortgage Corporation, 2.00%-6.00%, due 02/01/51-05/01/55 | 34613 | 32239 |  |  |  |  |  |  |
|  | Federal Home Loan Bank, 4.54%, due 07/16/26 | 7285 | 7353 |  |  |  |  |  |  |
|  |  | 92010 | 77440 | 4.38 | 06/30/25 | 07/01/25 | 75009 | 75000 | 75000 |
| FICC | Treasury, United States Department of, 4.25%, due 11/30/26 | 504698 | 509040 | 4.37 | 06/30/25 | 07/01/25 | 499072 | 499000 | 499000 |
| RBC | Treasury, United States Department of, 0.00%-5.38%, due 08/14/25-02/15/55 | 155494 | 150438 |  |  |  |  |  |  |
|  | Government National Mortgage Association, 0.00%-6.50%, due 12/20/35-08/20/63 | 9797011 | 168017 |  |  |  |  |  |  |
|  | Federal Home Loan Mortgage Corporation, 0.00%-5.00%, due 07/25/50-01/25/61 | 621170 | 77696 |  |  |  |  |  |  |
|  |  | 10573675 | 396151 | 4.41 | 06/30/25 | 07/01/25 | 375046 | 375000 | 375000 |
|  |  |  |  |  |  |  |  |  | 1499000 |

---

**Fair Value Hierarchy.** Various inputs are used in determining the fair value of financial instruments. For a description of the input levels and information about the Fund's policy regarding valuation of financial instruments, see Note 3 in the Notes to Financial Statements. The following table summarizes the Fund's investments categorized in the disclosure hierarchy as of June 30, 2025.

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **<u>. Level 1 ($) .</u>** | **<u>. Level 2 ($) .</u>** | **<u>. Level 3 ($) .</u>** | **<u>. Total ($) .</u>** |
| **JNL/Dreyfus Government Money Market Fund** | **JNL/Dreyfus Government Money Market Fund** | **JNL/Dreyfus Government Money Market Fund** | **JNL/Dreyfus Government Money Market Fund** | **JNL/Dreyfus Government Money Market Fund** |
| **Assets - Securities** |  |  |  |  |
| &nbsp;&nbsp; Repurchase Agreements |  | 1499000 |  | 1499000 |
| &nbsp;&nbsp; Government And Agency Obligations |  | 1097622 |  | 1097622 |
|  |  | 2596622 |  | 2596622 |

---

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page [607](#abbreviations).

**JNL Series Trust** (Unaudited)

**Schedules of Investments (in thousands)**

June 30, 2025

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| **JNL/Fidelity Institutional Asset Management Total Bond Fund** | **JNL/Fidelity Institutional Asset Management Total Bond Fund** | **JNL/Fidelity Institutional Asset Management Total Bond Fund** |
| **GOVERNMENT AND AGENCY OBLIGATIONS 57.8%** | **GOVERNMENT AND AGENCY OBLIGATIONS 57.8%** | **GOVERNMENT AND AGENCY OBLIGATIONS 57.8%** |
| **Mortgage-Backed Securities 22.1%** | **Mortgage-Backed Securities 22.1%** | **Mortgage-Backed Securities 22.1%** |
| Federal Home Loan Mortgage Corporation |  |  |
| 3.00%, 12/01/30 - 06/01/52 | 12026 | 10721 |
| 2.50%, 08/01/32 - 02/01/52 | 16137 | 14063 |
| 3.50%, 04/01/33 - 03/01/52 | 6209 | 5709 |
| 1.50%, 07/01/35 - 02/01/51 | 3954 | 3316 |
| 2.00%, 07/01/35 - 08/01/52 | 24791 | 20388 |
| 4.00%, 05/01/38 - 02/01/53 | 3562 | 3388 |
| 6.00%, 07/01/39 - 03/01/55 | 5311 | 5463 |
| 5.00%, 05/01/52 - 08/01/53 | 2787 | 2766 |
| 5.50%, 09/01/52 - 05/01/55 | 6270 | 6323 |
| 5.00%, 12/01/52 (a) | 973 | 965 |
| 6.50%, 09/01/53 - 03/01/55 | 4759 | 4982 |
| 6.50%, 01/01/54 (a) | 805 | 841 |
| Federal National Mortgage Association, Inc. |  |  |
| 2.00%, 02/01/28 - 03/01/52 | 32740 | 26792 |
| 3.00%, 02/01/31 - 04/01/52 | 15786 | 13955 |
| 3.50%, 08/01/34 - 07/01/52 | 8480 | 7937 |
| 2.50%, 05/01/35 - 01/01/52 | 26372 | 22686 |
| 1.50%, 11/01/35 - 02/01/51 | 2681 | 2218 |
| 4.00%, 06/01/38 - 09/01/52 | 7037 | 6655 |
| 4.50%, 03/01/39 - 08/01/39 | 644 | 640 |
| 4.50%, 08/01/49 (a) | 1467 | 1422 |
| TBA, 2.50%, 05/01/51 - 08/15/55 (b) | 3662 | 3049 |
| 3.50%, 11/01/51 (a) | 2795 | 2537 |
| 5.00%, 09/01/52 - 06/01/53 | 3960 | 3926 |
| 5.50%, 09/01/52 - 10/01/54 | 8813 | 8889 |
| 6.00%, 09/01/52 - 05/01/55 | 12104 | 12377 |
| 6.50%, 05/01/53 - 03/01/55 | 3792 | 3946 |
| 6.00%, 06/01/53 (a) | 534 | 549 |
| TBA, 2.00%, 07/15/55 - 08/15/55 (b) | 20800 | 16462 |
| TBA, 3.50%, 07/15/55 - 08/15/55 (b) | 1950 | 1755 |
| TBA, 4.50%, 07/15/55 (b) | 4275 | 4088 |
| TBA, 6.00%, 07/15/55 - 08/15/55 (b) | 5225 | 5306 |
| TBA, 6.50%, 08/15/55 (b) | 1700 | 1752 |
| Government National Mortgage Association |  |  |
| 4.00%, 02/20/41 - 10/20/52 | 2477 | 2354 |
| 3.50%, 09/20/45 - 10/20/52 | 6573 | 6027 |
| 5.00%, 04/20/48 - 06/20/55 | 5641 | 5549 |
| 3.00%, 12/20/49 - 05/20/52 | 7675 | 6788 |
| 2.00%, 09/20/50 - 03/20/52 | 12409 | 10120 |
| 2.50%, 06/20/51 - 01/20/52 | 9310 | 7866 |
| 4.50%, 03/20/53 - 03/20/55 | 6105 | 5866 |
| 5.50%, 12/20/54 | 395 | 396 |
| 6.00%, 12/20/54 - 01/20/55 | 1374 | 1395 |
| 6.50%, 05/20/55 (b) | 1150 | 1182 |
| TBA, 2.00%, 07/15/55 (b) | 10250 | 8351 |
| TBA, 2.50%, 07/15/55 - 08/15/55 (b) | 8150 | 6927 |
| TBA, 3.00%, 07/15/55 (b) | 6050 | 5346 |
| TBA, 5.50%, 07/15/55 (b) | 9300 | 9309 |
| TBA, 6.00%, 07/15/55 - 08/15/55 (b) | 18800 | 19045 |
| TBA, 3.50%, 08/15/55 (b) | 375 | 339 |
|  |  | 322726 |
| **U.S. Treasury Note 20.0%** | **U.S. Treasury Note 20.0%** | **U.S. Treasury Note 20.0%** |
| Treasury, United States Department of |  |  |
| 4.00%, 02/29/28 - 02/15/34 | 8660 | 8711 |
| 3.75%, 04/15/28 - 08/31/31 | 37823 | 37521 |
| 3.63%, 03/31/30 - 09/30/31 | 10664 | 10489 |
| 4.63%, 09/30/30 - 02/15/35 | 399 | 412 |
| 4.25%, 02/28/31 - 05/15/35 | 64100 | 64732 |
| 4.13%, 11/30/31 - 11/15/32 | 60415 | 60966 |
| 2.75%, 08/15/32 | 11078 | 10219 |
| 3.50%, 02/15/33 (a) | 95540 | 92114 |
| 3.88%, 08/15/34 | 6500 | 6348 |
|  |  | 291512 |
| **U.S. Treasury Bond 11.6%** | **U.S. Treasury Bond 11.6%** | **U.S. Treasury Bond 11.6%** |
| Treasury, United States Department of |  |  |
| 0.00%, 11/15/35 - 08/15/41 (c) | 51970 | 27169 |
| 1.75%, 08/15/41 | 7868 | 5220 |
| 2.00%, 11/15/41 | 7500 | 5154 |
| 3.25%, 05/15/42 | 6600 | 5457 |
| 4.38%, 08/15/43 | 9550 | 9104 |
| 4.63%, 11/15/44 | 5090 | 4983 |
| 4.75%, 02/15/45 - 05/15/55 | 13844 | 13766 |
| 1.88%, 11/15/51 | 15598 | 8676 |
| 2.25%, 02/15/52 | 36390 | 22233 |
| 2.88%, 05/15/52 | 10630 | 7483 |
| 3.63%, 02/15/53 (a) | 13522 | 11038 |
| 4.13%, 08/15/53 | 15441 | 13793 |
| 4.25%, 02/15/54 - 08/15/54 | 30007 | 27385 |
| 4.50%, 11/15/54 | 7800 | 7436 |
|  |  | 168897 |
| **Collateralized Mortgage Obligations 2.1%** | **Collateralized Mortgage Obligations 2.1%** | **Collateralized Mortgage Obligations 2.1%** |
| Federal Home Loan Mortgage Corporation |  |  |
| Series AH-5213, REMIC, 2.25%, 04/25/37 | 344 | 325 |
| Series VA-5083, REMIC, 1.00%, 08/15/38 | 180 | 170 |
| Series CL-5092, REMIC, 3.00%, 04/25/41 | 837 | 765 |
| Series AB-5210, REMIC, 3.00%, 01/25/42 | 219 | 205 |
| Series AC-4661, REMIC, 4.00%, 04/15/43 | 3 | 3 |
| Series CD-5266, REMIC, 4.50%, 10/25/44 | 391 | 389 |
| Series BA-5000, REMIC, 2.00%, 04/25/45 | 404 | 367 |
| Series LA-4646, REMIC, 4.00%, 09/15/45 | 30 | 30 |
| Series KB-4692, REMIC, 4.00%, 10/15/46 | 116 | 114 |
| Series TA-5210, REMIC, 3.50%, 11/25/46 | 190 | 180 |
| Series PA-4746, REMIC, 4.00%, 02/15/47 | 56 | 55 |
| Series KA-5180, REMIC, 2.50%, 10/25/47 | 168 | 150 |
| Series LB-5202, REMIC, 2.50%, 10/25/47 | 167 | 149 |
| Series GC-5159, REMIC, 2.00%, 11/25/47 | 134 | 117 |
| Series BA-5190, REMIC, 2.50%, 11/25/47 | 205 | 183 |
| Series BA-5198, REMIC, 2.50%, 11/25/47 | 303 | 272 |
| Series DA-5197, REMIC, 2.50%, 11/25/47 | 155 | 139 |
| Series A-5248, REMIC, 4.00%, 04/15/48 | 391 | 387 |
| Series P-5236, REMIC, 5.00%, 04/25/48 | 144 | 145 |
| Series M-5164, REMIC, 2.50%, 07/25/48 | 136 | 120 |
| Series EA-5159, REMIC, 2.50%, 08/25/48 | 133 | 117 |
| Series A-5182, REMIC, 2.50%, 10/25/48 | 1123 | 993 |
| Series AG-5202, REMIC, 3.00%, 01/25/49 | 124 | 113 |
| Series TP-5178, REMIC, 2.50%, 04/25/49 | 293 | 256 |
| Series BA-5169, REMIC, 2.50%, 05/25/49 | 585 | 510 |
| Series CA-5190, REMIC, 2.50%, 05/25/49 | 171 | 149 |
| Series TP-5189, REMIC, 2.50%, 05/25/49 | 204 | 178 |
| Series A-5197, REMIC, 2.50%, 06/25/49 | 171 | 149 |
| Series TP-5169, REMIC, 2.50%, 06/25/49 | 135 | 117 |
| Series CA-5191, REMIC, 2.50%, 04/25/50 | 198 | 169 |
| Series CB-5175, REMIC, 2.50%, 04/25/50 | 845 | 735 |
| Series UA-5202, REMIC, 3.00%, 04/25/50 | 188 | 168 |
| Series BE-5058, REMIC, 3.00%, 11/25/50 | 306 | 261 |
| Series PK-5220, REMIC, 3.50%, 01/25/51 | 239 | 227 |
| Series CG-5214, REMIC, 3.50%, 04/25/52 | 164 | 156 |
| Series FA-5330, REMIC, 5.36%, (SOFR 30-Day Average + 1.05%), 08/25/53 (d) | 397 | 396 |
| Series FK-5425, REMIC, 5.51%, (SOFR 30-Day Average + 1.20%), 06/25/54 (d) | 286 | 286 |
| Series FD-5459, REMIC, 5.31%, (SOFR 30-Day Average + 1.00%), 10/25/54 (d) | 530 | 528 |
| Series FV-5500, REMIC, 5.56%, (SOFR 30-Day Average + 1.25%), 10/25/54 (d) | 341 | 341 |
| Series FB-5509, REMIC, 5.46%, (SOFR 30-Day Average + 1.15%), 02/25/55 (d) | 291 | 291 |
| Series WF-5499, REMIC, 5.51%, (SOFR 30-Day Average + 1.20%), 02/25/55 (d) | 187 | 186 |
| Series CF-5529, REMIC, 5.36%, (SOFR 30-Day Average + 1.05%), 04/25/55 (d) | 328 | 327 |
| Federal National Mortgage Association, Inc. |  |  |
| Series 2013-DJ-44, REMIC, 1.85%, 05/25/33 | 401 | 371 |
| Series 2020-JC-45, REMIC, 1.50%, 07/25/40 | 750 | 631 |
| Series 2022-AB-69, REMIC, 4.50%, 01/25/44 | 374 | 368 |
| Series 2022-MA-13, REMIC, 3.00%, 05/25/44 | 2310 | 2198 |
| Series 2020-BA-51, REMIC, 2.00%, 06/25/46 | 412 | 370 |
| Series 2022-HA-13, REMIC, 3.00%, 08/25/46 | 125 | 118 |
| Series 2022-GC-15, REMIC, 3.00%, 01/25/47 | 284 | 266 |
| Series 2022-CK-35, REMIC, 4.00%, 03/25/47 | 1821 | 1769 |
| Series 2022-BH-17, REMIC, 3.00%, 05/25/47 | 308 | 291 |
| Series 2022-AB-25, REMIC, 4.00%, 09/25/47 | 244 | 240 |

---

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page [607](#abbreviations).

**JNL Series Trust** (Unaudited)

**Schedules of Investments (in thousands)**

June 30, 2025

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| Series 2022-N-3, REMIC, 2.00%, 10/25/47 | 1478 | 1295 |
| Series 2022-DA-5, REMIC, 2.25%, 11/25/47 | 519 | 460 |
| Series 2022-E-7, REMIC, 2.50%, 11/25/47 | 636 | 571 |
| Series 2021-DA-66, REMIC, 2.00%, 01/25/48 | 168 | 140 |
| Series 2021-DM-66, REMIC, 2.00%, 01/25/48 | 178 | 148 |
| Series 2022-D-3, REMIC, 2.00%, 02/25/48 | 645 | 571 |
| Series 2022-A-7, REMIC, 3.00%, 05/25/48 | 387 | 355 |
| Series 2022-BA-9, REMIC, 3.00%, 05/25/48 | 197 | 181 |
| Series 2022-JA-13, REMIC, 3.00%, 05/25/48 | 234 | 215 |
| Series 2022-KA-1, REMIC, 3.00%, 05/25/48 | 273 | 251 |
| Series 2022-E-30, REMIC, 4.50%, 07/25/48 | 301 | 295 |
| Series 2021-L-85, REMIC, 2.50%, 08/25/48 | 145 | 128 |
| Series 2021-NA-95, REMIC, 2.50%, 09/25/48 | 438 | 387 |
| Series 2022-TC-49, REMIC, 4.00%, 12/25/48 | 94 | 91 |
| Series 2021-AH-96, REMIC, 2.50%, 03/25/49 | 667 | 582 |
| Series 2022-B-4, REMIC, 2.50%, 05/25/49 | 169 | 148 |
| Series 2021-BA-95, REMIC, 2.50%, 06/25/49 | 664 | 579 |
| Series 2022-B-11, REMIC, 3.00%, 06/25/49 | 206 | 191 |
| Series 2021-A-68, REMIC, 2.00%, 07/25/49 | 284 | 226 |
| Series 2022-BA-5, REMIC, 2.50%, 12/25/49 | 219 | 188 |
| Series 2021-HA-96, REMIC, 2.50%, 02/25/50 | 232 | 201 |
| Series 2022-A-28, REMIC, 2.50%, 02/25/52 | 541 | 512 |
| Series 2022-TH-2, REMIC, 2.50%, 02/25/52 | 67 | 61 |
| Series 2023-FD-54, REMIC, 5.76%, (SOFR 30-Day Average + 1.45%), 11/25/53 (d) | 549 | 553 |
| Series 2024-FB-41, REMIC, 5.84%, (SOFR 30-Day Average + 1.53%), 07/25/54 (d) | 179 | 180 |
| Series 2025-FC-33, REMIC, 5.91%, (SOFR 30-Day Average + 1.60%), 08/25/54 (d) | 1063 | 1068 |
| Series 2025-FH-4, REMIC, 5.51%, (SOFR 30-Day Average + 1.20%), 09/25/54 (d) | 220 | 220 |
| Series 2025-DF-7, REMIC, 5.71%, (SOFR 30-Day Average + 1.40%), 09/25/54 (d) | 362 | 362 |
| Series 2024-FG-93, REMIC, 5.41%, (SOFR 30-Day Average + 1.10%), 12/25/54 (d) | 736 | 734 |
| Series 2024-FD-90, REMIC, 5.51%, (SOFR 30-Day Average + 1.20%), 12/25/54 (d) | 918 | 917 |
| Series 2025-FE-7, REMIC, 5.46%, (SOFR 30-Day Average + 1.15%), 02/25/55 (d) | 196 | 196 |
| Series 2025-FB-7, REMIC, 5.51%, (SOFR 30-Day Average + 1.20%), 02/25/55 (d) | 471 | 470 |
| Series 2025-AF-7, REMIC, 5.71%, (SOFR 30-Day Average + 1.40%), 02/25/55 (d) | 360 | 360 |
| Government National Mortgage Association |  |  |
| Series 2017-BA-139, REMIC, 3.00%, 09/20/47 | 214 | 190 |
| Series 2019-F-11, REMIC, 4.83%, (1 Month Term SOFR + 0.51%), 01/20/49 (d) | 133 | 133 |
| Series 2019-NF-23, REMIC, 4.88%, (1 Month Term SOFR + 0.56%), 02/20/49 (d) | 78 | 77 |
| Series 2019-FB-153, REMIC, 4.88%, (1 Month Term SOFR + 0.56%), 12/20/49 (d) | 370 | 363 |
| | | 31139 |
| **Sovereign 1.9%** | **Sovereign 1.9%** | **Sovereign 1.9%** |
| Abu Dhabi, Government of |  |  |
| 3.13%, 09/30/49 (e) | 480 | 325 |
| 3.88%, 04/16/50 (e) | 145 | 112 |
| 3.00%, 09/15/51 (e) | 105 | 68 |
| 5.50%, 04/30/54 (e) | 200 | 199 |
| Angola, Government of |  |  |
| 9.50%, 11/12/25 (e) | 190 | 191 |
| 8.25%, 05/09/28 (e) | 125 | 118 |
| 8.75%, 04/14/32 (e) | 135 | 119 |
| 9.38%, 05/08/48 (e) | 50 | 40 |
| Bank Gospodarstwa Krajowego |  |  |
| 5.38%, 05/22/33 (e) | 200 | 202 |
| 6.25%, 07/09/54 (e) | 200 | 198 |
| Bermuda, Government of |  |  |
| 3.72%, 01/25/27 (e) | 215 | 210 |
| 3.38%, 08/20/50 (e) | 60 | 39 |
| Cabinet of Ministers of Ukraine |  |  |
| 1.75%, 02/01/29 - 02/01/36 (e) (f) | 511 | 274 |
| 0.00%, 02/01/30 - 02/01/36 (e) (f) | 353 | 155 |
| 0.00%, 08/01/41 (c) (d) (e) (g) (h) | 75 | 53 |
| Comision De Promocion Del Peru Para La Exportacion Y El Turismo |  |  |
| 2.78%, 01/23/31 | 135 | 122 |
| 3.00%, 01/15/34 | 90 | 76 |
| 3.30%, 03/11/41 | 85 | 63 |
| Departamento Administrativo De La Presidencia De La Republica |  |  |
| 3.00%, 01/30/30 | 285 | 247 |
| 7.38%, 04/25/30 | 200 | 207 |
| 3.13%, 04/15/31 | 115 | 95 |
| 8.00%, 04/20/33 - 11/14/35 | 405 | 411 |
| 7.50%, 02/02/34 | 50 | 50 |
| 7.38%, 09/18/37 (i) | 30 | 29 |
| 6.13%, 01/18/41 | 10 | 8 |
| 5.00%, 06/15/45 | 225 | 152 |
| 5.20%, 05/15/49 | 150 | 101 |
| 4.13%, 05/15/51 | 50 | 29 |
| 8.75%, 11/14/53 | 635 | 630 |
| Dubai, Government of |  |  |
| 5.25%, 01/30/43 (j) | 200 | 187 |
| Gabon, Government of |  |  |
| 6.63%, 02/06/31 (e) | 105 | 83 |
| 7.00%, 11/24/31 (e) | 80 | 63 |
| Ghana, Government of |  |  |
| 0.00%, 07/03/26 - 01/03/30 (c) (e) | 14 | 13 |
| 5.00%, 07/03/29 - 07/03/35 (e) (f) | 142 | 120 |
| Gobierno de la Republica de Costa Rica |  |  |
| 5.63%, 04/30/43 (e) | 5 | 4 |
| 7.30%, 11/13/54 (e) | 200 | 207 |
| Gobierno de la Republica de Guatemala |  |  |
| 4.90%, 06/01/30 (e) | 10 | 10 |
| 5.38%, 04/24/32 (e) | 125 | 123 |
| 6.60%, 06/13/36 (e) | 20 | 20 |
| 6.13%, 06/01/50 (e) | 75 | 68 |
| Gobierno de la Republica del Ecuador |  |  |
| 6.90%, 07/31/30 (e) (f) | 309 | 269 |
| 5.50%, 07/31/35 (e) (f) | 195 | 141 |
| Gobierno de La Republica del Paraguay |  |  |
| 2.74%, 01/29/33 (e) | 200 | 170 |
| 6.00%, 02/09/36 (e) | 200 | 203 |
| 5.40%, 03/30/50 (e) | 30 | 26 |
| 6.65%, 03/04/55 (e) | 200 | 200 |
| Gobierno De La Republica Oriental Del Uruguay |  |  |
| 5.75%, 10/28/34 | 70 | 74 |
| 5.10%, 06/18/50 | 150 | 138 |
| Gobierno Federal de los Estados Unidos Mexicanos |  |  |
| 4.50%, 04/22/29 | 70 | 69 |
| 3.25%, 04/16/30 | 135 | 125 |
| 2.66%, 05/24/31 | 100 | 87 |
| 3.50%, 02/12/34 | 125 | 106 |
| 6.35%, 02/09/35 | 200 | 205 |
| 6.00%, 05/07/36 | 200 | 198 |
| 6.88%, 05/13/37 | 200 | 209 |
| 6.05%, 01/11/40 | 145 | 138 |
| 7.38%, 05/13/55 | 200 | 207 |
| 3.77%, 05/24/61 | 180 | 106 |
| Government of Commonwealth of the Bahamas |  |  |
| 8.25%, 06/24/36 (e) | 200 | 205 |
| Government of Saudi Arabia |  |  |
| 3.25%, 10/22/30 (e) | 385 | 361 |
| 2.25%, 02/02/33 (e) | 200 | 167 |
| 4.50%, 10/26/46 (e) | 125 | 103 |
| 4.63%, 10/04/47 (e) | 110 | 91 |
| 3.75%, 01/21/55 (e) | 100 | 68 |
| 4.50%, 04/22/60 (e) | 300 | 233 |
| 3.45%, 02/02/61 (e) | 250 | 154 |
| Government of the People's Republic of Benin |  |  |
| 7.96%, 02/13/38 (e) | 200 | 189 |
| Government of the Republic of Panama |  |  |
| 7.88%, 03/01/57 | 200 | 204 |
| 3.87%, 07/23/60 | 225 | 128 |
| Government of the Republic of Serbia |  |  |
| 6.50%, 09/26/33 (e) | 75 | 79 |
| 6.00%, 06/12/34 (e) | 125 | 126 |
| Government of the Republic of Zambia |  |  |
| 5.75%, 06/30/33 (e) (f) | 12 | 11 |
| 0.50%, 12/31/53 (e) (f) | 169 | 114 |

---

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page [607](#abbreviations).

**JNL Series Trust** (Unaudited)

**Schedules of Investments (in thousands)**

June 30, 2025

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| Government of the Sultanate of Oman |  |  |
| 5.63%, 01/17/28 (e) | 370 | 378 |
| 6.00%, 08/01/29 (e) | 50 | 52 |
| 6.25%, 01/25/31 (e) | 200 | 213 |
| 6.50%, 03/08/47 (e) | 25 | 25 |
| 6.75%, 01/17/48 (e) | 125 | 129 |
| 7.00%, 01/25/51 (e) | 25 | 26 |
| Israel, State of |  |  |
| 5.75%, 03/12/54 | 200 | 185 |
| Jamaica, The Government of |  |  |
| 7.88%, 07/28/45 | 35 | 41 |
| Kenya, Government of |  |  |
| 9.75%, 02/16/31 (e) | 200 | 202 |
| Kingdom of Bahrain |  |  |
| 5.63%, 05/18/34 (e) | 45 | 41 |
| Magyar Export-Import Bank Zartkoruen Mukodo Reszvenytarsasag |  |  |
| 6.13%, 12/04/27 (e) | 200 | 204 |
| Ministerio De Gobierno |  |  |
| 6.99%, 06/01/27 (e) (f) | 102 | 101 |
| Ministerul Finantelor Publice |  |  |
| 3.63%, 03/27/32 (e) | 98 | 84 |
| 7.13%, 01/17/33 (e) | 110 | 114 |
| 7.50%, 02/10/37 (e) | 136 | 141 |
| 4.00%, 02/14/51 (e) | 85 | 53 |
| Ministry of Defence State of Israel |  |  |
| 3.38%, 01/15/50 | 135 | 87 |
| Ministry of Diwan Amiri Affairs |  |  |
| 4.63%, 06/02/46 (e) | 220 | 196 |
| 4.82%, 03/14/49 (e) | 275 | 246 |
| 4.40%, 04/16/50 (e) | 285 | 241 |
| Minstry of Finance, Lebenon Republic of |  |  |
| 0.00%, 03/09/20 - 04/14/29 (g) (h) (j) | 315 | 59 |
| Morocco, Kingdom of |  |  |
| 6.50%, 09/08/33 (e) | 200 | 211 |
| Nigeria, Federal Government of |  |  |
| 7.63%, 11/21/25 (e) | 125 | 126 |
| 6.50%, 11/28/27 (e) | 10 | 10 |
| 6.13%, 09/28/28 (e) | 305 | 290 |
| 7.14%, 02/23/30 (e) | 90 | 85 |
| 7.88%, 02/16/32 (e) | 105 | 99 |
| 7.70%, 02/23/38 (e) | 60 | 52 |
| Pakistan, Government of |  |  |
| 6.00%, 04/08/26 (e) | 145 | 143 |
| 6.88%, 12/05/27 (e) | 95 | 90 |
| 7.38%, 04/08/31 (e) | 160 | 142 |
| People's Government of Inner Mongolia Autonomous Region |  |  |
| 7.88%, 06/05/29 (e) | 200 | 208 |
| Presidence de la Republique de Cote d'Ivoire |  |  |
| 6.13%, 06/15/33 (e) | 200 | 182 |
| 8.08%, 04/01/36 (e) | 200 | 193 |
| Presidencia da Republica |  |  |
| 3.88%, 06/12/30 | 170 | 161 |
| 8.25%, 01/20/34 | 225 | 257 |
| 7.13%, 01/20/37 | 115 | 123 |
| Presidencia De La Nacion |  |  |
| 1.00%, 07/09/29 | 138 | 116 |
| 0.75%, 07/09/30 (f) | 1209 | 967 |
| 4.13%, 07/09/35 (f) | 997 | 675 |
| 5.00%, 01/09/38 (f) | 484 | 348 |
| 3.50%, 07/09/41 (f) | 245 | 154 |
| Presidencia de la Republica de Chile |  |  |
| 2.75%, 01/31/27 | 75 | 73 |
| 2.45%, 01/31/31 | 285 | 255 |
| 4.00%, 01/31/52 | 200 | 154 |
| 5.33%, 01/05/54 | 200 | 188 |
| 3.10%, 01/22/61 | 160 | 97 |
| Presidencia de la Republica de El Salvador |  |  |
| 0.25%, 04/17/30 (e) | 150 | 3 |
| 9.25%, 04/17/30 (e) | 150 | 159 |
| 7.65%, 06/15/35 (e) | 55 | 53 |
| 7.63%, 02/01/41 (e) | 20 | 18 |
| 7.12%, 01/20/50 (e) | 40 | 33 |
| 9.65%, 11/21/54 (e) | 150 | 155 |
| Presidencia de la Republica Dominicana |  |  |
| 5.95%, 01/25/27 (e) | 240 | 243 |
| 6.00%, 07/19/28 (e) | 75 | 76 |
| 7.05%, 02/03/31 (e) | 300 | 315 |
| 6.60%, 06/01/36 (e) | 150 | 152 |
| 5.30%, 01/21/41 (e) | 95 | 82 |
| 6.85%, 01/27/45 (e) | 80 | 80 |
| 7.15%, 02/24/55 (e) | 150 | 150 |
| Republic of Indonesia, The Government of, The |  |  |
| 4.10%, 04/24/28 | 105 | 105 |
| 8.50%, 10/12/35 (e) | 165 | 209 |
| 6.63%, 02/17/37 (e) | 30 | 33 |
| 7.75%, 01/17/38 (e) | 160 | 194 |
| 5.25%, 01/17/42 (e) | 45 | 44 |
| 6.75%, 01/15/44 (e) | 70 | 78 |
| 5.13%, 01/15/45 (e) | 85 | 81 |
| 5.95%, 01/08/46 (e) | 220 | 228 |
| 4.35%, 01/11/48 | 90 | 75 |
| 3.50%, 02/14/50 | 60 | 43 |
| 4.20%, 10/15/50 | 1515 | 1222 |
| Republica Bolivariana de Venezuela |  |  |
| 0.00%, 09/15/27 (g) (h) | 580 | 115 |
| Sandor-Palota |  |  |
| 2.13%, 09/22/31 (e) | 200 | 166 |
| 5.50%, 06/16/34 (e) | 155 | 152 |
| 3.13%, 09/21/51 (e) | 75 | 44 |
| 6.75%, 09/25/52 (e) | 35 | 36 |
| Senegal, Government of |  |  |
| 6.25%, 05/23/33 (e) | 115 | 76 |
| South Africa, Parliament of |  |  |
| 4.85%, 09/27/27 - 09/30/29 | 110 | 108 |
| 5.88%, 04/20/32 | 60 | 59 |
| 7.10%, 11/19/36 (e) | 200 | 198 |
| 5.00%, 10/12/46 | 85 | 59 |
| 5.65%, 09/27/47 | 75 | 57 |
| 5.75%, 09/30/49 | 140 | 105 |
| The Arab Republic of Egypt |  |  |
| 7.50%, 01/31/27 (e) | 235 | 239 |
| 7.63%, 05/29/32 (e) | 90 | 83 |
| 7.90%, 02/21/48 (e) | 15 | 12 |
| 8.70%, 03/01/49 (e) | 310 | 253 |
| 7.50%, 02/16/61 (e) | 185 | 134 |
| The Democratic Socialist Republic of Sri Lanka |  |  |
| 4.00%, 04/15/28 (e) | 40 | 37 |
| 3.10%, 01/15/30 (e) (f) | 55 | 49 |
| 3.35%, 03/15/33 (e) (f) | 154 | 123 |
| 3.60%, 06/15/35 - 05/15/36 (e) (f) | 61 | 46 |
| 3.60%, 02/15/38 (e) (f) (i) | 74 | 60 |
| The Government of the Republic of Armenia |  |  |
| 3.60%, 02/02/31 (e) | 65 | 56 |
| 6.75%, 03/12/35 (e) | 200 | 194 |
| The Hashemite Kingdom of Jordan, The Government of |  |  |
| 7.38%, 10/10/47 (e) | 60 | 53 |
| The Ministry of Finance of Georgia |  |  |
| 2.75%, 04/22/26 (e) | 200 | 195 |
| The Philippines, Government of |  |  |
| 2.95%, 05/05/45 | 35 | 24 |
| 2.65%, 12/10/45 | 70 | 45 |
| 5.95%, 10/13/47 | 200 | 207 |
| 5.50%, 01/17/48 | 200 | 195 |
| The Republic of Rwanda, Government of |  |  |
| 5.50%, 08/09/31 (e) | 120 | 102 |
| The Republic of Uzbekistan |  |  |
| 3.70%, 11/25/30 (e) | 85 | 75 |
| Turkiye Cumhuriyeti Basbakanlik |  |  |
| 4.25%, 04/14/26 | 175 | 173 |
| 4.88%, 10/09/26 - 04/16/43 | 380 | 327 |
| 6.00%, 03/25/27 - 01/14/41 | 215 | 183 |
| 9.88%, 01/15/28 | 145 | 158 |
| 9.38%, 03/14/29 - 01/19/33 | 580 | 648 |
| 9.13%, 07/13/30 | 90 | 100 |
| 5.88%, 06/26/31 | 85 | 81 |
| 7.63%, 05/15/34 | 200 | 205 |
| 6.63%, 02/17/45 | 30 | 25 |

---

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page [607](#abbreviations).

**JNL Series Trust** (Unaudited)

**Schedules of Investments (in thousands)**

June 30, 2025

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| 5.75%, 05/11/47 | 75 | 56 |
| Turkiye Ihracat Kredi Bankasi Anonim Sirketi |  |  |
| 6.88%, 07/03/28 (e) | 200 | 200 |
| Urzad Rady Ministrow |  |  |
| 5.75%, 11/16/32 | 90 | 95 |
| 5.50%, 04/04/53 | 45 | 42 |
| Vlada Crne Gore |  |  |
| 7.25%, 03/12/31 (e) | 200 | 207 |
| | | 28230 |
| **U.S. Treasury Inflation Indexed Securities 0.1%** | **U.S. Treasury Inflation Indexed Securities 0.1%** | **U.S. Treasury Inflation Indexed Securities 0.1%** |
| Treasury, United States Department of |  |  |
| 2.38%, 02/15/55 (k) | 1128 | 1091 |
| **Commercial Mortgage-Backed Securities 0.0%** | **Commercial Mortgage-Backed Securities 0.0%** | **Commercial Mortgage-Backed Securities 0.0%** |
| Federal Home Loan Mortgage Corporation |  |  |
| Series A2-K049, REMIC, 3.01%, 07/25/25 | 14 | 14 |
| Series A2-K072, REMIC, 3.44%, 12/25/27 | 300 | 296 |
| Series A2-K074, REMIC, 3.60%, 01/25/28 | 400 | 394 |
|  |  | 704 |
| Total Government And Agency Obligations (cost $896,544) | Total Government And Agency Obligations (cost $896,544) | 844299 |
| **CORPORATE BONDS AND NOTES 26.9%** | **CORPORATE BONDS AND NOTES 26.9%** | **CORPORATE BONDS AND NOTES 26.9%** |
| **Financials 11.9%** | **Financials 11.9%** | **Financials 11.9%** |
| Abu Dhabi Developmental Holding Company PJSC |  |  |
| 5.50%, 05/08/34 (e) | 200 | 208 |
| 5.25%, 10/02/54 (e) | 200 | 185 |
| Acrisure, LLC |  |  |
| 8.25%, 02/01/29 (e) | 45 | 47 |
| 4.25%, 02/15/29 (e) | 40 | 38 |
| 8.50%, 06/15/29 (e) | 45 | 47 |
| 6.00%, 08/01/29 (e) | 40 | 39 |
| 7.50%, 11/06/30 (e) | 45 | 46 |
| 6.75%, 07/01/32 (e) | 50 | 51 |
| AerCap Ireland Capital Designated Activity Company |  |  |
| 6.50%, 07/15/25 - 01/31/56 | 657 | 657 |
| 2.45%, 10/29/26 | 561 | 547 |
| 6.45%, 04/15/27 | 867 | 896 |
| 3.00%, 10/29/28 | 588 | 560 |
| 5.10%, 01/19/29 | 1651 | 1680 |
| 3.30%, 01/30/32 | 629 | 569 |
| AIA Group Limited |  |  |
| 3.20%, 09/16/40 (e) | 538 | 416 |
| Alliant Holdings Intermediate, LLC |  |  |
| 6.75%, 04/15/28 (e) | 94 | 96 |
| 6.50%, 10/01/31 (e) | 20 | 20 |
| 7.38%, 10/01/32 (e) | 70 | 72 |
| Alliant Holdings LP |  |  |
| 10.00%, 12/31/99 (l) | 47 | 47 |
| Ally Financial Inc. |  |  |
| 4.70%, (100, 05/15/28) (m) | 383 | 367 |
| 5.75%, 11/20/25 | 670 | 672 |
| 7.10%, 11/15/27 | 1430 | 1507 |
| 5.74%, 05/15/29 | 229 | 233 |
| 5.54%, 01/17/31 | 200 | 203 |
| 8.00%, 11/01/31 | 1114 | 1269 |
| 6.70%, 02/14/33 | 30 | 31 |
| 6.65%, 01/17/40 | 78 | 77 |
| AmWINS Group, Inc. |  |  |
| 6.38%, 02/15/29 (e) | 50 | 51 |
| 4.88%, 06/30/29 (e) | 50 | 49 |
| APH Somerset Inv 2 LLC |  |  |
| 7.88%, 11/01/29 (e) | 165 | 169 |
| Ares Strategic Income Fund |  |  |
| 5.70%, 03/15/28 | 1335 | 1345 |
| 5.45%, 09/09/28 (e) | 732 | 732 |
| 5.80%, 09/09/30 (e) | 592 | 594 |
| Athene Global Funding |  |  |
| 5.34%, 01/15/27 (e) | 2128 | 2153 |
| 5.58%, 01/09/29 (e) | 952 | 978 |
| Avolon Holdings Funding Limited |  |  |
| 4.38%, 05/01/26 (e) | 2900 | 2889 |
| 6.38%, 05/04/28 (e) | 134 | 140 |
| 5.15%, 01/15/30 (e) | 93 | 94 |
| 5.38%, 05/30/30 (e) | 503 | 513 |
| Azorra Finance Limited |  |  |
| 7.75%, 04/15/30 (e) | 60 | 62 |
| 7.25%, 01/15/31 (e) | 70 | 71 |
| Banco de Credito del Peru |  |  |
| 5.80%, 03/10/35 (e) | 115 | 114 |
| Banco Del Estado De Chile |  |  |
| 7.95%, (100, 05/02/29) (e) (m) | 200 | 210 |
| Banco do Brasil S.A |  |  |
| 8.75%, (10 Year Treasury + 4.40%), (100, 10/15/25) (d) (e) (m) | 195 | 197 |
| Banco Mercantil Del Norte, S.A., Institucion De Banca Multiple, Grupo Financiero Banorte |  |  |
| 7.63%, (100, 01/10/28) (e) (m) | 200 | 201 |
| Bank of America Corporation |  |  |
| 4.18%, 11/25/27 | 3725 | 3710 |
| 4.38%, 04/27/28 | 3800 | 3800 |
| 2.30%, 07/21/32 | 1360 | 1185 |
| 2.97%, 02/04/33 | 3100 | 2776 |
| 5.02%, 07/22/33 | 5250 | 5308 |
| Barclays PLC |  |  |
| 5.83%, 05/09/27 | 1980 | 2001 |
| 6.49%, 09/13/29 | 1408 | 1489 |
| 5.69%, 03/12/30 | 1000 | 1035 |
| 5.09%, 06/20/30 (n) | 2500 | 2507 |
| 6.22%, 05/09/34 | 1083 | 1149 |
| BBVA Mexico, S.A., Institucion de Banca Multiple, Grupo Financiero BBVA Mexico |  |  |
| 5.13%, 01/18/33 (e) | 200 | 192 |
| BCI Miami |  |  |
| 8.75%, (100, 02/08/29) (e) (m) | 200 | 211 |
| Blackstone Private Credit Fund |  |  |
| 7.05%, 09/29/25 | 1229 | 1236 |
| 7.30%, 11/27/28 | 1600 | 1709 |
| Block, Inc. |  |  |
| 3.50%, 06/01/31 | 55 | 50 |
| 6.50%, 05/15/32 | 301 | 311 |
| BNP Paribas |  |  |
| 7.45%, (100, 06/27/35) (e) (m) (n) | 150 | 151 |
| 5.79%, 01/13/33 (e) (n) | 1294 | 1344 |
| BW Real Estate Inc. |  |  |
| 9.50%, (100, 03/30/30) (e) (m) | 120 | 123 |
| Capital One Financial Corporation |  |  |
| 4.99%, 07/24/26 | 1017 | 1017 |
| 4.93%, 05/10/28 | 2117 | 2133 |
| 3.27%, 03/01/30 | 2123 | 2031 |
| 5.25%, 07/26/30 | 1600 | 1636 |
| 7.62%, 10/30/31 | 1228 | 1388 |
| Citigroup Inc. |  |  |
| 4.60%, 03/09/26 | 309 | 309 |
| 4.30%, 11/20/26 | 200 | 200 |
| 3.07%, 02/24/28 | 4000 | 3911 |
| 2.67%, 01/29/31 | 2300 | 2109 |
| 4.41%, 03/31/31 | 1522 | 1506 |
| 4.91%, 05/24/33 | 491 | 490 |
| Commonwealth Bank of Australia |  |  |
| 3.61%, 09/12/34 (e) (n) | 384 | 364 |
| Corebridge Financial, Inc. |  |  |
| 3.65%, 04/05/27 | 420 | 415 |
| 3.90%, 04/05/32 | 1490 | 1401 |
| 4.35%, 04/05/42 | 111 | 93 |
| Deutsche Bank Aktiengesellschaft |  |  |
| 5.00%, 09/11/30 | 5000 | 5035 |
| 3.73%, 01/14/32 (n) | 2500 | 2286 |
| Encore Capital Group, Inc. |  |  |
| 9.25%, 04/01/29 (e) | 75 | 80 |
| 8.50%, 05/15/30 (e) | 128 | 137 |
| Equitable Holdings, Inc. |  |  |
| 4.57%, 02/15/29 (e) | 257 | 257 |
| Five Corners Funding Trust II |  |  |
| 2.85%, 05/15/30 (e) | 1710 | 1588 |
| Ford Motor Credit Company LLC |  |  |
| 4.95%, 05/28/27 | 1700 | 1690 |
| GGAM Finance Ltd. |  |  |
| 7.75%, 05/15/26 (e) | 190 | 192 |
| 8.00%, 02/15/27 - 06/15/28 (e) | 192 | 199 |

---

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page [607](#abbreviations).

**JNL Series Trust** (Unaudited)

**Schedules of Investments (in thousands)**

June 30, 2025

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| 6.88%, 04/15/29 (e) | 40 | 41 |
| 5.88%, 03/15/30 (e) | 130 | 131 |
| Global Aviation Leasing Co., Ltd. |  |  |
| 8.75%, 09/01/27 (e) | 215 | 220 |
| Goldman Sachs Group, Inc., The |  |  |
| 3.62%, 03/15/28 | 3900 | 3847 |
| 4.22%, 05/01/29 | 5000 | 4970 |
| 3.80%, 03/15/30 | 2570 | 2508 |
| 2.38%, 07/21/32 | 1355 | 1183 |
| 3.10%, 02/24/33 | 2900 | 2611 |
| GTCR W-2 Merger Sub LLC |  |  |
| 7.50%, 01/15/31 (e) | 185 | 196 |
| Hightower Holdings LLC |  |  |
| 6.75%, 04/15/29 (e) | 45 | 45 |
| 9.13%, 01/31/30 (e) | 120 | 128 |
| HPS Corporate Lending Fund |  |  |
| 5.45%, 01/14/28 (i) | 2431 | 2438 |
| Intesa Sanpaolo SPA |  |  |
| 5.71%, 01/15/26 (e) | 3028 | 3033 |
| 4.20%, 06/01/32 (e) | 200 | 184 |
| Jane Street Group, LLC |  |  |
| 7.13%, 04/30/31 (e) | 115 | 121 |
| 6.13%, 11/01/32 (e) | 100 | 101 |
| 6.75%, 05/01/33 (e) | 110 | 113 |
| Jefferies Finance LLC |  |  |
| 5.00%, 08/15/28 (e) | 25 | 24 |
| 6.63%, 10/15/31 (e) | 150 | 150 |
| Jefferson Capital Holdings LLC |  |  |
| 8.25%, 05/15/30 (e) | 95 | 98 |
| JPMorgan Chase & Co. |  |  |
| 4.32%, 04/26/28 | 3800 | 3798 |
| 3.51%, 01/23/29 | 1850 | 1812 |
| 5.30%, 07/24/29 | 1500 | 1540 |
| 4.49%, 03/24/31 | 4900 | 4897 |
| 5.10%, 04/22/31 | 921 | 944 |
| 2.96%, 05/13/31 | 677 | 626 |
| 4.59%, 04/26/33 | 3532 | 3494 |
| 4.91%, 07/25/33 | 1287 | 1293 |
| 5.72%, 09/14/33 | 1700 | 1772 |
| 5.57%, 04/22/36 | 1094 | 1134 |
| Ladder Capital Finance Holdings LLLP |  |  |
| 5.25%, 10/01/25 (e) | 10 | 10 |
| 4.75%, 06/15/29 (e) | 65 | 63 |
| 7.00%, 07/15/31 (e) | 65 | 68 |
| LFS Topco LLC |  |  |
| 8.75%, 07/15/30 (e) | 50 | 49 |
| Liberty Costa Rica Senior Secured Finance |  |  |
| 10.88%, 01/15/31 (e) | 200 | 213 |
| Macquarie Airfinance Holdings Limited |  |  |
| 6.40%, 03/26/29 (e) | 145 | 151 |
| 8.13%, 03/30/29 (e) | 85 | 89 |
| 6.50%, 03/26/31 (e) | 85 | 90 |
| MDGH - GMTN B.V. |  |  |
| 2.88%, 11/07/29 (e) | 200 | 188 |
| MDGH GMTN (RSC) Ltd. |  |  |
| 4.38%, 11/22/33 (e) | 200 | 192 |
| 5.08%, 05/22/53 (e) | 200 | 183 |
| Morgan Stanley |  |  |
| 4.00%, 07/23/25 | 150 | 150 |
| 4.21%, 04/20/28 | 5800 | 5787 |
| 5.45%, 07/20/29 | 788 | 810 |
| 4.43%, 01/23/30 | 1000 | 998 |
| 3.62%, 04/01/31 | 4344 | 4163 |
| 5.19%, 04/17/31 | 835 | 856 |
| 4.89%, 07/20/33 | 1207 | 1209 |
| 5.66%, 04/17/36 | 662 | 686 |
| NatWest Group PLC |  |  |
| 3.07%, 05/22/28 (n) | 712 | 695 |
| Navient Corporation |  |  |
| 5.00%, 03/15/27 | 55 | 55 |
| 4.88%, 03/15/28 | 25 | 25 |
| 5.50%, 03/15/29 | 60 | 59 |
| 7.88%, 06/15/32 | 60 | 62 |
| 5.63%, 08/01/33 | 35 | 32 |
| NBK Tier 1 Financing Limited |  |  |
| 3.63%, (100, 08/24/26) (e) (i) (m) | 200 | 193 |
| OneMain Finance Corporation |  |  |
| 7.13%, 03/15/26 - 09/15/32 | 193 | 199 |
| 3.50%, 01/15/27 | 76 | 74 |
| 6.63%, 05/15/29 | 140 | 144 |
| 7.50%, 05/15/31 | 165 | 172 |
| 6.75%, 03/15/32 | 40 | 41 |
| PennyMac Financial Services, Inc. |  |  |
| 6.88%, 05/15/32 - 02/15/33 (e) | 151 | 155 |
| Phoenix Aviation Capital Limited |  |  |
| 9.25%, 07/15/30 (e) | 104 | 108 |
| Pine Street Trust II |  |  |
| 5.57%, 02/15/49 (e) | 1000 | 906 |
| PRA Group, Inc. |  |  |
| 8.88%, 01/31/30 (e) | 94 | 98 |
| PTT Treasury Center Company Limited |  |  |
| 3.70%, 07/16/70 (e) | 50 | 34 |
| Regions Bank |  |  |
| 6.45%, 06/26/37 | 500 | 519 |
| RFNA, LP |  |  |
| 7.88%, 02/15/30 (e) | 70 | 72 |
| RITHM Capital Corp. |  |  |
| 8.00%, 04/01/29 - 07/15/30 (e) | 85 | 85 |
| Rocket Companies, Inc. |  |  |
| 6.13%, 08/01/30 (e) | 110 | 112 |
| 6.38%, 08/01/33 (e) | 150 | 154 |
| Saks Global Enterprises LLC |  |  |
| 11.00%, 12/15/29 (e) (i) | 170 | 64 |
| Shift4 Payments, LLC |  |  |
| 6.75%, 08/15/32 (e) | 95 | 99 |
| Shriram Finance Limited |  |  |
| 4.15%, 07/18/25 (e) | 200 | 200 |
| Sixth Street Lending Partners |  |  |
| 6.13%, 07/15/30 (e) | 841 | 857 |
| Sixth Street Specialty Lending, Inc. |  |  |
| 6.13%, 03/01/29 | 514 | 526 |
| SLM Corporation |  |  |
| 6.50%, 01/31/30 | 90 | 94 |
| Societe Generale |  |  |
| 1.49%, 12/14/26 (e) | 1483 | 1461 |
| 5.50%, 04/13/29 (e) (n) | 884 | 899 |
| Starwood Property Trust, Inc. |  |  |
| 3.63%, 07/15/26 (e) | 20 | 20 |
| 7.25%, 04/01/29 (e) | 55 | 58 |
| 6.00%, 04/15/30 (e) | 60 | 61 |
| 6.50%, 07/01/30 - 10/15/30 (e) | 95 | 98 |
| StoneX Escrow Issuer LLC |  |  |
| 6.88%, 07/15/32 (e) | 85 | 86 |
| TCS Finance Designated Activity Company |  |  |
| 0.00%, (100, 12/20/26) (e) (g) (h) (j) (l) (m) | 200 |  |
| Teachers Insurance & Annuity Association of America |  |  |
| 4.90%, 09/15/44 (e) | 640 | 576 |
| Tiaa Asset Management, LLC |  |  |
| 4.00%, 11/01/28 (e) | 425 | 422 |
| Truenoord Capital Designated Activity Company |  |  |
| 8.75%, 03/01/30 (e) | 110 | 114 |
| UBS Group AG |  |  |
| 4.55%, 04/17/26 (n) | 699 | 699 |
| 1.49%, 08/10/27 (e) (n) | 836 | 809 |
| 4.28%, 01/09/28 (e) (n) | 2059 | 2047 |
| 3.87%, 01/12/29 (e) (n) | 303 | 298 |
| 4.19%, 04/01/31 (e) | 1376 | 1347 |
| Unum Group |  |  |
| 5.75%, 08/15/42 | 1423 | 1379 |
| UWM Holdings Corporation |  |  |
| 6.63%, 02/01/30 (e) | 150 | 150 |
| VFH Parent LLC |  |  |
| 7.50%, 06/15/31 (e) | 90 | 94 |
| VistaJet Group Holding SA |  |  |
| 9.50%, 06/01/28 (e) (i) | 55 | 56 |
| VistaJet Malta Finance P.L.C. |  |  |
| 7.88%, 05/01/27 (e) (i) | 94 | 95 |
| 6.38%, 02/01/30 (e) (i) | 230 | 215 |

---

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page [607](#abbreviations).

**JNL Series Trust** (Unaudited)

**Schedules of Investments (in thousands)**

June 30, 2025

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| Walker & Dunlop, Inc. |  |  |
| 6.63%, 04/01/33 (e) | 70 | 72 |
| Wells Fargo & Company |  |  |
| 3.53%, 03/24/28 | 5123 | 5051 |
| 5.57%, 07/25/29 | 1500 | 1549 |
| 4.48%, 04/04/31 | 4110 | 4091 |
| 5.15%, 04/23/31 | 1247 | 1277 |
| 5.50%, 01/23/35 | 722 | 741 |
| 5.61%, 04/23/36 | 1101 | 1136 |
| Western Alliance Bancorporation |  |  |
| 3.00%, 06/15/31 | 170 | 158 |
| Western Southern Global Funding |  |  |
| 4.90%, 05/01/30 (e) | 361 | 365 |
| Westpac Banking Corporation |  |  |
| 4.11%, 07/24/34 (n) | 558 | 541 |
| Wex, Inc. |  |  |
| 6.50%, 03/15/33 (e) | 150 | 151 |
| | | 173253 |
| **Energy 4.0%** | **Energy 4.0%** | **Energy 4.0%** |
| ADNOC Murban RSC Ltd. |  |  |
| 5.13%, 09/11/54 (e) | 200 | 183 |
| Antero Midstream Partners LP |  |  |
| 5.38%, 06/15/29 (e) | 100 | 99 |
| Archrock Partners, L.P. |  |  |
| 6.63%, 09/01/32 (e) | 90 | 92 |
| Aris Water Holdings, LLC |  |  |
| 7.25%, 04/01/30 (e) | 145 | 149 |
| Ascent Resources - Utica, LLC |  |  |
| 6.63%, 07/15/33 (e) | 50 | 51 |
| Bapco Energies B.S.C. Closed |  |  |
| 7.50%, 10/25/27 (e) | 110 | 113 |
| 8.38%, 11/07/28 (e) | 40 | 42 |
| Baytex Energy Corp. |  |  |
| 7.38%, 03/15/32 (e) | 120 | 115 |
| California Resources Corporation |  |  |
| 7.13%, 02/01/26 (e) | 44 | 44 |
| 8.25%, 06/15/29 (e) | 220 | 226 |
| Calumet Specialty Products Partners, L.P. |  |  |
| 8.13%, 01/15/27 (e) | 90 | 89 |
| 9.75%, 07/15/28 (e) | 130 | 130 |
| Canacol Energy Ltd. |  |  |
| 5.75%, 11/24/28 (e) | 366 | 129 |
| Cenovus Energy Inc. |  |  |
| 2.65%, 01/15/32 | 1400 | 1211 |
| 6.75%, 11/15/39 | 36 | 39 |
| 5.40%, 06/15/47 | 89 | 79 |
| 3.75%, 02/15/52 | 140 | 95 |
| Cenub Qaz Dehlizi, Qapali Sehmdar Cemiyyeti |  |  |
| 6.88%, 03/24/26 (e) | 160 | 162 |
| Cheniere Energy Partners, L.P. |  |  |
| 5.75%, 08/15/34 | 40 | 41 |
| Citgo Petroleum Corporation |  |  |
| 6.38%, 06/15/26 (e) | 225 | 225 |
| 8.38%, 01/15/29 (e) | 35 | 36 |
| CNX Midstream Partners LP |  |  |
| 4.75%, 04/15/30 (e) | 140 | 132 |
| CNX Resources Corporation |  |  |
| 6.00%, 01/15/29 (e) | 45 | 45 |
| 7.25%, 03/01/32 (e) | 75 | 78 |
| Colgate Energy Partners III, LLC |  |  |
| 5.88%, 07/01/29 (e) | 150 | 151 |
| Columbia Pipelines Operating Company LLC |  |  |
| 6.04%, 11/15/33 (e) | 492 | 516 |
| 6.50%, 08/15/43 (e) | 147 | 152 |
| 6.54%, 11/15/53 (e) | 265 | 275 |
| 6.71%, 08/15/63 (e) | 158 | 167 |
| Comstock Resources, Inc. |  |  |
| 6.75%, 03/01/29 (e) | 65 | 65 |
| 5.88%, 01/15/30 (e) | 165 | 160 |
| CQP Holdco LP |  |  |
| 7.50%, 12/15/33 (e) | 200 | 217 |
| CVR Energy, Inc. |  |  |
| 5.75%, 02/15/28 (e) | 75 | 72 |
| 8.50%, 01/15/29 (e) | 165 | 165 |
| Delek Logistics Partners, LP |  |  |
| 7.13%, 06/01/28 (e) | 265 | 266 |
| 8.63%, 03/15/29 (e) | 38 | 39 |
| 7.38%, 06/30/33 (e) | 50 | 50 |
| Ecopetrol S.A. |  |  |
| 4.63%, 11/02/31 | 75 | 63 |
| 8.88%, 01/13/33 | 310 | 320 |
| 8.38%, 01/19/36 | 70 | 68 |
| EIG Pearl Holdings S.a r.l. |  |  |
| 3.55%, 08/31/36 (e) | 273 | 243 |
| Empresa Nacional del Petroleo |  |  |
| 5.95%, 07/30/34 (e) | 200 | 202 |
| Energean Israel Finance Ltd |  |  |
| 4.88%, 03/30/26 (j) | 260 | 256 |
| 5.38%, 03/30/28 | 80 | 76 |
| 5.88%, 03/30/31 | 40 | 37 |
| Energean PLC |  |  |
| 6.50%, 04/30/27 (e) | 294 | 288 |
| Energy Transfer LP |  |  |
| 6.63%, (100, 02/15/28) (m) | 255 | 254 |
| 7.13%, (100, 05/15/30) (m) | 55 | 56 |
| 5.25%, 04/15/29 | 925 | 947 |
| 3.75%, 05/15/30 | 327 | 314 |
| 5.30%, 04/15/47 | 700 | 617 |
| 6.00%, 06/15/48 | 490 | 471 |
| 5.00%, 05/15/50 | 930 | 780 |
| Enfragen Energia Sur SA. |  |  |
| 5.38%, 12/30/30 (e) | 420 | 375 |
| Excelerate Energy Limited Partnership |  |  |
| 8.00%, 05/15/30 (e) | 90 | 95 |
| Galaxy Pipeline Assets Bidco Limited |  |  |
| 2.16%, 03/31/34 (e) | 96 | 85 |
| 2.63%, 03/31/36 (e) | 300 | 255 |
| Genesis Energy, L.P. |  |  |
| 8.00%, 05/15/33 | 185 | 194 |
| Geopark Limited |  |  |
| 5.50%, 01/17/27 (e) | 110 | 105 |
| 8.75%, 01/31/30 (e) | 200 | 176 |
| Global Partners LP |  |  |
| 6.88%, 01/15/29 | 250 | 254 |
| 7.13%, 07/01/33 (e) | 35 | 35 |
| Golar LNG Limited |  |  |
| 7.00%, 10/20/25 | 140 | 140 |
| 7.75%, 09/19/29 | 200 | 201 |
| 2.75%, 12/15/30 (e) (n) | 73 | 75 |
| Gran Tierra Energy Inc. |  |  |
| 9.50%, 10/15/29 (e) | 150 | 114 |
| GreenSaif Pipelines Bidco S.a r.l. |  |  |
| 6.13%, 02/23/38 (e) | 200 | 206 |
| 6.51%, 02/23/42 (e) | 200 | 206 |
| Guara Norte S.a r.l. |  |  |
| 5.20%, 06/15/34 (e) | 154 | 145 |
| Halliburton Company |  |  |
| 3.80%, 11/15/25 | 5 | 5 |
| Harbour Energy PLC |  |  |
| 5.50%, 10/15/26 (e) | 30 | 30 |
| Harvest Midstream I, L.P. |  |  |
| 7.50%, 09/01/28 - 05/15/32 (e) | 200 | 205 |
| Hess Corporation |  |  |
| 7.13%, 03/15/33 | 1351 | 1532 |
| 5.60%, 02/15/41 | 1013 | 1007 |
| 5.80%, 04/01/47 | 601 | 597 |
| Hess Infrastructure Partners LP |  |  |
| 5.88%, 03/01/28 (e) | 115 | 117 |
| 6.50%, 06/01/29 (e) | 120 | 123 |
| 4.25%, 02/15/30 (e) | 40 | 38 |
| 5.50%, 10/15/30 (e) | 20 | 20 |
| Hess Midstream Operations LP |  |  |
| 5.13%, 06/15/28 (e) | 10 | 10 |
| Howard Midstream Energy Partners, LLC |  |  |
| 8.88%, 07/15/28 (e) | 140 | 147 |
| 7.38%, 07/15/32 (e) | 60 | 63 |
| Investment Energy Resources Limited |  |  |
| 6.25%, 04/26/29 (e) | 200 | 195 |

---

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page [607](#abbreviations).

**JNL Series Trust** (Unaudited)

**Schedules of Investments (in thousands)**

June 30, 2025

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| Joint Stock Company National Company Kazmunaygas |  |  |
| 5.38%, 04/24/30 (e) | 60 | 60 |
| 5.75%, 04/19/47 (e) | 35 | 30 |
| Kinetik Holdings LP |  |  |
| 6.63%, 12/15/28 (e) | 150 | 153 |
| 5.88%, 06/15/30 (e) | 70 | 71 |
| Kosmos Energy Ltd. |  |  |
| 7.13%, 04/04/26 (e) | 110 | 106 |
| 7.75%, 05/01/27 (e) | 30 | 27 |
| 7.50%, 03/01/28 (e) | 125 | 103 |
| 8.75%, 10/01/31 (e) (i) | 355 | 269 |
| Leviathan Bond Ltd |  |  |
| 6.50%, 06/30/27 (j) | 160 | 159 |
| MC Brazil Downstream Trading S.a r.l. |  |  |
| 7.25%, 06/30/31 (e) | 219 | 174 |
| Medco Maple Tree Pte. Ltd. |  |  |
| 8.96%, 04/27/29 (e) | 250 | 260 |
| Mesquite Energy, Inc. |  |  |
| 0.00% (e) (g) (h) (m) | 269 | 3 |
| Moss Creek Resources Holdings, Inc. |  |  |
| 8.25%, 09/01/31 (e) | 110 | 107 |
| MPLX LP |  |  |
| 4.95%, 09/01/32 | 993 | 984 |
| 4.50%, 04/15/38 | 675 | 597 |
| 4.70%, 04/15/48 | 325 | 263 |
| Nabors Industries Ltd. |  |  |
| 7.50%, 01/15/28 (e) (i) | 114 | 101 |
| Nabors Industries, Inc. |  |  |
| 7.38%, 05/15/27 (e) | 80 | 79 |
| 9.13%, 01/31/30 (e) | 25 | 24 |
| 8.88%, 08/15/31 (e) (i) | 70 | 52 |
| New Fortress Energy Inc. |  |  |
| 6.50%, 09/30/26 (e) (i) | 40 | 19 |
| NFE Fing LLC |  |  |
| 12.00%, 11/15/29 (e) | 496 | 222 |
| Northern Oil and Gas Incorporated |  |  |
| 8.75%, 06/15/31 (e) | 145 | 150 |
| Occidental Petroleum Corporation |  |  |
| 7.50%, 05/01/31 | 1400 | 1543 |
| 6.45%, 09/15/36 | 1135 | 1160 |
| 6.60%, 03/15/46 | 1375 | 1356 |
| Oleoducto Central S.A. |  |  |
| 4.00%, 07/14/27 (e) | 99 | 96 |
| ONEOK, Inc. |  |  |
| 4.25%, 09/24/27 | 338 | 338 |
| 4.40%, 10/15/29 | 353 | 350 |
| 4.75%, 10/15/31 | 688 | 683 |
| Orlen S A |  |  |
| 6.00%, 01/30/35 (e) | 200 | 205 |
| Parkland Corporation |  |  |
| 4.50%, 10/01/29 (e) | 60 | 58 |
| 4.63%, 05/01/30 (e) | 210 | 201 |
| 6.63%, 08/15/32 (e) | 55 | 56 |
| PBF Holding Company LLC |  |  |
| 6.00%, 02/15/28 | 55 | 53 |
| 9.88%, 03/15/30 (e) | 125 | 122 |
| 7.88%, 09/15/30 (e) | 142 | 127 |
| Pemex Project Funding Master Trust |  |  |
| 6.63%, 06/15/35 | 410 | 344 |
| Permian Resources Operating, LLC |  |  |
| 7.00%, 01/15/32 (e) | 6 | 6 |
| 6.25%, 02/01/33 (e) | 30 | 30 |
| Petroleos de Venezuela, S.A. |  |  |
| 0.00%, 04/12/27 (g) (h) (j) | 10380 | 1142 |
| 0.00%, 05/17/35 (e) (g) (h) | 330 | 48 |
| Petroleos Mexicanos |  |  |
| 6.88%, 10/16/25 - 08/04/26 | 135 | 135 |
| 6.49%, 01/23/27 | 395 | 392 |
| 6.50%, 03/13/27 - 06/02/41 | 410 | 398 |
| 5.95%, 01/28/31 | 2235 | 2023 |
| 6.70%, 02/16/32 | 500 | 466 |
| 6.38%, 01/23/45 | 60 | 43 |
| 6.75%, 09/21/47 | 8860 | 6409 |
| 6.35%, 02/12/48 | 4400 | 3064 |
| 7.69%, 01/23/50 | 741 | 584 |
| 6.95%, 01/28/60 | 115 | 82 |
| Petronas Capital Limited |  |  |
| 3.50%, 04/21/30 (e) | 50 | 48 |
| 3.40%, 04/28/61 (e) | 105 | 69 |
| Petrorio Luxembourg Trading S.A. R.L. |  |  |
| 6.13%, 06/09/26 (e) | 75 | 75 |
| Plains All American Pipeline, L.P. |  |  |
| 8.70%(3 Month Term SOFR + 4.37%), (d) (m) | 380 | 380 |
| 3.55%, 12/15/29 | 188 | 180 |
| Prairie Acquiror LP |  |  |
| 9.00%, 08/01/29 (e) | 100 | 104 |
| PT. Pertamina (Persero) |  |  |
| 4.18%, 01/21/50 (e) | 90 | 67 |
| Qatarenergy |  |  |
| 1.38%, 09/12/26 (e) | 325 | 313 |
| 2.25%, 07/12/31 (e) | 200 | 175 |
| 3.13%, 07/12/41 (e) | 110 | 81 |
| 3.30%, 07/12/51 (e) | 350 | 236 |
| Rockies Express Pipeline LLC |  |  |
| 6.75%, 03/15/33 (e) | 130 | 136 |
| Saudi Arabian Oil Company |  |  |
| 3.50%, 04/16/29 (e) | 315 | 304 |
| 2.25%, 11/24/30 (e) | 380 | 338 |
| 4.25%, 04/16/39 (e) | 285 | 248 |
| 4.38%, 04/16/49 (e) | 35 | 28 |
| 3.25%, 11/24/50 (e) | 130 | 82 |
| 6.38%, 06/02/55 (j) | 200 | 200 |
| 5.88%, 07/17/64 (e) | 200 | 183 |
| 3.50%, 11/24/70 (e) | 65 | 39 |
| Seadrill Finance Limited |  |  |
| 8.38%, 08/01/30 (e) | 45 | 46 |
| Seplat Energy PLC |  |  |
| 9.13%, 03/21/30 (e) | 200 | 198 |
| South Bow Canadian Infrastructure Holdings Ltd. |  |  |
| 7.50%, 03/01/55 (e) | 106 | 110 |
| 7.63%, 03/01/55 (e) | 15 | 16 |
| Sunnova Energy Corporation |  |  |
| 0.00%, 09/01/26 (e) (g) (h) | 245 | 6 |
| Sunoco Logistics Partners Operations L.P. |  |  |
| 5.40%, 10/01/47 | 200 | 178 |
| Sunoco LP |  |  |
| 5.88%, 03/15/28 | 80 | 80 |
| 7.00%, 05/01/29 (e) | 30 | 31 |
| 4.50%, 05/15/29 | 110 | 107 |
| 7.25%, 05/01/32 (e) | 40 | 42 |
| 6.25%, 07/01/33 (e) | 100 | 102 |
| Tallgrass Energy Partners, LP |  |  |
| 6.00%, 12/31/30 - 09/01/31 (e) | 635 | 622 |
| Talos Production Inc. |  |  |
| 9.00%, 02/01/29 (e) | 30 | 31 |
| 9.38%, 02/01/31 (e) | 55 | 56 |
| Targa Resources Corp. |  |  |
| 4.90%, 09/15/30 | 447 | 451 |
| 5.65%, 02/15/36 | 1076 | 1086 |
| Tecpetrol |  |  |
| 7.63%, 01/22/33 (e) | 60 | 61 |
| Tengizchevroil Finance Company S.A R.L. |  |  |
| 3.25%, 08/15/30 (e) | 95 | 84 |
| TGS ASA |  |  |
| 8.50%, 01/15/30 (e) | 150 | 155 |
| TMS ISSUER S.a r.l. |  |  |
| 5.78%, 08/23/32 (e) | 110 | 114 |
| Transcontinental Gas Pipe Line Company, LLC |  |  |
| 3.25%, 05/15/30 | 158 | 149 |
| 3.95%, 05/15/50 | 509 | 387 |
| Transmontaigne Partners LLC |  |  |
| 8.50%, 06/15/30 (e) | 65 | 68 |
| Transocean Inc |  |  |
| 8.00%, 02/01/27 (e) | 95 | 94 |
| 8.25%, 05/15/29 (e) | 30 | 28 |
| 8.75%, 02/15/30 (e) | 72 | 74 |
| 8.50%, 05/15/31 (e) | 90 | 80 |
| Tullow Oil PLC |  |  |
| 10.25%, 05/15/26 (e) | 361 | 312 |

---

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page [607](#abbreviations).

**JNL Series Trust** (Unaudited)

**Schedules of Investments (in thousands)**

June 30, 2025

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| USA Compression Finance Corp. |  |  |
| 6.88%, 09/01/27 | 135 | 135 |
| 7.13%, 03/15/29 (e) | 70 | 72 |
| Valaris Limited |  |  |
| 8.38%, 04/30/30 (e) | 140 | 143 |
| Vallourec |  |  |
| 7.50%, 04/15/32 (e) | 250 | 262 |
| Venture Global Plaquemines LNG, LLC |  |  |
| 7.50%, 05/01/33 (e) | 70 | 75 |
| 6.50%, 01/15/34 (e) | 155 | 155 |
| 7.75%, 05/01/35 (e) | 70 | 76 |
| 6.75%, 01/15/36 (e) | 125 | 125 |
| Viridien |  |  |
| 10.00%, 10/15/30 (e) | 140 | 138 |
| Western Midstream Operating, LP |  |  |
| 4.05%, 02/01/30 (f) (o) | 4300 | 4136 |
| Williams Companies, Inc., The |  |  |
| 4.65%, 08/15/32 | 1037 | 1018 |
| Yinson Boronia Production B.V. |  |  |
| 8.95%, 07/31/42 (e) | 327 | 348 |
| YPF S.A. |  |  |
| 8.25%, 01/17/34 (e) | 60 | 60 |
| | | 57966 |
| **Real Estate 2.0%** | **Real Estate 2.0%** | **Real Estate 2.0%** |
| Alpha Star Holding IX Limited |  |  |
| 7.00%, 08/26/28 (j) | 200 | 203 |
| American Homes 4 Rent, L.P. |  |  |
| 3.63%, 04/15/32 | 451 | 417 |
| Anywhere Real Estate Group LLC |  |  |
| 5.75%, 01/15/29 (e) (i) | 45 | 40 |
| 5.25%, 04/15/30 (e) (i) | 19 | 16 |
| 7.00%, 04/15/30 (e) (i) | 91 | 85 |
| 9.75%, 04/15/30 (e) | 95 | 97 |
| Boston Properties Limited Partnership |  |  |
| 6.75%, 12/01/27 | 740 | 777 |
| Brandywine Operating Partnership, L.P. |  |  |
| 8.30%, 03/15/28 (f) (o) | 1062 | 1139 |
| 4.55%, 10/01/29 (i) | 189 | 179 |
| COPT Defense Properties |  |  |
| 2.25%, 03/15/26 | 257 | 253 |
| 2.75%, 04/15/31 | 187 | 166 |
| CTR Partnership, L.P. |  |  |
| 3.88%, 06/30/28 (e) | 110 | 105 |
| Forestar Group Inc. |  |  |
| 6.50%, 03/15/33 (e) | 145 | 146 |
| GLP Financing, LLC |  |  |
| 5.63%, 09/15/34 | 167 | 166 |
| HAT Holdings I LLC |  |  |
| 3.38%, 06/15/26 (e) | 38 | 37 |
| Healthcare Realty Holdings, L.P. |  |  |
| 3.50%, 08/01/26 | 201 | 199 |
| 3.10%, 02/15/30 | 193 | 179 |
| Howard Hughes Corporation, The |  |  |
| 4.13%, 02/01/29 (e) | 145 | 138 |
| Hudson Pacific Properties, L.P. |  |  |
| 4.65%, 04/01/29 (i) | 2500 | 2244 |
| Invitation Homes Operating Partnership LP |  |  |
| 4.15%, 04/15/32 | 1513 | 1431 |
| Kennedy-Wilson, Inc. |  |  |
| 4.75%, 02/01/30 | 140 | 128 |
| Kilroy Realty, L.P. |  |  |
| 4.75%, 12/15/28 | 925 | 917 |
| MPT Operating Partnership, L.P. |  |  |
| 5.00%, 10/15/27 (i) | 452 | 417 |
| 4.63%, 08/01/29 (i) | 60 | 47 |
| 3.50%, 03/15/31 | 150 | 106 |
| 8.50%, 02/15/32 (e) | 95 | 99 |
| Omega Healthcare Investors, Inc. |  |  |
| 4.50%, 04/01/27 | 5000 | 5012 |
| 3.63%, 10/01/29 | 852 | 811 |
| 3.38%, 02/01/31 | 1283 | 1173 |
| 3.25%, 04/15/33 | 1105 | 954 |
| Piedmont Operating Partnership, LP |  |  |
| 2.75%, 04/01/32 | 207 | 172 |
| Realty Income Corporation |  |  |
| 3.40%, 01/15/28 | 238 | 233 |
| 2.20%, 06/15/28 | 133 | 126 |
| Redfin Corporation |  |  |
| 0.50%, 04/01/27 (n) | 320 | 286 |
| Retail Properties of America, Inc. |  |  |
| 4.75%, 09/15/30 | 58 | 58 |
| RHP Hotel Properties, LP |  |  |
| 6.50%, 06/15/33 (e) | 95 | 98 |
| Sabra Health Care Limited Partnership |  |  |
| 3.20%, 12/01/31 | 1350 | 1204 |
| Safehold GL Holdings LLC |  |  |
| 2.80%, 06/15/31 | 60 | 54 |
| 2.85%, 01/15/32 | 131 | 114 |
| Star Holdings |  |  |
| 8.75%, 08/01/31 (e) | 65 | 61 |
| Store Capital LLC |  |  |
| 2.75%, 11/18/30 | 329 | 290 |
| Sun Communities Operating Limited Partnership |  |  |
| 2.30%, 11/01/28 | 233 | 218 |
| 2.70%, 07/15/31 | 617 | 547 |
| Tanger Properties Limited Partnership |  |  |
| 3.13%, 09/01/26 (i) | 3000 | 2947 |
| 2.75%, 09/01/31 | 1630 | 1430 |
| Uniti Group Inc. |  |  |
| 10.50%, 02/15/28 (e) | 221 | 234 |
| 6.50%, 02/15/29 (e) (i) | 340 | 328 |
| 6.00%, 01/15/30 (e) | 195 | 183 |
| 8.63%, 06/15/32 (e) | 120 | 121 |
| VICI Properties Inc. |  |  |
| 4.25%, 12/01/26 (e) | 8 | 8 |
| VICI Properties L.P. |  |  |
| 4.75%, 02/15/28 - 04/01/28 | 1180 | 1187 |
| 4.95%, 02/15/30 | 1407 | 1416 |
| 5.13%, 05/15/32 | 345 | 343 |
| Vornado Realty L.P. |  |  |
| 2.15%, 06/01/26 | 271 | 263 |
|  |  | 29602 |
| **Communication Services 1.7%** | **Communication Services 1.7%** | **Communication Services 1.7%** |
| Acuris Finance US, Inc. |  |  |
| 5.00%, 05/01/28 (e) | 140 | 133 |
| 9.00%, 08/01/29 (e) | 125 | 128 |
| Advantage Sales & Marketing Inc. |  |  |
| 6.50%, 11/15/28 (e) | 135 | 105 |
| Altice Financing S.A. |  |  |
| 5.75%, 08/15/29 (e) | 338 | 248 |
| Altice France |  |  |
| 6.00%, 02/15/28 (e) | 180 | 64 |
| Altice France Holding S.A. |  |  |
| 5.50%, 01/15/28 (e) | 130 | 109 |
| 5.13%, 01/15/29 (e) | 255 | 211 |
| 5.13%, 07/15/29 (e) | 330 | 272 |
| AT&T Inc. |  |  |
| 4.90%, 08/15/37 | 400 | 383 |
| 3.80%, 12/01/57 | 2900 | 2031 |
| Axian Telecom |  |  |
| 7.38%, 02/16/27 (e) | 261 | 266 |
| Axian Telecom Holding & Management PLC |  |  |
| 7.25%, 07/11/30 (e) | 320 | 318 |
| C T Trust |  |  |
| 5.13%, 02/03/32 (e) | 200 | 186 |
| C&W Senior Finance Ltd. |  |  |
| 9.00%, 01/15/33 (e) | 435 | 445 |
| Cablevision Lightpath LLC |  |  |
| 5.63%, 09/15/28 (e) | 10 | 10 |
| CCO Holdings, LLC |  |  |
| 5.00%, 02/01/28 (e) | 370 | 367 |
| 4.75%, 03/01/30 (e) | 105 | 102 |
| 4.50%, 08/15/30 (e) | 50 | 48 |
| 4.75%, 02/01/32 (e) | 335 | 318 |
| 4.50%, 05/01/32 | 75 | 70 |
| 4.50%, 06/01/33 (e) | 65 | 59 |
| Charter Communications Operating, LLC |  |  |
| 6.10%, 06/01/29 | 694 | 726 |

---

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page [607](#abbreviations).

**JNL Series Trust** (Unaudited)

**Schedules of Investments (in thousands)**

June 30, 2025

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| 2.30%, 02/01/32 (i) | 166 | 140 |
| 4.40%, 04/01/33 | 487 | 459 |
| 6.55%, 06/01/34 | 479 | 511 |
| 5.38%, 05/01/47 | 2440 | 2115 |
| 4.80%, 03/01/50 | 4552 | 3635 |
| 5.50%, 04/01/63 | 487 | 412 |
| Clear Channel Outdoor Holdings, Inc. |  |  |
| 5.13%, 08/15/27 (e) | 60 | 59 |
| 9.00%, 09/15/28 (e) | 65 | 68 |
| 7.50%, 06/01/29 (e) (i) | 100 | 92 |
| 7.88%, 04/01/30 (e) | 110 | 114 |
| CMG Media Corporation |  |  |
| 8.88%, 06/18/29 (e) | 25 | 24 |
| Cogent Communications Group, LLC |  |  |
| 7.00%, 06/15/27 (e) | 155 | 155 |
| Colombia Telecomunicaciones S.A. E.S.P. |  |  |
| 4.95%, 07/17/30 (e) | 180 | 155 |
| CommScope, LLC. |  |  |
| 4.75%, 09/01/29 (e) | 114 | 111 |
| Connect Finco SARL |  |  |
| 9.00%, 09/15/29 (e) | 57 | 57 |
| CSC Holdings, LLC |  |  |
| 5.50%, 04/15/27 (e) | 65 | 62 |
| 4.13%, 12/01/30 (e) | 190 | 135 |
| 4.63%, 12/01/30 (e) | 371 | 173 |
| 3.38%, 02/15/31 (e) | 145 | 100 |
| 4.50%, 11/15/31 (e) | 150 | 106 |
| DISH DBS Corporation |  |  |
| 7.38%, 07/01/28 | 70 | 51 |
| 5.13%, 06/01/29 | 210 | 140 |
| DISH Network Corporation |  |  |
| 11.75%, 11/15/27 (e) | 119 | 123 |
| Dotdash Meredith, Inc. |  |  |
| 7.63%, 06/15/32 (e) | 65 | 63 |
| EchoStar Corporation |  |  |
| 10.75%, 11/30/29 | 156 | 161 |
| 3.88%, 11/30/30 (n) (p) | 361 | 424 |
| 6.75%, 11/30/30 (p) | 438 | 400 |
| Frontier Communications Holdings, LLC |  |  |
| 8.75%, 05/15/30 (e) | 8 | 8 |
| Frontier Communications Parent, Inc. |  |  |
| 5.00%, 05/01/28 (e) | 35 | 35 |
| IHS Holding Limited |  |  |
| 5.63%, 11/29/26 (e) | 133 | 130 |
| 6.25%, 11/29/28 (e) | 20 | 19 |
| 7.88%, 05/29/30 (e) | 345 | 346 |
| 8.25%, 11/29/31 (e) | 75 | 76 |
| Iliad Holding |  |  |
| 8.50%, 04/15/31 (e) | 115 | 123 |
| 7.00%, 04/15/32 (e) | 75 | 77 |
| Intelsat Jackson Holdings S.A. |  |  |
| 6.50%, 03/15/30 (e) | 115 | 117 |
| Ion Trading Technologies S.a r.l. |  |  |
| 5.75%, 05/15/28 (e) | 35 | 34 |
| 9.50%, 05/30/29 (e) | 125 | 129 |
| LCPR Senior Secured Financing Designated Activity Company |  |  |
| 6.75%, 10/15/27 (e) | 172 | 116 |
| 5.13%, 07/15/29 (e) | 121 | 72 |
| Level 3 Financing, Inc. |  |  |
| 4.25%, 07/01/28 (e) | 20 | 18 |
| 3.63%, 01/15/29 (e) | 40 | 34 |
| 4.88%, 06/15/29 (e) | 15 | 14 |
| 3.75%, 07/15/29 (e) | 20 | 17 |
| 4.50%, 04/01/30 (e) | 71 | 64 |
| 3.88%, 10/15/30 (e) | 60 | 52 |
| 4.00%, 04/15/31 (e) | 30 | 26 |
| 10.00%, 10/15/32 (e) | 20 | 20 |
| 6.88%, 06/30/33 (e) | 140 | 142 |
| Liquid Telecommunications Financing PLC |  |  |
| 5.50%, 09/04/26 (e) | 425 | 361 |
| Lumen Technologies, Inc. |  |  |
| 4.50%, 01/15/29 (e) | 25 | 23 |
| 4.13%, 04/15/30 (e) | 30 | 29 |
| Millicom International Cellular SA |  |  |
| 5.13%, 01/15/28 (e) | 126 | 124 |
| 4.50%, 04/27/31 (e) | 200 | 183 |
| 7.38%, 04/02/32 (e) | 50 | 51 |
| MTN (Mauritius) Investments Limited |  |  |
| 6.50%, 10/13/26 (e) | 70 | 71 |
| Network I2I Limited |  |  |
| 3.98%, (100, 03/03/26) (e) (m) | 50 | 49 |
| Outfront Media Capital Corporation |  |  |
| 7.38%, 02/15/31 (e) | 145 | 154 |
| Rogers Communications Inc. |  |  |
| 7.00%, 04/15/55 | 47 | 48 |
| 7.13%, 04/15/55 | 47 | 48 |
| Sable International Finance Limited |  |  |
| 7.13%, 10/15/32 (e) | 360 | 360 |
| Snap Inc. |  |  |
| 6.88%, 03/01/33 (e) | 90 | 92 |
| Telecomunicaciones Digitales, S.A. |  |  |
| 4.50%, 01/30/30 (e) | 260 | 242 |
| TELUS Corporation |  |  |
| 6.63%, 10/15/55 | 97 | 98 |
| 7.00%, 10/15/55 | 48 | 48 |
| Tencent Holdings Limited |  |  |
| 1.81%, 01/26/26 (e) | 50 | 49 |
| 3.98%, 04/11/29 (e) | 40 | 40 |
| 2.39%, 06/03/30 (e) | 65 | 60 |
| T-Mobile USA, Inc. |  |  |
| 3.75%, 04/15/27 | 870 | 861 |
| 3.88%, 04/15/30 | 40 | 39 |
| 4.50%, 04/15/50 | 40 | 33 |
| TV Azteca S.A.B. de C.V. |  |  |
| 0.00%, 08/09/26 (g) (h) (j) | 300 | 111 |
| Verizon Communications Inc. |  |  |
| 2.55%, 03/21/31 | 846 | 759 |
| 4.78%, 02/15/35 | 179 | 174 |
| 4.86%, 08/21/46 | 580 | 516 |
| 5.01%, 04/15/49 | 138 | 127 |
| Virgin Media Finance PLC |  |  |
| 5.00%, 07/15/30 (e) | 150 | 137 |
| Virgin Media Secured Finance PLC |  |  |
| 4.50%, 08/15/30 (e) | 145 | 135 |
| VTR Comunicaciones SpA |  |  |
| 5.13%, 01/15/28 (e) (i) | 157 | 148 |
| 4.38%, 04/15/29 (e) | 100 | 89 |
| VTR Finance N.V. |  |  |
| 6.38%, 07/15/28 (e) | 245 | 234 |
| Wayfair LLC |  |  |
| 7.25%, 10/31/29 (e) | 195 | 196 |
| 7.75%, 09/15/30 (e) | 270 | 272 |
| Windstream Services, LLC |  |  |
| 8.25%, 10/01/31 (e) | 180 | 189 |
| Ziggo B.V. |  |  |
| 4.88%, 01/15/30 (e) | 55 | 51 |
| | | 24514 |
| **Industrials 1.5%** | **Industrials 1.5%** | **Industrials 1.5%** |
| ADT Security Corporation, The |  |  |
| 4.13%, 08/01/29 (e) | 105 | 101 |
| Aeropuerto Internacional de Tocumen, S.A. |  |  |
| 5.13%, 08/11/61 (e) | 200 | 141 |
| Aeropuertos Dominicanos Siglo XXI S.A. |  |  |
| 7.00%, 06/30/34 (e) | 200 | 208 |
| Air Lease Corporation |  |  |
| 4.13%, (100, 12/15/26) (m) | 150 | 145 |
| 3.38%, 07/01/25 | 961 | 961 |
| 3.75%, 06/01/26 | 3475 | 3452 |
| Aircastle Limited |  |  |
| 5.25%, (100, 06/17/26) (e) (m) | 202 | 200 |
| American Airlines, Inc. |  |  |
| 5.50%, 04/20/26 (e) | 7 | 7 |
| 7.25%, 02/15/28 (e) | 75 | 77 |
| 8.50%, 05/15/29 (e) (i) | 120 | 126 |
| Amsted Industries Incorporated |  |  |
| 6.38%, 03/15/33 (e) | 100 | 102 |

---

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page [607](#abbreviations).

**JNL Series Trust** (Unaudited)

**Schedules of Investments (in thousands)**

June 30, 2025

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| Ardagh Metal Packaging Finance Public Limited Company |  |  |
| 6.00%, 06/15/27 (e) | 60 | 60 |
| 4.00%, 09/01/29 (e) (i) | 109 | 99 |
| Artera Services, LLC |  |  |
| 8.50%, 02/15/31 (e) | 392 | 326 |
| ATI Inc. |  |  |
| 7.25%, 08/15/30 | 10 | 11 |
| 5.13%, 10/01/31 | 30 | 29 |
| ATP Tower Holdings, LLC |  |  |
| 7.88%, 02/03/30 (e) | 100 | 102 |
| Axon Enterprise, Inc. |  |  |
| 6.13%, 03/15/30 (e) | 115 | 118 |
| 6.25%, 03/15/33 (e) | 100 | 103 |
| Beacon Mobility Financial Corp. |  |  |
| 7.25%, 08/01/30 (e) | 85 | 87 |
| Boeing Company, The |  |  |
| 6.26%, 05/01/27 (o) | 291 | 300 |
| 6.30%, 05/01/29 (o) | 373 | 394 |
| 5.15%, 05/01/30 (o) | 778 | 792 |
| 6.39%, 05/01/31 (o) | 283 | 305 |
| 6.53%, 05/01/34 (o) | 303 | 329 |
| 5.71%, 05/01/40 (o) | 560 | 553 |
| 5.81%, 05/01/50 (o) | 166 | 159 |
| 6.86%, 05/01/54 (o) | 456 | 499 |
| 5.93%, 05/01/60 (o) | 560 | 532 |
| 7.01%, 05/01/64 (o) | 430 | 472 |
| Bombardier Inc. |  |  |
| 7.88%, 04/15/27 (e) | 16 | 16 |
| 8.75%, 11/15/30 (e) | 45 | 49 |
| 7.25%, 07/01/31 (e) | 60 | 63 |
| 7.00%, 06/01/32 (e) | 90 | 94 |
| 6.75%, 06/15/33 (e) | 60 | 62 |
| Brand Industrial Services, Inc. |  |  |
| 10.38%, 08/01/30 (e) | 145 | 134 |
| Builders FirstSource, Inc. |  |  |
| 4.25%, 02/01/32 (e) | 65 | 60 |
| 6.38%, 03/01/34 (e) | 55 | 56 |
| 6.75%, 05/15/35 (e) | 185 | 190 |
| BWXT Government Group, Inc. |  |  |
| 4.13%, 06/30/28 (e) | 65 | 64 |
| Caci International Inc. |  |  |
| 6.38%, 06/15/33 (e) | 145 | 150 |
| Carrier Global Corporation |  |  |
| 5.90%, 03/15/34 | 121 | 129 |
| Clean Harbors, Inc. |  |  |
| 6.38%, 02/01/31 (e) | 60 | 61 |
| Clydesdale Acquisition Holdings, Inc. |  |  |
| 6.63%, 04/15/29 (e) | 45 | 46 |
| 6.88%, 01/15/30 (e) | 75 | 77 |
| 8.75%, 04/15/30 (e) | 67 | 69 |
| 6.75%, 04/15/32 (e) | 110 | 113 |
| CoreCivic, Inc. |  |  |
| 4.75%, 10/15/27 | 180 | 176 |
| 8.25%, 04/15/29 | 130 | 138 |
| Crown Americas LLC |  |  |
| 5.88%, 06/01/33 (e) | 135 | 136 |
| Czechoslovak Group a.s. |  |  |
| 6.50%, 01/10/31 (e) | 200 | 202 |
| DP World Limited |  |  |
| 5.63%, 09/25/48 (e) | 100 | 93 |
| EMRLD Borrower LP |  |  |
| 6.63%, 12/15/30 (e) | 220 | 225 |
| 6.75%, 07/15/31 (e) | 80 | 83 |
| Enpro Inc. |  |  |
| 6.13%, 06/01/33 (e) | 110 | 112 |
| Fortress Transportation And Infrastructure Investors LLC |  |  |
| 7.88%, 12/01/30 (e) | 95 | 101 |
| 7.00%, 06/15/32 (e) | 40 | 41 |
| Forward Air Corporation |  |  |
| 9.50%, 10/15/31 (e) (i) | 72 | 76 |
| Foundation Building Materials, Inc. |  |  |
| 6.00%, 03/01/29 (e) (i) | 90 | 83 |
| Genesee & Wyoming Inc. |  |  |
| 6.25%, 04/15/32 (e) | 180 | 184 |
| GEO Group, Inc., The |  |  |
| 8.63%, 04/15/29 | 120 | 127 |
| 10.25%, 04/15/31 | 140 | 154 |
| GFL Environmental Inc. |  |  |
| 3.50%, 09/01/28 (e) | 80 | 77 |
| 6.75%, 01/15/31 (e) | 75 | 78 |
| Goat Holdco LLC |  |  |
| 6.75%, 02/01/32 (e) | 135 | 137 |
| Graham Packaging Company Europe LLC |  |  |
| 7.13%, 08/15/28 (e) | 5 | 5 |
| Graphic Packaging International, LLC |  |  |
| 3.75%, 02/01/30 (e) | 45 | 42 |
| 6.38%, 07/15/32 (e) | 95 | 97 |
| Grupo Kuo, S.A.B. De C.V. |  |  |
| 5.75%, 07/07/27 (e) | 140 | 138 |
| Herc Holdings Inc. |  |  |
| 7.00%, 06/15/30 (e) | 140 | 147 |
| 7.25%, 06/15/33 (e) | 110 | 115 |
| HTA Group Limited |  |  |
| 7.50%, 06/04/29 (e) | 300 | 307 |
| Icahn Enterprises L.P. |  |  |
| 6.25%, 05/15/26 | 141 | 140 |
| 5.25%, 05/15/27 | 215 | 208 |
| 9.75%, 01/15/29 | 75 | 73 |
| 4.38%, 02/01/29 | 100 | 84 |
| 10.00%, 11/15/29 (e) | 55 | 54 |
| 9.00%, 06/15/30 | 115 | 107 |
| JetBlue Airways Corporation |  |  |
| 9.88%, 09/20/31 (e) | 150 | 146 |
| JH North America Holdings Inc. |  |  |
| 6.13%, 07/31/32 (e) | 25 | 25 |
| Kingston Airport Revenue Finance Ltd. |  |  |
| 6.75%, 12/15/36 (e) | 200 | 202 |
| Lightning Power LLC |  |  |
| 7.25%, 08/15/32 (e) | 85 | 89 |
| Masterbrand, Inc. |  |  |
| 7.00%, 07/15/32 (e) | 45 | 46 |
| Misc Capital Two Labuan Ltd |  |  |
| 3.75%, 04/06/27 (e) | 200 | 197 |
| Miter Brands Acquisition Holdco, Inc. |  |  |
| 6.75%, 04/01/32 (e) | 50 | 51 |
| MIWD Holdco II LLC |  |  |
| 5.50%, 02/01/30 (e) (i) | 25 | 24 |
| Onesky Flight, LLC |  |  |
| 8.88%, 12/15/29 (e) | 95 | 99 |
| Paychex, Inc. |  |  |
| 5.10%, 04/15/30 | 112 | 115 |
| 5.35%, 04/15/32 | 157 | 161 |
| 5.60%, 04/15/35 | 124 | 128 |
| Pike Corporation |  |  |
| 5.50%, 09/01/28 (e) | 70 | 70 |
| 8.63%, 01/31/31 (e) | 100 | 109 |
| Queen Mergerco, Inc. |  |  |
| 6.75%, 04/30/32 (e) | 265 | 274 |
| Quikrete Holdings, Inc. |  |  |
| 6.38%, 03/01/32 (e) | 335 | 345 |
| 6.75%, 03/01/33 (e) | 100 | 103 |
| RailWorks Holdings, LP |  |  |
| 8.25%, 11/15/28 (e) | 175 | 179 |
| Rand Parent LLC |  |  |
| 8.50%, 02/15/30 (e) (i) | 322 | 323 |
| Reworld Holding Corporation |  |  |
| 4.88%, 12/01/29 (e) | 160 | 152 |
| Seaspan Corporation |  |  |
| 5.50%, 08/01/29 (e) | 44 | 42 |
| Sensata Technologies B.V. |  |  |
| 4.00%, 04/15/29 (e) (i) | 80 | 76 |
| Sensata Technologies, Inc. |  |  |
| 6.63%, 07/15/32 (e) | 150 | 154 |
| Sisecam UK PLC |  |  |
| 8.63%, 05/02/32 (e) (i) | 130 | 132 |
| Smyrna Ready Mix Concrete, LLC |  |  |
| 8.88%, 11/15/31 (e) | 115 | 121 |

---

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page [607](#abbreviations).

**JNL Series Trust** (Unaudited)

**Schedules of Investments (in thousands)**

June 30, 2025

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| Spirit Airlines, LLC |  |  |
| 11.00%, 03/12/30 (e) (p) | 41 | 29 |
| SRM Escrow Issuer, LLC |  |  |
| 6.00%, 11/01/28 (e) | 120 | 120 |
| Standard Building Solutions Inc. |  |  |
| 6.50%, 08/15/32 (e) | 90 | 92 |
| Stonepeak Nile Parent LLC |  |  |
| 7.25%, 03/15/32 (e) | 90 | 95 |
| TAV Havalimanlari Holding Anonim Sirketi |  |  |
| 8.50%, 12/07/28 (e) | 45 | 47 |
| TK Elevator U.S. Newco, Inc. |  |  |
| 5.25%, 07/15/27 (e) | 255 | 254 |
| Toucan Finco Ltd. |  |  |
| 9.50%, 05/15/30 (e) (p) | 140 | 143 |
| TransDigm Inc. |  |  |
| 6.38%, 03/01/29 - 05/31/33 (e) | 395 | 403 |
| 7.13%, 12/01/31 (e) | 80 | 84 |
| 6.63%, 03/01/32 (e) | 75 | 78 |
| 6.00%, 01/15/33 (e) | 50 | 50 |
| Trinet Group, Inc. |  |  |
| 7.13%, 08/15/31 (e) | 150 | 156 |
| Waste Pro USA, Inc. |  |  |
| 7.00%, 02/01/33 (e) | 85 | 88 |
| Wesco Distribution, Inc. |  |  |
| 6.38%, 03/15/33 (e) | 145 | 150 |
| Wrangler Holdco Corp. |  |  |
| 6.63%, 04/01/32 (e) | 110 | 115 |
| XPO, Inc. |  |  |
| 6.25%, 06/01/28 (e) | 50 | 51 |
| 7.13%, 02/01/32 (e) | 100 | 105 |
| Yinson Bergenia Production B.V. |  |  |
| 8.50%, 01/31/45 (e) | 80 | 81 |
| | | 21467 |
| **Utilities 1.1%** | **Utilities 1.1%** | **Utilities 1.1%** |
| Abu Dhabi National Energy Company PJSC |  |  |
| 4.88%, 04/23/30 (e) | 40 | 41 |
| 4.70%, 04/24/33 (e) | 200 | 198 |
| 4.75%, 03/09/37 (e) | 200 | 191 |
| 4.00%, 10/03/49 (e) | 95 | 73 |
| Aegea Finance S.a r.l. |  |  |
| 9.00%, 01/20/31 (e) | 200 | 211 |
| AES Corporation, The |  |  |
| 3.95%, 07/15/30 (e) | 1148 | 1091 |
| 2.45%, 01/15/31 | 4200 | 3672 |
| 6.95%, 07/15/55 | 163 | 159 |
| Alpha Generation LLC |  |  |
| 6.75%, 10/15/32 (e) | 45 | 46 |
| Aydem Yenilenebilir Enerji Anonim Sirketi |  |  |
| 7.75%, 02/02/27 (e) | 180 | 179 |
| Buffalo Energy Mexico Holding S A De C V |  |  |
| 7.88%, 02/15/39 (e) | 120 | 124 |
| California Buyer Limited |  |  |
| 6.38%, 02/15/32 (e) | 155 | 155 |
| Calpine Corporation |  |  |
| 5.13%, 03/15/28 (e) | 55 | 55 |
| 4.63%, 02/01/29 (e) | 60 | 59 |
| Chile Electricity Lux MPC S.a r.l. |  |  |
| 6.01%, 01/20/33 (e) | 186 | 193 |
| Clearway Energy Operating LLC |  |  |
| 4.75%, 03/15/28 (e) | 25 | 25 |
| 3.75%, 01/15/32 (e) | 135 | 121 |
| Cleco Corporate Holdings LLC |  |  |
| 3.38%, 09/15/29 | 1499 | 1396 |
| Contourglobal Power Holdings SA |  |  |
| 6.75%, 02/28/30 (e) | 100 | 103 |
| Duquesne Light Holdings, Inc. |  |  |
| 2.53%, 10/01/30 (e) | 209 | 185 |
| 2.78%, 01/07/32 (e) | 659 | 570 |
| Edison International |  |  |
| 5.00%, (100, 12/15/26) (m) | 30 | 26 |
| 6.25%, 03/15/30 | 47 | 48 |
| 8.13%, 06/15/53 (i) | 120 | 116 |
| 7.88%, 06/15/54 | 60 | 57 |
| ESKOM Holdings |  |  |
| 6.35%, 08/10/28 (e) | 150 | 151 |
| 8.45%, 08/10/28 (e) | 25 | 26 |
| Exelon Corporation |  |  |
| 3.35%, 03/15/32 | 2834 | 2613 |
| 4.10%, 03/15/52 | 174 | 133 |
| FEL Energy VI S.a r.l. |  |  |
| 5.75%, 12/01/40 (e) | 169 | 160 |
| Mong Duong Finance Holdings B.V. |  |  |
| 5.13%, 05/07/29 (e) | 88 | 86 |
| Niagara Energy S.A.C. |  |  |
| 5.75%, 10/03/34 (e) | 200 | 198 |
| NRG Energy, Inc. |  |  |
| 3.38%, 02/15/29 (e) | 40 | 38 |
| 5.75%, 07/15/29 (e) | 190 | 190 |
| 3.63%, 02/15/31 (e) | 60 | 55 |
| 6.00%, 02/01/33 (e) | 100 | 101 |
| 6.25%, 11/01/34 (e) | 105 | 107 |
| PacifiCorp |  |  |
| 7.38%, 09/15/55 | 157 | 162 |
| PG&E Corporation |  |  |
| 4.25%, 12/01/27 (n) | 100 | 99 |
| 5.00%, 07/01/28 | 85 | 83 |
| 5.25%, 07/01/30 | 210 | 200 |
| 7.38%, 03/15/55 | 204 | 193 |
| Puget Energy, Inc. |  |  |
| 4.10%, 06/15/30 | 516 | 499 |
| 4.22%, 03/15/32 | 2096 | 1972 |
| Saavi Energia S.a r.l. |  |  |
| 8.88%, 02/10/35 (e) | 200 | 208 |
| TermoCandelaria Power SA |  |  |
| 7.75%, 09/17/31 (e) (i) | 200 | 205 |
| Vistra Operations Company LLC |  |  |
| 7.75%, 10/15/31 (e) | 75 | 80 |
| 6.88%, 04/15/32 (e) | 90 | 94 |
| XPLR Infrastructure Operating Partners, LP |  |  |
| 7.25%, 01/15/29 (e) (i) | 60 | 62 |
| 8.38%, 01/15/31 (e) (i) | 76 | 81 |
| 8.63%, 03/15/33 (e) (i) | 76 | 81 |
|  |  | 16971 |
| **Consumer Discretionary 1.1%** | **Consumer Discretionary 1.1%** | **Consumer Discretionary 1.1%** |
| Adient Global Holdings Ltd |  |  |
| 7.50%, 02/15/33 (e) | 90 | 92 |
| Amer Sports Company |  |  |
| 6.75%, 02/16/31 (e) | 155 | 162 |
| Ashton Woods USA L.L.C. |  |  |
| 4.63%, 04/01/30 (e) | 75 | 71 |
| Aston Martin Capital Holdings Limited |  |  |
| 10.00%, 03/31/29 (e) | 115 | 109 |
| Azul Secured Finance LLP |  |  |
| 0.00%, 08/28/28 (g) (h) | 75 | 13 |
| 0.00%, 08/28/29 (e) (g) (h) | 92 | 1 |
| 15.02%, 01/28/30 (d) (e) (g) (h) (p) | 101 | 126 |
| BCPE Flavor Debt Merger Sub LLC |  |  |
| 9.50%, 07/01/32 (e) | 145 | 148 |
| BCPE Ulysses Intermediate, Inc. |  |  |
| 7.75%, 04/01/27 (e) (p) | 95 | 92 |
| Beach Acquisition Bidco, LLC |  |  |
| 10.00%, 07/15/33 (e) (p) | 190 | 198 |
| Beazer Homes USA, Inc. |  |  |
| 7.50%, 03/15/31 (e) | 75 | 76 |
| BRE RC Pitney Road PA LP |  |  |
| 6.63%, 01/15/32 (e) | 110 | 112 |
| Caesars Entertainment, Inc. |  |  |
| 7.00%, 02/15/30 (e) | 51 | 53 |
| 6.50%, 02/15/32 (e) | 130 | 133 |
| 6.00%, 10/15/32 (e) (i) | 120 | 118 |
| Carnival Corporation |  |  |
| 5.75%, 03/15/30 (e) | 130 | 132 |
| 5.88%, 06/15/31 (e) | 140 | 143 |
| 6.13%, 02/15/33 (e) | 95 | 97 |
| Carvana Co. |  |  |
| 5.63%, 10/01/25 (e) | 198 | 197 |
| 5.88%, 10/01/28 (e) | 85 | 79 |

---

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page [607](#abbreviations).

**JNL Series Trust** (Unaudited)

**Schedules of Investments (in thousands)**

June 30, 2025

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| 9.00%, 12/01/28 (e) (f) (p) | 58 | 59 |
| 4.88%, 09/01/29 (e) | 170 | 152 |
| 10.25%, 05/01/30 (e) | 145 | 155 |
| Clarios Global LP |  |  |
| 6.75%, 02/15/30 (e) | 85 | 88 |
| Constellation Merger Sub Inc. |  |  |
| 8.50%, 09/15/25 (e) | 55 | 55 |
| Corporacion Geo, S.A.B. De C.V. |  |  |
| 0.00%, 12/31/49 (g) (h) (l) | 99 |  |
| Discovery Communications, LLC |  |  |
| 4.13%, 05/15/29 | 27 | 23 |
| 3.63%, 05/15/30 | 871 | 705 |
| EG Global Finance PLC |  |  |
| 12.00%, 11/30/28 (e) | 594 | 656 |
| Eldorado Resorts, Inc. |  |  |
| 8.13%, 07/01/27 (e) | 68 | 68 |
| Fertitta Entertainment LLC |  |  |
| 6.75%, 01/15/30 (e) | 255 | 236 |
| Flutter Treasury Designated Activity Company |  |  |
| 5.88%, 06/04/31 (e) | 140 | 141 |
| GENM Capital Labuan Limited |  |  |
| 3.88%, 04/19/31 (e) | 200 | 179 |
| Grubhub Holdings Inc. |  |  |
| 5.50%, 07/01/27 (e) (i) | 105 | 102 |
| Hilton Domestic Operating Company Inc. |  |  |
| 5.88%, 04/01/29 - 03/15/33 (e) | 95 | 97 |
| 3.63%, 02/15/32 (e) | 147 | 133 |
| 6.13%, 04/01/32 (e) | 50 | 51 |
| Hilton Grand Vacations Borrower LLC |  |  |
| 5.00%, 06/01/29 (e) | 75 | 72 |
| JH North America Holdings Inc. |  |  |
| 10.00%, 01/15/31 (e) | 270 | 265 |
| Kohl's Corporation |  |  |
| 4.25%, 07/17/25 | 60 | 60 |
| LBM Acquisition, LLC |  |  |
| 6.25%, 01/15/29 (e) | 50 | 44 |
| LGI Homes, Inc. |  |  |
| 8.75%, 12/15/28 (e) | 60 | 62 |
| 4.00%, 07/15/29 (e) (i) | 60 | 54 |
| 7.00%, 11/15/32 (e) | 135 | 129 |
| Life Time, Inc. |  |  |
| 6.00%, 11/15/31 (e) | 190 | 193 |
| Lowe`s Companies, Inc. |  |  |
| 3.35%, 04/01/27 | 89 | 88 |
| 4.25%, 04/01/52 | 1117 | 873 |
| Majordrive Holdings IV, LLC |  |  |
| 6.38%, 06/01/29 (e) | 75 | 59 |
| Metalsa, S.A.P.I. de C.V. |  |  |
| 3.75%, 05/04/31 (e) | 150 | 123 |
| MGM Resorts International |  |  |
| 6.50%, 04/15/32 (i) | 95 | 97 |
| Mohegan Escrow Issuer, LLC |  |  |
| 8.25%, 04/15/30 (e) | 65 | 67 |
| 11.88%, 04/15/31 (e) | 70 | 73 |
| NCL Corporation Ltd. |  |  |
| 5.88%, 03/15/26 (e) | 9 | 9 |
| 6.75%, 02/01/32 (e) | 95 | 97 |
| New Flyer Holdings Inc. |  |  |
| 9.25%, 07/01/30 (e) | 50 | 53 |
| Newell Brands Inc. |  |  |
| 8.50%, 06/01/28 (e) | 120 | 126 |
| 6.38%, 05/15/30 | 65 | 63 |
| 6.63%, 05/15/32 | 50 | 48 |
| 6.88%, 04/01/36 (f) (o) | 120 | 115 |
| 7.00%, 04/01/46 (d) (f) (o) | 60 | 51 |
| Nordstrom, Inc. |  |  |
| 5.00%, 01/15/44 | 100 | 69 |
| Old Claimco, LLC |  |  |
| 6.75%, 05/01/26 (e) | 150 | 149 |
| Ontario Gaming GTA Limited Partnership |  |  |
| 8.00%, 08/01/30 (e) | 4 | 4 |
| Patrick Industries, Inc. |  |  |
| 6.38%, 11/01/32 (e) | 50 | 50 |
| Prosus N.V. |  |  |
| 3.68%, 01/21/30 (e) | 45 | 42 |
| 3.06%, 07/13/31 (e) | 125 | 110 |
| 4.19%, 01/19/32 (e) | 200 | 186 |
| Resideo Funding Inc. |  |  |
| 6.50%, 07/15/32 (e) | 60 | 62 |
| Restaurant Brands International Limited Partnership |  |  |
| 4.38%, 01/15/28 (e) | 70 | 69 |
| 6.13%, 06/15/29 (e) | 70 | 72 |
| 5.63%, 09/15/29 (e) | 200 | 203 |
| 4.00%, 10/15/30 (e) | 50 | 47 |
| Royal Caribbean Cruises Ltd. |  |  |
| 5.38%, 07/15/27 (e) | 60 | 60 |
| 5.63%, 09/30/31 (e) | 70 | 71 |
| 6.25%, 03/15/32 (e) | 116 | 119 |
| 6.00%, 02/01/33 (e) | 130 | 133 |
| Sally Holdings, LLC |  |  |
| 6.75%, 03/01/32 (i) | 95 | 98 |
| Service Corporation International |  |  |
| 5.75%, 10/15/32 | 45 | 45 |
| SkyMiles IP Ltd. |  |  |
| 4.50%, 10/20/25 (e) | 3 | 3 |
| Sotheby's, Inc. |  |  |
| 7.38%, 10/15/27 (e) | 170 | 168 |
| Spectrum Management Holding Company, LLC |  |  |
| 5.88%, 11/15/40 | 425 | 408 |
| 5.50%, 09/01/41 | 2000 | 1817 |
| Staples, Inc. |  |  |
| 10.75%, 09/01/29 (e) | 180 | 171 |
| 12.75%, 01/15/30 (e) | 120 | 81 |
| Station Casinos LLC |  |  |
| 6.63%, 03/15/32 (e) | 45 | 46 |
| Stonemor Inc. |  |  |
| 8.50%, 05/15/29 (e) | 165 | 153 |
| Telekom Srbija A.D. Beograd |  |  |
| 7.00%, 10/28/29 (e) | 225 | 225 |
| The New Home Company Inc. |  |  |
| 8.50%, 11/01/30 (e) | 55 | 56 |
| TKC Holdings, Inc. |  |  |
| 6.88%, 05/15/28 (e) | 156 | 156 |
| 10.50%, 05/15/29 (e) | 130 | 134 |
| TopBuild Corp. |  |  |
| 4.13%, 02/15/32 (e) | 145 | 135 |
| Univision Communications Inc. |  |  |
| 6.63%, 06/01/27 (e) | 31 | 31 |
| 8.00%, 08/15/28 (e) | 79 | 80 |
| 4.50%, 05/01/29 (e) | 25 | 23 |
| 8.50%, 07/31/31 (e) | 365 | 365 |
| Viking Cruises Limited |  |  |
| 9.13%, 07/15/31 (e) | 95 | 102 |
| Warnermedia Holdings, Inc. |  |  |
| 3.76%, 03/15/27 | 79 | 77 |
| 4.05%, 03/15/29 | 174 | 142 |
| 4.28%, 03/15/32 | 589 | 495 |
| 5.05%, 03/15/42 | 474 | 280 |
| 5.14%, 03/15/52 | 806 | 498 |
| Whirlpool Corporation |  |  |
| 6.13%, 06/15/30 | 155 | 156 |
| 6.50%, 06/15/33 | 125 | 125 |
| 5.75%, 03/01/34 | 10 | 10 |
| Wolverine World Wide, Inc. |  |  |
| 4.00%, 08/15/29 (e) | 105 | 94 |
| Yum! Brands, Inc. |  |  |
| 4.63%, 01/31/32 | 360 | 347 |
| ZF North America Capital, Inc. |  |  |
| 6.88%, 04/14/28 - 04/23/32 (e) | 130 | 126 |
| 6.75%, 04/23/30 (e) | 110 | 106 |
| | | 16072 |
| **Health Care 1.1%** | **Health Care 1.1%** | **Health Care 1.1%** |
| 1261229 B.C. Ltd. |  |  |
| 10.00%, 04/15/32 (e) | 185 | 187 |
| 180 Medical, Inc. |  |  |
| 3.88%, 10/15/29 (e) | 225 | 214 |
| Acadia Healthcare Company, Inc. |  |  |
| 7.38%, 03/15/33 (e) | 70 | 72 |

---

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page [607](#abbreviations).

**JNL Series Trust** (Unaudited)

**Schedules of Investments (in thousands)**

June 30, 2025

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| AdaptHealth LLC |  |  |
| 5.13%, 03/01/30 (e) | 102 | 97 |
| Amgen Inc. |  |  |
| 5.25%, 03/02/30 - 03/02/33 | 1143 | 1174 |
| Auna S.A.A. |  |  |
| 10.00%, 12/18/29 (e) | 158 | 166 |
| Avantor, Inc. |  |  |
| 4.63%, 07/15/28 (e) | 60 | 59 |
| Bausch Health Companies Inc. |  |  |
| 9.25%, 04/01/26 (e) (i) | 160 | 159 |
| 8.50%, 01/31/27 (e) | 20 | 19 |
| 4.88%, 06/01/28 (e) | 115 | 97 |
| 11.00%, 09/30/28 (e) | 85 | 84 |
| 5.25%, 01/30/30 (e) (i) | 45 | 28 |
| Centene Corporation |  |  |
| 4.25%, 12/15/27 | 540 | 532 |
| 2.45%, 07/15/28 | 1120 | 1041 |
| 4.63%, 12/15/29 | 840 | 821 |
| 3.38%, 02/15/30 | 495 | 457 |
| 2.63%, 08/01/31 | 520 | 446 |
| Charles River Laboratories International, Inc. |  |  |
| 3.75%, 03/15/29 (e) | 70 | 66 |
| Community Health Systems, Inc. |  |  |
| 6.13%, 04/01/30 (e) (i) | 320 | 236 |
| 5.25%, 05/15/30 (e) | 10 | 9 |
| 4.75%, 02/15/31 (e) | 735 | 631 |
| CVS Health Corporation |  |  |
| 3.00%, 08/15/26 | 92 | 91 |
| 3.63%, 04/01/27 | 259 | 256 |
| 5.00%, 01/30/29 | 529 | 537 |
| 5.25%, 01/30/31 | 217 | 222 |
| 6.75%, 12/10/54 | 83 | 83 |
| 7.00%, 03/10/55 | 239 | 247 |
| Davita Inc. |  |  |
| 4.63%, 06/01/30 (e) | 225 | 216 |
| 6.88%, 09/01/32 (e) | 150 | 156 |
| 6.75%, 07/15/33 (e) | 90 | 93 |
| Emergent BioSolutions Inc. |  |  |
| 3.88%, 08/15/28 (e) | 138 | 110 |
| Grifols Escrow Issuer S.A. |  |  |
| 4.75%, 10/15/28 (e) | 55 | 53 |
| HAH Group Holding Company LLC |  |  |
| 9.75%, 10/01/31 (e) | 117 | 116 |
| HCA Inc. |  |  |
| 5.63%, 09/01/28 | 783 | 806 |
| 5.88%, 02/01/29 | 698 | 724 |
| 3.50%, 09/01/30 | 513 | 485 |
| 3.63%, 03/15/32 | 137 | 126 |
| Insulet Corporation |  |  |
| 6.50%, 04/01/33 (e) | 40 | 42 |
| IQVIA Inc. |  |  |
| 6.50%, 05/15/30 (e) | 275 | 283 |
| 6.25%, 06/01/32 (e) | 165 | 169 |
| Lifepoint Health, Inc. |  |  |
| 10.00%, 06/01/32 (e) | 60 | 62 |
| Mars, Incorporated |  |  |
| 4.80%, 03/01/30 (e) | 899 | 911 |
| 5.00%, 03/01/32 (e) | 675 | 684 |
| Medline Borrower, LP |  |  |
| 6.25%, 04/01/29 (e) | 361 | 371 |
| ModivCare Inc. |  |  |
| 5.00%, 10/01/29 (e) | 35 | 2 |
| Molina Healthcare, Inc. |  |  |
| 6.25%, 01/15/33 (e) | 230 | 234 |
| Organon & Co. |  |  |
| 5.13%, 04/30/31 (e) | 215 | 187 |
| 6.75%, 05/15/34 (e) | 98 | 94 |
| 7.88%, 05/15/34 (e) | 50 | 45 |
| Owens & Minor, Inc. |  |  |
| 4.50%, 03/31/29 (e) (i) | 55 | 49 |
| 6.63%, 04/01/30 (e) (i) | 65 | 61 |
| Pediatrix Medical Group, Inc. |  |  |
| 5.38%, 02/15/30 (e) | 110 | 109 |
| Prime Healthcare Services, Inc. |  |  |
| 9.38%, 09/01/29 (e) | 95 | 94 |
| Radiology Partners, Inc. |  |  |
| 9.78%, 02/15/30 (d) (e) (f) (p) | 10 | 10 |
| 8.50%, 07/15/32 (e) | 40 | 40 |
| Select Medical Corporation |  |  |
| 6.25%, 12/01/32 (e) (i) | 160 | 161 |
| Sotera Health Holdings, LLC |  |  |
| 7.38%, 06/01/31 (e) | 70 | 73 |
| Surgery Center Holdings, Inc. |  |  |
| 7.25%, 04/15/32 (e) | 48 | 49 |
| Tenet Healthcare Corporation |  |  |
| 4.63%, 06/15/28 (j) | 45 | 44 |
| 6.13%, 10/01/28 - 06/15/30 | 204 | 206 |
| 4.25%, 06/01/29 | 75 | 73 |
| 4.38%, 01/15/30 | 65 | 63 |
| Teva Pharmaceutical Finance Netherlands III B.V. |  |  |
| 7.88%, 09/15/29 | 200 | 218 |
| 6.00%, 12/01/32 | 270 | 275 |
| Teva Pharmaceutical Finance Netherlands IV B.V. |  |  |
| 5.75%, 12/01/30 | 270 | 274 |
| U.S. Acute Care Solutions, LLC |  |  |
| 9.75%, 05/15/29 (e) | 160 | 165 |
| | | 15964 |
| **Materials 1.0%** | **Materials 1.0%** | **Materials 1.0%** |
| Ahlstrom Holding 3 Oy |  |  |
| 4.88%, 02/04/28 (e) | 25 | 24 |
| Alcoa Nederland Holding B.V. |  |  |
| 7.13%, 03/15/31 (e) | 265 | 278 |
| Alumina Pty Ltd |  |  |
| 6.38%, 09/15/32 (e) | 190 | 194 |
| Antofagasta PLC |  |  |
| 2.38%, 10/14/30 (e) | 200 | 176 |
| Aris Mining Corporation |  |  |
| 8.00%, 10/31/29 (e) | 200 | 204 |
| Axalta Coating Systems Dutch Holding B B.V. |  |  |
| 7.25%, 02/15/31 (e) | 150 | 158 |
| Ball Corporation |  |  |
| 6.00%, 06/15/29 | 130 | 133 |
| Braskem Idesa, S.A.P.I. |  |  |
| 7.45%, 11/15/29 (e) | 75 | 56 |
| Braskem Netherlands Finance B.V. |  |  |
| 7.25%, 02/13/33 (e) | 235 | 187 |
| 8.00%, 10/15/34 (e) | 200 | 159 |
| 5.88%, 01/31/50 (e) | 75 | 47 |
| Capstone Copper Corp. |  |  |
| 6.75%, 03/31/33 (e) | 85 | 87 |
| Celanese US Holdings LLC |  |  |
| 6.85%, 11/15/28 (d) (f) (o) | 639 | 671 |
| 6.50%, 04/15/30 | 75 | 77 |
| 7.05%, 11/15/30 (d) (f) (o) | 649 | 683 |
| 6.75%, 04/15/33 (i) | 130 | 131 |
| 7.20%, 11/15/33 (d) (f) (o) | 379 | 403 |
| Celtic Resources Holdings Designated Activity Company |  |  |
| 0.00%, 12/31/25 (e) (g) (h) (j) (l) | 100 |  |
| Celulosa Arauco y Constitucion S.A. |  |  |
| 6.18%, 05/05/32 (e) | 200 | 204 |
| CEMEX S.A.B. de C.V. |  |  |
| 5.13%, (100, 06/08/26) (e) (m) | 310 | 306 |
| 7.20%, (100, 06/10/30) (e) (m) | 200 | 202 |
| Champion Iron Canada Inc. |  |  |
| 7.88%, 07/15/32 (e) | 35 | 35 |
| Chemours Company, The |  |  |
| 5.75%, 11/15/28 (e) | 295 | 276 |
| 4.63%, 11/15/29 (e) | 10 | 9 |
| 8.00%, 01/15/33 (e) | 100 | 94 |
| Cleveland-Cliffs Inc. |  |  |
| 6.88%, 11/01/29 (e) | 50 | 49 |
| 7.50%, 09/15/31 (e) | 45 | 43 |
| 7.00%, 03/15/32 (e) (i) | 55 | 52 |
| 7.38%, 05/01/33 (e) | 50 | 47 |
| Commercial Metals Company |  |  |
| 4.13%, 01/15/30 | 45 | 43 |
| 4.38%, 03/15/32 | 45 | 42 |
| Compania de Minas Buenaventura S.A.A. |  |  |
| 5.50%, 07/23/26 (e) | 90 | 90 |

---

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page [607](#abbreviations).

**JNL Series Trust** (Unaudited)

**Schedules of Investments (in thousands)**

June 30, 2025

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| 6.80%, 02/04/32 (e) | 200 | 203 |
| Consolidated Energy Finance S.A. |  |  |
| 5.63%, 10/15/28 (e) | 30 | 26 |
| 12.00%, 02/15/31 (e) (i) | 85 | 84 |
| Corporacion Nacional del Cobre de Chile |  |  |
| 3.00%, 09/30/29 (e) | 25 | 23 |
| 3.15%, 01/14/30 (e) | 60 | 56 |
| 5.95%, 01/08/34 (e) | 200 | 204 |
| 3.70%, 01/30/50 (e) | 140 | 95 |
| 6.30%, 09/08/53 (e) | 200 | 195 |
| CSN Islands XII Corp |  |  |
| 6.75%, 01/28/28 (e) | 150 | 142 |
| CSN Resources S.A. |  |  |
| 5.88%, 04/08/32 (e) | 85 | 70 |
| Diamond Escrow Issuer, LLC |  |  |
| 9.75%, 11/15/28 (e) | 157 | 165 |
| Endeavour Mining PLC |  |  |
| 7.00%, 05/28/30 (e) (i) | 200 | 202 |
| ERO Copper Corp. |  |  |
| 6.50%, 02/15/30 (e) (i) | 185 | 184 |
| First Quantum Minerals Ltd |  |  |
| 6.88%, 10/15/27 (e) | 20 | 20 |
| 9.38%, 03/01/29 (e) | 185 | 196 |
| 8.00%, 03/01/33 (e) | 150 | 154 |
| FMG Resources (August 2006) Pty Ltd |  |  |
| 5.88%, 04/15/30 (e) | 110 | 111 |
| Fresnillo PLC |  |  |
| 4.25%, 10/02/50 (e) | 200 | 144 |
| GPD Companies, Inc. |  |  |
| 12.50%, 12/31/29 (e) (i) (p) | 61 | 58 |
| Herens Holdco S.a r.l. |  |  |
| 4.75%, 05/15/28 (e) (i) | 30 | 27 |
| Hudbay Minerals Inc. |  |  |
| 4.50%, 04/01/26 (e) | 70 | 70 |
| INEOS Quattro Finance 2 plc |  |  |
| 9.63%, 03/15/29 (e) | 100 | 101 |
| Inversiones CMPC S.A. |  |  |
| 3.00%, 04/06/31 (e) | 60 | 53 |
| Ivanhoe Mines Ltd |  |  |
| 7.88%, 01/23/30 (e) | 280 | 279 |
| Kobe Us Midco 2 Incorporated |  |  |
| 9.25%, 11/01/26 (e) (f) (p) | 235 | 210 |
| LD Celulose International GmbH |  |  |
| 7.95%, 01/26/32 (e) | 200 | 210 |
| MATIV Holdings, Inc. |  |  |
| 8.00%, 10/01/29 (e) (i) | 95 | 86 |
| Methanex Corporation |  |  |
| 5.13%, 10/15/27 | 160 | 159 |
| 5.25%, 12/15/29 | 70 | 69 |
| 6.25%, 03/15/32 (e) | 180 | 179 |
| 5.65%, 12/01/44 | 120 | 95 |
| Mineral Resources Limited |  |  |
| 8.13%, 05/01/27 (e) | 130 | 130 |
| 8.00%, 11/01/27 (e) | 145 | 145 |
| 9.25%, 10/01/28 (e) | 40 | 41 |
| 8.50%, 05/01/30 (e) (i) | 90 | 89 |
| Navoiy Kon-Metallurgiya Kombinati, Aksiyadorlik Jamiyati |  |  |
| 6.95%, 10/17/31 (e) | 200 | 205 |
| Navoiyuran, Davlat Korxonasi |  |  |
| 6.70%, 07/02/30 (e) | 200 | 200 |
| Nexa Resources S.A. |  |  |
| 6.75%, 04/09/34 (e) (i) | 200 | 209 |
| Novelis Corporation |  |  |
| 3.25%, 11/15/26 (e) | 25 | 25 |
| 6.88%, 01/30/30 (e) | 135 | 140 |
| 3.88%, 08/15/31 (e) | 65 | 58 |
| OCP S.A. |  |  |
| 6.10%, 04/30/30 (e) | 200 | 203 |
| 3.75%, 06/23/31 (e) | 230 | 206 |
| 6.88%, 04/25/44 (e) | 120 | 116 |
| 5.13%, 06/23/51 (e) | 110 | 84 |
| Olin Corporation |  |  |
| 5.00%, 02/01/30 | 256 | 247 |
| 6.63%, 04/01/33 (e) | 155 | 153 |
| Olympus Water US Holding Corporation |  |  |
| 6.25%, 10/01/29 (e) (i) | 125 | 119 |
| 7.25%, 06/15/31 (e) | 150 | 153 |
| Orbia Advance Corporation, S.A.B. de C.V. |  |  |
| 6.80%, 05/13/30 (e) | 200 | 204 |
| 2.88%, 05/11/31 (e) (i) | 70 | 59 |
| POSCO Holdings Inc. |  |  |
| 5.88%, 01/17/33 (e) | 200 | 207 |
| PT. Freeport Indonesia |  |  |
| 6.20%, 04/14/52 (e) (i) | 200 | 196 |
| PT. Indonesia Asahan Aluminium |  |  |
| 5.45%, 05/15/30 (e) | 130 | 132 |
| Samarco Mineracao S/A |  |  |
| 9.00%, 06/30/31 (e) (f) (p) | 480 | 473 |
| Sasol Financing USA LLC |  |  |
| 4.38%, 09/18/26 | 230 | 225 |
| 5.50%, 03/18/31 | 35 | 29 |
| Saudi Arabian Mining Company |  |  |
| 5.25%, 02/13/30 (e) | 200 | 203 |
| SCIL IV LLC / SCIL USA Holdings LLC |  |  |
| 5.38%, 11/01/26 (e) | 94 | 93 |
| Sealed Air Corporation |  |  |
| 7.25%, 02/15/31 (e) | 95 | 100 |
| 6.50%, 07/15/32 (e) (i) | 50 | 52 |
| Suzano Austria GmbH |  |  |
| 5.00%, 01/15/30 | 200 | 200 |
| 3.75%, 01/15/31 (f) | 60 | 56 |
| Tronox Incorporated |  |  |
| 4.63%, 03/15/29 (e) (i) | 215 | 185 |
| Usiminas International S.A R.L. |  |  |
| 7.50%, 01/27/32 (e) | 200 | 205 |
| Vale Overseas Ltd |  |  |
| 6.40%, 06/28/54 | 125 | 122 |
| Vibrantz Technologies Inc. |  |  |
| 9.00%, 02/15/30 (e) (i) | 60 | 41 |
| Volcan Compania Minera S.A.A. |  |  |
| 8.75%, 01/24/30 (e) (i) | 271 | 269 |
| W. R. Grace Holdings LLC |  |  |
| 5.63%, 08/15/29 (e) | 195 | 177 |
| 7.38%, 03/01/31 (e) | 35 | 36 |
| | | 14817 |
| **Consumer Staples 0.9%** | **Consumer Staples 0.9%** | **Consumer Staples 0.9%** |
| Albertsons Companies, Inc. |  |  |
| 6.25%, 03/15/33 (e) | 75 | 77 |
| Albion Financing 1 S.a r.l. |  |  |
| 7.00%, 05/21/30 (e) | 150 | 153 |
| Allied Universal Holdco LLC |  |  |
| 6.88%, 06/15/30 (e) | 115 | 117 |
| 7.88%, 02/15/31 (e) | 161 | 168 |
| Altria Group, Inc. |  |  |
| 4.40%, 02/14/26 | 13 | 13 |
| 3.88%, 09/16/46 | 1500 | 1107 |
| Avis Budget Car Rental, LLC |  |  |
| 8.38%, 06/15/32 (e) | 70 | 73 |
| Belron UK Finance PLC |  |  |
| 5.75%, 10/15/29 (e) | 150 | 151 |
| Biocon Biologics Global PLC |  |  |
| 6.67%, 10/09/29 (e) | 60 | 57 |
| C&S Group Enterprises LLC |  |  |
| 5.00%, 12/15/28 (e) | 142 | 128 |
| Central American Bottling Corporation |  |  |
| 5.25%, 04/27/29 (e) | 155 | 151 |
| Champions Financing Inc. |  |  |
| 8.75%, 02/15/29 (e) (i) | 51 | 49 |
| Cosan Overseas Limited |  |  |
| 8.25% (j) (m) | 190 | 192 |
| DP World Crescent Limited |  |  |
| 3.75%, 01/30/30 (e) | 175 | 167 |
| DP World Salaam |  |  |
| 6.00%, (100, 10/01/25) (j) (m) | 200 | 200 |
| Fiesta Purchaser Inc. |  |  |
| 7.88%, 03/01/31 (e) | 85 | 90 |
| 9.63%, 09/15/32 (e) (i) | 50 | 53 |

---

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page [607](#abbreviations).

**JNL Series Trust** (Unaudited)

**Schedules of Investments (in thousands)**

June 30, 2025

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| GRUMA, S.A.B. de C.V. |  |  |
| 5.76%, 12/09/54 (e) | 200 | 189 |
| Imperial Brands Finance PLC |  |  |
| 6.13%, 07/27/27 (e) | 536 | 553 |
| JBS USA Food Company |  |  |
| 5.13%, 02/01/28 | 515 | 526 |
| 5.50%, 01/15/30 | 88 | 89 |
| 3.63%, 01/15/32 | 210 | 192 |
| 3.00%, 05/15/32 | 5280 | 4623 |
| KeHE Distributors, LLC |  |  |
| 9.00%, 02/15/29 (e) | 175 | 181 |
| Kronos Acquisition Holdings Inc |  |  |
| 8.25%, 06/30/31 (e) | 110 | 100 |
| 10.75%, 06/30/32 (e) (i) | 55 | 40 |
| Lamb Weston Holdings, Inc. |  |  |
| 4.38%, 01/31/32 (e) | 175 | 164 |
| Marb Bondco PLC |  |  |
| 3.95%, 01/29/31 (e) | 75 | 67 |
| Minerva Luxembourg S.A. |  |  |
| 8.88%, 09/13/33 (e) | 75 | 81 |
| NBM US Holdings, Inc. |  |  |
| 6.63%, 08/06/29 (e) | 120 | 121 |
| Neptune BidCo US Inc. |  |  |
| 9.29%, 04/15/29 (e) | 135 | 131 |
| OT MidCo Inc. |  |  |
| 10.00%, 02/15/30 (e) | 210 | 162 |
| Performance Food Group, Inc. |  |  |
| 6.13%, 09/15/32 (e) | 145 | 148 |
| Post Holdings, Inc. |  |  |
| 5.50%, 12/15/29 (e) | 121 | 121 |
| 4.63%, 04/15/30 (e) | 45 | 43 |
| 6.25%, 02/15/32 - 10/15/34 (e) | 140 | 143 |
| 6.38%, 03/01/33 (e) | 65 | 66 |
| Primo Water Holdings Inc. |  |  |
| 6.25%, 04/01/29 (e) | 55 | 55 |
| Reynolds American Inc. |  |  |
| 5.85%, 08/15/45 | 1000 | 966 |
| Safeway Inc. |  |  |
| 3.50%, 03/15/29 (e) | 55 | 52 |
| 4.88%, 02/15/30 (e) | 175 | 172 |
| Sigma Holdco B.V. |  |  |
| 7.88%, 05/15/26 (e) | 132 | 132 |
| U.S. Foods Inc. |  |  |
| 6.88%, 09/15/28 (e) | 50 | 52 |
| 4.75%, 02/15/29 (e) | 80 | 79 |
| 5.75%, 04/15/33 (e) | 80 | 80 |
| United Rentals (North America), Inc. |  |  |
| 6.13%, 03/15/34 (e) | 140 | 144 |
| Wand NewCo 3, Inc. |  |  |
| 7.63%, 01/30/32 (e) | 65 | 68 |
| Wash Multifamily Acquisition Inc. |  |  |
| 5.75%, 04/15/26 (e) | 225 | 224 |
| Williams Scotsman, Inc. |  |  |
| 6.63%, 06/15/29 - 04/15/30 (e) | 155 | 161 |
| | | 12871 |
| **Information Technology 0.6%** | **Information Technology 0.6%** | **Information Technology 0.6%** |
| Amentum Escrow Corp. |  |  |
| 7.25%, 08/01/32 (e) | 115 | 118 |
| ASGN Incorporated |  |  |
| 4.63%, 05/15/28 (e) | 70 | 68 |
| Broadcom Inc. |  |  |
| 1.95%, 02/15/28 (e) | 271 | 256 |
| 2.45%, 02/15/31 (e) | 2643 | 2364 |
| 2.60%, 02/15/33 (e) | 2342 | 2006 |
| 3.42%, 04/15/33 (e) | 208 | 189 |
| CA Magnum Holdings |  |  |
| 5.38%, 10/31/26 (e) | 200 | 199 |
| Cloud Software Group, Inc. |  |  |
| 6.50%, 03/31/29 (e) | 29 | 29 |
| 9.00%, 09/30/29 (e) | 371 | 385 |
| 8.25%, 06/30/32 (e) | 170 | 181 |
| Coherent Corp. |  |  |
| 5.00%, 12/15/29 (e) | 145 | 142 |
| Core Scientific, Inc. |  |  |
| 3.00%, 09/01/29 (e) (n) | 23 | 40 |
| 0.00%, 06/15/31 (c) (e) (n) | 194 | 211 |
| Coreweave, Inc. |  |  |
| 9.25%, 06/01/30 (e) | 140 | 143 |
| Entegris Escrow Corporation |  |  |
| 4.75%, 04/15/29 (e) | 20 | 20 |
| 5.95%, 06/15/30 (e) | 80 | 81 |
| Entegris, Inc. |  |  |
| 3.63%, 05/01/29 (e) | 175 | 166 |
| Fair Isaac Corporation |  |  |
| 6.00%, 05/15/33 (e) | 185 | 187 |
| Gen Digital Inc. |  |  |
| 6.25%, 04/01/33 (e) | 115 | 118 |
| Helios Software Holdings, Inc. |  |  |
| 8.75%, 05/01/29 (e) | 75 | 77 |
| Insight Enterprises, Inc. |  |  |
| 6.63%, 05/15/32 (e) | 80 | 82 |
| MKS Inc. |  |  |
| 1.25%, 06/01/30 (n) | 121 | 118 |
| ON Semiconductor Corporation |  |  |
| 0.00%, 05/01/27 (c) (n) | 107 | 126 |
| 3.88%, 09/01/28 (e) | 60 | 58 |
| Open Text Corporation |  |  |
| 3.88%, 02/15/28 - 12/01/29 (e) | 335 | 318 |
| Riot Platforms, Inc. |  |  |
| 0.75%, 01/15/30 (e) (n) | 84 | 88 |
| Seagate Data Storage Technology Pte. Ltd. |  |  |
| 5.88%, 07/15/30 (e) | 10 | 10 |
| Seagate HDD Cayman |  |  |
| 8.25%, 12/15/29 | 65 | 69 |
| 5.75%, 12/01/34 | 170 | 168 |
| TTM Technologies, Inc. |  |  |
| 4.00%, 03/01/29 (e) | 100 | 95 |
| UKG Inc. |  |  |
| 6.88%, 02/01/31 (e) | 90 | 93 |
| ViaSat, Inc. |  |  |
| 6.50%, 07/15/28 (e) (i) | 40 | 38 |
| 7.50%, 05/30/31 (e) (i) | 57 | 49 |
| Western Digital Corporation |  |  |
| 4.75%, 02/15/26 | 25 | 25 |
| 2.85%, 02/01/29 | 106 | 98 |
| 3.10%, 02/01/32 | 62 | 55 |
| Wolfspeed, Inc. |  |  |
| 1.88%, 12/01/29 (n) | 496 | 124 |
| 9.88%, 06/23/30 (e) (f) (p) | 160 | 171 |
| X.Ai Corp. |  |  |
| 12.50%, 06/30/30 (j) | 100 | 101 |
|  |  | 8866 |
| Total Corporate Bonds And Notes (cost $406,645) | Total Corporate Bonds And Notes (cost $406,645) | 392363 |
| **NON-U.S. GOVERNMENT AGENCY ASSET-BACKED SECURITIES 12.9%** | **NON-U.S. GOVERNMENT AGENCY ASSET-BACKED SECURITIES 12.9%** | **NON-U.S. GOVERNMENT AGENCY ASSET-BACKED SECURITIES 12.9%** |
| AASET 2019-2 Trust |  |  |
| Series 2019-A-2, 3.38%, 10/16/26 (f) | 178 | 165 |
| Series 2019-B-2, 4.46%, 10/16/26 (f) | 53 | 49 |
| AASET 2020-1 Trust |  |  |
| Series 2020-A-1A, 3.35%, 01/15/27 (f) | 87 | 84 |
| Series 2020-B-1A, 4.34%, 01/15/27 (f) | 65 | 55 |
| AASET 2021-1 Trust |  |  |
| Series 2021-A-1A, 2.95%, 10/16/28 | 427 | 398 |
| AASET 2021-2 Trust |  |  |
| Series 2021-A-2A, 2.80%, 12/15/28 (f) | 1090 | 996 |
| AASET 2022-1 Limited |  |  |
| Series 2022-A-1A, 6.00%, 05/16/29 | 1116 | 1110 |
| AASET 2024-1 |  |  |
| Series 2024-A1-1A, 6.26%, 05/16/31 | 711 | 725 |
| Series 2024-A2-1A, 6.26%, 05/16/31 | 648 | 661 |
| AASET 2025-1 |  |  |
| Series 2025-A-1A, 5.94%, 02/16/50 (e) | 565 | 565 |
| Affirm Asset Securitization Trust 2024-A |  |  |
| Series 2024-1A-A, 5.61%, 02/15/29 | 300 | 301 |
| Affirm Asset Securitization Trust 2024-X1 |  |  |
| Series 2024-A-X1, 6.27%, 07/15/25 | 27 | 27 |

---

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page [607](#abbreviations).

**JNL Series Trust** (Unaudited)

**Schedules of Investments (in thousands)**

June 30, 2025

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| AIMCO CLO 11 Ltd |  |  |
| Series 2020-A1R2-11A, 5.62%, (3 Month Term SOFR + 1.34%), 07/17/37 (d) | 969 | 972 |
| AIMCO CLO 14 Ltd |  |  |
| Series 2021-A-14A, 5.52%, (3 Month Term SOFR + 1.25%), 04/20/34 (d) | 1573 | 1573 |
| AIMCO CLO 17 Ltd |  |  |
| Series 2022-A1R-17A, 5.62%, (3 Month Term SOFR + 1.35%), 07/20/37 (d) | 1099 | 1102 |
| AIMCO CLO 19, Ltd. |  |  |
| Series 2024-A-19A, 5.62%, (3 Month Term SOFR + 1.35%), 10/20/37 (d) | 340 | 341 |
| AIMCO CLO 22 Ltd |  |  |
| Series 2024-A-22A, 5.77%, (3 Month Term SOFR + 1.50%), 04/19/37 (d) | 1878 | 1883 |
| AIMCO CLO Series 2018-B |  |  |
| Series 2018-ARR-BA, 5.76%, (3 Month Term SOFR + 1.50%), 04/16/37 (d) | 1188 | 1191 |
| ALA Trust 2025-OANA |  |  |
| Series 2025-A-OANA, 6.04%, 06/17/30 | 780 | 783 |
| Allegro CLO XII, Ltd. |  |  |
| Series 2020-A1R-1A, 5.71%, (3 Month Term SOFR + 1.44%), 07/21/37 (d) | 1461 | 1465 |
| Allegro CLO XIII, Ltd. |  |  |
| Series 2021-A-1A, 5.67%, (3 Month Term SOFR + 1.40%), 07/20/34 (d) | 716 | 717 |
| Allegro CLO XV, Ltd. |  |  |
| Series 2022-A1R-1A, 5.47%, (3 Month Term SOFR + 1.18%), 04/20/38 (d) | 893 | 892 |
| ALTDE 2025-1 Trust |  |  |
| Series 2025-A-1A, 5.90%, 02/15/32 | 771 | 776 |
| Angel Oak Mortgage Trust 2025-7 |  |  |
| Series 2025-A1-7, REMIC, 5.51%, 06/25/70 (d) | 410 | 411 |
| Ares LIV CLO Ltd |  |  |
| Series 2019-AR2-54A, 0.00%, (3 Month Term SOFR + 1.31%), 07/15/38 (d) | 643 | 643 |
| Ares LIX CLO Ltd |  |  |
| Series 2021-A-59A, 5.57%, (3 Month Term SOFR + 1.29%), 04/25/34 (d) | 521 | 521 |
| Ares Loan Funding V, Ltd. |  |  |
| Series 2024-A1-ALF5A, 5.78%, (3 Month Term SOFR + 1.50%), 07/27/37 (d) | 1092 | 1095 |
| Ares LV CLO Ltd |  |  |
| Series 2020-A1R2-55A, 5.63%, (3 Month Term SOFR + 1.37%), 10/15/37 (d) | 652 | 653 |
| Ares LVIII CLO Ltd. |  |  |
| Series 2020-A1R2-58A, 5.53%, (3 Month Term SOFR + 1.24%), 04/15/38 (d) | 908 | 913 |
| Ares XLI CLO Ltd. |  |  |
| Series 2016-AR2-41A, 5.59%, (3 Month Term SOFR + 1.33%), 04/17/34 (d) | 2135 | 2137 |
| ARI Fleet Lease Trust 2024-B |  |  |
| Series 2024-A2-B, 5.54%, 02/16/27 | 214 | 215 |
| BAMLL Commercial Mortgage Securities Trust 2019-BPR |  |  |
| Series 2019-ANM-BPR, REMIC, 3.11%, 11/05/32 | 416 | 388 |
| Series 2019-BNM-BPR, REMIC, 3.47%, 11/05/32 | 100 | 93 |
| BAMLL Commercial Mortgage Securities Trust 2022- DKLX |  |  |
| Series 2022-A-DKLX, REMIC, 5.46%, (1 Month Term SOFR + 1.15%), 01/18/39 (d) | 560 | 558 |
| Series 2022-B-DKLX, REMIC, 5.86%, (1 Month Term SOFR + 1.55%), 01/18/39 (d) | 106 | 105 |
| Series 2022-C-DKLX, REMIC, 6.46%, (1 Month Term SOFR + 2.15%), 01/18/39 (d) | 91 | 90 |
| Bank 2017-BNK6 |  |  |
| Series 2017-ASB-BNK6, REMIC, 3.29%, 07/17/26 | 29 | 29 |
| Bank 2018-BNK13 |  |  |
| Series 2018-A5-BN13, REMIC, 4.22%, 07/17/28 (d) | 500 | 494 |
| Bank 2019-BNK21 |  |  |
| Series 2019-A5-BN21, REMIC, 2.85%, 09/17/29 | 94 | 87 |
| Bank 2020-BNK25 |  |  |
| Interest Only, Series 2020-XB-BN25, REMIC, 0.44%, 01/18/63 (d) | 3200 | 55 |
| Bank 2022-BNK44 |  |  |
| Series 2022-A5-BNK44, REMIC, 5.94%, 10/18/32 (d) (q) | 3815 | 3995 |
| Barings CLO Ltd 2020-I |  |  |
| Series 2020-A1R2-1A, 5.52%, (3 Month Term SOFR + 1.26%), 01/15/38 (d) | 589 | 590 |
| Barings CLO Ltd 2020-IV |  |  |
| Series 2020-AR-4A, 5.64%, (3 Month Term SOFR + 1.37%), 10/20/37 (d) | 1190 | 1193 |
| Barings CLO Ltd 2023-IV |  |  |
| Series 2023-A-4A, 6.02%, (3 Month Term SOFR + 1.75%), 01/20/37 (d) | 1424 | 1429 |
| Barings CLO Ltd. 2021-I |  |  |
| Series 2021-A-1A, 5.56%, (3 Month Term SOFR + 1.28%), 04/25/34 (d) | 1146 | 1148 |
| BCRED BSL Static CLO 2025-1 Ltd |  |  |
| Series 2025-AR-1A, 5.58%, (3 Month Term SOFR + 0.00%), 07/24/35 (d) | 875 | 873 |
| Beechwood Park CLO Ltd |  |  |
| Series 2019-A1R-1A, 5.58%, (3 Month Term SOFR + 1.30%), 01/17/35 (d) | 1382 | 1385 |
| Benchmark 2018-B4 Mortgage Trust |  |  |
| Series 2018-A5-B4, REMIC, 4.12%, 06/16/28 (d) | 106 | 104 |
| Benchmark 2018-B7 Mortgage Trust |  |  |
| Series 2018-A4-B7, REMIC, 4.51%, 10/17/28 | 100 | 99 |
| Benchmark 2019-B10 Mortgage Trust |  |  |
| Series 2019-ASB-B10, REMIC, 3.62%, 11/17/28 | 151 | 147 |
| Benchmark 2019-B12 Mortgage Trust |  |  |
| Interest Only, Series 2019-XA-B12, REMIC, 1.06%, 08/16/52 (d) | 6534 | 178 |
| Benchmark 2019-B14 Mortgage Trust |  |  |
| Interest Only, Series 2019-XA-B14, REMIC, 0.88%, 12/15/62 (d) | 4522 | 94 |
| Benchmark 2019-B9 Mortgage Trust |  |  |
| Series 2019-AAB-B9, REMIC, 3.93%, 09/15/28 | 281 | 279 |
| Benchmark 2021-B27 Mortgage Trust |  |  |
| Interest Only, Series 2021-XA-B27, REMIC, 1.23%, 07/17/54 (d) | 2029 | 102 |
| Bethpage Park CLO, Ltd. |  |  |
| Series 2021-A-1A, 5.65%, (3 Month Term SOFR + 1.39%), 01/16/35 (d) | 638 | 639 |
| Blackbird Capital II Aircraft Lease Limited |  |  |
| Series 2021-A-1A, 2.44%, 07/17/28 | 880 | 820 |
| BLP Commercial Mortgage Trust |  |  |
| Series 2024-A-IND2, REMIC, 5.65%, (1 Month Term SOFR + 1.34%), 03/16/26 (d) | 534 | 535 |
| Blueberry Park CLO, Ltd. |  |  |
| Series 2024-A-1A, 5.62%, (3 Month Term SOFR + 1.35%), 10/20/37 (d) | 1264 | 1267 |
| BMO 2025-5C10 Mortgage Trust |  |  |
| Series 2025-A3-5C10, REMIC, 5.58%, 04/15/30 | 1110 | 1153 |
| BMP 2024-MF23 |  |  |
| Series 2024-A-MF23, 5.68%, (1 Month Term SOFR + 1.37%), 06/15/26 (d) | 749 | 750 |
| Series 2024-B-MF23, 5.95%, (1 Month Term SOFR + 1.64%), 06/15/26 (d) | 370 | 370 |
| Series 2024-C-MF23, 6.15%, (1 Month Term SOFR + 1.84%), 06/15/26 (d) | 261 | 261 |
| BofA Auto Trust 2025-1 |  |  |
| Series 2025-A3-1A, 4.35%, 11/20/29 | 200 | 201 |
| Bravo Residential Funding Trust 2023-RPL 1 |  |  |
| Series 2023-A1-RPL1, REMIC, 5.00%, 05/25/63 (d) | 542 | 542 |
| BRAVO Residential Funding Trust 2025-NQM5 |  |  |
| Series 2025-A1-NQM5, REMIC, 5.50%, 02/25/65 (f) | 300 | 301 |
| BX 2021-PAC Mortgage Trust |  |  |
| Series 2021-A-PAC, REMIC, 5.12%, (1 Month Term SOFR + 0.80%), 11/15/38 (d) | 1203 | 1200 |
| Series 2021-B-PAC, REMIC, 5.33%, (1 Month Term SOFR + 1.01%), 11/15/38 (d) | 180 | 179 |

---

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page [607](#abbreviations).

**JNL Series Trust** (Unaudited)

**Schedules of Investments (in thousands)**

June 30, 2025

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| Series 2021-C-PAC, REMIC, 5.52%, (1 Month Term SOFR + 1.21%), 11/15/38 (d) | 241 | 240 |
| Series 2021-D-PAC, REMIC, 5.72%, (1 Month Term SOFR + 1.41%), 11/15/38 (d) | 234 | 233 |
| Series 2021-E-PAC, REMIC, 6.37%, (1 Month Term SOFR + 2.06%), 11/15/38 (d) | 813 | 809 |
| BX Commercial Mortgage Trust 2018-BIOA |  |  |
| Series 2025-A-DIME, REMIC, 5.46%, (1 Month Term SOFR + 1.15%), 02/16/27 (d) | 888 | 884 |
| BX Commercial Mortgage Trust 2021-SOAR |  |  |
| Series 2021-D-SOAR, REMIC, 5.83%, (1 Month Term SOFR + 1.51%), 06/15/38 (d) | 420 | 420 |
| BX Commercial Mortgage Trust 2022-LP2 |  |  |
| Series 2022-A-LP2, REMIC, 5.32%, (1 Month Term SOFR + 1.01%), 02/15/39 (d) | 825 | 824 |
| Series 2022-B-LP2, REMIC, 5.62%, (1 Month Term SOFR + 1.31%), 02/15/39 (d) | 400 | 399 |
| Series 2022-C-LP2, REMIC, 5.87%, (1 Month Term SOFR + 1.56%), 02/15/39 (d) | 328 | 327 |
| Series 2022-D-LP2, REMIC, 6.27%, (1 Month Term SOFR + 1.96%), 02/15/39 (d) | 328 | 327 |
| BX Commercial Mortgage Trust 2023-XL3 |  |  |
| Series 2023-A-XL3, REMIC, 6.07%, (1 Month Term SOFR + 1.76%), 12/15/25 (d) | 614 | 615 |
| Series 2023-B-XL3, REMIC, 6.50%, (1 Month Term SOFR + 2.19%), 12/15/25 (d) | 168 | 168 |
| Series 2023-C-XL3, REMIC, 6.95%, (1 Month Term SOFR + 2.64%), 12/15/25 (d) | 74 | 74 |
| BX Commercial Mortgage Trust 2024-GPA3 |  |  |
| Series 2024-A-GPA3, REMIC, 5.60%, (1 Month Term SOFR + 1.29%), 12/15/26 (d) | 334 | 334 |
| BX Commercial Mortgage Trust 2024-MDHS |  |  |
| Series 2024-A-MDHS, REMIC, 5.95%, (1 Month Term SOFR + 1.64%), 05/15/29 (d) | 1316 | 1318 |
| BX Commercial Mortgage Trust 2024-XL4 |  |  |
| Series 2024-A-XL4, REMIC, 5.75%, (1 Month Term SOFR + 1.44%), 02/17/26 (d) | 1249 | 1251 |
| Series 2024-B-XL4, REMIC, 6.10%, (1 Month Term SOFR + 1.79%), 02/17/26 (d) | 117 | 118 |
| BX Commercial Mortgage Trust 2024-XL5 |  |  |
| Series 2024-A-XL5, REMIC, 5.70%, (1 Month Term SOFR + 1.39%), 03/15/26 (d) | 2415 | 2417 |
| Series 2024-B-XL5, REMIC, 6.00%, (1 Month Term SOFR + 1.69%), 03/15/26 (d) | 413 | 413 |
| Series 2024-C-XL5, REMIC, 6.25%, (1 Month Term SOFR + 1.94%), 03/15/26 (d) | 548 | 549 |
| BX Commercial Mortgage Trust 2025-SPOT |  |  |
| Series 2025-A-SPOT, REMIC, 5.76%, (1 Month Term SOFR + 1.44%), 04/15/27 (d) | 1980 | 1979 |
| Series 2025-B-SPOT, REMIC, 6.05%, (1 Month Term SOFR + 1.74%), 04/15/27 (d) | 711 | 707 |
| BX Trust 2021-LBA |  |  |
| Series 2021-AJV-LBA, REMIC, 5.23%, (1 Month Term SOFR + 0.91%), 02/15/28 (d) | 100 | 100 |
| BX Trust 2022-IND |  |  |
| Series 2022-A-IND, REMIC, 5.80%, (1 Month Term SOFR + 1.49%), 04/15/37 (d) | 697 | 698 |
| Series 2022-B-IND, REMIC, 6.25%, (1 Month Term SOFR + 1.94%), 04/15/37 (d) | 427 | 427 |
| Series 2022-C-IND, REMIC, 6.60%, (1 Month Term SOFR + 2.29%), 04/15/37 (d) | 97 | 97 |
| Series 2022-D-IND, REMIC, 7.15%, (1 Month Term SOFR + 2.84%), 04/15/37 (d) | 80 | 81 |
| BX Trust 2024-CNYN |  |  |
| Series 2024-A-CNYN, REMIC, 5.75%, (1 Month Term SOFR + 1.44%), 04/15/29 (d) | 1697 | 1700 |
| Series 2024-B-CNYN, REMIC, 6.00%, (1 Month Term SOFR + 1.69%), 04/15/29 (d) | 270 | 271 |
| Series 2024-C-CNYN, REMIC, 6.25%, (1 Month Term SOFR + 1.94%), 04/15/29 (d) | 225 | 225 |
| BX Trust 2025-ROIC |  |  |
| Series 2025-A-ROIC, REMIC, 5.46%, (1 Month Term SOFR + 1.14%), 03/15/27 (d) | 2618 | 2602 |
| Series 2025-B-ROIC, REMIC, 5.71%, (1 Month Term SOFR + 1.39%), 03/15/27 (d) | 383 | 380 |
| Series 2025-C-ROIC, REMIC, 5.86%, (1 Month Term SOFR + 1.54%), 03/15/27 (d) | 540 | 535 |
| BX Trust 2025-TAIL |  |  |
| Series 2025-A-TAIL, 5.71%, (1 Month Term SOFR + 1.40%), 06/15/27 (d) | 347 | 348 |
| Carlyle US CLO 2021-10 LTD |  |  |
| Series 2021-A1R-10A, 5.58%, (3 Month Term SOFR + 1.31%), 01/20/38 (d) | 728 | 729 |
| Carlyle US CLO 2021-11 LTD |  |  |
| Series 2021-A1R-11A, 5.69%, (3 Month Term SOFR + 1.41%), 07/27/37 (d) | 1277 | 1280 |
| Castlelake Aircraft Structured Trust 2021-1 |  |  |
| Series 2021-A-1A, 3.47%, 01/15/28 (f) | 42 | 41 |
| CCG Receivables Trust 2025-1 |  |  |
| Series 2025-A2-1, 4.48%, 10/14/32 | 250 | 251 |
| Cedar Funding Vi CLO, Ltd. |  |  |
| Series 2016-ARR-6A, 5.58%, (3 Month Term SOFR + 1.31%), 04/20/34 (d) | 6596 | 6612 |
| Cedar Funding X CLO Ltd |  |  |
| Series 2019-AR2-10A, 5.63%, (3 Month Term SOFR + 1.36%), 10/20/37 (d) | 710 | 711 |
| Cedar Funding XII CLO Ltd |  |  |
| Series 2020-ARR-12A, 5.50%, (3 Month Term SOFR + 1.20%), 01/25/38 (d) | 857 | 855 |
| Cedar Funding XV CLO Ltd |  |  |
| Series 2022-A-15A, 5.59%, (3 Month Term SOFR + 1.32%), 04/20/35 (d) | 1052 | 1052 |
| Cedar Funding XVII CLO, Ltd. |  |  |
| Series 2023-A-17A, 6.12%, (3 Month Term SOFR + 1.85%), 07/21/36 (d) | 877 | 878 |
| CF Hippolyta Issuer LLC |  |  |
| Series 2021-A1-1A, REMIC, 1.53%, 03/15/26 | 1455 | 1394 |
| CFCRE 2016-C7 Mortgage Trust |  |  |
| Series 2016-A2-C7, REMIC, 3.59%, 11/13/26 | 167 | 165 |
| CFCRE 2017-C8 Mortgage Trust |  |  |
| Series 2017-A3-C8, REMIC, 3.30%, 03/17/27 | 898 | 879 |
| CFMT 2023-HB12, LLC |  |  |
| Series 2023-A-HB12, 4.25%, 07/25/26 (d) | 180 | 176 |
| CFMT 2024-HB13, LLC |  |  |
| Series 2024-A-HB13, 3.00%, 05/25/27 | 336 | 330 |
| CFMT 2024-HB15, LLC |  |  |
| Series 2024-A-HB15, 4.00%, 08/25/27 | 171 | 169 |
| Chesapeake Funding II LLC |  |  |
| Series 2023-A1-2A, 6.16%, 11/16/26 | 215 | 218 |
| Series 2024-A1-1A, 5.52%, 09/15/27 | 396 | 400 |
| Citigroup Commercial Mortgage Trust 2019-GC41 |  |  |
| Interest Only, Series 2019-XA-GC41, REMIC, 1.03%, 08/11/56 (d) | 3200 | 97 |
| Clover CLO 2019-1 Ltd |  |  |
| Series 2019-ARR-1A, 5.27%, (3 Month Term SOFR + 1.00%), 04/18/35 (d) | 1044 | 1038 |
| Columbia Cent CLO 29 Limited |  |  |
| Series 2020-AR-29A, 5.70%, (3 Month Term SOFR + 1.43%), 10/20/34 (d) | 882 | 881 |
| CSAIL 2018-CX12 Commercial Mortgage Trust |  |  |
| Series 2018-A3-CX12, REMIC, 3.96%, 05/17/28 | 210 | 207 |
| DB Master Finance LLC |  |  |
| Series 2021-A2I-1A, 2.05%, 11/20/26 | 362 | 348 |
| DLLAA 2023-1 LLC |  |  |
| Series 2023-A2-1A, 5.93%, 07/20/26 | 27 | 27 |
| Series 2023-A3-1A, 5.64%, 02/22/28 | 258 | 261 |
| DLLAD 2023-1 LLC |  |  |
| Series 2023-A3-1A, 4.79%, 03/22/27 | 262 | 263 |
| Dryden 37 Senior Loan Fund |  |  |
| Series 2022-A1R-108A, 5.63%, (3 Month Term SOFR + 1.36%), 07/18/37 (d) | 1705 | 1708 |
| Dryden 85 CLO Ltd |  |  |
| Series 2020-A1R2-85A, 5.64%, (3 Month Term SOFR + 1.38%), 07/15/37 (d) | 1266 | 1268 |
| Dryden 90 CLO, Ltd. |  |  |
| Series 2021-A1A-90A, 5.71%, (3 Month Term SOFR + 1.39%), 02/20/35 (d) | 457 | 457 |
| Dryden 98 CLO Ltd |  |  |
| Series 2022-A-98A, 5.57%, (3 Month Term SOFR + 1.30%), 04/20/35 (d) | 591 | 591 |
| DTP Commercial Mortgage Trust 2023-STE2 |  |  |
| Series 2023-A-STE2, REMIC, 5.84%, 01/18/29 (d) | 282 | 288 |

---

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page [607](#abbreviations).

**JNL Series Trust** (Unaudited)

**Schedules of Investments (in thousands)**

June 30, 2025

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| Eaton Vance CLO 2013-1 Ltd |  |  |
| Series 2013-A13R-1A, 5.77%, (3 Month Term SOFR + 1.51%), 01/17/34 (d) | 270 | 270 |
| Eaton Vance CLO 2019-1, Ltd. |  |  |
| Series 2019-AR2-1A, 5.77%, (3 Month Term SOFR + 1.51%), 07/15/37 (d) | 1021 | 1024 |
| Eaton Vance CLO 2020-1, Ltd. |  |  |
| Series 2020-ARR-1A, 5.65%, (3 Month Term SOFR + 1.39%), 10/15/37 (d) | 1146 | 1149 |
| Eaton Vance CLO 2020-2 Ltd |  |  |
| Series 2020-AR2-2A, 5.64%, (3 Month Term SOFR + 1.38%), 10/15/37 (d) | 1020 | 1023 |
| ELP Commercial Mortgage Trust 2021-ELP |  |  |
| Series 2021-A-ELP, REMIC, 5.13%, (1 Month Term SOFR + 0.82%), 11/15/38 (d) | 2428 | 2425 |
| Enterprise Fleet Financing 2024-2, LLC |  |  |
| Series 2024-A2-2, 5.74%, 05/20/26 | 354 | 356 |
| Exeter Select Automobile Receivables Trust 2025-1 |  |  |
| Series 2025-A2-1, 4.83%, 11/16/26 | 135 | 135 |
| Series 2025-A3-1, 4.69%, 03/15/28 | 115 | 115 |
| Extended Stay America Trust 2021-ESH |  |  |
| Series 2021-A-ESH, REMIC, 5.51%, (1 Month Term SOFR + 1.19%), 07/15/38 (d) | 489 | 489 |
| Series 2021-B-ESH, REMIC, 5.81%, (1 Month Term SOFR + 1.49%), 07/15/38 (d) | 279 | 279 |
| Series 2021-C-ESH, REMIC, 6.13%, (1 Month Term SOFR + 1.81%), 07/15/38 (d) | 205 | 205 |
| Series 2021-D-ESH, REMIC, 6.68%, (1 Month Term SOFR + 2.36%), 07/15/38 (d) | 770 | 771 |
| Fidelity Investment Grade Bond ETF |  |  |
| Series 2024-A-17A, 5.72%, (3 Month Term SOFR + 1.32%), 01/18/38 (d) | 374 | 375 |
| Flatiron CLO 20 Ltd |  |  |
| Series 2020-AR-1A, 5.70%, (3 Month Term SOFR + 1.38%), 05/20/36 (d) | 1862 | 1865 |
| Flatiron CLO 21 Ltd |  |  |
| Series 2021-A1R-1A, 5.63%, (3 Month Term SOFR + 1.36%), 10/19/37 (d) | 1103 | 1109 |
| Flatiron CLO 26 Ltd. |  |  |
| Series 2024-A-4A, 5.59%, (3 Month Term SOFR + 1.33%), 01/15/38 (d) | 1041 | 1045 |
| Flatiron CLO 32 Ltd |  |  |
| Series 2025-A1-32A, 0.00%, (3 Month Term SOFR + 1.29%), 10/22/38 (d) | 849 | 849 |
| Flatiron RR CLO 30 Ltd |  |  |
| Series 2025-A1-30A, REMIC, 5.42%, (3 Month Term SOFR + 1.16%), 04/15/38 (d) | 905 | 903 |
| Gilead Sciences, Inc. |  |  |
| Series 2025-A-1A, 5.79%, 03/15/32 | 1304 | 1314 |
| GM Financial Automobile Leasing Trust 2023-3 |  |  |
| Series 2023-A3-3, 5.38%, 11/20/26 | 148 | 148 |
| GMF Floorplan Owner Revolving Trust |  |  |
| Series 2024-A1-4A, REMIC, 4.73%, 11/15/27 | 750 | 757 |
| Green Lakes Park CLO LLC |  |  |
| Series 2025-ARR-1A, 5.46%, (3 Month Term SOFR + 1.18%), 01/25/38 (d) | 905 | 905 |
| GS Mortgage Securities Corporation Trust 2021-IP |  |  |
| Series 2021-A-IP, REMIC, 5.38%, (1 Month Term SOFR + 1.06%), 10/15/26 (d) | 710 | 706 |
| Series 2021-B-IP, REMIC, 5.58%, (1 Month Term SOFR + 1.26%), 10/15/26 (d) | 110 | 109 |
| Series 2021-C-IP, REMIC, 5.98%, (1 Month Term SOFR + 1.66%), 10/15/26 (d) | 100 | 99 |
| GS Mortgage Securities Trust 2017-GS6 |  |  |
| Series 2017-A2-GS6, REMIC, 3.16%, 03/12/27 | 92 | 91 |
| GS Mortgage-Backed Securities Trust 2024-RPL2 |  |  |
| Series 2024-A1-RPL2, REMIC, 3.75%, 02/25/26 (d) | 349 | 341 |
| Hamlin Park CLO Ltd |  |  |
| Series 2024-A-1A, 5.61%, (3 Month Term SOFR + 1.34%), 10/20/37 (d) | 1015 | 1021 |
| Horizon Aircraft Finance I Limited |  |  |
| Series 2018-A-1, 4.46%, 12/15/25 | 129 | 119 |
| Hyundai Auto Lease Securitization Trust 2024-C |  |  |
| Series 2024-A3-C, 4.62%, 02/16/27 | 500 | 503 |
| Invesco CLO Ltd |  |  |
| Series 2021-A-3A, 5.66%, (3 Month Term SOFR + 1.39%), 10/23/34 (d) | 621 | 621 |
| Invesco US CLO 2024-1 Ltd |  |  |
| Series 2024-AR-1RA, 5.81%, (3 Month Term SOFR + 1.55%), 04/15/37 (d) | 959 | 962 |
| J.P. Morgan Chase Commercial Mortgage Securities Trust 2018-WPT |  |  |
| Series 2018-AFX-WPT, REMIC, 4.25%, 07/08/33 | 339 | 324 |
| J.P. Morgan Mortgage Trust 2025-NQM2 |  |  |
| Series 2025-A1-NQM2, REMIC, 5.57%, 05/25/29 (d) | 197 | 198 |
| Jersey Mike's Funding, LLC |  |  |
| Series 2024-A2-1A, 5.64%, 02/15/32 | 1217 | 1214 |
| JPMDB Commercial Mortgage Securities Trust 2016-C4 |  |  |
| Series 2016-ASB-C4, REMIC, 2.99%, 06/17/26 | 31 | 31 |
| Series 2016-A2-C4, REMIC, 2.88%, 09/17/26 | 212 | 209 |
| Lakeside Park CLO Ltd |  |  |
| Series 2025-A-1A, 5.41%, (3 Month Term SOFR + 1.15%), 04/15/38 (d) | 658 | 656 |
| LIFE 2021-BMR Mortgage Trust |  |  |
| Series 2021-C-BMR, REMIC, 5.53%, (1 Month Term SOFR + 1.21%), 03/15/38 (d) | 17 | 17 |
| Series 2021-D-BMR, REMIC, 5.83%, (1 Month Term SOFR + 1.51%), 03/15/38 (d) | 159 | 158 |
| Series 2021-E-BMR, REMIC, 6.18%, (1 Month Term SOFR + 1.86%), 03/15/38 (d) | 139 | 137 |
| LIFE 2022-BMR2 Mortgage Trust |  |  |
| Series 2022-A1-BMR2, REMIC, 5.61%, (1 Month Term SOFR + 1.30%), 05/17/38 (d) | 2042 | 1978 |
| Series 2022-B-BMR2, REMIC, 6.11%, (1 Month Term SOFR + 1.79%), 05/17/38 (d) | 1221 | 1123 |
| Series 2022-C-BMR2, REMIC, 6.40%, (1 Month Term SOFR + 2.09%), 05/17/38 (d) | 684 | 626 |
| Series 2022-D-BMR2, REMIC, 6.85%, (1 Month Term SOFR + 2.54%), 05/17/38 (d) | 608 | 532 |
| Madison Park Funding LII Ltd |  |  |
| Series 2021-A-52A, 5.63%, (3 Month Term SOFR + 1.36%), 01/22/35 (d) | 744 | 744 |
| Madison Park Funding Ltd |  |  |
| Series 2021-A-50A, 5.67%, (3 Month Term SOFR + 1.40%), 04/19/34 (d) | 1340 | 1341 |
| Madison Park Funding XIX, Ltd. |  |  |
| Series 2015-AR3-19A, 5.89%, (3 Month Term SOFR + 1.60%), 01/22/37 (d) | 469 | 470 |
| Madison Park Funding XLV Ltd |  |  |
| Series 2020-ARR-45A, 5.34%, (3 Month Term SOFR + 1.08%), 07/15/34 (d) | 653 | 653 |
| Madison Park Funding XXXI, Ltd. |  |  |
| Series 2024-A1-67A, 5.79%, (3 Month Term SOFR + 1.51%), 04/25/37 (d) | 1211 | 1214 |
| Magnetite Xli Ltd |  |  |
| Series 2024-A-41A, REMIC, 5.60%, (3 Month Term SOFR + 1.29%), 01/25/38 (d) | 596 | 597 |
| Magnetite Xlv Ltd |  |  |
| Series 2025-A1-45A, REMIC, 5.42%, (3 Month Term SOFR + 1.15%), 04/15/38 (d) | 635 | 637 |
| Magnetite XXI, Limited |  |  |
| Series 2019-AR-21A, 5.55%, (3 Month Term SOFR + 1.28%), 04/20/34 (d) | 920 | 920 |
| Magnetite XXIII Ltd |  |  |
| Series 2019-AR-23A, 5.67%, (3 Month Term SOFR + 1.39%), 01/25/35 (d) | 731 | 732 |
| Magnetite XXIX, Limited |  |  |
| Series 2021-AR-29A, 5.61%, (3 Month Term SOFR + 1.35%), 07/15/37 (d) | 1150 | 1153 |
| Magnetite XXVI Ltd |  |  |
| Series 2020-AR2-26A, 5.42%, (3 Month Term SOFR + 1.15%), 01/25/38 (d) | 870 | 873 |
| Magnetite XXVII Ltd |  |  |
| Series 2020-AR-27A, 5.67%, (3 Month Term SOFR + 1.40%), 10/20/34 (d) | 250 | 250 |
| Magnetite XXVIII Ltd |  |  |
| Series 2020-A1RR-28A, 5.50%, (3 Month Term SOFR + 1.24%), 01/15/38 (d) | 1209 | 1213 |

---

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page [607](#abbreviations).

**JNL Series Trust** (Unaudited)

**Schedules of Investments (in thousands)**

June 30, 2025

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| Magnetite XXX, Limited |  |  |
| Series 2021-AR-30A, 5.63%, (3 Month Term SOFR + 1.35%), 10/25/37 (d) | 1072 | 1075 |
| Magnetite XXXVI Ltd |  |  |
| Series 2023-AR-36A, 5.64%, (3 Month Term SOFR + 1.32%), 07/26/38 (d) | 863 | 866 |
| Merchants Fleet Funding LLC |  |  |
| Series 2023-A-1A, 7.21%, 05/20/26 | 349 | 352 |
| Series 2024-A-1A, 5.82%, 08/20/27 | 561 | 565 |
| MFA 2024-RPL1 Trust |  |  |
| Series 2024-A1-RPL1, REMIC, 4.25%, 02/25/66 (d) | 181 | 170 |
| MHP Commercial Mortgage Trust 2021-STOR |  |  |
| Series 2021-A-STOR, REMIC, 5.13%, (1 Month Term SOFR + 0.81%), 07/15/38 (d) | 603 | 603 |
| Morgan Stanley & Co. LLC |  |  |
| Series 2019-A3-L2, REMIC, 3.81%, 01/18/29 | 449 | 443 |
| Morgan Stanley Capital I Trust 2016-UBS11 |  |  |
| Series 2016-A4-UB11, REMIC, 2.78%, 08/17/26 | 700 | 683 |
| Morgan Stanley Capital I Trust 2017-H1 |  |  |
| Series 2017-A4-H1, REMIC, 3.26%, 03/17/27 | 700 | 681 |
| Morgan Stanley Capital I Trust 2019-NUGS |  |  |
| Series 2019-A-NUGS, REMIC, 5.38%, (1 Month Term SOFR + 1.06%), 12/15/36 (d) | 900 | 698 |
| Morgan Stanley Eaton Vance CLO 2025-21 Ltd |  |  |
| Series 2025-A1-21A, 5.45%, (3 Month Term SOFR + 1.17%), 04/15/38 (d) | 1085 | 1087 |
| Morgan Stanley Residential Mortgage Loan Trust 2025-NQM3 |  |  |
| Series 2025-A1-NQM3, REMIC, 5.53%, 05/25/70 (d) | 487 | 489 |
| Neuberger Berman Loan Advisers CLO 25 Ltd |  |  |
| Series 2017-AR2-25A, 5.67%, (3 Month Term SOFR + 1.40%), 07/18/38 (d) | 965 | 968 |
| NYMT Loan Trust 2022-CP1 |  |  |
| Series 2022-A1-CP1, 2.04%, 09/25/27 | 121 | 112 |
| NYMT Loan Trust 2024-CP1 |  |  |
| Series 2024-A1-CP1, REMIC, 3.75%, 08/25/37 | 261 | 245 |
| Oak Hill Credit Partners |  |  |
| Series 2024-A1-18A, 5.77%, (3 Month Term SOFR + 1.50%), 04/20/37 (d) | 1393 | 1397 |
| Series 2024-A2-18A, 5.92%, (3 Month Term SOFR + 1.65%), 04/20/37 (d) | 250 | 251 |
| OBX 2025-NQM10 Trust |  |  |
| Series 2025-A1-NQM10, REMIC, 5.45%, 05/25/65 (f) | 500 | 502 |
| Ocwen Loan Investment Trust 2023-HB1 |  |  |
| Series 2023-A-HB1, 3.00%, 06/25/26 (d) | 49 | 47 |
| OCWEN Loan Investment Trust 2024-HB1 |  |  |
| Series 2024-A-HB1, 3.00%, 02/25/27 | 52 | 50 |
| OHA Credit Funding 13 Ltd |  |  |
| Series 2022-AR-13A, 5.62%, (3 Month Term SOFR + 1.35%), 07/20/37 (d) | 1592 | 1595 |
| OHA Credit Funding 14-R Ltd |  |  |
| Series 2023-A-14RA, 5.47%, (3 Month Term SOFR + 1.23%), 04/20/38 (d) | 594 | 595 |
| OHA Credit Funding 4 Ltd. |  |  |
| Series 2019-AR2-4A, 5.56%, (3 Month Term SOFR + 1.29%), 01/22/38 (d) | 1088 | 1090 |
| OHA Credit Funding 5 Ltd. |  |  |
| Series 2012-AR4-7A, 5.46%, (3 Month Term SOFR + 1.14%), 02/20/38 (d) | 979 | 977 |
| OHA Credit Funding 6 Ltd |  |  |
| Series 2020-AR2-6A, 5.60%, (3 Month Term SOFR + 1.33%), 10/20/37 (d) | 857 | 860 |
| Onemain Financial Issuance Trust 2025-1 |  |  |
| Series 2025-A-1A, 4.82%, 10/14/29 | 1000 | 1005 |
| Onity Loan Investment Trust 2024-HB2 |  |  |
| Series 2024-A-HB2, 5.00%, 08/25/27 | 149 | 148 |
| Open Trust 2023-AIR |  |  |
| Series 2023-A-AIR, REMIC, 7.40%, (1 Month Term SOFR + 3.09%), 11/17/25 (d) | 198 | 198 |
| Series 2023-B-AIR, REMIC, 8.15%, (1 Month Term SOFR + 3.84%), 11/17/25 (d) | 372 | 372 |
| Oportun Issuance Trust 2025-B |  |  |
| Series 2025-A-B, 4.88%, 11/08/27 | 300 | 301 |
| Palmer Square Loan Funding 2024-2 Ltd |  |  |
| Series 2024-A1N-2A, 5.26%, (3 Month Term SOFR + 1.00%), 01/15/33 (d) | 528 | 528 |
| Palmer Square Loan Funding 2025-1 Ltd |  |  |
| Series 2025-A1-1A, 5.12%, (3 Month Term SOFR + 0.80%), 02/15/33 (d) | 1063 | 1060 |
| Palmer Square Loan Funding 2025-2 Ltd |  |  |
| Series 2025-A1-2A, 0.00%, (3 Month Term SOFR + 0.00%), 07/15/33 (d) | 847 | 847 |
| Peace Park CLO Ltd |  |  |
| Series 2021-A-1A, 5.66%, (3 Month Term SOFR + 1.39%), 10/20/34 (d) | 898 | 899 |
| PK Alift Loan Funding 3 LP |  |  |
| Series 2024-A1-1, 5.84%, 06/15/29 | 212 | 216 |
| Planet Fitness Master |  |  |
| Series 2022-A2I-1A, 3.25%, 12/07/26 | 666 | 652 |
| Series 2022-A2II-1A, 4.01%, 12/07/26 | 595 | 547 |
| Series 2019-A2-1A, 3.86%, 12/05/49 (e) | 625 | 593 |
| PRET 2024-RPL1 Trust |  |  |
| Series 2024-A1-RPL1, REMIC, 3.90%, 10/25/63 (d) | 410 | 390 |
| PRET 2025-RPL3 Trust |  |  |
| Series 2025-A1-RPL3, REMIC, 4.15%, 04/25/65 (f) | 300 | 288 |
| PRMI Securitization Trust 2024-CMG1 |  |  |
| Series 2024-A1-CMG1, REMIC, 5.77%, (1 Month Term SOFR + 1.45%), 07/25/54 (d) | 420 | 419 |
| PRPM 2024-RCF4, LLC |  |  |
| Series 2024-A1-RCF4, REMIC, 4.00%, 07/25/28 (f) | 156 | 153 |
| PRPM 2024-RCF6, LLC |  |  |
| Series 2024-A1-RCF6, 4.00%, 10/25/64 (f) | 90 | 88 |
| PRPM 2024-RPL2, LLC |  |  |
| Series 2024-A1-RPL2, 3.50%, 05/25/28 (f) | 692 | 672 |
| PRPM 2025-RCF3, LLC |  |  |
| Series 2025-A1-RCF3, REMIC, 5.25%, 07/26/55 | 200 | 200 |
| Rockland Park Limited |  |  |
| Series 2021-A-1A, 5.65%, (3 Month Term SOFR + 1.38%), 04/20/34 (d) | 1241 | 1243 |
| RR 34 LTD |  |  |
| Series 2024-A1R-34RA, 5.61%, (3 Month Term SOFR + 1.35%), 10/15/39 (d) | 478 | 480 |
| RR 7 Ltd |  |  |
| Series 2019-A1AB-7A, 5.60%, (3 Month Term SOFR + 1.34%), 01/15/37 (d) | 1141 | 1143 |
| Sapphire Aviation Finance II Limited |  |  |
| Series 2020-A-1A, 3.23%, 03/15/27 | 434 | 414 |
| Series 2020-B-1A, 4.34%, 03/15/27 | 130 | 118 |
| SBA Towers, LLC |  |  |
| Series 2020-2C-1, 1.88%, 01/15/26 | 365 | 360 |
| Series 2020-2C-2, 2.33%, 01/15/28 | 279 | 263 |
| SGUS LLC UNSUB 11% 12/15/29 144A |  |  |
| 11.00%, 12/15/29 | 46 | 45 |
| Silver Aircraft Lease Investment Limited |  |  |
| Series 2019-A-1, 3.97%, 07/15/26 (f) | 503 | 485 |
| Sixth Street CLO XX Ltd |  |  |
| Series 2021-A1R-20A, 0.00%, (3 Month Term SOFR + 1.32%), 07/19/38 (d) | 697 | 697 |
| SLAM 2025-1 Ltd |  |  |
| Series 2025-A-1A, 5.81%, 05/15/32 | 605 | 615 |
| SPGN 2022-TFLM Mortgage Trust |  |  |
| Series 2022-B-TFLM, REMIC, 6.31%, (1 Month Term SOFR + 2.00%), 02/15/39 (d) | 278 | 277 |
| Series 2022-C-TFLM, REMIC, 6.96%, (1 Month Term SOFR + 2.65%), 02/15/39 (d) | 145 | 144 |
| SREIT Commercial Mortgage Trust 2021-MFP |  |  |
| Series 2021-A-MFP, REMIC, 5.16%, (1 Month Term SOFR + 0.85%), 11/15/38 (d) | 1438 | 1437 |
| Series 2021-B-MFP, REMIC, 6.04%, (1 Month Term SOFR + 1.19%), 11/15/38 (d) | 531 | 531 |
| Series 2021-C-MFP, REMIC, 6.29%, (1 Month Term SOFR + 1.44%), 11/15/38 (d) | 330 | 329 |
| Series 2021-D-MFP, REMIC, 6.54%, (1 Month Term SOFR + 1.69%), 11/15/38 (d) | 216 | 216 |

---

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page [607](#abbreviations).

**JNL Series Trust** (Unaudited)

**Schedules of Investments (in thousands)**

June 30, 2025

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| Stellantis Financial Underwritten Enhanced Lease Trust 2025-A |  |  |
| Series 2025-A2-AA, 4.63%, 12/20/26 | 500 | 501 |
| Subway Funding LLC |  |  |
| Series 2024-A2I-3A, 5.25%, 07/30/29 | 1243 | 1225 |
| Series 2024-A2II-3A, 5.57%, 07/30/29 | 588 | 582 |
| Series 2024-A23-3A, 5.91%, 07/30/29 | 1192 | 1177 |
| Series 2024-A2I-1A, 6.03%, 07/30/29 | 1675 | 1702 |
| Series 2024-A2II-1A, 6.27%, 07/30/31 | 996 | 1019 |
| Series 2024-A23-1A, 6.51%, 07/30/34 | 874 | 894 |
| Symphony CLO 43 Ltd |  |  |
| Series 2024-A1-43A, 5.78%, (3 Month Term SOFR + 1.52%), 04/15/37 (d) | 856 | 858 |
| Symphony CLO XXVI, Ltd. |  |  |
| Series 2021-AR-26A, 5.61%, (3 Month Term SOFR + 1.34%), 04/20/33 (d) | 1781 | 1782 |
| Symphony CLO XXXII |  |  |
| Series 2022-A1-32A, 5.60%, (3 Month Term SOFR + 1.32%), 04/23/35 (d) | 926 | 926 |
| TCO Commercial Mortgage Trust 2024-DPM |  |  |
| Series 2024-A-DPM, REMIC, 5.72%, (1 Month Term SOFR + 1.30%), 12/17/29 (d) | 1112 | 1112 |
| Series 2024-B-DPM, REMIC, 6.12%, (1 Month Term SOFR + 1.65%), 12/17/29 (d) | 271 | 270 |
| Series 2024-C-DPM, REMIC, 6.36%, (1 Month Term SOFR + 2.05%), 12/17/29 (d) | 200 | 200 |
| Tesla Auto Lease Trust 2023-A |  |  |
| Series 2023-A3-A, 5.89%, 08/20/25 | 105 | 105 |
| Tesla Auto Lease Trust 2023-B |  |  |
| Series 2023-A3-B, 6.13%, 12/22/25 | 438 | 439 |
| Tesla Auto Lease Trust 2024-A |  |  |
| Series 2024-A2A-A, 5.37%, 06/22/26 | 29 | 29 |
| Thunderbolt II Aircraft Lease Limited |  |  |
| Series 2018-A-A, 4.15%, 09/15/25 (f) | 545 | 536 |
| Thunderbolt III Aircraft Lease Limited |  |  |
| Series 2019-A-1, 3.67%, 11/15/26 (f) | 494 | 474 |
| Upgrade Receivables Trust 2024-1 |  |  |
| Series 2024-A-1A, 5.37%, 02/18/31 | 100 | 100 |
| Verus Securitization Trust 2025-5 |  |  |
| Series 2025-A1-5, REMIC, 5.43%, 06/25/70 (f) | 300 | 301 |
| VLS Commercial Mortgage Trust 2020-LAB |  |  |
| Series 2020-A-LAB, REMIC, 2.13%, 10/11/30 | 1251 | 1059 |
| Series 2020-B-LAB, REMIC, 2.45%, 10/11/30 | 70 | 57 |
| Volofin Finance (Ireland) Designated Activity Company |  |  |
| Series 2024-A-1A, 5.94%, 03/17/31 | 406 | 409 |
| Voya CLO 2020-2 Ltd |  |  |
| Series 2020-A1RR-2A, 5.60%, (3 Month Term SOFR + 1.31%), 01/20/38 (d) | 304 | 304 |
| Voya CLO 2023-1 Ltd |  |  |
| Series 2023-A1-1A, 6.07%, (3 Month Term SOFR + 1.80%), 01/21/37 (d) | 1100 | 1104 |
| Voya CLO 2024-1 Ltd |  |  |
| Series 2024-A1-1A, 5.78%, (3 Month Term SOFR + 1.52%), 04/15/37 (d) | 813 | 817 |
| Wells Fargo Commercial Mortgage Securities, Inc. |  |  |
| Series 2024-A12-MGP, REMIC, 6.00%, (1 Month Term SOFR + 1.75%), 08/15/26 (d) | 600 | 597 |
| Series 2024-A11-MGP, REMIC, 6.30%, (1 Month Term SOFR + 2.05%), 08/15/26 (d) | 300 | 301 |
| Wells Fargo Commercial Mortgage Trust 2020-C55 |  |  |
| Series 2020-ASB-C55, REMIC, 2.65%, 10/17/29 | 186 | 180 |
| Wells Fargo Commercial Mortgage Trust 2021-FCMT |  |  |
| Series 2021-A-FCMT, REMIC, 5.63%, (1 Month Term SOFR + 1.31%), 05/15/31 (d) | 688 | 685 |
| Wheels Fleet Lease Funding 1 LLC |  |  |
| Series 2024-A1-2A, 4.87%, 02/18/28 | 891 | 895 |
| Willis Engine Structured Trust VII |  |  |
| Series 2023-A-A, 8.00%, 10/15/29 (f) | 579 | 595 |
| Willis Engine Structured Trust VIII |  |  |
| Series 2025-A-A, 5.58%, 06/16/31 (l) | 770 | 777 |
| World Omni Auto Receivables Trust 2023-C |  |  |
| Series 2023-A3-C, 5.15%, 11/15/28 | 304 | 305 |
| Total Non-U.S. Government Agency Asset-Backed Securities (cost $188,203) | Total Non-U.S. Government Agency Asset-Backed Securities (cost $188,203) | 187770 |
| **SENIOR FLOATING RATE INSTRUMENTS 5.4%** | **SENIOR FLOATING RATE INSTRUMENTS 5.4%** | **SENIOR FLOATING RATE INSTRUMENTS 5.4%** |
| **Industrials 1.4%** | **Industrials 1.4%** | **Industrials 1.4%** |
| Advantage Sales & Marketing, Inc. |  |  |
| 2024 Term Loan, 8.79%, (3 Month Term SOFR + 4.25%), 10/28/27 (d) | 145 | 120 |
| AI Aqua Merger Sub, Inc. |  |  |
| 2024 1st Lien Term Loan B, 7.32%, (1 Month Term SOFR + 3.00%), 07/31/28 (d) | 148 | 148 |
| Air Canada |  |  |
| 2024 Term Loan B, 6.32%, (1 Month Term SOFR + 2.00%), 03/14/31 (d) | 64 | 64 |
| Air Comm Corporation, LLC |  |  |
| 2024 Delayed Draw Term Loan, 0.00%, (SOFR + 3.00%), 11/21/31 (d) (r) | 12 | 12 |
| 2024 Term Loan, 7.30%, (3 Month Term SOFR + 3.00%), 11/21/31 (d) | 138 | 138 |
| Ali Group North America Corporation |  |  |
| 2021 Term Loan B, 6.44%, (1 Month Term SOFR + 2.00%), 10/13/28 (d) | 70 | 70 |
| AlixPartners, LLP |  |  |
| 2021 USD Term Loan B, 6.94%, (1 Month Term SOFR + 2.50%), 02/04/28 (d) | 203 | 203 |
| Allied Universal Holdco LLC |  |  |
| 2021 USD Incremental Term Loan B, 8.18%, (1 Month Term SOFR + 3.75%), 05/04/28 (d) | 494 | 496 |
| Amentum Government Services Holdings LLC |  |  |
| 2024 Term Loan B, 6.58%, (1 Month Term SOFR + 2.25%), 07/31/31 (d) | 255 | 255 |
| American Airlines, Inc. |  |  |
| 2023 1st Lien Term Loan, 6.51%, (6 Month Term SOFR + 2.25%), 05/29/29 (d) | 99 | 98 |
| 2025 Term Loan B, 7.57%, (3 Month Term SOFR + 3.25%), 05/09/32 (d) | 80 | 80 |
| Amynta Agency Borrower Inc. |  |  |
| 2024 1st Lien Term Loan B, 7.33%, (1 Month Term SOFR + 3.00%), 12/06/31 (d) | 132 | 132 |
| Anticimex International AB |  |  |
| 2021 USD Term Loan B1, 7.66%, (SOFR + 3.40%), 07/21/28 (d) | 84 | 84 |
| 2024 Term Loan B6, 7.66%, (SOFR + 3.40%), 11/16/28 (d) | 43 | 44 |
| APi Group DE, Inc. |  |  |
| 2025 Term Loan, 6.08%, (1 Month Term SOFR + 1.75%), 01/03/29 (d) | 158 | 158 |
| Archkey Solutions LLC |  |  |
| 2024 Delayed Draw Term Loan B, 0.00%, (SOFR + 4.75%), 10/10/31 (d) (r) | 12 | 12 |
| 2024 Term Loan B, 9.03%, (3 Month Term SOFR + 4.75%), 10/10/31 (d) | 107 | 108 |
| Array Technologies, Inc. |  |  |
| Term Loan B, 7.69%, (1 Month Term SOFR + 3.25%), 10/07/27 (d) | 172 | 171 |
| Artera Services, LLC |  |  |
| 2024 Term Loan, 8.80%, (3 Month Term SOFR + 4.50%), 02/07/31 (d) | 188 | 157 |
| Arthur US Finco Inc |  |  |
| Term Loan B, 9.55%, (3 Month Term SOFR + 5.25%), 11/08/30 (d) | 138 | 129 |
| Assetmark Financial Holdings, Inc. |  |  |
| 2024 Term Loan, 7.05%, (3 Month Term SOFR + 2.75%), 06/03/31 (d) | 164 | 164 |
| Barnes Group Inc |  |  |
| 2025 Term Loan B, 7.33%, (1 Month Term SOFR + 3.00%), 12/11/31 (d) | 95 | 95 |
| BCPE Empire Holdings, Inc. |  |  |
| 2025 Term Loan B, 7.58%, (1 Month Term SOFR + 3.25%), 12/26/30 (d) | 80 | 79 |
| Beach Acquistion Bidco LLC |  |  |
| Tem Loan B1, 0.00%, (SOFR + 3.25%), 06/25/32 (d) (r) | 120 | 121 |
| Beacon Mobility Corp |  |  |
| Term Loan, 0.00%, (SOFR + 3.25%), 06/18/30 (d) (r) | 75 | 75 |
| Bleriot US Bidco Inc. |  |  |
| 2023 Term Loan B, 7.05%, (3 Month Term SOFR + 2.75%), 10/31/28 (d) | 64 | 64 |

---

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page [607](#abbreviations).

**JNL Series Trust** (Unaudited)

**Schedules of Investments (in thousands)**

June 30, 2025

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| Brock Holdings III, Inc. |  |  |
| 2024 Term Loan B, 10.30%, (3 Month Term SOFR + 6.00%), 05/01/30 (d) | 50 | 47 |
| Calpine Construction Finance Company, L.P. |  |  |
| 2023 Refinancing Term Loan B, 6.33%, (1 Month Term SOFR + 2.00%), 07/20/30 (d) | 85 | 85 |
| Carnival Corporation |  |  |
| 2025 Term Loan (2027), 6.31%, (1 Month Term SOFR + 2.00%), 08/09/27 (d) | 36 | 36 |
| 2025 Term Loan (2028), 6.31%, (1 Month Term SOFR + 2.00%), 10/18/28 (d) | 115 | 115 |
| Cast and Crew Payroll, LLC |  |  |
| 2021 Incremental Term Loan, 8.08%, (1 Month Term SOFR + 3.75%), 12/30/28 (d) | 266 | 251 |
| Chart Industries, Inc. |  |  |
| 2024 Term Loan B, 6.79%, (3 Month Term SOFR + 2.50%), 03/15/30 (d) | 85 | 85 |
| CHG Healthcare Services Inc. |  |  |
| 2024 Term Loan B1, 7.33%, (3 Month Term SOFR + 3.00%), 09/29/28 (d) | 122 | 122 |
| Chromalloy Corporation |  |  |
| 2024 Term Loan B, 8.04%, (3 Month Term SOFR + 3.75%), 03/21/31 (d) | 89 | 89 |
| Clydesdale Acquisition Holdings Inc |  |  |
| Term Loan B, 7.50%, (1 Month Term SOFR + 3.17%), 03/30/29 (d) | 631 | 630 |
| 2025 Delayed Draw Term Loan, 0.00%, (3 Month Term SOFR + 3.25%), 03/27/32 (d) (r) |  |  |
| 2025 Delayed Draw Term Loan, 0.00%, (SOFR + 3.25%), 03/27/32 (d) (r) | 5 | 5 |
| 2025 Term Loan B, 7.49%, (3 Month Term SOFR + 3.25%), 03/27/32 (d) | 295 | 294 |
| Conair Holdings, LLC |  |  |
| Term Loan B, 8.19%, (1 Month Term SOFR + 3.75%), 05/13/28 (d) | 129 | 94 |
| Congruex Group LLC |  |  |
| Term Loan, 0.00%, (3 Month Term SOFR + 1.50%), 04/26/29 (d) (r) | 10 | 9 |
| Term Loan, 5.93%, (3 Month Term SOFR + 1.50%), 04/26/29 (d) | 142 | 122 |
| Constant Contact Inc |  |  |
| Term Loan, 8.52%, (3 Month Term SOFR + 4.00%), 02/10/28 (d) | 396 | 378 |
| Second Lien Term Loan, 12.02%, (3 Month Term SOFR + 7.50%), 02/10/29 (d) | 10 | 9 |
| Construction Partners Inc |  |  |
| Term Loan B, 6.83%, (1 Month Term SOFR + 2.50%), 10/30/31 (d) | 109 | 110 |
| Core & Main LP |  |  |
| 2024 Term Loan E, 6.27%, (6 Month Term SOFR + 2.00%), 02/09/31 (d) | 49 | 49 |
| Corporation Service Company |  |  |
| Term Loan B, 6.33%, (1 Month Term SOFR + 2.00%), 08/10/29 (d) | 213 | 213 |
| CPI Holdco B LLC |  |  |
| 2024 Term Loan, 6.33%, (1 Month Term SOFR + 2.00%), 05/10/31 (d) | 124 | 124 |
| CPM Holdings, Inc. |  |  |
| 2023 Term Loan, 8.82%, (1 Month Term SOFR + 4.50%), 09/18/28 (d) | 49 | 48 |
| CQP Holdco LP |  |  |
| 2024 1st Lien Term Loan B, 6.30%, (3 Month Term SOFR + 2.00%), 12/31/30 (d) | 439 | 439 |
| Crown Equipment Corporation |  |  |
| 2025 Term Loan B, 6.57%, (1 Month Term SOFR + 2.25%), 10/10/31 (d) | 80 | 80 |
| Crown Subsea Communications Holding, Inc. |  |  |
| 2024 Term Loan B1, 8.33%, (1 Month Term SOFR + 4.00%), 01/30/31 (d) | 243 | 244 |
| Darktrace PLC |  |  |
| 1st Lien Term Loan, 7.46%, (3 Month Term SOFR + 3.25%), 07/02/31 (d) | 150 | 150 |
| 2nd Lien Term Loan, 0.00%, (SOFR + 5.25%), 07/02/32 (d) (r) | 10 | 10 |
| 2nd Lien Term Loan, 9.46%, (3 Month Term SOFR + 5.25%), 07/02/32 (d) | 105 | 104 |
| DG Investment Intermediate Holdings 2, Inc. |  |  |
| 2024 Delayed Draw Term Loan, 0.00%, (SOFR + 3.75%), 03/31/28 (d) (l) (r) | 5 | 5 |
| 2021 Term Loan, 7.94%, (1 Month Term SOFR + 3.50%), 03/31/28 (d) | 158 | 158 |
| Dynasty Acquisition Co., Inc. |  |  |
| 2024 1st Lien Term Loan B1, 6.33%, (1 Month Term SOFR + 2.00%), 10/24/31 (d) | 119 | 119 |
| 2024 1st Lien Term Loan B2, 6.33%, (1 Month Term SOFR + 2.00%), 10/24/31 (d) | 45 | 45 |
| EAB Global, Inc. |  |  |
| 2021 Term Loan, 7.33%, (1 Month Term SOFR + 3.00%), 08/16/28 (d) | 112 | 110 |
| ECO Material Tech Inc |  |  |
| Term Loan, 7.47%, (6 Month Term SOFR + 3.25%), 02/04/32 (d) | 95 | 96 |
| EMG Utica, LLC |  |  |
| 2025 Term Loan B, 8.30%, (3 Month Term SOFR + 4.00%), 10/24/29 (d) | 80 | 80 |
| EMRLD Borrower LP |  |  |
| 2024 Term Loan B, 6.80%, (3 Month Term SOFR + 2.50%), 06/18/31 (d) | 74 | 74 |
| Ensemble RCM, LLC |  |  |
| 2024 Term Loan B, 7.28%, (3 Month Term SOFR + 3.00%), 08/01/29 (d) | 208 | 208 |
| Esdec Solar Group B.V. |  |  |
| Term Loan B, 9.56%, (3 Month Term SOFR + 5.00%), 08/23/28 (d) (l) | 256 | 188 |
| Fertitta Entertainment, LLC |  |  |
| 2022 Term Loan B, 7.83%, (1 Month Term SOFR + 3.50%), 01/13/29 (d) (p) | 1134 | 1132 |
| Filtration Group Corporation |  |  |
| 2025 USD Term Loan B, 7.33%, (1 Month Term SOFR + 3.00%), 12/26/28 (d) | 196 | 197 |
| Focus Financial Partners, LLC |  |  |
| 2025 Incremental Term Loan B, 0.00%, (1 Month Term SOFR + 2.75%), 09/15/31 (d) (r) | 30 | 30 |
| 2025 Incremental Term Loan B, 7.08%, (1 Month Term SOFR + 2.75%), 09/15/31 (d) | 179 | 179 |
| Fusion Buyer LLC |  |  |
| Term Loan, 12.41%, (1 Month Term SOFR + 8.00%), 06/06/30 (d) | 128 | 125 |
| Genesee & Wyoming Inc. (New) |  |  |
| 2024 Term Loan B, 6.05%, (3 Month Term SOFR + 1.75%), 03/27/31 (d) | 139 | 138 |
| GFL Environmental Inc. |  |  |
| 2025 Term Loan B, 6.82%, (3 Month Term SOFR + 2.50%), 02/04/32 (d) | 215 | 215 |
| Gloves Buyer, Inc. |  |  |
| 2025 Term Loan, 0.00%, (1 Month Term SOFR + 4.00%), 01/16/32 (d) (r) | 50 | 49 |
| 2025 Term Loan, 8.32%, (1 Month Term SOFR + 4.00%), 01/16/32 (d) | 130 | 127 |
| Griffon Corporation |  |  |
| 2024 Term Loan B, 6.55%, (3 Month Term SOFR + 2.25%), 01/24/29 (d) | 165 | 165 |
| Groupe Solmax Inc. |  |  |
| Term Loan, 9.19%, (1 Month Term SOFR + 4.75%), 06/28/28 (d) | 83 | 70 |
| Term Loan, 9.31%, (3 Month Term SOFR + 4.75%), 06/28/28 (d) | 97 | 82 |
| Harbourvest Partners, LLC |  |  |
| 2024 1st Lien Term Loan B, 6.55%, (3 Month Term SOFR + 2.25%), 04/22/30 (d) | 219 | 219 |
| HighTower Holdings LLC |  |  |
| 2025 Term Loan B, 7.26%, (3 Month Term SOFR + 3.00%), 01/16/32 (d) | 170 | 169 |
| Hilcorp Energy I L.P. |  |  |
| Term Loan B, 6.31%, (1 Month Term SOFR + 2.00%), 02/05/30 (d) | 90 | 90 |
| Horizon US Finco LP |  |  |
| Term Loan B, 9.03%, (3 Month Term SOFR + 4.75%), 12/16/31 (d) | 86 | 84 |
| Term Loan B, 9.03%, (3 Month Term SOFR + 4.75%), 12/16/31 (d) | 173 | 169 |
| ICON Luxembourg S.A.R.L. |  |  |
| 2024 LUX Term Loan B, 6.30%, (3 Month Term SOFR + 2.00%), 07/03/28 (d) | 89 | 90 |

---

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page [607](#abbreviations).

**JNL Series Trust** (Unaudited)

**Schedules of Investments (in thousands)**

June 30, 2025

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| IVC Acquisition Ltd |  |  |
| 2025 USD Repriced Term Loan B, 8.05%, (3 Month Term SOFR + 3.75%), 12/06/28 (d) | 182 | 183 |
| John Bean Technologies Corp |  |  |
| Term Loan B, 6.43%, (1 Month Term SOFR + 2.00%), 10/09/31 (d) | 45 | 45 |
| Johnstone Supply LLC |  |  |
| Term Loan B, 6.82%, (1 Month Term SOFR + 2.50%), 06/09/31 (d) | 114 | 114 |
| Kaman Corporation |  |  |
| 2025 Delayed Draw Term Loan, 0.00%, 01/30/32 (d) (r) | 27 | 27 |
| 2025 Term Loan B, 7.08%, (3 Month Term SOFR + 2.75%), 01/30/32 (d) | 188 | 188 |
| KNS Acquisition Corp. |  |  |
| 2024 Term Loan A, 9.44%, (1 Month Term SOFR + 5.00%), 04/19/30 (d) (l) | 89 | 88 |
| 2024 Term Loan B, 11.44%, (1 Month Term SOFR + 7.00%), 10/19/30 (d) | 84 | 69 |
| KUEHG Corp. |  |  |
| 2024 Term Loan, 7.55%, (3 Month Term SOFR + 3.25%), 06/12/30 (d) | 180 | 180 |
| LaserShip, Inc. |  |  |
| 2024 New Money Term Loan A, 10.56%, (3 Month Term SOFR + 6.25%), 01/02/29 (d) | 60 | 59 |
| 2024 Term Loan B, 10.06%, (3 Month Term SOFR + 5.50%), 08/10/29 (d) | 169 | 97 |
| LBM Acquisition LLC |  |  |
| Term Loan B, 0.00%, (1 Month Term SOFR + 3.75%), 12/08/27 (d) (r) | 20 | 20 |
| 2024 Incremental Term Loan B, 8.16%, (1 Month Term SOFR + 3.75%), 06/06/31 (d) | 277 | 258 |
| LC AHAB US Bidco LLC |  |  |
| Term Loan B, 7.33%, (1 Month Term SOFR + 3.00%), 04/14/31 (d) | 114 | 114 |
| Madison IAQ LLC |  |  |
| Term Loan, 6.76%, (6 Month Term SOFR + 2.50%), 06/15/28 (d) | 133 | 133 |
| 2025 Term Loan B, 7.56%, (3 Month Term SOFR + 3.25%), 03/26/32 (d) | 155 | 155 |
| Madison Safety & Flow LLC |  |  |
| 2025 Term Loan B, 7.08%, (1 Month Term SOFR + 2.75%), 09/26/31 (d) | 40 | 40 |
| MajorDrive Holdings IV LLC |  |  |
| Term Loan B, 0.00%, (3 Month Term SOFR + 4.00%), 05/12/28 (d) (r) | 50 | 49 |
| Term Loan B, 8.56%, (3 Month Term SOFR + 4.00%), 05/12/28 (d) | 75 | 73 |
| Maximus, Inc. |  |  |
| 2024 Term Loan B, 6.33%, (1 Month Term SOFR + 2.00%), 05/21/31 (d) | 45 | 44 |
| Minimax Viking GmbH |  |  |
| 2025 USD Term Loan B, 6.58%, (1 Month Term SOFR + 2.25%), 02/19/32 (d) | 80 | 80 |
| Modena Buyer LLC |  |  |
| Term Loan, 8.78%, (3 Month Term SOFR + 4.50%), 04/03/31 (d) | 278 | 267 |
| Modivcare Inc. |  |  |
| 2024 Term Loan B, 4.30%, (3 Month Term SOFR + 4.75%), 06/17/31 (d) | 79 | 58 |
| MRP Buyer LLC |  |  |
| Delayed Draw Term Loan, 0.00%, 05/22/32 (d) (r) | 8 | 8 |
| Term Loan, 7.57%, (3 Month Term SOFR + 3.25%), 05/22/32 (d) | 67 | 65 |
| Neptune Bidco US Inc |  |  |
| 2022 USD Term Loan A, 9.08%, (3 Month Term SOFR + 4.75%), 10/11/28 (d) | 355 | 334 |
| 2022 USD Term Loan B, 9.33%, (3 Month Term SOFR + 5.00%), 04/11/29 (d) | 381 | 359 |
| Nielsen Consumer Inc. |  |  |
| 2025 USD Term Loan, 7.83%, (1 Month Term SOFR + 3.50%), 03/06/28 (d) | 85 | 85 |
| Nuvei Technologies Corp. |  |  |
| 2024 Term Loan B1, 7.33%, (1 Month Term SOFR + 3.00%), 07/19/31 (d) | 170 | 170 |
| OMNIA Partners LLC |  |  |
| 2024 Term Loan B, 7.03%, (3 Month Term SOFR + 2.75%), 07/25/30 (d) | 229 | 229 |
| Optiv Security, Inc. |  |  |
| 2023 Term Loan, 9.53%, (3 Month Term SOFR + 5.25%), 08/17/26 (d) | 138 | 110 |
| Oscar AcquisitionCo, LLC |  |  |
| Term Loan B, 8.55%, (3 Month Term SOFR + 4.25%), 04/29/29 (d) | 167 | 153 |
| Osmose Utilities Services, Inc. |  |  |
| Term Loan, 7.69%, (1 Month Term SOFR + 3.25%), 06/18/28 (d) | 10 | 9 |
| Parexel International Corporation |  |  |
| 2025 Term Loan B, 6.83%, (1 Month Term SOFR + 2.50%), 11/15/28 (d) | 245 | 245 |
| Patagonia Holdco LLC |  |  |
| Term Loan B1, 10.05%, (3 Month Term SOFR + 5.75%), 08/01/29 (d) (p) | 83 | 67 |
| PHRG Intermediate LLC |  |  |
| 2025 Term Loan B, 8.33%, (3 Month Term SOFR + 4.00%), 02/13/32 (d) | 150 | 149 |
| Pike Corporation |  |  |
| 2021 Incremental Term Loan B, 7.44%, (1 Month Term SOFR + 3.00%), 01/15/28 (d) | 91 | 91 |
| Pitney Bowes Inc. |  |  |
| 2025 Term Loan B, 8.08%, (1 Month Term SOFR + 3.75%), 01/31/32 (d) | 80 | 80 |
| PMHC II, Inc. |  |  |
| 2022 Term Loan B, 0.00%, (3 Month Term SOFR + 4.25%), 02/03/29 (d) (r) | 55 | 48 |
| 2022 Term Loan B, 8.64%, (3 Month Term SOFR + 4.25%), 02/03/29 (d) | 60 | 52 |
| PRA Health Sciences, Inc. |  |  |
| 2024 US Term Loan B, 6.30%, (3 Month Term SOFR + 2.00%), 07/03/28 (d) | 22 | 22 |
| Quikrete Holdings, Inc. |  |  |
| 2025 Term Loan B, 6.58%, (1 Month Term SOFR + 2.25%), 01/30/32 (d) | 239 | 239 |
| Rand Parent, LLC |  |  |
| 2025 Term Loan B, 7.30%, (3 Month Term SOFR + 3.00%), 03/18/30 (d) | 38 | 38 |
| Reworld Holding Corp |  |  |
| Term Loan B, 6.56%, (1 Month Term SOFR + 2.25%), 11/30/28 (d) | 104 | 104 |
| Term Loan C, 6.56%, (1 Month Term SOFR + 2.25%), 11/30/28 (d) | 8 | 8 |
| 2025 Term Loan B, 6.57%, (3 Month Term SOFR + 2.25%), 11/30/28 (d) | 47 | 47 |
| 2025 Term Loan C, 6.57%, (3 Month Term SOFR + 2.25%), 11/30/28 (d) | 3 | 3 |
| Roper Industrial Products Investment Company LLC |  |  |
| 2024 USD 1st Lien Term Loan B, 7.05%, (3 Month Term SOFR + 2.75%), 11/23/29 (d) | 104 | 103 |
| Sabert Corporation |  |  |
| 2024 Term Loan B, 7.44%, (1 Month Term SOFR + 3.00%), 12/10/26 (d) | 123 | 123 |
| Sk Neptune Husky Finance S.A.R.L |  |  |
| Term Loan, 0.00%, (Prime + 9.00%), 04/30/33 (d) (g) (h) | 14 | 3 |
| SkyMiles IP Ltd. |  |  |
| 2020 Skymiles Term Loan B, 8.02%, (3 Month Term SOFR + 3.75%), 09/16/27 (d) | 75 | 75 |
| Southern Veterinary Partners, LLC |  |  |
| 2024 1st Lien Term Loan, 7.53%, (3 Month Term SOFR + 3.25%), 10/30/31 (d) | 185 | 185 |
| Spin Holdco Inc. |  |  |
| 2021 Term Loan, 8.58%, (3 Month Term SOFR + 4.00%), 02/26/28 (d) | 1148 | 1004 |
| Stepstone Group Midco 2 GMBH/ The |  |  |
| USD Term Loan B, 8.61%, (3 Month Term SOFR + 4.50%), 12/04/31 (d) | 60 | 58 |
| USD Term Loan B, 8.65%, (3 Month Term SOFR + 4.50%), 12/04/31 (d) |  |  |
| TK Elevator Midco GmbH |  |  |
| 2025 USD Term Loan B, 7.24%, (SOFR + 3.00%), 04/30/30 (d) | 161 | 161 |

---

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page [607](#abbreviations).

**JNL Series Trust** (Unaudited)

**Schedules of Investments (in thousands)**

June 30, 2025

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| TKC Holdings, Inc. |  |  |
| 2022 PIK Toggle Holdco Term Loan, 13.50%, (Fixed + 13.50%), 02/14/27 | 141 | 131 |
| TransDigm, Inc. |  |  |
| 2024 Term Loan I, 7.05%, (3 Month Term SOFR + 2.75%), 08/24/28 (d) | 646 | 648 |
| 2024 Term Loan K, 7.05%, (3 Month Term SOFR + 2.75%), 02/22/30 (d) | 49 | 49 |
| 2024 Term Loan, 6.80%, (3 Month Term SOFR + 2.50%), 09/05/32 (d) | 124 | 124 |
| Travelport Finance (Luxembourg) S.a.r.l. |  |  |
| 2020 Super Priority Term Loan, 15.54%, (PIK + 2.20%), 09/29/28 (d) (p) | 114 | 87 |
| United Airlines, Inc. |  |  |
| 2024 1st Lien Term Loan B, 6.28%, (3 Month Term SOFR + 2.00%), 02/22/31 (d) | 157 | 158 |
| US Fertility Enterprises LLC |  |  |
| 2024 Delayed Draw Term Loan, 8.78%, (3 Month Term SOFR + 4.50%), 10/03/31 (d) | 1 | 1 |
| 2024 Term Loan, 8.78%, (6 Month Term SOFR + 4.50%), 10/03/31 (d) | 62 | 62 |
| 2024 Delayed Draw Term Loan, 8.82%, (3 Month Term SOFR + 4.50%), 10/03/31 (d) | 2 | 2 |
| Vista Management Holding, Inc. |  |  |
| 2025 Term Loan B, 8.05%, (3 Month Term SOFR + 3.75%), 03/27/31 (d) | 105 | 105 |
| VM Consolidated, Inc. |  |  |
| 2024 Term Loan B2, 6.58%, (1 Month Term SOFR + 2.25%), 03/24/28 (d) | 122 | 122 |
| WEC US Holdings Ltd. |  |  |
| 2024 Term Loan, 6.57%, (1 Month Term SOFR + 2.25%), 01/20/31 (d) | 335 | 335 |
| WIN Waste Innovations Holdings, Inc. |  |  |
| 2025 Incremental Term Loan, 8.19%, (1 Month Term SOFR + 3.75%), 03/27/28 (d) | 95 | 95 |
| 2021 Term Loan B, 7.19%, (1 Month Term SOFR + 2.75%), 03/31/28 (d) | 274 | 271 |
| Worldwide Express Operations, LLC |  |  |
| 2024 Term Loan B, 8.30%, (3 Month Term SOFR + 4.00%), 07/26/28 (d) | 188 | 188 |
| | | 20778 |
| **Information Technology 0.8%** | **Information Technology 0.8%** | **Information Technology 0.8%** |
| Ahead DB Holdings, LLC |  |  |
| 2024 Term Loan B3, 7.30%, (3 Month Term SOFR + 3.00%), 01/24/31 (d) | 94 | 94 |
| Applied Systems, Inc. |  |  |
| 2024 1st Lien Term Loan, 6.80%, (3 Month Term SOFR + 2.50%), 02/07/31 (d) | 191 | 192 |
| Ascend Learning, LLC |  |  |
| 2025 Repriced Term Loan B, 7.33%, (1 Month Term SOFR + 3.00%), 12/11/28 (d) | 150 | 150 |
| 2021 2nd Lien Term Loan, 10.18%, (1 Month Term SOFR + 5.75%), 11/18/29 (d) | 80 | 80 |
| AZZ Inc. |  |  |
| Term Loan B, 6.83%, (1 Month Term SOFR + 2.50%), 05/06/29 (d) | 84 | 84 |
| Boost Newco Borrower, LLC |  |  |
| 2025 USD Term Loan B, 6.30%, (3 Month Term SOFR + 2.00%), 01/31/31 (d) | 582 | 583 |
| CACI International, Inc. |  |  |
| Term Loan B, 6.07%, (1 Month Term SOFR + 1.75%), 10/16/31 (d) | 75 | 74 |
| Term Loan B, 6.08%, (1 Month Term SOFR + 1.75%), 10/16/31 (d) | 5 | 5 |
| CD&R Hydra Buyer Inc. |  |  |
| 2024 Term Loan B, 8.43%, (1 Month Term SOFR + 4.00%), 03/15/31 (d) | 193 | 189 |
| Chamberlain Group Inc |  |  |
| Term Loan B, 7.68%, (1 Month Term SOFR + 3.25%), 10/22/28 (d) | 79 | 79 |
| Cloud Software Group, Inc. |  |  |
| 2024 1st Lien Term Loan B, 7.80%, (3 Month Term SOFR + 3.50%), 03/30/29 (d) | 296 | 296 |
| 2024 USD Term Loan, 8.05%, (3 Month Term SOFR + 3.75%), 03/24/31 (d) | 235 | 235 |
| ConnectWise, LLC |  |  |
| 2021 Term Loan B, 8.06%, (3 Month Term SOFR + 3.50%), 09/23/28 (d) | 128 | 128 |
| Dayforce, Inc. |  |  |
| 2025 Term Loan B, 6.28%, (3 Month Term SOFR + 2.00%), 03/01/31 (d) | 69 | 69 |
| DCert Buyer, Inc. |  |  |
| 2019 Term Loan B, 8.33%, (1 Month Term SOFR + 4.00%), 07/31/26 (d) | 772 | 764 |
| 2021 2nd Lien Term Loan, 0.00%, (1 Month Term SOFR + 7.00%), 02/16/29 (d) (r) | 10 | 9 |
| 2021 2nd Lien Term Loan, 11.33%, (1 Month Term SOFR + 7.00%), 02/16/29 (d) | 225 | 195 |
| Dragon Buyer, Inc |  |  |
| Term Loan B, 7.30%, (3 Month Term SOFR + 3.00%), 09/24/31 (d) | 90 | 90 |
| ECL Entertainment, LLC |  |  |
| 2024 1st Lien Term Loan B, 7.83%, (1 Month Term SOFR + 3.50%), 08/31/30 (d) | 59 | 59 |
| Ellucian Holdings, Inc. |  |  |
| 2024 1st Lien Term Loan B, 7.33%, (1 Month Term SOFR + 3.00%), 10/29/29 (d) | 56 | 56 |
| EP Purchaser LLC |  |  |
| Term Loan, 0.00%, (3 Month USD LIBOR + 3.50%), 11/06/28 (d) (r) | 30 | 29 |
| Epicor Software Corporation |  |  |
| 2024 Term Loan E, 7.08%, (1 Month Term SOFR + 2.75%), 05/23/31 (d) | 242 | 243 |
| Finastra USA, Inc. |  |  |
| 2023 Term Loan, 11.43%, (6 Month Term SOFR + 7.25%), 09/13/29 (d) | 173 | 173 |
| Flexera Software LLC |  |  |
| 2024 1st Lien Term Loan, 7.31%, (3 Month Term SOFR + 3.00%), 03/03/28 (d) | 192 | 192 |
| Gainwell Acquisition Corp. |  |  |
| Term Loan B, 8.40%, (3 Month Term SOFR + 4.00%), 08/17/27 (d) | 68 | 66 |
| Galaxy US Opco Inc. |  |  |
| Term Loan, 9.28%, (3 Month Term SOFR + 2.00%), 04/19/29 (d) | 63 | 58 |
| Gen Digital Inc. |  |  |
| 2024 Term Loan B, 6.08%, (1 Month Term SOFR + 1.75%), 01/28/29 (d) | 240 | 240 |
| Genesys Cloud Services Holdings II LLC |  |  |
| 2025 USD Term Loan B, 6.83%, (1 Month Term SOFR + 2.50%), 01/23/32 (d) | 70 | 70 |
| Go Daddy Operating Company, LLC |  |  |
| 2024 Term Loan B8, 6.08%, (1 Month Term SOFR + 1.75%), 11/09/29 (d) | 131 | 131 |
| 2024 Term Loan B7, 6.08%, (1 Month Term SOFR + 1.75%), 05/21/31 (d) | 104 | 104 |
| GTT Communications, Inc. |  |  |
| 2025 Fixed Holdco Term Loan, 0.00%, (Fixed + 0.00%), 07/15/31 (d) (r) | 32 | 26 |
| Kaseya Inc. |  |  |
| 2025 1st Lien Term Loan B, 7.58%, (1 Month Term SOFR + 3.25%), 03/05/32 (d) | 284 | 285 |
| 2025 2nd Lien Term Loan B, 9.33%, (1 Month Term SOFR + 5.00%), 03/07/33 (d) | 100 | 100 |
| MH Sub I, LLC |  |  |
| 2021 2nd Lien Term Loan, 10.58%, (1 Month Term SOFR + 6.25%), 02/12/29 (d) | 90 | 79 |
| 2024 Term Loan B4, 8.58%, (1 Month Term SOFR + 4.25%), 12/11/31 (d) | 637 | 552 |
| Mitchell International, Inc. |  |  |
| 2024 1st Lien Term Loan, 7.58%, (1 Month Term SOFR + 3.25%), 06/05/31 (d) | 169 | 168 |
| MKS Instruments, Inc. |  |  |
| 2025 USD Repriced Term Loan, 6.32%, (1 Month Term SOFR + 2.00%), 08/17/29 (d) | 197 | 197 |
| NCR Atleos LLC |  |  |
| 2024 Term Loan B, 8.03%, (3 Month Term SOFR + 3.75%), 04/16/29 (d) | 83 | 84 |
| Open Text Corporation |  |  |
| 2023 Term Loan B, 6.08%, (1 Month Term SOFR + 1.75%), 01/31/30 (d) | 169 | 169 |
| Polaris Newco LLC |  |  |
| USD Term Loan B, 0.00%, (3 Month Term SOFR + 3.75%), 06/03/28 (d) (r) | 20 | 19 |
| USD Term Loan B, 8.29%, (3 Month Term SOFR + 3.75%), 06/03/28 (d) | 859 | 836 |

---

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page [607](#abbreviations).

**JNL Series Trust** (Unaudited)

**Schedules of Investments (in thousands)**

June 30, 2025

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| 2nd Lien Term Loan, 13.43%, (3 Month Term SOFR + 9.00%), 06/04/29 (d) | 95 | 92 |
| Priority Holdings, LLC |  |  |
| 2024 Term Loan B, 9.08%, (1 Month Term SOFR + 4.75%), 05/16/31 (d) | 35 | 35 |
| Project Alpha Intermediate Holding, Inc. |  |  |
| 2024 1st Lien Term Loan B, 7.55%, (3 Month Term SOFR + 3.25%), 10/28/30 (d) | 223 | 224 |
| 2025 2nd Lien Incremental Term Loan, 9.31%, (3 Month Term SOFR + 5.00%), 11/22/32 (d) | 110 | 109 |
| Project Boost Purchaser LLC |  |  |
| 2025 Refinancing Term Loan, 7.30%, (3 Month Term SOFR + 3.00%), 07/02/31 (d) | 123 | 123 |
| Proofpoint, Inc. |  |  |
| 2024 Term Loan, 7.33%, (1 Month Term SOFR + 3.00%), 08/31/28 (d) | 134 | 134 |
| Rackspace Finance, LLC |  |  |
| 2024 First Lien Second Out Term Loan, 7.18%, (1 Month Term SOFR + 2.75%), 03/15/28 (d) | 272 | 123 |
| 2024 First Lien First Out Term Loan, 10.68%, (1 Month Term SOFR + 6.25%), 05/15/28 (d) | 63 | 63 |
| RealPage, Inc |  |  |
| 1st Lien Term Loan, 7.56%, (3 Month Term SOFR + 3.00%), 02/18/28 (d) | 142 | 141 |
| 2024 Incremental Term Loan, 8.05%, (3 Month Term SOFR + 3.75%), 04/24/28 (d) | 60 | 60 |
| Red Planet Borrower, LLC |  |  |
| Term Loan B, 0.00%, (1 Month Term SOFR + 3.75%), 09/23/28 (d) (r) |  |  |
| Term Loan B, 8.18%, (1 Month Term SOFR + 3.75%), 09/23/28 (d) | 205 | 203 |
| Renaissance Holding Corp. |  |  |
| 2024 1st Lien Term Loan, 8.28%, (3 Month Term SOFR + 4.00%), 04/05/30 (d) | 200 | 181 |
| Sandisk Corp |  |  |
| Term Loan B, 7.32%, (3 Month Term SOFR + 3.00%), 12/12/31 (d) | 342 | 340 |
| Shift4 |  |  |
| Term Loan, 0.00%, (SOFR + 2.75%), 05/12/32 (d) (r) | 25 | 25 |
| Sovos Compliance, LLC |  |  |
| 2025 Term Loan B, 8.33%, (1 Month Term SOFR + 4.00%), 08/12/29 (d) | 93 | 93 |
| SS&C Technologies Inc. |  |  |
| 2024 Term Loan B8, 6.33%, (1 Month Term SOFR + 2.00%), 05/09/31 (d) | 215 | 216 |
| TCP Sunbelt Acquisition Co. |  |  |
| 2024 Term Loan B, 8.58%, (3 Month Term SOFR + 4.25%), 10/11/31 (d) | 105 | 105 |
| TTM Technologies, Inc. |  |  |
| 2024 Term Loan B, 6.57%, (1 Month Term SOFR + 2.25%), 05/23/30 (d) | 102 | 102 |
| Twitter, Inc. |  |  |
| Term Loan, 10.95%, (3 Month Term SOFR + 6.50%), 10/27/29 (d) | 373 | 364 |
| 2025 Fixed Term Loan, 9.50%, (Fixed + 9.50%), 12/31/99 (d) | 645 | 627 |
| UKG Inc. |  |  |
| 2024 Term Loan B, 7.31%, (1 Month Term SOFR + 3.00%), 01/30/31 (d) | 637 | 639 |
| Vertiv Group Corporation |  |  |
| 2024 Term Loan B, 6.07%, (1 Month Term SOFR + 1.75%), 03/02/27 (d) | 187 | 187 |
| VS Buyer, LLC |  |  |
| 2024 1st Lien Term Loan B, 7.02%, (1 Month Term SOFR + 2.75%), 04/12/31 (d) | 79 | 80 |
| Xai Corp |  |  |
| Term Loan, 0.00%, (3 Month Term SOFR + 7.25%), 12/31/49 (d) (r) | 50 | 48 |
| Zayo Group Holdings, Inc. |  |  |
| USD Term Loan, 7.44%, (1 Month Term SOFR + 3.00%), 02/18/27 (d) | 140 | 133 |
| 2022 USD Incremental Term Loan B, 8.58%, (1 Month Term SOFR + 4.25%), 03/09/27 (d) | 103 | 99 |
| Zelis Payments Buyer, Inc. |  |  |
| Term Loan B, 7.08%, (1 Month Term SOFR + 2.75%), 09/28/29 (d) | 158 | 157 |
| 5th Amendment Term Loan, 7.58%, (1 Month Term SOFR + 3.25%), 10/24/31 (d) | 99 | 99 |
| | | 12054 |
| **Communication Services 0.8%** | **Communication Services 0.8%** | **Communication Services 0.8%** |
| 19th Holdings Golf, LLC |  |  |
| 2022 Term Loan B, 7.66%, (1 Month Term SOFR + 3.25%), 01/27/29 (d) | 211 | 208 |
| Academy, Ltd. |  |  |
| 2021 Term Loan, 8.19%, (1 Month Term SOFR + 3.75%), 11/05/27 (d) | 56 | 56 |
| AIT Worldwide Logistics, Inc |  |  |
| 2025 Repriced Term Loan, 8.26%, (3 Month Term SOFR + 4.00%), 04/08/30 (d) | 145 | 145 |
| Allen Media, LLC |  |  |
| 2021 Term Loan B, 9.95%, (3 Month Term SOFR + 5.50%), 02/10/27 (d) (p) | 373 | 237 |
| Altice France S.A. |  |  |
| 2018 Term Loan B13, 10.50%, (Prime + 3.00%), 07/13/26 (d) | 20 | 18 |
| 2023 USD Term Loan B14, 0.00%, (3 Month Term SOFR + 5.50%), 08/31/28 (d) (r) | 95 | 86 |
| 2023 USD Term Loan B14, 9.76%, (3 Month Term SOFR + 5.50%), 08/31/28 (d) | 1023 | 924 |
| AP Core Holdings II, LLC |  |  |
| Amortization Term Loan B1, 9.94%, (1 Month Term SOFR + 5.50%), 07/21/27 (d) | 109 | 98 |
| High-Yield Term Loan B2, 9.94%, (1 Month Term SOFR + 5.50%), 07/21/27 (d) | 135 | 121 |
| Arcis Golf LLC |  |  |
| 2025 Term Loan B, 7.08%, (1 Month Term SOFR + 2.75%), 11/24/28 (d) | 131 | 131 |
| Aventiv Technologies, LLC |  |  |
| 2024 PIK Third Out Term Loan, 5.56%, (3 Month Term SOFR + 4.09%), 07/31/25 (d) | 320 | 223 |
| 2024 Incremental Second Out Term Loan, 12.06%, (3 Month Term SOFR + 7.50%), 07/31/25 (d) | 8 | 8 |
| 2024 Bridge Term Loan, 14.58%, (3 Month Term SOFR + 10.00%), 12/24/25 (d) | 14 | 14 |
| 2025 5th Amendment Incremental Bridge Loan, 14.52%, (1 Month Term SOFR + 10.00%), 03/25/26 (d) | 133 | 136 |
| Charter Communications Operating, LLC |  |  |
| 2024 Term Loan B5, 6.55%, (3 Month Term SOFR + 2.25%), 11/21/31 (d) | 617 | 618 |
| Ciena Corporation |  |  |
| 2025 Repriced Term Loan B, 6.07%, (1 Month Term SOFR + 1.75%), 10/24/30 (d) | 44 | 44 |
| City Football Group Limited |  |  |
| 2024 Term Loan, 8.04%, (3 Month Term SOFR + 3.50%), 07/21/30 (d) | 254 | 252 |
| ClubCorp Holdings, Inc. |  |  |
| 2023 Term Loan B2, 9.56%, (3 Month Term SOFR + 5.00%), 10/01/28 (d) | 236 | 236 |
| CMG Media Corporation |  |  |
| 2024 Term Loan, 0.00%, (3 Month Term SOFR + 3.50%), 06/18/29 (d) (r) | 5 | 5 |
| 2024 Term Loan, 7.90%, (3 Month Term SOFR + 3.50%), 06/18/29 (d) | 458 | 443 |
| CommScope, Inc. |  |  |
| 2024 Term Loan, 9.58%, (1 Month Term SOFR + 5.25%), 12/15/29 (d) | 350 | 354 |
| 2024 Term Loan, 0.00%, (1 Month Term SOFR + 5.25%), 12/17/29 (d) (r) | 190 | 192 |
| Connect Holding II LLC |  |  |
| Delayed Draw Term Loan, 0.00%, (1 Month Term SOFR + 4.25%), 04/03/31 (d) (r) | 101 | 92 |
| Delayed Draw Term Loan 1, 0.00%, 04/03/31 (d) (r) | 92 | 85 |
| Delayed Draw Term Loan, 8.58%, (1 Month Term SOFR + 4.25%), 04/03/31 (d) | 17 | 16 |
| PIK Term Loan B, 10.06%, (Fixed + 10.06%), 10/03/31 | 26 | 19 |
| Coral-US Co-Borrower, LLC |  |  |
| 2021 Term Loan B6, 7.43%, (1 Month Term SOFR + 3.00%), 09/23/29 (d) | 55 | 55 |
| 2025 Term Loan B7, 7.51%, (3 Month Term SOFR + 3.25%), 01/24/32 (d) | 160 | 158 |

---

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page [607](#abbreviations).

**JNL Series Trust** (Unaudited)

**Schedules of Investments (in thousands)**

June 30, 2025

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| Crown Finance US Inc |  |  |
| Term Loan, 0.00%, (SOFR + 4.50%), 10/31/31 (d) (r) | 65 | 65 |
| Crown Finance US, Inc. |  |  |
| 2024 Term Loan B, 9.57%, (1 Month Term SOFR + 5.25%), 10/31/31 (d) | 398 | 398 |
| CSC Holdings, LLC |  |  |
| 2022 Term Loan B6, 8.81%, (1 Month Term SOFR + 4.50%), 01/17/28 (d) | 45 | 44 |
| Dave & Buster's, Inc. |  |  |
| 2024 Term Loan B, 7.56%, (1 Month Term SOFR + 3.25%), 06/29/29 (d) | 115 | 111 |
| 2024 1st Lien Term Loan B, 7.56%, (3 Month Term SOFR + 3.25%), 09/26/31 (d) | 109 | 104 |
| Dotdash Meredith Inc |  |  |
| 2025 Term Loan B, 7.82%, (3 Month Term SOFR + 3.50%), 06/05/32 (d) | 170 | 170 |
| Fanatics Commerce Intermediate Holdco, LLC |  |  |
| Term Loan B, 7.69%, (1 Month Term SOFR + 3.25%), 11/18/28 (d) | 34 | 34 |
| Flutter Financing B.V. |  |  |
| 2024 Term Loan B, 6.05%, (3 Month Term SOFR + 1.75%), 11/30/30 (d) | 191 | 190 |
| 2025 Term Loan B, 8.50%, (Prime + 1.00%), 05/22/32 (d) | 50 | 50 |
| Frontier Communications Corp. |  |  |
| 2025 Term Loan B, 6.79%, (6 Month Term SOFR + 2.50%), 07/01/31 (d) | 114 | 114 |
| Great Outdoors Group, LLC |  |  |
| 2025 Term Loan B, 7.58%, (1 Month Term SOFR + 3.25%), 01/20/32 (d) | 2158 | 2152 |
| GVC Holdings (Gibraltar) Limited |  |  |
| 2021 USD Term Loan B4, 6.90%, (3 Month Term SOFR + 2.50%), 03/16/27 (d) | 81 | 81 |
| 2024 USD Term Loan B3, 7.05%, (3 Month Term SOFR + 2.75%), 10/31/29 (d) | 176 | 176 |
| Herschend Entertainment Company, LLC |  |  |
| 2025 Term Loan B, 7.57%, (3 Month Term SOFR + 3.25%), 05/17/32 (d) | 65 | 65 |
| II-VI Incorporated |  |  |
| 2024 1st Lien Term Loan B, 6.33%, (1 Month Term SOFR + 2.00%), 07/02/29 (d) | 246 | 246 |
| LCPR Loan Financing LLC |  |  |
| 2021 Term Loan B, 8.18%, (1 Month Term SOFR + 3.75%), 09/25/28 (d) | 30 | 19 |
| Level 3 Financing Inc. |  |  |
| 2025 Term Loan B, 8.58%, (1 Month Term SOFR + 4.25%), 03/20/32 (d) | 310 | 313 |
| Life Time Fitness Inc |  |  |
| 2024 Term Loan B, 6.78%, (3 Month Term SOFR + 2.50%), 10/22/31 (d) | 154 | 155 |
| Light and Wonder International, Inc. |  |  |
| 2024 Term Loan B2, 6.56%, (1 Month Term SOFR + 2.25%), 04/19/29 (d) | 184 | 184 |
| Lumen Technologies, Inc. |  |  |
| 2024 Term Loan A, 10.33%, (1 Month Term SOFR + 6.00%), 06/01/28 (d) | 175 | 179 |
| 2024 Extended Term Loan B1, 6.79%, (1 Month Term SOFR + 2.35%), 04/15/29 (d) | 174 | 172 |
| 2024 Extended Term Loan B2, 0.00%, (1 Month Term SOFR + 2.35%), 04/15/30 (d) (r) | 10 | 10 |
| 2024 Extended Term Loan B2, 6.79%, (1 Month Term SOFR + 2.35%), 04/15/30 (d) | 536 | 529 |
| Nexstar Broadcasting, Inc. |  |  |
| 2019 Term Loan B4, 6.94%, (1 Month Term SOFR + 2.50%), 06/13/26 (d) | 119 | 119 |
| Ontario Gaming GTA LP |  |  |
| Term Loan B, 8.55%, (3 Month Term SOFR + 4.25%), 07/11/30 (d) | 128 | 127 |
| Recess Holdings, Inc. |  |  |
| 2025 Repriced Term Loan, 8.03%, (3 Month Term SOFR + 3.75%), 02/21/30 (d) | 89 | 89 |
| Securus Technologies Holdings, Inc. |  |  |
| 2023 2nd Lien Term Loan, 13.61%, (3 Month Term SOFR + 9.05%), 11/01/25 (d) | 174 | 1 |
| Sinclair Television Group Inc. |  |  |
| 2025 Term Loan B7, 8.53%, (1 Month Term SOFR + 4.10%), 12/31/30 (d) | 73 | 62 |
| Topgolf Callaway Brands Corp. |  |  |
| Term Loan B, 7.33%, (1 Month Term SOFR + 3.00%), 03/14/30 (d) | 64 | 63 |
| Townsquare Media, Inc. |  |  |
| 2025 Term Loan, 9.32%, (3 Month Term SOFR + 5.00%), 01/17/31 (d) (l) | 45 | 40 |
| TripAdvisor Inc |  |  |
| Term Loan, 7.05%, (3 Month Term SOFR + 2.75%), 07/01/31 (d) | 79 | 79 |
| UFC Holdings, LLC |  |  |
| 2024 Term Loan B, 6.57%, (3 Month Term SOFR + 2.25%), 11/13/31 (d) | 80 | 80 |
| Univision Communications Inc. |  |  |
| 2022 Term Loan B, 7.69%, (1 Month Term SOFR + 3.25%), 05/06/28 (d) | 241 | 233 |
| 2024 Term Loan B, 7.94%, (1 Month Term SOFR + 3.50%), 01/31/29 (d) | 74 | 73 |
| 2022 First Lien Term Loan B, 8.55%, (3 Month Term SOFR + 4.25%), 06/10/29 (d) | 58 | 58 |
| Virgin Media Bristol LLC |  |  |
| 2023 USD Term Loan Y, 7.37%, (6 Month Term SOFR + 3.17%), 03/06/31 (d) | 185 | 182 |
| | | 11741 |
| **Consumer Discretionary 0.7%** | **Consumer Discretionary 0.7%** | **Consumer Discretionary 0.7%** |
| 1011778 B.C. Unlimited Liability Company |  |  |
| 2024 Term Loan B6, 6.08%, (1 Month Term SOFR + 1.75%), 09/23/30 (d) | 163 | 162 |
| ABG Intermediate Holdings 2 LLC |  |  |
| 2024 1st Lien Term Loan B, 6.58%, (1 Month Term SOFR + 2.25%), 12/21/28 (d) | 803 | 802 |
| ACProducts, Inc. |  |  |
| 2021 Term Loan B, 8.81%, (3 Month Term SOFR + 4.25%), 05/17/28 (d) | 168 | 126 |
| American Trailer World Corp. |  |  |
| Term Loan B, 8.18%, (1 Month Term SOFR + 3.75%), 02/17/28 (d) | 177 | 144 |
| Apro, LLC |  |  |
| 2024 Term Loan B, 8.06%, (1 Month Term SOFR + 3.75%), 06/26/31 (d) | 134 | 133 |
| Aramark Services, Inc. |  |  |
| 2024 Term Loan B7, 6.33%, (1 Month Term SOFR + 2.00%), 04/06/28 (d) | 85 | 85 |
| 2024 Term Loan B8, 6.33%, (1 Month Term SOFR + 2.00%), 06/24/30 (d) | 113 | 114 |
| Asplundh Tree Expert, LLC |  |  |
| 2024 Incremental Term Loan B, 6.08%, (1 Month Term SOFR + 1.75%), 05/09/31 (d) | 99 | 99 |
| At Home Group Inc. |  |  |
| Term Loan B, 8.69%, (1 Month Term SOFR + 4.25%), 07/24/28 (d) | 121 | 7 |
| Belron Finance 2019 LLC |  |  |
| 2024 USD Term Loan B, 7.05%, (3 Month Term SOFR + 2.75%), 10/01/31 (d) | 243 | 244 |
| BJ's Wholesale Club, Inc. |  |  |
| 2023 Term Loan B, 6.06%, (1 Month Term SOFR + 1.75%), 02/03/29 (d) | 79 | 79 |
| Bombardier Recreational Products, Inc. |  |  |
| 2023 Term Loan B3, 7.08%, (1 Month Term SOFR + 2.75%), 12/13/29 (d) | 127 | 127 |
| 2024 Term Loan B4, 7.08%, (1 Month Term SOFR + 2.75%), 01/22/31 (d) | 13 | 13 |
| Byju's Alpha, Inc. |  |  |
| 2024 DIP New Money Term Loan, 12.33%, (1 Month Term SOFR + 8.00%), 04/03/26 (d) (l) | 1 | 1 |
| 2024 DIP New Money Term Loan, 0.00%, (1 Month Term SOFR + 8.00%), 04/09/26 (d) (l) (r) | 1 | 1 |
| 2024 Prepetition Reimbursement New Money Term Loan, 12.32%, (SOFR + 8.00%), 04/24/26 (d) (l) | 4 | 4 |
| 2024 Bridge Term Loan, 12.33%, (1 Month Term SOFR + 8.00%), 04/24/26 (d) (l) | 1 | 1 |
| Term Loan B, 0.00%, (LIBOR + 5.50%), 11/05/26 (d) (g) (h) | 158 | 10 |
| Caesars Entertainment Inc. |  |  |
| Term Loan B, 6.58%, (1 Month Term SOFR + 2.25%), 01/25/30 (d) | 570 | 568 |

---

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page [607](#abbreviations).

**JNL Series Trust** (Unaudited)

**Schedules of Investments (in thousands)**

June 30, 2025

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| 2024 Term Loan B1, 6.58%, (1 Month Term SOFR + 2.25%), 01/24/31 (d) | 69 | 69 |
| Clarios Global LP |  |  |
| 2024 USD Term Loan B, 6.83%, (1 Month Term SOFR + 2.50%), 05/06/30 (d) | 213 | 213 |
| 2025 USD Term Loan B, 7.08%, (1 Month Term SOFR + 2.75%), 01/14/32 (d) | 115 | 115 |
| CWGS Group, LLC |  |  |
| 2021 Term Loan B, 6.94%, (1 Month Term SOFR + 2.50%), 05/25/28 (d) | 129 | 126 |
| EG Group Limited |  |  |
| 2024 Term Loan B, 8.58%, (3 Month Term SOFR + 4.25%), 02/07/28 (d) | 199 | 200 |
| Empire Today, LLC |  |  |
| 2024 2nd Out Term Loan, 9.54%, (3 Month Term SOFR + 5.00%), 08/03/29 (d) (l) | 49 | 15 |
| 2024 1st Out Term Loan B, 10.04%, (3 Month Term SOFR + 5.50%), 08/03/29 (d) (l) | 8 | 6 |
| 2024 UnSub FLFO Term Loan A, 10.04%, (3 Month Term SOFR + 5.50%), 08/30/29 (d) (l) | 15 | 12 |
| Epic Creations Inc |  |  |
| DIP New Money Term Loan, 14.33%, (1 Month Term SOFR + 10.00%), 11/01/25 (d) (l) | 1 | 1 |
| Flynn Restaurant Group LP |  |  |
| 2021 Term Loan B, 8.69%, (1 Month Term SOFR + 4.25%), 11/22/28 (d) | 78 | 78 |
| 2025 Incremental Term Loan, 8.08%, (1 Month Term SOFR + 3.75%), 01/17/32 (d) | 229 | 229 |
| Foundation Building Materials Holding Company LLC |  |  |
| 2021 Term Loan, 0.00%, (1 Month Term SOFR + 3.25%), 02/03/28 (d) (r) | 10 | 10 |
| 2021 Term Loan, 7.79%, (3 Month Term SOFR + 3.25%), 02/03/28 (d) | 50 | 49 |
| 2024 Term Loan B2, 8.28%, (3 Month Term SOFR + 4.00%), 01/25/31 (d) | 262 | 256 |
| Four Seasons Hotels Limited |  |  |
| 2024 1st Lien Term Loan B, 6.08%, (1 Month Term SOFR + 1.75%), 11/30/29 (d) |  |  |
| Fugue Finance B.V. |  |  |
| 2025 Term Loan B, 7.58%, (3 Month Term SOFR + 3.25%), 01/09/32 (d) | 98 | 99 |
| GEN II Fund Services LLC |  |  |
| 2024 Term Loan B, 6.97%, (6 Month Term SOFR + 2.75%), 11/19/31 (d) | 110 | 110 |
| Golden Entertainment, Inc. |  |  |
| 2023 Term Loan B, 6.58%, (1 Month Term SOFR + 2.25%), 05/18/30 (d) | 196 | 196 |
| Hilton Grand Vacations Borrower LLC |  |  |
| 2021 Term Loan B, 6.33%, (1 Month Term SOFR + 2.00%), 05/20/28 (d) | 378 | 378 |
| Hunter Douglas Inc. |  |  |
| 2025 USD Term Loan B, 7.55%, (3 Month Term SOFR + 3.25%), 01/14/32 (d) | 567 | 564 |
| J&J Ventures Gaming, LLC |  |  |
| 2025 Repriced Term Loan B, 7.83%, (1 Month Term SOFR + 3.50%), 04/26/30 (d) | 210 | 207 |
| LIDS Holdings, Inc. |  |  |
| Term Loan, 9.96%, (3 Month Term SOFR + 5.50%), 12/03/26 (d) (l) | 23 | 23 |
| Lippert Colipper |  |  |
| Term Loan B, 6.83%, (1 Month Term SOFR + 2.50%), 03/18/32 (d) | 85 | 85 |
| Marriott Ownership Resorts, Inc. |  |  |
| 2024 Term Loan B, 6.58%, (1 Month Term SOFR + 2.25%), 03/17/31 (d) | 166 | 166 |
| Michaels Companies, Inc. |  |  |
| 2021 Term Loan B, 8.81%, (3 Month Term SOFR + 4.25%), 04/08/28 (d) | 133 | 111 |
| Needle Holdings LLC |  |  |
| 2024 Exit Term Loan, 0.00%, (1 Month Term SOFR + 9.50%), 04/30/28 (d) (g) (h) (l) | 12 | 3 |
| P.F. Chang's China Bistro Inc. |  |  |
| 2019 Term Loan B, 10.53%, (1 Month Term SOFR + 6.25%), 03/01/26 (d) | 100 | 87 |
| 2019 Term Loan B, 10.58%, (1 Month Term SOFR + 6.25%), 03/01/26 (d) |  |  |
| PCI Gaming Authority |  |  |
| Term Loan, 6.33%, (1 Month Term SOFR + 2.00%), 05/15/26 (d) | 57 | 57 |
| Power Stop, LLC |  |  |
| 2022 Term Loan, 9.13%, (3 Month Term SOFR + 4.75%), 01/26/29 (d) | 188 | 140 |
| Raising Cane's Restaurants, LLC |  |  |
| 2024 Term Loan B, 6.33%, (1 Month Term SOFR + 2.00%), 09/10/31 (d) | 25 | 25 |
| Restoration Hardware, Inc. |  |  |
| Term Loan B, 0.00%, (1 Month Term SOFR + 2.50%), 10/15/28 (d) (r) | 90 | 87 |
| Term Loan B, 6.94%, (1 Month Term SOFR + 2.50%), 10/15/28 (d) | 117 | 114 |
| 2022 Incremental Term Loan, 0.00%, (SOFR + 3.25%), 10/20/28 (d) (r) | 90 | 87 |
| 2022 Incremental Term Loan, 7.68%, (1 Month Term SOFR + 3.25%), 10/20/28 (d) | 20 | 19 |
| RVR Dealership Holdings, LLC |  |  |
| Term Loan B, 8.18%, (1 Month Term SOFR + 3.75%), 02/08/28 (d) | 187 | 171 |
| Sizzling Platter LLC |  |  |
| Term Loan, 0.00%, (SOFR + 5.00%), 06/24/32 (d) (r) | 125 | 121 |
| Somnigroup International Inc |  |  |
| Term Loan B, 0.00%, (3 Month Term SOFR + 2.25%), 10/24/31 (d) (r) | 20 | 20 |
| Term Loan B, 6.57%, (SOFR + 2.25%), 10/24/31 (d) | 215 | 215 |
| Specialty Building Products Holdings, LLC |  |  |
| 2021 Term Loan B, 8.18%, (1 Month Term SOFR + 3.75%), 10/05/28 (d) | 57 | 55 |
| Staples, Inc. |  |  |
| 2024 Term Loan B, 10.03%, (3 Month Term SOFR + 5.75%), 08/22/29 (d) | 322 | 296 |
| Station Casinos LLC |  |  |
| 2024 Term Loan B, 6.33%, (1 Month Term SOFR + 2.00%), 03/07/31 (d) | 172 | 172 |
| Sweetwater Borrower, LLC |  |  |
| Term Loan B, 8.69%, (1 Month Term SOFR + 4.25%), 08/03/28 (d) | 178 | 178 |
| TGP Holdings III, LLC |  |  |
| 2021 Term Loan, 0.00%, (SOFR + 3.25%), 06/24/28 (d) (r) | 5 | 4 |
| 2021 Term Loan, 7.68%, (1 Month Term SOFR + 3.25%), 06/24/28 (d) | 195 | 173 |
| Tory Burch LLC |  |  |
| Term Loan B, 7.69%, (1 Month Term SOFR + 3.25%), 04/14/28 (d) | 178 | 177 |
| Varsity Brands, Inc. |  |  |
| 2025 Term Loan, 7.83%, (3 Month Term SOFR + 3.50%), 08/26/31 (d) | 214 | 214 |
| Wand NewCo 3, Inc. |  |  |
| 2025 Repriced Term Loan B, 6.83%, (1 Month Term SOFR + 2.50%), 01/30/31 (d) | 85 | 84 |
| Weber-Stephen Products LLC |  |  |
| Term Loan B, 0.00%, (SOFR + 3.25%), 10/20/27 (d) (r) | 70 | 69 |
| Term Loan B, 7.69%, (1 Month Term SOFR + 3.25%), 10/20/27 (d) | 341 | 338 |
| 2022 Incremental Term Loan B, 8.68%, (1 Month Term SOFR + 4.25%), 10/30/27 (d) | 94 | 94 |
| WH Borrower, LLC |  |  |
| 2025 Term Loan B, 0.00%, (3 Month Term SOFR + 4.75%), 02/12/32 (d) (r) | 50 | 50 |
| 2025 Term Loan B, 9.07%, (3 Month Term SOFR + 4.75%), 02/12/32 (d) | 470 | 469 |
| Whatabrands LLC |  |  |
| 2024 1st Lien Term Loan B, 6.83%, (1 Month Term SOFR + 2.50%), 08/03/28 (d) | 162 | 162 |
| | | 9719 |
| **Financials 0.5%** | **Financials 0.5%** | **Financials 0.5%** |
| Acrisure, LLC |  |  |
| 2024 1st Lien Term Loan B6, 7.33%, (1 Month Term SOFR + 3.00%), 11/06/30 (d) | 892 | 889 |
| 2025 Term Loan B, 7.57%, (3 Month Term SOFR + 3.25%), 06/07/32 (d) | 175 | 175 |

---

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page [607](#abbreviations).

**JNL Series Trust** (Unaudited)

**Schedules of Investments (in thousands)**

June 30, 2025

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| Alera Group, Inc. |  |  |
| 2025 Term Loan, 7.57%, (3 Month Term SOFR + 3.25%), 05/21/32 (d) | 130 | 130 |
| 2025 2nd Lien Term Loan, 9.82%, (3 Month Term SOFR + 5.50%), 05/15/33 (d) | 105 | 107 |
| AmWINS Group, Inc. |  |  |
| 2025 Term Loan B, 6.58%, (1 Month Term SOFR + 2.25%), 01/23/32 (d) | 239 | 239 |
| Asurion LLC |  |  |
| 2021 Term Loan B9, 7.69%, (1 Month Term SOFR + 3.25%), 02/05/28 (d) | 84 | 83 |
| 2021 2nd Lien Term Loan B3, 9.69%, (1 Month Term SOFR + 5.25%), 02/05/28 (d) | 120 | 114 |
| 2022 Term Loan B10, 0.00%, (1 Month Term SOFR + 4.00%), 08/16/28 (d) (r) | 20 | 20 |
| 2022 Term Loan B10, 8.43%, (1 Month Term SOFR + 4.00%), 08/16/28 (d) | 178 | 176 |
| 2023 Term Loan B11, 8.68%, (1 Month Term SOFR + 4.25%), 08/19/28 (d) | 116 | 115 |
| 2021 Second Lien Term Loan B4, 9.69%, (1 Month Term SOFR + 5.25%), 01/15/29 (d) | 320 | 296 |
| 2024 Term Loan B12, 8.58%, (1 Month Term SOFR + 4.25%), 09/12/30 (d) | 1039 | 1012 |
| 2025 Term Loan B13, 8.68%, (1 Month Term SOFR + 4.25%), 09/19/30 (d) | 170 | 165 |
| Azorra Soar TLB Finance Ltd |  |  |
| Term Loan B, 7.82%, (3 Month Term SOFR + 3.50%), 10/10/29 (d) | 79 | 80 |
| Broadstreet Partners, Inc. |  |  |
| 2024 Term Loan B4, 7.33%, (1 Month Term SOFR + 3.00%), 05/10/31 (d) | 219 | 219 |
| CFC Bidco 2022 Ltd |  |  |
| Term Loan, 0.00%, (SOFR + 3.75%), 05/30/32 (d) (r) | 140 | 139 |
| Charlotte Buyer, Inc. |  |  |
| 2025 Repriced Term Loan B, 8.56%, (1 Month Term SOFR + 4.25%), 02/11/28 (d) | 168 | 168 |
| Citadel Securities LP |  |  |
| 2024 First Lien Term Loan, 6.33%, (1 Month Term SOFR + 2.00%), 10/31/31 (d) | 238 | 239 |
| Cotiviti Corporation |  |  |
| 2024 Term Loan, 7.07%, (1 Month Term SOFR + 2.75%), 02/21/31 (d) | 201 | 200 |
| 2024 Fixed Term Loan B, 7.63%, (Fixed + 7.63%), 02/21/31 (d) | 55 | 55 |
| 2025 2nd Amendment Term Loan, 7.07%, (1 Month Term SOFR + 2.75%), 02/16/32 (d) | 70 | 70 |
| Debt Price 2L Term Loans |  |  |
| Term Loan, 13.00%, 12/11/29 (d) (l) | 40 | 40 |
| HUB International Limited |  |  |
| 2025 Term Loan B, 6.77%, (SOFR + 2.50%), 06/20/30 (d) | 2 | 2 |
| 2025 Term Loan B, 6.77%, (3 Month Term SOFR + 2.50%), 06/20/30 (d) | 579 | 580 |
| Jane Street Group, LLC |  |  |
| 2024 Term Loan B1, 6.33%, (3 Month Term SOFR + 2.00%), 12/10/31 (d) | 248 | 247 |
| Jones DesLauriers Insurance Management Inc. |  |  |
| 2025 Term Loan B, 7.03%, (3 Month Term SOFR + 2.75%), 03/15/30 (d) | 59 | 59 |
| Kronos Acquisition Holdings Inc. |  |  |
| 2024 Term Loan, 8.30%, (3 Month Term SOFR + 4.00%), 06/27/31 (d) | 182 | 162 |
| Mavis Tire Express Services Corp. |  |  |
| 2025 Repriced Term Loan, 7.33%, (3 Month Term SOFR + 3.00%), 05/04/28 (d) |  |  |
| NEXUS Buyer LLC |  |  |
| 2021 Second Lien Term Loan, 10.68%, (1 Month Term SOFR + 6.25%), 10/29/29 (d) | 55 | 55 |
| 2025 Term Loan B, 7.83%, (1 Month Term SOFR + 3.50%), 07/31/31 (d) | 251 | 251 |
| Novae LLC |  |  |
| 1st Lien Term Loan, 9.45%, (3 Month Term SOFR + 5.00%), 01/19/29 (d) (l) (p) | 84 | 79 |
| Osttra Group Ltd |  |  |
| Term Loan, 0.00%, (SOFR + 3.50%), 05/21/32 (d) (r) | 80 | 80 |
| Ryan Specialty Group, LLC |  |  |
| 2024 USD Term Loan B, 6.58%, (1 Month Term SOFR + 2.25%), 09/11/31 (d) | 153 | 152 |
| Sedgwick Claims Management Services, Inc. |  |  |
| 2023 Term Loan B, 7.33%, (1 Month Term SOFR + 3.00%), 02/16/28 (d) | 168 | 169 |
| St. George Warehousing & Trucking Co. of CA, Inc. |  |  |
| 2024 Second Out Term Loan, 11.92%, (1 Month Term SOFR + 7.50%), 10/03/29 (d) | 71 | 21 |
| 2024 UnSub FLFO, 12.67%, (1 Month Term SOFR + 8.25%), 10/07/29 (d) (l) | 33 | 28 |
| Superannuation and Investments US LLC |  |  |
| USD Term Loan, 8.19%, (1 Month Term SOFR + 3.75%), 09/23/28 (d) | 78 | 78 |
| Trans Union, LLC |  |  |
| 2024 Term Loan B8, 6.08%, (1 Month Term SOFR + 1.75%), 06/06/31 (d) | 49 | 49 |
| 2024 Term Loan B9, 6.08%, (1 Month Term SOFR + 1.75%), 06/24/31 (d) | 168 | 168 |
| Truist Insurance Holdings LLC |  |  |
| 2024 Term Loan B, 7.05%, (3 Month Term SOFR + 2.75%), 05/06/31 (d) | 208 | 208 |
| USI, Inc. |  |  |
| 2024 Term Loan D, 6.55%, (3 Month Term SOFR + 2.25%), 11/23/29 (d) | 129 | 129 |
| 2024 Term Loan C, 6.55%, (3 Month Term SOFR + 2.25%), 09/27/30 (d) | 29 | 29 |
| Viant Medical Holdings, Inc. |  |  |
| 2024 Term Loan B, 8.33%, (1 Month Term SOFR + 4.00%), 10/15/31 (d) |  |  |
| | | 7277 |
| **Materials 0.4%** | **Materials 0.4%** | **Materials 0.4%** |
| Ahlstrommunksjo Holdings 3 Oy |  |  |
| Term Loan, 0.00%, (SOFR + 4.25%), 05/22/30 (d) (r) | 145 | 144 |
| American Rock Salt Company LLC |  |  |
| 2021 Term Loan, 8.59%, (1 Month Term SOFR + 4.00%), 06/04/28 (d) | 34 | 28 |
| 2024 First Out Delayed Draw Term Loan, 0.00%, (SOFR + 7.00%), 06/09/28 (d) (r) | 8 | 8 |
| 2024 First Out Term Loan, 11.59%, (1 Month Term SOFR + 7.00%), 06/09/28 (d) | 13 | 13 |
| 2024 First Out Delayed Draw Term Loan, 2.00%, 06/12/28 (d) | 3 | 3 |
| Aruba Investments Holdings, LLC |  |  |
| 2020 USD Term Loan, 8.43%, (1 Month Term SOFR + 4.00%), 10/28/27 (d) | 68 | 63 |
| 2020 2nd Lien Term Loan, 12.18%, (1 Month Term SOFR + 7.75%), 10/28/28 (d) | 140 | 131 |
| Avient Corporation |  |  |
| 2025 Term Loan B, 5.96%, (3 Month Term SOFR + 1.75%), 08/29/29 (d) | 28 | 28 |
| Axalta Coating Systems U.S. Holdings, Inc. |  |  |
| 2024 Term Loan B, 6.05%, (3 Month Term SOFR + 1.75%), 12/20/29 (d) | 47 | 47 |
| Bakelite US Holdco, Inc. |  |  |
| 2024 Term Loan B, 8.05%, (3 Month Term SOFR + 3.75%), 12/16/31 (d) | 154 | 152 |
| Berlin Packaging LLC |  |  |
| 2024 Term Loan B7, 7.80%, (3 Month Term SOFR + 3.50%), 06/09/31 (d) | 22 | 22 |
| 2024 Term Loan B7, 7.82%, (1 Month Term SOFR + 3.50%), 06/09/31 (d) | 169 | 169 |
| 2024 Term Loan B7, 7.82%, (1 Month Term SOFR + 3.50%), 06/09/31 (d) | 27 | 27 |
| Charter NEX US, Inc. |  |  |
| 2024 Term Loan B1, 7.06%, (1 Month Term SOFR + 2.75%), 12/01/30 (d) | 184 | 184 |
| Chemours Company (The) |  |  |
| 2023 USD Term Loan B, 7.33%, (1 Month Term SOFR + 3.00%), 08/10/28 (d) | 219 | 218 |
| Consolidated Energy Finance, S.A. |  |  |
| 2024 Term Loan B, 0.00%, (3 Month Term SOFR + 4.50%), 11/07/30 (d) (r) | 10 | 9 |
| 2024 Term Loan B, 8.83%, (3 Month Term SOFR + 4.50%), 11/07/30 (d) | 113 | 106 |

---

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page [607](#abbreviations).

**JNL Series Trust** (Unaudited)

**Schedules of Investments (in thousands)**

June 30, 2025

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| Derby Buyer LLC |  |  |
| 2024 Repriced Term Loan B, 7.31%, (1 Month Term SOFR + 3.00%), 11/01/30 (d) | 128 | 128 |
| Discovery Purchaser Corporation |  |  |
| Term Loan, 8.02%, (3 Month Term SOFR + 3.75%), 08/04/29 (d) | 253 | 252 |
| Graham Packaging Company Inc. |  |  |
| 2024 Term Loan B, 6.83%, (1 Month Term SOFR + 2.50%), 08/04/27 (d) | 147 | 147 |
| Hexion Holdings Corporation |  |  |
| 2024 Term Loan B, 8.31%, (1 Month Term SOFR + 4.00%), 03/15/29 (d) | 467 | 466 |
| 2022 USD 2nd Lien Term Loan, 0.00%, (1 Month Term SOFR + 7.44%), 02/09/30 (d) (r) | 5 | 5 |
| 2022 USD 2nd Lien Term Loan, 11.86%, (1 Month Term SOFR + 7.44%), 02/09/30 (d) | 49 | 48 |
| INEOS Quattro Holdings UK Ltd |  |  |
| 2023 USD 1st Lien Term Loan B, 8.68%, (1 Month Term SOFR + 4.25%), 03/09/29 (d) | 192 | 178 |
| 2023 USD Term Loan, 8.18%, (1 Month Term SOFR + 3.75%), 03/01/30 (d) | 64 | 58 |
| Klockner-Pentaplast of America, Inc. |  |  |
| 2021 Term Loan B, 9.23%, (6 Month Term SOFR + 4.72%), 02/04/26 (d) | 145 | 133 |
| Kodiak Building Partners Inc. |  |  |
| 2024 Term Loan B, 8.03%, (3 Month Term SOFR + 3.75%), 11/26/31 (d) | 185 | 178 |
| Lonza Group AG |  |  |
| USD Term Loan B, 0.00%, (3 Month Term SOFR + 3.92%), 04/29/28 (d) (r) | 25 | 23 |
| USD Term Loan B, 8.32%, (3 Month Term SOFR + 3.92%), 04/29/28 (d) | 273 | 248 |
| Luxembourg Investment Company 428 S.a r.l. |  |  |
| Term Loan B, 0.00%, (SOFR + 7.00%), 10/22/28 (d) (g) (h) | 58 | 2 |
| M2S Group Holdings Inc |  |  |
| Term Loan B, 9.03%, (3 Month Term SOFR + 4.75%), 08/21/31 (d) | 349 | 336 |
| Natgasoline LLC |  |  |
| 2025 Term Loan B, 9.80%, (Prime + 5.50%), 03/25/30 (d) | 323 | 320 |
| New Arclin U.S. Holding Corp. |  |  |
| 2021 Term Loan, 7.93%, (1 Month Term SOFR + 3.50%), 09/22/28 (d) | 176 | 177 |
| Nouryon Finance B.V. |  |  |
| 2024 USD Term Loan B1, 7.51%, (3 Month Term SOFR + 3.25%), 04/03/28 (d) | 138 | 140 |
| Pregis TopCo Corporation |  |  |
| 2025 Refinancing Term Loan, 8.33%, (1 Month Term SOFR + 4.00%), 02/28/29 (d) |  |  |
| SCIH Salt Holdings Inc. |  |  |
| 2021 Incremental Term Loan B, 7.28%, (3 Month Term SOFR + 3.00%), 03/16/27 (d) | 99 | 99 |
| 2021 Incremental Term Loan B, 7.32%, (3 Month Term SOFR + 3.00%), 03/16/27 (d) | 20 | 20 |
| Spa Holdings 3 Oy |  |  |
| USD Term Loan B, 8.31%, (3 Month Term SOFR + 3.75%), 03/18/28 (d) | 91 | 91 |
| SupplyOne, Inc |  |  |
| 2024 Term Loan B, 8.08%, (1 Month Term SOFR + 3.50%), 03/27/31 (d) | 30 | 30 |
| TPC Group Inc. |  |  |
| 2024 Term Loan B, 9.95%, (6 Month Term SOFR + 5.75%), 11/22/31 (d) | 195 | 187 |
| TricorBraun Holdings, Inc. |  |  |
| 2021 Term Loan, 7.69%, (1 Month Term SOFR + 3.25%), 01/29/28 (d) | 212 | 212 |
| USALCO, LLC |  |  |
| 2024 Delayed Draw Term Loan, 0.00%, (SOFR + 4.00%), 09/17/31 (d) (r) | 7 | 8 |
| 2024 Term Loan B, 8.30%, (3 Month Term SOFR + 4.00%), 09/17/31 (d) | 72 | 72 |
| W.R. Grace & Co.-Conn. |  |  |
| 2021 Term Loan B, 7.55%, (3 Month Term SOFR + 3.25%), 08/11/28 (d) | 125 | 125 |
| Windsor Holdings III, LLC |  |  |
| 2025 USD Term Loan B, 7.07%, (1 Month Term SOFR + 2.75%), 08/01/30 (d) | 182 | 182 |
| Zekelman Industries, Inc. |  |  |
| 2024 Term Loan B, 6.56%, (1 Month Term SOFR + 2.25%), 01/24/31 (d) | 84 | 84 |
| | | 5301 |
| **Health Care 0.3%** | **Health Care 0.3%** | **Health Care 0.3%** |
| Accelerated Health Systems, LLC |  |  |
| 2022 Term Loan B, 8.70%, (3 Month Term SOFR + 4.25%), 02/01/29 (d) | 98 | 67 |
| Avantor Funding, Inc. |  |  |
| 2024 Term Loan, 6.43%, (1 Month Term SOFR + 2.00%), 11/08/27 (d) | 11 | 11 |
| Bausch & Lomb Corporation |  |  |
| Term Loan, 0.00%, (SOFR + 4.25%), 12/17/30 (d) (r) | 220 | 220 |
| Bausch Health Companies Inc. |  |  |
| 2025 Term Loan B, 10.56%, (1 Month Term SOFR + 6.25%), 09/25/30 (d) | 550 | 529 |
| Cano Health LLC |  |  |
| 2024 Exit Term Loan, 13.80%, (3 Month Term SOFR + 9.50%), 06/28/29 (d) | 92 | 74 |
| CNT Holdings I Corp |  |  |
| 2025 Term Loan, 6.78%, (3 Month Term SOFR + 2.50%), 11/08/32 (d) | 164 | 164 |
| DaVita, Inc. |  |  |
| 2024 Extended Term Loan B1, 6.33%, (1 Month Term SOFR + 2.00%), 04/25/31 (d) | 140 | 141 |
| Electron BidCo Inc. |  |  |
| 2021 Term Loan, 7.08%, (1 Month Term SOFR + 2.75%), 10/29/28 (d) | 82 | 83 |
| Embecta Corp |  |  |
| Term Loan B, 7.33%, (1 Month Term SOFR + 3.00%), 01/27/29 (d) | 133 | 132 |
| Endo Luxembourg Finance Company I S.a r.l. |  |  |
| 2024 1st Lien Term Loan, 8.33%, (1 Month Term SOFR + 4.00%), 04/23/31 (d) | 189 | 188 |
| Fitness International, LLC |  |  |
| 2024 Term Loan B, 9.58%, (1 Month Term SOFR + 5.25%), 01/30/29 (d) | 69 | 69 |
| Geo Group, Inc. (The) |  |  |
| 2024 Term Loan B, 9.58%, (1 Month Term SOFR + 5.25%), 04/04/29 (d) | 66 | 66 |
| Hanger, Inc. |  |  |
| 2024 Delayed Draw Term Loan, 0.00%, (1 Month Term SOFR + 3.50%), 10/16/31 (d) (r) | 8 | 8 |
| 2024 Delayed Draw Term Loan, 7.83%, (1 Month Term SOFR + 3.50%), 10/16/31 (d) | 1 | 1 |
| 2024 Term Loan B, 7.83%, (1 Month Term SOFR + 3.50%), 10/16/31 (d) | 71 | 71 |
| Help At Home, Inc. |  |  |
| 2024 Term Loan B, 9.33%, (1 Month Term SOFR + 5.00%), 09/20/31 (d) | 313 | 303 |
| Insulet Corporation |  |  |
| 2025 Term Loan, 6.31%, (1 Month Term SOFR + 2.00%), 08/04/31 (d) | 218 | 219 |
| Jazz Financing Lux S.a.r.l. |  |  |
| 2024 1st Lien Term Loan B, 6.58%, (1 Month Term SOFR + 2.25%), 05/05/28 (d) | 243 | 244 |
| Loire Finco Luxembourg S.a.r.l. |  |  |
| 2025 USD Term Loan B, 8.43%, (1 Month Term SOFR + 4.00%), 01/31/30 (d) | 55 | 55 |
| MED ParentCo LP |  |  |
| 2024 1st Lien Term Loan B, 7.83%, (1 Month Term SOFR + 3.50%), 04/15/31 (d) | 130 | 131 |
| Medline Borrower, LP |  |  |
| 2024 USD Add-on Term Loan B, 6.58%, (1 Month Term SOFR + 2.25%), 10/23/28 (d) | 444 | 444 |
| Organon & Co |  |  |
| 2024 USD Term Loan, 6.57%, (1 Month Term SOFR + 2.25%), 05/19/31 (d) | 159 | 156 |
| Owens & Minor Inc |  |  |
| Term Loan, 0.00%, (SOFR + 5.25%), 04/02/30 (d) (r) | 120 | 119 |
| Phoenix Guarantor Inc |  |  |
| 2024 Term Loan B, 6.83%, (1 Month Term SOFR + 2.50%), 02/21/31 (d) | 104 | 104 |

---

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page [607](#abbreviations).

**JNL Series Trust** (Unaudited)

**Schedules of Investments (in thousands)**

June 30, 2025

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| Radiology Partners Inc |  |  |
| 2024 Extended Term Loan B, 9.59%, (3 Month Term SOFR + 1.50%), 01/31/29 (d) | 98 | 98 |
| Term Loan B, 0.00%, (SOFR + 4.50%), 06/26/32 (d) (r) | 125 | 124 |
| Sotera Health Holdings, LLC |  |  |
| 2024 Term Loan B, 7.55%, (3 Month Term SOFR + 3.25%), 05/30/31 (d) | 89 | 90 |
| U.S. Anesthesia Partners, Inc. |  |  |
| 2021 Term Loan, 8.69%, (1 Month Term SOFR + 4.25%), 09/22/28 (d) | 44 | 43 |
| United FP Holdings, LLC |  |  |
| 2019 1st Lien Term Loan, 8.54%, (3 Month Term SOFR + 4.00%), 12/30/26 (d) | 652 | 627 |
| 2020 Incremental Term Loan, 13.04%, (3 Month Term SOFR + 8.50%), 12/30/26 (d) | 53 | 52 |
| US Radiology Specialists, Inc. |  |  |
| 2024 Term Loan B, 9.05%, (3 Month Term SOFR + 4.75%), 05/10/28 (d) | 62 | 62 |
| | | 4695 |
| **Consumer Staples 0.2%** | **Consumer Staples 0.2%** | **Consumer Staples 0.2%** |
| Aspire Bakeries Holdings LLC |  |  |
| Term Loan, 8.58%, (1 Month Term SOFR + 4.25%), 12/16/30 (d) | 99 | 99 |
| BIFM US Finance LLC |  |  |
| 2024 Incremental Term Loan, 8.08%, (1 Month Term SOFR + 3.75%), 05/31/28 (d) | 89 | 89 |
| BW Gas & Convenience Holdings, LLC |  |  |
| 2021 Term Loan B, 7.94%, (1 Month Term SOFR + 3.50%), 03/17/28 (d) | 121 | 120 |
| Cardenas Markets, Inc. |  |  |
| 2022 Term Loan, 11.15%, (3 Month Term SOFR + 6.75%), 07/20/29 (d) | 195 | 179 |
| Celsius Holdings, Inc |  |  |
| Term Loan, 7.55%, (3 Month Term SOFR + 3.25%), 03/21/32 (d) | 110 | 111 |
| Chobani, LLC |  |  |
| 2025 Repriced Term Loan B, 6.83%, (1 Month Term SOFR + 2.50%), 10/25/27 (d) | 174 | 175 |
| Del Monte Foods, Inc. |  |  |
| 2024 First Out Term Loan, 15.47%, (PIK + 3.00%), 08/31/28 (d) | 158 | 142 |
| 2025 PIK Term Loan, 12.41%, (SOFR + 8.00%), 11/02/28 (d) | 142 | 128 |
| 2024 Second Out Term Loan, 8.71%, (3 Month Term SOFR + 4.25%), 02/15/29 (d) | 39 | 21 |
| 2024 Second Out Term Loan, 8.72%, (3 Month Term SOFR + 4.25%), 02/15/29 (d) | 237 | 130 |
| Eagle Parent Corp. |  |  |
| 2022 Term Loan B, 0.00%, (3 Month Term SOFR + 4.25%), 03/17/29 (d) (r) | 5 | 5 |
| 2022 Term Loan B, 8.55%, (3 Month Term SOFR + 4.25%), 03/17/29 (d) | 295 | 290 |
| 2025 Incremental Term Loan, 8.55%, (3 Month Term SOFR + 4.25%), 03/17/29 (d) (l) | 214 | 213 |
| Fiesta Purchaser, Inc. |  |  |
| 2024 1st Lien Term Loan B, 7.58%, (1 Month Term SOFR + 3.25%), 02/12/31 (d) | 129 | 129 |
| Froneri Lux Finco Sarl |  |  |
| 2024 USD Term Loan B4, 6.24%, (6 Month Term SOFR + 2.00%), 09/16/31 (d) | 153 | 150 |
| Golden State Food LLC |  |  |
| Term Loan B, 8.56%, (1 Month Term SOFR + 4.25%), 10/07/31 (d) | 79 | 80 |
| JP Intermediate B, LLC |  |  |
| 2023 Term Loan, 0.00%, (Prime + 6.50%), 11/20/27 (d) (g) (h) | 128 | 4 |
| Naked Juice LLC |  |  |
| 2025 FLSO Term Loan, 7.56%, (3 Month Term SOFR + 3.25%), 01/24/29 (d) | 143 | 113 |
| 2025 FLFO Term Loan, 9.71%, (3 Month Term SOFR + 5.50%), 01/24/29 (d) | 108 | 106 |
| 2025 FLTO Term Loan, 10.31%, (3 Month Term SOFR + 6.00%), 01/24/30 (d) | 28 | 13 |
| Newly Weds Foods Inc |  |  |
| Term Loan B, 6.56%, (1 Month Term SOFR + 2.25%), 03/05/32 (d) | 245 | 244 |
| Olaplex, Inc |  |  |
| 2022 Term Loan, 7.93%, (1 Month Term SOFR + 3.50%), 02/17/29 (d) | 23 | 22 |
| Primary Products Finance LLC |  |  |
| 2024 1st Lien Term Loan B, 7.53%, (3 Month Term SOFR + 3.25%), 04/01/29 (d) | 111 | 111 |
| 2024 1st Lien Term Loan B, 7.53%, (1 Month Term SOFR + 3.25%), 04/01/29 (d) | 6 | 6 |
| Primo Brands Corporation |  |  |
| 2025 Term Loan B, 6.55%, (3 Month Term SOFR + 2.25%), 03/31/28 (d) | 365 | 366 |
| Upfield B.V. |  |  |
| 2025 USD Term Loan B12, 8.07%, (3 Month Term SOFR + 3.75%), 01/03/28 (d) | 139 | 138 |
| WOOF Holdings, Inc |  |  |
| 1st Lien Term Loan, 8.34%, (3 Month Term SOFR + 3.75%), 12/16/27 (d) | 192 | 125 |
|  |  | 3309 |
| **Utilities 0.1%** | **Utilities 0.1%** | **Utilities 0.1%** |
| Alpha Generation LLC |  |  |
| Term Loan B, 0.00%, (SOFR + 2.75%), 09/19/31 (d) (r) | 40 | 40 |
| Term Loan B, 7.08%, (1 Month Term SOFR + 2.50%), 09/19/31 (d) | 129 | 129 |
| Cogentrix Finance Holdco I LLC |  |  |
| Term Loan B, 7.08%, (1 Month Term SOFR + 2.75%), 02/13/32 (d) | 100 | 100 |
| Hamilton Projects Acquiror, LLC |  |  |
| 2024 Term Loan B, 7.33%, (1 Month Term SOFR + 3.00%), 05/22/31 (d) | 48 | 48 |
| Term Loan, 0.00%, (SOFR + 2.50%), 05/30/31 (d) (r) | 15 | 15 |
| Lightning Power LLC |  |  |
| Term Loan B, 6.55%, (3 Month Term SOFR + 2.25%), 08/08/31 (d) | 189 | 189 |
| New Fortress Energy Inc |  |  |
| 2025 Incremental Term Loan B, 0.00%, (3 Month Term SOFR + 5.50%), 10/30/28 (d) (r) | 55 | 30 |
| 2025 Incremental Term Loan B, 9.81%, (3 Month Term SOFR + 5.50%), 10/30/28 (d) | 1097 | 590 |
| NRG Energy, Inc. |  |  |
| 2024 Term Loan, 6.03%, (3 Month Term SOFR + 1.75%), 03/27/31 (d) | 55 | 55 |
| Talen Energy Supply, LLC |  |  |
| 2024-1 Incremental Term Loan, 6.81%, (3 Month Term SOFR + 2.50%), 12/10/31 (d) | 55 | 55 |
| Vistra Operations Company LLC |  |  |
| 1st Lien Term Loan B3, 6.08%, (1 Month Term SOFR + 1.75%), 12/11/25 (d) | 237 | 237 |
|  |  | 1488 |
| **Energy 0.1%** | **Energy 0.1%** | **Energy 0.1%** |
| BCP Renaissance Parent LLC |  |  |
| 2024 Term Loan B3, 7.30%, (3 Month Term SOFR + 3.00%), 10/31/28 (d) | 120 | 121 |
| CVR Energy, Inc. |  |  |
| Term Loan B, 8.30%, (3 Month Term SOFR + 4.00%), 12/30/27 (d) | 58 | 58 |
| Delek US Holdings, Inc. |  |  |
| 2022 Term Loan B, 7.93%, (1 Month Term SOFR + 3.50%), 11/10/29 (d) | 128 | 126 |
| Epic Crude Services, LP |  |  |
| 2024 Term Loan B, 7.26%, (3 Month Term SOFR + 3.00%), 10/09/31 (d) | 115 | 115 |
| Par Petroleum, LLC |  |  |
| 2024 Term Loan B, 8.01%, (3 Month Term SOFR + 3.75%), 02/28/30 (d) | 88 | 87 |
| Prairie ECI Acquiror LP |  |  |
| 2024 Term Loan B, 8.58%, (1 Month Term SOFR + 4.25%), 08/01/29 (d) | 54 | 55 |
| Rockpoint Gas Storage Partners LP |  |  |
| 2025 Term Loan B, 7.30%, (3 Month Term SOFR + 3.00%), 09/18/31 (d) | 174 | 175 |
| Traverse Midstream Partners LLC |  |  |
| 2017 Term Loan, 7.28%, (3 Month Term SOFR + 3.00%), 02/16/28 (d) | 59 | 59 |

---

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page [607](#abbreviations).

**JNL Series Trust** (Unaudited)

**Schedules of Investments (in thousands)**

June 30, 2025

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| Waterbridge Midstream Operating LLC |  |  |
| 2024 Term Loan B, 8.30%, (3 Month Term SOFR + 4.00%), 05/07/29 (d) | 55 | 54 |
| 2024 1st Lien Term Loan B, 9.31%, (3 Month Term SOFR + 4.75%), 06/22/29 (d) | 224 | 223 |
| | | 1073 |
| **Real Estate 0.1%** | **Real Estate 0.1%** | **Real Estate 0.1%** |
| Brand Industrial Services Inc |  |  |
| 2024 Term Loan B, 8.78%, (3 Month Term SOFR + 4.50%), 08/01/30 (d) | 493 | 411 |
| Cushman & Wakefield U.S. Borrower, LLC |  |  |
| 2025 Term Loan B1, 7.08%, (1 Month Term SOFR + 2.75%), 01/31/30 (d) | 115 | 115 |
| 2024 Tranche 2 Incremental Term Loan, 7.58%, (1 Month Term SOFR + 3.25%), 01/31/30 (d) | 66 | 67 |
| Greystar Real Estate Partners, LLC |  |  |
| 2024 1st Lien Term Loan B, 7.08%, (3 Month Term SOFR + 2.75%), 08/21/30 (d) | 79 | 79 |
|  |  | 672 |
| Total Senior Floating Rate Instruments (cost $80,164) | Total Senior Floating Rate Instruments (cost $80,164) | 78107 |
| **COMMON STOCKS 0.2%** | **COMMON STOCKS 0.2%** | **COMMON STOCKS 0.2%** |
| **Energy 0.1%** | **Energy 0.1%** | **Energy 0.1%** |
| California Resources Corporation | 2 | 77 |
| Expand Energy Corporation | 5 | 550 |
| Limetree Bay Cayman Limited (g) (l) |  |  |
| Mesquite Energy, Inc. (g) (l) | 4 | 782 |
| New Fortress Energy Inc. (g) (s) | 8 | 25 |
|  |  | 1434 |
| **Financials 0.1%** | **Financials 0.1%** | **Financials 0.1%** |
| Acrisure Investment Holdings, LLC (g) (l) | 6 | 153 |
| AFLAC Incorporated (g) | 2 | 34 |
| New Cineworld Ltd. (g) (l) | 5 | 118 |
|  |  | 305 |
| **Materials 0.0%** | **Materials 0.0%** | **Materials 0.0%** |
| ACNR Holdings Inc. (g) (l) | 2 | 210 |
| **Health Care 0.0%** | **Health Care 0.0%** | **Health Care 0.0%** |
| Cano Health, Inc. (g) (l) | 15 | 184 |
| **Industrials 0.0%** | **Industrials 0.0%** | **Industrials 0.0%** |
| Fusion Parent, LLC (g) (l) | 3 | 138 |
| Spirit Aviation Holdings Inc. (g) (s) | 1 | 4 |
|  |  | 142 |
| **Consumer Discretionary 0.0%** | **Consumer Discretionary 0.0%** | **Consumer Discretionary 0.0%** |
| Joann Inc. (g) (l) | 36 |  |
| Old Claimco, LLC (g) (l) | 5 | 59 |
| Party City Holdings Inc. (g) (l) |  |  |
|  |  | 59 |
| **Information Technology 0.0%** | **Information Technology 0.0%** | **Information Technology 0.0%** |
| Travelport Worldwide Limited (g) (l) |  | 28 |
| **Communication Services 0.0%** | **Communication Services 0.0%** | **Communication Services 0.0%** |
| Diamond Sports Group, LLC (g) |  | 3 |
| Total Common Stocks (cost $860) | Total Common Stocks (cost $860) | 2365 |
| **PREFERRED STOCKS 0.0%** | **PREFERRED STOCKS 0.0%** | **PREFERRED STOCKS 0.0%** |
| **Information Technology 0.0%** | **Information Technology 0.0%** | **Information Technology 0.0%** |
| MicroStrategy Incorporated, 10.00% (m) | 2 | 206 |
| Total Preferred Stocks (cost $195) | Total Preferred Stocks (cost $195) | 206 |
| **WARRANTS 0.0%** | **WARRANTS 0.0%** | **WARRANTS 0.0%** |
| Cano Health, Inc. (g) (l) | 1 | 2 |
| Carnelian Point Holdings, L.P. (g) (l) |  |  |
| Total Warrants (cost $3) | Total Warrants (cost $3) | 2 |
| **OTHER EQUITY INTERESTS 0.0%** | **OTHER EQUITY INTERESTS 0.0%** | **OTHER EQUITY INTERESTS 0.0%** |
| Parkland Corporation (g) (l) (t) | 60 |  |
| Parkland Corporation (g) (l) (t) | 55 |  |
| Parkland Corporation (g) (l) (t) | 210 |  |
| Total Other Equity Interests (cost $0) | Total Other Equity Interests (cost $0) |  |
| **SHORT TERM INVESTMENTS 1.9%** | **SHORT TERM INVESTMENTS 1.9%** | **SHORT TERM INVESTMENTS 1.9%** |
| **Investment Companies 1.2%** | **Investment Companies 1.2%** | **Investment Companies 1.2%** |
| JNL Government Money Market Fund - Class I, 4.20% (u) (v) | 17195 | 17195 |
| **Securities Lending Collateral 0.7%** | **Securities Lending Collateral 0.7%** | **Securities Lending Collateral 0.7%** |
| JNL Government Money Market Fund - Class SL, 4.30% (u) (v) | 11262 | 11262 |
| Total Short Term Investments (cost $28,457) | Total Short Term Investments (cost $28,457) | 28457 |
| **Total Investments 105.1% (cost $1,601,071)** | **Total Investments 105.1% (cost $1,601,071)** | **1533569** |
| **Total Forward Sales Commitments 0.0% (proceeds $366)** | **Total Forward Sales Commitments 0.0% (proceeds $366)** | (369) |
| **Total Purchased Options 0.0% (cost $814)** | **Total Purchased Options 0.0% (cost $814)** | **665** |
| **Other Derivative Instruments 0.0%** | **Other Derivative Instruments 0.0%** | **242** |
| **Other Assets and Liabilities, Net (5.1)%** | **Other Assets and Liabilities, Net (5.1)%** | **(74556)** |
| **Total Net Assets 100.0%** | **Total Net Assets 100.0%** | **1459551** |

---

(a) All or a portion of the security is pledged or segregated as collateral.

(b) All or a portion of the security was purchased on a delayed delivery basis. As of June 30, 2025, the total payable for investments purchased on a delayed delivery basis was $82,004.

(c) Security issued with a zero coupon. Income is recognized through the accretion of discount.

(d) Security has a variable rate. Interest rates reset periodically. Rate stated was in effect as of June 30, 2025. For securities based on a published reference rate and spread, the reference rate and spread are presented. Certain variable rate securities do not indicate a reference rate and spread because they are determined by the issuer, remarketing agent, or offering documents and are based on current market conditions. The coupon rate for securities with certain features outlined in the offering documents may vary from the stated reference rate and spread. This includes, but is not limited to, securities with deferred rates, contingent distributions, caps, floors, and fixed-rate to float-rate features. In addition, variable rates for government and agency collateralized mortgage obligations ("CMO") and mortgage-backed securities ("MBS") are determined by tranches of underlying mortgage-backed security pools' cash flows into securities and pass-through rates which reflect the rate earned on the asset pool after management and guarantee fees are paid to the securitizing corporation. CMO and MBS variable rates are determined by a formula set forth in the security's offering documents.

(e) Security is exempt from registration under the Securities Act of 1933, as amended. As of June 30, 2025, the value and the percentage of net assets of these securities was $136,260 and 9.3% of the Fund.

(f) Security is a step-up bond where the coupon may increase or step up at a future date or as the result of an upgrade or downgrade to the credit rating of the issuer. Rate stated was the coupon as of June 30, 2025.

(g) Non-income producing security.

(h) As of June 30, 2025, issuer was in bankruptcy and/or was in default relating to principal and/or interest. Partial or no payments were paid on the last interest or dividend date.

(i) All or a portion of the security was on loan as of June 30, 2025.

(j) Security is restricted to resale to institutional investors or subject to trading restrictions due to sanctions on foreign issuers. See Restricted Securities table following the Schedules of Investments.

(k) Treasury inflation indexed note, par amount is adjusted for inflation.

(l) Security fair valued in good faith as a Level 3 security in accordance with the procedures approved by the Board of Trustees. Good faith fair valued securities are classified based on the applicable valuation inputs. See "Fair Value Measurement" in the Notes to Financial Statements.

(m) Perpetual security. Next contractual call price and date are presented in parentheses, if applicable.

(n) Convertible security.

(o) The interest rate for this security is inversely affected by upgrades or downgrades to the credit rating of the issuer. Rate stated was the coupon as of June 30, 2025.

(p) Pay-in-kind security. Stated coupon is the pay-in-kind rate. The interest earned by the security may be paid in cash or additional par.

(q) The coupon rate represents the weighted average coupon and may differ from the stated coupon rate.

(r) This senior floating rate interest will settle after June 30, 2025. If a reference rate and spread is presented, it will go into effect upon settlement.

(s) Security fair valued in good faith as a Level 2 security in accordance with the procedures approved by the Board of Trustees. Good faith fair valued securities are classified based on the applicable valuation inputs. See "Fair Value Measurement" in the Notes to Financial Statements.

(t) Contingent distributions represent the right to receive additional distributions, if any, during the reorganization of the underlying company.

(u) Investment in affiliate.

(v) Yield changes daily to reflect current market conditions. Rate was the quoted yield as of June 30, 2025.

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page [607](#abbreviations).

**JNL Series Trust** (Unaudited)

**Schedules of Investments (in thousands)**

June 30, 2025

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>**  | **Value ($)**  |
| **FORWARD SALES COMMITMENTS (0.0%)** | **FORWARD SALES COMMITMENTS (0.0%)** | **FORWARD SALES COMMITMENTS (0.0%)** |
| **GOVERNMENT AND AGENCY OBLIGATIONS (0.0%)** | **GOVERNMENT AND AGENCY OBLIGATIONS (0.0%)** | **GOVERNMENT AND AGENCY OBLIGATIONS (0.0%)** |
| **Mortgage-Backed Securities (0.0%)** | **Mortgage-Backed Securities (0.0%)** | **Mortgage-Backed Securities (0.0%)** |
| Federal National Mortgage Association, Inc. |  |  |
| TBA, 3.00%, 07/15/55 (a) | (200) | (173) |
| TBA, 5.00%, 07/15/55 (a) | (200) | (196) |
| Total Government And Agency Obligations (proceeds $366) | Total Government And Agency Obligations (proceeds $366) | (369) |
| **Total Forward Sales Commitments (0.0%) (proceeds $366)** | **Total Forward Sales Commitments (0.0%) (proceeds $366)** | (369) |

---

(a) All or a portion of the security was sold on a delayed delivery basis. As of June 30, 2025, the total proceeds for investments sold on a delayed delivery basis was $366.

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **JNL/Fidelity Institutional Asset Management Total Bond Fund — Investments in Affiliates** | **JNL/Fidelity Institutional Asset Management Total Bond Fund — Investments in Affiliates** | **JNL/Fidelity Institutional Asset Management Total Bond Fund — Investments in Affiliates** | **JNL/Fidelity Institutional Asset Management Total Bond Fund — Investments in Affiliates** | **JNL/Fidelity Institutional Asset Management Total Bond Fund — Investments in Affiliates** | **JNL/Fidelity Institutional Asset Management Total Bond Fund — Investments in Affiliates** | **JNL/Fidelity Institutional Asset Management Total Bond Fund — Investments in Affiliates** | **JNL/Fidelity Institutional Asset Management Total Bond Fund — Investments in Affiliates** | **JNL/Fidelity Institutional Asset Management Total Bond Fund — Investments in Affiliates** |
| **Affiliated Investment** | **Value Beginning of Period($)** | **Purchases($)** | **Sales Proceeds($)** | **Dividend Income/ Distributions from Funds($)** | **Realized Gain (Loss)($)** | **Change in Unrealized Appreciation (Depreciation) ($)** | **Value End of Period($)** | **Percentage of Net Assets(%)** |
| JNL Government Money Market Fund, 4.20% - Class I | 17327 | 141915 | 142047 | 792 |  |  | 17195 | 1.2 |
| JNL Government Money Market Fund, 4.30% - Class SL | 10156 | 80787 | 79681 | 266 |  |  | 11262 | 0.7 |
|  | 27483 | 222702 | 221728 | 1058 |  |  | 28457 | 1.9 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **JNL/Fidelity Institutional Asset Management Total Bond Fund — Restricted Securities** | **JNL/Fidelity Institutional Asset Management Total Bond Fund — Restricted Securities** | **JNL/Fidelity Institutional Asset Management Total Bond Fund — Restricted Securities** | **JNL/Fidelity Institutional Asset Management Total Bond Fund — Restricted Securities** | **JNL/Fidelity Institutional Asset Management Total Bond Fund — Restricted Securities** |
|  | **Initial Acquisition** | **Cost ($)** | **Value ($)** | **Percent of**<br> **Net Assets (%)** |
| Alpha Star Holding IX Limited, 7.00%, 08/26/28 | 04/02/25 | 204 | 203 |  |
| Celtic Resources Holdings Designated Activity Company, 0.00%, 12/31/25 | 10/02/19 | 102 |  |  |
| Cosan Overseas Limited, 8.25% | 06/27/19 | 190 | 192 |  |
| DP World Salaam, 6.00% (callable at 100, 10/01/25) | 02/15/23 | 200 | 200 |  |
| Dubai, Government of, 5.25%, 01/30/43 | 10/27/22 | 172 | 187 |  |
| Energean Israel Finance Ltd, 4.88%, 03/30/26 | 03/09/21 | 258 | 256 | 0.1 |
| Leviathan Bond Ltd, 6.50%, 06/30/27 | 05/14/25 | 158 | 159 |  |
| Minstry of Finance, Lebenon Republic of, 0.00%, 03/09/20 | 06/24/19 | 217 | 41 |  |
| Minstry of Finance, Lebenon Republic of, 0.00%, 04/14/29 | 07/01/19 | 74 | 18 |  |
| Petroleos de Venezuela, S.A., 0.00%, 04/12/27 | 05/15/17 | 3158 | 966 | 0.1 |
| Petroleos de Venezuela, S.A., 0.00%, 04/12/27 | 10/23/17 | 402 | 176 |  |
| Saudi Arabian Oil Company, 6.38%, 06/02/55 | 06/11/25 | 197 | 200 |  |
| TCS Finance Designated Activity Company, 0.00% (callable at 100, 12/20/26) | 09/13/21 | 200 |  |  |
| Tenet Healthcare Corporation, 4.63%, 06/15/28 | 06/02/20 | 45 | 44 |  |
| TV Azteca S.A.B. de C.V., 0.00%, 08/09/26 | 07/01/19 | 300 | 111 |  |
| X.Ai Corp., 12.50%, 06/30/30 | 06/20/25 | 100 | 101 |  |
|  |  | 5977 | 2854 | 0.2 |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **JNL/Fidelity Institutional Asset Management Total Bond Fund — Futures Contracts** | **JNL/Fidelity Institutional Asset Management Total Bond Fund — Futures Contracts** | **JNL/Fidelity Institutional Asset Management Total Bond Fund — Futures Contracts** | **JNL/Fidelity Institutional Asset Management Total Bond Fund — Futures Contracts** | **JNL/Fidelity Institutional Asset Management Total Bond Fund — Futures Contracts** | **JNL/Fidelity Institutional Asset Management Total Bond Fund — Futures Contracts** |
| **Reference Entity** | **Contracts<sup>1</sup>** | **Expiration** | **Notional<sup>1</sup>** | **Variation**<br> **Margin**<br> **Receivable**<br> (Payable) ($) | **Value/**<br> **Unrealized**<br> **Appreciation**<br> (Depreciation) ($) |
| **Long Contracts** | **Long Contracts** | **Long Contracts** | **Long Contracts** | **Long Contracts** | **Long Contracts** |
| United States 10 Year Note | 114 | September 2025 | 12514 | 35 | 268 |
| United States 2 Year Note | 112 | October 2025 | 23205 | 6 | 94 |
| United States 5 Year Note | 1096 | October 2025 | 117782 | 145 | 1682 |
| United States Long Bond | 9 | September 2025 | 1016 | 9 | 24 |
| United States Ultra Bond | 5 | September 2025 | 571 | 7 | 24 |
|  |  |  |  | 202 | 2092 |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **JNL/Fidelity Institutional Asset Management Total Bond Fund — Centrally Cleared Interest Rate Swap Agreements** | **JNL/Fidelity Institutional Asset Management Total Bond Fund — Centrally Cleared Interest Rate Swap Agreements** | **JNL/Fidelity Institutional Asset Management Total Bond Fund — Centrally Cleared Interest Rate Swap Agreements** | **JNL/Fidelity Institutional Asset Management Total Bond Fund — Centrally Cleared Interest Rate Swap Agreements** | **JNL/Fidelity Institutional Asset Management Total Bond Fund — Centrally Cleared Interest Rate Swap Agreements** | **JNL/Fidelity Institutional Asset Management Total Bond Fund — Centrally Cleared Interest Rate Swap Agreements** | **JNL/Fidelity Institutional Asset Management Total Bond Fund — Centrally Cleared Interest Rate Swap Agreements** |
| **Floating Rate Index<sup>2</sup>** | **Paying /**<br> **Receiving**<br> **Floating Rate** | **Fixed Rate<sup>2</sup> (%)** | **Expiration** | **Notional<sup>1</sup>** | **Variation**<br> **Margin**<br> **Receivable**<br> (Payable) ($) | **Value/**<br> **Unrealized**<br> **Appreciation**<br> (Depreciation) ($) |
| U.S. SOFR (A) | Receiving | 3.75<br> (A) | 09/17/27 | 13622 | (6) | (69) |
| U.S. SOFR (A) | Receiving | 3.75<br> (A) | 09/17/28 | 23950 | (20) | (179) |
| U.S. SOFR (A) | Receiving | 3.75<br> (A) | 09/17/29 | 6178 | (8) | (64) |
| U.S. SOFR (A) | Receiving | 3.75<br> (A) | 09/17/30 | 5132 | (9) | (62) |
| U.S. SOFR (A) | Receiving | 3.75<br> (A) | 09/17/32 | 208 | (1) | (3) |
| U.S. SOFR (A) | Receiving | 3.75<br> (A) | 09/17/45 | 5516 | (32) | (128) |
|  |  |  |  |  | (76) | (505) |

---

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page [607](#abbreviations).

**JNL Series Trust** (Unaudited)

**Schedules of Investments (in thousands)**

June 30, 2025

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **JNL/Fidelity Institutional Asset Management Total Bond Fund — OTC Purchased Options** | **JNL/Fidelity Institutional Asset Management Total Bond Fund — OTC Purchased Options** | **JNL/Fidelity Institutional Asset Management Total Bond Fund — OTC Purchased Options** | **JNL/Fidelity Institutional Asset Management Total Bond Fund — OTC Purchased Options** | **JNL/Fidelity Institutional Asset Management Total Bond Fund — OTC Purchased Options** | **JNL/Fidelity Institutional Asset Management Total Bond Fund — OTC Purchased Options** | **JNL/Fidelity Institutional Asset Management Total Bond Fund — OTC Purchased Options** | **JNL/Fidelity Institutional Asset Management Total Bond Fund — OTC Purchased Options** |
| **Reference Entity** | **Counterparty** | **Put/Call** | **Exercise Price ($)/ Swaption Rate(%)** | **Expiration** | **Contracts<sup>1</sup>** | **Notional<sup>1</sup>** | **Value ($)** |
| **Interest Rate Swaptions** | **Interest Rate Swaptions** | **Interest Rate Swaptions** | **Interest Rate Swaptions** | **Interest Rate Swaptions** | **Interest Rate Swaptions** | **Interest Rate Swaptions** | **Interest Rate Swaptions** |
|  U.S. SOFR, 04/25/35 | BOA | Call | 4.03 | 04/23/30 | 470000 | 470 | 16 |
|  U.S. SOFR, 05/06/35 | BOA | Call | 4.07 | 05/02/30 | 1930000 | 1930 | 65 |
|  U.S. SOFR, 04/26/35 | BOA | Call | 4.08 | 04/24/30 | 1380000 | 1380 | 47 |
|  U.S. SOFR, 05/09/35 | BOA | Call | 4.01 | 05/07/30 | 610000 | 610 | 20 |
|  U.S. SOFR, 01/30/36 | CIT | Call | 4.11 | 01/28/26 | 2480000 | 2480 | 27 |
|  U.S. SOFR, 04/29/35 | CIT | Call | 4.03 | 04/25/30 | 600000 | 600 | 20 |
|  U.S. SOFR, 11/09/34 | MSC | Call | 3.87 | 11/07/29 | 1700000 | 1700 | 55 |
|  U.S. SOFR, 04/26/35 | MSC | Call | 4.08 | 04/24/30 | 1490000 | 1490 | 51 |
|  U.S. SOFR, 04/26/35 | BOA | Put | 4.08 | 04/24/30 | 1380000 | 1380 | 42 |
|  U.S. SOFR, 05/06/35 | BOA | Put | 4.07 | 05/02/30 | 1930000 | 1930 | 60 |
|  U.S. SOFR, 04/25/35 | BOA | Put | 4.03 | 04/23/30 | 470000 | 470 | 15 |
|  U.S. SOFR, 05/09/35 | BOA | Put | 4.01 | 05/07/30 | 610000 | 610 | 19 |
|  U.S. SOFR, 01/30/36 | CIT | Put | 4.11 | 01/28/26 | 2480000 | 2480 | 112 |
|  U.S. SOFR, 04/29/35 | CIT | Put | 4.03 | 04/25/30 | 600000 | 600 | 19 |
|  U.S. SOFR, 11/09/34 | MSC | Put | 3.87 | 11/07/29 | 1700000 | 1700 | 51 |
|  U.S. SOFR, 04/26/35 | MSC | Put | 4.08 | 04/24/30 | 1490000 | 1490 | 46 |
|  |  |  |  |  |  |  | 665 |

---

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **JNL/Fidelity Institutional Asset Management Total Bond Fund — OTC Written Options** | **JNL/Fidelity Institutional Asset Management Total Bond Fund — OTC Written Options** | **JNL/Fidelity Institutional Asset Management Total Bond Fund — OTC Written Options** | **JNL/Fidelity Institutional Asset Management Total Bond Fund — OTC Written Options** | **JNL/Fidelity Institutional Asset Management Total Bond Fund — OTC Written Options** | **JNL/Fidelity Institutional Asset Management Total Bond Fund — OTC Written Options** | **JNL/Fidelity Institutional Asset Management Total Bond Fund — OTC Written Options** | **JNL/Fidelity Institutional Asset Management Total Bond Fund — OTC Written Options** |
| **Reference Entity** | **Counterparty** | **Put/Call** | **Exercise Price ($)/ Swaption Rate(%)** | **Expiration** | **Contracts<sup>1</sup>** | **Notional<sup>1</sup>** | **Value ($)** |
| **Interest Rate Swaptions** | **Interest Rate Swaptions** | **Interest Rate Swaptions** | **Interest Rate Swaptions** | **Interest Rate Swaptions** | **Interest Rate Swaptions** | **Interest Rate Swaptions** | **Interest Rate Swaptions** |
|  U.S. SOFR, 11/03/35 | BOA | Call | 3.63 | 10/30/25 | 1900000 | 1900 | (30) |
|  U.S. SOFR, 04/23/36 | BOA | Call | 3.89 | 04/21/26 | 500000 | 500 | (18) |
|  U.S. SOFR, 11/03/35 | BOA | Put | 3.63 | 10/30/25 | 1900000 | 1900 | (38) |
|  U.S. SOFR, 04/23/36 | BOA | Put | 3.89 | 04/21/26 | 500000 | 500 | (11) |
|  |  |  |  |  |  |  | (97) |

---

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **JNL/Fidelity Institutional Asset Management Total Bond Fund — OTC Credit Default Swap Agreements** | **JNL/Fidelity Institutional Asset Management Total Bond Fund — OTC Credit Default Swap Agreements** | **JNL/Fidelity Institutional Asset Management Total Bond Fund — OTC Credit Default Swap Agreements** | **JNL/Fidelity Institutional Asset Management Total Bond Fund — OTC Credit Default Swap Agreements** | **JNL/Fidelity Institutional Asset Management Total Bond Fund — OTC Credit Default Swap Agreements** | **JNL/Fidelity Institutional Asset Management Total Bond Fund — OTC Credit Default Swap Agreements** | **JNL/Fidelity Institutional Asset Management Total Bond Fund — OTC Credit Default Swap Agreements** | **JNL/Fidelity Institutional Asset Management Total Bond Fund — OTC Credit Default Swap Agreements** | **JNL/Fidelity Institutional Asset Management Total Bond Fund — OTC Credit Default Swap Agreements** |
| **Reference Entity<sup>2</sup>** | **Counter-party** | **Implied**<br> **Credit**<br> **Spread** <br> **(%)** | **Fixed**<br> **Receive/**<br> **Pay Rate** <br> **(%)** | **Expiration** | **Notional<sup>1</sup> ($)** | **Value ($)** | **Premiums**<br> **Paid**<br> (Received) ($) | **Unrealized**<br> **Appreciation**<br> (Depreciation) ($) |
|  **Credit default swap agreements - purchase protection** | **Credit default swap agreements - purchase protection** | **Credit default swap agreements - purchase protection** | **Credit default swap agreements - purchase protection** | **Credit default swap agreements - purchase protection** | **Credit default swap agreements - purchase protection** | **Credit default swap agreements - purchase protection** | **Credit default swap agreements - purchase protection** | **Credit default swap agreements - purchase protection** |
| CMBX.NA.BBB-.16 (M)  | CIT | N/A | 3.00 | 04/17/65  | 40  | 6  | 10  | (4)  |
| CMBX.NA.BBB-.16 (M)  | CIT | N/A | 3.00 | 04/17/65  | 50  | 7  | 11  | (4)  |
| CMBX.NA.BBB-.16 (M)  | CIT | N/A | 3.00 | 04/17/65  | 110  | 17  | 25  | (8)  |
| CMBX.NA.BBB-.16 (M)  | CIT | N/A | 3.00 | 04/17/65  | 70  | 10  | 17  | (7)  |
| CMBX.NA.BBB-.16 (M)  | GSC | N/A | 3.00 | 04/17/65  | 60  | 9  | 17  | (8)  |
| CMBX.NA.BBB-.16 (M)  | GSC | N/A | 3.00 | 04/17/65  | 200  | 31  | 61  | (30)  |
| CMBX.NA.BBB-.16 (M)  | JPM | N/A | 3.00 | 04/17/65  | 50  | 7  | 15  | (8)  |
| CMBX.NA.BBB-.16 (M)  | JPM | N/A | 3.00 | 04/17/65  | 20  | 3  | 6  | (3)  |
| CMBX.NA.BBB-.16 (M)  | MSC | N/A | 3.00 | 04/17/65  | 50  | 8  | 12  | (4)  |
| CMBX.NA.BBB-.17 (M)  | GSC | N/A | 3.00 | 12/15/56  | 200  | 22  | 32  | (10)  |
| CMBX.NA.BB.18 (M)  | GSC | N/A | 5.00 | 12/17/57  | 100  | 11  | 15  | (4)  |
| CMBX.NA.BBB-.18 (M)  | GSC | N/A | 3.00 | 12/17/57  | 100  | 6  | 10  | (4)  |
| CMBX.NA.BBB-.18 (M)  | GSC | N/A | 3.00 | 12/17/57  | 100  | 6  | 7  | (1)  |
| CMBX.NA.AAA.13 (M)  | JPM | N/A | 0.50 | 12/16/72  | 970  | (4)  | 6  | (10)  |
| CMBX.NA.BB.18 (M)  | JPM | N/A | 5.00 | 12/17/57  | 100  | 11  | 7  | 4  |
| CMBX.NA.BBB-.18 (M)  | JPM | N/A | 3.00 | 12/17/57  | 100  | 6  | 5  | 1  |
| CMBX.NA.BBB-.18 (M)  | GSC | N/A | 3.00 | 12/17/57  | 400  | 23  | 15  | 8  |
| CMBX.NA.BBB-.16 (M)  | CIT | N/A | 3.00 | 04/17/65  | 60  | 10  | 17  | (7)  |
| CMBX.NA.BBB-.16 (M)  | GSC | N/A | 3.00 | 04/17/65  | 30  | 5  | 8  | (3)  |
| CMBX.NA.BBB-.16 (M)  | GSC | N/A | 3.00 | 04/17/65  | 40  | 6  | 10  | (4)  |
| CMBX.NA.BBB-.16 (M)  | MSC | N/A | 3.00 | 04/17/65  | 80  | 13  | 21  | (8)  |
| CMBX.NA.BBB-.17 (M)  | MSC | N/A | 3.00 | 12/15/56  | 200  | 23  | 29  | (6)  |
| CMBX.NA.BB.18 (M)  | MSC | N/A | 5.00 | 12/17/57  | 100  | 11  | 7  | 4  |
| CMBX.NA.BBB-.16 (M)  | CIT | N/A | 3.00 | 04/17/65  | 70  | 11  | 22  | (11)  |
| CMBX.NA.BBB-.16 (M)  | CIT | N/A | 3.00 | 04/17/65  | 50  | 8  | 15  | (7)  |
| CMBX.NA.BBB-.17 (M)  | CIT | N/A | 3.00 | 12/15/56  | 200  | 23  | 25  | (2)  |
| CMBX.NA.BBB-.18 (M)  | CIT | N/A | 3.00 | 12/17/57  | 200  | 11  | 7  | 4  |

---

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page [607](#abbreviations).

**JNL Series Trust** (Unaudited)

**Schedules of Investments (in thousands)**

June 30, 2025

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **JNL/Fidelity Institutional Asset Management Total Bond Fund — OTC Credit Default Swap Agreements (continued)** | **JNL/Fidelity Institutional Asset Management Total Bond Fund — OTC Credit Default Swap Agreements (continued)** | **JNL/Fidelity Institutional Asset Management Total Bond Fund — OTC Credit Default Swap Agreements (continued)** | **JNL/Fidelity Institutional Asset Management Total Bond Fund — OTC Credit Default Swap Agreements (continued)** | **JNL/Fidelity Institutional Asset Management Total Bond Fund — OTC Credit Default Swap Agreements (continued)** | **JNL/Fidelity Institutional Asset Management Total Bond Fund — OTC Credit Default Swap Agreements (continued)** | **JNL/Fidelity Institutional Asset Management Total Bond Fund — OTC Credit Default Swap Agreements (continued)** | **JNL/Fidelity Institutional Asset Management Total Bond Fund — OTC Credit Default Swap Agreements (continued)** | **JNL/Fidelity Institutional Asset Management Total Bond Fund — OTC Credit Default Swap Agreements (continued)** |
| **Reference Entity<sup>2</sup>** | **Counter-party** | **Implied**<br> **Credit**<br> **Spread** <br> **(%)** | **Fixed**<br> **Receive/**<br> **Pay Rate** <br> **(%)** | **Expiration** | **Notional<sup>1</sup> ($)** | **Value ($)** | **Premiums**<br> **Paid**<br> (Received) ($) | **Unrealized**<br> **Appreciation**<br> (Depreciation) ($) |
| CMBX.NA.BBB-.18 (M)  | CIT | N/A | 3.00 | 12/17/57  | 100  | 6  | 4  | 2  |
|  |  |  |  |  | 3850 | 306 | 436 | (130) |
|  **Credit default swap agreements - sell protection** | **Credit default swap agreements - sell protection** | **Credit default swap agreements - sell protection** | **Credit default swap agreements - sell protection** | **Credit default swap agreements - sell protection** | **Credit default swap agreements - sell protection** | **Credit default swap agreements - sell protection** | **Credit default swap agreements - sell protection** | **Credit default swap agreements - sell protection** |
| CMBX.NA.AAA.17 (M)  | CIT | 0.00 | 0.50 | 12/15/56  | (300)  | (5)  | (4)  | (1)  |
| CMBX.NA.AAA.17 (M)  | CIT | 0.00 | 0.50 | 12/15/56  | (1700)  | (25)  | (23)  | (2)  |
| CMBX.NA.AAA.17 (M)  | MSC | 0.00 | 0.50 | 12/15/56  | (100)  | (2)  | (2)  | —  |
| CMBX.NA.AAA.17 (M)  | GSC | 0.00 | 0.50 | 12/15/56  | (400)  | (6)  | (7)  | 1  |
| CMBX.NA.AAA.17 (M)  | GSC | 0.00 | 0.50 | 12/15/56  | (600)  | (8)  | (18)  | 10  |
| CMBX.NA.AAA.17 (M)  | GSC | 0.00 | 0.50 | 12/15/56  | (100)  | (2)  | (3)  | 1  |
| CMBX.NA.AAA.17 (M)  | GSC | 0.00 | 0.50 | 12/15/56  | (400)  | (6)  | (10)  | 4  |
| CMBX.NA.AAA.13 (M)  | MSC | 0.00 | 0.50 | 12/16/72  | (970)  | 4  | (23)  | 27  |
| CMBX.NA.AAA.16 (M)  | CIT | 0.00 | 0.50 | 04/17/65  | (100)  | (1)  | (1)  | —  |
| CMBX.NA.AAA.16 (M)  | CIT | 0.00 | 0.50 | 04/17/65  | (1300)  | (12)  | (26)  | 14  |
| CMBX.NA.AAA.16 (M)  | CIT | 0.00 | 0.50 | 04/17/65  | (300)  | (3)  | (5)  | 2  |
| CMBX.NA.AAA.17 (M)  | CIT | 0.00 | 0.50 | 12/15/56  | (100)  | (1)  | (2)  | 1  |
| CMBX.NA.AAA.17 (M)  | CIT | 0.00 | 0.50 | 12/15/56  | (500)  | (7)  | (9)  | 2  |
| CMBX.NA.AAA.17 (M)  | CIT | 0.00 | 0.50 | 12/15/56  | (400)  | (5)  | (6)  | 1  |
| CMBX.NA.AAA.17 (M)  | CIT | 0.00 | 0.50 | 12/15/56  | (100)  | (2)  | (2)  | —  |
| CMBX.NA.AAA.17 (M)  | CIT | 0.00 | 0.50 | 12/15/56  | (900)  | (13)  | (22)  | 9  |
| CMBX.NA.AAA.18 (M)  | CIT | 0.00 | 0.50 | 12/17/57  | (600)  | 1  | (1)  | 2  |
|  |  |  |  |  | (8870) | (93) | (164) | 71 |

---

**Fair Value Hierarchy.** Various inputs are used in determining the fair value of financial instruments. For a description of the input levels and information about the Fund's policy regarding valuation of financial instruments, see Note 3 in the Notes to Financial Statements. The following table summarizes the Fund's investments categorized in the disclosure hierarchy as of June 30, 2025.

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **<u>. Level 1 ($) .</u>** | **<u>. Level 2 ($) .</u>** | **<u>. Level 3 ($) .</u>** | **<u>. Total ($) .</u>** |
| **JNL/Fidelity Institutional Asset Management Total Bond Fund** | **JNL/Fidelity Institutional Asset Management Total Bond Fund** | **JNL/Fidelity Institutional Asset Management Total Bond Fund** | **JNL/Fidelity Institutional Asset Management Total Bond Fund** | **JNL/Fidelity Institutional Asset Management Total Bond Fund** |
| **Assets - Securities** |  |  |  |  |
| &nbsp;&nbsp; Government And Agency Obligations |  | 844299 |  | 844299 |
| &nbsp;&nbsp; Corporate Bonds And Notes |  | 392316 | 47 | 392363 |
| &nbsp;&nbsp; Non-U.S. Government Agency Asset-Backed Securities |  | 186993 | 777 | 187770 |
| &nbsp;&nbsp; Senior Floating Rate Instruments |  | 77359 | 748 | 78107 |
| &nbsp;&nbsp; Common Stocks | 630 | 63 | 1672 | 2365 |
| &nbsp;&nbsp; Preferred Stocks | 206 |  |  | 206 |
| &nbsp;&nbsp; Warrants |  |  | 2 | 2 |
| &nbsp;&nbsp; Other Equity Interests |  |  |  |  |
| &nbsp;&nbsp; Short Term Investments | 28457 |  |  | 28457 |
|  | 29293 | 1501030 | 3246 | 1533569 |
| **Liabilities - Securities** | **Liabilities - Securities** | **Liabilities - Securities** | **Liabilities - Securities** | **Liabilities - Securities** |
| &nbsp;&nbsp; Government And Agency Obligations |  | (369) |  | (369) |
|  |  | (369) |  | (369) |
| **Assets - Investments in Other Financial Instruments<sup>1</sup>** |  |  |  |  |
| &nbsp;&nbsp; Futures Contracts | 2092 |  |  | 2092 |
| &nbsp;&nbsp; OTC Purchased Options |  | 665 |  | 665 |
| &nbsp;&nbsp; OTC Credit Default Swap Agreements |  | 97 |  | 97 |
|  | 2092 | 762 |  | 2854 |
| **Liabilities - Investments in Other Financial Instruments<sup>1</sup>** |  |  |  |  |
| &nbsp;&nbsp; Centrally Cleared Interest Rate Swap Agreements |  | (505) |  | (505) |
| &nbsp;&nbsp; OTC Written Options |  | (97) |  | (97) |
| &nbsp;&nbsp; OTC Credit Default Swap Agreements |  | (156) |  | (156) |
|  |  | (758) |  | (758) |

---

<sup>1</sup> All derivatives, except for purchased and written options, are reflected at the unrealized appreciation (depreciation) on the instrument. Purchased and written options are reflected at value.

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page [607](#abbreviations).

**JNL Series Trust** (Unaudited)

**Schedules of Investments (in thousands)**

June 30, 2025

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| **JNL/First Sentier Global Infrastructure Fund** | **JNL/First Sentier Global Infrastructure Fund** | **JNL/First Sentier Global Infrastructure Fund** |
| **COMMON STOCKS 98.6%** | **COMMON STOCKS 98.6%** | **COMMON STOCKS 98.6%** |
| **United States of America 54.8%** | **United States of America 54.8%** | **United States of America 54.8%** |
| AES Corporation, The | 215 | 2260 |
| American Electric Power Company, Inc. | 226 | 23493 |
| American Tower Corporation | 14 | 3177 |
| Cheniere Energy, Inc. | 78 | 18954 |
| Crown Castle Inc. | 93 | 9550 |
| CSX Corporation | 516 | 16854 |
| Dominion Energy, Inc. | 249 | 14061 |
| DT Midstream, Inc. | 45 | 4963 |
| Duke Energy Corporation | 199 | 23488 |
| Evergy, Inc. | 223 | 15382 |
| Eversource Energy | 203 | 12930 |
| NextEra Energy, Inc. | 169 | 11747 |
| Norfolk Southern Corporation | 83 | 21123 |
| ONEOK, Inc. | 243 | 19819 |
| PG&E Corporation | 556 | 7749 |
| Public Service Enterprise Group Incorporated | 147 | 12418 |
| SBA Communications Corporation - Class A | 48 | 11200 |
| Sempra | 237 | 17989 |
| Targa Resources Corp. | 45 | 7782 |
| UGI Corporation | 153 | 5559 |
| XCEL Energy Inc. | 290 | 19735 |
|  |  | 280233 |
| **France 6.9%** | **France 6.9%** | **France 6.9%** |
| Aeroports de Paris (a) | 66 | 8339 |
| Getlink S.E. | 935 | 18037 |
| VINCI | 61 | 9069 |
|  |  | 35445 |
| **Australia 6.7%** | **Australia 6.7%** | **Australia 6.7%** |
| Atlas Arteria Limited | 3188 | 10688 |
| Transurban Holdings Limited | 2569 | 23626 |
|  |  | 34314 |
| **United Kingdom 6.7%** | **United Kingdom 6.7%** | **United Kingdom 6.7%** |
| National Grid PLC | 1515 | 22166 |
| Severn Trent PLC | 318 | 11938 |
|  |  | 34104 |
| **Mexico 4.7%** | **Mexico 4.7%** | **Mexico 4.7%** |
| Grupo Aeroportuario Del Pacifico, S.A.B. de C.V. | 656 | 15020 |
| Promotora y Operadora de Infraestructura, S.A.B. de C.V. | 817 | 9211 |
|  |  | 24231 |
| **China 3.6%** | **China 3.6%** | **China 3.6%** |
| Beijing Capital International Airport Co., Ltd. - Class H (b) | 14486 | 5477 |
| China Tower Corporation Limited - Class H | 4580 | 6557 |
| ENN Energy Holdings Limited | 783 | 6307 |
|  |  | 18341 |
| **Switzerland 3.0%** | **Switzerland 3.0%** | **Switzerland 3.0%** |
| Flughafen Zurich AG - Class N | 53 | 15134 |
| **Canada 2.9%** | **Canada 2.9%** | **Canada 2.9%** |
| Canadian Pacific Kansas City Limited (a) | 186 | 14784 |
| **Italy 2.7%** | **Italy 2.7%** | **Italy 2.7%** |
| Hera S.p.A. (a) | 1611 | 7787 |
| Infrastrutture Wireless Italiane S.p.A. O, In Forma Abbreviata, Inwit S.p.A. (c) | 479 | 5857 |
|  |  | 13644 |
| **Japan 2.6%** | **Japan 2.6%** | **Japan 2.6%** |
| Japan Airport Terminal Co., Ltd. | 246 | 7858 |
| West Japan Railway Company | 248 | 5683 |
|  |  | 13541 |
| **Brazil 2.0%** | **Brazil 2.0%** | **Brazil 2.0%** |
| Motiva Infraestrutura De Mobilidade S.A. | 3963 | 10102 |
| **Germany 2.0%** | **Germany 2.0%** | **Germany 2.0%** |
| RWE Aktiengesellschaft | 241 | 10080 |
| Total Common Stocks (cost $468,802) | Total Common Stocks (cost $468,802) | 503953 |
| **SHORT TERM INVESTMENTS 3.9%** | **SHORT TERM INVESTMENTS 3.9%** | **SHORT TERM INVESTMENTS 3.9%** |
| **Securities Lending Collateral 3.0%** | **Securities Lending Collateral 3.0%** | **Securities Lending Collateral 3.0%** |
| JNL Government Money Market Fund - Class SL, 4.30% (d) (e) | 15363 | 15363 |
| **Investment Companies 0.9%** | **Investment Companies 0.9%** | **Investment Companies 0.9%** |
| JNL Government Money Market Fund - Class I, 4.20% (d) (e) | 4698 | 4698 |
| Total Short Term Investments (cost $20,061) | Total Short Term Investments (cost $20,061) | 20061 |
| **Total Investments 102.5% (cost $488,863)** | **Total Investments 102.5% (cost $488,863)** | **524014** |
| **Other Assets and Liabilities, Net (2.5)%** | **Other Assets and Liabilities, Net (2.5)%** | **(12970)** |
| **Total Net Assets 100.0%** | **Total Net Assets 100.0%** | **511044** |

---

(a) All or a portion of the security was on loan as of June 30, 2025.

(b) Non-income producing security.

(c) Security is restricted to resale to institutional investors or subject to trading restrictions due to sanctions on foreign issuers. See Restricted Securities table following the Schedules of Investments.

(d) Investment in affiliate.

(e) Yield changes daily to reflect current market conditions. Rate was the quoted yield as of June 30, 2025.

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **JNL/First Sentier Global Infrastructure Fund — Investments in Affiliates** | **JNL/First Sentier Global Infrastructure Fund — Investments in Affiliates** | **JNL/First Sentier Global Infrastructure Fund — Investments in Affiliates** | **JNL/First Sentier Global Infrastructure Fund — Investments in Affiliates** | **JNL/First Sentier Global Infrastructure Fund — Investments in Affiliates** | **JNL/First Sentier Global Infrastructure Fund — Investments in Affiliates** | **JNL/First Sentier Global Infrastructure Fund — Investments in Affiliates** | **JNL/First Sentier Global Infrastructure Fund — Investments in Affiliates** | **JNL/First Sentier Global Infrastructure Fund — Investments in Affiliates** |
| **Affiliated Investment** | **Value Beginning of Period($)** | **Purchases($)** | **Sales Proceeds($)** | **Dividend Income/ Distributions from Funds($)** | **Realized Gain (Loss)($)** | **Change in Unrealized Appreciation (Depreciation) ($)** | **Value End of Period($)** | **Percentage of Net Assets(%)** |
| JNL Government Money Market Fund, 4.20% - Class I | 6419 | 88863 | 90584 | 99 |  |  | 4698 | 0.9 |
| JNL Government Money Market Fund, 4.30% - Class SL |  | 46811 | 31448 | 22 |  |  | 15363 | 3.0 |
|  | 6419 | 135674 | 122032 | 121 |  |  | 20061 | 3.9 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **JNL/First Sentier Global Infrastructure Fund — Restricted Securities** | **JNL/First Sentier Global Infrastructure Fund — Restricted Securities** | **JNL/First Sentier Global Infrastructure Fund — Restricted Securities** | **JNL/First Sentier Global Infrastructure Fund — Restricted Securities** | **JNL/First Sentier Global Infrastructure Fund — Restricted Securities** |
| | **Initial Acquisition** | **Cost ($)** | **Value ($)** | **Percent of**<br> **Net Assets (%)** |
| Infrastrutture Wireless Italiane S.p.A. O, In Forma Abbreviata, Inwit S.p.A. | 07/30/21 | 5618 | 5857 | 1.1 |

---

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page [607](#abbreviations).

**JNL Series Trust** (Unaudited)

**Schedules of Investments (in thousands)**

June 30, 2025

**Fair Value Hierarchy.** Various inputs are used in determining the fair value of financial instruments. For a description of the input levels and information about the Fund's policy regarding valuation of financial instruments, see Note 3 in the Notes to Financial Statements. The following table summarizes the Fund's investments categorized in the disclosure hierarchy as of June 30, 2025.

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **<u>. Level 1 ($) .</u>** | **<u>. Level 2 ($) .</u>** | **<u>. Level 3 ($) .</u>** | **<u>. Total ($) .</u>** |
| **JNL/First Sentier Global Infrastructure Fund** | **JNL/First Sentier Global Infrastructure Fund** | **JNL/First Sentier Global Infrastructure Fund** | **JNL/First Sentier Global Infrastructure Fund** | **JNL/First Sentier Global Infrastructure Fund** |
| **Assets - Securities** |  |  |  |  |
| &nbsp;&nbsp; Common Stocks | 329350 | 174603 |  | 503953 |
| &nbsp;&nbsp; Short Term Investments | 20061 |  |  | 20061 |
|  | 349411 | 174603 |  | 524014 |

---

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page [607](#abbreviations).

**JNL Series Trust** (Unaudited)

**Schedules of Investments (in thousands)**

June 30, 2025

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| **JNL/Franklin Templeton Income Fund** | **JNL/Franklin Templeton Income Fund** | **JNL/Franklin Templeton Income Fund** |
| **CORPORATE BONDS AND NOTES 36.0%** | **CORPORATE BONDS AND NOTES 36.0%** | **CORPORATE BONDS AND NOTES 36.0%** |
| **Health Care 7.2%** | **Health Care 7.2%** | **Health Care 7.2%** |
| Centene Corporation |  |  |
| 4.63%, 12/15/29 | 4780 | 4672 |
| Community Health Systems, Inc. |  |  |
| 6.88%, 04/15/29 (a) (b) | 12847 | 10242 |
| 6.13%, 04/01/30 (b) | 8000 | 5909 |
| 10.88%, 01/15/32 (b) | 24250 | 25671 |
| CVS Health Corporation |  |  |
| 5.25%, 02/21/33 | 3500 | 3523 |
| Davita Inc. |  |  |
| 4.63%, 06/01/30 (b) | 9000 | 8625 |
| Endo Finance Holdings, Inc. |  |  |
| 8.50%, 04/15/31 (a) (b) | 3000 | 3181 |
| HCA Inc. |  |  |
| 5.50%, 06/01/33 | 8500 | 8709 |
| Mozart Debt Merger Sub Inc. |  |  |
| 3.88%, 04/01/29 (a) (b) | 4000 | 3841 |
| Tenet Healthcare Corporation |  |  |
| 6.25%, 02/01/27 | 6000 | 5999 |
| 6.13%, 06/15/30 | 20000 | 20347 |
|  |  | 100719 |
| **Financials 6.4%** | **Financials 6.4%** | **Financials 6.4%** |
| AerCap Ireland Capital Designated Activity Company |  |  |
| 5.30%, 01/19/34 | 4000 | 4028 |
| Barclays PLC |  |  |
| 5.75%, 08/09/33 (c) | 8500 | 8788 |
| 7.44%, 11/02/33 | 5000 | 5672 |
| Citigroup Inc. |  |  |
| 6.27%, 11/17/33 | 10500 | 11311 |
| Ford Motor Credit Company LLC |  |  |
| 4.95%, 05/28/27 | 4000 | 3976 |
| 7.35%, 03/06/30 | 3000 | 3167 |
| General Motors Financial Company, Inc. |  |  |
| 6.40%, 01/09/33 | 3500 | 3681 |
| Goldman Sachs Group, Inc., The |  |  |
| 6.56%, 10/24/34 | 11500 | 12729 |
| JPMorgan Chase & Co. |  |  |
| 6.50%, (100, 04/01/30) (d) | 2000 | 2064 |
| 6.88%, (100, 06/01/29) (d) | 3000 | 3167 |
| 6.25%, 10/23/34 | 1500 | 1629 |
| KeyBank National Association |  |  |
| 4.90%, 08/08/32 | 1500 | 1447 |
| Morgan Stanley |  |  |
| 6.34%, 10/18/33 | 2000 | 2173 |
| 5.25%, 04/21/34 | 4000 | 4069 |
| 6.63%, 11/01/34 | 2500 | 2758 |
| The PNC Financial Services Group, Inc. |  |  |
| 6.04%, 10/28/33 | 4000 | 4252 |
| Truist Financial Corporation |  |  |
| 4.92%, 07/28/33 | 2000 | 1951 |
| U.S. Bancorp |  |  |
| 5.85%, 10/21/33 | 4500 | 4732 |
| Wells Fargo & Company |  |  |
| 5.56%, 07/25/34 | 8000 | 8260 |
|  |  | 89854 |
| **Industrials 5.1%** | **Industrials 5.1%** | **Industrials 5.1%** |
| American Airlines, Inc. |  |  |
| 5.50%, 04/20/26 (b) | 3333 | 3333 |
| 5.75%, 04/20/29 (b) | 4000 | 4009 |
| 8.50%, 05/15/29 (a) (b) | 2500 | 2620 |
| Ardagh Packaging Finance Public Limited Company |  |  |
| 4.13%, 08/15/26 (b) | 4278 | 4017 |
| 5.25%, 08/15/27 (b) | 18496 | 8181 |
| Boeing Company, The |  |  |
| 5.15%, 05/01/30 (e) | 3000 | 3056 |
| 3.25%, 02/01/35 | 4500 | 3791 |
| Clydesdale Acquisition Holdings, Inc. |  |  |
| 6.75%, 04/15/32 (b) | 2000 | 2050 |
| Cornerstone Building Brands, Inc. |  |  |
| 8.75%, 08/01/28 (b) | 3500 | 3228 |
| EMRLD Borrower LP |  |  |
| 6.63%, 12/15/30 (b) | 3500 | 3582 |
| Herc Holdings Inc. |  |  |
| 7.00%, 06/15/30 (b) | 1250 | 1309 |
| JetBlue Airways Corporation |  |  |
| 9.88%, 09/20/31 (b) | 3500 | 3407 |
| Mauser Packaging Solutions Holding Company |  |  |
| 7.88%, 04/15/27 (b) | 5000 | 5086 |
| 9.25%, 04/15/27 (b) | 5500 | 5459 |
| Quikrete Holdings, Inc. |  |  |
| 6.38%, 03/01/32 (b) | 3000 | 3087 |
| R. R. Donnelley & Sons Company |  |  |
| 9.50%, 08/01/29 (b) | 1000 | 1000 |
| TransDigm Inc. |  |  |
| 6.75%, 08/15/28 (b) | 5300 | 5413 |
| 6.63%, 03/01/32 (b) | 5000 | 5179 |
| United Airlines Pass Through Certificates, Series 2015-1 |  |  |
| 4.63%, 04/15/29 (b) | 4000 | 3883 |
|  |  | 71690 |
| **Consumer Discretionary 4.0%** | **Consumer Discretionary 4.0%** | **Consumer Discretionary 4.0%** |
| 7-Eleven, Inc. |  |  |
| 1.80%, 02/10/31 (b) | 2000 | 1695 |
| Beach Acquisition Bidco, LLC |  |  |
| 10.00%, 07/15/33 (b) (f) | 4000 | 4160 |
| Caesars Entertainment, Inc. |  |  |
| 7.00%, 02/15/30 (b) | 5000 | 5180 |
| 6.50%, 02/15/32 (b) | 2500 | 2563 |
| 6.00%, 10/15/32 (a) (b) | 3500 | 3430 |
| Dornoch Debt Merger Subordinated Incorporated |  |  |
| 6.63%, 10/15/29 (a) (b) | 6215 | 4811 |
| Fertitta Entertainment LLC |  |  |
| 4.63%, 01/15/29 (a) (b) | 1600 | 1534 |
| 6.75%, 01/15/30 (b) | 3000 | 2771 |
| Ford Motor Company |  |  |
| 3.25%, 02/12/32 | 3500 | 2952 |
| General Motors Company |  |  |
| 5.60%, 10/15/32 | 2500 | 2541 |
| 5.15%, 04/01/38 | 6000 | 5583 |
| JH North America Holdings Inc. |  |  |
| 10.00%, 01/15/31 (b) | 1500 | 1473 |
| NCL Corporation Ltd. |  |  |
| 6.75%, 02/01/32 (b) | 1000 | 1022 |
| Newell Brands Inc. |  |  |
| 8.50%, 06/01/28 (b) | 1500 | 1580 |
| SkyMiles IP Ltd. |  |  |
| 4.75%, 10/20/28 (b) | 5500 | 5513 |
| Univision Communications Inc. |  |  |
| 6.63%, 06/01/27 (b) | 2000 | 1995 |
| Wynn Las Vegas, LLC |  |  |
| 5.25%, 05/15/27 (b) | 2000 | 2001 |
| Wynn Resorts Finance, LLC |  |  |
| 6.25%, 03/15/33 (a) (b) | 5000 | 5033 |
|  |  | 55837 |
| **Energy 3.6%** | **Energy 3.6%** | **Energy 3.6%** |
| Calumet Specialty Products Partners, L.P. |  |  |
| 11.00%, 04/15/26 (b) | 3546 | 3545 |
| 8.13%, 01/15/27 (b) | 3000 | 2980 |
| 9.25%, 07/15/29 (b) | 4800 | 4920 |
| Hilcorp Energy I, L.P. |  |  |
| 7.25%, 02/15/35 (b) | 2000 | 1959 |
| Kinder Morgan Kansas, Inc. |  |  |
| 5.40%, 02/01/34 | 4000 | 4051 |
| Matador Resources Company |  |  |
| 6.25%, 04/15/33 (b) | 1500 | 1491 |
| Occidental Petroleum Corporation |  |  |
| 6.63%, 09/01/30 | 2000 | 2115 |
| 5.55%, 10/01/34 | 2000 | 1963 |
| Venture Global LNG, Inc. |  |  |
| 9.00%, (100, 09/30/29) (b) (d) | 7500 | 7310 |
| 8.13%, 06/01/28 (b) | 4500 | 4648 |

---

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page [607](#abbreviations).

**JNL Series Trust** (Unaudited)

**Schedules of Investments (in thousands)**

June 30, 2025

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| Venture Global Plaquemines LNG, LLC |  |  |
| 7.75%, 05/01/35 (b) | 4500 | 4875 |
| Weatherford International Ltd |  |  |
| 8.63%, 04/30/30 (b) | 6000 | 6181 |
| Williams Companies, Inc., The |  |  |
| 5.65%, 03/15/33 | 4400 | 4574 |
| | | 50612 |
| **Materials 2.8%** | **Materials 2.8%** | **Materials 2.8%** |
| Alcoa Nederland Holding B.V. |  |  |
| 4.13%, 03/31/29 (b) | 5000 | 4756 |
| ArcelorMittal |  |  |
| 6.80%, 11/29/32 | 6000 | 6597 |
| Celanese US Holdings LLC |  |  |
| 6.42%, 07/15/27 (e) (g) | 6000 | 6213 |
| Cleveland-Cliffs Inc. |  |  |
| 7.00%, 03/15/32 (a) (b) | 2500 | 2358 |
| 7.38%, 05/01/33 (b) | 2000 | 1877 |
| FMG Resources (August 2006) Pty Ltd |  |  |
| 5.88%, 04/15/30 (b) | 3000 | 3032 |
| 4.38%, 04/01/31 (b) | 3000 | 2795 |
| Rain Carbon Inc. |  |  |
| 12.25%, 09/01/29 (b) | 4500 | 4827 |
| Scih Salt Holdings Inc. |  |  |
| 4.88%, 05/01/28 (b) | 8000 | 7780 |
|  |  | 40235 |
| **Communication Services 2.3%** | **Communication Services 2.3%** | **Communication Services 2.3%** |
| CCO Holdings, LLC |  |  |
| 5.13%, 05/01/27 (b) | 2000 | 1993 |
| 5.00%, 02/01/28 (b) | 5000 | 4954 |
| 6.38%, 09/01/29 (b) | 5000 | 5102 |
| Clear Channel Outdoor Holdings, Inc. |  |  |
| 7.75%, 04/15/28 (b) | 4500 | 4258 |
| CommScope, LLC. |  |  |
| 7.13%, 07/01/28 (b) | 9775 | 9599 |
| 9.50%, 12/15/31 (a) (b) | 6000 | 6279 |
|  |  | 32185 |
| **Utilities 2.2%** | **Utilities 2.2%** | **Utilities 2.2%** |
| Calpine Corporation |  |  |
| 5.13%, 03/15/28 (b) | 7000 | 6993 |
| NRG Energy, Inc. |  |  |
| 5.75%, 07/15/29 (b) | 9000 | 9011 |
| PG&E Company |  |  |
| 4.55%, 07/01/30 | 2500 | 2440 |
| The Southern Company |  |  |
| 3.25%, 06/15/28 (b) (c) | 1500 | 1512 |
| Vistra Corp. |  |  |
| 8.00%, (100, 10/15/26) (b) (d) | 8000 | 8189 |
| Vistra Operations Company LLC |  |  |
| 7.75%, 10/15/31 (b) | 2500 | 2656 |
|  |  | 30801 |
| **Consumer Staples 1.7%** | **Consumer Staples 1.7%** | **Consumer Staples 1.7%** |
| B.A.T Capital Corporation |  |  |
| 6.42%, 08/02/33 | 2850 | 3104 |
| JBS USA Food Company |  |  |
| 5.75%, 04/01/33 | 4000 | 4115 |
| Opal Bidco SAS |  |  |
| 6.50%, 03/31/32 (b) | 2000 | 2039 |
| Pilgrim's Pride Corporation |  |  |
| 6.25%, 07/01/33 (a) | 4500 | 4758 |
| United Rentals (North America), Inc. |  |  |
| 4.88%, 01/15/28 (a) | 6000 | 5978 |
| 6.00%, 12/15/29 (b) | 4000 | 4095 |
|  |  | 24089 |
| **Information Technology 0.7%** | **Information Technology 0.7%** | **Information Technology 0.7%** |
| Commscope Finance LLC |  |  |
| 8.25%, 03/01/27 (b) | 2000 | 1992 |
| HP, Inc. |  |  |
| 5.50%, 01/15/33 | 5000 | 5098 |
| Micron Technology, Inc. |  |  |
| 5.88%, 02/09/33 | 1000 | 1043 |
| Oracle Corporation |  |  |
| 6.25%, 11/09/32 | 2000 | 2164 |
|  |  | 10297 |
| Total Corporate Bonds And Notes (cost $499,542) | Total Corporate Bonds And Notes (cost $499,542) | 506319 |
| **COMMON STOCKS 32.2%** | **COMMON STOCKS 32.2%** | **COMMON STOCKS 32.2%** |
| **Health Care 6.1%** | **Health Care 6.1%** | **Health Care 6.1%** |
| AbbVie Inc. | 65 | 12065 |
| Amgen Inc. | 20 | 5584 |
| AstraZeneca PLC - ADR | 60 | 4193 |
| Bristol-Myers Squibb Company | 93 | 4303 |
| Endo, Inc. (h) | 105 | 2194 |
| Johnson & Johnson | 160 | 24440 |
| Medtronic, Inc. | 50 | 4359 |
| Merck & Co., Inc. | 225 | 17811 |
| Pfizer Inc. | 470 | 11390 |
|  |  | 86339 |
| **Energy 5.3%** | **Energy 5.3%** | **Energy 5.3%** |
| Chevron Corporation | 185 | 26490 |
| ConocoPhillips | 75 | 6731 |
| Exxon Mobil Corporation | 220 | 23716 |
| Schlumberger Limited | 125 | 4225 |
| Shell PLC - Class A - ADR | 150 | 10562 |
| TotalEnergies SE - ADR | 40 | 2456 |
|  |  | 74180 |
| **Consumer Staples 4.8%** | **Consumer Staples 4.8%** | **Consumer Staples 4.8%** |
| Coca-Cola Company, The | 150 | 10613 |
| Nestle S.A. - Series B - ADR | 80 | 7946 |
| PepsiCo, Inc. | 150 | 19806 |
| Philip Morris International Inc. | 60 | 10928 |
| Procter & Gamble Company, The | 115 | 18322 |
|  |  | 67615 |
| **Utilities 4.1%** | **Utilities 4.1%** | **Utilities 4.1%** |
| Dominion Energy, Inc. | 150 | 8478 |
| Duke Energy Corporation | 70 | 8260 |
| NextEra Energy, Inc. | 211 | 14670 |
| Sempra | 75 | 5683 |
| The Southern Company | 175 | 16070 |
| XCEL Energy Inc. | 63 | 4290 |
|  |  | 57451 |
| **Industrials 3.8%** | **Industrials 3.8%** | **Industrials 3.8%** |
| Caterpillar Inc. | 5 | 1941 |
| Honeywell International Inc. | 23 | 5355 |
| Johnson Controls International Public Limited Company | 50 | 5281 |
| Lockheed Martin Corporation | 30 | 13894 |
| RTX Corporation | 45 | 6571 |
| Union Pacific Corporation | 66 | 15184 |
| United Parcel Service, Inc. - Class B | 51 | 5097 |
|  |  | 53323 |
| **Information Technology 2.5%** | **Information Technology 2.5%** | **Information Technology 2.5%** |
| Cisco Systems, Inc. | 225 | 15610 |
| Microchip Technology Incorporated | 70 | 4928 |
| Texas Instruments Incorporated | 70 | 14533 |
|  |  | 35071 |
| **Financials 1.9%** | **Financials 1.9%** | **Financials 1.9%** |
| Charles Schwab Corporation, The | 50 | 4562 |
| Citigroup Inc. | 25 | 2128 |
| Fifth Third Bancorp | 75 | 3085 |
| JPMorgan Chase & Co. | 25 | 7248 |
| Morgan Stanley | 50 | 7043 |
| Truist Financial Corporation | 50 | 2150 |
|  |  | 26216 |
| **Materials 1.7%** | **Materials 1.7%** | **Materials 1.7%** |
| Air Products and Chemicals, Inc. | 25 | 7052 |
| Albemarle Corporation | 25 | 1567 |
| LyondellBasell Industries N.V. - Class A | 56 | 3240 |
| Rio Tinto PLC - ADR | 201 | 11708 |
|  |  | 23567 |
| **Consumer Discretionary 1.2%** | **Consumer Discretionary 1.2%** | **Consumer Discretionary 1.2%** |
| Home Depot, Inc., The | 35 | 12832 |

---

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page [607](#abbreviations).

**JNL Series Trust** (Unaudited)

**Schedules of Investments (in thousands)**

June 30, 2025

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| McDonald's Corporation | 15 | 4383 |
| | | 17215 |
| **Communication Services 0.8%** | **Communication Services 0.8%** | **Communication Services 0.8%** |
| Comcast Corporation - Class A | 175 | 6246 |
| Verizon Communications Inc. | 120 | 5192 |
|  |  | 11438 |
| Total Common Stocks (cost $414,393) | Total Common Stocks (cost $414,393) | 452415 |
| **EQUITY LINKED STRUCTURED NOTES 17.0%** | **EQUITY LINKED STRUCTURED NOTES 17.0%** | **EQUITY LINKED STRUCTURED NOTES 17.0%** |
| Barclays Bank PLC |  |  |
| (Dell Technologies Inc.), 12.00%, 09/03/25 (i) | 37 | 4535 |
| (Microchip Technology Incorporated), 10.00%, 10/14/25 (i) | 66 | 4711 |
| (RTX Corporation), 7.50%, 10/16/25 (i) | 45 | 5740 |
| (Target Corporation), 10.00%, 12/29/25 (i) | 31 | 3132 |
| (Amazon.com, Inc.), 10.00%, 03/25/26 (i) | 25 | 5316 |
| BNP Paribas Issuance B.V. |  |  |
| (Freeport-McMoRan Inc.), 10.00%, 08/12/25 (i) | 175 | 7648 |
| (International Paper Company), 9.00%, 10/20/25 (i) | 65 | 3045 |
| (Applied Materials, Inc.), 10.00%, 12/10/25 (b) (i) | 28 | 5051 |
| (Advanced Micro Devices, Inc.), 10.00%, 03/02/26 (b) (i) | 30 | 3843 |
| (Texas Instruments Incorporated), 9.00%, 07/01/26 (i) | 50 | 10172 |
| Citigroup Global Markets Holdings Inc. |  |  |
| (UnitedHealth Group Incorporated), 9.00%, 01/27/26 (i) | 7 | 2326 |
| (Newmont Corporation), 9.50%, 02/18/26 (i) | 123 | 5920 |
| Citigroup Inc. |  |  |
| (Boeing Company, The), 8.50%, 12/08/25 (i) | 44 | 7727 |
| Goldman Sachs Bank USA |  |  |
| (NIKE, Inc.), 9.00%, 03/31/26 (i) | 50 | 3678 |
| JPMorgan Chase Bank, National Association |  |  |
| (Home Depot, Inc. , The), 8.00%, 10/15/25 (b) (i) | 12 | 4355 |
| (CVS Health Corporation), 9.00%, 11/25/25 (b) (i) | 75 | 4897 |
| (Boeing Company, The), 10.00%, 01/22/26 (i) | 23 | 4373 |
| (Truist Financial Corporation), 9.50%, 03/02/26 (b) (i) | 125 | 5356 |
| Merrill Lynch SA |  |  |
| (Morgan Stanley), 9.00%, 07/14/25 (i) | 45 | 4847 |
| (Bank of America Corporation), 7.50%, 10/06/25 (i) | 13 | 5785 |
| (Halliburton Company), 8.50%, 11/13/25 (i) | 120 | 2539 |
| (Microsoft Corporation), 7.00%, 03/09/26 (i) | 15 | 6641 |
| (Comcast Corporation), 8.50%, 06/22/26 (i) | 150 | 5225 |
| (UnitedHealth Group Incorporated), 10.00%, 07/01/26 (i) | 10 | 3082 |
| Mizuho Markets Cayman LP |  |  |
| (Barrick Mining Corporation), 9.00%, 07/08/25 (b) (i) | 150 | 2932 |
| (Hewlett Packard Enterprise Company), 9.50%, 09/30/25 (b) (i) | 200 | 3865 |
| (Intel Corporation), 10.00%, 12/08/25 (b) (i) | 275 | 6324 |
| (Freeport-McMoRan Inc.), 10.00%, 12/24/25 (b) (i) | 100 | 4318 |
| (Exxon Mobil Corporation), 8.50%, 04/07/26 (b) (i) | 100 | 10962 |
| (Analog Devices, Inc.), 8.50%, 05/18/26 (b) (i) | 45 | 9836 |
| (Amgen Inc.), 10.00%, 06/15/26 (i) | 18 | 4879 |
| Royal Bank of Canada |  |  |
| (Texas Instruments Incorporated), 8.50%, 07/15/25 (b) (i) | 2 | 414 |
| (Cisco Systems, Inc.), 8.00%, 09/17/25 (i) | 85 | 4660 |
| Toronto-Dominion Bank, The |  |  |
| (Starbucks Corporation), 9.00%, 01/12/26 (i) | 89 | 8184 |
| (Target Corporation), 12.00%, 06/30/26 (i) | 40 | 3841 |
| UBS AG |  |  |
| (Intel Corporation), 10.00%, 07/29/25 (i) | 125 | 2830 |
| (Target Corporation), 10.00%, 09/15/25 (i) | 15 | 1507 |
| (Analog Devices, Inc.), 9.00%, 09/17/25 (i) | 17 | 3992 |
| (Bank of America Corporation), 8.00%, 01/28/26 (i) | 300 | 14066 |
| (Marvell Technology, Inc.), 12.00%, 05/14/26 (i) | 60 | 4096 |
| (Accenture Public Limited Company), 8.00%, 07/13/26 (i) (j) | 15 | 4627 |
| Wells Fargo Bank, National Association |  |  |
| (UnitedHealth Group Incorporated), 7.00%, 07/14/25 (b) (i) | 9 | 2657 |
| (Qualcomm Incorporated), 10.00%, 10/22/25 (i) | 30 | 4849 |
| (Schlumberger Limited), 10.00%, 11/26/25 (i) | 100 | 3505 |
| (Citigroup Inc.), 8.50%, 02/25/26 (i) | 70 | 5912 |
| (CVS Health Corporation), 10.00%, 04/09/26 (b) (i) | 80 | 5463 |
| (Wells Fargo & Company), 9.00%, 06/15/26 (i) | 17 | 4502 |
| Total Equity Linked Structured Notes (cost $237,885) | Total Equity Linked Structured Notes (cost $237,885) | 238165 |
| **GOVERNMENT AND AGENCY OBLIGATIONS 10.1%** | **GOVERNMENT AND AGENCY OBLIGATIONS 10.1%** | **GOVERNMENT AND AGENCY OBLIGATIONS 10.1%** |
| **Mortgage-Backed Securities 6.3%** | **Mortgage-Backed Securities 6.3%** | **Mortgage-Backed Securities 6.3%** |
| Federal Home Loan Mortgage Corporation |  |  |
| 5.00%, 05/01/53 - 11/01/54 | 19374 | 19010 |
| 5.50%, 07/01/53 - 02/01/55 | 20804 | 20816 |
| 6.00%, 01/01/55 - 02/01/55 | 6064 | 6164 |
| Federal National Mortgage Association, Inc. |  |  |
| 4.00%, 08/01/49 | 498 | 471 |
| 5.00%, 05/01/53 - 11/01/53 | 14227 | 13981 |
| 5.50%, 11/01/54 | 3302 | 3302 |
| Government National Mortgage Association |  |  |
| 6.00%, 01/20/55 - 06/20/55 | 15457 | 15686 |
| 5.50%, 03/20/55 - 06/20/55 | 8791 | 8806 |
|  |  | 88236 |
| **U.S. Treasury Bond 2.4%** | **U.S. Treasury Bond 2.4%** | **U.S. Treasury Bond 2.4%** |
| Treasury, United States Department of |  |  |
| 3.63%, 05/15/53 | 14000 | 11419 |
| Principal Only, 0.00%, 11/15/54 (k) | 75000 | 18352 |
| 4.50%, 11/15/54 | 5000 | 4766 |
|  |  | 34537 |
| **U.S. Treasury Note 1.4%** | **U.S. Treasury Note 1.4%** | **U.S. Treasury Note 1.4%** |
| Treasury, United States Department of |  |  |
| 4.00%, 05/31/30 | 7500 | 7573 |
| 2.88%, 05/15/32 | 5000 | 4666 |
| 4.13%, 05/31/32 | 7500 | 7564 |
|  |  | 19803 |
| Total Government And Agency Obligations (cost $143,127) | Total Government And Agency Obligations (cost $143,127) | 142576 |
| **PREFERRED STOCKS 1.6%** | **PREFERRED STOCKS 1.6%** | **PREFERRED STOCKS 1.6%** |
| **Industrials 0.5%** | **Industrials 0.5%** | **Industrials 0.5%** |
| Boeing Company, The, 6.00%, 10/15/27 (c) | 110 | 7480 |
| **Materials 0.5%** | **Materials 0.5%** | **Materials 0.5%** |
| Albemarle Corporation, 7.25%, 03/01/27 (c) | 225 | 7223 |
| **Utilities 0.5%** | **Utilities 0.5%** | **Utilities 0.5%** |
| NextEra Energy, Inc., 7.23%, 11/01/27 (c) | 150 | 6638 |
| **Financials 0.1%** | **Financials 0.1%** | **Financials 0.1%** |
| Ares Management Corporation, 6.75%, 10/01/27 (c) | 25 | 1325 |
| Total Preferred Stocks (cost $22,832) | Total Preferred Stocks (cost $22,832) | 22666 |
| **SENIOR FLOATING RATE INSTRUMENTS 0.6%** | **SENIOR FLOATING RATE INSTRUMENTS 0.6%** | **SENIOR FLOATING RATE INSTRUMENTS 0.6%** |
| **Information Technology 0.3%** | **Information Technology 0.3%** | **Information Technology 0.3%** |
| MPH Acquisition Holdings LLC |  |  |
| 2025 Exchange 1st Out Term Loan, 8.03%, (3 Month Term SOFR + 3.75%), 12/31/30 (i) | 893 | 878 |
| Twitter, Inc. |  |  |
| Term Loan, 10.95%, (3 Month Term SOFR + 6.50%), 10/27/29 (i) | 3482 | 3398 |
|  |  | 4276 |
| **Financials 0.2%** | **Financials 0.2%** | **Financials 0.2%** |
| Opal Bidco SAS |  |  |
| USD Term Loan B, 7.58%, (3 Month Term SOFR + 3.25%), 03/01/32 (i) | 2000 | 2007 |
| **Industrials 0.1%** | **Industrials 0.1%** | **Industrials 0.1%** |
| Clydesdale Acquisition Holdings Inc |  |  |
| 2025 Delayed Draw Term Loan, 0.00%, (SOFR + 3.25%), 03/27/32 (i) (l) | 26 | 26 |
| 2025 Term Loan B, 0.00%, (3 Month Term SOFR + 3.25%), 03/27/32 (i) (l) | 1474 | 1468 |
|  |  | 1494 |
| Total Senior Floating Rate Instruments (cost $7,748) | Total Senior Floating Rate Instruments (cost $7,748) | 7777 |

---

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page [607](#abbreviations).

**JNL Series Trust** (Unaudited)

**Schedules of Investments (in thousands)**

June 30, 2025

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| **NON-U.S. GOVERNMENT AGENCY ASSET-BACKED SECURITIES 0.3%** | **NON-U.S. GOVERNMENT AGENCY ASSET-BACKED SECURITIES 0.3%** | **NON-U.S. GOVERNMENT AGENCY ASSET-BACKED SECURITIES 0.3%** |
| United Airlines Pass Through Certificates, Series 2015-1 |  |  |
| Series 2023-1, 5.80%, 01/15/36 | 2866 | 2907 |
| United Airlines Pass Through Trust 2020-1A |  |  |
| Series 2020-A-1, 5.88%, 10/15/27 | 1789 | 1821 |
| Total Non-U.S. Government Agency Asset-Backed Securities (cost $4,655) | Total Non-U.S. Government Agency Asset-Backed Securities (cost $4,655) | 4728 |
| **OTHER EQUITY INTERESTS 0.0%** | **OTHER EQUITY INTERESTS 0.0%** | **OTHER EQUITY INTERESTS 0.0%** |
| Endo, Inc. (h) (m) (n) | 4724 |  |
| Endo, Inc. (h) (m) (n) | 2500 |  |
| Total Other Equity Interests (cost $0) | Total Other Equity Interests (cost $0) |  |
| **SHORT TERM INVESTMENTS 3.2%** | **SHORT TERM INVESTMENTS 3.2%** | **SHORT TERM INVESTMENTS 3.2%** |
| **Investment Companies 1.6%** | **Investment Companies 1.6%** | **Investment Companies 1.6%** |
| JNL Government Money Market Fund - Class I, 4.20% (o) (p) | 22947 | 22947 |
| **Securities Lending Collateral 1.6%** | **Securities Lending Collateral 1.6%** | **Securities Lending Collateral 1.6%** |
| JNL Government Money Market Fund - Class SL, 4.30% (o) (p) | 21833 | 21833 |
| Total Short Term Investments (cost $44,780) | Total Short Term Investments (cost $44,780) | 44780 |
| **Total Investments 101.0% (cost $1,374,962)** | **Total Investments 101.0% (cost $1,374,962)** | **1419426** |
| **Other Assets and Liabilities, Net (1.0)%** | **Other Assets and Liabilities, Net (1.0)%** | **(14746)** |
| **Total Net Assets 100.0%** | **Total Net Assets 100.0%** | **1404680** |

---

(a) All or a portion of the security was on loan as of June 30, 2025.

(b) Security is exempt from registration under the Securities Act of 1933, as amended. As of June 30, 2025, the value and the percentage of net assets of these securities was $371,352 and 26.4% of the Fund.

(c) Convertible security.

(d) Perpetual security. Next contractual call price and date are presented in parentheses, if applicable.

(e) The interest rate for this security is inversely affected by upgrades or downgrades to the credit rating of the issuer. Rate stated was the coupon as of June 30, 2025.

(f) Pay-in-kind security. Stated coupon is the pay-in-kind rate. The interest earned by the security may be paid in cash or additional par.

(g) Security is a step-up bond where the coupon may increase or step up at a future date or as the result of an upgrade or downgrade to the credit rating of the issuer. Rate stated was the coupon as of June 30, 2025.

(h) Non-income producing security.

(i) Security has a variable rate. Interest rates reset periodically. Rate stated was in effect as of June 30, 2025. For securities based on a published reference rate and spread, the reference rate and spread are presented. Certain variable rate securities do not indicate a reference rate and spread because they are determined by the issuer, remarketing agent, or offering documents and are based on current market conditions. The coupon rate for securities with certain features outlined in the offering documents may vary from the stated reference rate and spread. This includes, but is not limited to, securities with deferred rates, contingent distributions, caps, floors, and fixed-rate to float-rate features. In addition, variable rates for government and agency collateralized mortgage obligations ("CMO") and mortgage-backed securities ("MBS") are determined by tranches of underlying mortgage-backed security pools' cash flows into securities and pass-through rates which reflect the rate earned on the asset pool after management and guarantee fees are paid to the securitizing corporation. CMO and MBS variable rates are determined by a formula set forth in the security's offering documents.

(j) Security fair valued in good faith as a Level 2 security in accordance with the procedures approved by the Board of Trustees. Good faith fair valued securities are classified based on the applicable valuation inputs. See "Fair Value Measurement" in the Notes to Financial Statements.

(k) Security issued with a zero coupon. Income is recognized through the accretion of discount.

(l) This senior floating rate interest will settle after June 30, 2025. If a reference rate and spread is presented, it will go into effect upon settlement.

(m) Security fair valued in good faith as a Level 3 security in accordance with the procedures approved by the Board of Trustees. Good faith fair valued securities are classified based on the applicable valuation inputs. See "Fair Value Measurement" in the Notes to Financial Statements.

(n) Contingent distributions represent the right to receive additional distributions, if any, during the reorganization of the underlying company.

(o) Investment in affiliate.

(p) Yield changes daily to reflect current market conditions. Rate was the quoted yield as of June 30, 2025.

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **JNL/Franklin Templeton Income Fund — Investments in Affiliates** | **JNL/Franklin Templeton Income Fund — Investments in Affiliates** | **JNL/Franklin Templeton Income Fund — Investments in Affiliates** | **JNL/Franklin Templeton Income Fund — Investments in Affiliates** | **JNL/Franklin Templeton Income Fund — Investments in Affiliates** | **JNL/Franklin Templeton Income Fund — Investments in Affiliates** | **JNL/Franklin Templeton Income Fund — Investments in Affiliates** | **JNL/Franklin Templeton Income Fund — Investments in Affiliates** | **JNL/Franklin Templeton Income Fund — Investments in Affiliates** |
| **Affiliated Investment** | **Value Beginning of Period($)** | **Purchases($)** | **Sales Proceeds($)** | **Dividend Income/ Distributions from Funds($)** | **Realized Gain (Loss)($)** | **Change in Unrealized Appreciation (Depreciation) ($)** | **Value End of Period($)** | **Percentage of Net Assets(%)** |
| JNL Government Money Market Fund, 4.20% - Class I | 18630 | 194115 | 189798 | 334 |  |  | 22947 | 1.6 |
| JNL Government Money Market Fund, 4.30% - Class SL | 14770 | 77993 | 70930 | 353 |  |  | 21833 | 1.6 |
|  | 33400 | 272108 | 260728 | 687 |  |  | 44780 | 3.2 |

---

**Fair Value Hierarchy.** Various inputs are used in determining the fair value of financial instruments. For a description of the input levels and information about the Fund's policy regarding valuation of financial instruments, see Note 3 in the Notes to Financial Statements. The following table summarizes the Fund's investments categorized in the disclosure hierarchy as of June 30, 2025.

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **<u>. Level 1 ($) .</u>** | **<u>. Level 2 ($) .</u>** | **<u>. Level 3 ($) .</u>** | **<u>. Total ($) .</u>** |
| **JNL/Franklin Templeton Income Fund** | **JNL/Franklin Templeton Income Fund** | **JNL/Franklin Templeton Income Fund** | **JNL/Franklin Templeton Income Fund** | **JNL/Franklin Templeton Income Fund** |
| **Assets - Securities** |  |  |  |  |
| &nbsp;&nbsp; Corporate Bonds And Notes |  | 506319 |  | 506319 |
| &nbsp;&nbsp; Common Stocks | 452415 |  |  | 452415 |
| &nbsp;&nbsp; Equity Linked Structured Notes |  | 238165 |  | 238165 |
| &nbsp;&nbsp; Government And Agency Obligations |  | 142576 |  | 142576 |
| &nbsp;&nbsp; Preferred Stocks | 22666 |  |  | 22666 |
| &nbsp;&nbsp; Senior Floating Rate Instruments |  | 7777 |  | 7777 |
| &nbsp;&nbsp; Non-U.S. Government Agency Asset-Backed Securities |  | 4728 |  | 4728 |
| &nbsp;&nbsp; Other Equity Interests |  |  |  |  |
| &nbsp;&nbsp; Short Term Investments | 44780 |  |  | 44780 |
|  | 519861 | 899565 |  | 1419426 |

---

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page [607](#abbreviations).

**JNL Series Trust** (Unaudited)

**Schedules of Investments (in thousands)**

June 30, 2025

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| **JNL/Goldman Sachs 4 Fund** | **JNL/Goldman Sachs 4 Fund** | **JNL/Goldman Sachs 4 Fund** |
| **COMMON STOCKS 99.5%** | **COMMON STOCKS 99.5%** | **COMMON STOCKS 99.5%** |
| **Information Technology 31.6%** | **Information Technology 31.6%** | **Information Technology 31.6%** |
| Accenture Public Limited Company - Class A | 103 | 30826 |
| Adobe Inc. (a) | 106 | 41203 |
| Akamai Technologies, Inc. (a) | 213 | 16974 |
| Amphenol Corporation - Class A | 499 | 49289 |
| Applied Materials, Inc. | 418 | 76471 |
| Broadcom Inc. | 305 | 84161 |
| CDW Corp. | 140 | 24931 |
| Cisco Systems, Inc. | 775 | 53792 |
| Corning Incorporated | 1304 | 68585 |
| Fair Isaac Corporation (a) | 27 | 48935 |
| Fortinet, Inc. (a) | 359 | 38004 |
| Gartner, Inc. (a) | 70 | 28135 |
| Hewlett Packard Enterprise Company | 1339 | 27378 |
| HP, Inc. | 1583 | 38727 |
| Intel Corporation | 792 | 17730 |
| Jabil Inc. | 617 | 134491 |
| KLA Corporation | 96 | 85841 |
| Lam Research Corporation | 827 | 80481 |
| Microsoft Corporation | 130 | 64641 |
| Motorola Solutions, Inc. | 114 | 48065 |
| NetApp, Inc. | 1333 | 142085 |
| NVIDIA Corporation | 416 | 65728 |
| NXP Semiconductors N.V. | 115 | 25029 |
| Oracle Corporation | 205 | 44893 |
| Qualcomm Incorporated | 706 | 112477 |
| Skyworks Solutions, Inc. | 319 | 23760 |
| TE Connectivity Public Limited Company | 291 | 49137 |
| Teledyne Technologies Incorporated (a) | 20 | 10250 |
| Texas Instruments Incorporated | 132 | 27450 |
| VeriSign, Inc. | 47 | 13598 |
|  |  | 1573067 |
| **Financials 13.2%** | **Financials 13.2%** | **Financials 13.2%** |
| Allstate Corporation, The | 90 | 18114 |
| American Express Company | 59 | 18877 |
| Ameriprise Financial, Inc. | 52 | 27512 |
| Bank of New York Mellon Corporation, The | 420 | 38260 |
| CME Group Inc. - Class A | 80 | 22019 |
| Corpay Inc (a) | 105 | 34865 |
| Fifth Third Bancorp | 779 | 32038 |
| Franklin Resources, Inc. | 844 | 20130 |
| KeyCorp | 1512 | 26334 |
| KKR & Co. Inc. - Class A | 379 | 50449 |
| Marsh & Mclennan Companies, Inc. | 158 | 34442 |
| MasterCard Incorporated - Class A | 50 | 28245 |
| Moody's Corporation | 53 | 26798 |
| Morgan Stanley | 134 | 18809 |
| Northern Trust Corporation | 162 | 20488 |
| Prudential Financial, Inc. | 81 | 8688 |
| Synchrony Financial | 560 | 37379 |
| The Progressive Corporation | 268 | 71465 |
| Truist Financial Corporation | 581 | 24970 |
| U.S. Bancorp | 198 | 8980 |
| Visa Inc. - Class A | 255 | 90558 |
|  |  | 659420 |
| **Health Care 10.5%** | **Health Care 10.5%** | **Health Care 10.5%** |
| AbbVie Inc. | 192 | 35567 |
| Bristol-Myers Squibb Company | 1097 | 50801 |
| Cencora, Inc. | 253 | 75742 |
| Cigna Group, The | 54 | 17768 |
| CVS Health Corporation | 589 | 40655 |
| Eli Lilly and Company | 101 | 78943 |
| HCA Healthcare, Inc. | 84 | 32370 |
| McKesson Corporation | 30 | 21985 |
| Medtronic, Inc. | 99 | 8674 |
| Merck & Co., Inc. | 195 | 15441 |
| Pfizer Inc. | 993 | 24066 |
| Quest Diagnostics Incorporated | 102 | 18283 |
| Revvity, Inc. | 158 | 15329 |
| Teleflex Incorporated | 71 | 8394 |
| Universal Health Services, Inc. - Class B | 256 | 46381 |
| Zoetis Inc. - Class A | 204 | 31869 |
|  |  | 522268 |
| **Consumer Discretionary 10.5%** | **Consumer Discretionary 10.5%** | **Consumer Discretionary 10.5%** |
| Aptiv PLC (a) | 139 | 9454 |
| AutoZone, Inc. (a) | 11 | 39487 |
| Best Buy Co., Inc. | 293 | 19660 |
| Booking Holdings Inc. | 15 | 87111 |
| BorgWarner Inc. | 817 | 27352 |
| D.R. Horton, Inc. | 90 | 11612 |
| Darden Restaurants, Inc. | 109 | 23689 |
| Expedia Group, Inc. | 109 | 18347 |
| General Motors Company | 327 | 16096 |
| Genuine Parts Company | 75 | 9041 |
| Hasbro, Inc. | 408 | 30149 |
| Lennar Corporation - Class A | 54 | 6016 |
| Lowe`s Companies, Inc. | 66 | 14743 |
| O'Reilly Automotive, Inc. (a) | 647 | 58355 |
| PulteGroup, Inc. | 129 | 13619 |
| Ralph Lauren Corporation - Class A | 335 | 91893 |
| Tapestry, Inc. | 504 | 44256 |
|  |  | 520880 |
| **Communication Services 8.8%** | **Communication Services 8.8%** | **Communication Services 8.8%** |
| Alphabet Inc. - Class A | 423 | 74545 |
| Comcast Corporation - Class A | 1633 | 58269 |
| Electronic Arts Inc. | 70 | 11161 |
| Meta Platforms, Inc. - Class A | 64 | 47372 |
| Netflix, Inc. (a) | 63 | 83882 |
| Omnicom Group Inc. (b) | 868 | 62436 |
| The Interpublic Group of Companies, Inc. | 1722 | 42146 |
| T-Mobile US, Inc. | 140 | 33446 |
| Verizon Communications Inc. | 629 | 27204 |
|  |  | 440461 |
| **Industrials 6.3%** | **Industrials 6.3%** | **Industrials 6.3%** |
| 3M Company | 115 | 17444 |
| Automatic Data Processing, Inc. | 180 | 55368 |
| Cintas Corporation | 84 | 18825 |
| Delta Air Lines, Inc. | 296 | 14540 |
| Illinois Tool Works Inc. | 66 | 16260 |
| Leidos Holdings, Inc. | 178 | 28132 |
| Lennox International Inc. | 30 | 17161 |
| PACCAR Inc | 253 | 24047 |
| Snap-on Incorporated | 81 | 25187 |
| Trane Technologies Public Limited Company | 90 | 39442 |
| United Parcel Service, Inc. - Class B | 210 | 21240 |
| United Rentals, Inc. | 21 | 15959 |
| W.W. Grainger, Inc. | 18 | 18777 |
|  |  | 312382 |
| **Consumer Staples 6.1%** | **Consumer Staples 6.1%** | **Consumer Staples 6.1%** |
| Altria Group, Inc. | 801 | 46935 |
| Archer-Daniels-Midland Company | 306 | 16155 |
| Colgate-Palmolive Company | 706 | 64178 |
| Conagra Brands, Inc. | 1663 | 34040 |
| Costco Wholesale Corporation | 19 | 18673 |
| Kellanova | 226 | 17968 |
| Kimberly-Clark Corporation | 377 | 48666 |
| Philip Morris International Inc. | 113 | 20642 |
| Walmart Inc. | 380 | 37136 |
|  |  | 304393 |
| **Utilities 3.3%** | **Utilities 3.3%** | **Utilities 3.3%** |
| Dominion Energy, Inc. | 316 | 17862 |
| DTE Energy Company | 144 | 19025 |
| Edison International | 859 | 44325 |
| Entergy Corporation | 206 | 17096 |
| NRG Energy, Inc. | 193 | 31075 |
| Public Service Enterprise Group Incorporated | 405 | 34107 |
|  |  | 163490 |
| **Energy 3.2%** | **Energy 3.2%** | **Energy 3.2%** |
| ConocoPhillips | 169 | 15169 |
| EOG Resources, Inc. | 280 | 33454 |
| Kinder Morgan, Inc. | 1711 | 50292 |
| ONEOK, Inc. | 182 | 14878 |
| Valero Energy Corporation | 192 | 25858 |

---

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page [607](#abbreviations).

**JNL Series Trust** (Unaudited)

**Schedules of Investments (in thousands)**

June 30, 2025

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| Williams Companies, Inc., The | 312 | 19611 |
| | | 159262 |
| **Real Estate 3.2%** | **Real Estate 3.2%** | **Real Estate 3.2%** |
| CBRE Group, Inc. - Class A (a) | 255 | 35803 |
| Crown Castle Inc. | 184 | 18856 |
| Host Hotels & Resorts, Inc. | 2029 | 31171 |
| SBA Communications Corporation - Class A | 239 | 56081 |
| Simon Property Group, Inc. | 102 | 16332 |
|  |  | 158243 |
| **Materials 2.8%** | **Materials 2.8%** | **Materials 2.8%** |
| Avery Dennison Corporation | 90 | 15843 |
| CF Industries Holdings, Inc. | 316 | 29061 |
| International Paper Company | 667 | 31214 |
| LyondellBasell Industries N.V. - Class A | 315 | 18211 |
| Packaging Corporation of America | 73 | 13848 |
| Sherwin-Williams Company, The | 98 | 33572 |
|  |  | 141749 |
| Total Common Stocks (cost $4,264,282) | Total Common Stocks (cost $4,264,282) | 4955615 |
| **SHORT TERM INVESTMENTS 0.5%** | **SHORT TERM INVESTMENTS 0.5%** | **SHORT TERM INVESTMENTS 0.5%** |
| **Investment Companies 0.5%** | **Investment Companies 0.5%** | **Investment Companies 0.5%** |
| JNL Government Money Market Fund - Class I, 4.20% (c) (d) | 23864 | 23864 |
| Total Short Term Investments (cost $23,864) | Total Short Term Investments (cost $23,864) | 23864 |
| **Total Investments 100.0% (cost $4,288,146)** | **Total Investments 100.0% (cost $4,288,146)** | **4979479** |
| **Other Derivative Instruments 0.0%** | **Other Derivative Instruments 0.0%** | **120** |
| **Other Assets and Liabilities, Net 0.0%** | **Other Assets and Liabilities, Net 0.0%** | **993** |
| **Total Net Assets 100.0%** | **Total Net Assets 100.0%** | **4980592** |

---

(a) Non-income producing security.

(b) All or a portion of the security was on loan as of June 30, 2025.

(c) Investment in affiliate.

(d) Yield changes daily to reflect current market conditions. Rate was the quoted yield as of June 30, 2025.

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **JNL/Goldman Sachs 4 Fund — Investments in Affiliates** | **JNL/Goldman Sachs 4 Fund — Investments in Affiliates** | **JNL/Goldman Sachs 4 Fund — Investments in Affiliates** | **JNL/Goldman Sachs 4 Fund — Investments in Affiliates** | **JNL/Goldman Sachs 4 Fund — Investments in Affiliates** | **JNL/Goldman Sachs 4 Fund — Investments in Affiliates** | **JNL/Goldman Sachs 4 Fund — Investments in Affiliates** | **JNL/Goldman Sachs 4 Fund — Investments in Affiliates** | **JNL/Goldman Sachs 4 Fund — Investments in Affiliates** |
| **Affiliated Investment** | **Value Beginning of Period($)** | **Purchases($)** | **Sales Proceeds($)** | **Dividend Income/ Distributions from Funds($)** | **Realized Gain (Loss)($)** | **Change in Unrealized Appreciation (Depreciation) ($)** | **Value End of Period($)** | **Percentage of Net Assets(%)** |
| JNL Government Money Market Fund, 4.20% - Class I | 19194 | 348863 | 344193 | 619 |  |  | 23864 | 0.5 |
| JNL Government Money Market Fund, 4.30% - Class SL | 7747 | 47543 | 55290 | 26 |  |  |  |  |
|  | 26941 | 396406 | 399483 | 645 |  |  | 23864 | 0.5 |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **JNL/Goldman Sachs 4 Fund — Futures Contracts** | **JNL/Goldman Sachs 4 Fund — Futures Contracts** | **JNL/Goldman Sachs 4 Fund — Futures Contracts** | **JNL/Goldman Sachs 4 Fund — Futures Contracts** | **JNL/Goldman Sachs 4 Fund — Futures Contracts** | **JNL/Goldman Sachs 4 Fund — Futures Contracts** |
| **Reference Entity** | **Contracts<sup>1</sup>** | **Expiration** | **Notional<sup>1</sup>** | **Variation**<br> **Margin**<br> **Receivable**<br> (Payable) ($) | **Value/**<br> **Unrealized**<br> **Appreciation**<br> (Depreciation) ($) |
| **Long Contracts** | **Long Contracts** | **Long Contracts** | **Long Contracts** | **Long Contracts** | **Long Contracts** |
| S&P 500 Index | 80 | September 2025 | 24153 | 120 | 862 |

---

**Fair Value Hierarchy.** Various inputs are used in determining the fair value of financial instruments. For a description of the input levels and information about the Fund's policy regarding valuation of financial instruments, see Note 3 in the Notes to Financial Statements. The following table summarizes the Fund's investments categorized in the disclosure hierarchy as of June 30, 2025.

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **<u>. Level 1 ($) .</u>** | **<u>. Level 2 ($) .</u>** | **<u>. Level 3 ($) .</u>** | **<u>. Total ($) .</u>** |
| **JNL/Goldman Sachs 4 Fund** | **JNL/Goldman Sachs 4 Fund** | **JNL/Goldman Sachs 4 Fund** | **JNL/Goldman Sachs 4 Fund** | **JNL/Goldman Sachs 4 Fund** |
| **Assets - Securities** |  |  |  |  |
| &nbsp;&nbsp; Common Stocks | 4955615 |  |  | 4955615 |
| &nbsp;&nbsp; Short Term Investments | 23864 |  |  | 23864 |
|  | 4979479 |  |  | 4979479 |
| **Assets - Investments in Other Financial Instruments<sup>1</sup>** |  |  |  |  |
| &nbsp;&nbsp; Futures Contracts | 862 |  |  | 862 |
|  | 862 |  |  | 862 |

---

<sup>1</sup> All derivatives, except for purchased and written options, are reflected at the unrealized appreciation (depreciation) on the instrument. Purchased and written options are reflected at value.

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page [607](#abbreviations).

**JNL Series Trust** (Unaudited)

**Schedules of Investments (in thousands)**

June 30, 2025

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| **JNL/GQG Emerging Markets Equity Fund** | **JNL/GQG Emerging Markets Equity Fund** | **JNL/GQG Emerging Markets Equity Fund** |
| **COMMON STOCKS 95.1%** | **COMMON STOCKS 95.1%** | **COMMON STOCKS 95.1%** |
| **India 34.6%** | **India 34.6%** | **India 34.6%** |
| Adani Energy Solutions Limited (a) | 1037 | 10687 |
| Adani Enterprises Limited | 793 | 24273 |
| Adani Green Energy (UP) Limited (a) | 1153 | 13818 |
| Adani Ports and Special Economic Zone Limited | 1332 | 22642 |
| Adani Power Limited (a) | 2624 | 17970 |
| Ambuja Cements Limited | 836 | 5638 |
| Bajaj Finserv Limited | 173 | 4152 |
| Bharti Airtel Limited | 1044 | 24506 |
| GMR Airports Infrastructure Limited (a) | 7265 | 7235 |
| HDFC Bank Limited - ADR | 226 | 17305 |
| ICICI Bank Limited | 1378 | 23263 |
| ITC Hotels Limited (a) | 1697 | 4411 |
| ITC Limited | 10031 | 48727 |
| JSW Energy Limited | 1173 | 7185 |
| JSW Steel Limited | 803 | 9581 |
| Macrotech Developers Limited | 422 | 6829 |
| Patanjali Foods Limited | 725 | 13972 |
| Power Finance Corporation Limited | 1379 | 6893 |
| Reliance Industries Limited | 260 | 4548 |
| State Bank of India | 934 | 8949 |
| Sun Pharma Advanced Research Company Limited | 861 | 16838 |
|  |  | 299422 |
| **Brazil 13.2%** | **Brazil 13.2%** | **Brazil 13.2%** |
| American Beverage Co Ambev - ADR | 3009 | 7251 |
| B3 S.A. - Brasil, Bolsa, Balcao | 1667 | 4460 |
| Banco BTG Pactual S/A | 2530 | 19677 |
| Banco do Brasil S.A | 2551 | 10410 |
| Centrais Eletricas Brasileiras S/A - Eletrobras | 1473 | 10920 |
| Cia De Saneamento Basico Do Estado De Sao Paulo SABESP | 273 | 6010 |
| Companhia Paranaense De Energia | 1521 | 3255 |
| Embraer S.A. - ADR | 174 | 9918 |
| Equatorial Energia S.A | 988 | 6602 |
| Petroleo Brasileiro S/A Petrobras. - ADR | 2106 | 26340 |
| Vale S.A. - ADR | 938 | 9109 |
|  |  | 113952 |
| **Taiwan 9.7%** | **Taiwan 9.7%** | **Taiwan 9.7%** |
| Taiwan Semiconductor Manufacturing Company Limited - ADR | 2 | 455 |
| Taiwan Semiconductor Manufacturing Company Limited | 2288 | 82858 |
| Wiwynn Corporation | 3 | 261 |
|  |  | 83574 |
| **United Arab Emirates 6.7%** | **United Arab Emirates 6.7%** | **United Arab Emirates 6.7%** |
| Adnoc Gas | 8655 | 8068 |
| Aldar Properties - P J S C | 3222 | 7834 |
| Alpha Dhabi Holding | 3651 | 12243 |
| First Abu Dhabi Bank P.J.S.C. | 1916 | 8665 |
| International Holdings Limited (a) | 193 | 21143 |
|  |  | 57953 |
| **United States of America 6.4%** | **United States of America 6.4%** | **United States of America 6.4%** |
| Coca-Cola Company, The | 230 | 16258 |
| Colgate-Palmolive Company | 181 | 16458 |
| Philip Morris International Inc. | 123 | 22336 |
|  |  | 55052 |
| **Indonesia 4.7%** | **Indonesia 4.7%** | **Indonesia 4.7%** |
| PT. Bank Central Asia Tbk | 37635 | 20083 |
| PT. Bank Mandiri (Persero) Tbk. | 68371 | 20571 |
|  |  | 40654 |
| **Argentina 3.0%** | **Argentina 3.0%** | **Argentina 3.0%** |
| Grupo Financiero Galicia S.A. - Class B - ADR | 77 | 3875 |
| MercadoLibre, Inc. (a) | 8 | 22007 |
|  |  | 25882 |
| **Singapore 2.6%** | **Singapore 2.6%** | **Singapore 2.6%** |
| DBS Group Holdings Ltd | 140 | 4946 |
| Singapore Telecommunications Limited | 5857 | 17603 |
|  |  | 22549 |
| **Saudi Arabia 2.4%** | **Saudi Arabia 2.4%** | **Saudi Arabia 2.4%** |
| Al Rajhi Banking and Investment Corporation | 329 | 8290 |
| BUPA Arabia for Cooperative Insurance Company | 89 | 4203 |
| Saudi Arabian Oil Company (b) | 958 | 6213 |
| The Company For Cooperative Insurance | 58 | 2462 |
|  |  | 21168 |
| **United Kingdom 2.2%** | **United Kingdom 2.2%** | **United Kingdom 2.2%** |
| HSBC Holdings PLC | 505 | 6106 |
| Unilever PLC - ADR | 217 | 13296 |
|  |  | 19402 |
| **Mexico 2.2%** | **Mexico 2.2%** | **Mexico 2.2%** |
| Fomento Economico Mexicano, S.A. B. De C.V. - ADR | 79 | 8084 |
| Grupo Financiero Banorte, S.A.B. de C.V. | 707 | 6492 |
| Wal - Mart de Mexico, S.A.B. de C.V. (c) | 1439 | 4761 |
|  |  | 19337 |
| **France 2.2%** | **France 2.2%** | **France 2.2%** |
| TotalEnergies SE | 305 | 18667 |
| **Thailand 1.4%** | **Thailand 1.4%** | **Thailand 1.4%** |
| Kasikornbank Public Company Limited | 865 | 4094 |
| Krungthai Bank Public Company Limited | 6393 | 4195 |
| SCB X Public Company Limited | 1170 | 4230 |
|  |  | 12519 |
| **South Korea 1.3%** | **South Korea 1.3%** | **South Korea 1.3%** |
| KB Financial Group Inc. | 53 | 4334 |
| Samsung Fire & Marine Insurance Co., Ltd. | 8 | 2488 |
| Shinhan Financial Group Co., Ltd. | 96 | 4366 |
|  |  | 11188 |
| **Hungary 0.5%** | **Hungary 0.5%** | **Hungary 0.5%** |
| OTP Bank Nyrt. | 56 | 4491 |
| **Peru 0.5%** | **Peru 0.5%** | **Peru 0.5%** |
| Credicorp Ltd. | 20 | 4491 |
| **Greece 0.4%** | **Greece 0.4%** | **Greece 0.4%** |
| National Bank of Greece SA - Class R | 275 | 3513 |
| **Kazakhstan 0.4%** | **Kazakhstan 0.4%** | **Kazakhstan 0.4%** |
| Joint Stock Company Kaspi.Kz - ADR (b) | 39 | 3350 |
| **Switzerland 0.4%** | **Switzerland 0.4%** | **Switzerland 0.4%** |
| Coca-Cola HBC AG | 61 | 3168 |
| **Philippines 0.2%** | **Philippines 0.2%** | **Philippines 0.2%** |
| International Container Terminal Services, Inc. | 243 | 1770 |
| **Colombia 0.1%** | **Colombia 0.1%** | **Colombia 0.1%** |
| Grupo Cibest S A - ADR | 28 | 1309 |
| **Poland 0.0%** | **Poland 0.0%** | **Poland 0.0%** |
| Powszechna Kasa Oszczednosci Bank Polski Spolka Akcyjna | 14 | 285 |
| **Russian Federation 0.0%** | **Russian Federation 0.0%** | **Russian Federation 0.0%** |
| Public Joint Stock Company Gazprom (a) (b) (d) | 2924 |  |
| Public Joint Stock Company Oil Company Lukoil (a) (b) (d) | 202 |  |
| Public Joint Stock Company Oil Company Rosneft (a) (b) (d) | 2349 |  |
| Public Joint Stock Company Polyus (a) (b) (d) | 42 |  |
| Public Joint-Stock Company Severstal (a) (b) (d) | 75 |  |
| Total Common Stocks (cost $746,519) | Total Common Stocks (cost $746,519) | 823696 |
| **PREFERRED STOCKS 5.2%** | **PREFERRED STOCKS 5.2%** | **PREFERRED STOCKS 5.2%** |
| **Brazil 5.2%** | **Brazil 5.2%** | **Brazil 5.2%** |
| Itau Unibanco Holding S.A. (e) | 3686 | 25015 |
| Petroleo Brasileiro S/A Petrobras. (e) | 3401 | 19638 |
| Total Preferred Stocks (cost $38,428) | Total Preferred Stocks (cost $38,428) | 44653 |
| **SHORT TERM INVESTMENTS 1.0%** | **SHORT TERM INVESTMENTS 1.0%** | **SHORT TERM INVESTMENTS 1.0%** |
| **Investment Companies 1.0%** | **Investment Companies 1.0%** | **Investment Companies 1.0%** |
| JNL Government Money Market Fund - Class I, 4.20% (f) (g) | 8461 | 8461 |
| Total Short Term Investments (cost $8,461) | Total Short Term Investments (cost $8,461) | 8461 |
| **Total Investments 101.3% (cost $793,408)** | **Total Investments 101.3% (cost $793,408)** | **876810** |
| **Other Assets and Liabilities, Net (1.3)%** | **Other Assets and Liabilities, Net (1.3)%** | **(10989)** |
| **Total Net Assets 100.0%** | **Total Net Assets 100.0%** | **865821** |

---

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page [607](#abbreviations).

**JNL Series Trust** (Unaudited)

**Schedules of Investments (in thousands)**

June 30, 2025

(a) Non-income producing security.

(b) Security is restricted to resale to institutional investors or subject to trading restrictions due to sanctions on foreign issuers. See Restricted Securities table following the Schedules of Investments.

(c) All or a portion of the security was on loan as of June 30, 2025.

(d) Security fair valued in good faith as a Level 3 security in accordance with the procedures approved by the Board of Trustees. Good faith fair valued securities are classified based on the applicable valuation inputs. See "Fair Value Measurement" in the Notes to Financial Statements.

(e) Convertible security.

(f) Investment in affiliate.

(g) Yield changes daily to reflect current market conditions. Rate was the quoted yield as of June 30, 2025.

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **JNL/GQG Emerging Markets Equity Fund — Investments in Affiliates** | **JNL/GQG Emerging Markets Equity Fund — Investments in Affiliates** | **JNL/GQG Emerging Markets Equity Fund — Investments in Affiliates** | **JNL/GQG Emerging Markets Equity Fund — Investments in Affiliates** | **JNL/GQG Emerging Markets Equity Fund — Investments in Affiliates** | **JNL/GQG Emerging Markets Equity Fund — Investments in Affiliates** | **JNL/GQG Emerging Markets Equity Fund — Investments in Affiliates** | **JNL/GQG Emerging Markets Equity Fund — Investments in Affiliates** | **JNL/GQG Emerging Markets Equity Fund — Investments in Affiliates** |
| **Affiliated Investment** | **Value Beginning of Period($)** | **Purchases($)** | **Sales Proceeds($)** | **Dividend Income/ Distributions from Funds($)** | **Realized Gain (Loss)($)** | **Change in Unrealized Appreciation (Depreciation) ($)** | **Value End of Period($)** | **Percentage of Net Assets(%)** |
| JNL Government Money Market Fund, 4.20% - Class I | 29968 | 221427 | 242934 | 638 |  |  | 8461 | 1.0 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **JNL/GQG Emerging Markets Equity Fund — Restricted Securities** | **JNL/GQG Emerging Markets Equity Fund — Restricted Securities** | **JNL/GQG Emerging Markets Equity Fund — Restricted Securities** | **JNL/GQG Emerging Markets Equity Fund — Restricted Securities** | **JNL/GQG Emerging Markets Equity Fund — Restricted Securities** |
|  | **Initial Acquisition** | **Cost ($)** | **Value ($)** | **Percent of**<br> **Net Assets (%)** |
| Joint Stock Company Kaspi.Kz | 01/19/24 | 3678 | 3350 | 0.4 |
| Public Joint Stock Company Gazprom | 08/27/21 | 13221 |  |  |
| Public Joint Stock Company Oil Company Lukoil | 02/25/21 | 17029 |  |  |
| Public Joint Stock Company Oil Company Rosneft | 03/09/21 | 18442 |  |  |
| Public Joint Stock Company Polyus | 03/10/20 | 6921 |  |  |
| Public Joint-Stock Company Severstal | 06/25/21 | 1642 |  |  |
| Saudi Arabian Oil Company | 06/09/24 | 7256 | 6213 | 0.7 |
|  |  | 68189 | 9563 | 1.1 |

---

**Fair Value Hierarchy.** Various inputs are used in determining the fair value of financial instruments. For a description of the input levels and information about the Fund's policy regarding valuation of financial instruments, see Note 3 in the Notes to Financial Statements. The following table summarizes the Fund's investments categorized in the disclosure hierarchy as of June 30, 2025.

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **<u>. Level 1 ($) .</u>** | **<u>. Level 2 ($) .</u>** | **<u>. Level 3 ($) .</u>** | **<u>. Total ($) .</u>** |
| **JNL/GQG Emerging Markets Equity Fund** | **JNL/GQG Emerging Markets Equity Fund** | **JNL/GQG Emerging Markets Equity Fund** | **JNL/GQG Emerging Markets Equity Fund** | **JNL/GQG Emerging Markets Equity Fund** |
| **Assets - Securities** |  |  |  |  |
| &nbsp;&nbsp; Common Stocks | 254429 | 569267 |  | 823696 |
| &nbsp;&nbsp; Preferred Stocks | 44653 |  |  | 44653 |
| &nbsp;&nbsp; Short Term Investments | 8461 |  |  | 8461 |
|  | 307543 | 569267 |  | 876810 |

---

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page [607](#abbreviations).

**JNL Series Trust** (Unaudited)

**Schedules of Investments (in thousands)**

June 30, 2025

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| **JNL/Invesco Diversified Dividend Fund** | **JNL/Invesco Diversified Dividend Fund** | **JNL/Invesco Diversified Dividend Fund** |
| **COMMON STOCKS 97.4%** | **COMMON STOCKS 97.4%** | **COMMON STOCKS 97.4%** |
| **Financials 20.0%** | **Financials 20.0%** | **Financials 20.0%** |
| American Express Company | 28 | 8784 |
| American International Group, Inc. | 180 | 15379 |
| Bank of America Corporation | 436 | 20639 |
| Capital One Financial Corporation | 47 | 9919 |
| Charles Schwab Corporation, The | 163 | 14837 |
| Fifth Third Bancorp | 132 | 5436 |
| Hartford Insurance Group, Inc., The | 56 | 7045 |
| JPMorgan Chase & Co. | 115 | 33224 |
| Morgan Stanley | 68 | 9546 |
| The PNC Financial Services Group, Inc. | 62 | 11567 |
| Visa Inc. - Class A | 26 | 9364 |
| Wells Fargo & Company | 220 | 17621 |
|  |  | 163361 |
| **Industrials 13.5%** | **Industrials 13.5%** | **Industrials 13.5%** |
| Airbus SE | 24 | 4944 |
| Carlisle Companies Incorporated | 15 | 5508 |
| Deere & Company | 24 | 12398 |
| Eaton Corporation Public Limited Company | 44 | 15719 |
| Emerson Electric Co. | 88 | 11719 |
| General Electric Company | 26 | 6760 |
| Hubbell Incorporated | 16 | 6657 |
| Johnson Controls International Public Limited Company | 68 | 7141 |
| Northrop Grumman Corporation | 26 | 13088 |
| Parker-Hannifin Corporation | 16 | 11024 |
| Union Pacific Corporation | 67 | 15493 |
|  |  | 110451 |
| **Consumer Staples 12.4%** | **Consumer Staples 12.4%** | **Consumer Staples 12.4%** |
| Coca-Cola Company, The | 176 | 12428 |
| Colgate-Palmolive Company | 80 | 7283 |
| Keurig Dr Pepper Inc. | 262 | 8662 |
| L'Oreal | 10 | 4447 |
| Philip Morris International Inc. | 109 | 19908 |
| Procter & Gamble Company, The | 94 | 14985 |
| Sysco Corporation | 158 | 11986 |
| Walmart Inc. | 219 | 21447 |
|  |  | 101146 |
| **Health Care 11.8%** | **Health Care 11.8%** | **Health Care 11.8%** |
| AbbVie Inc. | 45 | 8431 |
| Alcon AG (a) | 50 | 4457 |
| AstraZeneca PLC | 28 | 3884 |
| Bristol-Myers Squibb Company | 137 | 6324 |
| Cencora, Inc. | 29 | 8615 |
| CVS Health Corporation | 104 | 7146 |
| Danaher Corporation | 47 | 9385 |
| Johnson & Johnson | 114 | 17384 |
| Lonza Group AG | 6 | 4118 |
| Medtronic, Inc. | 156 | 13620 |
| Merck & Co., Inc. | 48 | 3799 |
| Sanofi - ADR | 75 | 3627 |
| UnitedHealth Group Incorporated | 19 | 6017 |
|  |  | 96807 |
| **Information Technology 10.8%** | **Information Technology 10.8%** | **Information Technology 10.8%** |
| ASML Holding N.V. - ADR | 6 | 4484 |
| Broadcom Inc. | 32 | 8692 |
| Cisco Systems, Inc. | 260 | 18046 |
| Lam Research Corporation | 37 | 3583 |
| Microsoft Corporation | 40 | 19912 |
| Oracle Corporation | 50 | 10992 |
| Salesforce, Inc. | 24 | 6676 |
| TE Connectivity Public Limited Company | 35 | 5823 |
| Texas Instruments Incorporated | 48 | 10051 |
|  |  | 88259 |
| **Consumer Discretionary 7.2%** | **Consumer Discretionary 7.2%** | **Consumer Discretionary 7.2%** |
| Lowe`s Companies, Inc. | 83 | 18422 |
| Marriott International, Inc. - Class A | 43 | 11636 |
| McDonald's Corporation | 51 | 14823 |
| Ross Stores, Inc. | 37 | 4697 |
| TJX Companies, Inc., The | 38 | 4726 |
| Yum! Brands, Inc. | 33 | 4882 |
|  |  | 59186 |
| **Energy 7.2%** | **Energy 7.2%** | **Energy 7.2%** |
| Cheniere Energy, Inc. | 21 | 5240 |
| Chevron Corporation | 142 | 20265 |
| ConocoPhillips | 136 | 12220 |
| Suncor Energy Inc. | 50 | 1871 |
| Valero Energy Corporation | 62 | 8296 |
| Williams Companies, Inc., The | 173 | 10868 |
|  |  | 58760 |
| **Communication Services 5.0%** | **Communication Services 5.0%** | **Communication Services 5.0%** |
| Alphabet Inc. - Class A | 58 | 10197 |
| AT&T Inc. | 467 | 13517 |
| Comcast Corporation - Class A | 202 | 7216 |
| Walt Disney Company, The | 78 | 9736 |
|  |  | 40666 |
| **Utilities 4.7%** | **Utilities 4.7%** | **Utilities 4.7%** |
| CMS Energy Corporation | 97 | 6709 |
| Entergy Corporation | 142 | 11788 |
| PPL Corporation | 358 | 12145 |
| Public Service Enterprise Group Incorporated | 92 | 7752 |
|  |  | 38394 |
| **Materials 2.7%** | **Materials 2.7%** | **Materials 2.7%** |
| Air Products and Chemicals, Inc. | 23 | 6368 |
| CRH Public Limited Company | 112 | 10328 |
| Smurfit Westrock Public Limited Company | 125 | 5401 |
|  |  | 22097 |
| **Real Estate 2.1%** | **Real Estate 2.1%** | **Real Estate 2.1%** |
| American Tower Corporation | 36 | 8044 |
| ProLogis Inc. | 89 | 9326 |
|  |  | 17370 |
| Total Common Stocks (cost $657,014) | Total Common Stocks (cost $657,014) | 796497 |
| **SHORT TERM INVESTMENTS 2.5%** | **SHORT TERM INVESTMENTS 2.5%** | **SHORT TERM INVESTMENTS 2.5%** |
| **Investment Companies 2.5%** | **Investment Companies 2.5%** | **Investment Companies 2.5%** |
| JNL Government Money Market Fund - Class I, 4.20% (b) (c) | 20256 | 20256 |
| Total Short Term Investments (cost $20,256) | Total Short Term Investments (cost $20,256) | 20256 |
| **Total Investments 99.9% (cost $677,270)** | **Total Investments 99.9% (cost $677,270)** | **816753** |
| **Other Assets and Liabilities, Net 0.1%** | **Other Assets and Liabilities, Net 0.1%** | **946** |
| **Total Net Assets 100.0%** | **Total Net Assets 100.0%** | **817699** |

---

(a) All or a portion of the security was on loan as of June 30, 2025.

(b) Investment in affiliate.

(c) Yield changes daily to reflect current market conditions. Rate was the quoted yield as of June 30, 2025.

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **JNL/Invesco Diversified Dividend Fund — Investments in Affiliates** | **JNL/Invesco Diversified Dividend Fund — Investments in Affiliates** | **JNL/Invesco Diversified Dividend Fund — Investments in Affiliates** | **JNL/Invesco Diversified Dividend Fund — Investments in Affiliates** | **JNL/Invesco Diversified Dividend Fund — Investments in Affiliates** | **JNL/Invesco Diversified Dividend Fund — Investments in Affiliates** | **JNL/Invesco Diversified Dividend Fund — Investments in Affiliates** | **JNL/Invesco Diversified Dividend Fund — Investments in Affiliates** | **JNL/Invesco Diversified Dividend Fund — Investments in Affiliates** |
| **Affiliated Investment** | **Value Beginning of Period($)** | **Purchases($)** | **Sales Proceeds($)** | **Dividend Income/ Distributions from Funds($)** | **Realized Gain (Loss)($)** | **Change in Unrealized Appreciation (Depreciation) ($)** | **Value End of Period($)** | **Percentage of Net Assets(%)** |
| JNL Government Money Market Fund, 4.20% - Class I | 25980 | 144348 | 150072 | 557 |  |  | 20256 | 2.5 |
| JNL Government Money Market Fund, 4.30% - Class SL |  | 16488 | 16488 | 7 |  |  |  |  |
|  | 25980 | 160836 | 166560 | 564 |  |  | 20256 | 2.5 |

---

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page [607](#abbreviations).

**JNL Series Trust** (Unaudited)

**Schedules of Investments (in thousands)**

June 30, 2025

**Fair Value Hierarchy.** Various inputs are used in determining the fair value of financial instruments. For a description of the input levels and information about the Fund's policy regarding valuation of financial instruments, see Note 3 in the Notes to Financial Statements. The following table summarizes the Fund's investments categorized in the disclosure hierarchy as of June 30, 2025.

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **<u>. Level 1 ($) .</u>** | **<u>. Level 2 ($) .</u>** | **<u>. Level 3 ($) .</u>** | **<u>. Total ($) .</u>** |
| **JNL/Invesco Diversified Dividend Fund** | **JNL/Invesco Diversified Dividend Fund** | **JNL/Invesco Diversified Dividend Fund** | **JNL/Invesco Diversified Dividend Fund** | **JNL/Invesco Diversified Dividend Fund** |
| **Assets - Securities** |  |  |  |  |
| &nbsp;&nbsp; Common Stocks | 779104 | 17393 |  | 796497 |
| &nbsp;&nbsp; Short Term Investments | 20256 |  |  | 20256 |
|  | 799360 | 17393 |  | 816753 |

---

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page [607](#abbreviations).

**JNL Series Trust** (Unaudited)

**Schedules of Investments (in thousands)**

June 30, 2025

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| **JNL/Invesco Global Growth Fund** | **JNL/Invesco Global Growth Fund** | **JNL/Invesco Global Growth Fund** |
| **COMMON STOCKS 99.7%** | **COMMON STOCKS 99.7%** | **COMMON STOCKS 99.7%** |
| **United States of America 61.7%** | **United States of America 61.7%** | **United States of America 61.7%** |
| Alphabet Inc. - Class A | 668 | 117785 |
| Amazon.com, Inc. (a) | 109 | 23939 |
| Analog Devices, Inc. | 188 | 44790 |
| Boston Scientific Corporation (a) | 139 | 14926 |
| Broadcom Inc. | 119 | 32804 |
| Ecolab Inc. | 31 | 8351 |
| Eli Lilly and Company | 52 | 40311 |
| Equifax Inc. | 67 | 17244 |
| IDEXX Laboratories, Inc. (a) | 11 | 5799 |
| Intuit Inc. | 63 | 49810 |
| Intuitive Surgical, Inc. (a) | 40 | 21670 |
| IQVIA Holdings Inc (a) | 37 | 5778 |
| Lam Research Corporation | 110 | 10656 |
| Linde Public Limited Company | 10 | 4572 |
| Marriott International, Inc. - Class A | 52 | 14188 |
| Marvell Technology, Inc. | 496 | 38409 |
| MasterCard Incorporated - Class A | 18 | 10222 |
| Meta Platforms, Inc. - Class A | 173 | 127684 |
| Microsoft Corporation | 86 | 42937 |
| Netflix, Inc. (a) | 23 | 30848 |
| NVIDIA Corporation | 388 | 61240 |
| Phathom Pharmaceuticals, Inc. (a) (b) | 303 | 2908 |
| S&P Global Inc. | 108 | 57101 |
| ServiceNow, Inc. (a) | 7 | 6698 |
| Stryker Corporation | 9 | 3656 |
| Synopsys, Inc. (a) | 14 | 7224 |
| Thermo Fisher Scientific Inc. | 10 | 3950 |
| TJX Companies, Inc., The | 67 | 8292 |
| Universal Music Group N.V. | 127 | 4107 |
| Visa Inc. - Class A | 127 | 45019 |
| Zoetis Inc. - Class A | 22 | 3503 |
|  |  | 866421 |
| **India 6.5%** | **India 6.5%** | **India 6.5%** |
| DLF Limited | 5900 | 57849 |
| HDFC Bank Limited | 328 | 7669 |
| ICICI Bank Limited - ADR | 770 | 25905 |
|  |  | 91423 |
| **France 5.5%** | **France 5.5%** | **France 5.5%** |
| Airbus SE | 223 | 46533 |
| EssilorLuxottica | 48 | 13172 |
| LVMH Moet Hennessy Louis Vuitton | 35 | 18170 |
|  |  | 77875 |
| **Germany 5.3%** | **Germany 5.3%** | **Germany 5.3%** |
| Allianz SE | 27 | 11024 |
| SAP SE | 206 | 63010 |
|  |  | 74034 |
| **Japan 3.1%** | **Japan 3.1%** | **Japan 3.1%** |
| Capcom Co., Ltd. | 393 | 13428 |
| Hoya Corporation | 53 | 6263 |
| Keyence Corporation | 50 | 20046 |
| TDK Corporation | 372 | 4345 |
|  |  | 44082 |
| **China 3.1%** | **China 3.1%** | **China 3.1%** |
| JD.com, Inc. - Class A - ADR | 995 | 32462 |
| Tencent Holdings Limited | 164 | 10527 |
|  |  | 42989 |
| **Sweden 2.7%** | **Sweden 2.7%** | **Sweden 2.7%** |
| ASSA ABLOY AB - Class B | 285 | 8904 |
| Atlas Copco Aktiebolag - Class A | 839 | 13614 |
| Spotify Technology S.A. (a) | 19 | 14671 |
|  |  | 37189 |
| **Netherlands 2.2%** | **Netherlands 2.2%** | **Netherlands 2.2%** |
| Adyen N.V. (a) (c) | 11 | 20492 |
| ASML Holding N.V. | 4 | 3553 |
| BE Semiconductor Industries N.V. | 44 | 6549 |
|  |  | 30594 |
| **Italy 1.6%** | **Italy 1.6%** | **Italy 1.6%** |
| Brunello Cucinelli S.p.A. | 116 | 14146 |
| Ferrari N.V. | 11 | 5594 |
| Moncler S.p.A. | 46 | 2626 |
|  |  | 22366 |
| **Spain 1.5%** | **Spain 1.5%** | **Spain 1.5%** |
| Amadeus IT Holding, S.A. (c) | 250 | 21052 |
| **Canada 1.5%** | **Canada 1.5%** | **Canada 1.5%** |
| Shopify Inc. - Class A (a) | 178 | 20585 |
| **Switzerland 1.3%** | **Switzerland 1.3%** | **Switzerland 1.3%** |
| Lonza Group AG | 26 | 18858 |
| **Denmark 1.1%** | **Denmark 1.1%** | **Denmark 1.1%** |
| Novo Nordisk A/S - Class B | 221 | 15290 |
| **Israel 1.0%** | **Israel 1.0%** | **Israel 1.0%** |
| Nice Ltd - ADR (a) | 79 | 13414 |
| **Taiwan 0.9%** | **Taiwan 0.9%** | **Taiwan 0.9%** |
| Taiwan Semiconductor Manufacturing Company Limited | 364 | 13182 |
| **United Kingdom 0.7%** | **United Kingdom 0.7%** | **United Kingdom 0.7%** |
| Arm Holdings PLC - ADR (a) | 58 | 9369 |
| Total Common Stocks (cost $772,902) | Total Common Stocks (cost $772,902) | 1398723 |
| **SHORT TERM INVESTMENTS 1.0%** | **SHORT TERM INVESTMENTS 1.0%** | **SHORT TERM INVESTMENTS 1.0%** |
| **Investment Companies 0.8%** | **Investment Companies 0.8%** | **Investment Companies 0.8%** |
| JNL Government Money Market Fund - Class I, 4.20% (d) (e) | 11675 | 11675 |
| **Securities Lending Collateral 0.2%** | **Securities Lending Collateral 0.2%** | **Securities Lending Collateral 0.2%** |
| JNL Government Money Market Fund - Class SL, 4.30% (d) (e) | 3009 | 3009 |
| Total Short Term Investments (cost $14,684) | Total Short Term Investments (cost $14,684) | 14684 |
| **Total Investments 100.7% (cost $787,586)** | **Total Investments 100.7% (cost $787,586)** | **1413407** |
| **Other Assets and Liabilities, Net (0.7)%** | **Other Assets and Liabilities, Net (0.7)%** | **(9831)** |
| **Total Net Assets 100.0%** | **Total Net Assets 100.0%** | **1403576** |

---

(a) Non-income producing security.

(b) All or a portion of the security was on loan as of June 30, 2025.

(c) Security is restricted to resale to institutional investors or subject to trading restrictions due to sanctions on foreign issuers. See Restricted Securities table following the Schedules of Investments.

(d) Investment in affiliate.

(e) Yield changes daily to reflect current market conditions. Rate was the quoted yield as of June 30, 2025.

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **JNL/Invesco Global Growth Fund — Investments in Affiliates** | **JNL/Invesco Global Growth Fund — Investments in Affiliates** | **JNL/Invesco Global Growth Fund — Investments in Affiliates** | **JNL/Invesco Global Growth Fund — Investments in Affiliates** | **JNL/Invesco Global Growth Fund — Investments in Affiliates** | **JNL/Invesco Global Growth Fund — Investments in Affiliates** | **JNL/Invesco Global Growth Fund — Investments in Affiliates** | **JNL/Invesco Global Growth Fund — Investments in Affiliates** | **JNL/Invesco Global Growth Fund — Investments in Affiliates** |
| **Affiliated Investment** | **Value Beginning of Period($)** | **Purchases($)** | **Sales Proceeds($)** | **Dividend Income/ Distributions from Funds($)** | **Realized Gain (Loss)($)** | **Change in Unrealized Appreciation (Depreciation) ($)** | **Value End of Period($)** | **Percentage of Net Assets(%)** |
| JNL Government Money Market Fund, 4.20% - Class I | 2434 | 93473 | 84232 | 91 |  |  | 11675 | 0.8 |
| JNL Government Money Market Fund, 4.30% - Class SL | 10715 | 7791 | 15497 | 40 |  |  | 3009 | 0.2 |
|  | 13149 | 101264 | 99729 | 131 |  |  | 14684 | 1.0 |

---

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page [607](#abbreviations).

**JNL Series Trust** (Unaudited)

**Schedules of Investments (in thousands)**

June 30, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
| **JNL/Invesco Global Growth Fund — Restricted Securities** | **JNL/Invesco Global Growth Fund — Restricted Securities** | **JNL/Invesco Global Growth Fund — Restricted Securities** | **JNL/Invesco Global Growth Fund — Restricted Securities** | **JNL/Invesco Global Growth Fund — Restricted Securities** |
|  | **Initial Acquisition** | **Cost ($)** | **Value ($)** | **Percent of**<br> **Net Assets (%)** |
| Adyen N.V. | 11/25/24 | 16961 | 20492 | 1.5 |
| Amadeus IT Holding, S.A. | 09/26/22 | 14382 | 21052 | 1.5 |
|  |  | 31343 | 41544 | 3.0 |

---

**Fair Value Hierarchy.** Various inputs are used in determining the fair value of financial instruments. For a description of the input levels and information about the Fund's policy regarding valuation of financial instruments, see Note 3 in the Notes to Financial Statements. The following table summarizes the Fund's investments categorized in the disclosure hierarchy as of June 30, 2025.

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **<u>. Level 1 ($) .</u>** | **<u>. Level 2 ($) .</u>** | **<u>. Level 3 ($) .</u>** | **<u>. Total ($) .</u>** |
| **JNL/Invesco Global Growth Fund** | **JNL/Invesco Global Growth Fund** | **JNL/Invesco Global Growth Fund** | **JNL/Invesco Global Growth Fund** | **JNL/Invesco Global Growth Fund** |
| **Assets - Securities** |  |  |  |  |
| &nbsp;&nbsp; Common Stocks | 978720 | 420003 |  | 1398723 |
| &nbsp;&nbsp; Short Term Investments | 14684 |  |  | 14684 |
|  | 993404 | 420003 |  | 1413407 |

---

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page [607](#abbreviations).

**JNL Series Trust** (Unaudited)

**Schedules of Investments (in thousands)**

June 30, 2025

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| **JNL/Invesco Small Cap Growth Fund** | **JNL/Invesco Small Cap Growth Fund** | **JNL/Invesco Small Cap Growth Fund** |
| **COMMON STOCKS 99.8%** | **COMMON STOCKS 99.8%** | **COMMON STOCKS 99.8%** |
| **Industrials 25.3%** | **Industrials 25.3%** | **Industrials 25.3%** |
| API Group Corporation (a) | 323 | 16506 |
| Applied Industrial Technologies, Inc. | 66 | 15422 |
| Armstrong World Industries, Inc. | 78 | 12733 |
| ATMUS Filtration Technologies Inc. | 313 | 11399 |
| BWXT Government Group, Inc. | 99 | 14258 |
| Casella Waste Systems, Inc. - Class A (a) | 121 | 13987 |
| CBIZ, Inc. (a) | 183 | 13094 |
| Clean Harbors, Inc. (a) | 103 | 23789 |
| Construction Partners, Inc. - Class A (a) | 150 | 15903 |
| Enpro Inc. | 72 | 13821 |
| ESAB Corporation | 129 | 15557 |
| ESCO Technologies Inc. | 72 | 13740 |
| Everus Construction Group, Inc. (a) | 231 | 14703 |
| ExlService Holdings, Inc. (a) | 330 | 14430 |
| Federal Signal Corporation | 195 | 20714 |
| FTAI Aviation Ltd. | 89 | 10227 |
| Hammond Power Solutions, Inc. - Class A (b) | 105 | 9674 |
| Knight-Swift Transportation Holdings Inc. - Class A | 251 | 11086 |
| Kratos Defense & Security Solutions, Inc. (a) | 412 | 19149 |
| Limbach Holdings, Inc. (a) | 87 | 12222 |
| Loar Holdings Inc. (a) | 66 | 5704 |
| Mueller Industries, Inc. | 152 | 12050 |
| Nvent Electric Public Limited Company | 215 | 15720 |
| RBC Bearings Incorporated (a) | 58 | 22432 |
| Regal Rexnord Corporation | 85 | 12281 |
| Rocket Lab Corporation (a) | 242 | 8645 |
| SPX Technologies, Inc. (a) | 63 | 10640 |
| Sterling Infrastructure, Inc. (a) | 53 | 12166 |
| Zurn Elkay Water Solutions Corporation | 372 | 13620 |
|  |  | 405672 |
| **Information Technology 21.5%** | **Information Technology 21.5%** | **Information Technology 21.5%** |
| Agilysys, Inc. (a) | 157 | 18034 |
| AvePoint, Inc. - Class A (a) | 826 | 15959 |
| Box, Inc. - Class A (a) | 202 | 6902 |
| Cellebrite Di Ltd (a) | 609 | 9745 |
| Clearwater Analytics Holdings, Inc. - Class A (a) | 545 | 11950 |
| CommVault Systems, Inc. (a) | 107 | 18606 |
| CyberArk Software Ltd. (a) | 58 | 23610 |
| Descartes Systems Group Inc., The (a) | 118 | 12002 |
| Fabrinet (a) | 60 | 17678 |
| Impinj, Inc. (a) | 140 | 15557 |
| Intapp US, Inc. (a) | 172 | 8901 |
| Itron, Inc. (a) | 128 | 16848 |
| Lattice Semiconductor Corporation (a) | 256 | 12565 |
| MACOM Technology Solutions Holdings, Inc. (a) | 169 | 24256 |
| Mirion Technologies (US), Inc. - Class A (a) | 652 | 14035 |
| OSI Systems, Inc. (a) | 35 | 7896 |
| PAR Technology Corporation (a) | 255 | 17703 |
| Q2 Holdings, Inc. (a) | 246 | 23042 |
| Sanmina Corporation (a) | 171 | 16746 |
| ServiceTitan, Inc. - Class A (a) | 114 | 12247 |
| Sitime Corporation (a) | 91 | 19314 |
| TTM Technologies, Inc. (a) | 305 | 12441 |
| Vertex, Inc. - Class A (a) | 230 | 8127 |
|  |  | 344164 |
| **Health Care 19.2%** | **Health Care 19.2%** | **Health Care 19.2%** |
| ADMA Biologics, Inc. (a) | 896 | 16319 |
| Alignment Healthcare, Inc. (a) | 417 | 5841 |
| Ascendis Pharma A/S - ADR (a) | 90 | 15547 |
| BioLife Solutions, Inc. (a) | 596 | 12847 |
| Bridgebio Pharma, Inc. (a) | 188 | 8103 |
| Brightspring Health Services, Inc. (a) | 548 | 12927 |
| Canticle Pharmaceuticals, Inc. (a) | 44 | 13402 |
| Caredx, Inc. (a) | 352 | 6886 |
| Encompass Health Corporation | 203 | 24900 |
| Glaukos Corporation (a) | 76 | 7884 |
| Guardant Health, Inc. (a) | 344 | 17922 |
| Halozyme Therapeutics, Inc. (a) | 203 | 10546 |
| HealthEquity, Inc. (a) | 160 | 16722 |
| Insmed Incorporated (a) | 216 | 21788 |
| Integer Holdings Corporation (a) | 125 | 15310 |
| Lantheus Holdings, Inc. (a) | 181 | 14804 |
| Merit Medical Systems, Inc. (a) | 169 | 15807 |
| Prestige Consumer Healthcare Inc. (a) | 255 | 20326 |
| Repligen Corporation (a) | 90 | 11192 |
| TransMedics Group, Inc. (a) (b) | 120 | 16087 |
| UFP Technologies, Inc. (a) | 44 | 10651 |
| Vericel Corporation (a) | 290 | 12340 |
|  |  | 308151 |
| **Consumer Discretionary 12.1%** | **Consumer Discretionary 12.1%** | **Consumer Discretionary 12.1%** |
| Boot Barn Holdings, Inc. (a) | 129 | 19589 |
| Bright Horizons Family Solutions, Inc. (a) | 85 | 10458 |
| Cavco Industries, Inc. (a) | 19 | 8040 |
| Floor & Decor Holdings, Inc. - Class A (a) | 151 | 11463 |
| Genius Sports Limited (a) | 1034 | 10751 |
| Kontoor Brands, Inc. | 166 | 10945 |
| Murphy USA Inc. | 17 | 7064 |
| Ollie's Bargain Outlet Holdings, Inc. (a) | 173 | 22820 |
| Planet Fitness, Inc. - Class A (a) | 135 | 14733 |
| Shake Shack, Inc. - Class A (a) | 156 | 21901 |
| Steven Madden, Ltd. | 287 | 6877 |
| Stride, Inc. (a) | 99 | 14369 |
| Texas Roadhouse, Inc. - Class A | 61 | 11467 |
| Travel + Leisure Co. | 164 | 8482 |
| Wingstop Inc. | 16 | 5407 |
| Wyndham Hotels & Resorts, Inc. | 114 | 9241 |
|  |  | 193607 |
| **Financials 11.2%** | **Financials 11.2%** | **Financials 11.2%** |
| Bancorp, Inc., The (a) | 291 | 16561 |
| Evercore Inc. - Class A | 68 | 18322 |
| Hamilton Lane Incorporated - Class A | 73 | 10409 |
| Palomar Holdings, Inc. (a) | 70 | 10757 |
| Payoneer Global Inc. (a) | 1143 | 7828 |
| PennyMac Financial Services, Inc. | 163 | 16278 |
| Piper Sandler Companies | 75 | 20970 |
| Root LLC - Class A (a) | 75 | 9603 |
| Shift4 Payments, LLC - Class A (a) (b) | 135 | 13414 |
| Skyward Specialty Insurance Group, Inc. (a) | 191 | 11064 |
| StepStone Group Inc. - Class A | 304 | 16859 |
| Upstart Holdings, Inc. (a) (b) | 268 | 17350 |
| Western Alliance Bancorporation | 135 | 10514 |
|  |  | 179929 |
| **Materials 2.7%** | **Materials 2.7%** | **Materials 2.7%** |
| Carpenter Technology Corporation | 101 | 27800 |
| Element Solutions Inc. | 523 | 11856 |
| MP Materials Corp. - Class A (a) (b) | 135 | 4477 |
|  |  | 44133 |
| **Consumer Staples 2.4%** | **Consumer Staples 2.4%** | **Consumer Staples 2.4%** |
| Bellring Intermediate Holdings, Inc. (a) | 209 | 12092 |
| Maplebear Inc. (a) | 333 | 15072 |
| Post Holdings, Inc. (a) | 100 | 10891 |
|  |  | 38055 |
| **Energy 2.2%** | **Energy 2.2%** | **Energy 2.2%** |
| Antero Resources Corporation (a) | 272 | 10941 |
| Range Resources Corporation | 267 | 10871 |
| TechnipFMC PLC | 416 | 14339 |
|  |  | 36151 |
| **Real Estate 1.3%** | **Real Estate 1.3%** | **Real Estate 1.3%** |
| EastGroup Properties, Inc. | 55 | 9139 |
| Terreno Realty Corporation | 202 | 11305 |
|  |  | 20444 |
| **Utilities 1.2%** | **Utilities 1.2%** | **Utilities 1.2%** |
| Talen Energy Corporation (a) | 66 | 19086 |
| **Communication Services 0.7%** | **Communication Services 0.7%** | **Communication Services 0.7%** |
| CarGurus, Inc. - Class A (a) | 345 | 11531 |
| Total Common Stocks (cost $1,343,522) | Total Common Stocks (cost $1,343,522) | 1600923 |
| **SHORT TERM INVESTMENTS 0.5%** | **SHORT TERM INVESTMENTS 0.5%** | **SHORT TERM INVESTMENTS 0.5%** |
| **Investment Companies 0.4%** | **Investment Companies 0.4%** | **Investment Companies 0.4%** |
| JNL Government Money Market Fund - Class I, 4.20% (c) (d) | 6571 | 6571 |

---

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page [607](#abbreviations).

**JNL Series Trust** (Unaudited)

**Schedules of Investments (in thousands)**

June 30, 2025

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| **Securities Lending Collateral 0.1%** | **Securities Lending Collateral 0.1%** | **Securities Lending Collateral 0.1%** |
| JNL Government Money Market Fund - Class SL, 4.30% (c) (d) | 1434 | 1434 |
| Total Short Term Investments (cost $8,005) | Total Short Term Investments (cost $8,005) | 8005 |
| **Total Investments 100.3% (cost $1,351,527)** | **Total Investments 100.3% (cost $1,351,527)** | **1608928** |
| **Other Assets and Liabilities, Net (0.3)%** | **Other Assets and Liabilities, Net (0.3)%** | **(4893)** |
| **Total Net Assets 100.0%** | **Total Net Assets 100.0%** | **1604035** |

---

(a) Non-income producing security.

(b) All or a portion of the security was on loan as of June 30, 2025.

(c) Investment in affiliate.

(d) Yield changes daily to reflect current market conditions. Rate was the quoted yield as of June 30, 2025.

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **JNL/Invesco Small Cap Growth Fund — Investments in Affiliates** | **JNL/Invesco Small Cap Growth Fund — Investments in Affiliates** | **JNL/Invesco Small Cap Growth Fund — Investments in Affiliates** | **JNL/Invesco Small Cap Growth Fund — Investments in Affiliates** | **JNL/Invesco Small Cap Growth Fund — Investments in Affiliates** | **JNL/Invesco Small Cap Growth Fund — Investments in Affiliates** | **JNL/Invesco Small Cap Growth Fund — Investments in Affiliates** | **JNL/Invesco Small Cap Growth Fund — Investments in Affiliates** | **JNL/Invesco Small Cap Growth Fund — Investments in Affiliates** |
| **Affiliated Investment** | **Value Beginning of Period($)** | **Purchases($)** | **Sales Proceeds($)** | **Dividend Income/ Distributions from Funds($)** | **Realized Gain (Loss)($)** | **Change in Unrealized Appreciation (Depreciation) ($)** | **Value End of Period($)** | **Percentage of Net Assets(%)** |
| JNL Government Money Market Fund, 4.20% - Class I | 56506 | 243655 | 293590 | 661 |  |  | 6571 | 0.4 |
| JNL Government Money Market Fund, 4.30% - Class SL | 1902 | 23947 | 24415 | 74 |  |  | 1434 | 0.1 |
|  | 58408 | 267602 | 318005 | 735 |  |  | 8005 | 0.5 |

---

**Fair Value Hierarchy.** Various inputs are used in determining the fair value of financial instruments. For a description of the input levels and information about the Fund's policy regarding valuation of financial instruments, see Note 3 in the Notes to Financial Statements. The following table summarizes the Fund's investments categorized in the disclosure hierarchy as of June 30, 2025.

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **<u>. Level 1 ($) .</u>** | **<u>. Level 2 ($) .</u>** | **<u>. Level 3 ($) .</u>** | **<u>. Total ($) .</u>** |
| **JNL/Invesco Small Cap Growth Fund** | **JNL/Invesco Small Cap Growth Fund** | **JNL/Invesco Small Cap Growth Fund** | **JNL/Invesco Small Cap Growth Fund** | **JNL/Invesco Small Cap Growth Fund** |
| **Assets - Securities** |  |  |  |  |
| &nbsp;&nbsp; Common Stocks | 1600923 |  |  | 1600923 |
| &nbsp;&nbsp; Short Term Investments | 8005 |  |  | 8005 |
|  | 1608928 |  |  | 1608928 |

---

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page [607](#abbreviations).

**JNL Series Trust** (Unaudited)

**Schedules of Investments (in thousands)**

June 30, 2025

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| **JNL/JPMorgan Global Allocation Fund** | **JNL/JPMorgan Global Allocation Fund** | **JNL/JPMorgan Global Allocation Fund** |
| **COMMON STOCKS 48.0%** | **COMMON STOCKS 48.0%** | **COMMON STOCKS 48.0%** |
| **United States of America 28.3%** | **United States of America 28.3%** | **United States of America 28.3%** |
| 3M Company | 15 | 2267 |
| Abbott Laboratories | 14 | 1835 |
| AbbVie Inc. (a) | 18 | 3229 |
| AGCO Corporation | 6 | 601 |
| Air Lease Corporation - Class A | 4 | 235 |
| Alcoa Corporation | 8 | 223 |
| Align Technology, Inc. (b) | 2 | 373 |
| Ally Financial Inc. | 5 | 211 |
| Alnylam Pharmaceuticals, Inc. (b) | 2 | 499 |
| Alphabet Inc. - Class C | 8 | 1337 |
| Amazon.com, Inc. (b) | 64 | 14052 |
| American Express Company | 3 | 808 |
| American Homes 4 Rent - Class A | 11 | 405 |
| American Tower Corporation | 11 | 2449 |
| Ameriprise Financial, Inc. | 1 | 635 |
| AMETEK, Inc. | 3 | 478 |
| Analog Devices, Inc. | 13 | 2895 |
| Angi Inc. - Class A (b) | 1 | 19 |
| AON Public Limited Company - Class A | 2 | 640 |
| Apple Hospitality REIT, Inc. | 3 | 36 |
| Apple Inc. | 51 | 10344 |
| AppLovin Corporation - Class A (b) | 1 | 187 |
| Arch Capital Group Ltd. | 4 | 390 |
| Arthur J. Gallagher & Co. | 2 | 481 |
| Ashtead Group Public Limited Company | 1 | 82 |
| AutoZone, Inc. (b) |  | 742 |
| Axalta Coating Systems Ltd. (b) | 12 | 346 |
| Baker Hughes Company - Class A | 61 | 2346 |
| Ball Corporation | 10 | 571 |
| Bank of America Corporation | 107 | 5075 |
| Bath & Body Works, Inc. | 3 | 97 |
| Berkshire Hathaway Inc. - Class B (b) | 2 | 763 |
| Best Buy Co., Inc. | 1 | 99 |
| BJ's Wholesale Club Holdings, Inc. (b) | 2 | 240 |
| Blackstone Inc. - Class A | 5 | 759 |
| Boeing Company, The (b) | 2 | 329 |
| Booking Holdings Inc. |  | 1216 |
| Bright Horizons Family Solutions, Inc. (b) | 2 | 254 |
| Bristol-Myers Squibb Company (a) | 52 | 2379 |
| Broadcom Inc. | 11 | 3147 |
| Capital One Financial Corporation | 2 | 432 |
| Carlisle Companies Incorporated | 1 | 185 |
| Carnival Corporation (b) | 10 | 290 |
| Carrier Global Corporation | 7 | 502 |
| Casey's General Stores, Inc. | 1 | 329 |
| CBRE Group, Inc. - Class A (b) |  | 62 |
| Cencora, Inc. | 1 | 292 |
| Charles Schwab Corporation, The | 34 | 3064 |
| Chemours Company, The | 12 | 141 |
| Cheniere Energy, Inc. | 2 | 369 |
| Chevron Corporation | 2 | 340 |
| Chipotle Mexican Grill, Inc. (b) | 31 | 1749 |
| Chubb Limited | 1 | 150 |
| Cigna Group, The | 3 | 1113 |
| Cisco Systems, Inc. | 1 | 72 |
| Citizens Financial Group, Inc. | 8 | 352 |
| CME Group Inc. - Class A | 13 | 3654 |
| Cognizant Technology Solutions Corporation - Class A | 5 | 364 |
| Columbia Banking System, Inc. | 4 | 86 |
| Columbia Sportswear Company |  | 25 |
| Comcast Corporation - Class A | 20 | 702 |
| Comerica Incorporated | 3 | 204 |
| ConocoPhillips | 4 | 330 |
| Constellation Brands, Inc. - Class A | 1 | 96 |
| Copart, Inc. (b) | 8 | 398 |
| Corning Incorporated | 3 | 182 |
| Corpay Inc (b) | 2 | 635 |
| Coterra Energy Inc. | 4 | 102 |
| CrowdStrike Holdings, Inc. - Class A (b) | 1 | 695 |
| CVS Health Corporation | 2 | 156 |
| CWT Travel Group Incorporated (b) | 1 | 4 |
| Deere & Company | 1 | 458 |
| Dominion Energy, Inc. | 32 | 1823 |
| DoorDash, Inc. - Class A (b) | 3 | 847 |
| Dover Corporation | 1 | 217 |
| Dow Inc. | 5 | 121 |
| Eagle Materials Inc. | 1 | 254 |
| EastGroup Properties, Inc. |  | 66 |
| Eaton Corporation Public Limited Company | 5 | 2024 |
| Edison International | 3 | 172 |
| El Paso Electric Company (b) | 1 | 2 |
| Elevance Health, Inc. | 1 | 492 |
| Eli Lilly and Company | 1 | 879 |
| Emerson Electric Co. | 8 | 1006 |
| Entergy Corporation | 1 | 77 |
| EOG Resources, Inc. | 7 | 885 |
| EQT Corporation | 12 | 674 |
| Equinix, Inc. | 1 | 922 |
| Equity Lifestyle Properties, Inc. | 6 | 360 |
| ExlService Holdings, Inc. (b) | 4 | 177 |
| Expand Energy Corporation | 4 | 434 |
| Expedia Group, Inc. | 1 | 116 |
| Exxon Mobil Corporation | 42 | 4443 |
| Federal Realty Investment Trust |  | 43 |
| FedEx Corporation | 1 | 198 |
| Fidelity National Information Services, Inc. | 40 | 3239 |
| Fifth Third Bancorp | 8 | 317 |
| First Citizens BancShares, Inc. - Class A | 1 | 1154 |
| First Horizon Corporation | 17 | 352 |
| Fiserv, Inc. (b) | 1 | 181 |
| Flutter Entertainment Public Limited Company (b) | 1 | 421 |
| FMC Corporation | 14 | 596 |
| Fortune Brands Innovations, Inc. | 2 | 126 |
| Freeport-McMoRan Inc. | 10 | 442 |
| Garmin Ltd. | 2 | 392 |
| Gates Industrial Corporation PLC (b) | 20 | 450 |
| General Dynamics Corporation | 1 | 178 |
| General Motors Company | 2 | 109 |
| Genpact Limited | 4 | 183 |
| Gentex Corporation | 4 | 93 |
| Gilead Sciences, Inc. | 4 | 428 |
| Goldman Sachs Group, Inc., The | 1 | 785 |
| Graphic Packaging Holding Company | 6 | 136 |
| Hayward Holdings, Inc. (b) | 1 | 18 |
| HCA Healthcare, Inc. |  | 175 |
| Henry Schein, Inc. (b) | 4 | 290 |
| Hess Corporation | 1 | 177 |
| Hewlett Packard Enterprise Company | 11 | 224 |
| Hilton Worldwide Holdings Inc. | 1 | 243 |
| Home Depot, Inc., The | 1 | 494 |
| Host Hotels & Resorts, Inc. | 8 | 126 |
| Howmet Aerospace Inc. | 15 | 2805 |
| HubSpot, Inc. (b) | 1 | 495 |
| Humana Inc. | 3 | 824 |
| IAC Inc. (b) | 2 | 92 |
| Ingersoll Rand Inc. | 5 | 387 |
| Insmed Incorporated (b) | 5 | 529 |
| Interactive Brokers Group, Inc. - Class A | 9 | 515 |
| Intercontinental Exchange, Inc. | 1 | 255 |
| International Paper Company | 4 | 173 |
| Intuit Inc. | 2 | 1329 |
| Intuitive Surgical, Inc. (b) | 2 | 1013 |
| IQVIA Holdings Inc (b) | 2 | 274 |
| ITT Inc. | 4 | 605 |
| J.B. Hunt Transport Services, Inc. | 1 | 142 |
| Jabil Inc. | 2 | 412 |
| James Hardie Industries Public Limited Company - CHESS | 1 | 35 |
| Johnson & Johnson | 35 | 5329 |
| Keurig Dr Pepper Inc. | 46 | 1517 |
| Kinder Morgan, Inc. | 6 | 161 |
| Kinsale Capital Group, Inc. |  | 90 |
| Kontoor Brands, Inc. | 7 | 494 |
| Labcorp Holdings Inc. | 3 | 657 |
| Lam Research Corporation | 2 | 197 |

---

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page [607](#abbreviations).

**JNL Series Trust** (Unaudited)

**Schedules of Investments (in thousands)**

June 30, 2025

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| Lamar Advertising Company - Class A | 1 | 133 |
| Linde Public Limited Company | 2 | 1068 |
| Loews Corporation | 3 | 238 |
| Lowe`s Companies, Inc. | 9 | 1974 |
| M&T Bank Corporation | 2 | 416 |
| Marriott International, Inc. - Class A | 10 | 2791 |
| Martin Marietta Materials, Inc. |  | 176 |
| MasterCard Incorporated - Class A | 4 | 2183 |
| McDonald's Corporation | 9 | 2583 |
| McKesson Corporation | 1 | 702 |
| Media Group Holdings LLC (c) (d) | 3345 | 90 |
| Medtronic, Inc. | 8 | 716 |
| Merck & Co., Inc. | 2 | 134 |
| Meta Platforms, Inc. - Class A | 17 | 12704 |
| Mettler-Toledo International Inc. (b) |  | 203 |
| MGIC Investment Corporation | 17 | 479 |
| Microsoft Corporation (a) | 40 | 20140 |
| Mid-America Apartment Communities, Inc. | 1 | 188 |
| Middleby Corporation, The (b) | 2 | 321 |
| Mohawk Industries, Inc. (b) | 5 | 496 |
| Moody's Corporation | 1 | 630 |
| Morgan Stanley | 13 | 1823 |
| Murphy USA Inc. |  | 93 |
| Natera, Inc. (b) | 4 | 690 |
| Netflix, Inc. (b) | 1 | 1801 |
| Neurocrine Biosciences, Inc. (b) | 2 | 266 |
| NextEra Energy, Inc. | 27 | 1869 |
| Northern Trust Corporation | 2 | 310 |
| NVIDIA Corporation | 107 | 16918 |
| Omnicom Group Inc. | 6 | 418 |
| ON Semiconductor Corporation (b) | 10 | 497 |
| Oracle Corporation | 11 | 2507 |
| Oscar Health, Inc. - Class A (b) | 19 | 398 |
| Otis Worldwide Corporation | 6 | 613 |
| Packaging Corporation of America | 1 | 109 |
| Palo Alto Networks, Inc. (b) | 4 | 826 |
| PepsiCo, Inc. | 1 | 121 |
| Performance Food Group Company (b) | 6 | 512 |
| PG&E Corporation | 6 | 86 |
| Philip Morris International Inc. | 9 | 1728 |
| Post Holdings, Inc. (b) | 1 | 148 |
| Procter & Gamble Company, The | 1 | 180 |
| Public Service Enterprise Group Incorporated | 1 | 76 |
| Public Storage Operating Company | 1 | 156 |
| Quanta Services, Inc. | 2 | 867 |
| Quest Diagnostics Incorporated | 2 | 388 |
| Range Resources Corporation | 5 | 185 |
| Raymond James Financial, Inc. |  | 63 |
| Rayonier Inc. | 4 | 86 |
| Regency Centers Corporation | 3 | 194 |
| Regeneron Pharmaceuticals, Inc. |  | 85 |
| Regions Financial Corporation | 10 | 232 |
| Robinhood Markets, Inc. - Class A (b) | 5 | 491 |
| Ross Stores, Inc. | 12 | 1494 |
| RTX Corporation | 7 | 967 |
| Saia, Inc. (b) | 1 | 319 |
| Salesforce, Inc. | 10 | 2589 |
| SanDisk LLC (b) | 5 | 244 |
| SBA Communications Corporation - Class A | 1 | 134 |
| Seagate Technology Holdings Public Limited Company | 6 | 863 |
| ServiceNow, Inc. (b) |  | 411 |
| Silgan Holdings Inc. | 7 | 352 |
| Snowflake Inc. - Class A (b) | 3 | 771 |
| Southwest Airlines Co. | 24 | 773 |
| State Street Corporation | 3 | 293 |
| Synopsys, Inc. (b) | 1 | 450 |
| Take-Two Interactive Software, Inc. (b) | 3 | 682 |
| TD SYNNEX Corporation | 5 | 660 |
| TechnipFMC PLC | 17 | 594 |
| Teradyne, Inc. | 3 | 244 |
| Tesla Inc. (a) (b) | 13 | 4122 |
| Texas Instruments Incorporated | 1 | 282 |
| Textron Inc. | 3 | 262 |
| The Hershey Company | 1 | 214 |
| The PNC Financial Services Group, Inc. | 1 | 182 |
| The Progressive Corporation | 1 | 379 |
| The Southern Company | 49 | 4560 |
| Thermo Fisher Scientific Inc. | 3 | 1456 |
| TJX Companies, Inc., The | 5 | 667 |
| Tradeweb Markets Inc. - Class A | 2 | 332 |
| Trane Technologies Public Limited Company | 7 | 3086 |
| TransUnion | 1 | 103 |
| Travelers Companies, Inc., The | 1 | 318 |
| Twilio Inc. - Class A (b) | 2 | 286 |
| U.S. Bancorp | 24 | 1101 |
| Uber Technologies, Inc. (b) | 7 | 688 |
| Ulta Beauty, Inc. (b) | 1 | 317 |
| Union Pacific Corporation | 1 | 168 |
| United Parcel Service, Inc. - Class B | 3 | 287 |
| UnitedHealth Group Incorporated | 7 | 2136 |
| Universal Music Group N.V. | 3 | 91 |
| Verizon Communications Inc. | 23 | 975 |
| Vertex Pharmaceuticals Incorporated (b) |  | 82 |
| Vistra Corp. | 2 | 361 |
| W. R. Berkley Corporation | 2 | 134 |
| Walt Disney Company, The | 41 | 5107 |
| Wells Fargo & Company (a) | 56 | 4450 |
| Wesco Aircraft Holdings, Inc. (b) (c) | 1 | 19 |
| WESCO International, Inc. | 1 | 265 |
| Western Digital Corporation | 21 | 1345 |
| Wex, Inc. (b) | 2 | 233 |
| Weyerhaeuser Company | 4 | 101 |
| Williams Companies, Inc., The | 9 | 560 |
| Willscot Holdings Corporation - Class A | 7 | 189 |
| XCEL Energy Inc. | 2 | 122 |
| Yum! Brands, Inc. | 11 | 1673 |
| Zillow Group, Inc. - Class C (b) | 2 | 133 |
| | | 258225 |
| **Japan 2.8%** | **Japan 2.8%** | **Japan 2.8%** |
| Advantest Corporation | 2 | 162 |
| AEON Co., Ltd. | 3 | 83 |
| AGC Inc. (e) | 1 | 18 |
| Aisin Corporation | 2 | 23 |
| Ajinomoto Co., Inc. | 3 | 79 |
| ANA Holdings Inc. |  | 8 |
| Asahi Group Holdings, Ltd. | 5 | 61 |
| Asahi Kasei Corporation | 4 | 28 |
| ASICS Corporation | 2 | 56 |
| Astellas Pharma Inc. | 5 | 51 |
| Bandai Namco Holdings Inc. | 2 | 72 |
| Bridgestone Corporation (e) | 2 | 94 |
| Canon Inc. (e) | 3 | 78 |
| Capcom Co., Ltd. | 1 | 34 |
| Central Japan Railway Company | 3 | 65 |
| Chubu Electric Power Co., Ltd. | 2 | 28 |
| Chugai Pharmaceutical Co., Ltd. | 2 | 104 |
| Concordia Financial Group, Ltd. | 3 | 22 |
| Dai Nippon Printing Co., Ltd. | 1 | 20 |
| Daifuku Co., Ltd. | 1 | 26 |
| Dai-ichi Life Holdings, Inc. | 11 | 85 |
| Daiichi Sankyo Company, Limited | 6 | 128 |
| Daikin Industries, Ltd. | 1 | 106 |
| Daito Trust Construction Co., Ltd. |  | 22 |
| Daiwa House Industry Co., Ltd | 2 | 62 |
| Daiwa Securities Group Inc. | 4 | 27 |
| DENSO Corporation | 6 | 78 |
| DISCO Corporation | 4 | 1207 |
| East Japan Railway Company | 3 | 69 |
| Eisai Co., Ltd. | 1 | 20 |
| ENEOS Holdings, Inc. | 8 | 38 |
| FANUC Corporation | 3 | 76 |
| Fast Retailing Co., Ltd. | 1 | 171 |
| Fuji Electric Co., Ltd. |  | 18 |
| FUJIFILM Holdings Corporation | 4 | 75 |
| Fujikura Ltd. | 1 | 42 |
| Fujitsu Limited | 5 | 129 |
| Hankyu Hanshin Holdings, Inc. | 1 | 19 |
| Hitachi Construction Machinery Co., Ltd. |  | 9 |

---

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page [607](#abbreviations).

**JNL Series Trust** (Unaudited)

**Schedules of Investments (in thousands)**

June 30, 2025

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
|  Hitachi, Ltd. | 14 | 394 |
|  Honda Motor Co., Ltd. | 13 | 120 |
|  Hoshizaki Corporation (e) |  | 10 |
|  Hoya Corporation | 14 | 1649 |
|  Hulic Co., Ltd. | 2 | 15 |
|  Idemitsu Kosan Co., Ltd. | 2 | 15 |
|  IHI Corporation |  | 43 |
|  Inpex Corporation | 3 | 37 |
|  Isuzu Motors Limited | 2 | 20 |
|  ITOCHU Corporation | 18 | 931 |
|  Japan Airlines Co., Ltd. |  | 8 |
|  Japan Exchange Group, Inc. | 94 | 945 |
|  Japan Post Bank Co., Ltd. | 6 | 59 |
|  Japan Post Holdings Co., Ltd. | 6 | 55 |
|  Japan Post Insurance Co., Ltd. | 1 | 18 |
|  Japan Real Estate Investment Corporation |  | 18 |
|  Japan Tobacco Inc. (e) | 3 | 97 |
|  JFE Holdings, Inc. | 2 | 21 |
|  Kajima Corporation | 1 | 37 |
|  Kao Corporation | 1 | 63 |
|  Kawasaki Heavy Industries, Ltd. | 1 | 38 |
|  Kawasaki Kisen Kaisha, Ltd. | 1 | 16 |
|  KDDI Corporation | 9 | 147 |
|  Keyence Corporation | 6 | 2241 |
|  Kikkoman Corporation | 3 | 27 |
|  Kirin Holdings Company, Limited | 3 | 35 |
|  Kobe Bussan Co., Ltd. |  | 12 |
|  Komatsu Ltd. | 3 | 89 |
|  Konami Holdings Corporation |  | 47 |
|  Kubota Corporation (e) | 3 | 37 |
|  KYOCERA Corporation | 4 | 47 |
|  Kyowa Kirin Co., Ltd. (e) | 1 | 12 |
|  Lasertec Co., Ltd. (e) |  | 27 |
|  LY Corporation | 8 | 29 |
|  M3, Inc. | 1 | 18 |
|  Makita Corporation | 1 | 22 |
|  Marubeni Corporation | 5 | 99 |
|  MatsukiyoCocokara & Co. | 1 | 25 |
|  McDonald's Holdings Company (Japan), Ltd. |  | 12 |
|  Meiji Holdings Co., Ltd. | 1 | 20 |
|  Minebeamitsumi Inc. | 1 | 18 |
|  Mitsubishi Chemical Group Corporation | 4 | 20 |
|  Mitsubishi Corporation | 11 | 228 |
|  Mitsubishi Electric Corporation | 6 | 131 |
|  Mitsubishi Estate Co., Ltd. | 4 | 69 |
|  Mitsubishi HC Capital Inc. | 2 | 17 |
|  Mitsubishi Heavy Industries, Ltd. | 10 | 247 |
|  Mitsubishi UFJ Financial Group, Inc. | 180 | 2464 |
|  Mitsui & Co., Ltd. | 8 | 155 |
|  Mitsui Fudosan Co., Ltd. | 69 | 669 |
|  Mitsui O.S.K. Lines, Ltd. | 1 | 33 |
|  Mizuho Bank, Ltd. (e) | 1 | 13 |
|  Mizuho Financial Group, Inc. | 7 | 205 |
|  MonotaRO Co., Ltd. | 1 | 14 |
|  MS&AD Insurance Group Holdings, Inc. | 4 | 94 |
|  Murata Manufacturing Co., Ltd. | 5 | 80 |
|  Nec Corporation | 4 | 111 |
|  NEXON Co., Ltd. | 1 | 24 |
|  Nidec Corporation | 3 | 58 |
|  Nintendo Co., Ltd. | 3 | 327 |
|  Nippon Building Fund Inc. (e) |  | 23 |
|  Nippon Paint Holdings Co., Ltd. | 3 | 23 |
|  Nippon Sanso Holdings Corporation | 1 | 23 |
|  Nippon Steel Corporation | 3 | 59 |
|  Nippon Telegraph and Telephone Corporation | 80 | 85 |
|  Nippon Yusen Kabushiki Kaisha | 1 | 47 |
|  Nissan Motor Co., Ltd. (b) | 6 | 15 |
|  Nissin Food Holdings Co., Ltd. | 1 | 17 |
|  Niterra Co., Ltd. | 1 | 20 |
|  Nitori Holdings Co., Ltd. |  | 19 |
|  Nitto Denko Corporation | 2 | 39 |
|  Nomura Holdings, Inc. | 9 | 56 |
|  Nomura Research Institute, Ltd. | 1 | 48 |
|  Obayashi Corporation | 2 | 30 |
|  OBIC Co., Ltd. | 1 | 39 |
|  Olympus Corporation | 3 | 39 |
|  OMRON Corporation | 1 | 13 |
|  Ono Pharmaceutical Co., Ltd. | 1 | 14 |
|  Oracle Corporation Japan |  | 12 |
|  Oriental Land Co., Ltd. | 3 | 76 |
|  ORIX Corporation | 3 | 75 |
|  Osaka Gas Co., Ltd. | 1 | 31 |
|  Otsuka Corporation | 1 | 14 |
|  Otsuka Holdings Co., Ltd. | 1 | 69 |
|  Pan Pacific International Holdings Corporation | 2 | 58 |
|  Panasonic Holdings Corporation | 7 | 72 |
|  Rakuten Group, Inc. (b) | 5 | 25 |
|  Recruit Holdings Co., Ltd. | 4 | 253 |
|  Renesas Electronics Corporation | 5 | 55 |
|  Resona Holdings, Inc. | 7 | 61 |
|  Ricoh Company, Ltd. | 2 | 15 |
|  SBI Holdings, Inc. | 1 | 28 |
|  SCREEN Holdings Co., Ltd. |  | 24 |
|  SCSK Corporation | 1 | 15 |
|  Secom Co., Ltd. | 1 | 43 |
|  Sekisui Chemical Co., Ltd. | 1 | 22 |
|  Sekisui House, Ltd. (e) | 2 | 42 |
|  Seven & I Holdings Co., Ltd. | 7 | 115 |
|  SG Holdings Co., Ltd. | 1 | 13 |
|  Shimadzu Corporation | 1 | 20 |
|  Shimano Inc. |  | 29 |
|  Shimizu Corporation | 2 | 19 |
|  Shin-Etsu Chemical Co., Ltd. | 17 | 574 |
|  Shionogi & Co., Ltd. | 3 | 45 |
|  Shiseido Company, Limited (e) | 1 | 20 |
|  SMC Corporation |  | 72 |
|  SoftBank Corp. | 82 | 126 |
|  SoftBank Group Corp | 3 | 203 |
|  Sompo Holdings, Inc. | 3 | 87 |
|  Sony Group Corporation | 118 | 3061 |
|  Square Enix Holdings Co., Ltd. |  | 15 |
|  Subaru Corporation. | 2 | 30 |
|  Sumitomo Corporation | 4 | 93 |
|  Sumitomo Electric Industries, Ltd. | 2 | 49 |
|  Sumitomo Metal Mining Co., Ltd. | 1 | 20 |
|  Sumitomo Mitsui Financial Group, Inc. | 11 | 287 |
|  Sumitomo Mitsui Trust Group, Inc. | 2 | 56 |
|  Sumitomo Realty & Development Co., Ltd. | 1 | 54 |
|  Suntory Beverage & Food Limited (e) | 1 | 16 |
|  Suzuki Motor Corporation | 6 | 66 |
|  Sysmex Corporation | 2 | 28 |
|  T&D Holdings, Inc. | 2 | 35 |
|  Taisei Corporation | 1 | 29 |
|  Takeda Pharmaceutical Company Limited | 5 | 142 |
|  TDK Corporation | 6 | 64 |
|  Terumo Corporation | 4 | 81 |
|  The Chiba Bank, Ltd. | 2 | 19 |
|  The Kansai Electric Power Company, Incorporated | 3 | 36 |
|  TIS Inc. | 1 | 23 |
|  Toho Co., Ltd. |  | 18 |
|  Tokio Marine Holdings, Inc. | 24 | 999 |
|  Tokyo Century Corporation | 1 | 6 |
|  Tokyo Electric Power Company Holdings, Inc. (b) | 5 | 15 |
|  Tokyo Electron Limited | 1 | 248 |
|  Tokyo Gas Co., Ltd. | 1 | 37 |
|  Tokyu Corporation | 2 | 19 |
|  TOPPAN Holdings Inc. | 1 | 22 |
|  Toray Industries, Inc. | 4 | 30 |
|  Toyo Suisan Kaisha, Ltd. |  | 20 |
|  Toyota Industries Corporation | 1 | 56 |
|  Toyota Motor Corporation | 34 | 588 |
|  Toyota Tsusho Corporation | 2 | 48 |
|  Trend Micro Incorporated |  | 28 |
|  Unicharm Corporation (e) | 3 | 22 |
|  West Japan Railway Company | 1 | 32 |
|  Yakult Honsha Co., Ltd. | 1 | 19 |
|  Yamaha Motor Co., Ltd. (e) | 3 | 21 |
|  Yaskawa Electric Corporation | 1 | 16 |
|  Yokogawa Electric Corporation | 1 | 19 |
|  Zensho Holdings Co., Ltd. |  | 18 |

---

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page [607](#abbreviations).

**JNL Series Trust** (Unaudited)

**Schedules of Investments (in thousands)**

June 30, 2025

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| ZOZO, Inc. | 1 | 15 |
| | | 25447 |
| **France 2.1%** | **France 2.1%** | **France 2.1%** |
| Aeroports de Paris (e) |  | 13 |
| Airbus SE | 8 | 1635 |
| Amundi (d) |  | 15 |
| AXA | 5 | 256 |
| Biomerieux SA |  | 18 |
| BNP Paribas | 3 | 277 |
| Bollore SE | 2 | 13 |
| Bouygues | 1 | 25 |
| Bureau Veritas | 1 | 31 |
| Capgemini | 1 | 86 |
| Compagnie de Saint-Gobain | 1 | 158 |
| Compagnie Generale des Etablissements Michelin | 53 | 1958 |
| Credit Agricole SA | 3 | 63 |
| Danone | 2 | 156 |
| Dassault Aviation |  | 19 |
| Dassault Systemes | 2 | 71 |
| Engie | 26 | 617 |
| EssilorLuxottica | 1 | 234 |
| Hermes International |  | 273 |
| Kering |  | 45 |
| L'Air Liquide, societe anonyme pour l'Etude et l'Exploitation des procedes Georges Claude | 7 | 1518 |
| Legrand | 6 | 834 |
| L'Oreal | 1 | 306 |
| LVMH Moet Hennessy Louis Vuitton | 4 | 2338 |
| Orange | 5 | 80 |
| Pernod Ricard | 13 | 1321 |
| Publicis Groupe SA (e) | 1 | 76 |
| Safran | 11 | 3618 |
| Sanofi | 11 | 1049 |
| Sartorius Stedim Biotech |  | 20 |
| Schneider Electric SE | 2 | 428 |
| Societe Generale | 2 | 119 |
| Thales |  | 79 |
| TotalEnergies SE | 6 | 371 |
| Veolia Environnement | 2 | 67 |
| VINCI | 5 | 704 |
|  |  | 18891 |
| **China 1.9%** | **China 1.9%** | **China 1.9%** |
| Alibaba Group Holding Limited (d) | 139 | 1962 |
| Baoshan Iron & Steel Co., Ltd. - Class A | 123 | 113 |
| BYD Company Limited - Class H | 12 | 181 |
| China CITIC Bank Corporation Limited - Class H | 229 | 218 |
| China Construction Bank Corporation - Class H | 401 | 405 |
| China International Capital Corporation Limited - Class H (d) | 73 | 165 |
| China Merchants Bank Co., Ltd. - Class A | 62 | 398 |
| China Yangtze Power Co., Ltd. - Class A | 45 | 190 |
| Contemporary Amperex Technology Co., Limited - Class A | 7 | 229 |
| ENN Energy Holdings Limited | 21 | 168 |
| Full Truck Alliance Co. Ltd. - Class A - ADR | 10 | 117 |
| Fuyao Glass Industry Group Co., Ltd. - Class H (d) | 29 | 206 |
| H World Group Limited | 48 | 164 |
| Haidilao International Holding Ltd. (d) | 63 | 120 |
| Inner Mongolia Yili Industrial Group Co., Ltd. - Class A | 28 | 110 |
| Jiangsu Hengrui Pharmaceuticals Co., Ltd. - Class A | 33 | 241 |
| KE Holdings Inc. | 50 | 307 |
| Kweichow Moutai Co., Ltd. - Class A | 1 | 157 |
| Lenovo Group Limited | 128 | 154 |
| Meituan - Class B (b) (d) | 30 | 477 |
| Midea Group Co., Ltd. - Class A | 26 | 263 |
| NetEase, Inc. | 22 | 590 |
| Nongfu Spring Co., Ltd. - Class H (d) | 44 | 226 |
| PetroChina Company Limited - Class H | 240 | 207 |
| Pinduoduo (Shanghai) Network Technology Co., Ltd. - ADR (b) | 1 | 147 |
| Ping An Insurance (Group) Company of China, Ltd. - Class H | 57 | 360 |
| Tencent Holdings Limited | 93 | 6014 |
| Tencent Music Entertainment Group - Class A - ADR | 11 | 211 |
| WuXi Biologics (Cayman) Inc. (b) (d) | 10 | 33 |
| XCMG Construction Machinery Co., Ltd. - Class A | 104 | 112 |
| Xiaomi Corporation (b) (d) | 74 | 566 |
| Yum China Holdings, Inc. | 9 | 396 |
| Yum China Holdings, Inc. | 45 | 2020 |
| Zijin Mining Group Co., Ltd. - Class H | 102 | 263 |
| ZTO Express (Cayman) Inc. (d) | 6 | 112 |
|  |  | 17602 |
| **United Kingdom 1.7%** | **United Kingdom 1.7%** | **United Kingdom 1.7%** |
| 3I Group PLC | 20 | 1114 |
| Admiral Group PLC | 1 | 31 |
| Anglo American PLC | 3 | 94 |
| Associated British Foods PLC | 1 | 27 |
| AstraZeneca PLC | 14 | 1963 |
| Auto Trader Group PLC | 3 | 29 |
| Aviva PLC | 12 | 105 |
| BAE Systems PLC | 9 | 229 |
| Barclays PLC | 42 | 195 |
| Barratt Redrow PLC | 4 | 25 |
| BP P.L.C. | 47 | 232 |
| British American Tobacco P.L.C. | 6 | 279 |
| BT Group PLC | 18 | 49 |
| Bunzl Public Limited Company | 1 | 30 |
| Centrica PLC | 15 | 34 |
| Coca-Cola Europacific Partners PLC | 1 | 59 |
| Compass Group PLC | 20 | 678 |
| Convatec Group PLC (d) | 5 | 19 |
| Croda International Public Limited Company |  | 15 |
| CVC Capital Partners PLC | 2 | 49 |
| Diageo PLC | 25 | 636 |
| Entain PLC | 2 | 23 |
| Experian PLC | 3 | 140 |
| Fiat Chrysler Automobiles N.V. | 6 | 59 |
| GSK PLC | 12 | 229 |
| Haleon PLC | 27 | 137 |
| Halma Public Limited Company | 1 | 49 |
| Hikma Pharmaceuticals Public Limited Company |  | 13 |
| Hiscox Ltd. | 1 | 17 |
| Howden Joinery Group PLC | 2 | 18 |
| HSBC Holdings PLC | 53 | 637 |
| Imperial Brands PLC | 2 | 97 |
| Informa PLC | 4 | 42 |
| InterContinental Hotels Group PLC | 4 | 415 |
| Intermediate Capital Group PLC | 1 | 23 |
| International Consolidated Airlines Group, S.A. | 10 | 49 |
| Intertek Group PLC |  | 31 |
| J Sainsbury PLC | 5 | 20 |
| JD Sports Fashion PLC | 7 | 9 |
| Kingfisher PLC | 5 | 21 |
| Land Securities Group PLC | 2 | 19 |
| Legal & General Group PLC | 18 | 62 |
| Lloyds Banking Group PLC | 178 | 188 |
| London Stock Exchange Group PLC | 6 | 835 |
| M&G PLC | 7 | 23 |
| Melrose Industries PLC | 4 | 26 |
| Mondi PLC | 1 | 21 |
| National Grid PLC | 14 | 212 |
| NatWest Group PLC | 135 | 951 |
| Next PLC |  | 59 |
| Pearson PLC | 2 | 29 |
| Persimmon Public Limited Company | 1 | 16 |
| Phoenix Group Holdings PLC | 2 | 20 |
| Reckitt Benckiser Group PLC | 2 | 137 |
| Relx PLC | 13 | 729 |
| Relx PLC | 6 | 298 |
| Rentokil Initial PLC | 7 | 34 |
| Rightmove PLC | 2 | 25 |
| Rio Tinto PLC | 3 | 185 |
| Rolls-Royce Holdings PLC | 25 | 329 |
| Schroders PLC | 3 | 13 |
| SEGRO Public Limited Company | 4 | 34 |
| Severn Trent PLC | 1 | 29 |
| Shell PLC - Class A | 59 | 2074 |

---

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page [607](#abbreviations).

**JNL Series Trust** (Unaudited)

**Schedules of Investments (in thousands)**

June 30, 2025

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| Smith & Nephew PLC | 3 | 40 |
| Smiths Group PLC | 1 | 31 |
| Spirax Group PLC |  | 18 |
| SSE PLC | 3 | 81 |
| Standard Chartered PLC | 6 | 100 |
| Taylor Wimpey PLC | 10 | 17 |
| Tesco PLC | 20 | 109 |
| The Berkeley Group Holdings PLC |  | 16 |
| The Sage Group PLC. | 3 | 49 |
| Unilever PLC | 7 | 448 |
| United Utilities PLC | 2 | 32 |
| Vodafone Group Public Limited Company | 60 | 64 |
| Weir Group PLC(The) | 1 | 26 |
| Whitbread PLC | 1 | 19 |
| Wise PLC - Class A (b) | 2 | 29 |
| WPP 2012 Limited | 3 | 22 |
| | | 15370 |
| **Taiwan 1.6%** | **Taiwan 1.6%** | **Taiwan 1.6%** |
| Airtac International Group | 6 | 181 |
| ASE Technology Holding Co., Ltd. | 55 | 275 |
| ASPEED Technology Inc. | 1 | 178 |
| Delta Electronics, Inc. | 21 | 302 |
| E.Sun Financial Holding Company, Ltd. | 215 | 242 |
| MediaTek Inc. | 2 | 105 |
| Nuvoton Technology Corporation | 41 | 102 |
| Quanta Computer Inc. | 33 | 311 |
| Realtek Semiconductor Corporation | 16 | 311 |
| Silergy Corp. | 11 | 137 |
| Taiwan Semiconductor Manufacturing Company Limited - ADR | 21 | 4636 |
| Taiwan Semiconductor Manufacturing Company Limited | 207 | 7478 |
| Wiwynn Corporation | 3 | 266 |
| Yuanta Financial Holding Co., Ltd | 147 | 172 |
|  |  | 14696 |
| **Germany 1.5%** | **Germany 1.5%** | **Germany 1.5%** |
| Adidas AG - Class N | 1 | 124 |
| Allianz SE | 1 | 464 |
| BASF SE - Class N | 3 | 128 |
| Bayer Aktiengesellschaft - Class N | 3 | 82 |
| Bayerische Motoren Werke Aktiengesellschaft | 1 | 74 |
| Beiersdorf Aktiengesellschaft |  | 36 |
| BioNTech SE - ADR (b) |  | 30 |
| COMMERZBANK Aktiengesellschaft | 3 | 82 |
| Continental Aktiengesellschaft |  | 28 |
| Daimler Truck Holding AG | 1 | 66 |
| Deutsche Bank Aktiengesellschaft - Class N | 5 | 156 |
| Deutsche Borse Aktiengesellschaft - Class N | 1 | 430 |
| Deutsche Post AG - Class N | 3 | 130 |
| Deutsche Telekom AG - Class N | 24 | 880 |
| E.ON SE - Class N | 7 | 121 |
| Elia Group (e) |  | 14 |
| Fresenius SE & Co. KGaA | 1 | 61 |
| Hannover Ruck SE - Class N |  | 57 |
| Heidelberg Materials AG |  | 89 |
| Henkel AG & Co. KGaA |  | 21 |
| Infineon Technologies AG - Class N | 18 | 763 |
| Mercedes-Benz Group AG - Class N | 2 | 120 |
| MERCK Kommanditgesellschaft auf Aktien |  | 50 |
| MTU Aero Engines AG - Class N |  | 68 |
| Munchener Ruckversicherungs-Gesellschaft Aktiengesellschaft in Munchen - Class N | 6 | 3832 |
| Rheinmetall Aktiengesellschaft |  | 272 |
| RWE Aktiengesellschaft | 2 | 84 |
| SAP SE | 3 | 930 |
| Siemens Aktiengesellschaft - Class N | 15 | 3720 |
| Siemens Energy AG (b) | 2 | 232 |
| Siemens Healthineers AG (d) | 1 | 44 |
| Symrise AG |  | 39 |
| Talanx Aktiengesellschaft |  | 23 |
| Vonovia SE | 2 | 85 |
|  |  | 13335 |
| **India 0.9%** | **India 0.9%** | **India 0.9%** |
| Axis Bank Limited | 21 | 290 |
| Bajaj Finance Limited | 33 | 357 |
| Bharat Electronics Limited | 42 | 206 |
| Bharti Airtel Limited | 7 | 174 |
| Biocon Limited | 40 | 165 |
| Blue Star Limited | 5 | 105 |
| Coforge Limited | 7 | 147 |
| Dr. Reddy's Laboratories Limited - ADR | 10 | 156 |
| Godrej Consumer Products Limited | 13 | 182 |
| Havells India Limited | 9 | 171 |
| HDFC Bank Limited | 35 | 819 |
| HDFC Bank Limited - ADR | 13 | 1008 |
| Hindalco Industries Limited | 18 | 142 |
| ICICI Bank Limited | 34 | 572 |
| Infosys Limited - ADR | 33 | 605 |
| Infosys Limited | 17 | 316 |
| ITC Limited | 31 | 149 |
| Mahindra and Mahindra Limited | 13 | 498 |
| Max Financial Services Limited (b) | 15 | 295 |
| NTPC Limited | 35 | 136 |
| PB Fintech Limited (b) | 7 | 157 |
| REC Limited | 17 | 78 |
| Reliance Industries Limited - GDR (f) | 1 | 95 |
| Reliance Industries Limited | 35 | 618 |
| Shriram Finance Limited | 31 | 254 |
| Tata Motors Limited | 23 | 188 |
| UltraTech Cement Limited | 2 | 235 |
|  |  | 8118 |
| **Switzerland 0.9%** | **Switzerland 0.9%** | **Switzerland 0.9%** |
| ABB Ltd - Class N | 5 | 282 |
| Alcon AG | 1 | 129 |
| Amrize AG (b) | 4 | 207 |
| Coca-Cola HBC AG | 1 | 31 |
| Compagnie Financiere Richemont SA | 2 | 299 |
| EMS-Chemie Holding AG |  | 17 |
| Galderma Group AG |  | 53 |
| Geberit AG - Class N |  | 80 |
| Givaudan SA - Class N |  | 126 |
| Glencore PLC | 29 | 113 |
| Holcim AG | 1 | 109 |
| Julius Bar Gruppe AG - Class N | 1 | 40 |
| Kuhne & Nagel International AG |  | 32 |
| Lonza Group AG | 1 | 867 |
| Nestle S.A. - Class N | 17 | 1654 |
| Novartis AG - Class N | 12 | 1397 |
| Partners Group Holding AG |  | 88 |
| Roche Holding AG |  | 31 |
| Sandoz Group AG | 1 | 67 |
| Schindler Holding AG - Class N |  | 24 |
| SGS SA |  | 46 |
| Sika AG |  | 129 |
| Sonova Holding AG |  | 43 |
| Straumann Holding AG - Class N |  | 43 |
| Swiss Life Holding AG - Class N |  | 86 |
| Swiss Re AG | 1 | 151 |
| Swisscom AG - Class N |  | 55 |
| UBS Group AG | 41 | 1377 |
| Zurich Insurance Group AG - Class N |  | 300 |
|  |  | 7876 |
| **Netherlands 0.8%** | **Netherlands 0.8%** | **Netherlands 0.8%** |
| Adyen N.V. (b) (d) |  | 160 |
| Akzo Nobel N.V. |  | 34 |
| ASM International N.V. |  | 81 |
| ASML Holding N.V. | 4 | 3058 |
| DSM-Firmenich AG | 1 | 79 |
| Exor Nederland N.V. |  | 29 |
| HAL Trust |  | 15 |
| Heineken Holding N.V. |  | 29 |
| Heineken N.V. | 26 | 2291 |
| ING Groep N.V. | 9 | 196 |
| JDE Peet's N.V. (e) |  | 13 |
| Koninklijke Ahold Delhaize N.V. | 3 | 111 |
| Koninklijke KPN N.V. | 11 | 56 |
| Koninklijke Philips N.V. | 2 | 57 |
| NN Group N.V. | 1 | 53 |

---

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page [607](#abbreviations).

**JNL Series Trust** (Unaudited)

**Schedules of Investments (in thousands)**

June 30, 2025

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| NXP Semiconductors N.V. | 3 | 598 |
| Prosus N.V. - Class N | 4 | 213 |
| STMicroelectronics N.V. | 2 | 58 |
| Wolters Kluwer N.V. - Class C | 1 | 114 |
| | | 7245 |
| **Sweden 0.8%** | **Sweden 0.8%** | **Sweden 0.8%** |
| AB Sagax - Class B | 1 | 15 |
| AB Sagax - Class D |  | 1 |
| Aktiebolaget Industrivarden - Class A |  | 13 |
| Aktiebolaget Industrivarden - Class C |  | 17 |
| Aktiebolaget SKF - Class B | 1 | 24 |
| Aktiebolaget Volvo - Class A | 1 | 16 |
| Aktiebolaget Volvo - Class B | 99 | 2787 |
| Alfa Laval AB | 1 | 35 |
| ASSA ABLOY AB - Class B | 3 | 97 |
| Atlas Copco Aktiebolag - Class A | 113 | 1839 |
| Atlas Copco Aktiebolag - Class B | 5 | 66 |
| Axfood AB |  | 9 |
| Boliden AB (b) | 1 | 26 |
| Castellum Aktiebolag (e) | 1 | 16 |
| Epiroc Aktiebolag - Class A | 2 | 40 |
| Epiroc Aktiebolag - Class B | 1 | 22 |
| EQT AB (d) (e) | 2 | 70 |
| Essity Aktiebolag (publ) - Class A |  | 2 |
| Essity Aktiebolag (publ) - Class B | 2 | 49 |
| Evolution AB (publ) (d) | 1 | 44 |
| Fastighets AB Balder - Class B (b) | 2 | 15 |
| G&L Beijer Ref AB - Class B (e) | 1 | 18 |
| H & M Hennes & Mauritz AB - Class B (e) | 2 | 21 |
| Hexagon Aktiebolag - Class B | 6 | 62 |
| Holmen Aktiebolag - Class B |  | 9 |
| Indutrade Aktiebolag | 1 | 22 |
| Investment Ab Latour - Class B |  | 11 |
| Investor Aktiebolag - Class A | 2 | 50 |
| Investor Aktiebolag - Class B | 5 | 159 |
| L E Lundbergforetagen Aktiebolag (publ) - Series B |  | 11 |
| Lifco AB (Publ) - Class B | 1 | 27 |
| NIBE Industrier AB - Class B (e) | 5 | 21 |
| Nordnet AB |  | 13 |
| Saab AB - Class B | 1 | 61 |
| Sandvik Aktiebolag | 3 | 66 |
| Securitas AB - Class B | 2 | 23 |
| Skandinaviska Enskilda Banken AB - Class A | 4 | 69 |
| Skandinaviska Enskilda Banken AB - Class C |  | 1 |
| Skanska AB - Class B | 1 | 23 |
| Spotify Technology S.A. (b) | 1 | 669 |
| SSAB AB - Class A | 1 | 4 |
| SSAB AB - Class B | 2 | 10 |
| Svenska Cellulosa Aktiebolaget SCA - Class B | 1 | 19 |
| Svenska Handelsbanken AB - Class A | 4 | 54 |
| Svenska Handelsbanken AB - Class B (e) |  | 1 |
| Swedbank AB - Class A | 3 | 77 |
| Swedish Orphan Biovitrum AB (Publ) (b) |  | 15 |
| Tele2 AB - Class B | 2 | 24 |
| Telefonaktiebolaget LM Ericsson - Class A |  | 1 |
| Telefonaktiebolaget LM Ericsson - Class B | 8 | 65 |
| Telia Company AB | 7 | 25 |
| Trelleborg AB - Class B | 1 | 23 |
|  |  | 6857 |
| **South Korea 0.7%** | **South Korea 0.7%** | **South Korea 0.7%** |
| Hana Financial Group Inc. | 7 | 453 |
| HD Hyundai Electric Co., Ltd. | 1 | 207 |
| Hl Mando Corporation | 5 | 119 |
| Hugel, Inc. (b) | 1 | 162 |
| JB Financial Group Co., Ltd. | 8 | 121 |
| KakaoBank Corp. | 7 | 158 |
| KIA Corporation | 13 | 918 |
| Korea Aerospace Industries, Ltd. | 3 | 186 |
| KT Corporation | 4 | 154 |
| KT Corporation - ADR | 2 | 42 |
| Samsung Biologics Co., Ltd. (b) |  | 73 |
| Samsung Electronics Co., Ltd. | 31 | 1373 |
| Samsung Fire & Marine Insurance Co., Ltd. | 1 | 239 |
| SK Hynix Inc. | 8 | 1738 |
| SK Telecom Co., Ltd. | 3 | 133 |
| SM Entertainment Co., Ltd. | 2 | 225 |
| S-Oil Corporation | 2 | 104 |
|  |  | 6405 |
| **Hong Kong 0.6%** | **Hong Kong 0.6%** | **Hong Kong 0.6%** |
| AIA Group Limited | 197 | 1773 |
| Budweiser Brewing Company APAC Limited (d) | 5 | 5 |
| China Resources Power Holdings Company Limited | 48 | 116 |
| CK Asset Holdings Limited | 6 | 26 |
| CK Hutchison Holdings Limited | 8 | 46 |
| CK Infrastructure Holdings Limited | 2 | 13 |
| CLP Holdings Limited | 6 | 46 |
| Hang Seng Bank, Limited | 2 | 30 |
| Henderson Land Development Company Limited | 4 | 14 |
| HKT Trust | 9 | 13 |
| Hong Kong And China Gas Company Limited - The- | 33 | 28 |
| Hong Kong Exchanges and Clearing Limited | 52 | 2775 |
| Jardine Matheson Holdings Limited | 1 | 23 |
| Link Real Estate Investment Trust | 7 | 40 |
| MTR Corporation Limited | 5 | 16 |
| Power Assets Holdings Limited | 4 | 26 |
| Sino Land Company Limited | 10 | 11 |
| Sun Hung Kai Properties Limited | 5 | 58 |
| Swire Pacific Limited - Class A | 1 | 9 |
| Swire Pacific Limited - Class B | 3 | 4 |
| Swire Properties Limited | 3 | 8 |
| Techtronic Industries Company Limited | 15 | 165 |
| WH Group Limited (d) | 24 | 23 |
| Wharf (Holdings) Limited, The (e) | 3 | 9 |
| Wharf Real Estate Investment Company Limited | 4 | 11 |
|  |  | 5288 |
| **Australia 0.5%** | **Australia 0.5%** | **Australia 0.5%** |
| ANZ Group Holdings Limited | 9 | 171 |
| Aristocrat Leisure Limited | 2 | 79 |
| ASX Limited | 1 | 26 |
| Atlas Arteria Limited (e) | 3 | 11 |
| Atlassian Corporation - Class A (b) | 2 | 419 |
| Australian Pipeline Trust | 4 | 21 |
| BHP Group Limited | 14 | 346 |
| BlueScope Steel Limited | 1 | 20 |
| Brambles Limited | 4 | 63 |
| Cochlear Limited |  | 37 |
| Coles Group Limited | 4 | 54 |
| Commonwealth Bank of Australia | 5 | 604 |
| Computershare Limited | 2 | 44 |
| CSL Limited | 1 | 226 |
| DEXUS Funds Management Limited | 3 | 14 |
| Fortescue Ltd | 5 | 48 |
| Goodman Funding Pty Ltd | 6 | 129 |
| GPT Management Holdings Limited | 6 | 18 |
| Insurance Australia Group Limited | 7 | 42 |
| Macquarie Group Limited | 1 | 162 |
| Medibank Private Limited | 8 | 27 |
| Mirvac Limited | 12 | 17 |
| National Australia Bank Limited | 9 | 236 |
| Northern Star Resources Ltd | 4 | 52 |
| Orica Limited | 1 | 19 |
| Origin Energy Limited | 5 | 36 |
| Pro Medicus Limited |  | 31 |
| Qantas Airways Limited | 2 | 16 |
| QBE Insurance Group Limited | 4 | 69 |
| Ramsay Health Care Limited | 1 | 13 |
| REA Group Ltd (e) |  | 24 |
| Reece Limited (e) | 1 | 10 |
| Rio Tinto Limited | 1 | 78 |
| Santos Limited | 9 | 46 |
| Scentre Group Limited | 15 | 36 |
| SEEK Limited | 1 | 15 |
| SGH Limited | 1 | 21 |
| Sigma Healthcare Ltd | 17 | 33 |
| Sonic Healthcare Limited | 1 | 24 |
| South32 Limited | 13 | 26 |
| Stockland Corporation Ltd | 7 | 25 |
| Suncorp Group Limited | 3 | 46 |

---

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page [607](#abbreviations).

**JNL Series Trust** (Unaudited)

**Schedules of Investments (in thousands)**

June 30, 2025

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| Telstra Corporation Limited | 185 | 591 |
| The Lottery Corporation Limited | 7 | 23 |
| TPG Corporation Limited (e) | 1 | 4 |
| Transurban Holdings Limited (e) | 9 | 84 |
| Vicinity Centres RE Ltd | 11 | 17 |
| Washington H. Soul Pattinson and Company Limited (e) | 1 | 20 |
| Wesfarmers Limited | 3 | 188 |
| Westpac Banking Corporation | 10 | 227 |
| WiseTech Global Limited | 1 | 37 |
| Woodside Energy Group Ltd | 6 | 87 |
| Woolworths Group Limited | 4 | 74 |
| | | 4786 |
| **Denmark 0.4%** | **Denmark 0.4%** | **Denmark 0.4%** |
| A.P. Moller - Maersk A/S - Class A |  | 15 |
| A.P. Moller - Maersk A/S - Class B |  | 22 |
| Carlsberg A/S - Class B |  | 39 |
| Coloplast A/S - Class B (e) |  | 40 |
| Danske Bank A/S | 2 | 78 |
| DSV A/S | 1 | 136 |
| Genmab A/S (b) (e) |  | 39 |
| Novo Nordisk A/S - Class B | 39 | 2726 |
| Novozymes A/S - Class B | 1 | 73 |
| Orsted A/S (b) (d) (e) |  | 19 |
| Pandora A/S |  | 41 |
| Tryg A/S | 1 | 24 |
| Vestas Wind Systems A/S | 3 | 44 |
|  |  | 3296 |
| **Singapore 0.3%** | **Singapore 0.3%** | **Singapore 0.3%** |
| Capitaland Ascendas REIT | 11 | 22 |
| Capitaland Group Pte. Ltd. | 14 | 24 |
| Capitaland Investment Limited | 7 | 14 |
| DBS Group Holdings Ltd | 67 | 2356 |
| Genting Singapore Limited | 17 | 9 |
| Jardine Cycle & Carriage Limited (e) |  | 4 |
| Keppel Ltd. | 4 | 24 |
| Mapletree Commercial Trust Treasury Company Pte. Ltd. (d) | 7 | 7 |
| Oversea-Chinese Banking Corporation Limited | 10 | 125 |
| Sea Limited - Class A - ADR (b) | 1 | 217 |
| Singapore Airlines Limited (e) | 4 | 22 |
| Singapore Exchange Limited | 3 | 29 |
| Singapore Technologies Engineering Ltd | 5 | 28 |
| Singapore Telecommunications Limited | 24 | 73 |
| United Overseas Bank Limited | 4 | 113 |
| Wilmar International Limited | 5 | 12 |
|  |  | 3079 |
| **Italy 0.3%** | **Italy 0.3%** | **Italy 0.3%** |
| A2a S.P.A. | 5 | 12 |
| Assicurazioni Generali Societa' Per Azioni | 3 | 104 |
| Banca Mediolanum SpA | 1 | 10 |
| Banco BPM Societa' Per Azioni | 4 | 45 |
| Buzzi S.p.A. |  | 13 |
| Davide Campari-Milano N.V. (e) | 2 | 11 |
| DiaSorin S.p.A. (e) |  | 7 |
| ENEL - SPA | 23 | 217 |
| Eni S.P.A. | 6 | 99 |
| Ferrari N.V. |  | 177 |
| Finecobank Banca Fineco S.P.A. | 2 | 40 |
| Hera S.p.A. | 3 | 13 |
| Infrastrutture Wireless Italiane S.p.A. O, In Forma Abbreviata, Inwit S.p.A. (d) | 1 | 12 |
| Intesa Sanpaolo SPA | 46 | 263 |
| Leonardo S.p.A. | 1 | 67 |
| Mediobanca Banca di Credito Finanziario Societa' Per Azioni (e) | 2 | 40 |
| Moncler S.p.A. | 1 | 36 |
| Nexi S.p.A. | 2 | 9 |
| Pirelli & C. S.p.A. (d) | 1 | 7 |
| Poste Italiane - Societa' Per Azioni (d) | 1 | 29 |
| Prysmian S.p.A. | 1 | 60 |
| Recordati Industria Chimica E Farmaceutica S.P.A. In Breve Recordati S.P.A. |  | 18 |
| Snam S.p.A. | 6 | 38 |
| Telecom Italia S.p.A. (e) | 37 | 18 |
| Terna - Rete Elettrica Nazionale Societa Per Azioni | 4 | 42 |
| Unicredit, Societa' Per Azioni In Forma Abbreviata Unicredit S.P.A. | 15 | 997 |
|  |  | 2384 |
| **Spain 0.2%** | **Spain 0.2%** | **Spain 0.2%** |
| ACS, Actividades de Construccion y Servicios, S.A. | 1 | 42 |
| AENA, S.M.E., S.A. | 2 | 57 |
| Amadeus IT Holding, S.A. (d) | 1 | 109 |
| Banco Bilbao Vizcaya Argentaria, S.A. | 17 | 262 |
| Banco Santander, S.A. | 44 | 364 |
| CaixaBank, S.A. | 11 | 91 |
| Cellnex Telecom, S.A. (d) | 2 | 66 |
| Endesa, S.A. (e) | 1 | 30 |
| Ferrovial SE | 1 | 72 |
| Iberdrola, Sociedad Anonima (e) | 43 | 826 |
| Industria de Diseno Textil, S.A. | 3 | 171 |
| Naturgy Energy Group, S.A. |  | 12 |
| Redeia Corporacion SA (e) | 1 | 26 |
| Repsol SA (e) | 3 | 50 |
| Telefonica, S.A. (e) | 13 | 70 |
|  |  | 2248 |
| **Canada 0.2%** | **Canada 0.2%** | **Canada 0.2%** |
| Alimentation Couche-Tard Inc. | 10 | 496 |
| Canadian Pacific Kansas City Limited | 5 | 435 |
| Intact Financial Corporation | 3 | 692 |
| Shopify Inc. - Class A (b) | 3 | 340 |
|  |  | 1963 |
| **Brazil 0.2%** | **Brazil 0.2%** | **Brazil 0.2%** |
| B3 S.A. - Brasil, Bolsa, Balcao | 114 | 304 |
| Banco BTG Pactual S/A | 21 | 162 |
| Banco do Brasil S.A | 42 | 171 |
| Banco Santander (Brasil) S.A. | 44 | 240 |
| Localiza Rent A Car SA | 18 | 131 |
| Motiva Infraestrutura De Mobilidade S.A. | 50 | 126 |
| NU Holdings Ltd. - Class A (b) | 13 | 180 |
| Raia Drogasil S.A. | 37 | 104 |
| Suzano SA | 13 | 118 |
| Telefonica Brasil S.A. | 40 | 228 |
|  |  | 1764 |
| **Saudi Arabia 0.2%** | **Saudi Arabia 0.2%** | **Saudi Arabia 0.2%** |
| Al Rajhi Banking and Investment Corporation | 45 | 1144 |
| Saudi Arabian Oil Company (d) | 39 | 250 |
|  |  | 1394 |
| **Belgium 0.2%** | **Belgium 0.2%** | **Belgium 0.2%** |
| Ackermans |  | 17 |
| Ageas SA/NV | 1 | 34 |
| Anheuser-Busch InBev | 3 | 199 |
| argenx SE (b) |  | 96 |
| Colruyt Group |  | 5 |
| D'Ieteren Group |  | 13 |
| Groupe Bruxelles Lambert - Groep Brussel Lambert |  | 21 |
| KBC Groep | 8 | 854 |
| Lotus Bakeries |  | 10 |
| Sofina |  | 15 |
| Syensqo |  | 17 |
| UCB |  | 70 |
| Warehouses De Pauw | 1 | 13 |
|  |  | 1364 |
| **Ireland 0.2%** | **Ireland 0.2%** | **Ireland 0.2%** |
| AerCap Holdings N.V. | 6 | 705 |
| DCC Public Limited Company |  | 19 |
| Kerry Group Public Limited Company - Class A |  | 49 |
| Kingspan Group Public Limited Company | 5 | 424 |
| Smurfit Westrock Public Limited Company | 4 | 167 |
|  |  | 1364 |
| **Indonesia 0.2%** | **Indonesia 0.2%** | **Indonesia 0.2%** |
| PT. Bank Central Asia Tbk | 1662 | 887 |
| PT. Bank Mandiri (Persero) Tbk. | 584 | 176 |
| PT. Telekomunikasi Indonesia (Persero) Tbk | 1708 | 293 |
|  |  | 1356 |

---

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page [607](#abbreviations).

**JNL Series Trust** (Unaudited)

**Schedules of Investments (in thousands)**

June 30, 2025

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| **Mexico 0.1%** | **Mexico 0.1%** | **Mexico 0.1%** |
| Arca Continental S.A.B. de C.V. | 17 | 175 |
| Fresnillo PLC | 1 | 11 |
| Grupo Aeroportuario del Sureste, S.A.B. de C.V. - Series B - ADR | 1 | 247 |
| Grupo Financiero Banorte, S.A.B. de C.V. | 18 | 165 |
| Regional, S.A.B. De C.V. | 29 | 241 |
| Wal - Mart de Mexico, S.A.B. de C.V. | 85 | 281 |
|  |  | 1120 |
| **South Africa 0.1%** | **South Africa 0.1%** | **South Africa 0.1%** |
| ABSA Group | 22 | 222 |
| Capitec Bank Holdings | 1 | 161 |
| Clicks Group | 6 | 133 |
| Gold Fields Limited | 11 | 256 |
| Shoprite Holdings | 9 | 147 |
|  |  | 919 |
| **Greece 0.1%** | **Greece 0.1%** | **Greece 0.1%** |
| National Bank of Greece SA - Class R | 43 | 555 |
| Piraeus Financial Holdings S.A. - Class R | 36 | 251 |
|  |  | 806 |
| **Finland 0.1%** | **Finland 0.1%** | **Finland 0.1%** |
| Elisa Oyj |  | 24 |
| Fortum Oyj | 1 | 24 |
| Kesko Oyj - Class A |  | 6 |
| Kesko Oyj - Class B | 1 | 20 |
| Kone Corporation - Class B | 1 | 69 |
| Metso Oyj (e) | 2 | 27 |
| Neste Oyj | 1 | 17 |
| Nokia Oyj | 15 | 78 |
| Nordea Bank Abp | 9 | 132 |
| Orion Oyj - Class A |  | 6 |
| Orion Oyj - Class B |  | 24 |
| Sampo Oyj - Class A | 8 | 80 |
| Stora Enso Oyj - Class R (e) | 2 | 19 |
| UPM-Kymmene Oyj (e) | 2 | 42 |
| Wartsila Oyj Abp | 1 | 34 |
|  |  | 602 |
| **Poland 0.1%** | **Poland 0.1%** | **Poland 0.1%** |
| Allegro.eu (b) (d) | 2 | 18 |
| Bank Polska Kasa Opieki - Spolka Akcyjna | 1 | 32 |
| Dino Polska Spolka Akcyjna (b) (d) | 1 | 173 |
| ING Bank Slaski Spolka Akcyjna |  | 8 |
| KGHM Polska Miedz Spolka Akcyjna |  | 15 |
| LPP Spolka Akcyjna |  | 12 |
| Orlen S A | 2 | 39 |
| Powszechna Kasa Oszczednosci Bank Polski Spolka Akcyjna | 3 | 53 |
| Powszechny Zaklad Ubezpieczen Spolka Akcyjna | 12 | 210 |
| Santander Bank Polska Spolka Akcyjna |  | 16 |
|  |  | 576 |
| **Turkey 0.0%** | **Turkey 0.0%** | **Turkey 0.0%** |
| Akbank Turk Anonim Sirketi - Class A | 85 | 146 |
| BIM Birlesik Magazalar Anonim Sirketi - Class A | 22 | 274 |
|  |  | 420 |
| **Argentina 0.0%** | **Argentina 0.0%** | **Argentina 0.0%** |
| Globant S.A. (b) | 1 | 82 |
| MercadoLibre, Inc. (b) |  | 316 |
|  |  | 398 |
| **Norway 0.0%** | **Norway 0.0%** | **Norway 0.0%** |
| Aker BP ASA | 1 | 23 |
| DNB Bank ASA | 2 | 61 |
| Equinor ASA | 3 | 63 |
| Gjensidige Forsikring ASA | 1 | 14 |
| Kongsberg Gruppen ASA | 1 | 50 |
| Mowi ASA | 1 | 25 |
| Norsk Hydro ASA | 4 | 22 |
| Orkla ASA | 2 | 24 |
| SalMar ASA |  | 10 |
| Storebrand ASA | 1 | 18 |
| Telenor ASA | 2 | 29 |
| Var Energi ASA | 2 | 6 |
| Vend Marketplaces ASA - Class A |  | 7 |
| Vend Marketplaces ASA - Class B |  | 9 |
| Yara International ASA |  | 18 |
|  |  | 379 |
| **Israel 0.0%** | **Israel 0.0%** | **Israel 0.0%** |
| Azrieli Group Ltd. |  | 10 |
| Bank Hapoalim B.M. | 4 | 75 |
| Bank Leumi Le-Israel B.M. | 4 | 83 |
| Elbit Systems Ltd. |  | 31 |
| ICL Group Ltd | 2 | 14 |
| Israel Discount Bank Limited | 4 | 37 |
| Mizrahi Tefahot Bank Ltd |  | 27 |
| Nice Ltd (b) |  | 32 |
| Teva Pharmaceutical Industries Ltd (b) | 3 | 57 |
|  |  | 366 |
| **United Arab Emirates 0.0%** | **United Arab Emirates 0.0%** | **United Arab Emirates 0.0%** |
| Adnoc Drilling Company PJSC | 82 | 128 |
| Emaar Properties (P.J.S.C) | 59 | 219 |
|  |  | 347 |
| **Hungary 0.0%** | **Hungary 0.0%** | **Hungary 0.0%** |
| OTP Bank Nyrt. | 4 | 280 |
| **Peru 0.0%** | **Peru 0.0%** | **Peru 0.0%** |
| Credicorp Ltd. | 1 | 240 |
| **Portugal 0.0%** | **Portugal 0.0%** | **Portugal 0.0%** |
| EDP Renovaveis, S.A. | 1 | 9 |
| EDP, S.A. | 8 | 36 |
| Galp Energia, SGPS, S.A. - Class B | 1 | 22 |
| Jeronimo Martins, SGPS, S.A. | 6 | 147 |
|  |  | 214 |
| **Qatar 0.0%** | **Qatar 0.0%** | **Qatar 0.0%** |
| Qatar National Bank (Q.P.S.C.) | 43 | 207 |
| **Luxembourg 0.0%** | **Luxembourg 0.0%** | **Luxembourg 0.0%** |
| ArcelorMittal | 1 | 41 |
| Millicom International Cellular SA (b) | 3 | 125 |
| Tenaris S.A. | 1 | 21 |
|  |  | 187 |
| **Austria 0.0%** | **Austria 0.0%** | **Austria 0.0%** |
| Andritz AG |  | 15 |
| BAWAG Group AG (d) |  | 29 |
| Erste Group Bank AG | 1 | 76 |
| OMV Aktiengesellschaft (e) |  | 22 |
| Raiffeisen Bank International AG |  | 13 |
| Telekom Austria Aktiengesellschaft |  | 4 |
| Verbund AG (e) |  | 16 |
|  |  | 175 |
| **Kazakhstan 0.0%** | **Kazakhstan 0.0%** | **Kazakhstan 0.0%** |
| Joint Stock Company Kaspi.Kz - ADR (d) | 2 | 130 |
| **Philippines 0.0%** | **Philippines 0.0%** | **Philippines 0.0%** |
| Bank of The Philippine Islands | 47 | 109 |
| **New Zealand 0.0%** | **New Zealand 0.0%** | **New Zealand 0.0%** |
| Auckland International Airport Limited | 5 | 21 |
| Fisher & Paykel Healthcare Corporation Limited | 2 | 36 |
| Meridian Energy Limited | 4 | 14 |
|  |  | 71 |
| **Macau 0.0%** | **Macau 0.0%** | **Macau 0.0%** |
| Galaxy Entertainment Group Limited | 7 | 31 |
| Sands China Ltd. | 6 | 13 |
|  |  | 44 |
| **Chile 0.0%** | **Chile 0.0%** | **Chile 0.0%** |
| Antofagasta PLC | 1 | 26 |
| **Russian Federation 0.0%** | **Russian Federation 0.0%** | **Russian Federation 0.0%** |
| Evraz PLC (b) (c) (d) | 1 |  |
| Public Joint-Stock Company Severstal - GDR (b) (c) (d) | 15 |  |
| Total Common Stocks (cost $437,378) | Total Common Stocks (cost $437,378) | 437969 |
| **CORPORATE BONDS AND NOTES 30.4%** | **CORPORATE BONDS AND NOTES 30.4%** | **CORPORATE BONDS AND NOTES 30.4%** |
| **United States of America 25.1%** | **United States of America 25.1%** | **United States of America 25.1%** |
| A + N Real Estate & Business Management Corporation |  |  |
| 5.63%, 08/15/29 (f) | 1082 | 1035 |

---

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page [607](#abbreviations).

**JNL Series Trust** (Unaudited)

**Schedules of Investments (in thousands)**

June 30, 2025

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| AAR Escrow Issuer, LLC |  |  |
| 6.75%, 03/15/29 (f) | 511 | 529 |
| Acrisure, LLC |  |  |
| 4.25%, 02/15/29 (f) | 965 | 928 |
| AdaptHealth LLC |  |  |
| 4.63%, 08/01/29 (f) | 779 | 734 |
| 5.13%, 03/01/30 (f) | 318 | 302 |
| Adient Global Holdings Ltd |  |  |
| 7.00%, 04/15/28 (f) | 257 | 265 |
| Advantage Sales & Marketing Inc. |  |  |
| 6.50%, 11/15/28 (f) | 944 | 736 |
| Alcoa Nederland Holding B.V. |  |  |
| 4.13%, 03/31/29 (e) (f) | 657 | 625 |
| Allegiant Travel Company |  |  |
| 7.25%, 08/15/27 (f) | 836 | 836 |
| Alliant Holdings Intermediate, LLC |  |  |
| 4.25%, 10/15/27 (f) | 398 | 390 |
| 6.75%, 04/15/28 (f) | 1038 | 1055 |
| Allied Universal Holdco LLC |  |  |
| 4.63%, 06/01/28 (f) | 1077 | 1045 |
| Alta Equipment Group Inc. |  |  |
| 9.00%, 06/01/29 (e) (f) | 862 | 804 |
| AMC Networks, Inc. |  |  |
| 10.25%, 01/15/29 (f) | 909 | 943 |
| American Airlines, Inc. |  |  |
| 7.25%, 02/15/28 (e) (f) | 469 | 479 |
| 5.75%, 04/20/29 (f) | 1223 | 1226 |
| 8.50%, 05/15/29 (e) (f) | 914 | 958 |
| American Axle & Manufacturing, Inc. |  |  |
| 5.00%, 10/01/29 (e) | 903 | 827 |
| American Express Company |  |  |
| 3.95%, 08/01/25 | 102 | 102 |
| AmeriTex HoldCo Intermediate LLC |  |  |
| 10.25%, 10/15/28 (f) | 706 | 749 |
| AmWINS Group, Inc. |  |  |
| 6.38%, 02/15/29 (f) | 206 | 210 |
| 4.88%, 06/30/29 (f) | 245 | 238 |
| Antero Resources Corporation |  |  |
| 5.38%, 03/01/30 (f) | 700 | 704 |
| APH Somerset Inv 2 LLC |  |  |
| 7.88%, 11/01/29 (f) | 906 | 927 |
| Arches Buyer Inc. |  |  |
| 4.25%, 06/01/28 (f) | 711 | 681 |
| Ardagh Metal Packaging Finance Public Limited Company |  |  |
| 3.25%, 09/01/28 (e) (f) | 306 | 289 |
| Avantor, Inc. |  |  |
| 4.63%, 07/15/28 (f) | 808 | 794 |
| Avis Budget Car Rental, LLC |  |  |
| 5.38%, 03/01/29 (e) (f) | 197 | 190 |
| 8.25%, 01/15/30 (e) (f) | 1114 | 1163 |
| Axalta Coating Systems, LLC |  |  |
| 4.75%, 06/15/27 (f) | 624 | 620 |
| 3.38%, 02/15/29 (f) | 358 | 339 |
| Axon Enterprise, Inc. |  |  |
| 6.13%, 03/15/30 (f) | 981 | 1009 |
| B&G Foods, Inc. |  |  |
| 5.25%, 09/15/27 (e) | 239 | 217 |
| 8.00%, 09/15/28 (f) | 685 | 660 |
| Ball Corporation |  |  |
| 6.88%, 03/15/28 | 843 | 861 |
| 6.00%, 06/15/29 | 447 | 459 |
| Bausch & Lomb Corporation |  |  |
| 8.38%, 10/01/28 (f) | 1085 | 1134 |
| Bausch Health Companies Inc. |  |  |
| 11.00%, 09/30/28 (f) | 82 | 81 |
| Big River Steel LLC |  |  |
| 6.63%, 01/31/29 (f) | 81 | 82 |
| Block, Inc. |  |  |
| 2.75%, 06/01/26 | 1005 | 984 |
| Boyd Gaming Corporation |  |  |
| 4.75%, 12/01/27 | 495 | 491 |
| Bread Financial Payments, Inc. |  |  |
| 9.75%, 03/15/29 (f) | 10 | 11 |
| Brookfield Properties Retail Holding LLC |  |  |
| 4.50%, 04/01/27 (f) | 314 | 305 |
| Bunge Limited Finance Corp. |  |  |
| 1.63%, 08/17/25 | 125 | 125 |
| Caesars Entertainment, Inc. |  |  |
| 4.63%, 10/15/29 (f) | 1101 | 1051 |
| 7.00%, 02/15/30 (f) | 912 | 945 |
| California Resources Corporation |  |  |
| 8.25%, 06/15/29 (f) | 772 | 794 |
| Calpine Corporation |  |  |
| 4.50%, 02/15/28 (f) | 415 | 411 |
| 5.13%, 03/15/28 (f) | 435 | 435 |
| Carnival Corporation |  |  |
| 5.75%, 03/01/27 - 03/15/30 (f) | 1787 | 1809 |
| 6.00%, 05/01/29 (f) | 1258 | 1271 |
| CCO Holdings, LLC |  |  |
| 6.38%, 09/01/29 (f) | 1198 | 1222 |
| Celanese US Holdings LLC |  |  |
| 6.42%, 07/15/27 (g) (h) | 782 | 810 |
| 6.58%, 07/15/29 (g) (h) | 791 | 825 |
| 6.50%, 04/15/30 | 689 | 705 |
| Central Parent Inc. |  |  |
| 7.25%, 06/15/29 (f) | 689 | 561 |
| 8.00%, 06/15/29 (f) | 578 | 478 |
| Century Communities, Inc. |  |  |
| 3.88%, 08/15/29 (f) (h) | 362 | 335 |
| Champions Financing Inc. |  |  |
| 8.75%, 02/15/29 (e) (f) | 892 | 860 |
| Charles River Laboratories International, Inc. |  |  |
| 3.75%, 03/15/29 (f) | 367 | 344 |
| Chart Industries, Inc. |  |  |
| 7.50%, 01/01/30 (f) | 97 | 102 |
| Charter Communications Operating, LLC |  |  |
| 6.65%, 02/01/34 | 50 | 54 |
| 6.38%, 10/23/35 | 650 | 683 |
| Chemours Company, The |  |  |
| 5.75%, 11/15/28 (f) | 839 | 786 |
| 4.63%, 11/15/29 (f) | 427 | 372 |
| Chevron Phillips Chemical Company LLC |  |  |
| 3.40%, 12/01/26 (f) | 52 | 51 |
| Cinemark USA, Inc. |  |  |
| 5.25%, 07/15/28 (f) | 898 | 894 |
| Citigroup Inc. |  |  |
| 1.12%, 01/28/27 | 100 | 98 |
| 4.54%, 09/19/30 | 410 | 408 |
| Civitas Resources, Inc. |  |  |
| 8.38%, 07/01/28 (f) | 1118 | 1146 |
| Clarios Global LP |  |  |
| 6.75%, 05/15/28 - 02/15/30 (f) | 1161 | 1196 |
| Clarivate Science Holdings Corporation |  |  |
| 3.88%, 07/01/28 (f) | 418 | 401 |
| Clear Channel Outdoor Holdings, Inc. |  |  |
| 5.13%, 08/15/27 (f) | 62 | 61 |
| 7.75%, 04/15/28 (e) (f) | 481 | 455 |
| 9.00%, 09/15/28 (f) | 572 | 599 |
| 7.88%, 04/01/30 (f) | 982 | 1014 |
| Cleveland-Cliffs Inc. |  |  |
| 6.88%, 11/01/29 (f) | 1246 | 1227 |
| Cloud Software Group, Inc. |  |  |
| 6.50%, 03/31/29 (f) | 1301 | 1313 |
| Clydesdale Acquisition Holdings, Inc. |  |  |
| 8.75%, 04/15/30 (f) | 1129 | 1155 |
| CNX Resources Corporation |  |  |
| 6.00%, 01/15/29 (f) | 604 | 606 |
| Coinbase Global, Inc. |  |  |
| 3.38%, 10/01/28 (f) | 588 | 551 |
| Commscope Finance LLC |  |  |
| 8.25%, 03/01/27 (e) (f) | 496 | 494 |
| CommScope, LLC. |  |  |
| 4.75%, 09/01/29 (e) (f) | 924 | 902 |
| Community Health Systems, Inc. |  |  |
| 5.63%, 03/15/27 (f) | 1166 | 1147 |
| 5.25%, 05/15/30 (f) | 414 | 367 |
| Compass Group Diversified Holdings LLC |  |  |
| 5.25%, 04/15/29 (f) | 1102 | 989 |

---

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page [607](#abbreviations).

**JNL Series Trust** (Unaudited)

**Schedules of Investments (in thousands)**

June 30, 2025

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| Compass Minerals International, Inc. |  |  |
| 6.75%, 12/01/27 (f) | 112 | 113 |
| Comstock Resources, Inc. |  |  |
| 6.75%, 03/01/29 (f) | 1145 | 1148 |
| Conduent Business Services, LLC |  |  |
| 6.00%, 11/01/29 (f) | 295 | 282 |
| Consolidated Communications, Inc. |  |  |
| 6.50%, 10/01/28 (f) | 895 | 911 |
| Cornerstone Building Brands, Inc. |  |  |
| 9.50%, 08/15/29 (f) | 648 | 597 |
| Credit Acceptance Corporation |  |  |
| 9.25%, 12/15/28 (f) | 375 | 398 |
| Crescent Energy Finance LLC |  |  |
| 9.25%, 02/15/28 (f) | 672 | 700 |
| CrowdStrike Holdings, Inc. |  |  |
| 3.00%, 02/15/29 | 931 | 878 |
| CSC Holdings, LLC |  |  |
| 11.25%, 05/15/28 (f) | 973 | 968 |
| 11.75%, 01/31/29 (f) | 1007 | 955 |
| Cushman & Wakefield U.S. Borrower, LLC |  |  |
| 6.75%, 05/15/28 (f) | 828 | 835 |
| CVR Energy, Inc. |  |  |
| 8.50%, 01/15/29 (f) | 554 | 555 |
| CVR Partners, LP |  |  |
| 6.13%, 06/15/28 (f) | 196 | 196 |
| Dealer Tire, LLC |  |  |
| 8.00%, 02/01/28 (f) | 26 | 25 |
| Delek Logistics Partners, LP |  |  |
| 8.63%, 03/15/29 (f) | 944 | 980 |
| Diamond Escrow Issuer, LLC |  |  |
| 9.75%, 11/15/28 (f) | 632 | 665 |
| DIRECTV Financing, LLC |  |  |
| 5.88%, 08/15/27 (f) | 1356 | 1351 |
| 8.88%, 02/01/30 (f) | 1123 | 1106 |
| DISH DBS Corporation |  |  |
| 5.25%, 12/01/26 (f) | 1419 | 1288 |
| 7.38%, 07/01/28 | 951 | 687 |
| DISH Network Corporation |  |  |
| 11.75%, 11/15/27 (f) | 1147 | 1181 |
| Duquesne Light Holdings, Inc. |  |  |
| 3.62%, 08/01/27 (f) | 750 | 729 |
| Dycom Industries, Inc. |  |  |
| 4.50%, 04/15/29 (f) | 133 | 129 |
| Earthstone Energy Holdings, LLC |  |  |
| 8.00%, 04/15/27 (f) | 454 | 464 |
| Edgewell Personal Care Colombia S A S |  |  |
| 5.50%, 06/01/28 (f) | 369 | 367 |
| Edison International |  |  |
| 8.13%, 06/15/53 (e) | 127 | 123 |
| Elastic N.V. |  |  |
| 4.13%, 07/15/29 (f) | 766 | 732 |
| Eldorado Resorts, Inc. |  |  |
| 8.13%, 07/01/27 (f) | 189 | 189 |
| Element Solutions Inc. |  |  |
| 3.88%, 09/01/28 (f) | 473 | 458 |
| Embecta Corp. |  |  |
| 5.00%, 02/15/30 (e) (f) | 840 | 759 |
| Encino Acquisition Partners Holdings, LLC |  |  |
| 8.50%, 05/01/28 (f) | 729 | 745 |
| Encore Capital Group, Inc. |  |  |
| 9.25%, 04/01/29 (f) | 722 | 768 |
| Energizer Holdings, Inc. |  |  |
| 4.75%, 06/15/28 (f) | 308 | 300 |
| 4.38%, 03/31/29 (f) | 474 | 449 |
| Energy Transfer LP |  |  |
| 7.13%, 10/01/54 | 150 | 153 |
| Entertainment Studios, Inc. |  |  |
| 10.50%, 02/15/28 (f) | 145 | 56 |
| EQT Corporation |  |  |
| 4.50%, 01/15/29 (f) | 699 | 691 |
| Equipmentshare.Com Inc |  |  |
| 9.00%, 05/15/28 (f) | 981 | 1037 |
| Excelerate Energy Limited Partnership |  |  |
| 8.00%, 05/15/30 (f) | 905 | 954 |
| Ferrellgas Escrow, LLC |  |  |
| 5.38%, 04/01/26 (f) | 44 | 44 |
| Fertitta Entertainment LLC |  |  |
| 4.63%, 01/15/29 (f) | 1030 | 987 |
| Five Point Operating Company, LP |  |  |
| 10.50%, 01/15/28 (f) (g) | 250 | 254 |
| Ford Motor Company |  |  |
| 3.25%, 02/12/32 | 150 | 127 |
| Fortress Transportation And Infrastructure Investors LLC |  |  |
| 5.50%, 05/01/28 (f) | 281 | 279 |
| Freedom Mortgage Corporation |  |  |
| 7.63%, 05/01/26 (f) | 1098 | 1098 |
| Freedom Mortgage Holdings LLC |  |  |
| 9.25%, 02/01/29 (f) | 210 | 218 |
| Frontier Communications Parent, Inc. |  |  |
| 5.88%, 10/15/27 (f) | 518 | 518 |
| 5.00%, 05/01/28 (f) | 1191 | 1190 |
| Gap, Inc., The |  |  |
| 3.63%, 10/01/29 (f) | 948 | 880 |
| Gen Digital Inc. |  |  |
| 6.75%, 09/30/27 (f) | 943 | 960 |
| General Motors Financial Company, Inc. |  |  |
| 5.25%, 03/01/26 | 100 | 100 |
| Genesis Energy, L.P. |  |  |
| 7.75%, 02/01/28 | 765 | 776 |
| 8.25%, 01/15/29 | 46 | 48 |
| GEO Group, Inc., The |  |  |
| 8.63%, 04/15/29 | 191 | 202 |
| Global Atlantic Financial Company |  |  |
| 4.70%, 10/15/51 (f) | 160 | 157 |
| Global Net Lease Operating Partnership, L.P. |  |  |
| 3.75%, 12/15/27 (f) | 562 | 539 |
| Goldman Sachs Bank USA |  |  |
| 5.10%, (SOFR + 0.77%), 03/18/27 (f) (i) | 160 | 160 |
| Gray Media, Inc. |  |  |
| 10.50%, 07/15/29 (f) | 1069 | 1149 |
| Group 1 Automotive, Inc. |  |  |
| 4.00%, 08/15/28 (f) | 905 | 875 |
| Harvest Midstream I, L.P. |  |  |
| 7.50%, 09/01/28 (f) | 889 | 904 |
| HealthEquity, Inc. |  |  |
| 4.50%, 10/01/29 (f) | 285 | 277 |
| Heartland Dental, LLC |  |  |
| 10.50%, 04/30/28 (f) | 816 | 862 |
| Helios Software Holdings, Inc. |  |  |
| 8.75%, 05/01/29 (f) | 325 | 334 |
| Herbalife International, Inc. |  |  |
| 12.25%, 04/15/29 (f) | 1067 | 1168 |
| Herc Holdings Inc. |  |  |
| 6.63%, 06/15/29 (f) | 903 | 927 |
| Hertz Vehicle Financing II LP |  |  |
| 12.63%, 07/15/29 (f) | 1086 | 1136 |
| Hess Infrastructure Partners LP |  |  |
| 5.88%, 03/01/28 (f) | 364 | 369 |
| 4.25%, 02/15/30 (f) | 543 | 522 |
| Hillenbrand, Inc. |  |  |
| 6.25%, 02/15/29 | 778 | 792 |
| Hilton Domestic Operating Company Inc. |  |  |
| 5.75%, 05/01/28 (f) | 514 | 515 |
| 3.75%, 05/01/29 (f) | 73 | 70 |
| Hologic, Inc. |  |  |
| 3.25%, 02/15/29 (f) | 72 | 69 |
| 6.00%, 01/31/33 (c) (j) | 20 | 16 |
| Home Point Capital Inc. |  |  |
| 5.00%, 02/01/26 (f) | 15 | 15 |
| Howard Hughes Corporation, The |  |  |
| 4.13%, 02/01/29 (f) | 548 | 522 |
| Howard Midstream Energy Partners, LLC |  |  |
| 8.88%, 07/15/28 (f) | 195 | 205 |
| Icahn Enterprises L.P. |  |  |
| 5.25%, 05/15/27 | 1123 | 1088 |
| Imola Merger Corporation |  |  |
| 4.75%, 05/15/29 (f) | 1128 | 1090 |

---

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page [607](#abbreviations).

**JNL Series Trust** (Unaudited)

**Schedules of Investments (in thousands)**

June 30, 2025

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| International Game Technology PLC |  |  |
| 4.13%, 04/15/26 (f) | 900 | 900 |
| Iron Mountain Incorporated |  |  |
| 5.00%, 07/15/28 (f) | 786 | 780 |
| ITT Holdings LLC |  |  |
| 6.50%, 08/01/29 (f) | 610 | 580 |
| Jazz Securities Designated Activity Company |  |  |
| 4.38%, 01/15/29 (f) | 1124 | 1086 |
| Jefferies Finance LLC |  |  |
| 5.00%, 08/15/28 (f) | 668 | 646 |
| KeHE Distributors, LLC |  |  |
| 9.00%, 02/15/29 (f) | 971 | 1006 |
| KeyCorp |  |  |
| 6.40%, 03/06/35 | 700 | 748 |
| Kinetik Holdings LP |  |  |
| 6.63%, 12/15/28 (f) | 750 | 767 |
| Kraken Oil & Gas Partners LLC |  |  |
| 7.63%, 08/15/29 (f) | 236 | 232 |
| Lamar Media Corp. |  |  |
| 3.75%, 02/15/28 | 945 | 915 |
| Lamb Weston Holdings, Inc. |  |  |
| 4.13%, 01/31/30 (f) | 26 | 25 |
| Level 3 Financing, Inc. |  |  |
| 11.00%, 11/15/29 (f) | 245 | 282 |
| Light & Wonder, Inc. |  |  |
| 6.63%, 03/01/30 (f) | 931 | 897 |
| Lithia Motors, Inc. |  |  |
| 3.88%, 06/01/29 (f) | 578 | 552 |
| Live Nation Entertainment, Inc. |  |  |
| 4.75%, 10/15/27 (f) | 626 | 619 |
| 3.75%, 01/15/28 (f) | 715 | 694 |
| Madison IAQ LLC |  |  |
| 4.13%, 06/30/28 (f) | 890 | 864 |
| Magic Mergeco, Inc. |  |  |
| 5.25%, 05/01/28 (f) | 783 | 629 |
| Magnera Corporation |  |  |
| 4.75%, 11/15/29 (f) | 234 | 207 |
| Mauser Packaging Solutions Holding Company |  |  |
| 7.88%, 04/15/27 (f) | 1216 | 1237 |
| 9.25%, 04/15/27 (f) | 351 | 348 |
| Medline Borrower, LP |  |  |
| 6.25%, 04/01/29 (f) | 1256 | 1289 |
| MGM Resorts International |  |  |
| 4.75%, 10/15/28 | 383 | 378 |
| 6.13%, 09/15/29 | 868 | 883 |
| Midcap Financial Issuer Trust |  |  |
| 6.50%, 05/01/28 (f) | 561 | 556 |
| Millennium Escrow Corporation |  |  |
| 6.63%, 08/01/26 (f) | 332 | 273 |
| MIWD Holdco II LLC |  |  |
| 5.50%, 02/01/30 (e) (f) | 232 | 221 |
| Mohegan Escrow Issuer, LLC |  |  |
| 8.25%, 04/15/30 (f) | 888 | 916 |
| Molina Healthcare, Inc. |  |  |
| 4.38%, 06/15/28 (f) | 926 | 905 |
| Morgan Stanley |  |  |
| 1.51%, 07/20/27 | 125 | 121 |
| Mozart Debt Merger Sub Inc. |  |  |
| 3.88%, 04/01/29 (f) | 1368 | 1313 |
| 5.25%, 10/01/29 (f) | 1296 | 1286 |
| MVC Acquisition Corp. |  |  |
| 5.75%, 08/01/28 (f) | 924 | 927 |
| Nabors Industries, Inc. |  |  |
| 7.38%, 05/15/27 (f) | 579 | 572 |
| Nationstar Mortgage Holdings Inc. |  |  |
| 6.00%, 01/15/27 (f) | 1000 | 1001 |
| 5.50%, 08/15/28 (f) | 230 | 230 |
| Navient Corporation |  |  |
| 4.88%, 03/15/28 | 403 | 397 |
| 5.50%, 03/15/29 | 723 | 708 |
| NCL Corporation Ltd. |  |  |
| 5.88%, 02/15/27 (f) | 1275 | 1279 |
| 8.13%, 01/15/29 (f) | 497 | 524 |
| NCR Atleos Escrow Corporation |  |  |
| 9.50%, 04/01/29 (f) | 72 | 79 |
| Necessity Retail Reit, Inc., The |  |  |
| 4.50%, 09/30/28 (f) | 551 | 535 |
| Neptune BidCo US Inc. |  |  |
| 9.29%, 04/15/29 (f) | 1361 | 1325 |
| NESCO Holdings II, Inc. |  |  |
| 5.50%, 04/15/29 (f) | 1010 | 982 |
| Newell Brands Inc. |  |  |
| 8.50%, 06/01/28 (f) | 1119 | 1178 |
| 6.38%, 05/15/30 | 754 | 733 |
| Nexstar Media Group, Inc. |  |  |
| 4.75%, 11/01/28 (e) (f) | 1035 | 1008 |
| NFE Fing LLC |  |  |
| 12.00%, 11/15/29 (f) | 1091 | 488 |
| NGL Energy Operating LLC |  |  |
| 8.13%, 02/15/29 (f) | 414 | 418 |
| Nissan Motor Acceptance Company LLC |  |  |
| 1.85%, 09/16/26 (f) | 1252 | 1195 |
| Noble Finance II LLC |  |  |
| 8.00%, 04/15/30 (f) | 1189 | 1211 |
| Northern Oil and Gas Incorporated |  |  |
| 8.13%, 03/01/28 (f) | 867 | 874 |
| Novelis Corporation |  |  |
| 3.25%, 11/15/26 (f) | 921 | 906 |
| 6.88%, 01/30/30 (f) | 298 | 308 |
| Olympus Water US Holding Corporation |  |  |
| 4.25%, 10/01/28 (f) | 988 | 940 |
| ON Semiconductor Corporation |  |  |
| 3.88%, 09/01/28 (f) | 900 | 870 |
| OneMain Finance Corporation |  |  |
| 3.50%, 01/15/27 | 1308 | 1280 |
| 3.88%, 09/15/28 | 460 | 441 |
| 9.00%, 01/15/29 | 219 | 230 |
| 6.63%, 05/15/29 | 126 | 130 |
| ONEOK, Inc. |  |  |
| 5.38%, 06/01/29 | 500 | 511 |
| 6.50%, 09/01/30 (f) | 200 | 214 |
| Organon & Co. |  |  |
| 4.13%, 04/30/28 (f) | 1236 | 1188 |
| Osaic Holdings, Inc. |  |  |
| 6.25%, 03/01/28 (f) | 248 | 249 |
| Outfront Media Capital Corporation |  |  |
| 4.25%, 01/15/29 (f) | 616 | 590 |
| Owens & Minor, Inc. |  |  |
| 6.63%, 04/01/30 (e) (f) | 206 | 194 |
| Owens-Brockway Glass Container Inc. |  |  |
| 6.63%, 05/13/27 (f) | 426 | 427 |
| Paramount Global |  |  |
| 6.38%, 03/30/62 | 619 | 606 |
| Park Intermediate Holdings LLC |  |  |
| 5.88%, 10/01/28 (f) | 671 | 670 |
| Pattern Energy Group Inc. |  |  |
| 4.50%, 08/15/28 (f) | 894 | 865 |
| PBF Holding Company LLC |  |  |
| 6.00%, 02/15/28 | 1254 | 1199 |
| 9.88%, 03/15/30 (f) | 62 | 60 |
| Pearl Merger Sub Inc. |  |  |
| 6.75%, 10/01/28 (f) | 690 | 624 |
| Penske Automotive Group, Inc. |  |  |
| 3.75%, 06/15/29 | 399 | 379 |
| Penske Truck Leasing Co., L.P. |  |  |
| 3.40%, 11/15/26 (f) | 125 | 123 |
| PetSmart, LLC |  |  |
| 4.75%, 02/15/28 (f) | 845 | 824 |
| 7.75%, 02/15/29 (f) | 751 | 731 |
| PG&E Corporation |  |  |
| 5.00%, 07/01/28 | 586 | 571 |
| Phinia Inc. |  |  |
| 6.75%, 04/15/29 (f) | 788 | 813 |
| Pike Corporation |  |  |
| 5.50%, 09/01/28 (f) | 232 | 232 |
| PRA Group, Inc. |  |  |
| 8.88%, 01/31/30 (f) | 590 | 614 |
| Prime Healthcare Services, Inc. |  |  |
| 9.38%, 09/01/29 (f) | 1219 | 1210 |

---

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page [607](#abbreviations).

**JNL Series Trust** (Unaudited)

**Schedules of Investments (in thousands)**

June 30, 2025

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| Prime Security Services Borrower, LLC |  |  |
| 3.38%, 08/31/27 (f) | 853 | 825 |
| Primo Water Holdings Inc. |  |  |
| 4.38%, 04/30/29 (f) | 50 | 48 |
| R. R. Donnelley & Sons Company |  |  |
| 9.50%, 08/01/29 (f) | 1029 | 1029 |
| Radiate HoldCo, LLC |  |  |
| 4.50%, 09/15/26 (f) | 1000 | 857 |
| Rand Parent LLC |  |  |
| 8.50%, 02/15/30 (e) (f) | 956 | 959 |
| Realty Income Corporation |  |  |
| 4.88%, 07/06/30, EUR | 500 | 631 |
| RHP Hotel Properties, LP |  |  |
| 4.75%, 10/15/27 | 92 | 91 |
| RITHM Capital Corp. |  |  |
| 8.00%, 04/01/29 (f) | 245 | 248 |
| RLJ III-EM Columbus Lessee, LLC |  |  |
| 4.00%, 09/15/29 (f) | 257 | 240 |
| Roblox Corporation |  |  |
| 3.88%, 05/01/30 (f) | 1057 | 999 |
| Rocket Mortgage, LLC |  |  |
| 2.88%, 10/15/26 (f) | 856 | 835 |
| 3.63%, 03/01/29 (f) | 550 | 523 |
| Rocket Software, Inc. |  |  |
| 9.00%, 11/28/28 (f) | 872 | 900 |
| Royal Caribbean Cruises Ltd. |  |  |
| 5.50%, 08/31/26 (f) | 862 | 865 |
| 5.38%, 07/15/27 (f) | 585 | 588 |
| Sabine Pass Liquefaction, LLC |  |  |
| 5.88%, 06/30/26 | 127 | 128 |
| Sabre GLBL Inc. |  |  |
| 8.63%, 06/01/27 (f) | 507 | 519 |
| 10.75%, 11/15/29 (e) (f) | 14 | 14 |
| Safeway Inc. |  |  |
| 4.63%, 01/15/27 (f) | 522 | 518 |
| 3.50%, 03/15/29 (f) | 975 | 924 |
| SBA Communications Corporation |  |  |
| 3.88%, 02/15/27 | 509 | 501 |
| 3.13%, 02/01/29 | 1380 | 1303 |
| Scih Salt Holdings Inc. |  |  |
| 4.88%, 05/01/28 (f) | 1049 | 1020 |
| Scripps Escrow II, Inc. |  |  |
| 3.88%, 01/15/29 (f) | 899 | 786 |
| Sealed Air Corporation |  |  |
| 6.13%, 02/01/28 (f) | 890 | 902 |
| Sensata Technologies B.V. |  |  |
| 4.00%, 04/15/29 (f) | 953 | 906 |
| Shutterfly, LLC |  |  |
| 8.50%, 10/01/26 (f) | 34 | 17 |
| Simmons Foods, Inc. |  |  |
| 4.63%, 03/01/29 (f) | 304 | 288 |
| Sirius XM Radio Inc. |  |  |
| 3.13%, 09/01/26 (f) | 634 | 622 |
| 4.00%, 07/15/28 (f) | 1377 | 1322 |
| Sitio Royalties Operating Partnership, LP |  |  |
| 7.88%, 11/01/28 (f) | 190 | 199 |
| SLM Corporation |  |  |
| 6.50%, 01/31/30 | 959 | 1005 |
| SM Energy Company |  |  |
| 6.75%, 08/01/29 (f) | 903 | 900 |
| Somnigroup International Inc. |  |  |
| 4.00%, 04/15/29 (f) | 955 | 913 |
| Sonic Automotive, Inc. |  |  |
| 4.63%, 11/15/29 (f) | 520 | 504 |
| Southern Power Company |  |  |
| 1.85%, 06/20/26, EUR | 650 | 761 |
| Southwestern Energy Company |  |  |
| 5.38%, 02/01/29 | 26 | 26 |
| Spectrum Management Holding Company, LLC |  |  |
| 5.50%, 09/01/41 | 800 | 727 |
| SRM Escrow Issuer, LLC |  |  |
| 6.00%, 11/01/28 (f) | 745 | 743 |
| Staples, Inc. |  |  |
| 10.75%, 09/01/29 (f) | 1322 | 1256 |
| Star Leasing Company, LLC |  |  |
| 7.63%, 02/15/30 (f) | 581 | 576 |
| Starwood Property Trust, Inc. |  |  |
| 4.38%, 01/15/27 (f) | 374 | 370 |
| 7.25%, 04/01/29 (f) | 366 | 385 |
| Sunoco LP |  |  |
| 7.00%, 05/01/29 (f) | 80 | 83 |
| 4.50%, 05/15/29 | 1309 | 1270 |
| Tallgrass Energy Partners, LP |  |  |
| 7.38%, 02/15/29 (f) | 904 | 929 |
| Tenet Healthcare Corporation |  |  |
| 4.63%, 06/15/28 (d) | 1125 | 1110 |
| 6.13%, 10/01/28 | 1143 | 1144 |
| 4.25%, 06/01/29 | 460 | 446 |
| 4.38%, 01/15/30 | 159 | 154 |
| Tenneco Inc. |  |  |
| 8.00%, 11/17/28 (f) | 1403 | 1387 |
| The Goodyear Tire & Rubber Company |  |  |
| 5.00%, 07/15/29 | 949 | 927 |
| Thor Industries, Inc. |  |  |
| 4.00%, 10/15/29 (f) | 68 | 64 |
| TransDigm Inc. |  |  |
| 6.75%, 08/15/28 (f) | 760 | 776 |
| 4.63%, 01/15/29 | 1323 | 1298 |
| 6.38%, 03/01/29 (f) | 1249 | 1284 |
| Transocean Inc |  |  |
| 8.00%, 02/01/27 (f) | 152 | 150 |
| Trinet Group, Inc. |  |  |
| 3.50%, 03/01/29 (f) | 834 | 783 |
| Triumph Group, Inc. |  |  |
| 9.00%, 03/15/28 (f) | 931 | 973 |
| Tronox Incorporated |  |  |
| 4.63%, 03/15/29 (e) (f) | 1154 | 995 |
| TTM Technologies, Inc. |  |  |
| 4.00%, 03/01/29 (f) | 821 | 784 |
| Twilio Inc. |  |  |
| 3.63%, 03/15/29 | 820 | 781 |
| U.S. Acute Care Solutions, LLC |  |  |
| 9.75%, 05/15/29 (f) | 962 | 993 |
| U.S. Foods Inc. |  |  |
| 6.88%, 09/15/28 (f) | 457 | 473 |
| United Rentals (North America), Inc. |  |  |
| 3.88%, 11/15/27 | 582 | 570 |
| United Wholesale Mortgage, LLC |  |  |
| 5.75%, 06/15/27 (f) | 815 | 813 |
| Uniti Group Inc. |  |  |
| 10.50%, 02/15/28 (f) | 921 | 976 |
| 4.75%, 04/15/28 (f) | 894 | 876 |
| Univision Communications Inc. |  |  |
| 6.63%, 06/01/27 (f) | 1199 | 1196 |
| 8.00%, 08/15/28 (f) | 584 | 593 |
| 4.50%, 05/01/29 (f) | 484 | 440 |
| Urban One, Inc. |  |  |
| 7.38%, 02/01/28 (f) | 404 | 227 |
| USA Compression Finance Corp. |  |  |
| 7.13%, 03/15/29 (f) | 54 | 55 |
| UWM Holdings Corporation |  |  |
| 6.63%, 02/01/30 (f) | 919 | 920 |
| V.F. Corporation |  |  |
| 2.80%, 04/23/27 | 482 | 460 |
| Venture Global Calcasieu Pass, LLC |  |  |
| 3.88%, 08/15/29 (f) | 19 | 18 |
| 6.25%, 01/15/30 (f) | 1096 | 1130 |
| Venture Global LNG, Inc. |  |  |
| 8.13%, 06/01/28 (f) | 1211 | 1251 |
| 9.50%, 02/01/29 (f) | 1137 | 1239 |
| 7.00%, 01/15/30 (f) | 1000 | 1012 |
| Victoria's Secret & Co. |  |  |
| 4.63%, 07/15/29 (e) (f) | 899 | 839 |
| Viking Cruises Limited |  |  |
| 7.00%, 02/15/29 (f) | 249 | 251 |
| Vistra Operations Company LLC |  |  |
| 4.38%, 05/01/29 (f) | 721 | 703 |
| W. R. Grace Holdings LLC |  |  |
| 4.88%, 06/15/27 (f) | 273 | 271 |

---

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page [607](#abbreviations).

**JNL Series Trust** (Unaudited)

**Schedules of Investments (in thousands)**

June 30, 2025

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| 5.63%, 08/15/29 (f) | 576 | 521 |
| Walgreens Boots Alliance, Inc. |  |  |
| 8.13%, 08/15/29 | 859 | 911 |
| Warnermedia Holdings, Inc. |  |  |
| 4.30%, 01/17/30, EUR | 282 | 307 |
| Wash Multifamily Acquisition Inc. |  |  |
| 5.75%, 04/15/26 (f) | 576 | 574 |
| Wayfair LLC |  |  |
| 7.25%, 10/31/29 (f) | 956 | 959 |
| Weatherford International Ltd |  |  |
| 8.63%, 04/30/30 (f) | 1103 | 1136 |
| Wesco Distribution, Inc. |  |  |
| 7.25%, 06/15/28 (f) | 1057 | 1070 |
| 6.38%, 03/15/29 (f) | 413 | 425 |
| Williams Scotsman International, Inc. |  |  |
| 4.63%, 08/15/28 (f) | 616 | 609 |
| Williams Scotsman, Inc. |  |  |
| 6.63%, 06/15/29 (f) | 91 | 94 |
| WPC Eurobond B.V. |  |  |
| 1.35%, 04/15/28, EUR | 650 | 734 |
| 0.95%, 06/01/30, EUR | 100 | 106 |
| Xerox Holdings Corporation |  |  |
| 5.50%, 08/15/28 (f) | 1362 | 1040 |
| XPLR Infrastructure Operating Partners, LP |  |  |
| 3.88%, 10/15/26 (f) | 430 | 420 |
| 7.25%, 01/15/29 (e) (f) | 473 | 485 |
| Zayo Group Holdings, Inc. |  |  |
| 4.00%, 03/01/27 (f) | 618 | 580 |
| Ziprecruiter, Inc. |  |  |
| 5.00%, 01/15/30 (f) | 900 | 768 |
| ZoomInfo Technologies LLC |  |  |
| 3.88%, 02/01/29 (f) | 518 | 487 |
| | | 228894 |
| **Canada 1.0%** | **Canada 1.0%** | **Canada 1.0%** |
| Air Canada |  |  |
| 3.88%, 08/15/26 (f) | 26 | 26 |
| Enbridge Inc. |  |  |
| 5.50%, 07/15/77 (j) | 150 | 148 |
| 7.38%, 01/15/83 (j) | 350 | 360 |
| GFL Environmental Inc. |  |  |
| 4.00%, 08/01/28 (f) | 364 | 353 |
| 3.50%, 09/01/28 (f) | 1248 | 1203 |
| Methanex Corporation |  |  |
| 5.13%, 10/15/27 | 106 | 106 |
| Ontario Teachers' Finance Trust |  |  |
| 1.13%, 05/15/26, GBP (d) | 2700 | 3612 |
| 1.10%, 10/19/27, CAD (f) | 297 | 210 |
| 4.25%, 04/25/28 (f) | 1067 | 1077 |
| 0.10%, 05/19/28, EUR (d) | 875 | 966 |
| Strathcona Resources Ltd. |  |  |
| 6.88%, 08/01/26 (f) | 122 | 122 |
| Toronto-Dominion Bank, The |  |  |
| 3.19%, 02/16/29, EUR (d) | 1000 | 1205 |
|  |  | 9388 |
| **Germany 0.9%** | **Germany 0.9%** | **Germany 0.9%** |
| Deutsche Bank Aktiengesellschaft |  |  |
| 2.31%, 11/16/27 | 750 | 728 |
| Heidelberg Materials Finance Luxembourg S.A. |  |  |
| 4.88%, 11/21/33, EUR (d) | 50 | 64 |
| IHO Verwaltungs GmbH |  |  |
| 6.75%, 11/15/29, EUR (d) (k) | 100 | 123 |
| KfW |  |  |
| 2.88%, 05/29/26, EUR (d) | 750 | 891 |
| 3.20%, 09/11/26, AUD | 880 | 577 |
| 0.00%, 03/31/27, EUR (d) (l) | 2360 | 2688 |
| 2.38%, 08/05/27, EUR (d) | 400 | 475 |
| TK Elevator U.S. Newco, Inc. |  |  |
| 5.25%, 07/15/27 (f) | 306 | 305 |
| TRATON Finance Luxembourg S.A. |  |  |
| 3.75%, 03/27/30, EUR (d) | 600 | 719 |
| Volkswagen International Finance N.V. |  |  |
| 4.38%, 05/15/30, EUR (d) | 500 | 617 |
| Volkswagen Leasing Gesellschaft Mit Beschrankter Haftung |  |  |
| 4.00%, 04/11/31, EUR (d) | 50 | 61 |
| Vonovia SE |  |  |
| 2.25%, 04/07/30, EUR (d) | 100 | 114 |
| 1.00%, 07/09/30, EUR (d) | 600 | 635 |
|  |  | 7997 |
| **Italy 0.4%** | **Italy 0.4%** | **Italy 0.4%** |
| Autostrade per l'italia S.P.A. |  |  |
| 5.13%, 06/14/33, EUR (d) | 600 | 762 |
| Banca Monte dei Paschi di Siena S.p.A. |  |  |
| 3.50%, 04/23/29, EUR (d) | 700 | 850 |
| Banco BPM Societa' Per Azioni |  |  |
| 4.63%, 11/29/27, EUR (d) | 600 | 739 |
| Credito Emiliano SpA |  |  |
| 3.25%, 04/18/29, EUR (d) | 600 | 720 |
| ENEL - SPA |  |  |
| 6.38%, (100, 04/16/28), EUR (d) (m) | 100 | 127 |
| Intesa Sanpaolo SPA |  |  |
| 4.88%, 05/19/30, EUR (d) | 100 | 128 |
| 5.13%, 08/29/31, EUR (d) | 500 | 649 |
|  |  | 3975 |
| **United Kingdom 0.4%** | **United Kingdom 0.4%** | **United Kingdom 0.4%** |
| Avianca MidCo 2 PLC |  |  |
| 9.63%, 02/14/30 (f) | 335 | 309 |
| Barclays PLC |  |  |
| 4.51%, 01/31/33, EUR (d) | 850 | 1052 |
| Cadent Finance PLC |  |  |
| 0.63%, 03/19/30, EUR (d) | 400 | 421 |
| INEOS Quattro Finance 2 plc |  |  |
| 8.50%, 03/15/29, EUR (d) | 100 | 117 |
| National Grid PLC |  |  |
| 0.25%, 09/01/28, EUR (d) | 796 | 868 |
| Santander UK Group Holdings PLC |  |  |
| 1.53%, 08/21/26 | 200 | 199 |
| TSB Bank PLC |  |  |
| 3.32%, 03/05/29, EUR (d) | 800 | 967 |
| Vodafone Group Public Limited Company |  |  |
| 3.25%, 06/04/81 | 22 | 22 |
|  |  | 3955 |
| **France 0.4%** | **France 0.4%** | **France 0.4%** |
| Alstom |  |  |
| 0.13%, 07/27/27, EUR (d) | 700 | 785 |
| Altice Financing S.A. |  |  |
| 5.00%, 01/15/28 (f) | 250 | 188 |
| BPCE SFH |  |  |
| 3.38%, 03/13/29, EUR (d) | 600 | 728 |
| Dexia |  |  |
| 1.25%, 10/27/25, EUR (d) | 1000 | 1174 |
| Engie |  |  |
| 3.63%, 03/06/31, EUR (d) | 700 | 845 |
|  |  | 3720 |
| **Switzerland 0.4%** | **Switzerland 0.4%** | **Switzerland 0.4%** |
| Credit Suisse Group AG |  |  |
| 7.75%, 03/01/29, EUR (d) (j) | 550 | 730 |
| Holcim US Finance (Luxembourg) S.A. |  |  |
| 0.50%, 04/23/31, EUR (d) | 858 | 866 |
| UBS Switzerland AG |  |  |
| 3.30%, 03/05/29, EUR (d) | 1500 | 1809 |
|  |  | 3405 |
| **South Korea 0.4%** | **South Korea 0.4%** | **South Korea 0.4%** |
| Export-Import Bank of Korea, The |  |  |
| 0.75%, 09/21/25 | 1618 | 1605 |
| 2.63%, 05/26/26 | 1050 | 1036 |
| Korea Electric Power Corp |  |  |
| 0.75%, 01/27/26 (f) | 755 | 740 |
|  |  | 3381 |
| **Ireland 0.2%** | **Ireland 0.2%** | **Ireland 0.2%** |
| AIB Group Public Limited Company |  |  |
| 4.63%, 07/23/29, EUR (d) | 600 | 743 |
| Avolon Holdings Funding Limited |  |  |
| 3.25%, 02/15/27 (f) | 700 | 683 |

---

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page [607](#abbreviations).

**JNL Series Trust** (Unaudited)

**Schedules of Investments (in thousands)**

June 30, 2025

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| Bank of Ireland Group Public Limited Company |  |  |
| 5.00%, 07/04/31, EUR (d) | 600 | 763 |
| | | 2189 |
| **Australia 0.2%** | **Australia 0.2%** | **Australia 0.2%** |
| Macquarie Group Limited |  |  |
| 5.11%, 08/09/26 (f) | 125 | 125 |
| National Australia Bank Limited |  |  |
| 3.15%, 02/05/31, EUR (d) | 700 | 840 |
| Woolworths Group Limited |  |  |
| 0.38%, 11/15/28, EUR (d) | 750 | 817 |
|  |  | 1782 |
| **Japan 0.2%** | **Japan 0.2%** | **Japan 0.2%** |
| Development Bank of Japan Inc. |  |  |
| 0.88%, 10/10/25, EUR (d) | 960 | 1127 |
| Mitsubishi UFJ Financial Group, Inc. |  |  |
| 1.54%, 07/20/27 | 250 | 243 |
|  |  | 1370 |
| **Singapore 0.1%** | **Singapore 0.1%** | **Singapore 0.1%** |
| Temasek Financial (I) Limited |  |  |
| 3.63%, 08/01/28 (d) | 250 | 248 |
| 1.63%, 08/02/31 (e) (f) | 1151 | 1004 |
|  |  | 1252 |
| **Netherlands 0.1%** | **Netherlands 0.1%** | **Netherlands 0.1%** |
| Nederlandse Waterschapsbank N.V. |  |  |
| 3.50%, 07/20/27, AUD | 460 | 302 |
| Viterra Finance B.V. |  |  |
| 1.00%, 09/24/28, EUR (d) | 750 | 831 |
|  |  | 1133 |
| **Spain 0.1%** | **Spain 0.1%** | **Spain 0.1%** |
| CaixaBank, S.A. |  |  |
| 5.00%, 07/19/29, EUR (d) | 600 | 750 |
| **Mexico 0.1%** | **Mexico 0.1%** | **Mexico 0.1%** |
| Petroleos Mexicanos |  |  |
| 6.70%, 02/16/32 | 800 | 745 |
| **Denmark 0.1%** | **Denmark 0.1%** | **Denmark 0.1%** |
| Danske Bank A/S |  |  |
| 4.50%, 11/09/28, EUR (d) | 600 | 737 |
| **Colombia 0.1%** | **Colombia 0.1%** | **Colombia 0.1%** |
| Avianca MidCo 2 PLC |  |  |
| 9.00%, 12/01/28 (f) | 724 | 687 |
| **Belgium 0.1%** | **Belgium 0.1%** | **Belgium 0.1%** |
| KBC Groep |  |  |
| 4.93%, 10/16/30 (f) | 672 | 679 |
| **Israel 0.1%** | **Israel 0.1%** | **Israel 0.1%** |
| Playtika Holding Corp. |  |  |
| 4.25%, 03/15/29 (f) | 655 | 595 |
| **Multi-National 0.0%** | **Multi-National 0.0%** | **Multi-National 0.0%** |
| Inter-American Development Bank |  |  |
| 4.40%, 01/26/26, CAD | 490 | 363 |
| **Saudi Arabia 0.0%** | **Saudi Arabia 0.0%** | **Saudi Arabia 0.0%** |
| GreenSaif Pipelines Bidco S.a r.l. |  |  |
| 5.85%, 02/23/36 (d) | 250 | 253 |
| **Thailand 0.0%** | **Thailand 0.0%** | **Thailand 0.0%** |
| Krungthai Bank Public Company Limited |  |  |
| 4.40%, (100, 03/25/26) (d) (m) | 200 | 197 |
| Total Corporate Bonds And Notes (cost $270,191) | Total Corporate Bonds And Notes (cost $270,191) | 277447 |
| **GOVERNMENT AND AGENCY OBLIGATIONS 13.5%** | **GOVERNMENT AND AGENCY OBLIGATIONS 13.5%** | **GOVERNMENT AND AGENCY OBLIGATIONS 13.5%** |
| **Italy 3.3%** | **Italy 3.3%** | **Italy 3.3%** |
| Segretariato Generale Della Presidenza Della Repubblica |  |  |
| 1.85%, 07/01/25, EUR (d) | 3 | 4 |
| 7.25%, 11/01/26, EUR (d) | 6615 | 8340 |
| 0.85%, 01/15/27, EUR | 11 | 13 |
| 1.10%, 04/01/27, EUR | 21 | 24 |
| 3.85%, 12/15/29 - 02/01/35, EUR | 2307 | 2824 |
| 2.95%, 07/01/30, EUR | 12450 | 14862 |
| 0.90%, 04/01/31, EUR (d) | 200 | 212 |
| 4.00%, 10/30/31, EUR (f) | 1600 | 2011 |
| 3.35%, 03/01/35, EUR (d) | 150 | 177 |
| 3.65%, 08/01/35, EUR (f) | 205 | 246 |
| 2.25%, 09/01/36, EUR (d) | 408 | 426 |
| 4.00%, 02/01/37, EUR (d) | 522 | 643 |
| 3.25%, 03/01/38, EUR | 179 | 202 |
| 3.25%, 09/01/46, EUR (d) | 110 | 115 |
| 2.15%, 09/01/52, EUR | 250 | 200 |
| 2.15%, 03/01/72, EUR (d) | 160 | 113 |
|  |  | 30412 |
| **United States of America 2.1%** | **United States of America 2.1%** | **United States of America 2.1%** |
| Federal Home Loan Mortgage Corporation |  |  |
| 6.50%, 05/01/54 | 821 | 854 |
| 5.50%, 11/01/54 | 1203 | 1203 |
| 6.00%, 06/01/55 | 1182 | 1202 |
| Government National Mortgage Association |  |  |
| 3.00%, 10/20/51 | 1170 | 1035 |
| Treasury, United States Department of |  |  |
| 4.25%, 01/31/26 (a) | 11334 | 11333 |
| 3.38%, 09/15/27 | 100 | 99 |
| 3.75%, 05/15/28 | 50 | 50 |
| 1.63%, 10/15/29 (n) | 3347 | 3387 |
| 4.75%, 02/15/45 | 300 | 298 |
|  |  | 19461 |
| **United Kingdom 1.4%** | **United Kingdom 1.4%** | **United Kingdom 1.4%** |
| HM Treasury |  |  |
| 0.50%, 01/31/29, GBP | 1900 | 2328 |
| 0.38%, 10/22/30, GBP (d) | 1190 | 1364 |
| 3.25%, 01/31/33, GBP | 235 | 302 |
| 0.88%, 07/31/33, GBP (d) | 1800 | 1900 |
| 4.50%, 09/07/34 - 12/07/42, GBP (d) | 118 | 159 |
| 1.75%, 09/07/37, GBP (d) | 425 | 427 |
| 4.25%, 09/07/39 - 12/07/55, GBP (d) | 698 | 875 |
| 1.25%, 10/22/41, GBP | 193 | 156 |
| 4.25%, 12/07/46 - 12/07/49, GBP | 385 | 460 |
| 1.25%, 07/31/51, GBP (d) | 2503 | 1507 |
| 3.75%, 07/22/52 - 10/22/53, GBP (d) | 967 | 1039 |
| 4.38%, 07/31/54, GBP (d) | 780 | 930 |
| 1.75%, 07/22/57, GBP (d) | 272 | 175 |
| 0.50%, 10/22/61, GBP (d) | 350 | 126 |
| 4.00%, 10/22/63, GBP (d) | 230 | 252 |
| 3.50%, 07/22/68, GBP (d) | 254 | 250 |
| 1.13%, 10/22/73, GBP (d) | 70 | 31 |
|  |  | 12281 |
| **Japan 1.3%** | **Japan 1.3%** | **Japan 1.3%** |
| Cabinet Office, Government of Japan |  |  |
| 0.10%, 03/20/31, JPY | 157700 | 1039 |
| 0.50%, 03/20/33 - 12/20/38, JPY | 109850 | 719 |
| 0.70%, 03/20/37, JPY | 132950 | 829 |
| 0.60%, 12/20/37 - 09/20/50, JPY | 77200 | 370 |
| 0.40%, 03/20/39 - 03/20/50, JPY | 66250 | 287 |
| 0.30%, 06/20/39 - 06/20/46, JPY | 215500 | 999 |
| 2.00%, 09/20/40 - 03/20/42, JPY | 92950 | 640 |
| 2.20%, 03/20/41 - 03/20/50, JPY | 243400 | 1579 |
| 1.90%, 09/20/42, JPY | 126550 | 842 |
| 1.80%, 03/20/43, JPY | 51050 | 332 |
| 1.70%, 12/20/43 - 06/20/44, JPY | 121950 | 771 |
| 1.60%, 06/20/45, JPY | 58800 | 359 |
| 0.80%, 06/20/47 - 03/20/58, JPY | 270500 | 1076 |
| 1.00%, 03/20/52, JPY | 142800 | 667 |
| 1.40%, 03/20/55, JPY | 33000 | 165 |
| 2.40%, 03/20/55, JPY | 83200 | 531 |
| Japan Bank For International Cooperation |  |  |
| 4.25%, 01/26/26 | 688 | 687 |
| 1.63%, 01/20/27 | 272 | 262 |
|  |  | 12154 |
| **Canada 1.0%** | **Canada 1.0%** | **Canada 1.0%** |
| Canada, Government of |  |  |
| 1.00%, 06/01/27, CAD | 1345 | 959 |
| 1.50%, 06/01/31 - 12/01/31, CAD | 1254 | 848 |
| 3.00%, 06/01/34, CAD | 6079 | 4392 |
| 4.00%, 06/01/41, CAD | 323 | 253 |
| 2.75%, 12/01/48 - 12/01/64, CAD | 711 | 444 |
| 1.75%, 12/01/53, CAD | 205 | 102 |
| CIBC Mellon Trust Company |  |  |
| 1.25%, 06/15/26, CAD | 140 | 102 |

---

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page [607](#abbreviations).

**JNL Series Trust** (Unaudited)

**Schedules of Investments (in thousands)**

June 30, 2025

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| Government of the Province of Alberta |  |  |
| 2.90%, 12/01/28, CAD | 40 | 29 |
| Government of the Province of British Columbia |  |  |
| 4.70%, 06/18/37, CAD | 280 | 218 |
| 2.95%, 06/18/50, CAD | 160 | 91 |
| Ontario, Government of |  |  |
| 0.01%, 11/25/30, EUR (d) | 1098 | 1120 |
| | | 8558 |
| **Spain 0.9%** | **Spain 0.9%** | **Spain 0.9%** |
| Estado Espanol |  |  |
| 2.15%, 10/31/25, EUR (d) | 20 | 24 |
| 1.95%, 04/30/26, EUR (d) | 1 | 1 |
| 1.30%, 10/31/26, EUR | 16 | 19 |
| 1.50%, 04/30/27, EUR | 6 | 7 |
| 2.50%, 05/31/27, EUR | 11 | 13 |
| 1.40%, 07/30/28, EUR (d) | 21 | 24 |
| 1.45%, 04/30/29 - 10/31/71, EUR | 81 | 48 |
| 0.80%, 07/30/29, EUR | 16 | 18 |
| 1.25%, 10/31/30, EUR (d) | 153 | 169 |
| 2.55%, 10/31/32, EUR | 493 | 569 |
| 3.15%, 04/30/33, EUR (f) | 267 | 319 |
| 3.55%, 10/31/33, EUR (f) | 496 | 608 |
| 1.85%, 07/30/35, EUR | 117 | 122 |
| 4.20%, 01/31/37, EUR (d) | 261 | 333 |
| 3.90%, 07/30/39, EUR (f) | 520 | 635 |
| 1.00%, 07/30/42, EUR | 251 | 196 |
| 2.90%, 10/31/46, EUR (d) | 310 | 318 |
| 4.00%, 10/31/54, EUR (f) | 4179 | 4897 |
| 3.45%, 07/30/66, EUR | 14 | 14 |
|  |  | 8334 |
| **Mexico 0.6%** | **Mexico 0.6%** | **Mexico 0.6%** |
| Gobierno Federal de los Estados Unidos Mexicanos |  |  |
| 5.40%, 02/09/28 | 292 | 298 |
| 7.75%, 05/29/31, MXN | 106500 | 5397 |
|  |  | 5695 |
| **France 0.6%** | **France 0.6%** | **France 0.6%** |
| French Republic Government Bond OAT |  |  |
| 4.75%, 04/25/35, EUR (d) | 2480 | 3290 |
| 1.75%, 06/25/39, EUR (d) | 1272 | 1204 |
| Gouvernement De France |  |  |
| 2.75%, 02/25/29, EUR (d) | 15 | 18 |
| 0.00%, 11/25/29, EUR (d) (l) | 23 | 24 |
| 2.00%, 05/25/48, EUR (d) | 38 | 32 |
| 1.50%, 05/25/50, EUR (d) | 110 | 80 |
| 0.75%, 05/25/52, EUR (d) | 470 | 263 |
| 0.75%, 05/25/53, EUR | 170 | 92 |
| 3.00%, 05/25/54, EUR (f) | 350 | 341 |
| 1.75%, 05/25/66, EUR (d) | 267 | 170 |
|  |  | 5514 |
| **Thailand 0.5%** | **Thailand 0.5%** | **Thailand 0.5%** |
| Thailand, Kingdom of |  |  |
| 2.80%, 06/17/34, THB | 139260 | 4708 |
| **Hungary 0.4%** | **Hungary 0.4%** | **Hungary 0.4%** |
| Sandor-Palota |  |  |
| 0.13%, 09/21/28, EUR (f) | 257 | 275 |
| 2.13%, 09/22/31 (f) | 331 | 274 |
| 5.38%, 09/12/33, EUR (d) | 100 | 127 |
| 1.75%, 06/05/35, EUR (d) | 100 | 93 |
| 7.00%, 10/24/35, HUF | 966280 | 2826 |
|  |  | 3595 |
| **Saudi Arabia 0.3%** | **Saudi Arabia 0.3%** | **Saudi Arabia 0.3%** |
| Government of Saudi Arabia |  |  |
| 4.75%, 01/18/28 (f) | 733 | 737 |
| 2.25%, 02/02/33 (f) | 322 | 269 |
| Saudi Arabia, Kingdom of |  |  |
| 2.90%, 10/22/25 (d) | 1060 | 1053 |
| 3.25%, 10/26/26 (d) | 918 | 903 |
|  |  | 2962 |
| **Netherlands 0.3%** | **Netherlands 0.3%** | **Netherlands 0.3%** |
| Staat der Nederlanden |  |  |
| 0.00%, 07/15/30, EUR (f) (l) | 1412 | 1482 |
| 0.00%, 07/15/31 - 01/15/52, EUR (l) | 231 | 127 |
| 2.50%, 07/15/34, EUR | 50 | 58 |
| 4.00%, 01/15/37, EUR (d) | 291 | 380 |
| 0.50%, 01/15/40, EUR | 515 | 428 |
| 2.00%, 01/15/54, EUR | 110 | 101 |
|  |  | 2576 |
| **Indonesia 0.2%** | **Indonesia 0.2%** | **Indonesia 0.2%** |
| Republic of Indonesia, The Government of, The |  |  |
| 6.63%, 02/15/34, IDR | 20580000 | 1265 |
| **Australia 0.1%** | **Australia 0.1%** | **Australia 0.1%** |
| Commonwealth of Australia |  |  |
| 1.75%, 06/21/51, AUD (d) | 356 | 127 |
| 4.75%, 06/21/54, AUD (d) | 1700 | 1103 |
|  |  | 1230 |
| **Belgium 0.1%** | **Belgium 0.1%** | **Belgium 0.1%** |
| Etat Belge |  |  |
| 1.90%, 06/22/38, EUR (d) | 304 | 302 |
| Service Public Federal Chancellerie Du Premier Ministre |  |  |
| 0.10%, 06/22/30, EUR (d) | 2 | 2 |
| 3.75%, 06/22/45, EUR (d) | 249 | 294 |
| 1.70%, 06/22/50, EUR | 482 | 371 |
| 2.25%, 06/22/57, EUR | 93 | 75 |
| 2.15%, 06/22/66, EUR (d) | 135 | 100 |
| 0.65%, 06/22/71, EUR | 50 | 19 |
|  |  | 1163 |
| **South Korea 0.1%** | **South Korea 0.1%** | **South Korea 0.1%** |
| Export-Import Bank of Korea, The |  |  |
| 4.88%, 01/11/26 | 422 | 423 |
| The Republic of Korea, Government of |  |  |
| 0.00%, 09/16/25, EUR (l) | 490 | 574 |
|  |  | 997 |
| **Denmark 0.1%** | **Denmark 0.1%** | **Denmark 0.1%** |
| Danmarks Nationalbank |  |  |
| 1.75%, 11/15/25, DKK (d) | 803 | 127 |
| 0.50%, 11/15/27, DKK | 1223 | 188 |
| 0.00%, 11/15/31, DKK (d) (l) | 810 | 111 |
| 2.25%, 11/15/33, DKK | 560 | 87 |
| 4.50%, 11/15/39, DKK (d) | 1006 | 192 |
| 0.25%, 11/15/52, DKK | 605 | 50 |
|  |  | 755 |
| **Sweden 0.1%** | **Sweden 0.1%** | **Sweden 0.1%** |
| OSMTH of the Kingdom Of Sweden |  |  |
| 0.75%, 05/12/28, SEK (d) | 1895 | 195 |
| 2.25%, 06/01/32, SEK (d) | 1525 | 164 |
| 3.50%, 03/30/39, SEK (d) | 920 | 109 |
|  |  | 468 |
| **Romania 0.1%** | **Romania 0.1%** | **Romania 0.1%** |
| Romania, Government of |  |  |
| 2.00%, 04/14/33, EUR (f) | 390 | 351 |
| **South Africa 0.0%** | **South Africa 0.0%** | **South Africa 0.0%** |
| South Africa, Parliament of |  |  |
| 4.85%, 09/30/29 | 300 | 288 |
| **Czech Republic 0.0%** | **Czech Republic 0.0%** | **Czech Republic 0.0%** |
| Urad Vlady Ceske Republiky |  |  |
| 4.50%, 11/11/32, CZK | 5400 | 264 |
| **Chile 0.0%** | **Chile 0.0%** | **Chile 0.0%** |
| Presidencia de la Republica de Chile |  |  |
| 3.75%, 01/14/32, EUR | 166 | 199 |
| **Peru 0.0%** | **Peru 0.0%** | **Peru 0.0%** |
| Comision De Promocion Del Peru Para La Exportacion Y El Turismo |  |  |
| 1.86%, 12/01/32 | 176 | 141 |
| Total Government And Agency Obligations (cost $123,020) | Total Government And Agency Obligations (cost $123,020) | 123371 |
| **INVESTMENT COMPANIES 3.9%** | **INVESTMENT COMPANIES 3.9%** | **INVESTMENT COMPANIES 3.9%** |
| **United States of America 3.9%** | **United States of America 3.9%** | **United States of America 3.9%** |
| iShares MSCI EAFE ETF | 1 | 44 |
| JPMorgan Income ETF (e) (o) | 765 | 35420 |
| Total Investment Companies (cost $35,509) | Total Investment Companies (cost $35,509) | 35464 |

---

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page [607](#abbreviations).

**JNL Series Trust** (Unaudited)

**Schedules of Investments (in thousands)**

June 30, 2025

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| **PREFERRED STOCKS 0.1%** | **PREFERRED STOCKS 0.1%** | **PREFERRED STOCKS 0.1%** |
| **Switzerland 0.1%** | **Switzerland 0.1%** | **Switzerland 0.1%** |
| Chocoladefabriken Lindt & Sprungli AG |  | 67 |
| Roche Holding AG | 2 | 665 |
| Schindler Holding AG |  | 45 |
|  |  | 777 |
| **Brazil 0.0%** | **Brazil 0.0%** | **Brazil 0.0%** |
| Petroleo Brasileiro S/A Petrobras. (j) | 71 | 411 |
| **Germany 0.0%** | **Germany 0.0%** | **Germany 0.0%** |
| Bayerische Motoren Werke Aktiengesellschaft |  | 14 |
| Dr. Ing. h.c. F. Porsche Aktiengesellschaft |  | 16 |
| Henkel AG & Co. KGaA (j) |  | 38 |
| Sartorius Aktiengesellschaft |  | 19 |
| Volkswagen Aktiengesellschaft (j) | 1 | 65 |
|  |  | 152 |
| **Italy 0.0%** | **Italy 0.0%** | **Italy 0.0%** |
| Telecom Italia S.p.A. | 18 | 10 |
| Total Preferred Stocks (cost $1,277) | Total Preferred Stocks (cost $1,277) | 1350 |
| **NON-U.S. GOVERNMENT AGENCY ASSET-BACKED SECURITIES 0.1%** | **NON-U.S. GOVERNMENT AGENCY ASSET-BACKED SECURITIES 0.1%** | **NON-U.S. GOVERNMENT AGENCY ASSET-BACKED SECURITIES 0.1%** |
| **United States of America 0.1%** | **United States of America 0.1%** | **United States of America 0.1%** |
| GS Mortgage-Backed Securities Trust 2025-RPL3 |  |  |
| Series 2025-A1-RPL3, 4.10%, 01/26/65 (g) | 100 | 96 |
| Progress Residential 2025-SFR3 Trust |  |  |
| Series 2025-A-SFR3, 3.39%, 07/17/30 | 415 | 390 |
| WHARF Commercial Mortgage Trust 2025-DC |  |  |
| Series 2025-A-DC, 5.35%, 07/17/30 (i) | 100 | 108 |
| Total Non-U.S. Government Agency Asset-Backed Securities (cost $580) | Total Non-U.S. Government Agency Asset-Backed Securities (cost $580) | 594 |
| **SHORT TERM INVESTMENTS 4.3%** | **SHORT TERM INVESTMENTS 4.3%** | **SHORT TERM INVESTMENTS 4.3%** |
| **Investment Companies 2.8%** | **Investment Companies 2.8%** | **Investment Companies 2.8%** |
| JNL Government Money Market Fund - Class I, 4.20% (o) (p) | 25599 | 25599 |
| **Securities Lending Collateral 1.5%** | **Securities Lending Collateral 1.5%** | **Securities Lending Collateral 1.5%** |
| JNL Government Money Market Fund - Class SL, 4.30% (o) (p) | 13703 | 13703 |
| Total Short Term Investments (cost $39,302) | Total Short Term Investments (cost $39,302) | 39302 |
| **Total Investments 100.3% (cost $907,257)** | **Total Investments 100.3% (cost $907,257)** | **915497** |
| **Other Derivative Instruments 0.1%** | **Other Derivative Instruments 0.1%** | **878** |
| **Other Assets and Liabilities, Net (0.4)%** | **Other Assets and Liabilities, Net (0.4)%** | **(3651)** |
| **Total Net Assets 100.0%** | **Total Net Assets 100.0%** | **912724** |

---

(a) All or a portion of the security is pledged or segregated as collateral.

(b) Non-income producing security.

(c) Security fair valued in good faith as a Level 3 security in accordance with the procedures approved by the Board of Trustees. Good faith fair valued securities are classified based on the applicable valuation inputs. See "Fair Value Measurement" in the Notes to Financial Statements.

(d) Security is restricted to resale to institutional investors or subject to trading restrictions due to sanctions on foreign issuers. See Restricted Securities table following the Schedules of Investments.

(e) All or a portion of the security was on loan as of June 30, 2025.

(f) Security is exempt from registration under the Securities Act of 1933, as amended. As of June 30, 2025, the value and the percentage of net assets of these securities was $211,480 and 23.2% of the Fund.

(g) Security is a step-up bond where the coupon may increase or step up at a future date or as the result of an upgrade or downgrade to the credit rating of the issuer. Rate stated was the coupon as of June 30, 2025.

(h) The interest rate for this security is inversely affected by upgrades or downgrades to the credit rating of the issuer. Rate stated was the coupon as of June 30, 2025.

(i) Security has a variable rate. Interest rates reset periodically. Rate stated was in effect as of June 30, 2025. For securities based on a published reference rate and spread, the reference rate and spread are presented. Certain variable rate securities do not indicate a reference rate and spread because they are determined by the issuer, remarketing agent, or offering documents and are based on current market conditions. The coupon rate for securities with certain features outlined in the offering documents may vary from the stated reference rate and spread. This includes, but is not limited to, securities with deferred rates, contingent distributions, caps, floors, and fixed-rate to float-rate features. In addition, variable rates for government and agency collateralized mortgage obligations ("CMO") and mortgage-backed securities ("MBS") are determined by tranches of underlying mortgage-backed security pools' cash flows into securities and pass-through rates which reflect the rate earned on the asset pool after management and guarantee fees are paid to the securitizing corporation. CMO and MBS variable rates are determined by a formula set forth in the security's offering documents.

(j) Convertible security.

(k) Pay-in-kind security. Stated coupon is the pay-in-kind rate. The interest earned by the security may be paid in cash or additional par.

(l) Security issued with a zero coupon. Income is recognized through the accretion of discount.

(m) Perpetual security. Next contractual call price and date are presented in parentheses, if applicable.

(n) Treasury inflation indexed note, par amount is adjusted for inflation.

(o) Investment in affiliate.

(p) Yield changes daily to reflect current market conditions. Rate was the quoted yield as of June 30, 2025.

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **JNL/JPMorgan Global Allocation Fund — Investments in Affiliates** | **JNL/JPMorgan Global Allocation Fund — Investments in Affiliates** | **JNL/JPMorgan Global Allocation Fund — Investments in Affiliates** | **JNL/JPMorgan Global Allocation Fund — Investments in Affiliates** | **JNL/JPMorgan Global Allocation Fund — Investments in Affiliates** | **JNL/JPMorgan Global Allocation Fund — Investments in Affiliates** | **JNL/JPMorgan Global Allocation Fund — Investments in Affiliates** | **JNL/JPMorgan Global Allocation Fund — Investments in Affiliates** | **JNL/JPMorgan Global Allocation Fund — Investments in Affiliates** |
| **Affiliated Investment** | **Value Beginning of Period($)** | **Purchases($)** | **Sales Proceeds($)** | **Dividend Income/ Distributions from Funds($)** | **Realized Gain (Loss)($)** | **Change in Unrealized Appreciation (Depreciation) ($)** | **Value End of Period($)** | **Percentage of Net Assets(%)** |
| JNL Government Money Market Fund, 4.20% - Class I | 16021 | 215822 | 206244 | 461 |  |  | 25599 | 2.8 |
| JNL Government Money Market Fund, 4.30% - Class SL | 12418 | 163589 | 162304 | 287 |  |  | 13703 | 1.5 |
| JPMorgan Income ETF | 42760 |  | 7872 | 1110 | (126) | 658 | 35420 | 3.9 |
|  | 71199 | 379411 | 376420 | 1858 | (126) | 658 | 74722 | 8.2 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **JNL/JPMorgan Global Allocation Fund — Restricted Securities** | **JNL/JPMorgan Global Allocation Fund — Restricted Securities** | **JNL/JPMorgan Global Allocation Fund — Restricted Securities** | **JNL/JPMorgan Global Allocation Fund — Restricted Securities** | **JNL/JPMorgan Global Allocation Fund — Restricted Securities** |
|  | **Initial Acquisition** | **Cost ($)** | **Value ($)** | **Percent of**<br> **Net Assets (%)** |
| Adyen N.V. | 01/19/22 | 143 | 160 |  |
| AIB Group Public Limited Company, 4.63%, 07/23/29 | 06/07/24 | 661 | 743 | 0.1 |
| Alibaba Group Holding Limited | 12/15/20 | 2397 | 1962 | 0.2 |
| Allegro.eu | 09/17/21 | 17 | 18 |  |
| Alstom, 0.13%, 07/27/27 | 06/07/24 | 701 | 785 | 0.1 |

---

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page [607](#abbreviations).

**JNL Series Trust** (Unaudited)

**Schedules of Investments (in thousands)**

June 30, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
| **JNL/JPMorgan Global Allocation Fund — Restricted Securities (continued)** | **JNL/JPMorgan Global Allocation Fund — Restricted Securities (continued)** | **JNL/JPMorgan Global Allocation Fund — Restricted Securities (continued)** | **JNL/JPMorgan Global Allocation Fund — Restricted Securities (continued)** | **JNL/JPMorgan Global Allocation Fund — Restricted Securities (continued)** |
|  | **Initial Acquisition** | **Cost ($)** | **Value ($)** | **Percent of**<br> **Net Assets (%)** |
| Amadeus IT Holding, S.A. | 06/08/20 | 86 | 109 |  |
| Amundi | 12/17/21 | 12 | 15 |  |
| Autostrade per l'italia S.P.A., 5.13%, 06/14/33 | 06/07/24 | 674 | 762 | 0.1 |
| Banca Monte dei Paschi di Siena S.p.A., 3.50%, 04/23/29 | 06/10/24 | 750 | 850 | 0.1 |
| Banco BPM Societa' Per Azioni, 4.63%, 11/29/27 | 06/07/24 | 659 | 739 | 0.1 |
| Bank of Ireland Group Public Limited Company, 5.00%, 07/04/31 | 06/07/24 | 678 | 763 | 0.1 |
| Barclays PLC, 4.51%, 01/31/33 | 06/07/24 | 932 | 1052 | 0.1 |
| BAWAG Group AG | 06/08/20 | 14 | 29 |  |
| BPCE SFH, 3.38%, 03/13/29 | 01/07/25 | 632 | 728 | 0.1 |
| Budweiser Brewing Company APAC Limited | 12/05/23 | 7 | 5 |  |
| Cadent Finance PLC, 0.63%, 03/19/30 | 06/07/24 | 371 | 421 | 0.1 |
| CaixaBank, S.A., 5.00%, 07/19/29 | 06/07/24 | 666 | 750 | 0.1 |
| Cellnex Telecom, S.A. | 04/16/21 | 68 | 66 |  |
| China International Capital Corporation Limited - Class H | 05/23/25 | 136 | 165 |  |
| Commonwealth of Australia, 1.75%, 06/21/51 | 07/30/21 | 175 | 127 |  |
| Commonwealth of Australia, 4.75%, 06/21/54 | 06/12/25 | 1088 | 1103 | 0.1 |
| Convatec Group PLC | 04/27/20 | 14 | 19 |  |
| Credit Suisse Group AG, 7.75%, 03/01/29 | 06/07/24 | 650 | 730 | 0.1 |
| Credito Emiliano SpA, 3.25%, 04/18/29 | 01/07/25 | 627 | 720 | 0.1 |
| Danmarks Nationalbank, 1.75%, 11/15/25 | 06/26/19 | 115 | 127 |  |
| Danmarks Nationalbank, 0.00%, 11/15/31 | 09/30/22 | 92 | 111 |  |
| Danmarks Nationalbank, 4.50%, 11/15/39 | 08/11/21 | 258 | 192 |  |
| Danske Bank A/S, 4.50%, 11/09/28 | 06/07/24 | 656 | 737 | 0.1 |
| Development Bank of Japan Inc., 0.88%, 10/10/25 | 07/09/20 | 1087 | 1127 | 0.1 |
| Dexia, 1.25%, 10/27/25 | 07/09/20 | 1135 | 1174 | 0.1 |
| Dino Polska Spolka Akcyjna | 07/08/22 | 86 | 173 |  |
| ENEL - SPA, 6.38% (callable at 100, 04/16/28) | 10/15/24 | 115 | 127 |  |
| Engie, 3.63%, 03/06/31 | 04/23/25 | 812 | 845 | 0.1 |
| EQT AB | 12/16/22 | 58 | 70 |  |
| Estado Espanol, 2.15%, 10/31/25 | 11/30/22 | 21 | 24 |  |
| Estado Espanol, 1.95%, 04/30/26 | 07/29/22 | 1 | 1 |  |
| Estado Espanol, 1.40%, 07/30/28 | 02/28/23 | 21 | 24 |  |
| Estado Espanol, 1.25%, 10/31/30 | 08/31/23 | 150 | 169 |  |
| Estado Espanol, 4.20%, 01/31/37 | 09/30/22 | 274 | 333 | 0.1 |
| Estado Espanol, 2.90%, 10/31/46 | 09/29/23 | 261 | 318 | 0.1 |
| Etat Belge, 1.90%, 06/22/38 | 01/07/22 | 312 | 302 |  |
| Evolution AB (publ) | 12/03/20 | 57 | 44 |  |
| Evraz PLC | 02/14/22 | 5 |  |  |
| French Republic Government Bond OAT, 4.75%, 04/25/35 | 03/03/25 | 2932 | 3290 | 0.4 |
| French Republic Government Bond OAT, 1.75%, 06/25/39 | 07/31/23 | 1168 | 1204 | 0.1 |
| Fuyao Glass Industry Group Co., Ltd. - Class H | 05/08/23 | 151 | 206 |  |
| Gouvernement De France, 2.75%, 02/25/29 | 05/31/24 | 16 | 18 |  |
| Gouvernement De France, 0.00%, 11/25/29 | 07/31/23 | 22 | 24 |  |
| Gouvernement De France, 2.00%, 05/25/48 | 08/11/21 | 58 | 32 |  |
| Gouvernement De France, 1.50%, 05/25/50 | 02/29/24 | 83 | 80 |  |
| Gouvernement De France, 0.75%, 05/25/52 | 11/30/22 | 296 | 263 |  |
| Gouvernement De France, 1.75%, 05/25/66 | 02/21/22 | 325 | 170 |  |
| GreenSaif Pipelines Bidco S.a r.l., 5.85%, 02/23/36 | 06/20/25 | 252 | 253 |  |
| Haidilao International Holding Ltd. | 05/15/25 | 136 | 120 |  |
| Heidelberg Materials Finance Luxembourg S.A., 4.88%, 11/21/33 | 06/07/24 | 57 | 64 |  |
| HM Treasury, 0.38%, 10/22/30 | 06/30/23 | 1226 | 1364 | 0.2 |
| HM Treasury, 0.88%, 07/31/33 | 09/29/23 | 1723 | 1900 | 0.2 |
| HM Treasury, 4.50%, 09/07/34 | 03/10/23 | 96 | 104 |  |
| HM Treasury, 1.75%, 09/07/37 | 10/18/22 | 367 | 427 | 0.1 |
| HM Treasury, 4.25%, 09/07/39 | 10/18/22 | 340 | 395 | 0.1 |
| HM Treasury, 4.25%, 12/07/40 | 10/18/22 | 224 | 258 |  |
| HM Treasury, 4.50%, 12/07/42 | 09/08/23 | 52 | 55 |  |
| HM Treasury, 1.25%, 07/31/51 | 12/02/22 | 1537 | 1507 | 0.2 |
| HM Treasury, 3.75%, 07/22/52 | 10/18/22 | 545 | 553 | 0.1 |
| HM Treasury, 3.75%, 10/22/53 | 01/22/24 | 478 | 486 | 0.1 |
| HM Treasury, 4.38%, 07/31/54 | 04/28/25 | 909 | 930 | 0.1 |
| HM Treasury, 4.25%, 12/07/55 | 10/18/22 | 214 | 222 |  |
| HM Treasury, 1.75%, 07/22/57 | 08/11/21 | 364 | 175 |  |
| HM Treasury, 0.50%, 10/22/61 | 01/10/23 | 157 | 126 |  |
| HM Treasury, 4.00%, 10/22/63 | 06/30/23 | 266 | 252 |  |
| HM Treasury, 3.50%, 07/22/68 | 05/31/23 | 262 | 250 |  |
| HM Treasury, 1.13%, 10/22/73 | 01/10/23 | 37 | 31 |  |
| Holcim US Finance (Luxembourg) S.A., 0.50%, 04/23/31 | 04/23/25 | 834 | 866 | 0.1 |
| IHO Verwaltungs GmbH, 6.75%, 11/15/29 | 06/11/25 | 120 | 123 |  |
| INEOS Quattro Finance 2 plc, 8.50%, 03/15/29 | 06/11/25 | 117 | 117 |  |
| Infrastrutture Wireless Italiane S.p.A. O, In Forma Abbreviata, Inwit S.p.A. | 09/18/20 | 10 | 12 |  |
| Intesa Sanpaolo SPA, 4.88%, 05/19/30 | 06/07/24 | 113 | 128 |  |

---

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page [607](#abbreviations).

**JNL Series Trust** (Unaudited)

**Schedules of Investments (in thousands)**

June 30, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
| **JNL/JPMorgan Global Allocation Fund — Restricted Securities (continued)** | **JNL/JPMorgan Global Allocation Fund — Restricted Securities (continued)** | **JNL/JPMorgan Global Allocation Fund — Restricted Securities (continued)** | **JNL/JPMorgan Global Allocation Fund — Restricted Securities (continued)** | **JNL/JPMorgan Global Allocation Fund — Restricted Securities (continued)** |
|  | **Initial Acquisition** | **Cost ($)** | **Value ($)** | **Percent of**<br> **Net Assets (%)** |
| Intesa Sanpaolo SPA, 5.13%, 08/29/31 | 06/07/24 | 575 | 649 | 0.1 |
| Joint Stock Company Kaspi.Kz | 02/06/25 | 146 | 130 |  |
| KfW, 2.88%, 05/29/26 | 09/08/23 | 800 | 891 | 0.1 |
| KfW, 0.00%, 03/31/27 | 02/02/23 | 2463 | 2688 | 0.3 |
| KfW, 2.38%, 08/05/27 | 05/16/24 | 430 | 475 | 0.1 |
| Krungthai Bank Public Company Limited, 4.40% (callable at 100, 03/25/26) | 06/12/25 | 197 | 197 |  |
| Mapletree Commercial Trust Treasury Company Pte. Ltd. | 06/08/20 | 8 | 7 |  |
| Media Group Holdings LLC, 2.00%, 12/31/26 | 04/28/14 | 50938 | 90 |  |
| Meituan - Class B | 09/30/24 | 577 | 477 | 0.1 |
| National Australia Bank Limited, 3.15%, 02/05/31 | 06/11/24 | 747 | 840 | 0.1 |
| National Grid PLC, 0.25%, 09/01/28 | 04/23/25 | 837 | 868 | 0.1 |
| Nongfu Spring Co., Ltd. - Class H | 12/18/24 | 200 | 226 |  |
| Ontario Teachers' Finance Trust, 1.13%, 05/15/26 | 09/20/22 | 3018 | 3612 | 0.4 |
| Ontario Teachers' Finance Trust, 0.10%, 05/19/28 | 07/16/21 | 1037 | 966 | 0.1 |
| Ontario, Government of, 0.01%, 11/25/30 | 10/04/21 | 1258 | 1120 | 0.1 |
| Orsted A/S | 10/29/21 | 29 | 19 |  |
| OSMTH of the Kingdom Of Sweden, 0.75%, 05/12/28 | 04/27/20 | 194 | 195 |  |
| OSMTH of the Kingdom Of Sweden, 2.25%, 06/01/32 | 06/26/19 | 203 | 164 |  |
| OSMTH of the Kingdom Of Sweden, 3.50%, 03/30/39 | 06/26/19 | 123 | 109 |  |
| Pirelli & C. S.p.A. | 05/09/23 | 6 | 7 |  |
| Poste Italiane - Societa' Per Azioni | 04/27/20 | 16 | 29 |  |
| Public Joint-Stock Company Severstal | 12/01/20 | 243 |  |  |
| Sandor-Palota, 5.38%, 09/12/33 | 11/20/23 | 108 | 127 |  |
| Sandor-Palota, 1.75%, 06/05/35 | 11/20/23 | 80 | 93 |  |
| Saudi Arabia, Kingdom of, 2.90%, 10/22/25 | 07/08/20 | 1064 | 1053 | 0.1 |
| Saudi Arabia, Kingdom of, 3.25%, 10/26/26 | 06/25/20 | 934 | 903 | 0.1 |
| Saudi Arabian Oil Company | 06/10/24 | 294 | 250 |  |
| Segretariato Generale Della Presidenza Della Repubblica, 1.85%, 07/01/25 | 05/31/23 | 3 | 4 |  |
| Segretariato Generale Della Presidenza Della Repubblica, 7.25%, 11/01/26 | 06/30/23 | 8019 | 8340 | 0.9 |
| Segretariato Generale Della Presidenza Della Repubblica, 0.90%, 04/01/31 | 10/31/23 | 175 | 212 |  |
| Segretariato Generale Della Presidenza Della Repubblica, 3.35%, 03/01/35 | 02/29/24 | 155 | 177 |  |
| Segretariato Generale Della Presidenza Della Repubblica, 2.25%, 09/01/36 | 04/29/22 | 393 | 426 | 0.1 |
| Segretariato Generale Della Presidenza Della Repubblica, 4.00%, 02/01/37 | 11/08/22 | 525 | 643 | 0.1 |
| Segretariato Generale Della Presidenza Della Repubblica, 3.25%, 09/01/46 | 10/31/23 | 98 | 115 |  |
| Segretariato Generale Della Presidenza Della Repubblica, 2.15%, 03/01/72 | 11/30/23 | 98 | 113 |  |
| Service Public Federal Chancellerie Du Premier Ministre, 0.10%, 06/22/30 | 01/07/22 | 2 | 2 |  |
| Service Public Federal Chancellerie Du Premier Ministre, 3.75%, 06/22/45 | 04/27/20 | 432 | 294 |  |
| Service Public Federal Chancellerie Du Premier Ministre, 2.15%, 06/22/66 | 04/28/20 | 204 | 100 |  |
| Siemens Healthineers AG | 06/18/21 | 44 | 44 |  |
| Staat der Nederlanden, 4.00%, 01/15/37 | 07/29/22 | 329 | 380 | 0.1 |
| Temasek Financial (I) Limited, 3.63%, 08/01/28 | 07/09/20 | 267 | 248 |  |
| Tenet Healthcare Corporation, 4.63%, 06/15/28 | 08/14/23 | 1092 | 1110 | 0.1 |
| Toronto-Dominion Bank, The, 3.19%, 02/16/29 | 06/11/24 | 1070 | 1205 | 0.1 |
| TRATON Finance Luxembourg S.A., 3.75%, 03/27/30 | 06/07/24 | 641 | 719 | 0.1 |
| TSB Bank PLC, 3.32%, 03/05/29 | 06/10/24 | 861 | 967 | 0.1 |
| UBS Switzerland AG, 3.30%, 03/05/29 | 06/10/24 | 1615 | 1809 | 0.2 |
| Viterra Finance B.V., 1.00%, 09/24/28 | 06/07/24 | 739 | 831 | 0.1 |
| Volkswagen International Finance N.V., 4.38%, 05/15/30 | 06/07/24 | 551 | 617 | 0.1 |
| Volkswagen Leasing Gesellschaft Mit Beschrankter Haftung, 4.00%, 04/11/31 | 06/07/24 | 54 | 61 |  |
| Vonovia SE, 2.25%, 04/07/30 | 06/07/24 | 99 | 114 |  |
| Vonovia SE, 1.00%, 07/09/30 | 06/07/24 | 557 | 635 | 0.1 |
| WH Group Limited | 06/08/20 | 19 | 23 |  |
| Woolworths Group Limited, 0.38%, 11/15/28 | 06/07/24 | 721 | 817 | 0.1 |
| WuXi Biologics (Cayman) Inc. | 06/17/22 | 37 | 33 |  |
| Xiaomi Corporation | 08/23/24 | 215 | 566 | 0.1 |
| ZTO Express (Cayman) Inc. | 03/19/24 | 139 | 112 |  |
|  |  | 118840 | 71626 | 7.8 |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **JNL/JPMorgan Global Allocation Fund — Futures Contracts** | **JNL/JPMorgan Global Allocation Fund — Futures Contracts** | **JNL/JPMorgan Global Allocation Fund — Futures Contracts** | **JNL/JPMorgan Global Allocation Fund — Futures Contracts** | **JNL/JPMorgan Global Allocation Fund — Futures Contracts** | **JNL/JPMorgan Global Allocation Fund — Futures Contracts** | **JNL/JPMorgan Global Allocation Fund — Futures Contracts** |
| **Reference Entity** | **Contracts<sup>1</sup>** | **Expiration** | **Notional<sup>1</sup>** | **Notional<sup>1</sup>** | **Variation**<br> **Margin**<br> **Receivable**<br> (Payable) ($) | **Value/**<br> **Unrealized**<br> **Appreciation**<br> (Depreciation) ($) |
| **Long Contracts** | **Long Contracts** | **Long Contracts** | **Long Contracts** | **Long Contracts** | **Long Contracts** | **Long Contracts** |
| Australia 10 Year Bond | 14 | September 2025 | AUD | 1604 | (5) | 1 |
| Canada 10 Year Bond | 19 | September 2025 | CAD | 2294 | 4 | 17 |
| Canada 5 Year Bond | 5 | September 2025 | CAD | 567 | 1 | 3 |

---

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page [607](#abbreviations).

**JNL Series Trust** (Unaudited)

**Schedules of Investments (in thousands)**

June 30, 2025

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **JNL/JPMorgan Global Allocation Fund — Futures Contracts (continued)** | **JNL/JPMorgan Global Allocation Fund — Futures Contracts (continued)** | **JNL/JPMorgan Global Allocation Fund — Futures Contracts (continued)** | **JNL/JPMorgan Global Allocation Fund — Futures Contracts (continued)** | **JNL/JPMorgan Global Allocation Fund — Futures Contracts (continued)** | **JNL/JPMorgan Global Allocation Fund — Futures Contracts (continued)** | **JNL/JPMorgan Global Allocation Fund — Futures Contracts (continued)** |
| **Reference Entity** | **Contracts<sup>1</sup>** | **Expiration** | **Notional<sup>1</sup>** | **Notional<sup>1</sup>** | **Variation**<br> **Margin**<br> **Receivable**<br> (Payable) ($) | **Value/**<br> **Unrealized**<br> **Appreciation**<br> (Depreciation) ($) |
| EUR/USD Spot Rate | 24 | September 2025 |  | 3448 | 23 | 102 |
| Euro Bund | 110 | September 2025 | EUR | 14375 | (40) | (69) |
| Euro Schatz | 90 | September 2025 | EUR | 9665 | (7) | (14) |
| Italy Government BTP Bond | 10 | September 2025 | EUR | 1206 | (1) | 5 |
| Japan 10 Year Bond | 82 | September 2025 | JPY | 1136857 | (2) | 26 |
| JPY/USD Spot Rate | 112 | September 2025 |  | 9751 | 33 | 41 |
| Long Gilt | 18 | September 2025 | GBP | 1635 | (5) | 54 |
| MSCI EAFE Index | 211 | September 2025 |  | 27732 | 14 | 561 |
| MSCI Emerging Markets Index | 292 | September 2025 |  | 17490 | 35 | 519 |
| S&P 500 Index | 207 | September 2025 |  | 63024 | 310 | 1702 |
| S&P Communication Services Select Sector Index | 101 | September 2025 |  | 13749 | 115 | 708 |
| S&P Technology Select Sector Index | 57 | September 2025 |  | 14079 | 155 | 613 |
| United States 2 Year Note | 15 | October 2025 |  | 3120 | (1) |  |
| United States 5 Year Note | 1649 | October 2025 |  | 177292 | 219 | 2448 |
|  |  |  |  |  | 848 | 6717 |
| **Short Contracts** | **Short Contracts** | **Short Contracts** | **Short Contracts** | **Short Contracts** | **Short Contracts** | **Short Contracts** |
| Euro BOBL | (58) | September 2025 | EUR | (6832) | 12 | 8 |
| Euro Buxl 30 Year Bond | (28) | September 2025 | EUR | (3360) | 12 | 42 |
| Euro OAT | (25) | September 2025 | EUR | (3112) | 6 | 19 |
| Italy Short Term Government BTP Bond | (61) | September 2025 | EUR | (6595) | 4 | 12 |
| United States 10 Year Note | (69) | September 2025 |  | (7556) | (22) | (181) |
| United States 10 Year Ultra Bond | (25) | September 2025 |  | (2806) | (12) | (51) |
| United States Ultra Bond | (34) | September 2025 |  | (3895) | (39) | (155) |
|  |  |  |  |  | (39) | (306) |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **JNL/JPMorgan Global Allocation Fund — Forward Foreign Currency Contracts** | **JNL/JPMorgan Global Allocation Fund — Forward Foreign Currency Contracts** | **JNL/JPMorgan Global Allocation Fund — Forward Foreign Currency Contracts** | **JNL/JPMorgan Global Allocation Fund — Forward Foreign Currency Contracts** | **JNL/JPMorgan Global Allocation Fund — Forward Foreign Currency Contracts** | **JNL/JPMorgan Global Allocation Fund — Forward Foreign Currency Contracts** | **JNL/JPMorgan Global Allocation Fund — Forward Foreign Currency Contracts** |
| **Purchased/Sold** | **Counterparty** | **Expiration** | **Notional<sup>1</sup>** | **Notional<sup>1</sup>** | **Value ($)** | **Unrealized**<br> **Appreciation**<br> (Depreciation) ($) |
| AUD/CHF | GSC | 07/22/25 | CHF | (172) | (217) | (5) |
| AUD/USD | CIT | 07/22/25 | AUD | 3197 | 2105 | 38 |
| AUD/USD | MSC | 07/22/25 | AUD | 5346 | 3520 | 35 |
| CAD/USD | BCL | 07/22/25 | CAD | 30 | 22 |  |
| CAD/USD | BNP | 07/22/25 | CAD | 2570 | 1889 | 1 |
| CAD/USD | CIT | 07/22/25 | CAD | 283 | 208 | 1 |
| CAD/USD | HSB | 07/22/25 | CAD | 25 | 18 |  |
| CAD/USD | MSC | 07/22/25 | CAD | 89 | 66 |  |
| CHF/EUR | GSC | 07/22/25 | EUR | (184) | (217) | 1 |
| CHF/USD | BCL | 07/22/25 | CHF | 482 | 609 | 14 |
| CHF/USD | GSC | 07/22/25 | CHF | 171 | 216 | 5 |
| CLP/USD | HSB | 07/22/25 | CLP | 212178 | 228 | 2 |
| COP/USD | GSC | 07/22/25 | COP | 1803679 | 440 | 7 |
| CZK/USD | GSC | 07/22/25 | CZK | 6462 | 308 | 8 |
| EUR/CHF | BNP | 07/22/25 | CHF | (172) | (217) | (1) |
| EUR/JPY | HSB | 07/22/25 | JPY | (51345) | (357) |  |
| EUR/SEK | HSB | 07/22/25 | SEK | (953) | (101) |  |
| EUR/USD | BCL | 07/22/25 | EUR | 103 | 121 | 4 |
| EUR/USD | CIT | 07/22/25 | EUR | 32 | 38 | 1 |
| EUR/USD | GSC | 07/22/25 | EUR | 184 | 217 | 5 |
| EUR/USD | HSB | 07/22/25 | EUR | 239 | 283 | 3 |
| EUR/USD | MSC | 07/22/25 | EUR | 5353 | 6314 | 140 |
| GBP/JPY | MSC | 07/22/25 | JPY | (30371) | (211) | 2 |
| GBP/USD | GSC | 07/22/25 | GBP | 308 | 423 | 2 |
| GBP/USD | HSB | 07/22/25 | GBP | 161 | 221 | 1 |
| GBP/USD | MSC | 07/22/25 | GBP | 17 | 23 |  |
| IDR/USD | BCL | 07/22/25 | IDR | 16803193 | 1034 | 5 |
| ILS/USD | HSB | 07/22/25 | ILS | 1734 | 515 | 33 |
| JPY/USD | BCL | 07/22/25 | JPY | 2682 | 19 |  |
| JPY/USD | BNP | 07/22/25 | JPY | 3399184 | 23663 | (68) |
| JPY/USD | CIT | 07/22/25 | JPY | 30126 | 210 | 2 |
| JPY/USD | HSB | 07/22/25 | JPY | 19230 | 134 |  |
| JPY/USD | MSC | 07/22/25 | JPY | 2519 | 18 |  |
| KRW/USD | CIT | 07/22/25 | KRW | 5865162 | 4352 | 60 |
| MXN/USD | GSC | 07/22/25 | MXN | 4173 | 222 | 5 |
| NOK/USD | MSC | 07/22/25 | NOK | 2770 | 275 | (4) |
| NZD/USD | BNP | 07/22/25 | NZD | 1783 | 1087 | 14 |
| NZD/USD | MSC | 07/22/25 | NZD | 349 | 213 | 1 |

---

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page [607](#abbreviations).

**JNL Series Trust** (Unaudited)

**Schedules of Investments (in thousands)**

June 30, 2025

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **JNL/JPMorgan Global Allocation Fund — Forward Foreign Currency Contracts (continued)** | **JNL/JPMorgan Global Allocation Fund — Forward Foreign Currency Contracts (continued)** | **JNL/JPMorgan Global Allocation Fund — Forward Foreign Currency Contracts (continued)** | **JNL/JPMorgan Global Allocation Fund — Forward Foreign Currency Contracts (continued)** | **JNL/JPMorgan Global Allocation Fund — Forward Foreign Currency Contracts (continued)** | **JNL/JPMorgan Global Allocation Fund — Forward Foreign Currency Contracts (continued)** | **JNL/JPMorgan Global Allocation Fund — Forward Foreign Currency Contracts (continued)** |
| **Purchased/Sold** | **Counterparty** | **Expiration** | **Notional<sup>1</sup>** | **Notional<sup>1</sup>** | **Value ($)** | **Unrealized**<br> **Appreciation**<br> (Depreciation) ($) |
| PEN/USD | BNP | 07/22/25 | PEN | 727 | 205 | 4 |
| PLN/USD | BNP | 07/22/25 | PLN | 3755 | 1041 | 29 |
| RON/USD | BNP | 07/22/25 | RON | 1467 | 340 | 5 |
| SEK/EUR | GSC | 07/22/25 | EUR | (178) | (210) | (2) |
| SEK/USD | CIT | 07/22/25 | SEK | 2021 | 214 |  |
| SEK/USD | MSC | 07/22/25 | SEK | 9774 | 1035 | 3 |
| USD/AUD | BNP | 07/22/25 | AUD | (263) | (173) | (2) |
| USD/AUD | BNP | 07/22/25 | AUD | (2) | (1) |  |
| USD/AUD | CIT | 07/22/25 | AUD | (389) | (256) | (2) |
| USD/AUD | HSB | 07/22/25 | AUD | (142) | (93) | (1) |
| USD/AUD | HSB | 07/22/25 | AUD | (3) | (2) |  |
| USD/AUD | MSC | 07/22/25 | AUD | (1863) | (1226) | (12) |
| USD/AUD | MSC | 07/22/25 | AUD | (14) | (9) |  |
| USD/CAD | HSB | 07/22/25 | CAD | (4) | (3) |  |
| USD/CAD | MSC | 07/22/25 | CAD | (413) | (304) | (2) |
| USD/CAD | MSC | 07/22/25 | CAD | (10) | (8) |  |
| USD/DKK | MSC | 07/22/25 | DKK | (329) | (52) | (1) |
| USD/EUR | CIT | 07/22/25 | EUR | (1108) | (1308) | (38) |
| USD/EUR | CIT | 07/22/25 | EUR | (4) | (6) |  |
| USD/EUR | HSB | 07/22/25 | EUR | (2488) | (2935) | (45) |
| USD/EUR | HSB | 07/22/25 | EUR | (4) | (5) |  |
| USD/EUR | MSC | 07/22/25 | EUR | (1) | (1) |  |
| USD/GBP | BCL | 07/22/25 | GBP | (1) | (1) |  |
| USD/GBP | BNP | 07/22/25 | GBP | (4) | (6) |  |
| USD/GBP | GSC | 07/22/25 | GBP | (384) | (527) | (6) |
| USD/GBP | HSB | 07/22/25 | GBP | (533) | (731) | (11) |
| USD/GBP | HSB | 07/22/25 | GBP | (5) | (7) |  |
| USD/HUF | GSC | 07/22/25 | HUF | (912304) | (2686) | (88) |
| USD/JPY | BCL | 07/22/25 | JPY | (968) | (7) |  |
| USD/JPY | BNP | 07/22/25 | JPY | (2442) | (17) |  |
| USD/JPY | CIT | 07/22/25 | JPY | (30504) | (212) | (1) |
| USD/JPY | GSC | 07/22/25 | JPY | (164864) | (1148) | (8) |
| USD/JPY | HSB | 07/22/25 | JPY | (15254) | (106) |  |
| USD/JPY | MSC | 07/22/25 | JPY | (1066) | (8) |  |
| USD/KRW | BCL | 07/22/25 | KRW | (431081) | (320) | (3) |
| USD/MXN | BNP | 07/22/25 | MXN | (81404) | (4328) | (59) |
| USD/MXN | MSC | 07/22/25 | MXN | (2157) | (115) | (3) |
| USD/SGD | HSB | 07/22/25 | SGD | (1183) | (932) | (9) |
| USD/THB | GSC | 07/22/25 | THB | (3275) | (101) | (1) |
| USD/THB | GSC | 07/22/25 | THB | (105874) | (3262) | 10 |
|  |  |  |  |  | 29420 | 69 |

---

**Fair Value Hierarchy.** Various inputs are used in determining the fair value of financial instruments. For a description of the input levels and information about the Fund's policy regarding valuation of financial instruments, see Note 3 in the Notes to Financial Statements. The following table summarizes the Fund's investments categorized in the disclosure hierarchy as of June 30, 2025.

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **<u>. Level 1 ($) .</u>** | **<u>. Level 2 ($) .</u>** | **<u>. Level 3 ($) .</u>** | **<u>. Total ($) .</u>** |
| **JNL/JPMorgan Global Allocation Fund** | **JNL/JPMorgan Global Allocation Fund** | **JNL/JPMorgan Global Allocation Fund** | **JNL/JPMorgan Global Allocation Fund** | **JNL/JPMorgan Global Allocation Fund** |
| **Assets - Securities** |  |  |  |  |
| &nbsp;&nbsp; Common Stocks |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; United States of America | 257904 | 212 | 109 | 258225 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Japan |  | 25447 |  | 25447 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; France |  | 18891 |  | 18891 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; China | 2495 | 15107 |  | 17602 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; United Kingdom | 59 | 15311 |  | 15370 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Taiwan | 4636 | 10060 |  | 14696 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Germany | 30 | 13305 |  | 13335 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; India | 1769 | 6349 |  | 8118 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Switzerland | 207 | 7669 |  | 7876 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Netherlands | 598 | 6647 |  | 7245 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sweden | 669 | 6188 |  | 6857 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; South Korea | 42 | 6363 |  | 6405 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Hong Kong | 23 | 5265 |  | 5288 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Australia | 419 | 4367 |  | 4786 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Denmark |  | 3296 |  | 3296 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Singapore | 217 | 2862 |  | 3079 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Italy |  | 2384 |  | 2384 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Spain |  | 2248 |  | 2248 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Canada | 1963 |  |  | 1963 |

---

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page [607](#abbreviations).

**JNL Series Trust** (Unaudited)

**Schedules of Investments (in thousands)**

June 30, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **<u>. Level 1 ($) .</u>** | **<u>. Level 2 ($) .</u>** | **<u>. Level 3 ($) .</u>** | **<u>. Total ($) .</u>** |
| **JNL/JPMorgan Global Allocation Fund (continued)** | **JNL/JPMorgan Global Allocation Fund (continued)** | **JNL/JPMorgan Global Allocation Fund (continued)** | **JNL/JPMorgan Global Allocation Fund (continued)** | **JNL/JPMorgan Global Allocation Fund (continued)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Brazil | 1764 |  |  | 1764 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Saudi Arabia |  | 1394 |  | 1394 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Belgium |  | 1364 |  | 1364 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ireland | 872 | 492 |  | 1364 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Indonesia |  | 1356 |  | 1356 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mexico | 1109 | 11 |  | 1120 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; South Africa |  | 919 |  | 919 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Greece |  | 806 |  | 806 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Finland |  | 602 |  | 602 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Poland |  | 576 |  | 576 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Turkey |  | 420 |  | 420 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Argentina | 398 |  |  | 398 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Norway |  | 379 |  | 379 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Israel |  | 366 |  | 366 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; United Arab Emirates |  | 347 |  | 347 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Hungary |  | 280 |  | 280 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Peru | 240 |  |  | 240 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Portugal |  | 214 |  | 214 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Qatar |  | 207 |  | 207 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Luxembourg | 125 | 62 |  | 187 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Austria |  | 175 |  | 175 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Kazakhstan | 130 |  |  | 130 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Philippines |  | 109 |  | 109 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; New Zealand |  | 71 |  | 71 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Macau |  | 44 |  | 44 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Chile |  | 26 |  | 26 |
| &nbsp;&nbsp; Corporate Bonds And Notes |  | 277431 | 16 | 277447 |
| &nbsp;&nbsp; Government And Agency Obligations |  | 123371 |  | 123371 |
| &nbsp;&nbsp; Investment Companies | 35464 |  |  | 35464 |
| &nbsp;&nbsp; Preferred Stocks | 411 | 939 |  | 1350 |
| &nbsp;&nbsp; Non-U.S. Government Agency Asset-Backed Securities |  | 594 |  | 594 |
| &nbsp;&nbsp; Short Term Investments | 39302 |  |  | 39302 |
|  | 350846 | 564526 | 125 | 915497 |
| **Assets - Investments in Other Financial Instruments<sup>1</sup>** |  |  |  |  |
| &nbsp;&nbsp; Futures Contracts | 6881 |  |  | 6881 |
| &nbsp;&nbsp; Open Forward Foreign Currency Contracts |  | 441 |  | 441 |
|  | 6881 | 441 |  | 7322 |
| **Liabilities - Investments in Other Financial Instruments<sup>1</sup>** |  |  |  |  |
| &nbsp;&nbsp; Futures Contracts | (470) |  |  | (470) |
| &nbsp;&nbsp; Open Forward Foreign Currency Contracts |  | (372) |  | (372) |
|  | (470) | (372) |  | (842) |

---

<sup>1</sup> All derivatives, except for purchased and written options, are reflected at the unrealized appreciation (depreciation) on the instrument. Purchased and written options are reflected at value.

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page [607](#abbreviations).

**JNL Series Trust** (Unaudited)

**Schedules of Investments (in thousands)**

June 30, 2025

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| **JNL/JPMorgan Hedged Equity Fund** | **JNL/JPMorgan Hedged Equity Fund** | **JNL/JPMorgan Hedged Equity Fund** |
| **COMMON STOCKS 100.2%** | **COMMON STOCKS 100.2%** | **COMMON STOCKS 100.2%** |
| **Information Technology 32.8%** | **Information Technology 32.8%** | **Information Technology 32.8%** |
| Analog Devices, Inc. | 29 | 6920 |
| Apple Inc. (a) | 250 | 51237 |
| Arista Networks, Inc. (b) | 21 | 2101 |
| Broadcom Inc. | 79 | 21835 |
| Cadence Design Systems, Inc. (b) | 8 | 2400 |
| Cognizant Technology Solutions Corporation - Class A (a) | 53 | 4110 |
| CrowdStrike Holdings, Inc. - Class A (b) | 1 | 459 |
| Intuit Inc. (a) | 4 | 3477 |
| Lam Research Corporation | 72 | 7026 |
| Micron Technology, Inc. | 33 | 4022 |
| Microsoft Corporation (a) | 144 | 71748 |
| Motorola Solutions, Inc. | 3 | 1198 |
| NVIDIA Corporation (a) | 443 | 69922 |
| NXP Semiconductors N.V. | 26 | 5609 |
| Oracle Corporation | 46 | 9962 |
| Palantir Technologies Inc. - Class A (b) | 23 | 3159 |
| Salesforce, Inc. | 27 | 7451 |
| Seagate Technology Holdings Public Limited Company | 38 | 5530 |
| ServiceNow, Inc. (b) | 7 | 7094 |
| Texas Instruments Incorporated | 34 | 6987 |
| Western Digital Corporation | 6 | 394 |
|  |  | 292641 |
| **Financials 14.5%** | **Financials 14.5%** | **Financials 14.5%** |
| American Express Company | 10 | 3304 |
| Ameriprise Financial, Inc. (a) | 8 | 4053 |
| AON Public Limited Company - Class A | 11 | 3833 |
| Apollo Global Management, Inc. | 17 | 2381 |
| Arthur J. Gallagher & Co. (a) | 16 | 5212 |
| Bank of America Corporation (a) | 239 | 11301 |
| Berkshire Hathaway Inc. - Class B (b) | 28 | 13413 |
| Capital One Financial Corporation | 13 | 2815 |
| Charles Schwab Corporation, The (a) | 82 | 7524 |
| Citigroup Inc. (a) | 49 | 4203 |
| CME Group Inc. - Class A | 16 | 4486 |
| Corpay Inc (a) (b) | 12 | 4012 |
| Fidelity National Information Services, Inc. (a) | 55 | 4472 |
| Fifth Third Bancorp (a) | 87 | 3584 |
| MasterCard Incorporated - Class A | 27 | 15212 |
| Raymond James Financial, Inc. | 8 | 1270 |
| State Street Corporation | 18 | 1901 |
| The Progressive Corporation | 26 | 6836 |
| Toast, Inc. - Class A (b) | 32 | 1431 |
| Truist Financial Corporation | 37 | 1577 |
| U.S. Bancorp | 62 | 2826 |
| Visa Inc. - Class A | 40 | 14088 |
| Wells Fargo & Company | 122 | 9787 |
| Wex, Inc. (b) | 2 | 349 |
|  |  | 129870 |
| **Consumer Discretionary 11.8%** | **Consumer Discretionary 11.8%** | **Consumer Discretionary 11.8%** |
| Amazon.com, Inc. (a) (b) | 180 | 39406 |
| Aptiv PLC (b) | 11 | 754 |
| AutoZone, Inc. (b) |  | 1425 |
| Booking Holdings Inc. (a) | 1 | 3184 |
| Burlington Stores, Inc. (b) | 10 | 2408 |
| Carnival Corporation (b) | 100 | 2800 |
| Chipotle Mexican Grill, Inc. (a) (b) | 84 | 4731 |
| DoorDash, Inc. - Class A (b) | 8 | 1937 |
| Expedia Group, Inc. | 15 | 2457 |
| Hilton Worldwide Holdings Inc. (a) | 19 | 5020 |
| Lennar Corporation - Class A | 8 | 938 |
| Lowe`s Companies, Inc. | 36 | 7882 |
| McDonald's Corporation | 27 | 7846 |
| NIKE, Inc. - Class B | 20 | 1403 |
| Ross Stores, Inc. (a) | 33 | 4161 |
| Tesla Inc. (b) | 45 | 14312 |
| Yum! Brands, Inc. | 30 | 4436 |
|  |  | 105100 |
| **Communication Services 9.4%** | **Communication Services 9.4%** | **Communication Services 9.4%** |
| Alphabet Inc. - Class A (a) | 100 | 17699 |
| Alphabet Inc. - Class C (a) | 54 | 9618 |
| AT&T Inc. | 142 | 4100 |
| Comcast Corporation - Class A | 135 | 4813 |
| Former Charter Communications Parent, Inc. - Class A (b) | 7 | 2980 |
| Meta Platforms, Inc. - Class A (a) | 44 | 32586 |
| Netflix, Inc. (a) (b) | 4 | 5726 |
| Walt Disney Company, The (a) | 45 | 5639 |
| Warner Music Group Corp. - Class A | 27 | 729 |
|  |  | 83890 |
| **Health Care 9.3%** | **Health Care 9.3%** | **Health Care 9.3%** |
| AbbVie Inc. | 54 | 10036 |
| Baxter International Inc. | 15 | 462 |
| Boston Scientific Corporation (b) | 52 | 5606 |
| Bristol-Myers Squibb Company | 100 | 4640 |
| Cigna Group, The (a) | 13 | 4149 |
| Edwards Lifesciences Corporation (b) | 36 | 2810 |
| Eli Lilly and Company | 12 | 9096 |
| HCA Healthcare, Inc. | 3 | 1064 |
| Humana Inc. | 6 | 1562 |
| Johnson & Johnson | 52 | 7941 |
| McKesson Corporation | 2 | 1656 |
| Medtronic, Inc. | 55 | 4835 |
| Merck & Co., Inc. | 19 | 1469 |
| Neurocrine Biosciences, Inc. (b) | 5 | 662 |
| Regeneron Pharmaceuticals, Inc. | 6 | 2908 |
| Stryker Corporation | 17 | 6624 |
| Thermo Fisher Scientific Inc. | 15 | 6278 |
| UnitedHealth Group Incorporated | 23 | 7328 |
| Vertex Pharmaceuticals Incorporated (a) (b) | 8 | 3526 |
| Zimmer Biomet Holdings, Inc. | 3 | 311 |
|  |  | 82963 |
| **Industrials 8.6%** | **Industrials 8.6%** | **Industrials 8.6%** |
| 3M Company (a) | 26 | 3888 |
| Carrier Global Corporation (a) | 71 | 5200 |
| Caterpillar Inc. (a) | 8 | 3109 |
| Deere & Company | 11 | 5476 |
| Delta Air Lines, Inc. | 30 | 1483 |
| Eaton Corporation Public Limited Company | 11 | 3840 |
| Emerson Electric Co. | 9 | 1234 |
| FedEx Corporation | 10 | 2250 |
| GE Vernova Inc. | 3 | 1330 |
| Howmet Aerospace Inc. | 45 | 8425 |
| Ingersoll Rand Inc. | 19 | 1570 |
| Leidos Holdings, Inc. (a) | 21 | 3275 |
| Masco Corporation | 29 | 1895 |
| Otis Worldwide Corporation (a) | 42 | 4193 |
| PACCAR Inc | 23 | 2203 |
| RTX Corporation (a) | 37 | 5431 |
| Textron Inc. | 24 | 1908 |
| Trane Technologies Public Limited Company | 16 | 7169 |
| TransDigm Group Incorporated (a) | 3 | 5232 |
| Uber Technologies, Inc. (b) | 39 | 3609 |
| United Parcel Service, Inc. - Class B (a) | 30 | 3070 |
| United Rentals, Inc. | 2 | 1239 |
|  |  | 77029 |
| **Consumer Staples 4.6%** | **Consumer Staples 4.6%** | **Consumer Staples 4.6%** |
| Altria Group, Inc. | 29 | 1692 |
| Church & Dwight Co., Inc. | 12 | 1188 |
| Coca-Cola Company, The | 67 | 4757 |
| Costco Wholesale Corporation (a) | 2 | 1882 |
| Kenvue Inc. | 67 | 1410 |
| Keurig Dr Pepper Inc. | 142 | 4679 |
| Mondelez International, Inc. - Class A | 86 | 5783 |
| PepsiCo, Inc. | 57 | 7474 |
| Philip Morris International Inc. (a) | 23 | 4149 |
| Walmart Inc. | 82 | 8058 |
|  |  | 41072 |
| **Energy 3.0%** | **Energy 3.0%** | **Energy 3.0%** |
| Baker Hughes Company - Class A | 54 | 2056 |
| ConocoPhillips | 52 | 4700 |

---

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page [607](#abbreviations).

**JNL Series Trust** (Unaudited)

**Schedules of Investments (in thousands)**

June 30, 2025

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| Diamondback Energy, Inc. | 14 | 1989 |
| EOG Resources, Inc. (a) | 47 | 5571 |
| Exxon Mobil Corporation (a) | 115 | 12374 |
| | | 26690 |
| **Utilities 2.4%** | **Utilities 2.4%** | **Utilities 2.4%** |
| Entergy Corporation | 7 | 608 |
| NextEra Energy, Inc. | 96 | 6669 |
| NRG Energy, Inc. | 4 | 592 |
| PG&E Corporation | 104 | 1447 |
| The Southern Company | 82 | 7522 |
| Vistra Corp. | 22 | 4199 |
|  |  | 21037 |
| **Materials 1.9%** | **Materials 1.9%** | **Materials 1.9%** |
| Freeport-McMoRan Inc. | 35 | 1532 |
| Linde Public Limited Company | 16 | 7303 |
| LyondellBasell Industries N.V. - Class A | 23 | 1352 |
| Martin Marietta Materials, Inc. | 3 | 1461 |
| Nucor Corporation | 6 | 812 |
| PPG Industries, Inc. | 19 | 2175 |
| Sherwin-Williams Company, The | 4 | 1381 |
| Vulcan Materials Company | 5 | 1323 |
|  |  | 17339 |
| **Real Estate 1.9%** | **Real Estate 1.9%** | **Real Estate 1.9%** |
| Alexandria Real Estate Equities, Inc. | 4 | 311 |
| Equinix, Inc. | 4 | 2985 |
| Equity Lifestyle Properties, Inc. | 22 | 1337 |
| ProLogis Inc. | 23 | 2472 |
| SBA Communications Corporation - Class A (a) | 12 | 2825 |
| Ventas, Inc. (a) | 62 | 3932 |
| Welltower Inc. | 18 | 2712 |
|  |  | 16574 |
| Total Common Stocks (cost $640,836) | Total Common Stocks (cost $640,836) | 894205 |
| **SHORT TERM INVESTMENTS 4.6%** | **SHORT TERM INVESTMENTS 4.6%** | **SHORT TERM INVESTMENTS 4.6%** |
| **Investment Companies 4.6%** | **Investment Companies 4.6%** | **Investment Companies 4.6%** |
| JNL Government Money Market Fund - Class I, 4.20% (c) (d) | 40646 | 40646 |
| Total Short Term Investments (cost $40,646) | Total Short Term Investments (cost $40,646) | 40646 |
| **Total Investments 104.8% (cost $681,482)** | **Total Investments 104.8% (cost $681,482)** | **934851** |
| **Total Purchased Options 1.4% (cost $12,261)** | **Total Purchased Options 1.4% (cost $12,261)** | **12175** |
| **Other Derivative Instruments (1.3)%** | **Other Derivative Instruments (1.3)%** | **(11983)** |
| **Other Assets and Liabilities, Net (4.9)%** | **Other Assets and Liabilities, Net (4.9)%** | **(42641)** |
| **Total Net Assets 100.0%** | **Total Net Assets 100.0%** | **892402** |

---

(a) All or a portion of the security is pledged or segregated as collateral.

(b) Non-income producing security.

(c) Investment in affiliate.

(d) Yield changes daily to reflect current market conditions. Rate was the quoted yield as of June 30, 2025.

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **JNL/JPMorgan Hedged Equity Fund — Investments in Affiliates** | **JNL/JPMorgan Hedged Equity Fund — Investments in Affiliates** | **JNL/JPMorgan Hedged Equity Fund — Investments in Affiliates** | **JNL/JPMorgan Hedged Equity Fund — Investments in Affiliates** | **JNL/JPMorgan Hedged Equity Fund — Investments in Affiliates** | **JNL/JPMorgan Hedged Equity Fund — Investments in Affiliates** | **JNL/JPMorgan Hedged Equity Fund — Investments in Affiliates** | **JNL/JPMorgan Hedged Equity Fund — Investments in Affiliates** | **JNL/JPMorgan Hedged Equity Fund — Investments in Affiliates** |
| **Affiliated Investment** | **Value Beginning of Period($)** | **Purchases($)** | **Sales Proceeds($)** | **Dividend Income/ Distributions from Funds($)** | **Realized Gain (Loss)($)** | **Change in Unrealized Appreciation (Depreciation) ($)** | **Value End of Period($)** | **Percentage of Net Assets(%)** |
| JNL Government Money Market Fund, 4.20% - Class I | 13558 | 88328 | 61240 | 215 |  |  | 40646 | 4.6 |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **JNL/JPMorgan Hedged Equity Fund — Exchange Traded Purchased Options** | **JNL/JPMorgan Hedged Equity Fund — Exchange Traded Purchased Options** | **JNL/JPMorgan Hedged Equity Fund — Exchange Traded Purchased Options** | **JNL/JPMorgan Hedged Equity Fund — Exchange Traded Purchased Options** | **JNL/JPMorgan Hedged Equity Fund — Exchange Traded Purchased Options** | **JNL/JPMorgan Hedged Equity Fund — Exchange Traded Purchased Options** | **JNL/JPMorgan Hedged Equity Fund — Exchange Traded Purchased Options** |
| **Reference Entity** | **Put/Call** | **Exercise Price ($)/ Swaption Rate (%)** | **Expiration** | **Contracts<sup>1</sup>** | **Notional<sup>1</sup>** | **Value ($)** |
| **Index Options** | **Index Options** | **Index Options** | **Index Options** | **Index Options** | **Index Options** | **Index Options** |
|  S&P 500 Index | Put | 5870.00 | 09/30/25 | 1446 | 848802 | 12175 |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **JNL/JPMorgan Hedged Equity Fund — Exchange Traded Written Options** | **JNL/JPMorgan Hedged Equity Fund — Exchange Traded Written Options** | **JNL/JPMorgan Hedged Equity Fund — Exchange Traded Written Options** | **JNL/JPMorgan Hedged Equity Fund — Exchange Traded Written Options** | **JNL/JPMorgan Hedged Equity Fund — Exchange Traded Written Options** | **JNL/JPMorgan Hedged Equity Fund — Exchange Traded Written Options** | **JNL/JPMorgan Hedged Equity Fund — Exchange Traded Written Options** |
| **Reference Entity** | **Put/Call** | **Exercise Price ($)/ Swaption Rate (%)** | **Expiration** | **Contracts<sup>1</sup>** | **Notional<sup>1</sup>** | **Value ($)** |
| **Index Options** | **Index Options** | **Index Options** | **Index Options** | **Index Options** | **Index Options** | **Index Options** |
|  S&P 500 Index | Call | 6505.00 | 09/30/25 | 1446 | 940623 | (9749) |
|  S&P 500 Index | Put | 4955.00 | 09/30/25 | 1446 | 716493 | (2566) |
|  |  |  |  |  |  | (12315) |

---

**Fair Value Hierarchy.** Various inputs are used in determining the fair value of financial instruments. For a description of the input levels and information about the Fund's policy regarding valuation of financial instruments, see Note 3 in the Notes to Financial Statements. The following table summarizes the Fund's investments categorized in the disclosure hierarchy as of June 30, 2025.

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **<u>. Level 1 ($) .</u>** | **<u>. Level 2 ($) .</u>** | **<u>. Level 3 ($) .</u>** | **<u>. Total ($) .</u>** |
| **JNL/JPMorgan Hedged Equity Fund** | **JNL/JPMorgan Hedged Equity Fund** | **JNL/JPMorgan Hedged Equity Fund** | **JNL/JPMorgan Hedged Equity Fund** | **JNL/JPMorgan Hedged Equity Fund** |
| **Assets - Securities** |  |  |  |  |
| &nbsp;&nbsp; Common Stocks | 894205 |  |  | 894205 |
| &nbsp;&nbsp; Short Term Investments | 40646 |  |  | 40646 |
|  | 934851 |  |  | 934851 |
| **Assets - Investments in Other Financial Instruments<sup>1</sup>** |  |  |  |  |
| &nbsp;&nbsp; Exchange Traded Purchased Options | 12175 |  |  | 12175 |
|  | 12175 |  |  | 12175 |
| **Liabilities - Investments in Other Financial Instruments<sup>1</sup>** |  |  |  |  |
| &nbsp;&nbsp; Exchange Traded Written Options | (12315) |  |  | (12315) |
|  | (12315) |  |  | (12315) |

---

<sup>1</sup> All derivatives, except for purchased and written options, are reflected at the unrealized appreciation (depreciation) on the instrument. Purchased and written options are reflected at value.

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page [607](#abbreviations).

**JNL Series Trust** (Unaudited)

**Schedules of Investments (in thousands)**

June 30, 2025

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| **JNL/JPMorgan MidCap Growth Fund** | **JNL/JPMorgan MidCap Growth Fund** | **JNL/JPMorgan MidCap Growth Fund** |
| **COMMON STOCKS 99.6%** | **COMMON STOCKS 99.6%** | **COMMON STOCKS 99.6%** |
| **Consumer Discretionary 20.4%** | **Consumer Discretionary 20.4%** | **Consumer Discretionary 20.4%** |
| AutoZone, Inc. (a) | 8 | 29167 |
| Bright Horizons Family Solutions, Inc. (a) | 214 | 26421 |
| Burlington Stores, Inc. (a) | 148 | 34516 |
| Carvana Co. - Class A (a) | 126 | 42379 |
| Chipotle Mexican Grill, Inc. (a) | 340 | 19085 |
| Coupang, Inc. - Class A (a) | 684 | 20488 |
| DoorDash, Inc. - Class A (a) | 155 | 38184 |
| Floor & Decor Holdings, Inc. - Class A (a) | 147 | 11130 |
| Flutter Entertainment Public Limited Company (a) | 301 | 86131 |
| Garmin Ltd. | 75 | 15573 |
| Hilton Worldwide Holdings Inc. | 371 | 98921 |
| On Holding AG - Class A (a) | 765 | 39812 |
| Planet Fitness, Inc. - Class A (a) | 273 | 29732 |
| Royal Caribbean Cruises Ltd. | 359 | 112308 |
| Somnigroup International Inc. | 316 | 21533 |
| Thor Industries, Inc. | 168 | 14947 |
| Tractor Supply Company | 410 | 21618 |
| Ulta Beauty, Inc. (a) | 84 | 39222 |
|  |  | 701167 |
| **Information Technology 19.3%** | **Information Technology 19.3%** | **Information Technology 19.3%** |
| AppLovin Corporation - Class A (a) | 42 | 14678 |
| Atlassian Corporation - Class A (a) | 98 | 19840 |
| Ciena Corporation (a) | 232 | 18906 |
| Cloudflare, Inc. - Class A (a) | 345 | 67598 |
| Confluent, Inc. - Class A (a) | 901 | 22471 |
| CyberArk Software Ltd. (a) | 71 | 28785 |
| Datadog, Inc. - Class A (a) | 403 | 54150 |
| Fair Isaac Corporation (a) | 8 | 15331 |
| Gartner, Inc. (a) | 122 | 49329 |
| GitLab Inc. - Class A (a) | 188 | 8475 |
| GoDaddy Inc. - Class A (a) | 169 | 30450 |
| HubSpot, Inc. (a) | 87 | 48684 |
| Monday.Com Ltd. (a) | 77 | 24131 |
| MongoDB, Inc. - Class A (a) | 98 | 20582 |
| Monolithic Power Systems, Inc. | 39 | 28403 |
| Nutanix, Inc. - Class A (a) | 446 | 34096 |
| Okta, Inc. - Class A (a) | 205 | 20480 |
| ON Semiconductor Corporation (a) | 265 | 13907 |
| Rambus Inc. (a) | 213 | 13641 |
| Rubrik, Inc. - Class A (a) | 152 | 13598 |
| Snowflake Inc. - Class A (a) | 155 | 34800 |
| Teledyne Technologies Incorporated (a) | 30 | 15138 |
| Teradyne, Inc. | 228 | 20500 |
| Twilio Inc. - Class A (a) | 222 | 27643 |
| Tyler Technologies, Inc. (a) | 29 | 17184 |
|  |  | 662800 |
| **Industrials 18.7%** | **Industrials 18.7%** | **Industrials 18.7%** |
| Air Lease Corporation - Class A | 347 | 20278 |
| AMETEK, Inc. | 112 | 20278 |
| Axon Enterprise, Inc. (a) | 84 | 69565 |
| Carlisle Companies Incorporated | 60 | 22269 |
| Comfort Systems USA, Inc. | 73 | 39238 |
| Copart, Inc. (a) | 379 | 18589 |
| ESAB Corporation | 236 | 28417 |
| HEICO Corporation - Class A | 246 | 63740 |
| Howmet Aerospace Inc. | 516 | 96054 |
| Ingersoll Rand Inc. | 182 | 15172 |
| ITT Inc. | 212 | 33216 |
| Mine Safety Appliances Company, LLC | 89 | 14859 |
| Quanta Services, Inc. | 179 | 67691 |
| Rocket Lab Corporation (a) | 633 | 22651 |
| Simpson Manufacturing Co., Inc. | 64 | 9925 |
| The AZEK Company Inc. - Class A (a) | 174 | 9483 |
| Trane Technologies Public Limited Company | 40 | 17569 |
| Vertiv Holdings Co - Class A | 390 | 50097 |
| Westinghouse Air Brake Technologies Corporation | 111 | 23223 |
|  |  | 642314 |
| **Health Care 14.4%** | **Health Care 14.4%** | **Health Care 14.4%** |
| Agilent Technologies, Inc. | 150 | 17703 |
| Alkermes Public Limited Company (a) | 362 | 10348 |
| Alnylam Pharmaceuticals, Inc. (a) | 184 | 59869 |
| Cooper Companies, Inc., The (a) | 224 | 15941 |
| DexCom, Inc. (a) | 513 | 44755 |
| Edwards Lifesciences Corporation (a) | 153 | 11972 |
| Insmed Incorporated (a) | 446 | 44848 |
| Inspire Medical Systems, Inc. (a) | 58 | 7474 |
| IQVIA Holdings Inc (a) | 57 | 8932 |
| McKesson Corporation | 70 | 51492 |
| Mettler-Toledo International Inc. (a) | 17 | 19691 |
| Natera, Inc. (a) | 283 | 47899 |
| Neurocrine Biosciences, Inc. (a) | 306 | 38495 |
| Nuvalent, Inc. - Class A (a) | 127 | 9678 |
| Penumbra, Inc. (a) | 85 | 21795 |
| Revolution Medicines, Inc. (a) | 201 | 7386 |
| Ultragenyx Pharmaceutical Inc. (a) | 338 | 12292 |
| Veeva Systems Inc. - Class A (a) | 191 | 54887 |
| Viking Therapeutics, Inc. (a) | 300 | 7940 |
|  |  | 493397 |
| **Financials 11.4%** | **Financials 11.4%** | **Financials 11.4%** |
| Ares Management Corporation - Class A | 341 | 59152 |
| Arthur J. Gallagher & Co. | 72 | 23116 |
| Coinbase Global, Inc. - Class A (a) | 68 | 23912 |
| FactSet Research Systems Inc. | 53 | 23637 |
| Interactive Brokers Group, Inc. - Class A | 416 | 23059 |
| Jefferies Financial Group Inc. | 401 | 21926 |
| LPL Financial Holdings Inc. | 125 | 47047 |
| MSCI Inc. - Class A | 63 | 36196 |
| Raymond James Financial, Inc. | 130 | 19951 |
| Robinhood Markets, Inc. - Class A (a) | 532 | 49822 |
| Rocket Companies, Inc. - Class A (b) | 1411 | 20007 |
| TPG Inc. - Class A | 240 | 12605 |
| Tradeweb Markets Inc. - Class A | 217 | 31827 |
|  |  | 392257 |
| **Communication Services 5.4%** | **Communication Services 5.4%** | **Communication Services 5.4%** |
| Reddit, Inc. - Class A (a) | 280 | 42205 |
| Roblox Corporation - Class A (a) | 632 | 66444 |
| Take-Two Interactive Software, Inc. (a) | 217 | 52765 |
| Trade Desk, Inc., The - Class A (a) | 337 | 24259 |
|  |  | 185673 |
| **Energy 3.4%** | **Energy 3.4%** | **Energy 3.4%** |
| Cheniere Energy, Inc. | 156 | 37928 |
| EOG Resources, Inc. | 176 | 21076 |
| TechnipFMC PLC | 616 | 21218 |
| Williams Companies, Inc., The | 576 | 36192 |
|  |  | 116414 |
| **Utilities 3.1%** | **Utilities 3.1%** | **Utilities 3.1%** |
| Vistra Corp. | 553 | 107129 |
| **Consumer Staples 1.6%** | **Consumer Staples 1.6%** | **Consumer Staples 1.6%** |
| Casey's General Stores, Inc. | 60 | 30666 |
| Performance Food Group Company (a) | 263 | 22976 |
|  |  | 53642 |
| **Real Estate 1.4%** | **Real Estate 1.4%** | **Real Estate 1.4%** |
| CBRE Group, Inc. - Class A (a) | 224 | 31387 |
| Crown Castle Inc. | 147 | 15081 |
|  |  | 46468 |
| **Materials 0.5%** | **Materials 0.5%** | **Materials 0.5%** |
| Eagle Materials Inc. | 93 | 18714 |
| Total Common Stocks (cost $2,871,354) | Total Common Stocks (cost $2,871,354) | 3419975 |
| **SHORT TERM INVESTMENTS 0.7%** | **SHORT TERM INVESTMENTS 0.7%** | **SHORT TERM INVESTMENTS 0.7%** |
| **Securities Lending Collateral 0.5%** | **Securities Lending Collateral 0.5%** | **Securities Lending Collateral 0.5%** |
| JNL Government Money Market Fund - Class SL, 4.30% (c) (d) | 18573 | 18573 |
| **Investment Companies 0.2%** | **Investment Companies 0.2%** | **Investment Companies 0.2%** |
| JNL Government Money Market Fund - Class I, 4.20% (c) (d) | 6517 | 6517 |
| Total Short Term Investments (cost $25,090) | Total Short Term Investments (cost $25,090) | 25090 |
| **Total Investments 100.3% (cost $2,896,444)** | **Total Investments 100.3% (cost $2,896,444)** | **3445065** |
| **Other Assets and Liabilities, Net (0.3)%** | **Other Assets and Liabilities, Net (0.3)%** | **(10540)** |
| **Total Net Assets 100.0%** | **Total Net Assets 100.0%** | **3434525** |

---

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page [607](#abbreviations).

**JNL Series Trust** (Unaudited)

**Schedules of Investments (in thousands)**

June 30, 2025

(a) Non-income producing security.

(b) All or a portion of the security was on loan as of June 30, 2025.

(c) Investment in affiliate.

(d) Yield changes daily to reflect current market conditions. Rate was the quoted yield as of June 30, 2025.

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **JNL/JPMorgan MidCap Growth Fund — Investments in Affiliates** | **JNL/JPMorgan MidCap Growth Fund — Investments in Affiliates** | **JNL/JPMorgan MidCap Growth Fund — Investments in Affiliates** | **JNL/JPMorgan MidCap Growth Fund — Investments in Affiliates** | **JNL/JPMorgan MidCap Growth Fund — Investments in Affiliates** | **JNL/JPMorgan MidCap Growth Fund — Investments in Affiliates** | **JNL/JPMorgan MidCap Growth Fund — Investments in Affiliates** | **JNL/JPMorgan MidCap Growth Fund — Investments in Affiliates** | **JNL/JPMorgan MidCap Growth Fund — Investments in Affiliates** |
| **Affiliated Investment** | **Value Beginning of Period($)** | **Purchases($)** | **Sales Proceeds($)** | **Dividend Income/ Distributions from Funds($)** | **Realized Gain (Loss)($)** | **Change in Unrealized Appreciation (Depreciation) ($)** | **Value End of Period($)** | **Percentage of Net Assets(%)** |
| JNL Government Money Market Fund, 4.20% - Class I | 34725 | 372521 | 400729 | 810 |  |  | 6517 | 0.2 |
| JNL Government Money Market Fund, 4.30% - Class SL |  | 73465 | 54892 | 111 |  |  | 18573 | 0.5 |
|  | 34725 | 445986 | 455621 | 921 |  |  | 25090 | 0.7 |

---

**Fair Value Hierarchy.** Various inputs are used in determining the fair value of financial instruments. For a description of the input levels and information about the Fund's policy regarding valuation of financial instruments, see Note 3 in the Notes to Financial Statements. The following table summarizes the Fund's investments categorized in the disclosure hierarchy as of June 30, 2025.

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **<u>. Level 1 ($) .</u>** | **<u>. Level 2 ($) .</u>** | **<u>. Level 3 ($) .</u>** | **<u>. Total ($) .</u>** |
| **JNL/JPMorgan MidCap Growth Fund** | **JNL/JPMorgan MidCap Growth Fund** | **JNL/JPMorgan MidCap Growth Fund** | **JNL/JPMorgan MidCap Growth Fund** | **JNL/JPMorgan MidCap Growth Fund** |
| **Assets - Securities** |  |  |  |  |
| &nbsp;&nbsp; Common Stocks | 3419975 |  |  | 3419975 |
| &nbsp;&nbsp; Short Term Investments | 25090 |  |  | 25090 |
|  | 3445065 |  |  | 3445065 |

---

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page [607](#abbreviations).

**JNL Series Trust** (Unaudited)

**Schedules of Investments (in thousands)**

June 30, 2025

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| **JNL/JPMorgan Nasdaq Hedged Equity Fund** | **JNL/JPMorgan Nasdaq Hedged Equity Fund** | **JNL/JPMorgan Nasdaq Hedged Equity Fund** |
| **COMMON STOCKS 98.8%** | **COMMON STOCKS 98.8%** | **COMMON STOCKS 98.8%** |
| **Information Technology 51.7%** | **Information Technology 51.7%** | **Information Technology 51.7%** |
| Adobe Inc. (a) | 1 | 486 |
| Advanced Micro Devices, Inc. (a) | 6 | 906 |
| Analog Devices, Inc. | 3 | 656 |
| ANSYS, Inc. (a) |  | 59 |
| Apple Inc. (b) | 22 | 4409 |
| Applied Materials, Inc. | 2 | 300 |
| AppLovin Corporation - Class A (a) | 1 | 347 |
| ASML Holding N.V. - ADR | 1 | 389 |
| Atlassian Corporation - Class A (a) |  | 59 |
| Broadcom Inc. (b) | 11 | 2933 |
| Cisco Systems, Inc. | 11 | 774 |
| Cognizant Technology Solutions Corporation - Class A | 2 | 162 |
| CrowdStrike Holdings, Inc. - Class A (a) | 1 | 484 |
| Datadog, Inc. - Class A (a) | 1 | 66 |
| HubSpot, Inc. (a) |  | 178 |
| Intel Corporation | 9 | 199 |
| Intuit Inc. | 1 | 1025 |
| Lam Research Corporation | 7 | 635 |
| Marvell Technology, Inc. | 5 | 349 |
| Micron Technology, Inc. | 5 | 578 |
| Microsoft Corporation (b) | 11 | 5398 |
| MicroStrategy Incorporated - Class A (a) |  | 138 |
| NVIDIA Corporation (b) | 36 | 5730 |
| NXP Semiconductors N.V. | 2 | 413 |
| Oracle Corporation | 1 | 320 |
| Palantir Technologies Inc. - Class A (a) | 6 | 768 |
| Palo Alto Networks, Inc. (a) (b) | 3 | 671 |
| Qualcomm Incorporated | 3 | 508 |
| Seagate Technology Holdings Public Limited Company | 2 | 290 |
| ServiceNow, Inc. (a) |  | 272 |
| Shopify Inc. - Class A (a) | 3 | 339 |
| Synopsys, Inc. (a) | 1 | 520 |
| Teradyne, Inc. | 1 | 94 |
| Texas Instruments Incorporated | 3 | 578 |
| Workday, Inc. - Class A (a) | 1 | 122 |
|  |  | 31155 |
| **Communication Services 15.5%** | **Communication Services 15.5%** | **Communication Services 15.5%** |
| Alphabet Inc. - Class C (b) | 15 | 2728 |
| Comcast Corporation - Class A | 16 | 567 |
| Former Charter Communications Parent, Inc. - Class A (a) |  | 186 |
| Meta Platforms, Inc. - Class A (b) | 4 | 2563 |
| Netflix, Inc. (a) (b) | 2 | 2242 |
| Take-Two Interactive Software, Inc. (a) | 1 | 229 |
| T-Mobile US, Inc. (b) | 3 | 762 |
| Trade Desk, Inc., The - Class A (a) | 1 | 90 |
|  |  | 9367 |
| **Consumer Discretionary 14.2%** | **Consumer Discretionary 14.2%** | **Consumer Discretionary 14.2%** |
| Airbnb, Inc. - Class A (a) | 1 | 77 |
| Amazon.com, Inc. (a) (b) | 16 | 3508 |
| Booking Holdings Inc. |  | 886 |
| Chipotle Mexican Grill, Inc. (a) | 4 | 240 |
| DoorDash, Inc. - Class A (a) | 1 | 271 |
| Lowe`s Companies, Inc. | 1 | 227 |
| Lululemon Athletica Inc. (a) |  | 28 |
| Marriott International, Inc. - Class A | 1 | 333 |
| MercadoLibre, Inc. (a) |  | 541 |
| O'Reilly Automotive, Inc. (a) | 5 | 435 |
| Pinduoduo (Shanghai) Network Technology Co., Ltd. - ADR (a) | 1 | 77 |
| Ross Stores, Inc. | 1 | 125 |
| Starbucks Corporation | 3 | 240 |
| Tesla Inc. (a) (b) | 5 | 1574 |
|  |  | 8562 |
| **Health Care 4.9%** | **Health Care 4.9%** | **Health Care 4.9%** |
| AbbVie Inc. | 2 | 316 |
| Amgen Inc. | 1 | 262 |
| Biogen Inc. (a) | 1 | 109 |
| Bristol-Myers Squibb Company | 3 | 152 |
| DexCom, Inc. (a) | 2 | 183 |
| Intuitive Surgical, Inc. (a) | 2 | 840 |
| Regeneron Pharmaceuticals, Inc. | 1 | 312 |
| Thermo Fisher Scientific Inc. |  | 119 |
| UnitedHealth Group Incorporated |  | 114 |
| Vertex Pharmaceuticals Incorporated (a) | 1 | 530 |
|  |  | 2937 |
| **Consumer Staples 4.7%** | **Consumer Staples 4.7%** | **Consumer Staples 4.7%** |
| Coca-Cola Company, The | 5 | 319 |
| Constellation Brands, Inc. - Class A |  | 58 |
| Costco Wholesale Corporation (b) | 1 | 1157 |
| Kraft Heinz Company, The | 4 | 98 |
| Mondelez International, Inc. - Class A | 7 | 479 |
| Monster Beverage 1990 Corporation (a) | 5 | 326 |
| PepsiCo, Inc. (b) | 3 | 422 |
|  |  | 2859 |
| **Industrials 4.0%** | **Industrials 4.0%** | **Industrials 4.0%** |
| Copart, Inc. (a) | 7 | 333 |
| CSX Corporation | 12 | 403 |
| Deere & Company |  | 216 |
| Eaton Corporation Public Limited Company | 1 | 282 |
| Honeywell International Inc. | 3 | 652 |
| Uber Technologies, Inc. (a) | 2 | 195 |
| United Parcel Service, Inc. - Class B | 1 | 56 |
| Verisk Analytics, Inc. | 1 | 297 |
|  |  | 2434 |
| **Utilities 1.3%** | **Utilities 1.3%** | **Utilities 1.3%** |
| Constellation Energy Group, Inc. |  | 72 |
| NextEra Energy, Inc. | 3 | 202 |
| The Southern Company | 3 | 246 |
| XCEL Energy Inc. | 3 | 236 |
|  |  | 756 |
| **Materials 1.1%** | **Materials 1.1%** | **Materials 1.1%** |
| Linde Public Limited Company | 1 | 643 |
| **Financials 0.9%** | **Financials 0.9%** | **Financials 0.9%** |
| Corpay Inc (a) |  | 144 |
| MasterCard Incorporated - Class A |  | 226 |
| PayPal Holdings, Inc. (a) | 2 | 146 |
|  |  | 516 |
| **Energy 0.3%** | **Energy 0.3%** | **Energy 0.3%** |
| Diamondback Energy, Inc. | 1 | 177 |
| **Real Estate 0.2%** | **Real Estate 0.2%** | **Real Estate 0.2%** |
| ProLogis Inc. | 1 | 122 |
| Total Common Stocks (cost $54,228) | Total Common Stocks (cost $54,228) | 59528 |
| **SHORT TERM INVESTMENTS 1.5%** | **SHORT TERM INVESTMENTS 1.5%** | **SHORT TERM INVESTMENTS 1.5%** |
| **Investment Companies 1.5%** | **Investment Companies 1.5%** | **Investment Companies 1.5%** |
| JNL Government Money Market Fund - Class I, 4.20% (c) (d) | 908 | 908 |
| Total Short Term Investments (cost $908) | Total Short Term Investments (cost $908) | 908 |
| **Total Investments 100.3% (cost $55,136)** | **Total Investments 100.3% (cost $55,136)** | **60436** |
| **Total Purchased Options 1.7% (cost $1,053)** | **Total Purchased Options 1.7% (cost $1,053)** | **1040** |
| **Other Derivative Instruments (1.8)%** | **Other Derivative Instruments (1.8)%** | **(1056)** |
| **Other Assets and Liabilities, Net (0.2)%** | **Other Assets and Liabilities, Net (0.2)%** | (176) |
| **Total Net Assets 100.0%** | **Total Net Assets 100.0%** | **60244** |

---

(a) Non-income producing security.

(b) All or a portion of the security is pledged or segregated as collateral.

(c) Investment in affiliate.

(d) Yield changes daily to reflect current market conditions. Rate was the quoted yield as of June 30, 2025.

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page [607](#abbreviations).

**JNL Series Trust** (Unaudited)

**Schedules of Investments (in thousands)**

June 30, 2025

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **JNL/JPMorgan Nasdaq Hedged Equity Fund — Futures Contracts** | **JNL/JPMorgan Nasdaq Hedged Equity Fund — Futures Contracts** | **JNL/JPMorgan Nasdaq Hedged Equity Fund — Futures Contracts** | **JNL/JPMorgan Nasdaq Hedged Equity Fund — Futures Contracts** | **JNL/JPMorgan Nasdaq Hedged Equity Fund — Futures Contracts** | **JNL/JPMorgan Nasdaq Hedged Equity Fund — Futures Contracts** |
| **Reference Entity** | **Contracts<sup>1</sup>** | **Expiration** | **Notional<sup>1</sup>** | **Variation**<br> **Margin**<br> **Receivable**<br> (Payable) ($) | **Value/**<br> **Unrealized**<br> **Appreciation**<br> (Depreciation) ($) |
| **Long Contracts** | **Long Contracts** | **Long Contracts** | **Long Contracts** | **Long Contracts** | **Long Contracts** |
| NASDAQ 100 Stock Index | 15 | September 2025 | 684 | 2 | 3 |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **JNL/JPMorgan Nasdaq Hedged Equity Fund — Exchange Traded Purchased Options** | **JNL/JPMorgan Nasdaq Hedged Equity Fund — Exchange Traded Purchased Options** | **JNL/JPMorgan Nasdaq Hedged Equity Fund — Exchange Traded Purchased Options** | **JNL/JPMorgan Nasdaq Hedged Equity Fund — Exchange Traded Purchased Options** | **JNL/JPMorgan Nasdaq Hedged Equity Fund — Exchange Traded Purchased Options** | **JNL/JPMorgan Nasdaq Hedged Equity Fund — Exchange Traded Purchased Options** | **JNL/JPMorgan Nasdaq Hedged Equity Fund — Exchange Traded Purchased Options** |
| **Reference Entity** | **Put/Call** | **Exercise Price ($)/ Swaption Rate (%)** | **Expiration** | **Contracts<sup>1</sup>** | **Notional<sup>1</sup>** | **Value ($)** |
| **Index Options** | **Index Options** | **Index Options** | **Index Options** | **Index Options** | **Index Options** | **Index Options** |
|  NASDAQ 100 Stock Index | Put | 21575.00 | 09/30/25 | 24 | 51780 | 1040 |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **JNL/JPMorgan Nasdaq Hedged Equity Fund — Exchange Traded Written Options** | **JNL/JPMorgan Nasdaq Hedged Equity Fund — Exchange Traded Written Options** | **JNL/JPMorgan Nasdaq Hedged Equity Fund — Exchange Traded Written Options** | **JNL/JPMorgan Nasdaq Hedged Equity Fund — Exchange Traded Written Options** | **JNL/JPMorgan Nasdaq Hedged Equity Fund — Exchange Traded Written Options** | **JNL/JPMorgan Nasdaq Hedged Equity Fund — Exchange Traded Written Options** | **JNL/JPMorgan Nasdaq Hedged Equity Fund — Exchange Traded Written Options** |
| **Reference Entity** | **Put/Call** | **Exercise Price ($)/ Swaption Rate (%)** | **Expiration** | **Contracts<sup>1</sup>** | **Notional<sup>1</sup>** | **Value ($)** |
| **Index Options** | **Index Options** | **Index Options** | **Index Options** | **Index Options** | **Index Options** | **Index Options** |
|  NASDAQ 100 Stock Index | Call | 24000.00 | 09/30/25 | 24 | 57600 | (852) |
|  NASDAQ 100 Stock Index | Put | 18100.00 | 09/30/25 | 24 | 43440 | (206) |
|  |  |  |  |  |  | (1058) |

---

**Fair Value Hierarchy.** Various inputs are used in determining the fair value of financial instruments. For a description of the input levels and information about the Fund's policy regarding valuation of financial instruments, see Note 3 in the Notes to Financial Statements. The following table summarizes the Fund's investments categorized in the disclosure hierarchy as of June 30, 2025.

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **<u>. Level 1 ($) .</u>** | **<u>. Level 2 ($) .</u>** | **<u>. Level 3 ($) .</u>** | **<u>. Total ($) .</u>** |
| **JNL/JPMorgan Nasdaq Hedged Equity Fund** | **JNL/JPMorgan Nasdaq Hedged Equity Fund** | **JNL/JPMorgan Nasdaq Hedged Equity Fund** | **JNL/JPMorgan Nasdaq Hedged Equity Fund** | **JNL/JPMorgan Nasdaq Hedged Equity Fund** |
| **Assets - Securities** |  |  |  |  |
| &nbsp;&nbsp; Common Stocks | 59528 |  |  | 59528 |
| &nbsp;&nbsp; Short Term Investments | 908 |  |  | 908 |
|  | 60436 |  |  | 60436 |
| **Assets - Investments in Other Financial Instruments<sup>1</sup>** |  |  |  |  |
| &nbsp;&nbsp; Futures Contracts | 3 |  |  | 3 |
| &nbsp;&nbsp; Exchange Traded Purchased Options | 1040 |  |  | 1040 |
|  | 1043 |  |  | 1043 |
| **Liabilities - Investments in Other Financial Instruments<sup>1</sup>** |  |  |  |  |
| &nbsp;&nbsp; Exchange Traded Written Options | (1058) |  |  | (1058) |
|  | (1058) |  |  | (1058) |

---

<sup>1</sup> All derivatives, except for purchased and written options, are reflected at the unrealized appreciation (depreciation) on the instrument. Purchased and written options are reflected at value.

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page [607](#abbreviations).

**JNL Series Trust** (Unaudited)

**Schedules of Investments (in thousands)**

June 30, 2025

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| **JNL/JPMorgan U.S. Government & Quality Bond Fund** | **JNL/JPMorgan U.S. Government & Quality Bond Fund** | **JNL/JPMorgan U.S. Government & Quality Bond Fund** |
| **GOVERNMENT AND AGENCY OBLIGATIONS 81.7%** | **GOVERNMENT AND AGENCY OBLIGATIONS 81.7%** | **GOVERNMENT AND AGENCY OBLIGATIONS 81.7%** |
| **Mortgage-Backed Securities 27.8%** | **Mortgage-Backed Securities 27.8%** | **Mortgage-Backed Securities 27.8%** |
| Federal Home Loan Mortgage Corporation |  |  |
| 6.00%, 11/01/28 | 6 | 6 |
| 7.00%, 10/01/31 - 06/01/32 | 5 | 6 |
| 5.00%, 08/01/33 - 11/01/54 | 7575 | 7443 |
| 3.20%, 04/01/34 | 6403 | 5843 |
| 5.50%, 07/01/38 | 526 | 545 |
| 4.50%, 10/01/40 | 256 | 254 |
| 3.50%, 09/01/46 - 01/01/50 | 5324 | 4856 |
| 3.00%, 01/01/47 - 06/01/50 | 5949 | 5259 |
| 2.50%, 05/01/50 | 7620 | 6380 |
| 2.00%, 09/01/50 - 09/01/51 | 19792 | 15823 |
| Federal National Mortgage Association, Inc. |  |  |
| 3.18%, 09/01/25 | 4442 | 4419 |
| 4.00%, 09/01/25 - 12/01/50 | 23858 | 22753 |
| 3.10%, 01/01/26 | 7500 | 7429 |
| 6.50%, 03/01/26 - 03/01/36 | 58 | 60 |
| 3.33%, 03/01/27 | 2161 | 2131 |
| 3.04%, 06/01/27 (a) | 1882 | 1847 |
| 7.00%, 03/01/29 | 2 | 2 |
| 8.00%, 12/01/29 - 03/01/31 | 6 | 7 |
| 2.59%, 09/01/30 | 6574 | 6143 |
| 7.50%, 02/01/31 | 2 | 2 |
| 1.90%, 12/01/31 | 35000 | 30246 |
| 3.54%, 06/01/32 | 1822 | 1730 |
| 1.94%, 10/01/33 | 10000 | 8274 |
| 2.52%, 09/01/34 | 6943 | 5964 |
| 2.41%, 10/01/34 | 9951 | 8500 |
| 5.50%, 02/01/35 - 10/01/36 | 660 | 682 |
| 1.78%, 05/01/35 | 15000 | 11552 |
| 5.00%, 09/01/35 - 06/01/53 | 37530 | 37050 |
| 6.00%, 10/01/35 - 12/01/36 | 1197 | 1254 |
| 2.04%, 06/01/37 | 5159 | 3966 |
| 3.50%, 06/01/42 - 04/01/52 | 27073 | 24950 |
| 3.00%, 03/01/43 - 09/01/52 | 32849 | 28888 |
| 2.00%, 10/01/50 | 10457 | 8347 |
| 2.50%, 10/01/50 - 01/01/52 | 12637 | 10580 |
| 4.50%, 08/01/52 - 10/01/52 | 60377 | 58236 |
| Government National Mortgage Association |  |  |
| 6.00%, 04/15/29 - 01/15/36 | 248 | 257 |
| 2.50%, 09/15/49 - 08/20/53 | 16615 | 14176 |
| 3.00%, 04/15/50 | 8168 | 7287 |
| 3.50%, 09/20/51 | 6532 | 5857 |
|  |  | 359004 |
| **U.S. Treasury Note 18.9%** | **U.S. Treasury Note 18.9%** | **U.S. Treasury Note 18.9%** |
| Treasury, United States Department of |  |  |
| 4.63%, 06/30/26 - 02/15/35 | 42000 | 42819 |
| 2.00%, 11/15/26 | 17000 | 16575 |
| 2.25%, 02/15/27 - 08/15/27 | 105000 | 102209 |
| 0.63%, 03/31/27 | 25000 | 23680 |
| 4.13%, 10/31/27 | 10000 | 10091 |
| 4.00%, 06/30/28 | 20000 | 20170 |
| 1.50%, 11/30/28 | 20000 | 18586 |
| 3.88%, 08/15/34 | 10000 | 9766 |
|  |  | 243896 |
| **Collateralized Mortgage Obligations 14.0%** | **Collateralized Mortgage Obligations 14.0%** | **Collateralized Mortgage Obligations 14.0%** |
| Federal Home Loan Mortgage Corporation |  |  |
| Series 30-264, 3.00%, 07/15/42 | 4302 | 3976 |
| Series BY-3104, REMIC, 5.50%, 01/15/26 | 18 | 17 |
| Series KW-3874, REMIC, 4.50%, 06/15/26 | 31 | 30 |
| Series GT-3270, REMIC, 5.50%, 01/15/27 | 42 | 42 |
| Series DG-3737, REMIC, 5.00%, 10/15/30 | 7 | 7 |
| Series AM-2525, REMIC, 4.50%, 04/15/32 | 46 | 45 |
| Series NY-4206, REMIC, 3.00%, 05/15/33 | 3474 | 3299 |
| Series MJ-2638, REMIC, 5.00%, 07/15/33 | 282 | 286 |
| Series MU-2915, REMIC, 5.00%, 01/15/35 | 406 | 414 |
| Series AZ-3036, REMIC, 5.00%, 02/15/35 | 2518 | 2539 |
| Series CB-3688, REMIC, 4.00%, 06/15/36 | 344 | 336 |
| Series PB-3283, REMIC, 5.50%, 07/15/36 | 348 | 359 |
| Series B-3413, REMIC, 5.50%, 04/15/37 | 133 | 136 |
| Series PE-3341, REMIC, 6.00%, 07/15/37 | 236 | 246 |
| Series HZ-4365, REMIC, 3.00%, 01/15/40 | 2487 | 2320 |
| Series QH-3699, REMIC, 5.50%, 07/15/40 | 295 | 302 |
| Series PB-4047, REMIC, 3.50%, 01/15/41 | 690 | 685 |
| Series YN-4094, REMIC, 3.00%, 08/15/42 | 1843 | 1743 |
| Series AW-4437, REMIC, 2.50%, 02/15/45 | 5143 | 4081 |
| Series PY-4493, REMIC, 3.00%, 07/15/45 | 3715 | 3071 |
| Series DB-4585, REMIC, 3.00%, 05/15/46 | 5594 | 4391 |
| Series KR-4945, REMIC, 2.50%, 09/25/49 | 4139 | 3596 |
| Series MD-4937, REMIC, 2.50%, 10/25/49 | 3280 | 2882 |
| Series PA-4933, REMIC, 2.50%, 10/25/49 | 5382 | 4717 |
| Series 2020-M55G-1, REMIC, 3.00%, 08/25/59 | 6116 | 5401 |
| Series 2024-MT-2, REMIC, 3.50%, 05/25/64 | 2937 | 2511 |
| Series 2025-MAU-1, REMIC, 3.25%, 11/25/64 | 8984 | 8112 |
| Federal National Mortgage Association, Inc. |  |  |
| Series 2011-PB-145, REMIC, 3.50%, 01/25/32 | 4592 | 4483 |
| Series 2012-LY-134, REMIC, 3.00%, 12/25/32 | 2769 | 2612 |
| Series 2003-PE-63, REMIC, 3.50%, 07/25/33 | 4 | 4 |
| Series 2013-PY-106, REMIC, 3.00%, 10/25/33 | 4310 | 4102 |
| Series 2004-AZ-35, REMIC, 4.50%, 05/25/34 | 1454 | 1437 |
| Series 2015-BY-41, REMIC, 3.00%, 09/25/34 | 1950 | 1915 |
| Series 2015-BW-15, REMIC, 3.50%, 04/25/35 | 3735 | 3603 |
| Series 2015-GB-28, REMIC, 3.50%, 05/25/35 | 4156 | 3957 |
| Series 2015-EY-47, REMIC, 3.00%, 07/25/35 | 5051 | 4765 |
| Series 2005-PL-64, REMIC, 5.50%, 07/25/35 | 49 | 50 |
| Series 2005-BG-97, REMIC, 5.50%, 11/25/35 | 665 | 683 |
| Principal Only, Series 2006-HO-23, REMIC, 0.00%, 04/25/36 | 236 | 193 |
| Series 2016-LY-30, REMIC, 3.50%, 05/25/36 | 5618 | 5280 |
| Series 2017-DL-83, REMIC, 3.00%, 10/25/37 | 5061 | 4496 |
| Series 2010-MB-47, REMIC, 5.00%, 09/25/39 | 777 | 792 |
| Series 2010-SL-4, REMIC, 1.64%, (11.33% - (SOFR 30-Day Average \* 2.25)), 02/25/40 (a) | 25 | 19 |
| Series 2010-CB-11, REMIC, 4.50%, 02/25/40 | 34 | 34 |
| Series 2010-PM-123, REMIC, 4.00%, 07/25/40 | 328 | 327 |
| Series 2010-MB-134, REMIC, 4.50%, 12/25/40 | 1398 | 1343 |
| Series 2002-A3-T4, REMIC, 7.50%, 12/25/41 | 1176 | 1233 |
| Series 2012-EP-60, REMIC, 3.00%, 04/25/42 | 422 | 407 |
| Series 2003-2A4-W3, REMIC, 5.75%, 06/25/42 | 330 | 336 |
| Series 2012-HY-102, REMIC, 2.00%, 09/25/42 | 4000 | 3249 |
| Series 2012-AB-121, REMIC, 3.00%, 11/25/42 | 2386 | 2169 |
| Series 2003-2A7-W12, REMIC, 4.68%, 06/25/43 | 738 | 728 |
| Series 2016-LA-25, REMIC, 3.00%, 07/25/45 | 2020 | 1901 |
| Series 2015-N-97, REMIC, 3.00%, 11/25/45 | 13757 | 11976 |
| Series 2019-CA-71, REMIC, 2.50%, 07/25/46 | 4662 | 4341 |
| Series 2017-CA-52, REMIC, 3.00%, 07/25/47 | 2746 | 2456 |
| Series 2019-PA-65, REMIC, 2.50%, 05/25/48 | 1666 | 1531 |
| Series 2019-KA-42, REMIC, 3.00%, 07/25/49 | 8021 | 7241 |
| Series 2019-JA-81, REMIC, 2.50%, 09/25/49 | 4159 | 3634 |
| Series 2009-A-W1, REMIC, 5.99%, 12/25/49 | 80 | 83 |
| Series 2020-JC-12, REMIC, 2.00%, 03/25/50 | 8150 | 6628 |
| REMIC, 0.50%, 09/25/54 | 1743 | 1446 |
| Government National Mortgage Association |  |  |
| Series 2003-ZA-75, REMIC, 5.50%, 09/20/33 | 228 | 235 |
| Series 2003-Z-114, REMIC, 6.00%, 12/16/33 | 338 | 345 |
| Series 2007-MB-2, REMIC, 5.50%, 01/20/37 | 485 | 500 |
| Interest Only, Series 2008-SA-40, REMIC, 1.97%, (6.29% - (1 Month Term SOFR \* 1)), 05/16/38 (a) | 444 | 28 |
| Series 2009-TX-42, REMIC, 4.50%, 06/20/39 | 911 | 899 |
| Series 2011-Z-29, REMIC, 5.00%, 05/20/40 | 10682 | 10667 |
| Interest Only, Series 2011-SH-97, REMIC, 1.70%, (6.02% - (1 Month Term SOFR \* 1)), 07/20/41 (a) | 856 | 74 |
| Series 2015-PL-157, REMIC, 3.00%, 10/20/45 | 12872 | 10688 |
| Series 2016-AC-19, REMIC, 3.00%, 02/20/46 | 1284 | 1024 |
| Principal Only, Series 2018-BO-46, REMIC, 0.00%, 03/20/48 | 4404 | 3751 |
| Principal Only, Series 2022-AO-94, REMIC, 0.00%, 05/20/52 | 3468 | 2469 |
| Series 2025-JS-100, REMIC, 4.10%, (15.95% - (SOFR 30-Day Average \* 2.75)), 06/20/55 (a) (b) | 4000 | 3857 |
| Series 2013-FA-H16, REMIC, 4.99%, (1 Month Term SOFR + 0.65%), 07/20/63 (a) | 806 | 804 |
|  |  | 180339 |

---

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page [607](#abbreviations).

**JNL Series Trust** (Unaudited)

**Schedules of Investments (in thousands)**

June 30, 2025

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| **U.S. Treasury Bond 11.4%** | **U.S. Treasury Bond 11.4%** | **U.S. Treasury Bond 11.4%** |
| Treasury, United States Department of |  |  |
| 2.00%, 11/15/41 - 02/15/50 | 72500 | 46824 |
| 2.38%, 02/15/42 | 15000 | 10904 |
| 3.88%, 02/15/43 - 05/15/43 | 18000 | 16099 |
| 3.75%, 11/15/43 | 48000 | 41923 |
| 3.00%, 05/15/45 - 02/15/48 | 37500 | 28488 |
| 2.25%, 08/15/49 | 5000 | 3136 |
|  |  | 147374 |
| **Commercial Mortgage-Backed Securities 3.9%** | **Commercial Mortgage-Backed Securities 3.9%** | **Commercial Mortgage-Backed Securities 3.9%** |
| Federal Home Loan Mortgage Corporation |  |  |
| Series A1-K087, REMIC, 3.59%, 10/25/27 | 1046 | 1035 |
| Series A2-K145, REMIC, 2.58%, 05/25/32 | 4265 | 3815 |
| Series A2-K149, REMIC, 3.53%, 08/25/32 | 6000 | 5671 |
| Series APT2-Q013, REMIC, 1.17%, 05/25/50 (a) | 4408 | 4167 |
| Federal National Mortgage Association, Inc. |  |  |
| Series 2017-A2-M13, REMIC, 3.03%, 09/25/27 (a) | 1837 | 1790 |
| Series 2019-A2-M1, REMIC, 3.66%, 09/25/28 (a) | 3306 | 3243 |
| Series 2022-A2-M3, REMIC, 1.76%, 11/25/31 (a) | 7500 | 6376 |
| Series 2019-A2-M31, REMIC, 2.85%, 04/25/34 | 9000 | 7656 |
| Series 2020-AL-M8, REMIC, 2.01%, 03/25/35 | 9921 | 7930 |
| Series 2019-AL2-M14, REMIC, 3.07%, 04/25/48 | 9000 | 8475 |
|  |  | 50158 |
| **U.S. Treasury Inflation Indexed Securities 2.9%** | **U.S. Treasury Inflation Indexed Securities 2.9%** | **U.S. Treasury Inflation Indexed Securities 2.9%** |
| Treasury, United States Department of |  |  |
| 1.38%, 02/15/44 (c) | 45767 | 38353 |
| **U.S. Government Agency Obligations 2.8%** | **U.S. Government Agency Obligations 2.8%** | **U.S. Government Agency Obligations 2.8%** |
| Federal Farm Credit Banks Funding Corporation |  |  |
| 3.33%, 04/28/37 (d) | 7500 | 6550 |
| Federal National Mortgage Association, Inc. |  |  |
| Principal Only, 0.00%, 03/23/28 (d) (e) | 4000 | 3603 |
| FHLBanks Office of Finance |  |  |
| 5.75%, 06/12/26 (d) | 5000 | 5075 |
| Resolution Funding Corporation |  |  |
| Principal Only, 0.00%, 01/15/30 (d) (e) | 20660 | 17239 |
| Tennessee Valley Authority |  |  |
| Interest Only, 0.00%, 07/15/37 (d) (e) | 6000 | 3386 |
|  |  | 35853 |
| Total Government And Agency Obligations (cost $1,167,887) | Total Government And Agency Obligations (cost $1,167,887) | 1054977 |
| **CORPORATE BONDS AND NOTES 7.5%** | **CORPORATE BONDS AND NOTES 7.5%** | **CORPORATE BONDS AND NOTES 7.5%** |
| **Financials 3.2%** | **Financials 3.2%** | **Financials 3.2%** |
| Bank of America Corporation |  |  |
| 6.20%, 11/10/28 | 8315 | 8653 |
| BNP Paribas |  |  |
| 1.32%, 01/13/27 (f) | 6470 | 6359 |
| KeyBank National Association |  |  |
| 5.85%, 11/15/27 | 8000 | 8259 |
| Morgan Stanley |  |  |
| 2.70%, 01/22/31 | 4300 | 3965 |
| Protective Life Global Funding |  |  |
| 1.17%, 07/15/25 (f) | 7790 | 7780 |
| State Street Corporation |  |  |
| 3.15%, 03/30/31 | 2000 | 1890 |
| Toyota Motor Credit Corporation |  |  |
| 5.45%, 11/10/27 | 3500 | 3604 |
|  |  | 40510 |
| **Communication Services 1.3%** | **Communication Services 1.3%** | **Communication Services 1.3%** |
| AT&T Inc. |  |  |
| 1.65%, 02/01/28 | 7515 | 7048 |
| T-Mobile USA, Inc. |  |  |
| 3.88%, 04/15/30 | 10000 | 9712 |
|  |  | 16760 |
| **Consumer Staples 1.1%** | **Consumer Staples 1.1%** | **Consumer Staples 1.1%** |
| Archer-Daniels-Midland Company |  |  |
| 3.25%, 03/27/30 | 2625 | 2505 |
| Cargill, Incorporated |  |  |
| 2.13%, 04/23/30 (f) | 2480 | 2250 |
| Kroger Co., The |  |  |
| 1.70%, 01/15/31 | 5000 | 4315 |
| Philip Morris International Inc. |  |  |
| 5.75%, 11/17/32 | 5000 | 5287 |
|  |  | 14357 |
| **Health Care 0.5%** | **Health Care 0.5%** | **Health Care 0.5%** |
| Takeda Pharmaceutical Company Limited |  |  |
| 2.05%, 03/31/30 | 5000 | 4473 |
| Zoetis Inc. |  |  |
| 2.00%, 05/15/30 | 2200 | 1977 |
|  |  | 6450 |
| **Utilities 0.4%** | **Utilities 0.4%** | **Utilities 0.4%** |
| Ameren Illinois Company |  |  |
| 5.90%, 12/01/52 | 625 | 645 |
| PG&E Recovery Funding LLC |  |  |
| 5.54%, 07/15/47 | 5115 | 5008 |
|  |  | 5653 |
| **Industrials 0.4%** | **Industrials 0.4%** | **Industrials 0.4%** |
| Penske Truck Leasing Co., L.P. |  |  |
| 5.88%, 11/15/27 (f) | 5000 | 5149 |
| **Consumer Discretionary 0.3%** | **Consumer Discretionary 0.3%** | **Consumer Discretionary 0.3%** |
| Hyundai Capital America |  |  |
| 1.80%, 01/10/28 (f) | 3875 | 3617 |
| **Energy 0.2%** | **Energy 0.2%** | **Energy 0.2%** |
| Enterprise Products Operating LLC |  |  |
| 3.70%, 02/15/26 | 1013 | 1008 |
| ONEOK, Inc. |  |  |
| 6.10%, 11/15/32 | 1520 | 1605 |
|  |  | 2613 |
| **Materials 0.1%** | **Materials 0.1%** | **Materials 0.1%** |
| Nutrien Ltd. |  |  |
| 5.95%, 11/07/25 | 1225 | 1234 |
| Total Corporate Bonds And Notes (cost $98,608) | Total Corporate Bonds And Notes (cost $98,608) | 96343 |
| **NON-U.S. GOVERNMENT AGENCY ASSET-BACKED SECURITIES 7.4%** | **NON-U.S. GOVERNMENT AGENCY ASSET-BACKED SECURITIES 7.4%** | **NON-U.S. GOVERNMENT AGENCY ASSET-BACKED SECURITIES 7.4%** |
| Alternative Loan Trust 2006-OA17 |  |  |
| Series 2006-1A1A-OA17, REMIC, 4.15%, (1 Month Term SOFR + 0.31%), 12/20/46 (a) (g) | 244 | 221 |
| Alternative Loan Trust 2006-OA9 |  |  |
| Series 2006-2A1A-OA9, REMIC, 4.02%, (1 Month Term SOFR + 0.53%), 07/20/46 (a) (g) (h) | 134 | 112 |
| Bank 2020-BNK26 |  |  |
| Series 2020-A4-BN26, REMIC, 2.40%, 02/15/30 | 5000 | 4487 |
| BBCMS Trust 2015-VFM |  |  |
| Series 2015-A1-VFM, REMIC, 2.47%, 03/12/26 | 333 | 327 |
| CF Hippolyta Issuer LLC |  |  |
| Series 2020-A1-1, 1.69%, 07/15/25 | 4497 | 4451 |
| Citigroup Commercial Mortgage Trust 2020-GC46 |  |  |
| Series 2020-A5-GC46, REMIC, 2.72%, 02/15/30 | 8750 | 8017 |
| CP Atlas Buyer, Inc. |  |  |
| Series 2020-A-SFR2, REMIC, 1.27%, 11/17/25 | 7560 | 7465 |
| Credit Suisse Securities (USA) LLC |  |  |
| Series 2004-4A1-5, REMIC, 6.00%, 09/25/34 | 112 | 110 |
| CSAIL 2015-C3 Commercial Mortgage Trust |  |  |
| Series 2015-A4-C3, REMIC, 3.72%, 07/17/25 | 2749 | 2737 |
| Eleven Madison Trust 2015-11MD Mortgage Trust |  |  |
| Series 2015-A-11MD, REMIC, 3.55%, 09/11/25 (a) | 2989 | 2960 |
| FirstKey Homes 2020-SFR1 Trust |  |  |
| Series 2020-A-SFR1, 1.34%, 09/18/25 | 6112 | 6068 |
| GS Mortgage Securities Trust 2017-GS7 |  |  |
| Series 2017-A4-GS7, REMIC, 3.43%, 07/12/27 | 10500 | 10208 |
| GS Mortgage Securities Trust 2020-GC45 |  |  |
| Series 2020-A5-GC45, REMIC, 2.91%, 12/14/29 | 10000 | 9230 |
| IRV Trust 2025-200P |  |  |
| Series 2025-A-200P, REMIC, 5.47%, 02/15/35 (a) | 3600 | 3631 |
| MASTR Adjustable Rate Mortgages Trust 2004-10 |  |  |
| Series 2004-3A2-1, REMIC, 3.87%, 02/25/34 (a) | 181 | 155 |

---

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page [607](#abbreviations).

**JNL Series Trust** (Unaudited)

**Schedules of Investments (in thousands)**

June 30, 2025

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| Morgan Stanley Mortgage Loan Trust 2004-8AR |  |  |
| Series 2004-4A2-8AR, REMIC, 5.59%, 10/25/34 (a) | 28 | 27 |
| Nomura Credit & Capital, Inc. |  |  |
| Series 2004-A1-R1, REMIC, 6.50%, 03/25/34 | 940 | 801 |
| Progress Residential 2022-SFR3 Trust |  |  |
| Series 2022-A-SFR3, REMIC, 3.20%, 04/19/27 (a) | 3906 | 3815 |
| Progress Residential 2025-SFR2 Trust |  |  |
| Series 2025-A-SFR2, 3.31%, 04/17/42 | 8000 | 7576 |
| PRPM 2025-RPL2, LLC |  |  |
| Series 2025-A1-RPL2, 3.75%, 04/25/55 | 3401 | 3305 |
| SACO I Trust 2006-6 |  |  |
| Series 2006-A-6, REMIC, 4.70%, (1 Month Term SOFR + 0.37%), 06/25/36 (a) (g) | 3 | 11 |
| Structured Asset Mortgage Investments II Trust 2006-AR7 |  |  |
| Series 2006-A1A-AR7, REMIC, 3.10%, (1 Month Term SOFR + 0.53%), 08/25/36 (a) (g) (h) | 206 | 166 |
| Tricon American Homes 2020-SFR1 Trust |  |  |
| Series 2020-A-SFR1, REMIC, 1.50%, 07/17/26 | 11609 | 11275 |
| U.S. Department of Veterans Affairs |  |  |
| Series 2001-Z-2, REMIC, 6.75%, 02/15/31 | 263 | 275 |
| Wells Fargo Commercial Mortgage Trust 2019-C53 |  |  |
| Series 2019-A4-C53, REMIC, 3.04%, 10/17/29 | 6000 | 5622 |
| Worldwide Plaza Trust 2017-WWP |  |  |
| Series 2017-A-WWP, REMIC, 3.53%, 11/12/27 | 3939 | 2837 |
| Total Non-U.S. Government Agency Asset-Backed Securities (cost $101,033) | Total Non-U.S. Government Agency Asset-Backed Securities (cost $101,033) | 95889 |
| **SHORT TERM INVESTMENTS 3.0%** | **SHORT TERM INVESTMENTS 3.0%** | **SHORT TERM INVESTMENTS 3.0%** |
| **Investment Companies 3.0%** | **Investment Companies 3.0%** | **Investment Companies 3.0%** |
| JNL Government Money Market Fund - Class I, 4.20% (i) (j) | 38214 | 38214 |
| Total Short Term Investments (cost $38,214) | Total Short Term Investments (cost $38,214) | 38214 |
| **Total Investments 99.6% (cost $1,405,742)** | **Total Investments 99.6% (cost $1,405,742)** | **1285423** |
| **Other Assets and Liabilities, Net 0.4%** | **Other Assets and Liabilities, Net 0.4%** | **5138** |
| **Total Net Assets 100.0%** | **Total Net Assets 100.0%** | **1290561** |

---

(a) Security has a variable rate. Interest rates reset periodically. Rate stated was in effect as of June 30, 2025. For securities based on a published reference rate and spread, the reference rate and spread are presented. Certain variable rate securities do not indicate a reference rate and spread because they are determined by the issuer, remarketing agent, or offering documents and are based on current market conditions. The coupon rate for securities with certain features outlined in the offering documents may vary from the stated reference rate and spread. This includes, but is not limited to, securities with deferred rates, contingent distributions, caps, floors, and fixed-rate to float-rate features. In addition, variable rates for government and agency collateralized mortgage obligations ("CMO") and mortgage-backed securities ("MBS") are determined by tranches of underlying mortgage-backed security pools' cash flows into securities and pass-through rates which reflect the rate earned on the asset pool after management and guarantee fees are paid to the securitizing corporation. CMO and MBS variable rates are determined by a formula set forth in the security's offering documents.

(b) All or a portion of the security was purchased on a delayed delivery basis. As of June 30, 2025, the total payable for investments purchased on a delayed delivery basis was $3,680.

(c) Treasury inflation indexed note, par amount is adjusted for inflation.

(d) The security is a direct debt of the agency and not collateralized by mortgages.

(e) Security issued with a zero coupon. Income is recognized through the accretion of discount.

(f) Security is exempt from registration under the Securities Act of 1933, as amended. As of June 30, 2025, the value and the percentage of net assets of these securities was $25,155 and 1.9% of the Fund.

(g) Security is a step-up bond where the coupon may increase or step up at a future date or as the result of an upgrade or downgrade to the credit rating of the issuer. Rate stated was the coupon as of June 30, 2025.

(h) The coupon rate represents the weighted average coupon and may differ from the stated coupon rate.

(i) Investment in affiliate.

(j) Yield changes daily to reflect current market conditions. Rate was the quoted yield as of June 30, 2025.

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **JNL/JPMorgan U.S. Government & Quality Bond Fund — Investments in Affiliates** | **JNL/JPMorgan U.S. Government & Quality Bond Fund — Investments in Affiliates** | **JNL/JPMorgan U.S. Government & Quality Bond Fund — Investments in Affiliates** | **JNL/JPMorgan U.S. Government & Quality Bond Fund — Investments in Affiliates** | **JNL/JPMorgan U.S. Government & Quality Bond Fund — Investments in Affiliates** | **JNL/JPMorgan U.S. Government & Quality Bond Fund — Investments in Affiliates** | **JNL/JPMorgan U.S. Government & Quality Bond Fund — Investments in Affiliates** | **JNL/JPMorgan U.S. Government & Quality Bond Fund — Investments in Affiliates** | **JNL/JPMorgan U.S. Government & Quality Bond Fund — Investments in Affiliates** |
| **Affiliated Investment** | **Value Beginning of Period($)** | **Purchases($)** | **Sales Proceeds($)** | **Dividend Income/ Distributions from Funds($)** | **Realized Gain (Loss)($)** | **Change in Unrealized Appreciation (Depreciation) ($)** | **Value End of Period($)** | **Percentage of Net Assets(%)** |
| JNL Government Money Market Fund, 4.20% - Class I | 26006 | 192526 | 180318 | 695 |  |  | 38214 | 3.0 |
| JNL Government Money Market Fund, 4.30% - Class SL |  | 367 | 367 |  |  |  |  |  |
|  | 26006 | 192893 | 180685 | 695 |  |  | 38214 | 3.0 |

---

**Fair Value Hierarchy.** Various inputs are used in determining the fair value of financial instruments. For a description of the input levels and information about the Fund's policy regarding valuation of financial instruments, see Note 3 in the Notes to Financial Statements. The following table summarizes the Fund's investments categorized in the disclosure hierarchy as of June 30, 2025.

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **<u>. Level 1 ($) .</u>** | **<u>. Level 2 ($) .</u>** | **<u>. Level 3 ($) .</u>** | **<u>. Total ($) .</u>** |
| **JNL/JPMorgan U.S. Government & Quality Bond Fund** | **JNL/JPMorgan U.S. Government & Quality Bond Fund** | **JNL/JPMorgan U.S. Government & Quality Bond Fund** | **JNL/JPMorgan U.S. Government & Quality Bond Fund** | **JNL/JPMorgan U.S. Government & Quality Bond Fund** |
| **Assets - Securities** |  |  |  |  |
| &nbsp;&nbsp; Government And Agency Obligations |  | 1054977 |  | 1054977 |
| &nbsp;&nbsp; Corporate Bonds And Notes |  | 96343 |  | 96343 |
| &nbsp;&nbsp; Non-U.S. Government Agency Asset-Backed Securities |  | 95889 |  | 95889 |
| &nbsp;&nbsp; Short Term Investments | 38214 |  |  | 38214 |
|  | 38214 | 1247209 |  | 1285423 |

---

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page [607](#abbreviations).

**JNL Series Trust** (Unaudited)

**Schedules of Investments (in thousands)**

June 30, 2025

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| **JNL/JPMorgan U.S. Value Fund** | **JNL/JPMorgan U.S. Value Fund** | **JNL/JPMorgan U.S. Value Fund** |
| **COMMON STOCKS 98.6%** | **COMMON STOCKS 98.6%** | **COMMON STOCKS 98.6%** |
| **Financials 26.4%** | **Financials 26.4%** | **Financials 26.4%** |
| American Express Company | 81 | 25848 |
| Ares Management Corporation - Class A | 85 | 14752 |
| Arthur J. Gallagher & Co. | 47 | 15100 |
| Bank of America Corporation | 870 | 41186 |
| Berkshire Hathaway Inc. - Class B (a) | 60 | 29141 |
| BlackRock, Inc. | 12 | 12630 |
| Blackstone Inc. - Class A | 93 | 13898 |
| Capital One Financial Corporation | 127 | 27058 |
| Charles Schwab Corporation, The | 386 | 35250 |
| Chubb Limited | 51 | 14849 |
| Fidelity National Information Services, Inc. | 147 | 11945 |
| First Citizens BancShares, Inc. - Class A | 7 | 13711 |
| Fiserv, Inc. (a) | 103 | 17679 |
| Goldman Sachs Group, Inc., The | 30 | 21165 |
| M&T Bank Corporation | 84 | 16291 |
| Morgan Stanley | 171 | 24159 |
| The PNC Financial Services Group, Inc. | 36 | 6663 |
| The Progressive Corporation | 57 | 15181 |
| Travelers Companies, Inc., The | 20 | 5490 |
| Wells Fargo & Company | 700 | 56079 |
|  |  | 418075 |
| **Industrials 15.8%** | **Industrials 15.8%** | **Industrials 15.8%** |
| 3M Company | 98 | 14861 |
| Carrier Global Corporation | 512 | 37510 |
| CSX Corporation | 644 | 21019 |
| Deere & Company | 36 | 18272 |
| Dover Corporation | 123 | 22482 |
| Eaton Corporation Public Limited Company | 88 | 31404 |
| General Dynamics Corporation | 87 | 25366 |
| Northrop Grumman Corporation | 21 | 10388 |
| Parker-Hannifin Corporation | 23 | 16284 |
| Republic Services, Inc. | 29 | 7191 |
| RTX Corporation | 177 | 25810 |
| Union Pacific Corporation | 83 | 19012 |
|  |  | 249599 |
| **Health Care 13.0%** | **Health Care 13.0%** | **Health Care 13.0%** |
| AbbVie Inc. | 97 | 18052 |
| Becton, Dickinson and Company | 55 | 9391 |
| Boston Scientific Corporation (a) | 115 | 12386 |
| Bristol-Myers Squibb Company | 383 | 17708 |
| Cardinal Health, Inc. | 83 | 13965 |
| Cigna Group, The | 58 | 19136 |
| CVS Health Corporation | 181 | 12460 |
| Eli Lilly and Company | 11 | 8677 |
| Johnson & Johnson | 130 | 19863 |
| Medtronic, Inc. | 93 | 8107 |
| Merck & Co., Inc. | 156 | 12372 |
| Regeneron Pharmaceuticals, Inc. | 15 | 7702 |
| Thermo Fisher Scientific Inc. | 28 | 11356 |
| UnitedHealth Group Incorporated | 79 | 24699 |
| Vertex Pharmaceuticals Incorporated (a) | 21 | 9202 |
|  |  | 205076 |
| **Information Technology 9.1%** | **Information Technology 9.1%** | **Information Technology 9.1%** |
| Advanced Micro Devices, Inc. (a) | 66 | 9311 |
| Analog Devices, Inc. | 122 | 29062 |
| International Business Machines Corporation | 38 | 11300 |
| Micron Technology, Inc. | 80 | 9872 |
| Microsoft Corporation | 59 | 29502 |
| NXP Semiconductors N.V. | 79 | 17169 |
| Texas Instruments Incorporated | 125 | 26001 |
| Western Digital Corporation | 171 | 10955 |
|  |  | 143172 |
| **Consumer Discretionary 8.5%** | **Consumer Discretionary 8.5%** | **Consumer Discretionary 8.5%** |
| Amazon.com, Inc. (a) | 77 | 16820 |
| AutoZone, Inc. (a) | 4 | 13305 |
| Booking Holdings Inc. | 2 | 9315 |
| Home Depot, Inc., The | 58 | 21216 |
| Lowe`s Companies, Inc. | 109 | 24198 |
| McDonald's Corporation | 69 | 20295 |
| O'Reilly Automotive, Inc. (a) | 110 | 9932 |
| TJX Companies, Inc., The | 162 | 20054 |
|  |  | 135135 |
| **Energy 5.7%** | **Energy 5.7%** | **Energy 5.7%** |
| Chevron Corporation | 181 | 25932 |
| ConocoPhillips | 314 | 28147 |
| EOG Resources, Inc. | 167 | 19997 |
| Exxon Mobil Corporation | 148 | 16003 |
|  |  | 90079 |
| **Consumer Staples 5.6%** | **Consumer Staples 5.6%** | **Consumer Staples 5.6%** |
| Mondelez International, Inc. - Class A | 177 | 11930 |
| PepsiCo, Inc. | 81 | 10632 |
| Philip Morris International Inc. | 193 | 35150 |
| Procter & Gamble Company, The | 105 | 16674 |
| Walmart Inc. | 154 | 15024 |
|  |  | 89410 |
| **Materials 4.2%** | **Materials 4.2%** | **Materials 4.2%** |
| Air Products and Chemicals, Inc. | 93 | 26147 |
| Axalta Coating Systems Ltd. (a) | 355 | 10536 |
| Ball Corporation | 177 | 9918 |
| Vulcan Materials Company | 75 | 19658 |
|  |  | 66259 |
| **Communication Services 4.0%** | **Communication Services 4.0%** | **Communication Services 4.0%** |
| Alphabet Inc. - Class C | 92 | 16317 |
| Comcast Corporation - Class A | 472 | 16847 |
| Meta Platforms, Inc. - Class A | 17 | 12748 |
| Walt Disney Company, The | 136 | 16892 |
|  |  | 62804 |
| **Utilities 3.9%** | **Utilities 3.9%** | **Utilities 3.9%** |
| CMS Energy Corporation | 217 | 15066 |
| Entergy Corporation | 98 | 8181 |
| NextEra Energy, Inc. | 237 | 16441 |
| Public Service Enterprise Group Incorporated | 138 | 11634 |
| XCEL Energy Inc. | 158 | 10739 |
|  |  | 62061 |
| **Real Estate 2.4%** | **Real Estate 2.4%** | **Real Estate 2.4%** |
| American Tower Corporation | 37 | 8095 |
| AvalonBay Communities, Inc. | 23 | 4749 |
| Host Hotels & Resorts, Inc. | 580 | 8904 |
| ProLogis Inc. | 50 | 5284 |
| Ventas, Inc. | 167 | 10525 |
|  |  | 37557 |
| Total Common Stocks (cost $1,219,190) | Total Common Stocks (cost $1,219,190) | 1559227 |
| **OTHER EQUITY INTERESTS 0.0%** | **OTHER EQUITY INTERESTS 0.0%** | **OTHER EQUITY INTERESTS 0.0%** |
| Walter Energy Inc. (a) (b) (c) (d) | 1503 |  |
| Total Other Equity Interests (cost $0) | Total Other Equity Interests (cost $0) |  |
| **SHORT TERM INVESTMENTS 1.4%** | **SHORT TERM INVESTMENTS 1.4%** | **SHORT TERM INVESTMENTS 1.4%** |
| **Investment Companies 1.4%** | **Investment Companies 1.4%** | **Investment Companies 1.4%** |
| JNL Government Money Market Fund - Class I, 4.20% (e) (f) | 21572 | 21572 |
| Total Short Term Investments (cost $21,572) | Total Short Term Investments (cost $21,572) | 21572 |
| **Total Investments 100.0% (cost $1,240,762)** | **Total Investments 100.0% (cost $1,240,762)** | **1580799** |
| **Other Assets and Liabilities, Net (0.0)%** | **Other Assets and Liabilities, Net (0.0)%** | (310) |
| **Total Net Assets 100.0%** | **Total Net Assets 100.0%** | **1580489** |

---

(a) Non-income producing security.

(b) Security fair valued in good faith as a Level 3 security in accordance with the procedures approved by the Board of Trustees. Good faith fair valued securities are classified based on the applicable valuation inputs. See "Fair Value Measurement" in the Notes to Financial Statements.

(c) Contingent distributions represent the right to receive additional distributions, if any, during the reorganization of the underlying company.

(d) Security is restricted to resale to institutional investors or subject to trading restrictions due to sanctions on foreign issuers. See Restricted Securities table following the Schedules of Investments.

(e) Investment in affiliate.

(f) Yield changes daily to reflect current market conditions. Rate was the quoted yield as of June 30, 2025.

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page [607](#abbreviations).

**JNL Series Trust** (Unaudited)

**Schedules of Investments (in thousands)**

June 30, 2025

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **JNL/JPMorgan U.S. Value Fund — Investments in Affiliates** | **JNL/JPMorgan U.S. Value Fund — Investments in Affiliates** | **JNL/JPMorgan U.S. Value Fund — Investments in Affiliates** | **JNL/JPMorgan U.S. Value Fund — Investments in Affiliates** | **JNL/JPMorgan U.S. Value Fund — Investments in Affiliates** | **JNL/JPMorgan U.S. Value Fund — Investments in Affiliates** | **JNL/JPMorgan U.S. Value Fund — Investments in Affiliates** | **JNL/JPMorgan U.S. Value Fund — Investments in Affiliates** | **JNL/JPMorgan U.S. Value Fund — Investments in Affiliates** |
| **Affiliated Investment** | **Value Beginning of Period($)** | **Purchases($)** | **Sales Proceeds($)** | **Dividend Income/ Distributions from Funds($)** | **Realized Gain (Loss)($)** | **Change in Unrealized Appreciation (Depreciation) ($)** | **Value End of Period($)** | **Percentage of Net Assets(%)** |
| JNL Government Money Market Fund, 4.20% - Class I | 6731 | 99265 | 84424 | 286 |  |  | 21572 | 1.4 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **JNL/JPMorgan U.S. Value Fund — Restricted Securities** | **JNL/JPMorgan U.S. Value Fund — Restricted Securities** | **JNL/JPMorgan U.S. Value Fund — Restricted Securities** | **JNL/JPMorgan U.S. Value Fund — Restricted Securities** | **JNL/JPMorgan U.S. Value Fund — Restricted Securities** |
| | **Initial Acquisition** | **Cost ($)** | **Value ($)** | **Percent of**<br> **Net Assets (%)** |
| Walter Energy Inc. | 08/23/19 |  |  |  |

---

**Fair Value Hierarchy.** Various inputs are used in determining the fair value of financial instruments. For a description of the input levels and information about the Fund's policy regarding valuation of financial instruments, see Note 3 in the Notes to Financial Statements. The following table summarizes the Fund's investments categorized in the disclosure hierarchy as of June 30, 2025.

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **<u>. Level 1 ($) .</u>** | **<u>. Level 2 ($) .</u>** | **<u>. Level 3 ($) .</u>** | **<u>. Total ($) .</u>** |
| **JNL/JPMorgan U.S. Value Fund** | **JNL/JPMorgan U.S. Value Fund** | **JNL/JPMorgan U.S. Value Fund** | **JNL/JPMorgan U.S. Value Fund** | **JNL/JPMorgan U.S. Value Fund** |
| **Assets - Securities** |  |  |  |  |
| &nbsp;&nbsp; Common Stocks | 1559227 |  |  | 1559227 |
| &nbsp;&nbsp; Other Equity Interests |  |  |  |  |
| &nbsp;&nbsp; Short Term Investments | 21572 |  |  | 21572 |
|  | 1580799 |  |  | 1580799 |

---

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page [607](#abbreviations).

**JNL Series Trust** (Unaudited)

**Schedules of Investments (in thousands)**

June 30, 2025

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| **JNL/Lazard International Quality Growth Fund** | **JNL/Lazard International Quality Growth Fund** | **JNL/Lazard International Quality Growth Fund** |
| **COMMON STOCKS 96.9%** | **COMMON STOCKS 96.9%** | **COMMON STOCKS 96.9%** |
| **United Kingdom 19.7%** | **United Kingdom 19.7%** | **United Kingdom 19.7%** |
| Diageo PLC | 297 | 7503 |
| Diploma PLC | 123 | 8269 |
| Experian PLC | 218 | 11248 |
| Halma Public Limited Company | 348 | 15292 |
| InterContinental Hotels Group PLC | 69 | 7836 |
| London Stock Exchange Group PLC | 106 | 15530 |
| Relx PLC | 282 | 15272 |
| Unilever PLC | 193 | 11841 |
|  |  | 92791 |
| **Japan 9.5%** | **Japan 9.5%** | **Japan 9.5%** |
| Hoya Corporation | 68 | 8007 |
| Keyence Corporation | 19 | 7602 |
| M3, Inc. | 613 | 8433 |
| Recruit Holdings Co., Ltd. | 152 | 8984 |
| SMS Co., Ltd. | 501 | 5130 |
| Toei Animation Co., Ltd. | 283 | 6463 |
|  |  | 44619 |
| **United States of America 7.2%** | **United States of America 7.2%** | **United States of America 7.2%** |
| Accenture Public Limited Company - Class A | 37 | 11083 |
| AON Public Limited Company - Class A | 37 | 13114 |
| Universal Music Group N.V. | 302 | 9803 |
|  |  | 34000 |
| **Netherlands 6.4%** | **Netherlands 6.4%** | **Netherlands 6.4%** |
| ASML Holding N.V. | 18 | 14531 |
| IMcD N.V. | 49 | 6630 |
| Wolters Kluwer N.V. - Class C | 53 | 8925 |
|  |  | 30086 |
| **France 6.3%** | **France 6.3%** | **France 6.3%** |
| EssilorLuxottica | 57 | 15530 |
| LVMH Moet Hennessy Louis Vuitton | 17 | 8916 |
| Pernod Ricard | 51 | 5067 |
|  |  | 29513 |
| **Germany 5.5%** | **Germany 5.5%** | **Germany 5.5%** |
| SAP SE | 47 | 14385 |
| Scout24 SE (a) | 84 | 11636 |
|  |  | 26021 |
| **Taiwan 5.5%** | **Taiwan 5.5%** | **Taiwan 5.5%** |
| Lotes Co., Ltd | 146 | 6764 |
| Taiwan Semiconductor Manufacturing Company Limited - ADR | 85 | 19211 |
|  |  | 25975 |
| **Canada 4.7%** | **Canada 4.7%** | **Canada 4.7%** |
| Dollarama Inc. | 97 | 13715 |
| Toromont Industries Ltd. | 97 | 8688 |
|  |  | 22403 |
| **Switzerland 4.3%** | **Switzerland 4.3%** | **Switzerland 4.3%** |
| Partners Group Holding AG | 10 | 13217 |
| VAT Group AG (a) | 17 | 7161 |
|  |  | 20378 |
| **Sweden 4.1%** | **Sweden 4.1%** | **Sweden 4.1%** |
| ASSA ABLOY AB - Class B | 357 | 11145 |
| Hexagon Aktiebolag - Class B | 839 | 8455 |
|  |  | 19600 |
| **Hong Kong 3.7%** | **Hong Kong 3.7%** | **Hong Kong 3.7%** |
| AIA Group Limited | 897 | 8087 |
| Hong Kong Exchanges and Clearing Limited | 176 | 9441 |
|  |  | 17528 |
| **China 3.1%** | **China 3.1%** | **China 3.1%** |
| Tencent Holdings Limited | 227 | 14590 |
| **India 3.0%** | **India 3.0%** | **India 3.0%** |
| HDFC Bank Limited - ADR | 187 | 14301 |
| **Israel 2.5%** | **Israel 2.5%** | **Israel 2.5%** |
| Check Point Software Technologies Ltd (b) | 53 | 11756 |
| **South Africa 2.2%** | **South Africa 2.2%** | **South Africa 2.2%** |
| Clicks Group | 500 | 10488 |
| **Spain 2.2%** | **Spain 2.2%** | **Spain 2.2%** |
| Industria de Diseno Textil, S.A. | 198 | 10295 |
| **Australia 2.1%** | **Australia 2.1%** | **Australia 2.1%** |
| Computershare Limited | 383 | 10069 |
| **Brazil 2.0%** | **Brazil 2.0%** | **Brazil 2.0%** |
| TOTVS S.A. | 1196 | 9311 |
| **Norway 1.6%** | **Norway 1.6%** | **Norway 1.6%** |
| Gjensidige Forsikring ASA | 299 | 7572 |
| **Denmark 1.3%** | **Denmark 1.3%** | **Denmark 1.3%** |
| Coloplast A/S - Class B | 65 | 6163 |
| Total Common Stocks (cost $428,987) | Total Common Stocks (cost $428,987) | 457459 |
| **PREFERRED STOCKS 1.3%** | **PREFERRED STOCKS 1.3%** | **PREFERRED STOCKS 1.3%** |
| **Germany 1.3%** | **Germany 1.3%** | **Germany 1.3%** |
| Sartorius Aktiengesellschaft | 23 | 5924 |
| Total Preferred Stocks (cost $6,553) | Total Preferred Stocks (cost $6,553) | 5924 |
| **SHORT TERM INVESTMENTS 1.7%** | **SHORT TERM INVESTMENTS 1.7%** | **SHORT TERM INVESTMENTS 1.7%** |
| **Investment Companies 1.7%** | **Investment Companies 1.7%** | **Investment Companies 1.7%** |
| JNL Government Money Market Fund - Class I, 4.20% (c) (d) | 8080 | 8080 |
| Total Short Term Investments (cost $8,080) | Total Short Term Investments (cost $8,080) | 8080 |
| **Total Investments 99.9% (cost $443,620)** | **Total Investments 99.9% (cost $443,620)** | **471463** |
| **Other Assets and Liabilities, Net 0.1%** | **Other Assets and Liabilities, Net 0.1%** | **384** |
| **Total Net Assets 100.0%** | **Total Net Assets 100.0%** | **471847** |

---

(a) Security is restricted to resale to institutional investors or subject to trading restrictions due to sanctions on foreign issuers. See Restricted Securities table following the Schedules of Investments.

(b) Non-income producing security.

(c) Investment in affiliate.

(d) Yield changes daily to reflect current market conditions. Rate was the quoted yield as of June 30, 2025.

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **JNL/Lazard International Quality Growth Fund — Investments in Affiliates** | **JNL/Lazard International Quality Growth Fund — Investments in Affiliates** | **JNL/Lazard International Quality Growth Fund — Investments in Affiliates** | **JNL/Lazard International Quality Growth Fund — Investments in Affiliates** | **JNL/Lazard International Quality Growth Fund — Investments in Affiliates** | **JNL/Lazard International Quality Growth Fund — Investments in Affiliates** | **JNL/Lazard International Quality Growth Fund — Investments in Affiliates** | **JNL/Lazard International Quality Growth Fund — Investments in Affiliates** | **JNL/Lazard International Quality Growth Fund — Investments in Affiliates** |
| **Affiliated Investment** | **Value Beginning of Period($)** | **Purchases($)** | **Sales Proceeds($)** | **Dividend Income/ Distributions from Funds($)** | **Realized Gain (Loss)($)** | **Change in Unrealized Appreciation (Depreciation) ($)** | **Value End of Period($)** | **Percentage of Net Assets(%)** |
| JNL Government Money Market Fund, 4.20% - Class I | 4281 | 46680 | 42881 | 96 |  |  | 8080 | 1.7 |
| JNL Government Money Market Fund, 4.30% - Class SL |  | 9987 | 9987 | 42 |  |  |  |  |
|  | 4281 | 56667 | 52868 | 138 |  |  | 8080 | 1.7 |

---

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page [607](#abbreviations).

**JNL Series Trust** (Unaudited)

**Schedules of Investments (in thousands)**

June 30, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
| **JNL/Lazard International Quality Growth Fund — Restricted Securities** | **JNL/Lazard International Quality Growth Fund — Restricted Securities** | **JNL/Lazard International Quality Growth Fund — Restricted Securities** | **JNL/Lazard International Quality Growth Fund — Restricted Securities** | **JNL/Lazard International Quality Growth Fund — Restricted Securities** |
|  | **Initial Acquisition** | **Cost ($)** | **Value ($)** | **Percent of**<br> **Net Assets (%)** |
| Scout24 SE | 10/22/24 | 7343 | 11636 | 2.5 |
| VAT Group AG | 03/08/24 | 8878 | 7161 | 1.5 |
|  |  | 16221 | 18797 | 4.0 |

---

**Fair Value Hierarchy.** Various inputs are used in determining the fair value of financial instruments. For a description of the input levels and information about the Fund's policy regarding valuation of financial instruments, see Note 3 in the Notes to Financial Statements. The following table summarizes the Fund's investments categorized in the disclosure hierarchy as of June 30, 2025.

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **<u>. Level 1 ($) .</u>** | **<u>. Level 2 ($) .</u>** | **<u>. Level 3 ($) .</u>** | **<u>. Total ($) .</u>** |
| **JNL/Lazard International Quality Growth Fund** | **JNL/Lazard International Quality Growth Fund** | **JNL/Lazard International Quality Growth Fund** | **JNL/Lazard International Quality Growth Fund** | **JNL/Lazard International Quality Growth Fund** |
| **Assets - Securities** |  |  |  |  |
| &nbsp;&nbsp; Common Stocks | 101179 | 356280 |  | 457459 |
| &nbsp;&nbsp; Preferred Stocks |  | 5924 |  | 5924 |
| &nbsp;&nbsp; Short Term Investments | 8080 |  |  | 8080 |
|  | 109259 | 362204 |  | 471463 |

---

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page [607](#abbreviations).

**JNL Series Trust** (Unaudited)

**Schedules of Investments (in thousands)**

June 30, 2025

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| **JNL/Loomis Sayles Global Growth Fund** | **JNL/Loomis Sayles Global Growth Fund** | **JNL/Loomis Sayles Global Growth Fund** |
| **COMMON STOCKS 98.2%** | **COMMON STOCKS 98.2%** | **COMMON STOCKS 98.2%** |
| **United States of America 59.1%** | **United States of America 59.1%** | **United States of America 59.1%** |
| Alnylam Pharmaceuticals, Inc. (a) | 69 | 22540 |
| Alphabet Inc. - Class A | 223 | 39312 |
| Amazon.com, Inc. (a) | 236 | 51751 |
| Autodesk, Inc. (a) | 24 | 7533 |
| Block, Inc. - Class A (a) | 95 | 6432 |
| Boeing Company, The (a) | 148 | 31062 |
| Deere & Company | 19 | 9855 |
| Doximity, Inc. - Class A (a) | 200 | 12286 |
| Expeditors International of Washington, Inc. - Class A | 36 | 4075 |
| Meta Platforms, Inc. - Class A | 101 | 74545 |
| Microsoft Corporation | 66 | 32907 |
| Netflix, Inc. (a) | 44 | 59281 |
| Oracle Corporation | 197 | 42973 |
| Qualcomm Incorporated | 48 | 7606 |
| Salesforce, Inc. | 56 | 15247 |
| SEI Investments Company | 76 | 6827 |
| Tesla Inc. (a) | 133 | 42254 |
| Under Armour, Inc. - Class A (a) | 428 | 2921 |
| Vertex Pharmaceuticals Incorporated (a) | 35 | 15629 |
| Visa Inc. - Class A | 89 | 31524 |
| Yum! Brands, Inc. | 30 | 4457 |
|  |  | 521017 |
| **Argentina 7.6%** | **Argentina 7.6%** | **Argentina 7.6%** |
| MercadoLibre, Inc. (a) | 26 | 67181 |
| **China 7.1%** | **China 7.1%** | **China 7.1%** |
| Alibaba Group Holding Limited - ADR | 66 | 7469 |
| Baidu, Inc. - Class A - ADR (a) | 81 | 6948 |
| Tencent Holdings Limited | 381 | 24524 |
| Trip.com Group Limited - ADR | 273 | 16006 |
| Yum China Holdings, Inc. | 165 | 7372 |
|  |  | 62319 |
| **United Kingdom 4.9%** | **United Kingdom 4.9%** | **United Kingdom 4.9%** |
| Arm Holdings PLC - ADR (a) (b) | 104 | 16754 |
| Experian PLC | 349 | 17982 |
| Reckitt Benckiser Group PLC | 36 | 2482 |
| Unilever PLC | 91 | 5594 |
|  |  | 42812 |
| **Netherlands 4.7%** | **Netherlands 4.7%** | **Netherlands 4.7%** |
| Adyen N.V. (a) (c) | 17 | 30781 |
| NXP Semiconductors N.V. | 50 | 10950 |
|  |  | 41731 |
| **Switzerland 4.7%** | **Switzerland 4.7%** | **Switzerland 4.7%** |
| CRISPR Therapeutics AG (a) (b) | 188 | 9137 |
| Nestle S.A. - Class N | 54 | 5425 |
| Novartis AG - Class N | 218 | 26455 |
|  |  | 41017 |
| **Canada 4.3%** | **Canada 4.3%** | **Canada 4.3%** |
| Shopify Inc. - Class A (a) | 329 | 38004 |
| **Denmark 1.8%** | **Denmark 1.8%** | **Denmark 1.8%** |
| Novo Nordisk A/S - Class B | 226 | 15620 |
| **Brazil 1.4%** | **Brazil 1.4%** | **Brazil 1.4%** |
| American Beverage Co Ambev - ADR | 5229 | 12601 |
| **Japan 1.3%** | **Japan 1.3%** | **Japan 1.3%** |
| FANUC Corporation | 416 | 11312 |
| **France 1.2%** | **France 1.2%** | **France 1.2%** |
| LVMH Moet Hennessy Louis Vuitton | 15 | 8027 |
| Societe d'exploitation Hoteliere | 49 | 3023 |
|  |  | 11050 |
| **Hong Kong 0.1%** | **Hong Kong 0.1%** | **Hong Kong 0.1%** |
| Budweiser Brewing Company APAC Limited (b) (c) | 914 | 909 |
| Total Common Stocks (cost $545,659) | Total Common Stocks (cost $545,659) | 865573 |
| **PREFERRED STOCKS 1.3%** | **PREFERRED STOCKS 1.3%** | **PREFERRED STOCKS 1.3%** |
| **Switzerland 1.3%** | **Switzerland 1.3%** | **Switzerland 1.3%** |
| Roche Holding AG | 35 | 11469 |
| Total Preferred Stocks (cost $11,473) | Total Preferred Stocks (cost $11,473) | 11469 |
| **Total Investments 99.5% (cost $557,132)** | **Total Investments 99.5% (cost $557,132)** | **877042** |
| **Other Assets and Liabilities, Net 0.5%** | **Other Assets and Liabilities, Net 0.5%** | **4018** |
| **Total Net Assets 100.0%** | **Total Net Assets 100.0%** | **881060** |

---

(a) Non-income producing security.

(b) All or a portion of the security was on loan as of June 30, 2025.

(c) Security is restricted to resale to institutional investors or subject to trading restrictions due to sanctions on foreign issuers. See Restricted Securities table following the Schedules of Investments.

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **JNL/Loomis Sayles Global Growth Fund — Investments in Affiliates** | **JNL/Loomis Sayles Global Growth Fund — Investments in Affiliates** | **JNL/Loomis Sayles Global Growth Fund — Investments in Affiliates** | **JNL/Loomis Sayles Global Growth Fund — Investments in Affiliates** | **JNL/Loomis Sayles Global Growth Fund — Investments in Affiliates** | **JNL/Loomis Sayles Global Growth Fund — Investments in Affiliates** | **JNL/Loomis Sayles Global Growth Fund — Investments in Affiliates** | **JNL/Loomis Sayles Global Growth Fund — Investments in Affiliates** | **JNL/Loomis Sayles Global Growth Fund — Investments in Affiliates** |
| **Affiliated Investment** | **Value Beginning of Period($)** | **Purchases($)** | **Sales Proceeds($)** | **Dividend Income/ Distributions from Funds($)** | **Realized Gain (Loss)($)** | **Change in Unrealized Appreciation (Depreciation) ($)** | **Value End of Period($)** | **Percentage of Net Assets(%)** |
| JNL Government Money Market Fund, 4.20% - Class I | 7561 | 122062 | 129623 | 70 |  |  |  |  |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **JNL/Loomis Sayles Global Growth Fund — Restricted Securities** | **JNL/Loomis Sayles Global Growth Fund — Restricted Securities** | **JNL/Loomis Sayles Global Growth Fund — Restricted Securities** | **JNL/Loomis Sayles Global Growth Fund — Restricted Securities** | **JNL/Loomis Sayles Global Growth Fund — Restricted Securities** |
|  | **Initial Acquisition** | **Cost ($)** | **Value ($)** | **Percent of**<br> **Net Assets (%)** |
| Adyen N.V. | 04/21/20 | 22750 | 30781 | 3.5 |
| Budweiser Brewing Company APAC Limited | 04/21/20 | 2307 | 909 | 0.1 |
|  |  | 25057 | 31690 | 3.6 |

---

**Fair Value Hierarchy.** Various inputs are used in determining the fair value of financial instruments. For a description of the input levels and information about the Fund's policy regarding valuation of financial instruments, see Note 3 in the Notes to Financial Statements. The following table summarizes the Fund's investments categorized in the disclosure hierarchy as of June 30, 2025.

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page [607](#abbreviations).

**JNL Series Trust** (Unaudited)

**Schedules of Investments (in thousands)**

June 30, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **<u>. Level 1 ($) .</u>** | **<u>. Level 2 ($) .</u>** | **<u>. Level 3 ($) .</u>** | **<u>. Total ($) .</u>** |
| **JNL/Loomis Sayles Global Growth Fund** | **JNL/Loomis Sayles Global Growth Fund** | **JNL/Loomis Sayles Global Growth Fund** | **JNL/Loomis Sayles Global Growth Fund** | **JNL/Loomis Sayles Global Growth Fund** |
| **Assets - Securities** |  |  |  |  |
| &nbsp;&nbsp; Common Stocks | 713439 | 152134 |  | 865573 |
| &nbsp;&nbsp; Preferred Stocks |  | 11469 |  | 11469 |
|  | 713439 | 163603 |  | 877042 |

---

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page [607](#abbreviations).

**JNL Series Trust** (Unaudited)

**Schedules of Investments (in thousands)**

June 30, 2025

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| **JNL/Lord Abbett Short Duration Income Fund** | **JNL/Lord Abbett Short Duration Income Fund** | **JNL/Lord Abbett Short Duration Income Fund** |
| **CORPORATE BONDS AND NOTES 62.0%** | **CORPORATE BONDS AND NOTES 62.0%** | **CORPORATE BONDS AND NOTES 62.0%** |
| **Financials 22.5%** | **Financials 22.5%** | **Financials 22.5%** |
| ABN AMRO Bank N.V. |  |  |
| 4.75%, 07/28/25 (a) | 1778 | 1777 |
| 6.34%, 09/18/27 (a) | 600 | 613 |
| AEGON Funding Company LLC |  |  |
| 5.50%, 04/16/27 (a) (b) | 1260 | 1277 |
| AerCap Ireland Capital Designated Activity Company |  |  |
| 6.45%, 04/15/27 | 289 | 299 |
| 4.63%, 09/10/29 | 511 | 512 |
| AG TTMT Escrow Issuer LLC |  |  |
| 8.63%, 09/30/27 (a) | 1196 | 1239 |
| AIB Group Public Limited Company |  |  |
| 6.61%, 09/13/29 (a) | 745 | 789 |
| 5.32%, 05/15/31 (a) | 200 | 204 |
| AIG Global Funding |  |  |
| 5.20%, 01/12/29 (a) | 418 | 428 |
| Alliant Holdings Intermediate, LLC |  |  |
| 6.75%, 10/15/27 (a) | 1183 | 1185 |
| Ally Financial Inc. |  |  |
| 5.75%, 11/20/25 | 2328 | 2333 |
| American Express Company |  |  |
| 4.73%, 04/25/29 | 734 | 742 |
| 5.02%, 04/25/31 | 619 | 632 |
| American National Global Funding |  |  |
| 5.55%, 01/28/30 (a) | 206 | 210 |
| Aon Corporation |  |  |
| 8.21%, 01/01/27 | 617 | 649 |
| Atlas Warehouse Lending Company, L.P. |  |  |
| 6.05%, 01/15/28 (a) | 429 | 435 |
| 6.25%, 01/15/30 (a) | 250 | 253 |
| Aviation Capital Group LLC |  |  |
| 1.95%, 01/30/26 - 09/20/26 (a) | 3278 | 3191 |
| 3.50%, 11/01/27 (a) | 609 | 593 |
| 6.25%, 04/15/28 (a) | 533 | 555 |
| 5.38%, 07/15/29 (a) | 345 | 352 |
| Avolon Holdings Funding Limited |  |  |
| 5.50%, 01/15/26 (a) | 1949 | 1953 |
| 2.13%, 02/21/26 (a) | 98 | 96 |
| 3.25%, 02/15/27 (a) | 378 | 369 |
| 4.95%, 01/15/28 (a) | 396 | 398 |
| 2.75%, 02/21/28 (a) | 478 | 454 |
| 6.38%, 05/04/28 (a) | 849 | 885 |
| 5.75%, 03/01/29 - 11/15/29 (a) | 939 | 966 |
| Banco Nacional De Comercio Exterior, S.N.C. |  |  |
| 5.88%, 05/07/30 (a) | 491 | 497 |
| Bank of America Corporation |  |  |
| 3.97%, 03/05/29 | 3309 | 3271 |
| Bank of Ireland Group Public Limited Company |  |  |
| 2.03%, 09/30/27 (a) | 1172 | 1136 |
| 5.60%, 03/20/30 (a) | 854 | 881 |
| BankUnited, Inc. |  |  |
| 4.88%, 11/17/25 | 1080 | 1082 |
| Barclays PLC |  |  |
| 5.20%, 05/12/26 (c) | 1618 | 1625 |
| 5.83%, 05/09/27 | 646 | 653 |
| 6.50%, 09/13/27 | 725 | 741 |
| 2.28%, 11/24/27 | 680 | 660 |
| 5.09%, 02/25/29 (c) | 427 | 432 |
| 5.37%, 02/25/31 (c) | 445 | 453 |
| Blackstone Private Credit Fund |  |  |
| 2.63%, 12/15/26 | 319 | 308 |
| 4.95%, 09/26/27 | 184 | 184 |
| Blackstone Secured Lending Fund |  |  |
| 3.63%, 01/15/26 | 1027 | 1021 |
| 2.13%, 02/15/27 | 200 | 191 |
| Block, Inc. |  |  |
| 0.00%, 05/01/26 (c) (d) | 684 | 651 |
| 2.75%, 06/01/26 | 1024 | 1002 |
| BNP Paribas |  |  |
| 2.59%, 01/20/28 (a) | 2104 | 2043 |
| 5.13%, 01/13/29 (a) | 221 | 224 |
| BPCE |  |  |
| 5.98%, 01/18/27 (a) | 846 | 852 |
| Bread Financial Payments, Inc. |  |  |
| 9.75%, 03/15/29 (a) | 961 | 1035 |
| Brighthouse Financial, Inc. |  |  |
| 5.55%, 04/09/27 (a) | 935 | 951 |
| 5.65%, 06/10/29 (a) | 815 | 832 |
| Brown & Brown, Inc. |  |  |
| 4.70%, 06/23/28 | 157 | 158 |
| 4.90%, 06/23/30 | 199 | 201 |
| CaixaBank, S.A. |  |  |
| 4.63%, 07/03/29 (a) | 667 | 669 |
| Citadel Securities Global Holdings LLC |  |  |
| 5.50%, 06/18/30 (a) | 611 | 617 |
| Citigroup Inc. |  |  |
| 3.89%, 01/10/28 | 817 | 810 |
| 4.64%, 05/07/28 | 1317 | 1321 |
| 4.79%, 03/04/29 | 1571 | 1582 |
| 5.17%, 02/13/30 | 1268 | 1293 |
| 4.91%, 05/29/30 | 664 | 676 |
| Citizens Bank, National Association |  |  |
| 4.58%, 08/09/28 (e) | 759 | 761 |
| Citizens Financial Group, Inc. |  |  |
| 5.84%, 01/23/30 | 469 | 486 |
| 5.25%, 03/05/31 | 1410 | 1429 |
| CNO Global Funding |  |  |
| 1.75%, 10/07/26 (a) | 1016 | 981 |
| 4.88%, 12/10/27 (a) | 505 | 509 |
| 4.95%, 09/09/29 (a) | 262 | 265 |
| Danske Bank A/S |  |  |
| 4.30%, 04/01/28 (a) | 367 | 366 |
| 4.61%, 10/02/30 (a) | 771 | 768 |
| Discover Bank |  |  |
| 5.97%, 08/09/28 | 464 | 477 |
| Equitable Financial Life Global Funding |  |  |
| 5.45%, 03/03/28 (a) | 1075 | 1107 |
| 4.65%, 06/09/28 (a) | 388 | 390 |
| F&G Annuities & Life, Inc. |  |  |
| 7.40%, 01/13/28 (f) | 736 | 772 |
| F&G Global Funding |  |  |
| 2.30%, 04/11/27 (a) | 608 | 584 |
| 5.88%, 06/10/27 - 01/16/30 (a) | 1744 | 1789 |
| Federation des caisses Desjardins du Quebec |  |  |
| 5.70%, 03/14/28 (a) (c) | 440 | 456 |
| First Citizens BancShares, Inc. |  |  |
| 5.23%, 03/12/31 | 966 | 972 |
| First Horizon Corporation |  |  |
| 5.51%, 03/07/31 | 526 | 534 |
| Ford Motor Credit Company LLC |  |  |
| 3.38%, 11/13/25 | 1539 | 1528 |
| 6.95%, 06/10/26 | 200 | 203 |
| 2.70%, 08/10/26 | 1131 | 1101 |
| 5.13%, 11/05/26 | 2526 | 2522 |
| 5.85%, 05/17/27 | 621 | 626 |
| 7.35%, 11/04/27 | 591 | 614 |
| 5.80%, 03/08/29 | 1112 | 1114 |
| 5.30%, 09/06/29 | 1046 | 1026 |
| Freedom Mortgage Corporation |  |  |
| 12.00%, 10/01/28 (a) | 967 | 1040 |
| GA Global Funding Trust |  |  |
| 4.40%, 09/23/27 (a) | 996 | 994 |
| 5.50%, 01/08/29 (a) | 821 | 842 |
| General Motors Financial Company, Inc. |  |  |
| 5.40%, 04/06/26 - 05/08/27 | 442 | 445 |
| 5.00%, 07/15/27 | 379 | 381 |
| 5.55%, 07/15/29 | 509 | 520 |
| 5.63%, 01/07/30 (g) | 377 | 369 |
| GGAM Finance Ltd. |  |  |
| 7.75%, 05/15/26 (a) | 1053 | 1063 |
| Goldman Sachs Group, Inc., The |  |  |
| 2.64%, 02/24/28 | 420 | 408 |
| 4.94%, 04/23/28 | 1022 | 1031 |
| 4.22%, 05/01/29 | 3501 | 3480 |
| 5.22%, 04/23/31 | 674 | 691 |

---

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page [607](#abbreviations).

**JNL Series Trust** (Unaudited)

**Schedules of Investments (in thousands)**

June 30, 2025

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| Home Point Capital Inc. |  |  |
| 5.00%, 02/01/26 (a) | 872 | 871 |
| HSBC Holdings PLC |  |  |
| 5.89%, 08/14/27 (c) | 762 | 773 |
| 5.60%, 05/17/28 | 869 | 886 |
| 4.90%, 03/03/29 (c) | 681 | 686 |
| HSBC USA Inc. |  |  |
| 4.65%, 06/03/28 | 568 | 572 |
| Huntington Bancshares Incorporated |  |  |
| 4.44%, 08/04/28 | 249 | 249 |
| Intesa Sanpaolo SPA |  |  |
| 5.71%, 01/15/26 (a) | 200 | 200 |
| Jane Street Group, LLC |  |  |
| 4.50%, 11/15/29 (a) | 825 | 800 |
| Jefferson Capital Holdings LLC |  |  |
| 6.00%, 08/15/26 (a) | 650 | 649 |
| JPMorgan Chase & Co. |  |  |
| 5.01%, 01/23/30 | 2777 | 2829 |
| 5.14%, 01/24/31 | 1342 | 1376 |
| 2.96%, 05/13/31 | 719 | 665 |
| KeyCorp |  |  |
| 5.12%, 04/04/31 | 259 | 262 |
| Ladder Capital Finance Holdings LLLP |  |  |
| 5.25%, 10/01/25 (a) | 1700 | 1699 |
| 4.25%, 02/01/27 (a) | 708 | 698 |
| 4.75%, 06/15/29 (a) | 681 | 663 |
| Lincoln Financial Global Funding |  |  |
| 4.63%, 05/28/28 (a) | 468 | 471 |
| 5.30%, 01/13/30 (a) | 523 | 537 |
| Lloyds Banking Group PLC |  |  |
| 5.46%, 01/05/28 (c) | 272 | 276 |
| 4.82%, 06/13/29 | 523 | 528 |
| LPL Holdings, Inc. |  |  |
| 5.70%, 05/20/27 | 251 | 256 |
| 4.63%, 11/15/27 (a) | 2619 | 2608 |
| 4.90%, 04/03/28 | 511 | 515 |
| 6.75%, 11/17/28 | 730 | 778 |
| 5.20%, 03/15/30 | 331 | 336 |
| 5.15%, 06/15/30 | 471 | 477 |
| M&T Bank Corporation |  |  |
| 4.55%, 08/16/28 | 637 | 638 |
| Macquarie Airfinance Holdings Limited |  |  |
| 6.40%, 03/26/29 (a) | 293 | 306 |
| 8.13%, 03/30/29 (a) | 3090 | 3231 |
| 5.15%, 03/17/30 (a) | 176 | 176 |
| MGIC Investment Corporation |  |  |
| 5.25%, 08/15/28 | 687 | 687 |
| Morgan Stanley |  |  |
| 5.12%, 02/01/29 | 623 | 634 |
| 4.99%, 04/12/29 | 673 | 683 |
| 5.45%, 07/20/29 | 720 | 740 |
| 5.17%, 01/16/30 | 1746 | 1782 |
| 4.43%, 01/23/30 | 1841 | 1838 |
| 5.04%, 07/19/30 | 383 | 390 |
| Morgan Stanley Bank, N.A. |  |  |
| 5.02%, 01/12/29 | 387 | 393 |
| Mutual Of Omaha Cps Global Funding |  |  |
| 5.45%, 12/12/28 (a) | 620 | 639 |
| 5.00%, 04/01/30 (a) | 390 | 398 |
| NatWest Group PLC |  |  |
| 4.89%, 05/18/29 | 470 | 475 |
| Navient Corporation |  |  |
| 6.75%, 06/15/26 | 1121 | 1135 |
| 5.00%, 03/15/27 | 144 | 143 |
| NMI Holdings, Inc. |  |  |
| 6.00%, 08/15/29 | 189 | 194 |
| Osaic Holdings, Inc. |  |  |
| 10.75%, 08/01/27 (a) (b) | 743 | 746 |
| Popular, Inc. |  |  |
| 7.25%, 03/13/28 | 900 | 958 |
| Principal Life Global Funding II |  |  |
| 5.10%, 01/25/29 (a) | 655 | 670 |
| Protective Life Global Funding |  |  |
| 4.80%, 06/05/30 (a) | 404 | 409 |
| PT. Bank Negara Indonesia (Persero), Tbk. |  |  |
| 3.75%, 03/30/26 (e) | 1400 | 1383 |
| Radian Group Inc. |  |  |
| 6.20%, 05/15/29 | 133 | 138 |
| RGA Global Funding |  |  |
| 5.45%, 05/24/29 (a) | 502 | 518 |
| Rocket Companies, Inc. |  |  |
| 6.13%, 08/01/30 (a) | 705 | 718 |
| Rocket Mortgage, LLC |  |  |
| 2.88%, 10/15/26 (a) | 2188 | 2135 |
| Sammons Financial Group, Inc. |  |  |
| 5.05%, 01/10/28 (a) | 317 | 322 |
| 5.10%, 12/10/29 (a) | 491 | 502 |
| Santander Holdings USA, Inc. |  |  |
| 3.24%, 10/05/26 | 217 | 214 |
| 2.49%, 01/06/28 | 385 | 373 |
| Santander UK Group Holdings PLC |  |  |
| 4.75%, 09/15/25 (a) (c) | 397 | 396 |
| 6.53%, 01/10/29 (c) | 2601 | 2713 |
| Societe Generale |  |  |
| 1.49%, 12/14/26 (a) | 300 | 296 |
| 5.25%, 02/19/27 (a) | 1126 | 1138 |
| Standard Chartered PLC |  |  |
| 6.19%, 07/06/27 (a) (c) | 306 | 310 |
| 6.75%, 02/08/28 (a) | 393 | 405 |
| 5.69%, 05/14/28 (a) | 457 | 466 |
| Swedbank Finans Aktiebolag |  |  |
| 5.34%, (SOFR + 1.03%), 11/20/29 (a) (g) | 629 | 633 |
| Synchrony Bank |  |  |
| 5.63%, 08/23/27 (e) | 1688 | 1721 |
| Synchrony Financial |  |  |
| 4.50%, 07/23/25 | 798 | 798 |
| 3.70%, 08/04/26 | 265 | 262 |
| 3.95%, 12/01/27 | 223 | 219 |
| Synovus Bank |  |  |
| 4.00%, 10/29/30 | 250 | 247 |
| The PNC Financial Services Group, Inc. |  |  |
| 4.90%, 05/13/31 | 544 | 551 |
| Tiaa Asset Management, LLC |  |  |
| 5.55%, 01/15/30 (a) | 325 | 339 |
| Truist Financial Corporation |  |  |
| 4.87%, 01/26/29 | 313 | 317 |
| 5.44%, 01/24/30 | 409 | 421 |
| U.S. Bancorp |  |  |
| 4.55%, 07/22/28 | 564 | 566 |
| 4.65%, 02/01/29 | 883 | 889 |
| 5.78%, 06/12/29 | 840 | 872 |
| 5.10%, 07/23/30 | 646 | 660 |
| 5.05%, 02/12/31 | 1687 | 1717 |
| U.S. Bank National Association |  |  |
| 4.73%, 05/15/28 (e) | 634 | 638 |
| UBS Group AG |  |  |
| 1.49%, 08/10/27 (a) (c) | 313 | 303 |
| 6.44%, 08/11/28 (a) (c) | 2029 | 2106 |
| 3.87%, 01/12/29 (a) (c) | 523 | 515 |
| 5.43%, 02/08/30 (a) (c) | 279 | 286 |
| United Wholesale Mortgage, LLC |  |  |
| 5.50%, 11/15/25 (a) | 749 | 749 |
| Volkswagen Group of America Finance, LLC |  |  |
| 5.40%, 03/20/26 (a) | 950 | 955 |
| 4.90%, 08/14/26 (a) | 315 | 316 |
| 5.70%, 09/12/26 (a) | 799 | 808 |
| 6.00%, 11/16/26 (a) | 400 | 406 |
| 4.95%, 03/25/27 (a) | 322 | 323 |
| Wells Fargo & Company |  |  |
| 4.81%, 07/25/28 | 1074 | 1083 |
| 4.97%, 04/23/29 | 546 | 554 |
| 5.57%, 07/25/29 | 1270 | 1311 |
| 6.30%, 10/23/29 | 523 | 552 |
| 5.20%, 01/23/30 | 2816 | 2884 |
| Western Southern Global Funding |  |  |
| 4.90%, 05/01/30 (a) | 422 | 427 |
|  |  | 158465 |

---

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page [607](#abbreviations).

**JNL Series Trust** (Unaudited)

**Schedules of Investments (in thousands)**

June 30, 2025

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| **Energy 10.9%** | **Energy 10.9%** | **Energy 10.9%** |
| Antero Midstream Partners LP |  |  |
| 5.75%, 01/15/28 (a) | 1341 | 1338 |
| Antero Resources Corporation |  |  |
| 7.63%, 02/01/29 (a) | 1544 | 1583 |
| Apa Corp. |  |  |
| 4.38%, 10/15/28 (a) | 2186 | 2100 |
| Buckeye Partners, L.P. |  |  |
| 3.95%, 12/01/26 | 1138 | 1124 |
| California Resources Corporation |  |  |
| 7.13%, 02/01/26 (a) | 747 | 747 |
| Canadian Natural Resources Limited |  |  |
| 5.00%, 12/15/29 (a) | 195 | 197 |
| Cheniere Energy, Inc. |  |  |
| 4.63%, 10/15/28 | 353 | 353 |
| Citgo Petroleum Corporation |  |  |
| 6.38%, 06/15/26 (a) | 1519 | 1518 |
| Civitas Resources, Inc. |  |  |
| 5.00%, 10/15/26 (a) | 2384 | 2353 |
| 8.38%, 07/01/28 (a) | 1045 | 1071 |
| Columbia Pipelines Holding Company LLC |  |  |
| 6.06%, 08/15/26 (a) | 1523 | 1542 |
| 6.04%, 08/15/28 (a) | 538 | 560 |
| Continental Resources, Inc. |  |  |
| 2.27%, 11/15/26 (a) | 2038 | 1970 |
| 4.38%, 01/15/28 | 868 | 856 |
| Coterra Energy Inc. |  |  |
| 3.90%, 05/15/27 | 2053 | 2028 |
| 4.38%, 03/15/29 | 1237 | 1225 |
| Crescent Energy Finance LLC |  |  |
| 9.25%, 02/15/28 (a) | 2075 | 2163 |
| Crestwood Midstream Partners LP |  |  |
| 5.63%, 05/01/27 (a) | 1869 | 1872 |
| 6.00%, 02/01/29 (a) | 1100 | 1118 |
| Devon Energy Corporation |  |  |
| 5.25%, 10/15/27 | 1045 | 1046 |
| DT Midstream, Inc. |  |  |
| 4.13%, 06/15/29 (a) | 1799 | 1738 |
| Earthstone Energy Holdings, LLC |  |  |
| 8.00%, 04/15/27 (a) | 1493 | 1525 |
| Ecopetrol S.A. |  |  |
| 8.63%, 01/19/29 | 1557 | 1644 |
| Encino Acquisition Partners Holdings, LLC |  |  |
| 8.50%, 05/01/28 (a) | 636 | 650 |
| EQT Corporation |  |  |
| 3.13%, 05/15/26 (a) | 1787 | 1759 |
| 7.50%, 06/01/27 (a) | 886 | 903 |
| 3.90%, 10/01/27 | 659 | 650 |
| 6.38%, 04/01/29 (a) | 995 | 1026 |
| Expand Energy Corporation |  |  |
| 5.88%, 02/01/29 (a) | 878 | 882 |
| Greenko Dutch B.V. |  |  |
| 3.85%, 03/29/26 (a) | 334 | 328 |
| Gulfport Energy Operating Corporation |  |  |
| 6.75%, 09/01/29 (a) | 1009 | 1035 |
| Helmerich & Payne, Inc. |  |  |
| 4.65%, 12/01/27 (a) (b) | 525 | 521 |
| 4.85%, 12/01/29 (a) (b) | 782 | 749 |
| Hess Infrastructure Partners LP |  |  |
| 5.88%, 03/01/28 (a) | 240 | 244 |
| HF Sinclair Corporation |  |  |
| 5.00%, 02/01/28 | 1168 | 1168 |
| Kinder Morgan Kansas, Inc. |  |  |
| 5.00%, 02/01/29 | 601 | 611 |
| Kinetik Holdings LP |  |  |
| 6.63%, 12/15/28 (a) | 530 | 542 |
| Kosmos Energy Ltd. |  |  |
| 7.13%, 04/04/26 (e) | 1125 | 1084 |
| Matador Resources Company |  |  |
| 6.88%, 04/15/28 (a) | 1304 | 1330 |
| NGPL PipeCo LLC |  |  |
| 4.88%, 08/15/27 (a) | 946 | 942 |
| Occidental Petroleum Corporation |  |  |
| 6.38%, 09/01/28 | 600 | 624 |
| 5.20%, 08/01/29 | 318 | 319 |
| 8.88%, 07/15/30 | 172 | 197 |
| 6.63%, 09/01/30 | 207 | 219 |
| Ovintiv Canada ULC |  |  |
| 5.65%, 05/15/28 | 1211 | 1245 |
| Permian Resources Operating, LLC |  |  |
| 5.38%, 01/15/26 (a) | 1032 | 1030 |
| Petroleos Mexicanos |  |  |
| 6.88%, 10/16/25 | 2436 | 2433 |
| 4.50%, 01/23/26 | 706 | 696 |
| 6.49%, 01/23/27 | 1003 | 996 |
| Range Resources Corporation |  |  |
| 8.25%, 01/15/29 | 946 | 972 |
| Rockcliff Energy II LLC |  |  |
| 5.50%, 10/15/29 (a) | 1050 | 1018 |
| Sitio Royalties Operating Partnership, LP |  |  |
| 7.88%, 11/01/28 (a) | 1336 | 1399 |
| SM Energy Company |  |  |
| 6.75%, 09/15/26 | 1329 | 1330 |
| 6.50%, 07/15/28 | 682 | 688 |
| South Bow USA Infrastructure Holdings LLC |  |  |
| 4.91%, 09/01/27 (a) | 640 | 644 |
| 5.03%, 10/01/29 (a) | 777 | 780 |
| Southwestern Energy Company |  |  |
| 5.38%, 02/01/29 | 841 | 842 |
| Suncor Energy Inc. |  |  |
| 7.88%, 06/15/26 | 671 | 693 |
| Targa Resources Partners LP |  |  |
| 6.50%, 07/15/27 | 1355 | 1356 |
| 6.88%, 01/15/29 | 3882 | 3959 |
| Tengizchevroil Finance Company S.A R.L. |  |  |
| 2.63%, 08/15/25 (a) | 1600 | 1592 |
| 4.00%, 08/15/26 (e) | 1602 | 1588 |
| Vine Energy Holdings LLC |  |  |
| 6.75%, 04/15/29 (a) | 1409 | 1427 |
| Viper Energy, Inc. |  |  |
| 5.38%, 11/01/27 (a) | 1432 | 1432 |
| Welltec International ApS |  |  |
| 8.25%, 10/15/26 (a) | 444 | 446 |
| Western Midstream Operating, LP |  |  |
| 4.75%, 08/15/28 | 385 | 385 |
| 6.35%, 01/15/29 | 1179 | 1235 |
| Whistler Pipeline LLC |  |  |
| 5.40%, 09/30/29 (a) | 571 | 578 |
| Williams Companies, Inc., The |  |  |
| 4.90%, 03/15/29 | 659 | 668 |
| 4.63%, 06/30/30 | 330 | 330 |
|  |  | 77216 |
| **Consumer Discretionary 5.9%** | **Consumer Discretionary 5.9%** | **Consumer Discretionary 5.9%** |
| AS Mileage Plan IP Ltd. |  |  |
| 5.02%, 10/20/29 (a) | 258 | 255 |
| Carnival Corporation |  |  |
| 5.75%, 03/01/27 (a) | 1759 | 1773 |
| 4.00%, 08/01/28 (a) | 2335 | 2285 |
| Carvana Co. |  |  |
| 9.00%, 12/01/28 (a) (h) (i) | 135 | 138 |
| Clarios Global LP |  |  |
| 8.50%, 05/15/27 (a) | 2013 | 2025 |
| Discovery Communications, LLC |  |  |
| 3.95%, 03/20/28 | 2368 | 2263 |
| Eldorado Resorts, Inc. |  |  |
| 8.13%, 07/01/27 (a) | 158 | 158 |
| Flutter Treasury Designated Activity Company |  |  |
| 6.38%, 04/29/29 (a) | 1000 | 1028 |
| General Motors Company |  |  |
| 5.35%, 04/15/28 | 271 | 276 |
| Hasbro, Inc. |  |  |
| 3.90%, 11/19/29 (f) | 2431 | 2346 |
| Hyatt Hotels Corporation |  |  |
| 5.25%, 06/30/29 | 388 | 395 |
| Hyundai Capital America |  |  |
| 5.65%, 06/26/26 (a) (b) | 822 | 830 |
| 5.25%, 01/08/27 (a) | 669 | 675 |
| 4.88%, 06/23/27 (a) | 462 | 465 |

---

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page [607](#abbreviations).

**JNL Series Trust** (Unaudited)

**Schedules of Investments (in thousands)**

June 30, 2025

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| 2.00%, 06/15/28 (a) | 654 | 605 |
| 4.90%, 06/23/28 (a) | 649 | 654 |
| 6.10%, 09/21/28 (a) | 745 | 775 |
| 5.30%, 01/08/29 (a) | 409 | 416 |
| 6.50%, 01/16/29 (a) | 763 | 803 |
| Jaguar Land Rover Automotive PLC |  |  |
| 7.75%, 10/15/25 (a) | 1367 | 1369 |
| Las Vegas Sands Corp. |  |  |
| 3.50%, 08/18/26 | 1153 | 1138 |
| 5.90%, 06/01/27 | 64 | 65 |
| Magnum Management Corporation |  |  |
| 5.38%, 04/15/27 | 1196 | 1193 |
| Mattel, Inc. |  |  |
| 5.88%, 12/15/27 (a) | 1870 | 1877 |
| Mileage Plus Holdings, LLC |  |  |
| 6.50%, 06/20/27 (a) | 705 | 706 |
| NCL Corporation Ltd. |  |  |
| 5.88%, 03/15/26 - 02/15/27 (a) | 1647 | 1651 |
| Nissan Motor Acceptance Company LLC |  |  |
| 6.95%, 09/15/26 (a) | 1286 | 1296 |
| Nissan Motor Co., Ltd. |  |  |
| 3.52%, 09/17/25 (a) | 335 | 333 |
| Old Claimco, LLC |  |  |
| 6.75%, 05/01/26 (a) | 1359 | 1349 |
| Prosus N.V. |  |  |
| 3.26%, 01/19/27 (a) | 875 | 856 |
| PVH Corp. |  |  |
| 4.63%, 07/10/25 (f) | 1159 | 1159 |
| Rakuten Group, Inc. |  |  |
| 11.25%, 02/15/27 (a) | 1791 | 1946 |
| Royal Caribbean Cruises Ltd. |  |  |
| 4.25%, 07/01/26 (a) | 824 | 820 |
| 5.50%, 08/31/26 - 04/01/28 (a) | 594 | 598 |
| 5.38%, 07/15/27 (a) | 764 | 768 |
| 3.70%, 03/15/28 | 1493 | 1454 |
| Sizzling Platter, LLC |  |  |
| 8.50%, 11/28/25 (a) | 1100 | 1100 |
| SkyMiles IP Ltd. |  |  |
| 4.50%, 10/20/25 (a) | 500 | 499 |
| Sodexo, Inc. |  |  |
| 5.15%, 08/15/30 (a) | 256 | 260 |
| Stellantis Finance US Inc. |  |  |
| 5.35%, 03/17/28 (a) | 459 | 463 |
| Univision Communications Inc. |  |  |
| 6.63%, 06/01/27 (a) | 110 | 110 |
| Warnermedia Holdings, Inc. |  |  |
| 3.76%, 03/15/27 | 377 | 366 |
| 4.05%, 03/15/29 | 555 | 452 |
| ZF North America Capital, Inc. |  |  |
| 6.88%, 04/14/28 (a) | 1650 | 1654 |
| | | 41647 |
| **Industrials 5.8%** | **Industrials 5.8%** | **Industrials 5.8%** |
| Air Canada |  |  |
| 3.88%, 08/15/26 (a) | 925 | 916 |
| Aircastle Limited |  |  |
| 5.25%, 08/11/25 - 03/15/30 (a) | 960 | 961 |
| American Airlines, Inc. |  |  |
| 5.50%, 04/20/26 (a) | 98 | 98 |
| Boeing Company, The |  |  |
| 2.20%, 02/04/26 (f) | 2376 | 2338 |
| 2.25%, 06/15/26 | 413 | 404 |
| 2.70%, 02/01/27 | 551 | 536 |
| 5.04%, 05/01/27 (f) | 478 | 482 |
| 6.26%, 05/01/27 (f) | 1205 | 1240 |
| 3.25%, 02/01/28 | 502 | 487 |
| 3.20%, 03/01/29 | 229 | 218 |
| 6.30%, 05/01/29 (f) | 981 | 1037 |
| 5.15%, 05/01/30 (f) | 1590 | 1619 |
| Bombardier Inc. |  |  |
| 7.13%, 06/15/26 (a) (b) | 248 | 248 |
| 7.88%, 04/15/27 (a) | 160 | 161 |
| CNH Industrial Capital LLC |  |  |
| 4.75%, 03/21/28 | 328 | 330 |
| Concentrix Corporation |  |  |
| 6.65%, 08/02/26 | 316 | 322 |
| Element Fleet Management Corp. |  |  |
| 5.64%, 03/13/27 (a) | 305 | 310 |
| Fortress Transportation And Infrastructure Investors LLC |  |  |
| 5.50%, 05/01/28 (a) | 610 | 606 |
| GXO Logistics Inc. |  |  |
| 1.65%, 07/15/26 | 1040 | 1006 |
| 6.25%, 05/06/29 | 1158 | 1210 |
| Holcim Finance US LLC |  |  |
| 4.95%, 04/07/30 (a) | 336 | 340 |
| Husky Injection Molding Systems Ltd. |  |  |
| 9.00%, 02/15/29 (a) | 865 | 904 |
| IDEX Corporation |  |  |
| 4.95%, 09/01/29 | 174 | 177 |
| Jacobs Engineering Group Inc. |  |  |
| 6.35%, 08/18/28 | 1355 | 1424 |
| MasTec, Inc. |  |  |
| 4.50%, 08/15/28 (a) | 1602 | 1579 |
| Mauser Packaging Solutions Holding Company |  |  |
| 7.88%, 04/15/27 (a) | 260 | 264 |
| Molex Electronic Technologies, LLC |  |  |
| 4.75%, 04/30/28 (a) | 669 | 673 |
| Paychex, Inc. |  |  |
| 5.10%, 04/15/30 | 501 | 513 |
| Penske Truck Leasing Co., L.P. |  |  |
| 3.40%, 11/15/26 (a) | 284 | 280 |
| 5.35%, 01/12/27 (a) | 852 | 862 |
| 4.20%, 04/01/27 (a) | 1403 | 1397 |
| Regal Rexnord Corporation |  |  |
| 6.05%, 02/15/26 - 04/15/28 (f) | 2851 | 2923 |
| 6.30%, 02/15/30 (f) | 1736 | 1819 |
| Rolls-Royce PLC |  |  |
| 3.63%, 10/14/25 (a) | 485 | 483 |
| Spirit AeroSystems, Inc. |  |  |
| 3.85%, 06/15/26 | 900 | 881 |
| 9.75%, 11/15/30 (a) | 417 | 460 |
| TK Elevator Holdco GmbH |  |  |
| 7.63%, 07/15/28 (a) | 977 | 978 |
| TransDigm Inc. |  |  |
| 6.75%, 08/15/28 (a) | 676 | 690 |
| Trinity Industries, Inc. |  |  |
| 7.75%, 07/15/28 (a) | 1081 | 1126 |
| Triton Container International Limited |  |  |
| 2.05%, 04/15/26 (a) | 778 | 762 |
| Triumph Group, Inc. |  |  |
| 9.00%, 03/15/28 (a) | 1975 | 2064 |
| Uber Technologies, Inc. |  |  |
| 7.50%, 09/15/27 (a) | 146 | 147 |
| 6.25%, 01/15/28 (a) | 538 | 547 |
| 4.50%, 08/15/29 (a) | 3354 | 3337 |
| Vertiv Group Corporation |  |  |
| 4.13%, 11/15/28 (a) | 602 | 587 |
| XPO, Inc. |  |  |
| 6.25%, 06/01/28 (a) | 1311 | 1331 |
|  |  | 41077 |
| **Utilities 4.1%** | **Utilities 4.1%** | **Utilities 4.1%** |
| AES Corporation, The |  |  |
| 5.45%, 06/01/28 | 711 | 726 |
| Alexander Funding Trust II |  |  |
| 7.47%, 07/31/28 (a) | 722 | 772 |
| Algonquin Power & Utilities Corp. |  |  |
| 5.37%, 06/15/26 (h) | 1068 | 1074 |
| Alliant Energy Finance, LLC |  |  |
| 5.40%, 06/06/27 (a) | 244 | 247 |
| 5.95%, 03/30/29 (a) | 1349 | 1414 |
| Ameren Corporation |  |  |
| 5.00%, 01/15/29 | 676 | 688 |
| Black Hills Corporation |  |  |
| 5.95%, 03/15/28 | 724 | 751 |
| Calpine Corporation |  |  |
| 5.13%, 03/15/28 (a) | 691 | 690 |
| Capital Power (US Holdings) Inc. |  |  |
| 5.26%, 06/01/28 (a) | 600 | 608 |

---

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page [607](#abbreviations).

**JNL Series Trust** (Unaudited)

**Schedules of Investments (in thousands)**

June 30, 2025

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| CenterPoint Energy, Inc. |  |  |
| 5.40%, 06/01/29 | 597 | 618 |
| Cleco Corporate Holdings LLC |  |  |
| 3.74%, 05/01/26 | 436 | 433 |
| Comision Federal De Electricidad, E.P.E. |  |  |
| 4.69%, 05/15/29 (a) | 502 | 490 |
| 5.70%, 01/24/30 (e) | 200 | 199 |
| DTE Energy Company |  |  |
| 5.10%, 03/01/29 | 784 | 800 |
| Electricite de France |  |  |
| 5.70%, 05/23/28 (a) | 872 | 899 |
| Enel Finance International N.V. |  |  |
| 5.13%, 06/26/29 (a) | 675 | 688 |
| Engie |  |  |
| 5.25%, 04/10/29 (a) | 330 | 338 |
| Eversource Energy |  |  |
| 5.95%, 02/01/29 | 550 | 575 |
| Fells Point Funding Trust |  |  |
| 3.05%, 01/31/27 (a) | 1561 | 1528 |
| ITC Holdings Corp. |  |  |
| 4.95%, 09/22/27 (a) | 551 | 557 |
| Liberty Utilities Co. |  |  |
| 5.58%, 01/31/29 (a) | 688 | 708 |
| National Fuel Gas Company |  |  |
| 5.50%, 10/01/26 | 562 | 568 |
| 5.50%, 03/15/30 (f) | 1541 | 1584 |
| National Grid PLC |  |  |
| 5.60%, 06/12/28 | 503 | 521 |
| Niagara Mohawk Power Corporation |  |  |
| 4.65%, 10/03/30 (a) | 455 | 455 |
| NRG Energy, Inc. |  |  |
| 2.00%, 12/02/25 (a) | 1063 | 1050 |
| NSTAR Electric Company |  |  |
| 4.85%, 03/01/30 | 144 | 146 |
| OGE Energy Corp. |  |  |
| 5.45%, 05/15/29 | 254 | 263 |
| Ohio Edison Company |  |  |
| 4.95%, 12/15/29 (a) | 133 | 135 |
| PG&E Company |  |  |
| 5.27%, (SOFR + 0.95%), 09/04/25 (g) | 783 | 783 |
| 3.15%, 01/01/26 | 1184 | 1176 |
| 5.00%, 06/04/28 | 186 | 187 |
| 5.55%, 05/15/29 | 494 | 502 |
| Pinnacle West Capital Corporation |  |  |
| 4.90%, 05/15/28 | 154 | 156 |
| 5.15%, 05/15/30 | 159 | 163 |
| PSEG Power LLC |  |  |
| 5.20%, 05/15/30 (a) | 389 | 397 |
| Snam S.p.A. |  |  |
| 5.00%, 05/28/30 (a) | 388 | 391 |
| Southwest Gas Corporation |  |  |
| 5.80%, 12/01/27 | 705 | 728 |
| 5.45%, 03/23/28 | 564 | 577 |
| System Energy Resources, Inc. |  |  |
| 6.00%, 04/15/28 | 1500 | 1562 |
| Trans-Allegheny Interstate Line Company |  |  |
| 5.00%, 01/15/31 (a) | 142 | 144 |
| Vistra Operations Company LLC |  |  |
| 5.50%, 09/01/26 (a) | 358 | 358 |
| 5.05%, 12/30/26 (a) | 175 | 176 |
| 3.70%, 01/30/27 (a) | 242 | 239 |
| 5.63%, 02/15/27 (a) | 1498 | 1497 |
| | | 28561 |
| **Consumer Staples 3.3%** | **Consumer Staples 3.3%** | **Consumer Staples 3.3%** |
| Albertsons Companies, Inc. |  |  |
| 6.50%, 02/15/28 (a) | 1162 | 1190 |
| Ashtead Capital, Inc. |  |  |
| 4.38%, 08/15/27 (a) | 887 | 884 |
| B.A.T Capital Corporation |  |  |
| 3.56%, 08/15/27 | 293 | 288 |
| Bacardi Limited |  |  |
| 4.70%, 05/15/28 (a) | 1023 | 1027 |
| 5.25%, 01/15/29 (a) | 653 | 662 |
| Bacardi-Martini B.V. |  |  |
| 5.55%, 02/01/30 (a) | 653 | 670 |
| Central American Bottling Corporation |  |  |
| 5.25%, 04/27/29 (a) | 850 | 827 |
| Herbalife Nutrition Ltd. |  |  |
| 7.88%, 09/01/25 (a) | 1157 | 1157 |
| Imperial Brands Finance PLC |  |  |
| 6.13%, 07/27/27 (a) | 2790 | 2880 |
| 5.50%, 02/01/30 (a) | 2461 | 2537 |
| Japan Tobacco Inc. |  |  |
| 4.85%, 05/15/28 (a) | 1136 | 1153 |
| 5.25%, 06/15/30 (a) | 1754 | 1806 |
| JBS USA Food Company |  |  |
| 5.13%, 02/01/28 | 412 | 421 |
| 3.00%, 02/02/29 | 545 | 518 |
| 5.50%, 01/15/30 | 306 | 310 |
| NBM US Holdings, Inc. |  |  |
| 7.00%, 05/14/26 (a) | 579 | 579 |
| Rentokil Terminix Funding, LLC |  |  |
| 5.00%, 04/28/30 (a) | 667 | 672 |
| Safeway Inc. |  |  |
| 3.25%, 03/15/26 (a) | 687 | 678 |
| 4.63%, 01/15/27 (a) | 1828 | 1815 |
| Viterra Finance B.V. |  |  |
| 2.00%, 04/21/26 (a) | 353 | 345 |
| 4.90%, 04/21/27 (a) | 791 | 793 |
| Wash Multifamily Acquisition Inc. |  |  |
| 5.75%, 04/15/26 (a) | 1828 | 1823 |
|  |  | 23035 |
| **Health Care 3.2%** | **Health Care 3.2%** | **Health Care 3.2%** |
| Amgen Inc. |  |  |
| 5.51%, 03/02/26 | 1098 | 1099 |
| Bayer US Finance II LLC |  |  |
| 4.25%, 12/15/25 (a) | 1834 | 1833 |
| Bayer US Finance LLC |  |  |
| 6.25%, 01/21/29 (a) | 797 | 836 |
| Centene Corporation |  |  |
| 4.25%, 12/15/27 | 3092 | 3048 |
| 2.45%, 07/15/28 | 757 | 704 |
| Elevance Health, Inc. |  |  |
| 4.90%, 02/08/26 | 489 | 489 |
| Fresenius Medical Care US Finance III, Inc. |  |  |
| 1.88%, 12/01/26 (a) | 160 | 154 |
| 3.75%, 06/15/29 (a) | 992 | 952 |
| GE HealthCare Technologies Inc. |  |  |
| 4.80%, 08/14/29 | 195 | 198 |
| HCA Inc. |  |  |
| 5.25%, 03/01/30 | 1083 | 1110 |
| Health Care Service Corporation, A Mutual Legal Reserve Company |  |  |
| 5.20%, 06/15/29 (a) | 313 | 319 |
| Icon Investments Six Designated Activity Company |  |  |
| 5.81%, 05/08/27 | 366 | 374 |
| 5.85%, 05/08/29 | 384 | 398 |
| Illumina, Inc. |  |  |
| 5.75%, 12/13/27 | 896 | 918 |
| IQVIA Inc. |  |  |
| 5.00%, 10/15/26 - 05/15/27 (a) | 1106 | 1103 |
| 6.25%, 02/01/29 | 180 | 188 |
| Mars, Incorporated |  |  |
| 4.80%, 03/01/30 (a) | 972 | 985 |
| Royalty Pharma PLC |  |  |
| 5.15%, 09/02/29 | 387 | 395 |
| Solventum Corporation |  |  |
| 5.40%, 03/01/29 | 3061 | 3153 |
| Teva Pharmaceutical Finance Netherlands III B.V. |  |  |
| 3.15%, 10/01/26 | 1178 | 1155 |
| Tufts Medicine, Inc. |  |  |
| 8.50%, 10/01/26 | 700 | 704 |
| UnitedHealth Group Incorporated |  |  |
| 4.40%, 06/15/28 | 128 | 129 |
| 4.65%, 01/15/31 | 464 | 466 |

---

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page [607](#abbreviations).

**JNL Series Trust** (Unaudited)

**Schedules of Investments (in thousands)**

June 30, 2025

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| Universal Health Services, Inc. |  |  |
| 4.63%, 10/15/29 | 1510 | 1491 |
| | | 22201 |
| **Information Technology 2.0%** | **Information Technology 2.0%** | **Information Technology 2.0%** |
| AppLovin Corporation |  |  |
| 5.13%, 12/01/29 | 3000 | 3042 |
| Atlassian Corporation |  |  |
| 5.25%, 05/15/29 | 736 | 756 |
| Booz Allen Hamilton Inc. |  |  |
| 3.88%, 09/01/28 (a) | 766 | 741 |
| CrowdStrike Holdings, Inc. |  |  |
| 3.00%, 02/15/29 | 866 | 816 |
| Dell International L.L.C. |  |  |
| 4.75%, 04/01/28 | 319 | 323 |
| 5.00%, 04/01/30 | 318 | 323 |
| Entegris Escrow Corporation |  |  |
| 4.75%, 04/15/29 (a) | 1444 | 1421 |
| Foundry JV Holdco LLC |  |  |
| 5.90%, 01/25/30 (a) | 2668 | 2788 |
| Gartner, Inc. |  |  |
| 4.50%, 07/01/28 (a) | 1001 | 990 |
| Intel Corporation |  |  |
| 3.15%, 05/11/27 | 132 | 129 |
| 3.75%, 08/05/27 | 374 | 369 |
| 2.45%, 11/15/29 | 330 | 301 |
| Marvell Technology, Inc. |  |  |
| 4.75%, 07/15/30 | 267 | 268 |
| Microchip Technology Incorporated |  |  |
| 4.90%, 03/15/28 | 395 | 400 |
| 5.05%, 02/15/30 | 461 | 467 |
| Open Text Corporation |  |  |
| 6.90%, 12/01/27 (a) | 670 | 694 |
| Synopsys, Inc. |  |  |
| 4.85%, 04/01/30 | 478 | 485 |
|  |  | 14313 |
| **Materials 1.6%** | **Materials 1.6%** | **Materials 1.6%** |
| Amcor Flexibles North America, Inc. |  |  |
| 4.80%, 03/17/28 (a) | 392 | 395 |
| Anglo American Capital PLC |  |  |
| 4.75%, 04/10/27 (a) | 333 | 335 |
| 4.50%, 03/15/28 (a) | 1337 | 1337 |
| 3.88%, 03/16/29 (a) | 200 | 196 |
| ArcelorMittal |  |  |
| 6.55%, 11/29/27 | 565 | 589 |
| Celanese US Holdings LLC |  |  |
| 6.42%, 07/15/27 (f) (h) | 1428 | 1479 |
| Glencore Funding LLC |  |  |
| 5.34%, 04/04/27 (a) | 885 | 898 |
| 4.91%, 04/01/28 (a) | 195 | 197 |
| 6.13%, 10/06/28 (a) | 513 | 537 |
| 5.37%, 04/04/29 (a) | 1961 | 2011 |
| 5.19%, 04/01/30 (a) | 568 | 579 |
| Kraton Corporation |  |  |
| 5.00%, 07/15/27 (a) | 259 | 262 |
| Navoiy Kon-Metallurgiya Kombinati, Aksiyadorlik Jamiyati |  |  |
| 6.70%, 10/17/28 (a) | 258 | 264 |
| New Gold Inc |  |  |
| 7.50%, 07/15/27 (a) | 1000 | 1002 |
| PT. Freeport Indonesia |  |  |
| 4.76%, 04/14/27 (a) | 1000 | 1000 |
| Saudi Arabian Mining Company |  |  |
| 5.25%, 02/13/30 (a) | 393 | 400 |
|  |  | 11481 |
| **Communication Services 1.4%** | **Communication Services 1.4%** | **Communication Services 1.4%** |
| Charter Communications Operating, LLC |  |  |
| 6.15%, 11/10/26 | 1696 | 1729 |
| DIRECTV Financing, LLC |  |  |
| 5.88%, 08/15/27 (a) | 2442 | 2434 |
| Frontier Communications Holdings, LLC |  |  |
| 5.88%, 11/01/29 | 429 | 434 |
| 6.00%, 01/15/30 (a) | 67 | 68 |
| Frontier Communications Parent, Inc. |  |  |
| 5.88%, 10/15/27 (a) | 795 | 795 |
| 5.00%, 05/01/28 (a) | 541 | 541 |
| 6.75%, 05/01/29 (a) | 671 | 680 |
| Nexstar Escrow Inc. |  |  |
| 5.63%, 07/15/27 (a) | 707 | 705 |
| Sirius XM Radio Inc. |  |  |
| 3.13%, 09/01/26 (a) | 282 | 277 |
| Sprint Capital Corporation |  |  |
| 6.88%, 11/15/28 | 2317 | 2488 |
|  |  | 10151 |
| **Real Estate 1.3%** | **Real Estate 1.3%** | **Real Estate 1.3%** |
| American Homes 4 Rent, L.P. |  |  |
| 4.95%, 06/15/30 | 205 | 207 |
| American Tower Corporation |  |  |
| 5.25%, 07/15/28 | 583 | 598 |
| Crown Castle Inc. |  |  |
| 3.65%, 09/01/27 | 239 | 235 |
| 5.00%, 01/11/28 | 596 | 602 |
| EPR Properties |  |  |
| 4.75%, 12/15/26 | 564 | 564 |
| 4.50%, 06/01/27 | 536 | 533 |
| GLP Financing, LLC |  |  |
| 5.38%, 04/15/26 | 1039 | 1040 |
| HAT Holdings I LLC |  |  |
| 3.38%, 06/15/26 (a) | 299 | 292 |
| 8.00%, 06/15/27 (a) | 232 | 241 |
| Iron Mountain Incorporated |  |  |
| 4.88%, 09/15/27 (a) | 1053 | 1047 |
| VICI Properties Inc. |  |  |
| 4.50%, 09/01/26 (a) | 956 | 953 |
| 4.25%, 12/01/26 (a) | 1141 | 1134 |
| 5.75%, 02/01/27 (a) | 707 | 717 |
| 3.75%, 02/15/27 (a) | 441 | 434 |
| 3.88%, 02/15/29 (a) | 591 | 573 |
| Vornado Realty L.P. |  |  |
| 2.15%, 06/01/26 | 284 | 276 |
|  |  | 9446 |
| Total Corporate Bonds And Notes (cost $432,432) | Total Corporate Bonds And Notes (cost $432,432) | 437593 |
| **NON-U.S. GOVERNMENT AGENCY ASSET-BACKED SECURITIES 26.3%** | **NON-U.S. GOVERNMENT AGENCY ASSET-BACKED SECURITIES 26.3%** | **NON-U.S. GOVERNMENT AGENCY ASSET-BACKED SECURITIES 26.3%** |
| ACRES Commercial Realty 2021-FL1 Issuer, Ltd. |  |  |
| Series 2021-A-FL1, 5.58%, (1 Month Term SOFR + 1.26%), 10/20/36 (g) | 441 | 440 |
| Affirm Asset Securitization Trust 2023-B |  |  |
| Series 2023-1A-B, 6.82%, 09/15/25 | 1205 | 1211 |
| Series 2023-A-B, 6.82%, 04/15/26 | 1395 | 1402 |
| Affirm Asset Securitization Trust 2024-A |  |  |
| Series 2024-A-A, 5.61%, 09/15/26 | 565 | 568 |
| Series 2024-1A-A, 5.61%, 02/15/29 | 1155 | 1161 |
| Affirm Master Trust |  |  |
| Series 2025-A-1A, 4.99%, 02/15/33 | 705 | 710 |
| AGL CLO 14 Ltd |  |  |
| Series 2021-AR-14A, 5.14%, (3 Month Term SOFR + 0.87%), 12/04/34 (g) | 2000 | 2004 |
| ALA Trust 2025-OANA |  |  |
| Series 2025-A-OANA, 6.04%, 06/17/30 | 1150 | 1155 |
| AmeriCredit Automobile Receivables Trust 2024-1 |  |  |
| Series 2024-A2A-1, 5.75%, 10/18/25 | 469 | 470 |
| AMMC CLO 23 Ltd |  |  |
| Series 2020-A1R2-23A, 5.70%, (3 Month Term SOFR + 1.42%), 04/17/35 (g) | 2500 | 2500 |
| AMMC CLO 25 Ltd |  |  |
| Series 2022-A1R-25A, 5.61%, (3 Month Term SOFR + 1.35%), 04/15/35 (g) | 1550 | 1550 |
| Arbor Realty Collateralized Loan Obligation Ltd |  |  |
| Series 2022-A-FL1, 5.76%, (SOFR 30-Day Average + 1.45%), 01/15/37 (g) | 441 | 441 |
| ARDN 2025-ARCP Mortgage Trust |  |  |
| Series 2025-A-ARCP, REMIC, 6.05%, (1 Month Term SOFR + 1.75%), 06/15/27 (g) | 880 | 882 |
| Ares XLIV CLO Ltd |  |  |
| Series 2021-AR-60A, 5.71%, (3 Month Term SOFR + 1.18%), 07/18/34 (g) | 2250 | 2252 |
| Avis Budget Rental Car Funding (AESOP) LLC |  |  |
| Series 2020-A-2A, 2.02%, 02/20/26 | 2079 | 2053 |

---

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page [607](#abbreviations).

**JNL Series Trust** (Unaudited)

**Schedules of Investments (in thousands)**

June 30, 2025

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| Bain Capital Credit CLO 2021-3 Ltd |  |  |
| Series 2021-AR-3A, 5.34%, (3 Month Term SOFR + 1.06%), 07/24/34 (g) | 610 | 611 |
| Bain Capital Credit, LP |  |  |
| Series 2019-AR2-1A, 5.50%, (3 Month Term SOFR + 1.23%), 04/19/34 (g) | 2250 | 2253 |
| Bank5 2024-5Yr11 |  |  |
| Series 2024-A3-5YR11, REMIC, 5.89%, 11/19/29 | 730 | 764 |
| Bank5 2024-5YR8 |  |  |
| Series 2024-A3-5YR8, REMIC, 5.88%, 07/17/29 | 750 | 782 |
| Bank5 2025-5YR14 |  |  |
| Series 2025-A3-5YR14, REMIC, 5.65%, 04/15/30 | 3460 | 3596 |
| Bardot CLO, Ltd |  |  |
| Series 2019-ARR-2A, 5.25%, (3 Month Term SOFR + 0.98%), 10/22/32 (g) | 1484 | 1481 |
| Bayview Opportunity Master Fund VII 2024-CAR1, LLC |  |  |
| Series 2024-A-CAR1, 5.41%, (SOFR 30-Day Average + 1.10%), 12/26/31 (g) | 541 | 541 |
| BBCMS Mortgage Trust 2024-5C29 |  |  |
| Series 2024-A2-5C29, REMIC, 4.74%, 08/17/29 | 1000 | 1005 |
| BBCMS Mortgage Trust 2025-5C33 |  |  |
| Series 2025-A4-5C33, REMIC, 5.84%, 02/15/30 | 720 | 753 |
| BBCMS Mortgage Trust 2025-5C34 |  |  |
| Series 2025-A3-5C34, REMIC, 5.66%, 04/15/30 | 940 | 977 |
| Benchmark 2018-B2 Mortgage Trust |  |  |
| Series 2018-A5-B2, REMIC, 3.88%, 01/18/28 (g) | 330 | 323 |
| Benchmark 2019-B11 Mortgage Trust |  |  |
| Series 2019-A5-B11, REMIC, 3.54%, 05/17/28 | 510 | 485 |
| Benchmark 2024-V12 Mortgage Trust |  |  |
| Series 2024-A3-V12, REMIC, 5.74%, 12/15/29 | 800 | 832 |
| Benchmark 2024-V7 Mortgage Trust |  |  |
| Series 2024-A3-V7, REMIC, 6.23%, 05/17/29 (g) | 930 | 978 |
| BMO 2023-5C2 Mortgage Trust |  |  |
| Series 2023-A3-5C2, REMIC, 7.05%, 10/17/28 (g) | 620 | 664 |
| BMO 2024-5C5 Mortgage Trust |  |  |
| Series 2024-A3-5C5, REMIC, 5.86%, 08/17/29 | 1070 | 1117 |
| BMO 2024-5C6 Mortgage Trust |  |  |
| Series 2024-A3-5C8, REMIC, 5.63%, 12/17/29 (g) | 800 | 827 |
| BSPRT 2021-FL7 Issuer, Ltd. |  |  |
| Series 2021-A-FL7, 5.75%, (1 Month Term SOFR + 1.43%), 12/15/38 (g) | 332 | 332 |
| Buckhorn Park CLO, Ltd. |  |  |
| Series 2019-ARR-1A, 5.34%, (3 Month Term SOFR + 1.07%), 07/18/34 (g) | 2030 | 2027 |
| BX Commercial Mortgage Trust 2021-ACNT |  |  |
| Series 2021-A-ACNT, REMIC, 5.28%, (1 Month Term SOFR + 0.96%), 11/15/38 (g) | 514 | 514 |
| BX Commercial Mortgage Trust 2024-XL4 |  |  |
| Series 2024-A-XL4, REMIC, 5.75%, (1 Month Term SOFR + 1.44%), 02/17/26 (g) | 568 | 569 |
| BX Commercial Mortgage Trust 2024-XL5 |  |  |
| Series 2024-A-XL5, REMIC, 5.70%, (1 Month Term SOFR + 1.39%), 03/15/26 (g) | 591 | 591 |
| BX Trust 2022-LBA6 |  |  |
| Series 2022-A-LBA6, REMIC, 5.31%, (1 Month Term SOFR + 1.00%), 01/18/39 (g) | 705 | 705 |
| BX Trust 2024-CNYN |  |  |
| Series 2024-A-CNYN, REMIC, 5.75%, (1 Month Term SOFR + 1.44%), 04/15/29 (g) | 1049 | 1051 |
| BX Trust 2025-ROIC |  |  |
| Series 2025-A-ROIC, REMIC, 5.46%, (1 Month Term SOFR + 1.14%), 03/15/27 (g) | 680 | 676 |
| BX Trust 2025-TAIL |  |  |
| Series 2025-A-TAIL, 5.71%, (1 Month Term SOFR + 1.40%), 06/15/27 (g) | 510 | 511 |
| Canyon CLO 2020-2 Ltd |  |  |
| Series 2020-AR2-2A, 5.29%, (3 Month Term SOFR + 1.03%), 10/15/34 (g) | 2000 | 1988 |
| Carlyle Global Market Strategies CLO 2014-3-R Ltd |  |  |
| Series 2014-A1A-3RA, 5.59%, (3 Month Term SOFR + 1.31%), 07/28/31 (g) | 670 | 670 |
| Carlyle US CLO 2019-1, Ltd. |  |  |
| Series 2019-A1AR-1A, 5.61%, (3 Month Term SOFR + 1.34%), 04/21/31 (g) | 1241 | 1242 |
| CarMax Auto Owner Trust 2023-1 |  |  |
| Series 2023-B-1, 4.98%, 01/16/29 | 1960 | 1970 |
| CarMax Auto Owner Trust 2023-2 |  |  |
| Series 2023-B-2, 5.18%, 03/15/27 | 1150 | 1159 |
| CarMax Auto Owner Trust 2023-4 |  |  |
| Series 2023-B-4, 6.39%, 09/15/27 | 1975 | 2053 |
| CarMax Auto Owner Trust 2024-2 |  |  |
| Series 2024-A3-2, 5.50%, 01/16/29 | 715 | 725 |
| Series 2024-A4-2, 5.51%, 11/15/29 | 385 | 395 |
| Carvana Auto Receivables Trust 2021-N1 |  |  |
| Series 2021-A-N1, 0.70%, 11/10/25 | 36 | 35 |
| Carvana Auto Receivables Trust 2022-P2 |  |  |
| Series 2022-A4-P2, 4.68%, 09/10/26 | 1170 | 1170 |
| Cedar Funding XI Clo Ltd |  |  |
| Series 2019-A1R2-11A, 5.39%, (3 Month Term SOFR + 1.06%), 06/01/32 (g) | 1299 | 1297 |
| Chase Auto Owner Trust 2024-3 |  |  |
| Series 2024-A3-3A, 5.22%, 07/25/29 | 860 | 870 |
| Chesapeake Funding II LLC |  |  |
| Series 2024-A1-1A, 5.52%, 09/15/27 | 1400 | 1414 |
| CIFC Funding 2012-II, Ltd. |  |  |
| Series 2014-A1R2-1A, 5.63%, (3 Month Term SOFR + 1.36%), 01/31/31 (g) | 98 | 98 |
| Citigroup Commercial Mortgage Trust 2016-GC36 |  |  |
| Series 2016-A5-GC36, REMIC, 3.62%, 01/10/26 | 170 | 168 |
| Citigroup Commercial Mortgage Trust 2016-GC37 |  |  |
| Series 2016-A4-GC37, REMIC, 3.31%, 01/12/26 | 1000 | 990 |
| Citizens Auto Receivables Trust 2023-1 |  |  |
| Series 2023-A3-1, 5.84%, 06/15/26 | 1618 | 1628 |
| Clover CLO 2021-3 LLC |  |  |
| Series 2021-AR-3A, 5.35%, (3 Month Term SOFR + 1.07%), 01/25/35 (g) | 1050 | 1050 |
| Columbia Cent CLO 30 Limited |  |  |
| Series 2021-A1R-31A, 5.11%, (3 Month Term SOFR + 1.10%), 04/20/34 (g) | 1580 | 1572 |
| CONE Trust 2024-DFW1 |  |  |
| Series 2024-A-DFW1, REMIC, 5.95%, (1 Month Term SOFR + 1.70%), 08/15/41 (g) | 500 | 498 |
| Crestline Denali CLO XVII Ltd |  |  |
| Series 2018-ARR-1A, 5.39%, (3 Month Term SOFR + 1.13%), 10/15/31 (g) | 955 | 955 |
| DBGS 2018-C1 Mortgage Trust |  |  |
| Series 2018-A4-C1, REMIC, 4.47%, 10/17/28 (g) | 2030 | 2001 |
| Dryden 104 CLO Ltd |  |  |
| Series 2022-A1R-104A, 5.61%, (3 Month Term SOFR + 1.29%), 08/20/34 (g) | 2830 | 2831 |
| Dryden 37 Senior Loan Fund |  |  |
| Series 2021-AR-95A, 5.36%, (3 Month Term SOFR + 1.04%), 08/21/34 (g) | 1400 | 1400 |
| Dryden 43 Senior Loan Fund LLC |  |  |
| Series 2016-AR3-43A, 5.34%, (3 Month Term SOFR + 1.07%), 04/20/34 (g) | 3400 | 3402 |
| Dryden 53 CLO Ltd., Series 2017-53A |  |  |
| Series 2017-A-53A, 5.64%, (3 Month Term SOFR + 1.38%), 01/15/31 (g) | 327 | 327 |
| Exeter Automobile Receivables Trust 2024-3 |  |  |
| Series 2024-D-3A, 5.98%, 09/16/30 | 565 | 574 |
| Exeter Automobile Receivables Trust 2025-2 |  |  |
| Series 2025-D-2A, 5.89%, 07/15/31 | 500 | 513 |
| First Investors Auto Owner Trust 2022-2 |  |  |
| Series 2022-A-2A, 6.26%, 08/15/25 | 186 | 186 |
| First National Master Note Trust |  |  |
| Series 2025-A-1, 4.85%, 02/15/28 | 1165 | 1185 |
| Ford Credit Auto Lease Trust 2024-A |  |  |
| Series 2024-B-A, 5.29%, 07/15/26 | 1835 | 1841 |

---

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page [607](#abbreviations).

**JNL Series Trust** (Unaudited)

**Schedules of Investments (in thousands)**

June 30, 2025

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| FS Rialto 2025-FL10 Issuer, LLC |  |  |
| Series 2025-A-FL10, 5.77%, (1 Month Term SOFR + 1.45%), 08/19/42 (g) | 300 | 299 |
| GM Financial Automobile Leasing Trust 2023-2 |  |  |
| Series 2023-B-2, 5.54%, 05/20/27 | 2775 | 2778 |
| GM Financial Automobile Leasing Trust 2025-2 |  |  |
| Series 2025-A4-2, 4.64%, 09/20/27 | 1145 | 1154 |
| Greywolf CLO VII, Ltd. |  |  |
| Series 2018-A1-7A, 5.71%, (3 Month Term SOFR + 1.44%), 10/20/31 (a) (g) | 89 | 89 |
| GS Mortgage Securities Corporation Trust 2021-ROSS |  |  |
| Series 2021-A-ROSS, REMIC, 5.73%, (1 Month Term SOFR + 1.26%), 06/16/36 (g) | 650 | 614 |
| GS Mortgage Securities Trust 2019-GSA1 |  |  |
| Series 2019-A4-GSA1, REMIC, 3.05%, 10/15/29 | 280 | 264 |
| Hertz Vehicle Financing III LLC |  |  |
| Series 2021-A-2A, 1.68%, 12/25/26 | 1241 | 1193 |
| HGI CRE CLO 2021-FL2, Ltd. |  |  |
| Series 2021-A-FL2, 5.43%, (1 Month Term SOFR + 1.11%), 09/19/36 (g) (h) | 640 | 638 |
| Hudson Yards 2025-SPRL Mortgage Trust |  |  |
| Series 2025-A-SPRL, REMIC, 5.65%, 01/15/30 (g) | 1520 | 1566 |
| Huntington Auto Trust 2024-1 |  |  |
| Series 2024-A3-1A, 5.23%, 09/15/27 | 1190 | 1200 |
| Huntington National Bank, The |  |  |
| Series 2024-B1-1, 6.15%, 02/20/28 (a) | 669 | 679 |
| Series 2024-B1-2, 5.44%, 10/20/32 | 654 | 660 |
| J.P. Morgan Chase Commercial Mortgage Securities Trust 2019-ICON |  |  |
| Series 2019-A-ICON, REMIC, 3.88%, 01/05/34 | 428 | 425 |
| JPMDB Commercial Mortgage Securities Trust 2017-C7 |  |  |
| Series 2017-A4-C7, REMIC, 3.15%, 07/16/27 | 1950 | 1897 |
| KIND Commercial Mortgage Trust 2024-1 |  |  |
| Series 2024-A-1, REMIC, 6.20%, (1 Month Term SOFR + 1.95%), 08/17/26 (g) | 550 | 551 |
| KKR CLO 15 Ltd. |  |  |
| Series BR2-15, 5.82%, (3 Month Term SOFR + 1.55%), 01/18/32 (g) | 1340 | 1340 |
| KKR CLO 23 Ltd. |  |  |
| Series BR-23, 5.56%, (3 Month Term SOFR + 1.55%), 10/20/31 (g) | 2050 | 2051 |
| KKR CLO 24 LTD. |  |  |
| Series A1R-24, 5.61%, (3 Month Term SOFR + 1.34%), 04/20/32 (g) | 1100 | 1101 |
| LAD Auto Receivables Trust 2023-3 |  |  |
| Series 2023-C-3A, 6.43%, 12/15/26 | 1880 | 1927 |
| LAD Auto Receivables Trust 2024-2 |  |  |
| Series 2024-A3-2A, 5.61%, 12/15/26 | 1500 | 1509 |
| LAD Auto Receivables Trust 2024-3 |  |  |
| Series 2024-A2-3A, 4.64%, 06/15/26 | 464 | 464 |
| Series 2024-A3-3A, 4.52%, 03/15/29 | 655 | 656 |
| LBA Trust 2024-7IND |  |  |
| Series 2024-A-7IND, REMIC, 5.75%, (1 Month Term SOFR + 1.44%), 10/15/26 (g) | 500 | 500 |
| Lendmark Funding Trust 2021-2 |  |  |
| Series 2021-A-2A, 2.00%, 04/20/32 | 1710 | 1627 |
| Lendmark Funding Trust 2021-B |  |  |
| Series 2021-A-1A, 1.90%, 05/20/26 | 1870 | 1797 |
| LFT CRE 2021-FL1 LLC |  |  |
| Series 2021-A-FL1, 5.60%, (1 Month Term SOFR + 1.28%), 06/17/39 (g) | 264 | 263 |
| LIFE 2022-BMR2 Mortgage Trust |  |  |
| Series 2022-A1-BMR2, REMIC, 5.61%, (1 Month Term SOFR + 1.30%), 05/17/38 (g) | 150 | 145 |
| LoanCore 2021-CRE7 Issuer Ltd |  |  |
| Series 2022-A-CRE7, 5.85%, (SOFR 30-Day Average + 1.55%), 01/21/37 (g) | 1326 | 1326 |
| LoanCore 2025-CRE8 Issuer LLC |  |  |
| Series 2025-A-CRE8, 5.70%, (1 Month Term SOFR + 1.45%), 11/01/29 (g) | 770 | 768 |
| M&T Bank Auto Receivables Trust 2025-1 |  |  |
| Series 2025-A3-1A, 4.73%, 06/17/30 | 375 | 378 |
| Madison Park Euro Funding XVII Designated Activity Company |  |  |
| Series 2022-A1R-57A, 5.56%, (3 Month Term SOFR + 1.28%), 07/27/34 (g) | 2010 | 2010 |
| Mariner Finance Issuance Trust 2021-A |  |  |
| Series 2021-A-AA, 1.86%, 03/20/26 | 1615 | 1565 |
| Mariner Finance Issuance Trust 2021-B |  |  |
| Series 2021-A-BA, 2.10%, 10/20/27 | 2585 | 2472 |
| Mercedes-Benz Auto Lease Trust 2024-A |  |  |
| Series 2024-A4-A, 5.32%, 06/15/27 | 1275 | 1297 |
| Merchants Fleet Funding LLC |  |  |
| Series 2024-A-1A, 5.82%, 08/20/27 | 1342 | 1350 |
| MF1 2021-FL7 Ltd. |  |  |
| Series 2021-A-FL7, 5.51%, (1 Month Term SOFR + 1.19%), 10/21/36 (g) | 60 | 60 |
| Morgan Stanley Bank of America Merrill Lynch Trust 2015-C27 |  |  |
| Series 2015-A4-C27, REMIC, 3.75%, 10/20/25 | 280 | 278 |
| Morgan Stanley Bank of America Merrill Lynch Trust 2016-C29 |  |  |
| Series 2016-A4-C29, REMIC, 3.33%, 03/17/26 | 450 | 444 |
| Morgan Stanley Bank of America Merrill Lynch Trust 2025-5C1 |  |  |
| Series 2025-A3-5C1, REMIC, 5.64%, 03/15/30 | 1080 | 1120 |
| Morgan Stanley Capital I Trust 2024-NSTB |  |  |
| Series 2024-A-NSTB, REMIC, 3.90%, 07/25/32 (g) | 1365 | 1321 |
| Navesink Clo 3 Ltd |  |  |
| Series 2025-A1-3A, 0.00%, (3 Month Term SOFR + 1.48%), 07/15/37 (g) | 1780 | 1780 |
| Navient Private Education Refi Loan Trust 2021-C |  |  |
| Series 2021-A-CA, 1.06%, 10/15/69 | 691 | 619 |
| Navient Private Education Refi Loan Trust 2022-A |  |  |
| Series 2022-A-A, 2.23%, 07/15/70 | 632 | 574 |
| Navistar Financial Dealer Note Master Owner Trust II |  |  |
| Series 2024-A-1, 5.59%, 04/27/26 | 1795 | 1809 |
| Nelnet Student Loan Trust 2021-A |  |  |
| Series 2021-APT1-A, 1.36%, 04/20/62 | 290 | 270 |
| Neuberger Berman Loan Advisers CLO 50, Ltd. |  |  |
| Series 2022-AR-50A, 5.53%, (3 Month Term SOFR + 1.25%), 07/23/36 (g) | 1350 | 1351 |
| Nissan Auto Receivables 2025-A Owner Trust |  |  |
| Series 2025-A3-A, 4.49%, 10/16/28 | 455 | 460 |
| Octagon Investment Partners 41 Ltd |  |  |
| Series 2019-A1R2-2A, 5.35%, (3 Month Term SOFR + 0.83%), 10/17/33 (g) | 1290 | 1291 |
| Octagon Investment Partners XVII, Ltd. |  |  |
| Series 2013-A1R2-1A, 5.54%, (3 Month Term SOFR + 1.26%), 01/27/31 (g) | 25 | 25 |
| Octagon Loan Funding Ltd |  |  |
| Series 2014-ARR-1A, 5.77%, (3 Month Term SOFR + 1.44%), 11/18/31 (g) | 768 | 768 |
| Octane Receivables Trust 2022-2 |  |  |
| Series 2022-A-2A, 5.11%, 02/22/28 | 34 | 34 |
| Octane Receivables Trust 2024-2 |  |  |
| Series 2024-A2-2A, 5.80%, 07/20/32 | 442 | 446 |
| Octane Receivables Trust 2024-3 |  |  |
| Series 2024-A2-3A, REMIC, 4.94%, 08/20/27 | 2126 | 2127 |
| Onemain Financial Issuance Trust 2021-1 |  |  |
| Series 2021-A1-1A, 1.55%, 09/14/27 | 1160 | 1110 |
| OneMain Financial Issuance Trust 2022-3 |  |  |
| Series 2022-A-3A, 5.94%, 04/14/26 | 2516 | 2537 |
| Palmer Square CLO 2015-1 Ltd |  |  |
| Series 2015-A1A5-1A, 5.37%, (3 Month Term SOFR + 1.05%), 05/21/34 (g) | 1020 | 1018 |
| PFP 2025-12, Ltd. |  |  |
| Series 2025-A-12, 5.81%, (1 Month Term SOFR + 1.49%), 06/18/30 (g) | 1300 | 1300 |
| Post CLO 2021-1 LTD |  |  |
| Series 2021-BR-1A, 5.86%, (3 Month Term SOFR + 1.60%), 10/15/34 (g) | 1500 | 1499 |
| Romark CLO Ltd |  |  |
| Series 2017-A1R-1A, REMIC, 5.57%, (3 Month Term SOFR + 1.29%), 10/23/30 (g) | 435 | 435 |
| Santander Drive Auto Receivables Trust 2022-5 |  |  |
| Series 2022-C-5, REMIC, 4.74%, 10/16/28 | 1063 | 1063 |

---

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page [607](#abbreviations).

**JNL Series Trust** (Unaudited)

**Schedules of Investments (in thousands)**

June 30, 2025

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| Santander Drive Auto Receivables Trust 2022-7 |  |  |
| Series 2022-C-7, 6.69%, 09/15/27 | 3238 | 3308 |
| Santander Drive Auto Receivables Trust 2023-1 |  |  |
| Series 2023-C-1, 5.09%, 05/15/30 | 1300 | 1308 |
| Santander Drive Auto Receivables Trust 2023-3 |  |  |
| Series 2023-C-3, 5.77%, 05/15/28 | 680 | 694 |
| Santander Drive Auto Receivables Trust 2024-1 |  |  |
| Series 2024-C-1, 5.45%, 07/15/27 | 1010 | 1021 |
| Santander Drive Auto Receivables Trust 2024-2 |  |  |
| Series 2024-C-2, 5.84%, 07/17/28 | 1145 | 1168 |
| Santander Drive Auto Receivables Trust 2024-3 |  |  |
| Series 2024-B-3, 5.55%, 06/15/27 | 580 | 587 |
| Santander Drive Auto Receivables Trust 2025-1 |  |  |
| Series 2025-A2-1, 4.87%, 07/15/26 | 605 | 606 |
| Series 2025-B-1, 4.88%, 05/15/28 | 535 | 539 |
| SCF Equipment Leasing 2022-1 LLC |  |  |
| Series 2022-A3-1A, REMIC, 2.92%, 12/22/25 | 577 | 574 |
| SCF Equipment Leasing 2024-1 LLC |  |  |
| Series 2024-A3-1A, 5.52%, 10/20/28 | 255 | 260 |
| SCF Equipment Leasing 2025-1 LLC |  |  |
| Series 2025-A3-1A, 5.11%, 11/21/33 | 599 | 609 |
| SFS Auto Receivables Securitization Trust 2024-1 |  |  |
| Series 2024-A3-1A, 4.95%, 05/21/29 | 595 | 597 |
| SFS Auto Receivables Securitization Trust 2024-2 |  |  |
| Series 2024-A3-2A, 5.33%, 11/20/29 | 1365 | 1381 |
| SFS Auto Receivables Securitization Trust 2024-3 |  |  |
| Series 2024-A3-3A, 4.55%, 04/20/28 | 605 | 606 |
| SWCH Commercial Mortgage Trust 2025-DATA |  |  |
| Series 2025-A-DATA, 5.75%, (1 Month Term SOFR + 1.44%), 03/15/27 (g) | 860 | 853 |
| TCI-Flatiron Clo 2018-1 Ltd |  |  |
| Series 2018-ANR-1A, 5.60%, (3 Month Term SOFR + 1.32%), 01/29/32 (g) | 75 | 75 |
| Towd Point Mortgage Trust 2019-HY1 |  |  |
| Series 2019-M2-HY1, REMIC, 6.43%, (1 Month Term SOFR + 2.11%), 08/25/28 (g) | 685 | 698 |
| Toyota Auto Loan Extended Note Trust 2025-1 |  |  |
| Series 2025-A-1A, 4.65%, 05/28/30 | 816 | 824 |
| Trysail CLO 2021-1 Ltd |  |  |
| Series 2021-A1-1A, 5.85%, (3 Month Term SOFR + 1.58%), 07/20/32 (g) | 1404 | 1401 |
| U.S. Bank National Association |  |  |
| Series 2025-B-SUP1, 5.58%, 02/25/32 | 613 | 612 |
| UBS Commercial Mortgage Trust 2019-C18 |  |  |
| Series 2019-A4-C18, REMIC, 3.04%, 12/17/29 | 70 | 64 |
| United Airlines Pass Through Trust 2020-1A |  |  |
| Series 2020-A-1, 5.88%, 10/15/27 | 507 | 516 |
| Valley Stream Park CLO LTD |  |  |
| Series 2022-ARR-1A, 5.46%, (3 Month Term SOFR + 1.19%), 01/20/37 (g) | 1650 | 1648 |
| Venture 28A Clo Ltd |  |  |
| Series 2017-A1RR-28AA, 5.40%, (3 Month Term SOFR + 1.11%), 10/20/34 (g) | 2000 | 2000 |
| Verdant Receivables 2025-1 LLC |  |  |
| Series 2025-A3-1A, 4.96%, 06/12/29 | 1755 | 1774 |
| Verizon Master Trust |  |  |
| Series 2024-A-7, 4.35%, 08/20/32 (h) | 400 | 401 |
| Volkswagen Auto Lease Trust 2025-A |  |  |
| Series 2025-A3-A, 4.50%, 11/22/27 | 2165 | 2179 |
| Voya CLO 2017-3 Ltd |  |  |
| Series 2017-AAR2-3A, 5.87%, (3 Month Term SOFR + 1.60%), 04/20/34 (g) | 1000 | 1001 |
| Wells Fargo Commercial Mortgage Trust 2015-SG1 |  |  |
| Series 2015-A4-SG1, REMIC, 3.79%, 08/15/25 | 139 | 138 |
| Wells Fargo Commercial Mortgage Trust 2017-C40 |  |  |
| Series 2017-A3-C40, REMIC, 3.32%, 08/17/27 | 3790 | 3711 |
| Wells Fargo Commercial Mortgage Trust 2019-C50 |  |  |
| Series 2019-A5-C50, REMIC, 3.73%, 04/17/29 | 130 | 125 |
| Wells Fargo Commercial Mortgage Trust 2024-5C1 |  |  |
| Series 2024-A3-5C1, REMIC, 5.93%, 07/15/57 | 880 | 917 |
| Wells Fargo Commercial Mortgage Trust 2025-5C3 |  |  |
| Series 2025-A3-5C3, REMIC, 6.10%, 01/15/58 | 1500 | 1582 |
| Wells Fargo Commercial Mortgage Trust 2025-5C4 |  |  |
| Series 2025-A3-5C4, REMIC, 5.67%, 05/15/30 | 720 | 749 |
| Westlake Automobile Receivables Trust 2022-2 |  |  |
| Series 2022-C-2A, 4.85%, 09/15/27 | 244 | 244 |
| Westlake Automobile Receivables Trust 2023-3 |  |  |
| Series 2023-C-3A, 6.02%, 09/15/28 | 1105 | 1121 |
| Westlake Automobile Receivables Trust 2024-1 |  |  |
| Series 2024-B-1A, 5.55%, 11/15/27 | 1535 | 1542 |
| Series 2024-C-1A, 5.65%, 02/15/29 | 1335 | 1343 |
| Westlake Automobile Receivables Trust 2024-2 |  |  |
| Series 2024-D-2A, 5.91%, 04/15/30 | 765 | 775 |
| Westlake Automobile Receivables Trust 2024-3 |  |  |
| Series 2024-A3-3A, 4.71%, 08/15/26 | 500 | 502 |
| Westlake Flooring Master Trust |  |  |
| Series 2024-A-1A, 5.43%, 02/17/26 | 1220 | 1224 |
| Wheels Fleet Lease Funding 1 LLC |  |  |
| Series 2024-A1-3A, 4.80%, 05/18/28 | 895 | 900 |
| Wind River 2022-1 CLO Ltd |  |  |
| Series 2022-AR-1A, 5.62%, (3 Month Term SOFR + 1.35%), 07/20/35 (g) | 1530 | 1531 |
| Total Non-U.S. Government Agency Asset-Backed Securities (cost $185,541) | Total Non-U.S. Government Agency Asset-Backed Securities (cost $185,541) | 185971 |
| **GOVERNMENT AND AGENCY OBLIGATIONS 5.5%** | **GOVERNMENT AND AGENCY OBLIGATIONS 5.5%** | **GOVERNMENT AND AGENCY OBLIGATIONS 5.5%** |
| **Sovereign 2.0%** | **Sovereign 2.0%** | **Sovereign 2.0%** |
| Aktsionernoye Obshchestvo Bank Razvitiya Kazakhstana |  |  |
| 5.25%, 10/23/29 (a) | 222 | 223 |
| 5.63%, 04/07/30 (a) | 673 | 673 |
| Bermuda, Government of |  |  |
| 3.72%, 01/25/27 (e) | 1500 | 1467 |
| Departamento Administrativo De La Presidencia De La Republica |  |  |
| 3.88%, 04/25/27 | 830 | 814 |
| Gobierno Federal de los Estados Unidos Mexicanos |  |  |
| 3.75%, 01/11/28 | 267 | 263 |
| 4.50%, 04/22/29 | 200 | 198 |
| 6.00%, 05/13/30 | 1338 | 1388 |
| Government of Saudi Arabia |  |  |
| 5.13%, 01/13/28 (a) | 640 | 650 |
| Government of the Republic of Panama |  |  |
| 7.13%, 01/29/26 | 500 | 507 |
| 8.88%, 09/30/27 | 177 | 192 |
| Hazine Mustesarligi Varlik Kiralama Anonim Sirketi |  |  |
| 5.13%, 06/22/26 (e) | 737 | 733 |
| Ministerul Finantelor Publice |  |  |
| 5.88%, 01/30/29 (a) | 662 | 666 |
| Natsionalny Upravlyayushchi Kholding Baiterek, Ao |  |  |
| 5.45%, 05/08/28 (a) (j) | 520 | 526 |
| Presidencia de la Republica Dominicana |  |  |
| 6.88%, 01/29/26 (e) | 121 | 122 |
| 8.63%, 04/20/27 (e) | 281 | 291 |
| Romania, Government of |  |  |
| 5.25%, 11/25/27 (e) | 1104 | 1102 |
| Sandor-Palota |  |  |
| 5.38%, 09/26/30 (a) | 675 | 680 |
| South Africa, Parliament of |  |  |
| 5.88%, 09/16/25 | 1379 | 1379 |
| The Republic of Kazakhstan, Government of |  |  |
| 5.13%, 07/21/25 (e) | 700 | 699 |
| Turkiye Cumhuriyeti Basbakanlik |  |  |
| 6.38%, 10/14/25 | 1400 | 1405 |
|  |  | 13978 |
| **U.S. Treasury Note 2.0%** | **U.S. Treasury Note 2.0%** | **U.S. Treasury Note 2.0%** |
| Treasury, United States Department of |  |  |
| 3.75%, 04/30/27 | 13938 | 13937 |
| **Collateralized Mortgage Obligations 1.5%** | **Collateralized Mortgage Obligations 1.5%** | **Collateralized Mortgage Obligations 1.5%** |
| Connecticut Avenue Securities Trust 2021-R03 |  |  |
| Series 2021-1M2-R03, REMIC, 5.96%, (SOFR 30-Day Average + 1.65%), 12/25/41 (g) | 1097 | 1103 |
| Connecticut Avenue Securities Trust 2022-R02 |  |  |
| Series 2023-2M1-R03, REMIC, 6.81%, (SOFR 30-Day Average + 2.50%), 04/27/43 (g) | 496 | 504 |
| Connecticut Avenue Securities Trust 2022-R08 |  |  |
| Series 2022-1M1-R08, REMIC, 6.86%, (SOFR 30-Day Average + 2.55%), 07/25/42 (g) | 304 | 311 |

---

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page [607](#abbreviations).

**JNL Series Trust** (Unaudited)

**Schedules of Investments (in thousands)**

June 30, 2025

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| Connecticut Avenue Securities Trust 2023-R01 |  |  |
| Series 2023-1M1-R01, REMIC, 6.71%, (SOFR 30-Day Average + 2.40%), 12/26/42 (g) | 1311 | 1343 |
| Connecticut Avenue Securities Trust 2024-R04 |  |  |
| Series 2024-1A1-R04, REMIC, 5.31%, (SOFR 30-Day Average + 1.00%), 05/25/44 (g) | 556 | 556 |
| Connecticut Avenue Securities Trust 2024-R05 |  |  |
| Series 2024-2A1-R05, REMIC, 5.31%, (SOFR 30-Day Average + 1.00%), 07/25/44 (g) | 759 | 759 |
| Connecticut Avenue Securities Trust 2024-R06 |  |  |
| Series 2024-1A1-R06, REMIC, 5.46%, (SOFR 30-Day Average + 1.15%), 09/25/28 (g) | 550 | 552 |
| Connecticut Avenue Securities Trust 2025-R01 |  |  |
| Series 2025-1A1-R01, REMIC, 5.26%, (SOFR 30-Day Average + 0.95%), 01/25/45 (g) | 675 | 674 |
| Series 2025-1M1-R01, REMIC, 5.41%, (SOFR 30-Day Average + 1.10%), 01/25/45 (g) | 1014 | 1015 |
| Connecticut Avenue Securities Trust 2025-R02 |  |  |
| Series 2025-1A1-R02, REMIC, 5.31%, (SOFR 30-Day Average + 1.00%), 02/27/45 (g) | 393 | 394 |
| Federal Home Loan Mortgage Corporation |  |  |
| Series 2022-M1A-HQA2, REMIC, 6.96%, (SOFR 30-Day Average + 2.65%), 07/25/42 (g) | 576 | 588 |
| Series 2022-M1A-HQA3, REMIC, 6.61%, (SOFR 30-Day Average + 2.30%), 08/25/42 (g) | 252 | 257 |
| Series 2024-M1-HQA1, REMIC, 5.56%, (SOFR 30-Day Average + 1.25%), 03/25/44 (g) | 59 | 59 |
| Series 2024-A1-DNA2, REMIC, 5.56%, (SOFR 30-Day Average + 1.25%), 05/25/44 (g) | 1175 | 1180 |
| Series 2024-A1-HQA2, REMIC, 5.56%, (SOFR 30-Day Average + 1.25%), 08/25/44 (g) | 733 | 736 |
| Series 2024-M1-DNA3, REMIC, 5.31%, (SOFR 30-Day Average + 1.00%), 10/25/44 (g) | 102 | 102 |
| Series 2024-A1-DNA3, REMIC, 5.36%, (SOFR 30-Day Average + 1.05%), 10/25/44 (g) | 464 | 464 |
| Series 2025-A1-DNA1, REMIC, 5.26%, (SOFR 30-Day Average + 0.95%), 01/25/45 (g) | 260 | 260 |
| | | 10857 |
| Total Government And Agency Obligations (cost $38,560) | Total Government And Agency Obligations (cost $38,560) | 38772 |
| **SENIOR FLOATING RATE INSTRUMENTS 4.5%** | **SENIOR FLOATING RATE INSTRUMENTS 4.5%** | **SENIOR FLOATING RATE INSTRUMENTS 4.5%** |
| **Industrials 1.3%** | **Industrials 1.3%** | **Industrials 1.3%** |
| Allied Universal Holdco LLC |  |  |
| 2021 USD Incremental Term Loan B, 0.00%, (1 Month Term SOFR + 3.75%), 05/04/28 (g) (k) | 299 | 301 |
| 2021 USD Incremental Term Loan B, 8.18%, (1 Month Term SOFR + 3.75%), 05/04/28 (g) | 821 | 825 |
| American Airlines, Inc. |  |  |
| 2025 Term Loan, 6.52%, (3 Month Term SOFR + 2.25%), 04/20/28 (g) | 502 | 498 |
| Carnival Corporation |  |  |
| 2025 Term Loan (2027), 6.31%, (1 Month Term SOFR + 2.00%), 08/09/27 (g) | 170 | 170 |
| Corpay Technologies Operating Company LLC |  |  |
| Term Loan B5, 6.08%, (1 Month Term SOFR + 1.75%), 04/28/28 (g) | 1993 | 1992 |
| Crosby US Acquisition Corp. |  |  |
| 2024 1st Lien Term Loan B, 7.83%, (1 Month Term SOFR + 3.50%), 08/16/29 (g) | 898 | 901 |
| First Eagle Investment Management, LLC |  |  |
| 2024 Term Loan B2, 7.30%, (3 Month Term SOFR + 3.00%), 03/05/29 (g) | 1795 | 1795 |
| Hilcorp Energy I L.P. |  |  |
| Term Loan B, 6.31%, (1 Month Term SOFR + 2.00%), 02/05/30 (g) | 1396 | 1396 |
| LBM Acquisition LLC |  |  |
| Term Loan B, 8.18%, (1 Month Term SOFR + 3.75%), 12/08/27 (g) | 1056 | 1040 |
|  |  | 8918 |
| **Consumer Discretionary 0.7%** | **Consumer Discretionary 0.7%** | **Consumer Discretionary 0.7%** |
| Aramark Services, Inc. |  |  |
| 2024 Term Loan B8, 6.33%, (1 Month Term SOFR + 2.00%), 06/24/30 (g) | 1720 | 1722 |
| KFC Holding Co. |  |  |
| 2021 Term Loan B, 6.18%, (1 Month Term SOFR + 1.75%), 03/10/28 (g) | 1732 | 1739 |
| Wyndham Hotels & Resorts, Inc. |  |  |
| 2022 Term Loan A, 6.18%, (1 Month Term SOFR + 1.75%), 04/08/27 (g) | 1469 | 1467 |
|  |  | 4928 |
| **Financials 0.6%** | **Financials 0.6%** | **Financials 0.6%** |
| AssuredPartners, Inc. |  |  |
| 2024 Incremental Term Loan B5, 7.83%, (1 Month Term SOFR + 3.50%), 02/15/27 (g) | 1547 | 1550 |
| Asurion LLC |  |  |
| 2021 Term Loan B9, 7.69%, (1 Month Term SOFR + 3.25%), 02/05/28 (g) | 2871 | 2867 |
|  |  | 4417 |
| **Utilities 0.6%** | **Utilities 0.6%** | **Utilities 0.6%** |
| Calpine Corporation |  |  |
| 2024 Term Loan B5, 6.08%, (1 Month Term SOFR + 1.75%), 12/02/27 (g) | 2500 | 2499 |
| Edgewater Generation, L.L.C. |  |  |
| 2025 Repriced Term Loan, 0.00%, (1 Month Term SOFR + 3.00%), 08/01/30 (g) (k) | 1040 | 1043 |
| Potomac Energy Center, LLC |  |  |
| Term Loan, 0.00%, (3 Month Term SOFR + 6.00%), 09/30/26 (g) (k) | 708 | 708 |
| Term Loan, 10.56%, (3 Month Term SOFR + 6.00%), 09/30/26 (g) | 150 | 150 |
|  |  | 4400 |
| **Communication Services 0.5%** | **Communication Services 0.5%** | **Communication Services 0.5%** |
| DirecTV Financing, LLC |  |  |
| Term Loan, 9.54%, (3 Month Term SOFR + 5.00%), 07/22/27 (g) | 532 | 533 |
| Lumen Technologies, Inc. |  |  |
| 2024 Extended Term Loan B2, 0.00%, (1 Month Term SOFR + 2.35%), 04/15/30 (g) (k) | 851 | 839 |
| 2024 Extended Term Loan B2, 6.79%, (1 Month Term SOFR + 2.35%), 04/15/30 (g) | 603 | 595 |
| Virgin Media Bristol LLC |  |  |
| USD Term Loan N, 6.93%, (1 Month Term SOFR + 2.50%), 10/03/27 (g) | 1500 | 1479 |
|  |  | 3446 |
| **Information Technology 0.4%** | **Information Technology 0.4%** | **Information Technology 0.4%** |
| Boost Newco Borrower, LLC |  |  |
| 2025 USD Term Loan B, 6.30%, (3 Month Term SOFR + 2.00%), 01/31/31 (g) | 1746 | 1749 |
| Vertiv Group Corporation |  |  |
| 2024 Term Loan B, 0.00%, (1 Month Term SOFR + 1.75%), 03/02/27 (g) (k) | 24 | 24 |
| 2024 Term Loan B, 6.07%, (1 Month Term SOFR + 1.75%), 03/02/27 (g) | 731 | 731 |
|  |  | 2504 |
| **Health Care 0.2%** | **Health Care 0.2%** | **Health Care 0.2%** |
| Elanco Animal Health Incorporated |  |  |
| Term Loan B, 6.17%, (1 Month Term SOFR + 1.75%), 02/04/27 (g) | 1740 | 1738 |
| **Consumer Staples 0.2%** | **Consumer Staples 0.2%** | **Consumer Staples 0.2%** |
| 8th Avenue Food & Provisions, Inc. |  |  |
| 2018 1st Lien Term Loan, 0.00%, (1 Month Term SOFR + 3.75%), 09/19/25 (g) (k) | 1206 | 1205 |
| **Energy 0.0%** | **Energy 0.0%** | **Energy 0.0%** |
| Buckeye Partners, L.P. |  |  |
| 2024 Term Loan B5, 6.08%, (1 Month Term SOFR + 1.75%), 11/02/26 (g) | 305 | 305 |
| Total Senior Floating Rate Instruments (cost $31,869) | Total Senior Floating Rate Instruments (cost $31,869) | 31861 |
| **SHORT TERM INVESTMENTS 1.1%** | **SHORT TERM INVESTMENTS 1.1%** | **SHORT TERM INVESTMENTS 1.1%** |
| **Investment Companies 0.6%** | **Investment Companies 0.6%** | **Investment Companies 0.6%** |
| JNL Government Money Market Fund - Class I, 4.20% (l) (m) | 3823 | 3823 |
| **Securities Lending Collateral 0.5%** | **Securities Lending Collateral 0.5%** | **Securities Lending Collateral 0.5%** |
| JNL Government Money Market Fund - Class SL, 4.30% (l) (m) | 3602 | 3602 |
| Total Short Term Investments (cost $7,425) | Total Short Term Investments (cost $7,425) | 7425 |
| **Total Investments 99.4% (cost $695,827)** | **Total Investments 99.4% (cost $695,827)** | **701622** |
| **Other Derivative Instruments (0.0)%** | **Other Derivative Instruments (0.0)%** | (15) |
| **Other Assets and Liabilities, Net 0.6%** | **Other Assets and Liabilities, Net 0.6%** | **4273** |
| **Total Net Assets 100.0%** | **Total Net Assets 100.0%** | **705880** |

---

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page [607](#abbreviations).

**JNL Series Trust** (Unaudited)

**Schedules of Investments (in thousands)**

June 30, 2025

(a) Security is exempt from registration under the Securities Act of 1933, as amended. As of June 30, 2025, the value and the percentage of net assets of these securities was $240,144 and 34.0% of the Fund.

(b) All or a portion of the security was on loan as of June 30, 2025.

(c) Convertible security.

(d) Security issued with a zero coupon. Income is recognized through the accretion of discount.

(e) Security is restricted to resale to institutional investors or subject to trading restrictions due to sanctions on foreign issuers. See Restricted Securities table following the Schedules of Investments.

(f) The interest rate for this security is inversely affected by upgrades or downgrades to the credit rating of the issuer. Rate stated was the coupon as of June 30, 2025.

(g) Security has a variable rate. Interest rates reset periodically. Rate stated was in effect as of June 30, 2025. For securities based on a published reference rate and spread, the reference rate and spread are presented. Certain variable rate securities do not indicate a reference rate and spread because they are determined by the issuer, remarketing agent, or offering documents and are based on current market conditions. The coupon rate for securities with certain features outlined in the offering documents may vary from the stated reference rate and spread. This includes, but is not limited to, securities with deferred rates, contingent distributions, caps, floors, and fixed-rate to float-rate features. In addition, variable rates for government and agency collateralized mortgage obligations ("CMO") and mortgage-backed securities ("MBS") are determined by tranches of underlying mortgage-backed security pools' cash flows into securities and pass-through rates which reflect the rate earned on the asset pool after management and guarantee fees are paid to the securitizing corporation. CMO and MBS variable rates are determined by a formula set forth in the security's offering documents.

(h) Security is a step-up bond where the coupon may increase or step up at a future date or as the result of an upgrade or downgrade to the credit rating of the issuer. Rate stated was the coupon as of June 30, 2025.

(i) Pay-in-kind security. Stated coupon is the pay-in-kind rate. The interest earned by the security may be paid in cash or additional par.

(j) The security is a direct debt of the agency and not collateralized by mortgages.

(k) This senior floating rate interest will settle after June 30, 2025. If a reference rate and spread is presented, it will go into effect upon settlement.

(l) Investment in affiliate.

(m) Yield changes daily to reflect current market conditions. Rate was the quoted yield as of June 30, 2025.

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **JNL/Lord Abbett Short Duration Income Fund — Investments in Affiliates** | **JNL/Lord Abbett Short Duration Income Fund — Investments in Affiliates** | **JNL/Lord Abbett Short Duration Income Fund — Investments in Affiliates** | **JNL/Lord Abbett Short Duration Income Fund — Investments in Affiliates** | **JNL/Lord Abbett Short Duration Income Fund — Investments in Affiliates** | **JNL/Lord Abbett Short Duration Income Fund — Investments in Affiliates** | **JNL/Lord Abbett Short Duration Income Fund — Investments in Affiliates** | **JNL/Lord Abbett Short Duration Income Fund — Investments in Affiliates** | **JNL/Lord Abbett Short Duration Income Fund — Investments in Affiliates** |
| **Affiliated Investment** | **Value Beginning of Period($)** | **Purchases($)** | **Sales Proceeds($)** | **Dividend Income/ Distributions from Funds($)** | **Realized Gain (Loss)($)** | **Change in Unrealized Appreciation (Depreciation) ($)** | **Value End of Period($)** | **Percentage of Net Assets(%)** |
| JNL Government Money Market Fund, 4.20% - Class I | 3035 | 155519 | 154731 | 87 |  |  | 3823 | 0.6 |
| JNL Government Money Market Fund, 4.30% - Class SL | 2916 | 20092 | 19406 | 98 |  |  | 3602 | 0.5 |
|  | 5951 | 175611 | 174137 | 185 |  |  | 7425 | 1.1 |

---

---

| | |
|:---|:---|
| **Summary of Investments by Country^** | **Total Long Term Investments** |
| **United States of America** | 78.9% |
| **Cayman Islands** | 4.6 |
| **United Kingdom** | 3.4 |
| **Ireland** | 1.4 |
| **Germany** | 1.3 |
| **Canada** | 1.2 |
| **Switzerland** | 1.1 |
| **Mexico** | 1.0 |
| **Netherlands** | 0.9 |
| **France** | 0.9 |
| **Kazakhstan** | 0.8 |
| **Japan** | 0.7 |
| **Colombia** | 0.4 |
| **Indonesia** | 0.3 |
| **Turkey** | 0.3 |
| **Romania** | 0.3 |
| **Denmark** | 0.2 |
| **Bermuda** | 0.2 |
| **South Africa** | 0.2 |
| **Jersey** | 0.2 |
| **Italy** | 0.2 |
| **Israel** | 0.2 |
| **Ghana** | 0.2 |
| **Saudi Arabia** | 0.1 |
| **Puerto Rico** | 0.1 |
| **Guatemala** | 0.1 |
| **Panama** | 0.1 |
| **Hungary** | 0.1 |
| **Spain** | 0.1 |
| **Sweden** | 0.1 |
| **Luxembourg** | 0.1 |
| **Brazil** | 0.1 |
| **Dominican Republic** | 0.1 |
| **Australia** | 0.1 |
| **India** |  |
| **Uzbekistan** |  |
| **South Korea** |  |

---

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page [607](#abbreviations).

**JNL Series Trust** (Unaudited)

**Schedules of Investments (in thousands)**

June 30, 2025

---

| | |
|:---|:---|
| **Summary of Investments by Country^** | **Total Long Term Investments** |
|  | **100.0%** |
| ^A country table is presented as a percentage of the Fund's total long term investments because its strategy includes investment in non-U.S. securities as deemed significant by the Fund's Adviser. | ^A country table is presented as a percentage of the Fund's total long term investments because its strategy includes investment in non-U.S. securities as deemed significant by the Fund's Adviser. |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **JNL/Lord Abbett Short Duration Income Fund — Restricted Securities** | **JNL/Lord Abbett Short Duration Income Fund — Restricted Securities** | **JNL/Lord Abbett Short Duration Income Fund — Restricted Securities** | **JNL/Lord Abbett Short Duration Income Fund — Restricted Securities** | **JNL/Lord Abbett Short Duration Income Fund — Restricted Securities** |
|  | **Initial Acquisition** | **Cost ($)** | **Value ($)** | **Percent of**<br> **Net Assets (%)** |
| Bermuda, Government of, 3.72%, 01/25/27 | 04/22/25 | 1475 | 1467 | 0.2 |
| Citizens Bank, National Association, 4.58%, 08/09/28 | 11/08/22 | 736 | 761 | 0.1 |
| Comision Federal De Electricidad, E.P.E., 5.70%, 01/24/30 | 06/03/25 | 198 | 199 |  |
| Hazine Mustesarligi Varlik Kiralama Anonim Sirketi, 5.13%, 06/22/26 | 05/30/25 | 734 | 733 | 0.1 |
| Kosmos Energy Ltd., 7.13%, 04/04/26 | 03/18/25 | 1112 | 1084 | 0.2 |
| Presidencia de la Republica Dominicana, 6.88%, 01/29/26 | 02/28/25 | 122 | 122 |  |
| Presidencia de la Republica Dominicana, 8.63%, 04/20/27 | 03/05/25 | 288 | 291 |  |
| PT. Bank Negara Indonesia (Persero), Tbk., 3.75%, 03/30/26 | 04/30/25 | 1373 | 1383 | 0.2 |
| Romania, Government of, 5.25%, 11/25/27 | 11/26/24 | 1092 | 1102 | 0.2 |
| Synchrony Bank, 5.63%, 08/23/27 | 02/07/25 | 1702 | 1721 | 0.3 |
| Tengizchevroil Finance Company S.A R.L., 4.00%, 08/15/26 | 04/18/24 | 1569 | 1588 | 0.2 |
| The Republic of Kazakhstan, Government of, 5.13%, 07/21/25 | 10/02/24 | 700 | 699 | 0.1 |
| U.S. Bank National Association, 4.73%, 05/15/28 | 05/12/25 | 634 | 638 | 0.1 |
|  |  | 11735 | 11788 | 1.7 |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **JNL/Lord Abbett Short Duration Income Fund — Futures Contracts** | **JNL/Lord Abbett Short Duration Income Fund — Futures Contracts** | **JNL/Lord Abbett Short Duration Income Fund — Futures Contracts** | **JNL/Lord Abbett Short Duration Income Fund — Futures Contracts** | **JNL/Lord Abbett Short Duration Income Fund — Futures Contracts** | **JNL/Lord Abbett Short Duration Income Fund — Futures Contracts** |
| **Reference Entity** | **Contracts<sup>1</sup>** | **Expiration** | **Notional<sup>1</sup>** | **Variation**<br> **Margin**<br> **Receivable**<br> (Payable) ($) | **Value/**<br> **Unrealized**<br> **Appreciation**<br> (Depreciation) ($) |
| **Long Contracts** | **Long Contracts** | **Long Contracts** | **Long Contracts** | **Long Contracts** | **Long Contracts** |
| United States 2 Year Note | 1438 | October 2025 | 298046 | 76 | 1091 |
| **Short Contracts** | **Short Contracts** | **Short Contracts** | **Short Contracts** | **Short Contracts** | **Short Contracts** |
| United States 5 Year Note | (640) | October 2025 | (69002) | (91) | (758) |

---

**Fair Value Hierarchy.** Various inputs are used in determining the fair value of financial instruments. For a description of the input levels and information about the Fund's policy regarding valuation of financial instruments, see Note 3 in the Notes to Financial Statements. The following table summarizes the Fund's investments categorized in the disclosure hierarchy as of June 30, 2025.

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **<u>. Level 1 ($) .</u>** | **<u>. Level 2 ($) .</u>** | **<u>. Level 3 ($) .</u>** | **<u>. Total ($) .</u>** |
| **JNL/Lord Abbett Short Duration Income Fund** | **JNL/Lord Abbett Short Duration Income Fund** | **JNL/Lord Abbett Short Duration Income Fund** | **JNL/Lord Abbett Short Duration Income Fund** | **JNL/Lord Abbett Short Duration Income Fund** |
| **Assets - Securities** |  |  |  |  |
| &nbsp;&nbsp; Corporate Bonds And Notes |  | 437593 |  | 437593 |
| &nbsp;&nbsp; Non-U.S. Government Agency Asset-Backed Securities |  | 185971 |  | 185971 |
| &nbsp;&nbsp; Government And Agency Obligations |  | 38772 |  | 38772 |
| &nbsp;&nbsp; Senior Floating Rate Instruments |  | 31861 |  | 31861 |
| &nbsp;&nbsp; Short Term Investments | 7425 |  |  | 7425 |
|  | 7425 | 694197 |  | 701622 |
| **Assets - Investments in Other Financial Instruments<sup>1</sup>** |  |  |  |  |
| &nbsp;&nbsp; Futures Contracts | 1091 |  |  | 1091 |
|  | 1091 |  |  | 1091 |
| **Liabilities - Investments in Other Financial Instruments<sup>1</sup>** |  |  |  |  |
| &nbsp;&nbsp; Futures Contracts | (758) |  |  | (758) |
|  | (758) |  |  | (758) |

---

<sup>1</sup> All derivatives, except for purchased and written options, are reflected at the unrealized appreciation (depreciation) on the instrument. Purchased and written options are reflected at value.

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page [607](#abbreviations).

**JNL Series Trust** (Unaudited)

**Schedules of Investments (in thousands)**

June 30, 2025

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| **JNL/Mellon Communication Services Sector Fund** | **JNL/Mellon Communication Services Sector Fund** | **JNL/Mellon Communication Services Sector Fund** |
| **COMMON STOCKS 99.7%** | **COMMON STOCKS 99.7%** | **COMMON STOCKS 99.7%** |
| **Communication Services 99.4%** | **Communication Services 99.4%** | **Communication Services 99.4%** |
| Alphabet Inc. - Class A | 907 | 159743 |
| Alphabet Inc. - Class C | 796 | 141228 |
| AT&T Inc. | 1115 | 32269 |
| Cinemark Holdings, Inc. (a) | 17 | 507 |
| Comcast Corporation - Class A | 579 | 20656 |
| Digital World Acquisition Corp. (b) | 16 | 287 |
| Electronic Arts Inc. | 37 | 5915 |
| Former Charter Communications Parent, Inc. - Class A (b) | 15 | 6111 |
| Fox Corporation - Class A | 33 | 1849 |
| Fox Corporation - Class B | 20 | 1050 |
| Frontier Communications Parent, Inc. (b) | 34 | 1224 |
| Liberty Broadband Corporation - Series A (b) | 3 | 253 |
| Liberty Broadband Corporation - Series C (b) | 17 | 1619 |
| Liberty Global Ltd. - Class A (b) | 23 | 234 |
| Liberty Global Ltd. - Class C (b) | 22 | 231 |
| Liberty Media Corporation - Series A (b) | 4 | 352 |
| Liberty Media Corporation - Series A (b) | 3 | 236 |
| Liberty Media Corporation - Series C (b) | 7 | 575 |
| Liberty Media Corporation - Series C (b) | 33 | 3452 |
| Live Nation Entertainment, Inc. (b) | 23 | 3400 |
| Lumen Technologies, Inc. (b) | 141 | 619 |
| Match Group, Inc. | 38 | 1177 |
| Meta Platforms, Inc. - Class A | 340 | 251178 |
| Netflix, Inc. (b) | 66 | 88954 |
| News Corporation - Class A | 59 | 1751 |
| News Corporation - Class B | 16 | 558 |
| Nexstar Media Group, Inc. - Class A | 4 | 767 |
| Omnicom Group Inc. | 30 | 2189 |
| Paramount Global - Class B | 95 | 1227 |
| Pinterest, Inc. - Class A (b) | 93 | 3323 |
| Reddit, Inc. - Class A (b) | 18 | 2743 |
| Roblox Corporation - Class A (b) | 94 | 9837 |
| Roku, Inc. - Class A (b) | 20 | 1728 |
| Sirius XM Holdings Inc. (a) | 29 | 671 |
| Snap Inc. - Class A (b) | 164 | 1424 |
| Sphere Entertainment Co. - Class A (b) | 3 | 550 |
| Take-Two Interactive Software, Inc. (b) | 26 | 6371 |
| Telephone and Data Systems, Inc. | 14 | 492 |
| The Interpublic Group of Companies, Inc. | 57 | 1400 |
| The New York Times Company - Class A | 24 | 1358 |
| TKO Group Holdings Inc. - Class A | 11 | 1948 |
| T-Mobile US, Inc. | 72 | 17121 |
| United States Cellular Corporation (b) | 2 | 117 |
| Verizon Communications Inc. | 653 | 28269 |
| Walt Disney Company, The | 281 | 34838 |
| Warner Bros. Discovery, Inc. - Series A (b) | 353 | 4043 |
| Warner Music Group Corp. - Class A | 21 | 562 |
|  |  | 846406 |
| **Real Estate 0.3%** | **Real Estate 0.3%** | **Real Estate 0.3%** |
| Zillow Group, Inc. - Class A (b) | 8 | 555 |
| Zillow Group, Inc. - Class C (b) | 26 | 1834 |
|  |  | 2389 |
| **Consumer Discretionary 0.0%** | **Consumer Discretionary 0.0%** | **Consumer Discretionary 0.0%** |
| Vitamin Oldco Holdings, Inc. (b) (c) | 6 |  |
| Total Common Stocks (cost $628,381) | Total Common Stocks (cost $628,381) | 848795 |
| **SHORT TERM INVESTMENTS 0.2%** | **SHORT TERM INVESTMENTS 0.2%** | **SHORT TERM INVESTMENTS 0.2%** |
| **Investment Companies 0.2%** | **Investment Companies 0.2%** | **Investment Companies 0.2%** |
| JNL Government Money Market Fund - Class I, 4.20% (d) (e) | 1380 | 1380 |
| **Securities Lending Collateral 0.0%** | **Securities Lending Collateral 0.0%** | **Securities Lending Collateral 0.0%** |
| JNL Government Money Market Fund - Class SL, 4.30% (d) (e) | 178 | 178 |
| Total Short Term Investments (cost $1,558) | Total Short Term Investments (cost $1,558) | 1558 |
| **Total Investments 99.9% (cost $629,939)** | **Total Investments 99.9% (cost $629,939)** | **850353** |
| **Other Derivative Instruments 0.0%** | **Other Derivative Instruments 0.0%** | **27** |
| **Other Assets and Liabilities, Net 0.1%** | **Other Assets and Liabilities, Net 0.1%** | **1096** |
| **Total Net Assets 100.0%** | **Total Net Assets 100.0%** | **851476** |

---

(a) All or a portion of the security was on loan as of June 30, 2025.

(b) Non-income producing security.

(c) Security fair valued in good faith as a Level 3 security in accordance with the procedures approved by the Board of Trustees. Good faith fair valued securities are classified based on the applicable valuation inputs. See "Fair Value Measurement" in the Notes to Financial Statements.

(d) Investment in affiliate.

(e) Yield changes daily to reflect current market conditions. Rate was the quoted yield as of June 30, 2025.

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **JNL/Mellon Communication Services Sector Fund — Investments in Affiliates** | **JNL/Mellon Communication Services Sector Fund — Investments in Affiliates** | **JNL/Mellon Communication Services Sector Fund — Investments in Affiliates** | **JNL/Mellon Communication Services Sector Fund — Investments in Affiliates** | **JNL/Mellon Communication Services Sector Fund — Investments in Affiliates** | **JNL/Mellon Communication Services Sector Fund — Investments in Affiliates** | **JNL/Mellon Communication Services Sector Fund — Investments in Affiliates** | **JNL/Mellon Communication Services Sector Fund — Investments in Affiliates** | **JNL/Mellon Communication Services Sector Fund — Investments in Affiliates** |
| **Affiliated Investment** | **Value Beginning of Period($)** | **Purchases($)** | **Sales Proceeds($)** | **Dividend Income/ Distributions from Funds($)** | **Realized Gain (Loss)($)** | **Change in Unrealized Appreciation (Depreciation) ($)** | **Value End of Period($)** | **Percentage of Net Assets(%)** |
| JNL Government Money Market Fund, 4.20% - Class I | 2919 | 159379 | 160918 | 89 |  |  | 1380 | 0.2 |
| JNL Government Money Market Fund, 4.30% - Class SL | 968 | 7112 | 7902 | 29 |  |  | 178 |  |
|  | 3887 | 166491 | 168820 | 118 |  |  | 1558 | 0.2 |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **JNL/Mellon Communication Services Sector Fund — Futures Contracts** | **JNL/Mellon Communication Services Sector Fund — Futures Contracts** | **JNL/Mellon Communication Services Sector Fund — Futures Contracts** | **JNL/Mellon Communication Services Sector Fund — Futures Contracts** | **JNL/Mellon Communication Services Sector Fund — Futures Contracts** | **JNL/Mellon Communication Services Sector Fund — Futures Contracts** |
| **Reference Entity** | **Contracts<sup>1</sup>** | **Expiration** | **Notional<sup>1</sup>** | **Variation**<br> **Margin**<br> **Receivable**<br> (Payable) ($) | **Value/**<br> **Unrealized**<br> **Appreciation**<br> (Depreciation) ($) |
| **Long Contracts** | **Long Contracts** | **Long Contracts** | **Long Contracts** | **Long Contracts** | **Long Contracts** |
| S&P Communication Services Select Sector Index | 24 | September 2025 | 3259 | 27 | 176 |

---

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page [607](#abbreviations).

**JNL Series Trust** (Unaudited)

**Schedules of Investments (in thousands)**

June 30, 2025

**Fair Value Hierarchy.** Various inputs are used in determining the fair value of financial instruments. For a description of the input levels and information about the Fund's policy regarding valuation of financial instruments, see Note 3 in the Notes to Financial Statements. The following table summarizes the Fund's investments categorized in the disclosure hierarchy as of June 30, 2025.

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **<u>. Level 1 ($) .</u>** | **<u>. Level 2 ($) .</u>** | **<u>. Level 3 ($) .</u>** | **<u>. Total ($) .</u>** |
| **JNL/Mellon Communication Services Sector Fund** | **JNL/Mellon Communication Services Sector Fund** | **JNL/Mellon Communication Services Sector Fund** | **JNL/Mellon Communication Services Sector Fund** | **JNL/Mellon Communication Services Sector Fund** |
| **Assets - Securities** |  |  |  |  |
| &nbsp;&nbsp; Common Stocks | 848795 |  |  | 848795 |
| &nbsp;&nbsp; Short Term Investments | 1558 |  |  | 1558 |
|  | 850353 |  |  | 850353 |
| **Assets - Investments in Other Financial Instruments<sup>1</sup>** |  |  |  |  |
| &nbsp;&nbsp; Futures Contracts | 176 |  |  | 176 |
|  | 176 |  |  | 176 |

---

<sup>1</sup> All derivatives, except for purchased and written options, are reflected at the unrealized appreciation (depreciation) on the instrument. Purchased and written options are reflected at value.

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page [607](#abbreviations).

**JNL Series Trust** (Unaudited)

**Schedules of Investments (in thousands)**

June 30, 2025

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| **JNL/Mellon Consumer Discretionary Sector Fund** | **JNL/Mellon Consumer Discretionary Sector Fund** | **JNL/Mellon Consumer Discretionary Sector Fund** |
| **COMMON STOCKS 99.6%** | **COMMON STOCKS 99.6%** | **COMMON STOCKS 99.6%** |
| **Consumer Discretionary 95.9%** | **Consumer Discretionary 95.9%** | **Consumer Discretionary 95.9%** |
| Abercrombie & Fitch Co. - Class A (a) | 12 | 986 |
| Acushnet Holdings Corp. (b) | 7 | 492 |
| Airbnb, Inc. - Class A (a) | 106 | 13985 |
| Amazon.com, Inc. (a) | 1305 | 286404 |
| Aptiv PLC (a) | 57 | 3905 |
| Asbury Automotive Group, Inc. (a) | 5 | 1112 |
| Autoliv, Inc. | 17 | 1947 |
| AutoNation, Inc. (a) | 7 | 1410 |
| AutoZone, Inc. (a) | 4 | 15710 |
| Bath & Body Works, Inc. | 53 | 1575 |
| Best Buy Co., Inc. | 49 | 3312 |
| Booking Holdings Inc. | 8 | 47894 |
| Boot Barn Holdings, Inc. (a) | 7 | 1116 |
| BorgWarner Inc. | 53 | 1786 |
| Boyd Gaming Corporation | 15 | 1132 |
| Bright Horizons Family Solutions, Inc. (a) | 14 | 1755 |
| Brinker International, Inc. (a) | 11 | 2000 |
| Brunswick Corporation | 16 | 878 |
| Burlington Stores, Inc. (a) | 16 | 3693 |
| Caesars Entertainment, Inc. (a) | 52 | 1484 |
| CarMax, Inc. (a) | 38 | 2563 |
| Carnival Corporation (a) | 275 | 7722 |
| Carvana Co. - Class A (a) | 33 | 11161 |
| CAVA Group, Inc. (a) | 25 | 2117 |
| Cavco Industries, Inc. (a) | 2 | 809 |
| Chewy, Inc. - Class A (a) | 49 | 2102 |
| Chipotle Mexican Grill, Inc. (a) | 339 | 19042 |
| Choice Hotels International, Inc. (b) | 7 | 849 |
| Churchill Downs Incorporated | 18 | 1795 |
| Columbia Sportswear Company | 6 | 394 |
| Coupang, Inc. - Class A (a) | 312 | 9333 |
| Crocs, Inc. (a) | 14 | 1404 |
| D.R. Horton, Inc. | 70 | 9005 |
| Darden Restaurants, Inc. | 30 | 6448 |
| Deckers Outdoor Corporation (a) | 38 | 3954 |
| Dick's Sporting Goods, Inc. | 14 | 2791 |
| Dillard's, Inc. - Class A (b) | 1 | 389 |
| DK Crown Holdings Inc. - Class A (a) | 124 | 5298 |
| Domino's Pizza, Inc. | 8 | 3618 |
| DoorDash, Inc. - Class A (a) | 92 | 22582 |
| Dorman Products, Inc. (a) | 6 | 793 |
| Dutch Bros Inc. - Class A (a) | 29 | 1965 |
| eBay Inc. | 118 | 8813 |
| ETSY, Inc. (a) | 27 | 1346 |
| Expedia Group, Inc. | 31 | 5215 |
| Five Below, Inc. (a) | 14 | 1786 |
| Floor & Decor Holdings, Inc. - Class A (a) | 27 | 2048 |
| Flutter Entertainment Public Limited Company (a) | 42 | 12046 |
| Ford Motor Company | 993 | 10778 |
| Frontdoor, Inc. (a) | 18 | 1081 |
| GameStop Corp. - Class A (a) (b) | 102 | 2483 |
| Gap, Inc., The | 58 | 1271 |
| General Motors Company | 245 | 12076 |
| Gentex Corporation | 54 | 1181 |
| Genuine Parts Company | 35 | 4269 |
| Global Business Travel Group, Inc. - Class A (a) (b) | 24 | 153 |
| Group 1 Automotive, Inc. | 3 | 1418 |
| H & R Block, Inc. | 34 | 1879 |
| Hasbro, Inc. | 33 | 2459 |
| Hilton Grand Vacations Inc. (a) | 15 | 627 |
| Hilton Worldwide Holdings Inc. | 59 | 15717 |
| Home Depot, Inc., The | 252 | 92232 |
| Hyatt Hotels Corporation - Class A | 10 | 1427 |
| Installed Building Products, Inc. | 6 | 1026 |
| KB Home | 15 | 817 |
| Kontoor Brands, Inc. | 14 | 921 |
| Las Vegas Sands Corp. | 93 | 4065 |
| Lear Corporation | 14 | 1300 |
| Lennar Corporation - Class A | 58 | 6408 |
| Lennar Corporation - Class B | 2 | 258 |
| Life Time Group Holdings, Inc. (a) | 31 | 938 |
| Light & Wonder, Inc. (a) | 22 | 2096 |
| Lithia Motors, Inc. - Class A | 7 | 2204 |
| LKQ Corporation (b) | 66 | 2444 |
| Lowe`s Companies, Inc. | 142 | 31498 |
| Lucid Group, Inc. (a) (b) | 302 | 637 |
| Lululemon Athletica Inc. (a) | 27 | 6366 |
| Macy's, Inc. | 67 | 782 |
| Marriott International, Inc. - Class A | 58 | 15704 |
| Mattel, Inc. (a) | 83 | 1630 |
| McDonald's Corporation | 182 | 53079 |
| MercadoLibre, Inc. (a) | 12 | 31154 |
| Meritage Homes Corporation | 18 | 1194 |
| MGM Resorts International (a) | 51 | 1757 |
| Modine Manufacturing Company (a) | 12 | 1211 |
| Mohawk Industries, Inc. (a) | 13 | 1325 |
| Murphy USA Inc. | 5 | 1997 |
| NIKE, Inc. - Class B | 295 | 20976 |
| Norwegian Cruise Line Holdings Ltd. (a) | 112 | 2266 |
| NVR, Inc. (a) | 1 | 5273 |
| O'Reilly Automotive, Inc. (a) | 215 | 19363 |
| Penske Automotive Group, Inc. | 5 | 846 |
| Planet Fitness, Inc. - Class A (a) | 20 | 2221 |
| PulteGroup, Inc. | 51 | 5352 |
| PVH Corp. | 13 | 914 |
| Ralph Lauren Corporation - Class A | 10 | 2652 |
| RH (a) | 4 | 711 |
| Rivian Automotive, Inc. - Class A (a) (b) | 191 | 2624 |
| Ross Stores, Inc. | 82 | 10484 |
| Royal Caribbean Cruises Ltd. | 63 | 19850 |
| Service Corporation International | 36 | 2915 |
| Shake Shack, Inc. - Class A (a) | 10 | 1366 |
| Six Flags Entertainment Corporation (a) (b) | 23 | 698 |
| Skechers U.S.A., Inc. - Class A (a) | 34 | 2124 |
| Skyline Champion Corporation (a) | 13 | 839 |
| Somnigroup International Inc. | 47 | 3194 |
| Starbucks Corporation | 288 | 26378 |
| Tapestry, Inc. | 53 | 4611 |
| Taylor Morrison Home II Corporation - Class A (a) | 25 | 1555 |
| Tesla Inc. (a) | 709 | 225354 |
| Texas Roadhouse, Inc. - Class A | 17 | 3194 |
| Thor Industries, Inc. | 13 | 1174 |
| TJX Companies, Inc., The | 286 | 35274 |
| Toll Brothers, Inc. | 25 | 2859 |
| Tractor Supply Company | 128 | 6779 |
| Travel + Leisure Co. | 16 | 829 |
| Ulta Beauty, Inc. (a) | 11 | 5356 |
| Urban Outfitters, Inc. (a) | 15 | 1092 |
| V.F. Corporation | 82 | 967 |
| Vail Resorts, Inc. | 9 | 1424 |
| Valvoline, Inc. (a) | 32 | 1199 |
| Wayfair Inc. - Class A (a) | 25 | 1255 |
| Whirlpool Corporation | 14 | 1436 |
| Williams-Sonoma, Inc. | 31 | 5092 |
| Wingstop Inc. | 7 | 2367 |
| Wyndham Hotels & Resorts, Inc. | 19 | 1520 |
| Wynn Resorts, Limited | 21 | 2008 |
| Yum! Brands, Inc. | 71 | 10552 |
|  |  | 1306769 |
| **Materials 2.7%** | **Materials 2.7%** | **Materials 2.7%** |
| Amcor Pty Ltd | 580 | 5329 |
| Avery Dennison Corporation | 20 | 3482 |
| Ball Corporation | 68 | 3795 |
| Crown Holdings, Inc. | 30 | 3036 |
| Graphic Packaging Holding Company | 71 | 1486 |
| International Paper Company | 132 | 6201 |
| Packaging Corporation of America | 23 | 4256 |
| Sealed Air Corporation | 35 | 1097 |
| Silgan Holdings Inc. | 22 | 1208 |
| Smurfit Westrock Public Limited Company | 131 | 5661 |
| Sonoco Products Company | 25 | 1094 |
|  |  | 36645 |
| **Industrials 0.5%** | **Industrials 0.5%** | **Industrials 0.5%** |
| Allison Systems, Inc. | 22 | 2070 |
| Rollins, Inc. | 75 | 4210 |

---

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page [607](#abbreviations).

**JNL Series Trust** (Unaudited)

**Schedules of Investments (in thousands)**

June 30, 2025

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| Rush Enterprises, Inc. - Class A | 16 | 829 |
| Rush Enterprises, Inc. - Class B (b) | 1 | 74 |
| | | 7183 |
| **Consumer Staples 0.5%** | **Consumer Staples 0.5%** | **Consumer Staples 0.5%** |
| Casey's General Stores, Inc. | 9 | 4707 |
| Maplebear Inc. (a) | 46 | 2081 |
| Reynolds Consumer Products Inc. | 14 | 301 |
|  |  | 7089 |
| Total Common Stocks (cost $969,792) | Total Common Stocks (cost $969,792) | 1357686 |
| **SHORT TERM INVESTMENTS 0.2%** | **SHORT TERM INVESTMENTS 0.2%** | **SHORT TERM INVESTMENTS 0.2%** |
| **Securities Lending Collateral 0.1%** | **Securities Lending Collateral 0.1%** | **Securities Lending Collateral 0.1%** |
| JNL Government Money Market Fund - Class SL, 4.30% (c) (d) | 1611 | 1611 |
| **Investment Companies 0.1%** | **Investment Companies 0.1%** | **Investment Companies 0.1%** |
| JNL Government Money Market Fund - Class I, 4.20% (c) (d) | 1555 | 1555 |
| Total Short Term Investments (cost $3,166) | Total Short Term Investments (cost $3,166) | 3166 |
| **Total Investments 99.8% (cost $972,958)** | **Total Investments 99.8% (cost $972,958)** | **1360852** |
| **Other Derivative Instruments (0.0)%** | **Other Derivative Instruments (0.0)%** | (33) |
| **Other Assets and Liabilities, Net 0.2%** | **Other Assets and Liabilities, Net 0.2%** | **2255** |
| **Total Net Assets 100.0%** | **Total Net Assets 100.0%** | **1363074** |

---

(a) Non-income producing security.

(b) All or a portion of the security was on loan as of June 30, 2025.

(c) Investment in affiliate.

(d) Yield changes daily to reflect current market conditions. Rate was the quoted yield as of June 30, 2025.

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **JNL/Mellon Consumer Discretionary Sector Fund — Investments in Affiliates** | **JNL/Mellon Consumer Discretionary Sector Fund — Investments in Affiliates** | **JNL/Mellon Consumer Discretionary Sector Fund — Investments in Affiliates** | **JNL/Mellon Consumer Discretionary Sector Fund — Investments in Affiliates** | **JNL/Mellon Consumer Discretionary Sector Fund — Investments in Affiliates** | **JNL/Mellon Consumer Discretionary Sector Fund — Investments in Affiliates** | **JNL/Mellon Consumer Discretionary Sector Fund — Investments in Affiliates** | **JNL/Mellon Consumer Discretionary Sector Fund — Investments in Affiliates** | **JNL/Mellon Consumer Discretionary Sector Fund — Investments in Affiliates** |
| **Affiliated Investment** | **Value Beginning of Period($)** | **Purchases($)** | **Sales Proceeds($)** | **Dividend Income/ Distributions from Funds($)** | **Realized Gain (Loss)($)** | **Change in Unrealized Appreciation (Depreciation) ($)** | **Value End of Period($)** | **Percentage of Net Assets(%)** |
| JNL Government Money Market Fund, 4.20% - Class I | 3436 | 108625 | 110506 | 83 |  |  | 1555 | 0.1 |
| JNL Government Money Market Fund, 4.30% - Class SL | 3234 | 46216 | 47839 | 53 |  |  | 1611 | 0.1 |
|  | 6670 | 154841 | 158345 | 136 |  |  | 3166 | 0.2 |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **JNL/Mellon Consumer Discretionary Sector Fund — Futures Contracts** | **JNL/Mellon Consumer Discretionary Sector Fund — Futures Contracts** | **JNL/Mellon Consumer Discretionary Sector Fund — Futures Contracts** | **JNL/Mellon Consumer Discretionary Sector Fund — Futures Contracts** | **JNL/Mellon Consumer Discretionary Sector Fund — Futures Contracts** | **JNL/Mellon Consumer Discretionary Sector Fund — Futures Contracts** |
| **Reference Entity** | **Contracts<sup>1</sup>** | **Expiration** | **Notional<sup>1</sup>** | **Variation**<br> **Margin**<br> **Receivable**<br> (Payable) ($) | **Value/**<br> **Unrealized**<br> **Appreciation**<br> (Depreciation) ($) |
| **Long Contracts** | **Long Contracts** | **Long Contracts** | **Long Contracts** | **Long Contracts** | **Long Contracts** |
| S&P Consumer Discretionary Select Sector Index | 29 | September 2025 | 6348 | (33) | 83 |

---

**Fair Value Hierarchy.** Various inputs are used in determining the fair value of financial instruments. For a description of the input levels and information about the Fund's policy regarding valuation of financial instruments, see Note 3 in the Notes to Financial Statements. The following table summarizes the Fund's investments categorized in the disclosure hierarchy as of June 30, 2025.

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **<u>. Level 1 ($) .</u>** | **<u>. Level 2 ($) .</u>** | **<u>. Level 3 ($) .</u>** | **<u>. Total ($) .</u>** |
| **JNL/Mellon Consumer Discretionary Sector Fund** | **JNL/Mellon Consumer Discretionary Sector Fund** | **JNL/Mellon Consumer Discretionary Sector Fund** | **JNL/Mellon Consumer Discretionary Sector Fund** | **JNL/Mellon Consumer Discretionary Sector Fund** |
| **Assets - Securities** |  |  |  |  |
| &nbsp;&nbsp; Common Stocks | 1357686 |  |  | 1357686 |
| &nbsp;&nbsp; Short Term Investments | 3166 |  |  | 3166 |
|  | 1360852 |  |  | 1360852 |
| **Assets - Investments in Other Financial Instruments<sup>1</sup>** |  |  |  |  |
| &nbsp;&nbsp; Futures Contracts | 83 |  |  | 83 |
|  | 83 |  |  | 83 |

---

<sup>1</sup> All derivatives, except for purchased and written options, are reflected at the unrealized appreciation (depreciation) on the instrument. Purchased and written options are reflected at value.

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page [607](#abbreviations).

**JNL Series Trust** (Unaudited)

**Schedules of Investments (in thousands)**

June 30, 2025

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| **JNL/Mellon Consumer Staples Sector Fund** | **JNL/Mellon Consumer Staples Sector Fund** | **JNL/Mellon Consumer Staples Sector Fund** |
| **COMMON STOCKS 99.2%** | **COMMON STOCKS 99.2%** | **COMMON STOCKS 99.2%** |
| **Consumer Staples 96.9%** | **Consumer Staples 96.9%** | **Consumer Staples 96.9%** |
| Albertsons Companies, Inc. - Class A | 93 | 1994 |
| Altria Group, Inc. | 201 | 11776 |
| Archer-Daniels-Midland Company | 73 | 3837 |
| Bellring Intermediate Holdings, Inc. (a) | 32 | 1860 |
| BJ's Wholesale Club Holdings, Inc. (a) | 23 | 2450 |
| Brown-Forman Corporation - Class A | 40 | 1097 |
| Brown-Forman Corporation - Class B | 66 | 1779 |
| Bunge Global SA | 29 | 2345 |
| Cal-Maine Foods, Inc. | 17 | 1662 |
| Campbell's Company, The | 55 | 1698 |
| Celsius Holdings, Inc. (a) | 48 | 2237 |
| Church & Dwight Co., Inc. | 38 | 3676 |
| Clorox Company, The | 22 | 2655 |
| Coca-Cola Company, The | 435 | 30769 |
| Coca-Cola Consolidated, Inc. | 16 | 1755 |
| Colgate-Palmolive Company | 100 | 9099 |
| Conagra Brands, Inc. | 102 | 2086 |
| Constellation Brands, Inc. - Class A | 23 | 3713 |
| Costco Wholesale Corporation | 49 | 48202 |
| Coty Inc. - Class A (a) | 274 | 1276 |
| Darling Ingredients Inc. (a) | 53 | 2012 |
| Dollar General Corporation | 35 | 4057 |
| Dollar Tree, Inc. (a) | 35 | 3437 |
| e.l.f. Beauty, Inc. (a) | 16 | 1955 |
| Estee Lauder Companies Inc., The - Class A | 42 | 3413 |
| Flowers Foods, Inc. (b) | 90 | 1438 |
| Freshpet, Inc. (a) (b) | 19 | 1320 |
| General Mills, Inc. | 80 | 4149 |
| Hormel Foods Corporation | 69 | 2085 |
| Ingredion Incorporated | 15 | 2029 |
| Interparfums, Inc. | 10 | 1383 |
| J. M. Smucker Company, The | 22 | 2117 |
| Kellanova | 43 | 3445 |
| Kenvue Inc. | 234 | 4908 |
| Keurig Dr Pepper Inc. | 165 | 5447 |
| Kimberly-Clark Corporation | 44 | 5649 |
| Kraft Heinz Company, The | 137 | 3532 |
| Kroger Co., The | 83 | 5944 |
| Lamb Weston Holdings, Inc. | 35 | 1802 |
| Lancaster Colony Corporation | 9 | 1574 |
| McCormick & Company, Incorporated | 43 | 3256 |
| Molson Coors Beverage Company - Class B | 40 | 1911 |
| Mondelez International, Inc. - Class A | 156 | 10527 |
| Monster Beverage 1990 Corporation (a) | 92 | 5737 |
| National Beverage Corp. | 29 | 1242 |
| PepsiCo, Inc. | 156 | 20625 |
| Performance Food Group Company (a) | 30 | 2591 |
| Philip Morris International Inc. | 173 | 31445 |
| Pilgrim's Pride Corporation | 28 | 1271 |
| Post Holdings, Inc. (a) | 16 | 1740 |
| Primo Brands Corporation - Class A | 57 | 1691 |
| Procter & Gamble Company, The | 258 | 41129 |
| Simply Good Foods Company, The (a) | 43 | 1365 |
| Sprouts Farmers Market, Inc. (a) | 17 | 2838 |
| Sysco Corporation | 68 | 5179 |
| Target Corporation | 61 | 6021 |
| The Hershey Company | 23 | 3825 |
| Tyson Foods, Inc. - Class A | 50 | 2789 |
| US Foods Holding Corp. (a) | 39 | 3022 |
| Walmart Inc. | 476 | 46528 |
|  |  | 392394 |
| **Consumer Discretionary 1.8%** | **Consumer Discretionary 1.8%** | **Consumer Discretionary 1.8%** |
| Adtalem Global Education Inc. (a) | 13 | 1620 |
| Grand Canyon Education, Inc. (a) | 9 | 1674 |
| Ollie's Bargain Outlet Holdings, Inc. (a) | 17 | 2246 |
| Stride, Inc. (a) | 12 | 1750 |
|  |  | 7290 |
| **Health Care 0.5%** | **Health Care 0.5%** | **Health Care 0.5%** |
| Hims & Hers Health, Inc. - Class A (a) (b) | 42 | 2121 |
| Total Common Stocks (cost $365,360) | Total Common Stocks (cost $365,360) | 401805 |
| **SHORT TERM INVESTMENTS 1.0%** | **SHORT TERM INVESTMENTS 1.0%** | **SHORT TERM INVESTMENTS 1.0%** |
| **Investment Companies 0.5%** | **Investment Companies 0.5%** | **Investment Companies 0.5%** |
| JNL Government Money Market Fund - Class I, 4.20% (c) (d) | 2024 | 2024 |
| **Securities Lending Collateral 0.5%** | **Securities Lending Collateral 0.5%** | **Securities Lending Collateral 0.5%** |
| JNL Government Money Market Fund - Class SL, 4.30% (c) (d) | 1934 | 1934 |
| Total Short Term Investments (cost $3,958) | Total Short Term Investments (cost $3,958) | 3958 |
| **Total Investments 100.2% (cost $369,318)** | **Total Investments 100.2% (cost $369,318)** | **405763** |
| **Other Derivative Instruments 0.0%** | **Other Derivative Instruments 0.0%** | **17** |
| **Other Assets and Liabilities, Net (0.2)%** | **Other Assets and Liabilities, Net (0.2)%** | (947) |
| **Total Net Assets 100.0%** | **Total Net Assets 100.0%** | **404833** |

---

(a) Non-income producing security.

(b) All or a portion of the security was on loan as of June 30, 2025.

(c) Investment in affiliate.

(d) Yield changes daily to reflect current market conditions. Rate was the quoted yield as of June 30, 2025.

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **JNL/Mellon Consumer Staples Sector Fund — Investments in Affiliates** | **JNL/Mellon Consumer Staples Sector Fund — Investments in Affiliates** | **JNL/Mellon Consumer Staples Sector Fund — Investments in Affiliates** | **JNL/Mellon Consumer Staples Sector Fund — Investments in Affiliates** | **JNL/Mellon Consumer Staples Sector Fund — Investments in Affiliates** | **JNL/Mellon Consumer Staples Sector Fund — Investments in Affiliates** | **JNL/Mellon Consumer Staples Sector Fund — Investments in Affiliates** | **JNL/Mellon Consumer Staples Sector Fund — Investments in Affiliates** | **JNL/Mellon Consumer Staples Sector Fund — Investments in Affiliates** |
| **Affiliated Investment** | **Value Beginning of Period($)** | **Purchases($)** | **Sales Proceeds($)** | **Dividend Income/ Distributions from Funds($)** | **Realized Gain (Loss)($)** | **Change in Unrealized Appreciation (Depreciation) ($)** | **Value End of Period($)** | **Percentage of Net Assets(%)** |
| JNL Government Money Market Fund, 4.20% - Class I | 41 | 82579 | 80596 | 54 |  |  | 2024 | 0.5 |
| JNL Government Money Market Fund, 4.30% - Class SL |  | 11846 | 9912 | 2 |  |  | 1934 | 0.5 |
|  | 41 | 94425 | 90508 | 56 |  |  | 3958 | 1.0 |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **JNL/Mellon Consumer Staples Sector Fund — Futures Contracts** | **JNL/Mellon Consumer Staples Sector Fund — Futures Contracts** | **JNL/Mellon Consumer Staples Sector Fund — Futures Contracts** | **JNL/Mellon Consumer Staples Sector Fund — Futures Contracts** | **JNL/Mellon Consumer Staples Sector Fund — Futures Contracts** | **JNL/Mellon Consumer Staples Sector Fund — Futures Contracts** |
| **Reference Entity** | **Contracts<sup>1</sup>** | **Expiration** | **Notional<sup>1</sup>** | **Variation**<br> **Margin**<br> **Receivable**<br> (Payable) ($) | **Value/**<br> **Unrealized**<br> **Appreciation**<br> (Depreciation) ($) |
| **Long Contracts** | **Long Contracts** | **Long Contracts** | **Long Contracts** | **Long Contracts** | **Long Contracts** |
| S&P Consumer Staples Select Sector Index | 39 | September 2025 | 3187 | 17 | 25 |

---

**Fair Value Hierarchy.** Various inputs are used in determining the fair value of financial instruments. For a description of the input levels and information about the Fund's policy regarding valuation of financial instruments, see Note 3 in the Notes to Financial Statements. The following table summarizes the Fund's investments categorized in the disclosure hierarchy as of June 30, 2025.

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page [607](#abbreviations).

**JNL Series Trust** (Unaudited)

**Schedules of Investments (in thousands)**

June 30, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **<u>. Level 1 ($) .</u>** | **<u>. Level 2 ($) .</u>** | **<u>. Level 3 ($) .</u>** | **<u>. Total ($) .</u>** |
| **JNL/Mellon Consumer Staples Sector Fund** | **JNL/Mellon Consumer Staples Sector Fund** | **JNL/Mellon Consumer Staples Sector Fund** | **JNL/Mellon Consumer Staples Sector Fund** | **JNL/Mellon Consumer Staples Sector Fund** |
| **Assets - Securities** |  |  |  |  |
| &nbsp;&nbsp; Common Stocks | 401805 |  |  | 401805 |
| &nbsp;&nbsp; Short Term Investments | 3958 |  |  | 3958 |
|  | 405763 |  |  | 405763 |
| **Assets - Investments in Other Financial Instruments<sup>1</sup>** |  |  |  |  |
| &nbsp;&nbsp; Futures Contracts | 25 |  |  | 25 |
|  | 25 |  |  | 25 |

---

<sup>1</sup> All derivatives, except for purchased and written options, are reflected at the unrealized appreciation (depreciation) on the instrument. Purchased and written options are reflected at value.

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page [607](#abbreviations).

**JNL Series Trust** (Unaudited)

**Schedules of Investments (in thousands)**

June 30, 2025

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| **JNL/Mellon Dow Index Fund** | **JNL/Mellon Dow Index Fund** | **JNL/Mellon Dow Index Fund** |
| **COMMON STOCKS 99.1%** | **COMMON STOCKS 99.1%** | **COMMON STOCKS 99.1%** |
| **Financials 26.8%** | **Financials 26.8%** | **Financials 26.8%** |
| American Express Company | 177 | 56562 |
| Goldman Sachs Group, Inc., The | 177 | 125500 |
| JPMorgan Chase & Co. | 178 | 51407 |
| Travelers Companies, Inc., The | 178 | 47441 |
| Visa Inc. - Class A | 177 | 62958 |
|  |  | 343868 |
| **Information Technology 20.7%** | **Information Technology 20.7%** | **Information Technology 20.7%** |
| Apple Inc. | 177 | 36381 |
| Cisco Systems, Inc. | 177 | 12303 |
| International Business Machines Corporation | 177 | 52271 |
| Microsoft Corporation | 178 | 88202 |
| NVIDIA Corporation | 177 | 28015 |
| Salesforce, Inc. | 177 | 48354 |
|  |  | 265526 |
| **Industrials 13.6%** | **Industrials 13.6%** | **Industrials 13.6%** |
| 3M Company | 177 | 26995 |
| Boeing Company, The (a) | 177 | 37154 |
| Caterpillar Inc. | 177 | 68838 |
| Honeywell International Inc. | 178 | 41295 |
|  |  | 174282 |
| **Consumer Discretionary 13.1%** | **Consumer Discretionary 13.1%** | **Consumer Discretionary 13.1%** |
| Amazon.com, Inc. (a) | 177 | 38903 |
| Home Depot, Inc., The | 177 | 65013 |
| McDonald's Corporation | 177 | 51808 |
| NIKE, Inc. - Class B | 178 | 12597 |
|  |  | 168321 |
| **Health Care 11.4%** | **Health Care 11.4%** | **Health Care 11.4%** |
| Amgen Inc. | 178 | 49510 |
| Johnson & Johnson | 177 | 27086 |
| Merck & Co., Inc. | 177 | 14037 |
| UnitedHealth Group Incorporated | 177 | 55319 |
|  |  | 145952 |
| **Materials 4.7%** | **Materials 4.7%** | **Materials 4.7%** |
| Sherwin-Williams Company, The | 178 | 60885 |
| **Consumer Staples 4.5%** | **Consumer Staples 4.5%** | **Consumer Staples 4.5%** |
| Coca-Cola Company, The | 178 | 12545 |
| Procter & Gamble Company, The | 178 | 28251 |
| Walmart Inc. | 177 | 17339 |
|  |  | 58135 |
| **Communication Services 2.3%** | **Communication Services 2.3%** | **Communication Services 2.3%** |
| Verizon Communications Inc. | 178 | 7673 |
| Walt Disney Company, The | 177 | 21990 |
|  |  | 29663 |
| **Energy 2.0%** | **Energy 2.0%** | **Energy 2.0%** |
| Chevron Corporation | 177 | 25391 |
| Total Common Stocks (cost $723,382) | Total Common Stocks (cost $723,382) | 1272023 |
| **SHORT TERM INVESTMENTS 0.9%** | **SHORT TERM INVESTMENTS 0.9%** | **SHORT TERM INVESTMENTS 0.9%** |
| **Investment Companies 0.9%** | **Investment Companies 0.9%** | **Investment Companies 0.9%** |
| JNL Government Money Market Fund - Class I, 4.20% (b) (c) | 11990 | 11990 |
| Total Short Term Investments (cost $11,990) | Total Short Term Investments (cost $11,990) | 11990 |
| **Total Investments 100.0% (cost $735,372)** | **Total Investments 100.0% (cost $735,372)** | **1284013** |
| **Other Derivative Instruments 0.0%** | **Other Derivative Instruments 0.0%** | **76** |
| **Other Assets and Liabilities, Net (0.0)%** | **Other Assets and Liabilities, Net (0.0)%** | (40) |
| **Total Net Assets 100.0%** | **Total Net Assets 100.0%** | **1284049** |

---

(a) Non-income producing security.

(b) Investment in affiliate.

(c) Yield changes daily to reflect current market conditions. Rate was the quoted yield as of June 30, 2025.

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **JNL/Mellon Dow Index Fund — Investments in Affiliates** | **JNL/Mellon Dow Index Fund — Investments in Affiliates** | **JNL/Mellon Dow Index Fund — Investments in Affiliates** | **JNL/Mellon Dow Index Fund — Investments in Affiliates** | **JNL/Mellon Dow Index Fund — Investments in Affiliates** | **JNL/Mellon Dow Index Fund — Investments in Affiliates** | **JNL/Mellon Dow Index Fund — Investments in Affiliates** | **JNL/Mellon Dow Index Fund — Investments in Affiliates** | **JNL/Mellon Dow Index Fund — Investments in Affiliates** |
| **Affiliated Investment** | **Value Beginning of Period($)** | **Purchases($)** | **Sales Proceeds($)** | **Dividend Income/ Distributions from Funds($)** | **Realized Gain (Loss)($)** | **Change in Unrealized Appreciation (Depreciation) ($)** | **Value End of Period($)** | **Percentage of Net Assets(%)** |
| JNL Government Money Market Fund, 4.20% - Class I | 3560 | 81752 | 73322 | 183 |  |  | 11990 | 0.9 |
| JNL Government Money Market Fund, 4.30% - Class SL |  | 20020 | 20020 | 14 |  |  |  |  |
|  | 3560 | 101772 | 93342 | 197 |  |  | 11990 | 0.9 |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **JNL/Mellon Dow Index Fund — Futures Contracts** | **JNL/Mellon Dow Index Fund — Futures Contracts** | **JNL/Mellon Dow Index Fund — Futures Contracts** | **JNL/Mellon Dow Index Fund — Futures Contracts** | **JNL/Mellon Dow Index Fund — Futures Contracts** | **JNL/Mellon Dow Index Fund — Futures Contracts** |
| **Reference Entity** | **Contracts<sup>1</sup>** | **Expiration** | **Notional<sup>1</sup>** | **Variation**<br> **Margin**<br> **Receivable**<br> (Payable) ($) | **Value/**<br> **Unrealized**<br> **Appreciation**<br> (Depreciation) ($) |
| **Long Contracts** | **Long Contracts** | **Long Contracts** | **Long Contracts** | **Long Contracts** | **Long Contracts** |
| Dow Jones Industrial Average Index | 60 | September 2025 | 12946 | 76 | 370 |

---

**Fair Value Hierarchy.** Various inputs are used in determining the fair value of financial instruments. For a description of the input levels and information about the Fund's policy regarding valuation of financial instruments, see Note 3 in the Notes to Financial Statements. The following table summarizes the Fund's investments categorized in the disclosure hierarchy as of June 30, 2025.

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **<u>. Level 1 ($) .</u>** | **<u>. Level 2 ($) .</u>** | **<u>. Level 3 ($) .</u>** | **<u>. Total ($) .</u>** |
| **JNL/Mellon Dow Index Fund** | **JNL/Mellon Dow Index Fund** | **JNL/Mellon Dow Index Fund** | **JNL/Mellon Dow Index Fund** | **JNL/Mellon Dow Index Fund** |
| **Assets - Securities** |  |  |  |  |
| &nbsp;&nbsp; Common Stocks | 1272023 |  |  | 1272023 |
| &nbsp;&nbsp; Short Term Investments | 11990 |  |  | 11990 |
|  | 1284013 |  |  | 1284013 |
| **Assets - Investments in Other Financial Instruments<sup>1</sup>** |  |  |  |  |
| &nbsp;&nbsp; Futures Contracts | 370 |  |  | 370 |
|  | 370 |  |  | 370 |

---

<sup>1</sup> All derivatives, except for purchased and written options, are reflected at the unrealized appreciation (depreciation) on the instrument. Purchased and written options are reflected at value.

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page [607](#abbreviations).

**JNL Series Trust** (Unaudited)

**Schedules of Investments (in thousands)**

June 30, 2025

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| **JNL/Mellon Energy Sector Fund** | **JNL/Mellon Energy Sector Fund** | **JNL/Mellon Energy Sector Fund** |
| **COMMON STOCKS 99.4%** | **COMMON STOCKS 99.4%** | **COMMON STOCKS 99.4%** |
| **Energy 99.0%** | **Energy 99.0%** | **Energy 99.0%** |
| Antero Midstream Corporation | 281 | 5327 |
| Antero Resources Corporation (a) | 235 | 9476 |
| Apa Corp. | 318 | 5822 |
| Archrock, Inc. | 152 | 3772 |
| Baker Hughes Company - Class A | 877 | 33613 |
| California Resources Corporation | 56 | 2581 |
| ChampionX Corporation | 163 | 4049 |
| Cheniere Energy, Inc. | 198 | 48311 |
| Chevron Corporation | 1432 | 205034 |
| Chord Energy Corporation | 53 | 5139 |
| CNX Resources Corporation (a) | 126 | 4236 |
| Comstock Resources, Inc. (a) | 62 | 1728 |
| ConocoPhillips | 1126 | 101064 |
| Core Natural Resources, Inc. | 45 | 3144 |
| Coterra Energy Inc. | 670 | 16995 |
| Devon Energy Corporation | 541 | 17207 |
| Diamondback Energy, Inc. | 168 | 23068 |
| DT Midstream, Inc. | 87 | 9585 |
| EOG Resources, Inc. | 488 | 58332 |
| EQT Corporation | 522 | 30416 |
| Expand Energy Corporation | 202 | 23571 |
| Exxon Mobil Corporation | 3841 | 414014 |
| Halliburton Company | 759 | 15464 |
| Hess Corporation | 253 | 35101 |
| HF Sinclair Corporation | 136 | 5583 |
| Kinder Morgan, Inc. | 1741 | 51182 |
| Magnolia Oil & Gas Corporation - Class A | 153 | 3437 |
| Marathon Petroleum Corporation | 277 | 45956 |
| Matador Resources Company | 99 | 4730 |
| Murphy Oil Corporation | 118 | 2662 |
| Noble Corporation 2022 Limited | 112 | 2966 |
| NOV Inc. | 322 | 4007 |
| Occidental Petroleum Corporation | 580 | 24372 |
| ONEOK, Inc. | 550 | 44896 |
| Ovintiv Canada ULC | 231 | 8777 |
| Permian Resources Corporation - Class A | 557 | 7593 |
| Phillips 66 | 360 | 42979 |
| Range Resources Corporation | 212 | 8627 |
| Schlumberger Limited | 1196 | 40416 |
| Targa Resources Corp. | 192 | 33363 |
| TechnipFMC PLC | 368 | 12679 |
| Texas Pacific Land Corporation | 17 | 17744 |
| Valero Energy Corporation | 278 | 37386 |
| Venture Global, Inc. - Class A (b) | 86 | 1339 |
| Viper Energy, Inc. - Class A | 116 | 4444 |
| Weatherford International Public Limited Company | 64 | 3221 |
| Williams Companies, Inc., The | 1076 | 67589 |
|  |  | 1552997 |
| **Utilities 0.4%** | **Utilities 0.4%** | **Utilities 0.4%** |
| National Fuel Gas Company | 80 | 6746 |
| Total Common Stocks (cost $1,446,423) | Total Common Stocks (cost $1,446,423) | 1559743 |
| **SHORT TERM INVESTMENTS 0.6%** | **SHORT TERM INVESTMENTS 0.6%** | **SHORT TERM INVESTMENTS 0.6%** |
| **Investment Companies 0.5%** | **Investment Companies 0.5%** | **Investment Companies 0.5%** |
| JNL Government Money Market Fund - Class I, 4.20% (c) (d) | 8160 | 8160 |
| **Securities Lending Collateral 0.1%** | **Securities Lending Collateral 0.1%** | **Securities Lending Collateral 0.1%** |
| JNL Government Money Market Fund - Class SL, 4.30% (c) (d) | 1371 | 1371 |
| Total Short Term Investments (cost $9,531) | Total Short Term Investments (cost $9,531) | 9531 |
| **Total Investments 100.0% (cost $1,455,954)** | **Total Investments 100.0% (cost $1,455,954)** | **1569274** |
| **Other Derivative Instruments (0.0)%** | **Other Derivative Instruments (0.0)%** | (70) |
| **Other Assets and Liabilities, Net 0.0%** | **Other Assets and Liabilities, Net 0.0%** | **3** |
| **Total Net Assets 100.0%** | **Total Net Assets 100.0%** | **1569207** |

---

(a) Non-income producing security.

(b) All or a portion of the security was on loan as of June 30, 2025.

(c) Investment in affiliate.

(d) Yield changes daily to reflect current market conditions. Rate was the quoted yield as of June 30, 2025.

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **JNL/Mellon Energy Sector Fund — Investments in Affiliates** | **JNL/Mellon Energy Sector Fund — Investments in Affiliates** | **JNL/Mellon Energy Sector Fund — Investments in Affiliates** | **JNL/Mellon Energy Sector Fund — Investments in Affiliates** | **JNL/Mellon Energy Sector Fund — Investments in Affiliates** | **JNL/Mellon Energy Sector Fund — Investments in Affiliates** | **JNL/Mellon Energy Sector Fund — Investments in Affiliates** | **JNL/Mellon Energy Sector Fund — Investments in Affiliates** | **JNL/Mellon Energy Sector Fund — Investments in Affiliates** |
| **Affiliated Investment** | **Value Beginning of Period($)** | **Purchases($)** | **Sales Proceeds($)** | **Dividend Income/ Distributions from Funds($)** | **Realized Gain (Loss)($)** | **Change in Unrealized Appreciation (Depreciation) ($)** | **Value End of Period($)** | **Percentage of Net Assets(%)** |
| JNL Government Money Market Fund, 4.20% - Class I | 10297 | 210698 | 212835 | 199 |  |  | 8160 | 0.5 |
| JNL Government Money Market Fund, 4.30% - Class SL | 355 | 14051 | 13035 | 13 |  |  | 1371 | 0.1 |
|  | 10652 | 224749 | 225870 | 212 |  |  | 9531 | 0.6 |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **JNL/Mellon Energy Sector Fund — Futures Contracts** | **JNL/Mellon Energy Sector Fund — Futures Contracts** | **JNL/Mellon Energy Sector Fund — Futures Contracts** | **JNL/Mellon Energy Sector Fund — Futures Contracts** | **JNL/Mellon Energy Sector Fund — Futures Contracts** | **JNL/Mellon Energy Sector Fund — Futures Contracts** |
| **Reference Entity** | **Contracts<sup>1</sup>** | **Expiration** | **Notional<sup>1</sup>** | **Variation**<br> **Margin**<br> **Receivable**<br> (Payable) ($) | **Value/**<br> **Unrealized**<br> **Appreciation**<br> (Depreciation) ($) |
| **Long Contracts** | **Long Contracts** | **Long Contracts** | **Long Contracts** | **Long Contracts** | **Long Contracts** |
| S&P Energy Select Sector Index | 119 | September 2025 | 10757 | (70) | (97) |

---

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page [607](#abbreviations).

**JNL Series Trust** (Unaudited)

**Schedules of Investments (in thousands)**

June 30, 2025

**Fair Value Hierarchy.** Various inputs are used in determining the fair value of financial instruments. For a description of the input levels and information about the Fund's policy regarding valuation of financial instruments, see Note 3 in the Notes to Financial Statements. The following table summarizes the Fund's investments categorized in the disclosure hierarchy as of June 30, 2025.

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **<u>. Level 1 ($) .</u>** | **<u>. Level 2 ($) .</u>** | **<u>. Level 3 ($) .</u>** | **<u>. Total ($) .</u>** |
| **JNL/Mellon Energy Sector Fund** | **JNL/Mellon Energy Sector Fund** | **JNL/Mellon Energy Sector Fund** | **JNL/Mellon Energy Sector Fund** | **JNL/Mellon Energy Sector Fund** |
| **Assets - Securities** |  |  |  |  |
| &nbsp;&nbsp; Common Stocks | 1559743 |  |  | 1559743 |
| &nbsp;&nbsp; Short Term Investments | 9531 |  |  | 9531 |
|  | 1569274 |  |  | 1569274 |
| **Liabilities - Investments in Other Financial Instruments<sup>1</sup>** |  |  |  |  |
| &nbsp;&nbsp; Futures Contracts | (97) |  |  | (97) |
|  | (97) |  |  | (97) |

---

<sup>1</sup> All derivatives, except for purchased and written options, are reflected at the unrealized appreciation (depreciation) on the instrument. Purchased and written options are reflected at value.

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page [607](#abbreviations).

**JNL Series Trust** (Unaudited)

**Schedules of Investments (in thousands)**

June 30, 2025

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| **JNL/Mellon Financial Sector Fund** | **JNL/Mellon Financial Sector Fund** | **JNL/Mellon Financial Sector Fund** |
| **COMMON STOCKS 99.5%** | **COMMON STOCKS 99.5%** | **COMMON STOCKS 99.5%** |
| **Financials 99.2%** | **Financials 99.2%** | **Financials 99.2%** |
| Affiliated Managers Group, Inc. | 6 | 1157 |
| AFLAC Incorporated | 98 | 10294 |
| Allstate Corporation, The | 52 | 10514 |
| Ally Financial Inc. | 53 | 2068 |
| American Express Company | 109 | 34708 |
| American Financial Group, Inc. | 15 | 1829 |
| American International Group, Inc. | 114 | 9794 |
| Ameriprise Financial, Inc. | 19 | 10111 |
| Ameris Bancorp | 13 | 845 |
| AON Public Limited Company - Class A | 43 | 15269 |
| Apollo Global Management, Inc. | 88 | 12470 |
| Arch Capital Group Ltd. | 74 | 6695 |
| Ares Management Corporation - Class A | 40 | 6901 |
| Arthur J. Gallagher & Co. | 50 | 16087 |
| Associated Banc-Corp | 32 | 781 |
| Assurant, Inc. | 10 | 2030 |
| Assured Guaranty Ltd. | 10 | 857 |
| Atlantic Union Bank | 24 | 752 |
| AXIS Capital Holdings Limited | 15 | 1505 |
| Axos Financial, Inc. (a) | 10 | 787 |
| BancFirst Corporation | 4 | 502 |
| Bank of America Corporation | 1350 | 63890 |
| Bank of New York Mellon Corporation, The (b) | 136 | 12427 |
| Bank OZK | 20 | 962 |
| Berkshire Hathaway Inc. - Class B (a) | 363 | 176527 |
| BGC Group, Inc. - Class A | 71 | 729 |
| BlackRock, Inc. | 27 | 28802 |
| Blackstone Inc. - Class A | 144 | 21593 |
| Blue Owl Capital Inc. - Class A | 113 | 2173 |
| BOK Financial Corporation | 5 | 465 |
| Brown & Brown, Inc. | 56 | 6150 |
| Cadence Bank | 35 | 1123 |
| Capital One Financial Corporation | 125 | 26676 |
| Cathay General Bancorp | 14 | 641 |
| Charles Schwab Corporation, The | 336 | 30683 |
| Chubb Limited | 74 | 21329 |
| Cincinnati Financial Corporation | 30 | 4535 |
| Citigroup Inc. | 372 | 31657 |
| Citizens Financial Group, Inc. | 86 | 3855 |
| CME Group Inc. - Class A | 71 | 19569 |
| CNO Financial Group, Inc. | 21 | 813 |
| Cohen & Steers, Inc. | 5 | 405 |
| Coinbase Global, Inc. - Class A (a) | 40 | 13851 |
| Columbia Banking System, Inc. | 40 | 924 |
| Comerica Incorporated | 26 | 1551 |
| Commerce Bancshares, Inc. | 27 | 1652 |
| Corebridge Financial, Inc. | 47 | 1660 |
| Credit Acceptance Corporation (a) | 1 | 577 |
| Cullen/Frost Bankers, Inc. | 12 | 1552 |
| East West Bancorp, Inc. | 27 | 2739 |
| Enact Holdings, Inc. | 5 | 192 |
| Enstar Group Limited (a) | 2 | 753 |
| Equitable Holdings, Inc. | 61 | 3428 |
| Erie Indemnity Company - Class A | 5 | 1726 |
| Essent Group Ltd. | 18 | 1115 |
| Evercore Inc. - Class A | 7 | 1995 |
| Everest Group, Ltd. | 9 | 2916 |
| F&G Annuities & Life, Inc. | 4 | 124 |
| F.N.B. Corporation | 64 | 930 |
| FactSet Research Systems Inc. | 8 | 3368 |
| Federated Hermes, Inc. - Class B | 17 | 750 |
| Fidelity National Financial, Inc. - Class A | 51 | 2859 |
| Fifth Third Bancorp | 131 | 5406 |
| First American Financial Corporation | 20 | 1240 |
| First Bancorp. | 31 | 645 |
| First Citizens BancShares, Inc. - Class A | 2 | 3970 |
| First Financial Bankshares, Inc. | 23 | 816 |
| First Hawaiian, Inc. | 24 | 589 |
| First Horizon Corporation | 95 | 2011 |
| FirstCash, Inc. | 8 | 1025 |
| Flagstar Financial, Inc. | 58 | 616 |
| Franklin Resources, Inc. | 57 | 1349 |
| Freedom Holding Corp. (a) (c) | 3 | 498 |
| Fulton Financial Corporation | 34 | 612 |
| Glacier Bancorp, Inc. | 23 | 972 |
| Globe Life Inc. | 15 | 1900 |
| Goldman Sachs Group, Inc., The | 62 | 43629 |
| HA Sustainable Infrastructure Capital, Inc. (c) | 23 | 607 |
| Hamilton Lane Incorporated - Class A | 8 | 1104 |
| Hancock Whitney Corporation | 17 | 972 |
| Hanover Insurance Group Inc, The | 7 | 1204 |
| Hartford Insurance Group, Inc., The | 56 | 7088 |
| Home BancShares, Inc. | 38 | 1093 |
| Houlihan Lokey, Inc. - Class A | 10 | 1871 |
| Huntington Bancshares Incorporated | 283 | 4746 |
| Independence Holdings, LLC | 22 | 1273 |
| Interactive Brokers Group, Inc. - Class A | 85 | 4704 |
| Intercontinental Exchange, Inc. | 113 | 20711 |
| International Bancshares Corporation | 10 | 684 |
| Invesco Ltd. | 66 | 1032 |
| Jackson Financial Inc. - Class A (b) | 14 | 1214 |
| Janus Henderson Group PLC | 25 | 988 |
| Jefferies Financial Group Inc. | 32 | 1769 |
| JPMorgan Chase & Co. | 552 | 159978 |
| KeyCorp | 186 | 3240 |
| Kinsale Capital Group, Inc. | 4 | 2082 |
| KKR & Co. Inc. - Class A | 131 | 17473 |
| Lazard, Inc. | 18 | 883 |
| Lincoln National Corporation | 32 | 1119 |
| Loews Corporation | 35 | 3165 |
| LPL Financial Holdings Inc. | 16 | 5919 |
| M&T Bank Corporation | 33 | 6350 |
| Markel Group Inc. (a) | 2 | 4708 |
| MarketAxess Holdings Inc. | 8 | 1679 |
| Marsh & Mclennan Companies, Inc. | 97 | 21284 |
| MasterCard Incorporated - Class A | 162 | 91002 |
| Mercury General Corporation | 5 | 339 |
| MetLife, Inc. | 113 | 9080 |
| MGIC Investment Corporation | 42 | 1178 |
| Moelis & Company - Class A | 14 | 853 |
| Moody's Corporation | 31 | 15524 |
| Morgan Stanley | 246 | 34609 |
| Morningstar, Inc. | 5 | 1537 |
| Mr. Cooper Group Inc. (a) | 11 | 1704 |
| MSCI Inc. - Class A | 15 | 8524 |
| Nasdaq, Inc. | 76 | 6835 |
| Northern Trust Corporation | 39 | 4929 |
| Old National Bancorp | 57 | 1220 |
| Old Republic International Corporation | 47 | 1797 |
| Palomar Holdings, Inc. (a) | 5 | 782 |
| PayPal Holdings, Inc. (a) | 193 | 14337 |
| PennyMac Financial Services, Inc. | 5 | 543 |
| Pinnacle Financial Partners, Inc. | 15 | 1687 |
| Piper Sandler Companies | 3 | 845 |
| PJT Partners Inc. - Class A | 4 | 688 |
| Popular, Inc. | 12 | 1341 |
| Primerica, Inc. | 7 | 1787 |
| Principal Financial Group, Inc. | 44 | 3514 |
| Prosperity Bancshares, Inc. | 18 | 1254 |
| Prudential Financial, Inc. | 70 | 7542 |
| Radian Group Inc. | 30 | 1071 |
| Raymond James Financial, Inc. | 34 | 5224 |
| Regions Financial Corporation | 169 | 3985 |
| Reinsurance Group of America, Incorporated | 13 | 2542 |
| RenaissanceRe Holdings Ltd | 9 | 2149 |
| RLI Corp. | 16 | 1178 |
| Robinhood Markets, Inc. - Class A (a) | 144 | 13509 |
| Ryan Specialty Group Holdings, Inc. - Class A | 21 | 1431 |
| S&P Global Inc. | 61 | 32062 |
| SEI Investments Company | 18 | 1654 |
| Selective Insurance Group, Inc. | 12 | 1036 |
| ServisFirst Bancshares, Inc. | 11 | 852 |
| SLM Corporation | 39 | 1270 |
| SoFi Technologies, Inc. (a) (c) | 211 | 3836 |
| Southstate Corporation | 19 | 1731 |
| State Street Corporation | 57 | 6052 |

---

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page [607](#abbreviations).

**JNL Series Trust** (Unaudited)

**Schedules of Investments (in thousands)**

June 30, 2025

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| StepStone Group Inc. - Class A | 13 | 691 |
| Stifel Financial Corp. | 20 | 2064 |
| StoneX Group Inc. (a) | 8 | 761 |
| Synchrony Financial | 75 | 4995 |
| Synovus Financial Corp. | 29 | 1494 |
| T. Rowe Price Group, Inc. | 44 | 4254 |
| Texas Capital Bancshares, Inc. (a) | 8 | 628 |
| TFS Financial Corporation (c) | 12 | 152 |
| The Carlyle Group, Inc. | 43 | 2183 |
| The PNC Financial Services Group, Inc. | 79 | 14631 |
| The Progressive Corporation | 115 | 30810 |
| The Western Union Company | 65 | 546 |
| TPG Inc. - Class A | 20 | 1021 |
| Tradeweb Markets Inc. - Class A | 23 | 3368 |
| Travelers Companies, Inc., The | 45 | 12040 |
| Truist Financial Corporation | 257 | 11068 |
| U.S. Bancorp | 307 | 13882 |
| UMB Financial Corporation | 14 | 1424 |
| United Bankshares, Inc. | 27 | 974 |
| United Community Banks, Inc. | 24 | 722 |
| Unum Group | 32 | 2606 |
| Upstart Holdings, Inc. (a) (c) | 16 | 1060 |
| Valley National Bancorp | 92 | 818 |
| Victory Capital Holdings, Inc. - Class A | 8 | 536 |
| Visa Inc. - Class A | 340 | 120877 |
| Voya Financial, Inc. | 20 | 1406 |
| W. R. Berkley Corporation | 57 | 4182 |
| Webster Financial Corporation | 31 | 1695 |
| Wells Fargo & Company | 650 | 52057 |
| Western Alliance Bancorporation | 22 | 1708 |
| White Mountains Insurance Group Ltd | 1 | 900 |
| Willis Towers Watson Public Limited Company | 19 | 5757 |
| Wintrust Financial Corporation | 13 | 1604 |
| Zions Bancorporation, National Association | 29 | 1519 |
| Zurich American Corporation | 10 | 668 |
| | | 1587974 |
| **Industrials 0.2%** | **Industrials 0.2%** | **Industrials 0.2%** |
| Dun & Bradstreet Holdings, Inc. | 54 | 486 |
| TransUnion | 38 | 3364 |
|  |  | 3850 |
| **Information Technology 0.1%** | **Information Technology 0.1%** | **Information Technology 0.1%** |
| Mara Holdings, Inc. (a) (c) | 68 | 1065 |
| **Health Care 0.0%** | **Health Care 0.0%** | **Health Care 0.0%** |
| CorVel Corporation (a) | 5 | 559 |
| Total Common Stocks (cost $1,103,150) | Total Common Stocks (cost $1,103,150) | 1593448 |
| **SHORT TERM INVESTMENTS 0.7%** | **SHORT TERM INVESTMENTS 0.7%** | **SHORT TERM INVESTMENTS 0.7%** |
| **Investment Companies 0.6%** | **Investment Companies 0.6%** | **Investment Companies 0.6%** |
| JNL Government Money Market Fund - Class I, 4.20% (b) (d) | 10246 | 10246 |
| **Securities Lending Collateral 0.1%** | **Securities Lending Collateral 0.1%** | **Securities Lending Collateral 0.1%** |
| JNL Government Money Market Fund - Class SL, 4.30% (b) (d) | 867 | 867 |
| Total Short Term Investments (cost $11,113) | Total Short Term Investments (cost $11,113) | 11113 |
| **Total Investments 100.2% (cost $1,114,263)** | **Total Investments 100.2% (cost $1,114,263)** | **1604561** |
| **Other Derivative Instruments 0.0%** | **Other Derivative Instruments 0.0%** | **77** |
| **Other Assets and Liabilities, Net (0.2)%** | **Other Assets and Liabilities, Net (0.2)%** | **(3610)** |
| **Total Net Assets 100.0%** | **Total Net Assets 100.0%** | **1601028** |

---

(a) Non-income producing security.

(b) Investment in affiliate.

(c) All or a portion of the security was on loan as of June 30, 2025.

(d) Yield changes daily to reflect current market conditions. Rate was the quoted yield as of June 30, 2025.

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **JNL/Mellon Financial Sector Fund — Investments in Affiliates** | **JNL/Mellon Financial Sector Fund — Investments in Affiliates** | **JNL/Mellon Financial Sector Fund — Investments in Affiliates** | **JNL/Mellon Financial Sector Fund — Investments in Affiliates** | **JNL/Mellon Financial Sector Fund — Investments in Affiliates** | **JNL/Mellon Financial Sector Fund — Investments in Affiliates** | **JNL/Mellon Financial Sector Fund — Investments in Affiliates** | **JNL/Mellon Financial Sector Fund — Investments in Affiliates** | **JNL/Mellon Financial Sector Fund — Investments in Affiliates** |
| **Affiliated Investment** | **Value Beginning of Period($)** | **Purchases($)** | **Sales Proceeds($)** | **Dividend Income/ Distributions from Funds($)** | **Realized Gain (Loss)($)** | **Change in Unrealized Appreciation (Depreciation) ($)** | **Value End of Period($)** | **Percentage of Net Assets(%)** |
| Bank of New York Mellon Corporation, The | 11535 | 824 | 2007 | 138 | 736 | 1339 | 12427 | 0.8 |
| Jackson Financial Inc. - Class A | 1242 |  | 43 | 22 | 21 | (6) | 1214 | 0.1 |
| JNL Government Money Market Fund, 4.30% - Class SL | 1441 | 15044 | 15618 | 34 |  |  | 867 |  |
| JNL Government Money Market Fund, 4.20% - Class I | 6429 | 187759 | 183942 | 174 |  |  | 10246 | 0.6 |
|  | 20647 | 203627 | 201610 | 368 | 757 | 1333 | 24754 | 1.5 |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **JNL/Mellon Financial Sector Fund — Futures Contracts** | **JNL/Mellon Financial Sector Fund — Futures Contracts** | **JNL/Mellon Financial Sector Fund — Futures Contracts** | **JNL/Mellon Financial Sector Fund — Futures Contracts** | **JNL/Mellon Financial Sector Fund — Futures Contracts** | **JNL/Mellon Financial Sector Fund — Futures Contracts** |
| **Reference Entity** | **Contracts<sup>1</sup>** | **Expiration** | **Notional<sup>1</sup>** | **Variation**<br> **Margin**<br> **Receivable**<br> (Payable) ($) | **Value/**<br> **Unrealized**<br> **Appreciation**<br> (Depreciation) ($) |
| **Long Contracts** | **Long Contracts** | **Long Contracts** | **Long Contracts** | **Long Contracts** | **Long Contracts** |
| S&P Financial Select Sector Index | 70 | September 2025 | 10992 | 77 | 407 |

---

**Fair Value Hierarchy.** Various inputs are used in determining the fair value of financial instruments. For a description of the input levels and information about the Fund's policy regarding valuation of financial instruments, see Note 3 in the Notes to Financial Statements. The following table summarizes the Fund's investments categorized in the disclosure hierarchy as of June 30, 2025.

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **<u>. Level 1 ($) .</u>** | **<u>. Level 2 ($) .</u>** | **<u>. Level 3 ($) .</u>** | **<u>. Total ($) .</u>** |
| **JNL/Mellon Financial Sector Fund** | **JNL/Mellon Financial Sector Fund** | **JNL/Mellon Financial Sector Fund** | **JNL/Mellon Financial Sector Fund** | **JNL/Mellon Financial Sector Fund** |
| **Assets - Securities** |  |  |  |  |
| &nbsp;&nbsp; Common Stocks | 1593448 |  |  | 1593448 |
| &nbsp;&nbsp; Short Term Investments | 11113 |  |  | 11113 |
|  | 1604561 |  |  | 1604561 |

---

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page [607](#abbreviations).

**JNL Series Trust** (Unaudited)

**Schedules of Investments (in thousands)**

June 30, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **<u>. Level 1 ($) .</u>** | **<u>. Level 2 ($) .</u>** | **<u>. Level 3 ($) .</u>** | **<u>. Total ($) .</u>** |
| **JNL/Mellon Financial Sector Fund (continued)** | **JNL/Mellon Financial Sector Fund (continued)** | **JNL/Mellon Financial Sector Fund (continued)** | **JNL/Mellon Financial Sector Fund (continued)** | **JNL/Mellon Financial Sector Fund (continued)** |
| **Assets - Investments in Other Financial Instruments<sup>1</sup>** |  |  |  |  |
| &nbsp;&nbsp; Futures Contracts | 407 |  |  | 407 |
|  | 407 |  |  | 407 |

---

<sup>1</sup> All derivatives, except for purchased and written options, are reflected at the unrealized appreciation (depreciation) on the instrument. Purchased and written options are reflected at value.

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page [607](#abbreviations).

**JNL Series Trust** (Unaudited)

**Schedules of Investments (in thousands)**

June 30, 2025

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| **JNL/Mellon Healthcare Sector Fund** | **JNL/Mellon Healthcare Sector Fund** | **JNL/Mellon Healthcare Sector Fund** |
| **COMMON STOCKS 99.8%** | **COMMON STOCKS 99.8%** | **COMMON STOCKS 99.8%** |
| **Health Care 99.4%** | **Health Care 99.4%** | **Health Care 99.4%** |
| Abbott Laboratories | 846 | 115130 |
| AbbVie Inc. | 862 | 159951 |
| ADMA Biologics, Inc. (a) | 114 | 2080 |
| Agilent Technologies, Inc. | 138 | 16336 |
| Akero Therapeutics Inc. (a) | 31 | 1657 |
| Align Technology, Inc. (a) | 35 | 6567 |
| Alignment Healthcare, Inc. (a) | 54 | 750 |
| Alkermes Public Limited Company (a) | 77 | 2212 |
| Alnylam Pharmaceuticals, Inc. (a) | 63 | 20473 |
| Amedisys, Inc. (a) | 15 | 1485 |
| Amgen Inc. | 262 | 73252 |
| Arcellx Inc. (a) | 19 | 1244 |
| Avantor, Inc. (a) | 330 | 4441 |
| Avidity Biosciences, Inc. (a) | 46 | 1305 |
| Axsome Therapeutics, Inc. (a) | 19 | 2023 |
| Baxter International Inc. | 250 | 7574 |
| Becton, Dickinson and Company | 140 | 24173 |
| Biogen Inc. (a) | 69 | 8693 |
| BioMarin Pharmaceutical Inc. (a) | 93 | 5119 |
| Bio-Rad Laboratories, Inc. - Class A (a) | 10 | 2300 |
| Bio-Techne Corporation | 76 | 3916 |
| Blueprint Medicines Corporation (a) | 29 | 3709 |
| Boston Scientific Corporation (a) | 719 | 77187 |
| Bridgebio Pharma, Inc. (a) | 69 | 2969 |
| Bristol-Myers Squibb Company | 995 | 46038 |
| Bruker Corporation | 51 | 2084 |
| Canticle Pharmaceuticals, Inc. (a) | 9 | 2715 |
| Cardinal Health, Inc. | 119 | 19924 |
| Cencora, Inc. | 89 | 26822 |
| Centene Corporation (a) | 229 | 12425 |
| Charles River Laboratories International, Inc. (a) | 22 | 3368 |
| Chemed Corporation | 7 | 3470 |
| Cigna Group, The | 129 | 42631 |
| Cooper Companies, Inc., The (a) | 96 | 6856 |
| Corcept Therapeutics Incorporated (a) | 47 | 3467 |
| Crinetics Pharmaceuticals, Inc. (a) | 42 | 1216 |
| CRISPR Therapeutics AG (a) (b) | 42 | 2033 |
| CVS Health Corporation | 613 | 42268 |
| Cytokinetics, Incorporated (a) | 58 | 1917 |
| Danaher Corporation | 312 | 61619 |
| Davita Inc. (a) | 20 | 2801 |
| DexCom, Inc. (a) | 190 | 16623 |
| Doximity, Inc. - Class A (a) | 64 | 3897 |
| Edwards Lifesciences Corporation (a) | 286 | 22362 |
| Elanco Animal Health Incorporated (a) | 232 | 3314 |
| Elevance Health, Inc. | 110 | 42864 |
| Eli Lilly and Company | 391 | 304705 |
| Encompass Health Corporation | 47 | 5789 |
| Exact Sciences Corporation (a) | 90 | 4761 |
| Exelixis, Inc. (a) | 124 | 5444 |
| GE HealthCare Technologies Inc. | 222 | 16435 |
| Gilead Sciences, Inc. | 608 | 67422 |
| Glaukos Corporation (a) | 26 | 2683 |
| Globus Medical, Inc. - Class A (a) | 56 | 3327 |
| Guardant Health, Inc. (a) | 57 | 2944 |
| Haemonetics Corporation (a) | 23 | 1744 |
| Halozyme Therapeutics, Inc. (a) | 60 | 3144 |
| HCA Healthcare, Inc. | 85 | 32633 |
| HealthEquity, Inc. (a) | 42 | 4359 |
| Henry Schein, Inc. (a) | 52 | 3775 |
| Hologic, Inc. (a) | 108 | 7057 |
| Humana Inc. | 59 | 14354 |
| ICU Medical, Inc. (a) | 11 | 1479 |
| IDEXX Laboratories, Inc. (a) | 39 | 21088 |
| Illumina, Inc. (a) | 76 | 7226 |
| Incyte Corporation (a) | 79 | 5401 |
| Insmed Incorporated (a) | 86 | 8623 |
| Inspire Medical Systems, Inc. (a) | 14 | 1855 |
| Insulet Corporation (a) | 34 | 10717 |
| Integer Holdings Corporation (a) | 16 | 1964 |
| Intuitive Surgical, Inc. (a) | 173 | 93995 |
| Ionis Pharmaceuticals, Inc. (a) | 73 | 2869 |
| IQVIA Holdings Inc (a) | 85 | 13449 |
| Jazz Pharmaceuticals Public Limited Company (a) | 29 | 3100 |
| Johnson & Johnson | 1175 | 179471 |
| Krystal Biotech, Inc. (a) | 13 | 1731 |
| Labcorp Holdings Inc. | 41 | 10744 |
| Lantheus Holdings, Inc. (a) (b) | 33 | 2668 |
| Masimo Corporation (a) | 23 | 3879 |
| McKesson Corporation | 61 | 44784 |
| Medpace Holdings, Inc. (a) | 11 | 3531 |
| Medtronic, Inc. | 626 | 54530 |
| Merck & Co., Inc. | 1237 | 97905 |
| Merit Medical Systems, Inc. (a) | 29 | 2717 |
| Mettler-Toledo International Inc. (a) | 10 | 11983 |
| Moderna, Inc. (a) | 169 | 4655 |
| Molina Healthcare, Inc. (a) | 26 | 7809 |
| Natera, Inc. (a) | 64 | 10864 |
| Neurocrine Biosciences, Inc. (a) | 48 | 5982 |
| Nuvalent, Inc. - Class A (a) | 20 | 1512 |
| Option Care Health, Inc. (a) | 80 | 2600 |
| Organon & Co. | 121 | 1170 |
| Penumbra, Inc. (a) | 18 | 4684 |
| Perrigo Company Public Limited Company | 63 | 1685 |
| Pfizer Inc. | 2765 | 67024 |
| Prestige Consumer Healthcare Inc. (a) | 23 | 1836 |
| Procept Biorobotics Corporation (a) | 26 | 1510 |
| PTC Therapeutics, Inc. (a) | 35 | 1686 |
| Quest Diagnostics Incorporated | 54 | 9739 |
| RadNet, Inc. (a) | 33 | 1856 |
| Regeneron Pharmaceuticals, Inc. | 51 | 26556 |
| Repligen Corporation (a) | 25 | 3158 |
| ResMed Inc. | 72 | 18474 |
| Revolution Medicines, Inc. (a) | 74 | 2722 |
| Revvity, Inc. | 59 | 5695 |
| Rhythm Pharmaceuticals, Inc. (a) | 23 | 1470 |
| Roivant Sciences Ltd. (a) | 183 | 2067 |
| Royalty Pharma PLC - Class A | 172 | 6205 |
| Sarepta Therapeutics, Inc. (a) | 47 | 795 |
| Soleno Therapeutics, Inc. (a) | 15 | 1251 |
| Solventum Corporation (a) | 67 | 5103 |
| Sotera Health LLC (a) | 74 | 822 |
| Steris Public Limited Company | 47 | 11198 |
| Stryker Corporation | 176 | 69776 |
| Summit Therapeutics Inc. (a) (b) | 55 | 1178 |
| Teleflex Incorporated | 23 | 2672 |
| Tempus AI, Inc. - Class A (a) (b) | 41 | 2624 |
| Tenet Healthcare Corporation (a) | 46 | 8038 |
| TG Therapeutics, Inc. (a) | 68 | 2442 |
| The Ensign Group, Inc. | 28 | 4356 |
| Thermo Fisher Scientific Inc. | 184 | 74698 |
| Ultragenyx Pharmaceutical Inc. (a) | 44 | 1611 |
| United Therapeutics Corporation (a) | 20 | 5807 |
| UnitedHealth Group Incorporated | 444 | 138456 |
| Universal Health Services, Inc. - Class B | 27 | 4926 |
| Vaxcyte, Inc. (a) | 56 | 1828 |
| Veeva Systems Inc. - Class A (a) | 73 | 20974 |
| Vertex Pharmaceuticals Incorporated (a) | 125 | 55858 |
| Viatris Inc. | 589 | 5258 |
| Viking Therapeutics, Inc. (a) (b) | 51 | 1340 |
| Waters Corporation (a) | 29 | 10069 |
| Waystar Holding Corp. (a) | 39 | 1595 |
| West Pharmaceutical Services, Inc. | 35 | 7717 |
| Zimmer Biomet Holdings, Inc. | 97 | 8835 |
| Zoetis Inc. - Class A | 217 | 33918 |
|  |  | 2655649 |
| **Materials 0.2%** | **Materials 0.2%** | **Materials 0.2%** |
| AptarGroup, Inc. | 32 | 4997 |
| **Consumer Staples 0.2%** | **Consumer Staples 0.2%** | **Consumer Staples 0.2%** |
| Walgreens Boots Alliance, Inc. | 352 | 4042 |
| Total Common Stocks (cost $1,710,896) | Total Common Stocks (cost $1,710,896) | 2664688 |

---

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page [607](#abbreviations).

**JNL Series Trust** (Unaudited)

**Schedules of Investments (in thousands)**

June 30, 2025

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| **SHORT TERM INVESTMENTS 0.1%** | **SHORT TERM INVESTMENTS 0.1%** | **SHORT TERM INVESTMENTS 0.1%** |
| **Securities Lending Collateral 0.1%** | **Securities Lending Collateral 0.1%** | **Securities Lending Collateral 0.1%** |
| JNL Government Money Market Fund - Class SL, 4.30% (c) (d) | 3380 | 3380 |
| Total Short Term Investments (cost $3,380) | Total Short Term Investments (cost $3,380) | 3380 |
| **Total Investments 99.9% (cost $1,714,276)** | **Total Investments 99.9% (cost $1,714,276)** | **2668068** |
| **Other Derivative Instruments 0.0%** | **Other Derivative Instruments 0.0%** | **27** |
| **Other Assets and Liabilities, Net 0.1%** | **Other Assets and Liabilities, Net 0.1%** | **2328** |
| **Total Net Assets 100.0%** | **Total Net Assets 100.0%** | **2670423** |

---

(a) Non-income producing security.

(b) All or a portion of the security was on loan as of June 30, 2025.

(c) Investment in affiliate.

(d) Yield changes daily to reflect current market conditions. Rate was the quoted yield as of June 30, 2025.

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **JNL/Mellon Healthcare Sector Fund — Investments in Affiliates** | **JNL/Mellon Healthcare Sector Fund — Investments in Affiliates** | **JNL/Mellon Healthcare Sector Fund — Investments in Affiliates** | **JNL/Mellon Healthcare Sector Fund — Investments in Affiliates** | **JNL/Mellon Healthcare Sector Fund — Investments in Affiliates** | **JNL/Mellon Healthcare Sector Fund — Investments in Affiliates** | **JNL/Mellon Healthcare Sector Fund — Investments in Affiliates** | **JNL/Mellon Healthcare Sector Fund — Investments in Affiliates** | **JNL/Mellon Healthcare Sector Fund — Investments in Affiliates** |
| **Affiliated Investment** | **Value Beginning of Period($)** | **Purchases($)** | **Sales Proceeds($)** | **Dividend Income/ Distributions from Funds($)** | **Realized Gain (Loss)($)** | **Change in Unrealized Appreciation (Depreciation) ($)** | **Value End of Period($)** | **Percentage of Net Assets(%)** |
| JNL Government Money Market Fund, 4.20% - Class I | 16887 | 219343 | 236230 | 210 |  |  |  |  |
| JNL Government Money Market Fund, 4.30% - Class SL | 1419 | 27745 | 25784 | 58 |  |  | 3380 | 0.1 |
|  | 18306 | 247088 | 262014 | 268 |  |  | 3380 | 0.1 |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **JNL/Mellon Healthcare Sector Fund — Futures Contracts** | **JNL/Mellon Healthcare Sector Fund — Futures Contracts** | **JNL/Mellon Healthcare Sector Fund — Futures Contracts** | **JNL/Mellon Healthcare Sector Fund — Futures Contracts** | **JNL/Mellon Healthcare Sector Fund — Futures Contracts** | **JNL/Mellon Healthcare Sector Fund — Futures Contracts** |
| **Reference Entity** | **Contracts<sup>1</sup>** | **Expiration** | **Notional<sup>1</sup>** | **Variation**<br> **Margin**<br> **Receivable**<br> (Payable) ($) | **Value/**<br> **Unrealized**<br> **Appreciation**<br> (Depreciation) ($) |
| **Long Contracts** | **Long Contracts** | **Long Contracts** | **Long Contracts** | **Long Contracts** | **Long Contracts** |
| S&P Health Care Select Sector Index | 35 | September 2025 | 4821 | 27 | (19) |

---

**Fair Value Hierarchy.** Various inputs are used in determining the fair value of financial instruments. For a description of the input levels and information about the Fund's policy regarding valuation of financial instruments, see Note 3 in the Notes to Financial Statements. The following table summarizes the Fund's investments categorized in the disclosure hierarchy as of June 30, 2025.

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **<u>. Level 1 ($) .</u>** | **<u>. Level 2 ($) .</u>** | **<u>. Level 3 ($) .</u>** | **<u>. Total ($) .</u>** |
| **JNL/Mellon Healthcare Sector Fund** | **JNL/Mellon Healthcare Sector Fund** | **JNL/Mellon Healthcare Sector Fund** | **JNL/Mellon Healthcare Sector Fund** | **JNL/Mellon Healthcare Sector Fund** |
| **Assets - Securities** |  |  |  |  |
| &nbsp;&nbsp; Common Stocks | 2664688 |  |  | 2664688 |
| &nbsp;&nbsp; Short Term Investments | 3380 |  |  | 3380 |
|  | 2668068 |  |  | 2668068 |
| **Liabilities - Investments in Other Financial Instruments<sup>1</sup>** |  |  |  |  |
| &nbsp;&nbsp; Futures Contracts | (19) |  |  | (19) |
|  | (19) |  |  | (19) |

---

<sup>1</sup> All derivatives, except for purchased and written options, are reflected at the unrealized appreciation (depreciation) on the instrument. Purchased and written options are reflected at value.

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page [607](#abbreviations).

**JNL Series Trust** (Unaudited)

**Schedules of Investments (in thousands)**

June 30, 2025

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| **JNL/Mellon Industrials Sector Fund** | **JNL/Mellon Industrials Sector Fund** | **JNL/Mellon Industrials Sector Fund** |
| **COMMON STOCKS 99.1%** | **COMMON STOCKS 99.1%** | **COMMON STOCKS 99.1%** |
| **Industrials 97.2%** | **Industrials 97.2%** | **Industrials 97.2%** |
| 3M Company | 34 | 5155 |
| A. O. Smith Corporation | 7 | 466 |
| AAON, Inc. | 4 | 308 |
| ABM Industries Incorporated | 4 | 171 |
| Acuity Brands, Inc. | 2 | 557 |
| Advanced Drainage Systems, Inc. | 4 | 494 |
| AECOM | 8 | 903 |
| AeroVironment, Inc. (a) | 2 | 498 |
| AGCO Corporation | 4 | 383 |
| Air Lease Corporation - Class A | 6 | 344 |
| Alaska Air Group, Inc. (a) | 7 | 359 |
| Allegion Public Limited Company | 5 | 776 |
| Amentum Holdings, Inc. (a) | 8 | 193 |
| American Airlines Group Inc. (a) (b) | 41 | 462 |
| AMETEK, Inc. | 14 | 2621 |
| API Group Corporation (a) | 13 | 657 |
| Applied Industrial Technologies, Inc. | 2 | 574 |
| Archer Aviation Inc. - Class A (a) (b) | 27 | 298 |
| Arcosa, Inc. | 3 | 249 |
| Armstrong World Industries, Inc. | 3 | 441 |
| ATI Inc. (a) | 9 | 778 |
| Avis Budget Group, Inc. (a) (b) | 1 | 185 |
| Axon Enterprise, Inc. (a) | 5 | 3862 |
| Boeing Company, The (a) | 47 | 9854 |
| Booz Allen Hamilton Holding Corporation - Class A | 8 | 795 |
| Brady Corporation - Class A | 3 | 181 |
| Brink's Company, The | 3 | 230 |
| Builders FirstSource, Inc. (a) | 7 | 826 |
| BWXT Government Group, Inc. | 6 | 842 |
| C.H. Robinson Worldwide, Inc. | 8 | 721 |
| Carlisle Companies Incorporated | 3 | 1026 |
| Carrier Global Corporation | 51 | 3732 |
| Casella Waste Systems, Inc. - Class A (a) | 4 | 450 |
| Caterpillar Inc. | 30 | 11683 |
| CBIZ, Inc. (a) | 3 | 234 |
| Chart Industries, Inc. (a) | 3 | 467 |
| Cintas Corporation | 22 | 4860 |
| Clean Harbors, Inc. (a) | 3 | 737 |
| CNH Industrial N.V. | 55 | 713 |
| Comfort Systems USA, Inc. | 2 | 1181 |
| Construction Partners, Inc. - Class A (a) | 3 | 319 |
| Copart, Inc. (a) | 53 | 2594 |
| Core & Main, Inc. - Class A (a) | 11 | 634 |
| Crane Company | 3 | 585 |
| CSW Industrials, Inc. | 1 | 296 |
| CSX Corporation | 118 | 3859 |
| Cummins Inc. | 9 | 2847 |
| Curtiss-Wright Corporation | 2 | 1161 |
| Deere & Company | 16 | 7991 |
| Delta Air Lines, Inc. | 41 | 2024 |
| Donaldson Company, Inc. | 8 | 528 |
| Dover Corporation | 9 | 1585 |
| Dycom Industries, Inc. (a) | 2 | 423 |
| Eaton Corporation Public Limited Company | 25 | 8887 |
| EMCOR Group, Inc. | 3 | 1505 |
| Emerson Electric Co. | 35 | 4725 |
| EnerSys | 2 | 203 |
| Enpro Inc. | 1 | 238 |
| Equifax Inc. | 8 | 2010 |
| ESAB Corporation | 4 | 433 |
| Expeditors International of Washington, Inc. - Class A | 8 | 953 |
| Exponent, Inc. | 3 | 241 |
| Fastenal Company | 72 | 3016 |
| Federal Signal Corporation | 4 | 403 |
| FedEx Corporation | 14 | 3219 |
| Ferguson Enterprises Inc. | 13 | 2745 |
| Flowserve Corporation | 8 | 435 |
| Fluor Corporation (a) | 10 | 505 |
| Fortune Brands Innovations, Inc. | 7 | 372 |
| Franklin Electric Co., Inc. | 2 | 219 |
| FTAI Aviation Ltd. | 6 | 728 |
| FTI Consulting, Inc. (a) | 2 | 344 |
| Gates Industrial Corporation PLC (a) | 15 | 351 |
| GATX Corporation | 2 | 345 |
| GE Vernova Inc. | 17 | 9097 |
| Generac Holdings Inc. (a) | 4 | 546 |
| General Dynamics Corporation | 15 | 4455 |
| General Electric Company | 67 | 17361 |
| GEO Group, Inc., The (a) | 8 | 197 |
| Graco Inc. | 11 | 906 |
| Granite Construction Incorporated (b) | 3 | 240 |
| Griffon Corporation | 3 | 189 |
| GXO Logistics Inc. (a) | 7 | 363 |
| Hayward Holdings, Inc. (a) | 12 | 172 |
| HEICO Corporation | 3 | 876 |
| HEICO Corporation - Class A | 5 | 1255 |
| Herc Holdings Inc. | 2 | 262 |
| Hexcel Corporation | 5 | 295 |
| Honeywell International Inc. | 41 | 9435 |
| Howmet Aerospace Inc. | 24 | 4550 |
| Hubbell Incorporated | 3 | 1377 |
| Huntington Ingalls Industries, Inc. | 3 | 606 |
| IDEX Corporation | 5 | 803 |
| IES Holdings, Inc. (a) | 1 | 153 |
| Illinois Tool Works Inc. | 19 | 4585 |
| Ingersoll Rand Inc. | 25 | 2115 |
| ITT Inc. | 5 | 803 |
| J.B. Hunt Transport Services, Inc. | 5 | 717 |
| Jacobs Solutions Inc. | 8 | 1019 |
| JBT Marel Corporation | 3 | 387 |
| Joby Aviation, Inc. - Class A (a) (b) | 31 | 325 |
| Johnson Controls International Public Limited Company | 42 | 4393 |
| Kadant Inc. | 1 | 223 |
| Karman Holdings Inc. (a) (b) | 2 | 109 |
| KBR, Inc. | 8 | 395 |
| Kirby Corporation (a) | 3 | 386 |
| Knight-Swift Transportation Holdings Inc. - Class A | 10 | 436 |
| Korn Ferry | 3 | 229 |
| Kratos Defense & Security Solutions, Inc. (a) | 9 | 433 |
| L3Harris Technologies, Inc. | 12 | 2953 |
| Landstar System, Inc. | 2 | 303 |
| Lennox International Inc. | 2 | 1177 |
| Leonardo DRS, Inc. | 5 | 212 |
| Lincoln Electric Holdings, Inc. | 4 | 725 |
| Loar Holdings Inc. (a) | 1 | 124 |
| Lockheed Martin Corporation | 13 | 5849 |
| Masco Corporation | 13 | 848 |
| MasTec, Inc. (a) | 4 | 660 |
| Matson Intermodal - Paragon, Inc. | 2 | 206 |
| Maximus, Inc. | 4 | 254 |
| Middleby Corporation, The (a) | 3 | 491 |
| Mine Safety Appliances Company, LLC | 2 | 395 |
| MOOG Inc. - Class A | 2 | 317 |
| MSC Industrial Direct Co., Inc. - Class A | 2 | 208 |
| Mueller Industries, Inc. | 7 | 552 |
| Mueller Water Products, Inc. - Class A | 10 | 235 |
| Nordson Corporation | 3 | 703 |
| Norfolk Southern Corporation | 14 | 3651 |
| Northrop Grumman Corporation | 9 | 4546 |
| Nvent Electric Public Limited Company | 10 | 767 |
| Old Dominion Freight Line, Inc. | 11 | 1821 |
| Oshkosh Corporation | 4 | 425 |
| Otis Worldwide Corporation | 25 | 2459 |
| Owens Corning | 5 | 733 |
| PACCAR Inc | 32 | 3073 |
| Parker-Hannifin Corporation | 8 | 5419 |
| Pentair Public Limited Company | 10 | 1075 |
| Primoris Services Corporation | 3 | 272 |
| Quanta Services, Inc. | 9 | 3459 |
| RBC Bearings Incorporated (a) | 2 | 744 |
| Regal Rexnord Corporation | 4 | 607 |
| Republic Services, Inc. | 13 | 3178 |
| Robert Half Inc. | 6 | 257 |
| Rocket Lab Corporation (a) | 22 | 782 |

---

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page [607](#abbreviations).

**JNL Series Trust** (Unaudited)

**Schedules of Investments (in thousands)**

June 30, 2025

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| Rockwell Automation, Inc. | 7 | 2361 |
| RTX Corporation | 84 | 12249 |
| Ryder System, Inc. | 3 | 405 |
| Saia, Inc. (a) | 2 | 465 |
| SiteOne Landscape Supply, Inc. (a) | 3 | 343 |
| SkyWest, Inc. (a) | 2 | 248 |
| Snap-on Incorporated | 3 | 990 |
| Southwest Airlines Co. | 32 | 1052 |
| Spirit AeroSystems Holdings, Inc. - Class A (a) | 7 | 282 |
| SPX Technologies, Inc. (a) | 3 | 497 |
| StandardAero, Inc. (a) | 7 | 217 |
| Stanley Black & Decker, Inc. | 10 | 655 |
| Sterling Infrastructure, Inc. (a) | 2 | 439 |
| Tetra Tech, Inc. | 16 | 563 |
| Textron Inc. | 11 | 917 |
| Timken Company, The | 4 | 289 |
| Toro Company, The | 6 | 440 |
| Trane Technologies Public Limited Company | 14 | 6148 |
| TransDigm Group Incorporated | 3 | 5112 |
| Trex Company, Inc. (a) | 7 | 362 |
| Trinet Group, Inc. | 2 | 119 |
| U-Haul Holding Company (a) |  | 28 |
| U-Haul Holding Company - Series N | 6 | 337 |
| UL Solutions Inc. - Class A | 4 | 272 |
| Union Pacific Corporation | 38 | 8650 |
| United Airlines Holdings, Inc. (a) | 21 | 1653 |
| United Parcel Service, Inc. - Class B | 46 | 4632 |
| United Rentals, Inc. | 4 | 3118 |
| Valmont Industries, Inc. | 1 | 409 |
| Veralto Corporation | 15 | 1509 |
| Verisk Analytics, Inc. | 9 | 2747 |
| Vertiv Holdings Co - Class A | 24 | 3025 |
| W.W. Grainger, Inc. | 3 | 2957 |
| Waste Management, Inc. | 23 | 5288 |
| Watsco, Inc. | 2 | 979 |
| Watts Water Technologies, Inc. - Class A | 2 | 430 |
| WESCO International, Inc. | 3 | 563 |
| Westinghouse Air Brake Technologies Corporation | 11 | 2252 |
| Willscot Holdings Corporation - Class A | 11 | 312 |
| Woodward, Inc. | 4 | 913 |
| XPO, Inc. (a) | 7 | 934 |
| Xylem Inc. | 15 | 1960 |
| Zurn Elkay Water Solutions Corporation | 10 | 352 |
| | | 312635 |
| **Consumer Discretionary 0.7%** | **Consumer Discretionary 0.7%** | **Consumer Discretionary 0.7%** |
| ADT, Inc. | 22 | 182 |
| Aramark | 17 | 695 |
| Pool Corporation (b) | 2 | 671 |
| TopBuild Corp. (a) | 2 | 573 |
|  |  | 2121 |
| **Financials 0.4%** | **Financials 0.4%** | **Financials 0.4%** |
| Global Payments Inc. | 15 | 1221 |
| **Materials 0.4%** | **Materials 0.4%** | **Materials 0.4%** |
| Carpenter Technology Corporation | 3 | 829 |
| Louisiana-Pacific Corporation (W VA) | 4 | 346 |
|  |  | 1175 |
| **Information Technology 0.3%** | **Information Technology 0.3%** | **Information Technology 0.3%** |
| Advanced Energy Industries, Inc. | 2 | 318 |
| Dolby Laboratories, Inc. - Class A | 4 | 280 |
| Mirion Technologies (US), Inc. - Class A (a) | 13 | 289 |
|  |  | 887 |
| **Utilities 0.1%** | **Utilities 0.1%** | **Utilities 0.1%** |
| MDU Resources Group, Inc. | 12 | 201 |
| Otter Tail Corporation | 3 | 197 |
|  |  | 398 |
| Total Common Stocks (cost $263,062) | Total Common Stocks (cost $263,062) | 318437 |
| **SHORT TERM INVESTMENTS 0.9%** | **SHORT TERM INVESTMENTS 0.9%** | **SHORT TERM INVESTMENTS 0.9%** |
| **Investment Companies 0.8%** | **Investment Companies 0.8%** | **Investment Companies 0.8%** |
| JNL Government Money Market Fund - Class I, 4.20% (c) (d) | 2449 | 2449 |
| **Securities Lending Collateral 0.1%** | **Securities Lending Collateral 0.1%** | **Securities Lending Collateral 0.1%** |
| JNL Government Money Market Fund - Class SL, 4.30% (c) (d) | 455 | 455 |
| Total Short Term Investments (cost $2,904) | Total Short Term Investments (cost $2,904) | 2904 |
| **Total Investments 100.0% (cost $265,966)** | **Total Investments 100.0% (cost $265,966)** | **321341** |
| **Other Derivative Instruments 0.0%** | **Other Derivative Instruments 0.0%** | **16** |
| **Other Assets and Liabilities, Net 0.0%** | **Other Assets and Liabilities, Net 0.0%** | **113** |
| **Total Net Assets 100.0%** | **Total Net Assets 100.0%** | **321470** |

---

(a) Non-income producing security.

(b) All or a portion of the security was on loan as of June 30, 2025.

(c) Investment in affiliate.

(d) Yield changes daily to reflect current market conditions. Rate was the quoted yield as of June 30, 2025.

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **JNL/Mellon Industrials Sector Fund — Investments in Affiliates** | **JNL/Mellon Industrials Sector Fund — Investments in Affiliates** | **JNL/Mellon Industrials Sector Fund — Investments in Affiliates** | **JNL/Mellon Industrials Sector Fund — Investments in Affiliates** | **JNL/Mellon Industrials Sector Fund — Investments in Affiliates** | **JNL/Mellon Industrials Sector Fund — Investments in Affiliates** | **JNL/Mellon Industrials Sector Fund — Investments in Affiliates** | **JNL/Mellon Industrials Sector Fund — Investments in Affiliates** | **JNL/Mellon Industrials Sector Fund — Investments in Affiliates** |
| **Affiliated Investment** | **Value Beginning of Period($)** | **Purchases($)** | **Sales Proceeds($)** | **Dividend Income/ Distributions from Funds($)** | **Realized Gain (Loss)($)** | **Change in Unrealized Appreciation (Depreciation) ($)** | **Value End of Period($)** | **Percentage of Net Assets(%)** |
| JNL Government Money Market Fund, 4.20% - Class I | 4623 | 62921 | 65095 | 44 |  |  | 2449 | 0.8 |
| JNL Government Money Market Fund, 4.30% - Class SL | 623 | 3478 | 3646 | 8 |  |  | 455 | 0.1 |
|  | 5246 | 66399 | 68741 | 52 |  |  | 2904 | 0.9 |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **JNL/Mellon Industrials Sector Fund — Futures Contracts** | **JNL/Mellon Industrials Sector Fund — Futures Contracts** | **JNL/Mellon Industrials Sector Fund — Futures Contracts** | **JNL/Mellon Industrials Sector Fund — Futures Contracts** | **JNL/Mellon Industrials Sector Fund — Futures Contracts** | **JNL/Mellon Industrials Sector Fund — Futures Contracts** |
| **Reference Entity** | **Contracts<sup>1</sup>** | **Expiration** | **Notional<sup>1</sup>** | **Variation**<br> **Margin**<br> **Receivable**<br> (Payable) ($) | **Value/**<br> **Unrealized**<br> **Appreciation**<br> (Depreciation) ($) |
| **Long Contracts** | **Long Contracts** | **Long Contracts** | **Long Contracts** | **Long Contracts** | **Long Contracts** |
| S&P Industrial Select Sector Index | 19 | September 2025 | 2754 | 16 | 97 |

---

**Fair Value Hierarchy.** Various inputs are used in determining the fair value of financial instruments. For a description of the input levels and information about the Fund's policy regarding valuation of financial instruments, see Note 3 in the Notes to Financial Statements. The following table summarizes the Fund's investments categorized in the disclosure hierarchy as of June 30, 2025.

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page [607](#abbreviations).

**JNL Series Trust** (Unaudited)

**Schedules of Investments (in thousands)**

June 30, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **<u>. Level 1 ($) .</u>** | **<u>. Level 2 ($) .</u>** | **<u>. Level 3 ($) .</u>** | **<u>. Total ($) .</u>** |
| **JNL/Mellon Industrials Sector Fund** | **JNL/Mellon Industrials Sector Fund** | **JNL/Mellon Industrials Sector Fund** | **JNL/Mellon Industrials Sector Fund** | **JNL/Mellon Industrials Sector Fund** |
| **Assets - Securities** |  |  |  |  |
| &nbsp;&nbsp; Common Stocks | 318437 |  |  | 318437 |
| &nbsp;&nbsp; Short Term Investments | 2904 |  |  | 2904 |
|  | 321341 |  |  | 321341 |
| **Assets - Investments in Other Financial Instruments<sup>1</sup>** |  |  |  |  |
| &nbsp;&nbsp; Futures Contracts | 97 |  |  | 97 |
|  | 97 |  |  | 97 |

---

<sup>1</sup> All derivatives, except for purchased and written options, are reflected at the unrealized appreciation (depreciation) on the instrument. Purchased and written options are reflected at value.

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page [607](#abbreviations).

**JNL Series Trust** (Unaudited)

**Schedules of Investments (in thousands)**

June 30, 2025

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| **JNL/Mellon Information Technology Sector Fund** | **JNL/Mellon Information Technology Sector Fund** | **JNL/Mellon Information Technology Sector Fund** |
| **COMMON STOCKS 99.7%** | **COMMON STOCKS 99.7%** | **COMMON STOCKS 99.7%** |
| **Information Technology 92.3%** | **Information Technology 92.3%** | **Information Technology 92.3%** |
| Accenture Public Limited Company - Class A | 207 | 61834 |
| ACI Worldwide, Inc. (a) | 160 | 7350 |
| Adobe Inc. (a) | 143 | 55402 |
| Advanced Micro Devices, Inc. (a) | 542 | 76918 |
| Akamai Technologies, Inc. (a) | 124 | 9857 |
| Allegro Microsystems Inc. (a) | 271 | 9251 |
| Amkor Technology, Inc. | 361 | 7571 |
| Amphenol Corporation - Class A | 429 | 42398 |
| Analog Devices, Inc. | 178 | 42274 |
| ANSYS, Inc. (a) | 44 | 15498 |
| AppFolio, Inc. - Class A (a) | 35 | 8032 |
| Apple Inc. | 4563 | 936173 |
| Applied Materials, Inc. | 283 | 51868 |
| AppLovin Corporation - Class A (a) | 86 | 29972 |
| Arista Networks, Inc. (a) | 379 | 38740 |
| Arrow Electronics, Inc. (a) | 64 | 8187 |
| Astera Labs, Inc. (a) | 105 | 9493 |
| Atlassian Corporation - Class A (a) | 77 | 15622 |
| Aurora Innovations Inc. - Class A (a) | 1307 | 6846 |
| Autodesk, Inc. (a) | 84 | 26136 |
| Avnet, Inc. | 143 | 7610 |
| Badger Meter, Inc. | 33 | 8017 |
| Belden Inc. | 67 | 7766 |
| Bentley Systems, Incorporated - Class B | 164 | 8865 |
| Bill Holdings, Inc. (a) | 161 | 7469 |
| Blackbaud, Inc. (a) | 105 | 6774 |
| Blackline, Inc. (a) | 121 | 6858 |
| Box, Inc. - Class A (a) | 200 | 6823 |
| Broadcom Inc. | 1414 | 389647 |
| Cadence Design Systems, Inc. (a) | 103 | 31841 |
| CCC Intelligent Solutions Holdings Inc. (a) | 822 | 7733 |
| CDW Corp. | 73 | 12981 |
| Ciena Corporation (a) | 117 | 9542 |
| Cirrus Logic, Inc. (a) | 76 | 7926 |
| Cisco Systems, Inc. | 1293 | 89722 |
| Clearwater Analytics Holdings, Inc. - Class A (a) | 333 | 7304 |
| Cloudflare, Inc. - Class A (a) | 128 | 25063 |
| Cognex Corporation | 247 | 7820 |
| Cognizant Technology Solutions Corporation - Class A | 223 | 17373 |
| Coherent Corp. (a) | 123 | 10986 |
| CommVault Systems, Inc. (a) | 46 | 7949 |
| Confluent, Inc. - Class A (a) | 344 | 8565 |
| Coreweave, Inc. - Class A (a) (b) | 65 | 10542 |
| Corning Incorporated | 348 | 18289 |
| Credo Technology Group Holding Ltd (a) | 141 | 13096 |
| CrowdStrike Holdings, Inc. - Class A (a) | 85 | 43225 |
| Datadog, Inc. - Class A (a) | 140 | 18754 |
| Dell Technologies Inc. - Class C | 143 | 17488 |
| DocuSign, Inc. (a) | 129 | 10040 |
| Dropbox, Inc. - Class A (a) | 266 | 7614 |
| Dynatrace, Inc. (a) | 200 | 11044 |
| Elastic N.V. (a) | 100 | 8446 |
| Enphase Energy, Inc. (a) | 183 | 7255 |
| Entegris, Inc. | 131 | 10604 |
| EPAM Systems, Inc. (a) | 51 | 8999 |
| F5, Inc. (a) | 38 | 11106 |
| Fabrinet (a) | 36 | 10738 |
| Fair Isaac Corporation (a) | 11 | 19422 |
| First Solar, Inc. (a) | 68 | 11305 |
| Flex Ltd. (a) | 252 | 12576 |
| Fortinet, Inc. (a) | 255 | 26989 |
| Gartner, Inc. (a) | 37 | 14793 |
| Gen Digital Inc. | 379 | 11150 |
| GitLab Inc. - Class A (a) | 171 | 7720 |
| GoDaddy Inc. - Class A (a) | 76 | 13640 |
| Guidewire Software, Inc. (a) | 53 | 12436 |
| Hewlett Packard Enterprise Company | 741 | 15157 |
| HP, Inc. | 522 | 12776 |
| HubSpot, Inc. (a) | 25 | 13842 |
| Informatica Inc. - Class A (a) | 298 | 7250 |
| Insight Enterprises, Inc. (a) | 54 | 7421 |
| Intapp US, Inc. (a) | 124 | 6422 |
| Intel Corporation | 1622 | 36342 |
| InterDigital, Inc. | 35 | 7748 |
| International Business Machines Corporation | 302 | 88998 |
| Intuit Inc. | 93 | 72884 |
| ionQ, Inc. (a) (b) | 219 | 9431 |
| Itron, Inc. (a) | 65 | 8563 |
| Jabil Inc. | 66 | 14312 |
| JFROG Ltd (a) | 167 | 7350 |
| Juniper Networks, Inc. | 265 | 10576 |
| Keysight Technologies, Inc. (a) | 90 | 14742 |
| KLA Corporation | 48 | 43003 |
| Kyndryl Holdings, Inc. (a) | 223 | 9342 |
| Lam Research Corporation | 462 | 44992 |
| Lattice Semiconductor Corporation (a) | 173 | 8490 |
| Life360, Inc. (a) (b) | 116 | 7566 |
| Littelfuse, Inc. | 36 | 8231 |
| Lumentum Holdings Inc. (a) | 103 | 9818 |
| MACOM Technology Solutions Holdings, Inc. (a) | 68 | 9692 |
| Manhattan Associates, Inc. (a) | 50 | 9826 |
| Marvell Technology, Inc. | 359 | 27780 |
| Microchip Technology Incorporated | 266 | 18689 |
| Micron Technology, Inc. | 398 | 49030 |
| Microsoft Corporation | 2259 | 1123570 |
| MicroStrategy Incorporated - Class A (a) (b) | 94 | 37933 |
| MKS Inc. | 88 | 8733 |
| MongoDB, Inc. - Class A (a) | 55 | 11608 |
| Monolithic Power Systems, Inc. | 23 | 16670 |
| Motorola Solutions, Inc. | 65 | 27213 |
| NetApp, Inc. | 122 | 13007 |
| Novanta Inc. (a) | 58 | 7471 |
| Nutanix, Inc. - Class A (a) | 155 | 11854 |
| NVIDIA Corporation | 7172 | 1133074 |
| NXP Semiconductors N.V. | 105 | 22939 |
| Okta, Inc. - Class A (a) | 108 | 10788 |
| ON Semiconductor Corporation (a) | 268 | 14072 |
| Onto Innovation Inc. (a) | 79 | 7998 |
| Oracle Corporation | 526 | 114896 |
| OSI Systems, Inc. (a) | 32 | 7134 |
| Palantir Technologies Inc. - Class A (a) | 688 | 93760 |
| Palo Alto Networks, Inc. (a) | 230 | 47065 |
| Pegasystems Inc. | 149 | 8054 |
| Plexus Corp. (a) | 53 | 7122 |
| Procore Technologies, Inc. (a) | 125 | 8524 |
| PTC Inc. (a) | 71 | 12278 |
| Pure Storage, Inc. - Class A (a) | 204 | 11735 |
| Q2 Holdings, Inc. (a) | 84 | 7888 |
| Qorvo, Inc. (a) | 104 | 8803 |
| Qualcomm Incorporated | 375 | 59731 |
| Qualys, Inc. (a) | 53 | 7593 |
| Rambus Inc. (a) | 143 | 9176 |
| Roper Technologies, Inc. | 42 | 24014 |
| Rubrik, Inc. - Class A (a) | 93 | 8367 |
| SailPoint, Inc. (a) | 352 | 8048 |
| Salesforce, Inc. | 302 | 82289 |
| Samsara Inc. - Class A (a) | 209 | 8314 |
| SanDisk LLC (a) | 192 | 8700 |
| Sanmina Corporation (a) | 85 | 8302 |
| Seagate Technology Holdings Public Limited Company | 112 | 16155 |
| SentinelOne, Inc. - Class A (a) | 435 | 7954 |
| ServiceNow, Inc. (a) | 68 | 70111 |
| ServiceTitan, Inc. - Class A (a) | 57 | 6114 |
| Silicon Laboratories Inc. (a) | 59 | 8651 |
| Sitime Corporation (a) | 36 | 7677 |
| Skyworks Solutions, Inc. | 133 | 9915 |
| Snowflake Inc. - Class A (a) | 127 | 28513 |
| Soundhound AI, Inc. - Class A (a) (b) | 699 | 7503 |
| SPS Commerce, Inc. (a) | 53 | 7280 |
| Super Micro Computer, Inc. (a) (b) | 308 | 15097 |
| Synopsys, Inc. (a) | 60 | 30543 |
| TD SYNNEX Corporation | 71 | 9689 |
| TE Connectivity Public Limited Company | 127 | 21347 |
| Teledyne Technologies Incorporated (a) | 26 | 13344 |

---

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page [607](#abbreviations).

**JNL Series Trust** (Unaudited)

**Schedules of Investments (in thousands)**

June 30, 2025

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| Tenable Holdings, Inc. (a) | 221 | 7455 |
| Teradyne, Inc. | 124 | 11130 |
| Texas Instruments Incorporated | 308 | 63943 |
| Trimble Inc. (a) | 155 | 11811 |
| Twilio Inc. - Class A (a) | 95 | 11799 |
| Tyler Technologies, Inc. (a) | 23 | 13779 |
| Uipath, Inc. - Class A (a) | 577 | 7386 |
| Unity Software Inc. (a) | 325 | 7864 |
| Universal Display Corporation | 55 | 8574 |
| Varonis Systems, Inc. (a) | 158 | 8026 |
| VeriSign, Inc. | 46 | 13260 |
| Vontier Corporation | 209 | 7710 |
| Western Digital Corporation | 219 | 14033 |
| Workday, Inc. - Class A (a) | 89 | 21462 |
| Workiva Inc. - Class A (a) | 104 | 7100 |
| Zebra Technologies Corporation - Class A (a) | 36 | 11118 |
| Zoom Communications, Inc. - Class A (a) | 143 | 11190 |
| Zscaler, Inc. (a) | 51 | 15904 |
| | | 6583760 |
| **Industrials 4.2%** | **Industrials 4.2%** | **Industrials 4.2%** |
| Automatic Data Processing, Inc. | 141 | 43510 |
| Broadridge Financial Solutions, Inc. | 60 | 14514 |
| Caci International Inc. - Class A (a) | 21 | 9781 |
| Clarivate PLC (a) (b) | 1502 | 6459 |
| Dayforce, Inc. (a) | 148 | 8193 |
| ESCO Technologies Inc. | 40 | 7685 |
| ExlService Holdings, Inc. (a) | 179 | 7842 |
| Fortive Corporation | 188 | 9788 |
| Genpact Limited | 183 | 8045 |
| Leidos Holdings, Inc. | 77 | 12080 |
| Lyft, Inc. - Class A (a) | 511 | 8049 |
| Nextracker LLC - Class A (a) | 148 | 8039 |
| Parsons Corporation (a) | 107 | 7713 |
| Paychex, Inc. | 135 | 19692 |
| Paycom Software, Inc. | 38 | 8853 |
| Paylocity Holding Corporation (a) | 45 | 8098 |
| Ralliant Corporation (a) | 63 | 3035 |
| Science Applications International Corporation | 65 | 7374 |
| Sensata Technologies Holding PLC | 270 | 8118 |
| SilverSun Techologies, Inc. (a) | 507 | 10923 |
| SS&C Technologies Holdings, Inc. | 139 | 11472 |
| Uber Technologies, Inc. (a) | 704 | 65724 |
| Verra Mobility Corporation - Class A (a) | 296 | 7525 |
|  |  | 302512 |
| **Financials 2.1%** | **Financials 2.1%** | **Financials 2.1%** |
| Affirm Holdings, Inc. - Class A (a) | 195 | 13487 |
| Block, Inc. - Class A (a) | 265 | 18030 |
| Corpay Inc (a) | 39 | 12856 |
| Euronet Worldwide, Inc. (a) | 67 | 6799 |
| Fidelity National Information Services, Inc. | 233 | 18988 |
| Fiserv, Inc. (a) | 202 | 34846 |
| Jack Henry & Associates, Inc. | 54 | 9772 |
| Remitly Global, Inc. (a) | 327 | 6141 |
| Shift4 Payments, LLC - Class A (a) (b) | 83 | 8236 |
| Toast, Inc. - Class A (a) | 287 | 12718 |
| Wex, Inc. (a) | 54 | 7940 |
|  |  | 149813 |
| **Communication Services 0.7%** | **Communication Services 0.7%** | **Communication Services 0.7%** |
| AST Spacemobile, Inc. - Class A (a) (b) | 320 | 14942 |
| EchoStar Corporation - Class A (a) (b) | 374 | 10372 |
| Grindr Inc. (a) | 253 | 5742 |
| Trade Desk, Inc., The - Class A (a) | 216 | 15552 |
| ZoomInfo Technologies Inc. - Class A (a) | 711 | 7198 |
|  |  | 53806 |
| **Consumer Discretionary 0.4%** | **Consumer Discretionary 0.4%** | **Consumer Discretionary 0.4%** |
| Duolingo, Inc. - Class A (a) | 23 | 9508 |
| Garmin Ltd. | 78 | 16296 |
|  |  | 25804 |
| Total Common Stocks (cost $3,901,652) | Total Common Stocks (cost $3,901,652) | 7115695 |
| **SHORT TERM INVESTMENTS 0.5%** | **SHORT TERM INVESTMENTS 0.5%** | **SHORT TERM INVESTMENTS 0.5%** |
| **Investment Companies 0.3%** | **Investment Companies 0.3%** | **Investment Companies 0.3%** |
| JNL Government Money Market Fund - Class I, 4.20% (c) (d) | 16116 | 16116 |
| **Securities Lending Collateral 0.2%** | **Securities Lending Collateral 0.2%** | **Securities Lending Collateral 0.2%** |
| JNL Government Money Market Fund - Class SL, 4.30% (c) (d) | 15527 | 15527 |
| Total Short Term Investments (cost $31,643) | Total Short Term Investments (cost $31,643) | 31643 |
| **Total Investments 100.2% (cost $3,933,295)** | **Total Investments 100.2% (cost $3,933,295)** | **7147338** |
| **Other Derivative Instruments 0.0%** | **Other Derivative Instruments 0.0%** | **348** |
| **Other Assets and Liabilities, Net (0.2)%** | **Other Assets and Liabilities, Net (0.2)%** | **(11495)** |
| **Total Net Assets 100.0%** | **Total Net Assets 100.0%** | **7136191** |

---

(a) Non-income producing security.

(b) All or a portion of the security was on loan as of June 30, 2025.

(c) Investment in affiliate.

(d) Yield changes daily to reflect current market conditions. Rate was the quoted yield as of June 30, 2025.

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **JNL/Mellon Information Technology Sector Fund — Investments in Affiliates** | **JNL/Mellon Information Technology Sector Fund — Investments in Affiliates** | **JNL/Mellon Information Technology Sector Fund — Investments in Affiliates** | **JNL/Mellon Information Technology Sector Fund — Investments in Affiliates** | **JNL/Mellon Information Technology Sector Fund — Investments in Affiliates** | **JNL/Mellon Information Technology Sector Fund — Investments in Affiliates** | **JNL/Mellon Information Technology Sector Fund — Investments in Affiliates** | **JNL/Mellon Information Technology Sector Fund — Investments in Affiliates** | **JNL/Mellon Information Technology Sector Fund — Investments in Affiliates** |
| **Affiliated Investment** | **Value Beginning of Period($)** | **Purchases($)** | **Sales Proceeds($)** | **Dividend Income/ Distributions from Funds($)** | **Realized Gain (Loss)($)** | **Change in Unrealized Appreciation (Depreciation) ($)** | **Value End of Period($)** | **Percentage of Net Assets(%)** |
| JNL Government Money Market Fund, 4.20% - Class I | 27691 | 419692 | 431267 | 497 |  |  | 16116 | 0.2 |
| JNL Government Money Market Fund, 4.30% - Class SL | 13 | 89565 | 74051 | 114 |  |  | 15527 | 0.2 |
|  | 27704 | 509257 | 505318 | 611 |  |  | 31643 | 0.4 |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **JNL/Mellon Information Technology Sector Fund — Futures Contracts** | **JNL/Mellon Information Technology Sector Fund — Futures Contracts** | **JNL/Mellon Information Technology Sector Fund — Futures Contracts** | **JNL/Mellon Information Technology Sector Fund — Futures Contracts** | **JNL/Mellon Information Technology Sector Fund — Futures Contracts** | **JNL/Mellon Information Technology Sector Fund — Futures Contracts** |
| **Reference Entity** | **Contracts<sup>1</sup>** | **Expiration** | **Notional<sup>1</sup>** | **Variation**<br> **Margin**<br> **Receivable**<br> (Payable) ($) | **Value/**<br> **Unrealized**<br> **Appreciation**<br> (Depreciation) ($) |
| **Long Contracts** | **Long Contracts** | **Long Contracts** | **Long Contracts** | **Long Contracts** | **Long Contracts** |
| S&P Technology Select Sector Index | 128 | September 2025 | 31517 | 348 | 1476 |

---

**Fair Value Hierarchy.** Various inputs are used in determining the fair value of financial instruments. For a description of the input levels and information about the Fund's policy regarding valuation of financial instruments, see Note 3 in the Notes to Financial Statements. The following table summarizes the Fund's investments categorized in the disclosure hierarchy as of June 30, 2025.

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page [607](#abbreviations).

**JNL Series Trust** (Unaudited)

**Schedules of Investments (in thousands)**

June 30, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **<u>. Level 1 ($) .</u>** | **<u>. Level 2 ($) .</u>** | **<u>. Level 3 ($) .</u>** | **<u>. Total ($) .</u>** |
| **JNL/Mellon Information Technology Sector Fund** | **JNL/Mellon Information Technology Sector Fund** | **JNL/Mellon Information Technology Sector Fund** | **JNL/Mellon Information Technology Sector Fund** | **JNL/Mellon Information Technology Sector Fund** |
| **Assets - Securities** |  |  |  |  |
| &nbsp;&nbsp; Common Stocks | 7115695 |  |  | 7115695 |
| &nbsp;&nbsp; Short Term Investments | 31643 |  |  | 31643 |
|  | 7147338 |  |  | 7147338 |
| **Assets - Investments in Other Financial Instruments<sup>1</sup>** |  |  |  |  |
| &nbsp;&nbsp; Futures Contracts | 1476 |  |  | 1476 |
|  | 1476 |  |  | 1476 |

---

<sup>1</sup> All derivatives, except for purchased and written options, are reflected at the unrealized appreciation (depreciation) on the instrument. Purchased and written options are reflected at value.

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page [607](#abbreviations).

**JNL Series Trust** (Unaudited)

**Schedules of Investments (in thousands)**

June 30, 2025

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| **JNL/Mellon Materials Sector Fund** | **JNL/Mellon Materials Sector Fund** | **JNL/Mellon Materials Sector Fund** |
| **COMMON STOCKS 99.5%** | **COMMON STOCKS 99.5%** | **COMMON STOCKS 99.5%** |
| **Materials 97.4%** | **Materials 97.4%** | **Materials 97.4%** |
| Air Products and Chemicals, Inc. | 30 | 8357 |
| Albemarle Corporation | 17 | 1075 |
| Alcoa Corporation | 38 | 1120 |
| Avient Corporation | 14 | 456 |
| Axalta Coating Systems Ltd. (a) | 30 | 899 |
| Balchem Corporation | 5 | 773 |
| Cabot Corporation | 8 | 597 |
| Celanese Corporation - Class A | 15 | 850 |
| CF Industries Holdings, Inc. | 23 | 2098 |
| Cleveland-Cliffs Inc. (a) | 79 | 597 |
| Coeur Mining, Inc. (a) | 95 | 838 |
| Commercial Metals Company | 16 | 782 |
| Corteva, Inc. | 92 | 6829 |
| CRH Public Limited Company | 91 | 8314 |
| Dow Inc. | 96 | 2534 |
| DuPont de Nemours, Inc. | 56 | 3873 |
| Eagle Materials Inc. | 5 | 980 |
| Eastman Chemical Company | 16 | 1221 |
| Ecolab Inc. | 34 | 9119 |
| Element Solutions Inc. | 33 | 753 |
| FMC Corporation | 17 | 725 |
| Freeport-McMoRan Inc. | 187 | 8106 |
| H.B. Fuller Company | 9 | 514 |
| Hecla Mining Company | 93 | 560 |
| International Flavors & Fragrances Inc. | 35 | 2564 |
| KRC Materials, Inc. (a) | 8 | 630 |
| Linde Public Limited Company | 63 | 29484 |
| LyondellBasell Industries N.V. - Class A | 36 | 2066 |
| Martin Marietta Materials, Inc. | 8 | 4476 |
| Mosaic Company, The | 43 | 1571 |
| NewMarket Corporation | 1 | 759 |
| Newmont Corporation | 148 | 8643 |
| Nucor Corporation | 31 | 4075 |
| PPG Industries, Inc. | 31 | 3500 |
| Reliance, Inc. | 7 | 2274 |
| Royal Gold, Inc. | 9 | 1636 |
| RPM International Inc. | 18 | 1956 |
| Scotts Miracle-Gro Company, The | 7 | 482 |
| Sensient Technologies Corporation | 7 | 647 |
| Sherwin-Williams Company, The | 31 | 10612 |
| Southern Copper Corporation | 13 | 1296 |
| Steel Dynamics, Inc. | 19 | 2463 |
| Vulcan Materials Company | 18 | 4657 |
| Westlake Corporation | 6 | 441 |
|  |  | 146202 |
| **Industrials 1.8%** | **Industrials 1.8%** | **Industrials 1.8%** |
| Boise Cascade Company | 6 | 528 |
| Simpson Manufacturing Co., Inc. | 6 | 949 |
| Tecnoglass Inc. | 4 | 329 |
| UFP Industries, Inc. | 9 | 891 |
|  |  | 2697 |
| **Consumer Staples 0.3%** | **Consumer Staples 0.3%** | **Consumer Staples 0.3%** |
| WD-40 Company | 2 | 494 |
| Total Common Stocks (cost $140,030) | Total Common Stocks (cost $140,030) | 149393 |
| **SHORT TERM INVESTMENTS 0.6%** | **SHORT TERM INVESTMENTS 0.6%** | **SHORT TERM INVESTMENTS 0.6%** |
| **Investment Companies 0.6%** | **Investment Companies 0.6%** | **Investment Companies 0.6%** |
| JNL Government Money Market Fund - Class I, 4.20% (b) (c) | 859 | 859 |
| Total Short Term Investments (cost $859) | Total Short Term Investments (cost $859) | 859 |
| **Total Investments 100.1% (cost $140,889)** | **Total Investments 100.1% (cost $140,889)** | **150252** |
| **Other Derivative Instruments (0.0)%** | **Other Derivative Instruments (0.0)%** | (1) |
| **Other Assets and Liabilities, Net (0.1)%** | **Other Assets and Liabilities, Net (0.1)%** | (130) |
| **Total Net Assets 100.0%** | **Total Net Assets 100.0%** | **150121** |

---

(a) Non-income producing security.

(b) Investment in affiliate.

(c) Yield changes daily to reflect current market conditions. Rate was the quoted yield as of June 30, 2025.

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **JNL/Mellon Materials Sector Fund — Investments in Affiliates** | **JNL/Mellon Materials Sector Fund — Investments in Affiliates** | **JNL/Mellon Materials Sector Fund — Investments in Affiliates** | **JNL/Mellon Materials Sector Fund — Investments in Affiliates** | **JNL/Mellon Materials Sector Fund — Investments in Affiliates** | **JNL/Mellon Materials Sector Fund — Investments in Affiliates** | **JNL/Mellon Materials Sector Fund — Investments in Affiliates** | **JNL/Mellon Materials Sector Fund — Investments in Affiliates** | **JNL/Mellon Materials Sector Fund — Investments in Affiliates** |
| **Affiliated Investment** | **Value Beginning of Period($)** | **Purchases($)** | **Sales Proceeds($)** | **Dividend Income/ Distributions from Funds($)** | **Realized Gain (Loss)($)** | **Change in Unrealized Appreciation (Depreciation) ($)** | **Value End of Period($)** | **Percentage of Net Assets(%)** |
| JNL Government Money Market Fund, 4.20% - Class I | 1257 | 31996 | 32394 | 14 |  |  | 859 | 0.6 |
| JNL Government Money Market Fund, 4.30% - Class SL | 408 | 879 | 1287 | 2 |  |  |  |  |
|  | 1665 | 32875 | 33681 | 16 |  |  | 859 | 0.6 |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **JNL/Mellon Materials Sector Fund — Futures Contracts** | **JNL/Mellon Materials Sector Fund — Futures Contracts** | **JNL/Mellon Materials Sector Fund — Futures Contracts** | **JNL/Mellon Materials Sector Fund — Futures Contracts** | **JNL/Mellon Materials Sector Fund — Futures Contracts** | **JNL/Mellon Materials Sector Fund — Futures Contracts** |
| **Reference Entity** | **Contracts<sup>1</sup>** | **Expiration** | **Notional<sup>1</sup>** | **Variation**<br> **Margin**<br> **Receivable**<br> (Payable) ($) | **Value/**<br> **Unrealized**<br> **Appreciation**<br> (Depreciation) ($) |
| **Long Contracts** | **Long Contracts** | **Long Contracts** | **Long Contracts** | **Long Contracts** | **Long Contracts** |
| S&P Materials Select Sector Index | 10 | September 2025 | 930 | (1) | 9 |

---

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page [607](#abbreviations).

**JNL Series Trust** (Unaudited)

**Schedules of Investments (in thousands)**

June 30, 2025

**Fair Value Hierarchy.** Various inputs are used in determining the fair value of financial instruments. For a description of the input levels and information about the Fund's policy regarding valuation of financial instruments, see Note 3 in the Notes to Financial Statements. The following table summarizes the Fund's investments categorized in the disclosure hierarchy as of June 30, 2025.

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **<u>. Level 1 ($) .</u>** | **<u>. Level 2 ($) .</u>** | **<u>. Level 3 ($) .</u>** | **<u>. Total ($) .</u>** |
| **JNL/Mellon Materials Sector Fund** | **JNL/Mellon Materials Sector Fund** | **JNL/Mellon Materials Sector Fund** | **JNL/Mellon Materials Sector Fund** | **JNL/Mellon Materials Sector Fund** |
| **Assets - Securities** |  |  |  |  |
| &nbsp;&nbsp; Common Stocks | 149393 |  |  | 149393 |
| &nbsp;&nbsp; Short Term Investments | 859 |  |  | 859 |
|  | 150252 |  |  | 150252 |
| **Assets - Investments in Other Financial Instruments<sup>1</sup>** |  |  |  |  |
| &nbsp;&nbsp; Futures Contracts | 9 |  |  | 9 |
|  | 9 |  |  | 9 |

---

<sup>1</sup> All derivatives, except for purchased and written options, are reflected at the unrealized appreciation (depreciation) on the instrument. Purchased and written options are reflected at value.

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page [607](#abbreviations).

**JNL Series Trust** (Unaudited)

**Schedules of Investments (in thousands)**

June 30, 2025

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| **JNL/Mellon Nasdaq 100 Index Fund** | **JNL/Mellon Nasdaq 100 Index Fund** | **JNL/Mellon Nasdaq 100 Index Fund** |
| **COMMON STOCKS 99.2%** | **COMMON STOCKS 99.2%** | **COMMON STOCKS 99.2%** |
| **Information Technology 52.5%** | **Information Technology 52.5%** | **Information Technology 52.5%** |
| Adobe Inc. (a) | 216 | 83507 |
| Advanced Micro Devices, Inc. (a) | 821 | 116560 |
| Analog Devices, Inc. | 251 | 59737 |
| ANSYS, Inc. (a) | 44 | 15578 |
| Apple Inc. | 3074 | 630777 |
| Applied Materials, Inc. | 406 | 74419 |
| AppLovin Corporation - Class A (a) | 156 | 54555 |
| Arm Holdings PLC - ADR (a) (b) | 68 | 10965 |
| ASML Holding N.V. - ADR | 44 | 35472 |
| Atlassian Corporation - Class A (a) | 82 | 16730 |
| Autodesk, Inc. (a) | 109 | 33679 |
| Broadcom Inc. | 1601 | 441282 |
| Cadence Design Systems, Inc. (a) | 139 | 42805 |
| CDW Corp. | 67 | 11903 |
| Cisco Systems, Inc. | 2006 | 139151 |
| Cognizant Technology Solutions Corporation - Class A | 250 | 19530 |
| CrowdStrike Holdings, Inc. - Class A (a) | 126 | 64246 |
| Datadog, Inc. - Class A (a) | 162 | 21738 |
| Fortinet, Inc. (a) | 389 | 41137 |
| Globalfoundries Inc. (a) | 280 | 10683 |
| Intel Corporation | 2210 | 49498 |
| Intuit Inc. | 141 | 111421 |
| KLA Corporation | 67 | 59978 |
| Lam Research Corporation | 650 | 63228 |
| Marvell Technology, Inc. | 438 | 33890 |
| Microchip Technology Incorporated | 272 | 19151 |
| Micron Technology, Inc. | 564 | 69487 |
| Microsoft Corporation | 1530 | 760992 |
| MicroStrategy Incorporated - Class A (a) | 129 | 51954 |
| NVIDIA Corporation | 5023 | 793584 |
| NXP Semiconductors N.V. | 128 | 27975 |
| ON Semiconductor Corporation (a) | 212 | 11126 |
| Palantir Technologies Inc. - Class A (a) | 1146 | 156235 |
| Palo Alto Networks, Inc. (a) | 337 | 69066 |
| Qualcomm Incorporated | 556 | 88569 |
| Roper Technologies, Inc. | 54 | 30849 |
| Shopify Inc. - Class A (a) | 617 | 71173 |
| Synopsys, Inc. (a) | 78 | 40130 |
| Texas Instruments Incorporated | 461 | 95639 |
| Workday, Inc. - Class A (a) | 109 | 26233 |
| Zscaler, Inc. (a) | 79 | 24754 |
|  |  | 4579386 |
| **Communication Services 15.3%** | **Communication Services 15.3%** | **Communication Services 15.3%** |
| Alphabet Inc. - Class A | 1198 | 211176 |
| Alphabet Inc. - Class C | 1124 | 199306 |
| Comcast Corporation - Class A | 1887 | 67354 |
| Electronic Arts Inc. | 127 | 20256 |
| Former Charter Communications Parent, Inc. - Class A (a) | 71 | 29072 |
| Meta Platforms, Inc. - Class A | 447 | 329886 |
| Netflix, Inc. (a) | 216 | 288632 |
| Take-Two Interactive Software, Inc. (a) | 92 | 22383 |
| T-Mobile US, Inc. | 575 | 136978 |
| Trade Desk, Inc., The - Class A (a) | 229 | 16518 |
| Warner Bros. Discovery, Inc. - Series A (a) | 1242 | 14235 |
|  |  | 1335796 |
| **Consumer Discretionary 13.3%** | **Consumer Discretionary 13.3%** | **Consumer Discretionary 13.3%** |
| Airbnb, Inc. - Class A (a) | 219 | 28988 |
| Amazon.com, Inc. (a) | 2186 | 479519 |
| Booking Holdings Inc. | 16 | 95401 |
| DoorDash, Inc. - Class A (a) | 202 | 49782 |
| Lululemon Athletica Inc. (a) | 59 | 14001 |
| Marriott International, Inc. - Class A | 139 | 37903 |
| MercadoLibre, Inc. (a) | 26 | 67050 |
| O'Reilly Automotive, Inc. (a) | 432 | 38966 |
| Pinduoduo (Shanghai) Network Technology Co., Ltd. - ADR (a) | 338 | 35373 |
| Ross Stores, Inc. | 167 | 21300 |
| Starbucks Corporation | 575 | 52668 |
| Tesla Inc. (a) | 749 | 238020 |
|  |  | 1158971 |
| **Consumer Staples 5.1%** | **Consumer Staples 5.1%** | **Consumer Staples 5.1%** |
| Coca-Cola Europacific Partners PLC | 234 | 21696 |
| Costco Wholesale Corporation | 225 | 222361 |
| Keurig Dr Pepper Inc. | 687 | 22697 |
| Kraft Heinz Company, The | 606 | 15637 |
| Mondelez International, Inc. - Class A | 655 | 44143 |
| Monster Beverage 1990 Corporation (a) | 492 | 30846 |
| PepsiCo, Inc. | 694 | 91636 |
|  |  | 449016 |
| **Health Care 4.8%** | **Health Care 4.8%** | **Health Care 4.8%** |
| Amgen Inc. | 272 | 75986 |
| AstraZeneca PLC - ADR | 301 | 21048 |
| Biogen Inc. (a) | 75 | 9362 |
| DexCom, Inc. (a) | 199 | 17393 |
| GE HealthCare Technologies Inc. | 231 | 17113 |
| Gilead Sciences, Inc. | 630 | 69867 |
| IDEXX Laboratories, Inc. (a) | 41 | 22073 |
| Intuitive Surgical, Inc. (a) | 181 | 98576 |
| Regeneron Pharmaceuticals, Inc. | 54 | 28229 |
| Vertex Pharmaceuticals Incorporated (a) | 130 | 57850 |
|  |  | 417497 |
| **Industrials 4.4%** | **Industrials 4.4%** | **Industrials 4.4%** |
| Automatic Data Processing, Inc. | 205 | 63243 |
| Axon Enterprise, Inc. (a) | 39 | 32637 |
| Cintas Corporation | 204 | 45510 |
| Copart, Inc. (a) | 489 | 23988 |
| CSX Corporation | 951 | 31015 |
| Fastenal Company | 579 | 24318 |
| Honeywell International Inc. | 325 | 75779 |
| Old Dominion Freight Line, Inc. | 108 | 17456 |
| PACCAR Inc | 265 | 25192 |
| Paychex, Inc. | 182 | 26500 |
| Verisk Analytics, Inc. | 71 | 22145 |
|  |  | 387783 |
| **Utilities 1.4%** | **Utilities 1.4%** | **Utilities 1.4%** |
| American Electric Power Company, Inc. | 270 | 27986 |
| Constellation Energy Group, Inc. | 159 | 51238 |
| Exelon Corporation | 511 | 22183 |
| XCEL Energy Inc. | 292 | 19890 |
|  |  | 121297 |
| **Materials 1.3%** | **Materials 1.3%** | **Materials 1.3%** |
| Linde Public Limited Company | 239 | 112276 |
| **Energy 0.5%** | **Energy 0.5%** | **Energy 0.5%** |
| Baker Hughes Company - Class A | 500 | 19174 |
| Diamondback Energy, Inc. | 148 | 20380 |
|  |  | 39554 |
| **Financials 0.4%** | **Financials 0.4%** | **Financials 0.4%** |
| PayPal Holdings, Inc. (a) | 493 | 36611 |
| **Real Estate 0.2%** | **Real Estate 0.2%** | **Real Estate 0.2%** |
| CoStar Group, Inc. (a) | 214 | 17172 |
| Total Common Stocks (cost $4,834,654) | Total Common Stocks (cost $4,834,654) | 8655359 |
| **SHORT TERM INVESTMENTS 0.6%** | **SHORT TERM INVESTMENTS 0.6%** | **SHORT TERM INVESTMENTS 0.6%** |
| **Investment Companies 0.6%** | **Investment Companies 0.6%** | **Investment Companies 0.6%** |
| JNL Government Money Market Fund - Class I, 4.20% (c) (d) | 51863 | 51863 |
| Total Short Term Investments (cost $51,863) | Total Short Term Investments (cost $51,863) | 51863 |
| **Total Investments 99.8% (cost $4,886,517)** | **Total Investments 99.8% (cost $4,886,517)** | **8707222** |
| **Other Derivative Instruments 0.0%** | **Other Derivative Instruments 0.0%** | **350** |
| **Other Assets and Liabilities, Net 0.2%** | **Other Assets and Liabilities, Net 0.2%** | **13903** |
| **Total Net Assets 100.0%** | **Total Net Assets 100.0%** | **8721475** |

---

(a) Non-income producing security.

(b) All or a portion of the security was on loan as of June 30, 2025.

(c) Investment in affiliate.

(d) Yield changes daily to reflect current market conditions. Rate was the quoted yield as of June 30, 2025.

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page [607](#abbreviations).

**JNL Series Trust** (Unaudited)

**Schedules of Investments (in thousands)**

June 30, 2025

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **JNL/Mellon Nasdaq 100 Index Fund — Investments in Affiliates** | **JNL/Mellon Nasdaq 100 Index Fund — Investments in Affiliates** | **JNL/Mellon Nasdaq 100 Index Fund — Investments in Affiliates** | **JNL/Mellon Nasdaq 100 Index Fund — Investments in Affiliates** | **JNL/Mellon Nasdaq 100 Index Fund — Investments in Affiliates** | **JNL/Mellon Nasdaq 100 Index Fund — Investments in Affiliates** | **JNL/Mellon Nasdaq 100 Index Fund — Investments in Affiliates** | **JNL/Mellon Nasdaq 100 Index Fund — Investments in Affiliates** | **JNL/Mellon Nasdaq 100 Index Fund — Investments in Affiliates** |
| **Affiliated Investment** | **Value Beginning of Period($)** | **Purchases($)** | **Sales Proceeds($)** | **Dividend Income/ Distributions from Funds($)** | **Realized Gain (Loss)($)** | **Change in Unrealized Appreciation (Depreciation) ($)** | **Value End of Period($)** | **Percentage of Net Assets(%)** |
| JNL Government Money Market Fund, 4.20% - Class I | 54721 | 510911 | 513769 | 1396 |  |  | 51863 | 0.6 |
| JNL Government Money Market Fund, 4.30% - Class SL | 7147 | 32116 | 39263 | 64 |  |  |  |  |
|  | 61868 | 543027 | 553032 | 1460 |  |  | 51863 | 0.6 |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **JNL/Mellon Nasdaq 100 Index Fund — Futures Contracts** | **JNL/Mellon Nasdaq 100 Index Fund — Futures Contracts** | **JNL/Mellon Nasdaq 100 Index Fund — Futures Contracts** | **JNL/Mellon Nasdaq 100 Index Fund — Futures Contracts** | **JNL/Mellon Nasdaq 100 Index Fund — Futures Contracts** | **JNL/Mellon Nasdaq 100 Index Fund — Futures Contracts** |
| **Reference Entity** | **Contracts<sup>1</sup>** | **Expiration** | **Notional<sup>1</sup>** | **Variation**<br> **Margin**<br> **Receivable**<br> (Payable) ($) | **Value/**<br> **Unrealized**<br> **Appreciation**<br> (Depreciation) ($) |
| **Long Contracts** | **Long Contracts** | **Long Contracts** | **Long Contracts** | **Long Contracts** | **Long Contracts** |
| NASDAQ 100 Stock Index | 131 | September 2025 | 57625 | 350 | 2355 |

---

**Fair Value Hierarchy.** Various inputs are used in determining the fair value of financial instruments. For a description of the input levels and information about the Fund's policy regarding valuation of financial instruments, see Note 3 in the Notes to Financial Statements. The following table summarizes the Fund's investments categorized in the disclosure hierarchy as of June 30, 2025.

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **<u>. Level 1 ($) .</u>** | **<u>. Level 2 ($) .</u>** | **<u>. Level 3 ($) .</u>** | **<u>. Total ($) .</u>** |
| **JNL/Mellon Nasdaq 100 Index Fund** | **JNL/Mellon Nasdaq 100 Index Fund** | **JNL/Mellon Nasdaq 100 Index Fund** | **JNL/Mellon Nasdaq 100 Index Fund** | **JNL/Mellon Nasdaq 100 Index Fund** |
| **Assets - Securities** |  |  |  |  |
| &nbsp;&nbsp; Common Stocks | 8655359 |  |  | 8655359 |
| &nbsp;&nbsp; Short Term Investments | 51863 |  |  | 51863 |
|  | 8707222 |  |  | 8707222 |
| **Assets - Investments in Other Financial Instruments<sup>1</sup>** |  |  |  |  |
| &nbsp;&nbsp; Futures Contracts | 2355 |  |  | 2355 |
|  | 2355 |  |  | 2355 |

---

<sup>1</sup> All derivatives, except for purchased and written options, are reflected at the unrealized appreciation (depreciation) on the instrument. Purchased and written options are reflected at value.

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page [607](#abbreviations).

**JNL Series Trust** (Unaudited)

**Schedules of Investments (in thousands)**

June 30, 2025

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| **JNL/Mellon Real Estate Sector Fund** | **JNL/Mellon Real Estate Sector Fund** | **JNL/Mellon Real Estate Sector Fund** |
| **COMMON STOCKS 99.3%** | **COMMON STOCKS 99.3%** | **COMMON STOCKS 99.3%** |
| **Real Estate 96.8%** | **Real Estate 96.8%** | **Real Estate 96.8%** |
| Agree Realty Corporation | 15 | 1087 |
| Alexandria Real Estate Equities, Inc. (a) | 20 | 1478 |
| American Healthcare REIT, Inc. | 21 | 761 |
| American Homes 4 Rent - Class A | 42 | 1518 |
| American Tower Corporation | 64 | 14138 |
| Americold Realty Trust, Inc. | 34 | 571 |
| AvalonBay Communities, Inc. | 19 | 3819 |
| Brixmor Property Group Inc. | 42 | 1094 |
| Broadstone Net Lease, Inc. | 24 | 379 |
| BXP, Inc. | 20 | 1338 |
| Camden Property Trust | 15 | 1676 |
| Caretrust REIT, Inc. | 24 | 746 |
| CBRE Group, Inc. - Class A (b) | 41 | 5715 |
| Compass, Inc. - Class A (b) | 60 | 379 |
| COPT Defense Properties | 15 | 424 |
| CoStar Group, Inc. (b) | 55 | 4392 |
| Cousins Properties Incorporated | 22 | 646 |
| Crown Castle Inc. | 57 | 5820 |
| Cubesmart, L.P. | 31 | 1327 |
| Digital Realty Trust, Inc. | 43 | 7532 |
| EastGroup Properties, Inc. | 7 | 1198 |
| EPR Properties | 10 | 602 |
| Equinix, Inc. | 13 | 10678 |
| Equity Lifestyle Properties, Inc. | 26 | 1616 |
| Equity Residential | 47 | 3179 |
| Essential Properties Realty Trust, Inc. | 27 | 861 |
| Essex Property Trust, Inc. | 8 | 2383 |
| Extra Space Storage Inc. | 28 | 4138 |
| Federal Realty Investment Trust | 12 | 1121 |
| First Industrial Realty Trust, Inc. | 17 | 794 |
| Gaming and Leisure Properties, Inc. | 36 | 1686 |
| Healthcare Realty Trust Incorporated - Class A | 47 | 744 |
| Healthpeak OP, LLC | 96 | 1673 |
| Highwoods Properties, Inc. | 14 | 439 |
| Host Hotels & Resorts, Inc. | 96 | 1471 |
| Howard Hughes Holdings Inc. (b) | 4 | 288 |
| Independence Realty Trust, Inc. | 30 | 536 |
| Invitation Homes Inc. | 77 | 2509 |
| Iron Mountain Incorporated | 40 | 4152 |
| Jones Lang LaSalle Incorporated (b) | 7 | 1667 |
| Kilroy Realty Corporation | 15 | 507 |
| Kimco Realty OP, LLC | 93 | 1958 |
| Kite Realty Naperville, LLC | 30 | 683 |
| Lamar Advertising Company - Class A (a) | 12 | 1452 |
| Lineage, Inc. | 8 | 355 |
| Macerich Company, The | 35 | 562 |
| Mid-America Apartment Communities, Inc. | 16 | 2365 |
| Millrose Properties, Inc. - Class A | 17 | 473 |
| National Health Investors, Inc. | 6 | 429 |
| NNN REIT, Inc. | 26 | 1116 |
| Omega Healthcare Investors, Inc. | 39 | 1439 |
| Phillips Edison & Company, Inc. | 16 | 575 |
| PotlatchDeltic Corporation | 10 | 384 |
| ProLogis Inc. | 127 | 13328 |
| Public Storage Operating Company | 22 | 6372 |
| Rayonier Inc. | 19 | 430 |
| Realty Income Corporation | 122 | 7049 |
| Regency Centers Corporation | 22 | 1602 |
| Rexford Industrial Realty, Inc. | 32 | 1150 |
| Ryman Hospitality Properties, Inc. | 8 | 791 |
| Sabra Health Care REIT, Inc. | 30 | 548 |
| SBA Communications Corporation - Class A | 15 | 3473 |
| Simon Property Group, Inc. | 45 | 7161 |
| SL Green Realty Corp. | 10 | 599 |
| STAG Industrial, Inc. | 26 | 931 |
| Sun Communities, Inc. | 16 | 2061 |
| Tanger Inc. | 15 | 469 |
| Terreno Realty Corporation | 14 | 779 |
| UDR, Inc. | 41 | 1675 |
| Ventas, Inc. | 57 | 3606 |
| VICI Properties Inc. | 145 | 4716 |
| Vornado Realty Trust | 22 | 849 |
| W.P. Carey Inc. | 30 | 1857 |
| Welltower Inc. | 89 | 13678 |
| Weyerhaeuser Company | 95 | 2440 |
|  |  | 184437 |
| **Financials 2.5%** | **Financials 2.5%** | **Financials 2.5%** |
| AGNC Investment Corp. (a) | 129 | 1188 |
| Annaly Capital Management, Inc. | 82 | 1544 |
| Blackstone Mortgage Trust, Inc. - Class A | 22 | 432 |
| RITHM Capital Corp. | 73 | 823 |
| Starwood Property Trust, Inc. (a) | 44 | 882 |
|  |  | 4869 |
| Total Common Stocks (cost $202,133) | Total Common Stocks (cost $202,133) | 189306 |
| **SHORT TERM INVESTMENTS 0.5%** | **SHORT TERM INVESTMENTS 0.5%** | **SHORT TERM INVESTMENTS 0.5%** |
| **Securities Lending Collateral 0.3%** | **Securities Lending Collateral 0.3%** | **Securities Lending Collateral 0.3%** |
| JNL Government Money Market Fund - Class SL, 4.30% (c) (d) | 635 | 635 |
| **Investment Companies 0.2%** | **Investment Companies 0.2%** | **Investment Companies 0.2%** |
| JNL Government Money Market Fund - Class I, 4.20% (c) (d) | 279 | 279 |
| Total Short Term Investments (cost $914) | Total Short Term Investments (cost $914) | 914 |
| **Total Investments 99.8% (cost $203,047)** | **Total Investments 99.8% (cost $203,047)** | **190220** |
| **Other Derivative Instruments 0.0%** | **Other Derivative Instruments 0.0%** | **7** |
| **Other Assets and Liabilities, Net 0.2%** | **Other Assets and Liabilities, Net 0.2%** | **389** |
| **Total Net Assets 100.0%** | **Total Net Assets 100.0%** | **190616** |

---

(a) All or a portion of the security was on loan as of June 30, 2025.

(b) Non-income producing security.

(c) Investment in affiliate.

(d) Yield changes daily to reflect current market conditions. Rate was the quoted yield as of June 30, 2025.

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **JNL/Mellon Real Estate Sector Fund — Investments in Affiliates** | **JNL/Mellon Real Estate Sector Fund — Investments in Affiliates** | **JNL/Mellon Real Estate Sector Fund — Investments in Affiliates** | **JNL/Mellon Real Estate Sector Fund — Investments in Affiliates** | **JNL/Mellon Real Estate Sector Fund — Investments in Affiliates** | **JNL/Mellon Real Estate Sector Fund — Investments in Affiliates** | **JNL/Mellon Real Estate Sector Fund — Investments in Affiliates** | **JNL/Mellon Real Estate Sector Fund — Investments in Affiliates** | **JNL/Mellon Real Estate Sector Fund — Investments in Affiliates** |
| **Affiliated Investment** | **Value Beginning of Period($)** | **Purchases($)** | **Sales Proceeds($)** | **Dividend Income/ Distributions from Funds($)** | **Realized Gain (Loss)($)** | **Change in Unrealized Appreciation (Depreciation) ($)** | **Value End of Period($)** | **Percentage of Net Assets(%)** |
| JNL Government Money Market Fund, 4.20% - Class I | 744 | 20350 | 20815 | 16 |  |  | 279 | 0.2 |
| JNL Government Money Market Fund, 4.30% - Class SL | 1331 | 4187 | 4883 | 6 |  |  | 635 | 0.3 |
|  | 2075 | 24537 | 25698 | 22 |  |  | 914 | 0.5 |

---

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page [607](#abbreviations).

**JNL Series Trust** (Unaudited)

**Schedules of Investments (in thousands)**

June 30, 2025

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **JNL/Mellon Real Estate Sector Fund — Futures Contracts** | **JNL/Mellon Real Estate Sector Fund — Futures Contracts** | **JNL/Mellon Real Estate Sector Fund — Futures Contracts** | **JNL/Mellon Real Estate Sector Fund — Futures Contracts** | **JNL/Mellon Real Estate Sector Fund — Futures Contracts** | **JNL/Mellon Real Estate Sector Fund — Futures Contracts** |
| **Reference Entity** | **Contracts<sup>1</sup>** | **Expiration** | **Notional<sup>1</sup>** | **Variation**<br> **Margin**<br> **Receivable**<br> (Payable) ($) | **Value/**<br> **Unrealized**<br> **Appreciation**<br> (Depreciation) ($) |
| **Long Contracts** | **Long Contracts** | **Long Contracts** | **Long Contracts** | **Long Contracts** | **Long Contracts** |
| S&P Real Estate Select Sector Index | 26 | September 2025 | 1333 | 7 | (2) |

---

**Fair Value Hierarchy.** Various inputs are used in determining the fair value of financial instruments. For a description of the input levels and information about the Fund's policy regarding valuation of financial instruments, see Note 3 in the Notes to Financial Statements. The following table summarizes the Fund's investments categorized in the disclosure hierarchy as of June 30, 2025.

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **<u>. Level 1 ($) .</u>** | **<u>. Level 2 ($) .</u>** | **<u>. Level 3 ($) .</u>** | **<u>. Total ($) .</u>** |
| **JNL/Mellon Real Estate Sector Fund** | **JNL/Mellon Real Estate Sector Fund** | **JNL/Mellon Real Estate Sector Fund** | **JNL/Mellon Real Estate Sector Fund** | **JNL/Mellon Real Estate Sector Fund** |
| **Assets - Securities** |  |  |  |  |
| &nbsp;&nbsp; Common Stocks | 189306 |  |  | 189306 |
| &nbsp;&nbsp; Short Term Investments | 914 |  |  | 914 |
|  | 190220 |  |  | 190220 |
| **Liabilities - Investments in Other Financial Instruments<sup>1</sup>** |  |  |  |  |
| &nbsp;&nbsp; Futures Contracts | (2) |  |  | (2) |
|  | (2) |  |  | (2) |

---

<sup>1</sup> All derivatives, except for purchased and written options, are reflected at the unrealized appreciation (depreciation) on the instrument. Purchased and written options are reflected at value.

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page [607](#abbreviations).

**JNL Series Trust** (Unaudited)

**Schedules of Investments (in thousands)**

June 30, 2025

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| **JNL/Mellon S&P 500 Index Fund** | **JNL/Mellon S&P 500 Index Fund** | **JNL/Mellon S&P 500 Index Fund** |
| **COMMON STOCKS 99.1%** | **COMMON STOCKS 99.1%** | **COMMON STOCKS 99.1%** |
| **Information Technology 32.8%** | **Information Technology 32.8%** | **Information Technology 32.8%** |
| Accenture Public Limited Company - Class A | 189 | 56448 |
| Adobe Inc. (a) | 128 | 49582 |
| Advanced Micro Devices, Inc. (a) | 487 | 69040 |
| Akamai Technologies, Inc. (a) (b) | 46 | 3638 |
| Amphenol Corporation - Class A | 366 | 36176 |
| Analog Devices, Inc. | 149 | 35443 |
| ANSYS, Inc. (a) | 27 | 9344 |
| Apple Inc. | 4498 | 922778 |
| Applied Materials, Inc. | 245 | 44882 |
| Arista Networks, Inc. (a) | 311 | 31802 |
| Autodesk, Inc. (a) | 64 | 19949 |
| Broadcom Inc. | 1416 | 390266 |
| Cadence Design Systems, Inc. (a) | 83 | 25700 |
| CDW Corp. | 39 | 6943 |
| Cisco Systems, Inc. | 1196 | 82965 |
| Cognizant Technology Solutions Corporation - Class A | 151 | 11746 |
| Corning Incorporated | 229 | 12032 |
| CrowdStrike Holdings, Inc. - Class A (a) | 75 | 38371 |
| Dell Technologies Inc. - Class C | 90 | 11017 |
| Enphase Energy, Inc. (a) (b) | 39 | 1551 |
| EPAM Systems, Inc. (a) (b) | 16 | 2907 |
| F5, Inc. (a) | 17 | 5105 |
| Fair Isaac Corporation (a) | 7 | 13297 |
| First Solar, Inc. (a) | 32 | 5298 |
| Fortinet, Inc. (a) | 194 | 20471 |
| Gartner, Inc. (a) (b) | 23 | 9437 |
| Gen Digital Inc. (b) | 165 | 4851 |
| GoDaddy Inc. - Class A (a) | 43 | 7723 |
| Hewlett Packard Enterprise Company | 397 | 8120 |
| HP, Inc. | 280 | 6855 |
| Intel Corporation | 1310 | 29335 |
| International Business Machines Corporation | 279 | 82334 |
| Intuit Inc. | 85 | 66578 |
| Jabil Inc. | 33 | 7201 |
| Juniper Networks, Inc. | 100 | 3994 |
| Keysight Technologies, Inc. (a) | 53 | 8706 |
| KLA Corporation | 40 | 36027 |
| Lam Research Corporation (b) | 383 | 37300 |
| Microchip Technology Incorporated (b) | 162 | 11387 |
| Micron Technology, Inc. | 338 | 41621 |
| Microsoft Corporation | 2238 | 1113167 |
| Monolithic Power Systems, Inc. (b) | 15 | 10727 |
| Motorola Solutions, Inc. | 50 | 21183 |
| NetApp, Inc. | 64 | 6847 |
| NVIDIA Corporation | 7343 | 1160182 |
| NXP Semiconductors N.V. | 76 | 16668 |
| ON Semiconductor Corporation (a) (b) | 128 | 6729 |
| Oracle Corporation | 489 | 106951 |
| Palantir Technologies Inc. - Class A (a) | 640 | 87280 |
| Palo Alto Networks, Inc. (a) (b) | 200 | 40926 |
| PTC Inc. (a) (b) | 37 | 6454 |
| Qualcomm Incorporated | 329 | 52412 |
| Roper Technologies, Inc. | 33 | 18478 |
| Salesforce, Inc. | 289 | 78801 |
| Seagate Technology Holdings Public Limited Company | 64 | 9259 |
| ServiceNow, Inc. (a) | 62 | 63791 |
| Skyworks Solutions, Inc. | 45 | 3369 |
| Super Micro Computer, Inc. (a) (b) | 154 | 7528 |
| Synopsys, Inc. (a) | 47 | 23904 |
| TE Connectivity Public Limited Company | 88 | 14846 |
| Teledyne Technologies Incorporated (a) | 14 | 7151 |
| Teradyne, Inc. | 49 | 4448 |
| Texas Instruments Incorporated | 273 | 56599 |
| Trimble Inc. (a) (b) | 70 | 5283 |
| Tyler Technologies, Inc. (a) (b) | 13 | 7629 |
| VeriSign, Inc. | 24 | 6968 |
| Western Digital Corporation (b) | 109 | 6949 |
| Workday, Inc. - Class A (a) (b) | 65 | 15690 |
| Zebra Technologies Corporation - Class A (a) (b) | 16 | 4897 |
|  |  | 5233336 |
| **Financials 13.9%** | **Financials 13.9%** | **Financials 13.9%** |
| AFLAC Incorporated (b) | 149 | 15676 |
| Allstate Corporation, The | 79 | 15834 |
| American Express Company | 168 | 53457 |
| American International Group, Inc. | 174 | 14859 |
| Ameriprise Financial, Inc. | 29 | 15617 |
| AON Public Limited Company - Class A | 65 | 23362 |
| Apollo Global Management, Inc. (b) | 137 | 19494 |
| Arch Capital Group Ltd. (b) | 111 | 10128 |
| Arthur J. Gallagher & Co. (b) | 77 | 24559 |
| Assurant, Inc. (b) | 15 | 2984 |
| Bank of America Corporation | 1988 | 94075 |
| Bank of New York Mellon Corporation, The (c) | 214 | 19541 |
| Berkshire Hathaway Inc. - Class B (a) | 552 | 268207 |
| BlackRock, Inc. | 44 | 45852 |
| Blackstone Inc. - Class A | 221 | 33061 |
| Brown & Brown, Inc. (b) | 72 | 7995 |
| Capital One Financial Corporation | 193 | 41101 |
| CBOE Global Markets, Inc. | 30 | 7052 |
| Charles Schwab Corporation, The | 513 | 46799 |
| Chubb Limited | 112 | 32543 |
| Cincinnati Financial Corporation | 47 | 7022 |
| Citigroup Inc. | 563 | 47916 |
| Citizens Financial Group, Inc. (b) | 128 | 5723 |
| CME Group Inc. - Class A | 109 | 29908 |
| Coinbase Global, Inc. - Class A (a) | 63 | 22259 |
| Corpay Inc (a) | 22 | 7177 |
| Erie Indemnity Company - Class A (b) | 8 | 2707 |
| Everest Group, Ltd. | 13 | 4269 |
| FactSet Research Systems Inc. | 11 | 4992 |
| Fidelity National Information Services, Inc. (b) | 156 | 12683 |
| Fifth Third Bancorp (b) | 200 | 8225 |
| Fiserv, Inc. (a) | 167 | 28765 |
| Franklin Resources, Inc. (b) | 91 | 2165 |
| Global Payments Inc. | 75 | 6007 |
| Globe Life Inc. | 24 | 2993 |
| Goldman Sachs Group, Inc., The | 92 | 65245 |
| Hartford Insurance Group, Inc., The | 86 | 10912 |
| Huntington Bancshares Incorporated | 443 | 7431 |
| Intercontinental Exchange, Inc. | 174 | 31892 |
| Invesco Ltd. (b) | 127 | 2009 |
| Jack Henry & Associates, Inc. (b) | 23 | 4176 |
| JPMorgan Chase & Co. | 837 | 242636 |
| KeyCorp | 298 | 5189 |
| KKR & Co. Inc. - Class A | 203 | 26953 |
| Loews Corporation | 48 | 4397 |
| M&T Bank Corporation (b) | 49 | 9544 |
| MarketAxess Holdings Inc. (b) | 11 | 2478 |
| Marsh & Mclennan Companies, Inc. | 148 | 32453 |
| MasterCard Incorporated - Class A | 245 | 137405 |
| MetLife, Inc. (b) | 169 | 13564 |
| Moody's Corporation (b) | 47 | 23730 |
| Morgan Stanley | 372 | 52332 |
| MSCI Inc. - Class A | 23 | 13405 |
| Nasdaq, Inc. (b) | 120 | 10730 |
| Northern Trust Corporation (b) | 57 | 7274 |
| PayPal Holdings, Inc. (a) | 288 | 21429 |
| Principal Financial Group, Inc. | 61 | 4835 |
| Prudential Financial, Inc. | 106 | 11343 |
| Raymond James Financial, Inc. (b) | 54 | 8269 |
| Regions Financial Corporation (b) | 256 | 6029 |
| S&P Global Inc. | 95 | 49843 |
| State Street Corporation | 86 | 9121 |
| Synchrony Financial (b) | 119 | 7933 |
| T. Rowe Price Group, Inc. | 66 | 6405 |
| The PNC Financial Services Group, Inc. | 117 | 21852 |
| The Progressive Corporation | 177 | 47279 |
| Travelers Companies, Inc., The | 68 | 18194 |
| Truist Financial Corporation | 399 | 17174 |
| U.S. Bancorp (b) | 462 | 20926 |
| Visa Inc. - Class A (b) | 514 | 182603 |
| W. R. Berkley Corporation | 94 | 6888 |

---

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page [607](#abbreviations).

**JNL Series Trust** (Unaudited)

**Schedules of Investments (in thousands)**

June 30, 2025

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| Wells Fargo & Company | 980 | 78513 |
| Willis Towers Watson Public Limited Company (b) | 30 | 9244 |
| | | 2216642 |
| **Consumer Discretionary 10.3%** | **Consumer Discretionary 10.3%** | **Consumer Discretionary 10.3%** |
| Airbnb, Inc. - Class A (a) | 129 | 17037 |
| Amazon.com, Inc. (a) | 2843 | 623826 |
| Aptiv PLC (a) | 65 | 4407 |
| AutoZone, Inc. (a) | 5 | 18925 |
| Best Buy Co., Inc. | 56 | 3760 |
| Booking Holdings Inc. | 10 | 57528 |
| Caesars Entertainment, Inc. (a) (b) | 68 | 1921 |
| CarMax, Inc. (a) (b) | 40 | 2671 |
| Carnival Corporation (a) | 327 | 9194 |
| Chipotle Mexican Grill, Inc. (a) | 405 | 22758 |
| D.R. Horton, Inc. | 81 | 10499 |
| Darden Restaurants, Inc. (b) | 35 | 7720 |
| Deckers Outdoor Corporation (a) (b) | 47 | 4844 |
| Domino's Pizza, Inc. | 10 | 4450 |
| DoorDash, Inc. - Class A (a) | 102 | 25208 |
| eBay Inc. (b) | 136 | 10106 |
| Expedia Group, Inc. | 38 | 6397 |
| Ford Motor Company (b) | 1164 | 12633 |
| Garmin Ltd. | 47 | 9863 |
| General Motors Company | 300 | 14784 |
| Genuine Parts Company | 42 | 5141 |
| Hasbro, Inc. | 39 | 2859 |
| Hilton Worldwide Holdings Inc. | 73 | 19388 |
| Home Depot, Inc., The | 298 | 109351 |
| Las Vegas Sands Corp. | 102 | 4448 |
| Lennar Corporation - Class A (b) | 69 | 7667 |
| LKQ Corporation | 73 | 2710 |
| Lowe`s Companies, Inc. | 168 | 37243 |
| Lululemon Athletica Inc. (a) | 33 | 7959 |
| Marriott International, Inc. - Class A | 67 | 18268 |
| McDonald's Corporation | 215 | 62846 |
| MGM Resorts International (a) (b) | 61 | 2101 |
| Mohawk Industries, Inc. (a) | 16 | 1724 |
| NIKE, Inc. - Class B (b) | 355 | 25216 |
| Norwegian Cruise Line Holdings Ltd. (a) | 123 | 2496 |
| NVR, Inc. (a) | 1 | 6285 |
| O'Reilly Automotive, Inc. (a) | 253 | 22824 |
| Pool Corporation (b) | 12 | 3395 |
| PulteGroup, Inc. | 64 | 6759 |
| Ralph Lauren Corporation - Class A | 12 | 3392 |
| Ross Stores, Inc. | 98 | 12483 |
| Royal Caribbean Cruises Ltd. (b) | 75 | 23389 |
| Starbucks Corporation (b) | 344 | 31565 |
| Tapestry, Inc. | 63 | 5507 |
| Tesla Inc. (a) | 844 | 267986 |
| TJX Companies, Inc., The | 336 | 41467 |
| Tractor Supply Company (b) | 154 | 8106 |
| Ulta Beauty, Inc. (a) | 14 | 6624 |
| Williams-Sonoma, Inc. (b) | 37 | 6016 |
| Wynn Resorts, Limited (b) | 26 | 2421 |
| Yum! Brands, Inc. | 82 | 12204 |
|  |  | 1638371 |
| **Communication Services 9.7%** | **Communication Services 9.7%** | **Communication Services 9.7%** |
| Alphabet Inc. - Class A (b) | 1751 | 308635 |
| Alphabet Inc. - Class C | 1414 | 250894 |
| AT&T Inc. | 2171 | 62841 |
| Comcast Corporation - Class A | 1127 | 40215 |
| Electronic Arts Inc. | 69 | 10943 |
| Former Charter Communications Parent, Inc. - Class A (a) (b) | 29 | 11665 |
| Fox Corporation - Class A | 66 | 3712 |
| Fox Corporation - Class B (b) | 36 | 1837 |
| Live Nation Entertainment, Inc. (a) (b) | 47 | 7120 |
| Match Group, Inc. (b) | 78 | 2413 |
| Meta Platforms, Inc. - Class A | 654 | 482480 |
| Netflix, Inc. (a) | 128 | 171481 |
| News Corporation - Class A | 103 | 3066 |
| News Corporation - Class B (b) | 38 | 1293 |
| Omnicom Group Inc. (b) | 60 | 4315 |
| Paramount Global - Class B | 166 | 2141 |
| Take-Two Interactive Software, Inc. (a) | 51 | 12383 |
| The Interpublic Group of Companies, Inc. | 102 | 2503 |
| TKO Group Holdings Inc. - Class A | 20 | 3596 |
| T-Mobile US, Inc. | 143 | 34112 |
| Verizon Communications Inc. | 1270 | 54974 |
| Walt Disney Company, The | 542 | 67264 |
| Warner Bros. Discovery, Inc. - Series A (a) | 709 | 8126 |
|  |  | 1548009 |
| **Health Care 9.2%** | **Health Care 9.2%** | **Health Care 9.2%** |
| Abbott Laboratories | 524 | 71287 |
| AbbVie Inc. | 532 | 98829 |
| Agilent Technologies, Inc. | 85 | 9979 |
| Align Technology, Inc. (a) | 20 | 3754 |
| Amgen Inc. | 162 | 45209 |
| Baxter International Inc. | 159 | 4803 |
| Becton, Dickinson and Company | 87 | 15005 |
| Biogen Inc. (a) | 44 | 5548 |
| Bio-Techne Corporation (b) | 46 | 2361 |
| Boston Scientific Corporation (a) | 443 | 47578 |
| Bristol-Myers Squibb Company | 613 | 28361 |
| Cardinal Health, Inc. | 73 | 12203 |
| Cencora, Inc. | 52 | 15693 |
| Centene Corporation (a) | 153 | 8316 |
| Charles River Laboratories International, Inc. (a) | 14 | 2075 |
| Cigna Group, The | 81 | 26892 |
| Cooper Companies, Inc., The (a) | 58 | 4132 |
| CVS Health Corporation | 381 | 26260 |
| Danaher Corporation | 192 | 37909 |
| Davita Inc. (a) (b) | 12 | 1697 |
| DexCom, Inc. (a) | 119 | 10359 |
| Edwards Lifesciences Corporation (a) | 178 | 13907 |
| Elevance Health, Inc. (b) | 68 | 26318 |
| Eli Lilly and Company | 237 | 184415 |
| GE HealthCare Technologies Inc. | 138 | 10224 |
| Gilead Sciences, Inc. | 376 | 41661 |
| HCA Healthcare, Inc. | 52 | 19962 |
| Henry Schein, Inc. (a) | 35 | 2590 |
| Hologic, Inc. (a) | 68 | 4447 |
| Humana Inc. | 36 | 8754 |
| IDEXX Laboratories, Inc. (a) (b) | 24 | 12970 |
| Incyte Corporation (a) (b) | 50 | 3434 |
| Insulet Corporation (a) | 21 | 6629 |
| Intuitive Surgical, Inc. (a) | 108 | 58675 |
| IQVIA Holdings Inc (a) | 49 | 7670 |
| Johnson & Johnson | 726 | 110863 |
| Labcorp Holdings Inc. (b) | 26 | 6712 |
| McKesson Corporation | 38 | 27561 |
| Medtronic, Inc. | 384 | 33497 |
| Merck & Co., Inc. | 753 | 59605 |
| Mettler-Toledo International Inc. (a) (b) | 6 | 7389 |
| Moderna, Inc. (a) (b) | 102 | 2826 |
| Molina Healthcare, Inc. (a) | 16 | 4857 |
| Pfizer Inc. | 1707 | 41381 |
| Quest Diagnostics Incorporated (b) | 33 | 5917 |
| Regeneron Pharmaceuticals, Inc. | 31 | 16342 |
| ResMed Inc. (b) | 44 | 11465 |
| Revvity, Inc. (b) | 38 | 3693 |
| Solventum Corporation (a) | 46 | 3456 |
| Steris Public Limited Company | 30 | 7201 |
| Stryker Corporation (b) | 104 | 41273 |
| Thermo Fisher Scientific Inc. | 113 | 45960 |
| UnitedHealth Group Incorporated | 273 | 85205 |
| Universal Health Services, Inc. - Class B | 17 | 3018 |
| Vertex Pharmaceuticals Incorporated (a) (b) | 77 | 34481 |
| Viatris Inc. (b) | 356 | 3179 |
| Waters Corporation (a) (b) | 18 | 6321 |
| West Pharmaceutical Services, Inc. | 23 | 4942 |
| Zimmer Biomet Holdings, Inc. (b) | 59 | 5353 |
| Zoetis Inc. - Class A | 135 | 21109 |
|  |  | 1473512 |
| **Industrials 8.5%** | **Industrials 8.5%** | **Industrials 8.5%** |
| 3M Company | 163 | 24782 |
| A. O. Smith Corporation | 39 | 2548 |
| Allegion Public Limited Company | 26 | 3716 |

---

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page [607](#abbreviations).

**JNL Series Trust** (Unaudited)

**Schedules of Investments (in thousands)**

June 30, 2025

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| AMETEK, Inc. | 70 | 12731 |
| Automatic Data Processing, Inc. | 122 | 37576 |
| Axon Enterprise, Inc. (a) | 22 | 18619 |
| Boeing Company, The (a) | 227 | 47539 |
| Broadridge Financial Solutions, Inc. | 35 | 8569 |
| Builders FirstSource, Inc. (a) (b) | 34 | 4009 |
| C.H. Robinson Worldwide, Inc. (b) | 35 | 3340 |
| Carrier Global Corporation (b) | 245 | 17939 |
| Caterpillar Inc. | 141 | 54773 |
| Cintas Corporation | 104 | 23172 |
| Copart, Inc. (a) | 267 | 13087 |
| CSX Corporation | 562 | 18350 |
| Cummins Inc. | 41 | 13485 |
| Dayforce, Inc. (a) (b) | 46 | 2524 |
| Deere & Company (b) | 76 | 38631 |
| Delta Air Lines, Inc. | 199 | 9775 |
| Dover Corporation | 42 | 7630 |
| Eaton Corporation Public Limited Company | 119 | 42359 |
| Emerson Electric Co. (b) | 169 | 22524 |
| Equifax Inc. | 38 | 9940 |
| Expeditors International of Washington, Inc. - Class A (b) | 40 | 4569 |
| Fastenal Company | 347 | 14565 |
| FedEx Corporation | 66 | 15052 |
| Fortive Corporation | 102 | 5311 |
| GE Vernova Inc. | 82 | 43328 |
| Generac Holdings Inc. (a) (b) | 18 | 2565 |
| General Dynamics Corporation | 75 | 21893 |
| General Electric Company | 320 | 82447 |
| Honeywell International Inc. | 193 | 44952 |
| Howmet Aerospace Inc. (b) | 124 | 23077 |
| Hubbell Incorporated (b) | 16 | 6342 |
| Huntington Ingalls Industries, Inc. | 13 | 3051 |
| IDEX Corporation | 22 | 3853 |
| Illinois Tool Works Inc. (b) | 80 | 19760 |
| Ingersoll Rand Inc. (b) | 122 | 10112 |
| J.B. Hunt Transport Services, Inc. | 24 | 3505 |
| Jacobs Solutions Inc. | 36 | 4724 |
| Johnson Controls International Public Limited Company | 199 | 21014 |
| L3Harris Technologies, Inc. (b) | 56 | 14135 |
| Leidos Holdings, Inc. | 41 | 6430 |
| Lennox International Inc. (b) | 9 | 5154 |
| Lockheed Martin Corporation | 63 | 29130 |
| Masco Corporation | 61 | 3912 |
| Nordson Corporation (b) | 16 | 3428 |
| Norfolk Southern Corporation | 68 | 17493 |
| Northrop Grumman Corporation | 41 | 20382 |
| Old Dominion Freight Line, Inc. | 56 | 9033 |
| Otis Worldwide Corporation | 120 | 11852 |
| PACCAR Inc | 158 | 15029 |
| Parker-Hannifin Corporation | 38 | 26826 |
| Paychex, Inc. (b) | 97 | 14077 |
| Paycom Software, Inc. (b) | 14 | 3142 |
| Pentair Public Limited Company (b) | 48 | 4953 |
| Quanta Services, Inc. (b) | 45 | 16943 |
| Ralliant Corporation (a) |  | 15 |
| Republic Services, Inc. | 62 | 15260 |
| Rockwell Automation, Inc. | 34 | 11402 |
| Rollins, Inc. | 77 | 4364 |
| RTX Corporation | 403 | 58860 |
| Snap-on Incorporated | 16 | 4937 |
| Southwest Airlines Co. (b) | 161 | 5230 |
| Stanley Black & Decker, Inc. (b) | 52 | 3504 |
| Textron Inc. | 53 | 4218 |
| Trane Technologies Public Limited Company | 67 | 29456 |
| TransDigm Group Incorporated (b) | 17 | 25717 |
| Uber Technologies, Inc. (a) | 633 | 59027 |
| Union Pacific Corporation | 181 | 41537 |
| United Airlines Holdings, Inc. (a) | 100 | 7937 |
| United Parcel Service, Inc. - Class B | 221 | 22312 |
| United Rentals, Inc. | 19 | 14382 |
| Veralto Corporation | 73 | 7382 |
| Verisk Analytics, Inc. | 42 | 13180 |
| W.W. Grainger, Inc. | 13 | 13831 |
| Waste Management, Inc. | 109 | 24976 |
| Westinghouse Air Brake Technologies Corporation | 50 | 10541 |
| Xylem Inc. | 75 | 9703 |
| | | 1357428 |
| **Consumer Staples 5.5%** | **Consumer Staples 5.5%** | **Consumer Staples 5.5%** |
| Altria Group, Inc. | 504 | 29547 |
| Archer-Daniels-Midland Company | 149 | 7842 |
| Brown-Forman Corporation - Class B (b) | 54 | 1449 |
| Bunge Global SA | 41 | 3263 |
| Campbell's Company, The (b) | 64 | 1956 |
| Church & Dwight Co., Inc. (b) | 73 | 6975 |
| Clorox Company, The (b) | 38 | 4542 |
| Coca-Cola Company, The | 1169 | 82701 |
| Colgate-Palmolive Company | 243 | 22069 |
| Conagra Brands, Inc. | 141 | 2883 |
| Constellation Brands, Inc. - Class A | 46 | 7435 |
| Costco Wholesale Corporation | 134 | 132394 |
| Dollar General Corporation | 65 | 7409 |
| Dollar Tree, Inc. (a) | 59 | 5843 |
| Estee Lauder Companies Inc., The - Class A (b) | 65 | 5250 |
| General Mills, Inc. (b) | 169 | 8777 |
| Hormel Foods Corporation | 94 | 2841 |
| J. M. Smucker Company, The | 31 | 3018 |
| Kellanova | 85 | 6738 |
| Kenvue Inc. | 573 | 11994 |
| Keurig Dr Pepper Inc. (b) | 403 | 13322 |
| Kimberly-Clark Corporation | 101 | 13011 |
| Kraft Heinz Company, The (b) | 265 | 6854 |
| Kroger Co., The (b) | 183 | 13111 |
| Lamb Weston Holdings, Inc. (b) | 45 | 2315 |
| McCormick & Company, Incorporated (b) | 73 | 5541 |
| Molson Coors Beverage Company - Class B (b) | 51 | 2430 |
| Mondelez International, Inc. - Class A (b) | 391 | 26388 |
| Monster Beverage 1990 Corporation (a) | 210 | 13182 |
| PepsiCo, Inc. | 414 | 54732 |
| Philip Morris International Inc. | 469 | 85476 |
| Procter & Gamble Company, The | 707 | 112620 |
| Sysco Corporation | 148 | 11184 |
| Target Corporation | 140 | 13800 |
| The Hershey Company | 45 | 7434 |
| Tyson Foods, Inc. - Class A | 88 | 4943 |
| Walgreens Boots Alliance, Inc. (b) | 232 | 2668 |
| Walmart Inc. | 1302 | 127342 |
|  |  | 871279 |
| **Energy 2.9%** | **Energy 2.9%** | **Energy 2.9%** |
| Apa Corp. (b) | 101 | 1840 |
| Baker Hughes Company - Class A | 306 | 11715 |
| Chevron Corporation (b) | 488 | 69923 |
| ConocoPhillips | 385 | 34555 |
| Coterra Energy Inc. (b) | 223 | 5671 |
| Devon Energy Corporation | 190 | 6047 |
| Diamondback Energy, Inc. (b) | 56 | 7660 |
| EOG Resources, Inc. | 163 | 19448 |
| EQT Corporation | 179 | 10429 |
| Expand Energy Corporation | 66 | 7688 |
| Exxon Mobil Corporation (b) | 1297 | 139808 |
| Halliburton Company | 261 | 5313 |
| Hess Corporation | 85 | 11730 |
| Kinder Morgan, Inc. (b) | 592 | 17400 |
| Marathon Petroleum Corporation | 92 | 15308 |
| Occidental Petroleum Corporation (b) | 214 | 8991 |
| ONEOK, Inc. | 187 | 15257 |
| Phillips 66 | 124 | 14840 |
| Schlumberger Limited | 402 | 13592 |
| Targa Resources Corp. | 64 | 11142 |
| Texas Pacific Land Corporation (b) | 6 | 5978 |
| Valero Energy Corporation (b) | 94 | 12573 |
| Williams Companies, Inc., The | 368 | 23087 |
|  |  | 469995 |
| **Utilities 2.4%** | **Utilities 2.4%** | **Utilities 2.4%** |
| AES Corporation, The | 216 | 2270 |
| Alliant Energy Corporation (b) | 75 | 4519 |
| Ameren Corporation (b) | 84 | 8047 |
| American Electric Power Company, Inc. (b) | 160 | 16630 |

---

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page [607](#abbreviations).

**JNL Series Trust** (Unaudited)

**Schedules of Investments (in thousands)**

June 30, 2025

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| American Water Works Company, Inc. (b) | 58 | 8029 |
| Atmos Energy Corporation | 47 | 7265 |
| CenterPoint Energy, Inc. (b) | 191 | 7000 |
| CMS Energy Corporation (b) | 88 | 6101 |
| Consolidated Edison, Inc. | 108 | 10848 |
| Constellation Energy Group, Inc. | 94 | 30202 |
| Dominion Energy, Inc. (b) | 258 | 14576 |
| DTE Energy Company | 60 | 7976 |
| Duke Energy Corporation | 234 | 27636 |
| Edison International | 119 | 6154 |
| Entergy Corporation (b) | 135 | 11209 |
| Evergy, Inc. | 67 | 4632 |
| Eversource Energy | 111 | 7050 |
| Exelon Corporation | 307 | 13329 |
| FirstEnergy Corp. (b) | 159 | 6407 |
| NextEra Energy, Inc. | 621 | 43123 |
| NiSource Inc. (b) | 143 | 5775 |
| NRG Energy, Inc. | 59 | 9441 |
| PG&E Corporation | 666 | 9282 |
| Pinnacle West Capital Corporation (b) | 38 | 3368 |
| PPL Corporation (b) | 230 | 7811 |
| Public Service Enterprise Group Incorporated | 151 | 12687 |
| Sempra | 194 | 14683 |
| The Southern Company (b) | 332 | 30477 |
| Vistra Corp. | 103 | 19908 |
| WEC Energy Group Inc. (b) | 96 | 10002 |
| XCEL Energy Inc. | 175 | 11899 |
| | | 378336 |
| **Real Estate 2.0%** | **Real Estate 2.0%** | **Real Estate 2.0%** |
| Alexandria Real Estate Equities, Inc. (b) | 49 | 3546 |
| American Tower Corporation (b) | 140 | 31021 |
| AvalonBay Communities, Inc. (b) | 44 | 8864 |
| BXP, Inc. (b) | 47 | 3183 |
| Camden Property Trust (b) | 34 | 3884 |
| CBRE Group, Inc. - Class A (a) | 87 | 12189 |
| CoStar Group, Inc. (a) | 132 | 10638 |
| Crown Castle Inc. | 131 | 13466 |
| Digital Realty Trust, Inc. | 95 | 16631 |
| Equinix, Inc. | 29 | 23434 |
| Equity Residential (b) | 103 | 6968 |
| Essex Property Trust, Inc. (b) | 20 | 5613 |
| Extra Space Storage Inc. | 62 | 9204 |
| Federal Realty Investment Trust | 21 | 2038 |
| Healthpeak OP, LLC | 207 | 3624 |
| Host Hotels & Resorts, Inc. (b) | 210 | 3220 |
| Invitation Homes Inc. | 174 | 5697 |
| Iron Mountain Incorporated | 91 | 9375 |
| Kimco Realty OP, LLC | 200 | 4197 |
| Mid-America Apartment Communities, Inc. (b) | 33 | 4912 |
| ProLogis Inc. | 279 | 29377 |
| Public Storage Operating Company | 48 | 14228 |
| Realty Income Corporation (b) | 267 | 15375 |
| Regency Centers Corporation (b) | 47 | 3325 |
| SBA Communications Corporation - Class A (b) | 31 | 7398 |
| Simon Property Group, Inc. | 93 | 14962 |
| UDR, Inc. (b) | 92 | 3742 |
| Ventas, Inc. (b) | 139 | 8772 |
| VICI Properties Inc. (b) | 317 | 10319 |
| Welltower Inc. | 187 | 28708 |
| Weyerhaeuser Company (b) | 221 | 5682 |
|  |  | 323592 |
| **Materials 1.9%** | **Materials 1.9%** | **Materials 1.9%** |
| Air Products and Chemicals, Inc. (b) | 67 | 18840 |
| Albemarle Corporation (b) | 40 | 2539 |
| Amcor Pty Ltd (b) | 674 | 6195 |
| Avery Dennison Corporation (b) | 23 | 4094 |
| Ball Corporation (b) | 87 | 4871 |
| CF Industries Holdings, Inc. | 48 | 4401 |
| Corteva, Inc. | 209 | 15611 |
| Dow Inc. (b) | 209 | 5529 |
| DuPont de Nemours, Inc. | 124 | 8536 |
| Eastman Chemical Company (b) | 37 | 2772 |
| Ecolab Inc. | 76 | 20518 |
| Freeport-McMoRan Inc. | 442 | 19150 |
| International Flavors & Fragrances Inc. | 80 | 5874 |
| International Paper Company (b) | 160 | 7488 |
| Linde Public Limited Company | 141 | 66269 |
| LyondellBasell Industries N.V. - Class A (b) | 77 | 4436 |
| Martin Marietta Materials, Inc. (b) | 18 | 9644 |
| Mosaic Company, The | 92 | 3350 |
| Newmont Corporation | 332 | 19341 |
| Nucor Corporation (b) | 70 | 9068 |
| Packaging Corporation of America | 27 | 5001 |
| PPG Industries, Inc. | 66 | 7533 |
| Sherwin-Williams Company, The | 69 | 23821 |
| Smurfit Westrock Public Limited Company (b) | 149 | 6451 |
| Steel Dynamics, Inc. (b) | 40 | 5178 |
| Vulcan Materials Company | 39 | 10240 |
|  |  | 296750 |
| Total Common Stocks (cost $6,271,043) | Total Common Stocks (cost $6,271,043) | 15807250 |
| **SHORT TERM INVESTMENTS 6.1%** | **SHORT TERM INVESTMENTS 6.1%** | **SHORT TERM INVESTMENTS 6.1%** |
| **Securities Lending Collateral 5.3%** | **Securities Lending Collateral 5.3%** | **Securities Lending Collateral 5.3%** |
| JNL Government Money Market Fund - Class SL, 4.30% (c) (d) | 145688 | 145688 |
| Repurchase Agreement with BNS, 4.68% (Collateralized by various publicly traded equities and U.S. Treasury securities with a value of $444,722) acquired on 6/30/2025, due 10/3/2025 at $404,940 | 400000 | 400000 |
| Repurchase Agreement with CIT, 4.78% (Collateralized by various publicly traded equities and U.S. Treasury securities with a value of $306,000) acquired on 6/30/2025, due 9/30/2025 at $303,665 | 300000 | 300000 |
|  |  | 845688 |
| **Investment Companies 0.8%** | **Investment Companies 0.8%** | **Investment Companies 0.8%** |
| JNL Government Money Market Fund - Class I, 4.20% (c) (d) | 122205 | 122205 |
| Total Short Term Investments (cost $967,893) | Total Short Term Investments (cost $967,893) | 967893 |
| **Total Investments 105.2% (cost $7,238,936)** | **Total Investments 105.2% (cost $7,238,936)** | **16775143** |
| **Other Derivative Instruments 0.0%** | **Other Derivative Instruments 0.0%** | **701** |
| **Other Assets and Liabilities, Net (5.2)%** | **Other Assets and Liabilities, Net (5.2)%** | **(823118)** |
| **Total Net Assets 100.0%** | **Total Net Assets 100.0%** | **15952726** |

---

(a) Non-income producing security.

(b) All or a portion of the security was on loan as of June 30, 2025.

(c) Investment in affiliate.

(d) Yield changes daily to reflect current market conditions. Rate was the quoted yield as of June 30, 2025.

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **JNL/Mellon S&P 500 Index Fund — Investments in Affiliates** | **JNL/Mellon S&P 500 Index Fund — Investments in Affiliates** | **JNL/Mellon S&P 500 Index Fund — Investments in Affiliates** | **JNL/Mellon S&P 500 Index Fund — Investments in Affiliates** | **JNL/Mellon S&P 500 Index Fund — Investments in Affiliates** | **JNL/Mellon S&P 500 Index Fund — Investments in Affiliates** | **JNL/Mellon S&P 500 Index Fund — Investments in Affiliates** | **JNL/Mellon S&P 500 Index Fund — Investments in Affiliates** | **JNL/Mellon S&P 500 Index Fund — Investments in Affiliates** |
| **Affiliated Investment** | **Value Beginning of Period($)** | **Purchases($)** | **Sales Proceeds($)** | **Dividend Income/ Distributions from Funds($)** | **Realized Gain (Loss)($)** | **Change in Unrealized Appreciation (Depreciation) ($)** | **Value End of Period($)** | **Percentage of Net Assets(%)** |
| Bank of New York Mellon Corporation, The | 17281 |  | 921 | 209 | 597 | 2584 | 19541 | 0.1 |
| JNL Government Money Market Fund, 4.20% - Class I | 122896 | 449837 | 450528 | 2124 |  |  | 122205 | 0.8 |

---

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page [607](#abbreviations).

**JNL Series Trust** (Unaudited)

**Schedules of Investments (in thousands)**

June 30, 2025

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **JNL/Mellon S&P 500 Index Fund — Investments in Affiliates (continued)** | **JNL/Mellon S&P 500 Index Fund — Investments in Affiliates (continued)** | **JNL/Mellon S&P 500 Index Fund — Investments in Affiliates (continued)** | **JNL/Mellon S&P 500 Index Fund — Investments in Affiliates (continued)** | **JNL/Mellon S&P 500 Index Fund — Investments in Affiliates (continued)** | **JNL/Mellon S&P 500 Index Fund — Investments in Affiliates (continued)** | **JNL/Mellon S&P 500 Index Fund — Investments in Affiliates (continued)** | **JNL/Mellon S&P 500 Index Fund — Investments in Affiliates (continued)** | **JNL/Mellon S&P 500 Index Fund — Investments in Affiliates (continued)** |
| **Affiliated Investment** | **Value Beginning of Period($)** | **Purchases($)** | **Sales Proceeds($)** | **Dividend Income/ Distributions from Funds($)** | **Realized Gain (Loss)($)** | **Change in Unrealized Appreciation (Depreciation) ($)** | **Value End of Period($)** | **Percentage of Net Assets(%)** |
| JNL Government Money Market Fund, 4.30% - Class SL | 23987 | 2078623 | 1956922 | 2137 |  |  | 145688 | 0.9 |
|  | 164164 | 2528460 | 2408371 | 4470 | 597 | 2584 | 287434 | 1.8 |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **JNL/Mellon S&P 500 Index Fund — Futures Contracts** | **JNL/Mellon S&P 500 Index Fund — Futures Contracts** | **JNL/Mellon S&P 500 Index Fund — Futures Contracts** | **JNL/Mellon S&P 500 Index Fund — Futures Contracts** | **JNL/Mellon S&P 500 Index Fund — Futures Contracts** | **JNL/Mellon S&P 500 Index Fund — Futures Contracts** |
| **Reference Entity** | **Contracts<sup>1</sup>** | **Expiration** | **Notional<sup>1</sup>** | **Variation**<br> **Margin**<br> **Receivable**<br> (Payable) ($) | **Value/**<br> **Unrealized**<br> **Appreciation**<br> (Depreciation) ($) |
| **Long Contracts** | **Long Contracts** | **Long Contracts** | **Long Contracts** | **Long Contracts** | **Long Contracts** |
| S&P 500 Index | 460 | September 2025 | 139362 | 701 | 4475 |

---

**Fair Value Hierarchy.** Various inputs are used in determining the fair value of financial instruments. For a description of the input levels and information about the Fund's policy regarding valuation of financial instruments, see Note 3 in the Notes to Financial Statements. The following table summarizes the Fund's investments categorized in the disclosure hierarchy as of June 30, 2025.

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **<u>. Level 1 ($) .</u>** | **<u>. Level 2 ($) .</u>** | **<u>. Level 3 ($) .</u>** | **<u>. Total ($) .</u>** |
| **JNL/Mellon S&P 500 Index Fund** | **JNL/Mellon S&P 500 Index Fund** | **JNL/Mellon S&P 500 Index Fund** | **JNL/Mellon S&P 500 Index Fund** | **JNL/Mellon S&P 500 Index Fund** |
| **Assets - Securities** |  |  |  |  |
| &nbsp;&nbsp; Common Stocks | 15807250 |  |  | 15807250 |
| &nbsp;&nbsp; Short Term Investments | 967893 |  |  | 967893 |
|  | 16775143 |  |  | 16775143 |
| **Assets - Investments in Other Financial Instruments<sup>1</sup>** |  |  |  |  |
| &nbsp;&nbsp; Futures Contracts | 4475 |  |  | 4475 |
|  | 4475 |  |  | 4475 |

---

<sup>1</sup> All derivatives, except for purchased and written options, are reflected at the unrealized appreciation (depreciation) on the instrument. Purchased and written options are reflected at value.

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page [607](#abbreviations).

**JNL Series Trust** (Unaudited)

**Schedules of Investments (in thousands)**

June 30, 2025

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| **JNL/Mellon U.S. Stock Market Index Fund** | **JNL/Mellon U.S. Stock Market Index Fund** | **JNL/Mellon U.S. Stock Market Index Fund** |
| **COMMON STOCKS 99.8%** | **COMMON STOCKS 99.8%** | **COMMON STOCKS 99.8%** |
| **Information Technology 31.5%** | **Information Technology 31.5%** | **Information Technology 31.5%** |
| Accenture Public Limited Company - Class A | 52 | 15679 |
| ACI Worldwide, Inc. (a) | 9 | 398 |
| Adobe Inc. (a) | 36 | 13880 |
| Advanced Energy Industries, Inc. | 3 | 380 |
| Advanced Micro Devices, Inc. (a) | 136 | 19312 |
| Akamai Technologies, Inc. (a) | 12 | 971 |
| Allegro Microsystems Inc. (a) | 10 | 337 |
| Amkor Technology, Inc. | 12 | 259 |
| Amphenol Corporation - Class A | 102 | 10023 |
| Analog Devices, Inc. | 42 | 9926 |
| ANSYS, Inc. (a) | 7 | 2536 |
| AppFolio, Inc. - Class A (a) | 2 | 443 |
| Apple Inc. | 1263 | 259068 |
| Applied Materials, Inc. | 68 | 12486 |
| AppLovin Corporation - Class A (a) | 19 | 6817 |
| Arista Networks, Inc. (a) | 86 | 8811 |
| Arrow Electronics, Inc. (a) | 3 | 432 |
| Astera Labs, Inc. (a) | 11 | 997 |
| Atlassian Corporation - Class A (a) | 13 | 2718 |
| Aurora Innovations Inc. - Class A (a) (b) | 82 | 428 |
| Autodesk, Inc. (a) | 18 | 5571 |
| Avnet, Inc. | 8 | 423 |
| Badger Meter, Inc. | 2 | 565 |
| Belden Inc. | 3 | 404 |
| Bentley Systems, Incorporated - Class B | 11 | 582 |
| Bill Holdings, Inc. (a) | 8 | 388 |
| Blackbaud, Inc. (a) | 4 | 244 |
| Blackline, Inc. (a) | 5 | 281 |
| Box, Inc. - Class A (a) | 11 | 391 |
| Broadcom Inc. | 387 | 106672 |
| Cadence Design Systems, Inc. (a) | 23 | 7086 |
| CCC Intelligent Solutions Holdings Inc. (a) | 36 | 335 |
| CDW Corp. | 11 | 1957 |
| Ciena Corporation (a) | 12 | 957 |
| Cirrus Logic, Inc. (a) | 5 | 503 |
| Cisco Systems, Inc. | 334 | 23170 |
| Clearwater Analytics Holdings, Inc. - Class A (a) | 19 | 421 |
| Cloudflare, Inc. - Class A (a) | 26 | 5014 |
| Cognex Corporation | 13 | 416 |
| Cognizant Technology Solutions Corporation - Class A | 42 | 3308 |
| Coherent Corp. (a) | 12 | 1055 |
| CommVault Systems, Inc. (a) | 4 | 673 |
| Confluent, Inc. - Class A (a) | 22 | 554 |
| Coreweave, Inc. - Class A (a) (b) | 3 | 555 |
| Corning Incorporated | 65 | 3400 |
| Credo Technology Group Holding Ltd (a) | 12 | 1080 |
| CrowdStrike Holdings, Inc. - Class A (a) | 20 | 10290 |
| Datadog, Inc. - Class A (a) | 26 | 3484 |
| Dell Technologies Inc. - Class C | 25 | 3052 |
| DocuSign, Inc. (a) | 18 | 1365 |
| Dolby Laboratories, Inc. - Class A | 5 | 344 |
| Dropbox, Inc. - Class A (a) | 17 | 491 |
| Dynatrace, Inc. (a) | 25 | 1387 |
| Elastic N.V. (a) | 7 | 611 |
| Enphase Energy, Inc. (a) | 12 | 495 |
| Entegris, Inc. | 13 | 1034 |
| EPAM Systems, Inc. (a) | 5 | 843 |
| F5, Inc. (a) | 5 | 1492 |
| Fabrinet (a) | 3 | 934 |
| Fair Isaac Corporation (a) | 2 | 3682 |
| First Solar, Inc. (a) | 9 | 1439 |
| Flex Ltd. (a) | 32 | 1608 |
| Fortinet, Inc. (a) | 55 | 5808 |
| Gartner, Inc. (a) | 6 | 2579 |
| Gen Digital Inc. | 49 | 1441 |
| GitLab Inc. - Class A (a) | 11 | 477 |
| GoDaddy Inc. - Class A (a) | 12 | 2128 |
| Guidewire Software, Inc. (a) | 7 | 1676 |
| Hewlett Packard Enterprise Company | 109 | 2225 |
| HP, Inc. | 80 | 1951 |
| HubSpot, Inc. (a) | 4 | 2351 |
| Informatica Inc. - Class A (a) | 16 | 386 |
| Insight Enterprises, Inc. (a) | 2 | 294 |
| Intapp US, Inc. (a) | 5 | 233 |
| Intel Corporation | 364 | 8145 |
| InterDigital, Inc. (b) | 2 | 495 |
| International Business Machines Corporation | 78 | 22905 |
| Intuit Inc. | 24 | 18528 |
| ionQ, Inc. (a) | 20 | 867 |
| Itron, Inc. (a) | 4 | 544 |
| Jabil Inc. | 8 | 1784 |
| JFROG Ltd (a) | 8 | 356 |
| Juniper Networks, Inc. | 26 | 1027 |
| Keysight Technologies, Inc. (a) | 15 | 2396 |
| KLA Corporation | 11 | 10019 |
| Kyndryl Holdings, Inc. (a) | 20 | 819 |
| Lam Research Corporation | 108 | 10514 |
| Lattice Semiconductor Corporation (a) | 12 | 578 |
| Life360, Inc. (a) | 7 | 426 |
| Littelfuse, Inc. | 2 | 483 |
| Lumentum Holdings Inc. (a) | 6 | 589 |
| MACOM Technology Solutions Holdings, Inc. (a) | 5 | 749 |
| Manhattan Associates, Inc. (a) | 5 | 1047 |
| Mara Holdings, Inc. (a) (b) | 27 | 425 |
| Marvell Technology, Inc. | 72 | 5556 |
| Microchip Technology Incorporated | 45 | 3165 |
| Micron Technology, Inc. | 93 | 11505 |
| Microsoft Corporation | 626 | 311231 |
| MicroStrategy Incorporated - Class A (a) | 22 | 8745 |
| Mirion Technologies (US), Inc. - Class A (a) | 18 | 386 |
| MKS Inc. | 5 | 455 |
| MongoDB, Inc. - Class A (a) | 6 | 1339 |
| Monolithic Power Systems, Inc. | 4 | 2821 |
| Motorola Solutions, Inc. | 14 | 5935 |
| NetApp, Inc. | 17 | 1811 |
| Novanta Inc. (a) | 3 | 417 |
| Nutanix, Inc. - Class A (a) | 21 | 1612 |
| NVIDIA Corporation | 1986 | 313694 |
| NXP Semiconductors N.V. | 21 | 4512 |
| Okta, Inc. - Class A (a) | 13 | 1345 |
| ON Semiconductor Corporation (a) | 36 | 1881 |
| Onto Innovation Inc. (a) | 4 | 369 |
| Oracle Corporation | 136 | 29805 |
| OSI Systems, Inc. (a) | 1 | 261 |
| Palantir Technologies Inc. - Class A (a) | 179 | 24448 |
| Palo Alto Networks, Inc. (a) | 56 | 11385 |
| Pegasystems Inc. | 7 | 386 |
| Plexus Corp. (a) | 2 | 316 |
| Procore Technologies, Inc. (a) | 10 | 662 |
| PTC Inc. (a) | 10 | 1778 |
| Pure Storage, Inc. - Class A (a) | 26 | 1477 |
| Q2 Holdings, Inc. (a) | 4 | 419 |
| Qorvo, Inc. (a) | 8 | 655 |
| Qualcomm Incorporated | 93 | 14797 |
| Qualys, Inc. (a) | 3 | 415 |
| Rambus Inc. (a) | 9 | 562 |
| Roper Technologies, Inc. | 9 | 5075 |
| Rubrik, Inc. - Class A (a) | 9 | 780 |
| SailPoint, Inc. (a) | 6 | 140 |
| Salesforce, Inc. | 78 | 21206 |
| Samsara Inc. - Class A (a) | 21 | 824 |
| SanDisk LLC (a) | 9 | 417 |
| Sanmina Corporation (a) | 4 | 424 |
| Seagate Technology Holdings Public Limited Company | 17 | 2431 |
| SentinelOne, Inc. - Class A (a) | 25 | 453 |
| ServiceNow, Inc. (a) | 17 | 17839 |
| ServiceTitan, Inc. - Class A (a) | 1 | 144 |
| Silicon Laboratories Inc. (a) | 3 | 419 |
| Sitime Corporation (a) | 2 | 342 |
| Skyworks Solutions, Inc. | 13 | 944 |
| Snowflake Inc. - Class A (a) | 28 | 6173 |
| Soundhound AI, Inc. - Class A (a) (b) | 30 | 318 |
| SPS Commerce, Inc. (a) | 3 | 439 |
| Super Micro Computer, Inc. (a) | 43 | 2100 |

---

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page [607](#abbreviations).

**JNL Series Trust** (Unaudited)

**Schedules of Investments (in thousands)**

June 30, 2025

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| Synopsys, Inc. (a) | 13 | 6637 |
| TD SYNNEX Corporation | 6 | 832 |
| TE Connectivity Public Limited Company | 25 | 4254 |
| Teledyne Technologies Incorporated (a) | 4 | 2014 |
| Tenable Holdings, Inc. (a) | 11 | 370 |
| Teradyne, Inc. | 13 | 1199 |
| Texas Instruments Incorporated | 77 | 15904 |
| Trimble Inc. (a) | 20 | 1507 |
| Twilio Inc. - Class A (a) | 13 | 1573 |
| Tyler Technologies, Inc. (a) | 3 | 2068 |
| Uipath, Inc. - Class A (a) | 42 | 537 |
| Unity Software Inc. (a) | 27 | 661 |
| Universal Display Corporation | 4 | 584 |
| Varonis Systems, Inc. (a) | 10 | 520 |
| VeriSign, Inc. | 7 | 2020 |
| Vontier Corporation | 14 | 513 |
| Western Digital Corporation | 28 | 1821 |
| Workday, Inc. - Class A (a) | 18 | 4291 |
| Workiva Inc. - Class A (a) | 4 | 280 |
| Zebra Technologies Corporation - Class A (a) | 4 | 1293 |
| Zoom Communications, Inc. - Class A (a) | 20 | 1548 |
| Zscaler, Inc. (a) | 8 | 2472 |
| | | 1546213 |
| **Financials 14.3%** | **Financials 14.3%** | **Financials 14.3%** |
| Affiliated Managers Group, Inc. | 3 | 568 |
| Affirm Holdings, Inc. - Class A (a) | 22 | 1554 |
| AFLAC Incorporated | 42 | 4391 |
| AGNC Investment Corp. (b) | 70 | 647 |
| Allstate Corporation, The | 22 | 4434 |
| Ally Financial Inc. | 23 | 885 |
| American Express Company | 46 | 14738 |
| American Financial Group, Inc. | 6 | 737 |
| American International Group, Inc. | 48 | 4115 |
| Ameriprise Financial, Inc. | 8 | 4378 |
| Ameris Bancorp | 6 | 385 |
| Annaly Capital Management, Inc. | 49 | 924 |
| AON Public Limited Company - Class A | 18 | 6489 |
| Apollo Global Management, Inc. | 37 | 5314 |
| Arch Capital Group Ltd. | 32 | 2871 |
| Ares Management Corporation - Class A | 17 | 2933 |
| Arthur J. Gallagher & Co. | 21 | 6852 |
| Associated Banc-Corp | 16 | 393 |
| Assurant, Inc. | 4 | 854 |
| Assured Guaranty Ltd. | 4 | 358 |
| Atlantic Union Bank | 4 | 125 |
| AXIS Capital Holdings Limited | 6 | 669 |
| Axos Financial, Inc. (a) | 4 | 286 |
| BancFirst Corporation | 1 | 156 |
| Bank of America Corporation | 574 | 27178 |
| Bank of New York Mellon Corporation, The (c) | 58 | 5307 |
| Bank OZK | 8 | 357 |
| Berkshire Hathaway Inc. - Class B (a) | 155 | 75227 |
| BGC Group, Inc. - Class A | 34 | 350 |
| BlackRock, Inc. | 12 | 12358 |
| Blackstone Inc. - Class A | 62 | 9247 |
| Blackstone Mortgage Trust, Inc. - Class A | 13 | 242 |
| Block, Inc. - Class A (a) | 46 | 3157 |
| Blue Owl Capital Inc. - Class A | 48 | 925 |
| BOK Financial Corporation | 2 | 199 |
| Brown & Brown, Inc. | 21 | 2278 |
| Cadence Bank | 15 | 482 |
| Capital One Financial Corporation | 53 | 11324 |
| Cathay General Bancorp | 5 | 226 |
| Charles Schwab Corporation, The | 143 | 13081 |
| Chubb Limited | 32 | 9130 |
| Cincinnati Financial Corporation | 13 | 1933 |
| Citigroup Inc. | 159 | 13537 |
| Citizens Financial Group, Inc. | 37 | 1639 |
| CME Group Inc. - Class A | 30 | 8330 |
| CNO Financial Group, Inc. | 8 | 313 |
| Cohen & Steers, Inc. | 1 | 69 |
| Coinbase Global, Inc. - Class A (a) | 17 | 5927 |
| Columbia Banking System, Inc. | 19 | 446 |
| Comerica Incorporated | 11 | 641 |
| Commerce Bancshares, Inc. | 11 | 684 |
| Corebridge Financial, Inc. | 20 | 712 |
| Corpay Inc (a) | 6 | 1850 |
| Credit Acceptance Corporation (a) (b) | 1 | 287 |
| Cullen/Frost Bankers, Inc. | 5 | 646 |
| East West Bancorp, Inc. | 12 | 1212 |
| Enstar Group Limited (a) | 1 | 260 |
| Equitable Holdings, Inc. | 25 | 1427 |
| Erie Indemnity Company - Class A | 2 | 740 |
| Essent Group Ltd. | 9 | 550 |
| Euronet Worldwide, Inc. (a) | 3 | 329 |
| Evercore Inc. - Class A | 3 | 811 |
| Everest Group, Ltd. | 4 | 1282 |
| F.N.B. Corporation | 33 | 481 |
| FactSet Research Systems Inc. | 3 | 1457 |
| Federated Hermes, Inc. - Class B | 7 | 304 |
| Fidelity National Financial, Inc. - Class A | 22 | 1252 |
| Fidelity National Information Services, Inc. | 44 | 3562 |
| Fifth Third Bancorp | 57 | 2328 |
| First American Financial Corporation | 10 | 594 |
| First Bancorp. | 11 | 229 |
| First Citizens BancShares, Inc. - Class A | 1 | 1694 |
| First Financial Bankshares, Inc. | 11 | 401 |
| First Hawaiian, Inc. | 10 | 260 |
| First Horizon Corporation | 50 | 1058 |
| FirstCash, Inc. | 4 | 489 |
| Fiserv, Inc. (a) | 46 | 7966 |
| Flagstar Financial, Inc. | 23 | 247 |
| Franklin Resources, Inc. | 26 | 623 |
| Freedom Holding Corp. (a) (b) | 1 | 148 |
| Fulton Financial Corporation | 10 | 171 |
| Glacier Bancorp, Inc. | 10 | 419 |
| Global Payments Inc. | 21 | 1702 |
| Globe Life Inc. | 6 | 766 |
| Goldman Sachs Group, Inc., The | 26 | 18559 |
| HA Sustainable Infrastructure Capital, Inc. (b) | 10 | 262 |
| Hamilton Lane Incorporated - Class A | 4 | 532 |
| Hancock Whitney Corporation | 8 | 469 |
| Hanover Insurance Group Inc, The | 3 | 509 |
| Hartford Insurance Group, Inc., The | 24 | 3092 |
| Home BancShares, Inc. | 15 | 432 |
| Houlihan Lokey, Inc. - Class A | 4 | 782 |
| Huntington Bancshares Incorporated | 119 | 2000 |
| Independence Holdings, LLC | 10 | 563 |
| Interactive Brokers Group, Inc. - Class A | 35 | 1964 |
| Intercontinental Exchange, Inc. | 48 | 8836 |
| International Bancshares Corporation | 5 | 309 |
| Invesco Ltd. | 25 | 401 |
| Jack Henry & Associates, Inc. | 6 | 1097 |
| Jackson Financial Inc. - Class A (c) | 6 | 526 |
| Janus Henderson Group PLC | 11 | 427 |
| Jefferies Financial Group Inc. | 13 | 729 |
| JPMorgan Chase & Co. | 235 | 68052 |
| KeyCorp | 82 | 1425 |
| Kinsale Capital Group, Inc. | 2 | 839 |
| KKR & Co. Inc. - Class A | 56 | 7437 |
| Lazard, Inc. | 7 | 347 |
| Lincoln National Corporation | 14 | 472 |
| Loews Corporation | 15 | 1339 |
| LPL Financial Holdings Inc. | 7 | 2465 |
| M&T Bank Corporation | 14 | 2696 |
| Markel Group Inc. (a) | 1 | 1967 |
| MarketAxess Holdings Inc. | 3 | 697 |
| Marsh & Mclennan Companies, Inc. | 41 | 9059 |
| MasterCard Incorporated - Class A | 69 | 38705 |
| Mercury General Corporation | 3 | 174 |
| MetLife, Inc. | 47 | 3789 |
| MGIC Investment Corporation | 14 | 384 |
| Moelis & Company - Class A | 7 | 421 |
| Moody's Corporation | 13 | 6671 |
| Morgan Stanley | 104 | 14709 |
| Morningstar, Inc. | 2 | 708 |
| Mr. Cooper Group Inc. (a) | 5 | 773 |
| MSCI Inc. - Class A | 6 | 3569 |
| Nasdaq, Inc. | 33 | 2920 |

---

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page [607](#abbreviations).

**JNL Series Trust** (Unaudited)

**Schedules of Investments (in thousands)**

June 30, 2025

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| Northern Trust Corporation | 16 | 2066 |
| Old National Bancorp | 29 | 625 |
| Old Republic International Corporation | 21 | 804 |
| Palomar Holdings, Inc. (a) | 2 | 297 |
| PayPal Holdings, Inc. (a) | 82 | 6081 |
| PennyMac Financial Services, Inc. | 3 | 264 |
| Pinnacle Financial Partners, Inc. | 6 | 694 |
| Piper Sandler Companies | 1 | 344 |
| PJT Partners Inc. - Class A | 1 | 222 |
| Popular, Inc. | 6 | 631 |
| Primerica, Inc. | 3 | 774 |
| Principal Financial Group, Inc. | 18 | 1397 |
| Prosperity Bancshares, Inc. | 8 | 562 |
| Prudential Financial, Inc. | 30 | 3252 |
| Radian Group Inc. | 13 | 459 |
| Raymond James Financial, Inc. | 14 | 2213 |
| Regions Financial Corporation | 76 | 1799 |
| Reinsurance Group of America, Incorporated | 6 | 1123 |
| Remitly Global, Inc. (a) | 15 | 286 |
| RenaissanceRe Holdings Ltd | 4 | 1005 |
| RITHM Capital Corp. | 43 | 480 |
| RLI Corp. | 7 | 486 |
| Robinhood Markets, Inc. - Class A (a) | 62 | 5783 |
| Ryan Specialty Group Holdings, Inc. - Class A | 10 | 667 |
| S&P Global Inc. | 26 | 13639 |
| SEI Investments Company | 9 | 828 |
| Selective Insurance Group, Inc. | 5 | 415 |
| ServisFirst Bancshares, Inc. | 5 | 385 |
| Shift4 Payments, LLC - Class A (a) (b) | 5 | 530 |
| SLM Corporation | 18 | 600 |
| SoFi Technologies, Inc. (a) | 89 | 1627 |
| Southstate Corporation | 7 | 606 |
| Starwood Property Trust, Inc. (b) | 27 | 546 |
| State Street Corporation | 25 | 2634 |
| StepStone Group Inc. - Class A | 6 | 307 |
| Stifel Financial Corp. | 9 | 933 |
| StoneX Group Inc. (a) | 3 | 266 |
| Synchrony Financial | 31 | 2067 |
| Synovus Financial Corp. | 12 | 626 |
| T. Rowe Price Group, Inc. | 18 | 1779 |
| Texas Capital Bancshares, Inc. (a) | 4 | 308 |
| TFS Financial Corporation | 8 | 102 |
| The Carlyle Group, Inc. | 18 | 907 |
| The PNC Financial Services Group, Inc. | 33 | 6205 |
| The Progressive Corporation | 49 | 13104 |
| The Western Union Company | 28 | 233 |
| Toast, Inc. - Class A (a) | 41 | 1816 |
| TPG Inc. - Class A | 8 | 422 |
| Tradeweb Markets Inc. - Class A | 10 | 1445 |
| Travelers Companies, Inc., The | 19 | 5137 |
| Truist Financial Corporation | 111 | 4760 |
| U.S. Bancorp | 132 | 5971 |
| UMB Financial Corporation | 4 | 438 |
| United Bankshares, Inc. | 11 | 411 |
| United Community Banks, Inc. | 11 | 328 |
| Unum Group | 13 | 1063 |
| Upstart Holdings, Inc. (a) (b) | 7 | 452 |
| Valley National Bancorp | 45 | 397 |
| Victory Capital Holdings, Inc. - Class A | 4 | 238 |
| Visa Inc. - Class A | 145 | 51419 |
| Voya Financial, Inc. | 8 | 575 |
| W. R. Berkley Corporation | 24 | 1747 |
| Webster Financial Corporation | 15 | 833 |
| Wells Fargo & Company | 276 | 22144 |
| Western Alliance Bancorporation | 10 | 776 |
| Wex, Inc. (a) | 2 | 348 |
| White Mountains Insurance Group Ltd |  | 391 |
| Willis Towers Watson Public Limited Company | 8 | 2425 |
| Wintrust Financial Corporation | 6 | 716 |
| Zions Bancorporation, National Association | 6 | 328 |
| Zurich American Corporation | 6 | 361 |
| | | 702909 |
| **Consumer Discretionary 10.7%** | **Consumer Discretionary 10.7%** | **Consumer Discretionary 10.7%** |
| Abercrombie & Fitch Co. - Class A (a) | 4 | 333 |
| Acushnet Holdings Corp. | 2 | 162 |
| ADT, Inc. | 20 | 173 |
| Adtalem Global Education Inc. (a) | 3 | 321 |
| Airbnb, Inc. - Class A (a) | 35 | 4599 |
| Amazon.com, Inc. (a) | 815 | 178832 |
| Aptiv PLC (a) | 19 | 1281 |
| Aramark | 21 | 893 |
| Asbury Automotive Group, Inc. (a) | 2 | 450 |
| Autoliv, Inc. | 6 | 653 |
| AutoNation, Inc. (a) | 2 | 407 |
| AutoZone, Inc. (a) | 1 | 5294 |
| Bath & Body Works, Inc. | 19 | 563 |
| Best Buy Co., Inc. | 17 | 1118 |
| Booking Holdings Inc. | 3 | 15880 |
| Boot Barn Holdings, Inc. (a) | 2 | 357 |
| BorgWarner Inc. | 16 | 528 |
| Boyd Gaming Corporation | 5 | 372 |
| Bright Horizons Family Solutions, Inc. (a) | 5 | 590 |
| Brinker International, Inc. (a) | 4 | 639 |
| Brunswick Corporation | 5 | 285 |
| Burlington Stores, Inc. (a) | 6 | 1290 |
| Caesars Entertainment, Inc. (a) | 14 | 405 |
| CarMax, Inc. (a) | 14 | 914 |
| Carnival Corporation (a) | 89 | 2494 |
| Carvana Co. - Class A (a) | 11 | 3721 |
| CAVA Group, Inc. (a) | 8 | 679 |
| Cavco Industries, Inc. (a) | 1 | 255 |
| Chewy, Inc. - Class A (a) | 16 | 664 |
| Chipotle Mexican Grill, Inc. (a) | 114 | 6381 |
| Choice Hotels International, Inc. (b) | 3 | 357 |
| Churchill Downs Incorporated | 6 | 652 |
| Columbia Sportswear Company | 3 | 189 |
| Coupang, Inc. - Class A (a) | 105 | 3141 |
| Crocs, Inc. (a) | 5 | 506 |
| D.R. Horton, Inc. | 21 | 2726 |
| Darden Restaurants, Inc. | 10 | 2150 |
| Deckers Outdoor Corporation (a) | 13 | 1303 |
| Dick's Sporting Goods, Inc. | 5 | 955 |
| Dillard's, Inc. - Class A (b) |  | 191 |
| DK Crown Holdings Inc. - Class A (a) | 40 | 1697 |
| Domino's Pizza, Inc. | 3 | 1140 |
| DoorDash, Inc. - Class A (a) | 31 | 7534 |
| Dorman Products, Inc. (a) | 2 | 257 |
| Duolingo, Inc. - Class A (a) | 3 | 1374 |
| Dutch Bros Inc. - Class A (a) | 10 | 686 |
| eBay Inc. | 40 | 3000 |
| ETSY, Inc. (a) | 8 | 408 |
| Expedia Group, Inc. | 10 | 1753 |
| Five Below, Inc. (a) | 5 | 627 |
| Floor & Decor Holdings, Inc. - Class A (a) | 9 | 646 |
| Flutter Entertainment Public Limited Company (a) | 14 | 4006 |
| Ford Motor Company | 331 | 3589 |
| Frontdoor, Inc. (a) | 6 | 327 |
| GameStop Corp. - Class A (a) (b) | 36 | 874 |
| Gap, Inc., The | 16 | 340 |
| Garmin Ltd. | 14 | 2826 |
| General Motors Company | 80 | 3948 |
| Gentex Corporation | 16 | 349 |
| Genuine Parts Company | 11 | 1388 |
| Global Business Travel Group, Inc. - Class A (a) (b) | 18 | 114 |
| Grand Canyon Education, Inc. (a) | 3 | 495 |
| Group 1 Automotive, Inc. | 1 | 455 |
| H & R Block, Inc. | 12 | 681 |
| Hasbro, Inc. | 11 | 834 |
| Hilton Grand Vacations Inc. (a) | 4 | 168 |
| Hilton Worldwide Holdings Inc. | 19 | 5171 |
| Home Depot, Inc., The | 83 | 30573 |
| Hyatt Hotels Corporation - Class A | 3 | 485 |
| Installed Building Products, Inc. | 2 | 351 |
| KB Home | 6 | 335 |
| Kontoor Brands, Inc. | 4 | 282 |
| Las Vegas Sands Corp. | 32 | 1374 |
| Lear Corporation | 4 | 417 |
| Lennar Corporation - Class A | 19 | 2095 |
| Lennar Corporation - Class B | 1 | 123 |

---

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page [607](#abbreviations).

**JNL Series Trust** (Unaudited)

**Schedules of Investments (in thousands)**

June 30, 2025

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| Life Time Group Holdings, Inc. (a) | 9 | 285 |
| Light & Wonder, Inc. (a) | 7 | 673 |
| Lithia Motors, Inc. - Class A | 2 | 756 |
| LKQ Corporation | 22 | 830 |
| Lowe`s Companies, Inc. | 47 | 10441 |
| Lucid Group, Inc. (a) (b) | 91 | 191 |
| Lululemon Athletica Inc. (a) | 9 | 2163 |
| Macy's, Inc. | 28 | 321 |
| Marriott International, Inc. - Class A | 19 | 5256 |
| Mattel, Inc. (a) | 31 | 614 |
| McDonald's Corporation | 60 | 17595 |
| MercadoLibre, Inc. (a) | 4 | 10353 |
| Meritage Homes Corporation | 6 | 420 |
| MGM Resorts International (a) | 19 | 644 |
| Modine Manufacturing Company (a) | 5 | 466 |
| Mohawk Industries, Inc. (a) | 4 | 454 |
| Murphy USA Inc. | 1 | 566 |
| NIKE, Inc. - Class B | 97 | 6921 |
| Norwegian Cruise Line Holdings Ltd. (a) | 32 | 649 |
| NVR, Inc. (a) |  | 1736 |
| Ollie's Bargain Outlet Holdings, Inc. (a) | 6 | 755 |
| O'Reilly Automotive, Inc. (a) | 72 | 6505 |
| Penske Automotive Group, Inc. | 1 | 236 |
| Planet Fitness, Inc. - Class A (a) | 7 | 767 |
| Pool Corporation | 3 | 938 |
| PulteGroup, Inc. | 17 | 1788 |
| PVH Corp. | 5 | 351 |
| Ralph Lauren Corporation - Class A | 3 | 932 |
| RH (a) | 1 | 250 |
| Rivian Automotive, Inc. - Class A (a) | 62 | 847 |
| Ross Stores, Inc. | 27 | 3423 |
| Royal Caribbean Cruises Ltd. | 21 | 6631 |
| Service Corporation International | 12 | 1003 |
| Shake Shack, Inc. - Class A (a) | 3 | 422 |
| Six Flags Entertainment Corporation (a) (b) | 7 | 219 |
| Skechers U.S.A., Inc. - Class A (a) | 12 | 726 |
| Skyline Champion Corporation (a) | 5 | 332 |
| Somnigroup International Inc. | 16 | 1058 |
| Starbucks Corporation | 95 | 8744 |
| Stride, Inc. (a) | 3 | 502 |
| Tapestry, Inc. | 17 | 1478 |
| Taylor Morrison Home II Corporation - Class A (a) | 9 | 553 |
| Tesla Inc. (a) | 236 | 74839 |
| Texas Roadhouse, Inc. - Class A | 6 | 1073 |
| Thor Industries, Inc. (b) | 4 | 366 |
| TJX Companies, Inc., The | 94 | 11661 |
| Toll Brothers, Inc. | 9 | 1002 |
| TopBuild Corp. (a) | 2 | 802 |
| Tractor Supply Company | 41 | 2143 |
| Travel + Leisure Co. | 7 | 344 |
| Ulta Beauty, Inc. (a) | 4 | 1800 |
| Urban Outfitters, Inc. (a) | 4 | 261 |
| V.F. Corporation | 29 | 338 |
| Vail Resorts, Inc. | 3 | 460 |
| Valvoline, Inc. (a) | 13 | 475 |
| Wayfair Inc. - Class A (a) | 9 | 441 |
| Whirlpool Corporation | 5 | 470 |
| Williams-Sonoma, Inc. | 11 | 1738 |
| Wingstop Inc. | 2 | 820 |
| Wyndham Hotels & Resorts, Inc. | 7 | 565 |
| Wynn Resorts, Limited | 7 | 627 |
| Yum! Brands, Inc. | 23 | 3450 |
| | | 526894 |
| **Industrials 9.6%** | **Industrials 9.6%** | **Industrials 9.6%** |
| 3M Company | 45 | 6832 |
| A. O. Smith Corporation | 10 | 652 |
| AAON, Inc. | 6 | 421 |
| ABM Industries Incorporated | 6 | 292 |
| Acuity Brands, Inc. | 3 | 743 |
| Advanced Drainage Systems, Inc. | 6 | 680 |
| AECOM | 10 | 1148 |
| AeroVironment, Inc. (a) | 2 | 633 |
| AGCO Corporation | 5 | 491 |
| Air Lease Corporation - Class A | 8 | 479 |
| Alaska Air Group, Inc. (a) | 11 | 536 |
| Allegion Public Limited Company | 8 | 1103 |
| Allison Systems, Inc. | 7 | 652 |
| Amentum Holdings, Inc. (a) | 10 | 237 |
| American Airlines Group Inc. (a) (b) | 48 | 543 |
| AMETEK, Inc. | 19 | 3519 |
| API Group Corporation (a) | 16 | 797 |
| Applied Industrial Technologies, Inc. | 3 | 731 |
| Archer Aviation Inc. - Class A (a) (b) | 38 | 414 |
| Arcosa, Inc. | 4 | 325 |
| Armstrong World Industries, Inc. | 4 | 615 |
| ATI Inc. (a) | 11 | 944 |
| Automatic Data Processing, Inc. | 34 | 10540 |
| Avis Budget Group, Inc. (a) | 1 | 211 |
| Axon Enterprise, Inc. (a) | 6 | 5209 |
| Boeing Company, The (a) | 63 | 13150 |
| Boise Cascade Company | 4 | 325 |
| Booz Allen Hamilton Holding Corporation - Class A | 11 | 1143 |
| Brady Corporation - Class A | 4 | 243 |
| Brink's Company, The | 4 | 319 |
| Broadridge Financial Solutions, Inc. | 10 | 2367 |
| Builders FirstSource, Inc. (a) | 9 | 1096 |
| BWXT Government Group, Inc. | 7 | 1052 |
| C.H. Robinson Worldwide, Inc. | 9 | 899 |
| Caci International Inc. - Class A (a) | 2 | 891 |
| Carlisle Companies Incorporated | 3 | 1273 |
| Carrier Global Corporation | 68 | 4950 |
| Casella Waste Systems, Inc. - Class A (a) | 5 | 563 |
| Caterpillar Inc. | 40 | 15597 |
| CBIZ, Inc. (a) | 4 | 283 |
| Chart Industries, Inc. (a) | 3 | 532 |
| Cintas Corporation | 29 | 6452 |
| Clarivate PLC (a) (b) | 35 | 149 |
| Clean Harbors, Inc. (a) | 4 | 987 |
| CNH Industrial N.V. | 78 | 1005 |
| Comfort Systems USA, Inc. | 3 | 1634 |
| Construction Partners, Inc. - Class A (a) | 4 | 386 |
| Copart, Inc. (a) | 70 | 3413 |
| Core & Main, Inc. - Class A (a) | 15 | 914 |
| Crane Company | 4 | 719 |
| CSW Industrials, Inc. | 2 | 443 |
| CSX Corporation | 158 | 5145 |
| Cummins Inc. | 12 | 3771 |
| Curtiss-Wright Corporation | 3 | 1611 |
| Dayforce, Inc. (a) | 12 | 681 |
| Deere & Company | 21 | 10658 |
| Delta Air Lines, Inc. | 53 | 2625 |
| Donaldson Company, Inc. | 10 | 693 |
| Dover Corporation | 12 | 2125 |
| Dun & Bradstreet Holdings, Inc. | 22 | 204 |
| Dycom Industries, Inc. (a) | 2 | 570 |
| Eaton Corporation Public Limited Company | 33 | 11922 |
| EMCOR Group, Inc. | 4 | 1958 |
| Emerson Electric Co. | 47 | 6283 |
| EnerSys | 4 | 352 |
| Enpro Inc. | 2 | 340 |
| Equifax Inc. | 10 | 2673 |
| ESAB Corporation | 5 | 606 |
| ESCO Technologies Inc. | 2 | 379 |
| ExlService Holdings, Inc. (a) | 13 | 578 |
| Expeditors International of Washington, Inc. - Class A | 12 | 1317 |
| Exponent, Inc. | 5 | 369 |
| Fastenal Company | 97 | 4071 |
| Federal Signal Corporation | 5 | 525 |
| FedEx Corporation | 19 | 4228 |
| Ferguson Enterprises Inc. | 17 | 3701 |
| Flowserve Corporation | 12 | 631 |
| Fluor Corporation (a) | 14 | 718 |
| Fortive Corporation | 29 | 1536 |
| Fortune Brands Innovations, Inc. | 8 | 395 |
| Franklin Electric Co., Inc. | 3 | 269 |
| FTAI Aviation Ltd. | 9 | 985 |
| FTI Consulting, Inc. (a) | 3 | 547 |
| Gates Industrial Corporation PLC (a) | 17 | 400 |

---

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page [607](#abbreviations).

**JNL Series Trust** (Unaudited)

**Schedules of Investments (in thousands)**

June 30, 2025

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| GATX Corporation | 3 | 433 |
| GE Vernova Inc. | 23 | 12268 |
| Generac Holdings Inc. (a) | 5 | 749 |
| General Dynamics Corporation | 20 | 5956 |
| General Electric Company | 90 | 23168 |
| Genpact Limited | 14 | 628 |
| GEO Group, Inc., The (a) | 11 | 253 |
| Graco Inc. | 15 | 1251 |
| Granite Construction Incorporated (b) | 3 | 324 |
| Griffon Corporation | 4 | 290 |
| GXO Logistics Inc. (a) | 10 | 501 |
| Hayward Holdings, Inc. (a) | 8 | 109 |
| HEICO Corporation | 4 | 1169 |
| HEICO Corporation - Class A | 6 | 1629 |
| Herc Holdings Inc. | 2 | 327 |
| Hexcel Corporation | 6 | 359 |
| Honeywell International Inc. | 54 | 12602 |
| Howmet Aerospace Inc. | 33 | 6109 |
| Hubbell Incorporated | 4 | 1803 |
| Huntington Ingalls Industries, Inc. | 3 | 750 |
| IDEX Corporation | 6 | 1128 |
| IES Holdings, Inc. (a) | 1 | 224 |
| Illinois Tool Works Inc. | 25 | 6079 |
| Ingersoll Rand Inc. | 34 | 2845 |
| ITT Inc. | 7 | 1065 |
| J.B. Hunt Transport Services, Inc. | 7 | 1002 |
| Jacobs Solutions Inc. | 10 | 1374 |
| JBT Marel Corporation | 4 | 471 |
| Joby Aviation, Inc. - Class A (a) (b) | 37 | 390 |
| Johnson Controls International Public Limited Company | 55 | 5815 |
| Kadant Inc. | 1 | 348 |
| Karman Holdings Inc. (a) | 3 | 152 |
| KBR, Inc. | 12 | 581 |
| Kirby Corporation (a) | 5 | 553 |
| Knight-Swift Transportation Holdings Inc. - Class A | 12 | 542 |
| Korn Ferry | 4 | 294 |
| Kratos Defense & Security Solutions, Inc. (a) | 12 | 539 |
| L3Harris Technologies, Inc. | 16 | 3981 |
| Landstar System, Inc. | 3 | 419 |
| Leidos Holdings, Inc. | 10 | 1576 |
| Lennox International Inc. | 3 | 1519 |
| Leonardo DRS, Inc. | 5 | 229 |
| Lincoln Electric Holdings, Inc. | 5 | 1029 |
| Loar Holdings Inc. (a) | 2 | 152 |
| Lockheed Martin Corporation | 17 | 7784 |
| Lyft, Inc. - Class A (a) | 33 | 519 |
| Masco Corporation | 18 | 1169 |
| MasTec, Inc. (a) | 5 | 920 |
| Matson Intermodal - Paragon, Inc. | 3 | 292 |
| Maximus, Inc. | 4 | 299 |
| Middleby Corporation, The (a) | 5 | 710 |
| Mine Safety Appliances Company, LLC | 3 | 580 |
| MOOG Inc. - Class A | 2 | 411 |
| MSC Industrial Direct Co., Inc. - Class A | 4 | 302 |
| Mueller Industries, Inc. | 9 | 706 |
| Mueller Water Products, Inc. - Class A | 11 | 271 |
| Nextracker LLC - Class A (a) | 13 | 705 |
| Nordson Corporation | 4 | 900 |
| Norfolk Southern Corporation | 19 | 4844 |
| Northrop Grumman Corporation | 12 | 6113 |
| Nvent Electric Public Limited Company | 14 | 1040 |
| Old Dominion Freight Line, Inc. | 15 | 2366 |
| Oshkosh Corporation | 5 | 611 |
| Otis Worldwide Corporation | 32 | 3188 |
| Owens Corning | 8 | 1051 |
| PACCAR Inc | 44 | 4149 |
| Parker-Hannifin Corporation | 10 | 7216 |
| Parsons Corporation (a) | 4 | 278 |
| Paychex, Inc. | 27 | 3917 |
| Paycom Software, Inc. | 4 | 1008 |
| Paylocity Holding Corporation (a) | 4 | 689 |
| Pentair Public Limited Company | 14 | 1449 |
| Primoris Services Corporation | 4 | 339 |
| Quanta Services, Inc. | 12 | 4584 |
| Ralliant Corporation (a) | 10 | 476 |
| RBC Bearings Incorporated (a) | 2 | 933 |
| Regal Rexnord Corporation | 5 | 782 |
| Republic Services, Inc. | 17 | 4216 |
| Robert Half Inc. | 9 | 377 |
| Rocket Lab Corporation (a) | 30 | 1085 |
| Rockwell Automation, Inc. | 10 | 3242 |
| Rollins, Inc. | 26 | 1449 |
| RTX Corporation | 112 | 16346 |
| Rush Enterprises, Inc. - Class A | 4 | 225 |
| Ryder System, Inc. | 4 | 629 |
| Saia, Inc. (a) | 2 | 659 |
| Science Applications International Corporation | 4 | 436 |
| Sensata Technologies Holding PLC | 11 | 335 |
| SilverSun Techologies, Inc. (a) | 42 | 905 |
| Simpson Manufacturing Co., Inc. | 4 | 615 |
| SiteOne Landscape Supply, Inc. (a) | 4 | 501 |
| SkyWest, Inc. (a) | 3 | 341 |
| Snap-on Incorporated | 5 | 1402 |
| Southwest Airlines Co. (b) | 44 | 1431 |
| Spirit AeroSystems Holdings, Inc. - Class A (a) | 10 | 380 |
| SPX Technologies, Inc. (a) | 4 | 676 |
| SS&C Technologies Holdings, Inc. | 18 | 1526 |
| StandardAero, Inc. (a) | 11 | 346 |
| Stanley Black & Decker, Inc. | 13 | 900 |
| Sterling Infrastructure, Inc. (a) | 3 | 617 |
| Tecnoglass Inc. | 2 | 140 |
| Tetra Tech, Inc. | 21 | 772 |
| Textron Inc. | 16 | 1301 |
| Timken Company, The | 6 | 405 |
| Toro Company, The | 9 | 621 |
| Trane Technologies Public Limited Company | 19 | 8247 |
| TransDigm Group Incorporated | 5 | 6857 |
| TransUnion | 17 | 1470 |
| Trex Company, Inc. (a) | 9 | 488 |
| Trinet Group, Inc. | 2 | 118 |
| Uber Technologies, Inc. (a) | 177 | 16477 |
| UFP Industries, Inc. | 5 | 510 |
| U-Haul Holding Company (a) (b) | 1 | 71 |
| U-Haul Holding Company - Series N | 7 | 375 |
| UL Solutions Inc. - Class A | 4 | 322 |
| Union Pacific Corporation | 50 | 11526 |
| United Airlines Holdings, Inc. (a) | 27 | 2149 |
| United Parcel Service, Inc. - Class B | 61 | 6167 |
| United Rentals, Inc. | 6 | 4191 |
| Valmont Industries, Inc. | 2 | 599 |
| Veralto Corporation | 20 | 1997 |
| Verisk Analytics, Inc. | 12 | 3759 |
| Verra Mobility Corporation - Class A (a) | 14 | 353 |
| Vertiv Holdings Co - Class A | 32 | 4079 |
| W.W. Grainger, Inc. | 4 | 3857 |
| Waste Management, Inc. | 31 | 7067 |
| Watsco, Inc. | 3 | 1334 |
| Watts Water Technologies, Inc. - Class A | 3 | 627 |
| WESCO International, Inc. | 4 | 700 |
| Westinghouse Air Brake Technologies Corporation | 14 | 3033 |
| Willscot Holdings Corporation - Class A | 17 | 454 |
| Woodward, Inc. | 5 | 1185 |
| XPO, Inc. (a) | 9 | 1166 |
| Xylem Inc. | 20 | 2598 |
| Zurn Elkay Water Solutions Corporation | 12 | 448 |
| | | 470086 |
| **Communication Services 9.4%** | **Communication Services 9.4%** | **Communication Services 9.4%** |
| Alphabet Inc. - Class A | 490 | 86383 |
| Alphabet Inc. - Class C | 432 | 76604 |
| AST Spacemobile, Inc. - Class A (a) (b) | 17 | 775 |
| AT&T Inc. | 603 | 17450 |
| Cinemark Holdings, Inc. (b) | 10 | 290 |
| Comcast Corporation - Class A | 316 | 11295 |
| Digital World Acquisition Corp. (a) | 8 | 140 |
| EchoStar Corporation - Class A (a) | 11 | 294 |
| Electronic Arts Inc. | 20 | 3187 |
| Former Charter Communications Parent, Inc. - Class A (a) | 8 | 3308 |
| Fox Corporation - Class A | 18 | 1000 |

---

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page [607](#abbreviations).

**JNL Series Trust** (Unaudited)

**Schedules of Investments (in thousands)**

June 30, 2025

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| Fox Corporation - Class B | 11 | 555 |
| Frontier Communications Parent, Inc. (a) | 17 | 603 |
| Liberty Broadband Corporation - Series A (a) | 1 | 90 |
| Liberty Broadband Corporation - Series C (a) | 9 | 925 |
| Liberty Global Ltd. - Class A (a) | 14 | 143 |
| Liberty Global Ltd. - Class C (a) | 3 | 33 |
| Liberty Media Corporation - Series A (a) | 2 | 195 |
| Liberty Media Corporation - Series A (a) | 2 | 180 |
| Liberty Media Corporation - Series C (a) | 4 | 334 |
| Liberty Media Corporation - Series C (a) | 18 | 1891 |
| Live Nation Entertainment, Inc. (a) | 12 | 1796 |
| Lumen Technologies, Inc. (a) | 90 | 395 |
| Match Group, Inc. | 21 | 641 |
| Meta Platforms, Inc. - Class A | 184 | 136026 |
| Netflix, Inc. (a) | 36 | 48103 |
| News Corporation - Class A | 32 | 954 |
| News Corporation - Class B | 8 | 279 |
| Nexstar Media Group, Inc. - Class A | 3 | 457 |
| Omnicom Group Inc. | 17 | 1203 |
| Paramount Global - Class B | 48 | 616 |
| Pinterest, Inc. - Class A (a) | 50 | 1776 |
| Reddit, Inc. - Class A (a) | 10 | 1542 |
| Roblox Corporation - Class A (a) | 51 | 5373 |
| Roku, Inc. - Class A (a) | 11 | 959 |
| Sirius XM Holdings Inc. (b) | 19 | 433 |
| Snap Inc. - Class A (a) | 92 | 800 |
| Sphere Entertainment Co. - Class A (a) | 1 | 229 |
| Take-Two Interactive Software, Inc. (a) | 14 | 3488 |
| Telephone and Data Systems, Inc. | 7 | 249 |
| The Interpublic Group of Companies, Inc. | 30 | 743 |
| The New York Times Company - Class A | 13 | 724 |
| TKO Group Holdings Inc. - Class A | 6 | 1047 |
| T-Mobile US, Inc. | 39 | 9324 |
| Trade Desk, Inc., The - Class A (a) | 37 | 2670 |
| Verizon Communications Inc. | 353 | 15287 |
| Walt Disney Company, The | 152 | 18839 |
| Warner Bros. Discovery, Inc. - Series A (a) | 185 | 2125 |
| Warner Music Group Corp. - Class A | 12 | 315 |
| ZoomInfo Technologies Inc. - Class A (a) | 32 | 327 |
| | | 462395 |
| **Health Care 9.3%** | **Health Care 9.3%** | **Health Care 9.3%** |
| Abbott Laboratories | 146 | 19823 |
| AbbVie Inc. | 148 | 27540 |
| ADMA Biologics, Inc. (a) | 21 | 384 |
| Agilent Technologies, Inc. | 24 | 2823 |
| Akero Therapeutics Inc. (a) | 5 | 287 |
| Align Technology, Inc. (a) | 6 | 1073 |
| Alignment Healthcare, Inc. (a) | 10 | 138 |
| Alkermes Public Limited Company (a) | 11 | 322 |
| Alnylam Pharmaceuticals, Inc. (a) | 11 | 3551 |
| Amedisys, Inc. (a) | 3 | 312 |
| Amgen Inc. | 45 | 12576 |
| Arcellx Inc. (a) | 3 | 225 |
| Avantor, Inc. (a) | 54 | 725 |
| Avidity Biosciences, Inc. (a) | 8 | 230 |
| Axsome Therapeutics, Inc. (a) | 3 | 342 |
| Baxter International Inc. | 42 | 1261 |
| Becton, Dickinson and Company | 24 | 4187 |
| Biogen Inc. (a) | 11 | 1416 |
| BioMarin Pharmaceutical Inc. (a) | 16 | 868 |
| Bio-Rad Laboratories, Inc. - Class A (a) | 2 | 451 |
| Bio-Techne Corporation | 15 | 745 |
| Blueprint Medicines Corporation (a) | 5 | 657 |
| Boston Scientific Corporation (a) | 124 | 13282 |
| Bridgebio Pharma, Inc. (a) | 12 | 509 |
| Bristol-Myers Squibb Company | 171 | 7930 |
| Bruker Corporation | 8 | 312 |
| Canticle Pharmaceuticals, Inc. (a) | 2 | 490 |
| Cardinal Health, Inc. | 21 | 3448 |
| Cencora, Inc. | 15 | 4612 |
| Centene Corporation (a) | 38 | 2085 |
| Charles River Laboratories International, Inc. (a) | 4 | 624 |
| Chemed Corporation | 1 | 660 |
| Cigna Group, The | 22 | 7362 |
| Cooper Companies, Inc., The (a) | 17 | 1217 |
| Corcept Therapeutics Incorporated (a) | 8 | 585 |
| CorVel Corporation (a) | 2 | 193 |
| Crinetics Pharmaceuticals, Inc. (a) | 7 | 201 |
| CRISPR Therapeutics AG (a) (b) | 8 | 396 |
| CVS Health Corporation | 105 | 7233 |
| Cytokinetics, Incorporated (a) | 10 | 334 |
| Danaher Corporation | 54 | 10640 |
| Davita Inc. (a) | 4 | 533 |
| DexCom, Inc. (a) | 32 | 2817 |
| Doximity, Inc. - Class A (a) | 12 | 744 |
| Edwards Lifesciences Corporation (a) | 49 | 3856 |
| Elanco Animal Health Incorporated (a) | 37 | 527 |
| Elevance Health, Inc. | 19 | 7344 |
| Eli Lilly and Company | 67 | 52463 |
| Encompass Health Corporation | 8 | 1036 |
| Exact Sciences Corporation (a) | 16 | 838 |
| Exelixis, Inc. (a) | 21 | 927 |
| GE HealthCare Technologies Inc. | 38 | 2801 |
| Gilead Sciences, Inc. | 104 | 11564 |
| Glaukos Corporation (a) | 5 | 513 |
| Globus Medical, Inc. - Class A (a) | 10 | 617 |
| Guardant Health, Inc. (a) | 10 | 509 |
| Haemonetics Corporation (a) | 3 | 235 |
| Halozyme Therapeutics, Inc. (a) | 12 | 604 |
| HCA Healthcare, Inc. | 15 | 5619 |
| HealthEquity, Inc. (a) | 7 | 727 |
| Henry Schein, Inc. (a) | 8 | 615 |
| Hims & Hers Health, Inc. - Class A (a) (b) | 17 | 852 |
| Hologic, Inc. (a) | 18 | 1187 |
| Humana Inc. | 10 | 2470 |
| ICU Medical, Inc. (a) | 2 | 217 |
| IDEXX Laboratories, Inc. (a) | 7 | 3591 |
| Illumina, Inc. (a) | 14 | 1291 |
| Incyte Corporation (a) | 13 | 870 |
| Insmed Incorporated (a) | 15 | 1527 |
| Inspire Medical Systems, Inc. (a) | 2 | 306 |
| Insulet Corporation (a) | 6 | 1838 |
| Integer Holdings Corporation (a) | 3 | 363 |
| Intuitive Surgical, Inc. (a) | 30 | 16184 |
| Ionis Pharmaceuticals, Inc. (a) | 11 | 449 |
| IQVIA Holdings Inc (a) | 15 | 2308 |
| Jazz Pharmaceuticals Public Limited Company (a) | 6 | 604 |
| Johnson & Johnson | 202 | 30901 |
| Krystal Biotech, Inc. (a) | 2 | 242 |
| Labcorp Holdings Inc. | 7 | 1850 |
| Lantheus Holdings, Inc. (a) (b) | 6 | 479 |
| Masimo Corporation (a) | 4 | 643 |
| McKesson Corporation | 11 | 7788 |
| Medpace Holdings, Inc. (a) | 2 | 650 |
| Medtronic, Inc. | 108 | 9420 |
| Merck & Co., Inc. | 213 | 16857 |
| Merit Medical Systems, Inc. (a) | 5 | 499 |
| Mettler-Toledo International Inc. (a) | 2 | 2060 |
| Moderna, Inc. (a) | 28 | 762 |
| Molina Healthcare, Inc. (a) | 4 | 1322 |
| Natera, Inc. (a) | 11 | 1924 |
| Neurocrine Biosciences, Inc. (a) | 8 | 1060 |
| Nuvalent, Inc. - Class A (a) | 4 | 281 |
| Option Care Health, Inc. (a) | 15 | 500 |
| Organon & Co. | 22 | 217 |
| Penumbra, Inc. (a) | 3 | 764 |
| Perrigo Company Public Limited Company | 12 | 334 |
| Pfizer Inc. | 476 | 11532 |
| Prestige Consumer Healthcare Inc. (a) | 4 | 281 |
| Procept Biorobotics Corporation (a) | 4 | 241 |
| PTC Therapeutics, Inc. (a) | 6 | 286 |
| Quest Diagnostics Incorporated | 9 | 1691 |
| RadNet, Inc. (a) | 5 | 299 |
| Regeneron Pharmaceuticals, Inc. | 9 | 4642 |
| Repligen Corporation (a) | 4 | 550 |
| ResMed Inc. | 12 | 3198 |
| Revolution Medicines, Inc. (a) | 14 | 521 |
| Revvity, Inc. | 11 | 1030 |
| Rhythm Pharmaceuticals, Inc. (a) | 4 | 256 |

---

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page [607](#abbreviations).

**JNL Series Trust** (Unaudited)

**Schedules of Investments (in thousands)**

June 30, 2025

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| Roivant Sciences Ltd. (a) | 37 | 418 |
| Royalty Pharma PLC - Class A | 29 | 1045 |
| Sarepta Therapeutics, Inc. (a) | 8 | 137 |
| Soleno Therapeutics, Inc. (a) | 3 | 212 |
| Solventum Corporation (a) | 12 | 926 |
| Sotera Health LLC (a) | 10 | 107 |
| Steris Public Limited Company | 8 | 1981 |
| Stryker Corporation | 30 | 11999 |
| Summit Therapeutics Inc. (a) (b) | 10 | 218 |
| Teleflex Incorporated | 4 | 506 |
| Tempus AI, Inc. - Class A (a) (b) | 8 | 479 |
| Tenet Healthcare Corporation (a) | 7 | 1315 |
| TG Therapeutics, Inc. (a) | 13 | 462 |
| The Ensign Group, Inc. | 5 | 783 |
| Thermo Fisher Scientific Inc. | 32 | 12842 |
| Ultragenyx Pharmaceutical Inc. (a) | 6 | 205 |
| United Therapeutics Corporation (a) | 4 | 1025 |
| UnitedHealth Group Incorporated | 76 | 23860 |
| Universal Health Services, Inc. - Class B | 5 | 924 |
| Vaxcyte, Inc. (a) | 9 | 277 |
| Veeva Systems Inc. - Class A (a) | 13 | 3600 |
| Vertex Pharmaceuticals Incorporated (a) | 22 | 9630 |
| Viatris Inc. | 103 | 919 |
| Viking Therapeutics, Inc. (a) | 6 | 158 |
| Waters Corporation (a) | 5 | 1697 |
| Waystar Holding Corp. (a) | 8 | 333 |
| West Pharmaceutical Services, Inc. | 6 | 1303 |
| Zimmer Biomet Holdings, Inc. | 17 | 1530 |
| Zoetis Inc. - Class A | 37 | 5811 |
| | | 458777 |
| **Consumer Staples 5.2%** | **Consumer Staples 5.2%** | **Consumer Staples 5.2%** |
| Albertsons Companies, Inc. - Class A | 35 | 757 |
| Altria Group, Inc. | 142 | 8339 |
| Archer-Daniels-Midland Company | 37 | 1958 |
| Bellring Intermediate Holdings, Inc. (a) | 10 | 597 |
| BJ's Wholesale Club Holdings, Inc. (a) | 11 | 1135 |
| Brown-Forman Corporation - Class A | 3 | 95 |
| Brown-Forman Corporation - Class B | 24 | 659 |
| Bunge Global SA | 12 | 942 |
| Cal-Maine Foods, Inc. | 4 | 356 |
| Campbell's Company, The | 16 | 477 |
| Casey's General Stores, Inc. | 3 | 1621 |
| Celsius Holdings, Inc. (a) | 14 | 651 |
| Church & Dwight Co., Inc. | 21 | 1984 |
| Clorox Company, The | 11 | 1287 |
| Coca-Cola Company, The | 328 | 23231 |
| Coca-Cola Consolidated, Inc. | 5 | 546 |
| Colgate-Palmolive Company | 69 | 6255 |
| Conagra Brands, Inc. | 39 | 806 |
| Constellation Brands, Inc. - Class A | 13 | 2081 |
| Costco Wholesale Corporation | 37 | 36928 |
| Coty Inc. - Class A (a) | 40 | 186 |
| Darling Ingredients Inc. (a) | 12 | 462 |
| Dollar General Corporation | 18 | 2081 |
| Dollar Tree, Inc. (a) | 17 | 1702 |
| e.l.f. Beauty, Inc. (a) (b) | 5 | 581 |
| Estee Lauder Companies Inc., The - Class A | 19 | 1540 |
| Flowers Foods, Inc. (b) | 14 | 216 |
| Freshpet, Inc. (a) (b) | 4 | 270 |
| General Mills, Inc. | 46 | 2403 |
| Hormel Foods Corporation | 22 | 680 |
| Ingredion Incorporated | 6 | 794 |
| Interparfums, Inc. | 2 | 275 |
| J. M. Smucker Company, The | 9 | 848 |
| Kellanova | 23 | 1823 |
| Kenvue Inc. | 147 | 3077 |
| Keurig Dr Pepper Inc. | 99 | 3287 |
| Kimberly-Clark Corporation | 28 | 3625 |
| Kraft Heinz Company, The | 73 | 1896 |
| Kroger Co., The | 50 | 3582 |
| Lamb Weston Holdings, Inc. | 11 | 546 |
| Lancaster Colony Corporation | 1 | 241 |
| Maplebear Inc. (a) | 13 | 607 |
| McCormick & Company, Incorporated | 21 | 1590 |
| Molson Coors Beverage Company - Class B | 15 | 705 |
| Mondelez International, Inc. - Class A | 109 | 7372 |
| Monster Beverage 1990 Corporation (a) | 58 | 3610 |
| National Beverage Corp. |  | 19 |
| PepsiCo, Inc. | 116 | 15255 |
| Performance Food Group Company (a) | 13 | 1137 |
| Philip Morris International Inc. | 130 | 23736 |
| Pilgrim's Pride Corporation | 2 | 75 |
| Post Holdings, Inc. (a) | 4 | 447 |
| Primo Brands Corporation - Class A | 18 | 547 |
| Procter & Gamble Company, The | 197 | 31394 |
| Reynolds Consumer Products Inc. | 4 | 83 |
| Simply Good Foods Company, The (a) | 8 | 249 |
| Sprouts Farmers Market, Inc. (a) | 9 | 1435 |
| Sysco Corporation | 41 | 3096 |
| Target Corporation | 39 | 3840 |
| The Hershey Company | 13 | 2110 |
| Tyson Foods, Inc. - Class A | 25 | 1372 |
| US Foods Holding Corp. (a) | 20 | 1524 |
| Walgreens Boots Alliance, Inc. | 60 | 691 |
| Walmart Inc. | 364 | 35579 |
| WD-40 Company | 1 | 241 |
|  |  | 257534 |
| **Energy 3.0%** | **Energy 3.0%** | **Energy 3.0%** |
| Antero Midstream Corporation | 22 | 426 |
| Antero Resources Corporation (a) | 21 | 856 |
| Apa Corp. | 31 | 568 |
| Archrock, Inc. | 14 | 346 |
| Baker Hughes Company - Class A | 84 | 3214 |
| California Resources Corporation | 6 | 276 |
| ChampionX Corporation | 17 | 411 |
| Cheniere Energy, Inc. | 19 | 4630 |
| Chevron Corporation | 136 | 19515 |
| Chord Energy Corporation | 5 | 487 |
| CNX Resources Corporation (a) | 13 | 450 |
| Comstock Resources, Inc. (a) | 7 | 201 |
| ConocoPhillips | 107 | 9563 |
| Core Natural Resources, Inc. | 4 | 253 |
| Coterra Energy Inc. | 62 | 1564 |
| Devon Energy Corporation | 50 | 1593 |
| Diamondback Energy, Inc. | 16 | 2182 |
| DT Midstream, Inc. | 8 | 859 |
| EOG Resources, Inc. | 46 | 5524 |
| EQT Corporation | 50 | 2921 |
| Expand Energy Corporation | 19 | 2240 |
| Exxon Mobil Corporation | 364 | 39269 |
| Halliburton Company | 74 | 1499 |
| Hess Corporation | 24 | 3343 |
| HF Sinclair Corporation | 15 | 606 |
| Kinder Morgan, Inc. | 164 | 4811 |
| Magnolia Oil & Gas Corporation - Class A | 16 | 359 |
| Marathon Petroleum Corporation | 26 | 4352 |
| Matador Resources Company | 11 | 539 |
| Murphy Oil Corporation | 13 | 294 |
| Noble Corporation 2022 Limited | 9 | 247 |
| NOV Inc. | 31 | 385 |
| Occidental Petroleum Corporation | 56 | 2336 |
| ONEOK, Inc. | 52 | 4234 |
| Ovintiv Canada ULC | 23 | 865 |
| Permian Resources Corporation - Class A | 49 | 674 |
| Phillips 66 | 34 | 4033 |
| Range Resources Corporation | 20 | 793 |
| Schlumberger Limited | 111 | 3767 |
| Targa Resources Corp. | 18 | 3195 |
| TechnipFMC PLC | 34 | 1163 |
| Texas Pacific Land Corporation | 2 | 1698 |
| Valero Energy Corporation | 27 | 3599 |
| Venture Global, Inc. - Class A (b) | 9 | 140 |
| Viper Energy, Inc. - Class A | 10 | 375 |
| Weatherford International Public Limited Company | 6 | 319 |
| Williams Companies, Inc., The | 102 | 6435 |
|  |  | 147409 |
| **Real Estate 2.3%** | **Real Estate 2.3%** | **Real Estate 2.3%** |
| Agree Realty Corporation | 8 | 615 |

---

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page [607](#abbreviations).

**JNL Series Trust** (Unaudited)

**Schedules of Investments (in thousands)**

June 30, 2025

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| Alexandria Real Estate Equities, Inc. | 13 | 947 |
| American Healthcare REIT, Inc. | 14 | 516 |
| American Homes 4 Rent - Class A | 26 | 941 |
| American Tower Corporation | 39 | 8674 |
| Americold Realty Trust, Inc. | 21 | 346 |
| AvalonBay Communities, Inc. | 12 | 2422 |
| Brixmor Property Group Inc. | 23 | 601 |
| Broadstone Net Lease, Inc. | 18 | 284 |
| BXP, Inc. | 13 | 883 |
| Camden Property Trust | 9 | 1048 |
| Caretrust REIT, Inc. | 16 | 477 |
| CBRE Group, Inc. - Class A (a) | 26 | 3581 |
| Compass, Inc. - Class A (a) | 36 | 225 |
| COPT Defense Properties | 9 | 261 |
| CoStar Group, Inc. (a) | 33 | 2662 |
| Cousins Properties Incorporated | 14 | 430 |
| Crown Castle Inc. | 35 | 3607 |
| Cubesmart, L.P. | 18 | 766 |
| Digital Realty Trust, Inc. | 27 | 4651 |
| EastGroup Properties, Inc. | 4 | 651 |
| EPR Properties | 8 | 441 |
| Equinix, Inc. | 8 | 6493 |
| Equity Lifestyle Properties, Inc. | 15 | 953 |
| Equity Residential | 29 | 1934 |
| Essential Properties Realty Trust, Inc. | 16 | 521 |
| Essex Property Trust, Inc. | 6 | 1560 |
| Extra Space Storage Inc. | 18 | 2625 |
| Federal Realty Investment Trust | 7 | 711 |
| First Industrial Realty Trust, Inc. | 11 | 533 |
| Gaming and Leisure Properties, Inc. | 22 | 1019 |
| Healthcare Realty Trust Incorporated - Class A | 28 | 450 |
| Healthpeak OP, LLC | 59 | 1031 |
| Highwoods Properties, Inc. | 8 | 252 |
| Host Hotels & Resorts, Inc. | 55 | 851 |
| Howard Hughes Holdings Inc. (a) | 4 | 241 |
| Independence Realty Trust, Inc. | 20 | 361 |
| Invitation Homes Inc. | 48 | 1562 |
| Iron Mountain Incorporated | 25 | 2512 |
| Jones Lang LaSalle Incorporated (a) | 4 | 988 |
| Kilroy Realty Corporation | 10 | 352 |
| Kimco Realty OP, LLC | 55 | 1162 |
| Kite Realty Naperville, LLC | 18 | 401 |
| Lamar Advertising Company - Class A | 7 | 903 |
| Lineage, Inc. (b) | 5 | 229 |
| Macerich Company, The | 21 | 341 |
| Mid-America Apartment Communities, Inc. | 10 | 1469 |
| Millrose Properties, Inc. - Class A | 9 | 268 |
| National Health Investors, Inc. | 4 | 246 |
| NNN REIT, Inc. | 16 | 707 |
| Omega Healthcare Investors, Inc. | 21 | 782 |
| Phillips Edison & Company, Inc. | 9 | 313 |
| PotlatchDeltic Corporation | 7 | 253 |
| ProLogis Inc. | 78 | 8156 |
| Public Storage Operating Company | 13 | 3856 |
| Rayonier Inc. | 10 | 213 |
| Realty Income Corporation | 74 | 4255 |
| Regency Centers Corporation | 14 | 971 |
| Rexford Industrial Realty, Inc. | 19 | 670 |
| Ryman Hospitality Properties, Inc. | 5 | 509 |
| Sabra Health Care REIT, Inc. | 15 | 272 |
| SBA Communications Corporation - Class A | 9 | 2095 |
| Simon Property Group, Inc. | 27 | 4367 |
| SL Green Realty Corp. | 6 | 353 |
| STAG Industrial, Inc. | 15 | 560 |
| Sun Communities, Inc. | 11 | 1347 |
| Tanger Inc. | 11 | 331 |
| Terreno Realty Corporation | 7 | 418 |
| UDR, Inc. | 26 | 1051 |
| Ventas, Inc. | 35 | 2199 |
| VICI Properties Inc. | 88 | 2885 |
| Vornado Realty Trust | 14 | 530 |
| W.P. Carey Inc. | 19 | 1164 |
| Welltower Inc. | 55 | 8440 |
| Weyerhaeuser Company | 60 | 1549 |
| Zillow Group, Inc. - Class A (a) | 4 | 274 |
| Zillow Group, Inc. - Class C (a) | 13 | 930 |
| | | 114447 |
| **Utilities 2.3%** | **Utilities 2.3%** | **Utilities 2.3%** |
| AES Corporation, The | 57 | 595 |
| ALLETE, Inc. | 5 | 345 |
| Alliant Energy Corporation | 22 | 1353 |
| Ameren Corporation | 22 | 2119 |
| American Electric Power Company, Inc. | 45 | 4630 |
| American States Water Company | 3 | 215 |
| American Water Works Company, Inc. | 16 | 2266 |
| Atmos Energy Corporation | 13 | 2065 |
| Avista Corporation | 7 | 281 |
| Black Hills Corporation | 6 | 325 |
| CenterPoint Energy, Inc. | 55 | 2033 |
| Clearway Energy, Inc. - Class A | 2 | 61 |
| Clearway Energy, Inc. - Class C | 6 | 204 |
| CMS Energy Corporation | 25 | 1714 |
| Consolidated Edison, Inc. | 29 | 2923 |
| Constellation Energy Group, Inc. | 26 | 8462 |
| Dominion Energy, Inc. | 71 | 4001 |
| DTE Energy Company | 17 | 2285 |
| Duke Energy Corporation | 65 | 7644 |
| Edison International | 34 | 1733 |
| Entergy Corporation | 38 | 3147 |
| Essential Utilities, Inc. | 20 | 753 |
| Evergy, Inc. | 19 | 1324 |
| Eversource Energy | 31 | 1987 |
| Exelon Corporation | 85 | 3677 |
| FirstEnergy Corp. | 42 | 1680 |
| IDACORP, Inc. | 4 | 518 |
| MDU Resources Group, Inc. | 18 | 293 |
| MGE Energy, Inc. | 3 | 225 |
| National Fuel Gas Company | 8 | 662 |
| New Jersey Resources Corporation | 9 | 396 |
| NextEra Energy, Inc. | 172 | 11954 |
| NiSource Inc. | 38 | 1550 |
| NorthWestern Corporation | 5 | 281 |
| NRG Energy, Inc. | 17 | 2698 |
| OGE Energy Corp. | 16 | 729 |
| One Gas, Inc. | 4 | 309 |
| Ormat Technologies, Inc. | 4 | 360 |
| Otter Tail Corporation | 3 | 215 |
| PG&E Corporation | 184 | 2568 |
| Pinnacle West Capital Corporation | 10 | 910 |
| Portland General Electric Company | 9 | 372 |
| PPL Corporation | 62 | 2091 |
| Public Service Enterprise Group Incorporated | 42 | 3548 |
| Sempra | 55 | 4193 |
| Southwest Gas Holdings, Inc. | 4 | 299 |
| Spire Inc. | 5 | 328 |
| Talen Energy Corporation (a) | 3 | 984 |
| The Southern Company | 92 | 8408 |
| TXNM Energy, Inc. | 8 | 438 |
| UGI Corporation | 17 | 615 |
| Vistra Corp. | 28 | 5457 |
| WEC Energy Group Inc. | 26 | 2744 |
| XCEL Energy Inc. | 49 | 3306 |
|  |  | 114273 |
| **Materials 2.2%** | **Materials 2.2%** | **Materials 2.2%** |
| Air Products and Chemicals, Inc. | 19 | 5251 |
| Albemarle Corporation | 10 | 613 |
| Alcoa Corporation | 22 | 655 |
| Amcor Pty Ltd | 193 | 1772 |
| AptarGroup, Inc. | 5 | 846 |
| Avery Dennison Corporation | 7 | 1238 |
| Avient Corporation | 7 | 227 |
| Axalta Coating Systems Ltd. (a) | 19 | 564 |
| Balchem Corporation | 2 | 390 |
| Ball Corporation | 21 | 1184 |
| Cabot Corporation | 5 | 382 |
| Carpenter Technology Corporation | 4 | 1091 |
| Celanese Corporation - Class A | 8 | 418 |
| CF Industries Holdings, Inc. | 14 | 1262 |
| Cleveland-Cliffs Inc. (a) | 45 | 339 |

---

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page [607](#abbreviations).

**JNL Series Trust** (Unaudited)

**Schedules of Investments (in thousands)**

June 30, 2025

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| Coeur Mining, Inc. (a) | 53 | 473 |
| Commercial Metals Company | 8 | 412 |
| Corteva, Inc. | 57 | 4253 |
| CRH Public Limited Company | 57 | 5210 |
| Crown Holdings, Inc. | 10 | 989 |
| Dow Inc. | 61 | 1605 |
| DuPont de Nemours, Inc. | 35 | 2418 |
| Eagle Materials Inc. | 3 | 625 |
| Eastman Chemical Company | 9 | 706 |
| Ecolab Inc. | 21 | 5722 |
| Element Solutions Inc. | 21 | 477 |
| FMC Corporation | 11 | 454 |
| Freeport-McMoRan Inc. | 117 | 5069 |
| Graphic Packaging Holding Company | 18 | 380 |
| H.B. Fuller Company | 4 | 257 |
| Hecla Mining Company | 52 | 312 |
| International Flavors & Fragrances Inc. | 21 | 1564 |
| International Paper Company | 43 | 2027 |
| KRC Materials, Inc. (a) | 5 | 386 |
| Linde Public Limited Company | 40 | 18736 |
| Louisiana-Pacific Corporation (W VA) | 6 | 501 |
| LyondellBasell Industries N.V. - Class A | 22 | 1297 |
| Martin Marietta Materials, Inc. | 5 | 2832 |
| Mosaic Company, The | 26 | 957 |
| NewMarket Corporation | 1 | 408 |
| Newmont Corporation | 95 | 5544 |
| Nucor Corporation | 20 | 2577 |
| Packaging Corporation of America | 8 | 1463 |
| PPG Industries, Inc. | 20 | 2228 |
| Reliance, Inc. | 4 | 1365 |
| Royal Gold, Inc. | 5 | 947 |
| RPM International Inc. | 11 | 1218 |
| Scotts Miracle-Gro Company, The | 3 | 197 |
| Sealed Air Corporation | 13 | 417 |
| Sensient Technologies Corporation | 3 | 328 |
| Sherwin-Williams Company, The | 19 | 6674 |
| Silgan Holdings Inc. | 7 | 373 |
| Smurfit Westrock Public Limited Company | 44 | 1901 |
| Sonoco Products Company | 8 | 353 |
| Southern Copper Corporation | 7 | 717 |
| Steel Dynamics, Inc. | 12 | 1481 |
| Vulcan Materials Company | 11 | 2920 |
| Westlake Corporation | 4 | 270 |
| | | 105275 |
| Total Common Stocks (cost $3,382,384) | Total Common Stocks (cost $3,382,384) | 4906212 |
| **SHORT TERM INVESTMENTS 0.3%** | **SHORT TERM INVESTMENTS 0.3%** | **SHORT TERM INVESTMENTS 0.3%** |
| **Investment Companies 0.2%** | **Investment Companies 0.2%** | **Investment Companies 0.2%** |
| JNL Government Money Market Fund - Class I, 4.20% (c) (d) | 11033 | 11033 |
| **Securities Lending Collateral 0.1%** | **Securities Lending Collateral 0.1%** | **Securities Lending Collateral 0.1%** |
| JNL Government Money Market Fund - Class SL, 4.30% (c) (d) | 6729 | 6729 |
| Total Short Term Investments (cost $17,762) | Total Short Term Investments (cost $17,762) | 17762 |
| **Total Investments 100.1% (cost $3,400,146)** | **Total Investments 100.1% (cost $3,400,146)** | **4923974** |
| **Other Derivative Instruments 0.0%** | **Other Derivative Instruments 0.0%** | **81** |
| **Other Assets and Liabilities, Net (0.1)%** | **Other Assets and Liabilities, Net (0.1)%** | **(6941)** |
| **Total Net Assets 100.0%** | **Total Net Assets 100.0%** | **4917114** |

---

(a) Non-income producing security.

(b) All or a portion of the security was on loan as of June 30, 2025.

(c) Investment in affiliate.

(d) Yield changes daily to reflect current market conditions. Rate was the quoted yield as of June 30, 2025.

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **JNL/Mellon U.S. Stock Market Index Fund — Investments in Affiliates** | **JNL/Mellon U.S. Stock Market Index Fund — Investments in Affiliates** | **JNL/Mellon U.S. Stock Market Index Fund — Investments in Affiliates** | **JNL/Mellon U.S. Stock Market Index Fund — Investments in Affiliates** | **JNL/Mellon U.S. Stock Market Index Fund — Investments in Affiliates** | **JNL/Mellon U.S. Stock Market Index Fund — Investments in Affiliates** | **JNL/Mellon U.S. Stock Market Index Fund — Investments in Affiliates** | **JNL/Mellon U.S. Stock Market Index Fund — Investments in Affiliates** | **JNL/Mellon U.S. Stock Market Index Fund — Investments in Affiliates** |
| **Affiliated Investment** | **Value Beginning of Period($)** | **Purchases($)** | **Sales Proceeds($)** | **Dividend Income/ Distributions from Funds($)** | **Realized Gain (Loss)($)** | **Change in Unrealized Appreciation (Depreciation) ($)** | **Value End of Period($)** | **Percentage of Net Assets(%)** |
| Bank of New York Mellon Corporation, The | 5194 |  | 788 | 60 | 318 | 583 | 5307 | 0.1 |
| Jackson Financial Inc. - Class A | 516 |  |  | 9 |  | 10 | 526 |  |
| JNL Government Money Market Fund, 4.30% - Class SL | 7221 | 29765 | 30257 | 86 |  |  | 6729 | 0.2 |
| JNL Government Money Market Fund, 4.20% - Class I | 11959 | 354746 | 355672 | 422 |  |  | 11033 | 0.2 |
|  | 24890 | 384511 | 386717 | 577 | 318 | 593 | 23595 | 0.5 |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **JNL/Mellon U.S. Stock Market Index Fund — Futures Contracts** | **JNL/Mellon U.S. Stock Market Index Fund — Futures Contracts** | **JNL/Mellon U.S. Stock Market Index Fund — Futures Contracts** | **JNL/Mellon U.S. Stock Market Index Fund — Futures Contracts** | **JNL/Mellon U.S. Stock Market Index Fund — Futures Contracts** | **JNL/Mellon U.S. Stock Market Index Fund — Futures Contracts** |
| **Reference Entity** | **Contracts<sup>1</sup>** | **Expiration** | **Notional<sup>1</sup>** | **Variation**<br> **Margin**<br> **Receivable**<br> (Payable) ($) | **Value/**<br> **Unrealized**<br> **Appreciation**<br> (Depreciation) ($) |
| **Long Contracts** | **Long Contracts** | **Long Contracts** | **Long Contracts** | **Long Contracts** | **Long Contracts** |
| Russell 2000 Index | 16 | September 2025 | 1713 | 3 | 40 |
| S&P 500 Index | 47 | September 2025 | 14309 | 78 | 388 |
|  |  |  |  | 81 | 428 |

---

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page [607](#abbreviations).

**JNL Series Trust** (Unaudited)

**Schedules of Investments (in thousands)**

June 30, 2025

**Fair Value Hierarchy.** Various inputs are used in determining the fair value of financial instruments. For a description of the input levels and information about the Fund's policy regarding valuation of financial instruments, see Note 3 in the Notes to Financial Statements. The following table summarizes the Fund's investments categorized in the disclosure hierarchy as of June 30, 2025.

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **<u>. Level 1 ($) .</u>** | **<u>. Level 2 ($) .</u>** | **<u>. Level 3 ($) .</u>** | **<u>. Total ($) .</u>** |
| **JNL/Mellon U.S. Stock Market Index Fund** | **JNL/Mellon U.S. Stock Market Index Fund** | **JNL/Mellon U.S. Stock Market Index Fund** | **JNL/Mellon U.S. Stock Market Index Fund** | **JNL/Mellon U.S. Stock Market Index Fund** |
| **Assets - Securities** |  |  |  |  |
| &nbsp;&nbsp; Common Stocks | 4906212 |  |  | 4906212 |
| &nbsp;&nbsp; Short Term Investments | 17762 |  |  | 17762 |
|  | 4923974 |  |  | 4923974 |
| **Assets - Investments in Other Financial Instruments<sup>1</sup>** |  |  |  |  |
| &nbsp;&nbsp; Futures Contracts | 428 |  |  | 428 |
|  | 428 |  |  | 428 |

---

<sup>1</sup> All derivatives, except for purchased and written options, are reflected at the unrealized appreciation (depreciation) on the instrument. Purchased and written options are reflected at value.

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page [607](#abbreviations).

**JNL Series Trust** (Unaudited)

**Schedules of Investments (in thousands)**

June 30, 2025

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| **JNL/Mellon Utilities Sector Fund** | **JNL/Mellon Utilities Sector Fund** | **JNL/Mellon Utilities Sector Fund** |
| **COMMON STOCKS 100.0%** | **COMMON STOCKS 100.0%** | **COMMON STOCKS 100.0%** |
| **Utilities 100.0%** | **Utilities 100.0%** | **Utilities 100.0%** |
| AES Corporation, The | 349 | 3673 |
| ALLETE, Inc. | 28 | 1805 |
| Alliant Energy Corporation | 125 | 7589 |
| Ameren Corporation | 133 | 12748 |
| American Electric Power Company, Inc. | 254 | 26312 |
| American States Water Company | 19 | 1461 |
| American Water Works Company, Inc. | 96 | 13334 |
| Atmos Energy Corporation | 78 | 12018 |
| Avista Corporation | 39 | 1485 |
| Black Hills Corporation | 35 | 1993 |
| CenterPoint Energy, Inc. | 321 | 11794 |
| Clearway Energy, Inc. - Class A | 16 | 498 |
| Clearway Energy, Inc. - Class C | 41 | 1303 |
| CMS Energy Corporation | 147 | 10165 |
| Consolidated Edison, Inc. | 174 | 17443 |
| Constellation Energy Group, Inc. | 154 | 49598 |
| Dominion Energy, Inc. | 419 | 23713 |
| DTE Energy Company | 101 | 13437 |
| Duke Energy Corporation | 379 | 44772 |
| Edison International | 189 | 9744 |
| Entergy Corporation | 219 | 18211 |
| Essential Utilities, Inc. | 123 | 4575 |
| Evergy, Inc. | 113 | 7788 |
| Eversource Energy | 173 | 10994 |
| Exelon Corporation | 497 | 21580 |
| FirstEnergy Corp. | 254 | 10224 |
| IDACORP, Inc. | 25 | 2921 |
| MGE Energy, Inc. | 18 | 1592 |
| New Jersey Resources Corporation | 48 | 2148 |
| NextEra Energy, Inc. | 1009 | 70049 |
| NiSource Inc. | 230 | 9261 |
| NorthWestern Corporation | 28 | 1442 |
| NRG Energy, Inc. | 99 | 15875 |
| OGE Energy Corp. | 98 | 4362 |
| One Gas, Inc. | 28 | 2008 |
| Ormat Technologies, Inc. | 28 | 2365 |
| PG&E Corporation | 1078 | 15024 |
| Pinnacle West Capital Corporation | 59 | 5251 |
| Portland General Electric Company | 54 | 2193 |
| PPL Corporation | 347 | 11769 |
| Public Service Enterprise Group Incorporated | 245 | 20631 |
| Sempra | 321 | 24318 |
| Southwest Gas Holdings, Inc. | 29 | 2158 |
| Spire Inc. | 29 | 2084 |
| Talen Energy Corporation (a) | 21 | 5981 |
| The Southern Company | 537 | 49305 |
| TXNM Energy, Inc. | 45 | 2541 |
| UGI Corporation (b) | 106 | 3852 |
| Vistra Corp. | 166 | 32216 |
| WEC Energy Group Inc. | 152 | 15796 |
| XCEL Energy Inc. | 283 | 19252 |
| Total Common Stocks (cost $604,670) | Total Common Stocks (cost $604,670) | 662651 |
| **SHORT TERM INVESTMENTS 0.9%** | **SHORT TERM INVESTMENTS 0.9%** | **SHORT TERM INVESTMENTS 0.9%** |
| **Investment Companies 0.9%** | **Investment Companies 0.9%** | **Investment Companies 0.9%** |
| JNL Government Money Market Fund - Class I, 4.20% (c) (d) | 6209 | 6209 |
| Total Short Term Investments (cost $6,209) | Total Short Term Investments (cost $6,209) | 6209 |
| **Total Investments 100.9% (cost $610,879)** | **Total Investments 100.9% (cost $610,879)** | **668860** |
| **Other Derivative Instruments 0.0%** | **Other Derivative Instruments 0.0%** | **16** |
| **Other Assets and Liabilities, Net (0.9)%** | **Other Assets and Liabilities, Net (0.9)%** | **(5991)** |
| **Total Net Assets 100.0%** | **Total Net Assets 100.0%** | **662885** |

---

(a) Non-income producing security.

(b) All or a portion of the security was on loan as of June 30, 2025.

(c) Investment in affiliate.

(d) Yield changes daily to reflect current market conditions. Rate was the quoted yield as of June 30, 2025.

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **JNL/Mellon Utilities Sector Fund — Investments in Affiliates** | **JNL/Mellon Utilities Sector Fund — Investments in Affiliates** | **JNL/Mellon Utilities Sector Fund — Investments in Affiliates** | **JNL/Mellon Utilities Sector Fund — Investments in Affiliates** | **JNL/Mellon Utilities Sector Fund — Investments in Affiliates** | **JNL/Mellon Utilities Sector Fund — Investments in Affiliates** | **JNL/Mellon Utilities Sector Fund — Investments in Affiliates** | **JNL/Mellon Utilities Sector Fund — Investments in Affiliates** | **JNL/Mellon Utilities Sector Fund — Investments in Affiliates** |
| **Affiliated Investment** | **Value Beginning of Period($)** | **Purchases($)** | **Sales Proceeds($)** | **Dividend Income/ Distributions from Funds($)** | **Realized Gain (Loss)($)** | **Change in Unrealized Appreciation (Depreciation) ($)** | **Value End of Period($)** | **Percentage of Net Assets(%)** |
| JNL Government Money Market Fund, 4.20% - Class I | 1557 | 130634 | 125982 | 63 |  |  | 6209 | 0.9 |
| JNL Government Money Market Fund, 4.30% - Class SL |  |  |  | 1 |  |  |  |  |
|  | 1557 | 130634 | 125982 | 64 |  |  | 6209 | 0.9 |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **JNL/Mellon Utilities Sector Fund — Futures Contracts** | **JNL/Mellon Utilities Sector Fund — Futures Contracts** | **JNL/Mellon Utilities Sector Fund — Futures Contracts** | **JNL/Mellon Utilities Sector Fund — Futures Contracts** | **JNL/Mellon Utilities Sector Fund — Futures Contracts** | **JNL/Mellon Utilities Sector Fund — Futures Contracts** |
| **Reference Entity** | **Contracts<sup>1</sup>** | **Expiration** | **Notional<sup>1</sup>** | **Variation**<br> **Margin**<br> **Receivable**<br> (Payable) ($) | **Value/**<br> **Unrealized**<br> **Appreciation**<br> (Depreciation) ($) |
| **Long Contracts** | **Long Contracts** | **Long Contracts** | **Long Contracts** | **Long Contracts** | **Long Contracts** |
| S&P Utilities Select Sector Index | 50 | September 2025 | 4113 | 16 | 39 |

---

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page [607](#abbreviations).

**JNL Series Trust** (Unaudited)

**Schedules of Investments (in thousands)**

June 30, 2025

**Fair Value Hierarchy.** Various inputs are used in determining the fair value of financial instruments. For a description of the input levels and information about the Fund's policy regarding valuation of financial instruments, see Note 3 in the Notes to Financial Statements. The following table summarizes the Fund's investments categorized in the disclosure hierarchy as of June 30, 2025.

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **<u>. Level 1 ($) .</u>** | **<u>. Level 2 ($) .</u>** | **<u>. Level 3 ($) .</u>** | **<u>. Total ($) .</u>** |
| **JNL/Mellon Utilities Sector Fund** | **JNL/Mellon Utilities Sector Fund** | **JNL/Mellon Utilities Sector Fund** | **JNL/Mellon Utilities Sector Fund** | **JNL/Mellon Utilities Sector Fund** |
| **Assets - Securities** |  |  |  |  |
| &nbsp;&nbsp; Common Stocks | 662651 |  |  | 662651 |
| &nbsp;&nbsp; Short Term Investments | 6209 |  |  | 6209 |
|  | 668860 |  |  | 668860 |
| **Assets - Investments in Other Financial Instruments<sup>1</sup>** |  |  |  |  |
| &nbsp;&nbsp; Futures Contracts | 39 |  |  | 39 |
|  | 39 |  |  | 39 |

---

<sup>1</sup> All derivatives, except for purchased and written options, are reflected at the unrealized appreciation (depreciation) on the instrument. Purchased and written options are reflected at value.

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page [607](#abbreviations).

**JNL Series Trust** (Unaudited)

**Schedules of Investments (in thousands)**

June 30, 2025

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| **JNL/Mellon World Index Fund** | **JNL/Mellon World Index Fund** | **JNL/Mellon World Index Fund** |
| **COMMON STOCKS 98.6%** | **COMMON STOCKS 98.6%** | **COMMON STOCKS 98.6%** |
| **United States of America 71.1%** | **United States of America 71.1%** | **United States of America 71.1%** |
| 3M Company | 6 | 949 |
| Abbott Laboratories | 20 | 2721 |
| AbbVie Inc. | 20 | 3768 |
| Accenture Public Limited Company - Class A | 7 | 2151 |
| Adobe Inc. (a) | 5 | 1900 |
| Advanced Micro Devices, Inc. (a) | 19 | 2649 |
| AFLAC Incorporated | 6 | 612 |
| Agilent Technologies, Inc. | 3 | 382 |
| Air Products and Chemicals, Inc. | 3 | 715 |
| Airbnb, Inc. - Class A (a) | 5 | 628 |
| Akamai Technologies, Inc. (a) | 2 | 148 |
| Alexandria Real Estate Equities, Inc. | 2 | 131 |
| Align Technology, Inc. (a) | 1 | 151 |
| Allegion Public Limited Company | 1 | 126 |
| Alliant Energy Corporation | 3 | 156 |
| Allstate Corporation, The | 3 | 624 |
| Alnylam Pharmaceuticals, Inc. (a) | 2 | 505 |
| Alphabet Inc. - Class A | 67 | 11886 |
| Alphabet Inc. - Class C | 59 | 10553 |
| Altria Group, Inc. | 19 | 1135 |
| Amazon.com, Inc. (a) | 112 | 24613 |
| Ameren Corporation | 3 | 301 |
| American Electric Power Company, Inc. | 6 | 625 |
| American Express Company | 6 | 2040 |
| American International Group, Inc. | 7 | 570 |
| American Tower Corporation | 5 | 1190 |
| American Water Works Company, Inc. | 2 | 294 |
| Ameriprise Financial, Inc. | 1 | 591 |
| AMETEK, Inc. | 3 | 481 |
| Amgen Inc. | 6 | 1744 |
| Amphenol Corporation - Class A | 14 | 1373 |
| Analog Devices, Inc. | 6 | 1352 |
| Annaly Capital Management, Inc. | 7 | 125 |
| ANSYS, Inc. (a) | 1 | 361 |
| AON Public Limited Company - Class A | 3 | 908 |
| Apollo Global Management, Inc. | 5 | 723 |
| Apple Inc. | 174 | 35687 |
| Applied Materials, Inc. | 9 | 1713 |
| AppLovin Corporation - Class A (a) | 3 | 943 |
| Arch Capital Group Ltd. | 4 | 398 |
| Archer-Daniels-Midland Company | 6 | 299 |
| Ares Management Corporation - Class A | 2 | 419 |
| Arista Networks, Inc. (a) | 12 | 1213 |
| Arthur J. Gallagher & Co. | 3 | 931 |
| Ashtead Group Public Limited Company | 5 | 320 |
| AT&T Inc. | 83 | 2395 |
| Atmos Energy Corporation | 2 | 276 |
| Autodesk, Inc. (a) | 2 | 753 |
| Automatic Data Processing, Inc. | 5 | 1455 |
| AutoZone, Inc. (a) |  | 739 |
| AvalonBay Communities, Inc. | 2 | 342 |
| Avery Dennison Corporation | 1 | 164 |
| Axon Enterprise, Inc. (a) | 1 | 700 |
| Baker Hughes Company - Class A | 11 | 425 |
| Ball Corporation | 3 | 157 |
| Bank of America Corporation | 79 | 3735 |
| Bank of New York Mellon Corporation, The (b) | 8 | 744 |
| Baxter International Inc. | 6 | 177 |
| Becton, Dickinson and Company | 3 | 561 |
| Bentley Systems, Incorporated - Class B | 1 | 75 |
| Berkshire Hathaway Inc. - Class B (a) | 21 | 10358 |
| Best Buy Co., Inc. | 2 | 154 |
| Biogen Inc. (a) | 2 | 209 |
| BioMarin Pharmaceutical Inc. (a) | 2 | 115 |
| BlackRock, Inc. | 2 | 1720 |
| Blackstone Inc. - Class A | 8 | 1254 |
| Block, Inc. - Class A (a) | 7 | 457 |
| Boeing Company, The (a) | 9 | 1824 |
| Booking Holdings Inc. |  | 2188 |
| Booz Allen Hamilton Holding Corporation - Class A | 1 | 153 |
| Boston Scientific Corporation (a) | 17 | 1800 |
| Bristol-Myers Squibb Company | 23 | 1087 |
| Broadcom Inc. | 53 | 14692 |
| Broadridge Financial Solutions, Inc. | 1 | 331 |
| Brookfield Asset Management Ltd. - Class A (c) | 5 | 261 |
| Brown & Brown, Inc. | 3 | 298 |
| Brown-Forman Corporation - Class A | 1 | 20 |
| Brown-Forman Corporation - Class B | 3 | 91 |
| Builders FirstSource, Inc. (a) | 1 | 155 |
| Burlington Stores, Inc. (a) | 1 | 170 |
| Cadence Design Systems, Inc. (a) | 3 | 971 |
| Camden Property Trust | 1 | 139 |
| Campbell's Company, The | 2 | 70 |
| Capital One Financial Corporation | 7 | 1541 |
| Cardinal Health, Inc. | 3 | 477 |
| Carnival Corporation (a) | 11 | 320 |
| Carrier Global Corporation | 10 | 700 |
| Carvana Co. - Class A (a) | 2 | 512 |
| Caterpillar Inc. | 6 | 2179 |
| CBRE Group, Inc. - Class A (a) | 4 | 505 |
| CDW Corp. | 1 | 265 |
| Cencora, Inc. | 2 | 606 |
| Centene Corporation (a) | 6 | 321 |
| CenterPoint Energy, Inc. | 8 | 276 |
| CF Industries Holdings, Inc. | 2 | 190 |
| Charles Schwab Corporation, The | 20 | 1796 |
| Cheniere Energy, Inc. | 3 | 617 |
| Chevron Corporation | 19 | 2678 |
| Chipotle Mexican Grill, Inc. (a) | 16 | 900 |
| Chubb Limited | 4 | 1246 |
| Church & Dwight Co., Inc. | 3 | 281 |
| Cigna Group, The | 3 | 1035 |
| Cincinnati Financial Corporation | 2 | 264 |
| Cintas Corporation | 4 | 875 |
| Cisco Systems, Inc. | 46 | 3181 |
| Citigroup Inc. | 22 | 1861 |
| Citizens Financial Group, Inc. | 5 | 227 |
| Clorox Company, The | 1 | 171 |
| Cloudflare, Inc. - Class A (a) | 4 | 703 |
| CME Group Inc. - Class A | 4 | 1140 |
| CMS Energy Corporation | 3 | 222 |
| Coca-Cola Company, The | 45 | 3189 |
| Cognizant Technology Solutions Corporation - Class A | 6 | 435 |
| Coinbase Global, Inc. - Class A (a) | 2 | 837 |
| Colgate-Palmolive Company | 9 | 847 |
| Comcast Corporation - Class A | 44 | 1562 |
| Conagra Brands, Inc. | 5 | 111 |
| ConocoPhillips | 15 | 1308 |
| Consolidated Edison, Inc. | 4 | 408 |
| Constellation Brands, Inc. - Class A | 2 | 298 |
| Constellation Energy Group, Inc. | 4 | 1152 |
| Cooper Companies, Inc., The (a) | 2 | 162 |
| Copart, Inc. (a) | 10 | 480 |
| Corebridge Financial, Inc. | 3 | 97 |
| Corning Incorporated | 9 | 467 |
| Corpay Inc (a) | 1 | 260 |
| Corteva, Inc. | 8 | 603 |
| CoStar Group, Inc. (a) | 5 | 372 |
| Costco Wholesale Corporation | 5 | 5069 |
| Coterra Energy Inc. | 8 | 202 |
| CrowdStrike Holdings, Inc. - Class A (a) | 3 | 1414 |
| Crown Castle Inc. | 5 | 481 |
| Crown Holdings, Inc. | 1 | 140 |
| CSX Corporation | 22 | 712 |
| Cummins Inc. | 2 | 524 |
| CVS Health Corporation | 14 | 996 |
| D.R. Horton, Inc. | 3 | 425 |
| Danaher Corporation | 7 | 1454 |
| Darden Restaurants, Inc. | 1 | 305 |
| Datadog, Inc. - Class A (a) | 3 | 467 |
| Deckers Outdoor Corporation (a) | 2 | 166 |
| Deere & Company | 3 | 1469 |
| Dell Technologies Inc. - Class C | 4 | 435 |
| Delta Air Lines, Inc. | 7 | 350 |
| Devon Energy Corporation | 7 | 233 |

---

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page [607](#abbreviations).

**JNL Series Trust** (Unaudited)

**Schedules of Investments (in thousands)**

June 30, 2025

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
|  DexCom, Inc. (a) | 5 | 406 |
|  Diamondback Energy, Inc. | 2 | 314 |
|  Digital Realty Trust, Inc. | 4 | 632 |
|  DocuSign, Inc. (a) | 2 | 174 |
|  Dollar General Corporation | 3 | 290 |
|  Dollar Tree, Inc. (a) | 2 | 221 |
|  Dominion Energy, Inc. | 10 | 559 |
|  Domino's Pizza, Inc. |  | 187 |
|  DoorDash, Inc. - Class A (a) | 4 | 1026 |
|  Dover Corporation | 2 | 292 |
|  Dow Inc. | 8 | 202 |
|  DTE Energy Company | 2 | 299 |
|  Duke Energy Corporation | 9 | 1055 |
|  DuPont de Nemours, Inc. | 5 | 343 |
|  Dynatrace, Inc. (a) | 3 | 191 |
|  East West Bancorp, Inc. | 2 | 156 |
|  Eaton Corporation Public Limited Company | 5 | 1625 |
|  eBay Inc. | 6 | 419 |
|  Ecolab Inc. | 3 | 777 |
|  Edison International | 4 | 227 |
|  Edwards Lifesciences Corporation (a) | 7 | 542 |
|  Electronic Arts Inc. | 3 | 449 |
|  Elevance Health, Inc. | 3 | 1033 |
|  Eli Lilly and Company | 9 | 7201 |
|  Emerson Electric Co. | 6 | 863 |
|  Entegris, Inc. | 2 | 152 |
|  Entergy Corporation | 5 | 417 |
|  EOG Resources, Inc. | 6 | 753 |
|  EQT Corporation | 7 | 388 |
|  Equifax Inc. | 1 | 379 |
|  Equinix, Inc. | 1 | 874 |
|  Equitable Holdings, Inc. | 3 | 196 |
|  Equity Lifestyle Properties, Inc. | 2 | 139 |
|  Equity Residential | 4 | 277 |
|  Essex Property Trust, Inc. | 1 | 215 |
|  Estee Lauder Companies Inc., The - Class A | 3 | 216 |
|  Everest Group, Ltd. | 1 | 181 |
|  Evergy, Inc. | 3 | 183 |
|  Eversource Energy | 4 | 280 |
|  Exelon Corporation | 12 | 517 |
|  Expand Energy Corporation | 3 | 333 |
|  Expedia Group, Inc. | 1 | 240 |
|  Expeditors International of Washington, Inc. - Class A | 2 | 181 |
|  Extra Space Storage Inc. | 3 | 369 |
|  Exxon Mobil Corporation | 50 | 5391 |
|  F5, Inc. (a) | 1 | 194 |
|  FactSet Research Systems Inc. |  | 194 |
|  Fair Isaac Corporation (a) |  | 510 |
|  Fastenal Company | 13 | 556 |
|  FedEx Corporation | 3 | 584 |
|  Ferguson Enterprises Inc. | 2 | 516 |
|  Fidelity National Financial, Inc. - Class A | 3 | 160 |
|  Fidelity National Information Services, Inc. | 6 | 515 |
|  Fifth Third Bancorp | 7 | 295 |
|  First Citizens BancShares, Inc. - Class A |  | 235 |
|  First Solar, Inc. (a) | 1 | 196 |
|  FirstEnergy Corp. | 6 | 243 |
|  Fiserv, Inc. (a) | 7 | 1120 |
|  Flex Ltd. (a) | 4 | 216 |
|  Flutter Entertainment Public Limited Company (a) | 2 | 538 |
|  Ford Motor Company | 44 | 475 |
|  Former Charter Communications Parent, Inc. - Class A (a) | 1 | 453 |
|  Fortinet, Inc. (a) | 8 | 799 |
|  Fortive Corporation | 4 | 214 |
|  Fox Corporation - Class A | 3 | 147 |
|  Fox Corporation - Class B | 2 | 87 |
|  Freeport-McMoRan Inc. | 16 | 707 |
|  Garmin Ltd. | 2 | 377 |
|  Gartner, Inc. (a) | 1 | 371 |
|  GE HealthCare Technologies Inc. | 5 | 383 |
|  GE Vernova Inc. | 3 | 1674 |
|  Gen Digital Inc. | 7 | 197 |
|  General Dynamics Corporation | 3 | 836 |
|  General Electric Company | 12 | 3190 |
|  General Mills, Inc. | 7 | 341 |
|  General Motors Company | 11 | 565 |
|  Genuine Parts Company | 2 | 196 |
|  Gilead Sciences, Inc. | 14 | 1606 |
|  Global Payments Inc. | 3 | 243 |
|  GoDaddy Inc. - Class A (a) | 2 | 290 |
|  Goldman Sachs Group, Inc., The | 4 | 2538 |
|  Halliburton Company | 10 | 209 |
|  Hartford Insurance Group, Inc., The | 3 | 402 |
|  HCA Healthcare, Inc. | 2 | 796 |
|  Healthpeak OP, LLC | 9 | 150 |
|  HEICO Corporation |  | 144 |
|  HEICO Corporation - Class A | 1 | 247 |
|  Hess Corporation | 3 | 462 |
|  Hewlett Packard Enterprise Company | 14 | 293 |
|  Hilton Worldwide Holdings Inc. | 3 | 749 |
|  Hologic, Inc. (a) | 3 | 173 |
|  Home Depot, Inc., The | 11 | 4209 |
|  Honeywell International Inc. | 8 | 1763 |
|  Hormel Foods Corporation | 3 | 105 |
|  Howmet Aerospace Inc. | 5 | 845 |
|  HP, Inc. | 10 | 256 |
|  Hubbell Incorporated | 1 | 252 |
|  HubSpot, Inc. (a) | 1 | 333 |
|  Humana Inc. | 1 | 344 |
|  Huntington Bancshares Incorporated | 17 | 278 |
|  IDEX Corporation | 1 | 150 |
|  IDEXX Laboratories, Inc. (a) | 1 | 526 |
|  Illinois Tool Works Inc. | 3 | 830 |
|  Illumina, Inc. (a) | 2 | 168 |
|  Incyte Corporation (a) | 2 | 124 |
|  Ingersoll Rand Inc. | 4 | 369 |
|  Insulet Corporation (a) | 1 | 236 |
|  Intel Corporation | 50 | 1111 |
|  Intercontinental Exchange, Inc. | 7 | 1211 |
|  International Business Machines Corporation | 11 | 3152 |
|  International Flavors & Fragrances Inc. | 3 | 218 |
|  International Paper Company | 6 | 289 |
|  Intuit Inc. | 3 | 2543 |
|  Intuitive Surgical, Inc. (a) | 4 | 2219 |
|  Invitation Homes Inc. | 7 | 220 |
|  IQVIA Holdings Inc (a) | 2 | 305 |
|  Iron Mountain Incorporated | 4 | 361 |
| J. M. Smucker Company, The | 1 | 124 |
|  J.B. Hunt Transport Services, Inc. | 1 | 141 |
|  Jack Henry & Associates, Inc. | 1 | 146 |
|  Jacobs Solutions Inc. | 1 | 188 |
|  James Hardie Industries Public Limited Company - CHESS | 5 | 140 |
|  Johnson & Johnson | 28 | 4237 |
|  Johnson Controls International Public Limited Company | 8 | 792 |
|  JPMorgan Chase & Co. | 32 | 9389 |
|  Juniper Networks, Inc. | 4 | 158 |
|  Kellanova | 3 | 247 |
|  Kenvue Inc. | 20 | 420 |
|  Keurig Dr Pepper Inc. | 15 | 480 |
|  KeyCorp | 11 | 196 |
|  Keysight Technologies, Inc. (a) | 2 | 310 |
|  Kimberly-Clark Corporation | 4 | 511 |
|  Kimco Realty OP, LLC | 8 | 163 |
|  Kinder Morgan, Inc. | 22 | 655 |
|  KKR & Co. Inc. - Class A | 8 | 1014 |
|  KLA Corporation | 2 | 1370 |
|  Kraft Heinz Company, The | 10 | 265 |
|  Kroger Co., The | 7 | 500 |
|  L3Harris Technologies, Inc. | 2 | 560 |
|  Labcorp Holdings Inc. | 1 | 267 |
|  Lam Research Corporation | 15 | 1443 |
|  Las Vegas Sands Corp. | 4 | 188 |
|  Leidos Holdings, Inc. | 2 | 244 |
|  Lennar Corporation - Class A | 3 | 286 |
|  Lennar Corporation - Class B |  | 21 |
|  Lennox International Inc. |  | 194 |

---

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page [607](#abbreviations).

**JNL Series Trust** (Unaudited)

**Schedules of Investments (in thousands)**

June 30, 2025

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
|  Liberty Media Corporation - Series A (a) |  | 11 |
|  Liberty Media Corporation - Series C (a) | 2 | 255 |
|  Linde Public Limited Company | 6 | 2579 |
|  Lineage, Inc. (c) | 1 | 40 |
|  Live Nation Entertainment, Inc. (a) | 2 | 264 |
|  Lockheed Martin Corporation | 2 | 1073 |
|  Loews Corporation | 2 | 197 |
|  Lowe`s Companies, Inc. | 6 | 1440 |
|  LPL Financial Holdings Inc. | 1 | 325 |
|  LyondellBasell Industries N.V. - Class A | 3 | 175 |
|  M&T Bank Corporation | 2 | 389 |
|  Marathon Petroleum Corporation | 4 | 628 |
|  Markel Group Inc. (a) |  | 272 |
|  Marriott International, Inc. - Class A | 3 | 691 |
|  Marsh & Mclennan Companies, Inc. | 6 | 1248 |
|  Martin Marietta Materials, Inc. | 1 | 402 |
|  Marvell Technology, Inc. | 10 | 791 |
|  Masco Corporation | 2 | 144 |
|  MasterCard Incorporated - Class A | 9 | 5299 |
|  McCormick & Company, Incorporated | 3 | 224 |
|  McDonald's Corporation | 8 | 2415 |
|  McKesson Corporation | 1 | 1074 |
|  Medtronic, Inc. | 15 | 1287 |
|  Merck & Co., Inc. | 29 | 2327 |
|  Meta Platforms, Inc. - Class A | 25 | 18736 |
|  MetLife, Inc. | 6 | 522 |
|  Mettler-Toledo International Inc. (a) |  | 292 |
|  Microchip Technology Incorporated | 6 | 441 |
|  Micron Technology, Inc. | 13 | 1571 |
|  Microsoft Corporation | 86 | 42851 |
|  MicroStrategy Incorporated - Class A (a) | 3 | 1200 |
|  Mid-America Apartment Communities, Inc. | 1 | 197 |
|  Moderna, Inc. (a) | 4 | 116 |
|  Molina Healthcare, Inc. (a) | 1 | 208 |
|  Molson Coors Beverage Company - Class B | 2 | 93 |
|  Mondelez International, Inc. - Class A | 15 | 1040 |
|  MongoDB, Inc. - Class A (a) | 1 | 196 |
|  Monolithic Power Systems, Inc. | 1 | 400 |
|  Monster Beverage 1990 Corporation (a) | 8 | 481 |
|  Moody's Corporation | 2 | 897 |
|  Morgan Stanley | 14 | 2005 |
|  Motorola Solutions, Inc. | 2 | 799 |
|  MSCI Inc. - Class A | 1 | 487 |
|  Nasdaq, Inc. | 4 | 380 |
|  NetApp, Inc. | 2 | 235 |
|  Netflix, Inc. (a) | 5 | 6603 |
|  Newmont Corporation | 13 | 752 |
|  News Corporation - Class A | 4 | 127 |
|  News Corporation - Class B | 2 | 54 |
|  NextEra Energy, Inc. | 24 | 1653 |
|  NIKE, Inc. - Class B | 14 | 975 |
|  NiSource Inc. | 5 | 219 |
|  Norfolk Southern Corporation | 3 | 651 |
|  Northern Trust Corporation | 2 | 264 |
|  Northrop Grumman Corporation | 2 | 823 |
|  NRG Energy, Inc. | 2 | 381 |
|  Nucor Corporation | 3 | 355 |
|  NVIDIA Corporation | 273 | 43193 |
|  NVR, Inc. (a) |  | 236 |
|  Occidental Petroleum Corporation | 8 | 332 |
|  Okta, Inc. - Class A (a) | 2 | 187 |
|  Old Dominion Freight Line, Inc. | 2 | 353 |
|  Omnicom Group Inc. | 2 | 171 |
|  ON Semiconductor Corporation (a) | 5 | 248 |
|  ONEOK, Inc. | 7 | 571 |
|  Oracle Corporation | 19 | 4107 |
|  O'Reilly Automotive, Inc. (a) | 10 | 894 |
|  Otis Worldwide Corporation | 5 | 472 |
|  Owens Corning | 1 | 134 |
|  PACCAR Inc | 6 | 552 |
|  Packaging Corporation of America | 1 | 206 |
|  Palantir Technologies Inc. - Class A (a) | 25 | 3367 |
|  Palo Alto Networks, Inc. (a) | 8 | 1557 |
|  Parker-Hannifin Corporation | 1 | 1011 |
|  Paychex, Inc. | 4 | 557 |
|  Paycom Software, Inc. | 1 | 123 |
|  PayPal Holdings, Inc. (a) | 11 | 846 |
|  PepsiCo, Inc. | 16 | 2108 |
|  Pfizer Inc. | 65 | 1585 |
|  PG&E Corporation | 25 | 352 |
|  Philip Morris International Inc. | 18 | 3258 |
|  Phillips 66 | 5 | 586 |
|  Pinterest, Inc. - Class A (a) | 7 | 237 |
|  Pool Corporation |  | 123 |
|  PPG Industries, Inc. | 3 | 295 |
|  PPL Corporation | 9 | 300 |
|  Principal Financial Group, Inc. | 3 | 220 |
|  Procter & Gamble Company, The | 27 | 4302 |
|  ProLogis Inc. | 11 | 1123 |
|  Prudential Financial, Inc. | 4 | 411 |
|  PTC Inc. (a) | 1 | 246 |
|  Public Service Enterprise Group Incorporated | 6 | 471 |
|  Public Storage Operating Company | 2 | 516 |
|  PulteGroup, Inc. | 2 | 252 |
|  Qualcomm Incorporated | 13 | 2045 |
|  Quanta Services, Inc. | 2 | 644 |
|  Quest Diagnostics Incorporated | 1 | 228 |
|  Ralliant Corporation (a) | 1 | 66 |
|  Raymond James Financial, Inc. | 2 | 305 |
|  Realty Income Corporation | 10 | 603 |
|  Regency Centers Corporation | 2 | 147 |
|  Regeneron Pharmaceuticals, Inc. | 1 | 655 |
|  Regions Financial Corporation | 11 | 263 |
|  Reinsurance Group of America, Incorporated | 1 | 159 |
|  Republic Services, Inc. | 2 | 598 |
|  ResMed Inc. | 2 | 452 |
|  Revvity, Inc. | 1 | 135 |
|  Robinhood Markets, Inc. - Class A (a) | 8 | 791 |
|  Roblox Corporation - Class A (a) | 7 | 742 |
|  Rockwell Automation, Inc. | 1 | 424 |
|  Rollins, Inc. | 3 | 187 |
|  Roper Technologies, Inc. | 1 | 668 |
|  Ross Stores, Inc. | 4 | 462 |
|  Royal Caribbean Cruises Ltd. | 3 | 920 |
|  Royalty Pharma PLC - Class A | 5 | 174 |
|  RTX Corporation | 15 | 2241 |
|  S&P Global Inc. | 4 | 1890 |
|  Salesforce, Inc. | 11 | 2919 |
|  SBA Communications Corporation - Class A | 1 | 275 |
|  Schlumberger Limited | 15 | 521 |
|  Seagate Technology Holdings Public Limited Company | 2 | 355 |
|  Sempra | 8 | 580 |
|  ServiceNow, Inc. (a) | 2 | 2449 |
|  Sherwin-Williams Company, The | 3 | 914 |
|  Simon Property Group, Inc. | 4 | 586 |
|  Snap Inc. - Class A (a) | 12 | 104 |
|  Snap-on Incorporated | 1 | 196 |
|  Snowflake Inc. - Class A (a) | 4 | 848 |
|  Southwest Airlines Co. | 7 | 222 |
|  SS&C Technologies Holdings, Inc. | 2 | 204 |
|  Starbucks Corporation | 13 | 1201 |
|  State Street Corporation | 3 | 324 |
|  Steel Dynamics, Inc. | 2 | 220 |
|  Steris Public Limited Company | 1 | 244 |
|  Stryker Corporation | 4 | 1636 |
|  Sun Communities, Inc. | 1 | 187 |
|  Super Micro Computer, Inc. (a) (c) | 5 | 267 |
|  Synchrony Financial | 5 | 301 |
|  Synopsys, Inc. (a) | 2 | 906 |
|  Sysco Corporation | 5 | 405 |
| T. Rowe Price Group, Inc. | 3 | 262 |
|  Take-Two Interactive Software, Inc. (a) | 2 | 474 |
|  Targa Resources Corp. | 3 | 447 |
|  Target Corporation | 5 | 524 |
|  TE Connectivity Public Limited Company | 4 | 594 |
|  Teledyne Technologies Incorporated (a) | 1 | 258 |
|  Teradyne, Inc. | 2 | 169 |
|  Tesla Inc. (a) | 32 | 10295 |
|  Texas Instruments Incorporated | 11 | 2203 |

---

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page [607](#abbreviations).

**JNL Series Trust** (Unaudited)

**Schedules of Investments (in thousands)**

June 30, 2025

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| Texas Pacific Land Corporation |  | 249 |
| Textron Inc. | 2 | 157 |
| The Carlyle Group, Inc. | 2 | 124 |
| The Hershey Company | 2 | 287 |
| The PNC Financial Services Group, Inc. | 5 | 840 |
| The Progressive Corporation | 7 | 1786 |
| The Southern Company | 13 | 1151 |
| Thermo Fisher Scientific Inc. | 4 | 1775 |
| TJX Companies, Inc., The | 13 | 1613 |
| T-Mobile US, Inc. | 5 | 1269 |
| Tractor Supply Company | 6 | 309 |
| Trade Desk, Inc., The - Class A (a) | 5 | 364 |
| Trane Technologies Public Limited Company | 3 | 1134 |
| TransDigm Group Incorporated | 1 | 929 |
| TransUnion | 2 | 207 |
| Travelers Companies, Inc., The | 3 | 684 |
| Trimble Inc. (a) | 3 | 214 |
| Truist Financial Corporation | 14 | 618 |
| Twilio Inc. - Class A (a) | 2 | 191 |
| Tyler Technologies, Inc. (a) |  | 288 |
| Tyson Foods, Inc. - Class A | 3 | 189 |
| U.S. Bancorp | 18 | 792 |
| Uber Technologies, Inc. (a) | 24 | 2272 |
| UDR, Inc. | 3 | 136 |
| Ulta Beauty, Inc. (a) | 1 | 257 |
| Union Pacific Corporation | 7 | 1544 |
| United Airlines Holdings, Inc. (a) | 4 | 305 |
| United Parcel Service, Inc. - Class B | 8 | 840 |
| United Rentals, Inc. | 1 | 582 |
| UnitedHealth Group Incorporated | 11 | 3309 |
| Universal Music Group N.V. | 11 | 358 |
| Valero Energy Corporation | 4 | 477 |
| Veeva Systems Inc. - Class A (a) | 2 | 479 |
| Ventas, Inc. | 5 | 331 |
| Veralto Corporation | 3 | 277 |
| VeriSign, Inc. | 1 | 278 |
| Verisk Analytics, Inc. | 2 | 501 |
| Verizon Communications Inc. | 48 | 2098 |
| Vertex Pharmaceuticals Incorporated (a) | 3 | 1315 |
| Vertiv Holdings Co - Class A | 4 | 557 |
| VICI Properties Inc. | 12 | 379 |
| Visa Inc. - Class A | 20 | 7091 |
| Vistra Corp. | 4 | 774 |
| Vulcan Materials Company | 1 | 388 |
| W. R. Berkley Corporation | 4 | 274 |
| W.P. Carey Inc. | 3 | 165 |
| W.W. Grainger, Inc. | 1 | 547 |
| Walmart Inc. | 50 | 4881 |
| Walt Disney Company, The | 21 | 2581 |
| Warner Bros. Discovery, Inc. - Series A (a) | 27 | 308 |
| Waste Connections, Inc. | 3 | 543 |
| Waste Management, Inc. | 4 | 967 |
| Waters Corporation (a) | 1 | 249 |
| Watsco, Inc. |  | 186 |
| WEC Energy Group Inc. | 3 | 355 |
| Wells Fargo & Company | 38 | 3049 |
| Welltower Inc. | 7 | 1127 |
| West Pharmaceutical Services, Inc. | 1 | 194 |
| Western Digital Corporation | 4 | 226 |
| Westinghouse Air Brake Technologies Corporation | 2 | 427 |
| Westlake Corporation |  | 34 |
| Weyerhaeuser Company | 9 | 230 |
| Williams Companies, Inc., The | 14 | 872 |
| Willis Towers Watson Public Limited Company | 1 | 342 |
| Workday, Inc. - Class A (a) | 3 | 601 |
| XCEL Energy Inc. | 6 | 442 |
| Xylem Inc. | 3 | 366 |
| Yum! Brands, Inc. | 3 | 492 |
| Zebra Technologies Corporation - Class A (a) | 1 | 188 |
| Zillow Group, Inc. - Class A (a) |  | 33 |
| Zillow Group, Inc. - Class C (a) | 2 | 134 |
| Zimmer Biomet Holdings, Inc. | 2 | 208 |
| Zoetis Inc. - Class A | 5 | 802 |
| Zoom Communications, Inc. - Class A (a) | 3 | 218 |
| Zscaler, Inc. (a) | 1 | 331 |
| | | 620489 |
| **Japan 5.8%** | **Japan 5.8%** | **Japan 5.8%** |
| Advantest Corporation | 8 | 618 |
| AEON Co., Ltd. | 10 | 316 |
| AGC Inc. (c) | 2 | 67 |
| Aisin Corporation | 7 | 94 |
| Ajinomoto Co., Inc. | 11 | 299 |
| ANA Holdings Inc. | 2 | 37 |
| Asahi Group Holdings, Ltd. | 18 | 243 |
| Asahi Kasei Corporation | 18 | 128 |
| ASICS Corporation | 8 | 214 |
| Astellas Pharma Inc. | 19 | 185 |
| Bandai Namco Holdings Inc. | 7 | 265 |
| Bridgestone Corporation (c) | 7 | 278 |
| Canon Inc. (c) | 11 | 319 |
| Capcom Co., Ltd. | 4 | 130 |
| Central Japan Railway Company | 12 | 260 |
| Chubu Electric Power Co., Ltd. | 10 | 123 |
| Chugai Pharmaceutical Co., Ltd. | 8 | 406 |
| Concordia Financial Group, Ltd. | 13 | 81 |
| Dai Nippon Printing Co., Ltd. | 4 | 64 |
| Daifuku Co., Ltd. | 4 | 98 |
| Dai-ichi Life Holdings, Inc. | 43 | 326 |
| Daiichi Sankyo Company, Limited | 21 | 494 |
| Daikin Industries, Ltd. | 3 | 377 |
| Daito Trust Construction Co., Ltd. | 1 | 87 |
| Daiwa House Industry Co., Ltd | 8 | 261 |
| Daiwa Securities Group Inc. | 17 | 117 |
| DENSO Corporation | 23 | 316 |
| DISCO Corporation | 1 | 324 |
| East Japan Railway Company | 12 | 263 |
| Eisai Co., Ltd. | 3 | 86 |
| ENEOS Holdings, Inc. | 33 | 161 |
| FANUC Corporation | 11 | 305 |
| Fast Retailing Co., Ltd. | 2 | 684 |
| Fuji Electric Co., Ltd. | 2 | 87 |
| FUJIFILM Holdings Corporation | 14 | 303 |
| Fujikura Ltd. | 3 | 157 |
| Fujitsu Limited | 21 | 508 |
| Hankyu Hanshin Holdings, Inc. | 3 | 87 |
| Hikari Tsushin, Inc. |  | 59 |
| Hitachi Construction Machinery Co., Ltd. | 1 | 39 |
| Hitachi, Ltd. | 53 | 1523 |
| Honda Motor Co., Ltd. | 48 | 458 |
| Hoshizaki Corporation (c) | 2 | 52 |
| Hoya Corporation | 4 | 474 |
| Hulic Co., Ltd. | 7 | 65 |
| Idemitsu Kosan Co., Ltd. | 11 | 69 |
| IHI Corporation | 2 | 184 |
| Inpex Corporation | 11 | 149 |
| Isuzu Motors Limited | 8 | 99 |
| ITOCHU Corporation | 16 | 847 |
| Japan Airlines Co., Ltd. | 2 | 39 |
| Japan Exchange Group, Inc. | 11 | 108 |
| Japan Post Bank Co., Ltd. | 19 | 203 |
| Japan Post Holdings Co., Ltd. | 20 | 183 |
| Japan Post Insurance Co., Ltd. | 2 | 39 |
| Japan Real Estate Investment Corporation |  | 70 |
| Japan Tobacco Inc. (c) | 13 | 386 |
| JFE Holdings, Inc. | 7 | 86 |
| Kajima Corporation | 5 | 123 |
| Kao Corporation | 5 | 219 |
| Kawasaki Heavy Industries, Ltd. | 2 | 122 |
| Kawasaki Kisen Kaisha, Ltd. | 6 | 81 |
| KDDI Corporation | 33 | 560 |
| Keyence Corporation | 2 | 840 |
| Kikkoman Corporation | 10 | 97 |
| Kirin Holdings Company, Limited | 8 | 115 |
| Kobe Bussan Co., Ltd. | 2 | 47 |
| Komatsu Ltd. | 10 | 325 |
| Konami Holdings Corporation | 1 | 142 |
| Kubota Corporation (c) | 15 | 163 |
| KYOCERA Corporation | 16 | 187 |

---

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page [607](#abbreviations).

**JNL Series Trust** (Unaudited)

**Schedules of Investments (in thousands)**

June 30, 2025

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| Kyowa Kirin Co., Ltd. (c) | 3 | 58 |
| Lasertec Co., Ltd. (c) | 1 | 121 |
| LY Corporation | 34 | 124 |
| M3, Inc. | 5 | 73 |
| Makita Corporation | 3 | 83 |
| Marubeni Corporation | 20 | 399 |
| MatsukiyoCocokara & Co. | 5 | 105 |
| McDonald's Holdings Company (Japan), Ltd. | 1 | 37 |
| Meiji Holdings Co., Ltd. | 2 | 51 |
| Minebeamitsumi Inc. | 4 | 53 |
| Mitsubishi Chemical Group Corporation | 18 | 97 |
| Mitsubishi Corporation | 47 | 943 |
| Mitsubishi Electric Corporation | 24 | 519 |
| Mitsubishi Estate Co., Ltd. | 16 | 293 |
| Mitsubishi HC Capital Inc. | 10 | 74 |
| Mitsubishi Heavy Industries, Ltd. | 40 | 996 |
| Mitsubishi UFJ Financial Group, Inc. | 134 | 1827 |
| Mitsui & Co., Ltd. | 28 | 572 |
| Mitsui Fudosan Co., Ltd. | 31 | 298 |
| Mitsui O.S.K. Lines, Ltd. | 4 | 140 |
| Mizuho Bank, Ltd. (c) | 3 | 62 |
| Mizuho Financial Group, Inc. | 29 | 798 |
| MonotaRO Co., Ltd. | 3 | 55 |
| MS&AD Insurance Group Holdings, Inc. | 16 | 349 |
| Murata Manufacturing Co., Ltd. | 22 | 330 |
| Nec Corporation | 14 | 413 |
| NEXON Co., Ltd. | 4 | 84 |
| Nidec Corporation | 12 | 228 |
| Nintendo Co., Ltd. | 14 | 1298 |
| Nippon Building Fund Inc. (c) |  | 96 |
| Nippon Paint Holdings Co., Ltd. | 14 | 108 |
| Nippon Sanso Holdings Corporation | 2 | 87 |
| Nippon Steel Corporation | 12 | 233 |
| Nippon Telegraph and Telephone Corporation | 289 | 309 |
| Nippon Yusen Kabushiki Kaisha | 6 | 198 |
| Nissan Motor Co., Ltd. (a) (c) | 24 | 59 |
| Nissin Food Holdings Co., Ltd. | 3 | 58 |
| Niterra Co., Ltd. | 3 | 90 |
| Nitori Holdings Co., Ltd. | 1 | 87 |
| Nitto Denko Corporation | 8 | 146 |
| Nomura Holdings, Inc. | 34 | 223 |
| Nomura Research Institute, Ltd. | 5 | 185 |
| Obayashi Corporation | 7 | 108 |
| OBIC Co., Ltd. | 4 | 140 |
| Olympus Corporation | 13 | 157 |
| OMRON Corporation (c) | 3 | 67 |
| Ono Pharmaceutical Co., Ltd. | 6 | 69 |
| Oracle Corporation Japan |  | 48 |
| Oriental Land Co., Ltd. | 12 | 272 |
| ORIX Corporation | 14 | 319 |
| Osaka Gas Co., Ltd. | 5 | 118 |
| Otsuka Corporation | 3 | 61 |
| Otsuka Holdings Co., Ltd. | 5 | 253 |
| Pan Pacific International Holdings Corporation | 6 | 189 |
| Panasonic Holdings Corporation | 27 | 294 |
| Rakuten Group, Inc. (a) | 19 | 106 |
| Recruit Holdings Co., Ltd. | 17 | 1013 |
| Renesas Electronics Corporation | 19 | 233 |
| Resona Holdings, Inc. | 27 | 251 |
| Ricoh Company, Ltd. | 5 | 43 |
| SBI Holdings, Inc. | 3 | 119 |
| SCREEN Holdings Co., Ltd. | 1 | 90 |
| SCSK Corporation | 2 | 51 |
| Secom Co., Ltd. | 5 | 176 |
| Sekisui Chemical Co., Ltd. | 4 | 80 |
| Sekisui House, Ltd. (c) | 8 | 168 |
| Seven & I Holdings Co., Ltd. | 26 | 426 |
| SG Holdings Co., Ltd. | 5 | 51 |
| Shimadzu Corporation | 4 | 89 |
| Shimano Inc. | 1 | 130 |
| Shimizu Corporation | 8 | 89 |
| Shin-Etsu Chemical Co., Ltd. | 22 | 739 |
| Shionogi & Co., Ltd. | 10 | 171 |
| Shiseido Company, Limited (c) | 5 | 91 |
| SMC Corporation | 1 | 216 |
| SoftBank Corp. | 336 | 519 |
| SoftBank Group Corp | 11 | 812 |
| Sompo Holdings, Inc. | 11 | 332 |
| Sony Group Corporation | 69 | 1789 |
| Square Enix Holdings Co., Ltd. | 1 | 60 |
| Subaru Corporation. | 7 | 113 |
| Sumitomo Corporation | 14 | 372 |
| Sumitomo Electric Industries, Ltd. | 8 | 178 |
| Sumitomo Metal Mining Co., Ltd. | 3 | 69 |
| Sumitomo Mitsui Financial Group, Inc. | 45 | 1133 |
| Sumitomo Mitsui Trust Group, Inc. | 8 | 224 |
| Sumitomo Realty & Development Co., Ltd. | 5 | 189 |
| Suntory Beverage & Food Limited (c) | 2 | 54 |
| Suzuki Motor Corporation | 22 | 266 |
| Sysmex Corporation | 8 | 132 |
| T&D Holdings, Inc. | 6 | 130 |
| Taisei Corporation | 2 | 110 |
| Takeda Pharmaceutical Company Limited | 19 | 579 |
| TDK Corporation | 20 | 235 |
| Terumo Corporation | 17 | 314 |
| The Chiba Bank, Ltd. | 10 | 88 |
| The Kansai Electric Power Company, Incorporated | 12 | 145 |
| TIS Inc. | 3 | 91 |
| Toho Co., Ltd. | 1 | 65 |
| Tokio Marine Holdings, Inc. | 22 | 949 |
| Tokyo Century Corporation | 2 | 26 |
| Tokyo Electric Power Company Holdings, Inc. (a) | 19 | 64 |
| Tokyo Electron Limited | 5 | 993 |
| Tokyo Gas Co., Ltd. | 5 | 156 |
| Tokyu Corporation | 7 | 83 |
| TOPPAN Holdings Inc. | 3 | 87 |
| Toray Industries, Inc. | 18 | 123 |
| Toyo Suisan Kaisha, Ltd. | 1 | 86 |
| Toyota Industries Corporation | 2 | 214 |
| Toyota Motor Corporation | 133 | 2293 |
| Toyota Tsusho Corporation | 8 | 170 |
| Trend Micro Incorporated | 2 | 104 |
| Unicharm Corporation (c) | 14 | 102 |
| West Japan Railway Company | 6 | 140 |
| Yakult Honsha Co., Ltd. | 3 | 47 |
| Yamaha Motor Co., Ltd. (c) | 11 | 85 |
| Yaskawa Electric Corporation | 3 | 63 |
| Yokogawa Electric Corporation | 3 | 80 |
| Zensho Holdings Co., Ltd. | 1 | 67 |
| ZOZO, Inc. | 6 | 61 |
| | | 50099 |
| **United Kingdom 3.7%** | **United Kingdom 3.7%** | **United Kingdom 3.7%** |
| 3I Group PLC | 11 | 641 |
| Admiral Group PLC | 2 | 112 |
| Anglo American PLC | 13 | 375 |
| Associated British Foods PLC | 4 | 107 |
| AstraZeneca PLC | 18 | 2490 |
| Auto Trader Group PLC | 10 | 111 |
| Aviva PLC | 31 | 267 |
| BAE Systems PLC | 34 | 888 |
| Barclays PLC | 171 | 793 |
| Barratt Redrow PLC | 17 | 106 |
| BP P.L.C. | 179 | 893 |
| British American Tobacco P.L.C. | 23 | 1087 |
| BT Group PLC | 71 | 190 |
| Bunzl Public Limited Company | 4 | 126 |
| Centrica PLC | 61 | 136 |
| CNH Industrial N.V. | 9 | 122 |
| Coca-Cola Europacific Partners PLC | 2 | 225 |
| Compass Group PLC | 20 | 684 |
| Convatec Group PLC (d) | 21 | 82 |
| Croda International Public Limited Company | 2 | 72 |
| CVC Capital Partners PLC | 10 | 205 |
| Diageo PLC | 26 | 664 |
| Entain PLC | 7 | 92 |
| Experian PLC | 10 | 536 |
| Fiat Chrysler Automobiles N.V. | 22 | 224 |
| GSK PLC | 46 | 882 |
| Haleon PLC | 107 | 551 |

---

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page [607](#abbreviations).

**JNL Series Trust** (Unaudited)

**Schedules of Investments (in thousands)**

June 30, 2025

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| Halma Public Limited Company | 4 | 188 |
| Hikma Pharmaceuticals Public Limited Company | 1 | 38 |
| Hiscox Ltd. | 3 | 52 |
| Howden Joinery Group PLC | 5 | 60 |
| HSBC Holdings PLC | 205 | 2476 |
| Imperial Brands PLC | 10 | 396 |
| Informa PLC | 15 | 171 |
| InterContinental Hotels Group PLC | 2 | 220 |
| Intermediate Capital Group PLC | 4 | 100 |
| International Consolidated Airlines Group, S.A. | 42 | 196 |
| Intertek Group PLC | 2 | 117 |
| J Sainsbury PLC | 15 | 60 |
| JD Sports Fashion PLC | 34 | 41 |
| Kingfisher PLC | 19 | 77 |
| Land Securities Group PLC | 9 | 76 |
| Legal & General Group PLC | 73 | 254 |
| Lloyds Banking Group PLC | 695 | 733 |
| London Stock Exchange Group PLC | 5 | 799 |
| M&G PLC | 24 | 85 |
| Melrose Industries PLC | 11 | 81 |
| Mondi PLC | 6 | 95 |
| National Grid PLC | 57 | 840 |
| NatWest Group PLC | 87 | 609 |
| Next PLC | 1 | 217 |
| NMC Health PLC (e) | 1 |  |
| Pearson PLC | 7 | 110 |
| Pentair Public Limited Company | 2 | 199 |
| Persimmon Public Limited Company | 3 | 50 |
| Phoenix Group Holdings PLC | 8 | 70 |
| Prudential Public Limited Company | 25 | 315 |
| Reckitt Benckiser Group PLC | 8 | 530 |
| Relx PLC | 21 | 1142 |
| Rentokil Initial PLC | 30 | 143 |
| Rightmove PLC | 8 | 85 |
| Rio Tinto PLC | 12 | 710 |
| Rolls-Royce Holdings PLC | 96 | 1280 |
| Schroders PLC | 10 | 50 |
| SEGRO Public Limited Company | 14 | 127 |
| Severn Trent PLC | 3 | 108 |
| Shell PLC - Class A | 69 | 2404 |
| Smith & Nephew PLC | 10 | 150 |
| Smiths Group PLC | 4 | 126 |
| Spirax Group PLC | 1 | 80 |
| SSE PLC | 13 | 315 |
| Standard Chartered PLC | 21 | 350 |
| Taylor Wimpey PLC | 35 | 57 |
| Tesco PLC | 77 | 427 |
| The Berkeley Group Holdings PLC | 1 | 65 |
| The Sage Group PLC. | 11 | 197 |
| Unilever PLC | 29 | 1762 |
| United Utilities PLC | 7 | 113 |
| Vodafone Group Public Limited Company | 226 | 242 |
| Weir Group PLC(The) | 3 | 114 |
| Whitbread PLC | 2 | 78 |
| Wise PLC - Class A (a) | 9 | 123 |
| WPP 2012 Limited | 13 | 91 |
| | | 32255 |
| **Canada 3.0%** | **Canada 3.0%** | **Canada 3.0%** |
| Agnico Eagle Mines Limited | 6 | 704 |
| Alimentation Couche-Tard Inc. | 8 | 421 |
| AltaGas Ltd. | 3 | 81 |
| ARC Resources Ltd. | 7 | 155 |
| Bank of Montreal | 8 | 910 |
| Bank of Nova Scotia, The (c) | 14 | 796 |
| Banque Nationale Du Canada (c) | 4 | 449 |
| Barrick Mining Corporation | 21 | 432 |
| BCE Inc. | 2 | 52 |
| Brookfield Corporation - Class A | 14 | 865 |
| CAE Inc. (a) | 4 | 117 |
| Cameco Corporation (c) | 5 | 354 |
| Canadian Imperial Bank of Commerce (c) | 11 | 794 |
| Canadian National Railway Company | 6 | 657 |
| Canadian Natural Resources Limited | 23 | 727 |
| Canadian Pacific Kansas City Limited | 11 | 872 |
| Canadian Tire Corporation, Limited - Class A | 1 | 71 |
| CCL Industries Inc. - Class B | 1 | 81 |
| Cenovus Energy Inc. | 15 | 205 |
| CGI Inc. - Class A | 2 | 252 |
| Constellation Software Inc. |  | 891 |
| Dollarama Inc. | 3 | 473 |
| Emera Incorporated (d) | 3 | 148 |
| Enbridge Inc. | 25 | 1137 |
| Fairfax Financial Holdings Limited |  | 392 |
| FirstService Corporation | 1 | 88 |
| Fortis Inc. | 6 | 267 |
| Franco-Nevada Corporation | 2 | 367 |
| George Weston Limited | 1 | 125 |
| GFL Environmental Inc. | 3 | 139 |
| Great-West Lifeco Inc. | 3 | 130 |
| Groupe WSP Global Inc. (c) | 1 | 298 |
| Hydro One Limited | 4 | 129 |
| iA Societe Financiere Inc. | 1 | 129 |
| IGM Financial Inc. | 1 | 30 |
| Imperial Oil Limited | 2 | 163 |
| Intact Financial Corporation | 2 | 477 |
| Keyera Corp. (d) | 3 | 85 |
| Kinross Gold Corporation | 13 | 205 |
| Les Vetements de Sport Gildan Inc. - Class A | 2 | 95 |
| Loblaw Companies Limited | 2 | 282 |
| Lululemon Athletica Inc. (a) | 1 | 300 |
| Lundin Mining Corporation | 9 | 94 |
| Magna International Inc. | 3 | 98 |
| Manulife Financial Corporation | 20 | 648 |
| Metro Inc. - Class A | 3 | 207 |
| Nutrien Ltd. (c) | 6 | 326 |
| Open Text Corporation | 3 | 100 |
| Pembina Pipeline Corporation | 6 | 232 |
| Power Corporation of Canada (c) | 6 | 251 |
| Quebecor Inc. - Class B | 1 | 42 |
| RB Global, Inc. | 2 | 216 |
| Restaurant Brands International Limited Partnership | 3 | 231 |
| Rogers Communications Inc. - Class B (c) | 5 | 135 |
| Royal Bank of Canada | 16 | 2143 |
| Saputo Inc. | 3 | 62 |
| Shopify Inc. - Class A (a) | 14 | 1614 |
| Stantec Inc. | 1 | 127 |
| Sun Life Financial Inc. | 7 | 461 |
| Suncor Energy Inc. | 14 | 528 |
| TC Energy Corporation (c) | 12 | 598 |
| Teck Resources Limited - Class B | 6 | 228 |
| TELUS Corporation | 6 | 92 |
| TFI International Inc. | 1 | 89 |
| Thomson Reuters Corporation | 2 | 321 |
| TMX Group Limited | 3 | 130 |
| Toronto-Dominion Bank, The | 20 | 1479 |
| Tourmaline Oil Corp | 4 | 189 |
| Wheaton Precious Metals Corp. | 5 | 486 |
|  |  | 26472 |
| **France 2.5%** | **France 2.5%** | **France 2.5%** |
| Aeroports de Paris (c) |  | 53 |
| Airbus SE | 7 | 1406 |
| Amundi (d) | 1 | 67 |
| AXA | 20 | 976 |
| Biomerieux SA | 1 | 81 |
| BNP Paribas | 12 | 1099 |
| Bollore SE | 7 | 46 |
| Bouygues | 2 | 97 |
| Bureau Veritas | 4 | 134 |
| Capgemini | 2 | 344 |
| Compagnie de Saint-Gobain | 5 | 603 |
| Compagnie Generale des Etablissements Michelin | 7 | 273 |
| Credit Agricole SA (c) | 8 | 160 |
| Danone | 7 | 598 |
| Dassault Aviation |  | 72 |
| Dassault Systemes | 8 | 298 |
| Engie | 20 | 477 |
| EssilorLuxottica | 3 | 912 |
| Hermes International |  | 1080 |

---

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page [607](#abbreviations).

**JNL Series Trust** (Unaudited)

**Schedules of Investments (in thousands)**

June 30, 2025

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| Kering | 1 | 184 |
| L'Air Liquide, societe anonyme pour l'Etude et l'Exploitation des procedes Georges Claude | 7 | 1354 |
| Legrand | 3 | 411 |
| L'Oreal | 3 | 1222 |
| LVMH Moet Hennessy Louis Vuitton | 3 | 1540 |
| Orange | 22 | 329 |
| Pernod Ricard | 2 | 225 |
| Publicis Groupe SA (c) | 2 | 277 |
| Safran | 4 | 1295 |
| Sanofi | 13 | 1229 |
| Sartorius Stedim Biotech |  | 70 |
| Schneider Electric SE | 6 | 1646 |
| Societe Generale | 8 | 479 |
| Thales | 1 | 310 |
| TotalEnergies SE | 24 | 1467 |
| Veolia Environnement | 8 | 276 |
| VINCI | 6 | 869 |
| | | 21959 |
| **Germany 2.3%** | **Germany 2.3%** | **Germany 2.3%** |
| Adidas AG - Class N | 2 | 456 |
| Allianz SE | 4 | 1794 |
| BASF SE - Class N | 10 | 500 |
| Bayer Aktiengesellschaft - Class N | 11 | 331 |
| Bayerische Motoren Werke Aktiengesellschaft | 3 | 297 |
| Beiersdorf Aktiengesellschaft | 1 | 151 |
| BioNTech SE - ADR (a) | 1 | 114 |
| COMMERZBANK Aktiengesellschaft | 11 | 340 |
| Continental Aktiengesellschaft | 1 | 120 |
| Daimler Truck Holding AG | 5 | 252 |
| Deutsche Bank Aktiengesellschaft - Class N | 21 | 613 |
| Deutsche Borse Aktiengesellschaft - Class N | 2 | 705 |
| Deutsche Post AG - Class N | 11 | 487 |
| Deutsche Telekom AG - Class N | 38 | 1392 |
| E.ON SE - Class N | 25 | 457 |
| Elia Group (c) |  | 50 |
| Fresenius SE & Co. KGaA | 5 | 245 |
| Hannover Ruck SE - Class N | 1 | 228 |
| Heidelberg Materials AG | 1 | 349 |
| Henkel AG & Co. KGaA | 1 | 88 |
| Infineon Technologies AG - Class N | 15 | 627 |
| Mercedes-Benz Group AG - Class N | 8 | 463 |
| MERCK Kommanditgesellschaft auf Aktien | 1 | 192 |
| MTU Aero Engines AG - Class N | 1 | 271 |
| Munchener Ruckversicherungs-Gesellschaft Aktiengesellschaft in Munchen - Class N | 2 | 1007 |
| Rheinmetall Aktiengesellschaft | 1 | 1077 |
| RWE Aktiengesellschaft | 8 | 335 |
| SAP SE | 12 | 3624 |
| Siemens Aktiengesellschaft - Class N | 8 | 2162 |
| Siemens Energy AG (a) | 8 | 910 |
| Siemens Healthineers AG (d) | 3 | 183 |
| Symrise AG | 1 | 157 |
| Talanx Aktiengesellschaft | 1 | 88 |
| Vonovia SE | 9 | 310 |
|  |  | 20375 |
| **Switzerland 1.9%** | **Switzerland 1.9%** | **Switzerland 1.9%** |
| ABB Ltd - Class N | 18 | 1101 |
| Alcon AG | 6 | 517 |
| Chocoladefabriken Lindt & Sprungli AG - Class N |  | 166 |
| Coca-Cola HBC AG | 2 | 111 |
| Compagnie Financiere Richemont SA | 6 | 1191 |
| EMS-Chemie Holding AG |  | 69 |
| Galderma Group AG | 1 | 209 |
| Geberit AG - Class N |  | 293 |
| Givaudan SA - Class N |  | 450 |
| Glencore PLC | 115 | 449 |
| Holcim AG | 6 | 433 |
| Julius Bar Gruppe AG - Class N | 2 | 154 |
| Kuhne & Nagel International AG | 1 | 126 |
| Lonza Group AG | 1 | 563 |
| Nestle S.A. - Class N | 30 | 2947 |
| Novartis AG - Class N | 22 | 2626 |
| Partners Group Holding AG |  | 345 |
| Roche Holding AG |  | 92 |
| Sandoz Group AG | 4 | 245 |
| Schindler Holding AG - Class N |  | 101 |
| SGS SA | 2 | 180 |
| Sika AG | 2 | 500 |
| Sonova Holding AG | 1 | 179 |
| Straumann Holding AG - Class N | 1 | 175 |
| Swiss Life Holding AG - Class N |  | 333 |
| Swiss Re AG | 3 | 574 |
| Swisscom AG - Class N |  | 204 |
| UBS Group AG | 35 | 1190 |
| Zurich Insurance Group AG - Class N | 2 | 1150 |
|  |  | 16673 |
| **Australia 1.8%** | **Australia 1.8%** | **Australia 1.8%** |
| Amcor Pty Ltd | 27 | 252 |
| ANZ Group Holdings Limited | 34 | 649 |
| Aristocrat Leisure Limited | 7 | 315 |
| ASX Limited | 2 | 109 |
| Atlas Arteria Limited | 10 | 34 |
| Atlassian Corporation - Class A (a) | 2 | 384 |
| Australian Pipeline Trust | 14 | 77 |
| BHP Group Limited | 55 | 1317 |
| BlueScope Steel Limited | 4 | 68 |
| Brambles Limited | 17 | 261 |
| Cochlear Limited | 1 | 116 |
| Coles Group Limited | 15 | 213 |
| Commonwealth Bank of Australia | 19 | 2359 |
| Computershare Limited | 7 | 185 |
| CSL Limited | 6 | 904 |
| DEXUS Funds Management Limited | 15 | 66 |
| Fortescue Ltd | 16 | 164 |
| Goodman Funding Pty Ltd | 21 | 479 |
| GPT Management Holdings Limited | 25 | 80 |
| Insurance Australia Group Limited | 30 | 178 |
| Macquarie Group Limited | 4 | 603 |
| Medibank Private Limited | 34 | 114 |
| Mirvac Limited | 47 | 69 |
| National Australia Bank Limited | 35 | 918 |
| Northern Star Resources Ltd | 16 | 191 |
| Orica Limited | 5 | 70 |
| Origin Energy Limited | 20 | 141 |
| Pro Medicus Limited | 1 | 103 |
| Qantas Airways Limited | 10 | 73 |
| QBE Insurance Group Limited | 18 | 281 |
| Ramsay Health Care Limited | 3 | 61 |
| REA Group Ltd (c) |  | 72 |
| Reece Limited (c) | 4 | 40 |
| Rio Tinto Limited | 4 | 311 |
| Santos Limited | 35 | 175 |
| Scentre Group Limited | 60 | 140 |
| SEEK Limited | 4 | 70 |
| SGH Limited | 3 | 95 |
| Sigma Healthcare Ltd | 67 | 133 |
| Sonic Healthcare Limited | 4 | 66 |
| South32 Limited | 58 | 111 |
| Stockland Corporation Ltd | 31 | 108 |
| Suncorp Group Limited | 11 | 163 |
| Telstra Corporation Limited | 52 | 166 |
| The Lottery Corporation Limited | 23 | 80 |
| TPG Corporation Limited (c) | 7 | 23 |
| Transurban Holdings Limited | 36 | 335 |
| Vicinity Centres RE Ltd | 50 | 81 |
| Washington H. Soul Pattinson and Company Limited (c) | 3 | 87 |
| Wesfarmers Limited | 13 | 714 |
| Westpac Banking Corporation | 39 | 875 |
| WiseTech Global Limited | 2 | 151 |
| Woodside Energy Group Ltd | 22 | 348 |
| Woolworths Group Limited | 15 | 303 |
|  |  | 15481 |
| **Netherlands 1.1%** | **Netherlands 1.1%** | **Netherlands 1.1%** |
| Adyen N.V. (a) (d) |  | 631 |
| Akzo Nobel N.V. | 2 | 145 |
| ASM International N.V. |  | 314 |

---

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page [607](#abbreviations).

**JNL Series Trust** (Unaudited)

**Schedules of Investments (in thousands)**

June 30, 2025

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| ASML Holding N.V. | 5 | 3628 |
| DSM-Firmenich AG | 3 | 318 |
| Exor Nederland N.V. | 1 | 107 |
| HAL Trust |  | 54 |
| Heineken Holding N.V. | 2 | 116 |
| Heineken N.V. | 3 | 285 |
| ING Groep N.V. | 35 | 760 |
| JDE Peet's N.V. (c) | 1 | 24 |
| Koninklijke Ahold Delhaize N.V. | 11 | 455 |
| Koninklijke KPN N.V. | 46 | 226 |
| Koninklijke Philips N.V. | 10 | 244 |
| NN Group N.V. | 3 | 216 |
| NXP Semiconductors N.V. | 3 | 612 |
| Prosus N.V. - Class N | 14 | 800 |
| STMicroelectronics N.V. | 7 | 225 |
| Wolters Kluwer N.V. - Class C | 3 | 459 |
| | | 9619 |
| **Sweden 0.8%** | **Sweden 0.8%** | **Sweden 0.8%** |
| AB Sagax - Class B | 2 | 49 |
| Aktiebolaget Industrivarden - Class A | 1 | 47 |
| Aktiebolaget Industrivarden - Class C | 2 | 59 |
| Aktiebolaget SKF - Class B | 3 | 77 |
| Aktiebolaget Volvo - Class A | 2 | 52 |
| Aktiebolaget Volvo - Class B | 18 | 510 |
| Alfa Laval AB | 3 | 144 |
| ASSA ABLOY AB - Class B | 12 | 368 |
| Atlas Copco Aktiebolag - Class A | 30 | 492 |
| Atlas Copco Aktiebolag - Class B | 18 | 263 |
| Axfood AB | 1 | 40 |
| Boliden AB (a) | 3 | 93 |
| Castellum Aktiebolag (c) | 6 | 73 |
| Epiroc Aktiebolag - Class A | 7 | 154 |
| Epiroc Aktiebolag - Class B | 5 | 99 |
| EQT AB (c) (d) | 8 | 278 |
| Essity Aktiebolag (publ) - Class B | 7 | 200 |
| Evolution AB (publ) (d) | 2 | 168 |
| Fastighets AB Balder - Class B (a) | 9 | 64 |
| G&L Beijer Ref AB - Class B (c) | 4 | 62 |
| H & M Hennes & Mauritz AB - Class B (c) | 7 | 94 |
| Hexagon Aktiebolag - Class B | 23 | 229 |
| Holmen Aktiebolag - Class B | 1 | 22 |
| Indutrade Aktiebolag | 3 | 88 |
| Investment Ab Latour - Class B | 2 | 47 |
| Investor Aktiebolag - Class A | 7 | 198 |
| Investor Aktiebolag - Class B | 21 | 617 |
| L E Lundbergforetagen Aktiebolag (publ) - Series B | 1 | 49 |
| Lifco AB (Publ) - Class B | 3 | 104 |
| NIBE Industrier AB - Class B (c) | 22 | 95 |
| Nordnet AB | 2 | 49 |
| Saab AB - Class B | 4 | 234 |
| Sandvik Aktiebolag | 11 | 253 |
| Securitas AB - Class B | 7 | 98 |
| Skandinaviska Enskilda Banken AB - Class A | 15 | 270 |
| Skanska AB - Class B | 4 | 85 |
| SSAB AB - Class A |  | 2 |
| SSAB AB - Class B | 8 | 50 |
| Svenska Cellulosa Aktiebolaget SCA - Class B | 7 | 94 |
| Svenska Handelsbanken AB - Class A | 17 | 221 |
| Swedbank AB - Class A | 11 | 300 |
| Swedish Orphan Biovitrum AB (Publ) (a) | 2 | 65 |
| Tele2 AB - Class B | 6 | 93 |
| Telefonaktiebolaget LM Ericsson - Class B | 31 | 266 |
| Telia Company AB | 23 | 83 |
| Trelleborg AB - Class B | 3 | 96 |
|  |  | 7094 |
| **Spain 0.8%** | **Spain 0.8%** | **Spain 0.8%** |
| ACS, Actividades de Construccion y Servicios, S.A. | 2 | 167 |
| AENA, S.M.E., S.A. | 9 | 242 |
| Amadeus IT Holding, S.A. (d) | 5 | 412 |
| Banco Bilbao Vizcaya Argentaria, S.A. | 68 | 1041 |
| Banco Santander, S.A. | 175 | 1452 |
| CaixaBank, S.A. | 44 | 377 |
| Cellnex Telecom, S.A. (d) | 7 | 262 |
| Endesa, S.A. (c) | 4 | 111 |
| Ferrovial SE | 6 | 305 |
| Iberdrola, Sociedad Anonima (c) | 66 | 1259 |
| Industria de Diseno Textil, S.A. | 13 | 677 |
| Naturgy Energy Group, S.A. | 1 | 40 |
| Redeia Corporacion SA (c) | 4 | 87 |
| Repsol SA | 11 | 167 |
| Telefonica, S.A. (c) | 56 | 292 |
|  |  | 6891 |
| **Italy 0.8%** | **Italy 0.8%** | **Italy 0.8%** |
| A2a S.P.A. | 20 | 54 |
| Assicurazioni Generali Societa' Per Azioni | 11 | 396 |
| Banca Mediolanum SpA | 2 | 31 |
| Banco BPM Societa' Per Azioni | 16 | 190 |
| Buzzi S.p.A. | 1 | 43 |
| Davide Campari-Milano N.V. (c) | 7 | 46 |
| DiaSorin S.p.A. (c) |  | 32 |
| ENEL - SPA | 91 | 867 |
| Eni S.P.A. | 24 | 394 |
| Ferrari N.V. | 1 | 694 |
| Finecobank Banca Fineco S.P.A. | 7 | 148 |
| Hera S.p.A. | 10 | 49 |
| Infrastrutture Wireless Italiane S.p.A. O, In Forma Abbreviata, Inwit S.p.A. (d) | 4 | 52 |
| Intesa Sanpaolo SPA | 181 | 1043 |
| Leonardo S.p.A. | 5 | 271 |
| Mediobanca Banca di Credito Finanziario Societa' Per Azioni (c) | 7 | 169 |
| Moncler S.p.A. | 2 | 141 |
| Nexi S.p.A. | 7 | 40 |
| Pirelli & C. S.p.A. (d) | 1 | 5 |
| Poste Italiane - Societa' Per Azioni (d) | 4 | 95 |
| Prysmian S.p.A. | 3 | 232 |
| Recordati Industria Chimica E Farmaceutica S.P.A. In Breve Recordati S.P.A. | 1 | 64 |
| Snam S.p.A. | 26 | 160 |
| Telecom Italia S.p.A. (c) | 126 | 62 |
| Terna - Rete Elettrica Nazionale Societa Per Azioni | 17 | 177 |
| Unicredit, Societa' Per Azioni In Forma Abbreviata Unicredit S.P.A. | 18 | 1232 |
|  |  | 6687 |
| **Denmark 0.6%** | **Denmark 0.6%** | **Denmark 0.6%** |
| A.P. Moller - Maersk A/S - Class A |  | 50 |
| A.P. Moller - Maersk A/S - Class B |  | 78 |
| Carlsberg A/S - Class B | 1 | 159 |
| Coloplast A/S - Class B (c) | 2 | 168 |
| Danske Bank A/S | 8 | 322 |
| DSV A/S | 2 | 507 |
| Genmab A/S (a) (c) | 1 | 161 |
| Novo Nordisk A/S - Class B | 37 | 2533 |
| Novozymes A/S - Class B | 4 | 295 |
| Orsted A/S (a) (c) (d) | 1 | 62 |
| Pandora A/S | 1 | 160 |
| Tryg A/S | 3 | 88 |
| Vestas Wind Systems A/S | 12 | 184 |
|  |  | 4767 |
| **Hong Kong 0.4%** | **Hong Kong 0.4%** | **Hong Kong 0.4%** |
| AIA Group Limited | 123 | 1111 |
| Budweiser Brewing Company APAC Limited (c) (d) | 24 | 24 |
| CK Asset Holdings Limited | 20 | 88 |
| CK Hutchison Holdings Limited | 31 | 188 |
| CK Infrastructure Holdings Limited | 8 | 50 |
| CLP Holdings Limited | 22 | 185 |
| Hang Seng Bank, Limited | 8 | 117 |
| Henderson Land Development Company Limited | 17 | 61 |
| HKT Trust | 32 | 48 |
| Hong Kong And China Gas Company Limited - The- | 144 | 121 |
| Hong Kong Exchanges and Clearing Limited | 14 | 749 |
| Jardine Matheson Holdings Limited | 2 | 91 |
| Link Real Estate Investment Trust | 25 | 132 |
| MTR Corporation Limited | 21 | 75 |
| Power Assets Holdings Limited | 18 | 116 |
| Sino Land Company Limited | 22 | 23 |
| Sun Hung Kai Properties Limited | 19 | 219 |
| Swire Pacific Limited - Class A | 4 | 36 |

---

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page [607](#abbreviations).

**JNL Series Trust** (Unaudited)

**Schedules of Investments (in thousands)**

June 30, 2025

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| Swire Properties Limited | 15 | 38 |
| Techtronic Industries Company Limited | 18 | 198 |
| WH Group Limited (d) | 99 | 95 |
| Wharf (Holdings) Limited, The (c) | 8 | 24 |
| Wharf Real Estate Investment Company Limited | 21 | 60 |
| | | 3849 |
| **Singapore 0.3%** | **Singapore 0.3%** | **Singapore 0.3%** |
| Capitaland Ascendas REIT | 43 | 92 |
| Capitaland Group Pte. Ltd. | 51 | 87 |
| Capitaland Investment Limited | 32 | 66 |
| DBS Group Holdings Ltd | 24 | 837 |
| Genting Singapore Limited | 78 | 44 |
| Jardine Cycle & Carriage Limited (c) |  | 2 |
| Keppel Ltd. | 17 | 100 |
| Mapletree Commercial Trust Treasury Company Pte. Ltd. (c) (d) | 25 | 25 |
| Oversea-Chinese Banking Corporation Limited | 39 | 501 |
| Singapore Airlines Limited (c) | 17 | 91 |
| Singapore Exchange Limited | 8 | 90 |
| Singapore Technologies Engineering Ltd | 20 | 122 |
| Singapore Telecommunications Limited | 92 | 276 |
| United Overseas Bank Limited | 15 | 419 |
| Wilmar International Limited | 27 | 61 |
|  |  | 2813 |
| **Finland 0.3%** | **Finland 0.3%** | **Finland 0.3%** |
| Elisa Oyj | 2 | 103 |
| Fortum Oyj | 5 | 103 |
| Kesko Oyj - Class A | 1 | 29 |
| Kesko Oyj - Class B | 2 | 53 |
| Kone Corporation - Class B | 4 | 270 |
| Metso Oyj (c) | 9 | 111 |
| Neste Oyj | 6 | 76 |
| Nokia Oyj | 60 | 311 |
| Nordea Bank Abp | 36 | 534 |
| Orion Oyj - Class B | 1 | 97 |
| Sampo Oyj - Class A | 29 | 307 |
| Stora Enso Oyj - Class R (c) | 6 | 60 |
| UPM-Kymmene Oyj (c) | 6 | 157 |
| Wartsila Oyj Abp | 6 | 136 |
|  |  | 2347 |
| **Belgium 0.3%** | **Belgium 0.3%** | **Belgium 0.3%** |
| Ackermans |  | 73 |
| Ageas SA/NV | 2 | 130 |
| Anheuser-Busch InBev | 12 | 795 |
| argenx SE (a) | 1 | 385 |
| Colruyt Group |  | 12 |
| D'Ieteren Group |  | 56 |
| Groupe Bruxelles Lambert - Groep Brussel Lambert | 1 | 85 |
| KBC Groep | 3 | 299 |
| Lotus Bakeries |  | 39 |
| Sofina |  | 61 |
| Syensqo | 1 | 61 |
| UCB | 1 | 281 |
| Warehouses De Pauw | 2 | 44 |
|  |  | 2321 |
| **Norway 0.2%** | **Norway 0.2%** | **Norway 0.2%** |
| Aker BP ASA | 3 | 69 |
| DNB Bank ASA | 9 | 252 |
| Equinor ASA | 9 | 232 |
| Gjensidige Forsikring ASA | 2 | 45 |
| Kongsberg Gruppen ASA | 5 | 199 |
| Mowi ASA | 5 | 96 |
| Norsk Hydro ASA | 17 | 98 |
| Orkla ASA | 8 | 83 |
| SalMar ASA | 1 | 30 |
| Storebrand ASA | 6 | 85 |
| Telenor ASA | 9 | 135 |
| Var Energi ASA | 8 | 25 |
| Vend Marketplaces ASA - Class A | 1 | 30 |
| Vend Marketplaces ASA - Class B |  | 12 |
| Yara International ASA | 2 | 75 |
|  |  | 1466 |
| **Israel 0.2%** | **Israel 0.2%** | **Israel 0.2%** |
| Azrieli Group Ltd. |  | 43 |
| Bank Hapoalim B.M. | 15 | 284 |
| Bank Leumi Le-Israel B.M. | 19 | 350 |
| Elbit Systems Ltd. |  | 101 |
| ICL Group Ltd | 10 | 68 |
| Israel Discount Bank Limited | 14 | 136 |
| Mizrahi Tefahot Bank Ltd | 2 | 115 |
| Nice Ltd (a) | 1 | 125 |
| Teva Pharmaceutical Industries Ltd (a) | 13 | 221 |
|  |  | 1443 |
| **Ireland 0.2%** | **Ireland 0.2%** | **Ireland 0.2%** |
| CRH Public Limited Company | 8 | 728 |
| DCC Public Limited Company | 1 | 82 |
| Kerry Group Public Limited Company - Class A | 2 | 200 |
| Kingspan Group Public Limited Company | 2 | 163 |
| Smurfit Westrock Public Limited Company | 6 | 255 |
|  |  | 1428 |
| **Argentina 0.2%** | **Argentina 0.2%** | **Argentina 0.2%** |
| MercadoLibre, Inc. (a) | 1 | 1422 |
| **Poland 0.1%** | **Poland 0.1%** | **Poland 0.1%** |
| Allegro.eu (a) (d) | 8 | 77 |
| Bank Polska Kasa Opieki - Spolka Akcyjna | 2 | 115 |
| Dino Polska Spolka Akcyjna (a) (d) | 1 | 85 |
| ING Bank Slaski Spolka Akcyjna |  | 36 |
| KGHM Polska Miedz Spolka Akcyjna | 2 | 55 |
| LPP Spolka Akcyjna |  | 37 |
| Orlen S A | 6 | 133 |
| Powszechna Kasa Oszczednosci Bank Polski Spolka Akcyjna | 10 | 219 |
| Powszechny Zaklad Ubezpieczen Spolka Akcyjna | 7 | 121 |
| Santander Bank Polska Spolka Akcyjna |  | 56 |
|  |  | 934 |
| **Austria 0.1%** | **Austria 0.1%** | **Austria 0.1%** |
| Andritz AG | 1 | 69 |
| BAWAG Group AG (d) | 1 | 114 |
| Erste Group Bank AG (c) | 4 | 305 |
| OMV Aktiengesellschaft (c) | 2 | 100 |
| Raiffeisen Bank International AG | 2 | 51 |
| Telekom Austria Aktiengesellschaft | 2 | 20 |
| Verbund AG (c) | 1 | 60 |
|  |  | 719 |
| **South Korea 0.1%** | **South Korea 0.1%** | **South Korea 0.1%** |
| Coupang, Inc. - Class A (a) | 14 | 423 |
| **Portugal 0.0%** | **Portugal 0.0%** | **Portugal 0.0%** |
| EDP Renovaveis, S.A. | 3 | 37 |
| EDP, S.A. | 32 | 138 |
| Galp Energia, SGPS, S.A. - Class B | 5 | 95 |
| Jeronimo Martins, SGPS, S.A. | 3 | 88 |
|  |  | 358 |
| **New Zealand 0.0%** | **New Zealand 0.0%** | **New Zealand 0.0%** |
| Auckland International Airport Limited | 17 | 80 |
| Fisher & Paykel Healthcare Corporation Limited | 7 | 147 |
| Meridian Energy Limited | 18 | 64 |
|  |  | 291 |
| **Luxembourg 0.0%** | **Luxembourg 0.0%** | **Luxembourg 0.0%** |
| ArcelorMittal | 5 | 157 |
| Tenaris S.A. | 5 | 86 |
|  |  | 243 |
| **Jersey 0.0%** | **Jersey 0.0%** | **Jersey 0.0%** |
| Aptiv PLC (a) | 3 | 185 |
| **Macau 0.0%** | **Macau 0.0%** | **Macau 0.0%** |
| Galaxy Entertainment Group Limited | 27 | 120 |
| Sands China Ltd. | 30 | 64 |
|  |  | 184 |
| **China 0.0%** | **China 0.0%** | **China 0.0%** |
| WuXi Biologics (Cayman) Inc. (a) (d) | 45 | 146 |
| **Mexico 0.0%** | **Mexico 0.0%** | **Mexico 0.0%** |
| Fresnillo PLC | 2 | 41 |

---

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page [607](#abbreviations).

**JNL Series Trust** (Unaudited)

**Schedules of Investments (in thousands)**

June 30, 2025

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| Southern Copper Corporation | 1 | 96 |
| | | 137 |
| **Zambia 0.0%** | **Zambia 0.0%** | **Zambia 0.0%** |
| First Quantum Minerals Ltd (a) | 7 | 128 |
| **Chile 0.0%** | **Chile 0.0%** | **Chile 0.0%** |
| Antofagasta PLC | 4 | 92 |
| **Democratic Republic of the Congo 0.0%** | **Democratic Republic of the Congo 0.0%** | **Democratic Republic of the Congo 0.0%** |
| Ivanhoe Mines Ltd - Class A (a) (c) | 8 | 62 |
| **Russian Federation 0.0%** | **Russian Federation 0.0%** | **Russian Federation 0.0%** |
| Evraz PLC (a) (d) (e) | 3 |  |
| Total Common Stocks (cost $589,458) | Total Common Stocks (cost $589,458) | 859852 |
| **PREFERRED STOCKS 0.4%** | **PREFERRED STOCKS 0.4%** | **PREFERRED STOCKS 0.4%** |
| **Switzerland 0.3%** | **Switzerland 0.3%** | **Switzerland 0.3%** |
| Chocoladefabriken Lindt & Sprungli AG |  | 185 |
| Roche Holding AG | 8 | 2589 |
| Schindler Holding AG |  | 169 |
|  |  | 2943 |
| **Germany 0.1%** | **Germany 0.1%** | **Germany 0.1%** |
| Bayerische Motoren Werke Aktiengesellschaft | 1 | 56 |
| Dr. Ing. h.c. F. Porsche Aktiengesellschaft | 1 | 66 |
| Henkel AG & Co. KGaA (f) | 2 | 162 |
| Sartorius Aktiengesellschaft |  | 81 |
| Volkswagen Aktiengesellschaft (f) | 2 | 252 |
|  |  | 617 |
| **Italy 0.0%** | **Italy 0.0%** | **Italy 0.0%** |
| Telecom Italia S.p.A. | 51 | 28 |
| Total Preferred Stocks (cost $3,067) | Total Preferred Stocks (cost $3,067) | 3588 |
| **WARRANTS 0.0%** | **WARRANTS 0.0%** | **WARRANTS 0.0%** |
| **Canada 0.0%** | **Canada 0.0%** | **Canada 0.0%** |
| Constellation Software Inc. (a) (e) |  |  |
| Total Warrants (cost $0) | Total Warrants (cost $0) |  |
| **SHORT TERM INVESTMENTS 0.6%** | **SHORT TERM INVESTMENTS 0.6%** | **SHORT TERM INVESTMENTS 0.6%** |
| **Investment Companies 0.6%** | **Investment Companies 0.6%** | **Investment Companies 0.6%** |
| JNL Government Money Market Fund - Class I, 4.20% (b) (g) | 5156 | 5156 |
| **Securities Lending Collateral 0.0%** | **Securities Lending Collateral 0.0%** | **Securities Lending Collateral 0.0%** |
| JNL Government Money Market Fund - Class SL, 4.30% (b) (g) | 278 | 278 |
| Total Short Term Investments (cost $5,434) | Total Short Term Investments (cost $5,434) | 5434 |
| **Total Investments 99.6% (cost $597,959)** | **Total Investments 99.6% (cost $597,959)** | **868874** |
| **Other Derivative Instruments 0.0%** | **Other Derivative Instruments 0.0%** | **49** |
| **Other Assets and Liabilities, Net 0.4%** | **Other Assets and Liabilities, Net 0.4%** | **3311** |
| **Total Net Assets 100.0%** | **Total Net Assets 100.0%** | **872234** |

---

(a) Non-income producing security.

(b) Investment in affiliate.

(c) All or a portion of the security was on loan as of June 30, 2025.

(d) Security is restricted to resale to institutional investors or subject to trading restrictions due to sanctions on foreign issuers. See Restricted Securities table following the Schedules of Investments.

(e) Security fair valued in good faith as a Level 3 security in accordance with the procedures approved by the Board of Trustees. Good faith fair valued securities are classified based on the applicable valuation inputs. See "Fair Value Measurement" in the Notes to Financial Statements.

(f) Convertible security.

(g) Yield changes daily to reflect current market conditions. Rate was the quoted yield as of June 30, 2025.

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **JNL/Mellon World Index Fund — Investments in Affiliates** | **JNL/Mellon World Index Fund — Investments in Affiliates** | **JNL/Mellon World Index Fund — Investments in Affiliates** | **JNL/Mellon World Index Fund — Investments in Affiliates** | **JNL/Mellon World Index Fund — Investments in Affiliates** | **JNL/Mellon World Index Fund — Investments in Affiliates** | **JNL/Mellon World Index Fund — Investments in Affiliates** | **JNL/Mellon World Index Fund — Investments in Affiliates** | **JNL/Mellon World Index Fund — Investments in Affiliates** |
| **Affiliated Investment** | **Value Beginning of Period($)** | **Purchases($)** | **Sales Proceeds($)** | **Dividend Income/ Distributions from Funds($)** | **Realized Gain (Loss)($)** | **Change in Unrealized Appreciation (Depreciation) ($)** | **Value End of Period($)** | **Percentage of Net Assets(%)** |
| Bank of New York Mellon Corporation, The | 369 | 314 | 57 | 4 | 22 | 96 | 744 | 0.1 |
| JNL Government Money Market Fund, 4.20% - Class I | 2415 | 41870 | 39129 | 83 |  |  | 5156 | 0.6 |
| JNL Government Money Market Fund, 4.30% - Class SL | 872 | 7069 | 7663 | 15 |  |  | 278 |  |
|  | 3656 | 49253 | 46849 | 102 | 22 | 96 | 6178 | 0.7 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **JNL/Mellon World Index Fund — Restricted Securities** | **JNL/Mellon World Index Fund — Restricted Securities** | **JNL/Mellon World Index Fund — Restricted Securities** | **JNL/Mellon World Index Fund — Restricted Securities** | **JNL/Mellon World Index Fund — Restricted Securities** |
|  | **Initial Acquisition** | **Cost ($)** | **Value ($)** | **Percent of**<br> **Net Assets (%)** |
| Adyen N.V. | 03/29/19 | 611 | 631 | 0.1 |
| Allegro.eu | 06/18/21 | 87 | 77 |  |
| Amadeus IT Holding, S.A. | 09/22/17 | 353 | 412 | 0.1 |
| Amundi | 11/30/17 | 68 | 67 |  |
| BAWAG Group AG | 04/23/21 | 68 | 114 |  |
| Budweiser Brewing Company APAC Limited | 10/15/19 | 60 | 24 |  |
| Cellnex Telecom, S.A. | 05/28/19 | 281 | 262 | 0.1 |
| Convatec Group PLC | 04/23/21 | 64 | 82 |  |
| Dino Polska Spolka Akcyjna | 06/18/21 | 60 | 85 |  |
| Emera Incorporated | 09/22/17 | 138 | 148 |  |
| EQT AB | 05/29/20 | 229 | 278 | 0.1 |
| Evolution AB (publ) | 05/29/20 | 174 | 168 |  |
| Evraz PLC | 02/14/22 | 25 |  |  |
| Infrastrutture Wireless Italiane S.p.A. O, In Forma Abbreviata, Inwit S.p.A. | 05/29/20 | 47 | 52 |  |
| Keyera Corp. | 09/22/17 | 80 | 85 |  |
| Mapletree Commercial Trust Treasury Company Pte. Ltd. | 11/26/19 | 34 | 25 |  |
| Orsted A/S | 09/25/17 | 63 | 62 |  |
| Pirelli & C. S.p.A. | 04/23/21 | 4 | 5 |  |
| Poste Italiane - Societa' Per Azioni | 09/22/17 | 67 | 95 |  |
| Siemens Healthineers AG | 06/18/21 | 179 | 183 |  |

---

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page [607](#abbreviations).

**JNL Series Trust** (Unaudited)

**Schedules of Investments (in thousands)**

June 30, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
| **JNL/Mellon World Index Fund — Restricted Securities (continued)** | **JNL/Mellon World Index Fund — Restricted Securities (continued)** | **JNL/Mellon World Index Fund — Restricted Securities (continued)** | **JNL/Mellon World Index Fund — Restricted Securities (continued)** | **JNL/Mellon World Index Fund — Restricted Securities (continued)** |
|  | **Initial Acquisition** | **Cost ($)** | **Value ($)** | **Percent of**<br> **Net Assets (%)** |
| WH Group Limited | 09/22/17 | 85 | 95 |  |
| WuXi Biologics (Cayman) Inc. | 12/17/21 | 218 | 146 |  |
|  |  | 2995 | 3096 | 0.4 |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **JNL/Mellon World Index Fund — Futures Contracts** | **JNL/Mellon World Index Fund — Futures Contracts** | **JNL/Mellon World Index Fund — Futures Contracts** | **JNL/Mellon World Index Fund — Futures Contracts** | **JNL/Mellon World Index Fund — Futures Contracts** | **JNL/Mellon World Index Fund — Futures Contracts** | **JNL/Mellon World Index Fund — Futures Contracts** |
| **Reference Entity** | **Contracts<sup>1</sup>** | **Expiration** | **Notional<sup>1</sup>** | **Notional<sup>1</sup>** | **Variation**<br> **Margin**<br> **Receivable**<br> (Payable) ($) | **Value/**<br> **Unrealized**<br> **Appreciation**<br> (Depreciation) ($) |
| **Long Contracts** | **Long Contracts** | **Long Contracts** | **Long Contracts** | **Long Contracts** | **Long Contracts** | **Long Contracts** |
| Euro STOXX 50 Price Index | 13 | September 2025 | EUR | 692 | (2) | 1 |
| FTSE 100 Index | 2 | September 2025 | GBP | 178 | (1) | (3) |
| S&P 500 Index | 18 | September 2025 |  | 5429 | 28 | 199 |
| S&P/ASX 200 Index | 2 | September 2025 | AUD | 425 | 1 | 1 |
| S&P/TSX 60 Index | 1 | September 2025 | CAD | 316 | 1 | 3 |
| Topix Index | 3 | September 2025 | JPY | 83659 | 3 | 14 |
|  |  |  |  |  | 30 | 215 |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **JNL/Mellon World Index Fund — Forward Foreign Currency Contracts** | **JNL/Mellon World Index Fund — Forward Foreign Currency Contracts** | **JNL/Mellon World Index Fund — Forward Foreign Currency Contracts** | **JNL/Mellon World Index Fund — Forward Foreign Currency Contracts** | **JNL/Mellon World Index Fund — Forward Foreign Currency Contracts** | **JNL/Mellon World Index Fund — Forward Foreign Currency Contracts** | **JNL/Mellon World Index Fund — Forward Foreign Currency Contracts** |
| **Purchased/Sold** | **Counterparty** | **Expiration** | **Notional<sup>1</sup>** | **Notional<sup>1</sup>** | **Value ($)** | **Unrealized**<br> **Appreciation**<br> (Depreciation) ($) |
| AUD/USD | BMO | 09/17/25 | AUD | 7 | 5 |  |
| CAD/USD | HSB | 09/17/25 | CAD | 202 | 149 | 1 |
| EUR/USD | HSB | 09/17/25 | EUR | 506 | 599 | 18 |
| JPY/USD | RBC | 09/17/25 | JPY | 25004 | 175 | 1 |
| USD/GBP | BMO | 09/17/25 | GBP | (27) | (38) | (1) |
|  |  |  |  |  | 890 | 19 |

---

**Fair Value Hierarchy.** Various inputs are used in determining the fair value of financial instruments. For a description of the input levels and information about the Fund's policy regarding valuation of financial instruments, see Note 3 in the Notes to Financial Statements. The following table summarizes the Fund's investments categorized in the disclosure hierarchy as of June 30, 2025.

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **<u>. Level 1 ($) .</u>** | **<u>. Level 2 ($) .</u>** | **<u>. Level 3 ($) .</u>** | **<u>. Total ($) .</u>** |
| **JNL/Mellon World Index Fund** | **JNL/Mellon World Index Fund** | **JNL/Mellon World Index Fund** | **JNL/Mellon World Index Fund** | **JNL/Mellon World Index Fund** |
| **Assets - Securities** |  |  |  |  |
| &nbsp;&nbsp; Common Stocks | 651350 | 208502 |  | 859852 |
| &nbsp;&nbsp; Preferred Stocks |  | 3588 |  | 3588 |
| &nbsp;&nbsp; Warrants |  |  |  |  |
| &nbsp;&nbsp; Short Term Investments | 5434 |  |  | 5434 |
|  | 656784 | 212090 |  | 868874 |
| **Assets - Investments in Other Financial Instruments<sup>1</sup>** |  |  |  |  |
| &nbsp;&nbsp; Futures Contracts | 218 |  |  | 218 |
| &nbsp;&nbsp; Open Forward Foreign Currency Contracts |  | 20 |  | 20 |
|  | 218 | 20 |  | 238 |
| **Liabilities - Investments in Other Financial Instruments<sup>1</sup>** |  |  |  |  |
| &nbsp;&nbsp; Futures Contracts | (3) |  |  | (3) |
| &nbsp;&nbsp; Open Forward Foreign Currency Contracts |  | (1) |  | (1) |
|  | (3) | (1) |  | (4) |

---

<sup>1</sup> All derivatives, except for purchased and written options, are reflected at the unrealized appreciation (depreciation) on the instrument. Purchased and written options are reflected at value.

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page [607](#abbreviations).

**JNL Series Trust** (Unaudited)

**Schedules of Investments (in thousands)**

June 30, 2025

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| **JNL/MFS Mid Cap Value Fund** | **JNL/MFS Mid Cap Value Fund** | **JNL/MFS Mid Cap Value Fund** |
| **COMMON STOCKS 98.6%** | **COMMON STOCKS 98.6%** | **COMMON STOCKS 98.6%** |
| **Financials 19.7%** | **Financials 19.7%** | **Financials 19.7%** |
| American International Group, Inc. | 200 | 17086 |
| Assurant, Inc. | 98 | 19402 |
| Columbia Banking System, Inc. | 350 | 8181 |
| Corebridge Financial, Inc. | 507 | 17983 |
| East West Bancorp, Inc. | 158 | 15936 |
| Equitable Holdings, Inc. | 329 | 18437 |
| Everest Group, Ltd. | 36 | 12381 |
| Fidelity National Information Services, Inc. | 241 | 19595 |
| Fifth Third Bancorp | 260 | 10681 |
| Global Payments Inc. | 175 | 14038 |
| Hanover Insurance Group Inc, The | 87 | 14796 |
| Hartford Insurance Group, Inc., The | 208 | 26378 |
| Lincoln National Corporation | 331 | 11459 |
| M&T Bank Corporation | 115 | 22352 |
| Northern Trust Corporation | 157 | 19918 |
| Prosperity Bancshares, Inc. | 132 | 9238 |
| Raymond James Financial, Inc. | 174 | 26715 |
| Regions Financial Corporation | 700 | 16459 |
| SLM Corporation | 389 | 12750 |
| Synchrony Financial | 125 | 8350 |
| The Carlyle Group, Inc. | 209 | 10762 |
| TPG Inc. - Class A | 181 | 9496 |
| Voya Financial, Inc. | 203 | 14427 |
| Willis Towers Watson Public Limited Company | 69 | 21192 |
|  |  | 378012 |
| **Industrials 17.5%** | **Industrials 17.5%** | **Industrials 17.5%** |
| AGCO Corporation | 142 | 14687 |
| Alaska Air Group, Inc. (a) | 170 | 8424 |
| Allegion Public Limited Company | 127 | 18304 |
| Builders FirstSource, Inc. (a) | 74 | 8655 |
| Delta Air Lines, Inc. | 293 | 14423 |
| Ferguson Enterprises Inc. | 62 | 13391 |
| GFL Environmental Inc. | 330 | 16669 |
| Howmet Aerospace Inc. | 65 | 12180 |
| ITT Inc. | 80 | 12594 |
| J.B. Hunt Transport Services, Inc. | 60 | 8685 |
| Jacobs Solutions Inc. | 122 | 16058 |
| KBR, Inc. | 271 | 12998 |
| Knight-Swift Transportation Holdings Inc. - Class A | 162 | 7169 |
| L3Harris Technologies, Inc. | 60 | 14991 |
| Leidos Holdings, Inc. | 102 | 16030 |
| Nordson Corporation | 49 | 10430 |
| Norfolk Southern Corporation | 54 | 13723 |
| Nvent Electric Public Limited Company | 155 | 11337 |
| Otis Worldwide Corporation | 125 | 12357 |
| PACCAR Inc | 111 | 10596 |
| Pentair Public Limited Company | 165 | 16965 |
| Regal Rexnord Corporation | 98 | 14269 |
| StandardAero, Inc. (a) | 142 | 4509 |
| Stanley Black & Decker, Inc. | 152 | 10288 |
| TransUnion | 176 | 15529 |
| Westinghouse Air Brake Technologies Corporation | 97 | 20289 |
|  |  | 335550 |
| **Consumer Discretionary 9.2%** | **Consumer Discretionary 9.2%** | **Consumer Discretionary 9.2%** |
| Aptiv PLC (a) | 254 | 17309 |
| Aramark | 481 | 20125 |
| Brunswick Corporation | 221 | 12194 |
| Darden Restaurants, Inc. | 52 | 11426 |
| Hyatt Hotels Corporation - Class A | 102 | 14202 |
| International Game Technology PLC | 534 | 8442 |
| LKQ Corporation | 416 | 15385 |
| Mattel, Inc. (a) | 473 | 9336 |
| Mohawk Industries, Inc. (a) | 95 | 9908 |
| Newell Brands Inc. | 1110 | 5993 |
| Ross Stores, Inc. | 110 | 13978 |
| Skechers U.S.A., Inc. - Class A (a) | 135 | 8514 |
| Toll Brothers, Inc. | 155 | 17699 |
| Viking Holdings Ltd (a) | 226 | 12054 |
|  |  | 176565 |
| **Health Care 8.1%** | **Health Care 8.1%** | **Health Care 8.1%** |
| Agilent Technologies, Inc. | 177 | 20940 |
| Avantor, Inc. (a) | 500 | 6732 |
| Becton, Dickinson and Company | 77 | 13317 |
| Biogen Inc. (a) | 52 | 6564 |
| Cencora, Inc. | 70 | 21066 |
| GE HealthCare Technologies Inc. | 116 | 8627 |
| Humana Inc. | 46 | 11274 |
| Icon Public Limited Company (a) | 54 | 7881 |
| Labcorp Holdings Inc. | 51 | 13465 |
| Organon & Co. | 445 | 4312 |
| Revvity, Inc. | 97 | 9425 |
| Steris Public Limited Company | 56 | 13451 |
| Teleflex Incorporated | 53 | 6234 |
| Universal Health Services, Inc. - Class B | 67 | 12134 |
|  |  | 155422 |
| **Utilities 7.7%** | **Utilities 7.7%** | **Utilities 7.7%** |
| AES Corporation, The | 659 | 6927 |
| Alliant Energy Corporation | 288 | 17432 |
| Atmos Energy Corporation | 83 | 12838 |
| CenterPoint Energy, Inc. | 411 | 15115 |
| CMS Energy Corporation | 270 | 18676 |
| Edison International | 144 | 7429 |
| PG&E Corporation | 1426 | 19884 |
| Pinnacle West Capital Corporation | 170 | 15229 |
| Public Service Enterprise Group Incorporated | 255 | 21446 |
| Sempra | 181 | 13702 |
|  |  | 148678 |
| **Real Estate 7.6%** | **Real Estate 7.6%** | **Real Estate 7.6%** |
| Brixmor Property Group Inc. | 594 | 15461 |
| Essex Property Trust, Inc. | 51 | 14560 |
| Extra Space Storage Inc. | 127 | 18702 |
| Jones Lang LaSalle Incorporated (a) | 53 | 13463 |
| Mid-America Apartment Communities, Inc. | 94 | 13906 |
| Rexford Industrial Realty, Inc. | 245 | 8706 |
| Sun Communities, Inc. | 115 | 14500 |
| Ventas, Inc. | 206 | 12978 |
| VICI Properties Inc. | 551 | 17974 |
| W.P. Carey Inc. | 240 | 14960 |
|  |  | 145210 |
| **Materials 7.3%** | **Materials 7.3%** | **Materials 7.3%** |
| Amcor Pty Ltd | 1293 | 11882 |
| Ashland Inc. | 197 | 9893 |
| Avery Dennison Corporation | 72 | 12656 |
| Corteva, Inc. | 170 | 12641 |
| DuPont de Nemours, Inc. | 227 | 15571 |
| Eastman Chemical Company | 198 | 14813 |
| Graphic Packaging Holding Company | 835 | 17597 |
| International Flavors & Fragrances Inc. | 164 | 12036 |
| International Paper Company | 257 | 12023 |
| James Hardie Industries Public Limited Company - ADR (a) | 420 | 11293 |
| Nucor Corporation | 69 | 8972 |
|  |  | 139377 |
| **Consumer Staples 7.0%** | **Consumer Staples 7.0%** | **Consumer Staples 7.0%** |
| Albertsons Companies, Inc. - Class A | 659 | 14174 |
| BJ's Wholesale Club Holdings, Inc. (a) | 106 | 11430 |
| Coca-Cola Europacific Partners PLC | 159 | 14720 |
| Conagra Brands, Inc. | 353 | 7232 |
| Ingredion Incorporated | 101 | 13634 |
| Kenvue Inc. | 909 | 19023 |
| Lamb Weston Holdings, Inc. | 120 | 6209 |
| Sysco Corporation | 182 | 13794 |
| The Hershey Company | 63 | 10490 |
| US Foods Holding Corp. (a) | 307 | 23674 |
|  |  | 134380 |
| **Information Technology 6.9%** | **Information Technology 6.9%** | **Information Technology 6.9%** |
| CDW Corp. | 85 | 15089 |
| Check Point Software Technologies Ltd (a) | 65 | 14268 |
| Corning Incorporated | 315 | 16582 |
| Entegris, Inc. | 105 | 8442 |
| Flex Ltd. (a) | 432 | 21542 |
| NXP Semiconductors N.V. | 60 | 13135 |

---

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page [607](#abbreviations).

**JNL Series Trust** (Unaudited)

**Schedules of Investments (in thousands)**

June 30, 2025

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| Pegasystems Inc. | 109 | 5881 |
| Skyworks Solutions, Inc. | 109 | 8112 |
| TE Connectivity Public Limited Company | 100 | 16805 |
| Zebra Technologies Corporation - Class A (a) | 42 | 12957 |
| | | 132813 |
| **Energy 6.0%** | **Energy 6.0%** | **Energy 6.0%** |
| Diamondback Energy, Inc. | 108 | 14831 |
| Expand Energy Corporation | 175 | 20475 |
| Halliburton Company | 274 | 5574 |
| Permian Resources Corporation - Class A | 1037 | 14123 |
| Plains GP Holdings, L.P. - Class A (a) | 655 | 12723 |
| Targa Resources Corp. | 123 | 21434 |
| TechnipFMC PLC | 341 | 11753 |
| Valero Energy Corporation | 101 | 13611 |
|  |  | 114524 |
| **Communication Services 1.6%** | **Communication Services 1.6%** | **Communication Services 1.6%** |
| Electronic Arts Inc. | 90 | 14364 |
| Nexstar Media Group, Inc. - Class A | 35 | 5988 |
| Omnicom Group Inc. | 139 | 10034 |
|  |  | 30386 |
| Total Common Stocks (cost $1,572,281) | Total Common Stocks (cost $1,572,281) | 1890917 |
| **PREFERRED STOCKS 0.7%** | **PREFERRED STOCKS 0.7%** | **PREFERRED STOCKS 0.7%** |
| **Industrials 0.7%** | **Industrials 0.7%** | **Industrials 0.7%** |
| Boeing Company, The, 6.00%, 10/15/27 (b) | 182 | 12359 |
| Total Preferred Stocks (cost $9,088) | Total Preferred Stocks (cost $9,088) | 12359 |
| **SHORT TERM INVESTMENTS 0.6%** | **SHORT TERM INVESTMENTS 0.6%** | **SHORT TERM INVESTMENTS 0.6%** |
| **Investment Companies 0.6%** | **Investment Companies 0.6%** | **Investment Companies 0.6%** |
| JNL Government Money Market Fund - Class I, 4.20% (c) (d) | 11844 | 11844 |
| Total Short Term Investments (cost $11,844) | Total Short Term Investments (cost $11,844) | 11844 |
| **Total Investments 99.9% (cost $1,593,213)** | **Total Investments 99.9% (cost $1,593,213)** | **1915120** |
| **Other Assets and Liabilities, Net 0.1%** | **Other Assets and Liabilities, Net 0.1%** | **2773** |
| **Total Net Assets 100.0%** | **Total Net Assets 100.0%** | **1917893** |

---

(a) Non-income producing security.

(b) Convertible security.

(c) Investment in affiliate.

(d) Yield changes daily to reflect current market conditions. Rate was the quoted yield as of June 30, 2025.

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **JNL/MFS Mid Cap Value Fund — Investments in Affiliates** | **JNL/MFS Mid Cap Value Fund — Investments in Affiliates** | **JNL/MFS Mid Cap Value Fund — Investments in Affiliates** | **JNL/MFS Mid Cap Value Fund — Investments in Affiliates** | **JNL/MFS Mid Cap Value Fund — Investments in Affiliates** | **JNL/MFS Mid Cap Value Fund — Investments in Affiliates** | **JNL/MFS Mid Cap Value Fund — Investments in Affiliates** | **JNL/MFS Mid Cap Value Fund — Investments in Affiliates** | **JNL/MFS Mid Cap Value Fund — Investments in Affiliates** |
| **Affiliated Investment** | **Value Beginning of Period($)** | **Purchases($)** | **Sales Proceeds($)** | **Dividend Income/ Distributions from Funds($)** | **Realized Gain (Loss)($)** | **Change in Unrealized Appreciation (Depreciation) ($)** | **Value End of Period($)** | **Percentage of Net Assets(%)** |
| JNL Government Money Market Fund, 4.20% - Class I | 26606 | 140636 | 155398 | 468 |  |  | 11844 | 0.6 |
| JNL Government Money Market Fund, 4.30% - Class SL |  | 32799 | 32799 | 16 |  |  |  |  |
|  | 26606 | 173435 | 188197 | 484 |  |  | 11844 | 0.6 |

---

**Fair Value Hierarchy.** Various inputs are used in determining the fair value of financial instruments. For a description of the input levels and information about the Fund's policy regarding valuation of financial instruments, see Note 3 in the Notes to Financial Statements. The following table summarizes the Fund's investments categorized in the disclosure hierarchy as of June 30, 2025.

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **<u>. Level 1 ($) .</u>** | **<u>. Level 2 ($) .</u>** | **<u>. Level 3 ($) .</u>** | **<u>. Total ($) .</u>** |
| **JNL/MFS Mid Cap Value Fund** | **JNL/MFS Mid Cap Value Fund** | **JNL/MFS Mid Cap Value Fund** | **JNL/MFS Mid Cap Value Fund** | **JNL/MFS Mid Cap Value Fund** |
| **Assets - Securities** |  |  |  |  |
| &nbsp;&nbsp; Common Stocks | 1890917 |  |  | 1890917 |
| &nbsp;&nbsp; Preferred Stocks | 12359 |  |  | 12359 |
| &nbsp;&nbsp; Short Term Investments | 11844 |  |  | 11844 |
|  | 1915120 |  |  | 1915120 |

---

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page [607](#abbreviations).

**JNL Series Trust** (Unaudited)

**Schedules of Investments (in thousands)**

June 30, 2025

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| **JNL/Morningstar PitchBook Listed Private Equity Index Fund** | **JNL/Morningstar PitchBook Listed Private Equity Index Fund** | **JNL/Morningstar PitchBook Listed Private Equity Index Fund** |
| **COMMON STOCKS 94.7%** | **COMMON STOCKS 94.7%** | **COMMON STOCKS 94.7%** |
| **Financials 86.9%** | **Financials 86.9%** | **Financials 86.9%** |
| 3I Group PLC | 12 | 705 |
| Alaris Royalty Corp. (a) | 1 | 15 |
| Antin Infrastructure Partners | 11 | 148 |
| Apollo Global Management, Inc. | 7 | 1026 |
| Ares Management Corporation - Class A | 4 | 689 |
| Blackstone Inc. - Class A | 11 | 1609 |
| Blue Owl Capital Inc. - Class A | 22 | 425 |
| Bridgepoint Group PLC (a) | 68 | 291 |
| Brookfield Asset Management Ltd. - Class A | 8 | 431 |
| China Merchants China Direct Investments Limited | 18 | 34 |
| Chrysalis Investments Limited (b) | 2 | 2 |
| Compass Diversified Holdings | 12 | 78 |
| Corporacion Financiera Alba, S.A. (c) | 1 |  |
| Creades AB (publ) - Class A | 4 | 32 |
| CVC Capital Partners PLC | 33 | 681 |
| Deutsche Beteiligungs AG | 2 | 60 |
| DigitalBridge Group, Inc. - Class A | 16 | 169 |
| Dream Incubator Inc. (d) | 1 | 13 |
| EQT AB (a) | 27 | 921 |
| Eurazeo | 3 | 208 |
| Exor Nederland N.V. | 1 | 94 |
| Fairfax India Holdings Corporation (b) (e) | 2 | 36 |
| GCM Grosvenor Inc. - Class A (d) | 1 | 12 |
| Georgia Capital PLC (b) | 6 | 164 |
| Gimv | 4 | 176 |
| Hamilton Lane Incorporated - Class A | 2 | 219 |
| Integral Corporation (d) | 2 | 44 |
| Intermediate Capital Group PLC | 16 | 416 |
| Investment AB Oresund | 2 | 24 |
| IP Group PLC | 86 | 61 |
| JAFCO Group Co., Ltd. | 10 | 170 |
| Japan Investment Adviser Co., Ltd. | 5 | 58 |
| Kinnevik AB - Class B (b) | 7 | 66 |
| KKR & Co. Inc. - Class A | 13 | 1754 |
| Linc AB (b) | 2 | 15 |
| Mivtach Shamir Holdings Ltd |  | 3 |
| Molten Ventures PLC (b) |  | 1 |
| Mutares SE & Co. KGaA | 3 | 117 |
| ONEX Corporation | 4 | 331 |
| Partners Group Holding AG |  | 554 |
| Patria Investments Ltd - Class A | 7 | 102 |
| Polar Capital Holdings PLC | 8 | 54 |
| Ratos AB - Class B | 35 | 149 |
| SBI Holdings, Inc. | 10 | 342 |
| Sofina |  | 91 |
| StepStone Group Inc. - Class A | 4 | 238 |
| T. Rowe Price Group, Inc. | 7 | 634 |
| Tamburi Investment Partners S.P.A. In Via Breve T.I.P. S.P.A. Ov Vero Tip S.P.A. | 6 | 56 |
| The Carlyle Group, Inc. | 10 | 497 |
| Tikehau Capital (d) | 4 | 87 |
| TPG Inc. - Class A | 5 | 252 |
| Vinci Partners Investimentos Ltda - Class A | 5 | 44 |
| VNV Global AB (publ) (b) | 18 | 33 |
| Wendel | 3 | 277 |
|  |  | 14708 |
| **Industrials 6.1%** | **Industrials 6.1%** | **Industrials 6.1%** |
| Ackermans | 1 | 315 |
| Brookfield Business Partners L.P. | 6 | 151 |
| Investment Ab Latour - Class B | 9 | 245 |
| Italmobiliare Societa' Per Azioni O In Forma Abbreviata Italmobiliare Spa | 2 | 73 |
| Storskogen Group AB (publ) - Class B | 202 | 242 |
|  |  | 1026 |
| **Health Care 1.0%** | **Health Care 1.0%** | **Health Care 1.0%** |
| MedCap AB (publ) (b) | 2 | 104 |
| Puretech Health PLC (b) | 41 | 70 |
|  |  | 174 |
| **Communication Services 0.5%** | **Communication Services 0.5%** | **Communication Services 0.5%** |
| Stagwell, Inc. - Class A (b) | 19 | 88 |
| **Information Technology 0.2%** | **Information Technology 0.2%** | **Information Technology 0.2%** |
| Smaregi Inc. | 1 | 30 |
| Total Common Stocks (cost $14,800) | Total Common Stocks (cost $14,800) | 16026 |
| **INVESTMENT COMPANIES 4.9%** | **INVESTMENT COMPANIES 4.9%** | **INVESTMENT COMPANIES 4.9%** |
| 3I Infrastructure PLC | 27 | 126 |
| Abrdn Emerging Markets Equity Income Fund, Inc. | 7 | 41 |
| Augmentum Fintech PLC | 1 | 1 |
| Caledonia Investments PLC | 1 | 49 |
| HBM Healthcare Investments AG |  | 1 |
| HgCapital Trust PLC | 27 | 189 |
| ICG Enterprise Trust PLC | 5 | 88 |
| NB Private Equity Partners Limited | 4 | 79 |
| Oakley Capital Investments Limited | 13 | 90 |
| Pantheon International PLC | 19 | 81 |
| Princess Private Equity Holding Limited | 6 | 64 |
| RIT Capital Partners PLC |  | 2 |
| Syncona Limited | 11 | 14 |
| Total Investment Companies (cost $750) | Total Investment Companies (cost $750) | 825 |
| **SHORT TERM INVESTMENTS 0.1%** | **SHORT TERM INVESTMENTS 0.1%** | **SHORT TERM INVESTMENTS 0.1%** |
| **Investment Companies 0.1%** | **Investment Companies 0.1%** | **Investment Companies 0.1%** |
| JNL Government Money Market Fund - Class I, 4.20% (f) (g) | 13 | 13 |
| Total Short Term Investments (cost $13) | Total Short Term Investments (cost $13) | 13 |
| **Total Investments 99.7% (cost $15,563)** | **Total Investments 99.7% (cost $15,563)** | **16864** |
| **Other Assets and Liabilities, Net 0.3%** | **Other Assets and Liabilities, Net 0.3%** | **59** |
| **Total Net Assets 100.0%** | **Total Net Assets 100.0%** | **16923** |

---

(a) Security is restricted to resale to institutional investors or subject to trading restrictions due to sanctions on foreign issuers. See Restricted Securities table following the Schedules of Investments.

(b) Non-income producing security.

(c) Security fair valued in good faith as a Level 3 security in accordance with the procedures approved by the Board of Trustees. Good faith fair valued securities are classified based on the applicable valuation inputs. See "Fair Value Measurement" in the Notes to Financial Statements.

(d) All or a portion of the security was on loan as of June 30, 2025.

(e) Security is exempt from registration under the Securities Act of 1933, as amended. As of June 30, 2025, the value and the percentage of net assets of these securities was $36 and 0.2% of the Fund.

(f) Investment in affiliate.

(g) Yield changes daily to reflect current market conditions. Rate was the quoted yield as of June 30, 2025.

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **JNL/Morningstar PitchBook Listed Private Equity Index Fund — Investments in Affiliates** | **JNL/Morningstar PitchBook Listed Private Equity Index Fund — Investments in Affiliates** | **JNL/Morningstar PitchBook Listed Private Equity Index Fund — Investments in Affiliates** | **JNL/Morningstar PitchBook Listed Private Equity Index Fund — Investments in Affiliates** | **JNL/Morningstar PitchBook Listed Private Equity Index Fund — Investments in Affiliates** | **JNL/Morningstar PitchBook Listed Private Equity Index Fund — Investments in Affiliates** | **JNL/Morningstar PitchBook Listed Private Equity Index Fund — Investments in Affiliates** | **JNL/Morningstar PitchBook Listed Private Equity Index Fund — Investments in Affiliates** | **JNL/Morningstar PitchBook Listed Private Equity Index Fund — Investments in Affiliates** |
| **Affiliated Investment** | **Value Beginning of Period($)** | **Purchases($)** | **Sales Proceeds($)** | **Dividend Income/ Distributions from Funds($)** | **Realized Gain (Loss)($)** | **Change in Unrealized Appreciation (Depreciation) ($)** | **Value End of Period($)** | **Percentage of Net Assets(%)** |
| JNL Government Money Market Fund, 4.20% - Class I |  | 1858 | 1845 | 1 |  |  | 13 | 0.1 |
| JNL Government Money Market Fund, 4.30% - Class SL | 64 | 3095 | 3159 | 3 |  |  |  |  |
|  | 64 | 4953 | 5004 | 4 |  |  | 13 | 0.1 |

---

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page [607](#abbreviations).

**JNL Series Trust** (Unaudited)

**Schedules of Investments (in thousands)**

June 30, 2025

---

| | |
|:---|:---|
| **Summary of Investments by Country^** | **Total Long Term Investments** |
| **United States of America** | 49.0% |
| **United Kingdom** | 18.8 |
| **Sweden** | 10.9 |
| **France** | 4.3 |
| **Japan** | 3.9 |
| **Switzerland** | 3.7 |
| **Belgium** | 3.4 |
| **Canada** | 3.2 |
| **Germany** | 1.0 |
| **Italy** | 0.8 |
| **Netherlands** | 0.5 |
| **Brazil** | 0.3 |
| **Hong Kong** | 0.2 |
| **Israel** |  |
| **Spain** |  |
|  | **100.0%** |
| ^A country table is presented as a percentage of the Fund's total long term investments because its strategy includes investment in non-U.S. securities as deemed significant by the Fund's Adviser. | ^A country table is presented as a percentage of the Fund's total long term investments because its strategy includes investment in non-U.S. securities as deemed significant by the Fund's Adviser. |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **JNL/Morningstar PitchBook Listed Private Equity Index Fund — Restricted Securities** | **JNL/Morningstar PitchBook Listed Private Equity Index Fund — Restricted Securities** | **JNL/Morningstar PitchBook Listed Private Equity Index Fund — Restricted Securities** | **JNL/Morningstar PitchBook Listed Private Equity Index Fund — Restricted Securities** | **JNL/Morningstar PitchBook Listed Private Equity Index Fund — Restricted Securities** |
|  | **Initial Acquisition** | **Cost ($)** | **Value ($)** | **Percent of**<br> **Net Assets (%)** |
| Alaris Royalty Corp. | 03/25/25 | 15 | 15 | 0.1 |
| Bridgepoint Group PLC | 03/20/24 | 243 | 291 | 1.7 |
| EQT AB | 06/20/24 | 796 | 921 | 5.5 |
|  |  | 1054 | 1227 | 7.3 |

---

**Fair Value Hierarchy.** Various inputs are used in determining the fair value of financial instruments. For a description of the input levels and information about the Fund's policy regarding valuation of financial instruments, see Note 3 in the Notes to Financial Statements. The following table summarizes the Fund's investments categorized in the disclosure hierarchy as of June 30, 2025.

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **<u>. Level 1 ($) .</u>** | **<u>. Level 2 ($) .</u>** | **<u>. Level 3 ($) .</u>** | **<u>. Total ($) .</u>** |
| **JNL/Morningstar PitchBook Listed Private Equity Index Fund** | **JNL/Morningstar PitchBook Listed Private Equity Index Fund** | **JNL/Morningstar PitchBook Listed Private Equity Index Fund** | **JNL/Morningstar PitchBook Listed Private Equity Index Fund** | **JNL/Morningstar PitchBook Listed Private Equity Index Fund** |
| **Assets - Securities** |  |  |  |  |
| &nbsp;&nbsp; Common Stocks |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Financials | 8561 | 6147 |  | 14708 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Industrials | 151 | 875 |  | 1026 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Health Care |  | 174 |  | 174 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Communication Services | 88 |  |  | 88 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Information Technology |  | 30 |  | 30 |
| &nbsp;&nbsp; Investment Companies | 825 |  |  | 825 |
| &nbsp;&nbsp; Short Term Investments | 13 |  |  | 13 |
|  | 9638 | 7226 |  | 16864 |

---

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page [607](#abbreviations).

**JNL Series Trust** (Unaudited)

**Schedules of Investments (in thousands)**

June 30, 2025

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| **JNL/Morningstar SMID Moat Focus Index Fund** | **JNL/Morningstar SMID Moat Focus Index Fund** | **JNL/Morningstar SMID Moat Focus Index Fund** |
| **COMMON STOCKS 98.8%** | **COMMON STOCKS 98.8%** | **COMMON STOCKS 98.8%** |
| **Consumer Discretionary 21.3%** | **Consumer Discretionary 21.3%** | **Consumer Discretionary 21.3%** |
| Airbnb, Inc. - Class A (a) | 7 | 893 |
| Asbury Automotive Group, Inc. (a) | 7 | 1671 |
| AutoNation, Inc. (a) | 10 | 1902 |
| BorgWarner Inc. | 55 | 1858 |
| CarMax, Inc. (a) | 24 | 1622 |
| Carnival Corporation (a) | 79 | 2216 |
| Coupang, Inc. - Class A (a) | 38 | 1134 |
| DK Crown Holdings Inc. - Class A (a) | 45 | 1943 |
| ETSY, Inc. (a) | 13 | 673 |
| Expedia Group, Inc. | 10 | 1693 |
| Flutter Entertainment Public Limited Company (a) | 7 | 1906 |
| Hasbro, Inc. | 26 | 1925 |
| Las Vegas Sands Corp. | 20 | 890 |
| Lithia Motors, Inc. - Class A | 5 | 1843 |
| Lululemon Athletica Inc. (a) | 3 | 786 |
| Mattel, Inc. (a) | 86 | 1691 |
| Norwegian Cruise Line Holdings Ltd. (a) | 88 | 1786 |
| Wynn Resorts, Limited | 20 | 1856 |
|  |  | 28288 |
| **Industrials 18.3%** | **Industrials 18.3%** | **Industrials 18.3%** |
| Acuity Brands, Inc. | 6 | 1903 |
| Allegion Public Limited Company | 13 | 1863 |
| Chart Industries, Inc. (a) | 12 | 1908 |
| CNH Industrial N.V. | 132 | 1713 |
| Dayforce, Inc. (a) | 16 | 895 |
| Fortive Corporation | 23 | 1205 |
| Generac Holdings Inc. (a) | 7 | 956 |
| Huntington Ingalls Industries, Inc. | 4 | 908 |
| IDEX Corporation | 5 | 822 |
| L3Harris Technologies, Inc. | 3 | 876 |
| Masco Corporation | 25 | 1623 |
| Nordson Corporation | 4 | 838 |
| PACCAR Inc | 9 | 863 |
| Ralliant Corporation (a) | 8 | 373 |
| Sensata Technologies Holding PLC | 31 | 923 |
| SS&C Technologies Holdings, Inc. | 21 | 1725 |
| TransUnion | 20 | 1743 |
| Vertiv Holdings Co - Class A | 10 | 1307 |
| WESCO International, Inc. | 10 | 1837 |
|  |  | 24281 |
| **Information Technology 13.9%** | **Information Technology 13.9%** | **Information Technology 13.9%** |
| Akamai Technologies, Inc. (a) | 11 | 876 |
| Atlassian Corporation - Class A (a) | 8 | 1565 |
| Cognizant Technology Solutions Corporation - Class A | 11 | 831 |
| Datadog, Inc. - Class A (a) | 8 | 1120 |
| Dynatrace, Inc. (a) | 33 | 1834 |
| Elastic N.V. (a) | 9 | 728 |
| HubSpot, Inc. (a) | 1 | 773 |
| Littelfuse, Inc. | 4 | 913 |
| Marvell Technology, Inc. | 12 | 960 |
| Monolithic Power Systems, Inc. | 3 | 1918 |
| Teradyne, Inc. | 10 | 859 |
| Vontier Corporation | 49 | 1805 |
| Workday, Inc. - Class A (a) | 7 | 1651 |
| Zebra Technologies Corporation - Class A (a) | 3 | 923 |
| Zoom Communications, Inc. - Class A (a) | 22 | 1724 |
|  |  | 18480 |
| **Health Care 12.3%** | **Health Care 12.3%** | **Health Care 12.3%** |
| Agilent Technologies, Inc. | 14 | 1691 |
| Baxter International Inc. | 52 | 1570 |
| Bio-Techne Corporation | 14 | 704 |
| Edwards Lifesciences Corporation (a) | 24 | 1856 |
| GE HealthCare Technologies Inc. | 22 | 1632 |
| Ionis Pharmaceuticals, Inc. (a) | 23 | 922 |
| Labcorp Holdings Inc. | 3 | 880 |
| ResMed Inc. | 7 | 1875 |
| Revvity, Inc. | 17 | 1618 |
| Royalty Pharma PLC - Class A | 52 | 1862 |
| Veeva Systems Inc. - Class A (a) | 4 | 1048 |
| Zimmer Biomet Holdings, Inc. | 8 | 736 |
|  |  | 16394 |
| **Financials 10.4%** | **Financials 10.4%** | **Financials 10.4%** |
| Block, Inc. - Class A (a) | 13 | 885 |
| Capital One Financial Corporation | 5 | 1049 |
| Fidelity National Information Services, Inc. | 12 | 1003 |
| Jack Henry & Associates, Inc. | 5 | 859 |
| LPL Financial Holdings Inc. | 3 | 1014 |
| MarketAxess Holdings Inc. | 8 | 1764 |
| SEI Investments Company | 12 | 1041 |
| T. Rowe Price Group, Inc. | 18 | 1738 |
| The Carlyle Group, Inc. | 38 | 1972 |
| The Western Union Company | 81 | 681 |
| Truist Financial Corporation | 21 | 911 |
| U.S. Bancorp | 19 | 865 |
|  |  | 13782 |
| **Materials 5.6%** | **Materials 5.6%** | **Materials 5.6%** |
| Amcor Pty Ltd | 93 | 858 |
| Corteva, Inc. | 14 | 1061 |
| Crown Holdings, Inc. | 8 | 877 |
| DuPont de Nemours, Inc. | 24 | 1619 |
| Eastman Chemical Company | 9 | 672 |
| International Flavors & Fragrances Inc. | 10 | 767 |
| Sealed Air Corporation | 54 | 1663 |
|  |  | 7517 |
| **Consumer Staples 4.2%** | **Consumer Staples 4.2%** | **Consumer Staples 4.2%** |
| Campbell's Company, The | 22 | 675 |
| Clorox Company, The | 7 | 807 |
| General Mills, Inc. | 16 | 811 |
| Kenvue Inc. | 40 | 843 |
| Kimberly-Clark Corporation | 6 | 833 |
| Kraft Heinz Company, The | 28 | 726 |
| The Hershey Company | 5 | 852 |
|  |  | 5547 |
| **Communication Services 3.9%** | **Communication Services 3.9%** | **Communication Services 3.9%** |
| Former Charter Communications Parent, Inc. - Class A (a) | 5 | 1879 |
| Omnicom Group Inc. | 10 | 757 |
| Pinterest, Inc. - Class A (a) | 25 | 911 |
| The Interpublic Group of Companies, Inc. | 32 | 783 |
| Warner Music Group Corp. - Class A | 33 | 891 |
|  |  | 5221 |
| **Utilities 3.2%** | **Utilities 3.2%** | **Utilities 3.2%** |
| Essential Utilities, Inc. | 23 | 840 |
| Evergy, Inc. | 13 | 878 |
| FirstEnergy Corp. | 22 | 867 |
| Portland General Electric Company | 40 | 1644 |
|  |  | 4229 |
| **Energy 3.0%** | **Energy 3.0%** | **Energy 3.0%** |
| Devon Energy Corporation | 24 | 765 |
| Hess Corporation | 12 | 1678 |
| ONEOK, Inc. | 11 | 863 |
| Schlumberger Limited | 21 | 705 |
|  |  | 4011 |
| **Real Estate 2.7%** | **Real Estate 2.7%** | **Real Estate 2.7%** |
| Crown Castle Inc. | 17 | 1799 |
| SBA Communications Corporation - Class A | 8 | 1813 |
|  |  | 3612 |
| Total Common Stocks (cost $125,926) | Total Common Stocks (cost $125,926) | 131362 |
| **INVESTMENT COMPANIES 0.8%** | **INVESTMENT COMPANIES 0.8%** | **INVESTMENT COMPANIES 0.8%** |
| iShares Core S&P Mid-Cap ETF | 18 | 1114 |
| Total Investment Companies (cost $1,085) | Total Investment Companies (cost $1,085) | 1114 |
| **SHORT TERM INVESTMENTS 0.4%** | **SHORT TERM INVESTMENTS 0.4%** | **SHORT TERM INVESTMENTS 0.4%** |
| **Investment Companies 0.4%** | **Investment Companies 0.4%** | **Investment Companies 0.4%** |
| JNL Government Money Market Fund - Class I, 4.20% (b) (c) | 480 | 480 |
| Total Short Term Investments (cost $480) | Total Short Term Investments (cost $480) | 480 |
| **Total Investments 100.0% (cost $127,491)** | **Total Investments 100.0% (cost $127,491)** | **132956** |
| **Other Assets and Liabilities, Net 0.0%** | **Other Assets and Liabilities, Net 0.0%** | **64** |
| **Total Net Assets 100.0%** | **Total Net Assets 100.0%** | **133020** |

---

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page [607](#abbreviations).

**JNL Series Trust** (Unaudited)

**Schedules of Investments (in thousands)**

June 30, 2025

(a) Non-income producing security.

(b) Investment in affiliate.

(c) Yield changes daily to reflect current market conditions. Rate was the quoted yield as of June 30, 2025.

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **JNL/Morningstar SMID Moat Focus Index Fund — Investments in Affiliates** | **JNL/Morningstar SMID Moat Focus Index Fund — Investments in Affiliates** | **JNL/Morningstar SMID Moat Focus Index Fund — Investments in Affiliates** | **JNL/Morningstar SMID Moat Focus Index Fund — Investments in Affiliates** | **JNL/Morningstar SMID Moat Focus Index Fund — Investments in Affiliates** | **JNL/Morningstar SMID Moat Focus Index Fund — Investments in Affiliates** | **JNL/Morningstar SMID Moat Focus Index Fund — Investments in Affiliates** | **JNL/Morningstar SMID Moat Focus Index Fund — Investments in Affiliates** | **JNL/Morningstar SMID Moat Focus Index Fund — Investments in Affiliates** |
| **Affiliated Investment** | **Value Beginning of Period($)** | **Purchases($)** | **Sales Proceeds($)** | **Dividend Income/ Distributions from Funds($)** | **Realized Gain (Loss)($)** | **Change in Unrealized Appreciation (Depreciation) ($)** | **Value End of Period($)** | **Percentage of Net Assets(%)** |
| JNL Government Money Market Fund, 4.20% - Class I | 510 | 9509 | 9539 | 10 |  |  | 480 | 0.4 |
| JNL Government Money Market Fund, 4.30% - Class SL |  | 3859 | 3859 | 2 |  |  |  |  |
|  | 510 | 13368 | 13398 | 12 |  |  | 480 | 0.4 |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **JNL/Morningstar SMID Moat Focus Index Fund — Futures Contracts** | **JNL/Morningstar SMID Moat Focus Index Fund — Futures Contracts** | **JNL/Morningstar SMID Moat Focus Index Fund — Futures Contracts** | **JNL/Morningstar SMID Moat Focus Index Fund — Futures Contracts** | **JNL/Morningstar SMID Moat Focus Index Fund — Futures Contracts** | **JNL/Morningstar SMID Moat Focus Index Fund — Futures Contracts** |
| **Reference Entity** | **Contracts<sup>1</sup>** | **Expiration** | **Notional<sup>1</sup>** | **Variation**<br> **Margin**<br> **Receivable**<br> (Payable) ($) | **Value/**<br> **Unrealized**<br> **Appreciation**<br> (Depreciation) ($) |
| **Long Contracts** | **Long Contracts** | **Long Contracts** | **Long Contracts** | **Long Contracts** | **Long Contracts** |
| S&P Midcap 400 Index | 2 | September 2025 | 606 |  | 19 |

---

**Fair Value Hierarchy.** Various inputs are used in determining the fair value of financial instruments. For a description of the input levels and information about the Fund's policy regarding valuation of financial instruments, see Note 3 in the Notes to Financial Statements. The following table summarizes the Fund's investments categorized in the disclosure hierarchy as of June 30, 2025.

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **<u>. Level 1 ($) .</u>** | **<u>. Level 2 ($) .</u>** | **<u>. Level 3 ($) .</u>** | **<u>. Total ($) .</u>** |
| **JNL/Morningstar SMID Moat Focus Index Fund** | **JNL/Morningstar SMID Moat Focus Index Fund** | **JNL/Morningstar SMID Moat Focus Index Fund** | **JNL/Morningstar SMID Moat Focus Index Fund** | **JNL/Morningstar SMID Moat Focus Index Fund** |
| **Assets - Securities** |  |  |  |  |
| &nbsp;&nbsp; Common Stocks | 131362 |  |  | 131362 |
| &nbsp;&nbsp; Investment Companies | 1114 |  |  | 1114 |
| &nbsp;&nbsp; Short Term Investments | 480 |  |  | 480 |
|  | 132956 |  |  | 132956 |
| **Assets - Investments in Other Financial Instruments<sup>1</sup>** |  |  |  |  |
| &nbsp;&nbsp; Futures Contracts | 19 |  |  | 19 |
|  | 19 |  |  | 19 |

---

<sup>1</sup> All derivatives, except for purchased and written options, are reflected at the unrealized appreciation (depreciation) on the instrument. Purchased and written options are reflected at value.

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page [607](#abbreviations).

**JNL Series Trust** (Unaudited)

**Schedules of Investments (in thousands)**

June 30, 2025

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| **JNL/Morningstar U.S. Sustainability Index Fund** | **JNL/Morningstar U.S. Sustainability Index Fund** | **JNL/Morningstar U.S. Sustainability Index Fund** |
| **COMMON STOCKS 100.0%** | **COMMON STOCKS 100.0%** | **COMMON STOCKS 100.0%** |
| **Information Technology 31.6%** | **Information Technology 31.6%** | **Information Technology 31.6%** |
| Accenture Public Limited Company - Class A | 11 | 3281 |
| Adobe Inc. (a) | 8 | 2900 |
| Advanced Micro Devices, Inc. (a) | 28 | 4041 |
| Akamai Technologies, Inc. (a) | 3 | 214 |
| Applied Materials, Inc. | 14 | 2613 |
| Cadence Design Systems, Inc. (a) | 5 | 1483 |
| CDW Corp. | 2 | 416 |
| Cisco Systems, Inc. | 70 | 4848 |
| Flex Ltd. (a) | 6 | 321 |
| Hewlett Packard Enterprise Company | 23 | 463 |
| HP, Inc. | 17 | 408 |
| International Business Machines Corporation | 16 | 4793 |
| Jabil Inc. | 2 | 385 |
| Juniper Networks, Inc. | 6 | 236 |
| Keysight Technologies, Inc. (a) | 3 | 500 |
| Lam Research Corporation | 23 | 2200 |
| Microsoft Corporation | 92 | 45639 |
| Motorola Solutions, Inc. | 3 | 1233 |
| NVIDIA Corporation | 293 | 46330 |
| Oracle Corporation | 29 | 6237 |
| Palo Alto Networks, Inc. (a) | 12 | 2378 |
| Qualcomm Incorporated | 19 | 3097 |
| Salesforce, Inc. | 10 | 2659 |
| Seagate Technology Holdings Public Limited Company | 4 | 522 |
| Synopsys, Inc. (a) | 3 | 1392 |
| TE Connectivity Public Limited Company | 5 | 875 |
| Trimble Inc. (a) | 4 | 320 |
| Western Digital Corporation | 6 | 378 |
| Zebra Technologies Corporation - Class A (a) | 1 | 274 |
|  |  | 140436 |
| **Financials 16.7%** | **Financials 16.7%** | **Financials 16.7%** |
| AFLAC Incorporated | 9 | 925 |
| Allstate Corporation, The | 5 | 945 |
| American Express Company | 10 | 3089 |
| Ameriprise Financial, Inc. | 2 | 894 |
| AON Public Limited Company - Class A | 4 | 1359 |
| Arch Capital Group Ltd. | 7 | 602 |
| Ares Management Corporation - Class A | 4 | 624 |
| Arthur J. Gallagher & Co. | 4 | 1431 |
| Bank of America Corporation | 76 | 3592 |
| Bank of New York Mellon Corporation, The (b) | 12 | 1104 |
| BlackRock, Inc. | 2 | 2563 |
| Brown & Brown, Inc. | 5 | 531 |
| Capital One Financial Corporation | 11 | 2375 |
| Citigroup Inc. | 33 | 2818 |
| CME Group Inc. - Class A | 6 | 1743 |
| Equitable Holdings, Inc. | 5 | 300 |
| Everest Group, Ltd. | 1 | 257 |
| FactSet Research Systems Inc. | 1 | 301 |
| Fifth Third Bancorp | 12 | 484 |
| Global Payments Inc. | 4 | 344 |
| Hartford Insurance Group, Inc., The | 5 | 629 |
| Huntington Bancshares Incorporated | 25 | 419 |
| Intercontinental Exchange, Inc. | 10 | 1845 |
| KeyCorp | 16 | 284 |
| KKR & Co. Inc. - Class A | 12 | 1556 |
| LPL Financial Holdings Inc. | 1 | 532 |
| Marsh & Mclennan Companies, Inc. | 9 | 1896 |
| MasterCard Incorporated - Class A | 14 | 8100 |
| MetLife, Inc. | 10 | 805 |
| Moody's Corporation | 3 | 1381 |
| Morgan Stanley | 22 | 3081 |
| MSCI Inc. - Class A | 1 | 753 |
| Nasdaq, Inc. | 7 | 614 |
| PayPal Holdings, Inc. (a) | 17 | 1276 |
| Principal Financial Group, Inc. | 4 | 318 |
| Prudential Financial, Inc. | 6 | 678 |
| Regions Financial Corporation | 15 | 355 |
| Reinsurance Group of America, Incorporated | 1 | 225 |
| RenaissanceRe Holdings Ltd | 1 | 198 |
| S&P Global Inc. | 5 | 2854 |
| SoFi Technologies, Inc. (a) | 19 | 348 |
| State Street Corporation | 5 | 535 |
| Synchrony Financial | 7 | 449 |
| T. Rowe Price Group, Inc. | 4 | 380 |
| The Carlyle Group, Inc. | 4 | 196 |
| The PNC Financial Services Group, Inc. | 7 | 1315 |
| The Progressive Corporation | 10 | 2743 |
| Tradeweb Markets Inc. - Class A | 2 | 299 |
| Travelers Companies, Inc., The | 4 | 1068 |
| Truist Financial Corporation | 23 | 981 |
| Unum Group | 3 | 226 |
| Visa Inc. - Class A | 30 | 10759 |
| W. R. Berkley Corporation | 5 | 371 |
| Willis Towers Watson Public Limited Company | 2 | 504 |
|  |  | 74254 |
| **Health Care 12.0%** | **Health Care 12.0%** | **Health Care 12.0%** |
| Abbott Laboratories | 31 | 4148 |
| Agilent Technologies, Inc. | 5 | 584 |
| Align Technology, Inc. (a) | 1 | 230 |
| Amgen Inc. | 9 | 2639 |
| Baxter International Inc. | 9 | 276 |
| Becton, Dickinson and Company | 5 | 864 |
| Biogen Inc. (a) | 2 | 310 |
| BioMarin Pharmaceutical Inc. (a) | 3 | 180 |
| Boston Scientific Corporation (a) | 26 | 2781 |
| Bristol-Myers Squibb Company | 36 | 1656 |
| Cardinal Health, Inc. | 4 | 712 |
| Cencora, Inc. | 3 | 974 |
| Centene Corporation (a) | 8 | 447 |
| Cigna Group, The | 5 | 1538 |
| Cooper Companies, Inc., The (a) | 3 | 245 |
| CVS Health Corporation | 22 | 1521 |
| Danaher Corporation | 11 | 2221 |
| DexCom, Inc. (a) | 7 | 604 |
| Edwards Lifesciences Corporation (a) | 10 | 798 |
| Elevance Health, Inc. | 4 | 1542 |
| GE HealthCare Technologies Inc. | 8 | 597 |
| Gilead Sciences, Inc. | 22 | 2429 |
| Hologic, Inc. (a) | 4 | 253 |
| Humana Inc. | 2 | 521 |
| IDEXX Laboratories, Inc. (a) | 1 | 758 |
| Illumina, Inc. (a) | 3 | 262 |
| Insulet Corporation (a) | 1 | 390 |
| Intuitive Surgical, Inc. (a) | 6 | 3387 |
| IQVIA Holdings Inc (a) | 3 | 488 |
| McKesson Corporation | 2 | 1615 |
| Medtronic, Inc. | 23 | 1966 |
| Merck & Co., Inc. | 45 | 3527 |
| Mettler-Toledo International Inc. (a) |  | 425 |
| Pfizer Inc. | 100 | 2416 |
| Quest Diagnostics Incorporated | 2 | 354 |
| Regeneron Pharmaceuticals, Inc. | 2 | 964 |
| ResMed Inc. | 3 | 659 |
| Revvity, Inc. | 2 | 206 |
| Solventum Corporation (a) | 2 | 186 |
| Stryker Corporation | 1 | 240 |
| Thermo Fisher Scientific Inc. | 7 | 2691 |
| United Therapeutics Corporation (a) | 1 | 211 |
| Veeva Systems Inc. - Class A (a) | 3 | 765 |
| Vertex Pharmaceuticals Incorporated (a) | 5 | 2015 |
| Waters Corporation (a) | 1 | 366 |
| West Pharmaceutical Services, Inc. | 1 | 271 |
| Zoetis Inc. - Class A | 8 | 1221 |
|  |  | 53453 |
| **Consumer Discretionary 9.1%** | **Consumer Discretionary 9.1%** | **Consumer Discretionary 9.1%** |
| Airbnb, Inc. - Class A (a) | 7 | 967 |
| AutoZone, Inc. (a) |  | 1091 |
| Best Buy Co., Inc. | 3 | 225 |
| Booking Holdings Inc. | 1 | 3323 |
| Burlington Stores, Inc. (a) | 1 | 262 |
| Carnival Corporation (a) | 19 | 539 |
| Carvana Co. - Class A (a) | 2 | 783 |

---

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page [607](#abbreviations).

**JNL Series Trust** (Unaudited)

**Schedules of Investments (in thousands)**

June 30, 2025

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| Chipotle Mexican Grill, Inc. (a) | 24 | 1319 |
| D.R. Horton, Inc. | 5 | 620 |
| Deckers Outdoor Corporation (a) | 3 | 269 |
| DoorDash, Inc. - Class A (a) | 6 | 1566 |
| eBay Inc. | 8 | 615 |
| Expedia Group, Inc. | 2 | 361 |
| Flutter Entertainment Public Limited Company (a) | 3 | 841 |
| Genuine Parts Company | 2 | 295 |
| Hilton Worldwide Holdings Inc. | 4 | 1089 |
| Home Depot, Inc., The | 17 | 6398 |
| Las Vegas Sands Corp. | 6 | 278 |
| Lennar Corporation - Class A | 4 | 447 |
| Lennar Corporation - Class B |  | 20 |
| Lowe`s Companies, Inc. | 10 | 2185 |
| Lululemon Athletica Inc. (a) | 2 | 441 |
| Marriott International, Inc. - Class A | 4 | 1086 |
| MercadoLibre, Inc. (a) | 1 | 2161 |
| NIKE, Inc. - Class B | 20 | 1455 |
| NVR, Inc. (a) |  | 355 |
| O'Reilly Automotive, Inc. (a) | 15 | 1343 |
| PulteGroup, Inc. | 4 | 370 |
| Ross Stores, Inc. | 6 | 719 |
| Royal Caribbean Cruises Ltd. | 4 | 1376 |
| Service Corporation International | 3 | 205 |
| Somnigroup International Inc. | 3 | 225 |
| Starbucks Corporation | 20 | 1830 |
| Tapestry, Inc. | 4 | 322 |
| Tesla Inc. (a) | 2 | 778 |
| TJX Companies, Inc., The | 20 | 2447 |
| Tractor Supply Company | 9 | 474 |
| Ulta Beauty, Inc. (a) | 1 | 364 |
| Williams-Sonoma, Inc. | 2 | 348 |
| Yum! Brands, Inc. | 5 | 737 |
| | | 40529 |
| **Industrials 8.5%** | **Industrials 8.5%** | **Industrials 8.5%** |
| Allegion Public Limited Company | 2 | 224 |
| AMETEK, Inc. | 4 | 739 |
| Booz Allen Hamilton Holding Corporation - Class A | 2 | 220 |
| Carlisle Companies Incorporated | 1 | 287 |
| Carrier Global Corporation | 14 | 1040 |
| Cintas Corporation | 6 | 1355 |
| Clean Harbors, Inc. (a) | 1 | 209 |
| CNH Industrial N.V. | 15 | 200 |
| Copart, Inc. (a) | 15 | 725 |
| CSX Corporation | 33 | 1076 |
| Cummins Inc. | 2 | 785 |
| Deere & Company | 4 | 2230 |
| Delta Air Lines, Inc. | 12 | 568 |
| Eaton Corporation Public Limited Company | 7 | 2481 |
| Emerson Electric Co. | 10 | 1319 |
| Equifax Inc. | 2 | 555 |
| Expeditors International of Washington, Inc. - Class A | 2 | 271 |
| Fastenal Company | 20 | 838 |
| FedEx Corporation | 4 | 908 |
| Ferguson Enterprises Inc. | 4 | 775 |
| GE Vernova Inc. | 5 | 2539 |
| Hubbell Incorporated | 1 | 387 |
| Illinois Tool Works Inc. | 5 | 1278 |
| Ingersoll Rand Inc. | 7 | 596 |
| J.B. Hunt Transport Services, Inc. | 1 | 200 |
| Johnson Controls International Public Limited Company | 12 | 1224 |
| Lennox International Inc. | 1 | 332 |
| Masco Corporation | 4 | 235 |
| Norfolk Southern Corporation | 4 | 1014 |
| Old Dominion Freight Line, Inc. | 3 | 504 |
| Otis Worldwide Corporation | 7 | 687 |
| Owens Corning | 2 | 212 |
| Pentair Public Limited Company | 3 | 292 |
| Republic Services, Inc. | 4 | 896 |
| Rockwell Automation, Inc. | 2 | 659 |
| Rollins, Inc. | 5 | 290 |
| Trane Technologies Public Limited Company | 4 | 1715 |
| TransUnion | 3 | 302 |
| Union Pacific Corporation | 11 | 2415 |
| United Parcel Service, Inc. - Class B | 13 | 1293 |
| United Rentals, Inc. | 1 | 862 |
| Verisk Analytics, Inc. | 2 | 767 |
| Waste Management, Inc. | 6 | 1477 |
| Watsco, Inc. | 1 | 271 |
| Xylem Inc. | 4 | 553 |
|  |  | 37805 |
| **Communication Services 7.1%** | **Communication Services 7.1%** | **Communication Services 7.1%** |
| AT&T Inc. | 126 | 3651 |
| Comcast Corporation - Class A | 66 | 2337 |
| Electronic Arts Inc. | 4 | 674 |
| Former Charter Communications Parent, Inc. - Class A (a) | 2 | 694 |
| Fox Corporation - Class A | 4 | 208 |
| Fox Corporation - Class B | 2 | 116 |
| Liberty Broadband Corporation - Series A (a) |  | 29 |
| Liberty Broadband Corporation - Series C (a) | 2 | 183 |
| Liberty Media Corporation - Series A (a) |  | 34 |
| Liberty Media Corporation - Series C (a) | 4 | 396 |
| Live Nation Entertainment, Inc. (a) | 3 | 379 |
| Netflix, Inc. (a) | 8 | 10066 |
| News Corporation - Class A | 6 | 192 |
| News Corporation - Class B | 2 | 58 |
| Omnicom Group Inc. | 3 | 246 |
| Pinterest, Inc. - Class A (a) | 10 | 371 |
| Reddit, Inc. - Class A (a) | 2 | 316 |
| Roblox Corporation - Class A (a) | 11 | 1124 |
| Snap Inc. - Class A (a) | 18 | 156 |
| Take-Two Interactive Software, Inc. (a) | 3 | 713 |
| TKO Group Holdings Inc. - Class A | 1 | 221 |
| T-Mobile US, Inc. | 8 | 1937 |
| Verizon Communications Inc. | 74 | 3199 |
| Walt Disney Company, The | 32 | 3942 |
| Warner Bros. Discovery, Inc. - Series A (a) | 40 | 461 |
|  |  | 31703 |
| **Real Estate 4.3%** | **Real Estate 4.3%** | **Real Estate 4.3%** |
| Alexandria Real Estate Equities, Inc. (c) | 3 | 188 |
| American Homes 4 Rent - Class A | 5 | 196 |
| American Tower Corporation | 8 | 1812 |
| AvalonBay Communities, Inc. | 2 | 492 |
| Camden Property Trust | 2 | 212 |
| CBRE Group, Inc. - Class A (a) | 5 | 730 |
| CoStar Group, Inc. (a) | 1 | 118 |
| Crown Castle Inc. | 7 | 746 |
| Digital Realty Trust, Inc. | 6 | 961 |
| Equinix, Inc. | 2 | 1368 |
| Equity Lifestyle Properties, Inc. | 3 | 211 |
| Equity Residential | 6 | 400 |
| Essex Property Trust, Inc. | 1 | 307 |
| Extra Space Storage Inc. | 4 | 523 |
| Gaming and Leisure Properties, Inc. | 5 | 219 |
| Invitation Homes Inc. | 10 | 321 |
| Iron Mountain Incorporated | 5 | 537 |
| Kimco Realty OP, LLC | 12 | 253 |
| Mid-America Apartment Communities, Inc. | 2 | 306 |
| ProLogis Inc. | 16 | 1708 |
| Public Storage Operating Company | 3 | 810 |
| Realty Income Corporation | 16 | 911 |
| Regency Centers Corporation | 3 | 210 |
| SBA Communications Corporation - Class A | 2 | 441 |
| Simon Property Group, Inc. | 6 | 912 |
| Sun Communities, Inc. | 2 | 270 |
| UDR, Inc. | 5 | 217 |
| Ventas, Inc. | 7 | 456 |
| VICI Properties Inc. | 19 | 610 |
| W.P. Carey Inc. | 4 | 232 |
| Welltower Inc. | 11 | 1753 |
| Weyerhaeuser Company | 12 | 318 |
| Zillow Group, Inc. - Class A (a) | 1 | 65 |
| Zillow Group, Inc. - Class C (a) | 3 | 212 |
|  |  | 19025 |
| **Consumer Staples 4.2%** | **Consumer Staples 4.2%** | **Consumer Staples 4.2%** |
| Brown-Forman Corporation - Class A | 1 | 28 |

---

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page [607](#abbreviations).

**JNL Series Trust** (Unaudited)

**Schedules of Investments (in thousands)**

June 30, 2025

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| Brown-Forman Corporation - Class B | 5 | 135 |
| Church & Dwight Co., Inc. | 4 | 420 |
| Clorox Company, The | 2 | 256 |
| Colgate-Palmolive Company | 14 | 1304 |
| Dollar General Corporation | 4 | 435 |
| Dollar Tree, Inc. (a) | 4 | 359 |
| Estee Lauder Companies Inc., The - Class A | 4 | 332 |
| Kenvue Inc. | 31 | 643 |
| Mondelez International, Inc. - Class A | 23 | 1536 |
| PepsiCo, Inc. | 24 | 3192 |
| Performance Food Group Company (a) | 3 | 234 |
| Sysco Corporation | 9 | 657 |
| Target Corporation | 8 | 790 |
| The Hershey Company | 3 | 434 |
| US Foods Holding Corp. (a) | 4 | 304 |
| Walmart Inc. | 76 | 7445 |
| | | 18504 |
| **Materials 2.6%** | **Materials 2.6%** | **Materials 2.6%** |
| Air Products and Chemicals, Inc. | 4 | 1099 |
| Amcor Pty Ltd | 40 | 366 |
| Avery Dennison Corporation | 1 | 237 |
| Ball Corporation | 5 | 266 |
| CRH Public Limited Company | 12 | 1093 |
| Dow Inc. | 12 | 329 |
| Ecolab Inc. | 4 | 1201 |
| International Flavors & Fragrances Inc. | 5 | 333 |
| International Paper Company | 9 | 432 |
| Linde Public Limited Company | 8 | 3920 |
| LyondellBasell Industries N.V. - Class A | 5 | 267 |
| Newmont Corporation | 20 | 1138 |
| Packaging Corporation of America | 2 | 293 |
| PPG Industries, Inc. | 4 | 451 |
| Reliance, Inc. | 1 | 296 |
|  |  | 11721 |
| **Energy 2.2%** | **Energy 2.2%** | **Energy 2.2%** |
| Baker Hughes Company - Class A | 17 | 660 |
| Cheniere Energy, Inc. | 4 | 954 |
| Halliburton Company | 15 | 302 |
| Kinder Morgan, Inc. | 34 | 1011 |
| Marathon Petroleum Corporation | 6 | 919 |
| ONEOK, Inc. | 11 | 886 |
| Phillips 66 | 7 | 861 |
| Schlumberger Limited | 24 | 802 |
| Targa Resources Corp. | 4 | 668 |
| Texas Pacific Land Corporation |  | 356 |
| Valero Energy Corporation | 6 | 749 |
| Williams Companies, Inc., The | 21 | 1340 |
|  |  | 9508 |
| **Utilities 1.7%** | **Utilities 1.7%** | **Utilities 1.7%** |
| Alliant Energy Corporation | 4 | 270 |
| American Electric Power Company, Inc. | 3 | 350 |
| American Water Works Company, Inc. | 3 | 481 |
| CMS Energy Corporation | 5 | 366 |
| Consolidated Edison, Inc. | 6 | 615 |
| Eversource Energy | 6 | 393 |
| Exelon Corporation | 18 | 764 |
| NextEra Energy, Inc. | 36 | 2502 |
| NiSource Inc. | 8 | 335 |
| Public Service Enterprise Group Incorporated | 9 | 743 |
| Sempra | 11 | 863 |
|  |  | 7682 |
| Total Common Stocks (cost $363,853) | Total Common Stocks (cost $363,853) | 444620 |
| **SHORT TERM INVESTMENTS 0.1%** | **SHORT TERM INVESTMENTS 0.1%** | **SHORT TERM INVESTMENTS 0.1%** |
| **Securities Lending Collateral 0.1%** | **Securities Lending Collateral 0.1%** | **Securities Lending Collateral 0.1%** |
| JNL Government Money Market Fund - Class SL, 4.30% (b) (d) | 194 | 194 |
| Total Short Term Investments (cost $194) | Total Short Term Investments (cost $194) | 194 |
| **Total Investments 100.1% (cost $364,047)** | **Total Investments 100.1% (cost $364,047)** | **444814** |
| **Other Derivative Instruments 0.0%** | **Other Derivative Instruments 0.0%** | **9** |
| **Other Assets and Liabilities, Net (0.1)%** | **Other Assets and Liabilities, Net (0.1)%** | (374) |
| **Total Net Assets 100.0%** | **Total Net Assets 100.0%** | **444449** |

---

(a) Non-income producing security.

(b) Investment in affiliate.

(c) All or a portion of the security was on loan as of June 30, 2025.

(d) Yield changes daily to reflect current market conditions. Rate was the quoted yield as of June 30, 2025.

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **JNL/Morningstar U.S. Sustainability Index Fund — Investments in Affiliates** | **JNL/Morningstar U.S. Sustainability Index Fund — Investments in Affiliates** | **JNL/Morningstar U.S. Sustainability Index Fund — Investments in Affiliates** | **JNL/Morningstar U.S. Sustainability Index Fund — Investments in Affiliates** | **JNL/Morningstar U.S. Sustainability Index Fund — Investments in Affiliates** | **JNL/Morningstar U.S. Sustainability Index Fund — Investments in Affiliates** | **JNL/Morningstar U.S. Sustainability Index Fund — Investments in Affiliates** | **JNL/Morningstar U.S. Sustainability Index Fund — Investments in Affiliates** | **JNL/Morningstar U.S. Sustainability Index Fund — Investments in Affiliates** |
| **Affiliated Investment** | **Value Beginning of Period($)** | **Purchases($)** | **Sales Proceeds($)** | **Dividend Income/ Distributions from Funds($)** | **Realized Gain (Loss)($)** | **Change in Unrealized Appreciation (Depreciation) ($)** | **Value End of Period($)** | **Percentage of Net Assets(%)** |
| Bank of New York Mellon Corporation, The | 1101 | 13 | 197 | 13 | 92 | 95 | 1104 | 0.3 |
| JNL Government Money Market Fund, 4.20% - Class I | 1166 | 26979 | 28145 | 15 |  |  |  |  |
| JNL Government Money Market Fund, 4.30% - Class SL | 270 | 2538 | 2614 | 3 |  |  | 194 |  |
|  | 2537 | 29530 | 30956 | 31 | 92 | 95 | 1298 | 0.3 |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **JNL/Morningstar U.S. Sustainability Index Fund — Futures Contracts** | **JNL/Morningstar U.S. Sustainability Index Fund — Futures Contracts** | **JNL/Morningstar U.S. Sustainability Index Fund — Futures Contracts** | **JNL/Morningstar U.S. Sustainability Index Fund — Futures Contracts** | **JNL/Morningstar U.S. Sustainability Index Fund — Futures Contracts** | **JNL/Morningstar U.S. Sustainability Index Fund — Futures Contracts** |
| **Reference Entity** | **Contracts<sup>1</sup>** | **Expiration** | **Notional<sup>1</sup>** | **Variation**<br> **Margin**<br> **Receivable**<br> (Payable) ($) | **Value/**<br> **Unrealized**<br> **Appreciation**<br> (Depreciation) ($) |
| **Long Contracts** | **Long Contracts** | **Long Contracts** | **Long Contracts** | **Long Contracts** | **Long Contracts** |
| S&P 500 Index | 6 | September 2025 | 1811 | 9 | 65 |

---

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page [607](#abbreviations).

**JNL Series Trust** (Unaudited)

**Schedules of Investments (in thousands)**

June 30, 2025

**Fair Value Hierarchy.** Various inputs are used in determining the fair value of financial instruments. For a description of the input levels and information about the Fund's policy regarding valuation of financial instruments, see Note 3 in the Notes to Financial Statements. The following table summarizes the Fund's investments categorized in the disclosure hierarchy as of June 30, 2025.

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **<u>. Level 1 ($) .</u>** | **<u>. Level 2 ($) .</u>** | **<u>. Level 3 ($) .</u>** | **<u>. Total ($) .</u>** |
| **JNL/Morningstar U.S. Sustainability Index Fund** | **JNL/Morningstar U.S. Sustainability Index Fund** | **JNL/Morningstar U.S. Sustainability Index Fund** | **JNL/Morningstar U.S. Sustainability Index Fund** | **JNL/Morningstar U.S. Sustainability Index Fund** |
| **Assets - Securities** |  |  |  |  |
| &nbsp;&nbsp; Common Stocks | 444620 |  |  | 444620 |
| &nbsp;&nbsp; Short Term Investments | 194 |  |  | 194 |
|  | 444814 |  |  | 444814 |
| **Assets - Investments in Other Financial Instruments<sup>1</sup>** |  |  |  |  |
| &nbsp;&nbsp; Futures Contracts | 65 |  |  | 65 |
|  | 65 |  |  | 65 |

---

<sup>1</sup> All derivatives, except for purchased and written options, are reflected at the unrealized appreciation (depreciation) on the instrument. Purchased and written options are reflected at value.

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page [607](#abbreviations).

**JNL Series Trust** (Unaudited)

**Schedules of Investments (in thousands)**

June 30, 2025

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| **JNL/Morningstar Wide Moat Index Fund** | **JNL/Morningstar Wide Moat Index Fund** | **JNL/Morningstar Wide Moat Index Fund** |
| **COMMON STOCKS 99.5%** | **COMMON STOCKS 99.5%** | **COMMON STOCKS 99.5%** |
| **Information Technology 27.6%** | **Information Technology 27.6%** | **Information Technology 27.6%** |
| Adobe Inc. (a) | 56 | 21693 |
| Applied Materials, Inc. | 149 | 27271 |
| Autodesk, Inc. (a) | 46 | 14314 |
| Cadence Design Systems, Inc. (a) | 48 | 14734 |
| Lam Research Corporation | 148 | 14442 |
| Manhattan Associates, Inc. (a) | 69 | 13706 |
| Microchip Technology Incorporated | 215 | 15107 |
| Microsoft Corporation | 30 | 15005 |
| Monolithic Power Systems, Inc. | 37 | 26913 |
| NXP Semiconductors N.V. | 113 | 24710 |
| Oracle Corporation | 76 | 16539 |
| Salesforce, Inc. | 86 | 23541 |
| Synopsys, Inc. (a) | 26 | 13504 |
| Teradyne, Inc. | 273 | 24564 |
| Workday, Inc. - Class A (a) | 49 | 11668 |
|  |  | 277711 |
| **Health Care 20.0%** | **Health Care 20.0%** | **Health Care 20.0%** |
| Agilent Technologies, Inc. | 202 | 23778 |
| Amgen Inc. | 42 | 11838 |
| Bristol-Myers Squibb Company | 251 | 11615 |
| Danaher Corporation | 118 | 23212 |
| GE HealthCare Technologies Inc. | 310 | 22971 |
| Merck & Co., Inc. | 155 | 12268 |
| Pfizer Inc. | 953 | 23105 |
| Thermo Fisher Scientific Inc. | 30 | 12202 |
| Veeva Systems Inc. - Class A (a) | 50 | 14436 |
| West Pharmaceutical Services, Inc. | 107 | 23407 |
| Zimmer Biomet Holdings, Inc. | 244 | 22219 |
|  |  | 201051 |
| **Industrials 20.0%** | **Industrials 20.0%** | **Industrials 20.0%** |
| Allegion Public Limited Company | 182 | 26161 |
| Boeing Company, The (a) | 127 | 26702 |
| Caterpillar Inc. | 34 | 13330 |
| Huntington Ingalls Industries, Inc. | 114 | 27549 |
| IDEX Corporation | 131 | 23001 |
| Masco Corporation | 193 | 12418 |
| Nordson Corporation | 56 | 12019 |
| Northrop Grumman Corporation | 25 | 12510 |
| TransUnion | 278 | 24487 |
| United Parcel Service, Inc. - Class B | 224 | 22564 |
|  |  | 200741 |
| **Consumer Staples 12.9%** | **Consumer Staples 12.9%** | **Consumer Staples 12.9%** |
| Brown-Forman Corporation - Class B | 345 | 9292 |
| Campbell's Company, The | 303 | 9288 |
| Clorox Company, The | 96 | 11578 |
| Constellation Brands, Inc. - Class A | 135 | 22017 |
| Estee Lauder Companies Inc., The - Class A | 352 | 28418 |
| Kenvue Inc. | 577 | 12081 |
| Mondelez International, Inc. - Class A | 184 | 12431 |
| PepsiCo, Inc. | 95 | 12491 |
| The Hershey Company | 74 | 12224 |
|  |  | 129820 |
| **Financials 6.4%** | **Financials 6.4%** | **Financials 6.4%** |
| Charles Schwab Corporation, The | 157 | 14291 |
| MarketAxess Holdings Inc. | 111 | 24782 |
| U.S. Bancorp | 552 | 24986 |
|  |  | 64059 |
| **Communication Services 5.2%** | **Communication Services 5.2%** | **Communication Services 5.2%** |
| Alphabet Inc. - Class A | 138 | 24391 |
| Walt Disney Company, The | 222 | 27551 |
|  |  | 51942 |
| **Consumer Discretionary 3.8%** | **Consumer Discretionary 3.8%** | **Consumer Discretionary 3.8%** |
| Amazon.com, Inc. (a) | 58 | 12616 |
| NIKE, Inc. - Class B | 359 | 25488 |
|  |  | 38104 |
| **Materials 3.6%** | **Materials 3.6%** | **Materials 3.6%** |
| Corteva, Inc. | 196 | 14603 |
| International Flavors & Fragrances Inc. | 301 | 22128 |
|  |  | 36731 |
| Total Common Stocks (cost $983,980) | Total Common Stocks (cost $983,980) | 1000159 |
| **SHORT TERM INVESTMENTS 0.1%** | **SHORT TERM INVESTMENTS 0.1%** | **SHORT TERM INVESTMENTS 0.1%** |
| **Investment Companies 0.1%** | **Investment Companies 0.1%** | **Investment Companies 0.1%** |
| JNL Government Money Market Fund - Class I, 4.20% (b) (c) | 1333 | 1333 |
| Total Short Term Investments (cost $1,333) | Total Short Term Investments (cost $1,333) | 1333 |
| **Total Investments 99.6% (cost $985,313)** | **Total Investments 99.6% (cost $985,313)** | **1001492** |
| **Other Derivative Instruments 0.0%** | **Other Derivative Instruments 0.0%** | **14** |
| **Other Assets and Liabilities, Net 0.4%** | **Other Assets and Liabilities, Net 0.4%** | **4327** |
| **Total Net Assets 100.0%** | **Total Net Assets 100.0%** | **1005833** |

---

(a) Non-income producing security.

(b) Investment in affiliate.

(c) Yield changes daily to reflect current market conditions. Rate was the quoted yield as of June 30, 2025.

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **JNL/Morningstar Wide Moat Index Fund — Investments in Affiliates** | **JNL/Morningstar Wide Moat Index Fund — Investments in Affiliates** | **JNL/Morningstar Wide Moat Index Fund — Investments in Affiliates** | **JNL/Morningstar Wide Moat Index Fund — Investments in Affiliates** | **JNL/Morningstar Wide Moat Index Fund — Investments in Affiliates** | **JNL/Morningstar Wide Moat Index Fund — Investments in Affiliates** | **JNL/Morningstar Wide Moat Index Fund — Investments in Affiliates** | **JNL/Morningstar Wide Moat Index Fund — Investments in Affiliates** | **JNL/Morningstar Wide Moat Index Fund — Investments in Affiliates** |
| **Affiliated Investment** | **Value Beginning of Period($)** | **Purchases($)** | **Sales Proceeds($)** | **Dividend Income/ Distributions from Funds($)** | **Realized Gain (Loss)($)** | **Change in Unrealized Appreciation (Depreciation) ($)** | **Value End of Period($)** | **Percentage of Net Assets(%)** |
| JNL Government Money Market Fund, 4.20% - Class I | 5062 | 81436 | 85165 | 74 |  |  | 1333 | 0.1 |
| JNL Government Money Market Fund, 4.30% - Class SL |  | 15889 | 15889 | 5 |  |  |  |  |
|  | 5062 | 97325 | 101054 | 79 |  |  | 1333 | 0.1 |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **JNL/Morningstar Wide Moat Index Fund — Futures Contracts** | **JNL/Morningstar Wide Moat Index Fund — Futures Contracts** | **JNL/Morningstar Wide Moat Index Fund — Futures Contracts** | **JNL/Morningstar Wide Moat Index Fund — Futures Contracts** | **JNL/Morningstar Wide Moat Index Fund — Futures Contracts** | **JNL/Morningstar Wide Moat Index Fund — Futures Contracts** |
| **Reference Entity** | **Contracts<sup>1</sup>** | **Expiration** | **Notional<sup>1</sup>** | **Variation**<br> **Margin**<br> **Receivable**<br> (Payable) ($) | **Value/**<br> **Unrealized**<br> **Appreciation**<br> (Depreciation) ($) |
| **Long Contracts** | **Long Contracts** | **Long Contracts** | **Long Contracts** | **Long Contracts** | **Long Contracts** |
| S&P 500 Index | 24 | September 2025 | 7405 | 14 | 100 |

---

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page [607](#abbreviations).

**JNL Series Trust** (Unaudited)

**Schedules of Investments (in thousands)**

June 30, 2025

**Fair Value Hierarchy.** Various inputs are used in determining the fair value of financial instruments. For a description of the input levels and information about the Fund's policy regarding valuation of financial instruments, see Note 3 in the Notes to Financial Statements. The following table summarizes the Fund's investments categorized in the disclosure hierarchy as of June 30, 2025.

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **<u>. Level 1 ($) .</u>** | **<u>. Level 2 ($) .</u>** | **<u>. Level 3 ($) .</u>** | **<u>. Total ($) .</u>** |
| **JNL/Morningstar Wide Moat Index Fund** | **JNL/Morningstar Wide Moat Index Fund** | **JNL/Morningstar Wide Moat Index Fund** | **JNL/Morningstar Wide Moat Index Fund** | **JNL/Morningstar Wide Moat Index Fund** |
| **Assets - Securities** |  |  |  |  |
| &nbsp;&nbsp; Common Stocks | 1000159 |  |  | 1000159 |
| &nbsp;&nbsp; Short Term Investments | 1333 |  |  | 1333 |
|  | 1001492 |  |  | 1001492 |
| **Assets - Investments in Other Financial Instruments<sup>1</sup>** |  |  |  |  |
| &nbsp;&nbsp; Futures Contracts | 100 |  |  | 100 |
|  | 100 |  |  | 100 |

---

<sup>1</sup> All derivatives, except for purchased and written options, are reflected at the unrealized appreciation (depreciation) on the instrument. Purchased and written options are reflected at value.

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page [607](#abbreviations).

**JNL Series Trust** (Unaudited)

**Schedules of Investments (in thousands)**

June 30, 2025

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| **JNL/Neuberger Berman Commodity Strategy Fund** | **JNL/Neuberger Berman Commodity Strategy Fund** | **JNL/Neuberger Berman Commodity Strategy Fund** |
| **CORPORATE BONDS AND NOTES 60.7%** | **CORPORATE BONDS AND NOTES 60.7%** | **CORPORATE BONDS AND NOTES 60.7%** |
| **Financials 33.0%** | **Financials 33.0%** | **Financials 33.0%** |
| AIG Global Funding |  |  |
| 5.64%, 09/25/26 (a) (b) | 385 | 388 |
| American Express Company |  |  |
| 5.32%, (SOFR + 1.00%), 02/16/28 (a) | 655 | 658 |
| Athene Global Funding |  |  |
| 5.17%, 01/07/27 (a) (b) | 500 | 501 |
| Bank of America Corporation |  |  |
| 1.20%, 10/24/26 | 410 | 406 |
| 5.68%, (SOFR + 1.35%), 09/15/27 (a) | 180 | 182 |
| Bank of New York Mellon Corporation, The |  |  |
| 4.99%, 06/09/28 (a) | 390 | 390 |
| Capital One Financial Corporation |  |  |
| 4.99%, 07/24/26 | 670 | 670 |
| Caterpillar Financial Services Corporation |  |  |
| 4.84%, (SOFR + 0.52%), 05/14/27 (a) | 860 | 862 |
| Citigroup Inc. |  |  |
| 5.03%, (SOFR + 0.71%), 11/19/27 (a) | 870 | 870 |
| Fifth Third Bank, National Association |  |  |
| 5.14%, (SOFR + 0.81%), 01/28/28 (a) | 380 | 380 |
| Goldman Sachs Bank USA |  |  |
| 5.07%, (SOFR + 0.75%), 05/21/27 (a) | 600 | 601 |
| Goldman Sachs Group, Inc., The |  |  |
| 5.13%, (SOFR + 0.82%), 09/10/27 (a) | 185 | 185 |
| 6.17%, (SOFR + 1.85%), 03/15/28 (a) | 165 | 168 |
| John Deere Capital Corporation |  |  |
| 4.76%, (SOFR + 0.44%), 03/06/26 (a) | 635 | 636 |
| 4.91%, (SOFR + 0.60%), 06/11/27 (a) | 150 | 151 |
| JPMorgan Chase & Co. |  |  |
| 5.10%, 09/22/27 (a) | 580 | 581 |
| 5.53%, (SOFR + 1.20%), 01/23/28 (a) | 315 | 318 |
| Marsh & Mclennan Companies, Inc. |  |  |
| 5.02%, 11/08/27 (a) | 315 | 316 |
| MasterCard Incorporated |  |  |
| 4.76%, 03/15/28 (a) | 155 | 155 |
| Morgan Stanley Bank, N.A. |  |  |
| 5.02%, (SOFR + 0.69%), 10/15/27 (a) | 865 | 865 |
| New York Life Global Funding |  |  |
| 4.94%, 08/28/26 (a) (b) | 400 | 401 |
| 4.81%, 02/05/27 (a) (b) | 340 | 340 |
| Nordea Bank Abp |  |  |
| 5.07%, (SOFR + 0.74%), 03/19/27 (a) (b) | 267 | 268 |
| PayPal Holdings, Inc. |  |  |
| 4.98%, 03/06/28 (a) | 320 | 320 |
| PepsiCo Singapore Financing I Pte. Ltd. |  |  |
| 4.88%, 02/16/27 (a) | 225 | 225 |
| State Street Corporation |  |  |
| 5.16%, (SOFR + 0.84%), 08/03/26 (a) | 115 | 115 |
| 4.97%, (SOFR + 0.64%), 10/22/27 (a) | 460 | 459 |
| U.S. Bank National Association |  |  |
| 5.02%, (SOFR + 0.69%), 10/22/27 (a) (c) | 655 | 655 |
| UBS Group AG |  |  |
| 1.31%, 02/02/27 (b) (d) | 205 | 201 |
| Wells Fargo & Company |  |  |
| 5.11%, (SOFR + 0.78%), 01/24/28 (a) | 840 | 840 |
|  |  | 13107 |
| **Health Care 5.9%** | **Health Care 5.9%** | **Health Care 5.9%** |
| Amgen Inc. |  |  |
| 5.51%, 03/02/26 | 330 | 330 |
| Bristol-Myers Squibb Company |  |  |
| 4.81%, 02/20/26 (a) | 419 | 420 |
| CVS Health Corporation |  |  |
| 3.88%, 07/20/25 | 310 | 310 |
| 5.00%, 02/20/26 | 170 | 171 |
| GlaxoSmithKline Capital PLC |  |  |
| 4.82%, 03/12/27 (a) | 475 | 476 |
| UnitedHealth Group Incorporated |  |  |
| 4.83%, 07/15/26 (a) | 633 | 633 |
|  |  | 2340 |
| **Communication Services 3.8%** | **Communication Services 3.8%** | **Communication Services 3.8%** |
| AT&T Inc. |  |  |
| 1.70%, 03/25/26 | 860 | 843 |
| TCI Communications, Inc. |  |  |
| 7.88%, 02/15/26 | 325 | 332 |
| T-Mobile USA, Inc. |  |  |
| 2.25%, 02/15/26 | 65 | 64 |
| 2.63%, 04/15/26 | 30 | 30 |
| Verizon Communications Inc. |  |  |
| 1.45%, 03/20/26 | 230 | 226 |
|  |  | 1495 |
| **Information Technology 3.7%** | **Information Technology 3.7%** | **Information Technology 3.7%** |
| Broadcom Inc. |  |  |
| 3.15%, 11/15/25 | 420 | 419 |
| Intel Corporation |  |  |
| 4.88%, 02/10/26 | 495 | 496 |
| Oracle Corporation |  |  |
| 1.65%, 03/25/26 | 565 | 553 |
|  |  | 1468 |
| **Industrials 3.1%** | **Industrials 3.1%** | **Industrials 3.1%** |
| General Electric Company |  |  |
| 4.90%, (3 Month Term SOFR + 0.64%), 05/05/26 (a) (e) | 443 | 444 |
| RTX Corporation |  |  |
| 3.95%, 08/16/25 | 406 | 405 |
| Siemens Funding B.V. |  |  |
| 4.96%, 05/26/28 (a) (b) | 395 | 396 |
|  |  | 1245 |
| **Utilities 3.1%** | **Utilities 3.1%** | **Utilities 3.1%** |
| Consolidated Edison Company of New York, Inc. |  |  |
| 4.84%, 11/18/27 (a) | 315 | 315 |
| Georgia Power Company |  |  |
| 4.60%, 09/15/26 (a) | 360 | 359 |
| NextEra Energy Capital Holdings, Inc. |  |  |
| 5.09%, 01/29/26 (a) | 384 | 385 |
| 5.12%, 02/04/28 (a) | 180 | 180 |
|  |  | 1239 |
| **Consumer Staples 3.1%** | **Consumer Staples 3.1%** | **Consumer Staples 3.1%** |
| Keurig Dr Pepper Inc. |  |  |
| 4.90%, 11/15/26 (a) | 395 | 396 |
| Philip Morris International Inc. |  |  |
| 5.16%, 04/28/28 (a) | 460 | 462 |
| Walmart Inc. |  |  |
| 4.76%, 04/28/27 (a) | 380 | 381 |
|  |  | 1239 |
| **Energy 2.8%** | **Energy 2.8%** | **Energy 2.8%** |
| Chevron U.S.A. Inc. |  |  |
| 4.68%, 02/26/27 (a) | 470 | 471 |
| Enbridge Energy Partners, L.P. |  |  |
| 5.88%, 10/15/25 | 185 | 186 |
| Enterprise Products Operating LLC |  |  |
| 3.70%, 02/15/26 | 440 | 438 |
|  |  | 1095 |
| **Real Estate 2.2%** | **Real Estate 2.2%** | **Real Estate 2.2%** |
| Simon Property Group, L.P. |  |  |
| 3.50%, 09/01/25 | 890 | 888 |
| Total Corporate Bonds And Notes (cost $24,098) | Total Corporate Bonds And Notes (cost $24,098) | 24116 |
| **NON-U.S. GOVERNMENT AGENCY ASSET-BACKED SECURITIES 14.3%** | **NON-U.S. GOVERNMENT AGENCY ASSET-BACKED SECURITIES 14.3%** | **NON-U.S. GOVERNMENT AGENCY ASSET-BACKED SECURITIES 14.3%** |
| Ally Auto Receivables Trust 2024-2 |  |  |
| Series 2024-A2-2, 4.46%, 07/15/27 | 50 | 50 |
| Amur Equipment Finance Receivables XIII LLC |  |  |
| Series 2024-A2-1A, 5.38%, 07/20/27 | 103 | 103 |
| Auxilior Term Funding 2024-1, LLC |  |  |
| Series 2024-A2-1A, 5.84%, 03/15/27 | 58 | 58 |
| BMW Vehicle Lease Trust 2024-2 |  |  |
| Series 2024-A2A-2, 4.29%, 06/25/26 | 152 | 151 |
| BofA Auto Trust 2024-1 |  |  |
| Series 2024-A2-1A, 5.57%, 12/15/26 | 86 | 86 |
| CarMax Auto Owner Trust 2024-1 |  |  |
| Series 2024-A2A-1, 5.30%, 11/17/25 | 48 | 48 |
| CarMax Auto Owner Trust 2024-4 |  |  |
| Series 2024-A2A-4, 4.67%, 12/15/27 | 91 | 91 |

---

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page [607](#abbreviations).

**JNL Series Trust** (Unaudited)

**Schedules of Investments (in thousands)**

June 30, 2025

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| CCG Receivables Trust 2023-1 |  |  |
| Series 2023-A2-1, 5.82%, 09/16/30 | 51 | 51 |
| Citizens Auto Receivables Trust 2024-2 |  |  |
| Series 2024-A2A-2, 5.54%, 09/15/25 | 98 | 98 |
| CNH Equipment Trust 2024-A |  |  |
| Series 2024-A2B-B, 4.70%, (SOFR 30-Day Average + 0.40%), 03/16/26 (a) | 48 | 48 |
| CNH Equipment Trust 2025-A |  |  |
| Series 2025-A2A-A, 4.30%, 08/15/28 | 214 | 214 |
| Daimler Trucks Retail Trust 2024-1 |  |  |
| Series 2024-A2-1, 5.60%, 04/15/26 | 54 | 54 |
| Dell Equipment Finance Trust 2024-1 |  |  |
| Series 2024-A2-1, 5.58%, 11/24/25 | 95 | 95 |
| DLLAA 2023-1 LLC |  |  |
| Series 2023-A2-1A, 5.93%, 07/20/26 | 23 | 23 |
| DLLAA 2025-1 LLC |  |  |
| Series 2025-A2-1A, 4.70%, 10/20/27 | 58 | 58 |
| DLLST 2024-1 LLC |  |  |
| Series 2024-A2-1A, 5.33%, 07/20/25 | 20 | 20 |
| Ford Credit Auto Lease Trust 2025-A |  |  |
| Series 2025-A2A-A, 4.57%, 08/15/27 | 230 | 230 |
| Ford Credit Auto Owner Trust 2024-B |  |  |
| Series 2024-A2A-B, 5.40%, 02/15/26 | 132 | 132 |
| Ford Credit Auto Owner Trust 2025-A |  |  |
| Series 2025-A2A-A, 4.47%, 11/15/26 | 337 | 337 |
| GECU Auto Receivables Trust 2023-1 |  |  |
| Series 2023-A2-1A, 5.95%, 03/15/27 | 17 | 17 |
| GM Financial Automobile Leasing Trust 2024-3 |  |  |
| Series 2024-A2A-3, 4.29%, 04/20/26 | 162 | 162 |
| GM Financial Consumer Automobile Receivables Trust 2024-3 |  |  |
| Series 2024-A2A-3, 5.35%, 02/16/26 | 287 | 288 |
| Harley-Davidson Motorcycle Trust 2024-A |  |  |
| Series 2024-A2-A, 5.65%, 11/17/25 | 193 | 193 |
| HPEFS Equipment Trust 2023-2 |  |  |
| Series 2023-A2-2A, 6.04%, 07/21/25 | 35 | 35 |
| Hyundai Auto Receivables Trust 2024-A |  |  |
| Series 2024-A2A-A, 5.29%, 04/15/27 | 169 | 170 |
| Hyundai Auto Receivables Trust 2024-B |  |  |
| Series 2024-A2A-B, 5.15%, 06/15/27 | 47 | 47 |
| Hyundai Auto Receivables Trust 2025-A |  |  |
| Series 2025-A2A-A, 4.33%, 09/15/26 | 168 | 168 |
| John Deere Owner Trust 2024-B |  |  |
| Series 2024-A2A-B, 5.42%, 05/17/27 | 122 | 123 |
| Kubota Credit Owner Trust 2025-2 |  |  |
| Series 2025-A2-2A, 4.48%, 07/15/27 | 146 | 146 |
| M&T Bank Auto Receivables Trust 2025-1 |  |  |
| Series 2025-A2A-1A, 4.63%, 05/15/28 | 100 | 100 |
| Porsche Financial Auto Securitization Trust 2024-1 |  |  |
| Series 2024-A2A-1A, 4.45%, 07/22/26 | 169 | 169 |
| Porsche Innovative Lease Owner Trust 2024-2 |  |  |
| Series 2024-A2A-2A, 4.47%, 01/20/26 | 170 | 169 |
| SBNA Auto Lease Trust 2025-A |  |  |
| Series 2025-A2-A, 4.68%, 04/20/27 | 143 | 143 |
| SFS Auto Receivables Securitization Trust 2024-2 |  |  |
| Series 2024-A2-2A, 5.71%, 10/20/27 | 160 | 160 |
| SFS Auto Receivables Securitization Trust 2025-2 |  |  |
| Series 2025-A2-2A, 4.52%, 03/20/27 | 98 | 98 |
| Toyota Auto Receivables 2025-A Owner Trust |  |  |
| Series 2025-A2A-A, 4.48%, 11/15/27 | 326 | 326 |
| Toyota Lease Owner Trust 2025-A |  |  |
| Series 2025-A2A-A, 4.58%, 12/21/26 | 285 | 286 |
| Verizon Master Trust |  |  |
| Series 2024-A1B-4, 4.85%, (SOFR 30-Day Average + 0.55%), 06/20/26 (a) | 50 | 50 |
| Series 2024-A1B-3, REMIC, 4.88%, (SOFR 30-Day Average + 0.58%), 04/20/27 (a) | 307 | 308 |
| Volkswagen Auto Lease Trust 2024-A |  |  |
| Series 2024-A2A-A, 5.40%, 01/20/26 | 62 | 62 |
| Volkswagen Auto Loan Enhanced Trust 2025-1 |  |  |
| Series 2025-A2A-1, 4.51%, 10/20/26 | 310 | 310 |
| World Omni Auto Receivables Trust 2025-A |  |  |
| Series 2025-A2A-A, 4.49%, 11/16/26 | 163 | 163 |
| World Omni Automobile Lease Securitization Trust 2025-A |  |  |
| Series 2025-A2A-A, 4.35%, 02/16/27 | 65 | 65 |
| Total Non-U.S. Government Agency Asset-Backed Securities (cost $5,701) | Total Non-U.S. Government Agency Asset-Backed Securities (cost $5,701) | 5705 |
| **SHORT TERM INVESTMENTS 20.1%** | **SHORT TERM INVESTMENTS 20.1%** | **SHORT TERM INVESTMENTS 20.1%** |
| **Investment Companies 13.9%** | **Investment Companies 13.9%** | **Investment Companies 13.9%** |
| JNL Government Money Market Fund - Class I, 4.20% (f) (g) | 5499 | 5499 |
| **U.S. Treasury Bill 6.2%** | **U.S. Treasury Bill 6.2%** | **U.S. Treasury Bill 6.2%** |
| Treasury, United States Department of |  |  |
| 4.26%, 10/02/25 | 1000 | 989 |
| 4.25%, 10/07/25 | 1500 | 1483 |
|  |  | 2472 |
| Total Short Term Investments (cost $7,971) | Total Short Term Investments (cost $7,971) | 7971 |
| **Total Investments 95.1% (cost $37,770)** | **Total Investments 95.1% (cost $37,770)** | **37792** |
| **Other Derivative Instruments (1.0)%** | **Other Derivative Instruments (1.0)%** | (378) |
| **Other Assets and Liabilities, Net 5.9%** | **Other Assets and Liabilities, Net 5.9%** | **2328** |
| **Total Net Assets 100.0%** | **Total Net Assets 100.0%** | **39742** |

---

(a) Security has a variable rate. Interest rates reset periodically. Rate stated was in effect as of June 30, 2025. For securities based on a published reference rate and spread, the reference rate and spread are presented. Certain variable rate securities do not indicate a reference rate and spread because they are determined by the issuer, remarketing agent, or offering documents and are based on current market conditions. The coupon rate for securities with certain features outlined in the offering documents may vary from the stated reference rate and spread. This includes, but is not limited to, securities with deferred rates, contingent distributions, caps, floors, and fixed-rate to float-rate features. In addition, variable rates for government and agency collateralized mortgage obligations ("CMO") and mortgage-backed securities ("MBS") are determined by tranches of underlying mortgage-backed security pools' cash flows into securities and pass-through rates which reflect the rate earned on the asset pool after management and guarantee fees are paid to the securitizing corporation. CMO and MBS variable rates are determined by a formula set forth in the security's offering documents.

(b) Security is exempt from registration under the Securities Act of 1933, as amended. As of June 30, 2025, the value and the percentage of net assets of these securities was $2,495 and 6.3% of the Fund.

(c) Security is restricted to resale to institutional investors or subject to trading restrictions due to sanctions on foreign issuers. See Restricted Securities table following the Schedules of Investments.

(d) Convertible security.

(e) Security is a step-up bond where the coupon may increase or step up at a future date or as the result of an upgrade or downgrade to the credit rating of the issuer. Rate stated was the coupon as of June 30, 2025.

(f) Investment in affiliate.

(g) Yield changes daily to reflect current market conditions. Rate was the quoted yield as of June 30, 2025.

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **JNL/Neuberger Berman Commodity Strategy Fund — Investments in Affiliates** | **JNL/Neuberger Berman Commodity Strategy Fund — Investments in Affiliates** | **JNL/Neuberger Berman Commodity Strategy Fund — Investments in Affiliates** | **JNL/Neuberger Berman Commodity Strategy Fund — Investments in Affiliates** | **JNL/Neuberger Berman Commodity Strategy Fund — Investments in Affiliates** | **JNL/Neuberger Berman Commodity Strategy Fund — Investments in Affiliates** | **JNL/Neuberger Berman Commodity Strategy Fund — Investments in Affiliates** | **JNL/Neuberger Berman Commodity Strategy Fund — Investments in Affiliates** | **JNL/Neuberger Berman Commodity Strategy Fund — Investments in Affiliates** |
| **Affiliated Investment** | **Value Beginning of Period($)** | **Purchases($)** | **Sales Proceeds($)** | **Dividend Income/ Distributions from Funds($)** | **Realized Gain (Loss)($)** | **Change in Unrealized Appreciation (Depreciation) ($)** | **Value End of Period($)** | **Percentage of Net Assets(%)** |
| JNL Government Money Market Fund, 4.20% - Class I | 5510 | 25005 | 25016 | 127 |  |  | 5499 | 13.8 |

---

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page [607](#abbreviations).

**JNL Series Trust** (Unaudited)

**Schedules of Investments (in thousands)**

June 30, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
| **JNL/Neuberger Berman Commodity Strategy Fund — Restricted Securities** | **JNL/Neuberger Berman Commodity Strategy Fund — Restricted Securities** | **JNL/Neuberger Berman Commodity Strategy Fund — Restricted Securities** | **JNL/Neuberger Berman Commodity Strategy Fund — Restricted Securities** | **JNL/Neuberger Berman Commodity Strategy Fund — Restricted Securities** |
| | **Initial Acquisition** | **Cost ($)** | **Value ($)** | **Percent of**<br> **Net Assets (%)** |
| U.S. Bank National Association, 5.02%, 10/22/27 | 10/17/24 | 655 | 655 | 1.6 |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **JNL/Neuberger Berman Commodity Strategy Fund — Futures Contracts** | **JNL/Neuberger Berman Commodity Strategy Fund — Futures Contracts** | **JNL/Neuberger Berman Commodity Strategy Fund — Futures Contracts** | **JNL/Neuberger Berman Commodity Strategy Fund — Futures Contracts** | **JNL/Neuberger Berman Commodity Strategy Fund — Futures Contracts** | **JNL/Neuberger Berman Commodity Strategy Fund — Futures Contracts** | **JNL/Neuberger Berman Commodity Strategy Fund — Futures Contracts** |
| **Reference Entity** | **Contracts<sup>1</sup>** | **Expiration** | **Notional<sup>1</sup>** | **Notional<sup>1</sup>** | **Variation**<br> **Margin**<br> **Receivable**<br> (Payable) ($) | **Value/**<br> **Unrealized**<br> **Appreciation**<br> (Depreciation) ($) |
| **Long Contracts** | **Long Contracts** | **Long Contracts** | **Long Contracts** | **Long Contracts** | **Long Contracts** | **Long Contracts** |
| Aluminum | 38 | September 2025 |  | 2345 | 125 | 125 |
| Brent Crude | 43 | July 2025 |  | 2659 | (2) | 211 |
| Canola | 11 | November 2025 | CAD | 153 | 3 | 3 |
| Carbon Emission | 6 | December 2025 | EUR | 404 | (16) | 10 |
| Cattle Feeder | 5 | August 2025 |  | 741 | 7 | 36 |
| Cocoa | 1 | September 2025 | GBP | 67 | (1) | (10) |
| Cocoa | 6 | September 2025 |  | 564 | 4 | (24) |
| Coffee C | 9 | September 2025 |  | 1141 | (12) | (128) |
| Copper | 4 | August 2025 |  | 983 | 8 | 8 |
| Copper | 16 | September 2025 |  | 1991 | (19) | 42 |
| Corn | 108 | December 2025 |  | 2463 | (9) | (165) |
| Cotton No. 2 | 11 | December 2025 |  | 376 | (3) | (1) |
| Crude Oil, WTI | 35 | November 2025 |  | 2048 | (3) | 124 |
| Gasoline, RBOB | 11 | September 2025 |  | 918 | 1 | 25 |
| Gold, 100 Oz. | 21 | August 2025 |  | 6881 | 43 | 65 |
| Iron Ore | 18 | September 2025 |  | 169 |  | (1) |
| Lead | 2 | September 2025 |  | 99 | 14 | 3 |
| Lean Hogs | 28 | August 2025 |  | 1202 | (29) | 2 |
| Live Cattle | 21 | September 2025 |  | 1736 | 4 | 60 |
| Low Sulfur Gasoil | 25 | September 2025 |  | 1538 | 2 | 94 |
| Milling Wheat No. 2 | 11 | September 2025 | EUR | 107 |  |  |
| Natural Gas | 19 | December 2025 | EUR | 510 | (12) | (16) |
| Natural Gas | 76 | March 2026 |  | 3260 | (169) | (149) |
| New York Harbor ULSD | 16 | September 2025 |  | 1515 | 16 | (2) |
| Nickel | 7 | September 2025 |  | 657 | (19) | (19) |
| Platinum | 3 | October 2025 |  | 183 | (6) | 18 |
| Rapeseed | 5 | August 2025 | EUR | 116 | (2) |  |
| Red Wheat | 5 | September 2025 |  | 158 | (2) | (3) |
| Robusta Coffee | 6 | September 2025 |  | 259 | (2) | (42) |
| Silver | 10 | September 2025 |  | 1759 | (8) | 50 |
| Soybean | 24 | November 2025 |  | 1252 | 4 | (20) |
| Soybean Oil | 71 | December 2025 |  | 2213 | (6) | 34 |
| Sugar No. 11 | 44 | December 2025 |  | 844 | (25) | (46) |
| Tin | 2 | September 2025 |  | 326 | 12 | 12 |
| White Sugar | 9 | November 2025 |  | 210 | (6) |  |
| Zinc | 8 | September 2025 |  | 536 | 23 | 15 |
|  |  |  |  |  | (85) | 311 |
| **Short Contracts** | **Short Contracts** | **Short Contracts** | **Short Contracts** | **Short Contracts** | **Short Contracts** | **Short Contracts** |
| KC HRW Wheat | (5) | December 2025 |  | (139) | 2 | 2 |
| Palladium | (2) | September 2025 |  | (211) | 5 | (10) |
| Soybean Meal | (1) | December 2025 |  | (31) | (1) | 2 |
| Wheat | (7) | December 2025 |  | (200) | 1 | 4 |
|  |  |  |  |  | 7 | (2) |

---

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page [607](#abbreviations).

**JNL Series Trust** (Unaudited)

**Schedules of Investments (in thousands)**

June 30, 2025

**Fair Value Hierarchy.** Various inputs are used in determining the fair value of financial instruments. For a description of the input levels and information about the Fund's policy regarding valuation of financial instruments, see Note 3 in the Notes to Financial Statements. The following table summarizes the Fund's investments categorized in the disclosure hierarchy as of June 30, 2025.

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **<u>. Level 1 ($) .</u>** | **<u>. Level 2 ($) .</u>** | **<u>. Level 3 ($) .</u>** | **<u>. Total ($) .</u>** |
| **JNL/Neuberger Berman Commodity Strategy Fund** | **JNL/Neuberger Berman Commodity Strategy Fund** | **JNL/Neuberger Berman Commodity Strategy Fund** | **JNL/Neuberger Berman Commodity Strategy Fund** | **JNL/Neuberger Berman Commodity Strategy Fund** |
| **Assets - Securities** |  |  |  |  |
| &nbsp;&nbsp; Corporate Bonds And Notes |  | 24116 |  | 24116 |
| &nbsp;&nbsp; Non-U.S. Government Agency Asset-Backed Securities |  | 5705 |  | 5705 |
| &nbsp;&nbsp; Short Term Investments | 5499 | 2472 |  | 7971 |
|  | 5499 | 32293 |  | 37792 |
| **Assets - Investments in Other Financial Instruments<sup>1</sup>** |  |  |  |  |
| &nbsp;&nbsp; Futures Contracts | 945 |  |  | 945 |
|  | 945 |  |  | 945 |
| **Liabilities - Investments in Other Financial Instruments<sup>1</sup>** |  |  |  |  |
| &nbsp;&nbsp; Futures Contracts | (636) |  |  | (636) |
|  | (636) |  |  | (636) |

---

<sup>1</sup> All derivatives, except for purchased and written options, are reflected at the unrealized appreciation (depreciation) on the instrument. Purchased and written options are reflected at value.

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page [607](#abbreviations).

**JNL Series Trust** (Unaudited)

**Schedules of Investments (in thousands)**

June 30, 2025

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| **JNL/Neuberger Berman Gold Plus Strategy Fund** | **JNL/Neuberger Berman Gold Plus Strategy Fund** | **JNL/Neuberger Berman Gold Plus Strategy Fund** |
| **CORPORATE BONDS AND NOTES 57.9%** | **CORPORATE BONDS AND NOTES 57.9%** | **CORPORATE BONDS AND NOTES 57.9%** |
| **Financials 32.3%** | **Financials 32.3%** | **Financials 32.3%** |
| AIG Global Funding |  |  |
| 5.64%, 09/25/26 (a) (b) | 580 | 584 |
| American Express Company |  |  |
| 5.32%, (SOFR + 1.00%), 02/16/28 (a) | 420 | 422 |
| Athene Global Funding |  |  |
| 5.17%, 01/07/27 (a) (b) | 1000 | 1001 |
| Bank of America Corporation |  |  |
| 1.20%, 10/24/26 | 780 | 772 |
| 5.68%, (SOFR + 1.35%), 09/15/27 (a) | 800 | 807 |
| Bank of New York Mellon Corporation, The |  |  |
| 4.99%, 06/09/28 (a) | 795 | 796 |
| Capital One Financial Corporation |  |  |
| 4.99%, 07/24/26 | 1140 | 1140 |
| Caterpillar Financial Services Corporation |  |  |
| 4.84%, (SOFR + 0.52%), 05/14/27 (a) | 950 | 952 |
| Citigroup Inc. |  |  |
| 5.03%, (SOFR + 0.71%), 11/19/27 (a) | 1705 | 1705 |
| Fifth Third Bank, National Association |  |  |
| 5.14%, (SOFR + 0.81%), 01/28/28 (a) | 550 | 549 |
| Goldman Sachs Bank USA |  |  |
| 5.07%, (SOFR + 0.75%), 05/21/27 (a) | 650 | 651 |
| Goldman Sachs Group, Inc., The |  |  |
| 5.13%, (SOFR + 0.82%), 09/10/27 (a) | 380 | 380 |
| 6.17%, (SOFR + 1.85%), 03/15/28 (a) | 610 | 620 |
| John Deere Capital Corporation |  |  |
| 4.76%, (SOFR + 0.44%), 03/06/26 (a) | 690 | 691 |
| 4.91%, (SOFR + 0.60%), 06/11/27 (a) | 230 | 231 |
| JPMorgan Chase & Co. |  |  |
| 5.10%, 09/22/27 (a) | 930 | 932 |
| 5.53%, (SOFR + 1.20%), 01/23/28 (a) | 615 | 620 |
| Marsh & Mclennan Companies, Inc. |  |  |
| 5.02%, 11/08/27 (a) | 470 | 471 |
| MasterCard Incorporated |  |  |
| 4.76%, 03/15/28 (a) | 230 | 230 |
| Morgan Stanley Bank, N.A. |  |  |
| 5.02%, (SOFR + 0.69%), 10/15/27 (a) | 1720 | 1721 |
| New York Life Global Funding |  |  |
| 4.94%, 08/28/26 (a) (b) | 680 | 682 |
| 4.81%, 02/05/27 (a) (b) | 485 | 485 |
| Nordea Bank Abp |  |  |
| 5.07%, (SOFR + 0.74%), 03/19/27 (a) (b) | 270 | 271 |
| PayPal Holdings, Inc. |  |  |
| 4.98%, 03/06/28 (a) | 645 | 646 |
| PepsiCo Singapore Financing I Pte. Ltd. |  |  |
| 4.88%, 02/16/27 (a) | 530 | 529 |
| PNC Bank, National Association |  |  |
| 4.83%, (SOFR + 0.50%), 01/15/27 (a) | 830 | 830 |
| Royal Bank of Canada |  |  |
| 5.05%, 10/18/27 (a) (c) | 897 | 898 |
| State Street Corporation |  |  |
| 5.16%, (SOFR + 0.84%), 08/03/26 (a) | 195 | 196 |
| 4.97%, (SOFR + 0.64%), 10/22/27 (a) | 770 | 769 |
| Toyota Motor Credit Corporation |  |  |
| 4.79%, 04/10/26 (a) | 285 | 285 |
| 5.09%, 08/07/26 (a) | 600 | 602 |
| Truist Financial Corporation |  |  |
| 1.20%, 08/05/25 | 875 | 872 |
| U.S. Bank National Association |  |  |
| 5.02%, (SOFR + 0.69%), 10/22/27 (a) (d) | 1125 | 1125 |
| UBS Group AG |  |  |
| 1.31%, 02/02/27 (b) (c) | 340 | 334 |
| Wells Fargo & Company |  |  |
| 5.11%, (SOFR + 0.78%), 01/24/28 (a) | 1670 | 1670 |
|  |  | 25469 |
| **Health Care 4.9%** | **Health Care 4.9%** | **Health Care 4.9%** |
| Amgen Inc. |  |  |
| 5.51%, 03/02/26 | 585 | 586 |
| Bristol-Myers Squibb Company |  |  |
| 4.81%, 02/20/26 (a) | 695 | 696 |
| CVS Health Corporation |  |  |
| 3.88%, 07/20/25 | 454 | 454 |
| 5.00%, 02/20/26 | 300 | 301 |
| GlaxoSmithKline Capital PLC |  |  |
| 4.82%, 03/12/27 (a) | 920 | 921 |
| UnitedHealth Group Incorporated |  |  |
| 4.83%, 07/15/26 (a) | 888 | 888 |
|  |  | 3846 |
| **Communication Services 4.3%** | **Communication Services 4.3%** | **Communication Services 4.3%** |
| AT&T Inc. |  |  |
| 1.70%, 03/25/26 | 1520 | 1489 |
| TCI Communications, Inc. |  |  |
| 7.88%, 02/15/26 | 540 | 552 |
| T-Mobile USA, Inc. |  |  |
| 2.25%, 02/15/26 | 100 | 99 |
| 2.63%, 04/15/26 | 885 | 872 |
| Verizon Communications Inc. |  |  |
| 1.45%, 03/20/26 | 395 | 387 |
|  |  | 3399 |
| **Information Technology 3.2%** | **Information Technology 3.2%** | **Information Technology 3.2%** |
| Broadcom Inc. |  |  |
| 3.15%, 11/15/25 | 625 | 623 |
| Intel Corporation |  |  |
| 4.88%, 02/10/26 | 895 | 897 |
| Oracle Corporation |  |  |
| 1.65%, 03/25/26 | 1005 | 984 |
|  |  | 2504 |
| **Utilities 3.0%** | **Utilities 3.0%** | **Utilities 3.0%** |
| Consolidated Edison Company of New York, Inc. |  |  |
| 4.84%, 11/18/27 (a) | 720 | 720 |
| Georgia Power Company |  |  |
| 4.60%, 09/15/26 (a) | 595 | 594 |
| NextEra Energy Capital Holdings, Inc. |  |  |
| 5.09%, 01/29/26 (a) | 405 | 406 |
| 5.12%, 02/04/28 (a) | 255 | 256 |
| PG&E Company |  |  |
| 3.45%, 07/01/25 | 425 | 425 |
|  |  | 2401 |
| **Consumer Staples 2.7%** | **Consumer Staples 2.7%** | **Consumer Staples 2.7%** |
| PepsiCo, Inc. |  |  |
| 4.72%, (SOFR + 0.40%), 02/13/26 (a) | 250 | 250 |
| Philip Morris International Inc. |  |  |
| 5.16%, 04/28/28 (a) | 1050 | 1056 |
| Walmart Inc. |  |  |
| 4.76%, 04/28/27 (a) | 850 | 853 |
|  |  | 2159 |
| **Energy 2.5%** | **Energy 2.5%** | **Energy 2.5%** |
| Chevron U.S.A. Inc. |  |  |
| 4.68%, 02/26/27 (a) | 780 | 781 |
| Enbridge Energy Partners, L.P. |  |  |
| 5.88%, 10/15/25 | 470 | 472 |
| Enterprise Products Operating LLC |  |  |
| 3.70%, 02/15/26 | 730 | 727 |
|  |  | 1980 |
| **Industrials 2.5%** | **Industrials 2.5%** | **Industrials 2.5%** |
| General Electric Company |  |  |
| 4.90%, (3 Month Term SOFR + 0.64%), 05/05/26 (a) (e) | 693 | 694 |
| RTX Corporation |  |  |
| 3.95%, 08/16/25 | 602 | 601 |
| Siemens Funding B.V. |  |  |
| 4.96%, 05/26/28 (a) (b) | 660 | 661 |
|  |  | 1956 |
| **Real Estate 1.6%** | **Real Estate 1.6%** | **Real Estate 1.6%** |
| Simon Property Group, L.P. |  |  |
| 3.50%, 09/01/25 | 1265 | 1263 |
| **Consumer Discretionary 0.9%** | **Consumer Discretionary 0.9%** | **Consumer Discretionary 0.9%** |
| Home Depot, Inc., The |  |  |
| 4.67%, (SOFR + 0.33%), 12/24/25 (a) | 695 | 696 |
| Total Corporate Bonds And Notes (cost $45,643) | Total Corporate Bonds And Notes (cost $45,643) | 45673 |

---

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page [607](#abbreviations).

**JNL Series Trust** (Unaudited)

**Schedules of Investments (in thousands)**

June 30, 2025

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| **INVESTMENT COMPANIES 3.1%** | **INVESTMENT COMPANIES 3.1%** | **INVESTMENT COMPANIES 3.1%** |
| iShares Bitcoin Trust ETF | 40 | 2412 |
| Total Investment Companies (cost $2,006) | Total Investment Companies (cost $2,006) | 2412 |
| **SHORT TERM INVESTMENTS 34.0%** | **SHORT TERM INVESTMENTS 34.0%** | **SHORT TERM INVESTMENTS 34.0%** |
| **U.S. Treasury Bill 24.0%** | **U.S. Treasury Bill 24.0%** | **U.S. Treasury Bill 24.0%** |
| Treasury, United States Department of |  |  |
| 4.23%, 07/17/25 | 15000 | 14972 |
| 4.25%, 10/07/25 | 4000 | 3954 |
|  |  | 18926 |
| **Investment Companies 10.0%** | **Investment Companies 10.0%** | **Investment Companies 10.0%** |
| JNL Government Money Market Fund - Class I, 4.20% (f) (g) | 7878 | 7878 |
| Total Short Term Investments (cost $26,804) | Total Short Term Investments (cost $26,804) | 26804 |
| **Total Investments 95.0% (cost $74,453)** | **Total Investments 95.0% (cost $74,453)** | **74889** |
| **Other Derivative Instruments 0.4%** | **Other Derivative Instruments 0.4%** | **339** |
| **Other Assets and Liabilities, Net 4.6%** | **Other Assets and Liabilities, Net 4.6%** | **3625** |
| **Total Net Assets 100.0%** | **Total Net Assets 100.0%** | **78853** |

---

(a) Security has a variable rate. Interest rates reset periodically. Rate stated was in effect as of June 30, 2025. For securities based on a published reference rate and spread, the reference rate and spread are presented. Certain variable rate securities do not indicate a reference rate and spread because they are determined by the issuer, remarketing agent, or offering documents and are based on current market conditions. The coupon rate for securities with certain features outlined in the offering documents may vary from the stated reference rate and spread. This includes, but is not limited to, securities with deferred rates, contingent distributions, caps, floors, and fixed-rate to float-rate features. In addition, variable rates for government and agency collateralized mortgage obligations ("CMO") and mortgage-backed securities ("MBS") are determined by tranches of underlying mortgage-backed security pools' cash flows into securities and pass-through rates which reflect the rate earned on the asset pool after management and guarantee fees are paid to the securitizing corporation. CMO and MBS variable rates are determined by a formula set forth in the security's offering documents.

(b) Security is exempt from registration under the Securities Act of 1933, as amended. As of June 30, 2025, the value and the percentage of net assets of these securities was $4,018 and 5.1% of the Fund.

(c) Convertible security.

(d) Security is restricted to resale to institutional investors or subject to trading restrictions due to sanctions on foreign issuers. See Restricted Securities table following the Schedules of Investments.

(e) Security is a step-up bond where the coupon may increase or step up at a future date or as the result of an upgrade or downgrade to the credit rating of the issuer. Rate stated was the coupon as of June 30, 2025.

(f) Investment in affiliate.

(g) Yield changes daily to reflect current market conditions. Rate was the quoted yield as of June 30, 2025.

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **JNL/Neuberger Berman Gold Plus Strategy Fund — Investments in Affiliates** | **JNL/Neuberger Berman Gold Plus Strategy Fund — Investments in Affiliates** | **JNL/Neuberger Berman Gold Plus Strategy Fund — Investments in Affiliates** | **JNL/Neuberger Berman Gold Plus Strategy Fund — Investments in Affiliates** | **JNL/Neuberger Berman Gold Plus Strategy Fund — Investments in Affiliates** | **JNL/Neuberger Berman Gold Plus Strategy Fund — Investments in Affiliates** | **JNL/Neuberger Berman Gold Plus Strategy Fund — Investments in Affiliates** | **JNL/Neuberger Berman Gold Plus Strategy Fund — Investments in Affiliates** | **JNL/Neuberger Berman Gold Plus Strategy Fund — Investments in Affiliates** |
| **Affiliated Investment** | **Value Beginning of Period($)** | **Purchases($)** | **Sales Proceeds($)** | **Dividend Income/ Distributions from Funds($)** | **Realized Gain (Loss)($)** | **Change in Unrealized Appreciation (Depreciation) ($)** | **Value End of Period($)** | **Percentage of Net Assets(%)** |
| JNL Government Money Market Fund, 4.20% - Class I | 2901 | 87330 | 82353 | 195 |  |  | 7878 | 10.0 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **JNL/Neuberger Berman Gold Plus Strategy Fund — Restricted Securities** | **JNL/Neuberger Berman Gold Plus Strategy Fund — Restricted Securities** | **JNL/Neuberger Berman Gold Plus Strategy Fund — Restricted Securities** | **JNL/Neuberger Berman Gold Plus Strategy Fund — Restricted Securities** | **JNL/Neuberger Berman Gold Plus Strategy Fund — Restricted Securities** |
| | **Initial Acquisition** | **Cost ($)** | **Value ($)** | **Percent of**<br> **Net Assets (%)** |
| U.S. Bank National Association, 5.02%, 10/22/27 | 10/17/24 | 1125 | 1125 | 1.4 |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **JNL/Neuberger Berman Gold Plus Strategy Fund — Futures Contracts** | **JNL/Neuberger Berman Gold Plus Strategy Fund — Futures Contracts** | **JNL/Neuberger Berman Gold Plus Strategy Fund — Futures Contracts** | **JNL/Neuberger Berman Gold Plus Strategy Fund — Futures Contracts** | **JNL/Neuberger Berman Gold Plus Strategy Fund — Futures Contracts** | **JNL/Neuberger Berman Gold Plus Strategy Fund — Futures Contracts** |
| **Reference Entity** | **Contracts<sup>1</sup>** | **Expiration** | **Notional<sup>1</sup>** | **Variation**<br> **Margin**<br> **Receivable**<br> (Payable) ($) | **Value/**<br> **Unrealized**<br> **Appreciation**<br> (Depreciation) ($) |
| **Long Contracts** | **Long Contracts** | **Long Contracts** | **Long Contracts** | **Long Contracts** | **Long Contracts** |
| Gold, 100 Oz. | 215 | August 2025 | 70661 | 432 | 455 |
| Palladium | 16 | September 2025 | 1567 | (71) | 204 |
| Platinum | 26 | October 2025 | 1592 | (12) | 153 |
| Silver | 10 | September 2025 | 1746 | (10) | 63 |
|  |  |  |  | 339 | 875 |

---

**Fair Value Hierarchy.** Various inputs are used in determining the fair value of financial instruments. For a description of the input levels and information about the Fund's policy regarding valuation of financial instruments, see Note 3 in the Notes to Financial Statements. The following table summarizes the Fund's investments categorized in the disclosure hierarchy as of June 30, 2025.

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **<u>. Level 1 ($) .</u>** | **<u>. Level 2 ($) .</u>** | **<u>. Level 3 ($) .</u>** | **<u>. Total ($) .</u>** |
| **JNL/Neuberger Berman Gold Plus Strategy Fund** | **JNL/Neuberger Berman Gold Plus Strategy Fund** | **JNL/Neuberger Berman Gold Plus Strategy Fund** | **JNL/Neuberger Berman Gold Plus Strategy Fund** | **JNL/Neuberger Berman Gold Plus Strategy Fund** |
| **Assets - Securities** |  |  |  |  |
| &nbsp;&nbsp; Corporate Bonds And Notes |  | 45673 |  | 45673 |
| &nbsp;&nbsp; Investment Companies | 2412 |  |  | 2412 |
| &nbsp;&nbsp; Short Term Investments | 7878 | 18926 |  | 26804 |
|  | 10290 | 64599 |  | 74889 |
| **Assets - Investments in Other Financial Instruments<sup>1</sup>** |  |  |  |  |
| &nbsp;&nbsp; Futures Contracts | 875 |  |  | 875 |
|  | 875 |  |  | 875 |

---

<sup>1</sup> All derivatives, except for purchased and written options, are reflected at the unrealized appreciation (depreciation) on the instrument. Purchased and written options are reflected at value.

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page [607](#abbreviations).

**JNL Series Trust** (Unaudited)

**Schedules of Investments (in thousands)**

June 30, 2025

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| **JNL/Neuberger Berman Strategic Income Fund** | **JNL/Neuberger Berman Strategic Income Fund** | **JNL/Neuberger Berman Strategic Income Fund** |
| **GOVERNMENT AND AGENCY OBLIGATIONS 54.6%** | **GOVERNMENT AND AGENCY OBLIGATIONS 54.6%** | **GOVERNMENT AND AGENCY OBLIGATIONS 54.6%** |
| **Mortgage-Backed Securities 29.3%** | **Mortgage-Backed Securities 29.3%** | **Mortgage-Backed Securities 29.3%** |
| Federal Home Loan Mortgage Corporation |  |  |
| 3.00%, 12/01/51 - 06/01/52 | 4423 | 3846 |
| 2.50%, 04/01/52 - 07/01/52 | 631 | 525 |
| 4.50%, 06/01/52 - 01/01/54 | 6774 | 6500 |
| 2.50%, 07/01/52 (a) | 970 | 805 |
| 4.00%, 09/01/52 | 2978 | 2779 |
| 5.00%, 10/01/52 - 12/01/54 | 10632 | 10469 |
| 5.50%, 11/01/52 - 07/01/54 | 15992 | 16025 |
| 6.00%, 01/01/53 - 01/01/55 | 14612 | 14892 |
| 6.50%, 07/01/53 - 04/01/55 | 2131 | 2205 |
| 6.00%, 12/01/53 (a) | 3649 | 3717 |
| Federal National Mortgage Association, Inc. |  |  |
| 3.00%, 06/01/50 - 07/01/52 | 10025 | 8713 |
| 2.50%, 08/01/51 - 07/01/53 | 9662 | 8054 |
| 3.50%, 03/01/52 - 04/01/53 | 10541 | 9529 |
| 4.00%, 06/01/52 - 12/01/52 | 5474 | 5114 |
| 4.50%, 08/01/52 - 06/01/55 | 6274 | 6020 |
| 5.00%, 08/01/52 - 11/01/54 | 22072 | 21721 |
| 5.50%, 12/01/52 - 05/01/55 | 23699 | 23776 |
| 6.00%, 01/01/53 - 04/01/55 | 18079 | 18436 |
| 6.50%, 01/01/54 | 196 | 203 |
| TBA, 2.50%, 07/15/55 (a) | 19630 | 16274 |
| TBA, 3.50%, 07/15/55 (a) | 11650 | 10485 |
| TBA, 4.00%, 07/15/55 (a) | 28470 | 26465 |
| TBA, 4.50%, 07/15/55 (a) | 14650 | 14008 |
| TBA, 5.50%, 07/15/55 (a) | 17870 | 17863 |
| TBA, 6.00%, 07/15/55 (a) | 31530 | 32039 |
| Government National Mortgage Association |  |  |
| TBA, 5.00%, 07/15/55 (a) | 11650 | 11439 |
| TBA, 5.50%, 07/15/55 (a) | 12845 | 12858 |
| TBA, 6.00%, 07/15/55 (a) | 3415 | 3463 |
|  |  | 308223 |
| **Collateralized Mortgage Obligations 9.0%** | **Collateralized Mortgage Obligations 9.0%** | **Collateralized Mortgage Obligations 9.0%** |
| Connecticut Avenue Securities Trust 2019-R06 |  |  |
| Series 2023-1M2-R05, REMIC, 7.41%, (SOFR 30-Day Average + 3.10%), 06/25/29 (b) | 670 | 699 |
| Connecticut Avenue Securities Trust 2021-R01 |  |  |
| Series 2021-1B1-R01, REMIC, 7.41%, (SOFR 30-Day Average + 3.10%), 10/25/41 (b) | 960 | 983 |
| Series 2022-1M2-R01, REMIC, 6.21%, (SOFR 30-Day Average + 1.90%), 12/26/41 (b) | 1416 | 1430 |
| Connecticut Avenue Securities Trust 2021-R03 |  |  |
| Series 2021-1M2-R03, REMIC, 5.96%, (SOFR 30-Day Average + 1.65%), 12/25/41 (b) | 311 | 313 |
| Series 2021-1B1-R03, REMIC, 7.06%, (SOFR 30-Day Average + 2.75%), 12/25/41 (b) | 750 | 766 |
| Connecticut Avenue Securities Trust 2022-R02 |  |  |
| Series 2022-2B1-R02, REMIC, 8.81%, (SOFR 30-Day Average + 4.50%), 01/27/42 (b) | 2035 | 2128 |
| Connecticut Avenue Securities Trust 2022-R03 |  |  |
| Series 2022-1M2-R03, REMIC, 7.81%, (SOFR 30-Day Average + 3.50%), 03/25/42 (b) | 2252 | 2340 |
| Connecticut Avenue Securities Trust 2022-R04 |  |  |
| Series 2022-1M2-R04, REMIC, 7.41%, (SOFR 30-Day Average + 3.10%), 03/25/42 (b) | 2733 | 2815 |
| Connecticut Avenue Securities Trust 2022-R08 |  |  |
| Series 2022-1M2-R08, REMIC, 7.91%, (SOFR 30-Day Average + 3.60%), 07/25/42 (b) | 338 | 353 |
| Series 2022-1B1-R08, REMIC, 9.91%, (SOFR 30-Day Average + 5.60%), 07/25/42 (b) | 2146 | 2315 |
| Connecticut Avenue Securities Trust 2023-R01 |  |  |
| Series 2023-1M2-R01, REMIC, 8.06%, (SOFR 30-Day Average + 3.75%), 12/26/42 (b) | 1526 | 1610 |
| Connecticut Avenue Securities Trust 2023-R02 |  |  |
| Series 2023-1M2-R02, REMIC, 7.66%, (SOFR 30-Day Average + 3.35%), 01/25/43 (b) | 964 | 1006 |
| Series 2023-1B1-R02, REMIC, 9.86%, (SOFR 30-Day Average + 5.55%), 01/25/43 (b) | 270 | 294 |
| Connecticut Avenue Securities Trust 2025-R01 |  |  |
| Series 2025-1B1-R01, REMIC, 6.01%, (SOFR 30-Day Average + 1.70%), 01/25/45 (b) | 743 | 741 |
| Connecticut Avenue Securities Trust 2025-R02 |  |  |
| Series 2025-1M2-R02, REMIC, 5.91%, (SOFR 30-Day Average + 1.60%), 02/27/45 (b) | 899 | 902 |
| Series 2025-1B1-R02, REMIC, 6.26%, (SOFR 30-Day Average + 1.95%), 02/27/45 (b) | 624 | 624 |
| Connecticut Avenue Securities Trust 2025-R04 |  |  |
| Series 2025-1M2-R04, REMIC, 5.81%, (SOFR 30-Day Average + 1.50%), 05/25/45 (b) | 2600 | 2602 |
| Federal Home Loan Mortgage Corporation |  |  |
| Interest Only, Series 2020-X1-RR03, REMIC, 1.71%, 07/27/28 (b) | 18440 | 789 |
| Interest Only, Series 2020-DX-RR02, REMIC, 1.82%, 09/27/28 (b) | 8100 | 392 |
| Series 2022-M2-DNA1, REMIC, 6.81%, (SOFR 30-Day Average + 2.50%), 01/25/29 (b) | 897 | 914 |
| Interest Only, Series 2020-X-RR04, REMIC, 2.13%, 02/27/29 (b) | 19725 | 1149 |
| Interest Only, Series 2020-CX-RR02, REMIC, 1.27%, 03/27/29 (b) | 5615 | 220 |
| Series 2021-B1-DNA6, REMIC, 7.71%, (SOFR 30-Day Average + 3.40%), 10/25/41 (b) | 1482 | 1522 |
| Series 2022-M2-DNA2, REMIC, 8.06%, (SOFR 30-Day Average + 3.75%), 02/25/42 (b) | 3799 | 3945 |
| Series 2022-M2-HQA1, REMIC, 9.56%, (SOFR 30-Day Average + 5.25%), 03/25/42 (b) | 2460 | 2611 |
| Series 2022-B1-HQA1, REMIC, 11.31%, (SOFR 30-Day Average + 7.00%), 03/25/42 (b) | 1550 | 1684 |
| Series 2022-M2-DNA3, REMIC, 8.66%, (SOFR 30-Day Average + 4.35%), 04/25/42 (b) | 1869 | 1968 |
| Series 2022-M1B-DNA5, REMIC, 8.81%, (SOFR 30-Day Average + 4.50%), 06/25/42 (b) | 1265 | 1344 |
| Series 2022-M1B-HQA3, REMIC, 7.86%, (SOFR 30-Day Average + 3.55%), 08/25/42 (b) | 1457 | 1523 |
| Series 2022-M1B-DNA6, REMIC, 8.01%, (SOFR 30-Day Average + 3.70%), 09/25/42 (b) | 3266 | 3439 |
| Series 2022-M2-DNA6, REMIC, 10.06%, (SOFR 30-Day Average + 5.75%), 09/25/42 (b) | 420 | 458 |
| Series 2024-M2-DNA1, REMIC, 6.26%, (SOFR 30-Day Average + 1.95%), 02/25/44 (b) | 593 | 602 |
| Series 2024-M2-HQA1, REMIC, 6.31%, (SOFR 30-Day Average + 2.00%), 03/25/44 (b) | 1613 | 1629 |
| Interest Only, Series LI-4994, REMIC, 4.00%, 12/25/48 | 1586 | 309 |
| Series FK-5471, REMIC, 5.46%, (SOFR 30-Day Average + 1.15%), 08/25/54 (b) | 1799 | 1789 |
| Series FA-5475, REMIC, 5.41%, (SOFR 30-Day Average + 1.10%), 11/25/54 (b) | 571 | 568 |
| Series FB-5474, REMIC, 5.46%, (SOFR 30-Day Average + 1.15%), 11/25/54 (b) | 2037 | 2028 |
| Series FH-5473, REMIC, 5.46%, (SOFR 30-Day Average + 1.15%), 11/25/54 (b) | 2066 | 2056 |
| Series FB-5468, REMIC, 5.51%, (SOFR 30-Day Average + 1.20%), 11/25/54 (b) | 2870 | 2844 |
| Series FJ-5513, REMIC, 6.00%, (SOFR 30-Day Average + 1.80%), 11/25/54 (b) | 1890 | 1888 |
| Series FC-5481, REMIC, 5.81%, (SOFR 30-Day Average + 1.50%), 12/25/54 (b) | 3272 | 3281 |
| Series FB-5505, REMIC, 5.81%, (SOFR 30-Day Average + 1.50%), 02/25/55 (b) | 937 | 939 |
| Series FB-5521, REMIC, 6.00%, (SOFR 30-Day Average + 1.70%), 03/25/55 (b) | 1900 | 1903 |
| Series FD-5518, REMIC, 6.00%, (SOFR 30-Day Average + 1.70%), 03/25/55 (b) | 1977 | 1972 |
| Series FB-5551, REMIC, 5.81%, (SOFR 30-Day Average + 1.50%), 06/25/55 (b) | 3000 | 3009 |
| Series 2019-M-1, REMIC, 4.75%, 07/25/58 (b) | 689 | 665 |
| Federal National Mortgage Association, Inc. |  |  |
| Interest Only, Series C24-418, 4.00%, 08/01/43 | 2008 | 350 |
| Interest Only, Series 2018-ST-18, REMIC, 1.68%, (5.99% - (SOFR 30-Day Average \* 1)), 12/25/44 (b) | 1587 | 181 |
| Interest Only, Series 2021-AI-76, REMIC, 3.50%, 11/25/51 | 2927 | 510 |

---

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page [607](#abbreviations).

**JNL Series Trust** (Unaudited)

**Schedules of Investments (in thousands)**

June 30, 2025

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| Series 2024-FD-61, REMIC, 5.31%, (SOFR 30-Day Average + 1.00%), 03/25/53 (b) | 1257 | 1247 |
| Series 2024-FA-40, REMIC, 5.46%, (SOFR 30-Day Average + 1.15%), 03/25/54 (b) | 1501 | 1494 |
| Series 2024-FA-67, REMIC, 5.48%, (SOFR 30-Day Average + 1.17%), 09/25/54 (b) | 1865 | 1856 |
| Series 2024-JF-76, REMIC, 5.56%, (SOFR 30-Day Average + 1.25%), 11/25/54 (b) | 1743 | 1738 |
| Series 2025-FC-6, REMIC, 5.91%, (SOFR 30-Day Average + 1.60%), 02/25/55 (b) | 3051 | 3052 |
| Series 2025-FB-6, REMIC, 6.00%, (SOFR 30-Day Average + 2.00%), 02/25/55 (b) | 3285 | 3312 |
| Series 2025-LF-6, REMIC, 6.00%, (SOFR 30-Day Average + 1.80%), 02/25/55 (b) | 1869 | 1878 |
| Series 2025-HF-35, REMIC, 6.00%, (SOFR 30-Day Average + 1.70%), 05/25/55 (b) | 2894 | 2902 |
| Government National Mortgage Association |  |  |
| Series 2020-KA-112, REMIC, 1.00%, 08/20/50 | 736 | 563 |
| Interest Only, Series 2020-CI-162, REMIC, 2.00%, 10/20/50 | 4769 | 603 |
| Interest Only, Series 2020-MI-151, REMIC, 2.50%, 10/20/50 | 3600 | 526 |
| Series 2021-HE-103, REMIC, 2.00%, 06/20/51 | 1292 | 1058 |
| Series 2021-NC-119, REMIC, 1.50%, 07/20/51 | 1324 | 1071 |
| Series 2024-FA-61, REMIC, 5.45%, (SOFR 30-Day Average + 1.15%), 04/20/54 (b) | 702 | 701 |
| Government National Mortgage Association Guaranteed REMIC Pass-Through Securities, The |  |  |
| Series 2025-FY-4, REMIC, 5.90%, (SOFR 30-Day Average + 1.60%), 01/20/55 (b) | 1136 | 1141 |
| Government National Mortgage Association REMIC Trust 2020-095 |  |  |
| Series 2020-WK-86, REMIC, 1.00%, 06/20/50 | 1478 | 1126 |
| | | 94670 |
| **U.S. Treasury Note 7.6%** | **U.S. Treasury Note 7.6%** | **U.S. Treasury Note 7.6%** |
| Treasury, United States Department of |  |  |
| 3.63%, 03/31/28 | 3890 | 3883 |
| 4.00%, 01/31/29 - 04/30/32 | 11370 | 11461 |
| 4.63%, 04/30/29 - 09/30/30 | 48550 | 50078 |
| 2.88%, 05/15/32 | 8500 | 7932 |
| 4.13%, 11/15/32 | 1970 | 1984 |
| 4.25%, 05/15/35 | 5055 | 5063 |
|  |  | 80401 |
| **Sovereign 5.2%** | **Sovereign 5.2%** | **Sovereign 5.2%** |
| Angola, Government of |  |  |
| 8.00%, 11/26/29 (c) | 425 | 384 |
| 9.38%, 05/08/48 (c) | 1225 | 971 |
| 9.13%, 11/26/49 (c) | 335 | 259 |
| Cabinet of Ministers of Ukraine |  |  |
| 0.00%, 02/01/30 - 02/01/36 (c) (d) | 313 | 136 |
| 1.75%, 02/01/34 - 02/01/36 (c) (d) | 542 | 271 |
| Comision De Promocion Del Peru Para La Exportacion Y El Turismo |  |  |
| 6.15%, 08/12/32, PEN | 8760 | 2563 |
| 5.40%, 08/12/34, PEN | 216 | 58 |
| 6.90%, 08/12/37, PEN (e) | 4837 | 1382 |
| Departamento Administrativo De La Presidencia De La Republica |  |  |
| 3.00%, 01/30/30 | 300 | 260 |
| 8.00%, 11/14/35 | 225 | 227 |
| 8.75%, 11/14/53 | 275 | 273 |
| 8.38%, 11/07/54 | 115 | 110 |
| Gobierno de la Republica de Costa Rica |  |  |
| 7.16%, 03/12/45 (e) | 240 | 249 |
| Gobierno de la Republica del Ecuador |  |  |
| 6.90%, 07/31/30 (c) (d) | 210 | 183 |
| 5.50%, 07/31/35 (c) (d) | 280 | 203 |
| Gobierno de La Republica del Paraguay |  |  |
| 5.40%, 03/30/50 (c) | 265 | 227 |
| Gobierno De La Republica Oriental Del Uruguay |  |  |
| 5.10%, 06/18/50 | 340 | 313 |
| Gobierno Federal de los Estados Unidos Mexicanos |  |  |
| 7.50%, 06/03/27 - 05/26/33, MXN | 114990 | 5661 |
| 7.75%, 05/29/31 - 11/23/34, MXN | 156766 | 7631 |
| 8.00%, 11/07/47, MXN | 28420 | 1252 |
| 6.34%, 05/04/53 | 340 | 312 |
| 6.40%, 05/07/54 | 115 | 106 |
| 7.38%, 05/13/55 | 395 | 408 |
| Government of Saudi Arabia |  |  |
| 5.63%, 01/13/35 (c) | 275 | 287 |
| 3.25%, 11/17/51 (c) | 440 | 282 |
| 3.75%, 01/21/55 (c) | 335 | 228 |
| Government of the Republic of Panama |  |  |
| 6.40%, 02/14/35 (f) | 690 | 673 |
| Government of the Republic of Serbia |  |  |
| 6.00%, 06/12/34 (c) | 140 | 141 |
| Government of the Sultanate of Oman |  |  |
| 6.50%, 03/08/47 (c) | 140 | 142 |
| 7.00%, 01/25/51 (c) | 310 | 329 |
| Ministerio De Hacienda Y Credito Publico |  |  |
| 7.00%, 06/30/32, COP | 4683600 | 883 |
| 7.25%, 10/18/34, COP | 6985900 | 1250 |
| Presidence de la Republique de Cote d'Ivoire |  |  |
| 6.13%, 06/15/33 (c) | 560 | 508 |
| 8.08%, 04/01/36 (c) | 160 | 154 |
| 8.25%, 01/30/37 (c) | 50 | 48 |
| Presidencia da Republica |  |  |
| 10.00%, 01/01/29 - 01/01/35, BRL | 22344 | 3417 |
| Presidencia De La Nacion |  |  |
| 0.75%, 07/09/30 (d) | 396 | 317 |
| Presidencia de la Republica de El Salvador |  |  |
| 9.50%, 07/15/52 (c) (f) | 135 | 138 |
| Presidencia de la Republica Dominicana |  |  |
| 7.05%, 02/03/31 (c) | 315 | 331 |
| 6.95%, 03/15/37 (c) | 430 | 439 |
| 6.85%, 01/27/45 (c) | 220 | 219 |
| 7.15%, 02/24/55 (c) | 260 | 260 |
| Republic of Indonesia, The Government of, The |  |  |
| 5.50%, 04/15/26, IDR | 1062000 | 65 |
| 6.50%, 02/15/31, IDR | 15241000 | 940 |
| 7.00%, 02/15/33, IDR | 7626000 | 480 |
| 6.63%, 02/15/34, IDR | 11056000 | 679 |
| 6.75%, 07/15/35, IDR | 23915000 | 1482 |
| 4.63%, 04/15/43 (c) | 495 | 445 |
| Republica Bolivariana de Venezuela |  |  |
| 0.00%, 12/31/34 (e) (g) (h) | 1719 | 277 |
| Romania, Government of |  |  |
| 4.85%, 07/25/29, RON | 3895 | 822 |
| 8.25%, 09/29/32, RON | 5140 | 1244 |
| 7.10%, 07/31/34, RON | 5735 | 1289 |
| Sandor-Palota |  |  |
| 3.25%, 10/22/31, HUF | 491420 | 1200 |
| 2.25%, 06/22/34, HUF | 680060 | 1386 |
| 5.50%, 03/26/36 (c) | 230 | 221 |
| South Africa, Parliament of |  |  |
| 8.00%, 01/31/30, ZAR | 12672 | 704 |
| 8.25%, 03/31/32, ZAR | 3472 | 187 |
| 8.88%, 02/28/35, ZAR | 6186 | 326 |
| 7.10%, 11/19/36 (c) | 170 | 169 |
| 8.50%, 01/31/37, ZAR | 3050 | 150 |
| 6.50%, 02/28/41, ZAR | 24789 | 945 |
| 8.75%, 01/31/44, ZAR | 2744 | 126 |
| 5.65%, 09/27/47 | 505 | 381 |
| 5.75%, 09/30/49 | 2310 | 1735 |
| 7.95%, 11/19/54 (c) | 625 | 595 |
| The Arab Republic of Egypt |  |  |
| 3.88%, 02/16/26 (c) | 1350 | 1326 |
| 8.50%, 01/31/47 (c) | 895 | 724 |
| 8.88%, 05/29/50 (c) | 170 | 141 |
| Turkiye Cumhuriyeti Basbakanlik |  |  |
| 7.13%, 02/12/32 | 225 | 225 |
| 5.75%, 05/11/47 | 345 | 258 |
| Urzad Rady Ministrow |  |  |
| 4.75%, 07/25/29, PLN | 1286 | 356 |
| 1.75%, 04/25/32, PLN | 3733 | 834 |
| 6.00%, 10/25/33, PLN | 4134 | 1193 |
| 5.00%, 10/25/34, PLN | 900 | 241 |
|  |  | 54631 |

---

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page [607](#abbreviations).

**JNL Series Trust** (Unaudited)

**Schedules of Investments (in thousands)**

June 30, 2025

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| **U.S. Treasury Inflation Indexed Securities 2.0%** | **U.S. Treasury Inflation Indexed Securities 2.0%** | **U.S. Treasury Inflation Indexed Securities 2.0%** |
| Treasury, United States Department of |  |  |
| 2.13%, 01/15/35 (i) | 16676 | 16947 |
| 1.50%, 02/15/53 (i) | 2169 | 1717 |
| 2.38%, 02/15/55 (i) | 2755 | 2664 |
|  |  | 21328 |
| **U.S. Treasury Bond 1.5%** | **U.S. Treasury Bond 1.5%** | **U.S. Treasury Bond 1.5%** |
| Treasury, United States Department of |  |  |
| 4.00%, 11/15/42 | 3950 | 3603 |
| 3.88%, 02/15/43 | 1280 | 1145 |
| 4.38%, 08/15/43 | 5381 | 5130 |
| 4.50%, 02/15/44 | 3680 | 3556 |
| 3.00%, 08/15/52 | 750 | 541 |
| 3.63%, 05/15/53 | 1170 | 954 |
| 4.75%, 11/15/53 - 05/15/55 | 830 | 825 |
|  |  | 15754 |
| Total Government And Agency Obligations (cost $573,809) | Total Government And Agency Obligations (cost $573,809) | 575007 |
| **CORPORATE BONDS AND NOTES 36.2%** | **CORPORATE BONDS AND NOTES 36.2%** | **CORPORATE BONDS AND NOTES 36.2%** |
| **Financials 8.7%** | **Financials 8.7%** | **Financials 8.7%** |
| 200 Park Funding Trust |  |  |
| 5.74%, 02/15/55 (c) | 450 | 444 |
| ABN AMRO Bank N.V. |  |  |
| 5.52%, 12/03/35 (c) (j) | 700 | 712 |
| Acrisure, LLC |  |  |
| 8.50%, 06/15/29 (c) | 130 | 136 |
| 7.50%, 11/06/30 (c) | 420 | 434 |
| 6.75%, 07/01/32 (c) | 280 | 284 |
| AerCap Ireland Capital Designated Activity Company |  |  |
| 6.95%, 03/10/55 | 900 | 936 |
| Alliant Holdings Intermediate, LLC |  |  |
| 6.75%, 10/15/27 (c) | 175 | 175 |
| 6.75%, 04/15/28 (c) | 445 | 452 |
| 7.00%, 01/15/31 (c) | 505 | 522 |
| 6.50%, 10/01/31 (c) | 50 | 51 |
| 7.38%, 10/01/32 (c) | 15 | 15 |
| Allianz SE |  |  |
| 3.20%, (100, 10/30/27) (e) (k) | 2200 | 1928 |
| Ally Financial Inc. |  |  |
| 4.70%, (100, 05/15/28) (k) | 241 | 216 |
| 5.54%, 01/17/31 | 335 | 339 |
| AmWINS Group, Inc. |  |  |
| 4.88%, 06/30/29 (c) | 95 | 92 |
| AON North America, Inc. |  |  |
| 5.75%, 03/01/54 | 1175 | 1159 |
| Ardonagh Finco Ltd. |  |  |
| 7.75%, 02/15/31 (c) | 295 | 308 |
| Ardonagh Group Finance Limited |  |  |
| 8.88%, 02/15/32 (c) | 65 | 68 |
| Arthur J. Gallagher & Co. |  |  |
| 5.55%, 02/15/55 | 365 | 350 |
| Athene Holding Ltd |  |  |
| 6.88%, 06/28/55 | 895 | 890 |
| Azorra Finance Limited |  |  |
| 7.75%, 04/15/30 (c) | 215 | 224 |
| 7.25%, 01/15/31 (c) | 155 | 158 |
| Baldwin Insurance Group Holdings LLC |  |  |
| 7.13%, 05/15/31 (c) | 295 | 307 |
| Banco Bilbao Vizcaya Argentaria, S.A. |  |  |
| 7.75%, (100, 01/14/32) (j) (k) | 960 | 973 |
| Banco do Brasil S.A |  |  |
| 8.75%, (10 Year Treasury + 4.40%), (100, 10/15/25) (b) (e) (k) | 550 | 555 |
| Banco Mercantil Del Norte, S.A., Institucion De Banca Multiple, Grupo Financiero Banorte |  |  |
| 8.75%, (100, 05/20/35) (c) (k) | 115 | 116 |
| Banco Santander Mexico, S.A., I.B.M., Grupo Financiero Santander Mexico |  |  |
| 5.62%, 12/10/29 (c) | 85 | 87 |
| Banco Santander, S.A. |  |  |
| 4.75%, (100, 11/12/26) (j) (k) | 600 | 580 |
| Bangkok Bank Public Company Limited |  |  |
| 5.65%, 07/05/34 (c) | 190 | 197 |
| Bank of America Corporation |  |  |
| 4.38%, (100, 01/27/27) (k) | 1345 | 1320 |
| 6.63%, (100, 05/01/30) (k) | 660 | 688 |
| 5.29%, 04/25/34 | 660 | 673 |
| 5.51%, 01/24/36 | 695 | 715 |
| 4.08%, 03/20/51 | 2840 | 2255 |
| Bank of New York Mellon Corporation, The |  |  |
| 3.75%, (100, 12/20/26) (k) | 2655 | 2594 |
| Barclays PLC |  |  |
| 4.38%, (100, 03/15/28) (j) (k) | 710 | 661 |
| 7.63%, (100, 03/15/35) (j) (k) | 395 | 397 |
| 8.00%, (100, 03/15/29) (j) (k) | 880 | 923 |
| 9.63%, (100, 12/15/29) (j) (k) | 645 | 719 |
| Benteler International Aktiengesellschaft |  |  |
| 9.38%, 05/15/28, EUR (e) | 157 | 194 |
| 10.50%, 05/15/28 (c) | 370 | 389 |
| Blackstone Mortgage Trust, Inc. |  |  |
| 3.75%, 01/15/27 (c) | 50 | 49 |
| 7.75%, 12/01/29 (c) | 345 | 367 |
| Blackstone Private Credit Fund |  |  |
| 6.00%, 01/29/32 | 670 | 673 |
| Block, Inc. |  |  |
| 6.50%, 05/15/32 | 430 | 444 |
| BNP Paribas |  |  |
| 4.50%, (100, 02/25/30) (c) (j) (k) | 155 | 139 |
| 4.63%, (100, 01/12/27) (c) (f) (k) | 965 | 937 |
| 4.63%, (100, 02/25/31) (c) (k) | 575 | 511 |
| 7.38%, (100, 08/19/25) (e) (f) (j) (k) | 2730 | 2740 |
| 7.38%, (100, 08/19/25) (c) (j) (k) | 117 | 117 |
| 9.25%, (100, 11/17/27) (c) (j) (k) | 135 | 145 |
| BPCE |  |  |
| 5.94%, 05/30/35 (c) | 555 | 569 |
| 6.92%, 01/14/46 (c) (j) | 1315 | 1370 |
| BroadStreet Partners, Inc. |  |  |
| 5.88%, 04/15/29 (c) | 320 | 316 |
| Capital One Financial Corporation |  |  |
| 5.88%, 07/26/35 | 305 | 315 |
| 6.18%, 01/30/36 | 3085 | 3140 |
| Charles Schwab Corporation, The |  |  |
| 4.00%, (100, 06/01/26) (k) | 3182 | 3007 |
| 5.00%, (100, 06/01/27) (k) | 405 | 403 |
| Citigroup Inc. |  |  |
| 3.88%, (100, 02/18/26) (k) | 1081 | 1067 |
| 4.15%, (100, 11/15/26) (k) | 935 | 912 |
| 7.00%, (100, 08/15/34) (k) | 650 | 683 |
| 6.02%, 01/24/36 | 1720 | 1766 |
| Citizens Financial Group, Inc. |  |  |
| 4.00%, (100, 10/06/26) (k) | 215 | 209 |
| 7.55%(3 Month Term SOFR + 3.26%), (b) (k) | 275 | 276 |
| Deutsche Bank Aktiengesellschaft |  |  |
| 6.00%, (100, 10/30/25) (k) | 200 | 199 |
| Equitable Holdings, Inc. |  |  |
| 6.70%, 03/28/55 | 895 | 915 |
| Fifth Third Bancorp |  |  |
| 7.59%(3 Month Term SOFR + 3.29%), (b) (k) | 547 | 550 |
| 4.34%, 04/25/33 | 710 | 678 |
| Focus Financial Partners, LLC |  |  |
| 6.75%, 09/15/31 (c) | 195 | 199 |
| Ford Motor Credit Company LLC |  |  |
| 6.50%, 02/07/35 | 825 | 824 |
| Freedom Mortgage Corporation |  |  |
| 6.63%, 01/15/27 (c) | 30 | 30 |
| Freedom Mortgage Holdings LLC |  |  |
| 9.25%, 02/01/29 (c) | 30 | 31 |
| 9.13%, 05/15/31 (c) | 30 | 31 |
| GA Global Funding Trust |  |  |
| 5.20%, 12/09/31 (c) | 1540 | 1545 |
| GGAM Finance Ltd. |  |  |
| 6.88%, 04/15/29 (c) | 145 | 150 |
| Global Atlantic Financial Company |  |  |
| 4.70%, 10/15/51 (c) | 635 | 623 |
| 7.95%, 10/15/54 (c) | 685 | 715 |
| Goldman Sachs Group, Inc., The |  |  |
| 3.65%, (100, 08/10/26) (k) | 1535 | 1503 |
| 3.80%, (100, 05/10/26) (k) | 185 | 182 |

---

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page [607](#abbreviations).

**JNL Series Trust** (Unaudited)

**Schedules of Investments (in thousands)**

June 30, 2025

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| 4.13%, (100, 11/10/26) (k) | 260 | 255 |
| 5.36%(3 Month Term SOFR + 1.03%), (b) (k) | 540 | 464 |
| 6.13%, (100, 11/10/34) (k) | 570 | 569 |
| 7.50%, (100, 05/10/29) (k) | 770 | 811 |
| Grupo Aval Acciones y Valores S.A. |  |  |
| 4.38%, 02/04/30 (c) | 390 | 358 |
| GTCR W-2 Merger Sub LLC |  |  |
| 8.50%, 01/15/31, GBP (c) | 140 | 206 |
| Howden UK Refinance 2 PLC |  |  |
| 8.13%, 02/15/32 (c) | 60 | 62 |
| Howden UK Refinance PLC |  |  |
| 7.25%, 02/15/31 (c) | 200 | 207 |
| HSBC Holdings PLC |  |  |
| 4.00%, (100, 03/09/26) (j) (k) | 450 | 443 |
| 4.70%, (100, 03/09/31) (j) (k) | 410 | 371 |
| 8.00%, (100, 03/07/28) (k) | 295 | 310 |
| HUB International Limited |  |  |
| 7.25%, 06/15/30 (c) | 495 | 517 |
| 7.38%, 01/31/32 (c) | 60 | 63 |
| Huntington Bancshares Incorporated |  |  |
| 4.45%, (100, 10/15/27) (k) | 383 | 379 |
| 5.63%, (100, 07/15/30) (k) | 134 | 136 |
| 5.71%, 02/02/35 | 585 | 598 |
| ING Groep N.V. |  |  |
| 3.88%, (100, 05/16/27) (j) (k) | 1045 | 969 |
| 4.25%, (100, 05/16/31) (j) (k) | 1005 | 838 |
| 5.75%, (100, 11/16/26) (j) (k) | 846 | 842 |
| Jane Street Group, LLC |  |  |
| 7.13%, 04/30/31 (c) | 235 | 247 |
| 6.13%, 11/01/32 (c) | 265 | 267 |
| 6.75%, 05/01/33 (c) | 195 | 201 |
| Jones Deslauriers Insurance Management Inc. |  |  |
| 8.50%, 03/15/30 (c) | 75 | 80 |
| 10.50%, 12/15/30 (c) | 115 | 123 |
| JPMorgan Chase & Co. |  |  |
| 3.65%, (100, 06/01/26) (k) | 65 | 64 |
| 7.12%, (3 Month Term SOFR + 2.84%), (100, 08/01/25) (b) (k) | 159 | 160 |
| Ladder Capital Finance Holdings LLLP |  |  |
| 7.00%, 07/15/31 (c) | 45 | 47 |
| Liberty Mutual Group Inc. |  |  |
| 4.13%, 12/15/51 (c) | 690 | 674 |
| Lloyds Banking Group PLC |  |  |
| 7.50%, (100, 09/27/25) (j) (k) | 210 | 211 |
| 8.00%, (100, 09/27/29) (j) (k) | 640 | 678 |
| 6.07%, 06/13/36 | 1125 | 1156 |
| M&T Bank Corporation |  |  |
| 3.50%, (100, 09/01/26) (k) | 1095 | 1058 |
| MetLife, Inc. |  |  |
| 6.35%, 03/15/55 | 445 | 457 |
| Morgan Stanley |  |  |
| 5.32%, 07/19/35 | 730 | 739 |
| Nationstar Mortgage Holdings Inc. |  |  |
| 6.50%, 08/01/29 (c) | 510 | 521 |
| Nationwide Building Society |  |  |
| 4.13%, 10/18/32 (c) | 835 | 816 |
| NatWest Group PLC |  |  |
| 4.60%, (100, 06/28/31) (f) (j) (k) | 2075 | 1818 |
| 6.00%, (100, 12/29/25) (j) (k) | 205 | 205 |
| Navient Corporation |  |  |
| 5.50%, 03/15/29 | 260 | 255 |
| 7.88%, 06/15/32 | 335 | 349 |
| Nordea Bank Abp |  |  |
| 3.75%, (100, 03/01/29) (c) (f) (j) (k) | 1015 | 913 |
| OneMain Finance Corporation |  |  |
| 6.63%, 01/15/28 - 05/15/29 | 240 | 247 |
| 7.13%, 11/15/31 - 09/15/32 | 505 | 524 |
| Panther Escrow Issuer LLC |  |  |
| 7.13%, 06/01/31 (c) | 135 | 140 |
| PennyMac Financial Services, Inc. |  |  |
| 7.88%, 12/15/29 (c) | 155 | 165 |
| 6.88%, 05/15/32 - 02/15/33 (c) | 490 | 502 |
| Progroup AG |  |  |
| 5.38%, 04/15/31, EUR (e) (f) | 611 | 712 |
| Provident Funding Mortgage Loan Trust 2005-1 |  |  |
| 9.75%, 09/15/29 (c) | 325 | 342 |
| Reinsurance Group of America, Incorporated |  |  |
| 6.65%, 09/15/55 | 250 | 249 |
| RITHM Capital Corp. |  |  |
| 8.00%, 07/15/30 (c) | 280 | 281 |
| Rocket Companies, Inc. |  |  |
| 6.13%, 08/01/30 (c) | 175 | 178 |
| 6.38%, 08/01/33 (c) | 230 | 235 |
| Rocket Mortgage, LLC |  |  |
| 4.00%, 10/15/33 (c) | 305 | 273 |
| Santander UK Group Holdings PLC |  |  |
| 6.83%, 11/21/26 | 1010 | 1018 |
| Shift4 Payments, LLC |  |  |
| 6.75%, 08/15/32 (c) | 430 | 447 |
| SLM Corporation |  |  |
| 6.50%, 01/31/30 | 305 | 320 |
| Starwood Property Trust, Inc. |  |  |
| 7.25%, 04/01/29 (c) | 75 | 79 |
| 6.50%, 07/01/30 (c) | 530 | 548 |
| Sumitomo Mitsui Financial Group, Inc. |  |  |
| 3.01%, 10/19/26 | 340 | 334 |
| The PNC Financial Services Group, Inc. |  |  |
| 3.40%, (100, 09/15/26) (k) | 1990 | 1922 |
| 5.00%, (100, 11/01/26) (k) | 30 | 30 |
| 6.25%, (100, 03/15/30) (k) | 465 | 477 |
| Truist Financial Corporation |  |  |
| 5.10%, (100, 03/01/30) (k) | 90 | 89 |
| Turkiye Vakiflar Bankasi T.A.O. |  |  |
| 8.99%, 10/05/34 (c) | 300 | 309 |
| U S I, Inc. |  |  |
| 7.50%, 01/15/32 (c) | 60 | 63 |
| U.S. Bancorp |  |  |
| 3.70%, (100, 01/15/27) (k) | 3445 | 3313 |
| UBS Group AG |  |  |
| 7.00%, (100, 02/10/30) (c) (j) (k) | 625 | 621 |
| 9.25%, (100, 11/13/33) (c) (j) (k) | 1415 | 1636 |
| UBS Group Funding (Switzerland) AG |  |  |
| 6.88%, (100, 08/07/25) (e) (j) (k) | 1066 | 1066 |
| UWM Holdings Corporation |  |  |
| 6.63%, 02/01/30 (c) | 205 | 205 |
| Walker & Dunlop, Inc. |  |  |
| 6.63%, 04/01/33 (c) | 245 | 252 |
| Wells Fargo & Company |  |  |
| 3.90%, (100, 03/15/26) (k) | 625 | 618 |
| 5.39%, 04/24/34 | 780 | 799 |
| 6.49%, 10/23/34 | 1650 | 1804 |
| XP Inc. |  |  |
| 6.75%, 07/02/29 (c) | 280 | 283 |
| | | 92084 |
| **Consumer Discretionary 4.8%** | **Consumer Discretionary 4.8%** | **Consumer Discretionary 4.8%** |
| 888 Acquisitions Limited |  |  |
| 10.75%, 05/15/30, GBP (c) | 100 | 138 |
| Accor |  |  |
| 4.88%, (100, 06/06/30), EUR (e) (k) | 300 | 360 |
| Adient Global Holdings Ltd |  |  |
| 7.50%, 02/15/33 (c) | 40 | 41 |
| Afflelou |  |  |
| 6.00%, 07/25/29, EUR (c) | 230 | 281 |
| Allwyn Entertainment Financing (UK) PLC |  |  |
| 7.88%, 04/30/29 (c) | 235 | 245 |
| Allwyn International a.s. |  |  |
| 3.88%, 02/15/27, EUR (e) | 245 | 288 |
| Aramark International Finance S.a r.l. |  |  |
| 4.38%, 04/15/33, EUR (e) | 245 | 284 |
| Asbury Automotive Group, Inc. |  |  |
| 4.75%, 03/01/30 | 50 | 48 |
| 5.00%, 02/15/32 (c) | 385 | 367 |
| Azelis Finance |  |  |
| 4.75%, 09/25/29, EUR (c) (f) | 310 | 375 |
| B&M European Value Retail S.A. |  |  |
| 4.00%, 11/15/28, GBP (e) (f) | 500 | 649 |
| 8.13%, 11/15/30, GBP (e) | 215 | 314 |
| 6.50%, 11/27/31, GBP (e) | 190 | 262 |

---

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page [607](#abbreviations).

**JNL Series Trust** (Unaudited)

**Schedules of Investments (in thousands)**

June 30, 2025

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| Banijay Entertainment |  |  |
| 7.00%, 05/01/29, EUR (c) | 775 | 953 |
| Bath & Body Works, Inc. |  |  |
| 6.63%, 10/01/30 (c) | 360 | 371 |
| Beach Acquisition Bidco, LLC |  |  |
| 10.00%, 07/15/33 (c) (l) | 405 | 421 |
| Beazer Homes USA, Inc. |  |  |
| 5.88%, 10/15/27 | 80 | 80 |
| 7.50%, 03/15/31 (c) | 310 | 315 |
| Bertrand Franchise Finance |  |  |
| 5.99%, (3 Month EURIBOR + 3.75%), 07/18/30, EUR (b) (e) | 100 | 115 |
| 6.50%, 07/18/30, EUR (e) | 210 | 250 |
| BK LC Lux Finco 1 S.a r.l. |  |  |
| 5.25%, 04/30/29, EUR (e) | 555 | 661 |
| Bubbles BidCo S.p.A. |  |  |
| 6.50%, 09/30/31, EUR (e) | 400 | 477 |
| Caesars Entertainment, Inc. |  |  |
| 4.63%, 10/15/29 (c) | 175 | 167 |
| 6.50%, 02/15/32 (c) | 245 | 251 |
| Carnival Corporation |  |  |
| 6.00%, 05/01/29 (c) | 585 | 591 |
| 6.13%, 02/15/33 (c) | 260 | 266 |
| Carvana Co. |  |  |
| 9.00%, 12/01/28 (c) (d) (l) | 34 | 35 |
| 11.00%, 06/01/30 (c) (d) (l) | 75 | 79 |
| CD&R Firefly Bidco PLC |  |  |
| 8.63%, 04/30/29, GBP (e) | 180 | 254 |
| CDI Escrow Issuer, Inc. |  |  |
| 5.75%, 04/01/30 (c) | 380 | 381 |
| Ceconomy AG |  |  |
| 6.25%, 07/15/29, EUR (e) | 501 | 614 |
| Churchill Downs Incorporated |  |  |
| 6.75%, 05/01/31 (c) | 345 | 355 |
| Cirsa Finance International S.a r.l. |  |  |
| 7.88%, 07/31/28, EUR (e) | 401 | 491 |
| 6.50%, 03/15/29, EUR (e) | 195 | 240 |
| Clarios Global LP |  |  |
| 6.75%, 02/15/30 (c) | 55 | 57 |
| Cougar JV Subsidiary, LLC |  |  |
| 8.00%, 05/15/32 (c) | 400 | 427 |
| CPUK Mortgage Finance Limited |  |  |
| 4.50%, 08/28/27, GBP (d) (e) | 260 | 347 |
| 6.50%, 08/28/50, GBP (e) | 130 | 178 |
| CT Investment GmbH |  |  |
| 6.38%, 04/15/30, EUR (e) | 200 | 243 |
| 6.38%, 04/15/30, EUR (c) | 420 | 500 |
| Dana Financing Luxembourg S.a r.l. |  |  |
| 8.50%, 07/15/31, EUR (e) | 223 | 286 |
| Deuce Finco PLC |  |  |
| 5.50%, 06/15/27, GBP (e) | 300 | 408 |
| Dufry One B.V. |  |  |
| 4.75%, 04/18/31, EUR (e) | 240 | 290 |
| Elior Group |  |  |
| 5.63%, 03/15/30, EUR (e) | 295 | 354 |
| Eroski Sociedad Cooperativa |  |  |
| 10.63%, 04/30/29, EUR (e) | 370 | 468 |
| Flos B&b Italia S.P.A. |  |  |
| 5.85%, (3 Month EURIBOR + 3.88%), 12/15/29, EUR (b) (e) | 177 | 201 |
| Flutter Treasury Designated Activity Company |  |  |
| 5.00%, 04/29/29, EUR (e) | 170 | 207 |
| FNAC Darty |  |  |
| 6.00%, 04/01/29, EUR (e) | 200 | 246 |
| Food Service Project SL |  |  |
| 5.50%, 01/21/27, EUR (e) | 110 | 130 |
| Ford Motor Company |  |  |
| 3.25%, 02/12/32 | 2000 | 1687 |
| Forvia |  |  |
| 2.38%, 06/15/27, EUR (e) | 150 | 171 |
| 5.63%, 06/15/30, EUR (e) | 265 | 312 |
| 5.50%, 06/15/31, EUR (e) (f) | 180 | 209 |
| Fressnapf Holding SE |  |  |
| 5.25%, 10/31/31, EUR (e) | 400 | 475 |
| Gates Corporation |  |  |
| 6.88%, 07/01/29 (c) | 115 | 119 |
| Goldstory |  |  |
| 6.75%, 02/01/30, EUR (e) | 140 | 171 |
| 6.75%, 02/01/30, EUR (c) | 680 | 829 |
| Grupo Antolin-Irausa SA |  |  |
| 3.50%, 04/30/28, EUR (e) | 100 | 77 |
| GYP Holdings III Corp. |  |  |
| 4.63%, 05/01/29 (c) | 120 | 120 |
| IHO Verwaltungs GmbH |  |  |
| 8.75%, 05/15/28, EUR (e) (l) | 415 | 511 |
| IHOL-Verwaltungs-GmbH |  |  |
| 7.75%, 11/15/30 (c) (l) | 300 | 308 |
| Jaguar Land Rover Automotive PLC |  |  |
| 4.50%, 07/15/28, EUR (e) | 261 | 310 |
| K2016470219 (South Africa) Ltd |  |  |
| 8.00%, 05/07/49, EUR (c) (g) (h) (l) | 4042 | 5 |
| KB Home |  |  |
| 7.25%, 07/15/30 | 265 | 274 |
| 4.00%, 06/15/31 | 55 | 51 |
| LCM Investments Holdings II, LLC |  |  |
| 8.25%, 08/01/31 (c) | 285 | 303 |
| LGI Homes, Inc. |  |  |
| 7.00%, 11/15/32 (c) | 375 | 357 |
| Light & Wonder, Inc. |  |  |
| 6.63%, 03/01/30 (c) | 415 | 400 |
| Light and Wonder International, Inc. |  |  |
| 7.25%, 11/15/29 (c) | 170 | 175 |
| Lindblad Expeditions, LLC |  |  |
| 9.00%, 05/15/28 (c) | 280 | 293 |
| Lottomatica S.p.A. |  |  |
| 5.38%, 06/01/30, EUR (e) | 180 | 220 |
| Magnum Management Corporation |  |  |
| 5.25%, 07/15/29 | 145 | 142 |
| Maison Finco PLC |  |  |
| 6.00%, 10/31/27, GBP (e) | 304 | 412 |
| Manuchar |  |  |
| 7.25%, 06/30/27, EUR (e) | 340 | 407 |
| MCE Finance Limited |  |  |
| 5.63%, 07/17/27 (c) | 595 | 594 |
| MercadoLibre, Inc. |  |  |
| 3.13%, 01/14/31 | 2280 | 2049 |
| Merlin Entertainments Group U.S. Holdings Inc. |  |  |
| 7.38%, 02/15/31 (c) | 105 | 94 |
| MGM Resorts International |  |  |
| 6.50%, 04/15/32 (f) | 425 | 432 |
| Midwest Gaming Borrower, LLC |  |  |
| 4.88%, 05/01/29 (c) | 425 | 409 |
| Miller Homes Group (Finco) PLC |  |  |
| 7.00%, 05/15/29, GBP (e) | 300 | 412 |
| Motel One GmbH |  |  |
| 7.75%, 04/02/31, EUR (e) | 200 | 252 |
| Motion Finco S.a r.l. |  |  |
| 7.38%, 06/15/30, EUR (e) | 180 | 198 |
| NCL Corporation Ltd. |  |  |
| 5.88%, 03/15/26 (c) | 16 | 16 |
| 7.75%, 02/15/29 (c) | 85 | 90 |
| 6.75%, 02/01/32 (c) | 430 | 439 |
| Newell Brands Inc. |  |  |
| 8.50%, 06/01/28 (c) | 255 | 269 |
| Next Group PLC |  |  |
| 3.63%, 05/18/28, GBP (e) | 300 | 403 |
| Nissan Motor Co., Ltd. |  |  |
| 4.81%, 09/17/30 (c) | 215 | 196 |
| Nordstrom, Inc. |  |  |
| 4.38%, 04/01/30 | 25 | 23 |
| Patrick Industries, Inc. |  |  |
| 6.38%, 11/01/32 (c) | 260 | 261 |
| PENN Entertainment, Inc. |  |  |
| 5.63%, 01/15/27 (c) | 50 | 50 |
| 4.13%, 07/01/29 (c) (f) | 370 | 343 |
| PetSmart, LLC |  |  |
| 7.75%, 02/15/29 (c) | 255 | 248 |
| Peu (Fin) PLC |  |  |
| 7.25%, 07/01/28, EUR (c) | 640 | 781 |

---

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page [607](#abbreviations).

**JNL Series Trust** (Unaudited)

**Schedules of Investments (in thousands)**

June 30, 2025

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| Pinewood Finco PLC |  |  |
| 6.00%, 03/27/30, GBP (c) | 405 | 548 |
| Pinnacle Bidco PLC |  |  |
| 10.00%, 10/11/28, GBP (c) | 651 | 944 |
| Prosus N.V. |  |  |
| 3.83%, 02/08/51 (c) | 2770 | 1778 |
| Rakuten Group, Inc. |  |  |
| 4.25%, (100, 04/22/27), EUR (e) (k) | 200 | 221 |
| 9.75%, 04/15/29 (c) | 215 | 236 |
| Resideo Funding Inc. |  |  |
| 4.00%, 09/01/29 (c) | 150 | 142 |
| 6.50%, 07/15/32 (c) | 335 | 343 |
| Schaeffler AG |  |  |
| 4.75%, 08/14/29, EUR (e) | 100 | 119 |
| 4.50%, 03/28/30, EUR (e) | 800 | 941 |
| Shea Homes Limited Partnership, A California Limited Partnership |  |  |
| 4.75%, 02/15/28 | 185 | 183 |
| Six Flags Operations Inc. |  |  |
| 7.25%, 05/15/31 (c) | 345 | 354 |
| 6.63%, 05/01/32 (c) | 520 | 535 |
| Sodexo, Inc. |  |  |
| 5.80%, 08/15/35 (c) | 220 | 227 |
| Station Casinos LLC |  |  |
| 6.63%, 03/15/32 (c) | 295 | 302 |
| Tapestry, Inc. |  |  |
| 5.50%, 03/11/35 | 865 | 868 |
| TAP–Transportes Aereos Portugueses, SGPS, S.A. |  |  |
| 5.13%, 11/15/29, EUR (e) | 500 | 591 |
| Taylor Morrison Communities, Inc. |  |  |
| 5.75%, 01/15/28 (c) | 175 | 177 |
| The Goodyear Tire & Rubber Company |  |  |
| 5.00%, 05/31/26 - 07/15/29 | 346 | 341 |
| 5.25%, 04/30/31 | 160 | 154 |
| TKC Holdings, Inc. |  |  |
| 6.88%, 05/15/28 (c) | 215 | 215 |
| TUI Cruises GmbH |  |  |
| 5.00%, 05/15/30, EUR (e) | 150 | 178 |
| TVL Finance PLC |  |  |
| 10.25%, 04/28/28, GBP (e) | 239 | 327 |
| United Parks And Resorts Inc. |  |  |
| 5.25%, 08/15/29 (c) | 350 | 342 |
| V.F. Corporation |  |  |
| 4.25%, 03/07/29, EUR | 275 | 309 |
| Valeo |  |  |
| 5.88%, 04/12/29, EUR (e) (f) | 200 | 250 |
| 4.50%, 04/11/30, EUR (e) | 500 | 586 |
| Verde Purchaser, LLC |  |  |
| 10.50%, 11/30/30 (c) | 410 | 444 |
| Viking Cruises Limited |  |  |
| 7.00%, 02/15/29 (c) | 460 | 464 |
| 9.13%, 07/15/31 (c) | 235 | 253 |
| Viking Ocean Cruises Ship VII Ltd |  |  |
| 5.63%, 02/15/29 (c) | 895 | 894 |
| Volkswagen International Finance N.V. |  |  |
| 3.75%, (100, 12/28/27), EUR (e) (k) | 500 | 579 |
| Waga Bondco Limited |  |  |
| 8.50%, 06/15/30, GBP (e) | 150 | 201 |
| Warnermedia Holdings, Inc. |  |  |
| 5.05%, 03/15/42 | 5550 | 3276 |
| Whirlpool Corporation |  |  |
| 6.13%, 06/15/30 | 75 | 76 |
| 6.50%, 06/15/33 | 70 | 70 |
| Windsor Holdings III, LLC |  |  |
| 8.50%, 06/15/30 (c) | 325 | 348 |
| Wynn Macau, Limited |  |  |
| 5.50%, 01/15/26 (c) | 435 | 434 |
| ZF Friedrichshafen AG |  |  |
| 6.13%, 03/13/29, EUR (e) | 400 | 461 |
| 3.00%, 10/23/29, EUR (e) | 700 | 712 |
| ZF North America Capital, Inc. |  |  |
| 6.88%, 04/14/28 - 04/23/32 (c) | 140 | 137 |
| 6.75%, 04/23/30 (c) | 315 | 303 |
| | | 51121 |
| **Energy 4.8%** | **Energy 4.8%** | **Energy 4.8%** |
| 3R Lux |  |  |
| 9.75%, 02/05/31 (c) | 235 | 239 |
| Antero Midstream Partners LP |  |  |
| 6.63%, 02/01/32 (c) | 980 | 1012 |
| Archrock Partners, L.P. |  |  |
| 6.25%, 04/01/28 (c) | 160 | 161 |
| 6.63%, 09/01/32 (c) | 770 | 785 |
| Aris Water Holdings, LLC |  |  |
| 7.25%, 04/01/30 (c) | 865 | 892 |
| Ascent Resources - Utica, LLC |  |  |
| 5.88%, 06/30/29 (c) | 415 | 416 |
| 6.63%, 10/15/32 (c) | 285 | 290 |
| Bip-V Chinook |  |  |
| 5.50%, 06/15/31 (c) | 55 | 54 |
| BP Capital Markets P.L.C. |  |  |
| 3.25%, (100, 03/22/26), EUR (e) (k) | 700 | 825 |
| 4.38%, (100, 08/19/31), EUR (e) (k) | 100 | 118 |
| Buckeye Partners, L.P. |  |  |
| 6.75%, 02/01/30 (c) | 380 | 395 |
| Civitas Resources, Inc. |  |  |
| 8.38%, 07/01/28 (c) | 40 | 41 |
| 8.63%, 11/01/30 (c) | 550 | 558 |
| 8.75%, 07/01/31 (c) | 30 | 30 |
| 9.63%, 06/15/33 (c) | 305 | 313 |
| Colgate Energy Partners III, LLC |  |  |
| 5.88%, 07/01/29 (c) | 200 | 201 |
| Comstock Resources, Inc. |  |  |
| 6.75%, 03/01/29 (c) | 966 | 969 |
| ConocoPhillips Company |  |  |
| 5.50%, 01/15/55 | 640 | 607 |
| Continental Resources, Inc. |  |  |
| 4.90%, 06/01/44 | 2830 | 2228 |
| CQP Holdco LP |  |  |
| 7.50%, 12/15/33 (c) | 65 | 71 |
| Crescent Energy Finance LLC |  |  |
| 7.63%, 04/01/32 (c) | 495 | 483 |
| 7.38%, 01/15/33 (c) | 120 | 115 |
| Cullinan Holdco SCSp |  |  |
| 4.63%, 10/15/26, EUR (e) (f) | 200 | 203 |
| DCP Midstream, LLC |  |  |
| 6.45%, 11/03/36 (c) | 1620 | 1655 |
| Devon Energy Corporation |  |  |
| 5.85%, 12/15/25 | 870 | 873 |
| 5.00%, 06/15/45 | 470 | 391 |
| Diamondback Energy, Inc. |  |  |
| 6.25%, 03/15/53 | 610 | 603 |
| 5.75%, 04/18/54 | 495 | 459 |
| Ecopetrol S.A. |  |  |
| 4.63%, 11/02/31 | 395 | 333 |
| 8.88%, 01/13/33 | 1030 | 1062 |
| 8.38%, 01/19/36 | 170 | 164 |
| Enbridge Inc. |  |  |
| 8.25%, 01/15/84 (j) | 300 | 317 |
| Energy Transfer LP |  |  |
| 5.60%, 09/01/34 | 1440 | 1463 |
| 8.00%, 05/15/54 | 380 | 404 |
| Enterprise Products Operating LLC |  |  |
| 4.80%, 02/01/49 | 1440 | 1256 |
| Excelerate Energy Limited Partnership |  |  |
| 8.00%, 05/15/30 (c) | 380 | 400 |
| FS Luxembourg S.a r.l. |  |  |
| 8.63%, 06/25/33 (c) | 185 | 183 |
| Genesis Energy, L.P. |  |  |
| 7.75%, 02/01/28 | 185 | 188 |
| 8.25%, 01/15/29 | 235 | 246 |
| 7.88%, 05/15/32 | 199 | 207 |
| 8.00%, 05/15/33 | 520 | 544 |
| Global Partners LP |  |  |
| 7.13%, 07/01/33 (c) | 145 | 147 |
| Gran Tierra Energy Inc. |  |  |
| 9.50%, 10/15/29 (c) | 340 | 259 |
| Harvest Midstream I, L.P. |  |  |
| 7.50%, 09/01/28 (c) | 295 | 300 |

---

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page [607](#abbreviations).

**JNL Series Trust** (Unaudited)

**Schedules of Investments (in thousands)**

June 30, 2025

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| 7.50%, 05/15/32 (c) | 630 | 665 |
| Hilcorp Energy I, L.P. |  |  |
| 5.75%, 02/01/29 (c) | 165 | 163 |
| 6.00%, 04/15/30 (c) | 260 | 253 |
| 8.38%, 11/01/33 (c) | 125 | 130 |
| 6.88%, 05/15/34 (c) | 220 | 211 |
| 7.25%, 02/15/35 (c) | 495 | 485 |
| Howard Midstream Energy Partners, LLC |  |  |
| 7.38%, 07/15/32 (c) | 1140 | 1199 |
| ITT Holdings LLC |  |  |
| 6.50%, 08/01/29 (c) | 160 | 152 |
| Joint Stock Company National Company Kazmunaygas |  |  |
| 5.38%, 04/24/30 (c) | 980 | 985 |
| 5.75%, 04/19/47 (c) | 375 | 324 |
| Kimmeridge Texas Gas, LLC |  |  |
| 8.50%, 02/15/30 (c) | 730 | 756 |
| Kinder Morgan, Inc. |  |  |
| 5.55%, 06/01/45 | 675 | 637 |
| Kinetik Holdings LP |  |  |
| 6.63%, 12/15/28 (c) | 25 | 26 |
| 5.88%, 06/15/30 (c) | 805 | 812 |
| Matador Resources Company |  |  |
| 6.50%, 04/15/32 (c) | 525 | 525 |
| 6.25%, 04/15/33 (c) | 130 | 129 |
| MPLX LP |  |  |
| 5.95%, 04/01/55 | 1455 | 1386 |
| MV24 Capital B.V. |  |  |
| 6.75%, 06/01/34 (c) | 161 | 156 |
| NGL Energy Operating LLC |  |  |
| 8.13%, 02/15/29 (c) | 900 | 909 |
| Noble Finance II LLC |  |  |
| 8.00%, 04/15/30 (c) | 745 | 759 |
| Northern Oil and Gas Incorporated |  |  |
| 8.75%, 06/15/31 (c) | 495 | 511 |
| Northriver Midstream Finance LP |  |  |
| 6.75%, 07/15/32 (c) | 55 | 57 |
| Occidental Petroleum Corporation |  |  |
| 3.50%, 08/15/29 | 1000 | 930 |
| 5.38%, 01/01/32 | 520 | 516 |
| 6.05%, 10/01/54 | 485 | 444 |
| Permian Resources Operating, LLC |  |  |
| 7.00%, 01/15/32 (c) | 125 | 130 |
| 6.25%, 02/01/33 (c) | 495 | 500 |
| Petroleos de Venezuela, S.A. |  |  |
| 0.00%, 05/16/26 - 04/12/27 (e) (g) (h) | 6339 | 800 |
| Petroleos Mexicanos |  |  |
| 4.75%, 02/26/29, EUR (e) | 235 | 263 |
| 6.70%, 02/16/32 | 185 | 172 |
| 6.35%, 02/12/48 | 505 | 352 |
| 7.69%, 01/23/50 | 885 | 697 |
| PT. Pertamina (Persero) |  |  |
| 6.45%, 05/30/44 (c) | 260 | 268 |
| Raizen Fuels Finance S.A. |  |  |
| 6.25%, 07/08/32 (c) | 240 | 238 |
| 6.95%, 03/05/54 (c) | 225 | 208 |
| Rockcliff Energy II LLC |  |  |
| 5.50%, 10/15/29 (c) | 890 | 863 |
| Rockies Express Pipeline LLC |  |  |
| 6.75%, 03/15/33 (c) | 520 | 543 |
| 6.88%, 04/15/40 (c) | 290 | 290 |
| Saudi Arabian Oil Company |  |  |
| 5.75%, 07/17/54 (c) | 240 | 225 |
| Sierracol Energy Andina, LLC |  |  |
| 6.00%, 06/15/28 (c) | 215 | 199 |
| SM Energy Company |  |  |
| 7.00%, 08/01/32 (c) | 560 | 552 |
| Tallgrass Energy Partners, LP |  |  |
| 5.50%, 01/15/28 (c) | 260 | 258 |
| 6.00%, 12/31/30 - 09/01/31 (c) | 790 | 772 |
| Tennessee Gas Pipeline Company, L.L.C. |  |  |
| 2.90%, 03/01/30 (c) | 740 | 683 |
| TotalEnergies SE |  |  |
| 4.50%, (100, 08/19/34), EUR (e) (k) | 300 | 352 |
| Transmontaigne Partners LLC |  |  |
| 8.50%, 06/15/30 (c) | 240 | 250 |
| Transocean Inc |  |  |
| 8.25%, 05/15/29 (c) | 105 | 97 |
| USA Compression Finance Corp. |  |  |
| 7.13%, 03/15/29 (c) | 865 | 887 |
| Venture Global Calcasieu Pass, LLC |  |  |
| 3.88%, 08/15/29 (c) | 160 | 151 |
| 4.13%, 08/15/31 (c) | 165 | 153 |
| Venture Global LNG, Inc. |  |  |
| 8.13%, 06/01/28 (c) | 215 | 222 |
| 7.00%, 01/15/30 (c) | 90 | 91 |
| 8.38%, 06/01/31 (c) | 455 | 473 |
| 9.88%, 02/01/32 (c) | 70 | 76 |
| Venture Global Plaquemines LNG, LLC |  |  |
| 7.50%, 05/01/33 (c) | 87 | 93 |
| 6.50%, 01/15/34 (c) | 125 | 125 |
| 7.75%, 05/01/35 (c) | 183 | 198 |
| 6.75%, 01/15/36 (c) | 125 | 125 |
| Western Midstream Operating, LP |  |  |
| 5.50%, 08/15/48 | 500 | 428 |
| 5.25%, 02/01/50 (d) (m) | 1380 | 1161 |
| Williams Companies, Inc., The |  |  |
| 5.75%, 06/24/44 | 2200 | 2163 |
| Wintershall Dea GmbH |  |  |
| 3.00%, (100, 07/20/28), EUR (e) (k) | 300 | 331 |
| | | 50969 |
| **Communication Services 3.9%** | **Communication Services 3.9%** | **Communication Services 3.9%** |
| Altice France |  |  |
| 4.13%, 01/15/29, EUR (e) | 778 | 769 |
| Altice France Holding S.A. |  |  |
| 5.50%, 01/15/28 (c) | 200 | 168 |
| AT&T Inc. |  |  |
| 3.50%, 09/15/53 | 3265 | 2212 |
| Bell Canada inc. |  |  |
| 6.88%, 09/15/55 | 640 | 656 |
| 7.00%, 09/15/55 | 45 | 46 |
| British Telecommunications Public Limited Company |  |  |
| 8.38%, 12/20/83, GBP (e) | 800 | 1178 |
| Cable One, Inc. |  |  |
| 4.00%, 11/15/30 (c) (f) | 130 | 102 |
| CCO Holdings, LLC |  |  |
| 5.00%, 02/01/28 (c) | 130 | 129 |
| 5.38%, 06/01/29 (c) | 350 | 349 |
| 6.38%, 09/01/29 (c) | 245 | 250 |
| 4.75%, 03/01/30 (c) | 330 | 320 |
| 4.50%, 08/15/30 (c) | 130 | 124 |
| 4.25%, 02/01/31 (c) | 360 | 336 |
| 4.50%, 05/01/32 | 2215 | 2061 |
| 4.50%, 06/01/33 (c) | 65 | 59 |
| 4.25%, 01/15/34 (c) | 75 | 67 |
| Charter Communications Operating, LLC |  |  |
| 3.50%, 06/01/41 | 670 | 485 |
| 5.75%, 04/01/48 | 445 | 405 |
| Clear Channel Outdoor Holdings, Inc. |  |  |
| 5.13%, 08/15/27 (c) | 300 | 297 |
| 9.00%, 09/15/28 (c) | 105 | 110 |
| CommScope, LLC. |  |  |
| 9.50%, 12/15/31 (c) | 390 | 408 |
| CSC Holdings, LLC |  |  |
| 5.38%, 02/01/28 (c) | 105 | 96 |
| 7.50%, 04/01/28 (c) | 40 | 30 |
| 11.25%, 05/15/28 (c) | 50 | 50 |
| 11.75%, 01/31/29 (c) | 175 | 166 |
| 6.50%, 02/01/29 (c) | 1030 | 837 |
| 5.75%, 01/15/30 (c) | 40 | 20 |
| 4.13%, 12/01/30 (c) | 75 | 53 |
| 4.63%, 12/01/30 (c) | 80 | 37 |
| 4.50%, 11/15/31 (c) | 30 | 21 |
| EchoStar Corporation |  |  |
| 10.75%, 11/30/29 | 300 | 308 |
| Engineering S.R.L. |  |  |
| 11.13%, 05/15/28, EUR (e) | 200 | 249 |

---

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page [607](#abbreviations).

**JNL Series Trust** (Unaudited)

**Schedules of Investments (in thousands)**

June 30, 2025

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| Eutelsat SA |  |  |
| 2.25%, 07/13/27, EUR (e) | 300 | 343 |
| Fox Corporation |  |  |
| 6.50%, 10/13/33 | 895 | 967 |
| Iliad Holding |  |  |
| 5.63%, 10/15/28, EUR (e) | 926 | 1110 |
| 7.00%, 10/15/28 - 04/15/32 (c) | 190 | 194 |
| 8.50%, 04/15/31 (c) | 95 | 102 |
| Koninklijke KPN N.V. |  |  |
| 6.00%, (100, 09/21/27), EUR (e) (k) | 170 | 213 |
| Level 3 Financing, Inc. |  |  |
| 4.88%, 06/15/29 (c) | 200 | 187 |
| 11.00%, 11/15/29 (c) | 121 | 139 |
| 10.75%, 12/15/30 (c) | 175 | 198 |
| 6.88%, 06/30/33 (c) | 555 | 565 |
| Lorca Telecom Bondco SA. |  |  |
| 4.00%, 09/18/27, EUR (e) | 1210 | 1423 |
| Lumen Technologies, Inc. |  |  |
| 4.13%, 04/15/29 (c) | 50 | 49 |
| 10.00%, 10/15/32 (c) | 20 | 20 |
| McGraw-Hill Education, Inc. |  |  |
| 7.38%, 09/01/31 (c) | 275 | 287 |
| Midcontinent Communications |  |  |
| 8.00%, 08/15/32 (c) | 380 | 403 |
| Millicom International Cellular SA |  |  |
| 5.13%, 01/15/28 (c) | 2268 | 2239 |
| MVC Acquisition Corp. |  |  |
| 5.75%, 08/01/28 (c) | 70 | 70 |
| 8.00%, 08/01/29 (c) | 50 | 51 |
| Odido Group Holding B.V. |  |  |
| 5.50%, 01/15/30, EUR (e) | 120 | 141 |
| Optics BidCo S.p.A. |  |  |
| 6.88%, 02/15/28, EUR (e) | 400 | 502 |
| 7.88%, 07/31/28, EUR | 308 | 398 |
| 6.38%, 11/15/33 (c) | 410 | 398 |
| PLT VII Finance S.a r.l. |  |  |
| 6.00%, 06/15/31, EUR (e) | 200 | 239 |
| Proximus |  |  |
| 4.75%, (100, 07/02/31), EUR (e) (k) | 300 | 352 |
| Rogers Communications Inc. |  |  |
| 7.00%, 04/15/55 | 775 | 793 |
| 7.13%, 04/15/55 | 40 | 40 |
| Sirius XM Radio Inc. |  |  |
| 3.88%, 09/01/31 (c) | 515 | 458 |
| Telecom Italia S.p.A. |  |  |
| 2.38%, 10/12/27, EUR (e) | 250 | 295 |
| 7.88%, 07/31/28, EUR (e) | 339 | 448 |
| Telefonica Europe B.V. |  |  |
| 2.88%, (100, 06/24/27), EUR (e) (k) | 200 | 230 |
| 5.75%, (100, 01/15/32), EUR (e) (k) | 200 | 244 |
| 6.14%, (100, 02/03/30), EUR (e) (k) | 400 | 504 |
| 6.75%, (100, 06/07/31), EUR (e) (k) | 300 | 388 |
| 7.13%, (100, 08/23/28), EUR (e) (k) | 200 | 258 |
| TMNL Holding B.V |  |  |
| 3.75%, 01/15/29, EUR (e) | 480 | 559 |
| T-Mobile USA, Inc. |  |  |
| 3.88%, 04/15/30 | 1480 | 1437 |
| 4.50%, 04/15/50 | 1270 | 1048 |
| 3.40%, 10/15/52 | 2075 | 1387 |
| United Group B.V. |  |  |
| 4.63%, 08/15/28, EUR (e) | 180 | 210 |
| 5.25%, 02/01/30, EUR (e) | 465 | 546 |
| 5.25%, 02/01/30, EUR (c) | 470 | 552 |
| 6.75%, 02/15/31, EUR (e) | 200 | 241 |
| UPCB Finance VII Limited |  |  |
| 3.63%, 06/15/29, EUR (e) | 695 | 806 |
| Verizon Communications Inc. |  |  |
| 5.50%, 02/23/54 | 415 | 401 |
| Virgin Media Vendor Financing Notes III Designated Activity Company |  |  |
| 4.88%, 07/15/28, GBP (e) | 805 | 1050 |
| VMED O2 UK Financing I PLC |  |  |
| 4.50%, 07/15/31, GBP (e) | 600 | 736 |
| 4.75%, 07/15/31 (c) | 215 | 199 |
| Vodafone Group Public Limited Company |  |  |
| 4.88%, 06/19/49 | 1850 | 1590 |
| 5.75%, 06/28/54 | 555 | 532 |
| 4.88%, 10/03/78, GBP (e) | 300 | 411 |
| 3.00%, 08/27/80, EUR (e) | 278 | 310 |
| 6.50%, 08/30/84, EUR (e) | 500 | 642 |
| Wayfair LLC |  |  |
| 7.25%, 10/31/29 (c) | 105 | 105 |
| Windstream Services, LLC |  |  |
| 8.25%, 10/01/31 (c) | 325 | 340 |
| Zayo Group Holdings, Inc. |  |  |
| 4.00%, 03/01/27 (c) | 185 | 173 |
| Zegona Finance PLC |  |  |
| 6.75%, 07/15/29, EUR (e) | 256 | 320 |
| Ziggo B.V. |  |  |
| 2.88%, 01/15/30, EUR (e) | 135 | 149 |
| Ziggo Bond Company B.V. |  |  |
| 3.38%, 02/28/30, EUR (e) | 133 | 136 |
| 6.13%, 11/15/32, EUR (e) | 135 | 149 |
| | | 40675 |
| **Industrials 2.8%** | **Industrials 2.8%** | **Industrials 2.8%** |
| AAR Escrow Issuer, LLC |  |  |
| 6.75%, 03/15/29 (c) | 235 | 243 |
| Abertis Infraestructuras Finance B.V. |  |  |
| 4.87%, (100, 11/28/29), EUR (e) (k) | 300 | 360 |
| Aeropuertos Dominicanos Siglo XXI S.A. |  |  |
| 7.00%, 06/30/34 (c) | 580 | 603 |
| Air France - KLM |  |  |
| 4.63%, 05/23/29, EUR (e) | 200 | 243 |
| Ambipar Lux S.a r.l. |  |  |
| 9.88%, 02/06/31 (c) | 170 | 159 |
| American Airlines, Inc. |  |  |
| 5.75%, 04/20/29 (c) | 1795 | 1799 |
| Amsted Industries Incorporated |  |  |
| 6.38%, 03/15/33 (c) | 670 | 681 |
| Arcosa, Inc. |  |  |
| 6.88%, 08/15/32 (c) | 50 | 52 |
| Assemblin Caverion Group AB |  |  |
| 6.25%, 07/01/30, EUR (e) | 200 | 242 |
| Ats Consolidated, Inc. |  |  |
| 5.50%, 04/15/29 (c) | 405 | 398 |
| Boeing Company, The |  |  |
| 5.81%, 05/01/50 (m) | 2285 | 2191 |
| Bombardier Inc. |  |  |
| 7.00%, 06/01/32 (c) | 255 | 266 |
| 6.75%, 06/15/33 (c) | 365 | 378 |
| Builders FirstSource, Inc. |  |  |
| 6.38%, 03/01/34 (c) | 125 | 127 |
| 6.75%, 05/15/35 (c) | 400 | 412 |
| Caci International Inc. |  |  |
| 6.38%, 06/15/33 (c) | 190 | 196 |
| Calderys Financing, LLC |  |  |
| 11.25%, 06/01/28 (c) | 210 | 223 |
| 11.75%, 06/01/28 (c) (l) | 150 | 155 |
| Chart Industries, Inc. |  |  |
| 9.50%, 01/01/31 (c) | 270 | 288 |
| Clydesdale Acquisition Holdings, Inc. |  |  |
| 8.75%, 04/15/30 (c) | 25 | 26 |
| 6.75%, 04/15/32 (c) | 435 | 446 |
| Cornerstone Building Brands, Inc. |  |  |
| 8.75%, 08/01/28 (c) | 185 | 171 |
| 6.13%, 01/15/29 (c) | 65 | 47 |
| Corporation De Securite Garda World |  |  |
| 8.25%, 08/01/32 (c) | 335 | 344 |
| 8.38%, 11/15/32 (c) | 115 | 118 |
| CTEC II GmbH |  |  |
| 5.25%, 02/15/30, EUR (e) | 150 | 150 |
| Delta Air Lines, Inc. |  |  |
| 5.25%, 07/10/30 | 1180 | 1189 |
| Deutsche Lufthansa Aktiengesellschaft |  |  |
| 5.25%, 01/15/55, EUR (e) (f) | 300 | 351 |
| Edge Finco PLC |  |  |
| 8.13%, 08/15/31, GBP (e) | 260 | 371 |

---

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page [607](#abbreviations).

**JNL Series Trust** (Unaudited)

**Schedules of Investments (in thousands)**

June 30, 2025

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| EMRLD Borrower LP |  |  |
| 6.38%, 12/15/30, EUR (e) | 200 | 247 |
| 6.63%, 12/15/30 (c) | 340 | 348 |
| Energizer Gamma Acquisition B.V. |  |  |
| 3.50%, 06/30/29, EUR (e) | 350 | 393 |
| Enpro Inc. |  |  |
| 6.13%, 06/01/33 (c) | 180 | 184 |
| Fedrigoni S.P.A. |  |  |
| 6.13%, 06/15/31, EUR (e) | 300 | 338 |
| Fiber Midco S.p.A. |  |  |
| 10.00%, 06/15/29, EUR (e) (l) | 127 | 135 |
| Fortress Transportation And Infrastructure Investors LLC |  |  |
| 7.00%, 06/15/32 (c) | 155 | 160 |
| Foundation Building Materials, Inc. |  |  |
| 6.00%, 03/01/29 (c) | 235 | 216 |
| Global Infrastructure Solutions Inc. |  |  |
| 7.50%, 04/15/32 (c) | 135 | 137 |
| Goat Holdco LLC |  |  |
| 6.75%, 02/01/32 (c) | 330 | 336 |
| Herc Holdings Inc. |  |  |
| 7.00%, 06/15/30 (c) | 305 | 319 |
| 7.25%, 06/15/33 (c) | 382 | 400 |
| Hillenbrand, Inc. |  |  |
| 3.75%, 03/01/31 (f) | 395 | 354 |
| HT Troplast GmbH |  |  |
| 9.38%, 07/15/28, EUR (e) | 110 | 136 |
| Imola Merger Corporation |  |  |
| 4.75%, 05/15/29 (c) | 280 | 271 |
| JELD-WEN Holding, Inc. |  |  |
| 4.88%, 12/15/27 (c) | 170 | 158 |
| 7.00%, 09/01/32 (c) (f) | 185 | 145 |
| Kier Group PLC |  |  |
| 9.00%, 02/15/29, GBP (e) | 215 | 312 |
| Lightning Power LLC |  |  |
| 7.25%, 08/15/32 (c) | 415 | 437 |
| Madison IAQ LLC |  |  |
| 5.88%, 06/30/29 (c) | 400 | 393 |
| Manitowoc Company, Inc., The |  |  |
| 9.25%, 10/01/31 (c) | 290 | 307 |
| Masterbrand, Inc. |  |  |
| 7.00%, 07/15/32 (c) | 215 | 220 |
| Mauser Packaging Solutions Holding Company |  |  |
| 7.88%, 04/15/27 (c) | 295 | 300 |
| 9.25%, 04/15/27 (c) | 530 | 526 |
| MIWD Holdco II LLC |  |  |
| 5.50%, 02/01/30 (c) (f) | 240 | 228 |
| Nexans |  |  |
| 4.25%, 03/11/30, EUR (e) | 200 | 243 |
| Novelis Corporation |  |  |
| 4.75%, 01/30/30 (c) | 275 | 264 |
| PCF GmbH |  |  |
| 4.75%, 04/15/29, EUR (e) | 200 | 194 |
| Queen Mergerco, Inc. |  |  |
| 6.75%, 04/30/32 (c) | 495 | 511 |
| Quikrete Holdings, Inc. |  |  |
| 6.38%, 03/01/32 (c) | 235 | 242 |
| 6.75%, 03/01/33 (c) | 545 | 562 |
| Sensata Technologies B.V. |  |  |
| 5.88%, 09/01/30 (c) | 135 | 135 |
| Sensata Technologies, Inc. |  |  |
| 6.63%, 07/15/32 (c) | 355 | 365 |
| SPX Flow, Inc. |  |  |
| 8.75%, 04/01/30 (c) | 320 | 332 |
| Standard Building Solutions Inc. |  |  |
| 4.38%, 07/15/30 (c) | 545 | 516 |
| 3.38%, 01/15/31 (c) | 140 | 126 |
| Terex Corporation |  |  |
| 6.25%, 10/15/32 (c) | 460 | 461 |
| Toucan Finco Ltd. |  |  |
| 9.50%, 05/15/30 (c) (l) | 195 | 199 |
| TransDigm Inc. |  |  |
| 6.75%, 08/15/28 (c) | 185 | 189 |
| 4.63%, 01/15/29 | 150 | 147 |
| 6.38%, 03/01/29 (c) | 230 | 237 |
| 7.13%, 12/01/31 (c) | 140 | 147 |
| 6.63%, 03/01/32 (c) | 480 | 497 |
| Trident TPI Holdings, Inc. |  |  |
| 12.75%, 12/31/28 (c) | 255 | 271 |
| Trivium Packaging Finance B.V. |  |  |
| 8.25%, 07/15/30 (c) | 145 | 153 |
| 12.25%, 01/15/31 (c) | 135 | 145 |
| Uber Technologies, Inc. |  |  |
| 4.80%, 09/15/34 | 720 | 709 |
| 5.35%, 09/15/54 | 1450 | 1357 |
| Vertical Midco GmbH |  |  |
| 4.38%, 07/15/27, EUR (e) | 924 | 1086 |
| Wesco Distribution, Inc. |  |  |
| 6.63%, 03/15/32 (c) | 460 | 478 |
| 6.38%, 03/15/33 (c) | 270 | 279 |
| XPO, Inc. |  |  |
| 7.13%, 02/01/32 (c) | 640 | 670 |
| | | 29744 |
| **Utilities 2.7%** | **Utilities 2.7%** | **Utilities 2.7%** |
| A2a S.P.A. |  |  |
| 5.00%, (100, 06/11/29), EUR (e) (k) | 300 | 365 |
| Alpha Generation LLC |  |  |
| 6.75%, 10/15/32 (c) | 785 | 810 |
| American Electric Power Company, Inc. |  |  |
| 7.05%, 12/15/54 | 1040 | 1080 |
| AmeriGas Partners, L.P. |  |  |
| 9.50%, 06/01/30 (c) | 225 | 233 |
| Apa Infrastructure Limited |  |  |
| 7.13%, 11/09/83, EUR (e) | 300 | 387 |
| AusNet Services Holdings Pty Ltd |  |  |
| 1.63%, 03/11/81, EUR (e) | 543 | 626 |
| CenterPoint Energy, Inc. |  |  |
| 6.70%, 05/15/55 | 1380 | 1392 |
| CMS Energy Corporation |  |  |
| 6.50%, 06/01/55 | 1460 | 1464 |
| Comision Federal De Electricidad, E.P.E. |  |  |
| 5.70%, 01/24/30 (c) | 225 | 225 |
| 6.45%, 01/24/35 (c) | 225 | 221 |
| Constellation Energy Generation, LLC |  |  |
| 6.50%, 10/01/53 | 345 | 371 |
| Dominion Energy, Inc. |  |  |
| 6.63%, 05/15/55 | 1710 | 1744 |
| Edison International |  |  |
| 5.00%, (100, 12/15/26) (k) | 982 | 850 |
| EDP, S.A. |  |  |
| 4.75%, 05/29/54, EUR (e) | 300 | 361 |
| 4.63%, 09/16/54, EUR (e) | 200 | 238 |
| 5.94%, 04/23/83, EUR (e) | 200 | 250 |
| Electricite de France |  |  |
| 2.63%, (100, 12/01/27), EUR (e) (k) | 1200 | 1371 |
| 3.38%, (100, 06/15/30), EUR (e) (k) | 400 | 445 |
| 7.50%, (100, 09/06/28), EUR (e) (k) | 600 | 777 |
| 9.13%, (100, 03/15/33) (c) (k) | 120 | 135 |
| Elia Group |  |  |
| 5.85%, (100, 03/15/28), EUR (e) (k) | 300 | 370 |
| ENEL - SPA |  |  |
| 6.38%, (100, 04/16/28), EUR (e) (k) | 450 | 571 |
| Energia Group Roi Financeco Designated Activity Company |  |  |
| 6.88%, 07/31/28, EUR (c) | 207 | 252 |
| Entergy Utility Enterprises, Inc. |  |  |
| 5.80%, 04/15/55 | 495 | 496 |
| Evergy, Inc. |  |  |
| 6.65%, 06/01/55 | 625 | 634 |
| Exelon Corporation |  |  |
| 6.50%, 03/15/55 | 970 | 986 |
| Holding D'infrastructures Des Metiers De L'environnement |  |  |
| 4.88%, 10/24/29, EUR (e) | 373 | 455 |
| NextEra Energy Capital Holdings, Inc. |  |  |
| 6.38%, 08/15/55 | 405 | 415 |
| NRG Energy, Inc. |  |  |
| 10.25%, (100, 03/15/28) (c) (k) | 215 | 238 |
| 5.75%, 07/15/29 (c) | 695 | 696 |
| 6.00%, 02/01/33 (c) | 100 | 101 |

---

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page [607](#abbreviations).

**JNL Series Trust** (Unaudited)

**Schedules of Investments (in thousands)**

June 30, 2025

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| Orsted A/S |  |  |
| 5.13%, (100, 09/14/29), EUR (e) (k) | 587 | 699 |
| 5.25%, 12/08/22, EUR (e) | 300 | 359 |
| PG&E Company |  |  |
| 5.70%, 03/01/35 | 365 | 362 |
| 4.95%, 07/01/50 | 407 | 328 |
| 6.15%, 03/01/55 | 473 | 443 |
| Saavi Energia S.a r.l. |  |  |
| 8.88%, 02/10/35 (c) | 195 | 203 |
| Sempra |  |  |
| 6.40%, 10/01/54 | 1415 | 1343 |
| Snam S.p.A. |  |  |
| 5.00%, 05/28/30 (c) | 295 | 297 |
| 5.75%, 05/28/35 (c) | 290 | 296 |
| SSE PLC |  |  |
| 4.00%, (100, 01/21/28), EUR (e) (k) | 400 | 475 |
| Stedin Holding N.V. |  |  |
| 1.50%, (100, 12/31/26), EUR (e) (k) | 200 | 228 |
| The Southern Company |  |  |
| 4.00%, 01/15/51 | 1320 | 1313 |
| 1.88%, 09/15/81, EUR | 536 | 604 |
| UGI International, LLC |  |  |
| 2.50%, 12/01/29, EUR (e) | 160 | 176 |
| Vattenfall AB |  |  |
| 6.88%, 08/17/83, GBP (e) | 300 | 420 |
| Veolia Environnement |  |  |
| 2.50%, (100, 01/20/29), EUR (e) (k) | 500 | 562 |
| 5.99%, (100, 11/22/28), EUR (e) (k) | 500 | 629 |
| Vistra Corp. |  |  |
| 7.00%, (100, 12/15/26) (c) (k) | 490 | 496 |
| Vistra Operations Company LLC |  |  |
| 4.38%, 05/01/29 (c) | 85 | 83 |
| 7.75%, 10/15/31 (c) | 170 | 181 |
| 6.88%, 04/15/32 (c) | 115 | 120 |
| XPLR Infrastructure Operating Partners, LP |  |  |
| 8.38%, 01/15/31 (c) (f) | 195 | 208 |
| 8.63%, 03/15/33 (c) (f) | 55 | 59 |
| | | 28443 |
| **Consumer Staples 2.2%** | **Consumer Staples 2.2%** | **Consumer Staples 2.2%** |
| AA Bond Co Limited |  |  |
| 6.50%, 01/31/26, GBP (d) (e) | 35 | 47 |
| 6.50%, 01/31/26, GBP (c) (d) | 17 | 24 |
| 8.45%, 01/31/28, GBP (d) (e) | 409 | 597 |
| Albertsons Companies, Inc. |  |  |
| 6.25%, 03/15/33 (c) | 20 | 21 |
| Albion Financing 1 S.a r.l. |  |  |
| 7.00%, 05/21/30 (c) | 370 | 379 |
| Allied Universal Holdco LLC |  |  |
| 4.88%, 06/01/28, GBP (e) | 175 | 230 |
| 6.00%, 06/01/29 (c) (f) | 260 | 253 |
| 7.88%, 02/15/31 (c) | 110 | 115 |
| Amber FinCo PLC |  |  |
| 6.63%, 07/15/29, EUR (e) | 195 | 240 |
| Arena Luxembourg Finance S.a r.l. |  |  |
| 1.88%, 02/01/28, EUR (e) | 180 | 202 |
| Atlas LuxCo 4 S.a r.l. |  |  |
| 4.63%, 06/01/28 (c) | 655 | 635 |
| BCP V Modular Services Finance II PLC |  |  |
| 6.13%, 11/30/28, GBP (e) | 178 | 236 |
| BCP V Modular Services Finance PLC |  |  |
| 6.75%, 11/30/29, EUR (e) | 100 | 105 |
| Bellis Acquisition Company PLC |  |  |
| 8.13%, 05/14/30, GBP (e) | 200 | 258 |
| Boels Topholding B.V. |  |  |
| 5.75%, 05/15/30, EUR (c) | 660 | 805 |
| Champions Financing Inc. |  |  |
| 8.75%, 02/15/29 (c) (f) | 330 | 318 |
| Co-operative Group Limited |  |  |
| 7.50%, 07/08/26, GBP (d) (e) (m) | 100 | 138 |
| Elo |  |  |
| 6.00%, 03/22/29, EUR (e) | 300 | 328 |
| Flora Food Management B.V. |  |  |
| 6.88%, 07/02/29, EUR (e) | 660 | 789 |
| Imperial Brands Finance PLC |  |  |
| 5.88%, 07/01/34 (c) | 1440 | 1476 |
| 5.63%, 07/01/35 (c) | 510 | 512 |
| 6.38%, 07/01/55 (c) | 430 | 436 |
| JBS USA Holding Lux S.a r.l. |  |  |
| 5.95%, 04/20/35 (c) | 225 | 234 |
| 6.38%, 02/25/55 (c) | 2645 | 2709 |
| Kapla Holding |  |  |
| 5.47%, (3 Month EURIBOR + 3.50%), 07/31/30, EUR (b) (e) | 100 | 118 |
| Kroger Co., The |  |  |
| 5.00%, 09/15/34 | 380 | 378 |
| Market Bidco Finco PLC |  |  |
| 5.50%, 11/04/27, GBP (e) | 210 | 282 |
| Metis Merger Subordinated LLC |  |  |
| 6.50%, 05/15/29 (c) | 25 | 25 |
| Minerva Luxembourg S.A. |  |  |
| 8.88%, 09/13/33 (c) | 165 | 178 |
| Neptune BidCo US Inc. |  |  |
| 9.29%, 04/15/29 (c) | 305 | 297 |
| Ocado Group PLC |  |  |
| 10.50%, 08/08/29, GBP (e) | 110 | 146 |
| Ontex Group |  |  |
| 5.25%, 04/15/30, EUR (e) | 235 | 282 |
| Opal Bidco SAS |  |  |
| 6.50%, 03/31/32 (c) | 235 | 240 |
| Pachelbel BidCo S.p.A. |  |  |
| 7.13%, 05/17/31, EUR (e) | 280 | 355 |
| Performance Food Group, Inc. |  |  |
| 6.13%, 09/15/32 (c) | 395 | 404 |
| Perrigo Finance Unlimited Company |  |  |
| 5.38%, 09/30/32, EUR | 235 | 284 |
| 6.13%, 09/30/32 | 330 | 333 |
| Post Holdings, Inc. |  |  |
| 6.38%, 03/01/33 (c) | 375 | 379 |
| 6.25%, 10/15/34 (c) | 55 | 55 |
| Prime Security Services Borrower, LLC |  |  |
| 6.25%, 01/15/28 (c) | 870 | 872 |
| Primo Water Holdings Inc. |  |  |
| 3.88%, 10/31/28, EUR (e) | 341 | 400 |
| Q-Park Holding I B.V. |  |  |
| 5.13%, 03/01/29, EUR (c) | 208 | 252 |
| RAC Bond Co PLC |  |  |
| 5.25%, 11/04/27, GBP (e) | 100 | 135 |
| Raven Acquisition Holding LLC |  |  |
| 6.88%, 11/15/31 (c) | 150 | 150 |
| Ritchie Bros. Holdings Inc. |  |  |
| 7.75%, 03/15/31 (c) | 220 | 231 |
| Roquette Freres |  |  |
| 5.49%, (100, 11/25/29), EUR (e) (k) | 200 | 238 |
| Safeway Inc. |  |  |
| 5.88%, 02/15/28 (c) | 260 | 260 |
| Sammontana Italia S.P.A. |  |  |
| 6.03%, (3 Month EURIBOR + 3.75%), 10/15/31, EUR (b) (e) | 219 | 258 |
| Techem Verwaltungsgesellschaft 674 mbH |  |  |
| 6.00%, 07/30/26, EUR (e) | 264 | 311 |
| Tereos Finance Groupe I |  |  |
| 5.75%, 04/30/31, EUR (e) | 135 | 158 |
| U.S. Foods Inc. |  |  |
| 5.75%, 04/15/33 (c) | 460 | 461 |
| United Rentals (North America), Inc. |  |  |
| 6.13%, 03/15/34 (c) | 460 | 474 |
| Verisure Holding AB |  |  |
| 3.25%, 02/15/27, EUR (e) | 495 | 578 |
| 7.13%, 02/01/28, EUR (c) | 450 | 550 |
| Verisure Midholding AB |  |  |
| 5.25%, 02/15/29, EUR (e) | 771 | 913 |
| Walgreens Boots Alliance, Inc. |  |  |
| 2.13%, 11/20/26, EUR | 520 | 601 |
| 8.13%, 08/15/29 | 260 | 276 |
| 4.80%, 11/18/44 | 15 | 14 |
| Wand NewCo 3, Inc. |  |  |
| 7.63%, 01/30/32 (c) | 400 | 420 |

---

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page [607](#abbreviations).

**JNL Series Trust** (Unaudited)

**Schedules of Investments (in thousands)**

June 30, 2025

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| Williams Scotsman, Inc. |  |  |
| 6.63%, 04/15/30 (c) | 225 | 234 |
| 7.38%, 10/01/31 (c) | 190 | 200 |
| | | 22829 |
| **Health Care 1.9%** | **Health Care 1.9%** | **Health Care 1.9%** |
| 1261229 B.C. Ltd. |  |  |
| 10.00%, 04/15/32 (c) | 575 | 580 |
| AdaptHealth LLC |  |  |
| 6.13%, 08/01/28 (c) | 105 | 105 |
| Amgen Inc. |  |  |
| 5.75%, 03/02/63 | 890 | 866 |
| Bausch & Lomb Corporation |  |  |
| 8.38%, 10/01/28 (c) | 430 | 449 |
| Bausch Health Companies Inc. |  |  |
| 4.88%, 06/01/28 (c) | 305 | 256 |
| Bayer Aktiengesellschaft |  |  |
| 5.38%, 03/25/82, EUR (e) | 800 | 946 |
| Cheplapharm Arzneimittel GmbH |  |  |
| 4.38%, 01/15/28, EUR (e) | 100 | 116 |
| 7.50%, 05/15/30, EUR (e) (f) | 200 | 240 |
| Cigna Group, The |  |  |
| 4.80%, 08/15/38 | 510 | 479 |
| Community Health Systems, Inc. |  |  |
| 5.63%, 03/15/27 (c) | 60 | 59 |
| 6.00%, 01/15/29 (c) | 120 | 116 |
| 4.75%, 02/15/31 (c) | 115 | 99 |
| CVS Health Corporation |  |  |
| 5.05%, 03/25/48 | 790 | 684 |
| 5.63%, 02/21/53 | 235 | 217 |
| 5.88%, 06/01/53 | 1080 | 1032 |
| 7.00%, 03/10/55 | 970 | 1003 |
| Ephios Subco 3 S.a r.l. |  |  |
| 7.88%, 01/31/31, EUR (e) | 486 | 615 |
| Eurofins Scientific SE |  |  |
| 6.75%, (100, 04/24/28), EUR (e) (f) (k) | 480 | 601 |
| Grifols Escrow Issuer S.A. |  |  |
| 3.88%, 10/15/28, EUR (e) | 200 | 225 |
| 4.75%, 10/15/28 (c) | 265 | 254 |
| Grifols, S.A. |  |  |
| 7.50%, 05/01/30, EUR (e) | 697 | 858 |
| Grunenthal GmbH |  |  |
| 4.63%, 11/15/31, EUR (e) | 468 | 554 |
| HCA Inc. |  |  |
| 5.45%, 04/01/31 | 475 | 489 |
| 5.50%, 06/01/33 | 620 | 635 |
| Heartland Dental, LLC |  |  |
| 10.50%, 04/30/28 (c) | 65 | 69 |
| IQVIA Inc. |  |  |
| 6.25%, 06/01/32 (c) | 240 | 246 |
| Lifepoint Health, Inc. |  |  |
| 9.88%, 08/15/30 (c) | 235 | 254 |
| 10.00%, 06/01/32 (c) | 315 | 325 |
| Molina Healthcare, Inc. |  |  |
| 6.25%, 01/15/33 (c) | 295 | 300 |
| Mozart Debt Merger Sub Inc. |  |  |
| 3.88%, 04/01/29 (c) | 230 | 221 |
| 5.25%, 10/01/29 (c) | 515 | 511 |
| Neopharmed Gentili S.p.A. |  |  |
| 7.13%, 04/08/30, EUR (e) | 300 | 370 |
| Nidda Healthcare Holding GmbH |  |  |
| 5.63%, 02/21/30, EUR (e) | 521 | 625 |
| Ray Financing LLC |  |  |
| 6.50%, 07/15/31, EUR (c) | 650 | 796 |
| Rossini S.a r.l. |  |  |
| 6.23%, (3 Month EURIBOR + 3.88%), 12/31/29, EUR (b) (e) | 210 | 250 |
| Select Medical Corporation |  |  |
| 6.25%, 12/01/32 (c) (f) | 250 | 252 |
| Star Parent, Inc. |  |  |
| 9.00%, 10/01/30 (c) | 210 | 221 |
| Surgery Center Holdings, Inc. |  |  |
| 7.25%, 04/15/32 (c) | 475 | 484 |
| Team Health Holdings, Inc. |  |  |
| 13.50%, 06/30/28 (c) (l) | 91 | 99 |
| Tenet Healthcare Corporation |  |  |
| 6.13%, 06/15/30 | 130 | 132 |
| 6.75%, 05/15/31 | 45 | 47 |
| Teva Pharmaceutical Finance Netherlands II B.V. |  |  |
| 1.88%, 03/31/27, EUR (e) | 155 | 177 |
| 1.63%, 10/15/28, EUR (e) | 250 | 277 |
| 7.38%, 09/15/29, EUR | 286 | 381 |
| 4.38%, 05/09/30, EUR (e) | 891 | 1066 |
| U.S. Acute Care Solutions, LLC |  |  |
| 9.75%, 05/15/29 (c) | 150 | 155 |
| UnitedHealth Group Incorporated |  |  |
| 4.65%, 01/15/31 | 925 | 929 |
| 5.30%, 06/15/35 | 240 | 244 |
| 5.95%, 06/15/55 | 105 | 107 |
|  |  | 20016 |
| **Information Technology 1.9%** | **Information Technology 1.9%** | **Information Technology 1.9%** |
| Ahead DB Holdings, LLC |  |  |
| 6.63%, 05/01/28 (c) | 375 | 376 |
| Amentum Escrow Corp. |  |  |
| 7.25%, 08/01/32 (c) | 95 | 98 |
| AppLovin Corporation |  |  |
| 5.50%, 12/01/34 | 1535 | 1559 |
| 5.95%, 12/01/54 | 243 | 237 |
| ASGN Incorporated |  |  |
| 4.63%, 05/15/28 (c) | 295 | 288 |
| Atos SE |  |  |
| 9.00%, 12/18/29, EUR (d) (e) | 425 | 558 |
| 5.00%, 12/18/30, EUR (d) (e) | 145 | 145 |
| Belden Inc. |  |  |
| 3.88%, 03/15/28, EUR (e) | 200 | 236 |
| Broadcom Inc. |  |  |
| 3.14%, 11/15/35 (c) | 1580 | 1331 |
| Capstone Borrower, Inc. |  |  |
| 8.00%, 06/15/30 (c) | 315 | 328 |
| Cloud Software Group, Inc. |  |  |
| 6.50%, 03/31/29 (c) | 415 | 419 |
| 9.00%, 09/30/29 (c) | 200 | 207 |
| 8.25%, 06/30/32 (c) | 80 | 85 |
| Commscope Finance LLC |  |  |
| 8.25%, 03/01/27 (c) (f) | 55 | 55 |
| Dell International L.L.C. |  |  |
| 5.50%, 04/01/35 | 1130 | 1141 |
| Ellucian Holdings Inc. |  |  |
| 6.50%, 12/01/29 (c) | 150 | 153 |
| Fair Isaac Corporation |  |  |
| 6.00%, 05/15/33 (c) | 230 | 233 |
| Fortress Intermediate 3 Inc. |  |  |
| 7.50%, 06/01/31 (c) | 330 | 346 |
| Foundry JV Holdco LLC |  |  |
| 6.25%, 01/25/35 (c) | 1240 | 1304 |
| 6.10%, 01/25/36 (c) | 470 | 487 |
| 6.30%, 01/25/39 (c) | 855 | 897 |
| Gen Digital Inc. |  |  |
| 7.13%, 09/30/30 (c) | 55 | 57 |
| 6.25%, 04/01/33 (c) | 385 | 396 |
| Intel Corporation |  |  |
| 3.25%, 11/15/49 | 1435 | 910 |
| 4.90%, 08/05/52 | 860 | 712 |
| 5.60%, 02/21/54 | 860 | 791 |
| IPD 3 B.V. |  |  |
| 5.35%, (3 Month EURIBOR + 3.38%), 06/15/31, EUR (b) (c) | 370 | 435 |
| Micron Technology, Inc. |  |  |
| 6.05%, 11/01/35 | 1895 | 1982 |
| Minerva Merger Sub Inc |  |  |
| 6.50%, 02/15/30 (c) | 380 | 374 |
| Open Text Corporation |  |  |
| 4.13%, 02/15/30 (c) | 540 | 510 |
| Oracle Corporation |  |  |
| 6.00%, 08/03/55 | 325 | 324 |
| Synopsys, Inc. |  |  |
| 5.70%, 04/01/55 | 885 | 880 |
| TeamSystem S.p.A. |  |  |
| 5.78%, (3 Month EURIBOR + 3.50%), 07/31/31, EUR (b) (c) | 780 | 919 |

---

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page [607](#abbreviations).

**JNL Series Trust** (Unaudited)

**Schedules of Investments (in thousands)**

June 30, 2025

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| UKG Inc. |  |  |
| 6.88%, 02/01/31 (c) | 835 | 867 |
| | | 19640 |
| **Materials 1.6%** | **Materials 1.6%** | **Materials 1.6%** |
| Ahlstrom Holding 3 Oy |  |  |
| 3.63%, 02/04/28, EUR (e) (f) | 275 | 317 |
| 4.88%, 02/04/28 (c) | 275 | 262 |
| Ashland LLC |  |  |
| 6.88%, 05/15/43 | 195 | 202 |
| Avient Corporation |  |  |
| 7.13%, 08/01/30 (c) | 65 | 67 |
| 6.25%, 11/01/31 (c) | 310 | 312 |
| Axalta Coating Systems Dutch Holding B B.V. |  |  |
| 7.25%, 02/15/31 (c) | 290 | 306 |
| Capstone Copper Corp. |  |  |
| 6.75%, 03/31/33 (c) | 425 | 435 |
| Celanese US Holdings LLC |  |  |
| 6.85%, 11/15/28 (b) (d) (m) | 55 | 58 |
| 6.50%, 04/15/30 | 280 | 286 |
| 7.05%, 11/15/30 (b) (d) (m) | 55 | 58 |
| 6.63%, 07/15/32 (d) (m) | 25 | 26 |
| 6.75%, 04/15/33 (f) | 380 | 384 |
| 7.20%, 11/15/33 (b) (d) (m) | 25 | 27 |
| Celulosa Arauco y Constitucion S.A. |  |  |
| 4.20%, 01/29/30 (c) | 340 | 324 |
| Champion Iron Canada Inc. |  |  |
| 7.88%, 07/15/32 (c) | 150 | 152 |
| Cleveland-Cliffs Inc. |  |  |
| 6.88%, 11/01/29 (c) | 195 | 192 |
| 7.00%, 03/15/32 (c) (f) | 140 | 132 |
| Constellium SE |  |  |
| 5.38%, 08/15/32, EUR (e) | 145 | 173 |
| Corporacion Nacional del Cobre de Chile |  |  |
| 3.15%, 01/14/30 (c) | 805 | 746 |
| Diamond Escrow Issuer, LLC |  |  |
| 9.75%, 11/15/28 (c) | 190 | 200 |
| First Quantum Minerals Ltd |  |  |
| 6.88%, 10/15/27 (c) | 585 | 585 |
| FMG Resources (August 2006) Pty Ltd |  |  |
| 4.50%, 09/15/27 (c) | 85 | 84 |
| 6.13%, 04/15/32 (c) | 280 | 284 |
| Freeport-McMoRan Inc. |  |  |
| 5.45%, 03/15/43 | 1140 | 1079 |
| Glencore Finance (Canada) Limited |  |  |
| 6.00%, 11/15/41 (e) | 1400 | 1415 |
| Guala Closures S.p.A. |  |  |
| 3.25%, 06/15/28, EUR (e) | 230 | 263 |
| INEOS Finance PLC |  |  |
| 6.75%, 05/15/28 (c) | 80 | 79 |
| INEOS Quattro Finance 2 plc |  |  |
| 8.50%, 03/15/29, EUR (e) | 180 | 211 |
| Kaiser Aluminum Corporation |  |  |
| 4.63%, 03/01/28 (c) | 170 | 167 |
| 4.50%, 06/01/31 (c) | 490 | 458 |
| KRC Materials, Inc. |  |  |
| 7.75%, 05/01/31 (c) | 240 | 253 |
| Kronos International, Inc. |  |  |
| 9.50%, 03/15/29, EUR (e) | 400 | 505 |
| Lune Holdings S.a r.l. |  |  |
| 5.63%, 11/15/28, EUR (e) | 200 | 94 |
| Magnera Corporation |  |  |
| 7.25%, 11/15/31 (c) | 45 | 42 |
| Metinvest B.V. |  |  |
| 7.65%, 10/01/27 (c) | 105 | 87 |
| 7.75%, 10/17/29 (c) | 565 | 440 |
| Minera Mexico, S.A. de C.V. |  |  |
| 5.63%, 02/12/32 (c) | 280 | 284 |
| Monitchem Holdco 3 S.A. |  |  |
| 8.75%, 05/01/28, EUR (e) | 280 | 332 |
| Novelis Corporation |  |  |
| 6.88%, 01/30/30 (c) | 280 | 290 |
| Olympus Water US Holding Corporation |  |  |
| 3.88%, 10/01/28, EUR (e) | 262 | 302 |
| 4.25%, 10/01/28 (c) | 155 | 148 |
| 9.63%, 11/15/28, EUR (e) | 400 | 493 |
| 7.25%, 06/15/31 (c) | 230 | 235 |
| Periama Holdings, LLC |  |  |
| 5.95%, 04/19/26 (e) | 290 | 290 |
| Rio Tinto Finance (USA) plc |  |  |
| 5.88%, 03/14/65 | 180 | 181 |
| Sappi Papier Holding GmbH |  |  |
| 4.50%, 03/15/32, EUR (e) | 185 | 214 |
| Scih Salt Holdings Inc. |  |  |
| 6.63%, 05/01/29 (c) | 155 | 152 |
| Sealed Air Corporation |  |  |
| 7.25%, 02/15/31 (c) | 25 | 26 |
| 6.50%, 07/15/32 (c) (f) | 460 | 477 |
| Snf Group |  |  |
| 4.50%, 03/15/32, EUR (e) | 235 | 284 |
| Sociedad Quimica Y Minera De Chile S.A. |  |  |
| 6.50%, 11/07/33 (c) | 140 | 148 |
| 5.50%, 09/10/34 (c) | 170 | 166 |
| Suzano Austria GmbH |  |  |
| 5.00%, 01/15/30 | 950 | 949 |
| Synthomer PLC |  |  |
| 7.38%, 05/02/29, EUR (e) (f) | 200 | 233 |
| Taseko Mines Limited |  |  |
| 8.25%, 05/01/30 (c) | 40 | 42 |
| Tronox Incorporated |  |  |
| 4.63%, 03/15/29 (c) (f) | 200 | 173 |
| Vale Overseas Ltd |  |  |
| 6.40%, 06/28/54 | 435 | 426 |
| W. R. Grace Holdings LLC |  |  |
| 5.63%, 08/15/29 (c) | 200 | 181 |
| 7.38%, 03/01/31 (c) | 265 | 271 |
| White Cap Buyer, LLC |  |  |
| 6.88%, 10/15/28 (c) (f) | 310 | 309 |
|  |  | 17311 |
| **Real Estate 0.9%** | **Real Estate 0.9%** | **Real Estate 0.9%** |
| Adler Financing S.a r.l. |  |  |
| 8.25%, 12/31/28, EUR (l) | 345 | 424 |
| Alexandrite Monnet UK HoldCo PLC |  |  |
| 10.50%, 05/15/29, EUR (e) | 200 | 259 |
| alstria office AG |  |  |
| 5.50%, 03/20/31, EUR (e) | 300 | 359 |
| Banco Actinver, S.A., Institucion de Banca Multiple, Grupo Financiero Actinver |  |  |
| 7.25%, 01/31/41 (c) | 85 | 86 |
| Castellum Aktiebolag |  |  |
| 3.13%, (100, 12/02/26), EUR (e) (k) | 300 | 345 |
| Country Garden Holdings Company Limited |  |  |
| 0.00%, 08/06/30 (e) (g) (h) | 365 | 27 |
| CPI Property Group |  |  |
| 7.50%, (100, 03/24/31), EUR (e) (k) | 204 | 233 |
| 4.00%, 01/22/28, GBP (d) (e) (m) | 100 | 130 |
| 7.00%, 05/07/29, EUR (e) | 100 | 126 |
| 1.75%, 01/14/30, EUR (e) | 295 | 305 |
| 6.00%, 01/27/32, EUR (e) | 522 | 626 |
| ESR Group Limited |  |  |
| 1.38%, 05/24/30, EUR (e) | 230 | 243 |
| Essendi S.A. |  |  |
| 6.38%, 10/15/29, EUR (c) | 180 | 222 |
| Globalworth Real Estate Investments Limited |  |  |
| 6.25%, 03/31/29, EUR (e) | 329 | 393 |
| Heimstaden AB |  |  |
| 8.38%, 01/29/30, EUR (e) | 452 | 557 |
| Heimstaden Bostad AB |  |  |
| 2.63%, (100, 02/01/27), EUR (e) (k) | 100 | 112 |
| 3.00%, (100, 10/29/27), EUR (e) (k) | 100 | 110 |
| 6.25%, (100, 12/04/29), EUR (e) (k) | 400 | 475 |
| 1.63%, 10/13/31, EUR (e) | 360 | 366 |
| Iron Mountain Incorporated |  |  |
| 5.63%, 07/15/32 (c) | 250 | 248 |
| Iron Mountain Information Management Services, Inc. |  |  |
| 5.00%, 07/15/32 (c) | 70 | 67 |
| MPT Operating Partnership, L.P. |  |  |
| 7.00%, 02/15/32, EUR (e) | 205 | 247 |

---

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page [607](#abbreviations).

**JNL Series Trust** (Unaudited)

**Schedules of Investments (in thousands)**

June 30, 2025

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| Necessity Retail Reit, Inc., The |  |  |
| 4.50%, 09/30/28 (c) | 155 | 151 |
| Park Intermediate Holdings LLC |  |  |
| 5.88%, 10/01/28 (c) | 460 | 459 |
| 7.00%, 02/01/30 (c) | 40 | 41 |
| Pebblebrook Hotel Trust |  |  |
| 6.38%, 10/15/29 (c) | 255 | 256 |
| RHP Hotel Properties, LP |  |  |
| 4.50%, 02/15/29 (c) | 105 | 103 |
| 6.50%, 06/15/33 (c) | 295 | 304 |
| RLJ III-EM Columbus Lessee, LLC |  |  |
| 4.00%, 09/15/29 (c) | 320 | 299 |
| Service Properties Trust |  |  |
| 5.25%, 02/15/26 | 40 | 40 |
| 4.75%, 10/01/26 | 65 | 64 |
| 8.63%, 11/15/31 (c) | 245 | 263 |
| Star Holdings |  |  |
| 8.75%, 08/01/31 (c) | 385 | 363 |
| Uniti Group Inc. |  |  |
| 10.50%, 02/15/28 (c) | 102 | 108 |
| 4.75%, 04/15/28 (c) | 145 | 142 |
| 6.50%, 02/15/29 (c) (f) | 290 | 280 |
| 8.63%, 06/15/32 (c) | 45 | 45 |
| XHR LP |  |  |
| 4.88%, 06/01/29 (c) | 190 | 184 |
| | | 9062 |
| Total Corporate Bonds And Notes (cost $378,834) | Total Corporate Bonds And Notes (cost $378,834) | 381894 |
| **NON-U.S. GOVERNMENT AGENCY ASSET-BACKED SECURITIES 18.7%** | **NON-U.S. GOVERNMENT AGENCY ASSET-BACKED SECURITIES 18.7%** | **NON-U.S. GOVERNMENT AGENCY ASSET-BACKED SECURITIES 18.7%** |
| 1211 Avenue of The Americas |  |  |
| Series 2015-B-1211, REMIC, 4.09%, 08/10/25 (b) | 912 | 868 |
| 522 Funding CLO 2019-5, Ltd. |  |  |
| Series 2019-DR-5A, 7.51%, (3 Month Term SOFR + 3.25%), 04/16/35 (b) | 2850 | 2821 |
| Ally Bank |  |  |
| Series 2024-C-A, 6.02%, 02/15/28 | 185 | 187 |
| Series 2024-D-A, 6.32%, 02/15/28 | 185 | 187 |
| Series 2024-E-A, 7.92%, 02/15/28 | 185 | 187 |
| Series 2024-E-B, 6.68%, 09/15/32 | 342 | 344 |
| Angel Oak Mortgage Trust 2022-3 |  |  |
| Series 2022-A3-3, REMIC, 4.12%, 04/25/26 (b) | 884 | 823 |
| Arby's Funding, LLC |  |  |
| Series 2020-A2-1A, 3.24%, 07/30/27 | 1238 | 1183 |
| Avis Budget Rental Car Funding (AESOP) LLC |  |  |
| Series 2023-C-2A, 6.18%, 10/20/26 | 1045 | 1050 |
| Series 2024-C-1A, 6.48%, 06/20/29 | 650 | 666 |
| Series 2025-B-2A, 5.51%, 08/20/30 | 495 | 504 |
| Series 2025-C-2A, 6.24%, 08/20/30 | 299 | 304 |
| Balboa Bay Loan Funding 2024-1 Ltd |  |  |
| Series 2024-D1-1A, 7.47%, (3 Month Term SOFR + 3.20%), 07/20/37 (b) | 3000 | 3015 |
| BAMLL Trust 2024-BHP |  |  |
| Series 2024-B-BHP, REMIC, 7.21%, (1 Month Term SOFR + 2.90%), 08/17/26 (b) | 656 | 662 |
| Bank 2019-BNK17 |  |  |
| Series 2019-C-BN17, REMIC, 4.51%, 04/17/29 (b) | 455 | 395 |
| Bank 2021-BNK38 |  |  |
| Series 2021-C-BN38, REMIC, 3.22%, 12/17/31 (b) | 343 | 275 |
| Bank5 2023-5YR3 |  |  |
| Series 2023-C-5YR3, REMIC, 7.32%, 09/15/28 (b) | 331 | 346 |
| Bank5 2024-5YR5 |  |  |
| Series 2024-B-5YR5, REMIC, 6.54%, 02/16/29 (b) | 394 | 410 |
| Bank5 2024-5Yr7 |  |  |
| Series 2024-C-5YR7, REMIC, 7.10%, 06/15/29 (b) | 433 | 453 |
| Battalion CLO XXI Ltd. |  |  |
| Series 2021-D-21A, 7.82%, (3 Month Term SOFR + 3.56%), 07/17/34 (b) | 1000 | 977 |
| Bayview Opportunity Master Fund VII 2024-CAR1, LLC |  |  |
| Series 2024-C-CAR1, 5.81%, (SOFR 30-Day Average + 1.50%), 12/26/31 (b) | 135 | 136 |
| Series 2024-D-CAR1, 6.36%, (SOFR 30-Day Average + 2.05%), 12/26/31 (b) | 135 | 136 |
| Bayview Opportunity Master Fund VII 2024-EDU1, LLC |  |  |
| Series 2024-C-EDU1, 6.11%, (SOFR 30-Day Average + 1.80%), 06/25/47 (b) | 278 | 277 |
| Series 2024-D-EDU1, 7.06%, (SOFR 30-Day Average + 2.75%), 06/25/47 (b) | 118 | 120 |
| BBCMS 2018-TALL Mortgage Trust |  |  |
| Series 2018-A-TALL, REMIC, 5.08%, (1 Month Term SOFR + 0.92%), 03/16/37 (b) (d) | 680 | 642 |
| Series 2018-B-TALL, REMIC, 5.33%, (1 Month Term SOFR + 1.17%), 03/16/37 (b) (d) | 433 | 398 |
| BBCMS Mortgage Trust 2022-C17 |  |  |
| Interest Only, Series 2022-XA-C17, REMIC, 1.15%, 09/17/55 (b) | 8185 | 540 |
| BBCMS Mortgage Trust 2024-5C31 |  |  |
| Series 2024-C-5C31, REMIC, 5.76%, 12/17/29 | 279 | 279 |
| Benchmark 2020-B16 Mortgage Trust |  |  |
| Series 2020-C-B16, REMIC, 3.52%, 01/17/30 (b) | 391 | 322 |
| Benchmark 2023-B40 Mortgage Trust |  |  |
| Series 2023-C-B40, REMIC, 7.41%, 12/16/33 (b) | 321 | 336 |
| Benchmark 2024-V6 Mortgage Trust |  |  |
| Series 2024-D-V6, REMIC, 4.00%, 03/16/29 | 225 | 198 |
| Series 2024-E-V6, REMIC, 4.00%, 03/16/29 | 544 | 466 |
| Benchmark 2024-V8 Mortgage Trust |  |  |
| Series 2024-B-V8, REMIC, 6.95%, 07/15/29 (b) | 1088 | 1156 |
| BLP Commercial Mortgage Trust 2025-IND |  |  |
| Series 2025-A-IND, REMIC, 5.51%, (1 Month Term SOFR + 1.20%), 03/15/27 (b) | 1071 | 1067 |
| Series 2025-C-IND, REMIC, 6.11%, (1 Month Term SOFR + 1.80%), 03/15/27 (b) | 212 | 210 |
| Blue Stream Issuer, LLC |  |  |
| Series 2024-A2-1A, REMIC, 5.41%, 11/20/29 | 842 | 850 |
| BMO 2024-5C3 Mortgage Trust |  |  |
| Series 2024-B-5C3, REMIC, 6.56%, 02/16/29 (b) | 203 | 212 |
| BMO 2024-5C6 Mortgage Trust |  |  |
| Series 2024-C-5C8, REMIC, 5.74%, 12/17/29 (b) | 168 | 168 |
| BRAVO Residential Funding Trust 2025-NQM5 |  |  |
| Series 2025-A3-NQM5, REMIC, 5.80%, 02/25/65 (d) | 1037 | 1038 |
| Series 2025-M1-NQM5, REMIC, 6.34%, 02/25/65 (b) | 1117 | 1127 |
| Business Jet Securities 2024-1, LLC |  |  |
| Series 2024-A-1A, 6.20%, 05/15/30 | 718 | 731 |
| Series 2024-C-1A, 9.13%, 05/15/30 | 392 | 398 |
| Business Jet Securities 2024-2, LLC |  |  |
| Series 2024-B-2A, 5.75%, 09/15/30 | 412 | 410 |
| BX Commercial Mortgage Trust 2021-VOLT |  |  |
| Series 2021-D-VOLT, REMIC, 6.08%, (1 Month Term SOFR + 1.76%), 09/15/36 (b) | 355 | 353 |
| Series 2021-E-VOLT, REMIC, 6.43%, (1 Month Term SOFR + 2.11%), 09/15/36 (b) | 672 | 669 |
| Series 2021-F-VOLT, REMIC, 6.83%, (1 Month Term SOFR + 2.51%), 09/15/36 (b) | 906 | 902 |
| BX Commercial Mortgage Trust 2023-XL3 |  |  |
| Series 2023-D-XL3, REMIC, 7.90%, (1 Month Term SOFR + 3.59%), 12/15/25 (b) | 304 | 305 |
| BX Commercial Mortgage Trust 2024-GPA2 |  |  |
| Series 2024-C-GPA2, 6.50%, (1 Month Term SOFR + 2.19%), 11/15/26 (b) | 979 | 981 |
| BX Commercial Mortgage Trust 2024-KING |  |  |
| Series 2024-C-KING, REMIC, 6.25%, (1 Month Term SOFR + 1.94%), 05/15/26 (b) | 815 | 815 |
| Series 2024-D-KING, REMIC, 6.80%, (1 Month Term SOFR + 2.49%), 05/15/26 (b) | 931 | 930 |
| BX Commercial Mortgage Trust 2024-XL4 |  |  |
| Series 2024-C-XL4, REMIC, 6.50%, (1 Month Term SOFR + 2.19%), 02/17/26 (b) | 399 | 400 |
| BX Commercial Mortgage Trust 2024-XL5 |  |  |
| Series 2024-D-XL5, REMIC, 7.00%, (1 Month Term SOFR + 2.69%), 03/15/26 (b) | 969 | 971 |

---

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page [607](#abbreviations).

**JNL Series Trust** (Unaudited)

**Schedules of Investments (in thousands)**

June 30, 2025

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| BX Trust |  |  |
| Series 2024-C-MF, REMIC, 6.25%, (1 Month Term SOFR + 1.94%), 02/17/26 (b) | 336 | 336 |
| Series 2024-D-MF, REMIC, 7.00%, (1 Month Term SOFR + 2.69%), 02/17/26 (b) | 768 | 770 |
| Series 2024-C-BIO, REMIC, 6.95%, (1 Month Term SOFR + 2.64%), 02/15/29 (b) | 1086 | 1082 |
| BX Trust 2019-OC11 |  |  |
| Series 2019-D-OC11, REMIC, 3.94%, 12/11/29 (b) | 775 | 724 |
| Series 2019-E-OC11, REMIC, 3.94%, 12/11/29 (b) | 923 | 843 |
| BX Trust 2024-VLT4 |  |  |
| Series 2024-E-VLT4, REMIC, 7.20%, (1 Month Term SOFR + 2.89%), 06/15/26 (b) | 1070 | 1064 |
| BX Trust 2025-GW |  |  |
| Series 2025-D-GW, 0.00%, 07/15/42 (b) | 1196 | 1198 |
| BX Trust 2025-LIFE |  |  |
| Series 2025-A-LIFE, REMIC, 5.89%, 06/14/35 (b) | 2080 | 2120 |
| BX Trust 2025-ROIC |  |  |
| Series 2025-D-ROIC, REMIC, 6.30%, (1 Month Term SOFR + 1.99%), 03/15/27 (b) | 1620 | 1596 |
| Castlelake Aircraft Structured Trust 2025-1 |  |  |
| Series 2025-C-1A, 7.75%, 08/15/30 | 599 | 584 |
| CCG Receivables Trust 2024-1 |  |  |
| Series 2024-C-1, 5.22%, 04/14/28 | 362 | 366 |
| Series 2024-D-1, 5.80%, 04/14/28 | 560 | 561 |
| CCG Receivables Trust 2025-1 |  |  |
| Series 2025-B-1, 4.69%, 10/14/32 | 135 | 135 |
| Series 2025-C-1, 4.89%, 10/14/32 | 275 | 276 |
| Series 2025-D-1, 5.28%, 10/14/32 | 185 | 187 |
| Chase Home Lending Mortgage Trust 2024-11 |  |  |
| Series 2024-A4-11, REMIC, 6.00%, 03/25/32 (b) | 1067 | 1082 |
| Series 2024-A9A-11, REMIC, 6.00%, 05/25/46 (b) | 382 | 382 |
| Series 2024-A9-11, REMIC, 6.30%, 05/25/46 (b) | 165 | 167 |
| Chase Home Lending Mortgage Trust Series 2024-2 |  |  |
| Series 2024-A6-3, REMIC, 6.00%, 02/25/29 (b) | 1059 | 1065 |
| Series 2024-A6A-2, REMIC, 6.00%, 02/25/55 (b) | 667 | 671 |
| Chase Home Lending Mortgage Trust Series 2024-4 |  |  |
| Series 2024-A6-4, REMIC, 6.00%, 03/25/29 (b) | 1173 | 1180 |
| Citigroup Commercial Mortgage Trust |  |  |
| Series 2023-C-SMRT, REMIC, 6.05%, 06/12/28 (b) | 635 | 642 |
| Citigroup Commercial Mortgage Trust 2017-P8 |  |  |
| Series 2017-C-P8, REMIC, 4.25%, 09/17/27 (b) | 316 | 272 |
| Citigroup Commercial Mortgage Trust 2023-PRM3 |  |  |
| Series 2023-C-PRM3, REMIC, 6.57%, 07/10/28 (b) (n) | 532 | 545 |
| CLI Funding VI LLC |  |  |
| Series 2020-B-1A, 3.62%, 09/18/30 | 1195 | 1115 |
| Cloud Capital Holdco LP |  |  |
| Series 2024-A2-1A, 5.78%, 11/23/29 | 984 | 995 |
| Series 2024-A2-2A, 5.92%, 11/24/31 | 638 | 639 |
| College Ave Student Loans 2021-B, LLC |  |  |
| Series 2021-D-B, 3.78%, 06/25/52 | 940 | 888 |
| COLT 2025-6 Mortgage Loan Trust |  |  |
| Series 2025-M1-6, 6.27%, 08/25/70 (b) | 763 | 767 |
| COMM 2014-UBS3 Mortgage Trust |  |  |
| Interest Only, Series 2014-XA-UBS3, REMIC, 0.61%, 06/12/47 (b) | 487 |  |
| COMM 2024-277P Mortgage Trust |  |  |
| Series 2024-B-277P, REMIC, 7.23%, 08/06/29 (b) | 1000 | 1060 |
| COMM 2024-CBM Mortgage Trust |  |  |
| Series 2024-D-CBM, REMIC, 8.19%, 12/12/29 (b) | 472 | 486 |
| Compass Datacenters Issuer II, LLC |  |  |
| Series 2024-A2-1A, 5.75%, 02/26/29 | 315 | 319 |
| Series 2024-B-1A, 7.00%, 02/26/29 | 485 | 502 |
| CONE Trust 2024-DFW1 |  |  |
| Series 2024-A-DFW1, REMIC, 5.95%, (1 Month Term SOFR + 1.70%), 08/15/41 (b) | 416 | 414 |
| Series 2024-D-DFW1, REMIC, 7.35%, (1 Month Term SOFR + 3.10%), 08/15/41 (b) | 446 | 446 |
| Consolidated Communications LLC/Fidium Fiber Finan |  |  |
| Series 2025-C-1A, 9.41%, 05/20/30 | 1150 | 1203 |
| Crockett Partners Equipment Company IIA LLC |  |  |
| Series 2024-A-1C, 6.05%, 01/20/30 | 654 | 661 |
| Series 2024-B-1C, 6.78%, 01/20/30 | 229 | 233 |
| Cross 2024-H8 Mortgage Trust |  |  |
| Series 2024-A1-H8, REMIC, 5.55%, 12/25/69 (b) | 374 | 376 |
| Series 2024-A3-H8, REMIC, 5.96%, 12/25/69 (d) | 285 | 286 |
| Series 2024-M1-H8, REMIC, 6.32%, 12/25/69 (b) | 175 | 176 |
| Crown Communication Inc. |  |  |
| Series 2018-C-2, 4.24%, 07/15/28 | 616 | 604 |
| CSAIL 2016-C7 Commercial Mortgage Trust |  |  |
| Series 2016-C-C7, REMIC, 4.36%, 11/18/26 (b) | 930 | 871 |
| CyrusOne Data Centers Issuer I LLC |  |  |
| Series 2023-A2-1A, 4.30%, 04/20/28 | 576 | 564 |
| Dell Equipment Finance Trust 2024-1 |  |  |
| Series 2024-D-1, 6.12%, 12/22/26 | 400 | 405 |
| EFMT 2024-INV2 |  |  |
| Series 2024-M1-INV2, REMIC, 5.73%, 10/25/69 (b) | 495 | 491 |
| Eleven Madison Trust 2015-11MD Mortgage Trust |  |  |
| Series 2015-A-11MD, REMIC, 3.55%, 09/11/25 (b) | 1008 | 998 |
| Series 2015-D-11MD, REMIC, 3.55%, 09/11/25 (b) | 264 | 259 |
| ELFI Graduate Loan Program 2024-A LLC |  |  |
| Series 2024-A-A, 5.56%, 08/25/49 | 633 | 640 |
| Ellington Financial Mortgage Trust 2020-1 |  |  |
| Series 2020-B1-1, REMIC, 5.10%, 05/25/65 (b) | 870 | 930 |
| ELM Trust 2024-ELM |  |  |
| Series 2024-D10-ELM, REMIC, 6.85%, 06/11/27 (b) | 900 | 907 |
| Series 2024-D15-ELM, REMIC, 6.90%, 06/11/27 (b) | 628 | 630 |
| Foundation Finance Trust 2024-2 |  |  |
| Series 2024-B-2A, 4.93%, 03/15/50 | 195 | 195 |
| Series 2024-D-2A, 6.59%, 03/15/50 | 547 | 555 |
| Foundation Finance Trust 2025-1 |  |  |
| Series 2025-A-1A, 4.95%, 04/15/50 | 760 | 758 |
| Frontier Issuer LLC |  |  |
| Series 2023-A2-1, 6.60%, 07/20/28 | 1237 | 1257 |
| Series 2024-B-1, 7.02%, 05/20/31 | 1091 | 1137 |
| GLS Auto Select Receivables Trust 2024-1 |  |  |
| Series 2024-D-1A, 5.95%, 12/17/29 | 468 | 477 |
| GLS Auto Select Receivables Trust 2024-4 |  |  |
| Series 2024-C-4A, 4.75%, 11/15/30 | 255 | 255 |
| Series 2024-D-4A, 5.28%, 10/15/31 | 272 | 274 |
| GLS Auto Select Receivables Trust 2025-1 |  |  |
| Series 2025-B-1A, 5.04%, 09/15/28 | 269 | 271 |
| Series 2025-C-1A, 5.26%, 04/15/29 | 318 | 321 |
| Gracie Point International Funding 2024-1, LLC |  |  |
| Series 2024-A-1A, 6.05%, (SOFR 90-Day Average + 1.70%), 03/02/26 (b) | 1365 | 1366 |
| Great Wolf Trust 2024-WOLF |  |  |
| Series 2024-D-WOLF, REMIC, 7.20%, (1 Month Term SOFR + 2.89%), 03/16/26 (b) | 828 | 831 |
| GreenSky Home Improvement Issuer Trust 2025-1 |  |  |
| Series 2025-B-1A, 5.39%, 03/25/60 | 497 | 501 |
| Series 2025-C-1A, 5.69%, 03/25/60 | 388 | 392 |
| GS Mortgage Securities Trust 2015-GC30 |  |  |
| Interest Only, Series 2015-XA-GC30, REMIC, 0.25%, 05/12/50 (b) | 295 |  |
| GS Mortgage Securities Trust 2015-GS1 |  |  |
| Series 2015-AS-GS1, REMIC, 4.04%, 11/13/25 (b) | 519 | 504 |
| GS Mortgage Securities Trust 2016-GS2 |  |  |
| Series 2016-C-GS2, REMIC, 4.70%, 05/12/26 (b) | 540 | 522 |

---

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page [607](#abbreviations).

**JNL Series Trust** (Unaudited)

**Schedules of Investments (in thousands)**

June 30, 2025

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| GS Mortgage Securities Trust 2019-GC42 |  |  |
| Series 2019-C-GC42, REMIC, 3.70%, 09/12/29 (b) | 823 | 699 |
| GWT Commercial Mortgage Trust 2024-WLF2 |  |  |
| Series 2024-A-WLF2, REMIC, 6.00%, (1 Month Term SOFR + 1.69%), 05/15/26 (b) | 304 | 305 |
| Hilton Grand Vacations Trust 2022-1D |  |  |
| Series 2022-D-1D, 6.79%, 06/20/34 | 230 | 229 |
| Hilton Grand Vacations Trust 2022-2 |  |  |
| Series 2022-B-2A, 4.74%, 08/27/29 | 221 | 219 |
| Hilton Grand Vacations Trust 2024-1B |  |  |
| Series 2024-B-1B, 5.99%, 09/15/39 | 108 | 109 |
| Series 2024-D-1B, 8.85%, 09/15/39 | 234 | 239 |
| Hilton Grand Vacations Trust 2024-2 |  |  |
| Series 2024-C-2A, 5.99%, 03/25/38 | 561 | 570 |
| Series 2024-D-2A, 6.91%, 03/25/38 | 138 | 142 |
| Hilton USA Trust 2016-HHV |  |  |
| Series 2016-D-HHV, REMIC, 4.19%, 11/05/26 (b) | 1081 | 1058 |
| HPEFS Equipment Trust 2024-2 |  |  |
| Series 2024-D-2A, 5.82%, 04/20/32 | 886 | 903 |
| Hudson Yards 2025-SPRL Mortgage Trust |  |  |
| Series 2025-C-SPRL, REMIC, 6.15%, 01/15/30 (b) | 913 | 938 |
| Series 2025-D-SPRL, REMIC, 6.55%, 01/15/30 (b) | 330 | 341 |
| Series 2025-E-SPRL, REMIC, 6.90%, 01/15/30 (b) | 194 | 200 |
| Huntington National Bank, The |  |  |
| Series 2024-B1-1, 6.15%, 02/20/28 (c) | 850 | 863 |
| Series 2024-B1-2, 5.44%, 10/20/32 | 342 | 345 |
| Series 2024-C-2, 6.90%, (SOFR 30-Day Average + 2.60%), 10/20/32 (b) | 239 | 240 |
| INTOWN 2025-STAY Mortgage Trust |  |  |
| Series 2025-C-STAY, REMIC, 6.56%, (1 Month Term SOFR + 2.25%), 03/15/27 (b) | 1577 | 1571 |
| IP 2025-IP Mortgage Trust |  |  |
| Series 2025-A-IP, REMIC, 5.25%, 06/12/30 (b) | 515 | 521 |
| Series 2025-D-IP, REMIC, 6.31%, 06/12/30 (b) | 672 | 678 |
| Series 2025-E-IP, REMIC, 6.85%, 06/12/30 (b) | 384 | 388 |
| IRV Trust 2025-200P |  |  |
| Series 2025-C-200P, REMIC, 5.92%, 02/14/35 (b) | 1094 | 1079 |
| Island Finance Trust 2025-1 |  |  |
| Series 2025-A-1A, 6.54%, 03/19/35 | 500 | 508 |
| J.P. Morgan Chase Commercial Mortgage Securities Trust 2022-OPO |  |  |
| Series 2022-D-OPO, REMIC, 3.45%, 01/08/27 (b) | 935 | 762 |
| J.P. Morgan Mortgage Trust 2023-HE3 |  |  |
| Series 2023-A1-HE3, REMIC, 5.93%, 06/20/31 (b) | 397 | 399 |
| J.P. Morgan Mortgage Trust 2024-4 |  |  |
| Series 2024-A6A-4, REMIC, 6.00%, 01/25/29 (b) | 417 | 418 |
| J.P. Morgan Mortgage Trust 2024-HE1 |  |  |
| Series 2024-M1-HE1, REMIC, 6.32%, (1 Month Term SOFR + 2.00%), 04/21/31 (b) | 357 | 358 |
| Series 2024-M2-HE1, REMIC, 6.72%, (1 Month Term SOFR + 2.40%), 04/21/31 (b) | 271 | 273 |
| JPMBB Commercial Mortgage Securities Trust 2015-C30 |  |  |
| Series 2015-AS-C30, REMIC, 4.23%, 07/17/25 (b) | 1040 | 1014 |
| LHOME Mortgage Trust 2024-RTL4 |  |  |
| Series 2024-A1-RTL4, REMIC, 5.92%, 01/25/27 (d) | 1690 | 1697 |
| LV Trust 2024-SHOW |  |  |
| Series 2024-C-SHOW, REMIC, 6.07%, 10/10/29 (b) | 1016 | 1025 |
| Magnetite XXIV, Limited |  |  |
| Series 2019-DR-24A, 7.31%, (3 Month Term SOFR + 3.05%), 04/15/35 (b) | 5200 | 5206 |
| Manhattan West 2020-1MW Mortgage Trust |  |  |
| Series 2020-D-OMW, REMIC, 2.41%, 09/10/27 (b) | 458 | 422 |
| MED Commercial Mortgage Trust 2024-MOB |  |  |
| Series 2024-C-MOB, REMIC, 6.60%, (1 Month Term SOFR + 2.29%), 04/15/26 (b) | 760 | 751 |
| MetroNet Infrastructure Issuer LLC |  |  |
| Series 2022-A2-1A, 6.35%, 10/20/27 (c) | 1350 | 1374 |
| Milos CLO, Ltd. |  |  |
| Series 2017-DR-1A, 7.28%, (3 Month Term SOFR + 3.01%), 10/21/30 (b) | 1750 | 1753 |
| Morgan Stanley Bank of America Merrill Lynch Trust 2017-C33 |  |  |
| Series 2017-C-C33, REMIC, 4.56%, 05/17/27 (b) | 256 | 237 |
| Morgan Stanley Capital I Trust 2017-H1 |  |  |
| Series 2017-B-H1, REMIC, 4.08%, 05/17/27 | 240 | 229 |
| Series 2017-C-H1, REMIC, 4.28%, 05/17/27 (b) | 387 | 361 |
| Morgan Stanley Capital I Trust 2018-H4 |  |  |
| Series 2018-C-H4, REMIC, 5.05%, 12/15/28 (b) | 534 | 497 |
| Morgan Stanley Capital I Trust 2018-L1 |  |  |
| Series 2018-AS-L1, REMIC, 4.64%, 09/15/28 (b) | 669 | 662 |
| Morgan Stanley Capital I Trust 2021-L7 |  |  |
| Series 2021-B-230P, REMIC, 5.88%, (1 Month Term SOFR + 1.56%), 12/15/38 (b) | 495 | 464 |
| Morgan Stanley Residential Mortgage Loan Trust |  |  |
| Series 2024-A2-3, REMIC, 6.00%, 09/25/29 (b) | 633 | 636 |
| Morgan Stanley Residential Mortgage Loan Trust 2024-NQM3 |  |  |
| Series 2024-A3-NQM3, REMIC, 5.40%, 07/25/69 (d) | 431 | 429 |
| Series 2024-M1-NQM3, REMIC, 5.61%, 07/25/69 (b) | 316 | 312 |
| Morgan Stanley Residential Mortgage Loan Trust 2024-NQM5 |  |  |
| Series 2024-A3-NQM5, 6.00%, 10/25/69 (d) | 92 | 92 |
| Series 2024-M1-NQM5, 6.51%, 10/25/69 (b) | 114 | 115 |
| MSWF Commercial Mortgage Trust 2023-1 |  |  |
| Series 2023-C-1, REMIC, 6.68%, 05/17/33 (b) | 329 | 337 |
| MSWF Commercial Mortgage Trust 2023-2 |  |  |
| Series 2023-A5-2, REMIC, 6.01%, 11/18/33 (b) | 1080 | 1156 |
| Series 2023-C-2, REMIC, 7.02%, 12/16/33 (b) | 240 | 248 |
| MVW 2021-1W LLC |  |  |
| Series 2021-C-1WA, 1.94%, 01/22/41 | 304 | 288 |
| MVW 2022-1 LLC |  |  |
| Series 2022-B-1A, 4.40%, 11/21/39 | 446 | 435 |
| MVW 2023-2 LLC |  |  |
| Series 2023-C-2A, 7.06%, 11/20/40 | 279 | 283 |
| MVW 2024-1 LLC |  |  |
| Series 2024-C-1A, 6.20%, 02/20/43 | 302 | 307 |
| MVW 2024-2 LLC |  |  |
| Series 2024-B-2A, 4.58%, 03/20/42 | 913 | 904 |
| Series 2024-C-2A, 4.92%, 03/20/42 | 578 | 573 |
| MVW 2025-1 LLC |  |  |
| Series 2025-B-1A, 5.21%, 09/22/42 | 531 | 534 |
| Series 2025-C-1A, 5.75%, 09/22/42 | 428 | 432 |
| Navient Private Education Refi Loan Trust 2019-F |  |  |
| Series 2019-B-FA, 3.12%, 09/15/32 | 1225 | 1083 |
| Navient Private Education Refi Loan Trust 2021-B |  |  |
| Series 2021-A-BA, 0.94%, 06/15/28 | 268 | 244 |
| Navient Private Education Refi Loan Trust 2021-E |  |  |
| Series 2021-A-EA, REMIC, 0.97%, 12/15/28 | 1356 | 1200 |
| Navient Private Education Refi Loan Trust 2021-F |  |  |
| Series 2021-A-FA, 1.11%, 05/15/29 | 1029 | 897 |
| Navient Private Education Refi Loan Trust 2021-G |  |  |
| Series 2021-A-GA, 1.58%, 06/15/29 | 1197 | 1076 |
| Navient Private Education Refi Loan Trust 2023-A |  |  |
| Series 2024-A-A, 5.66%, 12/15/34 | 1408 | 1428 |
| Neighborly Issuer 2023-1 |  |  |
| Series 2023-A2-1A, 7.31%, 01/30/28 | 1300 | 1313 |
| Nelnet Student Loan Trust 2021-C |  |  |
| Series 2021-D-CA, 4.44%, 04/20/62 | 1400 | 1257 |
| New Residential Mortgage LLC |  |  |
| Series 2024-A-FNT1, 7.40%, 11/25/29 | 924 | 931 |
| New Residential Mortgage Loan Trust 2024-RTL2 |  |  |
| Series 2024-A1-RTL2, REMIC, 5.44%, 09/25/39 (d) | 929 | 928 |

---

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page [607](#abbreviations).

**JNL Series Trust** (Unaudited)

**Schedules of Investments (in thousands)**

June 30, 2025

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| New Residential Mortgage Loan Trust 2025-NQM3 |  |  |
| Series 2025-M1-NQM3, 6.32%, 08/25/30 (b) | 670 | 677 |
| NRZ FHT Excess LLC |  |  |
| Series 2025-A-FHT1, 6.55%, 03/25/32 (c) | 1014 | 1021 |
| NYC Commercial Mortgage Trust 2025-3BP |  |  |
| Series 2025-C-3BP, REMIC, 6.20%, (1 Month Term SOFR + 1.95%), 02/16/27 (b) | 553 | 547 |
| Series 2025-D-3BP, REMIC, 6.75%, (1 Month Term SOFR + 2.50%), 02/16/27 (b) | 635 | 624 |
| NYMT Loan Trust 2024-INV1 |  |  |
| Series 2024-A1-INV1, REMIC, 5.38%, 10/25/28 (d) | 367 | 367 |
| Series 2024-A3-INV1, REMIC, 5.83%, 10/25/28 (d) | 733 | 735 |
| OBX 2021-NQM4 Trust |  |  |
| Series 2021-A1-NQM4, 1.96%, 10/25/61 | 1707 | 1450 |
| OBX 2024-NQM1 Trust |  |  |
| Series 2024-A1-NQM1, REMIC, 5.93%, 12/25/27 (d) | 679 | 682 |
| OBX 2024-NQM14 Trust |  |  |
| Series 2024-M1-NQM14, REMIC, 5.58%, 09/25/28 (b) | 715 | 707 |
| OBX 2025-HE1 Trust |  |  |
| Series 2025-A1-HE1, 6.33%, 02/25/55 (b) | 1297 | 1291 |
| Series 2025-M1-HE1, 6.65%, 02/25/55 (b) | 244 | 240 |
| OBX 2025-NQM7 Trust |  |  |
| Series 2025-A3-NQM7, REMIC, 5.86%, 05/25/55 (d) | 711 | 713 |
| ONE 2021-PARK Mortgage Trust |  |  |
| Series 2021-E-PARK, REMIC, 6.18%, (1 Month Term SOFR + 1.86%), 03/15/28 (b) | 776 | 718 |
| Series 2021-D-PARK, REMIC, 5.93%, (1 Month Term SOFR + 1.61%), 03/15/36 (b) | 278 | 260 |
| One Market Plaza Trust 2017-1MKT |  |  |
| Series 2017-A-1MKT, REMIC, 3.61%, 02/10/32 | 224 | 214 |
| Series 2017-B-1MKT, REMIC, 3.85%, 02/10/32 | 451 | 418 |
| Series 2017-C-1MKT, REMIC, 4.02%, 02/10/32 | 449 | 411 |
| ONNI Commercial Mortgage Trust 2024-APT |  |  |
| Series 2024-C-APT, REMIC, 6.64%, 07/20/29 (b) | 1053 | 1075 |
| ORL 2024-GLKS Mortgage Trust |  |  |
| Series 2024-D-GLKS, REMIC, 7.10%, (1 Month Term SOFR + 2.79%), 12/15/26 (b) | 697 | 696 |
| OWN Equipment Fund I LLC |  |  |
| Series 2024-A-2M, 5.70%, 12/20/32 | 865 | 874 |
| Series 2024-B-2M, 6.43%, 12/20/32 | 356 | 359 |
| PFS Financing Corp. |  |  |
| Series 2025-A-B, 4.85%, 02/15/28 | 708 | 717 |
| Pk Alift Loan Funding 6 LP |  |  |
| Series 2025-A-1, 5.37%, 12/15/31 | 1583 | 1588 |
| Prestige Auto Receivables Trust 2021-1 |  |  |
| Series 2021-D-1A, 2.08%, 02/15/28 | 1350 | 1313 |
| PRM Trust 2025-PRM6 |  |  |
| Series 2025-E-PRM6, 6.58%, 07/05/28 (b) | 1565 | 1552 |
| RIAL 2022-FL8 D |  |  |
| Series 2022-D-FL8, 9.07%, (1 Month Term SOFR + 4.75%), 01/19/37 (b) | 1000 | 996 |
| ROCK Trust 2024-CNTR |  |  |
| Series 2024-B-CNTR, REMIC, 5.93%, 11/15/29 | 800 | 823 |
| Series 2024-D-CNTR, REMIC, 7.11%, 11/15/41 | 1689 | 1758 |
| Santander Drive Auto Receivables Trust 2024-1 |  |  |
| Series 2024-C-1, 5.45%, 07/15/27 | 379 | 383 |
| Santander Drive Auto Receivables Trust 2025-1 |  |  |
| Series 2025-D-1, 5.43%, 04/16/29 | 1939 | 1971 |
| SDAL Trust 2025-DAL |  |  |
| Series 2025-C-DAL, REMIC, 8.25%, 04/15/30 (b) | 1087 | 1098 |
| Sequoia Mortgage Trust 2024-4 |  |  |
| Series 2024-A10-4, REMIC, 6.00%, 02/25/29 (b) | 1000 | 1003 |
| Servicemaster Brands L.L.C. |  |  |
| Series 2021-A2II-1, 3.11%, 07/30/31 | 959 | 818 |
| SFO Commercial Mortgage Trust 2021-555 |  |  |
| Series 2021-A-555, REMIC, 5.58%, (1 Month Term SOFR + 1.26%), 05/15/28 (b) | 1380 | 1368 |
| Series 2021-D-555, REMIC, 6.83%, (1 Month Term SOFR + 2.51%), 05/15/28 (b) | 229 | 224 |
| SFS Auto Receivables Securitization Trust 2024-1 |  |  |
| Series 2024-C-1A, 5.51%, 01/20/32 | 520 | 528 |
| Sierra Timeshare 2021-1 Receivables Funding LLC |  |  |
| Series 2021-B-1A, REMIC, 1.34%, 11/20/37 | 180 | 177 |
| Sierra Timeshare 2021-2 Receivables Funding LLC |  |  |
| Series 2021-C-2A, 1.95%, 09/20/38 | 124 | 121 |
| Series 2021-D-2A, 3.23%, 09/20/38 | 105 | 103 |
| Sierra Timeshare 2023-1 Receivables Funding LLC |  |  |
| Series 2023-C-1A, 7.00%, 01/20/40 | 155 | 158 |
| Sierra Timeshare 2023-2 Receivables Funding LLC |  |  |
| Series 2023-C-2A, 7.30%, 04/20/40 | 130 | 134 |
| Series 2023-D-2A, 9.72%, 04/20/40 | 220 | 229 |
| Series 2023-D-3A, 9.44%, 09/20/40 | 417 | 429 |
| Sierra Timeshare 2024-1 Receivables Funding LLC |  |  |
| Series 2024-C-1A, 5.94%, 09/20/31 | 363 | 366 |
| Series 2024-D-1A, 8.02%, 09/20/31 | 109 | 111 |
| Sierra Timeshare 2024-2 Receivables Funding LLC |  |  |
| Series 2024-C-2A, 5.83%, 06/20/41 | 520 | 523 |
| Sierra Timeshare 2024-3 Receivables Funding LLC |  |  |
| Series 2024-C-3A, 5.32%, 08/20/41 | 780 | 779 |
| Series 2024-D-3A, 6.93%, 08/20/41 | 330 | 329 |
| Sierra Timeshare 2025-1 Receivables Funding LLC |  |  |
| Series 2025-D-1A, 6.86%, 01/21/42 | 827 | 830 |
| Signal Peak CLO 4, Ltd. |  |  |
| Series 2024-D1-11A, 7.37%, (3 Month Term SOFR + 3.10%), 07/18/37 (b) | 2000 | 2008 |
| Sixth Street CLO XIX, Ltd. |  |  |
| Series 2020-D1R-15A, 7.43%, (3 Month Term SOFR + 3.15%), 10/26/37 (b) | 500 | 501 |
| SMB Private Education Loan Trust 2021-B |  |  |
| Series 2021-A-B, 1.31%, 07/17/51 | 818 | 767 |
| SoFi Professional Loan Program 2020-A Trust |  |  |
| Series 2020-BFX-A, REMIC, 3.12%, 05/15/46 | 403 | 349 |
| Stack Infrastructure Issuer, LLC |  |  |
| Series 2023-A2-3A, 5.90%, 10/25/28 | 1101 | 1110 |
| Starwood Mortgage Residential Trust 2021-5 |  |  |
| Series 2021-A1-5, REMIC, 1.92%, 09/25/66 (b) | 4089 | 3489 |
| Subway Funding LLC |  |  |
| Series 2024-A2I-1A, 6.03%, 07/30/29 | 911 | 926 |
| TCO Commercial Mortgage Trust 2024-DPM |  |  |
| Series 2024-C-DPM, REMIC, 6.36%, (1 Month Term SOFR + 2.05%), 12/17/29 (b) | 375 | 374 |
| TICP CLO VII, Ltd. |  |  |
| Series 2017-DR-7A, 7.72%, (3 Month Term SOFR + 3.46%), 04/15/33 (b) | 1000 | 1001 |
| Towd Point Mortgage Trust 2022-4 |  |  |
| Series 2022-A1-4, REMIC, 3.75%, 09/25/31 | 1205 | 1145 |
| Towd Point Mortgage Trust 2024-CES1 |  |  |
| Series 2024-A1A-CES1, REMIC, 5.85%, 09/25/31 (b) | 1169 | 1171 |
| Series 2024-A1B-CES1, REMIC, 6.05%, 09/25/31 (b) | 139 | 139 |
| Towd Point Mortgage Trust 2024-CES2 |  |  |
| Series 2024-A1A-CES2, REMIC, 6.13%, 04/25/31 (b) (n) | 1195 | 1200 |
| Trafigura Securitisation Finance Public Limited Company |  |  |
| Series 2024-A2-1A, 5.98%, 05/15/27 (c) | 477 | 483 |
| Series 2024-B2-1A, 7.29%, 05/15/27 (c) | 996 | 1009 |
| Trestles CLO III LTD |  |  |
| Series 2020-D1R-3A, 7.42%, (3 Month Term SOFR + 3.15%), 10/20/37 (b) | 1000 | 1002 |
| Trinitas CLO Ltd |  |  |
| Series 2021-D-16A, 7.83%, (3 Month Term SOFR + 3.56%), 07/20/34 (b) | 1500 | 1501 |
| TRTX 2025-FL6 Issuer, Ltd. |  |  |
| Series 2025-A-FL6, 5.85%, (1 Month Term SOFR + 1.54%), 09/18/42 (b) | 1078 | 1079 |
| U.S. Bank National Association |  |  |
| Series 2025-C-SUP1, 6.21%, (SOFR 30-Day Average + 1.90%), 02/25/32 (b) | 679 | 676 |
| Series 2025-D-SUP1, 7.01%, (SOFR 30-Day Average + 2.70%), 02/25/32 (b) | 507 | 505 |
| Series 2023-B-1, 6.79%, 08/25/32 | 489 | 494 |
| Uniti Fiber Abs Issuer Llc |  |  |
| Series 2025-B-1A, 6.37%, 04/22/30 | 944 | 966 |

---

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page [607](#abbreviations).

**JNL Series Trust** (Unaudited)

**Schedules of Investments (in thousands)**

June 30, 2025

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| Verus Securitization Trust 2021-6 |  |  |
| Series 2021-A1-6, REMIC, 1.63%, 10/25/66 (b) | 3375 | 2947 |
| Series 2021-A3-6, REMIC, 1.89%, 10/25/66 (b) | 1214 | 1055 |
| Verus Securitization Trust 2022-4 |  |  |
| Series 2022-A1-4, REMIC, 4.47%, 04/25/67 (d) | 734 | 738 |
| Series 2022-A3-4, REMIC, 4.74%, 04/25/67 (b) | 637 | 621 |
| Verus Securitization Trust 2024-4 |  |  |
| Series 2024-M1-4, REMIC, 6.70%, 06/25/69 (b) | 310 | 313 |
| Verus Securitization Trust 2024-7 |  |  |
| Series 2024-A1-7, REMIC, 5.10%, 09/25/69 (b) | 879 | 876 |
| Series 2024-A3-7, REMIC, 5.40%, 09/25/69 (b) (d) | 611 | 608 |
| Verus Securitization Trust 2025-3 |  |  |
| Series 2025-M1-3, REMIC, 6.65%, 05/25/70 (b) | 360 | 367 |
| Verus Securitization Trust 2025-4 |  |  |
| Series 2025-A3-4, REMIC, 5.75%, 05/25/70 (d) | 654 | 656 |
| Series 2025-M1-4, REMIC, 6.30%, 05/25/70 (b) | 305 | 307 |
| Volofin Finance (Ireland) Designated Activity Company |  |  |
| Series 2024-A-1A, 5.94%, 03/17/31 | 779 | 785 |
| Series 2024-B-1A, 6.21%, 11/17/31 | 322 | 328 |
| Wells Fargo Commercial Mortgage Securities, Inc. |  |  |
| Series 2024-C-1CHI, REMIC, 6.43%, 07/15/27 (b) | 579 | 584 |
| Series 2024-D-1CHI, REMIC, 6.93%, 07/15/27 (b) | 454 | 458 |
| Wells Fargo Commercial Mortgage Trust 2017-C39 |  |  |
| Series 2017-C-C39, REMIC, 4.12%, 08/17/27 | 601 | 554 |
| Westlake Automobile Receivables Trust 2025-1 |  |  |
| Series 2025-D-1A, 5.54%, 01/18/28 | 966 | 981 |
| Willis Engine Structured Trust VIII |  |  |
| Series 2025-B-A, 6.07%, 06/16/31 (o) | 536 | 536 |
| Wireless Propco Funding LLC |  |  |
| Series 2025-B-1A, 4.30%, 06/25/30 (o) | 285 | 265 |
| Series 2025-C-1A, 8.51%, 06/25/30 (o) | 1000 | 1000 |
| Ziply Fiber Issuer LLC |  |  |
| Series 2024-C-1A, 11.17%, 03/20/29 | 1057 | 1135 |
| Total Non-U.S. Government Agency Asset-Backed Securities (cost $197,797) | Total Non-U.S. Government Agency Asset-Backed Securities (cost $197,797) | 197531 |
| **INVESTMENT COMPANIES 1.0%** | **INVESTMENT COMPANIES 1.0%** | **INVESTMENT COMPANIES 1.0%** |
| VanEck J. P. Morgan EM Local Currency Bond ETF | 423 | 10715 |
| Total Investment Companies (cost $10,445) | Total Investment Companies (cost $10,445) | 10715 |
| **SENIOR FLOATING RATE INSTRUMENTS 0.3%** | **SENIOR FLOATING RATE INSTRUMENTS 0.3%** | **SENIOR FLOATING RATE INSTRUMENTS 0.3%** |
| **Financials 0.2%** | **Financials 0.2%** | **Financials 0.2%** |
| Sedgwick Claims Management Services, Inc. |  |  |
| 2023 Term Loan B, 7.33%, (1 Month Term SOFR + 3.00%), 02/16/28 (b) | 2437 | 2445 |
| **Health Care 0.1%** | **Health Care 0.1%** | **Health Care 0.1%** |
| Grifols Worldwide Operations USA, Inc. |  |  |
| 2019 USD Term Loan B, 6.48%, (3 Month Term SOFR + 2.00%), 11/15/27 (b) | 933 | 929 |
| Total Senior Floating Rate Instruments (cost $3,346) | Total Senior Floating Rate Instruments (cost $3,346) | 3374 |
| **COMMON STOCKS 0.0%** | **COMMON STOCKS 0.0%** | **COMMON STOCKS 0.0%** |
| **Financials 0.0%** | **Financials 0.0%** | **Financials 0.0%** |
| Edcon Holdings Ltd. (e) (o) | 14399 |  |
| Edcon Holdings Ltd. (e) (o) | 124902 |  |
| Total Common Stocks (cost $106) | Total Common Stocks (cost $106) |  |
| **SHORT TERM INVESTMENTS 2.5%** | **SHORT TERM INVESTMENTS 2.5%** | **SHORT TERM INVESTMENTS 2.5%** |
| **Investment Companies 1.3%** | **Investment Companies 1.3%** | **Investment Companies 1.3%** |
| JNL Government Money Market Fund - Class I, 4.20% (p) (q) | 13397 | 13397 |
| **Securities Lending Collateral 1.2%** | **Securities Lending Collateral 1.2%** | **Securities Lending Collateral 1.2%** |
| JNL Government Money Market Fund - Class SL, 4.30% (p) (q) | 12752 | 12752 |
| Total Short Term Investments (cost $26,149) | Total Short Term Investments (cost $26,149) | 26149 |
| **Total Investments 113.3% (cost $1,190,486)** | **Total Investments 113.3% (cost $1,190,486)** | **1194670** |
| **Other Derivative Instruments (0.4)%** | **Other Derivative Instruments (0.4)%** | **(4523)** |
| **Other Assets and Liabilities, Net (12.9)%** | **Other Assets and Liabilities, Net (12.9)%** | **(135888)** |
| **Total Net Assets 100.0%** | **Total Net Assets 100.0%** | **1054259** |

---

(a) All or a portion of the security was purchased on a delayed delivery basis. As of June 30, 2025, the total payable for investments purchased on a delayed delivery basis was $147,550.

(b) Security has a variable rate. Interest rates reset periodically. Rate stated was in effect as of June 30, 2025. For securities based on a published reference rate and spread, the reference rate and spread are presented. Certain variable rate securities do not indicate a reference rate and spread because they are determined by the issuer, remarketing agent, or offering documents and are based on current market conditions. The coupon rate for securities with certain features outlined in the offering documents may vary from the stated reference rate and spread. This includes, but is not limited to, securities with deferred rates, contingent distributions, caps, floors, and fixed-rate to float-rate features. In addition, variable rates for government and agency collateralized mortgage obligations ("CMO") and mortgage-backed securities ("MBS") are determined by tranches of underlying mortgage-backed security pools' cash flows into securities and pass-through rates which reflect the rate earned on the asset pool after management and guarantee fees are paid to the securitizing corporation. CMO and MBS variable rates are determined by a formula set forth in the security's offering documents.

(c) Security is exempt from registration under the Securities Act of 1933, as amended. As of June 30, 2025, the value and the percentage of net assets of these securities was $166,321 and 15.8% of the Fund.

(d) Security is a step-up bond where the coupon may increase or step up at a future date or as the result of an upgrade or downgrade to the credit rating of the issuer. Rate stated was the coupon as of June 30, 2025.

(e) Security is restricted to resale to institutional investors or subject to trading restrictions due to sanctions on foreign issuers. See Restricted Securities table following the Schedules of Investments.

(f) All or a portion of the security was on loan as of June 30, 2025.

(g) Non-income producing security.

(h) As of June 30, 2025, issuer was in bankruptcy and/or was in default relating to principal and/or interest. Partial or no payments were paid on the last interest or dividend date.

(i) Treasury inflation indexed note, par amount is adjusted for inflation.

(j) Convertible security.

(k) Perpetual security. Next contractual call price and date are presented in parentheses, if applicable.

(l) Pay-in-kind security. Stated coupon is the pay-in-kind rate. The interest earned by the security may be paid in cash or additional par.

(m) The interest rate for this security is inversely affected by upgrades or downgrades to the credit rating of the issuer. Rate stated was the coupon as of June 30, 2025.

(n) The coupon rate represents the weighted average coupon and may differ from the stated coupon rate.

(o) Security fair valued in good faith as a Level 3 security in accordance with the procedures approved by the Board of Trustees. Good faith fair valued securities are classified based on the applicable valuation inputs. See "Fair Value Measurement" in the Notes to Financial Statements.

(p) Investment in affiliate.

(q) Yield changes daily to reflect current market conditions. Rate was the quoted yield as of June 30, 2025.

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **JNL/Neuberger Berman Strategic Income Fund — Investments in Affiliates** | **JNL/Neuberger Berman Strategic Income Fund — Investments in Affiliates** | **JNL/Neuberger Berman Strategic Income Fund — Investments in Affiliates** | **JNL/Neuberger Berman Strategic Income Fund — Investments in Affiliates** | **JNL/Neuberger Berman Strategic Income Fund — Investments in Affiliates** | **JNL/Neuberger Berman Strategic Income Fund — Investments in Affiliates** | **JNL/Neuberger Berman Strategic Income Fund — Investments in Affiliates** | **JNL/Neuberger Berman Strategic Income Fund — Investments in Affiliates** | **JNL/Neuberger Berman Strategic Income Fund — Investments in Affiliates** |
| **Affiliated Investment** | **Value Beginning of Period($)** | **Purchases($)** | **Sales Proceeds($)** | **Dividend Income/ Distributions from Funds($)** | **Realized Gain (Loss)($)** | **Change in Unrealized Appreciation (Depreciation) ($)** | **Value End of Period($)** | **Percentage of Net Assets(%)** |
| JNL Government Money Market Fund, 4.20% - Class I | 10405 | 264952 | 261960 | 353 |  |  | 13397 | 1.3 |

---

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page [607](#abbreviations).

**JNL Series Trust** (Unaudited)

**Schedules of Investments (in thousands)**

June 30, 2025

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **JNL/Neuberger Berman Strategic Income Fund — Investments in Affiliates (continued)** | **JNL/Neuberger Berman Strategic Income Fund — Investments in Affiliates (continued)** | **JNL/Neuberger Berman Strategic Income Fund — Investments in Affiliates (continued)** | **JNL/Neuberger Berman Strategic Income Fund — Investments in Affiliates (continued)** | **JNL/Neuberger Berman Strategic Income Fund — Investments in Affiliates (continued)** | **JNL/Neuberger Berman Strategic Income Fund — Investments in Affiliates (continued)** | **JNL/Neuberger Berman Strategic Income Fund — Investments in Affiliates (continued)** | **JNL/Neuberger Berman Strategic Income Fund — Investments in Affiliates (continued)** | **JNL/Neuberger Berman Strategic Income Fund — Investments in Affiliates (continued)** |
| **Affiliated Investment** | **Value Beginning of Period($)** | **Purchases($)** | **Sales Proceeds($)** | **Dividend Income/ Distributions from Funds($)** | **Realized Gain (Loss)($)** | **Change in Unrealized Appreciation (Depreciation) ($)** | **Value End of Period($)** | **Percentage of Net Assets(%)** |
| JNL Government Money Market Fund, 4.30% - Class SL | 6851 | 58918 | 53017 | 192 |  |  | 12752 | 1.2 |
|  | 17256 | 323870 | 314977 | 545 |  |  | 26149 | 2.5 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **JNL/Neuberger Berman Strategic Income Fund — Restricted Securities** | **JNL/Neuberger Berman Strategic Income Fund — Restricted Securities** | **JNL/Neuberger Berman Strategic Income Fund — Restricted Securities** | **JNL/Neuberger Berman Strategic Income Fund — Restricted Securities** | **JNL/Neuberger Berman Strategic Income Fund — Restricted Securities** |
|  | **Initial Acquisition** | **Cost ($)** | **Value ($)** | **Percent of**<br> **Net Assets (%)** |
| A2a S.P.A., 5.00% (callable at 100, 06/11/29) | 08/05/24 | 329 | 365 |  |
| AA Bond Co Limited, 6.50%, 01/31/26 | 10/10/24 | 45 | 47 |  |
| AA Bond Co Limited, 8.45%, 01/31/28 | 12/05/23 | 527 | 597 | 0.1 |
| Abertis Infraestructuras Finance B.V., 4.87% (callable at 100, 11/28/29) | 05/21/25 | 346 | 360 |  |
| Accor, 4.88% (callable at 100, 06/06/30) | 05/29/25 | 349 | 360 |  |
| Ahlstrom Holding 3 Oy, 3.63%, 02/04/28 | 09/24/24 | 297 | 317 |  |
| Air France - KLM, 4.63%, 05/23/29 | 09/24/24 | 227 | 243 |  |
| Alexandrite Monnet UK HoldCo PLC, 10.50%, 05/15/29 | 07/09/24 | 221 | 259 |  |
| Allianz SE, 3.20% (callable at 100, 10/30/27) | 04/27/22 | 1818 | 1928 | 0.2 |
| Allied Universal Holdco LLC, 4.88%, 06/01/28 | 01/05/24 | 200 | 230 |  |
| Allwyn International a.s., 3.88%, 02/15/27 | 02/18/21 | 279 | 288 |  |
| alstria office AG, 5.50%, 03/20/31 | 06/11/25 | 349 | 359 |  |
| Altice France, 4.13%, 01/15/29 | 11/10/21 | 800 | 769 | 0.1 |
| Amber FinCo PLC, 6.63%, 07/15/29 | 09/24/24 | 227 | 240 |  |
| Apa Infrastructure Limited, 7.13%, 11/09/83 | 01/16/24 | 340 | 387 | 0.1 |
| Aramark International Finance S.a r.l., 4.38%, 04/15/33 | 05/21/25 | 273 | 284 |  |
| Arena Luxembourg Finance S.a r.l., 1.88%, 02/01/28 | 09/24/24 | 192 | 202 |  |
| Assemblin Caverion Group AB, 6.25%, 07/01/30 | 09/05/24 | 226 | 242 |  |
| Atos SE, 9.00%, 12/18/29 | 05/21/25 | 516 | 558 | 0.1 |
| Atos SE, 5.00%, 12/18/30 | 05/21/25 | 137 | 145 |  |
| AusNet Services Holdings Pty Ltd, 1.63%, 03/11/81 | 12/11/23 | 537 | 626 | 0.1 |
| B&M European Value Retail S.A., 4.00%, 11/15/28 | 07/02/24 | 595 | 649 | 0.1 |
| B&M European Value Retail S.A., 8.13%, 11/15/30 | 09/24/24 | 307 | 314 |  |
| B&M European Value Retail S.A., 6.50%, 11/27/31 | 02/12/25 | 236 | 262 |  |
| Banco do Brasil S.A, 8.75% (callable at 100, 10/15/25) | 06/08/21 | 550 | 555 | 0.1 |
| Bayer Aktiengesellschaft, 5.38%, 03/25/82 | 12/05/23 | 830 | 946 | 0.1 |
| BCP V Modular Services Finance II PLC, 6.13%, 11/30/28 | 12/09/21 | 235 | 236 |  |
| BCP V Modular Services Finance PLC, 6.75%, 11/30/29 | 03/14/24 | 100 | 105 |  |
| Belden Inc., 3.88%, 03/15/28 | 09/11/24 | 217 | 236 |  |
| Bellis Acquisition Company PLC, 8.13%, 05/14/30 | 06/24/24 | 252 | 258 |  |
| Benteler International Aktiengesellschaft, 9.38%, 05/15/28 | 06/29/23 | 172 | 194 |  |
| Bertrand Franchise Finance, 5.99%, 07/18/30 | 10/21/24 | 109 | 115 |  |
| Bertrand Franchise Finance, 6.50%, 07/18/30 | 09/26/24 | 242 | 250 |  |
| BK LC Lux Finco 1 S.a r.l., 5.25%, 04/30/29 | 12/05/23 | 611 | 661 | 0.1 |
| BNP Paribas, 7.38% (callable at 100, 08/19/25) | 04/27/22 | 2735 | 2740 | 0.3 |
| BP Capital Markets P.L.C., 3.25% (callable at 100, 03/22/26) | 01/10/24 | 741 | 825 | 0.1 |
| BP Capital Markets P.L.C., 4.38% (callable at 100, 08/19/31) | 04/30/25 | 111 | 118 |  |
| British Telecommunications Public Limited Company, 8.38%, 12/20/83 | 09/08/23 | 1040 | 1178 | 0.1 |
| Bubbles BidCo S.p.A., 6.50%, 09/30/31 | 12/05/24 | 428 | 477 | 0.1 |
| Castellum Aktiebolag, 3.13% (callable at 100, 12/02/26) | 04/30/24 | 282 | 345 |  |
| CD&R Firefly Bidco PLC, 8.63%, 04/30/29 | 04/14/25 | 239 | 254 |  |
| Ceconomy AG, 6.25%, 07/15/29 | 09/24/24 | 571 | 614 | 0.1 |
| Cheplapharm Arzneimittel GmbH, 4.38%, 01/15/28 | 07/19/22 | 96 | 116 |  |
| Cheplapharm Arzneimittel GmbH, 7.50%, 05/15/30 | 09/19/23 | 224 | 240 |  |
| Cirsa Finance International S.a r.l., 7.88%, 07/31/28 | 12/05/23 | 444 | 491 | 0.1 |
| Cirsa Finance International S.a r.l., 6.50%, 03/15/29 | 09/24/24 | 226 | 240 |  |
| Comision De Promocion Del Peru Para La Exportacion Y El Turismo, 6.90%, 08/12/37 | 05/10/22 | 1234 | 1382 | 0.1 |
| Constellium SE, 5.38%, 08/15/32 | 09/24/24 | 166 | 173 |  |
| Co-operative Group Limited, 7.50%, 07/08/26 | 10/05/23 | 120 | 138 |  |
| Country Garden Holdings Company Limited, 0.00%, 08/06/30 | 02/22/21 | 382 | 27 |  |
| CPI Property Group, 7.50% (callable at 100, 03/24/31) | 06/25/25 | 231 | 233 |  |
| CPI Property Group, 4.00%, 01/22/28 | 10/21/24 | 120 | 130 |  |
| CPI Property Group, 7.00%, 05/07/29 | 10/31/24 | 115 | 126 |  |
| CPI Property Group, 1.75%, 01/14/30 | 05/02/24 | 257 | 305 |  |
| CPI Property Group, 6.00%, 01/27/32 | 05/15/25 | 594 | 626 | 0.1 |
| CPUK Mortgage Finance Limited, 4.50%, 08/28/27 | 05/13/25 | 338 | 347 |  |
| CPUK Mortgage Finance Limited, 6.50%, 08/28/50 | 04/12/23 | 155 | 178 |  |
| CT Investment GmbH, 6.38%, 04/15/30 | 05/17/24 | 218 | 243 |  |
| CTEC II GmbH, 5.25%, 02/15/30 | 03/13/24 | 151 | 150 |  |

---

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page [607](#abbreviations).

**JNL Series Trust** (Unaudited)

**Schedules of Investments (in thousands)**

June 30, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
| **JNL/Neuberger Berman Strategic Income Fund — Restricted Securities (continued)** | **JNL/Neuberger Berman Strategic Income Fund — Restricted Securities (continued)** | **JNL/Neuberger Berman Strategic Income Fund — Restricted Securities (continued)** | **JNL/Neuberger Berman Strategic Income Fund — Restricted Securities (continued)** | **JNL/Neuberger Berman Strategic Income Fund — Restricted Securities (continued)** |
|  | **Initial Acquisition** | **Cost ($)** | **Value ($)** | **Percent of**<br> **Net Assets (%)** |
| Cullinan Holdco SCSp, 4.63%, 10/15/26 | 07/04/24 | 198 | 203 |  |
| Dana Financing Luxembourg S.a r.l., 8.50%, 07/15/31 | 12/05/23 | 258 | 286 |  |
| Deuce Finco PLC, 5.50%, 06/15/27 | 01/26/24 | 369 | 408 | 0.1 |
| Deutsche Lufthansa Aktiengesellschaft, 5.25%, 01/15/55 | 04/14/25 | 332 | 351 |  |
| Dufry One B.V., 4.75%, 04/18/31 | 05/21/25 | 277 | 290 |  |
| Edcon Holdings Ltd. | 02/27/17 | 11 |  |  |
| Edcon Holdings Ltd. | 02/28/17 | 95 |  |  |
| Edge Finco PLC, 8.13%, 08/15/31 | 12/05/24 | 339 | 371 | 0.1 |
| EDP, S.A., 4.75%, 05/29/54 | 05/13/25 | 345 | 361 |  |
| EDP, S.A., 4.63%, 09/16/54 | 04/01/25 | 217 | 238 |  |
| EDP, S.A., 5.94%, 04/23/83 | 08/05/24 | 226 | 250 |  |
| Electricite de France, 2.63% (callable at 100, 12/01/27) | 01/24/23 | 1168 | 1371 | 0.1 |
| Electricite de France, 3.38% (callable at 100, 06/15/30) | 09/24/24 | 410 | 445 | 0.1 |
| Electricite de France, 7.50% (callable at 100, 09/06/28) | 12/11/23 | 683 | 777 | 0.1 |
| Elia Group, 5.85% (callable at 100, 03/15/28) | 12/11/23 | 327 | 370 |  |
| Elior Group, 5.63%, 03/15/30 | 05/13/25 | 335 | 354 |  |
| Elo, 6.00%, 03/22/29 | 05/29/25 | 329 | 328 |  |
| EMRLD Borrower LP, 6.38%, 12/15/30 | 05/21/25 | 237 | 247 |  |
| ENEL - SPA, 6.38% (callable at 100, 04/16/28) | 01/04/24 | 509 | 571 | 0.1 |
| Energizer Gamma Acquisition B.V., 3.50%, 06/30/29 | 10/31/23 | 326 | 393 | 0.1 |
| Engineering S.R.L., 11.13%, 05/15/28 | 03/17/25 | 230 | 249 |  |
| Ephios Subco 3 S.a r.l., 7.88%, 01/31/31 | 06/24/24 | 565 | 615 | 0.1 |
| Eroski Sociedad Cooperativa, 10.63%, 04/30/29 | 01/26/24 | 422 | 468 | 0.1 |
| ESR Group Limited, 1.38%, 05/24/30 | 06/05/24 | 208 | 243 |  |
| Eurofins Scientific SE, 6.75% (callable at 100, 04/24/28) | 04/16/24 | 555 | 601 | 0.1 |
| Eutelsat SA, 2.25%, 07/13/27 | 03/04/25 | 298 | 343 |  |
| Fedrigoni S.P.A., 6.13%, 06/15/31 | 07/09/24 | 324 | 338 |  |
| Fiber Midco S.p.A., 10.00%, 06/15/29 | 03/17/25 | 139 | 135 |  |
| Flora Food Management B.V., 6.88%, 07/02/29 | 09/16/24 | 726 | 789 | 0.1 |
| Flos B&b Italia S.P.A., 5.85%, 12/15/29 | 03/20/25 | 193 | 201 |  |
| Flutter Treasury Designated Activity Company, 5.00%, 04/29/29 | 09/24/24 | 194 | 207 |  |
| FNAC Darty, 6.00%, 04/01/29 | 05/17/24 | 225 | 246 |  |
| Food Service Project SL, 5.50%, 01/21/27 | 09/26/24 | 123 | 130 |  |
| Forvia, 2.38%, 06/15/27 | 11/03/21 | 174 | 171 |  |
| Forvia, 5.63%, 06/15/30 | 05/21/25 | 301 | 312 |  |
| Forvia, 5.50%, 06/15/31 | 04/30/24 | 195 | 209 |  |
| Fressnapf Holding SE, 5.25%, 10/31/31 | 05/15/25 | 462 | 475 | 0.1 |
| Glencore Finance (Canada) Limited, 6.00%, 11/15/41 | 04/27/22 | 1485 | 1415 | 0.1 |
| Globalworth Real Estate Investments Limited, 6.25%, 03/31/29 | 05/29/25 | 381 | 393 | 0.1 |
| Gobierno de la Republica de Costa Rica, 7.16%, 03/12/45 | 08/08/24 | 254 | 249 |  |
| Goldstory, 6.75%, 02/01/30 | 05/13/24 | 154 | 171 |  |
| Grifols Escrow Issuer S.A., 3.88%, 10/15/28 | 04/25/24 | 182 | 225 |  |
| Grifols, S.A., 7.50%, 05/01/30 | 10/17/24 | 801 | 858 | 0.1 |
| Grunenthal GmbH, 4.63%, 11/15/31 | 02/17/25 | 515 | 554 | 0.1 |
| Grupo Antolin-Irausa SA, 3.50%, 04/30/28 | 09/16/24 | 90 | 77 |  |
| Guala Closures S.p.A., 3.25%, 06/15/28 | 11/04/24 | 239 | 263 |  |
| Heimstaden AB, 8.38%, 01/29/30 | 03/17/25 | 502 | 557 | 0.1 |
| Heimstaden Bostad AB, 2.63% (callable at 100, 02/01/27) | 10/29/24 | 96 | 112 |  |
| Heimstaden Bostad AB, 3.00% (callable at 100, 10/29/27) | 06/04/24 | 66 | 110 |  |
| Heimstaden Bostad AB, 6.25% (callable at 100, 12/04/29) | 05/20/25 | 451 | 475 | 0.1 |
| Heimstaden Bostad AB, 1.63%, 10/13/31 | 09/08/23 | 293 | 366 |  |
| Holding D'infrastructures Des Metiers De L'environnement, 4.88%, 10/24/29 | 12/09/24 | 413 | 455 | 0.1 |
| HT Troplast GmbH, 9.38%, 07/15/28 | 06/04/24 | 119 | 136 |  |
| IHO Verwaltungs GmbH, 8.75%, 05/15/28 | 10/31/24 | 470 | 511 | 0.1 |
| Iliad Holding, 5.63%, 10/15/28 | 08/16/22 | 1004 | 1110 | 0.1 |
| INEOS Quattro Finance 2 plc, 8.50%, 03/15/29 | 05/21/25 | 209 | 211 |  |
| Jaguar Land Rover Automotive PLC, 4.50%, 07/15/28 | 12/05/23 | 279 | 310 |  |
| Kapla Holding, 5.47%, 07/31/30 | 04/17/24 | 107 | 118 |  |
| Kier Group PLC, 9.00%, 02/15/29 | 12/09/24 | 286 | 312 |  |
| Koninklijke KPN N.V., 6.00% (callable at 100, 09/21/27) | 05/21/25 | 204 | 213 |  |
| Kronos International, Inc., 9.50%, 03/15/29 | 02/22/24 | 477 | 505 | 0.1 |
| Lorca Telecom Bondco SA., 4.00%, 09/18/27 | 05/06/22 | 1219 | 1423 | 0.1 |
| Lottomatica S.p.A., 5.38%, 06/01/30 | 09/24/24 | 207 | 220 |  |
| Lune Holdings S.a r.l., 5.63%, 11/15/28 | 06/06/23 | 178 | 94 |  |
| Maison Finco PLC, 6.00%, 10/31/27 | 12/09/21 | 391 | 412 | 0.1 |
| Manuchar, 7.25%, 06/30/27 | 05/29/25 | 390 | 407 | 0.1 |
| Market Bidco Finco PLC, 5.50%, 11/04/27 | 05/21/25 | 275 | 282 |  |
| Miller Homes Group (Finco) PLC, 7.00%, 05/15/29 | 11/30/23 | 349 | 412 | 0.1 |
| Monitchem Holdco 3 S.A., 8.75%, 05/01/28 | 02/14/25 | 303 | 332 |  |
| Motel One GmbH, 7.75%, 04/02/31 | 07/09/24 | 224 | 252 |  |
| Motion Finco S.a r.l., 7.38%, 06/15/30 | 11/01/24 | 196 | 198 |  |
| MPT Operating Partnership, L.P., 7.00%, 02/15/32 | 05/21/25 | 236 | 247 |  |

---

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page [607](#abbreviations).

**JNL Series Trust** (Unaudited)

**Schedules of Investments (in thousands)**

June 30, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
| **JNL/Neuberger Berman Strategic Income Fund — Restricted Securities (continued)** | **JNL/Neuberger Berman Strategic Income Fund — Restricted Securities (continued)** | **JNL/Neuberger Berman Strategic Income Fund — Restricted Securities (continued)** | **JNL/Neuberger Berman Strategic Income Fund — Restricted Securities (continued)** | **JNL/Neuberger Berman Strategic Income Fund — Restricted Securities (continued)** |
|  | **Initial Acquisition** | **Cost ($)** | **Value ($)** | **Percent of**<br> **Net Assets (%)** |
| Neopharmed Gentili S.p.A., 7.13%, 04/08/30 | 06/20/24 | 328 | 370 | 0.1 |
| Nexans, 4.25%, 03/11/30 | 01/15/25 | 208 | 243 |  |
| Next Group PLC, 3.63%, 05/18/28 | 09/25/18 | 395 | 403 | 0.1 |
| Nidda Healthcare Holding GmbH, 5.63%, 02/21/30 | 02/05/25 | 582 | 625 | 0.1 |
| Ocado Group PLC, 10.50%, 08/08/29 | 09/24/24 | 146 | 146 |  |
| Odido Group Holding B.V., 5.50%, 01/15/30 | 03/30/23 | 115 | 141 |  |
| Olympus Water US Holding Corporation, 3.88%, 10/01/28 | 11/01/24 | 277 | 302 |  |
| Olympus Water US Holding Corporation, 9.63%, 11/15/28 | 09/11/23 | 447 | 493 | 0.1 |
| Ontex Group, 5.25%, 04/15/30 | 05/21/25 | 273 | 282 |  |
| Optics BidCo S.p.A., 6.88%, 02/15/28 | 05/22/24 | 474 | 502 | 0.1 |
| Orsted A/S, 5.13% (callable at 100, 09/14/29) | 05/17/24 | 660 | 699 | 0.1 |
| Orsted A/S, 5.25%, 12/08/22 | 04/22/24 | 330 | 359 |  |
| Pachelbel BidCo S.p.A., 7.13%, 05/17/31 | 05/13/25 | 333 | 355 |  |
| PCF GmbH, 4.75%, 04/15/29 | 03/17/25 | 191 | 194 |  |
| Periama Holdings, LLC, 5.95%, 04/19/26 | 05/05/21 | 294 | 290 |  |
| Petroleos de Venezuela, S.A., 0.00%, 05/16/26 | 03/25/15 | 1258 | 626 | 0.1 |
| Petroleos de Venezuela, S.A., 0.00%, 11/15/26 | 07/28/17 | 245 | 114 |  |
| Petroleos de Venezuela, S.A., 0.00%, 04/12/27 | 02/09/17 | 163 | 60 |  |
| Petroleos Mexicanos, 4.75%, 02/26/29 | 10/16/24 | 240 | 263 |  |
| PLT VII Finance S.a r.l., 6.00%, 06/15/31 | 09/16/24 | 227 | 239 |  |
| Primo Water Holdings Inc., 3.88%, 10/31/28 | 02/14/25 | 354 | 400 | 0.1 |
| Progroup AG, 5.38%, 04/15/31 | 05/17/24 | 663 | 712 | 0.1 |
| Proximus, 4.75% (callable at 100, 07/02/31) | 05/13/25 | 334 | 352 |  |
| RAC Bond Co PLC, 5.25%, 11/04/27 | 05/17/23 | 111 | 135 |  |
| Rakuten Group, Inc., 4.25% (callable at 100, 04/22/27) | 03/20/25 | 205 | 221 |  |
| Republica Bolivariana de Venezuela, 0.00%, 12/31/34 | 03/25/15 | 514 | 277 |  |
| Roquette Freres, 5.49% (callable at 100, 11/25/29) | 03/20/25 | 219 | 238 |  |
| Rossini S.a r.l., 6.23%, 12/31/29 | 11/01/24 | 229 | 250 |  |
| Sammontana Italia S.P.A., 6.03%, 10/15/31 | 12/09/24 | 232 | 258 |  |
| Sappi Papier Holding GmbH, 4.50%, 03/15/32 | 05/21/25 | 206 | 214 |  |
| Schaeffler AG, 4.75%, 08/14/29 | 04/14/25 | 112 | 119 |  |
| Schaeffler AG, 4.50%, 03/28/30 | 05/23/24 | 879 | 941 | 0.1 |
| Snf Group, 4.50%, 03/15/32 | 05/21/25 | 273 | 284 |  |
| SSE PLC, 4.00% (callable at 100, 01/21/28) | 12/11/23 | 415 | 475 | 0.1 |
| Stedin Holding N.V., 1.50% (callable at 100, 12/31/26) | 12/11/23 | 196 | 228 |  |
| Synthomer PLC, 7.38%, 05/02/29 | 06/25/24 | 216 | 233 |  |
| TAP–Transportes Aereos Portugueses, SGPS, S.A., 5.13%, 11/15/29 | 03/04/25 | 568 | 591 | 0.1 |
| Techem Verwaltungsgesellschaft 674 mbH, 6.00%, 07/30/26 | 04/21/22 | 279 | 311 |  |
| Telecom Italia S.p.A., 2.38%, 10/12/27 | 09/15/22 | 232 | 295 |  |
| Telecom Italia S.p.A., 7.88%, 07/31/28 | 12/05/23 | 395 | 448 | 0.1 |
| Telefonica Europe B.V., 2.88% (callable at 100, 06/24/27) | 05/04/23 | 189 | 230 |  |
| Telefonica Europe B.V., 5.75% (callable at 100, 01/15/32) | 05/15/25 | 231 | 244 |  |
| Telefonica Europe B.V., 6.14% (callable at 100, 02/03/30) | 05/21/25 | 475 | 504 | 0.1 |
| Telefonica Europe B.V., 6.75% (callable at 100, 06/07/31) | 04/18/24 | 340 | 388 | 0.1 |
| Telefonica Europe B.V., 7.13% (callable at 100, 08/23/28) | 01/27/23 | 225 | 258 |  |
| Tereos Finance Groupe I, 5.75%, 04/30/31 | 02/25/25 | 143 | 158 |  |
| Teva Pharmaceutical Finance Netherlands II B.V., 1.88%, 03/31/27 | 02/17/21 | 183 | 177 |  |
| Teva Pharmaceutical Finance Netherlands II B.V., 1.63%, 10/15/28 | 11/10/21 | 260 | 277 |  |
| Teva Pharmaceutical Finance Netherlands II B.V., 4.38%, 05/09/30 | 12/05/23 | 918 | 1066 | 0.1 |
| TMNL Holding B.V, 3.75%, 01/15/29 | 05/06/22 | 472 | 559 | 0.1 |
| TotalEnergies SE, 4.50% (callable at 100, 08/19/34) | 04/30/25 | 335 | 352 |  |
| TUI Cruises GmbH, 5.00%, 05/15/30 | 05/21/25 | 171 | 178 |  |
| TVL Finance PLC, 10.25%, 04/28/28 | 06/29/23 | 304 | 327 |  |
| UBS Group Funding (Switzerland) AG, 6.88% (callable at 100, 08/07/25) | 11/06/19 | 1069 | 1066 | 0.1 |
| UGI International, LLC, 2.50%, 12/01/29 | 05/08/24 | 157 | 176 |  |
| United Group B.V., 4.63%, 08/15/28 | 07/04/23 | 172 | 210 |  |
| United Group B.V., 5.25%, 02/01/30 | 11/01/24 | 493 | 546 | 0.1 |
| United Group B.V., 6.75%, 02/15/31 | 04/18/24 | 216 | 241 |  |
| UPCB Finance VII Limited, 3.63%, 06/15/29 | 09/25/24 | 747 | 806 | 0.1 |
| Valeo, 5.88%, 04/12/29 | 02/21/24 | 226 | 250 |  |
| Valeo, 4.50%, 04/11/30 | 04/08/25 | 555 | 586 | 0.1 |
| Vattenfall AB, 6.88%, 08/17/83 | 12/11/23 | 379 | 420 | 0.1 |
| Veolia Environnement, 2.50% (callable at 100, 01/20/29) | 07/09/24 | 526 | 562 | 0.1 |
| Veolia Environnement, 5.99% (callable at 100, 11/22/28) | 01/10/24 | 570 | 629 | 0.1 |
| Verisure Holding AB, 3.25%, 02/15/27 | 11/10/21 | 534 | 578 | 0.1 |
| Verisure Midholding AB, 5.25%, 02/15/29 | 12/05/23 | 811 | 913 | 0.1 |
| Vertical Midco GmbH, 4.38%, 07/15/27 | 05/06/22 | 957 | 1086 | 0.1 |
| Virgin Media Vendor Financing Notes III Designated Activity Company, 4.88%, 07/15/28 | 10/29/21 | 1057 | 1050 | 0.1 |
| VMED O2 UK Financing I PLC, 4.50%, 07/15/31 | 05/06/22 | 653 | 736 | 0.1 |
| Vodafone Group Public Limited Company, 4.88%, 10/03/78 | 09/01/23 | 362 | 411 | 0.1 |
| Vodafone Group Public Limited Company, 3.00%, 08/27/80 | 05/21/25 | 297 | 310 |  |
| Vodafone Group Public Limited Company, 6.50%, 08/30/84 | 12/11/23 | 571 | 642 | 0.1 |

---

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page [607](#abbreviations).

**JNL Series Trust** (Unaudited)

**Schedules of Investments (in thousands)**

June 30, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
| **JNL/Neuberger Berman Strategic Income Fund — Restricted Securities (continued)** | **JNL/Neuberger Berman Strategic Income Fund — Restricted Securities (continued)** | **JNL/Neuberger Berman Strategic Income Fund — Restricted Securities (continued)** | **JNL/Neuberger Berman Strategic Income Fund — Restricted Securities (continued)** | **JNL/Neuberger Berman Strategic Income Fund — Restricted Securities (continued)** |
|  | **Initial Acquisition** | **Cost ($)** | **Value ($)** | **Percent of**<br> **Net Assets (%)** |
| Volkswagen International Finance N.V., 3.75% (callable at 100, 12/28/27) | 12/11/23 | 504 | 579 | 0.1 |
| Waga Bondco Limited, 8.50%, 06/15/30 | 03/14/25 | 191 | 201 |  |
| Wintershall Dea GmbH, 3.00% (callable at 100, 07/20/28) | 10/11/23 | 275 | 331 |  |
| Zegona Finance PLC, 6.75%, 07/15/29 | 12/09/24 | 285 | 320 |  |
| ZF Friedrichshafen AG, 6.13%, 03/13/29 | 05/21/25 | 450 | 461 | 0.1 |
| ZF Friedrichshafen AG, 3.00%, 10/23/29 | 09/02/22 | 689 | 712 | 0.1 |
| Ziggo B.V., 2.88%, 01/15/30 | 05/19/25 | 140 | 149 |  |
| Ziggo Bond Company B.V., 3.38%, 02/28/30 | 10/31/24 | 131 | 136 |  |
| Ziggo Bond Company B.V., 6.13%, 11/15/32 | 01/30/25 | 141 | 149 |  |
|  |  | 80501 | 85276 | 8.1 |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **JNL/Neuberger Berman Strategic Income Fund — Futures Contracts** | **JNL/Neuberger Berman Strategic Income Fund — Futures Contracts** | **JNL/Neuberger Berman Strategic Income Fund — Futures Contracts** | **JNL/Neuberger Berman Strategic Income Fund — Futures Contracts** | **JNL/Neuberger Berman Strategic Income Fund — Futures Contracts** | **JNL/Neuberger Berman Strategic Income Fund — Futures Contracts** | **JNL/Neuberger Berman Strategic Income Fund — Futures Contracts** |
| **Reference Entity** | **Contracts<sup>1</sup>** | **Expiration** | **Notional<sup>1</sup>** | **Notional<sup>1</sup>** | **Variation**<br> **Margin**<br> **Receivable**<br> (Payable) ($) | **Value/**<br> **Unrealized**<br> **Appreciation**<br> (Depreciation) ($) |
| **Long Contracts** | **Long Contracts** | **Long Contracts** | **Long Contracts** | **Long Contracts** | **Long Contracts** | **Long Contracts** |
| Euro BOBL | 8 | September 2025 | EUR | 945 | 1 | (4) |
| Euro Schatz | 70 | September 2025 | EUR | 7519 | 3 | (13) |
| Italy Government BTP Bond | 1 | September 2025 | EUR | 121 |  |  |
| United States 10 Year Note | 330 | September 2025 |  | 36429 | 103 | 572 |
| United States 10 Year Ultra Bond | 256 | September 2025 |  | 28805 | 169 | 446 |
| United States 2 Year Note | 4 | October 2025 |  | 832 | (1) |  |
| United States 5 Year Note | 45 | October 2025 |  | 4885 | 6 | 20 |
|  |  |  |  |  | 281 | 1021 |
| **Short Contracts** | **Short Contracts** | **Short Contracts** | **Short Contracts** | **Short Contracts** | **Short Contracts** | **Short Contracts** |
| Euro Bund | (5) | September 2025 | EUR | (655) |  | 4 |
| Euro Buxl 30 Year Bond | (1) | September 2025 | EUR | (120) |  | 2 |
| Euro OAT | (2) | September 2025 | EUR | (249) |  | 2 |
| Long Gilt | (1) | September 2025 | GBP | (92) |  | (1) |
| United States Long Bond | (381) | September 2025 |  | (42773) | (381) | (1220) |
| United States Ultra Bond | (98) | September 2025 |  | (11276) | (132) | (398) |
|  |  |  |  |  | (513) | (1611) |

---

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **JNL/Neuberger Berman Strategic Income Fund — Centrally Cleared Interest Rate Swap Agreements** | **JNL/Neuberger Berman Strategic Income Fund — Centrally Cleared Interest Rate Swap Agreements** | **JNL/Neuberger Berman Strategic Income Fund — Centrally Cleared Interest Rate Swap Agreements** | **JNL/Neuberger Berman Strategic Income Fund — Centrally Cleared Interest Rate Swap Agreements** | **JNL/Neuberger Berman Strategic Income Fund — Centrally Cleared Interest Rate Swap Agreements** | **JNL/Neuberger Berman Strategic Income Fund — Centrally Cleared Interest Rate Swap Agreements** | **JNL/Neuberger Berman Strategic Income Fund — Centrally Cleared Interest Rate Swap Agreements** | **JNL/Neuberger Berman Strategic Income Fund — Centrally Cleared Interest Rate Swap Agreements** |
| **Floating Rate Index<sup>2</sup>** | **Paying /**<br> **Receiving**<br> **Floating Rate** | **Fixed Rate<sup>2</sup> (%)** | **Expiration** | **Notional<sup>1</sup>** | **Notional<sup>1</sup>** | **Variation**<br> **Margin**<br> **Receivable**<br> (Payable) ($) | **Value/**<br> **Unrealized**<br> **Appreciation**<br> (Depreciation) ($) |
| BRAZIBOR (A) | Paying | 13.58<br> (A) | 01/02/31 | BRL | 8443 | 12 | 23 |
| BRAZIBOR (A) | Paying | 13.62<br> (A) | 01/02/31 | BRL | 9933 | 15 | 29 |
| BRAZIBOR (A) | Paying | 13.65<br> (A) | 01/02/31 | BRL | 9950 | 15 | 31 |
| U.S. CPURNSA (A) | Receiving | 2.47<br> (A) | 12/02/29 |  | 1535 |  | 6 |
| U.S. CPURNSA (A) | Paying | 2.58<br> (A) | 12/02/26 |  | 3700 |  | (22) |
|  |  |  |  |  |  | 42 | 67 |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **JNL/Neuberger Berman Strategic Income Fund — Forward Foreign Currency Contracts** | **JNL/Neuberger Berman Strategic Income Fund — Forward Foreign Currency Contracts** | **JNL/Neuberger Berman Strategic Income Fund — Forward Foreign Currency Contracts** | **JNL/Neuberger Berman Strategic Income Fund — Forward Foreign Currency Contracts** | **JNL/Neuberger Berman Strategic Income Fund — Forward Foreign Currency Contracts** | **JNL/Neuberger Berman Strategic Income Fund — Forward Foreign Currency Contracts** | **JNL/Neuberger Berman Strategic Income Fund — Forward Foreign Currency Contracts** |
| **Purchased/Sold** | **Counterparty** | **Expiration** | **Notional<sup>1</sup>** | **Notional<sup>1</sup>** | **Value ($)** | **Unrealized**<br> **Appreciation**<br> (Depreciation) ($) |
| BRL/USD | SCB | 08/04/25 | BRL | 6146 | 1122 | 19 |
| CAD/USD | GSC | 07/16/25 | CAD | 510 | 375 | 14 |
| CLP/USD | CIT | 07/18/25 | CLP | 605149 | 650 | 5 |
| CLP/USD | GSC | 07/18/25 | CLP | 404739 | 434 | (1) |
| CLP/USD | GSC | 07/18/25 | CLP | 393779 | 423 | 4 |
| CLP/USD | JPM | 07/18/25 | CLP | 575387 | 618 | 5 |
| CZK/EUR | CIT | 08/05/25 | EUR | (23) | (28) |  |
| EUR/CZK | GSC | 08/05/25 | CZK | (23006) | (1097) | (2) |

---

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page [607](#abbreviations).

**JNL Series Trust** (Unaudited)

**Schedules of Investments (in thousands)**

June 30, 2025

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **JNL/Neuberger Berman Strategic Income Fund — Forward Foreign Currency Contracts (continued)** | **JNL/Neuberger Berman Strategic Income Fund — Forward Foreign Currency Contracts (continued)** | **JNL/Neuberger Berman Strategic Income Fund — Forward Foreign Currency Contracts (continued)** | **JNL/Neuberger Berman Strategic Income Fund — Forward Foreign Currency Contracts (continued)** | **JNL/Neuberger Berman Strategic Income Fund — Forward Foreign Currency Contracts (continued)** | **JNL/Neuberger Berman Strategic Income Fund — Forward Foreign Currency Contracts (continued)** | **JNL/Neuberger Berman Strategic Income Fund — Forward Foreign Currency Contracts (continued)** |
| **Purchased/Sold** | **Counterparty** | **Expiration** | **Notional<sup>1</sup>** | **Notional<sup>1</sup>** | **Value ($)** | **Unrealized**<br> **Appreciation**<br> (Depreciation) ($) |
| EUR/PLN | CIT | 08/05/25 | PLN | (2287) | (634) | (5) |
| EUR/USD | CIT | 07/03/25 | EUR | 184 | 217 | 7 |
| EUR/USD | GSC | 07/03/25 | EUR | 234 | 275 | 9 |
| EUR/USD | JPM | 07/03/25 | EUR | 441 | 519 | 9 |
| EUR/USD | CIT | 07/16/25 | EUR | 948 | 1117 | 35 |
| EUR/USD | GSC | 07/16/25 | EUR | 10312 | 12159 | 571 |
| EUR/USD | JPM | 08/05/25 | EUR | 510 | 602 | 13 |
| GBP/EUR | CIT | 07/16/25 | EUR | (1337) | (1576) | (26) |
| HUF/EUR | GSC | 08/05/25 | EUR | (255) | (301) | 1 |
| HUF/EUR | JPM | 08/05/25 | EUR | (616) | (727) | 3 |
| HUF/EUR | SCB | 08/05/25 | EUR | (236) | (279) | 2 |
| IDR/USD | CIT | 09/17/25 | IDR | 16954779 | 1041 | 2 |
| IDR/USD | GSC | 09/17/25 | IDR | 916294 | 56 |  |
| INR/USD | CIT | 09/17/25 | INR | 53771 | 625 | (2) |
| JPY/USD | SSB | 07/16/25 | JPY | 525975 | 3659 | 46 |
| KRW/USD | CIT | 09/17/25 | KRW | 860019 | 640 | 10 |
| KZT/USD | GSC | 09/17/25 | KZT | 56308 | 106 | (1) |
| KZT/USD | GSC | 09/17/25 | KZT | 78260 | 147 |  |
| KZT/USD | JPM | 09/17/25 | KZT | 346102 | 650 | 7 |
| KZT/USD | GSC | 11/13/25 | KZT | 108298 | 200 |  |
| KZT/USD | SCB | 11/13/25 | KZT | 108298 | 200 | 1 |
| MXN/USD | CIT | 07/16/25 | MXN | 5168 | 275 | 28 |
| MYR/USD | SSB | 07/16/25 | MYR | 4320 | 1026 | 11 |
| PHP/USD | CIT | 09/17/25 | PHP | 37175 | 659 | 1 |
| PLN/EUR | GSC | 08/05/25 | EUR | (790) | (933) |  |
| PLN/EUR | SCB | 08/05/25 | EUR | (600) | (708) | 5 |
| RON/EUR | JPM | 07/31/25 | EUR | (579) | (684) |  |
| RON/EUR | GSC | 10/06/25 | EUR | (186) | (220) |  |
| TRY/USD | CIT | 05/22/26 | TRY | 64223 | 1238 | 48 |
| TWD/USD | JPM | 07/09/25 | TWD | 19070 | 653 | 5 |
| USD/AUD | CIT | 07/16/25 | AUD | (53) | (35) | (3) |
| USD/CLP | JPM | 07/18/25 | CLP | (970968) | (1042) | (9) |
| USD/COP | CIT | 08/05/25 | COP | (2862501) | (697) | (21) |
| USD/EUR | CIT | 07/03/25 | EUR | (349) | (411) | (15) |
| USD/EUR | JPM | 07/03/25 | EUR | (510) | (601) | (12) |
| USD/EUR | CIT | 07/16/25 | EUR | (50658) | (59733) | (3700) |
| USD/EUR | CIT | 08/05/25 | EUR | (235) | (278) | (1) |
| USD/EUR | GSC | 08/05/25 | EUR | (197) | (233) | (2) |
| USD/EUR | JPM | 09/17/25 | EUR | (5300) | (6276) | (192) |
| USD/EUR | SSB | 09/17/25 | EUR | (5300) | (6276) | (192) |
| USD/GBP | CIT | 07/16/25 | GBP | (5897) | (8095) | (575) |
| USD/GBP | SSB | 09/17/25 | GBP | (5800) | (7965) | (191) |
| USD/HUF | GSC | 07/16/25 | HUF | (733243) | (2160) | (206) |
| USD/IDR | JPM | 09/17/25 | IDR | (6723966) | (413) |  |
| USD/INR | CIT | 09/17/25 | INR | (53770) | (625) | 1 |
| USD/JPY | JPM | 07/16/25 | JPY | (98970) | (688) | (3) |
| USD/KRW | JPM | 09/17/25 | KRW | (860019) | (640) | (11) |
| USD/KZT | CIT | 09/17/25 | KZT | (131974) | (248) | (5) |
| USD/MXN | GSC | 07/16/25 | MXN | (44790) | (2383) | (211) |
| USD/MXN | JPM | 08/05/25 | MXN | (13094) | (695) | (10) |
| USD/PEN | SCB | 08/05/25 | PEN | (174) | (49) | (1) |
| USD/SGD | CIT | 09/17/25 | SGD | (824) | (652) | (7) |
| USD/TWD | CIT | 07/09/25 | TWD | (13400) | (459) | (53) |
| USD/TWD | JPM | 07/09/25 | TWD | (5676) | (194) | (4) |
| USD/ZAR | CIT | 07/16/25 | ZAR | (36387) | (2053) | (200) |
| USD/ZAR | GSC | 08/12/25 | ZAR | (28839) | (1624) | (30) |
| USD/ZAR | SSB | 08/12/25 | ZAR | (11226) | (632) | (15) |
| ZAR/USD | CIT | 08/12/25 | ZAR | 44675 | 2516 | 43 |
| ZAR/USD | GSC | 08/12/25 | ZAR | 11463 | 645 | 2 |
| ZAR/USD | JPM | 08/12/25 | ZAR | 1479 | 83 | 1 |
|  |  |  |  |  | (79414) | (4798) |

---

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page [607](#abbreviations).

**JNL Series Trust** (Unaudited)

**Schedules of Investments (in thousands)**

June 30, 2025

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **JNL/Neuberger Berman Strategic Income Fund — OTC Total Return Swap Agreements** | **JNL/Neuberger Berman Strategic Income Fund — OTC Total Return Swap Agreements** | **JNL/Neuberger Berman Strategic Income Fund — OTC Total Return Swap Agreements** | **JNL/Neuberger Berman Strategic Income Fund — OTC Total Return Swap Agreements** | **JNL/Neuberger Berman Strategic Income Fund — OTC Total Return Swap Agreements** | **JNL/Neuberger Berman Strategic Income Fund — OTC Total Return Swap Agreements** | **JNL/Neuberger Berman Strategic Income Fund — OTC Total Return Swap Agreements** |
| **Reference Entity<sup>2</sup>** | **Rate Paid/Received by Fund<sup>2</sup>** | **Counter-party** | **Expiration** | **Notional<sup>1</sup>** | **Premiums Paid (Received) ($)** | **Value/**<br> **Unrealized Appreciation (Depreciation) ($)** |
|  **Total return swap agreements - receiving return** | **Total return swap agreements - receiving return** | **Total return swap agreements - receiving return** | **Total return swap agreements - receiving return** | **Total return swap agreements - receiving return** | **Total return swap agreements - receiving return** | **Total return swap agreements - receiving return** |
| **Equity** | **Equity** | **Equity** | **Equity** | **Equity** | **Equity** | **Equity** |
| iShares iBoxx $ High Yield Corporate Bond ETF (MT) | SOFR +0.30% (A) | GSC | 07/17/25 | 8668 |  | 120 |
| iShares iBoxx $ High Yield Corporate Bond ETF (MT) | SOFR +0.40% (M) | GSC | 09/11/25 | 10817 |  | 130 |
| iShares iBoxx $ Investment Grade Corporate Bond ETF (MT) | SOFR -0.45% (Q) | JPM | 08/23/25 | 6857 |  | 215 |
|  |  |  |  |  |  | 465 |

---

**Fair Value Hierarchy.** Various inputs are used in determining the fair value of financial instruments. For a description of the input levels and information about the Fund's policy regarding valuation of financial instruments, see Note 3 in the Notes to Financial Statements. The following table summarizes the Fund's investments categorized in the disclosure hierarchy as of June 30, 2025.

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **<u>. Level 1 ($) .</u>** | **<u>. Level 2 ($) .</u>** | **<u>. Level 3 ($) .</u>** | **<u>. Total ($) .</u>** |
| **JNL/Neuberger Berman Strategic Income Fund** | **JNL/Neuberger Berman Strategic Income Fund** | **JNL/Neuberger Berman Strategic Income Fund** | **JNL/Neuberger Berman Strategic Income Fund** | **JNL/Neuberger Berman Strategic Income Fund** |
| **Assets - Securities** |  |  |  |  |
| &nbsp;&nbsp; Government And Agency Obligations |  | 575007 |  | 575007 |
| &nbsp;&nbsp; Corporate Bonds And Notes |  | 381894 |  | 381894 |
| &nbsp;&nbsp; Non-U.S. Government Agency Asset-Backed Securities |  | 195730 | 1801 | 197531 |
| &nbsp;&nbsp; Investment Companies | 10715 |  |  | 10715 |
| &nbsp;&nbsp; Senior Floating Rate Instruments |  | 3374 |  | 3374 |
| &nbsp;&nbsp; Common Stocks |  |  |  |  |
| &nbsp;&nbsp; Short Term Investments | 26149 |  |  | 26149 |
|  | 36864 | 1156005 | 1801 | 1194670 |
| **Assets - Investments in Other Financial Instruments<sup>1</sup>** |  |  |  |  |
| &nbsp;&nbsp; Futures Contracts | 1046 |  |  | 1046 |
| &nbsp;&nbsp; Centrally Cleared Interest Rate Swap Agreements |  | 89 |  | 89 |
| &nbsp;&nbsp; Open Forward Foreign Currency Contracts |  | 908 |  | 908 |
| &nbsp;&nbsp; OTC Total Return Swap Agreements |  | 465 |  | 465 |
|  | 1046 | 1462 |  | 2508 |
| **Liabilities - Investments in Other Financial Instruments<sup>1</sup>** |  |  |  |  |
| &nbsp;&nbsp; Futures Contracts | (1636) |  |  | (1636) |
| &nbsp;&nbsp; Centrally Cleared Interest Rate Swap Agreements |  | (22) |  | (22) |
| &nbsp;&nbsp; Open Forward Foreign Currency Contracts |  | (5706) |  | (5706) |
|  | (1636) | (5728) |  | (7364) |

---

<sup>1</sup> All derivatives, except for purchased and written options, are reflected at the unrealized appreciation (depreciation) on the instrument. Purchased and written options are reflected at value.

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page [607](#abbreviations).

**JNL Series Trust** (Unaudited)

**Schedules of Investments (in thousands)**

June 30, 2025

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| **JNL/Newton Equity Income Fund** | **JNL/Newton Equity Income Fund** | **JNL/Newton Equity Income Fund** |
| **COMMON STOCKS 97.3%** | **COMMON STOCKS 97.3%** | **COMMON STOCKS 97.3%** |
| **Financials 29.7%** | **Financials 29.7%** | **Financials 29.7%** |
| American International Group, Inc. | 756 | 64725 |
| AON Public Limited Company - Class A | 190 | 67657 |
| Assurant, Inc. | 435 | 86007 |
| Bank of America Corporation | 2084 | 98608 |
| Berkshire Hathaway Inc. - Class B (a) | 244 | 118765 |
| Capital One Financial Corporation | 367 | 78172 |
| Charles Schwab Corporation, The | 455 | 41556 |
| CME Group Inc. - Class A | 79 | 21644 |
| First Horizon Corporation | 2298 | 48716 |
| Goldman Sachs Group, Inc., The | 92 | 65303 |
| Intercontinental Exchange, Inc. | 196 | 35909 |
| JPMorgan Chase & Co. | 532 | 154152 |
| MetLife, Inc. | 406 | 32622 |
| Morgan Stanley | 153 | 21595 |
| RenaissanceRe Holdings Ltd | 100 | 24329 |
| Voya Financial, Inc. | 452 | 32063 |
|  |  | 991823 |
| **Industrials 14.7%** | **Industrials 14.7%** | **Industrials 14.7%** |
| 3M Company | 111 | 16860 |
| AMETEK, Inc. | 214 | 38764 |
| Carlisle Companies Incorporated | 86 | 31967 |
| CSX Corporation | 1988 | 64861 |
| Delta Air Lines, Inc. | 516 | 25371 |
| Ferguson Enterprises Inc. | 174 | 37819 |
| GE Vernova Inc. | 34 | 17749 |
| Honeywell International Inc. | 107 | 24947 |
| Howmet Aerospace Inc. | 138 | 25755 |
| Hubbell Incorporated | 178 | 72857 |
| Johnson Controls International Public Limited Company | 287 | 30313 |
| L3Harris Technologies, Inc. | 406 | 101829 |
|  |  | 489092 |
| **Health Care 14.1%** | **Health Care 14.1%** | **Health Care 14.1%** |
| Alcon AG (b) | 527 | 46554 |
| Baxter International Inc. | 977 | 29586 |
| Bristol-Myers Squibb Company | 502 | 23217 |
| Danaher Corporation | 290 | 57233 |
| Gilead Sciences, Inc. | 155 | 17242 |
| Johnson & Johnson | 714 | 109067 |
| Labcorp Holdings Inc. | 149 | 39102 |
| Medtronic, Inc. | 1027 | 89549 |
| UnitedHealth Group Incorporated | 183 | 57011 |
|  |  | 468561 |
| **Information Technology 9.0%** | **Information Technology 9.0%** | **Information Technology 9.0%** |
| Applied Materials, Inc. | 222 | 40692 |
| Cisco Systems, Inc. | 1920 | 133211 |
| Dolby Laboratories, Inc. - Class A | 584 | 43391 |
| International Business Machines Corporation | 129 | 38147 |
| TE Connectivity Public Limited Company | 257 | 43295 |
|  |  | 298736 |
| **Energy 8.6%** | **Energy 8.6%** | **Energy 8.6%** |
| Diamondback Energy, Inc. | 204 | 28000 |
| EQT Corporation | 587 | 34235 |
| Exxon Mobil Corporation | 630 | 67905 |
| Hess Corporation | 119 | 16480 |
| Marathon Petroleum Corporation | 335 | 55613 |
| Permian Resources Corporation - Class A | 2129 | 28999 |
| Phillips 66 | 468 | 55849 |
|  |  | 287081 |
| **Materials 7.2%** | **Materials 7.2%** | **Materials 7.2%** |
| CRH Public Limited Company | 732 | 67213 |
| Crown Holdings, Inc. | 323 | 33255 |
| Freeport-McMoRan Inc. | 986 | 42757 |
| International Paper Company | 1439 | 67403 |
| Mosaic Company, The | 85 | 3093 |
| Newmont Corporation | 454 | 26429 |
|  |  | 240150 |
| **Communication Services 5.5%** | **Communication Services 5.5%** | **Communication Services 5.5%** |
| AT&T Inc. | 3810 | 110262 |
| Omnicom Group Inc. | 286 | 20581 |
| Walt Disney Company, The | 419 | 51977 |
|  |  | 182820 |
| **Consumer Discretionary 3.8%** | **Consumer Discretionary 3.8%** | **Consumer Discretionary 3.8%** |
| Ford Motor Company | 1536 | 16666 |
| Las Vegas Sands Corp. | 991 | 43126 |
| Royal Caribbean Cruises Ltd. | 214 | 67120 |
|  |  | 126912 |
| **Consumer Staples 2.0%** | **Consumer Staples 2.0%** | **Consumer Staples 2.0%** |
| Estee Lauder Companies Inc., The - Class A | 67 | 5387 |
| Kenvue Inc. | 672 | 14074 |
| Philip Morris International Inc. | 266 | 48427 |
|  |  | 67888 |
| **Utilities 1.7%** | **Utilities 1.7%** | **Utilities 1.7%** |
| Constellation Energy Group, Inc. | 81 | 26044 |
| Dominion Energy, Inc. | 557 | 31460 |
|  |  | 57504 |
| **Real Estate 1.0%** | **Real Estate 1.0%** | **Real Estate 1.0%** |
| Weyerhaeuser Company | 1333 | 34246 |
| Total Common Stocks (cost $2,897,396) | Total Common Stocks (cost $2,897,396) | 3244813 |
| **SHORT TERM INVESTMENTS 2.2%** | **SHORT TERM INVESTMENTS 2.2%** | **SHORT TERM INVESTMENTS 2.2%** |
| **Investment Companies 2.2%** | **Investment Companies 2.2%** | **Investment Companies 2.2%** |
| JNL Government Money Market Fund - Class I, 4.20% (c) (d) | 72002 | 72002 |
| **Securities Lending Collateral 0.0%** | **Securities Lending Collateral 0.0%** | **Securities Lending Collateral 0.0%** |
| JNL Government Money Market Fund - Class SL, 4.30% (c) (d) | 880 | 880 |
| Total Short Term Investments (cost $72,882) | Total Short Term Investments (cost $72,882) | 72882 |
| **Total Investments 99.5% (cost $2,970,278)** | **Total Investments 99.5% (cost $2,970,278)** | **3317695** |
| **Other Assets and Liabilities, Net 0.5%** | **Other Assets and Liabilities, Net 0.5%** | **16830** |
| **Total Net Assets 100.0%** | **Total Net Assets 100.0%** | **3334525** |

---

(a) Non-income producing security.

(b) All or a portion of the security was on loan as of June 30, 2025.

(c) Investment in affiliate.

(d) Yield changes daily to reflect current market conditions. Rate was the quoted yield as of June 30, 2025.

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **JNL/Newton Equity Income Fund — Investments in Affiliates** | **JNL/Newton Equity Income Fund — Investments in Affiliates** | **JNL/Newton Equity Income Fund — Investments in Affiliates** | **JNL/Newton Equity Income Fund — Investments in Affiliates** | **JNL/Newton Equity Income Fund — Investments in Affiliates** | **JNL/Newton Equity Income Fund — Investments in Affiliates** | **JNL/Newton Equity Income Fund — Investments in Affiliates** | **JNL/Newton Equity Income Fund — Investments in Affiliates** | **JNL/Newton Equity Income Fund — Investments in Affiliates** |
| **Affiliated Investment** | **Value Beginning of Period($)** | **Purchases($)** | **Sales Proceeds($)** | **Dividend Income/ Distributions from Funds($)** | **Realized Gain (Loss)($)** | **Change in Unrealized Appreciation (Depreciation) ($)** | **Value End of Period($)** | **Percentage of Net Assets(%)** |
| JNL Government Money Market Fund, 4.20% - Class I | 69370 | 376887 | 374255 | 1407 |  |  | 72002 | 2.2 |
| JNL Government Money Market Fund, 4.30% - Class SL | 10463 | 80934 | 90517 | 81 |  |  | 880 |  |
|  | 79833 | 457821 | 464772 | 1488 |  |  | 72882 | 2.2 |

---

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page [607](#abbreviations).

**JNL Series Trust** (Unaudited)

**Schedules of Investments (in thousands)**

June 30, 2025

**Fair Value Hierarchy.** Various inputs are used in determining the fair value of financial instruments. For a description of the input levels and information about the Fund's policy regarding valuation of financial instruments, see Note 3 in the Notes to Financial Statements. The following table summarizes the Fund's investments categorized in the disclosure hierarchy as of June 30, 2025.

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **<u>. Level 1 ($) .</u>** | **<u>. Level 2 ($) .</u>** | **<u>. Level 3 ($) .</u>** | **<u>. Total ($) .</u>** |
| **JNL/Newton Equity Income Fund** | **JNL/Newton Equity Income Fund** | **JNL/Newton Equity Income Fund** | **JNL/Newton Equity Income Fund** | **JNL/Newton Equity Income Fund** |
| **Assets - Securities** |  |  |  |  |
| &nbsp;&nbsp; Common Stocks | 3244813 |  |  | 3244813 |
| &nbsp;&nbsp; Short Term Investments | 72882 |  |  | 72882 |
|  | 3317695 |  |  | 3317695 |

---

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page [607](#abbreviations).

**JNL Series Trust** (Unaudited)

**Schedules of Investments (in thousands)**

June 30, 2025

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| **JNL/PIMCO Income Fund** | **JNL/PIMCO Income Fund** | **JNL/PIMCO Income Fund** |
| **GOVERNMENT AND AGENCY OBLIGATIONS 90.8%** | **GOVERNMENT AND AGENCY OBLIGATIONS 90.8%** | **GOVERNMENT AND AGENCY OBLIGATIONS 90.8%** |
| **Mortgage-Backed Securities 63.8%** | **Mortgage-Backed Securities 63.8%** | **Mortgage-Backed Securities 63.8%** |
| Federal Home Loan Mortgage Corporation |  |  |
| 4.00%, 08/01/42 - 02/01/52 | 19867 | 18694 |
| 3.50%, 06/01/48 | 99 | 90 |
| 3.00%, 05/01/52 | 1146 | 992 |
| 5.50%, 01/01/53 - 10/01/53 | 7592 | 7607 |
| 6.00%, 02/01/53 | 43991 | 44895 |
| 4.50%, 05/01/53 - 06/01/53 | 975 | 935 |
| 5.00%, 08/01/54 | 381 | 374 |
| 6.50%, 09/01/54 | 147 | 152 |
| Federal National Mortgage Association, Inc. |  |  |
| 4.00%, 05/01/39 - 03/01/52 | 33120 | 31177 |
| 3.50%, 03/01/48 - 02/01/50 | 3543 | 3245 |
| 3.00%, 03/01/50 - 05/01/52 | 4546 | 3982 |
| 5.50%, 11/01/52 - 10/01/53 | 28550 | 28616 |
| 4.50%, 04/01/53 - 05/01/53 | 517 | 495 |
| 6.00%, 09/01/53 | 241 | 246 |
| 6.50%, 10/01/53 - 01/01/54 | 21003 | 21697 |
| TBA, 3.00%, 07/15/55 (a) | 20000 | 17294 |
| TBA, 3.50%, 07/15/55 - 08/15/55 (a) | 26950 | 24255 |
| TBA, 4.00%, 07/15/55 - 08/15/55 (a) | 41000 | 38111 |
| TBA, 5.50%, 07/15/55 - 08/15/55 (a) | 126575 | 126476 |
| TBA, 4.50%, 08/15/55 (a) | 15300 | 14626 |
| TBA, 5.00%, 08/15/55 (a) | 140425 | 137540 |
| TBA, 6.00%, 08/15/55 (a) | 182925 | 185733 |
| TBA, 6.50%, 08/15/55 (a) | 234000 | 241203 |
| TBA, 7.00%, 08/15/55 - 09/15/55 (a) | 17300 | 18134 |
| Government National Mortgage Association |  |  |
| TBA, 3.50%, 07/15/55 (a) | 15970 | 14497 |
| TBA, 4.50%, 07/15/55 (a) | 14400 | 13777 |
| TBA, 5.50%, 07/15/55 (a) | 3000 | 3003 |
| TBA, 3.00%, 08/15/55 (a) | 4000 | 3534 |
| TBA, 4.00%, 08/15/55 (a) | 9900 | 9198 |
| TBA, 5.00%, 08/15/55 (a) | 4500 | 4416 |
|  |  | 1014994 |
| **U.S. Treasury Inflation Indexed Securities 9.0%** | **U.S. Treasury Inflation Indexed Securities 9.0%** | **U.S. Treasury Inflation Indexed Securities 9.0%** |
| Treasury, United States Department of |  |  |
| 0.13%, 07/15/26 - 07/15/31 (b) | 20062 | 19349 |
| 0.38%, 01/15/27 - 07/15/27 (b) | 1229 | 1212 |
| 0.75%, 07/15/28 (b) (c) | 3362 | 3320 |
| 0.88%, 01/15/29 - 02/15/47 (b) | 13564 | 12515 |
| 0.25%, 07/15/29 - 02/15/50 (b) | 20683 | 18567 |
| 0.63%, 07/15/32 - 02/15/43 (b) | 13006 | 12046 |
| 1.38%, 07/15/33 - 02/15/44 (b) | 30232 | 29269 |
| 1.75%, 01/15/34 (b) | 3131 | 3103 |
| 1.88%, 07/15/34 (b) | 26070 | 26097 |
| 2.13%, 02/15/40 - 02/15/41 (b) | 590 | 579 |
| 0.75%, 02/15/42 - 02/15/45 (b) | 3906 | 2872 |
| 1.00%, 02/15/46 - 02/15/49 (b) | 14850 | 10843 |
| 1.50%, 02/15/53 (b) | 3885 | 3074 |
|  |  | 142846 |
| **U.S. Treasury Note 6.9%** | **U.S. Treasury Note 6.9%** | **U.S. Treasury Note 6.9%** |
| Treasury, United States Department of |  |  |
| 2.63%, 01/31/26 (c) | 10300 | 10204 |
| 4.50%, 03/31/26 - 04/15/27 | 67400 | 67909 |
| 0.50%, 10/31/27 (c) | 100 | 93 |
| 0.63%, 11/30/27 | 770 | 716 |
| 0.63%, 12/31/27 (c) | 330 | 306 |
| 0.75%, 01/31/28 (c) | 210 | 195 |
| 2.38%, 03/31/29 (c) | 11900 | 11338 |
| 2.75%, 08/15/32 | 19800 | 18265 |
|  |  | 109026 |
| **Sovereign 6.3%** | **Sovereign 6.3%** | **Sovereign 6.3%** |
| Comision De Promocion Del Peru Para La Exportacion Y El Turismo |  |  |
| 6.95%, 08/12/31, PEN (d) | 10072 | 3091 |
| 6.95%, 08/12/31, PEN (e) | 24000 | 7365 |
| 6.15%, 08/12/32, PEN | 4571 | 1337 |
| 6.15%, 08/12/32, PEN (d) | 6434 | 1874 |
| 7.30%, 08/12/33, PEN | 8800 | 2720 |
| 5.40%, 08/12/34, PEN | 1100 | 295 |
| 5.40%, 08/12/34, PEN (d) | 502 | 134 |
| 5.40%, 08/12/34, PEN (e) | 2400 | 639 |
| 6.90%, 08/12/37, PEN (d) | 3314 | 947 |
| 7.60%, 08/12/39, PEN | 1000 | 303 |
| 5.35%, 08/12/40, PEN | 400 | 98 |
| Gobierno Federal de los Estados Unidos Mexicanos |  |  |
| 8.50%, 03/01/29 - 05/31/29, MXN | 104800 | 5571 |
| 7.75%, 05/29/31 - 11/23/34, MXN | 86500 | 4297 |
| 5.85%, 07/02/32 | 700 | 709 |
| 7.50%, 05/26/33, MXN | 4100 | 199 |
| Ministry of Finance |  |  |
| 5.63%, 02/19/35 | 2600 | 2637 |
| 3.80%, 05/13/60 (e) | 2034 | 1312 |
| Ministry of Finance of the Russian Federation |  |  |
| 0.00%, 03/31/30 (e) (f) (g) | 199 | 129 |
| 0.00%, 04/04/42 - 09/16/43 (e) (f) (g) | 3400 | 2296 |
| 0.00%, 04/04/42 - 09/16/43 (d) (e) (f) (g) | 3000 | 2025 |
| 0.00%, 06/23/47 (e) (f) (g) (h) | 5400 |  |
| 0.00%, 06/23/47 (d) (e) (f) (g) (h) | 400 |  |
| Presidencia De La Nacion |  |  |
| 1.00%, 07/09/29 | 507 | 427 |
| 0.75%, 07/09/30 (i) | 4894 | 3802 |
| 4.13%, 07/09/35 - 07/09/46 (i) | 4461 | 3007 |
| 5.00%, 01/09/38 (i) | 3720 | 2673 |
| 3.50%, 07/09/41 (i) | 4210 | 2642 |
| Republica Bolivariana de Venezuela |  |  |
| 0.00%, 05/07/28 - 12/09/49 (e) (f) (g) | 5970 | 992 |
| Romania, Government of |  |  |
| 5.38%, 03/22/31, EUR (d) | 1420 | 1677 |
| 5.13%, 09/24/31, EUR (d) | 2900 | 3367 |
| 5.88%, 07/11/32, EUR (d) | 3900 | 4631 |
| 6.25%, 09/10/34, EUR (d) | 2800 | 3324 |
| 5.63%, 02/22/36 - 05/30/37, EUR (d) | 2540 | 2822 |
| South Africa, Parliament of |  |  |
| 10.50%, 12/21/26, ZAR | 129700 | 7600 |
| 8.00%, 01/31/30, ZAR | 12600 | 700 |
| 7.00%, 02/28/31, ZAR | 68100 | 3538 |
| 8.88%, 02/28/35, ZAR | 119900 | 6323 |
| 8.50%, 01/31/37, ZAR | 37800 | 1857 |
| 9.00%, 01/31/40, ZAR | 8600 | 420 |
| The Arab Republic of Egypt |  |  |
| 21.95%, 03/04/28, EGP | 208400 | 4084 |
| Turkiye Cumhuriyeti Basbakanlik |  |  |
| 49.36%, 05/20/26 - 05/17/28, TRY | 117900 | 2876 |
| 48.64%, 09/06/28, TRY | 7500 | 180 |
| 6.13%, 10/24/28 | 600 | 601 |
| 7.63%, 04/26/29 | 1330 | 1389 |
| 5.25%, 03/13/30 | 3400 | 3230 |
| 5.75%, 05/11/47 | 800 | 599 |
|  |  | 100739 |
| **U.S. Treasury Bond 2.9%** | **U.S. Treasury Bond 2.9%** | **U.S. Treasury Bond 2.9%** |
| Treasury, United States Department of |  |  |
| 4.38%, 08/15/43 | 4700 | 4481 |
| 3.00%, 08/15/48 | 30 | 22 |
| 4.63%, 05/15/54 | 22300 | 21662 |
| 4.25%, 08/15/54 | 3000 | 2740 |
| 4.50%, 11/15/54 | 17400 | 16587 |
|  |  | 45492 |
| **Treasury Inflation Indexed Securities 1.9%** | **Treasury Inflation Indexed Securities 1.9%** | **Treasury Inflation Indexed Securities 1.9%** |
| Gobierno Federal de los Estados Unidos Mexicanos |  |  |
| 3.00%, 12/03/26, MXN (j) | 215667 | 11257 |
| 4.00%, 11/30/28 - 08/24/34, MXN (j) | 317421 | 16538 |
| 2.75%, 11/27/31, MXN (j) | 65542 | 3090 |
|  |  | 30885 |
| **Municipal 0.0%** | **Municipal 0.0%** | **Municipal 0.0%** |
| New York, City of |  |  |
| 6.29%, 02/01/45 | 140 | 147 |
| 6.39%, 02/01/55 | 370 | 385 |
|  |  | 532 |
| Total Government And Agency Obligations (cost $1,457,855) | Total Government And Agency Obligations (cost $1,457,855) | 1444514 |

---

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page [607](#abbreviations).

**JNL Series Trust** (Unaudited)

**Schedules of Investments (in thousands)**

June 30, 2025

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| **NON-U.S. GOVERNMENT AGENCY ASSET-BACKED SECURITIES 38.6%** | **NON-U.S. GOVERNMENT AGENCY ASSET-BACKED SECURITIES 38.6%** | **NON-U.S. GOVERNMENT AGENCY ASSET-BACKED SECURITIES 38.6%** |
| Accredited Mortgage Loan Trust 2006-2 |  |  |
| Series 2006-A4-2, REMIC, 4.70%, (1 Month Term SOFR + 0.37%), 09/25/36 (i) (k) | 1817 | 1802 |
| ACE Securities Corp. Home Equity Loan Trust, Series 2006-ASL1 |  |  |
| Series 2005-M2-AG1, REMIC, 2.51%, (1 Month Term SOFR + 0.80%), 08/25/35 (i) (k) (l) | 5526 | 4730 |
| Aegis Asset Backed Securities Trust |  |  |
| Series 2004-M1-1, REMIC, 6.07%, (1 Month Term SOFR + 1.13%), 04/25/34 (i) (k) (l) | 3663 | 3536 |
| AFC Mortgage Corporation |  |  |
| Series 2000-2A-1, REMIC, 5.07%, (1 Month Term SOFR + 0.75%), 03/25/30 (k) | 1000 | 941 |
| Alba 2006-2 PLC |  |  |
| Series 2006-D-2, 4.80%, (SONIA + 0.58%), 12/15/38, GBP (e) (k) | 749 | 955 |
| Alternative Loan Trust 2004-24CB |  |  |
| Series 2004-A1-20T1, REMIC, 6.00%, 09/25/34 | 1703 | 1690 |
| Alternative Loan Trust 2005-43 |  |  |
| Series 2005-B1-J4, REMIC, 5.02%, (1 Month Term SOFR + 2.14%), 07/25/35 (i) (k) (l) | 1657 | 1617 |
| Series 2005-A3-38, REMIC, 5.04%, (1 Month Term SOFR + 0.81%), 09/25/35 (i) (k) (l) | 185 | 164 |
| Series 2005-1A1-35CB, REMIC, 5.50%, 09/25/35 | 604 | 446 |
| Alternative Loan Trust 2005-45 |  |  |
| Series 2005-2A3A-AR1, REMIC, 4.20%, (1 Month Term SOFR + 0.81%), 10/25/35 (i) (k) (l) | 6492 | 5618 |
| Series 2005-1A1-59, REMIC, 3.73%, (1 Month Term SOFR + 0.77%), 11/20/35 (i) (k) (l) | 1234 | 1155 |
| Alternative Loan Trust 2006-9T1 |  |  |
| Series 2005-A1-81, REMIC, 4.62%, (1 Month Term SOFR + 0.67%), 02/25/36 (i) (k) (l) | 613 | 525 |
| Alternative Loan Trust 2006-OA17 |  |  |
| Series 2006-1A1A-OA17, REMIC, 4.15%, (1 Month Term SOFR + 0.31%), 12/20/46 (i) (k) | 1222 | 1107 |
| Alternative Loan Trust 2007-19 |  |  |
| Series 2007-2A1-19, REMIC, 6.50%, 08/25/37 | 4005 | 1719 |
| American Airlines, Inc. |  |  |
| Series 2015-A-1, 3.38%, 05/01/27 | 1499 | 1460 |
| Series 2015-AA-2, 3.60%, 09/22/27 | 402 | 388 |
| Ameriquest Mortgage Securities Inc. |  |  |
| Series 2005-M5-R10, REMIC, 5.38%, (1 Month Term SOFR + 1.06%), 11/25/35 (i) (k) | 4660 | 4272 |
| Anchorage Credit Funding 11, Ltd. |  |  |
| Series 2020-A-11A, 3.40%, 04/25/38 | 3450 | 3359 |
| Anchorage Credit Funding 12, Ltd. |  |  |
| Series 2020-A1-12A, 3.18%, 10/25/38 | 1000 | 962 |
| Anchorage Credit Funding 13, Ltd. |  |  |
| Series 2021-A1-13A, 2.88%, 07/27/39 | 1000 | 944 |
| Anchorage Credit Funding 14, Ltd. |  |  |
| Series 2021-A-14A, 3.00%, 01/23/40 | 1000 | 941 |
| Anchorage Credit Funding 2 Ltd |  |  |
| Series 2015-ARV-2A, 3.93%, 04/25/38 | 2300 | 2259 |
| Attentus CDO III, Ltd. |  |  |
| Series 2007-A2-3A, REMIC, 4.94%, (3 Month Term SOFR + 0.71%), 10/11/42 (d) (k) | 5871 | 5315 |
| Avis Budget Rental Car Funding (AESOP) LLC |  |  |
| Series 2022-A-5A, 6.12%, 04/20/26 | 400 | 403 |
| Series 2023-A-3A, 5.44%, 02/20/27 | 150 | 152 |
| Series 2023-A-5A, 5.78%, 04/20/27 | 320 | 326 |
| Series 2024-A-2A, 5.13%, 10/20/27 | 790 | 800 |
| Avon Finance No.4 PLC |  |  |
| Series A-4A, 5.26%, (SONIA + 0.90%), 12/28/49, GBP (d) (i) (k) | 6191 | 8516 |
| Bain Capital Credit CLO 2021-3 Ltd |  |  |
| Series 2021-AR-3A, 5.34%, (3 Month Term SOFR + 1.06%), 07/24/34 (k) | 6400 | 6409 |
| Banc of America Funding Corp |  |  |
| Series 2005-5M1-A, REMIC, 4.32%, (1 Month Term SOFR + 0.79%), 02/20/35 (i) (k) (l) | 2377 | 2289 |
| Series 2005-1A23-3, REMIC, 5.50%, 06/25/35 | 65 | 64 |
| BCAP LLC 2009-RR13-II Trust |  |  |
| Series 2009-17A3-RR13, REMIC, 4.11%, 04/26/37 (k) | 3485 | 1576 |
| Bear Stearns ALT-A Trust 2006-3 |  |  |
| Series 2005-12A1-8, REMIC, 4.77%, (1 Month Term SOFR + 0.65%), 10/25/35 (i) (k) (l) | 489 | 483 |
| Bear Stearns Asset Backed Securities I Trust 2006-HE1 |  |  |
| Series 2004-M1-HE10, REMIC, 5.41%, (1 Month Term SOFR + 1.09%), 12/25/34 (i) (k) | 2897 | 2902 |
| BHG Securitization Trust 2025-1CON |  |  |
| Series 2025-A-1CON, 4.82%, 04/17/36 | 4297 | 4295 |
| Bombardier Capital Inc. |  |  |
| Series 1999-A5-B, REMIC, 3.00%, 12/15/29 (k) (l) | 6296 | 402 |
| BridgeCrest Lending Auto Securitization Trust 2024-4 |  |  |
| Series 2024-A2-4, 4.84%, 11/17/25 | 4234 | 4236 |
| BX Trust 2021-ARIA |  |  |
| Series 2021-C-ARIA, REMIC, 6.07%, (1 Month Term SOFR + 1.76%), 10/15/36 (k) | 2200 | 2197 |
| Series 2021-D-ARIA, REMIC, 6.32%, (1 Month Term SOFR + 2.01%), 10/15/36 (k) | 2400 | 2395 |
| BX Trust 2021-RISE |  |  |
| Series 2021-D-RISE, REMIC, 6.18%, (1 Month Term SOFR + 1.86%), 11/17/36 (k) | 773 | 772 |
| Carrington Mortgage Loan Trust, Series 2006-NC3 |  |  |
| Series 2006-A4-NC3, REMIC, 2.56%, (1 Month Term SOFR + 0.35%), 07/25/36 (i) (k) (l) | 7130 | 6288 |
| Carval |  |  |
| Series 2018-AR-1A, 5.49%, (3 Month Term SOFR + 1.23%), 07/16/31 (k) | 11423 | 11434 |
| Carvana Auto Receivables Trust 2023-P3 |  |  |
| Series 2023-A3-P3, 5.82%, 11/10/26 | 5218 | 5244 |
| CBAM 2018-5 Ltd |  |  |
| Series 2018-A-5A, 5.56%, (3 Month Term SOFR + 1.28%), 04/17/31 (k) | 545 | 545 |
| C-BASS Mortgage Loan Asset-Backed Certificates, Series 2006-CB8 |  |  |
| Series 2006-A2C-CB8, REMIC, 2.72%, (1 Month Term SOFR + 0.41%), 10/25/36 (i) (k) (l) | 4614 | 3891 |
| Chevy Chase Funding LLC Mortgage-Backed Certificates, Series 2004-2A |  |  |
| Series 2004-A1-1A, REMIC, 5.39%, (1 Month Term SOFR + 0.39%), 01/25/35 (d) (i) (k) | 89 | 85 |
| CHL Mortgage Pass-Through Trust 2006-17 |  |  |
| Series 2006-A1-17, REMIC, 6.00%, 12/25/36 | 1186 | 510 |
| CIM Trust 2023-R4 |  |  |
| Series 2023-A1-R4, REMIC, 5.00%, 05/25/62 | 5171 | 5169 |
| Citigroup Commercial Mortgage Trust 2016-C1 |  |  |
| Series 2016-A4-C1, REMIC, 3.21%, 05/12/26 | 5500 | 5428 |
| Citigroup Mortgage Loan Trust |  |  |
| Series 2006-2A1A-4, REMIC, 6.00%, 12/25/35 | 1491 | 1482 |
| Citigroup Mortgage Loan Trust 2006-AR9 |  |  |
| Series 2006-1M2-AR9, REMIC, 5.14%, (1 Month Term SOFR + 0.82%), 11/25/36 (i) (k) | 2459 | 2555 |
| Citigroup Mortgage Loan Trust 2013-2 |  |  |
| Series 2013-1A4-2, REMIC, 6.51%, 11/25/37 (k) | 2340 | 2137 |
| COLT 2022-5 Mortgage Loan Trust |  |  |
| Series 2022-A1-5, REMIC, 4.55%, 04/25/67 (i) (k) | 2933 | 2952 |
| CommonBond Student Loan Trust 2020-A-GS |  |  |
| Series 2020-A-AGS, 1.98%, 08/25/50 | 2452 | 2144 |
| Conseco Finance Corp. |  |  |
| Series 1999-A6-5, REMIC, 7.50%, 03/01/30 | 2847 | 801 |
| CPS Auto Receivables Trust 2023-B |  |  |
| Series 2023-B-B, 5.38%, 08/15/25 | 94 | 94 |
| Series 2023-C-B, 6.04%, 07/16/29 | 300 | 303 |
| Cross 2023-H1 Mortgage Trust |  |  |
| Series 2023-A1-H1, REMIC, 6.62%, 03/25/68 (i) (k) (l) | 4817 | 4853 |
| CSMC 2021-RPL3 Trust |  |  |
| Series 2021-M1-RPL3, REMIC, 3.38%, 01/25/60 | 1000 | 820 |
| CSMC Mortgage-Backed Trust |  |  |
| Series 2009-5A9-11R, REMIC, 4.36%, 08/26/36 (k) | 487 | 476 |

---

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page [607](#abbreviations).

**JNL Series Trust** (Unaudited)

**Schedules of Investments (in thousands)**

June 30, 2025

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| CSMC Mortgage-Backed Trust 2006-6 |  |  |
| Series 2006-1A11-6, REMIC, 6.00%, 07/25/36 | 458 | 213 |
| CSMC Series 2009-5R |  |  |
| Series 2009-1A2-5R, REMIC, 5.34%, 06/26/36 (k) | 1647 | 1299 |
| CWABS Asset-Backed Certificates Trust 2006-20 |  |  |
| Series 2006-2A4-20, REMIC, 3.88%, (1 Month Term SOFR + 0.34%), 09/25/35 (i) (k) (l) | 13244 | 12023 |
| CWABS Asset-Backed Certificates Trust 2006-21 |  |  |
| Series 2006-1A-21, REMIC, 4.28%, (1 Month Term SOFR + 0.25%), 05/25/35 (i) (k) (l) | 555 | 539 |
| CWABS Asset-Backed Certificates Trust 2007-10 |  |  |
| Series 2007-1M1-10, REMIC, 3.45%, (1 Month Term SOFR + 0.37%), 11/25/36 (i) (k) (l) | 9842 | 7896 |
| CWABS, Inc. |  |  |
| Series 2004-M6-BC5, REMIC, 5.60%, (1 Month Term SOFR + 1.76%), 07/25/34 (i) (k) (l) | 3733 | 3701 |
| Series 2004-M1-SD3, REMIC, 5.71%, (1 Month Term SOFR + 1.39%), 07/25/34 (i) (k) | 72 | 72 |
| Series 2004-M4-AB2, REMIC, 4.14%, (1 Month Term SOFR + 1.39%), 11/25/34 (i) (k) (l) | 2450 | 2105 |
| Series 2005-MV6-7, REMIC, 4.59%, (1 Month Term SOFR + 1.31%), 08/25/35 (i) (k) (l) | 4000 | 3739 |
| CWMBS, Inc. |  |  |
| Series 2006-2A1-OA5, REMIC, 4.52%, (1 Month Term SOFR + 0.51%), 04/25/46 (i) (k) (l) | 2109 | 1801 |
| Deutsche Alt-A Securities, Inc. Mortgage Loan Trust, Series 2006-Ar1 |  |  |
| Series 2005-2A5-5, REMIC, 5.78%, (1 Month Term SOFR + 1.46%), 11/25/35 (k) | 5292 | 2309 |
| Diameter Credit Funding II Ltd |  |  |
| Series 2019-A-2A, 3.94%, 01/25/38 | 950 | 935 |
| DSLA Mortgage Loan Trust 2004-AR2 |  |  |
| Series 2004-1A1A-AR4, REMIC, 4.18%, (1 Month Term SOFR + 0.83%), 01/19/45 (i) (k) (l) | 998 | 903 |
| Ellington Financial Mortgage Trust 2020-1 |  |  |
| Series 2020-A1-1, REMIC, 2.01%, 05/25/65 (k) | 35 | 35 |
| Ellington Financial Mortgage Trust 2022-4 |  |  |
| Series 2022-A1-4, REMIC, 5.90%, 09/25/67 (i) | 9307 | 9450 |
| Ellington Loan Acquisition Trust 2007-1 |  |  |
| Series 2007-M1-1, REMIC, 3.58%, (1 Month Term SOFR + 2.21%), 05/25/37 (i) (k) (l) | 28000 | 23997 |
| Encore Credit Receivables Trust |  |  |
| Series 2005-M5-4, REMIC, 3.76%, (1 Month Term SOFR + 1.09%), 01/25/36 (i) (k) (l) | 5905 | 5380 |
| Eurosail-UK 2007-3BL PLC |  |  |
| Series 2007-C1A-3X, 4.89%, (SONIA + 0.67%), 06/13/45, GBP (e) (k) | 11954 | 14409 |
| Eurosail-UK 2007-6NC PLC |  |  |
| Series 2007-A3A-6NCX, 5.04%, (SONIA + 0.82%), 09/13/45, GBP (e) (k) | 17 | 23 |
| Extended Stay America Trust 2021-ESH |  |  |
| Series 2021-A-ESH, REMIC, 5.51%, (1 Month Term SOFR + 1.19%), 07/15/38 (k) | 11065 | 11068 |
| First Franklin Mortgage Loan Trust 2006FF13 |  |  |
| Series 2006-A2C-FF13, REMIC, 4.22%, (1 Month Term SOFR + 0.43%), 10/25/36 (i) (k) (l) | 6434 | 4099 |
| Fremont Home Loan Trust 2006-E |  |  |
| Series 2006-1A1-E, REMIC, 2.24%, (1 Month Term SOFR + 0.25%), 01/25/37 (i) (k) (l) | 12926 | 6496 |
| GE-WMC Mortgage Securities, L.L.C. |  |  |
| Series 2005-M2-1, REMIC, 3.02%, (1 Month Term SOFR + 0.80%), 10/25/35 (i) (k) (l) | 17565 | 14638 |
| GLS Auto Receivables Issuer Trust 2023-2 |  |  |
| Series 2023-B-2A, 5.52%, 11/15/27 | 3874 | 3878 |
| GS Mortgage Securities Corp. |  |  |
| Series 2006-2A3-5, REMIC, 1.21%, (1 Month Term SOFR + 0.65%), 03/25/36 (i) (k) (l) | 3557 | 1678 |
| GSMSC Resecuritization Trust 2015-8R |  |  |
| Series 2015-B-8R, REMIC, 2.36%, 04/28/37 (k) | 23904 | 5702 |
| GSR Mortgage Loan Trust 2005-AR1 |  |  |
| Series 2004-1AF-4, REMIC, 4.58%, (1 Month Term SOFR + 0.51%), 06/25/34 (k) (l) | 3133 | 2815 |
| Series 2004-M2-10, REMIC, 4.29%, 08/25/34 (i) (k) (l) | 2993 | 2750 |
| HarborView Mortgage Loan Trust 2006-8 |  |  |
| Series 2006-1A1-8, REMIC, 2.10%, (1 Month Term SOFR + 0.51%), 07/21/36 (i) (k) (l) | 4287 | 2129 |
| Harley Marine Financing LLC |  |  |
| Series 2023-A1-1, 9.25%, 12/15/27 | 75 | 76 |
| Series 2023-A2-1, 9.75%, 12/15/27 | 76 | 76 |
| HITR 2019-2A A1 144A 3MLIB+176BP |  |  |
| Series 2019-A1-2, 6.35%, (3 Month Term SOFR + 2.02%), 05/23/39 (k) | 8909 | 8865 |
| Home Equity Asset Trust |  |  |
| Series 2004-M1-4, REMIC, 5.22%, (1 Month Term SOFR + 0.89%), 10/25/34 (i) (k) | 882 | 871 |
| Honda Auto Receivables 2024-4 Owner Trust |  |  |
| Series 2024-A2-4, 4.56%, 04/15/26 | 6582 | 6582 |
| Series 2024-A3-4, 4.33%, 01/18/28 | 7900 | 7910 |
| IndyMac INDX Mortgage Loan Trust 2006-AR21 |  |  |
| Series 2006-3A1-AR11, REMIC, 3.42%, 06/25/36 (k) | 2083 | 1376 |
| IndyMac MBS, Inc. |  |  |
| Series 2005-A5-A5, REMIC, 4.83%, (1 Month Term SOFR + 0.51%), 05/25/35 (k) | 848 | 518 |
| J.P. Morgan Alternative Loan Trust 2006-A2 |  |  |
| Series 2006-1A4-A2, REMIC, 4.71%, (1 Month Term SOFR + 0.65%), 05/25/36 (i) (k) (l) | 872 | 747 |
| J.P. Morgan Alternative Loan Trust 2006-A6 |  |  |
| Series 2006-1A1-A5, REMIC, 4.94%, (1 Month Term SOFR + 0.43%), 10/25/36 (i) (k) (l) | 806 | 736 |
| J.P. Morgan Chase Commercial Mortgage Securities Trust 2021-2NU |  |  |
| Series 2021-A-2NU, REMIC, 1.97%, 01/07/28 | 7390 | 6685 |
| J.P. Morgan Mortgage Acquisition Corp. 2005-FLD1 |  |  |
| Series 2005-M6-FLD1, REMIC, 5.51%, (1 Month Term SOFR + 1.19%), 07/25/35 (k) | 4750 | 4648 |
| J.P. Morgan Mortgage Trust 2022-DCS1 |  |  |
| Series 2023-A1-DSC1, REMIC, 4.62%, 12/25/33 (k) | 3914 | 3843 |
| J.P. Morgan Mortgage Trust 2024-VIS1 |  |  |
| Series 2024-A1-VIS1, REMIC, 5.99%, 09/01/54 (k) | 4173 | 4205 |
| J.P. Morgan Seasoned Mortgage Trust 2024-1 |  |  |
| Series 2024-A3-1, REMIC, 4.45%, 04/25/46 (k) (l) | 953 | 917 |
| JPMCC Commercial Mortgage Securities Trust 2016-JP4 |  |  |
| Series 2016-A4-JP4, REMIC, 3.65%, 11/18/26 (k) | 2600 | 2553 |
| Kinbane 2022-RPL 1 Designated Activity Company |  |  |
| Series 2022-A-RPL1X, 2.94%, (1 Month EURIBOR + 2.00%), 09/25/62, EUR (e) (i) (k) | 7466 | 8791 |
| Lehman XS Trust, Series 2007-15N |  |  |
| Series 2007-2A1-15N, REMIC, 6.33%, (1 Month Term SOFR + 0.61%), 08/25/47 (i) (k) (l) | 1933 | 1829 |
| Lugo Funding Designated Activity Company |  |  |
| Series 2024-A-1A, 3.04%, (3 Month EURIBOR + 1.00%), 05/26/66, EUR (d) (i) (k) | 13006 | 15284 |
| Magnetite XXV, Limited |  |  |
| Series 2020-A-25A, 5.74%, (3 Month Term SOFR + 1.46%), 01/26/32 (k) | 2108 | 2108 |
| Mansard Mortgages 2006-1 PLC |  |  |
| Series 2006-B1-1X, 5.54%, (SONIA + 1.22%), 10/15/48, GBP (e) (k) | 2999 | 3953 |
| Marathon CLO XIII Ltd |  |  |
| Series 2019-AAR2-1A, 5.46%, (3 Month Term SOFR + 1.20%), 04/15/32 (k) | 7943 | 7943 |
| MASTR Asset Backed Securities Trust 2006-AM1 |  |  |
| Series 2005-M8-WF1, REMIC, 5.54%, (1 Month Term SOFR + 1.97%), 06/25/35 (i) (k) (l) | 2828 | 2915 |
| Series 2005-A4-NC2, REMIC, 1.77%, (1 Month Term SOFR + 0.81%), 11/25/35 (i) (k) (l) | 8080 | 4544 |
| Meritage Mortgage Corporation |  |  |
| Series 2004-M2-2, REMIC, 4.23%, (1 Month Term SOFR + 1.01%), 01/25/35 (i) (k) (l) | 2507 | 2462 |
| METAL 2017-1 LLC |  |  |
| Series 2017-A-1, 4.58%, 10/15/42 (d) (i) | 920 | 597 |

---

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page [607](#abbreviations).

**JNL Series Trust** (Unaudited)

**Schedules of Investments (in thousands)**

June 30, 2025

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| MFA 2023-NQM2 Trust |  |  |
| Series 2023-A1-NQM2, REMIC, 4.40%, 03/25/68 (i) | 12083 | 12022 |
| Mill City Mortgage Loan Trust 2017-1 |  |  |
| Series 2017-B3-1, REMIC, 3.75%, 04/25/33 (k) | 1638 | 1364 |
| Morgan Stanley & Co. LLC |  |  |
| Series 2019-A4-L2, REMIC, 4.07%, 02/16/29 | 1700 | 1665 |
| Morgan Stanley Capital I Trust 2021-L7 |  |  |
| Series 2021-D-230P, REMIC, 6.80%, (1 Month Term SOFR + 2.49%), 12/15/38 (k) | 2929 | 2655 |
| Series 2021-E-230P, REMIC, 7.50%, (1 Month Term SOFR + 3.19%), 12/15/38 (k) | 1050 | 921 |
| Mr. Cooper Group Inc. |  |  |
| Series 2007-A1A-OA5, REMIC, 3.61%, (12 Month Treasury Average + 0.84%), 05/25/47 (k) (l) | 1389 | 1169 |
| Navient Funding, LLC |  |  |
| Series 2006-A5-B, REMIC, 4.85%, (3 Month Term SOFR + 0.53%), 12/15/39 (k) | 943 | 919 |
| Navient Student Loan Trust 2020-2 |  |  |
| Series 2020-A1B-2A, REMIC, 5.32%, (SOFR 30-Day Average + 1.01%), 02/25/33 (k) | 5044 | 5002 |
| Nelnet Student Loan Trust 2023-A |  |  |
| Series 2023-AFX-AA, 6.64%, 02/20/41 | 2034 | 2115 |
| New Residential Mortgage Loan Trust 2019-RPL3 |  |  |
| Series 2019-A2-RPL3, REMIC, 3.00%, 07/25/59 (k) | 1500 | 1386 |
| Newgate Funding PLC |  |  |
| Series 2007-A3-2X, 4.67%, (SONIA + 0.28%), 12/15/50, GBP (e) (k) | 2401 | 3218 |
| Nissan Auto Receivables 2024-B Owner Trust |  |  |
| Series 2024-A2A-B, 4.51%, 06/15/27 | 6519 | 6518 |
| Novastar Mortgage Funding Trust, Series 2007-1 |  |  |
| Series 2007-A2C-1, REMIC, 0.68%, (1 Month Term SOFR + 0.29%), 03/25/37 (i) (k) (l) | 35740 | 11067 |
| Octane Receivables Trust 2024-3 |  |  |
| Series 2024-A2-3A, REMIC, 4.94%, 08/20/27 | 4091 | 4093 |
| Park Place Securities, Inc. |  |  |
| Series 2005-M5-WHQ2, REMIC, 0.78%, (1 Month Term SOFR + 1.15%), 05/25/35 (i) (k) (l) | 4461 | 3371 |
| People's Choice Home Loan Securities Trust Series 2005-3 |  |  |
| Series 2005-M3-3, REMIC, 0.82%, (1 Month Term SOFR + 0.97%), 08/25/35 (i) (k) (l) | 837 | 817 |
| PHH Alternative Mortgage Trust, Series 2007-3 |  |  |
| Series 2007-A3-3, REMIC, 5.04%, (1 Month Term SOFR + 0.71%), 07/25/37 (i) (k) | 2464 | 2389 |
| Preferred Residential Securities 05-2 PLC |  |  |
| Series 2005-C1C-2X, 5.08%, (SONIA + 0.69%), 12/15/40, GBP (e) (i) (k) | 709 | 969 |
| PRET 2024-NPL8, LLC |  |  |
| Series 2024-A1-NPL8, 5.96%, 11/25/27 (i) | 8264 | 8311 |
| Prospect Mortgage, LLC |  |  |
| Series 2005-M8-2, REMIC, 4.74%, (1 Month Term SOFR + 2.06%), 04/25/35 (i) (k) (l) | 3738 | 3610 |
| RCKT Mortgage Trust 2024-CES5 |  |  |
| Series 2024-A1A-CES5, REMIC, 5.85%, 07/25/28 (i) (k) | 4556 | 4579 |
| RCKT Mortgage Trust 2024-CES7 |  |  |
| Series 2024-A1A-CES7, REMIC, 5.16%, 09/25/28 (i) | 1104 | 1098 |
| Regional Management Issuance Trust 2024-2 |  |  |
| Series 2024-A-2, 5.11%, 12/15/33 | 4600 | 4623 |
| Renaissance Home Equity Loan Trust 2006-3 |  |  |
| Series 2006-AF3-3, REMIC, 5.59%, 11/25/36 (i) | 19851 | 6524 |
| Series 2006-AF5-3, REMIC, 6.12%, 11/25/36 (i) | 2934 | 1055 |
| Research-Driven Pagaya Motor Asset Trust 2023-3 |  |  |
| Series 2023-A-3A, 7.13%, 09/25/25 | 3284 | 3310 |
| RFMSI Series 2006-S6 Trust |  |  |
| Series 2006-A12-S6, REMIC, 6.00%, 07/25/36 | 1445 | 1277 |
| RFMSI Series 2007-S4 Trust |  |  |
| Series 2007-A5-S4, REMIC, 6.00%, (1 Month Term SOFR + 0.71%), 04/25/37 (k) | 642 | 534 |
| Romark Credit Funding I Ltd |  |  |
| Series 2020-AV-1A, 3.57%, 04/28/38 | 1700 | 1641 |
| Santander Drive Auto Receivables Trust 2024-5 |  |  |
| Series 2024-A2-5, 4.88%, 12/15/25 | 3784 | 3784 |
| Saxon Asset Securities Trust 2004-3 |  |  |
| Series 2004-M1-1, REMIC, 0.00%, (1 Month Term SOFR + 0.91%), 03/25/35 (i) (k) (l) | 336 | 294 |
| Securitized Asset Backed Receivables LLC |  |  |
| Series 2005-M2-FR3, REMIC, 0.00%, (1 Month Term SOFR + 1.09%), 04/25/35 (i) (k) (l) | 842 | 746 |
| SG Mortgage Securities Trust |  |  |
| Series 2005-M3-OPT1, REMIC, 3.15%, (1 Month Term SOFR + 0.82%), 10/25/35 (i) (k) (l) | 4975 | 4549 |
| SLM Student Loan Trust 2012-5 |  |  |
| Series 2012-A3-5, 5.22%, (SOFR 30-Day Average + 0.91%), 03/25/26 (k) | 5378 | 5338 |
| SMB Private Education Loan Trust 2022-B |  |  |
| Series 2022-A1A-B, REMIC, 3.94%, 02/16/55 | 1918 | 1862 |
| Series 2022-A1B-B, REMIC, 5.75%, (SOFR 30-Day Average + 1.45%), 02/16/55 (k) | 1918 | 1931 |
| SMB Private Education Loan Trust 2022-C |  |  |
| Series 2022-A1B-C, 6.15%, (SOFR 30-Day Average + 1.85%), 05/16/50 (k) | 1847 | 1863 |
| SMB Private Education Loan Trust 2024-D |  |  |
| Series 2024-A1B-D, 5.40%, (SOFR 30-Day Average + 1.25%), 07/05/53 (k) | 3465 | 3465 |
| Sound Point CLO XVIII Ltd |  |  |
| Series 2017-A1-4A, 5.65%, (3 Month Term SOFR + 1.38%), 01/21/31 (k) | 1437 | 1438 |
| Sound Point CLO XXVIII, Ltd |  |  |
| Series 2020-A1R-3A, 5.56%, (3 Month Term SOFR + 1.28%), 01/26/32 (k) | 11097 | 11098 |
| Soundview Home Loan Trust |  |  |
| Series 2005-M5-1, REMIC, 4.11%, (1 Month Term SOFR + 1.28%), 04/25/35 (i) (k) (l) | 2810 | 2704 |
| Series 2005-M2-OPT2, REMIC, 1.20%, (1 Month Term SOFR + 0.95%), 08/25/35 (i) (k) (l) | 7896 | 7097 |
| Specialty Underwriting & Residential Finance Trust |  |  |
| Series 2006-A1-AB2, REMIC, 0.43%, (1 Month Term SOFR + 0.41%), 06/25/37 (i) (k) (l) | 15783 | 8601 |
| Spirit Airlines, LLC |  |  |
| Series 2017-AA-1, 0.00%, 02/15/30 (f) (g) | 250 | 218 |
| Structured Asset Investment Loan Trust 2005-4 |  |  |
| Series 2004-M2-5, REMIC, 4.22%, (1 Month Term SOFR + 0.94%), 06/25/34 (i) (k) (l) | 3080 | 2941 |
| Series 2005-M2-HE1, REMIC, 0.44%, (1 Month Term SOFR + 0.83%), 07/25/35 (i) (k) (l) | 843 | 804 |
| Structured Asset Securities Corp Mortgage Loan Trust |  |  |
| Series 2007-M1-GEL2, REMIC, 2.65%, (1 Month Term SOFR + 0.81%), 05/25/37 (i) (k) (l) | 15406 | 11381 |
| Structured Asset Securities CORP Mortgage Loan Trust 2007-OSI |  |  |
| Series 2007-A4-OSI, REMIC, 0.67%, (1 Month Term SOFR + 0.31%), 06/25/37 (i) (k) (l) | 12079 | 7929 |
| Tesla Sustainable Energy Trust 2024-1 |  |  |
| Series 2024-A3-1A, 5.29%, 12/22/31 | 1800 | 1723 |
| Towd Point Mortgage Trust 2022-4 |  |  |
| Series 2022-A1-4, REMIC, 3.75%, 09/25/31 | 9639 | 9157 |
| United Airlines Pass Through Certificates, Series 2018-1 |  |  |
| Series 2018-AA-1, 3.50%, 03/01/30 | 748 | 701 |
| United Airlines Pass Through Trust 2020-1A |  |  |
| Series 2020-A-1, 5.88%, 10/15/27 | 1073 | 1093 |
| Verus Securitization Trust 2022-6 |  |  |
| Series 2022-A1-6, REMIC, 4.91%, 06/25/67 (i) (k) (l) | 4331 | 4330 |
| Verus Securitization Trust 2023-3 |  |  |
| Series 2023-A1-3, REMIC, 5.93%, 03/25/68 (k) | 5028 | 5029 |
| Washington Mutual Asset-Backed Certificates WaMu Series 2007-HE2 Trust |  |  |
| Series 2007-2A3-HE2, REMIC, 1.46%, (1 Month Term SOFR + 0.36%), 04/25/37 (i) (k) (l) | 35358 | 12198 |

---

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page [607](#abbreviations).

**JNL Series Trust** (Unaudited)

**Schedules of Investments (in thousands)**

June 30, 2025

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| Washington Mutual Asset-Backed Certificates, WaMu Series 200X-HEX Trust |  |  |
| Series 2005-3M2-WL1, REMIC, 4.08%, (1 Month Term SOFR + 0.89%), 06/25/45 (i) (k) (l) | 961 | 991 |
| Washington Mutual Mortgage Pass-Through Certificates Series 2003-AR9 Trust |  |  |
| Series 2005-1A3-AR10, REMIC, 5.12%, 09/25/35 (k) | 2361 | 2151 |
| Washington Mutual Mortgage Pass-Through Certificates WMALT Series 2007-OA3 Trust |  |  |
| Series 2007-4A2-OA3, REMIC, 3.29%, (12 Month Treasury Average + 0.70%), 04/25/47 (k) (l) | 944 | 834 |
| Wells Fargo Mortgage Backed Securities 2007-AR7 Trust |  |  |
| Series 2007-A1-AR7, REMIC, 6.67%, 12/25/37 (k) | 10365 | 9392 |
| WSTN Trust |  |  |
| Series 2023-A-MAUI, REMIC, 6.52%, 09/08/39 (k) | 800 | 812 |
| Total Non-U.S. Government Agency Asset-Backed Securities (cost $650,476) | Total Non-U.S. Government Agency Asset-Backed Securities (cost $650,476) | 613125 |
| **CORPORATE BONDS AND NOTES 12.2%** | **CORPORATE BONDS AND NOTES 12.2%** | **CORPORATE BONDS AND NOTES 12.2%** |
| **Financials 4.5%** | **Financials 4.5%** | **Financials 4.5%** |
| Avolon Holdings Funding Limited |  |  |
| 2.53%, 11/18/27 (d) | 2240 | 2129 |
| Banca Monte dei Paschi di Siena S.p.A. |  |  |
| 1.88%, 01/09/26, EUR (e) | 100 | 117 |
| Banco Santander, S.A. |  |  |
| 6.53%, 11/07/27 (m) | 1500 | 1540 |
| 6.61%, 11/07/28 (m) | 1200 | 1279 |
| Barclays PLC |  |  |
| 6.49%, 09/13/29 | 1200 | 1269 |
| 7.44%, 11/02/33 | 2200 | 2496 |
| BPCE |  |  |
| 6.71%, 10/19/29 (d) | 1650 | 1747 |
| 5.88%, 01/14/31 (d) (m) | 4400 | 4554 |
| 7.00%, 10/19/34 (d) | 1400 | 1538 |
| Credicorp Capital Sociedad Titularizada S.A. |  |  |
| 10.10%, 12/15/43, PEN (d) | 1000 | 298 |
| 9.70%, 03/05/45, PEN (d) | 1700 | 490 |
| Credit Suisse Group AG |  |  |
| 7.75%, 03/01/29, EUR (e) (m) | 2250 | 2985 |
| Ford Motor Credit Company LLC |  |  |
| 4.54%, 08/01/26 | 2400 | 2384 |
| 2.70%, 08/10/26 | 3700 | 3603 |
| 4.13%, 08/17/27 | 3200 | 3128 |
| 3.82%, 11/02/27 | 3067 | 2960 |
| 2.90%, 02/16/28 | 200 | 188 |
| JAB Holdings B.V. |  |  |
| 4.38%, 04/25/34, EUR (e) | 2900 | 3472 |
| Marex Group PLC |  |  |
| 6.40%, 11/04/29 | 300 | 309 |
| Nationwide Building Society |  |  |
| 4.30%, 03/08/29 (d) | 1000 | 994 |
| NatWest Group PLC |  |  |
| 5.08%, 01/27/30 (n) | 2800 | 2843 |
| 4.45%, 05/08/30 (m) | 2000 | 1983 |
| Panama Infrastructure Receivable Purchaser PLC |  |  |
| 0.00%, 04/05/32 (d) (o) | 6449 | 4643 |
| Rio Oil Finance Trust |  |  |
| 8.20%, 04/06/28 (d) | 139 | 144 |
| Santander Holdings USA, Inc. |  |  |
| 5.35%, 09/06/30 | 700 | 713 |
| Santander UK Group Holdings PLC |  |  |
| 3.82%, 11/03/28 (m) | 1800 | 1761 |
| 4.86%, 09/11/30 (m) | 800 | 799 |
| 5.69%, 04/15/31 (m) | 1200 | 1234 |
| Societe Generale |  |  |
| 6.69%, 01/10/34 (d) | 200 | 214 |
| Stichting AK Rabobank Certificaten II |  |  |
| 6.50%, EUR (e) (i) (k) (p) | 2801 | 3753 |
| UBS Group AG |  |  |
| 6.33%, 12/22/27 (d) | 4400 | 4518 |
| 6.25%, 09/22/29 (d) | 3000 | 3152 |
| 4.19%, 04/01/31 (d) | 700 | 685 |
| 3.09%, 05/14/32 (d) | 1550 | 1408 |
| 6.54%, 08/12/33 (d) | 2850 | 3101 |
| 9.02%, 11/15/33 (d) | 300 | 371 |
| 5.96%, 01/12/34 (d) | 925 | 973 |
| Voyager Aviation Holdings, LLC |  |  |
| 0.00%, 05/09/26 (d) (f) (g) (h) | 1141 |  |
| Wells Fargo & Company |  |  |
| 6.30%, 10/23/29 | 1800 | 1901 |
|  |  | 71676 |
| **Utilities 2.0%** | **Utilities 2.0%** | **Utilities 2.0%** |
| Chile Electricity Lux MPC II S.a r.l. |  |  |
| 5.58%, 10/20/35 (d) | 684 | 686 |
| Edison International |  |  |
| 6.25%, 03/15/30 | 400 | 406 |
| 5.25%, 03/15/32 (n) | 3600 | 3369 |
| PG&E Company |  |  |
| 3.30%, 03/15/27 - 12/01/27 | 1347 | 1308 |
| 3.00%, 06/15/28 | 3343 | 3171 |
| 3.75%, 07/01/28 | 976 | 946 |
| 4.55%, 07/01/30 | 7255 | 7080 |
| 4.40%, 03/01/32 | 1000 | 938 |
| 6.00%, 08/15/35 | 600 | 607 |
| 4.30%, 03/15/45 | 10743 | 8120 |
| Pryvatne Aktsionerne Tovarystvo Natsionalna Energetychna Kompaniya Ukrenergo |  |  |
| 0.00%, 11/09/28 (e) (f) (g) | 400 | 326 |
| Thames Water Super Senior Issuer PLC |  |  |
| 9.75%, 10/10/27, GBP (d) | 131 | 198 |
| Thames Water Utilities Finance PLC |  |  |
| 4.00%, 04/18/27, EUR (e) | 100 | 76 |
| 9.75%, 10/10/27, GBP (d) | 120 | 180 |
| 1.60%, 12/23/27 (e) | 200 | 145 |
| 0.88%, 01/31/28, EUR (e) | 1700 | 1277 |
| 3.50%, 02/25/28, GBP (e) | 100 | 91 |
| 4.38%, 01/18/31, EUR (e) | 700 | 532 |
| 7.13%, 04/30/31, GBP (e) | 100 | 92 |
| 2.63%, 01/24/32, GBP (e) | 400 | 356 |
| 1.25%, 01/31/32, EUR (e) | 200 | 151 |
| 6.50%, 02/09/32, GBP | 100 | 91 |
| 4.38%, 07/03/34, GBP (e) | 300 | 270 |
| 5.13%, 09/28/37, GBP | 200 | 181 |
| 5.50%, 02/11/41, GBP (e) | 700 | 640 |
| 7.75%, 04/30/44, GBP (e) | 600 | 561 |
| Thames Water Utilities Limited |  |  |
| 0.00%, 03/22/27, GBP (d) (o) | 37 | 42 |
|  |  | 31840 |
| **Energy 1.8%** | **Energy 1.8%** | **Energy 1.8%** |
| Energy Transfer LP |  |  |
| 6.10%, 12/01/28 | 1700 | 1786 |
| Expand Energy Corporation |  |  |
| 5.70%, 01/15/35 | 500 | 508 |
| Gaz Capital S.A. |  |  |
| 0.00%, 03/23/27 (e) (f) (g) | 800 | 648 |
| Gaz Finance PLC |  |  |
| 0.00%, 06/29/27 - 01/27/29 (e) (f) (g) | 6600 | 4700 |
| Petroleos de Venezuela, S.A. |  |  |
| 0.00%, 05/16/26 - 04/12/37 (e) (f) (g) | 1590 | 201 |
| Petroleos Mexicanos |  |  |
| 6.70%, 02/16/32 | 7889 | 7345 |
| 6.95%, 01/28/60 | 1190 | 852 |
| Topaz Solar Farms LLC |  |  |
| 4.88%, 09/30/39 (d) | 54 | 47 |
| 5.75%, 09/30/39 (d) (n) | 589 | 576 |
| Venture Global Calcasieu Pass, LLC |  |  |
| 3.88%, 08/15/29 - 11/01/33 (d) | 2200 | 2068 |
| Venture Global LNG, Inc. |  |  |
| 8.13%, 06/01/28 (d) | 1600 | 1652 |
| 9.50%, 02/01/29 (d) | 200 | 218 |
| 7.00%, 01/15/30 (d) | 5400 | 5465 |
| 9.88%, 02/01/32 (d) | 3000 | 3240 |
|  |  | 29306 |

---

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page [607](#abbreviations).

**JNL Series Trust** (Unaudited)

**Schedules of Investments (in thousands)**

June 30, 2025

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| **Communication Services 1.0%** | **Communication Services 1.0%** | **Communication Services 1.0%** |
| Altice France |  |  |
| 4.13%, 01/15/29, EUR (e) | 100 | 99 |
| 4.25%, 10/15/29, EUR (e) | 100 | 99 |
| Altice France Holding S.A. |  |  |
| 5.88%, 02/01/27, EUR (e) | 400 | 423 |
| 8.13%, 02/01/27 (d) | 1000 | 900 |
| 5.50%, 01/15/28 - 10/15/29 (d) | 600 | 503 |
| 5.13%, 01/15/29 - 07/15/29 (d) | 900 | 743 |
| DISH DBS Corporation |  |  |
| 5.25%, 12/01/26 (d) | 2590 | 2351 |
| 5.75%, 12/01/28 (d) | 2090 | 1811 |
| Intelsat Jackson Holdings S.A. |  |  |
| 6.50%, 03/15/30 (d) | 8903 | 9080 |
|  |  | 16009 |
| **Consumer Discretionary 0.9%** | **Consumer Discretionary 0.9%** | **Consumer Discretionary 0.9%** |
| Carvana Co. |  |  |
| 11.00%, 06/01/30 (d) (i) (q) | 1836 | 1931 |
| 14.00%, 06/01/31 (d) (q) | 2285 | 2706 |
| Mitchells & Butlers Finance PLC |  |  |
| 6.01%, 12/15/28, GBP (i) | 84 | 117 |
| Nissan Motor Acceptance Company LLC |  |  |
| 6.37%, 09/13/27 (d) (k) | 2600 | 2561 |
| Nissan Motor Co., Ltd. |  |  |
| 3.52%, 09/17/25 (d) | 2000 | 1986 |
| 4.35%, 09/17/27 (d) | 4300 | 4129 |
| 4.81%, 09/17/30 (d) | 300 | 274 |
| Stellantis Finance US Inc. |  |  |
| 5.75%, 03/18/30 (d) | 700 | 706 |
| 6.45%, 03/18/35 (d) | 400 | 402 |
|  |  | 14812 |
| **Industrials 0.6%** | **Industrials 0.6%** | **Industrials 0.6%** |
| Boeing Company, The |  |  |
| 2.75%, 02/01/26 | 2140 | 2121 |
| 2.20%, 02/04/26 (r) | 6480 | 6377 |
| 6.26%, 05/01/27 (r) | 630 | 648 |
| 6.30%, 05/01/29 (r) | 90 | 95 |
| 6.53%, 05/01/34 (r) | 300 | 326 |
|  |  | 9567 |
| **Health Care 0.6%** | **Health Care 0.6%** | **Health Care 0.6%** |
| Bayer US Finance LLC |  |  |
| 6.25%, 01/21/29 (d) | 3700 | 3882 |
| Centene Corporation |  |  |
| 3.38%, 02/15/30 | 700 | 646 |
| 3.00%, 10/15/30 | 1900 | 1698 |
| 2.63%, 08/01/31 | 3000 | 2571 |
|  |  | 8797 |
| **Consumer Staples 0.5%** | **Consumer Staples 0.5%** | **Consumer Staples 0.5%** |
| B.A.T. International Finance P.L.C. |  |  |
| 5.93%, 02/02/29 | 5700 | 5981 |
| Flora Food Management B.V. |  |  |
| 6.88%, 07/02/29, EUR (d) | 1100 | 1315 |
|  |  | 7296 |
| **Real Estate 0.3%** | **Real Estate 0.3%** | **Real Estate 0.3%** |
| Country Garden Holdings Company Limited |  |  |
| 0.00%, 10/22/25 - 01/17/49 (e) (f) (g) | 1800 | 135 |
| EPR Properties |  |  |
| 4.75%, 12/15/26 | 32 | 32 |
| 4.95%, 04/15/28 | 90 | 90 |
| GLP Financing, LLC |  |  |
| 5.30%, 01/15/29 | 268 | 271 |
| Hudson Pacific Properties, L.P. |  |  |
| 3.95%, 11/01/27 | 800 | 767 |
| Kennedy Wilson Europe Real Estate Limited |  |  |
| 3.25%, 11/12/25, EUR (e) | 1895 | 2210 |
| Uniti Group Inc. |  |  |
| 10.50%, 02/15/28 (d) | 1356 | 1437 |
| 6.50%, 02/15/29 (d) | 507 | 490 |
|  |  | 5432 |
| Total Corporate Bonds And Notes (cost $199,024) | Total Corporate Bonds And Notes (cost $199,024) | 194735 |
| **SENIOR FLOATING RATE INSTRUMENTS 3.3%** | **SENIOR FLOATING RATE INSTRUMENTS 3.3%** | **SENIOR FLOATING RATE INSTRUMENTS 3.3%** |
| **Health Care 1.2%** | **Health Care 1.2%** | **Health Care 1.2%** |
| AMSURG LLC |  |  |
| 2023 First Out Term Loan, 11.11%, (SOFR + 4.75%), 07/20/26 (h) (k) | 2591 | 2396 |
| 2023 Last Out Term Loan, 12.24%, (3 Month Term SOFR + 7.88%), 11/03/28 (k) (s) | 15711 | 16182 |
|  |  | 18578 |
| **Industrials 0.9%** | **Industrials 0.9%** | **Industrials 0.9%** |
| American Airlines, Inc. |  |  |
| 2025 Term Loan, 6.52%, (3 Month Term SOFR + 2.25%), 04/20/28 (k) | 1469 | 1458 |
| SVF II Finco Cayman LP |  |  |
| Term Loan, 0.00%, 12/31/49 (h) (k) (t) | 3200 | 3209 |
| TransDigm, Inc. |  |  |
| 2023 Term Loan J, 6.80%, (3 Month Term SOFR + 2.50%), 02/28/31 (k) | 9601 | 9617 |
|  |  | 14284 |
| **Information Technology 0.3%** | **Information Technology 0.3%** | **Information Technology 0.3%** |
| Poseidon BidCo |  |  |
| 2024 EUR Term Loan B, 0.00%, (3 Month EURIBOR + 5.00%), 12/31/49, EUR (k) (t) | 2100 | 1667 |
| Softbank Vision Fund II |  |  |
| Term Loan, 6.00%, 12/21/25 (h) (k) | 3768 | 3768 |
|  |  | 5435 |
| **Financials 0.3%** | **Financials 0.3%** | **Financials 0.3%** |
| Republic of Panama |  |  |
| Term Loan, 4.80%, 04/01/27, EUR (h) (k) | 3900 | 4594 |
| **Communication Services 0.3%** | **Communication Services 0.3%** | **Communication Services 0.3%** |
| Altice France S.A. |  |  |
| 2023 USD Term Loan B14, 9.76%, (3 Month Term SOFR + 5.50%), 08/31/28 (k) | 1089 | 984 |
| Numericable US LLC |  |  |
| USD Term Loan B11, 9.25%, (3 Month USD LIBOR + 2.75%), 07/31/25 (k) | 399 | 346 |
| SubCalidora 2 Sa rl |  |  |
| 2024 EUR Term Loan, 8.11%, (3 Month EURIBOR + 5.75%), 08/14/29, EUR (h) (k) | 1200 | 1428 |
| Syniverse Holdings, Inc. |  |  |
| 2022 Term Loan, 11.30%, (3 Month Term SOFR + 7.00%), 05/06/27 (k) | 1493 | 1410 |
|  |  | 4168 |
| **Materials 0.2%** | **Materials 0.2%** | **Materials 0.2%** |
| SCURAlpha 1503 Gmbh |  |  |
| USD Term Loan B1, 9.82%, (SOFR + 5.00%), 01/04/30 (k) | 2451 | 2301 |
| EUR Term Loan B1, 7.69%, (1 Month EURIBOR + 5.50%), 03/30/30, EUR (k) | 1300 | 1502 |
| Westmoreland Coal Co |  |  |
| PIK Term Loan, 8.00%, 03/15/29 (h) (k) (q) | 23 | 9 |
|  |  | 3812 |
| **Consumer Discretionary 0.1%** | **Consumer Discretionary 0.1%** | **Consumer Discretionary 0.1%** |
| Hudsons Bay Co |  |  |
| Term Loan, 0.00%, (SOFR + 7.00%), 09/30/26 (h) (k) (t) | 827 | 790 |
| **Utilities 0.0%** | **Utilities 0.0%** | **Utilities 0.0%** |
| Thames Water Utils Ltd |  |  |
| Term Loan, 0.00%, 12/31/49, GBP (h) (k) (t) | 253 | 325 |
| **Energy 0.0%** | **Energy 0.0%** | **Energy 0.0%** |
| Lealand Finance Company B.V. |  |  |
| 2020 Make Whole Term Loan, 7.44%, (1 Month Term SOFR + 3.00%), 06/30/27 (k) | 21 | 13 |
| 2020 Take Back Term Loan, 9.25%, (1 Month Term SOFR + 3.00%), 12/31/27 (k) (q) | 75 | 38 |
|  |  | 51 |
| Total Senior Floating Rate Instruments (cost $51,454) | Total Senior Floating Rate Instruments (cost $51,454) | 52037 |
| **COMMON STOCKS 0.8%** | **COMMON STOCKS 0.8%** | **COMMON STOCKS 0.8%** |
| **Communication Services 0.5%** | **Communication Services 0.5%** | **Communication Services 0.5%** |
| Clear Channel Outdoor Holdings, Inc. (f) (n) | 515 | 603 |
| iHeartMedia, Inc. (f) | 91 | 93 |
| iHeartMedia, Inc. - Class A (f) | 124 | 219 |
| Intelsat Jackson Holdings, Ltd. (f) (h) | 124 | 4274 |

---

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page [607](#abbreviations).

**JNL Series Trust** (Unaudited)

**Schedules of Investments (in thousands)**

June 30, 2025

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| Windstream Holdings, Inc. (f) (h) | 109 | 2134 |
| | | 7323 |
| **Health Care 0.3%** | **Health Care 0.3%** | **Health Care 0.3%** |
| Amsurg Corp. (f) (h) | 101 | 4580 |
| **Real Estate 0.0%** | **Real Estate 0.0%** | **Real Estate 0.0%** |
| Uniti Group Inc. (f) | 40 | 175 |
| **Financials 0.0%** | **Financials 0.0%** | **Financials 0.0%** |
| UBS Group AG | 4 | 139 |
| **Energy 0.0%** | **Energy 0.0%** | **Energy 0.0%** |
| WestMet Group Holdings (f) | 2 | 5 |
| **Materials 0.0%** | **Materials 0.0%** | **Materials 0.0%** |
| Westmoreland Coal Company (f) | 1 |  |
| Total Common Stocks (cost $15,804) | Total Common Stocks (cost $15,804) | 12222 |
| **WARRANTS 0.0%** | **WARRANTS 0.0%** | **WARRANTS 0.0%** |
| Intelsat Jackson Holdings, Ltd. (f) (h) |  |  |
| Intelsat Jackson Holdings, Ltd. (f) (h) | 1 | 3 |
| Windstream Holdings, Inc. (f) (h) | 22 | 424 |
| Total Warrants (cost $288) | Total Warrants (cost $288) | 427 |
| **SHORT TERM INVESTMENTS 5.2%** | **SHORT TERM INVESTMENTS 5.2%** | **SHORT TERM INVESTMENTS 5.2%** |
| **U.S. Treasury Bill 3.7%** | **U.S. Treasury Bill 3.7%** | **U.S. Treasury Bill 3.7%** |
| Treasury, United States Department of |  |  |
| 4.16%, 07/01/25 | 7400 | 7399 |
| 4.29%, 07/22/25 | 3250 | 3242 |
| 4.28%, 07/29/25 | 5700 | 5682 |
| 4.29%, 08/07/25 (c) | 1102 | 1097 |
| 4.30%, 09/04/25 (c) | 3500 | 3473 |
| 4.31%, 09/11/25 | 5200 | 5156 |
| 4.26%, 09/16/25 (c) | 4700 | 4657 |
| 4.28%, 10/14/25 | 15100 | 14915 |
| 4.26%, 10/21/25 | 12850 | 12682 |
|  |  | 58303 |
| **Treasury Securities 1.2%** | **Treasury Securities 1.2%** | **Treasury Securities 1.2%** |
| Presidencia da Republica |  |  |
| 10.84%, 07/01/25, BRL | 2400 | 441 |
| 12.90%, 10/01/25, BRL | 81700 | 14497 |
| 13.20%, 04/01/26, BRL | 26300 | 4359 |
|  |  | 19297 |
| **Investment Companies 0.2%** | **Investment Companies 0.2%** | **Investment Companies 0.2%** |
| JNL Government Money Market Fund - Class I, 4.20% (u) (v) | 2713 | 2713 |
| **Securities Lending Collateral 0.1%** | **Securities Lending Collateral 0.1%** | **Securities Lending Collateral 0.1%** |
| JNL Government Money Market Fund - Class SL, 4.30% (u) (v) | 1721 | 1721 |
| **Discount Notes 0.0%** | **Discount Notes 0.0%** | **Discount Notes 0.0%** |
| FHLBanks Office of Finance |  |  |
| 4.16%, 07/01/25 | 400 | 400 |
| Total Short Term Investments (cost $80,803) | Total Short Term Investments (cost $80,803) | 82434 |
| **Total Investments 150.9% (cost $2,455,704)** | **Total Investments 150.9% (cost $2,455,704)** | **2399494** |
| **Total Forward Sales Commitments 0.0% (proceeds $650)** | **Total Forward Sales Commitments 0.0% (proceeds $650)** | (651) |
| **Total Purchased Options 0.0% (cost $254)** | **Total Purchased Options 0.0% (cost $254)** | **180** |
| **Other Derivative Instruments (0.4)%** | **Other Derivative Instruments (0.4)%** | **(6080)** |
| **Other Assets and Liabilities, Net (50.5)%** | **Other Assets and Liabilities, Net (50.5)%** | **(802753)** |
| **Total Net Assets 100.0%** | **Total Net Assets 100.0%** | **1590190** |

---

(a) All or a portion of the security was purchased on a delayed delivery basis. As of June 30, 2025, the total payable for investments purchased on a delayed delivery basis was $842,904.

(b) Treasury inflation indexed note, par amount is adjusted for inflation.

(c) All or a portion of the security is pledged or segregated as collateral.

(d) Security is exempt from registration under the Securities Act of 1933, as amended. As of June 30, 2025, the value and the percentage of net assets of these securities was $136,227 and 8.6% of the Fund.

(e) Security is restricted to resale to institutional investors or subject to trading restrictions due to sanctions on foreign issuers. See Restricted Securities table following the Schedules of Investments.

(f) Non-income producing security.

(g) As of June 30, 2025, issuer was in bankruptcy and/or was in default relating to principal and/or interest. Partial or no payments were paid on the last interest or dividend date. The aggregate value of these securities represented 0.7% of the Fund's net assets.

(h) Security fair valued in good faith as a Level 3 security in accordance with the procedures approved by the Board of Trustees. Good faith fair valued securities are classified based on the applicable valuation inputs. See "Fair Value Measurement" in the Notes to Financial Statements.

(i) Security is a step-up bond where the coupon may increase or step up at a future date or as the result of an upgrade or downgrade to the credit rating of the issuer. Rate stated was the coupon as of June 30, 2025.

(j) Treasury inflation indexed note, par amount is not adjusted for inflation.

(k) Security has a variable rate. Interest rates reset periodically. Rate stated was in effect as of June 30, 2025. For securities based on a published reference rate and spread, the reference rate and spread are presented. Certain variable rate securities do not indicate a reference rate and spread because they are determined by the issuer, remarketing agent, or offering documents and are based on current market conditions. The coupon rate for securities with certain features outlined in the offering documents may vary from the stated reference rate and spread. This includes, but is not limited to, securities with deferred rates, contingent distributions, caps, floors, and fixed-rate to float-rate features. In addition, variable rates for government and agency collateralized mortgage obligations ("CMO") and mortgage-backed securities ("MBS") are determined by tranches of underlying mortgage-backed security pools' cash flows into securities and pass-through rates which reflect the rate earned on the asset pool after management and guarantee fees are paid to the securitizing corporation. CMO and MBS variable rates are determined by a formula set forth in the security's offering documents.

(l) The coupon rate represents the weighted average coupon and may differ from the stated coupon rate.

(m) Convertible security.

(n) All or a portion of the security was on loan as of June 30, 2025.

(o) Security issued with a zero coupon. Income is recognized through the accretion of discount.

(p) Perpetual security. Next contractual call price and date are presented in parentheses, if applicable.

(q) Pay-in-kind security. Stated coupon is the pay-in-kind rate. The interest earned by the security may be paid in cash or additional par.

(r) The interest rate for this security is inversely affected by upgrades or downgrades to the credit rating of the issuer. Rate stated was the coupon as of June 30, 2025.

(s) Security fair valued in good faith as a Level 2 security in accordance with the procedures approved by the Board of Trustees. Good faith fair valued securities are classified based on the applicable valuation inputs. See "Fair Value Measurement" in the Notes to Financial Statements.

(t) This senior floating rate interest will settle after June 30, 2025. If a reference rate and spread is presented, it will go into effect upon settlement.

(u) Investment in affiliate.

(v) Yield changes daily to reflect current market conditions. Rate was the quoted yield as of June 30, 2025.

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>**  | **Value ($)**  |
| **FORWARD SALES COMMITMENTS (0.0%)** | **FORWARD SALES COMMITMENTS (0.0%)** | **FORWARD SALES COMMITMENTS (0.0%)** |
| **GOVERNMENT AND AGENCY OBLIGATIONS (0.0%)** | **GOVERNMENT AND AGENCY OBLIGATIONS (0.0%)** | **GOVERNMENT AND AGENCY OBLIGATIONS (0.0%)** |
| **Mortgage-Backed Securities (0.0%)** | **Mortgage-Backed Securities (0.0%)** | **Mortgage-Backed Securities (0.0%)** |
| Government National Mortgage Association |  |  |
| TBA, 4.00%, 07/15/55 (a) | (700) | (651) |
| Total Government And Agency Obligations (proceeds $650) | Total Government And Agency Obligations (proceeds $650) | (651) |
| **Total Forward Sales Commitments (0.0%) (proceeds $650)** | **Total Forward Sales Commitments (0.0%) (proceeds $650)** | (651) |

---

(a) All or a portion of the security was sold on a delayed delivery basis. As of June 30, 2025, the total proceeds for investments sold on a delayed delivery basis was $650.

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page [607](#abbreviations).

**JNL Series Trust** (Unaudited)

**Schedules of Investments (in thousands)**

June 30, 2025

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **JNL/PIMCO Income Fund — Investments in Affiliates** | **JNL/PIMCO Income Fund — Investments in Affiliates** | **JNL/PIMCO Income Fund — Investments in Affiliates** | **JNL/PIMCO Income Fund — Investments in Affiliates** | **JNL/PIMCO Income Fund — Investments in Affiliates** | **JNL/PIMCO Income Fund — Investments in Affiliates** | **JNL/PIMCO Income Fund — Investments in Affiliates** | **JNL/PIMCO Income Fund — Investments in Affiliates** | **JNL/PIMCO Income Fund — Investments in Affiliates** |
| **Affiliated Investment** | **Value Beginning of Period($)** | **Purchases($)** | **Sales Proceeds($)** | **Dividend Income/ Distributions from Funds($)** | **Realized Gain (Loss)($)** | **Change in Unrealized Appreciation (Depreciation) ($)** | **Value End of Period($)** | **Percentage of Net Assets(%)** |
| JNL Government Money Market Fund, 4.20% - Class I | 3430 | 149931 | 150648 | 92 |  |  | 2713 | 0.2 |
| JNL Government Money Market Fund, 4.30% - Class SL | 393 | 14583 | 13255 | 21 |  |  | 1721 | 0.1 |
|  | 3823 | 164514 | 163903 | 113 |  |  | 4434 | 0.3 |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **JNL/PIMCO Income Fund — Futures Contracts** | **JNL/PIMCO Income Fund — Futures Contracts** | **JNL/PIMCO Income Fund — Futures Contracts** | **JNL/PIMCO Income Fund — Futures Contracts** | **JNL/PIMCO Income Fund — Futures Contracts** | **JNL/PIMCO Income Fund — Futures Contracts** | **JNL/PIMCO Income Fund — Futures Contracts** |
| **Reference Entity** | **Contracts<sup>1</sup>** | **Expiration** | **Notional<sup>1</sup>** | **Notional<sup>1</sup>** | **Variation**<br> **Margin**<br> **Receivable**<br> (Payable) ($) | **Value/**<br> **Unrealized**<br> **Appreciation**<br> (Depreciation) ($) |
| **Long Contracts** | **Long Contracts** | **Long Contracts** | **Long Contracts** | **Long Contracts** | **Long Contracts** | **Long Contracts** |
| Australia 10 Year Bond | 391 | September 2025 | AUD | 44453 | (136) | 234 |
| Long Gilt | 888 | September 2025 | GBP | 80704 | (268) | 2579 |
| United States 10 Year Note | 1744 | September 2025 |  | 192277 | 545 | 3269 |
| United States 10 Year Ultra Bond | 83 | September 2025 |  | 9273 | 40 | 211 |
| United States 2 Year Note | 15 | October 2025 |  | 3109 | 1 | 12 |
| United States 5 Year Note | 1923 | October 2025 |  | 207185 | 255 | 2422 |
|  |  |  |  |  | 437 | 8727 |
| **Short Contracts** | **Short Contracts** | **Short Contracts** | **Short Contracts** | **Short Contracts** | **Short Contracts** | **Short Contracts** |
| 3 Month SOFR Index | (175) | September 2025 |  | (42312) | 3 | 458 |
| 3 Month SOFR Index | (23) | December 2025 |  | (5626) |  | 106 |
| 3 Month SOFR Index | (31) | March 2026 |  | (7583) | (1) | 117 |
| 3 Month SOFR Index | (27) | June 2026 |  | (6603) | (2) | 82 |
| Euro BOBL | (127) | September 2025 | EUR | (15007) | 25 | 72 |
| Euro Bund | (263) | September 2025 | EUR | (34478) | 105 | 289 |
| Euro Schatz | (1) | September 2025 | EUR | (107) |  |  |
| United States Long Bond | (463) | September 2025 |  | (51541) | (463) | (1921) |
| United States Ultra Bond | (61) | September 2025 |  | (7070) | (82) | (196) |
|  |  |  |  |  | (415) | (993) |

---

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **JNL/PIMCO Income Fund — Centrally Cleared Interest Rate Swap Agreements** | **JNL/PIMCO Income Fund — Centrally Cleared Interest Rate Swap Agreements** | **JNL/PIMCO Income Fund — Centrally Cleared Interest Rate Swap Agreements** | **JNL/PIMCO Income Fund — Centrally Cleared Interest Rate Swap Agreements** | **JNL/PIMCO Income Fund — Centrally Cleared Interest Rate Swap Agreements** | **JNL/PIMCO Income Fund — Centrally Cleared Interest Rate Swap Agreements** | **JNL/PIMCO Income Fund — Centrally Cleared Interest Rate Swap Agreements** | **JNL/PIMCO Income Fund — Centrally Cleared Interest Rate Swap Agreements** |
| **Floating Rate Index<sup>2</sup>** | **Paying /**<br> **Receiving**<br> **Floating Rate** | **Fixed Rate<sup>2</sup> (%)** | **Expiration** | **Notional<sup>1</sup>** | **Notional<sup>1</sup>** | **Variation**<br> **Margin**<br> **Receivable**<br> (Payable) ($) | **Value/**<br> **Unrealized**<br> **Appreciation**<br> (Depreciation) ($) |
| 28-Day MEXIBOR (M) | Paying | 9.02<br> (M) | 12/17/29 | MXN | 10400 | 1 | 27 |
| 28-Day MEXIBOR (M) | Paying | 8.99<br> (M) | 12/18/29 | MXN | 7700 | 1 | 20 |
| 28-Day MEXIBOR (M) | Paying | 9.14<br> (M) | 12/27/29 | MXN | 14900 | 2 | 42 |
| 28-Day MEXIBOR (M) | Paying | 9.15<br> (M) | 12/31/29 | MXN | 12800 | 2 | 37 |
| 28-Day MEXIBOR (M) | Paying | 9.11<br> (M) | 03/13/30 | MXN | 39400 | 5 | 113 |
| 3M JIBAR (Q) | Paying | 8.41<br> (Q) | 07/31/28 | ZAR | 2000 |  | 4 |
| 3M JIBAR (Q) | Paying | 8.42<br> (Q) | 07/31/28 | ZAR | 1600 |  | 4 |
| 3M JIBAR (Q) | Paying | 8.42<br> (Q) | 07/31/28 | ZAR | 6000 | 1 | 13 |
| 3M JIBAR (Q) | Paying | 8.43<br> (Q) | 07/31/28 | ZAR | 4000 |  | 9 |
| 3M JIBAR (Q) | Paying | 8.43<br> (Q) | 08/01/28 | ZAR | 2400 |  | 5 |
| 3M JIBAR (Q) | Paying | 8.46<br> (Q) | 08/01/28 | ZAR | 4100 |  | 9 |
| 3M JIBAR (Q) | Paying | 8.46<br> (Q) | 08/02/28 | ZAR | 4100 |  | 9 |
| 3M JIBAR (Q) | Paying | 8.46<br> (Q) | 08/02/28 | ZAR | 4100 |  | 9 |
| 3M JIBAR (Q) | Paying | 8.55<br> (Q) | 08/03/28 | ZAR | 8400 | 1 | 20 |
| 3M JIBAR (Q) | Paying | 8.38<br> (Q) | 08/04/28 | ZAR | 4200 |  | 9 |
| 3M JIBAR (Q) | Paying | 8.41<br> (Q) | 08/04/28 | ZAR | 10200 | 1 | 23 |
| 3M JIBAR (Q) | Paying | 8.42<br> (Q) | 08/04/28 | ZAR | 4200 |  | 9 |
| 3M JIBAR (Q) | Paying | 8.42<br> (Q) | 08/04/28 | ZAR | 4300 |  | 10 |
| 3M JIBAR (Q) | Paying | 8.54<br> (Q) | 08/04/28 | ZAR | 4300 |  | 10 |
| 3M JIBAR (Q) | Paying | 8.36<br> (Q) | 08/07/28 | ZAR | 7700 | 1 | 16 |
| 3M JIBAR (Q) | Paying | 8.40<br> (Q) | 08/07/28 | ZAR | 7700 | 1 | 17 |
| 3M JIBAR (Q) | Paying | 8.41<br> (Q) | 08/07/28 | ZAR | 2300 |  | 5 |
| 3M JIBAR (Q) | Paying | 8.00<br> (Q) | 01/03/31 | ZAR | 5000 | 1 | 7 |
| 3M JIBAR (Q) | Paying | 8.00<br> (Q) | 01/06/31 | ZAR | 5000 | 1 | 7 |
| 3M JIBAR (Q) | Paying | 8.01<br> (Q) | 01/07/31 | ZAR | 4900 | 1 | 7 |
| 3M JIBAR (Q) | Paying | 8.03<br> (Q) | 01/07/31 | ZAR | 4900 | 1 | 7 |
| 3M JIBAR (Q) | Paying | 8.05<br> (Q) | 01/07/31 | ZAR | 4900 | 1 | 8 |
| 3M JIBAR (Q) | Paying | 8.06<br> (Q) | 01/07/31 | ZAR | 4900 | 1 | 8 |
| 3M JIBAR (Q) | Paying | 8.06<br> (Q) | 01/08/31 | ZAR | 14900 | 3 | 24 |
| 3M JIBAR (Q) | Paying | 8.08<br> (Q) | 01/08/31 | ZAR | 6900 | 1 | 11 |

---

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page [607](#abbreviations).

**JNL Series Trust** (Unaudited)

**Schedules of Investments (in thousands)**

June 30, 2025

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **JNL/PIMCO Income Fund — Centrally Cleared Interest Rate Swap Agreements (continued)** | **JNL/PIMCO Income Fund — Centrally Cleared Interest Rate Swap Agreements (continued)** | **JNL/PIMCO Income Fund — Centrally Cleared Interest Rate Swap Agreements (continued)** | **JNL/PIMCO Income Fund — Centrally Cleared Interest Rate Swap Agreements (continued)** | **JNL/PIMCO Income Fund — Centrally Cleared Interest Rate Swap Agreements (continued)** | **JNL/PIMCO Income Fund — Centrally Cleared Interest Rate Swap Agreements (continued)** | **JNL/PIMCO Income Fund — Centrally Cleared Interest Rate Swap Agreements (continued)** | **JNL/PIMCO Income Fund — Centrally Cleared Interest Rate Swap Agreements (continued)** |
| **Floating Rate Index<sup>2</sup>** | **Paying /**<br> **Receiving**<br> **Floating Rate** | **Fixed Rate<sup>2</sup> (%)** | **Expiration** | **Notional<sup>1</sup>** | **Notional<sup>1</sup>** | **Variation**<br> **Margin**<br> **Receivable**<br> (Payable) ($) | **Value/**<br> **Unrealized**<br> **Appreciation**<br> (Depreciation) ($) |
| 3M JIBAR (Q) | Paying | 8.20<br> (Q) | 01/10/31 | ZAR | 24900 | 5 | 48 |
| 3M New Zealand Bank Bill Forward Rate Agreement (Q) | Paying | 4.75<br> (S) | 06/19/29 | NZD | 9300 | (6) | 217 |
| 6M Australian Bank Bill Short Term Rate (S) | Paying | 4.00<br> (S) | 09/18/29 | AUD | 26300 | (17) | 10 |
| 6M Australian Bank Bill Short Term Rate (S) | Paying | 4.50<br> (S) | 06/18/35 | AUD | 46200 | (112) | 384 |
| 6M EURIBOR (S) | Receiving | (0.33)<br> (A) | 12/30/25 | EUR | 300 |  | 4 |
| 6M EURIBOR (S) | Receiving | 2.59<br> (A) | 08/19/34 | EUR | 2400 | 7 | (7) |
| 6M EURIBOR (S) | Receiving | 2.51<br> (A) | 04/09/35 | EUR | 1300 | 4 | 11 |
| 6M EURIBOR (S) | Receiving | 0.25<br> (A) | 03/18/50 | EUR | 5400 | 21 | 3183 |
| 6M EURIBOR (S) | Receiving | 0.50<br> (A) | 06/17/50 | EUR | 2500 | 11 | 1567 |
| 6M EURIBOR (S) | Receiving | 0.83<br> (A) | 12/09/52 | EUR | 23200 | 25 | 2374 |
| 6M EURIBOR (S) | Receiving | 2.25<br> (A) | 09/17/55 | EUR | 38800 | 229 | 1558 |
| 6M EURIBOR (S) | Paying | 0.65<br> (A) | 04/12/27 | EUR | 8200 | (2) | (172) |
| 6M EURIBOR (S) | Paying | 0.65<br> (A) | 05/11/27 | EUR | 8200 | (3) | (170) |
| 6M EURIBOR (S) | Paying | 1.00<br> (A) | 05/13/27 | EUR | 11200 | (4) | (155) |
| 6M EURIBOR (S) | Paying | 1.00<br> (A) | 05/18/27 | EUR | 5400 | (2) | (78) |
| 6M EURIBOR (S) | Paying | 3.37<br> (A) | 10/09/28 | EUR | 3000 | (4) | 127 |
| 6M EURIBOR (S) | Paying | 3.45<br> (A) | 10/20/28 | EUR | 2800 | (4) | 128 |
| 6M EURIBOR (S) | Paying | 2.77<br> (A) | 04/16/29 | EUR | 2400 | (4) | 57 |
| 6M EURIBOR (S) | Paying | 2.86<br> (A) | 04/24/29 | EUR | 3600 | (5) | 99 |
| 6M EURIBOR (S) | Paying | 2.78<br> (A) | 05/02/29 | EUR | 2400 | (4) | 59 |
| 6M EURIBOR (S) | Paying | 2.95<br> (A) | 06/12/29 | EUR | 1800 | (3) | 57 |
| 6M EURIBOR (S) | Paying | 2.25<br> (A) | 09/17/30 | EUR | 76350 | (130) | 751 |
| 6M EURIBOR (S) | Paying | 2.00<br> (A) | 09/21/32 | EUR | 25380 | (54) | (952) |
| 6M EURIBOR (S) | Paying | 2.55<br> (A) | 03/09/33 | EUR | 5800 | (14) | 47 |
| 6M EURIBOR (S) | Paying | 3.27<br> (A) | 08/21/33 | EUR | 1600 | (4) | 100 |
| 6M EURIBOR (S) | Paying | 2.77<br> (A) | 04/29/34 | EUR | 1600 | (4) | 33 |
| 6M EURIBOR (S) | Paying | 2.41<br> (A) | 11/05/34 | EUR | 2800 | (8) | (40) |
| 6M EURIBOR (S) | Paying | 2.22<br> (A) | 01/08/35 | EUR | 1400 | (4) | (45) |
| 6M EURIBOR (S) | Paying | 2.42<br> (A) | 03/07/35 | EUR | 1300 | (4) | (21) |
| 6M EURIBOR (S) | Paying | 2.52<br> (A) | 03/27/35 | EUR | 1300 | (4) | (9) |
| 6M EURIBOR (S) | Paying | 2.25<br> (A) | 09/17/35 | EUR | 2500 | (7) | (19) |
| Bank of Canada Overnight Repo Rate (S) | Paying | 3.75<br> (S) | 12/21/25 | CAD | 24900 | (2) | 513 |
| Bank of Japan Overnight Call Rate TONAR (S) | Receiving | (0.02)<br> (S) | 09/20/28 | JPY | 12430000 | 25 | 2365 |
| Bank of Japan Overnight Call Rate TONAR (S) | Receiving | 0.00<br> (S) | 03/15/29 | JPY | 6580000 | 17 | 1568 |
| Bank of Japan Overnight Call Rate TONAR (A) | Receiving | 0.70<br> (A) | 09/18/29 | JPY | 3190000 | 12 | 84 |
| Bank of Japan Overnight Call Rate TONAR (A) | Receiving | 0.40<br> (A) | 06/15/32 | JPY | 569400 | 4 | 153 |
| Bank of Japan Overnight Call Rate TONAR (A) | Receiving | 1.00<br> (A) | 09/18/34 | JPY | 1640000 | 14 | 35 |
| Bank of Japan Overnight Call Rate TONAR (A) | Receiving | 1.25<br> (A) | 06/18/35 | JPY | 382000 | 4 | 69 |
| Bank of Japan Overnight Call Rate TONAR (A) | Receiving | 0.50<br> (A) | 03/15/42 | JPY | 276000 | 7 | 257 |
| Bank of Japan Overnight Call Rate TONAR (A) | Receiving | 0.71<br> (A) | 04/27/42 | JPY | 130000 | 3 | 131 |
| Bank of Japan Overnight Call Rate TONAR (A) | Paying | 0.18<br> (A) | 04/27/27 | JPY | 520000 | (1) | (31) |
| BRAZIBOR (A) | Paying | 9.87<br> (A) | 01/02/26 | BRL | 6100 | (1) | (62) |
| BRAZIBOR (A) | Paying | 9.91<br> (A) | 01/02/26 | BRL | 9500 | (2) | (95) |
| BRAZIBOR (A) | Paying | 9.84<br> (A) | 01/02/26 | BRL | 12100 | (2) | (125) |
| BRAZIBOR (A) | Paying | 10.07<br> (A) | 01/02/26 | BRL | 18900 | (3) | (178) |
| BRAZIBOR (A) | Paying | 10.05<br> (A) | 01/02/26 | BRL | 19000 | (3) | (180) |
| BRAZIBOR (A) | Paying | 10.02<br> (A) | 01/02/26 | BRL | 19200 | (3) | (184) |
| BRAZIBOR (A) | Paying | 11.70<br> (A) | 01/04/27 | BRL | 100 |  | (1) |
| BRAZIBOR (A) | Paying | 11.25<br> (A) | 01/04/27 | BRL | 300 |  | (3) |
| BRAZIBOR (A) | Paying | 11.26<br> (A) | 01/04/27 | BRL | 300 |  | (3) |
| BRAZIBOR (A) | Paying | 11.72<br> (A) | 01/04/27 | BRL | 600 |  | (4) |
| BRAZIBOR (A) | Paying | 11.22<br> (A) | 01/04/27 | BRL | 600 |  | (7) |
| BRAZIBOR (A) | Paying | 11.87<br> (A) | 01/04/27 | BRL | 1600 |  | (10) |
| BRAZIBOR (A) | Paying | 10.21<br> (A) | 01/04/27 | BRL | 3880 | 1 | (41) |
| BRAZIBOR (A) | Paying | 10.00<br> (A) | 01/04/27 | BRL | 4300 |  | (58) |
| BRAZIBOR (A) | Paying | 10.10<br> (A) | 01/04/27 | BRL | 7300 |  | (96) |
| BRAZIBOR (A) | Paying | 10.07<br> (A) | 01/04/27 | BRL | 7530 | 1 | (85) |
| BRAZIBOR (A) | Paying | 10.18<br> (A) | 01/04/27 | BRL | 11500 | 2 | (124) |
| BRAZIBOR (A) | Paying | 10.17<br> (A) | 01/04/27 | BRL | 11540 | 2 | (126) |
| BRAZIBOR (A) | Paying | 10.00<br> (A) | 01/04/27 | BRL | 15600 | (1) | (212) |
| BRAZIBOR (A) | Paying | 9.96<br> (A) | 01/04/27 | BRL | 17500 | (1) | (242) |
| BRAZIBOR (A) | Paying | 10.17<br> (A) | 01/04/27 | BRL | 19260 | 3 | (209) |
| BRAZIBOR (A) | Paying | 10.33<br> (A) | 01/04/27 | BRL | 20480 | 3 | (208) |
| BRAZIBOR (A) | Paying | 14.01<br> (A) | 01/04/27 | BRL | 20500 | 4 | (4) |
| BRAZIBOR (A) | Paying | 10.10<br> (A) | 01/04/27 | BRL | 22760 | 3 | (254) |
| BRAZIBOR (A) | Paying | 10.18<br> (A) | 01/04/27 | BRL | 23090 | 4 | (249) |
| BRAZIBOR (A) | Paying | 10.26<br> (A) | 01/04/27 | BRL | 26920 | 4 | (282) |
| BRAZIBOR (A) | Paying | 10.20<br> (A) | 01/04/27 | BRL | 26950 | 4 | (289) |
| BRAZIBOR (A) | Paying | 13.93<br> (A) | 01/04/27 | BRL | 28900 | 6 | (13) |

---

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page [607](#abbreviations).

**JNL Series Trust** (Unaudited)

**Schedules of Investments (in thousands)**

June 30, 2025

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **JNL/PIMCO Income Fund — Centrally Cleared Interest Rate Swap Agreements (continued)** | **JNL/PIMCO Income Fund — Centrally Cleared Interest Rate Swap Agreements (continued)** | **JNL/PIMCO Income Fund — Centrally Cleared Interest Rate Swap Agreements (continued)** | **JNL/PIMCO Income Fund — Centrally Cleared Interest Rate Swap Agreements (continued)** | **JNL/PIMCO Income Fund — Centrally Cleared Interest Rate Swap Agreements (continued)** | **JNL/PIMCO Income Fund — Centrally Cleared Interest Rate Swap Agreements (continued)** | **JNL/PIMCO Income Fund — Centrally Cleared Interest Rate Swap Agreements (continued)** | **JNL/PIMCO Income Fund — Centrally Cleared Interest Rate Swap Agreements (continued)** |
| **Floating Rate Index<sup>2</sup>** | **Paying /**<br> **Receiving**<br> **Floating Rate** | **Fixed Rate<sup>2</sup> (%)** | **Expiration** | **Notional<sup>1</sup>** | **Notional<sup>1</sup>** | **Variation**<br> **Margin**<br> **Receivable**<br> (Payable) ($) | **Value/**<br> **Unrealized**<br> **Appreciation**<br> (Depreciation) ($) |
| BRAZIBOR (A) | Paying | 10.05<br> (A) | 01/04/27 | BRL | 29400 | (1) | (393) |
| BRAZIBOR (A) | Paying | 13.29<br> (A) | 01/02/29 | BRL | 19000 | 18 | 21 |
| BRAZIBOR (A) | Paying | 13.35<br> (A) | 01/02/29 | BRL | 37800 | 37 | 47 |
| Sterling Overnight Index Average Rate (A) | Receiving | 3.70<br> (A) | 03/28/34 | GBP | 1000 |  | 19 |
| Sterling Overnight Index Average Rate (A) | Receiving | 3.75<br> (A) | 03/19/55 | GBP | 1700 | 4 | 48 |
| Sterling Overnight Index Average Rate (A) | Paying | 3.50<br> (A) | 03/19/30 | GBP | 43100 | 22 | 184 |
| U.K. Retail Price Index (A) | Paying | 4.06<br> (A) | 09/15/31 | GBP | 1100 | 6 | (147) |
| U.K. Retail Price Index (A) | Paying | 4.00<br> (A) | 09/15/31 | GBP | 1300 | 8 | (178) |
| U.K. Retail Price Index (A) | Paying | 4.07<br> (A) | 09/15/31 | GBP | 2200 | 13 | (254) |
| U.K. Retail Price Index (A) | Paying | 4.40<br> (A) | 10/15/31 | GBP | 1400 | 8 | (112) |
| U.K. Retail Price Index (A) | Paying | 4.02<br> (A) | 10/15/31 | GBP | 1600 | 10 | (206) |
| U.K. Retail Price Index (A) | Paying | 4.14<br> (A) | 10/15/31 | GBP | 3100 | 19 | (344) |
| U.K. Retail Price Index (A) | Paying | 4.25<br> (A) | 11/15/31 | GBP | 3100 | 22 | (246) |
| U.S. SOFR (A) | Receiving | 1.60<br> (A) | 01/16/26 |  | 22200 | (3) | 25 |
| U.S. SOFR (A) | Receiving | 2.30<br> (A) | 01/17/26 |  | 15900 | (2) | 160 |
| U.S. SOFR (Q) | Receiving | 0.93<br> (S) | 05/06/26 |  | 3500 | (1) | 96 |
| U.S. SOFR (Q) | Receiving | 0.50<br> (S) | 06/16/26 |  | 35800 | (12) | 911 |
| U.S. SOFR (Q) | Receiving | 3.00<br> (S) | 06/19/26 |  | 59100 | (36) | 8920 |
| U.S. SOFR (A) | Receiving | 3.50<br> (A) | 06/21/26 |  | 4040 | (1) |  |
| U.S. SOFR (Q) | Receiving | 1.01<br> (S) | 06/24/26 |  | 5700 | (2) | 171 |
| U.S. SOFR (Q) | Receiving | 1.25<br> (S) | 12/15/26 |  | 1200 | (1) | 71 |
| U.S. SOFR (Q) | Receiving | 1.74<br> (S) | 12/16/26 |  | 2700 | (2) | 197 |
| U.S. SOFR (Q) | Receiving | 1.35<br> (S) | 01/20/27 |  | 11500 | (9) | 436 |
| U.S. SOFR (Q) | Receiving | 1.45<br> (S) | 02/17/27 |  | 8300 | (7) | 313 |
| U.S. SOFR (Q) | Receiving | 1.42<br> (S) | 02/24/27 |  | 6200 | (5) | 239 |
| U.S. SOFR (A) | Receiving | 1.00<br> (A) | 06/15/27 |  | 8220 | (5) | 108 |
| U.S. SOFR (A) | Receiving | 2.00<br> (A) | 12/21/27 |  | 2100 | (1) | (77) |
| U.S. SOFR (Q) | Receiving | 1.24<br> (S) | 05/12/28 |  | 1800 | (2) | 119 |
| U.S. SOFR (Q) | Receiving | 2.25<br> (S) | 06/20/28 |  | 2000 | (3) | 237 |
| U.S. SOFR (A) | Receiving | 3.25<br> (A) | 06/21/28 |  | 2620 | (2) | (28) |
| U.S. SOFR (A) | Receiving | 3.51<br> (A) | 11/30/28 |  | 1070 | (1) | (4) |
| U.S. SOFR (A) | Receiving | 3.51<br> (A) | 11/30/28 |  | 1500 | (1) | (6) |
| U.S. SOFR (A) | Receiving | 3.75<br> (A) | 12/20/28 |  | 18400 | (19) | (442) |
| U.S. SOFR (Q) | Receiving | 1.50<br> (S) | 01/12/29 |  | 1980 | (3) | 141 |
| U.S. SOFR (A) | Receiving | 3.30<br> (A) | 02/28/29 |  | 4340 | (5) | 20 |
| U.S. SOFR (A) | Receiving | 4.25<br> (A) | 03/20/29 |  | 3680 | (4) | 10 |
| U.S. SOFR (A) | Receiving | 3.75<br> (A) | 06/20/29 |  | 5570 | (7) | 10 |
| U.S. SOFR (A) | Receiving | 3.75<br> (A) | 06/20/29 |  | 53380 | (68) | (303) |
| U.S. SOFR (A) | Receiving | 3.62<br> (A) | 11/30/29 |  | 34075 | (48) | (314) |
| U.S. SOFR (Q) | Receiving | 2.00<br> (S) | 12/10/29 |  | 1800 | (5) | 314 |
| U.S. SOFR (A) | Receiving | 3.75<br> (A) | 12/18/29 |  | 460 | (1) | 5 |
| U.S. SOFR (Q) | Receiving | 1.50<br> (S) | 12/18/29 |  | 3600 | (8) | 542 |
| U.S. SOFR (A) | Receiving | 3.75<br> (A) | 12/18/29 |  | 95990 | (141) | 63 |
| U.S. SOFR (A) | Receiving | 2.00<br> (A) | 12/21/29 |  | 6470 | (9) | (164) |
| U.S. SOFR (Q) | Receiving | 1.75<br> (S) | 01/15/30 |  | 5900 | (15) | 969 |
| U.S. SOFR (Q) | Receiving | 2.00<br> (S) | 02/12/30 |  | 3500 | (10) | 623 |
| U.S. SOFR (Q) | Receiving | 2.00<br> (S) | 03/10/30 |  | 1700 | (4) | 306 |
| U.S. SOFR (Q) | Receiving | 1.43<br> (S) | 03/17/30 |  | 3800 | (9) | 523 |
| U.S. SOFR (Q) | Receiving | 1.25<br> (S) | 06/17/30 |  | 69000 | (161) | 10231 |
| U.S. SOFR (A) | Receiving | 3.25<br> (A) | 06/18/30 |  | 1670 | (3) | 3 |
| U.S. SOFR (A) | Receiving | 3.00<br> (A) | 06/21/30 |  | 65870 | (110) | 573 |
| U.S. SOFR (Q) | Receiving | 0.71<br> (S) | 07/28/30 |  | 1700 | (3) | 211 |
| U.S. SOFR (A) | Receiving | 3.68<br> (A) | 10/31/30 |  | 200 |  | (2) |
| U.S. SOFR (A) | Receiving | 3.73<br> (A) | 10/31/30 |  | 200 |  | (3) |
| U.S. SOFR (A) | Receiving | 3.55<br> (A) | 10/31/30 |  | 200 |  | (1) |
| U.S. SOFR (A) | Receiving | 3.66<br> (A) | 10/31/30 |  | 300 | (1) | (3) |
| U.S. SOFR (A) | Receiving | 3.74<br> (A) | 10/31/30 |  | 300 | (1) | (4) |
| U.S. SOFR (A) | Receiving | 3.73<br> (A) | 10/31/30 |  | 300 | (1) | (4) |
| U.S. SOFR (A) | Receiving | 3.72<br> (A) | 10/31/30 |  | 300 | (1) | (4) |
| U.S. SOFR (A) | Receiving | 3.74<br> (A) | 10/31/30 |  | 300 | (1) | (4) |
| U.S. SOFR (A) | Receiving | 3.75<br> (A) | 10/31/30 |  | 300 | (1) | (4) |
| U.S. SOFR (A) | Receiving | 3.72<br> (A) | 10/31/30 |  | 300 | (1) | (4) |
| U.S. SOFR (A) | Receiving | 3.55<br> (A) | 10/31/30 |  | 400 | (1) | (2) |
| U.S. SOFR (A) | Receiving | 3.69<br> (A) | 10/31/30 |  | 400 | (1) | (5) |
| U.S. SOFR (A) | Receiving | 3.61<br> (A) | 10/31/30 |  | 400 | (1) | (3) |
| U.S. SOFR (A) | Receiving | 3.60<br> (A) | 10/31/30 |  | 400 | (1) | (3) |
| U.S. SOFR (A) | Receiving | 3.57<br> (A) | 10/31/30 |  | 500 | (1) | (3) |
| U.S. SOFR (A) | Receiving | 3.55<br> (A) | 10/31/30 |  | 500 | (1) | (3) |
| U.S. SOFR (A) | Receiving | 3.69<br> (A) | 10/31/30 |  | 500 | (1) | (6) |
| U.S. SOFR (A) | Receiving | 3.62<br> (A) | 10/31/30 |  | 500 | (1) | (4) |

---

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page [607](#abbreviations).

**JNL Series Trust** (Unaudited)

**Schedules of Investments (in thousands)**

June 30, 2025

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **JNL/PIMCO Income Fund — Centrally Cleared Interest Rate Swap Agreements (continued)** | **JNL/PIMCO Income Fund — Centrally Cleared Interest Rate Swap Agreements (continued)** | **JNL/PIMCO Income Fund — Centrally Cleared Interest Rate Swap Agreements (continued)** | **JNL/PIMCO Income Fund — Centrally Cleared Interest Rate Swap Agreements (continued)** | **JNL/PIMCO Income Fund — Centrally Cleared Interest Rate Swap Agreements (continued)** | **JNL/PIMCO Income Fund — Centrally Cleared Interest Rate Swap Agreements (continued)** | **JNL/PIMCO Income Fund — Centrally Cleared Interest Rate Swap Agreements (continued)** |
| **Floating Rate Index<sup>2</sup>** | **Paying /**<br> **Receiving**<br> **Floating Rate** | **Fixed Rate<sup>2</sup> (%)** | **Expiration** | **Notional<sup>1</sup>** | **Variation**<br> **Margin**<br> **Receivable**<br> (Payable) ($) | **Value/**<br> **Unrealized**<br> **Appreciation**<br> (Depreciation) ($) |
| U.S. SOFR (A) | Receiving | 3.60<br> (A) | 10/31/30 | 500 | (1) | (4) |
| U.S. SOFR (A) | Receiving | 3.60<br> (A) | 10/31/30 | 700 | (1) | (5) |
| U.S. SOFR (A) | Receiving | 3.60<br> (A) | 10/31/30 | 700 | (1) | (5) |
| U.S. SOFR (A) | Receiving | 3.60<br> (A) | 10/31/30 | 700 | (1) | (5) |
| U.S. SOFR (A) | Receiving | 3.69<br> (A) | 10/31/30 | 700 | (1) | (8) |
| U.S. SOFR (A) | Receiving | 3.58<br> (A) | 10/31/30 | 900 | (2) | (6) |
| U.S. SOFR (A) | Receiving | 3.50<br> (A) | 12/20/30 | 1630 | (3) | (44) |
| U.S. SOFR (A) | Receiving | 3.50<br> (A) | 12/20/30 | 51190 | (94) | (1065) |
| U.S. SOFR (A) | Receiving | 4.25<br> (A) | 03/20/31 | 6120 | (12) | 35 |
| U.S. SOFR (A) | Receiving | 3.33<br> (A) | 04/30/31 | 990 | (2) | 8 |
| U.S. SOFR (A) | Receiving | 3.43<br> (A) | 04/30/31 | 1750 | (3) | 3 |
| U.S. SOFR (Q) | Receiving | 0.75<br> (S) | 06/16/31 | 33500 | (79) | 3447 |
| U.S. SOFR (A) | Receiving | 3.75<br> (A) | 06/20/31 | 8380 | (17) | (37) |
| U.S. SOFR (A) | Receiving | 3.75<br> (A) | 06/20/31 | 16930 | (34) | (127) |
| U.S. SOFR (A) | Receiving | 3.30<br> (A) | 06/30/31 | 3140 | (6) | 31 |
| U.S. SOFR (Q) | Receiving | 1.45<br> (S) | 07/16/31 | 33100 | (98) | 4120 |
| U.S. SOFR (A) | Receiving | 3.75<br> (A) | 05/15/32 | 33644 | (81) | (475) |
| U.S. SOFR (A) | Receiving | 3.25<br> (A) | 06/18/32 | 2570 | (6) | 11 |
| U.S. SOFR (A) | Receiving | 2.00<br> (A) | 12/21/32 | 5540 | (15) | 30 |
| U.S. SOFR (A) | Receiving | 3.50<br> (A) | 05/22/33 | 107380 | (308) | (442) |
| U.S. SOFR (A) | Receiving | 3.70<br> (A) | 06/06/33 | 63690 | (185) | (5) |
| U.S. SOFR (A) | Receiving | 3.00<br> (A) | 06/21/33 | 2820 | (8) | 40 |
| U.S. SOFR (A) | Receiving | 3.00<br> (A) | 06/21/33 | 9880 | (29) | 281 |
| U.S. SOFR (A) | Receiving | 4.25<br> (A) | 11/22/33 | 2400 | (7) | (111) |
| U.S. SOFR (A) | Receiving | 4.03<br> (A) | 12/15/33 | 2400 | (7) | (73) |
| U.S. SOFR (A) | Receiving | 3.84<br> (A) | 12/26/33 | 1300 | (4) | (22) |
| U.S. SOFR (A) | Receiving | 3.85<br> (A) | 12/29/33 | 1200 | (4) | (21) |
| U.S. SOFR (A) | Receiving | 3.81<br> (A) | 01/02/34 | 1200 | (4) | (17) |
| U.S. SOFR (A) | Receiving | 3.75<br> (A) | 01/02/34 | 1200 | (4) | (12) |
| U.S. SOFR (A) | Receiving | 3.68<br> (A) | 01/03/34 | 1200 | (4) | (6) |
| U.S. SOFR (A) | Receiving | 3.65<br> (A) | 01/08/34 | 2300 | (7) | (5) |
| U.S. SOFR (A) | Receiving | 3.59<br> (A) | 01/09/34 | 2400 | (7) | 4 |
| U.S. SOFR (A) | Receiving | 3.60<br> (A) | 01/17/34 | 1200 | (4) | 2 |
| U.S. SOFR (A) | Receiving | 3.99<br> (A) | 07/02/34 | 3300 | (11) | (90) |
| U.S. SOFR (A) | Receiving | 3.85<br> (A) | 08/05/34 | 4000 | (13) | (63) |
| U.S. SOFR (A) | Receiving | 3.80<br> (A) | 08/06/34 | 3800 | (13) | (44) |
| U.S. SOFR (A) | Receiving | 3.65<br> (A) | 08/07/34 | 3800 | (12) |  |
| U.S. SOFR (A) | Receiving | 3.68<br> (A) | 08/13/34 | 3800 | (13) | (10) |
| U.S. SOFR (A) | Receiving | 3.53<br> (A) | 08/20/34 | 3800 | (12) | 34 |
| U.S. SOFR (A) | Receiving | 3.56<br> (A) | 08/21/34 | 4300 | (14) | 30 |
| U.S. SOFR (A) | Receiving | 3.61<br> (A) | 08/22/34 | 3800 | (12) | 10 |
| U.S. SOFR (A) | Receiving | 3.51<br> (A) | 09/04/34 | 2200 | (7) | 23 |
| U.S. SOFR (A) | Receiving | 3.47<br> (A) | 09/04/34 | 2600 | (9) | 37 |
| U.S. SOFR (A) | Receiving | 3.53<br> (A) | 09/04/34 | 2700 | (9) | 26 |
| U.S. SOFR (A) | Receiving | 3.41<br> (A) | 09/05/34 | 2400 | (8) | 45 |
| U.S. SOFR (A) | Receiving | 3.24<br> (A) | 09/16/34 | 1200 | (4) | 39 |
| U.S. SOFR (A) | Receiving | 3.28<br> (A) | 09/16/34 | 4800 | (16) | 141 |
| U.S. SOFR (A) | Receiving | 3.25<br> (A) | 09/18/34 | 3700 | (12) | 117 |
| U.S. SOFR (A) | Receiving | 3.23<br> (A) | 09/18/34 | 3700 | (12) | 122 |
| U.S. SOFR (A) | Receiving | 3.91<br> (A) | 03/04/35 | 2200 | (8) | (42) |
| U.S. SOFR (A) | Receiving | 3.25<br> (A) | 06/18/35 | 1620 | (6) | 19 |
| U.S. SOFR (A) | Receiving | 3.53<br> (A) | 11/15/49 | 270 | (2) | 19 |
| U.S. SOFR (A) | Receiving | 3.37<br> (A) | 11/15/49 | 410 | (3) | 39 |
| U.S. SOFR (A) | Receiving | 3.46<br> (A) | 11/15/49 | 680 | (4) | 55 |
| U.S. SOFR (Q) | Receiving | 2.00<br> (S) | 01/15/50 | 500 | (4) | 263 |
| U.S. SOFR (Q) | Receiving | 1.63<br> (S) | 01/16/50 | 900 | (7) | 442 |
| U.S. SOFR (Q) | Receiving | 1.75<br> (S) | 01/22/50 | 2300 | (19) | 1157 |
| U.S. SOFR (Q) | Receiving | 1.63<br> (S) | 02/03/50 | 11500 | (90) | 5647 |
| U.S. SOFR (Q) | Receiving | 1.88<br> (S) | 02/07/50 | 4300 | (37) | 2216 |
| U.S. SOFR (Q) | Receiving | 1.25<br> (S) | 06/16/51 | 4800 | (32) | 1443 |
| U.S. SOFR (Q) | Receiving | 1.04<br> (S) | 06/28/52 | 600 | (4) | 318 |
| U.S. SOFR (A) | Receiving | 4.10<br> (A) | 11/15/52 | 10258 | (77) | (242) |
| U.S. SOFR (A) | Receiving | 2.75<br> (A) | 06/21/53 | 24300 | (143) | 2608 |
| U.S. SOFR (A) | Receiving | 3.30<br> (A) | 11/15/53 | 1010 | (7) | 118 |
| U.S. SOFR (Q) | Paying | 1.38<br> (S) | 01/04/27 | 34000 | 25 | (1245) |
| U.S. SOFR (Q) | Paying | 1.43<br> (S) | 01/18/27 | 3400 | 3 | (125) |
| U.S. SOFR (Q) | Paying | 1.44<br> (S) | 01/18/27 | 3600 | 3 | (131) |
| U.S. SOFR (Q) | Paying | 1.55<br> (S) | 01/20/27 | 50900 | 43 | (1598) |
| U.S. SOFR (Q) | Paying | 1.58<br> (S) | 02/16/27 | 3500 | 3 | (125) |
| U.S. SOFR (Q) | Paying | 1.70<br> (S) | 02/17/27 | 33200 | 31 | (995) |

---

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page [607](#abbreviations).

**JNL Series Trust** (Unaudited)

**Schedules of Investments (in thousands)**

June 30, 2025

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **JNL/PIMCO Income Fund — Centrally Cleared Interest Rate Swap Agreements (continued)** | **JNL/PIMCO Income Fund — Centrally Cleared Interest Rate Swap Agreements (continued)** | **JNL/PIMCO Income Fund — Centrally Cleared Interest Rate Swap Agreements (continued)** | **JNL/PIMCO Income Fund — Centrally Cleared Interest Rate Swap Agreements (continued)** | **JNL/PIMCO Income Fund — Centrally Cleared Interest Rate Swap Agreements (continued)** | **JNL/PIMCO Income Fund — Centrally Cleared Interest Rate Swap Agreements (continued)** | **JNL/PIMCO Income Fund — Centrally Cleared Interest Rate Swap Agreements (continued)** |
| **Floating Rate Index<sup>2</sup>** | **Paying /**<br> **Receiving**<br> **Floating Rate** | **Fixed Rate<sup>2</sup> (%)** | **Expiration** | **Notional<sup>1</sup>** | **Variation**<br> **Margin**<br> **Receivable**<br> (Payable) ($) | **Value/**<br> **Unrealized**<br> **Appreciation**<br> (Depreciation) ($) |
| U.S. SOFR (Q) | Paying | 1.65<br> (S) | 02/24/27 | 20600 | 19 | (643) |
| U.S. SOFR (A) | Paying | 1.57<br> (A) | 02/28/27 | 2200 | 1 | (71) |
| U.S. SOFR (A) | Paying | 1.79<br> (A) | 05/03/27 | 2700 | 1 | (83) |
| U.S. SOFR (A) | Paying | 2.85<br> (A) | 08/30/27 | 3300 | 2 | (42) |
| U.S. SOFR (A) | Paying | 3.05<br> (A) | 09/07/27 | 1600 | 1 | (14) |
| U.S. SOFR (A) | Paying | 2.96<br> (A) | 10/04/27 | 2460 | 1 | (27) |
| U.S. SOFR (Q) | Paying | 0.50<br> (S) | 06/16/28 | 19903 | 18 | (656) |
| U.S. SOFR (A) | Paying | 3.25<br> (A) | 06/21/28 | 13500 | 10 | 122 |
| U.S. SOFR (Q) | Paying | 1.50<br> (S) | 12/15/28 | 10460 | 17 | (969) |
| U.S. SOFR (Q) | Paying | 1.70<br> (S) | 01/12/29 | 7200 | 13 | (437) |
| U.S. SOFR (Q) | Paying | 1.52<br> (S) | 01/20/29 | 1000 | 2 | (71) |
| U.S. SOFR (Q) | Paying | 1.63<br> (S) | 01/26/29 | 1700 | 3 | (115) |
| U.S. SOFR (A) | Paying | 3.94<br> (A) | 02/22/29 | 6800 | 8 | 127 |
| U.S. SOFR (A) | Paying | 3.97<br> (A) | 02/27/29 | 2300 | 3 | 45 |
| U.S. SOFR (A) | Paying | 1.00<br> (A) | 06/15/29 | 127110 | 164 | (5990) |
| U.S. SOFR (A) | Paying | 1.75<br> (A) | 06/15/29 | 1230 | 2 | 59 |
| U.S. SOFR (A) | Paying | 3.05<br> (A) | 09/08/29 | 1600 | 2 | (22) |
| U.S. SOFR (A) | Paying | 3.10<br> (A) | 09/09/29 | 1600 | 2 | (19) |
| U.S. SOFR (A) | Paying | 3.47<br> (A) | 02/22/30 | 4500 | 7 | 11 |
| U.S. SOFR (A) | Paying | 3.34<br> (A) | 02/23/30 | 3800 | 6 | (12) |
| U.S. SOFR (A) | Paying | 3.53<br> (A) | 03/02/30 | 1600 | 3 | 8 |
| U.S. SOFR (A) | Paying | 3.50<br> (A) | 06/22/30 | 12600 | 21 | 45 |
| U.S. SOFR (Q) | Paying | 1.00<br> (S) | 12/16/30 | 14824 | 35 | (2270) |
| U.S. SOFR (Q) | Paying | 0.75<br> (S) | 06/16/31 | 59600 | 140 | (4474) |
| U.S. SOFR (Q) | Paying | 1.50<br> (S) | 10/05/31 | 2100 | 7 | (266) |
| U.S. SOFR (Q) | Paying | 1.54<br> (S) | 10/15/31 | 2000 | 6 | (250) |
| U.S. SOFR (Q) | Paying | 1.54<br> (S) | 10/22/31 | 1400 | 5 | (176) |
| U.S. SOFR (Q) | Paying | 1.74<br> (S) | 01/12/32 | 1300 | 5 | (154) |
| U.S. SOFR (Q) | Paying | 1.66<br> (S) | 01/24/32 | 1700 | 6 | (210) |
| U.S. SOFR (Q) | Paying | 2.00<br> (S) | 02/18/32 | 3100 | 12 | (324) |
| U.S. SOFR (A) | Paying | 3.05<br> (A) | 09/06/32 | 2500 | 6 | (78) |
| U.S. SOFR (A) | Paying | 3.40<br> (A) | 02/23/33 | 2810 | 8 | (32) |
| U.S. SOFR (A) | Paying | 3.45<br> (A) | 03/07/33 | 4500 | 13 | (36) |
| U.S. SOFR (A) | Paying | 3.50<br> (A) | 06/21/33 | 8400 | 24 | (49) |
| U.S. SOFR (A) | Paying | 3.75<br> (A) | 07/12/33 | 4200 | 12 | 48 |
| U.S. SOFR (A) | Paying | 3.73<br> (A) | 08/03/33 | 1400 | 4 | 14 |
| U.S. SOFR (A) | Paying | 3.76<br> (A) | 08/23/33 | 4600 | 14 | 54 |
| U.S. SOFR (A) | Paying | 3.80<br> (A) | 08/30/33 | 2300 | 7 | 33 |
| U.S. SOFR (A) | Paying | 3.90<br> (A) | 08/30/33 | 2200 | 7 | 47 |
| U.S. SOFR (A) | Paying | 4.03<br> (A) | 10/04/33 | 4700 | 14 | 144 |
| U.S. SOFR (A) | Paying | 4.18<br> (A) | 10/10/33 | 2300 | 7 | 94 |
| U.S. SOFR (A) | Paying | 4.15<br> (A) | 10/12/33 | 2300 | 7 | 90 |
| U.S. SOFR (A) | Paying | 4.22<br> (A) | 10/20/33 | 2300 | 7 | 102 |
| U.S. SOFR (A) | Paying | 4.45<br> (A) | 10/31/33 | 1400 | 4 | 85 |
| U.S. SOFR (A) | Paying | 4.45<br> (A) | 11/01/33 | 3500 | 11 | 213 |
| U.S. SOFR (A) | Paying | 3.50<br> (A) | 12/20/33 | 900 | 3 | 17 |
| U.S. SOFR (A) | Paying | 3.50<br> (A) | 12/20/33 | 8320 | 26 | 251 |
| U.S. SOFR (A) | Paying | 3.74<br> (A) | 01/23/34 | 1200 | 4 | 10 |
| U.S. SOFR (A) | Paying | 3.74<br> (A) | 01/23/34 | 700 | 2 | 6 |
| U.S. SOFR (A) | Paying | 3.67<br> (A) | 01/24/34 | 2300 | 7 | 8 |
| U.S. SOFR (A) | Paying | 3.69<br> (A) | 01/24/34 | 2300 | 7 | 11 |
| U.S. SOFR (A) | Paying | 3.62<br> (A) | 01/31/34 | 1200 | 4 |  |
| U.S. SOFR (A) | Paying | 3.73<br> (A) | 02/07/34 | 1100 | 3 | 8 |
| U.S. SOFR (A) | Paying | 3.86<br> (A) | 02/21/34 | 4600 | 15 | 81 |
| U.S. SOFR (A) | Paying | 3.70<br> (A) | 03/05/34 | 1200 | 4 | 7 |
| U.S. SOFR (A) | Paying | 3.90<br> (A) | 04/10/34 | 2300 | 7 | 47 |
| U.S. SOFR (A) | Paying | 3.95<br> (A) | 04/16/34 | 2500 | 8 | 60 |
| U.S. SOFR (A) | Paying | 4.08<br> (A) | 04/17/34 | 2300 | 7 | 78 |
| U.S. SOFR (A) | Paying | 4.09<br> (A) | 04/22/34 | 2300 | 7 | 79 |
| U.S. SOFR (A) | Paying | 4.13<br> (A) | 05/03/34 | 2200 | 7 | 83 |
| U.S. SOFR (A) | Paying | 3.75<br> (A) | 06/20/34 | 5530 | 19 | 205 |
| U.S. SOFR (A) | Paying | 3.75<br> (A) | 06/20/34 | 11230 | 36 | 388 |
| U.S. SOFR (A) | Paying | 3.45<br> (A) | 10/11/34 | 3800 | 13 | (62) |
| U.S. SOFR (A) | Paying | 3.38<br> (A) | 10/15/34 | 3800 | 13 | (85) |
| U.S. SOFR (A) | Paying | 3.39<br> (A) | 10/17/34 | 2500 | 8 | (54) |
| U.S. SOFR (A) | Paying | 3.40<br> (A) | 10/17/34 | 5200 | 17 | (108) |
| U.S. SOFR (A) | Paying | 3.40<br> (A) | 10/17/34 | 2100 | 7 | (43) |
| U.S. SOFR (A) | Paying | 3.52<br> (A) | 11/06/34 | 7600 | 25 | (87) |
| U.S. SOFR (A) | Paying | 3.75<br> (A) | 12/18/34 | 460 | 2 | (4) |
| U.S. SOFR (A) | Paying | 3.85<br> (A) | 01/08/35 | 1100 | 4 | 16 |

---

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page [607](#abbreviations).

**JNL Series Trust** (Unaudited)

**Schedules of Investments (in thousands)**

June 30, 2025

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **JNL/PIMCO Income Fund — Centrally Cleared Interest Rate Swap Agreements (continued)** | **JNL/PIMCO Income Fund — Centrally Cleared Interest Rate Swap Agreements (continued)** | **JNL/PIMCO Income Fund — Centrally Cleared Interest Rate Swap Agreements (continued)** | **JNL/PIMCO Income Fund — Centrally Cleared Interest Rate Swap Agreements (continued)** | **JNL/PIMCO Income Fund — Centrally Cleared Interest Rate Swap Agreements (continued)** | **JNL/PIMCO Income Fund — Centrally Cleared Interest Rate Swap Agreements (continued)** | **JNL/PIMCO Income Fund — Centrally Cleared Interest Rate Swap Agreements (continued)** |
| **Floating Rate Index<sup>2</sup>** | **Paying /**<br> **Receiving**<br> **Floating Rate** | **Fixed Rate<sup>2</sup> (%)** | **Expiration** | **Notional<sup>1</sup>** | **Variation**<br> **Margin**<br> **Receivable**<br> (Payable) ($) | **Value/**<br> **Unrealized**<br> **Appreciation**<br> (Depreciation) ($) |
| U.S. SOFR (A) | Paying | 3.90<br> (A) | 01/08/35 | 2200 | 8 | 41 |
| U.S. SOFR (A) | Paying | 3.97<br> (A) | 01/15/35 | 2100 | 7 | 51 |
| U.S. SOFR (A) | Paying | 4.07<br> (A) | 01/15/35 | 3500 | 12 | 113 |
| U.S. SOFR (A) | Paying | 4.10<br> (A) | 01/21/35 | 1800 | 6 | 62 |
| U.S. SOFR (A) | Paying | 4.09<br> (A) | 01/22/35 | 4900 | 17 | 166 |
| U.S. SOFR (A) | Paying | 3.75<br> (A) | 05/07/35 | 4500 | 16 | 25 |
| U.S. SOFR (Q) | Paying | 1.59<br> (S) | 02/09/51 | 12800 | 100 | (5444) |
| U.S. SOFR (Q) | Paying | 1.82<br> (S) | 01/24/52 | 300 | 3 | (119) |
| U.S. SOFR (Q) | Paying | 1.87<br> (S) | 01/26/52 | 300 | 3 | (116) |
| U.S. SOFR (A) | Paying | 3.08<br> (A) | 02/23/53 | 1200 | 7 | (174) |
| U.S. SOFR (A) | Paying | 3.37<br> (A) | 07/12/53 | 2900 | 19 | (280) |
| U.S. SOFR (A) | Paying | 3.83<br> (A) | 10/12/53 | 700 | 5 | (13) |
| U.S. SOFR (A) | Paying | 3.88<br> (A) | 10/16/53 | 700 | 5 | (7) |
| U.S. SOFR (A) | Paying | 3.87<br> (A) | 10/17/53 | 800 | 6 | (9) |
|  |  |  |  |  | (964) | 29865 |

---

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **JNL/PIMCO Income Fund — Centrally Cleared Credit Default Swap Agreements** | **JNL/PIMCO Income Fund — Centrally Cleared Credit Default Swap Agreements** | **JNL/PIMCO Income Fund — Centrally Cleared Credit Default Swap Agreements** | **JNL/PIMCO Income Fund — Centrally Cleared Credit Default Swap Agreements** | **JNL/PIMCO Income Fund — Centrally Cleared Credit Default Swap Agreements** | **JNL/PIMCO Income Fund — Centrally Cleared Credit Default Swap Agreements** | **JNL/PIMCO Income Fund — Centrally Cleared Credit Default Swap Agreements** | **JNL/PIMCO Income Fund — Centrally Cleared Credit Default Swap Agreements** |
| **Reference Entity<sup>2</sup>** | **Implied**<br> **Credit**<br> **Spread** <br> **(%)** | **Fixed**<br> **Receive/**<br> **Pay Rate** <br> **(%)** | **Expiration** | **Notional<sup>1</sup>** | **Value ($)** | **Variation**<br> **Margin**<br> **Receivable**<br> (Payable) ($) | **Unrealized**<br> **Appreciation**<br> (Depreciation) ($) |
| **Credit default swap agreements - sell protection** | **Credit default swap agreements - sell protection** | **Credit default swap agreements - sell protection** | **Credit default swap agreements - sell protection** | **Credit default swap agreements - sell protection** | **Credit default swap agreements - sell protection** | **Credit default swap agreements - sell protection** | **Credit default swap agreements - sell protection** |
| AT&T Inc. (Q) | 0.24 | 1.00 | 12/20/25 | (500) | 2 |  | (5) |
| AT&T Inc. (Q) | 0.43 | 1.00 | 06/20/28 | (3700) | 59 | 1 | 98 |
| Bank of America Corporation (Q) | 0.24 | 1.00 | 12/20/25 | (2100) | 8 |  | (8) |
| Bank of America Corporation (Q) | 0.36 | 1.00 | 12/20/26 | (3500) | 32 | (1) | (12) |
| Barclays Bank PLC (Q) | 0.23 | 1.00 | 12/20/25 | (2500) | 11 |  | (5) |
| Boeing Company, The (Q) | 0.74 | 1.00 | 06/20/30 | (3700) | 43 | 2 | 33 |
| CDX.EM.34.V3 (Q) | 0.35 | 1.00 | 12/20/25 | (2944) | 9 | 4 | 142 |
| CDX.EM.36.V3 (Q) | 0.63 | 1.00 | 12/20/26 | (12236) | 66 | 20 | 612 |
| CDX.EM.38 (Q) | 0.90 | 1.00 | 12/20/27 | (1600) | 4 | 3 | 139 |
| CDX.EM.39 (Q) | 1.00 | 1.00 | 06/20/28 | (300) |  | 1 | 21 |
| CDX.EM.40 (Q) | 1.14 | 1.00 | 12/20/28 | (3800) | (17) | 8 | 161 |
| CDX.EM.41 (Q) | 1.27 | 1.00 | 06/20/29 | (1200) | (12) | 3 | 34 |
| CDX.EM.42 (Q) | 1.38 | 1.00 | 12/20/29 | (1700) | (26) | 3 | 24 |
| CDX.EM.43 (Q) | 1.56 | 1.00 | 06/20/30 | (1200) | (30) | 2 | 13 |
| CDX.NA.HY.35.V5 (Q) | 1.44 | 5.00 | 12/20/25 | (192) | 3 |  | (14) |
| CDX.NA.HY.36.V5 (Q) | 1.52 | 5.00 | 06/20/26 | (9024) | 299 | 7 | (544) |
| CDX.NA.HY.37.V5 (Q) | 1.51 | 5.00 | 12/20/26 | (2688) | 134 | 4 | (14) |
| CDX.NA.HY.39.V4 (Q) | 2.19 | 5.00 | 12/20/27 | (485) | 31 | 1 | 37 |
| CDX.NA.HY.40.V3 (Q) | 2.46 | 5.00 | 06/20/28 | (294) | 20 | 1 | 14 |
| CDX.NA.HY.41.V2 (Q) | 2.62 | 5.00 | 12/20/28 | (99) | 7 |  | 1 |
| CDX.NA.HY.43 (Q) | 3.07 | 5.00 | 12/20/29 | (14100) | 1034 | 40 | 23 |
| CDX.NA.HY.44 (Q) | 3.18 | 5.00 | 06/20/30 | (37100) | 2791 | 115 | 982 |
| CDX.NA.IG.41 (Q) | 0.34 | 1.00 | 12/20/28 | (100) | 2 |  | 1 |
| CDX.NA.IG.43 (Q) | 0.45 | 1.00 | 12/20/29 | (3300) | 74 | 1 | 1 |
| CDX.NA.IG.44 (Q) | 0.51 | 1.00 | 06/20/30 | (25200) | 558 | 12 | 116 |
| Citigroup Inc. (Q) | 0.25 | 1.00 | 12/20/25 | (400) | 1 |  | (1) |
| EADS Finance (Q) | 0.12 | 1.00 | 06/20/26 | (6500) | 66 |  | (104) |
| EADS Finance (Q) | 0.23 | 1.00 | 06/20/28 | (100) | 3 |  |  |
| Ford Motor Credit Company LLC (Q) | 0.51 | 5.00 | 12/20/25 | (900) | 19 |  | (14) |
| General Electric Company (Q) | 0.09 | 1.00 | 06/20/26 | (4500) | 39 |  | (13) |
| ITRAXX.EUR.43 (Q) | 0.55 | 1.00 | 06/20/30 | (10700) | 269 | 9 | 18 |
| Morgan Stanley (Q) | 0.24 | 1.00 | 12/20/25 | (1200) | 4 |  |  |
| Morgan Stanley (Q) | 0.29 | 1.00 | 06/20/26 | (6600) | 45 |  | 3 |
| Rolls-Royce Group PLC (Q) | 0.11 | 1.00 | 12/20/25 | (4400) | 22 |  | (5) |
| Rolls-Royce Group PLC (Q) | 0.18 | 1.00 | 12/20/26 | (1300) | 19 |  | 74 |
| Rolls-Royce Group PLC (Q) | 0.20 | 1.00 | 06/20/27 | (1500) | 28 |  | 173 |
| Verizon Communications Inc. (Q) | 0.42 | 1.00 | 06/20/28 | (3900) | 64 | 1 | 70 |
| Verizon Communications Inc. (Q) | 0.46 | 1.00 | 12/20/28 | (900) | 16 |  | 18 |
|  |  |  |  |  | 5697 | 237 | 2069 |

---

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page [607](#abbreviations).

**JNL Series Trust** (Unaudited)

**Schedules of Investments (in thousands)**

June 30, 2025

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **JNL/PIMCO Income Fund — Exchange Traded Futures Options** | **JNL/PIMCO Income Fund — Exchange Traded Futures Options** | **JNL/PIMCO Income Fund — Exchange Traded Futures Options** | **JNL/PIMCO Income Fund — Exchange Traded Futures Options** | **JNL/PIMCO Income Fund — Exchange Traded Futures Options** | **JNL/PIMCO Income Fund — Exchange Traded Futures Options** | **JNL/PIMCO Income Fund — Exchange Traded Futures Options** | **JNL/PIMCO Income Fund — Exchange Traded Futures Options** | **JNL/PIMCO Income Fund — Exchange Traded Futures Options** |
| **Reference Entity** | **Notional** | **Notional** | **Purchased**<br> (Written)<br> **Contracts<sup>1</sup>** | **Exercise**<br> **Price** | **Exercise**<br> **Price** | **Expiration** | **Variation**<br> **Margin Receivable (Payable) ($)** | **Unrealized**<br> **Appreciation (Depreciation) ($)** |
| **Interest Options** | **Interest Options** | **Interest Options** |  |  |  |  |  |  |
|  Euro Bund Future, Aug. 2025 | EUR | (4) | (9) | EUR | 129.00 | 07/25/25 |  | 1 |
|  Euro Bund Future, Aug. 2025 | EUR | (4) | (9) | EUR | 132.50 | 07/25/25 | 1 | 3 |
|  |  |  |  |  |  |  | 1 | 4 |

---

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **JNL/PIMCO Income Fund — OTC Purchased Options** | **JNL/PIMCO Income Fund — OTC Purchased Options** | **JNL/PIMCO Income Fund — OTC Purchased Options** | **JNL/PIMCO Income Fund — OTC Purchased Options** | **JNL/PIMCO Income Fund — OTC Purchased Options** | **JNL/PIMCO Income Fund — OTC Purchased Options** | **JNL/PIMCO Income Fund — OTC Purchased Options** | **JNL/PIMCO Income Fund — OTC Purchased Options** | **JNL/PIMCO Income Fund — OTC Purchased Options** |
| **Reference Entity** | **Counterparty** | **Put/Call** | **Exercise Price ($)/ Swaption Rate(%)** | **Expiration** | **Contracts<sup>1</sup>** | **Notional<sup>1</sup>** | **Notional<sup>1</sup>** | **Value ($)** |
| **Foreign Currency Options** | **Foreign Currency Options** | **Foreign Currency Options** | **Foreign Currency Options** | **Foreign Currency Options** | **Foreign Currency Options** | **Foreign Currency Options** | **Foreign Currency Options** | **Foreign Currency Options** |
|  EUR/USD Spot Rate | GSC | Put | 1.15 | 08/29/25 | 32400000 | EUR | 32400 | 145 |
|  EUR/USD Spot Rate | GSC | Put | 1.15 | 08/27/25 | 8100000 | EUR | 8100 | 35 |
|  |  |  |  |  |  |  |  | 180 |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **JNL/PIMCO Income Fund — Exchange Traded Written Options** | **JNL/PIMCO Income Fund — Exchange Traded Written Options** | **JNL/PIMCO Income Fund — Exchange Traded Written Options** | **JNL/PIMCO Income Fund — Exchange Traded Written Options** | **JNL/PIMCO Income Fund — Exchange Traded Written Options** | **JNL/PIMCO Income Fund — Exchange Traded Written Options** | **JNL/PIMCO Income Fund — Exchange Traded Written Options** |
| **Reference Entity** | **Put/Call** | **Exercise Price ($)/ Swaption Rate (%)** | **Expiration** | **Contracts<sup>1</sup>** | **Notional<sup>1</sup>** | **Value ($)** |
| **Exchange Traded Future Options** | **Exchange Traded Future Options** | **Exchange Traded Future Options** | **Exchange Traded Future Options** | **Exchange Traded Future Options** | **Exchange Traded Future Options** | **Exchange Traded Future Options** |
|  United States 10 Year Note Future, Sep. 2025 | Call | 112.00 | 07/25/25 | 35 | 3920 | (26) |
|  United States 10 Year Note Future, Sep. 2025 | Call | 113.25 | 07/25/25 | 69 | 7814 | (21) |
|  United States 10 Year Note Future, Sep. 2025 | Call | 112.50 | 07/25/25 | 59 | 6638 | (31) |
|  United States 10 Year Note Future, Sep. 2025 | Call | 112.75 | 07/25/25 | 35 | 3946 | (15) |
|  United States 10 Year Note Future, Sep. 2025 | Put | 110.25 | 07/25/25 | 35 | 3859 | (4) |
|  United States 10 Year Note Future, Sep. 2025 | Put | 110.75 | 07/25/25 | 69 | 7642 | (14) |
|  United States 10 Year Note Future, Sep. 2025 | Put | 108.50 | 07/25/25 | 35 | 3798 | (1) |
|  United States 10 Year Note Future, Sep. 2025 | Put | 109.00 | 07/25/25 | 59 | 6431 | (2) |
|  |  |  |  |  |  | (114) |

---

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **JNL/PIMCO Income Fund — OTC Written Options** | **JNL/PIMCO Income Fund — OTC Written Options** | **JNL/PIMCO Income Fund — OTC Written Options** | **JNL/PIMCO Income Fund — OTC Written Options** | **JNL/PIMCO Income Fund — OTC Written Options** | **JNL/PIMCO Income Fund — OTC Written Options** | **JNL/PIMCO Income Fund — OTC Written Options** | **JNL/PIMCO Income Fund — OTC Written Options** | **JNL/PIMCO Income Fund — OTC Written Options** |
| **Reference Entity** | **Counterparty** | **Put/Call** | **Exercise Price ($)/ Swaption Rate(%)** | **Expiration** | **Contracts<sup>1</sup>** | **Notional<sup>1</sup>** | **Notional<sup>1</sup>** | **Value ($)** |
| **Interest Rate Swaptions** | **Interest Rate Swaptions** | **Interest Rate Swaptions** | **Interest Rate Swaptions** | **Interest Rate Swaptions** | **Interest Rate Swaptions** | **Interest Rate Swaptions** | **Interest Rate Swaptions** | **Interest Rate Swaptions** |
|  6M EURIBOR, 07/07/35 | CIT | Call | 2.38 | 07/03/25 | 900000 | EUR | 900 |  |
|  6M EURIBOR, 07/18/35 | CIT | Call | 2.46 | 07/16/25 | 1300000 | EUR | 1300 | (1) |
|  6M EURIBOR, 07/07/35 | CIT | Put | 2.64 | 07/03/25 | 900000 | EUR | 900 | (1) |
|  6M EURIBOR, 07/18/35 | CIT | Put | 2.72 | 07/16/25 | 1300000 | EUR | 1300 | (2) |
|  U.S. SOFR, 07/11/35 | BOA | Call | 3.77 | 07/09/25 | 2200000 |  | 2200 | (19) |
|  U.S. SOFR, 07/23/35 | BOA | Call | 3.70 | 07/21/25 | 2400000 |  | 2400 | (18) |
|  U.S. SOFR, 07/25/35 | CIT | Call | 3.61 | 07/23/25 | 2200000 |  | 2200 | (10) |
|  U.S. SOFR, 07/09/35 | GSC | Call | 3.78 | 07/07/25 | 3700000 |  | 3700 | (32) |
|  U.S. SOFR, 07/09/35 | GSC | Call | 3.68 | 07/07/25 | 1900000 |  | 1900 | (7) |
|  U.S. SOFR, 07/16/35 | GSC | Call | 3.65 | 07/14/25 | 2200000 |  | 2200 | (10) |
|  U.S. SOFR, 07/21/35 | GSC | Call | 3.70 | 07/17/25 | 2400000 |  | 2400 | (16) |
|  U.S. SOFR, 07/25/35 | GSC | Call | 3.58 | 07/23/25 | 1100000 |  | 1100 | (4) |
|  U.S. SOFR, 08/01/35 | GSC | Call | 3.56 | 07/30/25 | 4200000 |  | 4200 | (17) |
|  U.S. SOFR, 07/14/35 | JPM | Call | 3.77 | 07/10/25 | 2200000 |  | 2200 | (20) |
|  U.S. SOFR, 07/11/35 | BOA | Put | 4.12 | 07/09/25 | 2200000 |  | 2200 |  |
|  U.S. SOFR, 07/23/35 | BOA | Put | 4.05 | 07/21/25 | 2400000 |  | 2400 | (1) |
|  U.S. SOFR, 07/25/35 | CIT | Put | 3.96 | 07/23/25 | 2200000 |  | 2200 | (3) |
|  U.S. SOFR, 07/09/35 | GSC | Put | 4.13 | 07/07/25 | 3700000 |  | 3700 |  |
|  U.S. SOFR, 07/09/35 | GSC | Put | 4.03 | 07/07/25 | 1900000 |  | 1900 |  |
|  U.S. SOFR, 07/16/35 | GSC | Put | 4.05 | 07/14/25 | 2200000 |  | 2200 |  |
|  U.S. SOFR, 07/21/35 | GSC | Put | 4.10 | 07/17/25 | 2400000 |  | 2400 |  |
|  U.S. SOFR, 07/25/35 | GSC | Put | 3.93 | 07/23/25 | 1100000 |  | 1100 | (2) |
|  U.S. SOFR, 08/01/35 | GSC | Put | 3.91 | 07/30/25 | 4200000 |  | 4200 | (10) |
|  U.S. SOFR, 07/14/35 | JPM | Put | 4.12 | 07/10/25 | 2200000 |  | 2200 |  |
|  |  |  |  |  |  |  |  | (173) |

---

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page [607](#abbreviations).

**JNL Series Trust** (Unaudited)

**Schedules of Investments (in thousands)**

June 30, 2025

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **JNL/PIMCO Income Fund — Forward Foreign Currency Contracts** | **JNL/PIMCO Income Fund — Forward Foreign Currency Contracts** | **JNL/PIMCO Income Fund — Forward Foreign Currency Contracts** | **JNL/PIMCO Income Fund — Forward Foreign Currency Contracts** | **JNL/PIMCO Income Fund — Forward Foreign Currency Contracts** | **JNL/PIMCO Income Fund — Forward Foreign Currency Contracts** | **JNL/PIMCO Income Fund — Forward Foreign Currency Contracts** |
| **Purchased/Sold** | **Counterparty** | **Expiration** | **Notional<sup>1</sup>** | **Notional<sup>1</sup>** | **Value ($)** | **Unrealized**<br> **Appreciation**<br> (Depreciation) ($) |
| AUD/USD | DUB | 07/02/25 | AUD | 1732 | 1140 | 25 |
| AUD/USD | JPM | 07/02/25 | AUD | 21 | 14 |  |
| BRL/USD | CIT | 07/02/25 | BRL | 93238 | 17161 | 1465 |
| BRL/USD | GSC | 07/02/25 | BRL | 10200 | 1877 | 25 |
| BRL/USD | JPM | 07/02/25 | BRL | 16100 | 2963 | 54 |
| BRL/USD | GSC | 09/03/25 | BRL | 10244 | 1856 | 36 |
| BRL/USD | GSC | 10/02/25 | BRL | 82580 | 14845 | 201 |
| EUR/USD | BCL | 07/02/25 | EUR | 1656 | 1950 | 20 |
| EUR/USD | BOA | 07/02/25 | EUR | 4528 | 5334 | 150 |
| EUR/USD | CIT | 07/02/25 | EUR | 12673 | 14928 | 242 |
| EUR/USD | DUB | 07/02/25 | EUR | 45273 | 53329 | 808 |
| EUR/USD | HSB | 07/02/25 | EUR | 1175 | 1384 | 41 |
| EUR/USD | JPM | 07/02/25 | EUR | 1891 | 2227 | 57 |
| EUR/USD | JPM | 08/04/25 | EUR | 1656 | 1955 | 10 |
| GBP/USD | BCL | 07/02/25 | GBP | 29289 | 40204 | 365 |
| GBP/USD | CIT | 07/02/25 | GBP | 1090 | 1496 | 13 |
| GBP/USD | HSB | 07/02/25 | GBP | 1114 | 1529 | 25 |
| GBP/USD | JPM | 08/04/25 | GBP | 1090 | 1496 | 4 |
| IDR/USD | JPM | 07/16/25 | IDR | 777814 | 48 |  |
| INR/USD | CIT | 08/20/25 | INR | 1000 | 11 |  |
| INR/USD | DUB | 08/20/25 | INR | 657 | 7 |  |
| INR/USD | JPM | 08/20/25 | INR | 276 | 3 |  |
| JPY/USD | BCL | 07/02/25 | JPY | 446163 | 3098 | (4) |
| JPY/USD | HSB | 07/02/25 | JPY | 4989220 | 34646 | (62) |
| JPY/USD | BCL | 08/04/25 | JPY | 857354 | 5978 | 12 |
| JPY/USD | HSB | 08/04/25 | JPY | 4560179 | 31794 | 53 |
| PEN/USD | CIT | 07/07/25 | PEN | 7349 | 2074 | 47 |
| PEN/USD | BOA | 09/17/25 | PEN | 3715 | 1046 | 22 |
| PEN/USD | CIT | 09/30/25 | PEN | 7367 | 2074 | 13 |
| TRY/USD | BCL | 07/09/25 | TRY | 65502 | 1635 | 30 |
| TRY/USD | BCL | 07/10/25 | TRY | 34690 | 865 | 14 |
| TRY/USD | BCL | 07/11/25 | TRY | 34621 | 863 | 14 |
| TRY/USD | BCL | 07/14/25 | TRY | 33382 | 830 | 14 |
| TRY/USD | BCL | 07/18/25 | TRY | 54352 | 1346 | 12 |
| TRY/USD | BCL | 07/21/25 | TRY | 34989 | 864 | 15 |
| TRY/USD | BCL | 07/23/25 | TRY | 32432 | 800 | 14 |
| TRY/USD | BCL | 07/24/25 | TRY | 29662 | 731 | 13 |
| TRY/USD | BCL | 07/25/25 | TRY | 16567 | 408 | 2 |
| TRY/USD | BCL | 07/29/25 | TRY | 17091 | 419 | 4 |
| TRY/USD | BCL | 08/04/25 | TRY | 21035 | 513 | 3 |
| TRY/USD | BCL | 08/05/25 | TRY | 11169 | 272 | 2 |
| TRY/USD | BCL | 08/11/25 | TRY | 15402 | 373 | 3 |
| TRY/USD | BCL | 08/14/25 | TRY | 3253 | 79 | 1 |
| TRY/USD | BCL | 08/18/25 | TRY | 36897 | 888 | 7 |
| USD/AUD | BCL | 07/02/25 | AUD | (1753) | (1154) | (24) |
| USD/AUD | JPM | 08/05/25 | AUD | (21) | (14) |  |
| USD/BRL | GSC | 07/02/25 | BRL | (119514) | (21997) | (743) |
| USD/BRL | GSC | 10/02/25 | BRL | (28500) | (5124) | (718) |
| USD/BRL | JPM | 10/02/25 | BRL | (53200) | (9564) | (1340) |
| USD/BRL | GSC | 04/02/26 | BRL | (10200) | (1753) | (22) |
| USD/BRL | JPM | 04/02/26 | BRL | (16100) | (2767) | (51) |
| USD/CHF | HSB | 07/02/25 | CHF | (589) | (742) | (26) |
| USD/CHF | BCL | 08/04/25 | CHF | (585) | (741) | (4) |
| USD/CNY | JPM | 07/16/25 | CNY | (30) | (4) |  |
| USD/CNY | CIT | 08/20/25 | CNY | (39) | (5) |  |
| USD/CNY | DUB | 08/20/25 | CNY | (194) | (27) |  |
| USD/CNY | JPM | 08/20/25 | CNY | (141) | (20) |  |
| USD/EUR | BCL | 07/02/25 | EUR | (1520) | (1790) | (64) |
| USD/EUR | BOA | 07/02/25 | EUR | (64020) | (75412) | (2619) |
| USD/EUR | DUB | 08/04/25 | EUR | (45173) | (53338) | (818) |
| USD/EUR | HSB | 08/04/25 | EUR | (2994) | (3535) | (16) |
| USD/GBP | BOA | 07/02/25 | GBP | (1190) | (1633) | (21) |
| USD/GBP | JPM | 07/02/25 | GBP | (29213) | (40099) | (727) |
| USD/GBP | BCL | 08/04/25 | GBP | (28345) | (38914) | (343) |
| USD/JPY | JPM | 08/04/25 | JPY | (2179) | (15) |  |
| USD/MXN | DUB | 09/17/25 | MXN | (258604) | (13667) | (254) |
| USD/PEN | CIT | 07/07/25 | PEN | (7349) | (2074) | (13) |
| USD/PEN | BOA | 07/11/25 | PEN | (1700) | (480) | (12) |
| USD/PEN | DUB | 09/15/25 | PEN | (2982) | (840) | (29) |
| USD/PEN | CIT | 09/17/25 | PEN | (46876) | (13203) | (527) |

---

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page [607](#abbreviations).

**JNL Series Trust** (Unaudited)

**Schedules of Investments (in thousands)**

June 30, 2025

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **JNL/PIMCO Income Fund — Forward Foreign Currency Contracts (continued)** | **JNL/PIMCO Income Fund — Forward Foreign Currency Contracts (continued)** | **JNL/PIMCO Income Fund — Forward Foreign Currency Contracts (continued)** | **JNL/PIMCO Income Fund — Forward Foreign Currency Contracts (continued)** | **JNL/PIMCO Income Fund — Forward Foreign Currency Contracts (continued)** | **JNL/PIMCO Income Fund — Forward Foreign Currency Contracts (continued)** | **JNL/PIMCO Income Fund — Forward Foreign Currency Contracts (continued)** |
| **Purchased/Sold** | **Counterparty** | **Expiration** | **Notional<sup>1</sup>** | **Notional<sup>1</sup>** | **Value ($)** | **Unrealized**<br> **Appreciation**<br> (Depreciation) ($) |
| USD/PEN | CIT | 10/14/25 | PEN | (10660) | (3000) | (82) |
| USD/PEN | CIT | 12/05/25 | PEN | (12426) | (3491) | (134) |
| USD/PEN | CIT | 02/09/26 | PEN | (3964) | (1111) | (33) |
| USD/TRY | BCL | 07/01/25 | TRY | (2711) | (68) | (1) |
| USD/TRY | BCL | 07/09/25 | TRY | (65964) | (1647) | (18) |
| USD/TRY | BCL | 07/24/25 | TRY | (12609) | (311) | (3) |
| USD/TRY | BCL | 07/24/25 | TRY | (1301) | (32) |  |
| USD/TRY | BCL | 07/29/25 | TRY | (1867) | (46) | (1) |
| USD/TRY | BCL | 08/18/25 | TRY | (2833) | (68) |  |
| USD/TWD | CIT | 07/16/25 | TWD | (39474) | (1353) | (139) |
| USD/TWD | JPM | 07/16/25 | TWD | (28374) | (973) | (100) |
| USD/TWD | CIT | 08/20/25 | TWD | (63699) | (2190) | (239) |
| USD/TWD | HSB | 08/20/25 | TWD | (24044) | (826) | (92) |
| USD/TWD | JPM | 08/20/25 | TWD | (49788) | (1711) | (192) |
| USD/ZAR | BCL | 07/23/25 | ZAR | (119813) | (6756) | (130) |
| USD/ZAR | GSC | 07/23/25 | ZAR | (411) | (23) |  |
| USD/ZAR | JPM | 07/23/25 | ZAR | (44100) | (2487) | (19) |
| ZAR/USD | GSC | 07/23/25 | ZAR | 6918 | 390 | 8 |
|  |  |  |  |  | (57262) | (5776) |

---

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **JNL/PIMCO Income Fund — OTC Credit Default Swap Agreements** | **JNL/PIMCO Income Fund — OTC Credit Default Swap Agreements** | **JNL/PIMCO Income Fund — OTC Credit Default Swap Agreements** | **JNL/PIMCO Income Fund — OTC Credit Default Swap Agreements** | **JNL/PIMCO Income Fund — OTC Credit Default Swap Agreements** | **JNL/PIMCO Income Fund — OTC Credit Default Swap Agreements** | **JNL/PIMCO Income Fund — OTC Credit Default Swap Agreements** | **JNL/PIMCO Income Fund — OTC Credit Default Swap Agreements** | **JNL/PIMCO Income Fund — OTC Credit Default Swap Agreements** |
| **Reference Entity<sup>2</sup>** | **Counter-party** | **Implied**<br> **Credit**<br> **Spread** <br> **(%)** | **Fixed**<br> **Receive/**<br> **Pay Rate** <br> **(%)** | **Expiration** | **Notional<sup>1</sup> ($)** | **Value ($)** | **Premiums**<br> **Paid**<br> (Received) ($) | **Unrealized**<br> **Appreciation**<br> (Depreciation) ($) |
|  **Credit default swap agreements - sell protection** | **Credit default swap agreements - sell protection** | **Credit default swap agreements - sell protection** | **Credit default swap agreements - sell protection** | **Credit default swap agreements - sell protection** | **Credit default swap agreements - sell protection** | **Credit default swap agreements - sell protection** | **Credit default swap agreements - sell protection** | **Credit default swap agreements - sell protection** |
| Presidencia da Republica (Q)  | CIT | 0.51 | 1.00 | 06/20/26  | (7200)  | 36  | (245)  | 281  |
| Presidencia da Republica (Q)  | GSC | 0.51 | 1.00 | 06/20/26  | (10600)  | 53  | (360)  | 413  |
| CMBX.NA.AAA.10 (M)  | GSC | 0.00 | 0.50 | 11/17/59  | (36300)  | 156  | (325)  | 481  |
| CMBX.NA.AAA.11 (M)  | GSC | 0.00 | 0.50 | 11/18/54  | (7800)  | 47  | 60  | (13)  |
| CMBX.NA.AAA.11 (M)  | GSC | 0.00 | 0.50 | 11/18/54  | (7500)  | 45  | (41)  | 86  |
| CMBX.NA.AAA.13 (M)  | GSC | 0.00 | 0.50 | 12/16/72  | (79500)  | 288  | (1365)  | 1653  |
| CMBX.NA.AAA.6 (M)  | GSC | 0.00 | 0.50 | 05/11/63  | (16)  | —  | —  | —  |
| CMBX.NA.AAA.9 (M)  | GSC | 0.00 | 0.50 | 09/17/58  | (17202)  | 13  | 34  | (21)  |
| Departamento Administrativo De La Presidencia De La Republica (Q)  | BCL | 1.05 | 1.00 | 12/20/26  | (1000)  | —  | (46)  | 46  |
| Departamento Administrativo De La Presidencia De La Republica (Q)  | CIT | 1.16 | 1.00 | 06/20/27  | (200)  | —  | (7)  | 7  |
| Departamento Administrativo De La Presidencia De La Republica (Q)  | GSC | 1.34 | 1.00 | 12/20/27  | (100)  | (1)  | (9)  | 8  |
| Departamento Administrativo De La Presidencia De La Republica (Q)  | GSC | 1.16 | 1.00 | 06/20/27  | (300)  | (1)  | (11)  | 10  |
| Departamento Administrativo De La Presidencia De La Republica (Q)  | JPM | 1.16 | 1.00 | 06/20/27  | (300)  | (1)  | (12)  | 11  |
| Ministry of Finance (Q)  | GSC | 0.57 | 1.00 | 12/20/26  | (6400)  | 41  | 28  | 13  |
| Ministry of Finance (Q)  | GSC | 0.86 | 1.00 | 12/20/29  | (800)  | 4  | (22)  | 26  |
| Ministry of Finance (Q)  | JPM | 0.86 | 1.00 | 12/20/29  | (200)  | 1  | (6)  | 7  |
| Pemex Project Funding Master Trust (M)  | DUB | 5.37 | 4.75 | 07/06/26  | (3365)  | 5  | —  | 5  |
| Pemex Project Funding Master Trust (M)  | DUB | 5.37 | 4.85 | 07/06/26  | (1606)  | 2  | —  | 2  |
| SoftBank Group Corp (Q)  | GSC | 1.49 | 1.00 | 06/20/26  | (1200)  | (5)  | (10)  | 5  |
| South Africa, Parliament of (Q)  | DUB | 0.75 | 1.00 | 12/20/26  | (1200)  | 4  | (53)  | 57  |
|  |  |  |  |  | (182789) | 687 | (2390) | 3077 |

---

**Fair Value Hierarchy.** Various inputs are used in determining the fair value of financial instruments. For a description of the input levels and information about the Fund's policy regarding valuation of financial instruments, see Note 3 in the Notes to Financial Statements. The following table summarizes the Fund's investments categorized in the disclosure hierarchy as of June 30, 2025.

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **<u>. Level 1 ($) .</u>** | **<u>. Level 2 ($) .</u>** | **<u>. Level 3 ($) .</u>** | **<u>. Total ($) .</u>** |
| **JNL/PIMCO Income Fund** | **JNL/PIMCO Income Fund** | **JNL/PIMCO Income Fund** | **JNL/PIMCO Income Fund** | **JNL/PIMCO Income Fund** |
| **Assets - Securities** |  |  |  |  |
| &nbsp;&nbsp; Government And Agency Obligations |  | 1444514 |  | 1444514 |
| &nbsp;&nbsp; Non-U.S. Government Agency Asset-Backed Securities |  | 613125 |  | 613125 |
| &nbsp;&nbsp; Corporate Bonds And Notes |  | 194735 |  | 194735 |
| &nbsp;&nbsp; Senior Floating Rate Instruments |  | 35518 | 16519 | 52037 |
| &nbsp;&nbsp; Common Stocks | 1095 | 139 | 10988 | 12222 |
| &nbsp;&nbsp; Warrants |  |  | 427 | 427 |
| &nbsp;&nbsp; Short Term Investments | 4434 | 78000 |  | 82434 |
|  | 5529 | 2366031 | 27934 | 2399494 |

---

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page [607](#abbreviations).

**JNL Series Trust** (Unaudited)

**Schedules of Investments (in thousands)**

June 30, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **<u>. Level 1 ($) .</u>** | **<u>. Level 2 ($) .</u>** | **<u>. Level 3 ($) .</u>** | **<u>. Total ($) .</u>** |
| **JNL/PIMCO Income Fund (continued)** | **JNL/PIMCO Income Fund (continued)** | **JNL/PIMCO Income Fund (continued)** | **JNL/PIMCO Income Fund (continued)** | **JNL/PIMCO Income Fund (continued)** |
| **Liabilities - Securities** | **Liabilities - Securities** | **Liabilities - Securities** | **Liabilities - Securities** | **Liabilities - Securities** |
| &nbsp;&nbsp; Government And Agency Obligations |  | (651) |  | (651) |
|  |  | (651) |  | (651) |
| **Assets - Investments in Other Financial Instruments<sup>1</sup>** |  |  |  |  |
| &nbsp;&nbsp; Futures Contracts | 9851 |  |  | 9851 |
| &nbsp;&nbsp; Centrally Cleared Interest Rate Swap Agreements |  | 69488 |  | 69488 |
| &nbsp;&nbsp; Centrally Cleared Credit Default Swap Agreements |  | 2808 |  | 2808 |
| &nbsp;&nbsp; Exchange Traded Futures Options | 4 |  |  | 4 |
| &nbsp;&nbsp; OTC Purchased Options |  | 180 |  | 180 |
| &nbsp;&nbsp; Open Forward Foreign Currency Contracts |  | 3844 |  | 3844 |
| &nbsp;&nbsp; OTC Credit Default Swap Agreements |  | 3104 | 7 | 3111 |
|  | 9855 | 79424 | 7 | 89286 |
| **Liabilities - Investments in Other Financial Instruments<sup>1</sup>** |  |  |  |  |
| &nbsp;&nbsp; Futures Contracts | (2117) |  |  | (2117) |
| &nbsp;&nbsp; Centrally Cleared Interest Rate Swap Agreements |  | (39623) |  | (39623) |
| &nbsp;&nbsp; Centrally Cleared Credit Default Swap Agreements |  | (739) |  | (739) |
| &nbsp;&nbsp; Exchange Traded Written Options | (114) |  |  | (114) |
| &nbsp;&nbsp; OTC Written Options |  | (173) |  | (173) |
| &nbsp;&nbsp; Open Forward Foreign Currency Contracts |  | (9620) |  | (9620) |
| &nbsp;&nbsp; OTC Credit Default Swap Agreements |  | (34) |  | (34) |
|  | (2231) | (50189) |  | (52420) |

---

<sup>1</sup> All derivatives, except for purchased and written options, are reflected at the unrealized appreciation (depreciation) on the instrument. Purchased and written options are reflected at value.

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page [607](#abbreviations).

**JNL Series Trust** (Unaudited)

**Schedules of Investments (in thousands)**

June 30, 2025

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| **JNL/PIMCO Investment Grade Credit Bond Fund** | **JNL/PIMCO Investment Grade Credit Bond Fund** | **JNL/PIMCO Investment Grade Credit Bond Fund** |
| **CORPORATE BONDS AND NOTES 75.5%** | **CORPORATE BONDS AND NOTES 75.5%** | **CORPORATE BONDS AND NOTES 75.5%** |
| **Financials 29.4%** | **Financials 29.4%** | **Financials 29.4%** |
| ABN AMRO Bank N.V. |  |  |
| 6.38%, (100, 09/22/34), EUR (a) (b) | 600 | 729 |
| AerCap Ireland Capital Designated Activity Company |  |  |
| 4.63%, 09/10/29 | 200 | 200 |
| 3.30%, 01/30/32 | 3700 | 3350 |
| Ally Financial Inc. |  |  |
| 4.75%, 06/09/27 | 200 | 201 |
| 6.99%, 06/13/29 | 500 | 526 |
| American Express Company |  |  |
| 5.44%, 01/30/36 | 1300 | 1328 |
| Antares Holdings LP |  |  |
| 3.95%, 07/15/26 (c) (d) | 300 | 296 |
| 3.75%, 07/15/27 (d) | 630 | 606 |
| 7.95%, 08/11/28 (d) | 600 | 634 |
| 6.50%, 02/08/29 (d) | 500 | 507 |
| Apollo Debt Solutions BDC |  |  |
| 6.70%, 07/29/31 | 1500 | 1559 |
| Arch Capital Group Ltd. |  |  |
| 3.64%, 06/30/50 | 615 | 450 |
| Ares Capital Corporation |  |  |
| 5.95%, 07/15/29 | 1100 | 1126 |
| Ares Finance Co. II LLC |  |  |
| 3.25%, 06/15/30 (d) | 1200 | 1119 |
| Ares Finance Co. III LLC |  |  |
| 4.13%, 06/30/51 (d) | 500 | 488 |
| Ares Management Corporation |  |  |
| 5.60%, 10/11/54 | 500 | 473 |
| Ares Strategic Income Fund |  |  |
| 5.60%, 02/15/30 | 200 | 200 |
| 6.20%, 03/21/32 | 500 | 502 |
| Assured Guaranty US Holdings Inc. |  |  |
| 6.13%, 09/15/28 | 400 | 421 |
| 3.60%, 09/15/51 | 1700 | 1157 |
| Aviation Capital Group LLC |  |  |
| 3.50%, 11/01/27 (d) | 1400 | 1364 |
| 6.25%, 04/15/28 (d) | 600 | 625 |
| 5.38%, 07/15/29 (d) | 400 | 408 |
| Aviva PLC |  |  |
| 7.75%, (100, 09/30/32), GBP (a) (b) (e) | 300 | 419 |
| Avolon Holdings Funding Limited |  |  |
| 2.53%, 11/18/27 (d) | 2100 | 1996 |
| Banco Santander, S.A. |  |  |
| 4.88%, 10/18/31, EUR (b) (e) | 2700 | 3446 |
| Bank of America Corporation |  |  |
| 3.82%, 01/20/28 | 2800 | 2776 |
| 4.38%, 04/27/28 | 600 | 600 |
| 3.97%, 02/07/30 | 7000 | 6889 |
| 1.90%, 07/23/31 | 3900 | 3426 |
| 2.69%, 04/22/32 | 2900 | 2603 |
| 4.57%, 04/27/33 | 800 | 788 |
| 5.29%, 04/25/34 | 3200 | 3264 |
| Barclays PLC |  |  |
| 5.69%, 03/12/30 | 2200 | 2276 |
| 6.22%, 05/09/34 | 2900 | 3078 |
| BGC Group, Inc. |  |  |
| 4.38%, 12/15/25 (f) | 700 | 698 |
| 8.00%, 05/25/28 (f) | 600 | 641 |
| 6.15%, 04/02/30 (d) | 300 | 304 |
| Blackstone Holdings Finance Co. L.L.C. |  |  |
| 1.50%, 04/10/29, EUR (d) | 800 | 894 |
| Blackstone Inc. |  |  |
| 2.50%, 01/10/30 (d) | 5700 | 5237 |
| 5.00%, 06/15/44 (d) | 300 | 273 |
| Blackstone Secured Lending Fund |  |  |
| 5.88%, 11/15/27 | 1000 | 1021 |
| Blue Owl Finance LLC |  |  |
| 4.13%, 10/07/51 | 3400 | 2318 |
| BNP Paribas |  |  |
| 7.00%, (100, 08/16/28) (a) (d) (e) | 200 | 205 |
| 8.50%, (100, 08/14/28) (a) (d) (e) | 1200 | 1275 |
| Boral Finance Pty Limited |  |  |
| 3.75%, 05/01/28 (d) | 338 | 326 |
| BPCE |  |  |
| 6.61%, 10/19/27 (d) | 900 | 922 |
| 5.88%, 01/14/31 (d) (e) | 500 | 518 |
| 7.00%, 10/19/34 (d) | 400 | 439 |
| Brookfield Capital Finance LLC |  |  |
| 6.09%, 06/14/33 | 300 | 318 |
| Brookfield Financial, Inc. |  |  |
| 3.90%, 01/25/28 | 1400 | 1383 |
| 5.68%, 01/15/35 | 1400 | 1437 |
| 5.97%, 03/04/54 | 225 | 225 |
| CaixaBank, S.A. |  |  |
| 5.88%, (100, 10/09/27), EUR (a) (b) (e) | 1200 | 1465 |
| Cantor Fitzgerald, L.P. |  |  |
| 7.20%, 12/12/28 (d) | 1000 | 1062 |
| Capital Farm Credit ACA |  |  |
| 5.00%, (100, 03/15/26) (a) | 3200 | 3188 |
| Capital One Financial Corporation |  |  |
| 3.95%, (100, 09/01/26) (a) | 1100 | 1074 |
| Charles Schwab Corporation, The |  |  |
| 4.00%, (100, 12/01/30) (a) | 2300 | 2135 |
| 5.00%, (100, 12/01/27) (a) | 900 | 882 |
| 1.65%, 03/11/31 | 4000 | 3438 |
| CI Financial Corp. |  |  |
| 7.50%, 05/30/29 (d) | 500 | 527 |
| Citadel Finance LLC |  |  |
| 5.90%, 02/10/30 (d) | 1000 | 1009 |
| Citadel Limited Partnership |  |  |
| 6.38%, 01/23/32 (d) (f) | 900 | 939 |
| Citigroup Inc. |  |  |
| 6.95%, (100, 02/15/30) (a) | 875 | 893 |
| 5.57%, 04/30/34 | 700 | 729 |
| 5.45%, 06/11/35 | 300 | 306 |
| Citizens Financial Group, Inc. |  |  |
| 4.00%, (100, 10/06/26) (a) | 800 | 777 |
| CNA Financial Corporation |  |  |
| 2.05%, 08/15/30 | 300 | 264 |
| CoBank, ACB |  |  |
| 4.25%, (100, 01/01/27) (a) (d) | 2200 | 2119 |
| COMMERZBANK Aktiengesellschaft |  |  |
| 7.88%, (100, 07/02/29), EUR (a) (b) | 1400 | 1831 |
| Cooperatieve Rabobank U.A. |  |  |
| 4.38%, (100, 06/29/27), EUR (a) (b) | 800 | 939 |
| 3.75%, 07/21/26 | 1000 | 991 |
| Corebridge Financial, Inc. |  |  |
| 3.85%, 04/05/29 | 1900 | 1861 |
| Credit Agricole SA |  |  |
| 7.25%, (100, 09/23/28), EUR (a) (e) | 600 | 762 |
| 5.86%, 01/09/36 (d) (e) | 1000 | 1033 |
| DrillCo Holding Lux S.A. |  |  |
| 7.50%, 06/15/30 (b) | 13 | 13 |
| 7.50%, 06/15/30 (d) | 51 | 48 |
| Encore Capital Group, Inc. |  |  |
| 8.50%, 05/15/30 (d) | 300 | 322 |
| Equitable Holdings, Inc. |  |  |
| 6.70%, 03/28/55 | 1000 | 1022 |
| Erste Group Bank AG |  |  |
| 4.25%, (100, 10/15/27), EUR (a) (b) | 2000 | 2318 |
| Essent Group Ltd. |  |  |
| 6.25%, 07/01/29 | 500 | 518 |
| Export-Import Bank of India |  |  |
| 3.25%, 01/15/30 (d) | 600 | 566 |
| Fairfax Financial Holdings Limited |  |  |
| 2.75%, 03/29/28, EUR (d) | 600 | 701 |
| 4.63%, 04/29/30 | 1900 | 1893 |
| Fidelity National Financial, Inc. |  |  |
| 3.20%, 09/17/51 | 400 | 248 |
| First American Financial Corporation |  |  |
| 5.45%, 09/30/34 | 400 | 393 |
| Ford Motor Credit Company LLC |  |  |
| 3.38%, 11/13/25 | 300 | 298 |
| 5.85%, 05/17/27 | 500 | 504 |
| 4.13%, 08/17/27 | 300 | 293 |
| 3.82%, 11/02/27 | 1653 | 1595 |

---

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page [607](#abbreviations).

**JNL Series Trust** (Unaudited)

**Schedules of Investments (in thousands)**

June 30, 2025

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| 5.92%, 03/20/28 | 1300 | 1313 |
| 5.80%, 03/08/29 | 1000 | 1002 |
| Fortitude Group Holdings, LLC |  |  |
| 6.25%, 04/01/30 (d) | 300 | 309 |
| Franklin Resources, Inc. |  |  |
| 2.95%, 08/12/51 | 1480 | 908 |
| Freedom Mortgage Corporation |  |  |
| 12.00%, 10/01/28 (d) | 800 | 860 |
| FS KKR Capital Corp. |  |  |
| 7.88%, 01/15/29 | 1400 | 1478 |
| GE Capital Funding LLC |  |  |
| 4.55%, 05/15/32 | 537 | 533 |
| Global Atlantic Financial Company |  |  |
| 6.75%, 03/15/54 (d) | 200 | 205 |
| Global Payments Inc. |  |  |
| 2.90%, 05/15/30 | 400 | 368 |
| 4.15%, 08/15/49 | 500 | 372 |
| Goldman Sachs Group, Inc., The |  |  |
| 6.13%, (100, 11/10/34) (a) (c) | 1000 | 998 |
| 7.50%, (100, 02/10/29) (a) | 1700 | 1795 |
| 3.69%, 06/05/28 | 400 | 395 |
| 4.22%, 05/01/29 | 1100 | 1093 |
| 1.99%, 01/27/32 | 3900 | 3378 |
| 2.38%, 07/21/32 | 2300 | 2009 |
| 5.02%, 10/23/35 | 2900 | 2865 |
| 5.54%, 01/28/36 | 1700 | 1743 |
| HA Sustainable Infrastructure Capital, Inc. |  |  |
| 6.15%, 01/15/31 | 1300 | 1316 |
| 6.38%, 07/01/34 | 1000 | 999 |
| Hanover Insurance Group Inc, The |  |  |
| 2.50%, 09/01/30 | 500 | 445 |
| HPS Corporate Lending Fund |  |  |
| 5.95%, 04/14/32 | 600 | 597 |
| HSBC Holdings PLC |  |  |
| 7.39%, 11/03/28 | 800 | 850 |
| Intesa Sanpaolo SPA |  |  |
| 6.63%, 06/20/33 (d) | 300 | 325 |
| 7.20%, 11/28/33 (d) | 1100 | 1235 |
| 7.80%, 11/28/53 (d) | 600 | 701 |
| Itau Unibanco Holding S.A. |  |  |
| 6.00%, 02/27/30 (d) | 1300 | 1330 |
| JAB Holdings B.V. |  |  |
| 2.20%, 11/23/30 (d) | 686 | 591 |
| JPMorgan Chase & Co. |  |  |
| 6.50%, (100, 04/01/30) (a) | 1400 | 1445 |
| 6.88%, (100, 06/01/29) (a) | 1000 | 1056 |
| 7.04%, (3 Month Term SOFR + 2.75%), (100, 07/01/25) (a) (g) | 4700 | 4708 |
| 3.78%, 02/01/28 | 3200 | 3172 |
| 5.58%, 04/22/30 | 2600 | 2698 |
| 2.74%, 10/15/30 | 2900 | 2704 |
| 4.60%, 10/22/30 | 1000 | 1003 |
| 5.14%, 01/24/31 | 100 | 103 |
| 1.95%, 02/04/32 | 1800 | 1561 |
| 5.35%, 06/01/34 | 1500 | 1544 |
| 6.25%, 10/23/34 | 3000 | 3258 |
| 5.29%, 07/22/35 | 100 | 102 |
| KBC Groep |  |  |
| 6.25%, (100, 09/17/31), EUR (a) (b) (e) | 400 | 484 |
| Lazard Group LLC |  |  |
| 4.50%, 09/19/28 | 1200 | 1196 |
| 4.38%, 03/11/29 | 278 | 275 |
| Lloyds Banking Group PLC |  |  |
| 4.98%, 08/11/33 | 2300 | 2284 |
| 5.68%, 01/05/35 (e) | 1700 | 1740 |
| Marsh & Mclennan Companies, Inc. |  |  |
| 5.00%, 03/15/35 | 900 | 900 |
| 5.70%, 09/15/53 | 700 | 704 |
| Meiji Yasuda Life Insurance Company |  |  |
| 6.10%, 06/11/55 (d) | 600 | 600 |
| Mizuho Financial Group, Inc. |  |  |
| 1.98%, 09/08/31 | 1900 | 1663 |
| 5.59%, 07/10/35 | 1100 | 1131 |
| Morgan Stanley |  |  |
| 5.88%, (100, 09/15/26) (a) | 700 | 707 |
| 5.12%, 02/01/29 | 4600 | 4681 |
| 6.41%, 11/01/29 | 2400 | 2543 |
| 5.17%, 01/16/30 | 1600 | 1633 |
| 4.65%, 10/18/30 | 600 | 601 |
| 5.23%, 01/15/31 | 200 | 205 |
| 3.62%, 04/01/31 | 3500 | 3354 |
| 1.79%, 02/13/32 | 1500 | 1283 |
| 2.24%, 07/21/32 | 1600 | 1387 |
| MSCI Inc. |  |  |
| 3.63%, 11/01/31 (d) | 800 | 736 |
| 3.25%, 08/15/33 (d) | 200 | 175 |
| National Rural Utilities Cooperative Finance Corporation |  |  |
| 2.40%, 03/15/30 | 1500 | 1381 |
| Nationwide Building Society |  |  |
| 10.25%, GBP (a) | 219 | 394 |
| 6.56%, 10/18/27 (d) | 1450 | 1487 |
| Nationwide Financial Services, Inc. |  |  |
| 3.90%, 11/30/49 (d) | 500 | 374 |
| NatWest Group PLC |  |  |
| 4.60%, (100, 06/28/31) (a) (e) | 800 | 701 |
| 5.58%, 03/01/28 (e) | 1700 | 1731 |
| 5.08%, 01/27/30 | 2800 | 2843 |
| Nomura Holdings, Inc. |  |  |
| 7.00%, (100, 07/15/30) (a) | 600 | 607 |
| 5.84%, 01/18/28 | 2000 | 2062 |
| 2.17%, 07/14/28 | 1900 | 1774 |
| 5.78%, 07/03/34 | 200 | 207 |
| North American Company for Life and Health Insurance |  |  |
| 6.88%, 04/15/34 (d) | 1500 | 1606 |
| Nykredit Realkredit A/S |  |  |
| 1.00%, 10/01/50, DKK (b) | 88 | 11 |
| 1.50%, 10/01/53, DKK (b) | 4382 | 549 |
| OneMain Finance Corporation |  |  |
| 7.88%, 03/15/30 | 900 | 956 |
| Protective Life Corporation |  |  |
| 4.30%, 09/30/28 (d) | 500 | 500 |
| Radian Group Inc. |  |  |
| 6.20%, 05/15/29 | 500 | 519 |
| Rexford Industrial Realty, L.P. |  |  |
| 2.13%, 12/01/30 | 800 | 697 |
| Rio Oil Finance Trust |  |  |
| 9.75%, 01/06/27 (d) (h) | 52 | 54 |
| Santander Holdings USA, Inc. |  |  |
| 3.24%, 10/05/26 | 2100 | 2068 |
| 4.40%, 07/13/27 | 100 | 100 |
| Santander UK Group Holdings PLC |  |  |
| 1.53%, 08/21/26 | 1300 | 1294 |
| 5.69%, 04/15/31 (e) | 600 | 617 |
| SB Capital S.A. |  |  |
| 0.00%, 05/23/49 - 10/29/49 (b) (i) (j) (k) | 5700 |  |
| Sixth Street Lending Partners |  |  |
| 6.50%, 03/11/29 | 600 | 619 |
| 5.75%, 01/15/30 | 100 | 100 |
| State Street Corporation |  |  |
| 6.70%, (100, 03/15/29) (a) | 600 | 625 |
| Stichting AK Rabobank Certificaten II |  |  |
| 6.50%, EUR (a) (b) (g) (h) | 630 | 845 |
| Sumitomo Mitsui Financial Group, Inc. |  |  |
| 2.13%, 07/08/30 (c) | 2700 | 2411 |
| 5.42%, 07/09/31 | 2900 | 3009 |
| 5.56%, 07/09/34 | 800 | 827 |
| UBS Group AG |  |  |
| 6.85%, (100, 09/10/29) (a) (d) (e) | 600 | 602 |
| 7.00%, (100, 02/10/30) (a) (d) (e) | 800 | 795 |
| 9.25%, (100, 11/13/28) (a) (b) (e) | 400 | 436 |
| 6.54%, 08/12/33 (d) | 4250 | 4625 |
| 9.02%, 11/15/33 (d) | 500 | 618 |
| 5.96%, 01/12/34 (d) | 1900 | 2000 |
| Unicredit, Societa' Per Azioni In Forma Abbreviata Unicredit S.P.A. |  |  |
| 7.30%, 04/02/34 (d) | 1000 | 1057 |
| Unigel Netherlands Holding Corporation B.V. |  |  |
| 15.00%, 12/31/44 (d) (l) | 394 | 10 |

---

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page [607](#abbreviations).

**JNL Series Trust** (Unaudited)

**Schedules of Investments (in thousands)**

June 30, 2025

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| Volkswagen Group of America Finance, LLC |  |  |
| 5.05%, 03/27/28 (d) | 1300 | 1307 |
| Wells Fargo & Company |  |  |
| 6.85%, (100, 09/15/29) (a) | 1000 | 1051 |
| 7.63%, (100, 09/15/28) (a) | 400 | 430 |
| 3.58%, 05/22/28 | 4800 | 4728 |
| 2.39%, 06/02/28 | 4400 | 4241 |
| 5.57%, 07/25/29 | 500 | 516 |
| 5.20%, 01/23/30 | 1700 | 1741 |
| 2.88%, 10/30/30 | 500 | 467 |
| 2.57%, 02/11/31 | 3700 | 3389 |
| 5.56%, 07/25/34 | 300 | 310 |
| Willis North America Inc. |  |  |
| 2.95%, 09/15/29 | 1500 | 1412 |
| | | 249572 |
| **Utilities 9.1%** | **Utilities 9.1%** | **Utilities 9.1%** |
| Adani Electricity Mumbai Limited |  |  |
| 3.95%, 02/12/30 (d) | 524 | 468 |
| AES Corporation, The |  |  |
| 5.45%, 06/01/28 | 2900 | 2960 |
| 2.45%, 01/15/31 | 100 | 87 |
| 6.95%, 07/15/55 (c) | 700 | 685 |
| American Electric Power Company, Inc. |  |  |
| 5.20%, 01/15/29 | 1000 | 1026 |
| Anglian Water Services Financing PLC |  |  |
| 6.00%, 06/20/39, GBP (b) | 100 | 134 |
| Arizona Public Service Company |  |  |
| 2.20%, 12/15/31 | 1700 | 1466 |
| Black Hills Corporation |  |  |
| 2.50%, 06/15/30 | 1400 | 1261 |
| 6.00%, 01/15/35 | 325 | 337 |
| Cameron LNG, LLC |  |  |
| 3.40%, 01/15/38 (d) | 1300 | 1108 |
| Capital Power (US Holdings) Inc. |  |  |
| 6.19%, 06/01/35 (d) | 400 | 413 |
| CenterPoint Energy Houston Electric, LLC |  |  |
| 5.05%, 03/01/35 | 100 | 100 |
| Connecticut Light and Power Company, The |  |  |
| 4.90%, 07/01/33 | 400 | 400 |
| DTE Electric Company |  |  |
| 2.25%, 03/01/30 | 1300 | 1189 |
| DTE Energy Company |  |  |
| 2.95%, 03/01/30 | 500 | 466 |
| Duke Energy Progress, LLC |  |  |
| 5.05%, 03/15/35 | 1700 | 1708 |
| Duquesne Light Holdings, Inc. |  |  |
| 3.62%, 08/01/27 (d) | 1000 | 972 |
| Edison International |  |  |
| 5.45%, 06/15/29 | 1500 | 1483 |
| Electricite de France |  |  |
| 4.88%, 09/21/38 (d) | 1100 | 1013 |
| Entergy Corporation |  |  |
| 2.80%, 06/15/30 | 2600 | 2401 |
| Entergy Texas, Inc. |  |  |
| 1.75%, 03/15/31 | 700 | 603 |
| 5.25%, 04/15/35 | 700 | 706 |
| EP Infrastructure, a.s. |  |  |
| 1.82%, 03/02/31, EUR (b) | 100 | 105 |
| EPH Financing International, a.s. |  |  |
| 5.88%, 11/30/29, EUR (b) | 700 | 878 |
| Evergy Metro, Inc. |  |  |
| 2.25%, 06/01/30 | 1000 | 903 |
| Florida Power & Light Company |  |  |
| 4.80%, 05/15/33 | 2000 | 2006 |
| Georgia Power Company |  |  |
| 3.70%, 01/30/50 | 400 | 298 |
| 3.25%, 03/15/51 | 2300 | 1580 |
| IPALCO Enterprises, Inc. |  |  |
| 5.75%, 04/01/34 | 200 | 201 |
| ITC Holdings Corp. |  |  |
| 2.95%, 05/14/30 (d) | 1800 | 1674 |
| Mid-Atlantic Interstate Transmission, LLC |  |  |
| 4.10%, 05/15/28 (d) | 1200 | 1192 |
| Mississippi Power Company |  |  |
| 3.95%, 03/30/28 | 2400 | 2389 |
| National Grid Electricity Transmission PLC |  |  |
| 2.00%, 04/17/40, GBP (b) | 1400 | 1201 |
| National Grid PLC |  |  |
| 5.81%, 06/12/33 | 1000 | 1051 |
| New York State Electric & Gas Corporation |  |  |
| 3.30%, 09/15/49 (d) | 100 | 66 |
| NextEra Energy Capital Holdings, Inc. |  |  |
| 5.00%, 02/28/30 | 400 | 410 |
| 2.25%, 06/01/30 | 475 | 428 |
| Oklahoma Gas and Electric Company |  |  |
| 5.40%, 01/15/33 | 400 | 414 |
| PacifiCorp |  |  |
| 5.30%, 02/15/31 | 900 | 927 |
| 6.25%, 10/15/37 | 1087 | 1149 |
| 7.38%, 09/15/55 | 700 | 724 |
| PECO Energy Company |  |  |
| 3.00%, 09/15/49 | 800 | 526 |
| PG&E Company |  |  |
| 3.30%, 03/15/27 - 08/01/40 | 5100 | 4385 |
| 3.75%, 07/01/28 | 250 | 242 |
| 3.25%, 06/01/31 | 1400 | 1256 |
| 6.00%, 08/15/35 | 400 | 405 |
| 4.60%, 06/15/43 | 600 | 481 |
| 4.30%, 03/15/45 | 200 | 151 |
| 4.25%, 03/15/46 | 1200 | 893 |
| 4.95%, 07/01/50 (c) | 500 | 403 |
| 5.25%, 03/01/52 | 2300 | 1916 |
| Public Service Company of Colorado |  |  |
| 1.88%, 06/15/31 | 2700 | 2322 |
| Public Service Company of Oklahoma |  |  |
| 5.45%, 01/15/36 | 1700 | 1712 |
| Public Service Electric And Gas Company |  |  |
| 4.85%, 08/01/34 | 500 | 499 |
| San Diego Gas & Electric Company |  |  |
| 5.40%, 04/15/35 | 1500 | 1532 |
| 4.10%, 06/15/49 | 200 | 153 |
| Southern California Edison Company |  |  |
| 5.35%, 03/01/26 | 700 | 704 |
| 5.30%, 03/01/28 | 4200 | 4252 |
| 5.65%, 10/01/28 | 1100 | 1127 |
| 5.25%, 03/15/30 | 700 | 707 |
| 6.05%, 03/15/39 | 400 | 400 |
| 3.60%, 02/01/45 | 400 | 275 |
| 4.00%, 04/01/47 | 1100 | 790 |
| Southern California Gas Company |  |  |
| 2.55%, 02/01/30 | 1500 | 1380 |
| 5.20%, 06/01/33 | 1800 | 1824 |
| SPP - distribucia , a.s. |  |  |
| 1.00%, 06/09/31, EUR (b) | 300 | 301 |
| SW (Finance) I PLC |  |  |
| 7.00%, 04/16/40, GBP (b) | 1000 | 1307 |
| System Energy Resources, Inc. |  |  |
| 2.14%, 12/09/25 | 1300 | 1287 |
| 5.30%, 12/15/34 | 700 | 691 |
| Thames Water Super Senior Issuer PLC |  |  |
| 9.75%, 10/10/27, GBP (d) | 39 | 59 |
| Thames Water Utilities Finance PLC |  |  |
| 9.75%, 10/10/27, GBP (d) | 36 | 54 |
| 4.38%, 01/18/31, EUR (b) | 900 | 684 |
| 4.38%, 07/03/34, GBP (b) | 600 | 540 |
| Thames Water Utilities Limited |  |  |
| 0.00%, 03/22/27, GBP (d) (m) | 10 | 11 |
| The Cleveland Electric Illuminating Company |  |  |
| 3.50%, 04/01/28 (d) | 2870 | 2794 |
| The Southern Company |  |  |
| 4.25%, 07/01/36 | 400 | 367 |
| Virginia Electric and Power Company |  |  |
| 5.15%, 03/15/35 | 500 | 502 |
| Vistra Operations Company LLC |  |  |
| 6.00%, 04/15/34 (d) | 900 | 934 |
| Yorkshire Water Finance PLC |  |  |
| 1.75%, 10/27/32, GBP (b) | 700 | 741 |
|  |  | 77189 |

---

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page [607](#abbreviations).

**JNL Series Trust** (Unaudited)

**Schedules of Investments (in thousands)**

June 30, 2025

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| **Energy 8.5%** | **Energy 8.5%** | **Energy 8.5%** |
| ADNOC Murban RSC Ltd. |  |  |
| 4.25%, 09/11/29 (d) | 1500 | 1490 |
| Aker BP ASA |  |  |
| 4.00%, 01/15/31 (d) | 2950 | 2803 |
| Canadian Natural Resources Limited |  |  |
| 6.45%, 06/30/33 (c) | 500 | 533 |
| Cheniere Corpus Christi Holdings, LLC |  |  |
| 5.13%, 06/30/27 | 2100 | 2120 |
| 3.70%, 11/15/29 | 800 | 772 |
| Cheniere Energy Partners, L.P. |  |  |
| 5.75%, 08/15/34 | 800 | 821 |
| 5.55%, 10/30/35 (d) | 1900 | 1910 |
| Cheniere Energy, Inc. |  |  |
| 5.65%, 04/15/34 | 100 | 102 |
| Columbia Pipelines Holding Company LLC |  |  |
| 5.10%, 10/01/31 (d) | 300 | 301 |
| Devon Energy Corporation |  |  |
| 5.20%, 09/15/34 | 400 | 388 |
| DT Midstream, Inc. |  |  |
| 5.80%, 12/15/34 (d) | 350 | 357 |
| Enbridge Inc. |  |  |
| 6.20%, 11/15/30 | 1500 | 1605 |
| 5.70%, 03/08/33 | 1700 | 1763 |
| Energy Transfer LP |  |  |
| 4.20%, 04/15/27 | 1200 | 1196 |
| 6.55%, 12/01/33 | 800 | 868 |
| 4.90%, 03/15/35 | 554 | 531 |
| 6.05%, 06/01/41 | 1300 | 1299 |
| Energy Transfer Operating, L.P. |  |  |
| 6.25%, 04/15/49 | 3000 | 2963 |
| Eni S.P.A. |  |  |
| 5.95%, 05/15/54 (d) | 700 | 676 |
| Enterprise Products Operating LLC |  |  |
| 4.95%, 02/15/35 | 2500 | 2492 |
| 5.20%, 01/15/36 | 900 | 907 |
| 7.57%, (3 Month Term SOFR + 3.25%), 08/16/77 (g) | 250 | 250 |
| EQT Corporation |  |  |
| 4.50%, 01/15/29 (d) | 370 | 366 |
| 5.75%, 02/01/34 | 500 | 517 |
| Expand Energy Corporation |  |  |
| 5.70%, 01/15/35 | 500 | 508 |
| Flex Intermediate Holdco, LLC |  |  |
| 3.36%, 06/30/31 (d) | 2200 | 1960 |
| Florida Gas Transmission Company, LLC |  |  |
| 2.55%, 07/01/30 (d) | 800 | 726 |
| Gaz Finance PLC |  |  |
| 0.00%, 01/27/29 (b) (i) (j) | 1800 | 1278 |
| GreenSaif Pipelines Bidco S.a r.l. |  |  |
| 5.85%, 02/23/36 (d) | 1500 | 1516 |
| Kinder Morgan, Inc. |  |  |
| 5.95%, 08/01/54 | 1000 | 984 |
| Midwest Connector Capital Company LLC |  |  |
| 4.63%, 04/01/29 (d) | 500 | 496 |
| MPLX LP |  |  |
| 2.65%, 08/15/30 | 3700 | 3347 |
| 5.20%, 12/01/47 | 1638 | 1429 |
| 4.90%, 04/15/58 | 300 | 241 |
| Occidental Petroleum Corporation |  |  |
| 7.88%, 09/15/31 | 2050 | 2307 |
| 6.20%, 03/15/40 | 10 | 10 |
| ONEOK Partners, L.P. |  |  |
| 6.20%, 09/15/43 | 500 | 498 |
| ONEOK, Inc. |  |  |
| 4.75%, 10/15/31 | 4100 | 4067 |
| 4.95%, 07/13/47 | 2500 | 2100 |
| Petroleos Mexicanos |  |  |
| 6.84%, 01/23/30 | 400 | 387 |
| QatarEnergy LNG |  |  |
| 5.84%, 09/30/27 (d) | 117 | 119 |
| Sabine Pass Liquefaction, LLC |  |  |
| 5.90%, 09/15/37 | 1000 | 1049 |
| Santos Finance Ltd |  |  |
| 6.88%, 09/19/33 (d) | 2300 | 2515 |
| Saudi Arabian Oil Company |  |  |
| 2.25%, 11/24/30 (d) | 200 | 178 |
| 5.75%, 07/17/54 (d) | 400 | 375 |
| Targa Resources Corp. |  |  |
| 4.20%, 02/01/33 | 1300 | 1218 |
| 6.13%, 03/15/33 | 1100 | 1159 |
| Tennessee Gas Pipeline Company, L.L.C. |  |  |
| 2.90%, 03/01/30 (d) | 5100 | 4710 |
| Var Energi ASA |  |  |
| 8.00%, 11/15/32 (d) | 500 | 567 |
| Venture Global Calcasieu Pass, LLC |  |  |
| 3.88%, 08/15/29 - 11/01/33 (d) | 2400 | 2181 |
| 6.25%, 01/15/30 (d) | 600 | 619 |
| 4.13%, 08/15/31 (d) | 300 | 278 |
| Venture Global LNG, Inc. |  |  |
| 9.88%, 02/01/32 (d) | 1100 | 1188 |
| Vine Energy Holdings LLC |  |  |
| 6.75%, 04/15/29 (d) | 300 | 304 |
| Western Midstream Operating, LP |  |  |
| 5.45%, 11/15/34 | 300 | 294 |
| Williams Companies, Inc., The |  |  |
| 5.60%, 03/15/35 | 1400 | 1440 |
| 5.30%, 09/30/35 | 1800 | 1802 |
| Woodside Finance Limited |  |  |
| 4.50%, 03/04/29 (d) | 2000 | 1978 |
| 5.40%, 05/19/30 | 500 | 507 |
| 5.10%, 09/12/34 | 500 | 483 |
|  |  | 71848 |
| **Real Estate 7.6%** | **Real Estate 7.6%** | **Real Estate 7.6%** |
| Alexandria Real Estate Equities, Inc. |  |  |
| 2.75%, 12/15/29 | 2000 | 1849 |
| American Assets Trust, L.P. |  |  |
| 3.38%, 02/01/31 | 2600 | 2329 |
| American Homes 4 Rent, L.P. |  |  |
| 4.25%, 02/15/28 | 1200 | 1193 |
| American Tower Corporation |  |  |
| 5.65%, 03/15/33 | 1200 | 1250 |
| 5.90%, 11/15/33 | 1900 | 2008 |
| 3.70%, 10/15/49 | 2100 | 1536 |
| Brixmor Operating Partnership LP |  |  |
| 3.90%, 03/15/27 | 600 | 595 |
| Canary Wharf Group Investment Holdings PLC |  |  |
| 1.75%, 04/07/26, EUR (b) | 637 | 735 |
| CBRE Services, Inc. |  |  |
| 5.50%, 04/01/29 | 200 | 207 |
| COPT Defense Properties |  |  |
| 2.25%, 03/15/26 | 400 | 394 |
| CoStar Group, Inc. |  |  |
| 2.80%, 07/15/30 (d) | 1100 | 994 |
| Crown Castle Inc. |  |  |
| 2.50%, 07/15/31 | 500 | 435 |
| 5.20%, 09/01/34 | 1700 | 1684 |
| Digital Dutch Finco B.V. |  |  |
| 1.50%, 03/15/30, EUR (b) | 1400 | 1523 |
| EPR Properties |  |  |
| 4.75%, 12/15/26 | 200 | 200 |
| 4.50%, 06/01/27 | 100 | 99 |
| 3.60%, 11/15/31 | 1800 | 1634 |
| Equinix, Inc. |  |  |
| 2.15%, 07/15/30 | 1700 | 1512 |
| Essex Portfolio, L.P. |  |  |
| 2.65%, 03/15/32 | 3900 | 3408 |
| 5.50%, 04/01/34 | 600 | 614 |
| Extra Space Storage LP |  |  |
| 2.20%, 10/15/30 | 1000 | 884 |
| Fideicomiso Fibra Uno |  |  |
| 7.38%, 02/13/34 (d) | 800 | 812 |
| GLP Financing, LLC |  |  |
| 5.75%, 06/01/28 | 300 | 308 |
| 5.30%, 01/15/29 | 700 | 707 |
| 4.00%, 01/15/31 | 5600 | 5283 |
| Goodman US Finance Six, LLC |  |  |
| 5.13%, 10/07/34 (d) | 2000 | 1998 |

---

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page [607](#abbreviations).

**JNL Series Trust** (Unaudited)

**Schedules of Investments (in thousands)**

June 30, 2025

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| Healthpeak OP, LLC |  |  |
| 5.38%, 02/15/35 | 400 | 404 |
| Highwoods Realty Limited Partnership |  |  |
| 3.05%, 02/15/30 | 400 | 366 |
| Host Hotels & Resorts, L.P. |  |  |
| 3.38%, 12/15/29 | 3600 | 3398 |
| 3.50%, 09/15/30 (f) | 3400 | 3159 |
| Hudson Pacific Properties, L.P. |  |  |
| 5.95%, 02/15/28 | 500 | 488 |
| Invitation Homes Operating Partnership LP |  |  |
| 2.00%, 08/15/31 | 700 | 596 |
| 4.15%, 04/15/32 | 3100 | 2932 |
| Kaisa Group Holdings Ltd. |  |  |
| 0.00%, 04/09/49 - 11/12/49 (b) (i) (j) | 3700 | 157 |
| 0.00%, 06/30/49 (b) (i) (j) | 300 | 13 |
| Kilroy Realty, L.P. |  |  |
| 3.05%, 02/15/30 | 1000 | 905 |
| 6.25%, 01/15/36 | 700 | 697 |
| Newmark Group, Inc. |  |  |
| 7.50%, 01/12/29 (c) (f) | 700 | 742 |
| Omega Healthcare Investors, Inc. |  |  |
| 3.25%, 04/15/33 | 2100 | 1812 |
| Phillips Edison Grocery Center Operating Partnership I, L.P. |  |  |
| 5.25%, 08/15/32 | 1300 | 1312 |
| Physicians Realty L.P. |  |  |
| 3.95%, 01/15/28 | 200 | 198 |
| Piedmont Operating Partnership, LP |  |  |
| 9.25%, 07/20/28 (f) | 500 | 557 |
| 3.15%, 08/15/30 | 500 | 449 |
| ProLogis, L.P. |  |  |
| 4.20%, 02/15/33, CAD (b) | 700 | 517 |
| Realty Income Corporation |  |  |
| 3.20%, 02/15/31 (c) | 600 | 558 |
| 3.88%, 06/20/35, EUR | 700 | 816 |
| Sabra Health Care Limited Partnership |  |  |
| 3.20%, 12/01/31 | 600 | 535 |
| Safehold GL Holdings LLC |  |  |
| 5.65%, 01/15/35 | 300 | 300 |
| Store Capital LLC |  |  |
| 5.40%, 04/30/30 (d) | 800 | 809 |
| Sunac China Holdings Limited |  |  |
| 6.00%, 09/30/25 (d) (i) (j) (l) | 69 | 8 |
| 6.25%, 09/30/26 (d) (i) (j) (l) | 69 | 8 |
| 6.50%, 09/30/27 (d) (i) (j) (l) | 139 | 17 |
| 6.75%, 09/30/28 (d) (i) (j) (l) | 208 | 25 |
| 7.00%, 09/30/29 (d) (i) (j) (l) | 209 | 25 |
| 7.25%, 09/30/30 (d) (i) (j) (l) | 98 | 12 |
| VICI Properties Inc. |  |  |
| 5.75%, 02/01/27 (d) | 400 | 406 |
| 3.88%, 02/15/29 (d) | 2500 | 2422 |
| 4.13%, 08/15/30 (d) | 400 | 384 |
| Welltower OP LLC |  |  |
| 4.50%, 07/01/30 | 1500 | 1507 |
| Weyerhaeuser Company |  |  |
| 4.00%, 11/15/29 (c) | 2000 | 1965 |
| 4.00%, 04/15/30 | 2300 | 2244 |
| Yango Justice International Limited |  |  |
| 0.00%, 04/15/49 (b) (i) (j) | 600 |  |
| | | 64934 |
| **Health Care 6.6%** | **Health Care 6.6%** | **Health Care 6.6%** |
| AbbVie Inc. |  |  |
| 5.20%, 03/15/35 | 800 | 818 |
| 4.40%, 11/06/42 | 1381 | 1214 |
| 5.60%, 03/15/55 | 900 | 902 |
| Adventist Health System/West |  |  |
| 2.95%, 03/01/29 | 1000 | 930 |
| Alcon Finance Corporation |  |  |
| 2.60%, 05/27/30 (d) | 700 | 640 |
| Amgen Inc. |  |  |
| 5.25%, 03/02/30 - 03/02/33 | 3300 | 3392 |
| 5.60%, 03/02/43 | 2700 | 2677 |
| 5.65%, 03/02/53 | 800 | 780 |
| AstraZeneca Finance LLC |  |  |
| 4.90%, 02/26/31 | 1900 | 1952 |
| Bausch Health Companies Inc. |  |  |
| 11.00%, 09/30/28 (d) | 270 | 268 |
| 14.00%, 10/15/30 (d) | 53 | 46 |
| Bayer US Finance LLC |  |  |
| 6.38%, 11/21/30 (d) | 4800 | 5114 |
| 6.50%, 11/21/33 (d) | 800 | 858 |
| Becton, Dickinson and Company |  |  |
| 5.08%, 06/07/29 | 200 | 205 |
| 1.96%, 02/11/31 | 2900 | 2517 |
| Boston Scientific Corporation |  |  |
| 4.70%, 03/01/49 | 1483 | 1337 |
| Centene Corporation |  |  |
| 2.45%, 07/15/28 | 1100 | 1022 |
| 3.00%, 10/15/30 | 4900 | 4379 |
| 2.50%, 03/01/31 | 300 | 258 |
| Cigna Group, The |  |  |
| 2.40%, 03/15/30 | 1141 | 1040 |
| CVS Health Corporation |  |  |
| 4.30%, 03/25/28 | 1700 | 1693 |
| 5.00%, 01/30/29 | 500 | 508 |
| 7.51%, 01/10/32 (d) | 33 | 34 |
| Elevance Health, Inc. |  |  |
| 4.10%, 05/15/32 | 200 | 192 |
| 4.75%, 02/15/33 | 3600 | 3578 |
| 6.10%, 10/15/52 | 900 | 918 |
| HCA Inc. |  |  |
| 3.50%, 09/01/30 | 700 | 662 |
| 3.63%, 03/15/32 | 4900 | 4523 |
| 5.50%, 06/01/33 (c) | 1800 | 1844 |
| 5.50%, 06/15/47 | 900 | 837 |
| Illumina, Inc. |  |  |
| 5.75%, 12/13/27 | 100 | 102 |
| 2.55%, 03/23/31 | 200 | 176 |
| INTEGRIS Baptist Medical Center, Inc. |  |  |
| 3.88%, 08/15/50 | 700 | 503 |
| Mars, Incorporated |  |  |
| 5.65%, 05/01/45 (d) | 1300 | 1304 |
| Stryker Corporation |  |  |
| 4.85%, 12/08/28 | 2000 | 2040 |
| 4.25%, 09/11/29 | 900 | 899 |
| 4.63%, 09/11/34 | 500 | 492 |
| 2.90%, 06/15/50 | 300 | 196 |
| Sutter Health |  |  |
| 5.16%, 08/15/33 | 300 | 305 |
| UnitedHealth Group Incorporated |  |  |
| 4.95%, 01/15/32 | 1643 | 1664 |
| 5.15%, 07/15/34 | 500 | 505 |
| 3.50%, 08/15/39 | 800 | 646 |
| 5.50%, 07/15/44 | 500 | 487 |
| 5.63%, 07/15/54 | 1000 | 970 |
| Zimmer Biomet Holdings, Inc. |  |  |
| 5.50%, 02/19/35 | 400 | 410 |
| Zoetis Inc. |  |  |
| 3.00%, 09/12/27 | 200 | 195 |
|  |  | 56032 |
| **Industrials 4.6%** | **Industrials 4.6%** | **Industrials 4.6%** |
| Air Lease Corporation |  |  |
| 5.30%, 06/25/26 | 1100 | 1107 |
| Aircastle Limited |  |  |
| 2.85%, 01/26/28 (d) | 2700 | 2572 |
| BAE Systems PLC |  |  |
| 3.40%, 04/15/30 (d) | 300 | 286 |
| Berry Global, Inc. |  |  |
| 1.57%, 01/15/26 | 4700 | 4625 |
| Boeing Company, The |  |  |
| 3.60%, 05/01/34 | 1525 | 1344 |
| 5.81%, 05/01/50 (f) | 4100 | 3931 |
| 6.86%, 05/01/54 (f) | 1800 | 1971 |
| 5.93%, 05/01/60 (f) | 2000 | 1901 |
| Burlington Northern Santa Fe, LLC |  |  |
| 5.20%, 04/15/54 | 4500 | 4259 |
| Canadian Pacific Kansas City Limited |  |  |
| 3.13%, 06/01/26 | 500 | 495 |
| 2.45%, 12/02/31 | 600 | 527 |

---

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page [607](#abbreviations).

**JNL Series Trust** (Unaudited)

**Schedules of Investments (in thousands)**

June 30, 2025

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| 3.50%, 05/01/50 | 1200 | 855 |
| Delta Air Lines, Inc. |  |  |
| 7.38%, 01/15/26 | 1601 | 1616 |
| Embraer Netherlands Finance B.V. |  |  |
| 5.98%, 02/11/35 | 100 | 103 |
| Equifax Inc. |  |  |
| 5.10%, 06/01/28 | 1000 | 1019 |
| GATX Corporation |  |  |
| 3.50%, 03/15/28 | 500 | 488 |
| Heathrow Finance PLC |  |  |
| 4.13%, 09/01/29, GBP (b) (f) (h) | 300 | 378 |
| HEICO Corporation |  |  |
| 5.25%, 08/01/28 | 300 | 308 |
| Holcim Finance US LLC |  |  |
| 5.40%, 04/07/35 (d) | 1300 | 1319 |
| Huntington Ingalls Industries, Inc. |  |  |
| 5.75%, 01/15/35 | 1500 | 1548 |
| IRB Infrastructure Developers Limited |  |  |
| 7.11%, 03/11/32 (d) | 400 | 400 |
| Lockheed Martin Corporation |  |  |
| 4.80%, 08/15/34 | 1000 | 997 |
| 5.20%, 02/15/55 | 900 | 843 |
| RTX Corporation |  |  |
| 6.10%, 03/15/34 | 1300 | 1406 |
| 5.38%, 02/27/53 | 900 | 862 |
| Smurfit Kappa Treasury Unlimited Company |  |  |
| 5.20%, 01/15/30 | 800 | 820 |
| Spirit AeroSystems, Inc. |  |  |
| 9.75%, 11/15/30 (d) | 1300 | 1436 |
| Textron Inc. |  |  |
| 3.38%, 03/01/28 | 1000 | 974 |
| Verisk Analytics, Inc. |  |  |
| 4.13%, 03/15/29 | 400 | 397 |
| | | 38787 |
| **Consumer Discretionary 3.1%** | **Consumer Discretionary 3.1%** | **Consumer Discretionary 3.1%** |
| BMW US Capital, LLC |  |  |
| 5.26%, (SOFR + 0.92%), 03/21/28 (d) (g) | 1700 | 1700 |
| Carnival Corporation |  |  |
| 4.00%, 08/01/28 (d) | 1100 | 1077 |
| Choice Hotels International, Inc. |  |  |
| 5.85%, 08/01/34 | 400 | 402 |
| Ferguson Finance PLC |  |  |
| 3.25%, 06/02/30 (d) | 3900 | 3671 |
| Hilton Domestic Operating Company Inc. |  |  |
| 5.88%, 04/01/29 (d) | 500 | 511 |
| Hyatt Hotels Corporation |  |  |
| 5.38%, 12/15/31 | 500 | 507 |
| Hyundai Capital America |  |  |
| 5.10%, 06/24/30 (d) | 1300 | 1315 |
| Las Vegas Sands Corp. |  |  |
| 3.50%, 08/18/26 | 600 | 592 |
| 3.90%, 08/08/29 | 1100 | 1048 |
| 6.00%, 08/15/29 | 3225 | 3314 |
| 6.20%, 08/15/34 | 1100 | 1122 |
| Marriott International, Inc. |  |  |
| 5.45%, 09/15/26 | 1000 | 1012 |
| 4.63%, 06/15/30 (f) | 200 | 201 |
| McDonald's Corporation |  |  |
| 3.63%, 09/01/49 | 400 | 291 |
| Nissan Motor Acceptance Company LLC |  |  |
| 1.85%, 09/16/26 (d) | 1400 | 1337 |
| NVR, Inc. |  |  |
| 3.00%, 05/15/30 | 4400 | 4098 |
| Royal Caribbean Cruises Ltd. |  |  |
| 3.70%, 03/15/28 | 1000 | 974 |
| 5.50%, 04/01/28 (d) | 400 | 405 |
| 5.63%, 09/30/31 (d) | 400 | 403 |
| Spectrum Management Holding Company, LLC |  |  |
| 4.50%, 09/15/42 | 300 | 239 |
| Tapestry, Inc. |  |  |
| 5.10%, 03/11/30 | 500 | 506 |
| 5.50%, 03/11/35 | 400 | 401 |
| Warnermedia Holdings, Inc. |  |  |
| 5.05%, 03/15/42 | 1700 | 1004 |
| Wynn Resorts Finance, LLC |  |  |
| 6.25%, 03/15/33 (c) (d) | 500 | 503 |
|  |  | 26633 |
| **Information Technology 2.9%** | **Information Technology 2.9%** | **Information Technology 2.9%** |
| Booz Allen Hamilton Inc. |  |  |
| 5.95%, 08/04/33 | 600 | 616 |
| Broadcom Inc. |  |  |
| 3.14%, 11/15/35 (d) | 1622 | 1366 |
| 3.19%, 11/15/36 (d) | 1093 | 906 |
| 4.93%, 05/15/37 (d) | 2858 | 2775 |
| CDW Finance Corporation |  |  |
| 3.25%, 02/15/29 | 800 | 757 |
| 3.57%, 12/01/31 | 1400 | 1288 |
| CGI Inc. |  |  |
| 4.95%, 03/14/30 (d) | 400 | 404 |
| Flex Ltd. |  |  |
| 5.25%, 01/15/32 | 600 | 607 |
| Infor, Inc. |  |  |
| 1.75%, 07/15/25 (d) | 800 | 799 |
| Micron Technology, Inc. |  |  |
| 4.66%, 02/15/30 | 400 | 400 |
| Motorola Solutions, Inc. |  |  |
| 4.60%, 05/23/29 | 1300 | 1308 |
| NXP B.V. |  |  |
| 3.40%, 05/01/30 | 899 | 852 |
| Oracle Corporation |  |  |
| 2.30%, 03/25/28 | 6000 | 5696 |
| 4.00%, 07/15/46 | 900 | 694 |
| Synopsys, Inc. |  |  |
| 5.00%, 04/01/32 | 1500 | 1520 |
| VMware LLC |  |  |
| 3.90%, 08/21/27 | 1800 | 1784 |
| 4.70%, 05/15/30 (f) | 3100 | 3108 |
|  |  | 24880 |
| **Communication Services 2.1%** | **Communication Services 2.1%** | **Communication Services 2.1%** |
| Altice France Holding S.A. |  |  |
| 5.13%, 07/15/29 (d) | 448 | 370 |
| 5.50%, 10/15/29 (d) | 230 | 191 |
| Charter Communications Operating, LLC |  |  |
| 3.50%, 03/01/42 | 3000 | 2140 |
| 5.75%, 04/01/48 | 300 | 273 |
| 4.80%, 03/01/50 (c) | 2000 | 1597 |
| 3.85%, 04/01/61 | 200 | 128 |
| 3.95%, 06/30/62 | 1500 | 969 |
| Comcast Corporation |  |  |
| 5.50%, 05/15/64 | 700 | 651 |
| Fox Corporation |  |  |
| 6.50%, 10/13/33 | 900 | 973 |
| Live Nation Entertainment, Inc. |  |  |
| 3.75%, 01/15/28 (c) (d) | 200 | 194 |
| Netflix, Inc. |  |  |
| 3.88%, 11/15/29, EUR (b) | 1400 | 1722 |
| Oi S.A. – Em Recuperacao Judicial |  |  |
| 10.00%, 06/30/27 (d) (l) | 125 | 82 |
| 8.50%, 12/31/28 (d) (l) | 257 | 17 |
| Paramount Global |  |  |
| 3.70%, 06/01/28 | 800 | 778 |
| T-Mobile USA, Inc. |  |  |
| 3.50%, 04/15/31 | 1050 | 986 |
| 5.15%, 04/15/34 | 100 | 101 |
| 4.70%, 01/15/35 | 2300 | 2229 |
| 3.30%, 02/15/51 | 3500 | 2326 |
| 5.75%, 01/15/54 | 2100 | 2059 |
|  |  | 17786 |
| **Consumer Staples 1.1%** | **Consumer Staples 1.1%** | **Consumer Staples 1.1%** |
| Ashtead Capital, Inc. |  |  |
| 4.00%, 05/01/28 (d) | 400 | 394 |
| 5.80%, 04/15/34 (d) | 1100 | 1125 |
| CSL Finance PLC |  |  |
| 4.05%, 04/27/29 (d) | 400 | 397 |
| Diageo Capital PLC |  |  |
| 2.00%, 04/29/30 | 1150 | 1034 |
| Greene King Finance PLC |  |  |
| 5.32%, 09/15/31, GBP (b) (h) | 276 | 379 |

---

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page [607](#abbreviations).

**JNL Series Trust** (Unaudited)

**Schedules of Investments (in thousands)**

June 30, 2025

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| Haleon US Capital LLC |  |  |
| 3.63%, 03/24/32 | 1500 | 1404 |
| JDE Peet's N.V. |  |  |
| 1.13%, 06/16/33, EUR (b) | 100 | 97 |
| Kraft Heinz Foods Company |  |  |
| 6.88%, 01/26/39 | 1200 | 1327 |
| Massachusetts Institute of Technology |  |  |
| 4.68%, 07/01/14 | 200 | 167 |
| Philip Morris International Inc. |  |  |
| 4.13%, 04/28/28 | 500 | 499 |
| 5.38%, 02/15/33 (c) | 1500 | 1548 |
| Transurban Finance Company Pty Ltd |  |  |
| 2.45%, 03/16/31 (d) | 950 | 844 |
| | | 9215 |
| **Materials 0.5%** | **Materials 0.5%** | **Materials 0.5%** |
| Joint Stock Company Alrosa (Public Joint Stock Company) |  |  |
| 0.00%, 04/09/49 (b) (d) (i) (j) (k) | 900 |  |
| Synthos Spolka Akcyjna |  |  |
| 2.50%, 06/07/28, EUR (b) | 400 | 443 |
| Unigel Luxembourg SA |  |  |
| 13.50%, 12/31/27 (d) (l) | 160 | 127 |
| 11.00%, 12/31/28 (d) (l) | 399 | 110 |
| Vale Overseas Ltd |  |  |
| 6.13%, 06/12/33 | 3100 | 3247 |
|  |  | 3927 |
| Total Corporate Bonds And Notes (cost $668,613) | Total Corporate Bonds And Notes (cost $668,613) | 640803 |
| **GOVERNMENT AND AGENCY OBLIGATIONS 14.4%** | **GOVERNMENT AND AGENCY OBLIGATIONS 14.4%** | **GOVERNMENT AND AGENCY OBLIGATIONS 14.4%** |
| **U.S. Treasury Note 4.8%** | **U.S. Treasury Note 4.8%** | **U.S. Treasury Note 4.8%** |
| Treasury, United States Department of |  |  |
| 2.75%, 08/15/32 (n) | 3800 | 3505 |
| 4.13%, 11/15/32 (n) | 2500 | 2517 |
| 4.00%, 02/15/34 | 35400 | 35038 |
|  |  | 41060 |
| **Mortgage-Backed Securities 4.5%** | **Mortgage-Backed Securities 4.5%** | **Mortgage-Backed Securities 4.5%** |
| Federal Home Loan Mortgage Corporation |  |  |
| 3.50%, 10/01/39 - 06/01/48 | 389 | 361 |
| 4.50%, 09/01/48 - 09/01/53 | 943 | 905 |
| 3.00%, 05/01/52 | 440 | 381 |
| 6.50%, 02/01/54 | 3069 | 3170 |
| Federal National Mortgage Association, Inc. |  |  |
| 3.00%, 07/01/43 - 08/01/43 | 171 | 156 |
| 4.50%, 08/01/48 - 01/01/49 | 184 | 177 |
| 4.00%, 03/01/49 - 05/01/50 | 1427 | 1344 |
| 6.00%, 11/01/53 | 351 | 357 |
| TBA, 3.00%, 07/15/55 (o) | 200 | 173 |
| TBA, 4.00%, 08/15/55 (o) | 11900 | 11061 |
| Government National Mortgage Association |  |  |
| TBA, 4.50%, 07/15/55 (o) | 2600 | 2488 |
| TBA, 5.00%, 07/15/55 - 08/15/55 (o) | 2900 | 2847 |
| TBA, 4.00%, 08/15/55 (o) | 13700 | 12728 |
| TBA, 6.00%, 08/15/55 (o) | 1600 | 1621 |
|  |  | 37769 |
| **Sovereign 4.4%** | **Sovereign 4.4%** | **Sovereign 4.4%** |
| Cabinet of Ministers of Ukraine |  |  |
| 1.75%, 02/01/29 - 02/01/34 (d) (h) | 144 | 84 |
| 0.00%, 02/01/30 - 02/01/36 (d) (h) | 83 | 37 |
| Cabinet Office, Government of Japan |  |  |
| 2.00%, 12/20/44, JPY | 390000 | 2566 |
| 2.40%, 03/20/45 - 03/20/55, JPY | 274800 | 1904 |
| 2.20%, 03/20/64, JPY | 164000 | 915 |
| Cassa Depositi E Prestiti Societa' Per Azioni |  |  |
| 5.88%, 04/30/29 (d) | 1000 | 1045 |
| Comision De Promocion Del Peru Para La Exportacion Y El Turismo |  |  |
| 6.95%, 08/12/31, PEN (b) | 2543 | 780 |
| 6.15%, 08/12/32, PEN (b) | 100 | 29 |
| 6.15%, 08/12/32, PEN (d) | 1922 | 560 |
| 7.30%, 08/12/33, PEN | 5400 | 1669 |
| 5.40%, 08/12/34, PEN (b) | 12600 | 3354 |
| Gobierno Federal de los Estados Unidos Mexicanos |  |  |
| 6.00%, 05/07/36 | 700 | 692 |
| Government of Saudi Arabia |  |  |
| 5.13%, 01/13/28 (d) | 1800 | 1828 |
| 4.75%, 01/16/30 (d) | 200 | 202 |
| 2.25%, 02/02/33 (d) | 5100 | 4267 |
| 3.75%, 03/05/37, EUR (d) | 300 | 344 |
| HM Treasury |  |  |
| 4.38%, 07/31/54, GBP (b) | 1227 | 1463 |
| Israel, State of |  |  |
| 5.38%, 03/12/29 | 2700 | 2749 |
| Ministry of Finance |  |  |
| 5.38%, 02/19/30 | 400 | 408 |
| Ministry of Finance of the Russian Federation |  |  |
| 0.00%, 06/24/28 (b) (i) (j) | 200 | 205 |
| 0.00%, 04/04/42 (b) (d) (i) (j) | 200 | 135 |
| Presidencia da Republica |  |  |
| 7.13%, 05/13/54 (c) | 700 | 668 |
| Presidencia De La Nacion |  |  |
| 0.75%, 07/09/30 (h) | 90 | 72 |
| 4.13%, 07/09/35 (h) | 188 | 128 |
| 3.50%, 07/09/41 (h) | 1100 | 690 |
| Romania, Government of |  |  |
| 2.13%, 03/07/28, EUR (d) | 200 | 226 |
| 5.38%, 03/22/31, EUR (d) | 500 | 590 |
| 5.25%, 05/30/32, EUR (d) | 1000 | 1157 |
| 3.75%, 02/07/34, EUR (d) | 800 | 802 |
| South Africa, Parliament of |  |  |
| 8.88%, 02/28/35, ZAR | 82390 | 4345 |
| 8.50%, 01/31/37, ZAR | 73200 | 3597 |
|  |  | 37511 |
| **Treasury Inflation Indexed Securities 0.5%** | **Treasury Inflation Indexed Securities 0.5%** | **Treasury Inflation Indexed Securities 0.5%** |
| Gobierno Federal de los Estados Unidos Mexicanos |  |  |
| 3.00%, 12/03/26, MXN (p) | 21204 | 1107 |
| 4.00%, 11/30/28, MXN (p) | 34775 | 1817 |
| 2.75%, 11/27/31, MXN (p) | 25615 | 1208 |
|  |  | 4132 |
| **Municipal 0.2%** | **Municipal 0.2%** | **Municipal 0.2%** |
| Grand Canyon University |  |  |
| 7.38%, 10/01/29 | 500 | 518 |
| Texas Natural Gas Securitization Finance Corporation |  |  |
| 5.10%, 04/01/35 | 1059 | 1083 |
|  |  | 1601 |
| Total Government And Agency Obligations (cost $121,811) | Total Government And Agency Obligations (cost $121,811) | 122073 |
| **NON-U.S. GOVERNMENT AGENCY ASSET-BACKED SECURITIES 7.1%** | **NON-U.S. GOVERNMENT AGENCY ASSET-BACKED SECURITIES 7.1%** | **NON-U.S. GOVERNMENT AGENCY ASSET-BACKED SECURITIES 7.1%** |
| AIMCO CLO Series 2015-A |  |  |
| Series 2015-AR3-AA, 5.53%, (3 Month Term SOFR + 1.25%), 10/17/34 (g) | 1000 | 1001 |
| Air Canada |  |  |
| Series 2015-A-1, 3.60%, 03/15/27 | 110 | 107 |
| Series 2020-A-2, 5.25%, 04/01/29 | 47 | 47 |
| Series 2017-A-1, 3.55%, 01/15/30 | 334 | 310 |
| Alaska Air Pass Through Trust 2020-1A |  |  |
| Series 2020-A-1, 4.80%, 08/15/27 | 712 | 710 |
| Alternative Loan Trust 2005-43 |  |  |
| Series 2005-A6-25T1, REMIC, 5.75%, 07/25/35 | 1681 | 1011 |
| Series 2005-2A1-27, REMIC, 4.53%, (12 Month Treasury Average + 1.35%), 08/25/35 (g) (q) | 45 | 36 |
| Series 2005-A14-46CB, REMIC, 5.50%, 10/25/35 | 1245 | 893 |
| Alternative Loan Trust 2006-15CB |  |  |
| Series 2006-1A11-23CB, REMIC, 6.00%, 08/25/36 | 746 | 731 |
| Alternative Loan Trust 2006-43CB |  |  |
| Series 2006-1A10-43CB, REMIC, 6.00%, 02/25/37 | 489 | 248 |
| Alternative Loan Trust 2006-9T1 |  |  |
| Series 2005-A4-86CB, REMIC, 5.50%, 02/25/36 | 2956 | 1700 |
| American Airlines, Inc. |  |  |
| Series 2014-A-1, 3.70%, 10/01/26 | 461 | 450 |
| Series 2015-AA-2, 3.60%, 09/22/27 | 574 | 554 |
| Series 2016-AA-1, 3.58%, 01/15/28 | 179 | 172 |
| Series 2016-AA-2, 3.20%, 06/15/28 | 1153 | 1100 |

---

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page [607](#abbreviations).

**JNL Series Trust** (Unaudited)

**Schedules of Investments (in thousands)**

June 30, 2025

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| Series 2017-AA-2, 3.35%, 10/15/29 | 1677 | 1580 |
| American Airlines, Inc. Class AA Pass Through Certificates, Series 2019-1 |  |  |
| Series 2019-AA-1, REMIC, 3.15%, 02/15/32 | 146 | 133 |
| American Home Mortgage Assets Trust 2006-3 |  |  |
| Series 2006-2A11-3, REMIC, 3.62%, (12 Month Treasury Average + 0.94%), 10/25/46 (g) (h) (q) | 296 | 211 |
| Anchorage Capital CLO 6 Ltd |  |  |
| Series 2015-AR3-6A, 5.71%, (3 Month Term SOFR + 1.44%), 04/24/34 (g) | 1000 | 1002 |
| Apidos CLO XXXIV LLC |  |  |
| Series 2021-A-35A, 5.58%, (3 Month Term SOFR + 1.31%), 04/20/34 (g) | 2500 | 2502 |
| Ares XXXIV CLO, Ltd. |  |  |
| Series 2015-AR3-2A, 5.60%, (3 Month Term SOFR + 1.32%), 04/18/33 (g) | 1300 | 1303 |
| Banc of America Alternative Loan Trust 2006-3 |  |  |
| Series 2005-4A1-10, REMIC, 5.75%, 11/25/35 | 8 | 7 |
| Banc of America Mortgage 2006-B Trust |  |  |
| Series 2006-4A2-B, REMIC, 3.77%, 11/20/36 (g) | 1349 | 1144 |
| Bear Stearns ALT-A Trust 2006-3 |  |  |
| Series 2005-2A3-2, REMIC, 5.17%, 04/25/35 (g) | 236 | 218 |
| Bear Stearns ARM Trust 2005-6 |  |  |
| Series 2005-2A2-3, REMIC, 4.80%, 06/25/35 (g) | 205 | 188 |
| Bear Stearns ARM Trust 2006-2 |  |  |
| Series 2006-4A1-2, REMIC, 3.77%, 07/25/36 (g) | 530 | 471 |
| Bear Stearns Asset Backed Securities I Trust 2006-HE9 |  |  |
| Series 2006-1A3-HE9, REMIC, 4.90%, (1 Month Term SOFR + 0.34%), 11/25/36 (g) (h) (q) | 1000 | 970 |
| Benefit Street Partners CLO IV, Ltd. |  |  |
| Series 2014-AR4-IVA, 5.62%, (3 Month Term SOFR + 1.35%), 04/20/34 (g) | 1000 | 1001 |
| BlueMountain CLO 2018-3 Ltd |  |  |
| Series 2018-A1R-3A, 5.47%, (3 Month Term SOFR + 1.19%), 10/25/30 (g) | 1415 | 1415 |
| British Airways Pass Through Trust 2020-1A |  |  |
| Series 2020-A-1A, 4.25%, 11/15/32 | 267 | 255 |
| British Airways PLC |  |  |
| Series 2021-A-1, 2.90%, 03/15/35 | 1247 | 1109 |
| BRSP 2021-FL1, Ltd. |  |  |
| Series 2021-A-FL1, 5.58%, (1 Month Term SOFR + 1.26%), 08/19/38 (g) (h) | 266 | 265 |
| BX Commercial Mortgage Trust 2022-LP2 |  |  |
| Series 2022-A-LP2, REMIC, 5.32%, (1 Month Term SOFR + 1.01%), 02/15/39 (g) | 556 | 556 |
| BXMT 2020-FL3 Ltd |  |  |
| Series 2020-A-FL3, 5.83%, (1 Month Term SOFR + 1.51%), 11/18/37 (g) | 344 | 343 |
| C-BASS 2007-CB1 Trust |  |  |
| Series 2007-AF4-CB1, REMIC, 1.23%, 01/25/37 (g) (h) (q) | 547 | 153 |
| Centex Corporation |  |  |
| Series 2004-MV1-D, REMIC, 5.20%, (1 Month Term SOFR + 1.04%), 09/25/34 (g) (h) (q) | 17 | 16 |
| CHL Mortgage Pass-Through Trust 2002-HYB1 |  |  |
| Series 2007-A2-13, REMIC, 6.00%, 08/25/37 | 549 | 262 |
| CIFC Funding 2019-V Ltd |  |  |
| Series 2019-A1R1-5A, 5.66%, (3 Month Term SOFR + 1.40%), 01/15/35 (g) | 2100 | 2102 |
| Countrywide Home Loans, Inc. |  |  |
| Series 2004-1AF2-R2, REMIC, 5.22%, (1 Month Term SOFR + 0.53%), 11/25/34 (g) (q) | 284 | 259 |
| Crestline Denali CLO XV, Ltd. |  |  |
| Series 2017-AR-1A, 5.56%, (3 Month Term SOFR + 1.29%), 04/22/30 (g) | 23 | 23 |
| CSMC 2021-ADV |  |  |
| Series 2021-A-ADV, REMIC, 5.83%, (1 Month Term SOFR + 1.51%), 07/15/38 (g) | 1700 | 1524 |
| CSWF Trust 2021-SOP2 |  |  |
| Series 2021-A-SOP2, 5.40%, (1 Month Term SOFR + 1.18%), 06/15/34 (g) (h) | 65 | 63 |
| CWABS Asset-Backed Certificates Trust 2006-24 |  |  |
| Series 2006-1A-24, REMIC, 4.71%, (1 Month Term SOFR + 0.25%), 07/25/35 (g) (h) | 47 | 43 |
| CWABS Asset-Backed Certificates Trust 2007-12 |  |  |
| Series 2007-1A1-12, REMIC, 4.52%, (1 Month Term SOFR + 0.85%), 06/25/37 (g) (h) (q) | 430 | 422 |
| CWABS, Inc. |  |  |
| Series 2004-M1-4, REMIC, 5.16%, (1 Month Term SOFR + 0.83%), 07/25/34 (g) (h) | 4 | 4 |
| Series 2004-M1-5, REMIC, 5.29%, (1 Month Term SOFR + 0.97%), 08/25/34 (g) (h) |  |  |
| Series 2005-1A-AB4, REMIC, 4.13%, (1 Month Term SOFR + 0.59%), 03/25/36 (g) (h) (q) | 16 | 15 |
| DC Office Trust 2019-MTC |  |  |
| Series 2019-A-MTC, REMIC, 2.97%, 10/15/29 | 2250 | 2072 |
| Delta Air Lines, Inc. |  |  |
| Series 2020-1, 2.00%, 06/10/28 | 561 | 529 |
| Extended Stay America Trust 2021-ESH |  |  |
| Series 2021-A-ESH, REMIC, 5.51%, (1 Month Term SOFR + 1.19%), 07/15/38 (g) | 3774 | 3775 |
| First Franklin Mortgage Loan Trust 2004-FF10 Asset-Backed Certificates, Series 2004-FF10 |  |  |
| Series 2004-M3-FF8, REMIC, 4.45%, (1 Month Term SOFR + 1.54%), 10/25/34 (g) (h) (q) | 392 | 384 |
| Golub Capital Partners |  |  |
| Series 2024-A1-1A, 5.52%, 04/20/33 (g) | 633 | 633 |
| GS Mortgage Securities Corp. |  |  |
| Series 2005-1A1-15, REMIC, 0.47%, (1 Month Term SOFR + 0.62%), 01/25/36 (g) (h) (q) | 250 | 206 |
| GSAMP Trust 2006-FM2 |  |  |
| Series 2006-A1-FM2, REMIC, 1.64%, (1 Month Term SOFR + 0.39%), 09/25/36 (g) (h) (q) | 2510 | 823 |
| HarborView Mortgage Loan Trust 2006-12 |  |  |
| Series 2006-1A1A-12, REMIC, 3.01%, (1 Month Term SOFR + 0.52%), 12/19/36 (g) (h) (q) | 364 | 300 |
| IndyMac MBS, Inc. |  |  |
| Series 2005-2A1A-AR12, REMIC, 3.84%, (1 Month Term SOFR + 0.59%), 07/25/35 (g) (h) (q) | 218 | 198 |
| J.P. Morgan Mortgage Acquisition Trust 2006-CW2 |  |  |
| Series 2006-AF3-CW2, REMIC, 2.43%, 08/25/36 (g) (h) (q) | 965 | 570 |
| J.P. Morgan Mortgage Acquisition Trust 2006-NC2 |  |  |
| Series 2006-M1-NC2, REMIC, 4.12%, (1 Month Term SOFR + 0.52%), 07/25/36 (g) (h) (q) | 142 | 139 |
| JetBlue Airways Corporation |  |  |
| Series 2019-AA-1, 2.75%, 05/15/32 | 223 | 193 |
| Series 2020-1A-1, 4.00%, 11/15/32 | 2046 | 1902 |
| LCM 35 Ltd. |  |  |
| Series A1R-35A, 5.34%, (3 Month Term SOFR + 1.08%), 10/15/34 (g) | 1900 | 1900 |
| Long Beach Mortgage Loan Trust 2006-8 |  |  |
| Series 2006-2A3-8, REMIC, 1.09%, (1 Month Term SOFR + 0.43%), 09/25/36 (g) (h) (q) | 889 | 230 |
| Magnetite XII, Ltd. |  |  |
| Series 2015-AR4-12A, 5.41%, (3 Month Term SOFR + 1.15%), 10/15/31 (g) | 439 | 439 |
| MASTR Asset Backed Securities Trust 2006-AM1 |  |  |
| Series 2005-M1-NC1, REMIC, 2.78%, (1 Month Term SOFR + 0.83%), 12/25/34 (g) (h) (q) | 597 | 557 |
| Merrill Lynch Mortgage Capital Inc. |  |  |
| Series 2005-M1-WMC1, REMIC, 9.31%, (1 Month Term SOFR + 0.86%), 09/25/35 (g) (h) (q) | 517 | 493 |
| MF1 2022-FL8 Ltd. |  |  |
| Series 2022-A-FL8, 5.65%, (1 Month Term SOFR + 1.35%), 02/20/37 (g) | 728 | 728 |
| Morgan Stanley Home Equity Loan Trust 2007-2 |  |  |
| Series 2007-A1-2, REMIC, 1.96%, (1 Month Term SOFR + 0.21%), 04/25/37 (g) (h) (q) | 8 | 4 |
| MortgageIT Mortgage Loan Trust 2006-1 |  |  |
| Series 2006-1A2-1, REMIC, 4.89%, (1 Month Term SOFR + 0.51%), 04/25/36 (g) (h) (q) | 280 | 218 |
| Neuberger Berman Loan Advisers Clo 43 Ltd |  |  |
| Series 2021-AR-43A, 5.33%, (3 Month Term SOFR + 1.05%), 07/17/36 (g) | 2400 | 2395 |

---

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page [607](#abbreviations).

**JNL Series Trust** (Unaudited)

**Schedules of Investments (in thousands)**

June 30, 2025

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| New Century Home Equity Loan Trust |  |  |
| Series 2005-M2-D, REMIC, 3.22%, (1 Month Term SOFR + 0.82%), 02/25/36 (g) (h) (q) | 300 | 241 |
| New Century Home Equity Loan Trust 2006-2 |  |  |
| Series 2006-A2B-2, REMIC, 3.64%, (1 Month Term SOFR + 0.27%), 08/25/36 (g) (h) (q) | 154 | 153 |
| New Residential Mortgage Loan Trust 2018-3 |  |  |
| Series 2018-A1-3A, REMIC, 4.50%, 05/25/58 (g) | 315 | 306 |
| Ocean Trails CLO 8 |  |  |
| Series 2020-ARR-8A, 5.55%, (3 Month Term SOFR + 1.29%), 07/15/34 (g) | 1000 | 1000 |
| RALI Series 2007-QS3 Trust |  |  |
| Series 2007-A2-QS3, REMIC, 6.00%, 02/25/37 | 29 | 23 |
| Renaissance Home Equity Loan Trust 2007-3 |  |  |
| Series 2007-AF3-3, REMIC, 3.01%, 09/25/37 (g) (h) (q) | 137 | 53 |
| Residential Accredit Loans, Inc. |  |  |
| Series 2005-A10-QS17, REMIC, 6.00%, 12/25/35 | 22 | 20 |
| Residential Asset Mortgage Products, Inc. |  |  |
| Series 2005-A2-EFC7, REMIC, 4.48%, (1 Month Term SOFR + 0.57%), 12/25/35 (g) (h) (q) | 129 | 100 |
| SMRT 2022-MINI |  |  |
| Series 2022-A-MINI, REMIC, 5.31%, (1 Month Term SOFR + 1.00%), 01/15/27 (g) | 1600 | 1594 |
| Spirit Airlines, LLC |  |  |
| Series 2015-A-1, 0.00%, 04/01/28 (i) (j) | 491 | 433 |
| Structured Asset Securities Corporation |  |  |
| Series 2005-2A4-2, REMIC, 4.55%, 08/25/35 (g) (q) | 1 | 1 |
| Symphony CLO XXIV Ltd |  |  |
| Series 2020-AR-24A, 6.52%, 01/23/32 (g) | 798 | 798 |
| Tesco Property Finance 5 PLC |  |  |
| Series BN-5, 5.66%, 10/13/41, GBP (b) | 546 | 736 |
| Trinitas CLO XII Ltd |  |  |
| Series 2020-A1R-12A, 5.65%, (3 Month Term SOFR + 1.37%), 04/25/33 (g) | 2200 | 2200 |
| Trinitas CLO XIV, Ltd. |  |  |
| Series 2020-A1R-14A, 5.62%, (3 Month Term SOFR + 1.34%), 01/25/34 (g) | 1000 | 1000 |
| United Airlines 2014-2 Pass-Through Trust |  |  |
| Series 2014-A-2, 3.75%, 09/03/26 | 47 | 46 |
| United Airlines Pass Through Certificates, Series 2016-2 |  |  |
| Series 2024-AA-1, 5.45%, 02/15/37 | 793 | 799 |
| United Airlines Pass Through Trust 2019-2AA |  |  |
| Series 2019-AA-2, REMIC, 2.70%, 05/01/32 | 3482 | 3104 |
| United Airlines, Inc. |  |  |
| Series 2014-A-1, 4.00%, 04/11/26 | 410 | 406 |
| Total Non-U.S. Government Agency Asset-Backed Securities (cost $63,784) | Total Non-U.S. Government Agency Asset-Backed Securities (cost $63,784) | 60330 |
| **SENIOR FLOATING RATE INSTRUMENTS 0.5%** | **SENIOR FLOATING RATE INSTRUMENTS 0.5%** | **SENIOR FLOATING RATE INSTRUMENTS 0.5%** |
| **Health Care 0.3%** | **Health Care 0.3%** | **Health Care 0.3%** |
| Bausch & Lomb Corporation |  |  |
| Term Loan, 0.00%, (SOFR + 4.25%), 12/17/30 (g) (r) | 2100 | 2101 |
| **Financials 0.2%** | **Financials 0.2%** | **Financials 0.2%** |
| Republic of Panama |  |  |
| Term Loan, 4.10%, (3 Month EURIBOR + 1.75%), 03/07/27, EUR (g) (k) | 1400 | 1646 |
| **Utilities 0.0%** | **Utilities 0.0%** | **Utilities 0.0%** |
| Thames Water Utils Ltd |  |  |
| Term Loan, 0.00%, 12/31/49, GBP (g) (k) (r) | 76 | 97 |
| **Industrials 0.0%** | **Industrials 0.0%** | **Industrials 0.0%** |
| Carnival Corporation |  |  |
| 2025 Term Loan (2027), 6.31%, (1 Month Term SOFR + 2.00%), 08/09/27 (g) | 96 | 96 |
| Total Senior Floating Rate Instruments (cost $3,785) | Total Senior Floating Rate Instruments (cost $3,785) | 3940 |
| **PREFERRED STOCKS 0.1%** | **PREFERRED STOCKS 0.1%** | **PREFERRED STOCKS 0.1%** |
| **Financials 0.1%** | **Financials 0.1%** | **Financials 0.1%** |
| Morgan Stanley, 6.50%, (25, 10/15/27) (a) (c) | 35 | 890 |
| Total Preferred Stocks (cost $865) | Total Preferred Stocks (cost $865) | 890 |
| **COMMON STOCKS 0.0%** | **COMMON STOCKS 0.0%** | **COMMON STOCKS 0.0%** |
| **Financials 0.0%** | **Financials 0.0%** | **Financials 0.0%** |
| DrillCo Holding Lux S.A. (i) (k) |  | 3 |
| DrillCo Holding Lux S.A. (i) (k) | 1 | 23 |
| DrillCo Holding Lux S.A. (i) (k) |  | 8 |
| DrillCo Holding Lux S.A. (i) (k) | 3 | 68 |
| Stichting Administratiekantoor Unigel Creditors (i) (k) | 1 |  |
| SVB Financial Group (i) | 104 | 1 |
|  |  | 103 |
| **Communication Services 0.0%** | **Communication Services 0.0%** | **Communication Services 0.0%** |
| Oi S.A. - Em Recuperacao Judicial (i) | 45 | 5 |
| Total Common Stocks (cost $79) | Total Common Stocks (cost $79) | 108 |
| **SHORT TERM INVESTMENTS 4.0%** | **SHORT TERM INVESTMENTS 4.0%** | **SHORT TERM INVESTMENTS 4.0%** |
| **U.S. Treasury Bill 3.5%** | **U.S. Treasury Bill 3.5%** | **U.S. Treasury Bill 3.5%** |
| Treasury, United States Department of |  |  |
| 4.29%, 07/08/25 | 1496 | 1495 |
| 4.29%, 07/22/25 (n) | 100 | 100 |
| 4.08%, 07/24/25 (n) | 287 | 286 |
| 4.29%, 08/07/25 (n) | 5300 | 5277 |
| 4.26%, 09/16/25 | 15426 | 15286 |
| 4.25%, 09/25/25 (n) | 4100 | 4059 |
| 4.28%, 10/14/25 (n) | 3200 | 3161 |
|  |  | 29664 |
| **Securities Lending Collateral 0.5%** | **Securities Lending Collateral 0.5%** | **Securities Lending Collateral 0.5%** |
| JNL Government Money Market Fund - Class SL, 4.30% (s) (t) | 4254 | 4254 |
| Total Short Term Investments (cost $33,918) | Total Short Term Investments (cost $33,918) | 33918 |
| **Total Investments 101.6% (cost $892,855)** | **Total Investments 101.6% (cost $892,855)** | **862062** |
| **Other Derivative Instruments (0.1)%** | **Other Derivative Instruments (0.1)%** | (584) |
| **Other Assets and Liabilities, Net (1.5)%** | **Other Assets and Liabilities, Net (1.5)%** | **(13163)** |
| **Total Net Assets 100.0%** | **Total Net Assets 100.0%** | **848315** |

---

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page [607](#abbreviations).

**JNL Series Trust** (Unaudited)

**Schedules of Investments (in thousands)**

June 30, 2025

(a) Perpetual security. Next contractual call price and date are presented in parentheses, if applicable.

(b) Security is restricted to resale to institutional investors or subject to trading restrictions due to sanctions on foreign issuers. See Restricted Securities table following the Schedules of Investments.

(c) All or a portion of the security was on loan as of June 30, 2025.

(d) Security is exempt from registration under the Securities Act of 1933, as amended. As of June 30, 2025, the value and the percentage of net assets of these securities was $141,732 and 16.7% of the Fund.

(e) Convertible security.

(f) The interest rate for this security is inversely affected by upgrades or downgrades to the credit rating of the issuer. Rate stated was the coupon as of June 30, 2025.

(g) Security has a variable rate. Interest rates reset periodically. Rate stated was in effect as of June 30, 2025. For securities based on a published reference rate and spread, the reference rate and spread are presented. Certain variable rate securities do not indicate a reference rate and spread because they are determined by the issuer, remarketing agent, or offering documents and are based on current market conditions. The coupon rate for securities with certain features outlined in the offering documents may vary from the stated reference rate and spread. This includes, but is not limited to, securities with deferred rates, contingent distributions, caps, floors, and fixed-rate to float-rate features. In addition, variable rates for government and agency collateralized mortgage obligations ("CMO") and mortgage-backed securities ("MBS") are determined by tranches of underlying mortgage-backed security pools' cash flows into securities and pass-through rates which reflect the rate earned on the asset pool after management and guarantee fees are paid to the securitizing corporation. CMO and MBS variable rates are determined by a formula set forth in the security's offering documents.

(h) Security is a step-up bond where the coupon may increase or step up at a future date or as the result of an upgrade or downgrade to the credit rating of the issuer. Rate stated was the coupon as of June 30, 2025.

(i) Non-income producing security.

(j) As of June 30, 2025, issuer was in bankruptcy and/or was in default relating to principal and/or interest. Partial or no payments were paid on the last interest or dividend date.

(k) Security fair valued in good faith as a Level 3 security in accordance with the procedures approved by the Board of Trustees. Good faith fair valued securities are classified based on the applicable valuation inputs. See "Fair Value Measurement" in the Notes to Financial Statements.

(l) Pay-in-kind security. Stated coupon is the pay-in-kind rate. The interest earned by the security may be paid in cash or additional par.

(m) Security issued with a zero coupon. Income is recognized through the accretion of discount.

(n) All or a portion of the security is pledged or segregated as collateral.

(o) All or a portion of the security was purchased on a delayed delivery basis. As of June 30, 2025, the total payable for investments purchased on a delayed delivery basis was $30,621.

(p) Treasury inflation indexed note, par amount is not adjusted for inflation.

(q) The coupon rate represents the weighted average coupon and may differ from the stated coupon rate.

(r) This senior floating rate interest will settle after June 30, 2025. If a reference rate and spread is presented, it will go into effect upon settlement.

(s) Investment in affiliate.

(t) Yield changes daily to reflect current market conditions. Rate was the quoted yield as of June 30, 2025.

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **JNL/PIMCO Investment Grade Credit Bond Fund — Investments in Affiliates** | **JNL/PIMCO Investment Grade Credit Bond Fund — Investments in Affiliates** | **JNL/PIMCO Investment Grade Credit Bond Fund — Investments in Affiliates** | **JNL/PIMCO Investment Grade Credit Bond Fund — Investments in Affiliates** | **JNL/PIMCO Investment Grade Credit Bond Fund — Investments in Affiliates** | **JNL/PIMCO Investment Grade Credit Bond Fund — Investments in Affiliates** | **JNL/PIMCO Investment Grade Credit Bond Fund — Investments in Affiliates** | **JNL/PIMCO Investment Grade Credit Bond Fund — Investments in Affiliates** | **JNL/PIMCO Investment Grade Credit Bond Fund — Investments in Affiliates** |
| **Affiliated Investment** | **Value Beginning of Period($)** | **Purchases($)** | **Sales Proceeds($)** | **Dividend Income/ Distributions from Funds($)** | **Realized Gain (Loss)($)** | **Change in Unrealized Appreciation (Depreciation) ($)** | **Value End of Period($)** | **Percentage of Net Assets(%)** |
| JNL Government Money Market Fund, 4.20% - Class I | 2876 | 69245 | 72121 | 23 |  |  |  |  |
| JNL Government Money Market Fund, 4.30% - Class SL | 3752 | 20716 | 20214 | 59 |  |  | 4254 | 0.5 |
|  | 6628 | 89961 | 92335 | 82 |  |  | 4254 | 0.5 |

---

---

| | |
|:---|:---|
| **Summary of Investments by Country^** | **Total Long Term Investments** |
| **United States of America** | 76.5% |
| **United Kingdom** | 4.3 |
| **Japan** | 2.3 |
| **Canada** | 1.8 |
| **Cayman Islands** | 1.7 |
| **Switzerland** | 1.3 |
| **Germany** | 1.2 |
| **Australia** | 1.0 |
| **Saudi Arabia** | 1.0 |
| **South Africa** | 0.9 |
| **France** | 0.8 |
| **Peru** | 0.7 |
| **Ireland** | 0.7 |
| **Mexico** | 0.7 |
| **Brazil** | 0.7 |
| **Italy** | 0.6 |
| **Spain** | 0.6 |
| **Netherlands** | 0.5 |
| **Norway** | 0.4 |
| **Israel** | 0.4 |
| **Romania** | 0.3 |
| **Austria** | 0.3 |
| **Multi-National** | 0.2 |
| **Russian Federation** | 0.2 |
| **United Arab Emirates** | 0.2 |
| **India** | 0.2 |
| **Czech Republic** | 0.1 |
| **Argentina** | 0.1 |
| **Luxembourg** | 0.1 |
| **Denmark** | 0.1 |

---

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page [607](#abbreviations).

**JNL Series Trust** (Unaudited)

**Schedules of Investments (in thousands)**

June 30, 2025

---

| | |
|:---|:---|
| **Summary of Investments by Country^** | **Total Long Term Investments** |
| **Belgium** | 0.1 |
| **Poland** |  |
| **Slovakia** |  |
| **China** |  |
| **Ukraine** |  |
| **Qatar** |  |
|  | **100.0%** |
| ^A country table is presented as a percentage of the Fund's total long term investments because its strategy includes investment in non-U.S. securities as deemed significant by the Fund's Adviser. | ^A country table is presented as a percentage of the Fund's total long term investments because its strategy includes investment in non-U.S. securities as deemed significant by the Fund's Adviser. |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **JNL/PIMCO Investment Grade Credit Bond Fund — Restricted Securities** | **JNL/PIMCO Investment Grade Credit Bond Fund — Restricted Securities** | **JNL/PIMCO Investment Grade Credit Bond Fund — Restricted Securities** | **JNL/PIMCO Investment Grade Credit Bond Fund — Restricted Securities** | **JNL/PIMCO Investment Grade Credit Bond Fund — Restricted Securities** |
|  | **Initial Acquisition** | **Cost ($)** | **Value ($)** | **Percent of**<br> **Net Assets (%)** |
| ABN AMRO Bank N.V., 6.38% (callable at 100, 09/22/34) | 01/22/25 | 643 | 729 | 0.1 |
| Anglian Water Services Financing PLC, 6.00%, 06/20/39 | 07/10/24 | 130 | 134 |  |
| Aviva PLC, 7.75% (callable at 100, 09/30/32) | 03/24/25 | 388 | 419 |  |
| Banco Santander, S.A., 4.88%, 10/18/31 | 09/25/24 | 3233 | 3446 | 0.4 |
| CaixaBank, S.A., 5.88% (callable at 100, 10/09/27) | 01/22/25 | 1285 | 1465 | 0.2 |
| Canary Wharf Group Investment Holdings PLC, 1.75%, 04/07/26 | 06/25/25 | 731 | 735 | 0.1 |
| Comision De Promocion Del Peru Para La Exportacion Y El Turismo, 6.95%, 08/12/31 | 04/19/24 | 714 | 780 | 0.1 |
| Comision De Promocion Del Peru Para La Exportacion Y El Turismo, 6.15%, 08/12/32 | 02/26/25 | 28 | 29 |  |
| Comision De Promocion Del Peru Para La Exportacion Y El Turismo, 5.40%, 08/12/34 | 10/23/24 | 3100 | 3354 | 0.4 |
| COMMERZBANK Aktiengesellschaft, 7.88% (callable at 100, 07/02/29) | 01/22/25 | 1601 | 1831 | 0.2 |
| Cooperatieve Rabobank U.A., 4.38% (callable at 100, 06/29/27) | 03/10/25 | 862 | 939 | 0.1 |
| Digital Dutch Finco B.V., 1.50%, 03/15/30 | 10/08/24 | 1402 | 1523 | 0.2 |
| DrillCo Holding Lux S.A., 7.50%, 06/15/30 | 06/12/23 | 12 | 13 |  |
| EP Infrastructure, a.s., 1.82%, 03/02/31 | 07/10/24 | 91 | 105 |  |
| EPH Financing International, a.s., 5.88%, 11/30/29 | 03/05/25 | 803 | 878 | 0.1 |
| Erste Group Bank AG, 4.25% (callable at 100, 10/15/27) | 01/27/21 | 2457 | 2318 | 0.3 |
| Gaz Finance PLC, 0.00%, 01/27/29 | 01/20/21 | 1800 | 1278 | 0.1 |
| Greene King Finance PLC, 5.32%, 09/15/31 | 04/02/19 | 394 | 379 |  |
| Heathrow Finance PLC, 4.13%, 09/01/29 | 03/05/25 | 356 | 378 |  |
| HM Treasury, 4.38%, 07/31/54 | 03/21/25 | 1380 | 1463 | 0.2 |
| JDE Peet's N.V., 1.13%, 06/16/33 | 02/21/24 | 87 | 97 |  |
| Joint Stock Company Alrosa (Public Joint Stock Company), 0.00%, 04/09/49 | 04/02/19 | 900 |  |  |
| Kaisa Group Holdings Ltd., 0.00%, 04/09/49 | 11/25/20 | 303 | 13 |  |
| Kaisa Group Holdings Ltd., 0.00%, 06/30/49 | 08/14/20 | 301 | 13 |  |
| Kaisa Group Holdings Ltd., 0.00%, 07/23/49 | 02/25/21 | 2047 | 86 |  |
| Kaisa Group Holdings Ltd., 0.00%, 09/28/49 | 04/20/21 | 1009 | 41 |  |
| Kaisa Group Holdings Ltd., 0.00%, 11/12/49 | 11/09/20 | 414 | 17 |  |
| KBC Groep, 6.25% (callable at 100, 09/17/31) | 03/06/25 | 447 | 484 | 0.1 |
| Ministry of Finance of the Russian Federation, 0.00%, 06/24/28 | 04/04/22 | 87 | 205 |  |
| Ministry of Finance of the Russian Federation, 0.00%, 04/04/42 | 03/16/22 | 58 | 135 |  |
| National Grid Electricity Transmission PLC, 2.00%, 04/17/40 | 07/30/24 | 1170 | 1201 | 0.1 |
| Netflix, Inc., 3.88%, 11/15/29 | 04/24/19 | 1811 | 1722 | 0.2 |
| Nykredit Realkredit A/S, 1.00%, 10/01/50 | 11/10/21 | 13 | 11 |  |
| Nykredit Realkredit A/S, 1.50%, 10/01/53 | 10/13/21 | 417 | 343 |  |
| Nykredit Realkredit A/S, 1.50%, 10/01/53 | 10/15/21 | 247 | 206 |  |
| ProLogis, L.P., 4.20%, 02/15/33 | 01/28/25 | 485 | 517 | 0.1 |
| SB Capital S.A., 0.00%, 05/23/49 | 09/19/19 | 615 |  |  |
| SB Capital S.A., 0.00%, 10/29/49 | 11/23/20 | 5165 |  |  |
| SPP - distribucia , a.s., 1.00%, 06/09/31 | 07/10/24 | 264 | 301 |  |
| Stichting AK Rabobank Certificaten II, 6.50% | 01/17/17 | 758 | 845 | 0.1 |
| SW (Finance) I PLC, 7.00%, 04/16/40 | 07/09/24 | 1202 | 1307 | 0.2 |
| Synthos Spolka Akcyjna, 2.50%, 06/07/28 | 03/06/25 | 401 | 443 | 0.1 |
| Tesco Property Finance 5 PLC, Series BN-5, 5.66%, 10/13/41 | 01/31/17 | 673 | 736 | 0.1 |
| Thames Water Utilities Finance PLC, 4.38%, 01/18/31 | 06/20/24 | 861 | 684 | 0.1 |
| Thames Water Utilities Finance PLC, 4.38%, 07/03/34 | 05/22/24 | 621 | 540 | 0.1 |
| UBS Group AG, 9.25% (callable at 100, 11/13/28) | 03/11/25 | 436 | 436 | 0.1 |
| Yango Justice International Limited, 0.00%, 04/15/49 | 11/05/21 | 119 |  |  |
| Yango Justice International Limited, 0.00%, 04/15/49 | 12/10/20 | 203 |  |  |
| Yorkshire Water Finance PLC, 1.75%, 10/27/32 | 07/10/24 | 687 | 741 | 0.1 |
|  |  | 43211 | 33320 | 3.9 |

---

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page [607](#abbreviations).

**JNL Series Trust** (Unaudited)

**Schedules of Investments (in thousands)**

June 30, 2025

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **JNL/PIMCO Investment Grade Credit Bond Fund — Futures Contracts** | **JNL/PIMCO Investment Grade Credit Bond Fund — Futures Contracts** | **JNL/PIMCO Investment Grade Credit Bond Fund — Futures Contracts** | **JNL/PIMCO Investment Grade Credit Bond Fund — Futures Contracts** | **JNL/PIMCO Investment Grade Credit Bond Fund — Futures Contracts** | **JNL/PIMCO Investment Grade Credit Bond Fund — Futures Contracts** | **JNL/PIMCO Investment Grade Credit Bond Fund — Futures Contracts** |
| **Reference Entity** | **Contracts<sup>1</sup>** | **Expiration** | **Notional<sup>1</sup>** | **Notional<sup>1</sup>** | **Variation**<br> **Margin**<br> **Receivable**<br> (Payable) ($) | **Value/**<br> **Unrealized**<br> **Appreciation**<br> (Depreciation) ($) |
| **Long Contracts** | **Long Contracts** | **Long Contracts** | **Long Contracts** | **Long Contracts** | **Long Contracts** | **Long Contracts** |
| 3 Month SOFR Index | 172 | December 2026 |  | 41278 | 15 | 404 |
| 3 Month SOFR Index | 132 | March 2027 |  | 31691 | 12 | 309 |
| 3 Month SOFR Index | 304 | June 2027 |  | 72984 | 23 | 702 |
| 3 Month SOFR Index | 278 | September 2027 |  | 66725 | 21 | 624 |
| 3 Month SOFR Index | 330 | December 2027 |  | 79218 | 25 | 679 |
| 3 Month SOFR Index | 231 | March 2028 |  | 55400 | 17 | 493 |
| Euro Bund | 7 | September 2025 | EUR | 918 | (3) | (8) |
| United States 10 Year Note | 254 | September 2025 |  | 27911 | 79 | 569 |
| United States 10 Year Ultra Bond | 112 | September 2025 |  | 12514 | 54 | 284 |
| United States 2 Year Note | 747 | October 2025 |  | 154837 | 41 | 557 |
| United States 5 Year Note | 836 | October 2025 |  | 90212 | 111 | 912 |
| United States Ultra Bond | 689 | September 2025 |  | 79485 | 926 | 2592 |
|  |  |  |  |  | 1321 | 8117 |
| **Short Contracts** | **Short Contracts** | **Short Contracts** | **Short Contracts** | **Short Contracts** | **Short Contracts** | **Short Contracts** |
| Euro BOBL | (208) | September 2025 | EUR | (24569) | 42 | 106 |
| United States Long Bond | (44) | September 2025 |  | (4858) | (44) | (223) |
|  |  |  |  |  | (2) | (117) |

---

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **JNL/PIMCO Investment Grade Credit Bond Fund — Centrally Cleared Interest Rate Swap Agreements** | **JNL/PIMCO Investment Grade Credit Bond Fund — Centrally Cleared Interest Rate Swap Agreements** | **JNL/PIMCO Investment Grade Credit Bond Fund — Centrally Cleared Interest Rate Swap Agreements** | **JNL/PIMCO Investment Grade Credit Bond Fund — Centrally Cleared Interest Rate Swap Agreements** | **JNL/PIMCO Investment Grade Credit Bond Fund — Centrally Cleared Interest Rate Swap Agreements** | **JNL/PIMCO Investment Grade Credit Bond Fund — Centrally Cleared Interest Rate Swap Agreements** | **JNL/PIMCO Investment Grade Credit Bond Fund — Centrally Cleared Interest Rate Swap Agreements** | **JNL/PIMCO Investment Grade Credit Bond Fund — Centrally Cleared Interest Rate Swap Agreements** |
| **Floating Rate Index<sup>2</sup>** | **Paying /**<br> **Receiving**<br> **Floating Rate** | **Fixed Rate<sup>2</sup> (%)** | **Expiration** | **Notional<sup>1</sup>** | **Notional<sup>1</sup>** | **Variation**<br> **Margin**<br> **Receivable**<br> (Payable) ($) | **Value/**<br> **Unrealized**<br> **Appreciation**<br> (Depreciation) ($) |
| 28-Day MEXIBOR (M) | Paying | 7.58<br> (M) | 04/02/30 | MXN | 1800 |  |  |
| 6M Australian Bank Bill Short Term Rate (S) | Paying | 4.25<br> (S) | 03/19/30 | AUD | 31200 | (24) | 304 |
| 6M EURIBOR (S) | Receiving | 2.25<br> (A) | 09/17/55 | EUR | 13000 | 77 | 540 |
| 6M EURIBOR (S) | Paying | 2.25<br> (A) | 09/17/30 | EUR | 22610 | (38) | 257 |
| 6M EURIBOR (S) | Paying | 2.22<br> (A) | 01/08/35 | EUR | 500 | (1) | (16) |
| 6M EURIBOR (S) | Paying | 2.61<br> (A) | 03/24/35 | EUR | 400 | (1) |  |
| 6M EURIBOR (S) | Paying | 2.52<br> (A) | 03/27/35 | EUR | 400 | (1) | (3) |
| 6M EURIBOR (S) | Paying | 2.25<br> (A) | 09/17/35 | EUR | 15900 | (46) | 196 |
| BRAZIBOR (A) | Paying | 12.03<br> (A) | 01/04/27 | BRL | 60600 | 11 | (236) |
| BRAZIBOR (A) | Paying | 13.32<br> (A) | 01/02/29 | BRL | 3400 | 3 | 4 |
| BRAZIBOR (A) | Paying | 13.29<br> (A) | 01/02/29 | BRL | 32000 | 31 | 34 |
| BRAZIBOR (A) | Paying | 13.40<br> (A) | 01/02/29 | BRL | 45000 | 43 | 71 |
| Sterling Overnight Index Average Rate (A) | Paying | 3.50<br> (A) | 03/19/30 | GBP | 17060 | 9 | 341 |
| U.S. SOFR (A) | Receiving | 3.00<br> (A) | 12/18/25 |  | 8200 |  | (147) |
| U.S. SOFR (A) | Receiving | 4.14<br> (A) | 01/03/26 |  | 8200 | (1) | 4 |
| U.S. SOFR (A) | Receiving | 3.62<br> (A) | 11/30/29 |  | 23869 | (34) | (220) |
| U.S. SOFR (A) | Receiving | 3.75<br> (A) | 12/18/29 |  | 36700 | (54) | 305 |
| U.S. SOFR (A) | Receiving | 3.00<br> (A) | 03/19/30 |  | 13400 | (21) | 34 |
| U.S. SOFR (A) | Receiving | 3.25<br> (A) | 06/18/30 |  | 10700 | (18) | (69) |
| U.S. SOFR (A) | Receiving | 3.75<br> (A) | 05/15/32 |  | 2543 | (6) | (35) |
| U.S. SOFR (A) | Receiving | 3.60<br> (A) | 08/19/34 |  | 20 |  |  |
| U.S. SOFR (A) | Receiving | 3.56<br> (A) | 08/28/34 |  | 1300 | (4) | 10 |
| U.S. SOFR (A) | Receiving | 3.53<br> (A) | 09/04/34 |  | 200 | (1) | 2 |
| U.S. SOFR (A) | Receiving | 3.51<br> (A) | 09/04/34 |  | 1400 | (5) | 15 |
| U.S. SOFR (A) | Receiving | 3.90<br> (A) | 02/15/35 |  | 13420 | (47) | (180) |
| U.S. SOFR (A) | Receiving | 3.87<br> (A) | 03/05/35 |  | 10600 | (37) | (138) |
| U.S. SOFR (A) | Receiving | 3.93<br> (A) | 03/24/35 |  | 1400 | (5) | (29) |
| U.S. SOFR (A) | Receiving | 3.50<br> (A) | 06/20/54 |  | 12110 | (81) | 698 |
|  |  |  |  |  |  | (251) | 1742 |

---

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **JNL/PIMCO Investment Grade Credit Bond Fund — Centrally Cleared Credit Default Swap Agreements** | **JNL/PIMCO Investment Grade Credit Bond Fund — Centrally Cleared Credit Default Swap Agreements** | **JNL/PIMCO Investment Grade Credit Bond Fund — Centrally Cleared Credit Default Swap Agreements** | **JNL/PIMCO Investment Grade Credit Bond Fund — Centrally Cleared Credit Default Swap Agreements** | **JNL/PIMCO Investment Grade Credit Bond Fund — Centrally Cleared Credit Default Swap Agreements** | **JNL/PIMCO Investment Grade Credit Bond Fund — Centrally Cleared Credit Default Swap Agreements** | **JNL/PIMCO Investment Grade Credit Bond Fund — Centrally Cleared Credit Default Swap Agreements** | **JNL/PIMCO Investment Grade Credit Bond Fund — Centrally Cleared Credit Default Swap Agreements** |
| **Reference Entity<sup>2</sup>** | **Implied**<br> **Credit**<br> **Spread** <br> **(%)** | **Fixed**<br> **Receive/**<br> **Pay Rate** <br> **(%)** | **Expiration** | **Notional<sup>1</sup>** | **Value ($)** | **Variation**<br> **Margin**<br> **Receivable**<br> (Payable) ($) | **Unrealized**<br> **Appreciation**<br> (Depreciation) ($) |
| **Credit default swap agreements - sell protection** | **Credit default swap agreements - sell protection** | **Credit default swap agreements - sell protection** | **Credit default swap agreements - sell protection** | **Credit default swap agreements - sell protection** | **Credit default swap agreements - sell protection** | **Credit default swap agreements - sell protection** | **Credit default swap agreements - sell protection** |
| AES Corporation, The (Q) | 0.88 | 5.00 | 12/20/28 | (300) | 40 |  | 3 |
| American International Group, Inc. (Q) | 0.22 | 1.00 | 12/20/26 | (1000) | 11 |  | (10) |
| AT&T Inc. (Q) | 0.24 | 1.00 | 12/20/25 | (2600) | 9 |  | (23) |
| AT&T Inc. (Q) | 0.30 | 1.00 | 06/20/26 | (2100) | 14 |  | (18) |

---

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page [607](#abbreviations).

**JNL Series Trust** (Unaudited)

**Schedules of Investments (in thousands)**

June 30, 2025

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **JNL/PIMCO Investment Grade Credit Bond Fund — Centrally Cleared Credit Default Swap Agreements (continued)** | **JNL/PIMCO Investment Grade Credit Bond Fund — Centrally Cleared Credit Default Swap Agreements (continued)** | **JNL/PIMCO Investment Grade Credit Bond Fund — Centrally Cleared Credit Default Swap Agreements (continued)** | **JNL/PIMCO Investment Grade Credit Bond Fund — Centrally Cleared Credit Default Swap Agreements (continued)** | **JNL/PIMCO Investment Grade Credit Bond Fund — Centrally Cleared Credit Default Swap Agreements (continued)** | **JNL/PIMCO Investment Grade Credit Bond Fund — Centrally Cleared Credit Default Swap Agreements (continued)** | **JNL/PIMCO Investment Grade Credit Bond Fund — Centrally Cleared Credit Default Swap Agreements (continued)** | **JNL/PIMCO Investment Grade Credit Bond Fund — Centrally Cleared Credit Default Swap Agreements (continued)** |
| **Reference Entity<sup>2</sup>** | **Implied**<br> **Credit**<br> **Spread** <br> **(%)** | **Fixed**<br> **Receive/**<br> **Pay Rate** <br> **(%)** | **Expiration** | **Notional<sup>1</sup>** | **Value ($)** | **Variation**<br> **Margin**<br> **Receivable**<br> (Payable) ($) | **Unrealized**<br> **Appreciation**<br> (Depreciation) ($) |
| AT&T Inc. (Q) | 0.35 | 1.00 | 12/20/26 | (800) | 7 |  | (2) |
| AT&T Inc. (Q) | 0.43 | 1.00 | 06/20/28 | (500) | 8 |  | 11 |
| Bank of America Corporation (Q) | 0.36 | 1.00 | 12/20/26 | (200) | 2 |  | (1) |
| Barclays Bank PLC (Q) | 0.23 | 1.00 | 12/20/25 | (500) | 2 |  | (1) |
| Boeing Company, The (Q) | 0.40 | 1.00 | 06/20/27 | (1000) | 11 |  | 46 |
| CDX.NA.IG.40 (Q) | 0.28 | 1.00 | 06/20/28 | (400) | 8 |  | 4 |
| CDX.NA.IG.41 (Q) | 0.34 | 1.00 | 12/20/28 | (1200) | 26 |  | 12 |
| CDX.NA.IG.43 (Q) | 0.45 | 1.00 | 12/20/29 | (2200) | 50 | 1 | 1 |
| CDX.NA.IG.44 (Q) | 0.51 | 1.00 | 06/20/30 | (177000) | 3920 | 83 | 660 |
| Citigroup Inc. (Q) | 0.25 | 1.00 | 12/20/25 | (1000) | 3 |  | (3) |
| EADS Finance (Q) | 0.26 | 1.00 | 12/20/28 | (300) | 9 |  | 6 |
| EADS Finance (Q) | 0.28 | 1.00 | 06/20/29 | (900) | 29 | 1 | 8 |
| Electricite de France (Q) | 0.76 | 1.00 | 06/20/30 | (700) | 9 |  | (1) |
| Elis Services (Q) | 0.78 | 5.00 | 12/20/29 | (400) | 85 |  | (4) |
| General Electric Company (Q) | 0.09 | 1.00 | 06/20/26 | (1000) | 9 |  |  |
| General Motors Company (Q) | 0.49 | 5.00 | 12/20/26 | (320) | 21 |  | (32) |
| General Motors Company (Q) | 0.75 | 5.00 | 06/20/28 | (1500) | 179 |  | (21) |
| Glencore Finance (Europe) Limited (Q) | 1.28 | 5.00 | 06/20/31 | (600) | 144 |  | (5) |
| Hess Corporation (Q) | 0.17 | 1.00 | 12/20/26 | (1800) | 22 |  | 46 |
| MetLife, Inc. (Q) | 0.38 | 1.00 | 06/20/28 | (800) | 14 |  | 29 |
| Morgan Stanley (Q) | 0.24 | 1.00 | 12/20/25 | (200) | 1 |  |  |
| Morgan Stanley (Q) | 0.29 | 1.00 | 06/20/26 | (900) | 6 |  |  |
| Mundys S.p.A. (Q) | 0.34 | 1.00 | 12/20/25 | (1400) | 5 |  | 67 |
| Tesco PLC (Q) | 0.25 | 1.00 | 12/20/27 | (1700) | 37 | (1) | 37 |
| Verizon Communications Inc. (Q) | 0.31 | 1.00 | 12/20/26 | (1400) | 14 |  | (19) |
|  |  |  |  |  | 4695 | 84 | 790 |

---

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **JNL/PIMCO Investment Grade Credit Bond Fund — Exchange Traded Futures Options** | **JNL/PIMCO Investment Grade Credit Bond Fund — Exchange Traded Futures Options** | **JNL/PIMCO Investment Grade Credit Bond Fund — Exchange Traded Futures Options** | **JNL/PIMCO Investment Grade Credit Bond Fund — Exchange Traded Futures Options** | **JNL/PIMCO Investment Grade Credit Bond Fund — Exchange Traded Futures Options** | **JNL/PIMCO Investment Grade Credit Bond Fund — Exchange Traded Futures Options** | **JNL/PIMCO Investment Grade Credit Bond Fund — Exchange Traded Futures Options** | **JNL/PIMCO Investment Grade Credit Bond Fund — Exchange Traded Futures Options** | **JNL/PIMCO Investment Grade Credit Bond Fund — Exchange Traded Futures Options** |
| **Reference Entity** | **Notional** | **Notional** | **Purchased**<br> (Written)<br> **Contracts<sup>1</sup>** | **Exercise**<br> **Price** | **Exercise**<br> **Price** | **Expiration** | **Variation**<br> **Margin Receivable (Payable) ($)** | **Unrealized**<br> **Appreciation (Depreciation) ($)** |
| **Interest Options** | **Interest Options** | **Interest Options** |  |  |  |  |  |  |
|  Euro BOBL Future, Aug. 2025 | EUR | (1) | (4) | EUR | 117.25 | 07/25/25 |  |  |
|  Euro BOBL Future, Aug. 2025 | EUR | (1) | (4) | EUR | 118.50 | 07/25/25 |  |  |
|  Euro Bund Future, Aug. 2025 | EUR | (1) | (3) | EUR | 129.00 | 07/25/25 |  |  |
|  Euro Bund Future, Aug. 2025 | EUR | (1) | (3) | EUR | 132.50 | 07/25/25 |  | 1 |
|  |  |  |  |  |  |  |  | 1 |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **JNL/PIMCO Investment Grade Credit Bond Fund — Exchange Traded Written Options** | **JNL/PIMCO Investment Grade Credit Bond Fund — Exchange Traded Written Options** | **JNL/PIMCO Investment Grade Credit Bond Fund — Exchange Traded Written Options** | **JNL/PIMCO Investment Grade Credit Bond Fund — Exchange Traded Written Options** | **JNL/PIMCO Investment Grade Credit Bond Fund — Exchange Traded Written Options** | **JNL/PIMCO Investment Grade Credit Bond Fund — Exchange Traded Written Options** | **JNL/PIMCO Investment Grade Credit Bond Fund — Exchange Traded Written Options** |
| **Reference Entity** | **Put/Call** | **Exercise Price ($)/ Swaption Rate (%)** | **Expiration** | **Contracts<sup>1</sup>** | **Notional<sup>1</sup>** | **Value ($)** |
| **Exchange Traded Future Options** | **Exchange Traded Future Options** | **Exchange Traded Future Options** | **Exchange Traded Future Options** | **Exchange Traded Future Options** | **Exchange Traded Future Options** | **Exchange Traded Future Options** |
|  United States 10 Year Note Future, Sep. 2025 | Call | 113.25 | 07/25/25 | 12 | 1359 | (4) |
|  United States 10 Year Note Future, Sep. 2025 | Call | 112.75 | 07/25/25 | 12 | 1353 | (5) |
|  United States 10 Year Note Future, Sep. 2025 | Put | 110.75 | 07/25/25 | 12 | 1329 | (2) |
|  United States 10 Year Note Future, Sep. 2025 | Put | 110.25 | 07/25/25 | 12 | 1323 | (2) |
|  |  |  |  |  |  | (13) |

---

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **JNL/PIMCO Investment Grade Credit Bond Fund — OTC Written Options** | **JNL/PIMCO Investment Grade Credit Bond Fund — OTC Written Options** | **JNL/PIMCO Investment Grade Credit Bond Fund — OTC Written Options** | **JNL/PIMCO Investment Grade Credit Bond Fund — OTC Written Options** | **JNL/PIMCO Investment Grade Credit Bond Fund — OTC Written Options** | **JNL/PIMCO Investment Grade Credit Bond Fund — OTC Written Options** | **JNL/PIMCO Investment Grade Credit Bond Fund — OTC Written Options** | **JNL/PIMCO Investment Grade Credit Bond Fund — OTC Written Options** | **JNL/PIMCO Investment Grade Credit Bond Fund — OTC Written Options** |
| **Reference Entity** | **Counterparty** | **Put/Call** | **Exercise Price ($)/ Swaption Rate(%)** | **Expiration** | **Contracts<sup>1</sup>** | **Notional<sup>1</sup>** | **Notional<sup>1</sup>** | **Value ($)** |
| **Credit Default Swaptions** | **Credit Default Swaptions** | **Credit Default Swaptions** | **Credit Default Swaptions** | **Credit Default Swaptions** | **Credit Default Swaptions** | **Credit Default Swaptions** | **Credit Default Swaptions** | **Credit Default Swaptions** |
|  CDX.NA.IG.44, 06/20/30 | GSC | Put | 0.90 | 07/16/25 | 2800000 |  | 2800 |  |
|  CDX.NA.IG.44, 06/20/30 | GSC | Put | 0.85 | 07/16/25 | 1400000 |  | 1400 |  |
|  CDX.NA.IG.44, 06/20/30 | JPM | Put | 1.00 | 07/16/25 | 1300000 |  | 1300 |  |
| **Interest Rate Swaptions** | **Interest Rate Swaptions** | **Interest Rate Swaptions** | **Interest Rate Swaptions** | **Interest Rate Swaptions** | **Interest Rate Swaptions** | **Interest Rate Swaptions** | **Interest Rate Swaptions** | **Interest Rate Swaptions** |
|  6M EURIBOR, 07/07/35 | CIT | Call | 2.38 | 07/03/25 | 300000 | EUR | 300 |  |
|  6M EURIBOR, 07/18/35 | CIT | Call | 2.46 | 07/16/25 | 400000 | EUR | 400 |  |
|  6M EURIBOR, 07/07/35 | CIT | Put | 2.64 | 07/03/25 | 300000 | EUR | 300 |  |
|  6M EURIBOR, 07/18/35 | CIT | Put | 2.72 | 07/16/25 | 400000 | EUR | 400 | (1) |
|  U.S. SOFR, 07/11/35 | BOA | Call | 3.77 | 07/09/25 | 600000 |  | 600 | (5) |
|  U.S. SOFR, 07/22/35 | BOA | Call | 3.64 | 07/18/25 | 700000 |  | 700 | (3) |
|  U.S. SOFR, 07/23/35 | BOA | Call | 3.70 | 07/21/25 | 600000 |  | 600 | (5) |
|  U.S. SOFR, 07/28/35 | BOA | Call | 3.56 | 07/24/25 | 600000 |  | 600 | (2) |

---

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page [607](#abbreviations).

**JNL Series Trust** (Unaudited)

**Schedules of Investments (in thousands)**

June 30, 2025

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **JNL/PIMCO Investment Grade Credit Bond Fund — OTC Written Options (continued)** | **JNL/PIMCO Investment Grade Credit Bond Fund — OTC Written Options (continued)** | **JNL/PIMCO Investment Grade Credit Bond Fund — OTC Written Options (continued)** | **JNL/PIMCO Investment Grade Credit Bond Fund — OTC Written Options (continued)** | **JNL/PIMCO Investment Grade Credit Bond Fund — OTC Written Options (continued)** | **JNL/PIMCO Investment Grade Credit Bond Fund — OTC Written Options (continued)** | **JNL/PIMCO Investment Grade Credit Bond Fund — OTC Written Options (continued)** | **JNL/PIMCO Investment Grade Credit Bond Fund — OTC Written Options (continued)** |
| **Reference Entity** | **Counterparty** | **Put/Call** | **Exercise Price ($)/ Swaption Rate(%)** | **Expiration** | **Contracts<sup>1</sup>** | **Notional<sup>1</sup>** | **Value ($)** |
|  U.S. SOFR, 07/25/35 | CIT | Call | 3.61 | 07/23/25 | 600000 | 600 | (3) |
|  U.S. SOFR, 07/28/35 | CIT | Call | 3.56 | 07/24/25 | 600000 | 600 | (2) |
|  U.S. SOFR, 07/09/35 | GSC | Call | 3.78 | 07/07/25 | 700000 | 700 | (6) |
|  U.S. SOFR, 07/09/35 | GSC | Call | 3.68 | 07/07/25 | 300000 | 300 | (1) |
|  U.S. SOFR, 07/16/35 | GSC | Call | 3.65 | 07/14/25 | 800000 | 800 | (4) |
|  U.S. SOFR, 07/21/35 | GSC | Call | 3.70 | 07/17/25 | 600000 | 600 | (4) |
|  U.S. SOFR, 07/25/35 | GSC | Call | 3.58 | 07/23/25 | 300000 | 300 | (1) |
|  U.S. SOFR, 07/30/35 | GSC | Call | 3.53 | 07/28/25 | 600000 | 600 | (2) |
|  U.S. SOFR, 08/01/35 | GSC | Call | 3.56 | 07/30/25 | 600000 | 600 | (3) |
|  U.S. SOFR, 07/14/35 | JPM | Call | 3.77 | 07/10/25 | 600000 | 600 | (6) |
|  U.S. SOFR, 07/07/35 | MSC | Call | 3.72 | 07/02/25 | 700000 | 700 | (2) |
|  U.S. SOFR, 07/08/35 | MSC | Call | 3.73 | 07/03/25 | 600000 | 600 | (3) |
|  U.S. SOFR, 07/09/35 | MSC | Call | 3.67 | 07/07/25 | 600000 | 600 | (2) |
|  U.S. SOFR, 07/16/35 | MSC | Call | 3.66 | 07/14/25 | 900000 | 900 | (4) |
|  U.S. SOFR, 07/18/35 | MSC | Call | 3.70 | 07/16/25 | 600000 | 600 | (4) |
|  U.S. SOFR, 07/11/35 | BOA | Put | 4.12 | 07/09/25 | 600000 | 600 |  |
|  U.S. SOFR, 07/22/35 | BOA | Put | 4.04 | 07/18/25 | 700000 | 700 |  |
|  U.S. SOFR, 07/23/35 | BOA | Put | 4.05 | 07/21/25 | 600000 | 600 |  |
|  U.S. SOFR, 07/28/35 | BOA | Put | 3.91 | 07/24/25 | 600000 | 600 | (1) |
|  U.S. SOFR, 07/25/35 | CIT | Put | 3.96 | 07/23/25 | 600000 | 600 | (1) |
|  U.S. SOFR, 07/28/35 | CIT | Put | 3.91 | 07/24/25 | 600000 | 600 | (1) |
|  U.S. SOFR, 07/09/35 | GSC | Put | 4.03 | 07/07/25 | 300000 | 300 |  |
|  U.S. SOFR, 07/09/35 | GSC | Put | 4.13 | 07/07/25 | 700000 | 700 |  |
|  U.S. SOFR, 07/16/35 | GSC | Put | 4.05 | 07/14/25 | 800000 | 800 |  |
|  U.S. SOFR, 07/21/35 | GSC | Put | 4.10 | 07/17/25 | 600000 | 600 |  |
|  U.S. SOFR, 07/25/35 | GSC | Put | 3.93 | 07/23/25 | 300000 | 300 |  |
|  U.S. SOFR, 07/30/35 | GSC | Put | 3.88 | 07/28/25 | 600000 | 600 | (2) |
|  U.S. SOFR, 08/01/35 | GSC | Put | 3.91 | 07/30/25 | 600000 | 600 | (1) |
|  U.S. SOFR, 07/14/35 | JPM | Put | 4.12 | 07/10/25 | 600000 | 600 |  |
|  U.S. SOFR, 07/07/35 | MSC | Put | 4.07 | 07/02/25 | 700000 | 700 |  |
|  U.S. SOFR, 07/08/35 | MSC | Put | 4.08 | 07/03/25 | 600000 | 600 |  |
|  U.S. SOFR, 07/09/35 | MSC | Put | 4.02 | 07/07/25 | 600000 | 600 |  |
|  U.S. SOFR, 07/16/35 | MSC | Put | 4.06 | 07/14/25 | 900000 | 900 |  |
|  U.S. SOFR, 07/18/35 | MSC | Put | 4.10 | 07/16/25 | 600000 | 600 |  |
|  |  |  |  |  |  |  | (69) |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **JNL/PIMCO Investment Grade Credit Bond Fund — Forward Foreign Currency Contracts** | **JNL/PIMCO Investment Grade Credit Bond Fund — Forward Foreign Currency Contracts** | **JNL/PIMCO Investment Grade Credit Bond Fund — Forward Foreign Currency Contracts** | **JNL/PIMCO Investment Grade Credit Bond Fund — Forward Foreign Currency Contracts** | **JNL/PIMCO Investment Grade Credit Bond Fund — Forward Foreign Currency Contracts** | **JNL/PIMCO Investment Grade Credit Bond Fund — Forward Foreign Currency Contracts** | **JNL/PIMCO Investment Grade Credit Bond Fund — Forward Foreign Currency Contracts** |
| **Purchased/Sold** | **Counterparty** | **Expiration** | **Notional<sup>1</sup>** | **Notional<sup>1</sup>** | **Value ($)** | **Unrealized**<br> **Appreciation**<br> (Depreciation) ($) |
| AUD/USD | ANZ | 07/02/25 | AUD | 357 | 235 | 3 |
| BRL/USD | CIT | 07/02/25 | BRL | 1394 | 257 | 13 |
| CAD/USD | HSB | 07/02/25 | CAD | 3843 | 2822 | 26 |
| CHF/USD | ANZ | 07/02/25 | CHF | 261 | 329 | 2 |
| CNY/USD | BNP | 07/16/25 | CNY | 26583 | 3714 | 34 |
| CNY/USD | BCL | 08/20/25 | CNY | 3281 | 459 | 7 |
| CNY/USD | BNP | 08/20/25 | CNY | 4782 | 669 | 3 |
| CNY/USD | BOA | 08/20/25 | CNY | 5011 | 701 | 4 |
| CNY/USD | SCB | 08/20/25 | CNY | 1579 | 221 | 3 |
| DKK/USD | DUB | 07/02/25 | DKK | 3540 | 559 | 3 |
| EUR/USD | ANZ | 07/02/25 | EUR | 457 | 538 | 3 |
| EUR/USD | DUB | 07/02/25 | EUR | 18768 | 22108 | 335 |
| GBP/USD | BCL | 07/02/25 | GBP | 5771 | 7922 | 69 |
| IDR/USD | BNP | 07/16/25 | IDR | 2663920 | 164 | 1 |
| IDR/USD | JPM | 07/16/25 | IDR | 5314772 | 327 | 2 |
| INR/USD | CIT | 08/20/25 | INR | 4795 | 56 |  |
| JPY/USD | BCL | 07/02/25 | JPY | 22878 | 159 |  |
| JPY/USD | HSB | 07/02/25 | JPY | 553668 | 3845 | (9) |
| JPY/USD | MSC | 07/02/25 | JPY | 285130 | 1980 | 6 |
| JPY/USD | UBS | 07/02/25 | JPY | 186043 | 1292 | 7 |
| JPY/USD | BNP | 08/04/25 | JPY | 5757 | 40 |  |
| JPY/USD | HSB | 08/04/25 | JPY | 30621 | 214 |  |
| JPY/USD | MSC | 08/04/25 | JPY | 905764 | 6316 | 43 |
| JPY/USD | SCB | 08/04/25 | JPY | 101739 | 709 | 2 |
| KRW/USD | BOA | 07/16/25 | KRW | 346058 | 257 | 3 |
| KRW/USD | CIT | 07/16/25 | KRW | 315749 | 234 | 5 |

---

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page [607](#abbreviations).

**JNL Series Trust** (Unaudited)

**Schedules of Investments (in thousands)**

June 30, 2025

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **JNL/PIMCO Investment Grade Credit Bond Fund — Forward Foreign Currency Contracts (continued)** | **JNL/PIMCO Investment Grade Credit Bond Fund — Forward Foreign Currency Contracts (continued)** | **JNL/PIMCO Investment Grade Credit Bond Fund — Forward Foreign Currency Contracts (continued)** | **JNL/PIMCO Investment Grade Credit Bond Fund — Forward Foreign Currency Contracts (continued)** | **JNL/PIMCO Investment Grade Credit Bond Fund — Forward Foreign Currency Contracts (continued)** | **JNL/PIMCO Investment Grade Credit Bond Fund — Forward Foreign Currency Contracts (continued)** | **JNL/PIMCO Investment Grade Credit Bond Fund — Forward Foreign Currency Contracts (continued)** |
| **Purchased/Sold** | **Counterparty** | **Expiration** | **Notional<sup>1</sup>** | **Notional<sup>1</sup>** | **Value ($)** | **Unrealized**<br> **Appreciation**<br> (Depreciation) ($) |
| KRW/USD | DUB | 07/16/25 | KRW | 675646 | 501 | 9 |
| KRW/USD | JPM | 07/16/25 | KRW | 1271030 | 943 | 15 |
| MXN/USD | DUB | 09/17/25 | MXN | 2 |  |  |
| NZD/USD | ANZ | 07/02/25 | NZD | 86 | 53 | 1 |
| PEN/USD | CIT | 07/07/25 | PEN | 547 | 155 | 3 |
| SGD/USD | BOA | 07/02/25 | SGD | 40 | 31 |  |
| SGD/USD | GSC | 07/02/25 | SGD | 18 | 14 |  |
| SGD/USD | HSB | 07/02/25 | SGD | 698 | 549 | 9 |
| SGD/USD | JPM | 07/02/25 | SGD | 26 | 21 |  |
| SGD/USD | SCB | 07/02/25 | SGD | 139 | 109 | 2 |
| THB/USD | BNP | 07/16/25 | THB | 2647 | 82 | 1 |
| THB/USD | CIT | 07/16/25 | THB | 1068 | 33 | 1 |
| THB/USD | HSB | 07/16/25 | THB | 1601 | 49 | 1 |
| TRY/USD | BCL | 07/01/25 | TRY | 3895 | 98 | 2 |
| TRY/USD | BCL | 07/09/25 | TRY | 19111 | 477 | 9 |
| TRY/USD | BCL | 07/31/25 | TRY | 1236 | 30 |  |
| TRY/USD | BCL | 08/07/25 | TRY | 1896 | 46 |  |
| TRY/USD | BCL | 08/08/25 | TRY | 4611 | 112 | 1 |
| TRY/USD | BCL | 08/13/25 | TRY | 3939 | 95 | 1 |
| TWD/USD | CIT | 07/16/25 | TWD | 34207 | 1173 | 21 |
| TWD/USD | DUB | 07/16/25 | TWD | 1029 | 35 | 1 |
| TWD/USD | GSC | 07/16/25 | TWD | 2590 | 89 | 9 |
| TWD/USD | HSB | 07/16/25 | TWD | 4023 | 138 | 11 |
| TWD/USD | JPM | 07/16/25 | TWD | 4023 | 138 | 2 |
| TWD/USD | SCB | 07/16/25 | TWD | 7956 | 273 | (1) |
| TWD/USD | SCB | 07/16/25 | TWD | 29497 | 1011 | 18 |
| TWD/USD | BOA | 08/20/25 | TWD | 9631 | 331 | 3 |
| TWD/USD | CIT | 08/20/25 | TWD | 553 | 19 | 2 |
| USD/AUD | BCL | 07/02/25 | AUD | (357) | (235) | (5) |
| USD/AUD | ANZ | 08/05/25 | AUD | (357) | (235) | (3) |
| USD/CAD | HSB | 07/02/25 | CAD | (3842) | (2821) | (24) |
| USD/CAD | HSB | 08/05/25 | CAD | (3837) | (2823) | (27) |
| USD/CHF | HSB | 07/02/25 | CHF | (261) | (329) | (11) |
| USD/CHF | ANZ | 08/04/25 | CHF | (260) | (329) | (2) |
| USD/CNY | ANZ | 07/16/25 | CNY | (4061) | (568) | (3) |
| USD/CNY | JPM | 07/16/25 | CNY | (3662) | (512) | (5) |
| USD/CNY | ANZ | 08/20/25 | CNY | (6124) | (857) | (9) |
| USD/CNY | ANZ | 08/20/25 | CNY | (2008) | (281) |  |
| USD/CNY | BNP | 08/20/25 | CNY | (28442) | (3984) | (5) |
| USD/CNY | BNP | 08/20/25 | CNY | (1778) | (249) |  |
| USD/CNY | CIT | 08/20/25 | CNY | (1949) | (273) | (2) |
| USD/CNY | JPM | 08/20/25 | CNY | (5587) | (783) | (8) |
| USD/CNY | JPM | 08/20/25 | CNY | (2723) | (381) |  |
| USD/CNY | MSC | 08/20/25 | CNY | (2601) | (364) | (1) |
| USD/CNY | SCB | 08/20/25 | CNY | (4482) | (628) |  |
| USD/DKK | JPM | 07/02/25 | DKK | (3537) | (558) | (23) |
| USD/DKK | DUB | 08/04/25 | DKK | (3532) | (559) | (3) |
| USD/EUR | BOA | 07/02/25 | EUR | (17865) | (21044) | (731) |
| USD/EUR | HSB | 07/02/25 | EUR | (1360) | (1602) | (30) |
| USD/EUR | ANZ | 08/04/25 | EUR | (457) | (540) | (3) |
| USD/EUR | DUB | 08/04/25 | EUR | (18727) | (22112) | (339) |
| USD/GBP | JPM | 07/02/25 | GBP | (5771) | (7922) | (147) |
| USD/GBP | BCL | 08/04/25 | GBP | (5771) | (7923) | (70) |
| USD/IDR | BOA | 07/16/25 | IDR | (8014844) | (493) | (2) |
| USD/ILS | BOA | 07/18/25 | ILS | (2) | (1) |  |
| USD/INR | CIT | 08/20/25 | INR | (1988) | (23) |  |
| USD/INR | DUB | 08/20/25 | INR | (1236) | (14) |  |
| USD/INR | JPM | 08/20/25 | INR | (482) | (6) |  |
| USD/INR | SCB | 08/20/25 | INR | (373) | (4) |  |
| USD/JPY | MSC | 07/02/25 | JPY | (909107) | (6313) | (41) |
| USD/JPY | SCB | 07/02/25 | JPY | (102115) | (709) | (2) |
| USD/KRW | CIT | 07/16/25 | KRW | (2234162) | (1657) | (30) |
| USD/KRW | JPM | 07/16/25 | KRW | (376156) | (279) | (5) |
| USD/MXN | UBS | 09/17/25 | MXN | (80177) | (4237) | (101) |
| USD/NZD | JPM | 07/02/25 | NZD | (86) | (53) | (1) |
| USD/NZD | ANZ | 08/04/25 | NZD | (86) | (53) | (1) |
| USD/PEN | BNP | 08/25/25 | PEN | (2407) | (679) | (29) |
| USD/PEN | GSC | 09/10/25 | PEN | (3599) | (1014) | (32) |
| USD/PEN | BCL | 09/17/25 | PEN | (6329) | (1783) | (50) |
| USD/PEN | CIT | 09/17/25 | PEN | (2420) | (682) | (27) |
| USD/PEN | CIT | 09/18/25 | PEN | (2598) | (732) | (24) |

---

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page [607](#abbreviations).

**JNL Series Trust** (Unaudited)

**Schedules of Investments (in thousands)**

June 30, 2025

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **JNL/PIMCO Investment Grade Credit Bond Fund — Forward Foreign Currency Contracts (continued)** | **JNL/PIMCO Investment Grade Credit Bond Fund — Forward Foreign Currency Contracts (continued)** | **JNL/PIMCO Investment Grade Credit Bond Fund — Forward Foreign Currency Contracts (continued)** | **JNL/PIMCO Investment Grade Credit Bond Fund — Forward Foreign Currency Contracts (continued)** | **JNL/PIMCO Investment Grade Credit Bond Fund — Forward Foreign Currency Contracts (continued)** | **JNL/PIMCO Investment Grade Credit Bond Fund — Forward Foreign Currency Contracts (continued)** | **JNL/PIMCO Investment Grade Credit Bond Fund — Forward Foreign Currency Contracts (continued)** |
| **Purchased/Sold** | **Counterparty** | **Expiration** | **Notional<sup>1</sup>** | **Notional<sup>1</sup>** | **Value ($)** | **Unrealized**<br> **Appreciation**<br> (Depreciation) ($) |
| USD/PEN | CIT | 09/29/25 | PEN | (655) | (184) | (7) |
| USD/PEN | BCL | 11/10/25 | PEN | (1959) | (551) | (17) |
| USD/PEN | CIT | 12/05/25 | PEN | (514) | (144) | (6) |
| USD/PEN | CIT | 02/09/26 | PEN | (2971) | (833) | (25) |
| USD/SGD | DUB | 07/02/25 | SGD | (7) | (6) |  |
| USD/SGD | HSB | 07/02/25 | SGD | (668) | (525) | (5) |
| USD/SGD | JPM | 07/02/25 | SGD | (278) | (219) | (2) |
| USD/SGD | BOA | 08/05/25 | SGD | (71) | (56) |  |
| USD/SGD | GSC | 08/05/25 | SGD | (18) | (14) |  |
| USD/SGD | HSB | 08/05/25 | SGD | (696) | (549) | (9) |
| USD/SGD | JPM | 08/05/25 | SGD | (26) | (21) |  |
| USD/SGD | SCB | 08/05/25 | SGD | (139) | (109) | (2) |
| USD/THB | BNP | 07/16/25 | THB | (98) | (3) |  |
| USD/THB | CIT | 07/16/25 | THB | (960) | (30) |  |
| USD/THB | HSB | 07/16/25 | THB | (479) | (15) |  |
| USD/THB | UBS | 07/16/25 | THB | (3) |  |  |
| USD/TRY | BNP | 07/01/25 | TRY | (3939) | (99) |  |
| USD/TRY | BCL | 07/09/25 | TRY | (19239) | (480) | (4) |
| USD/TRY | BCL | 07/17/25 | TRY | (648) | (16) |  |
| USD/TRY | BCL | 07/18/25 | TRY | (9733) | (241) | (2) |
| USD/TRY | BNP | 08/08/25 | TRY | (1081) | (26) |  |
| USD/TWD | BNP | 07/16/25 | TWD | (10207) | (350) | (35) |
| USD/TWD | CIT | 07/16/25 | TWD | (16120) | (553) | (57) |
| USD/TWD | GSC | 07/16/25 | TWD | (3148) | (108) | (11) |
| USD/TWD | JPM | 07/16/25 | TWD | (10333) | (354) | (37) |
| USD/TWD | BNP | 08/20/25 | TWD | (8346) | (287) | (31) |
| USD/TWD | BOA | 08/20/25 | TWD | (77) | (3) |  |
| USD/TWD | CIT | 08/20/25 | TWD | (14073) | (484) | (53) |
| USD/TWD | HSB | 08/20/25 | TWD | (11097) | (381) | (38) |
| USD/TWD | JPM | 08/20/25 | TWD | (15622) | (536) | (57) |
| USD/TWD | SCB | 08/20/25 | TWD | (4430) | (152) | (16) |
| USD/ZAR | BCL | 07/23/25 | ZAR | (108844) | (6137) | (117) |
| USD/ZAR | GSC | 07/23/25 | ZAR | (454) | (26) | (1) |
| USD/ZAR | JPM | 07/23/25 | ZAR | (30862) | (1740) | (13) |
|  |  |  |  |  | (49144) | (1655) |

---

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **JNL/PIMCO Investment Grade Credit Bond Fund — OTC Credit Default Swap Agreements** | **JNL/PIMCO Investment Grade Credit Bond Fund — OTC Credit Default Swap Agreements** | **JNL/PIMCO Investment Grade Credit Bond Fund — OTC Credit Default Swap Agreements** | **JNL/PIMCO Investment Grade Credit Bond Fund — OTC Credit Default Swap Agreements** | **JNL/PIMCO Investment Grade Credit Bond Fund — OTC Credit Default Swap Agreements** | **JNL/PIMCO Investment Grade Credit Bond Fund — OTC Credit Default Swap Agreements** | **JNL/PIMCO Investment Grade Credit Bond Fund — OTC Credit Default Swap Agreements** | **JNL/PIMCO Investment Grade Credit Bond Fund — OTC Credit Default Swap Agreements** | **JNL/PIMCO Investment Grade Credit Bond Fund — OTC Credit Default Swap Agreements** |
| **Reference Entity<sup>2</sup>** | **Counter-party** | **Implied**<br> **Credit**<br> **Spread** <br> **(%)** | **Fixed**<br> **Receive/**<br> **Pay Rate** <br> **(%)** | **Expiration** | **Notional<sup>1</sup> ($)** | **Value ($)** | **Premiums**<br> **Paid**<br> (Received) ($) | **Unrealized**<br> **Appreciation**<br> (Depreciation) ($) |
|  **Credit default swap agreements - sell protection** | **Credit default swap agreements - sell protection** | **Credit default swap agreements - sell protection** | **Credit default swap agreements - sell protection** | **Credit default swap agreements - sell protection** | **Credit default swap agreements - sell protection** | **Credit default swap agreements - sell protection** | **Credit default swap agreements - sell protection** | **Credit default swap agreements - sell protection** |
| Gobierno Federal de los Estados Unidos Mexicanos (Q)  | MSC | 0.29 | 1.00 | 12/20/25  | (300)  | 1  | (4)  | 5  |
| Pemex Project Funding Master Trust (M)  | DUB | 5.37 | 4.75 | 07/06/26  | (994)  | 1  | —  | 1  |
| SoftBank Group Corp (Q)  | GSC | 1.49 | 1.00 | 06/20/26  | (200)  | (1)  | (2)  | 1  |
|  |  |  |  |  | (1494) | 1 | (6) | 7 |

---

**Fair Value Hierarchy.** Various inputs are used in determining the fair value of financial instruments. For a description of the input levels and information about the Fund's policy regarding valuation of financial instruments, see Note 3 in the Notes to Financial Statements. The following table summarizes the Fund's investments categorized in the disclosure hierarchy as of June 30, 2025.

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **<u>. Level 1 ($) .</u>** | **<u>. Level 2 ($) .</u>** | **<u>. Level 3 ($) .</u>** | **<u>. Total ($) .</u>** |
| **JNL/PIMCO Investment Grade Credit Bond Fund** | **JNL/PIMCO Investment Grade Credit Bond Fund** | **JNL/PIMCO Investment Grade Credit Bond Fund** | **JNL/PIMCO Investment Grade Credit Bond Fund** | **JNL/PIMCO Investment Grade Credit Bond Fund** |
| **Assets - Securities** |  |  |  |  |
| &nbsp;&nbsp; Corporate Bonds And Notes |  | 640803 |  | 640803 |
| &nbsp;&nbsp; Government And Agency Obligations |  | 122073 |  | 122073 |
| &nbsp;&nbsp; Non-U.S. Government Agency Asset-Backed Securities |  | 60330 |  | 60330 |
| &nbsp;&nbsp; Senior Floating Rate Instruments |  | 2197 | 1743 | 3940 |
| &nbsp;&nbsp; Preferred Stocks | 890 |  |  | 890 |
| &nbsp;&nbsp; Common Stocks | 6 |  | 102 | 108 |
| &nbsp;&nbsp; Short Term Investments | 4254 | 29664 |  | 33918 |
|  | 5150 | 855067 | 1845 | 862062 |

---

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page [607](#abbreviations).

**JNL Series Trust** (Unaudited)

**Schedules of Investments (in thousands)**

June 30, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **<u>. Level 1 ($) .</u>** | **<u>. Level 2 ($) .</u>** | **<u>. Level 3 ($) .</u>** | **<u>. Total ($) .</u>** |
| **JNL/PIMCO Investment Grade Credit Bond Fund (continued)** | **JNL/PIMCO Investment Grade Credit Bond Fund (continued)** | **JNL/PIMCO Investment Grade Credit Bond Fund (continued)** | **JNL/PIMCO Investment Grade Credit Bond Fund (continued)** | **JNL/PIMCO Investment Grade Credit Bond Fund (continued)** |
| **Assets - Investments in Other Financial Instruments<sup>1</sup>** |  |  |  |  |
| &nbsp;&nbsp; Futures Contracts | 8231 |  |  | 8231 |
| &nbsp;&nbsp; Centrally Cleared Interest Rate Swap Agreements |  | 2815 |  | 2815 |
| &nbsp;&nbsp; Centrally Cleared Credit Default Swap Agreements |  | 930 |  | 930 |
| &nbsp;&nbsp; Exchange Traded Futures Options | 1 |  |  | 1 |
| &nbsp;&nbsp; Open Forward Foreign Currency Contracts |  | 696 |  | 696 |
| &nbsp;&nbsp; OTC Credit Default Swap Agreements |  | 6 | 1 | 7 |
|  | 8232 | 4447 | 1 | 12680 |
| **Liabilities - Investments in Other Financial Instruments<sup>1</sup>** |  |  |  |  |
| &nbsp;&nbsp; Futures Contracts | (231) |  |  | (231) |
| &nbsp;&nbsp; Centrally Cleared Interest Rate Swap Agreements |  | (1073) |  | (1073) |
| &nbsp;&nbsp; Centrally Cleared Credit Default Swap Agreements |  | (140) |  | (140) |
| &nbsp;&nbsp; Exchange Traded Written Options | (13) |  |  | (13) |
| &nbsp;&nbsp; OTC Written Options |  | (69) |  | (69) |
| &nbsp;&nbsp; Open Forward Foreign Currency Contracts |  | (2351) |  | (2351) |
|  | (244) | (3633) |  | (3877) |

---

<sup>1</sup> All derivatives, except for purchased and written options, are reflected at the unrealized appreciation (depreciation) on the instrument. Purchased and written options are reflected at value.

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page [607](#abbreviations).

**JNL Series Trust** (Unaudited)

**Schedules of Investments (in thousands)**

June 30, 2025

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| **JNL/PIMCO Real Return Fund** | **JNL/PIMCO Real Return Fund** | **JNL/PIMCO Real Return Fund** |
| **GOVERNMENT AND AGENCY OBLIGATIONS 120.2%** | **GOVERNMENT AND AGENCY OBLIGATIONS 120.2%** | **GOVERNMENT AND AGENCY OBLIGATIONS 120.2%** |
| **U.S. Treasury Inflation Indexed Securities 97.1%** | **U.S. Treasury Inflation Indexed Securities 97.1%** | **U.S. Treasury Inflation Indexed Securities 97.1%** |
| Treasury, United States Department of |  |  |
| 0.63%, 01/15/26 (a) | 20062 | 19946 |
| 0.13%, 04/15/26 - 02/15/51 (a) | 109750 | 99096 |
| 0.13%, 10/15/26 - 01/15/32 (a) (b) | 60792 | 57287 |
| 0.38%, 01/15/27 - 07/15/27 (a) (b) | 66793 | 65871 |
| 2.38%, 01/15/27 (a) (c) | 414 | 420 |
| 0.13%, 04/15/27 - 02/15/52 (a) (c) | 17129 | 14042 |
| 1.63%, 10/15/27 - 04/15/30 (a) (b) | 76109 | 76877 |
| 0.50%, 01/15/28 (a) (b) | 52544 | 51538 |
| 1.75%, 01/15/28 (a) | 14830 | 15010 |
| 1.25%, 04/15/28 (a) (c) | 14866 | 14832 |
| 3.63%, 04/15/28 (a) (b) | 40884 | 43455 |
| 0.75%, 07/15/28 - 02/15/45 (a) (b) | 56939 | 48212 |
| 2.38%, 10/15/28 - 02/15/55 (a) (b) | 47304 | 48484 |
| 0.88%, 01/15/29 - 02/15/47 (a) | 35179 | 29015 |
| 2.50%, 01/15/29 (a) | 17477 | 18176 |
| 2.13%, 04/15/29 - 02/15/54 (a) | 51377 | 50053 |
| 3.88%, 04/15/29 (a) | 14349 | 15657 |
| 0.25%, 07/15/29 (a) (b) | 51352 | 49282 |
| 0.63%, 07/15/32 (a) (b) | 87666 | 81741 |
| 1.13%, 01/15/33 (a) (b) | 41570 | 39699 |
| 1.38%, 07/15/33 (a) (b) | 50489 | 49004 |
| 1.75%, 01/15/34 (a) (b) | 45293 | 44888 |
| 1.88%, 07/15/34 (a) (b) | 33022 | 33057 |
| 1.88%, 07/15/34 (a) | 10122 | 10133 |
| 2.13%, 01/15/35 (a) (b) | 28767 | 29236 |
| 0.75%, 02/15/42 (a) | 19109 | 14806 |
| 0.63%, 02/15/43 (a) (c) | 5497 | 4077 |
| 1.38%, 02/15/44 (a) | 21817 | 18283 |
| 1.00%, 02/15/46 - 02/15/48 (a) | 29336 | 21973 |
| 1.00%, 02/15/49 (a) (c) | 5915 | 4283 |
| 0.25%, 02/15/50 (a) | 10856 | 6287 |
| 1.50%, 02/15/53 (a) | 6259 | 4953 |
|  |  | 1079673 |
| **Mortgage-Backed Securities 16.4%** | **Mortgage-Backed Securities 16.4%** | **Mortgage-Backed Securities 16.4%** |
| Federal Home Loan Mortgage Corporation |  |  |
| 6.56%, (FTSE USD IBOR Consumer Cash Fallbacks Term 6M + 1.79%), 07/01/36 (d) | 40 | 40 |
| 7.19%, (FTSE USD IBOR Consumer Cash Fallbacks Term 1Y + 1.45%), 09/01/36 (d) | 11 | 11 |
| 6.90%, (FTSE USD IBOR Consumer Cash Fallbacks Term 1Y + 1.60%), 10/01/36 (d) | 14 | 14 |
| Federal National Mortgage Association, Inc. |  |  |
| 6.58%, (FTSE USD IBOR Consumer Cash Fallbacks Term 1Y + 1.27%), 11/01/35 (d) | 10 | 11 |
| 6.75%, (FTSE USD IBOR Consumer Cash Fallbacks Term 1Y + 1.81%), 03/01/36 (d) | 23 | 24 |
| 4.50%, 09/01/52 - 11/01/52 | 877 | 842 |
| 5.00%, 06/01/53 | 346 | 340 |
| 6.50%, 12/01/53 | 750 | 775 |
| TBA, 4.00%, 07/15/55 (b) | 8000 | 7437 |
| TBA, 4.50%, 07/15/55 - 08/15/55 (b) | 36800 | 35183 |
| TBA, 5.50%, 08/15/55 (b) | 17100 | 17082 |
| TBA, 6.00%, 08/15/55 (b) | 39800 | 40411 |
| TBA, 6.50%, 08/15/55 (b) | 19000 | 19585 |
| Government National Mortgage Association |  |  |
| 3.50%, 05/20/52 - 06/20/55 | 66893 | 60787 |
|  |  | 182542 |
| **Treasury Inflation Indexed Securities 4.7%** | **Treasury Inflation Indexed Securities 4.7%** | **Treasury Inflation Indexed Securities 4.7%** |
| Cabinet Office, Government of Japan |  |  |
| 0.10%, 03/10/28 - 03/10/29, JPY (a) | 3467126 | 24988 |
| Canada, Government of |  |  |
| 4.25%, 12/01/26, CAD (a) | 7074 | 5464 |
| French Republic Government Bond OAT |  |  |
| 0.10%, 03/01/26, EUR (a) (e) | 12800 | 14978 |
| 0.10%, 07/25/31, EUR (a) | 2442 | 2746 |
| Gobierno Federal de los Estados Unidos Mexicanos |  |  |
| 4.00%, 08/24/34, MXN (f) | 2464 | 124 |
| Gouvernement De France |  |  |
| 0.10%, 07/25/38, EUR (a) | 120 | 118 |
| Segretariato Generale Della Presidenza Della Repubblica |  |  |
| 0.40%, 05/15/30, EUR (a) (e) | 2105 | 2413 |
| 1.80%, 05/15/36, EUR (a) (g) | 828 | 975 |
|  |  | 51806 |
| **Collateralized Mortgage Obligations 2.0%** | **Collateralized Mortgage Obligations 2.0%** | **Collateralized Mortgage Obligations 2.0%** |
| Federal Home Loan Mortgage Corporation |  |  |
| Series F1-278, 4.87%, (SOFR 30-Day Average + 0.56%), 09/15/42 (d) | 902 | 886 |
| Series WF-4779, REMIC, 4.81%, (SOFR 30-Day Average + 0.46%), 07/15/44 (d) | 498 | 493 |
| Series T-1A1-62, REMIC, 4.60%, (12 Month Treasury Average + 1.20%), 10/25/44 (d) | 79 | 72 |
| Series T-1A1-63, REMIC, 5.60%, (12 Month Treasury Average + 1.20%), 02/25/45 (d) | 60 | 57 |
| Series MF-5513, REMIC, 5.25%, (SOFR 30-Day Average + 0.94%), 11/25/54 (d) | 3114 | 3104 |
| Series FG-5511, REMIC, 5.46%, (SOFR 30-Day Average + 1.15%), 03/25/55 (d) | 1333 | 1330 |
| Series PF-4851, REMIC, 4.82%, (SOFR 30-Day Average + 0.51%), 08/15/57 (d) | 4133 | 3925 |
| Federal National Mortgage Association, Inc. |  |  |
| Series 2007-A1-73, REMIC, 4.48%, (SOFR 30-Day Average + 0.17%), 07/25/37 (d) | 19 | 19 |
| Government National Mortgage Association |  |  |
| Series 2017-FB-H10, REMIC, 5.59%, (12 Month Term SOFR + 1.47%), 04/20/67 (d) | 803 | 811 |
| Series 2018-FG-H15, REMIC, 5.46%, (12 Month Term SOFR + 0.87%), 08/20/68 (d) | 1441 | 1440 |
| Series 2022-F-H22, REMIC, 5.20%, (SOFR 30-Day Average + 0.90%), 10/20/72 (d) | 2271 | 2266 |
| Government National Mortgage Association Guaranteed REMIC Pass-Through Securities, The |  |  |
| Series 2033-F-53, 5.52%, (SOFR 30-Day Average + 1.20%), 07/25/55 (d) (h) | 1900 | 1899 |
| Series 2025-FJ-47, REMIC, 5.34%, (SOFR 30-Day Average + 1.03%), 06/25/55 (d) | 5461 | 5469 |
|  |  | 21771 |
| **Sovereign 0.0%** | **Sovereign 0.0%** | **Sovereign 0.0%** |
| Gobierno Federal de los Estados Unidos Mexicanos |  |  |
| 5.85%, 07/02/32 | 300 | 304 |
| 6.63%, 01/29/38 | 300 | 305 |
|  |  | 609 |
| **Asset-Backed Securities 0.0%** | **Asset-Backed Securities 0.0%** | **Asset-Backed Securities 0.0%** |
| U.S. Small Business Administration |  |  |
| 5.29%, 12/01/27 | 35 | 35 |
| Total Government And Agency Obligations (cost $1,341,589) | Total Government And Agency Obligations (cost $1,341,589) | 1336436 |
| **NON-U.S. GOVERNMENT AGENCY ASSET-BACKED SECURITIES 9.4%** | **NON-U.S. GOVERNMENT AGENCY ASSET-BACKED SECURITIES 9.4%** | **NON-U.S. GOVERNMENT AGENCY ASSET-BACKED SECURITIES 9.4%** |
| 522 Funding CLO 2018-3(A), Ltd. |  |  |
| Series 2018-AR-3A, 5.57%, (3 Month Term SOFR + 1.30%), 10/20/31 (d) | 226 | 226 |
| ACE Securities Corp. Home Equity Loan Trust, Series 2007-ASAP1 |  |  |
| Series 2007-A2B-ASP1, REMIC, 0.56%, (1 Month Term SOFR + 0.51%), 03/25/37 (d) (i) (j) | 325 | 123 |
| Adagio CLO VIII Designated Activity Company |  |  |
| Series VIII-AN-A, 3.21%, (3 Month EURIBOR + 0.93%), 04/15/32, EUR (d) (g) | 871 | 1023 |
| AG Trust 2024-NLP |  |  |
| Series 2024-A-NLP, REMIC, 6.33%, (1 Month Term SOFR + 2.02%), 08/15/29 (d) | 428 | 428 |
| Alternative Loan Trust 2005-43 |  |  |
| Series 2005-A4-29CB, REMIC, 5.00%, 07/25/35 | 61 | 32 |
| Alternative Loan Trust 2006-HY11 |  |  |
| Series 2006-A1-HY11, REMIC, 4.45%, (1 Month Term SOFR + 0.35%), 06/25/36 (d) (i) (j) | 230 | 215 |
| Alternative Loan Trust 2007-1T1 |  |  |
| Series 2007-1A1-1T1, REMIC, 6.00%, 03/25/37 | 2179 | 751 |
| Alternative Loan Trust 2007-4CB |  |  |
| Series 2007-1A35-4CB, REMIC, 6.00%, 04/25/37 | 197 | 168 |

---

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page [607](#abbreviations).

500

**JNL Series Trust** (Unaudited)

**Schedules of Investments (in thousands)**

June 30, 2025

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| Anchorage Capital Clo 20 Ltd |  |  |
| Series 2021-A1R-20A, 5.37%, (3 Month Term SOFR + 1.10%), 01/22/35 (d) | 900 | 899 |
| Arbor Realty Collateralized Loan Obligation Ltd |  |  |
| Series 2022-A-FL1, 5.76%, (SOFR 30-Day Average + 1.45%), 01/15/37 (d) | 745 | 745 |
| Arbour CLO VI Designated Activity Company |  |  |
| Series AR-6A, 4.39%, 11/15/37, EUR (d) (g) | 1000 | 1177 |
| Atlas Senior Loan Fund XV Ltd |  |  |
| Series 2019-A1R-15A, 5.50%, (3 Month Term SOFR + 1.22%), 10/23/32 (d) | 402 | 402 |
| Bain Capital Credit |  |  |
| Series 2021-A1R-2A, REMIC, 5.49%, (3 Month Term SOFR + 1.23%), 07/17/34 (d) | 600 | 600 |
| Banc of America Mortgage Securities, Inc. |  |  |
| Series 2005-2A1-E, REMIC, 5.44%, 06/25/35 (d) | 9 | 8 |
| BCAP LLC Trust 2011-RR5 |  |  |
| Series 2011-12A1-RR5, REMIC, 4.47%, 03/26/37 (d) | 107 | 104 |
| BDS 2022-FL11 LLC |  |  |
| Series 2022-ATS-FL11, 6.12%, (1 Month Term SOFR + 1.80%), 03/21/39 (d) | 1067 | 1067 |
| Bear Stearns ALT-A Trust 2006-3 |  |  |
| Series 2005-24A1-10, REMIC, 5.17%, 01/25/36 (d) | 70 | 65 |
| Bear Stearns ALT-A Trust Mortgage Pass-Through Certificates Series 2006-4 |  |  |
| Series 2006-21A1-4, REMIC, 4.80%, 08/25/36 (d) | 82 | 50 |
| Bear Stearns ARM Trust 2004-1 |  |  |
| Series 2003-3A2-3, REMIC, 6.64%, 05/25/33 (d) | 5 | 5 |
| Series 2003-2A1-9, REMIC, 5.78%, 02/25/34 (d) | 27 | 26 |
| Series 2004-22A1-9, REMIC, 6.33%, 11/25/34 (d) | 21 | 20 |
| Series 2004-22A1-10, REMIC, 5.00%, 01/25/35 (d) | 23 | 21 |
| Bear Stearns ARM Trust 2005-6 |  |  |
| Series 2005-2A1-1, REMIC, 4.79%, 03/25/35 (d) | 56 | 52 |
| Bear Stearns Structured Products Inc. Trust 2007-R6 |  |  |
| Series 2007-2A1-R6, REMIC, 4.71%, 12/26/46 (d) | 158 | 124 |
| Black Diamond CLO 2019-1 Designated Activity Company |  |  |
| Series 2019-A1R-1A, 3.54%, (3 Month EURIBOR + 0.98%), 05/15/32, EUR (d) (g) | 223 | 263 |
| BlueMountain CLO XXII Ltd |  |  |
| Series 2018-A1-22A, 5.60%, (3 Month Term SOFR + 1.34%), 07/15/31 (d) | 489 | 489 |
| BlueMountain EUR CLO 2016-1 DAC |  |  |
| Series 2016-AR-1A, 2.95%, (3 Month EURIBOR + 0.79%), 04/26/32, EUR (d) (g) | 54 | 64 |
| Bosphorus CLO VI Designated Activity Company |  |  |
| Series A-6A, 2.90%, (3 Month EURIBOR + 0.85%), 05/25/34, EUR (d) (g) | 5500 | 6439 |
| Capital Four US CLO II Ltd. |  |  |
| Series 2022-AR-1A, 6.17%, (3 Month Term SOFR + 1.90%), 01/21/37 (d) | 500 | 502 |
| Carlyle Global Market Strategies Euro CLO 2014-2 Designated Activity Company |  |  |
| Series 2014-AR1-2A, 2.89%, (3 Month EURIBOR + 0.75%), 11/15/31, EUR (d) (e) | 655 | 769 |
| CBAM 2018-5 Ltd |  |  |
| Series 2018-A-5A, 5.56%, (3 Month Term SOFR + 1.28%), 04/17/31 (d) | 224 | 224 |
| CBAM 2019-10, Ltd. |  |  |
| Series 2019-A1R-10A, 5.65%, (3 Month Term SOFR + 1.38%), 04/20/32 (d) | 476 | 476 |
| C-Bass Mortgage Loan Asset Backed Certificates Series 2002-CB2 |  |  |
| Series 2005-M4-CB3, REMIC, 3.75%, (1 Month Term SOFR + 1.16%), 08/25/34 (d) (i) (j) | 180 | 174 |
| Cedar Funding V CLO, Ltd. |  |  |
| Series 2016-A1R-5A, 5.64%, (3 Month Term SOFR + 1.36%), 07/17/31 (d) | 397 | 398 |
| Chase Mortgage Finance Trust Series 2007-A1 |  |  |
| Series 2007-5A1-A1, REMIC, 6.08%, 02/25/37 (d) | 7 | 6 |
| CHL Mortgage Pass-Through Trust 2007-1 |  |  |
| Series 2007-A1-1, REMIC, 6.00%, 03/25/37 | 698 | 322 |
| CIFC European Funding CLO III Designated Activity Company |  |  |
| Series A-3A, 3.33%, (3 Month EURIBOR + 1.05%), 01/15/34, EUR (d) (g) | 4000 | 4712 |
| CIFC Funding 2018-III Ltd |  |  |
| Series 2018-A-3A, 5.63%, (3 Month Term SOFR + 1.36%), 07/18/31 (d) | 436 | 437 |
| CIT Mortgage Loan Trust 2007-1 |  |  |
| Series 2007-1M1-1, REMIC, 5.93%, (1 Month Term SOFR + 1.61%), 10/26/37 (d) | 1359 | 1354 |
| Citigroup Mortgage Loan Trust 2006-AMC1 |  |  |
| Series 2006-A1-AMC1, REMIC, 3.61%, (1 Month Term SOFR + 0.40%), 09/25/36 (d) (i) (j) | 1206 | 1174 |
| Citigroup Mortgage Loan Trust 2007-10 |  |  |
| Series 2007-22AA-10, REMIC, 4.62%, 09/25/37 (d) | 206 | 192 |
| Citigroup Mortgage Loan Trust 2007-AMC2 |  |  |
| Series 2007-A3A-AMC2, REMIC, 2.87%, (1 Month Term SOFR + 0.19%), 01/25/37 (d) (i) (j) | 40 | 29 |
| Citigroup Mortgage Loan Trust 2007-AMC3 |  |  |
| Series 2007-A2B-AMC3, REMIC, 2.78%, (1 Month Term SOFR + 0.29%), 03/25/37 (d) (i) (j) | 918 | 785 |
| Citigroup Mortgage Loan Trust 2007-AMC4 |  |  |
| Series 2007-M1-AMC4, REMIC, 4.53%, (1 Month Term SOFR + 0.38%), 05/25/37 (d) (i) (j) | 1200 | 1105 |
| Citigroup Mortgage Loan Trust 2007-AR4 |  |  |
| Series 2007-1A1A-AR4, REMIC, 4.74%, 03/25/37 (d) | 793 | 689 |
| Citigroup Mortgage Loan Trust Inc. |  |  |
| Series 2004-1CB1-NCM2, REMIC, 5.50%, 08/25/34 | 4 | 4 |
| Series 2005-2A2B-3, REMIC, 5.99%, 08/25/35 (d) | 18 | 18 |
| Series 2005-A1-6, REMIC, 6.08%, (1 Year Treasury + 2.10%), 09/25/35 (d) | 3 | 3 |
| Series 2005-A2-6, REMIC, 6.18%, (1 Year Treasury + 2.15%), 09/25/35 (d) | 2 | 2 |
| Series 2005-M3-HE4, REMIC, 3.22%, (1 Month Term SOFR + 0.80%), 10/25/35 (d) (i) (j) | 3422 | 3130 |
| Citigroup Mortgage Loan Trust Series 2007 AHL3 |  |  |
| Series 2007-A3A-AHL3, REMIC, 3.00%, (1 Month Term SOFR + 0.17%), 07/25/45 (d) (i) (j) | 83 | 57 |
| Contego CLO IV Designated Activity Company |  |  |
| Series AR-4A, 2.82%, (3 Month EURIBOR + 0.64%), 01/23/30, EUR (d) (g) | 497 | 582 |
| Credit-Based Asset Servicing and Securitization LLC |  |  |
| Series 2007-A1-CB6, REMIC, 1.86%, (1 Month Term SOFR + 0.23%), 07/25/37 (d) (i) (j) | 63 | 43 |
| Series 2007-A3-CB6, REMIC, 1.86%, (1 Month Term SOFR + 0.33%), 07/25/37 (d) (i) (j) | 1858 | 1267 |
| Crestline Denali CLO XV, Ltd. |  |  |
| Series 2017-AR-1A, 5.56%, (3 Month Term SOFR + 1.29%), 04/22/30 (d) | 54 | 54 |
| CSMC Mortgage-Backed Trust 2007-1 |  |  |
| Series 2007-1A6A-1, REMIC, 2.01%, 02/25/37 (d) (i) (j) | 571 | 123 |
| CSMC Series 2015-12R |  |  |
| Series 2015-2A2-12R, REMIC, 3.15%, 12/03/37 (d) | 1727 | 1582 |
| CSMC Series 2015-3R |  |  |
| Series 2015-5A2-3R, REMIC, 2.35%, 09/29/36 (d) | 134 | 132 |
| CWABS Asset-Backed Certificates Trust 2007-12 |  |  |
| Series 2007-1A1-12, REMIC, 4.52%, (1 Month Term SOFR + 0.85%), 06/25/37 (d) (i) (j) | 59 | 58 |

---

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page [607](#abbreviations).

501

**JNL Series Trust** (Unaudited)

**Schedules of Investments (in thousands)**

June 30, 2025

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| CWABS Asset-Backed Certificates Trust 2007-8 |  |  |
| Series 2007-1A1-8, REMIC, 4.02%, (1 Month Term SOFR + 0.30%), 02/25/36 (d) (i) (j) | 2979 | 2823 |
| Dryden 44 Euro CLO 2015 B.V. |  |  |
| Series 2015-A1RR-44A, 3.67%, (3 Month EURIBOR + 0.88%), 04/17/34, EUR (d) (g) | 500 | 587 |
| Dryden 52 Euro Clo 2017 B.V. In Liquidatie |  |  |
| Series 2017-AR-52A, 3.00%, (3 Month EURIBOR + 0.86%), 05/15/34, EUR (d) (g) | 288 | 338 |
| Dryden 64 CLO, Ltd. |  |  |
| Series 2018-A-64A, 5.50%, (3 Month Term SOFR + 1.23%), 04/18/31 (d) | 295 | 295 |
| Elevation CLO 2022-16 Ltd |  |  |
| Series 2022-A1AR-16A, 5.41%, (3 Month Term SOFR + 1.13%), 07/25/34 (d) | 600 | 597 |
| Eurosail-UK 2007-3BL PLC |  |  |
| Series 2007-A3A-3X, 5.29%, (SONIA + 1.07%), 06/13/45, GBP (d) (e) | 224 | 307 |
| Series 2007-A3C-3A, 5.29%, (SONIA + 1.07%), 06/13/45, GBP (d) (g) | 77 | 105 |
| First Franklin Mortgage Loan Trust 2006-FF10 |  |  |
| Series 2006-A5-FF10, REMIC, 4.38%, (1 Month Term SOFR + 0.42%), 07/25/36 (d) (i) (j) | 1063 | 1031 |
| First Franklin Mortgage Loan Trust 2006-FF17 |  |  |
| Series 2006-A2-FF17, REMIC, 4.22%, (1 Month Term SOFR + 0.23%), 12/25/36 (d) (i) (j) | 4529 | 4080 |
| First NLC Trust |  |  |
| Series 2007-A1-1, REMIC, 4.50%, (1 Month Term SOFR + 0.18%), 08/25/37 (d) | 183 | 89 |
| Gallatin CLO VIII 2017-1 Ltd |  |  |
| Series 2017-A1R-1A, 5.61%, (3 Month Term SOFR + 1.35%), 07/15/31 (d) | 678 | 678 |
| Greenpoint M F T S 2006-AR4 |  |  |
| Series 2006-A-A6, REMIC, 4.59%, (1 Month Term SOFR + 0.47%), 09/25/46 (d) (i) (j) | 200 | 184 |
| Grifonas Finance No.1 PLC |  |  |
| Series A-1, 2.67%, (6 Month EURIBOR + 0.28%), 08/28/39, EUR (d) (e) (i) | 253 | 290 |
| GS Mortgage Securities Corp. |  |  |
| Series 2006-AF4A-7, REMIC, 1.91%, 03/25/46 (d) (i) (j) | 211 | 113 |
| GSR Mortgage Loan Trust 2005-AR1 |  |  |
| Series 2005-1A1-AR1, REMIC, 6.92%, 01/25/35 (d) | 13 | 13 |
| HarborView Mortgage Loan Trust |  |  |
| Series 2004-2A-1, REMIC, 5.94%, 04/19/34 (d) | 55 | 52 |
| HarborView Mortgage Loan Trust 2007-5 |  |  |
| Series 2007-A1A-5, REMIC, 15.55%, (1 Month Term SOFR + 0.49%), 09/19/37 (d) (i) (j) | 14 | 12 |
| Harvest CLO XXI Designated Activity Company |  |  |
| Series A1R-21A, 3.04%, (3 Month EURIBOR + 0.76%), 07/15/31, EUR (d) (g) | 446 | 525 |
| Hayfin Emerald CLO XII Designated Activity Company |  |  |
| Series A-12A, 3.90%, (3 Month EURIBOR + 1.74%), 10/25/37, EUR (d) (g) | 3300 | 3891 |
| Henley CLO VII Designated Activity Company |  |  |
| Series AR-7A, 3.15%, (3 Month EURIBOR + 0.99%), 04/25/34, EUR (d) (e) | 1200 | 1413 |
| Home Equity Asset Trust |  |  |
| Series 2005-M2-8, REMIC, 4.18%, (1 Month Term SOFR + 0.56%), 02/25/36 (d) (i) (j) | 734 | 713 |
| IndyMac MBS, Inc. |  |  |
| Series 2003-A2-A5, REMIC, 5.50%, 06/25/33 | 6 | 6 |
| Series 2005-2A1-AR1, REMIC, 5.08%, 11/25/35 (d) | 9 | 11 |
| Series 2005-A1-16IP, REMIC, 5.49%, (1 Month Term SOFR + 0.75%), 07/25/45 (d) (i) (j) | 63 | 48 |
| J.P. Morgan Mortgage Acquisition Trust 2006-Ch2 |  |  |
| Series 2006-AV5-CH2, REMIC, 4.10%, (1 Month Term SOFR + 0.32%), 10/25/36 (d) (i) (j) | 8 | 8 |
| J.P. Morgan Mortgage Trust 2005-A1 |  |  |
| Series 2005-7A1-A6, REMIC, 5.40%, 08/25/35 (d) | 35 | 34 |
| Series 2005-2A1-A6, REMIC, 6.78%, 08/25/35 (d) | 26 | 26 |
| Series 2005-4A1-A6, REMIC, 5.67%, 09/25/35 (d) | 4 | 3 |
| J.P. Morgan Mortgage Trust 2007-A1 |  |  |
| Series 2007-1A1-A1, REMIC, 5.91%, 07/25/35 (d) | 10 | 10 |
| J.P. Morgan Mortgage Trust, Series 2008-R2 |  |  |
| Series 2008-1A1-R2, REMIC, 4.15%, 07/27/37 (d) | 128 | 118 |
| Kayne CLO 5 Ltd |  |  |
| Series 2019-AR-5A, 5.66%, (3 Month Term SOFR + 1.38%), 07/26/32 (d) | 305 | 305 |
| KKR CLO 11 Ltd |  |  |
| Series AR-11, 5.70%, (3 Month Term SOFR + 1.44%), 01/15/31 (d) | 229 | 229 |
| KKR CLO 9 Ltd. |  |  |
| Series AR2-9, 5.47%, (3 Month Term SOFR + 1.21%), 07/15/30 (d) | 53 | 53 |
| LCM 36 Ltd |  |  |
| Series A1R-36A, 5.33%, (3 Month Term SOFR + 1.07%), 01/15/34 (d) | 2000 | 1989 |
| LCM Loan Income Fund I Ltd. |  |  |
| Series A-1A, 5.56%, (3 Month Term SOFR + 1.29%), 04/21/31 (d) | 275 | 275 |
| Lehman XS Trust, Series 2007-15N |  |  |
| Series 2007-2A1-15N, REMIC, 6.33%, (1 Month Term SOFR + 0.61%), 08/25/47 (d) (i) (j) | 291 | 276 |
| LoanCore 2021-CRE5 Issuer Ltd. |  |  |
| Series 2021-A-CRE5, REMIC, 5.73%, (1 Month Term SOFR + 1.41%), 07/15/36 (d) | 950 | 950 |
| LoanCore 2021-CRE7 Issuer Ltd |  |  |
| Series 2022-A-CRE7, 5.85%, (SOFR 30-Day Average + 1.55%), 01/21/37 (d) | 1310 | 1310 |
| Long Beach Mortgage Loan Trust 2006-7 |  |  |
| Series 2006-2A2-7, REMIC, 1.60%, (1 Month Term SOFR + 0.35%), 08/25/36 (d) (i) (j) | 373 | 149 |
| M360 2021-CRE3 Ltd |  |  |
| Series 2021-A-CRE3, 5.94%, (1 Month Term SOFR + 1.61%), 11/22/38 (d) | 43 | 43 |
| Man GLG Euro CLO V Designated Activity Company |  |  |
| Series A1R-5A, 2.67%, (3 Month EURIBOR + 0.69%), 12/15/31, EUR (d) (g) | 174 | 204 |
| MASTR Adjustable Rate Mortgages Trust 2004-10 |  |  |
| Series 2003-2A1-6, REMIC, 5.34%, 12/25/33 (d) | 32 | 31 |
| MASTR Asset Backed Securities Trust 2006-AM1 |  |  |
| Series 2005-M1-FRE1, REMIC, 0.62%, (1 Month Term SOFR + 0.86%), 10/25/35 (d) (i) (j) | 41 | 39 |
| Merrill Lynch Mortgage Capital Inc. |  |  |
| Series 2004-2A2-A1, REMIC, 6.22%, 02/25/34 (d) | 31 | 29 |
| Merrill Lynch Mortgage Investors Trust, Series MLCC 2003-C |  |  |
| Series 2003-1A1-A2, REMIC, 6.12%, 02/25/33 (d) | 19 | 18 |
| MF1 2022-FL9 LLC |  |  |
| Series 2022-A-FL9, 6.47%, (1 Month Term SOFR + 2.15%), 06/22/37 (d) | 1415 | 1416 |
| Mill City Mortgage Loan Trust 2019-GS2 |  |  |
| Series 2019-A1-GS2, REMIC, 2.75%, 08/25/59 (d) | 162 | 156 |
| Morgan Stanley ABS Capital I Inc. Trust 2006-HE8 |  |  |
| Series 2006-A2D-HE8, REMIC, 2.21%, (1 Month Term SOFR + 0.33%), 10/25/36 (d) (i) (j) | 1148 | 498 |
| Morgan Stanley ABS Capital I Inc. Trust 2007-HE6 |  |  |
| Series 2007-A1-HE6, REMIC, 3.72%, (1 Month Term SOFR + 0.17%), 05/25/37 (d) (i) (j) | 32 | 29 |
| Morgan Stanley ABS Capital Trust I Inc. |  |  |
| Series 2004-M3-NC7, REMIC, 4.17%, (1 Month Term SOFR + 1.09%), 07/25/34 (d) (i) (j) | 247 | 259 |
| Series 2005-M2-HE2, REMIC, 3.69%, (1 Month Term SOFR + 0.77%), 01/25/35 (d) (i) (j) | 756 | 732 |

---

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page [607](#abbreviations).

502

**JNL Series Trust** (Unaudited)

**Schedules of Investments (in thousands)**

June 30, 2025

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| Series 2005-M3-HE5, REMIC, 3.57%, (1 Month Term SOFR + 0.79%), 09/25/35 (d) (i) (j) | 1054 | 987 |
| MortgageIT Trust 2004-2 |  |  |
| Series 2004-M2-2, REMIC, 5.44%, (1 Month Term SOFR + 1.12%), 12/25/34 (d) (i) | 94 | 91 |
| New Century Home Equity Loan Trust |  |  |
| Series 2004-M1-4, REMIC, 5.20%, (1 Month Term SOFR + 0.88%), 02/25/35 (d) | 187 | 179 |
| New Residential Mortgage Loan Trust 2019-RPL3 |  |  |
| Series 2019-A1-RPL3, REMIC, 2.75%, 07/25/59 (d) | 1026 | 987 |
| Nomura Home Equity Loan, Inc., Home Equity Loan Trust, Series 2005-FM1 |  |  |
| Series 2005-M3-FM1, REMIC, 4.76%, (1 Month Term SOFR + 0.88%), 05/25/35 (d) (i) (j) | 1606 | 1570 |
| Oak Hill European Credit Partners VII Designated Activity Company |  |  |
| Series 2018-AR-7A, 2.98%, (3 Month EURIBOR + 0.74%), 10/20/31, EUR (d) (g) | 835 | 983 |
| Ocean Trails CLO 8 |  |  |
| Series 2020-ARR-8A, 5.55%, (3 Month Term SOFR + 1.29%), 07/15/34 (d) | 1700 | 1700 |
| Octagon Investment Partners 18-R Ltd. |  |  |
| Series 2018-A1A-18A, 5.48%, (3 Month Term SOFR + 1.22%), 04/16/31 (d) | 440 | 440 |
| Octagon Investment Partners 40 Ltd. |  |  |
| Series 2019-A1RR-1A, 5.31%, (3 Month Term SOFR + 1.04%), 01/20/35 (d) | 700 | 696 |
| OZLM IX, Ltd. |  |  |
| Series 2014-A1A4-9A, 5.47%, 10/20/31 (d) | 175 | 175 |
| OZLM XXIV, Ltd. |  |  |
| Series 2019-A1AR-24A, 5.69%, (3 Month Term SOFR + 1.42%), 07/20/32 (d) | 356 | 356 |
| Palmer Square European Loan Funding 2023-3 Designated Activity Company |  |  |
| Series 2023-AR-3A, 3.11%, (3 Month EURIBOR + 0.97%), 05/15/33, EUR (d) (g) | 701 | 826 |
| Palmer Square European Loan Funding 2024-1 Designated Activity Company |  |  |
| Series 2024-AR-1A, 3.11%, (3 Month EURIBOR + 0.97%), 08/15/33, EUR (d) (g) | 1480 | 1744 |
| Palmer Square European Loan Funding 2024-2 Designated Activity Company |  |  |
| Series 2024-A-2A, 3.13%, (3 Month EURIBOR + 0.99%), 05/15/34, EUR (d) (g) | 1415 | 1658 |
| Palmer Square Loan Funding Ltd |  |  |
| Series 2021-A1-4A, 5.32%, (3 Month Term SOFR + 1.06%), 10/15/29 (d) | 169 | 169 |
| Providus CLO IV Designated Activity Company |  |  |
| Series AR-4A, 3.06%, (3 Month EURIBOR + 0.82%), 04/20/34, EUR (d) (g) | 1900 | 2228 |
| Rad CLO 4, Ltd. |  |  |
| Series 2019-AR-4A, 5.51%, (3 Month Term SOFR + 1.23%), 04/26/32 (d) | 462 | 462 |
| RALI Series 2007-QH8 Trust |  |  |
| Series 2007-A-QH8, REMIC, 5.40%, 10/25/37 (d) | 416 | 356 |
| RASC Series 2006-EMX1 Trust |  |  |
| Series 2006-A4-EMX4, REMIC, 4.90%, (1 Month Term SOFR + 0.57%), 06/25/36 (d) (i) | 1869 | 1821 |
| Residential Asset Mortgage Products, Inc. |  |  |
| Series 2004-MII1-RS2, REMIC, 5.31%, (1 Month Term SOFR + 0.98%), 02/25/34 (d) (i) | 174 | 177 |
| Residential Asset Securities Corporation |  |  |
| Series 2006-M1-KS3, REMIC, 4.74%, (1 Month Term SOFR + 0.61%), 04/25/36 (d) (i) (j) | 109 | 108 |
| Residential Asset Securitization Trust 2006-A10 |  |  |
| Series 2006-A5-A10, REMIC, 6.50%, 09/25/36 | 188 | 57 |
| Romark CLO Ltd |  |  |
| Series 2017-A1R-1A, REMIC, 5.57%, (3 Month Term SOFR + 1.29%), 10/23/30 (d) | 174 | 174 |
| Sandstone Peak Ltd. |  |  |
| Series 2021-A1R-1A, 5.27%, 10/15/34 (d) | 600 | 600 |
| Saranac CLO VI Limited |  |  |
| Series 2018-A1R-6A, 5.72%, (3 Month Term SOFR + 1.40%), 08/13/31 (d) | 419 | 419 |
| Saxon Asset Securities Trust 2004-3 |  |  |
| Series 2005-M3-4, REMIC, 3.34%, (1 Month Term SOFR + 0.59%), 11/25/37 (d) (i) (j) | 2000 | 1717 |
| Saxon Asset Securities Trust 2007-3 |  |  |
| Series 2007-1A-3, REMIC, 3.54%, (1 Month Term SOFR + 0.42%), 09/25/47 (d) (i) (j) | 254 | 244 |
| Sculptor CLO XXVII Ltd |  |  |
| Series A1R-27A, 5.33%, (3 Month Term SOFR + 1.06%), 07/20/34 (d) | 900 | 900 |
| Securitized Asset Backed Receivables LLC Trust 2006-HE1 |  |  |
| Series 2006-A2C-HE1, REMIC, 1.06%, (1 Month Term SOFR + 0.43%), 07/25/36 (d) (i) (j) | 2486 | 829 |
| Securitized Asset Backed Receivables LLC Trust 2006-HE2 |  |  |
| Series 2006-A2C-HE2, REMIC, 1.01%, (1 Month Term SOFR + 0.41%), 07/25/36 (d) (i) (j) | 350 | 133 |
| SLM Student Loan Trust 2004-1 |  |  |
| Series 2004-A6B-3A, 5.17%, (SOFR 90-Day Average + 0.81%), 10/25/64 (d) | 1165 | 1133 |
| Sound Point CLO IV-R, Ltd. |  |  |
| Series 2013-A-3RA, 5.68%, (3 Month Term SOFR + 1.41%), 04/18/31 (d) (g) | 143 | 143 |
| Sound Point CLO IX Ltd |  |  |
| Series 2015-ARRR-2A, 5.74%, (3 Month Term SOFR + 1.47%), 07/20/32 (d) | 1010 | 1011 |
| Sound Point CLO XXVIII, Ltd |  |  |
| Series 2020-A1R-3A, 5.56%, (3 Month Term SOFR + 1.28%), 01/26/32 (d) | 874 | 874 |
| Soundview Home Loan Trust 2007-OPT1 |  |  |
| Series 2007-1A1-OPT1, REMIC, 2.78%, (1 Month Term SOFR + 0.31%), 06/25/37 (d) (i) (j) | 1274 | 881 |
| St. Paul's CLO II Designated Activity Company |  |  |
| Series AR4-2A, 3.14%, 10/25/35, EUR (d) (g) | 600 | 702 |
| St. Paul's CLO X Designated Activity Company |  |  |
| Series AR-10A, 3.04%, (3 Month EURIBOR + 0.80%), 04/23/35, EUR (d) (g) | 600 | 704 |
| Structured Asset Mortgage Investments II Inc. |  |  |
| Series 2004-1A1-AR5, REMIC, 5.10%, (1 Month Term SOFR + 0.77%), 10/19/34 (d) (i) | 3 | 3 |
| Structured Asset Securities Corporation |  |  |
| Series 2004-4A1-1, REMIC, 6.43%, 02/25/34 (d) | 41 | 39 |
| TBW Mortgage-Backed Trust Series 2006-4 |  |  |
| Series 2006-A6-4, REMIC, 0.65%, 09/25/36 (d) (i) (j) | 473 | 13 |
| TCW CLO 2019-1 AMR Ltd |  |  |
| Series 2019-ASNR-1A, 5.62%, (3 Month Term SOFR + 1.30%), 08/16/34 (d) | 600 | 601 |
| Thornburg Mortgage Securities Trust |  |  |
| Series 2006-A2B-4, REMIC, 4.55%, (1 Month Term SOFR + 0.23%), 07/25/36 (d) | 1530 | 1267 |
| Series 2005-A3-1, REMIC, 5.84%, 04/25/45 (d) | 33 | 33 |
| Tikehau CLO IV B.V. |  |  |
| Series A1-4A, 3.18%, (3 Month EURIBOR + 0.90%), 10/15/31, EUR (d) (e) | 560 | 659 |
| Toro European CLO 7 Designated Activity Company |  |  |
| Series ARE-7A, 2.95%, (3 Month EURIBOR + 0.81%), 02/15/34, EUR (d) (g) | 1775 | 2080 |
| Towd Point Mortgage Trust 2019-HY3 |  |  |
| Series 2019-A1A-HY3, REMIC, 8.90%, (1 Month Term SOFR + 1.11%), 07/25/27 (d) (j) | 320 | 323 |
| Tralee CLO VII Ltd |  |  |
| Series 2021-A1-7A, 5.86%, (3 Month Term SOFR + 1.58%), 04/25/34 (d) | 1400 | 1401 |
| Trinitas CLO XIX Ltd |  |  |
| Series 2022-A1R-19A, 5.38%, (3 Month Term SOFR + 1.11%), 10/20/33 (d) | 1600 | 1597 |
| TRTX 2022-FL5 Issuer, Ltd. |  |  |
| Series 2022-A-FL5, 5.95%, (1 Month Term SOFR + 1.65%), 02/17/39 (d) (i) | 265 | 265 |
| Venture XXVIII CLO, Limited |  |  |
| Series 2017-A1R-28A, 5.52%, (3 Month Term SOFR + 1.25%), 07/22/30 (d) | 234 | 234 |

---

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page [607](#abbreviations).

503

**JNL Series Trust** (Unaudited)

**Schedules of Investments (in thousands)**

June 30, 2025

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| Vibrant CLO XI Ltd |  |  |
| Series 2019-A1R1-11A, 5.97%, (3 Month Term SOFR + 1.38%), 07/20/32 (d) | 882 | 881 |
| Voya CLO 2012-4, Ltd. |  |  |
| Series 2012-A1R3-4A, 5.52%, (3 Month Term SOFR + 1.26%), 10/15/30 (d) | 116 | 116 |
| Voya CLO 2013-1, Ltd. |  |  |
| Series 2013-A1AR-1A, 5.73%, (3 Month Term SOFR + 1.47%), 10/15/30 (d) | 115 | 115 |
| Voya CLO 2019-2 Ltd |  |  |
| Series 2019-AR-2A, 5.47%, (3 Month Term SOFR + 1.20%), 07/20/32 (d) | 452 | 451 |
| Voya Euro CLO IV Designated Activity Company |  |  |
| Series AR-4A, 3.25%, (3 Month EURIBOR + 0.97%), 10/15/34, EUR (d) (g) | 1600 | 1877 |
| Washington Mutual Mortgage Pass-Through Certificates Series 2002-AR17 Trust |  |  |
| Series 2003-A7-AR5, REMIC, 5.78%, 06/25/33 (d) (j) | 30 | 28 |
| Washington Mutual Mortgage Pass-Through Certificates Series 2003-AR9 Trust |  |  |
| Series 2003-2A-AR9, REMIC, 6.58%, 09/25/33 (d) | 14 | 13 |
| Series 2005-2A1-AR14, REMIC, 5.13%, 12/25/35 (d) | 22 | 21 |
| Washington Mutual Mortgage Pass-Through Certificates Series 2007-OA4 Trust |  |  |
| Series 2007-1A-OA4, REMIC, 3.64%, (12 Month Treasury Average + 0.77%), 05/25/47 (d) (j) | 133 | 115 |
| Washington Mutual Mortgage Pass-Through Certificates, Series 2006-AR9 Trust |  |  |
| Series 2006-1A-AR9, REMIC, 3.87%, (12 Month Treasury Average + 1.00%), 08/25/46 (d) (j) | 625 | 593 |
| Washington Mutual Mortgage Securities Corp. |  |  |
| Series 2003-A5-AR1, REMIC, 5.73%, 03/25/33 (d) | 14 | 13 |
| Wind River 2014-1 CLO Ltd. |  |  |
| Series 2014-ARR-1A, 5.58%, (3 Month Term SOFR + 1.31%), 07/18/31 (d) | 18 | 18 |
| Total Non-U.S. Government Agency Asset-Backed Securities (cost $105,709) | Total Non-U.S. Government Agency Asset-Backed Securities (cost $105,709) | 104369 |
| **CORPORATE BONDS AND NOTES 0.3%** | **CORPORATE BONDS AND NOTES 0.3%** | **CORPORATE BONDS AND NOTES 0.3%** |
| **Financials 0.2%** | **Financials 0.2%** | **Financials 0.2%** |
| Avolon Holdings Funding Limited |  |  |
| 2.53%, 11/18/27 (g) | 89 | 85 |
| Bank of America Corporation |  |  |
| 5.88%, (100, 03/15/28) (k) | 1160 | 1179 |
| Credicorp Capital Sociedad Titularizada S.A. |  |  |
| 9.70%, 03/05/45, PEN (g) | 700 | 202 |
| Credit Suisse Group AG |  |  |
| 2.13%, 10/13/26, EUR (e) (l) | 240 | 282 |
| 1.00%, 06/24/27, EUR (e) (l) | 100 | 116 |
| 7.00%, 09/30/27, GBP (e) (l) | 100 | 141 |
| 7.75%, 03/01/29, EUR (e) (l) | 100 | 133 |
|  |  | 2138 |
| **Consumer Discretionary 0.1%** | **Consumer Discretionary 0.1%** | **Consumer Discretionary 0.1%** |
| Nissan Motor Co., Ltd. |  |  |
| 4.35%, 09/17/27 (g) | 300 | 288 |
| **Information Technology 0.0%** | **Information Technology 0.0%** | **Information Technology 0.0%** |
| VMware LLC |  |  |
| 3.90%, 08/21/27 | 200 | 198 |
| **Health Care 0.0%** | **Health Care 0.0%** | **Health Care 0.0%** |
| Community Health Systems, Inc. |  |  |
| 5.63%, 03/15/27 (g) | 200 | 197 |
| Total Corporate Bonds And Notes (cost $2,734) | Total Corporate Bonds And Notes (cost $2,734) | 2821 |
| **PREFERRED STOCKS 0.0%** | **PREFERRED STOCKS 0.0%** | **PREFERRED STOCKS 0.0%** |
| **Financials 0.0%** | **Financials 0.0%** | **Financials 0.0%** |
| Wells Fargo & Company - Series A, 7.50% (k) (l) |  | 587 |
| Total Preferred Stocks (cost $500) | Total Preferred Stocks (cost $500) | 587 |
| **Total Investments 129.9% (cost $1,450,532)** | **Total Investments 129.9% (cost $1,450,532)** | **1444213** |
| **Total Forward Sales Commitments (1.6)% (proceeds $17,960)** | **Total Forward Sales Commitments (1.6)% (proceeds $17,960)** | **(18057)** |
| **Other Derivative Instruments (0.3)%** | **Other Derivative Instruments (0.3)%** | **(3716)** |
| **Other Assets and Liabilities, Net (28.0)%** | **Other Assets and Liabilities, Net (28.0)%** | **(310285)** |
| **Total Net Assets 100.0%** | **Total Net Assets 100.0%** | **1112155** |

---

(a) Treasury inflation indexed note, par amount is adjusted for inflation.

(b) All or a portion of the security was purchased on a delayed delivery basis. As of June 30, 2025, the total payable for investments purchased on a delayed delivery basis was $833,979.

(c) All or a portion of the security is pledged or segregated as collateral.

(d) Security has a variable rate. Interest rates reset periodically. Rate stated was in effect as of June 30, 2025. For securities based on a published reference rate and spread, the reference rate and spread are presented. Certain variable rate securities do not indicate a reference rate and spread because they are determined by the issuer, remarketing agent, or offering documents and are based on current market conditions. The coupon rate for securities with certain features outlined in the offering documents may vary from the stated reference rate and spread. This includes, but is not limited to, securities with deferred rates, contingent distributions, caps, floors, and fixed-rate to float-rate features. In addition, variable rates for government and agency collateralized mortgage obligations ("CMO") and mortgage-backed securities ("MBS") are determined by tranches of underlying mortgage-backed security pools' cash flows into securities and pass-through rates which reflect the rate earned on the asset pool after management and guarantee fees are paid to the securitizing corporation. CMO and MBS variable rates are determined by a formula set forth in the security's offering documents.

(e) Security is restricted to resale to institutional investors or subject to trading restrictions due to sanctions on foreign issuers. See Restricted Securities table following the Schedules of Investments.

(f) Treasury inflation indexed note, par amount is not adjusted for inflation.

(g) Security is exempt from registration under the Securities Act of 1933, as amended. As of June 30, 2025, the value and the percentage of net assets of these securities was $34,602 and 3.1% of the Fund.

(h) Security fair valued in good faith as a Level 3 security in accordance with the procedures approved by the Board of Trustees. Good faith fair valued securities are classified based on the applicable valuation inputs. See "Fair Value Measurement" in the Notes to Financial Statements.

(i) Security is a step-up bond where the coupon may increase or step up at a future date or as the result of an upgrade or downgrade to the credit rating of the issuer. Rate stated was the coupon as of June 30, 2025.

(j) The coupon rate represents the weighted average coupon and may differ from the stated coupon rate.

(k) Perpetual security. Next contractual call price and date are presented in parentheses, if applicable.

(l) Convertible security.

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>**  | **Value ($)**  |
| **FORWARD SALES COMMITMENTS (1.6%)** | **FORWARD SALES COMMITMENTS (1.6%)** | **FORWARD SALES COMMITMENTS (1.6%)** |
| **GOVERNMENT AND AGENCY OBLIGATIONS (1.6%)** | **GOVERNMENT AND AGENCY OBLIGATIONS (1.6%)** | **GOVERNMENT AND AGENCY OBLIGATIONS (1.6%)** |
| **Mortgage-Backed Securities (1.3%)** | **Mortgage-Backed Securities (1.3%)** | **Mortgage-Backed Securities (1.3%)** |
| Government National Mortgage Association |  |  |
| TBA, 3.50%, 07/15/55 (a) | (16600) | (15079) |
| **U.S. Treasury Inflation Indexed Securities (0.3%)** | **U.S. Treasury Inflation Indexed Securities (0.3%)** | **U.S. Treasury Inflation Indexed Securities (0.3%)** |
| Treasury, United States Department of |  |  |
| 0.75%, 02/15/45 (b) | (4087) | (2978) |
| Total Government And Agency Obligations (proceeds $17,960) | Total Government And Agency Obligations (proceeds $17,960) | (18057) |
| **Total Forward Sales Commitments (1.6%) (proceeds $17,960)** | **Total Forward Sales Commitments (1.6%) (proceeds $17,960)** | **(18057)** |

---

(a) All or a portion of the security was sold on a delayed delivery basis. As of June 30, 2025, the total proceeds for investments sold on a delayed delivery basis was $14,968.

(b) Treasury inflation indexed note, par amount is adjusted for inflation.

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page [607](#abbreviations).

504

**JNL Series Trust** (Unaudited)

**Schedules of Investments (in thousands)**

June 30, 2025

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **JNL/PIMCO Real Return Fund — Investments in Affiliates** | **JNL/PIMCO Real Return Fund — Investments in Affiliates** | **JNL/PIMCO Real Return Fund — Investments in Affiliates** | **JNL/PIMCO Real Return Fund — Investments in Affiliates** | **JNL/PIMCO Real Return Fund — Investments in Affiliates** | **JNL/PIMCO Real Return Fund — Investments in Affiliates** | **JNL/PIMCO Real Return Fund — Investments in Affiliates** | **JNL/PIMCO Real Return Fund — Investments in Affiliates** | **JNL/PIMCO Real Return Fund — Investments in Affiliates** |
| **Affiliated Investment** | **Value Beginning of Period($)** | **Purchases($)** | **Sales Proceeds($)** | **Dividend Income/ Distributions from Funds($)** | **Realized Gain (Loss)($)** | **Change in Unrealized Appreciation (Depreciation) ($)** | **Value End of Period($)** | **Percentage of Net Assets(%)** |
| JNL Government Money Market Fund, 4.20% - Class I | 5203 | 110255 | 115458 | 28 |  |  |  |  |
| JNL Government Money Market Fund, 4.30% - Class SL |  | 924 | 924 |  |  |  |  |  |
|  | 5203 | 111179 | 116382 | 28 |  |  |  |  |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **JNL/PIMCO Real Return Fund — Restricted Securities** | **JNL/PIMCO Real Return Fund — Restricted Securities** | **JNL/PIMCO Real Return Fund — Restricted Securities** | **JNL/PIMCO Real Return Fund — Restricted Securities** | **JNL/PIMCO Real Return Fund — Restricted Securities** |
|  | **Initial Acquisition** | **Cost ($)** | **Value ($)** | **Percent of**<br> **Net Assets (%)** |
| Carlyle Global Market Strategies Euro CLO 2014-2 Designated Activity Company, Series 2014-AR1-2A, 2.89%, 11/15/31 | 04/21/22 | 684 | 769 | 0.1 |
| Credit Suisse Group AG, 2.13%, 10/13/26 | 03/22/23 | 251 | 282 |  |
| Credit Suisse Group AG, 1.00%, 06/24/27 | 03/21/23 | 99 | 116 |  |
| Credit Suisse Group AG, 7.00%, 09/30/27 | 03/21/23 | 121 | 141 |  |
| Credit Suisse Group AG, 7.75%, 03/01/29 | 03/24/23 | 110 | 133 |  |
| Eurosail-UK 2007-3BL PLC, Series 2007-A3A-3X, 5.29%, 06/13/45 | 06/29/16 | 277 | 307 |  |
| French Republic Government Bond OAT, 0.10%, 03/01/26 | 05/17/22 | 13678 | 14978 | 1.4 |
| Grifonas Finance No.1 PLC, Series A-1, 2.67%, 08/28/39 | 02/10/15 | 228 | 290 |  |
| Henley CLO VII Designated Activity Company, Series AR-7A, 3.15%, 04/25/34 | 08/02/24 | 1310 | 1413 | 0.1 |
| Segretariato Generale Della Presidenza Della Repubblica, 0.40%, 05/15/30 | 09/24/21 | 2565 | 2413 | 0.2 |
| Tikehau CLO IV B.V., Series A1-4A, 3.18%, 10/15/31 | 08/09/24 | 610 | 659 | 0.1 |
|  |  | 19933 | 21501 | 1.9 |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **JNL/PIMCO Real Return Fund — Futures Contracts** | **JNL/PIMCO Real Return Fund — Futures Contracts** | **JNL/PIMCO Real Return Fund — Futures Contracts** | **JNL/PIMCO Real Return Fund — Futures Contracts** | **JNL/PIMCO Real Return Fund — Futures Contracts** | **JNL/PIMCO Real Return Fund — Futures Contracts** | **JNL/PIMCO Real Return Fund — Futures Contracts** |
| **Reference Entity** | **Contracts<sup>1</sup>** | **Expiration** | **Notional<sup>1</sup>** | **Notional<sup>1</sup>** | **Variation**<br> **Margin**<br> **Receivable**<br> (Payable) ($) | **Value/**<br> **Unrealized**<br> **Appreciation**<br> (Depreciation) ($) |
| **Long Contracts** | **Long Contracts** | **Long Contracts** | **Long Contracts** | **Long Contracts** | **Long Contracts** | **Long Contracts** |
| 3M EURIBOR | 851 | September 2026 | EUR | 208365 | (75) | 532 |
| Australia 10 Year Bond | 225 | September 2025 | AUD | 25581 | (79) | 135 |
| Euro BOBL | 226 | September 2025 | EUR | 26716 | (66) | (138) |
| Euro Buxl 30 Year Bond | 97 | September 2025 | EUR | 11700 | (44) | (214) |
| Italy Government BTP Bond | 255 | September 2025 | EUR | 30757 | (12) | 112 |
| Japan 10 Year Bond | 3 | September 2025 | JPY | 415846 | (4) | 8 |
| United States 10 Year Ultra Bond | 134 | September 2025 |  | 14979 | 65 | 332 |
| United States Ultra Bond | 147 | September 2025 |  | 17081 | 145 | 431 |
|  |  |  |  |  | (70) | 1198 |
| **Short Contracts** | **Short Contracts** | **Short Contracts** | **Short Contracts** | **Short Contracts** | **Short Contracts** | **Short Contracts** |
| 3M EURIBOR | (851) | September 2025 | EUR | (208340) | 50 | (441) |
| Euro Bund | (669) | September 2025 | EUR | (87651) | 256 | 676 |
| Euro OAT | (323) | September 2025 | EUR | (40300) | 80 | 346 |
| Euro Schatz | (57) | September 2025 | EUR | (6124) | 4 | 12 |
| United States 10 Year Note | (164) | September 2025 |  | (18127) | (50) | (261) |
| United States 2 Year Note | (1000) | October 2025 |  | (207201) | (57) | (823) |
| United States 5 Year Note | (223) | October 2025 |  | (24087) | (42) | (220) |
| United States Long Bond | (217) | September 2025 |  | (24157) | (217) | (900) |
|  |  |  |  |  | 24 | (1611) |

---

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **JNL/PIMCO Real Return Fund — Centrally Cleared Interest Rate Swap Agreements** | **JNL/PIMCO Real Return Fund — Centrally Cleared Interest Rate Swap Agreements** | **JNL/PIMCO Real Return Fund — Centrally Cleared Interest Rate Swap Agreements** | **JNL/PIMCO Real Return Fund — Centrally Cleared Interest Rate Swap Agreements** | **JNL/PIMCO Real Return Fund — Centrally Cleared Interest Rate Swap Agreements** | **JNL/PIMCO Real Return Fund — Centrally Cleared Interest Rate Swap Agreements** | **JNL/PIMCO Real Return Fund — Centrally Cleared Interest Rate Swap Agreements** | **JNL/PIMCO Real Return Fund — Centrally Cleared Interest Rate Swap Agreements** |
| **Floating Rate Index<sup>2</sup>** | **Paying /**<br> **Receiving**<br> **Floating Rate** | **Fixed Rate<sup>2</sup> (%)** | **Expiration** | **Notional<sup>1</sup>** | **Notional<sup>1</sup>** | **Variation**<br> **Margin**<br> **Receivable**<br> (Payable) ($) | **Value/**<br> **Unrealized**<br> **Appreciation**<br> (Depreciation) ($) |
| 3M JIBAR (A) | Paying | 2.59<br> (A) | 12/15/52 | EUR | 2000 | (1) | 183 |
| 6M EURIBOR (S) | Receiving | 2.12<br> (A) | 09/03/27 | EUR | 16700 | 11 | (42) |
| 6M EURIBOR (S) | Receiving | 1.83<br> (A) | 09/17/27 | EUR | 15700 | 10 | 60 |
| 6M EURIBOR (S) | Receiving | 1.90<br> (A) | 10/08/27 | EUR | 19300 | 13 | 47 |
| 6M EURIBOR (S) | Receiving | 0.19<br> (A) | 11/04/52 | EUR | 4600 | 19 | 2264 |
| 6M EURIBOR (S) | Receiving | 0.20<br> (A) | 11/08/52 | EUR | 13300 | 54 | 6706 |
| 6M EURIBOR (S) | Receiving | 2.25<br> (A) | 09/17/55 | EUR | 34640 | 204 | 2211 |
| 6M EURIBOR (S) | Paying | 2.25<br> (A) | 09/17/35 | EUR | 153490 | (443) | (343) |
| Bank of Japan Overnight Call Rate TONAR (S) | Receiving | 0.30<br> (S) | 03/20/28 | JPY | 60000 |  | 6 |

---

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page [607](#abbreviations).

505

**JNL Series Trust** (Unaudited)

**Schedules of Investments (in thousands)**

June 30, 2025

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **JNL/PIMCO Real Return Fund — Centrally Cleared Interest Rate Swap Agreements (continued)** | **JNL/PIMCO Real Return Fund — Centrally Cleared Interest Rate Swap Agreements (continued)** | **JNL/PIMCO Real Return Fund — Centrally Cleared Interest Rate Swap Agreements (continued)** | **JNL/PIMCO Real Return Fund — Centrally Cleared Interest Rate Swap Agreements (continued)** | **JNL/PIMCO Real Return Fund — Centrally Cleared Interest Rate Swap Agreements (continued)** | **JNL/PIMCO Real Return Fund — Centrally Cleared Interest Rate Swap Agreements (continued)** | **JNL/PIMCO Real Return Fund — Centrally Cleared Interest Rate Swap Agreements (continued)** | **JNL/PIMCO Real Return Fund — Centrally Cleared Interest Rate Swap Agreements (continued)** |
| **Floating Rate Index<sup>2</sup>** | **Paying /**<br> **Receiving**<br> **Floating Rate** | **Fixed Rate<sup>2</sup> (%)** | **Expiration** | **Notional<sup>1</sup>** | **Notional<sup>1</sup>** | **Variation**<br> **Margin**<br> **Receivable**<br> (Payable) ($) | **Value/**<br> **Unrealized**<br> **Appreciation**<br> (Depreciation) ($) |
| Bank of Japan Overnight Call Rate TONAR (A) | Receiving | 0.55<br> (A) | 09/14/28 | JPY | 1400000 | 3 | 83 |
| Bank of Japan Overnight Call Rate TONAR (S) | Receiving | 0.45<br> (S) | 03/20/29 | JPY | 792690 | 2 | 99 |
| Bank of Japan Overnight Call Rate TONAR (A) | Receiving | 0.50<br> (A) | 12/15/31 | JPY | 1021000 | 7 | 182 |
| Eurostat Eurozone HICP Ex Tobacco (A) | Receiving | 1.64<br> (A) | 06/15/27 | EUR | 13700 | 3 | 28 |
| Eurostat Eurozone HICP Ex Tobacco (A) | Receiving | 2.05<br> (A) | 08/15/34 | EUR | 8500 | 12 | (59) |
| Eurostat Eurozone HICP Ex Tobacco (A) | Receiving | 2.03<br> (A) | 09/15/34 | EUR | 5000 | 7 | (12) |
| Eurostat Eurozone HICP Ex Tobacco (A) | Paying | 2.70<br> (A) | 04/15/53 | EUR | 1700 | (1) | 224 |
| Eurostat Eurozone HICP Ex Tobacco (A) | Paying | 2.76<br> (A) | 09/15/53 | EUR | 800 | (1) | 123 |
| Eurostat Eurozone HICP Ex Tobacco (A) | Paying | 2.68<br> (A) | 10/15/53 | EUR | 900 | (1) | 122 |
| Eurostat Eurozone HICP Ex Tobacco (A) | Paying | 2.74<br> (A) | 10/15/53 | EUR | 1300 | (2) | 186 |
| France CPI Excluding Tobacco (A) | Paying | 1.91<br> (A) | 01/15/38 | EUR | 410 | 1 | (31) |
| HICP (A) | Receiving | 3.00<br> (A) | 05/15/27 | EUR | 2700 | 1 | 41 |
| HICP (A) | Receiving | 3.13<br> (A) | 05/15/27 | EUR | 1100 |  | 8 |
| HICP (A) | Paying | 1.38<br> (A) | 03/15/31 | EUR | 8920 | (3) | (1803) |
| HICP (A) | Paying | 2.49<br> (A) | 05/15/37 | EUR | 10 |  |  |
| HICP (A) | Paying | 2.58<br> (A) | 03/15/52 | EUR | 800 |  | 24 |
| HICP (A) | Paying | 2.59<br> (A) | 03/15/52 | EUR | 1000 | 1 | 60 |
| HICP (A) | Paying | 2.55<br> (A) | 04/15/52 | EUR | 300 |  | 9 |
| HICP (A) | Paying | 2.42<br> (A) | 05/15/52 | EUR | 570 |  | (2) |
| Sterling Overnight Index Average Rate (A) | Paying | 3.50<br> (A) | 03/19/30 | GBP | 46200 | 24 | 492 |
| U.K. Retail Price Index (A) | Paying | 3.50<br> (A) | 08/15/34 | GBP | 5800 | 40 | 105 |
| U.K. Retail Price Index (A) | Paying | 3.47<br> (A) | 09/15/34 | GBP | 2400 | 15 | 45 |
| U.S. CPURNSA (A) | Receiving | 2.31<br> (A) | 02/26/26 |  | 1400 |  | 175 |
| U.S. CPURNSA (A) | Receiving | 2.42<br> (A) | 03/05/26 |  | 8700 |  | 1036 |
| U.S. CPURNSA (A) | Receiving | 2.77<br> (A) | 05/13/26 |  | 6500 | 3 | 630 |
| U.S. CPURNSA (A) | Receiving | 2.81<br> (A) | 05/14/26 |  | 3000 | 1 | 283 |
| U.S. CPURNSA (A) | Receiving | 2.70<br> (A) | 05/25/26 |  | 4850 | 2 | 481 |
| U.S. CPURNSA (A) | Receiving | 2.69<br> (A) | 06/01/26 |  | 900 |  | 89 |
| U.S. CPURNSA (A) | Receiving | 1.80<br> (A) | 08/25/27 |  | 3700 | 2 | 645 |
| U.S. CPURNSA (A) | Receiving | 1.89<br> (A) | 08/27/27 |  | 4500 | 2 | 752 |
| U.S. CPURNSA (A) | Receiving | 2.57<br> (A) | 08/26/28 |  | 800 |  | 64 |
| U.S. CPURNSA (A) | Receiving | 2.65<br> (A) | 09/10/28 |  | 1900 |  | 135 |
| U.S. CPURNSA (A) | Receiving | 2.31<br> (A) | 02/24/31 |  | 16800 | 5 | 2042 |
| U.S. CPURNSA (A) | Paying | 2.03<br> (A) | 09/23/25 |  | 900 |  | (6) |
| U.S. CPURNSA (A) | Paying | 2.21<br> (A) | 10/07/25 |  | 13330 | (4) | (82) |
| U.S. CPURNSA (A) | Paying | 2.38<br> (A) | 10/15/25 |  | 8400 | (2) | (41) |
| U.S. CPURNSA (A) | Paying | 2.34<br> (A) | 11/07/25 |  | 21600 | (1) | (140) |
| U.S. CPURNSA (A) | Paying | 2.70<br> (A) | 01/14/26 |  | 9100 |  | (39) |
| U.S. CPURNSA (A) | Paying | 2.82<br> (A) | 02/05/26 |  | 5400 |  | (16) |
| U.S. CPURNSA (A) | Paying | 2.84<br> (A) | 02/13/26 |  | 5600 |  | (16) |
| U.S. CPURNSA (A) | Paying | 3.04<br> (A) | 02/21/26 |  | 3300 |  | (3) |
| U.S. CPURNSA (A) | Paying | 3.30<br> (A) | 06/04/26 |  | 5600 |  | 12 |
| U.S. CPURNSA (A) | Paying | 2.34<br> (A) | 02/05/28 |  | 10040 | (3) | (1163) |
| U.S. CPURNSA (A) | Paying | 2.37<br> (A) | 06/06/28 |  | 8700 | (2) | (940) |
| U.S. CPURNSA (A) | Paying | 2.38<br> (A) | 07/09/28 |  | 7900 | (2) | (832) |
| U.S. CPURNSA (A) | Paying | 2.00<br> (A) | 07/25/29 |  | 6100 | (1) | (905) |
| U.S. CPURNSA (A) | Paying | 1.76<br> (A) | 11/04/29 |  | 14500 | (4) | (2514) |
| U.S. CPURNSA (A) | Paying | 1.28<br> (A) | 05/19/30 |  | 2200 | (1) | (487) |
| U.S. SOFR (A) | Receiving | 4.25<br> (A) | 12/20/25 |  | 79790 |  | (524) |
| U.S. SOFR (A) | Receiving | 3.75<br> (A) | 05/15/32 |  | 29167 | (71) | (412) |
| U.S. SOFR (A) | Receiving | 3.25<br> (A) | 06/18/34 |  | 7700 | (24) | (113) |
| U.S. SOFR (A) | Receiving | 4.10<br> (A) | 11/15/52 |  | 15430 | (107) | (296) |
| U.S. SOFR (Q) | Receiving | 2.24<br> (S) | 11/21/53 |  | 10490 | (48) | 3549 |
| U.S. SOFR (A) | Receiving | 2.87<br> (A) | 02/13/54 |  | 21700 | (131) | 3533 |
| U.S. SOFR (A) | Receiving | 3.50<br> (A) | 06/20/54 |  | 7700 | (55) | 377 |
| U.S. SOFR (Q) | Paying | 2.34<br> (S) | 11/21/28 |  | 50860 | 45 | (2171) |
|  |  |  |  |  |  | (421) | 14119 |

---

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **JNL/PIMCO Real Return Fund — OTC Written Options** | **JNL/PIMCO Real Return Fund — OTC Written Options** | **JNL/PIMCO Real Return Fund — OTC Written Options** | **JNL/PIMCO Real Return Fund — OTC Written Options** | **JNL/PIMCO Real Return Fund — OTC Written Options** | **JNL/PIMCO Real Return Fund — OTC Written Options** | **JNL/PIMCO Real Return Fund — OTC Written Options** | **JNL/PIMCO Real Return Fund — OTC Written Options** |
| **Reference Entity** | **Put/Call** | **Exercise Price ($)/ Swaption Rate(%)** | **Expiration** | **Contracts<sup>1</sup>** | **Notional<sup>1</sup>** | **Notional<sup>1</sup>** | **Value ($)** |
| **Interest Rate Swaptions** | **Interest Rate Swaptions** | **Interest Rate Swaptions** | **Interest Rate Swaptions** | **Interest Rate Swaptions** | **Interest Rate Swaptions** | **Interest Rate Swaptions** | **Interest Rate Swaptions** |
|  6M EURIBOR, 09/10/35<br> BCL | Call | 2.74 | 09/08/25 | 4200000 | EUR | 4200 | (79) |
|  6M EURIBOR, 01/27/29<br> BCL | Call | 2.44 | 01/25/27 | 51900000 | EUR | 51900 | (504) |
|  6M EURIBOR, 09/10/35<br> BCL | Put | 2.74 | 09/08/25 | 4200000 | EUR | 4200 | (29) |
|  6M EURIBOR, 01/27/29<br> BCL | Put | 2.44 | 01/25/27 | 51900000 | EUR | 51900 | (325) |
|  |  |  |  |  |  |  | (937) |

---

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page [607](#abbreviations).

506

**JNL Series Trust** (Unaudited)

**Schedules of Investments (in thousands)**

June 30, 2025

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **JNL/PIMCO Real Return Fund — Forward Foreign Currency Contracts** | **JNL/PIMCO Real Return Fund — Forward Foreign Currency Contracts** | **JNL/PIMCO Real Return Fund — Forward Foreign Currency Contracts** | **JNL/PIMCO Real Return Fund — Forward Foreign Currency Contracts** | **JNL/PIMCO Real Return Fund — Forward Foreign Currency Contracts** | **JNL/PIMCO Real Return Fund — Forward Foreign Currency Contracts** | **JNL/PIMCO Real Return Fund — Forward Foreign Currency Contracts** |
| **Purchased/Sold** | **Counterparty** | **Expiration** | **Notional<sup>1</sup>** | **Notional<sup>1</sup>** | **Value ($)** | **Unrealized**<br> **Appreciation**<br> (Depreciation) ($) |
| AUD/USD | ANZ | 07/02/25 | AUD | 9699 | 6383 | 83 |
| BRL/USD | BNP | 07/02/25 | BRL | 3952 | 727 | 18 |
| BRL/USD | CIT | 07/02/25 | BRL | 74427 | 13699 | 1169 |
| BRL/USD | JPM | 07/02/25 | BRL | 3265 | 601 | 43 |
| BRL/USD | GSC | 10/02/25 | BRL | 61875 | 11124 | 150 |
| CAD/USD | HSB | 07/02/25 | CAD | 19964 | 14660 | 137 |
| CHF/USD | ANZ | 07/02/25 | CHF | 2796 | 3524 | 23 |
| EUR/USD | BNP | 07/02/25 | EUR | 532 | 627 | 23 |
| EUR/USD | DUB | 07/02/25 | EUR | 48167 | 56738 | 860 |
| EUR/USD | HSB | 07/02/25 | EUR | 856 | 1008 | 5 |
| EUR/USD | ANZ | 08/04/25 | EUR | 856 | 1010 | 6 |
| GBP/USD | JPM | 07/02/25 | GBP | 2296 | 3152 | 58 |
| GBP/USD | BCL | 08/04/25 | GBP | 2296 | 3152 | 28 |
| IDR/USD | BNP | 07/14/25 | IDR | 2852020 | 176 |  |
| IDR/USD | DUB | 07/14/25 | IDR | 1403320 | 86 |  |
| IDR/USD | HSB | 07/14/25 | IDR | 791222 | 49 |  |
| IDR/USD | BNP | 07/16/25 | IDR | 15687027 | 966 | 4 |
| IDR/USD | BOA | 07/16/25 | IDR | 72989360 | 4493 | 25 |
| IDR/USD | JPM | 07/16/25 | IDR | 32761755 | 2017 | 12 |
| ILS/USD | BCL | 07/02/25 | ILS | 2897 | 860 | 2 |
| INR/USD | BNP | 08/20/25 | INR | 98817 | 1150 | 13 |
| INR/USD | CIT | 08/20/25 | INR | 169029 | 1967 | (4) |
| INR/USD | CIT | 08/20/25 | INR | 419029 | 4876 | 26 |
| INR/USD | DUB | 08/20/25 | INR | 282425 | 3287 | 16 |
| INR/USD | JPM | 08/20/25 | INR | 110212 | 1282 | 11 |
| INR/USD | SCB | 08/20/25 | INR | 85282 | 992 | (1) |
| INR/USD | SGS | 08/20/25 | INR | 658 | 8 |  |
| JPY/USD | MSC | 07/02/25 | JPY | 1170764 | 8130 | 97 |
| JPY/USD | SCB | 07/02/25 | JPY | 13037 | 91 |  |
| JPY/USD | SGS | 07/02/25 | JPY | 1931453 | 13412 | 32 |
| KRW/USD | UBS | 07/08/25 | KRW | 110689 | 82 |  |
| KRW/USD | BOA | 07/16/25 | KRW | 775822 | 575 | 11 |
| KRW/USD | DUB | 07/16/25 | KRW | 1132780 | 840 | 16 |
| KRW/USD | JPM | 07/16/25 | KRW | 501522 | 372 | 7 |
| MXN/USD | UBS | 09/17/25 | MXN | 43276 | 2287 | 55 |
| NOK/USD | MSC | 07/02/25 | NOK | 2654 | 263 |  |
| NOK/USD | SGS | 07/02/25 | NOK | 276 | 27 |  |
| NZD/USD | ANZ | 07/02/25 | NZD | 762 | 464 | 6 |
| PLN/USD | BCL | 07/10/25 | PLN | 164 | 45 | 2 |
| PLN/USD | HSB | 07/10/25 | PLN | 1256 | 348 | 13 |
| PLN/USD | JPM | 07/10/25 | PLN | 1757 | 487 | 20 |
| PLN/USD | JPM | 07/18/25 | PLN | 17439 | 4836 | 118 |
| PLN/USD | MSC | 07/18/25 | PLN | 51 | 14 |  |
| SGD/USD | BOA | 07/02/25 | SGD | 382 | 301 | 2 |
| SGD/USD | GSC | 07/02/25 | SGD | 174 | 137 |  |
| SGD/USD | HSB | 07/02/25 | SGD | 6671 | 5247 | 88 |
| SGD/USD | JPM | 07/02/25 | SGD | 250 | 197 | 1 |
| SGD/USD | SCB | 07/02/25 | SGD | 1329 | 1045 | 15 |
| THB/USD | BNP | 07/16/25 | THB | 3275 | 101 | 1 |
| TWD/USD | BNP | 07/14/25 | TWD | 11754 | 402 | 8 |
| TWD/USD | DUB | 07/14/25 | TWD | 2565 | 88 | 2 |
| TWD/USD | HSB | 07/14/25 | TWD | 855 | 29 | 1 |
| TWD/USD | CIT | 07/16/25 | TWD | 19507 | 669 | 10 |
| TWD/USD | DUB | 07/16/25 | TWD | 2058 | 71 | 1 |
| TWD/USD | GSC | 07/16/25 | TWD | 11658 | 400 | 41 |
| TWD/USD | SCB | 07/16/25 | TWD | 8084 | 277 | 5 |
| TWD/USD | BNP | 08/20/25 | TWD | 68810 | 2365 | (26) |
| TWD/USD | BNP | 08/20/25 | TWD | 6449 | 222 | 25 |
| USD/AUD | BCL | 07/02/25 | AUD | (8677) | (5711) | (119) |
| USD/AUD | BOA | 07/02/25 | AUD | (753) | (496) | (5) |
| USD/AUD | DUB | 07/02/25 | AUD | (269) | (177) | (4) |
| USD/AUD | ANZ | 08/05/25 | AUD | (9699) | (6388) | (84) |
| USD/BRL | CIT | 07/02/25 | BRL | (21268) | (3915) | (196) |
| USD/BRL | GSC | 07/02/25 | BRL | (60490) | (11134) | (160) |
| USD/CAD | HSB | 07/02/25 | CAD | (19956) | (14655) | (125) |
| USD/CAD | HSB | 08/05/25 | CAD | (19930) | (14663) | (140) |
| USD/CHF | HSB | 07/02/25 | CHF | (2655) | (3346) | (115) |
| USD/CHF | JPM | 07/02/25 | CHF | (123) | (155) | (5) |
| USD/CHF | SCB | 07/02/25 | CHF | (18) | (23) | (1) |

---

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page [607](#abbreviations).

507

**JNL Series Trust** (Unaudited)

**Schedules of Investments (in thousands)**

June 30, 2025

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **JNL/PIMCO Real Return Fund — Forward Foreign Currency Contracts (continued)** | **JNL/PIMCO Real Return Fund — Forward Foreign Currency Contracts (continued)** | **JNL/PIMCO Real Return Fund — Forward Foreign Currency Contracts (continued)** | **JNL/PIMCO Real Return Fund — Forward Foreign Currency Contracts (continued)** | **JNL/PIMCO Real Return Fund — Forward Foreign Currency Contracts (continued)** | **JNL/PIMCO Real Return Fund — Forward Foreign Currency Contracts (continued)** | **JNL/PIMCO Real Return Fund — Forward Foreign Currency Contracts (continued)** |
| **Purchased/Sold** | **Counterparty** | **Expiration** | **Notional<sup>1</sup>** | **Notional<sup>1</sup>** | **Value ($)** | **Unrealized**<br> **Appreciation**<br> (Depreciation) ($) |
| USD/CHF | ANZ | 08/04/25 | CHF | (2785) | (3525) | (24) |
| USD/CNY | ANZ | 07/16/25 | CNY | (5307) | (742) | (5) |
| USD/CNY | JPM | 07/16/25 | CNY | (4785) | (669) | (5) |
| USD/CNY | ANZ | 08/20/25 | CNY | (8002) | (1120) | (11) |
| USD/CNY | ANZ | 08/20/25 | CNY | (9259) | (1297) |  |
| USD/CNY | BCL | 08/20/25 | CNY | (2904) | (407) | (1) |
| USD/CNY | BNP | 08/20/25 | CNY | (4344) | (608) | (3) |
| USD/CNY | BNP | 08/20/25 | CNY | (8198) | (1148) |  |
| USD/CNY | CIT | 08/20/25 | CNY | (2547) | (357) | (2) |
| USD/CNY | JPM | 08/20/25 | CNY | (16070) | (2250) | (13) |
| USD/CNY | JPM | 08/20/25 | CNY | (19) | (3) |  |
| USD/CNY | MSC | 08/20/25 | CNY | (11994) | (1680) | (5) |
| USD/CNY | SCB | 08/20/25 | CNY | (25223) | (3533) | (4) |
| USD/EUR | ANZ | 07/02/25 | EUR | (856) | (1008) | (6) |
| USD/EUR | BOA | 07/02/25 | EUR | (48699) | (57366) | (1983) |
| USD/EUR | DUB | 08/04/25 | EUR | (48061) | (56748) | (870) |
| USD/GBP | BCL | 07/02/25 | GBP | (2296) | (3152) | (28) |
| USD/IDR | CIT | 07/16/25 | IDR | (25699538) | (1582) | (9) |
| USD/IDR | SCB | 07/16/25 | IDR | (15732078) | (968) | (6) |
| USD/ILS | DUB | 07/02/25 | ILS | (2925) | (869) | (24) |
| USD/ILS | SCB | 07/02/25 | ILS | (44) | (13) |  |
| USD/ILS | BCL | 07/09/25 | ILS | (2897) | (860) | (2) |
| USD/ILS | BCL | 07/18/25 | ILS | (3127) | (929) | (56) |
| USD/ILS | UBS | 07/18/25 | ILS | (443) | (131) | (8) |
| USD/JPY | HSB | 07/02/25 | JPY | (1716808) | (11921) | 27 |
| USD/JPY | MSC | 07/02/25 | JPY | (849088) | (5896) | (19) |
| USD/JPY | UBS | 07/02/25 | JPY | (554017) | (3847) | (20) |
| USD/JPY | BNP | 08/04/25 | JPY | (735) | (5) |  |
| USD/JPY | HSB | 08/04/25 | JPY | (3909) | (27) |  |
| USD/JPY | MSC | 08/04/25 | JPY | (1166460) | (8133) | (100) |
| USD/JPY | SCB | 08/04/25 | JPY | (12989) | (91) |  |
| USD/JPY | SGS | 08/04/25 | JPY | (1924365) | (13417) | (37) |
| USD/KRW | BCL | 07/08/25 | KRW | (110864) | (82) | (1) |
| USD/KRW | DUB | 07/14/25 | KRW | (122726) | (91) | (1) |
| USD/KRW | BOA | 07/16/25 | KRW | (800269) | (594) | (7) |
| USD/KRW | CIT | 07/16/25 | KRW | (9193648) | (6819) | (122) |
| USD/KRW | CIT | 07/16/25 | KRW | (13091) | (10) |  |
| USD/KRW | JPM | 07/16/25 | KRW | (1489891) | (1105) | (12) |
| USD/KRW | UBS | 07/16/25 | KRW | (110635) | (82) |  |
| USD/MXN | BOA | 09/17/25 | MXN | (3049) | (161) | (2) |
| USD/MXN | DUB | 09/17/25 | MXN | (1) |  |  |
| USD/MXN | GSC | 12/17/25 | MXN | (10723) | (561) | (7) |
| USD/NOK | BCL | 07/02/25 | NOK | (1215) | (121) | (1) |
| USD/NOK | BNP | 07/02/25 | NOK | (1715) | (170) | (1) |
| USD/NOK | MSC | 08/04/25 | NOK | (2653) | (263) |  |
| USD/NOK | SGS | 08/04/25 | NOK | (276) | (27) |  |
| USD/NZD | JPM | 07/02/25 | NZD | (761) | (464) | (10) |
| USD/NZD | ANZ | 08/04/25 | NZD | (761) | (465) | (6) |
| USD/PEN | BOA | 07/11/25 | PEN | (700) | (198) | (5) |
| USD/PEN | BCL | 09/17/25 | PEN | (2810) | (791) | (22) |
| USD/PEN | CIT | 12/05/25 | PEN | (812) | (228) | (9) |
| USD/SEK | BNP | 07/02/25 | SEK | (1535) | (162) | (2) |
| USD/SGD | BOA | 07/02/25 | SGD | (71) | (55) | (1) |
| USD/SGD | DUB | 07/02/25 | SGD | (68) | (54) | (1) |
| USD/SGD | HSB | 07/02/25 | SGD | (6331) | (4979) | (44) |
| USD/SGD | JPM | 07/02/25 | SGD | (2635) | (2073) | (21) |
| USD/SGD | BOA | 08/05/25 | SGD | (678) | (536) | (3) |
| USD/SGD | GSC | 08/05/25 | SGD | (174) | (137) |  |
| USD/SGD | HSB | 08/05/25 | SGD | (6656) | (5249) | (90) |
| USD/SGD | JPM | 08/05/25 | SGD | (250) | (197) | (1) |
| USD/SGD | SCB | 08/05/25 | SGD | (1326) | (1045) | (15) |
| USD/THB | BNP | 07/16/25 | THB | (762) | (23) |  |
| USD/THB | CIT | 07/16/25 | THB | (39853) | (1228) | (29) |
| USD/THB | HSB | 07/16/25 | THB | (19889) | (612) | (12) |
| USD/THB | HSB | 07/16/25 | THB | (117) | (4) |  |
| USD/THB | UBS | 07/16/25 | THB | (3177) | (98) | (2) |
| USD/TWD | BNP | 07/16/25 | TWD | (46500) | (1594) | (162) |
| USD/TWD | CIT | 07/16/25 | TWD | (72749) | (2493) | (257) |
| USD/TWD | GSC | 07/16/25 | TWD | (18886) | (647) | (67) |
| USD/TWD | JPM | 07/16/25 | TWD | (47069) | (1613) | (166) |
| USD/TWD | SCB | 07/16/25 | TWD | (2960) | (101) |  |

---

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page [607](#abbreviations).

508

**JNL Series Trust** (Unaudited)

**Schedules of Investments (in thousands)**

June 30, 2025

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **JNL/PIMCO Real Return Fund — Forward Foreign Currency Contracts (continued)** | **JNL/PIMCO Real Return Fund — Forward Foreign Currency Contracts (continued)** | **JNL/PIMCO Real Return Fund — Forward Foreign Currency Contracts (continued)** | **JNL/PIMCO Real Return Fund — Forward Foreign Currency Contracts (continued)** | **JNL/PIMCO Real Return Fund — Forward Foreign Currency Contracts (continued)** | **JNL/PIMCO Real Return Fund — Forward Foreign Currency Contracts (continued)** | **JNL/PIMCO Real Return Fund — Forward Foreign Currency Contracts (continued)** |
| **Purchased/Sold** | **Counterparty** | **Expiration** | **Notional<sup>1</sup>** | **Notional<sup>1</sup>** | **Value ($)** | **Unrealized**<br> **Appreciation**<br> (Depreciation) ($) |
| USD/TWD | BNP | 08/20/25 | TWD | (53451) | (1837) | (198) |
| USD/TWD | BOA | 08/20/25 | TWD | (465) | (16) | (2) |
| USD/TWD | CIT | 08/20/25 | TWD | (76996) | (2646) | (280) |
| USD/TWD | DUB | 08/20/25 | TWD | (26170) | (900) | (97) |
| USD/TWD | HSB | 08/20/25 | TWD | (32098) | (1103) | (50) |
| USD/TWD | JPM | 08/20/25 | TWD | (97812) | (3362) | (360) |
| USD/TWD | SCB | 08/20/25 | TWD | (14567) | (501) | (54) |
| ZAR/USD | BCL | 07/23/25 | ZAR | 13400 | 756 | 14 |
| ZAR/USD | JPM | 07/23/25 | ZAR | 3800 | 214 | 2 |
|  |  |  |  |  | (107054) | (3014) |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **JNL/PIMCO Real Return Fund — OTC Total Return Swap Agreements** | **JNL/PIMCO Real Return Fund — OTC Total Return Swap Agreements** | **JNL/PIMCO Real Return Fund — OTC Total Return Swap Agreements** | **JNL/PIMCO Real Return Fund — OTC Total Return Swap Agreements** | **JNL/PIMCO Real Return Fund — OTC Total Return Swap Agreements** | **JNL/PIMCO Real Return Fund — OTC Total Return Swap Agreements** | **JNL/PIMCO Real Return Fund — OTC Total Return Swap Agreements** |
| **Reference Entity<sup>2</sup>** | **Rate Paid/Received by Fund<sup>2</sup>** | **Counter-party** | **Expiration** | **Notional<sup>1</sup>** | **Premiums Paid (Received) ($)** | **Value/**<br> **Unrealized Appreciation (Depreciation) ($)** |
|  **Total return swap agreements - receiving return** | **Total return swap agreements - receiving return** | **Total return swap agreements - receiving return** | **Total return swap agreements - receiving return** | **Total return swap agreements - receiving return** | **Total return swap agreements - receiving return** | **Total return swap agreements - receiving return** |
| **U.S. Treasury Inflation Indexed Securities** | **U.S. Treasury Inflation Indexed Securities** | **U.S. Treasury Inflation Indexed Securities** | **U.S. Treasury Inflation Indexed Securities** | **U.S. Treasury Inflation Indexed Securities** | **U.S. Treasury Inflation Indexed Securities** | **U.S. Treasury Inflation Indexed Securities** |
| Treasury, United States Department of (S) | SOFR +0.17% (S) | MSC | 07/28/25 | 28914 |  | (27) |
| Treasury, United States Department of (S) | SOFR +0.17% (S) | MSC | 07/28/25 | 34890 |  | 243 |
| Treasury, United States Department of (S) | SOFR +0.17% (S) | MSC | 07/28/25 | 65337 |  | (110) |
| Treasury, United States Department of (S) | SOFR +0.17% (S) | MSC | 07/28/25 | 54231 |  | 596 |
|  |  |  |  |  |  | 702 |

---

**Fair Value Hierarchy.** Various inputs are used in determining the fair value of financial instruments. For a description of the input levels and information about the Fund's policy regarding valuation of financial instruments, see Note 3 in the Notes to Financial Statements. The following table summarizes the Fund's investments categorized in the disclosure hierarchy as of June 30, 2025.

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **<u>. Level 1 ($) .</u>** | **<u>. Level 2 ($) .</u>** | **<u>. Level 3 ($) .</u>** | **<u>. Total ($) .</u>** |
| **JNL/PIMCO Real Return Fund** | **JNL/PIMCO Real Return Fund** | **JNL/PIMCO Real Return Fund** | **JNL/PIMCO Real Return Fund** | **JNL/PIMCO Real Return Fund** |
| **Assets - Securities** |  |  |  |  |
| &nbsp;&nbsp; Government And Agency Obligations |  | 1334537 | 1899 | 1336436 |
| &nbsp;&nbsp; Non-U.S. Government Agency Asset-Backed Securities |  | 104369 |  | 104369 |
| &nbsp;&nbsp; Corporate Bonds And Notes |  | 2821 |  | 2821 |
| &nbsp;&nbsp; Preferred Stocks | 587 |  |  | 587 |
|  | 587 | 1441727 | 1899 | 1444213 |
| **Liabilities - Securities** | **Liabilities - Securities** | **Liabilities - Securities** | **Liabilities - Securities** | **Liabilities - Securities** |
| &nbsp;&nbsp; Government And Agency Obligations |  | (18057) |  | (18057) |
|  |  | (18057) |  | (18057) |
| **Assets - Investments in Other Financial Instruments<sup>1</sup>** |  |  |  |  |
| &nbsp;&nbsp; Futures Contracts | 2584 |  |  | 2584 |
| &nbsp;&nbsp; Centrally Cleared Interest Rate Swap Agreements |  | 27111 |  | 27111 |
| &nbsp;&nbsp; Open Forward Foreign Currency Contracts |  | 3332 |  | 3332 |
| &nbsp;&nbsp; OTC Total Return Swap Agreements |  | 839 |  | 839 |
|  | 2584 | 31282 |  | 33866 |
| **Liabilities - Investments in Other Financial Instruments<sup>1</sup>** |  |  |  |  |
| &nbsp;&nbsp; Futures Contracts | (2997) |  |  | (2997) |
| &nbsp;&nbsp; Centrally Cleared Interest Rate Swap Agreements |  | (12992) |  | (12992) |
| &nbsp;&nbsp; OTC Written Options |  | (937) |  | (937) |
| &nbsp;&nbsp; Open Forward Foreign Currency Contracts |  | (6346) |  | (6346) |
| &nbsp;&nbsp; OTC Total Return Swap Agreements |  | (137) |  | (137) |
|  | (2997) | (20412) |  | (23409) |

---

<sup>1</sup> All derivatives, except for purchased and written options, are reflected at the unrealized appreciation (depreciation) on the instrument. Purchased and written options are reflected at value.

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page [607](#abbreviations).

509

**JNL Series Trust** (Unaudited)

**Schedules of Investments (in thousands)**

June 30, 2025

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| **JNL/PPM America High Yield Bond Fund** | **JNL/PPM America High Yield Bond Fund** | **JNL/PPM America High Yield Bond Fund** |
| **CORPORATE BONDS AND NOTES 85.4%** | **CORPORATE BONDS AND NOTES 85.4%** | **CORPORATE BONDS AND NOTES 85.4%** |
| **Financials 15.3%** | **Financials 15.3%** | **Financials 15.3%** |
| Acrisure, LLC |  |  |
| 8.25%, 02/01/29 (a) | 6408 | 6629 |
| 6.00%, 08/01/29 (a) | 3679 | 3587 |
| 7.50%, 11/06/30 (a) | 1968 | 2032 |
| 6.75%, 07/01/32 (a) | 3834 | 3888 |
| Alliant Holdings Intermediate, LLC |  |  |
| 6.50%, 10/01/31 (a) | 4379 | 4467 |
| Ally Financial Inc. |  |  |
| 4.70%, (100, 05/15/28) (b) | 4530 | 4216 |
| 6.65%, 01/17/40 | 3228 | 3175 |
| Aretec Escrow Issuer 2 Inc |  |  |
| 10.00%, 08/15/30 (a) | 3668 | 4030 |
| Aretec Escrow Issuer Inc |  |  |
| 7.50%, 04/01/29 (a) (c) | 3573 | 3616 |
| Azorra Finance Limited |  |  |
| 7.25%, 01/15/31 (a) | 3520 | 3590 |
| Barclays PLC |  |  |
| 7.63%, (100, 03/15/35) (b) (d) | 4399 | 4426 |
| 9.63%, (100, 12/15/29) (b) (d) | 2361 | 2633 |
| Beacon Funding Trust |  |  |
| 6.27%, 08/15/54 (a) | 3530 | 3486 |
| Benteler International Aktiengesellschaft |  |  |
| 10.50%, 05/15/28 (a) | 8301 | 8737 |
| Bread Financial Payments, Inc. |  |  |
| 8.38%, 06/15/35 (a) (c) | 6722 | 6751 |
| Citadel Limited Partnership |  |  |
| 6.00%, 01/23/30 (a) (e) | 185 | 191 |
| Citadel Securities Global Holdings LLC |  |  |
| 5.50%, 06/18/30 (a) | 2731 | 2757 |
| 6.20%, 06/18/35 (a) | 3352 | 3440 |
| Credit Acceptance Corporation |  |  |
| 6.63%, 03/15/30 (a) | 8824 | 8949 |
| Deutsche Bank Aktiengesellschaft |  |  |
| 3.73%, 01/14/32 (d) | 4530 | 4143 |
| Encore Capital Group, Inc. |  |  |
| 9.25%, 04/01/29 (a) | 3160 | 3363 |
| Ford Motor Credit Company LLC |  |  |
| 7.35%, 11/04/27 | 1646 | 1710 |
| Freedom Mortgage Corporation |  |  |
| 7.63%, 05/01/26 (a) | 3398 | 3399 |
| 6.63%, 01/15/27 (a) | 1455 | 1459 |
| 12.25%, 10/01/30 (a) | 2962 | 3284 |
| Freedom Mortgage Holdings LLC |  |  |
| 9.25%, 02/01/29 (a) | 4230 | 4393 |
| 8.38%, 04/01/32 (a) | 3644 | 3677 |
| Global Atlantic Financial Company |  |  |
| 7.95%, 10/15/54 (a) | 4005 | 4180 |
| Global Aviation Leasing Co., Ltd. |  |  |
| 8.75%, 09/01/27 (a) | 8690 | 8909 |
| Goldman Sachs Group, Inc., The |  |  |
| 7.50%, (100, 05/10/29) (b) | 4640 | 4887 |
| Jane Street Group, LLC |  |  |
| 7.13%, 04/30/31 (a) | 7173 | 7541 |
| 6.75%, 05/01/33 (a) | 2259 | 2328 |
| Macquarie Airfinance Holdings Limited |  |  |
| 8.13%, 03/30/29 (a) | 3241 | 3389 |
| 6.50%, 03/26/31 (a) | 1217 | 1287 |
| MoneyGram International, Inc. |  |  |
| 9.00%, 06/01/30 (a) | 5619 | 5029 |
| OneMain Finance Corporation |  |  |
| 5.38%, 11/15/29 | 2550 | 2509 |
| 4.00%, 09/15/30 | 5359 | 4944 |
| 7.50%, 05/15/31 | 1780 | 1860 |
| 7.13%, 09/15/32 | 3370 | 3489 |
| Osaic Holdings, Inc. |  |  |
| 10.75%, 08/01/27 (a) (c) | 5718 | 5742 |
| PennyMac Financial Services, Inc. |  |  |
| 5.75%, 09/15/31 (a) | 6331 | 6209 |
| 6.88%, 05/15/32 (a) | 4500 | 4606 |
| PRA Group, Inc. |  |  |
| 8.38%, 02/01/28 (a) | 4966 | 5098 |
| 8.88%, 01/31/30 (a) | 1954 | 2032 |
| Rocket Companies, Inc. |  |  |
| 6.13%, 08/01/30 (a) | 3321 | 3384 |
| 6.38%, 08/01/33 (a) | 3321 | 3399 |
| Toronto-Dominion Bank, The |  |  |
| 8.13%, 10/31/82 (d) | 3923 | 4114 |
| Transocean Poseidon Limited |  |  |
| 6.88%, 02/01/27 (a) | 1885 | 1888 |
| UBS Group AG |  |  |
| 4.88%, (100, 02/12/27) (a) (b) | 5602 | 5457 |
| UWM Holdings Corporation |  |  |
| 6.63%, 02/01/30 (a) | 4772 | 4778 |
| VistaJet Group Holding SA |  |  |
| 9.50%, 06/01/28 (a) (c) | 7307 | 7505 |
| Washington Mutual Bank, FA |  |  |
| 0.00%, 06/15/11 (f) (g) | 1500 |  |
|  |  | 210592 |
| **Energy 12.4%** | **Energy 12.4%** | **Energy 12.4%** |
| Aethon United BR LP |  |  |
| 7.50%, 10/01/29 (a) | 4428 | 4639 |
| Baytex Energy Corp. |  |  |
| 8.50%, 04/30/30 (a) | 5390 | 5394 |
| Bip-V Chinook |  |  |
| 5.50%, 06/15/31 (a) | 8366 | 8262 |
| Borr IHC Limited |  |  |
| 10.00%, 11/15/28 (a) | 5371 | 4861 |
| Buckeye Partners, L.P. |  |  |
| 5.85%, 11/15/43 | 2681 | 2367 |
| 5.60%, 10/15/44 | 5068 | 4270 |
| Citgo Petroleum Corporation |  |  |
| 8.38%, 01/15/29 (a) | 10103 | 10510 |
| Crescent Energy Finance LLC |  |  |
| 8.38%, 01/15/34 (a) | 3919 | 3921 |
| DT Midstream, Inc. |  |  |
| 4.30%, 04/15/32 (a) | 1866 | 1744 |
| Enerflex Ltd. |  |  |
| 9.00%, 10/15/27 (a) | 6776 | 6988 |
| Energean Israel Finance Ltd |  |  |
| 4.88%, 03/30/26 (h) | 15308 | 15098 |
| Energy Transfer LP |  |  |
| 8.00%, 05/15/54 | 2518 | 2679 |
| EQT Corporation |  |  |
| 7.50%, 06/01/27 (a) | 1957 | 1993 |
| Excelerate Energy Limited Partnership |  |  |
| 8.00%, 05/15/30 (a) | 2917 | 3074 |
| Hess Infrastructure Partners LP |  |  |
| 5.88%, 03/01/28 (a) | 1811 | 1838 |
| Hilcorp Energy I, L.P. |  |  |
| 6.25%, 11/01/28 (a) | 6710 | 6744 |
| ITT Holdings LLC |  |  |
| 6.50%, 08/01/29 (a) | 7663 | 7290 |
| Kimmeridge Texas Gas, LLC |  |  |
| 8.50%, 02/15/30 (a) | 6403 | 6627 |
| Kinetik Holdings LP |  |  |
| 5.88%, 06/15/30 (a) | 3351 | 3381 |
| Nabors Industries, Inc. |  |  |
| 7.38%, 05/15/27 (a) | 7072 | 6989 |
| NGL Energy Operating LLC |  |  |
| 8.13%, 02/15/29 (a) | 3386 | 3420 |
| 8.38%, 02/15/32 (a) | 3462 | 3465 |
| Permian Resources Operating, LLC |  |  |
| 7.00%, 01/15/32 (a) | 3388 | 3512 |
| 6.25%, 02/01/33 (a) | 2573 | 2597 |
| Transmontaigne Partners LLC |  |  |
| 8.50%, 06/15/30 (a) | 3248 | 3380 |
| Transocean Aquila Ltd. |  |  |
| 8.00%, 09/30/28 (a) | 802 | 811 |
| Transocean Inc |  |  |
| 8.00%, 02/01/27 (a) (c) | 9251 | 9111 |
| Transocean Titan Financing Ltd. |  |  |
| 8.38%, 02/01/28 (a) | 843 | 863 |
| Var Energi ASA |  |  |
| 5.88%, 05/22/30 (a) | 3420 | 3509 |

---

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page [607](#abbreviations).

510

**JNL Series Trust** (Unaudited)

**Schedules of Investments (in thousands)**

June 30, 2025

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| Venture Global LNG, Inc. |  |  |
| 9.00%, (100, 09/30/29) (a) (b) | 6980 | 6803 |
| 8.13%, 06/01/28 (a) | 3483 | 3597 |
| 9.50%, 02/01/29 (a) | 6128 | 6678 |
| 7.00%, 01/15/30 (a) | 3540 | 3583 |
| 9.88%, 02/01/32 (a) | 3159 | 3411 |
| Venture Global Plaquemines LNG, LLC |  |  |
| 7.50%, 05/01/33 (a) | 1335 | 1430 |
| 6.50%, 01/15/34 (a) | 1659 | 1659 |
| 7.75%, 05/01/35 (a) | 1462 | 1584 |
| 6.75%, 01/15/36 (a) | 2064 | 2064 |
| | | 170146 |
| **Industrials 12.0%** | **Industrials 12.0%** | **Industrials 12.0%** |
| Air Canada |  |  |
| 3.88%, 08/15/26 (a) | 6407 | 6342 |
| Boeing Company, The |  |  |
| 7.01%, 05/01/64 (e) | 3105 | 3411 |
| Bombardier Inc. |  |  |
| 7.88%, 04/15/27 (a) | 153 | 154 |
| 8.75%, 11/15/30 (a) | 2904 | 3146 |
| 7.25%, 07/01/31 (a) | 4236 | 4444 |
| 6.75%, 06/15/33 (a) | 3356 | 3476 |
| Brundage-Bone Concrete Pumping Holdings, Inc. |  |  |
| 7.50%, 02/01/32 (a) | 7176 | 7113 |
| Builders FirstSource, Inc. |  |  |
| 4.25%, 02/01/32 (a) | 8090 | 7492 |
| Cimpress NV |  |  |
| 7.38%, 09/15/32 (a) | 7043 | 6724 |
| Fortress Transportation And Infrastructure Investors LLC |  |  |
| 7.00%, 05/01/31 - 06/15/32 (a) | 3621 | 3743 |
| Genesee & Wyoming Inc. |  |  |
| 6.25%, 04/15/32 (a) | 3518 | 3594 |
| Goat Holdco LLC |  |  |
| 6.75%, 02/01/32 (a) | 3624 | 3689 |
| Herc Holdings Inc. |  |  |
| 7.00%, 06/15/30 (a) | 1546 | 1619 |
| 7.25%, 06/15/33 (a) | 1547 | 1621 |
| Husky Injection Molding Systems Ltd. |  |  |
| 9.00%, 02/15/29 (a) | 2983 | 3118 |
| Icahn Enterprises L.P. |  |  |
| 6.25%, 05/15/26 | 4091 | 4062 |
| Imola Merger Corporation |  |  |
| 4.75%, 05/15/29 (a) | 6379 | 6166 |
| Intelligent Packaging Limited Purchaser Inc. |  |  |
| 6.00%, 09/15/28 (a) | 5697 | 5697 |
| JH North America Holdings Inc. |  |  |
| 5.88%, 01/31/31 (a) | 211 | 213 |
| 6.13%, 07/31/32 (a) | 306 | 311 |
| LABL Escrow Issuer LLC |  |  |
| 10.50%, 07/15/27 (a) (c) | 3630 | 3475 |
| Lightning Power LLC |  |  |
| 7.25%, 08/15/32 (a) | 4101 | 4316 |
| Manitowoc Company, Inc., The |  |  |
| 9.25%, 10/01/31 (a) | 4220 | 4463 |
| Maxam Prill S.a r.l. |  |  |
| 7.75%, 07/15/30 (a) | 9120 | 9122 |
| Onesky Flight, LLC |  |  |
| 8.88%, 12/15/29 (a) | 4751 | 4945 |
| Queen Mergerco, Inc. |  |  |
| 6.75%, 04/30/32 (a) | 3527 | 3641 |
| Rand Parent LLC |  |  |
| 8.50%, 02/15/30 (a) (c) | 4389 | 4403 |
| Regal Rexnord Corporation |  |  |
| 6.40%, 04/15/33 (e) | 3831 | 4042 |
| Smyrna Ready Mix Concrete, LLC |  |  |
| 8.88%, 11/15/31 (a) | 8683 | 9109 |
| Star Leasing Company, LLC |  |  |
| 7.63%, 02/15/30 (a) | 6717 | 6659 |
| Stonepeak Nile Parent LLC |  |  |
| 7.25%, 03/15/32 (a) | 2595 | 2752 |
| TransDigm Inc. |  |  |
| 6.75%, 08/15/28 (a) | 1833 | 1872 |
| 6.38%, 03/01/29 (a) | 3751 | 3857 |
| 6.63%, 03/01/32 (a) | 4281 | 4434 |
| 6.00%, 01/15/33 (a) | 2475 | 2489 |
| Trivium Packaging Finance B.V. |  |  |
| 8.25%, 07/15/30 (a) | 2351 | 2485 |
| Waste Pro USA, Inc. |  |  |
| 7.00%, 02/01/33 (a) | 2191 | 2279 |
| Watco Companies, L.L.C. |  |  |
| 7.13%, 08/01/32 (a) | 1785 | 1864 |
| Wesco Distribution, Inc. |  |  |
| 6.38%, 03/15/29 - 03/15/33 (a) | 5472 | 5645 |
| 6.63%, 03/15/32 (a) | 3242 | 3369 |
| XPO, Inc. |  |  |
| 6.25%, 06/01/28 (a) | 3365 | 3416 |
|  |  | 164772 |
| **Consumer Discretionary 11.6%** | **Consumer Discretionary 11.6%** | **Consumer Discretionary 11.6%** |
| Beach Acquisition Bidco, LLC |  |  |
| 10.00%, 07/15/33 (a) (i) | 3420 | 3557 |
| BRE RC Pitney Road PA LP |  |  |
| 6.63%, 01/15/32 (a) | 3456 | 3511 |
| Carnival Corporation |  |  |
| 4.00%, 08/01/28 (a) | 29786 | 29153 |
| 6.13%, 02/15/33 (a) | 3577 | 3656 |
| Champ Acquisition Corporation |  |  |
| 8.38%, 12/01/31 (a) | 3524 | 3758 |
| Dana Incorporated |  |  |
| 4.50%, 02/15/32 (c) | 3840 | 3747 |
| EG Global Finance PLC |  |  |
| 12.00%, 11/30/28 (a) | 6115 | 6751 |
| Ford Motor Company |  |  |
| 9.63%, 04/22/30 | 1826 | 2100 |
| IHOL-Verwaltungs-GmbH |  |  |
| 7.75%, 11/15/30 (a) (i) | 3697 | 3792 |
| Jacobs Entertainment, Inc. |  |  |
| 6.75%, 02/15/29 (a) | 4800 | 4641 |
| Jaguar Land Rover Automotive PLC |  |  |
| 7.75%, 10/15/25 (a) | 3441 | 3446 |
| Las Vegas Sands Corp. |  |  |
| 6.00%, 06/14/30 | 2293 | 2365 |
| Macy's Retail Holdings, LLC |  |  |
| 6.13%, 03/15/32 (a) (c) | 3567 | 3406 |
| 4.50%, 12/15/34 | 1179 | 943 |
| Majordrive Holdings IV, LLC |  |  |
| 6.38%, 06/01/29 (a) (c) | 8451 | 6683 |
| MCE Finance Limited |  |  |
| 5.38%, 12/04/29 (a) | 7730 | 7252 |
| NCL Corporation Ltd. |  |  |
| 6.75%, 02/01/32 (a) | 3062 | 3128 |
| Odeon Finco PLC |  |  |
| 12.75%, 11/01/27 (a) | 4195 | 4383 |
| PetSmart, LLC |  |  |
| 7.75%, 02/15/29 (a) | 5556 | 5411 |
| PM General Purchaser LLC |  |  |
| 9.50%, 10/01/28 (a) | 3452 | 2407 |
| QVC, Inc. |  |  |
| 6.88%, 04/15/29 (a) (c) | 3831 | 1609 |
| Resorts World Las Vegas LLC |  |  |
| 4.63%, 04/16/29 (a) | 3308 | 2933 |
| 8.45%, 07/27/30 (a) | 3093 | 3060 |
| Royal Caribbean Cruises Ltd. |  |  |
| 6.00%, 02/01/33 (a) | 2957 | 3017 |
| Sabre GLBL Inc. |  |  |
| 10.75%, 11/15/29 (a) (c) | 3265 | 3357 |
| 11.13%, 07/15/30 (a) | 1693 | 1772 |
| Staples, Inc. |  |  |
| 10.75%, 09/01/29 (a) | 4435 | 4212 |
| Tenneco Inc. |  |  |
| 8.00%, 11/17/28 (a) | 4535 | 4484 |
| TKC Holdings, Inc. |  |  |
| 6.88%, 05/15/28 (a) | 3150 | 3146 |
| 10.50%, 05/15/29 (a) | 3518 | 3613 |
| Univision Communications Inc. |  |  |
| 6.63%, 06/01/27 (a) | 5640 | 5626 |
| 8.50%, 07/31/31 (a) | 4810 | 4816 |
| Voyager Parent, LLC |  |  |
| 9.25%, 07/01/32 (a) | 6581 | 6859 |

---

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page [607](#abbreviations).

511

**JNL Series Trust** (Unaudited)

**Schedules of Investments (in thousands)**

June 30, 2025

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| Wynn Macau, Limited |  |  |
| 5.13%, 12/15/29 (a) | 7023 | 6676 |
| | | 159270 |
| **Communication Services 10.1%** | **Communication Services 10.1%** | **Communication Services 10.1%** |
| A + N Real Estate & Business Management Corporation |  |  |
| 5.63%, 08/15/29 (a) | 5747 | 5499 |
| Altice Financing S.A. |  |  |
| 5.75%, 08/15/29 (a) | 11695 | 8567 |
| Altice France |  |  |
| 6.00%, 02/15/28 (a) | 6010 | 2142 |
| Altice France Holding S.A. |  |  |
| 8.13%, 02/01/27 (a) | 9775 | 8798 |
| AMC Networks, Inc. |  |  |
| 10.25%, 01/15/29 (a) | 4100 | 4253 |
| Cable One, Inc. |  |  |
| 4.00%, 11/15/30 (a) (c) | 8696 | 6849 |
| CCO Holdings, LLC |  |  |
| 5.38%, 06/01/29 (a) | 6417 | 6393 |
| 4.25%, 02/01/31 (a) | 3973 | 3707 |
| 4.75%, 02/01/32 (a) | 2844 | 2696 |
| 4.50%, 05/01/32 | 2199 | 2047 |
| 4.25%, 01/15/34 (a) (c) | 3170 | 2821 |
| CMG Media Corporation |  |  |
| 8.88%, 06/18/29 (a) | 7330 | 6973 |
| Connect Finco SARL |  |  |
| 9.00%, 09/15/29 (a) | 5014 | 5050 |
| DIRECTV Financing, LLC |  |  |
| 5.88%, 08/15/27 (a) | 10923 | 10886 |
| Frontier Communications Holdings, LLC |  |  |
| 8.75%, 05/15/30 (a) | 2786 | 2914 |
| 8.63%, 03/15/31 (a) | 2570 | 2731 |
| Frontier Communications Parent, Inc. |  |  |
| 6.75%, 05/01/29 (a) | 4132 | 4187 |
| Gray Media, Inc. |  |  |
| 5.38%, 11/15/31 (a) | 5592 | 4179 |
| Hughes Satellite Systems Corporation |  |  |
| 5.25%, 08/01/26 (c) | 3700 | 3310 |
| 6.63%, 08/01/26 (c) | 3810 | 2732 |
| Iliad Holding |  |  |
| 7.00%, 10/15/28 - 04/15/32 (a) | 6990 | 7136 |
| 8.50%, 04/15/31 (a) | 3115 | 3330 |
| Intelsat Jackson Holdings S.A. |  |  |
| 6.50%, 03/15/30 (a) | 6819 | 6955 |
| LCPR Senior Secured Financing Designated Activity Company |  |  |
| 6.75%, 10/15/27 (a) | 4147 | 2787 |
| Level 3 Financing, Inc. |  |  |
| 4.50%, 04/01/30 (a) | 4116 | 3725 |
| 10.75%, 12/15/30 (a) | 3095 | 3508 |
| 6.88%, 06/30/33 (a) | 3521 | 3583 |
| Liberty Media Corporation |  |  |
| 8.25%, 02/01/30 | 5487 | 627 |
| McGraw-Hill Education, Inc. |  |  |
| 7.38%, 09/01/31 (a) | 3402 | 3549 |
| Nexstar Escrow Inc. |  |  |
| 5.63%, 07/15/27 (a) | 1768 | 1764 |
| Nexstar Media Group, Inc. |  |  |
| 4.75%, 11/01/28 (a) (c) | 505 | 492 |
| Sprint Capital Corporation |  |  |
| 6.88%, 11/15/28 | 1130 | 1213 |
| Telesat Canada |  |  |
| 5.63%, 12/06/26 (a) | 5533 | 3320 |
|  |  | 138723 |
| **Information Technology 6.4%** | **Information Technology 6.4%** | **Information Technology 6.4%** |
| Ahead DB Holdings, LLC |  |  |
| 6.63%, 05/01/28 (a) | 7010 | 7028 |
| AMS-Osram AG |  |  |
| 12.25%, 03/30/29 (a) | 3138 | 3344 |
| Central Parent Inc. |  |  |
| 8.00%, 06/15/29 (a) | 7409 | 6132 |
| Cloud Software Group, Inc. |  |  |
| 6.50%, 03/31/29 (a) | 7090 | 7154 |
| 9.00%, 09/30/29 (a) | 3260 | 3380 |
| 8.25%, 06/30/32 (a) | 2757 | 2935 |
| Entegris Escrow Corporation |  |  |
| 4.75%, 04/15/29 (a) | 2663 | 2621 |
| 5.95%, 06/15/30 (a) | 7036 | 7138 |
| Entegris, Inc. |  |  |
| 4.38%, 04/15/28 (a) | 4302 | 4186 |
| Fortress Intermediate 3 Inc. |  |  |
| 7.50%, 06/01/31 (a) | 3177 | 3333 |
| Foundry JV Holdco LLC |  |  |
| 5.90%, 01/25/33 (a) | 6555 | 6800 |
| Helios Software Holdings, Inc. |  |  |
| 4.63%, 05/01/28 (a) | 2200 | 2082 |
| 8.75%, 05/01/29 (a) | 6785 | 6977 |
| Minerva Merger Sub Inc |  |  |
| 6.50%, 02/15/30 (a) | 3685 | 3626 |
| Open Text Corporation |  |  |
| 3.88%, 02/15/28 (a) | 5998 | 5817 |
| 4.13%, 02/15/30 (a) | 5173 | 4888 |
| Rocket Software, Inc. |  |  |
| 9.00%, 11/28/28 (a) | 2624 | 2707 |
| 6.50%, 02/15/29 (a) | 4516 | 4389 |
| Seagate HDD Cayman |  |  |
| 4.13%, 01/15/31 | 1080 | 989 |
| ViaSat, Inc. |  |  |
| 7.50%, 05/30/31 (a) (c) | 3741 | 3242 |
|  |  | 88768 |
| **Consumer Staples 4.8%** | **Consumer Staples 4.8%** | **Consumer Staples 4.8%** |
| Allied Universal Holdco LLC |  |  |
| 4.63%, 06/01/28 (a) | 3610 | 3502 |
| 6.88%, 06/15/30 (a) | 3535 | 3583 |
| 7.88%, 02/15/31 (a) | 3351 | 3503 |
| Coty Inc. |  |  |
| 6.63%, 07/15/30 (a) | 3160 | 3235 |
| Grupo Nutresa S.A. |  |  |
| 8.00%, 05/12/30 (a) | 3950 | 4139 |
| 9.00%, 05/12/35 (a) (c) | 2513 | 2720 |
| JBS USA Lux S.A. |  |  |
| 7.25%, 11/15/53 | 5805 | 6543 |
| Marb Bondco PLC |  |  |
| 3.95%, 01/29/31 (a) | 13091 | 11609 |
| Neptune BidCo US Inc. |  |  |
| 9.29%, 04/15/29 (a) | 4368 | 4254 |
| Pilgrim's Pride Corporation |  |  |
| 4.25%, 04/15/31 | 5763 | 5556 |
| 3.50%, 03/01/32 | 1977 | 1781 |
| Raven Acquisition Holding LLC |  |  |
| 6.88%, 11/15/31 (a) | 7165 | 7160 |
| Sigma Holdco B.V. |  |  |
| 7.88%, 05/15/26 (a) | 2748 | 2745 |
| United Natural Foods, Inc. |  |  |
| 6.75%, 10/15/28 (a) | 5449 | 5383 |
|  |  | 65713 |
| **Health Care 4.8%** | **Health Care 4.8%** | **Health Care 4.8%** |
| 1261229 B.C. Ltd. |  |  |
| 10.00%, 04/15/32 (a) | 3559 | 3591 |
| Bausch Health Companies Inc. |  |  |
| 4.88%, 06/01/28 (a) | 4144 | 3483 |
| Community Health Systems, Inc. |  |  |
| 6.00%, 01/15/29 (a) | 3920 | 3782 |
| 10.88%, 01/15/32 (a) | 5210 | 5515 |
| CVS Health Corporation |  |  |
| 7.00%, 03/10/55 | 2692 | 2783 |
| Grifols Escrow Issuer S.A. |  |  |
| 4.75%, 10/15/28 (a) | 4336 | 4161 |
| Lifepoint Health, Inc. |  |  |
| 5.38%, 01/15/29 (a) (c) | 2871 | 2678 |
| 9.88%, 08/15/30 (a) | 6185 | 6696 |
| 10.00%, 06/01/32 (a) (c) | 3240 | 3340 |
| Mozart Debt Merger Sub Inc. |  |  |
| 3.88%, 04/01/29 (a) | 7007 | 6728 |
| Radiology Partners, Inc. |  |  |
| 8.50%, 07/15/32 (a) | 7036 | 7054 |
| Tenet Healthcare Corporation |  |  |
| 4.25%, 06/01/29 | 4328 | 4201 |

---

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page [607](#abbreviations).

512

**JNL Series Trust** (Unaudited)

**Schedules of Investments (in thousands)**

June 30, 2025

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| 4.38%, 01/15/30 | 2480 | 2403 |
| 6.13%, 06/15/30 | 3224 | 3280 |
| Teva Pharmaceutical Finance Netherlands III B.V. |  |  |
| 3.15%, 10/01/26 | 2201 | 2158 |
| 4.75%, 05/09/27 | 3567 | 3560 |
| | | 65413 |
| **Materials 3.8%** | **Materials 3.8%** | **Materials 3.8%** |
| Avient Corporation |  |  |
| 6.25%, 11/01/31 (a) | 2320 | 2338 |
| Cerdia Finanz GmbH |  |  |
| 9.38%, 10/03/31 (a) | 6474 | 6715 |
| Cleveland-Cliffs Inc. |  |  |
| 6.88%, 11/01/29 (a) | 4490 | 4421 |
| Compania de Minas Buenaventura S.A.A. |  |  |
| 6.80%, 02/04/32 (a) | 2436 | 2477 |
| First Quantum Minerals Ltd |  |  |
| 6.88%, 10/15/27 (a) (c) | 2184 | 2185 |
| 8.63%, 06/01/31 (a) | 6755 | 7009 |
| FMG Resources (August 2006) Pty Ltd |  |  |
| 4.38%, 04/01/31 (a) | 5849 | 5449 |
| Mineral Resources Limited |  |  |
| 8.13%, 05/01/27 (a) | 986 | 984 |
| 9.25%, 10/01/28 (a) | 7758 | 7921 |
| NOVA Chemicals Corporation |  |  |
| 4.25%, 05/15/29 (a) (c) | 4633 | 4457 |
| 7.00%, 12/01/31 (a) | 5157 | 5401 |
| Trinseo Luxco Finance SPV S.a r.l. |  |  |
| 7.63%, 05/03/29 (a) (i) | 4790 | 2766 |
|  |  | 52123 |
| **Utilities 2.8%** | **Utilities 2.8%** | **Utilities 2.8%** |
| Duke Energy Corporation |  |  |
| 6.45%, 09/01/54 | 4263 | 4397 |
| Edison International |  |  |
| 6.25%, 03/15/30 | 698 | 709 |
| PG&E Corporation |  |  |
| 7.38%, 03/15/55 | 3506 | 3325 |
| Sempra |  |  |
| 6.40%, 10/01/54 | 5027 | 4773 |
| 6.55%, 04/01/55 | 3550 | 3366 |
| Vistra Corp. |  |  |
| 8.00%, (100, 10/15/26) (a) (b) | 4328 | 4430 |
| 8.88%, (100, 01/15/29) (b) (h) | 3150 | 3416 |
| Vistra Operations Company LLC |  |  |
| 5.50%, 09/01/26 (a) | 3865 | 3867 |
| 5.00%, 07/31/27 (a) | 2859 | 2855 |
| 4.38%, 05/01/29 (a) | 1018 | 992 |
| 6.88%, 04/15/32 (a) | 6596 | 6896 |
|  |  | 39026 |
| **Real Estate 1.4%** | **Real Estate 1.4%** | **Real Estate 1.4%** |
| Greystar Real Estate Partners, LLC |  |  |
| 7.75%, 09/01/30 (a) | 4361 | 4627 |
| RHP Hotel Properties, LP |  |  |
| 6.50%, 04/01/32 (a) | 6522 | 6707 |
| Uniti Group Inc. |  |  |
| 8.63%, 06/15/32 (a) | 7517 | 7596 |
|  |  | 18930 |
| Total Corporate Bonds And Notes (cost $1,159,804) | Total Corporate Bonds And Notes (cost $1,159,804) | 1173476 |
| **SENIOR FLOATING RATE INSTRUMENTS 7.8%** | **SENIOR FLOATING RATE INSTRUMENTS 7.8%** | **SENIOR FLOATING RATE INSTRUMENTS 7.8%** |
| **Communication Services 2.8%** | **Communication Services 2.8%** | **Communication Services 2.8%** |
| Allen Media, LLC |  |  |
| 2021 Term Loan B, 9.95%, (3 Month Term SOFR + 5.50%), 02/10/27 (i) (j) | 4902 | 3113 |
| AMC Entertainment Holdings, Inc. |  |  |
| 2024 Term Loan, 11.32%, (1 Month Term SOFR + 7.00%), 01/04/29 (j) | 7018 | 7079 |
| Aventiv Technologies, LLC |  |  |
| 2024 PIK Third Out Term Loan, 5.56%, (3 Month Term SOFR + 4.09%), 07/31/25 (j) | 12 | 8 |
| 2024 Incremental Second Out Term Loan, 12.06%, (3 Month Term SOFR + 7.50%), 07/31/25 (j) | 148 | 141 |
| 2024 Bridge Term Loan, 14.58%, (3 Month Term SOFR + 10.00%), 12/24/25 (j) | 133 | 136 |
| 2025 5th Amendment Incremental Bridge Loan, 14.52%, (1 Month Term SOFR + 10.00%), 03/25/26 (j) | 70 | 72 |
| CMG Media Corporation |  |  |
| 2024 Term Loan, 7.90%, (3 Month Term SOFR + 3.50%), 06/18/29 (j) | 3251 | 3141 |
| Connect Finco Sarl |  |  |
| 2024 Extended Term Loan B, 8.83%, (1 Month Term SOFR + 4.50%), 09/11/29 (j) | 1811 | 1716 |
| CSC Holdings, LLC |  |  |
| 2022 Term Loan B6, 8.81%, (1 Month Term SOFR + 4.50%), 01/17/28 (j) | 7231 | 7123 |
| Flutter Financing B.V. |  |  |
| 2024 Term Loan B, 6.05%, (3 Month Term SOFR + 1.75%), 11/30/30 (j) | 1629 | 1623 |
| Gray Television, Inc. |  |  |
| 2024 Term Loan B, 9.57%, (1 Month Term SOFR + 5.25%), 05/22/29 (j) | 4008 | 4001 |
| Great Outdoors Group, LLC |  |  |
| 2025 Term Loan B, 7.58%, (1 Month Term SOFR + 3.25%), 01/20/32 (j) | 3507 | 3497 |
| Lumen Technologies, Inc. |  |  |
| 2024 Extended Term Loan B1, 6.79%, (1 Month Term SOFR + 2.35%), 04/15/29 (j) | 3500 | 3453 |
| ViaSat, Inc. |  |  |
| 2023 Term Loan, 8.93%, (1 Month Term SOFR + 4.50%), 05/30/30 (j) | 3398 | 3240 |
|  |  | 38343 |
| **Consumer Discretionary 1.8%** | **Consumer Discretionary 1.8%** | **Consumer Discretionary 1.8%** |
| Clarios Global LP |  |  |
| 2024 USD Term Loan B, 6.83%, (1 Month Term SOFR + 2.50%), 05/06/30 (j) | 2705 | 2694 |
| First Brands Group, LLC |  |  |
| 2022 Incremental Term Loan, 9.54%, (3 Month Term SOFR + 5.00%), 03/30/27 (j) | 4800 | 4519 |
| J&J Ventures Gaming, LLC |  |  |
| 2025 Repriced Term Loan B, 7.83%, (1 Month Term SOFR + 3.50%), 04/26/30 (j) | 7084 | 6994 |
| PetSmart, Inc. |  |  |
| 2021 Term Loan B, 8.18%, (1 Month Term SOFR + 3.75%), 01/29/28 (j) | 2052 | 2027 |
| Sabre GLBL Inc. |  |  |
| 2021 Term Loan B1, 7.94%, (1 Month Term SOFR + 3.50%), 12/17/27 (j) | 678 | 664 |
| 2021 Term Loan B2, 7.94%, (1 Month Term SOFR + 3.50%), 12/17/27 (j) | 793 | 778 |
| 2022 1st Lien Term Loan B, 9.43%, (1 Month Term SOFR + 5.00%), 06/09/28 (j) | 632 | 626 |
| 2024 Term Loan B1, 10.43%, (1 Month Term SOFR + 6.00%), 11/15/29 (j) | 3534 | 3518 |
| Staples, Inc. |  |  |
| 2024 Term Loan B, 10.03%, (3 Month Term SOFR + 5.75%), 08/22/29 (j) | 2925 | 2693 |
|  |  | 24513 |
| **Industrials 1.3%** | **Industrials 1.3%** | **Industrials 1.3%** |
| Advisor Group, Inc. |  |  |
| 2024 Term Loan B, 7.83%, (1 Month Term SOFR + 3.50%), 08/17/28 (j) | 4505 | 4512 |
| Pitney Bowes Inc. |  |  |
| 2025 Term Loan B, 8.08%, (1 Month Term SOFR + 3.75%), 01/31/32 (j) | 5657 | 5641 |
| United Airlines, Inc. |  |  |
| 2024 1st Lien Term Loan B, 6.28%, (3 Month Term SOFR + 2.00%), 02/22/31 (j) | 2505 | 2506 |
| Vista Management Holding, Inc. |  |  |
| 2025 Term Loan B, 8.05%, (3 Month Term SOFR + 3.75%), 03/27/31 (j) | 5053 | 5062 |
|  |  | 17721 |
| **Materials 0.7%** | **Materials 0.7%** | **Materials 0.7%** |
| Fortis 333, Inc. |  |  |
| USD Term Loan B, 7.80%, (3 Month Term SOFR + 3.50%), 02/06/32 (j) | 4650 | 4643 |
| Kodiak Building Partners Inc. |  |  |
| 2024 Term Loan B, 0.00%, (3 Month Term SOFR + 3.75%), 11/26/31 (j) (k) | 4800 | 4618 |
|  |  | 9261 |

---

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page [607](#abbreviations).

513

**JNL Series Trust** (Unaudited)

**Schedules of Investments (in thousands)**

June 30, 2025

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| **Information Technology 0.5%** | **Information Technology 0.5%** | **Information Technology 0.5%** |
| Ahead DB Holdings, LLC |  |  |
| 2024 Term Loan B3, 7.30%, (3 Month Term SOFR + 3.00%), 01/24/31 (j) | 3491 | 3491 |
| Rocket Software, Inc. |  |  |
| 2023 USD Term Loan B, 8.58%, (1 Month Term SOFR + 4.25%), 11/28/28 (j) | 3505 | 3511 |
|  |  | 7002 |
| **Health Care 0.5%** | **Health Care 0.5%** | **Health Care 0.5%** |
| Global Medical Response, Inc. |  |  |
| 2024 PIK Term Loan, 9.83%, (3 Month Term SOFR + 4.75%), 10/02/28 (j) | 6760 | 6764 |
| Radiology Partners Inc |  |  |
| 2024 Extended Term Loan B, 9.59%, (3 Month Term SOFR + 5.00%), 01/31/29 (j) | 63 | 62 |
|  |  | 6826 |
| **Financials 0.2%** | **Financials 0.2%** | **Financials 0.2%** |
| Aretec Group, Inc. |  |  |
| 2024 1st Lien Term Loan B, 7.83%, (1 Month Term SOFR + 3.50%), 08/09/30 (j) | 3449 | 3454 |
| Total Senior Floating Rate Instruments (cost $108,519) | Total Senior Floating Rate Instruments (cost $108,519) | 107120 |
| **COMMON STOCKS 0.4%** | **COMMON STOCKS 0.4%** | **COMMON STOCKS 0.4%** |
| **Energy 0.3%** | **Energy 0.3%** | **Energy 0.3%** |
| MPLX LP | 87 | 4492 |
| Prairie Provident Resources Inc. (f) | 224 | 5 |
| Vantage Drilling International (f) (l) | 2 | 25 |
|  |  | 4522 |
| **Communication Services 0.1%** | **Communication Services 0.1%** | **Communication Services 0.1%** |
| Clear Channel Outdoor Holdings, Inc. (f) | 335 | 392 |
| EchoStar Corporation - Class A (f) | 4 | 109 |
| iHeartMedia, Inc. - Class A (c) (f) | 141 | 248 |
|  |  | 749 |
| **Materials 0.0%** | **Materials 0.0%** | **Materials 0.0%** |
| Smurfit Westrock Public Limited Company |  | 4 |
| **Information Technology 0.0%** | **Information Technology 0.0%** | **Information Technology 0.0%** |
| New Cotai LLC (f) (l) |  |  |
| Total Common Stocks (cost $8,194) | Total Common Stocks (cost $8,194) | 5275 |
| **GOVERNMENT AND AGENCY OBLIGATIONS 0.2%** | **GOVERNMENT AND AGENCY OBLIGATIONS 0.2%** | **GOVERNMENT AND AGENCY OBLIGATIONS 0.2%** |
| **Sovereign 0.2%** | **Sovereign 0.2%** | **Sovereign 0.2%** |
| Kenya, Government of |  |  |
| 9.50%, 03/05/36 (a) | 3579 | 3364 |
| Total Government And Agency Obligations (cost $3,480) | Total Government And Agency Obligations (cost $3,480) | 3364 |
| **SHORT TERM INVESTMENTS 10.1%** | **SHORT TERM INVESTMENTS 10.1%** | **SHORT TERM INVESTMENTS 10.1%** |
| **Investment Companies 5.8%** | **Investment Companies 5.8%** | **Investment Companies 5.8%** |
| JNL Government Money Market Fund - Class I, 4.20% (m) (n) | 79649 | 79649 |
| **Securities Lending Collateral 4.3%** | **Securities Lending Collateral 4.3%** | **Securities Lending Collateral 4.3%** |
| JNL Government Money Market Fund - Class SL, 4.30% (m) (n) | 59475 | 59475 |
| Total Short Term Investments (cost $139,124) | Total Short Term Investments (cost $139,124) | 139124 |
| **Total Investments 103.9% (cost $1,419,121)** | **Total Investments 103.9% (cost $1,419,121)** | **1428359** |
| **Other Assets and Liabilities, Net (3.9)%** | **Other Assets and Liabilities, Net (3.9)%** | **(53573)** |
| **Total Net Assets 100.0%** | **Total Net Assets 100.0%** | **1374786** |

---

(a) Security is exempt from registration under the Securities Act of 1933, as amended. As of June 30, 2025, the value and the percentage of net assets of these securities was $1,026,481 and 74.7% of the Fund.

(b) Perpetual security. Next contractual call price and date are presented in parentheses, if applicable.

(c) All or a portion of the security was on loan as of June 30, 2025.

(d) Convertible security.

(e) The interest rate for this security is inversely affected by upgrades or downgrades to the credit rating of the issuer. Rate stated was the coupon as of June 30, 2025.

(f) Non-income producing security.

(g) As of June 30, 2025, issuer was in bankruptcy and/or was in default relating to principal and/or interest. Partial or no payments were paid on the last interest or dividend date.

(h) Security is restricted to resale to institutional investors or subject to trading restrictions due to sanctions on foreign issuers. See Restricted Securities table following the Schedules of Investments.

(i) Pay-in-kind security. Stated coupon is the pay-in-kind rate. The interest earned by the security may be paid in cash or additional par.

(j) Security has a variable rate. Interest rates reset periodically. Rate stated was in effect as of June 30, 2025. For securities based on a published reference rate and spread, the reference rate and spread are presented. Certain variable rate securities do not indicate a reference rate and spread because they are determined by the issuer, remarketing agent, or offering documents and are based on current market conditions. The coupon rate for securities with certain features outlined in the offering documents may vary from the stated reference rate and spread. This includes, but is not limited to, securities with deferred rates, contingent distributions, caps, floors, and fixed-rate to float-rate features. In addition, variable rates for government and agency collateralized mortgage obligations ("CMO") and mortgage-backed securities ("MBS") are determined by tranches of underlying mortgage-backed security pools' cash flows into securities and pass-through rates which reflect the rate earned on the asset pool after management and guarantee fees are paid to the securitizing corporation. CMO and MBS variable rates are determined by a formula set forth in the security's offering documents.

(k) This senior floating rate interest will settle after June 30, 2025. If a reference rate and spread is presented, it will go into effect upon settlement.

(l) Security fair valued in good faith as a Level 3 security in accordance with the procedures approved by the Board of Trustees. Good faith fair valued securities are classified based on the applicable valuation inputs. See "Fair Value Measurement" in the Notes to Financial Statements.

(m) Investment in affiliate.

(n) Yield changes daily to reflect current market conditions. Rate was the quoted yield as of June 30, 2025.

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **JNL/PPM America High Yield Bond Fund — Investments in Affiliates** | **JNL/PPM America High Yield Bond Fund — Investments in Affiliates** | **JNL/PPM America High Yield Bond Fund — Investments in Affiliates** | **JNL/PPM America High Yield Bond Fund — Investments in Affiliates** | **JNL/PPM America High Yield Bond Fund — Investments in Affiliates** | **JNL/PPM America High Yield Bond Fund — Investments in Affiliates** | **JNL/PPM America High Yield Bond Fund — Investments in Affiliates** | **JNL/PPM America High Yield Bond Fund — Investments in Affiliates** | **JNL/PPM America High Yield Bond Fund — Investments in Affiliates** |
| **Affiliated Investment** | **Value Beginning of Period($)** | **Purchases($)** | **Sales Proceeds($)** | **Dividend Income/ Distributions from Funds($)** | **Realized Gain (Loss)($)** | **Change in Unrealized Appreciation (Depreciation) ($)** | **Value End of Period($)** | **Percentage of Net Assets(%)** |
| JNL Government Money Market Fund, 4.20% - Class I | 48944 | 258087 | 227382 | 1233 |  |  | 79649 | 5.8 |
| JNL Government Money Market Fund, 4.30% - Class SL | 79197 | 261777 | 281499 | 1874 |  |  | 59475 | 4.3 |
|  | 128141 | 519864 | 508881 | 3107 |  |  | 139124 | 10.1 |

---

---

| | |
|:---|:---|
| **Summary of Investments by Country^** | **Total Long Term Investments** |
| **United States of America** | 79.3% |
| **Canada** | 4.9 |
| **France** | 2.2 |
| **United Kingdom** | 1.6 |
| **Israel** | 1.5 |

---

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page [607](#abbreviations).

514

**JNL Series Trust** (Unaudited)

**Schedules of Investments (in thousands)**

June 30, 2025

---

| | |
|:---|:---|
| **Summary of Investments by Country^** | **Total Long Term Investments** |
| **Germany** | 1.1 |
| **Australia** | 1.1 |
| **Macau** | 1.0 |
| **Austria** | 0.9 |
| **Brazil** | 0.9 |
| **Zambia** | 0.7 |
| **Luxembourg** | 0.7 |
| **Ireland** | 0.7 |
| **Malta** | 0.5 |
| **Colombia** | 0.5 |
| **Switzerland** | 0.4 |
| **Netherlands** | 0.4 |
| **Mexico** | 0.4 |
| **Spain** | 0.3 |
| **Norway** | 0.3 |
| **Kenya** | 0.2 |
| **Puerto Rico** | 0.2 |
| **Peru** | 0.2 |
|  | **100.0%** |
| ^A country table is presented as a percentage of the Fund's total long term investments because its strategy includes investment in non-U.S. securities as deemed significant by the Fund's Adviser. | ^A country table is presented as a percentage of the Fund's total long term investments because its strategy includes investment in non-U.S. securities as deemed significant by the Fund's Adviser. |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **JNL/PPM America High Yield Bond Fund — Restricted Securities** | **JNL/PPM America High Yield Bond Fund — Restricted Securities** | **JNL/PPM America High Yield Bond Fund — Restricted Securities** | **JNL/PPM America High Yield Bond Fund — Restricted Securities** | **JNL/PPM America High Yield Bond Fund — Restricted Securities** |
|  | **Initial Acquisition** | **Cost ($)** | **Value ($)** | **Percent of**<br> **Net Assets (%)** |
| Energean Israel Finance Ltd, 4.88%, 03/30/26 | 03/09/21 | 15171 | 15098 | 1.1 |
| Vistra Corp., 8.88% (callable at 100, 01/15/29) | 06/11/24 | 3256 | 3416 | 0.2 |
|  |  | 18427 | 18514 | 1.3 |

---

**Fair Value Hierarchy.** Various inputs are used in determining the fair value of financial instruments. For a description of the input levels and information about the Fund's policy regarding valuation of financial instruments, see Note 3 in the Notes to Financial Statements. The following table summarizes the Fund's investments categorized in the disclosure hierarchy as of June 30, 2025.

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **<u>. Level 1 ($) .</u>** | **<u>. Level 2 ($) .</u>** | **<u>. Level 3 ($) .</u>** | **<u>. Total ($) .</u>** |
| **JNL/PPM America High Yield Bond Fund** | **JNL/PPM America High Yield Bond Fund** | **JNL/PPM America High Yield Bond Fund** | **JNL/PPM America High Yield Bond Fund** | **JNL/PPM America High Yield Bond Fund** |
| **Assets - Securities** |  |  |  |  |
| &nbsp;&nbsp; Corporate Bonds And Notes |  | 1173476 |  | 1173476 |
| &nbsp;&nbsp; Senior Floating Rate Instruments |  | 107120 |  | 107120 |
| &nbsp;&nbsp; Common Stocks | 5250 |  | 25 | 5275 |
| &nbsp;&nbsp; Government And Agency Obligations |  | 3364 |  | 3364 |
| &nbsp;&nbsp; Short Term Investments | 139124 |  |  | 139124 |
|  | 144374 | 1283960 | 25 | 1428359 |

---

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page [607](#abbreviations).

515

**JNL Series Trust** (Unaudited)

**Schedules of Investments (in thousands)**

June 30, 2025

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| **JNL/PPM America Investment Grade Credit Fund** | **JNL/PPM America Investment Grade Credit Fund** | **JNL/PPM America Investment Grade Credit Fund** |
| **CORPORATE BONDS AND NOTES 87.8%** | **CORPORATE BONDS AND NOTES 87.8%** | **CORPORATE BONDS AND NOTES 87.8%** |
| **Financials 35.4%** | **Financials 35.4%** | **Financials 35.4%** |
| AerCap Ireland Capital Designated Activity Company |  |  |
| 3.00%, 10/29/28 | 900 | 857 |
| AIG Global Funding |  |  |
| 5.20%, 06/24/29 (a) | 794 | 814 |
| Ally Financial Inc. |  |  |
| 5.74%, 05/15/29 | 493 | 502 |
| American Express Company |  |  |
| 5.67%, 04/25/36 | 335 | 347 |
| AON North America, Inc. |  |  |
| 5.75%, 03/01/54 | 630 | 621 |
| Athene Holding Ltd |  |  |
| 6.63%, 05/19/55 | 330 | 339 |
| Avolon Holdings Funding Limited |  |  |
| 4.95%, 01/15/28 (a) | 783 | 787 |
| Banco Santander, S.A. |  |  |
| 6.53%, 11/07/27 (b) | 1280 | 1314 |
| Bank of America Corporation |  |  |
| 3.71%, 04/24/28 | 1290 | 1275 |
| 5.82%, 09/15/29 | 3000 | 3127 |
| 2.97%, 02/04/33 | 1500 | 1343 |
| 5.47%, 01/23/35 | 1500 | 1541 |
| 5.51%, 01/24/36 | 300 | 308 |
| Bank of New York Mellon Corporation, The |  |  |
| 6.32%, 10/25/29 | 600 | 637 |
| 5.83%, 10/25/33 | 1360 | 1442 |
| 5.32%, 06/06/36 | 788 | 804 |
| Barclays PLC |  |  |
| 7.63%, (100, 03/15/35) (b) (c) | 877 | 882 |
| 2.28%, 11/24/27 | 700 | 679 |
| Beacon Funding Trust |  |  |
| 6.27%, 08/15/54 (a) | 590 | 583 |
| Berkshire Hathaway Finance Corporation |  |  |
| 4.20%, 08/15/48 | 380 | 318 |
| 3.85%, 03/15/52 | 350 | 271 |
| BlackRock Finance, Inc. |  |  |
| 2.10%, 02/25/32 | 550 | 475 |
| BlackRock, Inc. |  |  |
| 5.25%, 03/14/54 | 370 | 355 |
| 5.35%, 01/08/55 | 628 | 612 |
| Blackstone Secured Lending Fund |  |  |
| 5.30%, 06/30/30 | 200 | 198 |
| Blue Owl Credit Income Corp. |  |  |
| 6.60%, 09/15/29 | 641 | 660 |
| Brookfield Asset Management Ltd. |  |  |
| 5.80%, 04/24/35 | 414 | 424 |
| Brown & Brown, Inc. |  |  |
| 5.25%, 06/23/32 | 175 | 178 |
| 5.55%, 06/23/35 | 99 | 101 |
| Capital One Financial Corporation |  |  |
| 6.18%, 01/30/36 | 550 | 560 |
| Caterpillar Financial Services Corporation |  |  |
| 4.85%, 02/27/29 | 870 | 890 |
| Citigroup Inc. |  |  |
| 6.95%, (100, 02/15/30) (c) | 600 | 612 |
| 3.79%, 03/17/33 | 1150 | 1075 |
| 6.02%, 01/24/36 | 600 | 616 |
| CNO Financial Group, Inc. |  |  |
| 6.45%, 06/15/34 | 300 | 315 |
| Corebridge Financial, Inc. |  |  |
| 5.75%, 01/15/34 | 580 | 603 |
| 4.40%, 04/05/52 | 330 | 264 |
| Credit Agricole SA |  |  |
| 5.22%, 05/27/31 (a) | 1096 | 1116 |
| Equitable Financial Life Global Funding |  |  |
| 1.70%, 11/12/26 (a) | 1120 | 1081 |
| 4.95%, 06/09/30 (a) | 2287 | 2312 |
| European Bank for Reconstruction and Development |  |  |
| 4.13%, 01/25/29 | 1160 | 1173 |
| European Investment Bank |  |  |
| 4.00%, 02/15/29 | 1500 | 1512 |
| 4.25%, 08/16/32 | 798 | 808 |
| Five Corners Funding Trust II |  |  |
| 2.85%, 05/15/30 (a) | 810 | 752 |
| Ford Motor Credit Company LLC |  |  |
| 5.92%, 03/20/28 | 800 | 808 |
| 6.80%, 11/07/28 | 520 | 539 |
| 5.88%, 11/07/29 | 450 | 452 |
| General Motors Financial Company, Inc. |  |  |
| 5.80%, 06/23/28 | 390 | 401 |
| 5.60%, 06/18/31 | 600 | 612 |
| Goldman Sachs Group, Inc., The |  |  |
| 4.69%, 10/23/30 | 580 | 582 |
| 4.41%, 04/23/39 | 910 | 820 |
| 5.56%, 11/19/45 | 1000 | 985 |
| Golub Capital Private Credit Fund |  |  |
| 5.88%, 05/01/30 | 586 | 586 |
| Guardian Life Insurance Company of America, The |  |  |
| 3.70%, 01/22/70 (a) | 330 | 223 |
| Hartford Insurance Group, Inc., The |  |  |
| 2.90%, 09/15/51 | 350 | 219 |
| HSBC Holdings PLC |  |  |
| 5.13%, 11/19/28 - 03/03/31 (b) | 1600 | 1619 |
| 6.16%, 03/09/29 | 600 | 624 |
| Inter-American Development Bank |  |  |
| 4.50%, 05/15/26 | 1910 | 1917 |
| International Bank for Reconstruction and Development |  |  |
| 4.75%, 04/10/26 | 2000 | 2010 |
| 3.88%, 10/16/29 - 02/14/30 | 4276 | 4285 |
| 4.00%, 07/25/30 | 810 | 815 |
| 4.50%, 04/10/31 | 700 | 721 |
| JPMorgan Chase & Co. |  |  |
| 5.04%, 01/23/28 | 1000 | 1010 |
| 4.51%, 10/22/28 | 1640 | 1644 |
| 2.07%, 06/01/29 | 1223 | 1148 |
| 4.20%, 07/23/29 | 1950 | 1943 |
| 5.35%, 06/01/34 | 610 | 628 |
| 4.95%, 10/22/35 | 800 | 792 |
| 5.57%, 04/22/36 | 200 | 207 |
| 3.11%, 04/22/41 | 430 | 329 |
| 5.53%, 11/29/45 | 1300 | 1305 |
| 3.96%, 11/15/48 | 650 | 520 |
| KfW |  |  |
| 5.00%, 03/16/26 | 3000 | 3017 |
| 4.63%, 08/07/26 | 700 | 705 |
| 3.50%, 08/27/27 | 3700 | 3681 |
| KKR Group Finance Co. X LLC |  |  |
| 3.25%, 12/15/51 (a) | 360 | 232 |
| Lloyds Banking Group PLC |  |  |
| 5.72%, 06/05/30 | 485 | 504 |
| LPL Holdings, Inc. |  |  |
| 5.65%, 03/15/35 | 350 | 352 |
| MET Tower Global Funding |  |  |
| 4.85%, 01/16/27 (a) | 1390 | 1404 |
| Mitsubishi UFJ Financial Group, Inc. |  |  |
| 5.57%, 01/16/36 | 1900 | 1949 |
| Morgan Stanley |  |  |
| 5.66%, 04/18/30 | 1450 | 1507 |
| 4.65%, 10/18/30 | 1870 | 1874 |
| 5.19%, 04/17/31 | 1600 | 1639 |
| 5.25%, 04/21/34 | 1840 | 1872 |
| 5.59%, 01/18/36 | 400 | 412 |
| 5.95%, 01/19/38 | 400 | 412 |
| 5.52%, 11/19/55 | 1000 | 977 |
| Morgan Stanley Bank, N.A. |  |  |
| 5.02%, 01/12/29 | 700 | 711 |
| NatWest Group PLC |  |  |
| 5.12%, 05/23/31 (b) | 646 | 655 |
| New York Life Global Funding |  |  |
| 4.55%, 01/28/33 (a) | 450 | 440 |
| Northwestern Mutual Life Foundation, Inc. |  |  |
| 6.17%, 05/29/55 (a) | 340 | 355 |

---

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page [607](#abbreviations).

516

**JNL Series Trust** (Unaudited)

**Schedules of Investments (in thousands)**

June 30, 2025

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| Royal Bank of Canada |  |  |
| 4.97%, 08/02/30 | 1100 | 1116 |
| 6.35%, 11/24/84 (b) | 1000 | 941 |
| S&P Global Inc. |  |  |
| 5.25%, 09/15/33 | 910 | 945 |
| Sixth Street Lending Partners |  |  |
| 6.13%, 07/15/30 (a) | 100 | 102 |
| Skandinaviska Enskilda Banken AB |  |  |
| 5.38%, 03/05/29 (a) | 810 | 835 |
| The PNC Financial Services Group, Inc. |  |  |
| 6.04%, 10/28/33 | 925 | 983 |
| 5.58%, 01/29/36 | 552 | 569 |
| Toyota Motor Credit Corporation |  |  |
| 5.10%, 03/21/31 | 500 | 514 |
| Truist Financial Corporation |  |  |
| 5.12%, 01/26/34 | 400 | 400 |
| U.S. Bancorp |  |  |
| 5.08%, 05/15/31 | 393 | 401 |
| 5.42%, 02/12/36 | 705 | 719 |
| U.S. Bank National Association |  |  |
| 4.73%, 05/15/28 (d) | 830 | 835 |
| UBS Group AG |  |  |
| 6.25%, 09/22/29 (a) | 1000 | 1051 |
| 6.54%, 08/12/33 (a) | 200 | 218 |
| Wells Fargo & Company |  |  |
| 2.88%, 10/30/30 | 930 | 869 |
| 5.24%, 01/24/31 | 1000 | 1026 |
| 5.15%, 04/23/31 | 1600 | 1638 |
| 5.56%, 07/25/34 | 580 | 599 |
| | | 99686 |
| **Health Care 9.2%** | **Health Care 9.2%** | **Health Care 9.2%** |
| AbbVie Inc. |  |  |
| 4.80%, 03/15/29 | 1500 | 1530 |
| 4.25%, 11/21/49 | 300 | 247 |
| Advocate Health and Hospitals Corporation |  |  |
| 3.01%, 06/15/50 | 470 | 312 |
| Alcon Finance Corporation |  |  |
| 3.00%, 09/23/29 (a) | 397 | 374 |
| 2.60%, 05/27/30 (a) | 617 | 564 |
| Amgen Inc. |  |  |
| 5.25%, 03/02/30 | 970 | 999 |
| 5.65%, 03/02/53 | 670 | 653 |
| AstraZeneca Finance LLC |  |  |
| 5.00%, 02/26/34 | 780 | 795 |
| Bayer US Finance II LLC |  |  |
| 4.63%, 06/25/38 (a) | 390 | 346 |
| Bristol-Myers Squibb Company |  |  |
| 4.13%, 06/15/39 | 500 | 445 |
| Cencora, Inc. |  |  |
| 4.85%, 12/15/29 | 420 | 427 |
| 5.15%, 02/15/35 | 594 | 600 |
| Centene Corporation |  |  |
| 3.38%, 02/15/30 | 1220 | 1126 |
| Cigna Group, The |  |  |
| 2.38%, 03/15/31 | 400 | 356 |
| CVS Health Corporation |  |  |
| 4.78%, 03/25/38 | 1720 | 1579 |
| Elevance Health, Inc. |  |  |
| 6.10%, 10/15/52 | 610 | 622 |
| Eli Lilly and Company |  |  |
| 5.05%, 08/14/54 | 768 | 719 |
| Gilead Sciences, Inc. |  |  |
| 4.80%, 04/01/44 | 560 | 512 |
| HCA Inc. |  |  |
| 5.45%, 09/15/34 | 346 | 349 |
| 4.63%, 03/15/52 | 750 | 603 |
| 6.20%, 03/01/55 | 500 | 503 |
| Humana Inc. |  |  |
| 5.75%, 04/15/54 | 200 | 186 |
| Indiana University Health, Inc. |  |  |
| 2.85%, 11/01/51 | 350 | 219 |
| Johnson & Johnson |  |  |
| 4.85%, 03/01/32 | 1040 | 1069 |
| Kaiser Foundation Hospitals |  |  |
| 4.15%, 05/01/47 | 290 | 238 |
| Labcorp Holdings Inc. |  |  |
| 4.35%, 04/01/30 | 1020 | 1013 |
| Mars, Incorporated |  |  |
| 3.88%, 04/01/39 (a) | 780 | 672 |
| 5.65%, 05/01/45 (a) | 240 | 241 |
| 5.70%, 05/01/55 (a) | 100 | 100 |
| McKesson Corporation |  |  |
| 4.65%, 05/30/30 | 1370 | 1381 |
| Merck & Co., Inc. |  |  |
| 5.00%, 05/17/53 | 370 | 341 |
| Pfizer Investment Enterprises Pte. Ltd |  |  |
| 4.45%, 05/19/26 | 770 | 770 |
| 5.30%, 05/19/53 | 400 | 378 |
| Quest Diagnostics Incorporated |  |  |
| 4.63%, 12/15/29 | 1571 | 1586 |
| Roche Holdings, Inc. |  |  |
| 5.59%, 11/13/33 (a) | 400 | 424 |
| Royalty Pharma PLC |  |  |
| 3.30%, 09/02/40 | 1040 | 783 |
| STERIS Irish FinCo Unlimited Company |  |  |
| 3.75%, 03/15/51 | 280 | 199 |
| Takeda Pharmaceutical Company Limited |  |  |
| 5.30%, 07/05/34 | 670 | 679 |
| UnitedHealth Group Incorporated |  |  |
| 4.95%, 01/15/32 | 950 | 962 |
| 4.25%, 06/15/48 | 920 | 740 |
| 6.05%, 02/15/63 | 300 | 304 |
|  |  | 25946 |
| **Utilities 8.2%** | **Utilities 8.2%** | **Utilities 8.2%** |
| Atmos Energy Corporation |  |  |
| 5.20%, 08/15/35 | 542 | 548 |
| Consolidated Edison Company of New York, Inc. |  |  |
| 4.45%, 03/15/44 | 670 | 576 |
| 5.70%, 05/15/54 | 200 | 200 |
| Constellation Energy Generation, LLC |  |  |
| 6.50%, 10/01/53 | 220 | 236 |
| Duke Energy Corporation |  |  |
| 4.25%, 12/15/41 | 410 | 351 |
| Duke Energy Florida, LLC |  |  |
| 5.95%, 11/15/52 | 560 | 575 |
| Duke Energy Progress, LLC |  |  |
| 5.10%, 03/15/34 | 370 | 376 |
| 4.10%, 03/15/43 | 450 | 372 |
| 5.55%, 03/15/55 | 908 | 889 |
| Electricite de France |  |  |
| 6.00%, 04/22/64 (a) | 450 | 426 |
| Entergy Utility Assets, LLC |  |  |
| 5.15%, 09/15/34 | 267 | 269 |
| Essential Utilities, Inc. |  |  |
| 2.70%, 04/15/30 | 530 | 489 |
| Exelon Corporation |  |  |
| 5.60%, 03/15/53 | 340 | 327 |
| 6.50%, 03/15/55 | 1503 | 1528 |
| Florida Power & Light Company |  |  |
| 5.30%, 06/15/34 | 660 | 680 |
| 3.95%, 03/01/48 | 780 | 621 |
| Interstate Power and Light Company |  |  |
| 5.60%, 06/29/35 | 354 | 364 |
| Nevada Power Company |  |  |
| 6.00%, 03/15/54 | 200 | 203 |
| Niagara Mohawk Power Corporation |  |  |
| 6.00%, 07/03/55 (a) | 503 | 503 |
| NiSource Inc. |  |  |
| 5.85%, 04/01/55 | 914 | 904 |
| Northern States Power Company |  |  |
| 5.10%, 05/15/53 | 500 | 464 |
| NSTAR Electric Company |  |  |
| 1.95%, 08/15/31 | 300 | 260 |
| 5.40%, 06/01/34 | 215 | 221 |
| 5.20%, 03/01/35 | 982 | 990 |
| Oncor Electric Delivery Company LLC |  |  |
| 3.10%, 09/15/49 | 430 | 282 |

---

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page [607](#abbreviations).

517

**JNL Series Trust** (Unaudited)

**Schedules of Investments (in thousands)**

June 30, 2025

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| PECO Energy Company |  |  |
| 2.85%, 09/15/51 | 410 | 258 |
| PG&E Company |  |  |
| 6.95%, 03/15/34 | 450 | 485 |
| 4.50%, 07/01/40 | 620 | 517 |
| 6.75%, 01/15/53 | 650 | 654 |
| 6.70%, 04/01/53 | 310 | 311 |
| 5.90%, 10/01/54 | 440 | 399 |
| Piedmont Natural Gas Company, Inc. |  |  |
| 5.05%, 05/15/52 | 280 | 248 |
| Public Service Electric And Gas Company |  |  |
| 5.45%, 03/01/54 | 600 | 586 |
| Public Service Enterprise Group Incorporated |  |  |
| 5.85%, 11/15/27 | 690 | 714 |
| 5.88%, 10/15/28 | 850 | 890 |
| RWE Finance US, LLC |  |  |
| 6.25%, 04/16/54 (a) | 340 | 339 |
| San Diego Gas & Electric Company |  |  |
| 5.35%, 04/01/53 | 360 | 336 |
| Sempra |  |  |
| 6.40%, 10/01/54 | 870 | 826 |
| Southern California Edison Company |  |  |
| 4.88%, 02/01/27 | 860 | 865 |
| 5.20%, 06/01/34 | 500 | 485 |
| 4.65%, 10/01/43 | 470 | 380 |
| 5.88%, 12/01/53 | 560 | 510 |
| Southern California Gas Company |  |  |
| 5.45%, 06/15/35 | 589 | 601 |
| 6.35%, 11/15/52 | 200 | 214 |
| 6.00%, 06/15/55 | 551 | 561 |
| Virginia Electric and Power Company |  |  |
| 2.45%, 12/15/50 | 450 | 252 |
| | | 23085 |
| **Industrials 7.2%** | **Industrials 7.2%** | **Industrials 7.2%** |
| Aircastle Limited |  |  |
| 6.50%, 07/18/28 (a) | 950 | 992 |
| Amcor Finance (USA), Inc. |  |  |
| 5.63%, 05/26/33 | 400 | 415 |
| Boeing Company, The |  |  |
| 6.30%, 05/01/29 (e) | 900 | 951 |
| 6.53%, 05/01/34 (e) | 490 | 532 |
| 5.81%, 05/01/50 (e) | 450 | 431 |
| Burlington Northern Santa Fe, LLC |  |  |
| 5.40%, 06/01/41 | 410 | 408 |
| 5.20%, 04/15/54 | 840 | 795 |
| 5.50%, 03/15/55 | 811 | 804 |
| Canadian Pacific Kansas City Limited |  |  |
| 3.10%, 12/02/51 | 630 | 414 |
| Caterpillar Inc. |  |  |
| 5.20%, 05/15/35 | 1103 | 1123 |
| Element Fleet Management Corp. |  |  |
| 5.04%, 03/25/30 (a) | 490 | 494 |
| Ferguson Enterprises Inc. |  |  |
| 5.00%, 10/03/34 | 200 | 199 |
| GATX Corporation |  |  |
| 6.90%, 05/01/34 | 370 | 411 |
| Holcim Finance US LLC |  |  |
| 4.95%, 04/07/30 (a) | 391 | 396 |
| Huntington Ingalls Industries, Inc. |  |  |
| 5.35%, 01/15/30 | 427 | 438 |
| 5.75%, 01/15/35 | 263 | 271 |
| Norfolk Southern Corporation |  |  |
| 5.35%, 08/01/54 (f) | 450 | 431 |
| Paychex, Inc. |  |  |
| 5.10%, 04/15/30 | 498 | 510 |
| 5.35%, 04/15/32 | 385 | 395 |
| 5.60%, 04/15/35 | 209 | 216 |
| Regal Rexnord Corporation |  |  |
| 6.05%, 04/15/28 (e) | 790 | 814 |
| 6.40%, 04/15/33 (e) | 510 | 538 |
| Republic Services, Inc. |  |  |
| 4.88%, 04/01/29 | 270 | 276 |
| RTX Corporation |  |  |
| 6.00%, 03/15/31 | 980 | 1053 |
| 6.10%, 03/15/34 | 680 | 735 |
| 5.38%, 02/27/53 | 220 | 211 |
| Smurfit Kappa Treasury Unlimited Company |  |  |
| 5.78%, 04/03/54 | 820 | 809 |
| Smurfit Westrock Financing Designated Activity Company |  |  |
| 5.42%, 01/15/35 | 208 | 211 |
| Tyco Electronics Group S.A. |  |  |
| 5.00%, 05/09/35 | 380 | 378 |
| UL Solutions Inc. |  |  |
| 6.50%, 10/20/28 (a) | 700 | 738 |
| Union Pacific Corporation |  |  |
| 3.60%, 09/15/37 | 530 | 461 |
| 3.95%, 08/15/59 | 490 | 361 |
| Verisk Analytics, Inc. |  |  |
| 5.25%, 06/05/34 | 663 | 677 |
| Waste Connections, Inc. |  |  |
| 5.00%, 03/01/34 | 510 | 515 |
| Waste Management, Inc. |  |  |
| 4.80%, 03/15/32 | 1840 | 1869 |
|  |  | 20272 |
| **Information Technology 6.4%** | **Information Technology 6.4%** | **Information Technology 6.4%** |
| Accenture Capital Inc. |  |  |
| 4.05%, 10/04/29 | 732 | 727 |
| Apple Inc. |  |  |
| 4.50%, 05/12/32 | 1360 | 1376 |
| 4.75%, 05/12/35 | 1360 | 1372 |
| 3.45%, 02/09/45 | 450 | 349 |
| 4.38%, 05/13/45 | 170 | 150 |
| 4.65%, 02/23/46 | 560 | 512 |
| 3.95%, 08/08/52 | 800 | 637 |
| AppLovin Corporation |  |  |
| 5.38%, 12/01/31 | 700 | 712 |
| Broadcom Inc. |  |  |
| 5.05%, 07/12/29 | 1308 | 1340 |
| 4.35%, 02/15/30 | 1207 | 1203 |
| 3.47%, 04/15/34 (a) | 500 | 446 |
| 4.93%, 05/15/37 (a) | 180 | 175 |
| Cisco Systems, Inc. |  |  |
| 4.85%, 02/26/29 | 580 | 594 |
| 4.95%, 02/26/31 | 330 | 339 |
| 5.30%, 02/26/54 | 330 | 320 |
| Foundry JV Holdco LLC |  |  |
| 5.90%, 01/25/30 (a) | 228 | 238 |
| 6.15%, 01/25/32 (a) | 500 | 526 |
| Intel Corporation |  |  |
| 4.80%, 10/01/41 | 310 | 271 |
| 5.63%, 02/10/43 | 750 | 713 |
| International Business Machines Corporation |  |  |
| 5.20%, 02/10/35 | 300 | 304 |
| Microsoft Corporation |  |  |
| 2.53%, 06/01/50 | 1700 | 1052 |
| NXP B.V. |  |  |
| 3.15%, 05/01/27 | 730 | 715 |
| Oracle Corporation |  |  |
| 3.65%, 03/25/41 | 600 | 473 |
| 4.00%, 11/15/47 | 520 | 398 |
| Qualcomm Incorporated |  |  |
| 4.80%, 05/20/45 | 340 | 311 |
| Synopsys, Inc. |  |  |
| 4.85%, 04/01/30 | 968 | 982 |
| TD SYNNEX Corporation |  |  |
| 6.10%, 04/12/34 | 190 | 200 |
| Texas Instruments Incorporated |  |  |
| 3.65%, 08/16/32 | 550 | 521 |
| 5.15%, 02/08/54 | 500 | 471 |
| Wipro IT Services, LLC |  |  |
| 1.50%, 06/23/26 (a) | 570 | 553 |
|  |  | 17980 |
| **Consumer Staples 6.1%** | **Consumer Staples 6.1%** | **Consumer Staples 6.1%** |
| Anheuser-Busch InBev Worldwide Inc. |  |  |
| 5.45%, 01/23/39 | 1700 | 1731 |
| Ashtead Capital, Inc. |  |  |
| 4.00%, 05/01/28 (a) | 630 | 620 |

---

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page [607](#abbreviations).

518

**JNL Series Trust** (Unaudited)

**Schedules of Investments (in thousands)**

June 30, 2025

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| B.A.T Capital Corporation |  |  |
| 5.35%, 08/15/32 | 1440 | 1474 |
| 7.08%, 08/02/53 | 400 | 446 |
| Bimbo Bakeries USA, Inc. |  |  |
| 5.38%, 01/09/36 (a) | 590 | 583 |
| Cargill, Incorporated |  |  |
| 2.13%, 11/10/31 (a) | 580 | 504 |
| Coca-Cola Company, The |  |  |
| 5.30%, 05/13/54 | 500 | 486 |
| Constellation Brands, Inc. |  |  |
| 4.80%, 05/01/30 | 141 | 142 |
| 2.25%, 08/01/31 | 510 | 442 |
| 4.90%, 05/01/33 (f) | 250 | 248 |
| CSL Finance PLC |  |  |
| 4.25%, 04/27/32 (a) | 330 | 322 |
| 5.11%, 04/03/34 (a) | 920 | 935 |
| Grupo Nutresa S.A. |  |  |
| 9.00%, 05/12/35 (a) (f) | 300 | 325 |
| JBS USA Holding Lux S.a r.l. |  |  |
| 6.38%, 04/15/66 (a) | 943 | 949 |
| JBS USA Lux S.A. |  |  |
| 6.75%, 03/15/34 | 100 | 109 |
| 7.25%, 11/15/53 | 430 | 485 |
| Kenvue Inc. |  |  |
| 5.00%, 03/22/30 | 800 | 825 |
| Keurig Dr Pepper Inc. |  |  |
| 3.95%, 04/15/29 | 800 | 787 |
| Nestle Capital Corporation |  |  |
| 4.88%, 03/12/34 (a) | 300 | 304 |
| Nestle Holdings, Inc. |  |  |
| 5.25%, 03/13/26 (a) | 870 | 876 |
| Philip Morris International Inc. |  |  |
| 4.75%, 11/01/31 | 900 | 907 |
| Procter & Gamble Company, The |  |  |
| 4.05%, 05/01/30 | 1100 | 1101 |
| Southern California, University of |  |  |
| 3.84%, 10/01/47 | 450 | 356 |
| Trustees of Columbia University In The City of New York, The |  |  |
| 4.36%, 10/01/35 | 447 | 429 |
| Tyson Foods, Inc. |  |  |
| 5.70%, 03/15/34 | 550 | 569 |
| Unilever Capital Corporation |  |  |
| 5.00%, 12/08/33 | 610 | 626 |
| University of Chicago, The |  |  |
| 2.76%, 04/01/45 | 350 | 272 |
| Walmart Inc. |  |  |
| 4.50%, 04/15/53 | 500 | 438 |
| | | 17291 |
| **Communication Services 5.2%** | **Communication Services 5.2%** | **Communication Services 5.2%** |
| Alphabet Inc. |  |  |
| 4.50%, 05/15/35 | 910 | 897 |
| 1.90%, 08/15/40 | 449 | 301 |
| 5.25%, 05/15/55 | 173 | 170 |
| 5.30%, 05/15/65 | 162 | 158 |
| AT&T Inc. |  |  |
| 2.30%, 06/01/27 | 640 | 617 |
| 5.25%, 03/01/37 | 1180 | 1180 |
| 4.85%, 03/01/39 | 1110 | 1050 |
| 4.30%, 12/15/42 | 390 | 329 |
| 3.65%, 06/01/51 | 1540 | 1092 |
| Charter Communications Operating, LLC |  |  |
| 3.50%, 06/01/41 - 03/01/42 | 960 | 691 |
| Comcast Corporation |  |  |
| 4.25%, 10/15/30 | 700 | 696 |
| 3.75%, 04/01/40 | 760 | 632 |
| 2.89%, 11/01/51 | 760 | 463 |
| Cox Communications, Inc. |  |  |
| 5.95%, 09/01/54 (a) | 580 | 538 |
| Meta Platforms, Inc. |  |  |
| 5.60%, 05/15/53 | 500 | 500 |
| 5.55%, 08/15/64 | 492 | 481 |
| SoftBank Corp. |  |  |
| 5.33%, 07/09/35 (a) | 628 | 628 |
| T-Mobile USA, Inc. |  |  |
| 4.95%, 03/15/28 | 800 | 813 |
| 2.25%, 11/15/31 | 400 | 347 |
| 5.75%, 01/15/34 | 850 | 890 |
| 5.65%, 01/15/53 | 240 | 232 |
| Verizon Communications Inc. |  |  |
| 4.40%, 11/01/34 | 1300 | 1235 |
| Walt Disney Company, The |  |  |
| 6.65%, 11/15/37 | 660 | 756 |
|  |  | 14696 |
| **Energy 5.1%** | **Energy 5.1%** | **Energy 5.1%** |
| BP Capital Markets America Inc. |  |  |
| 2.94%, 06/04/51 | 410 | 257 |
| Chevron U.S.A. Inc. |  |  |
| 4.41%, 02/26/27 | 900 | 908 |
| ConocoPhillips Company |  |  |
| 5.30%, 05/15/53 | 360 | 332 |
| Energy Transfer LP |  |  |
| 6.40%, 12/01/30 | 600 | 647 |
| 5.70%, 04/01/35 | 300 | 306 |
| 5.80%, 06/15/38 | 380 | 382 |
| 5.00%, 05/15/50 | 907 | 760 |
| Enterprise Products Operating LLC |  |  |
| 5.70%, 02/15/42 | 800 | 805 |
| 5.55%, 02/16/55 | 140 | 135 |
| Equinor ASA |  |  |
| 5.13%, 06/03/35 | 900 | 915 |
| Exxon Mobil Corporation |  |  |
| 4.23%, 03/19/40 | 700 | 626 |
| MPLX LP |  |  |
| 5.50%, 06/01/34 | 730 | 734 |
| Ovintiv Canada ULC |  |  |
| 5.65%, 05/15/28 | 790 | 812 |
| 6.25%, 07/15/33 | 510 | 526 |
| Pioneer Natural Resources Company |  |  |
| 1.90%, 08/15/30 | 700 | 621 |
| Sabine Pass Liquefaction, LLC |  |  |
| 5.00%, 03/15/27 | 790 | 795 |
| 4.50%, 05/15/30 | 1030 | 1028 |
| Shell International Finance B.V. |  |  |
| 3.00%, 11/26/51 | 730 | 470 |
| Targa Resources Corp. |  |  |
| 6.15%, 03/01/29 | 900 | 947 |
| 4.95%, 04/15/52 | 210 | 175 |
| Targa Resources Partners LP |  |  |
| 4.00%, 01/15/32 | 610 | 567 |
| TotalEnergies SE |  |  |
| 5.64%, 04/05/64 | 600 | 582 |
| Williams Companies, Inc., The |  |  |
| 5.30%, 09/30/35 - 08/15/52 | 1040 | 1002 |
|  |  | 14332 |
| **Consumer Discretionary 2.2%** | **Consumer Discretionary 2.2%** | **Consumer Discretionary 2.2%** |
| Amazon.com, Inc. |  |  |
| 3.88%, 08/22/37 | 1100 | 995 |
| 2.50%, 06/03/50 | 370 | 222 |
| General Motors Company |  |  |
| 5.63%, 04/15/30 | 850 | 869 |
| Honda Motor Co., Ltd. |  |  |
| 5.34%, 07/08/35 | 1100 | 1103 |
| Hyundai Capital America |  |  |
| 4.88%, 11/01/27 (a) | 800 | 804 |
| Lowe`s Companies, Inc. |  |  |
| 3.00%, 10/15/50 | 740 | 463 |
| Marriott International, Inc. |  |  |
| 4.65%, 12/01/28 | 580 | 585 |
| McDonald's Corporation |  |  |
| 5.45%, 08/14/53 | 530 | 510 |
| Spectrum Management Holding Company, LLC |  |  |
| 6.75%, 06/15/39 | 230 | 239 |
| Toyota Motor Corporation |  |  |
| 5.05%, 06/30/35 | 350 | 352 |
| Warnermedia Holdings, Inc. |  |  |
| 5.14%, 03/15/52 | 98 | 60 |
|  |  | 6202 |

---

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page [607](#abbreviations).

519

**JNL Series Trust** (Unaudited)

**Schedules of Investments (in thousands)**

June 30, 2025

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| **Materials 1.7%** | **Materials 1.7%** | **Materials 1.7%** |
| Amcor Flexibles North America, Inc. |  |  |
| 5.50%, 03/17/35 (a) | 591 | 600 |
| Anglo American Capital PLC |  |  |
| 4.50%, 03/15/28 (a) | 340 | 340 |
| 6.00%, 04/05/54 (a) | 260 | 256 |
| Antofagasta PLC |  |  |
| 6.25%, 05/02/34 (a) | 247 | 258 |
| Corporacion Nacional del Cobre de Chile |  |  |
| 6.44%, 01/26/36 (a) | 500 | 523 |
| Glencore Funding LLC |  |  |
| 5.19%, 04/01/30 (a) | 164 | 167 |
| 5.67%, 04/01/35 (a) | 367 | 374 |
| Newmont Corporation |  |  |
| 5.35%, 03/15/34 | 1220 | 1252 |
| Sonoco Products Company |  |  |
| 4.45%, 09/01/26 | 193 | 193 |
| 4.60%, 09/01/29 | 500 | 499 |
| Vulcan Materials Company |  |  |
| 5.70%, 12/01/54 | 311 | 309 |
|  |  | 4771 |
| **Real Estate 1.1%** | **Real Estate 1.1%** | **Real Estate 1.1%** |
| American Tower Corporation |  |  |
| 1.45%, 09/15/26 | 1140 | 1101 |
| 2.90%, 01/15/30 | 500 | 466 |
| CoStar Group, Inc. |  |  |
| 2.80%, 07/15/30 (a) | 510 | 461 |
| ERP Operating Limited Partnership |  |  |
| 4.95%, 06/15/32 | 178 | 180 |
| ProLogis, L.P. |  |  |
| 5.25%, 06/15/53 | 200 | 188 |
| VICI Properties Inc. |  |  |
| 4.13%, 08/15/30 (a) | 600 | 576 |
|  |  | 2972 |
| Total Corporate Bonds And Notes (cost $243,417) | Total Corporate Bonds And Notes (cost $243,417) | 247233 |
| **GOVERNMENT AND AGENCY OBLIGATIONS 6.2%** | **GOVERNMENT AND AGENCY OBLIGATIONS 6.2%** | **GOVERNMENT AND AGENCY OBLIGATIONS 6.2%** |
| **Sovereign 2.3%** | **Sovereign 2.3%** | **Sovereign 2.3%** |
| CPPIB Capital Inc. |  |  |
| 3.75%, 10/08/27 (a) | 1170 | 1168 |
| Gobierno Federal de los Estados Unidos Mexicanos |  |  |
| 6.00%, 05/07/36 | 800 | 791 |
| 6.34%, 05/04/53 | 550 | 505 |
| Israel, State of |  |  |
| 5.50%, 03/12/34 | 1040 | 1049 |
| ROP Sukuk Trust |  |  |
| 5.05%, 06/06/29 (a) | 960 | 980 |
| Segretariato Generale Della Presidenza Della Repubblica |  |  |
| 3.88%, 05/06/51 | 310 | 211 |
| The Philippines, Government of |  |  |
| 5.00%, 07/17/33 | 720 | 727 |
| 5.95%, 10/13/47 | 330 | 341 |
| Urzad Rady Ministrow |  |  |
| 5.50%, 03/18/54 | 850 | 786 |
|  |  | 6558 |
| **U.S. Treasury Bond 2.3%** | **U.S. Treasury Bond 2.3%** | **U.S. Treasury Bond 2.3%** |
| Treasury, United States Department of |  |  |
| 4.13%, 08/15/44 | 4380 | 4013 |
| 2.88%, 11/15/46 | 3250 | 2393 |
|  |  | 6406 |
| **U.S. Treasury Note 1.2%** | **U.S. Treasury Note 1.2%** | **U.S. Treasury Note 1.2%** |
| Treasury, United States Department of |  |  |
| 4.63%, 06/30/26 | 3500 | 3520 |
| **Municipal 0.4%** | **Municipal 0.4%** | **Municipal 0.4%** |
| Jobsohio Beverage System |  |  |
| 4.43%, 01/01/33 | 145 | 146 |
| Metropolitan Transportation Authority |  |  |
| 6.81%, 11/15/40 | 160 | 174 |
| New Jersey Turnpike Authority |  |  |
| 7.10%, 01/01/41 | 250 | 286 |
| Texas, State of |  |  |
| 5.52%, 04/01/39 | 250 | 257 |
| The University of Texas System |  |  |
| 4.79%, 08/15/46 | 230 | 213 |
|  |  | 1076 |
| Total Government And Agency Obligations (cost $17,514) | Total Government And Agency Obligations (cost $17,514) | 17560 |
| **NON-U.S. GOVERNMENT AGENCY ASSET-BACKED SECURITIES 2.2%** | **NON-U.S. GOVERNMENT AGENCY ASSET-BACKED SECURITIES 2.2%** | **NON-U.S. GOVERNMENT AGENCY ASSET-BACKED SECURITIES 2.2%** |
| American Airlines, Inc. |  |  |
| Series 2016-AA-2, 3.20%, 06/15/28 | 243 | 232 |
| Series 2016-A-2, 3.65%, 06/15/28 | 200 | 190 |
| British Airways PLC |  |  |
| Series 2018-AA-1, 3.80%, 09/20/31 | 232 | 224 |
| Series 2019-1, 3.30%, 12/15/32 | 299 | 277 |
| DLLAD 2024-1 LLC |  |  |
| Series 2024-A2-1A, 5.50%, 06/20/26 | 751 | 754 |
| Greatamerica Leasing Receivables Funding, L.L.C. |  |  |
| Series 2025-A2-1, 4.52%, 04/15/27 | 906 | 906 |
| QTS Issuer ABS I LLC |  |  |
| Series 2025-A2-1A, 5.44%, 05/28/30 | 690 | 698 |
| RIDE 2025-SHRE |  |  |
| Series 2025-A-SHRE, REMIC, 5.62%, 02/14/30 (g) | 210 | 214 |
| SFS Auto Receivables Securitization Trust 2024-2 |  |  |
| Series 2024-A2-2A, 5.71%, 10/20/27 | 347 | 347 |
| United Airlines Pass Through Certificates, Series 2015-1 |  |  |
| Series 2023-1, 5.80%, 01/15/36 | 1385 | 1405 |
| United Airlines Pass Through Certificates, Series 2016-2 |  |  |
| Series 2024-AA-1, 5.45%, 02/15/37 | 631 | 636 |
| United Airlines Pass Through Certificates, Series 2019-1 |  |  |
| Series 2019-AA-1, 4.15%, 08/25/31 | 283 | 269 |
| Total Non-U.S. Government Agency Asset-Backed Securities (cost $6,100) | Total Non-U.S. Government Agency Asset-Backed Securities (cost $6,100) | 6152 |
| **SHORT TERM INVESTMENTS 3.9%** | **SHORT TERM INVESTMENTS 3.9%** | **SHORT TERM INVESTMENTS 3.9%** |
| **U.S. Treasury Bill 1.8%** | **U.S. Treasury Bill 1.8%** | **U.S. Treasury Bill 1.8%** |
| Treasury, United States Department of |  |  |
| 4.25%, 07/31/25 | 3000 | 2990 |
| 4.20%, 11/20/25 | 2000 | 1967 |
|  |  | 4957 |
| **Investment Companies 1.7%** | **Investment Companies 1.7%** | **Investment Companies 1.7%** |
| JNL Government Money Market Fund - Class I, 4.20% (h) (i) | 4849 | 4849 |
| **Securities Lending Collateral 0.4%** | **Securities Lending Collateral 0.4%** | **Securities Lending Collateral 0.4%** |
| JNL Government Money Market Fund - Class SL, 4.30% (h) (i) | 1033 | 1033 |
| Total Short Term Investments (cost $10,839) | Total Short Term Investments (cost $10,839) | 10839 |
| **Total Investments 100.1% (cost $277,870)** | **Total Investments 100.1% (cost $277,870)** | **281784** |
| **Other Derivative Instruments 0.0%** | **Other Derivative Instruments 0.0%** | **11** |
| **Other Assets and Liabilities, Net (0.1)%** | **Other Assets and Liabilities, Net (0.1)%** | (256) |
| **Total Net Assets 100.0%** | **Total Net Assets 100.0%** | **281539** |

---

(a) Security is exempt from registration under the Securities Act of 1933, as amended. As of June 30, 2025, the value and the percentage of net assets of these securities was $33,943 and 12.1% of the Fund.

(b) Convertible security.

(c) Perpetual security. Next contractual call price and date are presented in parentheses, if applicable.

(d) Security is restricted to resale to institutional investors or subject to trading restrictions due to sanctions on foreign issuers. See Restricted Securities table following the Schedules of Investments.

(e) The interest rate for this security is inversely affected by upgrades or downgrades to the credit rating of the issuer. Rate stated was the coupon as of June 30, 2025.

(f) All or a portion of the security was on loan as of June 30, 2025.

(g) Security has a variable rate. Interest rates reset periodically. Rate stated was in effect as of June 30, 2025. For securities based on a published reference rate and spread, the reference rate and spread are presented. Certain variable rate securities do not indicate a reference rate and spread because they are determined by the issuer, remarketing agent, or offering documents and are based on current market conditions. The coupon rate for securities with certain features outlined in the offering documents may vary from the stated reference rate and spread. This includes, but is not limited to, securities with deferred

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page [607](#abbreviations).

520

**JNL Series Trust** (Unaudited)

**Schedules of Investments (in thousands)**

June 30, 2025

rates, contingent distributions, caps, floors, and fixed-rate to float-rate features. In addition, variable rates for government and agency collateralized mortgage obligations ("CMO") and mortgage-backed securities ("MBS") are determined by tranches of underlying mortgage-backed security pools' cash flows into securities and pass-through rates which reflect the rate earned on the asset pool after management and guarantee fees are paid to the securitizing corporation. CMO and MBS variable rates are determined by a formula set forth in the security's offering documents.

(h) Investment in affiliate.

(i) Yield changes daily to reflect current market conditions. Rate was the quoted yield as of June 30, 2025.

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **JNL/PPM America Investment Grade Credit Fund — Investments in Affiliates** | **JNL/PPM America Investment Grade Credit Fund — Investments in Affiliates** | **JNL/PPM America Investment Grade Credit Fund — Investments in Affiliates** | **JNL/PPM America Investment Grade Credit Fund — Investments in Affiliates** | **JNL/PPM America Investment Grade Credit Fund — Investments in Affiliates** | **JNL/PPM America Investment Grade Credit Fund — Investments in Affiliates** | **JNL/PPM America Investment Grade Credit Fund — Investments in Affiliates** | **JNL/PPM America Investment Grade Credit Fund — Investments in Affiliates** | **JNL/PPM America Investment Grade Credit Fund — Investments in Affiliates** |
| **Affiliated Investment** | **Value Beginning of Period($)** | **Purchases($)** | **Sales Proceeds($)** | **Dividend Income/ Distributions from Funds($)** | **Realized Gain (Loss)($)** | **Change in Unrealized Appreciation (Depreciation) ($)** | **Value End of Period($)** | **Percentage of Net Assets(%)** |
| JNL Government Money Market Fund, 4.20% - Class I | 925 | 73270 | 69346 | 87 |  |  | 4849 | 1.7 |
| JNL Government Money Market Fund, 4.30% - Class SL | 2289 | 13012 | 14268 | 29 |  |  | 1033 | 0.4 |
|  | 3214 | 86282 | 83614 | 116 |  |  | 5882 | 2.1 |

---

---

| | |
|:---|:---|
| **Summary of Investments by Country^** | **Total Long Term Investments** |
| **United States of America** | 76.1% |
| **Multi-National** | 4.8 |
| **United Kingdom** | 3.8 |
| **Germany** | 2.9 |
| **Switzerland** | 1.7 |
| **Japan** | 1.7 |
| **Canada** | 1.5 |
| **Ireland** | 1.0 |
| **France** | 0.8 |
| **Philippines** | 0.7 |
| **Australia** | 0.7 |
| **Mexico** | 0.7 |
| **Belgium** | 0.6 |
| **Spain** | 0.5 |
| **Israel** | 0.4 |
| **Brazil** | 0.3 |
| **Norway** | 0.3 |
| **Sweden** | 0.3 |
| **Poland** | 0.3 |
| **Chile** | 0.3 |
| **Netherlands** | 0.2 |
| **India** | 0.2 |
| **Colombia** | 0.1 |
| **Italy** | 0.1 |
|  | **100.0%** |
| ^A country table is presented as a percentage of the Fund's total long term investments because its strategy includes investment in non-U.S. securities as deemed significant by the Fund's Adviser. | ^A country table is presented as a percentage of the Fund's total long term investments because its strategy includes investment in non-U.S. securities as deemed significant by the Fund's Adviser. |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **JNL/PPM America Investment Grade Credit Fund — Restricted Securities** | **JNL/PPM America Investment Grade Credit Fund — Restricted Securities** | **JNL/PPM America Investment Grade Credit Fund — Restricted Securities** | **JNL/PPM America Investment Grade Credit Fund — Restricted Securities** | **JNL/PPM America Investment Grade Credit Fund — Restricted Securities** |
| | **Initial Acquisition** | **Cost ($)** | **Value ($)** | **Percent of**<br> **Net Assets (%)** |
| U.S. Bank National Association, 4.73%, 05/15/28 | 05/12/25 | 830 | 835 | 0.3 |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **JNL/PPM America Investment Grade Credit Fund — Futures Contracts** | **JNL/PPM America Investment Grade Credit Fund — Futures Contracts** | **JNL/PPM America Investment Grade Credit Fund — Futures Contracts** | **JNL/PPM America Investment Grade Credit Fund — Futures Contracts** | **JNL/PPM America Investment Grade Credit Fund — Futures Contracts** | **JNL/PPM America Investment Grade Credit Fund — Futures Contracts** |
| **Reference Entity** | **Contracts<sup>1</sup>** | **Expiration** | **Notional<sup>1</sup>** | **Variation**<br> **Margin**<br> **Receivable**<br> (Payable) ($) | **Value/**<br> **Unrealized**<br> **Appreciation**<br> (Depreciation) ($) |
| **Long Contracts** | **Long Contracts** | **Long Contracts** | **Long Contracts** | **Long Contracts** | **Long Contracts** |
| United States 10 Year Note | 22 | September 2025 | 2426 | 8 | 41 |
| United States 2 Year Note | 37 | October 2025 | 7669 | 2 | 28 |
| United States 5 Year Note | 3 | October 2025 | 326 |  | 1 |
| United States Long Bond | 8 | September 2025 | 888 | 8 | 36 |
| United States Ultra Bond | 7 | September 2025 | 812 | 15 | 21 |
|  |  |  |  | 33 | 127 |
| **Short Contracts** | **Short Contracts** | **Short Contracts** | **Short Contracts** | **Short Contracts** | **Short Contracts** |
| United States 10 Year Ultra Bond | (49) | September 2025 | (5558) | (22) | (41) |

---

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page [607](#abbreviations).

521

**JNL Series Trust** (Unaudited)

**Schedules of Investments (in thousands)**

June 30, 2025

**Fair Value Hierarchy.** Various inputs are used in determining the fair value of financial instruments. For a description of the input levels and information about the Fund's policy regarding valuation of financial instruments, see Note 3 in the Notes to Financial Statements. The following table summarizes the Fund's investments categorized in the disclosure hierarchy as of June 30, 2025.

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **<u>. Level 1 ($) .</u>** | **<u>. Level 2 ($) .</u>** | **<u>. Level 3 ($) .</u>** | **<u>. Total ($) .</u>** |
| **JNL/PPM America Investment Grade Credit Fund** | **JNL/PPM America Investment Grade Credit Fund** | **JNL/PPM America Investment Grade Credit Fund** | **JNL/PPM America Investment Grade Credit Fund** | **JNL/PPM America Investment Grade Credit Fund** |
| **Assets - Securities** |  |  |  |  |
| &nbsp;&nbsp; Corporate Bonds And Notes |  | 247233 |  | 247233 |
| &nbsp;&nbsp; Government And Agency Obligations |  | 17560 |  | 17560 |
| &nbsp;&nbsp; Non-U.S. Government Agency Asset-Backed Securities |  | 6152 |  | 6152 |
| &nbsp;&nbsp; Short Term Investments | 5882 | 4957 |  | 10839 |
|  | 5882 | 275902 |  | 281784 |
| **Assets - Investments in Other Financial Instruments<sup>1</sup>** |  |  |  |  |
| &nbsp;&nbsp; Futures Contracts | 127 |  |  | 127 |
|  | 127 |  |  | 127 |
| **Liabilities - Investments in Other Financial Instruments<sup>1</sup>** |  |  |  |  |
| &nbsp;&nbsp; Futures Contracts | (41) |  |  | (41) |
|  | (41) |  |  | (41) |

---

<sup>1</sup> All derivatives, except for purchased and written options, are reflected at the unrealized appreciation (depreciation) on the instrument. Purchased and written options are reflected at value.

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page [607](#abbreviations).

522

**JNL Series Trust** (Unaudited)

**Schedules of Investments (in thousands)**

June 30, 2025

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| **JNL/PPM America Total Return Fund** | **JNL/PPM America Total Return Fund** | **JNL/PPM America Total Return Fund** |
| **GOVERNMENT AND AGENCY OBLIGATIONS 45.6%** | **GOVERNMENT AND AGENCY OBLIGATIONS 45.6%** | **GOVERNMENT AND AGENCY OBLIGATIONS 45.6%** |
| **Mortgage-Backed Securities 23.0%** | **Mortgage-Backed Securities 23.0%** | **Mortgage-Backed Securities 23.0%** |
| Federal Home Loan Mortgage Corporation |  |  |
| 2.50%, 08/01/31 - 11/01/51 | 4180 | 3545 |
| 3.00%, 05/01/34 - 06/01/52 | 13426 | 11847 |
| 2.00%, 04/01/36 - 06/01/52 | 24619 | 20670 |
| 3.50%, 08/01/37 - 05/01/48 | 9946 | 9294 |
| 4.00%, 10/01/37 - 04/01/53 | 16821 | 15829 |
| 5.00%, 02/01/38 - 03/01/55 | 28685 | 28167 |
| 4.50%, 07/01/38 - 09/01/52 | 15988 | 15487 |
| 5.50%, 10/01/53 - 09/01/54 | 27316 | 27317 |
| 6.00%, 11/01/53 - 03/01/54 | 10819 | 11000 |
| Federal National Mortgage Association, Inc. |  |  |
| 2.50%, 01/01/31 - 01/01/52 | 17187 | 14957 |
| 3.00%, 04/01/31 - 05/01/53 | 25413 | 22619 |
| 5.00%, 06/01/35 - 04/01/53 | 10525 | 10378 |
| 2.00%, 10/01/35 - 05/01/52 | 39008 | 31291 |
| 4.00%, 10/01/37 - 07/01/52 | 11427 | 10838 |
| 4.50%, 05/01/38 - 08/01/53 | 17722 | 17096 |
| 3.50%, 11/01/42 - 08/01/49 | 8027 | 7403 |
| 5.50%, 02/01/53 | 2692 | 2705 |
| 6.00%, 10/01/53 | 2668 | 2721 |
| Government National Mortgage Association |  |  |
| 5.00%, 08/20/41 - 01/20/55 | 7705 | 7598 |
| 3.50%, 06/20/43 - 05/20/52 | 8690 | 8002 |
| 4.00%, 05/20/44 - 04/20/53 | 7657 | 7197 |
| 3.00%, 07/20/45 - 06/20/52 | 13656 | 12119 |
| 4.50%, 12/20/48 - 06/20/53 | 14066 | 13577 |
| 2.50%, 08/20/50 - 04/20/52 | 17359 | 14765 |
| 2.00%, 10/20/51 - 01/20/52 | 6309 | 5145 |
|  |  | 331567 |
| **U.S. Treasury Note 12.0%** | **U.S. Treasury Note 12.0%** | **U.S. Treasury Note 12.0%** |
| Treasury, United States Department of |  |  |
| 3.75%, 05/15/28 | 30750 | 30799 |
| 4.63%, 04/30/29 - 09/30/30 | 11400 | 11785 |
| 4.88%, 10/31/30 | 3750 | 3936 |
| 4.13%, 07/31/31 | 20910 | 21152 |
| 1.38%, 11/15/31 | 14001 | 11979 |
| 2.88%, 05/15/32 | 45388 | 42353 |
| 3.50%, 02/15/33 | 6755 | 6513 |
| 3.88%, 08/15/33 | 16073 | 15833 |
| 4.50%, 11/15/33 | 3750 | 3852 |
| 4.38%, 05/15/34 | 23655 | 24026 |
|  |  | 172228 |
| **U.S. Treasury Bond 9.9%** | **U.S. Treasury Bond 9.9%** | **U.S. Treasury Bond 9.9%** |
| Treasury, United States Department of |  |  |
| 3.75%, 08/15/41 | 10898 | 9759 |
| 3.13%, 11/15/41 | 11200 | 9177 |
| 4.13%, 08/15/44 | 19330 | 17710 |
| 2.50%, 02/15/45 - 02/15/46 | 51398 | 35948 |
| 4.75%, 02/15/45 | 14350 | 14277 |
| 3.00%, 02/15/48 | 16488 | 12247 |
| 2.88%, 05/15/49 | 20310 | 14575 |
| 2.25%, 08/15/49 | 23095 | 14484 |
| 4.00%, 11/15/52 | 16510 | 14440 |
|  |  | 142617 |
| **U.S. Government Agency Obligations 0.7%** | **U.S. Government Agency Obligations 0.7%** | **U.S. Government Agency Obligations 0.7%** |
| Federal National Mortgage Association, Inc. |  |  |
| 0.88%, 08/05/30 (a) | 7104 | 6140 |
| Tennessee Valley Authority |  |  |
| 4.88%, 05/15/35 (a) | 3530 | 3598 |
|  |  | 9738 |
| Total Government And Agency Obligations (cost $697,397) | Total Government And Agency Obligations (cost $697,397) | 656150 |
| **CORPORATE BONDS AND NOTES 40.0%** | **CORPORATE BONDS AND NOTES 40.0%** | **CORPORATE BONDS AND NOTES 40.0%** |
| **Financials 18.0%** | **Financials 18.0%** | **Financials 18.0%** |
| AerCap Ireland Capital Designated Activity Company |  |  |
| 2.45%, 10/29/26 | 3001 | 2925 |
| Ally Financial Inc. |  |  |
| 6.65%, 01/17/40 | 4801 | 4722 |
| American Express Company |  |  |
| 5.26%, 07/26/28 (b) | 2694 | 2701 |
| 5.67%, 04/25/36 | 3477 | 3603 |
| Apollo Debt Solutions BDC |  |  |
| 6.55%, 03/15/32 (c) | 3130 | 3199 |
| Ares Management Corporation |  |  |
| 5.60%, 10/11/54 | 2290 | 2168 |
| Aspen Insurance Holdings Limited |  |  |
| 5.75%, 07/01/30 | 968 | 984 |
| Athene Holding Ltd |  |  |
| 6.63%, 05/19/55 | 3294 | 3387 |
| Avolon Holdings Funding Limited |  |  |
| 5.38%, 05/30/30 (c) | 3236 | 3300 |
| Banco Santander, S.A. |  |  |
| 9.63%, (100, 05/21/33) (d) (e) | 4021 | 4689 |
| 5.46%, (SOFR + 1.12%), 07/15/28 (b) | 600 | 601 |
| Bank of America Corporation |  |  |
| 2.97%, 02/04/33 | 2908 | 2604 |
| 5.87%, 09/15/34 | 3550 | 3744 |
| 5.52%, 10/25/35 | 5265 | 5256 |
| Bank of New York Mellon Corporation, The |  |  |
| 6.47%, 10/25/34 | 4913 | 5415 |
| Barclays PLC |  |  |
| 7.63%, (100, 03/15/35) (d) (e) | 3566 | 3588 |
| 9.63%, (100, 12/15/29) (d) (e) | 3207 | 3576 |
| Beacon Funding Trust |  |  |
| 6.27%, 08/15/54 (c) | 1422 | 1404 |
| BlackRock, Inc. |  |  |
| 5.25%, 03/14/54 | 1480 | 1422 |
| 5.35%, 01/08/55 | 1495 | 1458 |
| Blackstone Secured Lending Fund |  |  |
| 5.30%, 06/30/30 | 1568 | 1552 |
| Blue Owl Technology Finance Corp. |  |  |
| 6.10%, 03/15/28 (c) | 1958 | 1968 |
| BNP Paribas |  |  |
| 7.45%, (100, 06/27/35) (c) (d) (e) | 3560 | 3579 |
| Brown & Brown, Inc. |  |  |
| 5.55%, 06/23/35 | 1002 | 1021 |
| 6.25%, 06/23/55 | 677 | 698 |
| Capital One Financial Corporation |  |  |
| 6.38%, 06/08/34 | 1732 | 1843 |
| 6.18%, 01/30/36 | 3287 | 3346 |
| Citadel Limited Partnership |  |  |
| 6.38%, 01/23/32 (c) (f) | 2402 | 2506 |
| Citigroup Inc. |  |  |
| 6.95%, (100, 02/15/30) (d) | 4090 | 4175 |
| 7.13%, (100, 08/15/29) (d) | 4120 | 4248 |
| 6.02%, 01/24/36 | 4106 | 4215 |
| Daimler Trucks Finance North America LLC |  |  |
| 5.29%, (SOFR + 0.96%), 09/25/27 (b) (c) | 3995 | 4000 |
| Equitable Holdings, Inc. |  |  |
| 6.70%, 03/28/55 | 2512 | 2568 |
| Ford Motor Credit Company LLC |  |  |
| 4.13%, 08/17/27 | 632 | 618 |
| 3.82%, 11/02/27 | 4056 | 3914 |
| 7.35%, 11/04/27 | 3456 | 3590 |
| 6.05%, 11/05/31 | 1340 | 1343 |
| Franklin BSP Capital Corporation |  |  |
| 7.20%, 06/15/29 | 2883 | 2990 |
| Freedom Mortgage Holdings LLC |  |  |
| 9.25%, 02/01/29 (c) | 793 | 823 |
| 9.13%, 05/15/31 (c) | 1918 | 1978 |
| 8.38%, 04/01/32 (c) | 1859 | 1876 |
| General Motors Financial Company, Inc. |  |  |
| 5.67%, 05/08/27 (b) | 4700 | 4701 |
| Global Atlantic Financial Company |  |  |
| 7.95%, 10/15/54 (c) | 4874 | 5087 |
| Goldman Sachs Group, Inc., The |  |  |
| 5.56%, 11/19/45 | 6694 | 6594 |
| 5.73%, 01/28/56 | 2431 | 2433 |
| Golub Capital Private Credit Fund |  |  |
| 5.80%, 09/12/29 | 3890 | 3881 |
| 5.88%, 05/01/30 | 2998 | 2998 |
| Henneman Trust |  |  |
| 6.58%, 05/15/55 (c) | 1286 | 1292 |

---

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page [607](#abbreviations).

523

**JNL Series Trust** (Unaudited)

**Schedules of Investments (in thousands)**

June 30, 2025

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| Intesa Sanpaolo SPA |  |  |
| 7.78%, 06/20/54 (c) | 3366 | 3784 |
| Jane Street Group, LLC |  |  |
| 6.75%, 05/01/33 (c) | 2366 | 2439 |
| JPMorgan Chase & Co. |  |  |
| 4.60%, 10/22/30 | 10070 | 10102 |
| 5.10%, 04/22/31 | 1968 | 2017 |
| 5.57%, 04/22/36 | 9170 | 9509 |
| 5.53%, 11/29/45 | 3790 | 3803 |
| Ladder Capital Finance Holdings LLLP |  |  |
| 5.50%, 08/01/30 | 2237 | 2252 |
| Lloyds Banking Group PLC |  |  |
| 7.50%, (100, 09/27/25) (d) (e) | 2152 | 2157 |
| LPL Holdings, Inc. |  |  |
| 5.15%, 06/15/30 | 2316 | 2345 |
| 5.75%, 06/15/35 | 3500 | 3542 |
| Macquarie Airfinance Holdings Limited |  |  |
| 6.40%, 03/26/29 (c) | 4199 | 4385 |
| 6.50%, 03/26/31 (c) | 1890 | 1999 |
| MassMutual Global Funding II |  |  |
| 5.08%, (SOFR + 0.74%), 04/09/27 (b) (c) | 7690 | 7716 |
| Morgan Stanley |  |  |
| 5.35%, (SOFR + 1.02%), 04/13/28 (b) | 6000 | 6031 |
| 5.19%, 04/17/31 | 2532 | 2594 |
| 6.63%, 11/01/34 | 2880 | 3177 |
| 5.47%, 01/18/35 | 3120 | 3192 |
| 5.83%, 04/19/35 | 2446 | 2564 |
| 5.66%, 04/17/36 | 2760 | 2860 |
| 5.52%, 11/19/55 | 3769 | 3681 |
| Morgan Stanley Bank, N.A. |  |  |
| 5.18%, (SOFR + 0.86%), 05/26/28 (b) (g) | 2005 | 2010 |
| MSD Investment Corp. |  |  |
| 6.25%, 05/31/30 (c) | 1883 | 1867 |
| National Rural Utilities Cooperative Finance Corporation |  |  |
| 7.45%, (3 Month Term SOFR + 3.17%), 04/30/43 (b) | 803 | 808 |
| NatWest Markets PLC |  |  |
| 5.46%, (SOFR + 1.14%), 05/17/29 (b) (c) | 3000 | 3012 |
| New York Life Global Funding |  |  |
| 5.00%, 01/09/34 (c) | 4628 | 4649 |
| Northwestern Mutual Life Foundation, Inc. |  |  |
| 6.17%, 05/29/55 (c) | 1752 | 1832 |
| PennyMac Financial Services, Inc. |  |  |
| 6.88%, 02/15/33 (c) | 1860 | 1906 |
| Rocket Companies, Inc. |  |  |
| 6.13%, 08/01/30 (c) | 880 | 897 |
| 6.38%, 08/01/33 (c) | 880 | 901 |
| Sixth Street Lending Partners |  |  |
| 6.13%, 07/15/30 (c) | 2618 | 2666 |
| Sixth Street Specialty Lending, Inc. |  |  |
| 5.63%, 08/15/30 | 1019 | 1022 |
| State Street Corporation |  |  |
| 6.12%, 11/21/34 | 1900 | 2027 |
| Synovus Bank |  |  |
| 5.63%, 02/15/28 | 860 | 870 |
| Synovus Financial Corp. |  |  |
| 6.17%, 11/01/30 | 3310 | 3394 |
| The PNC Financial Services Group, Inc. |  |  |
| 5.58%, 01/29/36 | 2855 | 2941 |
| U.S. Bancorp |  |  |
| 5.42%, 02/12/36 | 3638 | 3709 |
| Wells Fargo & Company |  |  |
| 5.40%, (SOFR + 1.07%), 04/22/28 (b) | 3523 | 3543 |
| | | 258786 |
| **Utilities 4.8%** | **Utilities 4.8%** | **Utilities 4.8%** |
| Baltimore Gas and Electric Company |  |  |
| 5.45%, 06/01/35 | 2899 | 2970 |
| Duke Energy Corporation |  |  |
| 5.80%, 06/15/54 | 2733 | 2677 |
| Duke Energy Progress, LLC |  |  |
| 5.05%, 03/15/35 | 3082 | 3097 |
| 5.55%, 03/15/55 | 3130 | 3066 |
| Edison International |  |  |
| 5.25%, 11/15/28 | 5746 | 5680 |
| Exelon Corporation |  |  |
| 6.50%, 03/15/55 | 2199 | 2235 |
| Interstate Power and Light Company |  |  |
| 5.60%, 06/29/35 | 1227 | 1261 |
| NextEra Energy Capital Holdings, Inc. |  |  |
| 5.45%, 03/15/35 | 6730 | 6860 |
| NiSource Inc. |  |  |
| 5.85%, 04/01/55 | 4710 | 4661 |
| PG&E Company |  |  |
| 3.30%, 12/01/27 | 605 | 585 |
| 3.25%, 06/01/31 | 1512 | 1357 |
| 5.90%, 06/15/32 | 3593 | 3672 |
| 4.50%, 07/01/40 | 4153 | 3464 |
| 6.75%, 01/15/53 | 3369 | 3392 |
| PG&E Corporation |  |  |
| 7.38%, 03/15/55 | 3694 | 3504 |
| PPL Electric Utilities Corporation |  |  |
| 5.00%, 05/15/33 | 7236 | 7349 |
| Public Service Company of Oklahoma |  |  |
| 5.45%, 01/15/36 | 4740 | 4775 |
| Southern California Edison Company |  |  |
| 5.90%, 03/01/55 | 1940 | 1775 |
| Vistra Operations Company LLC |  |  |
| 3.70%, 01/30/27 (c) | 2515 | 2483 |
| 6.95%, 10/15/33 (c) | 4162 | 4577 |
|  |  | 69440 |
| **Industrials 3.0%** | **Industrials 3.0%** | **Industrials 3.0%** |
| Aircastle Limited |  |  |
| 5.25%, 08/11/25 (c) | 3595 | 3595 |
| Boeing Company, The |  |  |
| 7.01%, 05/01/64 (f) | 1318 | 1448 |
| Builders FirstSource, Inc. |  |  |
| 6.75%, 05/15/35 (c) | 1310 | 1349 |
| GXO Logistics Inc. |  |  |
| 6.50%, 05/06/34 | 4646 | 4854 |
| Herc Holdings Inc. |  |  |
| 7.00%, 06/15/30 (c) | 1601 | 1676 |
| 7.25%, 06/15/33 (c) | 1601 | 1678 |
| Huntington Ingalls Industries, Inc. |  |  |
| 5.35%, 01/15/30 | 1175 | 1207 |
| JH North America Holdings Inc. |  |  |
| 5.88%, 01/31/31 (c) | 439 | 443 |
| 6.13%, 07/31/32 (c) | 637 | 648 |
| Maxam Prill S.a r.l. |  |  |
| 7.75%, 07/15/30 (c) | 2860 | 2861 |
| Onesky Flight, LLC |  |  |
| 8.88%, 12/15/29 (c) | 754 | 785 |
| Paychex, Inc. |  |  |
| 5.35%, 04/15/32 | 3012 | 3091 |
| Regal Rexnord Corporation |  |  |
| 6.05%, 02/15/26 (f) | 2477 | 2498 |
| Siemens Funding B.V. |  |  |
| 5.20%, 05/28/35 (c) | 4710 | 4800 |
| 5.80%, 05/28/55 (c) | 1034 | 1066 |
| 5.90%, 05/28/65 (c) | 710 | 736 |
| Smyrna Ready Mix Concrete, LLC |  |  |
| 8.88%, 11/15/31 (c) | 2976 | 3122 |
| Uber Technologies, Inc. |  |  |
| 4.80%, 09/15/34 | 1500 | 1478 |
| 5.35%, 09/15/54 | 1390 | 1301 |
| United Airlines Pass Through Certificates, Series 2015-1 |  |  |
| 4.38%, 04/15/26 (c) | 2340 | 2324 |
| XPO, Inc. |  |  |
| 6.25%, 06/01/28 (c) | 2506 | 2544 |
|  |  | 43504 |
| **Consumer Staples 3.0%** | **Consumer Staples 3.0%** | **Consumer Staples 3.0%** |
| Ashtead Capital, Inc. |  |  |
| 5.80%, 04/15/34 (c) | 3466 | 3544 |
| B.A.T Capital Corporation |  |  |
| 5.35%, 08/15/32 | 3730 | 3818 |
| 5.63%, 08/15/35 | 3730 | 3795 |
| Grupo Nutresa S.A. |  |  |
| 9.00%, 05/12/35 (c) | 5280 | 5715 |

---

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page [607](#abbreviations).

524

**JNL Series Trust** (Unaudited)

**Schedules of Investments (in thousands)**

June 30, 2025

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| JBS USA Holding Lux S.a r.l. |  |  |
| 6.38%, 04/15/66 (c) | 4828 | 4859 |
| JBS USA Lux S.A. |  |  |
| 7.25%, 11/15/53 | 5545 | 6250 |
| Marb Bondco PLC |  |  |
| 3.95%, 01/29/31 (c) | 3470 | 3077 |
| Philip Morris International Inc. |  |  |
| 4.88%, 04/30/35 | 7130 | 7028 |
| Trustees of Columbia University In The City of New York, The |  |  |
| 4.36%, 10/01/35 | 2267 | 2175 |
| Walmart Inc. |  |  |
| 4.90%, 04/28/35 | 2891 | 2927 |
| | | 43188 |
| **Energy 2.3%** | **Energy 2.3%** | **Energy 2.3%** |
| Apa Corp. |  |  |
| 6.75%, 02/15/55 (c) | 3268 | 3088 |
| Energy Transfer LP |  |  |
| 6.50%, (100, 08/15/26) (d) | 565 | 568 |
| 7.13%, (100, 05/15/30) (d) | 2573 | 2624 |
| 8.00%, 05/15/54 | 2934 | 3122 |
| EQT Corporation |  |  |
| 6.38%, 04/01/29 (c) | 813 | 839 |
| Hilcorp Energy I, L.P. |  |  |
| 8.38%, 11/01/33 (c) | 1326 | 1377 |
| 6.88%, 05/15/34 (c) | 1520 | 1457 |
| NGL Energy Operating LLC |  |  |
| 8.13%, 02/15/29 (c) | 1600 | 1616 |
| Raizen Fuels Finance S.A. |  |  |
| 6.70%, 02/25/37 (c) | 4465 | 4381 |
| Targa Resources Partners LP |  |  |
| 4.88%, 02/01/31 | 1897 | 1880 |
| Venture Global LNG, Inc. |  |  |
| 9.00%, (100, 09/30/29) (c) (d) | 6625 | 6457 |
| Venture Global Plaquemines LNG, LLC |  |  |
| 6.50%, 01/15/34 (c) | 1314 | 1314 |
| 6.75%, 01/15/36 (c) | 1635 | 1635 |
| Western Midstream Operating, LP |  |  |
| 5.45%, 11/15/34 | 2488 | 2441 |
|  |  | 32799 |
| **Information Technology 2.2%** | **Information Technology 2.2%** | **Information Technology 2.2%** |
| Apple Inc. |  |  |
| 4.20%, 05/12/30 | 4710 | 4727 |
| 4.50%, 05/12/32 | 4710 | 4767 |
| 4.75%, 05/12/35 | 4710 | 4751 |
| AppLovin Corporation |  |  |
| 5.50%, 12/01/34 | 3472 | 3525 |
| Broadcom Inc. |  |  |
| 4.55%, 02/15/32 | 3064 | 3037 |
| 4.80%, 10/15/34 | 1978 | 1954 |
| Cisco Systems, Inc. |  |  |
| 5.05%, 02/26/34 | 3961 | 4053 |
| Foundry JV Holdco LLC |  |  |
| 5.88%, 01/25/34 (c) | 4490 | 4567 |
|  |  | 31381 |
| **Materials 2.0%** | **Materials 2.0%** | **Materials 2.0%** |
| Anglo American Capital PLC |  |  |
| 5.75%, 04/05/34 (c) (h) | 4061 | 4190 |
| 6.00%, 04/05/54 (c) | 1383 | 1362 |
| Compania de Minas Buenaventura S.A.A. |  |  |
| 6.80%, 02/04/32 (c) | 1201 | 1221 |
| First Quantum Minerals Ltd |  |  |
| 8.63%, 06/01/31 (c) | 1640 | 1702 |
| 8.00%, 03/01/33 (c) | 340 | 349 |
| Glencore Funding LLC |  |  |
| 5.63%, 04/04/34 (c) | 5090 | 5193 |
| 5.67%, 04/01/35 (c) | 4597 | 4688 |
| Mineral Resources Limited |  |  |
| 8.13%, 05/01/27 (c) | 870 | 869 |
| 9.25%, 10/01/28 (c) | 1988 | 2030 |
| Newmont Corporation |  |  |
| 5.35%, 03/15/34 | 2849 | 2924 |
| NOVA Chemicals Corporation |  |  |
| 4.25%, 05/15/29 (c) | 1860 | 1789 |
| 7.00%, 12/01/31 (c) | 1690 | 1770 |
|  |  | 28087 |
| **Consumer Discretionary 1.9%** | **Consumer Discretionary 1.9%** | **Consumer Discretionary 1.9%** |
| Carnival Corporation |  |  |
| 4.00%, 08/01/28 (c) | 1652 | 1617 |
| 6.13%, 02/15/33 (c) | 2983 | 3049 |
| General Motors Company |  |  |
| 6.25%, 04/15/35 | 3631 | 3739 |
| Hyundai Capital America |  |  |
| 5.38%, (SOFR + 1.04%), 06/24/27 (b) (c) | 4450 | 4450 |
| MCE Finance Limited |  |  |
| 5.38%, 12/04/29 (c) | 2055 | 1928 |
| Mileage Plus Holdings, LLC |  |  |
| 6.50%, 06/20/27 (c) | 1340 | 1343 |
| Resorts World Las Vegas LLC |  |  |
| 8.45%, 07/27/30 (c) | 3810 | 3769 |
| 4.63%, 04/06/31 (c) | 2300 | 1876 |
| Royal Caribbean Cruises Ltd. |  |  |
| 5.63%, 09/30/31 (c) | 1480 | 1491 |
| SkyMiles IP Ltd. |  |  |
| 4.50%, 10/20/25 (c) | 52 | 52 |
| Voyager Parent, LLC |  |  |
| 9.25%, 07/01/32 (c) | 3289 | 3428 |
| Warnermedia Holdings, Inc. |  |  |
| 5.05%, 03/15/42 | 1854 | 1095 |
|  |  | 27837 |
| **Health Care 1.9%** | **Health Care 1.9%** | **Health Care 1.9%** |
| Amgen Inc. |  |  |
| 5.15%, 11/15/41 | 1097 | 1035 |
| CVS Health Corporation |  |  |
| 7.00%, 03/10/55 | 2874 | 2971 |
| Humana Inc. |  |  |
| 5.88%, 03/01/33 | 1989 | 2060 |
| Mars, Incorporated |  |  |
| 3.74%, 10/11/27 (g) (i) | 1200 | 1175 |
| McKesson Corporation |  |  |
| 4.65%, 05/30/30 | 4710 | 4748 |
| 5.25%, 05/30/35 | 4710 | 4789 |
| Roche Holdings, Inc. |  |  |
| 4.99%, 03/08/34 (c) | 6250 | 6367 |
| Universal Health Services, Inc. |  |  |
| 2.65%, 01/15/32 | 2640 | 2239 |
| 5.05%, 10/15/34 | 1659 | 1584 |
|  |  | 26968 |
| **Communication Services 0.6%** | **Communication Services 0.6%** | **Communication Services 0.6%** |
| Alphabet Inc. |  |  |
| 5.25%, 05/15/55 | 1358 | 1336 |
| 5.30%, 05/15/65 | 1267 | 1238 |
| Meta Platforms, Inc. |  |  |
| 5.40%, 08/15/54 | 4682 | 4562 |
| 5.55%, 08/15/64 | 1908 | 1867 |
|  |  | 9003 |
| **Real Estate 0.3%** | **Real Estate 0.3%** | **Real Estate 0.3%** |
| First Industrial, L.P. |  |  |
| 5.25%, 01/15/31 | 1952 | 1976 |
| GLP Financing, LLC |  |  |
| 5.75%, 06/01/28 | 343 | 352 |
| VICI Properties Inc. |  |  |
| 3.75%, 02/15/27 (c) | 1679 | 1653 |
|  |  | 3981 |
| Total Corporate Bonds And Notes (cost $567,251) | Total Corporate Bonds And Notes (cost $567,251) | 574974 |
| **NON-U.S. GOVERNMENT AGENCY ASSET-BACKED SECURITIES 8.7%** | **NON-U.S. GOVERNMENT AGENCY ASSET-BACKED SECURITIES 8.7%** | **NON-U.S. GOVERNMENT AGENCY ASSET-BACKED SECURITIES 8.7%** |
| ALA Trust 2025-OANA |  |  |
| Series 2025-A-OANA, 6.04%, 06/17/30 | 1100 | 1104 |
| Series 2025-B-OANA, 6.14%, 06/17/30 | 1470 | 1473 |
| American Airlines, Inc. |  |  |
| Series 2016-AA-2, 3.20%, 06/15/28 | 3512 | 3351 |
| Americredit Automobile Receivables Trust 2023-2 |  |  |
| Series 2023-A2A-2, 6.19%, 04/19/27 | 557 | 558 |
| ARDN 2025-ARCP Mortgage Trust |  |  |
| Series 2025-A-ARCP, REMIC, 6.05%, (1 Month Term SOFR + 1.75%), 06/15/27 (b) | 2839 | 2846 |

---

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page [607](#abbreviations).

525

**JNL Series Trust** (Unaudited)

**Schedules of Investments (in thousands)**

June 30, 2025

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| Bank 2017-Bnk5 |  |  |
| Series 2017-AS-BNK5, REMIC, 3.62%, 06/17/27 | 2286 | 2220 |
| Benefit Street Partners Clo 41 Ltd |  |  |
| Series 2025-B-41A, 0.00%, (3 Month Term SOFR + 1.65%), 07/26/38 (b) | 2150 | 2150 |
| BX Trust 2022-PSB |  |  |
| Series 2022-A-PSB, REMIC, 6.76%, (1 Month Term SOFR + 2.45%), 08/15/39 (b) | 1776 | 1775 |
| CIM Trust 2021-J2 |  |  |
| Series 2021-A1-J2, REMIC, 2.50%, 11/25/42 (b) | 4640 | 3782 |
| COMM 2015-CCRE27 Mortgage Trust |  |  |
| Series 2015-A4-CR27, REMIC, 3.61%, 09/12/25 | 1825 | 1815 |
| CSMC 2017-HL1 Trust |  |  |
| Series 2017-A1-HL1, REMIC, 3.50%, 05/25/39 (b) | 340 | 305 |
| Dell Equipment Finance Trust 2023-2 |  |  |
| Series 2023-A3-2, 5.65%, 02/23/26 | 2950 | 2961 |
| Dell Equipment Finance Trust 2024-1 |  |  |
| Series 2024-A3-1, 5.39%, 12/22/26 | 5448 | 5491 |
| DLLAD 2024-1 LLC |  |  |
| Series 2024-A2-1A, 5.50%, 06/20/26 | 3284 | 3300 |
| Dryden 123 CLO Ltd |  |  |
| Series 2025-A1-123A, 7.04%, (3 Month Term SOFR + 1.15%), 04/15/38 (b) | 6500 | 6495 |
| GM Financial Automobile Leasing Trust 2023-2 |  |  |
| Series 2023-A3-2, 5.05%, 07/20/26 | 112 | 112 |
| GM Financial Automobile Leasing Trust 2023-3 |  |  |
| Series 2023-A3-3, 5.38%, 11/20/26 | 1339 | 1341 |
| GM Financial Consumer Automobile Receivables Trust 2021-4 |  |  |
| Series 2021-B-4, 1.25%, 10/18/27 | 2900 | 2860 |
| GM Financial Consumer Automobile Receivables Trust 2022-2 |  |  |
| Series 2022-B-2, 3.77%, 04/17/28 | 3441 | 3420 |
| GM Financial Consumer Automobile Receivables Trust 2023-2 |  |  |
| Series 2023-A3-2, 4.47%, 02/16/28 | 2131 | 2131 |
| Grace Trust |  |  |
| Series 2020-A-GRCE, REMIC, 2.35%, 12/12/30 | 5550 | 4879 |
| Greatamerica Leasing Receivables Funding, L.L.C. |  |  |
| Series 2025-A2-1, 4.52%, 04/15/27 | 2332 | 2333 |
| GS Mortgage Securities Corp II |  |  |
| Series 2023-A-SHIP, REMIC, 4.32%, 09/11/26 (b) | 3622 | 3599 |
| Hilton Grand Vacations Trust 2019-A |  |  |
| Series 2019-A-AA, 2.34%, 07/25/33 | 646 | 634 |
| Hilton Grand Vacations Trust 2020-A |  |  |
| Series 2020-A-AA, 2.74%, 02/25/39 | 719 | 701 |
| Houston Galleria Mall Trust 2025-HGLR |  |  |
| Series 2025-A-HGLR, REMIC, 5.64%, 02/07/35 (b) | 3137 | 3221 |
| HPEFS Equipment Trust 2023-2 |  |  |
| Series 2023-A2-2A, 6.04%, 07/21/25 | 251 | 251 |
| Hudson Yards 2019-30HY Mortgage Trust |  |  |
| Series 2019-A-30HY, REMIC, 3.23%, 07/12/29 | 2295 | 2156 |
| Hyundai Auto Lease Securitization Trust 2024-C |  |  |
| Series 2024-A3-C, 4.62%, 02/16/27 | 1700 | 1709 |
| Hyundai Auto Receivables Trust 2021-C |  |  |
| Series 2021-B-C, 1.49%, 11/15/25 | 1815 | 1788 |
| J.P. Morgan Mortgage Acquisition Corp. |  |  |
| Series 2016-2A1-3, REMIC, 2.94%, 01/25/29 (b) | 284 | 267 |
| J.P. Morgan Mortgage Trust 2022-4 |  |  |
| Series 2022-A3-4, REMIC, 3.00%, 09/25/43 (b) | 4763 | 4049 |
| JPMorgan Chase & Co. |  |  |
| Series 2014-A1-5, REMIC, 2.80%, 10/25/26 (b) | 112 | 110 |
| KKR CLO 54 LTD |  |  |
| Series 2024-A-54A, 5.64%, (3 Month Term SOFR + 1.32%), 01/15/38 (b) | 6500 | 6509 |
| LEX 2024-BBG Mortgage Trust |  |  |
| Series 2024-A-BBG, REMIC, 5.04%, 10/13/33 (b) | 2500 | 2508 |
| M&T Equipment (2025-LEAF1), LLC |  |  |
| Series 2025-A2-1A, 4.70%, 12/16/27 | 4573 | 4587 |
| Manhattan West 2020-1MW Mortgage Trust |  |  |
| Series 2020-A-OMW, REMIC, 2.13%, 09/10/27 | 3833 | 3622 |
| MVW 2024-2 LLC |  |  |
| Series 2024-A-2A, 4.43%, 03/20/42 | 5844 | 5828 |
| NRTH 2024-PARK Mortgage Trust |  |  |
| Series 2024-A-PARK, REMIC, 5.95%, 03/15/29 (b) | 2830 | 2826 |
| OBX 2025-NQM11 Trust |  |  |
| Series 2025-A1-NQM11, REMIC, 5.42%, 05/25/65 (j) | 2423 | 2426 |
| PARK BLUE CLO 2023-III LTD |  |  |
| Series 2023-A1R-3A, 5.80%, (3 Month Term SOFR + 1.48%), 04/20/37 (b) | 7077 | 7114 |
| QTS Issuer ABS I LLC |  |  |
| Series 2025-A2-1A, 5.44%, 05/28/30 | 2850 | 2884 |
| RIDE 2025-SHRE |  |  |
| Series 2025-A-SHRE, REMIC, 5.62%, 02/14/30 (b) | 1340 | 1366 |
| Series 2025-B-SHRE, REMIC, 6.02%, 02/14/30 (b) | 660 | 671 |
| SBNA Auto Lease Trust 2024-C |  |  |
| Series 2024-A3-C, 4.56%, 02/22/28 | 2039 | 2044 |
| Sequoia Mortgage Trust 2020-4 |  |  |
| Series 2020-A2-4, REMIC, 2.50%, 10/25/43 (b) | 2363 | 1929 |
| SFS Auto Receivables Securitization Trust 2024-2 |  |  |
| Series 2024-A2-2A, 5.71%, 10/20/27 | 1136 | 1138 |
| Stellantis Financial Underwritten Enhanced Lease Trust 2025-A |  |  |
| Series 2025-A2-AA, 4.63%, 12/20/26 | 4021 | 4028 |
| Wells Fargo Mortgage Backed Securities Trust |  |  |
| Series 2020-A1-3, REMIC, 3.00%, 12/25/42 (b) | 949 | 806 |
| Total Non-U.S. Government Agency Asset-Backed Securities (cost $128,647) | Total Non-U.S. Government Agency Asset-Backed Securities (cost $128,647) | 125473 |
| **SENIOR FLOATING RATE INSTRUMENTS 3.9%** | **SENIOR FLOATING RATE INSTRUMENTS 3.9%** | **SENIOR FLOATING RATE INSTRUMENTS 3.9%** |
| **Communication Services 1.2%** | **Communication Services 1.2%** | **Communication Services 1.2%** |
| Charter Communications Operating, LLC |  |  |
| 2023 Term Loan B4, 6.30%, (3 Month Term SOFR + 2.00%), 12/02/30 (b) | 3109 | 3106 |
| Cimpress Public Limited Company |  |  |
| 2024 Term Loan B, 6.83%, (1 Month Term SOFR + 2.50%), 05/17/28 (b) | 2507 | 2498 |
| Flutter Financing B.V. |  |  |
| 2024 Term Loan B, 6.05%, (3 Month Term SOFR + 1.75%), 11/30/30 (b) | 6861 | 6835 |
| Six Flags Entertainment Corporation |  |  |
| 2024 Term Loan B, 6.33%, (1 Month Term SOFR + 2.00%), 04/18/31 (b) | 2605 | 2605 |
| UFC Holdings, LLC |  |  |
| 2024 Term Loan B, 6.57%, (3 Month Term SOFR + 2.25%), 11/13/31 (b) | 1633 | 1639 |
|  |  | 16683 |
| **Consumer Discretionary 0.8%** | **Consumer Discretionary 0.8%** | **Consumer Discretionary 0.8%** |
| 1011778 B.C. Unlimited Liability Company |  |  |
| 2024 Term Loan B6, 6.08%, (1 Month Term SOFR + 1.75%), 09/23/30 (b) | 222 | 220 |
| First Brands Group, LLC |  |  |
| 2021 Term Loan, 9.54%, (3 Month Term SOFR + 5.00%), 03/22/27 (b) | 513 | 484 |
| 2022 Incremental Term Loan, 9.54%, (3 Month Term SOFR + 5.00%), 03/30/27 (b) | 4996 | 4704 |
| PCI Gaming Authority |  |  |
| Term Loan, 6.33%, (1 Month Term SOFR + 2.00%), 05/15/26 (b) | 2715 | 2712 |
| Staples, Inc. |  |  |
| 2024 Term Loan B, 10.03%, (3 Month Term SOFR + 5.75%), 08/22/29 (b) | 3400 | 3130 |
|  |  | 11250 |
| **Industrials 0.6%** | **Industrials 0.6%** | **Industrials 0.6%** |
| Air Canada |  |  |
| 2024 Term Loan B, 6.32%, (1 Month Term SOFR + 2.00%), 03/14/31 (b) | 2452 | 2451 |
| EOC Borrower, LLC |  |  |
| Term Loan B, 7.33%, (1 Month Term SOFR + 3.00%), 01/28/32 (b) | 1377 | 1378 |

---

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page [607](#abbreviations).

526

**JNL Series Trust** (Unaudited)

**Schedules of Investments (in thousands)**

June 30, 2025

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| Grant Thornton Advisors LLC |  |  |
| 2025 Term Loan B, 7.08%, (1 Month Term SOFR + 2.75%), 05/30/31 (b) | 542 | 542 |
| 2025 Delayed Draw Term Loan, 7.08%, (SOFR + 2.75%), 06/02/31 (b) | 66 | 66 |
| Stonepeak Nile Parent LLC |  |  |
| Term Loan B, 9.25%, (Prime + 1.75%), 02/03/32 (b) | 2091 | 2096 |
| Vista Management Holding, Inc. |  |  |
| 2025 Term Loan B, 8.05%, (3 Month Term SOFR + 3.75%), 03/27/31 (b) | 2631 | 2636 |
| | | 9169 |
| **Financials 0.6%** | **Financials 0.6%** | **Financials 0.6%** |
| Delos Aircraft Designated Activity Co |  |  |
| Term Loan, 6.05%, (3 Month Term SOFR + 1.75%), 10/14/27 (b) | 2291 | 2297 |
| Hudson River Trading LLC |  |  |
| 2024 Term Loan B, 0.00%, (SOFR + 3.00%), 03/18/30 (b) (k) | 2503 | 2509 |
| Jane Street Group, LLC |  |  |
| 2024 Term Loan B1, 6.33%, (3 Month Term SOFR + 2.00%), 12/10/31 (b) | 4078 | 4072 |
|  |  | 8878 |
| **Information Technology 0.3%** | **Information Technology 0.3%** | **Information Technology 0.3%** |
| Sandisk Corp |  |  |
| Term Loan B, 7.32%, (3 Month Term SOFR + 3.00%), 12/12/31 (b) | 2900 | 2882 |
| SS&C Technologies Inc. |  |  |
| 2024 Term Loan B8, 6.33%, (1 Month Term SOFR + 2.00%), 05/09/31 (b) | 1890 | 1899 |
|  |  | 4781 |
| **Utilities 0.3%** | **Utilities 0.3%** | **Utilities 0.3%** |
| Vistra Zero Operating Company, LLC |  |  |
| Term Loan B, 6.33%, (1 Month Term SOFR + 2.00%), 03/20/31 (b) | 4102 | 4041 |
| **Health Care 0.1%** | **Health Care 0.1%** | **Health Care 0.1%** |
| Concentra Health Services Inc |  |  |
| 2025 Repriced Term Loan B, 6.33%, (1 Month Term SOFR + 2.00%), 07/26/31 (b) | 979 | 982 |
| Total Senior Floating Rate Instruments (cost $56,119) | Total Senior Floating Rate Instruments (cost $56,119) | 55784 |
| **SHORT TERM INVESTMENTS 1.5%** | **SHORT TERM INVESTMENTS 1.5%** | **SHORT TERM INVESTMENTS 1.5%** |
| **Investment Companies 1.4%** | **Investment Companies 1.4%** | **Investment Companies 1.4%** |
| JNL Government Money Market Fund - Class I, 4.20% (l) (m) | 21118 | 21118 |
| **Securities Lending Collateral 0.1%** | **Securities Lending Collateral 0.1%** | **Securities Lending Collateral 0.1%** |
| JNL Government Money Market Fund - Class SL, 4.30% (l) (m) | 1063 | 1063 |
| Total Short Term Investments (cost $22,181) | Total Short Term Investments (cost $22,181) | 22181 |
| **Total Investments 99.7% (cost $1,471,595)** | **Total Investments 99.7% (cost $1,471,595)** | **1434562** |
| **Other Derivative Instruments (0.0)%** | **Other Derivative Instruments (0.0)%** | (362) |
| **Other Assets and Liabilities, Net 0.3%** | **Other Assets and Liabilities, Net 0.3%** | **4431** |
| **Total Net Assets 100.0%** | **Total Net Assets 100.0%** | **1438631** |

---

(a) The security is a direct debt of the agency and not collateralized by mortgages.

(b) Security has a variable rate. Interest rates reset periodically. Rate stated was in effect as of June 30, 2025. For securities based on a published reference rate and spread, the reference rate and spread are presented. Certain variable rate securities do not indicate a reference rate and spread because they are determined by the issuer, remarketing agent, or offering documents and are based on current market conditions. The coupon rate for securities with certain features outlined in the offering documents may vary from the stated reference rate and spread. This includes, but is not limited to, securities with deferred rates, contingent distributions, caps, floors, and fixed-rate to float-rate features. In addition, variable rates for government and agency collateralized mortgage obligations ("CMO") and mortgage-backed securities ("MBS") are determined by tranches of underlying mortgage-backed security pools' cash flows into securities and pass-through rates which reflect the rate earned on the asset pool after management and guarantee fees are paid to the securitizing corporation. CMO and MBS variable rates are determined by a formula set forth in the security's offering documents.

(c) Security is exempt from registration under the Securities Act of 1933, as amended. As of June 30, 2025, the value and the percentage of net assets of these securities was $203,864 and 14.2% of the Fund.

(d) Perpetual security. Next contractual call price and date are presented in parentheses, if applicable.

(e) Convertible security.

(f) The interest rate for this security is inversely affected by upgrades or downgrades to the credit rating of the issuer. Rate stated was the coupon as of June 30, 2025.

(g) Security is restricted to resale to institutional investors or subject to trading restrictions due to sanctions on foreign issuers. See Restricted Securities table following the Schedules of Investments.

(h) All or a portion of the security was on loan as of June 30, 2025.

(i) Security fair valued in good faith as a Level 3 security in accordance with the procedures approved by the Board of Trustees. Good faith fair valued securities are classified based on the applicable valuation inputs. See "Fair Value Measurement" in the Notes to Financial Statements.

(j) Security is a step-up bond where the coupon may increase or step up at a future date or as the result of an upgrade or downgrade to the credit rating of the issuer. Rate stated was the coupon as of June 30, 2025.

(k) This senior floating rate interest will settle after June 30, 2025. If a reference rate and spread is presented, it will go into effect upon settlement.

(l) Investment in affiliate.

(m) Yield changes daily to reflect current market conditions. Rate was the quoted yield as of June 30, 2025.

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **JNL/PPM America Total Return Fund — Investments in Affiliates** | **JNL/PPM America Total Return Fund — Investments in Affiliates** | **JNL/PPM America Total Return Fund — Investments in Affiliates** | **JNL/PPM America Total Return Fund — Investments in Affiliates** | **JNL/PPM America Total Return Fund — Investments in Affiliates** | **JNL/PPM America Total Return Fund — Investments in Affiliates** | **JNL/PPM America Total Return Fund — Investments in Affiliates** | **JNL/PPM America Total Return Fund — Investments in Affiliates** | **JNL/PPM America Total Return Fund — Investments in Affiliates** |
| **Affiliated Investment** | **Value Beginning of Period($)** | **Purchases($)** | **Sales Proceeds($)** | **Dividend Income/ Distributions from Funds($)** | **Realized Gain (Loss)($)** | **Change in Unrealized Appreciation (Depreciation) ($)** | **Value End of Period($)** | **Percentage of Net Assets(%)** |
| JNL Government Money Market Fund, 4.20% - Class I | 23573 | 354803 | 357258 | 501 |  |  | 21118 | 1.4 |
| JNL Government Money Market Fund, 4.30% - Class SL | 7650 | 53359 | 59946 | 82 |  |  | 1063 | 0.1 |
|  | 31223 | 408162 | 417204 | 583 |  |  | 22181 | 1.5 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **JNL/PPM America Total Return Fund — Restricted Securities** | **JNL/PPM America Total Return Fund — Restricted Securities** | **JNL/PPM America Total Return Fund — Restricted Securities** | **JNL/PPM America Total Return Fund — Restricted Securities** | **JNL/PPM America Total Return Fund — Restricted Securities** |
|  | **Initial Acquisition** | **Cost ($)** | **Value ($)** | **Percent of**<br> **Net Assets (%)** |
| Mars, Incorporated, 3.74%, 10/11/27 | 09/19/12 | 1200 | 1175 | 0.1 |
| Morgan Stanley Bank, N.A., 5.18%, 05/26/28 | 05/28/24 | 2005 | 2010 | 0.1 |
|  |  | 3205 | 3185 | 0.2 |

---

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page [607](#abbreviations).

527

**JNL Series Trust** (Unaudited)

**Schedules of Investments (in thousands)**

June 30, 2025

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **JNL/PPM America Total Return Fund — Futures Contracts** | **JNL/PPM America Total Return Fund — Futures Contracts** | **JNL/PPM America Total Return Fund — Futures Contracts** | **JNL/PPM America Total Return Fund — Futures Contracts** | **JNL/PPM America Total Return Fund — Futures Contracts** | **JNL/PPM America Total Return Fund — Futures Contracts** |
| **Reference Entity** | **Contracts<sup>1</sup>** | **Expiration** | **Notional<sup>1</sup>** | **Variation**<br> **Margin**<br> **Receivable**<br> (Payable) ($) | **Value/**<br> **Unrealized**<br> **Appreciation**<br> (Depreciation) ($) |
| **Long Contracts** | **Long Contracts** | **Long Contracts** | **Long Contracts** | **Long Contracts** | **Long Contracts** |
| United States 2 Year Note | 624 | October 2025 | 129282 | 34 | 525 |
| United States 5 Year Note | 1109 | October 2025 | 119534 | 139 | 1347 |
|  |  |  |  | 173 | 1872 |
| **Short Contracts** | **Short Contracts** | **Short Contracts** | **Short Contracts** | **Short Contracts** | **Short Contracts** |
| United States 10 Year Note | (164) | September 2025 | (17990) | (69) | (399) |
| United States 10 Year Ultra Bond | (794) | September 2025 | (88264) | (392) | (2463) |
| United States Long Bond | (38) | September 2025 | (4349) | (38) | (39) |
| United States Ultra Bond | (27) | September 2025 | (3186) | (36) | (30) |
|  |  |  |  | (535) | (2931) |

---

**Fair Value Hierarchy.** Various inputs are used in determining the fair value of financial instruments. For a description of the input levels and information about the Fund's policy regarding valuation of financial instruments, see Note 3 in the Notes to Financial Statements. The following table summarizes the Fund's investments categorized in the disclosure hierarchy as of June 30, 2025.

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **<u>. Level 1 ($) .</u>** | **<u>. Level 2 ($) .</u>** | **<u>. Level 3 ($) .</u>** | **<u>. Total ($) .</u>** |
| **JNL/PPM America Total Return Fund** | **JNL/PPM America Total Return Fund** | **JNL/PPM America Total Return Fund** | **JNL/PPM America Total Return Fund** | **JNL/PPM America Total Return Fund** |
| **Assets - Securities** |  |  |  |  |
| &nbsp;&nbsp; Government And Agency Obligations |  | 656150 |  | 656150 |
| &nbsp;&nbsp; Corporate Bonds And Notes |  | 573799 | 1175 | 574974 |
| &nbsp;&nbsp; Non-U.S. Government Agency Asset-Backed Securities |  | 125473 |  | 125473 |
| &nbsp;&nbsp; Senior Floating Rate Instruments |  | 55784 |  | 55784 |
| &nbsp;&nbsp; Short Term Investments | 22181 |  |  | 22181 |
|  | 22181 | 1411206 | 1175 | 1434562 |
| **Assets - Investments in Other Financial Instruments<sup>1</sup>** |  |  |  |  |
| &nbsp;&nbsp; Futures Contracts | 1872 |  |  | 1872 |
|  | 1872 |  |  | 1872 |
| **Liabilities - Investments in Other Financial Instruments<sup>1</sup>** |  |  |  |  |
| &nbsp;&nbsp; Futures Contracts | (2931) |  |  | (2931) |
|  | (2931) |  |  | (2931) |

---

<sup>1</sup> All derivatives, except for purchased and written options, are reflected at the unrealized appreciation (depreciation) on the instrument. Purchased and written options are reflected at value.

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page [607](#abbreviations).

528

**JNL Series Trust** (Unaudited)

**Schedules of Investments (in thousands)**

June 30, 2025

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| **JNL/RAFI Fundamental U.S. Small Cap Fund** | **JNL/RAFI Fundamental U.S. Small Cap Fund** | **JNL/RAFI Fundamental U.S. Small Cap Fund** |
| **COMMON STOCKS 99.5%** | **COMMON STOCKS 99.5%** | **COMMON STOCKS 99.5%** |
| **Industrials 20.0%** | **Industrials 20.0%** | **Industrials 20.0%** |
| A. O. Smith Corporation | 11 | 724 |
| AAR Corp. (a) | 4 | 276 |
| ABM Industries Incorporated | 9 | 410 |
| ACCO Brands Corporation | 3 | 12 |
| Acuity Brands, Inc. | 3 | 950 |
| Advanced Drainage Systems, Inc. | 3 | 399 |
| Air Lease Corporation - Class A | 14 | 799 |
| Alamo Group Inc. |  | 110 |
| Alaska Air Group, Inc. (a) | 16 | 785 |
| Albany International Corp. - Class A | 2 | 122 |
| Alight, Inc. - Class A | 60 | 341 |
| Allegiant Travel Company (a) | 3 | 190 |
| Allison Systems, Inc. | 8 | 802 |
| Amentum Holdings, Inc. (a) | 3 | 78 |
| American Airlines Group Inc. (a) | 26 | 289 |
| American Woodmark Corporation (a) | 2 | 128 |
| API Group Corporation (a) | 11 | 537 |
| Apogee Enterprises, Inc. | 4 | 145 |
| Applied Industrial Technologies, Inc. | 2 | 426 |
| Arcbest Corporation | 5 | 353 |
| Arcosa, Inc. | 4 | 383 |
| Armstrong World Industries, Inc. | 2 | 372 |
| Astec Industries, Inc. | 1 | 47 |
| ATI Inc. (a) | 5 | 410 |
| Atkore Inc. | 5 | 387 |
| Axon Enterprise, Inc. (a) |  | 152 |
| BlueLinx Holdings Inc. (a) | 1 | 43 |
| Boise Cascade Company | 6 | 487 |
| Booz Allen Hamilton Holding Corporation - Class A | 7 | 687 |
| Brady Corporation - Class A | 4 | 254 |
| BrightView Holdings, Inc. (a) | 4 | 67 |
| Brink's Company, The | 2 | 148 |
| Broadridge Financial Solutions, Inc. | 4 | 939 |
| BWXT Government Group, Inc. | 3 | 503 |
| Caci International Inc. - Class A (a) | 2 | 871 |
| CBIZ, Inc. (a) | 1 | 92 |
| Chart Industries, Inc. (a) | 2 | 326 |
| Clarivate PLC (a) | 60 | 258 |
| Clean Harbors, Inc. (a) | 2 | 473 |
| Comfort Systems USA, Inc. | 1 | 497 |
| Concentrix Corporation | 12 | 615 |
| Conduent Incorporated (a) | 5 | 13 |
| Copart, Inc. (a) | 15 | 716 |
| Core & Main, Inc. - Class A (a) | 8 | 486 |
| CoreCivic, Inc. (a) | 19 | 396 |
| Crane Company | 2 | 460 |
| CSG Systems International, Inc. | 4 | 284 |
| Curtiss-Wright Corporation | 2 | 870 |
| Dayforce, Inc. (a) | 2 | 118 |
| Deluxe Corporation | 3 | 43 |
| DNOW Inc. (a) | 17 | 256 |
| Donaldson Company, Inc. | 8 | 584 |
| Dun & Bradstreet Holdings, Inc. | 32 | 291 |
| Dycom Industries, Inc. (a) | 2 | 497 |
| EMCOR Group, Inc. | 3 | 1382 |
| EnerSys | 4 | 380 |
| Enpro Inc. | 1 | 117 |
| Equifax Inc. | 3 | 890 |
| ESAB Corporation | 3 | 321 |
| Everus Construction Group, Inc. (a) | 5 | 330 |
| ExlService Holdings, Inc. (a) | 3 | 122 |
| Federal Signal Corporation | 1 | 143 |
| Flowserve Corporation | 10 | 522 |
| Fluor Corporation (a) | 15 | 768 |
| Fortune Brands Innovations, Inc. | 15 | 788 |
| Forward Air Corporation (a) | 9 | 213 |
| Franklin Electric Co., Inc. | 3 | 266 |
| FTAI Aviation Ltd. | 1 | 109 |
| FTI Consulting, Inc. (a) | 3 | 444 |
| Gates Industrial Corporation PLC (a) | 23 | 520 |
| GATX Corporation | 3 | 450 |
| Generac Holdings Inc. (a) | 4 | 624 |
| Genpact Limited | 16 | 710 |
| GEO Group, Inc., The (a) | 19 | 448 |
| Gibraltar Industries, Inc. (a) | 2 | 100 |
| Global Industrial Company | 1 | 18 |
| GMS Inc. (a) | 5 | 521 |
| Graco Inc. | 8 | 661 |
| GrafTech International Ltd. (a) | 18 | 17 |
| Granite Construction Incorporated | 4 | 392 |
| Greenbrier Companies, Inc., The | 6 | 284 |
| Griffon Corporation | 1 | 105 |
| GXO Logistics Inc. (a) | 15 | 729 |
| Hayward Holdings, Inc. (a) | 7 | 90 |
| Healthcare Services Group, Inc. (a) | 4 | 67 |
| HEICO Corporation | 2 | 622 |
| Herc Holdings Inc. | 3 | 336 |
| Hexcel Corporation | 7 | 398 |
| Hillenbrand, Inc. | 9 | 176 |
| HNI Corporation | 5 | 247 |
| Hub Group, Inc. - Class A | 9 | 315 |
| Hubbell Incorporated | 2 | 925 |
| Hyster-Yale, Inc. - Class A |  | 13 |
| ICF International, Inc. | 1 | 89 |
| IDEX Corporation | 4 | 753 |
| Ingersoll Rand Inc. | 7 | 561 |
| Insperity, Inc. | 3 | 168 |
| ITT Inc. | 5 | 792 |
| JBT Marel Corporation | 1 | 123 |
| JELD-WEN Holding, Inc. (a) | 15 | 60 |
| JetBlue Airways Corporation (a) | 96 | 407 |
| KBR, Inc. | 10 | 487 |
| Kelly Services, Inc. - Class A | 2 | 26 |
| Kennametal Inc. | 15 | 345 |
| Kforce Inc. | 1 | 44 |
| Kirby Corporation (a) | 4 | 476 |
| Korn Ferry | 6 | 419 |
| Landstar System, Inc. | 5 | 644 |
| Lennox International Inc. | 1 | 586 |
| Leonardo DRS, Inc. | 4 | 166 |
| Lincoln Electric Holdings, Inc. | 3 | 720 |
| Lyft, Inc. - Class A (a) | 36 | 569 |
| Manitowoc Company, Inc., The (a) | 3 | 30 |
| Marten Transport, Ltd. | 3 | 44 |
| MasTec, Inc. (a) | 5 | 822 |
| Masterbrand, Inc. (a) | 18 | 199 |
| Matson Intermodal - Paragon, Inc. | 5 | 576 |
| Maximus, Inc. | 8 | 534 |
| Mercury Systems, Inc. (a) | 2 | 130 |
| Middleby Corporation, The (a) | 4 | 616 |
| Millerknoll, Inc. | 11 | 214 |
| Mine Safety Appliances Company, LLC | 2 | 295 |
| MOOG Inc. - Class A | 2 | 407 |
| MRC Global Inc. (a) | 6 | 79 |
| MSC Industrial Direct Co., Inc. - Class A | 7 | 600 |
| Mueller Industries, Inc. | 7 | 578 |
| Mueller Water Products, Inc. - Class A | 4 | 98 |
| MYR Group Inc. (a) | 1 | 150 |
| Nordson Corporation | 3 | 598 |
| Nvent Electric Public Limited Company | 11 | 779 |
| Openlane, Inc. (a) | 13 | 312 |
| Oshkosh Corporation | 10 | 1180 |
| Parsons Corporation (a) | 3 | 199 |
| Paycom Software, Inc. | 1 | 339 |
| Pentair Public Limited Company | 9 | 958 |
| Plug Power Inc. (a) | 172 | 256 |
| Primoris Services Corporation | 5 | 371 |
| RBC Bearings Incorporated (a) | 1 | 342 |
| Regal Rexnord Corporation | 7 | 1069 |
| Resideo Technologies, Inc. (a) | 16 | 349 |
| REV Group, Inc. | 3 | 134 |
| Rollins, Inc. | 7 | 396 |
| Rush Enterprises, Inc. - Class A | 8 | 424 |
| RXO Inc (a) | 17 | 267 |
| Ryder System, Inc. | 4 | 579 |
| Saia, Inc. (a) | 1 | 302 |

---

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page [607](#abbreviations).

529

**JNL Series Trust** (Unaudited)

**Schedules of Investments (in thousands)**

June 30, 2025

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| Schneider National, Inc. - Class B | 8 | 191 |
| Science Applications International Corporation | 7 | 748 |
| Sensata Technologies Holding PLC | 25 | 764 |
| Simpson Manufacturing Co., Inc. | 2 | 379 |
| SiteOne Landscape Supply, Inc. (a) | 3 | 325 |
| SkyWest, Inc. (a) | 5 | 486 |
| Spirit AeroSystems Holdings, Inc. - Class A (a) | 9 | 329 |
| SPX Technologies, Inc. (a) | 1 | 112 |
| SS&C Technologies Holdings, Inc. | 8 | 655 |
| StandardAero, Inc. (a) | 1 | 41 |
| Steelcase Inc. - Class A | 12 | 128 |
| Sunrun Inc. (a) | 37 | 302 |
| Terex Corporation | 10 | 447 |
| Tetra Tech, Inc. | 12 | 433 |
| Timken Company, The | 8 | 596 |
| Titan Machinery Inc. (a) | 2 | 44 |
| Toro Company, The | 9 | 617 |
| TransUnion | 7 | 643 |
| Trex Company, Inc. (a) | 5 | 271 |
| Trinet Group, Inc. | 4 | 297 |
| Trinity Industries, Inc. | 9 | 249 |
| TrueBlue, Inc. (a) | 1 | 4 |
| TTEC Holdings, Inc. (a) | 4 | 21 |
| Tutor Perini Corporation (a) | 4 | 191 |
| UFP Industries, Inc. | 6 | 621 |
| U-Haul Holding Company - Series N | 7 | 373 |
| UL Solutions Inc. - Class A | 1 | 59 |
| Unifirst Corporation | 2 | 349 |
| V2X, Inc. (a) | 1 | 55 |
| Valmont Industries, Inc. | 2 | 504 |
| Veralto Corporation | 6 | 560 |
| Verisk Analytics, Inc. | 4 | 1335 |
| Vertiv Holdings Co - Class A | 2 | 301 |
| Vestis Corporation | 30 | 170 |
| Wabash National Corporation | 12 | 130 |
| Watsco, Inc. | 2 | 801 |
| Watts Water Technologies, Inc. - Class A | 2 | 387 |
| Werner Enterprises, Inc. | 14 | 393 |
| WESCO International, Inc. | 3 | 642 |
| Willscot Holdings Corporation - Class A | 14 | 377 |
| Woodward, Inc. | 3 | 818 |
| Worthington Industries, Inc. | 4 | 256 |
| XPO, Inc. (a) | 3 | 412 |
| Xylem Inc. | 4 | 535 |
| Zurn Elkay Water Solutions Corporation | 3 | 117 |
| | | 75593 |
| **Financials 17.2%** | **Financials 17.2%** | **Financials 17.2%** |
| Affiliated Managers Group, Inc. | 4 | 872 |
| AGNC Investment Corp. (b) | 78 | 716 |
| Ameris Bancorp | 5 | 349 |
| Apollo Commercial Real Estate Finance, Inc. | 23 | 222 |
| Apollo Global Management, Inc. | 2 | 297 |
| Arbor Realty Trust, Inc. | 28 | 301 |
| Ares Management Corporation - Class A | 2 | 418 |
| Artisan Partners Asset Management Inc. - Class A | 7 | 314 |
| Associated Banc-Corp | 21 | 522 |
| Assurant, Inc. | 4 | 807 |
| Atlantic Union Bank | 9 | 296 |
| Axos Financial, Inc. (a) | 2 | 121 |
| B. Riley & Co., LLC (a) (b) | 4 | 12 |
| Bank of Hawaii Corporation | 4 | 246 |
| Bank OZK | 14 | 637 |
| BankUnited, Inc. | 15 | 537 |
| Banner Corporation | 4 | 238 |
| BGC Group, Inc. - Class A | 25 | 251 |
| Blackstone Mortgage Trust, Inc. - Class A | 31 | 594 |
| Blue Owl Capital Inc. - Class A | 2 | 40 |
| BOK Financial Corporation | 2 | 231 |
| Bread Financial Payments, Inc. | 15 | 845 |
| Brighthouse Financial, Inc. (a) | 6 | 330 |
| Brightsphere Investment Group Inc. | 2 | 67 |
| BrightSpire Capital, Inc - Class A | 7 | 36 |
| Brown & Brown, Inc. | 6 | 713 |
| Cadence Bank | 18 | 569 |
| Cathay General Bancorp | 7 | 320 |
| Chimera Investment Corporation | 11 | 159 |
| Claros Mortgage Trust, Inc. | 7 | 19 |
| CNO Financial Group, Inc. | 14 | 548 |
| Cohen & Steers, Inc. | 1 | 113 |
| Coinbase Global, Inc. - Class A (a) | 3 | 1028 |
| Columbia Banking System, Inc. | 17 | 387 |
| Columbia Financial, Inc. (a) |  | 1 |
| Commerce Bancshares, Inc. | 7 | 413 |
| Community Financial System, Inc. | 4 | 226 |
| Credit Acceptance Corporation (a) | 1 | 382 |
| Cullen/Frost Bankers, Inc. | 4 | 507 |
| CVB Financial Corp. | 14 | 285 |
| DigitalBridge Group, Inc. - Class A | 33 | 339 |
| Eagle Bancorp, Inc. | 3 | 49 |
| East West Bancorp, Inc. | 10 | 1005 |
| Eastern Bankshares, Inc. | 13 | 205 |
| Employers Holdings, Inc. | 1 | 58 |
| Enact Holdings, Inc. | 3 | 114 |
| Encore Capital Group, Inc. (a) | 3 | 125 |
| Enova International, Inc. (a) | 1 | 151 |
| Equitable Holdings, Inc. | 23 | 1293 |
| Erie Indemnity Company - Class A | 1 | 265 |
| Essent Group Ltd. | 9 | 575 |
| Euronet Worldwide, Inc. (a) | 4 | 443 |
| Evercore Inc. - Class A | 3 | 884 |
| F&G Annuities & Life, Inc. | 2 | 50 |
| F.N.B. Corporation | 45 | 661 |
| FactSet Research Systems Inc. | 1 | 526 |
| Federated Hermes, Inc. - Class B | 10 | 459 |
| First Citizens BancShares, Inc. - Class A |  | 442 |
| First Financial Bancorp. | 9 | 214 |
| First Financial Bankshares, Inc. | 3 | 96 |
| First Hawaiian, Inc. | 15 | 366 |
| First Horizon Corporation | 53 | 1132 |
| First Interstate BancSystem, Inc. - Class A | 12 | 352 |
| First Merchants Corporation | 2 | 75 |
| FirstCash, Inc. | 4 | 532 |
| Flagstar Financial, Inc. | 86 | 907 |
| Fulton Financial Corporation | 18 | 324 |
| Genworth Financial, Inc. - Class A (a) | 80 | 624 |
| Glacier Bancorp, Inc. | 8 | 358 |
| Globe Life Inc. | 8 | 972 |
| Guild Holdings Company - Class A (a) |  |  |
| Hancock Whitney Corporation | 9 | 500 |
| Hanover Insurance Group Inc, The | 4 | 701 |
| Hilltop Holdings Inc. | 7 | 221 |
| Home BancShares, Inc. | 16 | 451 |
| Hope Bancorp, Inc. | 17 | 181 |
| Houlihan Lokey, Inc. - Class A | 2 | 397 |
| Independent Bank Corp. | 5 | 288 |
| Interactive Brokers Group, Inc. - Class A | 4 | 221 |
| International Bancshares Corporation | 4 | 277 |
| Jack Henry & Associates, Inc. | 4 | 738 |
| Jackson Financial Inc. - Class A (c) | 11 | 990 |
| Janus Henderson Group PLC | 17 | 680 |
| KKR Real Estate Finance Trust Inc. | 4 | 38 |
| Ladder Capital Corp - Class A | 16 | 168 |
| Loandepot, Inc. - Class A (a) | 1 | 1 |
| LPL Financial Holdings Inc. | 3 | 1273 |
| MarketAxess Holdings Inc. | 1 | 305 |
| Mercury General Corporation | 3 | 225 |
| MFA Financial, Inc. | 19 | 177 |
| MGIC Investment Corporation | 32 | 883 |
| Moelis & Company - Class A | 6 | 372 |
| Morningstar, Inc. | 1 | 232 |
| Mr. Cooper Group Inc. (a) | 5 | 801 |
| MSCI Inc. - Class A | 1 | 837 |
| Navient Corporation | 15 | 208 |
| NCR Atleos Corporation (a) | 3 | 88 |
| Nelnet, Inc. - Class A | 1 | 125 |
| New York Mortgage Trust, Inc. | 6 | 42 |
| NMI Holdings, Inc. - Class A (a) | 3 | 119 |
| Northwest Bancshares, Inc. | 6 | 76 |
| OceanFirst Financial Corp. | 3 | 50 |

---

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page [607](#abbreviations).

530

**JNL Series Trust** (Unaudited)

**Schedules of Investments (in thousands)**

June 30, 2025

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| Old National Bancorp | 28 | 604 |
| Pacific Premier Bancorp, Inc. | 13 | 272 |
| Paysafe Limited (a) | 2 | 22 |
| PennyMac Financial Services, Inc. | 4 | 393 |
| PennyMac Mortgage Investment Trust | 17 | 213 |
| Pinnacle Financial Partners, Inc. | 5 | 575 |
| Piper Sandler Companies |  | 138 |
| PRA Group, Inc. (a) | 3 | 38 |
| Primerica, Inc. | 2 | 615 |
| PROG Holdings, Inc. | 8 | 242 |
| Prosperity Bancshares, Inc. | 10 | 694 |
| Provident Financial Services, Inc. | 5 | 91 |
| Radian Group Inc. | 18 | 640 |
| Ready Capital Corporation (b) | 16 | 70 |
| Reinsurance Group of America, Incorporated | 2 | 470 |
| Renasant Corporation | 7 | 259 |
| RITHM Capital Corp. | 83 | 937 |
| RLI Corp. | 4 | 321 |
| Robinhood Markets, Inc. - Class A (a) | 16 | 1459 |
| Rocket Companies, Inc. - Class A (b) | 2 | 30 |
| SEI Investments Company | 11 | 992 |
| Selective Insurance Group, Inc. | 5 | 404 |
| Simmons First National Corporation - Class A | 12 | 234 |
| SLM Corporation | 35 | 1164 |
| SoFi Technologies, Inc. (a) | 29 | 522 |
| Southstate Corporation | 8 | 738 |
| Starwood Property Trust, Inc. | 45 | 910 |
| Stewart Information Services Corporation | 4 | 241 |
| Stifel Financial Corp. | 6 | 646 |
| StoneX Group Inc. (a) | 2 | 222 |
| Synovus Financial Corp. | 13 | 680 |
| Texas Capital Bancshares, Inc. (a) | 4 | 311 |
| TFS Financial Corporation | 4 | 52 |
| The Carlyle Group, Inc. | 9 | 477 |
| The Western Union Company | 97 | 817 |
| Toast, Inc. - Class A (a) | 3 | 130 |
| TowneBank | 2 | 64 |
| TPG Inc. - Class A | 3 | 137 |
| Tradeweb Markets Inc. - Class A | 2 | 328 |
| Trustmark Corporation | 6 | 218 |
| Two Harbors Investment Corp. | 16 | 172 |
| UMB Financial Corporation | 3 | 323 |
| United Bankshares, Inc. | 12 | 444 |
| United Community Banks, Inc. | 11 | 318 |
| UWM Holdings Corporation - Class A | 3 | 11 |
| Valley National Bancorp | 70 | 624 |
| Victory Capital Holdings, Inc. - Class A | 2 | 97 |
| Virtu Financial, Inc. - Class A | 11 | 482 |
| Voya Financial, Inc. | 9 | 624 |
| WAFD, Inc. | 10 | 297 |
| Walker & Dunlop, Inc. | 3 | 233 |
| Webster Financial Corporation | 17 | 953 |
| WesBanco, Inc. | 8 | 251 |
| Western Alliance Bancorporation | 7 | 584 |
| Wex, Inc. (a) | 2 | 344 |
| White Mountains Insurance Group Ltd |  | 444 |
| Wintrust Financial Corporation | 5 | 571 |
| World Acceptance Corporation (a) |  | 44 |
| WSFS Financial Corporation | 2 | 135 |
| Zurich American Corporation | 8 | 486 |
| | | 65037 |
| **Consumer Discretionary 14.5%** | **Consumer Discretionary 14.5%** | **Consumer Discretionary 14.5%** |
| 1-800-Flowers.com, Inc. - Class A (a) (b) | 4 | 21 |
| Abercrombie & Fitch Co. - Class A (a) | 4 | 295 |
| Academy Sports & Outdoors, Inc. | 14 | 632 |
| Acushnet Holdings Corp. | 3 | 203 |
| Adient Public Limited Company (a) | 26 | 506 |
| ADT, Inc. | 61 | 519 |
| Adtalem Global Education Inc. (a) | 4 | 480 |
| A-Mark Precious Metals, Inc. | 2 | 47 |
| American Axle & Manufacturing Holdings, Inc. (a) | 18 | 73 |
| American Eagle Outfitters, Inc. | 34 | 329 |
| Aramark | 19 | 798 |
| Asbury Automotive Group, Inc. (a) | 3 | 747 |
| AutoZone, Inc. (a) |  | 1307 |
| Bath & Body Works, Inc. | 22 | 671 |
| Beazer Homes USA, Inc. (a) | 3 | 65 |
| Birkenstock Holding PLC (a) | 1 | 42 |
| Bloomin' Brands, Inc. | 13 | 110 |
| Boyd Gaming Corporation | 6 | 473 |
| Bright Horizons Family Solutions, Inc. (a) | 2 | 249 |
| Brunswick Corporation | 13 | 728 |
| Burlington Stores, Inc. (a) | 2 | 503 |
| Caesars Entertainment, Inc. (a) | 22 | 617 |
| Caleres, Inc. | 6 | 75 |
| Camping World Holdings, Inc. - Class A | 2 | 35 |
| Capri Holdings Limited (a) | 41 | 726 |
| Carter's, Inc. | 12 | 354 |
| Cavco Industries, Inc. (a) |  | 126 |
| Century Communities, Inc. | 5 | 308 |
| Chegg, Inc. (a) | 23 | 28 |
| Chipotle Mexican Grill, Inc. (a) | 10 | 552 |
| Choice Hotels International, Inc. (b) | 1 | 69 |
| Churchill Downs Incorporated | 3 | 257 |
| Columbia Sportswear Company | 5 | 319 |
| Coupang, Inc. - Class A (a) | 14 | 434 |
| Cracker Barrel Old Country Store, Inc. | 9 | 522 |
| Cricut, Inc. - Class A | 4 | 24 |
| Crocs, Inc. (a) | 5 | 482 |
| Dana Incorporated | 35 | 604 |
| Deckers Outdoor Corporation (a) | 5 | 565 |
| Designer Brands Inc. - Class A | 16 | 39 |
| Dillard's, Inc. - Class A (b) | 1 | 226 |
| DK Crown Holdings Inc. - Class A (a) | 2 | 107 |
| Domino's Pizza, Inc. | 2 | 868 |
| DoorDash, Inc. - Class A (a) | 5 | 1119 |
| Dorman Products, Inc. (a) | 2 | 234 |
| ETSY, Inc. (a) | 10 | 505 |
| Five Below, Inc. (a) | 4 | 579 |
| Floor & Decor Holdings, Inc. - Class A (a) | 4 | 294 |
| Fox Factory Holding Corp. (a) | 5 | 124 |
| GameStop Corp. - Class A (a) | 15 | 361 |
| Genesco Inc. (a) | 2 | 39 |
| Gentex Corporation | 32 | 710 |
| Gentherm Incorporated (a) | 5 | 148 |
| G-III Apparel Group, Ltd. (a) | 9 | 212 |
| Gopro Inc. - Class A (a) | 26 | 20 |
| Graham Holdings Co., Ltd. - Class B |  | 352 |
| Grand Canyon Education, Inc. (a) | 3 | 505 |
| Green Brick Partners, Inc. (a) | 1 | 95 |
| Group 1 Automotive, Inc. | 3 | 1143 |
| Guess ?, Inc. (b) | 6 | 75 |
| H & R Block, Inc. | 7 | 383 |
| Hanesbrands Inc. (a) | 88 | 401 |
| Harley-Davidson, Inc. | 26 | 604 |
| Hasbro, Inc. | 17 | 1238 |
| Helen of Troy Limited (a) | 8 | 240 |
| Hilton Grand Vacations Inc. (a) | 9 | 360 |
| Hyatt Hotels Corporation - Class A | 2 | 294 |
| Installed Building Products, Inc. | 1 | 116 |
| International Game Technology PLC | 19 | 302 |
| iRobot Corporation (a) | 12 | 39 |
| Jack in the Box Inc. (b) | 6 | 97 |
| KB Home | 11 | 567 |
| Kontoor Brands, Inc. | 3 | 221 |
| Laureate Education, Inc. - Class A (a) | 15 | 341 |
| La-Z-Boy Incorporated | 7 | 269 |
| LCI Industries | 5 | 415 |
| Leggett & Platt, Incorporated | 43 | 383 |
| Levi Strauss & Co. - Class A | 9 | 169 |
| LGI Homes, Inc. (a) | 4 | 197 |
| Life Time Group Holdings, Inc. (a) | 3 | 92 |
| Light & Wonder, Inc. (a) | 4 | 368 |
| Lucid Group, Inc. (a) (b) | 78 | 164 |
| M/I Homes, Inc. (a) | 4 | 412 |
| MarineMax, Inc. (a) | 3 | 64 |
| Marriott Vacations Worldwide Corporation | 8 | 580 |
| Mattel, Inc. (a) | 27 | 538 |
| Matthews International Corporation - Class A | 2 | 45 |

---

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page [607](#abbreviations).

531

**JNL Series Trust** (Unaudited)

**Schedules of Investments (in thousands)**

June 30, 2025

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| Meritage Homes Corporation | 12 | 783 |
| Modine Manufacturing Company (a) | 1 | 114 |
| Monro, Inc. | 5 | 80 |
| Murphy USA Inc. | 2 | 867 |
| National Vision Holdings, Inc. (a) | 8 | 183 |
| Newell Brands Inc. | 67 | 360 |
| ODP Corporation, The (a) | 11 | 197 |
| Ollie's Bargain Outlet Holdings, Inc. (a) | 3 | 459 |
| Oxford Industries, Inc. | 2 | 66 |
| Patrick Industries, Inc. | 4 | 377 |
| PENN Entertainment, Inc. (a) | 31 | 547 |
| Petco Health And Wellness Company, Inc. - Class A (a) | 18 | 52 |
| Phinia Inc. | 8 | 355 |
| Polaris Inc. | 19 | 761 |
| Pool Corporation | 2 | 605 |
| Red Rock Resorts, Inc. - Class A | 3 | 173 |
| RH (a) | 1 | 254 |
| Royal Caribbean Cruises Ltd. | 3 | 1062 |
| Sabre Corporation (a) | 47 | 150 |
| Sally Beauty Holdings, Inc. (a) | 23 | 213 |
| Service Corporation International | 8 | 674 |
| SharkNinja, Inc. (a) | 3 | 278 |
| Signet Jewelers Limited | 8 | 636 |
| Six Flags Entertainment Corporation (a) | 2 | 63 |
| Skechers U.S.A., Inc. - Class A (a) | 12 | 754 |
| Skyline Champion Corporation (a) | 3 | 214 |
| Sleep Number Corporation (a) | 4 | 25 |
| Smith & Wesson Brands, Inc. | 4 | 35 |
| Somnigroup International Inc. | 10 | 675 |
| Sonic Automotive, Inc. - Class A | 4 | 294 |
| Sonos, Inc. (a) | 11 | 116 |
| Standard Motor Products, Inc. | 1 | 40 |
| Steven Madden, Ltd. | 11 | 269 |
| Strategic Education, Inc. | 3 | 226 |
| Stride, Inc. (a) | 1 | 105 |
| Sturm, Ruger & Company, Inc. | 1 | 44 |
| Taylor Morrison Home II Corporation - Class A (a) | 16 | 1012 |
| Texas Roadhouse, Inc. - Class A | 3 | 570 |
| The Buckle, Inc. | 5 | 229 |
| The Wendy's Company | 22 | 247 |
| Thor Industries, Inc. | 6 | 539 |
| TopBuild Corp. (a) | 2 | 571 |
| Topgolf Callaway Brands Corp. (a) | 40 | 319 |
| Travel + Leisure Co. | 10 | 519 |
| TRI Pointe Homes Holdings, Inc. (a) | 17 | 542 |
| Ulta Beauty, Inc. (a) | 3 | 1199 |
| Under Armour, Inc. - Class A (a) | 60 | 413 |
| United Parks And Resorts Inc. (a) | 3 | 163 |
| Upbound Group, Inc. | 9 | 215 |
| Urban Outfitters, Inc. (a) | 10 | 706 |
| Vail Resorts, Inc. | 4 | 579 |
| Valvoline, Inc. (a) | 11 | 433 |
| Victoria's Secret & Co. (a) | 16 | 290 |
| Visteon Corporation (a) | 4 | 373 |
| Vitamin Oldco Holdings, Inc. (a) (d) | 5 |  |
| Wayfair Inc. - Class A (a) | 2 | 105 |
| Williams-Sonoma, Inc. | 6 | 1026 |
| Winnebago Industries, Inc. | 9 | 264 |
| Wolverine World Wide, Inc. | 7 | 121 |
| Wyndham Hotels & Resorts, Inc. | 6 | 463 |
| Wynn Resorts, Limited | 4 | 332 |
| YETI Holdings, Inc. (a) | 3 | 99 |
| Zumiez Inc. (a) | 2 | 24 |
| | | 55008 |
| **Information Technology 11.7%** | **Information Technology 11.7%** | **Information Technology 11.7%** |
| ACI Worldwide, Inc. (a) | 7 | 320 |
| Adtran Holdings, Inc. (a) | 7 | 64 |
| Advanced Energy Industries, Inc. | 3 | 399 |
| Alarm.Com Holdings, Inc. (a) | 2 | 97 |
| Allegro Microsystems Inc. (a) | 4 | 122 |
| Amkor Technology, Inc. | 20 | 411 |
| ANSYS, Inc. (a) | 3 | 947 |
| AppLovin Corporation - Class A (a) | 1 | 403 |
| ASGN Incorporated (a) | 7 | 339 |
| Aurora Innovations Inc. - Class A (a) | 31 | 164 |
| Autodesk, Inc. (a) | 3 | 787 |
| Axcelis Technologies, Inc. (a) | 2 | 127 |
| Belden Inc. | 3 | 332 |
| Benchmark Electronics, Inc. | 6 | 222 |
| Bentley Systems, Incorporated - Class B | 4 | 219 |
| Bill Holdings, Inc. (a) | 3 | 137 |
| Blackbaud, Inc. (a) | 1 | 91 |
| CCC Intelligent Solutions Holdings Inc. (a) | 12 | 109 |
| Ciena Corporation (a) | 15 | 1233 |
| Cirrus Logic, Inc. (a) | 6 | 631 |
| Cognex Corporation | 14 | 440 |
| Coherent Corp. (a) | 10 | 859 |
| CommScope Holding Company, Inc. (a) | 35 | 291 |
| CommVault Systems, Inc. (a) | 1 | 258 |
| Crane Nxt, Co. | 2 | 85 |
| CrowdStrike Holdings, Inc. - Class A (a) |  | 223 |
| Datadog, Inc. - Class A (a) | 2 | 212 |
| Diebold Nixdorf, Incorporated (a) | 1 | 63 |
| Diodes Incorporated (a) | 7 | 372 |
| DocuSign, Inc. (a) | 2 | 136 |
| Dolby Laboratories, Inc. - Class A | 6 | 481 |
| Dropbox, Inc. - Class A (a) | 26 | 754 |
| Dynatrace, Inc. (a) | 3 | 146 |
| Enphase Energy, Inc. (a) | 4 | 140 |
| Entegris, Inc. | 6 | 515 |
| EPAM Systems, Inc. (a) | 3 | 555 |
| ePlus inc. (a) | 2 | 114 |
| F5, Inc. (a) | 4 | 1178 |
| Fair Isaac Corporation (a) |  | 519 |
| First Solar, Inc. (a) | 5 | 760 |
| Flex Ltd. (a) | 17 | 826 |
| Formfactor, Inc. (a) | 3 | 111 |
| Fortinet, Inc. (a) | 6 | 675 |
| Gartner, Inc. (a) | 2 | 802 |
| Globant S.A. (a) | 1 | 77 |
| GoDaddy Inc. - Class A (a) | 6 | 1083 |
| Guidewire Software, Inc. (a) | 2 | 369 |
| HubSpot, Inc. (a) |  | 120 |
| Informatica Inc. - Class A (a) | 5 | 119 |
| Insight Enterprises, Inc. (a) | 4 | 561 |
| InterDigital, Inc. | 1 | 325 |
| IPG Photonics Corporation (a) | 5 | 321 |
| Itron, Inc. (a) | 3 | 395 |
| Knowles Corporation (a) | 12 | 210 |
| Lattice Semiconductor Corporation (a) | 2 | 94 |
| Littelfuse, Inc. | 2 | 494 |
| LiveRamp Holdings, Inc. (a) | 10 | 336 |
| Lumentum Holdings Inc. (a) | 8 | 740 |
| Manhattan Associates, Inc. (a) | 1 | 234 |
| MaxLinear, Inc. (a) | 8 | 109 |
| Methode Electronics, Inc. | 3 | 29 |
| MicroStrategy Incorporated - Class A (a) |  | 103 |
| MKS Inc. | 7 | 711 |
| MongoDB, Inc. - Class A (a) | 1 | 111 |
| Monolithic Power Systems, Inc. | 1 | 498 |
| NCR Voyix Corporation (a) | 26 | 305 |
| NETGEAR, Inc. (a) | 3 | 85 |
| NetScout Systems, Inc. (a) | 10 | 245 |
| Nutanix, Inc. - Class A (a) | 2 | 124 |
| Okta, Inc. - Class A (a) | 6 | 602 |
| Onto Innovation Inc. (a) | 1 | 118 |
| OSI Systems, Inc. (a) | 1 | 282 |
| Palantir Technologies Inc. - Class A (a) | 7 | 907 |
| Palo Alto Networks, Inc. (a) | 3 | 631 |
| PC Connection, Inc. | 2 | 117 |
| Pegasystems Inc. | 3 | 186 |
| Photronics, Inc. (a) | 4 | 79 |
| Plexus Corp. (a) | 3 | 399 |
| Power Integrations, Inc. | 5 | 274 |
| Progress Software Corporation | 2 | 118 |
| PTC Inc. (a) | 3 | 470 |
| Pure Storage, Inc. - Class A (a) | 8 | 448 |
| Qualys, Inc. (a) | 1 | 126 |
| Rackspace Technology, Inc. (a) | 1 | 1 |

---

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page [607](#abbreviations).

532

**JNL Series Trust** (Unaudited)

**Schedules of Investments (in thousands)**

June 30, 2025

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| Rambus Inc. (a) | 2 | 141 |
| Ribbon Communications Inc. (a) | 3 | 11 |
| RingCentral, Inc. - Class A (a) | 6 | 179 |
| Rogers Corporation (a) | 1 | 87 |
| Sanmina Corporation (a) | 8 | 772 |
| ScanSource, Inc. (a) | 2 | 71 |
| Semtech Corporation (a) | 6 | 262 |
| ServiceNow, Inc. (a) | 1 | 703 |
| Silicon Laboratories Inc. (a) | 4 | 658 |
| Snowflake Inc. - Class A (a) | 4 | 842 |
| Super Micro Computer, Inc. (a) (b) | 14 | 701 |
| Synaptics Incorporated (a) | 5 | 357 |
| Teledyne Technologies Incorporated (a) | 1 | 670 |
| Teradata Corporation (a) | 17 | 384 |
| Trimble Inc. (a) | 17 | 1271 |
| TTM Technologies, Inc. (a) | 14 | 562 |
| Twilio Inc. - Class A (a) | 8 | 945 |
| Tyler Technologies, Inc. (a) | 1 | 400 |
| Ubiquiti Inc. |  | 29 |
| Uipath, Inc. - Class A (a) | 8 | 98 |
| Ultra Clean Holdings, Inc. (a) | 4 | 81 |
| Unity Software Inc. (a) | 24 | 573 |
| Universal Display Corporation | 1 | 141 |
| VeriSign, Inc. | 2 | 701 |
| ViaSat, Inc. (a) | 46 | 669 |
| Viavi Solutions Inc. (a) | 32 | 324 |
| Vishay Intertechnology, Inc. | 28 | 440 |
| Vontier Corporation | 11 | 408 |
| Zebra Technologies Corporation - Class A (a) | 4 | 1100 |
| Zoom Communications, Inc. - Class A (a) | 5 | 405 |
| | | 44210 |
| **Real Estate 8.8%** | **Real Estate 8.8%** | **Real Estate 8.8%** |
| Acadia Realty Trust | 9 | 171 |
| Agree Realty Corporation | 6 | 417 |
| Alexander & Baldwin, Inc. | 7 | 134 |
| American Assets Trust, Inc. | 3 | 58 |
| American Healthcare REIT, Inc. | 3 | 108 |
| American Homes 4 Rent - Class A | 18 | 636 |
| Americold Realty Trust, Inc. | 30 | 494 |
| Anywhere Real Estate Inc. (a) | 10 | 35 |
| Apple Hospitality REIT, Inc. | 33 | 386 |
| Brandywine Realty Trust | 19 | 81 |
| Brixmor Property Group Inc. | 24 | 624 |
| Broadstone Net Lease, Inc. | 18 | 286 |
| Camden Property Trust | 7 | 805 |
| Compass, Inc. - Class A (a) | 22 | 140 |
| COPT Defense Properties | 11 | 305 |
| CoStar Group, Inc. (a) | 11 | 882 |
| Cousins Properties Incorporated | 20 | 590 |
| Cubesmart, L.P. | 12 | 506 |
| Curbline Properties Corp. | 2 | 57 |
| Cushman & Wakefield PLC (a) | 31 | 341 |
| DiamondRock Alpharetta Tenant, LLC | 32 | 244 |
| Diversified Healthcare Trust | 7 | 27 |
| Douglas Emmett, Inc. | 28 | 419 |
| EastGroup Properties, Inc. | 2 | 309 |
| Empire State Realty Trust, Inc. - Class A | 9 | 77 |
| EPR Properties | 8 | 494 |
| Equity Lifestyle Properties, Inc. | 7 | 416 |
| Essential Properties Realty Trust, Inc. | 5 | 144 |
| Essex Property Trust, Inc. | 4 | 1045 |
| eXp World Holdings, Inc. (b) | 15 | 134 |
| Extra Space Storage Inc. | 3 | 436 |
| Federal Realty Investment Trust | 6 | 550 |
| First Industrial Realty Trust, Inc. | 7 | 352 |
| Forestar Group Inc. (a) | 2 | 39 |
| Gaming and Leisure Properties, Inc. | 15 | 722 |
| Global Net Lease, Inc. | 26 | 198 |
| Healthcare Realty Trust Incorporated - Class A | 46 | 733 |
| Healthpeak OP, LLC | 35 | 618 |
| Highwoods Properties, Inc. | 15 | 455 |
| Howard Hughes Holdings Inc. (a) | 3 | 214 |
| Hudson Pacific Properties, Inc. (a) | 47 | 129 |
| Independence Realty Trust, Inc. | 17 | 300 |
| Innovative Industrial Properties, Inc. | 2 | 89 |
| InvenTrust Properties Corp. | 3 | 87 |
| Invitation Homes Inc. | 18 | 598 |
| JBG Smith Properties | 16 | 270 |
| Kennedy-Wilson Holdings, Inc. | 13 | 89 |
| Kilroy Realty Corporation | 20 | 687 |
| Kite Realty Naperville, LLC | 17 | 395 |
| Lamar Advertising Company - Class A | 5 | 595 |
| Lineage, Inc. (b) | 2 | 79 |
| LXP Industrial Trust | 35 | 288 |
| Macerich Company, The | 30 | 485 |
| Medical Properties Trust, Inc. | 194 | 836 |
| National Health Investors, Inc. | 3 | 200 |
| National Storage Affiliates Trust | 2 | 65 |
| Newmark Group, Inc. - Class A | 15 | 177 |
| NNN REIT, Inc. | 14 | 600 |
| Omega Healthcare Investors, Inc. | 17 | 619 |
| Open Doors Technology Inc. - Class A (a) | 235 | 125 |
| OUTFRONT Media Inc. | 17 | 270 |
| Paramount Group, Inc. | 13 | 81 |
| Park Hotels & Resorts Inc. | 57 | 587 |
| Peakstone Realty Trust - Class E (b) | 2 | 23 |
| Pebblebrook Hotel Trust | 27 | 268 |
| Phillips Edison & Company, Inc. | 9 | 305 |
| Piedmont Realty Trust, Inc. - Class A | 6 | 47 |
| PotlatchDeltic Corporation | 10 | 366 |
| Rayonier Inc. | 14 | 307 |
| Regency Centers Corporation | 13 | 903 |
| Rexford Industrial Realty, Inc. | 15 | 546 |
| RLJ III-EM Columbus Lessee, LLC | 38 | 276 |
| Ryman Hospitality Properties, Inc. | 1 | 104 |
| Sabra Health Care REIT, Inc. | 26 | 471 |
| SBA Communications Corporation - Class A | 3 | 717 |
| Service Properties Trust | 38 | 91 |
| SITE Centers Corp. (a) | 1 | 12 |
| SL Green Realty Corp. | 10 | 637 |
| STAG Industrial, Inc. | 13 | 458 |
| Sun Communities, Inc. | 9 | 1125 |
| Sunstone Hotel Investors, Inc. | 31 | 268 |
| Terreno Realty Corporation | 2 | 134 |
| UDR, Inc. | 20 | 820 |
| Uniti Group Inc. (a) | 46 | 199 |
| Urban Edge Properties | 6 | 107 |
| Vornado Realty Trust | 23 | 864 |
| W.P. Carey Inc. | 19 | 1183 |
| Xenia Hotels & Resorts, Inc. | 14 | 178 |
| Zillow Group, Inc. - Class C (a) | 10 | 736 |
|  |  | 33478 |
| **Health Care 8.0%** | **Health Care 8.0%** | **Health Care 8.0%** |
| Acadia Healthcare Company, Inc. (a) | 11 | 255 |
| ACADIA Pharmaceuticals Inc. (a) | 4 | 92 |
| AdaptHealth LLC - Class A (a) | 10 | 95 |
| Align Technology, Inc. (a) | 2 | 435 |
| Alnylam Pharmaceuticals, Inc. (a) | 1 | 459 |
| Amedisys, Inc. (a) | 3 | 297 |
| AMN Healthcare Services, Inc. (a) | 13 | 262 |
| Ardent Health Partners, Inc. (a) | 1 | 14 |
| Avanos Medical, Inc. (a) | 4 | 47 |
| Avantor, Inc. (a) | 44 | 589 |
| Azenta, Inc. (a) | 6 | 193 |
| BioMarin Pharmaceutical Inc. (a) | 12 | 665 |
| Bio-Rad Laboratories, Inc. - Class A (a) | 3 | 625 |
| Bio-Techne Corporation | 5 | 282 |
| Blueprint Medicines Corporation (a) | 1 | 153 |
| Brightspring Health Services, Inc. (a) | 2 | 48 |
| Bruker Corporation | 8 | 315 |
| Charles River Laboratories International, Inc. (a) | 3 | 498 |
| Chemed Corporation | 1 | 445 |
| Claritev Corporation - Class A (a) | 1 | 59 |
| Community Health Systems, Inc. (a) | 20 | 67 |
| Concentra Group Holdings Parent, Inc. | 12 | 249 |
| Cooper Companies, Inc., The (a) | 11 | 794 |
| Corcept Therapeutics Incorporated (a) | 1 | 108 |
| Cross Country Healthcare, Inc. (a) | 4 | 53 |

---

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page [607](#abbreviations).

533

**JNL Series Trust** (Unaudited)

**Schedules of Investments (in thousands)**

June 30, 2025

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| Denali Therapeutics Inc. (a) | 5 | 68 |
| Dentsply Sirona Inc. | 45 | 711 |
| DexCom, Inc. (a) | 9 | 754 |
| Elanco Animal Health Incorporated (a) | 74 | 1058 |
| Embecta Corp. | 4 | 38 |
| Emergent BioSolutions Inc. (a) | 9 | 56 |
| Encompass Health Corporation | 5 | 606 |
| Enovis Corporation (a) | 10 | 300 |
| Envista Holdings Corporation (a) | 33 | 643 |
| Exact Sciences Corporation (a) | 8 | 430 |
| Exelixis, Inc. (a) | 20 | 881 |
| Fortrea Holdings Inc. (a) | 13 | 64 |
| Fulgent Genetics, Inc. (a) | 2 | 49 |
| Globus Medical, Inc. - Class A (a) | 5 | 317 |
| Grail, Inc. (a) (b) | 3 | 163 |
| Haemonetics Corporation (a) | 3 | 246 |
| Halozyme Therapeutics, Inc. (a) | 2 | 98 |
| HealthEquity, Inc. (a) | 1 | 149 |
| ICU Medical, Inc. (a) | 2 | 293 |
| IDEXX Laboratories, Inc. (a) | 2 | 1003 |
| Innoviva, Inc. (a) | 4 | 86 |
| Integer Holdings Corporation (a) | 2 | 253 |
| Integra LifeSciences Holdings Corporation (a) | 12 | 142 |
| Ionis Pharmaceuticals, Inc. (a) | 10 | 383 |
| Jazz Pharmaceuticals Public Limited Company (a) | 7 | 796 |
| LivaNova PLC (a) | 5 | 228 |
| Masimo Corporation (a) | 3 | 459 |
| Merit Medical Systems, Inc. (a) | 1 | 103 |
| Mettler-Toledo International Inc. (a) | 1 | 1096 |
| National HealthCare Corporation |  | 52 |
| Neogen Corporation (a) | 19 | 90 |
| Neurocrine Biosciences, Inc. (a) | 4 | 445 |
| Novavax, Inc. (a) (b) | 34 | 211 |
| Omnicell, Inc. (a) | 3 | 99 |
| OPKO Health, Inc. (a) | 32 | 42 |
| Option Care Health, Inc. (a) | 12 | 380 |
| Owens & Minor, Inc. (a) | 18 | 164 |
| Pediatrix Medical Group, Inc. (a) | 5 | 66 |
| Premier Healthcare Solutions, Inc. - Class A | 22 | 473 |
| Prestige Consumer Healthcare Inc. (a) | 1 | 118 |
| PTC Therapeutics, Inc. (a) | 2 | 121 |
| QuidelOrtho Corporation (a) | 15 | 430 |
| Repligen Corporation (a) | 1 | 96 |
| ResMed Inc. | 4 | 1161 |
| Revolution Medicines, Inc. (a) | 2 | 85 |
| Revvity, Inc. | 10 | 972 |
| Roivant Sciences Ltd. (a) | 24 | 270 |
| Royalty Pharma PLC - Class A | 21 | 772 |
| Sage Therapeutics Inc. (a) | 23 | 206 |
| Sarepta Therapeutics, Inc. (a) | 5 | 87 |
| Select Medical Holdings Corporation | 11 | 161 |
| Steris Public Limited Company | 3 | 614 |
| Surgery Partners, Inc. (a) | 3 | 68 |
| Teladoc Health, Inc. (a) | 44 | 387 |
| Teleflex Incorporated | 4 | 520 |
| Tenet Healthcare Corporation (a) | 6 | 1028 |
| The Ensign Group, Inc. | 1 | 173 |
| Ultragenyx Pharmaceutical Inc. (a) | 3 | 122 |
| United Therapeutics Corporation (a) | 3 | 722 |
| Veeva Systems Inc. - Class A (a) | 3 | 786 |
| VIR Biotechnology, Inc. (a) | 22 | 109 |
| Waystar Holding Corp. (a) | 1 | 54 |
| West Pharmaceutical Services, Inc. | 3 | 623 |
| ZimVie Inc. (a) |  | 2 |
| | | 30281 |
| **Materials 4.9%** | **Materials 4.9%** | **Materials 4.9%** |
| AdvanSix Inc. | 2 | 37 |
| Albemarle Corporation | 7 | 457 |
| Alpha Metallurgical Resources, Inc. (a) | 3 | 300 |
| AptarGroup, Inc. | 4 | 634 |
| Ardagh Group S.A. - Class A (b) (d) |  |  |
| Ardagh Metal Packaging S.A. | 11 | 47 |
| Ashland Inc. | 9 | 473 |
| Avery Dennison Corporation | 6 | 1053 |
| Avient Corporation | 9 | 307 |
| Axalta Coating Systems Ltd. (a) | 16 | 487 |
| Balchem Corporation | 1 | 103 |
| Cabot Corporation | 5 | 369 |
| Carpenter Technology Corporation | 2 | 490 |
| Chemours Company, The | 33 | 376 |
| Clearwater Paper Corporation (a) | 2 | 65 |
| Commercial Metals Company | 17 | 853 |
| Compass Minerals International, Inc. (a) | 5 | 95 |
| Crown Holdings, Inc. | 11 | 1104 |
| Eagle Materials Inc. | 2 | 501 |
| Ecovyst Inc. (a) | 7 | 57 |
| Element Solutions Inc. | 19 | 428 |
| FMC Corporation | 10 | 420 |
| Ginkgo Bioworks Holdings, Inc. - Class A (a) (b) | 24 | 268 |
| Graphic Packaging Holding Company | 33 | 702 |
| Greif, Inc. - Class A | 4 | 233 |
| H.B. Fuller Company | 6 | 379 |
| Hecla Mining Company | 42 | 254 |
| Ingevity Corporation (a) | 2 | 86 |
| Innospec Inc. | 2 | 193 |
| Kaiser Aluminum Corporation | 3 | 231 |
| KRC Materials, Inc. (a) | 4 | 342 |
| Kronos Worldwide, Inc. |  | 1 |
| Louisiana-Pacific Corporation (W VA) | 6 | 499 |
| Magnera Corporation (a) |  | 5 |
| Materion Corporation | 1 | 63 |
| MATIV Holdings, Inc. | 6 | 39 |
| Metallus Inc. (a) | 3 | 46 |
| Minerals Technologies Inc. | 4 | 202 |
| NewMarket Corporation | 1 | 441 |
| O-I Glass, Inc. (a) | 32 | 470 |
| Olin Corporation | 15 | 307 |
| Olympic Steel, Inc. |  | 15 |
| Quaker Chemical Corporation | 2 | 176 |
| Radius Recycling, Inc. - Class A | 3 | 104 |
| Royal Gold, Inc. | 2 | 444 |
| RPM International Inc. | 8 | 848 |
| Ryerson Holding Corporation | 6 | 132 |
| Scotts Miracle-Gro Company, The | 5 | 348 |
| Sealed Air Corporation | 17 | 514 |
| Sensient Technologies Corporation | 3 | 323 |
| Silgan Holdings Inc. | 8 | 449 |
| Sonoco Products Company | 14 | 610 |
| Stepan Company | 2 | 129 |
| SunCoke Energy, Inc. | 7 | 63 |
| Sylvamo Corporation | 4 | 215 |
| Trinseo Public Limited Company |  | 1 |
| Tronox Holdings PLC | 29 | 147 |
| Warrior Met Coal, Inc. | 8 | 370 |
| Worthington Steel, Inc. | 2 | 66 |
|  |  | 18371 |
| **Energy 4.7%** | **Energy 4.7%** | **Energy 4.7%** |
| Antero Midstream Corporation | 21 | 395 |
| Antero Resources Corporation (a) | 17 | 693 |
| Apa Corp. | 28 | 505 |
| Archrock, Inc. | 11 | 266 |
| Berry Corporation (Bry) | 5 | 14 |
| BKV Corporation (a) | 1 | 29 |
| California Resources Corporation | 9 | 389 |
| ChampionX Corporation | 16 | 387 |
| Cheniere Energy, Inc. | 3 | 766 |
| Chord Energy Corporation | 7 | 712 |
| Civitas Resources, Inc. | 19 | 512 |
| CNX Resources Corporation (a) | 23 | 771 |
| Comstock Resources, Inc. (a) (b) | 9 | 244 |
| Core Natural Resources, Inc. | 3 | 187 |
| Crescent Energy Company - Class A | 12 | 104 |
| CVR Energy, Inc. | 11 | 308 |
| Delek US Holdings, Inc. | 24 | 512 |
| Dorian LPG Ltd. | 5 | 119 |
| DT Midstream, Inc. | 6 | 670 |
| EQT Corporation | 24 | 1396 |
| Green Plains Inc. (a) | 23 | 141 |

---

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page [607](#abbreviations).

534

**JNL Series Trust** (Unaudited)

**Schedules of Investments (in thousands)**

June 30, 2025

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| Gulfport Energy Operating Corporation (a) | 1 | 155 |
| Helix Energy Solutions Group, Inc. (a) | 13 | 81 |
| Helmerich & Payne, Inc. | 21 | 322 |
| Highpeak Energy, Inc. (b) | 2 | 22 |
| International Seaways, Inc. | 4 | 141 |
| Kodiak Gas Services, LLC | 1 | 44 |
| Kosmos Energy Ltd. (a) | 82 | 141 |
| Liberty Energy Inc. - Class A | 26 | 296 |
| Magnolia Oil & Gas Corporation - Class A | 9 | 207 |
| Matador Resources Company | 10 | 469 |
| Murphy Oil Corporation | 33 | 750 |
| Nabors Industries Ltd. (a) | 3 | 77 |
| New Fortress Energy Inc. - Class A | 13 | 44 |
| Noble Corporation 2022 Limited | 7 | 181 |
| Northern Oil and Gas Incorporated | 5 | 145 |
| NOV Inc. | 60 | 740 |
| Par Pacific Holdings, Inc. (a) | 8 | 221 |
| Patterson-UTI Energy, Inc. | 80 | 477 |
| Peabody Energy Corporation | 40 | 543 |
| Permian Resources Corporation - Class A | 28 | 382 |
| ProFrac Holding Corp. - Class A (a) (b) | 2 | 19 |
| Propetro Holding Corp. (a) | 12 | 73 |
| Range Resources Corporation | 17 | 687 |
| RPC, Inc. | 19 | 89 |
| Select Water Solutions, Inc. - Class A | 8 | 68 |
| SM Energy Company | 19 | 459 |
| Talos Energy Inc. (a) | 13 | 112 |
| TechnipFMC PLC | 26 | 892 |
| Texas Pacific Land Corporation |  | 106 |
| Transocean Ltd. (a) (e) | 92 | 239 |
| Valaris Limited (a) | 3 | 114 |
| Vital Energy, Inc. (a) | 6 | 104 |
| Weatherford International Public Limited Company | 4 | 177 |
| | | 17697 |
| **Communication Services 3.6%** | **Communication Services 3.6%** | **Communication Services 3.6%** |
| Advantage Solutions, Inc. - Class A (a) (b) |  |  |
| AMC Networks, Inc. - Class A (a) | 3 | 16 |
| Angi Inc. - Class A (a) | 7 | 103 |
| Bumble Inc. - Class A (a) | 15 | 98 |
| Cable One, Inc. | 1 | 157 |
| CarGurus, Inc. - Class A (a) | 3 | 97 |
| Cogent Communications Holdings, Inc. | 2 | 78 |
| EchoStar Corporation - Class A (a) | 7 | 181 |
| Frontier Communications Parent, Inc. (a) | 26 | 933 |
| Gray Media, Inc. | 11 | 48 |
| IAC Inc. (a) | 13 | 476 |
| iHeartMedia, Inc. - Class A (a) | 2 | 3 |
| IHS Holding Limited (a) | 5 | 27 |
| Iridium Communications Inc. | 5 | 138 |
| John Wiley & Sons, Inc. - Class A | 5 | 246 |
| Liberty Broadband Corporation - Series C (a) | 8 | 789 |
| Liberty Latin America Ltd. - Class C (a) | 26 | 159 |
| Liberty Media Corporation - Series C (a) | 7 | 766 |
| Lionsgate Studios Corp. (a) | 4 | 25 |
| Match Group, Inc. | 14 | 443 |
| Nexstar Media Group, Inc. - Class A | 6 | 1053 |
| Pinterest, Inc. - Class A (a) | 22 | 807 |
| Roblox Corporation - Class A (a) | 2 | 195 |
| Roku, Inc. - Class A (a) | 7 | 613 |
| Scholastic Corporation | 5 | 104 |
| Sinclair, Inc. - Class A | 3 | 38 |
| Snap Inc. - Class A (a) | 70 | 613 |
| Starz Entertainment (a) | 1 | 8 |
| Take-Two Interactive Software, Inc. (a) | 7 | 1616 |
| TEGNA Inc. | 31 | 517 |
| Telephone and Data Systems, Inc. | 20 | 700 |
| The E.W. Scripps Company - Class A (a) | 8 | 23 |
| The Interpublic Group of Companies, Inc. | 21 | 515 |
| The New York Times Company - Class A | 8 | 471 |
| TKO Group Holdings Inc. - Class A | 1 | 107 |
| Trade Desk, Inc., The - Class A (a) | 4 | 266 |
| TripAdvisor, Inc. (a) | 16 | 215 |
| United States Cellular Corporation (a) (b) | 2 | 123 |
| Warner Music Group Corp. - Class A | 2 | 54 |
| Yelp Inc. (a) | 12 | 421 |
| Ziff Davis, Inc. (a) | 8 | 244 |
| ZoomInfo Technologies Inc. - Class A (a) | 25 | 257 |
|  |  | 13743 |
| **Consumer Staples 3.6%** | **Consumer Staples 3.6%** | **Consumer Staples 3.6%** |
| Andersons, Inc., The | 4 | 149 |
| B&G Foods, Inc. (b) | 14 | 57 |
| BJ's Wholesale Club Holdings, Inc. (a) | 6 | 603 |
| Boston Beer Company, Inc., The - Class A (a) | 1 | 167 |
| Brown-Forman Corporation - Class B | 23 | 628 |
| Cal-Maine Foods, Inc. | 4 | 443 |
| Casey's General Stores, Inc. | 3 | 1431 |
| Central Garden & Pet Company - Class A (a) | 9 | 269 |
| Clorox Company, The | 7 | 824 |
| Coca-Cola Consolidated, Inc. | 2 | 200 |
| Coty Inc. - Class A (a) | 47 | 218 |
| Darling Ingredients Inc. (a) | 23 | 859 |
| Del Monte Fresh Produce Company | 6 | 199 |
| Edgewell Personal Care Colombia S A S | 9 | 214 |
| Energizer Holdings, Inc. | 5 | 96 |
| Flowers Foods, Inc. | 28 | 449 |
| Grocery Outlet Holding Corp. (a) | 9 | 112 |
| Ingles Markets, Incorporated - Class A | 3 | 163 |
| Ingredion Incorporated | 8 | 1134 |
| J&J Snack Foods Corp. | 1 | 118 |
| Lamb Weston Holdings, Inc. | 10 | 506 |
| Lancaster Colony Corporation | 1 | 234 |
| Maplebear Inc. (a) | 4 | 189 |
| McCormick & Company, Incorporated | 8 | 597 |
| Medifast, Inc. (a) | 1 | 14 |
| National Beverage Corp. | 2 | 76 |
| Nomad Foods Limited | 11 | 193 |
| Nu Skin Enterprises, Inc. - Class A | 6 | 48 |
| Oil-Dri Corporation of America |  | 5 |
| Pilgrim's Pride Corporation | 4 | 175 |
| Post Holdings, Inc. (a) | 6 | 604 |
| PriceSmart, Inc. | 4 | 382 |
| Reynolds Consumer Products Inc. | 5 | 106 |
| Seaboard Corporation |  | 97 |
| Seneca Foods Corporation - Class A (a) |  | 6 |
| Simply Good Foods Company, The (a) | 3 | 89 |
| Spartannash Company | 2 | 62 |
| Spectrum Brands Holdings, Inc. | 7 | 365 |
| Sprouts Farmers Market, Inc. (a) | 4 | 718 |
| The Hain Celestial Group, Inc. (a) | 21 | 33 |
| Treehouse Foods, Inc. (a) | 10 | 196 |
| United Natural Foods, Inc. (a) | 5 | 114 |
| Universal Corporation | 3 | 188 |
| USANA Health Sciences, Inc. (a) | 1 | 46 |
| Village Super Market, Inc. - Class A |  | 4 |
| Weis Markets, Inc. | 2 | 122 |
| WK Kellogg Co (b) | 13 | 200 |
|  |  | 13702 |
| **Utilities 2.5%** | **Utilities 2.5%** | **Utilities 2.5%** |
| ALLETE, Inc. | 6 | 401 |
| Avista Corporation | 10 | 379 |
| Black Hills Corporation | 8 | 477 |
| California Water Service Group | 2 | 102 |
| Clearway Energy, Inc. - Class C | 10 | 311 |
| Essential Utilities, Inc. | 21 | 766 |
| Hawaiian Electric Industries, Inc. (a) | 42 | 447 |
| IDACORP, Inc. | 4 | 517 |
| MDU Resources Group, Inc. | 18 | 306 |
| National Fuel Gas Company | 9 | 740 |
| New Jersey Resources Corporation | 9 | 414 |
| Northwest Natural Holding Company | 2 | 80 |
| NorthWestern Corporation | 8 | 388 |
| OGE Energy Corp. | 20 | 884 |
| One Gas, Inc. | 7 | 486 |
| Ormat Technologies, Inc. | 3 | 292 |
| Otter Tail Corporation | 2 | 137 |
| Portland General Electric Company | 14 | 558 |
| Southwest Gas Holdings, Inc. | 7 | 508 |
| Spire Inc. | 7 | 509 |

---

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page [607](#abbreviations).

535

**JNL Series Trust** (Unaudited)

**Schedules of Investments (in thousands)**

June 30, 2025

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| Talen Energy Corporation (a) | 1 | 184 |
| TXNM Energy, Inc. | 10 | 537 |
| | | 9423 |
| Total Common Stocks (cost $337,549) | Total Common Stocks (cost $337,549) | 376543 |
| **SHORT TERM INVESTMENTS 0.4%** | **SHORT TERM INVESTMENTS 0.4%** | **SHORT TERM INVESTMENTS 0.4%** |
| **Securities Lending Collateral 0.4%** | **Securities Lending Collateral 0.4%** | **Securities Lending Collateral 0.4%** |
| JNL Government Money Market Fund - Class SL, 4.30% (c) (f) | 1441 | 1441 |
| Total Short Term Investments (cost $1,441) | Total Short Term Investments (cost $1,441) | 1441 |
| **Total Investments 99.9% (cost $338,990)** | **Total Investments 99.9% (cost $338,990)** | **377984** |
| **Other Derivative Instruments 0.0%** | **Other Derivative Instruments 0.0%** | **1** |
| **Other Assets and Liabilities, Net 0.1%** | **Other Assets and Liabilities, Net 0.1%** | **482** |
| **Total Net Assets 100.0%** | **Total Net Assets 100.0%** | **378467** |

---

(a) Non-income producing security.

(b) All or a portion of the security was on loan as of June 30, 2025.

(c) Investment in affiliate.

(d) Security fair valued in good faith as a Level 3 security in accordance with the procedures approved by the Board of Trustees. Good faith fair valued securities are classified based on the applicable valuation inputs. See "Fair Value Measurement" in the Notes to Financial Statements.

(e) Security is restricted to resale to institutional investors or subject to trading restrictions due to sanctions on foreign issuers. See Restricted Securities table following the Schedules of Investments.

(f) Yield changes daily to reflect current market conditions. Rate was the quoted yield as of June 30, 2025.

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **JNL/RAFI Fundamental U.S. Small Cap Fund — Investments in Affiliates** | **JNL/RAFI Fundamental U.S. Small Cap Fund — Investments in Affiliates** | **JNL/RAFI Fundamental U.S. Small Cap Fund — Investments in Affiliates** | **JNL/RAFI Fundamental U.S. Small Cap Fund — Investments in Affiliates** | **JNL/RAFI Fundamental U.S. Small Cap Fund — Investments in Affiliates** | **JNL/RAFI Fundamental U.S. Small Cap Fund — Investments in Affiliates** | **JNL/RAFI Fundamental U.S. Small Cap Fund — Investments in Affiliates** | **JNL/RAFI Fundamental U.S. Small Cap Fund — Investments in Affiliates** | **JNL/RAFI Fundamental U.S. Small Cap Fund — Investments in Affiliates** |
| **Affiliated Investment** | **Value Beginning of Period($)** | **Purchases($)** | **Sales Proceeds($)** | **Dividend Income/ Distributions from Funds($)** | **Realized Gain (Loss)($)** | **Change in Unrealized Appreciation (Depreciation) ($)** | **Value End of Period($)** | **Percentage of Net Assets(%)** |
| Jackson Financial Inc. - Class A | 1213 | 14 | 254 | 21 | 155 | (138) | 990 | 0.2 |
| JNL Government Money Market Fund, 4.30% - Class SL | 480 | 16865 | 15904 | 28 |  |  | 1441 | 0.4 |
| JNL Government Money Market Fund, 4.20% - Class I | 3120 | 23321 | 26441 | 30 |  |  |  |  |
|  | 4813 | 40200 | 42599 | 79 | 155 | (138) | 2431 | 0.6 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **JNL/RAFI Fundamental U.S. Small Cap Fund — Restricted Securities** | **JNL/RAFI Fundamental U.S. Small Cap Fund — Restricted Securities** | **JNL/RAFI Fundamental U.S. Small Cap Fund — Restricted Securities** | **JNL/RAFI Fundamental U.S. Small Cap Fund — Restricted Securities** | **JNL/RAFI Fundamental U.S. Small Cap Fund — Restricted Securities** |
| | **Initial Acquisition** | **Cost ($)** | **Value ($)** | **Percent of**<br> **Net Assets (%)** |
| Transocean Ltd. | 12/15/23 | 458 | 239 | 0.1 |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **JNL/RAFI Fundamental U.S. Small Cap Fund — Futures Contracts** | **JNL/RAFI Fundamental U.S. Small Cap Fund — Futures Contracts** | **JNL/RAFI Fundamental U.S. Small Cap Fund — Futures Contracts** | **JNL/RAFI Fundamental U.S. Small Cap Fund — Futures Contracts** | **JNL/RAFI Fundamental U.S. Small Cap Fund — Futures Contracts** | **JNL/RAFI Fundamental U.S. Small Cap Fund — Futures Contracts** |
| **Reference Entity** | **Contracts<sup>1</sup>** | **Expiration** | **Notional<sup>1</sup>** | **Variation**<br> **Margin**<br> **Receivable**<br> (Payable) ($) | **Value/**<br> **Unrealized**<br> **Appreciation**<br> (Depreciation) ($) |
| **Long Contracts** | **Long Contracts** | **Long Contracts** | **Long Contracts** | **Long Contracts** | **Long Contracts** |
| Russell 2000 Index | 6 | September 2025 | 653 | 2 | 5 |
| S&P Midcap 400 Index | 5 | September 2025 | 1529 | (1) | 34 |
|  |  |  |  | 1 | 39 |

---

**Fair Value Hierarchy.** Various inputs are used in determining the fair value of financial instruments. For a description of the input levels and information about the Fund's policy regarding valuation of financial instruments, see Note 3 in the Notes to Financial Statements. The following table summarizes the Fund's investments categorized in the disclosure hierarchy as of June 30, 2025.

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **<u>. Level 1 ($) .</u>** | **<u>. Level 2 ($) .</u>** | **<u>. Level 3 ($) .</u>** | **<u>. Total ($) .</u>** |
| **JNL/RAFI Fundamental U.S. Small Cap Fund** | **JNL/RAFI Fundamental U.S. Small Cap Fund** | **JNL/RAFI Fundamental U.S. Small Cap Fund** | **JNL/RAFI Fundamental U.S. Small Cap Fund** | **JNL/RAFI Fundamental U.S. Small Cap Fund** |
| **Assets - Securities** |  |  |  |  |
| &nbsp;&nbsp; Common Stocks | 376543 |  |  | 376543 |
| &nbsp;&nbsp; Short Term Investments | 1441 |  |  | 1441 |
|  | 377984 |  |  | 377984 |
| **Assets - Investments in Other Financial Instruments<sup>1</sup>** |  |  |  |  |
| &nbsp;&nbsp; Futures Contracts | 39 |  |  | 39 |
|  | 39 |  |  | 39 |

---

<sup>1</sup> All derivatives, except for purchased and written options, are reflected at the unrealized appreciation (depreciation) on the instrument. Purchased and written options are reflected at value.

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page [607](#abbreviations).

536

**JNL Series Trust** (Unaudited)

**Schedules of Investments (in thousands)**

June 30, 2025

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| **JNL/RAFI Multi-Factor U.S. Equity Fund** | **JNL/RAFI Multi-Factor U.S. Equity Fund** | **JNL/RAFI Multi-Factor U.S. Equity Fund** |
| **COMMON STOCKS 99.1%** | **COMMON STOCKS 99.1%** | **COMMON STOCKS 99.1%** |
| **Financials 17.6%** | **Financials 17.6%** | **Financials 17.6%** |
| Affiliated Managers Group, Inc. | 5 | 955 |
| AFLAC Incorporated | 43 | 4562 |
| AGNC Investment Corp. (a) | 97 | 888 |
| Allstate Corporation, The | 27 | 5369 |
| Ally Financial Inc. | 48 | 1858 |
| American Express Company | 9 | 2920 |
| American International Group, Inc. | 103 | 8792 |
| Ameriprise Financial, Inc. | 6 | 3242 |
| Annaly Capital Management, Inc. | 13 | 247 |
| AON Public Limited Company - Class A | 16 | 5830 |
| Apollo Commercial Real Estate Finance, Inc. | 23 | 222 |
| Ares Management Corporation - Class A | 12 | 2158 |
| Arthur J. Gallagher & Co. | 8 | 2694 |
| Artisan Partners Asset Management Inc. - Class A | 10 | 457 |
| Assurant, Inc. | 8 | 1636 |
| Bank of New York Mellon Corporation, The (b) | 63 | 5750 |
| BankUnited, Inc. | 22 | 782 |
| Berkshire Hathaway Inc. - Class B (c) | 76 | 37012 |
| BlackRock, Inc. | 3 | 2714 |
| Blackstone Inc. - Class A | 28 | 4144 |
| Blackstone Mortgage Trust, Inc. - Class A | 18 | 355 |
| Bread Financial Payments, Inc. | 24 | 1372 |
| Brighthouse Financial, Inc. (c) | 15 | 799 |
| Brown & Brown, Inc. | 24 | 2685 |
| Cadence Bank | 8 | 249 |
| Capital One Financial Corporation | 74 | 15664 |
| Charles Schwab Corporation, The | 49 | 4508 |
| Cincinnati Financial Corporation | 3 | 429 |
| Citigroup Inc. | 309 | 26303 |
| Citizens Financial Group, Inc. | 22 | 989 |
| CME Group Inc. - Class A | 16 | 4500 |
| CNO Financial Group, Inc. | 16 | 626 |
| Cohen & Steers, Inc. | 3 | 227 |
| Columbia Banking System, Inc. | 8 | 196 |
| Comerica Incorporated | 18 | 1063 |
| Commerce Bancshares, Inc. | 6 | 379 |
| Corebridge Financial, Inc. | 40 | 1413 |
| Corpay Inc (c) | 2 | 726 |
| Credit Acceptance Corporation (c) | 1 | 287 |
| Cullen/Frost Bankers, Inc. | 2 | 316 |
| DigitalBridge Group, Inc. - Class A | 47 | 489 |
| East West Bancorp, Inc. | 6 | 615 |
| Encore Capital Group, Inc. (c) | 6 | 251 |
| Equitable Holdings, Inc. | 53 | 2976 |
| Erie Indemnity Company - Class A | 3 | 915 |
| Evercore Inc. - Class A | 6 | 1596 |
| FactSet Research Systems Inc. | 2 | 689 |
| Federated Hermes, Inc. - Class B | 18 | 789 |
| Fidelity National Financial, Inc. - Class A | 5 | 253 |
| First American Financial Corporation | 9 | 546 |
| First Citizens BancShares, Inc. - Class A |  | 346 |
| First Horizon Corporation | 22 | 460 |
| FirstCash, Inc. | 5 | 698 |
| Fiserv, Inc. (c) | 10 | 1730 |
| Flagstar Financial, Inc. | 69 | 732 |
| Franklin Resources, Inc. | 39 | 938 |
| Genworth Financial, Inc. - Class A (c) | 154 | 1196 |
| Globe Life Inc. | 4 | 450 |
| Goldman Sachs Group, Inc., The | 15 | 10307 |
| Hanover Insurance Group Inc, The | 6 | 997 |
| Hartford Insurance Group, Inc., The | 5 | 640 |
| Hilltop Holdings Inc. | 9 | 259 |
| Home BancShares, Inc. | 7 | 198 |
| Hope Bancorp, Inc. | 21 | 222 |
| Houlihan Lokey, Inc. - Class A | 9 | 1637 |
| Huntington Bancshares Incorporated | 28 | 469 |
| Independence Holdings, LLC | 19 | 1064 |
| Interactive Brokers Group, Inc. - Class A | 26 | 1461 |
| Intercontinental Exchange, Inc. | 30 | 5580 |
| Invesco Ltd. | 60 | 940 |
| Jack Henry & Associates, Inc. | 14 | 2558 |
| Jackson Financial Inc. - Class A (b) | 17 | 1477 |
| Janus Henderson Group PLC | 25 | 970 |
| Jefferies Financial Group Inc. | 11 | 603 |
| JPMorgan Chase & Co. | 50 | 14542 |
| KeyCorp | 21 | 357 |
| Lincoln National Corporation | 28 | 972 |
| Loews Corporation | 15 | 1370 |
| LPL Financial Holdings Inc. | 8 | 3068 |
| M&T Bank Corporation | 3 | 584 |
| Markel Group Inc. (c) |  | 425 |
| MarketAxess Holdings Inc. | 5 | 1176 |
| Marsh & Mclennan Companies, Inc. | 26 | 5590 |
| MasterCard Incorporated - Class A | 25 | 13945 |
| Mercury General Corporation | 12 | 795 |
| MetLife, Inc. | 78 | 6257 |
| MFA Financial, Inc. | 31 | 295 |
| MGIC Investment Corporation | 23 | 627 |
| Moelis & Company - Class A | 9 | 562 |
| Moody's Corporation | 4 | 1923 |
| Morgan Stanley | 22 | 3121 |
| Morningstar, Inc. | 1 | 388 |
| Mr. Cooper Group Inc. (c) | 11 | 1691 |
| MSCI Inc. - Class A | 2 | 1128 |
| Nasdaq, Inc. | 11 | 954 |
| Navient Corporation | 19 | 267 |
| Northern Trust Corporation | 3 | 432 |
| Old National Bancorp | 16 | 349 |
| PayPal Holdings, Inc. (c) | 18 | 1309 |
| PennyMac Financial Services, Inc. | 6 | 549 |
| PennyMac Mortgage Investment Trust | 18 | 227 |
| Pinnacle Financial Partners, Inc. | 3 | 346 |
| Primerica, Inc. | 1 | 376 |
| PROG Holdings, Inc. | 12 | 351 |
| Prosperity Bancshares, Inc. | 4 | 262 |
| Prudential Financial, Inc. | 45 | 4876 |
| Raymond James Financial, Inc. | 3 | 506 |
| Regions Financial Corporation | 18 | 415 |
| RITHM Capital Corp. | 34 | 382 |
| RLI Corp. | 6 | 451 |
| Robinhood Markets, Inc. - Class A (c) | 35 | 3237 |
| S&P Global Inc. | 8 | 4101 |
| SEI Investments Company | 17 | 1494 |
| Selective Insurance Group, Inc. | 4 | 381 |
| SLM Corporation | 60 | 1975 |
| SoFi Technologies, Inc. (c) | 49 | 885 |
| Southstate Corporation | 5 | 456 |
| State Street Corporation | 5 | 520 |
| Stewart Information Services Corporation | 4 | 255 |
| Stifel Financial Corp. | 4 | 418 |
| Synchrony Financial | 105 | 7035 |
| Synovus Financial Corp. | 6 | 313 |
| T. Rowe Price Group, Inc. | 21 | 2002 |
| The PNC Financial Services Group, Inc. | 7 | 1372 |
| The Progressive Corporation | 38 | 10216 |
| The Western Union Company | 163 | 1376 |
| Toast, Inc. - Class A (c) | 21 | 939 |
| Tradeweb Markets Inc. - Class A | 9 | 1350 |
| Travelers Companies, Inc., The | 23 | 6106 |
| Truist Financial Corporation | 24 | 1034 |
| U.S. Bancorp | 29 | 1300 |
| UMB Financial Corporation | 3 | 330 |
| United Bankshares, Inc. | 6 | 213 |
| Unum Group | 32 | 2616 |
| Virtu Financial, Inc. - Class A | 24 | 1089 |
| Visa Inc. - Class A | 55 | 19508 |
| W. R. Berkley Corporation | 5 | 367 |
| WAFD, Inc. | 10 | 305 |
| Webster Financial Corporation | 7 | 397 |
| Wells Fargo & Company | 361 | 28948 |
| Western Alliance Bancorporation | 4 | 346 |
| White Mountains Insurance Group Ltd |  | 611 |
| Willis Towers Watson Public Limited Company | 6 | 1783 |
| Wintrust Financial Corporation | 3 | 383 |
| Zions Bancorporation, National Association | 14 | 735 |

---

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page [607](#abbreviations).

537

**JNL Series Trust** (Unaudited)

**Schedules of Investments (in thousands)**

June 30, 2025

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| Zurich American Corporation | 5 | 337 |
| | | 375970 |
| **Information Technology 15.1%** | **Information Technology 15.1%** | **Information Technology 15.1%** |
| Accenture Public Limited Company - Class A | 31 | 9119 |
| Adobe Inc. (c) | 2 | 903 |
| Akamai Technologies, Inc. (c) | 8 | 636 |
| Amdocs Limited | 9 | 857 |
| Amkor Technology, Inc. | 23 | 490 |
| Amphenol Corporation - Class A | 22 | 2170 |
| ANSYS, Inc. (c) | 4 | 1298 |
| Apple Inc. | 96 | 19643 |
| Applied Materials, Inc. | 38 | 6919 |
| AppLovin Corporation - Class A (c) | 11 | 3909 |
| Arrow Electronics, Inc. (c) | 12 | 1576 |
| Aurora Innovations Inc. - Class A (a) (c) | 45 | 238 |
| Autodesk, Inc. (c) | 4 | 1182 |
| Avnet, Inc. | 25 | 1303 |
| Belden Inc. | 5 | 614 |
| Benchmark Electronics, Inc. | 7 | 259 |
| Broadcom Inc. | 150 | 41436 |
| CDW Corp. | 2 | 280 |
| Ciena Corporation (c) | 7 | 545 |
| Cirrus Logic, Inc. (c) | 4 | 418 |
| Cisco Systems, Inc. | 340 | 23593 |
| Cognizant Technology Solutions Corporation - Class A | 9 | 694 |
| CommScope Holding Company, Inc. (c) | 66 | 547 |
| CommVault Systems, Inc. (c) | 7 | 1200 |
| Corning Incorporated | 127 | 6666 |
| Dell Technologies Inc. - Class C | 7 | 897 |
| DocuSign, Inc. (c) | 9 | 738 |
| Dolby Laboratories, Inc. - Class A | 8 | 626 |
| Dropbox, Inc. - Class A (c) | 24 | 684 |
| DXC Technology Company (c) | 32 | 482 |
| F5, Inc. (c) | 9 | 2783 |
| Fair Isaac Corporation (c) | 2 | 4137 |
| Flex Ltd. (c) | 7 | 335 |
| Fortinet, Inc. (c) | 16 | 1648 |
| Gartner, Inc. (c) | 3 | 1076 |
| Gen Digital Inc. | 60 | 1752 |
| GoDaddy Inc. - Class A (c) | 14 | 2610 |
| Guidewire Software, Inc. (c) | 4 | 918 |
| Hewlett Packard Enterprise Company | 204 | 4168 |
| HP, Inc. | 172 | 4205 |
| Insight Enterprises, Inc. (c) | 9 | 1212 |
| Intel Corporation | 375 | 8406 |
| InterDigital, Inc. | 3 | 618 |
| International Business Machines Corporation | 113 | 33285 |
| Intuit Inc. | 5 | 3902 |
| Jabil Inc. | 10 | 2174 |
| Juniper Networks, Inc. | 69 | 2747 |
| Keysight Technologies, Inc. (c) | 3 | 500 |
| KLA Corporation | 3 | 3086 |
| Knowles Corporation (c) | 18 | 319 |
| Kyndryl Holdings, Inc. (c) | 56 | 2370 |
| Lam Research Corporation | 52 | 5019 |
| Manhattan Associates, Inc. (c) | 2 | 349 |
| MicroStrategy Incorporated - Class A (c) | 12 | 4662 |
| Motorola Solutions, Inc. | 7 | 3065 |
| NetApp, Inc. | 12 | 1300 |
| NetScout Systems, Inc. (c) | 9 | 229 |
| Nutanix, Inc. - Class A (c) | 11 | 865 |
| Okta, Inc. - Class A (c) | 8 | 754 |
| Oracle Corporation | 166 | 36201 |
| OSI Systems, Inc. (c) | 3 | 646 |
| Palantir Technologies Inc. - Class A (c) | 56 | 7590 |
| Palo Alto Networks, Inc. (c) | 12 | 2428 |
| Plexus Corp. (c) | 4 | 538 |
| Progress Software Corporation | 4 | 273 |
| Qorvo, Inc. (c) | 3 | 263 |
| Qualcomm Incorporated | 49 | 7726 |
| Roper Technologies, Inc. | 2 | 1242 |
| Salesforce, Inc. | 17 | 4610 |
| Sanmina Corporation (c) | 8 | 823 |
| Seagate Technology Holdings Public Limited Company | 11 | 1588 |
| ServiceNow, Inc. (c) | 4 | 3857 |
| Silicon Laboratories Inc. (c) | 2 | 341 |
| Snowflake Inc. - Class A (c) | 13 | 2999 |
| Super Micro Computer, Inc. (a) (c) | 29 | 1418 |
| TD SYNNEX Corporation | 2 | 284 |
| Teledyne Technologies Incorporated (c) | 1 | 423 |
| Teradata Corporation (c) | 17 | 382 |
| Teradyne, Inc. | 8 | 756 |
| Texas Instruments Incorporated | 37 | 7765 |
| Trimble Inc. (c) | 11 | 825 |
| TTM Technologies, Inc. (c) | 15 | 630 |
| Twilio Inc. - Class A (c) | 2 | 309 |
| Tyler Technologies, Inc. (c) | 3 | 1786 |
| Unity Software Inc. (c) | 14 | 332 |
| VeriSign, Inc. | 9 | 2518 |
| Vishay Intertechnology, Inc. | 45 | 707 |
| Vontier Corporation | 15 | 542 |
| Western Digital Corporation | 38 | 2457 |
| Workday, Inc. - Class A (c) | 4 | 918 |
| Xerox Holdings Corporation (a) | 40 | 211 |
| Zoom Communications, Inc. - Class A (c) | 4 | 335 |
|  |  | 322139 |
| **Health Care 12.9%** | **Health Care 12.9%** | **Health Care 12.9%** |
| Abbott Laboratories | 31 | 4235 |
| AbbVie Inc. | 140 | 25993 |
| Alnylam Pharmaceuticals, Inc. (c) | 7 | 2421 |
| Amedisys, Inc. (c) | 4 | 372 |
| Amgen Inc. | 37 | 10238 |
| Baxter International Inc. | 42 | 1275 |
| Becton, Dickinson and Company | 10 | 1745 |
| Biogen Inc. (c) | 6 | 792 |
| BioMarin Pharmaceutical Inc. (c) | 5 | 287 |
| Boston Scientific Corporation (c) | 37 | 3982 |
| Bristol-Myers Squibb Company | 225 | 10413 |
| Bruker Corporation | 6 | 253 |
| Cardinal Health, Inc. | 36 | 6123 |
| Cencora, Inc. | 12 | 3530 |
| Centene Corporation (c) | 21 | 1138 |
| Chemed Corporation | 2 | 1159 |
| Cigna Group, The | 18 | 5822 |
| Cooper Companies, Inc., The (c) | 14 | 985 |
| Corcept Therapeutics Incorporated (c) | 8 | 585 |
| CVS Health Corporation | 266 | 18382 |
| Davita Inc. (c) | 18 | 2578 |
| Dentsply Sirona Inc. | 27 | 430 |
| Elevance Health, Inc. | 3 | 1352 |
| Eli Lilly and Company | 23 | 18011 |
| Encompass Health Corporation | 22 | 2654 |
| Exact Sciences Corporation (c) | 8 | 445 |
| Exelixis, Inc. (c) | 50 | 2209 |
| GE HealthCare Technologies Inc. | 14 | 1073 |
| Gilead Sciences, Inc. | 218 | 24114 |
| Globus Medical, Inc. - Class A (c) | 6 | 335 |
| Haemonetics Corporation (c) | 4 | 320 |
| Halozyme Therapeutics, Inc. (c) | 9 | 459 |
| HCA Healthcare, Inc. | 10 | 3726 |
| Henry Schein, Inc. (c) | 11 | 784 |
| Hologic, Inc. (c) | 9 | 582 |
| ICU Medical, Inc. (c) | 4 | 526 |
| IDEXX Laboratories, Inc. (c) | 2 | 1127 |
| Incyte Corporation (c) | 10 | 691 |
| Intuitive Surgical, Inc. (c) | 7 | 3543 |
| Jazz Pharmaceuticals Public Limited Company (c) | 7 | 769 |
| Johnson & Johnson | 229 | 35025 |
| Labcorp Holdings Inc. | 3 | 843 |
| Masimo Corporation (c) | 6 | 1011 |
| McKesson Corporation | 9 | 6640 |
| Merck & Co., Inc. | 174 | 13802 |
| Merit Medical Systems, Inc. (c) | 3 | 259 |
| Mettler-Toledo International Inc. (c) | 1 | 1376 |
| Molina Healthcare, Inc. (c) | 1 | 291 |
| Neurocrine Biosciences, Inc. (c) | 4 | 504 |
| Organon & Co. | 97 | 938 |

---

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page [607](#abbreviations).

538

**JNL Series Trust** (Unaudited)

**Schedules of Investments (in thousands)**

June 30, 2025

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| Owens & Minor, Inc. (c) | 29 | 261 |
| Pfizer Inc. | 636 | 15422 |
| Premier Healthcare Solutions, Inc. - Class A | 28 | 604 |
| Prestige Consumer Healthcare Inc. (c) | 4 | 328 |
| Quest Diagnostics Incorporated | 9 | 1658 |
| Regeneron Pharmaceuticals, Inc. | 6 | 3341 |
| ResMed Inc. | 16 | 4084 |
| Revvity, Inc. | 9 | 916 |
| Royalty Pharma PLC - Class A | 47 | 1700 |
| Select Medical Holdings Corporation | 24 | 359 |
| Stryker Corporation | 6 | 2492 |
| Teleflex Incorporated | 4 | 444 |
| Tenet Healthcare Corporation (c) | 25 | 4448 |
| United Therapeutics Corporation (c) | 9 | 2596 |
| Universal Health Services, Inc. - Class B | 7 | 1317 |
| Veeva Systems Inc. - Class A (c) | 7 | 1942 |
| Vertex Pharmaceuticals Incorporated (c) | 5 | 2028 |
| Viatris Inc. | 326 | 2907 |
| Waters Corporation (c) | 2 | 684 |
| West Pharmaceutical Services, Inc. | 2 | 493 |
| Zoetis Inc. - Class A | 8 | 1205 |
| | | 275376 |
| **Consumer Staples 12.3%** | **Consumer Staples 12.3%** | **Consumer Staples 12.3%** |
| Albertsons Companies, Inc. - Class A | 51 | 1087 |
| Altria Group, Inc. | 244 | 14328 |
| Andersons, Inc., The | 7 | 250 |
| Archer-Daniels-Midland Company | 89 | 4704 |
| BJ's Wholesale Club Holdings, Inc. (c) | 14 | 1461 |
| Boston Beer Company, Inc., The - Class A (c) | 1 | 278 |
| Brown-Forman Corporation - Class B | 31 | 843 |
| Bunge Global SA | 18 | 1470 |
| Cal-Maine Foods, Inc. | 20 | 2001 |
| Campbell's Company, The | 14 | 423 |
| Casey's General Stores, Inc. | 8 | 4065 |
| Central Garden & Pet Company - Class A (c) | 12 | 376 |
| Church & Dwight Co., Inc. | 15 | 1443 |
| Clorox Company, The | 17 | 2088 |
| Coca-Cola Company, The | 258 | 18279 |
| Coca-Cola Consolidated, Inc. | 3 | 323 |
| Colgate-Palmolive Company | 50 | 4551 |
| Conagra Brands, Inc. | 35 | 716 |
| Constellation Brands, Inc. - Class A | 6 | 923 |
| Costco Wholesale Corporation | 22 | 21618 |
| Del Monte Fresh Produce Company | 9 | 277 |
| Dollar General Corporation | 18 | 2054 |
| Dollar Tree, Inc. (c) | 10 | 1012 |
| Edgewell Personal Care Colombia S A S | 11 | 267 |
| Flowers Foods, Inc. | 35 | 563 |
| General Mills, Inc. | 43 | 2210 |
| Hormel Foods Corporation | 19 | 563 |
| Ingredion Incorporated | 11 | 1556 |
| J. M. Smucker Company, The | 11 | 1093 |
| Kellanova | 39 | 3072 |
| Kenvue Inc. | 35 | 734 |
| Keurig Dr Pepper Inc. | 54 | 1782 |
| Kimberly-Clark Corporation | 26 | 3301 |
| Kraft Heinz Company, The | 150 | 3883 |
| Kroger Co., The | 169 | 12102 |
| Lamb Weston Holdings, Inc. | 7 | 370 |
| Lancaster Colony Corporation | 4 | 647 |
| Maplebear Inc. (c) | 7 | 336 |
| McCormick & Company, Incorporated | 7 | 518 |
| Molson Coors Beverage Company - Class B | 34 | 1635 |
| Mondelez International, Inc. - Class A | 89 | 5971 |
| Monster Beverage 1990 Corporation (c) | 40 | 2477 |
| Nomad Foods Limited | 15 | 257 |
| PepsiCo, Inc. | 98 | 12988 |
| Performance Food Group Company (c) | 3 | 232 |
| Philip Morris International Inc. | 132 | 24090 |
| Pilgrim's Pride Corporation | 8 | 374 |
| Post Holdings, Inc. (c) | 8 | 842 |
| PriceSmart, Inc. | 5 | 542 |
| Procter & Gamble Company, The | 112 | 17804 |
| Seaboard Corporation |  | 89 |
| Spectrum Brands Holdings, Inc. | 10 | 540 |
| Sprouts Farmers Market, Inc. (c) | 36 | 5905 |
| Sysco Corporation | 23 | 1780 |
| Target Corporation | 101 | 10009 |
| The Hershey Company | 8 | 1315 |
| Treehouse Foods, Inc. (c) | 18 | 348 |
| Tyson Foods, Inc. - Class A | 68 | 3792 |
| United Natural Foods, Inc. (c) | 13 | 310 |
| Universal Corporation | 4 | 232 |
| US Foods Holding Corp. (c) | 26 | 2008 |
| Walgreens Boots Alliance, Inc. | 363 | 4162 |
| Walmart Inc. | 487 | 47653 |
| Weis Markets, Inc. | 3 | 186 |
| WK Kellogg Co (a) | 14 | 231 |
|  |  | 263339 |
| **Industrials 11.4%** | **Industrials 11.4%** | **Industrials 11.4%** |
| 3M Company | 102 | 15495 |
| A. O. Smith Corporation | 28 | 1803 |
| AAR Corp. (c) | 6 | 400 |
| ABM Industries Incorporated | 10 | 481 |
| Acuity Brands, Inc. | 4 | 1194 |
| Advanced Drainage Systems, Inc. | 3 | 361 |
| AECOM | 11 | 1208 |
| AGCO Corporation | 6 | 651 |
| Alaska Air Group, Inc. (c) | 5 | 241 |
| Allison Systems, Inc. | 19 | 1760 |
| Applied Industrial Technologies, Inc. | 2 | 547 |
| Arcosa, Inc. | 5 | 431 |
| Armstrong World Industries, Inc. | 6 | 933 |
| ATI Inc. (c) | 9 | 736 |
| Automatic Data Processing, Inc. | 17 | 5303 |
| Avis Budget Group, Inc. (a) (c) | 3 | 485 |
| Axon Enterprise, Inc. (c) | 3 | 2814 |
| Boeing Company, The (c) | 14 | 2867 |
| Boise Cascade Company | 7 | 638 |
| Booz Allen Hamilton Holding Corporation - Class A | 21 | 2189 |
| Brady Corporation - Class A | 5 | 347 |
| Broadridge Financial Solutions, Inc. | 13 | 3184 |
| Builders FirstSource, Inc. (c) | 9 | 1056 |
| BWXT Government Group, Inc. | 18 | 2616 |
| C.H. Robinson Worldwide, Inc. | 26 | 2468 |
| Caci International Inc. - Class A (c) | 4 | 2134 |
| Carlisle Companies Incorporated |  | 167 |
| Carrier Global Corporation | 24 | 1786 |
| Caterpillar Inc. | 10 | 3966 |
| Cintas Corporation | 15 | 3430 |
| Comfort Systems USA, Inc. | 2 | 835 |
| Copart, Inc. (c) | 34 | 1647 |
| Core & Main, Inc. - Class A (c) | 5 | 304 |
| CoreCivic, Inc. (c) | 25 | 519 |
| Crane Company | 4 | 676 |
| CSG Systems International, Inc. | 7 | 439 |
| CSX Corporation | 94 | 3083 |
| Cummins Inc. | 6 | 2045 |
| Curtiss-Wright Corporation | 6 | 2812 |
| Dayforce, Inc. (c) | 7 | 380 |
| Deere & Company | 5 | 2314 |
| DNOW Inc. (c) | 20 | 302 |
| Donaldson Company, Inc. | 11 | 784 |
| Dun & Bradstreet Holdings, Inc. | 40 | 366 |
| Dycom Industries, Inc. (c) | 1 | 308 |
| Emerson Electric Co. | 9 | 1258 |
| Equifax Inc. | 4 | 1014 |
| ESAB Corporation | 3 | 327 |
| ExlService Holdings, Inc. (c) | 7 | 320 |
| Expeditors International of Washington, Inc. - Class A | 19 | 2145 |
| Fastenal Company | 54 | 2272 |
| Franklin Electric Co., Inc. | 3 | 276 |
| FTI Consulting, Inc. (c) | 5 | 787 |
| GATX Corporation | 4 | 596 |
| GE Vernova Inc. | 5 | 2621 |
| Generac Holdings Inc. (c) | 6 | 882 |
| General Dynamics Corporation | 12 | 3428 |
| General Electric Company | 75 | 19350 |

---

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page [607](#abbreviations).

539

**JNL Series Trust** (Unaudited)

**Schedules of Investments (in thousands)**

June 30, 2025

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| Genpact Limited | 29 | 1265 |
| GEO Group, Inc., The (c) | 68 | 1639 |
| GMS Inc. (c) | 5 | 526 |
| Graco Inc. | 11 | 942 |
| Granite Construction Incorporated | 13 | 1239 |
| Greenbrier Companies, Inc., The | 13 | 597 |
| HEICO Corporation | 5 | 1518 |
| Hertz Global Holdings, Inc. (c) | 11 | 72 |
| Hexcel Corporation | 9 | 502 |
| HNI Corporation | 7 | 365 |
| Howmet Aerospace Inc. | 33 | 6164 |
| Hub Group, Inc. - Class A | 12 | 385 |
| Hubbell Incorporated | 1 | 316 |
| Huntington Ingalls Industries, Inc. | 1 | 314 |
| IDEX Corporation | 9 | 1587 |
| Illinois Tool Works Inc. | 15 | 3697 |
| ITT Inc. | 5 | 818 |
| J.B. Hunt Transport Services, Inc. | 3 | 432 |
| JBT Marel Corporation | 2 | 259 |
| JetBlue Airways Corporation (c) | 108 | 458 |
| Johnson Controls International Public Limited Company | 12 | 1257 |
| KBR, Inc. | 7 | 356 |
| Kennametal Inc. | 11 | 263 |
| Knight-Swift Transportation Holdings Inc. - Class A | 10 | 451 |
| L3Harris Technologies, Inc. | 14 | 3450 |
| Landstar System, Inc. | 8 | 1176 |
| Leidos Holdings, Inc. | 8 | 1293 |
| Lennox International Inc. | 5 | 2772 |
| Lincoln Electric Holdings, Inc. | 5 | 977 |
| Lockheed Martin Corporation | 30 | 13882 |
| ManpowerGroup Inc. | 12 | 503 |
| Masco Corporation | 11 | 733 |
| MasTec, Inc. (c) | 3 | 502 |
| Masterbrand, Inc. (c) | 24 | 267 |
| Matson Intermodal - Paragon, Inc. | 5 | 594 |
| Maximus, Inc. | 13 | 913 |
| Millerknoll, Inc. | 12 | 239 |
| Mine Safety Appliances Company, LLC | 3 | 427 |
| MOOG Inc. - Class A | 4 | 645 |
| MSC Industrial Direct Co., Inc. - Class A | 13 | 1112 |
| Mueller Industries, Inc. | 18 | 1422 |
| Nordson Corporation | 2 | 376 |
| Northrop Grumman Corporation | 12 | 5806 |
| Old Dominion Freight Line, Inc. | 4 | 643 |
| Openlane, Inc. (c) | 15 | 357 |
| Oshkosh Corporation | 4 | 427 |
| Otis Worldwide Corporation | 18 | 1738 |
| Owens Corning | 3 | 419 |
| Parker-Hannifin Corporation | 2 | 1615 |
| Parsons Corporation (c) | 5 | 376 |
| Paychex, Inc. | 14 | 2091 |
| Paycom Software, Inc. | 2 | 563 |
| Pentair Public Limited Company | 13 | 1302 |
| Primoris Services Corporation | 19 | 1503 |
| Quanta Services, Inc. | 10 | 3644 |
| RBC Bearings Incorporated (c) | 1 | 565 |
| Republic Services, Inc. | 10 | 2527 |
| Resideo Technologies, Inc. (c) | 26 | 579 |
| Robert Half Inc. | 10 | 410 |
| Rockwell Automation, Inc. | 2 | 675 |
| Rollins, Inc. | 33 | 1862 |
| RTX Corporation | 24 | 3557 |
| Rush Enterprises, Inc. - Class A | 14 | 706 |
| Ryder System, Inc. | 1 | 201 |
| Schneider National, Inc. - Class B | 15 | 351 |
| Science Applications International Corporation | 8 | 891 |
| SkyWest, Inc. (c) | 9 | 958 |
| Snap-on Incorporated | 1 | 289 |
| Spirit AeroSystems Holdings, Inc. - Class A (c) | 10 | 367 |
| SS&C Technologies Holdings, Inc. | 4 | 315 |
| Terex Corporation | 21 | 987 |
| Timken Company, The | 11 | 793 |
| Toro Company, The | 20 | 1392 |
| TransUnion | 9 | 757 |
| Trinet Group, Inc. | 3 | 240 |
| Trinity Industries, Inc. | 14 | 367 |
| Uber Technologies, Inc. (c) | 37 | 3412 |
| UFP Industries, Inc. | 10 | 970 |
| UL Solutions Inc. - Class A | 4 | 271 |
| Unifirst Corporation | 3 | 502 |
| Union Pacific Corporation | 30 | 6998 |
| United Airlines Holdings, Inc. (c) | 5 | 415 |
| United Parcel Service, Inc. - Class B | 42 | 4273 |
| Valmont Industries, Inc. | 2 | 516 |
| Veralto Corporation | 5 | 533 |
| Verisk Analytics, Inc. | 11 | 3547 |
| W.W. Grainger, Inc. | 3 | 3138 |
| Waste Management, Inc. | 18 | 4103 |
| Watsco, Inc. | 6 | 2487 |
| Watts Water Technologies, Inc. - Class A | 1 | 287 |
| Werner Enterprises, Inc. | 23 | 637 |
| Westinghouse Air Brake Technologies Corporation | 3 | 642 |
| Worthington Industries, Inc. | 7 | 453 |
| | | 242943 |
| **Consumer Discretionary 11.0%** | **Consumer Discretionary 11.0%** | **Consumer Discretionary 11.0%** |
| Abercrombie & Fitch Co. - Class A (c) | 25 | 2095 |
| Academy Sports & Outdoors, Inc. | 13 | 586 |
| Acushnet Holdings Corp. | 6 | 413 |
| Adient Public Limited Company (c) | 29 | 569 |
| Adtalem Global Education Inc. (c) | 11 | 1449 |
| Advance Auto Parts, Inc. | 7 | 345 |
| American Eagle Outfitters, Inc. | 79 | 757 |
| Aramark | 13 | 530 |
| Asbury Automotive Group, Inc. (c) | 6 | 1394 |
| AutoNation, Inc. (c) | 10 | 2002 |
| AutoZone, Inc. (c) | 2 | 6678 |
| Bath & Body Works, Inc. | 12 | 356 |
| Best Buy Co., Inc. | 61 | 4092 |
| Booking Holdings Inc. | 3 | 15492 |
| BorgWarner Inc. | 36 | 1196 |
| Boyd Gaming Corporation | 6 | 500 |
| Bright Horizons Family Solutions, Inc. (c) | 6 | 696 |
| Brunswick Corporation | 16 | 890 |
| Carnival Corporation (c) | 65 | 1839 |
| Carter's, Inc. | 25 | 739 |
| Coupang, Inc. - Class A (c) | 51 | 1529 |
| Cracker Barrel Old Country Store, Inc. (a) | 8 | 485 |
| Dana Incorporated | 46 | 792 |
| Darden Restaurants, Inc. | 9 | 1861 |
| Deckers Outdoor Corporation (c) | 13 | 1328 |
| Dick's Sporting Goods, Inc. | 9 | 1686 |
| Dillard's, Inc. - Class A (a) | 1 | 518 |
| Domino's Pizza, Inc. | 5 | 2287 |
| DoorDash, Inc. - Class A (c) | 16 | 3863 |
| Dorman Products, Inc. (c) | 5 | 668 |
| eBay Inc. | 143 | 10624 |
| Expedia Group, Inc. | 5 | 838 |
| Flutter Entertainment Public Limited Company (c) | 3 | 898 |
| Foot Locker, Inc. (c) | 57 | 1385 |
| Ford Motor Company | 707 | 7671 |
| GameStop Corp. - Class A (c) | 19 | 475 |
| Gap, Inc., The | 49 | 1075 |
| General Motors Company | 253 | 12435 |
| Gentex Corporation | 49 | 1077 |
| G-III Apparel Group, Ltd. (c) | 11 | 241 |
| Graham Holdings Co., Ltd. - Class B | 1 | 581 |
| Grand Canyon Education, Inc. (c) | 5 | 953 |
| Group 1 Automotive, Inc. | 4 | 1644 |
| H & R Block, Inc. | 26 | 1427 |
| Hanesbrands Inc. (c) | 146 | 670 |
| Harley-Davidson, Inc. | 14 | 321 |
| Hasbro, Inc. | 17 | 1243 |
| Hilton Worldwide Holdings Inc. | 4 | 1159 |
| Home Depot, Inc., The | 51 | 18612 |
| International Game Technology PLC | 26 | 409 |
| KB Home | 4 | 210 |
| Kohl's Corporation | 59 | 497 |
| Kontoor Brands, Inc. | 10 | 679 |

---

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page [607](#abbreviations).

540

**JNL Series Trust** (Unaudited)

**Schedules of Investments (in thousands)**

June 30, 2025

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| Laureate Education, Inc. - Class A (c) | 19 | 445 |
| La-Z-Boy Incorporated | 10 | 377 |
| Lear Corporation | 8 | 727 |
| Leggett & Platt, Incorporated | 42 | 377 |
| Light & Wonder, Inc. (c) | 3 | 271 |
| Lithia Motors, Inc. - Class A | 2 | 567 |
| Lowe`s Companies, Inc. | 42 | 9296 |
| M/I Homes, Inc. (c) | 4 | 400 |
| Macy's, Inc. | 66 | 769 |
| Marriott International, Inc. - Class A | 8 | 2296 |
| McDonald's Corporation | 51 | 14985 |
| Meritage Homes Corporation | 13 | 893 |
| Mohawk Industries, Inc. (c) | 4 | 383 |
| Murphy USA Inc. | 5 | 2058 |
| Newell Brands Inc. | 31 | 166 |
| NIKE, Inc. - Class B | 20 | 1414 |
| NVR, Inc. (c) |  | 1366 |
| ODP Corporation, The (c) | 16 | 299 |
| Ollie's Bargain Outlet Holdings, Inc. (c) | 7 | 878 |
| O'Reilly Automotive, Inc. (c) | 61 | 5498 |
| Penske Automotive Group, Inc. | 2 | 355 |
| Phinia Inc. | 11 | 497 |
| Pool Corporation | 5 | 1537 |
| PulteGroup, Inc. | 16 | 1635 |
| PVH Corp. | 10 | 657 |
| Ralph Lauren Corporation - Class A | 4 | 1144 |
| Rivian Automotive, Inc. - Class A (a) (c) | 15 | 211 |
| Royal Caribbean Cruises Ltd. | 11 | 3419 |
| Sally Beauty Holdings, Inc. (c) | 50 | 466 |
| Service Corporation International | 28 | 2304 |
| SharkNinja, Inc. (c) | 3 | 333 |
| Signet Jewelers Limited | 9 | 713 |
| Skyline Champion Corporation (c) | 3 | 158 |
| Somnigroup International Inc. | 24 | 1646 |
| Sonic Automotive, Inc. - Class A | 5 | 421 |
| Starbucks Corporation | 53 | 4874 |
| Steven Madden, Ltd. | 14 | 339 |
| Strategic Education, Inc. | 4 | 313 |
| Stride, Inc. (c) | 3 | 429 |
| Tapestry, Inc. | 20 | 1789 |
| Taylor Morrison Home II Corporation - Class A (c) | 23 | 1422 |
| Tesla Inc. (c) | 51 | 16242 |
| Texas Roadhouse, Inc. - Class A | 2 | 458 |
| The Buckle, Inc. | 11 | 482 |
| The Goodyear Tire & Rubber Company (c) | 79 | 817 |
| The Wendy's Company | 67 | 760 |
| Thor Industries, Inc. | 2 | 134 |
| TJX Companies, Inc., The | 54 | 6613 |
| Toll Brothers, Inc. | 7 | 769 |
| Tractor Supply Company | 29 | 1554 |
| TRI Pointe Homes Holdings, Inc. (c) | 25 | 797 |
| Ulta Beauty, Inc. (c) | 3 | 1224 |
| Upbound Group, Inc. | 11 | 281 |
| Urban Outfitters, Inc. (c) | 20 | 1435 |
| V.F. Corporation | 71 | 837 |
| Vail Resorts, Inc. | 7 | 1086 |
| Valvoline, Inc. (c) | 21 | 812 |
| Victoria's Secret & Co. (c) | 25 | 471 |
| Visteon Corporation (c) | 5 | 431 |
| Vitamin Oldco Holdings, Inc. (c) (d) | 6 |  |
| Whirlpool Corporation | 13 | 1284 |
| Williams-Sonoma, Inc. | 23 | 3824 |
| Winnebago Industries, Inc. | 10 | 300 |
| Wyndham Hotels & Resorts, Inc. | 12 | 956 |
| Yum! Brands, Inc. | 23 | 3435 |
| | | 235888 |
| **Communication Services 7.6%** | **Communication Services 7.6%** | **Communication Services 7.6%** |
| Altice USA, Inc. - Class A (c) | 72 | 155 |
| AT&T Inc. | 960 | 27793 |
| Comcast Corporation - Class A | 141 | 5034 |
| EchoStar Corporation - Class A (c) | 9 | 249 |
| Electronic Arts Inc. | 18 | 2916 |
| Former Charter Communications Parent, Inc. - Class A (c) | 35 | 14503 |
| Fox Corporation - Class A | 55 | 3076 |
| Frontier Communications Parent, Inc. (c) | 12 | 426 |
| Iridium Communications Inc. | 10 | 298 |
| John Wiley & Sons, Inc. - Class A | 8 | 374 |
| Liberty Broadband Corporation - Series C (c) | 16 | 1567 |
| Liberty Global Ltd. - Class C (c) | 83 | 851 |
| Liberty Media Corporation - Series C (c) | 11 | 1133 |
| Lumen Technologies, Inc. (c) | 288 | 1263 |
| Match Group, Inc. | 8 | 261 |
| Meta Platforms, Inc. - Class A | 53 | 39475 |
| Netflix, Inc. (c) | 10 | 13624 |
| News Corporation - Class A | 26 | 763 |
| Nexstar Media Group, Inc. - Class A | 11 | 1876 |
| Omnicom Group Inc. | 14 | 1030 |
| Paramount Global - Class B | 95 | 1229 |
| Roblox Corporation - Class A (c) | 27 | 2824 |
| Roku, Inc. - Class A (c) | 6 | 539 |
| Sirius XM Holdings Inc. | 20 | 455 |
| Take-Two Interactive Software, Inc. (c) | 19 | 4502 |
| TEGNA Inc. | 38 | 645 |
| Telephone and Data Systems, Inc. | 22 | 793 |
| The New York Times Company - Class A | 11 | 591 |
| TKO Group Holdings Inc. - Class A | 4 | 652 |
| T-Mobile US, Inc. | 30 | 7103 |
| United States Cellular Corporation (a) (c) | 4 | 257 |
| Verizon Communications Inc. | 454 | 19642 |
| Walt Disney Company, The | 33 | 4048 |
| Warner Bros. Discovery, Inc. - Series A (c) | 220 | 2526 |
| Yelp Inc. (c) | 17 | 581 |
|  |  | 163054 |
| **Energy 4.3%** | **Energy 4.3%** | **Energy 4.3%** |
| Antero Midstream Corporation | 16 | 298 |
| Archrock, Inc. | 33 | 814 |
| Baker Hughes Company - Class A | 82 | 3153 |
| Cheniere Energy, Inc. | 8 | 1846 |
| Chevron Corporation | 130 | 18559 |
| CNX Resources Corporation (c) | 50 | 1684 |
| ConocoPhillips | 24 | 2120 |
| CVR Energy, Inc. | 17 | 454 |
| Delek US Holdings, Inc. | 30 | 645 |
| DT Midstream, Inc. | 9 | 1026 |
| EQT Corporation | 11 | 618 |
| Expand Energy Corporation | 12 | 1355 |
| Exxon Mobil Corporation | 180 | 19449 |
| Helmerich & Payne, Inc. | 17 | 258 |
| HF Sinclair Corporation | 17 | 704 |
| Kinder Morgan, Inc. | 78 | 2285 |
| Marathon Petroleum Corporation | 64 | 10651 |
| Murphy Oil Corporation | 23 | 519 |
| Ovintiv Canada ULC | 10 | 391 |
| Patterson-UTI Energy, Inc. | 56 | 332 |
| PBF Energy Inc. - Class A | 32 | 690 |
| Peabody Energy Corporation | 51 | 682 |
| Permian Resources Corporation - Class A | 20 | 270 |
| Phillips 66 | 65 | 7716 |
| Schlumberger Limited | 17 | 566 |
| SM Energy Company | 16 | 387 |
| Targa Resources Corp. | 15 | 2675 |
| TechnipFMC PLC | 41 | 1412 |
| Texas Pacific Land Corporation | 1 | 943 |
| Valero Energy Corporation | 64 | 8551 |
| Williams Companies, Inc., The | 22 | 1395 |
| World Kinect Corporation | 23 | 651 |
|  |  | 93099 |
| **Materials 2.6%** | **Materials 2.6%** | **Materials 2.6%** |
| Alcoa Corporation | 24 | 720 |
| Amcor Pty Ltd | 86 | 794 |
| AptarGroup, Inc. | 7 | 1163 |
| Avery Dennison Corporation | 8 | 1356 |
| Ball Corporation | 16 | 877 |
| Cabot Corporation | 7 | 529 |
| Carpenter Technology Corporation | 15 | 4012 |
| Celanese Corporation - Class A | 6 | 349 |
| CF Industries Holdings, Inc. | 3 | 258 |
| Cleveland-Cliffs Inc. (c) | 13 | 99 |

---

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page [607](#abbreviations).

541

**JNL Series Trust** (Unaudited)

**Schedules of Investments (in thousands)**

June 30, 2025

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| Commercial Metals Company | 23 | 1135 |
| Corteva, Inc. | 26 | 1957 |
| CRH Public Limited Company | 12 | 1127 |
| Crown Holdings, Inc. | 24 | 2482 |
| Dow Inc. | 25 | 651 |
| DuPont de Nemours, Inc. | 54 | 3691 |
| Eagle Materials Inc. | 4 | 746 |
| Eastman Chemical Company | 11 | 837 |
| Graphic Packaging Holding Company | 60 | 1255 |
| Huntsman Corporation | 9 | 94 |
| Innospec Inc. | 2 | 193 |
| International Paper Company | 47 | 2216 |
| Kaiser Aluminum Corporation | 4 | 355 |
| KRC Materials, Inc. (c) | 3 | 209 |
| Louisiana-Pacific Corporation (W VA) | 11 | 953 |
| LyondellBasell Industries N.V. - Class A | 62 | 3597 |
| Mosaic Company, The | 47 | 1702 |
| NewMarket Corporation | 1 | 674 |
| Newmont Corporation | 57 | 3310 |
| Nucor Corporation | 15 | 2003 |
| O-I Glass, Inc. (c) | 35 | 514 |
| Packaging Corporation of America | 5 | 882 |
| PPG Industries, Inc. | 10 | 1146 |
| Reliance, Inc. | 5 | 1683 |
| Royal Gold, Inc. | 7 | 1215 |
| RPM International Inc. | 15 | 1702 |
| Sealed Air Corporation | 39 | 1205 |
| Sensient Technologies Corporation | 9 | 844 |
| Sherwin-Williams Company, The | 8 | 2624 |
| Silgan Holdings Inc. | 16 | 841 |
| Sonoco Products Company | 17 | 721 |
| Southern Copper Corporation | 3 | 305 |
| Steel Dynamics, Inc. | 3 | 448 |
| Sylvamo Corporation | 7 | 328 |
| Vulcan Materials Company | 2 | 603 |
| Warrior Met Coal, Inc. | 19 | 873 |
| | | 55278 |
| **Real Estate 2.2%** | **Real Estate 2.2%** | **Real Estate 2.2%** |
| Agree Realty Corporation | 12 | 906 |
| American Healthcare REIT, Inc. | 7 | 252 |
| American Homes 4 Rent - Class A | 23 | 832 |
| American Tower Corporation | 11 | 2409 |
| Americold Realty Trust, Inc. | 28 | 464 |
| Apple Hospitality REIT, Inc. | 45 | 528 |
| AvalonBay Communities, Inc. | 3 | 554 |
| Brixmor Property Group Inc. | 13 | 343 |
| Camden Property Trust | 14 | 1630 |
| CBRE Group, Inc. - Class A (c) | 5 | 745 |
| COPT Defense Properties | 17 | 457 |
| Crown Castle Inc. | 8 | 807 |
| Cubesmart, L.P. | 12 | 512 |
| DiamondRock Alpharetta Tenant, LLC | 44 | 335 |
| Digital Realty Trust, Inc. | 6 | 1069 |
| Douglas Emmett, Inc. | 32 | 484 |
| Equinix, Inc. | 2 | 1402 |
| Equity Lifestyle Properties, Inc. | 9 | 539 |
| Equity Residential | 7 | 477 |
| Essential Properties Realty Trust, Inc. | 9 | 274 |
| Extra Space Storage Inc. | 4 | 553 |
| First Industrial Realty Trust, Inc. | 4 | 207 |
| Gaming and Leisure Properties, Inc. | 21 | 981 |
| Healthcare Realty Trust Incorporated - Class A | 63 | 1002 |
| Host Hotels & Resorts, Inc. | 14 | 210 |
| InvenTrust Properties Corp. | 7 | 180 |
| Invitation Homes Inc. | 10 | 335 |
| Iron Mountain Incorporated | 15 | 1583 |
| JBG Smith Properties | 28 | 479 |
| Jones Lang LaSalle Incorporated (c) | 4 | 1028 |
| Kimco Realty OP, LLC | 12 | 254 |
| Lamar Advertising Company - Class A | 7 | 869 |
| LXP Industrial Trust | 36 | 297 |
| Macerich Company, The | 47 | 761 |
| Medical Properties Trust, Inc. | 163 | 703 |
| Mid-America Apartment Communities, Inc. | 2 | 330 |
| NNN REIT, Inc. | 8 | 343 |
| Omega Healthcare Investors, Inc. | 19 | 680 |
| OUTFRONT Media Inc. | 20 | 322 |
| Park Hotels & Resorts Inc. | 79 | 812 |
| Phillips Edison & Company, Inc. | 16 | 576 |
| ProLogis Inc. | 17 | 1804 |
| Public Storage Operating Company | 4 | 1311 |
| Rayonier Inc. | 18 | 398 |
| Realty Income Corporation | 17 | 969 |
| Regency Centers Corporation | 8 | 564 |
| RLJ III-EM Columbus Lessee, LLC | 55 | 400 |
| SBA Communications Corporation - Class A | 10 | 2320 |
| Simon Property Group, Inc. | 17 | 2724 |
| SL Green Realty Corp. | 15 | 934 |
| Sun Communities, Inc. | 11 | 1402 |
| Sunstone Hotel Investors, Inc. | 33 | 282 |
| UDR, Inc. | 15 | 627 |
| Ventas, Inc. | 8 | 520 |
| VICI Properties Inc. | 19 | 626 |
| Vornado Realty Trust | 28 | 1079 |
| W.P. Carey Inc. | 10 | 603 |
| Welltower Inc. | 12 | 1837 |
| Xenia Hotels & Resorts, Inc. | 19 | 242 |
| Zillow Group, Inc. - Class C (c) | 10 | 673 |
|  |  | 46839 |
| **Utilities 2.1%** | **Utilities 2.1%** | **Utilities 2.1%** |
| AES Corporation, The | 12 | 122 |
| Alliant Energy Corporation | 5 | 283 |
| Ameren Corporation | 5 | 473 |
| American Electric Power Company, Inc. | 10 | 1010 |
| American Water Works Company, Inc. | 3 | 481 |
| Atmos Energy Corporation | 3 | 450 |
| Avista Corporation | 16 | 603 |
| CenterPoint Energy, Inc. | 12 | 427 |
| Clearway Energy, Inc. - Class C | 16 | 526 |
| CMS Energy Corporation | 6 | 385 |
| Consolidated Edison, Inc. | 6 | 647 |
| Constellation Energy Group, Inc. | 6 | 1848 |
| Dominion Energy, Inc. | 16 | 884 |
| DTE Energy Company | 3 | 418 |
| Duke Energy Corporation | 14 | 1680 |
| Entergy Corporation | 8 | 649 |
| Essential Utilities, Inc. | 19 | 694 |
| Evergy, Inc. | 9 | 621 |
| Eversource Energy | 7 | 425 |
| Exelon Corporation | 81 | 3525 |
| FirstEnergy Corp. | 10 | 397 |
| Hawaiian Electric Industries, Inc. (c) | 57 | 603 |
| IDACORP, Inc. | 4 | 432 |
| MDU Resources Group, Inc. | 35 | 581 |
| National Fuel Gas Company | 15 | 1259 |
| New Jersey Resources Corporation | 7 | 312 |
| NiSource Inc. | 9 | 352 |
| NorthWestern Corporation | 5 | 258 |
| NRG Energy, Inc. | 16 | 2626 |
| OGE Energy Corp. | 9 | 393 |
| One Gas, Inc. | 5 | 324 |
| Ormat Technologies, Inc. | 5 | 409 |
| PPL Corporation | 13 | 455 |
| Public Service Enterprise Group Incorporated | 9 | 766 |
| Sempra | 12 | 900 |
| Southwest Gas Holdings, Inc. | 5 | 386 |
| Spire Inc. | 8 | 573 |
| Talen Energy Corporation (c) | 3 | 840 |
| The Southern Company | 20 | 1841 |
| TXNM Energy, Inc. | 17 | 941 |
| UGI Corporation | 20 | 740 |
| Vistra Corp. | 66 | 12781 |
| WEC Energy Group Inc. | 6 | 608 |
| XCEL Energy Inc. | 11 | 718 |
|  |  | 45646 |
| Total Common Stocks (cost $1,753,721) | Total Common Stocks (cost $1,753,721) | 2119571 |

---

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page [607](#abbreviations).

542

**JNL Series Trust** (Unaudited)

**Schedules of Investments (in thousands)**

June 30, 2025

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| **SHORT TERM INVESTMENTS 1.0%** | **SHORT TERM INVESTMENTS 1.0%** | **SHORT TERM INVESTMENTS 1.0%** |
| **Investment Companies 0.9%** | **Investment Companies 0.9%** | **Investment Companies 0.9%** |
| JNL Government Money Market Fund - Class I, 4.20% (b) (e) | 18519 | 18519 |
| **Securities Lending Collateral 0.1%** | **Securities Lending Collateral 0.1%** | **Securities Lending Collateral 0.1%** |
| JNL Government Money Market Fund - Class SL, 4.30% (b) (e) | 1976 | 1976 |
| Total Short Term Investments (cost $20,495) | Total Short Term Investments (cost $20,495) | 20495 |
| **Total Investments 100.1% (cost $1,774,216)** | **Total Investments 100.1% (cost $1,774,216)** | **2140066** |
| **Other Derivative Instruments 0.0%** | **Other Derivative Instruments 0.0%** | **64** |
| **Other Assets and Liabilities, Net (0.1)%** | **Other Assets and Liabilities, Net (0.1)%** | **(1947)** |
| **Total Net Assets 100.0%** | **Total Net Assets 100.0%** | **2138183** |

---

(a) All or a portion of the security was on loan as of June 30, 2025.

(b) Investment in affiliate.

(c) Non-income producing security.

(d) Security fair valued in good faith as a Level 3 security in accordance with the procedures approved by the Board of Trustees. Good faith fair valued securities are classified based on the applicable valuation inputs. See "Fair Value Measurement" in the Notes to Financial Statements.

(e) Yield changes daily to reflect current market conditions. Rate was the quoted yield as of June 30, 2025.

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **JNL/RAFI Multi-Factor U.S. Equity Fund — Investments in Affiliates** | **JNL/RAFI Multi-Factor U.S. Equity Fund — Investments in Affiliates** | **JNL/RAFI Multi-Factor U.S. Equity Fund — Investments in Affiliates** | **JNL/RAFI Multi-Factor U.S. Equity Fund — Investments in Affiliates** | **JNL/RAFI Multi-Factor U.S. Equity Fund — Investments in Affiliates** | **JNL/RAFI Multi-Factor U.S. Equity Fund — Investments in Affiliates** | **JNL/RAFI Multi-Factor U.S. Equity Fund — Investments in Affiliates** | **JNL/RAFI Multi-Factor U.S. Equity Fund — Investments in Affiliates** | **JNL/RAFI Multi-Factor U.S. Equity Fund — Investments in Affiliates** |
| **Affiliated Investment** | **Value Beginning of Period($)** | **Purchases($)** | **Sales Proceeds($)** | **Dividend Income/ Distributions from Funds($)** | **Realized Gain (Loss)($)** | **Change in Unrealized Appreciation (Depreciation) ($)** | **Value End of Period($)** | **Percentage of Net Assets(%)** |
| Bank of New York Mellon Corporation, The | 5233 | 63 | 489 | 62 | 237 | 706 | 5750 | 0.3 |
| Jackson Financial Inc. - Class A | 1945 | 88 | 580 | 31 | 349 | (325) | 1477 | 0.1 |
| JNL Government Money Market Fund, 4.30% - Class SL | 4 | 28025 | 26053 | 22 |  |  | 1976 | 0.1 |
| JNL Government Money Market Fund, 4.20% - Class I | 10679 | 181375 | 173535 | 169 |  |  | 18519 | 0.8 |
|  | 17861 | 209551 | 200657 | 284 | 586 | 381 | 27722 | 1.3 |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **JNL/RAFI Multi-Factor U.S. Equity Fund — Futures Contracts** | **JNL/RAFI Multi-Factor U.S. Equity Fund — Futures Contracts** | **JNL/RAFI Multi-Factor U.S. Equity Fund — Futures Contracts** | **JNL/RAFI Multi-Factor U.S. Equity Fund — Futures Contracts** | **JNL/RAFI Multi-Factor U.S. Equity Fund — Futures Contracts** | **JNL/RAFI Multi-Factor U.S. Equity Fund — Futures Contracts** |
| **Reference Entity** | **Contracts<sup>1</sup>** | **Expiration** | **Notional<sup>1</sup>** | **Variation**<br> **Margin**<br> **Receivable**<br> (Payable) ($) | **Value/**<br> **Unrealized**<br> **Appreciation**<br> (Depreciation) ($) |
| **Long Contracts** | **Long Contracts** | **Long Contracts** | **Long Contracts** | **Long Contracts** | **Long Contracts** |
| S&P 500 Index | 53 | September 2025 | 16120 | 66 | 452 |
| S&P Midcap 400 Index | 17 | September 2025 | 5200 | (2) | 114 |
|  |  |  |  | 64 | 566 |

---

**Fair Value Hierarchy.** Various inputs are used in determining the fair value of financial instruments. For a description of the input levels and information about the Fund's policy regarding valuation of financial instruments, see Note 3 in the Notes to Financial Statements. The following table summarizes the Fund's investments categorized in the disclosure hierarchy as of June 30, 2025.

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **<u>. Level 1 ($) .</u>** | **<u>. Level 2 ($) .</u>** | **<u>. Level 3 ($) .</u>** | **<u>. Total ($) .</u>** |
| **JNL/RAFI Multi-Factor U.S. Equity Fund** | **JNL/RAFI Multi-Factor U.S. Equity Fund** | **JNL/RAFI Multi-Factor U.S. Equity Fund** | **JNL/RAFI Multi-Factor U.S. Equity Fund** | **JNL/RAFI Multi-Factor U.S. Equity Fund** |
| **Assets - Securities** |  |  |  |  |
| &nbsp;&nbsp; Common Stocks | 2119571 |  |  | 2119571 |
| &nbsp;&nbsp; Short Term Investments | 20495 |  |  | 20495 |
|  | 2140066 |  |  | 2140066 |
| **Assets - Investments in Other Financial Instruments<sup>1</sup>** |  |  |  |  |
| &nbsp;&nbsp; Futures Contracts | 566 |  |  | 566 |
|  | 566 |  |  | 566 |

---

<sup>1</sup> All derivatives, except for purchased and written options, are reflected at the unrealized appreciation (depreciation) on the instrument. Purchased and written options are reflected at value.

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page [607](#abbreviations).

543

**JNL Series Trust** (Unaudited)

**Schedules of Investments (in thousands)**

June 30, 2025

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| **JNL/T. Rowe Price Balanced Fund** | **JNL/T. Rowe Price Balanced Fund** | **JNL/T. Rowe Price Balanced Fund** |
| **COMMON STOCKS 64.6%** | **COMMON STOCKS 64.6%** | **COMMON STOCKS 64.6%** |
| **Information Technology 14.6%** | **Information Technology 14.6%** | **Information Technology 14.6%** |
| Accenture Public Limited Company - Class A | 2 | 568 |
| Adobe Inc. (a) | 1 | 258 |
| Advanced Micro Devices, Inc. (a) | 4 | 509 |
| Amphenol Corporation - Class A | 3 | 274 |
| Analog Devices, Inc. | 4 | 982 |
| Apple Inc. | 51 | 10419 |
| Applied Materials, Inc. | 2 | 311 |
| Arista Networks, Inc. (a) | 2 | 166 |
| ASML Holding N.V. - ADR | 1 | 644 |
| ASML Holding N.V. | 2 | 1925 |
| Autodesk, Inc. (a) |  | 106 |
| BE Semiconductor Industries N.V. | 2 | 369 |
| Broadcom Inc. | 20 | 5622 |
| Cadence Design Systems, Inc. (a) | 1 | 199 |
| CDW Corp. |  | 60 |
| Cisco Systems, Inc. | 4 | 286 |
| Confluent, Inc. - Class A (a) | 2 | 48 |
| CrowdStrike Holdings, Inc. - Class A (a) | 1 | 470 |
| Datadog, Inc. - Class A (a) | 1 | 120 |
| Descartes Systems Group Inc., The (a) | 1 | 69 |
| Dynatrace, Inc. (a) | 1 | 59 |
| Fair Isaac Corporation (a) |  | 168 |
| First Solar, Inc. (a) | 1 | 244 |
| Fortinet, Inc. (a) | 2 | 195 |
| Gen Digital Inc. | 5 | 141 |
| Hamamatsu Photonics K.K. | 18 | 220 |
| HubSpot, Inc. (a) |  | 11 |
| Intel Corporation | 14 | 314 |
| International Business Machines Corporation | 1 | 215 |
| Intuit Inc. | 1 | 961 |
| Jabil Inc. |  | 22 |
| Keysight Technologies, Inc. (a) | 12 | 1898 |
| KLA Corporation | 1 | 820 |
| Lam Research Corporation | 2 | 198 |
| Marvell Technology, Inc. | 1 | 93 |
| Microchip Technology Incorporated | 1 | 42 |
| Micron Technology, Inc. | 2 | 211 |
| Microsoft Corporation | 35 | 17173 |
| Monday.Com Ltd. (a) |  | 20 |
| Monolithic Power Systems, Inc. | 1 | 546 |
| Murata Manufacturing Co., Ltd. | 18 | 268 |
| Nec Corporation | 24 | 687 |
| Nomura Research Institute, Ltd. | 17 | 671 |
| NVIDIA Corporation | 107 | 16867 |
| NXP Semiconductors N.V. | 4 | 844 |
| Okta, Inc. - Class A (a) |  | 30 |
| Oracle Corporation | 3 | 581 |
| Palantir Technologies Inc. - Class A (a) | 4 | 483 |
| Palo Alto Networks, Inc. (a) | 1 | 233 |
| Pure Storage, Inc. - Class A (a) | 1 | 52 |
| Qualcomm Incorporated | 2 | 355 |
| Renesas Electronics Corporation | 27 | 323 |
| Roper Technologies, Inc. | 1 | 523 |
| Salesforce, Inc. | 2 | 589 |
| Samsung Electronics Co., Ltd. | 17 | 738 |
| SanDisk LLC (a) |  | 20 |
| SAP SE | 7 | 2088 |
| ServiceNow, Inc. (a) | 2 | 1904 |
| Shopify Inc. - Class A (a) | 5 | 601 |
| Synopsys, Inc. (a) | 1 | 712 |
| Taiwan Semiconductor Manufacturing Company Limited - ADR | 2 | 377 |
| Taiwan Semiconductor Manufacturing Company Limited | 71 | 2571 |
| TE Connectivity Public Limited Company | 4 | 702 |
| Teledyne Technologies Incorporated (a) |  | 163 |
| Telefonaktiebolaget LM Ericsson - Class B | 77 | 660 |
| Texas Instruments Incorporated | 8 | 1664 |
| Tokyo Electron Limited | 4 | 764 |
| Western Digital Corporation | 1 | 40 |
| Workday, Inc. - Class A (a) |  | 44 |
| Zebra Technologies Corporation - Class A (a) |  | 46 |
|  |  | 82556 |
| **Financials 11.5%** | **Financials 11.5%** | **Financials 11.5%** |
| Admiral Group PLC | 11 | 496 |
| Adyen N.V. (a) (b) |  | 511 |
| AIA Group Limited | 72 | 651 |
| Allstate Corporation, The | 8 | 1703 |
| American Express Company | 4 | 1232 |
| American International Group, Inc. | 2 | 156 |
| Annaly Capital Management, Inc. | 21 | 398 |
| ANZ Group Holdings Limited | 28 | 540 |
| Apollo Global Management, Inc. | 1 | 75 |
| Ares Management Corporation - Class A |  | 80 |
| Aviva PLC | 63 | 534 |
| AXA | 24 | 1162 |
| AXIS Capital Holdings Limited | 1 | 66 |
| Banco Santander, S.A. | 112 | 923 |
| Bank of America Corporation | 36 | 1712 |
| Bank of New York Mellon Corporation, The | 1 | 135 |
| Banque Nationale Du Canada (c) | 8 | 868 |
| Barclays PLC | 135 | 622 |
| Berkshire Hathaway Inc. - Class B (a) | 7 | 3567 |
| BlackRock, Inc. |  | 236 |
| Blackstone Inc. - Class A |  | 45 |
| Block, Inc. - Class A (a) | 3 | 197 |
| Bridgepoint Group PLC (b) | 81 | 348 |
| Brookfield Corporation - Class A | 12 | 773 |
| Capital One Financial Corporation | 2 | 517 |
| CBOE Global Markets, Inc. |  | 52 |
| Charles Schwab Corporation, The | 23 | 2129 |
| Chubb Limited | 6 | 1600 |
| Citigroup Inc. | 11 | 904 |
| CME Group Inc. - Class A | 2 | 660 |
| Corebridge Financial, Inc. | 22 | 784 |
| Corpay Inc (a) | 2 | 737 |
| CVC Capital Partners PLC | 20 | 421 |
| DBS Group Holdings Ltd | 22 | 773 |
| Definity Financial Corporation | 11 | 622 |
| DNB Bank ASA | 42 | 1160 |
| Edenred | 7 | 219 |
| Equitable Holdings, Inc. | 1 | 80 |
| Erste Group Bank AG (c) | 6 | 482 |
| Fifth Third Bancorp | 2 | 82 |
| Fiserv, Inc. (a) | 7 | 1162 |
| Global Payments Inc. |  | 16 |
| Goldman Sachs Group, Inc., The | 2 | 1069 |
| Great-West Lifeco Inc. | 15 | 575 |
| Hartford Insurance Group, Inc., The | 1 | 171 |
| HDFC Bank Limited | 29 | 674 |
| Huntington Bancshares Incorporated | 6 | 96 |
| ING Groep N.V. | 52 | 1130 |
| Intercontinental Exchange, Inc. | 7 | 1362 |
| Intesa Sanpaolo SPA | 120 | 693 |
| JPMorgan Chase & Co. | 15 | 4225 |
| Julius Bar Gruppe AG - Class N | 7 | 490 |
| KeyCorp | 39 | 673 |
| KKR & Co. Inc. - Class A | 1 | 159 |
| Lloyds Banking Group PLC | 801 | 844 |
| Macquarie Group Limited | 5 | 686 |
| Mandatum Holding Oy | 57 | 374 |
| Marsh & Mclennan Companies, Inc. | 2 | 507 |
| MasterCard Incorporated - Class A | 5 | 2630 |
| Melrose Industries PLC | 120 | 872 |
| MetLife, Inc. | 5 | 378 |
| Mitsubishi UFJ Financial Group, Inc. | 88 | 1206 |
| Moody's Corporation |  | 102 |
| Morgan Stanley | 4 | 549 |
| Munchener Ruckversicherungs-Gesellschaft Aktiengesellschaft in Munchen - Class N | 3 | 1726 |
| Popular, Inc. |  | 44 |
| RenaissanceRe Holdings Ltd | 1 | 150 |
| S&P Global Inc. | 1 | 547 |
| Sampo Oyj - Class A | 79 | 851 |
| Skandinaviska Enskilda Banken AB - Class A | 39 | 677 |
| Societe Generale | 16 | 912 |

---

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page [607](#abbreviations).

544

**JNL Series Trust** (Unaudited)

**Schedules of Investments (in thousands)**

June 30, 2025

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| Standard Chartered PLC | 51 | 837 |
| State Street Corporation | 1 | 106 |
| Storebrand ASA | 42 | 598 |
| Sumitomo Mitsui Trust Group, Inc. | 18 | 479 |
| The Progressive Corporation | 1 | 278 |
| Tokio Marine Holdings, Inc. | 36 | 1537 |
| TPG Inc. - Class A | 2 | 97 |
| Tradeweb Markets Inc. - Class A |  | 63 |
| Travelers Companies, Inc., The | 4 | 1068 |
| Truist Financial Corporation | 1 | 28 |
| U.S. Bancorp | 3 | 118 |
| Unicredit, Societa' Per Azioni In Forma Abbreviata Unicredit S.P.A. | 16 | 1089 |
| United Overseas Bank Limited | 31 | 889 |
| Visa Inc. - Class A | 11 | 3831 |
| Voya Financial, Inc. | 2 | 129 |
| Wells Fargo & Company | 4 | 288 |
| Western Alliance Bancorporation | 1 | 39 |
| | | 65276 |
| **Industrials 7.0%** | **Industrials 7.0%** | **Industrials 7.0%** |
| ABB Ltd - Class N | 20 | 1173 |
| AerCap Holdings N.V. | 5 | 578 |
| AMETEK, Inc. | 8 | 1491 |
| API Group Corporation (a) | 1 | 51 |
| Ashtead Group Public Limited Company | 3 | 195 |
| Automatic Data Processing, Inc. |  | 39 |
| Boeing Company, The (a) | 2 | 337 |
| Booz Allen Hamilton Holding Corporation - Class A |  | 31 |
| Bunzl Public Limited Company | 15 | 463 |
| Canadian National Railway Company | 1 | 71 |
| Carrier Global Corporation | 2 | 121 |
| Caterpillar Inc. | 1 | 231 |
| Cintas Corporation | 1 | 325 |
| CSX Corporation | 5 | 150 |
| Cummins Inc. |  | 160 |
| Dayforce, Inc. (a) | 1 | 55 |
| DCC Public Limited Company | 7 | 430 |
| Deere & Company | 3 | 1763 |
| Dover Corporation | 1 | 130 |
| Element Fleet Management Corp. (c) | 38 | 950 |
| Emerson Electric Co. | 1 | 74 |
| Equifax Inc. | 2 | 468 |
| ESAB Corporation |  | 44 |
| FedEx Corporation |  | 46 |
| Ferguson Enterprises Inc. | 3 | 563 |
| Fortive Corporation | 1 | 70 |
| GE Vernova Inc. | 1 | 707 |
| General Electric Company | 11 | 2800 |
| Honeywell International Inc. | 1 | 162 |
| Howmet Aerospace Inc. | 1 | 151 |
| Hubbell Incorporated |  | 158 |
| Ingersoll Rand Inc. | 1 | 100 |
| Interpump Group S.p.A. | 1 | 42 |
| Johnson Controls International Public Limited Company | 1 | 82 |
| Kajima Corporation | 1 | 23 |
| Kingspan Group Public Limited Company | 3 | 278 |
| Kion Group AG | 9 | 485 |
| Kubota Corporation (c) | 3 | 29 |
| Kyushu Railway Company | 2 | 49 |
| L3Harris Technologies, Inc. | 3 | 775 |
| Legrand | 5 | 671 |
| Middleby Corporation, The (a) |  | 22 |
| Mitsubishi Corporation | 22 | 438 |
| Mitsubishi Electric Corporation | 52 | 1121 |
| Norfolk Southern Corporation | 5 | 1375 |
| Northrop Grumman Corporation | 2 | 792 |
| Old Dominion Freight Line, Inc. | 6 | 989 |
| Owens Corning | 2 | 320 |
| Parker-Hannifin Corporation | 2 | 1296 |
| Prysmian S.p.A. | 16 | 1111 |
| Ralliant Corporation (a) |  | 19 |
| Recruit Holdings Co., Ltd. | 9 | 518 |
| Republic Services, Inc. | 3 | 759 |
| Rheinmetall Aktiengesellschaft |  | 612 |
| Rockwell Automation, Inc. | 1 | 434 |
| RTX Corporation | 1 | 98 |
| Ryanair Holdings Public Limited Company - ADR | 8 | 438 |
| Safran | 4 | 1390 |
| Saia, Inc. (a) |  | 115 |
| Sandvik Aktiebolag | 29 | 674 |
| Shimizu Corporation | 32 | 361 |
| Siemens Aktiengesellschaft - Class N | 13 | 3419 |
| SiteOne Landscape Supply, Inc. (a) |  | 20 |
| SK Square Co., Ltd. (a) | 2 | 294 |
| SMC Corporation | 1 | 288 |
| Spie SA |  | 25 |
| SS&C Technologies Holdings, Inc. |  | 33 |
| Stanley Black & Decker, Inc. | 2 | 156 |
| Sumitomo Corporation | 32 | 829 |
| TechnoPro Holdings, Inc. (c) | 20 | 580 |
| Teleperformance SE | 2 | 224 |
| Thales | 1 | 404 |
| Trane Technologies Public Limited Company |  | 135 |
| TransDigm Group Incorporated |  | 328 |
| Trex Company, Inc. (a) |  | 22 |
| Uber Technologies, Inc. (a) |  | 38 |
| Union Pacific Corporation | 4 | 978 |
| United Airlines Holdings, Inc. (a) | 1 | 62 |
| Veralto Corporation | 1 | 54 |
| Verisk Analytics, Inc. |  | 97 |
| Vertiv Holdings Co - Class A | 1 | 128 |
| Waste Connections, Inc. |  | 73 |
| Waste Management, Inc. |  | 100 |
| Westinghouse Air Brake Technologies Corporation | 7 | 1401 |
| Worley Limited | 31 | 270 |
| Xylem Inc. | 1 | 74 |
|  |  | 39435 |
| **Consumer Discretionary 6.7%** | **Consumer Discretionary 6.7%** | **Consumer Discretionary 6.7%** |
| Alibaba Group Holding Limited (b) | 16 | 221 |
| Amadeus IT Holding, S.A. (b) | 9 | 739 |
| Amazon.com, Inc. (a) | 47 | 10208 |
| ASICS Corporation | 11 | 288 |
| Autoliv, Inc. - SWEDDR | 6 | 670 |
| AutoZone, Inc. (a) |  | 1203 |
| Bath & Body Works, Inc. | 1 | 17 |
| Booking Holdings Inc. |  | 1193 |
| Carvana Co. - Class A (a) | 7 | 2475 |
| Chipotle Mexican Grill, Inc. (a) | 14 | 796 |
| Compass Group PLC | 37 | 1247 |
| Deckers Outdoor Corporation (a) | 1 | 76 |
| DENSO Corporation | 38 | 506 |
| Domino's Pizza, Inc. |  | 49 |
| DoorDash, Inc. - Class A (a) | 3 | 647 |
| Dowlais Group PLC | 134 | 123 |
| eBay Inc. | 1 | 74 |
| General Motors Company | 2 | 74 |
| Hilton Worldwide Holdings Inc. | 1 | 222 |
| Home Depot, Inc., The | 5 | 1696 |
| Isetan Mitsukoshi Holdings Ltd. | 38 | 578 |
| Kering | 2 | 446 |
| Kingfisher PLC | 192 | 764 |
| Las Vegas Sands Corp. | 2 | 82 |
| Lowe`s Companies, Inc. | 1 | 176 |
| Lululemon Athletica Inc. (a) |  | 108 |
| Magna International Inc. | 6 | 225 |
| Marriott International, Inc. - Class A | 1 | 175 |
| McDonald's Corporation | 5 | 1460 |
| Moncler S.p.A. | 9 | 507 |
| Next PLC | 6 | 941 |
| NIKE, Inc. - Class B | 1 | 78 |
| NVR, Inc. (a) |  | 133 |
| Open House Group Co., Ltd. | 1 | 54 |
| O'Reilly Automotive, Inc. (a) | 2 | 165 |
| Panasonic Holdings Corporation | 56 | 601 |
| Persimmon Public Limited Company | 21 | 380 |
| Pool Corporation |  | 44 |
| Ross Stores, Inc. | 8 | 974 |
| Samsonite Group S.A. (b) | 116 | 217 |

---

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page [607](#abbreviations).

545

**JNL Series Trust** (Unaudited)

**Schedules of Investments (in thousands)**

June 30, 2025

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| Sony Group Corporation | 53 | 1370 |
| Subaru Corporation. | 20 | 346 |
| Suzuki Motor Corporation | 42 | 508 |
| Tesla Inc. (a) | 10 | 3067 |
| TJX Companies, Inc., The | 4 | 486 |
| Toyota Motor Corporation | 63 | 1079 |
| Tractor Supply Company | 8 | 439 |
| Ulta Beauty, Inc. (a) |  | 55 |
| Wingstop Inc. |  | 45 |
| Yum! Brands, Inc. |  | 39 |
| | | 38066 |
| **Health Care 5.7%** | **Health Care 5.7%** | **Health Care 5.7%** |
| Abbott Laboratories | 5 | 695 |
| AbbVie Inc. | 3 | 537 |
| Alcon AG (c) | 7 | 657 |
| Alcon AG | 5 | 470 |
| Amgen Inc. |  | 51 |
| argenx SE - ADR (a) | 1 | 470 |
| AstraZeneca PLC - ADR | 37 | 2589 |
| Becton, Dickinson and Company | 3 | 596 |
| Boston Scientific Corporation (a) | 3 | 356 |
| Bristol-Myers Squibb Company | 1 | 51 |
| Cardinal Health, Inc. |  | 59 |
| Cencora, Inc. | 4 | 1263 |
| Chugai Pharmaceutical Co., Ltd. - ADR | 7 | 177 |
| Chugai Pharmaceutical Co., Ltd. | 15 | 797 |
| Cigna Group, The | 3 | 897 |
| Cooper Companies, Inc., The (a) | 2 | 111 |
| CVS Health Corporation | 3 | 197 |
| Danaher Corporation | 5 | 997 |
| Elevance Health, Inc. | 3 | 1248 |
| Eli Lilly and Company | 4 | 3323 |
| EssilorLuxottica | 2 | 599 |
| Gilead Sciences, Inc. | 12 | 1313 |
| Intuitive Surgical, Inc. (a) | 3 | 1581 |
| Johnson & Johnson | 2 | 378 |
| Koninklijke Philips N.V. | 31 | 744 |
| McKesson Corporation |  | 104 |
| Medtronic, Inc. | 1 | 76 |
| Merck & Co., Inc. | 3 | 199 |
| Mettler-Toledo International Inc. (a) |  | 108 |
| Molina Healthcare, Inc. (a) |  | 66 |
| Novartis AG - Class N | 11 | 1340 |
| Novo Nordisk A/S - Class B | 15 | 1030 |
| Pfizer Inc. | 2 | 60 |
| Quest Diagnostics Incorporated | 3 | 518 |
| Regeneron Pharmaceuticals, Inc. |  | 135 |
| Repligen Corporation (a) |  | 43 |
| Revvity, Inc. | 8 | 766 |
| Sanofi | 12 | 1135 |
| Siemens Healthineers AG (b) | 16 | 882 |
| Sonova Holding AG | 1 | 266 |
| Stryker Corporation | 2 | 720 |
| Sysmex Corporation | 16 | 279 |
| Tenet Healthcare Corporation (a) | 6 | 1073 |
| Thermo Fisher Scientific Inc. | 2 | 637 |
| UnitedHealth Group Incorporated | 6 | 1915 |
| Universal Health Services, Inc. - Class B |  | 18 |
| Vertex Pharmaceuticals Incorporated (a) | 1 | 273 |
| Viatris Inc. | 11 | 99 |
| Zimmer Biomet Holdings, Inc. | 1 | 100 |
|  |  | 31998 |
| **Communication Services 4.8%** | **Communication Services 4.8%** | **Communication Services 4.8%** |
| Alphabet Inc. - Class A | 15 | 2716 |
| Alphabet Inc. - Class C | 30 | 5342 |
| AT&T Inc. | 6 | 185 |
| BT Group PLC | 321 | 853 |
| Cellnex Telecom, S.A. (b) | 1 | 51 |
| Comcast Corporation - Class A | 19 | 685 |
| Electronic Arts Inc. |  | 48 |
| Former Charter Communications Parent, Inc. - Class A (a) |  | 153 |
| KDDI Corporation | 46 | 780 |
| KT Corporation | 16 | 653 |
| Meta Platforms, Inc. - Class A | 11 | 8066 |
| Netflix, Inc. (a) | 3 | 3336 |
| Pinterest, Inc. - Class A (a) | 12 | 445 |
| Sea Limited - Class A - ADR (a) | 5 | 861 |
| Spotify Technology S.A. (a) |  | 77 |
| Take-Two Interactive Software, Inc. (a) |  | 46 |
| Tencent Holdings Limited | 4 | 283 |
| TKO Group Holdings Inc. - Class A |  | 73 |
| T-Mobile US, Inc. | 8 | 1945 |
| Walt Disney Company, The | 2 | 186 |
| WPP 2012 Limited | 60 | 418 |
|  |  | 27202 |
| **Materials 4.0%** | **Materials 4.0%** | **Materials 4.0%** |
| Agnico Eagle Mines Limited | 1 | 63 |
| Agnico Eagle Mines Limited | 3 | 376 |
| Akzo Nobel N.V. | 7 | 520 |
| Alamos Gold Inc - Class A | 6 | 172 |
| Alamos Gold Inc - Class A | 3 | 66 |
| Alcoa Corporation | 1 | 28 |
| Aluminium Bahrain B.S.C | 9 | 22 |
| Amrize AG (a) | 5 | 257 |
| Anglo American PLC | 6 | 188 |
| AngloGold Ashanti PLC | 4 | 195 |
| Antofagasta PLC | 31 | 761 |
| ArcelorMittal | 2 | 65 |
| Artemis Gold Inc. (a) | 5 | 88 |
| Ausgold Limited (a) | 18 | 8 |
| Ball Corporation | 10 | 571 |
| Barrick Mining Corporation | 3 | 67 |
| BASF SE - Class N | 10 | 512 |
| BHP Group Limited | 42 | 1006 |
| BHP Group Limited (c) | 18 | 442 |
| Capricorn Metals Limited (a) | 16 | 101 |
| Capstone Copper Corp. (a) | 12 | 74 |
| Carpenter Technology Corporation |  | 9 |
| CF Industries Holdings, Inc. | 1 | 50 |
| Champion Iron Limited (c) | 12 | 32 |
| China Steel Corporation | 47 | 30 |
| Coeur Mining, Inc. (a) | 3 | 23 |
| Corteva, Inc. | 2 | 132 |
| Covestro AG (a) | 7 | 511 |
| Dundee Precious Metals Inc. | 1 | 11 |
| DuPont de Nemours, Inc. | 1 | 49 |
| Emerald Resources NL (a) (c) | 24 | 61 |
| Endeavour Mining Corporation | 1 | 40 |
| Equinox Gold Corp. (a) | 3 | 20 |
| ERO Copper Corp. (a) | 4 | 70 |
| First Quantum Minerals Ltd (a) | 7 | 125 |
| Foran Mining Corporation (a) | 10 | 21 |
| Fortescue Ltd | 4 | 44 |
| Franco-Nevada Corporation | 3 | 429 |
| Franco-Nevada Corporation | 1 | 200 |
| Freeport-McMoRan Inc. | 24 | 1055 |
| G Mining Ventures Corp. (a) | 7 | 97 |
| Genesis Minerals Limited (a) | 8 | 23 |
| Glencore PLC | 71 | 279 |
| Gold Fields Limited | 6 | 153 |
| Grupo Mexico, S.A.B. de C.V. - Class B | 12 | 71 |
| Harmony Gold Mining Company | 4 | 61 |
| Heidelberg Materials AG |  | 83 |
| Hoa Phat Group Joint Stock Company | 198 | 172 |
| Holcim AG | 5 | 383 |
| Impala Platinum Holdings Limited (a) | 16 | 143 |
| Industrias Penoles, S.A.B. de C.V. (a) | 3 | 75 |
| International Paper Company | 24 | 1106 |
| Ivanhoe Electric Inc. (a) (c) | 6 | 50 |
| Ivanhoe Mines Ltd - Class A (a) (c) | 6 | 47 |
| Johnson Matthey PLC | 9 | 213 |
| Joint Stock Company Alrosa (Public Joint Stock Company) (a) (b) (d) | 40 |  |
| JSW Steel Limited | 3 | 41 |
| Kinross Gold Corporation | 4 | 63 |
| KRC Materials, Inc. (a) |  | 26 |
| L'Air Liquide, societe anonyme pour l'Etude et l'Exploitation des procedes Georges Claude | 5 | 1126 |

---

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page [607](#abbreviations).

546

**JNL Series Trust** (Unaudited)

**Schedules of Investments (in thousands)**

June 30, 2025

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| Linde Public Limited Company | 4 | 2017 |
| Louisiana-Pacific Corporation (W VA) |  | 37 |
| Lundin Gold Inc. (b) | 2 | 82 |
| Mosaic Company, The | 2 | 58 |
| Newmont Corporation - CHESS | 1 | 54 |
| Newmont Corporation | 6 | 358 |
| NGEx Minerals Ltd. (a) | 5 | 55 |
| Nippon Sanso Holdings Corporation | 1 | 34 |
| Nippon Steel Corporation | 4 | 81 |
| Northam Platinum Limited (c) | 3 | 35 |
| Northern Star Resources Ltd | 8 | 102 |
| Nucor Corporation | 1 | 142 |
| Ora Banda Mining Ltd (a) | 36 | 18 |
| Orogen Royalties Inc. (c) | 5 | 139 |
| Packaging Corporation of America |  | 87 |
| POSCO Holdings Inc. |  | 78 |
| PPG Industries, Inc. | 4 | 432 |
| Predictive Discovery Limited (a) | 131 | 33 |
| Public Joint Stock Company Polyus (a) (b) (d) |  |  |
| Reliance, Inc. | 1 | 156 |
| Rio Tinto Limited | 2 | 111 |
| Rio Tinto PLC | 5 | 315 |
| Robex Resources Inc. - CHESS (a) | 2 | 5 |
| Royal Gold, Inc. |  | 64 |
| RPM International Inc. | 1 | 62 |
| Santana Mining Inc. (a) | 3 | 37 |
| Sherwin-Williams Company, The | 5 | 1816 |
| Shin-Etsu Chemical Co., Ltd. | 22 | 716 |
| Sibanye Stillwater (a) | 19 | 35 |
| Skeena Resources Limited (a) | 7 | 109 |
| Snowline Gold Corp. (a) | 6 | 39 |
| Southern Copper Corporation | 1 | 78 |
| Sovereign Metals Limited (a) | 17 | 7 |
| Steel Dynamics, Inc. | 3 | 345 |
| Stora Enso Oyj - Class R (c) | 37 | 403 |
| Syensqo |  | 27 |
| Symrise AG |  | 37 |
| Tata Steel Limited | 37 | 70 |
| Teck Resources Limited - Class B | 3 | 139 |
| Thyssenkrupp AG | 3 | 30 |
| Torex Gold Resources Inc. (a) |  | 9 |
| Turaco Gold Limited (a) | 18 | 5 |
| UPM-Kymmene Oyj (c) | 1 | 40 |
| Vale S.A. | 17 | 160 |
| Valterra Platinum | 1 | 36 |
| Valterra Platinum | 3 | 143 |
| Vulcan Materials Company |  | 89 |
| Warrior Met Coal, Inc. | 1 | 37 |
| Wesdome Gold Mines Ltd (a) | 2 | 32 |
| West Fraser Timber Co. Ltd. (c) | 1 | 69 |
| West Fraser Timber Co. Ltd. | 1 | 52 |
| Wheaton Precious Metals Corp. | 4 | 381 |
| Zijin Mining Group Co., Ltd. - Class H | 60 | 155 |
| | | 22357 |
| **Consumer Staples 3.2%** | **Consumer Staples 3.2%** | **Consumer Staples 3.2%** |
| Ajinomoto Co., Inc. | 21 | 560 |
| Altria Group, Inc. | 2 | 140 |
| Coca-Cola Company, The | 7 | 511 |
| Colgate-Palmolive Company | 12 | 1066 |
| Costco Wholesale Corporation | 1 | 661 |
| Diageo PLC | 19 | 491 |
| Dollar Tree, Inc. (a) | 5 | 504 |
| Heineken N.V. | 8 | 702 |
| Kenvue Inc. | 67 | 1398 |
| Keurig Dr Pepper Inc. | 8 | 254 |
| Kimberly-Clark Corporation | 1 | 134 |
| Lamb Weston Holdings, Inc. |  | 10 |
| L'Oreal | 2 | 785 |
| Mondelez International, Inc. - Class A | 19 | 1270 |
| Monster Beverage 1990 Corporation (a) | 1 | 90 |
| Nestle S.A. - Class N | 23 | 2289 |
| PepsiCo, Inc. | 1 | 185 |
| Philip Morris International Inc. | 3 | 493 |
| Procter & Gamble Company, The | 13 | 2122 |
| Puig Brands S.A. - Class B (c) | 16 | 313 |
| Seven & I Holdings Co., Ltd. | 49 | 794 |
| Tyson Foods, Inc. - Class A | 1 | 28 |
| Unilever PLC | 36 | 2211 |
| Walmart Inc. | 13 | 1258 |
| Wilmar International Limited | 29 | 66 |
|  |  | 18335 |
| **Energy 3.1%** | **Energy 3.1%** | **Energy 3.1%** |
| Baker Hughes Company - Class A | 2 | 95 |
| BP P.L.C. | 13 | 64 |
| Cameco Corporation | 2 | 147 |
| Canadian Natural Resources Limited | 5 | 152 |
| Chevron Corporation | 10 | 1498 |
| ConocoPhillips | 18 | 1632 |
| Diamondback Energy, Inc. | 3 | 463 |
| Enbridge Inc. | 4 | 161 |
| EOG Resources, Inc. | 3 | 311 |
| EQT Corporation | 3 | 179 |
| Equinor ASA | 43 | 1075 |
| Expand Energy Corporation | 1 | 157 |
| Expro Group Holdings N.V. (a) | 4 | 30 |
| Exxon Mobil Corporation | 14 | 1514 |
| Flowco Holdings Inc. - Class A |  | 5 |
| Galp Energia, SGPS, S.A. - Class B | 4 | 77 |
| Hess Corporation | 1 | 105 |
| HF Sinclair Corporation | 1 | 52 |
| Kinder Morgan, Inc. | 2 | 48 |
| Kodiak Gas Services, LLC | 1 | 35 |
| Marathon Petroleum Corporation | 1 | 165 |
| NAC Kazatomprom JSC - GDR (b) | 1 | 56 |
| NuVista Energy Ltd. (a) |  | 3 |
| ONEOK, Inc. | 1 | 104 |
| Ovintiv Canada ULC | 2 | 60 |
| Permian Resources Corporation - Class A | 4 | 54 |
| Phillips 66 | 5 | 548 |
| Precision Drilling Corporation (a) (c) |  | 20 |
| Range Resources Corporation | 27 | 1080 |
| Schlumberger Limited | 36 | 1217 |
| Shell PLC - Class A | 10 | 335 |
| Shell PLC - Class A - ADR | 16 | 1159 |
| South Bow Corporation (c) | 2 | 49 |
| Suncor Energy Inc. | 3 | 124 |
| Targa Resources Corp. | 2 | 265 |
| TechnipFMC PLC | 18 | 621 |
| Tenaris S.A. - ADR | 1 | 42 |
| Texas Pacific Land Corporation |  | 36 |
| TotalEnergies SE | 28 | 1739 |
| Tourmaline Oil Corp | 1 | 51 |
| Uranium Energy Corp. (a) | 11 | 73 |
| Valero Energy Corporation | 7 | 971 |
| Var Energi ASA | 6 | 18 |
| Viper Energy, Inc. - Class A | 1 | 49 |
| Vista Energy, S.A.B. De C.V. - Series A - ADR (a) |  | 21 |
| Weatherford International Public Limited Company | 1 | 42 |
| Williams Companies, Inc., The | 7 | 421 |
| Woodside Energy Group Ltd | 5 | 72 |
| Yellow Cake PLC (a) | 3 | 19 |
|  |  | 17214 |
| **Real Estate 2.6%** | **Real Estate 2.6%** | **Real Estate 2.6%** |
| Acadia Realty Trust | 7 | 138 |
| Aedifica |  | 34 |
| Agree Realty Corporation |  | 12 |
| Alexandria Real Estate Equities, Inc. | 1 | 43 |
| American Homes 4 Rent - Class A | 6 | 215 |
| American Tower Corporation | 3 | 696 |
| Apple Hospitality REIT, Inc. | 3 | 40 |
| AvalonBay Communities, Inc. | 2 | 347 |
| Big Yellow Group PLC | 4 | 54 |
| Broadstone Net Lease, Inc. |  | 5 |
| Camden Property Trust | 1 | 81 |
| Canadian Apartment Properties Real Estate Investment Trust | 1 | 46 |
| Capitaland Group Pte. Ltd. | 30 | 52 |
| CBRE Group, Inc. - Class A (a) | 1 | 128 |

---

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page [607](#abbreviations).

547

**JNL Series Trust** (Unaudited)

**Schedules of Investments (in thousands)**

June 30, 2025

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| Colliers International Group Inc. (c) |  | 64 |
| CoStar Group, Inc. (a) |  | 28 |
| Crown Castle Inc. | 2 | 178 |
| Cubesmart, L.P. | 5 | 226 |
| Digital Core REIT Management Pte. Ltd. (b) | 30 | 16 |
| Digital Realty Trust, Inc. |  | 64 |
| Douglas Emmett, Inc. | 5 | 71 |
| EastGroup Properties, Inc. | 1 | 215 |
| EPR Properties |  | 6 |
| Equinix, Inc. | 1 | 875 |
| Equity Lifestyle Properties, Inc. | 3 | 163 |
| Equity Residential | 5 | 318 |
| Essential Properties Realty Trust, Inc. |  | 11 |
| Essex Property Trust, Inc. | 3 | 871 |
| Federal Realty Investment Trust |  | 26 |
| Gaming and Leisure Properties, Inc. | 3 | 145 |
| Goodman Funding Pty Ltd | 9 | 212 |
| Healthcare Realty Trust Incorporated - Class A | 1 | 10 |
| Invincible Investment Corporation (c) |  | 35 |
| Japan Prime Realty Investment Corporation |  | 39 |
| Japan Real Estate Investment Corporation |  | 39 |
| Keppel DC REIT Management Pte. Ltd. | 34 | 62 |
| Kerry Properties Limited | 16 | 40 |
| Kilroy Realty Corporation | 1 | 41 |
| Kimco Realty OP, LLC | 4 | 86 |
| Kojamo Oyj (a) (b) (c) | 6 | 81 |
| LEG Immobilien SE |  | 36 |
| Lineage, Inc. | 1 | 29 |
| Mirvac Limited | 31 | 46 |
| Mitsubishi Estate Co., Ltd. | 7 | 133 |
| Mitsui Fudosan Co., Ltd. | 97 | 937 |
| Nexus Select Trust | 19 | 31 |
| Nippon Prologis REIT, Inc. |  | 33 |
| NNN REIT, Inc. |  | 16 |
| Nomura Real Estate Holdings, Inc. | 4 | 26 |
| Pebblebrook Hotel Trust | 3 | 26 |
| ProLogis Inc. | 7 | 700 |
| Public Storage Operating Company | 4 | 1186 |
| Rayonier Inc. | 2 | 53 |
| Realty Income Corporation | 1 | 84 |
| Regency Centers Corporation | 5 | 350 |
| Rexford Industrial Realty, Inc. | 10 | 340 |
| SBA Communications Corporation - Class A |  | 77 |
| Scentre Group Limited | 284 | 667 |
| SEGRO Public Limited Company | 42 | 395 |
| Shurgard Self Storage Limited | 1 | 58 |
| Simon Property Group, Inc. | 2 | 389 |
| SmartStop Self Storage REIT, Inc. | 3 | 115 |
| Sun Communities, Inc. | 3 | 360 |
| Sun Hung Kai Properties Limited | 6 | 63 |
| Swire Properties Limited | 19 | 48 |
| Terreno Realty Corporation | 3 | 177 |
| The Unite Group PLC | 4 | 45 |
| Ventas, Inc. | 6 | 369 |
| VICI Properties Inc. | 15 | 497 |
| Vornado Realty Trust | 3 | 104 |
| W.P. Carey Inc. |  | 27 |
| Warehouses De Pauw | 4 | 85 |
| Welltower Inc. | 8 | 1275 |
| Weyerhaeuser Company | 2 | 40 |
| | | 14630 |
| **Utilities 1.4%** | **Utilities 1.4%** | **Utilities 1.4%** |
| Ameren Corporation | 11 | 1029 |
| American Water Works Company, Inc. | 3 | 374 |
| Atmos Energy Corporation | 4 | 550 |
| CMS Energy Corporation | 1 | 68 |
| Consolidated Edison, Inc. | 1 | 133 |
| Constellation Energy Group, Inc. | 3 | 976 |
| Dominion Energy, Inc. | 1 | 73 |
| DTE Energy Company | 1 | 90 |
| Electric Power Development Co., Ltd. - Class D | 14 | 245 |
| Engie | 39 | 916 |
| Exelon Corporation | 2 | 104 |
| National Grid PLC | 74 | 1080 |
| NextEra Energy, Inc. | 5 | 368 |
| NRG Energy, Inc. |  | 39 |
| PG&E Corporation | 12 | 170 |
| Sempra | 1 | 53 |
| The Southern Company | 5 | 425 |
| XCEL Energy Inc. | 20 | 1335 |
|  |  | 8028 |
| Total Common Stocks (cost $272,321) | Total Common Stocks (cost $272,321) | 365097 |
| **GOVERNMENT AND AGENCY OBLIGATIONS 18.7%** | **GOVERNMENT AND AGENCY OBLIGATIONS 18.7%** | **GOVERNMENT AND AGENCY OBLIGATIONS 18.7%** |
| **U.S. Treasury Note 6.9%** | **U.S. Treasury Note 6.9%** | **U.S. Treasury Note 6.9%** |
| Treasury, United States Department of |  |  |
| 0.75%, 08/31/26 | 950 | 916 |
| 1.88%, 02/28/27 | 1375 | 1333 |
| 2.75%, 07/31/27 | 275 | 270 |
| 4.13%, 09/30/27 - 03/31/32 | 7820 | 7915 |
| 3.63%, 05/31/28 - 08/31/29 | 4840 | 4827 |
| 4.00%, 06/30/28 - 02/15/34 | 10455 | 10540 |
| 4.38%, 11/30/28 - 12/31/29 | 2155 | 2206 |
| 4.25%, 02/28/29 - 11/15/34 | 3685 | 3737 |
| 4.50%, 05/31/29 | 2120 | 2178 |
| 0.63%, 05/15/30 | 700 | 602 |
| 4.00%, 05/31/30 (e) | 1300 | 1313 |
| 1.25%, 08/15/31 | 760 | 650 |
| 3.88%, 08/15/33 - 08/15/34 | 595 | 583 |
| 4.63%, 02/15/35 (e) | 2045 | 2110 |
|  |  | 39180 |
| **Mortgage-Backed Securities 6.8%** | **Mortgage-Backed Securities 6.8%** | **Mortgage-Backed Securities 6.8%** |
| Federal Home Loan Mortgage Corporation |  |  |
| 3.50%, 06/01/33 - 12/01/47 | 105 | 101 |
| 3.00%, 11/01/34 - 01/01/52 | 641 | 566 |
| 1.50%, 02/01/36 | 167 | 149 |
| 2.00%, 08/01/36 - 05/01/52 | 2913 | 2351 |
| 2.50%, 04/01/37 - 05/01/52 | 2610 | 2195 |
| 4.00%, 06/01/37 - 02/01/50 | 294 | 277 |
| 5.00%, 12/01/41 - 07/01/54 | 353 | 351 |
| 5.50%, 05/01/44 - 10/01/54 | 849 | 853 |
| 4.50%, 05/01/50 | 22 | 22 |
| 7.00%, 06/01/54 | 46 | 48 |
| 6.00%, 08/01/54 - 12/01/54 | 824 | 838 |
| 6.50%, 08/01/54 - 01/01/55 | 493 | 511 |
| 6.50%, 09/01/54 (e) | 20 | 21 |
| Federal National Mortgage Association, Inc. |  |  |
| 2.50%, 01/01/32 - 05/01/52 | 3936 | 3335 |
| 3.00%, 11/01/33 - 07/01/50 | 2853 | 2580 |
| 3.50%, 12/01/33 - 01/01/52 | 2224 | 2058 |
| 2.00%, 09/01/36 - 04/01/52 | 6227 | 5097 |
| 1.50%, 05/01/37 - 01/01/42 | 675 | 586 |
| 4.00%, 06/01/37 - 09/01/52 | 1480 | 1399 |
| 5.00%, 06/01/40 - 10/01/53 | 673 | 669 |
| 4.50%, 04/01/41 - 07/01/53 | 1392 | 1351 |
| 6.00%, 07/01/41 - 01/01/55 | 1408 | 1441 |
| 5.50%, 05/01/44 - 10/01/54 | 1215 | 1224 |
| 6.50%, 03/01/54 - 01/01/55 | 338 | 348 |
| 7.00%, 03/01/54 | 48 | 51 |
| 6.50%, 06/01/55 (e) | 390 | 404 |
| TBA, 4.50%, 07/15/55 (e) | 205 | 196 |
| TBA, 5.00%, 07/15/55 (e) | 765 | 750 |
| Government National Mortgage Association |  |  |
| 1.50%, 05/20/37 | 127 | 114 |
| 3.50%, 08/20/42 - 01/20/49 | 1049 | 968 |
| 3.00%, 05/15/43 - 06/20/52 | 1497 | 1329 |
| 4.50%, 07/20/45 - 04/20/53 | 588 | 573 |
| 4.00%, 09/20/45 - 10/20/52 | 884 | 832 |
| 5.50%, 03/20/48 - 09/20/54 | 259 | 261 |
| 5.00%, 05/20/48 - 07/20/53 | 384 | 380 |
| 2.50%, 08/20/50 - 01/20/52 | 1211 | 1029 |
| 2.00%, 01/20/51 - 03/20/52 | 1776 | 1448 |
| 2.50%, 10/20/51 (e) | 532 | 453 |
| 6.00%, 09/20/52 - 11/20/52 | 166 | 171 |
| TBA, 5.00%, 07/15/55 (e) | 180 | 177 |
| TBA, 5.50%, 07/15/55 (e) | 700 | 701 |
| TBA, 6.00%, 07/15/55 (e) | 90 | 91 |
|  |  | 38299 |

---

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page [607](#abbreviations).

548

**JNL Series Trust** (Unaudited)

**Schedules of Investments (in thousands)**

June 30, 2025

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| **U.S. Treasury Bond 2.8%** | **U.S. Treasury Bond 2.8%** | **U.S. Treasury Bond 2.8%** |
| Treasury, United States Department of |  |  |
| 4.50%, 05/15/38 - 11/15/54 | 2525 | 2540 |
| 1.13%, 05/15/40 | 790 | 491 |
| 1.88%, 02/15/41 - 02/15/51 | 2195 | 1352 |
| 1.75%, 08/15/41 | 615 | 408 |
| 3.13%, 11/15/41 | 485 | 397 |
| 3.88%, 02/15/43 - 05/15/43 | 880 | 787 |
| 4.75%, 11/15/43 - 11/15/53 | 1070 | 1063 |
| 4.63%, 05/15/44 - 02/15/55 | 735 | 717 |
| 4.13%, 08/15/44 | 350 | 321 |
| 3.00%, 11/15/44 - 08/15/48 | 4825 | 3572 |
| 2.00%, 02/15/50 | 940 | 552 |
| 1.38%, 08/15/50 | 380 | 187 |
| 2.38%, 05/15/51 | 125 | 79 |
| 2.00%, 08/15/51 (f) | 1420 | 819 |
| 4.00%, 11/15/52 | 585 | 512 |
| 3.63%, 02/15/53 - 05/15/53 | 2025 | 1652 |
| 4.25%, 02/15/54 - 08/15/54 | 555 | 506 |
|  |  | 15955 |
| **U.S. Treasury Inflation Indexed Securities 0.9%** | **U.S. Treasury Inflation Indexed Securities 0.9%** | **U.S. Treasury Inflation Indexed Securities 0.9%** |
| Treasury, United States Department of |  |  |
| 0.63%, 01/15/26 - 07/15/32 (g) | 147 | 146 |
| 0.13%, 10/15/26 - 01/15/30 (g) | 647 | 634 |
| 1.63%, 10/15/27 - 10/15/29 (g) | 1342 | 1358 |
| 1.25%, 04/15/28 (g) | 439 | 437 |
| 0.75%, 07/15/28 - 02/15/45 (g) | 331 | 267 |
| 2.38%, 10/15/28 (g) | 312 | 324 |
| 0.88%, 01/15/29 (g) | 64 | 63 |
| 2.50%, 01/15/29 (g) | 90 | 93 |
| 2.13%, 04/15/29 - 02/15/54 (g) | 343 | 334 |
| 3.88%, 04/15/29 (g) | 176 | 192 |
| 0.25%, 07/15/29 (g) | 75 | 72 |
| 1.63%, 04/15/30 (e) (g) | 474 | 477 |
| 1.13%, 01/15/33 (g) | 22 | 21 |
| 1.38%, 07/15/33 - 02/15/44 (g) | 168 | 151 |
| 1.75%, 01/15/34 (g) | 350 | 347 |
| 1.88%, 07/15/34 (g) | 15 | 15 |
| 1.50%, 02/15/53 (g) | 10 | 8 |
|  |  | 4939 |
| **Municipal 0.5%** | **Municipal 0.5%** | **Municipal 0.5%** |
| American Municipal Power, Inc. |  |  |
| 6.45%, 02/15/44 | 250 | 265 |
| Bay Area Toll Authority |  |  |
| 6.91%, 10/01/50 | 235 | 264 |
| Bayhealth Medical Center, Inc. |  |  |
| 3.41%, 07/01/51 | 320 | 220 |
| California, State of |  |  |
| 7.55%, 04/01/39 | 240 | 288 |
| Central Texas Regional Mobility Authority |  |  |
| 3.17%, 01/01/41 | 300 | 231 |
| Dallas-Fort Worth International Airport Facility Improvement Corporation |  |  |
| 2.99%, 11/01/38 | 160 | 135 |
| 3.09%, 11/01/40 | 260 | 207 |
| Fulton, County of |  |  |
| 5.15%, 07/01/39 | 325 | 324 |
| Municipal Electric Authority of Georgia |  |  |
| 6.66%, 04/01/57 | 324 | 346 |
| Oregon Department of Transportation |  |  |
| 1.76%, 11/15/32 | 190 | 160 |
| Texas A&M University |  |  |
| 3.33%, 05/15/39 | 250 | 210 |
| Trustees of the California State University |  |  |
| 2.80%, 11/01/41 | 350 | 254 |
|  |  | 2904 |
| **Commercial Mortgage-Backed Securities 0.5%** | **Commercial Mortgage-Backed Securities 0.5%** | **Commercial Mortgage-Backed Securities 0.5%** |
| Federal Home Loan Mortgage Corporation |  |  |
| Series A2-K753, REMIC, 4.40%, 10/25/30 | 730 | 734 |
| Series A2-K137, REMIC, 2.35%, 11/25/31 (h) | 1195 | 1063 |
| Series K-A2-150, REMIC, 3.71%, 09/25/32 (h) | 515 | 492 |
| Series K-A2-156, REMIC, 4.43%, 02/25/33 (h) | 410 | 408 |
|  |  | 2697 |
| **Sovereign 0.3%** | **Sovereign 0.3%** | **Sovereign 0.3%** |
| Comision De Promocion Del Peru Para La Exportacion Y El Turismo |  |  |
| 5.38%, 02/08/35 | 80 | 80 |
| Gobierno Federal de los Estados Unidos Mexicanos |  |  |
| 2.66%, 05/24/31 | 200 | 173 |
| 3.50%, 02/12/34 | 360 | 304 |
| Government of the Province of Alberta |  |  |
| 4.50%, 01/24/34 | 330 | 330 |
| Government of the Province of British Columbia |  |  |
| 4.20%, 07/06/33 | 303 | 297 |
| Government of the Province of Manitoba |  |  |
| 4.30%, 07/27/33 | 155 | 152 |
| Government of the Republic of Panama |  |  |
| 3.30%, 01/19/33 | 350 | 287 |
| Urzad Rady Ministrow |  |  |
| 5.50%, 03/18/54 | 180 | 166 |
|  |  | 1789 |
| **Collateralized Mortgage Obligations 0.0%** | **Collateralized Mortgage Obligations 0.0%** | **Collateralized Mortgage Obligations 0.0%** |
| Federal Home Loan Mortgage Corporation |  |  |
| Series 2021-M1-DNA7, REMIC, 5.16%, (SOFR 30-Day Average + 0.85%), 11/25/41 (h) | 54 | 54 |
| Series 2025-A1-HQA1, REMIC, 5.26%, (SOFR 30-Day Average + 0.95%), 02/27/45 (h) | 49 | 49 |
| Government National Mortgage Association |  |  |
| Series 2022-LM-63, REMIC, 3.50%, 10/20/50 | 110 | 93 |
|  |  | 196 |
| Total Government And Agency Obligations (cost $113,335) | Total Government And Agency Obligations (cost $113,335) | 105959 |
| **CORPORATE BONDS AND NOTES 10.2%** | **CORPORATE BONDS AND NOTES 10.2%** | **CORPORATE BONDS AND NOTES 10.2%** |
| **Financials 3.2%** | **Financials 3.2%** | **Financials 3.2%** |
| ABN AMRO Bank N.V. |  |  |
| 4.75%, 07/28/25 (i) | 325 | 325 |
| AIB Group Public Limited Company |  |  |
| 6.61%, 09/13/29 (i) | 200 | 212 |
| Alliant Holdings Intermediate, LLC |  |  |
| 7.00%, 01/15/31 (i) | 195 | 202 |
| APH Somerset Inv 2 LLC |  |  |
| 7.88%, 11/01/29 (i) | 200 | 205 |
| Aretec Escrow Issuer 2 Inc |  |  |
| 10.00%, 08/15/30 (i) | 372 | 409 |
| Arthur J. Gallagher & Co. |  |  |
| 4.85%, 12/15/29 | 40 | 41 |
| Athene Global Funding |  |  |
| 4.86%, 08/27/26 (i) | 335 | 337 |
| Banco Santander, S.A. |  |  |
| 3.49%, 05/28/30 | 200 | 190 |
| 5.44%, 07/15/31 | 400 | 415 |
| Bank of America Corporation |  |  |
| 2.65%, 03/11/32 | 250 | 224 |
| 2.68%, 06/19/41 | 340 | 243 |
| 4.33%, 03/15/50 | 175 | 145 |
| Bank of New York Mellon Corporation, The |  |  |
| 6.47%, 10/25/34 | 225 | 248 |
| Banque Nationale Du Canada |  |  |
| 5.60%, 12/18/28 | 385 | 400 |
| Barclays PLC |  |  |
| 2.28%, 11/24/27 | 200 | 194 |
| Blackstone Mortgage Trust, Inc. |  |  |
| 7.75%, 12/01/29 (i) | 190 | 202 |
| Bread Financial Payments, Inc. |  |  |
| 8.38%, 06/15/35 (i) | 220 | 221 |
| CaixaBank, S.A. |  |  |
| 6.84%, 09/13/34 (i) | 230 | 253 |
| Capital One Financial Corporation |  |  |
| 3.65%, 05/11/27 | 240 | 237 |
| Caterpillar Financial Services Corporation |  |  |
| 5.00%, 05/14/27 | 385 | 392 |
| Chubb INA Holdings Inc. |  |  |
| 4.35%, 11/03/45 | 100 | 87 |
| Citigroup Inc. |  |  |
| 6.17%, 05/25/34 | 135 | 141 |
| CNO Global Funding |  |  |
| 2.65%, 01/06/29 (i) | 445 | 416 |

---

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page [607](#abbreviations).

549

**JNL Series Trust** (Unaudited)

**Schedules of Investments (in thousands)**

June 30, 2025

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| Corebridge Financial, Inc. |  |  |
| 4.40%, 04/05/52 | 415 | 332 |
| Daimler Trucks Finance North America LLC |  |  |
| 3.65%, 04/07/27 (i) | 230 | 227 |
| Danske Bank A/S |  |  |
| 5.71%, 03/01/30 (i) | 200 | 207 |
| Enact Holdings, Inc. |  |  |
| 6.25%, 05/28/29 | 43 | 45 |
| Encore Capital Group, Inc. |  |  |
| 9.25%, 04/01/29 (i) | 245 | 261 |
| Fifth Third Bancorp |  |  |
| 6.34%, 07/27/29 | 55 | 58 |
| 4.90%, 09/06/30 | 70 | 71 |
| FirstCash, Inc. |  |  |
| 6.88%, 03/01/32 (i) | 74 | 77 |
| Fiserv, Inc. |  |  |
| 3.20%, 07/01/26 | 110 | 109 |
| 5.45%, 03/15/34 | 245 | 251 |
| Ford Motor Credit Company LLC |  |  |
| 7.12%, 11/07/33 | 200 | 208 |
| General Motors Financial Company, Inc. |  |  |
| 2.40%, 04/10/28 | 325 | 306 |
| Goldman Sachs Group, Inc., The |  |  |
| 3.85%, 01/26/27 | 550 | 546 |
| HSBC Holdings PLC |  |  |
| 2.21%, 08/17/29 (j) | 200 | 186 |
| 7.40%, 11/13/34 | 200 | 224 |
| Intercontinental Exchange, Inc. |  |  |
| 5.25%, 06/15/31 | 175 | 182 |
| John Deere Capital Corporation |  |  |
| 4.50%, 01/08/27 | 395 | 398 |
| JPMorgan Chase & Co. |  |  |
| 3.63%, 12/01/27 | 300 | 296 |
| 5.30%, 07/24/29 | 355 | 364 |
| Manufacturers and Traders Trust Company |  |  |
| 4.76%, 07/06/28 | 250 | 252 |
| MassMutual Global Funding II |  |  |
| 5.10%, 04/09/27 (i) | 330 | 335 |
| Mercedes-Benz Finance North America LLC |  |  |
| 4.80%, 03/30/26 (i) | 170 | 170 |
| Morgan Stanley |  |  |
| 3.13%, 07/27/26 | 275 | 272 |
| 5.66%, 04/18/30 | 330 | 343 |
| 3.22%, 04/22/42 | 300 | 228 |
| Nationwide Building Society |  |  |
| 1.50%, 10/13/26 (i) | 380 | 367 |
| OneMain Finance Corporation |  |  |
| 7.88%, 03/15/30 | 195 | 207 |
| Osaic Holdings, Inc. |  |  |
| 10.75%, 08/01/27 (c) (i) | 395 | 397 |
| PACCAR Financial Corp. |  |  |
| 5.20%, 11/09/26 | 350 | 355 |
| PRA Group, Inc. |  |  |
| 8.88%, 01/31/30 (i) | 195 | 203 |
| RFNA, LP |  |  |
| 7.88%, 02/15/30 (i) | 245 | 251 |
| RGA Global Funding |  |  |
| 5.45%, 05/24/29 (i) | 190 | 196 |
| Saks Global Enterprises LLC |  |  |
| 11.00%, 12/15/29 (c) (i) | 260 | 98 |
| Santander Holdings USA, Inc. |  |  |
| 2.49%, 01/06/28 | 190 | 184 |
| Santander UK Group Holdings PLC |  |  |
| 2.47%, 01/11/28 (j) | 200 | 193 |
| Skandinaviska Enskilda Banken AB |  |  |
| 5.13%, 03/05/27 (i) | 335 | 340 |
| Standard Chartered PLC |  |  |
| 2.61%, 01/12/28 (i) | 200 | 194 |
| State Street Corporation |  |  |
| 5.16%, 05/18/34 | 205 | 209 |
| Sumitomo Mitsui Financial Group, Inc. |  |  |
| 5.46%, 01/13/26 | 200 | 201 |
| Teachers Insurance & Annuity Association of America |  |  |
| 4.27%, 05/15/47 (i) | 400 | 325 |
| Toronto-Dominion Bank, The |  |  |
| 4.99%, 04/05/29 (j) | 330 | 337 |
| Toyota Motor Credit Corporation |  |  |
| 4.80%, 01/05/26 | 350 | 351 |
| UBS Group AG |  |  |
| 4.13%, 09/24/25 (i) | 375 | 374 |
| Volkswagen Group of America Finance, LLC |  |  |
| 6.45%, 11/16/30 (i) | 400 | 426 |
| Wells Fargo & Company |  |  |
| 2.39%, 06/02/28 | 155 | 149 |
| 6.30%, 10/23/29 | 210 | 222 |
| 3.07%, 04/30/41 | 535 | 404 |
| Westpac New Zealand Limited |  |  |
| 5.20%, 02/28/29 (i) | 225 | 231 |
| Willis North America Inc. |  |  |
| 4.50%, 09/15/28 | 195 | 196 |
| | | 18097 |
| **Energy 1.2%** | **Energy 1.2%** | **Energy 1.2%** |
| Aethon United BR LP |  |  |
| 7.50%, 10/01/29 (i) | 200 | 210 |
| Apa Infrastructure Limited |  |  |
| 4.25%, 07/15/27 (i) | 225 | 224 |
| Ascent Resources - Utica, LLC |  |  |
| 6.63%, 07/15/33 (i) | 210 | 213 |
| Chord Energy Corporation |  |  |
| 6.75%, 03/15/33 (i) | 205 | 210 |
| Enbridge Inc. |  |  |
| 4.25%, 12/01/26 | 275 | 275 |
| 6.20%, 11/15/30 | 40 | 43 |
| 5.63%, 04/05/34 | 90 | 92 |
| 8.25%, 01/15/84 (j) | 380 | 402 |
| Encino Acquisition Partners Holdings, LLC |  |  |
| 8.75%, 05/01/31 (i) | 190 | 210 |
| Energy Transfer LP |  |  |
| 6.55%, 12/01/33 | 100 | 108 |
| 8.00%, 05/15/54 | 192 | 204 |
| Enterprise Products Operating LLC |  |  |
| 4.60%, 01/11/27 | 510 | 513 |
| Excelerate Energy Limited Partnership |  |  |
| 8.00%, 05/15/30 (i) | 205 | 216 |
| HF Sinclair Corporation |  |  |
| 5.75%, 01/15/31 | 69 | 71 |
| Howard Midstream Energy Partners, LLC |  |  |
| 7.38%, 07/15/32 (i) | 100 | 105 |
| Ithaca Energy (North Sea) PLC |  |  |
| 8.13%, 10/15/29 (i) | 230 | 237 |
| NGL Energy Operating LLC |  |  |
| 8.13%, 02/15/29 (i) | 213 | 215 |
| Occidental Petroleum Corporation |  |  |
| 5.38%, 01/01/32 | 150 | 149 |
| PBF Holding Company LLC |  |  |
| 9.88%, 03/15/30 (i) | 130 | 126 |
| 7.88%, 09/15/30 (i) | 260 | 233 |
| Permian Resources Operating, LLC |  |  |
| 7.00%, 01/15/32 (i) | 195 | 202 |
| Pioneer Natural Resources Company |  |  |
| 1.13%, 01/15/26 | 115 | 113 |
| 5.10%, 03/29/26 | 55 | 55 |
| Sabine Pass Liquefaction, LLC |  |  |
| 4.50%, 05/15/30 | 55 | 55 |
| South Bow Canadian Infrastructure Holdings Ltd. |  |  |
| 7.50%, 03/01/55 (i) | 205 | 212 |
| South Bow USA Infrastructure Holdings LLC |  |  |
| 5.03%, 10/01/29 (i) | 50 | 50 |
| Sunoco LP |  |  |
| 7.00%, 05/01/29 (i) | 190 | 198 |
| Targa Resources Corp. |  |  |
| 5.50%, 02/15/35 | 85 | 85 |
| Targa Resources Partners LP |  |  |
| 5.00%, 01/15/28 | 136 | 136 |
| TotalEnergies Capital International |  |  |
| 2.99%, 06/29/41 | 265 | 195 |
| Venture Global LNG, Inc. |  |  |
| 9.00%, (100, 09/30/29) (i) (k) | 280 | 273 |

---

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page [607](#abbreviations).

550

**JNL Series Trust** (Unaudited)

**Schedules of Investments (in thousands)**

June 30, 2025

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| Weatherford International Ltd |  |  |
| 8.63%, 04/30/30 (i) | 201 | 207 |
| Williams Companies, Inc., The |  |  |
| 4.63%, 06/30/30 | 110 | 110 |
| 5.15%, 03/15/34 | 55 | 55 |
| Williams Partners L.P. |  |  |
| 5.10%, 09/15/45 | 175 | 159 |
| Woodside Finance Limited |  |  |
| 3.70%, 09/15/26 (i) | 475 | 470 |
| | | 6631 |
| **Health Care 1.0%** | **Health Care 1.0%** | **Health Care 1.0%** |
| 1261229 B.C. Ltd. |  |  |
| 10.00%, 04/15/32 (i) | 200 | 202 |
| AbbVie Inc. |  |  |
| 3.20%, 05/14/26 | 300 | 297 |
| 4.70%, 05/14/45 | 100 | 90 |
| 4.25%, 11/21/49 | 195 | 160 |
| Alcon Finance Corporation |  |  |
| 2.60%, 05/27/30 (i) | 265 | 242 |
| Banner Health |  |  |
| 1.90%, 01/01/31 | 70 | 61 |
| Bayer US Finance LLC |  |  |
| 6.38%, 11/21/30 (i) | 200 | 213 |
| Centene Corporation |  |  |
| 3.38%, 02/15/30 | 260 | 240 |
| Cigna Group, The |  |  |
| 4.90%, 12/15/48 | 285 | 249 |
| CommonSpirit Health |  |  |
| 2.78%, 10/01/30 | 75 | 69 |
| Community Health Systems, Inc. |  |  |
| 10.88%, 01/15/32 (i) | 195 | 206 |
| CVS Health Corporation |  |  |
| 5.40%, 06/01/29 | 85 | 87 |
| 5.05%, 03/25/48 | 475 | 411 |
| Health Care Service Corporation, A Mutual Legal Reserve Company |  |  |
| 5.45%, 06/15/34 (i) | 120 | 122 |
| Heartland Dental, LLC |  |  |
| 10.50%, 04/30/28 (i) | 365 | 386 |
| Herbalife International, Inc. |  |  |
| 12.25%, 04/15/29 (i) | 289 | 316 |
| Humana Inc. |  |  |
| 5.95%, 03/15/34 | 165 | 171 |
| Icon Investments Six Designated Activity Company |  |  |
| 5.85%, 05/08/29 | 200 | 207 |
| IQVIA Inc. |  |  |
| 6.25%, 02/01/29 | 90 | 94 |
| Northwell Health, Inc. |  |  |
| 3.98%, 11/01/46 | 175 | 134 |
| Perrigo Finance Unlimited Company |  |  |
| 4.90%, 06/15/30 (l) (m) | 315 | 310 |
| Providence St. Joseph Health |  |  |
| 3.93%, 10/01/48 | 550 | 409 |
| Revvity, Inc. |  |  |
| 1.90%, 09/15/28 | 210 | 194 |
| Solventum Corporation |  |  |
| 5.40%, 03/01/29 | 200 | 206 |
| Stanford Health Care |  |  |
| 3.80%, 11/15/48 | 150 | 115 |
| Thermo Fisher Scientific Inc. |  |  |
| 2.80%, 10/15/41 | 155 | 111 |
| UnitedHealth Group Incorporated |  |  |
| 4.70%, 04/15/29 | 190 | 192 |
| 2.90%, 05/15/50 | 270 | 168 |
| West Virginia Hospital Finance Authority |  |  |
| 4.92%, 06/01/48 | 300 | 255 |
|  |  | 5917 |
| **Consumer Discretionary 0.8%** | **Consumer Discretionary 0.8%** | **Consumer Discretionary 0.8%** |
| Aston Martin Capital Holdings Limited |  |  |
| 10.00%, 03/31/29 (i) | 240 | 228 |
| AutoZone, Inc. |  |  |
| 5.05%, 07/15/26 | 315 | 317 |
| Carvana Co. |  |  |
| 9.00%, 12/01/28 (i) (l) (n) | 27 | 28 |
| 11.00%, 06/01/30 (i) (l) (n) | 47 | 50 |
| 14.00%, 06/01/31 (i) (n) | 61 | 72 |
| Clarios Global LP |  |  |
| 6.75%, 02/15/30 (i) | 72 | 75 |
| Cougar JV Subsidiary, LLC |  |  |
| 8.00%, 05/15/32 (i) | 188 | 200 |
| EG Global Finance PLC |  |  |
| 12.00%, 11/30/28 (i) | 230 | 254 |
| Expedia Group, Inc. |  |  |
| 5.00%, 02/15/26 | 73 | 73 |
| Hyundai Capital America |  |  |
| 1.65%, 09/17/26 (i) | 245 | 236 |
| 6.50%, 01/16/29 (i) | 70 | 74 |
| 5.35%, 03/19/29 (i) | 30 | 31 |
| LCM Investments Holdings II, LLC |  |  |
| 8.25%, 08/01/31 (i) | 190 | 202 |
| LGI Homes, Inc. |  |  |
| 8.75%, 12/15/28 (i) | 195 | 203 |
| Lowe`s Companies, Inc. |  |  |
| 4.45%, 04/01/62 | 165 | 128 |
| Marriott International, Inc. |  |  |
| 4.65%, 12/01/28 | 305 | 308 |
| O'Reilly Automotive, Inc. |  |  |
| 5.75%, 11/20/26 | 60 | 61 |
| 3.60%, 09/01/27 | 150 | 148 |
| 5.00%, 08/19/34 | 250 | 248 |
| Sabre GLBL Inc. |  |  |
| 10.75%, 11/15/29 (c) (i) | 240 | 247 |
| Six Flags Operations Inc. |  |  |
| 7.25%, 05/15/31 (i) | 395 | 406 |
| Spectrum Management Holding Company, LLC |  |  |
| 6.55%, 05/01/37 | 425 | 439 |
| TJX Companies, Inc., The |  |  |
| 1.60%, 05/15/31 | 155 | 134 |
| Voyager Parent, LLC |  |  |
| 9.25%, 07/01/32 (i) | 225 | 234 |
|  |  | 4396 |
| **Communication Services 0.7%** | **Communication Services 0.7%** | **Communication Services 0.7%** |
| AT&T Inc. |  |  |
| 4.35%, 03/01/29 | 35 | 35 |
| 3.50%, 06/01/41 | 230 | 181 |
| CCO Holdings, LLC |  |  |
| 6.38%, 09/01/29 (i) | 200 | 204 |
| 7.38%, 03/01/31 (i) | 195 | 203 |
| Charter Communications Operating, LLC |  |  |
| 6.15%, 11/10/26 | 215 | 219 |
| 6.10%, 06/01/29 | 75 | 78 |
| Comcast Corporation |  |  |
| 2.65%, 02/01/30 | 70 | 65 |
| 3.90%, 03/01/38 | 200 | 174 |
| 5.50%, 05/15/64 | 150 | 139 |
| Cox Communications, Inc. |  |  |
| 5.45%, 09/01/34 (i) | 100 | 99 |
| 2.95%, 10/01/50 (i) | 295 | 167 |
| DIRECTV Financing, LLC |  |  |
| 8.88%, 02/01/30 (i) | 214 | 211 |
| DISH Network Corporation |  |  |
| 11.75%, 11/15/27 (i) | 222 | 229 |
| EchoStar Corporation |  |  |
| 10.75%, 11/30/29 | 100 | 103 |
| Gray Media, Inc. |  |  |
| 10.50%, 07/15/29 (c) (i) | 96 | 103 |
| Iliad Holding |  |  |
| 7.00%, 04/15/32 (i) | 250 | 256 |
| Level 3 Financing, Inc. |  |  |
| 6.88%, 06/30/33 (i) | 255 | 259 |
| Midcontinent Communications |  |  |
| 8.00%, 08/15/32 (i) | 197 | 209 |
| Rogers Communications Inc. |  |  |
| 5.00%, 02/15/29 | 85 | 86 |
| 4.50%, 03/15/42 | 315 | 269 |
| Sinclair Television Group, Inc. |  |  |
| 8.13%, 02/15/33 (i) | 135 | 137 |

---

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page [607](#abbreviations).

551

**JNL Series Trust** (Unaudited)

**Schedules of Investments (in thousands)**

June 30, 2025

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| T-Mobile USA, Inc. |  |  |
| 5.75%, 01/15/34 | 220 | 230 |
| Verizon Communications Inc. |  |  |
| 4.00%, 03/22/50 | 150 | 114 |
| Vodafone Group Public Limited Company |  |  |
| 4.88%, 06/19/49 | 215 | 185 |
| Windstream Services, LLC |  |  |
| 8.25%, 10/01/31 (i) | 145 | 152 |
| | | 4107 |
| **Information Technology 0.7%** | **Information Technology 0.7%** | **Information Technology 0.7%** |
| Amphenol Corporation |  |  |
| 4.75%, 03/30/26 | 25 | 25 |
| 5.05%, 04/05/29 | 105 | 108 |
| Atlassian Corporation |  |  |
| 5.25%, 05/15/29 | 70 | 72 |
| Broadcom Inc. |  |  |
| 5.05%, 07/12/29 | 400 | 410 |
| Cadence Design Systems, Inc. |  |  |
| 4.30%, 09/10/29 | 110 | 110 |
| Cloud Software Group, Inc. |  |  |
| 9.00%, 09/30/29 (i) | 200 | 207 |
| 8.25%, 06/30/32 (i) | 190 | 202 |
| Dell International L.L.C. |  |  |
| 8.35%, 07/15/46 (m) | 141 | 180 |
| Foundry JV Holdco LLC |  |  |
| 6.15%, 01/25/32 (i) | 200 | 210 |
| Intel Corporation |  |  |
| 5.90%, 02/10/63 | 170 | 160 |
| McAfee Corp. |  |  |
| 7.38%, 02/15/30 (i) | 230 | 217 |
| Microsoft Corporation |  |  |
| 2.92%, 03/17/52 | 100 | 66 |
| Motorola Solutions, Inc. |  |  |
| 5.00%, 04/15/29 | 95 | 97 |
| NCR Atleos Escrow Corporation |  |  |
| 9.50%, 04/01/29 (i) | 190 | 208 |
| NXP B.V. |  |  |
| 3.15%, 05/01/27 | 35 | 34 |
| Oracle Corporation |  |  |
| 5.38%, 07/15/40 | 255 | 249 |
| 6.90%, 11/09/52 | 120 | 133 |
| Qorvo, Inc. |  |  |
| 4.38%, 10/15/29 | 46 | 45 |
| Roper Technologies, Inc. |  |  |
| 3.80%, 12/15/26 | 375 | 372 |
| Salesforce, Inc. |  |  |
| 2.70%, 07/15/41 | 350 | 252 |
| Texas Instruments Incorporated |  |  |
| 5.05%, 05/18/63 | 185 | 169 |
| VMware LLC |  |  |
| 1.40%, 08/15/26 | 320 | 310 |
|  |  | 3836 |
| **Industrials 0.6%** | **Industrials 0.6%** | **Industrials 0.6%** |
| AAR Escrow Issuer, LLC |  |  |
| 6.75%, 03/15/29 (i) | 195 | 202 |
| Bombardier Inc. |  |  |
| 7.25%, 07/01/31 (i) | 195 | 205 |
| Canadian National Railway Company |  |  |
| 5.85%, 11/01/33 | 215 | 230 |
| Canadian Pacific Kansas City Limited |  |  |
| 1.75%, 12/02/26 | 105 | 101 |
| 2.88%, 11/15/29 | 210 | 197 |
| 3.50%, 05/01/50 | 180 | 128 |
| CRH America Finance, Inc. |  |  |
| 5.50%, 01/09/35 | 350 | 359 |
| Deluxe Corporation |  |  |
| 8.13%, 09/15/29 (i) | 200 | 207 |
| JetBlue Airways Corporation |  |  |
| 9.88%, 09/20/31 (i) | 230 | 224 |
| LATAM Airlines Group S.A. |  |  |
| 7.88%, 04/15/30 (c) (i) | 270 | 275 |
| 7.63%, 01/07/31 (i) | 70 | 70 |
| Lockheed Martin Corporation |  |  |
| 3.55%, 01/15/26 | 125 | 125 |
| Onesky Flight, LLC |  |  |
| 8.88%, 12/15/29 (i) | 195 | 203 |
| Owens Corning |  |  |
| 5.70%, 06/15/34 | 115 | 119 |
| Owens-Brockway Glass Container Inc. |  |  |
| 7.25%, 05/15/31 (i) | 206 | 211 |
| Quikrete Holdings, Inc. |  |  |
| 6.75%, 03/01/33 (i) | 200 | 206 |
| Uber Technologies, Inc. |  |  |
| 5.35%, 09/15/54 | 60 | 56 |
| Waste Connections, Inc. |  |  |
| 2.20%, 01/15/32 | 145 | 125 |
| Waste Management, Inc. |  |  |
| 4.88%, 02/15/34 | 250 | 253 |
|  |  | 3496 |
| **Real Estate 0.6%** | **Real Estate 0.6%** | **Real Estate 0.6%** |
| Anywhere Real Estate Group LLC |  |  |
| 7.00%, 04/15/30 (c) (i) | 234 | 219 |
| Brixmor Operating Partnership LP |  |  |
| 3.90%, 03/15/27 | 275 | 273 |
| Brookfield Properties Retail Holding LLC |  |  |
| 4.50%, 04/01/27 (i) | 154 | 150 |
| CBRE Services, Inc. |  |  |
| 5.50%, 04/01/29 | 65 | 67 |
| Crown Castle Inc. |  |  |
| 2.25%, 01/15/31 | 185 | 161 |
| 2.10%, 04/01/31 | 255 | 219 |
| Essex Portfolio, L.P. |  |  |
| 3.38%, 04/15/26 | 525 | 521 |
| Healthpeak OP, LLC |  |  |
| 2.13%, 12/01/28 | 85 | 79 |
| ProLogis, L.P. |  |  |
| 4.00%, 09/15/28 | 410 | 408 |
| Public Storage Operating Company |  |  |
| 1.95%, 11/09/28 | 125 | 116 |
| Realty Income Corporation |  |  |
| 2.20%, 06/15/28 | 75 | 71 |
| Regency Centers, L.P. |  |  |
| 3.60%, 02/01/27 | 100 | 99 |
| Simon Property Group, L.P. |  |  |
| 2.65%, 02/01/32 | 350 | 308 |
| Uniti Group Inc. |  |  |
| 10.50%, 02/15/28 (i) | 116 | 123 |
| 8.63%, 06/15/32 (i) | 207 | 209 |
| Ventas Realty, Limited Partnership |  |  |
| 3.25%, 10/15/26 | 170 | 167 |
| W.P. Carey Inc. |  |  |
| 3.85%, 07/15/29 | 150 | 146 |
|  |  | 3336 |
| **Utilities 0.6%** | **Utilities 0.6%** | **Utilities 0.6%** |
| Ameren Corporation |  |  |
| 5.70%, 12/01/26 | 215 | 219 |
| American Electric Power Company, Inc. |  |  |
| 5.20%, 01/15/29 | 310 | 318 |
| Boston Gas Company |  |  |
| 5.84%, 01/10/35 (i) | 30 | 31 |
| Cameron LNG, LLC |  |  |
| 2.90%, 07/15/31 (i) | 55 | 50 |
| 3.70%, 01/15/39 (i) | 50 | 43 |
| CMS Energy Corporation |  |  |
| 3.00%, 05/15/26 | 100 | 99 |
| DTE Energy Company |  |  |
| 4.95%, 07/01/27 | 60 | 61 |
| Edison International |  |  |
| 8.13%, 06/15/53 (c) | 160 | 155 |
| Enel Finance International N.V. |  |  |
| 2.13%, 07/12/28 (i) (l) | 200 | 187 |
| FirstEnergy Transmission, LLC |  |  |
| 5.00%, 01/15/35 | 95 | 94 |
| New York State Electric & Gas Corporation |  |  |
| 5.30%, 08/15/34 (i) | 120 | 121 |
| NextEra Energy Capital Holdings, Inc. |  |  |
| 5.75%, 09/01/25 (l) | 155 | 155 |

---

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page [607](#abbreviations).

552

**JNL Series Trust** (Unaudited)

**Schedules of Investments (in thousands)**

June 30, 2025

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| Niagara Mohawk Power Corporation |  |  |
| 4.65%, 10/03/30 (i) | 100 | 100 |
| NiSource Finance Corp. |  |  |
| 3.95%, 03/30/48 | 150 | 116 |
| NRG Energy, Inc. |  |  |
| 10.25%, (100, 03/15/28) (i) (k) | 169 | 187 |
| PG&E Company |  |  |
| 2.10%, 08/01/27 | 135 | 128 |
| Southern California Edison Company |  |  |
| 5.15%, 06/01/29 | 240 | 243 |
| Southern Company Gas Capital Corporation |  |  |
| 4.95%, 09/15/34 | 265 | 262 |
| Talen Energy Supply, LLC |  |  |
| 8.63%, 06/01/30 (i) | 180 | 193 |
| The Southern Company |  |  |
| 5.70%, 03/15/34 | 165 | 172 |
| Vistra Corp. |  |  |
| 8.00%, (100, 10/15/26) (i) (k) | 197 | 202 |
| | | 3136 |
| **Consumer Staples 0.5%** | **Consumer Staples 0.5%** | **Consumer Staples 0.5%** |
| Altria Group, Inc. |  |  |
| 5.80%, 02/14/39 | 200 | 203 |
| Anheuser-Busch InBev Worldwide Inc. |  |  |
| 5.45%, 01/23/39 | 275 | 280 |
| Avis Budget Car Rental, LLC |  |  |
| 8.25%, 01/15/30 (c) (i) | 300 | 313 |
| B.A.T Capital Corporation |  |  |
| 5.83%, 02/20/31 | 65 | 68 |
| 4.39%, 08/15/37 | 295 | 264 |
| Hertz Vehicle Financing II LP |  |  |
| 12.63%, 07/15/29 (c) (i) | 105 | 110 |
| Kroger Co., The |  |  |
| 5.00%, 09/15/34 | 70 | 70 |
| Mondelez International, Inc. |  |  |
| 4.75%, 02/20/29 | 365 | 372 |
| Nestle Holdings, Inc. |  |  |
| 4.85%, 03/14/33 (i) | 250 | 255 |
| RELX Capital Inc. |  |  |
| 3.00%, 05/22/30 | 95 | 89 |
| Ritchie Bros. Holdings Inc. |  |  |
| 7.75%, 03/15/31 (i) | 95 | 100 |
| Sigma Holdco B.V. |  |  |
| 7.88%, 05/15/26 (i) | 200 | 200 |
| Transurban Finance Company Pty Ltd |  |  |
| 2.45%, 03/16/31 (i) | 145 | 129 |
| Williams Scotsman, Inc. |  |  |
| 7.38%, 10/01/31 (i) | 297 | 312 |
|  |  | 2765 |
| **Materials 0.3%** | **Materials 0.3%** | **Materials 0.3%** |
| Air Products and Chemicals, Inc. |  |  |
| 1.50%, 10/15/25 | 15 | 15 |
| Celanese US Holdings LLC |  |  |
| 6.75%, 04/15/33 (c) | 235 | 237 |
| Corporacion Nacional del Cobre de Chile |  |  |
| 3.00%, 09/30/29 (i) | 305 | 283 |
| ERO Copper Corp. |  |  |
| 6.50%, 02/15/30 (i) | 210 | 209 |
| First Quantum Minerals Ltd |  |  |
| 8.63%, 06/01/31 (i) | 249 | 258 |
| Freeport-McMoRan Inc. |  |  |
| 5.45%, 03/15/43 | 36 | 34 |
| Ivanhoe Mines Ltd |  |  |
| 7.88%, 01/23/30 (i) | 250 | 249 |
| Martin Marietta Materials, Inc. |  |  |
| 5.50%, 12/01/54 | 350 | 337 |
|  |  | 1622 |
| Total Corporate Bonds And Notes (cost $58,903) | Total Corporate Bonds And Notes (cost $58,903) | 57339 |
| **NON-U.S. GOVERNMENT AGENCY ASSET-BACKED SECURITIES 1.8%** | **NON-U.S. GOVERNMENT AGENCY ASSET-BACKED SECURITIES 1.8%** | **NON-U.S. GOVERNMENT AGENCY ASSET-BACKED SECURITIES 1.8%** |
| Affirm Master Trust |  |  |
| Series 2025-A-2A, REMIC, 4.67%, 07/15/33 | 270 | 271 |
| American Airlines, Inc. Class AA Pass Through Certificates, Series 2019-1 |  |  |
| Series 2019-AA-1, REMIC, 3.15%, 02/15/32 | 284 | 260 |
| Angel Oak Mortgage Trust 2020-2 |  |  |
| Series 2021-A1-2, REMIC, 0.98%, 04/25/66 (h) | 74 | 66 |
| Angel Oak Mortgage Trust 2021-1 |  |  |
| Series 2021-A1-1, REMIC, 0.91%, 01/25/66 (h) | 75 | 66 |
| Series 2021-A2-1, REMIC, 1.11%, 01/25/66 (h) | 22 | 20 |
| Bank5 2024-5YR12 |  |  |
| Series 2024-A3-5YR12, REMIC, 5.90%, 12/17/57 (h) | 80 | 84 |
| Barclays Mortgage Loan Trust 2021-NQM1 |  |  |
| Series 2021-A3-NQM1, REMIC, 2.19%, 09/25/51 | 78 | 71 |
| Bayview Opportunity Master Fund VII 2024-CAR1, LLC |  |  |
| Series 2024-A-CAR1, 5.41%, (SOFR 30-Day Average + 1.10%), 12/26/31 (h) | 135 | 135 |
| BBCMS Mortgage Trust 2024-5C27 |  |  |
| Series 2024-A3-5C27, REMIC, 6.01%, 06/15/29 | 45 | 47 |
| BIG Commercial Mortgage Trust 2022-BIG |  |  |
| Series 2022-A-BIG, REMIC, 5.65%, (1 Month Term SOFR + 1.34%), 02/15/39 (h) | 331 | 330 |
| BRE Grand Islander Timeshare Issuer 2019-A LLC |  |  |
| Series 2019-A-A, 3.28%, 09/26/33 | 16 | 15 |
| BX Trust 2021-LGCY |  |  |
| Series 2021-C-LGCY, 5.43%, (1 Month Term SOFR + 1.12%), 10/15/36 (h) | 295 | 294 |
| CarMax Auto Owner Trust 2023-3 |  |  |
| Series 2023-B-3, 5.47%, 02/15/29 | 80 | 81 |
| CarMax Auto Owner Trust 2024-1 |  |  |
| Series 2024-B-1, 5.17%, 12/15/27 | 15 | 15 |
| Carvana Auto Receivables Trust 2021-P4 |  |  |
| Series 2021-C-P4, 2.33%, 04/10/27 | 200 | 191 |
| Carvana Auto Receivables Trust 2024-N1 |  |  |
| Series 2024-B-N1, 5.63%, 01/11/27 | 30 | 30 |
| Carvana Auto Receivables Trust 2024-P4 |  |  |
| Series 2024-A3-P4, 4.64%, 04/10/28 | 65 | 65 |
| Series 2024-A4-P4, 4.74%, 09/10/29 | 110 | 111 |
| Carvana Auto Receivables Trust 2025-P2 |  |  |
| Series 2025-A4-P2, 4.75%, 11/10/29 | 120 | 121 |
| Clarus Capital Funding 2024-1 LLC |  |  |
| Series 2024-A2-1A, 4.71%, 05/20/27 | 179 | 178 |
| COLT 2020-3 Mortgage Loan Trust |  |  |
| Series 2020-A1-3, REMIC, 1.51%, 04/27/65 | 4 | 4 |
| CyrusOne Data Centers Issuer I LLC |  |  |
| Series 2024-A2-2A, 4.50%, 05/20/29 | 285 | 278 |
| Dell Equipment Finance Trust 2024-2 |  |  |
| Series 2024-A3-2, 4.59%, 08/22/30 | 100 | 100 |
| Driven Brands Funding, LLC |  |  |
| Series 2020-A2-1A, 3.79%, 07/20/50 | 79 | 77 |
| EFMT 2025-INV1 |  |  |
| Series 2025-A1-INV1, REMIC, 5.63%, 03/25/70 (l) | 96 | 96 |
| Elara HGV Timeshare Issuer 2023-A, LLC |  |  |
| Series 2023-B-A, 6.53%, 11/25/30 | 57 | 58 |
| Ellington Financial Mortgage Trust 2019-2 |  |  |
| Series 2019-A3-2, REMIC, 3.05%, 11/25/59 (h) | 10 | 10 |
| Ellington Financial Mortgage Trust 2020-2 |  |  |
| Series 2020-A1-2, REMIC, 1.18%, 10/25/65 (h) | 58 | 54 |
| Ellington Financial Mortgage Trust 2021-2 |  |  |
| Series 2021-A1-2, REMIC, 0.93%, 06/25/66 (h) | 49 | 41 |
| Elmwood CLO 20 Ltd |  |  |
| Series 2022-AR-7A, 5.78%, (3 Month Term SOFR + 1.50%), 01/21/37 (h) | 250 | 251 |
| Enterprise Fleet Financing 2024-4, LLC |  |  |
| Series 2024-A2-4, 4.69%, 01/20/27 | 55 | 55 |
| Series 2024-A4-4, 4.70%, 08/20/29 | 75 | 76 |
| Extended Stay America Trust 2021-ESH |  |  |
| Series 2021-B-ESH, REMIC, 5.81%, (1 Month Term SOFR + 1.49%), 07/15/38 (h) | 112 | 112 |
| Ford Credit Auto Owner Trust 2020-REV2 |  |  |
| Series 2020-C-2, 1.74%, 10/15/25 | 170 | 168 |
| Ford Credit Auto Owner Trust 2023-REV1 |  |  |
| Series 2023-A-1, 4.85%, 02/15/28 | 285 | 289 |
| Grace Trust |  |  |
| Series 2020-C-GRCE, REMIC, 2.68%, 12/12/30 (h) | 150 | 130 |

---

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page [607](#abbreviations).

553

**JNL Series Trust** (Unaudited)

**Schedules of Investments (in thousands)**

June 30, 2025

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| GS Mortgage-Backed Securities Trust 2020-INV1 |  |  |
| Series 2020-A14-INV1, REMIC, 2.91%, 11/25/41 (h) (o) | 64 | 54 |
| Halseypoint Clo 6 Ltd |  |  |
| Series 2022-A1R-6A, 5.62%, (3 Month Term SOFR + 1.35%), 01/20/38 (h) | 250 | 250 |
| Highbridge Loan Management 5-2015 Ltd |  |  |
| Series 5A-A1R3-2015, 5.32%, (3 Month Term SOFR + 1.06%), 10/15/30 (h) | 151 | 151 |
| Huntington National Bank, The |  |  |
| Series 2025-B-1, 4.96%, 04/20/29 | 224 | 225 |
| J.P. Morgan Chase Commercial Mortgage Securities Trust 2020-609M |  |  |
| Series 2020-A-609M, REMIC, 6.05%, (1 Month Term SOFR + 1.73%), 10/17/33 (h) | 250 | 249 |
| J.P. Morgan Chase Commercial Mortgage Securities Trust 2022-OPO |  |  |
| Series 2022-B-OPO, REMIC, 3.38%, 01/08/27 (h) | 100 | 89 |
| Jamestown CLO Ltd |  |  |
| Series 2020-A1R-15A, 5.63%, (3 Month Term SOFR + 1.37%), 07/15/35 (h) | 250 | 250 |
| JPMCC Commercial Mortgage Securities Trust 2016-JP2 |  |  |
| Series 2016-AS-JP2, REMIC, 3.06%, 07/17/26 | 435 | 419 |
| MARQ Trust 2024-HOU |  |  |
| Series 2024-A-HOU, REMIC, 5.90%, (1 Month Term SOFR + 1.59%), 06/15/26 (h) | 100 | 99 |
| Metlife Securitization Trust 2018-1 |  |  |
| Series 2018-A-1A, REMIC, 4.27%, 09/25/29 (h) (o) | 93 | 90 |
| MHC Commercial Mortgage Trust 2021-MHC |  |  |
| Series 2021-B-MHC, REMIC, 5.53%, (1 Month Term SOFR + 1.22%), 04/15/26 (h) | 288 | 288 |
| Morgan Stanley Capital I Trust 2014-150E |  |  |
| Series 2014-A-150E, REMIC, 3.91%, 09/13/32 | 220 | 194 |
| Morgan Stanley Residential Mortgage Loan Trust 2021-2 |  |  |
| Series 2021-A9-2, REMIC, 2.50%, 01/25/43 | 67 | 54 |
| MVW 2019-2 LLC |  |  |
| Series 2019-A-2A, REMIC, 2.22%, 10/20/38 | 13 | 13 |
| Navient Private Education REFI Loan Trust 2019-C |  |  |
| Series 2019-A2-CA, 3.13%, 07/15/28 | 32 | 32 |
| Nelnet Student Loan Trust 2020-1 |  |  |
| Series 2020-A-1A, 5.18%, (1 Month Term SOFR + 0.85%), 03/26/68 (h) | 36 | 36 |
| Nelnet Student Loan Trust 2021-C |  |  |
| Series 2021-AFX-CA, 1.32%, 04/20/62 | 140 | 131 |
| New Residential Mortgage Loan Trust 2022-INV1 |  |  |
| Series 2022-A4-INV1, REMIC, 3.00%, 07/25/43 (h) | 173 | 146 |
| New Residential Mortgage Loan Trust 2025-NQM3 |  |  |
| Series 2025-A1-NQM3, 5.53%, 08/25/30 (l) | 99 | 100 |
| OBX 2019-EXP3 Trust |  |  |
| Series 2019-1A9-EXP3, REMIC, 3.50%, 09/25/59 (h) | 12 | 11 |
| Series 2019-2A2-EXP3, REMIC, 5.53%, (1 Month Term SOFR + 1.21%), 09/25/59 (h) | 4 | 4 |
| OBX 2020-EXP1 Trust |  |  |
| Series 2020-1A8-EXP1, REMIC, 3.50%, 01/25/60 (h) | 50 | 44 |
| Series 2020-2A2-EXP1, REMIC, 5.39%, (1 Month Term SOFR + 1.06%), 01/26/60 (h) | 10 | 10 |
| Octane Receivables Trust 2023-1 |  |  |
| Series 2023-A-1A, 5.87%, 05/21/29 | 13 | 13 |
| Octane Receivables Trust 2024-RVM1 |  |  |
| Series 2024-A-RVM1, 5.01%, 01/22/49 | 82 | 83 |
| Palmer Square CLO 2021-2 Ltd |  |  |
| Series 2021-AR1-2A, 5.51%, (3 Month Term SOFR + 1.25%), 04/15/38 (h) | 255 | 255 |
| PEAC Solutions Receivables 2025-1 LLC |  |  |
| Series 2025-A2-1A, 4.94%, 10/20/28 | 225 | 225 |
| Post Road Equipment Finance 2024-1 LLC |  |  |
| Series 2024-A2-1A, 5.59%, 08/15/26 | 65 | 66 |
| Post Road Equipment Finance 2025-1 LLC |  |  |
| Series 2025-A2-1A, 4.90%, 05/15/31 | 190 | 190 |
| PSMC 2021-2 Trust |  |  |
| Series 2021-A3-2, REMIC, 2.50%, 04/25/27 (h) | 163 | 147 |
| RCKT Mortgage Trust 2024-CES9 |  |  |
| Series 2024-A1A-CES9, REMIC, 5.58%, 12/25/28 (l) | 92 | 92 |
| Santander Bank, N.A. |  |  |
| Series 2022-B-C, 6.45%, 12/15/32 | 11 | 11 |
| Santander Drive Auto Receivables Trust 2025-1 |  |  |
| Series 2025-A3-1, 4.74%, 02/16/27 | 130 | 130 |
| SCF Equipment Leasing 2025-1 LLC |  |  |
| Series 2025-A2-1A, 4.82%, 07/22/30 | 115 | 115 |
| Series 2025-A3-1A, 5.11%, 11/21/33 | 115 | 117 |
| SEB Funding LLC |  |  |
| Series 2024-A2-1A, 7.39%, 04/30/29 | 165 | 169 |
| Servicemaster Brands L.L.C. |  |  |
| Series 2021-A2I-1, 2.87%, 07/30/28 | 166 | 154 |
| SMB Private Education Loan Trust 2020-A |  |  |
| Series 2020-A2A-A, 2.23%, 09/15/37 | 34 | 32 |
| SMB Private Education Loan Trust 2021-A |  |  |
| Series 2021-APT1-A, 1.07%, 01/15/53 | 130 | 117 |
| Starwood Mortgage Residential Trust 2019-INV1 |  |  |
| Series 2019-A3-INV1, REMIC, 2.92%, 09/25/49 (h) | 45 | 45 |
| Starwood Mortgage Residential Trust 2020-INV1 |  |  |
| Series 2020-A1-INV1, REMIC, 1.03%, 11/25/55 (h) | 18 | 17 |
| Towd Point Mortgage Trust 2017-4 |  |  |
| Series 2017-A1-4, REMIC, 2.75%, 06/25/57 (h) | 48 | 47 |
| Towd Point Mortgage Trust 2024-2 |  |  |
| Series 2024-A1B-2, REMIC, 4.74%, 09/25/41 (h) | 215 | 218 |
| U.S. Bank National Association |  |  |
| Series 2023-B-1, 6.79%, 08/25/32 | 89 | 90 |
| Verdant Receivables 2023-1 LLC |  |  |
| Series 2023-A2-1A, 6.24%, 06/14/27 | 60 | 61 |
| Verdant Receivables 2025-1 LLC |  |  |
| Series 2025-B-1A, 5.37%, 05/12/33 | 100 | 101 |
| Verus Securitization Trust 2020-1 |  |  |
| Series 2020-M1-1, REMIC, 3.02%, 01/25/60 (h) | 200 | 189 |
| Series 2020-A3-1, REMIC, 3.72%, 01/25/60 (h) (l) (o) | 32 | 31 |
| Verus Securitization Trust 2021-1 |  |  |
| Series 2021-A1-1, REMIC, 0.82%, 01/25/66 (h) | 33 | 30 |
| Verus Securitization Trust 2023-INV1 |  |  |
| Series 2023-A1-INV1, REMIC, 6.00%, 02/25/68 (h) (l) | 83 | 83 |
| Verus Securitization Trust 2024-INV1 |  |  |
| Series 2024-A2-INV1, REMIC, 6.32%, 03/25/69 (h) (l) | 144 | 146 |
| Total Non-U.S. Government Agency Asset-Backed Securities (cost $10,386) | Total Non-U.S. Government Agency Asset-Backed Securities (cost $10,386) | 10163 |
| **PREFERRED STOCKS 0.3%** | **PREFERRED STOCKS 0.3%** | **PREFERRED STOCKS 0.3%** |
| **Health Care 0.3%** | **Health Care 0.3%** | **Health Care 0.3%** |
| Roche Holding AG | 5 | 1666 |
| **Financials 0.0%** | **Financials 0.0%** | **Financials 0.0%** |
| Osaic Financial Services, Inc., 6.50%, 11/30/27 | 7 | 136 |
| Total Preferred Stocks (cost $1,766) | Total Preferred Stocks (cost $1,766) | 1802 |
| **SENIOR FLOATING RATE INSTRUMENTS 0.3%** | **SENIOR FLOATING RATE INSTRUMENTS 0.3%** | **SENIOR FLOATING RATE INSTRUMENTS 0.3%** |
| **Information Technology 0.1%** | **Information Technology 0.1%** | **Information Technology 0.1%** |
| Ellucian Holdings, Inc. |  |  |
| 2024 2nd Lien Term Loan, 9.08%, (1 Month Term SOFR + 4.75%), 11/14/32 (h) | 205 | 209 |
| Instructure Holdings, Inc. |  |  |
| 2024 2nd Lien Term Loan, 9.21%, (6 Month Term SOFR + 5.00%), 09/10/32 (h) | 200 | 201 |
| LSF9 Atlantis Holdings, LLC |  |  |
| 2025 Repriced Term Loan B, 8.55%, (3 Month Term SOFR + 4.25%), 03/29/29 (h) | 198 | 198 |
|  |  | 608 |
| **Communication Services 0.1%** | **Communication Services 0.1%** | **Communication Services 0.1%** |
| AMC Entertainment Holdings, Inc. |  |  |
| 2024 Term Loan, 11.32%, (1 Month Term SOFR + 7.00%), 01/04/29 (h) | 204 | 206 |

---

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page [607](#abbreviations).

554

**JNL Series Trust** (Unaudited)

**Schedules of Investments (in thousands)**

June 30, 2025

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| Level 3 Financing Inc. |  |  |
| 2025 Term Loan B, 8.58%, (1 Month Term SOFR + 4.25%), 03/20/32 (h) | 200 | 202 |
| Lumen Technologies, Inc. |  |  |
| 2024 Extended Term Loan B1, 6.79%, (1 Month Term SOFR + 2.35%), 04/15/29 (h) | 110 | 108 |
| | | 516 |
| **Energy 0.1%** | **Energy 0.1%** | **Energy 0.1%** |
| Waterbridge Midstream Operating LLC |  |  |
| 2024 1st Lien Term Loan B, 9.31%, (3 Month Term SOFR + 4.75%), 06/22/29 (h) | 209 | 207 |
| **Consumer Discretionary 0.0%** | **Consumer Discretionary 0.0%** | **Consumer Discretionary 0.0%** |
| Varsity Brands, Inc. |  |  |
| 2025 Term Loan, 7.83%, (3 Month Term SOFR + 3.50%), 08/26/31 (h) | 204 | 204 |
| **Health Care 0.0%** | **Health Care 0.0%** | **Health Care 0.0%** |
| Endo Luxembourg Finance Company I S.a r.l. |  |  |
| 2024 1st Lien Term Loan, 8.33%, (1 Month Term SOFR + 4.00%), 04/23/31 (h) | 198 | 198 |
| Total Senior Floating Rate Instruments (cost $1,720) | Total Senior Floating Rate Instruments (cost $1,720) | 1733 |
| **INVESTMENT COMPANIES 0.0%** | **INVESTMENT COMPANIES 0.0%** | **INVESTMENT COMPANIES 0.0%** |
| Sprott Asset Management LP | 1 | 17 |
| Total Investment Companies (cost $21) | Total Investment Companies (cost $21) | 17 |
| **WARRANTS 0.0%** | **WARRANTS 0.0%** | **WARRANTS 0.0%** |
| Ivanhoe Electric Inc. (a) (p) | 2 | 7 |
| Total Warrants (cost $0) | Total Warrants (cost $0) | 7 |
| **SHORT TERM INVESTMENTS 4.6%** | **SHORT TERM INVESTMENTS 4.6%** | **SHORT TERM INVESTMENTS 4.6%** |
| **Investment Companies 4.3%** | **Investment Companies 4.3%** | **Investment Companies 4.3%** |
| JNL Government Money Market Fund - Class I, 4.20% (q) (r) | 1897 | 1897 |
| T. Rowe Price Government Reserve Fund - Class I, 4.32% (q) (r) | 22555 | 22555 |
|  |  | 24452 |
| **Securities Lending Collateral 0.3%** | **Securities Lending Collateral 0.3%** | **Securities Lending Collateral 0.3%** |
| JNL Government Money Market Fund - Class SL, 4.30% (q) (r) | 1632 | 1632 |
| Total Short Term Investments (cost $26,084) | Total Short Term Investments (cost $26,084) | 26084 |
| **Total Investments 100.5% (cost $484,536)** | **Total Investments 100.5% (cost $484,536)** | **568201** |
| **Other Derivative Instruments 0.0%** | **Other Derivative Instruments 0.0%** | **6** |
| **Other Assets and Liabilities, Net (0.5)%** | **Other Assets and Liabilities, Net (0.5)%** | **(2555)** |
| **Total Net Assets 100.0%** | **Total Net Assets 100.0%** | **565652** |

---

(a) Non-income producing security.

(b) Security is restricted to resale to institutional investors or subject to trading restrictions due to sanctions on foreign issuers. See Restricted Securities table following the Schedules of Investments.

(c) All or a portion of the security was on loan as of June 30, 2025.

(d) Security fair valued in good faith as a Level 3 security in accordance with the procedures approved by the Board of Trustees. Good faith fair valued securities are classified based on the applicable valuation inputs. See "Fair Value Measurement" in the Notes to Financial Statements.

(e) All or a portion of the security was purchased on a delayed delivery basis. As of June 30, 2025, the total payable for investments purchased on a delayed delivery basis was $6,709.

(f) All or a portion of the security is pledged or segregated as collateral.

(g) Treasury inflation indexed note, par amount is adjusted for inflation.

(h) Security has a variable rate. Interest rates reset periodically. Rate stated was in effect as of June 30, 2025. For securities based on a published reference rate and spread, the reference rate and spread are presented. Certain variable rate securities do not indicate a reference rate and spread because they are determined by the issuer, remarketing agent, or offering documents and are based on current market conditions. The coupon rate for securities with certain features outlined in the offering documents may vary from the stated reference rate and spread. This includes, but is not limited to, securities with deferred rates, contingent distributions, caps, floors, and fixed-rate to float-rate features. In addition, variable rates for government and agency collateralized mortgage obligations ("CMO") and mortgage-backed securities ("MBS") are determined by tranches of underlying mortgage-backed security pools' cash flows into securities and pass-through rates which reflect the rate earned on the asset pool after management and guarantee fees are paid to the securitizing corporation. CMO and MBS variable rates are determined by a formula set forth in the security's offering documents.

(i) Security is exempt from registration under the Securities Act of 1933, as amended. As of June 30, 2025, the value and the percentage of net assets of these securities was $24,808 and 4.4% of the Fund.

(j) Convertible security.

(k) Perpetual security. Next contractual call price and date are presented in parentheses, if applicable.

(l) Security is a step-up bond where the coupon may increase or step up at a future date or as the result of an upgrade or downgrade to the credit rating of the issuer. Rate stated was the coupon as of June 30, 2025.

(m) The interest rate for this security is inversely affected by upgrades or downgrades to the credit rating of the issuer. Rate stated was the coupon as of June 30, 2025.

(n) Pay-in-kind security. Stated coupon is the pay-in-kind rate. The interest earned by the security may be paid in cash or additional par.

(o) The coupon rate represents the weighted average coupon and may differ from the stated coupon rate.

(p) Security fair valued in good faith as a Level 2 security in accordance with the procedures approved by the Board of Trustees. Good faith fair valued securities are classified based on the applicable valuation inputs. See "Fair Value Measurement" in the Notes to Financial Statements.

(q) Investment in affiliate.

(r) Yield changes daily to reflect current market conditions. Rate was the quoted yield as of June 30, 2025.

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **JNL/T. Rowe Price Balanced Fund — Investments in Affiliates** | **JNL/T. Rowe Price Balanced Fund — Investments in Affiliates** | **JNL/T. Rowe Price Balanced Fund — Investments in Affiliates** | **JNL/T. Rowe Price Balanced Fund — Investments in Affiliates** | **JNL/T. Rowe Price Balanced Fund — Investments in Affiliates** | **JNL/T. Rowe Price Balanced Fund — Investments in Affiliates** | **JNL/T. Rowe Price Balanced Fund — Investments in Affiliates** | **JNL/T. Rowe Price Balanced Fund — Investments in Affiliates** | **JNL/T. Rowe Price Balanced Fund — Investments in Affiliates** |
| **Affiliated Investment** | **Value Beginning of Period($)** | **Purchases($)** | **Sales Proceeds($)** | **Dividend Income/ Distributions from Funds($)** | **Realized Gain (Loss)($)** | **Change in Unrealized Appreciation (Depreciation) ($)** | **Value End of Period($)** | **Percentage of Net Assets(%)** |
| JNL Government Money Market Fund, 4.20% - Class I | 1293 | 31281 | 30677 | 43 |  |  | 1897 | 0.3 |
| JNL Government Money Market Fund, 4.30% - Class SL | 2894 | 15872 | 17134 | 68 |  |  | 1632 | 0.3 |
| T. Rowe Price Government Reserve Fund, 4.32% - Class I | 5693 | 36964 | 20102 | 240 |  |  | 22555 | 4.0 |
|  | 9880 | 84117 | 67913 | 351 |  |  | 26084 | 4.6 |

---

---

| | |
|:---|:---|
| **Summary of Investments by Country^** | **Total Long Term Investments** |
| **United States of America** | 74.5% |
| **United Kingdom** | 4.1 |
| **Japan** | 4.0 |
| **Canada** | 2.3 |
| **France** | 2.2 |
| **Germany** | 2.1 |

---

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page [607](#abbreviations).

555

**JNL Series Trust** (Unaudited)

**Schedules of Investments (in thousands)**

June 30, 2025

---

| | |
|:---|:---|
| **Summary of Investments by Country^** | **Total Long Term Investments** |
| **Switzerland** | 1.9 |
| **Netherlands** | 1.5 |
| **Australia** | 1.0 |
| **Italy** | 0.7 |
| **Sweden** | 0.6 |
| **Taiwan** | 0.6 |
| **Spain** | 0.5 |
| **Norway** | 0.5 |
| **Singapore** | 0.5 |
| **Ireland** | 0.4 |
| **South Korea** | 0.3 |
| **Finland** | 0.3 |
| **Chile** | 0.3 |
| **Denmark** | 0.2 |
| **Cayman Islands** | 0.2 |
| **Belgium** | 0.2 |
| **India** | 0.2 |
| **Hong Kong** | 0.1 |
| **South Africa** | 0.1 |
| **Mexico** | 0.1 |
| **China** | 0.1 |
| **Austria** | 0.1 |
| **Brazil** | 0.1 |
| **Zambia** | 0.1 |
| **Democratic Republic of the Congo** | 0.1 |
| **Panama** | 0.1 |
| **New Zealand** |  |
| **Vietnam** |  |
| **Poland** |  |
| **Luxembourg** |  |
| **Peru** |  |
| **Portugal** |  |
| **Kazakhstan** |  |
| **Puerto Rico** |  |
| **Cote D'Ivoire** |  |
| **Saudi Arabia** |  |
| **Bahrain** |  |
| **Israel** |  |
| **Russian Federation** |  |
|  | **100.0%** |
| ^A country table is presented as a percentage of the Fund's total long term investments because its strategy includes investment in non-U.S. securities as deemed significant by the Fund's Adviser. | ^A country table is presented as a percentage of the Fund's total long term investments because its strategy includes investment in non-U.S. securities as deemed significant by the Fund's Adviser. |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **JNL/T. Rowe Price Balanced Fund — Restricted Securities** | **JNL/T. Rowe Price Balanced Fund — Restricted Securities** | **JNL/T. Rowe Price Balanced Fund — Restricted Securities** | **JNL/T. Rowe Price Balanced Fund — Restricted Securities** | **JNL/T. Rowe Price Balanced Fund — Restricted Securities** |
|  | **Initial Acquisition** | **Cost ($)** | **Value ($)** | **Percent of**<br> **Net Assets (%)** |
| Adyen N.V. | 03/08/22 | 440 | 511 | 0.1 |
| Alibaba Group Holding Limited | 05/16/24 | 282 | 221 | 0.1 |
| Amadeus IT Holding, S.A. | 04/03/20 | 525 | 739 | 0.1 |
| Bridgepoint Group PLC | 07/21/21 | 308 | 348 | 0.1 |
| Cellnex Telecom, S.A. | 07/30/24 | 47 | 51 |  |
| Digital Core REIT Management Pte. Ltd. | 02/09/24 | 19 | 16 |  |
| Joint Stock Company Alrosa (Public Joint Stock Company) | 10/08/19 | 65 |  |  |
| Kojamo Oyj | 11/11/24 | 63 | 81 |  |
| Lundin Gold Inc. | 09/20/23 | 19 | 82 |  |
| NAC Kazatomprom JSC | 01/09/23 | 45 | 56 |  |
| Public Joint Stock Company Polyus | 06/10/20 | 27 |  |  |
| Samsonite Group S.A. | 08/06/19 | 237 | 217 |  |
| Siemens Healthineers AG | 01/30/19 | 765 | 882 | 0.2 |
|  |  | 2842 | 3204 | 0.6 |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **JNL/T. Rowe Price Balanced Fund — Futures Contracts** | **JNL/T. Rowe Price Balanced Fund — Futures Contracts** | **JNL/T. Rowe Price Balanced Fund — Futures Contracts** | **JNL/T. Rowe Price Balanced Fund — Futures Contracts** | **JNL/T. Rowe Price Balanced Fund — Futures Contracts** | **JNL/T. Rowe Price Balanced Fund — Futures Contracts** |
| **Reference Entity** | **Contracts<sup>1</sup>** | **Expiration** | **Notional<sup>1</sup>** | **Variation**<br> **Margin**<br> **Receivable**<br> (Payable) ($) | **Value/**<br> **Unrealized**<br> **Appreciation**<br> (Depreciation) ($) |
| **Long Contracts** | **Long Contracts** | **Long Contracts** | **Long Contracts** | **Long Contracts** | **Long Contracts** |
| United States 2 Year Note | 13 | October 2025 | 2694 | 1 | 10 |

---

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page [607](#abbreviations).

556

**JNL Series Trust** (Unaudited)

**Schedules of Investments (in thousands)**

June 30, 2025

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **JNL/T. Rowe Price Balanced Fund — Futures Contracts (continued)** | **JNL/T. Rowe Price Balanced Fund — Futures Contracts (continued)** | **JNL/T. Rowe Price Balanced Fund — Futures Contracts (continued)** | **JNL/T. Rowe Price Balanced Fund — Futures Contracts (continued)** | **JNL/T. Rowe Price Balanced Fund — Futures Contracts (continued)** | **JNL/T. Rowe Price Balanced Fund — Futures Contracts (continued)** |
| **Reference Entity** | **Contracts<sup>1</sup>** | **Expiration** | **Notional<sup>1</sup>** | **Variation**<br> **Margin**<br> **Receivable**<br> (Payable) ($) | **Value/**<br> **Unrealized**<br> **Appreciation**<br> (Depreciation) ($) |
| United States 5 Year Note | 34 | October 2025 | 3671 | 4 | 35 |
| United States Ultra Bond | 2 | September 2025 | 228 | 3 | 10 |
|  |  |  |  | 8 | 55 |
| **Short Contracts** | **Short Contracts** | **Short Contracts** | **Short Contracts** | **Short Contracts** | **Short Contracts** |
| United States 10 Year Ultra Bond | (4) | September 2025 | (447) | (2) | (10) |

---

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **JNL/T. Rowe Price Balanced Fund — Centrally Cleared Credit Default Swap Agreements** | **JNL/T. Rowe Price Balanced Fund — Centrally Cleared Credit Default Swap Agreements** | **JNL/T. Rowe Price Balanced Fund — Centrally Cleared Credit Default Swap Agreements** | **JNL/T. Rowe Price Balanced Fund — Centrally Cleared Credit Default Swap Agreements** | **JNL/T. Rowe Price Balanced Fund — Centrally Cleared Credit Default Swap Agreements** | **JNL/T. Rowe Price Balanced Fund — Centrally Cleared Credit Default Swap Agreements** | **JNL/T. Rowe Price Balanced Fund — Centrally Cleared Credit Default Swap Agreements** | **JNL/T. Rowe Price Balanced Fund — Centrally Cleared Credit Default Swap Agreements** |
| **Reference Entity<sup>2</sup>** | **Implied**<br> **Credit**<br> **Spread** <br> **(%)** | **Fixed**<br> **Receive/**<br> **Pay Rate** <br> **(%)** | **Expiration** | **Notional<sup>1</sup>** | **Value ($)** | **Variation**<br> **Margin**<br> **Receivable**<br> (Payable) ($) | **Unrealized**<br> **Appreciation**<br> (Depreciation) ($) |
| **Credit default swap agreements - sell protection** | **Credit default swap agreements - sell protection** | **Credit default swap agreements - sell protection** | **Credit default swap agreements - sell protection** | **Credit default swap agreements - sell protection** | **Credit default swap agreements - sell protection** | **Credit default swap agreements - sell protection** | **Credit default swap agreements - sell protection** |
| CDX.NA.IG.44 (Q) | 0.51 | 1.00 | 06/20/30 | (500) | 11 |  | 2 |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **JNL/T. Rowe Price Balanced Fund — Forward Foreign Currency Contracts** | **JNL/T. Rowe Price Balanced Fund — Forward Foreign Currency Contracts** | **JNL/T. Rowe Price Balanced Fund — Forward Foreign Currency Contracts** | **JNL/T. Rowe Price Balanced Fund — Forward Foreign Currency Contracts** | **JNL/T. Rowe Price Balanced Fund — Forward Foreign Currency Contracts** | **JNL/T. Rowe Price Balanced Fund — Forward Foreign Currency Contracts** |
| **Purchased/Sold** | **Counterparty** | **Expiration** | **Notional<sup>1</sup>** | **Value ($)** | **Unrealized**<br> **Appreciation**<br> (Depreciation) ($) |
| USD/HKD | SSB | 07/03/25<br> HKD | (15) | (2) |  |

---

**Fair Value Hierarchy.** Various inputs are used in determining the fair value of financial instruments. For a description of the input levels and information about the Fund's policy regarding valuation of financial instruments, see Note 3 in the Notes to Financial Statements. The following table summarizes the Fund's investments categorized in the disclosure hierarchy as of June 30, 2025.

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **<u>. Level 1 ($) .</u>** | **<u>. Level 2 ($) .</u>** | **<u>. Level 3 ($) .</u>** | **<u>. Total ($) .</u>** |
| **JNL/T. Rowe Price Balanced Fund** | **JNL/T. Rowe Price Balanced Fund** | **JNL/T. Rowe Price Balanced Fund** | **JNL/T. Rowe Price Balanced Fund** | **JNL/T. Rowe Price Balanced Fund** |
| **Assets - Securities** |  |  |  |  |
| &nbsp;&nbsp; Common Stocks | 262655 | 102442 |  | 365097 |
| &nbsp;&nbsp; Government And Agency Obligations |  | 105959 |  | 105959 |
| &nbsp;&nbsp; Corporate Bonds And Notes |  | 57339 |  | 57339 |
| &nbsp;&nbsp; Non-U.S. Government Agency Asset-Backed Securities |  | 10163 |  | 10163 |
| &nbsp;&nbsp; Preferred Stocks | 136 | 1666 |  | 1802 |
| &nbsp;&nbsp; Senior Floating Rate Instruments |  | 1733 |  | 1733 |
| &nbsp;&nbsp; Investment Companies | 17 |  |  | 17 |
| &nbsp;&nbsp; Warrants |  | 7 |  | 7 |
| &nbsp;&nbsp; Short Term Investments | 26084 |  |  | 26084 |
|  | 288892 | 279309 |  | 568201 |
| **Assets - Investments in Other Financial Instruments<sup>1</sup>** |  |  |  |  |
| &nbsp;&nbsp; Futures Contracts | 55 |  |  | 55 |
| &nbsp;&nbsp; Centrally Cleared Credit Default Swap Agreements |  | 2 |  | 2 |
|  | 55 | 2 |  | 57 |
| **Liabilities - Investments in Other Financial Instruments<sup>1</sup>** |  |  |  |  |
| &nbsp;&nbsp; Futures Contracts | (10) |  |  | (10) |
| &nbsp;&nbsp; Open Forward Foreign Currency Contracts |  |  |  |  |
|  | (10) |  |  | (10) |

---

<sup>1</sup> All derivatives, except for purchased and written options, are reflected at the unrealized appreciation (depreciation) on the instrument. Purchased and written options are reflected at value.

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page [607](#abbreviations).

557

**JNL Series Trust** (Unaudited)

**Schedules of Investments (in thousands)**

June 30, 2025

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| **JNL/T. Rowe Price Capital Appreciation Equity Fund** | **JNL/T. Rowe Price Capital Appreciation Equity Fund** | **JNL/T. Rowe Price Capital Appreciation Equity Fund** |
| **COMMON STOCKS 100.0%** | **COMMON STOCKS 100.0%** | **COMMON STOCKS 100.0%** |
| **Information Technology 41.3%** | **Information Technology 41.3%** | **Information Technology 41.3%** |
| Advanced Micro Devices, Inc. (a) | 150 | 21331 |
| Amphenol Corporation - Class A | 173 | 17125 |
| Analog Devices, Inc. | 22 | 5131 |
| ANSYS, Inc. (a) | 12 | 4136 |
| Apple Inc. | 197 | 40431 |
| ASML Holding N.V. - ADR | 3 | 2734 |
| Aurora Innovations Inc. - Class A (a) | 775 | 4064 |
| Autodesk, Inc. (a) | 45 | 14069 |
| Bentley Systems, Incorporated - Class B | 31 | 1656 |
| Cadence Design Systems, Inc. (a) | 1 | 408 |
| International Business Machines Corporation | 14 | 4019 |
| Intuit Inc. | 21 | 16547 |
| KLA Corporation | 1 | 518 |
| Lam Research Corporation | 8 | 741 |
| Microsoft Corporation | 174 | 86405 |
| NVIDIA Corporation | 364 | 57581 |
| NXP Semiconductors N.V. | 6 | 1399 |
| PTC Inc. (a) | 140 | 24074 |
| Roper Technologies, Inc. | 43 | 24564 |
| Salesforce, Inc. | 27 | 7358 |
| ServiceNow, Inc. (a) | 2 | 1772 |
| Teledyne Technologies Incorporated (a) | 13 | 6603 |
| Workday, Inc. - Class A (a) | 50 | 11909 |
|  |  | 354575 |
| **Health Care 16.2%** | **Health Care 16.2%** | **Health Care 16.2%** |
| Abbott Laboratories | 107 | 14617 |
| Alnylam Pharmaceuticals, Inc. (a) | 7 | 2227 |
| Ascendis Pharma A/S - ADR (a) | 13 | 2159 |
| Avantor, Inc. (a) | 64 | 862 |
| Becton, Dickinson and Company | 130 | 22350 |
| Biogen Inc. (a) | 11 | 1421 |
| BioNTech SE - ADR (a) | 14 | 1525 |
| Bio-Techne Corporation | 11 | 554 |
| Cencora, Inc. | 9 | 2686 |
| Cigna Group, The | 20 | 6483 |
| Cytokinetics, Incorporated (a) | 131 | 4332 |
| Danaher Corporation | 100 | 19806 |
| Eli Lilly and Company | 15 | 11489 |
| GE HealthCare Technologies Inc. | 17 | 1223 |
| Hologic, Inc. (a) | 42 | 2726 |
| Humana Inc. | 2 | 434 |
| Icon Public Limited Company (a) | 5 | 778 |
| McKesson Corporation | 19 | 13880 |
| Revvity, Inc. | 158 | 15318 |
| Thermo Fisher Scientific Inc. | 7 | 2832 |
| UnitedHealth Group Incorporated | 35 | 10847 |
| Zoetis Inc. - Class A | 5 | 811 |
|  |  | 139360 |
| **Consumer Discretionary 10.4%** | **Consumer Discretionary 10.4%** | **Consumer Discretionary 10.4%** |
| Amazon.com, Inc. (a) | 251 | 54995 |
| Chipotle Mexican Grill, Inc. (a) | 30 | 1665 |
| Hilton Worldwide Holdings Inc. | 33 | 8690 |
| Marriott International, Inc. - Class A | 6 | 1693 |
| NIKE, Inc. - Class B | 19 | 1375 |
| Service Corporation International | 26 | 2136 |
| Starbucks Corporation | 103 | 9444 |
| Yum! Brands, Inc. | 60 | 8949 |
|  |  | 88947 |
| **Utilities 7.9%** | **Utilities 7.9%** | **Utilities 7.9%** |
| Alliant Energy Corporation | 37 | 2253 |
| Ameren Corporation | 171 | 16429 |
| CenterPoint Energy, Inc. | 517 | 18997 |
| CMS Energy Corporation | 55 | 3784 |
| DTE Energy Company | 64 | 8452 |
| NiSource Inc. | 363 | 14661 |
| WEC Energy Group Inc. | 27 | 2801 |
|  |  | 67377 |
| **Financials 7.2%** | **Financials 7.2%** | **Financials 7.2%** |
| Arthur J. Gallagher & Co. | 11 | 3381 |
| CME Group Inc. - Class A | 6 | 1613 |
| Intercontinental Exchange, Inc. | 11 | 2040 |
| JPMorgan Chase & Co. | 47 | 13572 |
| KKR & Co. Inc. - Class A | 21 | 2846 |
| MasterCard Incorporated - Class A | 12 | 6925 |
| Morgan Stanley | 33 | 4623 |
| MSCI Inc. - Class A | 2 | 1052 |
| S&P Global Inc. | 6 | 3028 |
| The PNC Financial Services Group, Inc. | 14 | 2534 |
| Visa Inc. - Class A | 27 | 9507 |
| Willis Towers Watson Public Limited Company | 35 | 10709 |
|  |  | 61830 |
| **Industrials 6.5%** | **Industrials 6.5%** | **Industrials 6.5%** |
| Boeing Company, The (a) | 4 | 813 |
| Ferguson Enterprises Inc. | 34 | 7457 |
| Fortive Corporation | 100 | 5230 |
| Ingersoll Rand Inc. | 100 | 8356 |
| Lockheed Martin Corporation | 17 | 7724 |
| Northrop Grumman Corporation | 10 | 5024 |
| Ralliant Corporation (a) | 33 | 1622 |
| RTX Corporation | 62 | 9111 |
| Veralto Corporation | 73 | 7340 |
| Waste Connections, Inc. | 16 | 3041 |
|  |  | 55718 |
| **Communication Services 6.1%** | **Communication Services 6.1%** | **Communication Services 6.1%** |
| Alphabet Inc. - Class A | 128 | 22613 |
| Alphabet Inc. - Class C | 12 | 2040 |
| Meta Platforms, Inc. - Class A | 32 | 23954 |
| Walt Disney Company, The | 33 | 4065 |
|  |  | 52672 |
| **Energy 2.3%** | **Energy 2.3%** | **Energy 2.3%** |
| Canadian Natural Resources Limited | 598 | 18777 |
| Expand Energy Corporation | 7 | 834 |
|  |  | 19611 |
| **Real Estate 1.1%** | **Real Estate 1.1%** | **Real Estate 1.1%** |
| American Tower Corporation | 24 | 5249 |
| SBA Communications Corporation - Class A | 18 | 4228 |
|  |  | 9477 |
| **Materials 1.0%** | **Materials 1.0%** | **Materials 1.0%** |
| Vulcan Materials Company | 32 | 8236 |
| Total Common Stocks (cost $823,697) | Total Common Stocks (cost $823,697) | 857803 |
| **SHORT TERM INVESTMENTS 0.0%** | **SHORT TERM INVESTMENTS 0.0%** | **SHORT TERM INVESTMENTS 0.0%** |
| **Investment Companies 0.0%** | **Investment Companies 0.0%** | **Investment Companies 0.0%** |
| T. Rowe Price Government Reserve Fund - Class I, 4.32% (b) (c) |  |  |
| Total Short Term Investments (cost $0) | Total Short Term Investments (cost $0) |  |
| **Total Investments 100.0% (cost $823,697)** | **Total Investments 100.0% (cost $823,697)** | **857803** |
| **Other Assets and Liabilities, Net 0.0%** | **Other Assets and Liabilities, Net 0.0%** | **341** |
| **Total Net Assets 100.0%** | **Total Net Assets 100.0%** | **858144** |

---

(a) Non-income producing security.

(b) Investment in affiliate.

(c) Yield changes daily to reflect current market conditions. Rate was the quoted yield as of June 30, 2025.

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page [607](#abbreviations).

558

**JNL Series Trust** (Unaudited)

**Schedules of Investments (in thousands)**

June 30, 2025

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **JNL/T. Rowe Price Capital Appreciation Equity Fund — Investments in Affiliates** | **JNL/T. Rowe Price Capital Appreciation Equity Fund — Investments in Affiliates** | **JNL/T. Rowe Price Capital Appreciation Equity Fund — Investments in Affiliates** | **JNL/T. Rowe Price Capital Appreciation Equity Fund — Investments in Affiliates** | **JNL/T. Rowe Price Capital Appreciation Equity Fund — Investments in Affiliates** | **JNL/T. Rowe Price Capital Appreciation Equity Fund — Investments in Affiliates** | **JNL/T. Rowe Price Capital Appreciation Equity Fund — Investments in Affiliates** | **JNL/T. Rowe Price Capital Appreciation Equity Fund — Investments in Affiliates** | **JNL/T. Rowe Price Capital Appreciation Equity Fund — Investments in Affiliates** |
| **Affiliated Investment** | **Value Beginning of Period($)** | **Purchases($)** | **Sales Proceeds($)** | **Dividend Income/ Distributions from Funds($)** | **Realized Gain (Loss)($)** | **Change in Unrealized Appreciation (Depreciation) ($)** | **Value End of Period($)** | **Percentage of Net Assets(%)** |
| JNL Government Money Market Fund, 4.20% - Class I | 1630 | 75919 | 77549 | 44 |  |  |  |  |
| JNL Government Money Market Fund, 4.30% - Class SL | 10171 | 19930 | 30101 | 4 |  |  |  |  |
| T. Rowe Price Government Reserve Fund, 4.32% - Class I | 3 | 195422 | 195425 | 24 |  |  |  |  |
|  | 11804 | 291271 | 303075 | 72 |  |  |  |  |

---

**Fair Value Hierarchy.** Various inputs are used in determining the fair value of financial instruments. For a description of the input levels and information about the Fund's policy regarding valuation of financial instruments, see Note 3 in the Notes to Financial Statements. The following table summarizes the Fund's investments categorized in the disclosure hierarchy as of June 30, 2025.

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **<u>. Level 1 ($) .</u>** | **<u>. Level 2 ($) .</u>** | **<u>. Level 3 ($) .</u>** | **<u>. Total ($) .</u>** |
| **JNL/T. Rowe Price Capital Appreciation Equity Fund** | **JNL/T. Rowe Price Capital Appreciation Equity Fund** | **JNL/T. Rowe Price Capital Appreciation Equity Fund** | **JNL/T. Rowe Price Capital Appreciation Equity Fund** | **JNL/T. Rowe Price Capital Appreciation Equity Fund** |
| **Assets - Securities** |  |  |  |  |
| &nbsp;&nbsp; Common Stocks | 857803 |  |  | 857803 |
| &nbsp;&nbsp; Short Term Investments |  |  |  |  |
|  | 857803 |  |  | 857803 |

---

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page [607](#abbreviations).

559

**JNL Series Trust** (Unaudited)

**Schedules of Investments (in thousands)**

June 30, 2025

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| **JNL/T. Rowe Price Capital Appreciation Fund** | **JNL/T. Rowe Price Capital Appreciation Fund** | **JNL/T. Rowe Price Capital Appreciation Fund** |
| **COMMON STOCKS 60.3%** | **COMMON STOCKS 60.3%** | **COMMON STOCKS 60.3%** |
| **Information Technology 25.4%** | **Information Technology 25.4%** | **Information Technology 25.4%** |
| Advanced Micro Devices, Inc. (a) | 1796 | 254861 |
| Amphenol Corporation - Class A | 2221 | 219294 |
| Analog Devices, Inc. | 229 | 54483 |
| ANSYS, Inc. (a) | 6 | 2024 |
| Apple Inc. (b) | 937 | 192285 |
| ASML Holding N.V. - ADR | 45 | 36280 |
| Aurora Innovations Inc. - Class A (a) (c) | 28878 | 151322 |
| Autodesk, Inc. (a) | 464 | 143775 |
| Intuit Inc. | 198 | 155982 |
| Microsoft Corporation | 1941 | 965225 |
| NVIDIA Corporation (b) | 3265 | 515779 |
| PTC Inc. (a) | 1902 | 327834 |
| Roper Technologies, Inc. (b) | 688 | 389771 |
| Salesforce, Inc. (b) | 282 | 76899 |
| Teledyne Technologies Incorporated (a) (b) | 43 | 21789 |
| Workday, Inc. - Class A (a) | 750 | 179910 |
|  |  | 3687513 |
| **Health Care 12.0%** | **Health Care 12.0%** | **Health Care 12.0%** |
| Abbott Laboratories (d) | 1139 | 154974 |
| AbbVie Inc. (b) (d) | 175 | 32409 |
| Alnylam Pharmaceuticals, Inc. (a) | 131 | 42578 |
| Ascendis Pharma A/S - ADR (a) | 64 | 11085 |
| Avantor, Inc. (a) | 1539 | 20717 |
| Becton, Dickinson and Company (b) (d) | 2287 | 393999 |
| Biogen Inc. (a) | 43 | 5437 |
| BioNTech SE - ADR (a) | 203 | 21581 |
| Cardinal Health, Inc. (d) | 114 | 19222 |
| Cencora, Inc. (d) | 81 | 24288 |
| Cigna Group, The | 189 | 62546 |
| Cytokinetics, Incorporated (a) | 530 | 17500 |
| Danaher Corporation (b) (d) | 933 | 184387 |
| Eli Lilly and Company | 135 | 105159 |
| GE HealthCare Technologies Inc. (d) | 160 | 11829 |
| Hologic, Inc. (a) | 716 | 46661 |
| Johnson & Johnson (d) | 93 | 14206 |
| McKesson Corporation (d) | 251 | 183876 |
| Revvity, Inc. | 3124 | 302178 |
| UnitedHealth Group Incorporated (b) | 299 | 93340 |
|  |  | 1747972 |
| **Consumer Discretionary 6.4%** | **Consumer Discretionary 6.4%** | **Consumer Discretionary 6.4%** |
| Amazon.com, Inc. (a) (b) | 2806 | 615543 |
| Hilton Worldwide Holdings Inc. | 317 | 84556 |
| Starbucks Corporation (d) | 1468 | 134558 |
| Yum! Brands, Inc. (b) (d) | 611 | 90600 |
|  |  | 925257 |
| **Utilities 5.3%** | **Utilities 5.3%** | **Utilities 5.3%** |
| Alliant Energy Corporation (d) | 72 | 4372 |
| Ameren Corporation | 1989 | 191031 |
| American Electric Power Company, Inc. (d) | 106 | 11030 |
| CenterPoint Energy, Inc. (d) | 6629 | 243552 |
| DTE Energy Company (d) | 495 | 65607 |
| Duke Energy Corporation (d) | 61 | 7245 |
| Exelon Corporation (d) | 304 | 13208 |
| NiSource Inc. | 5674 | 228904 |
| WEC Energy Group Inc. (d) | 99 | 10295 |
|  |  | 775244 |
| **Communication Services 3.3%** | **Communication Services 3.3%** | **Communication Services 3.3%** |
| Alphabet Inc. - Class A (b) | 1225 | 215874 |
| Meta Platforms, Inc. - Class A | 367 | 270735 |
|  |  | 486609 |
| **Industrials 3.1%** | **Industrials 3.1%** | **Industrials 3.1%** |
| Ferguson Enterprises Inc. | 371 | 80734 |
| Fortive Corporation | 1009 | 52601 |
| Ingersoll Rand Inc. | 945 | 78595 |
| L3Harris Technologies, Inc. (d) | 23 | 5719 |
| Lockheed Martin Corporation (d) | 46 | 21123 |
| Northrop Grumman Corporation (d) | 49 | 24349 |
| Ralliant Corporation (a) | 329 | 15946 |
| RTX Corporation (b) (d) | 591 | 86273 |
| Veralto Corporation (b) | 631 | 63655 |
| Waste Management, Inc. (d) | 99 | 22653 |
|  |  | 451648 |
| **Financials 2.4%** | **Financials 2.4%** | **Financials 2.4%** |
| AON Public Limited Company - Class A (d) | 43 | 15305 |
| CBOE Global Markets, Inc. (d) | 23 | 5294 |
| CME Group Inc. - Class A (d) | 73 | 20148 |
| Intercontinental Exchange, Inc. (d) | 85 | 15504 |
| KKR & Co. Inc. - Class A | 149 | 19815 |
| Marsh & Mclennan Companies, Inc. (d) | 45 | 9751 |
| MasterCard Incorporated - Class A (d) | 106 | 59625 |
| Morgan Stanley | 170 | 23904 |
| Visa Inc. - Class A (d) | 240 | 85103 |
| Willis Towers Watson Public Limited Company (d) | 323 | 98938 |
|  |  | 353387 |
| **Energy 1.5%** | **Energy 1.5%** | **Energy 1.5%** |
| Canadian Natural Resources Limited | 6758 | 212207 |
| **Materials 0.5%** | **Materials 0.5%** | **Materials 0.5%** |
| Vulcan Materials Company | 271 | 70787 |
| **Consumer Staples 0.2%** | **Consumer Staples 0.2%** | **Consumer Staples 0.2%** |
| Keurig Dr Pepper Inc. (d) | 380 | 12573 |
| PepsiCo, Inc. (d) | 167 | 22090 |
|  |  | 34663 |
| **Real Estate 0.2%** | **Real Estate 0.2%** | **Real Estate 0.2%** |
| American Tower Corporation (d) | 76 | 16775 |
| SBA Communications Corporation - Class A (d) | 44 | 10239 |
|  |  | 27014 |
| Total Common Stocks (cost $7,426,518) | Total Common Stocks (cost $7,426,518) | 8772301 |
| **GOVERNMENT AND AGENCY OBLIGATIONS 14.5%** | **GOVERNMENT AND AGENCY OBLIGATIONS 14.5%** | **GOVERNMENT AND AGENCY OBLIGATIONS 14.5%** |
| **U.S. Treasury Note 14.5%** | **U.S. Treasury Note 14.5%** | **U.S. Treasury Note 14.5%** |
| Treasury, United States Department of |  |  |
| 4.00%, 02/28/30 - 05/31/30 | 1546380 | 1561433 |
| 3.88%, 04/30/30 - 06/30/30 | 536631 | 538793 |
| Total Government And Agency Obligations (cost $2,080,487) | Total Government And Agency Obligations (cost $2,080,487) | 2100226 |
| **SENIOR FLOATING RATE INSTRUMENTS 9.3%** | **SENIOR FLOATING RATE INSTRUMENTS 9.3%** | **SENIOR FLOATING RATE INSTRUMENTS 9.3%** |
| **Financials 3.1%** | **Financials 3.1%** | **Financials 3.1%** |
| AmWINS Group, Inc. |  |  |
| 2025 Term Loan B, 6.58%, (1 Month Term SOFR + 2.25%), 01/23/32 (e) | 101328 | 101346 |
| Broadstreet Partners, Inc. |  |  |
| 2024 Term Loan B4, 0.00%, (1 Month Term SOFR + 3.00%), 05/10/31 (e) (f) | 1856 | 1858 |
| 2024 Term Loan B4, 7.33%, (1 Month Term SOFR + 3.00%), 05/10/31 (e) | 83945 | 84027 |
| HUB International Limited |  |  |
| 2025 Term Loan B, 6.77%, (SOFR + 2.50%), 06/20/30 (e) | 553 | 555 |
| 2025 Term Loan B, 6.77%, (3 Month Term SOFR + 2.50%), 06/20/30 (e) | 189779 | 190305 |
| Trans Union, LLC |  |  |
| 2019 Term Loan B5, 6.18%, (1 Month Term SOFR + 1.75%), 11/13/26 (e) | 2444 | 2445 |
| USI, Inc. |  |  |
| 2024 Term Loan D, 0.00%, (3 Month Term SOFR + 2.25%), 11/21/29 (e) (f) | 3583 | 3576 |
| 2024 Term Loan D, 6.55%, (3 Month Term SOFR + 2.25%), 11/23/29 (e) | 33074 | 33006 |
| 2024 Term Loan C, 6.55%, (3 Month Term SOFR + 2.25%), 09/27/30 (e) | 36931 | 36804 |
|  |  | 453922 |
| **Information Technology 3.1%** | **Information Technology 3.1%** | **Information Technology 3.1%** |
| Applied Systems, Inc. |  |  |
| 2024 1st Lien Term Loan, 0.00%, (3 Month Term SOFR + 2.50%), 02/07/31 (e) (f) | 1087 | 1091 |
| 2024 1st Lien Term Loan, 6.80%, (3 Month Term SOFR + 2.50%), 02/07/31 (e) | 149309 | 149869 |
| 2024 2nd Lien Term Loan, 8.80%, (3 Month Term SOFR + 4.50%), 02/07/32 (e) | 20829 | 21314 |
| Ascend Learning, LLC |  |  |
| 2025 Repriced Term Loan B, 0.00%, (1 Month Term SOFR + 3.00%), 12/11/28 (e) (f) | 12809 | 12801 |

---

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page [607](#abbreviations).

560

**JNL Series Trust** (Unaudited)

**Schedules of Investments (in thousands)**

June 30, 2025

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| Athenahealth Group, Inc. |  |  |
| 2022 Term Loan B, 0.00%, (1 Month Term SOFR + 2.75%), 01/27/29 (e) (f) | 5457 | 5448 |
| 2022 Term Loan B, 7.08%, (1 Month Term SOFR + 2.75%), 01/27/29 (e) | 28958 | 28913 |
| CCC Intelligent Solutions Inc. |  |  |
| Term Loan, 6.33%, (1 Month Term SOFR + 2.00%), 09/16/28 (e) | 12485 | 12484 |
| Ellucian Holdings, Inc. |  |  |
| 2024 1st Lien Term Loan B, 7.33%, (1 Month Term SOFR + 3.00%), 10/29/29 (e) | 23465 | 23509 |
| Epicor Software Corporation |  |  |
| 2024 Term Loan E, 7.08%, (1 Month Term SOFR + 2.75%), 05/23/31 (e) | 38664 | 38741 |
| Informatica LLC |  |  |
| 2024 Term Loan B, 6.58%, (1 Month Term SOFR + 2.25%), 10/30/28 (e) | 12128 | 12170 |
| Instructure Holdings, Inc. |  |  |
| 2024 Term Loan, 7.21%, (6 Month Term SOFR + 3.00%), 09/11/31 (e) | 35561 | 35590 |
| 2024 2nd Lien Term Loan, 9.21%, (6 Month Term SOFR + 5.00%), 09/10/32 (e) | 12817 | 12913 |
| Quartz Acquireco LLC |  |  |
| 2025 Term Loan B, 6.55%, (3 Month Term SOFR + 2.25%), 06/28/30 (e) | 8417 | 8438 |
| Storable, Inc |  |  |
| 2025 Term Loan B, 7.58%, (1 Month Term SOFR + 3.25%), 04/17/31 (e) | 26048 | 25999 |
| UKG Inc. |  |  |
| 2024 Term Loan B, 0.00%, (1 Month Term SOFR + 3.00%), 01/30/31 (e) (f) | 13405 | 13452 |
| 2024 Term Loan B, 7.31%, (1 Month Term SOFR + 3.00%), 01/30/31 (e) | 44880 | 45038 |
| | | 447770 |
| **Industrials 1.4%** | **Industrials 1.4%** | **Industrials 1.4%** |
| CPI Holdco B LLC |  |  |
| 2024 Incremental Term Loan B, 0.00%, (1 Month Term SOFR + 2.25%), 05/17/31 (e) (f) | 7356 | 7347 |
| 2024 Incremental Term Loan B, 6.58%, (1 Month Term SOFR + 2.25%), 05/19/31 (e) | 31494 | 31455 |
| Filtration Group Corporation |  |  |
| 2025 USD Term Loan B, 0.00%, (1 Month Term SOFR + 3.00%), 10/21/28 (e) (f) | 1191 | 1195 |
| 2025 EUR Term Loan B, 5.51%, (1 Month EURIBOR + 3.50%), 10/21/28, EUR (e) | 13832 | 16273 |
| 2025 USD Term Loan B, 7.33%, (1 Month Term SOFR + 3.00%), 12/26/28 (e) | 74923 | 75180 |
| Mariner Wealth Advisors LLC |  |  |
| Term Loan B, 0.00%, (3 Month Term SOFR + 2.50%), 08/18/28 (e) (f) | 12559 | 12585 |
| Term Loan B, 6.80%, (3 Month Term SOFR + 2.50%), 08/18/28 (e) | 8613 | 8631 |
| TransDigm, Inc. |  |  |
| 2024 Term Loan I, 0.00%, (3 Month Term SOFR + 2.75%), 08/24/28 (e) (f) | 1141 | 1145 |
| 2024 Term Loan I, 7.05%, (3 Month Term SOFR + 2.75%), 08/24/28 (e) | 21841 | 21911 |
| 2024 Term Loan K, 0.00%, (3 Month Term SOFR + 2.75%), 02/22/30 (e) (f) | 3188 | 3199 |
| 2024 Term Loan K, 7.05%, (3 Month Term SOFR + 2.75%), 02/22/30 (e) | 31558 | 31663 |
|  |  | 210584 |
| **Consumer Discretionary 1.0%** | **Consumer Discretionary 1.0%** | **Consumer Discretionary 1.0%** |
| Four Seasons Hotels Limited |  |  |
| 2024 1st Lien Term Loan B, 0.00%, (1 Month Term SOFR + 1.75%), 11/30/29 (e) (f) | 286 | 287 |
| 2024 1st Lien Term Loan B, 6.08%, (1 Month Term SOFR + 1.75%), 11/30/29 (e) | 1781 | 1790 |
| Hilton Domestic Operating Company, Inc. |  |  |
| 2023 Term Loan B4, 6.07%, (1 Month Term SOFR + 1.75%), 11/09/30 (e) | 49665 | 49813 |
| IRB Holding Corp |  |  |
| 2024 1st Lien Term Loan B, 6.83%, (1 Month Term SOFR + 2.50%), 12/15/27 (e) | 34761 | 34749 |
| Mister Car Wash Holdings, Inc. |  |  |
| 2024 Term Loan B, 6.83%, (1 Month Term SOFR + 2.50%), 03/21/31 (e) | 6917 | 6925 |
| Varsity Brands, Inc. |  |  |
| 2025 Term Loan, 7.83%, (3 Month Term SOFR + 3.50%), 08/26/31 (e) | 38356 | 38320 |
| Wyndham Hotels & Resorts, Inc. |  |  |
| 2024 Term Loan, 0.00%, (1 Month Term SOFR + 1.75%), 05/28/30 (e) (f) | 2328 | 2336 |
| 2024 Term Loan, 6.08%, (1 Month Term SOFR + 1.75%), 05/28/30 (e) | 5726 | 5745 |
|  |  | 139965 |
| **Health Care 0.4%** | **Health Care 0.4%** | **Health Care 0.4%** |
| ADMI Corp. |  |  |
| 2021 Incremental Term Loan B3, 8.19%, (1 Month Term SOFR + 3.75%), 12/23/27 (e) | 7856 | 7473 |
| 2021 Term Loan B2, 7.82%, (1 Month Term SOFR + 3.38%), 12/31/27 (e) | 1797 | 1697 |
| Avantor Funding, Inc. |  |  |
| 2024 Term Loan, 6.43%, (1 Month Term SOFR + 2.00%), 11/08/27 (e) | 165 | 166 |
| Loire Finco Luxembourg S.a.r.l. |  |  |
| 2025 USD Term Loan B, 8.43%, (1 Month Term SOFR + 4.00%), 01/31/30 (e) | 45384 | 45497 |
|  |  | 54833 |
| **Communication Services 0.3%** | **Communication Services 0.3%** | **Communication Services 0.3%** |
| SBA Senior Finance II LLC |  |  |
| 2024 Term Loan B, 6.08%, (1 Month Term SOFR + 1.75%), 01/20/31 (e) | 43996 | 44035 |
| Total Senior Floating Rate Instruments (cost $1,347,143) | Total Senior Floating Rate Instruments (cost $1,347,143) | 1351109 |
| **CORPORATE BONDS AND NOTES 7.4%** | **CORPORATE BONDS AND NOTES 7.4%** | **CORPORATE BONDS AND NOTES 7.4%** |
| **Consumer Discretionary 2.6%** | **Consumer Discretionary 2.6%** | **Consumer Discretionary 2.6%** |
| Hilton Domestic Operating Company Inc. |  |  |
| 5.75%, 05/01/28 (g) | 25415 | 25480 |
| 5.88%, 04/01/29 (g) | 10445 | 10669 |
| 3.75%, 05/01/29 (g) | 21619 | 20690 |
| 4.88%, 01/15/30 | 19559 | 19455 |
| 4.00%, 05/01/31 (g) | 32112 | 30188 |
| 3.63%, 02/15/32 (g) | 24795 | 22448 |
| Hilton Worldwide Holdings Inc. |  |  |
| 4.88%, 04/01/27 | 8205 | 8192 |
| KFC Holding Co. |  |  |
| 4.75%, 06/01/27 (g) | 33740 | 33662 |
| Life Time, Inc. |  |  |
| 6.00%, 11/15/31 (g) | 3053 | 3105 |
| Magnum Management Corporation |  |  |
| 5.38%, 04/15/27 | 24148 | 24084 |
| 6.50%, 10/01/28 | 12855 | 12983 |
| 5.25%, 07/15/29 | 7175 | 7028 |
| Service Corporation International |  |  |
| 4.63%, 12/15/27 | 1245 | 1238 |
| 3.38%, 08/15/30 | 5988 | 5516 |
| 5.75%, 10/15/32 | 7722 | 7807 |
| Six Flags Operations Inc. |  |  |
| 5.50%, 04/15/27 (g) | 20984 | 20935 |
| Six Flags Theme Parks Inc. |  |  |
| 7.00%, 07/01/25 (g) | 5566 | 5566 |
| Vail Resorts, Inc. |  |  |
| 5.63%, (103, 07/15/27) (g) | 4408 | 4408 |
| 6.50%, 05/15/32 (g) | 9363 | 9685 |
| Yum! Brands, Inc. |  |  |
| 4.75%, 01/15/30 (g) | 10271 | 10176 |
| 3.63%, 03/15/31 | 14549 | 13453 |
| 4.63%, 01/31/32 | 24731 | 23861 |
| 5.38%, 04/01/32 | 29015 | 29056 |
| 6.88%, 11/15/37 | 5461 | 5888 |
| 5.35%, 11/01/43 | 15610 | 14880 |
|  |  | 370453 |
| **Financials 2.1%** | **Financials 2.1%** | **Financials 2.1%** |
| AmWINS Group, Inc. |  |  |
| 6.38%, 02/15/29 (g) | 8902 | 9072 |
| AssuredPartners, Inc. |  |  |
| 7.50%, 02/15/32 (c) (g) | 3827 | 4101 |
| BroadStreet Partners, Inc. |  |  |
| 5.88%, 04/15/29 (g) | 19558 | 19331 |
| HUB International Limited |  |  |
| 5.63%, 12/01/29 (g) | 10554 | 10532 |

---

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page [607](#abbreviations).

561

**JNL Series Trust** (Unaudited)

**Schedules of Investments (in thousands)**

June 30, 2025

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| 7.25%, 06/15/30 (g) | 122007 | 127523 |
| 7.38%, 01/31/32 (g) | 77140 | 80697 |
| Ryan Specialty, LLC |  |  |
| 4.38%, 02/01/30 (g) | 3073 | 2974 |
| 5.88%, 08/01/32 (g) | 11400 | 11482 |
| U S I, Inc. |  |  |
| 7.50%, 01/15/32 (g) | 30789 | 32493 |
| | | 298205 |
| **Industrials 0.7%** | **Industrials 0.7%** | **Industrials 0.7%** |
| Korn Ferry |  |  |
| 4.63%, 12/15/27 (g) | 7012 | 6974 |
| TransDigm Inc. |  |  |
| 4.63%, 01/15/29 | 8979 | 8808 |
| 6.38%, 03/01/29 (g) | 38208 | 39290 |
| 7.13%, 12/01/31 (g) | 18064 | 18933 |
| 6.63%, 03/01/32 (g) | 29955 | 31026 |
|  |  | 105031 |
| **Communication Services 0.6%** | **Communication Services 0.6%** | **Communication Services 0.6%** |
| CCO Holdings, LLC |  |  |
| 5.50%, 05/01/26 (g) | 3928 | 3929 |
| 5.13%, 05/01/27 (g) | 72267 | 72020 |
| Lamar Media Corp. |  |  |
| 3.75%, 02/15/28 | 7806 | 7562 |
| 4.88%, 01/15/29 | 1249 | 1235 |
| 3.63%, 01/15/31 | 1290 | 1191 |
|  |  | 85937 |
| **Health Care 0.6%** | **Health Care 0.6%** | **Health Care 0.6%** |
| Avantor, Inc. |  |  |
| 4.63%, 07/15/28 (g) | 33187 | 32596 |
| 3.88%, 11/01/29 (g) | 23012 | 21783 |
| Hologic, Inc. |  |  |
| 3.25%, 02/15/29 (g) | 5964 | 5686 |
| IQVIA Inc. |  |  |
| 5.00%, 05/15/27 (g) | 10348 | 10318 |
| 6.50%, 05/15/30 (g) | 6498 | 6694 |
| Surgery Center Holdings, Inc. |  |  |
| 7.25%, 04/15/32 (c) (g) | 6020 | 6138 |
|  |  | 83215 |
| **Real Estate 0.4%** | **Real Estate 0.4%** | **Real Estate 0.4%** |
| Crown Castle Inc. |  |  |
| 4.90%, 09/01/29 | 6836 | 6899 |
| SBA Communications Corporation |  |  |
| 3.88%, 02/15/27 | 25781 | 25365 |
| 3.13%, 02/01/29 | 27063 | 25561 |
| VICI Properties L.P. |  |  |
| 5.75%, 04/01/34 | 6811 | 6964 |
|  |  | 64789 |
| **Information Technology 0.3%** | **Information Technology 0.3%** | **Information Technology 0.3%** |
| Booz Allen Hamilton Inc. |  |  |
| 4.00%, 07/01/29 (c) (g) | 4995 | 4795 |
| 5.95%, 08/04/33 | 7932 | 8138 |
| Capstone Borrower, Inc. |  |  |
| 8.00%, 06/15/30 (g) | 6562 | 6833 |
| CrowdStrike Holdings, Inc. |  |  |
| 3.00%, 02/15/29 | 1455 | 1371 |
| Ellucian Holdings Inc. |  |  |
| 6.50%, 12/01/29 (g) | 7799 | 7981 |
| Fair Isaac Corporation |  |  |
| 6.00%, 05/15/33 (g) | 5769 | 5835 |
| PTC Inc. |  |  |
| 4.00%, 02/15/28 (g) | 8249 | 8036 |
| Workday, Inc. |  |  |
| 3.80%, 04/01/32 | 6465 | 6077 |
|  |  | 49066 |
| **Materials 0.1%** | **Materials 0.1%** | **Materials 0.1%** |
| Ball Corporation |  |  |
| 6.00%, 06/15/29 | 13116 | 13467 |
| Total Corporate Bonds And Notes (cost $1,040,896) | Total Corporate Bonds And Notes (cost $1,040,896) | 1070163 |
| **NON-U.S. GOVERNMENT AGENCY ASSET-BACKED SECURITIES 0.0%** | **NON-U.S. GOVERNMENT AGENCY ASSET-BACKED SECURITIES 0.0%** | **NON-U.S. GOVERNMENT AGENCY ASSET-BACKED SECURITIES 0.0%** |
| Domino's Pizza, Inc. |  |  |
| Series 2017-A23-1A, 4.12%, 07/26/27 | 2060 | 2028 |
| Series 2019-A2-1A, 3.67%, 10/25/29 (g) | 2822 | 2677 |
| SBA Towers, LLC |  |  |
| Series 2022-C-1, 6.60%, 01/15/28 | 602 | 618 |
| Total Non-U.S. Government Agency Asset-Backed Securities (cost $5,483) | Total Non-U.S. Government Agency Asset-Backed Securities (cost $5,483) | 5323 |
| **PREFERRED STOCKS 0.0%** | **PREFERRED STOCKS 0.0%** | **PREFERRED STOCKS 0.0%** |
| **Utilities 0.0%** | **Utilities 0.0%** | **Utilities 0.0%** |
| CMS Energy Corporation, 5.88%, 10/15/78 (c) | 53 | 1157 |
| Total Preferred Stocks (cost $1,461) | Total Preferred Stocks (cost $1,461) | 1157 |
| **SHORT TERM INVESTMENTS 9.0%** | **SHORT TERM INVESTMENTS 9.0%** | **SHORT TERM INVESTMENTS 9.0%** |
| **Investment Companies 8.9%** | **Investment Companies 8.9%** | **Investment Companies 8.9%** |
| JNL Government Money Market Fund - Class I, 4.20% (h) (i) | 7425 | 7425 |
| T. Rowe Price Government Reserve Fund - Class I, 4.32% (h) (i) | 1281690 | 1281690 |
|  |  | 1289115 |
| **Securities Lending Collateral 0.1%** | **Securities Lending Collateral 0.1%** | **Securities Lending Collateral 0.1%** |
| JNL Government Money Market Fund - Class SL, 4.30% (h) (i) | 23448 | 23448 |
| Total Short Term Investments (cost $1,312,563) | Total Short Term Investments (cost $1,312,563) | 1312563 |
| **Total Investments 100.5% (cost $13,214,551)** | **Total Investments 100.5% (cost $13,214,551)** | **14612842** |
| **Other Derivative Instruments (0.2)%** | **Other Derivative Instruments (0.2)%** | **(33353)** |
| **Other Assets and Liabilities, Net (0.3)%** | **Other Assets and Liabilities, Net (0.3)%** | **(34070)** |
| **Total Net Assets 100.0%** | **Total Net Assets 100.0%** | **14545419** |

---

(a) Non-income producing security.

(b) All or a portion of the security is pledged or segregated as collateral.

(c) All or a portion of the security was on loan as of June 30, 2025.

(d) All or a portion of the security is subject to a written call option.

(e) Security has a variable rate. Interest rates reset periodically. Rate stated was in effect as of June 30, 2025. For securities based on a published reference rate and spread, the reference rate and spread are presented. Certain variable rate securities do not indicate a reference rate and spread because they are determined by the issuer, remarketing agent, or offering documents and are based on current market conditions. The coupon rate for securities with certain features outlined in the offering documents may vary from the stated reference rate and spread. This includes, but is not limited to, securities with deferred rates, contingent distributions, caps, floors, and fixed-rate to float-rate features. In addition, variable rates for government and agency collateralized mortgage obligations ("CMO") and mortgage-backed securities ("MBS") are determined by tranches of underlying mortgage-backed security pools' cash flows into securities and pass-through rates which reflect the rate earned on the asset pool after management and guarantee fees are paid to the securitizing corporation. CMO and MBS variable rates are determined by a formula set forth in the security's offering documents.

(f) This senior floating rate interest will settle after June 30, 2025. If a reference rate and spread is presented, it will go into effect upon settlement.

(g) Security is exempt from registration under the Securities Act of 1933, as amended. As of June 30, 2025, the value and the percentage of net assets of these securities was $786,761 and 5.4% of the Fund.

(h) Investment in affiliate.

(i) Yield changes daily to reflect current market conditions. Rate was the quoted yield as of June 30, 2025.

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **JNL/T. Rowe Price Capital Appreciation Fund — Investments in Affiliates** | **JNL/T. Rowe Price Capital Appreciation Fund — Investments in Affiliates** | **JNL/T. Rowe Price Capital Appreciation Fund — Investments in Affiliates** | **JNL/T. Rowe Price Capital Appreciation Fund — Investments in Affiliates** | **JNL/T. Rowe Price Capital Appreciation Fund — Investments in Affiliates** | **JNL/T. Rowe Price Capital Appreciation Fund — Investments in Affiliates** | **JNL/T. Rowe Price Capital Appreciation Fund — Investments in Affiliates** | **JNL/T. Rowe Price Capital Appreciation Fund — Investments in Affiliates** | **JNL/T. Rowe Price Capital Appreciation Fund — Investments in Affiliates** |
| **Affiliated Investment** | **Value Beginning of Period($)** | **Purchases($)** | **Sales Proceeds($)** | **Dividend Income/ Distributions from Funds($)** | **Realized Gain (Loss)($)** | **Change in Unrealized Appreciation (Depreciation) ($)** | **Value End of Period($)** | **Percentage of Net Assets(%)** |
| JNL Government Money Market Fund, 4.20% - Class I | 7195 | 520862 | 520632 | 251 |  |  | 7425 |  |

---

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page [607](#abbreviations).

562

**JNL Series Trust** (Unaudited)

**Schedules of Investments (in thousands)**

June 30, 2025

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **JNL/T. Rowe Price Capital Appreciation Fund — Investments in Affiliates (continued)** | **JNL/T. Rowe Price Capital Appreciation Fund — Investments in Affiliates (continued)** | **JNL/T. Rowe Price Capital Appreciation Fund — Investments in Affiliates (continued)** | **JNL/T. Rowe Price Capital Appreciation Fund — Investments in Affiliates (continued)** | **JNL/T. Rowe Price Capital Appreciation Fund — Investments in Affiliates (continued)** | **JNL/T. Rowe Price Capital Appreciation Fund — Investments in Affiliates (continued)** | **JNL/T. Rowe Price Capital Appreciation Fund — Investments in Affiliates (continued)** | **JNL/T. Rowe Price Capital Appreciation Fund — Investments in Affiliates (continued)** | **JNL/T. Rowe Price Capital Appreciation Fund — Investments in Affiliates (continued)** |
| **Affiliated Investment** | **Value Beginning of Period($)** | **Purchases($)** | **Sales Proceeds($)** | **Dividend Income/ Distributions from Funds($)** | **Realized Gain (Loss)($)** | **Change in Unrealized Appreciation (Depreciation) ($)** | **Value End of Period($)** | **Percentage of Net Assets(%)** |
| JNL Government Money Market Fund, 4.30% - Class SL | 17825 | 709687 | 704064 | 477 |  |  | 23448 | 0.2 |
| T Rowe Price Institutional Floating Rate Fund | 1647 | 30 | 1669 | 21 | (96) | 88 |  |  |
| T. Rowe Price Government Reserve Fund, 4.32% - Class I | 760348 | 2599910 | 2078568 | 19885 |  |  | 1281690 | 8.8 |
|  | 787015 | 3830489 | 3304933 | 20634 | (96) | 88 | 1312563 | 9.0 |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **JNL/T. Rowe Price Capital Appreciation Fund — OTC Written Options** | **JNL/T. Rowe Price Capital Appreciation Fund — OTC Written Options** | **JNL/T. Rowe Price Capital Appreciation Fund — OTC Written Options** | **JNL/T. Rowe Price Capital Appreciation Fund — OTC Written Options** | **JNL/T. Rowe Price Capital Appreciation Fund — OTC Written Options** | **JNL/T. Rowe Price Capital Appreciation Fund — OTC Written Options** | **JNL/T. Rowe Price Capital Appreciation Fund — OTC Written Options** |
| **Reference Entity** | **Counterparty** | **Exercise Price ($)/ Swaption Rate(%)** | **Expiration** | **Contracts<sup>1</sup>** | **Notional<sup>1</sup>** | **Value ($)** |
| **Options on Securities** | **Options on Securities** | **Options on Securities** | **Options on Securities** | **Options on Securities** | **Options on Securities** | **Options on Securities** |
|  Abbott Laboratories | BOA<br> Call | 145.00 | 01/16/26 | 680 | 9860 | (360) |
|  Abbott Laboratories | BOA<br> Call | 130.00 | 01/16/26 | 1372 | 17836 | (1852) |
|  AbbVie Inc. | BOA<br> Call | 210.00 | 01/16/26 | 832 | 17472 | (424) |
|  AbbVie Inc. | BOA<br> Call | 195.00 | 01/16/26 | 914 | 17823 | (907) |
|  Alliant Energy Corporation | UBS<br> Call | 67.50 | 07/18/25 | 723 | 4880 |  |
|  American Electric Power Company, Inc. | GSC<br> Call | 115.00 | 01/16/26 | 453 | 5210 | (76) |
|  American Electric Power Company, Inc. | GSC<br> Call | 110.00 | 01/16/26 | 610 | 6710 | (190) |
|  American Tower Corporation | GSC<br> Call | 210.00 | 01/16/26 | 759 | 15939 | (1739) |
|  AON Public Limited Company | WFI<br> Call | 430.00 | 12/19/25 | 231 | 9933 | (61) |
|  AON Public Limited Company | WFI<br> Call | 390.00 | 12/19/25 | 198 | 7722 | (198) |
|  Becton, Dickinson and Company | GSC<br> Call | 255.00 | 09/19/25 | 318 | 8109 | (1) |
|  Cardinal Health, Inc. | BCL<br> Call | 140.00 | 01/16/26 | 1144 | 16016 | (3821) |
|  CBOE Global Markets, Inc. | BCL<br> Call | 230.00 | 01/16/26 | 227 | 5221 | (446) |
|  Cencora, Inc. | UBS<br> Call | 270.00 | 01/16/26 | 353 | 9531 | (1484) |
|  Cencora, Inc. | UBS<br> Call | 260.00 | 01/16/26 | 457 | 11882 | (2280) |
|  CenterPoint Energy, Inc. | BOA<br> Call | 35.00 | 12/19/25 | 3631 | 12709 | (1171) |
|  CME Group Inc. | BCL<br> Call | 270.00 | 01/16/26 | 427 | 11529 | (950) |
|  CME Group Inc. | BCL<br> Call | 250.00 | 01/16/26 | 304 | 7600 | (1090) |
|  Danaher Corporation | UBS<br> Call | 330.00 | 01/16/26 | 786 | 25938 | (5) |
|  DTE Energy Company | WFI<br> Call | 135.00 | 07/18/25 | 1192 | 16092 | (107) |
|  Duke Energy Corporation | UBS<br> Call | 120.00 | 01/16/26 | 609 | 7308 | (341) |
|  Exelon Corporation | UBS<br> Call | 47.00 | 01/16/26 | 756 | 3553 | (89) |
|  Exelon Corporation | UBS<br> Call | 45.00 | 01/16/26 | 2286 | 10287 | (440) |
|  GE HealthCare Technologies Inc. | WFI<br> Call | 97.50 | 01/16/26 | 835 | 8141 | (79) |
|  GE HealthCare Technologies Inc. | WFI<br> Call | 100.00 | 01/16/26 | 762 | 7620 | (57) |
|  Intercontinental Exchange, Inc. | GSC<br> Call | 185.00 | 01/16/26 | 378 | 6993 | (439) |
|  Intercontinental Exchange, Inc. | GSC<br> Call | 165.00 | 01/16/26 | 457 | 7541 | (1161) |
|  Johnson & Johnson | WFI<br> Call | 170.00 | 01/16/26 | 930 | 15810 | (207) |
|  Keurig Dr Pepper Inc. | UBS<br> Call | 35.00 | 01/16/26 | 3803 | 13311 | (494) |
|  L3Harris Technologies, Inc. | WFI<br> Call | 230.00 | 12/19/25 | 228 | 5244 | (695) |
|  Lockheed Martin Corporation | BOA<br> Call | 520.00 | 01/16/26 | 275 | 14300 | (374) |
|  Lockheed Martin Corporation | BOA<br> Call | 500.00 | 01/16/26 | 181 | 9050 | (346) |
|  Marsh & Mclennan Companies, Inc. | BCL<br> Call | 250.00 | 12/19/25 | 446 | 11150 | (109) |
|  MasterCard Incorporated | BCL<br> Call | 620.00 | 01/16/26 | 151 | 9362 | (265) |
|  MasterCard Incorporated | BCL<br> Call | 580.00 | 01/16/26 | 305 | 17690 | (1029) |
|  McKesson Corporation | GSC<br> Call | 680.00 | 01/16/26 | 113 | 7684 | (1068) |
|  McKesson Corporation | GSC<br> Call | 660.00 | 01/16/26 | 114 | 7524 | (1237) |
|  Northrop Grumman Corporation | CIT<br> Call | 560.00 | 01/16/26 | 305 | 17080 | (455) |
|  Northrop Grumman Corporation | CIT<br> Call | 530.00 | 01/16/26 | 182 | 9646 | (451) |
|  PepsiCo, Inc. | CIT<br> Call | 165.00 | 01/16/26 | 914 | 15081 | (122) |
|  PepsiCo, Inc. | CIT<br> Call | 160.00 | 01/16/26 | 759 | 12144 | (142) |
|  RTX Corporation | GSC<br> Call | 140.00 | 01/16/26 | 1125 | 15750 | (1626) |
|  SBA Communications Corporation | JPM<br> Call | 230.00 | 12/19/25 | 436 | 10028 | (822) |
|  Starbucks Corporation | WFI<br> Call | 125.00 | 01/16/26 | 654 | 8175 | (58) |
|  Visa Inc. | GSC<br> Call | 390.00 | 01/16/26 | 497 | 19383 | (599) |
|  Visa Inc. | GSC<br> Call | 360.00 | 01/16/26 | 457 | 16452 | (1147) |
|  Visa Inc. | JPM<br> Call | 110.00 | 12/19/25 | 609 | 6699 | (152) |
|  Waste Management, Inc. | JPM<br> Call | 250.00 | 01/16/26 | 228 | 5700 | (123) |
|  Waste Management, Inc. | JPM<br> Call | 230.00 | 01/16/26 | 762 | 17526 | (1067) |

---

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page [607](#abbreviations).

563

**JNL Series Trust** (Unaudited)

**Schedules of Investments (in thousands)**

June 30, 2025

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **JNL/T. Rowe Price Capital Appreciation Fund — OTC Written Options (continued)** | **JNL/T. Rowe Price Capital Appreciation Fund — OTC Written Options (continued)** | **JNL/T. Rowe Price Capital Appreciation Fund — OTC Written Options (continued)** | **JNL/T. Rowe Price Capital Appreciation Fund — OTC Written Options (continued)** | **JNL/T. Rowe Price Capital Appreciation Fund — OTC Written Options (continued)** | **JNL/T. Rowe Price Capital Appreciation Fund — OTC Written Options (continued)** | **JNL/T. Rowe Price Capital Appreciation Fund — OTC Written Options (continued)** |
| **Reference Entity** | **Counterparty** | **Exercise Price ($)/ Swaption Rate(%)** | **Expiration** | **Contracts<sup>1</sup>** | **Notional<sup>1</sup>** | **Value ($)** |
|  WEC Energy Group Inc. | JPM<br> Call | 115.00 | 12/19/25 | 379 | 4359 | (49) |
|  Willis Towers Watson Public Limited Company | UBS<br> Call | 360.00 | 07/18/25 | 273 | 9828 |  |
|  Yum! Brands, Inc. | WFI<br> Call | 160.00 | 01/16/26 | 694 | 11104 | (319) |
|  Yum! Brands, Inc. | WFI<br> Call | 145.00 | 01/16/26 | 533 | 7729 | (629) |
|  |  |  |  |  |  | (33353) |

---

**Fair Value Hierarchy.** Various inputs are used in determining the fair value of financial instruments. For a description of the input levels and information about the Fund's policy regarding valuation of financial instruments, see Note 3 in the Notes to Financial Statements. The following table summarizes the Fund's investments categorized in the disclosure hierarchy as of June 30, 2025.

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **<u>. Level 1 ($) .</u>** | **<u>. Level 2 ($) .</u>** | **<u>. Level 3 ($) .</u>** | **<u>. Total ($) .</u>** |
| **JNL/T. Rowe Price Capital Appreciation Fund** | **JNL/T. Rowe Price Capital Appreciation Fund** | **JNL/T. Rowe Price Capital Appreciation Fund** | **JNL/T. Rowe Price Capital Appreciation Fund** | **JNL/T. Rowe Price Capital Appreciation Fund** |
| **Assets - Securities** |  |  |  |  |
| &nbsp;&nbsp; Common Stocks | 8772301 |  |  | 8772301 |
| &nbsp;&nbsp; Government And Agency Obligations |  | 2100226 |  | 2100226 |
| &nbsp;&nbsp; Senior Floating Rate Instruments |  | 1351109 |  | 1351109 |
| &nbsp;&nbsp; Corporate Bonds And Notes |  | 1070163 |  | 1070163 |
| &nbsp;&nbsp; Non-U.S. Government Agency Asset-Backed Securities |  | 5323 |  | 5323 |
| &nbsp;&nbsp; Preferred Stocks | 1157 |  |  | 1157 |
| &nbsp;&nbsp; Short Term Investments | 1312563 |  |  | 1312563 |
|  | 10086021 | 4526821 |  | 14612842 |
| **Liabilities - Investments in Other Financial Instruments<sup>1</sup>** |  |  |  |  |
| &nbsp;&nbsp; OTC Written Options |  | (33353) |  | (33353) |
|  |  | (33353) |  | (33353) |

---

<sup>1</sup> All derivatives, except for purchased and written options, are reflected at the unrealized appreciation (depreciation) on the instrument. Purchased and written options are reflected at value.

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page [607](#abbreviations).

564

**JNL Series Trust** (Unaudited)

**Schedules of Investments (in thousands)**

June 30, 2025

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| **JNL/T. Rowe Price Growth Stock Fund** | **JNL/T. Rowe Price Growth Stock Fund** | **JNL/T. Rowe Price Growth Stock Fund** |
| **COMMON STOCKS 99.6%** | **COMMON STOCKS 99.6%** | **COMMON STOCKS 99.6%** |
| **Information Technology 54.9%** | **Information Technology 54.9%** | **Information Technology 54.9%** |
| Amphenol Corporation - Class A | 989 | 97643 |
| Apple Inc. | 4607 | 945228 |
| AppLovin Corporation - Class A (a) | 198 | 69402 |
| ASML Holding N.V. - ADR | 50 | 40166 |
| Broadcom Inc. | 1547 | 426385 |
| CrowdStrike Holdings, Inc. - Class A (a) | 85 | 43364 |
| HubSpot, Inc. (a) | 94 | 52323 |
| Intuit Inc. | 184 | 144961 |
| Keysight Technologies, Inc. (a) | 168 | 27446 |
| Microsoft Corporation | 2883 | 1434077 |
| Monday.Com Ltd. (a) | 20 | 6216 |
| NVIDIA Corporation | 9045 | 1428946 |
| Oracle Corporation | 145 | 31767 |
| Roper Technologies, Inc. | 118 | 66973 |
| Samsara Inc. - Class A (a) | 690 | 27450 |
| ServiceNow, Inc. (a) | 182 | 187554 |
| Shopify Inc. - Class A (a) | 713 | 82276 |
| Snowflake Inc. - Class A (a) | 483 | 108181 |
| Synopsys, Inc. (a) | 163 | 83476 |
| Taiwan Semiconductor Manufacturing Company Limited - ADR | 461 | 104367 |
| Teledyne Technologies Incorporated (a) | 46 | 23409 |
|  |  | 5431610 |
| **Consumer Discretionary 14.1%** | **Consumer Discretionary 14.1%** | **Consumer Discretionary 14.1%** |
| Amazon.com, Inc. (a) | 3026 | 663774 |
| Booking Holdings Inc. | 11 | 61991 |
| Carvana Co. - Class A (a) | 233 | 78570 |
| Chipotle Mexican Grill, Inc. (a) | 1343 | 75434 |
| Coupang, Inc. - Class A (a) | 2357 | 70618 |
| DoorDash, Inc. - Class A (a) | 220 | 54257 |
| Duolingo, Inc. - Class A (a) | 81 | 33081 |
| Ferrari N.V. | 152 | 74398 |
| Floor & Decor Holdings, Inc. - Class A (a) | 264 | 20026 |
| MercadoLibre, Inc. (a) | 32 | 82852 |
| Tesla Inc. (a) | 493 | 156623 |
| Wingstop Inc. | 60 | 20103 |
|  |  | 1391727 |
| **Communication Services 13.1%** | **Communication Services 13.1%** | **Communication Services 13.1%** |
| Alphabet Inc. - Class A | 1912 | 337011 |
| Meta Platforms, Inc. - Class A | 773 | 570606 |
| Netflix, Inc. (a) | 226 | 302211 |
| Spotify Technology S.A. (a) | 106 | 81260 |
|  |  | 1291088 |
| **Financials 7.0%** | **Financials 7.0%** | **Financials 7.0%** |
| Adyen N.V. (a) (b) | 25 | 46774 |
| Ares Management Corporation - Class A | 162 | 28093 |
| Charles Schwab Corporation, The | 884 | 80658 |
| Fiserv, Inc. (a) | 193 | 33289 |
| MasterCard Incorporated - Class A | 390 | 219432 |
| Visa Inc. - Class A | 795 | 282199 |
|  |  | 690445 |
| **Health Care 6.9%** | **Health Care 6.9%** | **Health Care 6.9%** |
| argenx SE - ADR (a) | 111 | 61456 |
| Cigna Group, The | 93 | 30692 |
| Danaher Corporation | 251 | 49597 |
| Eli Lilly and Company | 294 | 229487 |
| Intuitive Surgical, Inc. (a) | 277 | 150615 |
| Natera, Inc. (a) | 278 | 46914 |
| Stryker Corporation | 148 | 58573 |
| Thermo Fisher Scientific Inc. | 18 | 7094 |
| UnitedHealth Group Incorporated | 155 | 48346 |
|  |  | 682774 |
| **Industrials 2.9%** | **Industrials 2.9%** | **Industrials 2.9%** |
| Boeing Company, The (a) | 414 | 86707 |
| General Electric Company | 462 | 118863 |
| Rockwell Automation, Inc. | 131 | 43568 |
| TransDigm Group Incorporated | 28 | 42274 |
|  |  | 291412 |
| **Materials 0.7%** | **Materials 0.7%** | **Materials 0.7%** |
| Linde Public Limited Company | 139 | 65320 |
| Total Common Stocks (cost $5,645,476) | Total Common Stocks (cost $5,645,476) | 9844376 |
| **SHORT TERM INVESTMENTS 0.3%** | **SHORT TERM INVESTMENTS 0.3%** | **SHORT TERM INVESTMENTS 0.3%** |
| **Investment Companies 0.3%** | **Investment Companies 0.3%** | **Investment Companies 0.3%** |
| JNL Government Money Market Fund - Class I, 4.20% (c) (d) | 3917 | 3917 |
| T. Rowe Price Government Reserve Fund - Class I, 4.32% (c) (d) | 31473 | 31473 |
| Total Short Term Investments (cost $35,390) | Total Short Term Investments (cost $35,390) | 35390 |
| **Total Investments 99.9% (cost $5,680,866)** | **Total Investments 99.9% (cost $5,680,866)** | **9879766** |
| **Other Assets and Liabilities, Net 0.1%** | **Other Assets and Liabilities, Net 0.1%** | **7718** |
| **Total Net Assets 100.0%** | **Total Net Assets 100.0%** | **9887484** |

---

(a) Non-income producing security.

(b) Security is restricted to resale to institutional investors or subject to trading restrictions due to sanctions on foreign issuers. See Restricted Securities table following the Schedules of Investments.

(c) Investment in affiliate.

(d) Yield changes daily to reflect current market conditions. Rate was the quoted yield as of June 30, 2025.

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **JNL/T. Rowe Price Growth Stock Fund — Investments in Affiliates** | **JNL/T. Rowe Price Growth Stock Fund — Investments in Affiliates** | **JNL/T. Rowe Price Growth Stock Fund — Investments in Affiliates** | **JNL/T. Rowe Price Growth Stock Fund — Investments in Affiliates** | **JNL/T. Rowe Price Growth Stock Fund — Investments in Affiliates** | **JNL/T. Rowe Price Growth Stock Fund — Investments in Affiliates** | **JNL/T. Rowe Price Growth Stock Fund — Investments in Affiliates** | **JNL/T. Rowe Price Growth Stock Fund — Investments in Affiliates** | **JNL/T. Rowe Price Growth Stock Fund — Investments in Affiliates** |
| **Affiliated Investment** | **Value Beginning of Period($)** | **Purchases($)** | **Sales Proceeds($)** | **Dividend Income/ Distributions from Funds($)** | **Realized Gain (Loss)($)** | **Change in Unrealized Appreciation (Depreciation) ($)** | **Value End of Period($)** | **Percentage of Net Assets(%)** |
| JNL Government Money Market Fund, 4.20% - Class I | 4600 | 126221 | 126904 | 84 |  |  | 3917 | 0.1 |
| JNL Government Money Market Fund, 4.30% - Class SL |  | 32102 | 32102 | 8 |  |  |  |  |
| T. Rowe Price Government Reserve Fund, 4.32% - Class I | 38079 | 708691 | 715297 | 1233 |  |  | 31473 | 0.3 |
|  | 42679 | 867014 | 874303 | 1325 |  |  | 35390 | 0.4 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **JNL/T. Rowe Price Growth Stock Fund — Restricted Securities** | **JNL/T. Rowe Price Growth Stock Fund — Restricted Securities** | **JNL/T. Rowe Price Growth Stock Fund — Restricted Securities** | **JNL/T. Rowe Price Growth Stock Fund — Restricted Securities** | **JNL/T. Rowe Price Growth Stock Fund — Restricted Securities** |
| | **Initial Acquisition** | **Cost ($)** | **Value ($)** | **Percent of**<br> **Net Assets (%)** |
| Adyen N.V. | 04/15/25 | 42935 | 46774 | 0.5 |

---

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page [607](#abbreviations).

565

**JNL Series Trust** (Unaudited)

**Schedules of Investments (in thousands)**

June 30, 2025

**Fair Value Hierarchy.** Various inputs are used in determining the fair value of financial instruments. For a description of the input levels and information about the Fund's policy regarding valuation of financial instruments, see Note 3 in the Notes to Financial Statements. The following table summarizes the Fund's investments categorized in the disclosure hierarchy as of June 30, 2025.

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **<u>. Level 1 ($) .</u>** | **<u>. Level 2 ($) .</u>** | **<u>. Level 3 ($) .</u>** | **<u>. Total ($) .</u>** |
| **JNL/T. Rowe Price Growth Stock Fund** | **JNL/T. Rowe Price Growth Stock Fund** | **JNL/T. Rowe Price Growth Stock Fund** | **JNL/T. Rowe Price Growth Stock Fund** | **JNL/T. Rowe Price Growth Stock Fund** |
| **Assets - Securities** |  |  |  |  |
| &nbsp;&nbsp; Common Stocks | 9797602 | 46774 |  | 9844376 |
| &nbsp;&nbsp; Short Term Investments | 35390 |  |  | 35390 |
|  | 9832992 | 46774 |  | 9879766 |

---

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page [607](#abbreviations).

566

**JNL Series Trust** (Unaudited)

**Schedules of Investments (in thousands)**

June 30, 2025

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| **JNL/T. Rowe Price Mid-Cap Growth Fund** | **JNL/T. Rowe Price Mid-Cap Growth Fund** | **JNL/T. Rowe Price Mid-Cap Growth Fund** |
| **COMMON STOCKS 97.4%** | **COMMON STOCKS 97.4%** | **COMMON STOCKS 97.4%** |
| **Information Technology 19.4%** | **Information Technology 19.4%** | **Information Technology 19.4%** |
| Amphenol Corporation - Class A | 473 | 46709 |
| Atlassian Corporation - Class A (a) | 192 | 38932 |
| CCC Intelligent Solutions Holdings Inc. (a) | 4858 | 45716 |
| Corning Incorporated | 374 | 19648 |
| Fair Isaac Corporation (a) | 18 | 33634 |
| Gartner, Inc. (a) | 104 | 42079 |
| HubSpot, Inc. (a) | 25 | 13749 |
| Keysight Technologies, Inc. (a) | 283 | 46389 |
| Lattice Semiconductor Corporation (a) | 1425 | 69796 |
| MACOM Technology Solutions Holdings, Inc. (a) | 105 | 15060 |
| Manhattan Associates, Inc. (a) | 105 | 20715 |
| Microchip Technology Incorporated | 1059 | 74550 |
| Monday.Com Ltd. (a) | 77 | 24278 |
| MongoDB, Inc. - Class A (a) | 44 | 9240 |
| Monolithic Power Systems, Inc. | 78 | 57048 |
| NXP Semiconductors N.V. | 175 | 38279 |
| OneStream, Inc. - Class A (a) | 390 | 11047 |
| PTC Inc. (a) | 520 | 89692 |
| Pure Storage, Inc. - Class A (a) | 711 | 40957 |
| Roper Technologies, Inc. | 22 | 12414 |
| SailPoint, Inc. (a) | 206 | 4702 |
| Tyler Technologies, Inc. (a) | 138 | 81710 |
| Zoom Communications, Inc. - Class A (a) | 549 | 42803 |
| Zscaler, Inc. (a) | 188 | 58989 |
|  |  | 938136 |
| **Health Care 19.0%** | **Health Care 19.0%** | **Health Care 19.0%** |
| Agilent Technologies, Inc. | 673 | 79433 |
| Alcon AG (b) | 492 | 43407 |
| Align Technology, Inc. (a) | 151 | 28551 |
| Alnylam Pharmaceuticals, Inc. (a) | 277 | 90461 |
| Ascendis Pharma A/S - ADR (a) | 176 | 30309 |
| Avantor, Inc. (a) | 3471 | 46714 |
| Biogen Inc. (a) | 87 | 10989 |
| BioNTech SE - ADR (a) | 173 | 18462 |
| Bruker Corporation | 767 | 31617 |
| Caris Life Sciences, Inc. (a) | 397 | 10604 |
| Cooper Companies, Inc., The (a) | 608 | 43265 |
| CRISPR Therapeutics AG (a) (b) | 256 | 12469 |
| Cytokinetics, Incorporated (a) | 388 | 12816 |
| Encompass Health Corporation | 171 | 20945 |
| Hologic, Inc. (a) | 1564 | 101891 |
| Ionis Pharmaceuticals, Inc. (a) | 1026 | 40519 |
| Masimo Corporation (a) | 70 | 11775 |
| Mettler-Toledo International Inc. (a) | 46 | 54155 |
| Molina Healthcare, Inc. (a) | 94 | 27943 |
| QuidelOrtho Corporation (a) | 433 | 12485 |
| Revolution Medicines, Inc. (a) | 257 | 9451 |
| Teleflex Incorporated | 497 | 58813 |
| Vaxcyte, Inc. (a) | 273 | 8875 |
| Veeva Systems Inc. - Class A (a) | 367 | 105833 |
| West Pharmaceutical Services, Inc. | 39 | 8446 |
|  |  | 920228 |
| **Industrials 17.0%** | **Industrials 17.0%** | **Industrials 17.0%** |
| Booz Allen Hamilton Holding Corporation - Class A | 193 | 20066 |
| Broadridge Financial Solutions, Inc. | 187 | 45349 |
| BWXT Government Group, Inc. | 373 | 53778 |
| Equifax Inc. | 165 | 42744 |
| ESAB Corporation | 438 | 52808 |
| Ferguson Enterprises Inc. | 228 | 49582 |
| Fortive Corporation | 747 | 38959 |
| IDEX Corporation | 123 | 21525 |
| Ingersoll Rand Inc. | 838 | 69713 |
| ITT Inc. | 163 | 25595 |
| J.B. Hunt Transport Services, Inc. | 189 | 27181 |
| Old Dominion Freight Line, Inc. | 250 | 40525 |
| Paylocity Holding Corporation (a) | 307 | 55621 |
| Quanta Services, Inc. | 69 | 25936 |
| Ralliant Corporation (a) | 244 | 11811 |
| StandardAero, Inc. (a) | 553 | 17516 |
| Textron Inc. | 951 | 76388 |
| TransUnion | 437 | 38473 |
| UL Solutions Inc. - Class A | 215 | 15688 |
| Veralto Corporation | 276 | 27892 |
| Verisk Analytics, Inc. | 74 | 23113 |
| Waste Connections, Inc. | 94 | 17533 |
| XPO, Inc. (a) | 210 | 26546 |
|  |  | 824342 |
| **Consumer Discretionary 14.9%** | **Consumer Discretionary 14.9%** | **Consumer Discretionary 14.9%** |
| Birkenstock Holding PLC (a) | 545 | 26813 |
| Bright Horizons Family Solutions, Inc. (a) | 144 | 17822 |
| Burlington Stores, Inc. (a) | 182 | 42374 |
| DK Crown Holdings Inc. - Class A (a) | 1590 | 68217 |
| Domino's Pizza, Inc. | 157 | 70536 |
| Duolingo, Inc. - Class A (a) | 65 | 26692 |
| Hilton Worldwide Holdings Inc. | 320 | 85149 |
| Lululemon Athletica Inc. (a) | 92 | 21834 |
| On Holding AG - Class A (a) | 415 | 21616 |
| Planet Fitness, Inc. - Class A (a) | 552 | 60174 |
| Ross Stores, Inc. | 433 | 55306 |
| Texas Roadhouse, Inc. - Class A | 170 | 31785 |
| TopBuild Corp. (a) | 42 | 13500 |
| Ulta Beauty, Inc. (a) | 71 | 33144 |
| Viking Holdings Ltd (a) | 1047 | 55770 |
| Wingstop Inc. | 43 | 14345 |
| Yum! Brands, Inc. | 526 | 77879 |
|  |  | 722956 |
| **Financials 9.0%** | **Financials 9.0%** | **Financials 9.0%** |
| Assurant, Inc. | 329 | 64974 |
| AXIS Capital Holdings Limited | 257 | 26723 |
| CBOE Global Markets, Inc. | 184 | 42887 |
| Corpay Inc (a) | 113 | 37421 |
| Markel Group Inc. (a) | 13 | 25766 |
| MarketAxess Holdings Inc. | 187 | 41765 |
| MSCI Inc. - Class A | 79 | 45389 |
| Raymond James Financial, Inc. | 352 | 53971 |
| Toast, Inc. - Class A (a) | 1171 | 51868 |
| TPG Inc. - Class A | 284 | 14902 |
| Tradeweb Markets Inc. - Class A | 201 | 29397 |
|  |  | 435063 |
| **Energy 4.9%** | **Energy 4.9%** | **Energy 4.9%** |
| Cheniere Energy, Inc. | 346 | 84258 |
| EQT Corporation | 886 | 51695 |
| Expand Energy Corporation | 292 | 34100 |
| TechnipFMC PLC | 1995 | 68711 |
|  |  | 238764 |
| **Communication Services 4.9%** | **Communication Services 4.9%** | **Communication Services 4.9%** |
| Liberty Media Corporation - Series C (a) | 687 | 71822 |
| Liberty Media Corporation - Series C (a) | 244 | 19827 |
| Live Nation Entertainment, Inc. (a) | 58 | 8789 |
| Match Group, Inc. | 625 | 19292 |
| Reddit, Inc. - Class A (a) | 201 | 30278 |
| The New York Times Company - Class A | 652 | 36477 |
| Trade Desk, Inc., The - Class A (a) | 667 | 48032 |
|  |  | 234517 |
| **Materials 3.8%** | **Materials 3.8%** | **Materials 3.8%** |
| Avery Dennison Corporation | 299 | 52483 |
| Ball Corporation | 932 | 52287 |
| Martin Marietta Materials, Inc. | 96 | 52810 |
| Sealed Air Corporation | 781 | 24220 |
|  |  | 181800 |
| **Consumer Staples 3.6%** | **Consumer Staples 3.6%** | **Consumer Staples 3.6%** |
| Casey's General Stores, Inc. | 103 | 52365 |
| Dollar Tree, Inc. (a) | 664 | 65763 |
| Maplebear Inc. (a) | 477 | 21584 |
| McCormick & Company, Incorporated | 443 | 33596 |
|  |  | 173308 |
| **Real Estate 0.9%** | **Real Estate 0.9%** | **Real Estate 0.9%** |
| CoStar Group, Inc. (a) | 531 | 42708 |
| Total Common Stocks (cost $3,708,891) | Total Common Stocks (cost $3,708,891) | 4711822 |

---

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page [607](#abbreviations).

567

**JNL Series Trust** (Unaudited)

**Schedules of Investments (in thousands)**

June 30, 2025

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| **SHORT TERM INVESTMENTS 2.9%** | **SHORT TERM INVESTMENTS 2.9%** | **SHORT TERM INVESTMENTS 2.9%** |
| **Investment Companies 2.8%** | **Investment Companies 2.8%** | **Investment Companies 2.8%** |
| JNL Government Money Market Fund - Class I, 4.20% (c) (d) | 643 | 643 |
| T. Rowe Price Government Reserve Fund - Class I, 4.32% (c) (d) | 134371 | 134371 |
|  |  | 135014 |
| **Securities Lending Collateral 0.1%** | **Securities Lending Collateral 0.1%** | **Securities Lending Collateral 0.1%** |
| JNL Government Money Market Fund - Class SL, 4.30% (c) (d) | 8061 | 8061 |
| Total Short Term Investments (cost $143,075) | Total Short Term Investments (cost $143,075) | 143075 |
| **Total Investments 100.3% (cost $3,851,966)** | **Total Investments 100.3% (cost $3,851,966)** | **4854897** |
| **Other Assets and Liabilities, Net (0.3)%** | **Other Assets and Liabilities, Net (0.3)%** | **(15737)** |
| **Total Net Assets 100.0%** | **Total Net Assets 100.0%** | **4839160** |

---

(a) Non-income producing security.

(b) All or a portion of the security was on loan as of June 30, 2025.

(c) Investment in affiliate.

(d) Yield changes daily to reflect current market conditions. Rate was the quoted yield as of June 30, 2025.

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **JNL/T. Rowe Price Mid-Cap Growth Fund — Investments in Affiliates** | **JNL/T. Rowe Price Mid-Cap Growth Fund — Investments in Affiliates** | **JNL/T. Rowe Price Mid-Cap Growth Fund — Investments in Affiliates** | **JNL/T. Rowe Price Mid-Cap Growth Fund — Investments in Affiliates** | **JNL/T. Rowe Price Mid-Cap Growth Fund — Investments in Affiliates** | **JNL/T. Rowe Price Mid-Cap Growth Fund — Investments in Affiliates** | **JNL/T. Rowe Price Mid-Cap Growth Fund — Investments in Affiliates** | **JNL/T. Rowe Price Mid-Cap Growth Fund — Investments in Affiliates** | **JNL/T. Rowe Price Mid-Cap Growth Fund — Investments in Affiliates** |
| **Affiliated Investment** | **Value Beginning of Period($)** | **Purchases($)** | **Sales Proceeds($)** | **Dividend Income/ Distributions from Funds($)** | **Realized Gain (Loss)($)** | **Change in Unrealized Appreciation (Depreciation) ($)** | **Value End of Period($)** | **Percentage of Net Assets(%)** |
| JNL Government Money Market Fund, 4.20% - Class I | 4545 | 90821 | 94723 | 91 |  |  | 643 |  |
| JNL Government Money Market Fund, 4.30% - Class SL | 1715 | 121965 | 115619 | 63 |  |  | 8061 | 0.2 |
| T. Rowe Price Government Reserve Fund, 4.32% - Class I | 119773 | 324573 | 309975 | 3239 |  |  | 134371 | 2.8 |
|  | 126033 | 537359 | 520317 | 3393 |  |  | 143075 | 3.0 |

---

**Fair Value Hierarchy.** Various inputs are used in determining the fair value of financial instruments. For a description of the input levels and information about the Fund's policy regarding valuation of financial instruments, see Note 3 in the Notes to Financial Statements. The following table summarizes the Fund's investments categorized in the disclosure hierarchy as of June 30, 2025.

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **<u>. Level 1 ($) .</u>** | **<u>. Level 2 ($) .</u>** | **<u>. Level 3 ($) .</u>** | **<u>. Total ($) .</u>** |
| **JNL/T. Rowe Price Mid-Cap Growth Fund** | **JNL/T. Rowe Price Mid-Cap Growth Fund** | **JNL/T. Rowe Price Mid-Cap Growth Fund** | **JNL/T. Rowe Price Mid-Cap Growth Fund** | **JNL/T. Rowe Price Mid-Cap Growth Fund** |
| **Assets - Securities** |  |  |  |  |
| &nbsp;&nbsp; Common Stocks | 4711822 |  |  | 4711822 |
| &nbsp;&nbsp; Short Term Investments | 143075 |  |  | 143075 |
|  | 4854897 |  |  | 4854897 |

---

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page [607](#abbreviations).

568

**JNL Series Trust** (Unaudited)

**Schedules of Investments (in thousands)**

June 30, 2025

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| **JNL/T. Rowe Price Short-Term Bond Fund** | **JNL/T. Rowe Price Short-Term Bond Fund** | **JNL/T. Rowe Price Short-Term Bond Fund** |
| **CORPORATE BONDS AND NOTES 44.5%** | **CORPORATE BONDS AND NOTES 44.5%** | **CORPORATE BONDS AND NOTES 44.5%** |
| **Financials 14.8%** | **Financials 14.8%** | **Financials 14.8%** |
| AerCap Ireland Capital Designated Activity Company |  |  |
| 6.10%, 01/15/27 | 545 | 557 |
| 6.45%, 04/15/27 | 2574 | 2659 |
| AIG Global Funding |  |  |
| 4.65%, 08/20/27 (a) | 605 | 609 |
| 5.20%, 01/12/29 (a) | 585 | 599 |
| Ally Financial Inc. |  |  |
| 5.74%, 05/15/29 | 1010 | 1028 |
| American Express Company |  |  |
| 5.10%, 02/16/28 | 665 | 673 |
| 5.04%, 07/26/28 | 1045 | 1060 |
| 4.73%, 04/25/29 | 1295 | 1310 |
| 5.53%, 04/25/30 | 1280 | 1331 |
| American Honda Finance Corporation |  |  |
| 5.65%, 11/15/28 | 1895 | 1969 |
| American International Group, Inc. |  |  |
| 4.85%, 05/07/30 | 1220 | 1240 |
| Aspen Insurance Holdings Limited |  |  |
| 5.75%, 07/01/30 | 710 | 721 |
| Athene Global Funding |  |  |
| 5.68%, 02/23/26 (a) | 1715 | 1733 |
| 4.86%, 08/27/26 (a) | 1290 | 1296 |
| 5.35%, 07/09/27 (a) | 1260 | 1279 |
| Avolon Holdings Funding Limited |  |  |
| 2.13%, 02/21/26 (a) | 935 | 918 |
| 6.38%, 05/04/28 (a) | 740 | 772 |
| 5.75%, 03/01/29 (a) | 1215 | 1249 |
| Banco Santander, S.A. |  |  |
| 5.55%, 03/14/28 (b) | 1000 | 1016 |
| Bank of America Corporation |  |  |
| 5.08%, 01/20/27 | 1650 | 1655 |
| 1.73%, 07/22/27 | 1290 | 1254 |
| 4.62%, 05/09/29 | 2175 | 2189 |
| Bank of New York Mellon Corporation, The |  |  |
| 4.41%, 07/24/26 | 1810 | 1810 |
| 4.95%, 04/26/27 | 1865 | 1873 |
| 4.73%, 04/20/29 | 1600 | 1622 |
| Banque Federative du Credit Mutuel |  |  |
| 4.94%, 01/26/26 (a) | 1495 | 1499 |
| Barclays PLC |  |  |
| 5.30%, 08/09/26 | 1485 | 1486 |
| 7.33%, 11/02/26 | 1380 | 1392 |
| 5.09%, 02/25/29 (b) | 1260 | 1275 |
| BNP Paribas |  |  |
| 4.79%, 05/09/29 (a) | 2680 | 2694 |
| Brighthouse Financial, Inc. |  |  |
| 1.55%, 05/24/26 (a) | 460 | 448 |
| Brown & Brown, Inc. |  |  |
| 4.70%, 06/23/28 | 605 | 610 |
| CaixaBank, S.A. |  |  |
| 6.68%, 09/13/27 (a) | 1565 | 1603 |
| Capital One Financial Corporation |  |  |
| 4.99%, 07/24/26 | 1650 | 1650 |
| 7.15%, 10/29/27 | 760 | 785 |
| 6.31%, 06/08/29 | 995 | 1044 |
| Citigroup Inc. |  |  |
| 5.17%, 02/13/30 | 1170 | 1193 |
| CNO Global Funding |  |  |
| 1.75%, 10/07/26 (a) | 2065 | 1993 |
| 4.88%, 12/10/27 (a) | 613 | 618 |
| Credit Agricole SA |  |  |
| 5.23%, 01/09/29 (a) (b) | 1655 | 1681 |
| 5.22%, 05/27/31 (a) | 1055 | 1074 |
| Daimler Trucks Finance North America LLC |  |  |
| 5.15%, 01/16/26 (a) | 790 | 792 |
| 5.00%, 01/15/27 (a) | 630 | 636 |
| 5.13%, 09/25/27 (a) | 1025 | 1040 |
| Danske Bank A/S |  |  |
| 6.26%, 09/22/26 (a) | 845 | 848 |
| 5.43%, 03/01/28 (a) | 1210 | 1231 |
| 4.61%, 10/02/30 (a) | 1115 | 1111 |
| Equitable Financial Life Global Funding |  |  |
| 1.70%, 11/12/26 (a) | 1255 | 1211 |
| 4.65%, 06/09/28 (a) | 1310 | 1318 |
| First Abu Dhabi Bank P.J.S.C. |  |  |
| 5.13%, 10/13/27 (c) | 2800 | 2845 |
| Fiserv, Inc. |  |  |
| 5.15%, 03/15/27 | 1495 | 1515 |
| 4.20%, 10/01/28 (d) | 1035 | 1030 |
| Ford Motor Credit Company LLC |  |  |
| 5.13%, 11/05/26 | 1135 | 1133 |
| 5.80%, 03/05/27 | 1485 | 1497 |
| 5.92%, 03/20/28 | 840 | 849 |
| Fortitude Group Holdings, LLC |  |  |
| 6.25%, 04/01/30 (a) | 2810 | 2895 |
| GA Global Funding Trust |  |  |
| 4.40%, 09/23/27 (a) | 1715 | 1712 |
| 5.40%, 01/13/30 (a) | 1530 | 1571 |
| General Motors Financial Company, Inc. |  |  |
| 5.40%, 04/06/26 - 05/08/27 | 2169 | 2190 |
| 5.35%, 07/15/27 | 1831 | 1860 |
| 5.05%, 04/04/28 | 2200 | 2218 |
| Goldman Sachs Group, Inc., The |  |  |
| 4.94%, 04/23/28 | 3035 | 3061 |
| 4.48%, 08/23/28 | 1225 | 1226 |
| 5.22%, 04/23/31 | 1695 | 1739 |
| HSBC Holdings PLC |  |  |
| 5.60%, 05/17/28 | 1585 | 1616 |
| 5.13%, 11/19/28 (b) | 1645 | 1664 |
| 4.90%, 03/03/29 (b) | 1410 | 1421 |
| ING Groep N.V. |  |  |
| 4.86%, 03/25/29 (b) | 1610 | 1624 |
| Intercontinental Exchange, Inc. |  |  |
| 3.63%, 09/01/28 | 3438 | 3369 |
| JPMorgan Chase & Co. |  |  |
| 5.21%, (SOFR + 0.89%), 04/22/27 (e) | 1265 | 1269 |
| 5.04%, 01/23/28 | 1170 | 1182 |
| 4.98%, 07/22/28 | 1175 | 1190 |
| 5.10%, 04/22/31 | 1280 | 1312 |
| Lloyds Banking Group PLC |  |  |
| 5.46%, 01/05/28 (b) | 1175 | 1192 |
| LPL Holdings, Inc. |  |  |
| 5.70%, 05/20/27 | 1940 | 1977 |
| 4.63%, 11/15/27 (a) | 315 | 314 |
| 4.90%, 04/03/28 | 695 | 700 |
| 6.75%, 11/17/28 | 600 | 640 |
| Manufacturers and Traders Trust Company |  |  |
| 4.76%, 07/06/28 | 1235 | 1244 |
| Mercedes-Benz Finance North America LLC |  |  |
| 4.80%, 01/11/27 (a) | 3660 | 3682 |
| Morgan Stanley |  |  |
| 6.14%, 10/16/26 | 1925 | 1933 |
| 4.99%, 04/12/29 | 1635 | 1659 |
| Nasdaq, Inc. |  |  |
| 5.35%, 06/28/28 (d) | 573 | 590 |
| National Rural Utilities Cooperative Finance Corporation |  |  |
| 5.10%, 05/06/27 | 884 | 898 |
| 4.12%, 09/16/27 | 674 | 674 |
| Northern Trust Corporation |  |  |
| 3.95%, 10/30/25 | 1085 | 1083 |
| Northwestern Mutual Global Funding |  |  |
| 4.35%, 09/15/27 (a) | 1430 | 1436 |
| PT. Bank Mandiri (Persero) Tbk. |  |  |
| 5.50%, 04/04/26 (c) | 1710 | 1722 |
| Reinsurance Group of America, Incorporated |  |  |
| 3.95%, 09/15/26 | 1264 | 1256 |
| S&P Global Inc. |  |  |
| 2.45%, 03/01/27 | 2715 | 2643 |
| Sammons Financial Group, Inc. |  |  |
| 5.05%, 01/10/28 (a) | 795 | 807 |
| Santander Holdings USA, Inc. |  |  |
| 6.12%, 05/31/27 | 240 | 243 |
| 2.49%, 01/06/28 | 1360 | 1317 |

---

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page [607](#abbreviations).

569

**JNL Series Trust** (Unaudited)

**Schedules of Investments (in thousands)**

June 30, 2025

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| Societe Generale |  |  |
| 5.52%, 01/19/28 (a) | 1635 | 1658 |
| 5.25%, 05/22/29 (a) | 2000 | 2023 |
| Standard Chartered PLC |  |  |
| 4.30%, 02/19/27 (a) | 788 | 783 |
| 5.69%, 05/14/28 (a) | 1180 | 1204 |
| State Street Corporation |  |  |
| 4.83%, 04/24/30 | 1385 | 1412 |
| The PNC Financial Services Group, Inc. |  |  |
| 4.76%, 01/26/27 | 1860 | 1863 |
| The Western Union Company |  |  |
| 1.35%, 03/15/26 (d) | 3993 | 3905 |
| U.S. Bancorp |  |  |
| 5.73%, 10/21/26 | 1140 | 1144 |
| 4.55%, 07/22/28 | 1815 | 1820 |
| UBS Group AG |  |  |
| 1.49%, 08/10/27 (a) (b) | 905 | 875 |
| 6.33%, 12/22/27 (a) | 1305 | 1340 |
| Volkswagen Group of America Finance, LLC |  |  |
| 5.80%, 09/12/25 (a) | 1260 | 1262 |
| 5.70%, 09/12/26 (a) | 1355 | 1370 |
| 6.00%, 11/16/26 (a) | 1195 | 1214 |
| 4.85%, 08/15/27 (a) | 2020 | 2022 |
| 5.05%, 03/27/28 (a) | 885 | 890 |
| Wells Fargo & Company |  |  |
| 4.54%, 08/15/26 | 2080 | 2080 |
| 4.90%, 01/24/28 | 2090 | 2105 |
| 4.97%, 04/23/29 | 4465 | 4529 |
| | | 163151 |
| **Health Care 4.7%** | **Health Care 4.7%** | **Health Care 4.7%** |
| Becton, Dickinson and Company |  |  |
| 4.69%, 02/13/28 | 3035 | 3063 |
| Cencora, Inc. |  |  |
| 3.45%, 12/15/27 | 342 | 336 |
| 4.63%, 12/15/27 | 955 | 964 |
| 4.85%, 12/15/29 | 510 | 518 |
| Centene Corporation |  |  |
| 4.63%, 12/15/29 | 4770 | 4662 |
| CVS Health Corporation |  |  |
| 5.00%, 02/20/26 | 3079 | 3091 |
| 2.88%, 06/01/26 | 1201 | 1184 |
| 3.00%, 08/15/26 | 890 | 876 |
| 1.30%, 08/21/27 | 3190 | 2992 |
| 4.30%, 03/25/28 | 980 | 976 |
| HCA Inc. |  |  |
| 5.88%, 02/15/26 | 1230 | 1232 |
| 3.13%, 03/15/27 | 2280 | 2234 |
| 5.63%, 09/01/28 | 1840 | 1895 |
| Health Care Service Corporation, A Mutual Legal Reserve Company |  |  |
| 5.20%, 06/15/29 (a) | 875 | 893 |
| Humana Inc. |  |  |
| 5.75%, 03/01/28 - 12/01/28 | 2202 | 2284 |
| Icon Investments Six Designated Activity Company |  |  |
| 5.81%, 05/08/27 | 2170 | 2215 |
| IQVIA Inc. |  |  |
| 6.25%, 02/01/29 | 810 | 846 |
| Mars, Incorporated |  |  |
| 4.60%, 03/01/28 (a) | 1565 | 1577 |
| 4.55%, 04/20/28 (a) | 2555 | 2580 |
| 4.80%, 03/01/30 (a) | 1435 | 1454 |
| Mylan II B.V. |  |  |
| 3.95%, 06/15/26 | 2258 | 2237 |
| PeaceHealth |  |  |
| 1.38%, 11/15/25 | 470 | 463 |
| Solventum Corporation |  |  |
| 5.45%, 02/25/27 | 2925 | 2972 |
| 5.40%, 03/01/29 | 1509 | 1554 |
| Stryker Corporation |  |  |
| 4.70%, 02/10/28 | 2430 | 2463 |
| 4.25%, 09/11/29 | 1130 | 1129 |
| Thermo Fisher Scientific Inc. |  |  |
| 1.75%, 10/15/28 | 1100 | 1019 |
| UnitedHealth Group Incorporated |  |  |
| 5.25%, 02/15/28 | 815 | 837 |
| 4.40%, 06/15/28 | 750 | 753 |
| Viatris Inc. |  |  |
| 2.30%, 06/22/27 | 1353 | 1288 |
| Zoetis Inc. |  |  |
| 3.00%, 09/12/27 | 1769 | 1727 |
|  |  | 52314 |
| **Energy 4.3%** | **Energy 4.3%** | **Energy 4.3%** |
| Apa Infrastructure Limited |  |  |
| 4.25%, 07/15/27 (a) | 2675 | 2664 |
| BP Capital Markets America Inc. |  |  |
| 4.23%, 11/06/28 | 892 | 893 |
| BP Capital Markets P.L.C. |  |  |
| 3.72%, 11/28/28 | 1305 | 1284 |
| Canadian Natural Resources Limited |  |  |
| 2.05%, 07/15/25 | 2710 | 2707 |
| 3.85%, 06/01/27 | 1243 | 1229 |
| Cheniere Corpus Christi Holdings, LLC |  |  |
| 5.13%, 06/30/27 | 1518 | 1533 |
| Columbia Pipelines Holding Company LLC |  |  |
| 6.06%, 08/15/26 (a) | 290 | 294 |
| Diamondback Energy, Inc. |  |  |
| 5.20%, 04/18/27 | 805 | 816 |
| Enbridge Inc. |  |  |
| 5.90%, 11/15/26 | 730 | 744 |
| 4.60%, 06/20/28 | 505 | 509 |
| 6.00%, 11/15/28 | 600 | 630 |
| Energy Transfer LP |  |  |
| 6.05%, 12/01/26 | 2770 | 2828 |
| 5.25%, 07/01/29 | 960 | 984 |
| EQT Corporation |  |  |
| 3.13%, 05/15/26 (a) | 480 | 473 |
| Gray Oak Pipeline, LLC |  |  |
| 2.60%, 10/15/25 (a) | 940 | 933 |
| HF Sinclair Corporation |  |  |
| 5.75%, 01/15/31 | 1655 | 1695 |
| Kinder Morgan, Inc. |  |  |
| 5.15%, 06/01/30 | 1330 | 1358 |
| Occidental Petroleum Corporation |  |  |
| 5.00%, 08/01/27 | 950 | 959 |
| 5.20%, 08/01/29 | 680 | 683 |
| ONEOK, Inc. |  |  |
| 4.85%, 07/15/26 | 2657 | 2662 |
| 5.55%, 11/01/26 | 1325 | 1343 |
| 4.25%, 09/24/27 | 2280 | 2277 |
| Sabine Pass Liquefaction, LLC |  |  |
| 5.88%, 06/30/26 | 2771 | 2791 |
| 4.20%, 03/15/28 | 468 | 466 |
| Schlumberger Holdings Corporation |  |  |
| 3.90%, 05/17/28 (a) | 2067 | 2045 |
| Schlumberger Investment S.A. |  |  |
| 4.50%, 05/15/28 | 1135 | 1144 |
| South Bow USA Infrastructure Holdings LLC |  |  |
| 4.91%, 09/01/27 (a) | 1595 | 1606 |
| Targa Resources Corp. |  |  |
| 5.20%, 07/01/27 | 510 | 517 |
| Tengizchevroil Finance Company S.A R.L. |  |  |
| 4.00%, 08/15/26 (c) | 2240 | 2220 |
| Valero Energy Corporation |  |  |
| 5.15%, 02/15/30 | 515 | 525 |
| Williams Companies, Inc., The |  |  |
| 5.40%, 03/02/26 | 3205 | 3223 |
| 4.80%, 11/15/29 | 980 | 993 |
| 4.63%, 06/30/30 | 1550 | 1551 |
| Woodside Finance Limited |  |  |
| 3.70%, 09/15/26 (a) | 657 | 650 |
|  |  | 47229 |
| **Industrials 3.9%** | **Industrials 3.9%** | **Industrials 3.9%** |
| BAE Systems PLC |  |  |
| 5.00%, 03/26/27 (a) | 1380 | 1396 |
| Boeing Company, The |  |  |
| 2.20%, 02/04/26 (d) | 955 | 940 |
| 6.26%, 05/01/27 (d) | 2378 | 2448 |
| 3.20%, 03/01/29 | 1195 | 1139 |

---

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page [607](#abbreviations).

570

**JNL Series Trust** (Unaudited)

**Schedules of Investments (in thousands)**

June 30, 2025

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| Canadian Pacific Kansas City Limited |  |  |
| 1.75%, 12/02/26 | 1065 | 1027 |
| Delta Air Lines, Inc. |  |  |
| 4.95%, 07/10/28 | 1005 | 1010 |
| Element Fleet Management Corp. |  |  |
| 5.64%, 03/13/27 (a) | 1090 | 1108 |
| 5.04%, 03/25/30 (a) | 1045 | 1054 |
| FedEx Corporation |  |  |
| 3.25%, 04/01/26 | 2666 | 2640 |
| Fortive Corporation |  |  |
| 3.15%, 06/15/26 | 1538 | 1518 |
| GATX Corporation |  |  |
| 3.25%, 09/15/26 | 820 | 808 |
| 5.40%, 03/15/27 | 774 | 785 |
| 3.85%, 03/30/27 | 508 | 503 |
| Holcim Finance US LLC |  |  |
| 4.70%, 04/07/28 (a) | 1540 | 1554 |
| 4.95%, 04/07/30 (a) | 565 | 572 |
| Huntington Ingalls Industries, Inc. |  |  |
| 5.35%, 01/15/30 | 445 | 457 |
| Northrop Grumman Corporation |  |  |
| 3.25%, 01/15/28 | 325 | 317 |
| Owens Corning |  |  |
| 3.40%, 08/15/26 | 748 | 740 |
| 5.50%, 06/15/27 | 1035 | 1058 |
| Paychex, Inc. |  |  |
| 5.10%, 04/15/30 | 2805 | 2873 |
| Penske Truck Leasing Co., L.P. |  |  |
| 5.75%, 05/24/26 (a) | 3035 | 3067 |
| 1.70%, 06/15/26 (a) | 268 | 261 |
| 3.40%, 11/15/26 (a) | 470 | 463 |
| 5.35%, 01/12/27 (a) | 690 | 698 |
| Regal Rexnord Corporation |  |  |
| 6.05%, 02/15/26 - 04/15/28 (d) | 4869 | 4943 |
| Republic Services, Inc. |  |  |
| 0.88%, 11/15/25 | 863 | 851 |
| 4.88%, 04/01/29 | 1615 | 1649 |
| 4.75%, 07/15/30 | 550 | 560 |
| RTX Corporation |  |  |
| 6.70%, 08/01/28 | 208 | 222 |
| 7.00%, 11/01/28 | 816 | 875 |
| Sydney Airport Finance Company Pty Limited |  |  |
| 3.63%, 04/28/26 (a) | 326 | 324 |
| Uber Technologies, Inc. |  |  |
| 4.50%, 08/15/29 (a) | 2690 | 2677 |
| Waste Management, Inc. |  |  |
| 3.88%, 01/15/29 | 2290 | 2263 |
| | | 42800 |
| **Utilities 3.3%** | **Utilities 3.3%** | **Utilities 3.3%** |
| AES Corporation, The |  |  |
| 1.38%, 01/15/26 | 2302 | 2263 |
| American Electric Power Company, Inc. |  |  |
| 5.20%, 01/15/29 | 2110 | 2164 |
| Appalachian Power Company |  |  |
| 3.30%, 06/01/27 | 2528 | 2481 |
| Constellation Energy Generation, LLC |  |  |
| 5.60%, 03/01/28 | 1185 | 1226 |
| DTE Energy Company |  |  |
| 4.95%, 07/01/27 | 880 | 891 |
| 5.20%, 04/01/30 | 1155 | 1182 |
| Duke Energy Corporation |  |  |
| 4.30%, 03/15/28 | 789 | 791 |
| Enel Finance International N.V. |  |  |
| 7.05%, 10/14/25 (a) (e) (f) | 625 | 629 |
| 1.63%, 07/12/26 (a) (f) | 2250 | 2184 |
| Exelon Corporation |  |  |
| 5.15%, 03/15/29 | 625 | 641 |
| FirstEnergy Corp. |  |  |
| 3.90%, 07/15/27 (d) (f) | 1896 | 1876 |
| FirstEnergy Transmission, LLC |  |  |
| 4.55%, 01/15/30 | 450 | 450 |
| Korea Electric Power Corp |  |  |
| 5.38%, 04/06/26 (a) | 2400 | 2419 |
| Korea Hydro & Nuclear Power Co., Ltd |  |  |
| 1.25%, 04/27/26 (a) | 1419 | 1386 |
| 4.25%, 07/27/27 (a) | 1120 | 1119 |
| NextEra Energy Capital Holdings, Inc. |  |  |
| 5.75%, 09/01/25 (f) | 310 | 311 |
| 1.88%, 01/15/27 | 2270 | 2189 |
| Niagara Mohawk Power Corporation |  |  |
| 4.65%, 10/03/30 (a) | 970 | 970 |
| NiSource Inc. |  |  |
| 5.25%, 03/30/28 | 515 | 527 |
| NRG Energy, Inc. |  |  |
| 2.00%, 12/02/25 (a) | 755 | 746 |
| Public Service Enterprise Group Incorporated |  |  |
| 4.90%, 03/15/30 | 1930 | 1963 |
| Sempra |  |  |
| 5.40%, 08/01/26 | 1090 | 1100 |
| Southern California Gas Company |  |  |
| 2.95%, 04/15/27 | 1625 | 1593 |
| Tenaga Nasional Berhad |  |  |
| 7.50%, 11/01/25 (c) | 2800 | 2827 |
| The Southern Company |  |  |
| 5.11%, 08/01/27 (f) | 1035 | 1055 |
| Trans-Allegheny Interstate Line Company |  |  |
| 5.00%, 01/15/31 (a) | 290 | 295 |
| Vistra Operations Company LLC |  |  |
| 5.05%, 12/30/26 (a) | 714 | 718 |
|  |  | 35996 |
| **Consumer Discretionary 2.9%** | **Consumer Discretionary 2.9%** | **Consumer Discretionary 2.9%** |
| Advance Auto Parts, Inc. |  |  |
| 5.90%, 03/09/26 | 1485 | 1487 |
| Aptiv PLC |  |  |
| 4.65%, 09/13/29 | 805 | 803 |
| AutoZone, Inc. |  |  |
| 5.13%, 06/15/30 | 1230 | 1261 |
| BMW US Capital, LLC |  |  |
| 4.60%, 08/13/27 (a) | 2875 | 2892 |
| Darden Restaurants, Inc. |  |  |
| 4.35%, 10/15/27 | 1620 | 1622 |
| General Motors Company |  |  |
| 5.35%, 04/15/28 | 810 | 826 |
| Hyundai Capital America |  |  |
| 6.25%, 11/03/25 (a) | 820 | 824 |
| 5.50%, 03/30/26 (a) | 885 | 891 |
| 5.25%, 01/08/27 (a) | 620 | 626 |
| 4.85%, 03/25/27 (a) | 1080 | 1085 |
| 4.88%, 06/23/27 (a) | 1130 | 1137 |
| 5.00%, 01/07/28 (a) | 1340 | 1351 |
| 5.60%, 03/30/28 (a) | 1180 | 1207 |
| Lowe`s Companies, Inc. |  |  |
| 3.35%, 04/01/27 | 680 | 670 |
| Marriott International, Inc. |  |  |
| 3.13%, 06/15/26 | 2125 | 2099 |
| Mattel, Inc. |  |  |
| 3.38%, 04/01/26 (a) | 1914 | 1888 |
| McDonald's Corporation |  |  |
| 3.80%, 04/01/28 | 2506 | 2486 |
| Mohawk Industries, Inc. |  |  |
| 5.85%, 09/18/28 | 784 | 816 |
| O'Reilly Automotive, Inc. |  |  |
| 5.75%, 11/20/26 | 3362 | 3422 |
| 4.35%, 06/01/28 | 1102 | 1106 |
| Ross Stores, Inc. |  |  |
| 0.88%, 04/15/26 | 2130 | 2073 |
| Starbucks Corporation |  |  |
| 2.00%, 03/12/27 | 450 | 433 |
| 4.00%, 11/15/28 | 1168 | 1160 |
|  |  | 32165 |
| **Information Technology 2.7%** | **Information Technology 2.7%** | **Information Technology 2.7%** |
| Amphenol Corporation |  |  |
| 5.05%, 04/05/29 | 256 | 263 |
| Analog Devices, Inc. |  |  |
| 1.70%, 10/01/28 | 645 | 598 |
| Atlassian Corporation |  |  |
| 5.25%, 05/15/29 | 645 | 662 |

---

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page [607](#abbreviations).

571

**JNL Series Trust** (Unaudited)

**Schedules of Investments (in thousands)**

June 30, 2025

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| Cadence Design Systems, Inc. |  |  |
| 4.20%, 09/10/27 | 139 | 139 |
| Dell International L.L.C. |  |  |
| 4.75%, 04/01/28 | 1515 | 1532 |
| Fortinet, Inc. |  |  |
| 1.00%, 03/15/26 | 1965 | 1915 |
| Foundry JV Holdco LLC |  |  |
| 5.90%, 01/25/30 (a) | 505 | 528 |
| 5.50%, 01/25/31 (a) | 535 | 549 |
| Intel Corporation |  |  |
| 3.15%, 05/11/27 | 525 | 514 |
| 3.75%, 08/05/27 | 950 | 937 |
| 4.88%, 02/10/28 | 324 | 328 |
| 4.00%, 08/05/29 | 1045 | 1023 |
| International Business Machines Corporation |  |  |
| 4.65%, 02/10/28 | 3859 | 3905 |
| Keysight Technologies, Inc. |  |  |
| 5.35%, 07/30/30 | 1320 | 1362 |
| Marvell Technology, Inc. |  |  |
| 1.65%, 04/15/26 | 725 | 710 |
| 4.88%, 06/22/28 | 2200 | 2226 |
| 4.75%, 07/15/30 | 450 | 452 |
| Micron Technology, Inc. |  |  |
| 5.38%, 04/15/28 | 3020 | 3102 |
| NXP B.V. |  |  |
| 3.88%, 06/18/26 | 1345 | 1337 |
| 3.15%, 05/01/27 | 305 | 299 |
| 4.40%, 06/01/27 | 295 | 296 |
| 4.30%, 06/18/29 | 1320 | 1308 |
| Synopsys, Inc. |  |  |
| 4.65%, 04/01/28 | 2900 | 2931 |
| 4.85%, 04/01/30 | 1825 | 1851 |
| Workday, Inc. |  |  |
| 3.50%, 04/01/27 | 975 | 963 |
| | | 29730 |
| **Consumer Staples 2.7%** | **Consumer Staples 2.7%** | **Consumer Staples 2.7%** |
| Altria Group, Inc. |  |  |
| 2.63%, 09/16/26 | 1251 | 1227 |
| B.A.T. International Finance P.L.C. |  |  |
| 1.67%, 03/25/26 | 1775 | 1738 |
| 4.45%, 03/16/28 | 3255 | 3255 |
| Coca-Cola Europacific Partners PLC |  |  |
| 1.50%, 01/15/27 (a) | 290 | 278 |
| CSL Finance PLC |  |  |
| 3.85%, 04/27/27 (a) | 730 | 725 |
| Diageo Investment Corporation |  |  |
| 5.13%, 08/15/30 | 555 | 572 |
| Dollar General Corporation |  |  |
| 3.88%, 04/15/27 | 547 | 542 |
| 4.63%, 11/01/27 | 910 | 916 |
| 4.13%, 05/01/28 | 1874 | 1861 |
| 5.20%, 07/05/28 | 1088 | 1110 |
| ERAC USA Finance LLC |  |  |
| 4.60%, 05/01/28 (a) | 2440 | 2467 |
| 5.00%, 02/15/29 (a) | 875 | 895 |
| Heineken N.V. |  |  |
| 3.50%, 01/29/28 (a) | 5862 | 5770 |
| Imperial Brands Finance PLC |  |  |
| 4.50%, 06/30/28 (a) | 1195 | 1195 |
| Japan Tobacco Inc. |  |  |
| 4.85%, 05/15/28 (a) | 2490 | 2527 |
| Kroger Co., The |  |  |
| 3.70%, 08/01/27 | 293 | 290 |
| KT&G Corporation |  |  |
| 5.00%, 05/02/28 (c) | 1260 | 1279 |
| Philip Morris International Inc. |  |  |
| 5.13%, 11/17/27 | 457 | 466 |
| Viterra Finance B.V. |  |  |
| 2.00%, 04/21/26 (a) | 375 | 366 |
| 4.90%, 04/21/27 (a) | 2015 | 2020 |
|  |  | 29499 |
| **Communication Services 2.2%** | **Communication Services 2.2%** | **Communication Services 2.2%** |
| AT&T Inc. |  |  |
| 4.10%, 02/15/28 | 780 | 777 |
| Charter Communications Operating, LLC |  |  |
| 4.91%, 07/23/25 | 1714 | 1714 |
| 6.15%, 11/10/26 | 795 | 810 |
| Comcast Corporation |  |  |
| 4.15%, 10/15/28 | 660 | 659 |
| Cox Communications, Inc. |  |  |
| 3.35%, 09/15/26 (a) | 665 | 655 |
| 3.50%, 08/15/27 (a) | 860 | 843 |
| KT Corporation |  |  |
| 4.00%, 08/08/25 (a) | 3095 | 3092 |
| 4.13%, 02/02/28 (a) | 350 | 349 |
| NBN Co Limited |  |  |
| 1.45%, 05/05/26 (a) | 3665 | 3576 |
| NTT Finance Corporation |  |  |
| 4.24%, 07/25/25 (a) | 755 | 755 |
| Omnicom Group Inc. |  |  |
| 3.60%, 04/15/26 | 495 | 491 |
| Rogers Communications Inc. |  |  |
| 3.20%, 03/15/27 | 2250 | 2206 |
| 5.00%, 02/15/29 | 2780 | 2820 |
| Take-Two Interactive Software, Inc. |  |  |
| 5.00%, 03/28/26 | 1910 | 1919 |
| T-Mobile USA, Inc. |  |  |
| 2.63%, 04/15/26 | 955 | 941 |
| Verizon Communications Inc. |  |  |
| 2.10%, 03/22/28 | 2398 | 2272 |
|  |  | 23879 |
| **Materials 1.6%** | **Materials 1.6%** | **Materials 1.6%** |
| BHP Billiton Finance (USA) Limited |  |  |
| 5.00%, 02/21/30 | 2290 | 2347 |
| Celanese US Holdings LLC |  |  |
| 1.40%, 08/05/26 | 1260 | 1216 |
| 6.42%, 07/15/27 (d) (f) | 785 | 813 |
| Corporacion Nacional del Cobre de Chile |  |  |
| 3.63%, 08/01/27 (c) | 421 | 413 |
| 3.00%, 09/30/29 (c) | 2570 | 2388 |
| EQUATE Petrochemical |  |  |
| 2.63%, 04/28/28 (c) | 804 | 758 |
| FMC Corporation |  |  |
| 3.45%, 10/01/29 | 1217 | 1134 |
| LYB International Finance III, LLC |  |  |
| 1.25%, 10/01/25 | 1417 | 1406 |
| Nutrien Ltd. |  |  |
| 4.90%, 03/27/28 | 980 | 994 |
| POSCO Holdings Inc. |  |  |
| 5.63%, 01/17/26 (a) | 1315 | 1320 |
| Rio Tinto Finance (USA) plc |  |  |
| 4.88%, 03/14/30 | 1105 | 1126 |
| Saudi Arabian Mining Company |  |  |
| 5.25%, 02/13/30 (a) | 2000 | 2035 |
| Sherwin-Williams Company, The |  |  |
| 4.55%, 03/01/28 | 1305 | 1316 |
|  |  | 17266 |
| **Real Estate 1.4%** | **Real Estate 1.4%** | **Real Estate 1.4%** |
| American Tower Corporation |  |  |
| 1.60%, 04/15/26 | 2927 | 2862 |
| 3.55%, 07/15/27 | 1188 | 1171 |
| CBRE Services, Inc. |  |  |
| 4.80%, 06/15/30 | 595 | 598 |
| Crown Castle Inc. |  |  |
| 1.05%, 07/15/26 | 2800 | 2697 |
| 2.90%, 03/15/27 | 2205 | 2147 |
| 5.00%, 01/11/28 | 850 | 859 |
| 4.80%, 09/01/28 | 1125 | 1132 |
| 4.30%, 02/15/29 | 230 | 227 |
| 5.60%, 06/01/29 | 930 | 961 |
| Kilroy Realty, L.P. |  |  |
| 4.38%, 10/01/25 | 1505 | 1503 |
| ProLogis, L.P. |  |  |
| 3.88%, 09/15/28 | 535 | 530 |
| Realty Income Corporation |  |  |
| 5.05%, 01/13/26 | 645 | 645 |
|  |  | 15332 |
| Total Corporate Bonds And Notes (cost $485,283) | Total Corporate Bonds And Notes (cost $485,283) | 489361 |

---

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page [607](#abbreviations).

572

**JNL Series Trust** (Unaudited)

**Schedules of Investments (in thousands)**

June 30, 2025

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| **NON-U.S. GOVERNMENT AGENCY ASSET-BACKED SECURITIES 28.9%** | **NON-U.S. GOVERNMENT AGENCY ASSET-BACKED SECURITIES 28.9%** | **NON-U.S. GOVERNMENT AGENCY ASSET-BACKED SECURITIES 28.9%** |
| Affirm Master Trust |  |  |
| Series 2025-A-2A, REMIC, 4.67%, 07/15/33 | 940 | 943 |
| Series 2025-B-2A, REMIC, 5.06%, 07/15/33 | 990 | 993 |
| ALEN 2021-ACEN Mortgage Trust |  |  |
| Series 2021-A-ACEN, REMIC, 5.58%, (1 Month Term SOFR + 1.26%), 04/15/26 (e) | 685 | 656 |
| Alinea CLO 2018-1 Ltd |  |  |
| Series 2018-AR-1A, 5.17%, (3 Month Term SOFR + 0.90%), 07/21/31 (e) | 490 | 490 |
| Series 2018-BR-1A, 5.42%, (3 Month Term SOFR + 1.15%), 07/21/31 (e) | 250 | 249 |
| Ally Auto Receivables Trust 2023-A |  |  |
| Series 2023-B-A, 6.01%, 12/15/25 | 117 | 117 |
| Series 2023-C-A, 6.08%, 12/15/26 | 519 | 527 |
| Ally Bank |  |  |
| Series 2024-B-A, 5.83%, 02/15/28 | 154 | 156 |
| Series 2024-C-A, 6.02%, 02/15/28 | 172 | 174 |
| Series 2024-A2-B, 4.97%, 09/15/32 | 279 | 281 |
| Series 2024-C-B, 5.22%, 09/15/32 | 305 | 306 |
| American Airlines, Inc. |  |  |
| Series 2017-B-2B, 3.70%, 10/15/25 | 598 | 590 |
| AmeriCredit Automobile Receivables Trust 2022-1 |  |  |
| Series 2022-D-1, 3.23%, 02/18/28 | 1465 | 1442 |
| Americredit Automobile Receivables Trust 2023-1 |  |  |
| Series 2023-C-1, 5.80%, 12/18/28 | 1195 | 1220 |
| AMSR 2020-SFR2 Trust |  |  |
| Series 2020-A-SFR2, REMIC, 1.63%, 07/17/25 | 1255 | 1253 |
| Amur Equipment Finance Receivables X LLC |  |  |
| Series 2022-C-1A, 2.37%, 04/20/28 | 550 | 547 |
| Series 2022-E-1A, 5.02%, 12/20/28 | 770 | 769 |
| Angel Oak Mortgage Trust 2021-1 |  |  |
| Series 2021-A1-1, REMIC, 0.91%, 01/25/66 (e) | 962 | 846 |
| Angel Oak Mortgage Trust 2025-5 |  |  |
| Series 2025-A1-5, REMIC, 5.57%, 04/25/70 (f) | 2960 | 2976 |
| Anthelion CLO 2025-1 Ltd |  |  |
| Series 2025-A1-1A, 0.00%, (3 Month Term SOFR + 1.50%), 07/21/36 (e) (g) | 1650 | 1646 |
| Arby's Funding, LLC |  |  |
| Series 2020-A2-1A, 3.24%, 07/30/27 | 2962 | 2830 |
| ARI Fleet Lease Trust 2024-B |  |  |
| Series 2024-A2-B, 5.54%, 02/16/27 | 1049 | 1055 |
| Auxilior Term Funding 2023-1, LLC |  |  |
| Series 2023-A2-1A, 6.18%, 12/16/30 | 1030 | 1036 |
| Auxilior Term Funding 2024-1, LLC |  |  |
| Series 2024-A3-1A, 5.49%, 07/15/31 | 715 | 728 |
| Avis Budget Rental Car Funding (AESOP) LLC |  |  |
| Series 2022-C-5A, 6.24%, 04/20/26 | 525 | 525 |
| Series 2023-C-2A, 6.18%, 10/20/26 | 370 | 372 |
| Balboa Bay Loan Funding 2023-1 Ltd |  |  |
| Series 2023-ARR-1A, 0.00%, (3 Month Term SOFR + 1.16%), 04/21/36 (e) | 545 | 545 |
| Bank 2024-BNK47 |  |  |
| Series 2024-A1-BNK47, REMIC, 5.52%, 05/17/29 | 251 | 255 |
| Bank5 2024-5Yr11 |  |  |
| Series 2024-AS-5YR11, REMIC, 6.14%, 11/19/29 | 925 | 965 |
| Bank5 2024-5YR12 |  |  |
| Series 2024-AS-5YR12, REMIC, 6.12%, 12/15/29 (e) | 650 | 684 |
| Series 2024-A3-5YR12, REMIC, 5.90%, 12/17/57 (e) | 540 | 566 |
| Bank5 2024-5YR9 |  |  |
| Series 2024-A1-5YR9, REMIC, 4.89%, 06/15/29 | 1170 | 1183 |
| Barings CLO Ltd 2018-IV |  |  |
| Series 2018-BR-4A, 6.06%, (3 Month Term SOFR + 1.80%), 10/15/30 (e) | 2340 | 2342 |
| Battalion CLO XII Ltd |  |  |
| Series 2018-BRR-12A, 5.52%, (3 Month Term SOFR + 1.20%), 05/19/31 (e) | 1335 | 1324 |
| Series 2018-CRR-12A, 5.87%, (3 Month Term SOFR + 1.55%), 05/19/31 (e) | 1445 | 1443 |
| Battalion CLO XV Ltd |  |  |
| Series 2020-A1RR-15A, 5.26%, (3 Month Term SOFR + 0.98%), 01/17/33 (e) | 4213 | 4198 |
| Series 2020-CR-15A, 6.18%, (3 Month Term SOFR + 1.90%), 01/17/33 (e) | 965 | 961 |
| Battalion CLO XXI Ltd |  |  |
| Series 2021-BR-21A, 0.00%, (3 Month Term SOFR + 1.70%), 07/17/34 (e) | 830 | 830 |
| Bayview Opportunity Master Fund VII 2024-CAR1, LLC |  |  |
| Series 2024-A-CAR1, 5.41%, (SOFR 30-Day Average + 1.10%), 12/26/31 (e) | 435 | 436 |
| Benchmark 2024-V11 Mortgage Trust |  |  |
| Series 2024-AM-V11, 6.20%, 11/19/29 | 785 | 820 |
| Benchmark 2024-V8 Mortgage Trust |  |  |
| Series 2024-A1-V8, REMIC, 5.51%, 04/16/29 (e) | 594 | 603 |
| BINOM Securitization Trust 2021-INV1 |  |  |
| Series 2021-A2-INV1, REMIC, 2.37%, 06/25/56 (e) | 532 | 484 |
| Series 2021-A3-INV1, REMIC, 2.63%, 06/25/56 (e) | 545 | 500 |
| Blue Owl Asset Leasing Trust 2024-1 LLC |  |  |
| Series 2024-A2-1A, 5.05%, 03/15/29 | 1109 | 1106 |
| Series 2024-B-1A, 5.41%, 03/15/30 | 325 | 328 |
| BlueMountain CLO 2016-3 Ltd |  |  |
| Series 2016-A1R2-3A, 5.26%, (3 Month Term SOFR + 0.94%), 11/15/30 (e) | 1509 | 1509 |
| BlueMountain CLO 2018-3 Ltd |  |  |
| Series 2018-A1R-3A, 5.47%, (3 Month Term SOFR + 1.19%), 10/25/30 (e) | 849 | 849 |
| BMO 2024-5C4 Mortgage Trust |  |  |
| Series 2024-A3-5C4, REMIC, 6.53%, 04/17/29 | 1540 | 1631 |
| BPR Trust 2021-TY |  |  |
| Series 2021-B-TY, REMIC, 5.58%, (1 Month Term SOFR + 1.26%), 09/15/38 (e) | 1855 | 1848 |
| BRAVO Residential Funding Trust 2021-HE2 |  |  |
| Series 2021-B1-HE2, REMIC, 6.72%, (SOFR 30-Day Average + 2.40%), 11/25/69 (e) (h) | 615 | 614 |
| BRE Grand Islander Timeshare Issuer 2019-A LLC |  |  |
| Series 2019-A-A, 3.28%, 09/26/33 | 409 | 404 |
| BX Commercial Mortgage Trust 2024-GPA3 |  |  |
| Series 2024-B-GPA3, REMIC, 5.95%, (1 Month Term SOFR + 1.64%), 12/15/26 (e) | 891 | 892 |
| BX Commercial Mortgage Trust 2024-MDHS |  |  |
| Series 2024-A-MDHS, REMIC, 5.95%, (1 Month Term SOFR + 1.64%), 05/15/29 (e) | 1179 | 1180 |
| Series 2024-B-MDHS, REMIC, 6.15%, (1 Month Term SOFR + 1.84%), 05/15/29 (e) | 1152 | 1153 |
| BX Commercial Mortgage Trust 2024-SLCT |  |  |
| Series 2024-B-SLCT, REMIC, 6.11%, (1 Month Term SOFR + 1.79%), 01/15/27 (e) | 545 | 548 |
| Series 2024-C-SLCT, REMIC, 6.70%, (1 Month Term SOFR + 2.39%), 01/15/27 (e) | 1430 | 1420 |
| CarMax Auto Owner Trust 2023-2 |  |  |
| Series 2023-C-2, 5.57%, 11/15/28 | 2330 | 2363 |
| Series 2023-D-2, 6.55%, 10/15/29 | 1570 | 1615 |
| CarMax Auto Owner Trust 2023-3 |  |  |
| Series 2023-C-3, 5.61%, 02/15/29 | 1505 | 1534 |
| Series 2023-D-3, 6.44%, 12/16/30 | 820 | 847 |
| CarMax Auto Owner Trust 2024-1 |  |  |
| Series 2024-C-1, 5.47%, 12/15/27 | 905 | 917 |
| CarMax Auto Owner Trust 2024-2 |  |  |
| Series 2024-D-2, 6.42%, 10/15/30 | 100 | 103 |
| CarMax Auto Owner Trust 2024-3 |  |  |
| Series 2024-D-3, 5.67%, 01/15/31 | 375 | 376 |
| CarMax Select Receivables Trust 2024-A |  |  |
| Series 2024-B-A, 5.35%, 08/16/27 | 405 | 412 |
| Series 2024-C-A, 5.62%, 03/15/28 | 1700 | 1727 |
| Carvana Auto Receivables Trust 2022-N1 |  |  |
| Series 2022-C-N1, 3.32%, 02/10/27 | 58 | 57 |
| Carvana Auto Receivables Trust 2024-N2 |  |  |
| Series 2024-B-N2, 5.67%, 03/10/27 | 1215 | 1233 |
| Chenango Park CLO Ltd |  |  |
| Series 2018-A2R-1A, 5.71%, (3 Month Term SOFR + 1.45%), 04/15/30 (e) | 870 | 870 |

---

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page [607](#abbreviations).

573

**JNL Series Trust** (Unaudited)

**Schedules of Investments (in thousands)**

June 30, 2025

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| Series 2018-BR-1A, 6.06%, (3 Month Term SOFR + 1.80%), 04/15/30 (e) | 1825 | 1828 |
| CIFC Funding 2016-I Ltd |  |  |
| Series 2016-D1R3-1A, 6.57%, (3 Month Term SOFR + 2.30%), 10/21/31 (e) | 895 | 896 |
| CIFC Funding Ltd 2015-I |  |  |
| Series 2016-AR3-1A, 5.27%, (3 Month Term SOFR + 1.00%), 10/21/31 (e) | 2219 | 2215 |
| CIM Trust 2022-R3 |  |  |
| Series 2022-A1-R3, REMIC, 4.50%, 03/25/62 | 2804 | 2741 |
| Citigroup Mortgage Loan Trust |  |  |
| Series 2020-A3-EXP2, REMIC, 2.50%, 11/25/38 | 997 | 838 |
| Clover CLO 2019-1 Ltd |  |  |
| Series 2019-ARR-1A, 5.27%, (3 Month Term SOFR + 1.00%), 04/18/35 (e) | 2300 | 2288 |
| COLT 2020-3 Mortgage Loan Trust |  |  |
| Series 2020-A1-3, REMIC, 1.51%, 04/27/65 | 42 | 41 |
| COLT 2024-6 Mortgage Loan Trust |  |  |
| Series 2024-A2-6, REMIC, 5.64%, 11/25/69 (f) | 1605 | 1606 |
| COLT 2024-INV4 Mortgage Loan Trust |  |  |
| Series 2024-A3-INV4, REMIC, 6.11%, 11/25/69 (f) | 1499 | 1509 |
| COLT 2025-4 Mortgage Loan Trust |  |  |
| Series 2025-A1-4, REMIC, 5.79%, 04/25/70 (f) | 720 | 726 |
| COLT 2025-INV2 Mortgage Loan Trust |  |  |
| Series 2025-A1-INV2, REMIC, 5.60%, 02/25/70 (f) | 1222 | 1230 |
| COLT Funding LLC |  |  |
| Series 2021-A2-1, REMIC, 1.17%, 06/25/66 (e) | 820 | 724 |
| COMM 2014-CCRE15 Mortgage Trust |  |  |
| Series 2014-B-CR15, REMIC, 3.92%, 02/12/47 (e) | 972 | 932 |
| COMM 2014-CCRE19 Mortgage Trust |  |  |
| Series 2014-D-CR19, REMIC, 4.50%, 08/12/47 (e) | 201 | 192 |
| Crown Communication Inc. |  |  |
| Series 2018-C-2, 4.24%, 07/15/28 | 690 | 677 |
| CyrusOne Data Centers Issuer I LLC |  |  |
| Series 2024-A2-2A, 4.50%, 05/20/29 | 2080 | 2026 |
| Deephaven Residential Mortgage Trust 2021-1 |  |  |
| Series 2021-A2-1, 0.97%, 05/25/65 | 140 | 133 |
| Deephaven Residential Mortgage Trust 2021-2 |  |  |
| Series 2021-A3-2, REMIC, 1.26%, 04/25/66 (e) | 371 | 334 |
| Dell Equipment Finance Trust 2023-3 |  |  |
| Series 2023-D-3, 6.75%, 06/22/26 | 180 | 182 |
| Dell Equipment Finance Trust 2024-1 |  |  |
| Series 2024-D-1, 6.12%, 12/22/26 | 300 | 304 |
| Dell Equipment Finance Trust 2024-2 |  |  |
| Series 2024-B-2, 4.82%, 08/22/30 | 155 | 156 |
| Series 2024-D-2, 5.29%, 02/24/31 | 360 | 362 |
| Dell Equipment Finance Trust 2025-1 |  |  |
| Series 2025-C-1, 5.25%, 12/22/27 | 110 | 111 |
| DLLST 2024-1 LLC |  |  |
| Series 2024-A3-1A, 5.05%, 10/21/26 | 435 | 436 |
| Series 2024-A4-1A, 4.93%, 03/22/27 | 120 | 121 |
| Driven Brands Funding, LLC |  |  |
| Series 2019-A2-1A, 4.64%, 04/22/26 | 1066 | 1062 |
| Series 2019-A2-2A, 3.98%, 10/20/26 | 599 | 590 |
| Dryden 77 CLO, Ltd. |  |  |
| Series 2020-AR-77A, 5.70%, (3 Month Term SOFR + 1.38%), 05/22/34 (e) | 2610 | 2611 |
| Dryden 86 CLO, Ltd. |  |  |
| Series 2020-A1R-86A, 5.64%, (3 Month Term SOFR + 1.36%), 07/17/34 (e) | 2660 | 2661 |
| EFMT 2024-INV2 |  |  |
| Series 2024-A1-INV2, REMIC, 5.03%, 10/25/69 (e) | 1300 | 1292 |
| Series 2024-A2-INV2, REMIC, 5.29%, 10/25/69 (e) | 734 | 730 |
| EFMT 2024-NQM1 |  |  |
| Series 2024-A1B-NQM1, REMIC, 5.81%, 11/25/69 (f) | 2380 | 2396 |
| EFMT 2025-INV2 |  |  |
| Series 2025-A1-INV2, REMIC, 5.39%, 05/25/70 (f) | 565 | 567 |
| Elara HGV Timeshare Issuer 2019-A, LLC |  |  |
| Series 2019-A-A, 2.61%, 01/25/34 | 284 | 278 |
| Elara HGV Timeshare Issuer 2023-A, LLC |  |  |
| Series 2023-A-A, 6.16%, 11/25/30 | 348 | 360 |
| Series 2023-C-A, 7.30%, 11/25/30 | 474 | 490 |
| Ellington Financial Mortgage Trust 2019-2 |  |  |
| Series 2019-A3-2, REMIC, 3.05%, 11/25/59 (e) | 123 | 118 |
| Ellington Financial Mortgage Trust 2021-3 |  |  |
| Series 2021-A3-3, REMIC, 1.55%, 09/25/66 | 522 | 442 |
| Enterprise Fleet Financing 2024-3, LLC |  |  |
| Series 2024-A4-3, 5.06%, 04/20/29 | 300 | 305 |
| Exeter Automobile Receivables Trust 2022-4 |  |  |
| Series 2022-D-4A, 5.98%, 12/15/25 | 1375 | 1383 |
| Exeter Automobile Receivables Trust 2022-5 |  |  |
| Series 2022-C-5A, 6.51%, 12/15/27 | 2769 | 2778 |
| Exeter Automobile Receivables Trust 2023-1 |  |  |
| Series 2023-D-1A, 6.69%, 06/15/29 | 180 | 183 |
| Exeter Select Automobile Receivables Trust 2025-1 |  |  |
| Series 2025-B-1, 4.87%, 08/15/28 | 775 | 777 |
| Finance of America HECM Buyout 2024-HB1 |  |  |
| Series 2024-A1A-HB1, 4.00%, 10/25/34 | 1385 | 1375 |
| FirstKey Homes 2020-SFR1 Trust |  |  |
| Series 2020-D-SFR1, 2.24%, 09/17/25 | 4965 | 4931 |
| Flagstar Mortgage Trust 2019-1INV |  |  |
| Series 2019-A13-1INV, REMIC, 3.50%, 01/25/40 (e) | 230 | 204 |
| Flagstar Mortgage Trust 2020-1INV |  |  |
| Series 2020-A11-1INV, REMIC, 5.29%, (1 Month Term SOFR + 0.96%), 08/25/41 (e) | 346 | 330 |
| Ford Credit Auto Owner Trust 2020-REV2 |  |  |
| Series 2020-C-2, 1.74%, 10/15/25 | 1405 | 1391 |
| Ford Credit Auto Owner Trust 2023-B |  |  |
| Series 2023-C-B, 6.43%, 05/15/26 | 895 | 901 |
| Ford Credit Floorplan Master Owner Trust A |  |  |
| Series 2023-B-1, 5.31%, 05/15/26 | 435 | 436 |
| Series 2023-C-1, 5.75%, 05/15/26 | 995 | 1002 |
| Series 2023-D-1, 6.62%, 05/15/26 | 1200 | 1214 |
| Series 2024-B-1, 5.48%, 04/15/27 | 840 | 853 |
| Fortress Credit Bsl VII Ltd |  |  |
| Series 2019-A1R-1A, 5.37%, (3 Month Term SOFR + 1.09%), 07/23/32 (e) | 466 | 466 |
| Series 2019-A2R-1A, 5.68%, (3 Month Term SOFR + 1.40%), 07/23/32 (e) | 1320 | 1318 |
| Series 2019-BR-1A, 5.93%, (3 Month Term SOFR + 1.65%), 07/23/32 (e) | 1690 | 1690 |
| Fortress Credit BSL VIII Ltd |  |  |
| Series 2019-A1AR-2A, 5.32%, (3 Month Term SOFR + 1.05%), 10/20/32 (e) | 1468 | 1466 |
| Series 2019-A2R-2A, 5.67%, (3 Month Term SOFR + 1.40%), 10/20/32 (e) | 3275 | 3268 |
| Fortress Credit BSL XV Limited |  |  |
| Series 2022-AR-2A, 5.67%, (3 Month Term SOFR + 1.40%), 10/18/33 (e) | 2195 | 2195 |
| Fortress Credit BSL XVIII Ltd |  |  |
| Series 2023-A1R-1A, 5.80%, 04/23/36 (e) | 395 | 395 |
| Frontier Issuer LLC |  |  |
| Series 2024-A2-1, 6.19%, 05/20/31 | 285 | 292 |
| Galton Funding Mortgage Trust 2018-1 |  |  |
| Series 2018-A33-1, REMIC, 3.50%, 02/25/33 (e) | 93 | 85 |
| Galton Funding Mortgage Trust 2019-1 |  |  |
| Series 2019-A32-1, REMIC, 4.00%, 12/25/32 (e) | 45 | 43 |
| Series 2019-A21-1, REMIC, 4.50%, 12/25/32 (e) | 91 | 88 |
| Galton Funding Mortgage Trust 2019-H1 |  |  |
| Series 2019-M1-H1, REMIC, 3.34%, 10/25/59 | 805 | 772 |
| Galton Funding Mortgage Trust 2020-H1 |  |  |
| Series 2020-M1-H1, REMIC, 2.83%, 01/25/60 (e) | 1170 | 986 |
| GCAT 2025-NQM1 Trust |  |  |
| Series 2025-A1-NQM1, REMIC, 5.37%, 11/25/69 (f) | 943 | 945 |
| GM Financial Consumer Automobile Receivables Trust 2023-1 |  |  |
| Series 2023-B-1, 5.03%, 09/18/28 | 805 | 811 |

---

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page [607](#abbreviations).

574

**JNL Series Trust** (Unaudited)

**Schedules of Investments (in thousands)**

June 30, 2025

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| Golub Capital Partners Static 2024-1 Ltd |  |  |
| Series 2024-BR-1A, 0.00%, (3 Month Term SOFR + 0.00%), 07/20/35 (e) | 4300 | 4300 |
| GoTo Foods Funding LLC |  |  |
| Series 2017-A2II-1A, 5.09%, 04/30/27 | 2760 | 2740 |
| GS Mortgage-Backed Securities Trust 2014-EB1 |  |  |
| Series 2014-2A1-EB1A, REMIC, 6.13%, 07/25/44 (e) | 16 | 16 |
| Hardee's Funding LLC |  |  |
| Series 2020-A2-1A, 3.98%, 12/20/27 | 1962 | 1865 |
| Series 2021-A2-1A, 2.87%, 06/20/28 | 859 | 794 |
| Series 2018-A23-1A, 5.71%, 06/20/28 | 918 | 909 |
| HILT Commercial Mortgage Trust 2024-ORL |  |  |
| Series 2024-B-ORL, REMIC, 6.25%, (1 Month Term SOFR + 1.94%), 05/15/26 (e) | 1470 | 1470 |
| Hilton Grand Vacations Trust 2020-A |  |  |
| Series 2020-A-AA, 2.74%, 02/25/39 | 345 | 336 |
| Hilton Grand Vacations Trust 2022-1D |  |  |
| Series 2022-A-1D, 3.61%, 06/20/34 | 226 | 223 |
| Hilton Grand Vacations Trust 2025-1 |  |  |
| Series 2025-A-1A, 4.88%, 10/25/31 | 660 | 666 |
| Series 2025-B-1A, 5.18%, 05/27/42 | 1130 | 1139 |
| Homes 2025-NQM2 Trust |  |  |
| Series 2025-A1-NQM2, REMIC, 5.43%, 02/25/70 (f) | 769 | 770 |
| HPEFS Equipment Trust 2023-1 |  |  |
| Series 2023-B-1A, 5.73%, 09/20/25 | 1830 | 1832 |
| HPEFS Equipment Trust 2023-2 |  |  |
| Series 2023-C-2A, 6.48%, 03/20/26 | 400 | 403 |
| Series 2023-D-2A, 6.97%, 07/20/26 | 405 | 411 |
| HPEFS Equipment Trust 2024-1 |  |  |
| Series 2024-C-1A, 5.33%, 05/20/31 | 2145 | 2154 |
| HPEFS Equipment Trust 2024-2 |  |  |
| Series 2024-B-2A, 5.35%, 10/20/31 | 250 | 253 |
| Series 2024-D-2A, 5.82%, 04/20/32 | 620 | 632 |
| Huntington National Bank, The |  |  |
| Series 2024-B1-1, 6.15%, 02/20/28 (a) | 1168 | 1186 |
| Series 2025-B-1, 4.96%, 04/20/29 | 1628 | 1634 |
| Series 2024-B1-2, 5.44%, 10/20/32 | 1323 | 1335 |
| HYT Commercial Mortgage Trust 2024-RGCY |  |  |
| Series 2024-A-RGCY, REMIC, 6.15%, (1 Month Term SOFR + 1.84%), 09/15/26 (e) | 1395 | 1395 |
| Hyundai Auto Lease Securitization Trust 2025-B |  |  |
| Series 2025-A3-B, 4.53%, 08/15/27 | 595 | 599 |
| Series 2025-B-B, 4.94%, 10/15/27 | 1235 | 1248 |
| Imperial Fund Mortgage Trust 2021-NQM2 |  |  |
| Series 2021-A3-NQM2, REMIC, 1.52%, 09/25/56 (e) | 797 | 688 |
| Imperial Fund Mortgage Trust 2022-NQM4 |  |  |
| Series 2022-A1-NQM4, REMIC, 4.77%, 06/25/67 (e) | 2557 | 2587 |
| J.P. Morgan Chase Commercial Mortgage Securities Corp. |  |  |
| Series 2019-C-BKWD, REMIC, 6.53%, (1 Month Term SOFR + 2.21%), 09/17/29 (e) (f) | 1195 | 1045 |
| J.P. Morgan Chase Commercial Mortgage Securities Trust 2020-609M |  |  |
| Series 2020-B-609M, REMIC, 6.46%, (1 Month Term SOFR + 1.88%), 10/17/33 (e) | 2420 | 2396 |
| Series 2020-C-609M, REMIC, 6.60%, (1 Month Term SOFR + 2.28%), 10/17/33 (e) | 1955 | 1931 |
| J.P. Morgan Mortgage Trust |  |  |
| Series 2020-A13-INV2, REMIC, 3.00%, 03/25/42 | 358 | 307 |
| J.P. Morgan Mortgage Trust 2020-INV1 |  |  |
| Series 2020-A15-INV1, REMIC, 3.50%, 03/25/43 (e) | 240 | 211 |
| Series 2020-A11-INV1, REMIC, 5.27%, (1 Month Term SOFR + 0.94%), 03/25/43 (e) | 159 | 152 |
| J.P. Morgan Mortgage Trust 2025-DSC1 |  |  |
| Series 2025-A1-DSC1, REMIC, 5.58%, 04/25/29 (e) | 1633 | 1647 |
| Jack in the Box Funding, LLC |  |  |
| Series 2022-A2I-1A, 3.45%, 02/25/27 | 1136 | 1106 |
| Jersey Mike's Funding, LLC |  |  |
| Series 2021-A2I-1A, 2.89%, 02/15/27 | 49 | 48 |
| JPMorgan Chase Bank, National Association |  |  |
| Series 2025-B-1, 4.75%, 04/25/29 | 985 | 988 |
| KNDR Trust 2021-KIND |  |  |
| Series 2021-C-KIND, REMIC, 6.18%, (1 Month Term SOFR + 1.86%), 08/15/26 (e) | 2405 | 2374 |
| LSTAR Commercial Mortgage Trust 2017-5 |  |  |
| Series 2017-AS-5, REMIC, 4.02%, 01/12/27 | 1410 | 1353 |
| Madison Park Funding XL, Ltd. |  |  |
| Series AR-13A, 5.43%, (3 Month Term SOFR + 1.15%), 11/21/30 (e) | 1619 | 1620 |
| Madison Park Funding XXIII, Ltd |  |  |
| Series 2017-AR-23A, 5.51%, (3 Month Term SOFR + 1.23%), 07/28/31 (e) | 1714 | 1715 |
| Series 2017-BR-23A, 6.09%, (3 Month Term SOFR + 1.81%), 07/28/31 (e) | 2005 | 2009 |
| Madison Park Funding XXIV Ltd |  |  |
| Series 2016-CR2-24A, 6.32%, (3 Month Term SOFR + 2.05%), 10/20/29 (e) | 1300 | 1301 |
| Madison Park Funding XXXI, Ltd. |  |  |
| Series 2019-AR-33A, 5.55%, (3 Month Term SOFR + 1.29%), 10/15/32 (e) | 4146 | 4150 |
| Marble Point CLO XIV Ltd |  |  |
| Series 2018-A12R-2A, 5.47%, (3 Month Term SOFR + 1.20%), 01/20/32 (e) | 3044 | 3041 |
| Marble Point CLO XV Ltd |  |  |
| Series 2019-A1R2-1A, REMIC, 5.32%, (3 Month Term SOFR + 1.04%), 07/23/32 (e) | 1858 | 1854 |
| MARQ Trust 2024-HOU |  |  |
| Series 2024-B-HOU, REMIC, 6.39%, (1 Month Term SOFR + 2.09%), 06/15/26 (e) | 1600 | 1607 |
| MED Commercial Mortgage Trust 2024-MOB |  |  |
| Series 2024-A-MOB, REMIC, 5.90%, (1 Month Term SOFR + 1.59%), 04/15/26 (e) | 1520 | 1517 |
| MFA Trust |  |  |
| Series 2021-A1-INV1, REMIC, 0.85%, 01/25/56 (e) | 199 | 192 |
| MidOcean Credit CLO VI |  |  |
| Series 2016-ARRR-6A, 5.50%, (3 Month Term SOFR + 1.23%), 04/20/33 (e) | 666 | 667 |
| MMAF Equipment Finance LLC 2021-A |  |  |
| Series 2021-A5-A, 1.19%, 11/13/43 | 365 | 357 |
| Morgan Stanley Capital I Trust 2014-150E |  |  |
| Series 2014-A-150E, REMIC, 3.91%, 09/13/32 | 2710 | 2389 |
| MVW 2019-2 LLC |  |  |
| Series 2019-B-2A, REMIC, 2.44%, 10/20/38 | 142 | 139 |
| MVW 2020-1 LLC |  |  |
| Series 2020-A-1A, 1.74%, 10/20/37 | 224 | 215 |
| Series 2020-B-1A, 2.73%, 10/20/37 | 397 | 386 |
| MVW 2023-1 LLC |  |  |
| Series 2023-A-1A, 4.93%, 10/22/40 | 1529 | 1540 |
| MVW 2023-2 LLC |  |  |
| Series 2023-A-2A, 6.18%, 11/20/40 | 303 | 309 |
| Series 2023-B-2A, 6.33%, 11/20/40 | 204 | 208 |
| Navient Private Education Loan Trust 2020-A |  |  |
| Series 2020-A2A-A, 2.46%, 11/15/68 | 597 | 574 |
| Navient Private Education Loan Trust 2020-C |  |  |
| Series 2020-A2A-CA, 2.15%, 03/15/29 | 2328 | 2222 |
| Navient Private Education Refi Loan Trust 2019-A |  |  |
| Series 2019-A2A-A, 3.42%, 04/17/28 | 220 | 218 |
| Navient Private Education Refi Loan Trust 2019-E |  |  |
| Series 2019-A2A-EA, 2.64%, 09/15/28 | 521 | 507 |
| Navient Private Education Refi Loan Trust 2019-G |  |  |
| Series 2019-A-GA, 2.40%, 02/15/29 | 688 | 661 |
| Navient Private Education Refi Loan Trust 2020-D |  |  |
| Series 2020-A-DA, 1.69%, 05/15/69 | 416 | 393 |
| Navient Private Education Refi Loan Trust 2020-G |  |  |
| Series 2020-A-GA, 1.17%, 09/15/69 | 277 | 257 |
| Navient Private Education Refi Loan Trust 2020-H |  |  |
| Series 2020-A-HA, 1.31%, 11/15/27 | 241 | 225 |
| Navistar Financial Dealer Note Master Owner Trust II |  |  |
| Series 2024-B-1, 5.79%, 04/27/26 | 150 | 150 |
| Series 2024-C-1, 6.13%, 04/27/26 | 235 | 236 |
| Nelnet Student Loan Trust 2021-C |  |  |
| Series 2021-AFX-CA, 1.32%, 04/20/62 | 963 | 900 |

---

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page [607](#abbreviations).

575

**JNL Series Trust** (Unaudited)

**Schedules of Investments (in thousands)**

June 30, 2025

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| Nelnet, Inc. |  |  |
| Series 2005-A4-4, 4.78%, (SOFR 90-Day Average + 0.44%), 03/22/32 (e) | 488 | 474 |
| Neuberger Berman Loan Advisers CLO 32, Ltd. |  |  |
| Series 2019-AR-32A, 5.52%, (3 Month Term SOFR + 1.25%), 01/20/32 (e) | 1699 | 1700 |
| Neuberger Berman Loan Advisers Clo 43 Ltd |  |  |
| Series 2021-AR-43A, 5.33%, (3 Month Term SOFR + 1.05%), 07/17/36 (e) | 3975 | 3967 |
| NMEF Funding 2025-A LLC |  |  |
| Series 2025-A2-A, 4.72%, 07/15/32 | 570 | 570 |
| OBX 2019-EXP2 Trust |  |  |
| Series 2019-2A2-EXP2, REMIC, 5.63%, (1 Month Term SOFR + 1.31%), 06/25/59 (e) | 135 | 135 |
| OBX 2019-EXP3 Trust |  |  |
| Series 2019-2A1-EXP3, REMIC, 5.33%, (1 Month Term SOFR + 1.01%), 09/25/59 (e) | 118 | 117 |
| OBX 2020-EXP1 Trust |  |  |
| Series 2020-2A1-EXP1, REMIC, 5.19%, (1 Month Term SOFR + 0.86%), 02/25/27 (e) | 196 | 193 |
| Series 2020-2A2-EXP1, REMIC, 5.39%, (1 Month Term SOFR + 1.06%), 01/26/60 (e) | 218 | 215 |
| OBX 2020-EXP2 Trust |  |  |
| Series 2020-A9-EXP2, REMIC, 3.00%, 07/25/36 (e) | 158 | 136 |
| Octagon Investment Partners 39 Ltd |  |  |
| Series 2018-AR-3A, 5.42%, (3 Month Term SOFR + 1.15%), 10/21/30 (e) | 1082 | 1082 |
| Octagon Investment Partners XXI Ltd |  |  |
| Series 2014-AAR4-1A, 4.86%, (3 Month Term SOFR + 0.55%), 02/14/31 (e) | 925 | 925 |
| Series 2014-A2R4-1A, 5.20%, (3 Month Term SOFR + 0.89%), 02/14/31 (e) | 2710 | 2708 |
| Series 2014-BR4-1A, 5.40%, (3 Month Term SOFR + 1.09%), 02/14/31 (e) | 1065 | 1064 |
| Octane Receivables Trust 2021-1 |  |  |
| Series 2022-B-1A, 4.90%, 09/22/25 | 1109 | 1108 |
| Octane Receivables Trust 2023-3 |  |  |
| Series 2023-B-3A, 6.48%, 11/20/26 | 435 | 443 |
| Series 2023-C-3A, 6.74%, 05/20/27 | 145 | 147 |
| Octane Receivables Trust 2024-3 |  |  |
| Series 2024-A2-3A, REMIC, 4.94%, 08/20/27 | 461 | 462 |
| Series 2024-C-3A, REMIC, 5.51%, 10/20/28 | 405 | 410 |
| ONE 2021-PARK Mortgage Trust |  |  |
| Series 2021-B-PARK, REMIC, 5.38%, (1 Month Term SOFR + 1.06%), 03/17/36 (e) | 3445 | 3307 |
| Series 2021-C-PARK, REMIC, 5.53%, (1 Month Term SOFR + 1.21%), 03/17/36 (e) | 1840 | 1738 |
| OZLM Funding II, Ltd. |  |  |
| Series 2012-AR4-2A, 0.00%, (3 Month Term SOFR + 1.20%), 07/30/37 (e) | 2600 | 2600 |
| Series 2012-BR4-2A, 0.00%, (3 Month Term SOFR + 1.75%), 07/30/37 (e) | 1755 | 1755 |
| Series 2012-A1A2-2A, REMIC, 5.48%, (3 Month Term SOFR + 1.20%), 07/30/31 (e) | 678 | 678 |
| OZLM XXI Ltd |  |  |
| Series 2017-A1R-21A, 5.42%, (3 Month Term SOFR + 1.15%), 01/21/31 (e) | 763 | 763 |
| PEAC Solutions Receivables 2025-1 LLC |  |  |
| Series 2025-A2-1A, 4.94%, 10/20/28 | 840 | 841 |
| Series 2025-A3-1A, 5.04%, 07/20/32 | 680 | 691 |
| Post Road Equipment Finance 2024-1 LLC |  |  |
| Series 2024-A2-1A, 5.59%, 08/15/26 | 115 | 115 |
| Progress Residential 2021-SFR4 Trust |  |  |
| Series 2021-A-SFR4, REMIC, 1.56%, 05/19/26 | 191 | 187 |
| Progress Residential 2021-SFR8 Trust |  |  |
| Series 2021-C-SFR8, REMIC, 1.93%, 10/19/26 | 1330 | 1287 |
| RCKT Mortgage Trust 2024-CES8 |  |  |
| Series 2024-A1A-CES8, REMIC, 5.49%, 10/25/44 (f) | 1701 | 1701 |
| RCKT Mortgage Trust 2024-CES9 |  |  |
| Series 2024-A1A-CES9, REMIC, 5.58%, 12/25/28 (f) | 332 | 332 |
| Rockford Tower CLO 2019-2 Ltd |  |  |
| Series 2019-AR2-2A, 5.45%, (3 Month Term SOFR + 1.13%), 08/20/32 (e) | 3002 | 3000 |
| Romark CLO II Ltd |  |  |
| Series 2018-A2R-2A, 5.93%, (3 Month Term SOFR + 1.65%), 07/25/31 (e) | 3225 | 3226 |
| Santander Bank, N.A. |  |  |
| Series 2024-B-A, 5.62%, 07/15/28 | 432 | 434 |
| Series 2024-C-A, 5.82%, 07/15/28 | 529 | 534 |
| Series 2022-B-C, 6.45%, 12/15/32 | 119 | 119 |
| Series 2024-B-B, 4.97%, 01/15/33 | 320 | 321 |
| Series 2024-C-B, 5.14%, 01/15/33 | 445 | 446 |
| Series 2023-A2-B, 5.64%, 12/15/33 | 211 | 214 |
| Series 2023-D-B, 6.66%, 12/15/33 | 709 | 714 |
| Santander Consumer Auto Receivables Trust 2021-B |  |  |
| Series 2021-C-BA, 3.09%, 03/15/29 | 690 | 682 |
| Santander Drive Auto Receivables Trust 2020-4 |  |  |
| Series 2020-E-4, 2.85%, 04/17/28 | 2085 | 2074 |
| Santander Drive Auto Receivables Trust 2021-1 |  |  |
| Series 2021-E-1, 2.51%, 11/15/25 | 3157 | 3131 |
| Santander Drive Auto Receivables Trust 2021-3 |  |  |
| Series 2021-E-3, REMIC, 2.70%, 02/15/26 | 4300 | 4280 |
| Santander Drive Auto Receivables Trust 2021-4 |  |  |
| Series 2021-E-4, 4.03%, 07/15/26 | 3500 | 3483 |
| Santander Drive Auto Receivables Trust 2023-1 |  |  |
| Series 2023-C-1, 5.09%, 05/15/30 | 1370 | 1378 |
| SBA Towers, LLC |  |  |
| Series 2020-2C-1, 1.88%, 01/15/26 | 730 | 720 |
| Series 2022-C-1, 6.60%, 01/15/28 | 1930 | 1980 |
| Series 2024-C-1, 4.83%, 10/15/29 | 3270 | 3267 |
| Series 2021-C-211, 1.63%, 05/15/51 | 1240 | 1188 |
| SBNA Auto Lease Trust 2024-B |  |  |
| Series 2024-A4-B, 5.55%, 12/21/26 | 1635 | 1660 |
| SCF Equipment Leasing 2025-1 LLC |  |  |
| Series 2025-A2-1A, 4.82%, 07/22/30 | 865 | 866 |
| Series 2025-A3-1A, 5.11%, 11/21/33 | 840 | 854 |
| SDR Commercial Mortgage Trust 2024-DSNY |  |  |
| Series 2024-B-DSNY, REMIC, 6.05%, (1 Month Term SOFR + 1.80%), 05/18/26 (e) | 1210 | 1203 |
| SEB Funding LLC |  |  |
| Series 2024-A2-1A, 7.39%, 04/30/29 | 1512 | 1546 |
| Securitized Term Auto Receivables Trust |  |  |
| Series 2025-B-A, 5.04%, 04/25/28 | 465 | 466 |
| Securitized Term Auto Receivables Trust 2025-B |  |  |
| Series 2025-B-B, 4.93%, 09/25/28 | 360 | 361 |
| Series 2025-C-B, 5.12%, 09/25/28 | 145 | 145 |
| Sequoia Mortgage Capital, Inc. |  |  |
| Series 2018-A19-CH3, REMIC, 4.50%, 08/25/48 (e) | 5 | 5 |
| Sequoia Mortgage Trust 2018-CH2 |  |  |
| Series 2018-A21-CH2, REMIC, 4.00%, 09/25/35 (e) | 86 | 80 |
| Series 2018-A3-CH2, REMIC, 4.00%, 09/25/35 (e) | 172 | 160 |
| SFS Auto Receivables Securitization Trust 2024-1 |  |  |
| Series 2024-A3-1A, 4.95%, 05/21/29 | 510 | 512 |
| Series 2024-C-1A, 5.51%, 01/20/32 | 170 | 173 |
| SMB Private Education Loan Trust 2018-B |  |  |
| Series 2018-A2B-B, 5.15%, (1 Month Term SOFR + 0.83%), 03/15/28 (a) (e) | 745 | 742 |
| SMB Private Education Loan Trust 2019-B |  |  |
| Series 2020-A2A-PTB, REMIC, 1.60%, 09/15/54 | 2009 | 1889 |
| SMB Private Education Loan Trust 2020-B |  |  |
| Series 2020-A1A-BA, REMIC, 1.29%, 07/15/53 | 298 | 282 |
| SMB Private Education Loan Trust 2021-B |  |  |
| Series 2021-A-B, 1.31%, 07/17/51 | 1480 | 1387 |
| SMB Private Education Loan Trust 2025-A |  |  |
| Series 2025-A1A-A, 5.13%, 09/15/36 | 908 | 921 |
| Sound Point CLO XXI Ltd |  |  |
| Series 2019-BRR-1A, 5.92%, (3 Month Term SOFR + 1.65%), 01/20/32 (e) | 325 | 326 |
| Starwood Mortgage Residential Trust 2019-INV1 |  |  |
| Series 2019-A3-INV1, REMIC, 2.92%, 09/25/49 (e) | 259 | 255 |
| Starwood Mortgage Residential Trust 2020-1 |  |  |
| Series 2020-A2-1, REMIC, 2.41%, 02/25/50 (e) | 533 | 508 |

---

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page [607](#abbreviations).

576

**JNL Series Trust** (Unaudited)

**Schedules of Investments (in thousands)**

June 30, 2025

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| Starwood Mortgage Residential Trust 2021-2 |  |  |
| Series 2021-A1-2, REMIC, 0.94%, 05/25/65 | 367 | 348 |
| Starwood Mortgage Residential Trust 2021-4 |  |  |
| Series 2021-A1-4, REMIC, 1.16%, 08/25/56 (e) (h) | 1860 | 1666 |
| Stratus Funding CLO 2025-1 Ltd |  |  |
| Series 2025-B-1A, 5.75%, (3 Month Term SOFR + 0.00%), 07/15/33 (e) | 905 | 905 |
| Symphony CLO XXIII, Ltd. |  |  |
| Series 2020-AR2-23A, 5.16%, (3 Month Term SOFR + 0.90%), 01/17/34 (e) | 2065 | 2062 |
| Symphony CLO XXVI, Ltd. |  |  |
| Series 2021-AR-26A, 5.61%, (3 Month Term SOFR + 1.34%), 04/20/33 (e) | 1065 | 1065 |
| THL Credit Wind River 2015-1 CLO Ltd |  |  |
| Series 2015-A1R3-1A, 5.47%, (3 Month Term SOFR + 1.20%), 10/21/30 (e) | 486 | 486 |
| THL Credit Wind River 2018-2 Clo Ltd |  |  |
| Series 2018-A1R-2A, 5.46%, (3 Month Term SOFR + 1.20%), 07/15/30 (e) | 24 | 24 |
| TIAA CLO I Ltd |  |  |
| Series 2016-ARR-1A, 5.52%, (3 Month Term SOFR + 1.25%), 07/21/31 (e) | 1652 | 1652 |
| Towd Point Mortgage Trust 2018-1 |  |  |
| Series 2018-A1-1, REMIC, 3.00%, 01/25/58 (e) | 63 | 62 |
| Tricon Residential 2024-SFR2 Trust |  |  |
| Series 2024-A-SFR2, REMIC, 4.75%, 06/20/28 | 833 | 838 |
| Series 2024-D-SFR2, REMIC, 6.00%, 06/20/28 | 1530 | 1556 |
| Trinitas CLO IX, Ltd. |  |  |
| Series 2018-ARRR-9A, 5.47%, (3 Month Term SOFR + 1.20%), 01/20/32 (e) | 926 | 926 |
| Trinitas CLO VI, Ltd. |  |  |
| Series 2017-ARRR-6A, 5.61%, (3 Month Term SOFR + 1.33%), 01/25/34 (e) | 2195 | 2195 |
| Trinitas Clo VII Ltd |  |  |
| Series 2017-A1R2-7A, 5.37%, (3 Month Term SOFR + 0.00%), 01/25/35 (e) | 2760 | 2742 |
| TRK 2021-INV1 Trust |  |  |
| Series 2021-A2-INV1, REMIC, 1.41%, 07/25/56 (e) | 336 | 303 |
| U.S. Bank National Association |  |  |
| Series 2023-B-1, 6.79%, 08/25/32 | 211 | 213 |
| Verdant Receivables 2023-1 LLC |  |  |
| Series 2023-A2-1A, 6.24%, 06/14/27 | 872 | 885 |
| Verdant Receivables 2024-1 LLC |  |  |
| Series 2024-A2-1A, 5.68%, 08/14/28 | 321 | 326 |
| Verus Securitization Trust 2019-INV3 |  |  |
| Series 2019-A3-INV3, REMIC, 4.10%, 11/25/59 (e) (h) | 170 | 168 |
| Verus Securitization Trust 2020-5 |  |  |
| Series 2020-A3-5, REMIC, 2.73%, 05/25/65 (e) (f) (h) | 191 | 183 |
| Verus Securitization Trust 2021-1 |  |  |
| Series 2021-A2-1, REMIC, 1.05%, 01/25/66 (e) | 362 | 327 |
| Series 2021-A3-1, REMIC, 1.15%, 01/25/66 (e) | 216 | 195 |
| Verus Securitization Trust 2021-2 |  |  |
| Series 2021-A1-2, REMIC, 1.03%, 02/25/66 | 315 | 286 |
| Verus Securitization Trust 2021-R2 |  |  |
| Series 2021-A1-R2, REMIC, 0.92%, 02/25/64 | 558 | 511 |
| Verus Securitization Trust 2023-7 |  |  |
| Series 2023-A2-7, REMIC, 7.27%, 10/25/68 (f) | 686 | 696 |
| Verus Securitization Trust 2025-3 |  |  |
| Series 2025-A1-3, REMIC, 5.62%, 05/25/70 (f) | 627 | 631 |
| Vista Point Securitization Trust 2020-2 |  |  |
| Series 2020-A3-2, REMIC, 2.50%, 04/25/65 | 123 | 118 |
| Voya CLO 2018-3, Ltd. |  |  |
| Series 2018-BR2-3A, 6.06%, (3 Month Term SOFR + 1.80%), 10/15/31 (e) | 1435 | 1436 |
| Wheels Fleet Lease Funding 1 LLC |  |  |
| Series 2023-A-2A, 6.46%, 01/19/27 | 1482 | 1502 |
| Wind River 2019-3 CLO Ltd. |  |  |
| Series 2019-AR2-3A, 5.32%, (3 Month Term SOFR + 1.06%), 04/15/31 (e) | 355 | 355 |
| Series 2019-BR2-3A, 5.81%, (3 Month Term SOFR + 1.55%), 04/15/31 (e) | 1520 | 1519 |
| Series 2019-CR2-3A, 6.26%, (3 Month Term SOFR + 2.00%), 04/15/31 (e) | 655 | 655 |
| World Omni Auto Receivables Trust 2022-A |  |  |
| Series 2022-C-A, 2.55%, 09/15/28 | 1280 | 1257 |
| World Omni Select Auto Trust 2021-A |  |  |
| Series 2021-D-A, 1.44%, 11/15/27 | 815 | 807 |
| Total Non-U.S. Government Agency Asset-Backed Securities (cost $320,184) | Total Non-U.S. Government Agency Asset-Backed Securities (cost $320,184) | 318475 |
| **GOVERNMENT AND AGENCY OBLIGATIONS 24.9%** | **GOVERNMENT AND AGENCY OBLIGATIONS 24.9%** | **GOVERNMENT AND AGENCY OBLIGATIONS 24.9%** |
| **U.S. Treasury Note 16.6%** | **U.S. Treasury Note 16.6%** | **U.S. Treasury Note 16.6%** |
| Treasury, United States Department of |  |  |
| 4.25%, 12/31/26 | 1080 | 1086 |
| 4.13%, 01/31/27 - 02/28/27 (i) | 83500 | 83889 |
| 3.88%, 03/31/27 - 05/31/27 | 94200 | 94371 |
| 3.75%, 04/30/27 | 2750 | 2750 |
|  |  | 182096 |
| **Mortgage-Backed Securities 7.0%** | **Mortgage-Backed Securities 7.0%** | **Mortgage-Backed Securities 7.0%** |
| Federal Home Loan Mortgage Corporation |  |  |
| 7.25%, (FTSE USD IBOR Consumer Cash Fallbacks Term 1Y + 1.75%), 09/01/33 (e) | 2 | 2 |
| 7.30%, (1 Year Treasury + 2.25%), 09/01/33 (e) | 6 | 6 |
| 6.00%, 09/01/34 - 05/01/55 | 6092 | 6230 |
| 6.93%, (1 Year Treasury + 2.11%), 10/01/34 (e) | 5 | 5 |
| 3.00%, 11/01/34 - 06/01/52 | 1357 | 1189 |
| 6.40%, (1 Year Treasury + 2.25%), 11/01/34 (e) | 7 | 8 |
| 6.53%, (FTSE USD IBOR Consumer Cash Fallbacks Term 1Y + 1.90%), 11/01/34 (e) | 1 | 1 |
| 7.02%, (FTSE USD IBOR Consumer Cash Fallbacks Term 1Y + 1.89%), 11/01/34 (e) | 4 | 4 |
| 7.40%, (FTSE USD IBOR Consumer Cash Fallbacks Term 1Y + 1.90%), 11/01/34 (e) | 1 | 1 |
| 6.55%, (FTSE USD IBOR Consumer Cash Fallbacks Term 1Y + 1.68%), 01/01/35 (e) | 3 | 3 |
| 6.34%, (1 Year Treasury + 2.11%), 02/01/35 (e) | 8 | 8 |
| 6.50%, (1 Year Treasury + 2.25%), 02/01/35 (e) | 6 | 6 |
| 6.54%, (FTSE USD IBOR Consumer Cash Fallbacks Term 1Y + 1.63%), 02/01/35 (e) | 5 | 5 |
| 6.58%, (FTSE USD IBOR Consumer Cash Fallbacks Term 1Y + 1.62%), 02/01/35 (e) | 2 | 2 |
| 6.66%, (FTSE USD IBOR Consumer Cash Fallbacks Term 1Y + 1.68%), 02/01/35 (e) | 3 | 3 |
| 6.84%, (FTSE USD IBOR Consumer Cash Fallbacks Term 1Y + 1.90%), 02/01/35 (e) | 5 | 5 |
| 6.93%, (FTSE USD IBOR Consumer Cash Fallbacks Term 1Y + 1.75%), 06/01/35 (e) | 61 | 63 |
| 7.37%, (1 Year Treasury + 2.37%), 09/01/35 (e) | 155 | 158 |
| 7.05%, (FTSE USD IBOR Consumer Cash Fallbacks Term 1Y + 1.66%), 10/01/35 (e) | 14 | 14 |
| 6.51%, (FTSE USD IBOR Consumer Cash Fallbacks Term 1Y + 1.61%), 03/01/36 (e) | 29 | 29 |
| 7.50%, 06/01/38 | 104 | 110 |
| 7.00%, 03/01/39 | 118 | 125 |
| 5.00%, 12/01/41 | 256 | 259 |
| 4.00%, 12/01/49 | 422 | 398 |
| 2.50%, 01/01/52 | 2325 | 1953 |
| 4.50%, 09/01/52 - 02/01/53 | 4729 | 4541 |
| 5.50%, 08/01/53 - 04/01/55 | 4622 | 4637 |
| 6.50%, 09/01/54 - 01/01/55 | 608 | 627 |
| Federal National Mortgage Association, Inc. |  |  |
| 5.00%, 09/01/25 - 08/01/54 | 11895 | 11762 |
| 3.50%, 11/01/26 - 01/01/52 | 2122 | 1953 |
| 3.00%, 09/01/28 - 02/01/35 | 1065 | 1036 |
| 6.50%, 07/01/32 - 01/01/55 | 13171 | 13606 |
| 6.49%, (FTSE USD IBOR Consumer Cash Fallbacks Term 1Y + 1.62%), 03/01/33 (e) | 1 | 1 |
| 6.08%, (FTSE USD IBOR Consumer Cash Fallbacks Term 6M + 1.41%), 06/01/33 (e) | 2 | 2 |
| 6.27%, (1 Year Treasury + 2.16%), 06/01/33 (e) | 27 | 27 |
| 6.22%, (1 Year Treasury + 2.02%), 07/01/33 (e) | 1 | 1 |
| 5.50%, 10/01/33 - 10/01/54 | 6628 | 6724 |

---

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page [607](#abbreviations).

577

**JNL Series Trust** (Unaudited)

**Schedules of Investments (in thousands)**

June 30, 2025

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| 6.36%, (1 Year Treasury + 2.21%), 12/01/33 (e) | 43 | 43 |
| 6.00%, 03/01/34 - 02/01/49 | 1611 | 1689 |
| 6.93%, (1 Year Treasury + 2.30%), 04/01/34 (e) | 1 | 1 |
| 6.85%, (FTSE USD IBOR Consumer Cash Fallbacks Term 1Y + 1.59%), 10/01/34 (e) | 2 | 2 |
| 6.35%, (FTSE USD IBOR Consumer Cash Fallbacks Term 1Y + 1.35%), 11/01/34 (e) | 1 | 1 |
| 6.85%, (FTSE USD IBOR Consumer Cash Fallbacks Term 1Y + 1.67%), 11/01/34 (e) | 6 | 6 |
| 7.04%, (1 Year Treasury + 2.36%), 11/01/34 (e) | 36 | 37 |
| 6.46%, (FTSE USD IBOR Consumer Cash Fallbacks Term 1Y + 1.65%), 12/01/34 (e) | 3 | 3 |
| 6.43%, (FTSE USD IBOR Consumer Cash Fallbacks Term 1Y + 1.55%), 01/01/35 (e) | 5 | 5 |
| 6.45%, (FTSE USD IBOR Consumer Cash Fallbacks Term 1Y + 1.63%), 01/01/35 (e) | 2 | 2 |
| 6.51%, (FTSE USD IBOR Consumer Cash Fallbacks Term 1Y + 1.56%), 01/01/35 (e) | 4 | 4 |
| 6.52%, (FTSE USD IBOR Consumer Cash Fallbacks Term 1Y + 1.54%), 01/01/35 (e) | 7 | 7 |
| 6.43%, (1 Year Treasury + 2.19%), 02/01/35 (e) | 8 | 9 |
| 6.57%, (FTSE USD IBOR Consumer Cash Fallbacks Term 1Y + 1.62%), 02/01/35 (e) | 3 | 3 |
| 6.33%, (FTSE USD IBOR Consumer Cash Fallbacks Term 1Y + 1.35%), 03/01/35 (e) | 5 | 5 |
| 6.07%, (1 Year Treasury + 1.82%), 04/01/35 (e) | 50 | 51 |
| 6.81%, (FTSE USD IBOR Consumer Cash Fallbacks Term 1Y + 1.81%), 04/01/35 (e) | 10 | 10 |
| 6.99%, (FTSE USD IBOR Consumer Cash Fallbacks Term 1Y + 1.99%), 04/01/35 (e) | 24 | 25 |
| 6.18%, (FTSE USD IBOR Consumer Cash Fallbacks Term 1Y + 1.43%), 05/01/35 (e) | 15 | 16 |
| 6.40%, (FTSE USD IBOR Consumer Cash Fallbacks Term 1Y + 1.42%), 05/01/35 (e) | 19 | 20 |
| 6.63%, (FTSE USD IBOR Consumer Cash Fallbacks Term 1Y + 1.64%), 05/01/35 (e) | 6 | 6 |
| 6.48%, (1 Year Treasury + 2.30%), 06/01/35 (e) | 49 | 51 |
| 7.57%, (FTSE USD IBOR Consumer Cash Fallbacks Term 1Y + 1.69%), 06/01/35 (e) | 39 | 40 |
| 6.80%, (FTSE USD IBOR Consumer Cash Fallbacks Term 1Y + 1.84%), 07/01/35 (e) | 9 | 10 |
| 6.00%, (FTSE USD IBOR Consumer Cash Fallbacks Term 6M + 1.37%), 08/01/35 (e) | 19 | 19 |
| 6.54%, (FTSE USD IBOR Consumer Cash Fallbacks Term 1Y + 1.60%), 08/01/35 (e) | 25 | 25 |
| 6.31%, (FTSE USD IBOR Consumer Cash Fallbacks Term 1Y + 1.69%), 11/01/35 (e) | 5 | 5 |
| 6.30%, (1 Year Treasury + 2.05%), 02/01/36 (e) | 20 | 20 |
| 6.56%, (FTSE USD IBOR Consumer Cash Fallbacks Term 1Y + 1.69%), 02/01/36 (e) | 26 | 27 |
| 6.74%, (FTSE USD IBOR Consumer Cash Fallbacks Term 1Y + 1.74%), 03/01/36 (e) | 28 | 29 |
| 4.50%, 09/01/39 - 11/01/52 | 4166 | 4058 |
| 4.00%, 08/01/43 - 09/01/52 | 3457 | 3237 |
| 2.00%, 10/01/50 | 541 | 433 |
| 2.50%, 01/01/52 | 2321 | 1940 |
| 6.50%, 06/01/55 (j) | 1174 | 1217 |
| Government National Mortgage Association |  |  |
| 5.00%, 12/20/34 - 02/20/48 | 784 | 791 |
| 6.00%, 07/15/36 | 286 | 295 |
| 4.50%, 09/20/40 | 177 | 176 |
| 3.50%, 03/20/43 - 07/20/52 | 3748 | 3439 |
| 5.50%, 09/15/45 - 12/20/48 | 833 | 856 |
| 4.00%, 09/20/45 - 10/20/52 | 1651 | 1554 |
| 3.00%, 09/20/47 - 09/20/49 | 1406 | 1253 |
| | | 76924 |
| **U.S. Treasury Inflation Indexed Securities 0.5%** | **U.S. Treasury Inflation Indexed Securities 0.5%** | **U.S. Treasury Inflation Indexed Securities 0.5%** |
| Treasury, United States Department of |  |  |
| 1.63%, 04/15/30 (k) | 5598 | 5636 |
| **Collateralized Mortgage Obligations 0.4%** | **Collateralized Mortgage Obligations 0.4%** | **Collateralized Mortgage Obligations 0.4%** |
| Connecticut Avenue Securities Trust 2025-R03 |  |  |
| Series 2025-2A1-R03, REMIC, 5.76%, (SOFR 30-Day Average + 1.45%), 03/27/45 (e) | 566 | 569 |
| Federal Home Loan Mortgage Corporation |  |  |
| Series 2021-M2-DNA7, REMIC, 6.11%, (SOFR 30-Day Average + 1.80%), 11/25/41 (e) | 895 | 902 |
| Series 2022-M1A-HQA2, REMIC, 6.96%, (SOFR 30-Day Average + 2.65%), 07/25/42 (e) | 568 | 580 |
| Series 2023-A1-HQA3, REMIC, 6.16%, (SOFR 30-Day Average + 1.85%), 11/25/43 (e) | 481 | 486 |
| Series 2025-A1-DNA1, REMIC, 5.26%, (SOFR 30-Day Average + 0.95%), 01/25/45 (e) | 399 | 399 |
| Series 2017-M1-SC02, REMIC, 3.89%, 05/25/47 (e) | 17 | 17 |
| Federal National Mortgage Association, Inc. |  |  |
| Series 2017-KA-90, REMIC, 3.00%, 11/25/47 | 1043 | 990 |
|  |  | 3943 |
| **Sovereign 0.3%** | **Sovereign 0.3%** | **Sovereign 0.3%** |
| Government of Saudi Arabia |  |  |
| 5.13%, 01/13/28 (a) | 1270 | 1289 |
| Korea Housing Finance Corporation |  |  |
| 4.63%, 02/24/28 (a) | 2500 | 2525 |
|  |  | 3814 |
| **Commercial Mortgage-Backed Securities 0.1%** | **Commercial Mortgage-Backed Securities 0.1%** | **Commercial Mortgage-Backed Securities 0.1%** |
| Federal Home Loan Mortgage Corporation |  |  |
| Series A1-K753, REMIC, 4.60%, 06/25/30 | 1015 | 1018 |
| Total Government And Agency Obligations (cost $274,636) | Total Government And Agency Obligations (cost $274,636) | 273431 |
| **SHORT TERM INVESTMENTS 2.6%** | **SHORT TERM INVESTMENTS 2.6%** | **SHORT TERM INVESTMENTS 2.6%** |
| **Investment Companies 1.5%** | **Investment Companies 1.5%** | **Investment Companies 1.5%** |
| JNL Government Money Market Fund - Class I, 4.20% (l) (m) | 4583 | 4583 |
| T. Rowe Price Government Reserve Fund - Class I, 4.32% (l) (m) | 11768 | 11768 |
|  |  | 16351 |
| **Commercial Paper 1.1%** | **Commercial Paper 1.1%** | **Commercial Paper 1.1%** |
| Crown Castle Inc. |  |  |
| 5.10%, 07/22/25 | 3030 | 3021 |
| FMC Corporation |  |  |
| 5.32%, 07/03/25 | 3025 | 3024 |
| Harley-Davidson Motor Company, Inc. |  |  |
| 5.07%, 08/04/25 | 3000 | 2985 |
| HCA Inc. |  |  |
| 5.02%, 07/17/25 | 2745 | 2738 |
|  |  | 11768 |
| Total Short Term Investments (cost $28,121) | Total Short Term Investments (cost $28,121) | 28119 |
| **Total Investments 100.9% (cost $1,108,224)** | **Total Investments 100.9% (cost $1,108,224)** | **1109386** |
| **Total Purchased Options 0.0% (cost $140)** | **Total Purchased Options 0.0% (cost $140)** | **16** |
| **Other Derivative Instruments (0.0)%** | **Other Derivative Instruments (0.0)%** | (399) |
| **Other Assets and Liabilities, Net (0.9)%** | **Other Assets and Liabilities, Net (0.9)%** | **(9079)** |
| **Total Net Assets 100.0%** | **Total Net Assets 100.0%** | **1099924** |

---

(a) Security is exempt from registration under the Securities Act of 1933, as amended. As of June 30, 2025, the value and the percentage of net assets of these securities was $141,707 and 12.9% of the Fund.

(b) Convertible security.

(c) Security is restricted to resale to institutional investors or subject to trading restrictions due to sanctions on foreign issuers. See Restricted Securities table following the Schedules of Investments.

(d) The interest rate for this security is inversely affected by upgrades or downgrades to the credit rating of the issuer. Rate stated was the coupon as of June 30, 2025.

(e) Security has a variable rate. Interest rates reset periodically. Rate stated was in effect as of June 30, 2025. For securities based on a published reference rate and spread, the reference rate and spread are presented. Certain variable rate securities do not indicate a reference rate and spread because they are determined by the issuer, remarketing agent, or offering documents and are based on current market conditions. The coupon rate for securities with certain features outlined in the offering documents may vary from the stated reference rate and spread. This includes, but is not limited to, securities with deferred rates, contingent distributions, caps, floors, and fixed-rate to float-rate features. In addition, variable rates for government and agency collateralized mortgage obligations ("CMO") and mortgage-backed securities ("MBS") are determined by

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page [607](#abbreviations).

578

**JNL Series Trust** (Unaudited)

**Schedules of Investments (in thousands)**

June 30, 2025

tranches of underlying mortgage-backed security pools' cash flows into securities and pass-through rates which reflect the rate earned on the asset pool after management and guarantee fees are paid to the securitizing corporation. CMO and MBS variable rates are determined by a formula set forth in the security's offering documents.

(f) Security is a step-up bond where the coupon may increase or step up at a future date or as the result of an upgrade or downgrade to the credit rating of the issuer. Rate stated was the coupon as of June 30, 2025.

(g) Security fair valued in good faith as a Level 2 security in accordance with the procedures approved by the Board of Trustees. Good faith fair valued securities are classified based on the applicable valuation inputs. See "Fair Value Measurement" in the Notes to Financial Statements.

(h) The coupon rate represents the weighted average coupon and may differ from the stated coupon rate.

(i) All or a portion of the security is pledged or segregated as collateral.

(j) All or a portion of the security was purchased on a delayed delivery basis. As of June 30, 2025, the total payable for investments purchased on a delayed delivery basis was $1,219.

(k) Treasury inflation indexed note, par amount is adjusted for inflation.

(l) Investment in affiliate.

(m) Yield changes daily to reflect current market conditions. Rate was the quoted yield as of June 30, 2025.

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **JNL/T. Rowe Price Short-Term Bond Fund — Investments in Affiliates** | **JNL/T. Rowe Price Short-Term Bond Fund — Investments in Affiliates** | **JNL/T. Rowe Price Short-Term Bond Fund — Investments in Affiliates** | **JNL/T. Rowe Price Short-Term Bond Fund — Investments in Affiliates** | **JNL/T. Rowe Price Short-Term Bond Fund — Investments in Affiliates** | **JNL/T. Rowe Price Short-Term Bond Fund — Investments in Affiliates** | **JNL/T. Rowe Price Short-Term Bond Fund — Investments in Affiliates** | **JNL/T. Rowe Price Short-Term Bond Fund — Investments in Affiliates** | **JNL/T. Rowe Price Short-Term Bond Fund — Investments in Affiliates** |
| **Affiliated Investment** | **Value Beginning of Period($)** | **Purchases($)** | **Sales Proceeds($)** | **Dividend Income/ Distributions from Funds($)** | **Realized Gain (Loss)($)** | **Change in Unrealized Appreciation (Depreciation) ($)** | **Value End of Period($)** | **Percentage of Net Assets(%)** |
| JNL Government Money Market Fund, 4.20% - Class I | 4336 | 160004 | 159757 | 61 |  |  | 4583 | 0.4 |
| JNL Government Money Market Fund, 4.30% - Class SL | 746 | 6227 | 6973 | 9 |  |  |  |  |
| T. Rowe Price Government Reserve Fund, 4.32% - Class I | 10451 | 173310 | 171993 | 132 |  |  | 11768 | 1.1 |
|  | 15533 | 339541 | 338723 | 202 |  |  | 16351 | 1.5 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **JNL/T. Rowe Price Short-Term Bond Fund — Restricted Securities** | **JNL/T. Rowe Price Short-Term Bond Fund — Restricted Securities** | **JNL/T. Rowe Price Short-Term Bond Fund — Restricted Securities** | **JNL/T. Rowe Price Short-Term Bond Fund — Restricted Securities** | **JNL/T. Rowe Price Short-Term Bond Fund — Restricted Securities** |
|  | **Initial Acquisition** | **Cost ($)** | **Value ($)** | **Percent of**<br> **Net Assets (%)** |
| Corporacion Nacional del Cobre de Chile, 3.63%, 08/01/27 | 01/22/25 | 409 | 413 |  |
| Corporacion Nacional del Cobre de Chile, 3.00%, 09/30/29 | 02/12/25 | 2336 | 2388 | 0.2 |
| EQUATE Petrochemical, 2.63%, 04/28/28 | 05/20/25 | 758 | 758 | 0.1 |
| First Abu Dhabi Bank P.J.S.C., 5.13%, 10/13/27 | 04/15/25 | 2836 | 2845 | 0.3 |
| KT&G Corporation, 5.00%, 05/02/28 | 04/24/25 | 1260 | 1279 | 0.1 |
| PT. Bank Mandiri (Persero) Tbk., 5.50%, 04/04/26 | 09/27/24 | 1721 | 1722 | 0.1 |
| Tenaga Nasional Berhad, 7.50%, 11/01/25 | 01/04/21 | 2855 | 2827 | 0.3 |
| Tengizchevroil Finance Company S.A R.L., 4.00%, 08/15/26 | 01/28/25 | 2203 | 2220 | 0.2 |
|  |  | 14378 | 14452 | 1.3 |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **JNL/T. Rowe Price Short-Term Bond Fund — Futures Contracts** | **JNL/T. Rowe Price Short-Term Bond Fund — Futures Contracts** | **JNL/T. Rowe Price Short-Term Bond Fund — Futures Contracts** | **JNL/T. Rowe Price Short-Term Bond Fund — Futures Contracts** | **JNL/T. Rowe Price Short-Term Bond Fund — Futures Contracts** | **JNL/T. Rowe Price Short-Term Bond Fund — Futures Contracts** |
| **Reference Entity** | **Contracts<sup>1</sup>** | **Expiration** | **Notional<sup>1</sup>** | **Variation**<br> **Margin**<br> **Receivable**<br> (Payable) ($) | **Value/**<br> **Unrealized**<br> **Appreciation**<br> (Depreciation) ($) |
| **Long Contracts** | **Long Contracts** | **Long Contracts** | **Long Contracts** | **Long Contracts** | **Long Contracts** |
| United States 2 Year Note | 1616 | October 2025 | 334971 | 82 | 1195 |
| **Short Contracts** | **Short Contracts** | **Short Contracts** | **Short Contracts** | **Short Contracts** | **Short Contracts** |
| United States 10 Year Note | (195) | September 2025 | (21474) | (61) | (390) |
| United States 10 Year Ultra Bond | (136) | September 2025 | (15194) | (66) | (346) |
| United States 5 Year Note | (493) | October 2025 | (53142) | (66) | (595) |
| United States Ultra Bond | (65) | September 2025 | (7414) | (87) | (329) |
|  |  |  |  | (280) | (1660) |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **JNL/T. Rowe Price Short-Term Bond Fund — OTC Purchased Options** | **JNL/T. Rowe Price Short-Term Bond Fund — OTC Purchased Options** | **JNL/T. Rowe Price Short-Term Bond Fund — OTC Purchased Options** | **JNL/T. Rowe Price Short-Term Bond Fund — OTC Purchased Options** | **JNL/T. Rowe Price Short-Term Bond Fund — OTC Purchased Options** | **JNL/T. Rowe Price Short-Term Bond Fund — OTC Purchased Options** | **JNL/T. Rowe Price Short-Term Bond Fund — OTC Purchased Options** |
| **Reference Entity** | **Counterparty** | **Exercise Price ($)/ Swaption Rate(%)** | **Expiration** | **Contracts<sup>1</sup>** | **Notional<sup>1</sup>** | **Value ($)** |
| **Credit Default Swaptions** | **Credit Default Swaptions** | **Credit Default Swaptions** | **Credit Default Swaptions** | **Credit Default Swaptions** | **Credit Default Swaptions** | **Credit Default Swaptions** |
|  CDX.NA.IG.32, 08/20/25 | GSC<br> Call | 70.00 | 08/20/25 | 50100000 | 50100 | 16 |

---

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page [607](#abbreviations).

579

**JNL Series Trust** (Unaudited)

**Schedules of Investments (in thousands)**

June 30, 2025

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **JNL/T. Rowe Price Short-Term Bond Fund — OTC Written Options** | **JNL/T. Rowe Price Short-Term Bond Fund — OTC Written Options** | **JNL/T. Rowe Price Short-Term Bond Fund — OTC Written Options** | **JNL/T. Rowe Price Short-Term Bond Fund — OTC Written Options** | **JNL/T. Rowe Price Short-Term Bond Fund — OTC Written Options** | **JNL/T. Rowe Price Short-Term Bond Fund — OTC Written Options** | **JNL/T. Rowe Price Short-Term Bond Fund — OTC Written Options** | **JNL/T. Rowe Price Short-Term Bond Fund — OTC Written Options** |
| **Reference Entity** | **Counterparty** | **Put/Call** | **Exercise Price ($)/ Swaption Rate(%)** | **Expiration** | **Contracts<sup>1</sup>** | **Notional<sup>1</sup>** | **Value ($)** |
| **Credit Default Swaptions** | **Credit Default Swaptions** | **Credit Default Swaptions** | **Credit Default Swaptions** | **Credit Default Swaptions** | **Credit Default Swaptions** | **Credit Default Swaptions** | **Credit Default Swaptions** |
|  CDX.NA.IG.32, 08/20/25 | GSC | Call | 80.00 | 08/20/25 | 25050000 | 25050 | (6) |
|  CDX.NA.IG.32, 08/20/25 | GSC | Put | 60.00 | 08/20/25 | 50100000 | 50100 | (195) |
|  |  |  |  |  |  |  | (201) |

---

**Fair Value Hierarchy.** Various inputs are used in determining the fair value of financial instruments. For a description of the input levels and information about the Fund's policy regarding valuation of financial instruments, see Note 3 in the Notes to Financial Statements. The following table summarizes the Fund's investments categorized in the disclosure hierarchy as of June 30, 2025.

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **<u>. Level 1 ($) .</u>** | **<u>. Level 2 ($) .</u>** | **<u>. Level 3 ($) .</u>** | **<u>. Total ($) .</u>** |
| **JNL/T. Rowe Price Short-Term Bond Fund** | **JNL/T. Rowe Price Short-Term Bond Fund** | **JNL/T. Rowe Price Short-Term Bond Fund** | **JNL/T. Rowe Price Short-Term Bond Fund** | **JNL/T. Rowe Price Short-Term Bond Fund** |
| **Assets - Securities** |  |  |  |  |
| &nbsp;&nbsp; Corporate Bonds And Notes |  | 489361 |  | 489361 |
| &nbsp;&nbsp; Non-U.S. Government Agency Asset-Backed Securities |  | 318475 |  | 318475 |
| &nbsp;&nbsp; Government And Agency Obligations |  | 273431 |  | 273431 |
| &nbsp;&nbsp; Short Term Investments | 16351 | 11768 |  | 28119 |
|  | 16351 | 1093035 |  | 1109386 |
| **Assets - Investments in Other Financial Instruments<sup>1</sup>** |  |  |  |  |
| &nbsp;&nbsp; Futures Contracts | 1195 |  |  | 1195 |
| &nbsp;&nbsp; OTC Purchased Options |  | 16 |  | 16 |
|  | 1195 | 16 |  | 1211 |
| **Liabilities - Investments in Other Financial Instruments<sup>1</sup>** |  |  |  |  |
| &nbsp;&nbsp; Futures Contracts | (1660) |  |  | (1660) |
| &nbsp;&nbsp; OTC Written Options |  | (201) |  | (201) |
|  | (1660) | (201) |  | (1861) |

---

<sup>1</sup> All derivatives, except for purchased and written options, are reflected at the unrealized appreciation (depreciation) on the instrument. Purchased and written options are reflected at value.

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page [607](#abbreviations).

580

**JNL Series Trust** (Unaudited)

**Schedules of Investments (in thousands)**

June 30, 2025

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| **JNL/T. Rowe Price U.S. High Yield Fund** | **JNL/T. Rowe Price U.S. High Yield Fund** | **JNL/T. Rowe Price U.S. High Yield Fund** |
| **CORPORATE BONDS AND NOTES 87.8%** | **CORPORATE BONDS AND NOTES 87.8%** | **CORPORATE BONDS AND NOTES 87.8%** |
| **Energy 18.0%** | **Energy 18.0%** | **Energy 18.0%** |
| Aethon United BR LP |  |  |
| 7.50%, 10/01/29 (a) | 4540 | 4757 |
| Ascent Resources - Utica, LLC |  |  |
| 6.63%, 07/15/33 (a) | 4455 | 4522 |
| Chord Energy Corporation |  |  |
| 6.75%, 03/15/33 (a) | 4515 | 4619 |
| Enbridge Inc. |  |  |
| 8.25%, 01/15/84 (b) | 8430 | 8914 |
| Encino Acquisition Partners Holdings, LLC |  |  |
| 8.75%, 05/01/31 (a) | 4276 | 4732 |
| Energy Transfer LP |  |  |
| 8.00%, 05/15/54 | 4188 | 4456 |
| Excelerate Energy Limited Partnership |  |  |
| 8.00%, 05/15/30 (a) | 4650 | 4900 |
| Howard Midstream Energy Partners, LLC |  |  |
| 7.38%, 07/15/32 (a) | 2264 | 2381 |
| Ithaca Energy (North Sea) PLC |  |  |
| 8.13%, 10/15/29 (a) | 4555 | 4693 |
| NGL Energy Operating LLC |  |  |
| 8.13%, 02/15/29 (a) | 4459 | 4503 |
| PBF Holding Company LLC |  |  |
| 9.88%, 03/15/30 (a) | 2590 | 2518 |
| 7.88%, 09/15/30 (a) | 5080 | 4546 |
| Permian Resources Operating, LLC |  |  |
| 7.00%, 01/15/32 (a) | 4405 | 4566 |
| South Bow Canadian Infrastructure Holdings Ltd. |  |  |
| 7.50%, 03/01/55 (a) | 4570 | 4729 |
| Sunoco LP |  |  |
| 7.00%, 05/01/29 (a) | 4270 | 4447 |
| Venture Global LNG, Inc. |  |  |
| 9.00%, (100, 09/30/29) (a) (c) | 6240 | 6082 |
| Weatherford International Ltd |  |  |
| 8.63%, 04/30/30 (a) | 4678 | 4819 |
|  |  | 80184 |
| **Financials 13.0%** | **Financials 13.0%** | **Financials 13.0%** |
| Alliant Holdings Intermediate, LLC |  |  |
| 7.00%, 01/15/31 (a) | 4470 | 4624 |
| APH Somerset Inv 2 LLC |  |  |
| 7.88%, 11/01/29 (a) | 4700 | 4808 |
| Aretec Escrow Issuer 2 Inc |  |  |
| 10.00%, 08/15/30 (a) | 7769 | 8536 |
| Blackstone Mortgage Trust, Inc. |  |  |
| 7.75%, 12/01/29 (a) | 4310 | 4584 |
| Bread Financial Payments, Inc. |  |  |
| 8.38%, 06/15/35 (a) | 4960 | 4981 |
| Encore Capital Group, Inc. |  |  |
| 9.25%, 04/01/29 (a) | 4555 | 4847 |
| FirstCash, Inc. |  |  |
| 6.88%, 03/01/32 (a) | 1130 | 1170 |
| OneMain Finance Corporation |  |  |
| 7.88%, 03/15/30 | 4400 | 4674 |
| Osaic Holdings, Inc. |  |  |
| 10.75%, 08/01/27 (a) (d) | 8195 | 8230 |
| PRA Group, Inc. |  |  |
| 8.88%, 01/31/30 (a) | 4570 | 4752 |
| RFNA, LP |  |  |
| 7.88%, 02/15/30 (a) | 4740 | 4850 |
| Saks Global Enterprises LLC |  |  |
| 11.00%, 12/15/29 (a) (d) | 5460 | 2069 |
|  |  | 58125 |
| **Consumer Discretionary 10.9%** | **Consumer Discretionary 10.9%** | **Consumer Discretionary 10.9%** |
| Aston Martin Capital Holdings Limited |  |  |
| 10.00%, 03/31/29 (a) | 6104 | 5796 |
| Avianca MidCo 2 PLC |  |  |
| 9.63%, 02/14/30 (a) | 2440 | 2250 |
| Clarios Global LP |  |  |
| 6.75%, 02/15/30 (a) | 1326 | 1379 |
| Cougar JV Subsidiary, LLC |  |  |
| 8.00%, 05/15/32 (a) | 4594 | 4899 |
| EG Global Finance PLC |  |  |
| 12.00%, 11/30/28 (a) | 6000 | 6624 |
| LCM Investments Holdings II, LLC |  |  |
| 8.25%, 08/01/31 (a) | 4100 | 4356 |
| LGI Homes, Inc. |  |  |
| 8.75%, 12/15/28 (a) | 4245 | 4412 |
| Odeon Finco PLC |  |  |
| 12.75%, 11/01/27 (a) | 484 | 506 |
| Sabre GLBL Inc. |  |  |
| 10.75%, 11/15/29 (a) (d) | 5086 | 5229 |
| Six Flags Operations Inc. |  |  |
| 7.25%, 05/15/31 (a) | 8018 | 8238 |
| Voyager Parent, LLC |  |  |
| 9.25%, 07/01/32 (a) | 4575 | 4768 |
|  |  | 48457 |
| **Communication Services 10.6%** | **Communication Services 10.6%** | **Communication Services 10.6%** |
| CCO Holdings, LLC |  |  |
| 6.38%, 09/01/29 (a) | 4660 | 4755 |
| 7.38%, 03/01/31 (a) | 4295 | 4479 |
| CSC Holdings, LLC |  |  |
| 11.25%, 05/15/28 (a) (d) | 4770 | 4747 |
| DIRECTV Financing, LLC |  |  |
| 8.88%, 02/01/30 (a) | 3873 | 3813 |
| DISH Network Corporation |  |  |
| 11.75%, 11/15/27 (a) | 4753 | 4894 |
| EchoStar Corporation |  |  |
| 10.75%, 11/30/29 | 2200 | 2262 |
| Gray Media, Inc. |  |  |
| 10.50%, 07/15/29 (a) | 2233 | 2399 |
| Iliad Holding |  |  |
| 7.00%, 04/15/32 (a) | 4685 | 4798 |
| Level 3 Financing, Inc. |  |  |
| 6.88%, 06/30/33 (a) | 4415 | 4492 |
| Midcontinent Communications |  |  |
| 8.00%, 08/15/32 (a) | 4161 | 4412 |
| Sinclair Television Group, Inc. |  |  |
| 8.13%, 02/15/33 (a) | 2475 | 2507 |
| Windstream Services, LLC |  |  |
| 8.25%, 10/01/31 (a) | 3415 | 3577 |
|  |  | 47135 |
| **Industrials 9.0%** | **Industrials 9.0%** | **Industrials 9.0%** |
| AAR Escrow Issuer, LLC |  |  |
| 6.75%, 03/15/29 (a) | 4450 | 4610 |
| Bombardier Inc. |  |  |
| 7.25%, 07/01/31 (a) | 4105 | 4306 |
| Deluxe Corporation |  |  |
| 8.13%, 09/15/29 (a) | 4675 | 4828 |
| JetBlue Airways Corporation |  |  |
| 9.88%, 09/20/31 (a) | 4790 | 4663 |
| LATAM Airlines Group S.A. |  |  |
| 7.88%, 04/15/30 (a) (d) | 6095 | 6200 |
| 7.63%, 01/07/31 (a) | 1550 | 1555 |
| Onesky Flight, LLC |  |  |
| 8.88%, 12/15/29 (a) | 4523 | 4708 |
| Owens-Brockway Glass Container Inc. |  |  |
| 7.25%, 05/15/31 (a) | 4633 | 4750 |
| Quikrete Holdings, Inc. |  |  |
| 6.75%, 03/01/33 (a) | 4230 | 4363 |
|  |  | 39983 |
| **Health Care 5.6%** | **Health Care 5.6%** | **Health Care 5.6%** |
| 1261229 B.C. Ltd. |  |  |
| 10.00%, 04/15/32 (a) | 4730 | 4772 |
| Community Health Systems, Inc. |  |  |
| 10.88%, 01/15/32 (a) | 4485 | 4748 |
| Heartland Dental, LLC |  |  |
| 10.50%, 04/30/28 (a) | 7871 | 8314 |
| Herbalife International, Inc. |  |  |
| 12.25%, 04/15/29 (a) | 6316 | 6914 |
|  |  | 24748 |
| **Consumer Staples 5.0%** | **Consumer Staples 5.0%** | **Consumer Staples 5.0%** |
| Avis Budget Car Rental, LLC |  |  |
| 8.25%, 01/15/30 (a) (d) | 6310 | 6587 |

---

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page [607](#abbreviations).

581

**JNL Series Trust** (Unaudited)

**Schedules of Investments (in thousands)**

June 30, 2025

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| Hertz Vehicle Financing II LP |  |  |
| 12.63%, 07/15/29 (a) (d) | 2600 | 2719 |
| Ritchie Bros. Holdings Inc. |  |  |
| 7.75%, 03/15/31 (a) | 1135 | 1193 |
| Sigma Holdco B.V. |  |  |
| 7.88%, 05/15/26 (a) | 4724 | 4720 |
| Williams Scotsman, Inc. |  |  |
| 7.38%, 10/01/31 (a) | 6576 | 6915 |
| | | 22134 |
| **Materials 4.8%** | **Materials 4.8%** | **Materials 4.8%** |
| Celanese US Holdings LLC |  |  |
| 6.75%, 04/15/33 (d) | 4910 | 4960 |
| ERO Copper Corp. |  |  |
| 6.50%, 02/15/30 (a) (d) | 4640 | 4619 |
| First Quantum Minerals Ltd |  |  |
| 8.63%, 06/01/31 (a) | 4549 | 4720 |
| 8.00%, 03/01/33 (a) | 2340 | 2400 |
| Ivanhoe Mines Ltd |  |  |
| 7.88%, 01/23/30 (a) | 4640 | 4629 |
|  |  | 21328 |
| **Information Technology 3.9%** | **Information Technology 3.9%** | **Information Technology 3.9%** |
| Cloud Software Group, Inc. |  |  |
| 9.00%, 09/30/29 (a) | 4595 | 4764 |
| 8.25%, 06/30/32 (a) | 4500 | 4791 |
| McAfee Corp. |  |  |
| 7.38%, 02/15/30 (a) | 4671 | 4409 |
| NCR Atleos Escrow Corporation |  |  |
| 9.50%, 04/01/29 (a) | 3260 | 3568 |
|  |  | 17532 |
| **Utilities 3.5%** | **Utilities 3.5%** | **Utilities 3.5%** |
| Edison International |  |  |
| 8.13%, 06/15/53 (d) | 3425 | 3308 |
| NRG Energy, Inc. |  |  |
| 10.25%, (100, 03/15/28) (a) (c) | 3113 | 3449 |
| Talen Energy Supply, LLC |  |  |
| 8.63%, 06/01/30 (a) | 4135 | 4423 |
| Vistra Corp. |  |  |
| 8.00%, (100, 10/15/26) (a) (c) | 4464 | 4570 |
|  |  | 15750 |
| **Real Estate 3.5%** | **Real Estate 3.5%** | **Real Estate 3.5%** |
| Anywhere Real Estate Group LLC |  |  |
| 7.00%, 04/15/30 (a) (d) | 4954 | 4626 |
| Brookfield Properties Retail Holding LLC |  |  |
| 4.50%, 04/01/27 (a) | 3574 | 3477 |
| Uniti Group Inc. |  |  |
| 10.50%, 02/15/28 (a) | 2926 | 3100 |
| 8.63%, 06/15/32 (a) | 4409 | 4455 |
|  |  | 15658 |
| Total Corporate Bonds And Notes (cost $385,134) | Total Corporate Bonds And Notes (cost $385,134) | 391034 |
| **SENIOR FLOATING RATE INSTRUMENTS 8.4%** | **SENIOR FLOATING RATE INSTRUMENTS 8.4%** | **SENIOR FLOATING RATE INSTRUMENTS 8.4%** |
| **Information Technology 2.9%** | **Information Technology 2.9%** | **Information Technology 2.9%** |
| Ellucian Holdings, Inc. |  |  |
| 2024 2nd Lien Term Loan, 9.08%, (1 Month Term SOFR + 4.75%), 11/14/32 (e) | 4190 | 4274 |
| Instructure Holdings, Inc. |  |  |
| 2024 2nd Lien Term Loan, 9.21%, (6 Month Term SOFR + 5.00%), 09/10/32 (e) | 4360 | 4393 |
| LSF9 Atlantis Holdings, LLC |  |  |
| 2025 Repriced Term Loan B, 8.55%, (3 Month Term SOFR + 4.25%), 03/29/29 (e) | 4301 | 4295 |
|  |  | 12962 |
| **Communication Services 2.5%** | **Communication Services 2.5%** | **Communication Services 2.5%** |
| AMC Entertainment Holdings, Inc. |  |  |
| 2024 Term Loan, 11.32%, (1 Month Term SOFR + 7.00%), 01/04/29 (e) | 4263 | 4300 |
| Level 3 Financing Inc. |  |  |
| 2025 Term Loan B, 8.58%, (1 Month Term SOFR + 4.25%), 03/20/32 (e) | 4280 | 4324 |
| Lumen Technologies, Inc. |  |  |
| 2024 Extended Term Loan B1, 6.79%, (1 Month Term SOFR + 2.35%), 04/15/29 (e) | 2454 | 2421 |
|  |  | 11045 |
| **Health Care 1.0%** | **Health Care 1.0%** | **Health Care 1.0%** |
| Endo Luxembourg Finance Company I S.a r.l. |  |  |
| 2024 1st Lien Term Loan, 8.33%, (1 Month Term SOFR + 4.00%), 04/23/31 (e) | 4600 | 4590 |
| **Consumer Discretionary 1.0%** | **Consumer Discretionary 1.0%** | **Consumer Discretionary 1.0%** |
| Varsity Brands, Inc. |  |  |
| 2025 Term Loan, 7.83%, (3 Month Term SOFR + 3.50%), 08/26/31 (e) | 4422 | 4418 |
| **Energy 1.0%** | **Energy 1.0%** | **Energy 1.0%** |
| Waterbridge Midstream Operating LLC |  |  |
| 2024 1st Lien Term Loan B, 9.31%, (3 Month Term SOFR + 4.75%), 06/22/29 (e) | 4351 | 4323 |
| Total Senior Floating Rate Instruments (cost $37,042) | Total Senior Floating Rate Instruments (cost $37,042) | 37338 |
| **PREFERRED STOCKS 0.9%** | **PREFERRED STOCKS 0.9%** | **PREFERRED STOCKS 0.9%** |
| **Financials 0.9%** | **Financials 0.9%** | **Financials 0.9%** |
| Osaic Financial Services, Inc., 6.50%, 11/30/27 | 198 | 4157 |
| Total Preferred Stocks (cost $3,793) | Total Preferred Stocks (cost $3,793) | 4157 |
| **COMMON STOCKS 0.0%** | **COMMON STOCKS 0.0%** | **COMMON STOCKS 0.0%** |
| **Energy 0.0%** | **Energy 0.0%** | **Energy 0.0%** |
| Ascent Resources - Marcellus, LLC | 5 | 7 |
| Total Common Stocks (cost $16) | Total Common Stocks (cost $16) | 7 |
| **SHORT TERM INVESTMENTS 7.4%** | **SHORT TERM INVESTMENTS 7.4%** | **SHORT TERM INVESTMENTS 7.4%** |
| **Securities Lending Collateral 6.7%** | **Securities Lending Collateral 6.7%** | **Securities Lending Collateral 6.7%** |
| JNL Government Money Market Fund - Class SL, 4.30% (f) (g) | 29917 | 29917 |
| **Investment Companies 0.7%** | **Investment Companies 0.7%** | **Investment Companies 0.7%** |
| T. Rowe Price Government Reserve Fund - Class I, 4.32% (f) (g) | 3298 | 3298 |
| Total Short Term Investments (cost $33,215) | Total Short Term Investments (cost $33,215) | 33215 |
| **Total Investments 104.5% (cost $459,200)** | **Total Investments 104.5% (cost $459,200)** | **465751** |
| **Other Assets and Liabilities, Net (4.5)%** | **Other Assets and Liabilities, Net (4.5)%** | **(20255)** |
| **Total Net Assets 100.0%** | **Total Net Assets 100.0%** | **445496** |

---

(a) Security is exempt from registration under the Securities Act of 1933, as amended. As of June 30, 2025, the value and the percentage of net assets of these securities was $362,460 and 81.4% of the Fund.

(b) Convertible security.

(c) Perpetual security. Next contractual call price and date are presented in parentheses, if applicable.

(d) All or a portion of the security was on loan as of June 30, 2025.

(e) Security has a variable rate. Interest rates reset periodically. Rate stated was in effect as of June 30, 2025. For securities based on a published reference rate and spread, the reference rate and spread are presented. Certain variable rate securities do not indicate a reference rate and spread because they are determined by the issuer, remarketing agent, or offering documents and are based on current market conditions. The coupon rate for securities with certain features outlined in the offering documents may vary from the stated reference rate and spread. This includes, but is not limited to, securities with deferred rates, contingent distributions, caps, floors, and fixed-rate to float-rate features. In addition, variable rates for government and agency collateralized mortgage obligations ("CMO") and mortgage-backed securities ("MBS") are determined by tranches of underlying mortgage-backed security pools' cash flows into securities and pass-through rates which reflect the rate earned on the asset pool after management and guarantee fees are paid to the securitizing corporation. CMO and MBS variable rates are determined by a formula set forth in the security's offering documents.

(f) Investment in affiliate.

(g) Yield changes daily to reflect current market conditions. Rate was the quoted yield as of June 30, 2025.

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page [607](#abbreviations).

582

**JNL Series Trust** (Unaudited)

**Schedules of Investments (in thousands)**

June 30, 2025

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **JNL/T. Rowe Price U.S. High Yield Fund — Investments in Affiliates** | **JNL/T. Rowe Price U.S. High Yield Fund — Investments in Affiliates** | **JNL/T. Rowe Price U.S. High Yield Fund — Investments in Affiliates** | **JNL/T. Rowe Price U.S. High Yield Fund — Investments in Affiliates** | **JNL/T. Rowe Price U.S. High Yield Fund — Investments in Affiliates** | **JNL/T. Rowe Price U.S. High Yield Fund — Investments in Affiliates** | **JNL/T. Rowe Price U.S. High Yield Fund — Investments in Affiliates** | **JNL/T. Rowe Price U.S. High Yield Fund — Investments in Affiliates** | **JNL/T. Rowe Price U.S. High Yield Fund — Investments in Affiliates** |
| **Affiliated Investment** | **Value Beginning of Period($)** | **Purchases($)** | **Sales Proceeds($)** | **Dividend Income/ Distributions from Funds($)** | **Realized Gain (Loss)($)** | **Change in Unrealized Appreciation (Depreciation) ($)** | **Value End of Period($)** | **Percentage of Net Assets(%)** |
| JNL Government Money Market Fund, 4.20% - Class I | 390 | 38332 | 38722 | 18 |  |  |  |  |
| JNL Government Money Market Fund, 4.30% - Class SL | 19673 | 126300 | 116056 | 673 |  |  | 29917 | 6.7 |
| T. Rowe Price Government Reserve Fund, 4.32% - Class I | 17798 | 114546 | 129046 | 430 |  |  | 3298 | 0.8 |
|  | 37861 | 279178 | 283824 | 1121 |  |  | 33215 | 7.5 |

---

**Fair Value Hierarchy.** Various inputs are used in determining the fair value of financial instruments. For a description of the input levels and information about the Fund's policy regarding valuation of financial instruments, see Note 3 in the Notes to Financial Statements. The following table summarizes the Fund's investments categorized in the disclosure hierarchy as of June 30, 2025.

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **<u>. Level 1 ($) .</u>** | **<u>. Level 2 ($) .</u>** | **<u>. Level 3 ($) .</u>** | **<u>. Total ($) .</u>** |
| **JNL/T. Rowe Price U.S. High Yield Fund** | **JNL/T. Rowe Price U.S. High Yield Fund** | **JNL/T. Rowe Price U.S. High Yield Fund** | **JNL/T. Rowe Price U.S. High Yield Fund** | **JNL/T. Rowe Price U.S. High Yield Fund** |
| **Assets - Securities** |  |  |  |  |
| &nbsp;&nbsp; Corporate Bonds And Notes |  | 391034 |  | 391034 |
| &nbsp;&nbsp; Senior Floating Rate Instruments |  | 37338 |  | 37338 |
| &nbsp;&nbsp; Preferred Stocks | 4157 |  |  | 4157 |
| &nbsp;&nbsp; Common Stocks | 7 |  |  | 7 |
| &nbsp;&nbsp; Short Term Investments | 33215 |  |  | 33215 |
|  | 37379 | 428372 |  | 465751 |

---

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page [607](#abbreviations).

583

**JNL Series Trust** (Unaudited)

**Schedules of Investments (in thousands)**

June 30, 2025

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| **JNL/T. Rowe Price Value Fund** | **JNL/T. Rowe Price Value Fund** | **JNL/T. Rowe Price Value Fund** |
| **COMMON STOCKS 99.7%** | **COMMON STOCKS 99.7%** | **COMMON STOCKS 99.7%** |
| **Financials 24.3%** | **Financials 24.3%** | **Financials 24.3%** |
| Allstate Corporation, The | 408 | 82206 |
| American Express Company | 179 | 57211 |
| Annaly Capital Management, Inc. | 1248 | 23494 |
| Bank of America Corporation | 1277 | 60445 |
| Berkshire Hathaway Inc. - Class B (a) | 310 | 150542 |
| Capital One Financial Corporation | 84 | 17787 |
| Charles Schwab Corporation, The | 932 | 84989 |
| Chubb Limited | 97 | 28180 |
| Citigroup Inc. | 334 | 28401 |
| CME Group Inc. - Class A | 88 | 24182 |
| Corebridge Financial, Inc. | 1099 | 39027 |
| Corpay Inc (a) | 84 | 27837 |
| Fiserv, Inc. (a) | 264 | 45537 |
| Goldman Sachs Group, Inc., The | 43 | 30760 |
| Intercontinental Exchange, Inc. | 422 | 77408 |
| JPMorgan Chase & Co. | 606 | 175614 |
| KeyCorp | 2071 | 36083 |
| MetLife, Inc. | 143 | 11505 |
| The Progressive Corporation | 27 | 7093 |
| Travelers Companies, Inc., The | 232 | 62143 |
| Visa Inc. - Class A | 65 | 22919 |
|  |  | 1093363 |
| **Industrials 16.2%** | **Industrials 16.2%** | **Industrials 16.2%** |
| AMETEK, Inc. | 439 | 79430 |
| Deere & Company | 171 | 86857 |
| Equifax Inc. | 90 | 23214 |
| Ferguson Enterprises Inc. | 118 | 25615 |
| General Electric Company | 228 | 58614 |
| L3Harris Technologies, Inc. | 146 | 36621 |
| Norfolk Southern Corporation | 273 | 69761 |
| Northrop Grumman Corporation | 61 | 30375 |
| Old Dominion Freight Line, Inc. | 230 | 37294 |
| Owens Corning | 141 | 19404 |
| Parker-Hannifin Corporation | 94 | 65822 |
| Republic Services, Inc. | 181 | 44620 |
| Rockwell Automation, Inc. | 44 | 14489 |
| Union Pacific Corporation | 243 | 55920 |
| Westinghouse Air Brake Technologies Corporation | 386 | 80897 |
|  |  | 728933 |
| **Health Care 12.1%** | **Health Care 12.1%** | **Health Care 12.1%** |
| Abbott Laboratories | 185 | 25175 |
| Alcon AG (b) | 420 | 37042 |
| AstraZeneca PLC - ADR | 614 | 42910 |
| Becton, Dickinson and Company | 207 | 35582 |
| Cencora, Inc. | 215 | 64500 |
| Cigna Group, The | 119 | 39487 |
| Danaher Corporation | 82 | 16153 |
| Elevance Health, Inc. | 143 | 55656 |
| Gilead Sciences, Inc. | 510 | 56533 |
| Quest Diagnostics Incorporated | 142 | 25561 |
| Revvity, Inc. | 429 | 41461 |
| Tenet Healthcare Corporation (a) | 299 | 52619 |
| UnitedHealth Group Incorporated | 169 | 52825 |
|  |  | 545504 |
| **Energy 7.9%** | **Energy 7.9%** | **Energy 7.9%** |
| Chevron Corporation | 369 | 52798 |
| ConocoPhillips | 711 | 63838 |
| Diamondback Energy, Inc. | 121 | 16655 |
| Exxon Mobil Corporation | 259 | 27920 |
| Phillips 66 | 178 | 21261 |
| Range Resources Corporation | 1410 | 57358 |
| Schlumberger Limited | 1433 | 48422 |
| TechnipFMC PLC | 875 | 30135 |
| Valero Energy Corporation | 293 | 39430 |
|  |  | 357817 |
| **Information Technology 7.8%** | **Information Technology 7.8%** | **Information Technology 7.8%** |
| Accenture Public Limited Company - Class A | 40 | 12045 |
| Analog Devices, Inc. | 197 | 46949 |
| Intel Corporation | 791 | 17719 |
| Keysight Technologies, Inc. (a) | 590 | 96637 |
| KLA Corporation | 39 | 34647 |
| Microsoft Corporation | 78 | 38947 |
| TE Connectivity Public Limited Company | 138 | 23225 |
| Texas Instruments Incorporated | 382 | 79213 |
|  |  | 349382 |
| **Consumer Discretionary 7.2%** | **Consumer Discretionary 7.2%** | **Consumer Discretionary 7.2%** |
| Amazon.com, Inc. (a) | 382 | 83807 |
| AutoZone, Inc. (a) | 16 | 61111 |
| Home Depot, Inc., The | 164 | 60267 |
| McDonald's Corporation | 211 | 61727 |
| Ross Stores, Inc. | 259 | 33021 |
| Tractor Supply Company | 469 | 24766 |
|  |  | 324699 |
| **Consumer Staples 6.7%** | **Consumer Staples 6.7%** | **Consumer Staples 6.7%** |
| Colgate-Palmolive Company | 415 | 37756 |
| Dollar Tree, Inc. (a) | 292 | 28950 |
| Kenvue Inc. | 3505 | 73364 |
| Mondelez International, Inc. - Class A | 873 | 58889 |
| Procter & Gamble Company, The | 446 | 71051 |
| Walmart Inc. | 332 | 32437 |
|  |  | 302447 |
| **Materials 6.1%** | **Materials 6.1%** | **Materials 6.1%** |
| Ball Corporation | 514 | 28842 |
| Franco-Nevada Corporation | 39 | 6392 |
| Freeport-McMoRan Inc. | 600 | 26010 |
| International Paper Company | 1163 | 54440 |
| Linde Public Limited Company | 130 | 60995 |
| PPG Industries, Inc. | 205 | 23267 |
| Sherwin-Williams Company, The | 216 | 74081 |
|  |  | 274027 |
| **Communication Services 4.7%** | **Communication Services 4.7%** | **Communication Services 4.7%** |
| Alphabet Inc. - Class A | 304 | 53539 |
| Alphabet Inc. - Class C | 290 | 51425 |
| Comcast Corporation - Class A | 913 | 32596 |
| Meta Platforms, Inc. - Class A | 16 | 11957 |
| Pinterest, Inc. - Class A (a) | 690 | 24746 |
| T-Mobile US, Inc. | 166 | 39598 |
|  |  | 213861 |
| **Utilities 4.1%** | **Utilities 4.1%** | **Utilities 4.1%** |
| Ameren Corporation | 557 | 53520 |
| American Water Works Company, Inc. | 159 | 22165 |
| Atmos Energy Corporation | 172 | 26550 |
| The Southern Company | 173 | 15859 |
| XCEL Energy Inc. | 947 | 64455 |
|  |  | 182549 |
| **Real Estate 2.6%** | **Real Estate 2.6%** | **Real Estate 2.6%** |
| Essex Property Trust, Inc. | 91 | 25841 |
| Public Storage Operating Company | 145 | 42428 |
| VICI Properties Inc. | 711 | 23166 |
| Welltower Inc. | 182 | 27993 |
|  |  | 119428 |
| Total Common Stocks (cost $3,878,357) | Total Common Stocks (cost $3,878,357) | 4492010 |
| **SHORT TERM INVESTMENTS 0.2%** | **SHORT TERM INVESTMENTS 0.2%** | **SHORT TERM INVESTMENTS 0.2%** |
| **Investment Companies 0.2%** | **Investment Companies 0.2%** | **Investment Companies 0.2%** |
| JNL Government Money Market Fund - Class I, 4.20% (c) (d) | 3055 | 3055 |
| T. Rowe Price Government Reserve Fund - Class I, 4.32% (c) (d) | 5367 | 5367 |
| Total Short Term Investments (cost $8,422) | Total Short Term Investments (cost $8,422) | 8422 |
| **Total Investments 99.9% (cost $3,886,779)** | **Total Investments 99.9% (cost $3,886,779)** | **4500432** |
| **Other Assets and Liabilities, Net 0.1%** | **Other Assets and Liabilities, Net 0.1%** | **4529** |
| **Total Net Assets 100.0%** | **Total Net Assets 100.0%** | **4504961** |

---

(a) Non-income producing security.

(b) All or a portion of the security was on loan as of June 30, 2025.

(c) Investment in affiliate.

(d) Yield changes daily to reflect current market conditions. Rate was the quoted yield as of June 30, 2025.

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page [607](#abbreviations).

584

**JNL Series Trust** (Unaudited)

**Schedules of Investments (in thousands)**

June 30, 2025

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **JNL/T. Rowe Price Value Fund — Investments in Affiliates** | **JNL/T. Rowe Price Value Fund — Investments in Affiliates** | **JNL/T. Rowe Price Value Fund — Investments in Affiliates** | **JNL/T. Rowe Price Value Fund — Investments in Affiliates** | **JNL/T. Rowe Price Value Fund — Investments in Affiliates** | **JNL/T. Rowe Price Value Fund — Investments in Affiliates** | **JNL/T. Rowe Price Value Fund — Investments in Affiliates** | **JNL/T. Rowe Price Value Fund — Investments in Affiliates** | **JNL/T. Rowe Price Value Fund — Investments in Affiliates** |
| **Affiliated Investment** | **Value Beginning of Period($)** | **Purchases($)** | **Sales Proceeds($)** | **Dividend Income/ Distributions from Funds($)** | **Realized Gain (Loss)($)** | **Change in Unrealized Appreciation (Depreciation) ($)** | **Value End of Period($)** | **Percentage of Net Assets(%)** |
| JNL Government Money Market Fund, 4.20% - Class I | 3882 | 175245 | 176072 | 70 |  |  | 3055 | 0.1 |
| JNL Government Money Market Fund, 4.30% - Class SL |  | 111892 | 111892 | 106 |  |  |  |  |
| T. Rowe Price Government Reserve Fund, 4.32% - Class I | 18285 | 232285 | 245203 | 152 |  |  | 5367 | 0.1 |
|  | 22167 | 519422 | 533167 | 328 |  |  | 8422 | 0.2 |

---

**Fair Value Hierarchy.** Various inputs are used in determining the fair value of financial instruments. For a description of the input levels and information about the Fund's policy regarding valuation of financial instruments, see Note 3 in the Notes to Financial Statements. The following table summarizes the Fund's investments categorized in the disclosure hierarchy as of June 30, 2025.

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **<u>. Level 1 ($) .</u>** | **<u>. Level 2 ($) .</u>** | **<u>. Level 3 ($) .</u>** | **<u>. Total ($) .</u>** |
| **JNL/T. Rowe Price Value Fund** | **JNL/T. Rowe Price Value Fund** | **JNL/T. Rowe Price Value Fund** | **JNL/T. Rowe Price Value Fund** | **JNL/T. Rowe Price Value Fund** |
| **Assets - Securities** |  |  |  |  |
| &nbsp;&nbsp; Common Stocks | 4492010 |  |  | 4492010 |
| &nbsp;&nbsp; Short Term Investments | 8422 |  |  | 8422 |
|  | 4500432 |  |  | 4500432 |

---

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page [607](#abbreviations).

585

**JNL Series Trust** (Unaudited)

**Schedules of Investments (in thousands)**

June 30, 2025

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| **JNL/WCM China Quality Growth Fund** | **JNL/WCM China Quality Growth Fund** | **JNL/WCM China Quality Growth Fund** |
| **COMMON STOCKS 93.2%** | **COMMON STOCKS 93.2%** | **COMMON STOCKS 93.2%** |
| **China 81.8%** | **China 81.8%** | **China 81.8%** |
| Alibaba Group Holding Limited (a) | 18 | 247 |
| Alibaba Group Holding Limited - ADR | 1 | 129 |
| Asymchem Laboratories (Tianjin) Co., Ltd. - Class H (a) |  |  |
| BYD Company Limited - Class H | 15 | 233 |
| ChaoZhou Three-Circle (Group) Co., Ltd. - Class A | 44 | 206 |
| China Communications Services Corporation Limited - Class H | 292 | 159 |
| China Merchants Bank Co., Ltd. - Class H | 69 | 480 |
| Chongqing Baiya Sanitary Products Co., Ltd. - Class A | 52 | 197 |
| Contemporary Amperex Technology Co., Limited - Class A | 10 | 361 |
| DiDi Global Inc. - Class A - ADR (b) | 96 | 470 |
| Full Truck Alliance Co. Ltd. - Class A - ADR | 36 | 421 |
| Kanzhun Limited - ADR (b) | 11 | 199 |
| Kweichow Moutai Co., Ltd. - Class A | 1 | 255 |
| LexinFintech Holdings Ltd. - ADR | 15 | 109 |
| Meituan - Class B (a) (b) | 11 | 180 |
| NARI Technology Co., Ltd. - Class A | 60 | 188 |
| NetEase Cloud Music Inc. (b) | 7 | 217 |
| Pinduoduo (Shanghai) Network Technology Co., Ltd. - ADR (b) | 4 | 459 |
| Shenzhen Inovance Technology Co., Ltd. - Class A | 32 | 289 |
| Shenzhen Mindray Bio-Medical Electronics Co., Ltd. - Class A | 7 | 229 |
| Sieyuan Electric Co., Ltd. - Class A | 15 | 151 |
| Tencent Holdings Limited | 16 | 1033 |
| Trip.com Group Limited - ADR | 4 | 243 |
| Xiamen Meitu Technology Co., Ltd. | 638 | 740 |
| Xiaomi Corporation (a) (b) | 68 | 526 |
|  |  | 7721 |
| **Netherlands 4.8%** | **Netherlands 4.8%** | **Netherlands 4.8%** |
| Prosus N.V. - ADR | 41 | 453 |
| **Hong Kong 2.3%** | **Hong Kong 2.3%** | **Hong Kong 2.3%** |
| Giant Biogene Holding Co Ltd | 30 | 221 |
| **Taiwan 2.3%** | **Taiwan 2.3%** | **Taiwan 2.3%** |
| MediaTek Inc. | 5 | 213 |
| **Singapore 2.0%** | **Singapore 2.0%** | **Singapore 2.0%** |
| BOC Aviation Limited (a) | 23 | 187 |
| Total Common Stocks (cost $8,557) | Total Common Stocks (cost $8,557) | 8795 |
| **SHORT TERM INVESTMENTS 1.4%** | **SHORT TERM INVESTMENTS 1.4%** | **SHORT TERM INVESTMENTS 1.4%** |
| **Investment Companies 1.4%** | **Investment Companies 1.4%** | **Investment Companies 1.4%** |
| JNL Government Money Market Fund - Class I, 4.20% (c) (d) | 135 | 135 |
| Total Short Term Investments (cost $135) | Total Short Term Investments (cost $135) | 135 |
| **Total Investments 94.6% (cost $8,692)** | **Total Investments 94.6% (cost $8,692)** | **8930** |
| **Other Assets and Liabilities, Net 5.4%** | **Other Assets and Liabilities, Net 5.4%** | **507** |
| **Total Net Assets 100.0%** | **Total Net Assets 100.0%** | **9437** |

---

(a) Security is restricted to resale to institutional investors or subject to trading restrictions due to sanctions on foreign issuers. See Restricted Securities table following the Schedules of Investments.

(b) Non-income producing security.

(c) Investment in affiliate.

(d) Yield changes daily to reflect current market conditions. Rate was the quoted yield as of June 30, 2025.

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **JNL/WCM China Quality Growth Fund — Investments in Affiliates** | **JNL/WCM China Quality Growth Fund — Investments in Affiliates** | **JNL/WCM China Quality Growth Fund — Investments in Affiliates** | **JNL/WCM China Quality Growth Fund — Investments in Affiliates** | **JNL/WCM China Quality Growth Fund — Investments in Affiliates** | **JNL/WCM China Quality Growth Fund — Investments in Affiliates** | **JNL/WCM China Quality Growth Fund — Investments in Affiliates** | **JNL/WCM China Quality Growth Fund — Investments in Affiliates** | **JNL/WCM China Quality Growth Fund — Investments in Affiliates** |
| **Affiliated Investment** | **Value Beginning of Period($)** | **Purchases($)** | **Sales Proceeds($)** | **Dividend Income/ Distributions from Funds($)** | **Realized Gain (Loss)($)** | **Change in Unrealized Appreciation (Depreciation) ($)** | **Value End of Period($)** | **Percentage of Net Assets(%)** |
| JNL Government Money Market Fund, 4.20% - Class I | 157 | 8461 | 8483 | 9 |  |  | 135 | 1.4 |
| JNL Government Money Market Fund, 4.30% - Class SL |  | 444 | 444 |  |  |  |  |  |
|  | 157 | 8905 | 8927 | 9 |  |  | 135 | 1.4 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **JNL/WCM China Quality Growth Fund — Restricted Securities** | **JNL/WCM China Quality Growth Fund — Restricted Securities** | **JNL/WCM China Quality Growth Fund — Restricted Securities** | **JNL/WCM China Quality Growth Fund — Restricted Securities** | **JNL/WCM China Quality Growth Fund — Restricted Securities** |
|  | **Initial Acquisition** | **Cost ($)** | **Value ($)** | **Percent of**<br> **Net Assets (%)** |
| Alibaba Group Holding Limited | 02/11/25 | 281 | 247 | 2.6 |
| Asymchem Laboratories (Tianjin) Co., Ltd. - Class H | 04/03/24 |  |  |  |
| BOC Aviation Limited | 07/12/24 | 181 | 187 | 2.0 |
| Meituan - Class B | 07/12/24 | 238 | 180 | 1.9 |
| Xiaomi Corporation | 03/20/25 | 476 | 526 | 5.6 |
|  |  | 1176 | 1140 | 12.1 |

---

**Fair Value Hierarchy.** Various inputs are used in determining the fair value of financial instruments. For a description of the input levels and information about the Fund's policy regarding valuation of financial instruments, see Note 3 in the Notes to Financial Statements. The following table summarizes the Fund's investments categorized in the disclosure hierarchy as of June 30, 2025.

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **<u>. Level 1 ($) .</u>** | **<u>. Level 2 ($) .</u>** | **<u>. Level 3 ($) .</u>** | **<u>. Total ($) .</u>** |
| **JNL/WCM China Quality Growth Fund** | **JNL/WCM China Quality Growth Fund** | **JNL/WCM China Quality Growth Fund** | **JNL/WCM China Quality Growth Fund** | **JNL/WCM China Quality Growth Fund** |
| **Assets - Securities** |  |  |  |  |
| &nbsp;&nbsp; Common Stocks | 2483 | 6312 |  | 8795 |
| &nbsp;&nbsp; Short Term Investments | 135 |  |  | 135 |
|  | 2618 | 6312 |  | 8930 |

---

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page [607](#abbreviations).

586

**JNL Series Trust** (Unaudited)

**Schedules of Investments (in thousands)**

June 30, 2025

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| **JNL/WCM Focused International Equity Fund** | **JNL/WCM Focused International Equity Fund** | **JNL/WCM Focused International Equity Fund** |
| **COMMON STOCKS 96.0%** | **COMMON STOCKS 96.0%** | **COMMON STOCKS 96.0%** |
| **United Kingdom 16.9%** | **United Kingdom 16.9%** | **United Kingdom 16.9%** |
| 3I Group PLC | 1178 | 66722 |
| AstraZeneca PLC | 269 | 37489 |
| BAE Systems PLC | 3727 | 96858 |
| Compass Group PLC | 1089 | 36850 |
| Experian PLC | 664 | 34211 |
| Rolls-Royce Holdings PLC | 7515 | 99737 |
|  |  | 371867 |
| **Germany 13.0%** | **Germany 13.0%** | **Germany 13.0%** |
| Deutsche Borse Aktiengesellschaft - Class N | 120 | 39086 |
| Rheinmetall Aktiengesellschaft | 17 | 36419 |
| SAP SE | 271 | 82665 |
| Siemens Energy AG (a) | 1103 | 128109 |
|  |  | 286279 |
| **United States of America 11.3%** | **United States of America 11.3%** | **United States of America 11.3%** |
| AON Public Limited Company - Class A | 80 | 28674 |
| Arch Capital Group Ltd. | 519 | 47285 |
| Linde Public Limited Company | 80 | 37287 |
| Philip Morris International Inc. | 470 | 85573 |
| Steris Public Limited Company | 83 | 19905 |
| Waste Connections, Inc. | 163 | 30371 |
|  |  | 249095 |
| **Japan 6.5%** | **Japan 6.5%** | **Japan 6.5%** |
| Mitsubishi Heavy Industries, Ltd. | 3612 | 90171 |
| Nintendo Co., Ltd. | 547 | 52607 |
|  |  | 142778 |
| **Netherlands 6.4%** | **Netherlands 6.4%** | **Netherlands 6.4%** |
| Adyen N.V. (a) (b) | 30 | 54424 |
| ASM International N.V. | 60 | 38278 |
| ASML Holding N.V. - ADR | 60 | 47640 |
|  |  | 140342 |
| **Taiwan 4.7%** | **Taiwan 4.7%** | **Taiwan 4.7%** |
| Taiwan Semiconductor Manufacturing Company Limited - ADR | 455 | 103152 |
| **Singapore 4.7%** | **Singapore 4.7%** | **Singapore 4.7%** |
| Sea Limited - Class A - ADR (a) | 643 | 102845 |
| **Sweden 4.5%** | **Sweden 4.5%** | **Sweden 4.5%** |
| Spotify Technology S.A. (a) | 128 | 98303 |
| **China 3.7%** | **China 3.7%** | **China 3.7%** |
| Meituan - Class B (a) (b) | 2616 | 42015 |
| Tencent Holdings Limited | 611 | 39326 |
|  |  | 81341 |
| **Canada 3.7%** | **Canada 3.7%** | **Canada 3.7%** |
| Canadian Natural Resources Limited | 915 | 28767 |
| Canadian Pacific Kansas City Limited (c) | 662 | 52455 |
|  |  | 81222 |
| **France 3.2%** | **France 3.2%** | **France 3.2%** |
| Safran | 215 | 70144 |
| **South Korea 2.6%** | **South Korea 2.6%** | **South Korea 2.6%** |
| Coupang, Inc. - Class A (a) | 1887 | 56547 |
| **Argentina 2.4%** | **Argentina 2.4%** | **Argentina 2.4%** |
| MercadoLibre, Inc. (a) | 20 | 52626 |
| **Israel 2.1%** | **Israel 2.1%** | **Israel 2.1%** |
| Monday.Com Ltd. (a) | 150 | 47047 |
| **India 2.1%** | **India 2.1%** | **India 2.1%** |
| ICICI Bank Limited - ADR | 1352 | 45480 |
| **Italy 1.8%** | **Italy 1.8%** | **Italy 1.8%** |
| Ferrari N.V. | 82 | 40336 |
| **Brazil 1.7%** | **Brazil 1.7%** | **Brazil 1.7%** |
| NU Holdings Ltd. - Class A (a) | 2796 | 38365 |
| **Switzerland 1.7%** | **Switzerland 1.7%** | **Switzerland 1.7%** |
| UBS Group AG | 1125 | 38131 |
| **Denmark 1.7%** | **Denmark 1.7%** | **Denmark 1.7%** |
| Novo Nordisk A/S - Class B | 541 | 37399 |
| **Australia 1.3%** | **Australia 1.3%** | **Australia 1.3%** |
| Atlassian Corporation - Class A (a) | 137 | 27882 |
| Total Common Stocks (cost $1,458,334) | Total Common Stocks (cost $1,458,334) | 2111181 |
| **SHORT TERM INVESTMENTS 4.9%** | **SHORT TERM INVESTMENTS 4.9%** | **SHORT TERM INVESTMENTS 4.9%** |
| **Investment Companies 4.9%** | **Investment Companies 4.9%** | **Investment Companies 4.9%** |
| JNL Government Money Market Fund - Class I, 4.20% (d) (e) | 107802 | 107802 |
| Total Short Term Investments (cost $107,802) | Total Short Term Investments (cost $107,802) | 107802 |
| **Total Investments 100.9% (cost $1,566,136)** | **Total Investments 100.9% (cost $1,566,136)** | **2218983** |
| **Other Assets and Liabilities, Net (0.9)%** | **Other Assets and Liabilities, Net (0.9)%** | **(19006)** |
| **Total Net Assets 100.0%** | **Total Net Assets 100.0%** | **2199977** |

---

(a) Non-income producing security.

(b) Security is restricted to resale to institutional investors or subject to trading restrictions due to sanctions on foreign issuers. See Restricted Securities table following the Schedules of Investments.

(c) All or a portion of the security was on loan as of June 30, 2025.

(d) Investment in affiliate.

(e) Yield changes daily to reflect current market conditions. Rate was the quoted yield as of June 30, 2025.

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **JNL/WCM Focused International Equity Fund — Investments in Affiliates** | **JNL/WCM Focused International Equity Fund — Investments in Affiliates** | **JNL/WCM Focused International Equity Fund — Investments in Affiliates** | **JNL/WCM Focused International Equity Fund — Investments in Affiliates** | **JNL/WCM Focused International Equity Fund — Investments in Affiliates** | **JNL/WCM Focused International Equity Fund — Investments in Affiliates** | **JNL/WCM Focused International Equity Fund — Investments in Affiliates** | **JNL/WCM Focused International Equity Fund — Investments in Affiliates** | **JNL/WCM Focused International Equity Fund — Investments in Affiliates** |
| **Affiliated Investment** | **Value Beginning of Period($)** | **Purchases($)** | **Sales Proceeds($)** | **Dividend Income/ Distributions from Funds($)** | **Realized Gain (Loss)($)** | **Change in Unrealized Appreciation (Depreciation) ($)** | **Value End of Period($)** | **Percentage of Net Assets(%)** |
| JNL Government Money Market Fund, 4.20% - Class I | 32385 | 354636 | 279219 | 894 |  |  | 107802 | 4.9 |
| JNL Government Money Market Fund, 4.30% - Class SL |  | 30106 | 30106 | 41 |  |  |  |  |
|  | 32385 | 384742 | 309325 | 935 |  |  | 107802 | 4.9 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **JNL/WCM Focused International Equity Fund — Restricted Securities** | **JNL/WCM Focused International Equity Fund — Restricted Securities** | **JNL/WCM Focused International Equity Fund — Restricted Securities** | **JNL/WCM Focused International Equity Fund — Restricted Securities** | **JNL/WCM Focused International Equity Fund — Restricted Securities** |
|  | **Initial Acquisition** | **Cost ($)** | **Value ($)** | **Percent of**<br> **Net Assets (%)** |
| Adyen N.V. | 06/24/22 | 34666 | 54424 | 2.5 |
| Meituan - Class B | 09/30/24 | 64042 | 42015 | 1.9 |
|  |  | 98708 | 96439 | 4.4 |

---

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page [607](#abbreviations).

587

**JNL Series Trust** (Unaudited)

**Schedules of Investments (in thousands)**

June 30, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
| **JNL/WCM Focused International Equity Fund — Forward Foreign Currency Contracts** | **JNL/WCM Focused International Equity Fund — Forward Foreign Currency Contracts** | **JNL/WCM Focused International Equity Fund — Forward Foreign Currency Contracts** | **JNL/WCM Focused International Equity Fund — Forward Foreign Currency Contracts** | **JNL/WCM Focused International Equity Fund — Forward Foreign Currency Contracts** |
| **Purchased/Sold** | **Expiration** | **Notional<sup>1</sup>** | **Value ($)** | **Unrealized**<br> **Appreciation**<br> (Depreciation) ($) |
| HKD/USD<br> BBH | 07/02/25<br> HKD | 11653 | 1484 |  |

---

**Fair Value Hierarchy.** Various inputs are used in determining the fair value of financial instruments. For a description of the input levels and information about the Fund's policy regarding valuation of financial instruments, see Note 3 in the Notes to Financial Statements. The following table summarizes the Fund's investments categorized in the disclosure hierarchy as of June 30, 2025.

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **<u>. Level 1 ($) .</u>** | **<u>. Level 2 ($) .</u>** | **<u>. Level 3 ($) .</u>** | **<u>. Total ($) .</u>** |
| **JNL/WCM Focused International Equity Fund** | **JNL/WCM Focused International Equity Fund** | **JNL/WCM Focused International Equity Fund** | **JNL/WCM Focused International Equity Fund** | **JNL/WCM Focused International Equity Fund** |
| **Assets - Securities** |  |  |  |  |
| &nbsp;&nbsp; Common Stocks |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; United Kingdom |  | 371867 |  | 371867 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Germany |  | 286279 |  | 286279 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; United States of America | 249095 |  |  | 249095 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Japan |  | 142778 |  | 142778 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Netherlands | 47640 | 92702 |  | 140342 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Taiwan | 103152 |  |  | 103152 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Singapore | 102845 |  |  | 102845 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sweden | 98303 |  |  | 98303 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; China |  | 81341 |  | 81341 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Canada | 81222 |  |  | 81222 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; France |  | 70144 |  | 70144 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; South Korea | 56547 |  |  | 56547 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Argentina | 52626 |  |  | 52626 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Israel | 47047 |  |  | 47047 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; India | 45480 |  |  | 45480 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Italy |  | 40336 |  | 40336 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Brazil | 38365 |  |  | 38365 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Switzerland |  | 38131 |  | 38131 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Denmark |  | 37399 |  | 37399 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Australia | 27882 |  |  | 27882 |
| &nbsp;&nbsp; Short Term Investments | 107802 |  |  | 107802 |
|  | 1058006 | 1160977 |  | 2218983 |
| **Liabilities - Investments in Other Financial Instruments<sup>1</sup>** |  |  |  |  |
| &nbsp;&nbsp; Open Forward Foreign Currency Contracts |  |  |  |  |

---

<sup>1</sup> All derivatives, except for purchased and written options, are reflected at the unrealized appreciation (depreciation) on the instrument. Purchased and written options are reflected at value.

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page [607](#abbreviations).

588

**JNL Series Trust** (Unaudited)

**Schedules of Investments (in thousands)**

June 30, 2025

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| **JNL/Westchester Capital Event Driven Fund** | **JNL/Westchester Capital Event Driven Fund** | **JNL/Westchester Capital Event Driven Fund** |
| **COMMON STOCKS 37.8%** | **COMMON STOCKS 37.8%** | **COMMON STOCKS 37.8%** |
| **Financials 16.0%** | **Financials 16.0%** | **Financials 16.0%** |
| AmpliTech Group, Inc. - Class A (a) | 3 | 32 |
| Andretti Acquisition Corp. II - Class A (a) | 9 | 97 |
| Archimedes Tech Spac Partners II Co. (a) | 5 | 55 |
| Ares Acquisition Corp II - Class A (a) | 21 | 233 |
| Armada Acquisition Corp. II (a) | 10 | 101 |
| Armada Acquisition Corp. II - Class A (a) | 4 | 41 |
| Axiom Intelligence Acquisition Corp 1 (a) | 3 | 29 |
| Berto Acquisition Corp. (a) | 1 | 13 |
| BEST SPAC I Acquisition Corp. (a) | 1 | 8 |
| Blue Acquisition Corp (a) | 3 | 33 |
| Blue Water Acquisition Corp. III (a) | 8 | 82 |
| Cal Redwood Acquisition Corp. (a) | 2 | 25 |
| Cantaloupe, Inc. (a) | 24 | 266 |
| Cantor Equity Partners III, Inc. - Class A (a) | 1 | 9 |
| Cartesian Growth Corp III (a) | 2 | 17 |
| Cartesian Growth Corp III - Class A (a) | 4 | 41 |
| Cayson Acquisition Corp. (a) | 3 | 32 |
| ChampionsGate Acquisition Corp. (a) | 1 | 10 |
| Churchill Capital Corp X/Cayman (a) | 3 | 34 |
| CI Financial Corp. | 45 | 1058 |
| CO2 Energy Transition Corp. (a) | 36 | 368 |
| Columbus Circle Capital Corp. I (a) |  | 2 |
| Copley Acquisition Corp. (a) | 2 | 21 |
| Copley Acquisition Corp. (a) | 2 | 18 |
| Dune Acquisition Corp. II (a) | 6 | 62 |
| Dynamix Corporation - Class A (a) | 2 | 17 |
| EGH Acquisition Corp. (a) | 1 | 13 |
| FG Merger II Corp. (a) | 24 | 238 |
| FIGX Capital Acquisition Corp. (a) | 1 | 14 |
| Gesher Acquisition Corp. II (a) | 4 | 43 |
| Gores Holdings X, Inc. (a) | 8 | 88 |
| Graf Global Corp. - Class A (a) | 4 | 42 |
| Guild Holdings Company - Class A (a) | 2 | 47 |
| Jackson Acquisition Co II - Class A (a) | 4 | 36 |
| Jena Acquisition Corp II (a) | 7 | 68 |
| K&F Growth Acquisition Corp II - Class A (a) | 4 | 45 |
| Lakeshore Acquisition III Corp. (a) | 7 | 74 |
| LightWave Acquisition Corp. (a) | 6 | 58 |
| Live Oak Acquisition Corp V - Class A (a) | 4 | 41 |
| Maywood Acquisition Corp. - Class A (a) | 1 | 11 |
| Mountain Lake Acquisition Corp. - Class A (a) | 15 | 152 |
| Mr. Cooper Group Inc. (a) | 9 | 1386 |
| New Providence Acquisition Corp. III (a) | 20 | 211 |
| Newbury Street Acquisition Corporation - Class A (a) | 10 | 106 |
| NewHold Investment Corp. III (a) | 4 | 39 |
| Oxley Bridge Acquisition Ltd. (a) | 3 | 33 |
| Oyster Enterprises II Acquisition Corp (a) | 4 | 42 |
| Pacific Premier Bancorp, Inc. | 5 | 98 |
| Perimeter Acquisition Corp. I (a) | 2 | 26 |
| Pioneer Acquisition I Corp (a) | 4 | 41 |
| ProAssurance Corporation (a) | 34 | 774 |
| Procap Acquisition Corp. (a) |  | 4 |
| Quartzsea Acquisition Corp (a) | 12 | 118 |
| Real Asset Acquisition Corp. - Class A (a) | 4 | 42 |
| Republic Digital Acquisition Co. (a) | 1 | 13 |
| Roman DBDR Acquisition Corp. II (a) | 5 | 54 |
| Siddhi Acquisition Corp. - Class A (a) | 11 | 114 |
| SilverBox Corp IV - Class A (a) | 5 | 52 |
| Sizzle Acquisition Corp II (a) | 4 | 43 |
| Sizzle Acquisition Corp II - Class A (a) | 3 | 29 |
| Soulpower Acquisition Corp (a) | 8 | 85 |
| Stellar V Capital Corp. - Class A (a) | 4 | 37 |
| Thayer Ventures Acquisition Corporation II (a) | 5 | 47 |
| Titan Acquisition Corp (a) | 9 | 90 |
| UY Scuti Acquisition Corp. (a) | 2 | 18 |
| Vine Hill Capital Investment Corp. - Class A (a) | 7 | 68 |
| Voyager Acquisition Corp. - Class A (a) | 10 | 101 |
| Wen Acquisition Corp. (a) | 6 | 67 |
| Willow Lane Acquisition Corp. - Class A (a) | 5 | 53 |
| Wintergreen Acquisition Corp. (a) |  | 1 |
| Yorkville Acquisition Corp. (a) | 2 | 28 |
|  |  | 7494 |
| **Communication Services 13.1%** | **Communication Services 13.1%** | **Communication Services 13.1%** |
| Comcast Corporation - Class A (b) | 21 | 735 |
| Endeavor Group Holdings, Inc. - Class A (c) (d) | 110 | 3017 |
| Frontier Communications Parent, Inc. (a) | 2 | 85 |
| Liberty Broadband Corporation - Series A (a) (e) | 14 | 1334 |
| The Interpublic Group of Companies, Inc. | 41 | 1007 |
|  |  | 6178 |
| **Energy 3.2%** | **Energy 3.2%** | **Energy 3.2%** |
| ChampionX Corporation (e) | 32 | 793 |
| Hess Corporation | 4 | 496 |
| Parkland Corporation | 8 | 237 |
|  |  | 1526 |
| **Consumer Discretionary 2.9%** | **Consumer Discretionary 2.9%** | **Consumer Discretionary 2.9%** |
| Everi Holdings Inc. (a) | 46 | 661 |
| Skechers U.S.A., Inc. - Class A (a) | 11 | 685 |
|  |  | 1346 |
| **Industrials 1.3%** | **Industrials 1.3%** | **Industrials 1.3%** |
| Dun & Bradstreet Holdings, Inc. | 8 | 74 |
| GMS Inc. (a) | 1 | 103 |
| Honeywell International Inc. (b) |  | 93 |
| Spirit AeroSystems Holdings, Inc. - Class A (a) | 9 | 347 |
|  |  | 617 |
| **Information Technology 0.6%** | **Information Technology 0.6%** | **Information Technology 0.6%** |
| E2open Parent Holdings, Inc. - Class A (a) | 37 | 119 |
| Juniper Networks, Inc. | 4 | 151 |
|  |  | 270 |
| **Health Care 0.5%** | **Health Care 0.5%** | **Health Care 0.5%** |
| Amedisys, Inc. (a) | 1 | 72 |
| Blueprint Medicines Corporation (a) | 1 | 141 |
|  |  | 213 |
| **Materials 0.2%** | **Materials 0.2%** | **Materials 0.2%** |
| DuPont de Nemours, Inc. (b) | 2 | 117 |
| Total Common Stocks (cost $17,544) | Total Common Stocks (cost $17,544) | 17761 |
| **CORPORATE BONDS AND NOTES 28.2%** | **CORPORATE BONDS AND NOTES 28.2%** | **CORPORATE BONDS AND NOTES 28.2%** |
| **Industrials 6.0%** | **Industrials 6.0%** | **Industrials 6.0%** |
| Dun & Bradstreet Corporation, The |  |  |
| 5.00%, 12/15/29 (f) | 1040 | 1064 |
| LATAM Airlines Group S.A. |  |  |
| 13.38%, 10/15/29 (f) | 431 | 483 |
| Mauser Packaging Solutions Holding Company |  |  |
| 9.25%, 04/15/27 (e) (f) | 1304 | 1294 |
|  |  | 2841 |
| **Communication Services 5.6%** | **Communication Services 5.6%** | **Communication Services 5.6%** |
| Clear Channel Outdoor Holdings, Inc. |  |  |
| 7.50%, 06/01/29 (f) | 1024 | 947 |
| Frontier Communications Holdings, LLC |  |  |
| 5.88%, 11/01/29 | 197 | 199 |
| 6.00%, 01/15/30 (f) | 276 | 280 |
| Getty Images, Inc. |  |  |
| 9.75%, 03/01/27 (e) (f) | 1229 | 1208 |
|  |  | 2634 |
| **Consumer Discretionary 4.8%** | **Consumer Discretionary 4.8%** | **Consumer Discretionary 4.8%** |
| Everi Holdings Inc. |  |  |
| 5.00%, 07/15/29 (f) | 308 | 311 |
| Light and Wonder International, Inc. |  |  |
| 7.00%, 05/15/28 (e) (f) | 947 | 949 |
| McLaren Finance PLC |  |  |
| 7.50%, 08/01/26 (f) | 1000 | 1002 |
|  |  | 2262 |
| **Information Technology 4.2%** | **Information Technology 4.2%** | **Information Technology 4.2%** |
| AMS-Osram AG |  |  |
| 2.13%, 11/03/27, EUR (g) (h) | 1300 | 1438 |
| Dye & Durham Limited |  |  |
| 3.75%, 03/01/26, CAD (g) (h) | 354 | 250 |
| Hewlett Packard Enterprise Company |  |  |
| 4.85%, 10/15/31 | 218 | 217 |
| 5.00%, 10/15/34 | 58 | 56 |
|  |  | 1961 |

---

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page [607](#abbreviations).

589

**JNL Series Trust** (Unaudited)

**Schedules of Investments (in thousands)**

June 30, 2025

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| **Energy 3.5%** | **Energy 3.5%** | **Energy 3.5%** |
| California Resources Corporation |  |  |
| 7.13%, 02/01/26 (f) | 201 | 201 |
| Calumet Specialty Products Partners, L.P. |  |  |
| 11.00%, 04/15/26 (f) | 1226 | 1226 |
| Earthstone Energy Holdings, LLC |  |  |
| 8.00%, 04/15/27 (f) | 195 | 199 |
|  |  | 1626 |
| **Financials 2.9%** | **Financials 2.9%** | **Financials 2.9%** |
| AssuredPartners, Inc. |  |  |
| 5.63%, 01/15/29 (f) | 569 | 569 |
| 7.50%, 02/15/32 (f) | 584 | 626 |
| MoneyGram International, Inc. |  |  |
| 9.00%, 06/01/30 (f) | 188 | 168 |
|  |  | 1363 |
| **Materials 1.1%** | **Materials 1.1%** | **Materials 1.1%** |
| Illuminate Buyer LLC |  |  |
| 9.00%, 07/01/28 (f) | 517 | 519 |
| **Consumer Staples 0.1%** | **Consumer Staples 0.1%** | **Consumer Staples 0.1%** |
| Kronos Acquisition Holdings Inc |  |  |
| 8.25%, 06/30/31 (f) | 60 | 55 |
| Total Corporate Bonds And Notes (cost $13,221) | Total Corporate Bonds And Notes (cost $13,221) | 13261 |
| **INVESTMENT COMPANIES 4.2%** | **INVESTMENT COMPANIES 4.2%** | **INVESTMENT COMPANIES 4.2%** |
| BlackRock Municipal Income Quality Trust | 21 | 222 |
| BlackRock Municipal Income Trust | 12 | 116 |
| BlackRock Municipal Income Trust II | 12 | 122 |
| BlackRock MuniHoldings Fund Inc | 8 | 88 |
| BlackRock MuniHoldings Quality Fund II Inc | 8 | 75 |
| BlackRock MuniYield Quality Fund | 12 | 133 |
| BlackRock MuniYield Quality Fund III, Inc. | 10 | 104 |
| Franklin Universal Trust | 40 | 302 |
| Invesco Municipal Opportunity Trust | 27 | 245 |
| Invesco Value Municipal Income Trust | 22 | 256 |
| Nuveen Amt-Free Municipal Credit Income Fund | 11 | 135 |
| Nuveen Municipal Value Fund | 2 | 16 |
| Nuveen New York AMT-Free Quality Municipal Income Fund | 11 | 114 |
| Saba Capital Income & Opportunities Fund | 4 | 35 |
| Total Investment Companies (cost $2,049) | Total Investment Companies (cost $2,049) | 1963 |
| **SENIOR FLOATING RATE INSTRUMENTS 2.6%** | **SENIOR FLOATING RATE INSTRUMENTS 2.6%** | **SENIOR FLOATING RATE INSTRUMENTS 2.6%** |
| **Communication Services 2.6%** | **Communication Services 2.6%** | **Communication Services 2.6%** |
| Lumen Technologies, Inc. |  |  |
| 2024 Extended Term Loan B1, 0.00%, (1 Month Term SOFR + 2.35%), 04/15/29 (i) (j) | 215 | 212 |
| Syniverse Holdings, Inc. |  |  |
| 2022 Term Loan, 11.30%, (3 Month Term SOFR + 7.00%), 05/06/27 (i) | 1070 | 1011 |
| Total Senior Floating Rate Instruments (cost $1,264) | Total Senior Floating Rate Instruments (cost $1,264) | 1223 |
| **OTHER EQUITY INTERESTS 2.3%** | **OTHER EQUITY INTERESTS 2.3%** | **OTHER EQUITY INTERESTS 2.3%** |
| Altaba Inc. (a) (k) (l) | 839 | 1091 |
| Pershing Square Tontine Holdings, Ltd. (a) (k) (l) | 16 |  |
| Total Other Equity Interests (cost $1,124) | Total Other Equity Interests (cost $1,124) | 1091 |
| **NON-U.S. GOVERNMENT AGENCY ASSET-BACKED SECURITIES 0.5%** | **NON-U.S. GOVERNMENT AGENCY ASSET-BACKED SECURITIES 0.5%** | **NON-U.S. GOVERNMENT AGENCY ASSET-BACKED SECURITIES 0.5%** |
| Hercules Capital Funding Trust 2019-1 |  |  |
| Series 2016-B-2, 3.65%, 10/07/25 | 226 | 224 |
| Total Non-U.S. Government Agency Asset-Backed Securities (cost $224) | Total Non-U.S. Government Agency Asset-Backed Securities (cost $224) | 224 |
| **PREFERRED STOCKS 0.4%** | **PREFERRED STOCKS 0.4%** | **PREFERRED STOCKS 0.4%** |
| **Financials 0.4%** | **Financials 0.4%** | **Financials 0.4%** |
| Federal National Mortgage Association, Inc. - Series S, 0.00%, (25, 12/31/25) (a) (m) (n) | 13 | 192 |
| Total Preferred Stocks (cost $144) | Total Preferred Stocks (cost $144) | 192 |
| **RIGHTS 0.4%** | **RIGHTS 0.4%** | **RIGHTS 0.4%** |
| Akouos, Inc. (a) (k) | 11 | 5 |
| Bristol-Myers Squibb Company (a) (k) | 92 | 69 |
| Cayson Acquisition Corp. (a) | 3 |  |
| ESH Acquisition Corp. (a) | 11 | 1 |
| Inhibrx, Inc. (a) (k) | 4 | 3 |
| K&F Growth Acquisition Corp II (a) | 4 | 1 |
| Mountain Lake Acquisition Corp. (a) | 7 | 1 |
| Pan American Silver Corp. (a) | 429 | 105 |
| Pershing Square SPARC Holdings, Ltd. (a) (k) | 4 | 1 |
| Spring Valley Acquisition Corp. II (a) | 3 |  |
| Total Rights (cost $610) | Total Rights (cost $610) | 186 |
| **WARRANTS 0.0%** | **WARRANTS 0.0%** | **WARRANTS 0.0%** |
| Alchemy Investments Acquisition Corp 1 (a) | 6 | 1 |
| Aldel Financial II Inc. (a) | 3 | 2 |
| Allurion Technologies, Inc. (a) | 6 |  |
| Altenergy Acquisition Corp. (a) (k) | 2 |  |
| Andretti Acquisition Corp. II (a) | 5 | 1 |
| Archimedes Tech Spac Partners II Co. (a) | 3 | 1 |
| Bridger Aerospace Group Holdings, Inc. (a) | 12 | 1 |
| Buzzfeed, Inc. (a) | 7 | 1 |
| Capri Listco (a) (k) | 14 |  |
| Cartesian Growth Corporation II (a) | 2 |  |
| Cero Therapeutics Holdings, Inc. (a) | 2 |  |
| Corner Growth Acquisition Corp. (a) (k) | 4 | 1 |
| ECARX Holdings Inc. (a) | 12 | 1 |
| EVe Mobility Acquisition Corp (a) (k) | 3 |  |
| Foxo Technologies Inc. (a) | 11 |  |
| Freightos Ltd (a) | 2 |  |
| Getaround Operating, Inc. (a) (k) | 5 |  |
| GIBO Holdings Ltd. (a) | 2 |  |
| Goal Acquisitions Corp. (a) | 119 | 1 |
| Graf Global Corp. (a) | 2 | 1 |
| Grove Collaborative Holdings, Inc. (a) | 5 |  |
| iLearningEngines, Inc. (a) (k) | 16 |  |
| Jaws Mustang Acquisition Corp. (a) | 8 |  |
| LeddarTech Holdings Inc. (a) | 37 |  |
| Live Oak Acquisition Corp V (a) | 2 | 1 |
| Movella Holdings Inc. (a) (k) | 5 |  |
| Newbury Street Acquisition Corporation (a) | 4 | 1 |
| Newbury Street Acquisition Corporation (a) (k) | 13 |  |
| RMG Acquisition Corp. III (a) (k) | 9 |  |
| Roman DBDR Acquisition Corp. II (a) | 3 | 1 |
| Slam Corp. (a) | 10 |  |
| Spring Valley Acquisition Corp. II (a) | 1 |  |
| Stellar V Capital Corp. (a) | 2 |  |
| Target Global Acquisition I Corp. (a) | 4 |  |
| Tevogen Bio Holdings Inc. (a) | 3 |  |
| Veea Inc. (a) | 5 | 1 |
| Volato Group, Inc. (a) | 5 |  |
| Voyager Acquisition Corp. (a) | 4 | 1 |
| Willow Lane Acquisition Corp. (a) | 3 | 1 |
| XBP Europe Holdings, Inc. (a) | 6 |  |
| Zapp Electric Vehicles Group Limited (a) | 5 |  |
| Zeo Energy Corp. (a) | 2 |  |
| Total Warrants (cost $192) | Total Warrants (cost $192) | 17 |
| **SHORT TERM INVESTMENTS 10.6%** | **SHORT TERM INVESTMENTS 10.6%** | **SHORT TERM INVESTMENTS 10.6%** |
| **Investment Companies 10.6%** | **Investment Companies 10.6%** | **Investment Companies 10.6%** |
| JNL Government Money Market Fund - Class I, 4.20% (o) (p) | 4967 | 4967 |
| Total Short Term Investments (cost $4,967) | Total Short Term Investments (cost $4,967) | 4967 |
| **Total Investments 87.0% (cost $41,339)** | **Total Investments 87.0% (cost $41,339)** | **40885** |
| **Total Securities Sold Short (4.4)% (proceeds $1,893)** | **Total Securities Sold Short (4.4)% (proceeds $1,893)** | **(2045)** |
| **Total Purchased Options 0.2% (cost $156)** | **Total Purchased Options 0.2% (cost $156)** | **74** |
| **Other Derivative Instruments (2.1)%** | **Other Derivative Instruments (2.1)%** | (979) |
| **Other Assets and Liabilities, Net 19.3%** | **Other Assets and Liabilities, Net 19.3%** | **9039** |
| **Total Net Assets 100.0%** | **Total Net Assets 100.0%** | **46974** |

---

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page [607](#abbreviations).

590

**JNL Series Trust** (Unaudited)

**Schedules of Investments (in thousands)**

June 30, 2025

(a) Non-income producing security.

(b) All or a portion of the security is subject to a written call option.

(c) Security fair valued in good faith as a Level 2 security in accordance with the procedures approved by the Board of Trustees. Good faith fair valued securities are classified based on the applicable valuation inputs. See "Fair Value Measurement" in the Notes to Financial Statements.

(d) Shares subject to merger appraisal rights.

(e) All or a portion of the security is pledged or segregated as collateral.

(f) Security is exempt from registration under the Securities Act of 1933, as amended. As of June 30, 2025, the value and the percentage of net assets of these securities was $11,101 and 23.6% of the Fund.

(g) Convertible security.

(h) Security is restricted to resale to institutional investors or subject to trading restrictions due to sanctions on foreign issuers. See Restricted Securities table following the Schedules of Investments.

(i) Security has a variable rate. Interest rates reset periodically. Rate stated was in effect as of June 30, 2025. For securities based on a published reference rate and spread, the reference rate and spread are presented. Certain variable rate securities do not indicate a reference rate and spread because they are determined by the issuer, remarketing agent, or offering documents and are based on current market conditions. The coupon rate for securities with certain features outlined in the offering documents may vary from the stated reference rate and spread. This includes, but is not limited to, securities with deferred rates, contingent distributions, caps, floors, and fixed-rate to float-rate features. In addition, variable rates for government and agency collateralized mortgage obligations ("CMO") and mortgage-backed securities ("MBS") are determined by tranches of underlying mortgage-backed security pools' cash flows into securities and pass-through rates which reflect the rate earned on the asset pool after management and guarantee fees are paid to the securitizing corporation. CMO and MBS variable rates are determined by a formula set forth in the security's offering documents.

(j) This senior floating rate interest will settle after June 30, 2025. If a reference rate and spread is presented, it will go into effect upon settlement.

(k) Security fair valued in good faith as a Level 3 security in accordance with the procedures approved by the Board of Trustees. Good faith fair valued securities are classified based on the applicable valuation inputs. See "Fair Value Measurement" in the Notes to Financial Statements.

(l) Contingent distributions represent the right to receive additional distributions, if any, during the reorganization of the underlying company.

(m) As of June 30, 2025, issuer was in bankruptcy and/or was in default relating to principal and/or interest. Partial or no payments were paid on the last interest or dividend date.

(n) Perpetual security. Next contractual call price and date are presented in parentheses, if applicable.

(o) Investment in affiliate.

(p) Yield changes daily to reflect current market conditions. Rate was the quoted yield as of June 30, 2025.

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>**  | **Value ($)**  |
| **SECURITIES SOLD SHORT (4.4%)** | **SECURITIES SOLD SHORT (4.4%)** | **SECURITIES SOLD SHORT (4.4%)** |
| **COMMON STOCKS (4.4%)** | **COMMON STOCKS (4.4%)** | **COMMON STOCKS (4.4%)** |
| **Real Estate (2.8%)** | **Real Estate (2.8%)** | **Real Estate (2.8%)** |
| Redfin Corporation | (116) | (1302) |
| **Communication Services (1.0%)** | **Communication Services (1.0%)** | **Communication Services (1.0%)** |
| Former Charter Communications Parent, Inc. - Class A | (1) | (454) |
| **Financials (0.5%)** | **Financials (0.5%)** | **Financials (0.5%)** |
| Columbia Banking System, Inc. | (4) | (99) |
| Rocket Companies, Inc. - Class A | (10) | (141) |
|  |  | (240) |
| **Energy (0.1%)** | **Energy (0.1%)** | **Energy (0.1%)** |
| Chevron Corporation |  | (49) |
| Total Common Stocks (proceeds $1,893) | Total Common Stocks (proceeds $1,893) | (2045) |
| **Total Securities Sold Short (4.4%) (proceeds $1,893)** | **Total Securities Sold Short (4.4%) (proceeds $1,893)** | **(2045)** |

---

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **JNL/Westchester Capital Event Driven Fund — Investments in Affiliates** | **JNL/Westchester Capital Event Driven Fund — Investments in Affiliates** | **JNL/Westchester Capital Event Driven Fund — Investments in Affiliates** | **JNL/Westchester Capital Event Driven Fund — Investments in Affiliates** | **JNL/Westchester Capital Event Driven Fund — Investments in Affiliates** | **JNL/Westchester Capital Event Driven Fund — Investments in Affiliates** | **JNL/Westchester Capital Event Driven Fund — Investments in Affiliates** | **JNL/Westchester Capital Event Driven Fund — Investments in Affiliates** | **JNL/Westchester Capital Event Driven Fund — Investments in Affiliates** |
| **Affiliated Investment** | **Value Beginning of Period($)** | **Purchases($)** | **Sales Proceeds($)** | **Dividend Income/ Distributions from Funds($)** | **Realized Gain (Loss)($)** | **Change in Unrealized Appreciation (Depreciation) ($)** | **Value End of Period($)** | **Percentage of Net Assets(%)** |
| JNL Government Money Market Fund, 4.20% - Class I | 4653 | 30235 | 29921 | 58 |  |  | 4967 | 10.6 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **JNL/Westchester Capital Event Driven Fund — Restricted Securities** | **JNL/Westchester Capital Event Driven Fund — Restricted Securities** | **JNL/Westchester Capital Event Driven Fund — Restricted Securities** | **JNL/Westchester Capital Event Driven Fund — Restricted Securities** | **JNL/Westchester Capital Event Driven Fund — Restricted Securities** |
|  | **Initial Acquisition** | **Cost ($)** | **Value ($)** | **Percent of**<br> **Net Assets (%)** |
| AMS-Osram AG, 2.13%, 11/03/27 | 05/19/25 | 1357 | 1438 | 3.1 |
| Dye & Durham Limited, 3.75%, 03/01/26 | 11/06/24 | 250 | 250 | 0.5 |
|  |  | 1607 | 1688 | 3.6 |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **JNL/Westchester Capital Event Driven Fund — Exchange Traded Purchased Options** | **JNL/Westchester Capital Event Driven Fund — Exchange Traded Purchased Options** | **JNL/Westchester Capital Event Driven Fund — Exchange Traded Purchased Options** | **JNL/Westchester Capital Event Driven Fund — Exchange Traded Purchased Options** | **JNL/Westchester Capital Event Driven Fund — Exchange Traded Purchased Options** | **JNL/Westchester Capital Event Driven Fund — Exchange Traded Purchased Options** | **JNL/Westchester Capital Event Driven Fund — Exchange Traded Purchased Options** |
| **Reference Entity** | **Put/Call** | **Exercise Price ($)/ Swaption Rate (%)** | **Expiration** | **Contracts<sup>1</sup>** | **Notional<sup>1</sup>** | **Value ($)** |
| **Options on Securities** | **Options on Securities** | **Options on Securities** | **Options on Securities** | **Options on Securities** | **Options on Securities** | **Options on Securities** |
|  Boeing Company, The | Put | 150.00 | 07/18/25 | 15 | 225 |  |
|  Boeing Company, The | Put | 150.00 | 09/19/25 | 8 | 120 | 1 |
|  Comcast Corporation | Put | 30.00 | 08/15/25 | 206 | 618 | 3 |
|  DuPont de Nemours, Inc. | Put | 62.50 | 09/19/25 | 206 | 1288 | 29 |
|  Honeywell International Inc. | Put | 200.00 | 09/19/25 | 62 | 1240 | 7 |
|  International Game Technology PLC | Put | 14.00 | 07/18/25 | 146 | 204 | 2 |
|  International Game Technology PLC | Put | 15.00 | 08/15/25 | 554 | 831 | 29 |
|  Phillips 66 | Put | 100.00 | 07/18/25 | 20 | 200 |  |
|  SPDR S&P 500 ETF Trust | Put | 575.00 | 07/18/25 | 45 | 2588 | 3 |
|  |  |  |  |  |  | 74 |

---

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page [607](#abbreviations).

591

**JNL Series Trust** (Unaudited)

**Schedules of Investments (in thousands)**

June 30, 2025

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **JNL/Westchester Capital Event Driven Fund — Exchange Traded Written Options** | **JNL/Westchester Capital Event Driven Fund — Exchange Traded Written Options** | **JNL/Westchester Capital Event Driven Fund — Exchange Traded Written Options** | **JNL/Westchester Capital Event Driven Fund — Exchange Traded Written Options** | **JNL/Westchester Capital Event Driven Fund — Exchange Traded Written Options** | **JNL/Westchester Capital Event Driven Fund — Exchange Traded Written Options** | **JNL/Westchester Capital Event Driven Fund — Exchange Traded Written Options** |
| **Reference Entity** | **Put/Call** | **Exercise Price ($)/ Swaption Rate (%)** | **Expiration** | **Contracts<sup>1</sup>** | **Notional<sup>1</sup>** | **Value ($)** |
| **Options on Securities** | **Options on Securities** | **Options on Securities** | **Options on Securities** | **Options on Securities** | **Options on Securities** | **Options on Securities** |
|  Boeing Company, The | Call | 205.00 | 07/18/25 | 10 | 205 | (9) |
|  Boeing Company, The | Call | 205.00 | 09/19/25 | 6 | 123 | (10) |
|  Comcast Corporation | Call | 35.00 | 08/15/25 | 206 | 721 | (35) |
|  DuPont de Nemours, Inc. | Call | 67.50 | 09/19/25 | 206 | 1391 | (91) |
|  Honeywell International Inc. | Call | 220.00 | 09/19/25 | 62 | 1364 | (112) |
|  IAC Inc. | Call | 35.00 | 08/15/25 | 289 | 1012 | (103) |
|  International Game Technology PLC | Call | 16.00 | 07/18/25 | 146 | 234 | (6) |
|  International Game Technology PLC | Call | 16.00 | 08/15/25 | 554 | 886 | (43) |
|  Paramount Global | Put | 10.00 | 08/15/25 | 101 | 101 | (4) |
|  Phillips 66 | Call | 115.00 | 07/18/25 | 20 | 230 | (12) |
|  SPDR S&P 500 ETF Trust | Call | 611.00 | 07/18/25 | 13 | 794 | (16) |
|  SPDR S&P 500 ETF Trust | Put | 540.00 | 07/18/25 | 9 | 486 |  |
|  |  |  |  |  |  | (441) |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **JNL/Westchester Capital Event Driven Fund — Forward Foreign Currency Contracts** | **JNL/Westchester Capital Event Driven Fund — Forward Foreign Currency Contracts** | **JNL/Westchester Capital Event Driven Fund — Forward Foreign Currency Contracts** | **JNL/Westchester Capital Event Driven Fund — Forward Foreign Currency Contracts** | **JNL/Westchester Capital Event Driven Fund — Forward Foreign Currency Contracts** | **JNL/Westchester Capital Event Driven Fund — Forward Foreign Currency Contracts** | **JNL/Westchester Capital Event Driven Fund — Forward Foreign Currency Contracts** |
| **Purchased/Sold** | **Counterparty** | **Expiration** | **Notional<sup>1</sup>** | **Notional<sup>1</sup>** | **Value ($)** | **Unrealized**<br> **Appreciation**<br> (Depreciation) ($) |
| GBP/USD | GSC | 07/15/25 | GBP | 99 | 136 | 2 |
| GBP/USD | GSC | 09/04/25 | GBP | 84 | 115 | 1 |
| GBP/USD | JPM | 09/04/25 | GBP | 13 | 17 |  |
| JPY/USD | GSC | 07/16/25 | JPY | 10390 | 72 | (1) |
| SEK/USD | GSC | 07/02/25 | SEK | 3319 | 351 | 5 |
| USD/CAD | JPM | 08/14/25 | CAD | (1445) | (1064) | (13) |
| USD/CAD | JPM | 08/14/25 | CAD | (10) | (8) |  |
| USD/CAD | JPM | 09/18/25 | CAD | (354) | (261) | 1 |
| USD/CAD | JPM | 11/14/25 | CAD | (336) | (248) | (5) |
| USD/EUR | GSC | 09/04/25 | EUR | (238) | (281) | (8) |
| USD/EUR | JPM | 09/04/25 | EUR | (16) | (19) | (1) |
| USD/EUR | GSC | 10/20/25 | EUR | (445) | (528) | (13) |
| USD/EUR | GSC | 11/05/25 | EUR | (593) | (706) | (27) |
| USD/EUR | GSC | 11/05/25 | EUR | (148) | (175) |  |
| USD/EUR | JPM | 12/17/25 | EUR | (1235) | (1471) | (53) |
| USD/GBP | GSC | 07/15/25 | GBP | (99) | (135) | (8) |
| USD/GBP | GSC | 09/04/25 | GBP | (84) | (115) | (1) |
| USD/GBP | JPM | 09/04/25 | GBP | (13) | (17) |  |
| USD/JPY | GSC | 07/16/25 | JPY | (10390) | (72) | (5) |
| USD/JPY | GSC | 10/15/25 | JPY | (23958) | (168) | (4) |
| USD/SEK | GSC | 07/02/25 | SEK | (2692) | (284) | (5) |
| USD/SEK | GSC | 07/02/25 | SEK | (627) | (67) |  |
|  |  |  |  |  | (4928) | (135) |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **JNL/Westchester Capital Event Driven Fund — OTC Total Return Swap Agreements** | **JNL/Westchester Capital Event Driven Fund — OTC Total Return Swap Agreements** | **JNL/Westchester Capital Event Driven Fund — OTC Total Return Swap Agreements** | **JNL/Westchester Capital Event Driven Fund — OTC Total Return Swap Agreements** | **JNL/Westchester Capital Event Driven Fund — OTC Total Return Swap Agreements** | **JNL/Westchester Capital Event Driven Fund — OTC Total Return Swap Agreements** | **JNL/Westchester Capital Event Driven Fund — OTC Total Return Swap Agreements** |
| **Reference Entity<sup>2</sup>** | **Rate Paid/Received by Fund<sup>2</sup>** | **Counter-party** | **Expiration** | **Notional<sup>1</sup>** | **Premiums Paid (Received) ($)** | **Value/**<br> **Unrealized Appreciation (Depreciation) ($)** |
|  **Total return swap agreements - receiving return** | **Total return swap agreements - receiving return** | **Total return swap agreements - receiving return** | **Total return swap agreements - receiving return** | **Total return swap agreements - receiving return** | **Total return swap agreements - receiving return** | **Total return swap agreements - receiving return** |
| **Equity** | **Equity** | **Equity** | **Equity** | **Equity** | **Equity** | **Equity** |
| ABIOMED, Inc.‡ (MT) | OBFR +0.00% (M) | BOA | 01/03/26 †† |  |  | 2 |
| Bristol-Myers Squibb Company‡ (MT) | 1M LIBOR +0.00% (M) | BOA | 12/27/25 †† |  |  | 29 |
| Brookfield Property Preferred LP (MT) | OBFR +0.75% (M) | BOA | 02/05/26 †† | 27 |  | (2) |
| Amedisys, Inc. (MT) | OBFR +0.61% (M) | GSC | 11/01/25 †† | 219 |  | 1 |
| ChampionX Corporation (MT) | OBFR +0.61% (M) | GSC | 08/06/25 †† | 1078 |  | (211) |
| Covestro AG (MT) | OBFR +0.61% (M) | GSC | 12/02/25 †† | 453 |  | 56 |
| DuPont de Nemours, Inc. (MT) | OBFR +0.61% (M) | GSC | 03/18/26 †† | 1455 |  | (161) |
| Frontier Communications Parent, Inc. (MT) | OBFR +0.61% (M) | GSC | 07/21/25 †† | 1773 |  | (3) |
| Hess Corporation (MT) | OBFR +0.61% (M) | GSC | 01/23/26 †† | 5783 |  | (383) |
| Honeywell International Inc. (MT) | OBFR +0.61% (M) | GSC | 02/10/26 †† | 1211 |  | 138 |
| IAC Inc. (MT) | OBFR +0.61% (M) | GSC | 03/11/26 †† | 1267 |  | (175) |
| International Game Technology PLC (MT) | OBFR +0.61% (M) | GSC | 08/06/25 †† | 1256 |  | (151) |
| Juniper Networks, Inc. (MT) | OBFR +0.61% (M) | GSC | 01/17/26 †† | 486 |  | 50 |
| Just Eat Takeaway.Com N.V. (MT) | OBFR +0.85% (M) | GSC | 07/21/25 †† | 806 |  | 30 |
| Kellanova (MT) | OBFR +0.61% (M) | GSC | 09/20/25 †† | 2868 |  | (54) |
| Phillips 66 (MT) | OBFR +0.61% (M) | GSC | 02/27/26 †† | 242 |  | (4) |
| Saba Capital Income & Opportunities Fund (MT) | OBFR +0.61% (M) | GSC | 05/20/25 †† | 75 |  | 7 |
| TOPCON Corporation (MT) | OBFR +0.61% (M) | GSC | 07/21/25 †† | 158 |  | 6 |
| Vivendi SE (MT) | OBFR +0.61% (M) | GSC | 12/30/25 †† | 262 |  | 11 |

---

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page [607](#abbreviations).

592

**JNL Series Trust** (Unaudited)

**Schedules of Investments (in thousands)**

June 30, 2025

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **JNL/Westchester Capital Event Driven Fund — OTC Total Return Swap Agreements (continued)** | **JNL/Westchester Capital Event Driven Fund — OTC Total Return Swap Agreements (continued)** | **JNL/Westchester Capital Event Driven Fund — OTC Total Return Swap Agreements (continued)** | **JNL/Westchester Capital Event Driven Fund — OTC Total Return Swap Agreements (continued)** | **JNL/Westchester Capital Event Driven Fund — OTC Total Return Swap Agreements (continued)** | **JNL/Westchester Capital Event Driven Fund — OTC Total Return Swap Agreements (continued)** | **JNL/Westchester Capital Event Driven Fund — OTC Total Return Swap Agreements (continued)** |
| **Reference Entity<sup>2</sup>** | **Rate Paid/Received by Fund<sup>2</sup>** | **Counter-party** | **Expiration** | **Notional<sup>1</sup>** | **Premiums Paid (Received) ($)** | **Value/**<br> **Unrealized Appreciation (Depreciation) ($)** |
| Nuveen New York AMT-Free Quality Municipal Income Fund (MT) | OBFR +0.38% (Q) | JPM | 01/03/26 †† | 839 |  | (73) |
| The AZEK Company Inc. (MT) | OBFR +0.38% (Q) | JPM | 05/15/26 †† | 1248 |  | 185 |
| Vivendi SE (MT) | OBFR +0.55% (M) | JPM | 12/30/25 †† | 14 |  | 4 |
|  |  |  |  |  |  | (698) |
|  **Total return swap agreements - paying return** | **Total return swap agreements - paying return** | **Total return swap agreements - paying return** | **Total return swap agreements - paying return** | **Total return swap agreements - paying return** | **Total return swap agreements - paying return** | **Total return swap agreements - paying return** |
| **Equity** | **Equity** | **Equity** | **Equity** | **Equity** | **Equity** | **Equity** |
| Charter Communications (MT) | OBFR -0.35% (M) | GSC | 01/29/26 †† | (802) |  | (58) |
| James Hardie Industries Public Limited Company (MT) | OBFR -3.25% (M) | GSC | 04/15/26 †† | (13) |  | (3) |
| James Hardie Industries Public Limited Company (MT) | OBFR -0.40% (M) | GSC | 04/04/26 †† | (96) |  | (32) |
| Omnicom Group Inc. (MT) | OBFR -0.35% (M) | GSC | 01/03/26 †† | (1130) |  | 107 |
| Pan American Silver Corp. (MT) | OBFR -0.35% (M) | GSC | 10/30/25 †† | (532) |  | (73) |
| Schlumberger Limited (MT) | OBFR -0.35% (M) | GSC | 05/17/25 †† | (1766) |  | 92 |
| Chevron Corporation (MT) | OBFR -0.25% (Q) | JPM | 10/28/25 †† | (6515) |  | 341 |
| James Hardie Industries Public Limited Company (MT) | OBFR -0.69% (Q) | JPM | 03/25/26 †† | (521) |  | (79) |
|  |  |  |  |  |  | 295 |

---

‡Total Return Swap fair valued in good faith in accordance with the procedures approved by the JNL Series Trust's Board of Trustees and classified as Level 3 for FASB ASC Topic 820 "Fair Value Measurements" based on the applicable valuation inputs. See "Fair Value Measurements" in the Notes to Financial Statements.

††For this swap agreement, the expiration date represents the termination date, which is generally 13 months from the effective date. Either party, under certain conditions, may terminate the contract prior to the contract's expiration date.

**Fair Value Hierarchy.** Various inputs are used in determining the fair value of financial instruments. For a description of the input levels and information about the Fund's policy regarding valuation of financial instruments, see Note 3 in the Notes to Financial Statements. The following table summarizes the Fund's investments categorized in the disclosure hierarchy as of June 30, 2025.

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **<u>. Level 1 ($) .</u>** | **<u>. Level 2 ($) .</u>** | **<u>. Level 3 ($) .</u>** | **<u>. Total ($) .</u>** |
| **JNL/Westchester Capital Event Driven Fund** | **JNL/Westchester Capital Event Driven Fund** | **JNL/Westchester Capital Event Driven Fund** | **JNL/Westchester Capital Event Driven Fund** | **JNL/Westchester Capital Event Driven Fund** |
| **Assets - Securities** |  |  |  |  |
| &nbsp;&nbsp; Common Stocks | 14744 | 3017 |  | 17761 |
| &nbsp;&nbsp; Corporate Bonds And Notes |  | 13261 |  | 13261 |
| &nbsp;&nbsp; Investment Companies | 1963 |  |  | 1963 |
| &nbsp;&nbsp; Senior Floating Rate Instruments |  | 1223 |  | 1223 |
| &nbsp;&nbsp; Other Equity Interests |  |  | 1091 | 1091 |
| &nbsp;&nbsp; Non-U.S. Government Agency Asset-Backed Securities |  | 224 |  | 224 |
| &nbsp;&nbsp; Preferred Stocks | 192 |  |  | 192 |
| &nbsp;&nbsp; Rights | 108 |  | 78 | 186 |
| &nbsp;&nbsp; Warrants | 16 |  | 1 | 17 |
| &nbsp;&nbsp; Short Term Investments | 4967 |  |  | 4967 |
|  | 21990 | 17725 | 1170 | 40885 |
| **Liabilities - Securities** | **Liabilities - Securities** | **Liabilities - Securities** | **Liabilities - Securities** | **Liabilities - Securities** |
| &nbsp;&nbsp; Common Stocks | (2045) |  |  | (2045) |
|  | (2045) |  |  | (2045) |
| **Assets - Investments in Other Financial Instruments<sup>1</sup>** |  |  |  |  |
| &nbsp;&nbsp; Exchange Traded Purchased Options | 74 |  |  | 74 |
| &nbsp;&nbsp; Open Forward Foreign Currency Contracts |  | 9 |  | 9 |
| &nbsp;&nbsp; OTC Total Return Swap Agreements |  | 1028 | 31 | 1059 |
|  | 74 | 1037 | 31 | 1142 |
| **Liabilities - Investments in Other Financial Instruments<sup>1</sup>** |  |  |  |  |
| &nbsp;&nbsp; Exchange Traded Written Options | (441) |  |  | (441) |
| &nbsp;&nbsp; Open Forward Foreign Currency Contracts |  | (144) |  | (144) |
| &nbsp;&nbsp; OTC Total Return Swap Agreements |  | (1462) |  | (1462) |
|  | (441) | (1606) |  | (2047) |

---

<sup>1</sup> All derivatives, except for purchased and written options, are reflected at the unrealized appreciation (depreciation) on the instrument. Purchased and written options are reflected at value.

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page [607](#abbreviations).

593

**JNL Series Trust** (Unaudited)

**Schedules of Investments (in thousands)**

June 30, 2025

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| **JNL/William Blair International Leaders Fund** | **JNL/William Blair International Leaders Fund** | **JNL/William Blair International Leaders Fund** |
| **COMMON STOCKS 96.3%** | **COMMON STOCKS 96.3%** | **COMMON STOCKS 96.3%** |
| **United Kingdom 12.7%** | **United Kingdom 12.7%** | **United Kingdom 12.7%** |
| 3I Group PLC | 360 | 20413 |
| BAE Systems PLC | 903 | 23459 |
| Compass Group PLC | 326 | 11020 |
| Experian PLC | 295 | 15218 |
| Halma Public Limited Company | 307 | 13464 |
| London Stock Exchange Group PLC | 104 | 15125 |
| Relx PLC | 272 | 14715 |
| Unilever PLC | 252 | 15371 |
|  |  | 128785 |
| **France 10.1%** | **France 10.1%** | **France 10.1%** |
| Euronext N.V. (a) | 73 | 12554 |
| L'Air Liquide, societe anonyme pour l'Etude et l'Exploitation des procedes Georges Claude | 71 | 14623 |
| Safran | 52 | 17066 |
| Schneider Electric SE | 67 | 17783 |
| Thales | 77 | 22709 |
| VINCI | 119 | 17484 |
|  |  | 102219 |
| **Germany 8.6%** | **Germany 8.6%** | **Germany 8.6%** |
| Heidelberg Materials AG | 88 | 20789 |
| Munchener Ruckversicherungs-Gesellschaft Aktiengesellschaft in Munchen - Class N | 23 | 15029 |
| Rheinmetall Aktiengesellschaft | 7 | 15384 |
| SAP SE | 80 | 24366 |
| Symrise AG | 110 | 11559 |
|  |  | 87127 |
| **Japan 8.0%** | **Japan 8.0%** | **Japan 8.0%** |
| ASICS Corporation | 606 | 15434 |
| Chugai Pharmaceutical Co., Ltd. | 215 | 11178 |
| Pan Pacific International Holdings Corporation | 459 | 15753 |
| Sumitomo Mitsui Financial Group, Inc. | 594 | 14953 |
| Terumo Corporation | 473 | 8668 |
| Tokio Marine Holdings, Inc. | 364 | 15398 |
|  |  | 81384 |
| **Canada 7.4%** | **Canada 7.4%** | **Canada 7.4%** |
| Constellation Software Inc. | 4 | 16225 |
| Dollarama Inc. | 169 | 23748 |
| Intact Financial Corporation | 95 | 22080 |
| Royal Bank of Canada | 94 | 12375 |
|  |  | 74428 |
| **Italy 7.0%** | **Italy 7.0%** | **Italy 7.0%** |
| ENEL - SPA | 2178 | 20710 |
| Ferrari N.V. | 26 | 12708 |
| Prysmian S.p.A. | 186 | 13163 |
| Unicredit, Societa' Per Azioni In Forma Abbreviata Unicredit S.P.A. | 368 | 24765 |
|  |  | 71346 |
| **China 6.9%** | **China 6.9%** | **China 6.9%** |
| ANTA Sports Products Limited | 807 | 9761 |
| BYD Company Limited - Class H | 966 | 15026 |
| Tencent Holdings Limited | 319 | 20571 |
| Trip.com Group Limited | 233 | 13640 |
| Xiaomi Corporation (a) (b) | 1350 | 10377 |
|  |  | 69375 |
| **Taiwan 4.3%** | **Taiwan 4.3%** | **Taiwan 4.3%** |
| MediaTek Inc. | 218 | 9339 |
| Taiwan Semiconductor Manufacturing Company Limited | 948 | 34331 |
|  |  | 43670 |
| **Switzerland 4.0%** | **Switzerland 4.0%** | **Switzerland 4.0%** |
| ABB Ltd - Class N | 190 | 11370 |
| Lonza Group AG | 16 | 11305 |
| Sandoz Group AG | 327 | 17923 |
|  |  | 40598 |
| **India 3.9%** | **India 3.9%** | **India 3.9%** |
| Bharat Electronics Limited | 2975 | 14654 |
| Bharti Airtel Limited | 453 | 10635 |
| ICICI Bank Limited | 835 | 14106 |
|  |  | 39395 |
| **Hong Kong 3.6%** | **Hong Kong 3.6%** | **Hong Kong 3.6%** |
| AIA Group Limited | 2091 | 18859 |
| Hong Kong Exchanges and Clearing Limited | 320 | 17154 |
|  |  | 36013 |
| **Spain 3.1%** | **Spain 3.1%** | **Spain 3.1%** |
| Banco Bilbao Vizcaya Argentaria, S.A. | 1570 | 24124 |
| Industria de Diseno Textil, S.A. | 132 | 6881 |
|  |  | 31005 |
| **South Korea 2.6%** | **South Korea 2.6%** | **South Korea 2.6%** |
| SK Hynix Inc. | 123 | 26662 |
| **United States of America 2.4%** | **United States of America 2.4%** | **United States of America 2.4%** |
| Brookfield Asset Management Ltd. - Class A (c) | 244 | 13480 |
| Flutter Entertainment Public Limited Company (b) | 39 | 11244 |
|  |  | 24724 |
| **Singapore 2.1%** | **Singapore 2.1%** | **Singapore 2.1%** |
| Sea Limited - Class A - ADR (b) | 133 | 21321 |
| **Argentina 2.1%** | **Argentina 2.1%** | **Argentina 2.1%** |
| MercadoLibre, Inc. (b) | 8 | 21042 |
| **Sweden 1.8%** | **Sweden 1.8%** | **Sweden 1.8%** |
| Spotify Technology S.A. (b) | 24 | 18672 |
| **Ireland 1.4%** | **Ireland 1.4%** | **Ireland 1.4%** |
| Kingspan Group Public Limited Company | 169 | 14389 |
| **Australia 1.3%** | **Australia 1.3%** | **Australia 1.3%** |
| Aristocrat Leisure Limited | 181 | 7750 |
| Pro Medicus Limited | 29 | 5376 |
|  |  | 13126 |
| **Belgium 1.3%** | **Belgium 1.3%** | **Belgium 1.3%** |
| UCB | 67 | 13118 |
| **Netherlands 1.1%** | **Netherlands 1.1%** | **Netherlands 1.1%** |
| ASML Holding N.V. | 14 | 11389 |
| **New Zealand 0.6%** | **New Zealand 0.6%** | **New Zealand 0.6%** |
| Xero Limited (b) | 49 | 5828 |
| Total Common Stocks (cost $794,042) | Total Common Stocks (cost $794,042) | 975616 |
| **PREFERRED STOCKS 1.3%** | **PREFERRED STOCKS 1.3%** | **PREFERRED STOCKS 1.3%** |
| **Switzerland 1.3%** | **Switzerland 1.3%** | **Switzerland 1.3%** |
| Chocoladefabriken Lindt & Sprungli AG | 1 | 12799 |
| Total Preferred Stocks (cost $10,568) | Total Preferred Stocks (cost $10,568) | 12799 |
| **SHORT TERM INVESTMENTS 2.6%** | **SHORT TERM INVESTMENTS 2.6%** | **SHORT TERM INVESTMENTS 2.6%** |
| **Investment Companies 2.6%** | **Investment Companies 2.6%** | **Investment Companies 2.6%** |
| JNL Government Money Market Fund - Class I, 4.20% (d) (e) | 26207 | 26207 |
| Total Short Term Investments (cost $26,207) | Total Short Term Investments (cost $26,207) | 26207 |
| **Total Investments 100.2% (cost $830,817)** | **Total Investments 100.2% (cost $830,817)** | **1014622** |
| **Other Assets and Liabilities, Net (0.2)%** | **Other Assets and Liabilities, Net (0.2)%** | **(1786)** |
| **Total Net Assets 100.0%** | **Total Net Assets 100.0%** | **1012836** |

---

(a) Security is restricted to resale to institutional investors or subject to trading restrictions due to sanctions on foreign issuers. See Restricted Securities table following the Schedules of Investments.

(b) Non-income producing security.

(c) All or a portion of the security was on loan as of June 30, 2025.

(d) Investment in affiliate.

(e) Yield changes daily to reflect current market conditions. Rate was the quoted yield as of June 30, 2025.

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page [607](#abbreviations).

594

**JNL Series Trust** (Unaudited)

**Schedules of Investments (in thousands)**

June 30, 2025

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **JNL/William Blair International Leaders Fund — Investments in Affiliates** | **JNL/William Blair International Leaders Fund — Investments in Affiliates** | **JNL/William Blair International Leaders Fund — Investments in Affiliates** | **JNL/William Blair International Leaders Fund — Investments in Affiliates** | **JNL/William Blair International Leaders Fund — Investments in Affiliates** | **JNL/William Blair International Leaders Fund — Investments in Affiliates** | **JNL/William Blair International Leaders Fund — Investments in Affiliates** | **JNL/William Blair International Leaders Fund — Investments in Affiliates** | **JNL/William Blair International Leaders Fund — Investments in Affiliates** |
| **Affiliated Investment** | **Value Beginning of Period($)** | **Purchases($)** | **Sales Proceeds($)** | **Dividend Income/ Distributions from Funds($)** | **Realized Gain (Loss)($)** | **Change in Unrealized Appreciation (Depreciation) ($)** | **Value End of Period($)** | **Percentage of Net Assets(%)** |
| JNL Government Money Market Fund, 4.20% - Class I | 7245 | 181650 | 162688 | 263 |  |  | 26207 | 2.6 |
| JNL Government Money Market Fund, 4.30% - Class SL | 4177 | 86015 | 90192 | 104 |  |  |  |  |
|  | 11422 | 267665 | 252880 | 367 |  |  | 26207 | 2.6 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **JNL/William Blair International Leaders Fund — Restricted Securities** | **JNL/William Blair International Leaders Fund — Restricted Securities** | **JNL/William Blair International Leaders Fund — Restricted Securities** | **JNL/William Blair International Leaders Fund — Restricted Securities** | **JNL/William Blair International Leaders Fund — Restricted Securities** |
|  | **Initial Acquisition** | **Cost ($)** | **Value ($)** | **Percent of**<br> **Net Assets (%)** |
| Euronext N.V. | 04/10/25 | 11750 | 12554 | 1.3 |
| Xiaomi Corporation | 06/25/25 | 9788 | 10377 | 1.0 |
|  |  | 21538 | 22931 | 2.3 |

---

**Fair Value Hierarchy.** Various inputs are used in determining the fair value of financial instruments. For a description of the input levels and information about the Fund's policy regarding valuation of financial instruments, see Note 3 in the Notes to Financial Statements. The following table summarizes the Fund's investments categorized in the disclosure hierarchy as of June 30, 2025.

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **<u>. Level 1 ($) .</u>** | **<u>. Level 2 ($) .</u>** | **<u>. Level 3 ($) .</u>** | **<u>. Total ($) .</u>** |
| **JNL/William Blair International Leaders Fund** | **JNL/William Blair International Leaders Fund** | **JNL/William Blair International Leaders Fund** | **JNL/William Blair International Leaders Fund** | **JNL/William Blair International Leaders Fund** |
| **Assets - Securities** |  |  |  |  |
| &nbsp;&nbsp; Common Stocks | 172895 | 802721 |  | 975616 |
| &nbsp;&nbsp; Preferred Stocks |  | 12799 |  | 12799 |
| &nbsp;&nbsp; Short Term Investments | 26207 |  |  | 26207 |
|  | 199102 | 815520 |  | 1014622 |

---

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page [607](#abbreviations).

595

**JNL Series Trust** (Unaudited)

**Schedules of Investments (in thousands)**

June 30, 2025

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| **JNL/WMC Balanced Fund** | **JNL/WMC Balanced Fund** | **JNL/WMC Balanced Fund** |
| **COMMON STOCKS 65.8%** | **COMMON STOCKS 65.8%** | **COMMON STOCKS 65.8%** |
| **Information Technology 21.5%** | **Information Technology 21.5%** | **Information Technology 21.5%** |
| Amphenol Corporation - Class A | 577 | 56986 |
| Apple Inc. | 1491 | 305897 |
| Broadcom Inc. | 696 | 191732 |
| Corning Incorporated | 835 | 43898 |
| Intuit Inc. | 111 | 87412 |
| Jabil Inc. | 302 | 65876 |
| Micron Technology, Inc. | 313 | 38622 |
| Microsoft Corporation | 971 | 482746 |
| NVIDIA Corporation | 3016 | 476570 |
| Roper Technologies, Inc. | 61 | 34627 |
| Salesforce, Inc. | 217 | 59195 |
| ServiceNow, Inc. (a) | 48 | 49748 |
| Texas Instruments Incorporated | 374 | 77549 |
|  |  | 1970858 |
| **Financials 10.0%** | **Financials 10.0%** | **Financials 10.0%** |
| American Express Company | 222 | 70685 |
| Arthur J. Gallagher & Co. | 150 | 47940 |
| Bank of America Corporation | 873 | 41302 |
| Charles Schwab Corporation, The | 822 | 74955 |
| Goldman Sachs Group, Inc., The | 17 | 12004 |
| Intercontinental Exchange, Inc. | 53 | 9666 |
| JPMorgan Chase & Co. | 379 | 109917 |
| KKR & Co. Inc. - Class A | 339 | 45031 |
| MasterCard Incorporated - Class A | 163 | 91343 |
| Morgan Stanley | 243 | 34272 |
| Nasdaq, Inc. | 1323 | 118310 |
| S&P Global Inc. | 150 | 79247 |
| Wells Fargo & Company | 2268 | 181729 |
|  |  | 916401 |
| **Consumer Discretionary 7.9%** | **Consumer Discretionary 7.9%** | **Consumer Discretionary 7.9%** |
| Amazon.com, Inc. (a) | 1332 | 292160 |
| Home Depot, Inc., The | 85 | 31088 |
| Marriott International, Inc. - Class A | 229 | 62457 |
| McDonald's Corporation | 208 | 60692 |
| O'Reilly Automotive, Inc. (a) | 658 | 59274 |
| Starbucks Corporation | 508 | 46583 |
| Tesla Inc. (a) | 192 | 60894 |
| TJX Companies, Inc., The | 493 | 60932 |
| Tractor Supply Company | 872 | 45998 |
|  |  | 720078 |
| **Communication Services 6.0%** | **Communication Services 6.0%** | **Communication Services 6.0%** |
| Alphabet Inc. - Class A | 1352 | 238259 |
| Meta Platforms, Inc. - Class A | 249 | 183798 |
| Netflix, Inc. (a) | 74 | 99764 |
| T-Mobile US, Inc. | 113 | 26864 |
|  |  | 548685 |
| **Health Care 5.5%** | **Health Care 5.5%** | **Health Care 5.5%** |
| Abbott Laboratories | 377 | 51343 |
| AstraZeneca PLC - ADR | 745 | 52092 |
| Eli Lilly and Company | 134 | 104727 |
| Gilead Sciences, Inc. | 545 | 60396 |
| Haleon PLC | 14413 | 74066 |
| HCA Healthcare, Inc. | 113 | 43345 |
| Merck & Co., Inc. | 621 | 49119 |
| UnitedHealth Group Incorporated | 225 | 70246 |
|  |  | 505334 |
| **Industrials 4.3%** | **Industrials 4.3%** | **Industrials 4.3%** |
| Boeing Company, The (a) | 320 | 67066 |
| Deere & Company | 104 | 52698 |
| Johnson Controls International Public Limited Company | 433 | 45698 |
| PACCAR Inc | 273 | 25986 |
| Parker-Hannifin Corporation | 110 | 76728 |
| Republic Services, Inc. | 292 | 71906 |
| Uber Technologies, Inc. (a) | 571 | 53241 |
|  |  | 393323 |
| **Consumer Staples 3.7%** | **Consumer Staples 3.7%** | **Consumer Staples 3.7%** |
| British American Tobacco P.L.C. | 1231 | 58416 |
| Coca-Cola Company, The | 1058 | 74838 |
| Kroger Co., The | 771 | 55313 |
| Philip Morris International Inc. | 440 | 80168 |
| Unilever PLC | 1177 | 71746 |
|  |  | 340481 |
| **Energy 2.9%** | **Energy 2.9%** | **Energy 2.9%** |
| EQT Corporation | 605 | 35310 |
| Exxon Mobil Corporation | 585 | 63042 |
| Marathon Petroleum Corporation | 281 | 46733 |
| Targa Resources Corp. | 306 | 53339 |
| Williams Companies, Inc., The | 1026 | 64461 |
|  |  | 262885 |
| **Utilities 1.8%** | **Utilities 1.8%** | **Utilities 1.8%** |
| Duke Energy Corporation | 463 | 54630 |
| NextEra Energy, Inc. | 513 | 35601 |
| Sempra | 944 | 71497 |
|  |  | 161728 |
| **Real Estate 1.2%** | **Real Estate 1.2%** | **Real Estate 1.2%** |
| Crown Castle Inc. | 463 | 47547 |
| Welltower Inc. | 437 | 67212 |
|  |  | 114759 |
| **Materials 1.0%** | **Materials 1.0%** | **Materials 1.0%** |
| Anglo American PLC | 1158 | 34234 |
| Linde Public Limited Company | 116 | 54206 |
| Valterra Platinum | 126 | 5554 |
|  |  | 93994 |
| Total Common Stocks (cost $4,419,833) | Total Common Stocks (cost $4,419,833) | 6028526 |
| **GOVERNMENT AND AGENCY OBLIGATIONS 25.8%** | **GOVERNMENT AND AGENCY OBLIGATIONS 25.8%** | **GOVERNMENT AND AGENCY OBLIGATIONS 25.8%** |
| **U.S. Treasury Note 12.4%** | **U.S. Treasury Note 12.4%** | **U.S. Treasury Note 12.4%** |
| Treasury, United States Department of |  |  |
| 0.88%, 09/30/26 | 10525 | 10138 |
| 3.50%, 09/30/26 - 09/30/29 | 60023 | 59614 |
| 4.63%, 10/15/26 - 02/15/35 | 76002 | 77975 |
| 4.13%, 10/31/26 - 05/31/32 | 162354 | 163758 |
| 1.25%, 11/30/26 - 06/30/28 | 42541 | 40952 |
| 4.25%, 11/30/26 - 05/15/35 | 178524 | 180333 |
| 4.38%, 12/15/26 - 01/31/32 | 35415 | 36037 |
| 4.00%, 01/15/27 - 05/31/30 | 133303 | 134431 |
| 3.88%, 03/31/27 - 06/30/30 | 173777 | 174279 |
| 3.75%, 04/30/27 - 08/31/31 | 177319 | 177440 |
| 2.63%, 05/31/27 | 2390 | 2341 |
| 2.88%, 08/15/28 | 625 | 610 |
| 4.88%, 10/31/28 | 25116 | 26021 |
| 4.50%, 05/31/29 - 12/31/31 | 27808 | 28591 |
| 3.63%, 08/31/29 - 09/30/31 | 22757 | 22630 |
|  |  | 1135150 |
| **Mortgage-Backed Securities 8.0%** | **Mortgage-Backed Securities 8.0%** | **Mortgage-Backed Securities 8.0%** |
| Federal Home Loan Mortgage Corporation |  |  |
| 4.00%, 09/01/26 - 07/01/49 | 1249 | 1197 |
| 7.00%, 11/01/30 - 06/01/31 | 6 | 7 |
| 2.50%, 12/01/31 - 04/01/52 | 55674 | 47249 |
| 4.50%, 01/01/38 - 08/01/52 | 15900 | 15406 |
| 6.00%, 12/01/39 - 11/01/53 | 15584 | 15872 |
| 2.00%, 11/01/41 - 04/01/52 | 70181 | 56401 |
| 3.00%, 11/01/46 - 12/01/46 | 9477 | 8488 |
| 5.00%, 08/01/52 - 11/01/53 | 30523 | 30094 |
| 5.50%, 01/01/53 - 09/01/53 | 36998 | 37102 |
| 6.50%, 11/01/53 | 13505 | 13975 |
| Federal National Mortgage Association, Inc. |  |  |
| 3.50%, 03/01/26 - 06/01/52 | 22415 | 20444 |
| 4.00%, 09/01/26 - 10/01/52 | 25278 | 23675 |
| 4.50%, 01/01/27 - 11/01/52 | 25101 | 24667 |
| 3.00%, 05/01/27 - 10/01/51 | 30839 | 27287 |
| 7.50%, 09/01/29 | 1 | 1 |
| 2.50%, 05/01/30 - 03/01/52 | 47870 | 40442 |
| 7.00%, 10/01/33 | 9 | 9 |
| 5.50%, 03/01/38 - 08/01/53 | 11852 | 11900 |
| 6.50%, 10/01/38 - 10/01/39 | 37 | 40 |
| 5.00%, 07/01/40 - 04/01/55 | 10118 | 9959 |
| TBA, 5.50%, 07/15/40 (b) | 24826 | 25270 |
| 2.00%, 04/01/41 - 09/01/51 | 76829 | 62379 |
| 1.50%, 11/01/41 | 6834 | 5638 |
| 6.00%, 09/01/53 - 07/01/54 | 40414 | 41253 |

---

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page [607](#abbreviations).

596

**JNL Series Trust** (Unaudited)

**Schedules of Investments (in thousands)**

June 30, 2025

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| TBA, 2.50%, 07/15/55 (b) | 9951 | 8250 |
| TBA, 3.00%, 07/15/55 (b) | 12437 | 10754 |
| TBA, 4.50%, 07/15/55 (b) | 2032 | 1943 |
| TBA, 5.00%, 07/15/55 (b) | 14860 | 14562 |
| Government National Mortgage Association |  |  |
| 6.50%, 04/15/26 |  |  |
| 5.50%, 11/15/32 - 02/15/36 | 22 | 22 |
| 6.00%, 01/15/33 - 04/15/40 | 1199 | 1249 |
| 7.00%, 01/15/33 - 05/15/33 | 2 | 2 |
| 5.00%, 06/20/33 - 06/15/39 | 686 | 693 |
| 4.50%, 06/15/40 - 08/20/52 | 48206 | 46560 |
| 4.00%, 01/15/41 - 08/20/52 | 22043 | 20694 |
| 2.00%, 12/20/50 - 02/20/51 | 22681 | 18493 |
| 2.50%, 03/20/51 - 12/20/52 | 33517 | 28520 |
| 3.00%, 07/20/51 - 03/20/52 | 14464 | 12798 |
| 3.50%, 01/20/52 - 03/20/52 | 28281 | 25811 |
| TBA, 2.00%, 07/15/55 (b) | 9350 | 7618 |
| TBA, 3.00%, 07/15/55 (b) | 7982 | 7053 |
| TBA, 5.50%, 07/15/55 (b) | 10704 | 10715 |
| | | 734492 |
| **U.S. Treasury Bond 4.1%** | **U.S. Treasury Bond 4.1%** | **U.S. Treasury Bond 4.1%** |
| Treasury, United States Department of |  |  |
| 1.75%, 08/15/41 | 2495 | 1655 |
| 3.25%, 05/15/42 | 1826 | 1510 |
| 3.38%, 08/15/42 | 18040 | 15138 |
| 4.00%, 11/15/42 - 11/15/52 | 29387 | 26169 |
| 3.88%, 02/15/43 - 05/15/43 | 23408 | 20930 |
| 4.38%, 08/15/43 | 12287 | 11713 |
| 4.75%, 11/15/43 - 05/15/55 | 53746 | 53468 |
| 4.50%, 02/15/44 - 11/15/54 | 15199 | 14546 |
| 4.63%, 05/15/44 - 02/15/55 | 52982 | 51727 |
| 4.13%, 08/15/44 - 08/15/53 | 7950 | 7101 |
| 3.00%, 11/15/44 - 05/15/47 | 5480 | 4103 |
| 2.50%, 02/15/45 - 05/15/46 | 53912 | 37557 |
| 4.75%, 02/15/45 (c) | 35490 | 35308 |
| 5.00%, 05/15/45 | 20297 | 20848 |
| 2.88%, 08/15/45 - 05/15/52 | 29354 | 21136 |
| 2.75%, 08/15/47 - 11/15/47 | 21494 | 15294 |
| 2.38%, 05/15/51 | 8511 | 5397 |
| 3.63%, 02/15/53 - 05/15/53 | 28786 | 23489 |
| 4.25%, 02/15/54 - 08/15/54 | 8705 | 7944 |
|  |  | 375033 |
| **Collateralized Mortgage Obligations 0.5%** | **Collateralized Mortgage Obligations 0.5%** | **Collateralized Mortgage Obligations 0.5%** |
| Connecticut Avenue Securities Trust 2021-R01 |  |  |
| Series 2021-1M2-R01, REMIC, 5.86%, (SOFR 30-Day Average + 1.55%), 10/25/41 (d) | 945 | 948 |
| Federal Home Loan Mortgage Corporation |  |  |
| Series 2019-MA-3, REMIC, 3.50%, 07/25/26 | 1328 | 1268 |
| Series JM-4165, REMIC, 3.50%, 09/15/41 | 318 | 314 |
| Series ZP-3967, REMIC, 4.00%, 09/15/41 | 3744 | 3609 |
| Series AH-4143, REMIC, 1.75%, 09/15/42 | 2762 | 2604 |
| Series DJ-4322, REMIC, 3.00%, 05/15/43 | 279 | 274 |
| Series CZ-4809, REMIC, 4.00%, 07/15/48 | 3930 | 3651 |
| Series DP-5170, REMIC, 2.00%, 07/25/50 | 7291 | 6374 |
| Series 2021-MTU-1, REMIC, 2.50%, 09/25/60 | 10075 | 8274 |
| Federal National Mortgage Association, Inc. |  |  |
| Series 2016-2M2-C03, 10.32%, (SOFR 30-Day Average + 6.01%), 10/25/28 (d) | 241 | 248 |
| Series 2015-HP-28, REMIC, 3.50%, 06/25/44 | 557 | 545 |
| Series 2014-ZC-95, REMIC, 3.00%, 01/25/45 | 2890 | 2629 |
| Series 2020-HC-27, REMIC, 1.50%, 10/25/49 | 3759 | 2938 |
| Government National Mortgage Association |  |  |
| Series 2005-HC-74, REMIC, 7.50%, 09/16/35 | 1 | 1 |
| Series 2021-KA-215, REMIC, 2.50%, 10/20/49 | 9789 | 8613 |
|  |  | 42290 |
| **Sovereign 0.3%** | **Sovereign 0.3%** | **Sovereign 0.3%** |
| Gobierno Federal de los Estados Unidos Mexicanos |  |  |
| 6.75%, 09/27/34 | 7788 | 8278 |
| Government of Saudi Arabia |  |  |
| 5.38%, 01/13/31 (e) | 11210 | 11600 |
| Israel, State of |  |  |
| 5.38%, 03/12/29 | 8850 | 9010 |
|  |  | 28888 |
| **Municipal 0.3%** | **Municipal 0.3%** | **Municipal 0.3%** |
| Chicago Transit Authority |  |  |
| 6.90%, 12/01/40 | 615 | 681 |
| Dallas-Fort Worth International Airport Facility Improvement Corporation |  |  |
| 4.09%, 11/01/51 | 300 | 245 |
| Golden State Tobacco Securitization Corporation |  |  |
| 3.00%, 06/01/46 | 590 | 518 |
| Grand Parkway Transportation Corporation |  |  |
| 5.18%, 10/01/42 | 220 | 217 |
| Illinois Municipal Electric Agency |  |  |
| 6.83%, 02/01/35 | 2955 | 3209 |
| Kansas Development Finance Authority |  |  |
| 5.37%, 05/01/26 | 495 | 500 |
| Metropolitan Transportation Authority |  |  |
| 6.20%, 11/15/26 | 75 | 76 |
| 6.81%, 11/15/40 | 2350 | 2549 |
| 5.18%, 11/15/49 | 100 | 90 |
| Municipal Electric Authority of Georgia |  |  |
| 6.64%, 04/01/57 | 4777 | 5158 |
| Oregon School Boards Association |  |  |
| 4.76%, 06/30/28 | 233 | 229 |
| Philadelphia, City of |  |  |
| 6.55%, 10/15/28 | 5225 | 5550 |
| Texas Natural Gas Securitization Finance Corporation |  |  |
| 5.10%, 04/01/35 | 4193 | 4288 |
| 5.17%, 04/01/41 | 1250 | 1263 |
|  |  | 24573 |
| **Commercial Mortgage-Backed Securities 0.2%** | **Commercial Mortgage-Backed Securities 0.2%** | **Commercial Mortgage-Backed Securities 0.2%** |
| Federal Home Loan Mortgage Corporation |  |  |
| Series A2-K758, REMIC, 4.68%, 10/25/31 (d) | 4300 | 4370 |
| Series A2-K142, REMIC, 2.40%, 03/25/32 | 8300 | 7364 |
| Series A2-K157, REMIC, 3.99%, 05/25/33 (d) | 4775 | 4703 |
|  |  | 16437 |
| Total Government And Agency Obligations (cost $2,419,563) | Total Government And Agency Obligations (cost $2,419,563) | 2356863 |
| **CORPORATE BONDS AND NOTES 6.9%** | **CORPORATE BONDS AND NOTES 6.9%** | **CORPORATE BONDS AND NOTES 6.9%** |
| **Financials 2.9%** | **Financials 2.9%** | **Financials 2.9%** |
| Abu Dhabi Developmental Holding Company PJSC |  |  |
| 4.38%, 10/02/31 (e) | 10630 | 10468 |
| ACE Capital Trust II |  |  |
| 9.70%, 04/01/30 | 525 | 625 |
| American International Group, Inc. |  |  |
| 4.85%, 05/07/30 | 2045 | 2078 |
| Athene Global Funding |  |  |
| 5.58%, 01/09/29 (e) | 11485 | 11801 |
| 5.38%, 01/07/30 (e) (f) | 15711 | 16061 |
| Athene Holding Ltd |  |  |
| 6.63%, 05/19/55 | 1885 | 1938 |
| Bank of America Corporation |  |  |
| 5.82%, 09/15/29 (f) | 3858 | 4022 |
| 3.19%, 07/23/30 | 2210 | 2102 |
| 5.16%, 01/24/31 | 6833 | 6997 |
| 5.02%, 07/22/33 | 2522 | 2550 |
| Bank of New York Mellon Corporation, The |  |  |
| 4.73%, 04/20/29 | 2385 | 2418 |
| Barclays PLC |  |  |
| 5.69%, 03/12/30 | 8758 | 9062 |
| Beacon Funding Trust |  |  |
| 6.27%, 08/15/54 (e) | 4245 | 4192 |
| Belrose Funding Trust II |  |  |
| 6.79%, 05/15/55 (e) | 5520 | 5646 |
| BPCE |  |  |
| 5.88%, 01/14/31 (e) (g) | 8045 | 8327 |
| 5.39%, 05/28/31 (e) | 6120 | 6232 |
| Brighthouse Financial, Inc. |  |  |
| 5.65%, 06/10/29 (e) | 10728 | 10952 |
| Brown & Brown, Inc. |  |  |
| 4.90%, 06/23/30 | 2390 | 2411 |
| 5.25%, 06/23/32 | 535 | 546 |
| Capital One Financial Corporation |  |  |
| 7.15%, 10/29/27 | 2840 | 2935 |
| 6.31%, 06/08/29 | 3662 | 3842 |
| 5.70%, 02/01/30 | 2125 | 2197 |

---

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page [607](#abbreviations).

597

**JNL Series Trust** (Unaudited)

**Schedules of Investments (in thousands)**

June 30, 2025

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| 7.62%, 10/30/31 | 539 | 609 |
| 6.05%, 02/01/35 | 860 | 898 |
| 5.88%, 07/26/35 | 9490 | 9787 |
| CNO Global Funding |  |  |
| 4.88%, 12/10/27 (e) | 1940 | 1957 |
| Commonwealth Bank of Australia |  |  |
| 5.07%, 09/14/28 (e) | 13220 | 13616 |
| Credit Suisse AG |  |  |
| 7.50%, 02/15/28 | 10329 | 11140 |
| Discover Financial Services |  |  |
| 7.96%, 11/02/34 | 6310 | 7340 |
| GA Global Funding Trust |  |  |
| 5.90%, 01/13/35 (e) | 8943 | 9078 |
| Henneman Trust |  |  |
| 6.58%, 05/15/55 (e) | 7620 | 7658 |
| HSBC Holdings PLC |  |  |
| 4.90%, 03/03/29 (g) | 4020 | 4052 |
| 5.24%, 05/13/31 (g) | 5065 | 5147 |
| JPMorgan Chase & Co. |  |  |
| 5.14%, 01/24/31 | 5180 | 5311 |
| 4.91%, 07/25/33 | 5055 | 5080 |
| 6.40%, 05/15/38 | 425 | 472 |
| Liberty Mutual Group Inc. |  |  |
| 4.57%, 02/01/29 (e) | 4478 | 4480 |
| Liberty Mutual Insurance Company |  |  |
| 7.88%, 10/15/26 (e) | 475 | 491 |
| Lincoln Financial Global Funding |  |  |
| 4.63%, 05/28/28 (e) | 2325 | 2342 |
| Morgan Stanley |  |  |
| 4.89%, 07/20/33 | 1430 | 1432 |
| Mutual Of Omaha Cps Global Funding |  |  |
| 5.00%, 04/01/30 (e) | 4055 | 4135 |
| Pricoa Global Funding I |  |  |
| 4.70%, 05/28/30 (e) | 1165 | 1177 |
| 5.35%, 05/28/35 (e) | 2205 | 2244 |
| Protective Life Global Funding |  |  |
| 4.80%, 06/05/30 (e) | 2785 | 2820 |
| 5.43%, 01/14/32 (e) | 7640 | 7975 |
| RGA Global Funding |  |  |
| 5.25%, 01/09/30 (e) | 6800 | 6974 |
| Sammons Financial Group, Inc. |  |  |
| 4.95%, 06/12/30 (e) | 11360 | 11485 |
| UBS Group AG |  |  |
| 3.09%, 05/14/32 (e) | 2068 | 1878 |
| Wells Fargo & Company |  |  |
| 6.30%, 10/23/29 | 8770 | 9264 |
| 5.24%, 01/24/31 | 7430 | 7625 |
| 5.56%, 07/25/34 | 4496 | 4642 |
| | | 268511 |
| **Energy 0.9%** | **Energy 0.9%** | **Energy 0.9%** |
| Columbia Pipelines Holding Company LLC |  |  |
| 5.10%, 10/01/31 (e) | 3375 | 3388 |
| 5.68%, 01/15/34 (e) | 1635 | 1652 |
| Columbia Pipelines Operating Company LLC |  |  |
| 5.93%, 08/15/30 (e) | 1975 | 2085 |
| 6.50%, 08/15/43 (e) | 3557 | 3678 |
| Enbridge Inc. |  |  |
| 4.90%, 06/20/30 | 2150 | 2169 |
| 5.55%, 06/20/35 | 2080 | 2114 |
| Energy Transfer LP |  |  |
| 5.20%, 04/01/30 | 10848 | 11082 |
| 6.20%, 04/01/55 (f) | 4677 | 4609 |
| Enterprise Products Operating LLC |  |  |
| 5.20%, 01/15/36 | 5375 | 5414 |
| Gray Oak Pipeline, LLC |  |  |
| 2.60%, 10/15/25 (e) | 2861 | 2840 |
| 3.45%, 10/15/27 (e) | 465 | 455 |
| GreenSaif Pipelines Bidco S.a r.l. |  |  |
| 5.85%, 02/23/36 (e) | 5145 | 5199 |
| 6.10%, 08/23/42 (e) | 8390 | 8383 |
| Saudi Arabian Oil Company |  |  |
| 5.38%, 06/02/35 (e) | 10380 | 10426 |
| 6.38%, 06/02/55 (e) | 5910 | 5917 |
| Whistler Pipeline LLC |  |  |
| 5.40%, 09/30/29 (e) | 7826 | 7918 |
| 5.70%, 09/30/31 (e) | 5415 | 5489 |
|  |  | 82818 |
| **Information Technology 0.8%** | **Information Technology 0.8%** | **Information Technology 0.8%** |
| Constellation Software Inc. |  |  |
| 5.16%, 02/16/29 (e) | 1215 | 1238 |
| 5.46%, 02/16/34 (e) | 10190 | 10396 |
| Foundry JV Holdco LLC |  |  |
| 5.90%, 01/25/30 - 01/25/33 (e) | 5310 | 5521 |
| 6.15%, 01/25/32 (e) | 7080 | 7451 |
| 6.20%, 01/25/37 (e) | 8619 | 8965 |
| Intel Corporation |  |  |
| 4.60%, 03/25/40 | 10760 | 9463 |
| 5.60%, 02/21/54 | 11836 | 10886 |
| Oracle Corporation |  |  |
| 5.25%, 02/03/32 | 3505 | 3599 |
| 3.65%, 03/25/41 | 11417 | 9001 |
| 5.38%, 09/27/54 | 3983 | 3638 |
| Synopsys, Inc. |  |  |
| 5.00%, 04/01/32 | 6630 | 6717 |
|  |  | 76875 |
| **Utilities 0.5%** | **Utilities 0.5%** | **Utilities 0.5%** |
| Alabama Power Company |  |  |
| 5.10%, 04/02/35 | 990 | 998 |
| Georgia Power Company |  |  |
| 4.85%, 03/15/31 | 4035 | 4124 |
| 4.75%, 09/01/40 | 1085 | 1011 |
| 5.13%, 05/15/52 | 3871 | 3622 |
| Metropolitan Edison Company |  |  |
| 5.20%, 04/01/28 (e) | 390 | 398 |
| Ohio Edison Company |  |  |
| 4.95%, 12/15/29 (e) | 885 | 897 |
| Pennsylvania Electric Company |  |  |
| 5.15%, 03/30/26 (e) | 305 | 306 |
| Public Service Company of Oklahoma |  |  |
| 5.45%, 01/15/36 | 7605 | 7661 |
| Sempra |  |  |
| 4.13%, 04/01/52 | 6298 | 6055 |
| Texas Electric Market Stabilization Funding N LLC |  |  |
| 4.27%, 08/01/34 (e) | 6675 | 6643 |
| The Cleveland Electric Illuminating Company |  |  |
| 3.50%, 04/01/28 (e) | 9400 | 9151 |
| Trans-Allegheny Interstate Line Company |  |  |
| 5.00%, 01/15/31 (e) | 900 | 916 |
|  |  | 41782 |
| **Health Care 0.4%** | **Health Care 0.4%** | **Health Care 0.4%** |
| GE HealthCare Technologies Inc. |  |  |
| 4.80%, 01/15/31 | 10085 | 10159 |
| 5.50%, 06/15/35 | 10624 | 10879 |
| Mars, Incorporated |  |  |
| 5.65%, 05/01/45 (e) | 2010 | 2016 |
| 5.70%, 05/01/55 (e) | 6167 | 6162 |
| Providence St. Joseph Health |  |  |
| 5.40%, 10/01/33 | 4785 | 4834 |
| Sutter Health |  |  |
| 2.29%, 08/15/30 | 820 | 739 |
| Toledo Hospital, The |  |  |
| 5.75%, 11/15/38 | 710 | 713 |
|  |  | 35502 |
| **Real Estate 0.4%** | **Real Estate 0.4%** | **Real Estate 0.4%** |
| Crown Castle Inc. |  |  |
| 4.80%, 09/01/28 | 1580 | 1590 |
| 4.30%, 02/15/29 | 1203 | 1188 |
| 4.90%, 09/01/29 | 1999 | 2017 |
| 3.30%, 07/01/30 | 1613 | 1510 |
| 2.25%, 01/15/31 | 274 | 238 |
| 2.10%, 04/01/31 | 468 | 401 |
| 5.10%, 05/01/33 | 3231 | 3216 |
| 5.80%, 03/01/34 | 3402 | 3527 |
| 5.20%, 09/01/34 | 4600 | 4556 |
| Extra Space Storage LP |  |  |
| 5.40%, 06/15/35 | 12777 | 12847 |

---

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page [607](#abbreviations).

598

**JNL Series Trust** (Unaudited)

**Schedules of Investments (in thousands)**

June 30, 2025

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| Kite Realty Group, L.P. |  |  |
| 5.20%, 08/15/32 | 1055 | 1065 |
| | | 32155 |
| **Materials 0.3%** | **Materials 0.3%** | **Materials 0.3%** |
| Glencore Funding LLC |  |  |
| 5.37%, 04/04/29 (e) | 4385 | 4497 |
| 6.38%, 10/06/30 (e) | 18674 | 20031 |
| 5.89%, 04/04/54 (e) | 2456 | 2409 |
| 6.14%, 04/01/55 (e) | 1415 | 1430 |
|  |  | 28367 |
| **Consumer Staples 0.3%** | **Consumer Staples 0.3%** | **Consumer Staples 0.3%** |
| JBS USA Food Company |  |  |
| 5.75%, 04/01/33 | 10874 | 11187 |
| JBS USA Holding Lux S.a r.l. |  |  |
| 6.38%, 04/15/66 (e) | 3310 | 3331 |
| JBS USA Lux S.A. |  |  |
| 6.75%, 03/15/34 | 12650 | 13815 |
|  |  | 28333 |
| **Communication Services 0.3%** | **Communication Services 0.3%** | **Communication Services 0.3%** |
| AT&T Inc. |  |  |
| 3.50%, 06/01/41 - 09/15/53 | 7913 | 5862 |
| 4.30%, 12/15/42 | 9753 | 8226 |
| 3.65%, 06/01/51 | 344 | 244 |
| 3.85%, 06/01/60 | 606 | 422 |
| Charter Communications Operating, LLC |  |  |
| 3.90%, 06/01/52 | 7980 | 5471 |
| 5.25%, 04/01/53 | 5172 | 4404 |
|  |  | 24629 |
| **Industrials 0.1%** | **Industrials 0.1%** | **Industrials 0.1%** |
| Boeing Company, The |  |  |
| 5.81%, 05/01/50 (h) | 605 | 580 |
| 6.86%, 05/01/54 (h) | 8576 | 9392 |
|  |  | 9972 |
| **Consumer Discretionary 0.0%** | **Consumer Discretionary 0.0%** | **Consumer Discretionary 0.0%** |
| Spectrum Management Holding Company, LLC |  |  |
| 6.55%, 05/01/37 | 435 | 450 |
| 7.30%, 07/01/38 | 285 | 311 |
| 6.75%, 06/15/39 | 285 | 296 |
| Starbucks Corporation |  |  |
| 4.80%, 05/15/30 | 2380 | 2410 |
|  |  | 3467 |
| Total Corporate Bonds And Notes (cost $623,156) | Total Corporate Bonds And Notes (cost $623,156) | 632411 |
| **NON-U.S. GOVERNMENT AGENCY ASSET-BACKED SECURITIES 1.4%** | **NON-U.S. GOVERNMENT AGENCY ASSET-BACKED SECURITIES 1.4%** | **NON-U.S. GOVERNMENT AGENCY ASSET-BACKED SECURITIES 1.4%** |
| American Tower Trust #1 |  |  |
| Series 2023-A-1, 5.49%, 03/15/28 | 12460 | 12618 |
| Angel Oak Mortgage Trust 2019-6 |  |  |
| Series 2019-A1-6, REMIC, 2.62%, 11/25/59 (d) | 127 | 125 |
| Bank of America Merrill Lynch Commercial Mortgage Trust 2015-UBS7 |  |  |
| Series 2015-A4-UBS7, REMIC, 3.71%, 09/17/25 | 1145 | 1140 |
| BX Trust 2021-ARIA |  |  |
| Series 2021-B-ARIA, REMIC, 5.72%, (1 Month Term SOFR + 1.41%), 10/15/36 (d) | 7510 | 7501 |
| Castlelake Aircraft Structured Trust 2019-1 |  |  |
| Series 2019-A-1A, 3.97%, 04/15/26 (i) | 919 | 879 |
| Castlelake Aircraft Structured Trust 2021-1 |  |  |
| Series 2021-A-1A, 3.47%, 01/15/28 (i) | 150 | 145 |
| CF Hippolyta Issuer LLC |  |  |
| Series 2022-A1-1A, 5.97%, 02/15/27 | 2474 | 2458 |
| Series 2021-A1-1A, REMIC, 1.53%, 03/15/26 | 6885 | 6594 |
| CFMT 2021-AL1 Trust |  |  |
| Series 2021-B-AL1, REMIC, 1.39%, 09/22/31 | 893 | 877 |
| Enterprise Fleet Financing 2023-3, LLC |  |  |
| Series 2023-A2-3, 6.40%, 02/22/27 | 6090 | 6180 |
| Flagstar Mortgage Trust 2018-3 |  |  |
| Series 2018-A3-3INV, REMIC, 4.00%, 05/25/38 | 1189 | 1098 |
| Flagstar Mortgage Trust 2021-9INV |  |  |
| Series 2021-A2-9INV, REMIC, 2.00%, 01/25/36 (d) | 2566 | 2233 |
| Home Partners of America 2021-2 Trust |  |  |
| Series 2021-B-2, 2.30%, 12/17/26 | 6719 | 6482 |
| Horizon Aircraft Finance I Limited |  |  |
| Series 2018-A-1, 4.46%, 12/15/25 | 100 | 92 |
| Horizon Aircraft Finance II Limited |  |  |
| Series 2019-A-1, 3.72%, 07/15/26 (i) | 253 | 233 |
| Horizon Aircraft Finance III Limited |  |  |
| Series 2019-A-2, 3.43%, 11/15/26 (e) (i) | 850 | 774 |
| Kubota Credit Owner Trust 2023-2 |  |  |
| Series 2023-A3-2A, 5.28%, 05/17/27 | 6095 | 6145 |
| Mach 1 Cayman Limited |  |  |
| Series 2019-A-1, 3.47%, 08/17/26 (e) (i) | 305 | 291 |
| Maps 2019-1 Limited |  |  |
| Series 2019-A-1A, 4.46%, 03/15/26 | 114 | 112 |
| Metlife Securitization Trust 2017-1 |  |  |
| Series 2017-A-1A, REMIC, 3.00%, 06/25/26 (d) | 470 | 449 |
| Mill City Mortgage Loan Trust 2017-3 |  |  |
| Series 2017-A1-3, REMIC, 2.75%, 01/25/61 (d) | 2 | 2 |
| Navient Private Education Refi Loan Trust 2023-A |  |  |
| Series 2023-A-A, 5.51%, 09/15/71 | 5975 | 6100 |
| New Economy Assets – Phase 1 Sponsor, LLC |  |  |
| Series 2021-A1-1, REMIC, 1.91%, 10/20/26 | 3480 | 3272 |
| PRET 2025-RPL2 Trust |  |  |
| Series 2025-A1-RPL2, REMIC, 4.00%, 08/25/64 (i) | 10697 | 10336 |
| Retained Vantage Data Centers Issuer LLC |  |  |
| Series 2023-A2A-1A, 5.00%, 09/15/28 (e) | 13573 | 13434 |
| RFR Trust 2025-SGRM |  |  |
| Series 2025-A-SGRM, REMIC, 5.56%, 03/13/29 (d) | 17899 | 18178 |
| SBA Towers, LLC |  |  |
| Series 2020-2C-1, 1.88%, 01/15/26 | 1520 | 1499 |
| Series 2021-C-211, 1.63%, 05/15/51 | 2570 | 2463 |
| SCE Recovery Funding LLC |  |  |
| Series 2021-A-1-A, 0.86%, 11/15/31 | 1551 | 1365 |
| Series 2021-A-2-A, 1.94%, 05/15/38 | 1050 | 770 |
| Series 2021-A-3-A, 2.51%, 11/15/43 | 605 | 393 |
| Start II Ltd |  |  |
| Series 2019-A-1, 4.09%, 03/15/26 | 589 | 579 |
| Towd Point Mortgage Trust 2017-4 |  |  |
| Series 2017-A1-4, REMIC, 2.75%, 06/25/57 (d) | 498 | 485 |
| Towd Point Mortgage Trust 2018-1 |  |  |
| Series 2018-A1-1, REMIC, 3.00%, 01/25/58 (d) | 133 | 131 |
| United Airlines Class B Pass Through Certificates, Series 2018-1 |  |  |
| Series 2018-B-1, 4.60%, 03/01/26 | 245 | 240 |
| Volkswagen Auto Lease Trust 2024-A |  |  |
| Series 2024-A3-A, 5.21%, 10/20/26 | 5090 | 5133 |
| Wheels Fleet Lease Funding 1 LLC |  |  |
| Series 2023-A-2A, 6.46%, 01/19/27 | 4002 | 4056 |
| Series 2024-A1-2A, 4.87%, 02/18/28 | 6872 | 6903 |
| Total Non-U.S. Government Agency Asset-Backed Securities (cost $131,910) | Total Non-U.S. Government Agency Asset-Backed Securities (cost $131,910) | 131765 |
| **SHORT TERM INVESTMENTS 1.4%** | **SHORT TERM INVESTMENTS 1.4%** | **SHORT TERM INVESTMENTS 1.4%** |
| **Investment Companies 1.4%** | **Investment Companies 1.4%** | **Investment Companies 1.4%** |
| JNL Government Money Market Fund - Class I, 4.20% (j) (k) | 125191 | 125191 |
| **Securities Lending Collateral 0.0%** | **Securities Lending Collateral 0.0%** | **Securities Lending Collateral 0.0%** |
| JNL Government Money Market Fund - Class SL, 4.30% (j) (k) | 4721 | 4721 |
| Total Short Term Investments (cost $129,912) | Total Short Term Investments (cost $129,912) | 129912 |
| **Total Investments 101.3% (cost $7,724,374)** | **Total Investments 101.3% (cost $7,724,374)** | **9279477** |
| **Total Forward Sales Commitments (1.0)% (proceeds $91,421)** | **Total Forward Sales Commitments (1.0)% (proceeds $91,421)** | **(92737)** |
| **Other Derivative Instruments 0.0%** | **Other Derivative Instruments 0.0%** | **126** |
| **Other Assets and Liabilities, Net (0.3)%** | **Other Assets and Liabilities, Net (0.3)%** | **(30268)** |
| **Total Net Assets 100.0%** | **Total Net Assets 100.0%** | **9156598** |

---

(a) Non-income producing security.

(b) All or a portion of the security was purchased on a delayed delivery basis. As of June 30, 2025, the total payable for investments purchased on a delayed delivery basis was $85,107.

(c) All or a portion of the security is pledged or segregated as collateral.

(d) Security has a variable rate. Interest rates reset periodically. Rate stated was in effect as of June 30, 2025. For securities based on a published reference rate and spread, the reference rate and spread are presented. Certain variable rate securities do not indicate a reference rate and spread because they are determined by the issuer, remarketing agent, or offering documents and are

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page [607](#abbreviations).

599

**JNL Series Trust** (Unaudited)

**Schedules of Investments (in thousands)**

June 30, 2025

based on current market conditions. The coupon rate for securities with certain features outlined in the offering documents may vary from the stated reference rate and spread. This includes, but is not limited to, securities with deferred rates, contingent distributions, caps, floors, and fixed-rate to float-rate features. In addition, variable rates for government and agency collateralized mortgage obligations ("CMO") and mortgage-backed securities ("MBS") are determined by tranches of underlying mortgage-backed security pools' cash flows into securities and pass-through rates which reflect the rate earned on the asset pool after management and guarantee fees are paid to the securitizing corporation. CMO and MBS variable rates are determined by a formula set forth in the security's offering documents.

(e) Security is exempt from registration under the Securities Act of 1933, as amended. As of June 30, 2025, the value and the percentage of net assets of these securities was $327,276 and 3.6% of the Fund.

(f) All or a portion of the security was on loan as of June 30, 2025.

(g) Convertible security.

(h) The interest rate for this security is inversely affected by upgrades or downgrades to the credit rating of the issuer. Rate stated was the coupon as of June 30, 2025.

(i) Security is a step-up bond where the coupon may increase or step up at a future date or as the result of an upgrade or downgrade to the credit rating of the issuer. Rate stated was the coupon as of June 30, 2025.

(j) Investment in affiliate.

(k) Yield changes daily to reflect current market conditions. Rate was the quoted yield as of June 30, 2025.

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>**  | **Value ($)**  |
| **FORWARD SALES COMMITMENTS (1.0%)** | **FORWARD SALES COMMITMENTS (1.0%)** | **FORWARD SALES COMMITMENTS (1.0%)** |
| **GOVERNMENT AND AGENCY OBLIGATIONS (1.0%)** | **GOVERNMENT AND AGENCY OBLIGATIONS (1.0%)** | **GOVERNMENT AND AGENCY OBLIGATIONS (1.0%)** |
| **Mortgage-Backed Securities (1.0%)** | **Mortgage-Backed Securities (1.0%)** | **Mortgage-Backed Securities (1.0%)** |
| Federal National Mortgage Association, Inc. |  |  |
| TBA, 4.50%, 07/15/40 (a) | (12759) | (12683) |
| TBA, 2.00%, 07/15/55 (a) | (26145) | (20704) |
| TBA, 3.50%, 07/15/55 (a) | (2580) | (2324) |
| TBA, 4.00%, 07/15/55 (a) | (10081) | (9377) |
| TBA, 6.00%, 07/15/55 (a) | (21707) | (22064) |
| Government National Mortgage Association |  |  |
| TBA, 4.00%, 07/15/55 (a) | (14356) | (13350) |
| TBA, 4.50%, 07/15/55 (a) | (12780) | (12235) |
| Total Government And Agency Obligations (proceeds $91,421) | Total Government And Agency Obligations (proceeds $91,421) | (92737) |
| **Total Forward Sales Commitments (1.0%) (proceeds $91,421)** | **Total Forward Sales Commitments (1.0%) (proceeds $91,421)** | **(92737)** |

---

(a) All or a portion of the security was sold on a delayed delivery basis. As of June 30, 2025, the total proceeds for investments sold on a delayed delivery basis was $91,421.

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **JNL/WMC Balanced Fund — Investments in Affiliates** | **JNL/WMC Balanced Fund — Investments in Affiliates** | **JNL/WMC Balanced Fund — Investments in Affiliates** | **JNL/WMC Balanced Fund — Investments in Affiliates** | **JNL/WMC Balanced Fund — Investments in Affiliates** | **JNL/WMC Balanced Fund — Investments in Affiliates** | **JNL/WMC Balanced Fund — Investments in Affiliates** | **JNL/WMC Balanced Fund — Investments in Affiliates** | **JNL/WMC Balanced Fund — Investments in Affiliates** |
| **Affiliated Investment** | **Value Beginning of Period($)** | **Purchases($)** | **Sales Proceeds($)** | **Dividend Income/ Distributions from Funds($)** | **Realized Gain (Loss)($)** | **Change in Unrealized Appreciation (Depreciation) ($)** | **Value End of Period($)** | **Percentage of Net Assets(%)** |
| JNL Government Money Market Fund, 4.20% - Class I | 146648 | 950993 | 972450 | 2586 |  |  | 125191 | 1.4 |
| JNL Government Money Market Fund, 4.30% - Class SL | 4290 | 62642 | 62211 | 138 |  |  | 4721 |  |
|  | 150938 | 1013635 | 1034661 | 2724 |  |  | 129912 | 1.4 |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **JNL/WMC Balanced Fund — Futures Contracts** | **JNL/WMC Balanced Fund — Futures Contracts** | **JNL/WMC Balanced Fund — Futures Contracts** | **JNL/WMC Balanced Fund — Futures Contracts** | **JNL/WMC Balanced Fund — Futures Contracts** | **JNL/WMC Balanced Fund — Futures Contracts** |
| **Reference Entity** | **Contracts<sup>1</sup>** | **Expiration** | **Notional<sup>1</sup>** | **Variation**<br> **Margin**<br> **Receivable**<br> (Payable) ($) | **Value/**<br> **Unrealized**<br> **Appreciation**<br> (Depreciation) ($) |
| **Long Contracts** | **Long Contracts** | **Long Contracts** | **Long Contracts** | **Long Contracts** | **Long Contracts** |
| United States 10 Year Note | 259 | September 2025 | 28620 | 81 | 420 |
| United States 5 Year Note | 72 | October 2025 | 7798 | 9 | 50 |
|  |  |  |  | 90 | 470 |

---

**Fair Value Hierarchy.** Various inputs are used in determining the fair value of financial instruments. For a description of the input levels and information about the Fund's policy regarding valuation of financial instruments, see Note 3 in the Notes to Financial Statements. The following table summarizes the Fund's investments categorized in the disclosure hierarchy as of June 30, 2025.

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **<u>. Level 1 ($) .</u>** | **<u>. Level 2 ($) .</u>** | **<u>. Level 3 ($) .</u>** | **<u>. Total ($) .</u>** |
| **JNL/WMC Balanced Fund** | **JNL/WMC Balanced Fund** | **JNL/WMC Balanced Fund** | **JNL/WMC Balanced Fund** | **JNL/WMC Balanced Fund** |
| **Assets - Securities** |  |  |  |  |
| &nbsp;&nbsp; Common Stocks | 5784510 | 244016 |  | 6028526 |
| &nbsp;&nbsp; Government And Agency Obligations |  | 2356863 |  | 2356863 |
| &nbsp;&nbsp; Corporate Bonds And Notes |  | 632411 |  | 632411 |
| &nbsp;&nbsp; Non-U.S. Government Agency Asset-Backed Securities |  | 131765 |  | 131765 |
| &nbsp;&nbsp; Short Term Investments | 129912 |  |  | 129912 |
|  | 5914422 | 3365055 |  | 9279477 |
| **Liabilities - Securities** | **Liabilities - Securities** | **Liabilities - Securities** | **Liabilities - Securities** | **Liabilities - Securities** |
| &nbsp;&nbsp; Government And Agency Obligations |  | (92737) |  | (92737) |
|  |  | (92737) |  | (92737) |
| **Assets - Investments in Other Financial Instruments<sup>1</sup>** |  |  |  |  |
| &nbsp;&nbsp; Futures Contracts | 470 |  |  | 470 |
|  | 470 |  |  | 470 |

---

<sup>1</sup> All derivatives, except for purchased and written options, are reflected at the unrealized appreciation (depreciation) on the instrument. Purchased and written options are reflected at value.

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page [607](#abbreviations).

600

**JNL Series Trust** (Unaudited)

**Schedules of Investments (in thousands)**

June 30, 2025

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| **JNL/WMC Equity Income Fund** | **JNL/WMC Equity Income Fund** | **JNL/WMC Equity Income Fund** |
| **COMMON STOCKS 98.0%** | **COMMON STOCKS 98.0%** | **COMMON STOCKS 98.0%** |
| **Financials 20.3%** | **Financials 20.3%** | **Financials 20.3%** |
| American International Group, Inc. | 206 | 17611 |
| Ares Management Corporation - Class A | 54 | 9355 |
| Bank of America Corporation | 704 | 33297 |
| Intercontinental Exchange, Inc. | 56 | 10250 |
| JPMorgan Chase & Co. | 101 | 29199 |
| M&T Bank Corporation | 84 | 16268 |
| Marsh & Mclennan Companies, Inc. | 43 | 9326 |
| MetLife, Inc. | 111 | 8920 |
| Morgan Stanley | 98 | 13830 |
| Nasdaq, Inc. | 147 | 13139 |
| Raymond James Financial, Inc. | 76 | 11614 |
| Regions Financial Corporation | 570 | 13407 |
| The PNC Financial Services Group, Inc. | 25 | 4705 |
|  |  | 190921 |
| **Health Care 14.1%** | **Health Care 14.1%** | **Health Care 14.1%** |
| AstraZeneca PLC - ADR | 158 | 11025 |
| Elevance Health, Inc. | 33 | 12855 |
| Gilead Sciences, Inc. | 168 | 18676 |
| Johnson & Johnson | 170 | 26007 |
| Merck & Co., Inc. | 320 | 25366 |
| Pfizer Inc. | 574 | 13922 |
| UnitedHealth Group Incorporated | 80 | 25049 |
|  |  | 132900 |
| **Industrials 12.6%** | **Industrials 12.6%** | **Industrials 12.6%** |
| Canadian National Railway Company | 128 | 13340 |
| Emerson Electric Co. | 114 | 15188 |
| Ferguson Enterprises Inc. | 38 | 8199 |
| Fortune Brands Innovations, Inc. | 39 | 2029 |
| Honeywell International Inc. | 66 | 15474 |
| IDEX Corporation | 53 | 9315 |
| Johnson Controls International Public Limited Company | 96 | 10092 |
| L3Harris Technologies, Inc. | 59 | 14717 |
| Northrop Grumman Corporation | 23 | 11720 |
| PACCAR Inc | 193 | 18302 |
|  |  | 118376 |
| **Information Technology 11.7%** | **Information Technology 11.7%** | **Information Technology 11.7%** |
| Accenture Public Limited Company - Class A | 39 | 11589 |
| Broadcom Inc. | 174 | 47952 |
| Cisco Systems, Inc. | 215 | 14889 |
| NetApp, Inc. | 81 | 8685 |
| NXP Semiconductors N.V. | 63 | 13826 |
| TE Connectivity Public Limited Company | 79 | 13341 |
|  |  | 110282 |
| **Consumer Staples 9.5%** | **Consumer Staples 9.5%** | **Consumer Staples 9.5%** |
| Archer-Daniels-Midland Company | 282 | 14862 |
| Constellation Brands, Inc. - Class A | 61 | 9956 |
| Kenvue Inc. | 412 | 8632 |
| Keurig Dr Pepper Inc. | 414 | 13679 |
| Pernod Ricard | 99 | 9887 |
| Philip Morris International Inc. | 84 | 15368 |
| Unilever PLC - ADR | 286 | 17499 |
|  |  | 89883 |
| **Energy 9.2%** | **Energy 9.2%** | **Energy 9.2%** |
| ConocoPhillips | 266 | 23870 |
| Coterra Energy Inc. | 607 | 15406 |
| EQT Corporation | 270 | 15753 |
| Marathon Petroleum Corporation | 62 | 10238 |
| Targa Resources Corp. | 80 | 13990 |
| TotalEnergies SE | 120 | 7374 |
|  |  | 86631 |
| **Utilities 8.4%** | **Utilities 8.4%** | **Utilities 8.4%** |
| American Electric Power Company, Inc. | 141 | 14607 |
| Atmos Energy Corporation | 73 | 11280 |
| Dominion Energy, Inc. | 270 | 15286 |
| PPL Corporation | 366 | 12412 |
| Sempra | 212 | 16082 |
| WEC Energy Group Inc. | 90 | 9356 |
|  |  | 79023 |
| **Materials 4.9%** | **Materials 4.9%** | **Materials 4.9%** |
| Anglo American PLC | 324 | 9566 |
| Avery Dennison Corporation | 66 | 11525 |
| Barrick Mining Corporation | 586 | 12191 |
| PPG Industries, Inc. | 114 | 12961 |
|  |  | 46243 |
| **Consumer Discretionary 3.9%** | **Consumer Discretionary 3.9%** | **Consumer Discretionary 3.9%** |
| Darden Restaurants, Inc. | 43 | 9349 |
| Industria de Diseno Textil, S.A. | 166 | 8620 |
| Industria de Diseno Textil, S.A. - ADR | 239 | 3120 |
| NIKE, Inc. - Class B | 99 | 7030 |
| Tractor Supply Company | 161 | 8511 |
|  |  | 36630 |
| **Real Estate 2.5%** | **Real Estate 2.5%** | **Real Estate 2.5%** |
| Crown Castle Inc. | 137 | 14036 |
| Weyerhaeuser Company | 358 | 9196 |
|  |  | 23232 |
| **Communication Services 0.9%** | **Communication Services 0.9%** | **Communication Services 0.9%** |
| T-Mobile US, Inc. | 37 | 8834 |
| Total Common Stocks (cost $836,111) | Total Common Stocks (cost $836,111) | 922955 |
| **PREFERRED STOCKS 1.1%** | **PREFERRED STOCKS 1.1%** | **PREFERRED STOCKS 1.1%** |
| **Health Care 1.1%** | **Health Care 1.1%** | **Health Care 1.1%** |
| Roche Holding AG | 31 | 10100 |
| Total Preferred Stocks (cost $8,616) | Total Preferred Stocks (cost $8,616) | 10100 |
| **SHORT TERM INVESTMENTS 0.7%** | **SHORT TERM INVESTMENTS 0.7%** | **SHORT TERM INVESTMENTS 0.7%** |
| **Investment Companies 0.7%** | **Investment Companies 0.7%** | **Investment Companies 0.7%** |
| JNL Government Money Market Fund - Class I, 4.20% (a) (b) | 6276 | 6276 |
| Total Short Term Investments (cost $6,276) | Total Short Term Investments (cost $6,276) | 6276 |
| **Total Investments 99.8% (cost $851,003)** | **Total Investments 99.8% (cost $851,003)** | **939331** |
| **Other Assets and Liabilities, Net 0.2%** | **Other Assets and Liabilities, Net 0.2%** | **1839** |
| **Total Net Assets 100.0%** | **Total Net Assets 100.0%** | **941170** |

---

(a) Investment in affiliate.

(b) Yield changes daily to reflect current market conditions. Rate was the quoted yield as of June 30, 2025.

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **JNL/WMC Equity Income Fund — Investments in Affiliates** | **JNL/WMC Equity Income Fund — Investments in Affiliates** | **JNL/WMC Equity Income Fund — Investments in Affiliates** | **JNL/WMC Equity Income Fund — Investments in Affiliates** | **JNL/WMC Equity Income Fund — Investments in Affiliates** | **JNL/WMC Equity Income Fund — Investments in Affiliates** | **JNL/WMC Equity Income Fund — Investments in Affiliates** | **JNL/WMC Equity Income Fund — Investments in Affiliates** | **JNL/WMC Equity Income Fund — Investments in Affiliates** |
| **Affiliated Investment** | **Value Beginning of Period($)** | **Purchases($)** | **Sales Proceeds($)** | **Dividend Income/ Distributions from Funds($)** | **Realized Gain (Loss)($)** | **Change in Unrealized Appreciation (Depreciation) ($)** | **Value End of Period($)** | **Percentage of Net Assets(%)** |
| JNL Government Money Market Fund, 4.20% - Class I | 6020 | 144708 | 144452 | 186 |  |  | 6276 | 0.7 |
| JNL Government Money Market Fund, 4.30% - Class SL |  | 9153 | 9153 | 16 |  |  |  |  |
|  | 6020 | 153861 | 153605 | 202 |  |  | 6276 | 0.7 |

---

**Fair Value Hierarchy.** Various inputs are used in determining the fair value of financial instruments. For a description of the input levels and information about the Fund's policy regarding valuation of financial instruments, see Note 3 in the Notes to Financial Statements. The following table summarizes the Fund's investments categorized in the disclosure hierarchy as of June 30, 2025.

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page [607](#abbreviations).

601

**JNL Series Trust** (Unaudited)

**Schedules of Investments (in thousands)**

June 30, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **<u>. Level 1 ($) .</u>** | **<u>. Level 2 ($) .</u>** | **<u>. Level 3 ($) .</u>** | **<u>. Total ($) .</u>** |
| **JNL/WMC Equity Income Fund** | **JNL/WMC Equity Income Fund** | **JNL/WMC Equity Income Fund** | **JNL/WMC Equity Income Fund** | **JNL/WMC Equity Income Fund** |
| **Assets - Securities** |  |  |  |  |
| &nbsp;&nbsp; Common Stocks | 887508 | 35447 |  | 922955 |
| &nbsp;&nbsp; Preferred Stocks |  | 10100 |  | 10100 |
| &nbsp;&nbsp; Short Term Investments | 6276 |  |  | 6276 |
|  | 893784 | 45547 |  | 939331 |

---

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page [607](#abbreviations).

602

**JNL Series Trust** (Unaudited)

**Schedules of Investments (in thousands)**

June 30, 2025

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| **JNL/WMC Global Real Estate Fund** | **JNL/WMC Global Real Estate Fund** | **JNL/WMC Global Real Estate Fund** |
| **COMMON STOCKS 98.1%** | **COMMON STOCKS 98.1%** | **COMMON STOCKS 98.1%** |
| **United States of America 57.5%** | **United States of America 57.5%** | **United States of America 57.5%** |
| Agree Realty Corporation | 78 | 5731 |
| American Healthcare REIT, Inc. | 395 | 14523 |
| American Homes 4 Rent - Class A | 261 | 9408 |
| American Tower Corporation | 68 | 14945 |
| AvalonBay Communities, Inc. | 63 | 12774 |
| Brookdale Senior Living Inc. (a) | 1271 | 8847 |
| Caretrust REIT, Inc. | 97 | 2966 |
| CBRE Group, Inc. - Class A (a) | 36 | 5049 |
| Cousins Properties Incorporated | 94 | 2815 |
| Digital Realty Trust, Inc. | 80 | 14007 |
| EastGroup Properties, Inc. | 66 | 10985 |
| EPR Properties | 172 | 10013 |
| Equinix, Inc. | 21 | 16335 |
| Essential Properties Realty Trust, Inc. | 348 | 11094 |
| Essex Property Trust, Inc. | 77 | 21842 |
| Hudson Pacific Properties, Inc. (a) | 1740 | 4769 |
| Independence Realty Trust, Inc. | 420 | 7433 |
| Iron Mountain Incorporated | 191 | 19598 |
| Marriott International, Inc. - Class A | 31 | 8527 |
| Phillips Edison & Company, Inc. | 233 | 8166 |
| ProLogis Inc. | 185 | 19416 |
| Public Storage Operating Company | 39 | 11444 |
| Regency Centers Corporation | 202 | 14400 |
| Simon Property Group, Inc. | 36 | 5736 |
| SL Green Realty Corp. | 188 | 11660 |
| SmartStop Self Storage REIT, Inc. | 188 | 6812 |
| Tanger Inc. | 234 | 7158 |
| Welltower Inc. | 251 | 38515 |
|  |  | 324968 |
| **Japan 10.5%** | **Japan 10.5%** | **Japan 10.5%** |
| Arealink Co., Ltd. | 89 | 1492 |
| Daiwa House Industry Co., Ltd | 37 | 1264 |
| Mitsui Fudosan Co., Ltd. | 2496 | 24144 |
| Nippon Building Fund Inc. (b) | 8 | 7639 |
| ORIX JREIT Inc. | 4 | 5429 |
| Resorttrust, Inc. | 244 | 2966 |
| Sumitomo Realty & Development Co., Ltd. | 340 | 13128 |
| Taisei Corporation | 52 | 3001 |
|  |  | 59063 |
| **Australia 7.1%** | **Australia 7.1%** | **Australia 7.1%** |
| Charter Hall Limited | 890 | 11280 |
| Scentre Group Limited | 5389 | 12633 |
| Stockland Corporation Ltd | 4669 | 16477 |
|  |  | 40390 |
| **France 4.6%** | **France 4.6%** | **France 4.6%** |
| Accor | 158 | 8280 |
| Clariane (a) | 263 | 1616 |
| Klepierre | 403 | 15890 |
|  |  | 25786 |
| **Hong Kong 3.5%** | **Hong Kong 3.5%** | **Hong Kong 3.5%** |
| Hongkong Land Holdings Limited | 2718 | 15686 |
| Swire Properties Limited | 1733 | 4327 |
|  |  | 20013 |
| **Switzerland 3.2%** | **Switzerland 3.2%** | **Switzerland 3.2%** |
| PSP Swiss Property AG - Class N | 46 | 8485 |
| Swiss Prime Site AG - Class N | 65 | 9680 |
|  |  | 18165 |
| **United Kingdom 2.3%** | **United Kingdom 2.3%** | **United Kingdom 2.3%** |
| Barratt Redrow PLC | 1145 | 7161 |
| Hammerson PLC | 1437 | 5902 |
|  |  | 13063 |
| **United Arab Emirates 2.0%** | **United Arab Emirates 2.0%** | **United Arab Emirates 2.0%** |
| Emaar Properties (P.J.S.C) | 3113 | 11540 |
| **Netherlands 2.0%** | **Netherlands 2.0%** | **Netherlands 2.0%** |
| CTP N.V. | 544 | 11440 |
| **Singapore 1.5%** | **Singapore 1.5%** | **Singapore 1.5%** |
| Capitaland Group Pte. Ltd. | 5099 | 8715 |
| **Belgium 1.5%** | **Belgium 1.5%** | **Belgium 1.5%** |
| Aedifica | 109 | 8489 |
| **Germany 1.3%** | **Germany 1.3%** | **Germany 1.3%** |
| TAG Immobilien AG | 406 | 7214 |
| **Sweden 1.1%** | **Sweden 1.1%** | **Sweden 1.1%** |
| Cibus Nordic Real Estate AB (publ) (b) | 309 | 6110 |
| Total Common Stocks (cost $497,784) | Total Common Stocks (cost $497,784) | 554956 |
| **SHORT TERM INVESTMENTS 2.0%** | **SHORT TERM INVESTMENTS 2.0%** | **SHORT TERM INVESTMENTS 2.0%** |
| **Investment Companies 1.8%** | **Investment Companies 1.8%** | **Investment Companies 1.8%** |
| JNL Government Money Market Fund - Class I, 4.20% (c) (d) | 10326 | 10326 |
| **Securities Lending Collateral 0.2%** | **Securities Lending Collateral 0.2%** | **Securities Lending Collateral 0.2%** |
| JNL Government Money Market Fund - Class SL, 4.30% (c) (d) | 1147 | 1147 |
| Total Short Term Investments (cost $11,473) | Total Short Term Investments (cost $11,473) | 11473 |
| **Total Investments 100.1% (cost $509,257)** | **Total Investments 100.1% (cost $509,257)** | **566429** |
| **Other Assets and Liabilities, Net (0.1)%** | **Other Assets and Liabilities, Net (0.1)%** | (810) |
| **Total Net Assets 100.0%** | **Total Net Assets 100.0%** | **565619** |

---

(a) Non-income producing security.

(b) All or a portion of the security was on loan as of June 30, 2025.

(c) Investment in affiliate.

(d) Yield changes daily to reflect current market conditions. Rate was the quoted yield as of June 30, 2025.

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **JNL/WMC Global Real Estate Fund — Investments in Affiliates** | **JNL/WMC Global Real Estate Fund — Investments in Affiliates** | **JNL/WMC Global Real Estate Fund — Investments in Affiliates** | **JNL/WMC Global Real Estate Fund — Investments in Affiliates** | **JNL/WMC Global Real Estate Fund — Investments in Affiliates** | **JNL/WMC Global Real Estate Fund — Investments in Affiliates** | **JNL/WMC Global Real Estate Fund — Investments in Affiliates** | **JNL/WMC Global Real Estate Fund — Investments in Affiliates** | **JNL/WMC Global Real Estate Fund — Investments in Affiliates** |
| **Affiliated Investment** | **Value Beginning of Period($)** | **Purchases($)** | **Sales Proceeds($)** | **Dividend Income/ Distributions from Funds($)** | **Realized Gain (Loss)($)** | **Change in Unrealized Appreciation (Depreciation) ($)** | **Value End of Period($)** | **Percentage of Net Assets(%)** |
| JNL Government Money Market Fund, 4.20% - Class I | 8695 | 82194 | 80563 | 61 |  |  | 10326 | 1.8 |
| JNL Government Money Market Fund, 4.30% - Class SL | 5890 | 27586 | 32329 | 38 |  |  | 1147 | 0.2 |
|  | 14585 | 109780 | 112892 | 99 |  |  | 11473 | 2.0 |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **JNL/WMC Global Real Estate Fund — Forward Foreign Currency Contracts** | **JNL/WMC Global Real Estate Fund — Forward Foreign Currency Contracts** | **JNL/WMC Global Real Estate Fund — Forward Foreign Currency Contracts** | **JNL/WMC Global Real Estate Fund — Forward Foreign Currency Contracts** | **JNL/WMC Global Real Estate Fund — Forward Foreign Currency Contracts** | **JNL/WMC Global Real Estate Fund — Forward Foreign Currency Contracts** |
| **Purchased/Sold** | **Counterparty** | **Expiration** | **Notional<sup>1</sup>** | **Value ($)** | **Unrealized**<br> **Appreciation**<br> (Depreciation) ($) |
| HKD/USD | JPM | 07/02/25<br> HKD | 1747 | 222 |  |
| HKD/USD | BOA | 07/03/25<br> HKD | 7956 | 1014 |  |
|  |  |  |  | 1236 |  |

---

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page [607](#abbreviations).

603

**JNL Series Trust** (Unaudited)

**Schedules of Investments (in thousands)**

June 30, 2025

**Fair Value Hierarchy.** Various inputs are used in determining the fair value of financial instruments. For a description of the input levels and information about the Fund's policy regarding valuation of financial instruments, see Note 3 in the Notes to Financial Statements. The following table summarizes the Fund's investments categorized in the disclosure hierarchy as of June 30, 2025.

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **<u>. Level 1 ($) .</u>** | **<u>. Level 2 ($) .</u>** | **<u>. Level 3 ($) .</u>** | **<u>. Total ($) .</u>** |
| **JNL/WMC Global Real Estate Fund** | **JNL/WMC Global Real Estate Fund** | **JNL/WMC Global Real Estate Fund** | **JNL/WMC Global Real Estate Fund** | **JNL/WMC Global Real Estate Fund** |
| **Assets - Securities** |  |  |  |  |
| &nbsp;&nbsp; Common Stocks |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; United States of America | 324968 |  |  | 324968 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Japan |  | 59063 |  | 59063 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Australia |  | 40390 |  | 40390 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; France |  | 25786 |  | 25786 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Hong Kong |  | 20013 |  | 20013 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Switzerland |  | 18165 |  | 18165 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; United Kingdom |  | 13063 |  | 13063 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; United Arab Emirates |  | 11540 |  | 11540 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Netherlands |  | 11440 |  | 11440 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Singapore |  | 8715 |  | 8715 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Belgium |  | 8489 |  | 8489 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Germany |  | 7214 |  | 7214 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sweden |  | 6110 |  | 6110 |
| &nbsp;&nbsp; Short Term Investments | 11473 |  |  | 11473 |
|  | 336441 | 229988 |  | 566429 |
| **Assets - Investments in Other Financial Instruments<sup>1</sup>** |  |  |  |  |
| &nbsp;&nbsp; Open Forward Foreign Currency Contracts |  |  |  |  |
| **Liabilities - Investments in Other Financial Instruments<sup>1</sup>** |  |  |  |  |
| &nbsp;&nbsp; Open Forward Foreign Currency Contracts |  |  |  |  |

---

<sup>1</sup> All derivatives, except for purchased and written options, are reflected at the unrealized appreciation (depreciation) on the instrument. Purchased and written options are reflected at value.

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page [607](#abbreviations).

604

**JNL Series Trust** (Unaudited)

**Schedules of Investments (in thousands)**

June 30, 2025

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| **JNL/WMC Value Fund** | **JNL/WMC Value Fund** | **JNL/WMC Value Fund** |
| **COMMON STOCKS 98.2%** | **COMMON STOCKS 98.2%** | **COMMON STOCKS 98.2%** |
| **Financials 23.5%** | **Financials 23.5%** | **Financials 23.5%** |
| American International Group, Inc. | 228 | 19537 |
| Ares Management Corporation - Class A | 59 | 10226 |
| Everest Group, Ltd. | 33 | 11199 |
| JPMorgan Chase & Co. | 142 | 41195 |
| KKR & Co. Inc. - Class A | 136 | 18054 |
| LPL Financial Holdings Inc. | 41 | 15201 |
| M&T Bank Corporation | 78 | 15184 |
| Marsh & Mclennan Companies, Inc. | 78 | 17131 |
| MetLife, Inc. | 230 | 18481 |
| Morgan Stanley | 125 | 17534 |
| Nasdaq, Inc. | 156 | 13954 |
| Raymond James Financial, Inc. | 106 | 16284 |
| Regions Financial Corporation | 642 | 15104 |
| The PNC Financial Services Group, Inc. | 87 | 16210 |
|  |  | 245294 |
| **Health Care 16.9%** | **Health Care 16.9%** | **Health Care 16.9%** |
| AstraZeneca PLC - ADR | 166 | 11624 |
| Boston Scientific Corporation (a) | 139 | 14915 |
| Centene Corporation (a) | 287 | 15568 |
| Elevance Health, Inc. | 46 | 17970 |
| Gilead Sciences, Inc. | 185 | 20518 |
| Johnson & Johnson | 185 | 28217 |
| Merck & Co., Inc. | 287 | 22690 |
| Pfizer Inc. | 795 | 19273 |
| UnitedHealth Group Incorporated | 81 | 25164 |
|  |  | 175939 |
| **Industrials 11.8%** | **Industrials 11.8%** | **Industrials 11.8%** |
| 3M Company | 88 | 13312 |
| BAE Systems PLC | 367 | 9550 |
| Emerson Electric Co. | 161 | 21407 |
| Fortune Brands Innovations, Inc. | 85 | 4369 |
| Johnson Controls International Public Limited Company | 148 | 15572 |
| Knight-Swift Transportation Holdings Inc. - Class A | 243 | 10766 |
| L3Harris Technologies, Inc. | 75 | 18802 |
| Middleby Corporation, The (a) | 91 | 13106 |
| PACCAR Inc | 170 | 16147 |
|  |  | 123031 |
| **Information Technology 11.3%** | **Information Technology 11.3%** | **Information Technology 11.3%** |
| Adobe Inc. (a) | 32 | 12348 |
| Amdocs Limited | 173 | 15824 |
| Broadcom Inc. | 46 | 12549 |
| Cisco Systems, Inc. | 360 | 24989 |
| Corning Incorporated | 231 | 12136 |
| F5, Inc. (a) | 44 | 12912 |
| NetApp, Inc. | 107 | 11443 |
| NXP Semiconductors N.V. | 73 | 16016 |
|  |  | 118217 |
| **Energy 8.7%** | **Energy 8.7%** | **Energy 8.7%** |
| Antero Resources Corporation (a) | 365 | 14702 |
| ConocoPhillips | 192 | 17260 |
| Coterra Energy Inc. | 638 | 16188 |
| Diamondback Energy, Inc. | 75 | 10288 |
| Marathon Petroleum Corporation | 92 | 15352 |
| Targa Resources Corp. | 98 | 17041 |
|  |  | 90831 |
| **Consumer Staples 6.6%** | **Consumer Staples 6.6%** | **Consumer Staples 6.6%** |
| Archer-Daniels-Midland Company | 291 | 15375 |
| Kenvue Inc. | 602 | 12591 |
| Keurig Dr Pepper Inc. | 404 | 13364 |
| Unilever PLC - ADR (b) | 185 | 11298 |
| US Foods Holding Corp. (a) | 206 | 15880 |
|  |  | 68508 |
| **Utilities 6.1%** | **Utilities 6.1%** | **Utilities 6.1%** |
| American Electric Power Company, Inc. | 149 | 15474 |
| Atmos Energy Corporation | 105 | 16247 |
| Sempra | 231 | 17513 |
| WEC Energy Group Inc. | 140 | 14605 |
|  |  | 63839 |
| **Consumer Discretionary 5.7%** | **Consumer Discretionary 5.7%** | **Consumer Discretionary 5.7%** |
| Dick's Sporting Goods, Inc. | 65 | 12904 |
| Gentex Corporation | 566 | 12446 |
| H & R Block, Inc. | 216 | 11877 |
| Industria de Diseno Textil, S.A. - ADR (b) | 924 | 12063 |
| Starbucks Corporation | 107 | 9805 |
|  |  | 59095 |
| **Communication Services 3.8%** | **Communication Services 3.8%** | **Communication Services 3.8%** |
| Alphabet Inc. - Class C | 222 | 39412 |
| **Real Estate 2.8%** | **Real Estate 2.8%** | **Real Estate 2.8%** |
| Crown Castle Inc. | 142 | 14530 |
| Gaming and Leisure Properties, Inc. | 319 | 14875 |
|  |  | 29405 |
| **Materials 1.0%** | **Materials 1.0%** | **Materials 1.0%** |
| Axalta Coating Systems Ltd. (a) | 363 | 10771 |
| Total Common Stocks (cost $877,464) | Total Common Stocks (cost $877,464) | 1024342 |
| **PREFERRED STOCKS 1.0%** | **PREFERRED STOCKS 1.0%** | **PREFERRED STOCKS 1.0%** |
| **Health Care 1.0%** | **Health Care 1.0%** | **Health Care 1.0%** |
| Roche Holding AG | 31 | 10142 |
| Total Preferred Stocks (cost $9,243) | Total Preferred Stocks (cost $9,243) | 10142 |
| **SHORT TERM INVESTMENTS 0.8%** | **SHORT TERM INVESTMENTS 0.8%** | **SHORT TERM INVESTMENTS 0.8%** |
| **Investment Companies 0.5%** | **Investment Companies 0.5%** | **Investment Companies 0.5%** |
| JNL Government Money Market Fund - Class I, 4.20% (c) (d) | 4916 | 4916 |
| **Securities Lending Collateral 0.3%** | **Securities Lending Collateral 0.3%** | **Securities Lending Collateral 0.3%** |
| JNL Government Money Market Fund - Class SL, 4.30% (c) (d) | 3288 | 3288 |
| Total Short Term Investments (cost $8,204) | Total Short Term Investments (cost $8,204) | 8204 |
| **Total Investments 100.0% (cost $894,911)** | **Total Investments 100.0% (cost $894,911)** | **1042688** |
| **Other Assets and Liabilities, Net (0.0)%** | **Other Assets and Liabilities, Net (0.0)%** | (247) |
| **Total Net Assets 100.0%** | **Total Net Assets 100.0%** | **1042441** |

---

(a) Non-income producing security.

(b) All or a portion of the security was on loan as of June 30, 2025.

(c) Investment in affiliate.

(d) Yield changes daily to reflect current market conditions. Rate was the quoted yield as of June 30, 2025.

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **JNL/WMC Value Fund — Investments in Affiliates** | **JNL/WMC Value Fund — Investments in Affiliates** | **JNL/WMC Value Fund — Investments in Affiliates** | **JNL/WMC Value Fund — Investments in Affiliates** | **JNL/WMC Value Fund — Investments in Affiliates** | **JNL/WMC Value Fund — Investments in Affiliates** | **JNL/WMC Value Fund — Investments in Affiliates** | **JNL/WMC Value Fund — Investments in Affiliates** | **JNL/WMC Value Fund — Investments in Affiliates** |
| **Affiliated Investment** | **Value Beginning of Period($)** | **Purchases($)** | **Sales Proceeds($)** | **Dividend Income/ Distributions from Funds($)** | **Realized Gain (Loss)($)** | **Change in Unrealized Appreciation (Depreciation) ($)** | **Value End of Period($)** | **Percentage of Net Assets(%)** |
| JNL Government Money Market Fund, 4.20% - Class I | 13197 | 100646 | 108927 | 222 |  |  | 4916 | 0.5 |
| JNL Government Money Market Fund, 4.30% - Class SL | 920 | 5851 | 3483 | 15 |  |  | 3288 | 0.3 |
|  | 14117 | 106497 | 112410 | 237 |  |  | 8204 | 0.8 |

---

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page [607](#abbreviations).

605

**JNL Series Trust** (Unaudited)

**Schedules of Investments (in thousands)**

June 30, 2025

**Fair Value Hierarchy.** Various inputs are used in determining the fair value of financial instruments. For a description of the input levels and information about the Fund's policy regarding valuation of financial instruments, see Note 3 in the Notes to Financial Statements. The following table summarizes the Fund's investments categorized in the disclosure hierarchy as of June 30, 2025.

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **<u>. Level 1 ($) .</u>** | **<u>. Level 2 ($) .</u>** | **<u>. Level 3 ($) .</u>** | **<u>. Total ($) .</u>** |
| **JNL/WMC Value Fund** | **JNL/WMC Value Fund** | **JNL/WMC Value Fund** | **JNL/WMC Value Fund** | **JNL/WMC Value Fund** |
| **Assets - Securities** |  |  |  |  |
| &nbsp;&nbsp; Common Stocks | 1014792 | 9550 |  | 1024342 |
| &nbsp;&nbsp; Preferred Stocks |  | 10142 |  | 10142 |
| &nbsp;&nbsp; Short Term Investments | 8204 |  |  | 8204 |
|  | 1022996 | 19692 |  | 1042688 |

---

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page [607](#abbreviations).

606

**JNL Series Trust** (Unaudited)

**Schedules of Investments (in thousands)**

June 30, 2025

**Currency Abbreviations:**

---

| | | | |
|:---|:---|:---|:---|
| ARS - Argentine Peso | CZK - Czech Republic Korunas | JPY - Japanese Yen | THB – Thai Baht |
| AUD - Australian Dollar | DKK - Danish Krone  | KRW - South Korean Won | TWD - New Taiwan Dollar |
| BRL - Brazilian Real | EUR - European Currency Unit (Euro) | MXN - Mexican Peso | USD - United States Dollar |
| CAD - Canadian Dollar | GBP - British Pound | NOK - Norwegian Krone | ZAR - South African Rand |
| CHF - Swiss Franc | HKD - Hong Kong Dollar | NZD - New Zealand Dollar |  |
| CLP - Chilean Peso | HUF - Hungarian Forint | PEN - Peruvian Nuevo Sol |  |
| CNH - Chinese Offshore Yuan | IDR - Indonesian Rupiah | PLN - Polish Zloty |  |
| CNY - Chinese Yuan | ILS - Israeli New Shekel | SEK - Swedish Krona |  |
| COP - Colombian Peso | INR - Indian Rupee | SGD - Singapore Dollar |  |

---

**Abbreviations:**

---

| | |
|:---|:---|
| "-" Amount rounds to less than one thousand or 0.05% | KWCDC - South Korea Three Month Interbank Rate |
| ADR - American Depositary Receipt | LIBOR - London Interbank Offered Rate |
| ASX - Australian Securities Exchange | LLC/L.L.C - Limited Liability Companies |
| BADLAR - Argentina Deposit Rates  | MBS - Mortgage-Backed Security |
| BNS - The Bank of Nova Scotia, Toronto | MCDX - Municipal Bond Credit Index |
| BRAZIBOR - Brazil Interbank Offred Rate | MEXIBOR - Mexico Interbank Offered Rate  |
| BTP - debt instrument issued by the Republic of Italy with a term of 2 to 11 years | MIBOR - Mumbai Interbank Offered Rate |
| CAPE - Cyclically Adjusted Price Earnings | MICEX - Moscow Interbank Offered Rate |
| CDX.EM - Credit Default Swap Index - Emerging Markets | MSCI - Morgan Stanley Capital International |
| CDX.NA.HY - Credit Default Swap Index - North American - High Yield | NASDAQ - National Association of Securities Dealers Automated Quotations |
| CDX.NA.IG - Credit Default Swap Index - North American - Investment Grade | NVDR - Non-Voting Depository Receipt  |
| CLO - Collateralized Loan Obligation | OAT - Obligations Assimilables du Tresor |
| CMBX.NA - Commercial Mortgage-backed Securities Index North America | OBFR - Overnight Bank Funding Rate |
| CPURNSA - CPI Urban Consumers Index Non-Seasonally Adjusted | PJSC - Private Joint Stock Co. |
| DIP - Debtor-in-possession | PLC/P.L.C. - Public Limited Company |
| DUTCHCERT - Dutch Certificate | PRIBOR- Prague Interbank Offered Rate |
| EAFE - Europe, Asia and Far East  | RBOB - Reformulated Blendstock for Oxygenate Blending  |
| ETF - Exchange Traded Fund | REIT - Real Estate Investment Trust |
| EURIBOR - Europe Interbank Offered Rate | REMIC - Real Estate Mortgage Investment Conduit  |
| Euro BOBL - debt instrument issued by the Federal Republic of Germany with a | RTS - Russian Trading System |
| term of 4.5 to 5.5 years | S&P - Standard & Poor's |
| Euro Bund - debt instrument issued by the Federal Republic of Germany with a | SDR - Sweedish Depositary Receipt |
| term of 8.5 to 10.5 years | SOFR - Secured Overnight Financing Rates  |
| Euro Buxl - debt instrument issued by the Federal Republic of Germany with a | SONIA - Sterling Overnight Index Average |
| term of 24 to 35 years | SPDR - Standard & Poor's Depositary Receipt |
| Euro OAT - debt instrument issued by the Republic of Italy with a | STIBOR - Stockholm Interbank Offered Rate |
| term of 8.5 to 10.5 years | TBA - To be Announced (Securities purchased on a delayed delivery basis) |
| Euro Schatz - debt instrument issued by the Federal Republic of Germany with a | TBD - To Be Determined  |
| term of 1.75 to 2.25 years | TIPS - Treasury Inflation Protected Securities  |
| FTSE - Financial Times ad the London Stock Exchange | TONAR - Tokyo Overnight Average Rate  |
| GDR - Global Depositary Receipt | ULC - Unlimited Liability Companies  |
| HIBOR - Hong Kong Interbank Offered Rate | ULSD - Ultra-Low Sulfur Diesel  |
| HICP - Harmonized Index of Consumer Prices | US/U.S. - United States |
| IBOR - Interbank Offered Rate | WTI - West Texas Intermediate  |
| ITRAXX - Group of international credit derivative indices monitored by the |  |
| International Index Company |  |

---

 **Counterparty Abbreviations:**

---

| | | |
|:---|:---|:---|
| BCL - Barclays Capital Inc. | CSI - Credit Suisse Securities, LLC | NAT - Natixis |
| BMO - BMO Capital Markets Corp. | DUB - Deutsche Bank AG. | NSI - Nomura Securities International, Inc. |
| BNY – Bank of New York | FED - Federal Reserve Bank | RBC - Royal Bank of Canada |
| BNP - BNP Paribas Securities  | GSC - Goldman Sachs & Co. | RBS - Royal Bank of Scotland |
| BOA - Bancamerica Securities/Bank of America NA | GSI - Goldman Sachs International | SCB - Standard Chartered Bank |
| CBA - Commonwealth Bank of Australia | HSB - HSBC Securities Inc. | SSB - State Street Brokerage Services, Inc.  |
| CGM - Citigroup Global Markets | JPM - J.P. Morgan Securities Inc. | TDB - Toronto-Dominion Bank |
| CIB - Canadian Imperial Bank of Commerce | MLP - Merrill Lynch Professional Clearing Corp. | UBS - UBS Securities, LLC |
| CIT - Citibank, Inc | MSC - Morgan Stanley & Co. Inc. | WFI - Wells Fargo Investments, LLC |
|  |  | SGS - Societe Generale S.A. |

---

<sup>1</sup> Rounded par and notional amounts are listed in USD unless otherwise noted. Options are quoted in unrounded number of contracts or unrounded notional. Futures and contracts for difference are quoted in unrounded contracts.

See accompanying Notes to Financial Statements.

607

**JNL Series Trust** (Unaudited)

**Schedules of Investments (in thousands)**

June 30, 2025

<sup>2</sup> The frequency of periodic payments received or paid by the Fund are defined as follows: (A) - Annually; (E) - Expiration Date; (M) - Monthly; (MT) – Maturity; (Q) - Quarterly; (S) - Semi-Annually.

See accompanying Notes to Financial Statements.

608

**JNL Series Trust (Unaudited)**

**Statements of Assets and Liabilities** (in thousands, except net asset value per share)

June 30, 2025

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | JNL/American Funds Balanced Fund(a) | JNL/American Funds Bond Fund of America Fund(a) | JNL/American Funds Capital Income Builder Fund(a) | JNL/American Funds Capital World Bond Fund(a) | JNL/American Funds Global Growth Fund(a) | JNL/American Funds Global Small Capitalization Fund(a) | JNL/American Funds Growth Fund(a) |
| **Assets** |  |  |  |  |  |  |  |
| Investments - unaffiliated, at value | $— | $469128 | $— | $— | $— | $— | $— |
| Investments - affiliated, at value | 3455540 |  | 516449 | 320888 | 1067598 | 609743 | 7693115 |
| Receivable from: |  |  |  |  |  |  |  |
| Investment securities sold  | 1366 |  |  |  | 6 | 600 |  |
| Fund shares sold | 2989 | 1850 | 1098 | 504 | 1213 | 278 | 22412 |
| Dividends and interest | 17 |  |  |  |  |  |  |
| Adviser | 831 | 76 | 104 | 112 | 340 | 229 | 2610 |
| Other assets | 15 | 2 | 2 | 1 | 5 | 2 | 33 |
| **Total assets**  | 3460758 | 471056 | 517653 | 321505 | 1069162 | 610852 | 7718170 |
| **Liabilities** |  |  |  |  |  |  |  |
| Payable for: |  |  |  |  |  |  |  |
| Investment securities purchased |  | 1409 | 230 | 63 |  |  | 8867 |
| Fund shares redeemed | 4355 | 441 | 867 | 441 | 1219 | 878 | 13546 |
| Advisory fees | 1402 | 152 | 218 | 156 | 551 | 316 | 3628 |
| Administrative fees | 271 | 38 | 41 | 26 | 85 | 49 | 535 |
| 12b-1 fees (Class A) | 166 | 22 | 25 | 16 | 51 | 29 | 366 |
| Board of trustee fees | 76 | 3 | 6 | 26 | 18 | 31 | 78 |
| Chief compliance officer fees | 5 | 1 | 1 |  | 2 | 1 | 10 |
| Other expenses | 1 |  |  |  |  |  | 2 |
| **Total liabilities**  | 6276 | 2066 | 1388 | 728 | 1926 | 1304 | 27032 |
| **Net assets**  | $3454482 | $468990 | $516265 | $320777 | $1067236 | $609548 | $7691138 |
| **Net assets consist of:** |  |  |  |  |  |  |  |
| Paid-in capital(b)  | $3247718 | $469626 | $424759 | $359057 | $1038710 | $678621 | $5984490 |
| Total distributable earnings (loss)(b) | 206764 | (636) | 91506 | (38280) | 28526 | (69073) | 1706648 |
| **Net assets**  | $3454482 | $468990 | $516265 | $320777 | $1067236 | $609548 | $7691138 |
| Net assets - Class A | $3392303 | $450961 | $504909 | $315803 | $1041159 | $597952 | $7530287 |
| Shares outstanding - Class A | 172585 | 46636 | 31111 | 29575 | 34354 | 29286 | 105566 |
| Net asset value per share - Class A | $19.66 | $9.67 | $16.23 | $10.68 | $30.31 | $20.42 | $71.33 |
| Net assets - Class I | $62179 | $18029 | $11356 | $4974 | $26077 | $11596 | $160851 |
| Shares outstanding - Class I | 2995 | 1841 | 685 | 453 | 841 | 549 | 2202 |
| Net asset value per share - Class I | $20.76 | $9.79 | $16.58 | $10.98 | $31.00 | $21.11 | $73.05 |
| Investments - unaffiliated, at cost | $— | $469764 | $— | $— | $— | $— | $— |
| Investments - affiliated, at cost | 3248778 |  | 424943 | 359168 | 1039072 | 678816 | 5986467 |

---

(a) The
 Master Funds for the JNL/American Funds Feeder Funds are the Class 1 shares of the corresponding American Fund Insurance Series Fund.
 The Master Funds for the JNL/Mellon Feeder Funds are the Class I shares of the corresponding JNL Mellon Master Funds. These financial
 statements should be read in conjunction with each Master Fund's respective financial statements.

(b) For
 funds structured as partnerships for federal income tax purposes, Paid-in capital represents partners' capital and Total distributable
 earnings (loss) represents net unrealized appreciation (depreciation) on investments and foreign currency.

See accompanying Notes to Financial Statements.

609

**JNL Series Trust (Unaudited)**

**Statements of Assets and Liabilities** (in thousands, except net asset value per share)

June 30, 2025

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | JNL/American Funds Growth-Income Fund(a) | JNL/American Funds International Fund(a) | JNL/American Funds New World Fund(a) | JNL/American Funds Washington Mutual Investors Fund(a) | JNL/Mellon Bond Index Fund(a) | JNL/Mellon Emerging Markets Index Fund(a) | JNL/Mellon International Index Fund(a) |
| **Assets** |  |  |  |  |  |  |  |
| Investments - affiliated, at value | $12089080 | $1376424 | $1417203 | $4174804 | $1002353 | $828608 | $2991923 |
| Foreign currency |  |  |  |  |  |  | 52 |
| Receivable from: |  |  |  |  |  |  |  |
| Investment securities sold  | 5823 | 844 | 1486 | 1870 |  | 3222 | 3136 |
| Fund shares sold | 13911 | 1001 | 1011 | 3887 | 3402 | 1270 | 3472 |
| Dividends and interest |  |  |  |  |  |  | 194 |
| Adviser | 2896 | 553 | 737 | 1004 | 57 | 97 | 231 |
| Administrator |  |  |  |  |  | 1 |  |
| Other assets | 54 | 6 | 6 | 19 |  |  |  |
| **Total assets**  | 12111764 | 1378828 | 1420443 | 4181584 | 1005812 | 833198 | 2999008 |
| **Liabilities** |  |  |  |  |  |  |  |
| Payable for: |  |  |  |  |  |  |  |
| Investment securities purchased |  |  |  |  | 1740 |  |  |
| Fund shares redeemed | 19734 | 1844 | 2496 | 5757 | 1661 | 4493 | 6608 |
| Advisory fees | 5223 | 815 | 1062 | 1873 | 133 | 185 | 367 |
| Administrative fees | 822 | 111 | 114 | 317 | 82 | 100 | 365 |
| 12b-1 fees (Class A) | 581 | 66 | 68 | 201 | 48 | 40 | 143 |
| Board of trustee fees | 303 | 71 | 61 | 146 |  |  |  |
| Chief compliance officer fees | 17 | 2 | 2 | 6 |  |  |  |
| Other expenses | 3 | 1 |  | 1 |  |  |  |
| **Total liabilities**  | 26683 | 2910 | 3803 | 8301 | 3664 | 4818 | 7483 |
| **Net assets**  | $12085081 | $1375918 | $1416640 | $4173283 | $1002148 | $828380 | $2991525 |
| **Net assets consist of:** |  |  |  |  |  |  |  |
| Paid-in capital(b)  | $10070843 | $1341393 | $1185786 | $3368078 | $1021787 | $805324 | $2586014 |
| Total distributable earnings (loss)(b) | 2014238 | 34525 | 230854 | 805205 | (19639) | 23056 | 405511 |
| **Net assets**  | $12085081 | $1375918 | $1416640 | $4173283 | $1002148 | $828380 | $2991525 |
| Net assets - Class A | $11907858 | $1355234 | $1385745 | $4107066 | $977242 | $808187 | $2917071 |
| Shares outstanding - Class A | 223424 | 75022 | 68354 | 88881 | 81650 | 61053 | 153640 |
| Net asset value per share - Class A | $53.30 | $18.06 | $20.27 | $46.21 | $11.97 | $13.24 | $18.99 |
| Net assets - Class I | $177223 | $20684 | $30895 | $66217 | $24906 | $20193 | $74454 |
| Shares outstanding - Class I | 3216 | 1110 | 1479 | 1386 | 1970 | 1492 | 3696 |
| Net asset value per share - Class I | $55.10 | $18.64 | $20.89 | $47.77 | $12.64 | $13.53 | $20.14 |
| Investments - affiliated, at cost | $10074842 | $1341899 | $1186349 | $3369599 | $1021992 | $805551 | $2586420 |
| Foreign currency cost |  |  |  |  |  |  | 52 |

---

(a) The
 Master Funds for the JNL/American Funds Feeder Funds are the Class 1 shares of the corresponding American Fund Insurance Series Fund.
 The Master Funds for the JNL/Mellon Feeder Funds are the Class I shares of the corresponding JNL Mellon Master Funds. These financial
 statements should be read in conjunction with each Master Fund's respective financial statements.

(b) For
 funds structured as partnerships for federal income tax purposes, Paid-in capital represents partners' capital and Total distributable
 earnings (loss) represents net unrealized appreciation (depreciation) on investments and foreign currency.

See accompanying Notes to Financial Statements.

610

**JNL Series Trust (Unaudited)**

**Statements of Assets and Liabilities** (in thousands, except net asset value per share)

June 30, 2025

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | JNL/Mellon S&P 400 MidCap Index Fund(a) | JNL/Mellon Small Cap Index Fund(a) | JNL Aggressive Growth Allocation Fund | JNL Conservative Allocation Fund | JNL Growth Allocation Fund | JNL Moderate Allocation Fund | JNL Moderate Growth Allocation Fund |
| **Assets** |  |  |  |  |  |  |  |
| Investments - affiliated, at value | $3276232 | $2281474 | $1481031 | $565357 | $2878702 | $1904002 | $3511542 |
| Receivable from: |  |  |  |  |  |  |  |
| Investment securities sold  |  |  | 807 |  | 1823 | 1706 | 3916 |
| Fund shares sold | 4179 | 2605 | 1965 | 2196 | 491 | 434 | 552 |
| Dividends and interest |  |  |  | 10 | 44 | 17 | 27 |
| Adviser | 212 | 147 |  |  |  |  |  |
| Other assets | 1 |  | 7 | 3 | 13 | 9 | 16 |
| **Total assets**  | 3280624 | 2284226 | 1483810 | 567566 | 2881073 | 1906168 | 3516053 |
| **Liabilities** |  |  |  |  |  |  |  |
| Payable to affiliates |  |  |  |  | 12 |  |  |
| Payable for: |  |  |  |  |  |  |  |
| Investment securities purchased | 254 | 203 |  | 1958 |  |  |  |
| Fund shares redeemed | 3926 | 2403 | 2772 | 238 | 2314 | 2141 | 4468 |
| Advisory fees | 369 | 266 | 116 | 57 | 207 | 144 | 247 |
| Administrative fees | 264 | 184 | 60 | 23 | 116 | 77 | 141 |
| 12b-1 fees (Class A) | 157 | 109 | 72 | 27 | 140 | 93 | 172 |
| Board of trustee fees |  |  | 67 | 28 | 213 | 227 | 300 |
| Chief compliance officer fees |  |  | 2 | 1 | 4 | 3 | 5 |
| Other expenses |  |  | 1 |  | 1 | 1 | 1 |
| **Total liabilities**  | 4970 | 3165 | 3090 | 2332 | 3007 | 2686 | 5334 |
| **Net assets**  | $3275654 | $2281061 | $1480720 | $565234 | $2878066 | $1903482 | $3510719 |
| **Net assets consist of:** |  |  |  |  |  |  |  |
| Paid-in capital(b)  | $2724980 | $2153426 | $1176287 | $519005 | $2382638 | $1644529 | $2919063 |
| Total distributable earnings (loss)(b) | 550674 | 127635 | 304433 | 46229 | 495428 | 258953 | 591656 |
| **Net assets**  | $3275654 | $2281061 | $1480720 | $565234 | $2878066 | $1903482 | $3510719 |
| Net assets - Class A | $3192599 | $2221714 | $1464803 | $556578 | $2855099 | $1894335 | $3497288 |
| Shares outstanding - Class A | 89294 | 82073 | 64161 | 36669 | 125851 | 100582 | 164003 |
| Net asset value per share - Class A | $35.75 | $27.07 | $22.83 | $15.18 | $22.69 | $18.83 | $21.32 |
| Net assets - Class I | $83055 | $59347 | $15917 | $8656 | $22967 | $9147 | $13431 |
| Shares outstanding - Class I | 2232 | 2106 | 681 | 557 | 989 | 474 | 615 |
| Net asset value per share - Class I | $37.22 | $28.17 | $23.36 | $15.53 | $23.23 | $19.28 | $21.83 |
| Investments - unaffiliated, at cost | $— | $— | $— | $— | $2242 | $— | $— |
| Investments - affiliated, at cost | 2725558 | 2153840 | 1176598 | 519128 | 2381034 | 1645049 | 2919886 |

---

(a) The
 Master Funds for the JNL/American Funds Feeder Funds are the Class 1 shares of the corresponding American Fund Insurance Series Fund.
 The Master Funds for the JNL/Mellon Feeder Funds are the Class I shares of the corresponding JNL Mellon Master Funds. These financial
 statements should be read in conjunction with each Master Fund's respective financial statements.

(b) For
 funds structured as partnerships for federal income tax purposes, Paid-in capital represents partners' capital and Total distributable
 earnings (loss) represents net unrealized appreciation (depreciation) on investments and foreign currency.

See accompanying Notes to Financial Statements.

611

**JNL Series Trust (Unaudited)**

**Statements of Assets and Liabilities** (in thousands, except net asset value per share)

June 30, 2025

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | JNL/JPMorgan Managed Aggressive Growth Fund | JNL/JPMorgan Managed Conservative Fund | JNL/JPMorgan Managed Growth Fund | JNL/JPMorgan Managed Moderate Fund | JNL/JPMorgan Managed Moderate Growth Fund | JNL/American Funds Growth Allocation Fund | JNL/American Funds Moderate Allocation Fund |
| **Assets** |  |  |  |  |  |  |  |
| Investments - unaffiliated, at value | $— | $— | $— | $— | $— | $4010101 | $25244 |
| Investments - affiliated, at value | 2157502 | 684945 | 4089420 | 1676760 | 3735161 | 92591 |  |
| Receivable from: |  |  |  |  |  |  |  |
| Investment securities sold  | 1261 | 382 | 3141 | 2130 | 3874 |  |  |
| Fund shares sold | 2422 | 282 | 1504 | 441 | 2223 | 4037 | 196 |
| Dividends and interest | 6 | 2 | 10 | 6 | 13 |  |  |
| Adviser | 8 | 8 | 8 | 8 | 8 |  |  |
| Other assets | 10 | 3 | 19 | 8 | 18 | 18 |  |
| **Total assets**  | 2161209 | 685622 | 4094102 | 1679353 | 3741297 | 4106747 | 25440 |
| **Liabilities** |  |  |  |  |  |  |  |
| Payable for: |  |  |  |  |  |  |  |
| Investment securities purchased |  |  |  |  |  | 294 | 193 |
| Fund shares redeemed | 3683 | 663 | 4645 | 2570 | 6097 | 3742 | 3 |
| Advisory fees | 159 | 65 | 280 | 130 | 260 | 588 | 4 |
| Administrative fees | 87 | 28 | 161 | 68 | 149 | 477 | 3 |
| 12b-1 fees (Class A) | 105 | 34 | 199 | 82 | 183 | 198 | 1 |
| Board of trustee fees | 126 | 97 | 310 | 194 | 361 | 107 |  |
| Chief compliance officer fees | 3 | 1 | 6 | 3 | 6 | 6 |  |
| Other expenses | 1 |  | 1 | 1 | 1 | 1 |  |
| **Total liabilities**  | 4164 | 888 | 5602 | 3048 | 7057 | 5413 | 204 |
| **Net assets**  | $2157045 | $684734 | $4088500 | $1676305 | $3734240 | $4101334 | $25236 |
| **Net assets consist of:** |  |  |  |  |  |  |  |
| Paid-in capital(a)  | $1609984 | $623578 | $3070388 | $1419104 | $2970741 | $3666358 | $24292 |
| Total distributable earnings (loss)(a) | 547061 | 61156 | 1018112 | 257201 | 763499 | 434976 | 944 |
| **Net assets**  | $2157045 | $684734 | $4088500 | $1676305 | $3734240 | $4101334 | $25236 |
| Net assets - Class A | $2141463 | $681760 | $4065279 | $1672353 | $3727341 | $4046129 | $25235 |
| Shares outstanding - Class A | 49745 | 40600 | 117936 | 76515 | 132567 | 132690 | 2394 |
| Net asset value per share - Class A | $43.05 | $16.79 | $34.47 | $21.86 | $28.12 | $30.49 | $10.54 |
| Net assets - Class I | $15582 | $2974 | $23221 | $3952 | $6899 | $55205 | $1 |
| Shares outstanding - Class I | 354 | 173 | 658 | 177 | 240 | 1768 |  |
| Net asset value per share - Class I | $44.07 | $17.15 | $35.28 | $22.37 | $28.79 | $31.22 | $10.56 |
| Investments - unaffiliated, at cost | $— | $— | $— | $— | $— | $3572605 | $24300 |
| Investments - affiliated, at cost | 1610441 | 623789 | 3071308 | 1419559 | 2971662 | 95111 |  |

---

(a) For
 funds structured as partnerships for federal income tax purposes, Paid-in capital represents partners' capital and Total distributable
 earnings (loss) represents net unrealized appreciation (depreciation) on investments and foreign currency.

See accompanying Notes to Financial Statements.

612

**JNL Series Trust (Unaudited)**

**Statements of Assets and Liabilities** (in thousands, except net asset value per share)

June 30, 2025

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | JNL/American Funds Moderate Growth Allocation Fund | JNL Growth ETF Allocation Fund | JNL Moderate ETF Allocation Fund | JNL Moderate Growth ETF Allocation Fund | JNL/Vanguard Growth ETF Allocation Fund | JNL/Vanguard Moderate ETF Allocation Fund | JNL/Vanguard Moderate Growth ETF Allocation Fund |
| **Assets** |  |  |  |  |  |  |  |
| Investments - unaffiliated, at value | $2376851 | $373804 | $207740 | $338031 | $2081080 | $562725 | $954166 |
| Investments - affiliated, at value | 95973 | 10804 | 9075 | 22756 | 3270 | 6624 | 7490 |
| Cash |  |  |  |  | 185 | 19 | 176 |
| Receivable from: |  |  |  |  |  |  |  |
| Investment securities sold  | 1899 | 101 |  |  | 888 | 261 |  |
| Fund shares sold | 567 | 230 | 184 | 130 | 1519 | 1643 | 206 |
| Dividends and interest |  | 86 | 22 | 49 | 3896 | 580 | 1417 |
| Securities lending income |  | 19 | 10 | 20 | 37 | 5 | 14 |
| Administrator |  |  |  |  | 6 | 2 | 4 |
| Securities lending agent |  |  |  | 2013 |  | 4011 | 2806 |
| Other assets | 12 | 1 | 1 | 1 | 9 | 2 | 5 |
| **Total assets**  | 2475302 | 385045 | 217032 | 363000 | 2090890 | 575872 | 966284 |
| **Liabilities** |  |  |  |  |  |  |  |
| Cash overdraft  |  | 6 |  |  |  |  |  |
| Payable for: |  |  |  |  |  |  |  |
| Investment securities purchased |  |  | 181 |  |  |  |  |
| Return of securities loaned  |  | 10804 | 8812 | 24579 | 3270 | 10635 | 9602 |
| Fund shares redeemed | 2465 | 437 | 275 | 546 | 2404 | 1307 | 845 |
| Advisory fees | 369 | 60 | 34 | 55 | 315 | 91 | 154 |
| Administrative fees | 299 | 45 | 25 | 41 | 252 | 68 | 116 |
| 12b-1 fees (Class A) | 120 | 18 | 10 | 16 | 99 | 27 | 45 |
| Board of trustee fees | 95 | 10 | 6 | 12 | 100 | 10 | 19 |
| Chief compliance officer fees | 4 |  |  |  | 3 | 1 | 2 |
| Other expenses | 1 |  |  |  | 1 |  |  |
| **Total liabilities**  | 3353 | 11380 | 9343 | 25249 | 6444 | 12139 | 10783 |
| **Net assets**  | $2471949 | $373665 | $207689 | $337751 | $2084446 | $563733 | $955501 |
| **Net assets consist of:** |  |  |  |  |  |  |  |
| Paid-in capital(a)  | $2347721 | $271991 | $183148 | $263391 | $1816354 | $533959 | $862315 |
| Total distributable earnings (loss)(a) | 124228 | 101674 | 24541 | 74360 | 268092 | 29774 | 93186 |
| **Net assets**  | $2471949 | $373665 | $207689 | $337751 | $2084446 | $563733 | $955501 |
| Net assets - Class A | $2443900 | $363130 | $199650 | $328445 | $2021363 | $540749 | $916430 |
| Shares outstanding - Class A | 99794 | 20800 | 15338 | 21766 | 114423 | 38286 | 57851 |
| Net asset value per share - Class A | $24.49 | $17.46 | $13.02 | $15.09 | $17.67 | $14.12 | $15.84 |
| Net assets - Class I | $28049 | $10535 | $8039 | $9306 | $63083 | $22984 | $39071 |
| Shares outstanding - Class I | 1119 | 599 | 613 | 614 | 3455 | 1574 | 2386 |
| Net asset value per share - Class I | $25.07 | $17.58 | $13.12 | $15.16 | $18.26 | $14.60 | $16.37 |
| Investments - unaffiliated, at cost | $2250253 | $328502 | $198795 | $307118 | $1812988 | $532951 | $860980 |
| Investments - affiliated, at cost | 98343 | 10804 | 9075 | 22756 | 3270 | 6624 | 7490 |
| Securities on loan included in |  |  |  |  |  |  |  |
| Investments - unaffiliated, at value |  | 16387 | 10220 | 27524 | 212288 | 27897 | 39231 |

---

(a) For
 funds structured as partnerships for federal income tax purposes, Paid-in capital represents partners' capital and Total distributable
 earnings (loss) represents net unrealized appreciation (depreciation) on investments and foreign currency.

See accompanying Notes to Financial Statements.

613

**JNL Series Trust (Unaudited)**

**Statements of Assets and Liabilities** (in thousands, except net asset value per share)

June 30, 2025

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | JNL Bond Index Fund | JNL Emerging Markets Index Fund | JNL International Index Fund | JNL Mid Cap Index Fund | JNL Small Cap Index Fund | JNL Multi-Manager Alternative Fund | JNL Multi-Manager Emerging Markets Equity Fund |
| **Assets** |  |  |  |  |  |  |  |
| Investments - unaffiliated, at value | $1019699 | $830637 | $2952033 | $3267623 | $2266936 | $933872 | $1223761 |
| Investments - affiliated, at value | 43204 | 12761 | 47759 | 18337 | 51863 | 202740 | 18157 |
| Purchased options, at value |  |  |  |  |  | 29 |  |
| Forward foreign currency contracts |  |  | 710 |  |  | 22 |  |
| Variation margin on futures/futures options contracts |  | 28 | 54 | 15 | 15 | 73 |  |
| OTC swap agreements  |  |  |  |  |  | 1543 |  |
| Cash |  |  | 836 | 487 | 112 | 11616 |  |
| Cash collateral segregated for short sales |  |  |  |  |  | 6488 |  |
| Foreign currency |  | 1634 | 6717 |  |  | 6 | 2592 |
| Receivable from: |  |  |  |  |  |  |  |
| Investment securities sold  | 23892 |  |  |  | 9477 | 7028 | 1047 |
| Fund shares sold | 3402 | 1270 | 3472 | 4185 | 2606 | 289 | 1049 |
| Dividends and interest | 7764 | 2809 | 14737 | 3264 | 2649 | 2656 | 3658 |
| Securities lending income | 2 |  |  | 15 | 38 |  | 6 |
| Adviser | 108 | 37 | 257 | 319 | 222 | 162 |  |
| Securities lending agent |  |  |  |  | 72 |  |  |
| Deposits with brokers and counterparties |  | 549 | 2947 | 1599 | 1002 | 6127 |  |
| Other assets | 5 | 6 | 10 | 16 | 12 | 71 | 333 |
| **Total assets**  | 1098076 | 849731 | 3029532 | 3295860 | 2335004 | 1172722 | 1250603 |
| **Liabilities** |  |  |  |  |  |  |  |
| Cash overdraft  |  |  |  |  |  |  | 377 |
| Securities sold short, at value |  |  |  |  |  | 255683 |  |
| Forward sales commitments, at value | 9619 |  |  |  |  |  |  |
| Written options, at value |  |  |  |  |  | 61 |  |
| Forward foreign currency contracts |  |  | 145 |  |  | 256 |  |
| Variation margin on futures/futures options contracts |  | 3 | 60 | 6 |  | 36 |  |
| OTC swap agreements |  |  |  |  |  | 1352 |  |
| Deferred foreign capital gains tax liability |  | 9866 |  |  |  |  | 4219 |
| Payable to affiliates |  |  |  |  |  | 19 |  |
| Payable for: |  |  |  |  |  |  |  |
| Investment securities purchased | 64117 |  | 24 |  | 9408 | 9783 | 265 |
| Return of securities loaned  | 1896 | 4227 | 15771 | 4556 | 33179 | 96 | 8396 |
| Dividends/interest on securities sold short |  |  |  |  |  | 323 |  |
| Interest expense and brokerage charges  |  |  |  |  |  | 133 |  |
| Fund shares redeemed | 1661 | 4494 | 6608 | 3927 | 2404 | 239 | 2331 |
| Advisory fees | 166 | 134 | 489 | 532 | 370 | 878 | 758 |
| Administrative fees |  |  |  |  |  | 147 | 149 |
| 12b-1 fees (Class A) |  |  |  |  |  | 10 | 29 |
| Board of trustee fees | 93 | 51 | 138 | 165 | 142 | 69 | 123 |
| Chief compliance officer fees | 2 | 1 | 3 | 5 | 4 | 1 | 2 |
| Other expenses | 10 | 31 | 62 | 147 | 102 | 2 | 15 |
| **Total liabilities**  | 77564 | 18807 | 23300 | 9338 | 45609 | 269088 | 16664 |
| **Net assets**  | $1020512 | $830924 | $3006232 | $3286522 | $2289395 | $903634 | $1233939 |
| **Net assets consist of:** |  |  |  |  |  |  |  |
| Paid-in capital(a)  | $1095417 | $790164 | $2204263 | $2947308 | $2267519 | $819335 | $1146411 |
| Total distributable earnings (loss)(a) | (74905) | 40760 | 801969 | 339214 | 21876 | 84299 | 87528 |
| **Net assets**  | $1020512 | $830924 | $3006232 | $3286522 | $2289395 | $903634 | $1233939 |
| Net assets - Class A | $N/A | $N/A | $N/A | $N/A | $N/A | $199240 | $589880 |
| Shares outstanding - Class A | N/A | N/A | N/A | N/A | N/A | 14565 | 58930 |
| Net asset value per share - Class A | $N/A | $N/A | $N/A | $N/A | $N/A | $13.68 | $10.01 |
| Net assets - Class I | $1020512 | $830924 | $3006232 | $3286522 | $2289395 | $704394 | $644059 |
| Shares outstanding - Class I | 105047 | 82881 | 256871 | 273251 | 216842 | 50376 | 64120 |
| Net asset value per share - Class I | $9.71 | $10.03 | $11.70 | $12.03 | $10.56 | $13.98 | $10.04 |
| Investments - unaffiliated, at cost | $1094474 | $780383 | $2290496 | $2931288 | $2256881 | $809561 | $1068875 |
| Investments - affiliated, at cost | 43204 | 12761 | 47759 | 18337 | 46196 | 202740 | 18157 |
| Purchased options, at cost |  |  |  |  |  | 39 |  |
| Foreign currency cost |  | 1624 | 6692 |  |  | 4 | 2565 |
| Proceeds from securities sold short |  |  |  |  |  | 215422 |  |
| Proceeds from forward sales commitments | 9489 |  |  |  |  |  |  |
| Premiums from written options |  |  |  |  |  | 78 |  |
| Securities on loan included in |  |  |  |  |  |  |  |
| Investments - unaffiliated, at value | 2106 | 7236 | 72227 | 50268 | 100360 | 2743 | 20536 |

---

(a) For
 funds structured as partnerships for federal income tax purposes, Paid-in capital represents partners' capital and Total distributable
 earnings (loss) represents net unrealized appreciation (depreciation) on investments and foreign currency.

See accompanying Notes to Financial Statements.

614

**JNL Series Trust (Unaudited)**

**Statements of Assets and Liabilities** (in thousands, except net asset value per share)

June 30, 2025

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | JNL Multi-Manager Floating Rate Income Fund | JNL Multi-Manager International Small Cap Fund | JNL Multi-Manager Mid Cap Fund | JNL Multi-Manager Small Cap Growth Fund | JNL Multi-Manager Small Cap Value Fund | JNL Multi-Manager U.S. Select Equity Fund | JNL S&P 500 Index Fund |
| **Assets** |  |  |  |  |  |  |  |
| Investments - unaffiliated, at value | $943728 | $673431 | $1198366 | $2286172 | $1730213 | $1184250 | $532425 |
| Investments - affiliated, at value | 33314 | 10409 | 50120 | 75604 | 66129 | 34799 | 871 |
| Variation margin on futures/futures options contracts |  |  |  |  |  |  | 8 |
| Cash | 15662 | 140 | 257 | 7 | 65 |  | 109 |
| Foreign currency |  | 13069 |  |  |  |  |  |
| Receivable from: |  |  |  |  |  |  |  |
| Investment securities sold  | 54129 | 2513 | 1017 | 11808 | 11841 | 2505 | 1040 |
| Fund shares sold | 1513 | 1238 | 993 | 1714 | 1560 | 1861 | 617 |
| Dividends and interest | 5613 | 1288 | 866 | 490 | 1114 | 1654 | 269 |
| Securities lending income |  | 52 | 4 | 68 | 10 | 8 |  |
| Adviser |  |  |  |  |  |  | 73 |
| Administrator |  |  |  |  |  |  | 26 |
| Securities lending agent |  |  |  |  | 3040 |  | 175 |
| Deposits with brokers and counterparties |  |  |  |  |  |  | 148 |
| Other assets | 12 | 272 | 6 | 11 | 9 | 6 | 2 |
| **Total assets**  | 1053971 | 702412 | 1251629 | 2375874 | 1813981 | 1225083 | 535763 |
| **Liabilities** |  |  |  |  |  |  |  |
| Deferred foreign capital gains tax liability |  | 1259 |  |  |  |  |  |
| Payable to affiliates |  |  | 3 |  |  |  |  |
| Payable for: |  |  |  |  |  |  |  |
| Investment securities purchased | 45176 | 3993 | 5407 | 3439 | 7397 | 877 | 105 |
| Return of securities loaned  |  |  | 3880 | 34922 | 18940 |  | 292 |
| Fund shares redeemed | 1268 | 2901 | 889 | 3224 | 1824 | 3598 | 704 |
| Advisory fees | 392 | 420 | 634 | 1055 | 959 | 512 | 86 |
| Administrative fees | 124 | 84 | 151 | 187 | 144 | 146 | 43 |
| 12b-1 fees (Class A) | 49 | 22 | 22 | 89 | 62 | 5 |  |
| Board of trustee fees | 73 | 38 | 44 | 115 | 93 | 7 | 5 |
| Chief compliance officer fees | 2 | 1 | 2 | 3 | 3 | 2 | 1 |
| Other expenses |  | 14 |  | 1 |  |  | 25 |
| **Total liabilities**  | 47084 | 8732 | 11032 | 43035 | 29422 | 5147 | 1261 |
| **Net assets**  | $1006887 | $693680 | $1240597 | $2332839 | $1784559 | $1219936 | $534502 |
| **Net assets consist of:** |  |  |  |  |  |  |  |
| Paid-in capital(a)  | $1034532 | $653328 | $1120991 | $2052581 | $1635924 | $1008878 | $336499 |
| Total distributable earnings (loss)(a) | (27645) | 40352 | 119606 | 280258 | 148635 | 211058 | 198003 |
| **Net assets**  | $1006887 | $693680 | $1240597 | $2332839 | $1784559 | $1219936 | $534502 |
| Net assets - Class A | $986917 | $443204 | $445963 | $1817532 | $1256348 | $98561 | $N/A |
| Shares outstanding - Class A | 72732 | 32849 | 21774 | 42766 | 59767 | 5615 | N/A |
| Net asset value per share - Class A | $13.57 | $13.49 | $20.48 | $42.50 | $21.02 | $17.55 | $N/A |
| Net assets - Class I | $19970 | $250476 | $794634 | $515307 | $528211 | $1121375 | $534502 |
| Shares outstanding - Class I | 1441 | 18337 | 38014 | 11297 | 24614 | 63307 | 19134 |
| Net asset value per share - Class I | $13.85 | $13.66 | $20.90 | $45.62 | $21.46 | $17.71 | $27.93 |
| Investments - unaffiliated, at cost | $971243 | $549583 | $1078867 | $2005920 | $1582333 | $973192 | $334887 |
| Investments - affiliated, at cost | 33314 | 10409 | 50120 | 75604 | 66129 | 34799 | 545 |
| Foreign currency cost |  | 12952 |  |  |  |  |  |
| Securities on loan included in |  |  |  |  |  |  |  |
| Investments - unaffiliated, at value |  | 23554 | 3989 | 88073 | 34553 |  | 451 |

---

(a) For
 funds structured as partnerships for federal income tax purposes, Paid-in capital represents partners' capital and Total distributable
 earnings (loss) represents net unrealized appreciation (depreciation) on investments and foreign currency.

See accompanying Notes to Financial Statements.

615

**JNL Series Trust (Unaudited)**

**Statements of Assets and Liabilities** (in thousands, except net asset value per share)

June 30, 2025

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | JNL/AB Sustainable Global Thematic Fund | JNL/AQR Large Cap Defensive Style Fund | JNL/BlackRock Global Allocation Fund | JNL/BlackRock Global Natural Resources Fund | JNL/BlackRock Large Cap Select Growth Fund | JNL/Causeway International Value Select Fund | JNL/ClearBridge Large Cap Growth Fund |
| **Assets** |  |  |  |  |  |  |  |
| Investments - unaffiliated, at value | $23972 | $416006 | $2388774 | $708800 | $4710468 | $2310018 | $1565016 |
| Investments - affiliated, at value | 762 | 28821 | 302828 | 71788 | 681 | 17214 | 2406 |
| Purchased options, at value |  |  | 11435 |  |  |  |  |
| Forward foreign currency contracts | 106 |  | 8056 |  |  |  |  |
| Variation margin on futures/futures options contracts |  | 127 | 2948 |  |  |  |  |
| Variation margin on swap agreements |  |  | 2005 |  |  |  |  |
| OTC swap agreements  |  |  | 1157 |  |  |  |  |
| OTC swap premiums paid |  |  | 449 |  |  |  |  |
| Cash | 2 | 68 | 1325 | 189 | 826 |  | 188 |
| Cash collateral segregated for short sales |  |  | 13 |  |  |  |  |
| Foreign currency | 28 |  | 9338 |  |  | 1699 |  |
| Receivable from: |  |  |  |  |  |  |  |
| Investment securities sold  |  |  | 12458 |  | 8745 | 14556 | 14939 |
| Fund shares sold | 9 | 513 | 653 | 405 | 5931 | 2656 | 5568 |
| Dividends and interest | 25 | 404 | 12861 | 1312 | 501 | 4788 | 216 |
| Securities lending income |  |  | 41 | 12 | 1 |  | 1 |
| Adviser |  |  |  |  | 120 |  |  |
| Securities lending agent |  | 239 | 629 |  |  |  |  |
| Deposits with brokers and counterparties |  | 1830 | 51959 |  |  |  |  |
| Other assets |  | 2 | 29 | 3 | 22 | 10 | 7 |
| **Total assets**  | 24904 | 448010 | 2806958 | 782509 | 4727295 | 2350941 | 1588341 |
| **Liabilities** |  |  |  |  |  |  |  |
| Written options, at value |  |  | 8129 |  |  |  |  |
| Forward foreign currency contracts | 150 |  | 5187 |  |  |  |  |
| Variation margin on futures/futures options contracts |  |  | 2664 |  |  |  |  |
| Variation margin on swap agreements |  |  | 863 |  |  |  |  |
| OTC swap agreements |  |  | 6489 |  |  |  |  |
| OTC swap premiums received  |  |  | 233 |  |  |  |  |
| Deferred foreign capital gains tax liability | 12 |  | 34 |  |  |  |  |
| Payable to affiliates | 4 |  | 931 | 110 | 8 |  |  |
| Payable for: |  |  |  |  |  |  |  |
| Investment securities purchased |  |  | 56665 |  | 2396 | 10445 | 2858 |
| Deposits from counterparties  |  |  | 1259 |  |  |  |  |
| Return of securities loaned  |  | 1962 | 57663 | 58640 |  |  | 161 |
| Fund shares redeemed | 6 | 307 | 4140 | 1310 | 12666 | 3694 | 3895 |
| Advisory fees | 13 | 144 | 1242 | 325 | 1724 | 955 | 610 |
| Administrative fees | 3 | 54 | 322 | 90 | 360 | 283 | 190 |
| 12b-1 fees (Class A) | 1 | 21 | 129 | 35 | 203 | 51 | 42 |
| Board of trustee fees |  | 22 | 179 | 70 | 212 | 80 | 33 |
| Chief compliance officer fees |  | 1 | 4 | 1 | 7 | 3 | 2 |
| Other expenses | 3 |  | 787 |  | 1 | 1 | 1 |
| **Total liabilities**  | 192 | 2511 | 146920 | 60581 | 17577 | 15512 | 7792 |
| **Net assets**  | $24712 | $445499 | $2660038 | $721928 | $4709718 | $2335429 | $1580549 |
| **Net assets consist of:** |  |  |  |  |  |  |  |
| Paid-in capital(a)  | $21568 | $348708 | $2400217 | $706023 | $2576172 | $1665139 | $886073 |
| Total distributable earnings (loss)(a) | 3144 | 96791 | 259821 | 15905 | 2133546 | 670290 | 694476 |
| **Net assets**  | $24712 | $445499 | $2660038 | $721928 | $4709718 | $2335429 | $1580549 |
| Net assets - Class A | $23827 | $435822 | $2639654 | $711586 | $4155402 | $1036439 | $854478 |
| Shares outstanding - Class A | 1956 | 23441 | 132797 | 52095 | 42342 | 46428 | 28780 |
| Net asset value per share - Class A | $12.18 | $18.59 | $19.88 | $13.66 | $98.14 | $22.32 | $29.69 |
| Net assets - Class I | $885 | $9677 | $20384 | $10342 | $554316 | $1298990 | $726071 |
| Shares outstanding - Class I | 72 | 511 | 997 | 736 | 5307 | 56123 | 23907 |
| Net asset value per share - Class I | $12.30 | $18.93 | $20.45 | $14.04 | $104.45 | $23.15 | $30.37 |
| Investments - unaffiliated, at cost | $20773 | $320068 | $2160073 | $692945 | $2576919 | $1975768 | $870540 |
| Investments - affiliated, at cost | 762 | 28821 | 303925 | 71788 | 681 | 17214 | 2406 |
| Purchased options, at cost |  |  | 11380 |  |  |  |  |
| Foreign currency cost | 27 |  | 9308 |  |  | 1700 |  |
| Premiums from written options |  |  | 8926 |  |  |  |  |
| Securities on loan included in |  |  |  |  |  |  |  |
| Investments - unaffiliated, at value |  | 2460 | 68657 | 57331 |  |  | 10369 |

---

(a) For
 funds structured as partnerships for federal income tax purposes, Paid-in capital represents partners' capital and Total distributable
 earnings (loss) represents net unrealized appreciation (depreciation) on investments and foreign currency.

See accompanying Notes to Financial Statements.

616

**JNL Series Trust (Unaudited)**

**Statements of Assets and Liabilities** (in thousands, except net asset value per share)

June 30, 2025

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | JNL/Cohen & Steers U.S. Realty Fund | JNL/DFA International Core Equity Fund | JNL/DFA U.S. Core Equity Fund | JNL/DFA U.S. Small Cap Fund | JNL/DoubleLine Core Fixed Income Fund | JNL/DoubleLine Emerging Markets Fixed Income Fund | JNL/DoubleLine Shiller Enhanced CAPE Fund |
| **Assets** |  |  |  |  |  |  |  |
| Investments - unaffiliated, at value | $86346 | $480799 | $1292389 | $636979 | $2568598 | $311676 | $1474585 |
| Investments - affiliated, at value | 98 | 7796 | 3981 | 4059 | 65746 | 6863 | 18473 |
| Forward foreign currency contracts |  |  |  |  | 11 |  |  |
| Variation margin on futures/futures options contracts |  | 20 |  |  | 1010 |  |  |
| OTC swap agreements  |  |  |  |  |  |  | 51772 |
| Cash | 260 | 102 | 277 | 126 | 2601 | 13 | 201 |
| Foreign currency |  | 995 |  |  | 466 |  |  |
| Receivable from: |  |  |  |  |  |  |  |
| Investment securities sold  | 10 | 1 | 641 | 126 | 8812 |  | 984 |
| Fund shares sold | 30 | 588 | 325 | 891 | 3067 | 501 | 2246 |
| Dividends and interest | 254 | 1207 | 665 | 384 | 17278 | 4313 | 8698 |
| Securities lending income |  | 13 | 2 | 6 | 9 | 8 |  |
| Administrator |  | 1 | 2 | 1 |  |  |  |
| Deposits with brokers and counterparties |  | 108 |  |  | 9260 |  | 48497 |
| Other assets |  | 1 | 6 | 3 | 13 | 1 | 8 |
| **Total assets**  | 86998 | 491631 | 1298288 | 642575 | 2676871 | 323375 | 1605464 |
| **Liabilities** |  |  |  |  |  |  |  |
| Variation margin on futures/futures options contracts |  | 8 |  |  | 667 |  |  |
| OTC swap agreements |  |  |  |  |  |  | 303 |
| Payable for: |  |  |  |  |  |  |  |
| Investment securities purchased | 20 | 2530 |  |  | 16490 | 1799 | 6709 |
| Deposits from counterparties  |  |  |  |  |  |  | 48497 |
| Return of securities loaned  |  | 2294 | 1230 | 4033 | 5346 | 1832 |  |
| Fund shares redeemed | 59 | 1330 | 1287 | 1040 | 2314 | 342 | 1966 |
| Advisory fees | 42 | 170 | 410 | 271 | 801 | 162 | 666 |
| Administrative fees | 11 | 57 | 104 | 77 | 216 | 39 | 188 |
| 12b-1 fees (Class A) | 4 | 22 | 61 | 30 | 80 | 6 | 75 |
| Board of trustee fees | 5 | 4 | 57 | 10 | 291 | 48 | 61 |
| Chief compliance officer fees |  | 1 | 2 | 1 | 4 |  | 2 |
| Other expenses |  |  |  |  | 1 |  |  |
| **Total liabilities**  | 141 | 6416 | 3151 | 5462 | 26210 | 4228 | 58467 |
| **Net assets**  | $86857 | $485215 | $1295137 | $637113 | $2650661 | $319147 | $1546997 |
| **Net assets consist of:** |  |  |  |  |  |  |  |
| Paid-in capital(a)  | $107330 | $390744 | $715233 | $608602 | $2741705 | $338265 | $1526284 |
| Total distributable earnings (loss)(a) | (20473) | 94471 | 579904 | 28511 | (91044) | (19118) | 20713 |
| **Net assets**  | $86857 | $485215 | $1295137 | $637113 | $2650661 | $319147 | $1546997 |
| Net assets - Class A | $83336 | $450897 | $1254100 | $605005 | $1630752 | $126056 | $1519644 |
| Shares outstanding - Class A | 8408 | 32497 | 41190 | 47068 | 120852 | 9892 | 54681 |
| Net asset value per share - Class A | $9.91 | $13.88 | $30.45 | $12.85 | $13.49 | $12.74 | $27.79 |
| Net assets - Class I | $3521 | $34318 | $41037 | $32108 | $1019909 | $193091 | $27353 |
| Shares outstanding - Class I | 351 | 2452 | 1242 | 2449 | 68787 | 15124 | 963 |
| Net asset value per share - Class I | $10.03 | $14.00 | $33.05 | $13.11 | $14.83 | $12.77 | $28.39 |
| Investments - unaffiliated, at cost | $89503 | $392497 | $712484 | $608467 | $2665147 | $330794 | $1505340 |
| Investments - affiliated, at cost | 98 | 7796 | 3981 | 4059 | 65746 | 6863 | 18473 |
| Foreign currency cost |  | 991 |  |  | 447 |  |  |
| Securities on loan included in |  |  |  |  |  |  |  |
| Investments - unaffiliated, at value |  | 27721 | 3203 | 12311 | 5750 | 1779 |  |

---

(a) For
 funds structured as partnerships for federal income tax purposes, Paid-in capital represents partners' capital and Total distributable
 earnings (loss) represents net unrealized appreciation (depreciation) on investments and foreign currency.

See accompanying Notes to Financial Statements.

617

**JNL Series Trust (Unaudited)**

**Statements of Assets and Liabilities** (in thousands, except net asset value per share)

June 30, 2025

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | JNL/DoubleLine Total Return Fund | JNL/Dreyfus Government Money Market Fund | JNL/Fidelity Institutional Asset Management Total Bond Fund | JNL/First Sentier Global Infrastructure Fund | JNL/Franklin Templeton Income Fund | JNL/Goldman Sachs 4 Fund | JNL/GQG Emerging Markets Equity Fund |
| **Assets** |  |  |  |  |  |  |  |
| Investments - unaffiliated, at value | $1807274 | $1097622 | $1505112 | $503953 | $1374646 | $4955615 | $868349 |
| Investments - affiliated, at value | 51254 |  | 28457 | 20061 | 44780 | 23864 | 8461 |
| Repurchase agreements, at value |  | 1499000 |  |  |  |  |  |
| Purchased options, at value |  |  | 665 |  |  |  |  |
| Variation margin on futures/futures options contracts | 2155 |  | 202 |  |  | 120 |  |
| OTC swap agreements  |  |  | 97 |  |  |  |  |
| OTC swap premiums paid |  |  | 436 |  |  |  |  |
| Cash | 160 | 1976 | 1961 | 254 | 743 | 889 | 266 |
| Foreign currency |  |  | 10 | 1312 |  |  | 34 |
| Receivable from: |  |  |  |  |  |  |  |
| Investment securities sold  |  |  | 71839 | 118 |  |  | 280 |
| Fund shares sold | 1437 | 16791 | 1663 | 208 | 964 | 3994 | 1136 |
| Dividends and interest | 8815 | 4198 | 13425 | 2546 | 13185 | 6191 | 3129 |
| Securities lending income |  |  | 12 | 10 | 10 | 1 | 1 |
| Adviser |  |  | 21 |  |  |  |  |
| Securities lending agent |  |  |  |  |  | 44 |  |
| Deposits with brokers and counterparties | 11646 |  | 2203 |  |  | 1895 |  |
| Other assets | 9 | 10 | 7 | 2 | 7 | 23 | 576 |
| **Total assets**  | 1882750 | 2619597 | 1626110 | 528464 | 1434335 | 4992636 | 882232 |
| **Liabilities** |  |  |  |  |  |  |  |
| Forward sales commitments, at value |  |  | 369 |  |  |  |  |
| Written options, at value |  |  | 97 |  |  |  |  |
| Variation margin on futures/futures options contracts | 252 |  |  |  |  |  |  |
| Variation margin on swap agreements |  |  | 76 |  |  |  |  |
| OTC swap agreements |  |  | 156 |  |  |  |  |
| OTC swap premiums received  |  |  | 164 |  |  |  |  |
| Deferred foreign capital gains tax liability |  |  |  |  |  |  | 13531 |
| Payable to affiliates |  |  |  | 147 | 53 |  | 229 |
| Payable for: |  |  |  |  |  |  |  |
| Investment securities purchased |  | 52520 | 150551 |  | 5489 |  | 450 |
| Deposits from counterparties  |  |  | 2275 |  |  |  |  |
| Return of securities loaned  |  |  | 11262 | 15363 | 21833 | 44 |  |
| Fund shares redeemed | 789 | 14362 | 911 | 1481 | 1357 | 9832 | 1436 |
| Advisory fees | 650 | 327 | 449 | 293 | 602 | 1008 | 611 |
| Administrative fees | 152 | 210 | 119 | 63 | 114 | 571 | 105 |
| 12b-1 fees (Class A) | 35 | 123 | 39 | 25 | 69 | 242 | 22 |
| Dividends |  | 7941 |  |  |  |  |  |
| Board of trustee fees | 101 | 138 | 89 | 47 | 136 | 338 | 20 |
| Chief compliance officer fees | 3 | 4 | 2 | 1 | 2 | 7 | 1 |
| Other expenses | 1 | 1 |  |  |  | 2 | 6 |
| **Total liabilities**  | 1983 | 75626 | 166559 | 17420 | 29655 | 12044 | 16411 |
| **Net assets**  | $1880767 | $2543971 | $1459551 | $511044 | $1404680 | $4980592 | $865821 |
| **Net assets consist of:** |  |  |  |  |  |  |  |
| Paid-in capital(a)  | $2036992 | $2543821 | $1525629 | $475843 | $1360207 | $4288284 | $795732 |
| Total distributable earnings (loss)(a) | (156225) | 150 | (66078) | 35201 | 44473 | 692308 | 70089 |
| **Net assets**  | $1880767 | $2543971 | $1459551 | $511044 | $1404680 | $4980592 | $865821 |
| Net assets - Class A | $714305 | $2475575 | $791631 | $505888 | $1396732 | $4942045 | $435804 |
| Shares outstanding - Class A | 63253 | 2475424 | 62556 | 24608 | 82408 | 111809 | 27918 |
| Net asset value per share - Class A | $11.29 | $1.00 | $12.65 | $20.56 | $16.95 | $44.20 | $15.61 |
| Net assets - Class I | $1166462 | $68396 | $667920 | $5156 | $7948 | $38547 | $430017 |
| Shares outstanding - Class I | 101404 | 68400 | 50973 | 245 | 481 | 852 | 26919 |
| Net asset value per share - Class I | $11.50 | $1.00 | $13.10 | $21.06 | $16.51 | $45.24 | $15.97 |
| Investments - unaffiliated, at cost | $1975642 | $1097622 | $1572614 | $468802 | $1330182 | $4264282 | $784947 |
| Investments - affiliated, at cost | 51254 |  | 28457 | 20061 | 44780 | 23864 | 8461 |
| Repurchase agreements, at cost |  | 1499000 |  |  |  |  |  |
| Purchased options, at cost |  |  | 814 |  |  |  |  |
| Foreign currency cost |  |  | 9 | 1295 |  |  | 34 |
| Proceeds from forward sales commitments |  |  | 366 |  |  |  |  |
| Premiums from written options |  |  | 132 |  |  |  |  |
| Securities on loan included in |  |  |  |  |  |  |  |
| Investments - unaffiliated, at value |  |  | 11478 | 26947 | 14968 | 43 | 3178 |

---

(a) For
 funds structured as partnerships for federal income tax purposes, Paid-in capital represents partners' capital and Total distributable
 earnings (loss) represents net unrealized appreciation (depreciation) on investments and foreign currency.

See accompanying Notes to Financial Statements.

618

**JNL Series Trust (Unaudited)**

**Statements of Assets and Liabilities** (in thousands, except net asset value per share)

June 30, 2025

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | JNL/Invesco Diversified Dividend Fund | JNL/Invesco Global Growth Fund | JNL/Invesco Small Cap Growth Fund | JNL/JPMorgan Global Allocation Fund | JNL/JPMorgan Hedged Equity Fund | JNL/JPMorgan MidCap Growth Fund | JNL/JPMorgan Nasdaq Hedged Equity Fund |
| **Assets** |  |  |  |  |  |  |  |
| Investments - unaffiliated, at value | $796497 | $1398723 | $1600923 | $840775 | $894205 | $3419975 | $59528 |
| Investments - affiliated, at value | 20256 | 14684 | 8005 | 74722 | 40646 | 25090 | 908 |
| Purchased options, at value |  |  |  |  | 12175 |  | 1040 |
| Forward foreign currency contracts |  |  |  | 441 |  |  |  |
| Variation margin on futures/futures options contracts |  |  |  | 978 | 332 |  | 2 |
| Cash | 331 | 105 | 378 | 2871 | 311 | 2294 | 17 |
| Foreign currency | 18 | 509 | 18 | 715 |  |  |  |
| Receivable from: |  |  |  |  |  |  |  |
| Investment securities sold  |  |  | 492 | 1963 | 36126 | 2934 | 7009 |
| Fund shares sold | 548 | 1106 | 1241 | 97 | 918 | 9987 | 105 |
| Dividends and interest | 1605 | 3025 | 324 | 7899 | 555 | 274 | 17 |
| Securities lending income | 1 | 28 | 17 | 30 |  | 127 |  |
| Deposits with brokers and counterparties |  |  |  | 897 | 3133 |  | 29 |
| Other assets | 3 | 7 | 8 | 7 | 4 | 16 |  |
| **Total assets**  | 819259 | 1418187 | 1611406 | 931395 | 988405 | 3460697 | 68655 |
| **Liabilities** |  |  |  |  |  |  |  |
| Written options, at value |  |  |  |  | 12315 |  | 1058 |
| Forward foreign currency contracts |  |  |  | 372 |  |  |  |
| Variation margin on futures/futures options contracts |  |  |  | 169 |  |  |  |
| Deferred foreign capital gains tax liability |  | 6854 |  | 245 |  |  |  |
| Payable to affiliates | 163 | 992 |  | 440 |  |  |  |
| Payable for: |  |  |  |  |  |  |  |
| Investment securities purchased |  |  | 2472 | 1936 | 81710 |  | 7300 |
| Return of securities loaned  |  | 3009 | 1434 | 13703 |  | 18573 |  |
| Fund shares redeemed | 904 | 2817 | 2362 | 1077 | 1441 | 5701 | 14 |
| Advisory fees | 347 | 563 | 810 | 442 | 366 | 1344 | 24 |
| Administrative fees | 99 | 169 | 129 | 110 | 110 | 274 | 7 |
| 12b-1 fees (Class A) | 19 | 68 | 78 | 45 | 42 | 155 | 2 |
| Board of trustee fees | 26 | 131 | 84 | 119 | 18 | 119 |  |
| Chief compliance officer fees | 1 | 2 | 2 | 1 | 1 | 5 |  |
| Other expenses | 1 | 6 |  | 12 |  | 1 | 6 |
| **Total liabilities**  | 1560 | 14611 | 7371 | 18671 | 96003 | 26172 | 8411 |
| **Net assets**  | $817699 | $1403576 | $1604035 | $912724 | $892402 | $3434525 | $60244 |
| **Net assets consist of:** |  |  |  |  |  |  |  |
| Paid-in capital(a)  | $678096 | $784396 | $1346634 | $898029 | $639618 | $2885904 | $54976 |
| Total distributable earnings (loss)(a) | 139603 | 619180 | 257401 | 14695 | 252784 | 548621 | 5268 |
| **Net assets**  | $817699 | $1403576 | $1604035 | $912724 | $892402 | $3434525 | $60244 |
| Net assets - Class A | $384109 | $1383560 | $1581508 | $909835 | $858569 | $3187418 | $35034 |
| Shares outstanding - Class A | 21992 | 43683 | 42715 | 56334 | 51206 | 42927 | 3397 |
| Net asset value per share - Class A | $17.47 | $31.67 | $37.02 | $16.15 | $16.77 | $74.25 | $10.31 |
| Net assets - Class I | $433590 | $20016 | $22527 | $2889 | $33833 | $247107 | $25210 |
| Shares outstanding - Class I | 24259 | 610 | 573 | 175 | 1986 | 3169 | 2440 |
| Net asset value per share - Class I | $17.87 | $32.82 | $39.32 | $16.50 | $17.04 | $77.97 | $10.33 |
| Investments - unaffiliated, at cost | $657014 | $772902 | $1343522 | $832489 | $640836 | $2871354 | $54228 |
| Investments - affiliated, at cost | 20256 | 14684 | 8005 | 74768 | 40646 | 25090 | 908 |
| Purchased options, at cost |  |  |  |  | 12261 |  | 1053 |
| Foreign currency cost | 18 | 508 | 18 | 668 |  |  |  |
| Premiums from written options |  |  |  |  | 11755 |  | 1036 |
| Securities on loan included in |  |  |  |  |  |  |  |
| Investments - unaffiliated, at value | 4457 | 2885 | 47675 | 19494 |  | 17150 |  |

---

(a) For
 funds structured as partnerships for federal income tax purposes, Paid-in capital represents partners' capital and Total distributable
 earnings (loss) represents net unrealized appreciation (depreciation) on investments and foreign currency.

See accompanying Notes to Financial Statements.

619

**JNL Series Trust (Unaudited)**

**Statements of Assets and Liabilities** (in thousands, except net asset value per share)

June 30, 2025

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | JNL/JPMorgan U.S. Government & Quality Bond Fund | JNL/JPMorgan U.S. Value Fund | JNL/Lazard International Quality Growth Fund | JNL/Loomis Sayles Global Growth Fund | JNL/Lord Abbett Short Duration Income Fund | JNL/Mellon Communication Services Sector Fund | JNL/Mellon Consumer Discretionary Sector Fund |
| **Assets** |  |  |  |  |  |  |  |
| Investments - unaffiliated, at value | $1247209 | $1559227 | $463383 | $877042 | $694197 | $848795 | $1357686 |
| Investments - affiliated, at value | 38214 | 21572 | 8080 |  | 7425 | 1558 | 3166 |
| Variation margin on futures/futures options contracts |  |  |  |  | 84 | 27 |  |
| Cash |  | 668 |  |  | 4796 | 20 | 225 |
| Foreign currency |  | 41 | 1 | 133 |  |  |  |
| Receivable from: |  |  |  |  |  |  |  |
| Investment securities sold  | 3693 | 2165 | 1 | 3793 | 3303 | 1613 | 3744 |
| Fund shares sold | 2417 | 558 | 24 | 774 | 1735 | 1357 | 1741 |
| Dividends and interest | 5916 | 1212 | 891 | 1989 | 7644 | 178 | 396 |
| Securities lending income |  |  | 1 | 11 | 1 | 1 | 3 |
| Administrator |  |  |  |  |  | 1 | 1 |
| Securities lending agent |  |  |  |  |  | 330 | 40 |
| Deposits with brokers and counterparties |  |  |  |  | 1615 | 288 | 598 |
| Other assets | 6 | 8 | 2 | 4 | 2 | 3 | 7 |
| **Total assets**  | 1297455 | 1585451 | 472383 | 883746 | 720802 | 854171 | 1367607 |
| **Liabilities** |  |  |  |  |  |  |  |
| Cash overdraft  |  |  | 38 | 39 |  |  |  |
| Variation margin on futures/futures options contracts |  |  |  |  | 99 |  | 33 |
| Payable for: |  |  |  |  |  |  |  |
| Investment securities purchased | 3685 | 76 |  |  | 10118 |  |  |
| Return of securities loaned  |  |  |  |  | 3602 | 508 | 1651 |
| Fund shares redeemed | 2648 | 4005 | 193 | 2060 | 779 | 1890 | 2321 |
| Advisory fees | 302 | 614 | 230 | 391 | 201 | 123 | 200 |
| Administrative fees | 105 | 127 | 57 | 106 | 86 | 100 | 167 |
| 12b-1 fees (Class A) | 45 | 49 | 7 | 26 | 24 | 41 | 66 |
| Board of trustee fees | 107 | 88 | 10 | 63 | 12 | 12 | 58 |
| Chief compliance officer fees | 2 | 2 | 1 | 1 | 1 | 1 | 2 |
| Other expenses |  | 1 |  |  |  | 20 | 35 |
| **Total liabilities**  | 6894 | 4962 | 536 | 2686 | 14922 | 2695 | 4533 |
| **Net assets**  | $1290561 | $1580489 | $471847 | $881060 | $705880 | $851476 | $1363074 |
| **Net assets consist of:** |  |  |  |  |  |  |  |
| Paid-in capital(a)  | $1410879 | $1240325 | $386770 | $506572 | $704222 | $630886 | $975097 |
| Total distributable earnings (loss)(a) | (120318) | 340164 | 85077 | 374488 | 1658 | 220590 | 387977 |
| **Net assets**  | $1290561 | $1580489 | $471847 | $881060 | $705880 | $851476 | $1363074 |
| Net assets - Class A | $922776 | $991934 | $134712 | $526607 | $483231 | $836641 | $1346611 |
| Shares outstanding - Class A | 67534 | 51200 | 8042 | 24917 | 47061 | 28856 | 27530 |
| Net asset value per share - Class A | $13.66 | $19.37 | $16.75 | $21.13 | $10.27 | $28.99 | $48.92 |
| Net assets - Class I | $367785 | $588555 | $337135 | $354453 | $222649 | $14835 | $16463 |
| Shares outstanding - Class I | 25094 | 29492 | 20005 | 16498 | 21517 | 538 | 323 |
| Net asset value per share - Class I | $14.66 | $19.96 | $16.85 | $21.48 | $10.35 | $27.59 | $51.03 |
| Investments - unaffiliated, at cost | $1367528 | $1219190 | $435540 | $557132 | $688402 | $628381 | $969792 |
| Investments - affiliated, at cost | 38214 | 21572 | 8080 |  | 7425 | 1558 | 3166 |
| Foreign currency cost |  | 37 | 1 | 133 |  |  |  |
| Securities on loan included in |  |  |  |  |  |  |  |
| Investments - unaffiliated, at value |  |  |  | 14907 | 3532 | 803 | 9320 |

---

(a) For
 funds structured as partnerships for federal income tax purposes, Paid-in capital represents partners' capital and Total distributable
 earnings (loss) represents net unrealized appreciation (depreciation) on investments and foreign currency.

See accompanying Notes to Financial Statements.

620

**JNL Series Trust (Unaudited)**

**Statements of Assets and Liabilities** (in thousands, except net asset value per share)

June 30, 2025

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | JNL/Mellon Consumer Staples Sector Fund | JNL/Mellon Dow Index Fund | JNL/Mellon Energy Sector Fund | JNL/Mellon Financial Sector Fund | JNL/Mellon Healthcare Sector Fund | JNL/Mellon Industrials Sector Fund | JNL/Mellon Information Technology Sector Fund |
| **Assets** |  |  |  |  |  |  |  |
| Investments - unaffiliated, at value | $401805 | $1272023 | $1559743 | $1579807 | $2664688 | $318437 | $7115695 |
| Investments - affiliated, at value | 3958 | 11990 | 9531 | 24754 | 3380 | 2904 | 31643 |
| Variation margin on futures/futures options contracts | 17 | 76 | 5 | 77 | 27 | 17 | 348 |
| Cash | 230 | 82 | 807 | 174 | 77 | 96 | 1468 |
| Receivable from: |  |  |  |  |  |  |  |
| Investment securities sold  |  |  |  |  | 3085 | 479 | 11176 |
| Fund shares sold | 338 | 612 | 1680 | 1869 | 4464 | 745 | 9468 |
| Dividends and interest | 848 | 505 | 644 | 700 | 1959 | 144 | 1224 |
| Securities lending income | 1 |  | 4 | 2 | 6 |  | 149 |
| Administrator |  | 1 | 1 | 1 | 1 |  | 5 |
| Deposits with brokers and counterparties | 203 | 810 | 1148 | 587 | 352 | 197 | 3025 |
| Other assets | 2 | 6 | 8 | 7 | 14 | 1 | 33 |
| **Total assets**  | 407402 | 1286105 | 1573571 | 1607978 | 2678053 | 323020 | 7174234 |
| **Liabilities** |  |  |  |  |  |  |  |
| Variation margin on futures/futures options contracts |  |  | 75 |  |  | 1 |  |
| Payable for: |  |  |  |  |  |  |  |
| Investment securities purchased |  |  |  |  |  | 479 |  |
| Return of securities loaned  | 1934 |  | 1371 | 867 | 3380 | 455 | 15527 |
| Fund shares redeemed | 483 | 1540 | 2277 | 5486 | 3182 | 502 | 20235 |
| Advisory fees | 64 | 185 | 230 | 228 | 382 | 49 | 918 |
| Administrative fees | 50 | 154 | 195 | 193 | 328 | 38 | 780 |
| 12b-1 fees (Class A) | 19 | 61 | 77 | 77 | 129 | 15 | 342 |
| Board of trustee fees | 7 | 57 | 95 | 59 | 153 | 4 | 150 |
| Chief compliance officer fees | 1 | 2 | 2 | 2 | 4 |  | 10 |
| Other expenses | 11 | 57 | 42 | 38 | 72 | 7 | 81 |
| **Total liabilities**  | 2569 | 2056 | 4364 | 6950 | 7630 | 1550 | 38043 |
| **Net assets**  | $404833 | $1284049 | $1569207 | $1601028 | $2670423 | $321470 | $7136191 |
| **Net assets consist of:** |  |  |  |  |  |  |  |
| Paid-in capital(a)  | $368363 | $735038 | $1455984 | $1110323 | $1716650 | $265998 | $3920672 |
| Total distributable earnings (loss)(a) | 36470 | 549011 | 113223 | 490705 | 953773 | 55472 | 3215519 |
| **Net assets**  | $404833 | $1284049 | $1569207 | $1601028 | $2670423 | $321470 | $7136191 |
| Net assets - Class A | $396439 | $1257698 | $1547438 | $1573253 | $2638228 | $312632 | $7009603 |
| Shares outstanding - Class A | 21717 | 22865 | 40723 | 57830 | 60802 | 13840 | 105274 |
| Net asset value per share - Class A | $18.25 | $55.01 | $38.00 | $27.20 | $43.39 | $22.59 | $66.58 |
| Net assets - Class I | $8394 | $26351 | $21769 | $27775 | $32195 | $8838 | $126588 |
| Shares outstanding - Class I | 448 | 466 | 550 | 995 | 721 | 381 | 1820 |
| Net asset value per share - Class I | $18.74 | $56.53 | $39.55 | $27.92 | $44.63 | $23.20 | $69.56 |
| Investments - unaffiliated, at cost | $365360 | $723382 | $1446423 | $1095112 | $1710896 | $263062 | $3901652 |
| Investments - affiliated, at cost | 3958 | 11990 | 9531 | 19151 | 3380 | 2904 | 31643 |
| Securities on loan included in |  |  |  |  |  |  |  |
| Investments - unaffiliated, at value | 4583 |  | 1339 | 2454 | 8567 | 1244 | 49401 |

---

(a) For
 funds structured as partnerships for federal income tax purposes, Paid-in capital represents partners' capital and Total distributable
 earnings (loss) represents net unrealized appreciation (depreciation) on investments and foreign currency.

See accompanying Notes to Financial Statements.

621

**JNL Series Trust (Unaudited)**

**Statements of Assets and Liabilities** (in thousands, except net asset value per share)

June 30, 2025

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | JNL/Mellon Materials Sector Fund | JNL/Mellon Nasdaq 100 Index Fund | JNL/Mellon Real Estate Sector Fund | JNL/Mellon S&P 500 Index Fund | JNL/Mellon U.S. Stock Market Index Fund | JNL/Mellon Utilities Sector Fund | JNL/Mellon World Index Fund |
| **Assets** |  |  |  |  |  |  |  |
| Investments - unaffiliated, at value | $149393 | $8655359 | $189306 | $16487709 | $4900379 | $662651 | $862696 |
| Investments - affiliated, at value | 859 | 51863 | 914 | 287434 | 23595 | 6209 | 6178 |
| Forward foreign currency contracts |  |  |  |  |  |  | 20 |
| Variation margin on futures/futures options contracts |  | 350 | 8 | 716 | 92 | 16 | 35 |
| Cash | 1 | 2946 | 225 | 3654 | 1449 | 268 | 856 |
| Foreign currency |  |  |  |  |  |  | 948 |
| Receivable from: |  |  |  |  |  |  |  |
| Investment securities sold  |  |  |  | 1630 | 578 |  |  |
| Fund shares sold | 120 | 24430 | 624 | 27564 | 4862 | 806 | 450 |
| Dividends and interest | 107 | 1466 | 744 | 8313 | 2636 | 683 | 3272 |
| Securities lending income |  | 1 |  | 175 | 13 |  | 3 |
| Administrator |  | 7 |  |  |  | 1 | 1 |
| Securities lending agent |  |  | 551 |  | 933 |  |  |
| Deposits with brokers and counterparties | 109 | 3858 | 113 | 10162 | 1337 | 324 | 607 |
| Other assets | 1 | 39 | 1 | 72 | 23 | 3 | 3 |
| **Total assets**  | 150590 | 8740319 | 192486 | 16827429 | 4935897 | 670961 | 875069 |
| **Liabilities** |  |  |  |  |  |  |  |
| Forward foreign currency contracts |  |  |  |  |  |  | 1 |
| Variation margin on futures/futures options contracts | 1 |  | 1 | 15 | 11 |  | 5 |
| Payable to affiliates |  |  |  |  |  |  | 184 |
| Payable for: |  |  |  |  |  |  |  |
| Investment securities purchased | 90 |  |  |  |  | 3285 |  |
| Return of securities loaned  |  |  | 1186 | 845688 | 7662 |  | 278 |
| Fund shares redeemed | 320 | 15533 | 609 | 24572 | 9010 | 4551 | 1988 |
| Advisory fees | 26 | 1111 | 32 | 1274 | 613 | 101 | 129 |
| Administrative fees | 18 | 947 | 24 | 1169 | 562 | 81 | 105 |
| 12b-1 fees (Class A) | 7 | 417 | 9 | 778 | 237 | 32 | 42 |
| Board of trustee fees | 3 | 159 | 5 | 445 | 568 | 10 | 89 |
| Chief compliance officer fees |  | 12 |  | 23 | 7 | 1 | 1 |
| Other expenses | 4 | 665 | 4 | 739 | 113 | 15 | 13 |
| **Total liabilities**  | 469 | 18844 | 1870 | 874703 | 18783 | 8076 | 2835 |
| **Net assets**  | $150121 | $8721475 | $190616 | $15952726 | $4917114 | $662885 | $872234 |
| **Net assets consist of:** |  |  |  |  |  |  |  |
| Paid-in capital(a)  | $140749 | $4898415 | $202191 | $6408726 | $3391540 | $604865 | $600759 |
| Total distributable earnings (loss)(a) | 9372 | 3823060 | (11575) | 9544000 | 1525574 | 58020 | 271475 |
| **Net assets**  | $150121 | $8721475 | $190616 | $15952726 | $4917114 | $662885 | $872234 |
| Net assets - Class A | $145944 | $8552881 | $180213 | $15942709 | $4843721 | $647973 | $851575 |
| Shares outstanding - Class A | 8642 | 104492 | 12608 | 323924 | 186518 | 26510 | 17645 |
| Net asset value per share - Class A | $16.89 | $81.85 | $14.29 | $49.22 | $25.97 | $24.44 | $48.26 |
| Net assets - Class I | $4177 | $168594 | $10403 | $10017 | $73393 | $14912 | $20659 |
| Shares outstanding - Class I | 241 | 3066 | 711 | 195 | 2758 | 595 | 421 |
| Net asset value per share - Class I | $17.34 | $55.00 | $14.63 | $51.41 | $26.61 | $25.06 | $49.12 |
| Investments - unaffiliated, at cost | $140030 | $4834654 | $202133 | $6962075 | $3379204 | $604670 | $591878 |
| Investments - affiliated, at cost | 859 | 51863 | 914 | 276861 | 20942 | 6209 | 5963 |
| Foreign currency cost |  |  |  |  |  |  | 940 |
| Securities on loan included in |  |  |  |  |  |  |  |
| Investments - unaffiliated, at value |  | 6712 | 3053 | 846418 | 12870 | 568 | 9909 |

---

(a) For
 funds structured as partnerships for federal income tax purposes, Paid-in capital represents partners' capital and Total distributable
 earnings (loss) represents net unrealized appreciation (depreciation) on investments and foreign currency.

See accompanying Notes to Financial Statements.

622

**JNL Series Trust (Unaudited)**

**Statements of Assets and Liabilities** (in thousands, except net asset value per share)

June 30, 2025

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | JNL/MFS Mid Cap Value Fund | JNL/Morningstar PitchBook Listed Private Equity Index Fund | JNL/Morningstar SMID Moat Focus Index Fund | JNL/Morningstar U.S. Sustainability Index Fund | JNL/Morningstar Wide Moat Index Fund | JNL/Neuberger Berman Commodity Strategy Fund | JNL/Neuberger Berman Gold Plus Strategy Fund |
| **Assets** |  |  |  |  |  |  |  |
| Investments - unaffiliated, at value | $1903276 | $16851 | $132476 | $443516 | $1000159 | $32293 | $67011 |
| Investments - affiliated, at value | 11844 | 13 | 480 | 1298 | 1333 | 5499 | 7878 |
| Variation margin on futures/futures options contracts |  |  |  | 9 | 18 | 335 | 432 |
| Cash | 1205 | 6 | 14 |  | 203 | 24 | 34 |
| Foreign currency |  | 1 |  |  |  |  |  |
| Receivable from: |  |  |  |  |  |  |  |
| Investment securities sold  | 713 |  |  | 4471 | 4226 |  |  |
| Fund shares sold | 2043 | 9 | 44 | 552 | 1079 | 39 | 14 |
| Dividends and interest | 2600 | 57 | 96 | 278 | 1558 | 207 | 371 |
| Administrator |  |  |  | 1 |  |  |  |
| Deposits with brokers and counterparties |  |  | 65 | 169 | 276 | 3176 | 3750 |
| Other assets | 10 |  | 1 | 2 | 6 |  |  |
| **Total assets**  | 1921691 | 16937 | 133176 | 450296 | 1008858 | 41573 | 79490 |
| **Liabilities** |  |  |  |  |  |  |  |
| Cash overdraft  |  |  |  | 2927 |  |  |  |
| Variation margin on futures/futures options contracts |  |  |  |  | 4 | 713 | 93 |
| Payable to affiliates | 77 |  |  |  |  |  |  |
| Payable for: |  |  |  |  |  |  |  |
| Investment securities purchased |  |  | 18 |  |  | 1085 | 416 |
| Return of securities loaned  |  |  |  | 194 |  |  |  |
| Fund shares redeemed | 2497 | 3 | 28 | 2544 | 2110 | 7 | 66 |
| Advisory fees | 854 | 3 | 21 | 90 | 163 | 15 | 48 |
| Administrative fees | 156 | 2 | 16 | 54 | 122 | 5 | 10 |
| 12b-1 fees (Class A) | 87 |  | 1 | 21 | 32 | 2 | 4 |
| Board of trustee fees | 124 |  |  | 5 | 25 | 4 |  |
| Chief compliance officer fees | 3 |  |  | 1 | 2 |  |  |
| Other expenses |  | 6 | 72 | 11 | 567 |  |  |
| **Total liabilities**  | 3798 | 14 | 156 | 5847 | 3025 | 1831 | 637 |
| **Net assets**  | $1917893 | $16923 | $133020 | $444449 | $1005833 | $39742 | $78853 |
| **Net assets consist of:** |  |  |  |  |  |  |  |
| Paid-in capital(a)  | $1594695 | $15884 | $127531 | $363544 | $756141 | $39412 | $77542 |
| Total distributable earnings (loss)(a) | 323198 | 1039 | 5489 | 80905 | 249692 | 330 | 1311 |
| **Net assets**  | $1917893 | $16923 | $133020 | $444449 | $1005833 | $39742 | $78853 |
| Net assets - Class A | $1766137 | $9967 | $10271 | $425660 | $647940 | $39741 | $78851 |
| Shares outstanding - Class A | 84573 | 725 | 947 | 14885 | 50489 | 2224 | 4831 |
| Net asset value per share - Class A | $20.88 | $13.74 | $10.85 | $28.60 | $12.83 | $17.87 | $16.32 |
| Net assets - Class I | $151756 | $6956 | $122749 | $18789 | $357893 | $1 | $2 |
| Shares outstanding - Class I | 7078 | 500 | 11277 | 641 | 27397 |  |  |
| Net asset value per share - Class I | $21.44 | $13.92 | $10.89 | $29.30 | $13.06 | $18.21 | $16.49 |
| Investments - unaffiliated, at cost | $1581369 | $15550 | $127011 | $363233 | $983980 | $32271 | $66575 |
| Investments - affiliated, at cost | 11844 | 13 | 480 | 814 | 1333 | 5499 | 7878 |
| Foreign currency cost |  | 1 |  |  |  |  |  |
| Securities on loan included in |  |  |  |  |  |  |  |
| Investments - unaffiliated, at value |  | 72 |  | 188 |  |  |  |

---

(a) For
 funds structured as partnerships for federal income tax purposes, Paid-in capital represents partners' capital and Total distributable
 earnings (loss) represents net unrealized appreciation (depreciation) on investments and foreign currency.

See accompanying Notes to Financial Statements.

623

**JNL Series Trust (Unaudited)**

**Statements of Assets and Liabilities** (in thousands, except net asset value per share)

June 30, 2025

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | JNL/Neuberger Berman Strategic Income Fund | JNL/Newton Equity Income Fund | JNL/PIMCO Income Fund | JNL/PIMCO Investment Grade Credit Bond Fund | JNL/PIMCO Real Return Fund | JNL/PPM America High Yield Bond Fund | JNL/PPM America Investment Grade Credit Fund |
| **Assets** |  |  |  |  |  |  |  |
| Investments - unaffiliated, at value | $1168521 | $3244813 | $2395060 | $857808 | $1444213 | $1289235 | $275902 |
| Investments - affiliated, at value | 26149 | 72882 | 4434 | 4254 |  | 139124 | 5882 |
| Purchased options, at value |  |  | 180 |  |  |  |  |
| Forward foreign currency contracts | 908 |  | 3844 | 696 | 3332 |  |  |
| Variation margin on futures/futures options contracts | 338 |  | 1120 | 1386 | 825 |  | 41 |
| Variation margin on swap agreements | 42 |  | 2369 | 311 | 701 |  |  |
| OTC swap agreements  | 465 |  | 3111 | 7 | 839 |  |  |
| OTC swap premiums paid |  |  | 122 |  |  |  |  |
| Cash | 1205 | 194 | 1830 | 714 | 1238 | 7012 | 841 |
| Foreign currency | 6846 |  | 8994 | 3583 | 5373 |  |  |
| Receivable from: |  |  |  |  |  |  |  |
| Investment securities sold  | 22388 | 48081 | 1029919 | 34309 | 228388 | 6262 | 947 |
| Fund shares sold | 3844 | 6236 | 2504 | 541 | 3558 | 1345 | 76 |
| Treasury roll transactions |  |  |  |  | 463935 |  |  |
| Dividends and interest | 10179 | 3022 | 11382 | 9945 | 4770 | 21161 | 3300 |
| Securities lending income | 17 | 1 |  | 2 |  | 47 |  |
| Deposits with brokers and counterparties | 1608 |  | 33453 | 12519 | 7508 |  | 78 |
| Other assets | 4 | 13 | 7 | 4 | 5 | 7 | 1 |
| **Total assets**  | 1242514 | 3375242 | 3498329 | 926079 | 2164685 | 1464193 | 287068 |
| **Liabilities** |  |  |  |  |  |  |  |
| Forward sales commitments, at value |  |  | 651 |  | 18057 |  |  |
| Written options, at value |  |  | 287 | 82 | 937 |  |  |
| Forward foreign currency contracts | 5706 |  | 9620 | 2351 | 6346 |  |  |
| Variation margin on futures/futures options contracts | 570 |  | 1097 | 67 | 871 |  | 30 |
| Variation margin on swap agreements |  |  | 3096 | 478 | 1122 |  |  |
| OTC swap agreements |  |  | 34 |  | 137 |  |  |
| OTC swap premiums received  |  |  | 2512 | 6 |  |  |  |
| Deferred foreign capital gains tax liability | 3 |  |  |  |  |  |  |
| Payable for: |  |  |  |  |  |  |  |
| Investment securities purchased | 165982 | 33579 | 1878264 | 69449 | 315540 | 27674 | 4336 |
| Treasury roll transactions |  |  |  |  | 702628 |  |  |
| Deposits from counterparties  | 1404 |  | 7688 | 8 | 4079 |  |  |
| Return of securities loaned  | 12752 | 880 | 1721 | 4254 |  | 59475 | 1033 |
| Interest expense and brokerage charges  |  |  |  |  | 11 |  |  |
| Fund shares redeemed | 1140 | 4627 | 1648 | 643 | 2076 | 1567 | 9 |
| Advisory fees | 405 | 1076 | 620 | 242 | 352 | 382 | 85 |
| Administrative fees | 129 | 395 | 193 | 69 | 91 | 112 | 34 |
| 12b-1 fees (Class A) | 48 | 126 | 55 | 23 | 47 | 57 |  |
| Board of trustee fees | 114 | 29 | 68 | 32 | 142 | 138 | 1 |
| Chief compliance officer fees | 2 | 4 | 2 | 1 | 2 | 2 | 1 |
| Other expenses |  | 1 | 583 | 59 | 92 |  |  |
| **Total liabilities**  | 188255 | 40717 | 1908139 | 77764 | 1052530 | 89407 | 5529 |
| **Net assets**  | $1054259 | $3334525 | $1590190 | $848315 | $1112155 | $1374786 | $281539 |
| **Net assets consist of:** |  |  |  |  |  |  |  |
| Paid-in capital(a)  | $1054635 | $2987108 | $1609433 | $870136 | $1106703 | $1365546 | $277539 |
| Total distributable earnings (loss)(a) | (376) | 347417 | (19243) | (21821) | 5452 | 9240 | 4000 |
| **Net assets**  | $1054259 | $3334525 | $1590190 | $848315 | $1112155 | $1374786 | $281539 |
| Net assets - Class A | $977524 | $2599377 | $1118790 | $475159 | $950142 | $1156465 | $7312 |
| Shares outstanding - Class A | 72724 | 71739 | 89901 | 36865 | 78545 | 66831 | 675 |
| Net asset value per share - Class A | $13.44 | $36.23 | $12.44 | $12.89 | $12.10 | $17.30 | $10.83 |
| Net assets - Class I | $76735 | $735148 | $471400 | $373156 | $162013 | $218321 | $274227 |
| Shares outstanding - Class I | 5569 | 19846 | 37035 | 28409 | 12994 | 10558 | 25218 |
| Net asset value per share - Class I | $13.78 | $37.04 | $12.73 | $13.14 | $12.47 | $20.68 | $10.87 |
| Investments - unaffiliated, at cost | $1164337 | $2897396 | $2451270 | $888601 | $1450532 | $1279997 | $271988 |
| Investments - affiliated, at cost | 26149 | 72882 | 4434 | 4254 |  | 139124 | 5882 |
| Purchased options, at cost |  |  | 254 |  |  |  |  |
| Foreign currency cost | 6667 |  | 8914 | 3544 | 5328 |  |  |
| Proceeds from forward sales commitments |  |  | 650 |  | 17960 |  |  |
| Premiums from written options |  |  | 292 | 98 | 1117 |  |  |
| Securities on loan included in |  |  |  |  |  |  |  |
| Investments - unaffiliated, at value | 12632 | 860 | 1669 | 4170 |  | 65233 | 1017 |

---

(a) For
 funds structured as partnerships for federal income tax purposes, Paid-in capital represents partners' capital and Total distributable
 earnings (loss) represents net unrealized appreciation (depreciation) on investments and foreign currency.

See accompanying Notes to Financial Statements.

624

**JNL Series Trust (Unaudited)**

**Statements of Assets and Liabilities** (in thousands, except net asset value per share)

June 30, 2025

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | JNL/PPM America Total Return Fund | JNL/RAFI Fundamental U.S. Small Cap Fund | JNL/RAFI Multi-Factor U.S. Equity Fund | JNL/T. Rowe Price Balanced Fund | JNL/T. Rowe Price Capital Appreciation Equity Fund | JNL/T. Rowe Price Capital Appreciation Fund | JNL/T. Rowe Price Growth Stock Fund |
| **Assets** |  |  |  |  |  |  |  |
| Investments - unaffiliated, at value | $1412381 | $375553 | $2112344 | $542117 | $857803 | $13300279 | $9844376 |
| Investments - affiliated, at value | 22181 | 2431 | 27722 | 26084 |  | 1312563 | 35390 |
| Variation margin on futures/futures options contracts | 201 | 1 | 66 | 8 |  |  |  |
| Cash | 553 |  | 791 | 120 | 184 | 33920 | 1083 |
| Foreign currency |  |  |  | 315 |  | 4568 |  |
| Receivable from: |  |  |  |  |  |  |  |
| Investment securities sold  | 7870 | 2472 |  | 2806 |  | 384 | 29892 |
| Fund shares sold | 3273 | 356 | 877 | 686 | 1469 | 11913 | 9699 |
| Dividends and interest | 12365 | 485 | 1643 | 2332 | 527 | 41212 | 883 |
| Securities lending income |  | 4 | 2 | 2 | 10 |  |  |
| Deposits with brokers and counterparties | 1974 | 161 | 1224 |  |  |  |  |
| Other assets | 7 | 2 | 10 | 2 | 3 | 66 | 47 |
| **Total assets**  | 1460805 | 381465 | 2144679 | 574472 | 859996 | 14704905 | 9921370 |
| **Liabilities** |  |  |  |  |  |  |  |
| Cash overdraft  |  | 833 |  |  |  |  |  |
| Written options, at value |  |  |  |  |  | 33353 |  |
| Variation margin on futures/futures options contracts | 563 |  | 2 | 2 |  |  |  |
| Deferred foreign capital gains tax liability |  |  |  | 33 |  |  |  |
| Payable to affiliates |  |  |  | 194 |  |  | 113 |
| Payable for: |  |  |  |  |  |  |  |
| Investment securities purchased | 18774 |  |  | 6029 |  | 76749 | 5911 |
| Return of securities loaned  | 1063 | 1441 | 1976 | 1632 |  | 23448 |  |
| Fund shares redeemed | 1111 | 539 | 3289 | 576 | 1357 | 17329 | 22848 |
| Advisory fees | 450 | 55 | 299 | 231 | 378 | 6063 | 3386 |
| Administrative fees | 117 | 46 | 258 | 68 | 103 | 1580 | 734 |
| 12b-1 fees (Class A) | 28 | 18 | 103 | 27 | 11 | 693 | 421 |
| Board of trustee fees | 66 | 33 | 363 | 26 | 1 | 246 | 456 |
| Chief compliance officer fees | 2 | 1 | 3 | 1 | 1 | 21 | 14 |
| Other expenses |  | 32 | 203 | 1 | 1 | 4 | 3 |
| **Total liabilities**  | 22174 | 2998 | 6496 | 8820 | 1852 | 159486 | 33886 |
| **Net assets**  | $1438631 | $378467 | $2138183 | $565652 | $858144 | $14545419 | $9887484 |
| **Net assets consist of:** |  |  |  |  |  |  |  |
| Paid-in capital(a)  | $1476723 | $338844 | $1771440 | $481923 | $824039 | $13156706 | $5688583 |
| Total distributable earnings (loss)(a) | (38092) | 39623 | 366743 | 83729 | 34105 | 1388713 | 4198901 |
| **Net assets**  | $1438631 | $378467 | $2138183 | $565652 | $858144 | $14545419 | $9887484 |
| Net assets - Class A | $561786 | $372609 | $2110437 | $558770 | $220154 | $14105396 | $8636704 |
| Shares outstanding - Class A | 41932 | 38931 | 80583 | 28017 | 20994 | 476468 | 88929 |
| Net asset value per share - Class A | $13.40 | $9.57 | $26.19 | $19.94 | $10.49 | $29.60 | $97.12 |
| Net assets - Class I | $876845 | $5858 | $27746 | $6882 | $637990 | $440023 | $1250780 |
| Shares outstanding - Class I | 64345 | 616 | 1040 | 337 | 60682 | 14544 | 12208 |
| Net asset value per share - Class I | $13.63 | $9.51 | $26.68 | $20.40 | $10.51 | $30.26 | $102.46 |
| Investments - unaffiliated, at cost | $1449414 | $337122 | $1750059 | $458452 | $823697 | $11901988 | $5645476 |
| Investments - affiliated, at cost | 22181 | 1868 | 24157 | 26084 |  | 1312563 | 35390 |
| Foreign currency cost |  |  |  | 313 |  | 4200 |  |
| Premiums from written options |  |  |  |  |  | 23411 |  |
| Securities on loan included in |  |  |  |  |  |  |  |
| Investments - unaffiliated, at value | 1046 | 3604 | 4707 | 6900 |  | 22549 |  |

---

(a) For
 funds structured as partnerships for federal income tax purposes, Paid-in capital represents partners' capital and Total distributable
 earnings (loss) represents net unrealized appreciation (depreciation) on investments and foreign currency.

See accompanying Notes to Financial Statements.

625

**JNL Series Trust (Unaudited)**

**Statements of Assets and Liabilities** (in thousands, except net asset value per share)

June 30, 2025

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | JNL/T. Rowe Price Mid-Cap Growth Fund | JNL/T. Rowe Price Short-Term Bond Fund | JNL/T. Rowe Price U.S. High Yield Fund | JNL/T. Rowe Price Value Fund | JNL/WCM China Quality Growth Fund | JNL/WCM Focused International Equity Fund | JNL/Westchester Capital Event Driven Fund |
| **Assets** |  |  |  |  |  |  |  |
| Investments - unaffiliated, at value | $4711822 | $1093035 | $432536 | $4492010 | $8795 | $2111181 | $35918 |
| Investments - affiliated, at value | 143075 | 16351 | 33215 | 8422 | 135 | 107802 | 4967 |
| Purchased options, at value |  | 16 |  |  |  |  | 74 |
| Forward foreign currency contracts |  |  |  |  |  |  | 9 |
| Variation margin on futures/futures options contracts |  | 82 |  |  |  |  |  |
| OTC swap agreements  |  |  |  |  |  |  | 1059 |
| Cash | 4357 | 492 | 1079 | 1948 |  |  | 714 |
| Cash collateral segregated for short sales |  |  |  |  |  |  | 2035 |
| Foreign currency |  | 1 |  | 5 | 24 |  | 4 |
| Receivable from: |  |  |  |  |  |  |  |
| Investment securities sold  | 19677 | 2554 | 2752 | 3087 |  | 56 | 220 |
| Fund shares sold | 4119 | 1688 | 531 | 2186 | 460 | 6171 | 58 |
| Dividends and interest | 916 | 9962 | 7790 | 4244 | 33 | 3774 | 264 |
| Securities lending income | 18 |  | 29 | 5 |  | 6 |  |
| Deposits with brokers and counterparties |  |  |  |  |  |  | 6330 |
| Other assets | 23 | 5 | 2 | 21 |  | 9 |  |
| **Total assets**  | 4884007 | 1124186 | 477934 | 4511928 | 9447 | 2228999 | 51652 |
| **Liabilities** |  |  |  |  |  |  |  |
| Cash overdraft  |  |  |  |  |  | 33 |  |
| Securities sold short, at value |  |  |  |  |  |  | 2045 |
| Written options, at value |  | 201 |  |  |  |  | 441 |
| Forward foreign currency contracts |  |  |  |  |  |  | 144 |
| Variation margin on futures/futures options contracts |  | 280 |  |  |  |  |  |
| OTC swap agreements |  |  |  |  |  |  | 1462 |
| Payable to affiliates |  |  |  | 184 |  |  |  |
| Payable for: |  |  |  |  |  |  |  |
| Investment securities purchased | 26832 | 17742 | 1550 |  |  | 20506 | 393 |
| Return of securities loaned  | 8061 |  | 29917 |  |  |  |  |
| Dividends/interest on securities sold short |  |  |  |  |  |  | 1 |
| Fund shares redeemed | 6802 | 5505 | 703 | 4313 | 1 | 7004 | 137 |
| Advisory fees | 2262 | 281 | 172 | 1716 | 7 | 1104 | 40 |
| Administrative fees | 378 | 90 | 55 | 355 | 1 | 258 | 4 |
| 12b-1 fees (Class A) | 228 | 53 | 10 | 151 | 1 | 54 | 2 |
| Board of trustee fees | 276 | 108 | 30 | 241 |  | 59 | 9 |
| Chief compliance officer fees | 7 | 2 | 1 | 6 |  | 3 |  |
| Other expenses | 1 |  |  | 1 |  | 1 |  |
| **Total liabilities**  | 44847 | 24262 | 32438 | 6967 | 10 | 29022 | 4678 |
| **Net assets**  | $4839160 | $1099924 | $445496 | $4504961 | $9437 | $2199977 | $46974 |
| **Net assets consist of:** |  |  |  |  |  |  |  |
| Paid-in capital(a)  | $3836230 | $1099457 | $438945 | $3891267 | $10493 | $1331735 | $48216 |
| Total distributable earnings (loss)(a) | 1002930 | 467 | 6551 | 613694 | (1056) | 868242 | (1242) |
| **Net assets**  | $4839160 | $1099924 | $445496 | $4504961 | $9437 | $2199977 | $46974 |
| Net assets - Class A | $4628557 | $1067794 | $197820 | $3069651 | $9436 | $1122965 | $45412 |
| Shares outstanding - Class A | 57475 | 94126 | 15230 | 102522 | 966 | 61736 | 3334 |
| Net asset value per share - Class A | $80.53 | $11.34 | $12.99 | $29.94 | $9.77 | $18.19 | $13.62 |
| Net assets - Class I | $210603 | $32130 | $247676 | $1435310 | $1 | $1077012 | $1562 |
| Shares outstanding - Class I | 2444 | 2750 | 18862 | 44892 |  | 58048 | 113 |
| Net asset value per share - Class I | $86.18 | $11.69 | $13.13 | $31.97 | $9.86 | $18.55 | $13.79 |
| Investments - unaffiliated, at cost | $3708891 | $1091873 | $425985 | $3878357 | $8557 | $1458334 | $36372 |
| Investments - affiliated, at cost | 143075 | 16351 | 33215 | 8422 | 135 | 107802 | 4967 |
| Purchased options, at cost |  | 140 |  |  |  |  | 156 |
| Foreign currency cost |  | 1 |  | 4 | 24 |  | 4 |
| Proceeds from securities sold short |  |  |  |  |  |  | 1893 |
| Premiums from written options |  | 96 |  |  |  |  | 426 |
| Securities on loan included in |  |  |  |  |  |  |  |
| Investments - unaffiliated, at value | 12901 |  | 41936 | 37042 |  | 47530 |  |

---

(a) For
 funds structured as partnerships for federal income tax purposes, Paid-in capital represents partners' capital and Total distributable
 earnings (loss) represents net unrealized appreciation (depreciation) on investments and foreign currency.

See accompanying Notes to Financial Statements.

626

**JNL Series Trust (Unaudited)**

**Statements of Assets and Liabilities** (in thousands, except net asset value per share)

June 30, 2025

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | JNL/William Blair International Leaders Fund | JNL/WMC Balanced Fund | JNL/WMC Equity Income Fund | JNL/WMC Global Real Estate Fund | JNL/WMC Value Fund |
| **Assets** |  |  |  |  |  |
| Investments - unaffiliated, at value | $988415 | $9149565 | $933055 | $554956 | $1034484 |
| Investments - affiliated, at value | 26207 | 129912 | 6276 | 11473 | 8204 |
| Variation margin on futures/futures options contracts |  | 126 |  |  |  |
| Cash | 157 | 1264 | 379 | 807 | 199 |
| Foreign currency | 98 | 1 |  | 984 |  |
| Receivable from: |  |  |  |  |  |
| Investment securities sold  | 7 | 191971 | 2462 | 2181 | 2576 |
| Fund shares sold | 600 | 2501 | 532 | 351 | 629 |
| Dividends and interest | 3038 | 30522 | 1492 | 2384 | 1144 |
| Securities lending income |  | 9 |  |  | 1 |
| Deposits with brokers and counterparties |  | 324 |  |  |  |
| Other assets | 5 | 42 | 5 | 2 | 5 |
| **Total assets**  | 1018527 | 9506237 | 944201 | 573138 | 1047242 |
| **Liabilities** |  |  |  |  |  |
| Forward sales commitments, at value |  | 92737 |  |  |  |
| Deferred foreign capital gains tax liability | 1442 |  |  |  |  |
| Payable to affiliates |  | 1 | 99 | 125 |  |
| Payable for: |  |  |  |  |  |
| Investment securities purchased | 1259 | 238420 | 1646 | 5195 | 9 |
| Deposits from counterparties  |  | 324 |  |  |  |
| Return of securities loaned  |  | 4721 |  | 1147 | 3288 |
| Fund shares redeemed | 2336 | 9562 | 788 | 599 | 945 |
| Advisory fees | 420 | 2338 | 332 | 268 | 329 |
| Administrative fees | 123 | 689 | 114 | 70 | 85 |
| 12b-1 fees (Class A) | 27 | 445 | 34 | 27 | 35 |
| Board of trustee fees | 76 | 387 | 17 | 87 | 109 |
| Chief compliance officer fees | 1 | 13 | 1 | 1 | 1 |
| Other expenses | 7 | 2 |  |  |  |
| **Total liabilities**  | 5691 | 349639 | 3031 | 7519 | 4801 |
| **Net assets**  | $1012836 | $9156598 | $941170 | $565619 | $1042441 |
| **Net assets consist of:** |  |  |  |  |  |
| Paid-in capital(a)  | $848765 | $7601124 | $852373 | $507778 | $894216 |
| Total distributable earnings (loss)(a) | 164071 | 1555474 | 88797 | 57841 | 148225 |
| **Net assets**  | $1012836 | $9156598 | $941170 | $565619 | $1042441 |
| Net assets - Class A | $549653 | $9072077 | $698381 | $560815 | $707853 |
| Shares outstanding - Class A | 43365 | 224210 | 33971 | 52740 | 19124 |
| Net asset value per share - Class A | $12.68 | $40.46 | $20.56 | $10.63 | $37.01 |
| Net assets - Class I | $463183 | $84521 | $242789 | $4804 | $334588 |
| Shares outstanding - Class I | 33830 | 1983 | 11527 | 436 | 8607 |
| Net asset value per share - Class I | $13.69 | $42.62 | $21.06 | $11.02 | $38.87 |
| Investments - unaffiliated, at cost | $804610 | $7594462 | $844727 | $497784 | $886707 |
| Investments - affiliated, at cost | 26207 | 129912 | 6276 | 11473 | 8204 |
| Foreign currency cost | 98 | 1 |  | 973 |  |
| Proceeds from forward sales commitments |  | 91421 |  |  |  |
| Securities on loan included in |  |  |  |  |  |
| Investments - unaffiliated, at value | 13480 | 4637 |  | 11325 | 3441 |

---

(a) For
 funds structured as partnerships for federal income tax purposes, Paid-in capital represents partners' capital and Total distributable
 earnings (loss) represents net unrealized appreciation (depreciation) on investments and foreign currency.

See accompanying Notes to Financial Statements.

627

**JNL Series Trust (Unaudited)**

**Statements of Operations** (in thousands)

For the Period Ended June 30, 2025

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | JNL/American Funds Balanced Fund(b) | JNL/American Funds Bond Fund of America Fund(b) | JNL/American Funds Capital Income Builder Fund(b) | JNL/American Funds Capital World Bond Fund(b) | JNL/American Funds Global Growth Fund(b) | JNL/American Funds Global Small Capitalization Fund(b) | JNL/American Funds Growth Fund(b) |
| **Investment income** |  |  |  |  |  |  |  |
| Dividends received from master fund (a) | $15084 | $4197 | $5798 | $863 | $3566 | $— | $14438 |
| Foreign taxes withheld | 8 |  |  |  |  |  |  |
| **Total investment income** | 15092 | 4197 | 5798 | 863 | 3566 |  | 14438 |
| **Expenses** |  |  |  |  |  |  |  |
| Advisory fees | 8224 | 915 | 1216 | 922 | 3236 | 1865 | 20564 |
| Administrative fees | 1595 | 229 | 232 | 154 | 499 | 287 | 3045 |
| 12b-1 fees (Class A) | 4778 | 659 | 680 | 453 | 1459 | 845 | 10088 |
| Legal fees | 9 | 1 | 1 | 1 | 3 | 2 | 19 |
| Board of trustee fees | 20 | 3 | 2 | 2 | 7 | 3 | 45 |
| Chief compliance officer fees | 6 | 1 | 1 |  | 2 | 1 | 13 |
| Other expenses | 17 | 2 | 2 | 1 | 5 | 2 | 37 |
| **Total expenses** | 14649 | 1810 | 2134 | 1533 | 5211 | 3005 | 33811 |
| Advisory fees waiver | (4868) | (458) | (579) | (661) | (1995) | (1348) | (14768) |
| **Net expenses** | 9781 | 1352 | 1555 | 872 | 3216 | 1657 | 19043 |
| **Net investment income (loss)** | 5311 | 2845 | 4243 | (9) | 350 | (1657) | (4605) |
| **Realized and unrealized gain (loss)** |  |  |  |  |  |  |  |
| Net realized gain (loss) on: |  |  |  |  |  |  |  |
| Investments - unaffiliated | 3 | (4332) |  |  |  |  |  |
| Investments - affiliated | 14404 |  | 2631 | (3829) | 19632 | (9557) | 91324 |
| Distributions from affiliated investment  |  |  |  |  |  |  |  |
| companies | 235295 |  |  |  | 127582 | 12432 | 580872 |
| Net change in unrealized appreciation |  |  |  |  |  |  |  |
| (depreciation) on: |  |  |  |  |  |  |  |
| Investments - unaffiliated |  | 19469 |  |  |  |  |  |
| Investments - affiliated | (2932) |  | 46766 | 28854 | (40172) | 42139 | 17412 |
| **Net realized and unrealized gain (loss)** | 246770 | 15137 | 49397 | 25025 | 107042 | 45014 | 689608 |
| **Change in net assets from operations** | $252081 | $17982 | $53640 | $25016 | $107392 | $43357 | $685003 |
| Affiliated income | $15084 | $— | $5798 | $863 | $3566 | $— | $14438 |

---

(b) The
 Master Funds for the JNL/American Funds Feeder Funds are the Class 1 shares of the corresponding American Fund Insurance Series Fund.
 The Master Funds for the JNL/Mellon Feeder Funds are the Class I shares of the corresponding JNL Mellon Master Funds. These financial
 statements should be read in conjunction with each Master Fund's respective financial statements.

See accompanying Notes to Financial Statements.

628

**JNL Series Trust (Unaudited)**

**Statements of Operations** (in thousands)

For the Period Ended June 30, 2025

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  |  | JNL/American Funds Growth-Income Fund(b) | JNL/American Funds International Fund(b) | JNL/American Funds New World Fund(b) | JNL/American Funds Washington Mutual Investors Fund(b) | JNL/Mellon Bond Index Fund(b) | JNL/Mellon Emerging Markets Index Fund(b) | JNL/Mellon International Index Fund(b) |
| **Investment income** | **Investment income** |  |  |  |  |  |  |  |
| Dividends received from master fund (a) | Dividends received from master fund (a) | $28358 | $877 | $1894 | $14289 | $— | $— | $— |
| Foreign taxes withheld | Foreign taxes withheld |  |  |  |  |  |  | 6 |
| **Total investment income** | **Total investment income** | 28358 | 877 | 1894 | 14289 |  |  | 6 |
| **Expenses** | **Expenses** |  |  |  |  |  |  |  |
| Advisory fees | Advisory fees | 30711 | 4790 | 6175 | 11046 | 812 | 1087 | 1851 |
| Administrative fees | Administrative fees | 4836 | 649 | 659 | 1875 | 500 | 583 | 1811 |
| 12b-1 fees (Class A) | 12b-1 fees (Class A) | 16769 | 1919 | 1932 | 5823 | 1465 | 1138 | 3533 |
| Legal fees | Legal fees | 31 | 4 | 4 | 11 |  |  |  |
| Board of trustee fees | Board of trustee fees | 70 | 7 | 7 | 23 |  |  |  |
| Chief compliance officer fees | Chief compliance officer fees | 22 | 3 | 2 | 7 |  |  |  |
| Other expenses | Other expenses | 61 | 7 | 7 | 21 |  | 1 | 2 |
| **Total expenses** | **Total expenses** | 52500 | 7379 | 8786 | 18806 | 2777 | 2809 | 7197 |
| Administrative fees waiver | Administrative fees waiver |  |  |  |  |  | (5) |  |
| Advisory fees waiver | Advisory fees waiver | (17019) | (3245) | (4281) | (5916) | (350) | (564) | (1147) |
| **Net expenses** | **Net expenses** | 35481 | 4134 | 4505 | 12890 | 2427 | 2240 | 6050 |
| **Net investment income (loss)** | **Net investment income (loss)** | (7123) | (3257) | (2611) | 1399 | (2427) | (2240) | (6044) |
| **Realized and unrealized gain (loss)** | **Realized and unrealized gain (loss)** |  |  |  |  |  |  |  |
| Net realized gain (loss) on: | Net realized gain (loss) on: |  |  |  |  |  |  |  |
|  | Investments - affiliated | 168850 | 6435 | 30864 | 54327 | (3458) | (6640) | 14242 |
|  | Distributions from affiliated investment  |  |  |  |  |  |  |  |
|  | companies | 1962226 |  | 56159 | 274128 |  |  |  |
|  | Foreign currency |  |  |  |  |  |  | (4) |
| Net change in unrealized appreciation | Net change in unrealized appreciation |  |  |  |  |  |  |  |
|  | (depreciation) on: |  |  |  |  |  |  |  |
|  | Investments - affiliated | (1251336) | 145391 | 106285 | 11127 | 42612 | 114687 | 440025 |
|  | Foreign currency |  |  |  |  |  |  | 8 |
| **Net realized and unrealized gain (loss)** | **Net realized and unrealized gain (loss)** | 879740 | 151826 | 193308 | 339582 | 39154 | 108047 | 454271 |
| **Change in net assets from operations** | **Change in net assets from operations** | $872617 | $148569 | $190697 | $340981 | $36727 | $105807 | $448227 |
| (a) | Affiliated income | $28358 | $877 | $1894 | $14289 | $— | $— | $— |

---

(b) The
 Master Funds for the JNL/American Funds Feeder Funds are the Class 1 shares of the corresponding American Fund Insurance Series Fund.
 The Master Funds for the JNL/Mellon Feeder Funds are the Class I shares of the corresponding JNL Mellon Master Funds. These financial
 statements should be read in conjunction with each Master Fund's respective financial statements.

See accompanying Notes to Financial Statements.

629

**JNL Series Trust (Unaudited)**

**Statements of Operations** (in thousands)

For the Period Ended June 30, 2025

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  |  | JNL/Mellon S&P 400 MidCap Index Fund(b) | JNL/Mellon Small Cap Index Fund(b) | JNL Aggressive Growth Allocation Fund | JNL Conservative Allocation Fund | JNL Growth Allocation Fund | JNL Moderate Allocation Fund | JNL Moderate Growth Allocation Fund |
| **Investment income** | **Investment income** |  |  |  |  |  |  |  |
| Dividends (a) | Dividends (a) | $— | $— | $110 | $976 | $3126 | $3286 | $5289 |
| **Total investment income** | **Total investment income** |  |  | 110 | 976 | 3126 | 3286 | 5289 |
| **Expenses** | **Expenses** |  |  |  |  |  |  |  |
| Advisory fees | Advisory fees | 2247 | 1644 | 687 | 344 | 1250 | 877 | 1495 |
| Administrative fees | Administrative fees | 1601 | 1141 | 352 | 137 | 704 | 471 | 852 |
| 12b-1 fees (Class A) | 12b-1 fees (Class A) | 4723 | 3332 | 2089 | 813 | 4190 | 2810 | 5166 |
| Legal fees | Legal fees |  |  | 4 | 2 | 8 | 5 | 9 |
| Board of trustee fees | Board of trustee fees |  |  | 8 | 3 | 13 | 7 | 16 |
| Chief compliance officer fees | Chief compliance officer fees |  |  | 3 | 1 | 5 | 4 | 7 |
| Other expenses | Other expenses | 2 | 1 | 8 | 2 | 15 | 9 | 18 |
| **Total expenses** | **Total expenses** | 8573 | 6118 | 3151 | 1302 | 6185 | 4183 | 7563 |
| Advisory fees waiver | Advisory fees waiver | (1292) | (913) |  |  |  |  |  |
| **Net expenses** | **Net expenses** | 7281 | 5205 | 3151 | 1302 | 6185 | 4183 | 7563 |
| **Net investment income (loss)** | **Net investment income (loss)** | (7281) | (5205) | (3041) | (326) | (3059) | (897) | (2274) |
| **Realized and unrealized gain (loss)** | **Realized and unrealized gain (loss)** |  |  |  |  |  |  |  |
| Net realized gain (loss) on: | Net realized gain (loss) on: |  |  |  |  |  |  |  |
|  | Investments - unaffiliated |  |  |  |  | 29 |  | 200 |
|  | Investments - affiliated | 26529 | 7227 | 65992 | 9080 | 87422 | 50038 | 148973 |
| Net change in unrealized appreciation | Net change in unrealized appreciation |  |  |  |  |  |  |  |
|  | (depreciation) on: |  |  |  |  |  |  |  |
|  | Investments - affiliated | (25303) | (119026) | 62678 | 19637 | 149072 | 62153 | 95184 |
|  | Foreign currency |  |  |  |  | 3 |  |  |
| **Net realized and unrealized gain (loss)** | **Net realized and unrealized gain (loss)** | 1226 | (111799) | 128670 | 28717 | 236526 | 112191 | 244357 |
| **Change in net assets from operations** | **Change in net assets from operations** | $(6055) | $(117004) | $125629 | $28391 | $233467 | $111294 | $242083 |
| (a) | Affiliated income | $— | $— | $110 | $976 | $3126 | $3286 | $5289 |

---

(b) The
 Master Funds for the JNL/American Funds Feeder Funds are the Class 1 shares of the corresponding American Fund Insurance Series Fund.
 The Master Funds for the JNL/Mellon Feeder Funds are the Class I shares of the corresponding JNL Mellon Master Funds. These financial
 statements should be read in conjunction with each Master Fund's respective financial statements.

See accompanying Notes to Financial Statements.

630

**JNL Series Trust (Unaudited)**

**Statements of Operations** (in thousands)

For the Period Ended June 30, 2025

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | JNL/JPMorgan Managed Aggressive Growth Fund | JNL/JPMorgan Managed Conservative Fund | JNL/JPMorgan Managed Growth Fund | JNL/JPMorgan Managed Moderate Fund | JNL/JPMorgan Managed Moderate Growth Fund | JNL/American Funds Growth Allocation Fund | JNL/American Funds Moderate Allocation Fund |
| **Investment income** |  |  |  |  |  |  |  |
| Dividends (a) | $1100 | $447 | $2072 | $1061 | $2318 | $28599 | $197 |
| **Total investment income** | 1100 | 447 | 2072 | 1061 | 2318 | 28599 | 197 |
| **Expenses** |  |  |  |  |  |  |  |
| Advisory fees | 952 | 392 | 1693 | 791 | 1579 | 3448 | 14 |
| Administrative fees | 518 | 168 | 971 | 417 | 903 | 2800 | 11 |
| 12b-1 fees (Class A) | 3084 | 1001 | 5944 | 2495 | 5512 | 5698 | 21 |
| Legal fees | 6 | 2 | 11 | 5 | 10 | 10 |  |
| Board of trustee fees | 11 | 2 | 19 | 6 | 15 | 24 |  |
| Chief compliance officer fees | 4 | 1 | 8 | 3 | 7 | 7 |  |
| Other expenses | 11 | 4 | 22 | 8 | 20 | 20 |  |
| **Total expenses** | 4586 | 1570 | 8668 | 3725 | 8046 | 12007 | 46 |
| Advisory fees waiver | (50) | (50) | (50) | (50) | (50) |  |  |
| **Net expenses** | 4536 | 1520 | 8618 | 3675 | 7996 | 12007 | 46 |
| **Net investment income (loss)** | (3436) | (1073) | (6546) | (2614) | (5678) | 16592 | 151 |
| **Realized and unrealized gain (loss)** |  |  |  |  |  |  |  |
| Net realized gain (loss) on: |  |  |  |  |  |  |  |
| Investments - unaffiliated |  |  |  |  |  | (52636) | (152) |
| Investments - affiliated | 31750 | 4369 | 64102 | 19483 | 50726 | (715) |  |
| Distributions from unaffiliated |  |  |  |  |  |  |  |
| investment companies |  |  |  |  |  | 114583 | 315 |
| Net change in unrealized appreciation |  |  |  |  |  |  |  |
| (depreciation) on: |  |  |  |  |  |  |  |
| Investments - unaffiliated |  |  |  |  |  | 291111 | 1055 |
| Investments - affiliated | 143895 | 31966 | 253052 | 82744 | 207825 | 3556 |  |
| **Net realized and unrealized gain (loss)** | 175645 | 36335 | 317154 | 102227 | 258551 | 355899 | 1218 |
| **Change in net assets from operations** | $172209 | $35262 | $310608 | $99613 | $252873 | $372491 | $1369 |
| Affiliated income | $1100 | $447 | $2072 | $1061 | $2318 | $984 | $— |

---

See accompanying Notes to Financial Statements.

631

**JNL Series Trust (Unaudited)**

**Statements of Operations** (in thousands)

For the Period Ended June 30, 2025

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | JNL/American Funds Moderate Growth Allocation Fund | JNL Growth ETF Allocation Fund | JNL Moderate ETF Allocation Fund | JNL Moderate Growth ETF Allocation Fund | JNL/Vanguard Growth ETF Allocation Fund | JNL/Vanguard Moderate ETF Allocation Fund | JNL/Vanguard Moderate Growth ETF Allocation Fund |
| **Investment income** |  |  |  |  |  |  |  |
| Dividends (a) | $22102 | $3005 | $2783 | $3644 | $20499 | $7479 | $11015 |
| Securities lending (a) |  | 151 | 93 | 140 | 177 | 63 | 103 |
| **Total investment income** | 22102 | 3156 | 2876 | 3784 | 20676 | 7542 | 11118 |
| **Expenses** |  |  |  |  |  |  |  |
| Advisory fees | 2204 | 348 | 198 | 321 | 1872 | 545 | 922 |
| Administrative fees | 1783 | 261 | 149 | 241 | 1498 | 408 | 691 |
| 12b-1 fees (Class A) | 3526 | 507 | 285 | 468 | 2907 | 784 | 1326 |
| Legal fees | 6 | 1 | 1 | 1 | 5 | 2 | 2 |
| Board of trustee fees | 13 | 2 | 1 | 2 | 11 | 3 | 6 |
| Chief compliance officer fees | 5 | 1 |  |  | 4 | 1 | 2 |
| Other expenses | 12 | 3 | 2 | 2 | 20 | 5 | 8 |
| **Total expenses** | 7549 | 1123 | 636 | 1035 | 6317 | 1748 | 2957 |
| Administrative fees waiver |  |  |  |  | (36) | (14) | (23) |
| **Net expenses** | 7549 | 1123 | 636 | 1035 | 6281 | 1734 | 2934 |
| **Net investment income (loss)** | 14553 | 2033 | 2240 | 2749 | 14395 | 5808 | 8184 |
| **Realized and unrealized gain (loss)** |  |  |  |  |  |  |  |
| Net realized gain (loss) on: |  |  |  |  |  |  |  |
| Investments - unaffiliated | (39582) | 20736 | 3496 | 12284 | 63817 | 8460 | 25546 |
| Investments - affiliated | (395) |  |  |  |  |  |  |
| Distributions from unaffiliated |  |  |  |  |  |  |  |
| investment companies | 53153 |  |  |  |  |  |  |
| Net change in unrealized appreciation |  |  |  |  |  |  |  |
| (depreciation) on: |  |  |  |  |  |  |  |
| Investments - unaffiliated | 175816 | 3643 | 5716 | 6787 | 69140 | 16090 | 26716 |
| Investments - affiliated | 3575 |  |  |  |  |  |  |
| **Net realized and unrealized gain (loss)** | 192567 | 24379 | 9212 | 19071 | 132957 | 24550 | 52262 |
| **Change in net assets from operations** | $207120 | $26412 | $11452 | $21820 | $147352 | $30358 | $60446 |
| Affiliated income | $1075 | $210 | $117 | $203 | $1173 | $620 | $829 |

---

See accompanying Notes to Financial Statements.

632

**JNL Series Trust (Unaudited)**

**Statements of Operations** (in thousands)

For the Period Ended June 30, 2025

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | JNL Bond Index Fund | JNL Emerging Markets Index Fund | JNL International Index Fund | JNL Mid Cap Index Fund | JNL Small Cap Index Fund | JNL Multi-Manager Alternative Fund | JNL Multi-Manager Emerging Markets Equity Fund |
| **Investment income** |  |  |  |  |  |  |  |
| Dividends (a) | $915 | $13024 | $53248 | $26524 | $20250 | $5297 | $20086 |
| Foreign taxes withheld |  | (1364) | (4621) |  | (15) | (45) | (1854) |
| Interest | 18546 | 7 | 16 | 49 | 20 | 3666 |  |
| Securities lending (a) | 32 | 86 | 171 | 60 | 241 | 3 | 43 |
| **Total investment income** | 19493 | 11753 | 48814 | 26633 | 20496 | 8921 | 18275 |
| **Expenses** |  |  |  |  |  |  |  |
| Advisory fees | 1017 | 781 | 2427 | 3241 | 2290 | 4956 | 4424 |
| Administrative fees |  |  |  |  |  | 827 | 873 |
| 12b-1 fees (Class A) |  |  |  |  |  | 287 | 832 |
| Licensing fees paid to third parties | 10 | 20 | 61 | 298 | 211 |  |  |
| Legal fees | 3 | 2 | 7 | 9 | 6 | 4 | 3 |
| Board of trustee fees | 4 | 3 | 11 | 18 | 12 | 4 | 4 |
| Chief compliance officer fees | 2 | 2 | 4 | 6 | 4 | 2 | 2 |
| Dividends/interest on securities sold short |  |  |  |  |  | 1609 |  |
| Net short holdings borrowing fees |  |  |  |  |  | 507 |  |
| Interest expense |  |  |  |  |  | 185 |  |
| Other expenses | 6 | 36 | 11 | 18 | 13 |  | 53 |
| **Total expenses** | 1042 | 844 | 2521 | 3590 | 2536 | 8381 | 6191 |
| Advisory fees waiver | (661) | (215) | (1274) | (1945) | (1374) | (203) |  |
| **Net expenses** | 381 | 629 | 1247 | 1645 | 1162 | 8178 | 6191 |
| **Net investment income (loss)** | 19112 | 11124 | 47567 | 24988 | 19334 | 743 | 12084 |
| **Realized and unrealized gain (loss)** |  |  |  |  |  |  |  |
| Net realized gain (loss) on: |  |  |  |  |  |  |  |
| Investments - unaffiliated | (8063) | (8329) | 49961 | 28263 | (901) | 10600 | 16675 |
| Investments - affiliated |  |  |  |  | 769 |  |  |
| Securities sold short |  |  |  |  |  | 7701 |  |
| Brokerage commissions recaptured |  |  |  |  |  | 4 | 1 |
| Purchased options |  |  |  |  |  | 32 |  |
| Written options |  |  |  |  |  | (228) |  |
| Foreign currency |  | 26 | 153 |  |  | 59 | (228) |
| Forward foreign currency contracts |  | (11) | 1519 |  |  | (300) | (14) |
| Futures/futures options contracts |  | 800 | 2040 | 82 | (1633) | (67) |  |
| Swap agreements |  |  |  |  |  | 6552 |  |
| Net change in unrealized appreciation |  |  |  |  |  |  |  |
| (depreciation) on: |  |  |  |  |  |  |  |
| Investments - unaffiliated | 29114 | 104080 | 354079 | (54671) | (131667) | 44896 | 130020 |
| Investments - affiliated |  |  |  |  | (570) |  |  |
| Investment securities sold short |  |  |  |  |  | (15280) |  |
| Purchased options |  |  |  |  |  | (20) |  |
| Written options |  |  |  |  |  | 1 |  |
| Foreign currency |  | (236) | 1344 |  |  | 24 | (98) |
| Forward foreign currency contracts |  |  | 933 |  |  | (488) |  |
| Futures/futures options contracts |  | 550 | 503 | 2505 | 1107 | 346 |  |
| Swap agreements |  |  |  |  |  | (5007) |  |
| **Net realized and unrealized gain (loss)** | 21051 | 96880 | 410532 | (23821) | (132895) | 48825 | 146356 |
| **Change in net assets from operations** | $40163 | $108004 | $458099 | $1167 | $(113561) | $49568 | $158440 |
| Affiliated income | $1001 | $173 | $668 | $665 | $1053 | $3802 | $593 |

---

See accompanying Notes to Financial Statements.

633

**JNL Series Trust (Unaudited)**

**Statements of Operations** (in thousands)

For the Period Ended June 30, 2025

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | JNL Multi-Manager Floating Rate Income Fund | JNL Multi-Manager International Small Cap Fund | JNL Multi-Manager Mid Cap Fund | JNL Multi-Manager Small Cap Growth Fund | JNL Multi-Manager Small Cap Value Fund | JNL Multi-Manager U.S. Select Equity Fund | JNL S&P 500 Index Fund |
| **Investment income** |  |  |  |  |  |  |  |
| Dividends (a) | $503 | $11767 | $9195 | $6288 | $13793 | $8773 | $3375 |
| Foreign taxes withheld |  | (1127) | (213) | (43) | (19) | (72) | (1) |
| Interest | 45471 |  |  |  |  |  | 2 |
| Securities lending (a) |  | 626 | 15 | 337 | 80 | 63 | 1 |
| **Total investment income** | 45974 | 11266 | 8997 | 6582 | 13854 | 8764 | 3377 |
| **Expenses** |  |  |  |  |  |  |  |
| Advisory fees | 2453 | 2432 | 3771 | 6323 | 5870 | 3008 | 498 |
| Administrative fees | 779 | 486 | 896 | 1123 | 883 | 858 | 249 |
| 12b-1 fees (Class A) | 1527 | 607 | 654 | 2637 | 1878 | 122 |  |
| Licensing fees paid to third parties |  |  |  |  |  |  | 50 |
| Legal fees | 3 | 2 | 3 | 6 | 5 | 3 | 1 |
| Board of trustee fees | 5 | 4 | 7 | 13 | 10 | 7 | 4 |
| Chief compliance officer fees | 2 | 1 | 2 | 4 | 3 | 2 | 1 |
| Other expenses | 37 |  | 7 | 12 | 9 | 16 | 6 |
| **Total expenses** | 4806 | 3532 | 5340 | 10118 | 8658 | 4016 | 809 |
| Administrative fees waiver |  |  |  |  |  |  | (149) |
| Advisory fees waiver |  | (23) |  |  |  |  | (424) |
| **Net expenses** | 4806 | 3509 | 5340 | 10118 | 8658 | 4016 | 236 |
| **Net investment income (loss)** | 41168 | 7757 | 3657 | (3536) | 5196 | 4748 | 3141 |
| **Realized and unrealized gain (loss)** |  |  |  |  |  |  |  |
| Net realized gain (loss) on: |  |  |  |  |  |  |  |
| Investments - unaffiliated | (18431) | 16625 | 22990 | 22963 | 26281 | 9143 | 3153 |
| Brokerage commissions recaptured |  | 6 | 18 | 76 | 23 | 59 |  |
| Foreign currency |  | (163) |  | (1) |  | (72) |  |
| Forward foreign currency contracts |  | 38 |  |  |  |  |  |
| Futures/futures options contracts |  |  |  |  |  |  | (50) |
| Net change in unrealized appreciation |  |  |  |  |  |  |  |
| (depreciation) on: |  |  |  |  |  |  |  |
| Investments - unaffiliated | (2663) | 107645 | (14098) | (18542) | (75563) | 79364 | 24940 |
| Investments - affiliated |  |  |  |  |  |  | 104 |
| Foreign currency |  | 99 |  |  |  | 1 |  |
| Forward foreign currency contracts |  | (2) |  |  |  |  |  |
| Futures/futures options contracts |  |  |  |  |  |  | 103 |
| **Net realized and unrealized gain (loss)** | (21094) | 124248 | 8910 | 4496 | (49259) | 88495 | 28250 |
| **Change in net assets from operations** | $20074 | $132005 | $12567 | $960 | $(44063) | $93243 | $31391 |
| Affiliated income | $503 | $243 | $973 | $2172 | $1325 | $1133 | $33 |

---

See accompanying Notes to Financial Statements.

634

**JNL Series Trust (Unaudited)**

**Statements of Operations** (in thousands)

For the Period Ended June 30, 2025

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | JNL/AB Sustainable Global Thematic Fund | JNL/AQR Large Cap Defensive Style Fund | JNL/BlackRock Global Allocation Fund | JNL/BlackRock Global Natural Resources Fund | JNL/BlackRock Large Cap Select Growth Fund | JNL/Causeway International Value Select Fund | JNL/ClearBridge Large Cap Growth Fund |
| **Investment income** |  |  |  |  |  |  |  |
| Dividends (a) | $153 | $3452 | $20050 | $12646 | $9004 | $42757 | $4865 |
| Foreign taxes withheld | (8) |  | (790) | (563) | (174) | (3312) | (82) |
| Interest |  | 6 | 21034 |  |  |  | 24 |
| Securities lending (a) |  | 1 | 344 | 41 | 4 | 72 | 1 |
| **Total investment income** | 145 | 3459 | 40638 | 12124 | 8834 | 39517 | 4808 |
| **Expenses** |  |  |  |  |  |  |  |
| Advisory fees | 72 | 814 | 7405 | 1965 | 10141 | 5343 | 3642 |
| Administrative fees | 17 | 305 | 1920 | 545 | 2122 | 1571 | 1132 |
| 12b-1 fees (Class A) | 32 | 598 | 3810 | 1074 | 5802 | 1229 | 1224 |
| Legal fees |  | 1 | 7 | 2 | 12 | 6 | 4 |
| Board of trustee fees |  | 2 | 12 | 3 | 25 | 11 | 10 |
| Chief compliance officer fees |  | 1 | 5 | 1 | 9 | 4 | 3 |
| Other expenses | 12 | 2 | 23 | 3 | 39 | 10 | 9 |
| **Total expenses** | 133 | 1723 | 13182 | 3593 | 18150 | 8174 | 6024 |
| Advisory fees waiver |  |  |  |  | (707) |  |  |
| **Net expenses** | 133 | 1723 | 13182 | 3593 | 17443 | 8174 | 6024 |
| **Net investment income (loss)** | 12 | 1736 | 27456 | 8531 | (8609) | 31343 | (1216) |
| **Realized and unrealized gain (loss)** |  |  |  |  |  |  |  |
| Net realized gain (loss) on: |  |  |  |  |  |  |  |
| Investments - unaffiliated | 972 | 14511 | 119280 | (5943) | 397377 | 109912 | 83657 |
| Investments - affiliated |  |  | 28 |  |  |  |  |
| Securities sold short |  |  | (96) |  |  |  |  |
| Brokerage commissions recaptured |  |  |  |  |  | 15 |  |
| Purchased options |  |  | (10581) |  |  |  |  |
| Written options |  |  | 10535 |  |  |  |  |
| Foreign currency | (7) |  | 90 | 233 | (4) | 530 |  |
| Forward foreign currency contracts | (55) |  | 12750 |  |  | (24) |  |
| Futures/futures options contracts |  | 1485 | 4452 |  |  |  |  |
| Swap agreements |  |  | (5271) |  |  |  |  |
| Net change in unrealized appreciation |  |  |  |  |  |  |  |
| (depreciation) on: |  |  |  |  |  |  |  |
| Investments - unaffiliated | 674 | 19356 | 75180 | 65835 | (84589) | 289237 | 3461 |
| Investments - affiliated |  |  | 1324 |  |  |  |  |
| Purchased options |  |  | 6705 |  |  |  |  |
| Written options |  |  | 1435 |  |  |  |  |
| Foreign currency | 1 |  | (486) | 83 | (3) | 406 |  |
| Forward foreign currency contracts | (56) |  | 12204 |  |  | 5 |  |
| Futures/futures options contracts |  | 998 | (7986) |  |  |  |  |
| Swap agreements |  |  | 15119 |  |  |  |  |
| **Net realized and unrealized gain (loss)** | 1529 | 36350 | 234682 | 60208 | 312781 | 400081 | 87118 |
| **Change in net assets from operations** | $1541 | $38086 | $262138 | $68739 | $304172 | $431424 | $85902 |
| Affiliated income | $15 | $358 | $6440 | $370 | $258 | $934 | $333 |

---

See accompanying Notes to Financial Statements.

635

**JNL Series Trust (Unaudited)**

**Statements of Operations** (in thousands)

For the Period Ended June 30, 2025

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | JNL/Cohen & Steers U.S. Realty Fund | JNL/DFA International Core Equity Fund | JNL/DFA U.S. Core Equity Fund | JNL/DFA U.S. Small Cap Fund | JNL/DoubleLine Core Fixed Income Fund | JNL/DoubleLine Emerging Markets Fixed Income Fund | JNL/DoubleLine Shiller Enhanced CAPE Fund |
| **Investment income** |  |  |  |  |  |  |  |
| Dividends (a) | $1908 | $9037 | $9060 | $4542 | $1298 | $55 | $1133 |
| Foreign taxes withheld |  | (784) | (6) | (7) |  |  |  |
| Interest |  | 1 |  |  | 72266 | 10626 | 40577 |
| Securities lending (a) |  | 76 | 11 | 36 | 79 | 106 |  |
| **Total investment income** | 1908 | 8330 | 9065 | 4571 | 73643 | 10787 | 41710 |
| **Expenses** |  |  |  |  |  |  |  |
| Advisory fees | 276 | 872 | 2485 | 1670 | 4975 | 1003 | 4299 |
| Administrative fees | 71 | 291 | 630 | 472 | 1341 | 241 | 1170 |
| 12b-1 fees (Class A) | 137 | 534 | 1830 | 896 | 2472 | 188 | 2253 |
| Legal fees |  | 1 | 3 | 2 | 7 | 1 | 4 |
| Board of trustee fees | 1 | 2 | 7 | 5 | 10 | 1 | 9 |
| Chief compliance officer fees |  | 1 | 2 | 1 | 5 |  | 3 |
| Other expenses | 5 | 14 | 9 | 11 | 14 | 3 | 8 |
| **Total expenses** | 490 | 1715 | 4966 | 3057 | 8824 | 1437 | 7746 |
| Administrative fees waiver |  | (8) | (10) | (8) |  |  |  |
| Advisory fees waiver |  |  |  |  |  |  | (176) |
| **Net expenses** | 490 | 1707 | 4956 | 3049 | 8824 | 1437 | 7570 |
| **Net investment income (loss)** | 1418 | 6623 | 4109 | 1522 | 64819 | 9350 | 34140 |
| **Realized and unrealized gain (loss)** |  |  |  |  |  |  |  |
| Net realized gain (loss) on: |  |  |  |  |  |  |  |
| Investments - unaffiliated | (587) | 3885 | 62201 | 12720 | (20172) | (5848) | (6391) |
| Brokerage commissions recaptured | 1 |  |  |  |  |  |  |
| Foreign currency |  | 129 |  |  | 10 |  |  |
| Forward foreign currency contracts |  | 9 |  |  | (46) |  |  |
| Futures/futures options contracts |  | (217) |  |  | 1702 |  |  |
| Swap agreements |  |  |  |  |  |  | 29122 |
| Net change in unrealized appreciation |  |  |  |  |  |  |  |
| (depreciation) on: |  |  |  |  |  |  |  |
| Investments - unaffiliated | 2764 | 66626 | (12280) | (28742) | 60594 | 10583 | 16622 |
| Foreign currency |  | 85 |  |  | 36 |  |  |
| Forward foreign currency contracts |  |  |  |  | 56 |  |  |
| Futures/futures options contracts |  | 22 |  |  | 4104 |  |  |
| Swap agreements |  |  |  |  |  |  | 31219 |
| **Net realized and unrealized gain (loss)** | 2178 | 70539 | 49921 | (16022) | 46284 | 4735 | 70572 |
| **Change in net assets from operations** | $3596 | $77162 | $54030 | $(14500) | $111103 | $14085 | $104712 |
| Affiliated income | $13 | $172 | $69 | $88 | $1527 | $135 | $1133 |

---

See accompanying Notes to Financial Statements.

636

**JNL Series Trust (Unaudited)**

**Statements of Operations** (in thousands)

For the Period Ended June 30, 2025

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | JNL/DoubleLine Total Return Fund | JNL/Dreyfus Government Money Market Fund | JNL/Fidelity Institutional Asset Management Total Bond Fund | JNL/First Sentier Global Infrastructure Fund | JNL/Franklin Templeton Income Fund | JNL/Goldman Sachs 4 Fund | JNL/GQG Emerging Markets Equity Fund |
| **Investment income** |  |  |  |  |  |  |  |
| Dividends (a) | $506 | $— | $799 | $10335 | $9167 | $50295 | $15314 |
| Foreign taxes withheld |  |  | (1) | (379) | (58) | (37) | (1167) |
| Interest | 50083 | 56771 | 36368 |  | 33898 | 29 |  |
| Securities lending (a) |  |  | 73 | 19 | 144 | 3 | 2 |
| **Total investment income** | 50589 | 56771 | 37239 | 9975 | 43151 | 50290 | 14149 |
| **Expenses** |  |  |  |  |  |  |  |
| Advisory fees | 3999 | 2022 | 2767 | 1774 | 3658 | 6098 | 3690 |
| Administrative fees | 938 | 1299 | 734 | 381 | 697 | 3455 | 636 |
| 12b-1 fees (Class A) | 1053 | 3790 | 1178 | 754 | 2080 | 7231 | 639 |
| Legal fees | 5 | 7 | 4 | 1 | 4 | 13 | 2 |
| Board of trustee fees | 10 | 14 | 7 | 2 | 6 | 24 | 5 |
| Chief compliance officer fees | 4 | 5 | 3 | 1 | 3 | 9 | 2 |
| Other expenses | 12 | 12 | 8 | 7 | 7 | 27 | 30 |
| **Total expenses** | 6021 | 7149 | 4701 | 2920 | 6455 | 16857 | 5004 |
| Advisory fees waiver |  |  | (43) |  |  |  |  |
| **Net expenses** | 6021 | 7149 | 4658 | 2920 | 6455 | 16857 | 5004 |
| **Net investment income (loss)** | 44568 | 49622 | 32581 | 7055 | 36696 | 33433 | 9145 |
| **Realized and unrealized gain (loss)** |  |  |  |  |  |  |  |
| Net realized gain (loss) on: |  |  |  |  |  |  |  |
| Investments - unaffiliated | (13179) | 6 | (17331) | 10729 | 11712 | 183297 | 2429 |
| Securities sold short |  |  | 2 |  |  |  |  |
| Brokerage commissions recaptured |  |  |  |  | 1 |  | 4 |
| Purchased options |  |  | (256) |  |  |  |  |
| Foreign currency |  |  |  | 4 |  |  | (230) |
| Forward foreign currency contracts |  |  |  |  |  |  | (22) |
| Futures/futures options contracts | (6954) |  | (297) |  |  | (590) |  |
| Swap agreements |  |  | 192 |  |  |  |  |
| Net change in unrealized appreciation |  |  |  |  |  |  |  |
| (depreciation) on: |  |  |  |  |  |  |  |
| Investments - unaffiliated | 46703 |  | 43763 | 45672 | 17152 | 133316 | 32843 |
| Purchased options |  |  | 260 |  |  |  |  |
| Written options |  |  | 35 |  |  |  |  |
| Foreign currency |  |  | 2 | 65 | 52 |  | (447) |
| Futures/futures options contracts | 15548 |  | 2451 |  |  | 1505 |  |
| Swap agreements |  |  | (720) |  |  |  |  |
| **Net realized and unrealized gain (loss)** | 42118 | 6 | 28101 | 56470 | 28917 | 317528 | 34577 |
| **Change in net assets from operations** | $86686 | $49628 | $60682 | $63525 | $65613 | $350961 | $43722 |
| Affiliated income | $506 | $— | $1058 | $121 | $687 | $645 | $638 |

---

See accompanying Notes to Financial Statements.

637

**JNL Series Trust (Unaudited)**

**Statements of Operations** (in thousands)

For the Period Ended June 30, 2025

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | JNL/Invesco Diversified Dividend Fund | JNL/Invesco Global Growth Fund | JNL/Invesco Small Cap Growth Fund | JNL/JPMorgan Global Allocation Fund | JNL/JPMorgan Hedged Equity Fund | JNL/JPMorgan MidCap Growth Fund | JNL/JPMorgan Nasdaq Hedged Equity Fund |
| **Investment income** |  |  |  |  |  |  |  |
| Dividends (a) | $9252 | $7531 | $4030 | $6389 | $5857 | $9451 | $213 |
| Foreign taxes withheld | (77) | (512) | (21) | (280) | (9) |  | (1) |
| Interest |  |  |  | 11732 | 16 |  | 2 |
| Securities lending (a) | 21 | 68 | 132 | 109 |  | 334 |  |
| **Total investment income** | 9196 | 7087 | 4141 | 17950 | 5864 | 9785 | 214 |
| **Expenses** |  |  |  |  |  |  |  |
| Advisory fees | 2093 | 3358 | 5025 | 2665 | 2201 | 7935 | 125 |
| Administrative fees | 598 | 1008 | 800 | 666 | 660 | 1614 | 38 |
| 12b-1 fees (Class A) | 557 | 1987 | 2365 | 1328 | 1270 | 4558 | 38 |
| Licensing fees paid to third parties |  |  |  |  |  |  | 9 |
| Legal fees | 2 | 4 | 4 | 2 | 2 | 9 |  |
| Board of trustee fees | 5 | 6 | 10 | 3 | 6 | 19 |  |
| Chief compliance officer fees | 2 | 2 | 3 | 2 | 2 | 6 |  |
| Net short holdings borrowing fees |  |  |  |  | 20 |  |  |
| Other expenses | 4 | 34 | 14 | 16 | 7 | 18 |  |
| **Total expenses** | 3261 | 6399 | 8221 | 4682 | 4168 | 14159 | 210 |
| Advisory fees waiver |  |  |  | (77) |  |  |  |
| **Net expenses** | 3261 | 6399 | 8221 | 4605 | 4168 | 14159 | 210 |
| **Net investment income (loss)** | 5935 | 688 | (4080) | 13345 | 1696 | (4374) | 4 |
| **Realized and unrealized gain (loss)** |  |  |  |  |  |  |  |
| Net realized gain (loss) on: |  |  |  |  |  |  |  |
| Investments - unaffiliated | 34008 | 117386 | 78861 | 9865 | 31315 | 247983 | 576 |
| Investments - affiliated |  |  |  | (126) |  |  |  |
| Brokerage commissions recaptured | 1 |  | 61 | 3 | 3 | 60 |  |
| Purchased options |  |  |  |  | (25292) |  | (1008) |
| Written options |  |  |  |  | (20882) |  | (3856) |
| Foreign currency | (1) | 118 | 11 | 57 |  |  |  |
| Forward foreign currency contracts | (1) | (30) |  | 1821 |  |  |  |
| Futures/futures options contracts |  |  |  | (6483) | (340) |  | 52 |
| Net change in unrealized appreciation |  |  |  |  |  |  |  |
| (depreciation) on: |  |  |  |  |  |  |  |
| Investments - unaffiliated | 9051 | (14571) | (131346) | 38520 | 13587 | (47557) | 4954 |
| Investments - affiliated |  |  |  | 658 |  |  |  |
| Purchased options |  |  |  |  | 228 |  | (13) |
| Written options |  |  |  |  | (650) |  | (22) |
| Foreign currency | 62 | (66) |  | 246 |  |  |  |
| Forward foreign currency contracts |  |  |  | 561 |  |  |  |
| Futures/futures options contracts |  |  |  | 13886 | 421 |  | 18 |
| **Net realized and unrealized gain (loss)** | 43120 | 102837 | (52413) | 59008 | (1610) | 200486 | 701 |
| **Change in net assets from operations** | $49055 | $103525 | $(56493) | $72353 | $86 | $196112 | $705 |
| Affiliated income | $564 | $131 | $735 | $1858 | $215 | $921 | $18 |

---

See accompanying Notes to Financial Statements.

638

**JNL Series Trust (Unaudited)**

**Statements of Operations** (in thousands)

For the Period Ended June 30, 2025

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | JNL/JPMorgan U.S. Government & Quality Bond Fund | JNL/JPMorgan U.S. Value Fund | JNL/Lazard International Quality Growth Fund | JNL/Loomis Sayles Global Growth Fund | JNL/Lord Abbett Short Duration Income Fund | JNL/Mellon Communication Services Sector Fund | JNL/Mellon Consumer Discretionary Sector Fund |
| **Investment income** |  |  |  |  |  |  |  |
| Dividends (a) | $695 | $16304 | $4948 | $4277 | $87 | $3720 | $6513 |
| Foreign taxes withheld |  | (23) | (427) | (322) |  |  |  |
| Interest | 21904 |  |  |  | 18788 | 8 | 10 |
| Securities lending (a) |  |  | 18 | 37 | 9 | 70 | 18 |
| **Total investment income** | 22599 | 16281 | 4539 | 3992 | 18884 | 3798 | 6541 |
| **Expenses** |  |  |  |  |  |  |  |
| Advisory fees | 1839 | 3771 | 1383 | 2197 | 1197 | 738 | 1236 |
| Administrative fees | 642 | 783 | 346 | 599 | 513 | 600 | 1038 |
| 12b-1 fees (Class A) | 1365 | 1441 | 187 | 712 | 691 | 1180 | 2053 |
| Licensing fees paid to third parties |  |  |  |  |  | 20 | 35 |
| Legal fees | 4 | 4 | 1 | 2 | 2 | 2 | 4 |
| Board of trustee fees | 5 | 9 | 3 | 3 | 4 | 5 | 8 |
| Chief compliance officer fees | 2 | 3 | 1 | 2 | 1 | 2 | 3 |
| Other expenses | 7 | 8 | 1 | 8 | 4 | 7 | 9 |
| **Total expenses** | 3864 | 6019 | 1922 | 3523 | 2412 | 2554 | 4386 |
| Administrative fees waiver |  |  |  |  |  | (3) | (4) |
| **Net expenses** | 3864 | 6019 | 1922 | 3523 | 2412 | 2551 | 4382 |
| **Net investment income (loss)** | 18735 | 10262 | 2617 | 469 | 16472 | 1247 | 2159 |
| **Realized and unrealized gain (loss)** |  |  |  |  |  |  |  |
| Net realized gain (loss) on: |  |  |  |  |  |  |  |
| Investments - unaffiliated | (2575) | 103876 | 895 | 22806 | 390 | 96335 | 82014 |
| Brokerage commissions recaptured |  | 2 |  | 4 |  |  |  |
| Foreign currency |  |  | (9) | 94 |  |  |  |
| Forward foreign currency contracts |  |  | 7 | (9) |  |  |  |
| Futures/futures options contracts |  |  |  |  | (147) | 536 | (652) |
| Net change in unrealized appreciation |  |  |  |  |  |  |  |
| (depreciation) on: |  |  |  |  |  |  |  |
| Investments - unaffiliated | 30495 | (34079) | 47055 | 74795 | 4889 | (20668) | (143820) |
| Foreign currency |  | 6 | 72 | 160 |  |  |  |
| Forward foreign currency contracts |  |  |  | 5 |  |  |  |
| Futures/futures options contracts |  |  |  |  | 73 | 306 | 172 |
| **Net realized and unrealized gain (loss)** | 27920 | 69805 | 48020 | 97855 | 5205 | 76509 | (62286) |
| **Change in net assets from operations** | $46655 | $80067 | $50637 | $98324 | $21677 | $77756 | $(60127) |
| Affiliated income | $695 | $286 | $138 | $70 | $185 | $118 | $136 |

---

See accompanying Notes to Financial Statements.

639

**JNL Series Trust (Unaudited)**

**Statements of Operations** (in thousands)

For the Period Ended June 30, 2025

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  |  | JNL/Mellon Consumer Staples Sector Fund | JNL/Mellon Dow Index Fund | JNL/Mellon Energy Sector Fund | JNL/Mellon Financial Sector Fund | JNL/Mellon Healthcare Sector Fund | JNL/Mellon Industrials Sector Fund | JNL/Mellon Information Technology Sector Fund |
| **Investment income** | **Investment income** |  |  |  |  |  |  |  |
| Dividends (a) | Dividends (a) | $5026 | $11051 | $27164 | $12747 | $23957 | $1968 | $20519 |
| Foreign taxes withheld | Foreign taxes withheld |  |  |  | (4) |  |  | (32) |
| Interest | Interest | 4 | 13 | 25 | 13 | 20 | 3 | 58 |
| Securities lending (a) | Securities lending (a) | 3 | 1 | 9 | 9 | 44 | 2 | 214 |
| **Total investment income** | **Total investment income** | 5033 | 11065 | 27198 | 12765 | 24021 | 1973 | 20759 |
| **Expenses** | **Expenses** |  |  |  |  |  |  |  |
| Advisory fees | Advisory fees | 384 | 1123 | 1453 | 1367 | 2477 | 282 | 5323 |
| Administrative fees | Administrative fees | 301 | 939 | 1230 | 1154 | 2133 | 216 | 4516 |
| 12b-1 fees (Class A) | 12b-1 fees (Class A) | 589 | 1841 | 2424 | 2268 | 4218 | 421 | 9562 |
| Licensing fees paid to third parties | Licensing fees paid to third parties | 10 | 115 | 41 | 38 | 71 | 7 | 74 |
| Legal fees | Legal fees | 1 | 3 | 5 | 4 | 8 | 1 | 18 |
| Board of trustee fees | Board of trustee fees | 2 | 7 | 9 | 9 | 15 | 2 | 42 |
| Chief compliance officer fees | Chief compliance officer fees | 1 | 3 | 3 | 3 | 5 | 1 | 13 |
| Other expenses | Other expenses | 2 | 7 | 9 | 8 | 17 | 2 | 39 |
| **Total expenses** | **Total expenses** | 1290 | 4038 | 5174 | 4851 | 8944 | 932 | 19587 |
| Administrative fees waiver | Administrative fees waiver | (2) | (6) | (6) | (6) | (9) | (2) | (29) |
| **Net expenses** | **Net expenses** | 1288 | 4032 | 5168 | 4845 | 8935 | 930 | 19558 |
| **Net investment income (loss)** | **Net investment income (loss)** | 3745 | 7033 | 22030 | 7920 | 15086 | 1043 | 1201 |
| **Realized and unrealized gain (loss)** | **Realized and unrealized gain (loss)** |  |  |  |  |  |  |  |
| Net realized gain (loss) on: | Net realized gain (loss) on: |  |  |  |  |  |  |  |
|  | Investments - unaffiliated | 1334 | 34560 | 34977 | 75578 | 115948 | 10311 | 679352 |
|  | Investments - affiliated |  |  |  | 757 |  |  |  |
|  | Futures/futures options contracts | (225) | 320 | (1091) | 742 | (1238) | 100 | (140) |
| Net change in unrealized appreciation | Net change in unrealized appreciation |  |  |  |  |  |  |  |
|  | (depreciation) on: |  |  |  |  |  |  |  |
|  | Investments - unaffiliated | 11973 | 9699 | (53424) | 47322 | (161501) | 12508 | (232666) |
|  | Investments - affiliated |  |  |  | 1333 |  |  |  |
|  | Futures/futures options contracts | 159 | 518 | (273) | 473 | (36) | 129 | 2438 |
| **Net realized and unrealized gain (loss)** | **Net realized and unrealized gain (loss)** | 13241 | 45097 | (19811) | 126205 | (46827) | 23048 | 448984 |
| **Change in net assets from operations** | **Change in net assets from operations** | $16986 | $52130 | $2219 | $134125 | $(31741) | $24091 | $450185 |
| (a) | Affiliated income | $56 | $197 | $212 | $368 | $268 | $52 | $611 |

---

See accompanying Notes to Financial Statements.

640

**JNL Series Trust (Unaudited)**

**Statements of Operations** (in thousands)

For the Period Ended June 30, 2025

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | JNL/Mellon Materials Sector Fund | JNL/Mellon Nasdaq 100 Index Fund | JNL/Mellon Real Estate Sector Fund | JNL/Mellon S&P 500 Index Fund | JNL/Mellon U.S. Stock Market Index Fund | JNL/Mellon Utilities Sector Fund | JNL/Mellon World Index Fund |
| **Investment income** |  |  |  |  |  |  |  |
| Dividends (a) | $1306 | $32118 | $3837 | $102037 | $32119 | $8809 | $6293 |
| Foreign taxes withheld |  | (71) |  | (23) | (9) |  | (250) |
| Interest | 2 | 107 | 2 |  | 38 | 6 | 8 |
| Securities lending (a) | 1 | 16 | 3 | 1320 | 73 | 1 | 34 |
| **Total investment income** | 1309 | 32170 | 3842 | 103334 | 32221 | 8816 | 6085 |
| **Expenses** |  |  |  |  |  |  |  |
| Advisory fees | 152 | 6430 | 195 | 7502 | 3704 | 564 | 542 |
| Administrative fees | 108 | 5475 | 144 | 6869 | 3402 | 451 | 435 |
| 12b-1 fees (Class A) | 210 | 11722 | 271 | 22388 | 7060 | 883 | 848 |
| Licensing fees paid to third parties | 4 | 1343 | 5 | 1493 | 112 | 15 | 15 |
| Legal fees |  | 22 | 1 | 41 | 13 | 2 | 2 |
| Board of trustee fees | 1 | 50 | 1 | 91 | 18 | 4 | 51 |
| Chief compliance officer fees |  | 16 |  | 29 | 9 | 1 | 2 |
| Other expenses | 2 | 45 | 2 | 80 | 27 | 6 | 3 |
| **Total expenses** | 477 | 25103 | 619 | 38493 | 14345 | 1926 | 1898 |
| Administrative fees waiver | (1) | (38) | (3) |  |  | (3) | (4) |
| **Net expenses** | 476 | 25065 | 616 | 38493 | 14345 | 1923 | 1894 |
| **Net investment income (loss)** | 833 | 7105 | 3226 | 64841 | 17876 | 6893 | 4191 |
| **Realized and unrealized gain (loss)** |  |  |  |  |  |  |  |
| Net realized gain (loss) on: |  |  |  |  |  |  |  |
| Investments - unaffiliated | 1317 | 225944 | (3366) | 273620 | 111415 | 39558 | 19297 |
| Investments - affiliated |  |  |  | 597 | 318 |  | 22 |
| Foreign currency |  |  |  |  |  |  | 43 |
| Forward foreign currency contracts |  |  |  |  |  |  | 51 |
| Futures/futures options contracts | (22) | 13035 | (73) | (7038) | 412 | 7 | 159 |
| Net change in unrealized appreciation |  |  |  |  |  |  |  |
| (depreciation) on: |  |  |  |  |  |  |  |
| Investments - unaffiliated | 5840 | 393300 | 5178 | 548311 | 129068 | 21134 | 58108 |
| Investments - affiliated |  |  |  | 2584 | 593 |  | 96 |
| Foreign currency |  |  |  |  |  |  | 122 |
| Forward foreign currency contracts |  |  |  |  |  |  | 34 |
| Futures/futures options contracts | 40 | 5206 | 48 | 8968 | 1105 | 58 | 291 |
| **Net realized and unrealized gain (loss)** | 7175 | 637485 | 1787 | 827042 | 242911 | 60757 | 78223 |
| **Change in net assets from operations** | $8008 | $644590 | $5013 | $891883 | $260787 | $67650 | $82414 |
| Affiliated income | $16 | $1460 | $22 | $4470 | $577 | $64 | $102 |

---

See accompanying Notes to Financial Statements.

641

**JNL Series Trust (Unaudited)**

**Statements of Operations** (in thousands)

For the Period Ended June 30, 2025

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | JNL/MFS Mid Cap Value Fund | JNL/Morningstar PitchBook Listed Private Equity Index Fund | JNL/Morningstar SMID Moat Focus Index Fund | JNL/Morningstar U.S. Sustainability Index Fund | JNL/Morningstar Wide Moat Index Fund | JNL/Neuberger Berman Commodity Strategy Fund | JNL/Neuberger Berman Gold Plus Strategy Fund |
| **Investment income** |  |  |  |  |  |  |  |
| Dividends (a) | $20629 | $253 | $1102 | $3277 | $9866 | $127 | $195 |
| Foreign taxes withheld | (20) | (14) |  |  | (35) |  |  |
| Interest |  |  | 1 | 2 | 8 | 805 | 1333 |
| Securities lending (a) | 11 | 2 | 1 | 1 | 2 |  |  |
| **Total investment income** | 20620 | 241 | 1104 | 3280 | 9841 | 932 | 1528 |
| **Expenses** |  |  |  |  |  |  |  |
| Advisory fees | 5247 | 16 | 127 | 544 | 1050 | 89 | 256 |
| Administrative fees | 958 | 12 | 95 | 326 | 796 | 30 | 51 |
| 12b-1 fees (Class A) | 2650 | 14 | 10 | 627 | 1000 | 59 | 103 |
| Licensing fees paid to third parties |  | 5 | 68 | 11 | 566 |  |  |
| Legal fees | 5 |  |  | 1 | 3 |  |  |
| Board of trustee fees | 10 |  | 1 | 2 | 7 |  | 1 |
| Chief compliance officer fees | 4 |  |  | 1 | 2 |  |  |
| Other expenses | 10 | 1 | 1 | 5 | 7 |  |  |
| **Total expenses** | 8884 | 48 | 302 | 1517 | 3431 | 178 | 411 |
| Administrative fees waiver |  |  |  | (4) |  |  |  |
| **Net expenses** | 8884 | 48 | 302 | 1513 | 3431 | 178 | 411 |
| **Net investment income (loss)** | 11736 | 193 | 802 | 1767 | 6410 | 754 | 1117 |
| **Realized and unrealized gain (loss)** |  |  |  |  |  |  |  |
| Net realized gain (loss) on: |  |  |  |  |  |  |  |
| Investments - unaffiliated | 77759 | 801 | (979) | 22902 | 22592 | 13 | 591 |
| Investments - affiliated |  |  |  | 92 |  |  |  |
| Brokerage commissions recaptured | 26 |  |  |  |  |  |  |
| Foreign currency |  | 1 |  |  |  | 4 |  |
| Futures/futures options contracts |  |  | (66) | 5 | 3 | 1135 | 8629 |
| Net change in unrealized appreciation |  |  |  |  |  |  |  |
| (depreciation) on: |  |  |  |  |  |  |  |
| Investments - unaffiliated | (84419) | (792) | 1556 | 10572 | (21319) | (14) | (135) |
| Investments - affiliated |  |  |  | 95 |  |  |  |
| Foreign currency | 1 | 2 |  |  |  |  |  |
| Futures/futures options contracts |  |  | 53 | 91 | 135 | 577 | 3882 |
| **Net realized and unrealized gain (loss)** | (6633) | 12 | 564 | 33757 | 1411 | 1715 | 12967 |
| **Change in net assets from operations** | $5103 | $205 | $1366 | $35524 | $7821 | $2469 | $14084 |
| Affiliated income | $484 | $4 | $12 | $31 | $79 | $127 | $195 |

---

See accompanying Notes to Financial Statements.

642

**JNL Series Trust (Unaudited)**

**Statements of Operations** (in thousands)

For the Period Ended June 30, 2025

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | JNL/Neuberger Berman Strategic Income Fund | JNL/Newton Equity Income Fund | JNL/PIMCO Income Fund | JNL/PIMCO Investment Grade Credit Bond Fund | JNL/PIMCO Real Return Fund | JNL/PPM America High Yield Bond Fund | JNL/PPM America Investment Grade Credit Fund |
| **Investment income** |  |  |  |  |  |  |  |
| Dividends (a) | $353 | $34132 | $95 | $80 | $47 | $1400 | $87 |
| Foreign taxes withheld | (17) | (6) | (47) | (8) |  |  |  |
| Interest | 23840 |  | 46690 | 21929 | 29631 | 53563 | 7290 |
| Securities lending (a) | 44 | 14 | 4 | 19 |  | 474 | 5 |
| **Total investment income** | 24220 | 34140 | 46742 | 22020 | 29678 | 55437 | 7382 |
| **Expenses** |  |  |  |  |  |  |  |
| Advisory fees | 1963 | 6115 | 3696 | 1472 | 2132 | 2344 | 524 |
| Administrative fees | 614 | 2249 | 1149 | 421 | 549 | 691 | 209 |
| 12b-1 fees (Class A) | 1118 | 3513 | 1604 | 701 | 1405 | 1743 | 5 |
| Legal fees | 2 | 8 | 4 | 2 | 3 | 4 | 1 |
| Board of trustee fees | 83 | 19 | 9 | 5 | 3 | 6 | 2 |
| Chief compliance officer fees | 2 | 6 | 3 | 2 | 2 | 3 | 1 |
| Dividends/interest on securities sold short |  |  |  | 101 | 1 |  |  |
| Interest expense |  |  | 857 | 810 | 4339 |  |  |
| Other expenses | 15 | 14 | 2 | 7 | 10 | 7 | 1 |
| **Total expenses** | 3797 | 11924 | 7324 | 3521 | 8444 | 4798 | 743 |
| **Net investment income (loss)** | 20423 | 22216 | 39418 | 18499 | 21234 | 50639 | 6639 |
| **Realized and unrealized gain (loss)** |  |  |  |  |  |  |  |
| Net realized gain (loss) on: |  |  |  |  |  |  |  |
| Investments - unaffiliated | (2908) | 117690 | 1432 | (7425) | 15261 | (5590) | 591 |
| Brokerage commissions recaptured |  | 8 |  |  |  |  |  |
| Purchased options |  |  |  | (32) |  |  |  |
| Written options |  |  | 1800 | 461 | 333 |  |  |
| Foreign currency | 567 |  | 350 | 57 | 480 |  |  |
| Forward foreign currency contracts | 2853 |  | (6532) | (2280) | (7632) |  |  |
| Futures/futures options contracts | 7325 |  | 227 | (7736) | (3202) |  | (298) |
| Swap agreements | 826 |  | 6210 | 343 | (1115) |  | 2 |
| Net change in unrealized appreciation |  |  |  |  |  |  |  |
| (depreciation) on: |  |  |  |  |  |  |  |
| Investments - unaffiliated | 23836 | 93031 | 56281 | 29726 | 24339 | 11283 | 4296 |
| Investment securities sold short |  |  |  |  | 14 |  |  |
| Purchased options |  |  | (74) | (18) |  |  |  |
| Written options |  |  | 430 | 21 | (199) |  |  |
| Foreign currency | 385 | 2 | 146 | 145 | 133 |  |  |
| Forward foreign currency contracts | (9102) |  | (10435) | (2955) | (5309) |  |  |
| Futures/futures options contracts | (1489) |  | 6994 | 9925 | (2018) |  | 164 |
| Swap agreements | 621 |  | (5954) | 974 | 11619 |  |  |
| **Net realized and unrealized gain (loss)** | 22914 | 210731 | 50875 | 21206 | 32704 | 5693 | 4755 |
| **Change in net assets from operations** | $43337 | $232947 | $90293 | $39705 | $53938 | $56332 | $11394 |
| Affiliated income | $545 | $1488 | $113 | $82 | $28 | $3107 | $116 |

---

See accompanying Notes to Financial Statements.

643

**JNL Series Trust (Unaudited)**

**Statements of Operations** (in thousands)

For the Period Ended June 30, 2025

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | JNL/PPM America Total Return Fund | JNL/RAFI Fundamental U.S. Small Cap Fund | JNL/RAFI Multi-Factor U.S. Equity Fund | JNL/T. Rowe Price Balanced Fund | JNL/T. Rowe Price Capital Appreciation Equity Fund | JNL/T. Rowe Price Capital Appreciation Fund | JNL/T. Rowe Price Growth Stock Fund |
| **Investment income** |  |  |  |  |  |  |  |
| Dividends (a) | $501 | $3482 | $21704 | $4277 | $3921 | $61888 | $20907 |
| Foreign taxes withheld |  |  |  | (209) | (130) | (899) | (272) |
| Interest | 36157 | 4 | 16 | 4098 |  | 127834 |  |
| Securities lending (a) | 8 | 26 | 9 | 27 | 20 | 94 | 60 |
| **Total investment income** | 36666 | 3512 | 21729 | 8193 | 3811 | 188917 | 20695 |
| **Expenses** |  |  |  |  |  |  |  |
| Advisory fees | 2771 | 341 | 1806 | 1350 | 1970 | 36181 | 20269 |
| Administrative fees | 721 | 285 | 1561 | 399 | 537 | 9431 | 4374 |
| 12b-1 fees (Class A) | 843 | 560 | 3081 | 789 | 223 | 20389 | 12314 |
| Licensing fees paid to third parties |  | 66 | 412 |  |  |  |  |
| Legal fees | 4 | 1 | 6 | 1 | 2 | 38 | 26 |
| Board of trustee fees | 8 | 2 | 4 | 3 | 5 | 90 | 54 |
| Chief compliance officer fees | 3 | 1 | 4 | 1 | 2 | 27 | 19 |
| Other expenses | 8 | 2 | 11 | 12 | 3 | 66 | 30 |
| **Total expenses** | 4358 | 1258 | 6885 | 2555 | 2742 | 66222 | 37086 |
| Administrative fees waiver |  | (1) |  |  |  |  |  |
| Advisory fees waiver |  |  |  |  |  | (1) | (52) |
| **Net expenses** | 4358 | 1257 | 6885 | 2555 | 2742 | 66221 | 37034 |
| **Net investment income (loss)** | 32308 | 2255 | 14844 | 5638 | 1069 | 122696 | (16339) |
| **Realized and unrealized gain (loss)** |  |  |  |  |  |  |  |
| Net realized gain (loss) on: |  |  |  |  |  |  |  |
| Investments - unaffiliated | (6122) | 13019 | 152131 | 15034 | 2213 | 587212 | 966092 |
| Investments - affiliated |  | 155 | 586 |  |  | (96) |  |
| Written options |  |  |  |  |  | 15121 |  |
| Foreign currency |  |  |  | 27 | 2 | (14) | (28) |
| Forward foreign currency contracts |  |  |  | 2 | (1) |  | 31 |
| Futures/futures options contracts | (2253) | (108) | (1306) | 80 |  |  |  |
| Swap agreements |  |  |  | (1) |  |  |  |
| Net change in unrealized appreciation |  |  |  |  |  |  |  |
| (depreciation) on: |  |  |  |  |  |  |  |
| Investments - unaffiliated | 33473 | (21677) | (6077) | 19219 | 38983 | 121370 | (441762) |
| Investments - affiliated |  | (138) | 381 |  |  | 88 |  |
| Written options |  |  |  |  |  | (15413) |  |
| Foreign currency |  |  |  | 30 |  | 545 |  |
| Futures/futures options contracts | 513 | 55 | 888 | 74 |  |  |  |
| Swap agreements |  |  |  | 2 |  |  |  |
| **Net realized and unrealized gain (loss)** | 25611 | (8694) | 146603 | 34467 | 41197 | 708813 | 524333 |
| **Change in net assets from operations** | $57919 | $(6439) | $161447 | $40105 | $42266 | $831509 | $507994 |
| Affiliated income | $583 | $79 | $284 | $351 | $72 | $20634 | $1325 |

---

See accompanying Notes to Financial Statements.

644

**JNL Series Trust (Unaudited)**

**Statements of Operations** (in thousands)

For the Period Ended June 30, 2025

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | JNL/T. Rowe Price Mid-Cap Growth Fund | JNL/T. Rowe Price Short-Term Bond Fund | JNL/T. Rowe Price U.S. High Yield Fund | JNL/T. Rowe Price Value Fund | JNL/WCM China Quality Growth Fund | JNL/WCM Focused International Equity Fund | JNL/Westchester Capital Event Driven Fund |
| **Investment income** |  |  |  |  |  |  |  |
| Dividends (a) | $16997 | $193 | $691 | $42657 | $101 | $14057 | $228 |
| Foreign taxes withheld | (73) |  |  | (29) | (7) | (918) | (1) |
| Interest |  | 25690 | 17696 |  |  |  | 587 |
| Net prime broker interest income |  |  |  |  |  |  | 11 |
| Interest paid in kind |  |  |  |  |  |  | 64 |
| Securities lending (a) | 51 | 1 | 131 | 17 |  | 15 |  |
| **Total investment income** | 16975 | 25884 | 18518 | 42645 | 94 | 13154 | 889 |
| **Expenses** |  |  |  |  |  |  |  |
| Advisory fees | 13748 | 1713 | 1088 | 10450 | 36 | 6247 | 251 |
| Administrative fees | 2295 | 550 | 347 | 2159 | 6 | 1429 | 24 |
| 12b-1 fees (Class A) | 6846 | 1600 | 293 | 4579 | 13 | 1291 | 69 |
| Legal fees | 13 | 3 | 1 | 12 |  | 5 |  |
| Board of trustee fees | 26 | 4 | 3 | 24 |  | 11 |  |
| Chief compliance officer fees | 9 | 2 | 1 | 8 |  | 4 |  |
| Dividends/interest on securities sold short |  |  |  |  |  |  | 7 |
| Other expenses | 27 | 7 | 2 | 29 |  | 9 |  |
| **Total expenses** | 22964 | 3879 | 1735 | 17261 | 55 | 8996 | 351 |
| Advisory fees waiver |  |  |  |  |  | (119) |  |
| **Net expenses** | 22964 | 3879 | 1735 | 17261 | 55 | 8877 | 351 |
| **Net investment income (loss)** | (5989) | 22005 | 16783 | 25384 | 39 | 4277 | 538 |
| **Realized and unrealized gain (loss)** |  |  |  |  |  |  |  |
| Net realized gain (loss) on: |  |  |  |  |  |  |  |
| Investments - unaffiliated | 205126 | (2414) | 893 | 159953 | 578 | 85016 | 820 |
| Securities sold short |  |  |  |  |  |  | (64) |
| Purchased options |  | (60) |  |  |  |  | 14 |
| Written options |  | 29 |  |  |  |  | 397 |
| Foreign currency |  |  |  | 35 |  | 520 | 47 |
| Forward foreign currency contracts |  |  |  | (7) |  | (534) | (143) |
| Futures/futures options contracts |  | 1423 |  |  |  |  |  |
| Swap agreements |  | 87 |  |  |  |  | 886 |
| Net change in unrealized appreciation |  |  |  |  |  |  |  |
| (depreciation) on: |  |  |  |  |  |  |  |
| Investments - unaffiliated | (167837) | 12719 | (260) | 91642 | (58) | 363477 | 89 |
| Investment securities sold short |  |  |  |  |  |  | (178) |
| Purchased options |  | (124) |  |  |  |  | (119) |
| Written options |  | (105) |  |  |  |  | (91) |
| Foreign currency |  |  |  | 37 |  | 110 | 1 |
| Forward foreign currency contracts |  |  |  |  |  |  | (260) |
| Futures/futures options contracts |  | (1541) |  |  |  |  |  |
| Swap agreements |  |  |  |  |  |  | (160) |
| **Net realized and unrealized gain (loss)** | 37289 | 10014 | 633 | 251660 | 520 | 448589 | 1239 |
| **Change in net assets from operations** | $31300 | $32019 | $17416 | $277044 | $559 | $452866 | $1777 |
| Affiliated income | $3393 | $202 | $1121 | $328 | $9 | $935 | $58 |

---

See accompanying Notes to Financial Statements.

645

**JNL Series Trust (Unaudited)**

**Statements of Operations** (in thousands)

For the Period Ended June 30, 2025

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | JNL/William Blair International Leaders Fund | JNL/WMC Balanced Fund | JNL/WMC Equity Income Fund | JNL/WMC Global Real Estate Fund | JNL/WMC Value Fund |
| **Investment income** |  |  |  |  |  |
| Dividends (a) | $11893 | $42239 | $13509 | $12002 | $12755 |
| Foreign taxes withheld | (1104) | (39) | (232) | (494) | (146) |
| Interest |  | 67231 |  |  |  |
| Securities lending (a) | 27 | 105 | 7 | 10 | 14 |
| **Total investment income** | 10816 | 109536 | 13284 | 11518 | 12623 |
| **Expenses** |  |  |  |  |  |
| Advisory fees | 2504 | 14010 | 2071 | 1645 | 2009 |
| Administrative fees | 732 | 4128 | 714 | 429 | 517 |
| 12b-1 fees (Class A) | 781 | 13142 | 1024 | 851 | 1059 |
| Legal fees | 3 | 24 | 2 | 2 | 3 |
| Board of trustee fees | 4 | 50 | 6 | 1 | 4 |
| Chief compliance officer fees | 2 | 17 | 2 | 1 | 2 |
| Other expenses | 11 | 47 | 6 | 4 | 6 |
| **Total expenses** | 4037 | 31418 | 3825 | 2933 | 3600 |
| **Net investment income (loss)** | 6779 | 78118 | 9459 | 8585 | 9023 |
| **Realized and unrealized gain (loss)** |  |  |  |  |  |
| Net realized gain (loss) on: |  |  |  |  |  |
| Investments - unaffiliated | 3721 | 522912 | 64576 | 15380 | 54792 |
| Brokerage commissions recaptured | 1 | 12 | 4 | 3 | 1 |
| Foreign currency | (601) | (29) | (26) | 97 |  |
| Forward foreign currency contracts | (191) | 32 | (3) | 26 |  |
| Futures/futures options contracts |  | 1027 |  |  |  |
| Net change in unrealized appreciation |  |  |  |  |  |
| (depreciation) on: |  |  |  |  |  |
| Investments - unaffiliated | 140524 | (56900) | (5207) | 2704 | (12441) |
| Foreign currency | 200 | 2 | 26 | 36 | 24 |
| Forward foreign currency contracts |  |  |  | (7) |  |
| Futures/futures options contracts |  | 138 |  |  |  |
| **Net realized and unrealized gain (loss)** | 143654 | 467194 | 59370 | 18239 | 42376 |
| **Change in net assets from operations** | $150433 | $545312 | $68829 | $26824 | $51399 |
| Affiliated income | $367 | $2724 | $202 | $99 | $237 |

---

See accompanying Notes to Financial Statements.

646

**JNL Series Trust (Unaudited)**

**Statement of Cash Flows** (in thousands)

For the Period Ended June 30, 2025

---

| | |
|:---|:---|
|  | JNL/PIMCO Real Return Fund |
| **Cash flows provided by operating activities** |  |
| Net increase (decrease) in net assets from operations | $53938 |
| Adjustments to reconcile net assets from operations to net cash |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; flow provided by (used in) operating activities: |  |
| Purchase of long-term investments | (460986) |
| Proceeds from sales and maturities of long-term investments | 456260 |
| Net (purchases) sales of short-term investments | 5391 |
| Purchases to cover securities sold short/forward sales commitments | (38880) |
| Proceeds from securities sold short/forward sales commitments | 45574 |
| (Increase) decrease in receivable from investment securities sold | (18415) |
| Increase (decrease) in payable for investment securities purchased | (54073) |
| (Increase) decrease in receivable from dividends and interest | 748 |
| Increase (decrease) in payable for dividends on securities sold short |  |
| Increase (decrease) in payable for interest expense and brokerage charges | (15) |
| (Increase) decrease in receivable from deposits with brokers and counterparties | 1252 |
| Increase (decrease) in payable for deposits from counterparties | 1959 |
| (Increase) decrease in other assets  | (5) |
| Increase (decrease) in payable for expenses | (107) |
| Net amortization | (3037) |
| Net inflation compensation | (15854) |
| Loss (proceeds) from currency transactions | (7019) |
| Net proceeds from (payments for) variation margin on futures/futures option contracts and swap agreements | 1918 |
| Net proceeds from (payments for) OTC swap agreements | 1056 |
| Net realized (gain) loss on investments, purchased options, written options, foreign currency, forward foreign |  |
| &nbsp;&nbsp; currency contracts, futures/futures options contracts and swap agreements | (4125) |
| Change in unrealized (appreciation) depreciation on investments, purchased options, written options, foreign |  |
| &nbsp;&nbsp; currency, forward foreign currency contracts, futures/futures options contracts and swap agreements | (28579) |
| **Net cash flow provided by (used in) operating activities** | (62999) |
| **Cash flows provided by (used in) financing activities** |  |
| Net subscriptions (redemptions) from capital share transactions | (25754) |
| Increase (decrease) in payable for reverse repurchase agreements | (22528) |
| Net borrowing from secured financing transactions | (3105) |
| Net fees from secured borrowing transactions | 3230 |
| (Increase) decrease in receivable from treasury roll transactions | 93310 |
| Increase (decrease) in payable for treasury roll transactions | 19730 |
| **Net cash flow provided by (used in) financing activities** | 64883 |
| **Net increase (decrease) in cash and cash equivalents** | 1884 |
| Cash and cash equivalents at beginning of period | 4727 |
| **Cash and cash equivalents at end of period** | $6611 |
| **Supplemental disclosure of operating activities:** |  |
| Interest expense during the period | 4339 |
| The following table provides a reconciliation of cash and cash equivalents reported within the Statement of Assets and Liabilities and Statements of Cash Flows:  | The following table provides a reconciliation of cash and cash equivalents reported within the Statement of Assets and Liabilities and Statements of Cash Flows:  |
| Cash | $1238 |
| Foreign currency | 5373 |
| Cash collateral segregated for short sales |  |
| **Total cash and cash equivalents presented in the statements of cash flows** | $6611 |

---

See accompanying Notes to Financial Statements.

647

**JNL Series Trust (Unaudited)**

**Statements of Changes in Net Assets** (in thousands)

For the Period Ended June 30, 2025

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | JNL/American Funds Balanced Fund(a) | JNL/American Funds Bond Fund of America Fund(a) | JNL/American Funds Capital Income Builder Fund(a) | JNL/American Funds Capital World Bond Fund(a) | JNL/American Funds Global Growth Fund(a) | JNL/American Funds Global Small Capitalization Fund(a) | JNL/American Funds Growth Fund(a) |
| **Operations** |  |  |  |  |  |  |  |
| Net investment income (loss) | $5311 | $2845 | $4243 | $(9) | $350 | $(1657) | $(4605) |
| Net realized gain (loss) | 249702 | (4332) | 2631 | (3829) | 147214 | 2875 | 672196 |
| Net change in unrealized appreciation |  |  |  |  |  |  |  |
| (depreciation) | (2932) | 19469 | 46766 | 28854 | (40172) | 42139 | 17412 |
| **Change in net assets from operations** | 252081 | 17982 | 53640 | 25016 | 107392 | 43357 | 685003 |
| **Share transactions<sup>1</sup>** |  |  |  |  |  |  |  |
| Proceeds from the sale of shares |  |  |  |  |  |  |  |
| Class A | 274658 | 80910 | 75804 | 35640 | 72643 | 36541 | 1000635 |
| Class I | 5126 | 2446 | 1697 | 947 | 2996 | 1228 | 28343 |
| Cost of shares redeemed |  |  |  |  |  |  |  |
| Class A | (338986) | (94866) | (48906) | (41619) | (138535) | (84778) | (865671) |
| Class I | (8055) | (4110) | (743) | (1088) | (6574) | (1309) | (23839) |
| **Change in net assets from** |  |  |  |  |  |  |  |
| **share transactions** | (67257) | (15620) | 27852 | (6120) | (69470) | (48318) | 139468 |
| **Change in net assets** | 184824 | 2362 | 81492 | 18896 | 37922 | (4961) | 824471 |
| Net assets beginning of period | 3269658 | 466628 | 434773 | 301881 | 1029314 | 614509 | 6866667 |
| **Net assets end of period** | $3454482 | $468990 | $516265 | $320777 | $1067236 | $609548 | $7691138 |
| **<sup>1</sup>Share transactions** |  |  |  |  |  |  |  |
| Shares sold |  |  |  |  |  |  |  |
| Class A | 14918 | 8532 | 4976 | 3478 | 2628 | 1976 | 15390 |
| Class I | 264 | 256 | 109 | 90 | 107 | 64 | 433 |
| Shares redeemed |  |  |  |  |  |  |  |
| Class A | (18461) | (10041) | (3222) | (4071) | (4979) | (4554) | (13488) |
| Class I | (413) | (427) | (48) | (103) | (232) | (69) | (362) |
| Change in shares |  |  |  |  |  |  |  |
| Class A | (3543) | (1509) | 1754 | (593) | (2351) | (2578) | 1902 |
| Class I | (149) | (171) | 61 | (13) | (125) | (5) | 71 |
| **Purchases and sales of long term**  |  |  |  |  |  |  |  |
| **investments** |  |  |  |  |  |  |  |
| Purchase of securities | $287445 | $31767 | $44272 | $16016 | $139962 | $16110 | $949439 |
| Proceeds from sales of securities | $114147 | $44554 | $12164 | $22152 | $81528 | $53681 | $233758 |

---

(a) The
 Master Funds for the JNL/American Funds Feeder Funds are the Class 1 shares of the corresponding American Fund Insurance Series Fund.
 The Master Funds for the JNL/Mellon Feeder Funds are the Class I shares of the corresponding JNL Mellon Master Funds. These financial
 statements should be read in conjunction with each Master Fund's respective financial statements.

See accompanying Notes to Financial Statements.

648

**JNL Series Trust (Unaudited)**

**Statements of Changes in Net Assets** (in thousands)

For the Period Ended June 30, 2025

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | JNL/American Funds Growth-Income Fund(a) | JNL/American Funds International Fund(a) | JNL/American Funds New World Fund(a) | JNL/American Funds Washington Mutual Investors Fund(a) | JNL/Mellon Bond Index Fund(a) | JNL/Mellon Emerging Markets Index Fund(a) | JNL/Mellon International Index Fund(a) |
| **Operations** |  |  |  |  |  |  |  |
| Net investment income (loss) | $(7123) | $(3257) | $(2611) | $1399 | $(2427) | $(2240) | $(6044) |
| Net realized gain (loss) | 2131076 | 6435 | 87023 | 328455 | (3458) | (6640) | 14238 |
| Net change in unrealized appreciation |  |  |  |  |  |  |  |
| (depreciation) | (1251336) | 145391 | 106285 | 11127 | 42612 | 114687 | 440033 |
| **Change in net assets from operations** | 872617 | 148569 | 190697 | 340981 | 36727 | 105807 | 448227 |
| **Share transactions<sup>1</sup>** |  |  |  |  |  |  |  |
| Proceeds from the sale of shares |  |  |  |  |  |  |  |
| Class A | 761632 | 73701 | 75221 | 273032 | 70109 | 56618 | 207052 |
| Class I | 21364 | 3385 | 2294 | 6987 | 3216 | 1517 | 5766 |
| Proceeds in connection with acquisition |  |  |  |  |  |  |  |
| Class A |  |  |  |  |  |  | 603876 |
| Class I |  |  |  |  |  |  | 16818 |
| Cost of shares redeemed |  |  |  |  |  |  |  |
| Class A | (1243926) | (152518) | (167664) | (438376) | (122820) | (111008) | (342928) |
| Class I | (24726) | (2941) | (5160) | (8509) | (3451) | (2779) | (16521) |
| **Change in net assets from** |  |  |  |  |  |  |  |
| **share transactions** | (485656) | (78373) | (95309) | (166866) | (52946) | (55652) | 474063 |
| **Change in net assets** | 386961 | 70196 | 95388 | 174115 | (16219) | 50155 | 922290 |
| Net assets beginning of period | 11698120 | 1305722 | 1321252 | 3999168 | 1018367 | 778225 | 2069235 |
| **Net assets end of period** | $12085081 | $1375918 | $1416640 | $4173283 | $1002148 | $828380 | $2991525 |
| **<sup>1</sup>Share transactions** |  |  |  |  |  |  |  |
| Shares sold |  |  |  |  |  |  |  |
| Class A | 15489 | 4443 | 4091 | 6313 | 5972 | 4661 | 11879 |
| Class I | 419 | 198 | 123 | 156 | 260 | 121 | 313 |
| Shares issued in connection with acquisition |  |  |  |  |  |  |  |
| Class A |  |  |  |  |  |  | 34389 |
| Class I |  |  |  |  |  |  | 903 |
| Shares redeemed |  |  |  |  |  |  |  |
| Class A | (25266) | (9133) | (9169) | (10147) | (10465) | (9181) | (19610) |
| Class I | (487) | (175) | (274) | (191) | (280) | (221) | (933) |
| Change in shares |  |  |  |  |  |  |  |
| Class A | (9777) | (4690) | (5078) | (3834) | (4493) | (4520) | 26658 |
| Class I | (68) | 23 | (151) | (35) | (20) | (100) | 283 |
| **Purchases and sales of long term**  |  |  |  |  |  |  |  |
| **investments** |  |  |  |  |  |  |  |
| Purchase of securities | $2019019 | $10273 | $66150 | $310061 | $11272 | $14840 | $679809 |
| Proceeds from sales of securities | $549906 | $91942 | $107939 | $201505 | $66665 | $72738 | $211882 |

---

(a) The
 Master Funds for the JNL/American Funds Feeder Funds are the Class 1 shares of the corresponding American Fund Insurance Series Fund.
 The Master Funds for the JNL/Mellon Feeder Funds are the Class I shares of the corresponding JNL Mellon Master Funds. These financial
 statements should be read in conjunction with each Master Fund's respective financial statements.

See accompanying Notes to Financial Statements.

649

**JNL Series Trust (Unaudited)**

**Statements of Changes in Net Assets** (in thousands)

For the Period Ended June 30, 2025

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | JNL/Mellon S&P 400 MidCap Index Fund(a) | JNL/Mellon Small Cap Index Fund(a) | JNL Aggressive Growth Allocation Fund | JNL Conservative Allocation Fund | JNL Growth Allocation Fund | JNL Moderate Allocation Fund | JNL Moderate Growth Allocation Fund |
| **Operations** |  |  |  |  |  |  |  |
| Net investment income (loss) | $(7281) | $(5205) | $(3041) | $(326) | $(3059) | $(897) | $(2274) |
| Net realized gain (loss) | 26529 | 7227 | 65992 | 9080 | 87451 | 50038 | 149173 |
| Net change in unrealized appreciation |  |  |  |  |  |  |  |
| (depreciation) | (25303) | (119026) | 62678 | 19637 | 149075 | 62153 | 95184 |
| **Change in net assets from operations** | (6055) | (117004) | 125629 | 28391 | 233467 | 111294 | 242083 |
| **Share transactions<sup>1</sup>** |  |  |  |  |  |  |  |
| Proceeds from the sale of shares |  |  |  |  |  |  |  |
| Class A | 225364 | 159324 | 92048 | 60043 | 81644 | 62282 | 50269 |
| Class I | 12260 | 7339 | 182 | 1427 | 330 | 1000 | 165 |
| Cost of shares redeemed |  |  |  |  |  |  |  |
| Class A | (377545) | (277040) | (171377) | (80757) | (341344) | (218224) | (350716) |
| Class I | (11862) | (15786) | (2162) | (1027) | (1123) | (1883) | (1634) |
| **Change in net assets from** |  |  |  |  |  |  |  |
| **share transactions** | (151783) | (126163) | (81309) | (20314) | (260493) | (156825) | (301916) |
| **Change in net assets** | (157838) | (243167) | 44320 | 8077 | (27026) | (45531) | (59833) |
| Net assets beginning of period | 3433492 | 2524228 | 1436400 | 557157 | 2905092 | 1949013 | 3570552 |
| **Net assets end of period** | $3275654 | $2281061 | $1480720 | $565234 | $2878066 | $1903482 | $3510719 |
| **<sup>1</sup>Share transactions** |  |  |  |  |  |  |  |
| Shares sold |  |  |  |  |  |  |  |
| Class A | 6525 | 6046 | 4389 | 4081 | 3834 | 3470 | 2493 |
| Class I | 341 | 266 | 9 | 97 | 15 | 53 | 7 |
| Shares redeemed |  |  |  |  |  |  |  |
| Class A | (10895) | (10389) | (8055) | (5499) | (16152) | (12077) | (17323) |
| Class I | (331) | (558) | (98) | (69) | (51) | (102) | (81) |
| Change in shares |  |  |  |  |  |  |  |
| Class A | (4370) | (4343) | (3666) | (1418) | (12318) | (8607) | (14830) |
| Class I | 10 | (292) | (89) | 28 | (36) | (49) | (74) |
| **Purchases and sales of long term**  |  |  |  |  |  |  |  |
| **investments** |  |  |  |  |  |  |  |
| Purchase of securities | $18765 | $9172 | $188157 | $58765 | $248213 | $126543 | $280642 |
| Proceeds from sales of securities | $177917 | $140627 | $272541 | $79420 | $511827 | $284342 | $584753 |

---

(a) The
 Master Funds for the JNL/American Funds Feeder Funds are the Class 1 shares of the corresponding American Fund Insurance Series Fund.
 The Master Funds for the JNL/Mellon Feeder Funds are the Class I shares of the corresponding JNL Mellon Master Funds. These financial
 statements should be read in conjunction with each Master Fund's respective financial statements.

See accompanying Notes to Financial Statements.

650

**JNL Series Trust (Unaudited)**

**Statements of Changes in Net Assets** (in thousands)

For the Period Ended June 30, 2025

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | JNL/JPMorgan Managed Aggressive Growth Fund | JNL/JPMorgan Managed Conservative Fund | JNL/JPMorgan Managed Growth Fund | JNL/JPMorgan Managed Moderate Fund | JNL/JPMorgan Managed Moderate Growth Fund | JNL/American Funds Growth Allocation Fund | JNL/American Funds Moderate Allocation Fund |
| **Operations** |  |  |  |  |  |  |  |
| Net investment income (loss) | $(3436) | $(1073) | $(6546) | $(2614) | $(5678) | $16592 | $151 |
| Net realized gain (loss) | 31750 | 4369 | 64102 | 19483 | 50726 | 61232 | 163 |
| Net change in unrealized appreciation |  |  |  |  |  |  |  |
| (depreciation) | 143895 | 31966 | 253052 | 82744 | 207825 | 294667 | 1055 |
| **Change in net assets from operations** | 172209 | 35262 | 310608 | 99613 | 252873 | 372491 | 1369 |
| **Share transactions<sup>1</sup>** |  |  |  |  |  |  |  |
| Proceeds from the sale of shares |  |  |  |  |  |  |  |
| Class A | 72676 | 42509 | 92866 | 35190 | 52904 | 257560 | 25013 |
| Class I | 2561 | 492 | 1416 | 792 | 235 | 8167 |  |
| Cost of shares redeemed |  |  |  |  |  |  |  |
| Class A | (210838) | (79128) | (434243) | (179815) | (379599) | (409105) | (5029) |
| Class I | (1991) | (186) | (3493) | (118) | (351) | (8352) |  |
| **Change in net assets from** |  |  |  |  |  |  |  |
| **share transactions** | (137592) | (36313) | (343454) | (143951) | (326811) | (151730) | 19984 |
| **Change in net assets** | 34617 | (1051) | (32846) | (44338) | (73938) | 220761 | 21353 |
| Net assets beginning of period | 2122428 | 685785 | 4121346 | 1720643 | 3808178 | 3880573 | 3883 |
| **Net assets end of period** | $2157045 | $684734 | $4088500 | $1676305 | $3734240 | $4101334 | $25236 |
| **<sup>1</sup>Share transactions** |  |  |  |  |  |  |  |
| Shares sold |  |  |  |  |  |  |  |
| Class A | 1814 | 2619 | 2882 | 1681 | 1984 | 9127 | 2496 |
| Class I | 63 | 29 | 42 | 38 | 9 | 281 |  |
| Shares redeemed |  |  |  |  |  |  |  |
| Class A | (5227) | (4879) | (13386) | (8572) | (14194) | (14481) | (498) |
| Class I | (48) | (11) | (104) | (6) | (13) | (287) |  |
| Change in shares |  |  |  |  |  |  |  |
| Class A | (3413) | (2260) | (10504) | (6891) | (12210) | (5354) | 1998 |
| Class I | 15 | 18 | (62) | 32 | (4) | (6) |  |
| **Purchases and sales of long term**  |  |  |  |  |  |  |  |
| **investments** |  |  |  |  |  |  |  |
| Purchase of securities | $7849 | $26011 | $9865 | $23822 | $44676 | $467428 | $23538 |
| Proceeds from sales of securities | $148938 | $63424 | $360001 | $170455 | $377304 | $488003 | $3095 |

---

See accompanying Notes to Financial Statements.

651

**JNL Series Trust (Unaudited)**

**Statements of Changes in Net Assets** (in thousands)

For the Period Ended June 30, 2025

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | JNL/American Funds Moderate Growth Allocation Fund | JNL Growth ETF Allocation Fund | JNL Moderate ETF Allocation Fund | JNL Moderate Growth ETF Allocation Fund | JNL/Vanguard Growth ETF Allocation Fund | JNL/Vanguard Moderate ETF Allocation Fund | JNL/Vanguard Moderate Growth ETF Allocation Fund |
| **Operations** |  |  |  |  |  |  |  |
| Net investment income (loss) | $14553 | $2033 | $2240 | $2749 | $14395 | $5808 | $8184 |
| Net realized gain (loss) | 13176 | 20736 | 3496 | 12284 | 63817 | 8460 | 25546 |
| Net change in unrealized appreciation |  |  |  |  |  |  |  |
| (depreciation) | 179391 | 3643 | 5716 | 6787 | 69140 | 16090 | 26716 |
| **Change in net assets from operations** | 207120 | 26412 | 11452 | 21820 | 147352 | 30358 | 60446 |
| **Share transactions<sup>1</sup>** |  |  |  |  |  |  |  |
| Proceeds from the sale of shares |  |  |  |  |  |  |  |
| Class A | 73878 | 39304 | 19734 | 26794 | 88759 | 36981 | 41407 |
| Class I | 730 | 494 | 860 | 274 | 2691 | 3634 | 2490 |
| Cost of shares redeemed |  |  |  |  |  |  |  |
| Class A | (230152) | (39029) | (20861) | (30588) | (192209) | (54011) | (82821) |
| Class I | (1201) | (392) | (814) | (569) | (4282) | (4701) | (4346) |
| **Change in net assets from** |  |  |  |  |  |  |  |
| **share transactions** | (156745) | 377 | (1081) | (4089) | (105041) | (18097) | (43270) |
| **Change in net assets** | 50375 | 26789 | 10371 | 17731 | 42311 | 12261 | 17176 |
| Net assets beginning of period | 2421574 | 346876 | 197318 | 320020 | 2042135 | 551472 | 938325 |
| **Net assets end of period** | $2471949 | $373665 | $207689 | $337751 | $2084446 | $563733 | $955501 |
| **<sup>1</sup>Share transactions** |  |  |  |  |  |  |  |
| Shares sold |  |  |  |  |  |  |  |
| Class A | 3212 | 2389 | 1583 | 1875 | 5376 | 2723 | 2756 |
| Class I | 32 | 30 | 68 | 20 | 154 | 257 | 159 |
| Shares redeemed |  |  |  |  |  |  |  |
| Class A | (10021) | (2378) | (1673) | (2127) | (11529) | (3990) | (5505) |
| Class I | (51) | (24) | (65) | (41) | (247) | (346) | (277) |
| Change in shares |  |  |  |  |  |  |  |
| Class A | (6809) | 11 | (90) | (252) | (6153) | (1267) | (2749) |
| Class I | (19) | 6 | 3 | (21) | (93) | (89) | (118) |
| **Purchases and sales of long term**  |  |  |  |  |  |  |  |
| **investments** |  |  |  |  |  |  |  |
| Purchase of securities | $261838 | $152641 | $70103 | $116101 | $324325 | $59148 | $89924 |
| Proceeds from sales of securities | $350982 | $150112 | $68933 | $118267 | $418748 | $72478 | $127473 |

---

See accompanying Notes to Financial Statements.

652

**JNL Series Trust (Unaudited)**

**Statements of Changes in Net Assets** (in thousands)

For the Period Ended June 30, 2025

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | JNL Bond Index Fund | JNL Emerging Markets Index Fund | JNL International Index Fund | JNL Mid Cap Index Fund | JNL Small Cap Index Fund | JNL Multi-Manager Alternative Fund | JNL Multi-Manager Emerging Markets Equity Fund |
| **Operations** |  |  |  |  |  |  |  |
| Net investment income (loss) | $19112 | $11124 | $47567 | $24988 | $19334 | $743 | $12084 |
| Net realized gain (loss) | (8063) | (7514) | 53673 | 28345 | (1765) | 24353 | 16434 |
| Net change in unrealized appreciation |  |  |  |  |  |  |  |
| (depreciation) | 29114 | 104394 | 356859 | (52166) | (131130) | 24472 | 129922 |
| **Change in net assets from operations** | 40163 | 108004 | 458099 | 1167 | (113561) | 49568 | 158440 |
| **Share transactions<sup>1</sup>** |  |  |  |  |  |  |  |
| Proceeds from the sale of shares |  |  |  |  |  |  |  |
| Class A |  |  |  |  |  | 17550 | 32060 |
| Class I | 75455 | 58593 | 834630 | 238474 | 167553 | 77172 | 108459 |
| Cost of shares redeemed |  |  |  |  |  |  |  |
| Class A |  |  |  |  |  | (25406) | (78029) |
| Class I | (129753) | (116530) | (366390) | (397362) | (298719) | (16407) | (107782) |
| **Change in net assets from** |  |  |  |  |  |  |  |
| **share transactions** | (54298) | (57937) | 468240 | (158888) | (131166) | 52909 | (45292) |
| **Change in net assets** | (14135) | 50067 | 926339 | (157721) | (244727) | 102477 | 113148 |
| Net assets beginning of period | 1034647 | 780857 | 2079893 | 3444243 | 2534122 | 801157 | 1120791 |
| **Net assets end of period** | $1020512 | $830924 | $3006232 | $3286522 | $2289395 | $903634 | $1233939 |
| **<sup>1</sup>Share transactions** |  |  |  |  |  |  |  |
| Shares sold |  |  |  |  |  |  |  |
| Class A |  |  |  |  |  | 1329 | 3483 |
| Class I | 7931 | 6373 | 77363 | 20542 | 16311 | 5672 | 11694 |
| Shares redeemed |  |  |  |  |  |  |  |
| Class A |  |  |  |  |  | (1934) | (8544) |
| Class I | (13645) | (12730) | (34109) | (34123) | (28717) | (1226) | (11634) |
| Change in shares |  |  |  |  |  |  |  |
| Class A |  |  |  |  |  | (605) | (5061) |
| Class I | (5714) | (6357) | 43254 | (13581) | (12406) | 4446 | 60 |
| **Purchases and sales of long term**  |  |  |  |  |  |  |  |
| **investments** |  |  |  |  |  |  |  |
| Purchase of securities | $45528 | $24077 | $679984 | $200150 | $336310 | $529494 | $384212 |
| Purchase of U.S. Government securities | 364427<br> (a) |  |  |  |  | 7062 |  |
| Total purchases | $409955 | $24077 | $679984 | $200150 | $336310 | $536556 | $384212 |
| Proceeds from sales of securities | $67940 | $69391 | $190493 | $303847 | $452771 | $431834 | $395783 |
| Proceeds from sales of U.S. Government |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; securities | 377330<br> (a) |  |  |  |  | 8901 |  |
| Total proceeds from sales | $445270 | $69391 | $190493 | $303847 | $452771 | $440735 | $395783 |
| Securities sold short covers | $54666 | $— | $— | $— | $— | $309965 | $— |
| Securities sold short proceeds | $56592 | $— | $— | $— | $— | $396423 | $— |

---

(a) Amounts
 exclude $319,897 and $320,104 of purchases and sales, respectively, of dollar roll transaction securities.

See accompanying Notes to Financial Statements.

653

**JNL Series Trust (Unaudited)**

**Statements of Changes in Net Assets** (in thousands)

For the Period Ended June 30, 2025

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | JNL Multi-Manager Floating Rate Income Fund | JNL Multi-Manager International Small Cap Fund | JNL Multi-Manager Mid Cap Fund | JNL Multi-Manager Small Cap Growth Fund | JNL Multi-Manager Small Cap Value Fund | JNL Multi-Manager U.S. Select Equity Fund | JNL S&P 500 Index Fund |
| **Operations** |  |  |  |  |  |  |  |
| Net investment income (loss) | $41168 | $7757 | $3657 | $(3536) | $5196 | $4748 | $3141 |
| Net realized gain (loss) | (18431) | 16506 | 23008 | 23038 | 26304 | 9130 | 3103 |
| Net change in unrealized appreciation |  |  |  |  |  |  |  |
| (depreciation) | (2663) | 107742 | (14098) | (18542) | (75563) | 79365 | 25147 |
| **Change in net assets from operations** | 20074 | 132005 | 12567 | 960 | (44063) | 93243 | 31391 |
| **Share transactions<sup>1</sup>** |  |  |  |  |  |  |  |
| Proceeds from the sale of shares |  |  |  |  |  |  |  |
| Class A | 57907 | 23356 | 41306 | 143780 | 97866 | 180363 |  |
| Class I | 8350 | 16262 | 65764 | 27231 | 21788 | 50459 | 73499 |
| Cost of shares redeemed |  |  |  |  |  |  |  |
| Class A | (173880) | (64170) | (58272) | (216879) | (154239) | (94821) |  |
| Class I | (4929) | (67888) | (33130) | (23521) | (25999) | (127080) | (69499) |
| **Change in net assets from** |  |  |  |  |  |  |  |
| **share transactions** | (112552) | (92440) | 15668 | (69389) | (60584) | 8921 | 4000 |
| **Change in net assets** | (92478) | 39565 | 28235 | (68429) | (104647) | 102164 | 35391 |
| Net assets beginning of period | 1099365 | 654115 | 1212362 | 2401268 | 1889206 | 1117772 | 499111 |
| **Net assets end of period** | $1006887 | $693680 | $1240597 | $2332839 | $1784559 | $1219936 | $534502 |
| **<sup>1</sup>Share transactions** |  |  |  |  |  |  |  |
| Shares sold |  |  |  |  |  |  |  |
| Class A | 4351 | 2027 | 2091 | 3564 | 4781 | 10658 |  |
| Class I | 615 | 1342 | 3133 | 614 | 1025 | 3006 | 2839 |
| Shares redeemed |  |  |  |  |  |  |  |
| Class A | (13070) | (5480) | (2935) | (5364) | (7482) | (5753) |  |
| Class I | (365) | (5595) | (1602) | (522) | (1201) | (7343) | (2673) |
| Change in shares |  |  |  |  |  |  |  |
| Class A | (8719) | (3453) | (844) | (1800) | (2701) | 4905 |  |
| Class I | 250 | (4253) | 1531 | 92 | (176) | (4337) | 166 |
| **Purchases and sales of long term**  |  |  |  |  |  |  |  |
| **investments** |  |  |  |  |  |  |  |
| Purchase of securities | $224904 | $176279 | $518370 | $730952 | $267782 | $835114 | $56121 |
| Proceeds from sales of securities | $572397 | $223073 | $501413 | $766691 | $323065 | $847486 | $49162 |

---

See accompanying Notes to Financial Statements.

654

**JNL Series Trust (Unaudited)**

**Statements of Changes in Net Assets** (in thousands)

For the Period Ended June 30, 2025

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | JNL/AB Sustainable Global Thematic Fund | JNL/AQR Large Cap Defensive Style Fund | JNL/BlackRock Global Allocation Fund | JNL/BlackRock Global Natural Resources Fund | JNL/BlackRock Large Cap Select Growth Fund | JNL/Causeway International Value Select Fund | JNL/ClearBridge Large Cap Growth Fund |
| **Operations** |  |  |  |  |  |  |  |
| Net investment income (loss) | $12 | $1736 | $27456 | $8531 | $(8609) | $31343 | $(1216) |
| Net realized gain (loss) | 910 | 15996 | 131187 | (5710) | 397373 | 110433 | 83657 |
| Net change in unrealized appreciation |  |  |  |  |  |  |  |
| (depreciation) | 619 | 20354 | 103495 | 65918 | (84592) | 289648 | 3461 |
| **Change in net assets from operations** | 1541 | 38086 | 262138 | 68739 | 304172 | 431424 | 85902 |
| **Share transactions<sup>1</sup>** |  |  |  |  |  |  |  |
| Proceeds from the sale of shares |  |  |  |  |  |  |  |
| Class A | 3159 | 87005 | 67438 | 80938 | 284511 | 390797 | 107088 |
| Class I | 425 | 2728 | 1294 | 2938 | 21506 | 84246 | 14084 |
| Cost of shares redeemed |  |  |  |  |  |  |  |
| Class A | (2342) | (75536) | (283632) | (139863) | (677341) | (173856) | (187729) |
| Class I | (144) | (1118) | (3314) | (2968) | (56400) | (327583) | (56455) |
| **Change in net assets from** |  |  |  |  |  |  |  |
| **share transactions** | 1098 | 13079 | (218214) | (58955) | (427724) | (26396) | (123012) |
| **Change in net assets** | 2639 | 51165 | 43924 | 9784 | (123552) | 405028 | (37110) |
| Net assets beginning of period | 22073 | 394334 | 2616114 | 712144 | 4833270 | 1930401 | 1617659 |
| **Net assets end of period** | $24712 | $445499 | $2660038 | $721928 | $4709718 | $2335429 | $1580549 |
| **<sup>1</sup>Share transactions** |  |  |  |  |  |  |  |
| Shares sold |  |  |  |  |  |  |  |
| Class A | 284 | 4961 | 3646 | 6213 | 3278 | 18859 | 3958 |
| Class I | 37 | 151 | 69 | 223 | 230 | 3980 | 499 |
| Shares redeemed |  |  |  |  |  |  |  |
| Class A | (206) | (4274) | (15356) | (10825) | (7647) | (8547) | (6945) |
| Class I | (13) | (62) | (177) | (226) | (579) | (15452) | (1938) |
| Change in shares |  |  |  |  |  |  |  |
| Class A | 78 | 687 | (11710) | (4612) | (4369) | 10312 | (2987) |
| Class I | 24 | 89 | (108) | (3) | (349) | (11472) | (1439) |
| **Purchases and sales of long term**  |  |  |  |  |  |  |  |
| **investments** |  |  |  |  |  |  |  |
| Purchase of securities | $9379 | $51820 | $1583746 | $477942 | $775416 | $515410 | $121991 |
| Purchase of U.S. Government securities |  |  | 97381 |  |  |  |  |
| Total purchases | $9379 | $51820 | $1681127 | $477942 | $775416 | $515410 | $121991 |
| Proceeds from sales of securities | $8775 | $56737 | $1733644 | $539914 | $1194336 | $523553 | $256346 |
| Proceeds from sales of U.S. Government |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; securities |  |  | 88182 |  |  |  |  |
| Total proceeds from sales | $8775 | $56737 | $1821826 | $539914 | $1194336 | $523553 | $256346 |
| Securities sold short covers | $— | $— | $60074 | $— | $— | $— | $— |
| Securities sold short proceeds | $— | $— | $69664 | $— | $— | $— | $— |

---

See accompanying Notes to Financial Statements.

655

**JNL Series Trust (Unaudited)**

**Statements of Changes in Net Assets** (in thousands)

For the Period Ended June 30, 2025

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | JNL/Cohen & Steers U.S. Realty Fund | JNL/DFA International Core Equity Fund | JNL/DFA U.S. Core Equity Fund | JNL/DFA U.S. Small Cap Fund | JNL/DoubleLine Core Fixed Income Fund | JNL/DoubleLine Emerging Markets Fixed Income Fund | JNL/DoubleLine Shiller Enhanced CAPE Fund |
| **Operations** |  |  |  |  |  |  |  |
| Net investment income (loss) | $1418 | $6623 | $4109 | $1522 | $64819 | $9350 | $34140 |
| Net realized gain (loss) | (586) | 3806 | 62201 | 12720 | (18506) | (5848) | 22731 |
| Net change in unrealized appreciation |  |  |  |  |  |  |  |
| (depreciation) | 2764 | 66733 | (12280) | (28742) | 64790 | 10583 | 47841 |
| **Change in net assets from operations** | 3596 | 77162 | 54030 | (14500) | 111103 | 14085 | 104712 |
| **Share transactions<sup>1</sup>** |  |  |  |  |  |  |  |
| Proceeds from the sale of shares |  |  |  |  |  |  |  |
| Class A | 16198 | 162397 | 72373 | 81174 | 80475 | 10292 | 89651 |
| Class I | 316 | 15420 | 4430 | 9818 | 55147 | 14819 | 4162 |
| Cost of shares redeemed |  |  |  |  |  |  |  |
| Class A | (29726) | (85849) | (176213) | (93874) | (219414) | (17663) | (226702) |
| Class I | (601) | (9404) | (5919) | (6959) | (170318) | (40592) | (123796) |
| **Change in net assets from** |  |  |  |  |  |  |  |
| **share transactions** | (13813) | 82564 | (105329) | (9841) | (254110) | (33144) | (256685) |
| **Change in net assets** | (10217) | 159726 | (51299) | (24341) | (143007) | (19059) | (151973) |
| Net assets beginning of period | 97074 | 325489 | 1346436 | 661454 | 2793668 | 338206 | 1698970 |
| **Net assets end of period** | $86857 | $485215 | $1295137 | $637113 | $2650661 | $319147 | $1546997 |
| **<sup>1</sup>Share transactions** |  |  |  |  |  |  |  |
| Shares sold |  |  |  |  |  |  |  |
| Class A | 1663 | 12720 | 2550 | 6488 | 6097 | 825 | 3391 |
| Class I | 32 | 1276 | 142 | 749 | 3809 | 1189 | 153 |
| Shares redeemed |  |  |  |  |  |  |  |
| Class A | (3088) | (6838) | (6152) | (7559) | (16631) | (1420) | (8563) |
| Class I | (61) | (728) | (193) | (544) | (11777) | (3265) | (4420) |
| Change in shares |  |  |  |  |  |  |  |
| Class A | (1425) | 5882 | (3602) | (1071) | (10534) | (595) | (5172) |
| Class I | (29) | 548 | (51) | 205 | (7968) | (2076) | (4267) |
| **Purchases and sales of long term**  |  |  |  |  |  |  |  |
| **investments** |  |  |  |  |  |  |  |
| Purchase of securities | $22353 | $132297 | $12071 | $57954 | $505649 | $74651 | $299253 |
| Purchase of U.S. Government securities |  |  |  |  | 575 |  | 14256 |
| Total purchases | $22353 | $132297 | $12071 | $57954 | $506224 | $74651 | $313509 |
| Proceeds from sales of securities | $34128 | $46111 | $112611 | $65368 | $742723 | $98464 | $387148 |
| Proceeds from sales of U.S. Government |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; securities |  |  |  |  | 2827 |  | 79222 |
| Total proceeds from sales | $34128 | $46111 | $112611 | $65368 | $745550 | $98464 | $466370 |

---

See accompanying Notes to Financial Statements.

656

**JNL Series Trust (Unaudited)**

**Statements of Changes in Net Assets** (in thousands)

For the Period Ended June 30, 2025

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | JNL/DoubleLine Total Return Fund | JNL/Dreyfus Government Money Market Fund | JNL/Fidelity Institutional Asset Management Total Bond Fund | JNL/First Sentier Global Infrastructure Fund | JNL/Franklin Templeton Income Fund | JNL/Goldman Sachs 4 Fund | JNL/GQG Emerging Markets Equity Fund |
| **Operations** |  |  |  |  |  |  |  |
| Net investment income (loss) | $44568 | $49622 | $32581 | $7055 | $36696 | $33433 | $9145 |
| Net realized gain (loss) | (20133) | 6 | (17690) | 10733 | 11713 | 182707 | 2181 |
| Net change in unrealized appreciation |  |  |  |  |  |  |  |
| (depreciation) | 62251 |  | 45791 | 45737 | 17204 | 134821 | 32396 |
| **Change in net assets from operations** | 86686 | 49628 | 60682 | 63525 | 65613 | 350961 | 43722 |
| **Distributions to shareholders** |  |  |  |  |  |  |  |
| From distributable earnings |  |  |  |  |  |  |  |
| Class A |  | (48166) |  |  |  |  |  |
| Class I |  | (1456) |  |  |  |  |  |
| **Total distributions to shareholders**  |  | (49622) |  |  |  |  |  |
| **Share transactions<sup>1</sup>** |  |  |  |  |  |  |  |
| Proceeds from the sale of shares |  |  |  |  |  |  |  |
| Class A | 68311 | 1320597 | 72385 | 66970 | 57799 | 179412 | 54118 |
| Class I | 63509 | 48431 | 23631 | 1408 | 1202 | 4824 | 20968 |
| Reinvestment of distributions |  |  |  |  |  |  |  |
| Class A |  | 48166 |  |  |  |  |  |
| Class I |  | 1456 |  |  |  |  |  |
| Cost of shares redeemed |  |  |  |  |  |  |  |
| Class A | (103100) | (1437187) | (101385) | (119508) | (154191) | (615084) | (87587) |
| Class I | (191381) | (51866) | (106828) | (1569) | (861) | (4922) | (47323) |
| **Change in net assets from** |  |  |  |  |  |  |  |
| **share transactions** | (162661) | (70403) | (112197) | (52699) | (96051) | (435770) | (59824) |
| **Change in net assets** | (75975) | (70397) | (51515) | 10826 | (30438) | (84809) | (16102) |
| Net assets beginning of period | 1956742 | 2614368 | 1511066 | 500218 | 1435118 | 5065401 | 881923 |
| **Net assets end of period** | $1880767 | $2543971 | $1459551 | $511044 | $1404680 | $4980592 | $865821 |
| **<sup>1</sup>Share transactions** |  |  |  |  |  |  |  |
| Shares sold |  |  |  |  |  |  |  |
| Class A | 6186 | 1320596 | 5857 | 3463 | 3537 | 4375 | 3655 |
| Class I | 5666 | 48433 | 1844 | 73 | 75 | 116 | 1391 |
| Reinvestment of distributions  |  |  |  |  |  |  |  |
| Class A |  | 48167 |  |  |  |  |  |
| Class I |  | 1456 |  |  |  |  |  |
| Shares redeemed |  |  |  |  |  |  |  |
| Class A | (9357) | (1437187) | (8193) | (6119) | (9406) | (14788) | (5907) |
| Class I | (17082) | (51866) | (8356) | (79) | (54) | (117) | (3140) |
| Change in shares |  |  |  |  |  |  |  |
| Class A | (3171) | (68424) | (2336) | (2656) | (5869) | (10413) | (2252) |
| Class I | (11416) | (1977) | (6512) | (6) | 21 | (1) | (1749) |
| **Purchases and sales of long term**  |  |  |  |  |  |  |  |
| **investments** |  |  |  |  |  |  |  |
| Purchase of securities | $212885 | $283001 | $277075 | $163733 | $286892 | $855131 | $406388 |
| Purchase of U.S. Government securities |  | 129553 | —<br> (a) |  | 19563 |  |  |
| Total purchases | $212885 | $412554 | $277075 | $163733 | $306455 | $855131 | $406388 |
| Proceeds from sales of securities | $294665 | $210100 | $291325 | $208416 | $342339 | $1256011 | $437142 |
| Proceeds from sales of U.S. Government |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; securities | 73423 | 8300 | 126112<br> (a) |  | 60368 |  |  |
| Total proceeds from sales | $368088 | $218400 | $417437 | $208416 | $402707 | $1256011 | $437142 |
| Securities sold short covers | $— | $— | $82143 | $— | $— | $— | $— |
| Securities sold short proceeds | $— | $— | $62500 | $— | $— | $— | $— |

---

(a) Amounts
 exclude $1,206,531 and $1,198,536 of purchases and sales, respectively, of dollar roll transaction securities.

See accompanying Notes to Financial Statements.

657

**JNL Series Trust (Unaudited)**

**Statements of Changes in Net Assets** (in thousands)

For the Period Ended June 30, 2025

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | JNL/Invesco Diversified Dividend Fund | JNL/Invesco Global Growth Fund | JNL/Invesco Small Cap Growth Fund | JNL/JPMorgan Global Allocation Fund | JNL/JPMorgan Hedged Equity Fund | JNL/JPMorgan MidCap Growth Fund | JNL/JPMorgan Nasdaq Hedged Equity Fund |
| **Operations** |  |  |  |  |  |  |  |
| Net investment income (loss) | $5935 | $688 | $(4080) | $13345 | $1696 | $(4374) | $4 |
| Net realized gain (loss) | 34007 | 117474 | 78933 | 5137 | (15196) | 248043 | (4236) |
| Net change in unrealized appreciation |  |  |  |  |  |  |  |
| (depreciation) | 9113 | (14637) | (131346) | 53871 | 13586 | (47557) | 4937 |
| **Change in net assets from operations** | 49055 | 103525 | (56493) | 72353 | 86 | 196112 | 705 |
| **Share transactions<sup>1</sup>** |  |  |  |  |  |  |  |
| Proceeds from the sale of shares |  |  |  |  |  |  |  |
| Class A | 37795 | 57922 | 115566 | 18772 | 113895 | 380911 | 31323 |
| Class I | 7710 | 1413 | 3288 | 81 | 4503 | 53909 | 2403 |
| Cost of shares redeemed |  |  |  |  |  |  |  |
| Class A | (50157) | (173294) | (245182) | (92786) | (128110) | (483446) | (12070) |
| Class I | (41387) | (2251) | (5328) | (464) | (6424) | (18578) | (2373) |
| **Change in net assets from** |  |  |  |  |  |  |  |
| **share transactions** | (46039) | (116210) | (131656) | (74397) | (16136) | (67204) | 19283 |
| **Change in net assets** | 3016 | (12685) | (188149) | (2044) | (16050) | 128908 | 19988 |
| Net assets beginning of period | 814683 | 1416261 | 1792184 | 914768 | 908452 | 3305617 | 40256 |
| **Net assets end of period** | $817699 | $1403576 | $1604035 | $912724 | $892402 | $3434525 | $60244 |
| **<sup>1</sup>Share transactions** |  |  |  |  |  |  |  |
| Shares sold |  |  |  |  |  |  |  |
| Class A | 2260 | 2001 | 3285 | 1239 | 6941 | 5444 | 3119 |
| Class I | 451 | 46 | 86 | 5 | 270 | 704 | 239 |
| Shares redeemed |  |  |  |  |  |  |  |
| Class A | (2992) | (5931) | (6937) | (6105) | (7817) | (7115) | (1195) |
| Class I | (2390) | (73) | (138) | (30) | (386) | (253) | (233) |
| Change in shares |  |  |  |  |  |  |  |
| Class A | (732) | (3930) | (3652) | (4866) | (876) | (1671) | 1924 |
| Class I | (1939) | (27) | (52) | (25) | (116) | 451 | 6 |
| **Purchases and sales of long term**  |  |  |  |  |  |  |  |
| **investments** |  |  |  |  |  |  |  |
| Purchase of securities | $258657 | $128075 | $767138 | $354840 | $195931 | $1510812 | $29055 |
| Purchase of U.S. Government securities |  |  |  | 16135 |  |  |  |
| Total purchases | $258657 | $128075 | $767138 | $370975 | $195931 | $1510812 | $29055 |
| Proceeds from sales of securities | $292219 | $252607 | $851105 | $416373 | $214573 | $1564997 | $13169 |
| Proceeds from sales of U.S. Government |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; securities |  |  |  | 14548 |  |  |  |
| Total proceeds from sales | $292219 | $252607 | $851105 | $430921 | $214573 | $1564997 | $13169 |
| Securities sold short covers | $— | $— | $— | $— | $73082 | $— | $6278 |
| Securities sold short proceeds | $— | $— | $— | $— | $53366 | $— | $2696 |

---

See accompanying Notes to Financial Statements.

658

**JNL Series Trust (Unaudited)**

**Statements of Changes in Net Assets** (in thousands)

For the Period Ended June 30, 2025

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | JNL/JPMorgan U.S. Government & Quality Bond Fund | JNL/JPMorgan U.S. Value Fund | JNL/Lazard International Quality Growth Fund | JNL/Loomis Sayles Global Growth Fund | JNL/Lord Abbett Short Duration Income Fund | JNL/Mellon Communication Services Sector Fund | JNL/Mellon Consumer Discretionary Sector Fund |
| **Operations** |  |  |  |  |  |  |  |
| Net investment income (loss) | $18735 | $10262 | $2617 | $469 | $16472 | $1247 | $2159 |
| Net realized gain (loss) | (2575) | 103878 | 893 | 22895 | 243 | 96871 | 81362 |
| Net change in unrealized appreciation |  |  |  |  |  |  |  |
| (depreciation) | 30495 | (34073) | 47127 | 74960 | 4962 | (20362) | (143648) |
| **Change in net assets from operations** | 46655 | 80067 | 50637 | 98324 | 21677 | 77756 | (60127) |
| **Share transactions<sup>1</sup>** |  |  |  |  |  |  |  |
| Proceeds from the sale of shares |  |  |  |  |  |  |  |
| Class A | 185342 | 82091 | 18623 | 108217 | 153925 | 223683 | 113344 |
| Class I | 15865 | 12220 | 11024 | 64816 | 15153 | 5229 | 3976 |
| Cost of shares redeemed |  |  |  |  |  |  |  |
| Class A | (191631) | (108567) | (21717) | (84743) | (124742) | (320452) | (250067) |
| Class I | (50476) | (131662) | (55184) | (51038) | (31678) | (5852) | (4456) |
| **Change in net assets from** |  |  |  |  |  |  |  |
| **share transactions** | (40900) | (145918) | (47254) | 37252 | 12658 | (97392) | (137203) |
| **Change in net assets** | 5755 | (65851) | 3383 | 135576 | 34335 | (19636) | (197330) |
| Net assets beginning of period | 1284806 | 1646340 | 468464 | 745484 | 671545 | 871112 | 1560404 |
| **Net assets end of period** | $1290561 | $1580489 | $471847 | $881060 | $705880 | $851476 | $1363074 |
| **<sup>1</sup>Share transactions** |  |  |  |  |  |  |  |
| Shares sold |  |  |  |  |  |  |  |
| Class A | 13733 | 4415 | 1171 | 5553 | 15258 | 8482 | 2431 |
| Class I | 1100 | 632 | 691 | 3174 | 1492 | 205 | 79 |
| Shares redeemed |  |  |  |  |  |  |  |
| Class A | (14311) | (5813) | (1374) | (4436) | (12355) | (12452) | (5306) |
| Class I | (3511) | (6657) | (3442) | (2524) | (3126) | (236) | (89) |
| Change in shares |  |  |  |  |  |  |  |
| Class A | (578) | (1398) | (203) | 1117 | 2903 | (3970) | (2875) |
| Class I | (2411) | (6025) | (2751) | 650 | (1634) | (31) | (10) |
| **Purchases and sales of long term**  |  |  |  |  |  |  |  |
| **investments** |  |  |  |  |  |  |  |
| Purchase of securities | $81381 | $185400 | $33287 | $99442 | $315543 | $127801 | $71863 |
| Purchase of U.S. Government securities | 33254 |  |  |  | 43518 |  |  |
| Total purchases | $114635 | $185400 | $33287 | $99442 | $359061 | $127801 | $71863 |
| Proceeds from sales of securities | $82030 | $335343 | $81945 | $62889 | $295914 | $224018 | $209140 |
| Proceeds from sales of U.S. Government |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; securities | 68988 |  |  |  | 36400 |  |  |
| Total proceeds from sales | $151018 | $335343 | $81945 | $62889 | $332314 | $224018 | $209140 |

---

See accompanying Notes to Financial Statements.

659

**JNL Series Trust (Unaudited)**

**Statements of Changes in Net Assets** (in thousands)

For the Period Ended June 30, 2025

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | JNL/Mellon Consumer Staples Sector Fund | JNL/Mellon Dow Index Fund | JNL/Mellon Energy Sector Fund | JNL/Mellon Financial Sector Fund | JNL/Mellon Healthcare Sector Fund | JNL/Mellon Industrials Sector Fund | JNL/Mellon Information Technology Sector Fund |
| **Operations** |  |  |  |  |  |  |  |
| Net investment income (loss) | $3745 | $7033 | $22030 | $7920 | $15086 | $1043 | $1201 |
| Net realized gain (loss) | 1109 | 34880 | 33886 | 77077 | 114710 | 10411 | 679212 |
| Net change in unrealized appreciation |  |  |  |  |  |  |  |
| (depreciation) | 12132 | 10217 | (53697) | 49128 | (161537) | 12637 | (230228) |
| **Change in net assets from operations** | 16986 | 52130 | 2219 | 134125 | (31741) | 24091 | 450185 |
| **Share transactions<sup>1</sup>** |  |  |  |  |  |  |  |
| Proceeds from the sale of shares |  |  |  |  |  |  |  |
| Class A | 102374 | 103294 | 229785 | 264151 | 231067 | 87583 | 633341 |
| Class I | 2508 | 4161 | 5290 | 6617 | 3988 | 2590 | 18171 |
| Cost of shares redeemed |  |  |  |  |  |  |  |
| Class A | (101129) | (171675) | (337235) | (331819) | (449311) | (74110) | (1106743) |
| Class I | (2831) | (4277) | (8920) | (6596) | (5996) | (3007) | (24823) |
| **Change in net assets from** |  |  |  |  |  |  |  |
| **share transactions** | 922 | (68497) | (111080) | (67647) | (220252) | 13056 | (480054) |
| **Change in net assets** | 17908 | (16367) | (108861) | 66478 | (251993) | 37147 | (29869) |
| Net assets beginning of period | 386925 | 1300416 | 1678068 | 1534550 | 2922416 | 284323 | 7166060 |
| **Net assets end of period** | $404833 | $1284049 | $1569207 | $1601028 | $2670423 | $321470 | $7136191 |
| **<sup>1</sup>Share transactions** |  |  |  |  |  |  |  |
| Shares sold |  |  |  |  |  |  |  |
| Class A | 5680 | 1976 | 5902 | 10264 | 5146 | 4106 | 10902 |
| Class I | 138 | 77 | 131 | 248 | 85 | 120 | 297 |
| Shares redeemed |  |  |  |  |  |  |  |
| Class A | (5643) | (3266) | (8822) | (13031) | (10062) | (3600) | (18667) |
| Class I | (152) | (79) | (226) | (255) | (130) | (141) | (399) |
| Change in shares |  |  |  |  |  |  |  |
| Class A | 37 | (1290) | (2920) | (2767) | (4916) | 506 | (7765) |
| Class I | (14) | (2) | (95) | (7) | (45) | (21) | (102) |
| **Purchases and sales of long term**  |  |  |  |  |  |  |  |
| **investments** |  |  |  |  |  |  |  |
| Purchase of securities | $95540 | $— | $122942 | $122709 | $64670 | $63695 | $648874 |
| Proceeds from sales of securities | $90175 | $69303 | $212468 | $182613 | $258485 | $49835 | $1090145 |

---

See accompanying Notes to Financial Statements.

660

**JNL Series Trust (Unaudited)**

**Statements of Changes in Net Assets** (in thousands)

For the Period Ended June 30, 2025

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | JNL/Mellon Materials Sector Fund | JNL/Mellon Nasdaq 100 Index Fund | JNL/Mellon Real Estate Sector Fund | JNL/Mellon S&P 500 Index Fund | JNL/Mellon U.S. Stock Market Index Fund | JNL/Mellon Utilities Sector Fund | JNL/Mellon World Index Fund |
| **Operations** |  |  |  |  |  |  |  |
| Net investment income (loss) | $833 | $7105 | $3226 | $64841 | $17876 | $6893 | $4191 |
| Net realized gain (loss) | 1295 | 238979 | (3439) | 267179 | 112145 | 39565 | 19572 |
| Net change in unrealized appreciation |  |  |  |  |  |  |  |
| (depreciation) | 5880 | 398506 | 5226 | 559863 | 130766 | 21192 | 58651 |
| **Change in net assets from operations** | 8008 | 644590 | 5013 | 891883 | 260787 | 67650 | 82414 |
| **Share transactions<sup>1</sup>** |  |  |  |  |  |  |  |
| Proceeds from the sale of shares |  |  |  |  |  |  |  |
| Class A | 41975 | 853436 | 27442 | 1350376 | 177534 | 195792 | 51440 |
| Class I | 1194 | 29772 | 1581 | 440 | 7540 | 3946 | 1619 |
| Proceeds in connection with acquisition |  |  |  |  |  |  |  |
| Class A |  |  |  |  |  |  | 376153 |
| Class I |  |  |  |  |  |  | 7959 |
| Cost of shares redeemed |  |  |  |  |  |  |  |
| Class A | (39138) | (1133151) | (43986) | (1692442) | (651671) | (165790) | (96068) |
| Class I | (1153) | (27880) | (3015) | (590) | (11452) | (3983) | (2617) |
| **Change in net assets from** |  |  |  |  |  |  |  |
| **share transactions** | 2878 | (277823) | (17978) | (342216) | (478049) | 29965 | 338486 |
| **Change in net assets** | 10886 | 366767 | (12965) | 549667 | (217262) | 97615 | 420900 |
| Net assets beginning of period | 139235 | 8354708 | 203581 | 15403059 | 5134376 | 565270 | 451334 |
| **Net assets end of period** | $150121 | $8721475 | $190616 | $15952726 | $4917114 | $662885 | $872234 |
| **<sup>1</sup>Share transactions** |  |  |  |  |  |  |  |
| Shares sold |  |  |  |  |  |  |  |
| Class A | 2544 | 11606 | 1940 | 29569 | 7402 | 8531 | 897 |
| Class I | 70 | 600 | 108 | 9 | 304 | 169 | 40 |
| Shares issued in connection with acquisition |  |  |  |  |  |  |  |
| Class A |  |  |  |  |  |  | 8679 |
| Class I |  |  |  |  |  |  | 171 |
| Shares redeemed |  |  |  |  |  |  |  |
| Class A | (2361) | (15333) | (3112) | (36976) | (26796) | (7312) | (1899) |
| Class I | (68) | (559) | (209) | (12) | (459) | (172) | (51) |
| Change in shares |  |  |  |  |  |  |  |
| Class A | 183 | (3727) | (1172) | (7407) | (19394) | 1219 | 7677 |
| Class I | 2 | 41 | (101) | (3) | (155) | (3) | 160 |
| **Purchases and sales of long term**  |  |  |  |  |  |  |  |
| **investments** |  |  |  |  |  |  |  |
| Purchase of securities | $32012 | $134494 | $13891 | $136380 | $48068 | $193005 | $372136<br> (a) |
| Proceeds from sales of securities | $28353 | $397494 | $28067 | $427370 | $506057 | $149538 | $46144 |

---

(a) Amount
 includes securities acquired as part of a fund acquisition. See Note 10 in the Notes to Financial Statements.

See accompanying Notes to Financial Statements.

661

**JNL Series Trust (Unaudited)**

**Statements of Changes in Net Assets** (in thousands)

For the Period Ended June 30, 2025

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | JNL/MFS Mid Cap Value Fund | JNL/Morningstar PitchBook Listed Private Equity Index Fund | JNL/Morningstar SMID Moat Focus Index Fund | JNL/Morningstar U.S. Sustainability Index Fund | JNL/Morningstar Wide Moat Index Fund | JNL/Neuberger Berman Commodity Strategy Fund | JNL/Neuberger Berman Gold Plus Strategy Fund |
| **Operations** |  |  |  |  |  |  |  |
| Net investment income (loss) | $11736 | $193 | $802 | $1767 | $6410 | $754 | $1117 |
| Net realized gain (loss) | 77785 | 802 | (1045) | 22999 | 22595 | 1152 | 9220 |
| Net change in unrealized appreciation |  |  |  |  |  |  |  |
| (depreciation) | (84418) | (790) | 1609 | 10758 | (21184) | 563 | 3747 |
| **Change in net assets from operations** | 5103 | 205 | 1366 | 35524 | 7821 | 2469 | 14084 |
| **Share transactions<sup>1</sup>** |  |  |  |  |  |  |  |
| Proceeds from the sale of shares |  |  |  |  |  |  |  |
| Class A | 97553 | 3251 | 9991 | 32974 | 42993 | 6391 | 30421 |
| Class I | 5591 |  | 5670 | 1726 | 13540 |  |  |
| Cost of shares redeemed |  |  |  |  |  |  |  |
| Class A | (212830) | (3070) | (1530) | (95401) | (166159) | (7221) | (18517) |
| Class I | (9163) |  | (9081) | (1564) | (200399) |  |  |
| **Change in net assets from** |  |  |  |  |  |  |  |
| **share transactions** | (118849) | 181 | 5050 | (62265) | (310025) | (830) | 11904 |
| **Change in net assets** | (113746) | 386 | 6416 | (26741) | (302204) | 1639 | 25988 |
| Net assets beginning of period | 2031639 | 16537 | 126604 | 471190 | 1308037 | 38103 | 52865 |
| **Net assets end of period** | $1917893 | $16923 | $133020 | $444449 | $1005833 | $39742 | $78853 |
| **<sup>1</sup>Share transactions** |  |  |  |  |  |  |  |
| Shares sold |  |  |  |  |  |  |  |
| Class A | 4812 | 248 | 926 | 1251 | 3534 | 363 | 1990 |
| Class I | 269 |  | 536 | 65 | 1081 |  |  |
| Shares redeemed |  |  |  |  |  |  |  |
| Class A | (10489) | (239) | (145) | (3609) | (13431) | (409) | (1192) |
| Class I | (441) |  | (839) | (59) | (15619) |  |  |
| Change in shares |  |  |  |  |  |  |  |
| Class A | (5677) | 9 | 781 | (2358) | (9897) | (46) | 798 |
| Class I | (172) |  | (303) | 6 | (14538) |  |  |
| **Purchases and sales of long term**  |  |  |  |  |  |  |  |
| **investments** |  |  |  |  |  |  |  |
| Purchase of securities | $200100 | $4875 | $70826 | $50355 | $280573 | $15812 | $27215 |
| Proceeds from sales of securities | $293646 | $4523 | $64998 | $108993 | $581175 | $15842 | $17461 |

---

See accompanying Notes to Financial Statements.

662

**JNL Series Trust (Unaudited)**

**Statements of Changes in Net Assets** (in thousands)

For the Period Ended June 30, 2025

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | JNL/Neuberger Berman Strategic Income Fund | JNL/Newton Equity Income Fund | JNL/PIMCO Income Fund | JNL/PIMCO Investment Grade Credit Bond Fund | JNL/PIMCO Real Return Fund | JNL/PPM America High Yield Bond Fund | JNL/PPM America Investment Grade Credit Fund |
| **Operations** |  |  |  |  |  |  |  |
| Net investment income (loss) | $20423 | $22216 | $39418 | $18499 | $21234 | $50639 | $6639 |
| Net realized gain (loss) | 8663 | 117698 | 3487 | (16612) | 4125 | (5590) | 295 |
| Net change in unrealized appreciation |  |  |  |  |  |  |  |
| (depreciation) | 14251 | 93033 | 47388 | 37818 | 28579 | 11283 | 4460 |
| **Change in net assets from operations** | 43337 | 232947 | 90293 | 39705 | 53938 | 56332 | 11394 |
| **Share transactions<sup>1</sup>** |  |  |  |  |  |  |  |
| Proceeds from the sale of shares |  |  |  |  |  |  |  |
| Class A | 64722 | 504690 | 179608 | 61149 | 162529 | 66587 | 8463 |
| Class I | 3073 | 194387 | 33213 | 12110 | 19319 | 7364 | 8603 |
| Proceeds in connection with acquisition |  |  |  |  |  |  |  |
| Class A | 340221 |  |  |  |  |  |  |
| Class I | 4406 |  |  |  |  |  |  |
| Cost of shares redeemed |  |  |  |  |  |  |  |
| Class A | (97883) | (250893) | (164195) | (85759) | (179631) | (159379) | (2325) |
| Class I | (8759) | (64607) | (62568) | (47894) | (25756) | (25906) | (40187) |
| **Change in net assets from** |  |  |  |  |  |  |  |
| **share transactions** | 305780 | 383577 | (13942) | (60394) | (23539) | (111334) | (25446) |
| **Change in net assets** | 349117 | 616524 | 76351 | (20689) | 30399 | (55002) | (14052) |
| Net assets beginning of period | 705142 | 2718001 | 1513839 | 869004 | 1081756 | 1429788 | 295591 |
| **Net assets end of period** | $1054259 | $3334525 | $1590190 | $848315 | $1112155 | $1374786 | $281539 |
| **<sup>1</sup>Share transactions** |  |  |  |  |  |  |  |
| Shares sold |  |  |  |  |  |  |  |
| Class A | (12798) | 14610 | 14893 | 4865 | 13667 | 3959 | 799 |
| Class I | 4 | 5364 | 2702 | 947 | 1591 | 368 | 812 |
| Shares issued in connection with acquisition |  |  |  |  |  |  |  |
| Class A | 43691 |  |  |  |  |  |  |
| Class I | 553 |  |  |  |  |  |  |
| Shares redeemed |  |  |  |  |  |  |  |
| Class A | (7479) | (7310) | (13638) | (6844) | (15176) | (9484) | (220) |
| Class I | (655) | (1823) | (5103) | (3752) | (2114) | (1299) | (3804) |
| Change in shares |  |  |  |  |  |  |  |
| Class A | 23414 | 7300 | 1255 | (1979) | (1509) | (5525) | 579 |
| Class I | (98) | 3541 | (2401) | (2805) | (523) | (931) | (2992) |
| **Purchases and sales of long term**  |  |  |  |  |  |  |  |
| **investments** |  |  |  |  |  |  |  |
| Purchase of securities | $629184 | $1427926 | $211461 | $94567 | $168979 | $415273 | $93781 |
| Purchase of U.S. Government securities | 175093<br> (a) |  | 10460<br> (b) | 2775<br> (c) | 292007<br> (d) |  | 10585 |
| Total purchases | $804277<br> (e) | $1427926 | $221921 | $97342 | $460986 | $415273 | $104366 |
| Proceeds from sales of securities | $421842 | $1039608 | $310977 | $200527 | $150278 | $510908 | $117136 |
| Proceeds from sales of U.S. Government |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; securities | 50877<br> (a) |  | 15545<br> (b) | 46273<br> (c) | 305982<br> (d) |  | 12686 |
| Total proceeds from sales | $472719 | $1039608 | $326522 | $246800 | $456260 | $510908 | $129822 |
| Securities sold short covers | $— | $— | $41139 | $40392 | $38880 | $— | $— |
| Securities sold short proceeds | $— | $— | $42017 | $35614 | $45574 | $— | $— |

---

(a) Amounts
 exclude $890,162 and $769,789 of purchases and sales, respectively, of dollar roll transaction securities.

(b) Amounts
 exclude $7,223,952 and $7,201,378 of purchases and sales, respectively, of dollar roll transaction securities.

(c) Amounts
 exclude $991,415 and $1,096,825 of purchases and sales, respectively, of dollar roll transaction securities.

(d) Amounts
 exclude $1,251,740 and $1,252,208 of purchases and sales, respectively, of dollar roll transaction securities.

(e) Amount
 includes securities acquired as part of a fund acquisition. See Note 10 in the Notes to Financial Statements.

See accompanying Notes to Financial Statements.

663

**JNL Series Trust (Unaudited)**

**Statements of Changes in Net Assets** (in thousands)

For the Period Ended June 30, 2025

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | JNL/PPM America Total Return Fund | JNL/RAFI Fundamental U.S. Small Cap Fund | JNL/RAFI Multi-Factor U.S. Equity Fund | JNL/T. Rowe Price Balanced Fund | JNL/T. Rowe Price Capital Appreciation Equity Fund | JNL/T. Rowe Price Capital Appreciation Fund | JNL/T. Rowe Price Growth Stock Fund |
| **Operations** |  |  |  |  |  |  |  |
| Net investment income (loss) | $32308 | $2255 | $14844 | $5638 | $1069 | $122696 | $(16339) |
| Net realized gain (loss) | (8375) | 13066 | 151411 | 15142 | 2214 | 602223 | 966095 |
| Net change in unrealized appreciation |  |  |  |  |  |  |  |
| (depreciation) | 33986 | (21760) | (4808) | 19325 | 38983 | 106590 | (441762) |
| **Change in net assets from operations** | 57919 | (6439) | 161447 | 40105 | 42266 | 831509 | 507994 |
| **Share transactions<sup>1</sup>** |  |  |  |  |  |  |  |
| Proceeds from the sale of shares |  |  |  |  |  |  |  |
| Class A | 39687 | 31195 | 70925 | 53285 | 170040 | 900572 | 400685 |
| Class I | 29475 | 873 | 2048 | 858 | 201309 | 29379 | 43536 |
| Cost of shares redeemed |  |  |  |  |  |  |  |
| Class A | (78985) | (53950) | (234964) | (54603) | (33437) | (1377849) | (1155073) |
| Class I | (113963) | (1234) | (2847) | (1333) | (50307) | (167891) | (119272) |
| **Change in net assets from** |  |  |  |  |  |  |  |
| **share transactions** | (123786) | (23116) | (164838) | (1793) | 287605 | (615789) | (830124) |
| **Change in net assets** | (65867) | (29555) | (3391) | 38312 | 329871 | 215720 | (322130) |
| Net assets beginning of period | 1504498 | 408022 | 2141574 | 527340 | 528273 | 14329699 | 10209614 |
| **Net assets end of period** | $1438631 | $378467 | $2138183 | $565652 | $858144 | $14545419 | $9887484 |
| **<sup>1</sup>Share transactions** |  |  |  |  |  |  |  |
| Shares sold |  |  |  |  |  |  |  |
| Class A | 3030 | 3365 | 2867 | 2814 | 17165 | 31935 | 4582 |
| Class I | 2213 | 94 | 81 | 43 | 19729 | 1023 | 461 |
| Shares redeemed |  |  |  |  |  |  |  |
| Class A | (6035) | (5806) | (9492) | (2888) | (3477) | (48843) | (12989) |
| Class I | (8582) | (133) | (113) | (70) | (5027) | (5776) | (1215) |
| Change in shares |  |  |  |  |  |  |  |
| Class A | (3005) | (2441) | (6625) | (74) | 13688 | (16908) | (8407) |
| Class I | (6369) | (39) | (32) | (27) | 14702 | (4753) | (754) |
| **Purchases and sales of long term**  |  |  |  |  |  |  |  |
| **investments** |  |  |  |  |  |  |  |
| Purchase of securities | $580278 | $47638 | $433432 | $97198 | $533587 | $4505757 | $1548010 |
| Purchase of U.S. Government securities | 145026 |  |  | 57793 |  | 3067623 |  |
| Total purchases | $725304 | $47638 | $433432 | $154991 | $533587 | $7573380 | $1548010 |
| Proceeds from sales of securities | $793333 | $67950 | $591608 | $125123 | $242896 | $5853351 | $2405120 |
| Proceeds from sales of U.S. Government |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; securities | 44063 |  |  | 43784 |  | 3144859 |  |
| Total proceeds from sales | $837396 | $67950 | $591608 | $168907 | $242896 | $8998210 | $2405120 |
| Securities sold short covers | $— | $— | $— | $— | $— | $13032 | $— |
| Securities sold short proceeds | $— | $— | $— | $— | $— | $23801 | $— |

---

See accompanying Notes to Financial Statements.

664

**JNL Series Trust (Unaudited)**

**Statements of Changes in Net Assets** (in thousands)

For the Period Ended June 30, 2025

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | JNL/T. Rowe Price Mid-Cap Growth Fund | JNL/T. Rowe Price Short-Term Bond Fund | JNL/T. Rowe Price U.S. High Yield Fund | JNL/T. Rowe Price Value Fund | JNL/WCM China Quality Growth Fund | JNL/WCM Focused International Equity Fund | JNL/Westchester Capital Event Driven Fund |
| **Operations** |  |  |  |  |  |  |  |
| Net investment income (loss) | $(5989) | $22005 | $16783 | $25384 | $39 | $4277 | $538 |
| Net realized gain (loss) | 205126 | (935) | 893 | 159981 | 578 | 85002 | 1957 |
| Net change in unrealized appreciation |  |  |  |  |  |  |  |
| (depreciation) | (167837) | 10949 | (260) | 91679 | (58) | 363587 | (718) |
| **Change in net assets from operations** | 31300 | 32019 | 17416 | 277044 | 559 | 452866 | 1777 |
| **Share transactions<sup>1</sup>** |  |  |  |  |  |  |  |
| Proceeds from the sale of shares |  |  |  |  |  |  |  |
| Class A | 227734 | 168155 | 35819 | 231201 | 8253 | 332234 | 5314 |
| Class I | 10403 | 5052 | 29588 | 52519 |  | 63781 | 143 |
| Cost of shares redeemed |  |  |  |  |  |  |  |
| Class A | (550886) | (209244) | (39650) | (394543) | (5005) | (145335) | (9949) |
| Class I | (18095) | (12660) | (64276) | (135590) |  | (268114) | (283) |
| **Change in net assets from** |  |  |  |  |  |  |  |
| **share transactions** | (330844) | (48697) | (38519) | (246413) | 3248 | (17434) | (4775) |
| **Change in net assets** | (299544) | (16678) | (21103) | 30631 | 3807 | 435432 | (2998) |
| Net assets beginning of period | 5138704 | 1116602 | 466599 | 4474330 | 5630 | 1764545 | 49972 |
| **Net assets end of period** | $4839160 | $1099924 | $445496 | $4504961 | $9437 | $2199977 | $46974 |
| **<sup>1</sup>Share transactions** |  |  |  |  |  |  |  |
| Shares sold |  |  |  |  |  |  |  |
| Class A | 2982 | 15041 | 2837 | 7985 | 853 | 20178 | 399 |
| Class I | 125 | 440 | 2312 | 1678 |  | 3855 | 10 |
| Shares redeemed |  |  |  |  |  |  |  |
| Class A | (7140) | (18719) | (3160) | (13588) | (552) | (9266) | (748) |
| Class I | (218) | (1103) | (5032) | (4343) |  | (16068) | (21) |
| Change in shares |  |  |  |  |  |  |  |
| Class A | (4158) | (3678) | (323) | (5603) | 301 | 10912 | (349) |
| Class I | (93) | (663) | (2720) | (2665) |  | (12213) | (11) |
| **Purchases and sales of long term**  |  |  |  |  |  |  |  |
| **investments** |  |  |  |  |  |  |  |
| Purchase of securities | $790952 | $307182 | $165073 | $1465922 | $8313 | $304040 | $40188 |
| Purchase of U.S. Government securities |  | 233237 |  |  |  |  |  |
| Total purchases | $790952 | $540419 | $165073 | $1465922 | $8313 | $304040 | $40188 |
| Proceeds from sales of securities | $1133605 | $279404 | $185555 | $1676248 | $5582 | $372678 | $44473 |
| Proceeds from sales of U.S. Government |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; securities |  | 267013 |  |  |  |  |  |
| Total proceeds from sales | $1133605 | $546417 | $185555 | $1676248 | $5582 | $372678 | $44473 |
| Securities sold short covers | $— | $— | $— | $— | $— | $— | $9609 |
| Securities sold short proceeds | $— | $— | $— | $— | $— | $— | $11385 |

---

See accompanying Notes to Financial Statements.

665

**JNL Series Trust (Unaudited)**

**Statements of Changes in Net Assets** (in thousands)

For the Period Ended June 30, 2025

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | JNL/William Blair International Leaders Fund | JNL/WMC Balanced Fund | JNL/WMC Equity Income Fund | JNL/WMC Global Real Estate Fund | JNL/WMC Value Fund |
| **Operations** |  |  |  |  |  |
| Net investment income (loss) | $6779 | $78118 | $9459 | $8585 | $9023 |
| Net realized gain (loss) | 2930 | 523954 | 64551 | 15506 | 54793 |
| Net change in unrealized appreciation |  |  |  |  |  |
| (depreciation) | 140724 | (56760) | (5181) | 2733 | (12417) |
| **Change in net assets from operations** | 150433 | 545312 | 68829 | 26824 | 51399 |
| **Share transactions<sup>1</sup>** |  |  |  |  |  |
| Proceeds from the sale of shares |  |  |  |  |  |
| Class A | 26406 | 351139 | 39944 | 15927 | 33191 |
| Class I | 16914 | 5807 | 8667 | 508 | 8008 |
| Cost of shares redeemed |  |  |  |  |  |
| Class A | (70356) | (906107) | (81903) | (74915) | (89002) |
| Class I | (86295) | (9904) | (128203) | (627) | (24655) |
| **Change in net assets from** |  |  |  |  |  |
| **share transactions** | (113331) | (559065) | (161495) | (59107) | (72458) |
| **Change in net assets** | 37102 | (13753) | (92666) | (32283) | (21059) |
| Net assets beginning of period | 975734 | 9170351 | 1033836 | 597902 | 1063500 |
| **Net assets end of period** | $1012836 | $9156598 | $941170 | $565619 | $1042441 |
| **<sup>1</sup>Share transactions** |  |  |  |  |  |
| Shares sold |  |  |  |  |  |
| Class A | 2304 | 9238 | 2050 | 1567 | 925 |
| Class I | 1343 | 145 | 433 | 48 | 213 |
| Shares redeemed |  |  |  |  |  |
| Class A | (6132) | (23783) | (4181) | (7335) | (2481) |
| Class I | (6808) | (247) | (6252) | (59) | (653) |
| Change in shares |  |  |  |  |  |
| Class A | (3828) | (14545) | (2131) | (5768) | (1556) |
| Class I | (5465) | (102) | (5819) | (11) | (440) |
| **Purchases and sales of long term**  |  |  |  |  |  |
| **investments** |  |  |  |  |  |
| Purchase of securities | $431087 | $2223142 | $302271 | $335293 | $226790 |
| Purchase of U.S. Government securities |  | 1706763<br> (a) |  |  |  |
| Total purchases | $431087 | $3929905 | $302271 | $335293 | $226790 |
| Proceeds from sales of securities | $556786 | $2709159 | $455315 | $387002 | $283734 |
| Proceeds from sales of U.S. Government |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; securities |  | 1648178<br> (a) |  |  |  |
| Total proceeds from sales | $556786 | $4357337 | $455315 | $387002 | $283734 |
| Securities sold short covers | $— | $632332 | $— | $— | $— |
| Securities sold short proceeds | $— | $660994 | $— | $— | $— |

---

(a) Amounts
 exclude $1,069,415 and $1,095,082 of purchases and sales, respectively, of dollar roll transaction securities.

See accompanying Notes to Financial Statements.

666

**JNL Series Trust (Unaudited)**

**Statements of Changes in Net Assets** (in thousands)

For the Year Ended December 31, 2024

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | JNL/American Funds Balanced Fund(a) | JNL/American Funds Bond Fund of America Fund(a) | JNL/American Funds Capital Income Builder Fund(a) | JNL/American Funds Capital World Bond Fund(a) | JNL/American Funds Global Growth Fund(a) | JNL/American Funds Global Small Capitalization Fund(a) | JNL/American Funds Growth Fund(a) |
| **Operations** |  |  |  |  |  |  |  |
| Net investment income (loss) | $56110 | $17293 | $12597 | $6057 | $11655 | $4134 | $2221 |
| Net realized gain (loss) | 146840 | (6908) | 4355 | (4930) | 44136 | 15697 | 209251 |
| Net change in unrealized appreciation |  |  |  |  |  |  |  |
| (depreciation) | 251405 | (8332) | 21812 | (11810) | 66094 | (6487) | 1389049 |
| **Change in net assets from operations** | 454355 | 2053 | 38764 | (10683) | 121885 | 13344 | 1600521 |
| **Share transactions<sup>1</sup>** |  |  |  |  |  |  |  |
| Proceeds from the sale of shares |  |  |  |  |  |  |  |
| Class A | 550276 | 219437 | 83894 | 42195 | 196165 | 88851 | 1434408 |
| Class I | 16553 | 9349 | 2090 | 1580 | 7015 | 4316 | 42899 |
| Cost of shares redeemed |  |  |  |  |  |  |  |
| Class A | (582996) | (122240) | (78725) | (75372) | (211690) | (161464) | (1266776) |
| Class I | (14850) | (3977) | (1780) | (1404) | (7769) | (5217) | (34817) |
| **Change in net assets from** |  |  |  |  |  |  |  |
| **share transactions** | (31017) | 102569 | 5479 | (33001) | (16279) | (73514) | 175714 |
| **Change in net assets** | 423338 | 104622 | 44243 | (43684) | 105606 | (60170) | 1776235 |
| Net assets beginning of year | 2846320 | 362006 | 390530 | 345565 | 923708 | 674679 | 5090432 |
| **Net assets end of year** | $3269658 | $466628 | $434773 | $301881 | $1029314 | $614509 | $6866667 |
| **<sup>1</sup>Share transactions** |  |  |  |  |  |  |  |
| Shares sold |  |  |  |  |  |  |  |
| Class A | 32005 | 23508 | 6027 | 4215 | 7355 | 4685 | 24909 |
| Class I | 924 | 1004 | 147 | 153 | 258 | 224 | 734 |
| Shares redeemed |  |  |  |  |  |  |  |
| Class A | (33937) | (13192) | (5615) | (7503) | (7932) | (8527) | (22187) |
| Class I | (820) | (427) | (124) | (136) | (283) | (269) | (598) |
| Change in shares |  |  |  |  |  |  |  |
| Class A | (1932) | 10316 | 412 | (3288) | (577) | (3842) | 2722 |
| Class I | 104 | 577 | 23 | 17 | (25) | (45) | 136 |

---

(a) The
 Master Funds for the JNL/American Funds Feeder Funds are the Class 1 shares of the corresponding American Fund Insurance Series Fund.
 The Master Funds for the JNL/Mellon Feeder Funds are the Class I shares of the corresponding JNL Mellon Master Funds. These financial
 statements should be read in conjunction with each Master Fund's respective financial statements.

See accompanying Notes to Financial Statements.

667

**JNL Series Trust (Unaudited)**

**Statements of Changes in Net Assets** (in thousands)

For the Year Ended December 31, 2024

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | JNL/American Funds Growth-Income Fund(a) | JNL/American Funds International Fund(a) | JNL/American Funds New World Fund(a) | JNL/American Funds Washington Mutual Investors Fund(a) | JNL/Mellon Bond Index Fund(a) | JNL/Mellon Emerging Markets Index Fund(a) | JNL/Mellon International Index Fund(a) |
| **Operations** |  |  |  |  |  |  |  |
| Net investment income (loss) | $78478 | $10666 | $12625 | $44890 | $(5005) | $(4765) | $67735 |
| Net realized gain (loss) | 740093 | 22751 | 46958 | 121196 | (5325) | (18617) | 18871 |
| Net change in unrealized appreciation |  |  |  |  |  |  |  |
| (depreciation) | 1551327 | 14150 | 28167 | 507609 | 17845 | 70936 | (12162) |
| **Change in net assets from operations** | 2369898 | 47567 | 87750 | 673695 | 7515 | 47554 | 74444 |
| **Share transactions<sup>1</sup>** |  |  |  |  |  |  |  |
| Proceeds from the sale of shares |  |  |  |  |  |  |  |
| Class A | 1455564 | 143292 | 151551 | 470205 | 190414 | 98333 | 224742 |
| Class I | 44204 | 5990 | 7398 | 17195 | 9655 | 5128 | 14523 |
| Cost of shares redeemed |  |  |  |  |  |  |  |
| Class A | (2443056) | (337802) | (344374) | (908821) | (213236) | (209213) | (526255) |
| Class I | (51350) | (6120) | (11237) | (12826) | (6601) | (5953) | (16974) |
| **Change in net assets from** |  |  |  |  |  |  |  |
| **share transactions** | (994638) | (194640) | (196662) | (434247) | (19768) | (111705) | (303964) |
| **Change in net assets** | 1375260 | (147073) | (108912) | 239448 | (12253) | (64151) | (229520) |
| Net assets beginning of year | 10322860 | 1452795 | 1430164 | 3759720 | 1030620 | 842376 | 2298755 |
| **Net assets end of year** | $11698120 | $1305722 | $1321252 | $3999168 | $1018367 | $778225 | $2069235 |
| **<sup>1</sup>Share transactions** |  |  |  |  |  |  |  |
| Shares sold |  |  |  |  |  |  |  |
| Class A | 32188 | 8632 | 8631 | 11847 | 16582 | 8568 | 13942 |
| Class I | 968 | 352 | 411 | 425 | 797 | 443 | 855 |
| Shares redeemed |  |  |  |  |  |  |  |
| Class A | (53871) | (20201) | (19590) | (22821) | (18535) | (18104) | (32548) |
| Class I | (1104) | (356) | (623) | (313) | (546) | (507) | (990) |
| Change in shares |  |  |  |  |  |  |  |
| Class A | (21683) | (11569) | (10959) | (10974) | (1953) | (9536) | (18606) |
| Class I | (136) | (4) | (212) | 112 | 251 | (64) | (135) |

---

(a) The
 Master Funds for the JNL/American Funds Feeder Funds are the Class 1 shares of the corresponding American Fund Insurance Series Fund.
 The Master Funds for the JNL/Mellon Feeder Funds are the Class I shares of the corresponding JNL Mellon Master Funds. These financial
 statements should be read in conjunction with each Master Fund's respective financial statements.

See accompanying Notes to Financial Statements.

668

**JNL Series Trust (Unaudited)**

**Statements of Changes in Net Assets** (in thousands)

For the Year Ended December 31, 2024

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | JNL/Mellon S&P 400 MidCap Index Fund(a) | JNL/Mellon Small Cap Index Fund(a) | JNL Aggressive Growth Allocation Fund | JNL Conservative Allocation Fund | JNL Growth Allocation Fund | JNL Moderate Allocation Fund | JNL Moderate Growth Allocation Fund |
| **Operations** |  |  |  |  |  |  |  |
| Net investment income (loss) | $(15557) | $(11574) | $1558 | $1006 | $7274 | $5035 | $10383 |
| Net realized gain (loss) | 53906 | 17318 | 137739 | 13698 | 239598 | 147065 | 350917 |
| Net change in unrealized appreciation |  |  |  |  |  |  |  |
| (depreciation) | 392249 | 189575 | 27748 | 16547 | 58843 | 140 | (32020) |
| **Change in net assets from operations** | 430598 | 195319 | 167045 | 31251 | 305715 | 152240 | 329280 |
| **Share transactions<sup>1</sup>** |  |  |  |  |  |  |  |
| Proceeds from the sale of shares |  |  |  |  |  |  |  |
| Class A | 418745 | 380766 | 126804 | 78428 | 173879 | 120847 | 157145 |
| Class I | 21275 | 21298 | 2792 | 861 | 4442 | 1164 | 2599 |
| Cost of shares redeemed |  |  |  |  |  |  |  |
| Class A | (779260) | (659053) | (315992) | (143838) | (600852) | (439853) | (723694) |
| Class I | (22460) | (20135) | (2980) | (629) | (3662) | (4464) | (2918) |
| **Change in net assets from** |  |  |  |  |  |  |  |
| **share transactions** | (361700) | (277124) | (189376) | (65178) | (426193) | (322306) | (566868) |
| **Change in net assets** | 68898 | (81805) | (22331) | (33927) | (120478) | (170066) | (237588) |
| Net assets beginning of year | 3364594 | 2606033 | 1458731 | 591084 | 3025570 | 2119079 | 3808140 |
| **Net assets end of year** | $3433492 | $2524228 | $1436400 | $557157 | $2905092 | $1949013 | $3570552 |
| **<sup>1</sup>Share transactions** |  |  |  |  |  |  |  |
| Shares sold |  |  |  |  |  |  |  |
| Class A | 12246 | 13997 | 6268 | 5555 | 8619 | 7004 | 8141 |
| Class I | 596 | 748 | 138 | 58 | 216 | 67 | 132 |
| Shares redeemed |  |  |  |  |  |  |  |
| Class A | (22819) | (24316) | (15659) | (10214) | (29762) | (25496) | (37560) |
| Class I | (634) | (707) | (144) | (44) | (179) | (255) | (148) |
| Change in shares |  |  |  |  |  |  |  |
| Class A | (10573) | (10319) | (9391) | (4659) | (21143) | (18492) | (29419) |
| Class I | (38) | 41 | (6) | 14 | 37 | (188) | (16) |

---

(a) The
 Master Funds for the JNL/American Funds Feeder Funds are the Class 1 shares of the corresponding American Fund Insurance Series Fund.
 The Master Funds for the JNL/Mellon Feeder Funds are the Class I shares of the corresponding JNL Mellon Master Funds. These financial
 statements should be read in conjunction with each Master Fund's respective financial statements.

See accompanying Notes to Financial Statements.

669

**JNL Series Trust (Unaudited)**

**Statements of Changes in Net Assets** (in thousands)

For the Year Ended December 31, 2024

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | JNL/JPMorgan Managed Aggressive Growth Fund | JNL/JPMorgan Managed Conservative Fund | JNL/JPMorgan Managed Growth Fund | JNL/JPMorgan Managed Moderate Fund | JNL/JPMorgan Managed Moderate Growth Fund | JNL/American Funds Growth Allocation Fund | JNL/American Funds Moderate Allocation Fund(a) |
| **Operations** |  |  |  |  |  |  |  |
| Net investment income (loss) | $(176) | $(2256) | $(2329) | $(3818) | $(5362) | $54804 | $37 |
| Net realized gain (loss) | 384885 | 42603 | 668072 | 141989 | 452684 | 196219 | 31 |
| Net change in unrealized appreciation |  |  |  |  |  |  |  |
| (depreciation) | (97551) | (5508) | (153062) | (9285) | (69141) | 208574 | (111) |
| **Change in net assets from operations** | 287158 | 34839 | 512681 | 128886 | 378181 | 459597 | (43) |
| **Share transactions<sup>1</sup>** |  |  |  |  |  |  |  |
| Proceeds from the sale of shares |  |  |  |  |  |  |  |
| Class A | 152909 | 57362 | 227563 | 62245 | 149043 | 505733 | 3952 |
| Class I | 2809 | 646 | 4070 | 307 | 1313 | 6325 | 1 |
| Cost of shares redeemed |  |  |  |  |  |  |  |
| Class A | (507590) | (194100) | (972841) | (378598) | (810399) | (768674) | (27) |
| Class I | (3678) | (523) | (6569) | (663) | (2864) | (13453) |  |
| **Change in net assets from** |  |  |  |  |  |  |  |
| **share transactions** | (355550) | (136615) | (747777) | (316709) | (662907) | (270069) | 3926 |
| **Change in net assets** | (68392) | (101776) | (235096) | (187823) | (284726) | 189528 | 3883 |
| Net assets beginning of year | 2190820 | 787561 | 4356442 | 1908466 | 4092904 | 3691045 |  |
| **Net assets end of year** | $2122428 | $685785 | $4121346 | $1720643 | $3808178 | $3880573 | $3883 |
| **<sup>1</sup>Share transactions** |  |  |  |  |  |  |  |
| Shares sold |  |  |  |  |  |  |  |
| Class A | 4029 | 3708 | 7442 | 3104 | 5851 | 19051 | 399 |
| Class I | 72 | 41 | 130 | 15 | 52 | 234 |  |
| Shares redeemed |  |  |  |  |  |  |  |
| Class A | (13263) | (12418) | (31616) | (18800) | (31771) | (28961) | (3) |
| Class I | (96) | (33) | (211) | (33) | (112) | (501) |  |
| Change in shares |  |  |  |  |  |  |  |
| Class A | (9234) | (8710) | (24174) | (15696) | (25920) | (9910) | 396 |
| Class I | (24) | 8 | (81) | (18) | (60) | (267) |  |

---

(a) Period
 from commencement of operations October 21, 2024.

See accompanying Notes to Financial Statements.

670

**JNL Series Trust (Unaudited)**

**Statements of Changes in Net Assets** (in thousands)

For the Year Ended December 31, 2024

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | JNL/American Funds Moderate Growth Allocation Fund | JNL Growth ETF Allocation Fund | JNL Moderate ETF Allocation Fund | JNL Moderate Growth ETF Allocation Fund | JNL/Vanguard Growth ETF Allocation Fund | JNL/Vanguard Moderate ETF Allocation Fund | JNL/Vanguard Moderate Growth ETF Allocation Fund |
| **Operations** |  |  |  |  |  |  |  |
| Net investment income (loss) | $48966 | $5863 | $5230 | $6765 | $34649 | $13736 | $19527 |
| Net realized gain (loss) | 71467 | 28845 | 6950 | 23118 | (17564) | 8138 | 23592 |
| Net change in unrealized appreciation |  |  |  |  |  |  |  |
| (depreciation) | 110131 | 1767 | 1098 | (1687) | 215467 | 17185 | 43854 |
| **Change in net assets from operations** | 230564 | 36475 | 13278 | 28196 | 232552 | 39059 | 86973 |
| **Distributions to shareholders** |  |  |  |  |  |  |  |
| From distributable earnings |  |  |  |  |  |  |  |
| Class A |  | (8270) | (4805) | (8918) |  |  |  |
| Class I |  | (254) | (224) | (273) |  |  |  |
| **Total distributions to shareholders**  |  | (8524) | (5029) | (9191) |  |  |  |
| **Share transactions<sup>1</sup>** |  |  |  |  |  |  |  |
| Proceeds from the sale of shares |  |  |  |  |  |  |  |
| Class A | 154463 | 50754 | 26736 | 38755 | 193574 | 72391 | 94772 |
| Class I | 4321 | 2478 | 997 | 1719 | 8180 | 6214 | 4044 |
| Reinvestment of distributions |  |  |  |  |  |  |  |
| Class A |  | 8270 | 4805 | 8918 |  |  |  |
| Class I |  | 254 | 224 | 273 |  |  |  |
| Cost of shares redeemed |  |  |  |  |  |  |  |
| Class A | (459241) | (74672) | (44589) | (71118) | (439950) | (118820) | (172812) |
| Class I | (3839) | (2172) | (2369) | (2345) | (13433) | (3863) | (7749) |
| **Change in net assets from** |  |  |  |  |  |  |  |
| **share transactions** | (304296) | (15088) | (14196) | (23798) | (251629) | (44078) | (81745) |
| **Change in net assets** | (73732) | 12863 | (5947) | (4793) | (19077) | (5019) | 5228 |
| Net assets beginning of year | 2495306 | 334013 | 203265 | 324813 | 2061212 | 556491 | 933097 |
| **Net assets end of year** | $2421574 | $346876 | $197318 | $320020 | $2042135 | $551472 | $938325 |
| **<sup>1</sup>Share transactions** |  |  |  |  |  |  |  |
| Shares sold |  |  |  |  |  |  |  |
| Class A | 7153 | 3156 | 2180 | 2769 | 12337 | 5590 | 6626 |
| Class I | 196 | 155 | 82 | 121 | 507 | 473 | 275 |
| Reinvestment of distributions  |  |  |  |  |  |  |  |
| Class A |  | 491 | 381 | 612 |  |  |  |
| Class I |  | 15 | 18 | 19 |  |  |  |
| Shares redeemed |  |  |  |  |  |  |  |
| Class A | (21171) | (4672) | (3648) | (5089) | (27970) | (9157) | (12086) |
| Class I | (178) | (135) | (188) | (162) | (841) | (288) | (523) |
| Change in shares |  |  |  |  |  |  |  |
| Class A | (14018) | (1025) | (1087) | (1708) | (15633) | (3567) | (5460) |
| Class I | 18 | 35 | (88) | (22) | (334) | 185 | (248) |

---

See accompanying Notes to Financial Statements.

671

**JNL Series Trust (Unaudited)**

**Statements of Changes in Net Assets** (in thousands)

For the Year Ended December 31, 2024

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | JNL Bond Index Fund | JNL Emerging Markets Index Fund | JNL International Index Fund | JNL Mid Cap Index Fund | JNL Small Cap Index Fund | JNL Multi-Manager Alternative Fund | JNL Multi-Manager Emerging Markets Equity Fund |
| **Operations** |  |  |  |  |  |  |  |
| Net investment income (loss) | $36892 | $20044 | $64974 | $48932 | $40240 | $4604 | $13614 |
| Net realized gain (loss) | (14873) | (12773) | 58259 | 104660 | 44374 | 48917 | 5151 |
| Net change in unrealized appreciation |  |  |  |  |  |  |  |
| (depreciation) | (9449) | 44802 | (37117) | 293056 | 124667 | 23600 | 6498 |
| **Change in net assets from operations** | 12570 | 52073 | 86116 | 446648 | 209281 | 77121 | 25263 |
| **Distributions to shareholders** |  |  |  |  |  |  |  |
| From distributable earnings |  |  |  |  |  |  |  |
| Class A |  |  |  |  |  |  | (6349) |
| Class I |  |  | (88051) |  |  |  | (8138) |
| **Total distributions to shareholders**  |  |  | (88051) |  |  |  | (14487) |
| **Share transactions<sup>1</sup>** |  |  |  |  |  |  |  |
| Proceeds from the sale of shares |  |  |  |  |  |  |  |
| Class A |  |  |  |  |  | 24793 | 54623 |
| Class I | 210226 | 104529 | 244743 | 445085 | 405916 | 258091 | 368944 |
| Reinvestment of distributions |  |  |  |  |  |  |  |
| Class A |  |  |  |  |  |  | 6349 |
| Class I |  |  | 88051 |  |  |  | 8138 |
| Cost of shares redeemed |  |  |  |  |  |  |  |
| Class A |  |  |  |  |  | (50101) | (149897) |
| Class I | (228109) | (220457) | (556323) | (818774) | (691854) | (502988) | (110970) |
| **Change in net assets from** |  |  |  |  |  |  |  |
| **share transactions** | (17883) | (115928) | (223529) | (373689) | (285938) | (270205) | 177187 |
| **Change in net assets** | (5313) | (63855) | (225464) | 72959 | (76657) | (193084) | 187963 |
| Net assets beginning of year | 1039960 | 844712 | 2305357 | 3371284 | 2610779 | 994241 | 932828 |
| **Net assets end of year** | $1034647 | $780857 | $2079893 | $3444243 | $2534122 | $801157 | $1120791 |
| **<sup>1</sup>Share transactions** |  |  |  |  |  |  |  |
| Shares sold |  |  |  |  |  |  |  |
| Class A |  |  |  |  |  | 2029 | 6264 |
| Class I | 22667 | 12096 | 23849 | 38848 | 38419 | 20139 | 39690 |
| Reinvestment of distributions  |  |  |  |  |  |  |  |
| Class A |  |  |  |  |  |  | 708 |
| Class I |  |  | 8692 |  |  |  | 906 |
| Shares redeemed |  |  |  |  |  |  |  |
| Class A |  |  |  |  |  | (4086) | (17089) |
| Class I | (24557) | (25325) | (54023) | (71581) | (65719) | (40245) | (12741) |
| Change in shares |  |  |  |  |  |  |  |
| Class A |  |  |  |  |  | (2057) | (10117) |
| Class I | (1890) | (13229) | (21482) | (32733) | (27300) | (20106) | 27855 |

---

See accompanying Notes to Financial Statements.

672

**JNL Series Trust (Unaudited)**

**Statements of Changes in Net Assets** (in thousands)

For the Year Ended December 31, 2024

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | JNL Multi-Manager Floating Rate Income Fund | JNL Multi-Manager International Small Cap Fund | JNL Multi-Manager Mid Cap Fund | JNL Multi-Manager Small Cap Growth Fund | JNL Multi-Manager Small Cap Value Fund | JNL Multi-Manager U.S. Select Equity Fund | JNL S&P 500 Index Fund |
| **Operations** |  |  |  |  |  |  |  |
| Net investment income (loss) | $105546 | $10242 | $7567 | $(9182) | $6941 | $2668 | $5772 |
| Net realized gain (loss) | (24755) | 6913 | 126299 | 155349 | 160553 | 133067 | 6898 |
| Net change in unrealized appreciation |  |  |  |  |  |  |  |
| (depreciation) | 10589 | 16872 | (34918) | 68305 | (1834) | 57102 | 84057 |
| **Change in net assets from operations** | 91380 | 34027 | 98948 | 214472 | 165660 | 192837 | 96727 |
| **Distributions to shareholders** |  |  |  |  |  |  |  |
| From distributable earnings |  |  |  |  |  |  |  |
| Class A |  | (15433) |  |  |  |  |  |
| Class I |  | (10264) |  |  |  |  |  |
| **Total distributions to shareholders**  |  | (25697) |  |  |  |  |  |
| **Share transactions<sup>1</sup>** |  |  |  |  |  |  |  |
| Proceeds from the sale of shares |  |  |  |  |  |  |  |
| Class A | 204524 | 60900 | 73348 | 276960 | 290475 | 6352 |  |
| Class I | 7293 | 25291 | 63221 | 229864 | 143742 | 826452 | 136066 |
| Proceeds in connection with acquisition |  |  |  |  |  |  |  |
| Class A |  |  |  |  |  | 6226 |  |
| Reinvestment of distributions |  |  |  |  |  |  |  |
| Class A |  | 15433 |  |  |  |  |  |
| Class I |  | 10264 |  |  |  |  |  |
| Cost of shares redeemed |  |  |  |  |  |  |  |
| Class A | (407902) | (110923) | (126318) | (540534) | (359133) | (986) |  |
| Class I | (9693) | (39207) | (431767) | (109844) | (145286) | (347783) | (109936) |
| **Change in net assets from** |  |  |  |  |  |  |  |
| **share transactions** | (205778) | (38242) | (421516) | (143554) | (70202) | 490261 | 26130 |
| **Change in net assets** | (114398) | (29912) | (322568) | 70918 | 95458 | 683098 | 122857 |
| Net assets beginning of year | 1213763 | 684027 | 1534930 | 2330350 | 1793748 | 434674 | 376254 |
| **Net assets end of year** | $1099365 | $654115 | $1212362 | $2401268 | $1889206 | $1117772 | $499111 |
| **<sup>1</sup>Share transactions** |  |  |  |  |  |  |  |
| Shares sold |  |  |  |  |  |  |  |
| Class A | 16022 | 5392 | 3697 | 6912 | 14008 | 375 |  |
| Class I | 561 | 2188 | 3096 | 5081 | 6500 | 54735 | 5656 |
| Shares issued in connection with acquisition |  |  |  |  |  |  |  |
| Class A |  |  |  |  |  | 396 |  |
| Reinvestment of distributions  |  |  |  |  |  |  |  |
| Class A |  | 1356 |  |  |  |  |  |
| Class I |  | 892 |  |  |  |  |  |
| Shares redeemed |  |  |  |  |  |  |  |
| Class A | (31835) | (9828) | (6379) | (13391) | (17330) | (61) |  |
| Class I | (744) | (3406) | (21447) | (2459) | (6722) | (23159) | (4546) |
| Change in shares |  |  |  |  |  |  |  |
| Class A | (15813) | (3080) | (2682) | (6479) | (3322) | 710 |  |
| Class I | (183) | (326) | (18351) | 2622 | (222) | 31576 | 1110 |

---

See accompanying Notes to Financial Statements.

673

**JNL Series Trust (Unaudited)**

**Statements of Changes in Net Assets** (in thousands)

For the Year Ended December 31, 2024

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | JNL/AB Sustainable Global Thematic Fund | JNL/AQR Large Cap Defensive Style Fund | JNL/BlackRock Global Allocation Fund | JNL/BlackRock Global Natural Resources Fund | JNL/BlackRock Large Cap Select Growth Fund | JNL/Causeway International Value Select Fund |
| **Operations** |  |  |  |  |  |  |
| Net investment income (loss) | $(26) | $3961 | $62136 | $18171 | $(11462) | $45959 |
| Net realized gain (loss) | 740 | 24190 | 202890 | (22309) | 649141 | 182201 |
| Net change in unrealized appreciation |  |  |  |  |  |  |
| (depreciation) | 360 | 31056 | (12147) | (27595) | 664982 | (136411) |
| **Change in net assets from operations** | 1074 | 59207 | 252879 | (31733) | 1302661 | 91749 |
| **Distributions to shareholders** |  |  |  |  |  |  |
| From distributable earnings |  |  |  |  |  |  |
| Class A |  |  |  |  |  | (62900) |
| Class I |  |  |  |  |  | (121226) |
| **Total distributions to shareholders**  |  |  |  |  |  | (184126) |
| **Share transactions<sup>1</sup>** |  |  |  |  |  |  |
| Proceeds from the sale of shares |  |  |  |  |  |  |
| Class A | 6003 | 69563 | 129439 | 128602 | 808992 | 115619 |
| Class I | 404 | 2358 | 4094 | 3855 | 84561 | 405752 |
| Reinvestment of distributions |  |  |  |  |  |  |
| Class A |  |  |  |  |  | 62900 |
| Class I |  |  |  |  |  | 121226 |
| Cost of shares redeemed |  |  |  |  |  |  |
| Class A | (3911) | (126957) | (577642) | (302306) | (1187930) | (281316) |
| Class I | (523) | (3248) | (6315) | (110211) | (552558) | (291134) |
| **Change in net assets from** |  |  |  |  |  |  |
| **share transactions** | 1973 | (58284) | (450424) | (280060) | (846935) | 133047 |
| **Change in net assets** | 3047 | 923 | (197545) | (311793) | 455726 | 40670 |
| Net assets beginning of year | 19026 | 393411 | 2813659 | 1023937 | 4377544 | 1889731 |
| **Net assets end of year** | $22073 | $394334 | $2616114 | $712144 | $4833270 | $1930401 |
| **<sup>1</sup>Share transactions** |  |  |  |  |  |  |
| Shares sold |  |  |  |  |  |  |
| Class A | 518 | 4324 | 7464 | 9903 | 9893 | 5820 |
| Class I | 36 | 144 | 229 | 294 | 989 | 19698 |
| Reinvestment of distributions  |  |  |  |  |  |  |
| Class A |  |  |  |  |  | 3385 |
| Class I |  |  |  |  |  | 6304 |
| Shares redeemed |  |  |  |  |  |  |
| Class A | (342) | (7764) | (33106) | (23374) | (14438) | (14266) |
| Class I | (47) | (196) | (351) | (8871) | (6213) | (13960) |
| Change in shares |  |  |  |  |  |  |
| Class A | 176 | (3440) | (25642) | (13471) | (4545) | (5061) |
| Class I | (11) | (52) | (122) | (8577) | (5224) | 12042 |

---

See accompanying Notes to Financial Statements.

674

**JNL Series Trust (Unaudited)**

**Statements of Changes in Net Assets** (in thousands)

For the Year Ended December 31, 2024

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | JNL/ClearBridge Large Cap Growth Fund | JNL/Cohen & Steers U.S. Realty Fund | JNL/DFA International Core Equity Fund | JNL/DFA U.S. Core Equity Fund | JNL/DFA U.S. Small Cap Fund | JNL/DoubleLine Core Fixed Income Fund | JNL/DoubleLine Emerging Markets Fixed Income Fund |
| **Operations** |  |  |  |  |  |  |  |
| Net investment income (loss) | $(1099) | $3032 | $7464 | $9865 | $2775 | $136952 | $31930 |
| Net realized gain (loss) | 266011 | 13730 | 6225 | 176302 | 28836 | (78429) | (17530) |
| Net change in unrealized appreciation |  |  |  |  |  |  |  |
| (depreciation) | 167331 | (17161) | (1385) | 76091 | 20616 | 9554 | 27000 |
| **Change in net assets from operations** | 432243 | (399) | 12304 | 262258 | 52227 | 68077 | 41400 |
| **Distributions to shareholders** |  |  |  |  |  |  |  |
| From distributable earnings |  |  |  |  |  |  |  |
| Class A |  | (4903) | (7058) |  |  |  |  |
| Class I |  | (201) | (569) |  |  |  |  |
| **Total distributions to shareholders**  |  | (5104) | (7627) |  |  |  |  |
| **Share transactions<sup>1</sup>** |  |  |  |  |  |  |  |
| Proceeds from the sale of shares |  |  |  |  |  |  |  |
| Class A | 390415 | 43521 | 77466 | 181727 | 186937 | 227726 | 28742 |
| Class I | 86968 | 10660 | 9712 | 22079 | 12444 | 125289 | 75239 |
| Reinvestment of distributions |  |  |  |  |  |  |  |
| Class A |  | 4903 | 7058 |  |  |  |  |
| Class I |  | 201 | 569 |  |  |  |  |
| Cost of shares redeemed |  |  |  |  |  |  |  |
| Class A | (350867) | (59523) | (73548) | (372431) | (179680) | (402524) | (36572) |
| Class I | (556793) | (107153) | (6917) | (102808) | (8250) | (248020) | (327610) |
| **Change in net assets from** |  |  |  |  |  |  |  |
| **share transactions** | (430277) | (107391) | 14340 | (271433) | 11451 | (297529) | (260201) |
| **Change in net assets** | 1966 | (112894) | 19017 | (9175) | 63678 | (229452) | (218801) |
| Net assets beginning of year | 1615693 | 209968 | 306472 | 1355611 | 597776 | 3023120 | 557007 |
| **Net assets end of year** | $1617659 | $97074 | $325489 | $1346436 | $661454 | $2793668 | $338206 |
| **<sup>1</sup>Share transactions** |  |  |  |  |  |  |  |
| Shares sold |  |  |  |  |  |  |  |
| Class A | 15367 | 4275 | 6634 | 6688 | 14770 | 17823 | 2423 |
| Class I | 3378 | 1112 | 814 | 768 | 967 | 8865 | 6326 |
| Reinvestment of distributions  |  |  |  |  |  |  |  |
| Class A |  | 482 | 596 |  |  |  |  |
| Class I |  | 19 | 48 |  |  |  |  |
| Shares redeemed |  |  |  |  |  |  |  |
| Class A | (13551) | (5968) | (6265) | (13718) | (14466) | (31422) | (3074) |
| Class I | (20729) | (11593) | (584) | (3329) | (646) | (17680) | (26829) |
| Change in shares |  |  |  |  |  |  |  |
| Class A | 1816 | (1211) | 965 | (7030) | 304 | (13599) | (651) |
| Class I | (17351) | (10462) | 278 | (2561) | 321 | (8815) | (20503) |

---

See accompanying Notes to Financial Statements.

675

**JNL Series Trust (Unaudited)**

**Statements of Changes in Net Assets** (in thousands)

For the Year Ended December 31, 2024

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | JNL/DoubleLine Shiller Enhanced CAPE Fund | JNL/DoubleLine Total Return Fund | JNL/Dreyfus Government Money Market Fund | JNL/Fidelity Institutional Asset Management Total Bond Fund | JNL/First Sentier Global Infrastructure Fund | JNL/Franklin Templeton Income Fund | JNL/Goldman Sachs 4 Fund |
| **Operations** |  |  |  |  |  |  |  |
| Net investment income (loss) | $81704 | $88870 | $131881 | $68323 | $14806 | $72549 | $69112 |
| Net realized gain (loss) | 226373 | (21091) | 10 | (13850) | 23209 | 15216 | 664444 |
| Net change in unrealized appreciation |  |  |  |  |  |  |  |
| (depreciation) | (77904) | (13124) |  | (24166) | (8483) | 6740 | 195361 |
| **Change in net assets from operations** | 230173 | 54655 | 131891 | 30307 | 29532 | 94505 | 928917 |
| **Distributions to shareholders** |  |  |  |  |  |  |  |
| From distributable earnings |  |  |  |  |  |  |  |
| Class A |  |  | (125250) |  |  |  |  |
| Class I |  |  | (6631) |  |  |  |  |
| **Total distributions to shareholders**  |  |  | (131881) |  |  |  |  |
| **Share transactions<sup>1</sup>** |  |  |  |  |  |  |  |
| Proceeds from the sale of shares |  |  |  |  |  |  |  |
| Class A | 181437 | 125851 | 2413422 | 171640 | 58425 | 134346 | 401271 |
| Class I | 21883 | 127112 | 113787 | 69965 | 5475 | 1055 | 10922 |
| Reinvestment of distributions |  |  |  |  |  |  |  |
| Class A |  |  | 125250 |  |  |  |  |
| Class I |  |  | 6631 |  |  |  |  |
| Cost of shares redeemed |  |  |  |  |  |  |  |
| Class A | (589177) | (174668) | (2714006) | (190280) | (157506) | (337789) | (1345443) |
| Class I | (190958) | (327553) | (240277) | (139153) | (192259) | (2658) | (12274) |
| **Change in net assets from** |  |  |  |  |  |  |  |
| **share transactions** | (576815) | (249258) | (295193) | (87828) | (285865) | (205046) | (945524) |
| **Change in net assets** | (346642) | (194603) | (295183) | (57521) | (256333) | (110541) | (16607) |
| Net assets beginning of year | 2045612 | 2151345 | 2909551 | 1568587 | 756551 | 1545659 | 5082008 |
| **Net assets end of year** | $1698970 | $1956742 | $2614368 | $1511066 | $500218 | $1435118 | $5065401 |
| **<sup>1</sup>Share transactions** |  |  |  |  |  |  |  |
| Shares sold |  |  |  |  |  |  |  |
| Class A | 7415 | 11774 | 2413422 | 14265 | 3301 | 8519 | 10360 |
| Class I | 868 | 11580 | 113787 | 5628 | 311 | 68 | 276 |
| Reinvestment of distributions  |  |  |  |  |  |  |  |
| Class A |  |  | 125250 |  |  |  |  |
| Class I |  |  | 6631 |  |  |  |  |
| Shares redeemed |  |  |  |  |  |  |  |
| Class A | (24088) | (16363) | (2714006) | (15795) | (8823) | (21370) | (34457) |
| Class I | (7658) | (30175) | (240277) | (11169) | (11022) | (172) | (312) |
| Change in shares |  |  |  |  |  |  |  |
| Class A | (16673) | (4589) | (175334) | (1530) | (5522) | (12851) | (24097) |
| Class I | (6790) | (18595) | (119859) | (5541) | (10711) | (104) | (36) |

---

See accompanying Notes to Financial Statements.

676

**JNL Series Trust (Unaudited)**

**Statements of Changes in Net Assets** (in thousands)

For the Year Ended December 31, 2024

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | JNL/GQG Emerging Markets Equity Fund | JNL/Invesco Diversified Dividend Fund | JNL/Invesco Global Growth Fund | JNL/Invesco Small Cap Growth Fund | JNL/JPMorgan Global Allocation Fund | JNL/JPMorgan Hedged Equity Fund |
| **Operations** |  |  |  |  |  |  |
| Net investment income (loss) | $18881 | $15244 | $(1316) | $(9535) | $26285 | $3883 |
| Net realized gain (loss) | 107480 | 113365 | 372698 | 149728 | 112229 | 69903 |
| Net change in unrealized appreciation |  |  |  |  |  |  |
| (depreciation) | (84851) | 917 | (115059) | 124878 | (57531) | 74488 |
| **Change in net assets from operations** | 41510 | 129526 | 256323 | 265071 | 80983 | 148274 |
| **Distributions to shareholders** |  |  |  |  |  |  |
| From distributable earnings |  |  |  |  |  |  |
| Class A |  |  |  |  |  |  |
| Class I |  |  |  |  |  |  |
| **Total distributions to shareholders**  |  |  |  |  |  |  |
| **Share transactions<sup>1</sup>** |  |  |  |  |  |  |
| Proceeds from the sale of shares |  |  |  |  |  |  |
| Class A | 303587 | 68519 | 140666 | 359233 | 39776 | 202867 |
| Class I | 167336 | 31431 | 66151 | 9027 | 365 | 13962 |
| Reinvestment of distributions |  |  |  |  |  |  |
| Class A |  |  |  |  |  |  |
| Class I |  |  |  |  |  |  |
| Cost of shares redeemed |  |  |  |  |  |  |
| Class A | (236314) | (117310) | (372938) | (535798) | (209745) | (232071) |
| Class I | (227861) | (332992) | (343424) | (9525) | (866) | (108925) |
| **Change in net assets from** |  |  |  |  |  |  |
| **share transactions** | 6748 | (350352) | (509545) | (177063) | (170470) | (124167) |
| **Change in net assets** | 48258 | (220826) | (253222) | 88008 | (89487) | 24107 |
| Net assets beginning of year | 833665 | 1035509 | 1669483 | 1704176 | 1004255 | 884345 |
| **Net assets end of year** | $881923 | $814683 | $1416261 | $1792184 | $914768 | $908452 |
| **<sup>1</sup>Share transactions** |  |  |  |  |  |  |
| Shares sold |  |  |  |  |  |  |
| Class A | 19312 | 4376 | 5023 | 9838 | 2733 | 13034 |
| Class I | 10385 | 1953 | 2307 | 239 | 25 | 893 |
| Reinvestment of distributions  |  |  |  |  |  |  |
| Class A |  |  |  |  |  |  |
| Class I |  |  |  |  |  |  |
| Shares redeemed |  |  |  |  |  |  |
| Class A | (15006) | (7481) | (13188) | (14991) | (14359) | (14862) |
| Class I | (14264) | (19920) | (11499) | (254) | (58) | (6978) |
| Change in shares |  |  |  |  |  |  |
| Class A | 4306 | (3105) | (8165) | (5153) | (11626) | (1828) |
| Class I | (3879) | (17967) | (9192) | (15) | (33) | (6085) |

---

See accompanying Notes to Financial Statements.

677

**JNL Series Trust (Unaudited)**

**Statements of Changes in Net Assets** (in thousands)

For the Year Ended December 31, 2024

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | JNL/JPMorgan MidCap Growth Fund | JNL/JPMorgan Nasdaq Hedged Equity Fund(a) | JNL/JPMorgan U.S. Government & Quality Bond Fund | JNL/JPMorgan U.S. Value Fund | JNL/Lazard International Quality Growth Fund | JNL/Loomis Sayles Global Growth Fund | JNL/Lord Abbett Short Duration Income Fund |
| **Operations** |  |  |  |  |  |  |  |
| Net investment income (loss) | $(11936) | $12 | $37873 | $22614 | $5013 | $(547) | $32949 |
| Net realized gain (loss) | 448587 | 500 | (12097) | 177609 | 79069 | 55099 | (2037) |
| Net change in unrealized appreciation |  |  |  |  |  |  |  |
| (depreciation) | 1048 | 331 | (11911) | 37908 | (77947) | 94829 | 3175 |
| **Change in net assets from operations** | 437699 | 843 | 13865 | 238131 | 6135 | 149381 | 34087 |
| **Distributions to shareholders** |  |  |  |  |  |  |  |
| From distributable earnings |  |  |  |  |  |  |  |
| Class A |  |  |  |  | (3818) | (9001) | (27233) |
| Class I |  |  |  |  | (11681) | (7011) | (14972) |
| **Total distributions to shareholders**  |  |  |  |  | (15499) | (16012) | (42205) |
| **Share transactions<sup>1</sup>** |  |  |  |  |  |  |  |
| Proceeds from the sale of shares |  |  |  |  |  |  |  |
| Class A | 537440 | 15714 | 280918 | 124405 | 27107 | 61173 | 216916 |
| Class I | 28640 | 27063 | 27959 | 225007 | 39982 | 72483 | 34151 |
| Reinvestment of distributions |  |  |  |  |  |  |  |
| Class A |  |  |  |  | 3819 | 9001 | 27233 |
| Class I |  |  |  |  | 11681 | 7011 | 14972 |
| Cost of shares redeemed |  |  |  |  |  |  |  |
| Class A | (751373) | (595) | (316663) | (240336) | (31294) | (132839) | (213612) |
| Class I | (190084) | (2769) | (308363) | (328405) | (70660) | (112996) | (142914) |
| **Change in net assets from** |  |  |  |  |  |  |  |
| **share transactions** | (375377) | 39413 | (316149) | (219329) | (19365) | (96167) | (63254) |
| **Change in net assets** | 62322 | 40256 | (302284) | 18802 | (28729) | 37202 | (71372) |
| Net assets beginning of year | 3243295 |  | 1587090 | 1627538 | 497193 | 708282 | 742917 |
| **Net assets end of year** | $3305617 | $40256 | $1284806 | $1646340 | $468464 | $745484 | $671545 |
| **<sup>1</sup>Share transactions** |  |  |  |  |  |  |  |
| Shares sold |  |  |  |  |  |  |  |
| Class A | 8179 | 1530 | 21346 | 7063 | 1686 | 3499 | 21041 |
| Class I | 417 | 2704 | 1988 | 12728 | 2465 | 4221 | 3286 |
| Reinvestment of distributions  |  |  |  |  |  |  |  |
| Class A |  |  |  |  | 245 | 470 | 2740 |
| Class I |  |  |  |  | 746 | 361 | 1497 |
| Shares redeemed |  |  |  |  |  |  |  |
| Class A | (11434) | (57) | (24137) | (13547) | (1949) | (7777) | (20750) |
| Class I | (2744) | (270) | (22198) | (18154) | (4319) | (6356) | (13869) |
| Change in shares |  |  |  |  |  |  |  |
| Class A | (3255) | 1473 | (2791) | (6484) | (18) | (3808) | 3031 |
| Class I | (2327) | 2434 | (20210) | (5426) | (1108) | (1774) | (9086) |

---

(a) Period
 from commencement of operations October 21, 2024.

See accompanying Notes to Financial Statements.

678

**JNL Series Trust (Unaudited)**

**Statements of Changes in Net Assets** (in thousands)

For the Year Ended December 31, 2024

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | JNL/Mellon Communication Services Sector Fund | JNL/Mellon Consumer Discretionary Sector Fund | JNL/Mellon Consumer Staples Sector Fund | JNL/Mellon Dow Index Fund | JNL/Mellon Energy Sector Fund | JNL/Mellon Financial Sector Fund | JNL/Mellon Healthcare Sector Fund |
| **Operations** |  |  |  |  |  |  |  |
| Net investment income (loss) | $2529 | $5099 | $7053 | $16119 | $48726 | $15509 | $30415 |
| Net realized gain (loss) | 48824 | 161083 | 12855 | 122895 | 214890 | 96881 | 248909 |
| Net change in unrealized appreciation |  |  |  |  |  |  |  |
| (depreciation) | 170594 | 155069 | 30160 | 35236 | (148366) | 242582 | (185164) |
| **Change in net assets from operations** | 221947 | 321251 | 50068 | 174250 | 115250 | 354972 | 94160 |
| **Share transactions<sup>1</sup>** |  |  |  |  |  |  |  |
| Proceeds from the sale of shares |  |  |  |  |  |  |  |
| Class A | 537289 | 185477 | 112661 | 182635 | 481421 | 385487 | 412184 |
| Class I | 9783 | 9699 | 2532 | 7452 | 11909 | 9791 | 11675 |
| Cost of shares redeemed |  |  |  |  |  |  |  |
| Class A | (425593) | (513145) | (166221) | (338511) | (881012) | (485573) | (908976) |
| Class I | (8281) | (13012) | (4502) | (11715) | (14739) | (10732) | (13691) |
| **Change in net assets from** |  |  |  |  |  |  |  |
| **share transactions** | 113198 | (330981) | (55530) | (160139) | (402421) | (101027) | (498808) |
| **Change in net assets** | 335145 | (9730) | (5462) | 14111 | (287171) | 253945 | (404648) |
| Net assets beginning of year | 535967 | 1570134 | 392387 | 1286305 | 1965239 | 1280605 | 3327064 |
| **Net assets end of year** | $871112 | $1560404 | $386925 | $1300416 | $1678068 | $1534550 | $2922416 |
| **<sup>1</sup>Share transactions** |  |  |  |  |  |  |  |
| Shares sold |  |  |  |  |  |  |  |
| Class A | 23781 | 4260 | 6612 | 3686 | 12241 | 16773 | 8974 |
| Class I | 454 | 219 | 145 | 144 | 295 | 431 | 250 |
| Shares redeemed |  |  |  |  |  |  |  |
| Class A | (18878) | (12022) | (9832) | (6798) | (22849) | (22161) | (19676) |
| Class I | (401) | (295) | (264) | (228) | (367) | (479) | (291) |
| Change in shares |  |  |  |  |  |  |  |
| Class A | 4903 | (7762) | (3220) | (3112) | (10608) | (5388) | (10702) |
| Class I | 53 | (76) | (119) | (84) | (72) | (48) | (41) |

---

See accompanying Notes to Financial Statements.

679

**JNL Series Trust (Unaudited)**

**Statements of Changes in Net Assets** (in thousands)

For the Year Ended December 31, 2024

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | JNL/Mellon Industrials Sector Fund | JNL/Mellon Information Technology Sector Fund | JNL/Mellon Materials Sector Fund | JNL/Mellon Nasdaq 100 Index Fund | JNL/Mellon Real Estate Sector Fund | JNL/Mellon S&P 500 Index Fund | JNL/Mellon U.S. Stock Market Index Fund |
| **Operations** |  |  |  |  |  |  |  |
| Net investment income (loss) | $2259 | $2240 | $1568 | $17896 | $4788 | $129978 | $40114 |
| Net realized gain (loss) | 14302 | 1042424 | 1345 | 772756 | (2912) | 731893 | 179610 |
| Net change in unrealized appreciation |  |  |  |  |  |  |  |
| (depreciation) | 15951 | 889432 | (5432) | 953932 | 4525 | 2266027 | 868936 |
| **Change in net assets from operations** | 32512 | 1934096 | (2519) | 1744584 | 6401 | 3127898 | 1088660 |
| **Share transactions<sup>1</sup>** |  |  |  |  |  |  |  |
| Proceeds from the sale of shares |  |  |  |  |  |  |  |
| Class A | 144800 | 1508932 | 58835 | 1556577 | 72701 | 2379127 | 382708 |
| Class I | 5837 | 44371 | 2250 | 43735 | 4293 | 2287 | 10183 |
| Cost of shares redeemed |  |  |  |  |  |  |  |
| Class A | (120379) | (1942075) | (94335) | (2198875) | (64318) | (3262824) | (1328816) |
| Class I | (3613) | (39250) | (2849) | (50862) | (4977) | (3724) | (22573) |
| **Change in net assets from** |  |  |  |  |  |  |  |
| **share transactions** | 26645 | (428022) | (36099) | (649425) | 7699 | (885134) | (958498) |
| **Change in net assets** | 59157 | 1506074 | (38618) | 1095159 | 14100 | 2242764 | 130162 |
| Net assets beginning of year | 225166 | 5659986 | 177853 | 7259549 | 189481 | 13160295 | 5004214 |
| **Net assets end of year** | $284323 | $7166060 | $139235 | $8354708 | $203581 | $15403059 | $5134376 |
| **<sup>1</sup>Share transactions** |  |  |  |  |  |  |  |
| Shares sold |  |  |  |  |  |  |  |
| Class A | 7135 | 27435 | 3461 | 22686 | 5154 | 56000 | 17138 |
| Class I | 284 | 770 | 129 | 936 | 307 | 52 | 443 |
| Shares redeemed |  |  |  |  |  |  |  |
| Class A | (6095) | (35391) | (5581) | (32171) | (4682) | (76783) | (58866) |
| Class I | (179) | (685) | (164) | (1109) | (358) | (85) | (976) |
| Change in shares |  |  |  |  |  |  |  |
| Class A | 1040 | (7956) | (2120) | (9485) | 472 | (20783) | (41728) |
| Class I | 105 | 85 | (35) | (173) | (51) | (33) | (533) |

---

See accompanying Notes to Financial Statements.

680

**JNL Series Trust (Unaudited)**

**Statements of Changes in Net Assets** (in thousands)

For the Year Ended December 31, 2024

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | JNL/Mellon Utilities Sector Fund | JNL/Mellon World Index Fund | JNL/MFS Mid Cap Value Fund | JNL/Morningstar PitchBook Listed Private Equity Index Fund | JNL/Morningstar SMID Moat Focus Index Fund(a) | JNL/Morningstar U.S. Sustainability Index Fund | JNL/Morningstar Wide Moat Index Fund |
| **Operations** |  |  |  |  |  |  |  |
| Net investment income (loss) | $11445 | $5171 | $19992 | $269 | $1358 | $3318 | $16780 |
| Net realized gain (loss) | (7526) | 7317 | 230640 | 2945 | 4767 | 25943 | 196626 |
| Net change in unrealized appreciation |  |  |  |  |  |  |  |
| (depreciation) | 91265 | 58925 | 793 | (460) | 3880 | 43289 | (69357) |
| **Change in net assets from operations** | 95184 | 71413 | 251425 | 2754 | 10005 | 72550 | 144049 |
| **Distributions to shareholders** |  |  |  |  |  |  |  |
| From distributable earnings |  |  |  |  |  |  |  |
| Class A |  |  |  |  |  |  | (64509) |
| Class I |  |  |  |  |  |  | (46042) |
| **Total distributions to shareholders**  |  |  |  |  |  |  | (110551) |
| **Share transactions<sup>1</sup>** |  |  |  |  |  |  |  |
| Proceeds from the sale of shares |  |  |  |  |  |  |  |
| Class A | 305270 | 79205 | 231428 | 5206 | 2658 | 213730 | 173862 |
| Class I | 10122 | 2705 | 123042 |  | 135587 | 4764 | 116286 |
| Reinvestment of distributions |  |  |  |  |  |  |  |
| Class A |  |  |  |  |  |  | 64509 |
| Class I |  |  |  |  |  |  | 46042 |
| Cost of shares redeemed |  |  |  |  |  |  |  |
| Class A | (237813) | (102088) | (499141) | (6192) | (850) | (130323) | (372653) |
| Class I | (6878) | (3202) | (19793) |  | (20796) | (4946) | (145662) |
| **Change in net assets from** |  |  |  |  |  |  |  |
| **share transactions** | 70701 | (23380) | (164464) | (986) | 116599 | 83225 | (117616) |
| **Change in net assets** | 165885 | 48033 | 86961 | 1768 | 126604 | 155775 | (84118) |
| Net assets beginning of year | 399385 | 403301 | 1944678 | 14769 |  | 315415 | 1392155 |
| **Net assets end of year** | $565270 | $451334 | $2031639 | $16537 | $126604 | $471190 | $1308037 |
| **<sup>1</sup>Share transactions** |  |  |  |  |  |  |  |
| Shares sold |  |  |  |  |  |  |  |
| Class A | 14722 | 1915 | 11626 | 397 | 241 | 8708 | 13350 |
| Class I | 473 | 63 | 5586 |  | 13520 | 187 | 8834 |
| Reinvestment of distributions  |  |  |  |  |  |  |  |
| Class A |  |  |  |  |  |  | 4861 |
| Class I |  |  |  |  |  |  | 3416 |
| Shares redeemed |  |  |  |  |  |  |  |
| Class A | (11946) | (2465) | (25165) | (498) | (75) | (5229) | (28453) |
| Class I | (355) | (76) | (960) |  | (1940) | (196) | (10614) |
| Change in shares |  |  |  |  |  |  |  |
| Class A | 2776 | (550) | (13539) | (101) | 166 | 3479 | (10242) |
| Class I | 118 | (13) | 4626 |  | 11580 | (9) | 1636 |

---

(a) Period
 from commencement of operations April 29, 2024.

See accompanying Notes to Financial Statements.

681

**JNL Series Trust (Unaudited)**

**Statements of Changes in Net Assets** (in thousands)

For the Year Ended December 31, 2024

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | JNL/Neuberger Berman Commodity Strategy Fund | JNL/Neuberger Berman Gold Plus Strategy Fund | JNL/Neuberger Berman Strategic Income Fund | JNL/Newton Equity Income Fund | JNL/PIMCO Income Fund | JNL/PIMCO Investment Grade Credit Bond Fund | JNL/PIMCO Real Return Fund |
| **Operations** |  |  |  |  |  |  |  |
| Net investment income (loss) | $2874 | $2068 | $34847 | $37531 | $82162 | $38710 | $43781 |
| Net realized gain (loss) | 4389 | 12108 | (14492) | 219606 | (13297) | (18301) | (44987) |
| Net change in unrealized appreciation |  |  |  |  |  |  |  |
| (depreciation) | (1193) | (3331) | 17774 | 96092 | 2004 | 8821 | 33121 |
| **Change in net assets from operations** | 6070 | 10845 | 38129 | 353229 | 70869 | 29230 | 31915 |
| **Share transactions<sup>1</sup>** |  |  |  |  |  |  |  |
| Proceeds from the sale of shares |  |  |  |  |  |  |  |
| Class A | 11217 | 75972 | 141102 | 634701 | 338478 | 121689 | 131263 |
| Class I | 1726 |  | 12428 | 442627 | 48120 | 245874 | 29528 |
| Cost of shares redeemed |  |  |  |  |  |  |  |
| Class A | (16706) | (64879) | (162538) | (511230) | (246961) | (142053) | (273798) |
| Class I | (84768) |  | (22728) | (102223) | (200501) | (270044) | (241190) |
| **Change in net assets from** |  |  |  |  |  |  |  |
| **share transactions** | (88531) | 11093 | (31736) | 463875 | (60864) | (44534) | (354197) |
| **Change in net assets** | (82461) | 21938 | 6393 | 817104 | 10005 | (15304) | (322282) |
| Net assets beginning of year | 120564 | 30927 | 698749 | 1900897 | 1503834 | 884308 | 1404038 |
| **Net assets end of year** | $38103 | $52865 | $705142 | $2718001 | $1513839 | $869004 | $1081756 |
| **<sup>1</sup>Share transactions** |  |  |  |  |  |  |  |
| Shares sold |  |  |  |  |  |  |  |
| Class A | 675 | 6366 | 11325 | 19898 | 29435 | 10010 | 11462 |
| Class I | 104 |  | 969 | 13812 | 4121 | 20241 | 2501 |
| Shares redeemed |  |  |  |  |  |  |  |
| Class A | (1011) | (5279) | (13067) | (16173) | (21438) | (11690) | (23922) |
| Class I | (5071) |  | (1770) | (3077) | (17146) | (21845) | (20153) |
| Change in shares |  |  |  |  |  |  |  |
| Class A | (336) | 1087 | (1742) | 3725 | 7997 | (1680) | (12460) |
| Class I | (4967) |  | (801) | 10735 | (13025) | (1604) | (17652) |

---

See accompanying Notes to Financial Statements.

682

**JNL Series Trust (Unaudited)**

**Statements of Changes in Net Assets** (in thousands)

For the Year Ended December 31, 2024

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | JNL/PPM America High Yield Bond Fund | JNL/PPM America Investment Grade Credit Fund(a) | JNL/PPM America Total Return Fund | JNL/RAFI Fundamental U.S. Small Cap Fund | JNL/RAFI Multi-Factor U.S. Equity Fund | JNL/T. Rowe Price Balanced Fund | JNL/T. Rowe Price Capital Appreciation Equity Fund(b) |
| **Operations** |  |  |  |  |  |  |  |
| Net investment income (loss) | $100879 | $8017 | $68600 | $3854 | $28527 | $9486 | $441 |
| Net realized gain (loss) | (3522) | 2426 | (12273) | 26983 | 282595 | 29874 | (220) |
| Net change in unrealized appreciation |  |  |  |  |  |  |  |
| (depreciation) | 6827 | (460) | (24938) | 11634 | 69405 | 18446 | (4878) |
| **Change in net assets from operations** | 104184 | 9983 | 31389 | 42471 | 380527 | 57806 | (4657) |
| **Share transactions<sup>1</sup>** |  |  |  |  |  |  |  |
| Proceeds from the sale of shares |  |  |  |  |  |  |  |
| Class A | 181092 | 1681 | 129488 | 58110 | 107350 | 72378 | 76249 |
| Class I | 114546 | 326250 | 92303 | 2520 | 4210 | 2852 | 480442 |
| Cost of shares redeemed |  |  |  |  |  |  |  |
| Class A | (274759) | (680) | (150529) | (120992) | (487174) | (123245) | (2938) |
| Class I | (105280) | (41643) | (268180) | (2212) | (4661) | (729) | (20823) |
| **Change in net assets from** |  |  |  |  |  |  |  |
| **share transactions** | (84401) | 285608 | (196918) | (62574) | (380275) | (48744) | 532930 |
| **Change in net assets** | 19783 | 295591 | (165529) | (20103) | 252 | 9062 | 528273 |
| Net assets beginning of year | 1410005 |  | 1670027 | 428125 | 2141322 | 518278 |  |
| **Net assets end of year** | $1429788 | $295591 | $1504498 | $408022 | $2141574 | $527340 | $528273 |
| **<sup>1</sup>Share transactions** |  |  |  |  |  |  |  |
| Shares sold |  |  |  |  |  |  |  |
| Class A | 11323 | 160 | 10169 | 6302 | 4712 | 4046 | 7595 |
| Class I | 5825 | 32178 | 7041 | 273 | 183 | 157 | 48039 |
| Shares redeemed |  |  |  |  |  |  |  |
| Class A | (17170) | (64) | (11795) | (13124) | (21182) | (6906) | (289) |
| Class I | (5595) | (3968) | (20893) | (240) | (197) | (41) | (2059) |
| Change in shares |  |  |  |  |  |  |  |
| Class A | (5847) | 96 | (1626) | (6822) | (16470) | (2860) | 7306 |
| Class I | 230 | 28210 | (13852) | 33 | (14) | 116 | 45980 |

---

(a) Period
 from commencement of operations April 29, 2024.

(b) Period
 from commencement of operations October 21, 2024.

See accompanying Notes to Financial Statements.

683

**JNL Series Trust (Unaudited)**

**Statements of Changes in Net Assets** (in thousands)

For the Year Ended December 31, 2024

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | JNL/T. Rowe Price Capital Appreciation Fund | JNL/T. Rowe Price Growth Stock Fund | JNL/T. Rowe Price Mid-Cap Growth Fund | JNL/T. Rowe Price Short-Term Bond Fund | JNL/T. Rowe Price U.S. High Yield Fund | JNL/T. Rowe Price Value Fund | JNL/WCM China Quality Growth Fund |
| **Operations** |  |  |  |  |  |  |  |
| Net investment income (loss) | $288040 | $(33795) | $(12283) | $45648 | $35268 | $49954 | $84 |
| Net realized gain (loss) | 1444510 | 1592491 | 745849 | (6669) | (22322) | 532337 | (1365) |
| Net change in unrealized appreciation |  |  |  |  |  |  |  |
| (depreciation) | (98733) | 1090774 | (252779) | 14209 | 26204 | 76230 | 1282 |
| **Change in net assets from operations** | 1633817 | 2649470 | 480787 | 53188 | 39150 | 658521 | 1 |
| **Share transactions<sup>1</sup>** |  |  |  |  |  |  |  |
| Proceeds from the sale of shares |  |  |  |  |  |  |  |
| Class A | 2016426 | 874171 | 498942 | 248127 | 70667 | 384249 | 2720 |
| Class I | 95285 | 293132 | 41657 | 15634 | 160012 | 240902 |  |
| Cost of shares redeemed |  |  |  |  |  |  |  |
| Class A | (2477567) | (2375906) | (1186798) | (384355) | (80197) | (755175) | (2334) |
| Class I | (292366) | (713029) | (112074) | (14219) | (123351) | (576106) |  |
| **Change in net assets from** |  |  |  |  |  |  |  |
| **share transactions** | (658222) | (1921632) | (758273) | (134813) | 27131 | (706130) | 386 |
| **Change in net assets** | 975595 | 727838 | (277486) | (81625) | 66281 | (47609) | 387 |
| Net assets beginning of year | 13354104 | 9481776 | 5416190 | 1198227 | 400318 | 4521939 | 5243 |
| **Net assets end of year** | $14329699 | $10209614 | $5138704 | $1116602 | $466599 | $4474330 | $5630 |
| **<sup>1</sup>Share transactions** |  |  |  |  |  |  |  |
| Shares sold |  |  |  |  |  |  |  |
| Class A | 76015 | 10646 | 6440 | 23075 | 5897 | 14072 | 338 |
| Class I | 3523 | 3372 | 505 | 1409 | 13470 | 8198 |  |
| Shares redeemed |  |  |  |  |  |  |  |
| Class A | (92808) | (28737) | (15278) | (35731) | (6685) | (27638) | (287) |
| Class I | (10521) | (8036) | (1322) | (1289) | (10044) | (19543) |  |
| Change in shares |  |  |  |  |  |  |  |
| Class A | (16793) | (18091) | (8838) | (12656) | (788) | (13566) | 51 |
| Class I | (6998) | (4664) | (817) | 120 | 3426 | (11345) |  |

---

See accompanying Notes to Financial Statements.

684

**JNL Series Trust (Unaudited)**

**Statements of Changes in Net Assets** (in thousands)

For the Year Ended December 31, 2024

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | JNL/WCM Focused International Equity Fund | JNL/Westchester Capital Event Driven Fund | JNL/William Blair International Leaders Fund | JNL/WMC Balanced Fund | JNL/WMC Equity Income Fund | JNL/WMC Global Real Estate Fund |
| **Operations** |  |  |  |  |  |  |
| Net investment income (loss) | $3584 | $1495 | $6173 | $161279 | $23454 | $11283 |
| Net realized gain (loss) | 125473 | (8065) | 39222 | 993916 | 68980 | 35240 |
| Net change in unrealized appreciation |  |  |  |  |  |  |
| (depreciation) | (26879) | 9779 | (58829) | 96611 | 39504 | (10333) |
| **Change in net assets from operations** | 102178 | 3209 | (13434) | 1251806 | 131938 | 36190 |
| **Distributions to shareholders** |  |  |  |  |  |  |
| From distributable earnings |  |  |  |  |  |  |
| Class A | (17560) |  | (1773) |  |  |  |
| Class I | (26694) |  | (2993) |  |  |  |
| **Total distributions to shareholders**  | (44254) |  | (4766) |  |  |  |
| **Share transactions<sup>1</sup>** |  |  |  |  |  |  |
| Proceeds from the sale of shares |  |  |  |  |  |  |
| Class A | 213220 | 20798 | 48208 | 758851 | 81907 | 50449 |
| Class I | 314316 | 579 | 345785 | 10179 | 26869 | 1306 |
| Reinvestment of distributions |  |  |  |  |  |  |
| Class A | 17560 |  | 1773 |  |  |  |
| Class I | 26694 |  | 2993 |  |  |  |
| Cost of shares redeemed |  |  |  |  |  |  |
| Class A | (218563) | (33971) | (153278) | (1805467) | (193291) | (160919) |
| Class I | (176283) | (20502) | (75976) | (18773) | (209395) | (1847) |
| **Change in net assets from** |  |  |  |  |  |  |
| **share transactions** | 176944 | (33096) | 169505 | (1055210) | (293910) | (111011) |
| **Change in net assets** | 234868 | (29887) | 151305 | 196596 | (161972) | (74821) |
| Net assets beginning of year | 1529677 | 79859 | 824429 | 8973755 | 1195808 | 672723 |
| **Net assets end of year** | $1764545 | $49972 | $975734 | $9170351 | $1033836 | $597902 |
| **<sup>1</sup>Share transactions** |  |  |  |  |  |  |
| Shares sold |  |  |  |  |  |  |
| Class A | 14128 | 1628 | 4197 | 21236 | 4517 | 5117 |
| Class I | 20019 | 45 | 27796 | 268 | 1432 | 125 |
| Reinvestment of distributions  |  |  |  |  |  |  |
| Class A | 1133 |  | 154 |  |  |  |
| Class I | 1692 |  | 242 |  |  |  |
| Shares redeemed |  |  |  |  |  |  |
| Class A | (14438) | (2642) | (13288) | (50336) | (10642) | (16133) |
| Class I | (11489) | (1591) | (5980) | (499) | (11390) | (178) |
| Change in shares |  |  |  |  |  |  |
| Class A | 823 | (1014) | (8937) | (29100) | (6125) | (11016) |
| Class I | 10222 | (1546) | 22058 | (231) | (9958) | (53) |

---

See accompanying Notes to Financial Statements.

685

**JNL Series Trust (Unaudited)**

**Statements of Changes in Net Assets** (in thousands)

For the Year Ended December 31, 2024

---

| | |
|:---|:---|
|  | JNL/WMC Value Fund |
| **Operations** |  |
| Net investment income (loss) | $20835 |
| Net realized gain (loss) | 165047 |
| Net change in unrealized appreciation |  |
| (depreciation) | (46738) |
| **Change in net assets from operations** | 139144 |
| **Share transactions<sup>1</sup>** |  |
| Proceeds from the sale of shares |  |
| Class A | 80747 |
| Class I | 28789 |
| Cost of shares redeemed |  |
| Class A | (183208) |
| Class I | (401392) |
| **Change in net assets from** |  |
| **share transactions** | (475064) |
| **Change in net assets** | (335920) |
| Net assets beginning of year | 1399420 |
| **Net assets end of year** | $1063500 |
| **<sup>1</sup>Share transactions** |  |
| Shares sold |  |
| Class A | 2392 |
| Class I | 809 |
| Shares redeemed |  |
| Class A | (5379) |
| Class I | (11227) |
| Change in shares |  |
| Class A | (2987) |
| Class I | (10418) |

---

See accompanying Notes to Financial Statements.

686

**JNL Series Trust (Unaudited)**

**Financial Highlights**

**For a Share Outstanding**

**Net Investment Income (Loss). The net investment income (loss) per share is calculated using the average shares method.**

**Total Return.** Total return assumes reinvestment of all distributions for the period. Total return is not annualized for periods less than one year and does not reflect payment of the expenses that apply to the variable accounts or any annuity charges and if it did performance would be lower.

**Portfolio Turnover.** Portfolio turnover is not annualized for periods of less than one year. Securities sold short are considered long term investments for purposes of calculating portfolio turnover. Dollar roll and in-kind transactions are excluded for purposes of calculating portfolio turnover. Fixed income securities with maturities greater than one year that are purchased for short term investment are excluded from the portfolio turnover calculation. Portfolio turnover for the Funds of Funds is based on the Funds of Funds' purchases and sales of the Underlying Funds. Portfolio turnover for the Feeder Funds reflects each Master Fund's portfolio purchases and sales. Portfolio turnover is calculated on the basis of the Fund as a whole, without distinguishing between the classes of shares issued.

**Income and Expense Ratios.** Ratios are annualized for periods less than one year. Ratios of net investment income and expenses to average net assets do not include the impact of underlying funds' expenses. The expenses or expense waivers for certain Funds' Class I shares were $0.00 for one or more days during certain periods and this was a result of the net assets for the respective Class being below a level to generate an expense allocation greater than $0.005 for that day. Additionally, the expenses or expense waivers for certain Funds' Class I shares were $0.01 for one or more days during certain periods and this was a result of the net assets for the respective Class being at a level to generate an expense allocation between $0.005 and $0.01 for that day and rounded to $0.01. As a result, the ratios of net and total expenses to average net assets during the period for Class I shares can be less than or more than the anticipated ratios of net and total expenses to average net assets depending on the net assets that Class I shares acquired during the period.

See accompanying Notes to Financial Statements.

687

**JNL Series Trust (Unaudited)**

**Financial Highlights**

**For a Share Outstanding**

---

| | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  |  | Increase (decrease) from <br>investment operations | Increase (decrease) from <br>investment operations | Increase (decrease) from <br>investment operations | Distributions from | Distributions from |  |  | Supplemental data | Supplemental data |  | Ratios |  |
| Period ended | Net asset value, beginning of period($) | Net investment income (loss)($) | Net realized & unrealized gains (losses)($) | Total from investment operations($) | Net investment income($) | Net realized gains on investment transactions($) | Net asset value, end of period($) | Total return(%) | Net assets,end of period (in thousands)($) | Portfolio turnover (%) | Net expenses to average net assets(%) | Total expenses to average net assets(%) | Net investment income (loss) to average net assets(%) |
| **JNL/American Funds Balanced Fund(a)(b)** | **JNL/American Funds Balanced Fund(a)(b)** | **JNL/American Funds Balanced Fund(a)(b)** | **JNL/American Funds Balanced Fund(a)(b)** | **JNL/American Funds Balanced Fund(a)(b)** | **JNL/American Funds Balanced Fund(a)(b)** | **JNL/American Funds Balanced Fund(a)(b)** | **JNL/American Funds Balanced Fund(a)(b)** |  |  |  |  |  |  |
| Class A | Class A | Class A | Class A | Class A |  |  |  |  |  |  |  |  |  |
| 06/30/25 | 18.22 | 0.03 | 1.41 | 1.44 |  |  | 19.66 | 7.90 | 3392303 | 33<br> (c) | 0.61 | 0.91 | 0.32 |
| 12/31/24 | 15.70 | 0.31 | 2.21 | 2.52 |  |  | 18.22 | 16.05 | 3209254 | 43<br> (c) | 0.61 | 0.91 | 1.81 |
| 12/31/23 | 13.79 | 0.27 | 1.64 | 1.91 |  |  | 15.70 | 13.85 | 2796135 | 54<br> (c) | 0.61 | 0.91 | 1.88 |
| 12/31/22 | 15.99 | 0.22 | (2.42)  | (2.20)  |  |  | 13.79 | (13.76)  | 2476333 | 42<br> (c) | 0.61 | 0.91 | 1.56 |
| 12/31/21 | 13.94 | 0.19 | 1.86 | 2.05 |  |  | 15.99 | 14.71 | 2787863 | 45<br> (c) | 0.61 | 0.91 | 1.26 |
| 12/31/20 | 12.44 | 0.18 | 1.32 | 1.50 |  |  | 13.94 | 12.06 | 2073720 | 49<br> (c) | 0.62 | 0.92 | 1.43 |
| Class I | Class I | Class I | Class I | Class I |  |  |  |  |  |  |  |  |  |
| 06/30/25 | 19.21 | 0.06 | 1.49 | 1.55 |  |  | 20.76 | 8.07 | 62179 | 33<br> (c) | 0.31 | 0.61 | 0.59 |
| 12/31/24 | 16.51 | 0.39 | 2.31 | 2.70 |  |  | 19.21 | 16.35 | 60404 | 43<br> (c) | 0.31 | 0.61 | 2.13 |
| 12/31/23 | 14.46 | 0.32 | 1.73 | 2.05 |  |  | 16.51 | 14.18 | 50185 | 54<br> (c) | 0.31 | 0.61 | 2.14 |
| 12/31/22 | 16.71 | 0.28 | (2.53)  | (2.25)  |  |  | 14.46 | (13.46)  | 45346 | 42<br> (c) | 0.31 | 0.61 | 1.86 |
| 12/31/21 | 14.52 | 0.25 | 1.94 | 2.19 |  |  | 16.71 | 15.08 | 50294 | 45<br> (c) | 0.31 | 0.61 | 1.59 |
| 12/31/20 | 12.92 | 0.24 | 1.36 | 1.60 |  |  | 14.52 | 12.38 | 36032 | 49<br> (c) | 0.32 | 0.62 | 1.83 |
| **JNL/American Funds Bond Fund of America Fund(a)(d)** | **JNL/American Funds Bond Fund of America Fund(a)(d)** | **JNL/American Funds Bond Fund of America Fund(a)(d)** | **JNL/American Funds Bond Fund of America Fund(a)(d)** | **JNL/American Funds Bond Fund of America Fund(a)(d)** | **JNL/American Funds Bond Fund of America Fund(a)(d)** | **JNL/American Funds Bond Fund of America Fund(a)(d)** | **JNL/American Funds Bond Fund of America Fund(a)(d)** |  |  |  |  |  |  |
| Class A | Class A | Class A | Class A | Class A |  |  |  |  |  |  |  |  |  |
| 06/30/25 | 9.30 | 0.06 | 0.31 | 0.37 |  |  | 9.67 | 3.98 | 450961 | 66<br> (e) | 0.60 | 0.80 | 1.23 |
| 12/31/24 | 9.22 | 0.39 | (0.31)  | 0.08 |  |  | 9.30 | 0.87 | 447706 | 102<br> (e) | 0.60 | 0.80 | 4.17 |
| 12/31/23 | 8.81 | 0.35 | 0.06 | 0.41 |  |  | 9.22 | 4.65 | 348671 | 129<br> (e) | 0.60 | 0.80 | 3.97 |
| 12/31/22 | 10.11 | 0.32 | (1.62)  | (1.30)  |  |  | 8.81 | (12.86)  | 162367 | 77<br> (e) | 0.61 | 0.81 | 3.50 |
| 12/31/21<br> (f) | 10.00 | 0.24 | (0.13)  | 0.11 |  |  | 10.11 | 1.10 | 62772 | 87<br> (e) | 0.61 | 0.81 | 3.47 |
| Class I | Class I | Class I | Class I | Class I |  |  |  |  |  |  |  |  |  |
| 06/30/25 | 9.40 | 0.07 | 0.32 | 0.39 |  |  | 9.79 | 4.15 | 18029 | 66<br> (e) | 0.30 | 0.50 | 1.50 |
| 12/31/24 | 9.29 | 0.42 | (0.31)  | 0.11 |  |  | 9.40 | 1.18 | 18922 | 102<br> (e) | 0.30 | 0.50 | 4.54 |
| 12/31/23 | 8.86 | 0.36 | 0.07 | 0.43 |  |  | 9.29 | 4.85 | 13335 | 129<br> (e) | 0.30 | 0.50 | 4.01 |
| 12/31/22 | 10.13 | 0.51 | (1.78)  | (1.27)  |  |  | 8.86 | (12.54)  | 6567 | 77<br> (e) | 0.31 | 0.51 | 5.55 |
| 12/31/21<br> (f) | 10.00 | 0.16 | (0.03)  | 0.13 |  |  | 10.13 | 1.30 | 1711 | 87<br> (e) | 0.31 | 0.51 | 2.32 |

---

(a) The
 Master Funds for the JNL/American Funds Feeder Funds are the Class 1 shares of the corresponding American Fund Insurance Series Fund.
 These financial statements should be read in conjunction with each Master Fund's financial statements.

(b) Ratios
 of net investment income and expenses to average net assets do not include the impact of the Master Fund's and underlying funds'
 expenses. The net expense to average net assets ratio, the total expense to average net assets ratio, and the net investment income (loss)
 to average net assets ratio, respectively, for both the Master and Feeder Fund are as follows (annualized for periods less than one year):
 JNL/American Funds Balanced Fund - Class A: June 30, 2025: 0.91%, 1.21%, 0.02%; December 31, 2024: 0.91%, 1.21%, 1.51%; December 31, 2023:
 0.91%, 1.21%, 1.58%; December 31, 2022: 0.91%, 1.21%, 1.26%; December 31, 2021: 0.91%, 1.21%, 0.96%; December 31, 2020: 0.92%, 1.22%,
 1.13%. JNL/American Funds Balanced Fund - Class I: June 30, 2025: 0.61%, 0.91%, 0.29%; December 31, 2024: 0.61%, 0.91%, 1.83%; December
 31, 2023: 0.61%, 0.91%, 1.84%; December 31, 2022: 0.61%, 0.91%, 1.56%; December 31, 2021: 0.61%, 0.91%, 1.29%; December 31, 2020: 0.62%,
 0.92%, 1.53%.

(c) Portfolio
 turnover including dollar roll transactions for JNL/American Funds Balanced Fund was as follows: June 30, 2025: 59%; December 31, 2024:
 129%; December 31, 2023: 159%; December 31, 2022: 118%; December 31, 2021: 124%; December 31, 2020: 145%

(d) Ratios
 of net investment income and expenses to average net assets do not include the impact of the Master Fund's and underlying funds'
 expenses. The net expense to average net assets ratio, the total expense to average net assets ratio, and the net investment income (loss)
 to average net assets ratio, respectively, for both the Master and Feeder Fund are as follows (annualized for periods less than one year):
 JNL/American Funds Bond Fund of America Fund - Class A: June 30, 2025: 0.84%, 1.04%, 0.99%; December 31, 2024: 0.84%, 1.04%, 3.93%; December
 31, 2023: 0.80%, 1.00%, 3.77%; December 31, 2022: 0.81%, 1.01%, 3.30%; December 31, 2021: 0.87%, 1.07%, 3.21%. JNL/American Funds Bond
 Fund of America Fund - Class I: June 30, 2025: 0.54%, 0.74%, 1.26%; December 31, 2024: 0.54%, 0.74%, 4.30%; December 31, 2023: 0.50%,
 0.70%, 3.81%; December 31, 2022: 0.51%, 0.71%, 5.35%; December 31, 2021: 0.57%, 0.77%, 2.06%.

(e) Portfolio
 turnover including dollar roll transactions for JNL/American Funds Bond Fund of America Fund was as follows: June 30, 2025: 120%; December
 31, 2024: 398%; December 31, 2023: 545%; December 31, 2022: 415%; December 31, 2021: 456%;

(f) The
 Fund commenced operations on April 26, 2021.

See accompanying Notes to Financial Statements.

688

**JNL Series Trust (Unaudited)**

**Financial Highlights**

**For a Share Outstanding**

---

| | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  |  | Increase (decrease) from <br>investment operations | Increase (decrease) from <br>investment operations | Increase (decrease) from <br>investment operations | Distributions from | Distributions from |  |  | Supplemental data | Supplemental data |  | Ratios |  |
| Period ended | Net asset value, beginning of period($) | Net investment income (loss)($) | Net realized & unrealized gains (losses)($) | Total from investment operations($) | Net investment income($) | Net realized gains on investment transactions($) | Net asset value, end of period($) | Total return(%) | Net assets,end of period (in thousands)($) | Portfolio turnover (%) | Net expenses to average net assets(%) | Total expenses to average net assets(%) | Net investment income (loss) to average net assets(%) |
| **JNL/American Funds Capital Income Builder Fund(a)(b)** | **JNL/American Funds Capital Income Builder Fund(a)(b)** | **JNL/American Funds Capital Income Builder Fund(a)(b)** | **JNL/American Funds Capital Income Builder Fund(a)(b)** | **JNL/American Funds Capital Income Builder Fund(a)(b)** | **JNL/American Funds Capital Income Builder Fund(a)(b)** | **JNL/American Funds Capital Income Builder Fund(a)(b)** | **JNL/American Funds Capital Income Builder Fund(a)(b)** |  |  |  |  |  |  |
| Class A | Class A | Class A | Class A | Class A |  |  |  |  |  |  |  |  |  |
| 06/30/25 | 14.50 | 0.14 | 1.59 | 1.73 |  |  | 16.23 | 11.93 | 504909 | 34<br> (c) | 0.68 | 0.93 | 1.83 |
| 12/31/24 | 13.21 | 0.42 | 0.87 | 1.29 |  |  | 14.50 | 9.77 | 425545 | 49<br> (c) | 0.68 | 0.93 | 2.99 |
| 12/31/23 | 12.17 | 0.31 | 0.73 | 1.04 |  |  | 13.21 | 8.55 | 382448 | 59<br> (c) | 0.68 | 0.93 | 2.53 |
| 12/31/22 | 13.16 | 0.31 | (1.30)  | (0.99)  |  |  | 12.17 | (7.52)  | 343933 | 48<br> (c) | 0.68 | 0.93 | 2.51 |
| 12/31/21 | 11.49 | 0.30 | 1.37 | 1.67 |  |  | 13.16 | 14.53 | 275274 | 60<br> (c) | 0.68 | 0.93 | 2.44 |
| 12/31/20 | 11.05 | 0.27 | 0.17 | 0.44 |  |  | 11.49 | 3.98 | 181763 | 110<br> (c) | 0.65 | 0.93 | 2.59 |
| Class I | Class I | Class I | Class I | Class I |  |  |  |  |  |  |  |  |  |
| 06/30/25 | 14.79 | 0.17 | 1.62 | 1.79 |  |  | 16.58 | 12.10 | 11356 | 34<br> (c) | 0.38 | 0.63 | 2.16 |
| 12/31/24 | 13.44 | 0.47 | 0.88 | 1.35 |  |  | 14.79 | 10.04 | 9228 | 49<br> (c) | 0.38 | 0.63 | 3.29 |
| 12/31/23 | 12.34 | 0.36 | 0.74 | 1.10 |  |  | 13.44 | 8.91 | 8082 | 59<br> (c) | 0.38 | 0.63 | 2.87 |
| 12/31/22 | 13.31 | 0.34 | (1.31)  | (0.97)  |  |  | 12.34 | (7.29)  | 7276 | 48<br> (c) | 0.38 | 0.63 | 2.71 |
| 12/31/21 | 11.58 | 0.35 | 1.38 | 1.73 |  |  | 13.31 | 14.94 | 7313 | 60<br> (c) | 0.38 | 0.63 | 2.77 |
| 12/31/20 | 11.11 | 0.30 | 0.17 | 0.47 |  |  | 11.58 | 4.23 | 4553 | 110<br> (c) | 0.35 | 0.63 | 2.83 |
| **JNL/American Funds Capital World Bond Fund(a)(d)** | **JNL/American Funds Capital World Bond Fund(a)(d)** | **JNL/American Funds Capital World Bond Fund(a)(d)** | **JNL/American Funds Capital World Bond Fund(a)(d)** | **JNL/American Funds Capital World Bond Fund(a)(d)** | **JNL/American Funds Capital World Bond Fund(a)(d)** | **JNL/American Funds Capital World Bond Fund(a)(d)** | **JNL/American Funds Capital World Bond Fund(a)(d)** |  |  |  |  |  |  |
| Class A | Class A | Class A | Class A | Class A |  |  |  |  |  |  |  |  |  |
| 06/30/25 | 9.85 | (0.00)<br> (e) | 0.83 | 0.83 |  |  | 10.68 | 8.43 | 315803 | 31<br> (f) | 0.57 | 1.00 | (0.01)  |
| 12/31/24 | 10.19 | 0.19 | (0.53)  | (0.34)  |  |  | 9.85 | (3.34)  | 297167 | 54<br> (f) | 0.57 | 1.00 | 1.86 |
| 12/31/23 | 9.63 | (0.06)  | 0.62 | 0.56 |  |  | 10.19 | 5.82 | 340882 | 110<br> (f) | 0.58 | 1.01 | (0.58)  |
| 12/31/22 | 11.73 | (0.03)  | (2.07)  | (2.10)  |  |  | 9.63 | (17.90)  | 350084 | 114<br> (f) | 0.57 | 1.00 | (0.28)  |
| 12/31/21 | 12.39 | 0.16 | (0.82)  | (0.66)  |  |  | 11.73 | (5.33)  | 480867 | 64<br> (f) | 0.57 | 1.00 | 1.34 |
| 12/31/20 | 11.31 | 0.10 | 0.98 | 1.08 |  |  | 12.39 | 9.55 | 505412 | 88<br> (f) | 0.56 | 1.00 | 0.88 |
| Class I | Class I | Class I | Class I | Class I |  |  |  |  |  |  |  |  |  |
| 06/30/25 | 10.12 | 0.01 | 0.85 | 0.86 |  |  | 10.98 | 8.50 | 4974 | 31<br> (f) | 0.27 | 0.70 | 0.28 |
| 12/31/24 | 10.43 | 0.24 | (0.55)  | (0.31)  |  |  | 10.12 | (2.97)  | 4714 | 54<br> (f) | 0.27 | 0.70 | 2.29 |
| 12/31/23 | 9.83 | (0.03)  | 0.63 | 0.60 |  |  | 10.43 | 6.10 | 4683 | 110<br> (f) | 0.28 | 0.71 | (0.28)  |
| 12/31/22 | 11.94 | 0.00 | (2.11)  | (2.11)  |  |  | 9.83 | (17.67)  | 4581 | 114<br> (f) | 0.27 | 0.70 | 0.01 |
| 12/31/21 | 12.57 | 0.22 | (0.85)  | (0.63)  |  |  | 11.94 | (5.01)  | 4955 | 64<br> (f) | 0.27 | 0.70 | 1.81 |
| 12/31/20 | 11.44 | 0.16 | 0.97 | 1.13 |  |  | 12.57 | 9.88 | 3664 | 88<br> (f) | 0.26 | 0.70 | 1.37 |

---

(a) The
 Master Funds for the JNL/American Funds Feeder Funds are the Class 1 shares of the corresponding American Fund Insurance Series Fund.
 These financial statements should be read in conjunction with each Master Fund's financial statements.

(b) Ratios
 of net investment income and expenses to average net assets do not include the impact of the Master Fund's and underlying funds'
 expenses. The net expense to average net assets ratio, the total expense to average net assets ratio, and the net investment income (loss)
 to average net assets ratio, respectively, for both the Master and Feeder Fund are as follows (annualized for periods less than one year):
 JNL/American Funds Capital Income Builder Fund - Class A: June 30, 2025: 0.95%, 1.20%, 1.56%; December 31, 2024: 0.95%, 1.20%, 2.72%;
 December 31, 2023: 0.94%, 1.19%, 2.27%; December 31, 2022: 0.94%, 1.19%, 2.25%; December 31, 2021: 0.95%, 1.20%, 2.17%; December 31, 2020:
 1.00%, 1.28%, 2.24%. JNL/American Funds Capital Income Builder Fund - Class I: June 30, 2025: 0.65%, 0.90%, 1.89%; December 31, 2024:
 0.65%, 0.90%, 3.02%; December 31, 2023: 0.64%, 0.89%, 2.61%; December 31, 2022: 0.64%, 0.89%, 2.45%; December 31, 2021: 0.65%, 0.90%,
 2.50%; December 31, 2020: 0.70%, 0.98%, 2.48%.

(c) Portfolio
 turnover including dollar roll transactions for JNL/American Funds Capital Income Builder Fund was as follows: June 30, 2025: 43%; December
 31, 2024: 107%; December 31, 2023: 149%; December 31, 2022: 126%; December 31, 2021: 93%; December 31, 2020: 184%

(d) Ratios
 of net investment income and expenses to average net assets do not include the impact of the Master Fund's and underlying funds'
 expenses. The net expense to average net assets ratio, the total expense to average net assets ratio, and the net investment income (loss)
 to average net assets ratio, respectively, for both the Master and Feeder Fund are as follows (annualized for periods less than one year):
 JNL/American Funds Capital World Bond Fund - Class A: June 30, 2025: 1.05%, 1.48%, (0.49%); December 31, 2024: 1.05%, 1.48%, 1.38%; December
 31, 2023: 1.06%, 1.49%, (1.06)%; December 31, 2022: 1.05%, 1.48%, (0.76)%; December 31, 2021: 1.07%, 1.50%, 0.84%; December 31, 2020:
 1.08%, 1.52%, 0.36%. JNL/American Funds Capital World Bond Fund - Class I: June 30, 2025: 0.75%, 1.18%, (0.20%); December 31, 2024: 0.75%,
 1.18%, 1.81%; December 31, 2023: 0.76%, 1.19%, (0.76)%; December 31, 2022: 0.75%, 1.18%, (0.47)%; December 31, 2021: 0.77%, 1.20%, 1.31%;
 December 31, 2020: 0.78%, 1.22%, 0.85%.

(e) Amount
 represents less than $0.005.

(f) Portfolio
 turnover including dollar roll transactions for JNL/American Funds Capital World Bond Fund was as follows: June 30, 2025: 60%; December
 31, 2024: 269%; December 31, 2023: 286%; December 31, 2022: 188%; December 31, 2021: 91%; December 31, 2020: 145%

See accompanying Notes to Financial Statements.

689

**JNL Series Trust (Unaudited)**

**Financial Highlights**

**For a Share Outstanding**

---

| | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  |  | Increase (decrease) from <br>investment operations | Increase (decrease) from <br>investment operations | Increase (decrease) from <br>investment operations | Distributions from | Distributions from |  |  | Supplemental data | Supplemental data |  | Ratios |  |
| Period ended | Net asset value, beginning of period($) | Net investment income (loss)($) | Net realized & unrealized gains (losses)($) | Total from investment operations($) | Net investment income($) | Net realized gains on investment transactions($) | Net asset value, end of period($) | Total return(%) | Net assets,end of period (in thousands)($) | Portfolio turnover (%) | Net expenses to average net assets(%) | Total expenses to average net assets(%) | Net investment income (loss) to average net assets(%) |
| **JNL/American Funds Global Growth Fund(a)(b)** | **JNL/American Funds Global Growth Fund(a)(b)** | **JNL/American Funds Global Growth Fund(a)(b)** | **JNL/American Funds Global Growth Fund(a)(b)** | **JNL/American Funds Global Growth Fund(a)(b)** | **JNL/American Funds Global Growth Fund(a)(b)** | **JNL/American Funds Global Growth Fund(a)(b)** | **JNL/American Funds Global Growth Fund(a)(b)** |  |  |  |  |  |  |
| Class A | Class A | Class A | Class A | Class A |  |  |  |  |  |  |  |  |  |
| 06/30/25 | 27.31 | 0.01 | 2.99 | 3.00 |  |  | 30.31 | 10.98 | 1041159 | 15 | 0.65 | 1.05 | 0.06 |
| 12/31/24 | 24.12 | 0.30 | 2.89 | 3.19 |  |  | 27.31 | 13.23 | 1002366 | 41 | 0.65 | 1.05 | 1.13 |
| 12/31/23 | 19.75 | 0.12 | 4.25 | 4.37 |  |  | 24.12 | 22.13 | 899358 | 29 | 0.65 | 1.05 | 0.52 |
| 12/31/22 | 26.35 | 0.06 | (6.66)  | (6.60)  |  |  | 19.75 | (25.05)  | 703263 | 29 | 0.62 | 1.05 | 0.30 |
| 12/31/21 | 22.70 | 0.01 | 3.64 | 3.65 |  |  | 26.35 | 16.08 | 985836 | 18 | 0.55 | 1.05 | 0.05 |
| 12/31/20 | 17.45 | 0.02 | 5.23 | 5.25 |  |  | 22.70 | 30.09 | 751772 | 17 | 0.56 | 1.06 | 0.09 |
| Class I | Class I | Class I | Class I | Class I |  |  |  |  |  |  |  |  |  |
| 06/30/25 | 27.89 | 0.05 | 3.06 | 3.11 |  |  | 31.00 | 11.15 | 26077 | 15 | 0.35 | 0.75 | 0.35 |
| 12/31/24 | 24.56 | 0.39 | 2.94 | 3.33 |  |  | 27.89 | 13.56 | 26948 | 41 | 0.35 | 0.75 | 1.42 |
| 12/31/23 | 20.05 | 0.19 | 4.32 | 4.51 |  |  | 24.56 | 22.49 | 24350 | 29 | 0.35 | 0.75 | 0.84 |
| 12/31/22 | 26.67 | 0.13 | (6.75)  | (6.62)  |  |  | 20.05 | (24.82)  | 18835 | 29 | 0.32 | 0.75 | 0.61 |
| 12/31/21 | 22.90 | 0.09 | 3.68 | 3.77 |  |  | 26.67 | 16.46 | 26529 | 18 | 0.25 | 0.75 | 0.37 |
| 12/31/20 | 17.56 | 0.08 | 5.26 | 5.34 |  |  | 22.90 | 30.41 | 15648 | 17 | 0.26 | 0.76 | 0.44 |
| **JNL/American Funds Global Small Capitalization Fund(a)(c)** | **JNL/American Funds Global Small Capitalization Fund(a)(c)** | **JNL/American Funds Global Small Capitalization Fund(a)(c)** | **JNL/American Funds Global Small Capitalization Fund(a)(c)** | **JNL/American Funds Global Small Capitalization Fund(a)(c)** | **JNL/American Funds Global Small Capitalization Fund(a)(c)** | **JNL/American Funds Global Small Capitalization Fund(a)(c)** | **JNL/American Funds Global Small Capitalization Fund(a)(c)** |  |  |  |  |  |  |
| Class A | Class A | Class A | Class A | Class A |  |  |  |  |  |  |  |  |  |
| 06/30/25 | 18.95 | (0.05) | 1.52 | 1.47 |  |  | 20.42 | 7.76 | 597952 | 27 | 0.58 | 1.05 | (0.58)  |
| 12/31/24 | 18.57 | 0.12 | 0.26 | 0.38 |  |  | 18.95 | 2.05 | 603674 | 47 | 0.59 | 1.05 | 0.63 |
| 12/31/23 | 16.04 | (0.02)  | 2.55 | 2.53 |  |  | 18.57 | 15.77 | 663233 | 36 | 0.59 | 1.05 | (0.12)  |
| 12/31/22 | 22.85 | (0.10)  | (6.71)  | (6.81)  |  |  | 16.04 | (29.80)  | 606245 | 40 | 0.58 | 1.05 | (0.58)  |
| 12/31/21 | 21.48 | (0.13)  | 1.50 | 1.37 |  |  | 22.85 | 6.38 | 915287 | 29 | 0.55 | 1.05 | (0.55)  |
| 12/31/20 | 16.61 | (0.06)  | 4.93 | 4.87 |  |  | 21.48 | 29.32 | 881265 | 38 | 0.55 | 1.05 | (0.35)  |
| Class I | Class I | Class I | Class I | Class I |  |  |  |  |  |  |  |  |  |
| 06/30/25 | 19.56 | (0.03)  | 1.58 | 1.55 |  |  | 21.11 | 7.92 | 11596 | 27 | 0.28 | 0.75 | (0.28)  |
| 12/31/24 | 19.12 | 0.18 | 0.26 | 0.44 |  |  | 19.56 | 2.30 | 10835 | 47 | 0.29 | 0.75 | 0.92 |
| 12/31/23 | 16.47 | 0.03 | 2.62 | 2.65 |  |  | 19.12 | 16.09 | 11446 | 36 | 0.29 | 0.75 | 0.20 |
| 12/31/22 | 23.39 | (0.05)  | (6.87)  | (6.92)  |  |  | 16.47 | (29.59)  | 9653 | 40 | 0.28 | 0.75 | (0.28)  |
| 12/31/21 | 21.92 | (0.06)  | 1.53 | 1.47 |  |  | 23.39 | 6.71 | 13636 | 29 | 0.25 | 0.75 | (0.25)  |
| 12/31/20 | 16.89 | (0.01)  | 5.04 | 5.03 |  |  | 21.92 | 29.78 | 7815 | 38 | 0.25 | 0.75 | (0.06)  |

---

(a) The
 Master Funds for the JNL/American Funds Feeder Funds are the Class 1 shares of the corresponding American Fund Insurance Series Fund.
 These financial statements should be read in conjunction with each Master Fund's financial statements.

(b) Ratios
 of net investment income and expenses to average net assets do not include the impact of the Master Fund's and underlying funds'
 expenses. The net expense to average net assets ratio, the total expense to average net assets ratio, and the net investment income (loss)
 to average net assets ratio, respectively, for both the Master and Feeder Fund are as follows (annualized for periods less than one year):
 JNL/American Funds Global Growth Fund - Class A: June 30, 2025: 1.06%, 1.46%, (0.35%); December 31, 2024: 1.06%, 1.46%, 0.72%; December
 31, 2023: 1.06%, 1.46%, 0.11%; December 31, 2022: 1.08%, 1.51%, (0.16)%; December 31, 2021: 1.09%, 1.59%, (0.49)%; December 31, 2020:
 1.12%, 1.62%, (0.47)%. JNL/American Funds Global Growth Fund - Class I: June 30, 2025: 0.76%, 1.16%, (0.06%); December 31, 2024: 0.76%,
 1.16%, 1.01%; December 31, 2023: 0.76%, 1.16%, 0.43%; December 31, 2022: 0.78%, 1.21%, 0.15%; December 31, 2021: 0.79%, 1.29%, (0.17)%;
 December 31, 2020: 0.82%, 1.32%, (0.12)%.

(c) Ratios
 of net investment income and expenses to average net assets do not include the impact of the Master Fund's and underlying funds'
 expenses. The net expense to average net assets ratio, the total expense to average net assets ratio, and the net investment income (loss)
 to average net assets ratio, respectively, for both the Master and Feeder Fund are as follows (annualized for periods less than one year):
 JNL/American Funds Global Small Capitalization Fund - Class A: June 30, 2025: 1.23%, 1.70%, (1.23%); December 31, 2024: 1.26%, 1.72%,
 (0.04)%; December 31, 2023: 1.24%, 1.70%, (0.77)%; December 31, 2022: 1.27%, 1.74%, (1.27)%; December 31, 2021: 1.29%, 1.79%, (1.29)%;
 December 31, 2020: 1.30%, 1.80%, (1.10)%. JNL/American Funds Global Small Capitalization Fund - Class I: June 30, 2025: 0.93%, 1.40%,
 (0.93%); December 31, 2024: 0.96%, 1.42%, 0.25%; December 31, 2023: 0.94%, 1.40%, (0.45)%; December 31, 2022: 0.97%, 1.44%, (0.97)%; December
 31, 2021: 0.99%, 1.49%, (0.99)%; December 31, 2020: 1.00%, 1.50%, (0.81)%.

See accompanying Notes to Financial Statements.

690

**JNL Series Trust (Unaudited)**

**Financial Highlights**

**For a Share Outstanding**

---

| | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  |  | Increase (decrease) from <br>investment operations | Increase (decrease) from <br>investment operations | Increase (decrease) from <br>investment operations | Distributions from | Distributions from |  |  | Supplemental data | Supplemental data |  | Ratios |  |
| Period ended | Net asset value, beginning of period($) | Net investment income (loss)($) | Net realized & unrealized gains (losses)($) | Total from investment operations($) | Net investment income($) | Net realized gains on investment transactions($) | Net asset value, end of period($) | Total return(%) | Net assets,end of period (in thousands)($) | Portfolio turnover (%) | Net expenses to average net assets(%) | Total expenses to average net assets(%) | Net investment income (loss) to average net assets(%) |
| **JNL/American Funds Growth Fund(a)(b)** | **JNL/American Funds Growth Fund(a)(b)** | **JNL/American Funds Growth Fund(a)(b)** | **JNL/American Funds Growth Fund(a)(b)** | **JNL/American Funds Growth Fund(a)(b)** | **JNL/American Funds Growth Fund(a)(b)** | **JNL/American Funds Growth Fund(a)(b)** | **JNL/American Funds Growth Fund(a)(b)** |  |  |  |  |  |  |
| Class A | Class A | Class A | Class A | Class A |  |  |  |  |  |  |  |  |  |
| 06/30/25 | 64.88 | (0.05) | 6.50 | 6.45 |  |  | 71.33 | 9.94 | 7530287 | 14 | 0.56 | 0.99 | (0.14)  |
| 12/31/24 | 49.43 | 0.02 | 15.43 | 15.45 |  |  | 64.88 | 31.26 | 6725296 | 23 | 0.56 | 1.00 | 0.03 |
| 12/31/23 | 35.81 | 0.03 | 13.59 | 13.62 |  |  | 49.43 | 38.03 | 4989869 | 23 | 0.55 | 1.00 | 0.07 |
| 12/31/22 | 51.27 | 0.02 | (15.48)  | (15.46)  |  |  | 35.81 | (30.15)  | 3304086 | 29 | 0.56 | 1.01 | 0.04 |
| 12/31/21 | 42.16 | (0.03)  | 9.14 | 9.11 |  |  | 51.27 | 21.61 | 4479365 | 25 | 0.56 | 1.01 | (0.05)  |
| 12/31/20 | 27.81 | 0.01 | 14.34 | 14.35 |  |  | 42.16 | 51.60 | 3076624 | 32 | 0.58 | 1.03 | 0.04 |
| Class I | Class I | Class I | Class I | Class I |  |  |  |  |  |  |  |  |  |
| 06/30/25 | 66.34 | 0.05 | 6.66 | 6.71 |  |  | 73.05 | 10.11 | 160851 | 14 | 0.26 | 0.69 | 0.16 |
| 12/31/24 | 50.40 | 0.20 | 15.74 | 15.94 |  |  | 66.34 | 31.63 | 141371 | 23 | 0.26 | 0.70 | 0.34 |
| 12/31/23 | 36.40 | 0.16 | 13.84 | 14.00 |  |  | 50.40 | 38.46 | 100563 | 23 | 0.25 | 0.70 | 0.37 |
| 12/31/22 | 51.96 | 0.15 | (15.71)  | (15.56)  |  |  | 36.40 | (29.95)  | 66531 | 29 | 0.26 | 0.71 | 0.36 |
| 12/31/21 | 42.60 | (0.16)  | 9.52 | 9.36 |  |  | 51.96 | 21.97 | 83443 | 25 | 0.26 | 0.71 | (0.33)  |
| 12/31/20 | 28.02 | 0.11 | 14.47 | 14.58 |  |  | 42.60 | 52.03 | 51111 | 32 | 0.28 | 0.73 | 0.34 |
| **JNL/American Funds Growth-Income Fund(a)(c)** | **JNL/American Funds Growth-Income Fund(a)(c)** | **JNL/American Funds Growth-Income Fund(a)(c)** | **JNL/American Funds Growth-Income Fund(a)(c)** | **JNL/American Funds Growth-Income Fund(a)(c)** | **JNL/American Funds Growth-Income Fund(a)(c)** | **JNL/American Funds Growth-Income Fund(a)(c)** | **JNL/American Funds Growth-Income Fund(a)(c)** |  |  |  |  |  |  |
| Class A | Class A | Class A | Class A | Class A |  |  |  |  |  |  |  |  |  |
| 06/30/25 | 49.44 | (0.03) | 3.89 | 3.86 |  |  | 53.30 | 7.81 | 11907858 | 18 | 0.63 | 0.93 | (0.13)  |
| 12/31/24 | 39.95 | 0.31 | 9.18 | 9.49 |  |  | 49.44 | 23.75 | 11530490 | 45 | 0.63 | 0.93 | 0.69 |
| 12/31/23 | 31.79 | 0.35 | 7.81 | 8.16 |  |  | 39.95 | 25.67 | 10182250 | 26 | 0.63 | 0.93 | 0.98 |
| 12/31/22 | 38.22 | 0.30 | (6.73)  | (6.43)  |  |  | 31.79 | (16.82)  | 8441976 | 25 | 0.63 | 0.93 | 0.90 |
| 12/31/21 | 30.91 | 0.26 | 7.05 | 7.31 |  |  | 38.22 | 23.65 | 10486513 | 24 | 0.63 | 0.93 | 0.74 |
| 12/31/20 | 27.33 | 0.26 | 3.32 | 3.58 |  |  | 30.91 | 13.10 | 8561939 | 33 | 0.64 | 0.94 | 0.98 |
| Class I | Class I | Class I | Class I | Class I |  |  |  |  |  |  |  |  |  |
| 06/30/25 | 51.04 | 0.04 | 4.02 | 4.06 |  |  | 55.10 | 7.95 | 177223 | 18 | 0.33 | 0.63 | 0.17 |
| 12/31/24 | 41.11 | 0.47 | 9.46 | 9.93 |  |  | 51.04 | 24.15 | 167630 | 45 | 0.33 | 0.63 | 1.00 |
| 12/31/23 | 32.62 | 0.48 | 8.01 | 8.49 |  |  | 41.11 | 26.03 | 140610 | 26 | 0.33 | 0.63 | 1.32 |
| 12/31/22 | 39.10 | 0.41 | (6.89)  | (6.48)  |  |  | 32.62 | (16.57)  | 107171 | 25 | 0.33 | 0.63 | 1.21 |
| 12/31/21 | 31.53 | 0.40 | 7.17 | 7.57 |  |  | 39.10 | 24.01 | 127876 | 24 | 0.33 | 0.63 | 1.13 |
| 12/31/20 | 27.79 | 0.40 | 3.34 | 3.74 |  |  | 31.53 | 13.46 | 87382 | 33 | 0.34 | 0.64 | 1.44 |

---

(a) The
 Master Funds for the JNL/American Funds Feeder Funds are the Class 1 shares of the corresponding American Fund Insurance Series Fund.
 These financial statements should be read in conjunction with each Master Fund's financial statements.

(b) Ratios
 of net investment income and expenses to average net assets do not include the impact of the Master Fund's and underlying funds'
 expenses. The net expense to average net assets ratio, the total expense to average net assets ratio, and the net investment income (loss)
 to average net assets ratio, respectively, for both the Master and Feeder Fund are as follows (annualized for periods less than one year):
 JNL/American Funds Growth Fund - Class A: June 30, 2025: 0.90%, 1.33%, (0.48%); December 31, 2024: 0.90%, 1.34%, (0.31)%; December 31,
 2023: 0.90%, 1.35%, (0.28)%; December 31, 2022: 0.91%, 1.36%, (0.31)%; December 31, 2021: 0.90%, 1.35%, (0.39)%; December 31, 2020: 0.93%,
 1.38%, (0.31)%. JNL/American Funds Growth Fund - Class I: June 30, 2025: 0.60%, 1.03%, (0.18%); December 31, 2024: 0.60%, 1.04%, 0.00%;
 December 31, 2023: 0.60%, 1.05%, 0.02%; December 31, 2022: 0.61%, 1.06%, 0.01%; December 31, 2021: 0.60%, 1.05%, (0.67)%; December 31,
 2020: 0.63%, 1.08%, (0.01)%.

(c) Ratios
 of net investment income and expenses to average net assets do not include the impact of the Master Fund's and underlying funds'
 expenses. The net expense to average net assets ratio, the total expense to average net assets ratio, and the net investment income (loss)
 to average net assets ratio, respectively, for both the Master and Feeder Fund are as follows (annualized for periods less than one year):
 JNL/American Funds Growth-Income Fund - Class A: June 30, 2025: 0.91%, 1.21%, (0.41%); December 31, 2024: 0.91%, 1.21%, 0.41%; December
 31, 2023: 0.92%, 1.22%, 0.69%; December 31, 2022: 0.92%, 1.22%, 0.61%; December 31, 2021: 0.92%, 1.22%, 0.45%; December 31, 2020: 0.93%,
 1.23%, 0.69%. JNL/American Funds Growth-Income Fund - Class I: June 30, 2025: 0.61%, 0.91%, (0.11%); December 31, 2024: 0.61%, 0.91%,
 0.72%; December 31, 2023: 0.62%, 0.92%, 1.03%; December 31, 2022: 0.62%, 0.92%, 0.92%; December 31, 2021: 0.62%, 0.92%, 0.84%; December
 31, 2020: 0.63%, 0.93%, 1.15%.

See accompanying Notes to Financial Statements.

691

**JNL Series Trust (Unaudited)**

**Financial Highlights**

**For a Share Outstanding**

---

| | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  |  | Increase (decrease) from <br>investment operations | Increase (decrease) from <br>investment operations | Increase (decrease) from <br>investment operations | Distributions from | Distributions from |  |  | Supplemental data | Supplemental data |  | Ratios |  |
| Period ended | Net asset value, beginning of period($) | Net investment income (loss)($) | Net realized & unrealized gains (losses)($) | Total from investment operations($) | Net investment income($) | Net realized gains on investment transactions($) | Net asset value, end of period($) | Total return(%) | Net assets,end of period (in thousands)($) | Portfolio turnover (%) | Net expenses to average net assets(%) | Total expenses to average net assets(%) | Net investment income (loss) to average net assets(%) |
| **JNL/American Funds International Fund(a)(b)** | **JNL/American Funds International Fund(a)(b)** | **JNL/American Funds International Fund(a)(b)** | **JNL/American Funds International Fund(a)(b)** | **JNL/American Funds International Fund(a)(b)** | **JNL/American Funds International Fund(a)(b)** | **JNL/American Funds International Fund(a)(b)** | **JNL/American Funds International Fund(a)(b)** |  |  |  |  |  |  |
| Class A | Class A | Class A | Class A | Class A |  |  |  |  |  |  |  |  |  |
| 06/30/25 | 16.15 | (0.04) | 1.95 | 1.91 |  |  | 18.06 | 11.83 | 1355234 | 42 | 0.64 | 1.14 | (0.51)  |
| 12/31/24 | 15.72 | 0.12 | 0.31 | 0.43 |  |  | 16.15 | 2.74 | 1287633 | 35 | 0.64 | 1.14 | 0.73 |
| 12/31/23 | 13.63 | 0.13 | 1.96 | 2.09 |  |  | 15.72 | 15.33 | 1435176 | 28 | 0.64 | 1.14 | 0.89 |
| 12/31/22 | 17.27 | 0.19 | (3.83)  | (3.64)  |  |  | 13.63 | (21.08)  | 1354785 | 42 | 0.64 | 1.14 | 1.32 |
| 12/31/21 | 17.59 | 0.36 | (0.68)  | (0.32)  |  |  | 17.27 | (1.82)  | 1828116 | 44 | 0.63 | 1.13 | 2.02 |
| 12/31/20 | 15.49 | 0.04 | 2.06 | 2.10 |  |  | 17.59 | 13.56 | 1937861 | 40 | 0.63 | 1.13 | 0.26 |
| Class I | Class I | Class I | Class I | Class I |  |  |  |  |  |  |  |  |  |
| 06/30/25 | 16.64 | (0.02)  | 2.02 | 2.00 |  |  | 18.64 | 12.02 | 20684 | 42 | 0.34 | 0.84 | (0.20)  |
| 12/31/24 | 16.15 | 0.19 | 0.30 | 0.49 |  |  | 16.64 | 3.03 | 18089 | 35 | 0.34 | 0.84 | 1.09 |
| 12/31/23 | 13.95 | 0.19 | 2.01 | 2.20 |  |  | 16.15 | 15.77 | 17619 | 28 | 0.34 | 0.84 | 1.25 |
| 12/31/22 | 17.63 | 0.25 | (3.93)  | (3.68)  |  |  | 13.95 | (20.87)  | 14865 | 42 | 0.34 | 0.84 | 1.69 |
| 12/31/21 | 17.91 | 0.48 | (0.76)  | (0.28)  |  |  | 17.63 | (1.56)  | 17376 | 44 | 0.33 | 0.83 | 2.61 |
| 12/31/20 | 15.72 | 0.10 | 2.09 | 2.19 |  |  | 17.91 | 13.93 | 14166 | 40 | 0.33 | 0.83 | 0.65 |
| **JNL/American Funds New World Fund(a)(c)** | **JNL/American Funds New World Fund(a)(c)** | **JNL/American Funds New World Fund(a)(c)** | **JNL/American Funds New World Fund(a)(c)** | **JNL/American Funds New World Fund(a)(c)** | **JNL/American Funds New World Fund(a)(c)** | **JNL/American Funds New World Fund(a)(c)** | **JNL/American Funds New World Fund(a)(c)** |  |  |  |  |  |  |
| Class A | Class A | Class A | Class A | Class A |  |  |  |  |  |  |  |  |  |
| 06/30/25 | 17.59 | (0.04) | 2.72 | 2.68 |  |  | 20.27 | 15.24 | 1385745 | 23 | 0.69 | 1.34 | (0.40)  |
| 12/31/24 | 16.58 | 0.16 | 0.85 | 1.01 |  |  | 17.59 | 6.09 | 1291750 | 55 | 0.69 | 1.34 | 0.88 |
| 12/31/23 | 14.36 | 0.15 | 2.07 | 2.22 |  |  | 16.58 | 15.46 | 1398840 | 36 | 0.69 | 1.34 | 0.98 |
| 12/31/22 | 18.51 | 0.13 | (4.28)  | (4.15)  |  |  | 14.36 | (22.42)  | 1285794 | 40 | 0.69 | 1.34 | 0.87 |
| 12/31/21 | 17.72 | 0.08 | 0.71 | 0.79 |  |  | 18.51 | 4.46 | 1742316 | 43 | 0.68 | 1.33 | 0.42 |
| 12/31/20 | 14.40 | (0.06)  | 3.38 | 3.32 |  |  | 17.72 | 23.06 | 1646066 | 70 | 0.68 | 1.34 | (0.43)  |
| Class I | Class I | Class I | Class I | Class I |  |  |  |  |  |  |  |  |  |
| 06/30/25 | 18.10 | (0.01)  | 2.80 | 2.79 |  |  | 20.89 | 15.41 | 30895 | 23 | 0.39 | 1.04 | (0.10)  |
| 12/31/24 | 17.00 | 0.22 | 0.88 | 1.10 |  |  | 18.10 | 6.47 | 29502 | 55 | 0.39 | 1.04 | 1.20 |
| 12/31/23 | 14.68 | 0.21 | 2.11 | 2.32 |  |  | 17.00 | 15.80 | 31324 | 36 | 0.39 | 1.04 | 1.34 |
| 12/31/22 | 18.87 | 0.19 | (4.38)  | (4.19)  |  |  | 14.68 | (22.20)  | 24971 | 40 | 0.39 | 1.04 | 1.24 |
| 12/31/21 | 18.01 | 0.15 | 0.71 | 0.86 |  |  | 18.87 | 4.78 | 30047 | 43 | 0.38 | 1.03 | 0.80 |
| 12/31/20 | 14.59 | (0.02)  | 3.44 | 3.42 |  |  | 18.01 | 23.44 | 21146 | 70 | 0.38 | 1.04 | (0.12)  |

---

(a) The
 Master Funds for the JNL/American Funds Feeder Funds are the Class 1 shares of the corresponding American Fund Insurance Series Fund.
 These financial statements should be read in conjunction with each Master Fund's financial statements.

(b) Ratios
 of net investment income and expenses to average net assets do not include the impact of the Master Fund's and underlying funds'
 expenses. The net expense to average net assets ratio, the total expense to average net assets ratio, and the net investment income (loss)
 to average net assets ratio, respectively, for both the Master and Feeder Fund are as follows (annualized for periods less than one year):
 JNL/American Funds International Fund - Class A: June 30, 2025: 1.16%, 1.66%, (1.03%); December 31, 2024: 1.16%, 1.66%, 0.21%; December
 31, 2023: 1.17%, 1.67%, 0.36%; December 31, 2022: 1.18%, 1.68%, 0.78%; December 31, 2021: 1.18%, 1.68%, 1.47%; December 31, 2020: 1.18%,
 1.68%, (0.29)%. JNL/American Funds International Fund - Class I: June 30, 2025: 0.86%, 1.36%, (0.72%); December 31, 2024: 0.86%, 1.36%,
 0.57%; December 31, 2023: 0.87%, 1.37%, 0.72%; December 31, 2022: 0.88%, 1.38%, 1.15%; December 31, 2021: 0.88%, 1.38%, 2.06%; December
 31, 2020: 0.88%, 1.38%, 0.10%.

(c) Ratios
 of net investment income and expenses to average net assets do not include the impact of the Master Fund's and underlying funds'
 expenses. The net expense to average net assets ratio, the total expense to average net assets ratio, and the net investment income (loss)
 to average net assets ratio, respectively, for both the Master and Feeder Fund are as follows (annualized for periods less than one year):
 JNL/American Funds New World Fund - Class A: June 30, 2025: 1.26%, 1.91%, (0.97%); December 31, 2024: 1.26%, 1.91%, 0.31%; December 31,
 2023: 1.26%, 1.91%, 0.41%; December 31, 2022: 1.26%, 1.91%, 0.30%; December 31, 2021: 1.24%, 1.89%, (0.14)%; December 31, 2020: 1.32%,
 1.98%, (1.07)%. JNL/American Funds New World Fund - Class I: June 30, 2025: 0.96%, 1.61%, (0.67%); December 31, 2024: 0.96%, 1.61%, 0.63%;
 December 31, 2023: 0.96%, 1.61%, 0.77%; December 31, 2022: 0.96%, 1.61%, 0.67%; December 31, 2021: 0.94%, 1.59%, 0.24%; December 31, 2020:
 1.02%, 1.68%, (0.76)%.

See accompanying Notes to Financial Statements.

692

**JNL Series Trust (Unaudited)**

**Financial Highlights**

**For a Share Outstanding**

---

| | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  |  | Increase (decrease) from <br>investment operations | Increase (decrease) from <br>investment operations | Increase (decrease) from <br>investment operations | Distributions from | Distributions from |  |  | Supplemental data | Supplemental data |  | Ratios |  |
| Period ended | Net asset value, beginning of period($) | Net investment income (loss)($) | Net realized & unrealized gains (losses)($) | Total from investment operations($) | Net investment income($) | Net realized gains on investment transactions($) | Net asset value, end of period($) | Total return(%) | Net assets,end of period (in thousands)($) | Portfolio turnover (%) | Net expenses to average net assets(%) | Total expenses to average net assets(%) | Net investment income (loss) to average net assets(%) |
| **JNL/American Funds Washington Mutual Investors Fund(a)(b)** | **JNL/American Funds Washington Mutual Investors Fund(a)(b)** | **JNL/American Funds Washington Mutual Investors Fund(a)(b)** | **JNL/American Funds Washington Mutual Investors Fund(a)(b)** | **JNL/American Funds Washington Mutual Investors Fund(a)(b)** | **JNL/American Funds Washington Mutual Investors Fund(a)(b)** | **JNL/American Funds Washington Mutual Investors Fund(a)(b)** | **JNL/American Funds Washington Mutual Investors Fund(a)(b)** |  |  |  |  |  |  |
| Class A | Class A | Class A | Class A | Class A |  |  |  |  |  |  |  |  |  |
| 06/30/25 | 42.46 | 0.01 | 3.74 | 3.75 |  |  | 46.21 | 8.83 | 4107066 | 18 | 0.66 | 0.96 | 0.07 |
| 12/31/24 | 35.79 | 0.45 | 6.22 | 6.67 |  |  | 42.46 | 18.64 | 3936890 | 31 | 0.66 | 0.96 | 1.12 |
| 12/31/23 | 30.62 | 0.46 | 4.71 | 5.17 |  |  | 35.79 | 16.88 | 3711485 | 29 | 0.66 | 0.96 | 1.42 |
| 12/31/22 | 33.61 | 0.45 | (3.44)  | (2.99)  |  |  | 30.62 | (8.90)  | 3451516 | 30 | 0.66 | 0.96 | 1.47 |
| 12/31/21 | 26.40 | 0.31 | 6.90 | 7.21 |  |  | 33.61 | 27.31 | 3975111 | 90 | 0.64 | 0.96 | 1.04 |
| 12/31/20 | 24.35 | 0.32 | 1.73 | 2.05 |  |  | 26.40 | 8.42 | 3305413 | 40 | 0.59 | 0.97 | 1.38 |
| Class I | Class I | Class I | Class I | Class I |  |  |  |  |  |  |  |  |  |
| 06/30/25 | 43.83 | 0.08 | 3.86 | 3.94 |  |  | 47.77 | 8.99 | 66217 | 18 | 0.36 | 0.66 | 0.37 |
| 12/31/24 | 36.84 | 0.63 | 6.36 | 6.99 |  |  | 43.83 | 18.97 | 62278 | 31 | 0.36 | 0.66 | 1.52 |
| 12/31/23 | 31.42 | 0.60 | 4.82 | 5.42 |  |  | 36.84 | 17.25 | 48235 | 29 | 0.36 | 0.66 | 1.80 |
| 12/31/22 | 34.39 | 0.60 | (3.57)  | (2.97)  |  |  | 31.42 | (8.64)  | 41226 | 30 | 0.36 | 0.66 | 1.90 |
| 12/31/21 | 26.93 | 0.44 | 7.02 | 7.46 |  |  | 34.39 | 27.70 | 39478 | 90 | 0.34 | 0.66 | 1.43 |
| 12/31/20 | 24.77 | 0.46 | 1.70 | 2.16 |  |  | 26.93 | 8.72 | 23182 | 40 | 0.29 | 0.67 | 1.96 |
| **JNL/Mellon Bond Index Fund(c)(d)(e)** | **JNL/Mellon Bond Index Fund(c)(d)(e)** | **JNL/Mellon Bond Index Fund(c)(d)(e)** | **JNL/Mellon Bond Index Fund(c)(d)(e)** | **JNL/Mellon Bond Index Fund(c)(d)(e)** | **JNL/Mellon Bond Index Fund(c)(d)(e)** | **JNL/Mellon Bond Index Fund(c)(d)(e)** | **JNL/Mellon Bond Index Fund(c)(d)(e)** |  |  |  |  |  |  |
| Class A | Class A | Class A | Class A | Class A |  |  |  |  |  |  |  |  |  |
| 06/30/25 | 11.54 | (0.03) | 0.46 | 0.43 |  |  | 11.97 | 3.73 | 977242 | 45<br> (f) | 0.49 | 0.56 | (0.49)  |
| 12/31/24 | 11.46 | (0.06)  | 0.14 | 0.08 |  |  | 11.54 | 0.70 | 994145 | 76<br> (f) | 0.49 | 0.56 | (0.49)  |
| 12/31/23 | 10.92 | (0.05)  | 0.59 | 0.54 |  |  | 11.46 | 4.95 | 1009660 | 75<br> (f) | 0.49 | 0.56 | (0.49)  |
| 12/31/22 | 12.63 | (0.06)  | (1.65)  | (1.71)  |  |  | 10.92 | (13.54)  | 995894 | 104<br> (f) | 0.49 | 0.56 | (0.49)  |
| 12/31/21 | 12.91 | (0.00) <br> (g) | (0.28)  | (0.28)  |  |  | 12.63 | (2.17)  | 1294812 | 33<br> (f) | 0.51 | 0.56 | (0.03)  |
| 12/31/20 | 12.06 | 0.20 | 0.65 | 0.85 |  |  | 12.91 | 7.05 | 1158877 | 81<br> (f) | 0.56 | 0.56 | 1.58 |
| Class I | Class I | Class I | Class I | Class I |  |  |  |  |  |  |  |  |  |
| 06/30/25 | 12.17 | (0.01)  | 0.48 | 0.47 |  |  | 12.64 | 3.86 | 24906 | 45<br> (f) | 0.19 | 0.26 | (0.19)  |
| 12/31/24 | 12.05 | (0.02)  | 0.14 | 0.12 |  |  | 12.17 | 1.00 | 24222 | 76<br> (f) | 0.19 | 0.26 | (0.19)  |
| 12/31/23 | 11.45 | (0.02)  | 0.62 | 0.60 |  |  | 12.05 | 5.24 | 20960 | 75<br> (f) | 0.19 | 0.26 | (0.19)  |
| 12/31/22 | 13.20 | (0.02)  | (1.73)  | (1.75)  |  |  | 11.45 | (13.26)  | 20567 | 104<br> (f) | 0.19 | 0.26 | (0.19)  |
| 12/31/21 | 13.44 | 0.18 | (0.42)  | (0.24)  |  |  | 13.20 | (1.79)  | 25144 | 33<br> (f) | 0.25 | 0.26 | 1.35 |
| 12/31/20 | 12.53 | 0.25 | 0.66 | 0.91 |  |  | 13.44 | 7.26 | 264938 | 81<br> (f) | 0.26 | 0.26 | 1.90 |

---

(a) The
 Master Funds for the JNL/American Funds Feeder Funds are the Class 1 shares of the corresponding American Fund Insurance Series Fund.
 These financial statements should be read in conjunction with each Master Fund's financial statements.

(b) Ratios
 of net investment income and expenses to average net assets do not include the impact of the Master Fund's and underlying funds'
 expenses. The net expense to average net assets ratio, the total expense to average net assets ratio, and the net investment income (loss)
 to average net assets ratio, respectively, for both the Master and Feeder Fund are as follows (annualized for periods less than one year):
 JNL/American Funds Washington Mutual Investors Fund - Class A: June 30, 2025: 0.92%, 1.22%, (0.19%); December 31, 2024: 0.92%, 1.22%,
 0.86%; December 31, 2023: 0.93%, 1.23%, 1.15%; December 31, 2022: 0.92%, 1.22%, 1.21%; December 31, 2021: 0.95%, 1.27%, 0.73%; December
 31, 2020: 1.02%, 1.40%, 0.95%. JNL/American Funds Washington Mutual Investors Fund - Class I: June 30, 2025: 0.62%, 0.92%, 0.11%; December
 31, 2024: 0.62%, 0.92%, 1.26%; December 31, 2023: 0.63%, 0.93%, 1.53%; December 31, 2022: 0.62%, 0.92%, 1.64%; December 31, 2021: 0.65%,
 0.97%, 1.12%; December 31, 2020: 0.72%, 1.10%, 1.53%.

(c) Ratios
 of net investment income and expenses to average net assets do not include the impact of the Master Fund's and underlying funds'
 expenses. The net expense to average net assets ratio, the total expense to average net assets ratio, and the net investment income (loss)
 to average net assets ratio, respectively, for both the Master and Feeder Fund are as follows (annualized for periods less than one year):
 JNL/Mellon Bond Index Fund - Class A: June 30, 2025: 0.56%, 0.63%, (0.56%); December 31, 2024: 0.56%, 0.63%, (0.56)%; December 31, 2023:
 0.57%, 0.64%, (0.57)%; December 31, 2022: 0.56%, 0.63%, (0.56)%; December 31, 2021: 0.56%, 0.61%, (0.08)%. JNL/Mellon Bond Index Fund
 - Class I: June 30, 2025: 0.26%, 0.33%, (0.26%); December 31, 2024: 0.26%, 0.33%, (0.26)%; December 31, 2023: 0.27%, 0.34%, (0.27)%; December
 31, 2022: 0.26%, 0.33%, (0.26)%; December 31, 2021: 0.30%, 0.31%, 1.30%.

(d) Effective
 April 26, 2021, the Fund became a feeder fund. Prior to April 26, 2021, the Fund was a Sub-Advised Fund.

(e) The
 Master Funds for the JNL/Mellon Feeder Funds are the Class I shares of the corresponding JNL Series Trust Fund. These financial statements
 should be read in conjunction with each Master Fund's financial statements.

(f) Portfolio
 turnover including dollar roll transactions for JNL/Mellon Bond Index Fund was as follows: June 30, 2025: 76%; December 31, 2024: 136%;
 December 31, 2023: 123%; December 31, 2022: 204%; December 31, 2021: 105%; December 31, 2020: 140%

(g) Amount
 represents less than $0.005.

See accompanying Notes to Financial Statements.

693

**JNL Series Trust (Unaudited)**

**Financial Highlights**

**For a Share Outstanding**

---

| | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  |  | Increase (decrease) from <br>investment operations | Increase (decrease) from <br>investment operations | Increase (decrease) from <br>investment operations | Distributions from | Distributions from |  |  | Supplemental data | Supplemental data |  | Ratios |  |
| Period ended | Net asset value, beginning of period($) | Net investment income (loss)($) | Net realized & unrealized gains (losses)($) | Total from investment operations($) | Net investment income($) | Net realized gains on investment transactions($) | Net asset value, end of period($) | Total return(%) | Net assets,end of period (in thousands)($) | Portfolio turnover (%) | Net expenses to average net assets(%) | Total expenses to average net assets(%) | Net investment income (loss) to average net assets(%) |
| **JNL/Mellon Emerging Markets Index Fund(a)(b)(c)** | **JNL/Mellon Emerging Markets Index Fund(a)(b)(c)** | **JNL/Mellon Emerging Markets Index Fund(a)(b)(c)** | **JNL/Mellon Emerging Markets Index Fund(a)(b)(c)** | **JNL/Mellon Emerging Markets Index Fund(a)(b)(c)** | **JNL/Mellon Emerging Markets Index Fund(a)(b)(c)** | **JNL/Mellon Emerging Markets Index Fund(a)(b)(c)** | **JNL/Mellon Emerging Markets Index Fund(a)(b)(c)** |  |  |  |  |  |  |
| Class A | Class A | Class A | Class A | Class A |  |  |  |  |  |  |  |  |  |
| 06/30/25 | 11.58 | (0.04) | 1.70 | 1.66 |  |  | 13.24 | 14.34 | 808187 | 3 | 0.58 | 0.73 | (0.58)  |
| 12/31/24 | 10.97 | (0.07)  | 0.68 | 0.61 |  |  | 11.58 | 5.56 | 759410 | 5 | 0.58 | 0.73 | (0.58)  |
| 12/31/23 | 10.04 | (0.06)  | 0.99 | 0.93 |  |  | 10.97 | 9.26 | 823901 | 12 | 0.58 | 0.72 | (0.58)  |
| 12/31/22 | 12.39 | (0.06)  | (2.29)  | (2.35)  |  |  | 10.04 | (18.97)  | 801260 | 7 | 0.57 | 0.72 | (0.57)  |
| 12/31/21 | 12.84 | (0.01)  | (0.44)  | (0.45)  |  |  | 12.39 | (3.50)  | 1049682 | 19 | 0.62 | 0.72 | (0.09)  |
| 12/31/20 | 11.30 | 0.14 | 1.78 | 1.92 | (0.38) |  | 12.84 | 17.10 | 1128963 | 11 | 0.74 | 0.74 | 1.35 |
| Class I | Class I | Class I | Class I | Class I |  |  |  |  |  |  |  |  |  |
| 06/30/25 | 11.82 | (0.01)  | 1.72 | 1.71 |  |  | 13.53 | 14.47 | 20193 | 3 | 0.23 | 0.43 | (0.23)  |
| 12/31/24 | 11.16 | (0.03)  | 0.69 | 0.66 |  |  | 11.82 | 5.91 | 18815 | 5 | 0.23 | 0.43 | (0.23)  |
| 12/31/23 | 10.18 | (0.02)  | 1.00 | 0.98 |  |  | 11.16 | 9.63 | 18475 | 12 | 0.23 | 0.42 | (0.23)  |
| 12/31/22 | 12.51 | (0.02)  | (2.31)  | (2.33)  |  |  | 10.18 | (18.63)  | 16022 | 7 | 0.22 | 0.42 | (0.22)  |
| 12/31/21 | 12.92 | 0.03 | (0.44)  | (0.41)  |  |  | 12.51 | (3.17)  | 19232 | 19 | 0.26 | 0.42 | 0.23 |
| 12/31/20 | 11.36 | 0.17 | 1.81 | 1.98 | (0.42) |  | 12.92 | 17.55 | 14781 | 11 | 0.40 | 0.44 | 1.59 |
| **JNL/Mellon International Index Fund(b)(c)(d)** | **JNL/Mellon International Index Fund(b)(c)(d)** | **JNL/Mellon International Index Fund(b)(c)(d)** | **JNL/Mellon International Index Fund(b)(c)(d)** | **JNL/Mellon International Index Fund(b)(c)(d)** | **JNL/Mellon International Index Fund(b)(c)(d)** | **JNL/Mellon International Index Fund(b)(c)(d)** | **JNL/Mellon International Index Fund(b)(c)(d)** |  |  |  |  |  |  |
| Class A | Class A | Class A | Class A | Class A |  |  |  |  |  |  |  |  |  |
| 06/30/25 | 15.84 | (0.04) | 3.19 | 3.15 |  |  | 18.99 | 19.89 | 2917071 | 8 | 0.51 | 0.60 | (0.51)  |
| 12/31/24 | 15.39 | 0.48 | (0.03)  | 0.45 |  |  | 15.84 | 2.92 | 2011954 | 4 | 0.51 | 0.60 | 2.99 |
| 12/31/23 | 13.13 | 0.33 | 1.93 | 2.26 |  |  | 15.39 | 17.21 | 2241068 | 7 | 0.51 | 0.60 | 2.34 |
| 12/31/22 | 15.72 | 0.30 | (2.53)  | (2.23)  | (0.03) | (0.33) | 13.13 | (14.20)  | 2075890 | 2 | 0.51 | 0.61 | 2.21 |
| 12/31/21 | 14.23 | 0.02 | 1.47 | 1.49 |  |  | 15.72 | 10.47 | 2590032 | 6 | 0.53 | 0.61 | 0.10 |
| 12/31/20 | 13.80 | 0.23 | 0.82 | 1.05 | (0.47) | (0.15) | 14.23 | 7.70 | 1453177 | 3 | 0.63 | 0.63 | 1.78 |
| Class I | Class I | Class I | Class I | Class I |  |  |  |  |  |  |  |  |  |
| 06/30/25 | 16.79 | (0.02)  | 3.37 | 3.35 |  |  | 20.14 | 19.95 | 74454 | 8 | 0.21 | 0.30 | (0.21)  |
| 12/31/24 | 16.26 | 0.58 | (0.05)  | 0.53 |  |  | 16.79 | 3.26 | 57281 | 4 | 0.21 | 0.30 | 3.40 |
| 12/31/23 | 13.83 | 0.41 | 2.02 | 2.43 |  |  | 16.26 | 17.57 | 57687 | 7 | 0.21 | 0.30 | 2.73 |
| 12/31/22 | 16.53 | 0.37 | (2.66)  | (2.29)  | (0.08) | (0.33) | 13.83 | (13.91)  | 50505 | 2 | 0.21 | 0.31 | 2.64 |
| 12/31/21 | 14.92 | 0.31 | 1.30 | 1.61 |  |  | 16.53 | 10.79 | 55074 | 6 | 0.30 | 0.32 | 1.95 |
| 12/31/20 | 14.44 | 0.28 | 0.86 | 1.14 | (0.51) | (0.15) | 14.92 | 8.02 | 280274 | 3 | 0.33 | 0.33 | 2.08 |

---

(a) Ratios
 of net investment income and expenses to average net assets do not include the impact of the Master Fund's and underlying funds'
 expenses. The net expense to average net assets ratio, the total expense to average net assets ratio, and the net investment income (loss)
 to average net assets ratio, respectively, for both the Master and Feeder Fund are as follows (annualized for periods less than one year):
 JNL/Mellon Emerging Markets Index Fund - Class A: June 30, 2025: 0.74%, 0.89%, (0.74%); December 31, 2024: 0.77%, 0.92%, (0.77)%; December
 31, 2023: 0.74%, 0.88%, (0.74)%; December 31, 2022: 0.73%, 0.88%, (0.73)%; December 31, 2021: 0.74%, 0.84%, (0.23)%. JNL/Mellon Emerging
 Markets Index Fund - Class I: June 30, 2025: 0.39%, 0.59%, (0.39%); December 31, 2024: 0.42%, 0.62%, (0.42)%; December 31, 2023: 0.39%,
 0.58%, (0.39)%; December 31, 2022: 0.38%, 0.58%, (0.38)%; December 31, 2021: 0.38%, 0.53%, 0.08%.

(b) Effective
 April 26, 2021, the Fund became a feeder fund. Prior to April 26, 2021, the Fund was a Sub-Advised Fund.

(c) The
 Master Funds for the JNL/Mellon Feeder Funds are the Class I shares of the corresponding JNL Series Trust Fund. These financial statements
 should be read in conjunction with each Master Fund's financial statements.

(d) Ratios
 of net investment income and expenses to average net assets do not include the impact of the Master Fund's and underlying funds'
 expenses. The net expense to average net assets ratio, the total expense to average net assets ratio, and the net investment income (loss)
 to average net assets ratio, respectively, for both the Master and Feeder Fund are as follows (annualized for periods less than one year):
 JNL/Mellon International Index Fund - Class A: June 30, 2025: 0.61%, 0.70%, (0.61%); December 31, 2024: 0.61%, 0.70%, 2.89%; December
 31, 2023: 0.61%, 0.70%, 2.24%; December 31, 2022: 0.61%, 0.71%, 2.11%; December 31, 2021: 0.61%, 0.69%, 0.02%. JNL/Mellon International
 Index Fund - Class I: June 30, 2025: 0.31%, 0.40%, (0.31%); December 31, 2024: 0.31%, 0.40%, 3.30%; December 31, 2023: 0.31%, 0.40%, 2.63%;
 December 31, 2022: 0.31%, 0.41%, 2.54%; December 31, 2021: 0.38%, 0.41%, 1.87%.

See accompanying Notes to Financial Statements.

694

**JNL Series Trust (Unaudited)**

**Financial Highlights**

**For a Share Outstanding**

---

| | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  |  | Increase (decrease) from <br>investment operations | Increase (decrease) from <br>investment operations | Increase (decrease) from <br>investment operations | Distributions from | Distributions from |  |  | Supplemental data | Supplemental data |  | Ratios |  |
| Period ended | Net asset value, beginning of period($) | Net investment income (loss)($) | Net realized & unrealized gains (losses)($) | Total from investment operations($) | Net investment income($) | Net realized gains on investment transactions($) | Net asset value, end of period($) | Total return(%) | Net assets,end of period (in thousands)($) | Portfolio turnover (%) | Net expenses to average net assets(%) | Total expenses to average net assets(%) | Net investment income (loss) to average net assets(%) |
| **JNL/Mellon S&P 400 MidCap Index Fund(a)(b)(c)** | **JNL/Mellon S&P 400 MidCap Index Fund(a)(b)(c)** | **JNL/Mellon S&P 400 MidCap Index Fund(a)(b)(c)** | **JNL/Mellon S&P 400 MidCap Index Fund(a)(b)(c)** | **JNL/Mellon S&P 400 MidCap Index Fund(a)(b)(c)** | **JNL/Mellon S&P 400 MidCap Index Fund(a)(b)(c)** | **JNL/Mellon S&P 400 MidCap Index Fund(a)(b)(c)** | **JNL/Mellon S&P 400 MidCap Index Fund(a)(b)(c)** |  |  |  |  |  |  |
| Class A | Class A | Class A | Class A | Class A |  |  |  |  |  |  |  |  |  |
| 06/30/25 | 35.78 | (0.08) | 0.05 | (0.03) |  |  | 35.75 | (0.08)  | 3192599 | 6 | 0.46 | 0.54 | (0.46)  |
| 12/31/24 | 31.57 | (0.16)  | 4.37 | 4.21 |  |  | 35.78 | 13.34 | 3350878 | 16 | 0.46 | 0.54 | (0.46)  |
| 12/31/23 | 27.26 | (0.13)  | 4.44 | 4.31 |  |  | 31.57 | 15.81 | 3290675 | 19 | 0.46 | 0.54 | (0.46)  |
| 12/31/22 | 31.53 | (0.13)  | (4.14)  | (4.27)  |  |  | 27.26 | (13.54)  | 2999247 | 12 | 0.46 | 0.54 | (0.46)  |
| 12/31/21 | 25.40 | (0.05)  | 6.18 | 6.13 |  |  | 31.53 | 24.13 | 3778288 | 13 | 0.49 | 0.54 | (0.18)  |
| 12/31/20 | 22.48 | 0.21 | 2.71 | 2.92 |  |  | 25.40 | 12.99 | 3147797 | 27 | 0.56 | 0.56 | 1.02 |
| Class I | Class I | Class I | Class I | Class I |  |  |  |  |  |  |  |  |  |
| 06/30/25 | 37.18 | (0.03)  | 0.07 | 0.04 |  |  | 37.22 | 0.11 | 83055 | 6 | 0.16 | 0.24 | (0.16)  |
| 12/31/24 | 32.71 | (0.06)  | 4.53 | 4.47 |  |  | 37.18 | 13.67 | 82614 | 16 | 0.16 | 0.24 | (0.16)  |
| 12/31/23 | 28.17 | (0.05)  | 4.59 | 4.54 |  |  | 32.71 | 16.12 | 73919 | 19 | 0.16 | 0.24 | (0.16)  |
| 12/31/22 | 32.48 | (0.05)  | (4.26)  | (4.31)  |  |  | 28.17 | (13.27)  | 66791 | 12 | 0.16 | 0.24 | (0.16)  |
| 12/31/21 | 26.08 | 0.16 | 6.24 | 6.40 |  |  | 32.48 | 24.54 | 71747 | 13 | 0.23 | 0.25 | 0.53 |
| 12/31/20 | 23.01 | 0.28 | 2.79 | 3.07 |  |  | 26.08 | 13.34 | 299838 | 27 | 0.26 | 0.26 | 1.32 |
| **JNL/Mellon Small Cap Index Fund(b)(c)(d)** | **JNL/Mellon Small Cap Index Fund(b)(c)(d)** | **JNL/Mellon Small Cap Index Fund(b)(c)(d)** | **JNL/Mellon Small Cap Index Fund(b)(c)(d)** | **JNL/Mellon Small Cap Index Fund(b)(c)(d)** | **JNL/Mellon Small Cap Index Fund(b)(c)(d)** | **JNL/Mellon Small Cap Index Fund(b)(c)(d)** | **JNL/Mellon Small Cap Index Fund(b)(c)(d)** |  |  |  |  |  |  |
| Class A | Class A | Class A | Class A | Class A |  |  |  |  |  |  |  |  |  |
| 06/30/25 | 28.39 | (0.06) | (1.26) | (1.32) |  |  | 27.07 | (4.65)  | 2221714 | 14 | 0.46 | 0.54 | (0.46)  |
| 12/31/24 | 26.28 | (0.13)  | 2.24 | 2.11 |  |  | 28.39 | 8.03 | 2453475 | 32 | 0.46 | 0.54 | (0.46)  |
| 12/31/23 | 22.74 | (0.11)  | 3.65 | 3.54 |  |  | 26.28 | 15.57 | 2541868 | 36 | 0.46 | 0.54 | (0.46)  |
| 12/31/22 | 27.28 | (0.11)  | (4.43)  | (4.54)  |  |  | 22.74 | (16.64)  | 2277127 | 23 | 0.46 | 0.54 | (0.46)  |
| 12/31/21 | 21.63 | (0.04)  | 5.69 | 5.65 |  |  | 27.28 | 26.12 | 2916059 | 20 | 0.49 | 0.55 | (0.17)  |
| 12/31/20 | 19.52 | 0.15 | 1.96 | 2.11 |  |  | 21.63 | 10.81 | 2384433 | 26 | 0.57 | 0.57 | 0.90 |
| Class I | Class I | Class I | Class I | Class I |  |  |  |  |  |  |  |  |  |
| 06/30/25 | 29.50 | (0.02)  | (1.31)  | (1.33)  |  |  | 28.17 | (4.51)  | 59347 | 14 | 0.16 | 0.24 | (0.16)  |
| 12/31/24 | 27.23 | (0.05)  | 2.32 | 2.27 |  |  | 29.50 | 8.34 | 70753 | 32 | 0.16 | 0.24 | (0.16)  |
| 12/31/23 | 23.49 | (0.04)  | 3.78 | 3.74 |  |  | 27.23 | 15.92 | 64165 | 36 | 0.16 | 0.24 | (0.16)  |
| 12/31/22 | 28.09 | (0.04)  | (4.56)  | (4.60)  |  |  | 23.49 | (16.38)  | 53909 | 23 | 0.16 | 0.24 | (0.16)  |
| 12/31/21 | 22.21 | 0.15 | 5.73 | 5.88 |  |  | 28.09 | 26.47 | 64789 | 20 | 0.23 | 0.25 | 0.59 |
| 12/31/20 | 19.98 | 0.21 | 2.02 | 2.23 |  |  | 22.21 | 11.16 | 293522 | 26 | 0.27 | 0.27 | 1.20 |

---

(a) Ratios
 of net investment income and expenses to average net assets do not include the impact of the Master Fund's and underlying funds'
 expenses. The net expense to average net assets ratio, the total expense to average net assets ratio, and the net investment income (loss)
 to average net assets ratio, respectively, for both the Master and Feeder Fund are as follows (annualized for periods less than one year):
 JNL/Mellon S&P 400 MidCap Index Fund - Class A: June 30, 2025: 0.56%, 0.64%, (0.56%); December 31, 2024: 0.56%, 0.64%, (0.56)%; December
 31, 2023: 0.56%, 0.64%, (0.56)%; December 31, 2022: 0.56%, 0.64%, (0.56)%; December 31, 2021: 0.57%, 0.62%, (0.23)%. JNL/Mellon S&P
 400 MidCap Index Fund - Class I: June 30, 2025: 0.26%, 0.34%, (0.26%); December 31, 2024: 0.26%, 0.34%, (0.26)%; December 31, 2023: 0.26%,
 0.34%, (0.26)%; December 31, 2022: 0.26%, 0.34%, (0.26)%; December 31, 2021: 0.31%, 0.34%, 0.49%.

(b) Effective
 April 26, 2021, the Fund became a feeder fund. Prior to April 26, 2021, the Fund was a Sub-Advised Fund.

(c) The
 Master Funds for the JNL/Mellon Feeder Funds are the Class I shares of the corresponding JNL Series Trust Fund. These financial statements
 should be read in conjunction with each Master Fund's financial statements.

(d) Ratios
 of net investment income and expenses to average net assets do not include the impact of the Master Fund's and underlying funds'
 expenses. The net expense to average net assets ratio, the total expense to average net assets ratio, and the net investment income (loss)
 to average net assets ratio, respectively, for both the Master and Feeder Fund are as follows (annualized for periods less than one year):
 JNL/Mellon Small Cap Index Fund - Class A: June 30, 2025: 0.56%, 0.64%, (0.56%); December 31, 2024: 0.56%, 0.64%, (0.56)%; December 31,
 2023: 0.56%, 0.64%, (0.56)%; December 31, 2022: 0.56%, 0.64%, (0.56)%; December 31, 2021: 0.57%, 0.63%, (0.21)%. JNL/Mellon Small Cap
 Index Fund - Class I: June 30, 2025: 0.26%, 0.34%, (0.26%); December 31, 2024: 0.26%, 0.34%, (0.26)%; December 31, 2023: 0.26%, 0.34%,
 (0.26)%; December 31, 2022: 0.26%, 0.34%, (0.26)%; December 31, 2021: 0.32%, 0.34%, 0.54%.

See accompanying Notes to Financial Statements.

695

**JNL Series Trust (Unaudited)**

**Financial Highlights**

**For a Share Outstanding**

---

| | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  |  | Increase (decrease) from <br>investment operations | Increase (decrease) from <br>investment operations | Increase (decrease) from <br>investment operations | Distributions from | Distributions from |  |  | Supplemental data | Supplemental data |  | Ratios |  |
| Period ended | Net asset value, beginning of period($) | Net investment income (loss)($) | Net realized & unrealized gains (losses)($) | Total from investment operations($) | Net investment income($) | Net realized gains on investment transactions($) | Net asset value, end of period($) | Total return(%) | Net assets,end of period (in thousands)($) | Portfolio turnover (%) | Net expenses to average net assets(%) | Total expenses to average net assets(%) | Net investment income (loss) to average net assets(%) |
| **JNL Aggressive Growth Allocation Fund** | **JNL Aggressive Growth Allocation Fund** | **JNL Aggressive Growth Allocation Fund** | **JNL Aggressive Growth Allocation Fund** | **JNL Aggressive Growth Allocation Fund** | **JNL Aggressive Growth Allocation Fund** | **JNL Aggressive Growth Allocation Fund** | **JNL Aggressive Growth Allocation Fund** |  |  |  |  |  |  |
| Class A | Class A | Class A | Class A | Class A |  |  |  |  |  |  |  |  |  |
| 06/30/25 | 20.93 | (0.05) | 1.95 | 1.90 |  |  | 22.83 | 9.08 | 1464803 | 13 | 0.45 | 0.45 | (0.44)  |
| 12/31/24 | 18.70 | 0.02 | 2.21 | 2.23 |  |  | 20.93 | 11.93 | 1419924 | 24 | 0.45 | 0.45 | 0.10 |
| 12/31/23 | 15.79 | 0.01 | 2.90 | 2.91 |  |  | 18.70 | 18.43 | 1443953 | 17 | 0.45 | 0.45 | 0.05 |
| 12/31/22 | 19.69 | (0.02)  | (3.88)  | (3.90)  |  |  | 15.79 | (19.81)  | 1338935 | 24 | 0.45 | 0.45 | (0.11)  |
| 12/31/21 | 17.06 | (0.02)  | 2.65 | 2.63 |  |  | 19.69 | 15.42 | 1811184 | 12 | 0.45 | 0.45 | (0.09)  |
| 12/31/20 | 14.66 | 0.06 | 2.34 | 2.40 |  |  | 17.06 | 16.37 | 1635883 | 18 | 0.45 | 0.45 | 0.42 |
| Class I | Class I | Class I | Class I | Class I |  |  |  |  |  |  |  |  |  |
| 06/30/25 | 21.39 | (0.01)  | 1.98 | 1.97 |  |  | 23.36 | 9.21 | 15917 | 13 | 0.15 | 0.15 | (0.14)  |
| 12/31/24 | 19.05 | 0.09 | 2.25 | 2.34 |  |  | 21.39 | 12.28 | 16476 | 24 | 0.15 | 0.15 | 0.42 |
| 12/31/23 | 16.03 | 0.06 | 2.96 | 3.02 |  |  | 19.05 | 18.84 | 14778 | 17 | 0.15 | 0.15 | 0.36 |
| 12/31/22 | 19.94 | 0.03 | (3.94)  | (3.91)  |  |  | 16.03 | (19.61)  | 13056 | 24 | 0.15 | 0.15 | 0.20 |
| 12/31/21 | 17.23 | 0.05 | 2.66 | 2.71 |  |  | 19.94 | 15.73 | 16062 | 12 | 0.15 | 0.15 | 0.24 |
| 12/31/20 | 14.76 | 0.12 | 2.35 | 2.47 |  |  | 17.23 | 16.73 | 11031 | 18 | 0.15 | 0.15 | 0.83 |
| **JNL Conservative Allocation Fund** | **JNL Conservative Allocation Fund** | **JNL Conservative Allocation Fund** | **JNL Conservative Allocation Fund** | **JNL Conservative Allocation Fund** | **JNL Conservative Allocation Fund** | **JNL Conservative Allocation Fund** | **JNL Conservative Allocation Fund** |  |  |  |  |  |  |
| Class A | Class A | Class A | Class A | Class A |  |  |  |  |  |  |  |  |  |
| 06/30/25 | 14.42 | (0.01) | 0.77 | 0.76 |  |  | 15.18 | 5.27 | 556578 | 11 | 0.48 | 0.48 | (0.12)  |
| 12/31/24 | 13.66 | 0.02 | 0.74 | 0.76 |  |  | 14.42 | 5.56 | 549352 | 18 | 0.48 | 0.48 | 0.17 |
| 12/31/23 | 12.50 | (0.04)  | 1.20 | 1.16 |  |  | 13.66 | 9.28 | 583918 | 24 | 0.48 | 0.48 | (0.30)  |
| 12/31/22 | 14.40 | (0.05)  | (1.85)  | (1.90)  |  |  | 12.50 | (13.19)  | 586691 | 21 | 0.47 | 0.47 | (0.39)  |
| 12/31/21 | 13.88 | (0.06)  | 0.58 | 0.52 |  |  | 14.40 | 3.75 | 772404 | 25 | 0.47 | 0.47 | (0.40)  |
| 12/31/20 | 12.91 | (0.05)  | 1.02 | 0.97 |  |  | 13.88 | 7.51 | 795519 | 48 | 0.48 | 0.48 | (0.39)  |
| Class I | Class I | Class I | Class I | Class I |  |  |  |  |  |  |  |  |  |
| 06/30/25 | 14.74 | 0.01 | 0.78 | 0.79 |  |  | 15.53 | 5.36 | 8656 | 11 | 0.18 | 0.18 | 0.18 |
| 12/31/24 | 13.92 | 0.07 | 0.75 | 0.82 |  |  | 14.74 | 5.89 | 7805 | 18 | 0.18 | 0.18 | 0.49 |
| 12/31/23 | 12.70 | 0.00 | 1.22 | 1.22 |  |  | 13.92 | 9.61 | 7166 | 24 | 0.18 | 0.18 | 0.00 |
| 12/31/22 | 14.58 | (0.01)  | (1.87)  | (1.88)  |  |  | 12.70 | (12.89)  | 6091 | 21 | 0.17 | 0.17 | (0.09)  |
| 12/31/21 | 14.01 | (0.01)  | 0.58 | 0.57 |  |  | 14.58 | 4.07 | 7338 | 25 | 0.17 | 0.17 | (0.10)  |
| 12/31/20 | 12.99 | (0.01)  | 1.03 | 1.02 |  |  | 14.01 | 7.85 | 6096 | 48 | 0.18 | 0.18 | (0.09)  |
| **JNL Growth Allocation Fund** | **JNL Growth Allocation Fund** | **JNL Growth Allocation Fund** | **JNL Growth Allocation Fund** | **JNL Growth Allocation Fund** | **JNL Growth Allocation Fund** | **JNL Growth Allocation Fund** | **JNL Growth Allocation Fund** |  |  |  |  |  |  |
| Class A | Class A | Class A | Class A | Class A |  |  |  |  |  |  |  |  |  |
| 06/30/25 | 20.87 | (0.02) | 1.84 | 1.82 |  |  | 22.69 | 8.72 | 2855099 | 9 | 0.44 | 0.44 | (0.22)  |
| 12/31/24 | 18.87 | 0.05 | 1.95 | 2.00 |  |  | 20.87 | 10.60 | 2883231 | 25 | 0.44 | 0.44 | 0.24 |
| 12/31/23 | 16.19 | 0.00 | 2.68 | 2.68 |  |  | 18.87 | 16.55 | 3006573 | 12 | 0.44 | 0.44 | 0.01 |
| 12/31/22 | 19.90 | (0.02)  | (3.69)  | (3.71)  |  |  | 16.19 | (18.64)  | 2872055 | 24 | 0.44 | 0.44 | (0.10)  |
| 12/31/21 | 17.59 | (0.03)  | 2.34 | 2.31 |  |  | 19.90 | 13.13 | 2690208 | 12 | 0.44 | 0.44 | (0.14)  |
| 12/31/20 | 15.25 | 0.04 | 2.30 | 2.34 |  |  | 17.59 | 15.34 | 2505592 | 22 | 0.45 | 0.45 | 0.28 |
| Class I | Class I | Class I | Class I | Class I |  |  |  |  |  |  |  |  |  |
| 06/30/25 | 21.33 | 0.01 | 1.89 | 1.90 |  |  | 23.23 | 8.91 | 22967 | 9 | 0.14 | 0.14 | 0.08 |
| 12/31/24 | 19.23 | 0.12 | 1.98 | 2.10 |  |  | 21.33 | 10.92 | 21861 | 25 | 0.14 | 0.14 | 0.59 |
| 12/31/23 | 16.45 | 0.05 | 2.73 | 2.78 |  |  | 19.23 | 16.90 | 18997 | 12 | 0.14 | 0.14 | 0.30 |
| 12/31/22 | 20.16 | 0.03 | (3.74)  | (3.71)  |  |  | 16.45 | (18.40)  | 17924 | 24 | 0.14 | 0.14 | 0.19 |
| 12/31/21 | 17.76 | 0.03 | 2.37 | 2.40 |  |  | 20.16 | 13.51 | 18538 | 12 | 0.14 | 0.14 | 0.17 |
| 12/31/20 | 15.35 | 0.10 | 2.31 | 2.41 |  |  | 17.76 | 15.70 | 14620 | 22 | 0.15 | 0.15 | 0.65 |

---

See accompanying Notes to Financial Statements.

696

**JNL Series Trust (Unaudited)**

**Financial Highlights**

**For a Share Outstanding**

---

| | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  |  | Increase (decrease) from <br>investment operations | Increase (decrease) from <br>investment operations | Increase (decrease) from <br>investment operations | Distributions from | Distributions from |  |  | Supplemental data | Supplemental data |  | Ratios |  |
| Period ended | Net asset value, beginning of period($) | Net investment income (loss)($) | Net realized & unrealized gains (losses)($) | Total from investment operations($) | Net investment income($) | Net realized gains on investment transactions($) | Net asset value, end of period($) | Total return(%) | Net assets,end of period (in thousands)($) | Portfolio turnover (%) | Net expenses to average net assets(%) | Total expenses to average net assets(%) | Net investment income (loss) to average net assets(%) |
| **JNL Moderate Allocation Fund** | **JNL Moderate Allocation Fund** | **JNL Moderate Allocation Fund** | **JNL Moderate Allocation Fund** | **JNL Moderate Allocation Fund** | **JNL Moderate Allocation Fund** | **JNL Moderate Allocation Fund** | **JNL Moderate Allocation Fund** |  |  |  |  |  |  |
| Class A | Class A | Class A | Class A | Class A |  |  |  |  |  |  |  |  |  |
| 06/30/25 | 17.76 | (0.01) | 1.08 | 1.07 |  |  | 18.83 | 6.02 | 1894335 | 7 | 0.45 | 0.45 | (0.10)  |
| 12/31/24 | 16.50 | 0.04 | 1.22 | 1.26 |  |  | 17.76 | 7.64 | 1939523 | 18 | 0.45 | 0.45 | 0.24 |
| 12/31/23 | 14.74 | (0.03)  | 1.79 | 1.76 |  |  | 16.50 | 11.94 | 2107115 | 15 | 0.45 | 0.45 | (0.17)  |
| 12/31/22 | 17.28 | (0.04)  | (2.50)  | (2.54)  |  |  | 14.74 | (14.70)  | 2111337 | 18 | 0.44 | 0.44 | (0.29)  |
| 12/31/21 | 16.09 | (0.05)  | 1.24 | 1.19 |  |  | 17.28 | 7.40 | 2742062 | 10 | 0.44 | 0.44 | (0.28)  |
| 12/31/20 | 14.47 | (0.01)  | 1.63 | 1.62 |  |  | 16.09 | 11.20 | 2744458 | 27 | 0.45 | 0.45 | (0.04)  |
| Class I | Class I | Class I | Class I | Class I |  |  |  |  |  |  |  |  |  |
| 06/30/25 | 18.16 | 0.02 | 1.10 | 1.12 |  |  | 19.28 | 6.17 | 9147 | 7 | 0.15 | 0.15 | 0.20 |
| 12/31/24 | 16.82 | 0.09 | 1.25 | 1.34 |  |  | 18.16 | 7.97 | 9490 | 18 | 0.15 | 0.15 | 0.52 |
| 12/31/23 | 14.98 | 0.02 | 1.82 | 1.84 |  |  | 16.82 | 12.28 | 11964 | 15 | 0.15 | 0.15 | 0.15 |
| 12/31/22 | 17.51 | 0.00 | (2.53)  | (2.53)  |  |  | 14.98 | (14.45)  | 9955 | 18 | 0.14 | 0.14 | 0.01 |
| 12/31/21 | 16.25 | 0.00 | 1.26 | 1.26 |  |  | 17.51 | 7.75 | 16802 | 10 | 0.14 | 0.14 | 0.03 |
| 12/31/20 | 14.56 | 0.04 | 1.65 | 1.69 |  |  | 16.25 | 11.61 | 13677 | 27 | 0.15 | 0.15 | 0.27 |
| **JNL Moderate Growth Allocation Fund** | **JNL Moderate Growth Allocation Fund** | **JNL Moderate Growth Allocation Fund** | **JNL Moderate Growth Allocation Fund** | **JNL Moderate Growth Allocation Fund** | **JNL Moderate Growth Allocation Fund** | **JNL Moderate Growth Allocation Fund** | **JNL Moderate Growth Allocation Fund** |  |  |  |  |  |  |
| Class A | Class A | Class A | Class A | Class A |  |  |  |  |  |  |  |  |  |
| 06/30/25 | 19.89 | (0.01) | 1.44 | 1.43 |  |  | 21.32 | 7.19 | 3497288 | 8 | 0.44 | 0.44 | (0.13)  |
| 12/31/24 | 18.22 | 0.05 | 1.62 | 1.67 |  |  | 19.89 | 9.17 | 3556552 | 23 | 0.44 | 0.44 | 0.28 |
| 12/31/23 | 16.02 | (0.01)  | 2.21 | 2.20 |  |  | 18.22 | 13.73 | 3795039 | 10 | 0.44 | 0.44 | (0.08)  |
| 12/31/22 | 19.02 | (0.04)  | (2.96)  | (3.00)  |  |  | 16.02 | (15.77) <br> (a) | 3773388 | 20 | 0.44 | 0.44 | (0.22)  |
| 12/31/21 | 17.25 | (0.04)  | 1.81 | 1.77 |  |  | 19.02 | 10.26 | 5043334 | 10 | 0.43 | 0.43 | (0.21)  |
| 12/31/20 | 15.30 | 0.02 | 1.93 | 1.95 |  |  | 17.25 | 12.75 | 5015320 | 30 | 0.44 | 0.44 | 0.16 |
| Class I | Class I | Class I | Class I | Class I |  |  |  |  |  |  |  |  |  |
| 06/30/25 | 20.33 | 0.02 | 1.48 | 1.50 |  |  | 21.83 | 7.38 | 13431 | 8 | 0.14 | 0.14 | 0.17 |
| 12/31/24 | 18.57 | 0.12 | 1.64 | 1.76 |  |  | 20.33 | 9.48 | 14000 | 23 | 0.14 | 0.14 | 0.60 |
| 12/31/23 | 16.28 | 0.04 | 2.25 | 2.29 |  |  | 18.57 | 14.07 | 13101 | 10 | 0.14 | 0.14 | 0.24 |
| 12/31/22 | 19.27 | 0.02 | (3.01)  | (2.99)  |  |  | 16.28 | (15.52) <br> (a) | 11397 | 20 | 0.14 | 0.14 | 0.11 |
| 12/31/21 | 17.43 | 0.02 | 1.82 | 1.84 |  |  | 19.27 | 10.56 | 11257 | 10 | 0.13 | 0.13 | 0.12 |
| 12/31/20 | 15.40 | 0.07 | 1.96 | 2.03 |  |  | 17.43 | 13.18 | 7961 | 30 | 0.14 | 0.14 | 0.47 |
| **JNL/JPMorgan Managed Aggressive Growth Fund** | **JNL/JPMorgan Managed Aggressive Growth Fund** | **JNL/JPMorgan Managed Aggressive Growth Fund** | **JNL/JPMorgan Managed Aggressive Growth Fund** | **JNL/JPMorgan Managed Aggressive Growth Fund** | **JNL/JPMorgan Managed Aggressive Growth Fund** | **JNL/JPMorgan Managed Aggressive Growth Fund** | **JNL/JPMorgan Managed Aggressive Growth Fund** |  |  |  |  |  |  |
| Class A | Class A | Class A | Class A | Class A |  |  |  |  |  |  |  |  |  |
| 06/30/25 | 39.67 | (0.07) | 3.45 | 3.38 |  |  | 43.05 | 8.52 | 2141463 | 0 | 0.44 | 0.45 | (0.33)  |
| 12/31/24 | 34.91 | (0.00) <br> (b) | 4.76 | 4.76 |  |  | 39.67 | 13.64 | 2108698 | 32 | 0.44 | 0.45 | (0.01)  |
| 12/31/23 | 28.57 | (0.06)  | 6.40 | 6.34 |  |  | 34.91 | 22.19 | 2177912 | 7 | 0.44 | 0.45 | (0.19)  |
| 12/31/22 | 36.70 | (0.07)  | (8.06)  | (8.13)  |  |  | 28.57 | (22.15)  | 1972728 | 24 | 0.44 | 0.44 | (0.22)  |
| 12/31/21 | 31.55 | (0.12)  | 5.27 | 5.15 |  |  | 36.70 | 16.32 | 2764501 | 7 | 0.44 | 0.44 | (0.33)  |
| 12/31/20 | 26.27 | (0.05)  | 5.33 | 5.28 |  |  | 31.55 | 20.10 | 2556014 | 15 | 0.45 | 0.45 | (0.21)  |
| Class I | Class I | Class I | Class I | Class I |  |  |  |  |  |  |  |  |  |
| 06/30/25 | 40.55 | (0.01)  | 3.53 | 3.52 |  |  | 44.07 | 8.68 | 15582 | 0 | 0.14 | 0.15 | (0.03)  |
| 12/31/24 | 35.57 | 0.12 | 4.86 | 4.98 |  |  | 40.55 | 14.00 | 13730 | 32 | 0.14 | 0.15 | 0.32 |
| 12/31/23 | 29.02 | 0.04 | 6.51 | 6.55 |  |  | 35.57 | 22.57 | 12908 | 7 | 0.14 | 0.15 | 0.11 |
| 12/31/22 | 37.18 | 0.02 | (8.18)  | (8.16)  |  |  | 29.02 | (21.95)  | 10745 | 24 | 0.14 | 0.14 | 0.08 |
| 12/31/21 | 31.86 | (0.01)  | 5.33 | 5.32 |  |  | 37.18 | 16.70 | 17774 | 7 | 0.14 | 0.14 | (0.02)  |
| 12/31/20 | 26.45 | 0.02 | 5.39 | 5.41 |  |  | 31.86 | 20.45 | 12732 | 15 | 0.15 | 0.15 | 0.07 |

---

(a) Total
 return for the Fund includes class action settlement proceeds. The return for Class A and Class I, respectively, without the class action
 settlement proceeds was as follows: JNL Moderate Growth Allocation Fund: (15.83)% and (15.57)%.

(b) Amount
 represents less than $0.005.

See accompanying Notes to Financial Statements.

697

**JNL Series Trust (Unaudited)**

**Financial Highlights**

**For a Share Outstanding**

---

| | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  |  | Increase (decrease) from <br>investment operations | Increase (decrease) from <br>investment operations | Increase (decrease) from <br>investment operations | Distributions from | Distributions from |  |  | Supplemental data | Supplemental data |  | Ratios |  |
| Period ended | Net asset value, beginning of period($) | Net investment income (loss)($) | Net realized & unrealized gains (losses)($) | Total from investment operations($) | Net investment income($) | Net realized gains on investment transactions($) | Net asset value, end of period($) | Total return(%) | Net assets,end of period (in thousands)($) | Portfolio turnover (%) | Net expenses to average net assets(%) | Total expenses to average net assets(%) | Net investment income (loss) to average net assets(%) |
| **JNL/JPMorgan Managed Conservative Fund** | **JNL/JPMorgan Managed Conservative Fund** | **JNL/JPMorgan Managed Conservative Fund** | **JNL/JPMorgan Managed Conservative Fund** | **JNL/JPMorgan Managed Conservative Fund** | **JNL/JPMorgan Managed Conservative Fund** | **JNL/JPMorgan Managed Conservative Fund** | **JNL/JPMorgan Managed Conservative Fund** |  |  |  |  |  |  |
| Class A | Class A | Class A | Class A | Class A |  |  |  |  |  |  |  |  |  |
| 06/30/25 | 15.94 | (0.03) | 0.88 | 0.85 |  |  | 16.79 | 5.33 | 681760 | 4 | 0.45 | 0.47 | (0.32)  |
| 12/31/24 | 15.23 | (0.05)  | 0.76 | 0.71 |  |  | 15.94 | 4.66 | 683269 | 34 | 0.45 | 0.47 | (0.30)  |
| 12/31/23 | 14.03 | (0.05)  | 1.25 | 1.20 |  |  | 15.23 | 8.55 | 785291 | 21 | 0.46 | 0.47 | (0.34)  |
| 12/31/22 | 16.43 | (0.05)  | (2.35)  | (2.40)  |  |  | 14.03 | (14.61)  | 848466 | 26 | 0.46 | 0.46 | (0.37)  |
| 12/31/21 | 15.84 | (0.07)  | 0.66 | 0.59 |  |  | 16.43 | 3.72 | 1153647 | 9 | 0.45 | 0.45 | (0.41)  |
| 12/31/20 | 14.56 | (0.02)  | 1.30 | 1.28 |  |  | 15.84 | 8.79 | 1225287 | 31 | 0.46 | 0.46 | (0.12)  |
| Class I | Class I | Class I | Class I | Class I |  |  |  |  |  |  |  |  |  |
| 06/30/25 | 16.26 | (0.00)<br> (a) | 0.89 | 0.89 |  |  | 17.15 | 5.47 | 2974 | 4 | 0.15 | 0.17 | (0.02)  |
| 12/31/24 | 15.48 | 0.00 | 0.78 | 0.78 |  |  | 16.26 | 5.04 | 2516 | 34 | 0.15 | 0.17 | 0.00 |
| 12/31/23 | 14.22 | (0.01)  | 1.27 | 1.26 |  |  | 15.48 | 8.86 | 2270 | 21 | 0.16 | 0.17 | (0.05)  |
| 12/31/22 | 16.61 | (0.01)  | (2.38)  | (2.39)  |  |  | 14.22 | (14.39)  | 2925 | 26 | 0.16 | 0.16 | (0.07)  |
| 12/31/21 | 15.95 | (0.02)  | 0.68 | 0.66 |  |  | 16.61 | 4.14 | 2270 | 9 | 0.15 | 0.15 | (0.10)  |
| 12/31/20 | 14.62 | 0.02 | 1.31 | 1.33 |  |  | 15.95 | 9.10 | 1977 | 31 | 0.16 | 0.16 | 0.17 |
| **JNL/JPMorgan Managed Growth Fund** | **JNL/JPMorgan Managed Growth Fund** | **JNL/JPMorgan Managed Growth Fund** | **JNL/JPMorgan Managed Growth Fund** | **JNL/JPMorgan Managed Growth Fund** | **JNL/JPMorgan Managed Growth Fund** | **JNL/JPMorgan Managed Growth Fund** | **JNL/JPMorgan Managed Growth Fund** |  |  |  |  |  |  |
| Class A | Class A | Class A | Class A | Class A |  |  |  |  |  |  |  |  |  |
| 06/30/25 | 31.90 | (0.05) | 2.62 | 2.57 |  |  | 34.47 | 8.06 | 4065279 | 0 | 0.43 | 0.44 | (0.33)  |
| 12/31/24 | 28.39 | (0.02)  | 3.53 | 3.51 |  |  | 31.90 | 12.36 | 4097877 | 32 | 0.43 | 0.44 | (0.06)  |
| 12/31/23 | 23.65 | (0.06)  | 4.80 | 4.74 |  |  | 28.39 | 20.04 | 4333280 | 7 | 0.44 | 0.44 | (0.22)  |
| 12/31/22 | 29.99 | (0.06)  | (6.28)  | (6.34)  |  |  | 23.65 | (21.14)  | 4086945 | 23 | 0.43 | 0.43 | (0.24)  |
| 12/31/21 | 26.20 | (0.10)  | 3.89 | 3.79 |  |  | 29.99 | 14.47 | 5774474 | 8 | 0.43 | 0.43 | (0.34)  |
| 12/31/20 | 22.07 | (0.06)  | 4.19 | 4.13 |  |  | 26.20 | 18.71 | 5669291 | 18 | 0.43 | 0.43 | (0.27)  |
| Class I | Class I | Class I | Class I | Class I |  |  |  |  |  |  |  |  |  |
| 06/30/25 | 32.60 | (0.01)  | 2.69 | 2.68 |  |  | 35.28 | 8.22 | 23221 | 0 | 0.13 | 0.14 | (0.03)  |
| 12/31/24 | 28.93 | 0.08 | 3.59 | 3.67 |  |  | 32.60 | 12.69 | 23469 | 32 | 0.13 | 0.14 | 0.26 |
| 12/31/23 | 24.02 | 0.02 | 4.89 | 4.91 |  |  | 28.93 | 20.44 | 23162 | 7 | 0.14 | 0.14 | 0.09 |
| 12/31/22 | 30.37 | 0.02 | (6.37)  | (6.35)  |  |  | 24.02 | (20.91)  | 18862 | 23 | 0.13 | 0.13 | 0.07 |
| 12/31/21 | 26.45 | (0.00) <br> (a) | 3.92 | 3.92 |  |  | 30.37 | 14.82 | 23033 | 8 | 0.13 | 0.13 | (0.01)  |
| 12/31/20 | 22.22 | 0.01 | 4.22 | 4.23 |  |  | 26.45 | 19.04 | 14635 | 18 | 0.13 | 0.13 | 0.05 |
| **JNL/JPMorgan Managed Moderate Fund** | **JNL/JPMorgan Managed Moderate Fund** | **JNL/JPMorgan Managed Moderate Fund** | **JNL/JPMorgan Managed Moderate Fund** | **JNL/JPMorgan Managed Moderate Fund** | **JNL/JPMorgan Managed Moderate Fund** | **JNL/JPMorgan Managed Moderate Fund** | **JNL/JPMorgan Managed Moderate Fund** |  |  |  |  |  |  |
| Class A | Class A | Class A | Class A | Class A |  |  |  |  |  |  |  |  |  |
| 06/30/25 | 20.59 | (0.03) | 1.30 | 1.27 |  |  | 21.86 | 6.17 | 1672353 | 1 | 0.44 | 0.45 | (0.31)  |
| 12/31/24 | 19.23 | (0.04)  | 1.40 | 1.36 |  |  | 20.59 | 7.07 | 1717593 | 25 | 0.44 | 0.45 | (0.21)  |
| 12/31/23 | 17.14 | (0.05)  | 2.14 | 2.09 |  |  | 19.23 | 12.19 | 1905275 | 14 | 0.45 | 0.45 | (0.28)  |
| 12/31/22 | 20.53 | (0.05)  | (3.34)  | (3.39)  |  |  | 17.14 | (16.51)  | 1982926 | 19 | 0.44 | 0.44 | (0.28)  |
| 12/31/21 | 19.23 | (0.07)  | 1.37 | 1.30 |  |  | 20.53 | 6.76 | 2736669 | 9 | 0.44 | 0.44 | (0.36)  |
| 12/31/20 | 17.11 | (0.04)  | 2.16 | 2.12 |  |  | 19.23 | 12.39 | 2869173 | 24 | 0.44 | 0.44 | (0.22)  |
| Class I | Class I | Class I | Class I | Class I |  |  |  |  |  |  |  |  |  |
| 06/30/25 | 21.04 | (0.00)<br> (a) | 1.33 | 1.33 |  |  | 22.37 | 6.32 | 3952 | 1 | 0.14 | 0.15 | (0.01)  |
| 12/31/24 | 19.59 | 0.02 | 1.43 | 1.45 |  |  | 21.04 | 7.40 | 3050 | 25 | 0.14 | 0.15 | 0.10 |
| 12/31/23 | 17.41 | 0.00 | 2.18 | 2.18 |  |  | 19.59 | 12.52 | 3191 | 14 | 0.15 | 0.15 | 0.02 |
| 12/31/22 | 20.79 | 0.00 | (3.38)  | (3.38)  |  |  | 17.41 | (16.26)  | 2727 | 19 | 0.14 | 0.14 | 0.01 |
| 12/31/21 | 19.42 | (0.01)  | 1.38 | 1.37 |  |  | 20.79 | 7.05 | 4091 | 9 | 0.14 | 0.14 | (0.07)  |
| 12/31/20 | 17.23 | 0.01 | 2.18 | 2.19 |  |  | 19.42 | 12.71 | 4289 | 24 | 0.14 | 0.14 | 0.08 |

---

(a) Amount
 represents less than $0.005.

See accompanying Notes to Financial Statements.

698

**JNL Series Trust (Unaudited)**

**Financial Highlights**

**For a Share Outstanding**

---

| | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  |  | Increase (decrease) from investment operations | Increase (decrease) from investment operations | Increase (decrease) from investment operations | Distributions from | Distributions from |  |  | Supplemental data | Supplemental data |  | Ratios |  |
| Period ended | Net asset value, beginning of period($) | Net investment income (loss)($) | Net realized & unrealized gains (losses)($) | Total from investment operations($) | Net investment income($) | Net realized gains on investment transactions($) | Net asset value, end of period($) | Total return(%) | Net assets,end of period (in thousands)($) | Portfolio turnover (%) | Net expenses to average net assets(%) | Total expenses to average net assets(%) | Net investment income (loss) to average net assets(%) |
| **JNL/JPMorgan Managed Moderate Growth Fund** | **JNL/JPMorgan Managed Moderate Growth Fund** | **JNL/JPMorgan Managed Moderate Growth Fund** | **JNL/JPMorgan Managed Moderate Growth Fund** | **JNL/JPMorgan Managed Moderate Growth Fund** | **JNL/JPMorgan Managed Moderate Growth Fund** | **JNL/JPMorgan Managed Moderate Growth Fund** | **JNL/JPMorgan Managed Moderate Growth Fund** |  |  |  |  |  |  |
| Class A | Class A | Class A | Class A | Class A |  |  |  |  |  |  |  |  |  |
| 06/30/25 | 26.26 | (0.04) | 1.90 | 1.86 |  |  | 28.12 | 7.08 | 3727341 | 1 | 0.43 | 0.44 | (0.31)  |
| 12/31/24 | 23.93 | (0.03)  | 2.36 | 2.33 |  |  | 26.26 | 9.74 | 3801630 | 28 | 0.43 | 0.44 | (0.13)  |
| 12/31/23 | 20.63 | (0.06)  | 3.36 | 3.30 |  |  | 23.93 | 16.00 | 4085479 | 9 | 0.44 | 0.44 | (0.25)  |
| 12/31/22 | 25.45 | (0.06)  | (4.76)  | (4.82)  |  |  | 20.63 | (18.94)  | 4042965 | 22 | 0.43 | 0.43 | (0.28)  |
| 12/31/21 | 22.96 | (0.09)  | 2.58 | 2.49 |  |  | 25.45 | 10.84 | 5651746 | 7 | 0.43 | 0.43 | (0.35)  |
| 12/31/20 | 19.87 | (0.06)  | 3.15 | 3.09 |  |  | 22.96 | 15.55 | 5790692 | 20 | 0.43 | 0.43 | (0.30)  |
| Class I | Class I | Class I | Class I | Class I |  |  |  |  |  |  |  |  |  |
| 06/30/25 | 26.84 | (0.00)<br> (a) | 1.95 | 1.95 |  |  | 28.79 | 7.27 | 6899 | 1 | 0.13 | 0.14 | (0.01)  |
| 12/31/24 | 24.39 | 0.04 | 2.41 | 2.45 |  |  | 26.84 | 10.05 | 6548 | 28 | 0.13 | 0.14 | 0.17 |
| 12/31/23 | 20.96 | 0.01 | 3.42 | 3.43 |  |  | 24.39 | 16.36 | 7425 | 9 | 0.14 | 0.14 | 0.05 |
| 12/31/22 | 25.78 | 0.01 | (4.83)  | (4.82)  |  |  | 20.96 | (18.70)  | 6673 | 22 | 0.13 | 0.13 | 0.03 |
| 12/31/21 | 23.19 | (0.01)  | 2.60 | 2.59 |  |  | 25.78 | 11.17 | 9286 | 7 | 0.13 | 0.13 | (0.03)  |
| 12/31/20 | 20.01 | (0.00) <br> (a) | 3.18 | 3.18 |  |  | 23.19 | 15.89 | 5618 | 20 | 0.13 | 0.13 | (0.01)  |
| **JNL/American Funds Growth Allocation Fund** | **JNL/American Funds Growth Allocation Fund** | **JNL/American Funds Growth Allocation Fund** | **JNL/American Funds Growth Allocation Fund** | **JNL/American Funds Growth Allocation Fund** | **JNL/American Funds Growth Allocation Fund** | **JNL/American Funds Growth Allocation Fund** | **JNL/American Funds Growth Allocation Fund** |  |  |  |  |  |  |
| Class A | Class A | Class A | Class A | Class A |  |  |  |  |  |  |  |  |  |
| 06/30/25 | 27.75 | 0.12 | 2.62 | 2.74 |  |  | 30.49 | 9.87 | 4046129 | 12 | 0.63 | 0.63 | 0.86 |
| 12/31/24 | 24.60 | 0.38 | 2.77 | 3.15 |  |  | 27.75 | 12.80 | 3830258 | 18 | 0.63 | 0.63 | 1.42 |
| 12/31/23 | 20.98 | 0.36 | 3.26 | 3.62 |  |  | 24.60 | 17.25 | 3639848 | 25 | 0.63 | 0.63 | 1.57 |
| 12/31/22 | 26.00 | 0.29 | (5.31)  | (5.02)  |  |  | 20.98 | (19.31)  | 3228401 | 13 | 0.63 | 0.63 | 1.30 |
| 12/31/21 | 22.88 | 0.17 | 2.95 | 3.12 |  |  | 26.00 | 13.64 | 4149730 | 47 | 0.63 | 0.63 | 0.68 |
| 12/31/20 | 19.06 | 0.17 | 3.65 | 3.82 |  |  | 22.88 | 20.04 | 3498159 | 18 | 0.64 | 0.64 | 0.85 |
| Class I | Class I | Class I | Class I | Class I |  |  |  |  |  |  |  |  |  |
| 06/30/25 | 28.37 | 0.17 | 2.68 | 2.85 |  |  | 31.22 | 10.05 | 55205 | 12 | 0.33 | 0.33 | 1.18 |
| 12/31/24 | 25.08 | 0.46 | 2.83 | 3.29 |  |  | 28.37 | 13.12 | 50315 | 18 | 0.33 | 0.33 | 1.69 |
| 12/31/23 | 21.33 | 0.44 | 3.31 | 3.75 |  |  | 25.08 | 17.58 | 51197 | 25 | 0.33 | 0.33 | 1.92 |
| 12/31/22 | 26.35 | 0.37 | (5.39)  | (5.02)  |  |  | 21.33 | (19.05)  | 41700 | 13 | 0.33 | 0.33 | 1.66 |
| 12/31/21 | 23.12 | 0.26 | 2.97 | 3.23 |  |  | 26.35 | 13.97 | 48924 | 47 | 0.33 | 0.33 | 1.05 |
| 12/31/20 | 19.20 | 0.30 | 3.62 | 3.92 |  |  | 23.12 | 20.42 | 31660 | 18 | 0.34 | 0.34 | 1.52 |
| **JNL/American Funds Moderate Allocation Fund** | **JNL/American Funds Moderate Allocation Fund** | **JNL/American Funds Moderate Allocation Fund** | **JNL/American Funds Moderate Allocation Fund** | **JNL/American Funds Moderate Allocation Fund** | **JNL/American Funds Moderate Allocation Fund** | **JNL/American Funds Moderate Allocation Fund** | **JNL/American Funds Moderate Allocation Fund** |  |  |  |  |  |  |
| Class A | Class A | Class A | Class A | Class A |  |  |  |  |  |  |  |  |  |
| 06/30/25 | 9.82 | 0.11 | 0.61 | 0.72 |  |  | 10.54 | 7.33 | 25235 | 22 | 0.65 | 0.65 | 2.17 |
| 12/31/24<br> (b) | 10.00 | 0.29 | (0.47)  | (0.18)  |  |  | 9.82 | (1.80)  | 3882 | 0 | 0.65 | 0.65 | 14.68 |
| Class I | Class I | Class I | Class I | Class I |  |  |  |  |  |  |  |  |  |
| 06/30/25 | 9.82 | 0.09 | 0.65 | 0.74 |  |  | 10.56 | 7.54 | 1 | 22 | 0.36 | 0.36 | 1.89 |
| 12/31/24<br> (b) | 10.00 | 0.17 | (0.35)  | (0.18)  |  |  | 9.82 | (1.80)  | 1 | 0 | 0.37 | 0.37 | 8.63 |

---

(a) Amount
 represents less than $0.005.

(b) The
 Fund commenced operations on October 21, 2024.

See accompanying Notes to Financial Statements.

699

**JNL Series Trust (Unaudited)**

**Financial Highlights**

**For a Share Outstanding**

---

| | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  |  | Increase (decrease) from <br>investment operations | Increase (decrease) from <br>investment operations | Increase (decrease) from <br>investment operations | Distributions from | Distributions from |  |  | Supplemental data | Supplemental data |  | Ratios |  |
| Period ended | Net asset value, beginning of period($) | Net investment income (loss)($) | Net realized & unrealized gains (losses)($) | Total from investment operations($) | Net investment income($) | Net realized gains on investment transactions($) | Net asset value, end of period($) | Total return(%) | Net assets,end of period (in thousands)($) | Portfolio turnover (%) | Net expenses to average net assets(%) | Total expenses to average net assets(%) | Net investment income (loss) to average net assets(%) |
| **JNL/American Funds Moderate Growth Allocation Fund** | **JNL/American Funds Moderate Growth Allocation Fund** | **JNL/American Funds Moderate Growth Allocation Fund** | **JNL/American Funds Moderate Growth Allocation Fund** | **JNL/American Funds Moderate Growth Allocation Fund** | **JNL/American Funds Moderate Growth Allocation Fund** | **JNL/American Funds Moderate Growth Allocation Fund** | **JNL/American Funds Moderate Growth Allocation Fund** |  |  |  |  |  |  |
| Class A | Class A | Class A | Class A | Class A |  |  |  |  |  |  |  |  |  |
| 06/30/25 | 22.47 | 0.14 | 1.88 | 2.02 |  |  | 24.49 | 8.99 | 2443900 | 11 | 0.64 | 0.64 | 1.22 |
| 12/31/24 | 20.49 | 0.43 | 1.55 | 1.98 |  |  | 22.47 | 9.66 | 2395427 | 16 | 0.64 | 0.64 | 1.96 |
| 12/31/23 | 18.00 | 0.38 | 2.11 | 2.49 |  |  | 20.49 | 13.83 | 2471923 | 24 | 0.64 | 0.64 | 1.97 |
| 12/31/22 | 21.75 | 0.35 | (4.10)  | (3.75)  |  |  | 18.00 | (17.24)  | 2374820 | 16 | 0.64 | 0.64 | 1.84 |
| 12/31/21 | 19.78 | 0.20 | 1.77 | 1.97 |  |  | 21.75 | 9.96 | 3083919 | 66 | 0.64 | 0.64 | 0.95 |
| 12/31/20 | 16.86 | 0.20 | 2.72 | 2.92 |  |  | 19.78 | 17.32 | 2832349 | 20 | 0.64 | 0.64 | 1.14 |
| Class I | Class I | Class I | Class I | Class I |  |  |  |  |  |  |  |  |  |
| 06/30/25 | 22.97 | 0.18 | 1.92 | 2.10 |  |  | 25.07 | 9.14 | 28049 | 11 | 0.34 | 0.34 | 1.54 |
| 12/31/24 | 20.89 | 0.52 | 1.56 | 2.08 |  |  | 22.97 | 9.96 | 26147 | 16 | 0.34 | 0.34 | 2.36 |
| 12/31/23 | 18.29 | 0.45 | 2.15 | 2.60 |  |  | 20.89 | 14.22 | 23383 | 24 | 0.34 | 0.34 | 2.33 |
| 12/31/22 | 22.03 | 0.40 | (4.14)  | (3.74)  |  |  | 18.29 | (16.98)  | 20245 | 16 | 0.34 | 0.34 | 2.12 |
| 12/31/21 | 19.98 | 0.28 | 1.77 | 2.05 |  |  | 22.03 | 10.26 | 26606 | 66 | 0.34 | 0.34 | 1.32 |
| 12/31/20 | 16.98 | 0.19 | 2.81 | 3.00 |  |  | 19.98 | 17.67 | 20462 | 20 | 0.34 | 0.34 | 1.07 |
| **JNL Growth ETF Allocation Fund** | **JNL Growth ETF Allocation Fund** | **JNL Growth ETF Allocation Fund** | **JNL Growth ETF Allocation Fund** | **JNL Growth ETF Allocation Fund** | **JNL Growth ETF Allocation Fund** | **JNL Growth ETF Allocation Fund** | **JNL Growth ETF Allocation Fund** |  |  |  |  |  |  |
| Class A | Class A | Class A | Class A | Class A |  |  |  |  |  |  |  |  |  |
| 06/30/25 | 16.22 | 0.09 | 1.15 | 1.24 |  |  | 17.46 | 7.64 | 363130 | 42 | 0.65 | 0.65 | 1.16 |
| 12/31/24 | 14.93 | 0.27 | 1.42 | 1.69 | (0.27) | (0.13) | 16.22 | 11.26 | 337199 | 40 | 0.65 | 0.65 | 1.69 |
| 12/31/23 | 13.54 | 0.26 | 1.62 | 1.88 | (0.27) | (0.22) | 14.93 | 14.01 | 325645 | 18 | 0.65 | 0.65 | 1.84 |
| 12/31/22 | 17.37 | 0.29 | (2.94)  | (2.65)  | (0.21) | (0.97) | 13.54 | (15.35)  | 291303 | 41 | 0.65 | 0.65 | 1.90 |
| 12/31/21 | 15.59 | 0.22 | 2.12 | 2.34 | (0.17) | (0.39) | 17.37 | 15.04 | 344505 | 27 | 0.65 | 0.65 | 1.30 |
| 12/31/20 | 14.95 | 0.19 | 1.61 | 1.80 | (0.28) | (0.88) | 15.59 | 12.28 | 288430 | 54 | 0.66 | 0.66 | 1.33 |
| Class I | Class I | Class I | Class I | Class I |  |  |  |  |  |  |  |  |  |
| 06/30/25 | 16.31 | 0.12 | 1.15 | 1.27 |  |  | 17.58 | 7.79 | 10535 | 42 | 0.35 | 0.35 | 1.45 |
| 12/31/24 | 15.00 | 0.32 | 1.44 | 1.76 | (0.32) | (0.13) | 16.31 | 11.63 | 9677 | 40 | 0.35 | 0.35 | 2.01 |
| 12/31/23 | 13.60 | 0.30 | 1.63 | 1.93 | (0.31) | (0.22) | 15.00 | 14.35 | 8368 | 18 | 0.35 | 0.35 | 2.11 |
| 12/31/22 | 17.45 | 0.34 | (2.96)  | (2.62)  | (0.26) | (0.97) | 13.60 | (15.12)  | 7243 | 41 | 0.35 | 0.35 | 2.25 |
| 12/31/21 | 15.64 | 0.28 | 2.12 | 2.40 | (0.20) | (0.39) | 17.45 | 15.43 | 7350 | 27 | 0.35 | 0.35 | 1.63 |
| 12/31/20 | 14.99 | 0.25 | 1.60 | 1.85 | (0.32) | (0.88) | 15.64 | 12.60 | 5178 | 54 | 0.36 | 0.36 | 1.74 |
| **JNL Moderate ETF Allocation Fund** | **JNL Moderate ETF Allocation Fund** | **JNL Moderate ETF Allocation Fund** | **JNL Moderate ETF Allocation Fund** | **JNL Moderate ETF Allocation Fund** | **JNL Moderate ETF Allocation Fund** | **JNL Moderate ETF Allocation Fund** | **JNL Moderate ETF Allocation Fund** |  |  |  |  |  |  |
| Class A | Class A | Class A | Class A | Class A |  |  |  |  |  |  |  |  |  |
| 06/30/25 | 12.30 | 0.14 | 0.58 | 0.72 |  |  | 13.02 | 5.85 | 199650 | 34 | 0.65 | 0.65 | 2.25 |
| 12/31/24 | 11.81 | 0.32 | 0.49 | 0.81 | (0.32) |  | 12.30 | 6.79 | 189772 | 33 | 0.65 | 0.65 | 2.59 |
| 12/31/23 | 11.03 | 0.29 | 0.76 | 1.05 | (0.27) |  | 11.81 | 9.61 | 194974 | 21 | 0.65 | 0.65 | 2.52 |
| 12/31/22 | 13.61 | 0.28 | (2.06)  | (1.78)  | (0.18) | (0.62) | 11.03 | (13.15)  | 184798 | 39 | 0.65 | 0.65 | 2.31 |
| 12/31/21 | 13.00 | 0.20 | 0.79 | 0.99 | (0.16) | (0.22) | 13.61 | 7.64 | 214552 | 34 | 0.65 | 0.65 | 1.47 |
| 12/31/20 | 12.59 | 0.20 | 0.89 | 1.09 | (0.24) | (0.44) | 13.00 | 8.68 | 187572 | 58 | 0.65 | 0.65 | 1.57 |
| Class I | Class I | Class I | Class I | Class I |  |  |  |  |  |  |  |  |  |
| 06/30/25 | 12.38 | 0.16 | 0.58 | 0.74 |  |  | 13.12 | 5.98 | 8039 | 34 | 0.35 | 0.35 | 2.56 |
| 12/31/24 | 11.88 | 0.35 | 0.51 | 0.86 | (0.36) |  | 12.38 | 7.14 | 7546 | 33 | 0.35 | 0.35 | 2.87 |
| 12/31/23 | 11.10 | 0.33 | 0.76 | 1.09 | (0.31) |  | 11.88 | 9.87 | 8291 | 21 | 0.35 | 0.35 | 2.84 |
| 12/31/22 | 13.69 | 0.33 | (2.08)  | (1.75)  | (0.22) | (0.62) | 11.10 | (12.88)  | 7392 | 39 | 0.35 | 0.35 | 2.66 |
| 12/31/21 | 13.06 | 0.25 | 0.80 | 1.05 | (0.20) | (0.22) | 13.69 | 8.01 | 8027 | 34 | 0.35 | 0.35 | 1.84 |
| 12/31/20 | 12.64 | 0.24 | 0.89 | 1.13 | (0.27) | (0.44) | 13.06 | 8.98 | 4953 | 58 | 0.35 | 0.35 | 1.91 |

---

See accompanying Notes to Financial Statements.

700

**JNL Series Trust (Unaudited)**

**Financial Highlights**

**For a Share Outstanding**

---

| | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  |  | Increase (decrease) from <br>investment operations | Increase (decrease) from <br>investment operations | Increase (decrease) from <br>investment operations | Distributions from | Distributions from |  |  | Supplemental data | Supplemental data |  | Ratios |  |
| Period ended | Net asset value, beginning of period($) | Net investment income (loss)($) | Net realized & unrealized gains (losses)($) | Total from investment operations($) | Net investment income($) | Net realized gains on investment transactions($) | Net asset value, end of period($) | Total return(%) | Net assets,end of period (in thousands)($) | Portfolio turnover (%) | Net expenses to average net assets(%) | Total expenses to average net assets(%) | Net investment income (loss) to average net assets(%) |
| **JNL Moderate Growth ETF Allocation Fund** | **JNL Moderate Growth ETF Allocation Fund** | **JNL Moderate Growth ETF Allocation Fund** | **JNL Moderate Growth ETF Allocation Fund** | **JNL Moderate Growth ETF Allocation Fund** | **JNL Moderate Growth ETF Allocation Fund** | **JNL Moderate Growth ETF Allocation Fund** | **JNL Moderate Growth ETF Allocation Fund** |  |  |  |  |  |  |
| Class A | Class A | Class A | Class A | Class A |  |  |  |  |  |  |  |  |  |
| 06/30/25 | 14.13 | 0.12 | 0.84 | 0.96 |  |  | 15.09 | 6.79 | 328445 | 36 | 0.65 | 0.65 | 1.71 |
| 12/31/24 | 13.32 | 0.29 | 0.94 | 1.23 | (0.31) | (0.11) | 14.13 | 9.10 | 311025 | 36 | 0.65 | 0.65 | 2.07 |
| 12/31/23 | 12.42 | 0.28 | 1.17 | 1.45 | (0.29) | (0.26) | 13.32 | 11.77 | 316029 | 17 | 0.65 | 0.65 | 2.18 |
| 12/31/22 | 15.54 | 0.28 | (2.49)  | (2.21)  | (0.20) | (0.71) | 12.42 | (14.36)  | 295150 | 38 | 0.65 | 0.65 | 2.06 |
| 12/31/21 | 14.39 | 0.20 | 1.43 | 1.63 | (0.18) | (0.30) | 15.54 | 11.32 | 361487 | 24 | 0.65 | 0.65 | 1.29 |
| 12/31/20 | 13.91 | 0.19 | 1.34 | 1.53 | (0.29) | (0.76) | 14.39 | 11.15 | 312116 | 51 | 0.65 | 0.65 | 1.41 |
| Class I | Class I | Class I | Class I | Class I |  |  |  |  |  |  |  |  |  |
| 06/30/25 | 14.17 | 0.14 | 0.85 | 0.99 |  |  | 15.16 | 6.99 | 9306 | 36 | 0.35 | 0.35 | 2.00 |
| 12/31/24 | 13.36 | 0.34 | 0.93 | 1.27 | (0.35) | (0.11) | 14.17 | 9.37 | 8995 | 36 | 0.35 | 0.35 | 2.39 |
| 12/31/23 | 12.46 | 0.32 | 1.17 | 1.49 | (0.33) | (0.26) | 13.36 | 12.08 | 8784 | 17 | 0.35 | 0.35 | 2.46 |
| 12/31/22 | 15.59 | 0.33 | (2.51)  | (2.18)  | (0.24) | (0.71) | 12.46 | (14.09)  | 8551 | 38 | 0.35 | 0.35 | 2.41 |
| 12/31/21 | 14.43 | 0.25 | 1.42 | 1.67 | (0.21) | (0.30) | 15.59 | 11.63 | 8968 | 24 | 0.35 | 0.35 | 1.62 |
| 12/31/20 | 13.95 | 0.25 | 1.32 | 1.57 | (0.33) | (0.76) | 14.43 | 11.42 | 6655 | 51 | 0.35 | 0.35 | 1.79 |
| **JNL/Vanguard Growth ETF Allocation Fund** | **JNL/Vanguard Growth ETF Allocation Fund** | **JNL/Vanguard Growth ETF Allocation Fund** | **JNL/Vanguard Growth ETF Allocation Fund** | **JNL/Vanguard Growth ETF Allocation Fund** | **JNL/Vanguard Growth ETF Allocation Fund** | **JNL/Vanguard Growth ETF Allocation Fund** | **JNL/Vanguard Growth ETF Allocation Fund** |  |  |  |  |  |  |
| Class A | Class A | Class A | Class A | Class A |  |  |  |  |  |  |  |  |  |
| 06/30/25 | 16.44 | 0.12 | 1.11 | 1.23 |  |  | 17.67 | 7.48 | 2021363 | 16 | 0.64 | 0.64 | 1.43 |
| 12/31/24 | 14.70 | 0.26 | 1.48 | 1.74 |  |  | 16.44 | 11.84 | 1981984 | 28 | 0.64 | 0.64 | 1.65 |
| 12/31/23 | 12.86 | 0.28 | 1.56 | 1.84 |  |  | 14.70 | 14.31 | 2002590 | 15 | 0.64 | 0.64 | 2.05 |
| 12/31/22 | 15.42 | 0.23 | (2.79)  | (2.56)  |  |  | 12.86 | (16.60)  | 1888306 | 10 | 0.64 | 0.64 | 1.70 |
| 12/31/21 | 13.49 | 0.24 | 1.69 | 1.93 |  |  | 15.42 | 14.31 | 2391290 | 5 | 0.64 | 0.64 | 1.60 |
| 12/31/20 | 11.87 | 0.17 | 1.45 | 1.62 |  |  | 13.49 | 13.65 | 624944 | 20 | 0.64 | 0.65 | 1.47 |
| Class I | Class I | Class I | Class I | Class I |  |  |  |  |  |  |  |  |  |
| 06/30/25 | 16.95 | 0.16 | 1.15 | 1.31 |  |  | 18.26 | 7.73 | 63083 | 16 | 0.22 | 0.34 | 1.86 |
| 12/31/24 | 15.10 | 0.34 | 1.51 | 1.85 |  |  | 16.95 | 12.25 | 60151 | 28 | 0.22 | 0.34 | 2.08 |
| 12/31/23 | 13.16 | 0.35 | 1.59 | 1.94 |  |  | 15.10 | 14.74 | 58622 | 15 | 0.22 | 0.34 | 2.50 |
| 12/31/22 | 15.71 | 0.30 | (2.85)  | (2.55)  |  |  | 13.16 | (16.23)  | 53213 | 10 | 0.22 | 0.34 | 2.16 |
| 12/31/21 | 13.68 | 0.29 | 1.74 | 2.03 |  |  | 15.71 | 14.84 | 61141 | 5 | 0.22 | 0.34 | 1.94 |
| 12/31/20 | 11.99 | 0.22 | 1.47 | 1.69 |  |  | 13.68 | 14.10 | 31056 | 20 | 0.22 | 0.35 | 1.90 |
| **JNL/Vanguard Moderate ETF Allocation Fund** | **JNL/Vanguard Moderate ETF Allocation Fund** | **JNL/Vanguard Moderate ETF Allocation Fund** | **JNL/Vanguard Moderate ETF Allocation Fund** | **JNL/Vanguard Moderate ETF Allocation Fund** | **JNL/Vanguard Moderate ETF Allocation Fund** | **JNL/Vanguard Moderate ETF Allocation Fund** | **JNL/Vanguard Moderate ETF Allocation Fund** |  |  |  |  |  |  |
| Class A | Class A | Class A | Class A | Class A |  |  |  |  |  |  |  |  |  |
| 06/30/25 | 13.36 | 0.14 | 0.62 | 0.76 |  |  | 14.12 | 5.69 | 540749 | 11 | 0.65 | 0.65 | 2.12 |
| 12/31/24 | 12.47 | 0.32 | 0.57 | 0.89 |  |  | 13.36 | 7.14 | 528552 | 23 | 0.66 | 0.66 | 2.44 |
| 12/31/23 | 11.33 | 0.28 | 0.86 | 1.14 |  |  | 12.47 | 10.06 | 537570 | 22 | 0.65 | 0.65 | 2.37 |
| 12/31/22 | 13.18 | 0.22 | (2.07)  | (1.85)  |  |  | 11.33 | (14.04)  | 490545 | 17 | 0.65 | 0.65 | 1.90 |
| 12/31/21 | 12.39 | 0.18 | 0.61 | 0.79 |  |  | 13.18 | 6.38 | 577561 | 20 | 0.65 | 0.65 | 1.43 |
| 12/31/20 | 11.30 | 0.18 | 0.91 | 1.09 |  |  | 12.39 | 9.65 | 476960 | 28 | 0.64 | 0.66 | 1.61 |
| Class I | Class I | Class I | Class I | Class I |  |  |  |  |  |  |  |  |  |
| 06/30/25 | 13.79 | 0.18 | 0.63 | 0.81 |  |  | 14.60 | 5.87 | 22984 | 11 | 0.22 | 0.35 | 2.56 |
| 12/31/24 | 12.81 | 0.39 | 0.59 | 0.98 |  |  | 13.79 | 7.65 | 22920 | 23 | 0.23 | 0.36 | 2.91 |
| 12/31/23 | 11.59 | 0.33 | 0.89 | 1.22 |  |  | 12.81 | 10.53 | 18921 | 22 | 0.22 | 0.35 | 2.78 |
| 12/31/22 | 13.43 | 0.28 | (2.12)  | (1.84)  |  |  | 11.59 | (13.70)  | 18485 | 17 | 0.22 | 0.35 | 2.37 |
| 12/31/21 | 12.56 | 0.25 | 0.62 | 0.87 |  |  | 13.43 | 6.93 | 19256 | 20 | 0.22 | 0.35 | 1.88 |
| 12/31/20 | 11.41 | 0.23 | 0.92 | 1.15 |  |  | 12.56 | 10.08 | 15164 | 28 | 0.21 | 0.36 | 2.01 |

---

See accompanying Notes to Financial Statements.

701

**JNL Series Trust (Unaudited)**

**Financial Highlights**

**For a Share Outstanding**

---

| | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  |  | Increase (decrease) from <br>investment operations | Increase (decrease) from <br>investment operations | Increase (decrease) from <br>investment operations | Distributions from | Distributions from |  |  | Supplemental data | Supplemental data |  | Ratios |  |
| Period ended | Net asset value, beginning of period($) | Net investment income (loss)($) | Net realized & unrealized gains (losses)($) | Total from investment operations($) | Net investment income($) | Net realized gains on investment transactions($) | Net asset value, end of period($) | Total return(%) | Net assets,end of period (in thousands)($) | Portfolio turnover (%) | Net expenses to average net assets(%) | Total expenses to average net assets(%) | Net investment income (loss) to average net assets(%) |
| **JNL/Vanguard Moderate Growth ETF Allocation Fund** | **JNL/Vanguard Moderate Growth ETF Allocation Fund** | **JNL/Vanguard Moderate Growth ETF Allocation Fund** | **JNL/Vanguard Moderate Growth ETF Allocation Fund** | **JNL/Vanguard Moderate Growth ETF Allocation Fund** | **JNL/Vanguard Moderate Growth ETF Allocation Fund** | **JNL/Vanguard Moderate Growth ETF Allocation Fund** | **JNL/Vanguard Moderate Growth ETF Allocation Fund** |  |  |  |  |  |  |
| Class A | Class A | Class A | Class A | Class A |  |  |  |  |  |  |  |  |  |
| 06/30/25 | 14.85 | 0.13 | 0.86 | 0.99 |  |  | 15.84 | 6.67 | 916430 | 10 | 0.65 | 0.65 | 1.76 |
| 12/31/24 | 13.55 | 0.29 | 1.01 | 1.30 |  |  | 14.85 | 9.59 | 899970 | 24 | 0.65 | 0.65 | 2.05 |
| 12/31/23 | 12.07 | 0.28 | 1.20 | 1.48 |  |  | 13.55 | 12.26 | 894812 | 20 | 0.65 | 0.65 | 2.22 |
| 12/31/22 | 14.27 | 0.23 | (2.43)  | (2.20)  |  |  | 12.07 | (15.42)  | 827236 | 12 | 0.65 | 0.65 | 1.79 |
| 12/31/21 | 12.93 | 0.21 | 1.13 | 1.34 |  |  | 14.27 | 10.36 | 991724 | 7 | 0.65 | 0.65 | 1.49 |
| 12/31/20 | 11.58 | 0.18 | 1.17 | 1.35 |  |  | 12.93 | 11.66 | 607550 | 24 | 0.64 | 0.66 | 1.55 |
| Class I | Class I | Class I | Class I | Class I |  |  |  |  |  |  |  |  |  |
| 06/30/25 | 15.32 | 0.17 | 0.88 | 1.05 |  |  | 16.37 | 6.85 | 39071 | 10 | 0.23 | 0.35 | 2.18 |
| 12/31/24 | 13.91 | 0.36 | 1.05 | 1.41 |  |  | 15.32 | 10.14 | 38355 | 24 | 0.23 | 0.35 | 2.46 |
| 12/31/23 | 12.34 | 0.34 | 1.23 | 1.57 |  |  | 13.91 | 12.72 | 38285 | 20 | 0.23 | 0.35 | 2.59 |
| 12/31/22 | 14.54 | 0.29 | (2.49)  | (2.20)  |  |  | 12.34 | (15.13)  | 39355 | 12 | 0.23 | 0.35 | 2.25 |
| 12/31/21 | 13.11 | 0.27 | 1.16 | 1.43 |  |  | 14.54 | 10.91 | 42431 | 7 | 0.23 | 0.35 | 1.93 |
| 12/31/20 | 11.70 | 0.23 | 1.18 | 1.41 |  |  | 13.11 | 12.05 | 22248 | 24 | 0.22 | 0.36 | 1.96 |
| **JNL Bond Index Fund(a)** | **JNL Bond Index Fund(a)** | **JNL Bond Index Fund(a)** | **JNL Bond Index Fund(a)** | **JNL Bond Index Fund(a)** | **JNL Bond Index Fund(a)** | **JNL Bond Index Fund(a)** | **JNL Bond Index Fund(a)** |  |  |  |  |  |  |
| Class I | Class I | Class I | Class I | Class I |  |  |  |  |  |  |  |  |  |
| 06/30/25 | 9.34 | 0.18 | 0.19 | 0.37 |  |  | 9.71 | 3.96 | 1020512 | 45<br> (c) | 0.07 | 0.20 | 3.76 |
| 12/31/24 | 9.23 | 0.33 | (0.22)  | 0.11 |  |  | 9.34 | 1.19 | 1034647 | 76<br> (c) | 0.07 | 0.20 | 3.54 |
| 12/31/23 | 8.75 | 0.27 | 0.21 | 0.48 |  |  | 9.23 | 5.49 | 1039960 | 75<br> (c) | 0.08 | 0.21 | 2.99 |
| 12/31/22 | 10.07 | 0.17 | (1.49)  | (1.32)  |  |  | 8.75 | (13.11)  | 1021370 | 104<br> (c) | 0.07 | 0.20 | 1.82 |
| 12/31/21<br> (b) | 10.00 | 0.07 | 0.00 | 0.07 |  |  | 10.07 | 0.70 | 1321262 | 41<br> (c) | 0.08 | 0.21 | 0.99 |
| **JNL Emerging Markets Index Fund(a)** | **JNL Emerging Markets Index Fund(a)** | **JNL Emerging Markets Index Fund(a)** | **JNL Emerging Markets Index Fund(a)** | **JNL Emerging Markets Index Fund(a)** | **JNL Emerging Markets Index Fund(a)** | **JNL Emerging Markets Index Fund(a)** | **JNL Emerging Markets Index Fund(a)** |  |  |  |  |  |  |
| Class I | Class I | Class I | Class I | Class I |  |  |  |  |  |  |  |  |  |
| 06/30/25 | 8.75 | 0.13 | 1.15 | 1.28 |  |  | 10.03 | 14.63 | 830924 | 3 | 0.16 | 0.22 | 2.85 |
| 12/31/24 | 8.24 | 0.21 | 0.30 | 0.51 |  |  | 8.75 | 6.19 | 780857 | 5 | 0.19 | 0.24 | 2.40 |
| 12/31/23 | 7.50 | 0.22 | 0.52 | 0.74 |  |  | 8.24 | 9.87 | 844712 | 12 | 0.16 | 0.22 | 2.83 |
| 12/31/22 | 9.20 | 0.24 | (1.94)  | (1.70)  |  |  | 7.50 | (18.48)  | 818930 | 7 | 0.16 | 0.22 | 3.03 |
| 12/31/21<br> (b) | 10.00 | 0.16 | (0.96)  | (0.80)  |  |  | 9.20 | (8.00)  | 1069080 | 20 | 0.17 | 0.23 | 2.40 |
| **JNL International Index Fund(a)** | **JNL International Index Fund(a)** | **JNL International Index Fund(a)** | **JNL International Index Fund(a)** | **JNL International Index Fund(a)** | **JNL International Index Fund(a)** | **JNL International Index Fund(a)** | **JNL International Index Fund(a)** |  |  |  |  |  |  |
| Class I | Class I | Class I | Class I | Class I |  |  |  |  |  |  |  |  |  |
| 06/30/25 | 9.74 | 0.21 | 1.75 | 1.96 |  |  | 11.70 | 20.12 | 3006232 | 8 | 0.10 | 0.21 | 3.92 |
| 12/31/24 | 9.81 | 0.30 | 0.05 | 0.35 | (0.38) | (0.04) | 9.74 | 3.46 | 2079893 | 4 | 0.10 | 0.21 | 2.86 |
| 12/31/23 | 8.57 | 0.28 | 1.24 | 1.52 | (0.28) |  | 9.81 | 17.83 | 2305357 | 7 | 0.10 | 0.21 | 2.96 |
| 12/31/22 | 10.29 | 0.26 | (1.67)  | (1.41)  | (0.25) | (0.06) | 8.57 | (13.75)  | 2129382 | 2 | 0.10 | 0.21 | 2.97 |
| 12/31/21<br> (b) | 10.00 | 0.16 | 0.13 | 0.29 |  |  | 10.29 | 2.90 | 2647040 | 5 | 0.11 | 0.22 | 2.26 |

---

(a) Effective
 April 26, 2021, the Fund received investments from its Feeder Fund in exchange for shares of the Fund. For information on the performance
 of these investments prior to April 26, 2021, please see the Financial Highlights of the Feeder Fund.

(b) The
 Fund commenced operations on April 26, 2021.

(c) Portfolio
 turnover including dollar roll transactions for JNL Bond Index Fund was as follows: June 30, 2025: 76%; December 31, 2024: 136%; December
 31, 2023: 123%; December 31, 2022: 204%; December 31, 2021: 129%;

See accompanying Notes to Financial Statements.

702

**JNL Series Trust (Unaudited)**

**Financial Highlights**

**For a Share Outstanding**

---

| | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  |  | Increase (decrease) from <br>investment operations | Increase (decrease) from <br>investment operations | Increase (decrease) from <br>investment operations | Distributions from | Distributions from |  |  | Supplemental data | Supplemental data |  | Ratios |  |
| Period ended | Net asset value, beginning of period($) | Net investment income (loss)($) | Net realized & unrealized gains (losses)($) | Total from investment operations($) | Net investment income($) | Net realized gains on investment transactions($) | Net asset value, end of period($) | Total return(%) | Net assets,end of period (in thousands)($) | Portfolio turnover (%) | Net expenses to average net assets(%) | Total expenses to average net assets(%) | Net investment income (loss) to average net assets(%) |
| **JNL Mid Cap Index Fund(a)** | **JNL Mid Cap Index Fund(a)** | **JNL Mid Cap Index Fund(a)** | **JNL Mid Cap Index Fund(a)** | **JNL Mid Cap Index Fund(a)** | **JNL Mid Cap Index Fund(a)** | **JNL Mid Cap Index Fund(a)** | **JNL Mid Cap Index Fund(a)** |  |  |  |  |  |  |
| Class I | Class I | Class I | Class I | Class I |  |  |  |  |  |  |  |  |  |
| 06/30/25 | 12.01 | 0.09 | (0.07)  | 0.02 |  |  | 12.03 | 0.17 | 3286522 | 6 | 0.10 | 0.22 | 1.54 |
| 12/31/24 | 10.55 | 0.16 | 1.30 | 1.46 |  |  | 12.01 | 13.84 | 3444243 | 16 | 0.10 | 0.22 | 1.41 |
| 12/31/23 | 9.07 | 0.15 | 1.33 | 1.48 |  |  | 10.55 | 16.32 | 3371284 | 19 | 0.10 | 0.22 | 1.59 |
| 12/31/22 | 10.44 | 0.14 | (1.51)  | (1.37)  |  |  | 9.07 | (13.12)  | 3069360 | 12 | 0.10 | 0.22 | 1.48 |
| 12/31/21<br> (b) | 10.00 | 0.09 | 0.35 | 0.44 |  |  | 10.44 | 4.40 | 3851884 | 12 | 0.11 | 0.23 | 1.26 |
| **JNL Small Cap Index Fund(a)** | **JNL Small Cap Index Fund(a)** | **JNL Small Cap Index Fund(a)** | **JNL Small Cap Index Fund(a)** | **JNL Small Cap Index Fund(a)** | **JNL Small Cap Index Fund(a)** | **JNL Small Cap Index Fund(a)** | **JNL Small Cap Index Fund(a)** |  |  |  |  |  |  |
| Class I | Class I | Class I | Class I | Class I |  |  |  |  |  |  |  |  |  |
| 06/30/25 | 11.05 | 0.09 | (0.58)  | (0.49)  |  |  | 10.56 | (4.43)  | 2289395 | 14 | 0.10 | 0.22 | 1.69 |
| 12/31/24 | 10.18 | 0.17 | 0.70 | 0.87 |  |  | 11.05 | 8.55 | 2534122 | 32 | 0.10 | 0.22 | 1.58 |
| 12/31/23 | 8.77 | 0.15 | 1.26 | 1.41 |  |  | 10.18 | 16.08 | 2610779 | 36 | 0.10 | 0.22 | 1.66 |
| 12/31/22 | 10.47 | 0.13 | (1.83)  | (1.70)  |  |  | 8.77 | (16.24)  | 2335017 | 23 | 0.10 | 0.22 | 1.42 |
| 12/31/21<br> (b) | 10.00 | 0.08 | 0.39 | 0.47 |  |  | 10.47 | 4.70 | 2982389 | 17 | 0.11 | 0.23 | 1.22 |
| **JNL Multi-Manager Alternative Fund** | **JNL Multi-Manager Alternative Fund** | **JNL Multi-Manager Alternative Fund** | **JNL Multi-Manager Alternative Fund** | **JNL Multi-Manager Alternative Fund** | **JNL Multi-Manager Alternative Fund** | **JNL Multi-Manager Alternative Fund** | **JNL Multi-Manager Alternative Fund** |  |  |  |  |  |  |
| Class A | Class A | Class A | Class A | Class A |  |  |  |  |  |  |  |  |  |
| 06/30/25 | 12.91 | (0.00)<br> (c) | 0.77 | 0.77 |  |  | 13.68 | 6.04<br> (d) | 199240 | 83 | 2.21<br> (e) | 2.26<br> (e) | (0.04)  |
| 12/31/24 | 11.78 | 0.04 | 1.09 | 1.13 |  |  | 12.91 | 9.59 | 195868 | 139 | 2.19<br> (e) | 2.19<br> (e) | 0.32 |
| 12/31/23 | 10.59 | 0.06 | 1.13 | 1.19 |  |  | 11.78 | 11.24 | 202880 | 127 | 2.41<br> (e) | 2.41<br> (e) | 0.51 |
| 12/31/22 | 11.82 | 0.06 | (1.29)  | (1.23)  |  |  | 10.59 | (10.41)  | 205495 | 117 | 2.16<br> (e) | 2.16<br> (e) | 0.59 |
| 12/31/21 | 11.50 | 0.07 | 0.25 | 0.32 |  |  | 11.82 | 2.78 | 248560 | 127 | 2.01<br> (e) | 2.01<br> (e) | 0.59 |
| 12/31/20 | 10.69 | 0.18 | 0.63 | 0.81 |  |  | 11.50 | 7.58 | 199535 | 157 | 2.14<br> (e) | 2.15<br> (e) | 1.71 |
| Class I | Class I | Class I | Class I | Class I |  |  |  |  |  |  |  |  |  |
| 06/30/25 | 13.18 | 0.02 | 0.78 | 0.80 |  |  | 13.98 | 6.15<br> (d) | 704394 | 83 | 1.91<br> (e) | 1.96<br> (e) | 0.25 |
| 12/31/24 | 11.98 | 0.08 | 1.12 | 1.20 |  |  | 13.18 | 10.02 | 605289 | 139 | 1.89<br> (e) | 1.89<br> (e) | 0.63 |
| 12/31/23 | 10.74 | 0.09 | 1.15 | 1.24 |  |  | 11.98 | 11.55 | 791361 | 127 | 2.11<br> (e) | 2.11<br> (e) | 0.81 |
| 12/31/22 | 11.96 | 0.10 | (1.32)  | (1.22)  |  |  | 10.74 | (10.20)  | 874517 | 117 | 1.86<br> (e) | 1.86<br> (e) | 0.89 |
| 12/31/21 | 11.60 | 0.11 | 0.25 | 0.36 |  |  | 11.96 | 3.10 | 1113115 | 127 | 1.71<br> (e) | 1.71<br> (e) | 0.90 |
| 12/31/20 | 10.75 | 0.20 | 0.65 | 0.85 |  |  | 11.60 | 7.91 | 897039 | 157 | 1.78<br> (e) | 1.79<br> (e) | 1.84 |

---

(a) Effective
 April 26, 2021, the Fund received investments from its Feeder Fund in exchange for shares of the Fund. For information on the performance
 of these investments prior to April 26, 2021, please see the Financial Highlights of the Feeder Fund.

(b) The
 Fund commenced operations on April 26, 2021.

(c) Amount
 represents less than $0.005.

(d) Total
 return is calculated using the traded net asset value, which may differ from the reported net asset value. The traded net asset value
 is the net asset value which a shareholder would have transacted at. The total return calculated using the reported net asset value was
 as follows: Class A - June 30, 2025: 5.96%; Class I - June 30, 2025: 6.07%

(e) The
 total and net expense ratios, respectively, to average net assets without dividend expenses, net borrowing fees on securities sold short
 or interest expense for JNL Multi-Manager Alternative Fund were as follows: Class A: June 30, 2025: 1.70%, 1.65% December 31, 2024: 1.71%,
 1.71% December 31, 2023: 1.69%, 1.69% December 31, 2022: 1.67%, 1.67% December 31, 2021: 1.68%, 1.68% December 31, 2020: 1.71%, 1.70%
 Class I: June 30, 2025: 1.40%, 1.35% December 31, 2024: 1.41%, 1.41% December 31, 2023: 1.39%, 1.39% December 31, 2022: 1.37%, 1.37% December
 31, 2021: 1.38%, 1.38% December 31, 2020: 1.41%, 1.40%

See accompanying Notes to Financial Statements.

703

**JNL Series Trust (Unaudited)**

**Financial Highlights**

**For a Share Outstanding**

---

| | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  |  | Increase (decrease) from <br>investment operations | Increase (decrease) from <br>investment operations | Increase (decrease) from <br>investment operations | Distributions from | Distributions from |  |  | Supplemental data | Supplemental data |  | Ratios |  |
| Period ended | Net asset value, beginning of period($) | Net investment income (loss)($) | Net realized & unrealized gains (losses)($) | Total from investment operations($) | Net investment income($) | Net realized gains on investment transactions($) | Net asset value, end of period($) | Total return(%) | Net assets,end of period (in thousands)($) | Portfolio turnover (%) | Net expenses to average net assets(%) | Total expenses to average net assets(%) | Net investment income (loss) to average net assets(%) |
| **JNL Multi-Manager Emerging Markets Equity Fund** | **JNL Multi-Manager Emerging Markets Equity Fund** | **JNL Multi-Manager Emerging Markets Equity Fund** | **JNL Multi-Manager Emerging Markets Equity Fund** | **JNL Multi-Manager Emerging Markets Equity Fund** | **JNL Multi-Manager Emerging Markets Equity Fund** | **JNL Multi-Manager Emerging Markets Equity Fund** | **JNL Multi-Manager Emerging Markets Equity Fund** |  |  |  |  |  |  |
| Class A | Class A | Class A | Class A | Class A |  |  |  |  |  |  |  |  |  |
| 06/30/25 | 8.74 | 0.09 | 1.18 | 1.27 |  |  | 10.01 | 14.53 | 589880 | 33 | 1.22 | 1.22 | 1.90 |
| 12/31/24 | 8.45 | 0.12 | 0.27 | 0.39 | (0.10) |  | 8.74 | 4.58 | 559532 | 81 | 1.22 | 1.22 | 1.36 |
| 12/31/23 | 7.79 | 0.11 | 0.67 | 0.78 | (0.12) |  | 8.45 | 10.11 | 626215 | 42 | 1.23 | 1.23 | 1.34 |
| 12/31/22 | 11.28 | 0.11 | (2.83)  | (2.72)  | (0.08) | (0.69) | 7.79 | (24.13)  | 627647 | 41 | 1.21 | 1.21 | 1.22 |
| 12/31/21 | 11.42 | 0.08 | (0.07)  | 0.01 | (0.15) |  | 11.28 | 0.08 | 909805 | 54 | 1.22 | 1.22 | 0.64 |
| 12/31/20 | 10.61 | 0.08 | 0.86 | 0.94 | (0.13) |  | 11.42 | 8.90 | 993910 | 103 | 1.23 | 1.23 | 0.82 |
| Class I | Class I | Class I | Class I | Class I |  |  |  |  |  |  |  |  |  |
| 06/30/25 | 8.76 | 0.10 | 1.18 | 1.28 |  |  | 10.04 | 14.61 | 644059 | 33 | 0.92 | 0.92 | 2.24 |
| 12/31/24 | 8.47 | 0.15 | 0.27 | 0.42 | (0.13) |  | 8.76 | 4.90 | 561259 | 81 | 0.92 | 0.92 | 1.66 |
| 12/31/23 | 7.81 | 0.13 | 0.68 | 0.81 | (0.15) |  | 8.47 | 10.47 | 306613 | 42 | 0.93 | 0.93 | 1.64 |
| 12/31/22 | 11.33 | 0.14 | (2.85)  | (2.71)  | (0.12) | (0.69) | 7.81 | (23.93)  | 302526 | 41 | 0.91 | 0.91 | 1.48 |
| 12/31/21 | 11.46 | 0.11 | (0.06)  | 0.05 | (0.18) |  | 11.33 | 0.40 | 697136 | 54 | 0.92 | 0.92 | 0.95 |
| 12/31/20 | 10.63 | 0.11 | 0.86 | 0.97 | (0.14) |  | 11.46 | 9.21 | 709999 | 103 | 0.93 | 0.93 | 1.15 |
| **JNL Multi-Manager Floating Rate Income Fund** | **JNL Multi-Manager Floating Rate Income Fund** | **JNL Multi-Manager Floating Rate Income Fund** | **JNL Multi-Manager Floating Rate Income Fund** | **JNL Multi-Manager Floating Rate Income Fund** | **JNL Multi-Manager Floating Rate Income Fund** | **JNL Multi-Manager Floating Rate Income Fund** | **JNL Multi-Manager Floating Rate Income Fund** |  |  |  |  |  |  |
| Class A | Class A | Class A | Class A | Class A |  |  |  |  |  |  |  |  |  |
| 06/30/25 | 13.30 | 0.52 | (0.25) | 0.27 |  |  | 13.57 | 2.03 | 986917 | 22 | 0.93 | 0.93 | 7.93 |
| 12/31/24 | 12.30 | 1.16 | (0.16)  | 1.00 |  |  | 13.30 | 8.13 | 1083216 | 47 | 0.93 | 0.93 | 9.02 |
| 12/31/23 | 10.87 | 1.05 | 0.38 | 1.43 |  |  | 12.30 | 13.16 | 1196582 | 53 | 0.86 | 0.93 | 9.09 |
| 12/31/22 | 11.40 | 0.58 | (1.11)  | (0.53)  |  |  | 10.87 | (4.65)  | 1196910 | 68 | 0.89 | 0.93 | 5.27 |
| 12/31/21 | 10.99 | 0.39 | 0.02 | 0.41 |  |  | 11.40 | 3.73 | 1197306 | 106 | 0.93 | 0.93 | 3.51 |
| 12/31/20 | 10.94 | 0.35 | (0.30)  | 0.05 |  |  | 10.99 | 0.46 | 1068399 | 27 | 0.93 | 0.93 | 3.33 |
| Class I | Class I | Class I | Class I | Class I |  |  |  |  |  |  |  |  |  |
| 06/30/25 | 13.56 | 0.55 | (0.26)  | 0.29 |  |  | 13.85 | 2.14 | 19970 | 22 | 0.63 | 0.63 | 8.23 |
| 12/31/24 | 12.51 | 1.22 | (0.17)  | 1.05 |  |  | 13.56 | 8.39 | 16149 | 47 | 0.63 | 0.63 | 9.32 |
| 12/31/23 | 11.02 | 1.10 | 0.39 | 1.49 |  |  | 12.51 | 13.52 | 17181 | 53 | 0.56 | 0.63 | 9.37 |
| 12/31/22 | 11.52 | 0.62 | (1.12)  | (0.50)  |  |  | 11.02 | (4.34)  | 19194 | 68 | 0.59 | 0.63 | 5.54 |
| 12/31/21 | 11.07 | 0.44 | 0.01 | 0.45 |  |  | 11.52 | 4.06 | 10903 | 106 | 0.63 | 0.63 | 3.86 |
| 12/31/20 | 10.99 | 0.42 | (0.34)  | 0.08 |  |  | 11.07 | 0.73 | 5457 | 27 | 0.63 | 0.63 | 3.98 |
| **JNL Multi-Manager International Small Cap Fund** | **JNL Multi-Manager International Small Cap Fund** | **JNL Multi-Manager International Small Cap Fund** | **JNL Multi-Manager International Small Cap Fund** | **JNL Multi-Manager International Small Cap Fund** | **JNL Multi-Manager International Small Cap Fund** | **JNL Multi-Manager International Small Cap Fund** | **JNL Multi-Manager International Small Cap Fund** |  |  |  |  |  |  |
| Class A | Class A | Class A | Class A | Class A |  |  |  |  |  |  |  |  |  |
| 06/30/25 | 11.06 | 0.13 | 2.30 | 2.43 |  |  | 13.49 | 21.97 | 443204 | 28 | 1.20 | 1.20 | 2.29 |
| 12/31/24 | 10.94 | 0.16 | 0.40 | 0.56 | (0.44) |  | 11.06 | 4.98 | 401528 | 78 | 1.22 | 1.22 | 1.41 |
| 12/31/23 | 9.19 | 0.19 | 1.86 | 2.05 | (0.30) |  | 10.94 | 22.47 | 430765 | 70 | 1.21 | 1.21 | 1.88 |
| 12/31/22 | 15.74 | 0.24 | (5.03)  | (4.79)  | (0.14) | (1.62) | 9.19 | (30.44)  | 372710 | 65 | 1.21 | 1.21 | 2.09 |
| 12/31/21 | 13.76 | 0.13 | 2.01 | 2.14 | (0.05) | (0.11) | 15.74 | 15.62 | 560879 | 93 | 1.23 | 1.23 | 0.83 |
| 12/31/20 | 10.59 | 0.07 | 3.32 | 3.39 | (0.22) |  | 13.76 | 32.18 | 4173 | 87 | 1.21 | 1.21 | 0.68 |
| Class I | Class I | Class I | Class I | Class I |  |  |  |  |  |  |  |  |  |
| 06/30/25 | 11.18 | 0.15 | 2.33 | 2.48 |  |  | 13.66 | 22.18 | 250476 | 28 | 0.90 | 0.90 | 2.56 |
| 12/31/24 | 11.05 | 0.20 | 0.40 | 0.60 | (0.47) |  | 11.18 | 5.32 | 252587 | 78 | 0.92 | 0.92 | 1.71 |
| 12/31/23 | 9.28 | 0.22 | 1.88 | 2.10 | (0.33) |  | 11.05 | 22.84 | 253262 | 70 | 0.91 | 0.91 | 2.18 |
| 12/31/22 | 15.88 | 0.28 | (5.09)  | (4.81)  | (0.17) | (1.62) | 9.28 | (30.27)  | 218213 | 65 | 0.91 | 0.91 | 2.39 |
| 12/31/21 | 13.84 | 0.17 | 2.03 | 2.20 | (0.05) | (0.11) | 15.88 | 15.96 | 332027 | 93 | 0.91 | 0.91 | 1.10 |
| 12/31/20 | 10.63 | 0.10 | 3.36 | 3.46 | (0.25) |  | 13.84 | 32.68 | 314548 | 87 | 0.91 | 0.91 | 0.92 |

---

See accompanying Notes to Financial Statements.

704

**JNL Series Trust (Unaudited)**

**Financial Highlights**

**For a Share Outstanding**

---

| | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  |  | Increase (decrease) from <br>investment operations | Increase (decrease) from <br>investment operations | Increase (decrease) from <br>investment operations | Distributions from | Distributions from |  |  | Supplemental data | Supplemental data |  | Ratios |  |
| Period ended | Net asset value, beginning of period($) | Net investment income (loss)($) | Net realized & unrealized gains (losses)($) | Total from investment operations($) | Net investment income($) | Net realized gains on investment transactions($) | Net asset value, end of period($) | Total return(%) | Net assets,end of period (in thousands)($) | Portfolio turnover (%) | Net expenses to average net assets(%) | Total expenses to average net assets(%) | Net investment income (loss) to average net assets(%) |
| **JNL Multi-Manager Mid Cap Fund** | **JNL Multi-Manager Mid Cap Fund** | **JNL Multi-Manager Mid Cap Fund** | **JNL Multi-Manager Mid Cap Fund** | **JNL Multi-Manager Mid Cap Fund** | **JNL Multi-Manager Mid Cap Fund** | **JNL Multi-Manager Mid Cap Fund** | **JNL Multi-Manager Mid Cap Fund** |  |  |  |  |  |  |
| Class A | Class A | Class A | Class A | Class A |  |  |  |  |  |  |  |  |  |
| 06/30/25 | 20.27 | 0.04 | 0.17 | 0.21 |  |  | 20.48 | 1.04 | 445963 | 43 | 1.08 | 1.08 | 0.43 |
| 12/31/24 | 18.95 | 0.07 | 1.25 | 1.32 |  |  | 20.27 | 6.97 | 458580 | 45 | 1.08 | 1.08 | 0.35 |
| 12/31/23 | 16.87 | 0.10 | 1.98 | 2.08 |  |  | 18.95 | 12.33 | 479354 | 44 | 1.08 | 1.08 | 0.59 |
| 12/31/22 | 20.19 | 0.07 | (3.39)  | (3.32)  |  |  | 16.87 | (16.44)  | 424102 | 45 | 1.07 | 1.07 | 0.39 |
| 12/31/21 | 16.25 | 0.05 | 3.89 | 3.94 |  |  | 20.19 | 24.25 | 476106 | 40 | 1.08 | 1.08 | 0.26 |
| 12/31/20 | 14.19 | 0.04 | 2.02 | 2.06 |  |  | 16.25 | 14.52 | 274671 | 62 | 1.08 | 1.08 | 0.28 |
| Class I | Class I | Class I | Class I | Class I |  |  |  |  |  |  |  |  |  |
| 06/30/25 | 20.66 | 0.07 | 0.17 | 0.24 |  |  | 20.90 | 1.16 | 794634 | 43 | 0.78 | 0.78 | 0.72 |
| 12/31/24 | 19.25 | 0.13 | 1.28 | 1.41 |  |  | 20.66 | 7.32 | 753782 | 45 | 0.78 | 0.78 | 0.65 |
| 12/31/23 | 17.09 | 0.16 | 2.00 | 2.16 |  |  | 19.25 | 12.64 | 1055576 | 44 | 0.78 | 0.78 | 0.88 |
| 12/31/22 | 20.39 | 0.12 | (3.42)  | (3.30)  |  |  | 17.09 | (16.18)  | 1005250 | 45 | 0.77 | 0.77 | 0.68 |
| 12/31/21 | 16.37 | 0.10 | 3.92 | 4.02 |  |  | 20.39 | 24.56 | 1376087 | 40 | 0.78 | 0.78 | 0.54 |
| 12/31/20 | 14.24 | 0.08 | 2.05 | 2.13 |  |  | 16.37 | 14.96 | 1052770 | 62 | 0.78 | 0.78 | 0.58 |
| **JNL Multi-Manager Small Cap Growth Fund** | **JNL Multi-Manager Small Cap Growth Fund** | **JNL Multi-Manager Small Cap Growth Fund** | **JNL Multi-Manager Small Cap Growth Fund** | **JNL Multi-Manager Small Cap Growth Fund** | **JNL Multi-Manager Small Cap Growth Fund** | **JNL Multi-Manager Small Cap Growth Fund** | **JNL Multi-Manager Small Cap Growth Fund** |  |  |  |  |  |  |
| Class A | Class A | Class A | Class A | Class A |  |  |  |  |  |  |  |  |  |
| 06/30/25 | 42.44 | (0.08) | 0.14 | 0.06 |  |  | 42.50 | 0.14 | 1817532 | 33 | 0.97 | 0.97 | (0.38)  |
| 12/31/24 | 38.70 | (0.18)  | 3.92 | 3.74 |  |  | 42.44 | 9.66 | 1891564 | 70 | 0.97 | 0.97 | (0.44)  |
| 12/31/23 | 33.27 | (0.15)  | 5.58 | 5.43 |  |  | 38.70 | 16.32 | 1975439 | 54 | 0.97 | 0.97 | (0.43)  |
| 12/31/22 | 48.27 | (0.20)  | (14.80)  | (15.00)  |  |  | 33.27 | (31.08)  | 1761597 | 74 | 0.96 | 0.96 | (0.56)  |
| 12/31/21 | 46.90 | (0.34)  | 1.71 | 1.37 |  |  | 48.27 | 2.92 | 2838668 | 72 | 0.96 | 0.96 | (0.69)  |
| 12/31/20 | 32.03 | (0.22)  | 15.09 | 14.87 |  |  | 46.90 | 46.43 | 2737581 | 68 | 0.97 | 0.97 | (0.63)  |
| Class I | Class I | Class I | Class I | Class I |  |  |  |  |  |  |  |  |  |
| 06/30/25 | 45.49 | (0.02)  | 0.15 | 0.13 |  |  | 45.62 | 0.29 | 515307 | 33 | 0.67 | 0.67 | (0.08)  |
| 12/31/24 | 41.35 | (0.06)  | 4.20 | 4.14 |  |  | 45.49 | 10.01 | 509704 | 70 | 0.67 | 0.67 | (0.14)  |
| 12/31/23 | 35.44 | (0.05)  | 5.96 | 5.91 |  |  | 41.35 | 16.68 | 354911 | 54 | 0.67 | 0.67 | (0.13)  |
| 12/31/22 | 51.27 | (0.10)  | (15.73)  | (15.83)  |  |  | 35.44 | (30.88)  | 321096 | 74 | 0.66 | 0.66 | (0.26)  |
| 12/31/21 | 49.67 | (0.20)  | 1.80 | 1.60 |  |  | 51.27 | 3.22 | 473249 | 72 | 0.66 | 0.66 | (0.39)  |
| 12/31/20 | 33.82 | (0.12)  | 15.97 | 15.85 |  |  | 49.67 | 46.87 | 471529 | 68 | 0.67 | 0.67 | (0.33)  |
| **JNL Multi-Manager Small Cap Value Fund** | **JNL Multi-Manager Small Cap Value Fund** | **JNL Multi-Manager Small Cap Value Fund** | **JNL Multi-Manager Small Cap Value Fund** | **JNL Multi-Manager Small Cap Value Fund** | **JNL Multi-Manager Small Cap Value Fund** | **JNL Multi-Manager Small Cap Value Fund** | **JNL Multi-Manager Small Cap Value Fund** |  |  |  |  |  |  |
| Class A | Class A | Class A | Class A | Class A |  |  |  |  |  |  |  |  |  |
| 06/30/25 | 21.53 | 0.05 | (0.56) | (0.51) |  |  | 21.02 | (2.37)  | 1256348 | 15 | 1.07 | 1.07 | 0.50 |
| 12/31/24 | 19.67 | 0.06 | 1.80 | 1.86 |  |  | 21.53 | 9.46 | 1345079 | 30 | 1.07 | 1.07 | 0.30 |
| 12/31/23 | 16.26 | 0.06 | 3.35 | 3.41 |  |  | 19.67 | 20.97 | 1293833 | 24 | 1.07 | 1.07 | 0.36 |
| 12/31/22 | 18.51 | 0.02 | (2.27)  | (2.25)  |  |  | 16.26 | (12.16)  | 1143636 | 27 | 1.06 | 1.06 | 0.14 |
| 12/31/21 | 15.05 | 0.02 | 3.44 | 3.46 |  |  | 18.51 | 22.99 | 1381521 | 40 | 1.07 | 1.07 | 0.12 |
| 12/31/20 | 14.23 | 0.02 | 0.80 | 0.82 |  |  | 15.05 | 5.76 | 742968 | 48 | 1.08 | 1.08 | 0.16 |
| Class I | Class I | Class I | Class I | Class I |  |  |  |  |  |  |  |  |  |
| 06/30/25 | 21.95 | 0.08 | (0.57)  | (0.49)  |  |  | 21.46 | (2.23)  | 528211 | 15 | 0.77 | 0.77 | 0.80 |
| 12/31/24 | 19.99 | 0.13 | 1.83 | 1.96 |  |  | 21.95 | 9.80 | 544127 | 30 | 0.77 | 0.77 | 0.60 |
| 12/31/23 | 16.47 | 0.12 | 3.40 | 3.52 |  |  | 19.99 | 21.37 | 499915 | 24 | 0.77 | 0.77 | 0.66 |
| 12/31/22 | 18.70 | 0.07 | (2.30)  | (2.23)  |  |  | 16.47 | (11.93)  | 461308 | 27 | 0.76 | 0.76 | 0.43 |
| 12/31/21 | 15.16 | 0.07 | 3.47 | 3.54 |  |  | 18.70 | 23.35 | 614326 | 40 | 0.77 | 0.77 | 0.41 |
| 12/31/20 | 14.29 | 0.06 | 0.81 | 0.87 |  |  | 15.16 | 6.09 | 412602 | 48 | 0.78 | 0.78 | 0.45 |

---

See accompanying Notes to Financial Statements.

705

**JNL Series Trust (Unaudited)**

**Financial Highlights**

**For a Share Outstanding**

---

| | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  |  | Increase (decrease) from <br>investment operations | Increase (decrease) from <br>investment operations | Increase (decrease) from <br>investment operations | Distributions from | Distributions from |  |  | Supplemental data | Supplemental data |  | Ratios |  |
| Period ended | Net asset value, beginning of period($) | Net investment income (loss)($) | Net realized & unrealized gains (losses)($) | Total from investment operations($) | Net investment income($) | Net realized gains on investment transactions($) | Net asset value, end of period($) | Total return(%) | Net assets,end of period (in thousands)($) | Portfolio turnover (%) | Net expenses to average net assets(%) | Total expenses to average net assets(%) | Net investment income (loss) to average net assets(%) |
| **JNL Multi-Manager U.S. Select Equity Fund** | **JNL Multi-Manager U.S. Select Equity Fund** | **JNL Multi-Manager U.S. Select Equity Fund** | **JNL Multi-Manager U.S. Select Equity Fund** | **JNL Multi-Manager U.S. Select Equity Fund** | **JNL Multi-Manager U.S. Select Equity Fund** | **JNL Multi-Manager U.S. Select Equity Fund** | **JNL Multi-Manager U.S. Select Equity Fund** |  |  |  |  |  |  |
| Class A | Class A | Class A | Class A | Class A |  |  |  |  |  |  |  |  |  |
| 06/30/25 | 16.23 | 0.04 | 1.28 | 1.32 |  |  | 17.55 | 8.13 | 98561 | 74 | 0.98 | 0.98 | 0.54 |
| 12/31/24 | 12.00 | 0.02 | 4.21 | 4.23 |  |  | 16.23 | 35.25 | 11526 | 139 | 0.98 | 0.98 | 0.12 |
| 12/31/23 | 9.77 | (0.00) <br> (a) | 2.23 | 2.23 |  |  | 12.00 | 22.82 | 1 | 117 | 1.03 | 1.03 | (0.02)  |
| 12/31/22<br> (b) | 10.00 | 0.02 | (0.25)  | (0.23)  |  |  | 9.77 | (2.30)  | 1 | 9 | 1.11 | 1.11 | 1.61 |
| Class I | Class I | Class I | Class I | Class I |  |  |  |  |  |  |  |  |  |
| 06/30/25 | 16.35 | 0.07 | 1.29 | 1.36 |  |  | 17.71 | 8.32 | 1121375 | 74 | 0.68 | 0.68 | 0.85 |
| 12/31/24 | 12.05 | 0.05 | 4.25 | 4.30 |  |  | 16.35 | 35.68 | 1106246 | 139 | 0.68 | 0.68 | 0.35 |
| 12/31/23 | 9.78 | 0.04 | 2.23 | 2.27 |  |  | 12.05 | 23.21 | 434673 | 117 | 0.68 | 0.68 | 0.37 |
| 12/31/22<br> (b) | 10.00 | 0.03 | (0.25)  | (0.22)  |  |  | 9.78 | (2.20)  | 333167 | 9 | 0.71 | 0.71 | 2.01 |
| **JNL S&P 500 Index Fund** | **JNL S&P 500 Index Fund** | **JNL S&P 500 Index Fund** | **JNL S&P 500 Index Fund** | **JNL S&P 500 Index Fund** | **JNL S&P 500 Index Fund** | **JNL S&P 500 Index Fund** | **JNL S&P 500 Index Fund** |  |  |  |  |  |  |
| Class I | Class I | Class I | Class I | Class I |  |  |  |  |  |  |  |  |  |
| 06/30/25 | 26.31 | 0.16 | 1.46 | 1.62 |  |  | 27.93 | 6.16 | 534502 | 10 | 0.09 | 0.32 | 1.26 |
| 12/31/24 | 21.07 | 0.31 | 4.93 | 5.24 |  |  | 26.31 | 24.87 | 499111 | 19 | 0.09 | 0.32 | 1.29 |
| 12/31/23 | 16.70 | 0.30 | 4.07 | 4.37 |  |  | 21.07 | 26.17 | 376254 | 9 | 0.09 | 0.32 | 1.60 |
| 12/31/22 | 20.41 | 0.27 | (3.98)  | (3.71)  |  |  | 16.70 | (18.18)  | 278987 | 11 | 0.09 | 0.32 | 1.54 |
| 12/31/21 | 15.88 | 0.24 | 4.29 | 4.53 |  |  | 20.41 | 28.53 | 304384 | 7 | 0.09 | 0.32 | 1.29 |
| 12/31/20 | 13.44 | 0.23 | 2.21 | 2.44 |  |  | 15.88 | 18.15 | 179890 | 19 | 0.11 | 0.33 | 1.69 |
| **JNL/AB Sustainable Global Thematic Fund** | **JNL/AB Sustainable Global Thematic Fund** | **JNL/AB Sustainable Global Thematic Fund** | **JNL/AB Sustainable Global Thematic Fund** | **JNL/AB Sustainable Global Thematic Fund** | **JNL/AB Sustainable Global Thematic Fund** | **JNL/AB Sustainable Global Thematic Fund** | **JNL/AB Sustainable Global Thematic Fund** |  |  |  |  |  |  |
| Class A | Class A | Class A | Class A | Class A |  |  |  |  |  |  |  |  |  |
| 06/30/25 | 11.46 | 0.01 | 0.71 | 0.72 |  |  | 12.18 | 6.28 | 23827 | 40 | 1.21 | 1.21 | 0.10 |
| 12/31/24 | 10.80 | (0.02)  | 0.68 | 0.66 |  |  | 11.46 | 6.11 | 21518 | 48 | 1.20 | 1.20 | (0.14)  |
| 12/31/23 | 9.33 | 0.02 | 1.45 | 1.47 |  |  | 10.80 | 15.76 | 18384 | 49 | 1.13 | 1.13 | 0.17 |
| 12/31/22<br> (c) | 10.00 | 0.01 | (0.68)  | (0.67)  |  |  | 9.33 | (6.70)  | 13827 | 28 | 1.15 | 1.15 | 0.11 |
| Class I | Class I | Class I | Class I | Class I |  |  |  |  |  |  |  |  |  |
| 06/30/25 | 11.55 | 0.02 | 0.73 | 0.75 |  |  | 12.30 | 6.49 | 885 | 40 | 0.91 | 0.91 | 0.40 |
| 12/31/24 | 10.86 | 0.02 | 0.67 | 0.69 |  |  | 11.55 | 6.35 | 555 | 48 | 0.90 | 0.90 | 0.18 |
| 12/31/23 | 9.36 | 0.05 | 1.45 | 1.50 |  |  | 10.86 | 16.03 | 642 | 49 | 0.83 | 0.83 | 0.45 |
| 12/31/22<br> (c) | 10.00 | 0.01 | (0.65)  | (0.64)  |  |  | 9.36 | (6.40)  | 226 | 28 | 0.85 | 0.85 | 0.10 |

---

(a) Amount
 represents less than $0.005.

(b) The
 Fund commenced operations on November 15, 2022.

(c) The
 Fund commenced operations on April 25, 2022.

See accompanying Notes to Financial Statements.

706

**JNL Series Trust (Unaudited)**

**Financial Highlights**

**For a Share Outstanding**

---

| | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  |  | Increase (decrease) from investment operations | Increase (decrease) from investment operations | Increase (decrease) from investment operations | Distributions from | Distributions from |  |  | Supplemental data | Supplemental data |  | Ratios |  |
| Period ended | Net asset value, beginning of period($) | Net investment income (loss)($) | Net realized & unrealized gains (losses)($) | Total from investment operations($) | Net investment income($) | Net realized gains on investment transactions($) | Net asset value, end of period($) | Total return(%) | Net assets,end of period (in thousands)($) | Portfolio turnover (%) | Net expenses to average net assets(%) | Total expenses to average net assets(%) | Net investment income (loss) to average net assets(%) |
| **JNL/AQR Large Cap Defensive Style Fund** | **JNL/AQR Large Cap Defensive Style Fund** | **JNL/AQR Large Cap Defensive Style Fund** | **JNL/AQR Large Cap Defensive Style Fund** | **JNL/AQR Large Cap Defensive Style Fund** | **JNL/AQR Large Cap Defensive Style Fund** | **JNL/AQR Large Cap Defensive Style Fund** | **JNL/AQR Large Cap Defensive Style Fund** |  |  |  |  |  |  |
| Class A | Class A | Class A | Class A | Class A |  |  |  |  |  |  |  |  |  |
| 06/30/25 | 17.01 | 0.07 | 1.51 | 1.58 |  |  | 18.59 | 9.29 | 435822 | 13 | 0.85 | 0.85 | 0.85 |
| 12/31/24 | 14.75 | 0.16 | 2.10 | 2.26 |  |  | 17.01 | 15.32 | 387043 | 21 | 0.85 | 0.85 | 0.96 |
| 12/31/23 | 13.34 | 0.18 | 1.23 | 1.41 |  |  | 14.75 | 10.57 | 386324 | 23 | 0.85 | 0.85 | 1.28 |
| 12/31/22 | 14.59 | 0.14 | (1.39)  | (1.25)  |  |  | 13.34 | (8.57)  | 383202 | 25 | 0.85 | 0.85 | 1.06 |
| 12/31/21 | 11.96 | 0.08 | 2.55 | 2.63 |  |  | 14.59 | 21.99 | 411317 | 24 | 0.86 | 0.86 | 0.61 |
| 12/31/20 | 10.70 | 0.11 | 1.15 | 1.26 |  |  | 11.96 | 11.78 | 57133 | 55 | 0.86 | 0.86 | 0.99 |
| Class I | Class I | Class I | Class I | Class I |  |  |  |  |  |  |  |  |  |
| 06/30/25 | 17.29 | 0.10 | 1.54 | 1.64 |  |  | 18.93 | 9.49 | 9677 | 13 | 0.55 | 0.55 | 1.15 |
| 12/31/24 | 14.95 | 0.21 | 2.13 | 2.34 |  |  | 17.29 | 15.65 | 7291 | 21 | 0.55 | 0.55 | 1.26 |
| 12/31/23 | 13.48 | 0.22 | 1.25 | 1.47 |  |  | 14.95 | 10.91 | 7087 | 23 | 0.55 | 0.55 | 1.58 |
| 12/31/22 | 14.70 | 0.19 | (1.41)  | (1.22)  |  |  | 13.48 | (8.30)  | 6326 | 25 | 0.55 | 0.55 | 1.38 |
| 12/31/21 | 12.01 | 0.13 | 2.56 | 2.69 |  |  | 14.70 | 22.40 | 5580 | 24 | 0.56 | 0.56 | 0.94 |
| 12/31/20 | 10.71 | 0.14 | 1.16 | 1.30 |  |  | 12.01 | 12.14 | 1672 | 55 | 0.56 | 0.56 | 1.27 |
| **JNL/BlackRock Global Allocation Fund** | **JNL/BlackRock Global Allocation Fund** | **JNL/BlackRock Global Allocation Fund** | **JNL/BlackRock Global Allocation Fund** | **JNL/BlackRock Global Allocation Fund** | **JNL/BlackRock Global Allocation Fund** | **JNL/BlackRock Global Allocation Fund** | **JNL/BlackRock Global Allocation Fund** |  |  |  |  |  |  |
| Class A | Class A | Class A | Class A | Class A |  |  |  |  |  |  |  |  |  |
| 06/30/25 | 17.96 | 0.20 | 1.72 | 1.92 |  |  | 19.88 | 10.69 | 2639654 | 73 | 1.03 | 1.03 | 2.14 |
| 12/31/24 | 16.42 | 0.39 | 1.15 | 1.54 |  |  | 17.96 | 9.38 | 2595734 | 156 | 1.03<br> (a) | 1.03<br> (a) | 2.25 |
| 12/31/23 | 14.41 | 0.35 | 1.66 | 2.01 |  |  | 16.42 | 13.95 | 2793033 | 221 | 1.03<br> (a) | 1.03<br> (a) | 2.28 |
| 12/31/22 | 17.05 | 0.16 | (2.80)  | (2.64)  |  |  | 14.41 | (15.48)  | 2780861 | 126 | 1.03<br> (a) | 1.03<br> (a) | 1.04 |
| 12/31/21 | 15.89 | 0.12 | 1.04 | 1.16 |  |  | 17.05 | 7.30 | 3684164 | 137 | 1.03<br> (a) | 1.03<br> (a) | 0.69 |
| 12/31/20 | 13.36 | 0.08 | 2.45 | 2.53 |  |  | 15.89 | 18.94 | 3721428 | 169 | 1.03<br> (a) | 1.04<br> (a) | 0.60 |
| Class I | Class I | Class I | Class I | Class I |  |  |  |  |  |  |  |  |  |
| 06/30/25 | 18.45 | 0.23 | 1.77 | 2.00 |  |  | 20.45 | 10.84 | 20384 | 73 | 0.73 | 0.73 | 2.44 |
| 12/31/24 | 16.81 | 0.46 | 1.18 | 1.64 |  |  | 18.45 | 9.76 | 20380 | 156 | 0.73<br> (a) | 0.73<br> (a) | 2.54 |
| 12/31/23 | 14.70 | 0.40 | 1.71 | 2.11 |  |  | 16.81 | 14.35 | 20626 | 221 | 0.73<br> (a) | 0.73<br> (a) | 2.57 |
| 12/31/22 | 17.35 | 0.19 | (2.84)  | (2.65)  |  |  | 14.70 | (15.27)  | 107533 | 126 | 0.73<br> (a) | 0.73<br> (a) | 1.27 |
| 12/31/21 | 16.12 | 0.17 | 1.06 | 1.23 |  |  | 17.35 | 7.63 | 349665 | 137 | 0.73<br> (a) | 0.73<br> (a) | 0.99 |
| 12/31/20 | 13.52 | 0.14 | 2.46 | 2.60 |  |  | 16.12 | 19.23 | 374455 | 169 | 0.73<br> (a) | 0.74<br> (a) | 0.90 |
| **JNL/BlackRock Global Natural Resources Fund** | **JNL/BlackRock Global Natural Resources Fund** | **JNL/BlackRock Global Natural Resources Fund** | **JNL/BlackRock Global Natural Resources Fund** | **JNL/BlackRock Global Natural Resources Fund** | **JNL/BlackRock Global Natural Resources Fund** | **JNL/BlackRock Global Natural Resources Fund** | **JNL/BlackRock Global Natural Resources Fund** |  |  |  |  |  |  |
| Class A | Class A | Class A | Class A | Class A |  |  |  |  |  |  |  |  |  |
| 06/30/25 | 12.39 | 0.15 | 1.12 | 1.27 |  |  | 13.66 | 10.25 | 711586 | 67 | 0.99 | 0.99 | 2.34 |
| 12/31/24 | 12.85 | 0.28 | (0.74)  | (0.46)  |  |  | 12.39 | (3.58)  | 702739 | 65 | 0.99 | 0.99 | 2.14 |
| 12/31/23 | 13.06 | 0.35 | (0.56)  | (0.21)  |  |  | 12.85 | (1.61)  | 901458 | 44 | 0.97 | 0.97 | 2.74 |
| 12/31/22 | 11.10 | 0.33 | 1.63 | 1.96 |  |  | 13.06 | 17.66 | 1324729 | 90 | 0.97 | 0.97 | 2.71 |
| 12/31/21 | 8.50 | 0.33 | 2.27 | 2.60 |  |  | 11.10 | 30.59 | 852549 | 68 | 0.99 | 0.99 | 3.22 |
| 12/31/20 | 8.15 | 0.19 | 0.16 | 0.35 |  |  | 8.50 | 4.29 | 682096 | 87 | 1.01 | 1.01 | 2.63 |
| Class I | Class I | Class I | Class I | Class I |  |  |  |  |  |  |  |  |  |
| 06/30/25 | 12.72 | 0.18 | 1.14 | 1.32 |  |  | 14.04 | 10.38 | 10342 | 67 | 0.69 | 0.69 | 2.69 |
| 12/31/24 | 13.15 | 0.26 | (0.69)  | (0.43)  |  |  | 12.72 | (3.27)  | 9405 | 65 | 0.69 | 0.69 | 2.06 |
| 12/31/23 | 13.33 | 0.39 | (0.57)  | (0.18)  |  |  | 13.15 | (1.35)  | 122479 | 44 | 0.67 | 0.67 | 2.97 |
| 12/31/22 | 11.28 | 0.37 | 1.68 | 2.05 |  |  | 13.33 | 18.17 | 277084 | 90 | 0.67 | 0.67 | 2.96 |
| 12/31/21 | 8.62 | 0.36 | 2.30 | 2.66 |  |  | 11.28 | 30.86 | 9884 | 68 | 0.69 | 0.69 | 3.50 |
| 12/31/20 | 8.24 | 0.20 | 0.18 | 0.38 |  |  | 8.62 | 4.61 | 3111 | 87 | 0.71 | 0.71 | 2.77 |

---

(a) The
 total and net expense ratios, respectively, to average net assets without dividend expenses, net borrowing fees on securities sold short
 or interest expense for JNL/BlackRock Global Allocation Fund were as follows: Class A: December 31, 2024: 1.03%, 1.03% December 31, 2023:
 1.03%, 1.03% December 31, 2022: 1.03%, 1.03% December 31, 2021: 1.02%, 1.02% December 31, 2020: 1.04%, 1.03% Class I: December 31, 2024:
 0.73%, 0.73% December 31, 2023: 0.73%, 0.73% December 31, 2022: 0.72%, 0.72% December 31, 2021: 0.72%, 0.72% December 31, 2020: 0.74%,
 0.73%

See accompanying Notes to Financial Statements.

707

**JNL Series Trust (Unaudited)**

**Financial Highlights**

**For a Share Outstanding**

---

| | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  |  | Increase (decrease) from investment operations | Increase (decrease) from investment operations | Increase (decrease) from investment operations | Distributions from | Distributions from |  |  | Supplemental data | Supplemental data |  | Ratios |  |
| Period ended | Net asset value, beginning of period($) | Net investment income (loss)($) | Net realized & unrealized gains (losses)($) | Total from investment operations($) | Net investment income($) | Net realized gains on investment transactions($) | Net asset value, end of period($) | Total return(%) | Net assets,end of period (in thousands)($) | Portfolio turnover (%) | Net expenses to average net assets(%) | Total expenses to average net assets(%) | Net investment income (loss) to average net assets(%) |
| **JNL/BlackRock Large Cap Select Growth Fund** | **JNL/BlackRock Large Cap Select Growth Fund** | **JNL/BlackRock Large Cap Select Growth Fund** | **JNL/BlackRock Large Cap Select Growth Fund** | **JNL/BlackRock Large Cap Select Growth Fund** | **JNL/BlackRock Large Cap Select Growth Fund** | **JNL/BlackRock Large Cap Select Growth Fund** | **JNL/BlackRock Large Cap Select Growth Fund** |  |  |  |  |  |  |
| Class A | Class A | Class A | Class A | Class A |  |  |  |  |  |  |  |  |  |
| 06/30/25 | 91.67 | (0.19) | 6.66 | 6.47 |  |  | 98.14 | 7.06 | 4155402 | 17 | 0.83 | 0.86 | (0.43)  |
| 12/31/24 | 69.72 | (0.23)  | 22.18 | 21.95 |  |  | 91.67 | 31.48 | 4282248 | 26 | 0.83 | 0.86 | (0.28)  |
| 12/31/23 | 46.58 | (0.08)  | 23.22 | 23.14 |  |  | 69.72 | 49.68 | 3573764 | 22 | 0.84 | 0.87 | (0.13)  |
| 12/31/22 | 74.98 | (0.08)  | (28.32)  | (28.40)  |  |  | 46.58 | (37.88)  | 2484178 | 65 | 0.87 | 0.87 | (0.15)  |
| 12/31/21 | 62.25 | (0.28)  | 13.01 | 12.73 |  |  | 74.98 | 20.45 | 4483180 | 40 | 0.86 | 0.86 | (0.41)  |
| 12/31/20 | 44.97 | (0.20)  | 17.48 | 17.28 |  |  | 62.25 | 38.43 | 4251332 | 40 | 0.86 | 0.86 | (0.39)  |
| Class I | Class I | Class I | Class I | Class I |  |  |  |  |  |  |  |  |  |
| 06/30/25 | 97.42 | (0.06)  | 7.09 | 7.03 |  |  | 104.45 | 7.22 | 554316 | 17 | 0.53 | 0.56 | (0.13)  |
| 12/31/24 | 73.87 | 0.02 | 23.53 | 23.55 |  |  | 97.42 | 31.88 | 551022 | 26 | 0.53 | 0.56 | 0.02 |
| 12/31/23 | 49.21 | 0.10 | 24.56 | 24.66 |  |  | 73.87 | 50.11 | 803780 | 22 | 0.54 | 0.57 | 0.16 |
| 12/31/22 | 78.97 | 0.09 | (29.85)  | (29.76)  |  |  | 49.21 | (37.69)  | 721712 | 65 | 0.57 | 0.57 | 0.16 |
| 12/31/21 | 65.37 | (0.08)  | 13.68 | 13.60 |  |  | 78.97 | 20.80 | 876320 | 40 | 0.56 | 0.56 | (0.11)  |
| 12/31/20 | 47.08 | (0.05)  | 18.34 | 18.29 |  |  | 65.37 | 38.85 | 925425 | 40 | 0.56 | 0.56 | (0.09)  |
| **JNL/Causeway International Value Select Fund** | **JNL/Causeway International Value Select Fund** | **JNL/Causeway International Value Select Fund** | **JNL/Causeway International Value Select Fund** | **JNL/Causeway International Value Select Fund** | **JNL/Causeway International Value Select Fund** | **JNL/Causeway International Value Select Fund** | **JNL/Causeway International Value Select Fund** |  |  |  |  |  |  |
| Class A | Class A | Class A | Class A | Class A |  |  |  |  |  |  |  |  |  |
| 06/30/25 | 18.19 | 0.29 | 3.84 | 4.13 |  |  | 22.32 | 22.70 | 1036439 | 25 | 0.96 | 0.96 | 2.90 |
| 12/31/24 | 19.18 | 0.44 | 0.46 | 0.90 | (0.37) | (1.52) | 18.19 | 4.49 | 657123 | 55 | 0.97 | 0.97 | 2.18 |
| 12/31/23 | 15.17 | 0.35 | 3.94 | 4.29 | (0.28) |  | 19.18 | 28.35 | 789894 | 48 | 0.97 | 0.97 | 1.96 |
| 12/31/22 | 16.54 | 0.27 | (1.44)  | (1.17)  | (0.20) |  | 15.17 | (7.05)  | 508639 | 63 | 0.97 | 0.97 | 1.83 |
| 12/31/21 | 15.45 | 0.22 | 1.09 | 1.31 | (0.22) |  | 16.54 | 8.50 | 533301 | 50 | 0.97 | 0.97 | 1.32 |
| 12/31/20 | 15.20 | 0.17 | 0.72 | 0.89 | (0.64) |  | 15.45 | 5.89 | 497396 | 61 | 0.97 | 0.97 | 1.27 |
| Class I | Class I | Class I | Class I | Class I |  |  |  |  |  |  |  |  |  |
| 06/30/25 | 18.84 | 0.32 | 3.99 | 4.31 |  |  | 23.15 | 22.88 | 1298990 | 25 | 0.66 | 0.66 | 3.05 |
| 12/31/24 | 19.80 | 0.51 | 0.49 | 1.00 | (0.44) | (1.52) | 18.84 | 4.82 | 1273278 | 55 | 0.67 | 0.67 | 2.48 |
| 12/31/23 | 15.63 | 0.41 | 4.08 | 4.49 | (0.32) |  | 19.80 | 28.79 | 1099837 | 48 | 0.67 | 0.67 | 2.27 |
| 12/31/22 | 17.03 | 0.33 | (1.48)  | (1.15)  | (0.25) |  | 15.63 | (6.74)  | 852923 | 63 | 0.67 | 0.67 | 2.14 |
| 12/31/21 | 15.90 | 0.28 | 1.11 | 1.39 | (0.26) |  | 17.03 | 8.76 | 899230 | 50 | 0.67 | 0.67 | 1.63 |
| 12/31/20 | 15.62 | 0.22 | 0.74 | 0.96 | (0.68) |  | 15.90 | 6.23 | 793682 | 61 | 0.67 | 0.67 | 1.64 |
| **JNL/ClearBridge Large Cap Growth Fund** | **JNL/ClearBridge Large Cap Growth Fund** | **JNL/ClearBridge Large Cap Growth Fund** | **JNL/ClearBridge Large Cap Growth Fund** | **JNL/ClearBridge Large Cap Growth Fund** | **JNL/ClearBridge Large Cap Growth Fund** | **JNL/ClearBridge Large Cap Growth Fund** | **JNL/ClearBridge Large Cap Growth Fund** |  |  |  |  |  |  |
| Class A | Class A | Class A | Class A | Class A |  |  |  |  |  |  |  |  |  |
| 06/30/25 | 28.06 | (0.04) | 1.67 | 1.63 |  |  | 29.69 | 5.81 | 854478 | 8 | 0.94 | 0.94 | (0.30)  |
| 12/31/24 | 22.00 | (0.06)  | 6.12 | 6.06 |  |  | 28.06 | 27.55 | 891299 | 16 | 0.93 | 0.93 | (0.22)  |
| 12/31/23 | 15.22 | (0.04)  | 6.82 | 6.78 |  |  | 22.00 | 44.55 | 659013 | 12 | 0.94 | 0.94 | (0.19)  |
| 12/31/22 | 22.55 | (0.04)  | (7.29)  | (7.33)  |  |  | 15.22 | (32.51)  | 376862 | 22 | 0.94 | 0.94 | (0.25)  |
| 12/31/21 | 18.61 | (0.07)  | 4.01 | 3.94 |  |  | 22.55 | 21.17 | 585047 | 17 | 0.94 | 0.94 | (0.35)  |
| 12/31/20 | 14.26 | (0.02)  | 4.37 | 4.35 |  |  | 18.61 | 30.50 | 473024 | 23 | 0.94 | 0.94 | (0.11)  |
| Class I | Class I | Class I | Class I | Class I |  |  |  |  |  |  |  |  |  |
| 06/30/25 | 28.66 | 0.00 | 1.71 | 1.71 |  |  | 30.37 | 5.97 | 726071 | 8 | 0.64 | 0.64 | 0.00 |
| 12/31/24 | 22.41 | 0.02 | 6.23 | 6.25 |  |  | 28.66 | 27.89 | 726360 | 16 | 0.63 | 0.63 | 0.08 |
| 12/31/23 | 15.45 | 0.02 | 6.94 | 6.96 |  |  | 22.41 | 45.05 | 956680 | 12 | 0.64 | 0.64 | 0.11 |
| 12/31/22 | 22.83 | 0.01 | (7.39)  | (7.38)  |  |  | 15.45 | (32.33)  | 891265 | 22 | 0.64 | 0.64 | 0.07 |
| 12/31/21 | 18.78 | (0.01)  | 4.06 | 4.05 |  |  | 22.83 | 21.57 | 952252 | 17 | 0.64 | 0.64 | (0.05)  |
| 12/31/20 | 14.34 | 0.03 | 4.41 | 4.44 |  |  | 18.78 | 30.96 | 982103 | 23 | 0.64 | 0.64 | 0.20 |

---

See accompanying Notes to Financial Statements.

708

**JNL Series Trust (Unaudited)**

**Financial Highlights**

**For a Share Outstanding**

---

| | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  |  | Increase (decrease) from investment operations | Increase (decrease) from investment operations | Increase (decrease) from investment operations | Distributions from | Distributions from |  |  | Supplemental data | Supplemental data |  | Ratios |  |
| Period ended | Net asset value, beginning of period($) | Net investment income (loss)($) | Net realized & unrealized gains (losses)($) | Total from investment operations($) | Net investment income($) | Net realized gains on investment transactions($) | Net asset value, end of period($) | Total return(%) | Net assets,end of period (in thousands)($) | Portfolio turnover (%) | Net expenses to average net assets(%) | Total expenses to average net assets(%) | Net investment income (loss) to average net assets(%) |
| **JNL/Cohen & Steers U.S. Realty Fund** | **JNL/Cohen & Steers U.S. Realty Fund** | **JNL/Cohen & Steers U.S. Realty Fund** | **JNL/Cohen & Steers U.S. Realty Fund** | **JNL/Cohen & Steers U.S. Realty Fund** | **JNL/Cohen & Steers U.S. Realty Fund** | **JNL/Cohen & Steers U.S. Realty Fund** | **JNL/Cohen & Steers U.S. Realty Fund** |  |  |  |  |  |  |
| Class A | Class A | Class A | Class A | Class A |  |  |  |  |  |  |  |  |  |
| 06/30/25 | 9.50 | 0.14 | 0.27 | 0.41 |  |  | 9.91 | 4.32 | 83336 | 23 | 1.04 | 1.04 | 2.97 |
| 12/31/24 | 9.55 | 0.20 | 0.26 | 0.46 | (0.51) |  | 9.50 | 4.46 | 93425 | 255 | 1.09 | 1.09 | 2.08 |
| 12/31/23 | 8.90 | 0.21 | 0.64 | 0.85 | (0.20) |  | 9.55 | 9.66 | 105420 | 160 | 1.11 | 1.11 | 2.37 |
| 12/31/22 | 14.28 | 0.18 | (3.81)  | (3.63)  | (0.13) | (1.62) | 8.90 | (25.74)  | 107426 | 157 | 1.10 | 1.10 | 1.46 |
| 12/31/21 | 9.99 | 0.12 | 4.28 | 4.40 | (0.11) |  | 14.28 | 44.13 | 187237 | 136 | 1.11 | 1.11 | 0.98 |
| 12/31/20 | 11.66 | 0.14 | (0.64)  | (0.50)  | (0.19) | (0.98) | 9.99 | (4.14)  | 32876 | 256 | 1.10 | 1.10 | 1.35 |
| Class I | Class I | Class I | Class I | Class I |  |  |  |  |  |  |  |  |  |
| 06/30/25 | 9.60 | 0.16 | 0.27 | 0.43 |  |  | 10.03 | 4.48 | 3521 | 23 | 0.74 | 0.74 | 3.26 |
| 12/31/24 | 9.64 | 0.20 | 0.30 | 0.50 | (0.54) |  | 9.60 | 4.83 | 3649 | 255 | 0.80 | 0.80 | 2.13 |
| 12/31/23 | 9.00 | 0.25 | 0.63 | 0.88 | (0.24) |  | 9.64 | 9.89 | 104548 | 160 | 0.81 | 0.81 | 2.69 |
| 12/31/22 | 14.41 | 0.22 | (3.86)  | (3.64)  | (0.15) | (1.62) | 9.00 | (25.55)  | 118882 | 157 | 0.80 | 0.80 | 1.79 |
| 12/31/21 | 10.05 | 0.15 | 4.33 | 4.48 | (0.12) |  | 14.41 | 44.65 | 187501 | 136 | 0.81 | 0.81 | 1.21 |
| 12/31/20 | 11.71 | 0.17 | (0.64)  | (0.47)  | (0.21) | (0.98) | 10.05 | (3.89)  | 166365 | 256 | 0.80 | 0.80 | 1.66 |
| **JNL/DFA International Core Equity Fund** | **JNL/DFA International Core Equity Fund** | **JNL/DFA International Core Equity Fund** | **JNL/DFA International Core Equity Fund** | **JNL/DFA International Core Equity Fund** | **JNL/DFA International Core Equity Fund** | **JNL/DFA International Core Equity Fund** | **JNL/DFA International Core Equity Fund** |  |  |  |  |  |  |
| Class A | Class A | Class A | Class A | Class A |  |  |  |  |  |  |  |  |  |
| 06/30/25 | 11.41 | 0.21 | 2.26 | 2.47 |  |  | 13.88 | 21.65 | 450897 | 12 | 0.91 | 0.91 | 3.39 |
| 12/31/24 | 11.23 | 0.27 | 0.18 | 0.45 | (0.27) |  | 11.41 | 3.94 | 303611 | 20 | 0.90 | 0.90 | 2.26 |
| 12/31/23 | 9.89 | 0.25 | 1.28 | 1.53 | (0.19) |  | 11.23 | 15.59 | 288098 | 26 | 0.90 | 0.90 | 2.33 |
| 12/31/22 | 12.53 | 0.26 | (1.77)  | (1.51)  | (0.13) | (1.00) | 9.89 | (12.05)  | 203994 | 21 | 0.90 | 0.90 | 2.38 |
| 12/31/21 | 11.50 | 0.19 | 1.10 | 1.29 | (0.18) | (0.08) | 12.53 | 11.33 | 120033 | 125 | 0.91 | 0.91 | 1.52 |
| 12/31/20 | 10.82 | 0.14 | 0.61 | 0.75 | (0.06) | (0.01) | 11.50 | 6.96 | 35467 | 14 | 0.91 | 0.92 | 1.41 |
| Class I | Class I | Class I | Class I | Class I |  |  |  |  |  |  |  |  |  |
| 06/30/25 | 11.49 | 0.23 | 2.28 | 2.51 |  |  | 14.00 | 21.85 | 34318 | 12 | 0.56 | 0.61 | 3.74 |
| 12/31/24 | 11.30 | 0.30 | 0.20 | 0.50 | (0.31) |  | 11.49 | 4.29 | 21878 | 20 | 0.55 | 0.60 | 2.57 |
| 12/31/23 | 9.94 | 0.28 | 1.30 | 1.58 | (0.22) |  | 11.30 | 15.96 | 18374 | 26 | 0.55 | 0.60 | 2.65 |
| 12/31/22 | 12.56 | 0.29 | (1.75)  | (1.46)  | (0.16) | (1.00) | 9.94 | (11.66)  | 13953 | 21 | 0.55 | 0.60 | 2.71 |
| 12/31/21 | 11.56 | 0.29 | 1.04 | 1.33 | (0.25) | (0.08) | 12.56 | 11.63 | 6821 | 125 | 0.56 | 0.61 | 2.37 |
| 12/31/20 | 10.84 | 0.18 | 0.62 | 0.80 | (0.07) | (0.01) | 11.56 | 7.35 | 75586 | 14 | 0.56 | 0.62 | 1.83 |
| **JNL/DFA U.S. Core Equity Fund** | **JNL/DFA U.S. Core Equity Fund** | **JNL/DFA U.S. Core Equity Fund** | **JNL/DFA U.S. Core Equity Fund** | **JNL/DFA U.S. Core Equity Fund** | **JNL/DFA U.S. Core Equity Fund** | **JNL/DFA U.S. Core Equity Fund** | **JNL/DFA U.S. Core Equity Fund** |  |  |  |  |  |  |
| Class A | Class A | Class A | Class A | Class A |  |  |  |  |  |  |  |  |  |
| 06/30/25 | 29.15 | 0.09 | 1.21 | 1.30 |  |  | 30.45 | 4.46 | 1254100 | 1 | 0.80 | 0.80 | 0.64 |
| 12/31/24 | 24.21 | 0.18 | 4.76 | 4.94 |  |  | 29.15 | 20.40 | 1305601 | 4 | 0.80 | 0.80 | 0.68 |
| 12/31/23 | 19.80 | 0.20 | 4.21 | 4.41 |  |  | 24.21 | 22.27 | 1254827 | 6 | 0.80 | 0.80 | 0.94 |
| 12/31/22 | 23.46 | 0.19 | (3.85)  | (3.66)  |  |  | 19.80 | (15.60)  | 1147448 | 10 | 0.80 | 0.80 | 0.90 |
| 12/31/21 | 18.49 | 0.14 | 4.83 | 4.97 |  |  | 23.46 | 26.88 | 1454789 | 9 | 0.80 | 0.80 | 0.64 |
| 12/31/20 | 15.96 | 0.15 | 2.38 | 2.53 |  |  | 18.49 | 15.85 | 1219723 | 6 | 0.80 | 0.80 | 1.01 |
| Class I | Class I | Class I | Class I | Class I |  |  |  |  |  |  |  |  |  |
| 06/30/25 | 31.58 | 0.15 | 1.32 | 1.47 |  |  | 33.05 | 4.65 | 41037 | 1 | 0.45 | 0.50 | 0.99 |
| 12/31/24 | 26.15 | 0.30 | 5.13 | 5.43 |  |  | 31.58 | 20.76 | 40835 | 4 | 0.45 | 0.50 | 1.02 |
| 12/31/23 | 21.31 | 0.30 | 4.54 | 4.84 |  |  | 26.15 | 22.71 | 100784 | 6 | 0.45 | 0.50 | 1.29 |
| 12/31/22 | 25.16 | 0.28 | (4.13)  | (3.85)  |  |  | 21.31 | (15.30)  | 96892 | 10 | 0.45 | 0.50 | 1.26 |
| 12/31/21 | 19.76 | 0.23 | 5.17 | 5.40 |  |  | 25.16 | 27.33 | 111159 | 9 | 0.45 | 0.50 | 0.99 |
| 12/31/20 | 16.99 | 0.22 | 2.55 | 2.77 |  |  | 19.76 | 16.30 | 67956 | 6 | 0.45 | 0.50 | 1.36 |

---

See accompanying Notes to Financial Statements.

709

**JNL Series Trust (Unaudited)**

**Financial Highlights**

**For a Share Outstanding**

---

| | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  |  | Increase (decrease) from investment operations | Increase (decrease) from investment operations | Increase (decrease) from investment operations | Distributions from | Distributions from |  |  | Supplemental data | Supplemental data |  | Ratios |  |
| Period ended | Net asset value, beginning of period($) | Net investment income (loss)($) | Net realized & unrealized gains (losses)($) | Total from investment operations($) | Net investment income($) | Net realized gains on investment transactions($) | Net asset value, end of period($) | Total return(%) | Net assets,end of period (in thousands)($) | Portfolio turnover (%) | Net expenses to average net assets(%) | Total expenses to average net assets(%) | Net investment income (loss) to average net assets(%) |
| **JNL/DFA U.S. Small Cap Fund** | **JNL/DFA U.S. Small Cap Fund** | **JNL/DFA U.S. Small Cap Fund** | **JNL/DFA U.S. Small Cap Fund** | **JNL/DFA U.S. Small Cap Fund** | **JNL/DFA U.S. Small Cap Fund** | **JNL/DFA U.S. Small Cap Fund** | **JNL/DFA U.S. Small Cap Fund** |  |  |  |  |  |  |
| Class A | Class A | Class A | Class A | Class A |  |  |  |  |  |  |  |  |  |
| 06/30/25 | 13.12 | 0.03 | (0.30) | (0.27) |  |  | 12.85 | (2.06)  | 605005 | 9 | 0.99 | 0.99 | 0.46 |
| 12/31/24 | 12.01 | 0.05 | 1.06 | 1.11 |  |  | 13.12 | 9.24 | 631477 | 19 | 0.98 | 0.98 | 0.43 |
| 12/31/23 | 10.29 | 0.05 | 1.67 | 1.72 |  |  | 12.01 | 16.72 | 574349 | 24 | 0.99 | 0.99 | 0.51 |
| 12/31/22 | 11.93 | 0.05 | (1.69)  | (1.64)  |  |  | 10.29 | (13.75)  | 471784 | 28 | 0.99 | 0.99 | 0.48 |
| 12/31/21 | 9.36 | 0.02 | 2.55 | 2.57 |  |  | 11.93 | 27.46 | 543705 | 35 | 1.01 | 1.01 | 0.18 |
| 12/31/20 | 8.27 | 0.04 | 1.05 | 1.09 |  |  | 9.36 | 13.18 | 206800 | 23 | 1.02 | 1.02 | 0.53 |
| Class I | Class I | Class I | Class I | Class I |  |  |  |  |  |  |  |  |  |
| 06/30/25 | 13.36 | 0.05 | (0.30)  | (0.25)  |  |  | 13.11 | (1.87)  | 32108 | 9 | 0.64 | 0.69 | 0.82 |
| 12/31/24 | 12.18 | 0.10 | 1.08 | 1.18 |  |  | 13.36 | 9.69 | 29977 | 19 | 0.63 | 0.68 | 0.79 |
| 12/31/23 | 10.40 | 0.09 | 1.69 | 1.78 |  |  | 12.18 | 17.12 | 23427 | 24 | 0.64 | 0.69 | 0.86 |
| 12/31/22 | 12.02 | 0.09 | (1.71)  | (1.62)  |  |  | 10.40 | (13.48)  | 18004 | 28 | 0.64 | 0.69 | 0.84 |
| 12/31/21 | 9.39 | 0.06 | 2.57 | 2.63 |  |  | 12.02 | 28.01 | 19329 | 35 | 0.66 | 0.71 | 0.54 |
| 12/31/20 | 8.27 | 0.07 | 1.05 | 1.12 |  |  | 9.39 | 13.54 | 7965 | 23 | 0.67 | 0.72 | 0.89 |
| **JNL/DoubleLine Core Fixed Income Fund** | **JNL/DoubleLine Core Fixed Income Fund** | **JNL/DoubleLine Core Fixed Income Fund** | **JNL/DoubleLine Core Fixed Income Fund** | **JNL/DoubleLine Core Fixed Income Fund** | **JNL/DoubleLine Core Fixed Income Fund** | **JNL/DoubleLine Core Fixed Income Fund** | **JNL/DoubleLine Core Fixed Income Fund** |  |  |  |  |  |  |
| Class A | Class A | Class A | Class A | Class A |  |  |  |  |  |  |  |  |  |
| 06/30/25 | 12.96 | 0.31 | 0.22 | 0.53 |  |  | 13.49 | 4.09 | 1630752 | 19 | 0.77 | 0.77 | 4.72 |
| 12/31/24 | 12.67 | 0.59 | (0.30)  | 0.29 |  |  | 12.96 | 2.29 | 1702459 | 100 | 0.77 | 0.77 | 4.58 |
| 12/31/23 | 11.95 | 0.50 | 0.22 | 0.72 |  |  | 12.67 | 6.03 | 1837085 | 144 | 0.78 | 0.78 | 4.14 |
| 12/31/22 | 13.78 | 0.38 | (2.21)  | (1.83)  |  |  | 11.95 | (13.28)  | 1868458 | 140 | 0.77 | 0.77 | 3.02 |
| 12/31/21 | 13.84 | 0.30 | (0.36)  | (0.06)  |  |  | 13.78 | (0.43)  | 2483947 | 167 | 0.77 | 0.77 | 2.15 |
| 12/31/20 | 13.17 | 0.33 | 0.34 | 0.67 |  |  | 13.84 | 5.09 | 2668312 | 117 | 0.77 | 0.77 | 2.48 |
| Class I | Class I | Class I | Class I | Class I |  |  |  |  |  |  |  |  |  |
| 06/30/25 | 14.22 | 0.36 | 0.25 | 0.61 |  |  | 14.83 | 4.29 | 1019909 | 19 | 0.47 | 0.47 | 5.02 |
| 12/31/24 | 13.86 | 0.68 | (0.32)  | 0.36 |  |  | 14.22 | 2.60 | 1091209 | 100 | 0.47 | 0.47 | 4.88 |
| 12/31/23 | 13.03 | 0.59 | 0.24 | 0.83 |  |  | 13.86 | 6.37 | 1186035 | 144 | 0.48 | 0.48 | 4.46 |
| 12/31/22 | 14.98 | 0.46 | (2.41)  | (1.95)  |  |  | 13.03 | (13.02)  | 866413 | 140 | 0.47 | 0.47 | 3.32 |
| 12/31/21 | 15.00 | 0.37 | (0.39)  | (0.02)  |  |  | 14.98 | (0.13)  | 1081224 | 167 | 0.47 | 0.47 | 2.45 |
| 12/31/20 | 14.24 | 0.40 | 0.36 | 0.76 |  |  | 15.00 | 5.34 | 1201622 | 117 | 0.47 | 0.47 | 2.76 |
| **JNL/DoubleLine Emerging Markets Fixed Income Fund** | **JNL/DoubleLine Emerging Markets Fixed Income Fund** | **JNL/DoubleLine Emerging Markets Fixed Income Fund** | **JNL/DoubleLine Emerging Markets Fixed Income Fund** | **JNL/DoubleLine Emerging Markets Fixed Income Fund** | **JNL/DoubleLine Emerging Markets Fixed Income Fund** | **JNL/DoubleLine Emerging Markets Fixed Income Fund** | **JNL/DoubleLine Emerging Markets Fixed Income Fund** |  |  |  |  |  |  |
| Class A | Class A | Class A | Class A | Class A |  |  |  |  |  |  |  |  |  |
| 06/30/25 | 12.21 | 0.35 | 0.18 | 0.53 |  |  | 12.74 | 4.34 | 126056 | 22 | 1.08 | 1.08 | 5.65 |
| 12/31/24 | 11.43 | 0.68 | 0.10 | 0.78 |  |  | 12.21 | 6.82 | 128070 | 44 | 1.08 | 1.08 | 5.72 |
| 12/31/23 | 10.44 | 0.56 | 0.43 | 0.99 |  |  | 11.43 | 9.48 | 127281 | 42 | 1.08 | 1.08 | 5.19 |
| 12/31/22 | 12.29 | 0.43 | (2.28)  | (1.85)  |  |  | 10.44 | (15.05)  | 126011 | 29 | 1.07 | 1.07 | 3.93 |
| 12/31/21 | 12.20 | 0.37 | (0.28)  | 0.09 |  |  | 12.29 | 0.74 | 163020 | 50 | 1.07 | 1.07 | 2.98 |
| 12/31/20 | 11.84 | 0.40 | (0.04)  | 0.36 |  |  | 12.20 | 3.04 | 156897 | 48 | 1.08 | 1.08 | 3.46 |
| Class I | Class I | Class I | Class I | Class I |  |  |  |  |  |  |  |  |  |
| 06/30/25 | 12.22 | 0.37 | 0.18 | 0.55 |  |  | 12.77 | 4.50 | 193091 | 22 | 0.78 | 0.78 | 5.95 |
| 12/31/24 | 11.40 | 0.71 | 0.11 | 0.82 |  |  | 12.22 | 7.19 | 210136 | 44 | 0.78 | 0.78 | 5.99 |
| 12/31/23 | 10.38 | 0.59 | 0.43 | 1.02 |  |  | 11.40 | 9.83 | 429726 | 42 | 0.78 | 0.78 | 5.49 |
| 12/31/22 | 12.18 | 0.45 | (2.25)  | (1.80)  |  |  | 10.38 | (14.78)  | 445603 | 29 | 0.77 | 0.77 | 4.19 |
| 12/31/21 | 12.06 | 0.40 | (0.28)  | 0.12 |  |  | 12.18 | 0.99 | 735249 | 50 | 0.77 | 0.77 | 3.29 |
| 12/31/20 | 11.67 | 0.44 | (0.05)  | 0.39 |  |  | 12.06 | 3.34 | 595220 | 48 | 0.78 | 0.78 | 3.93 |

---

See accompanying Notes to Financial Statements.

710

**JNL Series Trust (Unaudited)**

**Financial Highlights**

**For a Share Outstanding**

---

| | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  |  | Increase (decrease) from investment operations | Increase (decrease) from investment operations | Increase (decrease) from investment operations | Distributions from | Distributions from |  |  | Supplemental data | Supplemental data |  | Ratios |  |
| Period ended | Net asset value, beginning of period($) | Net investment income (loss)($) | Net realized & unrealized gains (losses)($) | Total from investment operations($) | Net investment income($) | Net realized gains on investment transactions($) | Net asset value, end of period($) | Total return(%) | Net assets,end of period (in thousands)($) | Portfolio turnover (%) | Net expenses to average net assets(%) | Total expenses to average net assets(%) | Net investment income (loss) to average net assets(%) |
| **JNL/DoubleLine Shiller Enhanced CAPE Fund** | **JNL/DoubleLine Shiller Enhanced CAPE Fund** | **JNL/DoubleLine Shiller Enhanced CAPE Fund** | **JNL/DoubleLine Shiller Enhanced CAPE Fund** | **JNL/DoubleLine Shiller Enhanced CAPE Fund** | **JNL/DoubleLine Shiller Enhanced CAPE Fund** | **JNL/DoubleLine Shiller Enhanced CAPE Fund** | **JNL/DoubleLine Shiller Enhanced CAPE Fund** |  |  |  |  |  |  |
| Class A | Class A | Class A | Class A | Class A |  |  |  |  |  |  |  |  |  |
| 06/30/25 | 26.06 | 0.57 | 1.16 | 1.73 |  |  | 27.79 | 6.64 | 1519644 | 21 | 0.98 | 1.00 | 4.37 |
| 12/31/24 | 23.05 | 1.06 | 1.95 | 3.01 |  |  | 26.06 | 13.06 | 1559920 | 97 | 1.00 | 1.01 | 4.33 |
| 12/31/23 | 18.09 | 0.81 | 4.15 | 4.96 |  |  | 23.05 | 27.42 | 1763845 | 83 | 1.01 | 1.01 | 3.99 |
| 12/31/22 | 23.71 | 0.43 | (6.05)  | (5.62)  |  |  | 18.09 | (23.70)  | 1487301 | 79 | 1.00 | 1.00 | 2.11 |
| 12/31/21 | 19.12 | 0.17 | 4.42 | 4.59 |  |  | 23.71 | 24.01 | 2216351 | 113 | 1.00 | 1.00 | 0.77 |
| 12/31/20 | 16.60 | 0.23 | 2.29 | 2.52 |  |  | 19.12 | 15.18 | 1594961 | 71 | 1.01 | 1.01 | 1.43 |
| Class I | Class I | Class I | Class I | Class I |  |  |  |  |  |  |  |  |  |
| 06/30/25 | 26.59 | 0.62 | 1.18 | 1.80 |  |  | 28.39 | 6.77 | 27353 | 21 | 0.68 | 0.70 | 4.62 |
| 12/31/24 | 23.44 | 1.14 | 2.01 | 3.15 |  |  | 26.59 | 13.44 | 139050 | 97 | 0.70 | 0.71 | 4.64 |
| 12/31/23 | 18.34 | 0.89 | 4.21 | 5.10 |  |  | 23.44 | 27.81 | 281767 | 83 | 0.71 | 0.71 | 4.29 |
| 12/31/22 | 23.97 | 0.47 | (6.10)  | (5.63)  |  |  | 18.34 | (23.49)  | 256288 | 79 | 0.70 | 0.70 | 2.28 |
| 12/31/21 | 19.27 | 0.24 | 4.46 | 4.70 |  |  | 23.97 | 24.39 | 628818 | 113 | 0.70 | 0.70 | 1.08 |
| 12/31/20 | 16.68 | 0.27 | 2.32 | 2.59 |  |  | 19.27 | 15.53 | 600061 | 71 | 0.71 | 0.71 | 1.73 |
| **JNL/DoubleLine Total Return Fund** | **JNL/DoubleLine Total Return Fund** | **JNL/DoubleLine Total Return Fund** | **JNL/DoubleLine Total Return Fund** | **JNL/DoubleLine Total Return Fund** | **JNL/DoubleLine Total Return Fund** | **JNL/DoubleLine Total Return Fund** | **JNL/DoubleLine Total Return Fund** |  |  |  |  |  |  |
| Class A | Class A | Class A | Class A | Class A |  |  |  |  |  |  |  |  |  |
| 06/30/25 | 10.80 | 0.25 | 0.24 | 0.49 |  |  | 11.29 | 4.54 | 714305 | 11 | 0.83 | 0.83 | 4.56 |
| 12/31/24 | 10.53 | 0.44 | (0.17)  | 0.27 |  |  | 10.80 | 2.56 | 717406 | 75 | 0.83 | 0.83 | 4.15 |
| 12/31/23 | 10.02 | 0.38 | 0.13 | 0.51 |  |  | 10.53 | 5.09 | 747890 | 63 | 0.83 | 0.83 | 3.71 |
| 12/31/22 | 11.52 | 0.34 | (1.84)  | (1.50)  |  |  | 10.02 | (13.02)  | 750065 | 59 | 0.82 | 0.82 | 3.16 |
| 12/31/21 | 11.57 | 0.29 | (0.34)  | (0.05)  |  |  | 11.52 | (0.43)  | 981663 | 103 | 0.82 | 0.82 | 2.50 |
| 12/31/20 | 11.27 | 0.31 | (0.01)  | 0.30 |  |  | 11.57 | 2.66 | 1052998 | 50 | 0.82 | 0.82 | 2.74 |
| Class I | Class I | Class I | Class I | Class I |  |  |  |  |  |  |  |  |  |
| 06/30/25 | 10.99 | 0.27 | 0.24 | 0.51 |  |  | 11.50 | 4.64 | 1166462 | 11 | 0.53 | 0.53 | 4.87 |
| 12/31/24 | 10.68 | 0.48 | (0.17)  | 0.31 |  |  | 10.99 | 2.90 | 1239336 | 75 | 0.53 | 0.53 | 4.45 |
| 12/31/23 | 10.13 | 0.41 | 0.14 | 0.55 |  |  | 10.68 | 5.43 | 1403455 | 63 | 0.53 | 0.53 | 4.02 |
| 12/31/22 | 11.61 | 0.37 | (1.85)  | (1.48)  |  |  | 10.13 | (12.75)  | 1288954 | 59 | 0.52 | 0.52 | 3.48 |
| 12/31/21 | 11.63 | 0.33 | (0.35)  | (0.02)  |  |  | 11.61 | (0.17)  | 1571543 | 103 | 0.52 | 0.52 | 2.80 |
| 12/31/20 | 11.29 | 0.35 | (0.01)  | 0.34 |  |  | 11.63 | 3.01 | 1795030 | 50 | 0.52 | 0.52 | 3.02 |
| **JNL/Dreyfus Government Money Market Fund** | **JNL/Dreyfus Government Money Market Fund** | **JNL/Dreyfus Government Money Market Fund** | **JNL/Dreyfus Government Money Market Fund** | **JNL/Dreyfus Government Money Market Fund** | **JNL/Dreyfus Government Money Market Fund** | **JNL/Dreyfus Government Money Market Fund** | **JNL/Dreyfus Government Money Market Fund** |  |  |  |  |  |  |
| Class A | Class A | Class A | Class A | Class A |  |  |  |  |  |  |  |  |  |
| 06/30/25 | 1.00 | 0.02 | 0.00 | 0.02 | (0.02) |  | 1.00 | 1.91 | 2475575 | N/A | 0.56 | 0.56 | 3.81 |
| 12/31/24 | 1.00 | 0.05 | 0.00 | 0.05 | (0.05) |  | 1.00 | 4.77 | 2543995 | N/A | 0.56 | 0.56 | 4.67 |
| 12/31/23 | 1.00 | 0.04 | 0.00 | 0.04 | (0.04) |  | 1.00 | 4.39 | 2719319 | N/A | 0.72<br> (a) | 0.56 | 4.29<br> (b) |
| 12/31/22 | 1.00 | 0.01 | (0.01)  | 0.00 |  |  | 1.00 | 0.92 | 3038903 | N/A | 0.77<br> (a) | 0.56 | 1.00<br> (b) |
| 12/31/21 | 1.00 | 0.00 | 0.00 | 0.00 |  |  | 1.00 | 0.00 | 2061601 | N/A | 0.07 | 0.56 | 0.00<br> (b) |
| 12/31/20 | 1.00 | 0.00 | 0.00 | 0.00 | (0.00)<br> (c) |  | 1.00 | 0.21 | 2389749 | N/A | 0.24 | 0.56 | 0.13<br> (b) |
| Class I | Class I | Class I | Class I | Class I |  |  |  |  |  |  |  |  |  |
| 06/30/25 | 1.00 | 0.02 | 0.00 | 0.02 | (0.02) |  | 1.00 | 2.06 | 68396 | N/A | 0.26 | 0.26 | 4.11 |
| 12/31/24 | 1.00 | 0.05 | 0.00 | 0.05 | (0.05) |  | 1.00 | 5.07 | 70373 | N/A | 0.26 | 0.26 | 5.02 |
| 12/31/23 | 1.00 | 0.05 | 0.00 | 0.05 | (0.05) |  | 1.00 | 4.86 | 190232 | N/A | 0.26 | 0.26 | 4.68 |
| 12/31/22 | 1.00 | 0.02 | (0.02)  | 0.00 |  |  | 1.00 | 1.27 | 327084 | N/A | 0.37<br> (a) | 0.26 | 2.35<br> (b) |
| 12/31/21 | 1.00 | 0.00 | 0.00 | 0.00 | (0.00)<br> (c) |  | 1.00 | 0.04 | 35773 | N/A | 0.07 | 0.26 | 0.00<br> (b) |
| 12/31/20 | 1.00 | 0.00 | 0.00 | 0.00 | (0.00)<br> (c) |  | 1.00 | 0.31 | 44262 | N/A | 0.20 | 0.26 | 0.15<br> (b) |

---

(a) Includes
 payments by the Fund for the Adviser's recapture of previously waived/reimbursed fees.

(b) The
 ratios for net investment income (loss) to average net assets without expense waivers or recovery of contractual expense waivers for JNL/Dreyfus
 Government Money Market Fund for 2020, 2021, 2022, and 2023 was (0.19%), (0.49%), 1.21%, and 4.45% respectively, for Class A and 0.15%,
 (0.19%), 2.46%, and 4.68% respectively, for Class I shares.

(c) Amount
 represents less than $0.005.

See accompanying Notes to Financial Statements.

711

**JNL Series Trust (Unaudited)**

**Financial Highlights**

**For a Share Outstanding**

---

| | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  |  | Increase (decrease) from investment operations | Increase (decrease) from investment operations | Increase (decrease) from investment operations | Distributions from | Distributions from |  |  | Supplemental data | Supplemental data |  | Ratios |  |
| Period ended | Net asset value, beginning of period($) | Net investment income (loss)($) | Net realized & unrealized gains (losses)($) | Total from investment operations($) | Net investment income($) | Net realized gains on investment transactions($) | Net asset value, end of period($) | Total return(%) | Net assets,end of period (in thousands)($) | Portfolio turnover (%) | Net expenses to average net assets(%) | Total expenses to average net assets(%) | Net investment income (loss) to average net assets(%) |
| **JNL/Fidelity Institutional Asset Management Total Bond Fund** | **JNL/Fidelity Institutional Asset Management Total Bond Fund** | **JNL/Fidelity Institutional Asset Management Total Bond Fund** | **JNL/Fidelity Institutional Asset Management Total Bond Fund** | **JNL/Fidelity Institutional Asset Management Total Bond Fund** | **JNL/Fidelity Institutional Asset Management Total Bond Fund** | **JNL/Fidelity Institutional Asset Management Total Bond Fund** | **JNL/Fidelity Institutional Asset Management Total Bond Fund** |  |  |  |  |  |  |
| Class A | Class A | Class A | Class A | Class A |  |  |  |  |  |  |  |  |  |
| 06/30/25 | 12.15 | 0.26 | 0.24 | 0.50 |  |  | 12.65 | 4.12 | 791631 | 23<br> (a) | 0.77 | 0.78 | 4.30 |
| 12/31/24 | 11.94 | 0.51 | (0.30)  | 0.21 |  |  | 12.15 | 1.76 | 788701 | 52<br> (a) | 0.78 | 0.78 | 4.24 |
| 12/31/23 | 11.19 | 0.47 | 0.28 | 0.75 |  |  | 11.94 | 6.70 | 792977 | 59<br> (a) | 0.78 | 0.78 | 4.10 |
| 12/31/22 | 12.93 | 0.32 | (2.06)  | (1.74)  |  |  | 11.19 | (13.46)  | 760550 | 44<br> (a) | 0.79 | 0.79 | 2.73 |
| 12/31/21 | 13.02 | 0.24 | (0.33)  | (0.09)  |  |  | 12.93 | (0.69)  | 1016621 | 85<br> (a) | 0.78 | 0.78 | 1.84 |
| 12/31/20 | 12.01 | 0.25 | 0.76 | 1.01 |  |  | 13.02 | 8.41 | 1054838 | 129<br> (a) | 0.79 | 0.79 | 1.98 |
| Class I | Class I | Class I | Class I | Class I |  |  |  |  |  |  |  |  |  |
| 06/30/25 | 12.57 | 0.29 | 0.24 | 0.53 |  |  | 13.10 | 4.22 | 667920 | 23<br> (a) | 0.47 | 0.48 | 4.60 |
| 12/31/24 | 12.31 | 0.56 | (0.30)  | 0.26 |  |  | 12.57 | 2.11 | 722365 | 52<br> (a) | 0.48 | 0.48 | 4.54 |
| 12/31/23 | 11.50 | 0.52 | 0.29 | 0.81 |  |  | 12.31 | 7.04 | 775610 | 59<br> (a) | 0.48 | 0.48 | 4.41 |
| 12/31/22 | 13.25 | 0.38 | (2.13)  | (1.75)  |  |  | 11.50 | (13.21)  | 528377 | 44<br> (a) | 0.49 | 0.49 | 3.19 |
| 12/31/21 | 13.30 | 0.28 | (0.33)  | (0.05)  |  |  | 13.25 | (0.38)  | 269043 | 85<br> (a) | 0.48 | 0.48 | 2.13 |
| 12/31/20 | 12.24 | 0.28 | 0.78 | 1.06 |  |  | 13.30 | 8.66 | 322922 | 129<br> (a) | 0.49 | 0.49 | 2.20 |
| **JNL/First Sentier Global Infrastructure Fund** | **JNL/First Sentier Global Infrastructure Fund** | **JNL/First Sentier Global Infrastructure Fund** | **JNL/First Sentier Global Infrastructure Fund** | **JNL/First Sentier Global Infrastructure Fund** | **JNL/First Sentier Global Infrastructure Fund** | **JNL/First Sentier Global Infrastructure Fund** | **JNL/First Sentier Global Infrastructure Fund** |  |  |  |  |  |  |
| Class A | Class A | Class A | Class A | Class A |  |  |  |  |  |  |  |  |  |
| 06/30/25 | 18.18 | 0.27 | 2.11 | 2.38 |  |  | 20.56 | 13.09 | 505888 | 32 | 1.15 | 1.15 | 2.78 |
| 12/31/24 | 17.21 | 0.44 | 0.53 | 0.97 |  |  | 18.18 | 5.64 | 495545 | 47 | 1.15 | 1.15 | 2.48 |
| 12/31/23 | 16.74 | 0.42 | 0.05 | 0.47 |  |  | 17.21 | 2.81 | 564121 | 41 | 1.15 | 1.15 | 2.52 |
| 12/31/22 | 17.44 | 0.31 | (1.01)  | (0.70)  |  |  | 16.74 | (4.01)  | 637347 | 53 | 1.15 | 1.15 | 1.85 |
| 12/31/21 | 15.44 | 0.25 | 1.75 | 2.00 |  |  | 17.44 | 12.95 | 711195 | 48 | 1.15 | 1.15 | 1.52 |
| 12/31/20 | 16.03 | 0.19 | (0.78)  | (0.59)  |  |  | 15.44 | (3.68)  | 636060 | 78 | 1.15 | 1.15 | 1.32 |
| Class I | Class I | Class I | Class I | Class I |  |  |  |  |  |  |  |  |  |
| 06/30/25 | 18.59 | 0.31 | 2.16 | 2.47 |  |  | 21.06 | 13.29 | 5156 | 32 | 0.85 | 0.85 | 3.13 |
| 12/31/24 | 17.55 | 0.40 | 0.64 | 1.04 |  |  | 18.59 | 5.93 | 4673 | 47 | 0.84 | 0.85 | 2.32 |
| 12/31/23 | 17.03 | 0.48 | 0.04 | 0.52 |  |  | 17.55 | 3.05 | 192430 | 41 | 0.85 | 0.85 | 2.81 |
| 12/31/22 | 17.69 | 0.38 | (1.04)  | (0.66)  |  |  | 17.03 | (3.73)  | 279433 | 53 | 0.85 | 0.85 | 2.17 |
| 12/31/21 | 15.61 | 0.30 | 1.78 | 2.08 |  |  | 17.69 | 13.32 | 318613 | 48 | 0.85 | 0.85 | 1.81 |
| 12/31/20 | 16.16 | 0.23 | (0.78)  | (0.55)  |  |  | 15.61 | (3.40)  | 333729 | 78 | 0.85 | 0.85 | 1.61 |
| **JNL/Franklin Templeton Income Fund** | **JNL/Franklin Templeton Income Fund** | **JNL/Franklin Templeton Income Fund** | **JNL/Franklin Templeton Income Fund** | **JNL/Franklin Templeton Income Fund** | **JNL/Franklin Templeton Income Fund** | **JNL/Franklin Templeton Income Fund** | **JNL/Franklin Templeton Income Fund** |  |  |  |  |  |  |
| Class A | Class A | Class A | Class A | Class A |  |  |  |  |  |  |  |  |  |
| 06/30/25 | 16.17 | 0.43 | 0.35 | 0.78 |  |  | 16.95 | 4.82 | 1396732 | 22 | 0.93 | 0.93 | 5.26 |
| 12/31/24 | 15.20 | 0.76 | 0.21 | 0.97 |  |  | 16.17 | 6.38 | 1427879 | 40 | 0.93 | 0.93 | 4.82 |
| 12/31/23 | 14.05 | 0.74 | 0.41 | 1.15 |  |  | 15.20 | 8.19 | 1537339 | 34 | 0.94 | 0.94 | 5.15 |
| 12/31/22 | 14.70 | 0.64 | (1.29)  | (0.65)  |  |  | 14.05 | (4.42)  | 1596450 | 69 | 0.93 | 0.93 | 4.52 |
| 12/31/21 | 12.81 | 0.51 | 1.38 | 1.89 |  |  | 14.70 | 14.75 | 1706537 | 37 | 0.93 | 0.93 | 3.65 |
| 12/31/20 | 12.70 | 0.45 | (0.34)  | 0.11 |  |  | 12.81 | 0.87 | 1648143 | 49 | 0.93 | 0.93 | 3.84 |
| Class I | Class I | Class I | Class I | Class I |  |  |  |  |  |  |  |  |  |
| 06/30/25 | 15.74 | 0.44 | 0.33 | 0.77 |  |  | 16.51 | 4.89 | 7948 | 22 | 0.63 | 0.63 | 5.56 |
| 12/31/24 | 14.74 | 0.79 | 0.21 | 1.00 |  |  | 15.74 | 6.78 | 7239 | 40 | 0.63 | 0.63 | 5.13 |
| 12/31/23 | 13.58 | 0.76 | 0.40 | 1.16 |  |  | 14.74 | 8.54 | 8320 | 34 | 0.64 | 0.64 | 5.45 |
| 12/31/22 | 14.18 | 0.66 | (1.26)  | (0.60)  |  |  | 13.58 | (4.23)  | 8844 | 69 | 0.63 | 0.63 | 4.86 |
| 12/31/21 | 12.31 | 0.53 | 1.34 | 1.87 |  |  | 14.18 | 15.19 | 7541 | 37 | 0.63 | 0.63 | 3.96 |
| 12/31/20 | 12.17 | 0.47 | (0.33)  | 0.14 |  |  | 12.31 | 1.15 | 5401 | 49 | 0.63 | 0.63 | 4.13 |

---

(a) Portfolio
 turnover including dollar roll transactions for JNL/Fidelity Institutional Asset Management Total Bond Fund was as follows: June 30, 2025:
 101%; December 31, 2024: 264%; December 31, 2023: 239%; December 31, 2022: 210%; December 31, 2021: 211%; December 31, 2020: 508%

See accompanying Notes to Financial Statements.

712

**JNL Series Trust (Unaudited)**

**Financial Highlights**

**For a Share Outstanding**

---

| | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  |  | Increase (decrease) from investment operations | Increase (decrease) from investment operations | Increase (decrease) from investment operations | Distributions from | Distributions from |  |  | Supplemental data | Supplemental data |  | Ratios |  |
| Period ended | Net asset value, beginning of period($) | Net investment income (loss)($) | Net realized & unrealized gains (losses)($) | Total from investment operations($) | Net investment income($) | Net realized gains on investment transactions($) | Net asset value, end of period($) | Total return(%) | Net assets,end of period (in thousands)($) | Portfolio turnover (%) | Net expenses to average net assets(%) | Total expenses to average net assets(%) | Net investment income (loss) to average net assets(%) |
| **JNL/Goldman Sachs 4 Fund(a)** | **JNL/Goldman Sachs 4 Fund(a)** | **JNL/Goldman Sachs 4 Fund(a)** | **JNL/Goldman Sachs 4 Fund(a)** | **JNL/Goldman Sachs 4 Fund(a)** | **JNL/Goldman Sachs 4 Fund(a)** | **JNL/Goldman Sachs 4 Fund(a)** | **JNL/Goldman Sachs 4 Fund(a)** |  |  |  |  |  |  |
| Class A | Class A | Class A | Class A | Class A |  |  |  |  |  |  |  |  |  |
| 06/30/25 | 41.15 | 0.28 | 2.77 | 3.05 |  |  | 44.20 | 7.41 | 4942045 | 17 | 0.70 | 0.70 | 1.37 |
| 12/31/24 | 34.52 | 0.51 | 6.12 | 6.63 |  |  | 41.15 | 19.21 | 5029526 | 52 | 0.70 | 0.70 | 1.31 |
| 12/31/23 | 30.17 | 0.58 | 3.77 | 4.35 |  |  | 34.52 | 14.42 | 5050741 | 59 | 0.70 | 0.70 | 1.84 |
| 12/31/22 | 33.87 | 0.55 | (4.25)  | (3.70)  |  |  | 30.17 | (10.92)  | 5104922 | 52 | 0.69 | 0.69 | 1.79 |
| 12/31/21 | 25.00 | 0.26 | 8.61 | 8.87 |  |  | 33.87 | 35.48 | 6547195 | 88 | 0.59 | 0.59 | 0.87 |
| 12/31/20 | 23.92 | (0.08)  | 1.16 | 1.08 |  |  | 25.00 | 4.52 | 5495372 | 0 | 0.35 | 0.35 | (0.35)  |
| Class I | Class I | Class I | Class I | Class I |  |  |  |  |  |  |  |  |  |
| 06/30/25 | 42.06 | 0.35 | 2.83 | 3.18 |  |  | 45.24 | 7.56 | 38547 | 17 | 0.40 | 0.40 | 1.68 |
| 12/31/24 | 35.17 | 0.64 | 6.25 | 6.89 |  |  | 42.06 | 19.59 | 35875 | 52 | 0.40 | 0.40 | 1.61 |
| 12/31/23 | 30.64 | 0.69 | 3.84 | 4.53 |  |  | 35.17 | 14.78 | 31267 | 59 | 0.40 | 0.40 | 2.14 |
| 12/31/22 | 34.31 | 0.65 | (4.32)  | (3.67)  |  |  | 30.64 | (10.70)  | 29127 | 52 | 0.39 | 0.39 | 2.10 |
| 12/31/21 | 25.25 | 0.39 | 8.67 | 9.06 |  |  | 34.31 | 35.88 | 33113 | 88 | 0.31 | 0.31 | 1.29 |
| 12/31/20 | 24.08 | (0.01)  | 1.18 | 1.17 |  |  | 25.25 | 4.86 | 17026 | 0 | 0.05 | 0.05 | (0.05)  |
| **JNL/GQG Emerging Markets Equity Fund** | **JNL/GQG Emerging Markets Equity Fund** | **JNL/GQG Emerging Markets Equity Fund** | **JNL/GQG Emerging Markets Equity Fund** | **JNL/GQG Emerging Markets Equity Fund** | **JNL/GQG Emerging Markets Equity Fund** | **JNL/GQG Emerging Markets Equity Fund** | **JNL/GQG Emerging Markets Equity Fund** |  |  |  |  |  |  |
| Class A | Class A | Class A | Class A | Class A |  |  |  |  |  |  |  |  |  |
| 06/30/25 | 14.83 | 0.15 | 0.63 | 0.78 |  |  | 15.61 | 5.26 | 435804 | 48 | 1.33 | 1.33 | 2.00 |
| 12/31/24 | 14.12 | 0.29 | 0.42 | 0.71 |  |  | 14.83 | 5.03 | 447465 | 92 | 1.33 | 1.34 | 1.87 |
| 12/31/23 | 10.95 | 0.37 | 2.80 | 3.17 |  |  | 14.12 | 28.95 | 365328 | 68 | 1.36 | 1.37 | 3.00 |
| 12/31/22 | 14.02 | 0.63 | (3.70)  | (3.07)  |  |  | 10.95 | (21.90)  | 261237 | 118 | 1.36 | 1.36 | 5.25 |
| 12/31/21 | 14.35 | 0.26 | (0.59)  | (0.33)  |  |  | 14.02 | (2.30)  | 314404 | 115 | 1.36 | 1.36 | 1.79 |
| 12/31/20 | 10.78 | (0.05)  | 3.62 | 3.57 |  |  | 14.35 | 33.12 | 225079 | 102 | 1.36 | 1.36 | (0.47)  |
| Class I | Class I | Class I | Class I | Class I |  |  |  |  |  |  |  |  |  |
| 06/30/25 | 15.15 | 0.17 | 0.65 | 0.82 |  |  | 15.97 | 5.41 | 430017 | 48 | 1.03 | 1.03 | 2.31 |
| 12/31/24 | 14.39 | 0.34 | 0.42 | 0.76 |  |  | 15.15 | 5.28 | 434458 | 92 | 1.03 | 1.04 | 2.16 |
| 12/31/23 | 11.12 | 0.41 | 2.86 | 3.27 |  |  | 14.39 | 29.41 | 468337 | 68 | 1.06 | 1.07 | 3.33 |
| 12/31/22 | 14.20 | 0.65 | (3.73)  | (3.08)  |  |  | 11.12 | (21.69)  | 386322 | 118 | 1.06 | 1.06 | 5.37 |
| 12/31/21 | 14.49 | 0.30 | (0.59)  | (0.29)  |  |  | 14.20 | (2.00)  | 625838 | 115 | 1.06 | 1.06 | 2.06 |
| 12/31/20 | 10.85 | 0.01 | 3.63 | 3.64 |  |  | 14.49 | 33.55 | 590125 | 102 | 1.06 | 1.06 | 0.09 |

---

(a) On April
 26, 2021, JNL/Goldman Sachs 4 Fund became a Sub-Advised Fund. Prior to April 26, 2021, the fund held affiliated funds selected by the
 Adviser and was considered a "Fund of Funds."

See accompanying Notes to Financial Statements.

713

**JNL Series Trust (Unaudited)**

**Financial Highlights**

**For a Share Outstanding**

---

| | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  |  | Increase (decrease) from investment operations | Increase (decrease) from investment operations | Increase (decrease) from investment operations | Distributions from | Distributions from |  |  | Supplemental data | Supplemental data |  | Ratios |  |
| Period ended | Net asset value, beginning of period($) | Net investment income (loss)($) | Net realized & unrealized gains (losses)($) | Total from investment operations($) | Net investment income($) | Net realized gains on investment transactions($) | Net asset value, end of period($) | Total return(%) | Net assets,end of period (in thousands)($) | Portfolio turnover (%) | Net expenses to average net assets(%) | Total expenses to average net assets(%) | Net investment income (loss) to average net assets(%) |
| **JNL/Invesco Diversified Dividend Fund** | **JNL/Invesco Diversified Dividend Fund** | **JNL/Invesco Diversified Dividend Fund** | **JNL/Invesco Diversified Dividend Fund** | **JNL/Invesco Diversified Dividend Fund** | **JNL/Invesco Diversified Dividend Fund** | **JNL/Invesco Diversified Dividend Fund** | **JNL/Invesco Diversified Dividend Fund** |  |  |  |  |  |  |
| Class A | Class A | Class A | Class A | Class A |  |  |  |  |  |  |  |  |  |
| 06/30/25 | 16.46 | 0.11 | 0.90 | 1.01 |  |  | 17.47 | 6.14 | 384109 | 33 | 0.98 | 0.98 | 1.33 |
| 12/31/24 | 14.62 | 0.21 | 1.63 | 1.84 |  |  | 16.46 | 12.59 | 374044 | 45 | 0.98 | 0.98 | 1.34 |
| 12/31/23 | 13.47 | 0.22 | 0.93 | 1.15 |  |  | 14.62 | 8.54 | 377660 | 45 | 0.98 | 0.98 | 1.61 |
| 12/31/22 | 13.74 | 0.22 | (0.49)  | (0.27)  |  |  | 13.47 | (1.97)  | 421229 | 43 | 0.98 | 0.98 | 1.62 |
| 12/31/21 | 11.58 | 0.20 | 1.96 | 2.16 |  |  | 13.74 | 18.65 | 176180 | 44 | 0.98 | 0.98 | 1.58 |
| 12/31/20 | 11.51 | 0.22 | (0.15)  | 0.07 |  |  | 11.58 | 0.61 | 117951 | 9 | 0.98 | 0.98 | 2.10 |
| Class I | Class I | Class I | Class I | Class I |  |  |  |  |  |  |  |  |  |
| 06/30/25 | 16.82 | 0.14 | 0.91 | 1.05 |  |  | 17.87 | 6.24 | 433590 | 33 | 0.68 | 0.68 | 1.63 |
| 12/31/24 | 14.90 | 0.26 | 1.66 | 1.92 |  |  | 16.82 | 12.89 | 440639 | 45 | 0.68 | 0.68 | 1.65 |
| 12/31/23 | 13.68 | 0.26 | 0.96 | 1.22 |  |  | 14.90 | 8.92 | 657849 | 45 | 0.68 | 0.68 | 1.91 |
| 12/31/22 | 13.92 | 0.26 | (0.50)  | (0.24)  |  |  | 13.68 | (1.72)  | 635461 | 43 | 0.68 | 0.68 | 1.87 |
| 12/31/21 | 11.69 | 0.25 | 1.98 | 2.23 |  |  | 13.92 | 19.08 | 869610 | 44 | 0.68 | 0.68 | 1.92 |
| 12/31/20 | 11.59 | 0.25 | (0.15)  | 0.10 |  |  | 11.69 | 0.86 | 1017726 | 9 | 0.68 | 0.68 | 2.40 |
| **JNL/Invesco Global Growth Fund** | **JNL/Invesco Global Growth Fund** | **JNL/Invesco Global Growth Fund** | **JNL/Invesco Global Growth Fund** | **JNL/Invesco Global Growth Fund** | **JNL/Invesco Global Growth Fund** | **JNL/Invesco Global Growth Fund** | **JNL/Invesco Global Growth Fund** |  |  |  |  |  |  |
| Class A | Class A | Class A | Class A | Class A |  |  |  |  |  |  |  |  |  |
| 06/30/25 | 29.34 | 0.01 | 2.32 | 2.33 |  |  | 31.67 | 7.94 | 1383560 | 9 | 0.96 | 0.96 | 0.10 |
| 12/31/24 | 25.33 | (0.04)  | 4.05 | 4.01 |  |  | 29.34 | 15.83 | 1396935 | 12 | 0.97 | 0.97 | (0.13)  |
| 12/31/23 | 18.82 | (0.01)  | 6.52 | 6.51 |  |  | 25.33 | 34.59 | 1412660 | 7 | 0.96 | 0.96 | (0.06)  |
| 12/31/22 | 27.77 | (0.01)  | (8.94)  | (8.95)  |  |  | 18.82 | (32.23)  | 1180323 | 14 | 0.95 | 0.95 | (0.06)  |
| 12/31/21 | 24.07 | (0.12)  | 3.82 | 3.70 |  |  | 27.77 | 15.37 | 1938245 | 7 | 0.96 | 0.96 | (0.46)  |
| 12/31/20 | 18.78 | (0.04)  | 5.33 | 5.29 |  |  | 24.07 | 28.17 | 1905584 | 10 | 0.95 | 0.95 | (0.21)  |
| Class I | Class I | Class I | Class I | Class I |  |  |  |  |  |  |  |  |  |
| 06/30/25 | 30.36 | 0.06 | 2.40 | 2.46 |  |  | 32.82 | 8.10 | 20016 | 9 | 0.66 | 0.66 | 0.41 |
| 12/31/24 | 26.13 | 0.06 | 4.17 | 4.23 |  |  | 30.36 | 16.19 | 19326 | 12 | 0.67 | 0.67 | 0.22 |
| 12/31/23 | 19.36 | 0.06 | 6.71 | 6.77 |  |  | 26.13 | 34.97 | 256823 | 7 | 0.66 | 0.66 | 0.24 |
| 12/31/22 | 28.48 | 0.07 | (9.19)  | (9.12)  |  |  | 19.36 | (32.02)  | 237661 | 14 | 0.65 | 0.65 | 0.31 |
| 12/31/21 | 24.61 | (0.04)  | 3.91 | 3.87 |  |  | 28.48 | 15.73 | 772262 | 7 | 0.66 | 0.66 | (0.16)  |
| 12/31/20 | 19.15 | 0.02 | 5.44 | 5.46 |  |  | 24.61 | 28.51 | 769286 | 10 | 0.65 | 0.65 | 0.10 |
| **JNL/Invesco Small Cap Growth Fund** | **JNL/Invesco Small Cap Growth Fund** | **JNL/Invesco Small Cap Growth Fund** | **JNL/Invesco Small Cap Growth Fund** | **JNL/Invesco Small Cap Growth Fund** | **JNL/Invesco Small Cap Growth Fund** | **JNL/Invesco Small Cap Growth Fund** | **JNL/Invesco Small Cap Growth Fund** |  |  |  |  |  |  |
| Class A | Class A | Class A | Class A | Class A |  |  |  |  |  |  |  |  |  |
| 06/30/25 | 38.11 | (0.09) | (1.00) | (1.09) |  |  | 37.02 | (2.86)  | 1581508 | 48 | 1.03 | 1.03 | (0.51)  |
| 12/31/24 | 32.65 | (0.19)  | 5.65 | 5.46 |  |  | 38.11 | 16.72 | 1766933 | 60 | 1.03 | 1.04 | (0.54)  |
| 12/31/23 | 29.12 | (0.12)  | 3.65 | 3.53 |  |  | 32.65 | 12.12 | 1682094 | 64 | 1.05 | 1.06 | (0.39)  |
| 12/31/22 | 45.01 | (0.15)  | (15.74)  | (15.89)  |  |  | 29.12 | (35.30)  | 1563204 | 50 | 1.05 | 1.06 | (0.47)  |
| 12/31/21 | 41.96 | (0.33)  | 3.38 | 3.05 |  |  | 45.01 | 7.27 | 2518255 | 39 | 1.05 | 1.05 | (0.73)  |
| 12/31/20 | 26.81 | (0.22)  | 15.37 | 15.15 |  |  | 41.96 | 56.51 | 2536309 | 51 | 1.06 | 1.06 | (0.74)  |
| Class I | Class I | Class I | Class I | Class I |  |  |  |  |  |  |  |  |  |
| 06/30/25 | 40.41 | (0.04)  | (1.05)  | (1.09)  |  |  | 39.32 | (2.70)  | 22527 | 48 | 0.73 | 0.73 | (0.21)  |
| 12/31/24 | 34.52 | (0.09)  | 5.98 | 5.89 |  |  | 40.41 | 17.06 | 25251 | 60 | 0.73 | 0.74 | (0.24)  |
| 12/31/23 | 30.69 | (0.03)  | 3.86 | 3.83 |  |  | 34.52 | 12.48 | 22082 | 64 | 0.75 | 0.76 | (0.08)  |
| 12/31/22 | 47.30 | (0.06)  | (16.55)  | (16.61)  |  |  | 30.69 | (35.12)  | 16466 | 50 | 0.75 | 0.76 | (0.18)  |
| 12/31/21 | 43.97 | (0.19)  | 3.52 | 3.33 |  |  | 47.30 | 7.57 | 26500 | 39 | 0.75 | 0.75 | (0.41)  |
| 12/31/20 | 28.01 | (0.15)  | 16.11 | 15.96 |  |  | 43.97 | 56.98 | 21332 | 51 | 0.76 | 0.76 | (0.49)  |

---

See accompanying Notes to Financial Statements.

714

**JNL Series Trust (Unaudited)**

**Financial Highlights**

**For a Share Outstanding**

---

| | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  |  | Increase (decrease) from investment operations | Increase (decrease) from investment operations | Increase (decrease) from investment operations | Distributions from | Distributions from |  |  | Supplemental data | Supplemental data |  | Ratios |  |
| Period ended | Net asset value, beginning of period($) | Net investment income (loss)($) | Net realized & unrealized gains (losses)($) | Total from investment operations($) | Net investment income($) | Net realized gains on investment transactions($) | Net asset value, end of period($) | Total return(%) | Net assets,end of period (in thousands)($) | Portfolio turnover (%) | Net expenses to average net assets(%) | Total expenses to average net assets(%) | Net investment income (loss) to average net assets(%) |
| **JNL/JPMorgan Global Allocation Fund** | **JNL/JPMorgan Global Allocation Fund** | **JNL/JPMorgan Global Allocation Fund** | **JNL/JPMorgan Global Allocation Fund** | **JNL/JPMorgan Global Allocation Fund** | **JNL/JPMorgan Global Allocation Fund** | **JNL/JPMorgan Global Allocation Fund** | **JNL/JPMorgan Global Allocation Fund** |  |  |  |  |  |  |
| Class A | Class A | Class A | Class A | Class A |  |  |  |  |  |  |  |  |  |
| 06/30/25 | 14.90 | 0.23 | 1.02 | 1.25 |  |  | 16.15 | 8.39 | 909835 | 43 | 1.04 | 1.06 | 3.00 |
| 12/31/24 | 13.75 | 0.39 | 0.76 | 1.15 |  |  | 14.90 | 8.36 | 911729 | 100 | 1.05 | 1.06 | 2.68 |
| 12/31/23 | 12.20 | 0.31 | 1.24 | 1.55 |  |  | 13.75 | 12.70 | 1001003 | 128 | 1.06<br> (a) | 1.06<br> (a) | 2.39 |
| 12/31/22 | 15.07 | 0.14 | (3.01)  | (2.87)  |  |  | 12.20 | (19.04)  | 1014331 | 110 | 1.06<br> (a) | 1.06<br> (a) | 1.09 |
| 12/31/21 | 13.84 | 0.12 | 1.11 | 1.23 |  |  | 15.07 | 8.89 | 1410178 | 106 | 1.06<br> (a) | 1.06<br> (a) | 0.86 |
| 12/31/20 | 12.39 | 0.11 | 1.34 | 1.45 |  |  | 13.84 | 11.70 | 1467097 | 138 | 1.06<br> (a) | 1.06<br> (a) | 0.90 |
| Class I | Class I | Class I | Class I | Class I |  |  |  |  |  |  |  |  |  |
| 06/30/25 | 15.20 | 0.25 | 1.05 | 1.30 |  |  | 16.50 | 8.55 | 2889 | 43 | 0.74 | 0.76 | 3.30 |
| 12/31/24 | 13.98 | 0.44 | 0.78 | 1.22 |  |  | 15.20 | 8.73 | 3039 | 100 | 0.75 | 0.76 | 2.98 |
| 12/31/23 | 12.37 | 0.35 | 1.26 | 1.61 |  |  | 13.98 | 13.02 | 3252 | 128 | 0.76<br> (a) | 0.76<br> (a) | 2.69 |
| 12/31/22 | 15.24 | 0.18 | (3.05)  | (2.87)  |  |  | 12.37 | (18.83)  | 3212 | 110 | 0.76<br> (a) | 0.76<br> (a) | 1.41 |
| 12/31/21 | 13.95 | 0.17 | 1.12 | 1.29 |  |  | 15.24 | 9.25 | 3868 | 106 | 0.76<br> (a) | 0.76<br> (a) | 1.12 |
| 12/31/20 | 12.45 | 0.14 | 1.36 | 1.50 |  |  | 13.95 | 12.05 | 2305 | 138 | 0.64<br> (a) | 0.77<br> (a) | 1.17 |
| **JNL/JPMorgan Hedged Equity Fund** | **JNL/JPMorgan Hedged Equity Fund** | **JNL/JPMorgan Hedged Equity Fund** | **JNL/JPMorgan Hedged Equity Fund** | **JNL/JPMorgan Hedged Equity Fund** | **JNL/JPMorgan Hedged Equity Fund** | **JNL/JPMorgan Hedged Equity Fund** | **JNL/JPMorgan Hedged Equity Fund** |  |  |  |  |  |  |
| Class A | Class A | Class A | Class A | Class A |  |  |  |  |  |  |  |  |  |
| 06/30/25 | 16.76 | 0.03 | (0.02) | 0.01 |  |  | 16.77 | 0.06 | 858569 | 14 | 0.96<br> (b) | 0.96<br> (b) | 0.37 |
| 12/31/24 | 14.22 | 0.06 | 2.48 | 2.54 |  |  | 16.76 | 17.86 | 872711 | 30 | 0.96<br> (b) | 0.96<br> (b) | 0.41 |
| 12/31/23 | 12.29 | 0.09 | 1.84 | 1.93 |  |  | 14.22 | 15.70 | 766593 | 34 | 0.96<br> (b) | 0.96<br> (b) | 0.64 |
| 12/31/22 | 13.47 | 0.07 | (1.21)  | (1.14)  | (0.04) |  | 12.29 | (8.44)  | 619218 | 32 | 0.96<br> (b) | 0.96<br> (b) | 0.59 |
| 12/31/21 | 12.00 | 0.05 | 1.50 | 1.55 | (0.08) |  | 13.47 | 12.94 | 534969 | 42 | 0.97<br> (b) | 0.97<br> (b) | 0.40 |
| 12/31/20 | 10.59 | 0.09 | 1.37 | 1.46 | (0.05) |  | 12.00 | 13.80 | 340365 | 76 | 0.97<br> (b) | 0.97<br> (b) | 0.77 |
| Class I | Class I | Class I | Class I | Class I |  |  |  |  |  |  |  |  |  |
| 06/30/25 | 17.00 | 0.06 | (0.02)  | 0.04 |  |  | 17.04 | 0.24 | 33833 | 14 | 0.66<br> (b) | 0.66<br> (b) | 0.67 |
| 12/31/24 | 14.38 | 0.11 | 2.51 | 2.62 |  |  | 17.00 | 18.22 | 35741 | 30 | 0.66<br> (b) | 0.66<br> (b) | 0.70 |
| 12/31/23 | 12.40 | 0.13 | 1.85 | 1.98 |  |  | 14.38 | 15.97 | 117752 | 34 | 0.66<br> (b) | 0.66<br> (b) | 0.94 |
| 12/31/22 | 13.57 | 0.11 | (1.21)  | (1.10)  | (0.07) |  | 12.40 | (8.12)  | 115941 | 32 | 0.66<br> (b) | 0.66<br> (b) | 0.85 |
| 12/31/21 | 12.07 | 0.09 | 1.51 | 1.60 | (0.10) |  | 13.57 | 13.26 | 151324 | 42 | 0.67<br> (b) | 0.67<br> (b) | 0.69 |
| 12/31/20 | 10.63 | 0.12 | 1.38 | 1.50 | (0.06) |  | 12.07 | 14.08 | 144751 | 76 | 0.67<br> (b) | 0.67<br> (b) | 1.06 |
| **JNL/JPMorgan MidCap Growth Fund** | **JNL/JPMorgan MidCap Growth Fund** | **JNL/JPMorgan MidCap Growth Fund** | **JNL/JPMorgan MidCap Growth Fund** | **JNL/JPMorgan MidCap Growth Fund** | **JNL/JPMorgan MidCap Growth Fund** | **JNL/JPMorgan MidCap Growth Fund** | **JNL/JPMorgan MidCap Growth Fund** |  |  |  |  |  |  |
| Class A | Class A | Class A | Class A | Class A |  |  |  |  |  |  |  |  |  |
| 06/30/25 | 69.67 | (0.10) | 4.68 | 4.58 |  |  | 74.25 | 6.57 | 3187418 | 46 | 0.89 | 0.89 | (0.29)  |
| 12/31/24 | 61.05 | (0.25)  | 8.87 | 8.62 |  |  | 69.67 | 14.12 | 3107074 | 56 | 0.89 | 0.89 | (0.38)  |
| 12/31/23 | 49.55 | (0.16)  | 11.66 | 11.50 |  |  | 61.05 | 23.21 | 2921347 | 50 | 0.90 | 0.90 | (0.29)  |
| 12/31/22 | 67.95 | (0.21)  | (18.19)  | (18.40)  |  |  | 49.55 | (27.08)  | 2372487 | 38 | 0.89 | 0.89 | (0.39)  |
| 12/31/21 | 61.20 | (0.33)  | 7.08 | 6.75 |  |  | 67.95 | 11.03 | 3526344 | 44 | 0.88 | 0.88 | (0.50)  |
| 12/31/20 | 41.36 | (0.20)  | 20.04 | 19.84 |  |  | 61.20 | 47.97 | 3393687 | 60 | 0.90 | 0.90 | (0.42)  |
| Class I | Class I | Class I | Class I | Class I |  |  |  |  |  |  |  |  |  |
| 06/30/25 | 73.05 | 0.01 | 4.91 | 4.92 |  |  | 77.97 | 6.74 | 247107 | 46 | 0.59 | 0.59 | 0.02 |
| 12/31/24 | 63.82 | (0.06)  | 9.29 | 9.23 |  |  | 73.05 | 14.46 | 198543 | 56 | 0.59 | 0.59 | (0.09)  |
| 12/31/23 | 51.64 | 0.00 | 12.18 | 12.18 |  |  | 63.82 | 23.59 | 321948 | 50 | 0.60 | 0.60 | 0.00 |
| 12/31/22 | 70.61 | (0.05)  | (18.92)  | (18.97)  |  |  | 51.64 | (26.87)  | 292605 | 38 | 0.59 | 0.59 | (0.09)  |
| 12/31/21 | 63.41 | (0.14)  | 7.34 | 7.20 |  |  | 70.61 | 11.35 | 456403 | 44 | 0.58 | 0.58 | (0.21)  |
| 12/31/20 | 42.72 | (0.05)  | 20.74 | 20.69 |  |  | 63.41 | 48.43 | 354786 | 60 | 0.60 | 0.60 | (0.11)  |

---

(a) The
 total and net expense ratios, respectively, to average net assets without dividend expenses, net borrowing fees on securities sold short
 or interest expense for JNL/JPMorgan Global Allocation Fund were as follows: Class A: December 31, 2023: 1.06%, 1.06% December 31, 2022:
 1.05%, 1.05% December 31, 2021: 1.04%, 1.04% December 31, 2020: 1.05%, 1.05% Class I: December 31, 2023: 0.76%, 0.76% December 31, 2022:
 0.75%, 0.75% December 31, 2021: 0.74%, 0.74% December 31, 2020: 0.74%, 0.74%.

(b) The
 total and net expense ratios, respectively, to average net assets without dividend expenses, net borrowing fees on securities sold short
 or interest expense for JNL/JPMorgan Hedged Equity Fund were as follows: Class A: June 30, 2025: 0.95%, 0.95% December 31, 2024: 0.95%,
 0.95% December 31, 2023: 0.95%, 0.95% December 31, 2022: 0.95%, 0.95% December 31, 2021: 0.96%, 0.96% December 31, 2020: 0.96%, 0.96%
 Class I: June 30, 2025: 0.65%, 0.65% December 31, 2024: 0.65%, 0.65% December 31, 2023: 0.65%, 0.65% December 31, 2022: 0.65%, 0.65% December
 31, 2021: 0.66%, 0.66% December 31, 2020: 0.66%, 0.66%

See accompanying Notes to Financial Statements.

715

**JNL Series Trust (Unaudited)**

**Financial Highlights**

**For a Share Outstanding**

---

| | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  |  | Increase (decrease) from investment operations | Increase (decrease) from investment operations | Increase (decrease) from investment operations | Distributions from | Distributions from |  |  | Supplemental data | Supplemental data |  | Ratios |  |
| Period ended | Net asset value, beginning of period($) | Net investment income (loss)($) | Net realized & unrealized gains (losses)($) | Total from investment operations($) | Net investment income($) | Net realized gains on investment transactions($) | Net asset value, end of period($) | Total return(%) | Net assets,end of period (in thousands)($) | Portfolio turnover (%) | Net expenses to average net assets(%) | Total expenses to average net assets(%) | Net investment income (loss) to average net assets(%) |
| **JNL/JPMorgan Nasdaq Hedged Equity Fund** | **JNL/JPMorgan Nasdaq Hedged Equity Fund** | **JNL/JPMorgan Nasdaq Hedged Equity Fund** | **JNL/JPMorgan Nasdaq Hedged Equity Fund** | **JNL/JPMorgan Nasdaq Hedged Equity Fund** | **JNL/JPMorgan Nasdaq Hedged Equity Fund** | **JNL/JPMorgan Nasdaq Hedged Equity Fund** | **JNL/JPMorgan Nasdaq Hedged Equity Fund** |  |  |  |  |  |  |
| Class A | Class A | Class A | Class A | Class A |  |  |  |  |  |  |  |  |  |
| 06/30/25 | 10.30 | (0.01) | 0.02 | 0.01 |  |  | 10.31 | 0.10 | 35034 | 24 | 0.99 | 0.99 | (0.12)  |
| 12/31/24<br> (a) | 10.00 | (0.00) <br> (b) | 0.30 | 0.30 |  |  | 10.30 | 3.00 | 15170 | 5 | 0.99 | 0.99 | (0.06)  |
| Class I | Class I | Class I | Class I | Class I |  |  |  |  |  |  |  |  |  |
| 06/30/25 | 10.31 | 0.01 | 0.01 | 0.02 |  |  | 10.33 | 0.19 | 25210 | 24 | 0.69 | 0.69 | 0.16 |
| 12/31/24<br> (a) | 10.00 | 0.01 | 0.30 | 0.31 |  |  | 10.31 | 3.10 | 25086 | 5 | 0.69 | 0.69 | 0.25 |
| **JNL/JPMorgan U.S. Government & Quality Bond Fund** | **JNL/JPMorgan U.S. Government & Quality Bond Fund** | **JNL/JPMorgan U.S. Government & Quality Bond Fund** | **JNL/JPMorgan U.S. Government & Quality Bond Fund** | **JNL/JPMorgan U.S. Government & Quality Bond Fund** | **JNL/JPMorgan U.S. Government & Quality Bond Fund** | **JNL/JPMorgan U.S. Government & Quality Bond Fund** | **JNL/JPMorgan U.S. Government & Quality Bond Fund** |  |  |  |  |  |  |
| Class A | Class A | Class A | Class A | Class A |  |  |  |  |  |  |  |  |  |
| 06/30/25 | 13.17 | 0.19 | 0.30 | 0.49 |  |  | 13.66 | 3.72 | 922776 | 9 | 0.69 | 0.69 | 2.83 |
| 12/31/24 | 13.02 | 0.35 | (0.20)  | 0.15 |  |  | 13.17 | 1.15 | 896891 | 4 | 0.69 | 0.69 | 2.69 |
| 12/31/23 | 12.50 | 0.32 | 0.20 | 0.52 |  |  | 13.02 | 4.16 | 923496 | 13 | 0.68 | 0.68 | 2.52 |
| 12/31/22 | 14.15 | 0.21 | (1.86)  | (1.65)  |  |  | 12.50 | (11.66)  | 931244 | 19 | 0.69 | 0.69 | 1.62 |
| 12/31/21 | 14.46 | 0.17 | (0.48)  | (0.31)  |  |  | 14.15 | (2.14)  | 1250857 | 10 | 0.68 | 0.68 | 1.21 |
| 12/31/20 | 13.52 | 0.19 | 0.75 | 0.94 |  |  | 14.46 | 6.95 | 1659012 | 46 | 0.68 | 0.68 | 1.35 |
| Class I | Class I | Class I | Class I | Class I |  |  |  |  |  |  |  |  |  |
| 06/30/25 | 14.10 | 0.22 | 0.34 | 0.56 |  |  | 14.66 | 3.97 | 367785 | 9 | 0.39 | 0.39 | 3.13 |
| 12/31/24 | 13.91 | 0.42 | (0.23)  | 0.19 |  |  | 14.10 | 1.37 | 387915 | 4 | 0.39 | 0.39 | 2.97 |
| 12/31/23 | 13.31 | 0.38 | 0.22 | 0.60 |  |  | 13.91 | 4.51 | 663594 | 13 | 0.38 | 0.38 | 2.82 |
| 12/31/22 | 15.02 | 0.27 | (1.98)  | (1.71)  |  |  | 13.31 | (11.38)  | 672941 | 19 | 0.39 | 0.39 | 1.99 |
| 12/31/21 | 15.30 | 0.23 | (0.51)  | (0.28)  |  |  | 15.02 | (1.83)  | 292136 | 10 | 0.38 | 0.38 | 1.51 |
| 12/31/20 | 14.27 | 0.25 | 0.78 | 1.03 |  |  | 15.30 | 7.22 | 625482 | 46 | 0.38 | 0.38 | 1.63 |
| **JNL/JPMorgan U.S. Value Fund** | **JNL/JPMorgan U.S. Value Fund** | **JNL/JPMorgan U.S. Value Fund** | **JNL/JPMorgan U.S. Value Fund** | **JNL/JPMorgan U.S. Value Fund** | **JNL/JPMorgan U.S. Value Fund** | **JNL/JPMorgan U.S. Value Fund** | **JNL/JPMorgan U.S. Value Fund** |  |  |  |  |  |  |
| Class A | Class A | Class A | Class A | Class A |  |  |  |  |  |  |  |  |  |
| 06/30/25 | 18.47 | 0.11 | 0.79 | 0.90 |  |  | 19.37 | 4.87 | 991934 | 12 | 0.88 | 0.88 | 1.20 |
| 12/31/24 | 16.10 | 0.21 | 2.16 | 2.37 |  |  | 18.47 | 14.72 | 971572 | 21 | 0.88 | 0.88 | 1.19 |
| 12/31/23 | 14.77 | 0.21 | 1.12 | 1.33 |  |  | 16.10 | 9.00 | 951432 | 13 | 0.88 | 0.88 | 1.42 |
| 12/31/22 | 15.22 | 0.20 | (0.65)  | (0.45)  |  |  | 14.77 | (2.96)  | 980669 | 14 | 0.89 | 0.89 | 1.36 |
| 12/31/21 | 11.95 | 0.15 | 3.12 | 3.27 |  |  | 15.22 | 27.36 | 942693 | 21 | 0.89 | 0.89 | 1.09 |
| 12/31/20 | 12.42 | 0.17 | (0.64)  | (0.47)  |  |  | 11.95 | (3.78)  | 723426 | 79 | 0.94 | 0.94 | 1.65 |
| Class I | Class I | Class I | Class I | Class I |  |  |  |  |  |  |  |  |  |
| 06/30/25 | 19.00 | 0.14 | 0.82 | 0.96 |  |  | 19.96 | 5.05 | 588555 | 12 | 0.58 | 0.58 | 1.49 |
| 12/31/24 | 16.51 | 0.27 | 2.22 | 2.49 |  |  | 19.00 | 15.08 | 674768 | 21 | 0.58 | 0.58 | 1.49 |
| 12/31/23 | 15.10 | 0.27 | 1.14 | 1.41 |  |  | 16.51 | 9.34 | 676106 | 13 | 0.58 | 0.58 | 1.73 |
| 12/31/22 | 15.51 | 0.24 | (0.65)  | (0.41)  |  |  | 15.10 | (2.64)  | 642669 | 14 | 0.59 | 0.59 | 1.65 |
| 12/31/21 | 12.14 | 0.20 | 3.17 | 3.37 |  |  | 15.51 | 27.76 | 676257 | 21 | 0.59 | 0.59 | 1.38 |
| 12/31/20 | 12.59 | 0.20 | (0.65)  | (0.45)  |  |  | 12.14 | (3.57)  | 373488 | 79 | 0.60 | 0.60 | 1.84 |

---

(a) The
 Fund commenced operations on October 21, 2024.

(b) Amount
 represents less than $0.005.

See accompanying Notes to Financial Statements.

716

**JNL Series Trust (Unaudited)**

**Financial Highlights**

**For a Share Outstanding**

---

| | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  |  | Increase (decrease) from investment operations | Increase (decrease) from investment operations | Increase (decrease) from investment operations | Distributions from | Distributions from |  |  | Supplemental data | Supplemental data |  | Ratios |  |
| Period ended | Net asset value, beginning of period($) | Net investment income (loss)($) | Net realized & unrealized gains (losses)($) | Total from investment operations($) | Net investment income($) | Net realized gains on investment transactions($) | Net asset value, end of period($) | Total return(%) | Net assets,end of period (in thousands)($) | Portfolio turnover (%) | Net expenses to average net assets(%) | Total expenses to average net assets(%) | Net investment income (loss) to average net assets(%) |
| **JNL/Lazard International Quality Growth Fund** | **JNL/Lazard International Quality Growth Fund** | **JNL/Lazard International Quality Growth Fund** | **JNL/Lazard International Quality Growth Fund** | **JNL/Lazard International Quality Growth Fund** | **JNL/Lazard International Quality Growth Fund** | **JNL/Lazard International Quality Growth Fund** | **JNL/Lazard International Quality Growth Fund** |  |  |  |  |  |  |
| Class A | Class A | Class A | Class A | Class A |  |  |  |  |  |  |  |  |  |
| 06/30/25 | 15.06 | 0.07 | 1.62 | 1.69 |  |  | 16.75 | 11.22 | 134712 | 7 | 1.05 | 1.05 | 0.92 |
| 12/31/24 | 15.43 | 0.13 | (0.02)  | 0.11 | (0.48) |  | 15.06 | 0.59 | 124173 | 131 | 1.10 | 1.10 | 0.80 |
| 12/31/23 | 13.41 | 0.16 | 2.04 | 2.20 | (0.18) |  | 15.43 | 16.51 | 127476 | 40 | 1.10 | 1.12 | 1.09 |
| 12/31/22 | 17.14 | 0.16 | (3.08)  | (2.92)  | (0.37) | (0.44) | 13.41 | (17.09)  | 104439 | 45 | 1.14 | 1.15 | 1.08 |
| 12/31/21 | 16.22 | 0.17 | 0.87 | 1.04 | (0.07) | (0.05) | 17.14 | 6.42 | 115951 | 28 | 1.15 | 1.15 | 0.99 |
| 12/31/20 | 14.42 | 0.11 | 1.77 | 1.88 | (0.08) |  | 16.22 | 13.03 | 76966 | 44 | 1.16 | 1.16 | 0.80 |
| Class I | Class I | Class I | Class I | Class I |  |  |  |  |  |  |  |  |  |
| 06/30/25 | 15.13 | 0.10 | 1.62 | 1.72 |  |  | 16.85 | 11.37 | 337135 | 7 | 0.75 | 0.75 | 1.22 |
| 12/31/24 | 15.49 | 0.18 | (0.02)  | 0.16 | (0.52) |  | 15.13 | 0.93 | 344291 | 131 | 0.80 | 0.80 | 1.10 |
| 12/31/23 | 13.46 | 0.21 | 2.04 | 2.25 | (0.22) |  | 15.49 | 16.82 | 369717 | 40 | 0.80 | 0.82 | 1.40 |
| 12/31/22 | 17.20 | 0.21 | (3.10)  | (2.89)  | (0.41) | (0.44) | 13.46 | (16.85)  | 358431 | 45 | 0.84 | 0.85 | 1.43 |
| 12/31/21 | 16.26 | 0.24 | 0.85 | 1.09 | (0.10) | (0.05) | 17.20 | 6.72 | 351431 | 28 | 0.85 | 0.85 | 1.40 |
| 12/31/20 | 14.45 | 0.12 | 1.81 | 1.93 | (0.12) |  | 16.26 | 13.40 | 364495 | 44 | 0.86 | 0.86 | 0.90 |
| **JNL/Loomis Sayles Global Growth Fund** | **JNL/Loomis Sayles Global Growth Fund** | **JNL/Loomis Sayles Global Growth Fund** | **JNL/Loomis Sayles Global Growth Fund** | **JNL/Loomis Sayles Global Growth Fund** | **JNL/Loomis Sayles Global Growth Fund** | **JNL/Loomis Sayles Global Growth Fund** | **JNL/Loomis Sayles Global Growth Fund** |  |  |  |  |  |  |
| Class A | Class A | Class A | Class A | Class A |  |  |  |  |  |  |  |  |  |
| 06/30/25 | 18.69 | (0.00)<br> (a) | 2.44 | 2.44 |  |  | 21.13 | 13.06 | 526607 | 8 | 1.00 | 1.00 | (0.01)  |
| 12/31/24 | 15.57 | (0.03)  | 3.54 | 3.51 | (0.01) | (0.38) | 18.69 | 22.45 | 444819 | 10 | 1.00 | 1.00 | (0.20)  |
| 12/31/23 | 11.80 | (0.01)  | 4.29 | 4.28 | (0.01) | (0.50) | 15.57 | 36.41 | 429939 | 16 | 1.01 | 1.01 | (0.05)  |
| 12/31/22 | 16.00 | 0.01 | (4.21)  | (4.20)  | (0.00)<br> (a) |  | 11.80 | (26.25)  | 303107 | 21 | 1.00 | 1.00 | 0.05 |
| 12/31/21 | 15.47 | (0.03)  | 0.90 | 0.87 |  | (0.34) | 16.00 | 5.61 | 438686 | 10 | 1.01 | 1.01 | (0.20)  |
| 12/31/20 | 11.54 | (0.05)  | 4.07 | 4.02 | (0.03) | (0.06) | 15.47 | 34.85 | 465932 | 33 | 1.01 | 1.01 | (0.35)  |
| Class I | Class I | Class I | Class I | Class I |  |  |  |  |  |  |  |  |  |
| 06/30/25 | 18.97 | 0.03 | 2.48 | 2.51 |  |  | 21.48 | 13.23 | 354453 | 8 | 0.70 | 0.70 | 0.31 |
| 12/31/24 | 15.79 | 0.02 | 3.60 | 3.62 | (0.06) | (0.38) | 18.97 | 22.82 | 300665 | 10 | 0.70 | 0.70 | 0.10 |
| 12/31/23 | 11.96 | 0.04 | 4.33 | 4.37 | (0.04) | (0.50) | 15.79 | 36.76 | 278343 | 16 | 0.71 | 0.71 | 0.28 |
| 12/31/22 | 16.16 | 0.05 | (4.24)  | (4.19)  | (0.01) |  | 11.96 | (25.97)  | 224270 | 21 | 0.70 | 0.70 | 0.39 |
| 12/31/21 | 15.59 | 0.02 | 0.89 | 0.91 |  | (0.34) | 16.16 | 5.82 | 464891 | 10 | 0.71 | 0.71 | 0.10 |
| 12/31/20 | 11.59 | 0.03 | 4.06 | 4.09 | (0.03) | (0.06) | 15.59 | 35.30 | 479627 | 33 | 0.71 | 0.71 | 0.21 |
| **JNL/Lord Abbett Short Duration Income Fund** | **JNL/Lord Abbett Short Duration Income Fund** | **JNL/Lord Abbett Short Duration Income Fund** | **JNL/Lord Abbett Short Duration Income Fund** | **JNL/Lord Abbett Short Duration Income Fund** | **JNL/Lord Abbett Short Duration Income Fund** | **JNL/Lord Abbett Short Duration Income Fund** | **JNL/Lord Abbett Short Duration Income Fund** |  |  |  |  |  |  |
| Class A | Class A | Class A | Class A | Class A |  |  |  |  |  |  |  |  |  |
| 06/30/25 | 9.96 | 0.24 | 0.07 | 0.31 |  |  | 10.27 | 3.11 | 483231 | 48 | 0.80 | 0.80 | 4.72 |
| 12/31/24 | 10.10 | 0.48 | 0.03 | 0.51 | (0.65) |  | 9.96 | 5.10 | 439621 | 79 | 0.80 | 0.80 | 4.71 |
| 12/31/23 | 9.87 | 0.43 | 0.10 | 0.53 | (0.30) |  | 10.10 | 5.38 | 415444 | 60 | 0.80 | 0.80 | 4.26 |
| 12/31/22 | 10.45 | 0.22 | (0.74)  | (0.52)  | (0.05) | (0.01) | 9.87 | (4.95)  | 366580 | 99 | 0.80 | 0.80 | 2.21 |
| 12/31/21 | 10.45 | 0.10 | (0.06)  | 0.04 | (0.03) | (0.01) | 10.45 | 0.33 | 264463 | 108 | 0.81 | 0.81 | 0.93 |
| 12/31/20<br> (b) | 10.00 | 0.10 | 0.35 | 0.45 |  |  | 10.45 | 4.50 | 193273 | 70 | 0.81 | 0.81 | 1.46 |
| Class I | Class I | Class I | Class I | Class I |  |  |  |  |  |  |  |  |  |
| 06/30/25 | 10.02 | 0.25 | 0.08 | 0.33 |  |  | 10.35 | 3.29 | 222649 | 48 | 0.50 | 0.50 | 5.02 |
| 12/31/24 | 10.16 | 0.52 | 0.02 | 0.54 | (0.68) |  | 10.02 | 5.35 | 231924 | 79 | 0.50 | 0.50 | 4.99 |
| 12/31/23 | 9.92 | 0.46 | 0.10 | 0.56 | (0.32) |  | 10.16 | 5.70 | 327473 | 60 | 0.50 | 0.50 | 4.50 |
| 12/31/22 | 10.50 | 0.26 | (0.76)  | (0.50)  | (0.07) | (0.01) | 9.92 | (4.73)  | 763146 | 99 | 0.50 | 0.50 | 2.55 |
| 12/31/21 | 10.47 | 0.13 | (0.06)  | 0.07 | (0.03) | (0.01) | 10.50 | 0.68 | 502495 | 108 | 0.51 | 0.51 | 1.21 |
| 12/31/20<br> (b) | 10.00 | 0.13 | 0.34 | 0.47 |  |  | 10.47 | 4.70 | 137237 | 70 | 0.51 | 0.51 | 1.85 |

---

(a) Amount
 represents less than $0.005.

(b) The
 Fund commenced operations on April 27, 2020.

See accompanying Notes to Financial Statements.

717

**JNL Series Trust (Unaudited)**

**Financial Highlights**

**For a Share Outstanding**

---

| | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  |  | Increase (decrease) from investment operations | Increase (decrease) from investment operations | Increase (decrease) from investment operations | Distributions from | Distributions from |  |  | Supplemental data | Supplemental data |  | Ratios |  |
| Period ended | Net asset value, beginning of period($) | Net investment income (loss)($) | Net realized & unrealized gains (losses)($) | Total from investment operations($) | Net investment income($) | Net realized gains on investment transactions($) | Net asset value, end of period($) | Total return(%) | Net assets,end of period (in thousands)($) | Portfolio turnover (%) | Net expenses to average net assets(%) | Total expenses to average net assets(%) | Net investment income (loss) to average net assets(%) |
| **JNL/Mellon Communication Services Sector Fund(a)** | **JNL/Mellon Communication Services Sector Fund(a)** | **JNL/Mellon Communication Services Sector Fund(a)** | **JNL/Mellon Communication Services Sector Fund(a)** | **JNL/Mellon Communication Services Sector Fund(a)** | **JNL/Mellon Communication Services Sector Fund(a)** | **JNL/Mellon Communication Services Sector Fund(a)** | **JNL/Mellon Communication Services Sector Fund(a)** |  |  |  |  |  |  |
| Class A | Class A | Class A | Class A | Class A |  |  |  |  |  |  |  |  |  |
| 06/30/25 | 26.11 | 0.04 | 2.84 | 2.88 |  |  | 28.99 | 11.03 | 836641 | 16 | 0.64 | 0.64 | 0.31 |
| 12/31/24 | 18.86 | 0.08 | 7.17 | 7.25 |  |  | 26.11 | 38.44 | 857012 | 33 | 0.65 | 0.65 | 0.34 |
| 12/31/23 | 12.28 | 0.05 | 6.53 | 6.58 |  |  | 18.86 | 53.58 | 526757 | 12 | 0.65 | 0.65 | 0.29 |
| 12/31/22 | 20.93 | 0.04 | (8.69)  | (8.65)  |  |  | 12.28 | (41.33)  | 163074 | 9 | 0.66 | 0.66 | 0.28 |
| 12/31/21 | 18.10 | 0.02 | 2.81 | 2.83 |  |  | 20.93 | 15.64 | 351276 | 23 | 0.65 | 0.65 | 0.11 |
| 12/31/20 | 14.45 | 0.06 | 3.59 | 3.65 |  |  | 18.10 | 25.26 | 251202 | 14 | 0.67 | 0.67 | 0.37 |
| Class I | Class I | Class I | Class I | Class I |  |  |  |  |  |  |  |  |  |
| 06/30/25 | 24.80 | 0.08 | 2.71 | 2.79 |  |  | 27.59 | 11.25 | 14835 | 16 | 0.29 | 0.34 | 0.66 |
| 12/31/24 | 17.86 | 0.15 | 6.79 | 6.94 |  |  | 24.80 | 38.86 | 14100 | 33 | 0.30 | 0.35 | 0.69 |
| 12/31/23 | 11.58 | 0.11 | 6.17 | 6.28 |  |  | 17.86 | 54.23 | 9210 | 12 | 0.30 | 0.35 | 0.71 |
| 12/31/22 | 19.67 | 0.09 | (8.18)  | (8.09)  |  |  | 11.58 | (41.13)  | 3249 | 9 | 0.31 | 0.36 | 0.61 |
| 12/31/21 | 16.96 | 0.10 | 2.61 | 2.71 |  |  | 19.67 | 15.98 | 5855 | 23 | 0.30 | 0.35 | 0.50 |
| 12/31/20 | 13.49 | 0.09 | 3.38 | 3.47 |  |  | 16.96 | 25.72 | 4452 | 14 | 0.32 | 0.37 | 0.63 |
| **JNL/Mellon Consumer Discretionary Sector Fund(b)** | **JNL/Mellon Consumer Discretionary Sector Fund(b)** | **JNL/Mellon Consumer Discretionary Sector Fund(b)** | **JNL/Mellon Consumer Discretionary Sector Fund(b)** | **JNL/Mellon Consumer Discretionary Sector Fund(b)** | **JNL/Mellon Consumer Discretionary Sector Fund(b)** | **JNL/Mellon Consumer Discretionary Sector Fund(b)** | **JNL/Mellon Consumer Discretionary Sector Fund(b)** |  |  |  |  |  |  |
| Class A | Class A | Class A | Class A | Class A |  |  |  |  |  |  |  |  |  |
| 06/30/25 | 50.74 | 0.07 | (1.89) | (1.82) |  |  | 48.92 | (3.59)  | 1346611 | 5 | 0.64 | 0.64 | 0.31 |
| 12/31/24 | 40.69 | 0.15 | 9.90 | 10.05 |  |  | 50.74 | 24.70 | 1542796 | 8 | 0.64 | 0.64 | 0.34 |
| 12/31/23 | 29.36 | 0.15 | 11.18 | 11.33 |  |  | 40.69 | 38.59 | 1552851 | 15 | 0.64 | 0.64 | 0.43 |
| 12/31/22 | 45.83 | 0.12 | (16.59)  | (16.47)  |  |  | 29.36 | (35.94)  | 1091635 | 13 | 0.64 | 0.64 | 0.34 |
| 12/31/21 | 37.40 | 0.03 | 8.40 | 8.43 |  |  | 45.83 | 22.54 | 2073525 | 25 | 0.64 | 0.64 | 0.06 |
| 12/31/20 | 25.44 | 0.06 | 11.90 | 11.96 |  |  | 37.40 | 47.01 | 1799580 | 11 | 0.64 | 0.64 | 0.22 |
| Class I | Class I | Class I | Class I | Class I |  |  |  |  |  |  |  |  |  |
| 06/30/25 | 52.84 | 0.16 | (1.97)  | (1.81)  |  |  | 51.03 | (3.43)  | 16463 | 5 | 0.29 | 0.34 | 0.66 |
| 12/31/24 | 42.22 | 0.31 | 10.31 | 10.62 |  |  | 52.84 | 25.15 | 17608 | 8 | 0.29 | 0.34 | 0.70 |
| 12/31/23 | 30.36 | 0.27 | 11.59 | 11.86 |  |  | 42.22 | 39.06 | 17283 | 15 | 0.29 | 0.34 | 0.74 |
| 12/31/22 | 47.23 | 0.26 | (17.13)  | (16.87)  |  |  | 30.36 | (35.72)  | 14734 | 13 | 0.29 | 0.34 | 0.72 |
| 12/31/21 | 38.41 | 0.18 | 8.64 | 8.82 |  |  | 47.23 | 22.96 | 18550 | 25 | 0.29 | 0.34 | 0.42 |
| 12/31/20 | 26.03 | 0.16 | 12.22 | 12.38 |  |  | 38.41 | 47.56 | 13457 | 11 | 0.29 | 0.34 | 0.54 |
| **JNL/Mellon Consumer Staples Sector Fund** | **JNL/Mellon Consumer Staples Sector Fund** | **JNL/Mellon Consumer Staples Sector Fund** | **JNL/Mellon Consumer Staples Sector Fund** | **JNL/Mellon Consumer Staples Sector Fund** | **JNL/Mellon Consumer Staples Sector Fund** | **JNL/Mellon Consumer Staples Sector Fund** | **JNL/Mellon Consumer Staples Sector Fund** |  |  |  |  |  |  |
| Class A | Class A | Class A | Class A | Class A |  |  |  |  |  |  |  |  |  |
| 06/30/25 | 17.47 | 0.17 | 0.61 | 0.78 |  |  | 18.25 | 4.46 | 396439 | 22 | 0.65 | 0.65 | 1.86 |
| 12/31/24 | 15.39 | 0.29 | 1.79 | 2.08 |  |  | 17.47 | 13.52 | 378664 | 32 | 0.65 | 0.65 | 1.74 |
| 12/31/23 | 15.14 | 0.29 | (0.04)  | 0.25 |  |  | 15.39 | 1.65 | 383259 | 12 | 0.65 | 0.65 | 1.95 |
| 12/31/22 | 15.64 | 0.27 | (0.77)  | (0.50)  |  |  | 15.14 | (3.20)  | 558649 | 15 | 0.65 | 0.65 | 1.79 |
| 12/31/21 | 13.45 | 0.24 | 1.95 | 2.19 |  |  | 15.64 | 16.28 | 263522 | 29 | 0.66 | 0.66 | 1.71 |
| 12/31/20 | 12.18 | 0.27 | 1.00 | 1.27 |  |  | 13.45 | 10.43 | 218540 | 43 | 0.67 | 0.67 | 2.28 |
| Class I | Class I | Class I | Class I | Class I |  |  |  |  |  |  |  |  |  |
| 06/30/25 | 17.90 | 0.20 | 0.64 | 0.84 |  |  | 18.74 | 4.69 | 8394 | 22 | 0.30 | 0.35 | 2.18 |
| 12/31/24 | 15.72 | 0.36 | 1.82 | 2.18 |  |  | 17.90 | 13.87 | 8261 | 32 | 0.30 | 0.35 | 2.08 |
| 12/31/23 | 15.41 | 0.35 | (0.04)  | 0.31 |  |  | 15.72 | 2.01 | 9128 | 12 | 0.30 | 0.35 | 2.29 |
| 12/31/22 | 15.86 | 0.33 | (0.78)  | (0.45)  |  |  | 15.41 | (2.84)  | 13764 | 15 | 0.30 | 0.35 | 2.18 |
| 12/31/21 | 13.59 | 0.30 | 1.97 | 2.27 |  |  | 15.86 | 16.70 | 4259 | 29 | 0.31 | 0.36 | 2.07 |
| 12/31/20 | 12.26 | 0.33 | 1.00 | 1.33 |  |  | 13.59 | 10.85 | 3212 | 43 | 0.32 | 0.37 | 2.66 |

---

(a) On April
 27, 2020, JNL/Mellon Communication Services Sector Fund of JNL Variable Fund LLC was redomiciled into the JNL Series Trust. A fund was
 created within the JNL Series Trust to facilitate the acquisition of the fund with the same name from JNL Variable Fund LLC. Although
 the fund of JNL Variable Fund LLC was legally dissolved, it is considered the accounting survivor for financial reporting purposes, and
 as a result, the Financial Highlights reflect the performance history of the acquired fund formerly in JNL Variable Fund LLC for periods
 prior to April 27, 2020.

(b) On April
 27, 2020, JNL/Mellon Consumer Discretionary Sector Fund of JNL Variable Fund LLC was redomiciled into the JNL Series Trust. A fund was
 created within the JNL Series Trust to facilitate the acquisition of the fund with the same name from JNL Variable Fund LLC. Although
 the fund of JNL Variable Fund LLC was legally dissolved, it is considered the accounting survivor for financial reporting purposes, and
 as a result, the Financial Highlights reflect the performance history of the acquired fund formerly in JNL Variable Fund LLC for periods
 prior to April 27, 2020.

See accompanying Notes to Financial Statements.

718

**JNL Series Trust (Unaudited)**

**Financial Highlights**

**For a Share Outstanding**

---

| | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  |  | Increase (decrease) from investment operations | Increase (decrease) from investment operations | Increase (decrease) from investment operations | Distributions from | Distributions from |  |  | Supplemental data | Supplemental data |  | Ratios |  |
| Period ended | Net asset value, beginning of period($) | Net investment income (loss)($) | Net realized & unrealized gains (losses)($) | Total from investment operations($) | Net investment income($) | Net realized gains on investment transactions($) | Net asset value, end of period($) | Total return(%) | Net assets,end of period (in thousands)($) | Portfolio turnover (%) | Net expenses to average net assets(%) | Total expenses to average net assets(%) | Net investment income (loss) to average net assets(%) |
| **JNL/Mellon Dow Index Fund(a)** | **JNL/Mellon Dow Index Fund(a)** | **JNL/Mellon Dow Index Fund(a)** | **JNL/Mellon Dow Index Fund(a)** | **JNL/Mellon Dow Index Fund(a)** | **JNL/Mellon Dow Index Fund(a)** | **JNL/Mellon Dow Index Fund(a)** | **JNL/Mellon Dow Index Fund(a)** |  |  |  |  |  |  |
| Class A | Class A | Class A | Class A | Class A |  |  |  |  |  |  |  |  |  |
| 06/30/25 | 52.79 | 0.29 | 1.93 | 2.22 |  |  | 55.01 | 4.21 | 1257698 | 0 | 0.65 | 0.65 | 1.12 |
| 12/31/24 | 46.22 | 0.61 | 5.96 | 6.57 |  |  | 52.79 | 14.21 | 1275080 | 11 | 0.65 | 0.65 | 1.22 |
| 12/31/23 | 40.04 | 0.63 | 5.55 | 6.18 |  |  | 46.22 | 15.43 | 1260234 | 0 | 0.65 | 0.65 | 1.52 |
| 12/31/22 | 43.27 | 0.57 | (3.80)  | (3.23)  |  |  | 40.04 | (7.46)  | 1226966 | 1 | 0.65 | 0.65 | 1.43 |
| 12/31/21 | 36.01 | 0.47 | 6.79 | 7.26 |  |  | 43.27 | 20.16 | 1421801 | 0 | 0.65 | 0.65 | 1.16 |
| 12/31/20 | 33.05 | 0.51 | 2.45 | 2.96 |  |  | 36.01 | 8.96 | 1174585 | 36 | 0.65 | 0.65 | 1.62 |
| Class I | Class I | Class I | Class I | Class I |  |  |  |  |  |  |  |  |  |
| 06/30/25 | 54.16 | 0.39 | 1.98 | 2.37 |  |  | 56.53 | 4.38 | 26351 | 0 | 0.30 | 0.35 | 1.46 |
| 12/31/24 | 47.25 | 0.80 | 6.11 | 6.91 |  |  | 54.16 | 14.62 | 25336 | 11 | 0.30 | 0.35 | 1.57 |
| 12/31/23 | 40.79 | 0.79 | 5.67 | 6.46 |  |  | 47.25 | 15.84 | 26071 | 0 | 0.30 | 0.35 | 1.87 |
| 12/31/22 | 43.93 | 0.72 | (3.86)  | (3.14)  |  |  | 40.79 | (7.15)  | 23124 | 1 | 0.30 | 0.35 | 1.79 |
| 12/31/21 | 36.43 | 0.62 | 6.88 | 7.50 |  |  | 43.93 | 20.59 | 24182 | 0 | 0.30 | 0.35 | 1.51 |
| 12/31/20 | 33.32 | 0.63 | 2.48 | 3.11 |  |  | 36.43 | 9.33 | 14615 | 36 | 0.30 | 0.35 | 1.96 |
| **JNL/Mellon Energy Sector Fund(b)** | **JNL/Mellon Energy Sector Fund(b)** | **JNL/Mellon Energy Sector Fund(b)** | **JNL/Mellon Energy Sector Fund(b)** | **JNL/Mellon Energy Sector Fund(b)** | **JNL/Mellon Energy Sector Fund(b)** | **JNL/Mellon Energy Sector Fund(b)** | **JNL/Mellon Energy Sector Fund(b)** |  |  |  |  |  |  |
| Class A | Class A | Class A | Class A | Class A |  |  |  |  |  |  |  |  |  |
| 06/30/25 | 37.87 | 0.51 | (0.38) | 0.13 |  |  | 38.00 | 0.34 | 1547438 | 8 | 0.64 | 0.64 | 2.68 |
| 12/31/24 | 35.74 | 0.97 | 1.16 | 2.13 |  |  | 37.87 | 5.96 | 1652675 | 11 | 0.64 | 0.64 | 2.52 |
| 12/31/23 | 36.19 | 0.99 | (1.44)  | (0.45)  |  |  | 35.74 | (1.24)  | 1938729 | 4 | 0.63 | 0.63 | 2.78 |
| 12/31/22 | 22.43 | 1.07 | 12.69 | 13.76 |  |  | 36.19 | 61.35 | 2893112 | 27 | 0.64 | 0.64 | 3.35 |
| 12/31/21 | 14.50 | 0.74 | 7.19 | 7.93 |  |  | 22.43 | 54.69 | 1380863 | 30 | 0.64 | 0.64 | 3.69 |
| 12/31/20 | 21.88 | 0.67 | (8.05)  | (7.38)  |  |  | 14.50 | (33.73)  | 839480 | 14 | 0.65 | 0.65 | 4.74 |
| Class I | Class I | Class I | Class I | Class I |  |  |  |  |  |  |  |  |  |
| 06/30/25 | 39.34 | 0.60 | (0.39)  | 0.21 |  |  | 39.55 | 0.53 | 21769 | 8 | 0.29 | 0.34 | 3.02 |
| 12/31/24 | 37.00 | 1.15 | 1.19 | 2.34 |  |  | 39.34 | 6.32 | 25393 | 11 | 0.29 | 0.34 | 2.87 |
| 12/31/23 | 37.33 | 1.15 | (1.48)  | (0.33)  |  |  | 37.00 | (0.88)  | 26510 | 4 | 0.28 | 0.33 | 3.13 |
| 12/31/22 | 23.06 | 1.22 | 13.05 | 14.27 |  |  | 37.33 | 61.88 | 32566 | 27 | 0.29 | 0.34 | 3.71 |
| 12/31/21 | 14.86 | 0.84 | 7.36 | 8.20 |  |  | 23.06 | 55.18 | 14211 | 30 | 0.29 | 0.34 | 4.03 |
| 12/31/20 | 22.34 | 0.71 | (8.19)  | (7.48)  |  |  | 14.86 | (33.48)  | 4445 | 14 | 0.30 | 0.35 | 4.93 |
| **JNL/Mellon Financial Sector Fund(c)** | **JNL/Mellon Financial Sector Fund(c)** | **JNL/Mellon Financial Sector Fund(c)** | **JNL/Mellon Financial Sector Fund(c)** | **JNL/Mellon Financial Sector Fund(c)** | **JNL/Mellon Financial Sector Fund(c)** | **JNL/Mellon Financial Sector Fund(c)** | **JNL/Mellon Financial Sector Fund(c)** |  |  |  |  |  |  |
| Class A | Class A | Class A | Class A | Class A |  |  |  |  |  |  |  |  |  |
| 06/30/25 | 24.90 | 0.13 | 2.17 | 2.30 |  |  | 27.20 | 9.24 | 1573253 | 8 | 0.64 | 0.64 | 1.02 |
| 12/31/24 | 19.10 | 0.25 | 5.55 | 5.80 |  |  | 24.90 | 30.37 | 1508985 | 14 | 0.64 | 0.64 | 1.13 |
| 12/31/23 | 16.55 | 0.24 | 2.31 | 2.55 |  |  | 19.10 | 15.41 | 1260130 | 3 | 0.64 | 0.64 | 1.45 |
| 12/31/22 | 19.00 | 0.22 | (2.67)  | (2.45)  |  |  | 16.55 | (12.89)  | 1352012 | 16 | 0.64 | 0.64 | 1.30 |
| 12/31/21 | 14.69 | 0.21 | 4.10 | 4.31 |  |  | 19.00 | 29.34 | 1628528 | 28 | 0.64 | 0.64 | 1.14 |
| 12/31/20 | 15.10 | 0.25 | (0.66)  | (0.41)  |  |  | 14.69 | (2.72)  | 1119113 | 7 | 0.64 | 0.64 | 2.02 |
| Class I | Class I | Class I | Class I | Class I |  |  |  |  |  |  |  |  |  |
| 06/30/25 | 25.51 | 0.18 | 2.23 | 2.41 |  |  | 27.92 | 9.45 | 27775 | 8 | 0.29 | 0.34 | 1.37 |
| 12/31/24 | 19.50 | 0.33 | 5.68 | 6.01 |  |  | 25.51 | 30.82 | 25565 | 14 | 0.29 | 0.34 | 1.48 |
| 12/31/23 | 16.84 | 0.31 | 2.35 | 2.66 |  |  | 19.50 | 15.80 | 20475 | 3 | 0.29 | 0.34 | 1.80 |
| 12/31/22 | 19.26 | 0.28 | (2.70)  | (2.42)  |  |  | 16.84 | (12.56)  | 20436 | 16 | 0.29 | 0.34 | 1.64 |
| 12/31/21 | 14.84 | 0.27 | 4.15 | 4.42 |  |  | 19.26 | 29.78 | 23731 | 28 | 0.29 | 0.34 | 1.46 |
| 12/31/20 | 15.20 | 0.30 | (0.66)  | (0.36)  |  |  | 14.84 | (2.37)  | 9645 | 7 | 0.29 | 0.34 | 2.36 |

---

(a) On April
 27, 2020, JNL/Mellon Dow Index Fund of JNL Variable Fund LLC was redomiciled into the JNL Series Trust. A fund was created within the
 JNL Series Trust to facilitate the acquisition of the fund with the same name from JNL Variable Fund LLC. Although the fund of JNL Variable
 Fund LLC was legally dissolved, it is considered the accounting survivor for financial reporting purposes, and as a result, the Financial
 Highlights reflect the performance history of the acquired fund formerly in JNL Variable Fund LLC for periods prior to April 27, 2020.

(b) On April
 27, 2020, JNL/Mellon Energy Sector Fund of JNL Variable Fund LLC was redomiciled into the JNL Series Trust. A fund was created within
 the JNL Series Trust to facilitate the acquisition of the fund with the same name from JNL Variable Fund LLC. Although the fund of JNL
 Variable Fund LLC was legally dissolved, it is considered the accounting survivor for financial reporting purposes, and as a result, the
 Financial Highlights reflect the performance history of the acquired fund formerly in JNL Variable Fund LLC for periods prior to April
 27, 2020.

(c) On April
 27, 2020, JNL/Mellon Financial Sector Fund of JNL Variable Fund LLC was redomiciled into the JNL Series Trust. A fund was created within
 the JNL Series Trust to facilitate the acquisition of the fund with the same name from JNL Variable Fund LLC. Although the fund of JNL
 Variable Fund LLC was legally dissolved, it is considered the accounting survivor for financial reporting purposes, and as a result, the
 Financial Highlights reflect the performance history of the acquired fund formerly in JNL Variable Fund LLC for periods prior to April
 27, 2020.

See accompanying Notes to Financial Statements.

719

**JNL Series Trust (Unaudited)**

**Financial Highlights**

**For a Share Outstanding**

---

| | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  |  | Increase (decrease) from investment operations | Increase (decrease) from investment operations | Increase (decrease) from investment operations | Distributions from | Distributions from |  |  | Supplemental data | Supplemental data |  | Ratios |  |
| Period ended | Net asset value, beginning of period($) | Net investment income (loss)($) | Net realized & unrealized gains (losses)($) | Total from investment operations($) | Net investment income($) | Net realized gains on investment transactions($) | Net asset value, end of period($) | Total return(%) | Net assets,end of period (in thousands)($) | Portfolio turnover (%) | Net expenses to average net assets(%) | Total expenses to average net assets(%) | Net investment income (loss) to average net assets(%) |
| **JNL/Mellon Healthcare Sector Fund(a)** | **JNL/Mellon Healthcare Sector Fund(a)** | **JNL/Mellon Healthcare Sector Fund(a)** | **JNL/Mellon Healthcare Sector Fund(a)** | **JNL/Mellon Healthcare Sector Fund(a)** | **JNL/Mellon Healthcare Sector Fund(a)** | **JNL/Mellon Healthcare Sector Fund(a)** | **JNL/Mellon Healthcare Sector Fund(a)** |  |  |  |  |  |  |
| Class A | Class A | Class A | Class A | Class A |  |  |  |  |  |  |  |  |  |
| 06/30/25 | 43.94 | 0.23 | (0.78) | (0.55) |  |  | 43.39 | (1.25)  | 2638228 | 2 | 0.63 | 0.63 | 1.06 |
| 12/31/24 | 43.07 | 0.42 | 0.45 | 0.87 |  |  | 43.94 | 2.02 | 2887872 | 3 | 0.63 | 0.63 | 0.91 |
| 12/31/23 | 42.39 | 0.41 | 0.27 | 0.68 |  |  | 43.07 | 1.60 | 3291512 | 4 | 0.63 | 0.63 | 0.99 |
| 12/31/22 | 44.99 | 0.36 | (2.96)  | (2.60)  |  |  | 42.39 | (5.78)  | 3665432 | 3 | 0.63 | 0.63 | 0.87 |
| 12/31/21 | 37.43 | 0.29 | 7.27 | 7.56 |  |  | 44.99 | 20.20 | 4262922 | 10 | 0.63 | 0.63 | 0.71 |
| 12/31/20 | 31.85 | 0.30 | 5.28 | 5.58 |  |  | 37.43 | 17.52 | 3748785 | 9 | 0.63 | 0.63 | 0.90 |
| Class I | Class I | Class I | Class I | Class I |  |  |  |  |  |  |  |  |  |
| 06/30/25 | 45.12 | 0.32 | (0.81)  | (0.49)  |  |  | 44.63 | (1.09)  | 32195 | 2 | 0.28 | 0.33 | 1.40 |
| 12/31/24 | 44.07 | 0.60 | 0.45 | 1.05 |  |  | 45.12 | 2.38 | 34544 | 3 | 0.28 | 0.33 | 1.26 |
| 12/31/23 | 43.23 | 0.56 | 0.28 | 0.84 |  |  | 44.07 | 1.94 | 35552 | 4 | 0.28 | 0.33 | 1.34 |
| 12/31/22 | 45.71 | 0.51 | (2.99)  | (2.48)  |  |  | 43.23 | (5.43)  | 36655 | 3 | 0.28 | 0.33 | 1.22 |
| 12/31/21 | 37.90 | 0.44 | 7.37 | 7.81 |  |  | 45.71 | 20.61 | 37075 | 10 | 0.28 | 0.33 | 1.06 |
| 12/31/20 | 32.14 | 0.42 | 5.34 | 5.76 |  |  | 37.90 | 17.92 | 25108 | 9 | 0.28 | 0.33 | 1.25 |
| **JNL/Mellon Industrials Sector Fund** | **JNL/Mellon Industrials Sector Fund** | **JNL/Mellon Industrials Sector Fund** | **JNL/Mellon Industrials Sector Fund** | **JNL/Mellon Industrials Sector Fund** | **JNL/Mellon Industrials Sector Fund** | **JNL/Mellon Industrials Sector Fund** | **JNL/Mellon Industrials Sector Fund** |  |  |  |  |  |  |
| Class A | Class A | Class A | Class A | Class A |  |  |  |  |  |  |  |  |  |
| 06/30/25 | 20.68 | 0.07 | 1.84 | 1.91 |  |  | 22.59 | 9.24 | 312632 | 17 | 0.65 | 0.65 | 0.71 |
| 12/31/24 | 17.87 | 0.17 | 2.64 | 2.81 |  |  | 20.68 | 15.72 | 275792 | 30 | 0.66 | 0.66 | 0.88 |
| 12/31/23 | 14.88 | 0.17 | 2.82 | 2.99 |  |  | 17.87 | 20.09 | 219737 | 32 | 0.66 | 0.66 | 1.09 |
| 12/31/22 | 16.30 | 0.14 | (1.56)  | (1.42)  |  |  | 14.88 | (8.71)  | 183611 | 24 | 0.66 | 0.66 | 0.97 |
| 12/31/21 | 13.48 | 0.10 | 2.72 | 2.82 |  |  | 16.30 | 20.92 | 241085 | 37 | 0.66 | 0.66 | 0.68 |
| 12/31/20 | 11.87 | 0.11 | 1.50 | 1.61 |  |  | 13.48 | 13.56 | 108689 | 38 | 0.70 | 0.70 | 0.98 |
| Class I | Class I | Class I | Class I | Class I |  |  |  |  |  |  |  |  |  |
| 06/30/25 | 21.20 | 0.11 | 1.89 | 2.00 |  |  | 23.20 | 9.43 | 8838 | 17 | 0.30 | 0.35 | 1.05 |
| 12/31/24 | 18.26 | 0.25 | 2.69 | 2.94 |  |  | 21.20 | 16.10 | 8531 | 30 | 0.31 | 0.36 | 1.24 |
| 12/31/23 | 15.15 | 0.23 | 2.88 | 3.11 |  |  | 18.26 | 20.53 | 5429 | 32 | 0.31 | 0.36 | 1.44 |
| 12/31/22 | 16.53 | 0.20 | (1.58)  | (1.38)  |  |  | 15.15 | (8.35)  | 5193 | 24 | 0.31 | 0.36 | 1.34 |
| 12/31/21 | 13.62 | 0.16 | 2.75 | 2.91 |  |  | 16.53 | 21.37 | 4772 | 37 | 0.31 | 0.36 | 1.02 |
| 12/31/20 | 11.96 | 0.15 | 1.51 | 1.66 |  |  | 13.62 | 13.88 | 3278 | 38 | 0.35 | 0.40 | 1.32 |
| **JNL/Mellon Information Technology Sector Fund(b)** | **JNL/Mellon Information Technology Sector Fund(b)** | **JNL/Mellon Information Technology Sector Fund(b)** | **JNL/Mellon Information Technology Sector Fund(b)** | **JNL/Mellon Information Technology Sector Fund(b)** | **JNL/Mellon Information Technology Sector Fund(b)** | **JNL/Mellon Information Technology Sector Fund(b)** | **JNL/Mellon Information Technology Sector Fund(b)** |  |  |  |  |  |  |
| Class A | Class A | Class A | Class A | Class A |  |  |  |  |  |  |  |  |  |
| 06/30/25 | 62.29 | 0.01 | 4.28 | 4.29 |  |  | 66.58 | 6.89 | 7009603 | 10 | 0.61 | 0.61 | 0.03 |
| 12/31/24 | 46.05 | 0.02 | 16.22 | 16.24 |  |  | 62.29 | 35.27 | 7041180 | 19 | 0.61 | 0.61 | 0.03 |
| 12/31/23 | 29.11 | 0.10 | 16.84 | 16.94 |  |  | 46.05 | 58.19 | 5572091 | 8 | 0.62 | 0.62 | 0.25 |
| 12/31/22 | 42.80 | 0.10 | (13.79)  | (13.69)  |  |  | 29.11 | (31.99)  | 3475561 | 9 | 0.62 | 0.62 | 0.31 |
| 12/31/21 | 32.13 | 0.07 | 10.60 | 10.67 |  |  | 42.80 | 33.21 | 5983103 | 22 | 0.62 | 0.62 | 0.19 |
| 12/31/20 | 22.14 | 0.11 | 9.88 | 9.99 |  |  | 32.13 | 45.12 | 4935985 | 12 | 0.63 | 0.63 | 0.42 |
| Class I | Class I | Class I | Class I | Class I |  |  |  |  |  |  |  |  |  |
| 06/30/25 | 64.96 | 0.12 | 4.48 | 4.60 |  |  | 69.56 | 7.08 | 126588 | 10 | 0.26 | 0.31 | 0.38 |
| 12/31/24 | 47.86 | 0.22 | 16.88 | 17.10 |  |  | 64.96 | 35.73 | 124880 | 19 | 0.26 | 0.31 | 0.38 |
| 12/31/23 | 30.14 | 0.24 | 17.48 | 17.72 |  |  | 47.86 | 58.79 | 87895 | 8 | 0.27 | 0.32 | 0.60 |
| 12/31/22 | 44.17 | 0.23 | (14.26)  | (14.03)  |  |  | 30.14 | (31.76)  | 53514 | 9 | 0.27 | 0.32 | 0.67 |
| 12/31/21 | 33.04 | 0.20 | 10.93 | 11.13 |  |  | 44.17 | 33.69 | 84968 | 22 | 0.27 | 0.32 | 0.54 |
| 12/31/20 | 22.69 | 0.20 | 10.15 | 10.35 |  |  | 33.04 | 45.61 | 56987 | 12 | 0.28 | 0.33 | 0.75 |

---

(a) On April
 27, 2020, JNL/Mellon Healthcare Sector Fund of JNL Variable Fund LLC was redomiciled into the JNL Series Trust. A fund was created within
 the JNL Series Trust to facilitate the acquisition of the fund with the same name from JNL Variable Fund LLC. Although the fund of JNL
 Variable Fund LLC was legally dissolved, it is considered the accounting survivor for financial reporting purposes, and as a result, the
 Financial Highlights reflect the performance history of the acquired fund formerly in JNL Variable Fund LLC for periods prior to April
 27, 2020.

(b) On April
 27, 2020, JNL/Mellon Information Technology Sector Fund of JNL Variable Fund LLC was redomiciled into the JNL Series Trust. A fund was
 created within the JNL Series Trust to facilitate the acquisition of the fund with the same name from JNL Variable Fund LLC. Although
 the fund of JNL Variable Fund LLC was legally dissolved, it is considered the accounting survivor for financial reporting purposes, and
 as a result, the Financial Highlights reflect the performance history of the acquired fund formerly in JNL Variable Fund LLC for periods
 prior to April 27, 2020.

See accompanying Notes to Financial Statements.

720

**JNL Series Trust (Unaudited)**

**Financial Highlights**

**For a Share Outstanding**

---

| | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  |  | Increase (decrease) from investment operations | Increase (decrease) from investment operations | Increase (decrease) from investment operations | Distributions from | Distributions from |  |  | Supplemental data | Supplemental data |  | Ratios |  |
| Period ended | Net asset value, beginning of period($) | Net investment income (loss)($) | Net realized & unrealized gains (losses)($) | Total from investment operations($) | Net investment income($) | Net realized gains on investment transactions($) | Net asset value, end of period($) | Total return(%) | Net assets,end of period (in thousands)($) | Portfolio turnover (%) | Net expenses to average net assets(%) | Total expenses to average net assets(%) | Net investment income (loss) to average net assets(%) |
| **JNL/Mellon Materials Sector Fund** | **JNL/Mellon Materials Sector Fund** | **JNL/Mellon Materials Sector Fund** | **JNL/Mellon Materials Sector Fund** | **JNL/Mellon Materials Sector Fund** | **JNL/Mellon Materials Sector Fund** | **JNL/Mellon Materials Sector Fund** | **JNL/Mellon Materials Sector Fund** |  |  |  |  |  |  |
| Class A | Class A | Class A | Class A | Class A |  |  |  |  |  |  |  |  |  |
| 06/30/25 | 16.00 | 0.09 | 0.80 | 0.89 |  |  | 16.89 | 5.56 | 145944 | 20 | 0.67 | 0.67 | 1.14 |
| 12/31/24 | 16.38 | 0.16 | (0.54)  | (0.38)  |  |  | 16.00 | (2.32)  | 135311 | 24 | 0.67 | 0.67 | 0.94 |
| 12/31/23 | 14.34 | 0.18 | 1.86 | 2.04 |  |  | 16.38 | 14.23 | 173262 | 33 | 0.67 | 0.67 | 1.19 |
| 12/31/22 | 16.28 | 0.19 | (2.13)  | (1.94)  |  |  | 14.34 | (11.92)  | 187042 | 46 | 0.66 | 0.66 | 1.34 |
| 12/31/21 | 12.68 | 0.16 | 3.44 | 3.60 |  |  | 16.28 | 28.39 | 193535 | 70 | 0.67 | 0.67 | 1.07 |
| 12/31/20 | 10.67 | 0.16 | 1.85 | 2.01 |  |  | 12.68 | 18.84 | 77306 | 43 | 0.70 | 0.70 | 1.47 |
| Class I | Class I | Class I | Class I | Class I |  |  |  |  |  |  |  |  |  |
| 06/30/25 | 16.39 | 0.12 | 0.83 | 0.95 |  |  | 17.34 | 5.80 | 4177 | 20 | 0.32 | 0.37 | 1.49 |
| 12/31/24 | 16.73 | 0.23 | (0.57)  | (0.34)  |  |  | 16.39 | (2.03)  | 3924 | 24 | 0.32 | 0.37 | 1.30 |
| 12/31/23 | 14.60 | 0.24 | 1.89 | 2.13 |  |  | 16.73 | 14.59 | 4591 | 33 | 0.32 | 0.37 | 1.53 |
| 12/31/22 | 16.51 | 0.24 | (2.15)  | (1.91)  |  |  | 14.60 | (11.57)  | 4829 | 46 | 0.31 | 0.36 | 1.61 |
| 12/31/21 | 12.82 | 0.21 | 3.48 | 3.69 |  |  | 16.51 | 28.78 | 6415 | 70 | 0.32 | 0.37 | 1.41 |
| 12/31/20 | 10.74 | 0.20 | 1.88 | 2.08 |  |  | 12.82 | 19.37 | 2005 | 43 | 0.35 | 0.40 | 1.82 |
| **JNL/Mellon Nasdaq 100 Index Fund(a)** | **JNL/Mellon Nasdaq 100 Index Fund(a)** | **JNL/Mellon Nasdaq 100 Index Fund(a)** | **JNL/Mellon Nasdaq 100 Index Fund(a)** | **JNL/Mellon Nasdaq 100 Index Fund(a)** | **JNL/Mellon Nasdaq 100 Index Fund(a)** | **JNL/Mellon Nasdaq 100 Index Fund(a)** | **JNL/Mellon Nasdaq 100 Index Fund(a)** |  |  |  |  |  |  |
| Class A | Class A | Class A | Class A | Class A |  |  |  |  |  |  |  |  |  |
| 06/30/25 | 75.78 | 0.06 | 6.01 | 6.07 |  |  | 81.85 | 8.01 | 8552881 | 2 | 0.64 | 0.64 | 0.17 |
| 12/31/24 | 60.58 | 0.15 | 15.05 | 15.20 |  |  | 75.78 | 25.09 | 8200926 | 9 | 0.64 | 0.64 | 0.22 |
| 12/31/23 | 39.28 | 0.19 | 21.11 | 21.30 |  |  | 60.58 | 54.23 | 7130051 | 22 | 0.64 | 0.64 | 0.37 |
| 12/31/22 | 58.47 | 0.12 | (19.31)  | (19.19)  |  |  | 39.28 | (32.82)  | 4276647 | 8 | 0.65 | 0.65 | 0.27 |
| 12/31/21 | 46.15 | 0.02 | 12.30 | 12.32 |  |  | 58.47 | 26.70 | 6826247 | 10 | 0.64 | 0.64 | 0.04 |
| 12/31/20 | 31.19 | 0.09 | 14.87 | 14.96 |  |  | 46.15 | 47.96 | 5711478 | 17 | 0.65 | 0.65 | 0.24 |
| Class I | Class I | Class I | Class I | Class I |  |  |  |  |  |  |  |  |  |
| 06/30/25 | 50.83 | 0.13 | 4.04 | 4.17 |  |  | 55.00 | 8.20 | 168594 | 2 | 0.29 | 0.34 | 0.52 |
| 12/31/24 | 40.49 | 0.26 | 10.08 | 10.34 |  |  | 50.83 | 25.54 | 153782 | 9 | 0.29 | 0.34 | 0.57 |
| 12/31/23 | 26.17 | 0.25 | 14.07 | 14.32 |  |  | 40.49 | 54.72 | 129498 | 22 | 0.29 | 0.34 | 0.72 |
| 12/31/22 | 38.81 | 0.19 | (12.83)  | (12.64)  |  |  | 26.17 | (32.57)  | 77284 | 8 | 0.30 | 0.35 | 0.62 |
| 12/31/21 | 30.52 | 0.14 | 8.15 | 8.29 |  |  | 38.81 | 27.16 | 124040 | 10 | 0.29 | 0.34 | 0.39 |
| 12/31/20 | 20.56 | 0.15 | 9.81 | 9.96 |  |  | 30.52 | 48.44 | 82586 | 17 | 0.30 | 0.35 | 0.58 |
| **JNL/Mellon Real Estate Sector Fund** | **JNL/Mellon Real Estate Sector Fund** | **JNL/Mellon Real Estate Sector Fund** | **JNL/Mellon Real Estate Sector Fund** | **JNL/Mellon Real Estate Sector Fund** | **JNL/Mellon Real Estate Sector Fund** | **JNL/Mellon Real Estate Sector Fund** | **JNL/Mellon Real Estate Sector Fund** |  |  |  |  |  |  |
| Class A | Class A | Class A | Class A | Class A |  |  |  |  |  |  |  |  |  |
| 06/30/25 | 13.94 | 0.23 | 0.12 | 0.35 |  |  | 14.29 | 2.51 | 180213 | 7 | 0.66 | 0.66 | 3.34 |
| 12/31/24 | 13.36 | 0.34 | 0.24 | 0.58 |  |  | 13.94 | 4.34 | 192026 | 18 | 0.66 | 0.66 | 2.49 |
| 12/31/23 | 12.04 | 0.34 | 0.98 | 1.32 |  |  | 13.36 | 10.96 | 177753 | 15 | 0.67 | 0.67 | 2.81 |
| 12/31/22 | 16.29 | 0.28 | (4.53)  | (4.25)  |  |  | 12.04 | (26.09)  | 174079 | 32 | 0.66 | 0.66 | 2.05 |
| 12/31/21 | 11.74 | 0.20 | 4.35 | 4.55 |  |  | 16.29 | 38.76 | 249641 | 36 | 0.66 | 0.66 | 1.41 |
| 12/31/20 | 12.40 | 0.20 | (0.86)  | (0.66)  |  |  | 11.74 | (5.32)  | 110303 | 30 | 0.69 | 0.69 | 1.83 |
| Class I | Class I | Class I | Class I | Class I |  |  |  |  |  |  |  |  |  |
| 06/30/25 | 14.24 | 0.26 | 0.13 | 0.39 |  |  | 14.63 | 2.74 | 10403 | 7 | 0.31 | 0.36 | 3.67 |
| 12/31/24 | 13.60 | 0.39 | 0.25 | 0.64 |  |  | 14.24 | 4.71 | 11555 | 18 | 0.31 | 0.36 | 2.84 |
| 12/31/23 | 12.21 | 0.39 | 1.00 | 1.39 |  |  | 13.60 | 11.38 | 11728 | 15 | 0.32 | 0.37 | 3.16 |
| 12/31/22 | 16.46 | 0.34 | (4.59)  | (4.25)  |  |  | 12.21 | (25.82)  | 11384 | 32 | 0.31 | 0.36 | 2.45 |
| 12/31/21 | 11.82 | 0.26 | 4.38 | 4.64 |  |  | 16.46 | 39.26 | 15651 | 36 | 0.31 | 0.36 | 1.81 |
| 12/31/20 | 12.44 | 0.29 | (0.91)  | (0.62)  |  |  | 11.82 | (4.98)  | 6517 | 30 | 0.34 | 0.39 | 2.58 |

---

(a) On April
 27, 2020, JNL/Mellon Nasdaq 100 Index Fund of JNL Variable Fund LLC was redomiciled into the JNL Series Trust. A fund was created within
 the JNL Series Trust to facilitate the acquisition of the fund with the same name from JNL Variable Fund LLC. Although the fund of JNL
 Variable Fund LLC was legally dissolved, it is considered the accounting survivor for financial reporting purposes, and as a result, the
 Financial Highlights reflect the performance history of the acquired fund formerly in JNL Variable Fund LLC for periods prior to April
 27, 2020.

See accompanying Notes to Financial Statements.

721

**JNL Series Trust (Unaudited)**

**Financial Highlights**

**For a Share Outstanding**

---

| | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  |  | Increase (decrease) from investment operations | Increase (decrease) from investment operations | Increase (decrease) from investment operations | Distributions from | Distributions from |  |  | Supplemental data | Supplemental data |  | Ratios |  |
| Period ended | Net asset value, beginning of period($) | Net investment income (loss)($) | Net realized & unrealized gains (losses)($) | Total from investment operations($) | Net investment income($) | Net realized gains on investment transactions($) | Net asset value, end of period($) | Total return(%) | Net assets,end of period (in thousands)($) | Portfolio turnover (%) | Net expenses to average net assets(%) | Total expenses to average net assets(%) | Net investment income (loss) to average net assets(%) |
| **JNL/Mellon S&P 500 Index Fund** | **JNL/Mellon S&P 500 Index Fund** | **JNL/Mellon S&P 500 Index Fund** | **JNL/Mellon S&P 500 Index Fund** | **JNL/Mellon S&P 500 Index Fund** | **JNL/Mellon S&P 500 Index Fund** | **JNL/Mellon S&P 500 Index Fund** | **JNL/Mellon S&P 500 Index Fund** |  |  |  |  |  |  |
| Class A | Class A | Class A | Class A | Class A |  |  |  |  |  |  |  |  |  |
| 06/30/25 | 46.46 | 0.20 | 2.56 | 2.76 |  |  | 49.22 | 5.94 | 15942709 | 1 | 0.52 | 0.52 | 0.87 |
| 12/31/24 | 37.35 | 0.38 | 8.73 | 9.11 |  |  | 46.46 | 24.39 | 15393471 | 2 | 0.52 | 0.52 | 0.89 |
| 12/31/23 | 29.72 | 0.40 | 7.23 | 7.63 |  |  | 37.35 | 25.67 | 13151310 | 3 | 0.52 | 0.52 | 1.19 |
| 12/31/22 | 36.48 | 0.36 | (7.12)  | (6.76)  |  |  | 29.72 | (18.53)  | 10650597 | 3 | 0.52 | 0.52 | 1.13 |
| 12/31/21 | 28.48 | 0.29 | 7.71 | 8.00 |  |  | 36.48 | 28.09 | 13175436 | 3 | 0.52 | 0.52 | 0.90 |
| 12/31/20 | 24.18 | 0.32 | 3.98 | 4.30 |  |  | 28.48 | 17.78 | 10387450 | 6 | 0.53 | 0.53 | 1.31 |
| Class I | Class I | Class I | Class I | Class I |  |  |  |  |  |  |  |  |  |
| 06/30/25 | 48.46 | 0.28 | 2.67 | 2.95 |  |  | 51.41 | 6.09 | 10017 | 1 | 0.22 | 0.22 | 1.17 |
| 12/31/24 | 38.84 | 0.53 | 9.09 | 9.62 |  |  | 48.46 | 24.77 | 9588 | 2 | 0.22 | 0.22 | 1.19 |
| 12/31/23 | 30.81 | 0.51 | 7.52 | 8.03 |  |  | 38.84 | 26.06 | 8985 | 3 | 0.22 | 0.22 | 1.49 |
| 12/31/22 | 37.70 | 0.47 | (7.36)  | (6.89)  |  |  | 30.81 | (18.28)  | 7886 | 3 | 0.22 | 0.22 | 1.43 |
| 12/31/21 | 29.35 | 0.38 | 7.97 | 8.35 |  |  | 37.70 | 28.45 | 9552 | 3 | 0.22 | 0.22 | 1.24 |
| 12/31/20 | 24.85 | 0.40 | 4.10 | 4.50 |  |  | 29.35 | 18.11 | 263048 | 6 | 0.23 | 0.23 | 1.62 |
| **JNL/Mellon U.S. Stock Market Index Fund** | **JNL/Mellon U.S. Stock Market Index Fund** | **JNL/Mellon U.S. Stock Market Index Fund** | **JNL/Mellon U.S. Stock Market Index Fund** | **JNL/Mellon U.S. Stock Market Index Fund** | **JNL/Mellon U.S. Stock Market Index Fund** | **JNL/Mellon U.S. Stock Market Index Fund** | **JNL/Mellon U.S. Stock Market Index Fund** |  |  |  |  |  |  |
| Class A | Class A | Class A | Class A | Class A |  |  |  |  |  |  |  |  |  |
| 06/30/25 | 24.58 | 0.09 | 1.30 | 1.39 |  |  | 25.97 | 5.66 | 4843721 | 1 | 0.61 | 0.61 | 0.74 |
| 12/31/24 | 19.92 | 0.17 | 4.49 | 4.66 |  |  | 24.58 | 23.39 | 5061129 | 2 | 0.61 | 0.61 | 0.77 |
| 12/31/23 | 15.84 | 0.18 | 3.90 | 4.08 |  |  | 19.92 | 25.76 | 4934182 | 2 | 0.61 | 0.61 | 1.02 |
| 12/31/22 | 19.78 | 0.17 | (4.11)  | (3.94)  |  |  | 15.84 | (19.92)  | 4521043 | 2 | 0.60 | 0.60 | 0.98 |
| 12/31/21 | 15.78 | 0.13 | 3.87 | 4.00 |  |  | 19.78 | 25.35 | 6594525 | 52 | 0.61 | 0.61 | 0.72 |
| 12/31/20 | 13.13 | 0.16 | 2.49 | 2.65 |  |  | 15.78 | 20.18 | 871033 | 11 | 0.56 | 0.61 | 1.19 |
| Class I | Class I | Class I | Class I | Class I |  |  |  |  |  |  |  |  |  |
| 06/30/25 | 25.15 | 0.13 | 1.33 | 1.46 |  |  | 26.61 | 5.81 | 73393 | 1 | 0.31 | 0.31 | 1.05 |
| 12/31/24 | 20.32 | 0.25 | 4.58 | 4.83 |  |  | 25.15 | 23.77 | 73247 | 2 | 0.31 | 0.31 | 1.07 |
| 12/31/23 | 16.11 | 0.24 | 3.97 | 4.21 |  |  | 20.32 | 26.13 | 70032 | 2 | 0.31 | 0.31 | 1.33 |
| 12/31/22 | 20.05 | 0.22 | (4.16)  | (3.94)  |  |  | 16.11 | (19.65)  | 59858 | 2 | 0.30 | 0.30 | 1.28 |
| 12/31/21 | 15.96 | 0.19 | 3.90 | 4.09 |  |  | 20.05 | 25.63 | 84430 | 52 | 0.30 | 0.31 | 1.00 |
| 12/31/20 | 13.23 | 0.20 | 2.53 | 2.73 |  |  | 15.96 | 20.63 | 24056 | 11 | 0.26 | 0.31 | 1.51 |
| **JNL/Mellon Utilities Sector Fund** | **JNL/Mellon Utilities Sector Fund** | **JNL/Mellon Utilities Sector Fund** | **JNL/Mellon Utilities Sector Fund** | **JNL/Mellon Utilities Sector Fund** | **JNL/Mellon Utilities Sector Fund** | **JNL/Mellon Utilities Sector Fund** | **JNL/Mellon Utilities Sector Fund** |  |  |  |  |  |  |
| Class A | Class A | Class A | Class A | Class A |  |  |  |  |  |  |  |  |  |
| 06/30/25 | 21.82 | 0.26 | 2.36 | 2.62 |  |  | 24.44 | 12.01 | 647973 | 25 | 0.65 | 0.65 | 2.28 |
| 12/31/24 | 17.36 | 0.49 | 3.97 | 4.46 |  |  | 21.82 | 25.69 | 551911 | 31 | 0.65 | 0.65 | 2.47 |
| 12/31/23 | 18.81 | 0.48 | (1.93)  | (1.45)  |  |  | 17.36 | (7.71)  | 390888 | 5 | 0.65 | 0.65 | 2.71 |
| 12/31/22 | 18.66 | 0.44 | (0.29)  | 0.15 |  |  | 18.81 | 0.80 | 650159 | 16 | 0.65 | 0.65 | 2.35 |
| 12/31/21 | 15.98 | 0.41 | 2.27 | 2.68 |  |  | 18.66 | 16.77 | 319659 | 16 | 0.66 | 0.66 | 2.44 |
| 12/31/20 | 16.15 | 0.41 | (0.58)  | (0.17)  |  |  | 15.98 | (1.05)  | 284687 | 25 | 0.66 | 0.66 | 2.66 |
| Class I | Class I | Class I | Class I | Class I |  |  |  |  |  |  |  |  |  |
| 06/30/25 | 22.34 | 0.31 | 2.41 | 2.72 |  |  | 25.06 | 12.18 | 14912 | 25 | 0.30 | 0.35 | 2.61 |
| 12/31/24 | 17.71 | 0.58 | 4.05 | 4.63 |  |  | 22.34 | 26.14 | 13359 | 31 | 0.30 | 0.35 | 2.84 |
| 12/31/23 | 19.12 | 0.55 | (1.96)  | (1.41)  |  |  | 17.71 | (7.37)  | 8497 | 5 | 0.30 | 0.35 | 3.06 |
| 12/31/22 | 18.89 | 0.51 | (0.28)  | 0.23 |  |  | 19.12 | 1.22 | 11735 | 16 | 0.30 | 0.35 | 2.69 |
| 12/31/21 | 16.13 | 0.48 | 2.28 | 2.76 |  |  | 18.89 | 17.11 | 5113 | 16 | 0.31 | 0.36 | 2.79 |
| 12/31/20 | 16.24 | 0.45 | (0.56)  | (0.11)  |  |  | 16.13 | (0.68)  | 3785 | 25 | 0.31 | 0.36 | 2.94 |

---

See accompanying Notes to Financial Statements.

722

**JNL Series Trust (Unaudited)**

**Financial Highlights**

**For a Share Outstanding**

---

| | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  |  | Increase (decrease) from investment operations | Increase (decrease) from investment operations | Increase (decrease) from investment operations | Distributions from | Distributions from |  |  | Supplemental data | Supplemental data |  | Ratios |  |
| Period ended | Net asset value, beginning of period($) | Net investment income (loss)($) | Net realized & unrealized gains (losses)($) | Total from investment operations($) | Net investment income($) | Net realized gains on investment transactions($) | Net asset value, end of period($) | Total return(%) | Net assets,end of period (in thousands)($) | Portfolio turnover (%) | Net expenses to average net assets(%) | Total expenses to average net assets(%) | Net investment income (loss) to average net assets(%) |
| **JNL/Mellon World Index Fund(a)** | **JNL/Mellon World Index Fund(a)** | **JNL/Mellon World Index Fund(a)** | **JNL/Mellon World Index Fund(a)** | **JNL/Mellon World Index Fund(a)** | **JNL/Mellon World Index Fund(a)** | **JNL/Mellon World Index Fund(a)** | **JNL/Mellon World Index Fund(a)** |  |  |  |  |  |  |
| Class A | Class A | Class A | Class A | Class A |  |  |  |  |  |  |  |  |  |
| 06/30/25 | 44.10 | 0.32 | 3.84 | 4.16 |  |  | 48.26 | 9.43 | 851575 | 8 | 0.66 | 0.66 | 1.43 |
| 12/31/24 | 37.36 | 0.49 | 6.25 | 6.74 |  |  | 44.10 | 18.04 | 439625 | 3 | 0.65 | 0.65 | 1.17 |
| 12/31/23 | 30.29 | 0.49 | 6.58 | 7.07 |  |  | 37.36 | 23.34 | 392947 | 3 | 0.65 | 0.65 | 1.46 |
| 12/31/22 | 36.96 | 0.45 | (7.12)  | (6.67)  |  |  | 30.29 | (18.05)  | 345897 | 2 | 0.65 | 0.65 | 1.41 |
| 12/31/21 | 31.02 | 0.38 | 6.17 | 6.55 | (0.43) | (0.18) | 36.96 | 21.17 | 416249 | 8 | 0.66 | 0.66 | 1.11 |
| 12/31/20 | 27.49 | 0.36 | 3.91 | 4.27 | (0.56) | (0.18) | 31.02 | 15.61 | 363797 | 3 | 0.67 | 0.67 | 1.34 |
| Class I | Class I | Class I | Class I | Class I |  |  |  |  |  |  |  |  |  |
| 06/30/25 | 44.81 | 0.40 | 3.91 | 4.31 |  |  | 49.12 | 9.62 | 20659 | 8 | 0.31 | 0.36 | 1.77 |
| 12/31/24 | 37.82 | 0.64 | 6.35 | 6.99 |  |  | 44.81 | 18.48 | 11709 | 3 | 0.30 | 0.35 | 1.52 |
| 12/31/23 | 30.56 | 0.61 | 6.65 | 7.26 |  |  | 37.82 | 23.76 | 10354 | 3 | 0.30 | 0.35 | 1.80 |
| 12/31/22 | 37.16 | 0.56 | (7.16)  | (6.60)  |  |  | 30.56 | (17.76)  | 8408 | 2 | 0.30 | 0.35 | 1.76 |
| 12/31/21 | 31.16 | 0.50 | 6.21 | 6.71 | (0.53) | (0.18) | 37.16 | 21.59 | 8601 | 8 | 0.31 | 0.36 | 1.43 |
| 12/31/20 | 27.60 | 0.46 | 3.94 | 4.40 | (0.66) | (0.18) | 31.16 | 16.02 | 4422 | 3 | 0.32 | 0.37 | 1.69 |
| **JNL/MFS Mid Cap Value Fund** | **JNL/MFS Mid Cap Value Fund** | **JNL/MFS Mid Cap Value Fund** | **JNL/MFS Mid Cap Value Fund** | **JNL/MFS Mid Cap Value Fund** | **JNL/MFS Mid Cap Value Fund** | **JNL/MFS Mid Cap Value Fund** | **JNL/MFS Mid Cap Value Fund** |  |  |  |  |  |  |
| Class A | Class A | Class A | Class A | Class A |  |  |  |  |  |  |  |  |  |
| 06/30/25 | 20.80 | 0.12 | (0.04) | 0.08 |  |  | 20.88 | 0.38 | 1766137 | 10 | 0.95 | 0.95 | 1.20 |
| 12/31/24 | 18.26 | 0.20 | 2.34 | 2.54 |  |  | 20.80 | 13.91 | 1877044 | 28 | 0.95 | 0.95 | 0.99 |
| 12/31/23 | 16.26 | 0.21 | 1.79 | 2.00 |  |  | 18.26 | 12.30 | 1895682 | 19 | 0.95 | 0.95 | 1.25 |
| 12/31/22 | 17.87 | 0.22 | (1.83)  | (1.61)  |  |  | 16.26 | (9.01)  | 1973870 | 19 | 0.95 | 0.95 | 1.31 |
| 12/31/21 | 13.69 | 0.13 | 4.05 | 4.18 |  |  | 17.87 | 30.53 | 2162629 | 27 | 0.95 | 0.95 | 0.79 |
| 12/31/20 | 13.18 | 0.13 | 0.38 | 0.51 |  |  | 13.69 | 3.87 | 1655807 | 32 | 0.96 | 0.96 | 1.15 |
| Class I | Class I | Class I | Class I | Class I |  |  |  |  |  |  |  |  |  |
| 06/30/25 | 21.32 | 0.16 | (0.04)  | 0.12 |  |  | 21.44 | 0.56 | 151756 | 10 | 0.65 | 0.65 | 1.51 |
| 12/31/24 | 18.67 | 0.29 | 2.36 | 2.65 |  |  | 21.32 | 14.19 | 154595 | 28 | 0.65 | 0.65 | 1.37 |
| 12/31/23 | 16.57 | 0.27 | 1.83 | 2.10 |  |  | 18.67 | 12.67 | 48996 | 19 | 0.65 | 0.65 | 1.56 |
| 12/31/22 | 18.16 | 0.27 | (1.86)  | (1.59)  |  |  | 16.57 | (8.76)  | 45649 | 19 | 0.65 | 0.65 | 1.62 |
| 12/31/21 | 13.87 | 0.18 | 4.11 | 4.29 |  |  | 18.16 | 30.93 | 47902 | 27 | 0.65 | 0.65 | 1.11 |
| 12/31/20 | 13.32 | 0.17 | 0.38 | 0.55 |  |  | 13.87 | 4.13 | 25779 | 32 | 0.66 | 0.66 | 1.44 |
| **JNL/Morningstar PitchBook Listed Private Equity Index Fund** | **JNL/Morningstar PitchBook Listed Private Equity Index Fund** | **JNL/Morningstar PitchBook Listed Private Equity Index Fund** | **JNL/Morningstar PitchBook Listed Private Equity Index Fund** | **JNL/Morningstar PitchBook Listed Private Equity Index Fund** | **JNL/Morningstar PitchBook Listed Private Equity Index Fund** | **JNL/Morningstar PitchBook Listed Private Equity Index Fund** | **JNL/Morningstar PitchBook Listed Private Equity Index Fund** |  |  |  |  |  |  |
| Class A | Class A | Class A | Class A | Class A |  |  |  |  |  |  |  |  |  |
| 06/30/25 | 13.54 | 0.15 | 0.05 | 0.20 |  |  | 13.74 | 1.48 | 9967 | 27 | 0.72 | 0.72 | 2.28 |
| 12/31/24 | 11.18 | 0.21 | 2.15 | 2.36 |  |  | 13.54 | 21.11 | 9694 | 77 | 0.72 | 0.72 | 1.65 |
| 12/31/23 | 7.91 | 0.21 | 3.06 | 3.27 |  |  | 11.18 | 41.34 | 9134 | 58 | 0.72 | 0.72 | 2.32 |
| 12/31/22 | 12.07 | 0.18 | (4.34)  | (4.16)  |  |  | 7.91 | (34.47)  | 3548 | 67 | 0.71 | 0.71 | 2.06 |
| 12/31/21<br> (b) | 10.00 | 0.06 | 2.01 | 2.07 |  |  | 12.07 | 20.70 | 4200 | 56 | 0.72 | 0.72 | 0.80 |
| Class I | Class I | Class I | Class I | Class I |  |  |  |  |  |  |  |  |  |
| 06/30/25 | 13.69 | 0.17 | 0.06 | 0.23 |  |  | 13.92 | 1.68 | 6956 | 27 | 0.42 | 0.42 | 2.57 |
| 12/31/24 | 11.28 | 0.25 | 2.16 | 2.41 |  |  | 13.69 | 21.37 | 6843 | 77 | 0.42 | 0.42 | 1.98 |
| 12/31/23 | 7.95 | 0.24 | 3.09 | 3.33 |  |  | 11.28 | 41.89 | 5635 | 58 | 0.42 | 0.42 | 2.64 |
| 12/31/22 | 12.10 | 0.22 | (4.37)  | (4.15)  |  |  | 7.95 | (34.30)  | 3972 | 67 | 0.41 | 0.41 | 2.42 |
| 12/31/21<br> (b) | 10.00 | 0.14 | 1.96 | 2.10 |  |  | 12.10 | 21.00 | 6046 | 56 | 0.42 | 0.42 | 1.82 |

---

(a) On April
 27, 2020, JNL/Mellon MSCI World Index Fund of JNL Variable Fund LLC was redomiciled into the JNL Series Trust. A fund was created within
 the JNL Series Trust to facilitate the acquisition of the fund with the same name from JNL Variable Fund LLC. Although the fund of JNL
 Variable Fund LLC was legally dissolved, it is considered the accounting survivor for financial reporting purposes, and as a result, the
 Financial Highlights reflect the performance history of the acquired fund formerly in JNL Variable Fund LLC for periods prior to April
 27, 2020.

(b) The
 Fund commenced operations on April 26, 2021.

See accompanying Notes to Financial Statements.

723

**JNL Series Trust (Unaudited)**

**Financial Highlights**

**For a Share Outstanding**

---

| | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  |  | Increase (decrease) from investment operations | Increase (decrease) from investment operations | Increase (decrease) from investment operations | Distributions from | Distributions from |  |  | Supplemental data | Supplemental data |  | Ratios |  |
| Period ended | Net asset value, beginning of period($) | Net investment income (loss)($) | Net realized & unrealized gains (losses)($) | Total from investment operations($) | Net investment income($) | Net realized gains on investment transactions($) | Net asset value, end of period($) | Total return(%) | Net assets,end of period (in thousands)($) | Portfolio turnover (%) | Net expenses to average net assets(%) | Total expenses to average net assets(%) | Net investment income (loss) to average net assets(%) |
| **JNL/Morningstar SMID Moat Focus Index Fund** | **JNL/Morningstar SMID Moat Focus Index Fund** | **JNL/Morningstar SMID Moat Focus Index Fund** | **JNL/Morningstar SMID Moat Focus Index Fund** | **JNL/Morningstar SMID Moat Focus Index Fund** | **JNL/Morningstar SMID Moat Focus Index Fund** | **JNL/Morningstar SMID Moat Focus Index Fund** | **JNL/Morningstar SMID Moat Focus Index Fund** |  |  |  |  |  |  |
| Class A | Class A | Class A | Class A | Class A |  |  |  |  |  |  |  |  |  |
| 06/30/25 | 10.76 | 0.06 | 0.03 | 0.09 |  |  | 10.85 | 0.84 | 10271 | 51 | 0.76 | 0.76 | 1.22 |
| 12/31/24<br> (a) | 10.00 | 0.12 | 0.64 | 0.76 |  |  | 10.76 | 7.60 | 1785 | 82 | 0.76 | 0.76 | 1.61 |
| Class I | Class I | Class I | Class I | Class I |  |  |  |  |  |  |  |  |  |
| 06/30/25 | 10.78 | 0.07 | 0.04 | 0.11 |  |  | 10.89 | 1.02 | 122749 | 51 | 0.46 | 0.46 | 1.27 |
| 12/31/24<br> (a) | 10.00 | 0.11 | 0.67 | 0.78 |  |  | 10.78 | 7.80 | 124819 | 82 | 0.46 | 0.46 | 1.56 |
| **JNL/Morningstar U.S. Sustainability Index Fund** | **JNL/Morningstar U.S. Sustainability Index Fund** | **JNL/Morningstar U.S. Sustainability Index Fund** | **JNL/Morningstar U.S. Sustainability Index Fund** | **JNL/Morningstar U.S. Sustainability Index Fund** | **JNL/Morningstar U.S. Sustainability Index Fund** | **JNL/Morningstar U.S. Sustainability Index Fund** | **JNL/Morningstar U.S. Sustainability Index Fund** |  |  |  |  |  |  |
| Class A | Class A | Class A | Class A | Class A |  |  |  |  |  |  |  |  |  |
| 06/30/25 | 26.34 | 0.10 | 2.16 | 2.26 |  |  | 28.60 | 8.58 | 425660 | 11 | 0.71 | 0.71 | 0.80 |
| 12/31/24 | 21.87 | 0.19 | 4.28 | 4.47 |  |  | 26.34 | 20.44 | 454087 | 23 | 0.71 | 0.71 | 0.75 |
| 12/31/23 | 17.37 | 0.18 | 4.32 | 4.50 |  |  | 21.87 | 25.91 | 301052 | 28 | 0.71 | 0.71 | 0.94 |
| 12/31/22 | 21.71 | 0.15 | (4.49)  | (4.34)  |  |  | 17.37 | (19.99)  | 218915 | 68 | 0.73 | 0.73 | 0.84 |
| 12/31/21 | 16.62 | 0.12 | 4.97 | 5.09 |  |  | 21.71 | 30.63 | 320580 | 24 | 0.76 | 0.76 | 0.61 |
| 12/31/20 | 13.79 | 0.13 | 2.70 | 2.83 |  |  | 16.62 | 20.52 | 145944 | 13 | 0.76 | 0.76 | 0.93 |
| Class I | Class I | Class I | Class I | Class I |  |  |  |  |  |  |  |  |  |
| 06/30/25 | 26.94 | 0.15 | 2.21 | 2.36 |  |  | 29.30 | 8.76 | 18789 | 11 | 0.36 | 0.41 | 1.15 |
| 12/31/24 | 22.30 | 0.28 | 4.36 | 4.64 |  |  | 26.94 | 20.81 | 17103 | 23 | 0.36 | 0.41 | 1.10 |
| 12/31/23 | 17.64 | 0.26 | 4.40 | 4.66 |  |  | 22.30 | 26.42 | 14363 | 28 | 0.36 | 0.41 | 1.29 |
| 12/31/22 | 21.97 | 0.22 | (4.55)  | (4.33)  |  |  | 17.64 | (19.71)  | 9841 | 68 | 0.38 | 0.43 | 1.21 |
| 12/31/21 | 16.76 | 0.19 | 5.02 | 5.21 |  |  | 21.97 | 31.09 | 11279 | 24 | 0.41 | 0.46 | 0.97 |
| 12/31/20 | 13.86 | 0.18 | 2.72 | 2.90 |  |  | 16.76 | 20.92 | 4880 | 13 | 0.41 | 0.46 | 1.21 |
| **JNL/Morningstar Wide Moat Index Fund** | **JNL/Morningstar Wide Moat Index Fund** | **JNL/Morningstar Wide Moat Index Fund** | **JNL/Morningstar Wide Moat Index Fund** | **JNL/Morningstar Wide Moat Index Fund** | **JNL/Morningstar Wide Moat Index Fund** | **JNL/Morningstar Wide Moat Index Fund** | **JNL/Morningstar Wide Moat Index Fund** |  |  |  |  |  |  |
| Class A | Class A | Class A | Class A | Class A |  |  |  |  |  |  |  |  |  |
| 06/30/25 | 12.70 | 0.07 | 0.06 | 0.13 |  |  | 12.83 | 1.02 | 647940 | 26 | 0.76 | 0.76 | 1.11 |
| 12/31/24 | 12.49 | 0.14 | 1.23 | 1.37 | (0.11) | (1.05) | 12.70 | 10.51 | 766853 | 76 | 0.75 | 0.75 | 1.09 |
| 12/31/23 | 9.96 | 0.11 | 2.99 | 3.10 | (0.08) | (0.49) | 12.49 | 31.48 | 881798 | 71 | 0.76 | 0.76 | 0.93 |
| 12/31/22 | 14.70 | 0.11 | (2.09)  | (1.98)  | (0.17) | (2.59) | 9.96 | (13.80)  | 380653 | 71 | 0.76 | 0.76 | 0.87 |
| 12/31/21 | 13.18 | 0.15 | 2.96 | 3.11 | (0.19) | (1.40) | 14.70 | 23.89 | 392339 | 61 | 0.76 | 0.76 | 0.96 |
| 12/31/20 | 12.42 | 0.18 | 1.56 | 1.74 | (0.15) | (0.83) | 13.18 | 14.17 | 244640 | 72 | 0.77 | 0.77 | 1.45 |
| Class I | Class I | Class I | Class I | Class I |  |  |  |  |  |  |  |  |  |
| 06/30/25 | 12.91 | 0.09 | 0.06 | 0.15 |  |  | 13.06 | 1.16 | 357893 | 26 | 0.46 | 0.46 | 1.38 |
| 12/31/24 | 12.66 | 0.19 | 1.25 | 1.44 | (0.14) | (1.05) | 12.91 | 10.95 | 541184 | 76 | 0.45 | 0.45 | 1.39 |
| 12/31/23 | 10.08 | 0.14 | 3.03 | 3.17 | (0.10) | (0.49) | 12.66 | 31.78 | 510357 | 71 | 0.46 | 0.46 | 1.16 |
| 12/31/22 | 14.83 | 0.15 | (2.11)  | (1.96)  | (0.20) | (2.59) | 10.08 | (13.52)  | 408289 | 71 | 0.46 | 0.46 | 1.15 |
| 12/31/21 | 13.26 | 0.19 | 2.99 | 3.18 | (0.21) | (1.40) | 14.83 | 24.31 | 639557 | 61 | 0.46 | 0.46 | 1.24 |
| 12/31/20 | 12.47 | 0.21 | 1.58 | 1.79 | (0.17) | (0.83) | 13.26 | 14.47 | 634550 | 72 | 0.47 | 0.47 | 1.74 |

---

(a) The
 Fund commenced operations on April 29, 2024.

See accompanying Notes to Financial Statements.

724

**JNL Series Trust (Unaudited)**

**Financial Highlights**

**For a Share Outstanding**

---

| | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  |  | Increase (decrease) from investment operations | Increase (decrease) from investment operations | Increase (decrease) from investment operations | Distributions from | Distributions from |  |  | Supplemental data | Supplemental data |  | Ratios |  |
| Period ended | Net asset value, beginning of period($) | Net investment income (loss)($) | Net realized & unrealized gains (losses)($) | Total from investment operations($) | Net investment income($) | Net realized gains on investment transactions($) | Net asset value, end of period($) | Total return(%) | Net assets,end of period (in thousands)($) | Portfolio turnover (%) | Net expenses to average net assets(%) | Total expenses to average net assets(%) | Net investment income (loss) to average net assets(%) |
| **JNL/Neuberger Berman Commodity Strategy Fund** | **JNL/Neuberger Berman Commodity Strategy Fund** | **JNL/Neuberger Berman Commodity Strategy Fund** | **JNL/Neuberger Berman Commodity Strategy Fund** | **JNL/Neuberger Berman Commodity Strategy Fund** | **JNL/Neuberger Berman Commodity Strategy Fund** | **JNL/Neuberger Berman Commodity Strategy Fund** | **JNL/Neuberger Berman Commodity Strategy Fund** |  |  |  |  |  |  |
| Class A | Class A | Class A | Class A | Class A |  |  |  |  |  |  |  |  |  |
| 06/30/25 | 16.78 | 0.34 | 0.75 | 1.09 |  |  | 17.87 | 6.50 | 39741 | 42 | 0.90 | 0.90 | 3.82 |
| 12/31/24 | 15.79 | 0.77 | 0.22 | 0.99 |  |  | 16.78 | 6.27 | 38102 | 103 | 0.91 | 0.91 | 4.69 |
| 12/31/23 | 16.75 | 0.74 | (1.70)  | (0.96)  |  |  | 15.79 | (5.73)  | 41146 | 33 | 0.91 | 0.91 | 4.59 |
| 12/31/22 | 13.78 | 0.20 | 2.77 | 2.97 |  |  | 16.75 | 21.55 | 65072 | 19 | 0.91 | 0.91 | 1.19 |
| 12/31/21 | 10.62 | (0.11)  | 3.27 | 3.16 |  |  | 13.78 | 29.76 | 25559 | 36 | 0.90 | 0.90 | (0.86)  |
| 12/31/20 | 11.02 | 0.00 | (0.40)  | (0.40)  |  |  | 10.62 | (3.63)  | 12822 | 106 | 0.92 | 0.92 | (0.05)  |
| Class I | Class I | Class I | Class I | Class I |  |  |  |  |  |  |  |  |  |
| 06/30/25 | 17.06 | 0.38 | 0.77 | 1.15 |  |  | 18.21 | 6.74 | 1 | 42 | 0.44 | 0.44 | 4.27 |
| 12/31/24 | 15.99 | 0.86 | 0.21 | 1.07 |  |  | 17.06 | 6.69 | 1 | 103 | 0.61 | 0.61 | 5.29 |
| 12/31/23 | 16.92 | 0.78 | (1.71)  | (0.93)  |  |  | 15.99 | (5.50)  | 79418 | 33 | 0.61 | 0.61 | 4.77 |
| 12/31/22 | 13.87 | 0.36 | 2.69 | 3.05 |  |  | 16.92 | 21.99 | 317695 | 19 | 0.61 | 0.61 | 2.16 |
| 12/31/21 | 10.65 | (0.06)  | 3.28 | 3.22 |  |  | 13.87 | 30.23 | 1 | 36 | 0.60 | 0.60 | (0.46)  |
| 12/31/20 | 11.05 | 0.12 | (0.52)  | (0.40)  |  |  | 10.65 | (3.62)  |  | 106 | 0.62 | 0.62 | 1.22 |
| **JNL/Neuberger Berman Gold Plus Strategy Fund** | **JNL/Neuberger Berman Gold Plus Strategy Fund** | **JNL/Neuberger Berman Gold Plus Strategy Fund** | **JNL/Neuberger Berman Gold Plus Strategy Fund** | **JNL/Neuberger Berman Gold Plus Strategy Fund** | **JNL/Neuberger Berman Gold Plus Strategy Fund** | **JNL/Neuberger Berman Gold Plus Strategy Fund** | **JNL/Neuberger Berman Gold Plus Strategy Fund** |  |  |  |  |  |  |
| Class A | Class A | Class A | Class A | Class A |  |  |  |  |  |  |  |  |  |
| 06/30/25 | 13.11 | 0.25 | 2.96 | 3.21 |  |  | 16.32 | 24.49 | 78851 | 29 | 1.20 | 1.20 | 3.27 |
| 12/31/24 | 10.50 | 0.50 | 2.11 | 2.61 |  |  | 13.11 | 24.86 | 52864 | 140 | 1.20 | 1.20 | 4.11 |
| 12/31/23 | 9.29 | 0.38 | 0.83 | 1.21 |  |  | 10.50 | 13.02 | 30926 | 62 | 1.20 | 1.20 | 3.85 |
| 12/31/22<br> (a) | 10.00 | 0.08 | (0.79)  | (0.71)  |  |  | 9.29 | (7.10)  | 16599 | 5 | 1.19 | 1.19 | 1.25 |
| Class I | Class I | Class I | Class I | Class I |  |  |  |  |  |  |  |  |  |
| 06/30/25 | 13.22 | 0.27 | 3.00 | 3.27 |  |  | 16.49 | 24.74 | 2 | 29 | 0.91 | 0.91 | 3.55 |
| 12/31/24 | 10.56 | 0.53 | 2.13 | 2.66 |  |  | 13.22 | 25.19 | 1 | 140 | 0.91 | 0.91 | 4.42 |
| 12/31/23 | 9.32 | 0.42 | 0.82 | 1.24 |  |  | 10.56 | 13.30 | 1 | 62 | 0.83 | 0.83 | 4.20 |
| 12/31/22<br> (a) | 10.00 | 0.10 | (0.78)  | (0.68)  |  |  | 9.32 | (6.80)  | 1 | 5 | 0.79 | 0.79 | 1.52 |
| **JNL/Neuberger Berman Strategic Income Fund** | **JNL/Neuberger Berman Strategic Income Fund** | **JNL/Neuberger Berman Strategic Income Fund** | **JNL/Neuberger Berman Strategic Income Fund** | **JNL/Neuberger Berman Strategic Income Fund** | **JNL/Neuberger Berman Strategic Income Fund** | **JNL/Neuberger Berman Strategic Income Fund** | **JNL/Neuberger Berman Strategic Income Fund** |  |  |  |  |  |  |
| Class A | Class A | Class A | Class A | Class A |  |  |  |  |  |  |  |  |  |
| 06/30/25 | 12.79 | 0.32 | 0.33 | 0.65 |  |  | 13.44 | 5.08 | 977524 | 51<br> (b) | 0.95 | 0.95 | 4.94 |
| 12/31/24 | 12.12 | 0.61 | 0.06 | 0.67 |  |  | 12.79 | 5.53 | 630923 | 67<br> (b) | 0.94 | 0.94 | 4.94 |
| 12/31/23 | 11.04 | 0.54 | 0.54 | 1.08 |  |  | 12.12 | 9.78 | 618751 | 68<br> (b) | 0.94 | 0.94 | 4.76 |
| 12/31/22 | 12.38 | 0.39 | (1.73)  | (1.34)  |  |  | 11.04 | (10.82)  | 562041 | 55<br> (b) | 0.94 | 0.94 | 3.42 |
| 12/31/21 | 12.06 | 0.31 | 0.01 | 0.32 |  |  | 12.38 | 2.65 | 705176 | 68<br> (b) | 0.93 | 0.93 | 2.53 |
| 12/31/20 | 11.27 | 0.31 | 0.48 | 0.79 |  |  | 12.06 | 7.01 | 638226 | 116<br> (b) | 0.94 | 0.94 | 2.76 |
| Class I | Class I | Class I | Class I | Class I |  |  |  |  |  |  |  |  |  |
| 06/30/25 | 13.10 | 0.35 | 0.33 | 0.68 |  |  | 13.78 | 5.19 | 76735 | 51<br> (b) | 0.65 | 0.65 | 5.25 |
| 12/31/24 | 12.37 | 0.67 | 0.06 | 0.73 |  |  | 13.10 | 5.90 | 74219 | 67<br> (b) | 0.64 | 0.64 | 5.24 |
| 12/31/23 | 11.23 | 0.59 | 0.55 | 1.14 |  |  | 12.37 | 10.15 | 79998 | 68<br> (b) | 0.64 | 0.64 | 5.06 |
| 12/31/22 | 12.56 | 0.43 | (1.76)  | (1.33)  |  |  | 11.23 | (10.59)  | 83256 | 55<br> (b) | 0.64 | 0.64 | 3.69 |
| 12/31/21 | 12.19 | 0.35 | 0.02 | 0.37 |  |  | 12.56 | 3.04 | 166937 | 68<br> (b) | 0.63 | 0.63 | 2.84 |
| 12/31/20 | 11.36 | 0.35 | 0.48 | 0.83 |  |  | 12.19 | 7.31 | 169051 | 116<br> (b) | 0.64 | 0.64 | 3.07 |

---

(a) The
 Fund commenced operations on April 25, 2022.

(b) Portfolio
 turnover including dollar roll transactions for JNL/Neuberger Berman Strategic Income Fund was as follows: June 30, 2025: 134%; December
 31, 2024: 199%; December 31, 2023: 289%; December 31, 2022: 309%; December 31, 2021: 305%; December 31, 2020: 385%

See accompanying Notes to Financial Statements.

725

**JNL Series Trust (Unaudited)**

**Financial Highlights**

**For a Share Outstanding**

---

| | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  |  | Increase (decrease) from investment operations | Increase (decrease) from investment operations | Increase (decrease) from investment operations | Distributions from | Distributions from |  |  | Supplemental data | Supplemental data |  | Ratios |  |
| Period ended | Net asset value, beginning of period($) | Net investment income (loss)($) | Net realized & unrealized gains (losses)($) | Total from investment operations($) | Net investment income($) | Net realized gains on investment transactions($) | Net asset value, end of period($) | Total return(%) | Net assets,end of period (in thousands)($) | Portfolio turnover (%) | Net expenses to average net assets(%) | Total expenses to average net assets(%) | Net investment income (loss) to average net assets(%) |
| **JNL/Newton Equity Income Fund** | **JNL/Newton Equity Income Fund** | **JNL/Newton Equity Income Fund** | **JNL/Newton Equity Income Fund** | **JNL/Newton Equity Income Fund** | **JNL/Newton Equity Income Fund** | **JNL/Newton Equity Income Fund** | **JNL/Newton Equity Income Fund** |  |  |  |  |  |  |
| Class A | Class A | Class A | Class A | Class A |  |  |  |  |  |  |  |  |  |
| 06/30/25 | 33.52 | 0.24 | 2.47 | 2.71 |  |  | 36.23 | 8.08 | 2599377 | 35 | 0.86 | 0.86 | 1.40 |
| 12/31/24 | 28.64 | 0.49 | 4.39 | 4.88 |  |  | 33.52 | 17.04 | 2160071 | 70 | 0.86 | 0.87 | 1.53 |
| 12/31/23 | 25.95 | 0.40 | 2.29 | 2.69 |  |  | 28.64 | 10.37 | 1738567 | 84 | 0.88 | 0.88 | 1.50 |
| 12/31/22 | 25.00 | 0.37 | 0.58 | 0.95 |  |  | 25.95 | 3.80 | 1715044 | 76 | 0.90 | 0.90 | 1.48 |
| 12/31/21 | 18.83 | 0.28 | 5.89 | 6.17 |  |  | 25.00 | 32.77 | 547497 | 96 | 0.91 | 0.91 | 1.21 |
| 12/31/20 | 18.38 | 0.26 | 0.19 | 0.45 |  |  | 18.83 | 2.45 | 207104 | 80 | 0.90 | 0.90 | 1.64 |
| Class I | Class I | Class I | Class I | Class I |  |  |  |  |  |  |  |  |  |
| 06/30/25 | 34.22 | 0.30 | 2.52 | 2.82 |  |  | 37.04 | 8.24 | 735148 | 35 | 0.56 | 0.56 | 1.73 |
| 12/31/24 | 29.14 | 0.60 | 4.48 | 5.08 |  |  | 34.22 | 17.43 | 557930 | 70 | 0.56 | 0.57 | 1.84 |
| 12/31/23 | 26.33 | 0.49 | 2.32 | 2.81 |  |  | 29.14 | 10.67 | 162330 | 84 | 0.58 | 0.58 | 1.80 |
| 12/31/22 | 25.29 | 0.53 | 0.51 | 1.04 |  |  | 26.33 | 4.11 | 157541 | 76 | 0.60 | 0.60 | 2.08 |
| 12/31/21 | 18.99 | 0.36 | 5.94 | 6.30 |  |  | 25.29 | 33.18 | 10008 | 96 | 0.61 | 0.61 | 1.53 |
| 12/31/20 | 18.48 | 0.33 | 0.18 | 0.51 |  |  | 18.99 | 2.76 | 3084 | 80 | 0.60 | 0.60 | 1.98 |
| **JNL/PIMCO Income Fund** | **JNL/PIMCO Income Fund** | **JNL/PIMCO Income Fund** | **JNL/PIMCO Income Fund** | **JNL/PIMCO Income Fund** | **JNL/PIMCO Income Fund** | **JNL/PIMCO Income Fund** | **JNL/PIMCO Income Fund** |  |  |  |  |  |  |
| Class A | Class A | Class A | Class A | Class A |  |  |  |  |  |  |  |  |  |
| 06/30/25 | 11.74 | 0.30 | 0.40 | 0.70 |  |  | 12.44 | 5.96 | 1118790 | 11<br> (a) | 1.05<br> (b) | 1.05<br> (b) | 5.05 |
| 12/31/24 | 11.22 | 0.61 | (0.09)  | 0.52 |  |  | 11.74 | 4.63 | 1040912 | 25<br> (a) | 1.15<br> (b) | 1.15<br> (b) | 5.27 |
| 12/31/23 | 10.34 | 0.53 | 0.35 | 0.88 |  |  | 11.22 | 8.51 | 904665 | 532 | 1.04<br> (b) | 1.04<br> (b) | 4.95 |
| 12/31/22 | 11.25 | 0.38 | (1.29)  | (0.91)  |  |  | 10.34 | (8.09)  | 733830 | 407 | 0.94<br> (b) | 0.94<br> (b) | 3.66 |
| 12/31/21 | 11.03 | 0.28 | (0.06)  | 0.22 |  |  | 11.25 | 1.99 | 913625 | 464 | 0.93 | 0.93 | 2.48 |
| 12/31/20 | 10.51 | 0.27 | 0.25 | 0.52 |  |  | 11.03 | 4.95 | 796728 | 524 | 0.94<br> (b) | 0.94<br> (b) | 2.57 |
| Class I | Class I | Class I | Class I | Class I |  |  |  |  |  |  |  |  |  |
| 06/30/25 | 11.99 | 0.33 | 0.41 | 0.74 |  |  | 12.73 | 6.17 | 471400 | 11<br> (a) | 0.75<br> (b) | 0.75<br> (b) | 5.35 |
| 12/31/24 | 11.42 | 0.65 | (0.08)  | 0.57 |  |  | 11.99 | 4.99 | 472927 | 25<br> (a) | 0.85<br> (b) | 0.85<br> (b) | 5.56 |
| 12/31/23 | 10.50 | 0.57 | 0.35 | 0.92 |  |  | 11.42 | 8.76 | 599169 | 532 | 0.74<br> (b) | 0.74<br> (b) | 5.25 |
| 12/31/22 | 11.39 | 0.42 | (1.31)  | (0.89)  |  |  | 10.50 | (7.81)  | 512658 | 407 | 0.64<br> (b) | 0.64<br> (b) | 3.95 |
| 12/31/21 | 11.13 | 0.31 | (0.05)  | 0.26 |  |  | 11.39 | 2.34 | 787820 | 464 | 0.63 | 0.63 | 2.77 |
| 12/31/20 | 10.57 | 0.30 | 0.26 | 0.56 |  |  | 11.13 | 5.30 | 908423 | 524 | 0.64<br> (b) | 0.64<br> (b) | 2.87 |
| **JNL/PIMCO Investment Grade Credit Bond Fund** | **JNL/PIMCO Investment Grade Credit Bond Fund** | **JNL/PIMCO Investment Grade Credit Bond Fund** | **JNL/PIMCO Investment Grade Credit Bond Fund** | **JNL/PIMCO Investment Grade Credit Bond Fund** | **JNL/PIMCO Investment Grade Credit Bond Fund** | **JNL/PIMCO Investment Grade Credit Bond Fund** | **JNL/PIMCO Investment Grade Credit Bond Fund** |  |  |  |  |  |  |
| Class A | Class A | Class A | Class A | Class A |  |  |  |  |  |  |  |  |  |
| 06/30/25 | 12.31 | 0.26 | 0.32 | 0.58 |  |  | 12.89 | 4.71 | 475159 | 15<br> (c) | 0.97<br> (d) | 0.97<br> (d) | 4.26 |
| 12/31/24 | 11.98 | 0.47 | (0.14)  | 0.33 |  |  | 12.31 | 2.75 | 478081 | 45<br> (c) | 1.16<br> (d) | 1.16<br> (d) | 3.86 |
| 12/31/23 | 11.12 | 0.41 | 0.45 | 0.86 |  |  | 11.98 | 7.73 | 485483 | 126 | 0.84<br> (d) | 0.84<br> (d) | 3.60 |
| 12/31/22 | 13.33 | 0.36 | (2.57)  | (2.21)  |  |  | 11.12 | (16.58)  | 452278 | 74 | 0.81<br> (d) | 0.81<br> (d) | 3.08 |
| 12/31/21 | 13.55 | 0.35 | (0.57)  | (0.22)  |  |  | 13.33 | (1.62)  | 635066 | 105 | 0.73<br> (d) | 0.73<br> (d) | 2.61 |
| 12/31/20 | 12.26 | 0.30 | 0.99 | 1.29 |  |  | 13.55 | 10.52 | 716376 | 167 | 0.74<br> (d) | 0.74<br> (d) | 2.30 |
| Class I | Class I | Class I | Class I | Class I |  |  |  |  |  |  |  |  |  |
| 06/30/25 | 12.52 | 0.29 | 0.33 | 0.62 |  |  | 13.14 | 4.95 | 373156 | 15<br> (c) | 0.67<br> (d) | 0.67<br> (d) | 4.56 |
| 12/31/24 | 12.15 | 0.51 | (0.14)  | 0.37 |  |  | 12.52 | 3.05 | 390923 | 45<br> (c) | 0.86<br> (d) | 0.86<br> (d) | 4.17 |
| 12/31/23 | 11.25 | 0.45 | 0.45 | 0.90 |  |  | 12.15 | 8.00 | 398825 | 126 | 0.54<br> (d) | 0.54<br> (d) | 3.89 |
| 12/31/22 | 13.43 | 0.40 | (2.58)  | (2.18)  |  |  | 11.25 | (16.23)  | 479106 | 74 | 0.51<br> (d) | 0.51<br> (d) | 3.37 |
| 12/31/21 | 13.62 | 0.39 | (0.58)  | (0.19)  |  |  | 13.43 | (1.40)  | 1001193 | 105 | 0.43<br> (d) | 0.43<br> (d) | 2.91 |
| 12/31/20 | 12.28 | 0.33 | 1.01 | 1.34 |  |  | 13.62 | 10.91 | 1165502 | 167 | 0.44<br> (d) | 0.44<br> (d) | 2.58 |

---

(a) Portfolio
 turnover including dollar roll transactions for JNL/PIMCO Income Fund was as follows: June 30, 2025: 321%; December 31, 2024: 642%;

(b) The
 total and net expense ratios, respectively, to average net assets without dividend expenses, net borrowing fees on securities sold short
 or interest expense for JNL/PIMCO Income Fund were as follows: Class A: June 30, 2025: 0.93%, 0.93% December 31, 2024: 0.94%, 0.94% December
 31, 2023: 0.95%, 0.95% December 31, 2022: 0.94%, 0.94% December 31, 2020: 0.94%, 0.94% Class I: June 30, 2025: 0.63%, 0.63% December 31,
 2024: 0.64%, 0.64% December 31, 2023: 0.65%, 0.65% December 31, 2022: 0.64%, 0.64% December 31, 2020: 0.64%, 0.64%

(c) Portfolio
 turnover including dollar roll transactions for JNL/PIMCO Investment Grade Credit Bond Fund was as follows: June 30, 2025: 118%; December
 31, 2024: 212%;

(d) The
 total and net expense ratios, respectively, to average net assets without dividend expenses, net borrowing fees on securities sold short
 or interest expense for JNL/PIMCO Investment Grade Credit Bond Fund were as follows: Class A: June 30, 2025: 0.75%, 0.75% December 31,
 2024: 0.75%, 0.75% December 31, 2023: 0.76%, 0.76% December 31, 2022: 0.74%, 0.74% December 31, 2021: 0.73%, 0.73% December 31, 2020:
 0.74%, 0.74% Class I: June 30, 2025: 0.45%, 0.45% December 31, 2024: 0.45%, 0.45% December 31, 2023: 0.46%, 0.46% December 31, 2022: 0.44%,
 0.44% December 31, 2021: 0.43%, 0.43% December 31, 2020: 0.44%, 0.44%

See accompanying Notes to Financial Statements.

726

**JNL Series Trust (Unaudited)**

**Financial Highlights**

**For a Share Outstanding**

---

| | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  |  | Increase (decrease) from investment operations | Increase (decrease) from investment operations | Increase (decrease) from investment operations | Distributions from | Distributions from |  |  | Supplemental data | Supplemental data |  | Ratios |  |
| Period ended | Net asset value, beginning of period($) | Net investment income (loss)($) | Net realized & unrealized gains (losses)($) | Total from investment operations($) | Net investment income($) | Net realized gains on investment transactions($) | Net asset value, end of period($) | Total return(%) | Net assets,end of period (in thousands)($) | Portfolio turnover (%) | Net expenses to average net assets(%) | Total expenses to average net assets(%) | Net investment income (loss) to average net assets(%) |
| **JNL/PIMCO Real Return Fund** | **JNL/PIMCO Real Return Fund** | **JNL/PIMCO Real Return Fund** | **JNL/PIMCO Real Return Fund** | **JNL/PIMCO Real Return Fund** | **JNL/PIMCO Real Return Fund** | **JNL/PIMCO Real Return Fund** | **JNL/PIMCO Real Return Fund** |  |  |  |  |  |  |
| Class A | Class A | Class A | Class A | Class A |  |  |  |  |  |  |  |  |  |
| 06/30/25 | 11.51 | 0.22 | 0.37 | 0.59 |  |  | 12.10 | 5.13 | 950142 | 33<br> (a) | 1.58<br> (b) | 1.58<br> (b) | 3.81 |
| 12/31/24 | 11.28 | 0.38 | (0.15)  | 0.23 |  |  | 11.51 | 2.04 | 921609 | 13<br> (a) | 1.34<br> (b) | 1.34<br> (b) | 3.33 |
| 12/31/23 | 10.85 | 0.41 | 0.02 | 0.43 |  |  | 11.28 | 3.96 | 1043415 | 141 | 1.06<br> (b) | 1.06<br> (b) | 3.69 |
| 12/31/22 | 12.30 | 0.65 | (2.10)  | (1.45)  |  |  | 10.85 | (11.79)  | 1172015 | 39 | 0.95<br> (b) | 0.95<br> (b) | 5.68 |
| 12/31/21 | 11.67 | 0.37 | 0.26 | 0.63 |  |  | 12.30 | 5.40 | 1449465 | 49 | 0.81<br> (b) | 0.81<br> (b) | 3.09 |
| 12/31/20 | 10.47 | 0.08 | 1.12 | 1.20 |  |  | 11.67 | 11.46 | 1238237 | 179 | 0.95<br> (b) | 0.95<br> (b) | 0.75 |
| Class I | Class I | Class I | Class I | Class I |  |  |  |  |  |  |  |  |  |
| 06/30/25 | 11.85 | 0.25 | 0.37 | 0.62 |  |  | 12.47 | 5.23 | 162013 | 33<br> (a) | 1.28<br> (b) | 1.28<br> (b) | 4.10 |
| 12/31/24 | 11.57 | 0.43 | (0.15)  | 0.28 |  |  | 11.85 | 2.42 | 160147 | 13<br> (a) | 1.04<br> (b) | 1.04<br> (b) | 3.68 |
| 12/31/23 | 11.10 | 0.45 | 0.02 | 0.47 |  |  | 11.57 | 4.23 | 360623 | 141 | 0.76<br> (b) | 0.76<br> (b) | 4.00 |
| 12/31/22 | 12.55 | 0.70 | (2.15)  | (1.45)  |  |  | 11.10 | (11.55)  | 364464 | 39 | 0.65<br> (b) | 0.65<br> (b) | 5.99 |
| 12/31/21 | 11.86 | 0.43 | 0.26 | 0.69 |  |  | 12.55 | 5.82 | 467665 | 49 | 0.51<br> (b) | 0.51<br> (b) | 3.56 |
| 12/31/20 | 10.61 | 0.12 | 1.13 | 1.25 |  |  | 11.86 | 11.78 | 347527 | 179 | 0.65<br> (b) | 0.65<br> (b) | 1.05 |
| **JNL/PPM America High Yield Bond Fund** | **JNL/PPM America High Yield Bond Fund** | **JNL/PPM America High Yield Bond Fund** | **JNL/PPM America High Yield Bond Fund** | **JNL/PPM America High Yield Bond Fund** | **JNL/PPM America High Yield Bond Fund** | **JNL/PPM America High Yield Bond Fund** | **JNL/PPM America High Yield Bond Fund** |  |  |  |  |  |  |
| Class A | Class A | Class A | Class A | Class A |  |  |  |  |  |  |  |  |  |
| 06/30/25 | 16.61 | 0.61 | 0.08 | 0.69 |  |  | 17.30 | 4.15 | 1156465 | 31 | 0.74 | 0.74 | 7.28 |
| 12/31/24 | 15.39 | 1.16 | 0.06 | 1.22 |  |  | 16.61 | 7.93 | 1202046 | 79 | 0.74 | 0.74 | 7.25 |
| 12/31/23 | 13.64 | 0.98 | 0.77 | 1.75 |  |  | 15.39 | 12.83 | 1203837 | 58 | 0.75 | 0.75 | 6.84 |
| 12/31/22 | 15.45 | 0.80 | (2.61)  | (1.81)  |  |  | 13.64 | (11.72)  | 1155672 | 49 | 0.74 | 0.74 | 5.65 |
| 12/31/21 | 14.61 | 0.75 | 0.09 | 0.84 |  |  | 15.45 | 5.75 | 1537895 | 62 | 0.74 | 0.74 | 4.95 |
| 12/31/20 | 13.90 | 0.70 | 0.01 | 0.71 |  |  | 14.61 | 5.11<br> (c) | 1412152 | 77 | 0.74 | 0.74 | 5.18 |
| Class I | Class I | Class I | Class I | Class I |  |  |  |  |  |  |  |  |  |
| 06/30/25 | 19.82 | 0.76 | 0.10 | 0.86 |  |  | 20.68 | 4.34 | 218321 | 31 | 0.44 | 0.44 | 7.58 |
| 12/31/24 | 18.31 | 1.44 | 0.07 | 1.51 |  |  | 19.82 | 8.25 | 227742 | 79 | 0.44 | 0.44 | 7.54 |
| 12/31/23 | 16.18 | 1.21 | 0.92 | 2.13 |  |  | 18.31 | 13.16 | 206168 | 58 | 0.45 | 0.45 | 7.12 |
| 12/31/22 | 18.27 | 0.99 | (3.08)  | (2.09)  |  |  | 16.18 | (11.44)  | 231880 | 49 | 0.44 | 0.44 | 5.89 |
| 12/31/21 | 17.22 | 0.93 | 0.12 | 1.05 |  |  | 18.27 | 6.10 | 411167 | 62 | 0.44 | 0.44 | 5.26 |
| 12/31/20 | 16.33 | 0.87 | 0.02 | 0.89 |  |  | 17.22 | 5.45<br> (c) | 491339 | 77 | 0.44 | 0.44 | 5.48 |
| **JNL/PPM America Investment Grade Credit Fund** | **JNL/PPM America Investment Grade Credit Fund** | **JNL/PPM America Investment Grade Credit Fund** | **JNL/PPM America Investment Grade Credit Fund** | **JNL/PPM America Investment Grade Credit Fund** | **JNL/PPM America Investment Grade Credit Fund** | **JNL/PPM America Investment Grade Credit Fund** | **JNL/PPM America Investment Grade Credit Fund** |  |  |  |  |  |  |
| Class A | Class A | Class A | Class A | Class A |  |  |  |  |  |  |  |  |  |
| 06/30/25 | 10.41 | 0.23 | 0.19 | 0.42 |  |  | 10.83 | 4.03 | 7312 | 38 | 0.83 | 0.83 | 4.45 |
| 12/31/24<br> (d) | 10.00 | 0.31 | 0.10 | 0.41 |  |  | 10.41 | 4.10 | 995 | 47 | 0.83 | 0.83 | 4.39 |
| Class I | Class I | Class I | Class I | Class I |  |  |  |  |  |  |  |  |  |
| 06/30/25 | 10.44 | 0.25 | 0.18 | 0.43 |  |  | 10.87 | 4.12 | 274227 | 38 | 0.53 | 0.53 | 4.76 |
| 12/31/24<br> (d) | 10.00 | 0.34 | 0.10 | 0.44 |  |  | 10.44 | 4.40 | 294596 | 47 | 0.53 | 0.53 | 4.76 |

---

(a) Portfolio
 turnover including dollar roll transactions for JNL/PIMCO Real Return Fund was as follows: June 30, 2025: 121%; December 31, 2024: 206%;

(b) The
 total and net expense ratios, respectively, to average net assets without dividend expenses, net borrowing fees on securities sold short
 or interest expense for JNL/PIMCO Real Return Fund were as follows: Class A: June 30, 2025: 0.79%, 0.79% December 31, 2024: 0.79%, 0.79%
 December 31, 2023: 0.79%, 0.79% December 31, 2022: 0.79%, 0.79% December 31, 2021: 0.79%, 0.79% December 31, 2020: 0.79%, 0.79% Class
 I: June 30, 2025: 0.49%, 0.49% December 31, 2024: 0.49%, 0.49% December 31, 2023: 0.49%, 0.49% December 31, 2022: 0.49%, 0.49% December
 31, 2021: 0.49%, 0.49% December 31, 2020: 0.49%, 0.49%

(c) Total
 return for the Fund includes class action settlement proceeds. The return for Class A and Class I, respectively, without the class action
 settlement proceeds was as follows: JNL/PPM America High Yield Bond Fund: 5.04% and 5.39%

(d) The
 Fund commenced operations on April 29, 2024.

See accompanying Notes to Financial Statements.

727

**JNL Series Trust (Unaudited)**

**Financial Highlights**

**For a Share Outstanding**

---

| | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  |  | Increase (decrease) from investment operations | Increase (decrease) from investment operations | Increase (decrease) from investment operations | Distributions from | Distributions from |  |  | Supplemental data | Supplemental data |  | Ratios |  |
| Period ended | Net asset value, beginning of period($) | Net investment income (loss)($) | Net realized & unrealized gains (losses)($) | Total from investment operations($) | Net investment income($) | Net realized gains on investment transactions($) | Net asset value, end of period($) | Total return(%) | Net assets,end of period (in thousands)($) | Portfolio turnover (%) | Net expenses to average net assets(%) | Total expenses to average net assets(%) | Net investment income (loss) to average net assets(%) |
| **JNL/PPM America Total Return Fund** | **JNL/PPM America Total Return Fund** | **JNL/PPM America Total Return Fund** | **JNL/PPM America Total Return Fund** | **JNL/PPM America Total Return Fund** | **JNL/PPM America Total Return Fund** | **JNL/PPM America Total Return Fund** | **JNL/PPM America Total Return Fund** |  |  |  |  |  |  |
| Class A | Class A | Class A | Class A | Class A |  |  |  |  |  |  |  |  |  |
| 06/30/25 | 12.89 | 0.28 | 0.23 | 0.51 |  |  | 13.40 | 3.96 | 561786 | 50 | 0.79 | 0.79 | 4.30 |
| 12/31/24 | 12.63 | 0.53 | (0.27)  | 0.26 |  |  | 12.89 | 2.06 | 579058 | 88<br> (a) | 0.79 | 0.79 | 4.16 |
| 12/31/23 | 11.84 | 0.43 | 0.36 | 0.79 |  |  | 12.63 | 6.67 | 588245 | 93<br> (a) | 0.79 | 0.79 | 3.59 |
| 12/31/22 | 13.78 | 0.28 | (2.22)  | (1.94)  |  |  | 11.84 | (14.08)  | 544995 | 75<br> (a) | 0.78 | 0.78 | 2.28 |
| 12/31/21 | 13.94 | 0.21 | (0.37)  | (0.16)  |  |  | 13.78 | (1.15)  | 784767 | 105<br> (a) | 0.78 | 0.78 | 1.55 |
| 12/31/20 | 12.69 | 0.26 | 0.99 | 1.25 |  |  | 13.94 | 9.85 | 821727 | 80<br> (a) | 0.78 | 0.78 | 1.90 |
| Class I | Class I | Class I | Class I | Class I |  |  |  |  |  |  |  |  |  |
| 06/30/25 | 13.09 | 0.30 | 0.24 | 0.54 |  |  | 13.63 | 4.13 | 876845 | 50 | 0.49 | 0.49 | 4.60 |
| 12/31/24 | 12.79 | 0.58 | (0.28)  | 0.30 |  |  | 13.09 | 2.35 | 925440 | 88<br> (a) | 0.49 | 0.49 | 4.46 |
| 12/31/23 | 11.96 | 0.48 | 0.35 | 0.83 |  |  | 12.79 | 6.94 | 1081782 | 93<br> (a) | 0.49 | 0.49 | 3.92 |
| 12/31/22 | 13.87 | 0.32 | (2.23)  | (1.91)  |  |  | 11.96 | (13.77)  | 768233 | 75<br> (a) | 0.48 | 0.48 | 2.58 |
| 12/31/21 | 13.99 | 0.26 | (0.38)  | (0.12)  |  |  | 13.87 | (0.86)  | 1177823 | 105<br> (a) | 0.48 | 0.48 | 1.85 |
| 12/31/20 | 12.69 | 0.30 | 1.00 | 1.30 |  |  | 13.99 | 10.24 | 1176797 | 80<br> (a) | 0.48 | 0.48 | 2.22 |
| **JNL/RAFI Fundamental U.S. Small Cap Fund** | **JNL/RAFI Fundamental U.S. Small Cap Fund** | **JNL/RAFI Fundamental U.S. Small Cap Fund** | **JNL/RAFI Fundamental U.S. Small Cap Fund** | **JNL/RAFI Fundamental U.S. Small Cap Fund** | **JNL/RAFI Fundamental U.S. Small Cap Fund** | **JNL/RAFI Fundamental U.S. Small Cap Fund** | **JNL/RAFI Fundamental U.S. Small Cap Fund** |  |  |  |  |  |  |
| Class A | Class A | Class A | Class A | Class A |  |  |  |  |  |  |  |  |  |
| 06/30/25 | 9.71 | 0.05 | (0.19) | (0.14) |  |  | 9.57 | (1.44)  | 372609 | 12 | 0.67 | 0.67 | 1.18 |
| 12/31/24 | 8.77 | 0.08 | 0.86 | 0.94 |  |  | 9.71 | 10.72 | 401718 | 20 | 0.67 | 0.67 | 0.92 |
| 12/31/23 | 7.48 | 0.09 | 1.20 | 1.29 |  |  | 8.77 | 17.25 | 422736 | 21 | 0.67 | 0.67 | 1.12 |
| 12/31/22 | 8.70 | 0.09 | (1.31)  | (1.22)  |  |  | 7.48 | (14.02)  | 404209 | 21 | 0.67 | 0.67 | 1.10 |
| 12/31/21 | 6.68 | 0.06 | 1.96 | 2.02 |  |  | 8.70 | 30.24 | 534346 | 40 | 0.67 | 0.67 | 0.75 |
| 12/31/20 | 6.15 | 0.06 | 0.47 | 0.53 |  |  | 6.68 | 8.62 | 411422 | 26 | 0.67 | 0.67 | 1.10 |
| Class I | Class I | Class I | Class I | Class I |  |  |  |  |  |  |  |  |  |
| 06/30/25 | 9.63 | 0.07 | (0.19)  | (0.12)  |  |  | 9.51 | (1.25)  | 5858 | 12 | 0.32 | 0.37 | 1.53 |
| 12/31/24 | 8.67 | 0.12 | 0.84 | 0.96 |  |  | 9.63 | 11.07 | 6304 | 20 | 0.32 | 0.37 | 1.27 |
| 12/31/23 | 7.37 | 0.11 | 1.19 | 1.30 |  |  | 8.67 | 17.64 | 5389 | 21 | 0.32 | 0.37 | 1.47 |
| 12/31/22 | 8.54 | 0.11 | (1.28)  | (1.17)  |  |  | 7.37 | (13.70)  | 5188 | 21 | 0.32 | 0.37 | 1.45 |
| 12/31/21 | 6.53 | 0.09 | 1.92 | 2.01 |  |  | 8.54 | 30.78 | 7080 | 40 | 0.32 | 0.37 | 1.11 |
| 12/31/20 | 5.99 | 0.08 | 0.46 | 0.54 |  |  | 6.53 | 9.02 | 2690 | 26 | 0.32 | 0.37 | 1.50 |
| **JNL/RAFI Multi-Factor U.S. Equity Fund** | **JNL/RAFI Multi-Factor U.S. Equity Fund** | **JNL/RAFI Multi-Factor U.S. Equity Fund** | **JNL/RAFI Multi-Factor U.S. Equity Fund** | **JNL/RAFI Multi-Factor U.S. Equity Fund** | **JNL/RAFI Multi-Factor U.S. Equity Fund** | **JNL/RAFI Multi-Factor U.S. Equity Fund** | **JNL/RAFI Multi-Factor U.S. Equity Fund** |  |  |  |  |  |  |
| Class A | Class A | Class A | Class A | Class A |  |  |  |  |  |  |  |  |  |
| 06/30/25 | 24.25 | 0.17 | 1.77 | 1.94 |  |  | 26.19 | 8.00 | 2110437 | 21 | 0.67 | 0.67 | 1.42 |
| 12/31/24 | 20.44 | 0.29 | 3.52 | 3.81 |  |  | 24.25 | 18.64 | 2115129 | 37 | 0.67 | 0.67 | 1.28 |
| 12/31/23 | 18.24 | 0.32 | 1.88 | 2.20 |  |  | 20.44 | 12.06 | 2118805 | 33 | 0.67 | 0.67 | 1.72 |
| 12/31/22 | 19.83 | 0.30 | (1.89)  | (1.59)  |  |  | 18.24 | (8.02)  | 2174350 | 33 | 0.67 | 0.67 | 1.63 |
| 12/31/21 | 15.69 | 0.21 | 3.93 | 4.14 |  |  | 19.83 | 26.39 | 2725657 | 36 | 0.67 | 0.67 | 1.18 |
| 12/31/20 | 14.27 | 0.21 | 1.21 | 1.42 |  |  | 15.69 | 9.95 | 2556362 | 40 | 0.67 | 0.67 | 1.60 |
| Class I | Class I | Class I | Class I | Class I |  |  |  |  |  |  |  |  |  |
| 06/30/25 | 24.68 | 0.22 | 1.78 | 2.00 |  |  | 26.68 | 8.10 | 27746 | 21 | 0.37 | 0.37 | 1.72 |
| 12/31/24 | 20.73 | 0.37 | 3.58 | 3.95 |  |  | 24.68 | 19.05 | 26445 | 37 | 0.37 | 0.37 | 1.58 |
| 12/31/23 | 18.44 | 0.38 | 1.91 | 2.29 |  |  | 20.73 | 12.42 | 22517 | 33 | 0.37 | 0.37 | 2.02 |
| 12/31/22 | 19.99 | 0.36 | (1.91)  | (1.55)  |  |  | 18.44 | (7.75)  | 21945 | 33 | 0.37 | 0.37 | 1.94 |
| 12/31/21 | 15.77 | 0.27 | 3.95 | 4.22 |  |  | 19.99 | 26.76 | 25867 | 36 | 0.37 | 0.37 | 1.49 |
| 12/31/20 | 14.30 | 0.26 | 1.21 | 1.47 |  |  | 15.77 | 10.28 | 17528 | 40 | 0.37 | 0.37 | 1.90 |

---

(a) Portfolio
 turnover including dollar roll transactions for JNL/PPM America Total Return Fund was as follows: December 31, 2024: 95%; December 31,
 2023: 122%; December 31, 2022: 97%; December 31, 2021: 146%; December 31, 2020: 118%

See accompanying Notes to Financial Statements.

728

**JNL Series Trust (Unaudited)**

**Financial Highlights**

**For a Share Outstanding**

---

| | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  |  | Increase (decrease) from investment operations | Increase (decrease) from investment operations | Increase (decrease) from investment operations | Distributions from | Distributions from |  |  | Supplemental data | Supplemental data |  | Ratios |  |
| Period ended | Net asset value, beginning of period($) | Net investment income (loss)($) | Net realized & unrealized gains (losses)($) | Total from investment operations($) | Net investment income($) | Net realized gains on investment transactions($) | Net asset value, end of period($) | Total return(%) | Net assets,end of period (in thousands)($) | Portfolio turnover (%) | Net expenses to average net assets(%) | Total expenses to average net assets(%) | Net investment income (loss) to average net assets(%) |
| **JNL/T. Rowe Price Balanced Fund** | **JNL/T. Rowe Price Balanced Fund** | **JNL/T. Rowe Price Balanced Fund** | **JNL/T. Rowe Price Balanced Fund** | **JNL/T. Rowe Price Balanced Fund** | **JNL/T. Rowe Price Balanced Fund** | **JNL/T. Rowe Price Balanced Fund** | **JNL/T. Rowe Price Balanced Fund** |  |  |  |  |  |  |
| Class A | Class A | Class A | Class A | Class A |  |  |  |  |  |  |  |  |  |
| 06/30/25 | 18.53 | 0.20 | 1.21 | 1.41 |  |  | 19.94 | 7.61 | 558770 | 29 | 0.96 | 0.96 | 2.12 |
| 12/31/24 | 16.61 | 0.32 | 1.60 | 1.92 |  |  | 18.53 | 11.56 | 520453 | 58 | 0.96 | 0.97 | 1.78 |
| 12/31/23 | 14.15 | 0.28 | 2.18 | 2.46 |  |  | 16.61 | 17.39 | 514090 | 64 | 0.98 | 0.99 | 1.80 |
| 12/31/22 | 17.18 | 0.22 | (3.25)  | (3.03)  |  |  | 14.15 | (17.64)  | 442413 | 151 | 1.00 | 1.00 | 1.45 |
| 12/31/21 | 15.24 | 0.14 | 1.80 | 1.94 |  |  | 17.18 | 12.73 | 566873 | 156 | 1.00 | 1.00 | 0.87 |
| 12/31/20 | 13.61 | 0.15 | 1.48 | 1.63 |  |  | 15.24 | 11.98 | 501928 | 126 | 1.01 | 1.01 | 1.13 |
| Class I | Class I | Class I | Class I | Class I |  |  |  |  |  |  |  |  |  |
| 06/30/25 | 18.92 | 0.23 | 1.25 | 1.48 |  |  | 20.40 | 7.82 | 6882 | 29 | 0.66 | 0.66 | 2.40 |
| 12/31/24 | 16.91 | 0.38 | 1.63 | 2.01 |  |  | 18.92 | 11.89 | 6887 | 58 | 0.66 | 0.67 | 2.06 |
| 12/31/23 | 14.36 | 0.33 | 2.22 | 2.55 |  |  | 16.91 | 17.76 | 4188 | 64 | 0.68 | 0.69 | 2.11 |
| 12/31/22 | 17.39 | 0.26 | (3.29)  | (3.03)  |  |  | 14.36 | (17.42)  | 3278 | 151 | 0.70 | 0.70 | 1.76 |
| 12/31/21 | 15.38 | 0.19 | 1.82 | 2.01 |  |  | 17.39 | 13.07 | 2398 | 156 | 0.70 | 0.70 | 1.15 |
| 12/31/20 | 13.70 | 0.18 | 1.50 | 1.68 |  |  | 15.38 | 12.26 | 668 | 126 | 0.71 | 0.71 | 1.26 |
| **JNL/T. Rowe Price Capital Appreciation Equity Fund** | **JNL/T. Rowe Price Capital Appreciation Equity Fund** | **JNL/T. Rowe Price Capital Appreciation Equity Fund** | **JNL/T. Rowe Price Capital Appreciation Equity Fund** | **JNL/T. Rowe Price Capital Appreciation Equity Fund** | **JNL/T. Rowe Price Capital Appreciation Equity Fund** | **JNL/T. Rowe Price Capital Appreciation Equity Fund** | **JNL/T. Rowe Price Capital Appreciation Equity Fund** |  |  |  |  |  |  |
| Class A | Class A | Class A | Class A | Class A |  |  |  |  |  |  |  |  |  |
| 06/30/25 | 9.91 | 0.00 | 0.58 | 0.58 |  |  | 10.49 | 5.85 | 220154 | 34 | 1.00 | 1.00 | 0.08 |
| 12/31/24<br> (a) | 10.00 | 0.01 | (0.10)  | (0.09)  |  |  | 9.91 | (0.90)  | 72368 | 11 | 1.00 | 1.00 | 0.32 |
| Class I | Class I | Class I | Class I | Class I |  |  |  |  |  |  |  |  |  |
| 06/30/25 | 9.92 | 0.02 | 0.57 | 0.59 |  |  | 10.51 | 5.95 | 637990 | 34 | 0.70 | 0.70 | 0.36 |
| 12/31/24<br> (a) | 10.00 | 0.01 | (0.09)  | (0.08)  |  |  | 9.92 | (0.80)  | 455905 | 11 | 0.70 | 0.70 | 0.45 |
| **JNL/T. Rowe Price Capital Appreciation Fund** | **JNL/T. Rowe Price Capital Appreciation Fund** | **JNL/T. Rowe Price Capital Appreciation Fund** | **JNL/T. Rowe Price Capital Appreciation Fund** | **JNL/T. Rowe Price Capital Appreciation Fund** | **JNL/T. Rowe Price Capital Appreciation Fund** | **JNL/T. Rowe Price Capital Appreciation Fund** | **JNL/T. Rowe Price Capital Appreciation Fund** |  |  |  |  |  |  |
| Class A | Class A | Class A | Class A | Class A |  |  |  |  |  |  |  |  |  |
| 06/30/25 | 27.93 | 0.24 | 1.43 | 1.67 |  |  | 29.60 | 5.98 | 14105396 | 57 | 0.95 | 0.95 | 1.74 |
| 12/31/24 | 24.87 | 0.54 | 2.52 | 3.06 |  |  | 27.93 | 12.30 | 13779730 | 84 | 0.95 | 0.95 | 2.02 |
| 12/31/23 | 21.00 | 0.49 | 3.38 | 3.87 |  |  | 24.87 | 18.43 | 12688769 | 69 | 0.95 | 0.96 | 2.14 |
| 12/31/22 | 23.85 | 0.25 | (3.10)  | (2.85)  |  |  | 21.00 | (11.95)  | 10288548 | 85 | 0.96 | 0.96 | 1.18 |
| 12/31/21 | 20.23 | 0.13 | 3.49 | 3.62 |  |  | 23.85 | 17.89 | 11340946 | 51 | 0.96 | 0.96 | 0.56 |
| 12/31/20 | 17.22 | 0.15 | 2.86 | 3.01 |  |  | 20.23 | 17.48 | 8392371 | 86 | 0.97 | 0.97 | 0.83 |
| Class I | Class I | Class I | Class I | Class I |  |  |  |  |  |  |  |  |  |
| 06/30/25 | 28.50 | 0.29 | 1.47 | 1.76 |  |  | 30.26 | 6.18 | 440023 | 57 | 0.65 | 0.65 | 2.02 |
| 12/31/24 | 25.30 | 0.63 | 2.57 | 3.20 |  |  | 28.50 | 12.65 | 549969 | 84 | 0.65 | 0.65 | 2.33 |
| 12/31/23 | 21.30 | 0.57 | 3.43 | 4.00 |  |  | 25.30 | 18.78 | 665335 | 69 | 0.65 | 0.66 | 2.44 |
| 12/31/22 | 24.11 | 0.32 | (3.13)  | (2.81)  |  |  | 21.30 | (11.65)  | 595286 | 85 | 0.66 | 0.66 | 1.47 |
| 12/31/21 | 20.40 | 0.19 | 3.52 | 3.71 |  |  | 24.11 | 18.19 | 682938 | 51 | 0.66 | 0.66 | 0.87 |
| 12/31/20 | 17.31 | 0.20 | 2.89 | 3.09 |  |  | 20.40 | 17.85 | 623162 | 86 | 0.67 | 0.67 | 1.13 |

---

(a) The
 Fund commenced operations on October 21, 2024.

See accompanying Notes to Financial Statements.

729

**JNL Series Trust (Unaudited)**

**Financial Highlights**

**For a Share Outstanding**

---

| | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  |  | Increase (decrease) from investment operations | Increase (decrease) from investment operations | Increase (decrease) from investment operations | Distributions from | Distributions from |  |  | Supplemental data | Supplemental data |  | Ratios |  |
| Period ended | Net asset value, beginning of period($) | Net investment income (loss)($) | Net realized & unrealized gains (losses)($) | Total from investment operations($) | Net investment income($) | Net realized gains on investment transactions($) | Net asset value, end of period($) | Total return(%) | Net assets,end of period (in thousands)($) | Portfolio turnover (%) | Net expenses to average net assets(%) | Total expenses to average net assets(%) | Net investment income (loss) to average net assets(%) |
| **JNL/T. Rowe Price Growth Stock Fund** | **JNL/T. Rowe Price Growth Stock Fund** | **JNL/T. Rowe Price Growth Stock Fund** | **JNL/T. Rowe Price Growth Stock Fund** | **JNL/T. Rowe Price Growth Stock Fund** | **JNL/T. Rowe Price Growth Stock Fund** | **JNL/T. Rowe Price Growth Stock Fund** | **JNL/T. Rowe Price Growth Stock Fund** |  |  |  |  |  |  |
| Class A | Class A | Class A | Class A | Class A |  |  |  |  |  |  |  |  |  |
| 06/30/25 | 91.99 | (0.17) | 5.30 | 5.13 |  |  | 97.12 | 5.58 | 8636704 | 16 | 0.83 | 0.83 | (0.39)  |
| 12/31/24 | 70.79 | (0.31)  | 21.51 | 21.20 |  |  | 91.99 | 29.95 | 8953590 | 34 | 0.83 | 0.83 | (0.37)  |
| 12/31/23 | 47.82 | (0.18)  | 23.15 | 22.97 |  |  | 70.79 | 48.03 | 8171284 | 32 | 0.83 | 0.83 | (0.30)  |
| 12/31/22 | 78.17 | (0.23)  | (30.12)  | (30.35)  |  |  | 47.82 | (38.83)  | 5962625 | 28 | 0.83 | 0.83 | (0.40)  |
| 12/31/21 | 68.31 | (0.37)  | 10.23 | 9.86 |  |  | 78.17 | 14.43 | 10597738 | 29 | 0.83 | 0.83 | (0.49)  |
| 12/31/20 | 49.83 | (0.19)  | 18.67 | 18.48 |  |  | 68.31 | 37.09<br> (a) | 9439629 | 35 | 0.83 | 0.83 | (0.35)  |
| Class I | Class I | Class I | Class I | Class I |  |  |  |  |  |  |  |  |  |
| 06/30/25 | 96.90 | (0.04)  | 5.60 | 5.56 |  |  | 102.46 | 5.74 | 1250780 | 16 | 0.53 | 0.53 | (0.08)  |
| 12/31/24 | 74.35 | (0.06)  | 22.61 | 22.55 |  |  | 96.90 | 30.33 | 1256024 | 34 | 0.53 | 0.53 | (0.07)  |
| 12/31/23 | 50.08 | 0.00 | 24.27 | 24.27 |  |  | 74.35 | 48.46 | 1310492 | 32 | 0.53 | 0.53 | 0.01 |
| 12/31/22 | 81.61 | (0.07)  | (31.46)  | (31.53)  |  |  | 50.08 | (38.63)  | 1259656 | 28 | 0.53 | 0.53 | (0.11)  |
| 12/31/21 | 71.10 | (0.15)  | 10.66 | 10.51 |  |  | 81.61 | 14.78 | 2717304 | 29 | 0.53 | 0.53 | (0.19)  |
| 12/31/20 | 51.71 | (0.02)  | 19.41 | 19.39 |  |  | 71.10 | 37.50<br> (a) | 2908301 | 35 | 0.53 | 0.53 | (0.04)  |
| **JNL/T. Rowe Price Mid-Cap Growth Fund** | **JNL/T. Rowe Price Mid-Cap Growth Fund** | **JNL/T. Rowe Price Mid-Cap Growth Fund** | **JNL/T. Rowe Price Mid-Cap Growth Fund** | **JNL/T. Rowe Price Mid-Cap Growth Fund** | **JNL/T. Rowe Price Mid-Cap Growth Fund** | **JNL/T. Rowe Price Mid-Cap Growth Fund** | **JNL/T. Rowe Price Mid-Cap Growth Fund** |  |  |  |  |  |  |
| Class A | Class A | Class A | Class A | Class A |  |  |  |  |  |  |  |  |  |
| 06/30/25 | 79.86 | (0.10) | 0.77 | 0.67 |  |  | 80.53 | 0.84 | 4628557 | 17 | 0.98 | 0.98 | (0.26)  |
| 12/31/24 | 73.15 | (0.19)  | 6.90 | 6.71 |  |  | 79.86 | 9.17 | 4922240 | 22 | 0.97 | 0.97 | (0.24)  |
| 12/31/23 | 60.98 | (0.09)  | 12.26 | 12.17 |  |  | 73.15 | 19.96 | 5154807 | 22 | 0.98 | 0.98 | (0.13)  |
| 12/31/22 | 78.25 | (0.20)  | (17.07)  | (17.27)  |  |  | 60.98 | (22.07)  | 4655799 | 22 | 0.97 | 0.98 | (0.31)  |
| 12/31/21 | 69.30 | (0.37)  | 9.32 | 8.95 |  |  | 78.25 | 12.91 | 6664276 | 19 | 0.98 | 0.98 | (0.49)  |
| 12/31/20 | 56.09 | (0.18)  | 13.39 | 13.21 |  |  | 69.30 | 23.55 | 6403871 | 23 | 0.99 | 0.99 | (0.32)  |
| Class I | Class I | Class I | Class I | Class I |  |  |  |  |  |  |  |  |  |
| 06/30/25 | 85.34 | 0.02 | 0.82 | 0.84 |  |  | 86.18 | 0.98 | 210603 | 17 | 0.68 | 0.68 | 0.04 |
| 12/31/24 | 77.93 | 0.05 | 7.36 | 7.41 |  |  | 85.34 | 9.51 | 216464 | 22 | 0.67 | 0.67 | 0.06 |
| 12/31/23 | 64.77 | 0.12 | 13.04 | 13.16 |  |  | 77.93 | 20.32 | 261383 | 22 | 0.68 | 0.68 | 0.17 |
| 12/31/22 | 82.86 | (0.01)  | (18.08)  | (18.09)  |  |  | 64.77 | (21.83)  | 235328 | 22 | 0.67 | 0.68 | (0.01)  |
| 12/31/21 | 73.17 | (0.15)  | 9.84 | 9.69 |  |  | 82.86 | 13.24 | 329433 | 19 | 0.68 | 0.68 | (0.19)  |
| 12/31/20 | 59.04 | 0.00 | 14.13 | 14.13 |  |  | 73.17 | 23.93 | 284182 | 23 | 0.69 | 0.69 | 0.00 |
| **JNL/T. Rowe Price Short-Term Bond Fund** | **JNL/T. Rowe Price Short-Term Bond Fund** | **JNL/T. Rowe Price Short-Term Bond Fund** | **JNL/T. Rowe Price Short-Term Bond Fund** | **JNL/T. Rowe Price Short-Term Bond Fund** | **JNL/T. Rowe Price Short-Term Bond Fund** | **JNL/T. Rowe Price Short-Term Bond Fund** | **JNL/T. Rowe Price Short-Term Bond Fund** |  |  |  |  |  |  |
| Class A | Class A | Class A | Class A | Class A |  |  |  |  |  |  |  |  |  |
| 06/30/25 | 11.02 | 0.22 | 0.10 | 0.32 |  |  | 11.34 | 2.90 | 1067794 | 49 | 0.71 | 0.71 | 3.99 |
| 12/31/24 | 10.53 | 0.42 | 0.07 | 0.49 |  |  | 11.02 | 4.65 | 1077914 | 109 | 0.72 | 0.72 | 3.94 |
| 12/31/23 | 10.04 | 0.32 | 0.17 | 0.49 |  |  | 10.53 | 4.88 | 1162682 | 70 | 0.71 | 0.71 | 3.15 |
| 12/31/22 | 10.53 | 0.17 | (0.66)  | (0.49)  |  |  | 10.04 | (4.65)  | 1292391 | 94 | 0.71 | 0.71 | 1.72 |
| 12/31/21 | 10.57 | 0.11 | (0.15)  | (0.04)  |  |  | 10.53 | (0.38)  | 1369640 | 77 | 0.71 | 0.71 | 1.00 |
| 12/31/20 | 10.17 | 0.17 | 0.23 | 0.40 |  |  | 10.57 | 3.93 | 1489869 | 61 | 0.71 | 0.71 | 1.68 |
| Class I | Class I | Class I | Class I | Class I |  |  |  |  |  |  |  |  |  |
| 06/30/25 | 11.34 | 0.24 | 0.11 | 0.35 |  |  | 11.69 | 3.09 | 32130 | 49 | 0.41 | 0.41 | 4.28 |
| 12/31/24 | 10.79 | 0.47 | 0.08 | 0.55 |  |  | 11.34 | 5.10 | 38688 | 109 | 0.42 | 0.42 | 4.24 |
| 12/31/23 | 10.27 | 0.34 | 0.18 | 0.52 |  |  | 10.79 | 5.06 | 35545 | 70 | 0.41 | 0.41 | 3.30 |
| 12/31/22 | 10.73 | 0.22 | (0.68)  | (0.46)  |  |  | 10.27 | (4.29)  | 468649 | 94 | 0.41 | 0.41 | 2.16 |
| 12/31/21 | 10.74 | 0.14 | (0.15)  | (0.01)  |  |  | 10.73 | (0.09)  | 300785 | 77 | 0.41 | 0.41 | 1.30 |
| 12/31/20 | 10.30 | 0.21 | 0.23 | 0.44 |  |  | 10.74 | 4.27 | 291484 | 61 | 0.41 | 0.41 | 1.97 |

---

(a) Total
 return for the Fund includes class action settlement proceeds. The return for Class A and Class I, respectively, without the class action
 settlement proceeds was as follows: JNL/T. Rowe Price Growth Stock Fund: 37.05% and 37.46%

See accompanying Notes to Financial Statements.

730

**JNL Series Trust (Unaudited)**

**Financial Highlights**

**For a Share Outstanding**

---

| | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  |  | Increase (decrease) from investment operations | Increase (decrease) from investment operations | Increase (decrease) from investment operations | Distributions from | Distributions from |  |  | Supplemental data | Supplemental data |  | Ratios |  |
| Period ended | Net asset value, beginning of period($) | Net investment income (loss)($) | Net realized & unrealized gains (losses)($) | Total from investment operations($) | Net investment income($) | Net realized gains on investment transactions($) | Net asset value, end of period($) | Total return(%) | Net assets,end of period (in thousands)($) | Portfolio turnover (%) | Net expenses to average net assets(%) | Total expenses to average net assets(%) | Net investment income (loss) to average net assets(%) |
| **JNL/T. Rowe Price U.S. High Yield Fund** | **JNL/T. Rowe Price U.S. High Yield Fund** | **JNL/T. Rowe Price U.S. High Yield Fund** | **JNL/T. Rowe Price U.S. High Yield Fund** | **JNL/T. Rowe Price U.S. High Yield Fund** | **JNL/T. Rowe Price U.S. High Yield Fund** | **JNL/T. Rowe Price U.S. High Yield Fund** | **JNL/T. Rowe Price U.S. High Yield Fund** |  |  |  |  |  |  |
| Class A | Class A | Class A | Class A | Class A |  |  |  |  |  |  |  |  |  |
| 06/30/25 | 12.50 | 0.44 | 0.05 | 0.49 |  |  | 12.99 | 3.92 | 197820 | 37 | 0.92 | 0.92 | 7.08 |
| 12/31/24 | 11.57 | 0.85 | 0.08 | 0.93 |  |  | 12.50 | 8.04 | 194362 | 125 | 0.93 | 0.93 | 7.06 |
| 12/31/23 | 10.18 | 0.80 | 0.59 | 1.39 |  |  | 11.57 | 13.65 | 189014 | 54 | 0.93 | 0.93 | 7.40 |
| 12/31/22 | 11.95 | 0.67 | (2.44)  | (1.77)  |  |  | 10.18 | (14.81)  | 141134 | 51 | 0.94 | 0.96 | 6.31 |
| 12/31/21 | 11.40 | 0.60 | (0.05)  | 0.55 |  |  | 11.95 | 4.82 | 163555 | 95 | 0.97 | 0.97 | 5.15 |
| 12/31/20 | 11.02 | 0.55 | (0.17)  | 0.38 |  |  | 11.40 | 3.45 | 147993 | 211 | 0.98 | 0.98 | 5.18 |
| Class I | Class I | Class I | Class I | Class I |  |  |  |  |  |  |  |  |  |
| 06/30/25 | 12.61 | 0.47 | 0.05 | 0.52 |  |  | 13.13 | 4.12 | 247676 | 37 | 0.62 | 0.62 | 7.38 |
| 12/31/24 | 11.64 | 0.89 | 0.08 | 0.97 |  |  | 12.61 | 8.33 | 272237 | 125 | 0.63 | 0.63 | 7.34 |
| 12/31/23 | 10.21 | 0.83 | 0.60 | 1.43 |  |  | 11.64 | 14.01 | 211304 | 54 | 0.63 | 0.64 | 7.69 |
| 12/31/22 | 11.95 | 0.71 | (2.45)  | (1.74)  |  |  | 10.21 | (14.56)  | 381917 | 51 | 0.64 | 0.66 | 6.56 |
| 12/31/21 | 11.37 | 0.64 | (0.06)  | 0.58 |  |  | 11.95 | 5.10 | 549450 | 95 | 0.67 | 0.67 | 5.45 |
| 12/31/20 | 10.95 | 0.60 | (0.18)  | 0.42 |  |  | 11.37 | 3.84 | 540203 | 211 | 0.68 | 0.68 | 5.64 |
| **JNL/T. Rowe Price Value Fund** | **JNL/T. Rowe Price Value Fund** | **JNL/T. Rowe Price Value Fund** | **JNL/T. Rowe Price Value Fund** | **JNL/T. Rowe Price Value Fund** | **JNL/T. Rowe Price Value Fund** | **JNL/T. Rowe Price Value Fund** | **JNL/T. Rowe Price Value Fund** |  |  |  |  |  |  |
| Class A | Class A | Class A | Class A | Class A |  |  |  |  |  |  |  |  |  |
| 06/30/25 | 28.17 | 0.15 | 1.62 | 1.77 |  |  | 29.94 | 6.28 | 3069651 | 32 | 0.87 | 0.87 | 1.04 |
| 12/31/24 | 24.53 | 0.27 | 3.37 | 3.64 |  |  | 28.17 | 14.84 | 3045873 | 58 | 0.87 | 0.87 | 0.97 |
| 12/31/23 | 21.92 | 0.29 | 2.32 | 2.61 |  |  | 24.53 | 11.91 | 2985641 | 60 | 0.87 | 0.87 | 1.28 |
| 12/31/22 | 24.77 | 0.25 | (3.10)  | (2.85)  |  |  | 21.92 | (11.51)  | 3003508 | 190 | 0.86 | 0.86 | 1.11 |
| 12/31/21 | 19.12 | 0.13 | 5.52 | 5.65 |  |  | 24.77 | 29.55 | 3453316 | 104 | 0.86 | 0.86 | 0.56 |
| 12/31/20 | 17.34 | 0.19 | 1.59 | 1.78 |  |  | 19.12 | 10.27 | 2315487 | 114 | 0.87 | 0.87 | 1.20 |
| Class I | Class I | Class I | Class I | Class I |  |  |  |  |  |  |  |  |  |
| 06/30/25 | 30.04 | 0.21 | 1.72 | 1.93 |  |  | 31.97 | 6.42 | 1435310 | 32 | 0.57 | 0.57 | 1.34 |
| 12/31/24 | 26.08 | 0.37 | 3.59 | 3.96 |  |  | 30.04 | 15.18 | 1428457 | 58 | 0.57 | 0.57 | 1.27 |
| 12/31/23 | 23.23 | 0.38 | 2.47 | 2.85 |  |  | 26.08 | 12.27 | 1536298 | 60 | 0.57 | 0.57 | 1.58 |
| 12/31/22 | 26.18 | 0.33 | (3.28)  | (2.95)  |  |  | 23.23 | (11.27)  | 1469019 | 190 | 0.56 | 0.56 | 1.37 |
| 12/31/21 | 20.15 | 0.20 | 5.83 | 6.03 |  |  | 26.18 | 29.93 | 2391289 | 104 | 0.56 | 0.56 | 0.86 |
| 12/31/20 | 18.22 | 0.25 | 1.68 | 1.93 |  |  | 20.15 | 10.59 | 2306944 | 114 | 0.57 | 0.57 | 1.50 |
| **JNL/WCM China Quality Growth Fund** | **JNL/WCM China Quality Growth Fund** | **JNL/WCM China Quality Growth Fund** | **JNL/WCM China Quality Growth Fund** | **JNL/WCM China Quality Growth Fund** | **JNL/WCM China Quality Growth Fund** | **JNL/WCM China Quality Growth Fund** | **JNL/WCM China Quality Growth Fund** |  |  |  |  |  |  |
| Class A | Class A | Class A | Class A | Class A |  |  |  |  |  |  |  |  |  |
| 06/30/25 | 8.47 | 0.04 | 1.26 | 1.30 |  |  | 9.77 | 15.35 | 9436 | 70 | 1.31 | 1.31 | 0.92 |
| 12/31/24 | 8.54 | 0.12 | (0.19)  | (0.07)  |  |  | 8.47 | (0.82)  | 5629 | 94 | 1.35 | 1.35 | 1.52 |
| 12/31/23 | 10.41 | 0.05 | (1.92)  | (1.87)  |  |  | 8.54 | (17.96)  | 5242 | 90 | 1.35 | 1.35 | 0.56 |
| 12/31/22<br> (a) | 10.00 | 0.02 | 0.39 | 0.41 |  |  | 10.41 | 4.10 | 5735 | 28 | 1.32 | 1.32 | 0.32 |
| Class I | Class I | Class I | Class I | Class I |  |  |  |  |  |  |  |  |  |
| 06/30/25 | 8.53 | 0.04 | 1.29 | 1.33 |  |  | 9.86 | 15.59 | 1 | 70 | 1.04 | 1.04 | 0.94 |
| 12/31/24 | 8.58 | 0.14 | (0.19)  | (0.05)  |  |  | 8.53 | (0.58)  | 1 | 94 | 0.95 | 0.95 | 1.78 |
| 12/31/23 | 10.42 | 0.09 | (1.93)  | (1.84)  |  |  | 8.58 | (17.66)  | 1 | 90 | 1.04 | 1.04 | 0.92 |
| 12/31/22<br> (a) | 10.00 | 0.04 | 0.38 | 0.42 |  |  | 10.42 | 4.20 | 1 | 28 | 1.05 | 1.05 | 0.53 |

---

(a) The
 Fund commenced operations on April 25, 2022.

See accompanying Notes to Financial Statements.

731

**JNL Series Trust (Unaudited)**

**Financial Highlights**

**For a Share Outstanding**

---

| | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  |  | Increase (decrease) from investment operations | Increase (decrease) from investment operations | Increase (decrease) from investment operations | Distributions from | Distributions from |  |  | Supplemental data | Supplemental data |  | Ratios |  |
| Period ended | Net asset value, beginning of period($) | Net investment income (loss)($) | Net realized & unrealized gains (losses)($) | Total from investment operations($) | Net investment income($) | Net realized gains on investment transactions($) | Net asset value, end of period($) | Total return(%) | Net assets,end of period (in thousands)($) | Portfolio turnover (%) | Net expenses to average net assets(%) | Total expenses to average net assets(%) | Net investment income (loss) to average net assets(%) |
| **JNL/WCM Focused International Equity Fund** | **JNL/WCM Focused International Equity Fund** | **JNL/WCM Focused International Equity Fund** | **JNL/WCM Focused International Equity Fund** | **JNL/WCM Focused International Equity Fund** | **JNL/WCM Focused International Equity Fund** | **JNL/WCM Focused International Equity Fund** | **JNL/WCM Focused International Equity Fund** |  |  |  |  |  |  |
| Class A | Class A | Class A | Class A | Class A |  |  |  |  |  |  |  |  |  |
| 06/30/25 | 14.42 | 0.02 | 3.75 | 3.77 |  |  | 18.19 | 26.14 | 1122965 | 16 | 1.10 | 1.11 | 0.31 |
| 12/31/24 | 13.77 | 0.01 | 0.99 | 1.00 |  | (0.35) | 14.42 | 7.10 | 732771 | 38 | 1.11 | 1.12 | 0.04 |
| 12/31/23 | 13.77 | 0.00 | 2.16 | 2.16 |  | (2.16) | 13.77 | 16.46 | 688564 | 32 | 1.12 | 1.12 | 0.00 |
| 12/31/22 | 23.45 | (0.04)  | (6.60)  | (6.64)  |  | (3.04) | 13.77 | (28.69)  | 536968 | 28 | 1.12 | 1.12 | (0.21)  |
| 12/31/21 | 21.69 | (0.12)  | 3.80 | 3.68 |  | (1.92) | 23.45 | 17.08 | 659219 | 22 | 1.11 | 1.11 | (0.52)  |
| 12/31/20 | 16.79 | (0.05)  | 5.41 | 5.36 | (0.05) | (0.41) | 21.69 | 32.01 | 415047 | 32 | 1.12 | 1.12 | (0.30)  |
| Class I | Class I | Class I | Class I | Class I |  |  |  |  |  |  |  |  |  |
| 06/30/25 | 14.68 | 0.05 | 3.82 | 3.87 |  |  | 18.55 | 26.36 | 1077012 | 16 | 0.80 | 0.81 | 0.57 |
| 12/31/24 | 14.01 | 0.05 | 1.01 | 1.06 | (0.04) | (0.35) | 14.68 | 7.36 | 1031774 | 38 | 0.81 | 0.82 | 0.34 |
| 12/31/23 | 13.93 | 0.05 | 2.19 | 2.24 |  | (2.16) | 14.01 | 16.85 | 841113 | 32 | 0.82 | 0.82 | 0.31 |
| 12/31/22 | 23.61 | 0.02 | (6.66)  | (6.64)  |  | (3.04) | 13.93 | (28.50)  | 801996 | 28 | 0.82 | 0.82 | 0.10 |
| 12/31/21 | 21.76 | (0.05)  | 3.82 | 3.77 |  | (1.92) | 23.61 | 17.44 | 1770361 | 22 | 0.81 | 0.81 | (0.21)  |
| 12/31/20 | 16.81 | 0.00 | 5.43 | 5.43 | (0.07) | (0.41) | 21.76 | 32.41 | 1762135 | 32 | 0.82 | 0.82 | 0.03 |
| **JNL/Westchester Capital Event Driven Fund** | **JNL/Westchester Capital Event Driven Fund** | **JNL/Westchester Capital Event Driven Fund** | **JNL/Westchester Capital Event Driven Fund** | **JNL/Westchester Capital Event Driven Fund** | **JNL/Westchester Capital Event Driven Fund** | **JNL/Westchester Capital Event Driven Fund** | **JNL/Westchester Capital Event Driven Fund** |  |  |  |  |  |  |
| Class A | Class A | Class A | Class A | Class A |  |  |  |  |  |  |  |  |  |
| 06/30/25 | 13.12 | 0.15 | 0.35 | 0.50 |  |  | 13.62 | 3.81 | 45412 | 126 | 1.48<br> (a) | 1.48<br> (a) | 2.25 |
| 12/31/24 | 12.52 | 0.32 | 0.28 | 0.60 |  |  | 13.12 | 4.79 | 48331 | 250 | 1.66<br> (a) | 1.66<br> (a) | 2.49 |
| 12/31/23 | 11.76 | 0.17 | 0.59 | 0.76 |  |  | 12.52 | 6.46 | 58792 | 297 | 1.84<br> (a) | 1.84<br> (a) | 1.45 |
| 12/31/22 | 12.16 | 0.13 | (0.53)  | (0.40)  |  |  | 11.76 | (3.29)  | 61635 | 213 | 1.57<br> (a) | 1.57<br> (a) | 1.09 |
| 12/31/21 | 11.81 | (0.02)  | 0.37 | 0.35 |  |  | 12.16 | 2.96 | 55020 | 315 | 1.64<br> (a) | 1.64<br> (a) | (0.19)  |
| 12/31/20 | 11.11 | 0.37 | 0.33 | 0.70 |  |  | 11.81 | 6.30 | 40814 | 426 | 1.64<br> (a) | 1.64<br> (a) | 3.44 |
| Class I | Class I | Class I | Class I | Class I |  |  |  |  |  |  |  |  |  |
| 06/30/25 | 13.26 | 0.17 | 0.36 | 0.53 |  |  | 13.79 | 4.00 | 1562 | 126 | 1.18<br> (a) | 1.18<br> (a) | 2.53 |
| 12/31/24 | 12.62 | 0.32 | 0.32 | 0.64 |  |  | 13.26 | 5.07 | 1641 | 250 | 1.48<br> (a) | 1.48<br> (a) | 2.53 |
| 12/31/23 | 11.82 | 0.21 | 0.59 | 0.80 |  |  | 12.62 | 6.77 | 21067 | 297 | 1.54<br> (a) | 1.54<br> (a) | 1.74 |
| 12/31/22 | 12.19 | 0.16 | (0.53)  | (0.37)  |  |  | 11.82 | (3.04)  | 70025 | 213 | 1.27<br> (a) | 1.27<br> (a) | 1.34 |
| 12/31/21 | 11.80 | 0.01 | 0.38 | 0.39 |  |  | 12.19 | 3.31 | 75117 | 315 | 1.34<br> (a) | 1.34<br> (a) | 0.10 |
| 12/31/20 | 11.07 | 0.24 | 0.49 | 0.73 |  |  | 11.80 | 6.59 | 75532 | 426 | 1.29<br> (a) | 1.29<br> (a) | 2.32 |
| **JNL/William Blair International Leaders Fund** | **JNL/William Blair International Leaders Fund** | **JNL/William Blair International Leaders Fund** | **JNL/William Blair International Leaders Fund** | **JNL/William Blair International Leaders Fund** | **JNL/William Blair International Leaders Fund** | **JNL/William Blair International Leaders Fund** | **JNL/William Blair International Leaders Fund** |  |  |  |  |  |  |
| Class A | Class A | Class A | Class A | Class A |  |  |  |  |  |  |  |  |  |
| 06/30/25 | 10.89 | 0.07 | 1.72 | 1.79 |  |  | 12.68 | 16.44 | 549653 | 44 | 0.97 | 0.97 | 1.25 |
| 12/31/24 | 11.03 | 0.06 | (0.16)  | (0.10)  | (0.04) |  | 10.89 | (0.95)  | 514060 | 73 | 0.97 | 0.97 | 0.48 |
| 12/31/23 | 9.77 | 0.05 | 1.21 | 1.26 |  |  | 11.03 | 12.90 | 619343 | 44 | 0.97 | 0.97 | 0.51 |
| 12/31/22 | 15.69 | 0.07 | (3.95)  | (3.88)  | (0.22) | (1.82) | 9.77 | (25.10)  | 612250 | 144 | 0.97 | 0.97 | 0.53 |
| 12/31/21 | 15.25 | 0.08 | 0.86 | 0.94 | (0.19) | (0.31) | 15.69 | 6.20 | 893543 | 38 | 0.98 | 0.98 | 0.53 |
| 12/31/20 | 13.90 | 0.08 | 1.82 | 1.90 | (0.30) | (0.25) | 15.25 | 13.78 | 907695 | 57 | 0.98 | 0.98 | 0.58 |
| Class I | Class I | Class I | Class I | Class I |  |  |  |  |  |  |  |  |  |
| 06/30/25 | 11.75 | 0.10 | 1.84 | 1.94 |  |  | 13.69 | 16.51 | 463183 | 44 | 0.67 | 0.67 | 1.55 |
| 12/31/24 | 11.90 | 0.10 | (0.17)  | (0.07)  | (0.08) |  | 11.75 | (0.65)  | 461674 | 73 | 0.67 | 0.67 | 0.77 |
| 12/31/23 | 10.52 | 0.09 | 1.30 | 1.39 | (0.01) |  | 11.90 | 13.26 | 205086 | 44 | 0.67 | 0.67 | 0.80 |
| 12/31/22 | 16.70 | 0.11 | (4.20)  | (4.09)  | (0.27) | (1.82) | 10.52 | (24.82)  | 194427 | 144 | 0.67 | 0.67 | 0.82 |
| 12/31/21 | 16.20 | 0.14 | 0.90 | 1.04 | (0.23) | (0.31) | 16.70 | 6.48 | 269901 | 38 | 0.68 | 0.68 | 0.81 |
| 12/31/20 | 14.73 | 0.12 | 1.94 | 2.06 | (0.34) | (0.25) | 16.20 | 14.15 | 274534 | 57 | 0.68 | 0.68 | 0.85 |

---

(a) The
 total and net expense ratios, respectively, to average net assets without dividend expenses, net borrowing fees on securities sold short
 or interest expense for JNL/Westchester Capital Event Driven Fund were as follows: Class A: June 30, 2025: 1.45%, 1.45% December 31, 2024:
 1.46%, 1.46% December 31, 2023: 1.46%, 1.46% December 31, 2022: 1.46%, 1.46% December 31, 2021: 1.46%, 1.46% December 31, 2020: 1.46%,
 1.46% Class I: June 30, 2025: 1.15%, 1.15% December 31, 2024: 1.16%, 1.16% December 31, 2023: 1.16%, 1.16% December 31, 2022: 1.16%, 1.16%
 December 31, 2021: 1.16%, 1.16% December 31, 2020: 1.16%, 1.16%

See accompanying Notes to Financial Statements.

732

**JNL Series Trust (Unaudited)**

**Financial Highlights**

**For a Share Outstanding**

---

| | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  |  | Increase (decrease) from investment operations | Increase (decrease) from investment operations | Increase (decrease) from investment operations | Distributions from | Distributions from |  |  | Supplemental data | Supplemental data |  | Ratios |  |
| Period ended | Net asset value, beginning of period($) | Net investment income (loss)($) | Net realized & unrealized gains (losses)($) | Total from investment operations($) | Net investment income($) | Net realized gains on investment transactions($) | Net asset value, end of period($) | Total return(%) | Net assets,end of period (in thousands)($) | Portfolio turnover (%) | Net expenses to average net assets(%) | Total expenses to average net assets(%) | Net investment income (loss) to average net assets(%) |
| **JNL/WMC Balanced Fund** | **JNL/WMC Balanced Fund** | **JNL/WMC Balanced Fund** | **JNL/WMC Balanced Fund** | **JNL/WMC Balanced Fund** | **JNL/WMC Balanced Fund** | **JNL/WMC Balanced Fund** | **JNL/WMC Balanced Fund** |  |  |  |  |  |  |
| Class A | Class A | Class A | Class A | Class A |  |  |  |  |  |  |  |  |  |
| 06/30/25 | 38.06 | 0.33 | 2.07 | 2.40 |  |  | 40.46 | 6.31 | 9072077 | 50<br> (a) | 0.71 | 0.71 | 1.76 |
| 12/31/24 | 33.20 | 0.63 | 4.23 | 4.86 |  |  | 38.06 | 14.64 | 9086876 | 99 | 0.71 | 0.71 | 1.75 |
| 12/31/23 | 29.36 | 0.58 | 3.26 | 3.84 |  |  | 33.20 | 13.08 | 8893103 | 96 | 0.71 | 0.71 | 1.88 |
| 12/31/22 | 34.12 | 0.38 | (5.14)  | (4.76)  |  |  | 29.36 | (13.95)  | 8491226 | 144 | 0.71 | 0.71 | 1.27 |
| 12/31/21 | 28.75 | 0.30 | 5.07 | 5.37 |  |  | 34.12 | 18.68 | 10525994 | 69<br> (a) | 0.71 | 0.71 | 0.94 |
| 12/31/20 | 26.54 | 0.40 | 1.81 | 2.21 |  |  | 28.75 | 8.33 | 9149544 | 81<br> (a) | 0.72 | 0.72 | 1.53 |
| Class I | Class I | Class I | Class I | Class I |  |  |  |  |  |  |  |  |  |
| 06/30/25 | 40.03 | 0.41 | 2.18 | 2.59 |  |  | 42.62 | 6.47 | 84521 | 50<br> (a) | 0.41 | 0.41 | 2.06 |
| 12/31/24 | 34.82 | 0.77 | 4.44 | 5.21 |  |  | 40.03 | 14.96 | 83475 | 99 | 0.41 | 0.41 | 2.05 |
| 12/31/23 | 30.70 | 0.70 | 3.42 | 4.12 |  |  | 34.82 | 13.42 | 80652 | 96 | 0.41 | 0.41 | 2.18 |
| 12/31/22 | 35.57 | 0.50 | (5.37)  | (4.87)  |  |  | 30.70 | (13.69)  | 71144 | 144 | 0.41 | 0.41 | 1.57 |
| 12/31/21 | 29.88 | 0.40 | 5.29 | 5.69 |  |  | 35.57 | 19.04 | 81138 | 69<br> (a) | 0.41 | 0.41 | 1.22 |
| 12/31/20 | 27.50 | 0.48 | 1.90 | 2.38 |  |  | 29.88 | 8.65 | 52145 | 81<br> (a) | 0.42 | 0.42 | 1.79 |
| **JNL/WMC Equity Income Fund(b)** | **JNL/WMC Equity Income Fund(b)** | **JNL/WMC Equity Income Fund(b)** | **JNL/WMC Equity Income Fund(b)** | **JNL/WMC Equity Income Fund(b)** | **JNL/WMC Equity Income Fund(b)** | **JNL/WMC Equity Income Fund(b)** | **JNL/WMC Equity Income Fund(b)** |  |  |  |  |  |  |
| Class A | Class A | Class A | Class A | Class A |  |  |  |  |  |  |  |  |  |
| 06/30/25 | 19.20 | 0.19 | 1.17 | 1.36 |  |  | 20.56 | 7.08 | 698381 | 31 | 0.89 | 0.89 | 1.92 |
| 12/31/24 | 17.06 | 0.37 | 1.77 | 2.14 |  |  | 19.20 | 12.54 | 693121 | 46 | 0.89 | 0.89 | 2.01 |
| 12/31/23 | 16.00 | 0.36 | 0.70 | 1.06 |  |  | 17.06 | 6.63 | 720550 | 47 | 0.88 | 0.88 | 2.24 |
| 12/31/22 | 15.92 | 0.33 | (0.25)  | 0.08 |  |  | 16.00 | 0.50 | 825844 | 40 | 0.89 | 0.89 | 2.14 |
| 12/31/21 | 12.67 | 0.44 | 2.81 | 3.25 |  |  | 15.92 | 25.65 | 660717 | 50 | 0.80 | 0.90 | 3.01 |
| 12/31/20 | 12.35 | 0.21 | 0.11 | 0.32 |  |  | 12.67 | 2.59 | 546210 | 40 | 0.59 | 0.93 | 1.88 |
| Class I | Class I | Class I | Class I | Class I |  |  |  |  |  |  |  |  |  |
| 06/30/25 | 19.64 | 0.22 | 1.20 | 1.42 |  |  | 21.06 | 7.23 | 242789 | 31 | 0.59 | 0.59 | 2.16 |
| 12/31/24 | 17.41 | 0.43 | 1.80 | 2.23 |  |  | 19.64 | 12.81 | 340715 | 46 | 0.59 | 0.59 | 2.32 |
| 12/31/23 | 16.27 | 0.41 | 0.73 | 1.14 |  |  | 17.41 | 7.01 | 475258 | 47 | 0.58 | 0.58 | 2.54 |
| 12/31/22 | 16.14 | 0.40 | (0.27)  | 0.13 |  |  | 16.27 | 0.81 | 450875 | 40 | 0.59 | 0.59 | 2.55 |
| 12/31/21 | 12.81 | 0.48 | 2.85 | 3.33 |  |  | 16.14 | 26.00 | 20846 | 50 | 0.50 | 0.60 | 3.25 |
| 12/31/20 | 12.44 | 0.26 | 0.11 | 0.37 |  |  | 12.81 | 2.97 | 16185 | 40 | 0.29 | 0.63 | 2.28 |
| **JNL/WMC Global Real Estate Fund** | **JNL/WMC Global Real Estate Fund** | **JNL/WMC Global Real Estate Fund** | **JNL/WMC Global Real Estate Fund** | **JNL/WMC Global Real Estate Fund** | **JNL/WMC Global Real Estate Fund** | **JNL/WMC Global Real Estate Fund** | **JNL/WMC Global Real Estate Fund** |  |  |  |  |  |  |
| Class A | Class A | Class A | Class A | Class A |  |  |  |  |  |  |  |  |  |
| 06/30/25 | 10.14 | 0.15 | 0.34 | 0.49 |  |  | 10.63 | 4.83 | 560815 | 58 | 1.03 | 1.03 | 3.00 |
| 12/31/24 | 9.60 | 0.17 | 0.37 | 0.54 |  |  | 10.14 | 5.63 | 593211 | 80 | 1.03 | 1.03 | 1.76 |
| 12/31/23 | 8.77 | 0.20 | 0.63 | 0.83 |  |  | 9.60 | 9.46 | 667767 | 127 | 1.03 | 1.03 | 2.20 |
| 12/31/22 | 12.11 | 0.18 | (3.52)  | (3.34)  |  |  | 8.77 | (27.58)  | 670073 | 103 | 1.03 | 1.03 | 1.77 |
| 12/31/21 | 9.56 | 0.11 | 2.44 | 2.55 |  |  | 12.11 | 26.67 | 1019522 | 147 | 1.04 | 1.04 | 0.97 |
| 12/31/20 | 10.88 | 0.17 | (1.49)  | (1.32)  |  |  | 9.56 | (12.13)  | 900492 | 150 | 1.05 | 1.05 | 1.82 |
| Class I | Class I | Class I | Class I | Class I |  |  |  |  |  |  |  |  |  |
| 06/30/25 | 10.49 | 0.18 | 0.35 | 0.53 |  |  | 11.02 | 5.05 | 4804 | 58 | 0.73 | 0.73 | 3.34 |
| 12/31/24 | 9.91 | 0.21 | 0.37 | 0.58 |  |  | 10.49 | 5.85 | 4691 | 80 | 0.73 | 0.73 | 2.06 |
| 12/31/23 | 9.02 | 0.23 | 0.66 | 0.89 |  |  | 9.91 | 9.87 | 4956 | 127 | 0.73 | 0.73 | 2.51 |
| 12/31/22 | 12.42 | 0.22 | (3.62)  | (3.40)  |  |  | 9.02 | (27.38)  | 4425 | 103 | 0.73 | 0.73 | 2.13 |
| 12/31/21 | 9.77 | 0.14 | 2.51 | 2.65 |  |  | 12.42 | 27.12 | 5383 | 147 | 0.74 | 0.74 | 1.28 |
| 12/31/20 | 11.09 | 0.12 | (1.44)  | (1.32)  |  |  | 9.77 | (11.90)  | 3424 | 150 | 0.75 | 0.75 | 1.26 |

---

(a) Portfolio
 turnover including dollar roll transactions for JNL/WMC Balanced Fund was as follows: June 30, 2025: 62%; December 31, 2021: 137%; December
 31, 2020: 108%

(b) Ratios
 of net investment income and expenses to average net assets do not include the impact of each Master Fund's and underlying funds'
 expenses. The net expense to average net assets ratio, the total expense to average net assets ratio, and the net investment income (loss)
 to average net assets ratio, respectively, for both the Master and Feeder Fund are as follows (annualized for periods less than one year):
 JNL/WMC Equity Income Fund - Class A: December 31, 2021: 0.89%, 0.99%, 2.92%; December 31, 2020: 0.89%, 1.23%, 1.58%. JNL/WMC Equity Income
 Fund - Class I: December 31, 2021: 0.59%, 0.69%, 3.16%; December 31, 2020: 0.59%, 0.93%, 1.98%.

See accompanying Notes to Financial Statements.

733

**JNL Series Trust (Unaudited)**

**Financial Highlights**

**For a Share Outstanding**

---

| | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  |  | Increase (decrease) from investment operations | Increase (decrease) from investment operations | Increase (decrease) from investment operations | Distributions from | Distributions from |  |  | Supplemental data | Supplemental data |  | Ratios |  |
| Period ended | Net asset value, beginning of period($) | Net investment income (loss)($) | Net realized & unrealized gains (losses)($) | Total from investment operations($) | Net investment income($) | Net realized gains on investment transactions($) | Net asset value, end of period($) | Total return(%) | Net assets,end of period (in thousands)($) | Portfolio turnover (%) | Net expenses to average net assets(%) | Total expenses to average net assets(%) | Net investment income (loss) to average net assets(%) |
| **JNL/WMC Value Fund** | **JNL/WMC Value Fund** | **JNL/WMC Value Fund** | **JNL/WMC Value Fund** | **JNL/WMC Value Fund** | **JNL/WMC Value Fund** | **JNL/WMC Value Fund** | **JNL/WMC Value Fund** |  |  |  |  |  |  |
| Class A | Class A | Class A | Class A | Class A |  |  |  |  |  |  |  |  |  |
| 06/30/25 | 35.25 | 0.29 | 1.47 | 1.76 |  |  | 37.01 | 4.99 | 707853 | 22 | 0.79 | 0.79 | 1.65 |
| 12/31/24 | 31.79 | 0.53 | 2.93 | 3.46 |  |  | 35.25 | 10.88 | 729049 | 31 | 0.79 | 0.79 | 1.56 |
| 12/31/23 | 29.11 | 0.52 | 2.16 | 2.68 |  |  | 31.79 | 9.21 | 752412 | 27 | 0.78 | 0.78 | 1.75 |
| 12/31/22 | 30.59 | 0.44 | (1.92)  | (1.48)  |  |  | 29.11 | (4.84)  | 837010 | 36 | 0.78 | 0.78 | 1.50 |
| 12/31/21 | 24.09 | 0.37 | 6.13 | 6.50 |  |  | 30.59 | 26.98 | 874473 | 29 | 0.78 | 0.78 | 1.32 |
| 12/31/20 | 23.73 | 0.38 | (0.02)  | 0.36 |  |  | 24.09 | 1.52 | 742657 | 47 | 0.78 | 0.78 | 1.77 |
| Class I | Class I | Class I | Class I | Class I |  |  |  |  |  |  |  |  |  |
| 06/30/25 | 36.97 | 0.36 | 1.54 | 1.90 |  |  | 38.87 | 5.14 | 334588 | 22 | 0.49 | 0.49 | 1.95 |
| 12/31/24 | 33.24 | 0.65 | 3.08 | 3.73 |  |  | 36.97 | 11.22 | 334451 | 31 | 0.49 | 0.49 | 1.85 |
| 12/31/23 | 30.34 | 0.63 | 2.27 | 2.90 |  |  | 33.24 | 9.56 | 647008 | 27 | 0.48 | 0.48 | 2.06 |
| 12/31/22 | 31.79 | 0.54 | (1.99)  | (1.45)  |  |  | 30.34 | (4.56)  | 621313 | 36 | 0.48 | 0.48 | 1.78 |
| 12/31/21 | 24.96 | 0.47 | 6.36 | 6.83 |  |  | 31.79 | 27.36 | 804602 | 29 | 0.48 | 0.48 | 1.63 |
| 12/31/20 | 24.51 | 0.45 | 0.00 | 0.45 |  |  | 24.96 | 1.84 | 794557 | 47 | 0.48 | 0.48 | 2.05 |

---

See accompanying Notes to Financial Statements.

734

**JNL Series Trust** 

**Notes to Financial Statements (Unaudited)**

June 30, 2025

**NOTE 1. ORGANIZATION**

JNL Series Trust ("Trust") is an open-end management investment company organized under the laws of the Commonwealth of Massachusetts, by a Declaration of Trust, dated June 1, 1994 as amended and restated September 25, 2017. The Trust is registered with the U.S. Securities and Exchange Commission ("SEC") under the Investment Company Act of 1940, as amended ("1940 Act"), and its shares are registered under the Securities Act of 1933, as amended ("1933 Act"). The Trust operates as a series trust and at June 30, 2025 consisted of one hundred and thirty-one (131) separate funds (each a "Fund", and collectively, "Funds"). Each Fund represents shares of beneficial interest in a separate portfolio of securities and other assets, each with its own investment objective.

Jackson National Asset Management, LLC ("JNAM", "Adviser" or "Administrator"), an indirect, wholly owned subsidiary of Jackson Financial Inc. ("Jackson"), serves as investment adviser and administrator to each of the Funds.

Shares of each Fund are sold to Jackson and its separate accounts to fund the benefits of variable annuity contracts and variable life insurance policies and to other affiliated registered investment companies. The Funds and each Fund's Adviser/Sub-Advisers/Sub-Sub-Advisers are:

---

| | |
|:---|:---|
| **Fund:**  | **Adviser(s)/Sub-Adviser(s)**/**Sub-Sub-Adviser(s):** |
| **The following funds operate under a Master Feeder structure and seek to achieve their respective investment objectives by investing all of their assets in a separate mutual fund ("Master Fund"):** | **The following funds operate under a Master Feeder structure and seek to achieve their respective investment objectives by investing all of their assets in a separate mutual fund ("Master Fund"):** |
| JNL/American Funds Balanced Fund, JNL/American Funds Bond Fund of America Fund, JNL/American Funds Capital Income Builder Fund, JNL/American Funds Capital World Bond Fund, JNL/American Funds Global Growth Fund, JNL/American Funds Global Small Capitalization Fund, JNL/American Funds Growth Fund, JNL/American Funds Growth-Income Fund, JNL/American Funds International Fund, JNL/American Funds New World Fund and JNL/American Funds Washington Mutual Investors Fund. These Funds are collectively known as "JNL/American Funds Feeder Funds". | JNAM (Adviser to each Feeder Fund)<br> Capital Research and Management Company (Investment Adviser to each Master Fund) |
| JNL/Mellon Bond Index Fund, JNL/Mellon Emerging Markets Index Fund, JNL/Mellon International Index Fund, JNL/Mellon S&P 400 MidCap Index Fund and JNL/Mellon Small Cap Index Fund. These Funds are collectively known as "JNL/Mellon Feeder Funds". | JNAM (Adviser to each Feeder Fund)<br> Mellon Investments Corporation (Sub-Adviser to each Master Fund) |
| **The following funds operate under a "Fund of Funds" structure, investing all of their assets in other affiliated or unaffiliated funds (each, an "underlying fund", and collectively, the "underlying funds"):** | **The following funds operate under a "Fund of Funds" structure, investing all of their assets in other affiliated or unaffiliated funds (each, an "underlying fund", and collectively, the "underlying funds"):** |
| JNL/American Funds Growth Allocation Fund, JNL/American Funds Moderate Allocation Fund and JNL/American Funds Moderate Growth Allocation Fund. These Funds are collectively known as "JNL/American Funds Funds of Funds".<br> JNL Aggressive Growth Allocation Fund, JNL Conservative Allocation Fund, JNL Growth Allocation Fund, JNL Moderate Allocation Fund and JNL Moderate Growth Allocation Fund. These Funds are collectively known as "JNL Allocation Funds". | JNAM (Adviser to each Fund) |
| JNL/JPMorgan Managed Aggressive Growth Fund, JNL/JPMorgan Managed Conservative Fund, JNL/JPMorgan Managed Growth Fund, JNL/JPMorgan Managed Moderate Fund and JNL/JPMorgan Managed Moderate Growth Fund. These Funds are collectively known as "JNL/JPMorgan Funds of Funds". | JNAM (Adviser to each Fund)<br> J.P. Morgan Investment Management Inc. (Sub-Adviser to each Fund) |

---

735

**JNL Series Trust** 

**Notes to Financial Statements (Unaudited)**

June 30, 2025

---

| | |
|:---|:---|
| **Fund:**  | **Sub-Adviser(s)**/**Sub-Sub-Adviser(s):** |
| **The following funds are advised by JNAM and sub-advised by each Fund's respective Sub-Adviser(s):** | **The following funds are advised by JNAM and sub-advised by each Fund's respective Sub-Adviser(s):** |
| JNL Growth ETF Allocation Fund, JNL Moderate ETF Allocation Fund and JNL Moderate Growth ETF Allocation Fund. These Funds are collectively known as "JNL ETF Allocation Funds".<br> JNL Bond Index Fund, JNL Emerging Markets Index Fund, JNL International Index Fund, JNL Mid Cap Index Fund, JNL Small Cap Index Fund and JNL S&P 500 Index Fund. These Funds are collectively known as "JNL Mellon Master Funds".<br> JNL/Mellon Communication Services Sector Fund, JNL/Mellon Consumer Discretionary Sector Fund, JNL/Mellon Consumer Staples Sector Fund, JNL/Mellon Dow<sup>SM</sup> Index Fund, JNL/Mellon Energy Sector Fund, JNL/Mellon Financial Sector Fund, JNL/Mellon Healthcare Sector Fund, JNL/Mellon Industrials Sector Fund, JNL/Mellon Information Technology Sector Fund, JNL/Mellon Materials Sector Fund, JNL/Mellon Nasdaq<sup>®</sup> 100 Index Fund, JNL/Mellon Real Estate Sector Fund, JNL/Mellon S&P 500 Index Fund, JNL/Mellon U.S. Stock Market Index Fund, JNL/Mellon Utilities Sector Fund, JNL/Mellon World Index Fund, JNL/Morningstar PitchBook Listed Private Equity Index Fund, JNL/Morningstar SMID Moat Focus Index Fund, JNL/Morningstar U.S. Sustainability Index Fund, JNL/Morningstar Wide Moat Index Fund, JNL/RAFI<sup>®</sup> Fundamental U.S. Small Cap Fund, JNL/RAFI<sup>®</sup> Multi-Factor U.S. Equity Fund. These Funds are collectively known as "JNL/Mellon Index Funds". JNL/Vanguard Growth ETF Allocation Fund, JNL/Vanguard Moderate ETF Allocation Fund and JNL/Vanguard Moderate Growth ETF Allocation Fund. These Funds are collectively known as "JNL/Vanguard ETF Allocation Funds". | Mellon Investments Corporation |
| JNL Multi-Manager Alternative Fund | Boston Partners Global Investors, Inc.DoubleLine Capital LPFirst Pacific Advisors, LP<br> Kayne Anderson Rudnick Investment Management, LLCLazard Asset Management LLCLoomis, Sayles & Company, L.P.Westchester Capital Management, LLC |
| JNL Multi-Manager Emerging Markets Equity Fund | GQG Partners LLC<br> Kayne Anderson Rudnick Investment Management, LLC<br> T. Rowe Price Associates, Inc.<br> T. Rowe Price Hong Kong Limited (Sub-Sub-Adviser)<br> WCM Investment Management, LLC |
| JNL Multi-Manager Floating Rate Income Fund | FIAM LLC<br> PPM America, Inc.\* |
| JNL Multi-Manager International Small Cap Fund | Baillie Gifford Overseas Limited<br> Causeway Capital Management LLCWCM Investment Management, LLC |
| JNL Multi-Manager Mid Cap Fund | Champlain Investment Partners, LLC<br> Kayne Anderson Rudnick Investment Management, LLC <br> Nuance Investments, LLC<br> River Road Asset Management, LLC<br> Victory Capital Management Inc. |
| JNL Multi-Manager Small Cap Growth Fund | BAMCO, Inc.<br> Driehaus Capital Management LLC<br> Granahan Investment Management, LLCKayne Anderson Rudnick Investment Management, LLC<br> Segall Bryant & Hamill, LLCVictory Capital Management Inc.<br> WCM Investment Management, LLC |
| JNL Multi-Manager Small Cap Value Fund | Congress Asset Management Company, LLPCooke & Bieler, L.P.<br> Reinhart Partners, LLC<br> River Road Asset Management, LLC<br> WCM Investment Management, LLC |
| JNL Multi-Manager U.S. Select Equity Fund | GQG Partners LLCWCM Investment Management, LLC |
| JNL/AB Sustainable Global Thematic Fund | AllianceBernstein L.P. |
| JNL/AQR Large Cap Defensive Style Fund | AQR Capital Management, LLC |

---

736

**JNL Series Trust** 

**Notes to Financial Statements (Unaudited)**

June 30, 2025

---

| | |
|:---|:---|
| **Fund:**  | **Sub-Adviser(s)**/**Sub-Sub-Adviser(s):** |
| JNL/BlackRock Global Allocation Fund | BlackRock Investment Management, LLC<br> BlackRock International Limited (Sub-Sub-Adviser)<br> BlackRock (Singapore) Limited (Sub-Sub-Adviser) |
| JNL/BlackRock Global Natural Resources Fund | BlackRock International Limited |
| JNL/BlackRock Large Cap Select Growth Fund | BlackRock Investment Management, LLC |
| JNL/Causeway International Value Select Fund | Causeway Capital Management LLC |
| JNL/ClearBridge Large Cap Growth Fund | ClearBridge Investments, LLC |
| JNL/Cohen & Steers U.S. Realty Fund | Cohen & Steers Capital Management, Inc. |
| JNL/DFA International Core Equity Fund, JNL/DFA U.S. Core Equity Fund and JNL/DFA U.S. Small Cap Fund | Dimensional Fund Advisors LP |
| JNL/DoubleLine<sup>®</sup> Core Fixed Income Fund, JNL/DoubleLine<sup>®</sup> Emerging Markets Fixed Income Fund, JNL/DoubleLine<sup>®</sup> Shiller Enhanced CAPE<sup>®</sup> Fund and JNL/DoubleLine<sup>®</sup> Total Return Fund | DoubleLine Capital LP |
| JNL/Dreyfus Government Money Market Fund | Mellon Investments Corporation |
| JNL/Fidelity Institutional Asset Management<sup>®</sup> Total Bond Fund | FIAM LLC |
| JNL/First Sentier Global Infrastructure Fund | First Sentier Investors (Australia) IM Ltd |
| JNL/Franklin Templeton Income Fund | Franklin Advisers, Inc. |
| JNL/Goldman Sachs 4 Fund | Goldman Sachs Asset Management, L.P. |
| JNL/GQG Emerging Markets Equity Fund | GQG Partners LLC |
| JNL/Invesco Diversified Dividend Fund, JNL/Invesco Global Growth Fund and JNL/Invesco Small Cap Growth Fund | Invesco Advisers, Inc. |
| JNL/JPMorgan Global Allocation Fund, JNL/JPMorgan Hedged Equity Fund, JNL/JPMorgan MidCap Growth Fund, JNL/JPMorgan Nasdaq<sup>®</sup> Hedged Equity Fund, JNL/JPMorgan U.S. Government & Quality Bond Fund and JNL/JPMorgan U.S. Value Fund | J.P. Morgan Investment Management Inc. |
| JNL/Lazard International Quality Growth Fund | Lazard Asset Management LLC |
| JNL/Loomis Sayles Global Growth Fund | Loomis, Sayles & Company, L.P. |
| JNL/Lord Abbett Short Duration Income Fund | Lord, Abbett & Co. LLC |
| JNL/MFS Mid Cap Value Fund | Massachusetts Financial Services Company (d/b/a MFS Investment Management) |
| JNL/Neuberger Berman Commodity Strategy Fund, JNL/Neuberger Berman Gold Plus Strategy Fund and JNL/Neuberger Berman Strategic Income Fund | Neuberger Berman Investment Advisers LLC |
| JNL/Newton Equity Income Fund | Newton Investment Management North America, LLC |
| JNL/PIMCO Income Fund, JNL/PIMCO Investment Grade Credit Bond Fund and JNL/PIMCO Real Return Fund | Pacific Investment Management Company LLC |
| JNL/PPM America High Yield Bond Fund, JNL/PPM America Investment Grade Credit Fund and JNL/PPM America Total Return Fund | PPM America, Inc.\* |
| JNL/T. Rowe Price Balanced Fund | T. Rowe Price Associates, Inc.<br> T. Rowe Price Australia Limited (Sub-Sub-Adviser)<br> T. Rowe Price International Ltd (Sub-Sub-Adviser)<br> T. Rowe Price Investment Management, Inc. (Sub-Sub-Adviser) |
| JNL/T. Rowe Price Capital Appreciation Equity Fund, JNL/T. Rowe Price Capital Appreciation Fund, JNL/T. Rowe Price Mid-Cap Growth Fund and JNL/T. Rowe Price U.S. High Yield Fund | T. Rowe Price Associates, Inc.<br> T. Rowe Price Investment Management, Inc. (Sub-Sub-Adviser) |
| JNL/T. Rowe Price Growth Stock Fund and JNL/T. Rowe Price Value Fund | T. Rowe Price Associates, Inc. |
| JNL/T. Rowe Price Short-Term Bond Fund | T. Rowe Price Associates, Inc.<br> T. Rowe Price Hong Kong Limited (Sub-Sub-Adviser)<br> T. Rowe Price International Ltd (Sub-Sub-Adviser) |
| JNL/WCM China Quality Growth Fund and JNL/WCM Focused International Equity Fund | WCM Investment Management, LLC |
| JNL/Westchester Capital Event Driven Fund | Westchester Capital Management, LLC |
| JNL/William Blair International Leaders Fund | William Blair Investment Management, LLC |
| JNL/WMC Balanced Fund, JNL/WMC Equity Income Fund, JNL/WMC Global Real Estate Fund and JNL/WMC Value Fund | Wellington Management Company LLP |

---

\* PPM America, Inc. is an affiliate of JNAM.

Each Master Fund is a series of the American Funds Insurance Series<sup>®</sup> or JNL Mellon Master Funds, respectively, each a registered open-end management investment company that has the same investment objective as its corresponding Feeder Fund. The American Funds Insurance Series<sup>®</sup> Master Funds are series of an open-end investment company organized as a Massachusetts business trust. Each Master Fund directly acquires securities and the Feeder Fund, by investing in the Master Fund, acquires an indirect interest in those securities. As of June 30, 2025, the JNL/American Funds

737

**JNL Series Trust** 

**Notes to Financial Statements (Unaudited)**

June 30, 2025

Feeder Funds and JNL/Mellon Feeder Funds owned the following percentage of its corresponding Master Fund: JNL/American Funds Balanced Fund 12.4%, JNL/American Funds Bond Fund of America Fund 4.3%, JNL/American Funds Capital Income Builder Fund 33.3%, JNL/American Funds Capital World Bond Fund 22.0%, JNL/American Funds Global Growth Fund 12.4%, JNL/American Funds Global Small Capitalization Fund 19.1%, JNL/American Funds Growth Fund 14.9%, JNL/American Funds Growth-Income Fund 28.2%, JNL/American Funds International Fund 19.2%, JNL/American Funds New World Fund 37.8%, JNL/American Funds Washington Mutual Investors Fund 35.6%, JNL/Mellon Bond Index Fund 98.3%, JNL/Mellon Emerging Markets Index Fund 99.7%, JNL/Mellon International Index Fund 99.6%, JNL/Mellon S&P 400 MidCap Index Fund 99.7% and JNL/Mellon Small Cap Index Fund 99.6%. All Feeder Funds' financial statements should be read in conjunction with their respective Master Fund's financial statements. The Master Funds' Schedules of Investments, financial statements and accounting policies are outlined in each Master Fund's financial statements. For the JNL/Mellon Feeder Funds, the JNL Mellon Master Funds' financial statements are included here in this report as series of the Trust. For the JNL/American Funds Feeder Funds, the American Funds Insurance Series Master Funds' financial statements are available on the SEC's website at <u>www.sec.gov</u> or at <u>www.jackson.com/fund-literature.html</u>.

The Funds are diversified Funds for purposes of the 1940 Act, with the exception of the following non-diversified Funds: JNL/American Funds Capital World Bond Fund, JNL Multi-Manager U.S. Select Equity Fund, JNL/BlackRock Global Natural Resources Fund, JNL/Cohen & Steers U.S. Realty Fund, JNL/GQG Emerging Markets Equity Fund, JNL/JPMorgan Nasdaq Hedged Equity Fund, JNL/Loomis Sayles Global Growth Fund, JNL/Mellon Communication Services Sector Fund, JNL/Mellon Consumer Discretionary Sector Fund, JNL/Mellon Consumer Staples Sector Fund, JNL/Mellon Dow Index Fund, JNL/Mellon Energy Sector Fund, JNL/Mellon Financial Sector Fund, JNL/Mellon Healthcare Sector Fund, JNL/Mellon Information Technology Sector Fund, JNL/Mellon Materials Sector Fund, JNL/Mellon Nasdaq 100 Index Fund, JNL/Mellon Real Estate Sector Fund, JNL/Mellon Utilities Sector Fund, JNL/Morningstar PitchBook Listed Private Equity Index Fund, JNL/Morningstar U.S. Sustainability Index Fund, JNL/T. Rowe Price Capital Appreciation Equity Fund, JNL/T. Rowe Price Growth Stock Fund and JNL/WCM China Quality Growth Fund.

Each Fund offers Class A shares and Class I shares with the exception of JNL Bond Index Fund, JNL Emerging Markets Index Fund, JNL International Index Fund, JNL Mid Cap Index Fund, JNL Small Cap Index Fund and JNL S&P 500 Index Fund, which only offer Class I shares. Class A shares and Class I shares differ primarily due to 12b-1 fees attributable to Class A shares. Shareholders bear the common expenses of each Fund and earn income and realized gains/losses from each Fund pro rata based on the average daily net assets of each class. From time to time, a Fund may have significant subscription and redemption activity which, when executed at the net asset value ("NAV") rounded to two decimals, can impact the NAV per share of either class and cause a divergence in the NAV between each class. Each share class also has different voting rights on matters affecting a single class. No class has preferential dividend rights.

**Fund Changes.** Effective June 5, 2025, River Road Asset Management, LLC was added as a Sub-Adviser to JNL Multi-Manager Mid Cap Fund.

The following mergers were effective after close of business on April 25, 2025:

---

| | |
|:---|:---|
| **Acquired Fund** | **Acquiring Fund** |
| JNL/Baillie Gifford International Growth Fund<br> JNL/Harris Oakmark Global Equity Fund<br> JNL/Western Asset Global Multi-Sector Bond Fund | JNL/Mellon International Index Fund<br> JNL/Mellon World Index Fund<br> JNL/Neuberger Berman Strategic Income Fund |

---

**NOTE 2. SIGNIFICANT ACCOUNTING POLICIES**

The Funds are investment companies and follow accounting and reporting guidance under Financial Accounting Standards Board ("FASB") Accounting Standards Codification ("ASC") Topic 946, "Financial Services-Investment Companies". The following is a summary of significant accounting policies consistently followed by the Funds in the preparation of their financial statements in conformity with U.S. generally accepted accounting principles ("GAAP").

**Security Valuation.** Under the Trust's valuation policy and procedures ("Valuation Policies and Procedures"), the Trust's Board of Trustees ("Board" or "Trustees") has designated to the Adviser the responsibility for carrying out certain functions relating to the valuation of portfolio securities for the purpose of determining the NAV of each Fund. The Adviser has established a Valuation Committee (the "Valuation Committee") that is charged with the responsibilities set forth in the Valuation Policies and Procedures. The Valuation Committee is responsible for determining fair valuations for any security for which market quotations are not readily available. For those securities fair valued under procedures approved by the Board, the Valuation Committee reviews and affirms the reasonableness of the fair valuation determinations after considering all relevant information that is reasonably available. The Valuation Committee's fair valuation determinations are subject to review by the Board.

The NAV of a Fund's shares is generally determined once each day on which the New York Stock Exchange ("NYSE") is open, at the close of the regular trading session of the NYSE (normally, 4:00 PM Eastern Time, Monday through Friday). The NAV of a Fund's shares may also not be determined on days designated by the Board or on days designated by the SEC. However, consistent with legal requirements, calculation of the Fund's NAV may be suspended on days determined by the Board during times of NYSE market closure, which may include times during which the SEC issues policies or protocols associated with such closure pursuant to Section 22(e) of the 1940 Act. In the event that the NYSE is closed unexpectedly or opens for trading but closes earlier than scheduled, the Fund's Valuation Committee will evaluate if trading activity on other U.S. exchanges and markets for equity securities is considered reflective of normal market activity. To the extent an NYSE closure is determined to be accompanied by a disruption of normal market activity, the Valuation Committee may utilize the time the NYSE closed for purposes of measuring and calculating the Funds' NAVs. To the extent an NYSE closure is determined to not have resulted in a disruption of normal market activity, the valuation committee may utilize the time the NYSE was scheduled to close for purposes of measuring and calculating the Funds' NAVs. The Funds of Funds' investments in the underlying funds are valued at

738

**JNL Series Trust** 

**Notes to Financial Statements (Unaudited)**

June 30, 2025

the daily NAV of the applicable underlying fund determined as of the close of the NYSE on each valuation date. Valuation of investments by the underlying funds is discussed in the underlying funds' financial statements, which are filed with the SEC and are available on the SEC's website at <u>www.sec.gov</u>. Each Feeder Fund's investment in its corresponding Master Fund is valued at the daily NAV per share of the applicable Master Fund determined as of the close of the NYSE on each valuation date. Valuation of the investments by the Master Fund is discussed in each Master Fund's financial statements, which are available on the SEC's website at <u>www.sec.gov</u>.

Equity securities are generally valued at the official closing price of the exchange where the security is principally traded. If there is no official closing price for the security on the valuation date, the security may be valued at the most recent sale or quoted bid price prior to close. Stocks not listed on a national or foreign stock exchange may be valued at the closing bid price on the over the counter ("OTC") market. Investments in mutual funds are valued at the NAV per share determined as of the close of the NYSE on each valuation date. The Adviser has retained an independent statistical fair value pricing service to assist in the fair valuation process for equities traded in foreign markets to adjust for possible changes in value that may occur between the close of the foreign exchange and the time at which the NAVs are determined. All securities in the JNL/Dreyfus Government Money Market Fund, as permitted by compliance with applicable provisions under Rule 2a-7 under the 1940 Act, are valued at amortized cost, unless it is determined that such practice does not approximate fair value. If a valuation from a third party pricing service is unavailable or it is determined that such valuation does not approximate fair value, debt obligations with remaining maturities of sixty (60) days or less may be valued at their amortized cost, unless it is determined that such practice also does not approximate fair value. Debt and derivative securities are generally valued by independent pricing services approved by the Board. Pricing services utilized to value debt and derivative instruments may use various pricing techniques which take into account appropriate factors such as: yield; credit quality; coupon rate; maturity; type of issue; trading characteristics; call features; credit ratings; broker quotes; and other relevant data. Term loans are generally valued at the composite bid prices provided by approved pricing services. Futures contracts traded on an exchange are generally valued at the exchange's settlement price. If the settlement price is not available, exchange traded futures are valued at the last sales price as of the close of business on the primary exchange. Options traded on an exchange are generally valued at the last traded price as of the close of business on the local exchange. If the last trade is determined to not be representative of fair value, exchange traded options are valued at the current day's mid-price. Forward foreign currency contracts are generally valued at the foreign currency exchange rate as of the close of the NYSE. If pricing services are unable to provide valuations, OTC derivatives are valued at the most recent bid quotation or evaluated price, as applicable, obtained from a broker/dealer or by pricing models using observable inputs. Swap agreements that clear on exchanges are valued at the most recent bid quotation or evaluated price, as applicable, obtained from pricing models or by the clearing exchange using observable inputs.

Market quotations may not be readily available for certain investments or it may be determined that a quotation of an investment does not represent fair value. In such instances, the investment is valued as determined in good faith using procedures approved by the Board. Situations that may require an investment to be fair valued may include instances where a security is thinly traded, halted or restricted as to resale. In addition, investments may be fair valued based on the occurrence of a significant event. Significant events may be specific to a particular issuer, such as mergers, restructurings or defaults. Alternatively, significant events may affect an entire market, such as natural disasters, government actions, and significant changes in the value of U.S. securities markets. Securities are fair valued based on observable and unobservable inputs, including the Adviser's or Valuation Committee's own assumptions in determining the fair value of an investment. Under the procedures approved by the Board, the Adviser may utilize pricing services or other sources, including each Fund's Sub-Adviser(s), to assist in determining the fair value of an investment. A market-based approach may be utilized whereby related or comparable assets or liabilities, recent transactions, market multiples, book values and other inputs may be considered in determining fair value. An income-based valuation approach may also be used in which the anticipated future cash flows of the asset or liability are discounted to calculate fair value. Inputs considered to determine fair value may include fundamental analytical data relating to the security; the nature and duration of restrictions, if any, on the disposition of the security; trading volume on markets, exchanges, or among dealers; evaluation of the forces which influence the market in which the security is traded; the type of security; the financial statements of the issuer, or other financial information about the issuer; the cost of the security at its date of purchase; the size of the Fund's holding; the discount from market value of unrestricted securities of the same class, if applicable, at the time of purchase or at a later date; reports prepared by analysts; information as to any transactions in or offers for the security; the existence of any merger proposal, tender offer or other extraordinary event relating to the security; the price and extent of public or dealer trading in similar securities or derivatives of the issuer or of comparable companies; trading in depositary receipts; foreign currency exchange activity; changes in the interest rate environment; trading prices of financial products that are tied to baskets of foreign securities; and any other matters considered relevant.

If an investment is valued at a fair value for purposes of calculating a Fund's NAV, the value may be different from the last quoted price for the investment depending on the source and method used to determine the value. Although there can be no assurance, in general, the fair value of the investment is the amount the owner of such investment might reasonably expect to receive in an orderly transaction between market participants upon its current sale.

**Distributions to Shareholders.** The amount and timing of distributions for the RIC Funds (as discussed in Note 11) are determined in accordance with federal income tax regulations, which may differ from GAAP. Dividends from net investment income are generally declared and paid annually by the RIC Funds, but may be paid more frequently to avoid excise tax. Distributions of net realized capital gains by the RIC Funds, if any, are distributed at least annually, to the extent they exceed available capital loss carryforwards. The JNL/Dreyfus Government Money Market Fund declares dividends from net investment income daily and pays dividends monthly. No distributions of net investment income or realized capital gains are required for Funds that are not RICs, therefore, undistributed net investment income and accumulated net realized gain/loss are reclassed to paid-in capital on a semi-annual basis. Capital gains distributions received from the Master Funds and underlying funds are recorded as Net realized gain on Distributions from Affiliated or Unaffiliated investment companies, as applicable, in the Statements of Operations.

**Security Transactions and Investment Income.** Security transactions are recorded on the trade date for financial reporting purposes. Realized gains and losses are determined on the specific identification basis. Dividend income, net of applicable withholding taxes, is recorded on the ex-dividend date. Corporate actions involving foreign securities, including dividends, are recorded when the information becomes available. Income received in lieu of dividends for securities loaned is included in Dividends in the Statements of Operations. Interest income, including effective-yield amortization of discounts

739

**JNL Series Trust** 

**Notes to Financial Statements (Unaudited)**

June 30, 2025

and premiums on debt securities and convertible bonds, is accrued daily. A Fund may place a debt obligation on non-accrual status and reduce related interest income, and value, by ceasing current accruals and writing off interest receivables when the collection of all or a portion of interest has become uncollectible. A debt obligation is removed from non-accrual status when the issuer resumes interest payments or when collectability of interest is reasonably assured. Following Russia's invasion of Ukraine on February 24, 2022, economic sanctions and other restrictive measures have limited the ability of the Funds to receive and record dividend, interest and maturity payments from certain Russian securities or to repatriate Russian currency.

**Expenses.** Expenses are recorded on an accrual basis. Expenses of the Trust that are directly attributable to a specific Fund are charged to that Fund. Expenses attributable to a specific class of shares are charged to that class and any other expenses are allocated to the classes on a pro rata basis using the daily net assets of each class. Other Trust level expenses are allocated to the Funds based on the average daily net assets of each Fund. As it relates to expenses in Master Funds, the Feeder Fund's shareholders bear the fees and expenses of each respective Master Fund in which the Feeder Fund invests because each Feeder Fund invests all of its assets in its respective Master Fund. Such expenses are not included in the Statements of Operations but are incurred indirectly in the calculation of the NAV of the respective Master Fund. As a result, the Feeder Funds' actual expenses may be higher than those of other mutual funds that invest directly in securities. A similar situation exists for the Funds of Funds as it relates to the expenses associated with the investments in underlying funds.

**Foreign Taxes.** The Funds may be subject to foreign taxes on income, gains on investments or foreign currency purchases and repatriation, a portion of which may be recoverable. The Funds will accrue such taxes and recoveries as applicable, based upon the current interpretations of tax rules and regulations that exist in the markets in which the Funds invest. When a capital gains tax is determined to apply, a Fund will record an estimated tax liability in an amount that may be payable if the securities were disposed of on the valuation date. The estimated liability is recorded as Deferred foreign capital gains tax liability in the Statements of Assets and Liabilities. Foreign capital gains tax paid and the current period's change in deferred foreign capital gains tax liability are recorded in Net realized gain (loss) on Investments - unaffiliated and Net change in unrealized appreciation (depreciation) on Investments - unaffiliated, respectively, in the Statements of Operations.

**Foreign Currency Translations.** The accounting records of each Fund are maintained in U.S. dollars. Each business day, the fair values of foreign securities, currency holdings and other assets and liabilities denominated in a foreign currency are translated into U.S. dollars based on current exchange rates. Purchases and sales of investment securities, income receipts and expense payments are translated into U.S. dollars based on the respective exchange rates prevailing on the dates of such transactions. The Funds do not isolate that portion of the results of operations resulting from changes in foreign exchange rates on investments from the fluctuations arising from changes in market prices of foreign securities. Such fluctuations are included in Net realized gain (loss) on Investments - unaffiliated and Net change in unrealized appreciation (depreciation) on Investments - unaffiliated, respectively, in the Statements of Operations.

**Guarantees and Indemnifications.** In the normal course of business, the Trust may enter into contracts that contain a variety of representations which provide general indemnifications for certain liabilities. Under the Trust's organizational documents, its officers and Trustees are indemnified against certain liabilities arising out of the performance of their duties to the Funds. However, since their commencement of operations, the Funds have not had claims or losses pursuant to their contracts and expect the risk of loss to be remote. The Funds' maximum exposure under these arrangements is unknown since the amount of any future claims that may be made against the Funds cannot be determined and the Funds have no historical basis for predicting the likelihood of any such claims.

**Use of Estimates.** The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of increases and decreases in net assets from operations during the reporting period. Actual results could differ from those estimates.

**Statement of Cash Flows.** GAAP requires entities providing financial statements that report both a financial position and results of operations to also provide a statement of cash flows for each period for which results of operations are provided, but exempts investment companies meeting certain conditions including that the investment company had little or no debt, based on the average debt outstanding during the period, in relation to average total assets and that substantially all the investment company's investments were carried at Level 1 or Level 2 measurements in accordance with FASB ASC Topic 820. Funds with certain degrees of borrowing activity, typically through the use of securities sold short, transactions characterized as secured borrowing transactions or reverse repurchase agreements, have been determined to require a statement of cash flows.

**Recent Accounting Pronouncements.** In December 2023, FASB released Accounting Standards Update ("ASU") 2023-09, titled "Improvements to Income Tax Disclosures" under Topic 740. This update aims to enhance the transparency and consistency of income tax disclosures by requiring disclosure of specific categories in the rate reconciliation and by providing disaggregated information on income taxes paid by jurisdiction, both domestically and internationally. The amendments under this ASU are required to be applied prospectively and are effective for fiscal years beginning after December 15, 2024. Management is evaluating the amendments and any impact they will have on the Funds' financial statements.

**NOTE 3. FAIR VALUE MEASUREMENT**

FASB ASC Topic 820 establishes a single authoritative definition of fair value, sets out a framework for measuring fair value and requires additional disclosures about fair value measurements. Various inputs are used in determining the value of a Fund's investments under this guidance. The inputs are summarized into three broad categories:

Level 1 includes quoted prices (unadjusted) in active markets for identical investments that the Funds can access at the measurement date.

Level 2 includes other significant observable inputs (including fair value factors, quoted prices for similar investments, interest rates, prepayment speeds, credit risk, etc.).

740

**JNL Series Trust** 

**Notes to Financial Statements (Unaudited)**

June 30, 2025

Level 3 includes significant unobservable inputs, to the extent observable inputs are not available, including the Adviser's own assumptions in determining the fair value of investments.

Inputs used in the determination of the fair value level of Level 3 securities, which were deemed to be material, are disclosed within the notes below and are not necessarily an indication of the risk associated with investing in those securities.

The following table is a rollforward of asset types with significant Level 3 valuations (in thousands) and transfers by category for which significant unobservable inputs were used to determine fair value during the period ended June 30, 2025:

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| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Balance at Beginning of Period ($)** | **Transfers into Level 3 During the Period<sup>1</sup>** | **Transfers out of Level 3 During the Period<sup>1</sup>** | **Realized Gain/(Loss)** | **Amortization/Accretion** | **Purchases** | (Sales) | **Balance at End of Period ($)** | **Net Change in Unrealized Appreciation/ (Depreciation) on Investments Held at End of Period<sup>2</sup> ($)** |

---

**JNL/PIMCO Income Fund**<br>

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| Senior Floating Rate Instruments | 23287 | 15455 | 5 | 8552 | (272) | 16519 | 402 |
| Common Stocks | 11384 |  |  |  |  | 10988 | (396) |
| Credit Default Swap Agreements |  |  |  |  |  | 7 | 7 |
| Warrants | 933 |  |  |  | (650) | 427 | 144 |
| Corporate Bonds And Notes | 1650 | 1650 |  |  |  |  |  |
|  | 37254 | 17105 | 5 | 8552 | (922) | 27941 | 157 |

---

**JNL/Westchester Capital Event Driven Fund**<br>

---

| | | | | |
|:---|:---|:---|:---|:---|
| Other Equity Interests | 1179 | (168) | 1091 | 80 |
| Rights | 78 |  | 78 |  |
| Warrants | 1 |  | 1 |  |
| Total Return Swap Agreements | 32 |  | 31 | (1) |
|  | 1290 | (168) | 1201 | 79 |

---

<br> <sup>1</sup> There were no significant transfers between Level 3 and Level 2 during the Period except for those noted. <br> <sup>2</sup> Reflects the change in unrealized appreciation/(depreciation) for Level 3 investments held June 30, 2025.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Asset Class** | **Fair Value (In Thousands $)** | **Valuation Technique** | **Unobservable Input** | **Range (Weighted Average†)** |
| **JNL/PIMCO Income Fund** | **JNL/PIMCO Income Fund** | **JNL/PIMCO Income Fund** | **JNL/PIMCO Income Fund** | **JNL/PIMCO Income Fund** |
| Senior Floating Rate Instruments | 8128 | Recent Transaction | NA‡ | 93.50 - 100.27 (99.85) |
| Senior Floating Rate Instruments | 4623 | Market Approach | Broker Quote | 38.00 - 101.00 (95.51) |
| Senior Floating Rate Instruments | 3768 | Par Value | Par Value | 100.00 (N/A) |
|  | 16519 |  |  |  |
| Common Stocks | 4580 | Merger Terms | Merger Indicated Value | $3.9B (N/A) |
| Common Stocks | 4274 | Hybrid Model (Deal Terms, Comparable Model) | Merger Indicated Value | $3.9B - $4.3B ($4.1B) |
| Common Stocks | 2134 | Comparable Model | EBITDA Multiple | 3.90 - 5.90 (4.90) |
|  | 10988 |  |  |  |
| Credit Default Swap Agreements | 7 | Market Approach | Broker Quote | 0.20 - 0.25 (0.21) |
| Warrants | 424 | Comparable Model | EBITDA Multiple | 3.90 - 5.90 (4.90) |
| Warrants | 3 | Black Scholes Model | Volatility | 25% - 40% (33%) |
|  | 427 |  |  |  |
| **JNL/Westchester Capital Event Driven Fund** | **JNL/Westchester Capital Event Driven Fund** | **JNL/Westchester Capital Event Driven Fund** | **JNL/Westchester Capital Event Driven Fund** | **JNL/Westchester Capital Event Driven Fund** |
| Other Equity Interests | 1091 | Market Approach | Broker Quote | 1.30 (N/A) |
| Rights | 78 | Market Approach | Broker Quote | 0.30 - 0.75 (0.73) |
| Warrants | 1 | Market Approach | Current Trade Price | 0.00 - 0.21 (0.21) |
| Total Return Swap Agreements | 31 | Market Approach | Broker Quote | 0.75-1.60 (0.76) |

---

† Unobservable inputs were weighted by the relative fair value of the instruments.

‡ The valuations within this category are based on recent transactions. There were no quantitative unobservable inputs significant to the valuation technique.

The following table summarizes Funds with significant exposure to Russian securities with Level 3 valuations (in thousands) at June 30, 2025. These securities were fair valued at or near zero due to economic sanctions that prohibit the Funds from transacting in these securities or to repatriate Russian currency.

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| | |
|:---|:---|
|  | **Unrealized Gain/(Loss) ($)** |
| **JNL Emerging Markets Index Fund** |  |
| Common Stocks | (24725) |
| **JNL Multi-Manager Emerging Markets Equity Fund** |  |
| Common Stocks | (20149) |
| **JNL/BlackRock Global Natural Resources Fund** |  |
| Common Stocks | (40428) |
| **JNL/GQG Emerging Markets Equity Fund** |  |
| Common Stocks | (57255) |
| **JNL/PIMCO Investment Grade Credit Bond Fund** |  |
| Corporate Bonds and Notes | (6680) |

---

741

**JNL Series Trust** 

**Notes to Financial Statements (Unaudited)**

June 30, 2025

Significant changes in unobservable valuation inputs to a different amount might result in a significantly higher or lower fair value measurement than the one used in a security's valuation.

**NOTE 4. SECURITIES AND OTHER INVESTMENTS**

**Securities Lending and Securities Lending Collateral.** All Funds, except JNL/Dreyfus Government Money Market Fund, JNL Multi-Manager Floating Rate Income Fund, the Funds of Funds and the Feeder Funds, participate in agency based securities lending programs. JPMorgan Chase Bank, N.A. ("JPM Chase") and State Street Bank and Trust Company ("State Street") (each a "Custodian" and together the "Custodians") each serve as securities lending agent to the eligible Funds for which they are Custodian. Per the securities lending agreements, the securities lending agent is authorized to loan securities on behalf of the Funds to approved borrowers and is required to maintain collateral. Each Fund receives either cash or non-cash collateral against the loaned securities in an amount equal to at least 100% of the market value of the loaned securities. Collateral is maintained over the life of the loan as determined at the close of Fund business each day; any additional collateral required due to changes in security values is typically delivered to the Fund on the next business day. The duration of each loan is determined by the agent and borrower and generally may be terminated at any time. Certain loans may be negotiated to mature on a specified date. The securities lending agents have agreed to indemnify the Fund in the event of default by a third-party borrower. A Fund may experience a delay in the recovery of its securities or incur a loss if the borrower breaches its agreement with the Fund or becomes insolvent. For cash collateral, the Fund receives income from the investment of cash collateral, which is shared with the borrower through negotiated rebates. The Fund bears the risk that the agent may default on its obligations to the Fund. Non-cash collateral which a Fund receives may include U.S. Government securities; U.S. Government agencies' debt securities; and U.S. Government-sponsored agencies' debt securities and mortgage-backed securities. For non-cash collateral, the Fund receives lending fees negotiated with the borrower. The securities lending agents have agreed to indemnify the Fund with respect to the market risk related to the non-cash collateral investments. The Fund also bears the market risk with respect to the collateral received and securities loaned. JPM Chase and State Street receive a portion of the earnings from the Funds' securities lending program.

Except as described below, cash collateral received is invested in the JNL Government Money Market Fund – Class SL, a registered government money market fund under the 1940 Act and series of the JNL Investors Series Trust. JNAM serves as the Adviser and Administrator for the JNL Government Money Market Fund. The JNL Government Money Market Fund is offered to the Funds and their affiliates and is not available for direct purchase by members of the public. The JNL Government Money Market Fund pays JNAM annual fees, accrued daily and payable monthly, for investment advisory and administrative services. In addition to investing cash collateral in the JNL Government Money Market Fund – Class SL, JNL/Mellon S&P 500 Index Fund may invest cash collateral in repurchase agreements collateralized by equity and U.S. Government or agency securities. JPM Chase has agreed to bear the risk of any deficiency in the amount of collateral available for return to a borrower due to a decline in value of the repurchase agreements collateralized by equity and U.S. Government or agency securities. Reinvestments in repurchase agreements will not exceed 10% of a Fund's net assets, shall be collateralized by equity and U.S. Government or agency securities equal to not less than 110% of the cash collateral reinvested in such transactions, and shall be marked-to-market daily.

Cash collateral received from the borrower is recorded in the Statements of Assets and Liabilities as Payable for Return of securities loaned. Investments acquired with such cash collateral are reported in a manner consistent with other portfolio investments held by each Fund as Investments - affiliated, at value or Investments - unaffiliated, at value, as applicable, on the Statements of Assets and Liabilities. The value of securities on loan is disclosed as Securities on loan included in Investments – unaffiliated, at value on the Statements of Assets and Liabilities. Each Fund's net exposure to a borrower is determined by the amount of any shortfall in collateral received compared to the value of securities on loan. Certain Funds receive non-cash collateral in the form of securities received, which the Funds may not sell or re-pledge and accordingly are not reflected in the Statements of Assets and Liabilities. The value of securities on loan and collateral received (in thousands) at June 30, 2025 was as follows:

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **Securities on Loan ($)** | **NonCash Collateral ($)** | **Cash Collateral ($)** | **Total Collateral ($)** |
| JNL Growth ETF Allocation Fund | 16387 | 6083 | 10804 | 16887 |
| JNL Moderate ETF Allocation Fund | 10220 | 1585 | 8812 | 10397 |
| JNL Moderate Growth ETF Allocation Fund | 27524 | 3491 | 24579 | 28070 |
| JNL/Vanguard Growth ETF Allocation Fund | 212288 | 212157 | 3270 | 215427 |
| JNL/Vanguard Moderate ETF Allocation Fund | 27897 | 17839 | 10635 | 28474 |
| JNL/Vanguard Moderate Growth ETF Allocation Fund | 39231 | 33216 | 9602 | 42818 |
| JNL Bond Index Fund | 2106 | 250 | 1896 | 2146 |
| JNL Emerging Markets Index Fund | 7236 | 3636 | 4227 | 7863 |
| JNL International Index Fund | 72227 | 61347 | 15771 | 77118 |
| JNL Mid Cap Index Fund | 50268 | 48181 | 4556 | 52737 |
| JNL Small Cap Index Fund | 100360 | 70267 | 33179 | 103446 |
| JNL Multi-Manager Alternative Fund | 2743 | 2818 | 96 | 2914 |
| JNL Multi-Manager Emerging Markets Equity Fund | 20536 | 13117 | 8396 | 21513 |
| JNL Multi-Manager International Small Cap Fund | 23554 | 24314 |  | 24314 |
| JNL Multi-Manager Mid Cap Fund | 3989 | 234 | 3880 | 4114 |
| JNL Multi-Manager Small Cap Growth Fund | 88073 | 56300 | 34922 | 91222 |
| JNL Multi-Manager Small Cap Value Fund | 34553 | 16400 | 18940 | 35340 |
| JNL S&P 500 Index Fund | 451 | 170 | 292 | 462 |
| JNL/AQR Large Cap Defensive Style Fund | 2460 | 525 | 1962 | 2487 |
| JNL/BlackRock Global Allocation Fund | 68657 | 12302 | 57663 | 69965 |
| JNL/BlackRock Global Natural Resources Fund | 57331 |  | 58640 | 58640 |
| JNL/ClearBridge Large Cap Growth Fund | 10369 | 10355 | 161 | 10516 |
| JNL/DFA International Core Equity Fund | 27721 | 26829 | 2294 | 29123 |
| JNL/DFA U.S. Core Equity Fund | 3203 | 2061 | 1230 | 3291 |

---

742

**JNL Series Trust** 

**Notes to Financial Statements (Unaudited)**

June 30, 2025

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **Securities on Loan ($)** | **NonCash Collateral ($)** | **Cash Collateral ($)** | **Total Collateral ($)** |
| JNL/DFA U.S. Small Cap Fund | 12311 | 8543 | 4033 | 12576 |
| JNL/DoubleLine Core Fixed Income Fund | 5750 | 514 | 5346 | 5860 |
| JNL/DoubleLine Emerging Markets Fixed Income Fund | 1779 |  | 1832 | 1832 |
| JNL/Fidelity Institutional Asset Management Total Bond Fund | 11478 | 490 | 11262 | 11752 |
| JNL/First Sentier Global Infrastructure Fund | 26947 | 12776 | 15363 | 28139 |
| JNL/Franklin Templeton Income Fund | 14968 |  | 21833 | 21833 |
| JNL/Goldman Sachs 4 Fund | 43 |  | 44 | 44 |
| JNL/GQG Emerging Markets Equity Fund | 3178 | 3453 |  | 3453 |
| JNL/Invesco Diversified Dividend Fund | 4457 | 4531 |  | 4531 |
| JNL/Invesco Global Growth Fund | 2885 |  | 3009 | 3009 |
| JNL/Invesco Small Cap Growth Fund | 47675 | 46498 | 1434 | 47932 |
| JNL/JPMorgan Global Allocation Fund | 19494 | 6235 | 13703 | 19938 |
| JNL/JPMorgan MidCap Growth Fund | 17150 | 4 | 18573 | 18577 |
| JNL/Loomis Sayles Global Growth Fund | 14907 | 15153 |  | 15153 |
| JNL/Lord Abbett Short Duration Income Fund | 3532 |  | 3602 | 3602 |
| JNL/Mellon Communication Services Sector Fund | 803 | 305 | 508 | 813 |
| JNL/Mellon Consumer Discretionary Sector Fund | 9320 | 7865 | 1651 | 9516 |
| JNL/Mellon Consumer Staples Sector Fund | 4583 | 2910 | 1934 | 4844 |
| JNL/Mellon Energy Sector Fund | 1339 | 8 | 1371 | 1379 |
| JNL/Mellon Financial Sector Fund | 2454 | 1617 | 867 | 2484 |
| JNL/Mellon Healthcare Sector Fund | 8567 | 5644 | 3381 | 9025 |
| JNL/Mellon Industrials Sector Fund | 1244 | 797 | 455 | 1252 |
| JNL/Mellon Information Technology Sector Fund | 49401 | 43033 | 15527 | 58560 |
| JNL/Mellon Nasdaq 100 Index Fund | 6712 | 7013 |  | 7013 |
| JNL/Mellon Real Estate Sector Fund | 3053 | 1950 | 1186 | 3136 |
| JNL/Mellon S&P 500 Index Fund | 846418 | 17151 | 845688 | 862839 |
| JNL/Mellon U.S. Stock Market Index Fund | 12870 | 5578 | 7662 | 13240 |
| JNL/Mellon Utilities Sector Fund | 568 | 575 |  | 575 |
| JNL/Mellon World Index Fund | 9909 | 10114 | 278 | 10392 |
| JNL/Morningstar PitchBook Listed Private Equity Index Fund | 72 | 76 |  | 76 |
| JNL/Morningstar U.S. Sustainability Index Fund | 188 |  | 194 | 194 |
| JNL/Neuberger Berman Strategic Income Fund | 12632 | 107 | 12752 | 12859 |
| JNL/Newton Equity Income Fund | 860 |  | 880 | 880 |
| JNL/PIMCO Income Fund | 1669 |  | 1721 | 1721 |
| JNL/PIMCO Investment Grade Credit Bond Fund | 4170 |  | 4254 | 4254 |
| JNL/PPM America High Yield Bond Fund | 65233 | 6892 | 59475 | 66367 |
| JNL/PPM America Investment Grade Credit Fund | 1017 |  | 1033 | 1033 |
| JNL/PPM America Total Return Fund | 1046 |  | 1062 | 1062 |
| JNL/RAFI Fundamental U.S. Small Cap Fund | 3604 | 2236 | 1441 | 3677 |
| JNL/RAFI Multi-Factor U.S. Equity Fund | 4707 | 2822 | 1976 | 4798 |
| JNL/T. Rowe Price Balanced Fund | 6900 | 5524 | 1632 | 7156 |
| JNL/T. Rowe Price Capital Appreciation Fund | 22549 |  | 23448 | 23448 |
| JNL/T. Rowe Price Mid-Cap Growth Fund | 12901 | 4811 | 8061 | 12872 |
| JNL/T. Rowe Price U.S. High Yield Fund | 41936 | 12751 | 29917 | 42668 |
| JNL/T. Rowe Price Value Fund | 37042 | 37659 |  | 37659 |
| JNL/WCM Focused International Equity Fund | 47530 | 48128 |  | 48128 |
| JNL/William Blair International Leaders Fund | 13480 | 13717 |  | 13717 |
| JNL/WMC Balanced Fund | 4637 |  | 4721 | 4721 |
| JNL/WMC Global Real Estate Fund | 11325 | 10882 | 1147 | 12029 |
| JNL/WMC Value Fund | 3441 | 232 | 3288 | 3520 |

---

**U.S. Government Agencies or Government Sponsored Enterprises.** Certain Funds may invest in U.S. Government agencies or government sponsored enterprises. U.S. Government securities are obligations of, and in certain cases, guaranteed by, the U.S. Government, its agencies or instrumentalities. Some U.S. Government securities, such as Treasury bills, notes and bonds, and securities guaranteed by the Government National Mortgage Association, are supported by the full faith and credit of the U.S. Government; others, such as those of the Federal Home Loan Banks ("FHLBanks"), are supported by the right of the issuer to borrow from the U.S. Department of the Treasury ("U.S. Treasury"); others, such as those of the Federal National Mortgage Association ("Fannie Mae"), are supported by the discretionary authority of the U.S. Government to purchase the agency's obligations; and still others, such as those of the Student Loan Marketing Association, are supported only by the credit of the instrumentality. U.S. Government securities may include zero coupon securities, which do not distribute interest on a current basis and tend to be subject to greater risk than interest paying securities of similar maturities.

Although many types of U.S. Government securities may be purchased by the Funds, such as those issued by Fannie Mae, the Federal Home Loan Mortgage Corporation, the FHLBanks, and other entities chartered or sponsored by Acts of Congress, their securities are neither issued nor guaranteed by the U.S. Treasury and, therefore, are not backed by the full faith and credit of the United States. The U.S. Government may choose not to provide financial support to U.S. Government sponsored agencies or instrumentalities if it is not legally obligated to do so, in which case, if the issuer defaulted, the holder of the securities of such issuer might not be able to recover its investment from the U.S. Government.

**Unregistered Securities.** Certain Funds may own certain investment securities that are unregistered and thus restricted to resale. These securities may also be referred to as "private placements". Unregistered securities may be classified as "illiquid" because there is no readily available market for sale of

743

**JNL Series Trust** 

**Notes to Financial Statements (Unaudited)**

June 30, 2025

the securities. Where future dispositions of the securities require registration under the 1933 Act, the Funds have the right to include those securities in such registration generally without cost to the Funds. The Funds have no right to require registration of unregistered securities.

**Repurchase Agreements.** Certain Funds may invest in repurchase agreements. In a repurchase agreement, a Fund receives debt securities (collateral) subject to an obligation of the seller to repurchase, and the Fund to resell, the securities at an agreed upon price and date. The underlying securities used as collateral for repurchase agreements may be held in safekeeping by the Fund's Custodian or designated sub-custodians under triparty repurchase agreements. Earnings on collateral and compensation to the seller are based on agreed upon rates between the seller and the Fund. Interest earned on repurchase agreements is recorded as interest income to the Fund. In the event of a default by the counterparty, realization of the collateral proceeds could be delayed, during which time the value of such collateral may decline.

**Reverse Repurchase Agreements.** Certain Funds may enter into reverse repurchase agreements. In a reverse repurchase agreement, a Fund delivers to a counterparty a security in exchange for cash with a simultaneous agreement to repurchase the same or substantially the same security at an agreed upon price and date. Cash received in exchange for securities delivered plus accrued interest to be paid by the Fund are reflected as Payable for Reverse repurchase agreements on the Statements of Assets and Liabilities. Interest paid is recorded as interest expense to the Fund. The Fund receives principal and interest payments, if any, made on the security delivered to the counterparty during the term of the agreement. In periods of increased demand of the security, the Fund may receive a fee for use of the security by the counterparty, which may result in interest income to the Fund. A reverse repurchase agreement involves the risk that the value of the security delivered by the Fund may decline below the repurchase price of the security.

The average daily balance (in thousands) and the weighted average interest rate for reverse repurchase agreements, for the period ended June 30, 2025, were as follows:

---

| | | | |
|:---|:---|:---|:---|
| **Fund** | **Weighted Average Interest Rate (%)** | **Days Outstanding** | **Average Daily Balance ($)** |
| JNL Multi-Manager Alternative Fund | 4.75% | 127 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10822  |
| JNL/PIMCO Income Fund | 4.50% | 144 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 17362  |
| JNL/PIMCO Real Return Fund | 0.20% | 77 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 22528  |

---

There were no reverse repurchase agreements and collateral pledged at June 30, 2025.

**Forward Sales Commitments.** Certain Funds may purchase or sell forward sales commitments. A forward sales commitment involves a Fund entering into a contract to purchase or sell securities for a fixed price at a future date beyond the customary settlement period. The purchase of a forward sales commitment involves the risk of loss if the value of the security to be purchased declines before the settlement date while the sale of a forward sales commitment involves the risk that the value of the securities to be sold may increase before the settlement date. A Fund may dispose of or renegotiate forward sales commitments after they are entered into, and may close these positions before they are delivered, which may result in realized gain or loss.

**Delayed-Delivery Securities.** Certain Funds may purchase or sell securities on a delayed-delivery basis, including To Be Announced ("TBA") or "To Be Acquired" securities. These transactions involve a commitment by a Fund to purchase or sell securities for a predetermined price or yield, with payment and delivery taking place beyond the customary settlement period. In TBA transactions, the Fund commits to purchasing or selling securities for which all specific information is not yet known at the time of the trade, particularly the face amount and maturity date of the underlying securities. When delayed-delivery purchases are outstanding, the Fund is required to have sufficient cash and/or liquid securities to cover its commitments on these transactions. When purchasing a security on a delayed-delivery basis, the Fund assumes the rights of ownership of the security, including the risk of price and yield fluctuations, and considers such fluctuations when determining its NAV. A Fund may dispose of or renegotiate a delayed-delivery transaction after it is entered into, and the Fund may sell delayed-delivery securities before they are delivered, which may result in a realized gain or loss.

**Mortgage-Backed Dollar and Treasury Roll Transactions.** Certain Funds may purchase or sell mortgage-backed or Treasury securities and simultaneously contract to sell or repurchase securities at a future date at an agreed upon price. The Funds may only enter into covered rolls. A "covered roll" is a type of dollar or Treasury roll for which a Fund maintains offsetting positions in cash, U.S. Government securities, or other liquid assets which mature on or before the forward sale or repurchase settlement date of the dollar or Treasury roll transaction. During the period between the purchase or sale and subsequent sale or repurchase, a Fund foregoes interest and principal paid on the mortgage-backed or Treasury securities. A Fund is compensated by the interest earned on the cash proceeds of the sale and from negotiated fees paid by brokers offered as an inducement to the Fund to "roll over" its purchase commitments. A Fund may dispose of "covered roll" securities after they are entered into and close these positions before their maturity, which may result in a realized gain or loss.

Dollar or Treasury roll transactions involve the risk that the fair value of the securities sold by a Fund may decline below the repurchase price of those securities which the Fund is obligated to purchase or that the return earned by the Fund with the proceeds of a dollar roll may not exceed transaction costs.

In a mortgage-backed or Treasury securities roll transaction, if the repurchased security is determined to be similar, but not substantially the same, the transaction is accounted for as a purchase and sale, and any gains, losses and any income or fees earned are recorded to realized gain or loss. If the repurchased security is determined to be substantially the same, the transaction is accounted for as a secured borrowing and any income or fees earned are recorded to investment income and financing costs associated with the transaction are recorded to interest expense.

744

**JNL Series Trust** 

**Notes to Financial Statements (Unaudited)**

June 30, 2025

The average daily balance (in thousands), the weighted average interest rate, and the amount of deferred income (in thousands) for Treasury roll transactions accounted for as secured borrowing transactions, for the period ended June 30, 2025, were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Fund** | **Avgerage Daily Balance ($)** | **Weighted Average Interest Rate (%)** | **Days Outstanding** | **Deferred Income ($)** |
| JNL/PIMCO Income Fund | 42783 | 2.95% | 129 |  |
| JNL/PIMCO Investment Grade Credit Bond Fund | 59068 | 3.21% | 147 |  |
| JNL/PIMCO Real Return Fund | 249644 | 3.50% | 181 | 215 |

---

The following table details Treasury roll transactions (in thousands) outstanding accounted for as secured borrowings as of June 30, 2025:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Counterparty** | **Borrowing Rate/(Fee Income)(%)** | **Maturity Date** | **Payable for Treasury Roll Transactions Including Interest Payable($)** |
| **JNL/PIMCO Real Return Fund** | **JNL/PIMCO Real Return Fund** | **JNL/PIMCO Real Return Fund** | **JNL/PIMCO Real Return Fund** | **JNL/PIMCO Real Return Fund** |
| Treasury, United States Department of | BCL | 4.48 | 7/2/2025 | 463990 |
| Treasury, United States Department of | BCL | 4.33 | 7/7/2025 | 7865 |
| Treasury, United States Department of | BCL | 4.45 | 7/16/2025 | 170553 |
| Treasury, United States Department of | BCL | 4.45 | 7/17/2025 | 509 |
| Treasury, United States Department of | BCL | 4.45 | 7/22/2025 | 13668 |
| Treasury, United States Department of | GSC | 4.48 | 7/1/2025 | 922 |
| Treasury, United States Department of | GSC | 4.45 | 7/2/2025 | 12576 |
| Treasury, United States Department of | GSC | 4.45 | 7/7/2025 | 2330 |
| Treasury, United States Department of | GSC | 4.45 | 7/28/2025 | 30215 |
|  |  |  |  | 702628 |

---

**Inflation-Indexed Bonds.** Certain Funds may invest in inflation-indexed bonds which are fixed income securities whose principal value is periodically adjusted to the rate of inflation. The interest rate on these bonds is generally fixed at issuance at a rate lower than typical bonds. Over the life of an inflation-indexed bond interest will be paid based on a principal value which is adjusted for inflation. Any increase in the principal amount of an inflation-indexed bond will be considered interest income, even though investors do not receive principal payments until maturity.

**Senior and Junior Loans.** Certain Funds may invest in Senior loans or secured and unsecured subordinated loans, second lien loans and subordinated bridge loans ("Junior loans") which are purchased or sold on a when-issued or delayed-delivery basis and may be settled a month or more after the trade date. Interest income on these loans is accrued based on the terms of the securities. Senior and Junior loans can be acquired through an agent, by assignment from another holder of the loan, or as a participation interest in another holder's portion of the loan. When a Fund invests in a loan or participation, the Fund is subject to the risk that an intermediate participant between the Fund and the borrower will fail to meet its obligations to the Fund, in addition to the risk that the borrower under the loan may default on its obligations. Senior and Junior loans typically are of below investment grade quality and have below investment grade credit ratings, which ratings are associated with securities having high risk and speculative characteristics. The Fund is also subject to the risk that the agent bank administering the loan may fail to meet its obligations.

**Securities Sold Short.** Certain Funds may enter into short sales transactions whereby the Fund sells a security it does not own in anticipation of a decline in the market price of the security or to engage in arbitrage transactions. When a Fund engages in a short sale, the Fund borrows the security sold short to make delivery to the buyer. The Fund may have to pay a fee to borrow securities and is often obligated to repay the lender of the securities for any interest or dividends that accrues on the borrowed securities during the period of the loan. Until the Fund closes its short position, the lending broker or lending agent requires assets in the form of securities or cash to be segregated as collateral, which is marked-to-market daily, to the extent necessary to meet margin requirements or cover the short sale obligation. A Fund is obligated to deliver securities at the market price at the time the short position is closed. If the price of the security sold short increases between the time of the short sale and the time that the Fund replaces the borrowed security, the Fund will incur a capital loss; conversely, if the price declines, the Fund will realize a capital gain. A Fund's loss on a short sale could theoretically be unlimited in cases where the Fund is unable, for whatever reason, to close out its short position.

**Convertible Securities.** Certain Funds may invest in fixed-income securities which are convertible into common stock. Convertible securities may be converted either at a stated price or rate within a specified period of time into a specified number of shares of common stock. Typically, convertible securities pay dividends or interest greater than on the related common stocks, but less than fixed income non-convertible securities. A convertible security tends to perform more like a stock when the underlying stock price is high and more like a debt security when the underlying stock price is low. A convertible security is not as sensitive to interest rate changes as a similar non-convertible debt security, and generally has less potential for gain or loss than the underlying stock.

**Equity-Linked Structured Notes.** Certain Funds may invest in equity-linked notes. Equity-linked notes are financial instruments that combine debt and equity characteristics. These notes typically pay interest that is linked to the performance of the underlying equity. Equity-linked notes may be more volatile and less liquid than the underlying equity. In addition to fluctuating price movements in the underlying equity, these notes are debt securities of the issuer and will be subject to credit and interest rate risks that typically affect debt instruments.

745

**JNL Series Trust** 

**Notes to Financial Statements (Unaudited)**

June 30, 2025

**Master Limited Partnerships.** Certain Funds may invest in Master Limited Partnerships ("MLPs"). An MLP is a publicly traded company organized as a limited partnership or limited liability company and treated as a partnership for federal income tax purposes. Investment in MLPs involves some risks that differ from an investment in the common stock of a corporation. Holders of MLPs have limited control on matters affecting the partnership. Investing in MLPs involves certain risks related to investing in the underlying assets of the MLPs and risks associated with pooled investment vehicles. MLPs holding credit-related investments are subject to interest rate risk and the risk of default on payment obligations by debt issuers. MLPs that concentrate in a particular industry or a particular geographic region are subject to risks associated with such industry or region. The benefit derived from the Fund's investment in MLPs is largely dependent on the MLPs being treated as partnerships for federal income tax purposes. MLPs may derive income and gains from the exploration, development, mining or production, processing, refining, transportation (including pipelines transporting gas, oil, or products thereof), or the marketing of any mineral or natural resources.

**Real Estate Investment Trusts.** Certain Funds may invest in Real Estate Investment Trusts ("REITs"). REITs are traded as a stock on major stock exchanges and invests in real estate directly, either through properties or mortgages. REITs typically concentrate on a specific geographic region or property type, receive special tax considerations and are a liquid method of investing in real estate. The risks of investing in REITs include certain risks associated with the direct ownership of real estate and the real estate industry in general. These include risks related to general, regional and local economic conditions; difficulties in valuing and disposing of real estate; fluctuations in interest rates and property tax rates; shifts in zoning laws; environmental regulations and other governmental action; cash flow dependency; increased operating expenses; lack of availability of mortgage funds; losses due to natural disasters; overbuilding; losses due to casualty or condemnation; changes in property values and rental rates; the management skill and creditworthiness of the REIT manager; and other factors. REITs may have limited financial resources, may trade less frequently and in limited volume, may engage in dilutive offerings of securities and may be more volatile than other securities. REITs could be adversely affected by failure to maintain their exemptions from registration under the 1940 Act or failure to qualify for the "dividends paid deduction" under the Internal Revenue Code of 1986, as amended, which allows REITs to reduce their corporate taxable income for dividends paid to their shareholders.

**Unfunded Commitments.** Certain Funds may enter into certain credit agreements, all or a portion of which may be unfunded. The Fund is obligated to fund these loan commitments at the borrowers' discretion. Unfunded loan commitments and funded portions of credit agreements are marked-to-market daily. Net unrealized appreciation/depreciation on unfunded commitments is reflected in Other assets and Payable for Investment securities purchased in the Statements of Assets and Liabilities and Net change in unrealized appreciation (depreciation) on Investments – unaffiliated in the Statements of Operations.

**NOTE 5. INVESTMENT TRANSACTION AGREEMENTS AND COLLATERAL**

Under various agreements, certain investment transactions require collateral to be pledged to or from a Fund and a counterparty or segregated at the custodian and the collateral is managed pursuant to the terms of the agreement. U.S. Treasury Bills and U.S. dollars are generally the preferred forms of collateral, although other forms of high quality or sovereign securities may be used. Securities held by a Fund that are used as collateral are identified as such within the Schedules of Investments. Collateral for OTC financial derivative transactions paid to or received from brokers and counterparties is included in Receivable from Deposits with brokers and counterparties and Payable for Deposits from counterparties in the Statements of Assets and Liabilities.

**Master Netting Agreements ("Master Agreements").** Certain Funds are subject to various Master Agreements, which govern the terms of certain transactions and mitigate the counterparty risk associated with relevant transactions by specifying credit protection mechanisms and providing standardization that improves legal certainty. Because different types of financial transactions have different mechanics and are sometimes traded out of different legal entities of a particular counterparty organization, each type of transaction may be covered by a different Master Agreement, potentially resulting in the need for multiple agreements with a single counterparty. A Fund may net exposure and collateralize multiple transaction types governed by the same Master Agreement with the same counterparty and may close out and net its total exposure to a counterparty in the event of a default and/or termination event with respect to all the transactions governed under a single agreement with a counterparty. Each Master Agreement defines whether the Fund is contractually able to net settle daily payments. Additionally, certain circumstances, such as laws of a particular jurisdiction or settlement of amounts due in different currencies, may prohibit or restrict the right of offset as defined in the Master Agreements.

Master Agreements also help limit credit and counterparty risk by specifying collateral posting arrangements at pre-arranged exposure levels. Under the Master Agreements, collateral is routinely transferred if the total net exposure to certain transactions (net of existing collateral) governed under the relevant master agreement with a counterparty in a given account exceeds a specified threshold depending on the counterparty and the type of Master Agreement. A Fund's overall exposure to counterparty risk can change substantially within a short period, as it is affected by each transaction subject to the relevant Master Agreement. To the extent amounts due to a Fund from its counterparties are not fully collateralized, contractually or otherwise, the Fund bears the risk of loss from counterparty non-performance. The Funds' Sub-Advisers attempt to limit counterparty risk by only entering into Master Agreements with counterparties that the Sub-Adviser believes to have the financial resources to honor their obligations and by monitoring the financial stability of those counterparties. For swap agreements executed with a Derivatives Clearing Organization ("DCO") in a multilateral or other trade facility platform ("centrally cleared swaps"), counterparty risk is reduced by shifting exposure from the counterparty to the DCO. Additionally, the DCO has broad powers to provide an orderly liquidation in the event of a default.

**Master Repurchase Agreements and Global Master Repurchase Agreements (individually and collectively "Master Repo Agreements").** Master Repo Agreements govern repurchase, reverse repurchase and Treasury roll transactions between a Fund and select counterparties. The Master Repo Agreements maintain provisions for, among other things, initiation and confirmation, income payments and transfer, events of default, termination, and maintenance of collateral. In the event of default, the total value exposure will be offset against collateral exchanged to date, which would result in a net receivable/(payable) that would be due from/to the counterparty. Securities purchased under repurchase agreements are reflected as an asset on a Fund's Statement of Assets and Liabilities. The value of repurchase agreements and collateral pledged or received by a counterparty are disclosed in the

746

**JNL Series Trust** 

**Notes to Financial Statements (Unaudited)**

June 30, 2025

Schedules of Investments. A Fund's net exposure to the counterparty is determined by the amount of any excess or shortfall in collateral compared to the value of the repurchase or reverse repurchase agreement.

**Master Securities Forward Transaction Agreements ("Master Forward Agreements").** Master Forward Agreements govern the considerations and factors surrounding the settlement of certain forward-settling transactions, such as delayed-delivery transactions, TBA securities and Treasury roll transactions between a Fund and select counterparties. The Master Forward Agreements maintain provisions for, among other things, initiation and confirmation, payment and transfer, events of default, termination, and maintenance of collateral. Losses may arise due to changes in the value of the underlying securities prior to settlement date, if the counterparty does not perform under the contract's terms, or if the issuer does not issue the securities due to political, economic or other factors. In the event of default, the unrealized gain or loss will be offset against collateral exchanged to date, which would result in a net receivable/(payable) that would be due from/to the counterparty. In the ordinary course of business, settlements of transactions are not typically subject to net settlement, except for TBA pools.

**Customer Account Agreements.** Customer Account Agreements and related addendums govern exchange traded or centrally cleared derivative transactions such as futures, options on futures and centrally cleared derivatives. If a Fund transacts in exchange traded or centrally cleared derivatives, the Sub-Adviser is a party to agreements with (1) a Futures Commissions Merchant ("FCM") in which the FCM facilitates the execution of the exchange traded and centrally cleared derivative with the DCO and (2) with an executing broker/swap dealer to agree to the terms of the swap and resolution process in the event the centrally cleared swap is not accepted for clearing by the designated DCO. Exchange traded and centrally cleared derivatives transactions require posting an amount of cash or cash equivalents equal to a certain percentage of the contract amount known as the "initial margin" as determined by each relevant clearing agency and is segregated at an FCM which is registered with the Commodity Futures Trading Commission ("CFTC") or the applicable regulator. The Fund receives from, or pays to, the counterparty an amount of cash equal to the daily fluctuation in the value of the contracts. Such receipts or payments are known as the "variation margin". For certain exchanges or DCOs, variation margin may include more than one day's fluctuation in the value of the contracts. Variation margin on the Statements of Assets and Liabilities may include variation margin on closed unsettled derivative transactions. Variation margin received may not be netted between exchange traded and centrally cleared derivatives. In the event of default, counterparty risk is significantly reduced as creditors to the FCM do not have claim to the Fund's assets in the segregated account. Additionally, portability of exposure in the event of default further reduces risk.

**International Swaps and Derivatives Association Inc. Master Agreements and Credit Support Annexes ("ISDA Master Agreements").** ISDA Master Agreements govern OTC financial derivative transactions entered into by a Fund's Sub-Adviser and select counterparties. The ISDA Master Agreements maintain provisions for general obligations, representations, agreements, events of default, termination and maintenance of collateral. Termination includes conditions that may entitle counterparties to elect to terminate early and cause settlement of all outstanding transactions under the applicable ISDA Master Agreement. Any election to early termination could be material to the financial statements. In the event of default, the total financial derivative value exposure will be offset against collateral exchanged to date, which would result in a net receivable/(payable) that would be due from/to the counterparty. The amount of collateral exchanged is based on provisions within the ISDA Master Agreements and is determined by the net exposure with the counterparty and is not identified for a specific OTC derivative instrument.

**Prime Brokerage Arrangements and Other Securities Borrowing Agreements.** Certain Funds may enter into Prime Brokerage Arrangements or Securities Borrowing Agreements to facilitate execution and/or clearing of listed equity option transactions or short sales of securities between the Fund and select counterparties. The arrangements provide general guidelines surrounding the rights, obligations and other events, including but not limited to, margin, execution and settlement. These arrangements maintain provisions for, among other things, payments, maintenance of collateral, events of default, and termination. Cash margin and securities delivered as collateral are typically in the possession of the prime broker or lending agent and offset any obligations due to the prime broker or lending agent. Cash collateral held at the prime broker is reflected in Cash collateral segregated for short sales in the Statements of Assets and Liabilities. In the event of default, the value of securities sold short will be offset against collateral exchanged to date, which would result in a net receivable/(payable) that would be due from/to the counterparty.

**NOTE 6. DERIVATIVE FINANCIAL INSTRUMENTS**

**Options Transactions.** Certain Funds may buy and sell ("write") call and put options on securities, futures, indices, currencies, swap agreements ("swaptions") and inflation caps and floors. An option is a contract that gives the purchaser of the option, in return for a premium paid, the right to buy a specified underlying instrument from the writer of the option (in the case of a call option), or to sell a specified underlying instrument to the writer of the option (in the case of a put option) at a designated price. The right to exercise is dependent upon the contract terms and can be during the term or at expiration of the option. When a Fund purchases an option, the premium paid by the Fund is recorded as an asset. When a Fund writes a call or put option or an inflation cap or floor, the premium received by the Fund is recorded as a liability. All types of options are marked-to-market daily and the change in value is recorded by the Fund as an unrealized gain or loss. Premiums paid for purchasing options which expire are treated as realized losses. Premiums paid for purchasing options which are exercised or closed are added to the cost basis of the underlying investment or offset against the proceeds of the underlying investment transaction to determine realized gain or loss. Purchasing call options tends to increase a Fund's exposure to the underlying instrument. Purchasing put options tends to decrease a Fund's exposure to the underlying instrument. The risks associated with purchasing options are limited to premiums paid and the failure of the counterparty to honor its obligation under the contract. Premiums received from writing options which expire are treated as realized gains. Premiums received from writing options which are exercised or closed are added to the proceeds of the underlying investment transaction or reduce the cost basis of the underlying investment to determine the realized gain or loss. Writing call options tends to decrease a Fund's exposure to the underlying instrument. Writing put options tends to increase a Fund's exposure to the underlying instrument. The risk associated with writing an option that is exercised is that an unfavorable change in the price of the security underlying the option could result in a Fund buying the underlying security at a price higher than the current value or selling the underlying security at a price lower than the current fair value. There is also the risk a Fund may not be able to enter into a closing transaction if the market is illiquid. Options written by a Fund do not give rise to counterparty credit risk, as they obligate the Fund, not the counterparty, to perform.

747

**JNL Series Trust** 

**Notes to Financial Statements (Unaudited)**

June 30, 2025

Depending on the exchange on which an exchange traded futures option is traded, premium may be paid/received when purchasing/writing the option or there may be no premium paid/received when purchasing/writing the option. Variation margin on these options is recorded by the Fund until the contracts are terminated at which time realized gains and losses are recognized. Exchange traded futures options involve to varying degrees, risk of loss in excess of the variation margin recorded by the Fund.

Swaptions are similar to options on securities except that instead of purchasing the right to buy or sell a security, the writer or purchaser of the swaption is granting or buying the right to enter into a previously agreed upon interest rate or credit default swap agreement. The right to exercise is dependent upon the contract terms and can be during the term or at expiration of the option. Swaptions are classified as illiquid investments. Straddle options are written or purchased with premiums to be determined on a future date which are based upon implied volatility parameters at specified terms. An inflation cap can be used to protect the buyer from inflation erosion above a certain rate. An inflation floor can be used to provide downside protection to investments in inflation-linked products. The maximum potential amount of future payments (undiscounted) that a Fund could be required to make under an inflation cap or floor would be the notional amount times the percentage increase (for an inflation cap) or decrease (for an inflation floor) in inflation determined by the difference between the index's current value and the value at the time the inflation cap or floor was entered into.

**Futures Contracts.** Certain Funds may buy and sell futures on equities, indices, interest rates, commodities and currencies. A futures contract is a standardized contract obligating two parties to exchange a specified asset at an agreed upon price and date. Variation margin is recorded by the Fund until the contracts are terminated at which time realized gains and losses are recognized. Futures contracts involve to varying degrees, risk of loss in excess of the variation margin recorded by the Fund. The primary risks associated with the use of futures contracts are the imperfect correlation between the change in value of the securities held by the Fund or the change in the value of an underlying entity and the prices of the futures contracts and the possibility the Fund may not be able to enter into a closing transaction because of an illiquid market. With futures, counterparty risk to the Fund is reduced because futures contracts are exchange traded and the exchange's clearinghouse, acting as counterparty to all exchange traded futures, guarantees the futures contracts against default.

**Forward Foreign Currency Contracts.** A forward foreign currency contract is an agreement between two parties to buy and sell a currency at a set price on a future date. The use of forward foreign currency contracts does not eliminate fluctuations in the underlying prices of a Fund's investment securities, but it does establish a fixed rate of currency exchange that can be achieved in the future. The value of a forward foreign currency contract fluctuates with changes in foreign currency exchange rates. Forward foreign currency contracts are marked-to-market daily and the change in value is recorded by a Fund as an unrealized gain or loss and as a receivable or payable from forward foreign currency contracts. Upon settlement, or delivery or receipt of the currency, a realized gain or loss is recorded which is equal to the difference between the value of the contract at the time it was opened and the value at the time it was closed. Forward foreign currency contracts involve market risk in excess of the receivable or payable related to forward foreign currency contracts recorded by the Funds. Although contracts limit the risk of loss due to a decline in the value of the hedged currency, they also limit any potential gain that might result should the value of the currency increase. Additionally, a Fund could be exposed to the risk of a previously hedged position becoming unhedged if the counterparty to a contract is unable to meet the terms of the contract or if the currency changes unfavorably to the value of the offsetting currency.

**Swap Agreements.** Swap agreements are bilaterally negotiated agreements between a Fund and a counterparty to exchange or swap investment cash flows, assets, foreign currencies or market-linked returns at specified, future intervals. Swap agreements may be privately negotiated in the OTC market or executed and centrally cleared with a DCO. OTC swaps are typically classified as illiquid investments.

All types of swap agreements are marked-to-market daily and the change in value is recorded by a Fund as an unrealized gain or loss. For OTC swaps, premiums paid or received at the beginning of the measurement period are recorded as an asset or liability by the Fund and represent payments made or received upon entering into the OTC swap to compensate for differences between the stated terms of the OTC swap and prevailing market conditions relating to credit spreads, interest rates, currency exchange rates and other relevant factors as appropriate. These upfront payments are recorded as a realized gain or loss upon termination or maturity of the OTC swap. For centrally cleared swaps, daily changes in valuation are recorded as a receivable or payable, as appropriate, and received from or paid to the DCO on a daily basis until the contracts are terminated at which time a realized gain or loss is recorded. The use of centrally cleared swaps may require a Fund to commit initial and variation margin that may otherwise not be required under an OTC swap. A liquidation payment received or made at the termination of the swap agreement is recorded as a realized gain or loss. Net periodic payments received or paid by a Fund are included as part of realized gain or loss.

Entering into swap agreements involves, to varying degrees, elements of interest, credit, market and documentation risk in excess of the unrealized gain or loss recorded by a Fund. Such risks include that there is no liquid market for OTC swaps, that the counterparty to the agreements may default on its obligation to perform or disagree as to the meaning of contractual terms in the agreement and that there may be unfavorable changes in interest rates or value of underlying securities. Centrally cleared swaps involve to varying degrees, risk of loss in excess of the variation margin recorded by the Fund.

**Interest Rate Swap Agreements.** Interest rate swap agreements involve the exchange by a Fund with another party of their respective commitments to pay or receive interest with respect to the notional amount of principal. Forms of interest rate swap agreements that certain Funds have entered into may include: fixed-for-floating rate swaps, under which a party agrees to pay a fixed rate in exchange for receiving a floating rate tied to a benchmark; floating-for-fixed rate swaps, under which a party agrees to pay a floating rate in exchange for receiving a fixed rate; floating-for-floating rate swaps, under which a party agrees to pay a floating rate in exchange for another floating rate; interest rate caps, under which, in return for a premium, one party agrees to make payments to the other party to the extent that interest rates exceed a specified rate, or "cap"; interest rate floors, under which, in return for a premium, one party agrees to make payments to the other party to the extent that interest rates fall below a specified rate, or "floor"; interest rate collars, under which a party sells a cap and purchases a floor or vice versa in an attempt to protect itself against interest rate movements exceeding certain levels; callable interest rate swaps, under which the counterparty may terminate the swap transaction in whole at zero cost by a predetermined date and time prior to the

748

**JNL Series Trust** 

**Notes to Financial Statements (Unaudited)**

June 30, 2025

maturity date; or forward spread locks, which allow the interest rate swap users to lock in the forward differential (or spread) between the interest rate swap rate and a specified benchmark.

A Fund's maximum risk of loss from counterparty credit risk for an interest rate swap agreement is the discounted net value of the cash flows to be received from the counterparty over the contract's remaining life, to the extent this amount is positive.

**Cross-Currency Swap Agreements.** Cross-currency swaps are interest rate swaps in which one party pays a stream of interest payments, either fixed or floating, in exchange for another party's stream of interest payments, either fixed or floating, based on the notional amounts of two different currencies. The notional amounts are typically determined based on the spot exchange rates at the inception of the trade. Cross-currency swaps may also involve an exchange of notional amounts at the start, during or at expiration of the contract, either at the current spot or another specified rate. A Fund's maximum risk of loss from counterparty credit risk is generally the aggregate unrealized gain netted against any collateral pledged by the counterparty.

**Credit Default Swap Agreements.** Credit default swap agreements involve one party making a stream of payments (referred to as the buyer of protection) to another party (the seller of protection) in exchange for the right to receive a specified return if a credit event occurs for the referenced entity, obligation or index. As a seller of protection, a Fund will generally receive from the buyer of protection a premium in return for such protection and/or a fixed rate of income throughout the term of the swap if there is no credit event. As a buyer of protection, a Fund will generally pay the seller of protection a premium in return for such protection and/or a fixed rate of income throughout the term of the swap if there is no credit event. A credit event is defined under the terms of each swap agreement and may include, but is not limited to, underlying entity default, bankruptcy, restructuring, write-down, principal shortfall or interest shortfall. As a seller, a Fund adds leverage to its portfolio because, in addition to its total net assets, the Fund is subject to investment exposure on the notional amount of the credit default swap. If a Fund is a seller or buyer of protection and a credit event occurs, as defined under the terms of that particular credit default swap agreement, the Fund will either (i) pay or receive an amount equal to the notional amount of the referenced obligation agreement and take delivery or deliver the referenced obligation, other deliverable obligations or underlying securities comprising the referenced index or (ii) pay or receive a net settlement amount in the form of cash or securities equal to the notional amount of the swap agreement less the recovery value of the referenced obligation or underlying securities comprising the referenced index. Until a credit event occurs, recovery values are determined by market makers considering either industry standard recovery rates or entity specific factors and considerations. When a credit event occurs, the recovery value is determined by a facilitated auction, administered by ISDA, whereby a minimum number of allowable broker bids, together with a specified valuation method, are used to calculate the settlement value.

**Total Return Swap Agreements.** Some total return swap agreements involve a commitment to pay periodic interest payments in exchange for a market linked return based on a security or a basket of securities. To the extent the total return of the security, index or other financial measure underlying the transaction exceeds or falls short of the offsetting interest rate obligation, a Fund will receive a payment from or make a payment to the counterparty. A Fund's maximum risk of loss from counterparty credit risk for this type of total return swap agreement is the discounted net value of the cash flows to be received from or paid to the counterparty over the contract's remaining life, to the extent this amount is positive. Other total return swap agreements involve a right to receive the appreciation in value of a specified security, index, basket of securities or other instrument in return for a fee paid to the counterparty, which will typically be an agreed upon rate. To the extent the underlying asset declines in value over the term of the swap, a Fund may also be required to pay the value of that decline to the counterparty. Additionally, long total return swap agreements on equity securities entitle a Fund to receive from the counterparty dividends paid on an individual security and short total return equity swap agreements obligate a Fund to pay the counterparty dividends paid on an individual security. Total return swap agreements where the reference entity is a futures contract do not pay/receive periodic interest payments. A Fund's maximum risk of loss from counterparty credit risk for this type of total return swap agreement is the value of the underlying security, index, basket of securities or other financial instrument along with any dividends or interest receivable.

**Non-Deliverable Bond Forward Contracts.** A non-deliverable bond forward contract is a short-term forward agreement between two parties to buy or sell a bond denominated in a non-deliverable foreign currency at a specified price and date. Non-deliverable bond forward contracts are marked-to-market daily and change in value is recorded by a Fund as an unrealized gain or loss. A realized gain or loss is recorded at termination of the contract. Upfront premiums paid or received are recorded as an asset or liability by the Fund and represent payments paid or received upon entering into the contract that correlate to the stated price of the underlying security. These upfront premiums are recorded as realized gain or loss on the Statement of Operations upon termination or maturity of the contract. The use of these instruments involves the risk that the counterparty to the agreements may default on its obligation to perform. These contracts may be illiquid, and changes in their values may not directly correlate with changes in the value of the underlying security. The maximum amount of potential loss for a non-deliverable bond forward contract is the value of the contract.

**Contracts for Difference.** Contracts for differences ("CFDs") are privately negotiated contracts between a buyer and seller stipulating that the seller will pay to or receive from the buyer the difference between the nominal value of the underlying instrument at the opening of the contract and that instrument's value at the end of the contract. Certain Funds entered into CFDs where the underlying instrument was a specified security. The Fund can take either a short or long position on the underlying instrument. In exchange for exposure to the underlying asset, the buyer pays a financing fee, which depending on market factors, can result in either expense or income for the buyer. The financing fee disclosed reflects the cost of each CFD from the perspective of the Fund and is dependent upon whether the position is long or short. For long positions, the Fund pays the financing fee. For short positions, the financing fee can be positive or negative depending on whether the spread is greater or less than the floating rate. To the extent the floating rate plus or minus the spread is negative, that is the financing fee paid by the Fund. If the rate is positive, the financing fee generates income for the Fund. CFDs are marked-to-market daily and change in value is recorded by a Fund as an unrealized gain or loss. A realized gain or loss is recorded at termination of the contract. There is no expiration date to the contract, but a CFD is typically terminated by the buyer. A Fund's maximum risk of loss from counterparty credit risk for a CFD agreement is the ability for the counterparty to make payments or to otherwise honor its financial obligations under the terms of the contract. If the counterparty is unable to make payments, the value of the contract may be reduced.

749

**JNL Series Trust** 

**Notes to Financial Statements (Unaudited)**

June 30, 2025

**Derivatives and Hedging and Financial Instruments Eligible for Offset.** FASB ASC Topic 815 includes the requirement for enhanced qualitative disclosures about objectives and strategies for using derivative instruments and disclosures regarding credit related contingent features in derivative instruments, as well as quantitative disclosures in the semi-annual and annual financial statements about fair value, gains and losses, and volume of activity for derivative instruments. Information about these instruments is disclosed in the context of each instrument's primary underlying risk exposure which is categorized as credit, commodity, equity price, interest rate and foreign currency exchange rate risk. The following disclosures include: (1) Objectives and strategies for each Fund's derivative investments during the period; (2) A summary table (in thousands) of the fair valuations of each Fund's derivative instruments categorized by risk exposure, which references the location on the Statements of Assets and Liabilities and the realized and unrealized gain or loss on the Statements of Operations for each derivative instrument as of June 30, 2025. Funds which held only one type of derivative during the period are not included in the tables as the location on the Statements of Assets and Liabilities and the realized and unrealized gain or loss on the Statements of Operations can be referenced directly on each Fund's respective statements; (3) A summary table (in thousands) of derivative instruments and certain investments of each Fund, which are subject to master netting agreements or a similar agreement and are eligible for offset in the Statements of Assets and Liabilities as of June 30, 2025. For Funds which held only one type of derivative during the period, amounts eligible for offset are presented gross in the Statements of Assets and Liabilities. Net exposure can be referenced in the assets and liabilities on the Statements of Assets and Liabilities and, if collateral exists, the net exposure is offset by collateral identified in the segregated or pledged collateral table; and (4) A table reflecting each Fund's average monthly derivative volume (in thousands) for the period ended June 30, 2025.

750

**JNL Series Trust** 

**Notes to Financial Statements (Unaudited)**

June 30, 2025

**JNL Emerging Markets Index Fund Derivative Strategies** - The Fund entered into futures contracts as a substitute for investment in physical securities, to manage cash flows and to hedge accrued dividends. The Fund entered into foreign currency contracts to settle security purchases and sales denominated in foreign currencies. Due to the number of days between the foreign currency contracts' trade and settlement dates, the Adviser has deemed the foreign currency contracts as forward foreign currency contracts for accounting and financial reporting purposes.

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **JNL Emerging Markets Index Fund — Derivative Instruments Categorized by Risk Exposure** | **JNL Emerging Markets Index Fund — Derivative Instruments Categorized by Risk Exposure** | **JNL Emerging Markets Index Fund — Derivative Instruments Categorized by Risk Exposure** | **JNL Emerging Markets Index Fund — Derivative Instruments Categorized by Risk Exposure** | **JNL Emerging Markets Index Fund — Derivative Instruments Categorized by Risk Exposure** | **JNL Emerging Markets Index Fund — Derivative Instruments Categorized by Risk Exposure** | **JNL Emerging Markets Index Fund — Derivative Instruments Categorized by Risk Exposure** | **JNL Emerging Markets Index Fund — Derivative Instruments Categorized by Risk Exposure** |
|  |  | **Commodity($)** | **Credit($)** | **Equity($)** | **Foreign Exchange($)** | **Interest Rate($)** | **Total($)** |
| **Fair values of derivative instruments on the Statement of Assets and Liabilities as of June 30, 2025** | **Fair values of derivative instruments on the Statement of Assets and Liabilities as of June 30, 2025** | **Fair values of derivative instruments on the Statement of Assets and Liabilities as of June 30, 2025** | **Fair values of derivative instruments on the Statement of Assets and Liabilities as of June 30, 2025** | **Fair values of derivative instruments on the Statement of Assets and Liabilities as of June 30, 2025** | **Fair values of derivative instruments on the Statement of Assets and Liabilities as of June 30, 2025** | **Fair values of derivative instruments on the Statement of Assets and Liabilities as of June 30, 2025** | **Fair values of derivative instruments on the Statement of Assets and Liabilities as of June 30, 2025** |
| Derivative instruments assets: | Derivative instruments assets: |  |  |  |  |  |  |
| <sup>8</sup>  | Variation margin on futures/futures options contracts |  |  | 28 |  |  | 28 |
| Total derivative instruments assets | Total derivative instruments assets |  |  | 28 |  |  | 28 |
| Derivative instruments liabilities: | Derivative instruments liabilities: |  |  |  |  |  |  |
| <sup>8</sup>  | Variation margin on futures/futures options contracts |  |  | 3 |  |  | 3 |
| Total derivative instruments liabilities | Total derivative instruments liabilities |  |  | 3 |  |  | 3 |
| **The effect of derivative instruments on the Statement of Operations for the period ended June 30, 2025** | **The effect of derivative instruments on the Statement of Operations for the period ended June 30, 2025** | **The effect of derivative instruments on the Statement of Operations for the period ended June 30, 2025** | **The effect of derivative instruments on the Statement of Operations for the period ended June 30, 2025** | **The effect of derivative instruments on the Statement of Operations for the period ended June 30, 2025** | **The effect of derivative instruments on the Statement of Operations for the period ended June 30, 2025** | **The effect of derivative instruments on the Statement of Operations for the period ended June 30, 2025** | **The effect of derivative instruments on the Statement of Operations for the period ended June 30, 2025** |
| Net realized gain (loss) on: | Net realized gain (loss) on: |  |  |  |  |  |  |
|  | Forward foreign currency contracts |  |  |  | (11) |  | (11) |
|  | Futures/futures options contracts |  |  | 800 |  |  | 800 |
| Net change in unrealized appreciation (depreciation) on: | Net change in unrealized appreciation (depreciation) on: |  |  |  |  |  |  |
|  | Futures/futures options contracts |  |  | 550 |  |  | 550 |

---

---

| |
|:---|
| **Gross Amount Presented in the Statement of** |
| **Assets and Liabilities<sup>1</sup>($)**<br> **Financial Instruments<sup>2</sup>($)**<br> **Collateral<sup>3,5</sup>($)**<br> **Net Amount<sup>4</sup>($)** |

---

**Derivative Assets by Counterparty\***<br>

---

| | | | | |
|:---|:---|:---|:---|:---|
| Derivatives eligible for offset |  |  |  |  |
| Derivatives not eligible for offset | 28 |  |  |  |
|  | 28 |  |  |  |
| **Derivative Liabilities by Counterparty\*** | **Derivative Liabilities by Counterparty\*** | **Derivative Liabilities by Counterparty\*** | **Derivative Liabilities by Counterparty\*** | **Derivative Liabilities by Counterparty\*** |
| Derivatives eligible for offset |  |  |  |  |
| Derivatives not eligible for offset | 3 |  |  |  |
|  | 3 |  |  |  |

---

**JNL Emerging Markets Index Fund – Average Derivative Volume<sup>6</sup>**

---

| | | |
|:---|:---|:---|
|  | **Notional Value at Purchase of Futures Contracts ($)** | **Cost of Forward Foreign Currency Contracts ($)** |
| Average monthly volume | 9269 | 606 |

---

751

**JNL Series Trust** 

**Notes to Financial Statements (Unaudited)**

June 30, 2025

**JNL International Index Fund Derivatives Strategies** - The Fund entered into futures contracts as a substitute for investment in physical securities, to manage cash flows and to hedge accrued dividends. The Fund entered into forward foreign currency contracts to create foreign currency exposure in U.S. dollar cash balances.

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **JNL International Index Fund — Derivative Instruments Categorized by Risk Exposure** | **JNL International Index Fund — Derivative Instruments Categorized by Risk Exposure** | **JNL International Index Fund — Derivative Instruments Categorized by Risk Exposure** | **JNL International Index Fund — Derivative Instruments Categorized by Risk Exposure** | **JNL International Index Fund — Derivative Instruments Categorized by Risk Exposure** | **JNL International Index Fund — Derivative Instruments Categorized by Risk Exposure** | **JNL International Index Fund — Derivative Instruments Categorized by Risk Exposure** |
|  | **Commodity($)** | **Credit($)** | **Equity($)** | **Foreign Exchange($)** | **Interest Rate($)** | **Total($)** |
| **Fair values of derivative instruments on the Statement of Assets and Liabilities as of June 30, 2025** | **Fair values of derivative instruments on the Statement of Assets and Liabilities as of June 30, 2025** | **Fair values of derivative instruments on the Statement of Assets and Liabilities as of June 30, 2025** | **Fair values of derivative instruments on the Statement of Assets and Liabilities as of June 30, 2025** | **Fair values of derivative instruments on the Statement of Assets and Liabilities as of June 30, 2025** | **Fair values of derivative instruments on the Statement of Assets and Liabilities as of June 30, 2025** | **Fair values of derivative instruments on the Statement of Assets and Liabilities as of June 30, 2025** |
| Derivative instruments assets: |  |  |  |  |  |  |
| Forward foreign currency contracts<sup>†</sup> |  |  |  | 710 |  | 710 |
| Variation margin on futures/futures options contracts |  |  | 54 |  |  | 54 |
| Total derivative instruments assets |  |  | 54 | 710 |  | 764 |
| Derivative instruments liabilities: |  |  |  |  |  |  |
| Forward foreign currency contracts<sup>†</sup> |  |  |  | 145 |  | 145 |
| Variation margin on futures/futures options contracts |  |  | 60 |  |  | 60 |
| Total derivative instruments liabilities |  |  | 60 | 145 |  | 205 |
| **The effect of derivative instruments on the Statement of Operations for the period ended June 30, 2025** | **The effect of derivative instruments on the Statement of Operations for the period ended June 30, 2025** | **The effect of derivative instruments on the Statement of Operations for the period ended June 30, 2025** | **The effect of derivative instruments on the Statement of Operations for the period ended June 30, 2025** | **The effect of derivative instruments on the Statement of Operations for the period ended June 30, 2025** | **The effect of derivative instruments on the Statement of Operations for the period ended June 30, 2025** | **The effect of derivative instruments on the Statement of Operations for the period ended June 30, 2025** |
| Net realized gain (loss) on: |  |  |  |  |  |  |
| Forward foreign currency contracts |  |  |  | 1519 |  | 1519 |
| Futures/futures options contracts |  |  | 2040 |  |  | 2040 |
| Net change in unrealized appreciation (depreciation) on: |  |  |  |  |  |  |
| Forward foreign currency contracts |  |  |  | 933 |  | 933 |
| Futures/futures options contracts |  |  | 503 |  |  | 503 |
| † The JNL International Index Fund's forward foreign currency contracts are not subject to an enforceable master netting agreement. These amounts are presented gross on the Fund's Statement of Assets and Liabilities. | † The JNL International Index Fund's forward foreign currency contracts are not subject to an enforceable master netting agreement. These amounts are presented gross on the Fund's Statement of Assets and Liabilities. | † The JNL International Index Fund's forward foreign currency contracts are not subject to an enforceable master netting agreement. These amounts are presented gross on the Fund's Statement of Assets and Liabilities. | † The JNL International Index Fund's forward foreign currency contracts are not subject to an enforceable master netting agreement. These amounts are presented gross on the Fund's Statement of Assets and Liabilities. | † The JNL International Index Fund's forward foreign currency contracts are not subject to an enforceable master netting agreement. These amounts are presented gross on the Fund's Statement of Assets and Liabilities. | † The JNL International Index Fund's forward foreign currency contracts are not subject to an enforceable master netting agreement. These amounts are presented gross on the Fund's Statement of Assets and Liabilities. | † The JNL International Index Fund's forward foreign currency contracts are not subject to an enforceable master netting agreement. These amounts are presented gross on the Fund's Statement of Assets and Liabilities. |

---

**JNL International Index Fund – Derivative and Financial Instruments Eligible for Offset**

---

| |
|:---|
| **Gross Amount Presented in the Statement of** |
| **Assets and Liabilities<sup>1</sup>($)**<br> **Financial Instruments<sup>2</sup>($)**<br> **Collateral<sup>3,5</sup>($)**<br> **Net Amount<sup>4</sup>($)** |

---

**Derivative Assets by Counterparty\***<br>

---

| | | | |
|:---|:---|:---|:---|
| BMO | 106 |  | 106 |
| HSB | 565 |  | 565 |
| RBC | 39 | (39) |  |
| Derivatives eligible for offset | 710 | (39) | 671 |
| Derivatives not eligible for offset | 54 |  |  |
|  | 764 |  |  |
| **Derivative Liabilities by Counterparty\*** | **Derivative Liabilities by Counterparty\*** | **Derivative Liabilities by Counterparty\*** | **Derivative Liabilities by Counterparty\*** |
| CIT | 15 |  | 15 |
| RBC | 130 | (39) | 91 |
| Derivatives eligible for offset | 145 | (39) | 106 |
| Derivatives not eligible for offset | 60 |  |  |
|  | 205 |  |  |

---

**JNL International Index Fund – Average Derivative Volume<sup>6</sup>**

---

| | | |
|:---|:---|:---|
|  | **Notional Value at Purchase of Futures Contracts ($)** | **Cost of Forward Foreign Currency Contracts ($)** |
| Average monthly volume | 30221 | 70330 |

---

752

**JNL Series Trust** 

**Notes to Financial Statements (Unaudited)**

June 30, 2025

**JNL Multi-Manager Alternative Fund Derivative Strategies -** The Fund entered into option contracts as a directional investment, as a substitute for investment in physical securities, as a means of risk management/hedging, as an efficient means of adjusting overall exposure to certain markets as part of its investment strategy, to generate income, to obtain exposure to or hedge changes in foreign currencies, interest rates, securities prices and to take a position on expectations of volatility of a reference entity. The Fund entered into futures contracts as a substitute for investment in physical securities, as a means of risk management/hedging, to obtain exposure to or hedge changes in interest rates and foreign currency rates and to replicate treasury bond positions. The Fund entered into forward foreign currency contracts to gain directional exposure to currencies as part of its overall investment strategy, as a means of risk management/hedging, to reduce foreign currency exposure on investment securities denominated in foreign currencies, to create foreign currency exposure in U.S. dollar cash balances and to hedge foreign currency exposure between trade date and settlement date on investment security purchases and sales. The Fund entered into total return swap agreements as a substitute for investment in physical securities. The Fund entered into contracts for difference as a substitute for investment in physical securities and to obtain short exposure.

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **JNL Multi-Manager Alternative Fund — Derivative Instruments Categorized by Risk Exposure** | **JNL Multi-Manager Alternative Fund — Derivative Instruments Categorized by Risk Exposure** | **JNL Multi-Manager Alternative Fund — Derivative Instruments Categorized by Risk Exposure** | **JNL Multi-Manager Alternative Fund — Derivative Instruments Categorized by Risk Exposure** | **JNL Multi-Manager Alternative Fund — Derivative Instruments Categorized by Risk Exposure** | **JNL Multi-Manager Alternative Fund — Derivative Instruments Categorized by Risk Exposure** | **JNL Multi-Manager Alternative Fund — Derivative Instruments Categorized by Risk Exposure** | **JNL Multi-Manager Alternative Fund — Derivative Instruments Categorized by Risk Exposure** |
|  |  | **Commodity($)** | **Credit($)** | **Equity($)** | **Foreign Exchange($)** | **Interest Rate($)** | **Total($)** |
| **Fair values of derivative instruments on the Statement of Assets and Liabilities as of June 30, 2025** | **Fair values of derivative instruments on the Statement of Assets and Liabilities as of June 30, 2025** | **Fair values of derivative instruments on the Statement of Assets and Liabilities as of June 30, 2025** | **Fair values of derivative instruments on the Statement of Assets and Liabilities as of June 30, 2025** | **Fair values of derivative instruments on the Statement of Assets and Liabilities as of June 30, 2025** | **Fair values of derivative instruments on the Statement of Assets and Liabilities as of June 30, 2025** | **Fair values of derivative instruments on the Statement of Assets and Liabilities as of June 30, 2025** | **Fair values of derivative instruments on the Statement of Assets and Liabilities as of June 30, 2025** |
| Derivative instruments assets: | Derivative instruments assets: |  |  |  |  |  |  |
|  | Purchased options, at value |  |  | 29 |  |  | 29 |
|  | Forward foreign currency contracts |  |  |  | 22 |  | 22 |
| <sup>8</sup>  | Variation margin on futures/futures options contracts |  |  |  |  | 73 | 73 |
|  | OTC swap agreements |  |  | 1543 |  |  | 1543 |
| Total derivative instruments assets | Total derivative instruments assets |  |  | 1572 | 22 | 73 | 1667 |
| Derivative instruments liabilities: | Derivative instruments liabilities: |  |  |  |  |  |  |
|  | Written options, at value |  |  | 61 |  |  | 61 |
|  | Forward foreign currency contracts |  |  |  | 256 |  | 256 |
| <sup>8</sup>  | Variation margin on futures/futures options contracts |  |  |  |  | 36 | 36 |
|  | OTC swap agreements |  |  | 1352 |  |  | 1352 |
| Total derivative instruments liabilities | Total derivative instruments liabilities |  |  | 1413 | 256 | 36 | 1705 |
| **The effect of derivative instruments on the Statement of Operations for the period ended June 30, 2025** | **The effect of derivative instruments on the Statement of Operations for the period ended June 30, 2025** | **The effect of derivative instruments on the Statement of Operations for the period ended June 30, 2025** | **The effect of derivative instruments on the Statement of Operations for the period ended June 30, 2025** | **The effect of derivative instruments on the Statement of Operations for the period ended June 30, 2025** | **The effect of derivative instruments on the Statement of Operations for the period ended June 30, 2025** | **The effect of derivative instruments on the Statement of Operations for the period ended June 30, 2025** | **The effect of derivative instruments on the Statement of Operations for the period ended June 30, 2025** |
| Net realized gain (loss) on: | Net realized gain (loss) on: |  |  |  |  |  |  |
|  | Forward foreign currency contracts |  |  |  | (300) |  | (300) |
|  | Swap agreements |  |  | 6552 |  |  | 6552 |
| Net change in unrealized appreciation (depreciation) on: | Net change in unrealized appreciation (depreciation) on: |  |  |  |  |  |  |
|  | Purchased options |  |  | (20) |  |  | (20) |
|  | Written options |  |  | 1 |  |  | 1 |
|  | Forward foreign currency contracts |  |  |  | (488) |  | (488) |
|  | Futures/futures options contracts |  |  |  |  | 346 | 346 |
|  | Swap agreements |  |  | (5007) |  |  | (5007) |

---

753

**JNL Series Trust** 

**Notes to Financial Statements (Unaudited)**

June 30, 2025

**JNL Multi-Manager Alternative Fund – Derivative and Financial Instruments Eligible for Offset**

---

| |
|:---|
| **Gross Amount Presented in the Statement of** |
| **Assets and Liabilities<sup>1</sup>($)**<br> **Financial Instruments<sup>2</sup>($)**<br> **Collateral<sup>3,5</sup>($)**<br> **Net Amount<sup>4</sup>($)** |

---

**Derivative Assets by Counterparty\***<br>

---

| | | | | |
|:---|:---|:---|:---|:---|
| BOA | 17 | (2) |  | 15 |
| GSC | 722 | (722) |  |  |
| JPM | 823 | (242) |  | 581 |
| MSC | 3 | (3) |  |  |
| Derivatives eligible for offset | 1565 | (969) |  | 596 |
| Derivatives not eligible for offset | 102 |  |  |  |
|  | 1667 |  |  |  |
| **Derivative Liabilities by Counterparty\*** | **Derivative Liabilities by Counterparty\*** | **Derivative Liabilities by Counterparty\*** | **Derivative Liabilities by Counterparty\*** | **Derivative Liabilities by Counterparty\*** |
| BOA | 2 | (2) |  |  |
| GSC | 1088 | (722) | (366) |  |
| JPM | 242 | (242) |  |  |
| MSC | 212 | (3) | (209) |  |
| SSB | 64 |  |  | 64 |
| Derivatives eligible for offset | 1608 | (969) | (575) | 64 |
| Derivatives not eligible for offset | 97 |  |  |  |
|  | 1705 |  |  |  |

---

**JNL Multi-Manager Alternative Fund – Average Derivative Volume<sup>6</sup>**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Cost of Options Purchased and Written ($)** | **Notional Value at Purchase of Futures Contracts ($)** | **Cost of Forward Foreign Currency Contracts ($)** | **Notional Amount of Total Return Swap Agreements ($)** | **Notional Amount of Contracts for Difference ($)** |
| Average monthly volume | 342 | 24494 | 16033 | 52687 | 11406 |

---

754

**JNL Series Trust** 

**Notes to Financial Statements (Unaudited)**

June 30, 2025

**JNL/BlackRock Global Allocation Fund Derivative Strategies** - The Fund entered into option contracts as a directional investment, as a substitute for investment in physical securities, as a means of risk management and/or hedging, as an efficient means of adjusting overall exposure to certain markets as part of its investment strategy, to generate income, to obtain exposure to or hedge changes in foreign currencies, interest rates, securities prices, interest rate swap valuations, credit default swap valuations and to take a position on expectations of volatility of a reference entity. The Fund entered into futures contracts as a substitute for investment in physical securities, as a means of risk management and/or hedging, as a means of short-term cash deployment, as an efficient means of obtaining exposure to certain markets as part of its investment strategy, to manage cash flows, to obtain exposure to or hedge changes in securities prices, interest rates and foreign currency rates and to replicate treasury bond positions. The Fund entered into forward foreign currency contracts to gain directional exposure to currencies as part of its overall investment strategy, to create foreign currency exposure in U.S. dollar cash balances, as a means of risk management and/or hedging, to hedge foreign currency exposure between trade date and settlement date on investment security purchases and sales and to reduce foreign currency exposure on investment securities denominated in foreign currencies. The Fund entered into interest rate swap agreements to manage duration, as a substitute for investment in physical securities, to execute yield curve, swap spread and sovereign relative values trades, to express views on a country's interest rates, to hedge against the risk that the value of fixed rate bond investments will decrease/increase as interest rates rise/fall, to maintain its ability to generate income at prevailing market rates and to obtain interest rate and yield curve exposure. The Fund entered into credit default swap agreements as a substitute for investment in physical securities, to hedge a portfolio of credit default swap agreements or bonds, to obtain credit exposure, to provide a measure of protection against defaults of issuers and to speculate on changes in credit quality. The Fund entered into total return swap agreements to obtain exposure to or hedge changes in securities prices, as a substitute for investment in physical securities and as an efficient means of adjusting overall exposure to certain markets as part of its investment strategy. The Fund entered into contracts for difference as a substitute for investment in physical securities, to obtain exposure to or hedge changes in securities prices, to obtain short exposure and as an efficient means of adjusting overall exposure to certain markets as part of its investment strategy.

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **JNL/BlackRock Global Allocation Fund — Derivative Instruments Categorized by Risk Exposure** | **JNL/BlackRock Global Allocation Fund — Derivative Instruments Categorized by Risk Exposure** | **JNL/BlackRock Global Allocation Fund — Derivative Instruments Categorized by Risk Exposure** | **JNL/BlackRock Global Allocation Fund — Derivative Instruments Categorized by Risk Exposure** | **JNL/BlackRock Global Allocation Fund — Derivative Instruments Categorized by Risk Exposure** | **JNL/BlackRock Global Allocation Fund — Derivative Instruments Categorized by Risk Exposure** | **JNL/BlackRock Global Allocation Fund — Derivative Instruments Categorized by Risk Exposure** | **JNL/BlackRock Global Allocation Fund — Derivative Instruments Categorized by Risk Exposure** |
|  |  | **Commodity($)** | **Credit($)** | **Equity($)** | **Foreign Exchange($)** | **Interest Rate($)** | **Total($)** |
| **Fair values of derivative instruments on the Statement of Assets and Liabilities as of June 30, 2025** | **Fair values of derivative instruments on the Statement of Assets and Liabilities as of June 30, 2025** | **Fair values of derivative instruments on the Statement of Assets and Liabilities as of June 30, 2025** | **Fair values of derivative instruments on the Statement of Assets and Liabilities as of June 30, 2025** | **Fair values of derivative instruments on the Statement of Assets and Liabilities as of June 30, 2025** | **Fair values of derivative instruments on the Statement of Assets and Liabilities as of June 30, 2025** | **Fair values of derivative instruments on the Statement of Assets and Liabilities as of June 30, 2025** | **Fair values of derivative instruments on the Statement of Assets and Liabilities as of June 30, 2025** |
| Derivative instruments assets: | Derivative instruments assets: |  |  |  |  |  |  |
|  | Purchased options, at value | 1108 | 10 | 7836 | 266 | 2215 | 11435 |
|  | Forward foreign currency contracts |  |  |  | 8056 |  | 8056 |
| <sup>8</sup>  | Variation margin on futures/futures options contracts |  |  | 1515 |  | 1433 | 2948 |
| <sup>8</sup>  | Variation margin on swap agreements |  | 87 |  |  | 1918 | 2005 |
|  | OTC swap agreements |  | 332 | 767 |  | 58 | 1157 |
|  | OTC swap premiums paid |  | 449 |  |  |  | 449 |
| Total derivative instruments assets | Total derivative instruments assets | 1108 | 878 | 10118 | 8322 | 5624 | 26050 |
| Derivative instruments liabilities: | Derivative instruments liabilities: |  |  |  |  |  |  |
|  | Written options, at value | 764 | 1 | 4208 | 356 | 2800 | 8129 |
|  | Forward foreign currency contracts |  |  |  | 5187 |  | 5187 |
| <sup>8</sup>  | Variation margin on futures/futures options contracts |  |  | 751 |  | 1913 | 2664 |
| <sup>8</sup>  | Variation margin on swap agreements |  | 6 |  |  | 857 | 863 |
|  | OTC swap agreements |  | 355 | 4227 |  | 1907 | 6489 |
|  | OTC swap premiums received |  | 233 |  |  |  | 233 |
| Total derivative instruments liabilities | Total derivative instruments liabilities | 764 | 595 | 9186 | 5543 | 7477 | 23565 |
| **The effect of derivative instruments on the Statement of Operations for the period ended June 30, 2025** | **The effect of derivative instruments on the Statement of Operations for the period ended June 30, 2025** | **The effect of derivative instruments on the Statement of Operations for the period ended June 30, 2025** | **The effect of derivative instruments on the Statement of Operations for the period ended June 30, 2025** | **The effect of derivative instruments on the Statement of Operations for the period ended June 30, 2025** | **The effect of derivative instruments on the Statement of Operations for the period ended June 30, 2025** | **The effect of derivative instruments on the Statement of Operations for the period ended June 30, 2025** | **The effect of derivative instruments on the Statement of Operations for the period ended June 30, 2025** |
| Net realized gain (loss) on: | Net realized gain (loss) on: |  |  |  |  |  |  |
|  | Forward foreign currency contracts |  |  |  | 12750 |  | 12750 |
|  | Futures/futures options contracts |  |  | 11539 |  | (7087) | 4452 |
|  | Swap agreements |  | 232 | (5383) |  | (120) | (5271) |
| Net change in unrealized appreciation (depreciation) on: | Net change in unrealized appreciation (depreciation) on: |  |  |  |  |  |  |
|  | Purchased options | 149 | (20) | 6044 | (158) | 690 | 6705 |
|  | Written options | 664 | (1) | (376) | (125) | 1273 | 1435 |
|  | Forward foreign currency contracts |  |  |  | 12204 |  | 12204 |
|  | Futures/futures options contracts |  |  | (2324) |  | (5662) | (7986) |
|  | Swap agreements |  | 157 | (4285) |  | 19247 | 15119 |

---

755

**JNL Series Trust** 

**Notes to Financial Statements (Unaudited)**

June 30, 2025

**JNL/BlackRock Global Allocation Fund – Derivative and Financial Instruments Eligible for Offset**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Gross Amount Presented in the Statement of** |  |  |  |
|  | **Assets and Liabilities<sup>1</sup>($)** | **Financial Instruments<sup>2</sup>($)** | **Collateral<sup>3,5</sup>($)** | **Net Amount<sup>4</sup>($)** |
| **Derivative Assets by Counterparty\*** | **Derivative Assets by Counterparty\*** | **Derivative Assets by Counterparty\*** | **Derivative Assets by Counterparty\*** | **Derivative Assets by Counterparty\*** |
| BCL | 573 | (500) | (70) | 3 |
| BNP | 1116 | (1093) |  | 23 |
| BOA | 1560 | (1560) |  |  |
| CBA | 157 |  |  | 157 |
| CIB | 266 | (7) |  | 259 |
| CIT | 271 | (271) |  |  |
| DUB | 60 | (60) |  |  |
| GSC | 636 | (636) |  |  |
| HSB | 60 | (60) |  |  |
| JPM | 1169 | (1169) |  |  |
| MSC | 2409 | (1672) | (737) |  |
| RBC | 2199 | (21) | (10) | 2168 |
| RBS | 2334 | (246) |  | 2088 |
| SGS | 87 | (9) |  | 78 |
| TDB | 144 | (28) |  | 116 |
| UBS | 83 | (83) |  |  |
| Derivatives eligible for offset | 13124 | (7415) | (817) | 4892 |
| Derivatives not eligible for offset | 12926 |  |  |  |
|  | 26050 |  |  |  |
| **Derivative Liabilities by Counterparty\*** | **Derivative Liabilities by Counterparty\*** | **Derivative Liabilities by Counterparty\*** | **Derivative Liabilities by Counterparty\*** | **Derivative Liabilities by Counterparty\*** |
| BCL | 500 | (500) |  |  |
| BNP | 1093 | (1093) |  |  |
| BOA | 5236 | (1560) | (3676) |  |
| CIB | 7 | (7) |  |  |
| CIT | 651 | (271) | (380) |  |
| DUB | 1506 | (60) | (376) | 1070 |
| GSC | 983 | (636) | (347) |  |
| HSB | 391 | (60) |  | 331 |
| JPM | 1921 | (1169) | (752) |  |
| MSC | 1672 | (1672) |  |  |
| NSI | 10 |  | (10) |  |
| RBC | 21 | (21) |  |  |
| RBS | 246 | (246) |  |  |
| SGS | 9 | (9) |  |  |
| TDB | 28 | (28) |  |  |
| UBS | 766 | (83) | (683) |  |
| Derivatives eligible for offset | 15040 | (7415) | (6224) | 1401 |
| Derivatives not eligible for offset | 8525 |  |  |  |
|  | 23565 |  |  |  |

---

**JNL/BlackRock Global Allocation Fund – Average Derivative Volume<sup>6</sup>**

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Cost of Options Purchased and Written ($)** | **Notional Value at Purchase of Futures Contracts ($)** | **Cost of Forward Foreign Currency Contracts ($)** | **Notional Amount of Interest Rate Swap Agreements ($)** | **Notional Amount of Credit Default Swap Agreements ($)** | **Notional Amount of Total Return Swap Agreements ($)** | **Notional Amount of Contracts for Difference ($)** |
| Average monthly volume | 16525 | 1428045 | 985839 | 2110857 | 52185 | 40989 | 113282 |

---

756

**JNL Series Trust** 

**Notes to Financial Statements (Unaudited)**

June 30, 2025

**JNL/DoubleLine Core Fixed Income Fund Derivative Strategies** - The Fund entered into futures contracts to obtain exposure to or hedge changes in interest rates and to replicate treasury bond positions. The Fund entered into forward foreign currency contracts as a means of risk management/hedging and to reduce foreign currency exposure on investment securities denominated in foreign currencies.

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **JNL/DoubleLine Core Fixed Income Fund — Derivative Instruments Categorized by Risk Exposure** | **JNL/DoubleLine Core Fixed Income Fund — Derivative Instruments Categorized by Risk Exposure** | **JNL/DoubleLine Core Fixed Income Fund — Derivative Instruments Categorized by Risk Exposure** | **JNL/DoubleLine Core Fixed Income Fund — Derivative Instruments Categorized by Risk Exposure** | **JNL/DoubleLine Core Fixed Income Fund — Derivative Instruments Categorized by Risk Exposure** | **JNL/DoubleLine Core Fixed Income Fund — Derivative Instruments Categorized by Risk Exposure** | **JNL/DoubleLine Core Fixed Income Fund — Derivative Instruments Categorized by Risk Exposure** | **JNL/DoubleLine Core Fixed Income Fund — Derivative Instruments Categorized by Risk Exposure** |
|  |  | **Commodity($)** | **Credit($)** | **Equity($)** | **Foreign Exchange($)** | **Interest Rate($)** | **Total($)** |
| **Fair values of derivative instruments on the Statement of Assets and Liabilities as of June 30, 2025** | **Fair values of derivative instruments on the Statement of Assets and Liabilities as of June 30, 2025** | **Fair values of derivative instruments on the Statement of Assets and Liabilities as of June 30, 2025** | **Fair values of derivative instruments on the Statement of Assets and Liabilities as of June 30, 2025** | **Fair values of derivative instruments on the Statement of Assets and Liabilities as of June 30, 2025** | **Fair values of derivative instruments on the Statement of Assets and Liabilities as of June 30, 2025** | **Fair values of derivative instruments on the Statement of Assets and Liabilities as of June 30, 2025** | **Fair values of derivative instruments on the Statement of Assets and Liabilities as of June 30, 2025** |
| Derivative instruments assets: | Derivative instruments assets: |  |  |  |  |  |  |
|  | Forward foreign currency contracts |  |  |  | 11 |  | 11 |
| <sup>8</sup>  | Variation margin on futures/futures options contracts |  |  |  |  | 1010 | 1010 |
| Total derivative instruments assets | Total derivative instruments assets |  |  |  | 11 | 1010 | 1021 |
| Derivative instruments liabilities: | Derivative instruments liabilities: |  |  |  |  |  |  |
| <sup>8</sup>  | Variation margin on futures/futures options contracts |  |  |  |  | 667 | 667 |
| Total derivative instruments liabilities | Total derivative instruments liabilities |  |  |  |  | 667 | 667 |
| **The effect of derivative instruments on the Statement of Operations for the period ended June 30, 2025** | **The effect of derivative instruments on the Statement of Operations for the period ended June 30, 2025** | **The effect of derivative instruments on the Statement of Operations for the period ended June 30, 2025** | **The effect of derivative instruments on the Statement of Operations for the period ended June 30, 2025** | **The effect of derivative instruments on the Statement of Operations for the period ended June 30, 2025** | **The effect of derivative instruments on the Statement of Operations for the period ended June 30, 2025** | **The effect of derivative instruments on the Statement of Operations for the period ended June 30, 2025** | **The effect of derivative instruments on the Statement of Operations for the period ended June 30, 2025** |
| Net realized gain (loss) on: | Net realized gain (loss) on: |  |  |  |  |  |  |
|  | Forward foreign currency contracts |  |  |  | (46) |  | (46) |
|  | Futures/futures options contracts |  |  |  |  | 1702 | 1702 |
| Net change in unrealized appreciation (depreciation) on: | Net change in unrealized appreciation (depreciation) on: |  |  |  |  |  |  |
|  | Forward foreign currency contracts |  |  |  | 56 |  | 56 |
|  | Futures/futures options contracts |  |  |  |  | 4104 | 4104 |

---

**JNL/DoubleLine Core Fixed Income Fund – Derivative and Financial Instruments Eligible for Offset**

---

| |
|:---|
| **Gross Amount Presented in the Statement of** |
| **Assets and Liabilities<sup>1</sup>($)**<br> **Financial Instruments<sup>2</sup>($)**<br> **Collateral<sup>3,5</sup>($)**<br> **Net Amount<sup>4</sup>($)** |

---

**Derivative Assets by Counterparty\***<br>

---

| | | | | |
|:---|:---|:---|:---|:---|
| GSC | 11 |  |  | 11 |
| Derivatives eligible for offset | 11 |  |  | 11 |
| Derivatives not eligible for offset | 1,010 |  |  |  |
|  | 1,021 |  |  |  |
| **Derivative Liabilities by Counterparty\*** | **Derivative Liabilities by Counterparty\*** | **Derivative Liabilities by Counterparty\*** | **Derivative Liabilities by Counterparty\*** | **Derivative Liabilities by Counterparty\*** |
| Derivatives eligible for offset |  |  |  |  |
| Derivatives not eligible for offset | 667 |  |  |  |
|  | 667 |  |  |  |

---

**JNL/DoubleLine Core Fixed Income Fund – Average Derivative Volume<sup>6</sup>**

---

| | | |
|:---|:---|:---|
|  | **Notional Value at Purchase of Futures Contracts ($)** | **Cost of Forward Foreign Currency Contracts ($)** |
| Average monthly volume | 1810450 | 858 |

---

757

**JNL Series Trust** 

**Notes to Financial Statements (Unaudited)**

June 30, 2025

**JNL/Fidelity Institutional Asset Management Total Bond Fund Derivative Strategies** – The Fund entered into option contracts as a directional investment, as a substitute for investment in physical securities, as a means of risk management/hedging, as an efficient means of adjusting overall exposure to certain markets as a part of its investment strategy and to obtain exposure to or hedge changes in interest rates, inflation and in interest rate swap valuations. The Fund entered into futures contracts as a substitute for investment in physical securities, as a means of risk management/hedging, to obtain exposure to or hedge changes in interest rates and to replicate treasury bond positions. The Fund entered into interest rate swap agreements to manage duration, to execute yield curve, swap spread and sovereign relative value trades, to hedge against the risk that the value of fixed rate bond investments will decrease/increase as interest rates rise/fall and to obtain interest and yield curve exposure. The Fund entered into credit default swap agreements as a substitute for investment in physical securities, to provide a measure of protection against defaults of issuers, to speculate on changes in credit quality, on asset-backed securities to provide a measure of protection against defaults of the referenced obligation and on asset-backed securities to take an active long or short position with respect to the likelihood of a particular referenced obligation's default used in combination with cash bonds exposure (1) to take advantage of spread variances between cash bonds and the credit default swap agreement or (2) to hedge the underlying exposure to the cash bonds.

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **JNL/Fidelity Institutional Asset Management Total Bond Fund — Derivative Instruments Categorized by Risk Exposure** | **JNL/Fidelity Institutional Asset Management Total Bond Fund — Derivative Instruments Categorized by Risk Exposure** | **JNL/Fidelity Institutional Asset Management Total Bond Fund — Derivative Instruments Categorized by Risk Exposure** | **JNL/Fidelity Institutional Asset Management Total Bond Fund — Derivative Instruments Categorized by Risk Exposure** | **JNL/Fidelity Institutional Asset Management Total Bond Fund — Derivative Instruments Categorized by Risk Exposure** | **JNL/Fidelity Institutional Asset Management Total Bond Fund — Derivative Instruments Categorized by Risk Exposure** | **JNL/Fidelity Institutional Asset Management Total Bond Fund — Derivative Instruments Categorized by Risk Exposure** | **JNL/Fidelity Institutional Asset Management Total Bond Fund — Derivative Instruments Categorized by Risk Exposure** |
|  |  | **Commodity($)** | **Credit($)** | **Equity($)** | **Foreign Exchange($)** | **Interest Rate($)** | **Total($)** |
| **Fair values of derivative instruments on the Statement of Assets and Liabilities as of June 30, 2025** | **Fair values of derivative instruments on the Statement of Assets and Liabilities as of June 30, 2025** | **Fair values of derivative instruments on the Statement of Assets and Liabilities as of June 30, 2025** | **Fair values of derivative instruments on the Statement of Assets and Liabilities as of June 30, 2025** | **Fair values of derivative instruments on the Statement of Assets and Liabilities as of June 30, 2025** | **Fair values of derivative instruments on the Statement of Assets and Liabilities as of June 30, 2025** | **Fair values of derivative instruments on the Statement of Assets and Liabilities as of June 30, 2025** | **Fair values of derivative instruments on the Statement of Assets and Liabilities as of June 30, 2025** |
| Derivative instruments assets: | Derivative instruments assets: |  |  |  |  |  |  |
|  | Purchased options, at value |  |  |  |  | 665 | 665 |
| <sup>8</sup>  | Variation margin on futures/futures options contracts |  |  |  |  | 202 | 202 |
|  | OTC swap agreements |  | 97 |  |  |  | 97 |
|  | OTC swap premiums paid |  | 436 |  |  |  | 436 |
| Total derivative instruments assets | Total derivative instruments assets |  | 533 |  |  | 867 | 1400 |
| Derivative instruments liabilities: | Derivative instruments liabilities: |  |  |  |  |  |  |
|  | Written options, at value |  |  |  |  | 97 | 97 |
| <sup>8</sup>  | Variation margin on swap agreements |  |  |  |  | 76 | 76 |
|  | OTC swap agreements |  | 156 |  |  |  | 156 |
|  | OTC swap premiums received |  | 164 |  |  |  | 164 |
| Total derivative instruments liabilities | Total derivative instruments liabilities |  | 320 |  |  | 173 | 493 |
| **The effect of derivative instruments on the Statement of Operations for the period ended June 30, 2025** | **The effect of derivative instruments on the Statement of Operations for the period ended June 30, 2025** | **The effect of derivative instruments on the Statement of Operations for the period ended June 30, 2025** | **The effect of derivative instruments on the Statement of Operations for the period ended June 30, 2025** | **The effect of derivative instruments on the Statement of Operations for the period ended June 30, 2025** | **The effect of derivative instruments on the Statement of Operations for the period ended June 30, 2025** | **The effect of derivative instruments on the Statement of Operations for the period ended June 30, 2025** | **The effect of derivative instruments on the Statement of Operations for the period ended June 30, 2025** |
| Net realized gain (loss) on: | Net realized gain (loss) on: |  |  |  |  |  |  |
|  | Futures/futures options contracts |  |  |  |  | (297) | (297) |
|  | Swap agreements |  | (207) |  |  | 399 | 192 |
| Net change in unrealized appreciation (depreciation) on: | Net change in unrealized appreciation (depreciation) on: |  |  |  |  |  |  |
|  | Purchased options |  |  |  |  | 260 | 260 |
|  | Written options |  |  |  |  | 35 | 35 |
|  | Futures/futures options contracts |  |  |  |  | 2451 | 2451 |
|  | Swap agreements |  | 189 |  |  | (909) | (720) |

---

---

| |
|:---|
| **Gross Amount Presented in the Statement of** |
| **Assets and Liabilities<sup>1</sup>($)**<br> **Financial Instruments<sup>2</sup>($)**<br> **Collateral<sup>3,5</sup>($)**<br> **Net Amount<sup>4</sup>($)** |

---

**Derivative Assets by Counterparty\***<br>

---

| | | | |
|:---|:---|:---|:---|
| BOA | 284 | (97) | 187 |
| CIT | 215 | (53) | 162 |
| GSC | 24 | (24) |  |
| JPM | 5 | (5) |  |
| MSC | 234 | (18) | 216 |
| Derivatives eligible for offset | 762 | (197) | 565 |
| Derivatives not eligible for offset | 638 |  |  |
|  | 1400 |  |  |
| **Derivative Liabilities by Counterparty\*** | **Derivative Liabilities by Counterparty\*** | **Derivative Liabilities by Counterparty\*** | **Derivative Liabilities by Counterparty\*** |
| BOA | 97 | (97) |  |
| CIT | 53 | (53) |  |
| GSC | 64 | (24) | 40 |
| JPM | 21 | (5) | 16 |
| MSC | 18 | (18) |  |
| Derivatives eligible for offset | 253 | (197) | 56 |
| Derivatives not eligible for offset | 240 |  |  |
|  | 493 |  |  |

---

758

**JNL Series Trust** 

**Notes to Financial Statements (Unaudited)**

June 30, 2025

**JNL/Fidelity Institutional Asset Management Total Bond Fund – Average Derivative Volume<sup>6</sup>**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Cost of Options Purchased and Written ($)** | **Notional Value at Purchase of Futures Contracts ($)** | **Notional Amount of Interest Rate Swap Agreements ($)** | **Notional Amount of Credit Default Swap Agreements ($)** |
| Average monthly volume | 1057 | 130120 | 52322 | 12263 |

---

759

**JNL Series Trust** 

**Notes to Financial Statements (Unaudited)**

June 30, 2025

**JNL/JPMorgan Global Allocation Fund Derivatives Strategies** – The Fund entered into options contracts as a directional investment, as a substitute for investment in physical securities, as a means of risk management/hedging, as an efficient means of adjusting overall exposure to certain markets as part of its investment strategy and to obtain exposure to or hedge changes in securities prices. The Fund entered into futures contracts as a substitute for investment in physical securities, as a means of risk management/hedging, as a means of short-term cash deployment, as an efficient means of obtaining exposure to certain markets as part of its investment strategy, to manage cash flows, to obtain exposure to or hedge changes in securities prices, interest rates and foreign currency rates and to replicate treasury bond positions. The Fund entered into forward foreign currency contracts as a means of risk management/hedging.

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **JNL/JPMorgan Global Allocation Fund — Derivative Instruments Categorized by Risk Exposure** | **JNL/JPMorgan Global Allocation Fund — Derivative Instruments Categorized by Risk Exposure** | **JNL/JPMorgan Global Allocation Fund — Derivative Instruments Categorized by Risk Exposure** | **JNL/JPMorgan Global Allocation Fund — Derivative Instruments Categorized by Risk Exposure** | **JNL/JPMorgan Global Allocation Fund — Derivative Instruments Categorized by Risk Exposure** | **JNL/JPMorgan Global Allocation Fund — Derivative Instruments Categorized by Risk Exposure** | **JNL/JPMorgan Global Allocation Fund — Derivative Instruments Categorized by Risk Exposure** | **JNL/JPMorgan Global Allocation Fund — Derivative Instruments Categorized by Risk Exposure** |
|  |  | **Commodity($)** | **Credit($)** | **Equity($)** | **Foreign Exchange($)** | **Interest Rate($)** | **Total($)** |
| **Fair values of derivative instruments on the Statement of Assets and Liabilities as of June 30, 2025** | **Fair values of derivative instruments on the Statement of Assets and Liabilities as of June 30, 2025** | **Fair values of derivative instruments on the Statement of Assets and Liabilities as of June 30, 2025** | **Fair values of derivative instruments on the Statement of Assets and Liabilities as of June 30, 2025** | **Fair values of derivative instruments on the Statement of Assets and Liabilities as of June 30, 2025** | **Fair values of derivative instruments on the Statement of Assets and Liabilities as of June 30, 2025** | **Fair values of derivative instruments on the Statement of Assets and Liabilities as of June 30, 2025** | **Fair values of derivative instruments on the Statement of Assets and Liabilities as of June 30, 2025** |
| Derivative instruments assets: | Derivative instruments assets: |  |  |  |  |  |  |
|  | Forward foreign currency contracts |  |  |  | 441 |  | 441 |
| <sup>8</sup>  | Variation margin on futures/futures options contracts |  |  | 630 | 56 | 292 | 978 |
| Total derivative instruments assets | Total derivative instruments assets |  |  | 630 | 497 | 292 | 1419 |
| Derivative instruments liabilities: | Derivative instruments liabilities: |  |  |  |  |  |  |
|  | Forward foreign currency contracts |  |  |  | 372 |  | 372 |
| <sup>8</sup>  | Variation margin on futures/futures options contracts |  |  |  |  | 169 | 169 |
| Total derivative instruments liabilities | Total derivative instruments liabilities |  |  |  | 372 | 169 | 541 |
| **The effect of derivative instruments on the Statement of Operations for the period ended June 30, 2025** | **The effect of derivative instruments on the Statement of Operations for the period ended June 30, 2025** | **The effect of derivative instruments on the Statement of Operations for the period ended June 30, 2025** | **The effect of derivative instruments on the Statement of Operations for the period ended June 30, 2025** | **The effect of derivative instruments on the Statement of Operations for the period ended June 30, 2025** | **The effect of derivative instruments on the Statement of Operations for the period ended June 30, 2025** | **The effect of derivative instruments on the Statement of Operations for the period ended June 30, 2025** | **The effect of derivative instruments on the Statement of Operations for the period ended June 30, 2025** |
| Net realized gain (loss) on: | Net realized gain (loss) on: |  |  |  |  |  |  |
|  | Forward foreign currency contracts |  |  |  | 1821 |  | 1821 |
|  | Futures/futures options contracts |  |  | (3515) | 1479 | (4447) | (6483) |
| Net change in unrealized appreciation (depreciation) on: | Net change in unrealized appreciation (depreciation) on: |  |  |  |  |  |  |
|  | Forward foreign currency contracts |  |  |  | 561 |  | 561 |
|  | Futures/futures options contracts |  |  | 9867 | 532 | 3487 | 13886 |

---

**JNL/JPMorgan Global Allocation Fund – Derivative and Financial Instruments Eligible for Offset**

---

| |
|:---|
| **Gross Amount Presented in the Statement of** |
| **Assets and Liabilities<sup>1</sup>($)**<br> **Financial Instruments<sup>2</sup>($)**<br> **Collateral<sup>3,5</sup>($)**<br> **Net Amount<sup>4</sup>($)** |

---

**Derivative Assets by Counterparty\***<br>

---

| | | | |
|:---|:---|:---|:---|
| BCL | 23 | (3) | 20 |
| BNP | 53 | (53) |  |
| CIT | 102 | (41) | 61 |
| GSC | 43 | (43) |  |
| HSB | 39 | (39) |  |
| MSC | 181 | (22) | 159 |
| Derivatives eligible for offset | 441 | (201) | 240 |
| Derivatives not eligible for offset | 978 |  |  |
|  | 1419 |  |  |
| **Derivative Liabilities by Counterparty\*** | **Derivative Liabilities by Counterparty\*** | **Derivative Liabilities by Counterparty\*** | **Derivative Liabilities by Counterparty\*** |
| BCL | 3 | (3) |  |
| BNP | 130 | (53) | 77 |
| CIT | 41 | (41) |  |
| GSC | 110 | (43) | 67 |
| HSB | 66 | (39) | 27 |
| MSC | 22 | (22) |  |
| Derivatives eligible for offset | 372 | (201) | 171 |
| Derivatives not eligible for offset | 169 |  |  |
|  | 541 |  |  |

---

**JNL/JPMorgan Global Allocation Fund – Average Derivative Volume<sup>6</sup>**

---

| | | |
|:---|:---|:---|
|  | **Notional Value at Purchase of Futures Contracts ($)** | **Cost of Forward Foreign Currency Contracts ($)** |
| Average monthly volume | 457939 | 97599 |

---

760

**JNL Series Trust** 

**Notes to Financial Statements (Unaudited)**

June 30, 2025

**JNL/JPMorgan Hedged Equity Fund Derivative Strategies** - The Fund entered into options contracts as a means of risk management/hedging. The Fund entered into futures contracts as a means of risk management/hedging and to manage cash flows.

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **JNL/JPMorgan Hedged Equity Fund — Derivative Instruments Categorized by Risk Exposure** | **JNL/JPMorgan Hedged Equity Fund — Derivative Instruments Categorized by Risk Exposure** | **JNL/JPMorgan Hedged Equity Fund — Derivative Instruments Categorized by Risk Exposure** | **JNL/JPMorgan Hedged Equity Fund — Derivative Instruments Categorized by Risk Exposure** | **JNL/JPMorgan Hedged Equity Fund — Derivative Instruments Categorized by Risk Exposure** | **JNL/JPMorgan Hedged Equity Fund — Derivative Instruments Categorized by Risk Exposure** | **JNL/JPMorgan Hedged Equity Fund — Derivative Instruments Categorized by Risk Exposure** | **JNL/JPMorgan Hedged Equity Fund — Derivative Instruments Categorized by Risk Exposure** |
|  |  | **Commodity($)** | **Credit($)** | **Equity($)** | **Foreign Exchange($)** | **Interest Rate($)** | **Total($)** |
| **Fair values of derivative instruments on the Statement of Assets and Liabilities as of June 30, 2025** | **Fair values of derivative instruments on the Statement of Assets and Liabilities as of June 30, 2025** | **Fair values of derivative instruments on the Statement of Assets and Liabilities as of June 30, 2025** | **Fair values of derivative instruments on the Statement of Assets and Liabilities as of June 30, 2025** | **Fair values of derivative instruments on the Statement of Assets and Liabilities as of June 30, 2025** | **Fair values of derivative instruments on the Statement of Assets and Liabilities as of June 30, 2025** | **Fair values of derivative instruments on the Statement of Assets and Liabilities as of June 30, 2025** | **Fair values of derivative instruments on the Statement of Assets and Liabilities as of June 30, 2025** |
| Derivative instruments assets: | Derivative instruments assets: |  |  |  |  |  |  |
|  | Purchased options, at value |  |  | 12175 |  |  | 12175 |
| <sup>8</sup>  | Variation margin on futures/futures options contracts |  |  | 332 |  |  | 332 |
| Total derivative instruments assets | Total derivative instruments assets |  |  | 12507 |  |  | 12507 |
| Derivative instruments liabilities: | Derivative instruments liabilities: |  |  |  |  |  |  |
|  | Written options, at value |  |  | 12315 |  |  | 12315 |
| Total derivative instruments liabilities | Total derivative instruments liabilities |  |  | 12315 |  |  | 12315 |
| **The effect of derivative instruments on the Statement of Operations for the period ended June 30, 2025** | **The effect of derivative instruments on the Statement of Operations for the period ended June 30, 2025** | **The effect of derivative instruments on the Statement of Operations for the period ended June 30, 2025** | **The effect of derivative instruments on the Statement of Operations for the period ended June 30, 2025** | **The effect of derivative instruments on the Statement of Operations for the period ended June 30, 2025** | **The effect of derivative instruments on the Statement of Operations for the period ended June 30, 2025** | **The effect of derivative instruments on the Statement of Operations for the period ended June 30, 2025** | **The effect of derivative instruments on the Statement of Operations for the period ended June 30, 2025** |
| Net realized gain (loss) on: | Net realized gain (loss) on: |  |  |  |  |  |  |
|  | Futures/futures options contracts |  |  | (340) |  |  | (340) |
| Net change in unrealized appreciation (depreciation) on: | Net change in unrealized appreciation (depreciation) on: |  |  |  |  |  |  |
|  | Purchased options |  |  | 228 |  |  | 228 |
|  | Written options |  |  | (650) |  |  | (650) |
|  | Futures/futures options contracts |  |  | 421 |  |  | 421 |

---

---

| |
|:---|
| **Gross Amount Presented in the Statement of** |
| **Assets and Liabilities<sup>1</sup>($)**<br> **Financial Instruments<sup>2</sup>($)**<br> **Collateral<sup>3,5</sup>($)**<br> **Net Amount<sup>4</sup>($)** |

---

**Derivative Assets by Counterparty\***<br>

---

| | | | | |
|:---|:---|:---|:---|:---|
| Derivatives eligible for offset |  |  |  |  |
| Derivatives not eligible for offset | 12,507 |  |  |  |
|  | 12,507 |  |  |  |
| **Derivative Liabilities by Counterparty\*** | **Derivative Liabilities by Counterparty\*** | **Derivative Liabilities by Counterparty\*** | **Derivative Liabilities by Counterparty\*** | **Derivative Liabilities by Counterparty\*** |
| Derivatives eligible for offset |  |  |  |  |
| Derivatives not eligible for offset | 12,315 |  |  |  |
|  | 12,315 |  |  |  |

---

**JNL/JPMorgan Hedged Equity Fund – Average Derivative Volume<sup>6</sup>**

---

| | | |
|:---|:---|:---|
|  | **Cost of Options Purchased and Written ($)** | **Notional Value at Purchase of Futures Contracts ($)** |
| Average monthly volume | 25051 | 10919 |

---

761

**JNL Series Trust** 

**Notes to Financial Statements (Unaudited)**

June 30, 2025

**JNL/JPMorgan Nasdaq Hedged Equity Fund Derivative Strategies -** The Fund entered into options contracts as a means of risk management/hedging. The Fund entered into futures contracts as a means of risk management/hedging and to manage cash flows.

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **JNL/JPMorgan Nasdaq Hedged Equity Fund — Derivative Instruments Categorized by Risk Exposure** | **JNL/JPMorgan Nasdaq Hedged Equity Fund — Derivative Instruments Categorized by Risk Exposure** | **JNL/JPMorgan Nasdaq Hedged Equity Fund — Derivative Instruments Categorized by Risk Exposure** | **JNL/JPMorgan Nasdaq Hedged Equity Fund — Derivative Instruments Categorized by Risk Exposure** | **JNL/JPMorgan Nasdaq Hedged Equity Fund — Derivative Instruments Categorized by Risk Exposure** | **JNL/JPMorgan Nasdaq Hedged Equity Fund — Derivative Instruments Categorized by Risk Exposure** | **JNL/JPMorgan Nasdaq Hedged Equity Fund — Derivative Instruments Categorized by Risk Exposure** | **JNL/JPMorgan Nasdaq Hedged Equity Fund — Derivative Instruments Categorized by Risk Exposure** |
|  |  | **Commodity($)** | **Credit($)** | **Equity($)** | **Foreign Exchange($)** | **Interest Rate($)** | **Total($)** |
| **Fair values of derivative instruments on the Statement of Assets and Liabilities as of June 30, 2025** | **Fair values of derivative instruments on the Statement of Assets and Liabilities as of June 30, 2025** | **Fair values of derivative instruments on the Statement of Assets and Liabilities as of June 30, 2025** | **Fair values of derivative instruments on the Statement of Assets and Liabilities as of June 30, 2025** | **Fair values of derivative instruments on the Statement of Assets and Liabilities as of June 30, 2025** | **Fair values of derivative instruments on the Statement of Assets and Liabilities as of June 30, 2025** | **Fair values of derivative instruments on the Statement of Assets and Liabilities as of June 30, 2025** | **Fair values of derivative instruments on the Statement of Assets and Liabilities as of June 30, 2025** |
| Derivative instruments assets: | Derivative instruments assets: |  |  |  |  |  |  |
|  | Purchased options, at value |  |  | 1040 |  |  | 1040 |
| <sup>8</sup>  | Variation margin on futures/futures options contracts |  |  | 2 |  |  | 2 |
| Total derivative instruments assets | Total derivative instruments assets |  |  | 1042 |  |  | 1042 |
| Derivative instruments liabilities: | Derivative instruments liabilities: |  |  |  |  |  |  |
|  | Written options, at value |  |  | 1058 |  |  | 1058 |
| Total derivative instruments liabilities | Total derivative instruments liabilities |  |  | 1058 |  |  | 1058 |
| **The effect of derivative instruments on the Statement of Operations for the period ended June 30, 2025** | **The effect of derivative instruments on the Statement of Operations for the period ended June 30, 2025** | **The effect of derivative instruments on the Statement of Operations for the period ended June 30, 2025** | **The effect of derivative instruments on the Statement of Operations for the period ended June 30, 2025** | **The effect of derivative instruments on the Statement of Operations for the period ended June 30, 2025** | **The effect of derivative instruments on the Statement of Operations for the period ended June 30, 2025** | **The effect of derivative instruments on the Statement of Operations for the period ended June 30, 2025** | **The effect of derivative instruments on the Statement of Operations for the period ended June 30, 2025** |
| Net realized gain (loss) on: | Net realized gain (loss) on: |  |  |  |  |  |  |
|  | Futures/futures options contracts |  |  | 52 |  |  | 52 |
| Net change in unrealized appreciation (depreciation) on: | Net change in unrealized appreciation (depreciation) on: |  |  |  |  |  |  |
|  | Purchased options |  |  | (13) |  |  | (13) |
|  | Written options |  |  | (22) |  |  | (22) |
|  | Futures/futures options contracts |  |  | 18 |  |  | 18 |

---

---

| |
|:---|
| **Gross Amount Presented in the Statement of** |
| **Assets and Liabilities<sup>1</sup>($)**<br> **Financial Instruments<sup>2</sup>($)**<br> **Collateral<sup>3,5</sup>($)**<br> **Net Amount<sup>4</sup>($)** |

---

**Derivative Assets by Counterparty\***<br>

---

| | | | | |
|:---|:---|:---|:---|:---|
| Derivatives eligible for offset |  |  |  |  |
| Derivatives not eligible for offset | 1,042 |  |  |  |
|  | 1,042 |  |  |  |
| **Derivative Liabilities by Counterparty\*** | **Derivative Liabilities by Counterparty\*** | **Derivative Liabilities by Counterparty\*** | **Derivative Liabilities by Counterparty\*** | **Derivative Liabilities by Counterparty\*** |
| Derivatives eligible for offset |  |  |  |  |
| Derivatives not eligible for offset | 1,058 |  |  |  |
|  | 1,058 |  |  |  |

---

**JNL/JPMorgan Nasdaq Hedged Equity Fund – Average Derivative Volume<sup>6</sup>**

---

| | | |
|:---|:---|:---|
|  | **Cost of Options Purchased and Written ($)** | **Notional Value at Purchase of Futures Contracts ($)** |
| Average monthly volume | 2144 | 665 |

---

762

**JNL Series Trust** 

**Notes to Financial Statements (Unaudited)**

June 30, 2025

**JNL/Mellon World Index Fund Derivative Strategies** - The Fund entered into futures contracts as a substitute for investment in physical securities, to manage cash flows and to hedge accrued dividends. The Fund entered into forward foreign currency contracts to create foreign currency exposure in U.S. dollar cash balances.

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **JNL/Mellon World Index Fund — Derivative Instruments Categorized by Risk Exposure** | **JNL/Mellon World Index Fund — Derivative Instruments Categorized by Risk Exposure** | **JNL/Mellon World Index Fund — Derivative Instruments Categorized by Risk Exposure** | **JNL/Mellon World Index Fund — Derivative Instruments Categorized by Risk Exposure** | **JNL/Mellon World Index Fund — Derivative Instruments Categorized by Risk Exposure** | **JNL/Mellon World Index Fund — Derivative Instruments Categorized by Risk Exposure** | **JNL/Mellon World Index Fund — Derivative Instruments Categorized by Risk Exposure** | **JNL/Mellon World Index Fund — Derivative Instruments Categorized by Risk Exposure** |
|  |  | **Commodity($)** | **Credit($)** | **Equity($)** | **Foreign Exchange($)** | **Interest Rate($)** | **Total($)** |
| **Fair values of derivative instruments on the Statement of Assets and Liabilities as of June 30, 2025** | **Fair values of derivative instruments on the Statement of Assets and Liabilities as of June 30, 2025** | **Fair values of derivative instruments on the Statement of Assets and Liabilities as of June 30, 2025** | **Fair values of derivative instruments on the Statement of Assets and Liabilities as of June 30, 2025** | **Fair values of derivative instruments on the Statement of Assets and Liabilities as of June 30, 2025** | **Fair values of derivative instruments on the Statement of Assets and Liabilities as of June 30, 2025** | **Fair values of derivative instruments on the Statement of Assets and Liabilities as of June 30, 2025** | **Fair values of derivative instruments on the Statement of Assets and Liabilities as of June 30, 2025** |
| Derivative instruments assets: | Derivative instruments assets: |  |  |  |  |  |  |
|  | Forward foreign currency contracts |  |  |  | 20 |  | 20 |
| <sup>8</sup>  | Variation margin on futures/futures options contracts |  |  | 35 |  |  | 35 |
| Total derivative instruments assets | Total derivative instruments assets |  |  | 35 | 20 |  | 55 |
| Derivative instruments liabilities: | Derivative instruments liabilities: |  |  |  |  |  |  |
|  | Forward foreign currency contracts |  |  |  | 1 |  | 1 |
| <sup>8</sup>  | Variation margin on futures/futures options contracts |  |  | 5 |  |  | 5 |
| Total derivative instruments liabilities | Total derivative instruments liabilities |  |  | 5 | 1 |  | 6 |
| **The effect of derivative instruments on the Statement of Operations for the period ended June 30, 2025** | **The effect of derivative instruments on the Statement of Operations for the period ended June 30, 2025** | **The effect of derivative instruments on the Statement of Operations for the period ended June 30, 2025** | **The effect of derivative instruments on the Statement of Operations for the period ended June 30, 2025** | **The effect of derivative instruments on the Statement of Operations for the period ended June 30, 2025** | **The effect of derivative instruments on the Statement of Operations for the period ended June 30, 2025** | **The effect of derivative instruments on the Statement of Operations for the period ended June 30, 2025** | **The effect of derivative instruments on the Statement of Operations for the period ended June 30, 2025** |
| Net realized gain (loss) on: | Net realized gain (loss) on: |  |  |  |  |  |  |
|  | Forward foreign currency contracts |  |  |  | 51 |  | 51 |
|  | Futures/futures options contracts |  |  | 159 |  |  | 159 |
| Net change in unrealized appreciation (depreciation) on: | Net change in unrealized appreciation (depreciation) on: |  |  |  |  |  |  |
|  | Forward foreign currency contracts |  |  |  | 34 |  | 34 |
|  | Futures/futures options contracts |  |  | 291 |  |  | 291 |

---

**JNL/Mellon World Index Fund – Derivative and Financial Instruments Eligible for Offset**

---

| |
|:---|
| **Gross Amount Presented in the Statement of** |
| **Assets and Liabilities<sup>1</sup>($)**<br> **Financial Instruments<sup>2</sup>($)**<br> **Collateral<sup>3,5</sup>($)**<br> **Net Amount<sup>4</sup>($)** |

---

**Derivative Assets by Counterparty\***<br>

---

| | | |
|:---|:---|:---|
| HSB | 19 | 19 |
| RBC | 1 | 1 |
| Derivatives eligible for offset | 20 | 20 |
| Derivatives not eligible for offset | 35 |  |
|  | 55 |  |
| **Derivative Liabilities by Counterparty\*** | **Derivative Liabilities by Counterparty\*** | **Derivative Liabilities by Counterparty\*** |
| BMO | 1 | 1 |
| Derivatives eligible for offset | 1 | 1 |
| Derivatives not eligible for offset | 5 |  |
|  | 6 |  |

---

**JNL/ Mellon World Index Fund – Average Derivative Volume<sup>6</sup>**

---

| | | |
|:---|:---|:---|
|  | **Notional Value at Purchase of Futures Contracts ($)** | **Cost of Forward Foreign Currency Contracts ($)** |
| Average monthly volume | 5698 | 1267 |

---

763

**JNL Series Trust** 

**Notes to Financial Statements (Unaudited)**

June 30, 2025

**JNL/Neuberger Berman Strategic Income Fund Derivative Strategies** – The Fund entered into futures contracts as a substitute for investment in physical securities, as a means of risk management/hedging, as a means of short-term cash deployment, as an efficient means of obtaining exposure to certain markets as part of its investment strategy, to manage cash flows, to obtain exposure to or hedge changes in securities prices, interest rates and foreign currency rates, to hedge accrued dividends and to replicate treasury bond positions. The Fund entered into forward foreign currency contracts to gain directional exposure to currencies as part of its overall investment strategy, to create foreign currency exposure in U.S. dollar cash balances, as a means of risk management/hedging, to hedge foreign currency exposure between trade date and settlement date on investment security purchases and sales and to reduce foreign currency exposure on investment securities denominated in foreign currencies. The Fund entered into interest rate swap agreements to manage duration, as a substitute for investment in physical securities, to execute yield curve, swap spread and sovereign relative value trades, to express views on a country's interest rates, to hedge against the risk that the value of fixed rate bond investments will decrease/increase as interest rates rise/fall, to maintain its ability to generate income at prevailing market rates and to obtain interest rate and yield curve exposure. The Fund entered into credit default swap agreements as a substitute for investment in physical securities, to hedge a portfolio of credit default swap agreements or bonds, to obtain credit exposure, to provide a measure of protection against defaults of issuers, to speculate on changes in credit quality, to manage duration at the cross-sector level, on asset-backed securities to provide a measure of protection against defaults of the referenced obligation and on asset-backed securities to take an active long or short position with respect to the likelihood of a particular referenced obligation's default used in combination with cash bonds exposure (1) to take advantage of spread variances between cash bonds and the credit default swap agreement or (2) to hedge the underlying exposure to the cash bonds. The Fund entered into total return swap agreements to obtain exposure to or hedge changes in securities prices and interest rates, as a substitute for investment in physical securities and as an efficient means of adjusting overall exposure to certain markets as part of its investment strategy.

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **JNL/Neuberger Berman Strategic Income Fund — Derivative Instruments Categorized by Risk Exposure** | **JNL/Neuberger Berman Strategic Income Fund — Derivative Instruments Categorized by Risk Exposure** | **JNL/Neuberger Berman Strategic Income Fund — Derivative Instruments Categorized by Risk Exposure** | **JNL/Neuberger Berman Strategic Income Fund — Derivative Instruments Categorized by Risk Exposure** | **JNL/Neuberger Berman Strategic Income Fund — Derivative Instruments Categorized by Risk Exposure** | **JNL/Neuberger Berman Strategic Income Fund — Derivative Instruments Categorized by Risk Exposure** | **JNL/Neuberger Berman Strategic Income Fund — Derivative Instruments Categorized by Risk Exposure** | **JNL/Neuberger Berman Strategic Income Fund — Derivative Instruments Categorized by Risk Exposure** |
|  |  | **Commodity($)** | **Credit($)** | **Equity($)** | **Foreign Exchange($)** | **Interest Rate($)** | **Total($)** |
| **Fair values of derivative instruments on the Statement of Assets and Liabilities as of June 30, 2025** | **Fair values of derivative instruments on the Statement of Assets and Liabilities as of June 30, 2025** | **Fair values of derivative instruments on the Statement of Assets and Liabilities as of June 30, 2025** | **Fair values of derivative instruments on the Statement of Assets and Liabilities as of June 30, 2025** | **Fair values of derivative instruments on the Statement of Assets and Liabilities as of June 30, 2025** | **Fair values of derivative instruments on the Statement of Assets and Liabilities as of June 30, 2025** | **Fair values of derivative instruments on the Statement of Assets and Liabilities as of June 30, 2025** | **Fair values of derivative instruments on the Statement of Assets and Liabilities as of June 30, 2025** |
| Derivative instruments assets: | Derivative instruments assets: |  |  |  |  |  |  |
|  | Forward foreign currency contracts |  |  |  | 908 |  | 908 |
| <sup>8</sup>  | Variation margin on futures/futures options contracts |  |  |  |  | 338 | 338 |
| <sup>8</sup>  | Variation margin on swap agreements |  |  |  |  | 42 | 42 |
|  | OTC swap agreements |  | 250 |  |  | 215 | 465 |
| Total derivative instruments assets | Total derivative instruments assets |  | 250 |  | 908 | 595 | 1753 |
| Derivative instruments liabilities: | Derivative instruments liabilities: |  |  |  |  |  |  |
|  | Forward foreign currency contracts |  |  |  | 5706 |  | 5706 |
| <sup>8</sup>  | Variation margin on futures/futures options contracts |  |  |  |  | 570 | 570 |
| Total derivative instruments liabilities | Total derivative instruments liabilities |  |  |  | 5706 | 570 | 6276 |
| **The effect of derivative instruments on the Statement of Operations for the period ended June 30, 2025** | **The effect of derivative instruments on the Statement of Operations for the period ended June 30, 2025** | **The effect of derivative instruments on the Statement of Operations for the period ended June 30, 2025** | **The effect of derivative instruments on the Statement of Operations for the period ended June 30, 2025** | **The effect of derivative instruments on the Statement of Operations for the period ended June 30, 2025** | **The effect of derivative instruments on the Statement of Operations for the period ended June 30, 2025** | **The effect of derivative instruments on the Statement of Operations for the period ended June 30, 2025** | **The effect of derivative instruments on the Statement of Operations for the period ended June 30, 2025** |
| Net realized gain (loss) on: | Net realized gain (loss) on: |  |  |  |  |  |  |
|  | Forward foreign currency contracts |  |  |  | 2853 |  | 2853 |
|  | Swap agreements |  | 863 |  |  | (37) | 826 |
| Net change in unrealized appreciation (depreciation) on: | Net change in unrealized appreciation (depreciation) on: |  |  |  |  |  |  |
|  | Forward foreign currency contracts |  |  |  | (9102) |  | (9102) |
|  | Futures/futures options contracts |  |  |  |  | (1489) | (1489) |
|  | Swap agreements |  | 339 |  |  | 282 | 621 |

---

**JNL/Neuberger Berman Strategic Income Fund – Derivative and Financial Instruments Eligible for Offset**

---

| |
|:---|
| **Gross Amount Presented in the Statement of** |
| **Assets and Liabilities<sup>1</sup>($)**<br> **Financial Instruments<sup>2</sup>($)**<br> **Collateral<sup>3,5</sup>($)**<br> **Net Amount<sup>4</sup>($)** |

---

**Derivative Assets by Counterparty\***<br>

---

| | | | |
|:---|:---|:---|:---|
| CIT | 180 | (180) |  |
| GSC | 851 | (453) | 398 |
| JPM | 258 | (241) | 17 |
| SCB | 27 | (1) | 26 |
| SSB | 57 | (57) |  |
| Derivatives eligible for offset | 1373 | (932) | 441 |
| Derivatives not eligible for offset | 380 |  |  |
|  | 1753 |  |  |
| **Derivative Liabilities by Counterparty\*** | **Derivative Liabilities by Counterparty\*** | **Derivative Liabilities by Counterparty\*** | **Derivative Liabilities by Counterparty\*** |
| CIT | 4613 | (180) | 4433 |
| GSC | 453 | (453) |  |
| JPM | 241 | (241) |  |
| SCB | 1 | (1) |  |
| SSB | 398 | (57) | 341 |
| Derivatives eligible for offset | 5706 | (932) | 4774 |
| Derivatives not eligible for offset | 570 |  |  |
|  | 6276 |  |  |

---

764

**JNL Series Trust** 

**Notes to Financial Statements (Unaudited)**

June 30, 2025

**JNL/Neuberger Berman Strategic Income Fund – Average Derivative Volume<sup>6</sup>**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Notional Value at Purchase of Futures Contracts ($)** | **Cost of Forward Foreign Currency Contracts ($)** | **Notional Amount of Interest Rate Swap Agreements ($)** | **Notional Amount of Credit Default Swap Agreements ($)** | **Notional Amount of Total Return Swap Agreements ($)** |
| Average monthly volume | 185294 | 136318 | 9477 | 15724 | 14034 |

---

765

**JNL Series Trust** 

**Notes to Financial Statements (Unaudited)**

June 30, 2025

**JNL/PIMCO Income Fund Derivative Strategies –** The Fund entered into option contracts as a substitute for investment in physical securities, to generate income, to obtain exposure to or hedge changes in foreign currencies, interest rates, securities prices, inflation, interest rate swap valuations and credit default swap valuations and to take position on expectations of volatility of a reference entity. The Fund entered into futures contracts as a substitute for investment in physcial securities, as an efficient means of obtaining exposure to certain markets as part of its investment strategy, to magange cash flows, to obtain exposure to or hedge changes in interest rates and to replicate treasury bond positions. The Fund entered into forward foreign currency contracts to gain directional exposure to currencies as part of its overall investment strategy, to create foreign currency exposure in U.S. dollar cash balances and to reduce foreign currency exposure on investment securities denominated in foreign currencies. The Fund entered into interest rate swap agreements to manage duration, as a substitute for investment in physical securities, to execute yield curve, swap spread and sovereign relative value trades and to obtain interest rate and yield curve exposure. The Fund entered into credit default swap agreements as a substitue for investment in physical securities, to obtain credit exposure and to provide a measure of protection against defaults of issuers.

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **JNL/PIMCO Income Fund — Derivative Instruments Categorized by Risk Exposure** | **JNL/PIMCO Income Fund — Derivative Instruments Categorized by Risk Exposure** | **JNL/PIMCO Income Fund — Derivative Instruments Categorized by Risk Exposure** | **JNL/PIMCO Income Fund — Derivative Instruments Categorized by Risk Exposure** | **JNL/PIMCO Income Fund — Derivative Instruments Categorized by Risk Exposure** | **JNL/PIMCO Income Fund — Derivative Instruments Categorized by Risk Exposure** | **JNL/PIMCO Income Fund — Derivative Instruments Categorized by Risk Exposure** | **JNL/PIMCO Income Fund — Derivative Instruments Categorized by Risk Exposure** |
|  |  | **Commodity($)** | **Credit($)** | **Equity($)** | **Foreign Exchange($)** | **Interest Rate($)** | **Total($)** |
| **Fair values of derivative instruments on the Statement of Assets and Liabilities as of June 30, 2025** | **Fair values of derivative instruments on the Statement of Assets and Liabilities as of June 30, 2025** | **Fair values of derivative instruments on the Statement of Assets and Liabilities as of June 30, 2025** | **Fair values of derivative instruments on the Statement of Assets and Liabilities as of June 30, 2025** | **Fair values of derivative instruments on the Statement of Assets and Liabilities as of June 30, 2025** | **Fair values of derivative instruments on the Statement of Assets and Liabilities as of June 30, 2025** | **Fair values of derivative instruments on the Statement of Assets and Liabilities as of June 30, 2025** | **Fair values of derivative instruments on the Statement of Assets and Liabilities as of June 30, 2025** |
| Derivative instruments assets: | Derivative instruments assets: |  |  |  |  |  |  |
|  | Purchased options, at value |  |  |  | 180 |  | 180 |
|  | Forward foreign currency contracts |  |  |  | 3844 |  | 3844 |
| <sup>8</sup>  | Variation margin on futures/futures options contracts |  |  |  |  | 1120 | 1120 |
| <sup>8</sup>  | Variation margin on swap agreements |  | 239 |  |  | 2130 | 2369 |
|  | OTC swap agreements |  | 3111 |  |  |  | 3111 |
|  | OTC swap premiums paid |  | 122 |  |  |  | 122 |
| Total derivative instruments assets | Total derivative instruments assets |  | 3472 |  | 4024 | 3250 | 10746 |
| Derivative instruments liabilities: | Derivative instruments liabilities: |  |  |  |  |  |  |
|  | Written options, at value |  |  |  |  | 287 | 287 |
|  | Forward foreign currency contracts |  |  |  | 9620 |  | 9620 |
| <sup>8</sup>  | Variation margin on futures/futures options contracts |  |  |  |  | 1097 | 1097 |
| <sup>8</sup>  | Variation margin on swap agreements |  | 3 |  |  | 3093 | 3096 |
|  | OTC swap agreements |  | 34 |  |  |  | 34 |
|  | OTC swap premiums received |  | 2512 |  |  |  | 2512 |
| Total derivative instruments liabilities | Total derivative instruments liabilities |  | 2549 |  | 9620 | 4477 | 16646 |
| **The effect of derivative instruments on the Statement of Operations for the period ended June 30, 2025** | **The effect of derivative instruments on the Statement of Operations for the period ended June 30, 2025** | **The effect of derivative instruments on the Statement of Operations for the period ended June 30, 2025** | **The effect of derivative instruments on the Statement of Operations for the period ended June 30, 2025** | **The effect of derivative instruments on the Statement of Operations for the period ended June 30, 2025** | **The effect of derivative instruments on the Statement of Operations for the period ended June 30, 2025** | **The effect of derivative instruments on the Statement of Operations for the period ended June 30, 2025** | **The effect of derivative instruments on the Statement of Operations for the period ended June 30, 2025** |
| Net realized gain (loss) on: | Net realized gain (loss) on: |  |  |  |  |  |  |
|  | Forward foreign currency contracts |  |  |  | (6532) |  | (6532) |
|  | Futures/futures options contracts |  |  |  |  | 227 | 227 |
|  | Swap agreements |  | 2448 |  |  | 3762 | 6210 |
| Net change in unrealized appreciation (depreciation) on: | Net change in unrealized appreciation (depreciation) on: |  |  |  |  |  |  |
|  | Purchased options |  |  |  | (74) |  | (74) |
|  | Written options |  |  |  | 393 | 37 | 430 |
|  | Forward foreign currency contracts |  |  |  | (10435) |  | (10435) |
|  | Futures/futures options contracts |  |  |  |  | 6994 | 6994 |
|  | Swap agreements |  | 1186 |  |  | (7140) | (5954) |

---

766

**JNL Series Trust** 

**Notes to Financial Statements (Unaudited)**

June 30, 2025

**JNL/PIMCO Income Fund – Derivative and Financial Instruments Eligible for Offset**

---

| |
|:---|
| **Gross Amount Presented in the Statement of** |
| **Assets and Liabilities<sup>1</sup>($)**<br> **Financial Instruments<sup>2</sup>($)**<br> **Collateral<sup>3,5</sup>($)**<br> **Net Amount<sup>4</sup>($)** |

---

**Derivative Assets by Counterparty\***<br>

---

| | | | | |
|:---|:---|:---|:---|:---|
| BCL | 591 | (591) |  |  |
| BOA | 172 | (172) |  |  |
| CIT | 2068 | (1184) | (180) | 704 |
| DUB | 897 | (897) |  |  |
| GSC | 3145 | (1615) | (560) | 970 |
| HSB | 119 | (119) |  |  |
| JPM | 143 | (143) |  |  |
| Derivatives eligible for offset | 7135 | (4721) | (740) | 1674 |
| Derivatives not eligible for offset | 3611 |  |  |  |
|  | 10746 |  |  |  |
| **Derivative Liabilities by Counterparty\*** | **Derivative Liabilities by Counterparty\*** | **Derivative Liabilities by Counterparty\*** | **Derivative Liabilities by Counterparty\*** | **Derivative Liabilities by Counterparty\*** |
| BCL | 592 | (591) |  | 1 |
| BOA | 2690 | (172) | (2195) | 323 |
| CIT | 1184 | (1184) |  |  |
| DUB | 1101 | (897) |  | 204 |
| GSC | 1615 | (1615) |  |  |
| HSB | 196 | (119) | (77) |  |
| JPM | 2449 | (143) | (2306) |  |
| Derivatives eligible for offset | 9827 | (4721) | (4578) | 528 |
| Derivatives not eligible for offset | 6819 |  |  |  |
|  | 16646 |  |  |  |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Gross Amount Presented in the Statement of** |  |  |  |
|  | **Assets and Liabilities<sup>1</sup>($)** | **Financial Instruments<sup>2</sup>($)** | **Collateral<sup>3</sup>($)** | **Net Amount<sup>4</sup>($)** |
| **Master Forward Transaction Agreement Assets by Counterparty\*** | **Master Forward Transaction Agreement Assets by Counterparty\*** | **Master Forward Transaction Agreement Assets by Counterparty\*** | **Master Forward Transaction Agreement Assets by Counterparty\*** | **Master Forward Transaction Agreement Assets by Counterparty\*** |
| BCL | 35268 | (34768) | (320) | 180 |
| BOA | 288952 | (286872) | (2080) |  |
| GSC | 162089 | (159997) | (1430) | 662 |
| JPM | 260120 | (257366) | (2153) | 601 |
| MSC | 99862 | (98429) | (955) | 478 |
| MZS | 5505 | (5470) |  | 35 |
|  | 851796 | (842902) | (6938) | 1956 |
| **Master Forward Transaction Agreement Liabilities by Counterparty\*** | **Master Forward Transaction Agreement Liabilities by Counterparty\*** | **Master Forward Transaction Agreement Liabilities by Counterparty\*** | **Master Forward Transaction Agreement Liabilities by Counterparty\*** | **Master Forward Transaction Agreement Liabilities by Counterparty\*** |
| BCL | 34768 | (34768) |  |  |
| BOA | 286872 | (286872) |  |  |
| GSC | 159997 | (159997) |  |  |
| JPM | 257366 | (257366) |  |  |
| MSC | 98429 | (98429) |  |  |
| MZS | 5470 | (5470) |  |  |
|  | 842902 | (842902) |  |  |

---

**JNL/PIMCO Income Fund – Average Derivative Volume<sup>6</sup>**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Cost of Options Purchased and Written ($)** | **Notional Value at Purchase of Futures Contracts ($)** | **Cost of Forward Foreign Currency Contracts ($)** | **Notional Amount of Interest Rate Swap Agreements ($)** | **Notional Amount of Credit Default Swap Agreements ($)** |
| Average monthly volume | 629 | 635661 | 592317 | 2569516 | 353415 |

---

767

**JNL Series Trust** 

**Notes to Financial Statements (Unaudited)**

June 30, 2025

**JNL/PIMCO Investment Grade Credit Bond Fund Derivative Strategies -** The Fund entered into option contracts as a substitute for investment in physical securities, as a means of risk management, to generate income, to obtain exposure to or hedge changes in interest rates, securities prices, inflation, interest rate swap valuations and credit default swap valuations and to take a position on expectations of volatility of a reference entity. The Fund entered into futures contracts as a substitute for investment in physical securities, as a means of risk management/hedging, to obtain exposure to or hedge changes in interest rates and currency rates and to replicate treasury bond positions. The Fund entered into forward foreign currency contracts to gain directional exposure to currencies as part of its overall investment strategy, to create foreign currency exposure in U.S. dollar cash balances, as a means of risk management/hedging and to reduce foreign currency exposure on investment securities denominated in foreign currencies. The Fund entered into interest rate swap agreements to manage duration, as a substitute for investment in physical securities, to execute yield curve, swap spread and sovereign relative value trades, to hedge against the risk that the value of fixed rate bond investments will decrease/increase as interest rates rise/fall and to obtain interest rate and yield curve exposure. The Fund entered into credit default swap agreements as a substitute for investment in physical securities, to hedge a portfolio of credit default swap agreements or bonds, to obtain credit exposure and to provide a measure of protection against defaults of issuers.

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **JNL/PIMCO Investment Grade Credit Bond Fund — Derivative Instruments Categorized by Risk Exposure** | **JNL/PIMCO Investment Grade Credit Bond Fund — Derivative Instruments Categorized by Risk Exposure** | **JNL/PIMCO Investment Grade Credit Bond Fund — Derivative Instruments Categorized by Risk Exposure** | **JNL/PIMCO Investment Grade Credit Bond Fund — Derivative Instruments Categorized by Risk Exposure** | **JNL/PIMCO Investment Grade Credit Bond Fund — Derivative Instruments Categorized by Risk Exposure** | **JNL/PIMCO Investment Grade Credit Bond Fund — Derivative Instruments Categorized by Risk Exposure** | **JNL/PIMCO Investment Grade Credit Bond Fund — Derivative Instruments Categorized by Risk Exposure** | **JNL/PIMCO Investment Grade Credit Bond Fund — Derivative Instruments Categorized by Risk Exposure** |
|  |  | **Commodity($)** | **Credit($)** | **Equity($)** | **Foreign Exchange($)** | **Interest Rate($)** | **Total($)** |
| **Fair values of derivative instruments on the Statement of Assets and Liabilities as of June 30, 2025** | **Fair values of derivative instruments on the Statement of Assets and Liabilities as of June 30, 2025** | **Fair values of derivative instruments on the Statement of Assets and Liabilities as of June 30, 2025** | **Fair values of derivative instruments on the Statement of Assets and Liabilities as of June 30, 2025** | **Fair values of derivative instruments on the Statement of Assets and Liabilities as of June 30, 2025** | **Fair values of derivative instruments on the Statement of Assets and Liabilities as of June 30, 2025** | **Fair values of derivative instruments on the Statement of Assets and Liabilities as of June 30, 2025** | **Fair values of derivative instruments on the Statement of Assets and Liabilities as of June 30, 2025** |
| Derivative instruments assets: | Derivative instruments assets: |  |  |  |  |  |  |
|  | Forward foreign currency contracts |  |  |  | 696 |  | 696 |
| <sup>8</sup>  | Variation margin on futures/futures options contracts |  |  |  |  | 1386 | 1386 |
| <sup>8</sup>  | Variation margin on swap agreements |  | 88 |  |  | 223 | 311 |
|  | OTC swap agreements |  | 7 |  |  |  | 7 |
| Total derivative instruments assets | Total derivative instruments assets |  | 95 |  | 696 | 1609 | 2400 |
| Derivative instruments liabilities: | Derivative instruments liabilities: |  |  |  |  |  |  |
|  | Written options, at value |  |  |  |  | 82 | 82 |
|  | Forward foreign currency contracts |  |  |  | 2351 |  | 2351 |
| <sup>8</sup>  | Variation margin on futures/futures options contracts |  |  |  |  | 67 | 67 |
| <sup>8</sup>  | Variation margin on swap agreements |  | 5 |  |  | 473 | 478 |
|  | OTC swap premiums received |  | 6 |  |  |  | 6 |
| Total derivative instruments liabilities | Total derivative instruments liabilities |  | 11 |  | 2351 | 622 | 2984 |
| **The effect of derivative instruments on the Statement of Operations for the period ended June 30, 2025** | **The effect of derivative instruments on the Statement of Operations for the period ended June 30, 2025** | **The effect of derivative instruments on the Statement of Operations for the period ended June 30, 2025** | **The effect of derivative instruments on the Statement of Operations for the period ended June 30, 2025** | **The effect of derivative instruments on the Statement of Operations for the period ended June 30, 2025** | **The effect of derivative instruments on the Statement of Operations for the period ended June 30, 2025** | **The effect of derivative instruments on the Statement of Operations for the period ended June 30, 2025** | **The effect of derivative instruments on the Statement of Operations for the period ended June 30, 2025** |
| Net realized gain (loss) on: | Net realized gain (loss) on: |  |  |  |  |  |  |
|  | Forward foreign currency contracts |  |  |  | (2280) |  | (2280) |
|  | Swap agreements |  | 543 |  |  | (200) | 343 |
| Net change in unrealized appreciation (depreciation) on: | Net change in unrealized appreciation (depreciation) on: |  |  |  |  |  |  |
|  | Purchased options |  |  |  | (20) | 2 | (18) |
|  | Written options |  | 6 |  | (19) | 34 | 21 |
|  | Forward foreign currency contracts |  |  |  | (2955) |  | (2955) |
|  | Futures/futures options contracts |  |  |  |  | 9925 | 9925 |
|  | Swap agreements |  | 556 |  |  | 418 | 974 |

---

**JNL/PIMCO Investment Grade Credit Bond Fund – Derivative and Financial Instruments Eligible for Offset**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Gross Amount Presented in the Statement of** |  |  |  |
|  | **Assets and Liabilities<sup>1</sup>($)** | **Financial Instruments<sup>2</sup>($)** | **Collateral<sup>3,5</sup>($)** | **Net Amount<sup>4</sup>($)** |
| **Derivative Assets by Counterparty\*** | **Derivative Assets by Counterparty\*** | **Derivative Assets by Counterparty\*** | **Derivative Assets by Counterparty\*** | **Derivative Assets by Counterparty\*** |
| ANZ | 9 | (9) |  |  |
| BCL | 89 | (89) |  |  |
| BNP | 39 | (39) |  |  |
| BOA | 10 | (10) |  |  |
| CIT | 45 | (45) |  |  |
| DUB | 349 | (342) |  | 7 |
| GSC | 10 | (10) |  |  |
| HSB | 47 | (47) |  |  |
| JPM | 19 | (19) |  |  |
| MSC | 54 | (54) |  |  |
| SCB | 25 | (21) |  | 4 |
| UBS | 7 | (7) |  |  |
| Derivatives eligible for offset | 703 | (692) |  | 11 |
| Derivatives not eligible for offset | 1697 |  |  |  |
|  | 2400 |  |  |  |
| **Derivative Liabilities by Counterparty\*** | **Derivative Liabilities by Counterparty\*** | **Derivative Liabilities by Counterparty\*** | **Derivative Liabilities by Counterparty\*** | **Derivative Liabilities by Counterparty\*** |
| ANZ | 21 | (9) |  | 12 |
| BCL | 265 | (89) | (176) |  |
| BNP | 100 | (39) |  | 61 |

---

768

**JNL Series Trust** 

**Notes to Financial Statements (Unaudited)**

June 30, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Gross Amount Presented in the Statement of** |  |  |  |
|  | **Assets and Liabilities<sup>1</sup>($)** | **Financial Instruments<sup>2</sup>($)** | **Collateral<sup>3,5</sup>($)** | **Net Amount<sup>4</sup>($)** |
| BOA | 749 | (10) | (646) | 93 |
| CIT | 239 | (45) | (194) |  |
| DUB | 342 | (342) |  |  |
| GSC | 68 | (10) |  | 58 |
| HSB | 153 | (47) |  | 106 |
| JPM | 304 | (19) | (158) | 127 |
| MSC | 57 | (54) | (3) |  |
| SCB | 21 | (21) |  |  |
| UBS | 101 | (7) |  | 94 |
| Derivatives eligible for offset | 2420 | (692) | (1177) | 551 |
| Derivatives not eligible for offset | 564 |  |  |  |
|  | 2984 |  |  |  |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Gross Amount Presented in the Statement of** |  |  |  |
|  | **Assets and Liabilities<sup>1</sup>($)** | **Financial Instruments<sup>2</sup>($)** | **Collateral<sup>3</sup>($)** | **Net Amount<sup>4</sup>($)** |
| **Master Forward Transaction Agreement Assets by Counterparty\*** | **Master Forward Transaction Agreement Assets by Counterparty\*** | **Master Forward Transaction Agreement Assets by Counterparty\*** | **Master Forward Transaction Agreement Assets by Counterparty\*** | **Master Forward Transaction Agreement Assets by Counterparty\*** |
| BCL | 2488 | (2438) |  | 50 |
| BOA | 1793 | (1783) |  | 10 |
| GSC | 14102 | (14087) |  | 15 |
| JPM | 12534 | (12313) |  | 221 |
|  | 30917 | (30621) |  | 296 |
| **Master Forward Transaction Agreement Liabilities by Counterparty\*** | **Master Forward Transaction Agreement Liabilities by Counterparty\*** | **Master Forward Transaction Agreement Liabilities by Counterparty\*** | **Master Forward Transaction Agreement Liabilities by Counterparty\*** | **Master Forward Transaction Agreement Liabilities by Counterparty\*** |
| BCL | 2438 | (2438) |  |  |
| BOA | 1783 | (1783) |  |  |
| GSC | 14087 | (14087) |  |  |
| JPM | 12313 | (12313) |  |  |
|  | 30621 | (30621) |  |  |

---

**JNL/PIMCO Investment Grade Credit Bond Fund – Average Derivative Volume<sup>6</sup>**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Cost of Options Purchased and Written ($)** | **Notional Value at Purchase of Futures Contracts ($)** | **Cost of Forward Foreign Currency Contracts ($)** | **Notional Amount of Interest Rate Swap Agreements ($)** | **Notional Amount of Credit Default Swap Agreements ($)** |
| Average monthly volume | 127 | 565747 | 211342 | 243674 | 103978 |

---

769

**JNL Series Trust** 

**Notes to Financial Statements (Unaudited)**

June 30, 2025

**JNL/PIMCO Real Return Fund Derivative Strategies** - The Fund entered into option contracts as a directional investment, as a substitute for investment in physical securities, as a means of risk management/hedging, as an efficient means of adjusting overall exposure to certain markets as part of its investment strategy, to generate income, to obtain exposure to or hedge changes in foreign currencies, interest rates, securities prices, inflation, interest rate swap valuations and credit default swap valuations and to take a position on expectations of volatility of a reference entity. The Fund entered into futures contracts as a means of risk management/hedging, as an efficient means of obtaining exposure to certain markets as part of its investment strategy, to manage cash flows, to obtain exposure to or hedge changes in interest rates, securities prices and foreign currency rates and to replicate treasury bond positions. The Fund entered into forward foreign currency contracts to gain directional exposure to currencies as part of its overall investment strategy, as a means of risk management/hedging, to hedge foreign currency exposure between trade date and settlement date on investment security purchases and sales, to create foreign currency exposure in U.S. dollar cash balances, and to reduce foreign currency exposure on investment securities denominated in foreign currencies. The Fund entered into interest rate swap agreements to manage duration, as a substitute for investment in physical securities, to execute yield curve, swap spread and sovereign relative value trades, to express views on a country's interest rates, to hedge against the risk that the value of fixed rate bond investments will decrease/increase as interest rates rise/fall, to maintain its ability to generate income at prevailing market rates and to obtain interest rate and yield curve exposure. The Fund entered into total return swap agreements to obtain exposure to or hedge changes in interest rates and securities prices, as a substitute for investment in physical securities and as an efficient means of adjusting overall exposure to certain markets as part of its investment strategy.

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **JNL/PIMCO Real Return Fund — Derivative Instruments Categorized by Risk Exposure** | **JNL/PIMCO Real Return Fund — Derivative Instruments Categorized by Risk Exposure** | **JNL/PIMCO Real Return Fund — Derivative Instruments Categorized by Risk Exposure** | **JNL/PIMCO Real Return Fund — Derivative Instruments Categorized by Risk Exposure** | **JNL/PIMCO Real Return Fund — Derivative Instruments Categorized by Risk Exposure** | **JNL/PIMCO Real Return Fund — Derivative Instruments Categorized by Risk Exposure** | **JNL/PIMCO Real Return Fund — Derivative Instruments Categorized by Risk Exposure** | **JNL/PIMCO Real Return Fund — Derivative Instruments Categorized by Risk Exposure** |
|  |  | **Commodity($)** | **Credit($)** | **Equity($)** | **Foreign Exchange($)** | **Interest Rate($)** | **Total($)** |
| **Fair values of derivative instruments on the Statement of Assets and Liabilities as of June 30, 2025** | **Fair values of derivative instruments on the Statement of Assets and Liabilities as of June 30, 2025** | **Fair values of derivative instruments on the Statement of Assets and Liabilities as of June 30, 2025** | **Fair values of derivative instruments on the Statement of Assets and Liabilities as of June 30, 2025** | **Fair values of derivative instruments on the Statement of Assets and Liabilities as of June 30, 2025** | **Fair values of derivative instruments on the Statement of Assets and Liabilities as of June 30, 2025** | **Fair values of derivative instruments on the Statement of Assets and Liabilities as of June 30, 2025** | **Fair values of derivative instruments on the Statement of Assets and Liabilities as of June 30, 2025** |
| Derivative instruments assets: | Derivative instruments assets: |  |  |  |  |  |  |
|  | Forward foreign currency contracts |  |  |  | 3332 |  | 3332 |
| <sup>8</sup>  | Variation margin on futures/futures options contracts |  |  |  |  | 825 | 825 |
| <sup>8</sup>  | Variation margin on swap agreements |  |  |  |  | 701 | 701 |
|  | OTC swap agreements |  |  |  |  | 839 | 839 |
| Total derivative instruments assets | Total derivative instruments assets |  |  |  | 3332 | 2365 | 5697 |
| Derivative instruments liabilities: | Derivative instruments liabilities: |  |  |  |  |  |  |
|  | Written options, at value |  |  |  |  | 937 | 937 |
|  | Forward foreign currency contracts |  |  |  | 6346 |  | 6346 |
| <sup>8</sup>  | Variation margin on futures/futures options contracts |  |  |  |  | 871 | 871 |
| <sup>8</sup>  | Variation margin on swap agreements |  |  |  |  | 1122 | 1122 |
|  | OTC swap agreements |  |  |  |  | 137 | 137 |
| Total derivative instruments liabilities | Total derivative instruments liabilities |  |  |  | 6346 | 3067 | 9413 |
| **The effect of derivative instruments on the Statement of Operations for the period ended June 30, 2025** | **The effect of derivative instruments on the Statement of Operations for the period ended June 30, 2025** | **The effect of derivative instruments on the Statement of Operations for the period ended June 30, 2025** | **The effect of derivative instruments on the Statement of Operations for the period ended June 30, 2025** | **The effect of derivative instruments on the Statement of Operations for the period ended June 30, 2025** | **The effect of derivative instruments on the Statement of Operations for the period ended June 30, 2025** | **The effect of derivative instruments on the Statement of Operations for the period ended June 30, 2025** | **The effect of derivative instruments on the Statement of Operations for the period ended June 30, 2025** |
| Net realized gain (loss) on: | Net realized gain (loss) on: |  |  |  |  |  |  |
|  | Forward foreign currency contracts |  |  |  | (7632) |  | (7632) |
|  | Futures/futures options contracts |  |  |  |  | (3202) | (3202) |
|  | Swap agreements |  |  |  |  | (1115) | (1115) |
| Net change in unrealized appreciation (depreciation) on: | Net change in unrealized appreciation (depreciation) on: |  |  |  |  |  |  |
|  | Written options |  |  |  |  | (199) | (199) |
|  | Forward foreign currency contracts |  |  |  | (5309) |  | (5309) |
|  | Futures/futures options contracts |  |  |  |  | (2018) | (2018) |
|  | Swap agreements |  |  |  |  | 11619 | 11619 |

---

**JNL/PIMCO Real Return Fund – Derivative and Financial Instruments Eligible for Offset**

---

| |
|:---|
| **Gross Amount Presented in the Statement of** |
| **Assets and Liabilities<sup>1</sup>($)**<br> **Financial Instruments<sup>2</sup>($)**<br> **Collateral<sup>3,5</sup>($)**<br> **Net Amount<sup>4</sup>($)** |

---

**Derivative Assets by Counterparty\***<br>

---

| | | | | |
|:---|:---|:---|:---|:---|
| ANZ | 118 | (118) |  |  |
| BCL | 46 | (46) |  |  |
| BNP | 92 | (92) |  |  |
| BOA | 38 | (38) |  |  |
| CIT | 1205 | (908) | (290) | 7 |
| DUB | 895 | (895) |  |  |
| GSC | 191 | (191) |  |  |
| HSB | 271 | (271) |  |  |
| JPM | 272 | (272) |  |  |
| MSC | 936 | (261) | (675) |  |
| SCB | 20 | (20) |  |  |
| SGS | 32 | (32) |  |  |
| UBS | 55 | (30) |  | 25 |
| Derivatives eligible for offset | 4171 | (3174) | (965) | 32 |
| Derivatives not eligible for offset | 1526 |  |  |  |
|  | 5697 |  |  |  |

---

770

**JNL Series Trust** 

**Notes to Financial Statements (Unaudited)**

June 30, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Derivative Liabilities by Counterparty\*** | **Derivative Liabilities by Counterparty\*** | **Derivative Liabilities by Counterparty\*** | **Derivative Liabilities by Counterparty\*** | **Derivative Liabilities by Counterparty\*** |
| ANZ | 136 | (118) | (18) |  |
| BCL | 1167 | (46) | (1078) | 43 |
| BNP | 392 | (92) | (300) |  |
| BOA | 2008 | (38) | (1757) | 213 |
| CIT | 908 | (908) |  |  |
| DUB | 997 | (895) |  | 102 |
| GSC | 234 | (191) |  | 43 |
| HSB | 576 | (271) |  | 305 |
| JPM | 593 | (272) | (321) |  |
| MSC | 261 | (261) |  |  |
| SCB | 81 | (20) |  | 61 |
| SGS | 37 | (32) |  | 5 |
| UBS | 30 | (30) |  |  |
| Derivatives eligible for offset | 7420 | (3174) | (3474) | 772 |
| Derivatives not eligible for offset | 1993 |  |  |  |
|  | 9413 |  |  |  |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Gross Amount Presented in the Statement of** |  |  |  |
|  | **Assets and Liabilities<sup>1</sup>($)** | **Financial Instruments<sup>2</sup>($)** | **Collateral<sup>3</sup>($)** | **Net Amount<sup>4</sup>($)** |
| **Master Forward Transaction Agreement Assets by Counterparty\*** | **Master Forward Transaction Agreement Assets by Counterparty\*** | **Master Forward Transaction Agreement Assets by Counterparty\*** | **Master Forward Transaction Agreement Assets by Counterparty\*** | **Master Forward Transaction Agreement Assets by Counterparty\*** |
| BCL | 697998 | (696705) | (1293) |  |
| BOA | 75024 | (74292) | (640) | 92 |
| GSC | 36036 | (36036) |  |  |
| JPM | 4163 | (4120) | (43) |  |
|  | 813221 | (811153) | (1976) | 92 |
| **Master Forward Transaction Agreement Liabilities by Counterparty\*** | **Master Forward Transaction Agreement Liabilities by Counterparty\*** | **Master Forward Transaction Agreement Liabilities by Counterparty\*** | **Master Forward Transaction Agreement Liabilities by Counterparty\*** | **Master Forward Transaction Agreement Liabilities by Counterparty\*** |
| BCL | 696705 | (696705) |  |  |
| BOA | 74292 | (74292) |  |  |
| GSC | 46043 | (36036) |  | 10007 |
| JPM | 4120 | (4120) |  |  |
|  | 821160 | (811153) |  | 10007 |

---

**JNL/PIMCO Real Return Fund – Average Derivative Volume<sup>6</sup>**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Cost of Options Purchased and Written ($)** | **Notional Value at Purchase of Futures Contracts ($)** | **Cost of Forward Foreign Currency Contracts ($)** | **Notional Amount of Interest Rate Swap Agreements ($)** | **Notional Amount of Total Return Swap Agreements ($)** |
| Average monthly volume | 1753 | 1032580 | 564126 | 913586 | 213061 |

---

771

**JNL Series Trust** 

**Notes to Financial Statements (Unaudited)**

June 30, 2025

**JNL/PPM America Investment Grade Credit Fund** – The Fund entered into futures contracts as a means of risk management/hedging, as an efficient means of obtaining exposure to certain markets as part of its investment strategy, and to obtain exposure to or hedge changes in interest rates. The Fund entered into credit default swap agreements as a substitute for investment in physical securities, to obtain credit exposure and to provide a measure of protection against defaults of issuers.

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **JNL/PPM America Investment Grade Credit Fund — Derivative Instruments Categorized by Risk Exposure** | **JNL/PPM America Investment Grade Credit Fund — Derivative Instruments Categorized by Risk Exposure** | **JNL/PPM America Investment Grade Credit Fund — Derivative Instruments Categorized by Risk Exposure** | **JNL/PPM America Investment Grade Credit Fund — Derivative Instruments Categorized by Risk Exposure** | **JNL/PPM America Investment Grade Credit Fund — Derivative Instruments Categorized by Risk Exposure** | **JNL/PPM America Investment Grade Credit Fund — Derivative Instruments Categorized by Risk Exposure** | **JNL/PPM America Investment Grade Credit Fund — Derivative Instruments Categorized by Risk Exposure** | **JNL/PPM America Investment Grade Credit Fund — Derivative Instruments Categorized by Risk Exposure** |
|  |  | **Commodity($)** | **Credit($)** | **Equity($)** | **Foreign Exchange($)** | **Interest Rate($)** | **Total($)** |
| **Fair values of derivative instruments on the Statement of Assets and Liabilities as of June 30, 2025** | **Fair values of derivative instruments on the Statement of Assets and Liabilities as of June 30, 2025** | **Fair values of derivative instruments on the Statement of Assets and Liabilities as of June 30, 2025** | **Fair values of derivative instruments on the Statement of Assets and Liabilities as of June 30, 2025** | **Fair values of derivative instruments on the Statement of Assets and Liabilities as of June 30, 2025** | **Fair values of derivative instruments on the Statement of Assets and Liabilities as of June 30, 2025** | **Fair values of derivative instruments on the Statement of Assets and Liabilities as of June 30, 2025** | **Fair values of derivative instruments on the Statement of Assets and Liabilities as of June 30, 2025** |
| Derivative instruments assets: | Derivative instruments assets: |  |  |  |  |  |  |
| <sup>8</sup>  | Variation margin on futures/futures options contracts |  |  |  |  | 41 | 41 |
| Total derivative instruments assets | Total derivative instruments assets |  |  |  |  | 41 | 41 |
| Derivative instruments liabilities: | Derivative instruments liabilities: |  |  |  |  |  |  |
| <sup>8</sup>  | Variation margin on futures/futures options contracts |  |  |  |  | 30 | 30 |
| Total derivative instruments liabilities | Total derivative instruments liabilities |  |  |  |  | 30 | 30 |
| **The effect of derivative instruments on the Statement of Operations for the period ended June 30, 2025** | **The effect of derivative instruments on the Statement of Operations for the period ended June 30, 2025** | **The effect of derivative instruments on the Statement of Operations for the period ended June 30, 2025** | **The effect of derivative instruments on the Statement of Operations for the period ended June 30, 2025** | **The effect of derivative instruments on the Statement of Operations for the period ended June 30, 2025** | **The effect of derivative instruments on the Statement of Operations for the period ended June 30, 2025** | **The effect of derivative instruments on the Statement of Operations for the period ended June 30, 2025** | **The effect of derivative instruments on the Statement of Operations for the period ended June 30, 2025** |
| Net realized gain (loss) on: | Net realized gain (loss) on: |  |  |  |  |  |  |
|  | Futures/futures options contracts |  |  |  |  | (298) | (298) |
|  | Swap agreements |  | 2 |  |  |  | 2 |
| Net change in unrealized appreciation (depreciation) on: | Net change in unrealized appreciation (depreciation) on: |  |  |  |  |  |  |
|  | Futures/futures options contracts |  |  |  |  | 164 | 164 |

---

---

| |
|:---|
| **Gross Amount Presented in the Statement of** |
| **Assets and Liabilities<sup>1</sup>($)**<br> **Financial Instruments<sup>2</sup>($)**<br> **Collateral<sup>3,5</sup>($)**<br> **Net Amount<sup>4</sup>($)** |

---

**Derivative Assets by Counterparty\***<br>

---

| | | | | |
|:---|:---|:---|:---|:---|
| Derivatives eligible for offset |  |  |  |  |
| Derivatives not eligible for offset | 41 |  |  |  |
|  | 41 |  |  |  |
| **Derivative Liabilities by Counterparty\*** | **Derivative Liabilities by Counterparty\*** | **Derivative Liabilities by Counterparty\*** | **Derivative Liabilities by Counterparty\*** | **Derivative Liabilities by Counterparty\*** |
| Derivatives eligible for offset |  |  |  |  |
| Derivatives not eligible for offset | 30 |  |  |  |
|  | 30 |  |  |  |

---

**JNL/PPM America Investment Grade Credit Fund – Average Derivative Volume<sup>6</sup>**

---

| | |
|:---|:---|
|  | **Notional Value at Purchase of Futures Contracts ($)** |
| Average monthly volume | 20151 |

---

772

**JNL Series Trust** 

**Notes to Financial Statements (Unaudited)**

June 30, 2025

**JNL/T. Rowe Price Balanced Fund Derivative Strategies** – The Fund entered into futures contracts to obtain exposure to or hedge changes in interest rates. The Fund entered into foreign currency contracts to settle security purchases and sales denominated in foreign currencies. Due to the number of days between the foreign currency contracts' trade and settle dates, the Adviser has deemed the foreign currency contracts as forward foreign currency contracts for accounting and financial reporting purposes. The Fund entered into credit default swap agreements to obtain credit exposure.

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **JNL/T. Rowe Price Balanced Fund — Derivative Instruments Categorized by Risk Exposure** | **JNL/T. Rowe Price Balanced Fund — Derivative Instruments Categorized by Risk Exposure** | **JNL/T. Rowe Price Balanced Fund — Derivative Instruments Categorized by Risk Exposure** | **JNL/T. Rowe Price Balanced Fund — Derivative Instruments Categorized by Risk Exposure** | **JNL/T. Rowe Price Balanced Fund — Derivative Instruments Categorized by Risk Exposure** | **JNL/T. Rowe Price Balanced Fund — Derivative Instruments Categorized by Risk Exposure** | **JNL/T. Rowe Price Balanced Fund — Derivative Instruments Categorized by Risk Exposure** | **JNL/T. Rowe Price Balanced Fund — Derivative Instruments Categorized by Risk Exposure** |
|  |  | **Commodity($)** | **Credit($)** | **Equity($)** | **Foreign Exchange($)** | **Interest Rate($)** | **Total($)** |
| **Fair values of derivative instruments on the Statement of Assets and Liabilities as of June 30, 2025** | **Fair values of derivative instruments on the Statement of Assets and Liabilities as of June 30, 2025** | **Fair values of derivative instruments on the Statement of Assets and Liabilities as of June 30, 2025** | **Fair values of derivative instruments on the Statement of Assets and Liabilities as of June 30, 2025** | **Fair values of derivative instruments on the Statement of Assets and Liabilities as of June 30, 2025** | **Fair values of derivative instruments on the Statement of Assets and Liabilities as of June 30, 2025** | **Fair values of derivative instruments on the Statement of Assets and Liabilities as of June 30, 2025** | **Fair values of derivative instruments on the Statement of Assets and Liabilities as of June 30, 2025** |
| Derivative instruments assets: | Derivative instruments assets: |  |  |  |  |  |  |
| <sup>8</sup>  | Variation margin on futures/futures options contracts |  |  |  |  | 8 | 8 |
| Total derivative instruments assets | Total derivative instruments assets |  |  |  |  | 8 | 8 |
| Derivative instruments liabilities: | Derivative instruments liabilities: |  |  |  |  |  |  |
| <sup>8</sup>  | Variation margin on futures/futures options contracts |  |  |  |  | 2 | 2 |
| Total derivative instruments liabilities | Total derivative instruments liabilities |  |  |  |  | 2 | 2 |
| **The effect of derivative instruments on the Statement of Operations for the period ended June 30, 2025** | **The effect of derivative instruments on the Statement of Operations for the period ended June 30, 2025** | **The effect of derivative instruments on the Statement of Operations for the period ended June 30, 2025** | **The effect of derivative instruments on the Statement of Operations for the period ended June 30, 2025** | **The effect of derivative instruments on the Statement of Operations for the period ended June 30, 2025** | **The effect of derivative instruments on the Statement of Operations for the period ended June 30, 2025** | **The effect of derivative instruments on the Statement of Operations for the period ended June 30, 2025** | **The effect of derivative instruments on the Statement of Operations for the period ended June 30, 2025** |
| Net realized gain (loss) on: | Net realized gain (loss) on: |  |  |  |  |  |  |
|  | Forward foreign currency contracts |  |  |  | 2 |  | 2 |
|  | Futures/futures options contracts |  |  |  |  | 80 | 80 |
|  | Swap agreements |  | (1) |  |  |  | (1) |
| Net change in unrealized appreciation (depreciation) on: | Net change in unrealized appreciation (depreciation) on: |  |  |  |  |  |  |
|  | Futures/futures options contracts |  |  |  |  | 74 | 74 |
|  | Swap agreements |  | 2 |  |  |  | 2 |

---

---

| |
|:---|
| **Gross Amount Presented in the Statement of** |
| **Assets and Liabilities<sup>1</sup>($)**<br> **Financial Instruments<sup>2</sup>($)**<br> **Collateral<sup>3,5</sup>($)**<br> **Net Amount<sup>4</sup>($)** |

---

**Derivative Assets by Counterparty\***<br>

---

| | | | | |
|:---|:---|:---|:---|:---|
| Derivatives eligible for offset |  |  |  |  |
| Derivatives not eligible for offset | 8 |  |  |  |
|  | 8 |  |  |  |
| **Derivative Liabilities by Counterparty\*** | **Derivative Liabilities by Counterparty\*** | **Derivative Liabilities by Counterparty\*** | **Derivative Liabilities by Counterparty\*** | **Derivative Liabilities by Counterparty\*** |
| Derivatives eligible for offset |  |  |  |  |
| Derivatives not eligible for offset | 2 |  |  |  |
|  | 2 |  |  |  |

---

**JNL/T. Rowe Price Balanced Fund – Average Derivative Volume<sup>6</sup>**

---

| | | | |
|:---|:---|:---|:---|
|  | **Notional Value at Purchase of Futures Contracts ($)** | **Cost of Forward Foreign Currency Contracts ($)** | **Notional Amount of Credit Default Swap Agreements ($)** |
| Average monthly volume | 10988 | 155 | 786 |

---

773

**JNL Series Trust** 

**Notes to Financial Statements (Unaudited)**

June 30, 2025

**JNL/T. Rowe Price Short-Term Bond Fund** – The Fund entered into options contracts as a means of risk management/hedging and to obtain exposure to or hedge changes in interest rates. The Fund entered into futures contracts to obtain exposure to or hedge changes in interest rates. The Fund entered into credit default swap agreements as a substitute for investment in physical securities, to obtain credit exposure and to provide a measure of protection against defaults of issuers.

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **JNL/T. Rowe Price Short-Term Bond Fund — Derivative Instruments Categorized by Risk Exposure** | **JNL/T. Rowe Price Short-Term Bond Fund — Derivative Instruments Categorized by Risk Exposure** | **JNL/T. Rowe Price Short-Term Bond Fund — Derivative Instruments Categorized by Risk Exposure** | **JNL/T. Rowe Price Short-Term Bond Fund — Derivative Instruments Categorized by Risk Exposure** | **JNL/T. Rowe Price Short-Term Bond Fund — Derivative Instruments Categorized by Risk Exposure** | **JNL/T. Rowe Price Short-Term Bond Fund — Derivative Instruments Categorized by Risk Exposure** | **JNL/T. Rowe Price Short-Term Bond Fund — Derivative Instruments Categorized by Risk Exposure** | **JNL/T. Rowe Price Short-Term Bond Fund — Derivative Instruments Categorized by Risk Exposure** |
|  |  | **Commodity($)** | **Credit($)** | **Equity($)** | **Foreign Exchange($)** | **Interest Rate($)** | **Total($)** |
| **Fair values of derivative instruments on the Statement of Assets and Liabilities as of June 30, 2025** | **Fair values of derivative instruments on the Statement of Assets and Liabilities as of June 30, 2025** | **Fair values of derivative instruments on the Statement of Assets and Liabilities as of June 30, 2025** | **Fair values of derivative instruments on the Statement of Assets and Liabilities as of June 30, 2025** | **Fair values of derivative instruments on the Statement of Assets and Liabilities as of June 30, 2025** | **Fair values of derivative instruments on the Statement of Assets and Liabilities as of June 30, 2025** | **Fair values of derivative instruments on the Statement of Assets and Liabilities as of June 30, 2025** | **Fair values of derivative instruments on the Statement of Assets and Liabilities as of June 30, 2025** |
| Derivative instruments assets: | Derivative instruments assets: |  |  |  |  |  |  |
|  | Purchased options, at value |  | 16 |  |  |  | 16 |
| <sup>8</sup>  | Variation margin on futures/futures options contracts |  |  |  |  | 82 | 82 |
| Total derivative instruments assets | Total derivative instruments assets |  | 16 |  |  | 82 | 98 |
| Derivative instruments liabilities: | Derivative instruments liabilities: |  |  |  |  |  |  |
|  | Written options, at value |  | 201 |  |  |  | 201 |
| <sup>8</sup>  | Variation margin on futures/futures options contracts |  |  |  |  | 280 | 280 |
| Total derivative instruments liabilities | Total derivative instruments liabilities |  | 201 |  |  | 280 | 481 |
| **The effect of derivative instruments on the Statement of Operations for the period ended June 30, 2025** | **The effect of derivative instruments on the Statement of Operations for the period ended June 30, 2025** | **The effect of derivative instruments on the Statement of Operations for the period ended June 30, 2025** | **The effect of derivative instruments on the Statement of Operations for the period ended June 30, 2025** | **The effect of derivative instruments on the Statement of Operations for the period ended June 30, 2025** | **The effect of derivative instruments on the Statement of Operations for the period ended June 30, 2025** | **The effect of derivative instruments on the Statement of Operations for the period ended June 30, 2025** | **The effect of derivative instruments on the Statement of Operations for the period ended June 30, 2025** |
| Net realized gain (loss) on: | Net realized gain (loss) on: |  |  |  |  |  |  |
|  | Futures/futures options contracts |  |  |  |  | 1423 | 1423 |
|  | Swap agreements |  | 87 |  |  |  | 87 |
| Net change in unrealized appreciation (depreciation) on: | Net change in unrealized appreciation (depreciation) on: |  |  |  |  |  |  |
|  | Purchased options |  | (124) |  |  |  | (124) |
|  | Written options |  | (105) |  |  |  | (105) |
|  | Futures/futures options contracts |  |  |  |  | (1541) | (1541) |

---

---

| |
|:---|
| **Gross Amount Presented in the Statement of** |
| **Assets and Liabilities<sup>1</sup>($)**<br> **Financial Instruments<sup>2</sup>($)**<br> **Collateral<sup>3,5</sup>($)**<br> **Net Amount<sup>4</sup>($)** |

---

**Derivative Assets by Counterparty\***<br>

---

| | | | |
|:---|:---|:---|:---|
| GSC | 16 | (16) |  |
| Derivatives eligible for offset | 16 | (16) |  |
| Derivatives not eligible for offset | 82 |  |  |
|  | 98 |  |  |
| **Derivative Liabilities by Counterparty\*** | **Derivative Liabilities by Counterparty\*** | **Derivative Liabilities by Counterparty\*** | **Derivative Liabilities by Counterparty\*** |
| GSC | 201 | (16) | 185 |
| Derivatives eligible for offset | 201 | (16) | 185 |
| Derivatives not eligible for offset | 280 |  |  |
|  | 481 |  |  |

---

**JNL/T. Rowe Price Short-Term Bond Fund – Average Derivative Volume<sup>6</sup>**

---

| | | | |
|:---|:---|:---|:---|
|  | **Cost of Options Purchased and Written ($)** | **Notional Value at Purchase of Futures Contracts ($)** | **Notional Amount of Credit Default Swap Agreements ($)** |
| Average monthly volume | 102 | 450283 | 2350 |

---

774

**JNL Series Trust** 

**Notes to Financial Statements (Unaudited)**

June 30, 2025

**JNL/Westchester Capital Event Driven Fund Derivative Strategies** - The Fund entered into option contracts as a substitute for investment in physical securities, as a means of risk management/hedging, as an efficient means of adjusting overall exposure to certain markets as part of its investment strategy, to generate income and to obtain exposure to or hedge changes in securities prices. The Fund entered into forward foreign currency contracts as a means of risk management/hedging and to reduce foreign currency exposure on investment securities denominated in foreign currencies. The Fund entered into total return swap agreements as a substitute for investment in physical securities.

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **JNL/Westchester Capital Event Driven Fund — Derivative Instruments Categorized by Risk Exposure** | **JNL/Westchester Capital Event Driven Fund — Derivative Instruments Categorized by Risk Exposure** | **JNL/Westchester Capital Event Driven Fund — Derivative Instruments Categorized by Risk Exposure** | **JNL/Westchester Capital Event Driven Fund — Derivative Instruments Categorized by Risk Exposure** | **JNL/Westchester Capital Event Driven Fund — Derivative Instruments Categorized by Risk Exposure** | **JNL/Westchester Capital Event Driven Fund — Derivative Instruments Categorized by Risk Exposure** | **JNL/Westchester Capital Event Driven Fund — Derivative Instruments Categorized by Risk Exposure** |
|  | **Commodity($)** | **Credit($)** | **Equity($)** | **Foreign Exchange($)** | **Interest Rate($)** | **Total($)** |
| **Fair values of derivative instruments on the Statement of Assets and Liabilities as of June 30, 2025** | **Fair values of derivative instruments on the Statement of Assets and Liabilities as of June 30, 2025** | **Fair values of derivative instruments on the Statement of Assets and Liabilities as of June 30, 2025** | **Fair values of derivative instruments on the Statement of Assets and Liabilities as of June 30, 2025** | **Fair values of derivative instruments on the Statement of Assets and Liabilities as of June 30, 2025** | **Fair values of derivative instruments on the Statement of Assets and Liabilities as of June 30, 2025** | **Fair values of derivative instruments on the Statement of Assets and Liabilities as of June 30, 2025** |
| Derivative instruments assets: |  |  |  |  |  |  |
| Purchased options, at value |  |  | 74 |  |  | 74 |
| Forward foreign currency contracts |  |  |  | 9 |  | 9 |
| OTC swap agreements |  |  | 1059 |  |  | 1059 |
| Total derivative instruments assets |  |  | 1133 | 9 |  | 1142 |
| Derivative instruments liabilities: |  |  |  |  |  |  |
| Written options, at value |  |  | 441 |  |  | 441 |
| Forward foreign currency contracts |  |  |  | 144 |  | 144 |
| OTC swap agreements |  |  | 1389 |  | 73 | 1462 |
| Total derivative instruments liabilities |  |  | 1830 | 144 | 73 | 2047 |
| **The effect of derivative instruments on the Statement of Operations for the period ended June 30, 2025** | **The effect of derivative instruments on the Statement of Operations for the period ended June 30, 2025** | **The effect of derivative instruments on the Statement of Operations for the period ended June 30, 2025** | **The effect of derivative instruments on the Statement of Operations for the period ended June 30, 2025** | **The effect of derivative instruments on the Statement of Operations for the period ended June 30, 2025** | **The effect of derivative instruments on the Statement of Operations for the period ended June 30, 2025** | **The effect of derivative instruments on the Statement of Operations for the period ended June 30, 2025** |
| Net realized gain (loss) on: |  |  |  |  |  |  |
| Forward foreign currency contracts |  |  |  | (143) |  | (143) |
| Swap agreements |  |  | 874 |  | 12 | 886 |
| Net change in unrealized appreciation (depreciation) on: |  |  |  |  |  |  |
| Purchased options |  |  | (119) |  |  | (119) |
| Written options |  |  | (91) |  |  | (91) |
| Forward foreign currency contracts |  |  |  | (260) |  | (260) |
| Swap agreements |  |  | (117) |  | (43) | (160) |

---

**JNL/Westchester Capital Event Driven Fund – Derivative and Financial Instruments Eligible for Offset**

---

| |
|:---|
| **Gross Amount Presented in the Statement of** |
| **Assets and Liabilities<sup>1</sup>($)**<br> **Financial Instruments<sup>2</sup>($)**<br> **Collateral<sup>3,5</sup>($)**<br> **Net Amount<sup>4</sup>($)** |

---

**Derivative Assets by Counterparty\***<br>

---

| | | | | |
|:---|:---|:---|:---|:---|
| BOA | 31 | (2) |  | 29 |
| GSC | 506 | (506) |  |  |
| JPM | 531 | (224) |  | 307 |
| Derivatives eligible for offset | 1068 | (732) |  | 336 |
| Derivatives not eligible for offset | 74 |  |  |  |
|  | 1142 |  |  |  |
| **Derivative Liabilities by Counterparty\*** | **Derivative Liabilities by Counterparty\*** | **Derivative Liabilities by Counterparty\*** | **Derivative Liabilities by Counterparty\*** | **Derivative Liabilities by Counterparty\*** |
| BOA | 2 | (2) |  |  |
| GSC | 1380 | (506) | (874) |  |
| JPM | 224 | (224) |  |  |
| Derivatives eligible for offset | 1606 | (732) | (874) |  |
| Derivatives not eligible for offset | 441 |  |  |  |
|  | 2047 |  |  |  |

---

**JNL/Westchester Capital Event Driven Fund – Average Derivative Volume<sup>6</sup>**

---

| | | | |
|:---|:---|:---|:---|
|  | **Cost of Options Purchased and Written ($)** | **Cost of Forward Foreign Currency Contracts ($)** | **Notional Amount of Total Return Swap Agreements ($)** |
| Average monthly volume | 695 | 6463 | 37138 |

---

775

**JNL Series Trust** 

**Notes to Financial Statements (Unaudited)**

June 30, 2025

**JNL/WMC Balanced Fund Derivative Strategies** – The Fund entered into futures contracts as a means of risk management/hedging, as an efficient means of obtaining exposure to certain markets as part of its investment strategy, to obtain exposure to or hedge changes in securities prices and to replicate treasury bond positions. The Fund entered into forward foreign currency contracts to settle security purchases and sales denominated in foreign currencies. Due to the number of days between the foreign currency contracts' trade and settlement dates, the Adviser has deemed the foreign currency contracts as forward foreign currency contracts for accounting and financial reporting purposes.

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **JNL/WMC Balanced Fund — Derivative Instruments Categorized by Risk Exposure** | **JNL/WMC Balanced Fund — Derivative Instruments Categorized by Risk Exposure** | **JNL/WMC Balanced Fund — Derivative Instruments Categorized by Risk Exposure** | **JNL/WMC Balanced Fund — Derivative Instruments Categorized by Risk Exposure** | **JNL/WMC Balanced Fund — Derivative Instruments Categorized by Risk Exposure** | **JNL/WMC Balanced Fund — Derivative Instruments Categorized by Risk Exposure** | **JNL/WMC Balanced Fund — Derivative Instruments Categorized by Risk Exposure** | **JNL/WMC Balanced Fund — Derivative Instruments Categorized by Risk Exposure** |
|  |  | **Commodity($)** | **Credit($)** | **Equity($)** | **Foreign Exchange($)** | **Interest Rate($)** | **Total($)** |
| **Fair values of derivative instruments on the Statement of Assets and Liabilities as of June 30, 2025** | **Fair values of derivative instruments on the Statement of Assets and Liabilities as of June 30, 2025** | **Fair values of derivative instruments on the Statement of Assets and Liabilities as of June 30, 2025** | **Fair values of derivative instruments on the Statement of Assets and Liabilities as of June 30, 2025** | **Fair values of derivative instruments on the Statement of Assets and Liabilities as of June 30, 2025** | **Fair values of derivative instruments on the Statement of Assets and Liabilities as of June 30, 2025** | **Fair values of derivative instruments on the Statement of Assets and Liabilities as of June 30, 2025** | **Fair values of derivative instruments on the Statement of Assets and Liabilities as of June 30, 2025** |
| Derivative instruments assets: | Derivative instruments assets: |  |  |  |  |  |  |
| <sup>8</sup>  | Variation margin on futures/futures options contracts |  |  |  |  | 126 | 126 |
| Total derivative instruments assets | Total derivative instruments assets |  |  |  |  | 126 | 126 |
| **The effect of derivative instruments on the Statement of Operations for the period ended June 30, 2025** | **The effect of derivative instruments on the Statement of Operations for the period ended June 30, 2025** | **The effect of derivative instruments on the Statement of Operations for the period ended June 30, 2025** | **The effect of derivative instruments on the Statement of Operations for the period ended June 30, 2025** | **The effect of derivative instruments on the Statement of Operations for the period ended June 30, 2025** | **The effect of derivative instruments on the Statement of Operations for the period ended June 30, 2025** | **The effect of derivative instruments on the Statement of Operations for the period ended June 30, 2025** | **The effect of derivative instruments on the Statement of Operations for the period ended June 30, 2025** |
| Net realized gain (loss) on: | Net realized gain (loss) on: |  |  |  |  |  |  |
|  | Forward foreign currency contracts |  |  |  | 32 |  | 32 |
|  | Futures/futures options contracts |  |  |  |  | 1027 | 1027 |
| Net change in unrealized appreciation (depreciation) on: | Net change in unrealized appreciation (depreciation) on: |  |  |  |  |  |  |
|  | Futures/futures options contracts |  |  |  |  | 138 | 138 |

---

---

| |
|:---|
| **Gross Amount Presented in the Statement of** |
| **Assets and Liabilities<sup>1</sup>($)**<br> **Financial Instruments<sup>2</sup>($)**<br> **Collateral<sup>3,5</sup>($)**<br> **Net Amount<sup>4</sup>($)** |

---

**Derivative Assets by Counterparty\***<br>

---

| | | | | |
|:---|:---|:---|:---|:---|
| Derivatives eligible for offset |  |  |  |  |
| Derivatives not eligible for offset | 126 |  |  |  |
|  | 126 |  |  |  |
| **Derivative Liabilities by Counterparty\*** | **Derivative Liabilities by Counterparty\*** | **Derivative Liabilities by Counterparty\*** | **Derivative Liabilities by Counterparty\*** | **Derivative Liabilities by Counterparty\*** |
| Derivatives eligible for offset |  |  |  |  |
| Derivatives not eligible for offset |  |  |  |  |

---

**JNL/WMC Balanced Fund – Average Derivative Volume<sup>6</sup>**

---

| | | |
|:---|:---|:---|
|  | **Notional Value at Purchase of Futures Contracts ($)** | **Cost of Forward Foreign Currency Contracts ($)** |
| Average monthly volume | 71113 | 2483 |

---

776

**JNL Series Trust** 

**Notes to Financial Statements (Unaudited)**

June 30, 2025

The financial instruments eligible for offset table is presented for the following Funds, which held derivatives instruments with significant exposure to several counterparties which were eligible for offset with each counterparty.

**JNL Bond Index Fund – Financial Instruments Eligible for Offset**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Gross Amount Presented in the Statement of** |  |  |  |
|  | **Assets and Liabilities<sup>1</sup>($)** | **Financial Instruments<sup>2</sup>($)** | **Collateral<sup>3</sup>($)** | **Net Amount<sup>4</sup>($)** |
| **Master Forward Transaction Agreement Assets by Counterparty\*** | **Master Forward Transaction Agreement Assets by Counterparty\*** | **Master Forward Transaction Agreement Assets by Counterparty\*** | **Master Forward Transaction Agreement Assets by Counterparty\*** | **Master Forward Transaction Agreement Assets by Counterparty\*** |
| BCL | 7634 | (7565) |  | 69 |
| BOA | 6350 | (6285) |  | 65 |
| GSC | 5196 | (5168) |  | 28 |
| JPM | 15169 | (15046) |  | 123 |
| MSC | 5471 | (5444) |  | 27 |
| NSI | 1415 | (1399) |  | 16 |
|  | 41235 | (40907) |  | 328 |
| **Master Forward Transaction Agreement Liabilities by Counterparty\*** | **Master Forward Transaction Agreement Liabilities by Counterparty\*** | **Master Forward Transaction Agreement Liabilities by Counterparty\*** | **Master Forward Transaction Agreement Liabilities by Counterparty\*** | **Master Forward Transaction Agreement Liabilities by Counterparty\*** |
| BCL | 7565 | (7565) |  |  |
| BOA | 6285 | (6285) |  |  |
| GSC | 5168 | (5168) |  |  |
| JPM | 15046 | (15046) |  |  |
| MSC | 5444 | (5444) |  |  |
| NSI | 1399 | (1399) |  |  |
|  | 40907 | (40907) |  |  |

---

**JNL/AB Sustainable Global Thematic Fund – Derivative and Financial Instruments Eligible for Offset**

---

| |
|:---|
| **Gross Amount Presented in the Statement of** |
| **Assets and Liabilities<sup>1</sup>($)**<br> **Financial Instruments<sup>2</sup>($)**<br> **Collateral<sup>3,5</sup>($)**<br> **Net Amount<sup>4</sup>($)** |

---

**Derivative Assets by Counterparty\***<br>

---

| | | | |
|:---|:---|:---|:---|
| BOA | 17 | (17) |  |
| CIT | 14 | (7) | 7 |
| MSC | 75 | (75) |  |
| Derivatives eligible for offset | 106 | (99) | 7 |
| Derivatives not eligible for offset |  |  |  |
|  | 106 |  |  |
| **Derivative Liabilities by Counterparty\*** | **Derivative Liabilities by Counterparty\*** | **Derivative Liabilities by Counterparty\*** | **Derivative Liabilities by Counterparty\*** |
| BOA | 20 | (17) | 3 |
| CIT | 7 | (7) |  |
| MSC | 120 | (75) | 45 |
| UBS | 3 |  | 3 |
| Derivatives eligible for offset | 150 | (99) | 51 |
| Derivatives not eligible for offset |  |  |  |
|  | 150 |  |  |

---

**JNL/DoubleLine Shiller Enhanced CAPE Fund – Derivative and Financial Instruments Eligible for Offset**

---

| |
|:---|
| **Gross Amount Presented in the Statement of** |
| **Assets and Liabilities<sup>1</sup>($)**<br> **Financial Instruments<sup>2</sup>($)**<br> **Collateral<sup>3,5</sup>($)**<br> **Net Amount<sup>4</sup>($)** |

---

**Derivative Assets by Counterparty\***<br>

<br> BCL 432 — (344) 88

777

**JNL Series Trust** 

**Notes to Financial Statements (Unaudited)**

June 30, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
| BNP | 21541 |  | (21541) |  |
| BOA | 16100 | (28) | (16072) |  |
| CIB | 13699 | (275) | (8004) | 5420 |
| Derivatives eligible for offset | 51772 | (303) | (45961) | 5508 |
| Derivatives not eligible for offset |  |  |  |  |
|  | 51772 |  |  |  |
| **Derivative Liabilities by Counterparty\*** | **Derivative Liabilities by Counterparty\*** | **Derivative Liabilities by Counterparty\*** | **Derivative Liabilities by Counterparty\*** | **Derivative Liabilities by Counterparty\*** |
| BOA | 28 | (28) |  |  |
| CIB | 275 | (275) |  |  |
| Derivatives eligible for offset | 303 | (303) |  |  |
| Derivatives not eligible for offset |  |  |  |  |
|  | 303 |  |  |  |

---

**JNL/T. Rowe Price Capital Appreciation Fund– Derivative and Financial Instruments Eligible for Offset**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Gross Amount Presented in the Statement of** |  |  |  |
|  | **Assets and Liabilities<sup>1</sup>($)** | **Financial Instruments<sup>2</sup>($)** | **Collateral<sup>3,5</sup>($)** | **Net Amount<sup>4</sup>($)** |
| **Derivative Assets by Counterparty\*** | **Derivative Assets by Counterparty\*** | **Derivative Assets by Counterparty\*** | **Derivative Assets by Counterparty\*** | **Derivative Assets by Counterparty\*** |
| Derivatives eligible for offset |  |  |  |  |
| Derivatives not eligible for offset |  |  |  |  |
| **Derivative Liabilities by Counterparty\*** | **Derivative Liabilities by Counterparty\*** | **Derivative Liabilities by Counterparty\*** | **Derivative Liabilities by Counterparty\*** | **Derivative Liabilities by Counterparty\*** |
| BCL | 7710 |  |  | 7710 |
| BOA | 5434 |  | (5434) |  |
| CIT | 1170 |  | (1170) |  |
| GSC | 9283 |  | (9283) |  |
| JPM | 2213 |  |  | 2213 |
| UBS | 5133 |  |  | 5133 |
| WFI | 2410 |  | (2410) |  |
| Derivatives eligible for offset | 33353 |  | (18297) | 15056 |
| Derivatives not eligible for offset |  |  |  |  |
|  | 33353 |  |  |  |

---

<sup>1</sup> Amounts eligible for offset are presented on a gross basis in the Statements of Assets and Liabilities.

<sup>2</sup> Financial instruments eligible for offset, but not offset in the Statements of Assets and Liabilities.

<sup>3</sup> Cash and security collateral not offset in the Statements of Assets and Liabilities. For derivative assets and liabilities, amounts do not reflect over-collateralization.

<sup>4</sup> For assets, net amount represents the amount payable by the counterparty to the Fund in the event of default. For liabilities, net amount represents the amount payable by the Fund to the counterparty in the event of default.

<sup>5</sup> Cash and security collateral pledged or segregated for derivative investments. For assets, amount reflects collateral received from or segregated by the counterparty. For liabilities, amount reflects collateral pledged or segregated by the Fund.

<sup>6</sup> The derivative instruments outstanding as of June 30, 2025, as disclosed in the Schedules of Investments and the amounts of realized gains and losses and changes in unrealized gains and losses on derivative instruments during the period ended June 30, 2025, as disclosed in the Statements of Operations, also serve as indicators of the derivative volume for the Funds.

<sup>7</sup> Investment liabilities and assets include delayed delivery securities and secured borrowings. Liabilities reflect amounts payable to the counterparty for the cost of the investment, assets reflect the market value of the investments. The net amount reflects net unrealized gain or loss offset by any collateral with the counterparty. The net unrealized gain or loss constitutes

the amount which is subject to margin or collateral requirements as required under the Master Forward Agreement.

<sup>8</sup> Derivative asset or liability is not eligible for offset, and a Derivative and Financial Instruments Eligible for Offset table is not presented for the asset or liability, as applicable.

\* Counterparties are defined on page [607](#counterparties) in the Schedules of Investments.

The derivative strategy for Funds which had significant derivative exposure during the period is as follows: JNL Mid Cap Index Fund, JNL S&P 500 Index Fund, JNL Small Cap Index Fund, JNL/Mellon Communication Services Sector Fund, JNL/Mellon Consumer Discretionary Sector Fund, JNL/Mellon Consumer Staples Sector Fund, JNL/Mellon Dow Index Fund, JNL/Mellon Energy Sector Fund, JNL/Mellon Financial Sector Fund, JNL/Mellon Healthcare Sector Fund, JNL/Mellon Industrials Sector Fund, JNL/Mellon Information Technology Sector Fund, JNL/Mellon Materials Sector Fund, JNL/Mellon Nasdaq 100 Index Fund, JNL/Mellon Real Estate Sector Fund, JNL/Mellon S&P 500 Index Fund, JNL/Mellon U.S. Stock Market Index Fund, JNL/Mellon Utilities Sector Fund, JNL/Morningstar SMID Moat Focus Index Fund, JNL/Morningstar U.S. Sustainability Index Fund, JNL/Morningstar Wide Moat Index Fund, JNL/RAFI Fundamental U.S. Small Cap Fund and JNL/RAFI Multi-Factor U.S. Equity Fund entered into futures contracts as a substitute for investment in physical securities, to manage cash flows and to hedge accrued dividends. JNL/AB Sustainable Global Thematic Fund entered into forward foreign currency contracts as a means of risk management/hedging. JNL/AQR Large Cap Defensive Style Fund and JNL/Goldman Sachs 4 Fund entered into futures contracts to manage cash flows. JNL/DFA International Core Equity Fund entered into futures contracts as a means of short-term cash deployment and to manage cash flows. JNL/DoubleLine Total Return Fund and DoubleLine Opportunistic Income Strategy entered into futures contracts to obtain exposure to or hedge changes in interest rates and to replicate treasury bond positions. JNL/WMC Balanced Fund and JNL/WMC Value Fund entered into futures contracts as a means of risk management/hedging, as an efficient means of obtaining exposure to certain markets as part of its

778

**JNL Series Trust** 

**Notes to Financial Statements (Unaudited)**

June 30, 2025

investment strategy, to obtain exposure to or hedge changes in securities prices and to replicate treasury bond positions. JNL/DoubleLine Shiller Enhanced CAPE Fund entered into total return swap agreements to obtain exposure to or hedge changes in securities prices and as an efficient means of adjusting overall exposure to certain markets as part of its investment strategy. JNL/Franklin Templeton Income Fund entered into futures contracts to obtain exposure to or hedge changes in interest rates and to replicate treasury bond positions. JNL/Lord Abbett Short Duration Income Fund entered into futures contracts as a substitute for investment in physical securities, as a means of risk management/hedging, as an efficient means of obtaining exposure to certain markets as part of its investment strategy, to obtain exposure to or hedge changes in interest rates and to replicate treasury bond positions. JNL/Neuberger Berman Commodity Strategy Fund and JNL/Neuberger Berman Gold Plus Strategy Fund entered into futures contracts as an efficient means of obtaining exposure to certain markets as part of its investment strategy. JNL/PPM America Total Return Fund entered into futures contracts as a means of risk management/hedging and to obtain exposure to or hedge changes in interest rates. JNL/T. Rowe Price Capital Appreciation Fund entered into options contracts as a directional investment, to generate income and to obtain exposure to or hedge changes in security prices. JNL Multi-Manager Emerging Markets Equity Fund, JNL Multi-Manager International Small Cap Fund, JNL Multi-Manager Mid Cap Fund, JNL Multi-Manager Small Cap Growth Fund, JNL/BlackRock Global Natural Resources Fund, JNL/BlackRock Large Cap Select Growth Fund, JNL/Causeway International Value Select Fund, JNL/DFA International Core Equity Fund, JNL/First Sentier Global Infrastructure Fund, JNL/GQG Emerging Markets Equity Fund, JNL/Invesco Global Growth Fund, JNL/Invesco Small Cap Growth Fund, JNL/Lazard International Strategic Equity Fund, JNL/Loomis Sayles Global Growth Fund, JNL/Morningstar PitchBook Listed Private Equity Index Fund, JNL/T. Rowe Price Established Growth Fund, JNL/T. Rowe Price Value Fund, JNL/WCM China Quality Growth Fund, JNL/WCM Focused International Equity Fund, JNL/William Blair International Leaders Fund, JNL/WMC Equity Income Fund and JNL/WMC Global Real Estate Fund entered into foreign currency contracts to settle security purchases and sales denominated in foreign currencies. Due to the number of days between the foreign currency contracts' trade and settlement dates, the Adviser has deemed the foreign currency contracts as forward foreign currency contracts for accounting and financial reporting purposes.

The derivative instruments outstanding as of June 30, 2025, as disclosed in the Schedules of Investments, and the amounts of realized gains and losses and change in unrealized gains and losses on derivative instruments during the period ended June 30, 2025, as disclosed in the Statements of Operations, also serve as indicators of the derivative volume for the Funds. For Funds which did not have significant exposure to more than one type of derivative during the period, the average monthly derivative volume (in thousands) is as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Cost of Options Purchased and Written ($)** | **Notional Value at Purchase of Futures Contracts ($)** | **Cost of Forward Foreign Currency Contracts ($)** | **Notional Amount of Total Return Swap Agreements ($)** |
| JNL Mid Cap Index Fund |  | 32540 |  |  |
| JNL Small Cap Index Fund |  | 11721 |  |  |
| JNL Multi-Manager Emerging Markets Equity Fund |  |  | 1374 |  |
| JNL Multi-Manager International Small Cap Fund |  |  | 3090 |  |
| JNL S&P 500 Index Fund |  | 1478 |  |  |
| JNL/AB Sustainable Global Thematic Fund |  |  | 10300 |  |
| JNL/AQR Large Cap Defensive Style Fund |  | 14423 |  |  |
| JNL/BlackRock Global Natural Resources Fund |  |  | 189 |  |
| JNL/BlackRock Large Cap Select Growth Fund |  |  | 341 |  |
| JNL/Causeway International Value Select Fund |  |  | 6193 |  |
| JNL/DFA International Core Equity Fund |  | 764 | 372 |  |
| JNL/DoubleLine Shiller Enhanced CAPE Fund |  |  |  | 1577071 |
| JNL/DoubleLine Total Return Fund |  | 1319591 |  |  |
| JNL/First Sentier Global Infrastructure Fund |  |  | 227 |  |
| JNL/Goldman Sachs 4 Fund |  | 24781 |  |  |
| JNL/GQG Emerging Markets Equity Fund |  |  | 1224 |  |
| JNL/Invesco Global Growth Fund |  |  | 1044 |  |
| JNL/Lazard International Quality Growth Fund |  |  | 20 |  |
| JNL/Loomis Sayles Global Growth Fund |  |  | 1805 |  |
| JNL/Lord Abbett Short Duration Income Fund |  | 298877 |  |  |
| JNL/Mellon Communication Services Sector Fund |  | 4345 |  |  |
| JNL/Mellon Consumer Discretionary Sector Fund |  | 4809 |  |  |
| JNL/Mellon Consumer Staples Sector Fund |  | 3204 |  |  |
| JNL/Mellon Dow Index Fund |  | 10656 |  |  |
| JNL/Mellon Energy Sector Fund |  | 14461 |  |  |
| JNL/Mellon Financial Sector Fund |  | 9911 |  |  |
| JNL/Mellon Healthcare Sector Fund |  | 14630 |  |  |
| JNL/Mellon Industrials Sector Fund |  | 2310 |  |  |
| JNL/Mellon Information Technology Sector Fund |  | 30628 |  |  |
| JNL/Mellon Materials Sector Fund |  | 777 |  |  |
| JNL/Mellon Nasdaq 100 Index Fund |  | 74845 |  |  |
| JNL/Mellon Real Estate Sector Fund |  | 1380 |  |  |
| JNL/Mellon S&P 500 Index Fund |  | 126672 |  |  |
| JNL/Mellon U.S. Stock Market Index Fund |  | 23447 |  |  |
| JNL/Mellon Utilities Sector Fund |  | 3691 |  |  |
| JNL/Morningstar PitchBook Listed Private Equity Index Fund |  |  | 21 |  |
| JNL/Morningstar SMID Moat Focus Index Fund |  | 612 |  |  |
| JNL/Morningstar U.S. Sustainability Index Fund |  | 1397 |  |  |
| JNL/Morningstar Wide Moat Index Fund |  | 6419 |  |  |
| JNL/Neuberger Berman Commodity Strategy Fund |  | 42178 |  |  |
| JNL/Neuberger Berman Gold Plus Strategy Fund |  | 66289 |  |  |

---

779

**JNL Series Trust** 

**Notes to Financial Statements (Unaudited)**

June 30, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Cost of Options Purchased and Written ($)** | **Notional Value at Purchase of Futures Contracts ($)** | **Cost of Forward Foreign Currency Contracts ($)** | **Notional Amount of Total Return Swap Agreements ($)** |
| JNL/PPM America Total Return Fund |  | 417755 |  |  |
| JNL/RAFI Fundamental U.S. Small Cap Fund |  | 2286 |  |  |
| JNL/RAFI Multi-Factor U.S. Equity Fund |  | 13303 |  |  |
| JNL/T. Rowe Price Capital Appreciation Fund | 23128 |  |  |  |
| JNL/T. Rowe Price Growth Stock Fund |  |  | 177 |  |
| JNL/T. Rowe Price Value Fund |  |  | 60 |  |
| JNL/WCM China Quality Growth Fund |  |  | 44 |  |
| JNL/WCM Focused International Equity Fund |  |  | 7816 |  |
| JNL/William Blair International Leaders Fund |  |  | 9528 |  |
| JNL/WMC Equity Income Fund |  |  | 346 |  |
| JNL/WMC Global Real Estate Fund |  |  | 1793 |  |
| JNL/WMC Value Fund |  |  | 294 |  |

---

**Pledged or Segregated Collateral.** The following tables summarize cash and securities collateral pledged (in thousands) for Funds at June 30, 2025 for which collateral exists but was not presented in a Derivative and Financial Instruments Eligible for Offset table:

---

| | | | |
|:---|:---|:---|:---|
|  |  | **Futures Contracts** | **Options Contracts** |
|  | **Counterparties** | **Pledged or Segregated Cash($)** | **Pledged or Segregated Securities($)** |
| JNL Mid Cap Index Fund | GSC | 1599 |  |
| JNL Small Cap Index Fund | GSC | 1002 |  |
| JNL S&P 500 Index Fund | GSC | 148 |  |
| JNL/AQR Large Cap Defensive Style Fund | JPM | 1830 |  |
| JNL/DFA International Core Equity Fund | GSC | 108 |  |
| JNL/DoubleLine Total Return Fund | JPM | 11646 |  |
| JNL/Goldman Sachs 4 Fund | BOA | 1895 |  |
| JNL/JPMorgan Nasdaq Hedged Equity Fund | GSC | 29 | 23045 |
| JNL/Lord Abbett Short Duration Income Fund | BOA | 1615 |  |
| JNL/Mellon Communication Services Sector Fund | GSC | 288 |  |
| JNL/Mellon Consumer Discretionary Sector Fund | GSC | 598 |  |
| JNL/Mellon Consumer Staples Sector Fund | GSC | 203 |  |
| JNL/Mellon Dow Index Fund | GSC | 810 |  |
| JNL/Mellon Energy Sector Fund | GSC | 1148 |  |
| JNL/Mellon Financial Sector Fund | GSC | 587 |  |
| JNL/Mellon Healthcare Sector Fund | GSC | 352 |  |
| JNL/Mellon Industrials Sector Fund | GSC | 197 |  |
| JNL/Mellon Information Technology Sector Fund | GSC | 3025 |  |
| JNL/Mellon Materials Sector Fund | GSC | 109 |  |
| JNL/Mellon Nasdaq 100 Index Fund | GSC | 3858 |  |
| JNL/Mellon Real Estate Sector Fund | GSC | 113 |  |
| JNL/Mellon S&P 500 Index Fund | GSC | 10162 |  |
| JNL/Mellon U.S. Stock Market Index Fund | GSC | 1337 |  |
| JNL/Mellon Utilities Sector Fund | GSC | 324 |  |
| JNL/Morningstar SMID Moat Focus Index Fund | GSC | 65 |  |
| JNL/Morningstar U.S. Sustainability Index Fund | GSC | 169 |  |
| JNL/Morningstar Wide Moat Index Fund | GSC | 276 |  |
| JNL/Neuberger Berman Commodity Strategy Fund | GSC | 3176 |  |
| JNL/Neuberger Berman Gold Plus Strategy Fund | GSC | 3750 |  |
| JNL/PPM America Total Return Fund | MLP | 1974 |  |
| JNL/RAFI Fundamental U.S. Small Cap Fund | GSC | 161 |  |
| JNL/RAFI Multi-Factor U.S. Equity Fund | GSC | 1224 |  |

---

---

| | | | |
|:---|:---|:---|:---|
|  |  | **Securities Sold Short** | **Securities Sold Short** |
|  | **Lending Agent/Prime Broker** | **Pledged Cash($)** | **Segregated Securities($)** |
| JNL Multi-Manager Alternative Fund | JPM | 6488 | 370666 |
| JNL/BlackRock Global Allocation Fund | UBS | 13 |  |
| JNL/Westchester Capital Event Driven Fund | JPM | 2035 |  |

---

---

| | | |
|:---|:---|:---|
|  |  | **TBA**  |
|  | **Counterparty** | **Segregated Securities($)** |
| JNL/Fidelity Institutional Asset Management Total Bond Fund | MSC | 615 |

---

**NOTE 7. PRINCIPAL RISKS**

**Market and Volatility Risk.** In the normal course of business, certain Funds trade financial instruments and enter into financial transactions where the risk of potential loss exists due to changes in the market ("market risk"). Additionally, prices of financial instruments may fluctuate over short periods or extended periods of time in response to company, market, economic or political news ("volatility risk"). Equity securities generally have more price volatility

780

**JNL Series Trust** 

**Notes to Financial Statements (Unaudited)**

June 30, 2025

than fixed-income securities, and long term fixed-income securities normally have more price volatility than short term fixed-income securities. Certain Funds may invest in derivatives to hedge a Fund's portfolio as well as for investment purposes which may increase volatility. Volatility may cause a Fund's NAV per share to experience significant appreciation or depreciation in value over short periods of time.

**Sector Risk.** Companies with similar characteristics may be grouped together in broad categories called sectors. Sector risk is the risk that securities of companies within specific sectors of the economy can perform differently than the overall market. For example, this may be due to changes in the regulatory or competitive environment or to changes in investor perceptions regarding a sector. Because certain Funds may allocate relatively more assets to certain sectors than others, a Fund's performance may be more susceptible to any developments which affect those sectors emphasized by a Fund.

**Concentration Risk.** To the extent that a Fund focuses on particular countries, regions, industries, sectors, issuers, types of investment or a limited number of securities from time to time, including (if applicable) as a result of its investment objective to track the performance of an index, a Fund may be subject to greater risks of adverse economic, business or political developments in such areas of focus than a fund that invests in a wider variety of countries, regions, industries, sectors or investments.

**Interest Rate Risk.** When interest rates increase, fixed-income securities generally will decline in value. A wide variety of factors can cause interest rates to rise such as central bank monetary policies, inflation rates and general economic conditions. Fixed-income securities with longer durations tend to be more sensitive to changes in interest rates than those with shorter durations.

**Feeder Funds, Funds of Funds, and Underlying Fund Investment Risks.** The value of an investment in a Feeder Fund changes with the value of the corresponding Master Fund and its investments. The value of an investment in a Fund of Funds changes with the values of the corresponding underlying funds and their investments. The Master Fund's and underlying fund's shares may be purchased by other investment companies and shareholders. In some cases, the Master Fund or underlying fund may experience large subscriptions or redemptions due to allocation changes or rebalancing. While it is impossible to predict the overall impact of these transactions over time, there could be adverse effects on Fund performance. As it relates to Funds of Funds and Master Feeder Funds, each Fund's prospectus includes a discussion of the principal investment risks of the Master Fund or underlying fund in which it invests, if applicable. Additional risks associated with a Master Fund's or underlying fund's investments are described within the respective Master Fund's or underlying fund's annual financial statements. The American Funds Insurance Series Master Funds' shareholder reports and financial statements are also available on the SEC's website at www.sec.gov.

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

**Credit and Counterparty Risk.** In the normal course of business, the Funds trade financial instruments and enter into financial transactions where the risk of potential loss exists due to failure of the other party to a transaction to perform ("credit risk"). Bonds and other debt securities are subject to credit risk, which is the possibility that the credit strength of an issuer will weaken and/or an issuer of a debt security will fail to make timely payments of principal or interest and the security will go into default. Like credit risk, the Funds may be exposed to counterparty risk, or the risk that an institution or other entity with which the Funds have unsettled, or open transactions will default. Financial assets, which potentially expose the Funds to credit risk, consist principally of investments and cash due from counterparties ("counterparty risk"). The extent of the Funds' exposure to credit and counterparty risks in respect to these financial assets is incorporated within their carrying value as recorded in the Funds' Statements of Assets and Liabilities. For certain derivative contracts (including futures, options on futures and certain swaps), the potential loss could exceed the value of the financial assets recorded in the financial statements for each Fund (or Master Fund or underlying fund, as applicable).

A Master Fund or underlying fund manages credit and counterparty risk by entering into agreements only with counterparties that it believes have the financial resources to honor their obligations and by monitoring the financial stability of those counterparties. A Master Fund's or underlying fund's Adviser(s) and sub-advisers attempt to mitigate credit and counterparty risk by (i) periodically assessing the creditworthiness of its trading partners, (ii) monitoring and/or limiting the amount of its net exposure to each individual counterparty based on its assessment and (iii) requiring collateral from the counterparty for certain transactions. In order to preserve certain safeguards for non-standard settlement trades, the Master Fund and underlying fund restrict their exposure to credit and counterparty losses by entering into master netting agreements with counterparties with whom they undertake a significant volume of transactions. In the event of default, the total fair value exposure would be offset against collateral exchanged to date, which would result in a net receivable/(payable) that would be due from/to the counterparty.

**Foreign Securities Risk.** Investing in securities of foreign companies or issued by foreign governments generally involves special risks and considerations not typically associated with investing in U.S. companies and the U.S. Government. These risks include the potential for revaluation of currencies, different accounting policies and future adverse political and economic developments. Moreover, securities of many foreign companies and foreign governments and their markets may be less liquid and their prices may be more volatile than those of securities of comparable U.S. companies and the U.S. Government.

**Currency Risk.** Investing directly in foreign currencies or in securities that trade in, and receive revenues in, foreign currencies, or in financial derivatives that provide exposure to foreign currencies, involves the risk that those currencies will decline in value relative to the base currency of a Fund, or, in the case of hedging positions, that a Fund's base currency will decline in value relative to the currency being hedged. Currency rates in foreign countries may fluctuate significantly over short periods of time or currencies may become illiquid for a number of reasons, including changes in interest rates, general economics of a country, actions (or inaction) of the U.S. Government or banks, foreign governments, central banks or supranational entities such as the International Monetary Fund, or the imposition of currency controls or other political developments in the U.S. or abroad.

781

**JNL Series Trust** 

**Notes to Financial Statements (Unaudited)**

June 30, 2025

**Leverage Risk.** Certain Funds may enter into a short position through a futures contract, an option or swap agreement or through short sales of any instrument that a Fund may purchase for investment. Taking short positions may involve leverage of a Fund's assets. If the value of the underlying instrument or market in which the Fund has taken a short position increases, then the Fund will incur a loss equal to the increase in value from the time that the short position was entered into plus any related interest payments or other fees. Taking short positions involves the risk that losses may be disproportionate, may exceed the amount invested, and may be unlimited.

**Emerging Market Securities Risk.** Investing in securities of emerging market countries generally involves greater risk than investing in foreign securities in developed markets. Emerging market countries typically have economic and political systems that are less fully developed and are likely to be less stable than those in more advanced countries. These risks include the potential for government intervention, adverse changes in earnings and business prospects, liquidity, credit and currency risks, and price volatility. The Public Company Accounting Oversight Board, which regulates auditors of U.S. public companies, is unable to inspect audit work papers in certain foreign countries. Investors in foreign countries often have limited rights and few practical remedies to pursue shareholder claims, including class actions or fraud claims, and the ability of the SEC, the U.S. Department of Justice and other authorities to bring and enforce actions against foreign issuers or foreign persons is limited.

**Sanction Risk.** When sanctions are placed on a country, a Fund may experience limitations on its investments including the inability to dispose of securities in that country, the inability to settle securities transactions in that country and the inability to repatriate currency from that country. Investments in sanctioned countries may be volatile, and the Fund and its pricing agent may have difficulty valuing such sanctioned country securities. Investments in sanctioned countries are subject to several risks, including, but not limited to, liquidity risk, foreign securities risk and currency risk. Russia launched a large-scale invasion of Ukraine in February 2022, which has resulted in the U.S. Government imposing sanctions on Russia. The current and any future sanctions or other government actions against Russia may result in the decline in the value and liquidity of Russian securities, devaluation of Russian currency, a downgrade in Russia's credit rating, the inability to freely trade sanctioned companies (either due to the sanctions imposed or related operational issues) and/or other adverse consequences to the Russian economy, any of which could negatively impact the Fund's investments in Russian securities. In addition, the U.S. Government has imposed restrictions on U.S. investor participation in publicly traded securities of certain companies with ties to China's military or surveillance industry (each a "CMIC Company"). If the Fund holds securities in a company later deemed to be a CMIC Company, the Fund may be forced to sell such securities and incur a loss. Such restrictions could also adversely affect China's economy.

**Real Estate Investment Risk.** Certain Funds may concentrate their assets in the real estate industry and investments in these Funds will be closely linked to the performance of the real estate markets. Risks of investing in real estate securities include falling property values due to increasing vacancies in rental properties, declining rents resulting from economic, legal, tax, cultural, political or technological developments, lack of liquidity, limited diversification, and sensitivity to certain economic factors such as interest-rate changes and other market conditions.

**Cybersecurity Risk.** Cyber-attacks could disrupt daily operations related to trading and portfolio management. In addition, technology disruptions and cyber-attacks may impact the operations or securities prices of an issuer or a group of issuers, and thus may have an adverse impact on the value of a Fund's investments. Cyber-attacks on a Fund, a Sub-Adviser or a service provider could cause business failures or delays in daily processing and a Fund may need to delay transactions, consistent with regulatory requirements, as a result and could impact the performance of a Fund.

**Market Disruption and Geopolitical Risk.** The Funds are subject to the risk that geopolitical events will disrupt securities markets and adversely affect global economies and markets. Due to the increasing interdependence among global economies and markets, conditions in one country, market, or region might adversely impact markets, issuers and/or foreign exchange rates in other countries, including the U.S. War, terrorism, global health crises and pandemics, and other geopolitical events have led, and in the future may lead, to increased market volatility and may have adverse short- or long-term effects on U.S. and world economies and markets generally. For example, the COVID-19 pandemic resulted in significant market volatility, liquidity constraints, exchange trading suspensions and closures, declines in global financial markets, higher default rates, and a substantial economic downturn in economies throughout the world. Natural and environmental disasters and systemic market dislocations are also highly disruptive to economies and markets. Those events as well as other changes in non-U.S. and domestic economic, social, and political conditions also could adversely affect individual issuers or related groups of issuers, securities markets, interest rates, credit ratings, inflation, investor sentiment, and other factors affecting the value of the Funds' investments and the Funds. Any of these occurrences could disrupt the operations of the Funds and of the Funds' service providers.

**NOTE 8. INVESTMENT ADVISORY FEES AND TRANSACTIONS WITH AFFILIATES**

**Advisory and Administrative Fees.** Under an investment advisory and management agreement with JNAM, which applies to all Funds except the JNL Mellon Master Funds, JNAM provides investment management services. Each Fund, except the JNL Mellon Master Funds, pays JNAM an annual fee, accrued daily and paid monthly, based on a specified percentage of the average daily net assets of each Fund. A portion of this fee is paid by JNAM to the Sub-Advisers as compensation for their services.

The advisory fee JNAM charges to the JNL Mellon Master Funds is a unitary fee and is shown in the schedule below. Under the unitary fee agreement for the JNL Mellon Master Funds, JNAM pays all of these Funds' expenses, except the advisory fees and expenses payable under the agreement, anti-money laundering service fees, borrowing expenses, brokerage commissions, licensing costs, registration fees, Rule 12b-1 fees, short sales costs, taxes, expenses related to these Funds' Chief Compliance Officer, Trustee insurance premiums and other Trustee insurance expenses, fees and expenses of the Independent Trustees and of independent legal counsel to the Independent Trustees, and nonrecurring and extraordinary expenses.

JNAM also serves as the Administrator to the Funds. The Funds, except the JNL Mellon Master Funds and the JNL Mellon Feeder Funds, pay an administrative fee based on the average daily net assets of each Fund, accrued daily and paid monthly. The JNL Mellon Feeder Funds pay JNAM an administrative fee, as shown in the schedule below, equal to a certain percentage of the average daily net assets of each such Fund's respective JNL Mellon Master Fund, accrued daily and paid monthly. In return for the administrative fee, JNAM provides or procures all necessary administrative functions

782

**JNL Series Trust** 

**Notes to Financial Statements (Unaudited)**

June 30, 2025

and services for the operation of the Funds. In addition, JNAM, at its own expense, arranges for legal, audit, fund accounting, transfer agency, custody (except overdraft and interest expense), printing and mailing, a portion of the Chief Compliance Officer costs, and all other services necessary for the operation of each Fund. Each Fund is responsible for trading expenses including brokerage commissions, interest and taxes, other non-operating expenses, registration fees, licensing costs, directors and officers insurance, the fees and expenses of the disinterested Trustees ("Independent Trustees") and independent legal counsel to the Independent Trustees, and a portion of the costs associated with the Chief Compliance Officer. The JNL Mellon Master Funds have a unitary fee structure, as described above, and therefore do not pay JNAM an administrative fee.

The following schedules indicate the range of the advisory fee or the unitary fee, as applicable, at various net asset levels and the administrative fee each Fund, except for the JNL Mellon Master Funds, was obligated to pay JNAM. For the advisory fee ranges presented, refer to the Trust's Prospectus for the specific percentage of average daily net assets and break points for each Fund.

**Advisory Fees**

---

| | | | |
|:---|:---|:---|:---|
| **Fund**  | **Assets** | **Advisory Fee** | **Effective Rate for the period ended June 30, 2025** |
| JNL/American Funds Balanced Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $0 to $500 million  | .550% |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $500 million to $3 billion  | .500% |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $3 billion to $5 billion  | .490% |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Over $5 billion  | .480% | .51% |
| JNL/American Funds Bond Fund of America Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $0 to $1 billion  | .400% |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $1 billion to $3 billion  | .375% |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $3 billion to $5 billion  | .350% |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Over $5 billion  | .340% | .40% |
| JNL/American Funds Capital Income Builder Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $0 to $1 billion  | .525% |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $1 billion to $3 billion  | .500% |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $3 billion to $5 billion  | .490% |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Over $5 billion  | .480% | .53% |
| JNL/American Funds Capital World Bond Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $0 to $1 billion  | .600% |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $1 billion to $3 billion  | .550% |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $3 billion to $5 billion  | .540% |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Over $5 billion  | .530% | .60% |
| JNL/American Funds Global Growth Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $0 to $1 billion  | .650% |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $1 billion to $3 billion  | .600% |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $3 billion to $5 billion  | .590% |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Over $5 billion  | .580% | .65% |
| JNL/American Funds Global Small Capitalization Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $0 to $1 billion  | .650% |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $1 billion to $3 billion  | .600% |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $3 billion to $5 billion  | .590% |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Over $5 billion  | .580% | .65% |
| JNL/American Funds Growth Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $0 to $1 billion  | .650% |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $1 billion to $3 billion  | .600% |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $3 billion to $5 billion  | .590% |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Over $5 billion  | .580% | .60% |
| JNL/American Funds Growth-Income Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $0 to $1 billion  | .600% |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $1 billion to $3 billion  | .550% |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $3 billion to $5 billion  | .540% |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Over $5 billion  | .530% | .54% |
| JNL/American Funds International Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $0 to $1 billion  | .750% |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $1 billion to $3 billion  | .700% |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $3 billion to $5 billion  | .690% |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Over $5 billion  | .680% | .74% |
| JNL/American Funds New World Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $0 to $1 billion  | .950% |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $1 billion to $3 billion  | .900% |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $3 billion to $5 billion  | .890% |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Over $5 billion  | .880% | .94% |
| JNL/American Funds Washington Mutual Investors Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $0 to $1 billion  | .600% |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $1 billion to $3 billion  | .550% |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $3 billion to $5 billion  | .540% |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Over $5 billion  | .530% | .56% |
| JNL/Mellon Bond Index Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $0 to $500 million  | .180% |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $500 million to $750 million  | .150% |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $750 million to $3 billion  | .140% |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $3 billion to $5 billion  | .130% |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Over $5 billion  | .120% | .16% |
| JNL/Mellon Emerging Markets Index Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $0 to $500 million  | .300% |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $500 million to $750 million  | .250% |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $750 million to $3 billion  | .200% |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $3 billion to $5 billion  | .190% |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Over $5 billion  | .180% | .28% |

---

783

**JNL Series Trust** 

**Notes to Financial Statements (Unaudited)**

June 30, 2025

---

| | | | |
|:---|:---|:---|:---|
| **Fund**  | **Assets** | **Advisory Fee** | **Effective Rate for the period ended June 30, 2025** |
| JNL/Mellon International Index Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $0 to $500 million  | .200% |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $500 million to $750 million  | .150% |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $750 million to $3 billion  | .140% |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $3 billion to $5 billion  | .130% |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Over $5 billion  | .120% | .15% |
| JNL/Mellon S&P 400 MidCap Index Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $0 to $500 million  | .190% |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $500 million to $750 million  | .140% |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $750 million to $3 billion  | .130% |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $3 billion to $5 billion  | .120% |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Over $5 billion  | .110% | .14% |
| JNL/Mellon Small Cap Index Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $0 to $500 million  | .190% |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $500 million to $750 million  | .140% |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $750 million to $3 billion  | .130% |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $3 billion to $5 billion  | .120% |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Over $5 billion  | .110% | .14% |
| JNL Aggressive Growth Allocation Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $0 to $500 million  | .130% |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $500 million to $3 billion  | .080% |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $3 billion to $5 billion  | .075% |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Over $5 billion  | .070% | .10% |
| JNL Conservative Allocation Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $0 to $500 million  | .130% |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $500 million to $3 billion  | .080% |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $3 billion to $5 billion  | .075% |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Over $5 billion  | .070% | .13% |
| JNL Growth Allocation Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $0 to $500 million  | .130% |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $500 million to $3 billion  | .080% |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $3 billion to $5 billion  | .075% |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Over $5 billion  | .070% | .09% |
| JNL Moderate Allocation Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $0 to $500 million  | .130% |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $500 million to $3 billion  | .080% |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $3 billion to $5 billion  | .075% |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Over $5 billion  | .070% | .09% |
| JNL Moderate Growth Allocation Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $0 to $500 million  | .130% |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $500 million to $3 billion  | .080% |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $3 billion to $5 billion  | .075% |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Over $5 billion  | .070% | .09% |
| JNL/JPMorgan Managed Aggressive Growth Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $0 to $500 million  | .130% |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $500 million to $3 billion  | .080% |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $3 billion to $5 billion  | .075% |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Over $5 billion  | .070% | .09% |
| JNL/JPMorgan Managed Conservative Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $0 to $500 million  | .130% |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $500 million to $3 billion  | .080% |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $3 billion to $5 billion  | .075% |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Over $5 billion  | .070% | .12% |
| JNL/JPMorgan Managed Growth Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $0 to $500 million  | .130% |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $500 million to $3 billion  | .080% |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $3 billion to $5 billion  | .075% |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Over $5 billion  | .070% | .08% |
| JNL/JPMorgan Managed Moderate Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $0 to $500 million  | .130% |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $500 million to $3 billion  | .080% |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $3 billion to $5 billion  | .075% |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Over $5 billion  | .070% | .09% |
| JNL/JPMorgan Managed Moderate Growth Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $0 to $500 million  | .130% |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $500 million to $3 billion  | .080% |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $3 billion to $5 billion  | .075% |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Over $5 billion  | .070% | .09% |
| JNL/American Funds Growth Allocation Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $0 to $1 billion  | .200% |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $1 billion to $3 billion  | .175% |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $3 billion to $5 billion  | .165% |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Over $5 billion  | .155% | .18% |
| JNL/American Funds Moderate Allocation Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $0 to $1 billion  | .200% |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $1 billion to $3 billion  | .175% |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $3 billion to $5 billion  | .165% |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Over $5 billion  | .155% | .20% |
| JNL/American Funds Moderate Growth Allocation Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $0 to $1 billion  | .200% |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $1 billion to $3 billion  | .175% |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $3 billion to $5 billion  | .165% |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Over $5 billion  | .155% | .19% |
| JNL Growth ETF Allocation Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $0 to $1 billion  | .200% |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $1 billion to $3 billion  | .150% |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $3 billion to $5 billion  | .140% |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Over $5 billion  | .130% | .20% |

---

784

**JNL Series Trust** 

**Notes to Financial Statements (Unaudited)**

June 30, 2025

---

| | | | |
|:---|:---|:---|:---|
| **Fund**  | **Assets** | **Advisory Fee** | **Effective Rate for the period ended June 30, 2025** |
| JNL Moderate ETF Allocation Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $0 to $1 billion  | .200% |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $1 billion to $3 billion  | .150% |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $3 billion to $5 billion  | .140% |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Over $5 billion  | .130% | .20% |
| JNL Moderate Growth ETF Allocation Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $0 to $1 billion  | .200% |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $1 billion to $3 billion  | .150% |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $3 billion to $5 billion  | .140% |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Over $5 billion  | .130% | .20% |
| JNL/Vanguard Growth ETF Allocation Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $0 to $1 billion  | .200% |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $1 billion to $3 billion  | .175% |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $3 billion to $5 billion  | .165% |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Over $5 billion  | .155% | .19% |
| JNL/Vanguard Moderate ETF Allocation Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $0 to $1 billion  | .200% |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $1 billion to $3 billion  | .175% |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $3 billion to $5 billion  | .165% |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Over $5 billion  | .155% | .20% |
| JNL/Vanguard Moderate Growth ETF Allocation Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $0 to $1 billion  | .200% |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $1 billion to $3 billion  | .175% |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $3 billion to $5 billion  | .165% |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Over $5 billion  | .155% | .20% |
| JNL Bond Index Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; All Assets  | .200% | .20% |
| JNL Emerging Markets Index Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; All Assets  | .200% | .20% |
| JNL International Index Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; All Assets  | .200% | .20% |
| JNL Mid Cap Index Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; All Assets  | .200% | .20% |
| JNL Small Cap Index Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; All Assets  | .200% | .20% |
| JNL Multi-Manager Alternative Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $0 to $850 million  | 1.200% |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $850 million to $3 billion  | 1.100% |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $3 billion to $5 billion  | 1.090% |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Over $5 billion  | 1.080% | 1.20% |
| JNL Multi-Manager Emerging Markets Equity Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $0 to $250 million  | .800% |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $250 million to $3 billion  | .750% |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $3 billion to $5 billion  | .740% |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Over $5 billion  | .730% | .76% |
| JNL Multi-Manager Floating Rate Income Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $0 to $500 million  | .500% |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $500 million to $1 billion  | .450% |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $1 billion to $3 billion  | .425% |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $3 billion to $5 billion  | .415% |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Over $5 billion  | .405% | .47% |
| JNL Multi-Manager International Small Cap Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $0 to $1 billion  | .750% |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $1 billion to $3 billion  | .725% |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $3 billion to $5 billion  | .715% |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Over $5 billion  | .705% | .75% |
| JNL Multi-Manager Mid Cap Fund<sup>1</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $0 to $500 million  | .650% |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $500 million to $1 billion  | .625% |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $1 billion to $3 billion  | .600% |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $3 billion to $5 billion  | .590% |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Over $5 billion  | .580% | .63% |
| JNL Multi-Manager Small Cap Growth Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $0 to $100 million  | .650% |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $100 million to $500 million  | .600% |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $500 million to $3 billion  | .550% |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $3 billion to $5 billion  | .540% |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Over $5 billion  | .530% | .56% |
| JNL Multi-Manager Small Cap Value Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $0 to $200 million  | .750% |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $200 million to $500 million  | .670% |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $500 million to $3 billion  | .650% |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $3 billion to $5 billion  | .640% |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Over $5 billion  | .630% | .66% |
| JNL Multi-Manager U.S. Select Equity Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $0 to $1 billion  | .530% |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $1 billion to $3 billion  | .500% |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $3 billion to $5 billion  | .480% |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Over $5 billion  | .460% | .53% |
| JNL S&P 500 Index Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $0 to $1 billion  | .200% |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $1 billion to $3 billion  | .175% |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $3 billion to $5 billion  | .165% |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Over $5 billion  | .155% | .20% |
| JNL/AB Sustainable Global Thematic Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $0 to $1 billion  | .650% |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $1 billion to $3 billion  | .600% |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $3 billion to $5 billion  | .550% |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Over $5 billion  | .540% | .65% |

---

785

**JNL Series Trust** 

**Notes to Financial Statements (Unaudited)**

June 30, 2025

---

| | | | |
|:---|:---|:---|:---|
| **Fund**  | **Assets** | **Advisory Fee** | **Effective Rate for the period ended June 30, 2025** |
| JNL/AQR Large Cap Defensive Style Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $0 to $1 billion  | .400% |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $1 billion to $3 billion  | .370% |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $3 billion to $5 billion  | .360% |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Over $5 billion  | .350% | .40% |
| JNL/BlackRock Global Allocation Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $0 to $1 billion  | .600% |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $1 billion to $3 billion  | .565% |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $3 billion to $5 billion  | .550% |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Over $5 billion  | .540% | .58% |
| JNL/BlackRock Global Natural Resources Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $0 to $300 million  | .600% |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $300 million to $1 billion  | .500% |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $1 billion to $3 billion  | .490% |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $3 billion to $5 billion  | .480% |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Over $5 billion  | .470% | .54% |
| JNL/BlackRock Large Cap Select Growth Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $0 to $150 million  | .600% |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $150 million to $500 million  | .550% |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $500 million to $750 million  | .500% |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $750 million to $3 billion  | .450% |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $3 billion to $5 billion  | .440% |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Over $5 billion  | .430% | .46% |
| JNL/Causeway International Value Select Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $0 to $500 million  | .550% |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $500 million to $2 billion  | .500% |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $2 billion to $5 billion  | .470% |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Over $5 billion  | .460% | .51% |
| JNL/ClearBridge Large Cap Growth Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $0 to $1 billion  | .500% |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $1 billion to $1.5 billion  | .450% |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $1.5 billion to $3 billion  | .440% |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $3 billion to $5 billion  | .430% |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Over $5 billion  | .420% | .48% |
| JNL/Cohen & Steers U.S. Realty Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $0 to $1 billion  | .580% |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $1 billion to $3 billion  | .550% |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $3 billion to $5 billion  | .540% |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Over $5 billion  | .530% | .58% |
| JNL/DFA International Core Equity Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $0 to $3 billion  | .450% |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $3 billion to $5 billion  | .440% |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Over $5 billion  | .430% | .45% |
| JNL/DFA U.S. Core Equity Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $0 to $1 billion  | .400% |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $1 billion to $3 billion  | .375% |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $3 billion to $5 billion  | .360% |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Over $5 billion  | .350% | .39% |
| JNL/DFA U.S. Small Cap Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $0 to $3 billion  | .530% |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $3 billion to $5 billion  | .520% |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Over $5 billion  | .510% | .53% |
| JNL/DoubleLine Core Fixed Income Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $0 to $1 billion  | .390% |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $1 billion to $3 billion  | .360% |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $3 billion to $5 billion  | .350% |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Over $5 billion  | .340% | .37% |
| JNL/DoubleLine Emerging Markets Fixed Income Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $0 to $500 million  | .625% |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $500 million to $3 billion  | .600% |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $3 billion to $5 billion  | .590% |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Over $5 billion  | .580% | .63% |
| JNL/DoubleLine Shiller Enhanced CAPE Fund<sup>2</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $0 to $500 million  | .575% |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $500 million to $1 billion  | .550% |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $1 billion to $3 billion  | .470% |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $3 billion to $5 billion  | .460% |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Over $5 billion  | .450% | .55% |
| JNL/DoubleLine Total Return Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $0 to $1 billion  | .450% |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $1 billion to $3 billion  | .400% |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $3 billion to $5 billion  | .390% |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Over $5 billion  | .380% | .43% |
| JNL/Dreyfus Government Money Market Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $0 to $500 million  | .180% |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $500 million to $3 billion  | .150% |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $3 billion to $5 billion  | .140% |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Over $5 billion  | .130% | .16% |
| JNL/Fidelity Institutional Asset Management Total Bond Fund<sup>3</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $0 to $500 million  | .400% |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $500 million to $1 billion  | .380% |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $1 billion to $3 billion  | .350% |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $3 billion to $5 billion  | .340% |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Over $5 billion  | .330% | .38% |

---

786

**JNL Series Trust** 

**Notes to Financial Statements (Unaudited)**

June 30, 2025

---

| | | | |
|:---|:---|:---|:---|
| **Fund**  | **Assets** | **Advisory Fee** | **Effective Rate for the period ended June 30, 2025** |
| JNL/First Sentier Global Infrastructure Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $0 to $500 million  | .700% |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $500 million to $1 billion  | .650% |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $1 billion to $3 billion  | .610% |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $3 billion to $5 billion  | .600% |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Over $5 billion  | .590% | .70% |
| JNL/Franklin Templeton Income Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $0 to $200 million  | .600% |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $200 million to $500 million  | .550% |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $500 million to $3 billion  | .500% |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $3 billion to $5 billion  | .490% |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Over $5 billion  | .480% | .52% |
| JNL/Goldman Sachs 4 Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $0 to $500 million  | .300% |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $500 million to $3 billion  | .250% |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $3 billion to $5 billion  | .240% |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Over $5 billion  | .230% | .25% |
| JNL/GQG Emerging Markets Equity Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $0 to $1 billion  | .870% |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $1 billion to $3 billion  | .850% |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $3 billion to $5 billion  | .825% |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Over $5 billion  | .815% | .87% |
| JNL/Invesco Diversified Dividend Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $0 to $1 billion  | .525% |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $1 billion to $3 billion  | .470% |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $3 billion to $5 billion  | .460% |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Over $5 billion  | .450% | .53% |
| JNL/Invesco Global Growth Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $0 to $3 billion  | .500% |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $3 billion to $5 billion  | .490% |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Over $5 billion  | .480% | .50% |
| JNL/Invesco Small Cap Growth Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $0 to $500 million  | .650% |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $500 million to $1 billion  | .630% |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $1 billion to $3 billion  | .610% |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $3 billion to $5 billion  | .600% |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Over $5 billion  | .590% | .63% |
| JNL/JPMorgan Global Allocation Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $0 to $1 billion  | .600% |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $1 billion to $3 billion  | .550% |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $3 billion to $5 billion  | .540% |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Over $5 billion  | .530% | .60% |
| JNL/JPMorgan Hedged Equity Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $0 to $1 billion  | .500% |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $1 billion to $3 billion  | .450% |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $3 billion to $5 billion  | .440% |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Over $5 billion  | .430% | .50% |
| JNL/JPMorgan MidCap Growth Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $0 to $250 million  | .600% |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $250 million to $750 million  | .550% |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $750 million to $1.5 billion  | .500% |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $1.5 billion to $3 billion  | .450% |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $3 billion to $5 billion  | .440% |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Over $5 billion  | .430% | .49% |
| JNL/JPMorgan Nasdaq Hedged Equity Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $0 to $1 billion  | .500% |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $1 billion to $3 billion  | .450% |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $3 billion to $5 billion  | .440% |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Over $5 billion  | .430% | .50% |
| JNL/JPMorgan U.S. Government & Quality Bond Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $0 to $150 million  | .400% |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $150 million to $300 million  | .350% |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $300 million to $500 million  | .300% |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $500 million to $3 billion  | .250% |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $3 billion to $5 billion  | .240% |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Over $5 billion  | .230% | .29% |
| JNL/JPMorgan U.S. Value Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $0 to $1 billion  | .500% |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $1 billion to $3 billion  | .450% |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $3 billion to $5 billion  | .440% |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Over $5 billion  | .430% | .48% |
| JNL/Lazard International Quality Growth Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $0 to $1 billion  | .600% |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $1 billion to $3 billion  | .575% |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $3 billion to $5 billion  | .565% |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Over $5 billion  | .555% | .60% |
| JNL/Loomis Sayles Global Growth Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $0 to $1 billion  | .550% |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $1 billion to $3 billion  | .500% |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $3 billion to $5 billion  | .490% |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Over $5 billion  | .480% | .55% |
| JNL/Lord Abbett Short Duration Income Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $0 to $1 billion  | .350% |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $1 billion to $3 billion  | .300% |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $3 billion to $5 billion  | .290% |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Over $5 billion  | .280% | .35% |

---

787

**JNL Series Trust** 

**Notes to Financial Statements (Unaudited)**

June 30, 2025

---

| | | | |
|:---|:---|:---|:---|
| **Fund**  | **Assets** | **Advisory Fee** | **Effective Rate for the period ended June 30, 2025** |
| JNL/Mellon Communication Services Sector Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $0 to $50 million  | .240% |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $50 million to $100 million  | .210% |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $100 million to $750 million  | .180% |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $750 million to $3 billion  | .170% |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $3 billion to $5 billion  | .160% |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Over $5 billion  | .150% | .18% |
| JNL/Mellon Consumer Discretionary Sector Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $0 to $50 million  | .240% |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $50 million to $100 million  | .210% |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $100 million to $750 million  | .180% |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $750 million to $3 billion  | .170% |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $3 billion to $5 billion  | .160% |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Over $5 billion  | .150% | .18% |
| JNL/Mellon Consumer Staples Sector Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $0 to $50 million  | .240% |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $50 million to $100 million  | .210% |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $100 million to $750 million  | .180% |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $750 million to $3 billion  | .170% |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $3 billion to $5 billion  | .160% |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Over $5 billion  | .150% | .19% |
| JNL/Mellon Dow Index Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $0 to $50 million  | .240% |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $50 million to $100 million  | .210% |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $100 million to $750 million  | .180% |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $750 million to $3 billion  | .170% |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $3 billion to $5 billion  | .160% |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Over $5 billion  | .150% | .18% |
| JNL/Mellon Energy Sector Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $0 to $50 million  | .240% |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $50 million to $100 million  | .210% |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $100 million to $750 million  | .180% |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $750 million to $3 billion  | .170% |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $3 billion to $5 billion  | .160% |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Over $5 billion  | .150% | .18% |
| JNL/Mellon Financial Sector Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $0 to $50 million  | .240% |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $50 million to $100 million  | .210% |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $100 million to $750 million  | .180% |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $750 million to $3 billion  | .170% |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $3 billion to $5 billion  | .160% |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Over $5 billion  | .150% | .18% |
| JNL/Mellon Healthcare Sector Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $0 to $50 million  | .240% |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $50 million to $100 million  | .210% |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $100 million to $750 million  | .180% |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $750 million to $3 billion  | .170% |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $3 billion to $5 billion  | .160% |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Over $5 billion  | .150% | .17% |
| JNL/Mellon Industrials Sector Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $0 to $50 million  | .240% |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $50 million to $100 million  | .210% |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $100 million to $750 million  | .180% |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $750 million to $3 billion  | .170% |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $3 billion to $5 billion  | .160% |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Over $5 billion  | .150% | .20% |
| JNL/Mellon Information Technology Sector Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $0 to $50 million  | .240% |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $50 million to $100 million  | .210% |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $100 million to $750 million  | .180% |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $750 million to $3 billion  | .170% |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $3 billion to $5 billion  | .160% |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Over $5 billion  | .150% | .16% |
| JNL/Mellon Materials Sector Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $0 to $50 million  | .240% |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $50 million to $100 million  | .210% |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $100 million to $750 million  | .180% |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $750 million to $3 billion  | .170% |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $3 billion to $5 billion  | .160% |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Over $5 billion  | .150% | .21% |
| JNL/Mellon Nasdaq 100 Index Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $0 to $50 million  | .240% |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $50 million to $100 million  | .210% |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $100 million to $750 million  | .180% |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $750 million to $3 billion  | .170% |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $3 billion to $5 billion  | .160% |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Over $5 billion  | .150% | .16% |

---

788

**JNL Series Trust** 

**Notes to Financial Statements (Unaudited)**

June 30, 2025

---

| | | | |
|:---|:---|:---|:---|
| **Fund**  | **Assets** | **Advisory Fee** | **Effective Rate for the period ended June 30, 2025** |
| JNL/Mellon Real Estate Sector Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $0 to $50 million  | .240% |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $50 million to $100 million  | .210% |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $100 million to $750 million  | .180% |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $750 million to $3 billion  | .170% |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $3 billion to $5 billion  | .160% |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Over $5 billion  | .150% | .20% |
| JNL/Mellon S&P 500 Index Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $0 to $500 million  | .170% |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $500 million to $750 million  | .130% |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $750 million to $3 billion  | .120% |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $3 billion to $5 billion  | .110% |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Over $5 billion  | .090% | .10% |
| JNL/Mellon U.S. Stock Market Index Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $0 to $1 billion  | .175% |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $1 billion to $5 billion  | .150% |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Over $5 billion  | .140% | .16% |
| JNL/Mellon Utilities Sector Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $0 to $50 million  | .240% |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $50 million to $100 million  | .210% |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $100 million to $750 million  | .180% |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $750 million to $3 billion  | .170% |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $3 billion to $5 billion  | .160% |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Over $5 billion  | .150% | .19% |
| JNL/Mellon World Index Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $0 to $50 million  | .240% |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $50 million to $100 million  | .210% |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $100 million to $750 million  | .180% |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $750 million to $3 billion  | .170% |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $3 billion to $5 billion  | .160% |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Over $5 billion  | .150% | .19% |
| JNL/MFS Mid Cap Value Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $0 to $100 million  | .600% |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $100 million to $1 billion  | .550% |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $1 billion to $3 billion  | .540% |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $3 billion to $5 billion  | .530% |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Over $5 billion  | .520% | .55% |
| JNL/Morningstar PitchBook Listed Private Equity Index Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $0 to $1 billion  | .200% |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $1 billion to $3 billion  | .175% |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $3 billion to $5 billion  | .165% |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Over $5 billion  | .155% | .20% |
| JNL/Morningstar SMID Moat Focus Index Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $0 to $1 billion  | .200% |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $1 billion to $3 billion  | .175% |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $3 billion to $5 billion  | .165% |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Over $5 billion  | .155% | .20% |
| JNL/Morningstar U.S. Sustainability Index Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $0 to $1 billion  | .250% |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $1 billion to $3 billion  | .200% |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $3 billion to $5 billion  | .190% |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Over $5 billion  | .180% | .25% |
| JNL/Morningstar Wide Moat Index Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $0 to $1 billion  | .200% |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $1 billion to $3 billion  | .175% |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $3 billion to $5 billion  | .165% |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Over $5 billion  | .155% | .20% |
| JNL/Neuberger Berman Commodity Strategy Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $0 to $1 billion  | .450% |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $1 billion to $3 billion  | .400% |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $3 billion to $5 billion  | .390% |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Over $5 billion  | .380% | .45% |
| JNL/Neuberger Berman Gold Plus Strategy Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $0 to $500 million  | .750% |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $500 million to $1 billion  | .700% |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $1 billion to $3 billion  | .650% |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $3 billion to $5 billion  | .600% |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Over $5 billion  | .590% | .75% |
| JNL/Neuberger Berman Strategic Income Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $0 to $500 million  | .500% |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $500 million to $1 billion  | .450% |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $1 billion to $3 billion  | .400% |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $3 billion to $5 billion  | .390% |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Over $5 billion  | .380% | .48% |
| JNL/Newton Equity Income Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $0 to $1 billion  | .440% |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $1 billion to $3 billion  | .390% |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $3 billion to $5 billion  | .380% |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Over $5 billion  | .370% | .41% |
| JNL/PIMCO Income Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $0 to $1 billion  | .500% |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $1 billion to $3 billion  | .450% |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $3 billion to $5 billion  | .440% |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Over $5 billion  | .430% | .48% |

---

789

**JNL Series Trust** 

**Notes to Financial Statements (Unaudited)**

June 30, 2025

---

| | | | |
|:---|:---|:---|:---|
| **Fund**  | **Assets** | **Advisory Fee** | **Effective Rate for the period ended June 30, 2025** |
| JNL/PIMCO Investment Grade Credit Bond Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $0 to $1 billion  | .350% |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $1 billion to $3 billion  | .300% |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $3 billion to $5 billion  | .290% |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Over $5 billion  | .280% | .35% |
| JNL/PIMCO Real Return Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $0 to $1 billion  | .390% |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $1 billion to $2 billion  | .375% |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $2 billion to $3 billion  | .365% |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $3 billion to $5 billion  | .355% |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Over $5 billion  | .345% | .39% |
| JNL/PPM America High Yield Bond Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $0 to $150 million  | .400% |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $150 million to $500 million  | .350% |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $500 million to $3 billion  | .325% |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $3 billion to $5 billion  | .315% |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Over $5 billion  | .305% | .34% |
| JNL/PPM America Investment Grade Credit Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $0 to $1 billion  | .375% |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $1 billion to $3 billion  | .325% |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $3 billion to $5 billion  | .315% |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Over $5 billion  | .305% | .38% |
| JNL/PPM America Total Return Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $0 to $1 billion  | .400% |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $1 billion to $3 billion  | .350% |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $3 billion to $5 billion  | .340% |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Over $5 billion  | .330% | .38% |
| JNL/RAFI Fundamental U.S. Small Cap Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $0 to $750 million  | .180% |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $750 million to $3 billion  | .170% |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $3 billion to $5 billion  | .160% |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Over $5 billion  | .150% | .18% |
| JNL/RAFI Multi-Factor U.S. Equity Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $0 to $750 million  | .180% |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $750 million to $3 billion  | .170% |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $3 billion to $5 billion  | .160% |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Over $5 billion  | .150% | .17% |
| JNL/T. Rowe Price Balanced Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $0 to $500 million  | .510% |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $500 million to $1 billion  | .475% |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $1 billion to $3 billion  | .450% |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $3 billion to $5 billion  | .440% |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Over $5 billion  | .430% | .51% |
| JNL/T. Rowe Price Capital Appreciation Equity Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $0 to $1 billion  | .550% |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $1 billion to $3 billion  | .500% |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $3 billion to $5 billion  | .490% |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Over $5 billion  | .480% | .55% |
| JNL/T. Rowe Price Capital Appreciation Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $0 to $500 million  | .575% |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $500 million to $1 billion  | .550% |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $1 billion to $3 billion  | .530% |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $3 billion to $5 billion  | .520% |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $5 billion to $10 billion  | .510% |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Over $10 billion  | .500% | .51% |
| JNL/T. Rowe Price Growth Stock Fund<sup>4</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $0 to $1 billion  | .450% |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $1 billion to $3 billion  | .440% |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $3 billion to $5 billion  | .430% |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Over $5 billion  | .420% | .43% |
| JNL/T. Rowe Price Mid-Cap Growth Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $0 to $1 billion  | .600% |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $1 billion to $3 billion  | .580% |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Over $3 billion  | .560% | .58% |
| JNL/T. Rowe Price Short-Term Bond Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $0 to $250 million  | .350% |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $250 million to $1.5 billion  | .300% |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $1.5 billion to $3 billion  | .275% |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $3 billion to $5 billion  | .265% |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Over $5 billion  | .255% | .31% |
| JNL/T. Rowe Price U.S. High Yield Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $0 to $3 billion  | .470% |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $3 billion to $5 billion  | .460% |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Over $5 billion  | .450% | .47% |
| JNL/T. Rowe Price Value Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $0 to $150 million  | .550% |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $150 million to $1 billion  | .480% |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $1 billion to $3 billion  | .470% |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $3 billion to $5 billion  | .450% |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Over $5 billion  | .440% | .47% |
| JNL/WCM China Quality Growth Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $0 to $1 billion  | .850% |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $1 billion to $3 billion  | .800% |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $3 billion to $5 billion  | .790% |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Over $5 billion  | .780% | .85% |

---

790

**JNL Series Trust** 

**Notes to Financial Statements (Unaudited)**

June 30, 2025

---

| | | | |
|:---|:---|:---|:---|
| **Fund**  | **Assets** | **Advisory Fee** | **Effective Rate for the period ended June 30, 2025** |
| JNL/WCM Focused International Equity Fund<sup>5</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $0 to $500 million  | .680% |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $500 million to $3 billion  | .630% |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $3 billion to $5 billion  | .620% |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Over $5 billion  | .610% | .66% |
| JNL/Westchester Capital Event Driven Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $0 to $1 billion  | 1.050% |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $1 billion to $3 billion  | .900% |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $3 billion to $5 billion  | .890% |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Over $5 billion  | .880% | 1.05% |
| JNL/William Blair International Leaders Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $0 to $500 million  | .525% |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $500 million to $2 billion  | .500% |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $2 billion to $3 billion  | .480% |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $3 billion to $5 billion  | .470% |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Over $5 billion  | .460% | .51% |
| JNL/WMC Balanced Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $0 to $50 million  | .450% |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $50 million to $150 million  | .400% |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $150 million to $300 million  | .375% |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $300 million to $500 million  | .350% |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $500 million to $3 billion  | .325% |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $3 billion to $5 billion  | .315% |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Over $5 billion  | .305% | .32% |
| JNL/WMC Equity Income Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $0 to $500 million  | .440% |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $500 million to $1 billion  | .430% |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Over $1 billion  | .420% | .44% |
| JNL/WMC Global Real Estate Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $0 to $1 billion  | .575% |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $1 billion to $3 billion  | .550% |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $3 billion to $5 billion  | .530% |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Over $5 billion  | .520% | .57% |
| JNL/WMC Value Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $0 to $300 million  | .450% |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $300 million to $500 million  | .400% |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $500 million to $3 billion  | .350% |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $3 billion to $5 billion  | .340% |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Over $5 billion  | .330% | .39% |

---

---

| | |
|:---|:---|
| <sup><sup>1</sup></sup> | On June 5, 2025, the Board approved that, effective April 27, 2026, for advisory fees, the range for $0 - $500 million will be 0.625%, the range for $500 million - $1 billion will be 0.600%, the range for $1 billion - $3 billion will be 0.580%, the range for $3 billion - $5 billion will be 0.570% and for over $5 billion will be 0.560%. |
| <sup><sup>2</sup></sup> | Prior to April 28, 2025, for advisory fees, the range for $0 - $500 million was 0.600%, the range for $500 million - $1 billion was 0.575%, the range for $1 billion - $3 billion was 0.520%, the range for $3 billion - $5 billion was 0.510% and for over $5 billion was 0.500%. |
| <sup><sup>3</sup></sup> | On June 5, 2025, the Board approved that, effective April 27, 2026, for advisory fees, the range for $0 - $500 million will be 0.390%, the range for $500 million - $1 billion will be 0.365%, the range for $1 billion - $3 billion will be 0.320%, the range for $3 billion - $5 billion will be 0.310% and for over $5 billion will be 0.300%. |
| <sup><sup>4</sup></sup> | Prior to April 28, 2025, for advisory fees, the range for $0 - $150 million was 0.550%, the range for $150 million - $500 million was 0.500%, the range for $500 million - $1 billion was 0.450%, the range for $1 billion - $3 billion was 0.440%, the range for $3 billion - $5 billion was 0.430% and for over $5 billion was 0.420%. |
| <sup>5</sup> | Prior to April 28, 2025, for advisory fees, the range for $0 - $500 million was 0.700%, the range for $500 million - $3 billion was 0.650%, the range for $3 billion - $5 billion was 0.640% and for over $5 billion was 0.630%. |

---

**Advisory Fee Waivers and Expense Reimbursements**. Pursuant to a contractual fee waiver agreement, JNAM has agreed to waive 100% of advisory fees attributable to JNL Multi-Manager Emerging Markets Equity Fund, JNL/T. Rowe Price Balanced Fund, JNL/T. Rowe Price Capital Appreciation Equity Fund, JNL/T. Rowe Price Capital Appreciation Fund, JNL/T. Rowe Price Growth Stock Fund, JNL/T. Rowe Price Mid-Cap Growth Fund, JNL/T. Rowe Price Short-Term Bond Fund, JNL/T. Rowe Price U.S. High Yield Fund and JNL/T. Rowe Price Value Fund's investment in T. Rowe Price Institutional Floating Rate Fund, an affiliate of the Funds' Sub-Adviser. None of the waived advisory fees can be recaptured by JNAM.

Pursuant to a contractual fee waiver agreement, JNAM has agreed to waive a varying portion of its advisory fee for the JNL Multi-Manager Alternative Fund in an amount equivalent to the management fee paid indirectly by the Fund attributable to its investment in WCM Partners L.P. Pursuant to this agreement, 0.05% of advisory fees were waived during the period. None of the waived advisory fees can be recaptured by JNAM.

Pursuant to a contractual fee waiver agreement, JNAM has agreed to waive a varying portion of its advisory fee in an amount equivalent to the Acquired Funds Fees and Expenses ("AFFE") attributable to JNL/JPMorgan Global Allocation Fund's investment in funds managed by the Sub-Adviser, J.P. Morgan Investment Management Inc. (each a "JPMorgan Underlying Fund"). The AFFE is the total annual fund operating expenses after fee waivers and/or expense reimbursements for each JPMorgan Underlying Fund. No advisory fees were waived pursuant to this agreement during the period. In the event advisory fees are waived in the future, none of the waived advisory fees can be recaptured by JNAM.

Pursuant to a contractual and voluntary fee waiver agreement, JNAM has agreed to waive a portion of its advisory fees for each of the following Funds. None of the waived advisory fees can be recaptured by JNAM. The amount of waived expenses for each Fund is recorded as Expense waiver in each Fund's Statement of Operations.

---

| | |
|:---|:---|
|  | **Contractual Advisory Fee Waiver as a Percentage of Average Daily Net Assets (%)** |
| JNL/American Funds Balanced Fund | 0.300 |
| JNL/American Funds Bond Fund of America Fund | 0.200 |
| JNL/American Funds Capital Income Builder Fund | 0.250 |

---

791

**JNL Series Trust** 

**Notes to Financial Statements (Unaudited)**

June 30, 2025

---

| | |
|:---|:---|
|  | **Contractual Advisory Fee Waiver as a Percentage of Average Daily Net Assets (%)** |
| JNL/American Funds Capital World Bond Fund | 0.430 |
| JNL/American Funds Global Growth Fund | 0.400 |
| JNL/American Funds Global Small Capitalization Fund | 0.470 |
| JNL/American Funds Growth Fund | 0.430 |
| JNL/American Funds Growth-Income Fund | 0.300 |
| JNL/American Funds International Fund | 0.500 |
| JNL/American Funds New World Fund | 0.650 |
| JNL/American Funds Washington Mutual Investors Fund | 0.300 |
| JNL/Mellon Bond Index Fund | 0.070 |
| JNL/Mellon Emerging Markets Index Fund | 0.145 |
| JNL/Mellon International Index Fund | 0.095 |
| JNL/Mellon S&P 400 MidCap Index Fund | 0.080 |
| JNL/Mellon Small Cap Index Fund | 0.080 |
| JNL Bond Index Fund | 0.130 |
| JNL Emerging Markets Index Fund | 0.055 |
| JNL International Index Fund | 0.105 |
| JNL Mid Cap Index Fund | 0.120 |
| JNL Small Cap Index Fund | 0.120 |
| JNL S&P 500 Index Fund | 0.170 |
| JNL/BlackRock Large Cap Select Growth Fund | 0.050 on net assets $0 - $500 million and 0.030 on net assets over $500 million |

---

---

| | |
|:---|:---|
|  | **Voluntary Advisory Fee Waiver as a Percentage of Average Daily Net Assets (%)** |
| JNL/JPMorgan Funds of Funds | 0.020 on net assets $0 - $500 million |
| JNL Multi-Manager Mid Cap Fund<sup>1</sup> | 0.025 on net assets $0 - $1 billion and 0.020 on net assets over $1 billion |
| JNL/DoubleLine Shiller Enhanced CAPE Fund<sup>2</sup> | 0.025 on net assets $0 - $1 billion and 0.050 on net assets over $1 billion |
| JNL/Fidelity Institutional Asset Management Total Bond Fund<sup>3</sup> | 0.010 on net assets $0 - $500 million, 0.015 on net assets $500 million - $1 billion and 0.030 on net assets over $1 billion |
| JNL/T. Rowe Price Growth Stock Fund<sup>4</sup> | 0.100 on net assets $0 - $150 million and 0.050 on net assets $150 - $500 million |
| JNL/WCM Focused International Equity Fund<sup>2</sup>  | 0.020 on all net assets |

---

<sup>1</sup> This voluntary advisory fee waiver will be effective July 1, 2025 to April 27, 2026. Effective April 27, 2026, this voluntary advisory fee waiver will be converted to a contractual fee reduction.

<sup>2</sup> Effective April 28, 2025, this voluntary waiver was converted to a contractual fee reduction.

<sup>3</sup> This voluntary advisory fee waiver is effective May 1, 2025 to April 27, 2026. Effective April 27, 2026, this voluntary advisory fee waiver will be converted to a contractual fee reduction.

<sup>4</sup>This voluntary advisory fee waiver was effective March 1, 2025 to April 28, 2025. Effective April 28, 2025, the voluntary advisory fee waiver was converted to a contractual fee reduction.

**Administrative Fees**

---

| | | |
|:---|:---|:---|
| **Fund** | **Assets** | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Administrative Fee** |
| JNL/American Funds Balanced Fund | $0 to $3 billion | .100% |
|  | Assets over $3 billion | .080% |
| JNL/American Funds Bond Fund of America Fund | $0 to $3 billion | .100% |
|  | Assets over $3 billion | .080% |
| JNL/American Funds Capital Income Builder Fund | $0 to $3 billion | .100% |
|  | Assets over $3 billion | .080% |
| JNL/American Funds Capital World Bond Fund | $0 to $3 billion | .100% |
|  | Assets over $3 billion | .080% |
| JNL/American Funds Global Growth Fund | $0 to $3 billion | .100% |
|  | Assets over $3 billion | .080% |
| JNL/American Funds Global Small Capitalization Fund | $0 to $3 billion | .100% |
|  | Assets over $3 billion | .080% |
| JNL/American Funds Growth Fund | $0 to $3 billion | .100% |
|  | Assets over $3 billion | .080% |
| JNL/American Funds Growth-Income Fund | $0 to $3 billion | .100% |
|  | Assets over $3 billion | .080% |
| JNL/American Funds International Fund | $0 to $3 billion | .100% |
|  | Assets over $3 billion | .080% |
| JNL/American Funds New World Fund | $0 to $3 billion | .100% |
|  | Assets over $3 billion | .080% |
| JNL/American Funds Washington Mutual Investors Fund | $0 to $3 billion | .100% |
|  | Assets over $3 billion | .080% |
| JNL/Mellon Bond Index Fund<sup>1</sup> | $0 to $3 billion | .100% |
|  | Assets over $3 billion | .090% |
| JNL/Mellon Emerging Markets Index Fund<sup>1</sup> | $0 to $3 billion | .150% |
|  | Assets over $3 billion | .130% |
| JNL/Mellon International Index Fund<sup>1</sup> | $0 to $3 billion | .150% |
|  | Assets over $3 billion | .130% |
| JNL/Mellon S&P 400 MidCap Index Fund<sup>1</sup> | $0 to $3 billion | .100% |
|  | Assets over $3 billion | .090% |
| JNL/Mellon Small Cap Index Fund<sup>1</sup> | $0 to $3 billion | .100% |
|  | Assets over $3 billion | .090% |

---

792

**JNL Series Trust** 

**Notes to Financial Statements (Unaudited)**

June 30, 2025

---

| | | |
|:---|:---|:---|
| **Fund** | **Assets** | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Administrative Fee** |
| JNL Aggressive Growth Allocation Fund | $0 to $3 billion | .050% |
|  | Assets over $3 billion | .045% |
| JNL Conservative Allocation Fund | $0 to $3 billion | .050% |
|  | Assets over $3 billion | .045% |
| JNL Growth Allocation Fund | $0 to $3 billion | .050% |
|  | Assets over $3 billion | .045% |
| JNL Moderate Allocation Fund | $0 to $3 billion | .050% |
|  | Assets over $3 billion | .045% |
| JNL Moderate Growth Allocation Fund | $0 to $3 billion | .050% |
|  | Assets over $3 billion | .045% |
| JNL/JPMorgan Managed Aggressive Growth Fund | $0 to $3 billion | .050% |
|  | Assets over $3 billion | .045% |
| JNL/JPMorgan Managed Conservative Fund | $0 to $3 billion | .050% |
|  | Assets over $3 billion | .045% |
| JNL/JPMorgan Managed Growth Fund | $0 to $3 billion | .050% |
|  | Assets over $3 billion | .045% |
| JNL/JPMorgan Managed Moderate Fund | $0 to $3 billion | .050% |
|  | Assets over $3 billion | .045% |
| JNL/JPMorgan Managed Moderate Growth Fund | $0 to $3 billion | .050% |
|  | Assets over $3 billion | .045% |
| JNL/American Funds Growth Allocation Fund | $0 to $3 billion | .150% |
|  | Assets over $3 billion | .130% |
| JNL/American Funds Moderate Allocation Fund | $0 to $3 billion | .150% |
|  | Assets over $3 billion | .130% |
| JNL/American Funds Moderate Growth Allocation Fund | $0 to $3 billion | .150% |
|  | Assets over $3 billion | .130% |
| JNL Growth ETF Allocation Fund | $0 to $3 billion | .150% |
|  | Assets over $3 billion | .130% |
| JNL Moderate ETF Allocation Fund | $0 to $3 billion | .150% |
|  | Assets over $3 billion | .130% |
| JNL Moderate Growth ETF Allocation Fund | $0 to $3 billion | .150% |
|  | Assets over $3 billion | .130% |
| JNL/Vanguard Growth ETF Allocation Fund | $0 to $3 billion | .150% |
|  | Assets over $3 billion | .130% |
| JNL/Vanguard Moderate ETF Allocation Fund | $0 to $3 billion | .150% |
|  | Assets over $3 billion | .130% |
| JNL/Vanguard Moderate Growth ETF Allocation Fund | $0 to $3 billion | .150% |
|  | Assets over $3 billion | .130% |
| JNL Bond Index Fund | All Assets |  |
| JNL Emerging Markets Index Fund | All Assets |  |
| JNL International Index Fund | All Assets |  |
| JNL Mid Cap Index Fund | All Assets |  |
| JNL Small Cap Index Fund | All Assets |  |
| JNL Multi-Manager Alternative Fund | $0 to $3 billion | .200% |
|  | Assets over $3 billion | .180% |
| JNL Multi-Manager Emerging Markets Equity Fund | $0 to $3 billion | .150% |
|  | Assets over $3 billion | .130% |
| JNL Multi-Manager Floating Rate Income Fund | $0 to $3 billion | .150% |
|  | Assets over $3 billion | .130% |
| JNL Multi-Manager International Small Cap Fund | $0 to $3 billion | .150% |
|  | Assets over $3 billion | .130% |
| JNL Multi-Manager Mid Cap Fund | $0 to $3 billion | .150% |
|  | Assets over $3 billion | .130% |
| JNL Multi-Manager Small Cap Growth Fund | $0 to $3 billion | .100% |
|  | Assets over $3 billion | .090% |
| JNL Multi-Manager Small Cap Value Fund | $0 to $3 billion | .100% |
|  | Assets over $3 billion | .090% |
| JNL Multi-Manager U.S. Select Equity Fund | $0 to $3 billion | .150% |
|  | Assets over $3 billion | .130% |
| JNL S&P 500 Index Fund | $0 to $3 billion | .100% |
|  | Assets over $3 billion | .090% |
| JNL/AB Sustainable Global Thematic Fund | $0 to $3 billion | .150% |
|  | Assets over $3 billion | .130% |
| JNL/AQR Large Cap Defensive Style Fund | $0 to $3 billion | .150% |
|  | Assets over $3 billion | .130% |
| JNL/BlackRock Global Allocation Fund | $0 to $3 billion | .150% |
|  | Assets over $3 billion | .130% |
| JNL/BlackRock Global Natural Resources Fund | $0 to $3 billion | .150% |
|  | Assets over $3 billion | .130% |
| JNL/BlackRock Large Cap Select Growth Fund | $0 to $3 billion | .100% |
|  | Assets over $3 billion | .090% |

---

793

**JNL Series Trust** 

**Notes to Financial Statements (Unaudited)**

June 30, 2025

---

| | | |
|:---|:---|:---|
| **Fund** | **Assets** | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Administrative Fee** |
| JNL/Causeway International Value Select Fund | $0 to $3 billion | .150% |
|  | Assets over $3 billion | .130% |
| JNL/ClearBridge Large Cap Growth Fund | $0 to $3 billion | .150% |
|  | Assets over $3 billion | .130% |
| JNL/Cohen & Steers U.S. Realty Fund | $0 to $3 billion | .150% |
|  | Assets over $3 billion | .130% |
| JNL/DFA International Core Equity Fund | $0 to $3 billion | .150% |
|  | Assets over $3 billion | .130% |
| JNL/DFA U.S. Core Equity Fund | $0 to $3 billion | .100% |
|  | Assets over $3 billion | .090% |
| JNL/DFA U.S. Small Cap Fund | $0 to $3 billion | .150% |
|  | Assets over $3 billion | .130% |
| JNL/DoubleLine Core Fixed Income Fund | $0 to $3 billion | .100% |
|  | Assets over $3 billion | .090% |
| JNL/DoubleLine Emerging Markets Fixed Income Fund | $0 to $3 billion | .150% |
|  | Assets over $3 billion | .130% |
| JNL/DoubleLine Shiller Enhanced CAPE Fund | $0 to $3 billion | .150% |
|  | Assets over $3 billion | .130% |
| JNL/DoubleLine Total Return Fund | $0 to $3 billion | .100% |
|  | Assets over $3 billion | .080% |
| JNL/Dreyfus Government Money Market Fund | $0 to $3 billion | .100% |
|  | Assets over $3 billion | .090% |
| JNL/Fidelity Institutional Asset Management Total Bond Fund | $0 to $3 billion | .100% |
|  | Assets over $3 billion | .090% |
| JNL/First Sentier Global Infrastructure Fund | $0 to $3 billion | .150% |
|  | Assets over $3 billion | .130% |
| JNL/Franklin Templeton Income Fund | $0 to $3 billion | .100% |
|  | Assets over $3 billion | .090% |
| JNL/Goldman Sachs 4 Fund | $0 to $3 billion | .150% |
|  | Assets over $3 billion | .130% |
| JNL/GQG Emerging Markets Equity Fund | $0 to $3 billion | .150% |
|  | Assets over $3 billion | .130% |
| JNL/Invesco Diversified Dividend Fund | $0 to $3 billion | .150% |
|  | Assets over $3 billion | .130% |
| JNL/Invesco Global Growth Fund | $0 to $3 billion | .150% |
|  | Assets over $3 billion | .130% |
| JNL/Invesco Small Cap Growth Fund | $0 to $3 billion | .100% |
|  | Assets over $3 billion | .090% |
| JNL/JPMorgan Global Allocation Fund | $0 to $3 billion | .150% |
|  | Assets over $3 billion | .130% |
| JNL/JPMorgan Hedged Equity Fund | $0 to $3 billion | .150% |
|  | Assets over $3 billion | .130% |
| JNL/JPMorgan MidCap Growth Fund | $0 to $3 billion | .100% |
|  | Assets over $3 billion | .090% |
| JNL/JPMorgan Nasdaq Hedged Equity Fund | $0 to $3 billion | .150% |
|  | Assets over $3 billion | .130% |
| JNL/JPMorgan U.S. Government & Quality Bond Fund | $0 to $3 billion | .100% |
|  | Assets over $3 billion | .090% |
| JNL/JPMorgan U.S. Value Fund | $0 to $3 billion | .100% |
|  | Assets over $3 billion | .090% |
| JNL/Lazard International Quality Growth Fund | $0 to $3 billion | .150% |
|  | Assets over $3 billion | .130% |
| JNL/Loomis Sayles Global Growth Fund | $0 to $3 billion | .150% |
|  | Assets over $3 billion | .130% |
| JNL/Lord Abbett Short Duration Income Fund | $0 to $3 billion | .150% |
|  | Assets over $3 billion | .130% |
| JNL/Mellon Communication Services Sector Fund | $0 to $3 billion | .150% |
|  | Assets over $3 billion | .130% |
| JNL/Mellon Consumer Discretionary Sector Fund | $0 to $3 billion | .150% |
|  | Assets over $3 billion | .130% |
| JNL/Mellon Consumer Staples Sector Fund | $0 to $3 billion | .150% |
|  | Assets over $3 billion | .130% |
| JNL/Mellon Dow Index Fund | $0 to $3 billion | .150% |
|  | Assets over $3 billion | .130% |
| JNL/Mellon Energy Sector Fund | $0 to $3 billion | .150% |
|  | Assets over $3 billion | .130% |
| JNL/Mellon Financial Sector Fund | $0 to $3 billion | .150% |
|  | Assets over $3 billion | .130% |
| JNL/Mellon Healthcare Sector Fund | $0 to $3 billion | .150% |
|  | Assets over $3 billion | .130% |
| JNL/Mellon Industrials Sector Fund | $0 to $3 billion | .150% |
|  | Assets over $3 billion | .130% |

---

794

**JNL Series Trust** 

**Notes to Financial Statements (Unaudited)**

June 30, 2025

---

| | | |
|:---|:---|:---|
| **Fund** | **Assets** | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Administrative Fee** |
| JNL/Mellon Information Technology Sector Fund | $0 to $3 billion | .150% |
|  | Assets over $3 billion | .130% |
| JNL/Mellon Materials Sector Fund | $0 to $3 billion | .150% |
|  | Assets over $3 billion | .130% |
| JNL/Mellon Nasdaq 100 Index Fund | $0 to $3 billion | .150% |
|  | Assets over $3 billion | .130% |
| JNL/Mellon Real Estate Sector Fund | $0 to $3 billion | .150% |
|  | Assets over $3 billion | .130% |
| JNL/Mellon S&P 500 Index Fund | $0 to $3 billion | .100% |
|  | Assets over $3 billion | .090% |
| JNL/Mellon U.S. Stock Market Index Fund | $0 to $3 billion | .150% |
|  | Assets over $3 billion | .130% |
| JNL/Mellon Utilities Sector Fund | $0 to $3 billion | .150% |
|  | Assets over $3 billion | .130% |
| JNL/Mellon World Index Fund | $0 to $3 billion | .150% |
|  | Assets over $3 billion | .130% |
| JNL/MFS Mid Cap Value Fund | $0 to $3 billion | .100% |
|  | Assets over $3 billion | .090% |
| JNL/Morningstar PitchBook Listed Private Equity Index Fund | $0 to $3 billion | .150% |
|  | Assets over $3 billion | .130% |
| JNL/Morningstar SMID Moat Focus Index Fund | $0 to $3 billion | .150% |
|  | Assets over $3 billion | .130% |
| JNL/Morningstar U.S. Sustainability Index Fund | $0 to $3 billion | .150% |
|  | Assets over $3 billion | .130% |
| JNL/Morningstar Wide Moat Index Fund | $0 to $3 billion | .150% |
|  | Assets over $3 billion | .130% |
| JNL/Neuberger Berman Commodity Strategy Fund | $0 to $3 billion | .150% |
|  | Assets over $3 billion | .130% |
| JNL/Neuberger Berman Gold Plus Strategy Fund | $0 to $3 billion | .150% |
|  | Assets over $3 billion | .130% |
| JNL/Neuberger Berman Strategic Income Fund | $0 to $3 billion | .150% |
|  | Assets over $3 billion | .130% |
| JNL/Newton Equity Income Fund | $0 to $3 billion | .150% |
|  | Assets over $3 billion | .130% |
| JNL/PIMCO Income Fund | $0 to $3 billion | .150% |
|  | Assets over $3 billion | .130% |
| JNL/PIMCO Investment Grade Credit Bond Fund | $0 to $3 billion | .100% |
|  | Assets over $3 billion | .080% |
| JNL/PIMCO Real Return Fund | $0 to $3 billion | .100% |
|  | Assets over $3 billion | .090% |
| JNL/PPM America High Yield Bond Fund | $0 to $3 billion | .100% |
|  | Assets over $3 billion | .090% |
| JNL/PPM America Investment Grade Credit Fund | $0 to $3 billion | .150% |
|  | Assets over $3 billion | .130% |
| JNL/PPM America Total Return Fund | $0 to $3 billion | .100% |
|  | Assets over $3 billion | .090% |
| JNL/RAFI Fundamental U.S. Small Cap Fund | $0 to $3 billion | .150% |
|  | Assets over $3 billion | .130% |
| JNL/RAFI Multi-Factor U.S. Equity Fund | $0 to $3 billion | .150% |
|  | Assets over $3 billion | .130% |
| JNL/T. Rowe Price Balanced Fund | $0 to $3 billion | .150% |
|  | Assets over $3 billion | .130% |
| JNL/T. Rowe Price Capital Appreciation Equity Fund | $0 to $3 billion | .150% |
|  | Assets over $3 billion | .130% |
| JNL/T. Rowe Price Capital Appreciation Fund | $0 to $3 billion | .150% |
|  | Assets over $3 billion | .130% |
| JNL/T. Rowe Price Growth Stock Fund | $0 to $3 billion | .100% |
|  | Assets over $3 billion | .090% |
| JNL/T. Rowe Price Mid-Cap Growth Fund | $0 to $3 billion | .100% |
|  | Assets over $3 billion | .090% |
| JNL/T. Rowe Price Short-Term Bond Fund | $0 to $3 billion | .100% |
|  | Assets over $3 billion | .090% |
| JNL/T. Rowe Price U.S. High Yield Fund | $0 to $3 billion | .150% |
|  | Assets over $3 billion | .130% |
| JNL/T. Rowe Price Value Fund | $0 to $3 billion | .100% |
|  | Assets over $3 billion | .090% |
| JNL/WCM China Quality Growth Fund | $0 to $3 billion | .150% |
|  | Assets over $3 billion | .130% |
| JNL/WCM Focused International Equity Fund | $0 to $3 billion | .150% |
|  | Assets over $3 billion | .130% |
| JNL/Westchester Capital Event Driven Fund | $0 to $3 billion | .100% |
|  | Assets over $3 billion | .080% |

---

795

**JNL Series Trust** 

**Notes to Financial Statements (Unaudited)**

June 30, 2025

---

| | | | |
|:---|:---|:---|:---|
| **Fund** | **Fund** | **Assets** | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Administrative Fee** |
| JNL/William Blair International Leaders Fund | JNL/William Blair International Leaders Fund | $0 to $3 billion | .150% |
|  |  | Assets over $3 billion | .130% |
| JNL/WMC Balanced Fund | JNL/WMC Balanced Fund | $0 to $3 billion | .100% |
|  |  | Assets over $3 billion | .090% |
| JNL/WMC Equity Income Fund | JNL/WMC Equity Income Fund | $0 to $3 billion | .150% |
|  |  | Assets over $3 billion | .130% |
| JNL/WMC Global Real Estate Fund | JNL/WMC Global Real Estate Fund | $0 to $3 billion | .150% |
|  |  | Assets over $3 billion | .130% |
| JNL/WMC Value Fund | JNL/WMC Value Fund | $0 to $3 billion | .100% |
|  |  | Assets over $3 billion | .090% |
| <sup><sup>1</sup></sup> | The effective fee rate for these Funds is based on total net assets of the associated master fund. | The effective fee rate for these Funds is based on total net assets of the associated master fund. |  |

---

**Administrative Fee Waivers.** Pursuant to contractual waiver agreements, JNAM has agreed to waive 0.05% of the administrative fees of the Class I shares of JNL/DFA U.S. Core Equity Fund, JNL/DFA U.S. Small Cap Fund, JNL/DFA International Core Equity Fund, JNL/Mellon Communication Services Sector Fund, JNL/Mellon Consumer Discretionary Sector Fund, JNL/Mellon Consumer Staples Sector Fund, JNL/Mellon Dow Index Fund, JNL/Mellon Emerging Markets Index Fund, JNL/Mellon Energy Sector Fund, JNL/Mellon Financial Sector Fund, JNL/Mellon Healthcare Sector Fund, JNL/Mellon Industrials Sector Fund, JNL/Mellon Information Technology Sector Fund, JNL/Mellon Materials Sector Fund, JNL/Mellon Nasdaq 100 Index Fund, JNL/Mellon Real Estate Sector Fund, JNL/Mellon Utilities Sector Fund, JNL/Mellon World Index Fund, JNL/RAFI Fundamental U.S. Small Cap Fund, and JNL/Morningstar U.S. Sustainability Index Fund, 0.06% of the administrative fees of the Class I shares of JNL S&P 500 Index Fund, 0.12% of the administrative fee of Class I shares of JNL/Vanguard Growth ETF Allocation Fund and JNL/Vanguard Moderate Growth ETF Allocation Fund and 0.13% of the administrative fees of the Class I shares of JNL/Vanguard Moderate ETF Allocation Fund. None of the waived administrative fees can be recaptured by JNAM. The amount of waived expenses for the Funds is recorded as Expense waiver in each Fund's Statement of Operations.

**Distribution Fees.** The Trust has adopted a Distribution Plan (the "Plan") pursuant to the provisions of Rule 12b-1 under the 1940 Act. Pursuant to the Plan, Class A Shares of the Funds pay a distribution and/or service fee ("Rule 12b-1 fee") to Jackson National Life Distributors LLC ("JNLD"), an affiliate of the Adviser, for the purpose of paying for certain distribution, administrative, or related service expenses from the sale and distribution of each Fund's Class A shares. To the extent consistent with existing law and the Plan, JNLD may use the Rule 12b-1 fees to reimburse or compensate broker-dealers, administrators or others for providing distribution, administrative or other services. The Funds' Plan is structured as a compensation plan. Under a compensation plan, the distributor may receive 12b-1 fees in excess of the allowable distribution and related shareholder servicing expenses, but not exceeding the maximum 12b-1 fee, which may be applied to future periods when distribution and related shareholder servicing expenses are less than the maximum 12b-1 fee set by the Plan. Under the Plan, the maximum annual rate for Rule 12b-1 fees paid by the Class A shares of the Funds is 0.30% of the average daily net assets of the Class A shares of each Fund. Each Fund pays the fee monthly to JNLD. JNLD also is the principal underwriter of the variable insurance products issued by Jackson and its subsidiaries. Amounts charged pursuant to the Plan are reflected as 12b-1 fees (Class A) in each Fund's Statement of Operations.

**Affiliated Brokerage Commissions.** During the period ended June 30, 2025, the following Funds paid brokerage fees to affiliates for the execution of purchases and sales of portfolio investments (in thousands): JNL/Invesco Diversified Dividend Fund $6, JNL/Invesco Global Growth Fund $1 and JNL/Invesco Small Cap Growth Fund $40.

**Deferred Compensation Plan.** The Funds adopted a Deferred Compensation Plan whereby an Independent Trustee may defer the receipt of all or a portion of their compensation. These deferred amounts, which remain as liabilities of the Funds, are treated as if invested and reinvested in shares of one or more funds at the discretion of the applicable Independent Trustee. These amounts represent general, unsecured liabilities of the Funds and vary according to the total returns of the selected funds. Liabilities related to deferred balances are included in Payable for Board of trustee fees in the Statements of Assets and Liabilities. Increases or decreases related to the changes in value of deferred balances are included in Board of trustee fees set forth in the Statements of Operations.

**Directed Brokerage Commissions.** A Sub-Adviser may allocate a portion of a Fund's equity security transactions (subject to obtaining best execution of each transaction) through certain designated broker/dealers which will rebate a portion of the brokerage commissions to that Fund. Any amount credited to the Fund is reflected as Brokerage commissions recaptured in the Statements of Operations.

**Security Transactions.** Security transactions can occur in the Funds where both the buyer and seller of the security are portfolios or accounts for which JNAM serves as the Adviser or the other party to the transaction is another fund advised by the Sub-Adviser. Such transactions occur to eliminate transaction costs normally associated with security trading activity. Such transactions are subject to compliance with Rule 17a-7 under the 1940 Act ("Rule 17a-7 transactions"), and are reviewed by the Chief Compliance Officer and reported quarterly to the Board. Rule 17a-7 transactions are executed at current market price at the time of the transaction. Realized gain/(loss) (in thousands) on Rule 17a-7 transactions is included in Net realized gain (loss) on Investments - unaffiliated on the Statements of Operations. The following Funds have Rule 17a-7 transactions (in thousands) during the period ended June 30, 2025:

---

| | | | |
|:---|:---|:---|:---|
| **Fund** | **Purchase of Securities($)** | **Proceeds from Sales of Securities($)** | **Realized Gain/Loss($)** |
| JNL/MFS Mid Cap Value Fund |  | 1039 | 401 |
| JNL/T. Rowe Price Growth Stock Fund |  | 18366 | 3734 |
| JNL/T. Rowe Price Mid-Cap Growth Fund |  | 643 | (394) |
| JNL/WMC Balanced Fund | 11887 | 6004 | 417 |
| JNL/WMC Equity Income Fund | 2530 |  |  |

---

796

**JNL Series Trust** 

**Notes to Financial Statements (Unaudited)**

June 30, 2025

---

| | | | |
|:---|:---|:---|:---|
| **Fund** | **Purchase of Securities($)** | **Proceeds from Sales of Securities($)** | **Realized Gain/Loss($)** |
| JNL/WMC Global Real Estate Fund |  | 4248 | (370) |

---

**Other Transactions with Affiliates.** Funds with partnership status for federal income tax purposes may not be eligible for beneficial withholding rates, available to RICs, in certain foreign jurisdictions. JNAM has agreed to reimburse these Funds for an amount equal to the additional tax withheld. These amounts are included in Foreign taxes withheld on the Statements of Operations. The Funds could also experience delays in receipt of tax reclaim payments due to their partnership status, as compared to the timing experienced by funds with RIC status for federal income tax purposes. JNAM has agreed to contribute to these Funds an amount equal to the outstanding tax reclaims, within the timeframe the Funds would have received payment under RIC status. The Funds will then reimburse JNAM once the reclaim payments are received from the foreign tax authorities. Amounts paid to the Funds by JNAM due to delayed tax reclaim receipts are included in Payable to affiliates on the Statements of Assets and Liabilities.

For the period ended June 30, 2025, transactions between the Funds and JNAM, related to foreign tax reclaims, due to the Funds' partnership status for federal income tax purposes, are as follows (in thousands):

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Gross Payments From JNAM ($)** | **Reclaimed Amounts Refunded to JNAM ($)** | **Reclaimed Amounts Payable to JNAM ($)** | **Net Withholdings Tax Reimbursed from JNAM ($)** |
| JNL Growth Allocation Fund | 47 | 35 | 12 |  |
| JNL Multi-Manager Alternative Fund | 73 | 1 | 19 | 53 |
| JNL Multi-Manager Mid Cap Fund | 57 |  | 3 | 54 |
| JNL/AB Sustainable Global Thematic Fund | 4 |  | 4 |  |
| JNL/BlackRock Global Allocation Fund | 1356 | 425 | 931 |  |
| JNL/BlackRock Global Natural Resources Fund | 152 | 42 | 110 |  |
| JNL/BlackRock Large Cap Select Growth Fund | 64 | 56 | 8 |  |
| JNL/ClearBridge Large Cap Growth Fund | 19 |  |  | 19 |
| JNL/First Sentier Global Infrastructure Fund | 241 | 94 | 147 |  |
| JNL/Franklin Templeton Income Fund | 104 | 51 | 53 |  |
| JNL/GQG Emerging Markets Equity Fund | 357 | 5 | 229 | 123 |
| JNL/Invesco Diversified Dividend Fund | 167 | 1 | 163 | 3 |
| JNL/Invesco Global Growth Fund | 1082 | 19 | 992 | 71 |
| JNL/JPMorgan Global Allocation Fund | 491 | 5 | 440 | 46 |
| JNL/Mellon World Index Fund | 248 | 14 | 184 | 50 |
| JNL/MFS Mid Cap Value Fund | 77 |  | 77 |  |
| JNL/T. Rowe Price Balanced Fund | 249 | 26 | 194 | 29 |
| JNL/T. Rowe Price Growth Stock Fund | 169 |  | 113 | 56 |
| JNL/T. Rowe Price Mid-Cap Growth Fund | 15 |  |  | 15 |
| JNL/T. Rowe Price Value Fund | 184 |  | 184 |  |
| JNL/WMC Balanced Fund | 1 |  | 1 |  |
| JNL/WMC Equity Income Fund | 100 | 1 | 99 |  |
| JNL/WMC Global Real Estate Fund | 181 | 44 | 125 | 12 |

---

**NOTE 9. BORROWING ARRANGEMENTS**

The Trust is party to a Syndicated Credit Agreement ("SCA") with lender banks. The Funds, with the exception of JNL/Dreyfus Government Money Market Fund, participate in the SCA with other funds managed by JNAM ("Participating Funds") in a credit facility which is available solely to finance shareholder redemptions or for other temporary or emergency purposes. The Participating Funds may borrow up to $180,000,000, the amount available under the facility; the limits set for borrowing by the Participating Funds' prospectuses and the 1940 Act; or an amount prescribed within the SCA. JNL Multi-Manager Floating Rate Income Fund has priority to utilize $100,000,000 of the SCA under an InterFund Allocation Agreement. The Participating Funds pay an annual fee of 0.15% of the available commitments. These fees are allocated pro-rata based on the allocated commitment as well as the Participating Funds' total net assets. During the period, the Participating Funds, with the exception of the JNL/Mellon Feeder Funds, paid an annual administration fee to JPM Chase which is allocated based on the weighted average of net assets. The fees related to the SCA are included in Other expenses in each Fund's Statement of Operations. No amounts were borrowed by the Funds under the facility during the period.

Pursuant to an Exemptive Order issued by the SEC, the Funds, with the exception of JNL/Dreyfus Government Money Market Fund, may participate in an InterFund Lending Program ("Program"). The Program provides an alternative credit facility allowing a Fund to borrow from, or lend money to, other participating affiliated funds. Any open loans at period end are included in Receivable for Interfund lending or Payable for Interfund lending, as appropriate, in the respective Fund's Statement of Assets and Liabilities. No amounts were borrowed through the Program during the period.

**NOTE 10. FUND ACQUISITIONS AND REORGANIZATIONS**

**Tax-Free Exchange.** The following tables include information (in thousands) relating to the acquisitions completed after the close of business on April 25, 2025. The acquisitions were completed by a tax-free exchange of Class A and Class I shares for the acquired and acquiring Funds indicated below pursuant to plans of reorganization approved by the Board and approved by the acquired Funds' shareholders. The purpose of the acquisitions was to combine Funds with similar investment objectives and strategies. Costs and expenses associated with the reorganizations relating to the solicitation of any proxies, including preparing, filing, printing, and mailing of any proxy statement, prospectus, and/or related disclosure documents, the related legal fees, including the legal fees incurred in connection with the analysis under the Internal Revenue Code of 1986, as amended, of the tax treatment of these transactions, as well as the costs associated with the preparation of the tax opinions, and obtaining consents of an independent registered public

797

**JNL Series Trust** 

**Notes to Financial Statements (Unaudited)**

June 30, 2025

accounting firm were borne by JNAM. Shares were issued at NAV based on the fair value of the assets received by the acquiring Funds. The cost basis of the investments received from the acquired Funds was carried forward to align ongoing reporting of the acquiring Funds' realized and unrealized gains and losses with amounts distributable to shareholders for tax purposes.

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  |  | **Acquired Fund** | **Acquired Fund** | **Acquiring Fund** | **Acquiring Fund** |  |
| **Acquired Fund** | **Acquiring Fund** | **Net Assets on Acquisition Date($)** | **Shares Outstanding on Acquisition Date** | **Net Assets on Acquisition Date($)** | **Shares Outstanding on Acquisition Date** | **Shares of Acquiring Fund Issued in Exchange** |
| JNL/Baillie Gifford International Growth Fund | JNL/Mellon International Index Fund |  |  |  |  |  |
| Class A | Class A | 603876 | 47227 | 2176690 | 123978 | 34389 |
| Class I | Class I | 16818 | 1293 | 53858 | 2893 | 903 |
| JNL/Harris Oakmark Global Equity Fund | JNL/Mellon World Index Fund |  |  |  |  |  |
| Class A | Class A | 376153 | 28568 | 412595 | 9520 | 8679 |
| Class I | Class I | 7959 | 603 | 11063 | 251 | 171 |
| JNL/Western Asset Global Multi-Sector Bond Fund | JNL/Neuberger Berman Strategic Income Fund |  |  |  |  |  |
| Class A | Class A | 340221 | 43691 | 631222 | 48145 | 43691 |
| Class I | Class I | 4405 | 553 | 71629 | 5333 | 553 |

---

Immediately prior to the reorganizations, the cost, fair value and unrealized appreciation (depreciation) of investments (in thousands) for the acquired Funds were as follows. Cost of Investments is included in Purchases of securities on the Statements of Changes in Net Assets.

---

| | | | |
|:---|:---|:---|:---|
| **Acquired Fund** | **Cost of Investments($)** | **Value of Investments($)** | **Net Unrealized Appreciation/ (Depreciation)($)** |
| JNL/Harris Oakmark Global Equity Fund | 365468 | 376865 | 11397 |
| JNL/Western Asset Global Multi-Sector Bond Fund | 307724 | 304922 | (2803) |

---

Assuming the acquisitions had been completed on January 1, 2025, the acquiring Funds' unaudited pro forma results of operations (in thousands) for the period ended June 30, 2025, would have been:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Acquiring Fund** | **Net Investment Income (Loss)($)** | **Net Realized Gain (Loss)($)** | **Net Change in Unrealized Appreciation/ (Depreciation)($)** | **Net Change in Net Assets from Operations($)** |
| JNL/Mellon International Index Fund | (6279) | (36430) | 480636 | 437927 |
| JNL/Mellon World Index Fund | 5574 | 29607 | 63430 | 98611 |
| JNL/Neuberger Berman Strategic Income Fund | 26002 | 6573 | 18189 | 50764 |

---

Because the combined investment portfolios have been managed as a single integrated portfolio since the acquisitions were completed after the close of business on April 25, 2025, it is not practicable to separate the amounts of net investment income (loss) and net realized and unrealized gain (loss) of the acquired Funds in the acquiring Funds' Statement of Operations.

**NOTE 11. INCOME TAX MATTERS**

---

| | |
|:---|:---|
| **The Funds listed below are treated as partnerships for federal income tax purposes. These Funds are generally not subject to federal income tax, and therefore, there is no provision for federal income taxes. Each Fund is treated as a separate entity for federal income tax purposes.** | **The Funds listed below are treated as partnerships for federal income tax purposes. These Funds are generally not subject to federal income tax, and therefore, there is no provision for federal income taxes. Each Fund is treated as a separate entity for federal income tax purposes.** |
| JNL/American Funds Balanced Fund | JNL/Goldman Sachs 4 Fund |
| JNL/American Funds Bond Fund of America Fund | JNL/GQG Emerging Markets Equity Fund |
| JNL/American Funds Capital Income Builder Fund | JNL/Invesco Diversified Dividend Fund |
| JNL/American Funds Capital World Bond Fund | JNL/Invesco Global Growth Fund |
| JNL/American Funds Global Growth Fund | JNL/Invesco Small Cap Growth Fund |
| JNL/American Funds Global Small Capitalization Fund | JNL/JPMorgan Global Allocation Fund |
| JNL/American Funds Growth Fund | JNL/JPMorgan Hedged Equity Fund |
| JNL/American Funds Growth-Income Fund | JNL/JPMorgan MidCap Growth Fund |
| JNL/American Funds International Fund | JNL/JPMorgan Nasdaq Hedged Equity Fund |
| JNL/American Funds New World Fund | JNL/JPMorgan U.S. Government & Quality Bond Fund |
| JNL/American Funds Washington Mutual Investors Fund | JNL/JPMorgan U.S. Value Fund |
| JNL/Mellon Bond Index Fund | JNL/Mellon Communication Services Sector Fund |
| JNL/Mellon International Index Fund | JNL/Mellon Consumer Discretionary Sector Fund |
| JNL/Mellon S&P 400 MidCap Index Fund | JNL/Mellon Consumer Staples Sector Fund |
| JNL/Mellon Small Cap Index Fund | JNL/Mellon Dow Index Fund |
| JNL Aggressive Growth Allocation Fund | JNL/Mellon Emerging Markets Index Fund |
| JNL Conservative Allocation Fund | JNL/Mellon Energy Sector Fund |

---

798

**JNL Series Trust** 

**Notes to Financial Statements (Unaudited)**

June 30, 2025

---

| | |
|:---|:---|
| JNL Emerging Markets Index Fund | JNL/Mellon Financial Sector Fund |
| JNL Growth Allocation Fund | JNL/Mellon Healthcare Sector Fund |
| JNL Moderate Allocation Fund | JNL/Mellon Industrials Sector Fund |
| JNL Moderate Growth Allocation Fund | JNL/Mellon Information Technology Sector Fund |
| JNL/JPMorgan Managed Aggressive Growth Fund | JNL/Mellon Materials Sector Fund |
| JNL/JPMorgan Managed Conservative Fund | JNL/Mellon Nasdaq 100 Index Fund |
| JNL/JPMorgan Managed Growth Fund | JNL/Mellon Real Estate Sector Fund |
| JNL/JPMorgan Managed Moderate Fund | JNL/Mellon S&P 500 Index Fund |
| JNL/JPMorgan Managed Moderate Growth Fund | JNL/Mellon U.S. Stock Market Index Fund |
| JNL/American Funds Growth Allocation Fund | JNL/Mellon Utilities Sector Fund |
| JNL/American Funds Moderate Allocation Fund | JNL/Mellon World Index Fund |
| JNL/American Funds Moderate Growth Allocation Fund | JNL/MFS Mid Cap Value Fund |
| JNL/Vanguard Growth ETF Allocation Fund | JNL/Morningstar SMID Moat Focus Index Fund |
| JNL/Vanguard Moderate ETF Allocation Fund | JNL/Morningstar U.S. Sustainability Index Fund |
| JNL/Vanguard Moderate Growth ETF Allocation Fund | JNL/Neuberger Berman Commodity Strategy Fund |
| JNL Bond Index Fund | JNL/Neuberger Berman Gold Plus Strategy Fund |
| JNL Mid Cap Index Fund | JNL/Neuberger Berman Strategic Income Fund |
| JNL Multi-Manager Alternative Fund | JNL/Newton Equity Income Fund |
| JNL Multi-Manager Floating Rate Income Fund | JNL/PIMCO Income Fund |
| JNL Multi-Manager Mid Cap Fund | JNL/PIMCO Investment Grade Credit Bond Fund |
| JNL Multi-Manager Small Cap Growth Fund | JNL/PIMCO Real Return Fund |
| JNL Multi-Manager Small Cap Value Fund | JNL/PPM America Investment Grade Credit Fund |
| JNL Multi-Manager U.S. Select Equity Fund | JNL/PPM America High Yield Bond Fund |
| JNL S&P 500 Index Fund | JNL/PPM America Total Return Fund |
| JNL Small Cap Index Fund | JNL/RAFI Fundamental U.S. Small Cap Fund |
| JNL/AB Sustainable Global Thematic Fund | JNL/RAFI Multi-Factor U.S. Equity Fund |
| JNL/AQR Large Cap Defensive Style Fund | JNL/T. Rowe Price Balanced Fund |
| JNL/BlackRock Global Allocation Fund | JNL/T. Rowe Price Capital Appreciation Equity Fund |
| JNL/BlackRock Global Natural Resources Fund | JNL/T. Rowe Price Capital Appreciation Fund |
| JNL/BlackRock Large Cap Select Growth Fund | JNL/T. Rowe Price Growth Stock Fund |
| JNL/ClearBridge Large Cap Growth Fund | JNL/T. Rowe Price Mid-Cap Growth Fund |
| JNL/DFA U.S. Core Equity Fund | JNL/T. Rowe Price Short-Term Bond Fund |
| JNL/DFA U.S. Small Cap Fund | JNL/T. Rowe Price U.S. High Yield Fund |
| JNL/DoubleLine Core Fixed Income Fund | JNL/T. Rowe Price Value Fund |
| JNL/DoubleLine Emerging Markets Fixed Income Fund | JNL/Westchester Capital Event Driven Fund |
| JNL/DoubleLine Shiller Enhanced CAPE Fund | JNL/WMC Balanced Fund |
| JNL/DoubleLine Total Return Fund | JNL/WMC Equity Income Fund |
| JNL/Fidelity Institutional Asset Management Total Bond Fund | JNL/WMC Global Real Estate Fund |
| JNL/First Sentier Global Infrastructure Fund | JNL/WMC Value Fund |
| JNL/Franklin Templeton Income Fund |  |

---

Each Fund, except those that are treated as a partnership for federal income tax purposes, is treated as a separate tax payer for federal income tax purposes. Each of these Funds intends to continue to qualify as a RIC and to distribute substantially all net investment income and net capital gains, if any, to its shareholders and otherwise comply with Subchapter M of the Internal Revenue Code of 1986, as amended, applicable to RICs. Therefore, no federal income tax provision is required. Each of these Funds may also fully or partially satisfy their distribution requirements by using consent dividends rather than cash dividends. Consent dividends are authorized by Jackson, and the distributions are treated as if they were paid in cash for tax purposes only. Under current tax law, interest, dividends and capital gains paid by these Funds are not currently taxable to shareholders when left to accumulate within a variable annuity contract or variable life insurance policies.

The following information for Funds treated as RICs is presented on an income tax basis (in thousands). Differences between amounts for financial statements and federal income tax purposes are primarily due to timing and character differences in recognizing certain gains and losses on investment transactions. Permanent differences between financial statement and federal income tax reporting are reclassified within the capital accounts based on their federal income tax treatment. Temporary differences do not require reclassification. Permanent differences may include but are not limited to the following: foreign currency reclassifications, premium amortization or paydown reclassifications, reclassifications on the sale of passive foreign investment company ("PFIC") or REIT securities, net operating losses, accounting treatment of notional principal contracts and partnerships, equalization, consent dividends and other distribution adjustments. These reclassifications have no impact on net assets.

At December 31, 2024, the following Funds treated as RICs had capital loss carryforwards (in thousands) available for U.S. federal income tax purposes to offset future net realized capital gains. The amount and character of the capital loss carryforwards are listed in the table below.

799

**JNL Series Trust** 

**Notes to Financial Statements (Unaudited)**

June 30, 2025

---

| | | | |
|:---|:---|:---|:---|
|  | **Capital Loss Carryforwards with No Expiration** | **Capital Loss Carryforwards with No Expiration** |  |
|  | **Short Term ($)** | **Long Term ($)** | **Total ($)** |
| JNL Multi-Manager Emerging Markets Equity Fund | 30317 | 55266 | 85583 |
| JNL Multi-Manager International Small Cap Fund | 32320 | 71064 | 103384 |
| JNL/Cohen & Steers U.S. Realty Fund | 902 | 19149 | 20051 |
| JNL/DFA International Core Equity Fund | 7648 | 2635 | 10283 |
| JNL/Loomis Sayles Global Growth Fund | 2813 |  | 2813 |
| JNL/Lord Abbett Short Duration Income Fund | 17250 | 36277 | 53527 |
| JNL/WCM China Quality Growth Fund | 235 | 1435 | 1670 |
| JNL/William Blair International Leaders Fund | 30715 |  | 30715 |

---

At December 31, 2024, the Funds' last fiscal year end, the following Funds had capital, currency and/or PFIC mark-to-market losses (in thousands) realized after October, 31, 2024 ("Post-October losses"), which were deferred for tax purposes to the first day of the following fiscal year, January 1, 2025:

---

| | |
|:---|:---|
|  | **Amount($)** |
| JNL/Morningstar PitchBook Listed Private Equity Index Fund | 52 |
| JNL/WCM China Quality Growth Fund | 167 |

---

As of June 30, 2025, the cost of investments and the components of net unrealized appreciation (depreciation) (in thousands) for Funds treated as RICs for federal income tax purposes were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Tax Cost of Investments($)** | **Gross Unrealized Appreciation($)** | **Gross Unrealized Depreciation($)** | **Net Unrealized Appreciation (Depreciation)($)** |
| JNL Growth ETF Allocation Fund | 340859 | 45810 | (2061) | 43749 |
| JNL Moderate ETF Allocation Fund | 210647 | 9726 | (3558) | 6168 |
| JNL Moderate Growth ETF Allocation Fund | 332231 | 32601 | (4045) | 28556 |
| JNL International Index Fund | 2417562 | 742017 | (159787) | 582230 |
| JNL Multi-Manager Emerging Markets Equity Fund | 1104264 | 223305 | (85651) | 137654 |
| JNL Multi-Manager International Small Cap Fund | 579557 | 120220 | (15937) | 104283 |
| JNL/Causeway International Value Select Fund | 2024346 | 439681 | (136795) | 302886 |
| JNL/Cohen & Steers U.S. Realty Fund | 90806 | 3421 | (7783) | (4362) |
| JNL/DFA International Core Equity Fund | 402595 | 104547 | (18547) | 86000 |
| JNL/Dreyfus Government Money Market Fund | 2596622 | 10 | (10) |  |
| JNL/Lazard International Quality Growth Fund | 443711 | 55037 | (27285) | 27752 |
| JNL/Loomis Sayles Global Growth Fund | 580614 | 324850 | (28422) | 296428 |
| JNL/Lord Abbett Short Duration Income Fund | 696058 | 6566 | (1002) | 5564 |
| JNL/Morningstar PitchBook Listed Private Equity Index Fund | 16772 | 947 | (855) | 92 |
| JNL/Morningstar Wide Moat Index Fund | 999468 | 85188 | (83164) | 2024 |
| JNL/WCM China Quality Growth Fund | 8764 | 693 | (527) | 166 |
| JNL/WCM Focused International Equity Fund | 1575216 | 676053 | (32286) | 643767 |
| JNL/William Blair International Leaders Fund | 835102 | 187818 | (8298) | 179520 |

---

As of June 30, 2025, the components of net unrealized appreciation (depreciation) (in thousands) for derivatives held in Funds treated as RICs were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Tax Cost/Premiums/Adjustment($)** | **Gross Unrealized Appreciation($)** | **Gross Unrealized Depreciation($)** | **Net Unrealized Appreciation (Depreciation)($)** |
| JNL International Index Fund |  |  |  |  |
| Futures/Futures Options Contracts | 28 | 403 | (19) | 384 |
| Forward Foreign Currency Contracts | 565 |  |  |  |
| JNL/DFA International Core Equity Fund |  |  |  |  |
| Futures/Futures Options Contracts | 10 |  |  |  |
| JNL/Lord Abbett Short Duration Income Fund |  |  |  |  |
| Futures/Futures Options Contracts | 333 |  |  |  |
| JNL/Morningstar Wide Moat Index Fund |  |  |  |  |
| Futures/Futures Options Contracts | 100 |  |  |  |

---

The tax character of distributions paid by the Funds treated as RICs (in thousands) during the Funds' fiscal year ended December 31, 2024 was as follows:

---

| | | | |
|:---|:---|:---|:---|
|  | **Net Ordinary Income\*($)** | **Long-term Capital Gain($)** | **Return of Capital($)** |
| JNL Growth ETF Allocation Fund | 6370 | 2154 |  |
| JNL Moderate ETF Allocation Fund | 5029 |  |  |
| JNL Moderate Growth ETF Allocation Fund | 7259 | 1932 |  |
| JNL International Index Fund | 79461 | 8590 |  |
| JNL Multi-Manager Emerging Markets Equity Fund | 14487 |  |  |

---

800

**JNL Series Trust** 

**Notes to Financial Statements (Unaudited)**

June 30, 2025

---

| | | | |
|:---|:---|:---|:---|
|  | **Net Ordinary Income\*($)** | **Long-term Capital Gain($)** | **Return of Capital($)** |
| JNL Multi-Manager International Small Cap Fund | 25697 |  |  |
| JNL/Causeway International Value Select Fund | 70464 | 113662 |  |
| JNL/Cohen & Steers U.S. Realty Fund | 5104 |  |  |
| JNL/DFA International Core Equity Fund | 7627 |  |  |
| JNL/Dreyfus Government Money Market Fund | 134787 |  |  |
| JNL/Lazard International Quality Growth Fund | 15499 |  |  |
| JNL/Loomis Sayles Global Growth Fund | 1102 | 14910 |  |
| JNL/Lord Abbett Short Duration Income Fund | 42205 |  |  |
| JNL/Morningstar Wide Moat Index Fund | 110551 |  |  |
| JNL/WCM Focused International Equity Fund | 2439 | 41815 |  |
| JNL/William Blair International Leaders Fund | 4766 |  |  |

---

\* Net ordinary income consists of net taxable income derived from dividends, interest and net short-term capital gains, if any.

The Funds file U.S. federal and various state and local tax returns. A Fund's federal tax returns are generally subject to examination for a period of three fiscal years after the date they are filed. State and local tax returns may be subject to examination for an additional period of time depending on the jurisdiction. Management completed an evaluation of the Funds' tax positions taken for all open tax years and based on that evaluation, determined that no provision for federal income tax was required in the Funds' financial statements during the period ended June 30, 2025.

**NOTE 12. SEGMENT REPORTING**

The Funds' President and Chief Executive Officer is the Funds' Chief Operating Decision Maker ("CODM"). Each Fund operates as a single reportable segment, which reflects how the CODM monitors and manages the operating results of each Fund. The CODM manages the allocation of resources in accordance with each Funds' objective and the terms of their prospectus and evaluates total return of the Funds versus their comparative benchmarks. The Adviser or Sub-Adviser implements the investment objective and program by selecting securities and determining asset allocation ranges. The financial information used by the CODM to assess the segment's performance and to allocate resources, including total return, expense ratios, changes in net assets from operations and portfolio composition is consistent with that presented within each Funds' financial statements and financial highlights. Segment assets are reflected on the accompanying Statement of Assets and Liabilities as Total Assets and significant segment expenses are listed on the accompanying Statement of Operations.

**NOTE 13. SUBSEQUENT EVENTS**

Management has evaluated subsequent events for the Funds through the date the financial statements are issued and has concluded there were no events that require adjustments to the financial statements or disclosure in the Notes to Financial Statements.

801

**JNL Series Trust** 

**Additional Disclosures (Unaudited)**

June 30, 2025

**Quarterly Portfolio Holdings.** The Funds file a complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year as an exhibit to their reports on Form N-PORT. The Funds' Form N-PORT reports are available on the SEC's website at <u>www.sec.gov</u>. The information on Form N-PORT is also available upon request from the registrant by calling the Funds toll-free at 1-866-255-1935.

**Proxy Voting Policies and Procedures and Proxy Voting Record.** A description of the Policy that the Funds' Adviser (and Sub-Advisers) used to vote proxies relating to portfolio securities and additional information on how the Funds voted any proxies relating to portfolio securities during the 12-month period ended June 30, 2025, are available without charge (1) by calling 1-800-644-4565 (Jackson Service Center) or 1-800-599-5651 (Jackson NY Service Center), (2) by writing the JNL Series Trust, P.O. Box 30314, Lansing, Michigan 48909-7814, (3) by visiting <u>www.jackson.com</u>, and (4) by visiting the SEC's website at <u>www.sec.gov</u>.

802

**<u>Form N-CSR Item 8: Changes in and Disagreements with Accountants:</u>**

Not Applicable

**<u>Form N-CSR Item 9: Matters Submitted for Shareholder Vote:</u>**

On March 25, 2025, a special meeting of shareholders of the JNL/Baillie Gifford International Growth Fund of the Trust was held at the offices of Jackson National Life Insurance Company, 1 Corporate Way, Lansing, Michigan 48951 (the "Meeting"). The Meeting was held for the following purpose (and with the following results):

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Proposal:** | **FOR** | **AGAINST** | **ABSTAIN** | **TOTAL** |
| 1. To approve Plan of Reorganization, adopted by the Trust's Board of Trustees, which provides for the reorganization of the JNL/Baillie Gifford International Growth Fund into the JNL/Mellon International Index Fund, also a series of the Trust. | 47345925.058 | 1021103.570 | 3777701.033 | 52144729.662 |

---

On March 25, 2025, a special meeting of shareholders of the JNL/Harris Oakmark Global Equity Fund of the Trust was held at the offices of Jackson National Life Insurance Company, 1 Corporate Way, Lansing, Michigan 48951 (the "Meeting"). The Meeting was held for the following purpose (and with the following results):

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Proposal:** | **FOR** | **AGAINST** | **ABSTAIN** | **TOTAL** |
| 2. To approve Plan of Reorganization, adopted by the Trust's Board of Trustees, which provides for the reorganization of the JNL/Harris Oakmark Global Equity Fund into the JNL/Mellon World Index Fund, also a series of the Trust. | 31857205.120 | 709305.467 | 2474265.243 | 35040775.830 |

---

On March 25, 2025, a special meeting of shareholders of the JNL/Western Asset Global Multi-Sector Bond Fund of the Trust was held at the offices of Jackson National Life Insurance Company, 1 Corporate Way, Lansing, Michigan 48951 (the "Meeting"). The Meeting was held for the following purpose (and with the following results):

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Proposal:** | **FOR** | **AGAINST** | **ABSTAIN** | **TOTAL** |
| 1. To approve Plan of Reorganization, adopted by the Trust's Board of Trustees, which provides for the reorganization of the JNL/Western Asset Global Multi-Sector Bond Fund into the JNL/Neuberger Berman Strategic Income Fund, also a series of the Trust. | 42153523.765 | 498299.159 | 3644401.288 | 46296224.212 |

---

803

**<u>Form N-CSR Item 10: Remuneration Paid to Directors, Officers and Others</u>**

The interested Trustee and the Officers of the Trust or the Adviser do not receive any compensation from the Trust for their services as Trustees or Officers. The following persons, who are Independent Trustees of the Trust, received from the Trust the compensation amounts indicated for their services as such for the 6-month period ended June 30, 2025:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Trustee** | **Aggregate Compensation from the Trust<sup>1</sup>** | **Pension or Retirement Benefits Accrued As Part of Trust Expenses** | **Estimated Annual Benefits Upon Retirement** | **Total Compensation from the Trust and Fund Complex** | **Total Compensation from the Trust and Fund Complex** |
|  | Eric O. Anyah | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $194425  | $0 | $0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $197500  | <sup>2</sup> |
|  | Michael Bouchard  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $182119  | $0 | $0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $185000  | |
|  | Ellen Carnahan | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $194425  | $0 | $0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $197500  | |
|  | John Gillespie | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $194425  | $0 | $0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $197500  | |
|  | William R. Rybak  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $182119  | $0 | $0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $185000  |  |
|  | Mark S. Wehrle | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $196885  | $0 | $0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $200000  | |
|  | Edward Wood | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $233801  | $0 | $0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $237500  | <sup>3</sup> |
|  | Patricia Woodworth  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $182119  | $0 | $0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $185000  | |
| <sup>1</sup> | The fees paid to the Independent Trustees are paid for combined service on the Boards of the JNL Series Trust, JNL Investors Series Trust, Jackson Credit Opportunities Fund, and Jackson Real Assets Fund (the "Fund Complex"). The fees are allocated to the Fund Complex and affiliated investment companies on a pro-rata basis based on net assets. The total fees paid to all the Independent Trustees is $1,585,000. | The fees paid to the Independent Trustees are paid for combined service on the Boards of the JNL Series Trust, JNL Investors Series Trust, Jackson Credit Opportunities Fund, and Jackson Real Assets Fund (the "Fund Complex"). The fees are allocated to the Fund Complex and affiliated investment companies on a pro-rata basis based on net assets. The total fees paid to all the Independent Trustees is $1,585,000. | The fees paid to the Independent Trustees are paid for combined service on the Boards of the JNL Series Trust, JNL Investors Series Trust, Jackson Credit Opportunities Fund, and Jackson Real Assets Fund (the "Fund Complex"). The fees are allocated to the Fund Complex and affiliated investment companies on a pro-rata basis based on net assets. The total fees paid to all the Independent Trustees is $1,585,000. | The fees paid to the Independent Trustees are paid for combined service on the Boards of the JNL Series Trust, JNL Investors Series Trust, Jackson Credit Opportunities Fund, and Jackson Real Assets Fund (the "Fund Complex"). The fees are allocated to the Fund Complex and affiliated investment companies on a pro-rata basis based on net assets. The total fees paid to all the Independent Trustees is $1,585,000. | The fees paid to the Independent Trustees are paid for combined service on the Boards of the JNL Series Trust, JNL Investors Series Trust, Jackson Credit Opportunities Fund, and Jackson Real Assets Fund (the "Fund Complex"). The fees are allocated to the Fund Complex and affiliated investment companies on a pro-rata basis based on net assets. The total fees paid to all the Independent Trustees is $1,585,000. |  |
| <sup>2</sup> | Amount includes $197,500 deferred by Mr. Anyah. | Amount includes $197,500 deferred by Mr. Anyah. | Amount includes $197,500 deferred by Mr. Anyah. | Amount includes $197,500 deferred by Mr. Anyah. | Amount includes $197,500 deferred by Mr. Anyah. |  |
| <sup>3</sup> | Amount includes $71,250 deferred by Mr. Wood. | Amount includes $71,250 deferred by Mr. Wood. | Amount includes $71,250 deferred by Mr. Wood. | Amount includes $71,250 deferred by Mr. Wood. | Amount includes $71,250 deferred by Mr. Wood. |  |

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The Statement of Additional Information includes additional information about the Trustees and may be obtained at no charge by calling 1-800-644-4565 (Jackson Service Center) or 1-800-599-5651 (Jackson NY Service Center), by writing the JNL Series Trust, P.O. Box 30314, Lansing, Michigan 48909-7814, or by visiting www.jackson.com.

**<u>Form N-CSR Item 11: Statement Regarding Basis for Approval of Investment Advisory Contract:</u>**

**JNL Series Trust**

**(the "Trust")**

**APPROVAL OF SUB-ADVISORY AGREEMENT**

The Board of Trustees of the Trust ("Board") oversees the management of the Trust and its separate series (each, a "Fund" and collectively, the "Funds") and, as required by law, determines whether to approve the Trust's advisory agreement with Jackson National Asset Management, LLC ("JNAM") and the investment sub-advisory agreements between JNAM and each Fund's sub-adviser(s).

At a meeting on February 27 - 28, 2025, the Board, including all of the independent trustees, who are not interested persons of the Funds (as defined in the Investment Company Act of 1940, as amended) (the "Independent Trustees"), considered information relating to a new sub-advisory agreement (the "Sub-Advisory Agreement") between Segall Bryant & Hamill, LLC ("SBH"), sub-adviser for a sleeve of the JNL Multi-Manager Small Cap Growth Fund (the "Fund"), and JNAM, to be effective upon the completion of the change of control of SBH. The Board noted that CI Financial Corp. ("CI"), the parent company of SBH, has entered into a definitive agreement with an affiliate of Mubadala Capital, the alternative asset management arm of Mubadala Investment Company, to take CI private. The result of this transaction will trigger a change of control of SBH, which will automatically terminate the current sub-advisory agreement with SBH.

In advance of the meeting, independent legal counsel for the Independent Trustees requested that certain information be provided to the Board relating to the Sub-Advisory Agreement. The Board received, and had the opportunity to review, this and other materials, ask questions and request further information in connection with its consideration of the Sub-Advisory Agreement. With respect to its approval of the Sub-Advisory Agreement, the Board noted that the Sub-Advisory Agreement was with a Sub-Adviser that already provides services to the

804

Fund. Thus, the Board also considered relevant information provided at previous Board meetings. At the conclusion of the Board's discussions, the Board approved the Sub-Advisory Agreement.

In reviewing the Sub-Advisory Agreement and considering the information, the Board was advised by outside independent legal counsel. The Board considered the factors it deemed relevant, as applicable, including: (1) the nature, quality and extent of the services to be provided; (2) the investment performance of the Sub-Adviser and/or the Fund's investment team; (3) cost of services of the Sub-Adviser; (4) profitability data; (5) whether economies of scale may be realized and shared, in some measure, with investors as the Fund grows; and (6) other benefits that may accrue to the Sub-Adviser through its relationship with the Trust. In its deliberations, the Board, in exercising its business judgment did not identify any single factor that alone was responsible for the Board's decision to approve the Sub-Advisory Agreement. Certain of the factors considered in the Board's deliberations are described below, although individual Trustees may have evaluated the information presented differently from one another, attributing different weights to various factors.

Before approving the Sub-Advisory Agreement, the Independent Trustees met in executive session with their independent legal counsel to consider the materials provided by JNAM and the Sub-Adviser and to consider the terms of the Sub-Advisory Agreement. Based on its evaluation of those materials and the information the Board received throughout the year at its regular meetings, the Board, including the interested and Independent Trustees, concluded that the Sub-Advisory Agreement is in the best interests of the shareholders of the Fund. In reaching its conclusions, the Board considered numerous factors, including the following:

**Nature, Quality and Extent of Services**

The Board examined the nature, quality and extent of the services to be provided by the Sub-Adviser. The Board noted JNAM's evaluation of the Sub-Adviser, as well as JNAM's recommendations, based on its review of the Sub-Adviser, in connection with its approval of the Sub-Advisory Agreement.

The Board reviewed the qualifications, backgrounds and responsibilities of the Sub-Adviser's portfolio managers who are responsible for the day-to-day management of the relevant sleeve of the Fund and noted that the portfolio managers would not change in connection with the change of control. The Board reviewed information pertaining to the Sub-Adviser's organizational structure, senior management, financial condition, investment operations, and other relevant information pertaining to the Sub-Adviser. The Board considered compliance reports about the Sub-Adviser from the Trust's Chief Compliance Officer.

Based on the foregoing, the Board concluded that the Fund is likely to benefit from the nature, extent and quality of the services to be provided by the Sub-Adviser under the Sub-Advisory Agreement.

**Investment Performance of the Funds**

**The Board noted that the sleeve of the Fund sub-advised by SBH outperformed its benchmark and peer group median for the one- and five-year periods ended December 31, 2024, though the sleeve underperformed its benchmark and peer group median for the three-year period. The Board considered information relating to the change of control and noted JNAM's and SBH's assertions that the change of control will not affect the services provided to the Fund, and that there will be no material changes to the investment philosophy, process or investment team for the Fund. The Board concluded that it would be in the best interests of the Fund and its shareholders to approve the Sub-Advisory Agreement.**

**Costs of Services**

The Board reviewed the fees to be paid to the Fund's Sub-Adviser. The Board noted that the fee schedule for the Fund will not change as a result of the change of control and will remain the same as the one in the current

805

sub-advisory agreement. The Board concluded that the sub-advisory fees are in the best interests of the Fund and its shareholders in light of the services to be provided.

**Profitability** 

The Board considered information concerning the costs incurred and profits realized by the Sub-Adviser. The Board determined that profits realized by the Sub-Adviser were not unreasonable.

**Economies of Scale**

The Board considered whether the Fund's proposed fees reflect the potential for economies of scale for the benefit of Fund shareholders. Based on information provided by JNAM and the Sub-Adviser, the Board noted that the sub-advisory fee arrangement for the Fund does not contain breakpoints that decrease the fee rate as assets increase. The Board further noted that the sub-advisory fee for the Fund is paid by JNAM (not the Fund). The Board concluded that the fees in some measure share economies of scale with shareholders.

**Other Benefits to the Sub-Adviser**

In evaluating the benefits that may accrue to the Sub-Adviser through its relationship with the Fund, the Board noted that the Sub-Adviser may receive indirect benefits in the form of soft dollar arrangements for portfolio securities trades placed with the Fund's assets and may also develop additional investment advisory business with JNAM, the Trust or other clients of the Sub-Adviser as a result of its relationship with the Fund.

**JNL Series Trust**

**(the "Trust")**

**APPROVAL OF SUB-ADVISORY AGREEMENT**

The Board of Trustees of the Trust ("Board") oversees the management of the Trust and its separate series and, as required by law, determines whether to approve the Trust's advisory agreement with Jackson National Asset Management, LLC ("JNAM") and the investment sub-advisory agreements between JNAM and each Fund's sub-adviser(s).

At a meeting on June 3 – 5, 2025, the Board, including all of the independent trustees, who are not interested persons of the Trust (as defined in the Investment Company Act of 1940, as amended) (the "Independent Trustees"), considered information relating to a proposed sub-adviser addition for the JNL Multi-Manager Mid Cap Fund (the "Fund") and an amendment to the existing sub-advisory agreement between River Road Asset Management, LLC ("River Road" or the "Sub-Adviser") and JNAM (the "Sub-Advisory Agreement"), whereby River Road is appointed as one of the sub-advisers to the Fund.

In advance of the meeting, independent legal counsel for the Independent Trustees requested that certain information be provided to the Board relating to the Sub-Advisory Agreement. The Board received, and had the opportunity to review, this and other materials, ask questions and request further information in connection with its consideration of the Sub-Advisory Agreement. With respect to its approval of the Sub-Advisory Agreement, the Board noted that the Sub-Advisory Agreement was with a Sub-Adviser that already provides services to one or more existing series of the Trust. Thus, the Board also considered relevant information provided at previous Board meetings. At the conclusion of the Board's discussions, the Board approved the Sub-Advisory Agreement.

In reviewing the Sub-Advisory Agreement and considering the information, the Board was advised by outside independent legal counsel. The Board considered the factors it deemed relevant, as applicable, including: (1) the nature, quality and extent of the services to be provided; (2) the investment performance of the

806

Sub-Adviser and/or the Fund's investment team; (3) cost of services of the Sub-Adviser; (4) profitability data; (5) whether economies of scale may be realized and shared, in some measure, with investors as the Fund grows; and (6) other benefits that may accrue to the Sub-Adviser through its relationship with the Trust. In its deliberations, the Board, in exercising its business judgment did not identify any single factor that alone was responsible for the Board's decision to approve the Sub-Advisory Agreement. Certain of the factors considered in the Board's deliberations are described below, although individual Trustees may have evaluated the information presented differently from one another, attributing different weights to various factors.

Before approving the Sub-Advisory Agreement, the Independent Trustees met in executive session with their independent legal counsel to consider the materials provided by JNAM and the Sub-Adviser and to consider the terms of the Sub-Advisory Agreement. Based on its evaluation of those materials and the information the Board received throughout the year at its regular meetings, the Board, including the interested and Independent Trustees, concluded that the Sub-Advisory Agreement is in the best interests of the shareholders of the Fund. In reaching its conclusions, the Board considered numerous factors, including the following:

**Nature, Quality and Extent of Services**

The Board examined the nature, quality and extent of the services to be provided by the Sub-Adviser. The Board noted JNAM's evaluation of the Sub-Adviser, as well as JNAM's recommendations, based on its review of the Sub-Adviser, in connection with its approval of the Sub-Advisory Agreement.

The Board reviewed the qualifications, backgrounds and responsibilities of the Sub-Adviser's portfolio managers who would be responsible for the day-to-day management of the relevant sleeve of the Fund. The Board reviewed information pertaining to the Sub-Adviser's organizational structure, senior management, financial condition, investment operations, and other relevant information pertaining to the Sub-Adviser. The Board considered compliance reports about the Sub-Adviser from the Trust's Chief Compliance Officer.

Based on the foregoing, the Board concluded that the Fund is likely to benefit from the nature, extent and quality of the services to be provided by the Sub-Adviser under the Sub-Advisory Agreement.

**Investment Performance of the Funds**

**The Board reviewed the performance of the Fund's proposed Sub-Adviser's investment mandate with a similar investment strategy as compared to the Fund's benchmark index and peer group returns. The Board concluded that it would be in the best interests of the Fund and its shareholders to approve the Sub-Advisory Agreement.**

807

**Costs of Services**

The Board reviewed the fees to be paid to the Fund's Sub-Adviser. The Board considered that the Fund's advisory fee is lower than its peer group average, and the Fund's sub-advisory fee is within two basis points of its peer group average. The Board also considered that the Fund's total expense ratio is within six basis points of its respective peer group average and considered management's representation that none of the peers were multi-manager funds which require different levels of oversight. The Board noted that the sub-advisory fee is paid by JNAM (not the Fund). The Board concluded that the fees are in the best interests of the Fund and its shareholders in light of the services to be provided.

**Profitability** 

The Board considered information concerning the costs incurred and profits estimated to be realized by the Sub-Adviser with respect to the sleeve of the Fund. The Board determined that profits estimated to be realized by the Sub-Adviser were not unreasonable.

**Economies of Scale**

The Board considered whether the Fund's proposed fees reflect the potential for economies of scale for the benefit of Fund shareholders. Based on information provided by JNAM and the Sub-Adviser, the Board noted that the sub-advisory fee arrangement for the Fund does not contain breakpoints that decrease the fee rate as assets increase. The Board further noted that the sub-advisory fee for the Fund is paid by JNAM (not the Fund). The Board concluded that the fees in some measure share economies of scale with shareholders.

**Other Benefits to the Sub-Adviser**

In evaluating the benefits that may accrue to the Sub-Adviser through its relationship with the Fund, the Board noted that the Sub-Adviser may receive indirect benefits in the form of soft dollar arrangements for portfolio securities trades placed with the Fund's assets and may also develop additional investment advisory business with JNAM, the Trust or other clients of the Sub-Adviser as a result of its relationship with the Fund.

808

**Supplement Dated May 19, 2025**

**To The Prospectus Dated April 28, 2025**

**JNL<sup>®</sup> Series Trust**

Please note that the changes below may impact your variable annuity and/or variable life product(s).

Effective May 1, 2025, for the JNL Multi-Manager Small Cap Growth Fund, please delete all references to and information for Christopher W. Clark.

Effective April 30, 2025, for the JNL/Fidelity Institutional Asset Management<sup>®</sup> Total Bond Fund, please delete all references to and information for Alexandre Karam.

Effective May 1, 2025, in the section, "**Summary Overview Of Each Fund**," for the JNL/Mellon Bond Index Fund, please delete the "**Investment Objective**" in the entirety and replace with the following:

**Investment Objective.** The investment objective of the Fund ("Fund" or "Feeder Fund") is to track the performance of the Bloomberg<sup>®</sup> U.S. Aggregate Index to provide a moderate rate of income by investing in domestic fixed-income investments through exclusive investment in shares of the JNL Bond Index Fund ("Master Fund").

Effective May 1, 2025, in the section, "**Summary Overview Of Each Fund**," for the JNL Bond Index Fund, please delete the "**Investment Objective**" in the entirety and replace with the following:

**Investment Objective.** The investment objective of the Fund ("Fund" or "Master Fund") is to track the performance of the Bloomberg<sup>®</sup> U.S. Aggregate Index to provide a moderate rate of income by investing in domestic fixed-income investments.

This Supplement is dated May 19, 2025.

**Supplement Dated June 5, 2025**

**To The Prospectus Dated April 28, 2025**

**JNL<sup>®</sup> Series Trust**

Please note that the changes below may impact your variable annuity and/or variable life product(s).

Unless otherwise noted, all changes are effective immediately.

Effective May 13, 2025, for the JNL/Lord Abbett Short Duration Income Fund, please delete all references to and information for Kewjin Yuoh.

Effective June 30, 2025, for the JNL/Mellon Bond Index Fund and JNL Bond Index Fund, please delete all references to and information for Nancy Rogers.

Effective June 30, 2025, for Marlene Walker Smith, please replace all references to her title with "Senior Director and Chief Investment Officer."

In the section "**Summary Overview of Each Fund**," under "**Principal Investment Strategies**," for the JNL Multi-Manager Alternative Fund, please add the following after the fifth paragraph:

The Adviser may allocate up to 10% of the Fund's total assets in other funds, which will be primarily in private funds or other pooled investment vehicles that would qualify as "investment companies" under the 1940 Act but for Sections 3(c)(1) or 3(c)(7) of the 1940 Act ("Private Funds").

In the section "**Summary Overview of Each Fund**," under "**Principal Risks of Investing in the Fund**," for the JNL Multi-Manager Alternative Fund, after "Forward and futures contract risk," please add the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Private funds risk – The Private Funds will not be subject to the 1940 Act, nor will they be publicly traded. As a result, the Fund's investments in the Private Funds will not be subject to the protections afforded to Shareholders under the 1940 Act. By investing in the Private Funds indirectly through the Fund, a shareholder bears two layers of asset-based fees and expenses – at the Fund level and the Private Fund level – in addition to indirectly bearing any performance fees charged by the Private Fund. Given the limited liquidity of the Private Funds, the Fund may not be able to alter its portfolio allocation in sufficient time to respond to any changes in the Private Funds that could be material and adverse, resulting in substantial losses from risks of Private Funds.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Valuation risk – The value of the Fund's investments in Private Funds will be difficult to ascertain and these valuations on a given date will likely vary from the amounts the Fund would receive upon withdrawal of its investments. While the valuations of the Fund's publicly traded securities are more readily ascertainable, the Fund's ownership interest in the Private Funds will depend in large part on a Private Fund's manager to provide a valuation, or assistance with a valuation, of the Fund's investment in a Private Fund. Any such valuation is a subjective analysis of the fair market value of an asset and requires the use of techniques that are costly and time-consuming and ultimately provide no more than an estimate of value. Moreover, the valuation of the Fund's investment in a Private Fund, as provided by a manager as of a specific date, may vary from the fair value of the investment that may be obtained if the Fund were to sell such investment to a third party in a secondary transaction. For information about the value of the Fund's investments in Private Funds, the Adviser will be dependent on information provided by the Private Funds, including quarterly unaudited financial statements that, if inaccurate, could adversely affect the Adviser's ability to value accurately the Fund's shares.

In the section "**Summary Overview of Each Fund**," under "**Principal Investment Strategies**," for the JNL Multi-Manager Mid Cap Fund, please delete the third paragraph in the entirety and replace with the following:

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

In the section "**Summary Overview of Each Fund**," under "**Principal Investment Strategies**," for the JNL Multi-Manager Mid Cap Fund, after "Nuance Strategy," please add the following:

River Road Strategy

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

In the section "**Summary Overview of Each Fund**," under "**Principal Risks of Investing in the Fund**," for the JNL Multi-Manager Mid Cap Fund, after "Mid-capitalization investing risk," please add the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Managed portfolio risk – As an actively managed portfolio, the Fund's portfolio manager(s) make decisions to buy and sell holdings in the Fund's portfolio. Because of this, the value of the Fund's investments could decline because the financial condition of an issuer may change (due to such factors as management performance, reduced demand or overall market changes), financial markets may fluctuate or overall prices may decline, the Sub-Adviser's investment techniques could fail to achieve the Fund's investment objective or negatively affect the Fund's investment performance, or legislative, regulatory, or tax developments may affect the investment techniques

available to the Sub-Adviser of the Fund. There is no guarantee that the investment objective of the Fund will be achieved.

In the section "**Summary Overview of Each Fund**," under "**Principal Risks of Investing in the Fund**," for the JNL Multi-Manager Mid Cap Fund, after "Depositary receipts risk," please add the following:

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

In the section "**Summary Overview of Each Fund**," under "**Portfolio Management**," for the JNL Multi-Manager Mid Cap Fund, please delete the Sub-Advisers list and Portfolio Managers table in the entirety and replace with the following:

**Sub-Advisers:** Champlain Investment Partners, LLC ("Champlain")

Kayne Anderson Rudnick Investment Management, LLC ("KAR")

Nuance Investments, LLC ("Nuance")

River Road Asset Management, LLC ("River Road")

Victory Capital Management Inc. ("Victory Capital")

---

| | | |
|:---|:---|:---|
| **Name:** | **Joined Fund Management Team In:** | **Title:**  |
| William Harding, CFA | September 2016 | Senior Vice President, Chief Investment Officer and Portfolio Manager, JNAM |
| Sean Hynes, CFA, CAIA | September 2016 | Vice President and Portfolio Manager, JNAM |
| Mark Pliska, CFA | September 2016 | Vice President and Portfolio Manager, JNAM |
| Scott Brayman, CFA | September 2016 | Chief Investment Officer of Small and Mid Cap Strategies and Managing Partner, Champlain |
| Corey Bronner, CFA | April 2018 | Deputy Chief Investment Officer of Small and Mid Cap Strategies and Partner, Champlain |
| Joseph Caligiuri, CFA | April 2018 | Deputy Chief Investment Officer of Small and Mid Cap Strategies and Partner, Champlain |
| Joseph Farley | April 2018 | Senior Member of the Investment Team and Partner, Champlain |
| Robert D. Hallisey | April 2020 | Senior Member of the Investment Team and Partner, Champlain |
| Jacqueline Williams, CFA | April 2022 | Senior Member of the Investment Team and Partner, Champlain |
| Chris Armbruster, CFA | April 2022 | Portfolio Manager and Senior Research Analyst, KAR |
| Noran Eid | October 2023 | Portfolio Manager and Senior Research Analyst, KAR |
| Scott A. Moore, CFA | April 2020 | President and Chief Investment Officer, Nuance |
| Darren Schryer, CFA, CPA | April 2020 | Vice President and Portfolio Manager, Nuance |
| Jack Meurer, CFA | May 2023 | Vice President and Portfolio Manager, Nuance |
| D. Adam West, CFA | July 2024 | Vice President and Portfolio Manager, Nuance |

---

---

| | | |
|:---|:---|:---|
| **Name:** | **Joined Fund Management Team In:** | **Title:**  |
| Matthew W. Moran, CFA | June 2025 | Portfolio Manager, River Road |
| Daniel R. Johnson, CFA, CPA | June 2025 | Portfolio Manager, River Road |
| Gary H. Miller | September 2016 | Chief Investment Officer and Lead Manager, Victory Capital/Sycamore Capital |
| Jeffrey M. Graff, CFA | September 2016 | Co-Portfolio Manager, Victory Capital/Sycamore Capital |
| Gregory M. Conners | September 2016 | Co-Portfolio Manager, Victory Capital/Sycamore Capital |
| James M. Albers, CFA | September 2016 | Co-Portfolio Manager, Victory Capital/Sycamore Capital |
| Michael F. Rodarte, CFA | September 2016 | Co-Portfolio Manager, Victory Capital/Sycamore Capital |

---

Effective June 30, 2025, in the section "**Summary Overview of Each Fund**," under "**Portfolio Management**," for the JNL/Mellon Bond Index Fund, please delete the Portfolio Managers table in the entirety and replace with the following:

---

| | | |
|:---|:---|:---|
| **Name:** | **Joined Fund Management Team In:** | **Title:**  |
| Marlene Walker Smith | 2025 | Senior Director and Chief Investment Officer, Mellon  |
| Gregg A. Lee, CFA | 2014\* | Senior Vice President, Senior Portfolio Manager – Fixed Income, Mellon |

---

\* Prior to April 26, 2021, the Fund was managed by JNAM and implemented its investment strategy directly through a sub-adviser. Effective April 26, 2021, the Fund operates as a "feeder fund" of the Master Fund. These dates refer to the time during which the Fund was managed by JNAM and implemented its investment strategy directly through Mellon as sub-adviser.

Effective June 30, 2025, in the section "**Summary Overview of Each Fund**," under "**Portfolio Management**," for the JNL Bond Index Fund, please delete the Portfolio Managers table in the entirety and replace with the following:

---

| | | |
|:---|:---|:---|
| **Name:** | **Joined Fund Management Team In:** | **Title:**  |
| Marlene Walker Smith | June 2025\* | Senior Director and Chief Investment Officer, Mellon |
| Gregg A. Lee, CFA | April 2021\* | Senior Vice President, Senior Portfolio Manager – Fixed Income, Mellon |

---

\* The Fund serves as the Master Fund for the JNL/Mellon Bond Index Fund ("Feeder Fund"). Marlene Walker Smith and Gregg Lee joined the Feeder Fund's management team in 2025 and 2014, respectively.

This Supplement is dated June 5, 2025.

**Supplement Dated July 21, 2025**

**To The Prospectus Dated April 28, 2025**

**JNL<sup>®</sup> Series Trust**

Please note that the changes below may impact your variable annuity and/or variable life product(s).

Unless otherwise noted, all changes are effective immediately.

Effective June 30, 2025, for the JNL Multi-Manager Mid Cap Fund, please delete all references to and information for Darren Schryer.

Effective May 1, 2025 and July 11, 2025, respectively, for the JNL Multi-Manager Small Cap Growth Fund, please delete all references to and information for Christopher W. Clark and Trevor Martin.

Effective June 4, 2025, for the JNL/JPMorgan MidCap Growth Fund, please delete all references to and information for Daniel Bloomgarden.

Effective May 27, 2025, in the section "**Summary Overview of Each Fund**," under "**Portfolio Management**," for the JNL/JPMorgan MidCap Growth Fund, please delete the Portfolio Managers table in the entirety and replace with the following:

---

| | | |
|:---|:---|:---|
| **Name:** | **Joined Fund Management Team In:** | **Title:**  |
| Felise Agranoff | December 2015 | Managing Director, JPMorgan |
| Michael Stein | May 2025 | Managing Director, JPMorgan |

---

Effective June 2, 2025, In the section "**Summary Overview of Each Fund**," under "**Portfolio Management**," for the JNL/PIMCO Real Return Fund, please delete the Portfolio Managers table in the entirety and replace with the following:

---

| | | |
|:---|:---|:---|
| **Name:** | **Joined Fund Management Team In:** | **Title:**  |
| Stephen Rodosky | January 2019 | Managing Director and Portfolio Manager, PIMCO |
| Daniel He | December 2019 | Executive Vice President and Portfolio Manager, PIMCO |
| Mike Cudzil | June 2025 | Managing Director and Portfolio Manager, PIMCO |

---

Effective June 30, 2025, in the section "**Summary Overview of Each Fund**," under "**Portfolio Management**," for the JNL/T. Rowe Price Capital Appreciation Fund and JNL/T. Rowe Price Capital Appreciation Equity Fund, please delete the Portfolio Managers tables in the entirety and replace with the following:

---

| | | |
|:---|:---|:---|
| **Name:** | **Joined Fund Management Team In:** | **Title:**  |
| David R. Giroux, CFA | September 2013 | Portfolio Manager, Chief Investment Officer, Investment Strategy Head and Chairman of Investment Advisory Committee, T. Rowe Price |
| Vivek Rajeswaran, CFA | June 2025 | Portfolio Manager, T. Rowe Price |
| Mike Signore | June 2025 | Portfolio Manager, T. Rowe Price |
| Brian Soloman, CFA | June 2025 | Portfolio Manager, T. Rowe Price |

---

This Supplement is dated July 21, 2025.

![](jnlstncsrs002.jpg)

---

| | |
|:---|:---|
| **SEMI-ANNUAL SHAREHOLDER** **REPORT** |  |
| American Funds Insurance Series<sup>®</sup> – Asset Allocation Fund | ![](jnlst_001.jpg) |
| **Class 1** for the six months ended June 30, 2025 | ![](jnlst_001.jpg) |

---

This semi-annual shareholder report contains important information about American Funds Insurance Series - Asset Allocation Fund (the "fund") for the period from January 1, 2025 to June 30, 2025. You can find additional information about the fund at **capitalgroup.com/AFIS-literature-1**. You can also request this information by contacting us at (800) 421-4225.

**What were the fund costs for the last six months?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Share class** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class 1 | $15 | 0.30%\* |

---

\*Annualized.

---

| | |
|:---|:---|
| **Key fund statistics** | |
| Fund net assets (in millions) | $27676 |
| Total number of portfolio holdings | 1972 |
| Portfolio turnover rate including <br> mortgage dollar roll transactions | 59% |
| Portfolio turnover rate excluding mortgage dollar roll transactions | 33% |

---

---

| |
|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Portfolio holdings by asset type** (percent of net assets) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ![](jnlst_002.jpg) |

---

**Availability of additional information**

![](jnlst_003.jpg)

**Important Information**

To reduce fund expenses, only one copy of most shareholder documents will be mailed to shareholders with multiple accounts at the same address (householding). If you would prefer that your documents not be householded, please contact Capital Group at (800) 421-4225, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Capital Group or your financial intermediary.

Lit. No. INA1SRX-070-0825© 2025 Capital Group. All rights reserved.

---

| | |
|:---|:---|
| **SEMI-ANNUAL SHAREHOLDER** **REPORT** |  |
| American Funds Insurance Series<sup>®</sup> – Capital Income Builder | ![](jnlst_001.jpg) |
| **Class 1** for the six months ended June 30, 2025 | ![](jnlst_001.jpg) |

---

This semi-annual shareholder report contains important information about American Funds Insurance Series - Capital Income Builder (the "fund") for the period from January 1, 2025 to June 30, 2025. You can find additional information about the fund at **capitalgroup.com/AFIS-literature-1**. You can also request this information by contacting us at (800) 421-4225.

**What were the fund costs for the last six months?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Share class** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class 1 | $14 | 0.27%\* |

---

\*Annualized.

---

| | |
|:---|:---|
| **Key fund statistics** | |
| Fund net assets (in millions) | $1566 |
| Total number of portfolio holdings | 1075 |
| Portfolio turnover rate including <br> mortgage dollar roll transactions | 43% |
| Portfolio turnover rate excluding mortgage dollar roll transactions | 34% |

---

---

| |
|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Portfolio holdings by asset type** (percent of net assets) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ![](jnlst_004.jpg) |

---

**Availability of additional information**

![](jnlst_005.jpg)

**Important Information**

To reduce fund expenses, only one copy of most shareholder documents will be mailed to shareholders with multiple accounts at the same address (householding). If you would prefer that your documents not be householded, please contact Capital Group at (800) 421-4225, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Capital Group or your financial intermediary.

Lit. No. INA1SRX-101-0825© 2025 Capital Group. All rights reserved.

---

| | |
|:---|:---|
| **SEMI-ANNUAL SHAREHOLDER** **REPORT** |  |
| American Funds Insurance Series<sup>®</sup> – Capital World Bond Fund | ![](jnlst_001.jpg) |
| **Class 1** for the six months ended June 30, 2025 | ![](jnlst_001.jpg) |

---

This semi-annual shareholder report contains important information about American Funds Insurance Series - Capital World Bond Fund (the "fund") for the period from January 1, 2025 to June 30, 2025. You can find additional information about the fund at **capitalgroup.com/AFIS-literature-1**. You can also request this information by contacting us at (800) 421-4225.

**What were the fund costs for the last six months?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Share class** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class 1 | $25 | 0.48%\* |

---

\*Annualized.

---

| | |
|:---|:---|
| **Key fund statistics** | |
| Fund net assets (in millions) | $1472 |
| Total number of portfolio holdings | 1294 |
| Portfolio turnover rate including <br> mortgage dollar roll transactions | 60% |
| Portfolio turnover rate excluding mortgage dollar roll transactions | 31% |

---

---

| |
|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Portfolio holdings by asset type** (percent of net assets) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ![](jnlst_006.jpg) |

---

**Availability of additional information**

![](jnlst_007.jpg)

**Important Information**

To reduce fund expenses, only one copy of most shareholder documents will be mailed to shareholders with multiple accounts at the same address (householding). If you would prefer that your documents not be householded, please contact Capital Group at (800) 421-4225, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Capital Group or your financial intermediary.

Lit. No. INA1SRX-079-0825© 2025 Capital Group. All rights reserved.

---

| | |
|:---|:---|
| **SEMI-ANNUAL SHAREHOLDER** **REPORT** |  |
| American Funds Insurance Series<sup>®</sup> – Global Growth Fund | ![](jnlst_001.jpg) |
| **Class 1** for the six months ended June 30, 2025 | ![](jnlst_001.jpg) |

---

This semi-annual shareholder report contains important information about American Funds Insurance Series - Global Growth Fund (the "fund") for the period from January 1, 2025 to June 30, 2025. You can find additional information about the fund at **capitalgroup.com/AFIS-literature-1**. You can also request this information by contacting us at (800) 421-4225.

**What were the fund costs for the last six months?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Share class** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class 1 | $21 | 0.41%\* |

---

\*Annualized.

---

| | |
|:---|:---|
| **Key fund statistics** | |
| Fund net assets (in millions) | $8591 |
| Total number of portfolio holdings | 160 |
| Portfolio turnover rate | 15% |

---

---

| |
|:---|
| **Portfolio holdings by asset type** (percent of net assets) |
| &nbsp;&nbsp; ![](jnlst_008.jpg) |

---

**Availability of additional information**

![](jnlst_009.jpg)

**Important Information**

To reduce fund expenses, only one copy of most shareholder documents will be mailed to shareholders with multiple accounts at the same address (householding). If you would prefer that your documents not be householded, please contact Capital Group at (800) 421-4225, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Capital Group or your financial intermediary.

Lit. No. INA1SRX-077-0825© 2025 Capital Group. All rights reserved.

---

| | |
|:---|:---|
| **SEMI-ANNUAL SHAREHOLDER** **REPORT** |  |
| American Funds Insurance Series<sup>®</sup> – Global Small Capitalization Fund | ![](jnlst_001.jpg) |
| **Class 1** for the six months ended June 30, 2025 | ![](jnlst_001.jpg) |

---

This semi-annual shareholder report contains important information about American Funds Insurance Series - Global Small Capitalization Fund (the "fund") for the period from January 1, 2025 to June 30, 2025. You can find additional information about the fund at **capitalgroup.com/AFIS-literature-1**. You can also request this information by contacting us at (800) 421-4225.

**What were the fund costs for the last six months?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Share class** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class 1 | $34 | 0.65%\* |

---

\*Annualized.

---

| | |
|:---|:---|
| **Key fund statistics** | |
| Fund net assets (in millions) | $3066 |
| Total number of portfolio holdings | 280 |
| Portfolio turnover rate | 27% |

---

---

| |
|:---|
| **Portfolio holdings by asset type** (percent of net assets) |
| &nbsp;&nbsp; ![](jnlst_010.jpg) |

---

**Availability of additional information**

![](jnlst_011.jpg)

**Important Information**

To reduce fund expenses, only one copy of most shareholder documents will be mailed to shareholders with multiple accounts at the same address (householding). If you would prefer that your documents not be householded, please contact Capital Group at (800) 421-4225, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Capital Group or your financial intermediary.

Lit. No. INA1SRX-075-0825© 2025 Capital Group. All rights reserved.

---

| | |
|:---|:---|
| **SEMI-ANNUAL SHAREHOLDER** **REPORT** |  |
| American Funds Insurance Series<sup>®</sup> – Growth Fund | ![](jnlst_001.jpg) |
| **Class 1** for the six months ended June 30, 2025 | ![](jnlst_001.jpg) |

---

This semi-annual shareholder report contains important information about American Funds Insurance Series - Growth Fund (the "fund") for the period from January 1, 2025 to June 30, 2025. You can find additional information about the fund at **capitalgroup.com/AFIS-literature-1** **.** You can also request this information by contacting us at (800) 421-4225.

**What were the fund costs for the last six months?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Share class** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class 1 | $18 | 0.34%\* |

---

\*Annualized.

---

| | |
|:---|:---|
| **Key fund statistics** | |
| Fund net assets (in millions) | $51290 |
| Total number of portfolio holdings | 231 |
| Portfolio turnover rate | 14% |

---

---

| |
|:---|
| **Portfolio holdings by asset type** (percent of net assets) |
| &nbsp;&nbsp;![](jnlst_013.jpg) |

---

**Availability of additional information**

![](jnlst_014.jpg)

**Important Information**

To reduce fund expenses, only one copy of most shareholder documents will be mailed to shareholders with multiple accounts at the same address (householding). If you would prefer that your documents not be householded, please contact Capital Group at (800) 421-4225, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Capital Group or your financial intermediary.

Lit. No. INA1SRX-027-0825© 2025 Capital Group. All rights reserved.

---

| | |
|:---|:---|
| **SEMI-ANNUAL SHAREHOLDER** **REPORT** |  |
| American Funds Insurance Series<sup>®</sup> – Growth-Income Fund | ![](jnlst_001.jpg) |
| **Class 1** for the six months ended June 30, 2025 | ![](jnlst_001.jpg) |

---

This semi-annual shareholder report contains important information about American Funds Insurance Series - Growth- Income Fund (the "fund") for the period from January 1, 2025 to June 30, 2025. You can find additional information about the fund at **capitalgroup.com/AFIS-literature-1**. You can also request this information by contacting us at (800) 421-4225.

**What were the fund costs for the last six months?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Share class** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class 1 | $14 | 0.28%\* |

---

\*Annualized.

---

| | |
|:---|:---|
| **Key fund statistics** | |
| Fund net assets (in millions) | $45562 |
| Total number of portfolio holdings | 154 |
| Portfolio turnover rate | 18% |

---

---

| |
|:---|
| **Portfolio holdings by asset type** (percent of net assets) |
| &nbsp;&nbsp;![](jnlst_015.jpg) |

---

**Availability of additional information**

![](jnlst_016.jpg)

**Important Information**

To reduce fund expenses, only one copy of most shareholder documents will be mailed to shareholders with multiple accounts at the same address (householding). If you would prefer that your documents not be householded, please contact Capital Group at (800) 421-4225, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Capital Group or your financial intermediary.

Lit. No. INA1SRX-026-0825© 2025 Capital Group. All rights reserved

---

| | |
|:---|:---|
| **SEMI-ANNUAL SHAREHOLDER** **REPORT** |  |
| American Funds Insurance Series<sup>®</sup> – International Fund | ![](jnlst_001.jpg) |
| **Class 1** for the six months ended June 30, 2025 | ![](jnlst_001.jpg) |

---

This semi-annual shareholder report contains important information about American Funds Insurance Series - International Fund (the "fund") for the period from January 1, 2025 to June 30, 2025. You can find additional information about the fund at **capitalgroup.com/AFIS-literature-1**. You can also request this information by contacting us at (800) 421-4225.

**What were the fund costs for the last six months?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Share class** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class 1 | $27 | 0.52%\* |

---

\*Annualized.

---

| | |
|:---|:---|
| **Key fund statistics** | |
| Fund net assets (in millions) | $7209 |
| Total number of portfolio holdings | 144 |
| Portfolio turnover rate | 42% |

---

---

| |
|:---|
| **Portfolio holdings by asset type** (percent of net assets) |
| &nbsp;&nbsp;![](jnlst_017.jpg) |

---

**Availability of additional information**

![](jnlst_018.jpg)

**Important Information**

To reduce fund expenses, only one copy of most shareholder documents will be mailed to shareholders with multiple accounts at the same address (householding). If you would prefer that your documents not be householded, please contact Capital Group at (800) 421-4225, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Capital Group or your financial intermediary.

Lit. No. INA1SRX-026-0825© 2025 Capital Group. All rights reserved.

---

| | |
|:---|:---|
| **SEMI-ANNUAL SHAREHOLDER** **REPORT** |  |
| American Funds Insurance Series<sup>®</sup> – New World Fund | ![](jnlst_001.jpg) |
| **Class 1** for the six months ended June 30, 2025 | ![](jnlst_001.jpg) |

---

This semi-annual shareholder report contains important information about American Funds Insurance Series - New World Fund (the "fund") for the period from January 1, 2025 to June 30, 2025. You can find additional information about the fund at **capitalgroup.com/AFIS-literature-1** **.** You can also request this information by contacting us at (800) 421-4225.

**What were the fund costs for the last six months?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Share class** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class 1 | $30 | 0.57%\* |

---

\*Annualized.

---

| | |
|:---|:---|
| **Key fund statistics** | |
| Fund net assets (in millions) | $3728 |
| Total number of portfolio holdings | 592 |
| Portfolio turnover rate | 23% |

---

---

| |
|:---|
| **Portfolio holdings by asset type** (percent of net assets) |
| &nbsp;&nbsp; ![](jnlst_019.jpg) |

---

**Availability of additional information**

![](jnlst_020.jpg)

**Important Information**

To reduce fund expenses, only one copy of most shareholder documents will be mailed to shareholders with multiple accounts at the same address (householding). If you would prefer that your documents not be householded, please contact Capital Group at (800) 421-4225, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Capital Group or your financial intermediary.

Lit. No. INA1SRX-076-0825© 2025 Capital Group. All rights reserved.

---

| | |
|:---|:---|
| **SEMI-ANNUAL SHAREHOLDER** **REPORT** |  |
| American Funds Insurance Series<sup>®</sup> – The Bond Fund of America | ![](jnlst_001.jpg) |
| **Class 1** for the six months ended June 30, 2025 | ![](jnlst_001.jpg) |

---

This semi-annual shareholder report contains important information about American Funds Insurance Series - The Bond Fund of America (the "fund") for the period from January 1, 2025 to June 30, 2025. You can find additional information about the fund at **capitalgroup.com/AFIS-literature-1** **.** You can also request this information by contacting us at (800) 421-4225.

**What were the fund costs for the last six months?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Share class** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class 1 | $12 | 0.24%\* |

---

\*Annualized.

---

| | |
|:---|:---|
| **Key fund statistics** | |
| Fund net assets (in millions) | $10966 |
| Total number of portfolio holdings | 2062 |
| Portfolio turnover rate including <br> mortgage dollar roll transactions | 120% |
| Portfolio turnover rate excluding mortgage dollar roll transactions | 66% |

---

---

| |
|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Portfolio holdings by asset type** (percent of net assets) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ![](jnlst_021.jpg) |

---

**Availability of additional information**

![](jnlst_022.jpg)

**Important Information**

To reduce fund expenses, only one copy of most shareholder documents will be mailed to shareholders with multiple accounts at the same address (householding). If you would prefer that your documents not be householded, please contact Capital Group at (800) 421-4225, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Capital Group or your financial intermediary.

Lit. No. INA1SRX-078-0825© 2025 Capital Group. All rights reserved.

---

| | |
|:---|:---|
| **SEMI-ANNUAL SHAREHOLDER** **REPORT** |  |
| American Funds Insurance Series<sup>®</sup> – Washington Mutual Investors Fund | ![](jnlst_001.jpg) |
| **Class 1** for the six months ended June 30, 2025 | ![](jnlst_001.jpg) |

---

This semi-annual shareholder report contains important information about American Funds Insurance Series - Washington Mutual Investors Fund (the "fund") for the period from January 1, 2025 to June 30, 2025. You can find additional information about the fund at **capitalgroup.com/AFIS-literature-1**. You can also request this information by contacting us at (800) 421- 4225.

**What were the fund costs for the last six months?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Share class** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class 1 | $13 | 0.26%\* |

---

\*Annualized.

---

| | |
|:---|:---|
| **Key fund statistics** | |
| Fund net assets (in millions) | $11672 |
| Total number of portfolio holdings | 182 |
| Portfolio turnover rate | 18% |

---

---

| |
|:---|
| **Portfolio holdings by asset type** (percent of net assets) |
| &nbsp;&nbsp; ![](jnlst_023.jpg) |

---

**Availability of additional information**

![](jnlst_024.jpg)

**Important Information**

To reduce fund expenses, only one copy of most shareholder documents will be mailed to shareholders with multiple accounts at the same address (householding). If you would prefer that your documents not be householded, please contact Capital Group at (800) 421-4225, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Capital Group or your financial intermediary.

LLit. No. INA1SRX-072-0825© 2025 Capital Group. All rights reserved.

![](img40df88c61.jpg)

**American Funds Insurance Series**<sup>®</sup>

Financial Statements and Other Information N-CSR Items 7-11

for the six months ended June 30, 2025

Lit. No. INGEFP2-998-0825© 2025 Capital Group. All rights reserved.

------

Global Growth Fund

**Investment portfolio** June 30, 2025unaudited

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| Common stocks 97.78% | Shares | Value<br> (000)<br>|
| **Information technology 28.43%** |  |  |
| Microsoft Corp.  | 1034832 | $514736 |
| Taiwan Semiconductor Manufacturing Co., Ltd.  | 14139200 | 513061 |
| NVIDIA Corp.  | 2403112 | 379668 |
| Broadcom, Inc.  | 948982 | 261587 |
| ASML Holding NV (ADR)  | 147394 | 118120 |
| ASML Holding NV  | 124200 | 99134 |
| Shopify, Inc., Class A, subordinate voting shares <sup>(a)</sup>  | 654749 | 75525 |
| NEC Corp.  | 2416000 | 70783 |
| SAP SE  | 225367 | 68531 |
| Cloudflare, Inc., Class A <sup>(a)</sup>  | 336935 | 65982 |
| Synopsys, Inc. <sup>(a)</sup>  | 114153 | 58524 |
| Samsung Electronics Co., Ltd.  | 1068680 | 47353 |
| Capgemini SE  | 255102 | 43587 |
| AppLovin Corp., Class A <sup>(a)</sup>  | 95469 | 33422 |
| EPAM Systems, Inc. <sup>(a)</sup>  | 187399 | 33136 |
| Adobe, Inc. <sup>(a)</sup>  | 45228 | 17498 |
| International Business Machines Corp.  | 48049 | 14164 |
| Keyence Corp.  | 30400 | 12210 |
| Ubiquiti, Inc.  | 20700 | 8521 |
| Xero, Ltd. <sup>(a)</sup>  | 61011 | 7220 |
|  |  | 2442762 |
| **Financials 16.20%** |  |  |
| 3i Group PLC  | 2750796 | 155566 |
| Visa, Inc., Class A  | 311603 | 110635 |
| Citigroup, Inc.  | 1104759 | 94037 |
| Aon PLC, Class A  | 244466 | 87216 |
| Fiserv, Inc. <sup>(a)</sup>  | 499162 | 86060 |
| Banco Bilbao Vizcaya Argentaria SA  | 5017421 | 77159 |
| Prudential PLC  | 5689457 | 71271 |
| Societe Generale  | 1237374 | 70765 |
| Brookfield Corp., Class A  | 1113070 | 68843 |
| AXA SA  | 1220825 | 59924 |
| Tradeweb Markets, Inc., Class A  | 332600 | 48693 |
| Swissquote Group Holding, Ltd.  | 80515 | 45603 |
| CVC Capital Partners PLC  | 1959718 | 40121 |
| Blackstone, Inc.  | 255000 | 38143 |
| Ameriprise Financial, Inc.  | 67606 | 36083 |
| Halyk Savings Bank of Kazakhstan OJSC (GDR)  | 1300992 | 31939 |
| Partners Group Holding AG  | 24055 | 31378 |
| Eurobank Ergasias Services and Holdings SA  | 8619374 | 29607 |
| CME Group, Inc., Class A  | 103473 | 28519 |
| XP, Inc., Class A  | 1360351 | 27479 |
| VZ Holding AG  | 122172 | 26730 |
| Japan Post Insurance Co., Ltd.  | 1156950 | 26199 |
| UniCredit SpA  | 359971 | 24131 |
| Aviva PLC  | 2408746 | 20473 |
| CaixaBank SA, non-registered shares  | 2148574 | 18612 |
| FinecoBank SpA  | 635542 | 14101 |
| Skandinaviska Enskilda Banken AB, Class A  | 608175 | 10613 |
| AIA Group, Ltd.  | 913107 | 8189 |
| Jackson Financial, Inc., Class A  | 44327 | 3936 |
|  |  | 1392025 |
| **Industrials 15.26%** |  |  |
| Safran SA  | 544489 | 176957 |
| Comfort Systems USA, Inc.  | 278016 | 149075 |
| TransDigm Group, Inc.  | 50071 | 76140 |
| Airbus SE, non-registered shares  | 364243 | 76055 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **1** | American Funds Insurance Series |

---

------

Global Growth Fund (continued)

---

| | | |
|:---|:---|:---|
| Common stocks (continued) | Shares | Value<br> (000)<br>|
| **Industrials (continued)** |  |  |
| BAE Systems PLC  | 2424921 | $62793 |
| Ryanair Holdings PLC (ADR)  | 1069423 | 61674 |
| Copart, Inc. <sup>(a)</sup>  | 1011807 | 49649 |
| Howmet Aerospace, Inc.  | 262240 | 48811 |
| GT Capital Holdings, Inc.  | 4680871 | 47698 |
| Saab AB, Class B  | 797272 | 44461 |
| RELX PLC  | 721205 | 38975 |
| Crane Co.  | 204000 | 38738 |
| Siemens AG  | 150600 | 38611 |
| Honeywell International, Inc.  | 159884 | 37234 |
| Ingersoll-Rand, Inc.  | 433179 | 36032 |
| Boeing Co. (The) <sup>(a)</sup>  | 159644 | 33450 |
| Hitachi, Ltd.  | 1115800 | 32582 |
| Compagnie de Saint-Gobain SA, non-registered shares  | 270675 | 31769 |
| General Electric Co.  | 112142 | 28864 |
| Alliance Global Group, Inc.  | 156400700 | 25044 |
| ASSA ABLOY AB, Class B  | 777100 | 24247 |
| Schneider Electric SE  | 88500 | 23539 |
| Core & Main, Inc., Class A <sup>(a)</sup>  | 303180 | 18297 |
| Carrier Global Corp.  | 242000 | 17712 |
| ITOCHU Corp.  | 312960 | 16421 |
| Kongsberg Gruppen ASA  | 404170 | 15673 |
| DSV A/S  | 59397 | 14273 |
| RS Group PLC  | 1745907 | 13768 |
| ATI, Inc. <sup>(a)</sup>  | 152323 | 13152 |
| Recruit Holdings Co., Ltd.  | 167400 | 9922 |
| Daikin Industries, Ltd.  | 76900 | 9091 |
|  |  | 1310707 |
| **Consumer discretionary 14.61%** |  |  |
| Amazon.com, Inc. <sup>(a)</sup>  | 518956 | 113854 |
| Chipotle Mexican Grill, Inc. <sup>(a)</sup>  | 1878200 | 105461 |
| Prosus NV, Class N  | 1846586 | 103256 |
| MercadoLibre, Inc. <sup>(a)</sup>  | 39062 | 102094 |
| Booking Holdings, Inc.  | 15225 | 88141 |
| Renault SA  | 1688781 | 77841 |
| Compagnie Financiere Richemont SA, Class A  | 338392 | 63738 |
| Starbucks Corp.  | 616040 | 56448 |
| Trip.com Group, Ltd. (ADR)  | 932676 | 54692 |
| MGM China Holdings, Ltd.  | 28793200 | 47243 |
| Sanrio Co., Ltd.  | 950000 | 45968 |
| Entain PLC  | 3341847 | 41331 |
| InterContinental Hotels Group PLC  | 360000 | 41035 |
| LKQ Corp.  | 1041420 | 38543 |
| Flutter Entertainment PLC <sup>(a)</sup>  | 126797 | 36233 |
| LVMH Moet Hennessy-Louis Vuitton SE  | 64729 | 33900 |
| Moncler SpA  | 527245 | 30053 |
| Inchcape PLC  | 2991192 | 29808 |
| Ferrari NV (EUR denominated)  | 51774 | 25377 |
| Restaurant Brands International, Inc. (CAD denominated)  | 318949 | 21157 |
| Toll Brothers, Inc.  | 167692 | 19139 |
| Wynn Macau, Ltd.  | 21430000 | 14796 |
| YUM! Brands, Inc.  | 94493 | 14002 |
| Alibaba Group Holding, Ltd. (ADR)  | 98929 | 11219 |
| Industria de Diseno Textil SA  | 209813 | 10919 |
| Global-E Online, Ltd. <sup>(a)</sup>  | 300000 | 10062 |
| Tesla, Inc. <sup>(a)</sup>  | 29759 | 9453 |
| Hyundai Motor Co.  | 61211 | 9230 |
|  |  | 1254993 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

American Funds Insurance Series<sub>2</sub>

------

Global Growth Fund (continued)

---

| | | |
|:---|:---|:---|
| Common stocks (continued) | Shares | Value<br> (000)<br>|
| **Health care 8.77%** |  |  |
| Eli Lilly and Co.  | 205754 | $160391 |
| Vertex Pharmaceuticals, Inc. <sup>(a)</sup>  | 247071 | 109996 |
| Novo Nordisk AS, Class B  | 984147 | 68306 |
| Sanofi  | 640801 | 62055 |
| Argenx SE (ADR) <sup>(a)</sup>  | 97099 | 53523 |
| Regeneron Pharmaceuticals, Inc.  | 83600 | 43890 |
| Cigna Group (The)  | 132736 | 43880 |
| Alnylam Pharmaceuticals, Inc. <sup>(a)</sup>  | 123340 | 40220 |
| Pfizer, Inc.  | 1418993 | 34396 |
| Centene Corp. <sup>(a)</sup>  | 580852 | 31529 |
| EssilorLuxottica SA  | 91606 | 25131 |
| UnitedHealth Group, Inc.  | 70900 | 22119 |
| Siemens Healthineers AG  | 345670 | 19162 |
| Bayer AG  | 537074 | 16154 |
| Thermo Fisher Scientific, Inc.  | 32200 | 13056 |
| Pro Medicus, Ltd.  | 48121 | 9029 |
| Viatris, Inc.  | 110678 | 988 |
| Euroapi SA <sup>(a)(b)</sup>  | 5869 | 20 |
|  |  | 753845 |
| **Communication services 6.37%** |  |  |
| Meta Platforms, Inc., Class A  | 242200 | 178765 |
| Alphabet, Inc., Class A  | 881162 | 155287 |
| Spotify Technology SA <sup>(a)</sup>  | 97672 | 74948 |
| Publicis Groupe SA  | 408300 | 46018 |
| Nintendo Co., Ltd.  | 376100 | 36251 |
| Bharti Airtel, Ltd.  | 868779 | 20358 |
| Tencent Holdings, Ltd.  | 297100 | 19037 |
| CTS Eventim AG & Co. KGaA  | 135001 | 16761 |
|  |  | 547425 |
| **Consumer staples 3.17%** |  |  |
| Dollar General Corp.  | 408173 | 46687 |
| British American Tobacco PLC  | 863200 | 41032 |
| Costco Wholesale Corp.  | 35210 | 34856 |
| Carrefour SA, non-registered shares  | 2201230 | 31037 |
| Philip Morris International, Inc.  | 167000 | 30416 |
| Monster Beverage Corp. <sup>(a)</sup>  | 440000 | 27562 |
| Nestle SA  | 261067 | 25937 |
| Pernod Ricard SA  | 192833 | 19217 |
| Loblaw Companies, Ltd.  | 93102 | 15400 |
|  |  | 272144 |
| **Energy 2.22%** |  |  |
| Canadian Natural Resources, Ltd. (CAD denominated)  | 1940000 | 60974 |
| TotalEnergies SE  | 679182 | 41682 |
| Tourmaline Oil Corp.  | 612792 | 29565 |
| NAC Kazatomprom JSC (GDR)  | 585731 | 25304 |
| Reliance Industries, Ltd.  | 1105000 | 19335 |
| Schlumberger NV  | 406169 | 13729 |
|  |  | 190589 |
| **Materials 2.13%** |  |  |
| Linde PLC  | 214708 | 100737 |
| Amcor PLC (CDI)  | 3567000 | 33336 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **3** | American Funds Insurance Series |

---

------

Global Growth Fund (continued)

---

| | | |
|:---|:---|:---|
| Common stocks (continued) | Shares | Value<br> (000)<br>|
| **Materials (continued)** |  |  |
| First Quantum Minerals, Ltd. <sup>(a)</sup>  | 1128850 | $20053 |
| LyondellBasell Industries NV  | 250227 | 14478 |
| Lynas Rare Earths, Ltd. <sup>(a)</sup>  | 2549209 | 14445 |
|  |  | 183049 |
| **Utilities 0.52%** |  |  |
| Torrent Power, Ltd.  | 1918769 | 32836 |
| FirstEnergy Corp.  | 286296 | 11526 |
|  |  | 44362 |
| **Real estate 0.10%** |  |  |
| Mirvac Group REIT  | 5948947 | 8614 |
| **Total common stocks** (cost: $4,866,714,000) |  | 8400515 |
| Preferred securities 0.19% |  |  |
| **Information technology 0.19%** |  |  |
| Samsung Electronics Co., Ltd., nonvoting preferred shares  | 460450 | 16888 |
| **Total preferred securities** (cost: $12,816,000) |  | 16888 |
| Short-term securities 2.77% |  |  |
| **Money market investments 2.77%** | **Money market investments 2.77%** | **Money market investments 2.77%** |
| Capital Group Central Cash Fund 4.35% <sup>(c)(d)</sup>  | 2375659 | 237566 |
| **Total short-term securities** (cost: $237,553,000) |  | 237566 |
| **Total investment securities 100.74%** (cost: $5,117,083,000) |  | 8654969 |
| Other assets less liabilities (0.74)% |  | (63517)<br>|
| **Net assets 100.00%** |  | $8591452 |

---

**Investments in affiliates** <sup>(d)</sup>

------

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | Value at <br> 1/1/2025 <br> (000)<br>| Additions <br> (000)<br>| Reductions <br> (000)<br>| Net <br> realized <br> gain (loss) <br> (000)<br>| Net <br> unrealized <br> appreciation <br> (depreciation) <br> (000)<br>| Value at <br> 6/30/2025 <br> (000)<br>| Dividend <br> or interest <br> income <br> (000)<br>|
| **Short-term securities 2.77%** |  |  |  |  |  |  |  |
| **Money market investments 2.77%** |  |  |  |  |  |  |  |
| Capital Group Central Cash Fund 4.35% <sup>(c)</sup>  | $283574 | &nbsp;&nbsp; $775998 | &nbsp;&nbsp; $821926 | &nbsp;&nbsp; $(41)<br>| &nbsp;&nbsp; $(39)<br>| &nbsp;&nbsp; $237566 | &nbsp;&nbsp; $5913 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(a)</sup> Security did not produce income during the last 12 months.

<sup>(b)</sup> All or a portion of this security was on loan. The total value of all such securities was $11,000, which represented less than 0.01% of the net assets of the fund. Refer to Note 5 for more information on securities lending. 

<sup>(c)</sup> Rate represents the seven-day yield at 6/30/2025.

<sup>(d)</sup> Part of the same "group of investment companies" as the fund as defined under the Investment Company Act of 1940, as amended.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| |
|:---|
| **Key to abbreviation(s)** |
| ADR = American Depositary Receipts |
| CAD = Canadian dollars |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br> CDI = CREST Depository Interest <br> EUR = Euros

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br> GDR = Global Depositary Receipts <br> REIT = Real Estate Investment Trust

Refer to the notes to financial statements.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

American Funds Insurance Series<sub>4</sub>

------

Global Small Capitalization Fund

**Investment portfolio** June 30, 2025unaudited

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| Common stocks 94.90% | Shares | Value<br> (000)<br>|
| **Industrials 22.49%** |  |  |
| Cleanaway Waste Management, Ltd.  | 16692698 | $29883 |
| International Container Terminal Services, Inc.  | 3892880 | 28404 |
| Takasago Thermal Engineering Co., Ltd.  | 550274 | 27081 |
| UL Solutions, Inc., Class A  | 357358 | 26037 |
| CBIZ, Inc. <sup>(a)</sup>  | 360344 | 25840 |
| ATI, Inc. <sup>(a)</sup>  | 273691 | 23630 |
| Diploma PLC  | 348043 | 23352 |
| Trelleborg AB, Class B  | 614656 | 22875 |
| Qantas Airways, Ltd.  | 3113684 | 22009 |
| Adecco Group AG  | 726245 | 21583 |
| Nexans SA  | 165102 | 21568 |
| VSE Corp.  | 161862 | 21201 |
| Comfort Systems USA, Inc.  | 31592 | 16940 |
| Inox Wind, Ltd. <sup>(a)</sup>  | 8025554 | 16409 |
| Carel Industries SpA  | 596421 | 15878 |
| Rumo SA  | 4466646 | 15234 |
| LS Electric Co., Ltd.  | 68327 | 15138 |
| Casella Waste Systems, Inc., Class A <sup>(a)</sup>  | 128613 | 14839 |
| Sinfonia Technology Co., Ltd.  | 218586 | 14815 |
| Air Lease Corp., Class A  | 250000 | 14622 |
| REV Group, Inc.  | 291763 | 13885 |
| Hensoldt AG  | 117338 | 13462 |
| RENK Group AG  | 157353 | 12578 |
| Kandenko Co., Ltd.  | 530900 | 12288 |
| Godrej Industries, Ltd. <sup>(a)</sup>  | 802102 | 11655 |
| ICF International, Inc.  | 120109 | 10174 |
| Alaska Air Group, Inc. <sup>(a)</sup>  | 200000 | 9896 |
| Howden Joinery Group PLC  | 831191 | 9766 |
| IMCD NV  | 71833 | 9650 |
| First Advantage Corp. <sup>(a)</sup>  | 578142 | 9603 |
| Applied Industrial Technologies, Inc.  | 39533 | 9189 |
| dormakaba Holding AG  | 9722 | 8883 |
| Addtech AB, Class B  | 245222 | 8346 |
| Visional, Inc. <sup>(a)</sup>  | 105238 | 8119 |
| XPO, Inc. <sup>(a)</sup>  | 63304 | 7995 |
| Engcon AB, Class B  | 770224 | 7343 |
| Reliance Worldwide Corp., Ltd.  | 2633607 | 7107 |
| Tetra Tech, Inc.  | 197183 | 7091 |
| Beijer Ref AB, Class B  | 445805 | 7037 |
| Bombardier, Inc., Class B <sup>(a)</sup>  | 75000 | 6534 |
| Localiza Rent a Car SA, ordinary nominative shares  | 855885 | 6383 |
| SPIE SA  | 111728 | 6278 |
| Georg Fischer AG  | 69127 | 5650 |
| CSW Industrials, Inc.  | 19652 | 5637 |
| Trex Co., Inc. <sup>(a)</sup>  | 102977 | 5600 |
| Byrna Technologies, Inc. <sup>(a)</sup>  | 166228 | 5133 |
| Kurita Water Industries, Ltd.  | 125000 | 4946 |
| SATS, Ltd.  | 2022100 | 4835 |
| Matson, Inc.  | 41560 | 4628 |
| AZEK Co., Inc. (The), Class A <sup>(a)</sup>  | 81825 | 4447 |
| WESCO International, Inc.  | 20529 | 3802 |
| IndiaMart InterMesh, Ltd.  | 122889 | 3723 |
| KEI Industries, Ltd.  | 84089 | 3719 |
| Wizz Air Holdings PLC <sup>(a)(b)</sup>  | 221203 | 3310 |
| Sterling Infrastructure, Inc. <sup>(a)</sup>  | 13897 | 3206 |
| Voyager Technologies, Inc., Class A <sup>(a)(b)</sup>  | 61500 | 2414 |
| Herc Holdings, Inc.  | 15514 | 2043 |
| Delhivery, Ltd. <sup>(a)</sup>  | 433780 | 1936 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **5** | American Funds Insurance Series |

---

------

Global Small Capitalization Fund (continued)

---

| | | |
|:---|:---|:---|
| Common stocks (continued) | Shares | Value<br> (000)<br>|
| **Industrials (continued)** |  |  |
| Mueller Industries, Inc.  | 23732 | $1886 |
| THK Co., Ltd.  | 64800 | 1736 |
| McGrath RentCorp  | 4336 | 503 |
|  |  | 689754 |
| **Financials 15.43%** |  |  |
| Cholamandalam Investment and Finance Co., Ltd.  | 1955819 | 37128 |
| Eurobank Ergasias Services and Holdings SA  | 9230606 | 31706 |
| Glacier Bancorp, Inc.  | 675237 | 29089 |
| HDFC Asset Management Co., Ltd.  | 480000 | 29059 |
| Vontobel Holding AG  | 354868 | 28669 |
| Stifel Financial Corp.  | 269807 | 28001 |
| SLM Corp.  | 824188 | 27025 |
| Max Financial Services, Ltd. <sup>(a)</sup>  | 982332 | 18867 |
| Baldwin Insurance Group, Inc. (The), Class A <sup>(a)</sup>  | 436452 | 18684 |
| IIFL Finance, Ltd. <sup>(a)</sup>  | 3028075 | 16692 |
| Janus Henderson Group PLC  | 422023 | 16391 |
| SiriusPoint, Ltd. <sup>(a)</sup>  | 700000 | 14273 |
| Lazard, Inc., Class A  | 297467 | 14272 |
| Porto Seguro SA  | 1400932 | 14233 |
| Home BancShares, Inc.  | 495420 | 14100 |
| Pluxee NV  | 642301 | 13989 |
| Asia Commercial Joint Stock Bank  | 13830250 | 11278 |
| Banco del Bajio, SA  | 4062979 | 9819 |
| SouthState Corp.  | 102954 | 9475 |
| Essent Group, Ltd.  | 150000 | 9109 |
| First American Financial Corp.  | 143871 | 8832 |
| Patria Investments, Ltd., Class A  | 537189 | 7553 |
| 360 ONE WAM, Ltd.  | 469058 | 6533 |
| EFG International AG  | 334117 | 6190 |
| Discovery, Ltd.  | 483482 | 5866 |
| Sprott, Inc.  | 82833 | 5726 |
| CVB Financial Corp.  | 288772 | 5715 |
| Bridgepoint Group PLC  | 1232030 | 5256 |
| Kyoto Financial Group, Inc.  | 263300 | 4721 |
| PJT Partners, Inc., Class A  | 28318 | 4673 |
| Root, Inc., Class A <sup>(a)</sup>  | 35560 | 4551 |
| JB Financial Group Co., Ltd.  | 294756 | 4488 |
| Haci Omer Sabanci Holding AS  | 1751573 | 3944 |
| FirstCash Holdings, Inc.  | 25763 | 3482 |
| Capitec Bank Holdings, Ltd.  | 11138 | 2234 |
| BNK Financial Group, Inc.  | 173416 | 1600 |
|  |  | 473223 |
| **Information technology 13.18%** |  |  |
| Allegro MicroSystems, Inc. <sup>(a)</sup>  | 1164843 | 39826 |
| PAR Technology Corp. <sup>(a)(c)</sup>  | 325484 | 22579 |
| PAR Technology Corp. <sup>(a)</sup>  | 155085 | 10758 |
| MACOM Technology Solutions Holdings, Inc. <sup>(a)</sup>  | 225450 | 32305 |
| King Slide Works Co., Ltd.  | 361784 | 25203 |
| Silicon Laboratories, Inc. <sup>(a)</sup>  | 161697 | 23828 |
| Pegasystems, Inc.  | 359598 | 19465 |
| Kokusai Electric Corp.  | 802379 | 19318 |
| Q2 Holdings, Inc. <sup>(a)</sup>  | 198415 | 18570 |
| Credo Technology Group Holding, Ltd. <sup>(a)</sup>  | 194072 | 17969 |
| Semtech Corp. <sup>(a)</sup>  | 356911 | 16111 |
| eMemory Technology, Inc.  | 168430 | 13607 |
| Lumentum Holdings, Inc. <sup>(a)</sup>  | 137966 | 13115 |
| Insight Enterprises, Inc. <sup>(a)</sup>  | 84243 | 11633 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

American Funds Insurance Series<sub>6</sub>

------

Global Small Capitalization Fund (continued)

---

| | | |
|:---|:---|:---|
| Common stocks (continued) | Shares | Value<br> (000)<br>|
| **Information technology (continued)** |  |  |
| Riken Keiki Co., Ltd.  | 543100 | $11408 |
| Klaviyo, Inc., Class A <sup>(a)</sup>  | 328169 | 11020 |
| Maruwa Co., Ltd.  | 38254 | 10982 |
| Alphawave IP Group PLC <sup>(a)</sup>  | 3569476 | 8535 |
| Tokyo Seimitsu Co., Ltd.  | 124023 | 8279 |
| Ncino, Inc. <sup>(a)</sup>  | 269841 | 7547 |
| Fabrinet, non-registered shares <sup>(a)</sup>  | 25161 | 7414 |
| Unity Software, Inc. <sup>(a)</sup>  | 302073 | 7310 |
| Lattice Semiconductor Corp. <sup>(a)</sup>  | 139780 | 6848 |
| Topicus.com, Inc., subordinate voting shares <sup>(a)</sup>  | 51481 | 6450 |
| Confluent, Inc., Class A <sup>(a)</sup>  | 235033 | 5859 |
| MKS, Inc.  | 56170 | 5581 |
| Softcat PLC  | 211275 | 4979 |
| HPSP Co., Ltd.  | 182260 | 3748 |
| Cellebrite DI, Ltd. <sup>(a)</sup>  | 194979 | 3120 |
| Hexaware Technologies, Ltd.  | 265045 | 2629 |
| Blockchain Group (The) <sup>(a)(b)</sup>  | 490674 | 2491 |
| ASMPT, Ltd.  | 316400 | 2320 |
| MongoDB, Inc., Class A <sup>(a)</sup>  | 10484 | 2201 |
| Silvaco Group, Inc. <sup>(a)(b)</sup>  | 163728 | 773 |
| Yotpo, Ltd. <sup>(a)(c)(d)</sup>  | 678736 | 428 |
|  |  | 404209 |
| **Consumer discretionary 12.48%** |  |  |
| Entain PLC  | 3136472 | 38791 |
| DraftKings, Inc., Class A <sup>(a)</sup>  | 657778 | 28212 |
| Thor Industries, Inc.  | 281786 | 25025 |
| Sega Sammy Holdings, Inc.  | 918700 | 22042 |
| Genius Sports, Ltd. <sup>(a)</sup>  | 1640078 | 17057 |
| TopBuild Corp. <sup>(a)</sup>  | 52196 | 16898 |
| Light & Wonder, Inc. <sup>(a)</sup>  | 97580 | 9393 |
| Light & Wonder, Inc. Chess Depository Receipt <sup>(a)</sup>  | 75431 | 7319 |
| Inchcape PLC  | 1658830 | 16531 |
| Food & Life Cos., Ltd.  | 315200 | 15354 |
| Wyndham Hotels & Resorts, Inc.  | 180987 | 14698 |
| CAVA Group, Inc. <sup>(a)</sup>  | 172411 | 14522 |
| Guzman y Gomez, Ltd. <sup>(a)</sup>  | 626907 | 11672 |
| Champion Homes, Inc. <sup>(a)</sup>  | 181982 | 11394 |
| Acushnet Holdings Corp.  | 150000 | 10923 |
| Ollie's Bargain Outlet Holdings, Inc. <sup>(a)</sup>  | 78598 | 10358 |
| Grand Canyon Education, Inc. <sup>(a)</sup>  | 50511 | 9547 |
| Boot Barn Holdings, Inc. <sup>(a)</sup>  | 60630 | 9216 |
| Lottomatica Group SpA  | 324745 | 9012 |
| Sanrio Co., Ltd.  | 150500 | 7282 |
| Patrick Industries, Inc.  | 73088 | 6744 |
| tonies SE, Class A <sup>(a)</sup>  | 960519 | 6743 |
| MRF, Ltd.  | 4006 | 6650 |
| Steven Madden, Ltd.  | 270679 | 6491 |
| Camping World Holdings, Inc., Class A  | 363746 | 6253 |
| Aditya Vision, Ltd.  | 1409045 | 6129 |
| Yonex Co., Ltd.  | 300000 | 6041 |
| Tube Investments of India, Ltd.  | 166232 | 6026 |
| Five Below, Inc. <sup>(a)</sup>  | 41947 | 5503 |
| Cairn Homes PLC (EUR denominated)  | 2026044 | 5119 |
| Zalando SE, non-registered shares <sup>(a)</sup>  | 142442 | 4690 |
| Smartfit Escola de Ginastica e Danca SA  | 980320 | 4482 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **7** | American Funds Insurance Series |

---

------

Global Small Capitalization Fund (continued)

---

| | | |
|:---|:---|:---|
| Common stocks (continued) | Shares | Value<br> (000)<br>|
| **Consumer discretionary (continued)** |  |  |
| Shoei Co., Ltd.  | 320200 | $3869 |
| Victoria's Secret & Co. <sup>(a)</sup>  | 137388 | 2544 |
| EIH, Ltd.  | 29163 | 126 |
|  |  | 382656 |
| **Health care 11.54%** |  |  |
| Insulet Corp. <sup>(a)</sup>  | 138345 | 43465 |
| Masimo Corp. <sup>(a)</sup>  | 176106 | 29625 |
| DiaSorin Italia SpA  | 218636 | 23400 |
| Ensign Group, Inc. (The)  | 131436 | 20275 |
| Max Healthcare Institute, Ltd.  | 1220256 | 18156 |
| Carl Zeiss Meditec AG, non-registered shares <sup>(b)</sup>  | 236775 | 15898 |
| Vimian Group AB (publ) <sup>(a)(b)</sup>  | 3741179 | 15818 |
| IDEAYA Biosciences, Inc. <sup>(a)</sup>  | 683100 | 14359 |
| Glenmark Pharmaceuticals, Ltd.  | 653989 | 13374 |
| Ambu AS, Class B, non-registered shares  | 799520 | 12547 |
| Addus HomeCare Corp. <sup>(a)</sup>  | 105462 | 12148 |
| BridgeBio Pharma, Inc. <sup>(a)</sup>  | 266511 | 11508 |
| Asker Healthcare Group AB <sup>(a)</sup>  | 964065 | 11107 |
| CONMED Corp.  | 189210 | 9854 |
| Encompass Health Corp.  | 78343 | 9607 |
| Haemonetics Corp. <sup>(a)</sup>  | 124768 | 9309 |
| iRhythm Technologies, Inc. <sup>(a)</sup>  | 49337 | 7596 |
| Aster DM Healthcare, Ltd.  | 1089547 | 7573 |
| Kymera Therapeutics, Inc. <sup>(a)</sup>  | 149795 | 6537 |
| Indegene, Ltd.  | 965116 | 6467 |
| Denali Therapeutics, Inc. <sup>(a)</sup>  | 454147 | 6354 |
| Integer Holdings Corp. <sup>(a)</sup>  | 50070 | 6157 |
| Bio-Techne Corp.  | 117228 | 6031 |
| Vaxcyte, Inc. <sup>(a)</sup>  | 180439 | 5866 |
| Dr. Lal PathLabs, Ltd.  | 151312 | 4934 |
| AddLife AB, Class B  | 241770 | 4822 |
| Vericel Corp. <sup>(a)</sup>  | 97455 | 4147 |
| Establishment Labs Holdings, Inc. <sup>(a)(b)</sup>  | 92322 | 3943 |
| Enliven Therapeutics, Inc. <sup>(a)(b)</sup>  | 149388 | 2997 |
| Prestige Consumer Healthcare, Inc. <sup>(a)</sup>  | 32983 | 2634 |
| Angelalign Technology, Inc.  | 318348 | 2293 |
| Zealand Pharma AS <sup>(a)(b)</sup>  | 39000 | 2184 |
| Bachem Holding AG <sup>(b)</sup>  | 24766 | 1810 |
| Biohaven, Ltd. <sup>(a)</sup>  | 62303 | 879 |
|  |  | 353674 |
| **Materials 5.92%** |  |  |
| Materion Corp.  | 255673 | 20293 |
| Knife River Corp. <sup>(a)</sup>  | 242566 | 19803 |
| Resonac Holdings Co., Ltd.  | 827000 | 19233 |
| Sumitomo Bakelite Co., Ltd.  | 639359 | 18510 |
| Celanese Corp.  | 294262 | 16281 |
| Lundin Gold, Inc.  | 300000 | 15840 |
| Lundin Mining Corp.  | 1000000 | 10516 |
| Huhtamaki OYJ  | 276021 | 9845 |
| Dyno Nobel, Ltd.  | 5276174 | 9341 |
| LANXESS AG  | 241395 | 7183 |
| Acerinox, SA  | 507145 | 6464 |
| Osaka Soda Co., Ltd.  | 384900 | 4803 |
| Verallia SAS  | 140206 | 4657 |
| Cabot Corp.  | 48229 | 3617 |
| Arkema SA  | 43503 | 3205 |
| Vicat SACA  | 40492 | 2805 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

American Funds Insurance Series<sub>8</sub>

------

Global Small Capitalization Fund (continued)

---

| | | |
|:---|:---|:---|
| Common stocks (continued) | Shares | Value<br> (000)<br>|
| **Materials (continued)** |  |  |
| Umicore SA  | 181924 | $2674 |
| ASP Isotopes, Inc. <sup>(a)(b)</sup>  | 344175 | 2533 |
| NV Bekaert SA  | 53808 | 2222 |
| Mayr-Melnhof Karton AG, non-registered shares  | 17249 | 1552 |
|  |  | 181377 |
| **Communication services 4.39%** |  |  |
| Magnite, Inc. <sup>(a)</sup>  | 1533111 | 36979 |
| Nippon Television Holdings, Inc.  | 1086100 | 25236 |
| Indosat Tbk PT  | 135085677 | 17390 |
| Springer Nature AG & Co. KGaA, non-registered shares  | 609415 | 13395 |
| Rightmove PLC  | 1209594 | 13094 |
| New York Times Co., Class A  | 175000 | 9796 |
| Lionsgate Studios Corp. <sup>(a)</sup>  | 1051920 | 6112 |
| Future PLC  | 515448 | 5158 |
| JCDecaux SE  | 183003 | 3341 |
| Starz Entertainment Corp. <sup>(a)</sup>  | 151869 | 2441 |
| Bharti Hexacom, Ltd.  | 68127 | 1551 |
|  |  | 134493 |
| **Real estate 2.58%** |  |  |
| Embassy Office Parks REIT  | 5208572 | 23656 |
| Charter Hall Group REIT  | 1663583 | 21011 |
| Lodha Developers, Ltd.  | 442564 | 7143 |
| UMH Properties, Inc. REIT  | 410600 | 6894 |
| St. Joe Co.  | 124878 | 5956 |
| Mindspace Business Parks REIT  | 1250000 | 5831 |
| Corp. Inmobiliaria Vesta, SAB de CV <sup>(b)</sup>  | 1900000 | 5222 |
| Altus Group, Ltd.  | 89910 | 3479 |
|  |  | 79192 |
| **Consumer staples 2.50%** |  |  |
| Raia Drogasil SA, ordinary nominative shares  | 7178745 | 19978 |
| Universal Robina Corp.  | 11735715 | 18657 |
| BBB Foods, Inc., Class A <sup>(a)</sup>  | 669472 | 18585 |
| Lamb Weston Holdings, Inc.  | 170000 | 8814 |
| Apotea Sverige AB <sup>(a)</sup>  | 845173 | 7879 |
| e.l.f. Beauty, Inc. <sup>(a)</sup>  | 22848 | 2843 |
|  |  | 76756 |
| **Energy 2.48%** |  |  |
| Weatherford International  | 512177 | 25768 |
| NuVista Energy, Ltd. <sup>(a)</sup>  | 1249839 | 13749 |
| CNX Resources Corp. <sup>(a)</sup>  | 350000 | 11788 |
| Vista Energy, SAB de CV, Class A (ADR) <sup>(a)</sup>  | 202376 | 9676 |
| Aegis Logistics Ltd.  | 790464 | 7151 |
| Aegis Vopak Terminals, Ltd. <sup>(a)</sup>  | 711249 | 2035 |
| Aegis Vopak Terminals, Ltd. <sup>(a)(e)</sup>  | 241762 | 692 |
| NexGen Energy, Ltd. <sup>(a)</sup>  | 380341 | 2639 |
| Denison Mines Corp. <sup>(a)</sup>  | 1375744 | 2515 |
|  |  | 76013 |
| **Utilities 1.91%** |  |  |
| Neoenergia SA  | 4000086 | 18819 |
| Black Hills Corp.  | 197486 | 11079 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **9** | American Funds Insurance Series |

---

------

Global Small Capitalization Fund (continued)

---

| | | |
|:---|:---|:---|
| Common stocks (continued) | Shares | Value<br> (000)<br>|
| **Utilities (continued)** |  |  |
| Talen Energy Corp. <sup>(a)</sup>  | 36428 | $10592 |
| SembCorp Industries, Ltd.  | 1536800 | 8279 |
| Nippon Gas Co., Ltd.  | 411600 | 7577 |
| ACEN Corp.  | 50415592 | 2318 |
|  |  | 58664 |
| **Total common stocks** (cost: $2,104,018,000) |  | 2910011 |
| Preferred securities 0.77% |  |  |
| **Information technology 0.47%** |  |  |
| SmartHR, Inc., Series D, preferred shares <sup>(a)(c)(d)</sup>  | 3006 | 11470 |
| Yotpo, Ltd., Series F, preferred shares <sup>(a)(c)(d)</sup>  | 2158609 | 1360 |
| Yotpo, Ltd., Series B, preferred shares <sup>(a)(c)(d)</sup>  | 287894 | 181 |
| Yotpo, Ltd., Series C, preferred shares <sup>(a)(c)(d)</sup>  | 274070 | 173 |
| Yotpo, Ltd., Series A-1, preferred shares <sup>(a)(c)(d)</sup>  | 183819 | 116 |
| Yotpo, Ltd., Series A, preferred shares <sup>(a)(c)(d)</sup>  | 89605 | 56 |
| Yotpo, Ltd., Series C-1, preferred shares <sup>(a)(c)(d)</sup>  | 75980 | 48 |
| Yotpo, Ltd., Series D, preferred shares <sup>(a)(c)(d)</sup>  | 42368 | 27 |
| Yotpo, Ltd., Series B-1, preferred shares <sup>(a)(c)(d)</sup>  | 33838 | 21 |
| Outreach Corp., Series G, preferred shares <sup>(a)(c)(d)</sup>  | 154354 | 1070 |
|  |  | 14522 |
| **Financials 0.30%** |  |  |
| Federal Home Loan Mortgage Corp., Series Z, 8.375% noncumulative preferred shares <sup>(a)(b)</sup>  | 641250 | 9138 |
| **Total preferred securities** (cost: $28,669,000) |  | 23660 |
| Convertible stocks 0.43% |  |  |
| **Materials 0.43%** |  |  |
| Albemarle Corp., Class A, cumulative convertible preferred depositary shares, 7.25% 3/1/2027  | 406409 | 13046 |
| **Total convertible stocks** (cost: $12,428,000) |  | 13046 |
| Convertible bonds & notes 0.13% | Principal amount<br> (000)<br>|  |
| **Information technology 0.13%** |  |  |
| Alphawave IP Group PLC, convertible notes, 3.75% 3/1/2030  | USD600 | 908 |
| Wolfspeed, Inc., convertible notes, 0.25% 2/15/2028  | 3235 | 833 |
| Wolfspeed, Inc., convertible notes, 1.875% 12/1/2029  | 8923 | 2298 |
| **Total convertible bonds & notes** (cost: $4,448,000) |  | 4039 |
| Short-term securities 5.28% | Shares |  |
| **Money market investments 4.64%** | **Money market investments 4.64%** | **Money market investments 4.64%** |
| Capital Group Central Cash Fund 4.35% <sup>(f)(g)</sup>  | 1423124 | 142312 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

American Funds Insurance Series<sub>10</sub>

------

Global Small Capitalization Fund (continued)

---

| | | |
|:---|:---|:---|
| Short-term securities (continued) | Shares | Value<br> (000)<br>|
| **Money market investments purchased with collateral from securities on loan 0.64%** | **Money market investments purchased with collateral from securities on loan 0.64%** | **Money market investments purchased with collateral from securities on loan 0.64%** |
| Capital Group Central Cash Fund 4.35% <sup>(f)(g)(h)</sup>  | 138096 | $13810 |
| Invesco Short-Term Investments Trust – Government & Agency Portfolio, Institutional Class 4.26% <sup>(f)(h)</sup>  | 5832209 | 5832 |
|  |  | 19642 |
| **Total short-term securities** (cost: $161,942,000) |  | 161954 |
| **Total investment securities 101.51%** (cost: $2,311,505,000) |  | 3112710 |
| Other assets less liabilities (1.51)% |  | (46233)<br>|
| **Net assets 100.00%** |  | $3066477 |

---

**Investments in affiliates** <sup>(g)</sup>

------

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | Value at <br> 1/1/2025 <br> (000)<br>| Additions <br> (000)<br>| Reductions <br> (000)<br>| Net <br> realized <br> gain (loss) <br> (000)<br>| Net <br> unrealized <br> appreciation <br> (depreciation) <br> (000)<br>| Value at <br> 6/30/2025 <br> (000)<br>| Dividend <br> or interest <br> income <br> (000)<br>|
| **Common stocks 0.00%** |  |  |  |  |  |  |  |
| **Consumer discretionary 0.00%** |  |  |  |  |  |  |  |
| Lands' End, Inc. <sup>(a)(i)</sup>  | $27594 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $16981 | &nbsp;&nbsp; $2176 | &nbsp;&nbsp; $(12789)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $— |
| **Short-term securities 5.09%** |  |  |  |  |  |  |  |
| **Money market investments 4.64%** |  |  |  |  |  |  |  |
| Capital Group Central Cash Fund 4.35% <sup>(f)</sup>  | 16001 | &nbsp;&nbsp; 418610 | &nbsp;&nbsp; 292289 | &nbsp;&nbsp; (20)<br>| &nbsp;&nbsp; 10 | &nbsp;&nbsp; 142312 | &nbsp;&nbsp; 2399 |
| **Money market investments purchased with collateral** <br> **from securities on loan 0.45%**<br>|  |  |  |  |  |  |  |
| Capital Group Central Cash Fund 4.35% <sup>(f)(h)</sup>  | 19927 |  | &nbsp;&nbsp; 6117 <br><sup>(j)</sup><br>|  |  | &nbsp;&nbsp; 13810 | &nbsp;&nbsp; — <br><sup>(k)</sup><br>|
| **Total short-term securities** |  |  |  |  |  | &nbsp;&nbsp; 156122 |  |
| **Total 5.09%** |  |  |  | &nbsp;&nbsp; $2156 | &nbsp;&nbsp; $(12779)<br>| &nbsp;&nbsp; $156122 | &nbsp;&nbsp; $2399 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **11** | American Funds Insurance Series |

---

------

Global Small Capitalization Fund (continued)

**Restricted securities** <sup>(c)</sup>

------

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Acquisition <br> date(s)<br>| Cost <br> (000)<br>| Value <br> (000)<br>| Percent <br> of net <br> assets<br>|
| PAR Technology Corp. <sup>(a)</sup> <br>| 3/8/2024 | $12580 | $22579 | 0.74<br> %<br>|
| SmartHR, Inc., Series D, preferred shares <sup>(a)(d)</sup> <br>| 5/28/2021 | 14344 | 11470 | 0.37 |
| Yotpo, Ltd., Series F, preferred shares <sup>(a)(d)</sup> <br>| 2/25/2021  | 4748 | 1360 | 0.05 |
| Yotpo, Ltd. <sup>(a)(d)</sup> <br>| 3/16/2021  | 1418 | 428 | 0.01 |
| Yotpo, Ltd., Series B, preferred shares <sup>(a)(d)</sup> <br>| 3/16/2021  | 602 | 181 | 0.01 |
| Yotpo, Ltd., Series C, preferred shares <sup>(a)(d)</sup> <br>| 3/16/2021  | 573 | 173 | 0.01 |
| Yotpo, Ltd., Series A-1, preferred shares <sup>(a)(d)</sup> <br>| 3/16/2021  | 384 | 116 | 0.00 <br><sup>(l)</sup><br>|
| Yotpo, Ltd., Series A, preferred shares <sup>(a)(d)</sup> <br>| 3/16/2021  | 187 | 56 | 0.00 <br><sup>(l)</sup><br>|
| Yotpo, Ltd., Series C-1, preferred shares <sup>(a)(d)</sup> <br>| 3/16/2021 | 159 | 48 | 0.00 <br><sup>(l)</sup><br>|
| Yotpo, Ltd., Series D, preferred shares <sup>(a)(d)</sup> <br>| 3/16/2021 | 88 | 27 | 0.00 <br><sup>(l)</sup><br>|
| Yotpo, Ltd., Series B-1, preferred shares <sup>(a)(d)</sup> <br>| 3/16/2021  | 71 | 21 | 0.00 <br><sup>(l)</sup><br>|
| Outreach Corp., Series G, preferred shares <sup>(a)(d)</sup> <br>| 5/27/2021 | 4517 | 1070 | 0.03 |
| **Total** |  | $39671 | $37529 | 1.22<br> %<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(a)</sup> Security did not produce income during the last 12 months.

<sup>(b)</sup> All or a portion of this security was on loan. The total value of all such securities was $21,033,000, which represented 0.69% of the net assets of the fund. Refer to Note 5 for more information on securities lending. 

<sup>(c)</sup> Restricted security, other than Rule 144A securities or commercial paper issued pursuant to Section 4(a)(2) of the Securities Act of 1933. The total value of all such restricted securities was $37,529,000, which represented 1.22% of the net assets of the fund. 

<sup>(d)</sup> Value determined using significant unobservable inputs.

<sup>(e)</sup> Security is subject to a contractual sale restriction (lockup). The total value of all such securities was $692,000, which represented 0.02% of the net assets of the fund. The remaining lockup period is generally less than one year; and early lockup release provisions may be applicable based on certain set milestones or condition in accordance with legal documents. 

<sup>(f)</sup> Rate represents the seven-day yield at 6/30/2025.

<sup>(g)</sup> Affiliate of the fund or part of the same "group of investment companies" as the fund, as defined under the Investment Company Act of 1940, as amended.

<sup>(h)</sup> Security purchased with cash collateral from securities on loan. Refer to Note 5 for more information on securities lending.

<sup>(i)</sup> Affiliated issuer during the reporting period but no longer held at 6/30/2025.

<sup>(j)</sup> Represents net activity. Refer to Note 5 for more information on securities lending.

<sup>(k)</sup> Dividend income is included with securities lending income in the fund's statement of operations and is not shown in this table.

<sup>(l)</sup> Amount less than 0.01%.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| |
|:---|
| **Key to abbreviation(s)** |
| ADR = American Depositary Receipts |
| EUR = Euros |
| REIT = Real Estate Investment Trust |
| USD = U.S. dollars |

---

Refer to the notes to financial statements.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

American Funds Insurance Series<sub>12</sub>

------

Growth Fund

**Investment portfolio** June 30, 2025unaudited

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| Common stocks 97.18% | Shares | Value<br> (000)<br>|
| **Information technology 27.11%** |  |  |
| NVIDIA Corp.  | 16406398 | $2592047 |
| Microsoft Corp.  | 4808489 | 2391790 |
| Broadcom, Inc.  | 7732511 | 2131467 |
| Cloudflare, Inc., Class A <sup>(a)</sup>  | 4644781 | 909587 |
| Shopify, Inc., Class A, subordinate voting shares <sup>(a)</sup>  | 7554237 | 871381 |
| MicroStrategy, Inc., Class A <sup>(a)</sup>  | 1507861 | 609523 |
| Micron Technology, Inc.  | 4702712 | 579609 |
| Taiwan Semiconductor Manufacturing Co., Ltd.  | 10759000 | 390406 |
| Taiwan Semiconductor Manufacturing Co., Ltd. (ADR)  | 371039 | 84037 |
| Apple, Inc.  | 2252048 | 462053 |
| Salesforce, Inc.  | 1191227 | 324836 |
| Constellation Software, Inc.  | 87642 | 321361 |
| Adobe, Inc. <sup>(a)</sup>  | 740568 | 286511 |
| Synopsys, Inc. <sup>(a)</sup>  | 548921 | 281421 |
| SK hynix, Inc.  | 1164664 | 251987 |
| Motorola Solutions, Inc.  | 392000 | 164820 |
| ASML Holding NV (ADR)  | 159102 | 127502 |
| ASML Holding NV  | 25261 | 20163 |
| KLA Corp.  | 145050 | 129927 |
| Oracle Corp.  | 588434 | 128649 |
| Unity Software, Inc. <sup>(a)</sup>  | 5288825 | 127990 |
| Palantir Technologies, Inc., Class A <sup>(a)</sup>  | 809801 | 110392 |
| AppLovin Corp., Class A <sup>(a)</sup>  | 270000 | 94522 |
| Datadog, Inc., Class A <sup>(a)</sup>  | 649685 | 87272 |
| DocuSign, Inc. <sup>(a)</sup>  | 922000 | 71815 |
| ARM Holdings PLC (ADR) <sup>(a)(b)</sup>  | 437756 | 70803 |
| Intel Corp.  | 2250000 | 50400 |
| RingCentral, Inc., Class A <sup>(a)</sup>  | 1465500 | 41547 |
| Atlassian Corp., Class A <sup>(a)</sup>  | 175462 | 35635 |
| ServiceNow, Inc. <sup>(a)</sup>  | 31490 | 32374 |
| Fair Isaac Corp. <sup>(a)</sup>  | 16963 | 31008 |
| ASM International NV  | 41358 | 26473 |
| Accenture PLC, Class A  | 74063 | 22137 |
| Applied Materials, Inc.  | 102877 | 18834 |
| MKS, Inc.  | 101047 | 10040 |
| HubSpot, Inc. <sup>(a)</sup>  | 14369 | 7998 |
| Stripe, Inc., Class B <sup>(a)(c)(d)</sup>  | 168598 | 5985 |
|  |  | 13904302 |
| **Communication services 19.98%** |  |  |
| Meta Platforms, Inc., Class A  | 6460365 | 4768331 |
| Netflix, Inc. <sup>(a)</sup>  | 1675116 | 2243198 |
| Alphabet, Inc., Class C  | 6355470 | 1127397 |
| Alphabet, Inc., Class A  | 5364896 | 945455 |
| Charter Communications, Inc., Class A <sup>(a)</sup>  | 752094 | 307464 |
| Snap, Inc., Class A, nonvoting shares <sup>(a)</sup>  | 27200000 | 236368 |
| ROBLOX Corp., Class A <sup>(a)</sup>  | 1951083 | 205254 |
| Live Nation Entertainment, Inc. <sup>(a)</sup>  | 1297347 | 196263 |
| Take-Two Interactive Software, Inc. <sup>(a)</sup>  | 355373 | 86302 |
| Comcast Corp., Class A  | 1343725 | 47957 |
| Nintendo Co., Ltd.  | 411400 | 39653 |
| T-Mobile US, Inc.  | 99374 | 23677 |
| Pinterest, Inc., Class A <sup>(a)</sup>  | 352109 | 12627 |
| Frontier Communications Parent, Inc. <sup>(a)</sup>  | 244130 | 8886 |
|  |  | 10248832 |
| **Consumer discretionary 13.76%** |  |  |
| Tesla, Inc. <sup>(a)</sup>  | 7509093 | 2385339 |
| Amazon.com, Inc. <sup>(a)</sup>  | 5592177 | 1226868 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **13** | American Funds Insurance Series |

---

------

Growth Fund (continued)

---

| | | |
|:---|:---|:---|
| Common stocks (continued) | Shares | Value<br> (000)<br>|
| **Consumer discretionary (continued)** |  |  |
| Royal Caribbean Cruises, Ltd.  | 2278615 | $713525 |
| DoorDash, Inc., Class A <sup>(a)</sup>  | 1700000 | 419067 |
| Chipotle Mexican Grill, Inc. <sup>(a)</sup>  | 5026162 | 282219 |
| NIKE, Inc., Class B  | 3183461 | 226153 |
| Tractor Supply Co.  | 3325000 | 175460 |
| Hermes International  | 61000 | 165195 |
| Aramark  | 3218114 | 134742 |
| Burlington Stores, Inc. <sup>(a)</sup>  | 571948 | 133058 |
| Norwegian Cruise Line Holdings, Ltd. <sup>(a)</sup>  | 6094950 | 123606 |
| Booking Holdings, Inc.  | 21261 | 123085 |
| Home Depot, Inc.  | 315781 | 115778 |
| Duolingo, Inc., Class A <sup>(a)</sup>  | 267716 | 109769 |
| Flutter Entertainment PLC <sup>(a)</sup>  | 330165 | 94348 |
| Rivian Automotive, Inc., Class A <sup>(a)(b)</sup>  | 5693160 | 78224 |
| Wayfair, Inc., Class A <sup>(a)</sup>  | 1406061 | 71906 |
| Service Corp. International  | 848647 | 69080 |
| D.R. Horton, Inc.  | 478018 | 61626 |
| Amadeus IT Group SA, Class A, non-registered shares  | 661683 | 55714 |
| Starbucks Corp.  | 443476 | 40636 |
| DraftKings, Inc., Class A <sup>(a)</sup>  | 908357 | 38959 |
| YUM! Brands, Inc.  | 246744 | 36563 |
| Floor & Decor Holdings, Inc., Class A <sup>(a)</sup>  | 437000 | 33194 |
| Five Below, Inc. <sup>(a)</sup>  | 252000 | 33057 |
| Churchill Downs, Inc.  | 295641 | 29860 |
| Marriott International, Inc., Class A  | 56000 | 15300 |
| Polaris, Inc.  | 371000 | 15081 |
| TopBuild Corp. <sup>(a)</sup>  | 40220 | 13021 |
| YETI Holdings, Inc. <sup>(a)</sup>  | 325329 | 10254 |
| Caesars Entertainment, Inc. <sup>(a)</sup>  | 356300 | 10115 |
| Hilton Worldwide Holdings, Inc.  | 36119 | 9620 |
| Helen of Troy, Ltd. <sup>(a)</sup>  | 269597 | 7651 |
|  |  | 7058073 |
| **Health care 11.06%** |  |  |
| Intuitive Surgical, Inc. <sup>(a)</sup>  | 1991933 | 1082437 |
| Eli Lilly and Co.  | 922850 | 719389 |
| Vertex Pharmaceuticals, Inc. <sup>(a)</sup>  | 1490615 | 663622 |
| Alnylam Pharmaceuticals, Inc. <sup>(a)</sup>  | 1686200 | 549853 |
| UnitedHealth Group, Inc.  | 930678 | 290344 |
| Boston Scientific Corp. <sup>(a)</sup>  | 2547986 | 273679 |
| HCA Healthcare, Inc.  | 627846 | 240528 |
| Thermo Fisher Scientific, Inc.  | 472926 | 191753 |
| Hims & Hers Health, Inc., Class A <sup>(a)</sup>  | 2848145 | 141980 |
| Illumina, Inc. <sup>(a)</sup>  | 1344976 | 128324 |
| Regeneron Pharmaceuticals, Inc.  | 231073 | 121313 |
| Centene Corp. <sup>(a)</sup>  | 2053544 | 111466 |
| Bristol-Myers Squibb Co.  | 1979253 | 91620 |
| Guardant Health, Inc. <sup>(a)</sup>  | 1705050 | 88731 |
| Insmed, Inc. <sup>(a)</sup>  | 796167 | 80126 |
| Ascendis Pharma AS (ADR) <sup>(a)</sup>  | 444896 | 76789 |
| Mettler-Toledo International, Inc. <sup>(a)</sup>  | 62042 | 72882 |
| Align Technology, Inc. <sup>(a)</sup>  | 369578 | 69972 |
| Danaher Corp.  | 340644 | 67291 |
| Ionis Pharmaceuticals, Inc. <sup>(a)</sup>  | 1674900 | 66175 |
| Novo Nordisk AS, Class B  | 917755 | 63698 |
| Exact Sciences Corp. <sup>(a)</sup>  | 1192321 | 63360 |
| EssilorLuxottica SA  | 229003 | 62826 |
| BioNTech SE (ADR) <sup>(a)(b)</sup>  | 562734 | 59914 |
| Abbott Laboratories  | 371669 | 50551 |
| Molina Healthcare, Inc. <sup>(a)</sup>  | 161327 | 48059 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

American Funds Insurance Series<sub>14</sub>

------

Growth Fund (continued)

---

| | | |
|:---|:---|:---|
| Common stocks (continued) | Shares | Value<br> (000)<br>|
| **Health care (continued)** |  |  |
| AstraZeneca PLC  | 343952 | $47779 |
| Royalty Pharma PLC, Class A  | 955185 | 34415 |
| Veeva Systems, Inc., Class A <sup>(a)</sup>  | 87585 | 25223 |
| IQVIA Holdings, Inc. <sup>(a)</sup>  | 105500 | 16626 |
| CRISPR Therapeutics AG <sup>(a)(b)</sup>  | 334619 | 16276 |
| Amgen, Inc.  | 55569 | 15515 |
| Elevance Health, Inc.  | 26768 | 10412 |
| QIAGEN NV  | 215885 | 10375 |
| Verily Life Sciences, LLC <sup>(a)(c)(d)</sup>  | 300178 | 9825 |
| Sarepta Therapeutics, Inc. <sup>(a)</sup>  | 498337 | 8521 |
|  |  | 5671649 |
| **Industrials 10.54%** |  |  |
| TransDigm Group, Inc.  | 716472 | 1089496 |
| General Electric Co.  | 1544121 | 397441 |
| Quanta Services, Inc.  | 987626 | 373402 |
| Uber Technologies, Inc. <sup>(a)</sup>  | 3500000 | 326550 |
| Axon Enterprise, Inc. <sup>(a)</sup>  | 366366 | 303329 |
| United Rentals, Inc.  | 343479 | 258777 |
| Ingersoll-Rand, Inc.  | 2632733 | 218991 |
| GE Vernova, Inc.  | 384741 | 203586 |
| United Airlines Holdings, Inc. <sup>(a)</sup>  | 2300410 | 183182 |
| ATI, Inc. <sup>(a)</sup>  | 2086140 | 180117 |
| Dayforce, Inc. <sup>(a)</sup>  | 3030416 | 167855 |
| Republic Services, Inc.  | 664509 | 163875 |
| Equifax, Inc.  | 626858 | 162588 |
| Boeing Co. (The) <sup>(a)</sup>  | 684135 | 143347 |
| FTAI Aviation, Ltd.  | 1094574 | 125920 |
| Copart, Inc. <sup>(a)</sup>  | 2348144 | 115223 |
| Northrop Grumman Corp.  | 202123 | 101057 |
| Airbus SE, non-registered shares  | 426445 | 89043 |
| Ryanair Holdings PLC (ADR)  | 1404492 | 80997 |
| Ryanair Holdings PLC  | 96554 | 2732 |
| Rocket Lab Corp. <sup>(a)(b)</sup>  | 2320675 | 83011 |
| Casella Waste Systems, Inc., Class A <sup>(a)</sup>  | 701174 | 80901 |
| Old Dominion Freight Line, Inc.  | 490000 | 79527 |
| Willscot Holdings Corp., Class A  | 2545837 | 69756 |
| Carrier Global Corp.  | 739587 | 54130 |
| ITT, Inc.  | 343000 | 53793 |
| Saia, Inc. <sup>(a)</sup>  | 192280 | 52683 |
| Honeywell International, Inc.  | 204196 | 47553 |
| HEICO Corp.  | 137622 | 45140 |
| Bombardier, Inc., Class B <sup>(a)</sup>  | 518058 | 45135 |
| XPO, Inc. <sup>(a)</sup>  | 263564 | 33286 |
| Lennox International, Inc.  | 43370 | 24861 |
| Safran SA  | 49416 | 16060 |
| FedEx Corp.  | 68327 | 15531 |
| Tetra Tech, Inc.  | 342234 | 12307 |
| Einride AB <sup>(a)(c)(d)</sup>  | 78648 | 2633 |
|  |  | 5403815 |
| **Financials 7.98%** |  |  |
| Visa, Inc., Class A  | 2685292 | 953413 |
| Bank of America Corp.  | 7760600 | 367232 |
| Fiserv, Inc. <sup>(a)</sup>  | 1979966 | 341366 |
| Toast, Inc., Class A <sup>(a)</sup>  | 7274350 | 322181 |
| Mastercard, Inc., Class A  | 492848 | 276951 |
| KKR & Co., Inc.  | 2009945 | 267383 |
| Affirm Holdings, Inc., Class A <sup>(a)</sup>  | 3595701 | 248607 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **15** | American Funds Insurance Series |

---

------

Growth Fund (continued)

---

| | | |
|:---|:---|:---|
| Common stocks (continued) | Shares | Value<br> (000)<br>|
| **Financials (continued)** |  |  |
| Apollo Asset Management, Inc.  | 1370731 | $194466 |
| Brookfield Corp., Class A  | 2314781 | 143169 |
| Capital One Financial Corp.  | 632231 | 134513 |
| Blackstone, Inc.  | 802515 | 120040 |
| Blue Owl Capital, Inc., Class A  | 4832647 | 92835 |
| Progressive Corp.  | 307337 | 82016 |
| Block, Inc., Class A <sup>(a)</sup>  | 1119780 | 76067 |
| UBS Group AG  | 2174000 | 73567 |
| Ryan Specialty Holdings, Inc., Class A  | 1007426 | 68495 |
| First Citizens BancShares, Inc., Class A  | 31833 | 62280 |
| Marsh & McLennan Cos., Inc.  | 275836 | 60309 |
| Ares Management Corp., Class A  | 346466 | 60008 |
| Truist Financial Corp.  | 1350366 | 58052 |
| Intercontinental Exchange, Inc.  | 176208 | 32329 |
| Aon PLC, Class A  | 57337 | 20455 |
| Kinsale Capital Group, Inc.  | 34500 | 16694 |
| Arch Capital Group, Ltd.  | 159854 | 14555 |
| Coinbase Global, Inc., Class A <sup>(a)</sup>  | 21116 | 7401 |
|  |  | 4094384 |
| **Consumer staples 2.05%** |  |  |
| Performance Food Group Co. <sup>(a)</sup>  | 3559500 | 311350 |
| Costco Wholesale Corp.  | 303405 | 300353 |
| Dollar General Corp.  | 665684 | 76141 |
| Mondelez International, Inc., Class A  | 861831 | 58122 |
| Bunge Global SA  | 679809 | 54575 |
| Philip Morris International, Inc.  | 298723 | 54406 |
| Constellation Brands, Inc., Class A  | 325000 | 52871 |
| Church & Dwight Co., Inc.  | 483136 | 46434 |
| Dollar Tree Stores, Inc. <sup>(a)</sup>  | 372328 | 36875 |
| Keurig Dr Pepper, Inc.  | 903000 | 29853 |
| Estee Lauder Cos., Inc. (The), Class A  | 350812 | 28346 |
| JUUL Labs, Inc., Class A <sup>(a)(c)(d)(e)</sup>  | 2496349 | 2671 |
|  |  | 1051997 |
| **Energy 1.98%** |  |  |
| EOG Resources, Inc.  | 2848235 | 340677 |
| MEG Energy Corp.  | 8273055 | 156318 |
| Baker Hughes Co., Class A  | 3500000 | 134190 |
| Cenovus Energy, Inc. (CAD denominated)  | 6693761 | 91085 |
| TechnipFMC PLC  | 2000000 | 68880 |
| Canadian Natural Resources, Ltd. (CAD denominated)  | 2160826 | 67915 |
| Diamondback Energy, Inc.  | 325000 | 44655 |
| EQT Corp.  | 701954 | 40938 |
| Tourmaline Oil Corp.  | 596759 | 28792 |
| Schlumberger NV  | 662103 | 22379 |
| ConocoPhillips  | 225174 | 20207 |
|  |  | 1016036 |
| **Materials 1.42%** |  |  |
| Wheaton Precious Metals Corp.  | 2574257 | 231168 |
| Grupo Mexico, SAB de CV, Series B  | 19156155 | 116032 |
| Royal Gold, Inc.  | 551247 | 98034 |
| Albemarle Corp.  | 1072000 | 67182 |
| Linde PLC  | 122857 | 57642 |
| Franco-Nevada Corp. (CAD denominated)  | 323280 | 53076 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| American Funds Insurance Series | **16** |

---

------

Growth Fund (continued)

---

| | | |
|:---|:---|:---|
| Common stocks (continued) | Shares | Value<br> (000)<br>|
| **Materials (continued)** |  |  |
| LyondellBasell Industries NV  | 856344 | $49548 |
| Sherwin-Williams Co.  | 98004 | 33651 |
| Glencore PLC  | 5275000 | 20535 |
|  |  | 726868 |
| **Utilities 0.70%** |  |  |
| Constellation Energy Corp.  | 894062 | 288568 |
| PG&E Corp.  | 4145582 | 57789 |
| Southern Co. (The)  | 127300 | 11690 |
|  |  | 358047 |
| **Real estate 0.60%** |  |  |
| CoStar Group, Inc. <sup>(a)</sup>  | 2099529 | 168802 |
| Zillow Group, Inc., Class C, nonvoting shares <sup>(a)</sup>  | 2008084 | 140666 |
|  |  | 309468 |
| **Total common stocks** (cost: $20,717,415,000) |  | 49843471 |
| Preferred securities 0.29% |  |  |
| **Information technology 0.28%** |  |  |
| Stripe, Inc., Series I, 6.00% noncumulative preferred shares <sup>(a)(c)(d)</sup>  | 2763342 | 98099 |
| Stripe, Inc., Series H, 6.00% noncumulative preferred shares <sup>(a)(c)(d)</sup>  | 52656 | 1869 |
| PsiQuantum Corp., Series D, preferred shares <sup>(a)(c)(d)</sup>  | 906761 | 37291 |
| PsiQuantum Corp., Series E, preferred shares <sup>(a)(c)(d)</sup>  | 56040 | 2305 |
| Tipalti Solutions, Ltd., Series F, preferred shares <sup>(a)(c)(d)</sup>  | 406310 | 2056 |
|  |  | 141620 |
| **Industrials 0.01%** |  |  |
| Einride AB, Series C, preferred shares <sup>(a)(c)(d)</sup>  | 154765 | 5182 |
| **Total preferred securities** (cost: $96,054,000) |  | 146802 |
| Rights & warrants 0.04% |  |  |
| **Information technology 0.04%** |  |  |
| Openai Global, LLC, rights <sup>(a)(c)(d)</sup>  | 13740540 | 22672 |
| Constellation Software, Inc., warrants, expire 3/31/2040 <sup>(a)(c)</sup>  | 53352 | — <br><sup>(f)</sup><br>|
| **Total rights & warrants** (cost: $13,741,000) |  | 22672 |
| Convertible stocks 0.01% |  |  |
| **Materials 0.01%** |  |  |
| Albemarle Corp., Class A, cumulative convertible preferred depositary shares, 7.25% 3/1/2027  | 128700 | 4131 |
| **Industrials 0.00%** |  |  |
| ABL Space Systems Co., Class A-10, noncumulative convertible preferred shares <sup>(c)(d)</sup>  | 809003 | 566 |
| ABL Space Systems Co., Class A-9, noncumulative convertible preferred shares <sup>(c)(d)</sup>  | 171920 | 120 |
| **Total convertible stocks** (cost: $18,269,000) |  | 4817 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **17** | American Funds Insurance Series |

---

------

Growth Fund (continued)

---

| | | |
|:---|:---|:---|
| Short-term securities 3.06% | Shares | Value<br> (000)<br>|
| **Money market investments 2.81%** | **Money market investments 2.81%** | **Money market investments 2.81%** |
| Capital Group Central Cash Fund 4.35% <sup>(g)(h)</sup>  | 14433847 | $1443384 |
| **Money market investments purchased with collateral from securities on loan 0.25%** | **Money market investments purchased with collateral from securities on loan 0.25%** | **Money market investments purchased with collateral from securities on loan 0.25%** |
| Invesco Short-Term Investments Trust – Government & Agency Portfolio, Institutional Class 4.26% <sup>(g)(i)</sup>  | 126327908 | 126327 |
| **Total short-term securities** (cost: $1,569,522,000) |  | 1569711 |
| **Total investment securities 100.58%** (cost: $22,415,001,000) |  | 51587473 |
| Other assets less liabilities (0.58)% |  | (297705)<br>|
| **Net assets 100.00%** |  | $51289768 |

---

**Investments in affiliates** <sup>(h)</sup>

------

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | Value at <br> 1/1/2025 <br> (000)<br>| Additions <br> (000)<br>| Reductions <br> (000)<br>| Net <br> realized <br> gain (loss) <br> (000)<br>| Net <br> unrealized <br> appreciation <br> (depreciation) <br> (000)<br>| Value at <br> 6/30/2025 <br> (000)<br>| Dividend <br> or interest <br> income <br> (000)<br>|
| **Short-term securities 2.81%** |  |  |  |  |  |  |  |
| **Money market investments 2.81%** |  |  |  |  |  |  |  |
| Capital Group Central Cash Fund 4.35% <sup>(g)</sup>  | $1045665 | &nbsp;&nbsp; $3192626 | &nbsp;&nbsp; $2794827 | &nbsp;&nbsp; $(73)<br>| &nbsp;&nbsp; $(7)<br>| &nbsp;&nbsp; $1443384 | &nbsp;&nbsp; $28944 |
| **Money market investments purchased with collateral** <br> **from securities on loan 0.00%**<br>|  |  |  |  |  |  |  |
| Capital Group Central Cash Fund 4.35% <sup>(g)</sup>  | 4032 |  | &nbsp;&nbsp; 4032 <br><sup>(j)</sup><br>|  |  | &nbsp;&nbsp; — | &nbsp;&nbsp; — <br><sup>(k)</sup><br>|
| **Total 2.81%** |  |  |  | &nbsp;&nbsp; $(73)<br>| &nbsp;&nbsp; $(7)<br>| &nbsp;&nbsp; $1443384 | &nbsp;&nbsp; $28944 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| American Funds Insurance Series | **18** |

---

------

Growth Fund (continued)

**Restricted securities** <sup>(d)</sup>

------

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Acquisition <br> date(s)<br>| Cost <br> (000)<br>| Value <br> (000)<br>| Percent <br> of net <br> assets<br>|
| Stripe, Inc., Series I, 6.00% noncumulative preferred shares <sup>(a)(c)</sup> <br>| 3/15/2023 | $55637 | $98099 | 0.19<br> %<br>|
| Stripe, Inc., Class B <sup>(a)(c)</sup> <br>| 5/6/2021 | 6766 | 5985 | 0.01 |
| Stripe, Inc., Series H, 6.00% noncumulative preferred shares <sup>(a)(c)</sup> <br>| 3/15/2021 | 2113 | 1869 | 0.01 |
| PsiQuantum Corp., Series D, preferred shares <sup>(a)(c)</sup> <br>| 5/28/2021 | 23781 | 37291 | 0.07 |
| PsiQuantum Corp., Series E, preferred shares <sup>(a)(c)</sup> <br>| 5/23/2025-6/3/2025 | 2305 | 2305 | 0.01 |
| Openai Global, LLC, rights <sup>(a)(c)</sup> <br>| 9/30/2024 | 13741 | 22672 | 0.04 |
| Verily Life Sciences, LLC <sup>(a)(c)</sup> <br>| 12/21/2018 | 37000 | 9825 | 0.02 |
| Einride AB, Series C, preferred shares <sup>(a)(c)</sup> <br>| 11/23/2022-8/1/2024 | 5262 | 5182 | 0.01 |
| Einride AB <sup>(a)(c)</sup> <br>| 2/1/2023 | 2674 | 2633 | 0.01 |
| JUUL Labs, Inc., Class A <sup>(a)(c)(e)</sup> <br>| 7/29/2024 | 19001 | 2671 | 0.00 <br><sup>(l)</sup><br>|
| Tipalti Solutions, Ltd., Series F, preferred shares <sup>(a)(c)</sup> <br>| 12/1/2021 | 6956 | 2056 | 0.00 <br><sup>(l)</sup><br>|
| ABL Space Systems Co., Class A-10, noncumulative convertible <br> preferred shares <sup>(c)</sup> <br>| 12/14/2023 | 1382 | 566 | 0.00 <br><sup>(l)</sup><br>|
| ABL Space Systems Co., Class A-9, noncumulative convertible <br> preferred shares <sup>(c)</sup> <br>| 10/22/2021 | 10452 | 120 | 0.00 <br><sup>(l)</sup><br>|
| **Total** |  | $187070 | $191274 | 0.37<br> %<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(a)</sup> Security did not produce income during the last 12 months.

<sup>(b)</sup> All or a portion of this security was on loan. The total value of all such securities was $137,026,000, which represented 0.27% of the net assets of the fund. Refer to Note 5 for more information on securities lending. 

<sup>(c)</sup> Value determined using significant unobservable inputs.

<sup>(d)</sup> Restricted security, other than Rule 144A securities or commercial paper issued pursuant to Section 4(a)(2) of the Securities Act of 1933. The total value of all such restricted securities was $191,274,000, which represented 0.37% of the net assets of the fund. 

<sup>(e)</sup> Security is subject to a contractual sale restriction (lockup). The total value of all such securities was $2,671,000, which represented less than 0.01% of the net assets of the fund. The remaining lockup period is generally less than one year; and early lockup release provisions may be applicable based on certain set milestones or condition in accordance with legal documents. 

<sup>(f)</sup> Amount less than one thousand.

<sup>(g)</sup> Rate represents the seven-day yield at 6/30/2025.

<sup>(h)</sup> Part of the same "group of investment companies" as the fund as defined under the Investment Company Act of 1940, as amended.

<sup>(i)</sup> Security purchased with cash collateral from securities on loan. Refer to Note 5 for more information on securities lending.

<sup>(j)</sup> Represents net activity. Refer to Note 5 for more information on securities lending.

<sup>(k)</sup> Dividend income is included with securities lending income in the fund's statement of operations and is not shown in this table.

<sup>(l)</sup> Amount less than 0.01%.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| |
|:---|
| **Key to abbreviation(s)** |
| ADR = American Depositary Receipts |
| CAD = Canadian dollars |

---

Refer to the notes to financial statements.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **19** | American Funds Insurance Series |

---

------

International Fund

**Investment portfolio** June 30, 2025unaudited

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| Common stocks 95.66% | Shares | Value<br> (000)<br>|
| **Industrials 18.27%** |  |  |
| Airbus SE, non-registered shares  | 1175038 | $245352 |
| Recruit Holdings Co., Ltd.  | 2441206 | 144687 |
| Rolls-Royce Holdings PLC  | 9280451 | 123261 |
| MTU Aero Engines AG  | 229720 | 102070 |
| Siemens AG  | 342280 | 87754 |
| Techtronic Industries Co., Ltd.  | 6692500 | 73575 |
| Melrose Industries PLC  | 9427170 | 68687 |
| Volvo AB, Class B  | 2202525 | 61786 |
| DSV A/S  | 196029 | 47106 |
| Diploma PLC  | 649753 | 43595 |
| Rumo SA  | 11921504 | 40659 |
| Localiza Rent a Car SA, ordinary nominative shares  | 5037704 | 37571 |
| Daikin Industries, Ltd.  | 284574 | 33644 |
| Schneider Electric SE  | 123293 | 32794 |
| Hitachi, Ltd.  | 1041000 | 30397 |
| Shenzhen Inovance Technology Co., Ltd., Class A  | 2154066 | 19411 |
| AtkinsRealis Group, Inc.  | 263382 | 18473 |
| Safran SA  | 56700 | 18427 |
| Marubeni Corp.  | 835500 | 16901 |
| Experian PLC  | 312810 | 16110 |
| ITOCHU Corp.  | 287300 | 15075 |
| Singapore Technologies Engineering, Ltd.  | 1938700 | 11878 |
| Grab Holdings, Ltd., Class A <sup>(a)</sup>  | 2358675 | 11864 |
| IHI Corp.  | 82450 | 8955 |
| Ashtead Group PLC  | 105159 | 6739 |
|  |  | 1316771 |
| **Financials 16.42%** |  |  |
| Standard Chartered PLC  | 10643746 | 176344 |
| Banco Bilbao Vizcaya Argentaria SA  | 9692633 | 149055 |
| Nu Holdings, Ltd., Class A <sup>(a)</sup>  | 9743513 | 133681 |
| KB Financial Group, Inc.  | 1185335 | 97402 |
| ING Groep NV  | 4427753 | 97147 |
| 3i Group PLC  | 1312886 | 74248 |
| Mizuho Financial Group, Inc.  | 2329200 | 64585 |
| AIA Group, Ltd.  | 5580497 | 50047 |
| China Merchants Bank Co., Ltd., Class A  | 6885237 | 44153 |
| Ping An Insurance (Group) Company of China, Ltd., Class A  | 5391410 | 41744 |
| Ping An Insurance (Group) Company of China, Ltd., Class H  | 5500 | 35 |
| Munchener Ruckversicherungs-Gesellschaft AG  | 56655 | 36745 |
| Societe Generale  | 641452 | 36684 |
| Tokio Marine Holdings, Inc.  | 722100 | 30643 |
| Bank Central Asia Tbk PT  | 56767400 | 30333 |
| BNP Paribas SA  | 274697 | 24696 |
| Barclays PLC  | 4901727 | 22695 |
| Bank Mandiri (Persero) Tbk PT  | 74952600 | 22530 |
| ICICI Bank, Ltd.  | 1170642 | 19735 |
| NatWest Group PLC  | 2303704 | 16171 |
| Kotak Mahindra Bank, Ltd.  | 425144 | 10725 |
| Futu Holdings, Ltd. (ADR)  | 35499 | 4387 |
|  |  | 1183785 |
| **Information technology 13.29%** |  |  |
| Taiwan Semiconductor Manufacturing Co., Ltd.  | 9788936 | 355207 |
| SAP SE  | 457023 | 138975 |
| ASML Holding NV  | 131045 | 104598 |
| SK hynix, Inc.  | 474112 | 102579 |
| Tokyo Electron, Ltd.  | 526498 | 101201 |
| Shopify, Inc., Class A, subordinate voting shares <sup>(a)</sup>  | 387897 | 44744 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| American Funds Insurance Series | **20** |

---

------

International Fund (continued)

---

| | | |
|:---|:---|:---|
| Common stocks (continued) | Shares | Value<br> (000)<br>|
| **Information technology (continued)** |  |  |
| STMicroelectronics NV  | 941936 | $28776 |
| Infineon Technologies AG  | 575649 | 24489 |
| Constellation Software, Inc.  | 3666 | 13442 |
| Tata Consultancy Services, Ltd.  | 242399 | 9785 |
| Keyence Corp.  | 22764 | 9143 |
| Renesas Electronics Corp.  | 608100 | 7555 |
| NEC Corp.  | 244075 | 7151 |
| Canva, Inc. <sup>(a)(b)(c)</sup>  | 4819 | 6168 |
| Elite Material Co., Ltd. <sup>(a)</sup>  | 142322 | 4297 |
|  |  | 958110 |
| **Communication services 9.09%** |  |  |
| SoftBank Group Corp.  | 2223300 | 162342 |
| Deutsche Telekom AG  | 3342675 | 121945 |
| Tencent Holdings, Ltd.  | 1728061 | 110729 |
| Bharti Airtel, Ltd.  | 4448767 | 104247 |
| Universal Music Group NV  | 1409146 | 45614 |
| Sea, Ltd., Class A (ADR) <sup>(a)</sup>  | 247921 | 39652 |
| NetEase, Inc.  | 879716 | 23646 |
| Advanced Info Service PCL, foreign registered shares  | 2166500 | 18560 |
| Singapore Telecommunications, Ltd.  | 5800500 | 17427 |
| Nintendo Co., Ltd.  | 117200 | 11296 |
|  |  | 655458 |
| **Consumer discretionary 9.02%** |  |  |
| MercadoLibre, Inc. <sup>(a)</sup>  | 34217 | 89431 |
| adidas AG  | 335638 | 78263 |
| Trip.com Group, Ltd.  | 1243307 | 72223 |
| Flutter Entertainment PLC <sup>(a)</sup>  | 244696 | 69924 |
| Compagnie Financiere Richemont SA, Class A  | 273347 | 51486 |
| Maruti Suzuki India, Ltd.  | 313157 | 45279 |
| Ferrari NV (EUR denominated)  | 87650 | 42961 |
| NEXT PLC  | 242819 | 41463 |
| Hyundai Motor Co.  | 162486 | 24501 |
| Midea Group Co., Ltd., Class A  | 2284500 | 23019 |
| H World Group, Ltd. (ADR)  | 587501 | 19928 |
| Moncler SpA  | 341959 | 19492 |
| Galaxy Entertainment Group, Ltd.  | 4030000 | 17891 |
| Industria de Diseno Textil SA  | 266263 | 13857 |
| Fast Retailing Co., Ltd.  | 33500 | 11520 |
| Shimano, Inc.  | 71200 | 10336 |
| Coupang, Inc., Class A <sup>(a)</sup>  | 205714 | 6163 |
| Stellantis NV  | 499419 | 5006 |
| Hermes International  | 1637 | 4433 |
| LVMH Moet Hennessy-Louis Vuitton SE  | 5799 | 3037 |
|  |  | 650213 |
| **Health care 8.62%** |  |  |
| Novo Nordisk AS, Class B  | 2797531 | 194165 |
| Daiichi Sankyo Co., Ltd.  | 6367450 | 148790 |
| Sanofi  | 1342290 | 129986 |
| Eurofins Scientific SE, non-registered shares  | 494520 | 35208 |
| Zealand Pharma AS <sup>(a)</sup>  | 566084 | 31702 |
| AstraZeneca PLC  | 196051 | 27234 |
| Alcon, Inc.  | 214923 | 19015 |
| Sandoz Group AG  | 212368 | 11621 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **21** | American Funds Insurance Series |

---

------

International Fund (continued)

---

| | | |
|:---|:---|:---|
| Common stocks (continued) | Shares | Value<br> (000)<br>|
| **Health care (continued)** |  |  |
| EssilorLuxottica SA  | 36064 | $9894 |
| bioMerieux SA  | 63303 | 8754 |
| Ambu AS, Class B, non-registered shares  | 319853 | 5020 |
|  |  | 621389 |
| **Materials 7.87%** |  |  |
| First Quantum Minerals, Ltd. <sup>(a)</sup>  | 14456903 | 256811 |
| Ivanhoe Mines, Ltd., Class A <sup>(a)</sup>  | 6385274 | 47969 |
| Ivanhoe Mines, Ltd., Class A <sup>(a)(c)</sup>  | 3675281 | 27610 |
| Rio Tinto PLC  | 930790 | 54236 |
| Shin-Etsu Chemical Co., Ltd.  | 1256900 | 41651 |
| Grupo Mexico, SAB de CV, Series B  | 5747400 | 34813 |
| Air Liquide SA  | 118039 | 24352 |
| Nitto Denko Corp.  | 1148055 | 22255 |
| Smurfit Westrock PLC  | 316723 | 13666 |
| Nippon Sanso Holdings Corp.  | 355500 | 13486 |
| Anglo American PLC  | 350603 | 10347 |
| Akzo Nobel NV  | 112948 | 7903 |
| Antofagasta PLC  | 291075 | 7230 |
| DSM-Firmenich AG  | 46001 | 4891 |
|  |  | 567220 |
| **Consumer staples 5.97%** |  |  |
| British American Tobacco PLC  | 2677738 | 127286 |
| Nestle SA  | 617355 | 61335 |
| Danone SA  | 740649 | 60513 |
| L'Oreal SA, non-registered shares  | 131934 | 56430 |
| Ajinomoto Co., Inc.  | 1796300 | 48760 |
| JBS NV (BDR) <sup>(a)</sup>  | 1940148 | 27928 |
| Kweichow Moutai Co., Ltd., Class A  | 90352 | 17773 |
| Avenue Supermarts, Ltd. <sup>(a)</sup>  | 262709 | 13394 |
| Uni-Charm Corp.  | 1184800 | 8561 |
| Imperial Brands PLC  | 193818 | 7654 |
| Suntory Beverage & Food, Ltd.  | 19800 | 634 |
|  |  | 430268 |
| **Energy 5.50%** |  |  |
| Reliance Industries, Ltd.  | 10489681 | 183545 |
| Canadian Natural Resources, Ltd. (CAD denominated)  | 4945487 | 155437 |
| Cenovus Energy, Inc. (CAD denominated)  | 2993045 | 40728 |
| Shell PLC (GBP denominated)  | 316792 | 11104 |
| Neste OYJ  | 391662 | 5315 |
|  |  | 396129 |
| **Utilities 1.61%** |  |  |
| Gulf Development PCL  | 36220543 | 43253 |
| E.ON SE  | 1586206 | 29195 |
| Companhia de Saneamento Basico do Estado de Sao Paulo-SABESP, ordinary nominative shares  | 760600 | 16677 |
| SembCorp Industries, Ltd.  | 2815100 | 15166 |
| Engie SA  | 511996 | 12017 |
|  |  | 116308 |
| **Total common stocks** (cost: $5,034,543,000) |  | 6895651 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| American Funds Insurance Series | **22** |

---

------

International Fund (continued)

---

| | | |
|:---|:---|:---|
| Preferred securities 0.46% | Shares | Value<br> (000)<br>|
| **Financials 0.45%** |  |  |
| Itau Unibanco Holding SA, preferred nominative shares  | 4838084 | $32903 |
| **Information technology 0.01%** |  |  |
| Canva, Inc., Series A, noncumulative preferred shares <sup>(a)(b)(c)</sup>  | 422 | 540 |
| Canva, Inc., Series A-3, noncumulative preferred shares <sup>(a)(b)(c)</sup>  | 18 | 23 |
| Canva, Inc., Series A-4, noncumulative preferred shares <sup>(a)(b)(c)</sup>  | 1 | 2 |
|  |  | 565 |
| **Total preferred securities** (cost: $29,320,000) |  | 33468 |
| Rights & warrants 0.00% |  |  |
| **Information technology 0.00%** |  |  |
| Constellation Software, Inc., warrants, expire 3/31/2040 <sup>(a)(b)</sup>  | 7730 | — <br><sup>(d)</sup><br>|
| **Total rights & warrants** (cost: $0) |  | — <br><sup>(d)</sup><br>|
| Short-term securities 4.59% |  |  |
| **Money market investments 4.59%** | **Money market investments 4.59%** | **Money market investments 4.59%** |
| Capital Group Central Cash Fund 4.35% <sup>(e)(f)</sup>  | 3308684 | 330868 |
| **Total short-term securities** (cost: $330,857,000) |  | 330868 |
| **Total investment securities 100.71%** (cost: $5,394,720,000) |  | 7259987 |
| Other assets less liabilities (0.71)% |  | (51283)<br>|
| **Net assets 100.00%** |  | $7208704 |

---

**Investments in affiliates** <sup>(f)</sup>

------

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | Value at <br> 1/1/2025 <br> (000)<br>| Additions <br> (000)<br>| Reductions <br> (000)<br>| Net <br> realized <br> gain (loss) <br> (000)<br>| Net <br> unrealized <br> appreciation <br> (depreciation) <br> (000)<br>| Value at <br> 6/30/2025 <br> (000)<br>| Dividend <br> or interest <br> income <br> (000)<br>|
| **Short-term securities 4.59%** |  |  |  |  |  |  |  |
| **Money market investments 4.59%** |  |  |  |  |  |  |  |
| Capital Group Central Cash Fund 4.35% <sup>(e)</sup>  | $396476 | &nbsp;&nbsp; $948672 | &nbsp;&nbsp; $1014187 | &nbsp;&nbsp; $(59)<br>| &nbsp;&nbsp; $(34)<br>| &nbsp;&nbsp; $330868 | &nbsp;&nbsp; $6773 |
| **Money market investments purchased with collateral** <br> **from securities on loan 0.00%**<br>|  |  |  |  |  |  |  |
| Capital Group Central Cash Fund 4.35% <sup>(e)</sup>  | 1000 |  | &nbsp;&nbsp; 1000 <br><sup>(g)</sup><br>|  |  | &nbsp;&nbsp; — | &nbsp;&nbsp; — <br><sup>(h)</sup><br>|
| **Total 4.59%** |  |  |  | &nbsp;&nbsp; $(59)<br>| &nbsp;&nbsp; $(34)<br>| &nbsp;&nbsp; $330868 | &nbsp;&nbsp; $6773 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **23** | American Funds Insurance Series |

---

------

International Fund (continued)

**Restricted securities** <sup>(c)</sup>

------

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Acquisition <br> date(s)<br>| Cost <br> (000)<br>| Value <br> (000)<br>| Percent <br> of net <br> assets<br>|
| Ivanhoe Mines, Ltd., Class A <sup>(a)</sup> <br>| 12/18/2023 | $32962 | $27610 | 0.38<br> %<br>|
| Canva, Inc. <sup>(a)(b)</sup> <br>| 8/26/2021-11/4/2021 | 8215 | 6168 | 0.09 |
| Canva, Inc., Series A, noncumulative preferred shares <sup>(a)(b)</sup> <br>| 11/4/2021 | 719 | 540 | 0.01 |
| Canva, Inc., Series A-3, noncumulative preferred shares <sup>(a)(b)</sup> <br>| 11/4/2021 | 31 | 23 | 0.00 <br><sup>(i)</sup><br>|
| Canva, Inc., Series A-4, noncumulative preferred shares <sup>(a)(b)</sup> <br>| 11/4/2021 | 2 | 2 | 0.00 <br><sup>(i)</sup><br>|
| **Total** |  | $41929 | $34343 | 0.48<br> %<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(a)</sup> Security did not produce income during the last 12 months.

<sup>(b)</sup> Value determined using significant unobservable inputs.

<sup>(c)</sup> Restricted security, other than Rule 144A securities or commercial paper issued pursuant to Section 4(a)(2) of the Securities Act of 1933. The total value of all such restricted securities was $34,343,000, which represented 0.48% of the net assets of the fund. 

<sup>(d)</sup> Amount less than one thousand.

<sup>(e)</sup> Rate represents the seven-day yield at 6/30/2025.

<sup>(f)</sup> Part of the same "group of investment companies" as the fund as defined under the Investment Company Act of 1940, as amended.

<sup>(g)</sup> Represents net activity. Refer to Note 5 for more information on securities lending.

<sup>(h)</sup> Dividend income is included with securities lending income in the fund's statement of operations and is not shown in this table.

<sup>(i)</sup> Amount less than 0.01%.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| |
|:---|
| **Key to abbreviation(s)** |
| ADR = American Depositary Receipts |
| BDR = Brazilian Depositary Receipts |
| CAD = Canadian dollars |
| EUR = Euros |
| GBP = British pounds |

---

Refer to the notes to financial statements.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| American Funds Insurance Series | **24** |

---

------

New World Fund

**Investment portfolio** June 30, 2025unaudited

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| Common stocks 92.43% | Shares | Value<br> (000)<br>|
| **Financials 18.97%** |  |  |
| Nu Holdings, Ltd., Class A <sup>(a)</sup>  | 3475989 | $47691 |
| Banco Bilbao Vizcaya Argentaria SA  | 3027732 | 46561 |
| Mastercard, Inc., Class A  | 53659 | 30153 |
| KB Financial Group, Inc.  | 330656 | 27171 |
| UniCredit SpA  | 389263 | 26095 |
| Kotak Mahindra Bank, Ltd.  | 1018993 | 25707 |
| HDFC Bank, Ltd.  | 920326 | 21479 |
| Capitec Bank Holdings, Ltd.  | 103880 | 20836 |
| Abu Dhabi Islamic Bank PJSC  | 3439751 | 20137 |
| XP, Inc., Class A  | 951063 | 19211 |
| ICICI Bank, Ltd.  | 777107 | 13101 |
| ICICI Bank, Ltd. (ADR)  | 158364 | 5327 |
| Eurobank Ergasias Services and Holdings SA  | 5246223 | 18020 |
| PICC Property and Casualty Co., Ltd., Class H  | 9028947 | 17483 |
| AIA Group, Ltd.  | 1823800 | 16356 |
| PB Fintech, Ltd. <sup>(a)</sup>  | 758548 | 16132 |
| Hana Financial Group, Inc.  | 237601 | 15193 |
| Standard Chartered PLC  | 898272 | 14882 |
| Cholamandalam Investment and Finance Co., Ltd.  | 768894 | 14596 |
| Bank Mandiri (Persero) Tbk PT  | 47604600 | 14309 |
| Bank Central Asia Tbk PT  | 24537323 | 13111 |
| Visa, Inc., Class A  | 35083 | 12456 |
| National Bank of Greece SA  | 882700 | 11261 |
| Grupo Financiero Banorte, SAB de CV, Series O  | 1229490 | 11238 |
| AU Small Finance Bank, Ltd.  | 1119542 | 10672 |
| Hong Kong Exchanges and Clearing, Ltd.  | 199900 | 10665 |
| B3 SA - Brasil, Bolsa, Balcao  | 3890498 | 10440 |
| BSE, Ltd.  | 311729 | 10069 |
| Shriram Finance, Ltd.  | 1216175 | 10024 |
| S&P Global, Inc.  | 18499 | 9754 |
| Al Rajhi Banking and Investment Corp., non-registered shares  | 385958 | 9735 |
| Banco BTG Pactual SA, units  | 1168887 | 9090 |
| Brookfield Corp., Class A  | 140664 | 8700 |
| Woori Financial Group, Inc.  | 459527 | 7644 |
| Samsung Fire & Marine Insurance Co., Ltd.  | 23477 | 7550 |
| Emirates NBD Bank PJSC  | 1209547 | 7509 |
| Bank of the Philippine Islands  | 3239828 | 7477 |
| Alpha Bank SA  | 1994176 | 7024 |
| China Merchants Bank Co., Ltd., Class H  | 827500 | 5782 |
| China Merchants Bank Co., Ltd., Class A  | 120400 | 772 |
| People's Insurance Company (Group) of China, Ltd. (The), Class H  | 8466000 | 6439 |
| Banco Santander SA  | 727899 | 6025 |
| Bajaj Finance, Ltd.  | 539900 | 5896 |
| HSBC Holdings PLC (GBP denominated)  | 472913 | 5724 |
| Commercial International Bank - Egypt (CIB) SAE (GDR)  | 2502880 | 4205 |
| Commercial International Bank - Egypt (CIB) SAE  | 644623 | 1095 |
| Aon PLC, Class A  | 13063 | 4660 |
| Axis Bank, Ltd.  | 310838 | 4347 |
| Prudential PLC  | 340961 | 4271 |
| Futu Holdings, Ltd. (ADR)  | 33166 | 4099 |
| Central Depository Services (India), Ltd.  | 187676 | 3926 |
| Akbank TAS  | 1762454 | 3019 |
| Saudi National Bank (The)  | 304355 | 2931 |
| Canara Bank  | 2191124 | 2918 |
| Erste Group Bank AG  | 33639 | 2865 |
| Grupo Financiero Galicia SA, Class B (ADR)  | 55124 | 2778 |
| Vietnam Technological and Commercial JSCB (The) <sup>(a)</sup>  | 1840100 | 2554 |
| 360 ONE WAM, Ltd.  | 177690 | 2475 |
| BNP Paribas SA  | 27469 | 2470 |
| Discovery, Ltd.  | 193692 | 2350 |
| Ping An Insurance (Group) Company of China, Ltd., Class H  | 352544 | 2239 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **25** | American Funds Insurance Series |

---

------

New World Fund (continued)

---

| | | |
|:---|:---|:---|
| Common stocks (continued) | Shares | Value<br> (000)<br>|
| **Financials (continued)** |  |  |
| Edenred SA  | 64058 | $1984 |
| Kaspi.kz JSC (ADR)  | 22533 | 1913 |
| Abu Dhabi Commercial Bank PJSC  | 509562 | 1870 |
| Bajaj Finserv, Ltd.  | 73887 | 1771 |
| CVC Capital Partners PLC  | 83328 | 1706 |
| Bank of Ningbo Co., Ltd., Class A  | 404900 | 1546 |
| Industrial and Commercial Bank of China, Ltd., Class H  | 1873000 | 1484 |
| Saudi Awwal Bank SJSC, non-registered shares  | 157166 | 1412 |
| Swiss Re AG  | 6155 | 1064 |
| Kasikornbank PCL, foreign registered shares  | 222300 | 1052 |
| BDO Unibank, Inc.  | 303450 | 823 |
| Bank of Baroda  | 248531 | 721 |
| Haci Omer Sabanci Holding AS  | 277306 | 624 |
| Asia Commercial Joint Stock Bank  | 708170 | 578 |
| Sberbank of Russia PJSC <sup>(b)</sup>  | 2662164 | — <br><sup>(c)</sup><br>|
|  |  | 707247 |
| **Information technology 18.17%** |  |  |
| Taiwan Semiconductor Manufacturing Co., Ltd.  | 6705769 | 243329 |
| Taiwan Semiconductor Manufacturing Co., Ltd. (ADR)  | 11746 | 2660 |
| Microsoft Corp.  | 160306 | 79738 |
| SK hynix, Inc.  | 316700 | 68521 |
| Broadcom, Inc.  | 210647 | 58065 |
| NVIDIA Corp.  | 239839 | 37892 |
| ASML Holding NV  | 31681 | 25287 |
| ASML Holding NV (ADR)  | 2208 | 1770 |
| Cloudflare, Inc., Class A <sup>(a)</sup>  | 86459 | 16931 |
| Synopsys, Inc. <sup>(a)</sup>  | 30581 | 15678 |
| SAP SE  | 39474 | 12004 |
| SAP SE (ADR)  | 4295 | 1306 |
| Capgemini SE  | 61733 | 10548 |
| E Ink Holdings, Inc.  | 1334000 | 10092 |
| Keyence Corp.  | 24300 | 9760 |
| Tokyo Electron, Ltd.  | 47000 | 9034 |
| MediaTek, Inc.  | 200000 | 8558 |
| Apple, Inc.  | 30219 | 6200 |
| KLA Corp.  | 6801 | 6092 |
| Coforge, Ltd.  | 264597 | 5938 |
| Elite Material Co., Ltd. <sup>(a)</sup>  | 180992 | 5465 |
| Samsung Electronics Co., Ltd.  | 111167 | 4926 |
| eMemory Technology, Inc.  | 59000 | 4767 |
| Oracle Corp.  | 21311 | 4659 |
| Advantech Co., Ltd.  | 341000 | 3969 |
| HCL Technologies, Ltd.  | 168613 | 3399 |
| Globant SA <sup>(a)</sup>  | 36165 | 3285 |
| TDK Corp.  | 236800 | 2788 |
| Micron Technology, Inc.  | 21422 | 2640 |
| ASM International NV  | 3936 | 2519 |
| Credo Technology Group Holding, Ltd. <sup>(a)</sup>  | 26663 | 2469 |
| Tata Consultancy Services, Ltd.  | 60004 | 2422 |
| Xiaomi Corp., Class B <sup>(a)</sup>  | 174600 | 1333 |
| EPAM Systems, Inc. <sup>(a)</sup>  | 6651 | 1176 |
| Unity Software, Inc. <sup>(a)</sup>  | 46938 | 1136 |
| Canva, Inc. <sup>(a)(b)(d)</sup>  | 385 | 493 |
| Disco Corp.  | 1400 | 414 |
|  |  | 677263 |
| **Consumer discretionary 12.08%** |  |  |
| MercadoLibre, Inc. <sup>(a)</sup>  | 34697 | 90685 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| American Funds Insurance Series | **26** |

---

------

New World Fund (continued)

---

| | | |
|:---|:---|:---|
| Common stocks (continued) | Shares | Value<br> (000)<br>|
| **Consumer discretionary (continued)** |  |  |
| Trip.com Group, Ltd. (ADR)  | 439599 | $25778 |
| Trip.com Group, Ltd.  | 403445 | 23436 |
| BYD Co., Ltd., Class A  | 402408 | 18640 |
| BYD Co., Ltd., Class H  | 835500 | 13038 |
| Midea Group Co., Ltd., Class A  | 2728768 | 27495 |
| LVMH Moet Hennessy-Louis Vuitton SE  | 37495 | 19637 |
| Eicher Motors, Ltd.  | 260810 | 17202 |
| Galaxy Entertainment Group, Ltd.  | 3645000 | 16182 |
| Meituan, Class B <sup>(a)</sup>  | 836900 | 13359 |
| Alibaba Group Holding, Ltd.  | 651172 | 9108 |
| Alibaba Group Holding, Ltd. (ADR)  | 30817 | 3495 |
| Jumbo SA  | 364196 | 12570 |
| Compagnie Financiere Richemont SA, Class A  | 65071 | 12256 |
| H World Group, Ltd. (ADR)  | 316639 | 10741 |
| H World Group, Ltd.  | 244900 | 828 |
| Ferrari NV (EUR denominated)  | 20115 | 9859 |
| Maruti Suzuki India, Ltd.  | 58873 | 8512 |
| Titan Co., Ltd.  | 195971 | 8433 |
| TVS Motor Co., Ltd.  | 232931 | 7926 |
| Ryohin Keikaku Co., Ltd.  | 158500 | 7622 |
| adidas AG  | 28112 | 6555 |
| Amadeus IT Group SA, Class A, non-registered shares  | 64781 | 5455 |
| Hermes International  | 1896 | 5135 |
| Naspers, Ltd., Class N  | 16462 | 5129 |
| MakeMyTrip, Ltd. <sup>(a)</sup>  | 47364 | 4643 |
| Sands China, Ltd.  | 2207600 | 4595 |
| Booking Holdings, Inc.  | 791 | 4579 |
| PDD Holdings, Inc. (ADR) <sup>(a)</sup>  | 39455 | 4129 |
| Wynn Resorts, Ltd.  | 43313 | 4057 |
| Industria de Diseno Textil SA  | 73400 | 3820 |
| Tesla, Inc. <sup>(a)</sup>  | 11265 | 3578 |
| Shenzhou International Group Holdings, Ltd.  | 495900 | 3525 |
| Inchcape PLC  | 303859 | 3028 |
| Royal Caribbean Cruises, Ltd.  | 9211 | 2884 |
| Li Ning Co., Ltd.  | 1304655 | 2812 |
| YUM! Brands, Inc.  | 17671 | 2619 |
| Starbucks Corp.  | 27127 | 2486 |
| Aptiv Holdings, Ltd. <sup>(a)</sup>  | 35729 | 2437 |
| Vibra Energia SA  | 570400 | 2274 |
| Mahindra & Mahindra, Ltd.  | 60173 | 2233 |
| Marriott International, Inc., Class A  | 7554 | 2064 |
| Swiggy, Ltd. <sup>(a)</sup>  | 344328 | 1608 |
| Evolution AB  | 18493 | 1469 |
| Hilton Worldwide Holdings, Inc.  | 5460 | 1454 |
| ANTA Sports Products, Ltd.  | 118700 | 1429 |
| Tube Investments of India, Ltd.  | 36685 | 1330 |
| NIKE, Inc., Class B  | 18711 | 1329 |
| Renault SA  | 25328 | 1167 |
| Hyundai Mobis Co., Ltd.  | 5052 | 1074 |
| Compagnie Generale des Etablissements Michelin  | 28554 | 1061 |
| Shangri-La Asia, Ltd.  | 1774000 | 965 |
| Cyrela Brazil Realty SA, ordinary nominative shares  | 179166 | 862 |
| Pop Mart International Group, Ltd.  | 25000 | 849 |
| Hyundai Motor India, Ltd. <sup>(a)</sup>  | 32248 | 835 |
| ITC Hotels, Ltd. <sup>(a)</sup>  | 33979 | 88 |
|  |  | 450359 |
| **Industrials 11.08%** |  |  |
| Airbus SE, non-registered shares  | 259078 | 54096 |
| Rolls-Royce Holdings PLC  | 2326727 | 30903 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **27** | American Funds Insurance Series |

---

------

New World Fund (continued)

---

| | | |
|:---|:---|:---|
| Common stocks (continued) | Shares | Value<br> (000)<br>|
| **Industrials (continued)** |  |  |
| International Container Terminal Services, Inc.  | 3894600 | $28416 |
| Rumo SA  | 5953921 | 20306 |
| Safran SA  | 58562 | 19032 |
| Copa Holdings SA, Class A  | 148121 | 16289 |
| Techtronic Industries Co., Ltd.  | 1363500 | 14990 |
| General Electric Co.  | 56239 | 14475 |
| Shenzhen Inovance Technology Co., Ltd., Class A  | 1505802 | 13569 |
| Hitachi, Ltd.  | 414600 | 12107 |
| BAE Systems PLC  | 464567 | 12030 |
| LS Electric Co., Ltd.  | 51458 | 11400 |
| Grupo Aeroportuario del Pacifico, SAB de CV, Class B  | 386440 | 8871 |
| Grupo Aeroportuario del Pacifico, SAB de CV, Class B (ADR)  | 6194 | 1422 |
| TransDigm Group, Inc.  | 6399 | 9731 |
| Mitsubishi Heavy Industries, Ltd.  | 368500 | 9238 |
| Localiza Rent a Car SA, ordinary nominative shares  | 1230526 | 9177 |
| Contemporary Amperex Technology Co., Ltd., Class A  | 259276 | 9126 |
| Daikin Industries, Ltd.  | 75700 | 8950 |
| Larsen & Toubro, Ltd.  | 209113 | 8948 |
| Uber Technologies, Inc. <sup>(a)</sup>  | 95102 | 8873 |
| Leonardo SpA  | 157004 | 8837 |
| Motiva Infraestrutura de Mobilidade SA  | 3342651 | 8484 |
| DSV A/S  | 33179 | 7973 |
| Siemens AG  | 29434 | 7546 |
| Jiangsu Hengli Hydraulic Co., Ltd., Class A  | 655664 | 6588 |
| Weichai Power Co., Ltd., Class A  | 1845700 | 3962 |
| Weichai Power Co., Ltd., Class H  | 947000 | 1923 |
| Wizz Air Holdings PLC <sup>(a)(e)</sup>  | 272591 | 4078 |
| IMCD NV  | 30258 | 4065 |
| Schneider Electric SE  | 14918 | 3968 |
| Carrier Global Corp.  | 52454 | 3839 |
| Aselan Elektronik Sanayi ve Ticaret AS  | 1006320 | 3811 |
| InPost SA <sup>(a)</sup>  | 216724 | 3600 |
| Ayala Corp.  | 336470 | 3405 |
| GT Capital Holdings, Inc.  | 239920 | 2445 |
| Bureau Veritas SA  | 67515 | 2302 |
| Hanwha Aerospace Co., Ltd.  | 2973 | 1868 |
| Ingersoll-Rand, Inc.  | 22177 | 1845 |
| Boeing Co. (The) <sup>(a)</sup>  | 8316 | 1742 |
| Grab Holdings, Ltd., Class A <sup>(a)</sup>  | 306584 | 1542 |
| GE Vernova, Inc.  | 2861 | 1514 |
| Epiroc AB, Class B  | 67124 | 1284 |
| SM Investments Corp.  | 70690 | 1094 |
| Airports of Thailand PCL, foreign registered shares  | 1080600 | 1007 |
| Legrand SA  | 7279 | 973 |
| Embraer SA  | 66072 | 937 |
| Haitian International Holdings, Ltd.  | 154146 | 401 |
|  |  | 412982 |
| **Communication services 9.75%** |  |  |
| Tencent Holdings, Ltd.  | 1173251 | 75178 |
| Meta Platforms, Inc., Class A  | 86453 | 63810 |
| Bharti Airtel, Ltd.  | 1701223 | 39865 |
| Bharti Airtel, Ltd., interim shares  | 51552 | 919 |
| NetEase, Inc.  | 1122300 | 30167 |
| Kanzhun, Ltd., Class A (ADR) <sup>(a)</sup>  | 1296931 | 23137 |
| MTN Group, Ltd.  | 2635868 | 20969 |
| Alphabet, Inc., Class C  | 66759 | 11842 |
| Alphabet, Inc., Class A  | 39299 | 6926 |
| Netflix, Inc. <sup>(a)</sup>  | 12144 | 16262 |
| KT Corp. (ADR)  | 662486 | 13766 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| American Funds Insurance Series | **28** |

---

------

New World Fund (continued)

---

| | | |
|:---|:---|:---|
| Common stocks (continued) | Shares | Value<br> (000)<br>|
| **Communication services (continued)** |  |  |
| Tencent Music Entertainment Group, Class A (ADR)  | 602261 | $11738 |
| America Movil, SAB de CV, Class B (ADR)  | 539303 | 9675 |
| True Corp. PCL, foreign registered shares <sup>(a)</sup>  | 19498986 | 6670 |
| True Corp. PCL, nonvoting depositary receipts <sup>(a)</sup>  | 3864400 | 1322 |
| Telkom Indonesia (Persero) Tbk PT, Class B  | 34179000 | 5853 |
| Sea, Ltd., Class A (ADR) <sup>(a)</sup>  | 33685 | 5388 |
| TIM SA  | 1320002 | 5357 |
| Orange  | 301138 | 4581 |
| Baidu, Inc., Class A (ADR) <sup>(a)</sup>  | 48302 | 4142 |
| Indus Towers, Ltd. <sup>(a)</sup>  | 366083 | 1798 |
| Singapore Telecommunications, Ltd.  | 557100 | 1674 |
| Kuaishou Technology, Class B <sup>(a)</sup>  | 151800 | 1224 |
| JCDecaux SE  | 55457 | 1013 |
|  |  | 363276 |
| **Health care 6.12%** |  |  |
| Novo Nordisk AS, Class B  | 641758 | 44542 |
| Max Healthcare Institute, Ltd.  | 2750648 | 40926 |
| Eli Lilly and Co.  | 40343 | 31449 |
| Laurus Labs, Ltd.  | 1869207 | 15799 |
| AstraZeneca PLC  | 77534 | 10770 |
| Thermo Fisher Scientific, Inc.  | 23722 | 9618 |
| Jiangsu Hengrui Pharmaceutical Co., Ltd., Class A  | 1008388 | 7304 |
| Jiangsu Hengrui Pharmaceutical Co., Ltd., Class H <sup>(a)</sup>  | 260000 | 1782 |
| Rede D'Or Sao Luiz SA  | 1270637 | 8284 |
| BeOne Medicines, Ltd. (ADR) <sup>(a)</sup>  | 30564 | 7399 |
| BeOne Medicines, Ltd. <sup>(a)</sup>  | 36200 | 681 |
| Innovent Biologics, Inc. <sup>(a)</sup>  | 675873 | 6750 |
| Zai Lab, Ltd. (ADR) <sup>(a)(e)</sup>  | 174660 | 6108 |
| Abbott Laboratories  | 44758 | 6088 |
| EssilorLuxottica SA  | 15989 | 4386 |
| Danaher Corp.  | 18681 | 3690 |
| Mankind Pharma, Ltd. <sup>(a)</sup>  | 116150 | 3142 |
| OdontoPrev SA  | 1320175 | 2848 |
| Revvity, Inc.  | 24914 | 2410 |
| bioMerieux SA  | 16481 | 2279 |
| Teva Pharmaceutical Industries, Ltd. (ADR) <sup>(a)</sup>  | 133206 | 2232 |
| Lupin, Ltd.  | 85261 | 1927 |
| WuXi AppTec Co., Ltd., Class H  | 154400 | 1547 |
| Alcon, Inc.  | 17457 | 1544 |
| Mettler-Toledo International, Inc. <sup>(a)</sup>  | 1181 | 1387 |
| Asahi Intecc Co., Ltd.  | 71500 | 1134 |
| Medtronic PLC  | 12711 | 1108 |
| Wuxi Biologics (Cayman), Inc. <sup>(a)</sup>  | 240500 | 786 |
| CanSino Biologics, Inc., Class H <sup>(a)</sup>  | 35921 | 158 |
|  |  | 228078 |
| **Consumer staples 6.01%** |  |  |
| Kweichow Moutai Co., Ltd., Class A  | 175970 | 34615 |
| Nestle SA  | 195460 | 19419 |
| ITC, Ltd.  | 3337250 | 16206 |
| Dino Polska SA, non-registered shares <sup>(a)</sup>  | 88026 | 12846 |
| Arca Continental, SAB de CV  | 1023525 | 10818 |
| Carlsberg A/S, Class B  | 73053 | 10351 |
| JBS NV (BDR) <sup>(a)</sup>  | 649875 | 9355 |
| Avenue Supermarts, Ltd. <sup>(a)</sup>  | 164225 | 8373 |
| Anheuser-Busch InBev SA/NV  | 110064 | 7551 |
| KT&G Corp.  | 73530 | 6957 |
| Shoprite Holdings, Ltd.  | 411098 | 6431 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **29** | American Funds Insurance Series |

---

------

New World Fund (continued)

---

| | | |
|:---|:---|:---|
| Common stocks (continued) | Shares | Value<br> (000)<br>|
| **Consumer staples (continued)** |  |  |
| Tsingtao Brewery Co., Ltd., Class H  | 950634 | $6206 |
| Ajinomoto Co., Inc.  | 220098 | 5975 |
| Varun Beverages, Ltd.  | 1109686 | 5920 |
| Monster Beverage Corp. <sup>(a)</sup>  | 94046 | 5891 |
| Philip Morris International, Inc.  | 32137 | 5853 |
| L'Oreal SA, non-registered shares  | 12555 | 5370 |
| Constellation Brands, Inc., Class A  | 32052 | 5214 |
| United Spirits, Ltd.  | 271676 | 4524 |
| Raia Drogasil SA, ordinary nominative shares  | 1609884 | 4480 |
| British American Tobacco PLC  | 90968 | 4324 |
| Masan Group Corp. <sup>(a)</sup>  | 1415200 | 4161 |
| Budweiser Brewing Co., APAC, Ltd. <sup>(e)</sup>  | 3732500 | 3695 |
| BBB Foods, Inc., Class A <sup>(a)</sup>  | 125631 | 3488 |
| Mondelez International, Inc., Class A  | 39313 | 2651 |
| Danone SA  | 26928 | 2200 |
| Kimberly-Clark de Mexico, SAB de CV, Class A, ordinary participation certificates  | 1143368 | 2092 |
| WH Group, Ltd.  | 2142000 | 2060 |
| Godrej Consumer Products, Ltd.  | 140237 | 1927 |
| Coca-Cola Co.  | 25766 | 1823 |
| Dabur India, Ltd.  | 279582 | 1582 |
| Chongqing Brewery Co., Ltd., Class A  | 142300 | 1094 |
| JD Health International, Inc. <sup>(a)</sup>  | 107650 | 590 |
|  |  | 224042 |
| **Materials 4.92%** |  |  |
| First Quantum Minerals, Ltd. <sup>(a)</sup>  | 1714836 | 30462 |
| Linde PLC  | 40288 | 18902 |
| Freeport-McMoRan, Inc.  | 420670 | 18236 |
| Vale SA, ordinary nominative shares  | 1001048 | 9701 |
| Vale SA (ADR), ordinary nominative shares  | 724393 | 7034 |
| Barrick Mining Corp.  | 624702 | 13006 |
| APL Apollo Tubes, Ltd.  | 562052 | 11398 |
| Glencore PLC  | 2517627 | 9801 |
| Amcor PLC (CDI)  | 857203 | 8011 |
| Grupo Mexico, SAB de CV, Series B  | 1305403 | 7907 |
| BASF SE  | 116745 | 5756 |
| Sika AG  | 19448 | 5280 |
| Anhui Conch Cement Co., Ltd., Class H  | 1677500 | 4265 |
| Nutrien, Ltd. (CAD denominated)  | 71990 | 4195 |
| Southern Copper Corp.  | 34299 | 3470 |
| Impala Platinum Holdings, Ltd. <sup>(a)</sup>  | 303087 | 2721 |
| Fresnillo PLC  | 134845 | 2665 |
| Valterra Platinum, Ltd. (ZAR denominated)  | 59708 | 2665 |
| Corteva, Inc.  | 34721 | 2588 |
| Ivanhoe Mines, Ltd., Class A <sup>(a)</sup>  | 343840 | 2583 |
| Wheaton Precious Metals Corp. (CAD denominated)  | 27361 | 2460 |
| Loma Negra Compania Industrial Argentina SA (ADR) <sup>(a)</sup>  | 212030 | 2326 |
| SRF, Ltd.  | 48298 | 1826 |
| Asian Paints, Ltd.  | 63269 | 1727 |
| Akzo Nobel NV  | 20703 | 1449 |
| Arkema SA  | 14823 | 1092 |
| CEMEX, SAB de CV (ADR), ordinary participation certificates, units  | 98397 | 682 |
| Antofagasta PLC  | 20116 | 500 |
| Albemarle Corp.  | 5932 | 372 |
| Shin-Etsu Chemical Co., Ltd.  | 9800 | 325 |
| Gerdau SA (ADR)  | 55796 | 163 |
| Alrosa PJSC <sup>(b)</sup>  | 1123215 | — <br><sup>(c)</sup><br>|
|  |  | 183568 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| American Funds Insurance Series | **30** |

---

------

New World Fund (continued)

---

| | | |
|:---|:---|:---|
| Common stocks (continued) | Shares | Value<br> (000)<br>|
| **Energy 2.23%** |  |  |
| Reliance Industries, Ltd.  | 1019587 | $17840 |
| TotalEnergies SE  | 245605 | 15073 |
| Adnoc Gas PLC  | 11725982 | 10920 |
| ADNOC Drilling Co. PJSC  | 6155841 | 9554 |
| Vista Energy, SAB de CV, Class A (ADR) <sup>(a)</sup>  | 184959 | 8843 |
| Galp Energia, SGPS, SA, Class B  | 243804 | 4472 |
| Petroleo Brasileiro SA (Petrobras) (ADR), ordinary nominative shares  | 344847 | 4314 |
| Cheniere Energy, Inc.  | 17049 | 4152 |
| Shell PLC (GBP denominated)  | 92430 | 3240 |
| Chevron Corp.  | 15884 | 2274 |
| Schlumberger NV  | 61022 | 2063 |
| Borr Drilling, Ltd. <sup>(a)</sup>  | 149981 | 274 |
| Rosneft Oil Co. PJSC <sup>(b)</sup>  | 588661 | — <br><sup>(c)</sup><br>|
|  |  | 83019 |
| **Real estate 1.71%** |  |  |
| Lodha Developers, Ltd.  | 2312205 | 37320 |
| China Resources Mixc Lifestyle Services, Ltd.  | 1957600 | 9464 |
| China Resources Land, Ltd.  | 1274000 | 4317 |
| Emaar Properties PJSC  | 1115023 | 4129 |
| CK Asset Holdings, Ltd.  | 741500 | 3268 |
| KE Holdings, Inc., Class A (ADR)  | 128112 | 2273 |
| SM Prime Holdings, Inc.  | 5013400 | 2087 |
| Longfor Group Holdings, Ltd.  | 336846 | 397 |
| Fibra Uno Administracion REIT, SA de CV  | 214685 | 297 |
| ALLOS SA, ordinary nominative shares  | 60765 | 254 |
|  |  | 63806 |
| **Utilities 1.39%** |  |  |
| Equatorial Energia SA, ordinary nominative shares  | 1522946 | 10080 |
| Companhia de Saneamento Basico do Estado de Sao Paulo-SABESP, ordinary nominative shares  | 415797 | 9117 |
| Gulf Development PCL  | 7550993 | 9017 |
| Power Grid Corporation of India, Ltd.  | 1889109 | 6606 |
| SembCorp Industries, Ltd.  | 1194800 | 6437 |
| Torrent Power, Ltd.  | 240398 | 4114 |
| Engie SA  | 156238 | 3667 |
| CPFL Energia SA  | 254682 | 1915 |
| AES Corp.  | 74426 | 783 |
|  |  | 51736 |
| **Total common stocks** (cost: $2,102,932,000) |  | 3445376 |
| Preferred securities 0.74% |  |  |
| **Financials 0.32%** |  |  |
| Itau Unibanco Holding SA (ADR), preferred nominative shares  | 1293179 | 8781 |
| Itau Unibanco Holding SA, preferred nominative shares  | 444376 | 3022 |
|  |  | 11803 |
| **Real estate 0.23%** |  |  |
| QuintoAndar, Ltd., Series E, preference shares <sup>(a)(b)(d)</sup>  | 32657 | 6965 |
| QuintoAndar, Ltd., Series E-1, preference shares <sup>(a)(b)(d)</sup>  | 8400 | 1791 |
|  |  | 8756 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **31** | American Funds Insurance Series |

---

------

New World Fund (continued)

---

| | | |
|:---|:---|:---|
| Preferred securities (continued) | Shares | Value<br> (000)<br>|
| **Information technology 0.14%** |  |  |
| Samsung Electronics Co., Ltd., nonvoting preferred shares  | 140739 | $5162 |
| Canva, Inc., Series A, noncumulative preferred shares <sup>(a)(b)(d)</sup>  | 34 | 44 |
| Canva, Inc., Series A-3, noncumulative preferred shares <sup>(a)(b)(d)</sup>  | 1 | 1 |
|  |  | 5207 |
| **Consumer discretionary 0.05%** |  |  |
| Dr. Ing. h.c. F. Porsche AG, nonvoting non-registered preferred shares  | 35578 | 1758 |
| Getir BV, Series D, preferred shares <sup>(a)(b)(d)</sup>  | 7768 | — <br><sup>(c)</sup><br>|
|  |  | 1758 |
| **Total preferred securities** (cost: $28,667,000) |  | 27524 |
| Rights & warrants 0.00% |  |  |
| **Industrials 0.00%** |  |  |
| Hanwha Aerospace Co., Ltd., rights, expire 7/2/2025 <sup>(a)</sup>  | 215 | 26 |
| **Total rights & warrants** (cost: $0) |  | 26 |
| Convertible stocks 0.00% |  |  |
| **Materials 0.00%** |  |  |
| Albemarle Corp., Class A, cumulative convertible preferred depositary shares, 7.25% 3/1/2027  | 5700 | 183 |
| **Total convertible stocks** (cost: $286,000) | **Total convertible stocks** (cost: $286,000) | 183 |
| Bonds, notes & other debt instruments 3.42% | Principal amount<br> (000)<br>|  |
| **Bonds & notes of governments & government agencies outside the U.S. 3.03%** | **Bonds & notes of governments & government agencies outside the U.S. 3.03%** | **Bonds & notes of governments & government agencies outside the U.S. 3.03%** |
| Abu Dhabi (Emirate of) 1.70% 3/2/2031 <sup>(f)</sup>  | USD200 | 176 |
| Abu Dhabi (Emirate of) 5.50% 4/30/2054  | 905 | 903 |
| Angola (Republic of) 9.50% 11/12/2025  | 400 | 402 |
| Angola (Republic of) 8.25% 5/9/2028  | 600 | 566 |
| Angola (Republic of) 8.00% 11/26/2029 <sup>(f)</sup>  | 445 | 405 |
| Angola (Republic of) 8.75% 4/14/2032 <sup>(f)</sup>  | 280 | 248 |
| Argentine Republic 4.125% 7/9/2035 (4.75% on 7/9/2027) <sup>(g)</sup>  | 937 | 633 |
| Argentine Republic 5.00% 1/9/2038  | 601 | 430 |
| Brazil (Federative Republic of) 10.00% 1/1/2027  | BRL16,913 | 2954 |
| Brazil (Federative Republic of) 6.00% 5/15/2027 <sup>(h)</sup>  | 26460 | 4646 |
| Brazil (Federative Republic of) 10.00% 1/1/2031  | 11625 | 1879 |
| Brazil (Federative Republic of) 6.00% 8/15/2032 <sup>(h)</sup>  | 3284 | 559 |
| Brazil (Federative Republic of) 10.00% 1/1/2033  | 27330 | 4280 |
| Brazil (Federative Republic of) 10.00% 1/1/2035  | 71700 | 10893 |
| Brazil (Federative Republic of) 6.00% 8/15/2050 <sup>(h)</sup>  | 7526 | 1232 |
| Chile (Republic of) 5.30% 11/1/2037  | CLP425,000 | 444 |
| Chile (Republic of) 4.34% 3/7/2042  | USD350 | 304 |
| China (People's Republic of), Series INBK, 2.27% 5/25/2034  | CNY5,610 | 821 |
| China (People's Republic of), Series INBK, 3.72% 4/12/2051  | 23270 | 4429 |
| China (People's Republic of), Series INBK, 3.12% 10/25/2052  | 1250 | 218 |
| China (People's Republic of), Series INBK, 2.57% 5/20/2054  | 4480 | 714 |
| Colombia (Republic of) 3.25% 4/22/2032  | USD700 | 555 |
| Colombia (Republic of) 8.50% 4/25/2035  | 400 | 416 |
| Colombia (Republic of) 8.00% 11/14/2035  | 200 | 201 |
| Colombia (Republic of) 5.20% 5/15/2049  | 755 | 508 |
| Colombia (Republic of), Series B, 7.00% 3/26/2031  | COP4,320,700 | 858 |
| Colombia (Republic of), Series B, 13.25% 2/9/2033  | 1734800 | 445 |
| Colombia (Republic of), Series B, 7.25% 10/18/2034  | 1223500 | 219 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| American Funds Insurance Series | **32** |

---

------

New World Fund (continued)

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount<br> (000)<br>| Value<br> (000)<br>|
| **Bonds & notes of governments & government agencies outside the U.S. (continued)** | **Bonds & notes of governments & government agencies outside the U.S. (continued)** | **Bonds & notes of governments & government agencies outside the U.S. (continued)** |
| Colombia (Republic of), Series UVR, 3.75% 2/25/2037 <sup>(h)</sup>  | COP6,870 | $515 |
| Colombia (Republic of), Series B, 9.25% 5/28/2042  | 4146300 | 780 |
| Colombia (Republic of), Series B, 7.25% 10/26/2050  | 4713300 | 693 |
| Cote d'Ivoire (Republic of) 4.875% 1/30/2032  | EUR150 | 159 |
| Czech Republic 1.95% 7/30/2037  | CZK17,900 | 659 |
| Dominican Republic 8.625% 4/20/2027 <sup>(f)</sup>  | USD383 | 398 |
| Dominican Republic 5.50% 2/22/2029 <sup>(f)</sup>  | 275 | 274 |
| Dominican Republic 7.05% 2/3/2031 <sup>(f)</sup>  | 150 | 158 |
| Dominican Republic 5.875% 1/30/2060  | 885 | 745 |
| Egypt (Arab Republic of) 25.318% 8/13/2027  | EGP26,845 | 553 |
| Egypt (Arab Republic of) 6.375% 4/11/2031  | EUR100 | 109 |
| Egypt (Arab Republic of) 8.50% 1/31/2047  | USD400 | 325 |
| Egypt (Arab Republic of) 8.875% 5/29/2050  | 755 | 630 |
| Egypt (Arab Republic of) 8.15% 11/20/2059 <sup>(f)</sup>  | 500 | 386 |
| Gabonese Republic 7.00% 11/24/2031  | 500 | 399 |
| Honduras (Republic of) 6.25% 1/19/2027  | 875 | 877 |
| Honduras (Republic of) 5.625% 6/24/2030 <sup>(f)</sup>  | 281 | 269 |
| Hungary (Republic of) 6.25% 9/22/2032 <sup>(f)</sup>  | 330 | 345 |
| Hungary (Republic of), Series A, 2.00% 5/23/2029  | HUF255,550 | 643 |
| India (Republic of) 7.32% 11/13/2030  | INR3,480 | 43 |
| India (Republic of) 6.54% 1/17/2032  | 15620 | 185 |
| India (Republic of) 7.18% 7/24/2037  | 176070 | 2151 |
| India (Republic of) 7.09% 8/5/2054  | 280280 | 3303 |
| Indonesia (Republic of) 6.625% 2/17/2037  | USD300 | 334 |
| Indonesia (Republic of) 7.125% 8/15/2040  | IDR7,421,000 | 464 |
| Indonesia (Republic of), Series 82, 7.00% 9/15/2030  | 9590000 | 608 |
| Indonesia (Republic of), Series 91, 6.375% 4/15/2032  | 317000 | 19 |
| Indonesia (Republic of), Series 96, 7.00% 2/15/2033  | 16818000 | 1060 |
| Indonesia (Republic of), Series FR100, 6.625% 2/15/2034  | 29553000 | 1819 |
| Indonesia (Republic of), Series 80, 7.50% 6/15/2035  | 7953000 | 518 |
| Kazakhstan (Republic of) 5.50% 7/1/2037 <sup>(f)</sup>  | USD945 | 951 |
| Kenya (Republic of) 6.30% 1/23/2034  | 645 | 523 |
| Kenya (Republic of) 9.50% 3/5/2036 <sup>(f)</sup>  | 555 | 524 |
| Kenya (Republic of) 9.50% 3/5/2036  | 330 | 312 |
| Malaysia (Federation of) 4.28% 3/23/2054  | MYR1,255 | 311 |
| Malaysia (Federation of), Series 0419, 3.828% 7/5/2034  | 8766 | 2132 |
| Malaysia (Federation of), Series 0418, 4.893% 6/8/2038  | 616 | 164 |
| Malaysia (Federation of), Series 0124, 4.054% 4/18/2039  | 3245 | 801 |
| Malaysia (Federation of), Series 0519, 3.757% 5/22/2040  | 2200 | 524 |
| Malaysia (Federation of), Series 0519, 4.638% 11/15/2049  | 1030 | 270 |
| Malaysia (Federation of), Series 0120, 4.065% 6/15/2050  | 2776 | 666 |
| Malaysia (Federation of), Series 022, 5.357% 5/15/2052  | 989 | 286 |
| MFB Magyar Fejlesztesi Bank Zartkoruen Mukodo Reszvenytarsasag 6.50% 6/29/2028  | USD490 | 508 |
| MFB Magyar Fejlesztesi Bank Zartkoruen Mukodo Reszvenytarsasag 4.375% 6/27/2030  | EUR340 | 406 |
| Morocco (Kingdom of) 5.95% 3/8/2028 <sup>(f)</sup>  | USD255 | 262 |
| Morocco (Kingdom of) 3.875% 4/2/2029  | EUR625 | 747 |
| Morocco (Kingdom of) 4.75% 4/2/2035  | 200 | 236 |
| Mozambique (Republic of) 9.00% 9/15/2031  | USD540 | 447 |
| Nigeria (Republic of) 7.625% 11/21/2025 <sup>(f)</sup>  | 358 | 361 |
| Nigeria (Republic of) 7.625% 11/21/2025  | 342 | 345 |
| Nigeria (Republic of) 18.50% 2/21/2031  | NGN730,360 | 480 |
| Oman (Sultanate of) 6.00% 8/1/2029  | USD715 | 751 |
| Oman (Sultanate of) 6.75% 1/17/2048  | 485 | 502 |
| Panama (Republic of) 3.75% 4/17/2026  | 100 | 99 |
| Panama (Republic of) 7.875% 3/1/2057  | 600 | 612 |
| Paraguay (Republic of) 4.95% 4/28/2031  | 320 | 319 |
| Peru (Republic of) 3.00% 1/15/2034  | 225 | 190 |
| Peru (Republic of) 6.55% 3/14/2037  | 360 | 392 |
| Peru (Republic of) 2.78% 12/1/2060  | 100 | 54 |
| PETRONAS Capital, Ltd. 4.55% 4/21/2050 <sup>(f)</sup>  | 400 | 339 |
| Philippines (Republic of) 6.375% 10/23/2034  | 145 | 160 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **33** | American Funds Insurance Series |

---

------

New World Fund (continued)

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount<br> (000)<br>| Value<br> (000)<br>|
| **Bonds & notes of governments & government agencies outside the U.S. (continued)** | **Bonds & notes of governments & government agencies outside the U.S. (continued)** | **Bonds & notes of governments & government agencies outside the U.S. (continued)** |
| Philippines (Republic of) 3.95% 1/20/2040  | USD500 | $432 |
| Poland (Republic of) 5.75% 4/25/2029  | PLN2,410 | 693 |
| Poland (Republic of) 4.875% 10/4/2033  | USD560 | 557 |
| Poland (Republic of), Series 1033, 6.00% 10/25/2033  | PLN9,440 | 2732 |
| Poland (Republic of), Series 1034, 5.00% 10/25/2034  | 6920 | 1862 |
| Romania 2.00% 1/28/2032  | EUR950 | 910 |
| Romania 5.25% 5/30/2032  | 450 | 523 |
| Romania 5.25% 5/30/2032  | 230 | 267 |
| Romania 2.00% 4/14/2033  | 300 | 271 |
| Romania 5.625% 5/30/2037  | 390 | 434 |
| Romania 2.875% 4/13/2042  | 335 | 246 |
| Saudi Arabia (Kingdom of) 5.75% 1/16/2054  | USD2,300 | 2195 |
| Senegal (Republic of) 4.75% 3/13/2028  | EUR600 | 560 |
| Senegal (Republic of) 4.75% 3/13/2028  | 200 | 187 |
| Sharjah (Emirate of) 4.625% 2/13/2032  | 651 | 769 |
| Sharjah Sukuk Programme, Ltd. 5.433% 4/17/2035 <sup>(f)</sup>  | USD1,010 | 1007 |
| South Africa (Republic of) 7.10% 11/19/2036 <sup>(f)</sup>  | 200 | 199 |
| South Africa (Republic of) 11.625% 3/31/2053  | ZAR22,337 | 1324 |
| South Africa (Republic of), Series R-213, 7.00% 2/28/2031  | 482 | 25 |
| South Africa (Republic of), Series R-2032, 8.25% 3/31/2032  | 11495 | 621 |
| South Africa (Republic of), Series R-2035, 8.875% 2/28/2035  | 17388 | 920 |
| South Africa (Republic of), Series R-2040, 9.00% 1/31/2040  | 32571 | 1593 |
| South Africa (Republic of), Series R-2044, 8.75% 1/31/2044  | 15670 | 720 |
| Thailand (Kingdom of) 3.45% 6/17/2043  | THB40,963 | 1526 |
| Turkey (Republic of) 26.20% 10/5/2033  | TRY41,134 | 955 |
| Turkey (Republic of), Series 5Y, 12.60% 10/1/2025  | 35060 | 826 |
| Turkey (Republic of), Series 5Y, 9.875% 1/15/2028  | USD200 | 219 |
| Turkey (Republic of), Series 5Y, 17.30% 7/19/2028  | TRY23,445 | 417 |
| Turkey (Republic of), Series 30Y, 11.875% 1/15/2030  | USD500 | 619 |
| Turkey (Republic of), Series 30Y, 4.875% 4/16/2043  | 1710 | 1208 |
| United Mexican States 6.875% 5/13/2037  | 610 | 638 |
| United Mexican States 4.75% 3/8/2044  | 800 | 632 |
| United Mexican States 3.75% 4/19/2071  | 200 | 114 |
| United Mexican States, Series M20, 8.50% 5/31/2029  | MXN29,350 | 1560 |
| United Mexican States, Series M, 7.75% 5/29/2031  | 56500 | 2871 |
| United Mexican States, Series M, 7.50% 5/26/2033  | 51184 | 2493 |
| United Mexican States, Series M, 7.75% 11/23/2034  | 38324 | 1864 |
| United Mexican States, Series M30, 8.50% 11/18/2038  | 21600 | 1059 |
| United Mexican States, Series M, 8.00% 7/31/2053  | 26949 | 1182 |
| United Mexican States, Series S, 4.00% 10/29/2054 <sup>(h)</sup>  | 14702 | 678 |
| Venezuela (Bolivarian Republic of) 7.00% 12/1/2018 <sup>(i)</sup>  | USD75 | 11 |
| Venezuela (Bolivarian Republic of) 7.75% 10/13/2019 <sup>(i)</sup>  | 930 | 138 |
| Venezuela (Bolivarian Republic of) 6.00% 12/9/2020 <sup>(i)</sup>  | 805 | 113 |
| Venezuela (Bolivarian Republic of) 9.00% 5/7/2023 <sup>(i)</sup>  | 800 | 129 |
| Venezuela (Bolivarian Republic of) 8.25% 10/13/2024 <sup>(i)</sup>  | 180 | 30 |
| Venezuela (Bolivarian Republic of) 9.25% 5/7/2028  | 230 | 41 |
| Venezuela (Bolivarian Republic of) 7.00% 3/31/2038  | 65 | 11 |
|  |  | 112814 |
| **Corporate bonds, notes & loans 0.39%** | **Corporate bonds, notes & loans 0.39%** | **Corporate bonds, notes & loans 0.39%** |
| **Energy 0.09%** |  |  |
| GreenSaif Pipelines Bidco SARL 5.853% 2/23/2036 <sup>(f)</sup>  | 410 | 415 |
| Oleoducto Central SA 4.00% 7/14/2027 <sup>(f)</sup>  | 255 | 249 |
| Petroleos Mexicanos 6.49% 1/23/2027  | 175 | 174 |
| Petroleos Mexicanos 5.95% 1/28/2031  | 1210 | 1095 |
| PTTEP Treasury Center Co., Ltd. 2.993% 1/15/2030  | 200 | 187 |
| Sinopec Group Overseas Development (2018), Ltd. 3.10% 1/8/2051 <sup>(f)</sup>  | 430 | 310 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| American Funds Insurance Series | **34** |

---

------

New World Fund (continued)

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount<br> (000)<br>| Value<br> (000)<br>|
| **Corporate bonds, notes & loans (continued)** | **Corporate bonds, notes & loans (continued)** | **Corporate bonds, notes & loans (continued)** |
| **Energy (continued)** |  |  |
| Transportadora de Gas del Sur SA 8.50% 7/24/2031 <sup>(f)</sup>  | USD250 | $263 |
| Vista Energy Argentina SAU 7.625% 12/10/2035 <sup>(f)</sup>  | 390 | 379 |
| YPF SA 8.25% 1/17/2034 <sup>(f)</sup>  | 335 | 336 |
|  |  | 3408 |
| **Communication services 0.07%** |  |  |
| America Movil, SAB de CV, 10.125% 1/22/2029  | MXN13,710 | 753 |
| America Movil, SAB de CV, 9.50% 1/27/2031  | 24000 | 1283 |
| PLDT, Inc. 2.50% 1/23/2031  | USD210 | 189 |
| Tencent Holdings, Ltd. 3.24% 6/3/2050 <sup>(f)</sup>  | 380 | 258 |
|  |  | 2483 |
| **Consumer discretionary 0.04%** |  |  |
| Alibaba Group Holding, Ltd. 3.15% 2/9/2051  | 410 | 266 |
| Meituan 3.05% 10/28/2030 <sup>(f)</sup>  | 400 | 369 |
| Melco Resorts Finance, Ltd. 7.625% 4/17/2032 <sup>(f)</sup>  | 345 | 349 |
| MercadoLibre, Inc. 3.125% 1/14/2031  | 200 | 180 |
| Sands China, Ltd. 4.375% 6/18/2030  | 220 | 211 |
| Wynn Macau, Ltd. 5.625% 8/26/2028  | 260 | 256 |
|  |  | 1631 |
| **Utilities 0.04%** |  |  |
| Aegea Finance SARL 9.00% 1/20/2031 <sup>(f)</sup>  | 275 | 292 |
| AES Panama Generation Holdings, SRL 4.375% 5/31/2030 <sup>(f)</sup>  | 264 | 241 |
| Empresas Publicas de Medellin ESP 4.25% 7/18/2029 <sup>(f)</sup>  | 412 | 381 |
| Greenko Dutch BV 3.85% 3/29/2026 <sup>(f)</sup>  | 176 | 173 |
| Greenko Dutch BV 3.85% 3/29/2026  | 176 | 173 |
| San Miguel Global Power Holdings Corp. 8.125% perpetual bonds (5-year UST Yield Curve Rate T <br> Note Constant Maturity + 6.404% on 3/2/2030) <sup>(g)</sup>  | 350 | 347 |
|  |  | 1607 |
| **Materials 0.04%** |  |  |
| Braskem Netherlands Finance BV 8.50% 1/12/2031 <sup>(f)</sup>  | 355 | 311 |
| CSN Resources SA 8.875% 12/5/2030 <sup>(f)</sup>  | 400 | 397 |
| PT Krakatau Posco 6.375% 6/11/2027  | 345 | 347 |
| Sasol Financing USA, LLC 8.75% 5/3/2029 <sup>(d)</sup>  | 520 | 515 |
|  |  | 1570 |
| **Financials 0.04%** |  |  |
| Bangkok Bank Public Co., Ltd. 3.733% 9/25/2034 (5-year UST Yield Curve Rate T Note Constant Maturity + <br> 1.90% on 9/25/2029) <sup>(g)</sup>  | 400 | 372 |
| BBVA Bancomer SA 8.45% 6/29/2038 (5-year UST Yield Curve Rate T Note Constant Maturity + 4.661% on <br> 6/29/2033) <sup>(f)(g)</sup>  | 340 | 360 |
| CMB International Leasing Management, Ltd. 2.75% 8/12/2030  | 300 | 277 |
| HSBC Holdings PLC 6.332% 3/9/2044 (USD-SOFR + 2.65% on 3/9/2043) <sup>(g)</sup>  | 400 | 430 |
|  |  | 1439 |
| **Industrials 0.03%** |  |  |
| IRB Infrastructure Developers, Ltd. 7.11% 3/11/2032 <sup>(f)</sup>  | 335 | 336 |
| LATAM Airlines Group SA 7.875% 4/15/2030 <sup>(f)</sup>  | 355 | 363 |
| Mexico City Airport Trust 4.25% 10/31/2026  | 200 | 196 |
|  |  | 895 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **35** | American Funds Insurance Series |

---

------

New World Fund (continued)

---

| | | | |
|:---|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) |  | Principal amount<br> (000)<br>| Value<br> (000)<br>|
| **Corporate bonds, notes & loans (continued)** | **Corporate bonds, notes & loans (continued)** | **Corporate bonds, notes & loans (continued)** | **Corporate bonds, notes & loans (continued)** |
| **Consumer staples 0.02%** | **Consumer staples 0.02%** |  |  |
| Health and Happiness (H&H) International Holdings, Ltd. 9.125% 7/24/2028  | Health and Happiness (H&H) International Holdings, Ltd. 9.125% 7/24/2028  | USD200 | $204 |
| NBM US Holdings, Inc. 7.00% 5/14/2026 <sup>(d)</sup>  | NBM US Holdings, Inc. 7.00% 5/14/2026 <sup>(d)</sup>  | 200 | 201 |
| NBM US Holdings, Inc. 6.625% 8/6/2029 <sup>(d)</sup>  | NBM US Holdings, Inc. 6.625% 8/6/2029 <sup>(d)</sup>  | 420 | 423 |
|  |  |  | 828 |
| **Health care 0.02%** | **Health care 0.02%** |  |  |
| Biocon Biologics Global PLC 6.67% 10/9/2029 <sup>(f)</sup>  | Biocon Biologics Global PLC 6.67% 10/9/2029 <sup>(f)</sup>  | 260 | 247 |
| Rede D'Or Finance SARL 4.50% 1/22/2030  | Rede D'Or Finance SARL 4.50% 1/22/2030  | 480 | 456 |
|  |  |  | 703 |
| **Total corporate bonds, notes & loans** | **Total corporate bonds, notes & loans** |  | 14564 |
| **Total bonds, notes & other debt instruments** (cost: $127,773,000) | **Total bonds, notes & other debt instruments** (cost: $127,773,000) |  | 127378 |
| Short-term securities 4.09% |  | Shares |  |
| **Money market investments 3.96%** | **Money market investments 3.96%** | **Money market investments 3.96%** | **Money market investments 3.96%** |
| Capital Group Central Cash Fund 4.35% <sup>(j)(k)</sup>  | Capital Group Central Cash Fund 4.35% <sup>(j)(k)</sup>  | 1476818 | 147681 |
| **Money market investments purchased with collateral from securities on loan 0.12%** | **Money market investments purchased with collateral from securities on loan 0.12%** | **Money market investments purchased with collateral from securities on loan 0.12%** | **Money market investments purchased with collateral from securities on loan 0.12%** |
| Invesco Short-Term Investments Trust – Government & Agency Portfolio, Institutional Class 4.26% <sup>(j)(l)</sup>  | Invesco Short-Term Investments Trust – Government & Agency Portfolio, Institutional Class 4.26% <sup>(j)(l)</sup>  | 4305789 | 4306 |
|  | Weighted<br> average yield<br> at acquisition<br>| Principal amount<br> (000)<br>|  |
| **Bills & notes of governments & government agencies outside the U.S. 0.01%** | **Bills & notes of governments & government agencies outside the U.S. 0.01%** | **Bills & notes of governments & government agencies outside the U.S. 0.01%** | **Bills & notes of governments & government agencies outside the U.S. 0.01%** |
| Egypt (Arab Republic of) 9/9/2025  | 21.357<br> %<br>| EGP11,900 | 228 |
| Egypt (Arab Republic of) 1/6/2026  | 19.531 | 12600 | 222 |
|  |  |  | 450 |
| **Total short-term securities** (cost: $152,427,000) | **Total short-term securities** (cost: $152,427,000) | **Total short-term securities** (cost: $152,427,000) | 152437 |
| **Total investment securities 100.68%** (cost: $2,412,085,000) | **Total investment securities 100.68%** (cost: $2,412,085,000) | **Total investment securities 100.68%** (cost: $2,412,085,000) | 3752924 |
| Other assets less liabilities (0.68)% | Other assets less liabilities (0.68)% |  | (25264)<br>|
| **Net assets 100.00%** | **Net assets 100.00%** |  | $3727660 |

---

**Futures contracts**

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Contracts | Type | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Number of <br> contracts<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Expiration <br> date<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Notional <br> amount <br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(000)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Value and <br> unrealized <br> appreciation <br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(depreciation) <br> at 6/30/2025 <br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(000)<br>|
| 2 Year U.S. Treasury Note Futures | Short | 2 | 10/3/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; USD(416)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $(1)<br>|
| 5 Year Euro-Bobl Futures | Short | 14 | 9/10/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1941)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5 |
| 5 Year U.S. Treasury Note Futures | Short | 3 | 10/3/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (327)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (3)<br>|
| 10 Year Euro-Bund Futures | Short | 15 | 9/10/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (2300)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12 |
| 10 Year Ultra U.S. Treasury Note Futures | Long | 18 | 9/30/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2057 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 40 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| American Funds Insurance Series | **36** |

---

------

New World Fund (continued)

**Futures contracts** (continued)

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Contracts | Type | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Number of<br> contracts<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Expiration<br> date<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Notional<br> amount<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(000)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Value and<br> unrealized<br> appreciation<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(depreciation)<br> at 6/30/2025<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(000)<br>|
| 20 Year U.S. Treasury Bond Futures | Long | 1 | 9/30/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; USD116 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $4 |
| 30 Year Ultra U.S. Treasury Bond Futures | Long | 1 | 9/30/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 119 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4 |
|  |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $61 |

---

**Forward currency contracts**

------

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| Contract amount | Contract amount | Contract amount | Contract amount | Counterparty | &nbsp;&nbsp; Settlement <br> date | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unrealized <br> appreciation <br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(depreciation) <br> at 6/30/2025 <br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(000) |
| Currency purchased <br> (000) | Currency purchased <br> (000) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Currency sold <br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(000) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Currency sold <br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(000) | Counterparty | &nbsp;&nbsp; Settlement <br> date | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unrealized <br> appreciation <br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(depreciation) <br> at 6/30/2025 <br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(000) |
| CNH | 6810 | USD | 952 | Standard Chartered Bank | 7/9/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $— <br><sup>(c)</sup><br>|
| USD | 471 | MYR | 1995 | BNP Paribas | 7/9/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (2)<br>|
| INR | 1695 | USD | 20 | Standard Chartered Bank | 7/14/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — <br><sup>(c)</sup><br>|
| USD | 962 | EUR | 839 | Standard Chartered Bank | 7/14/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (28)<br>|
| EUR | 490 | USD | 560 | BNP Paribas | 7/15/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 17 |
| MXN | 1228 | USD | 64 | Citibank | 7/15/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1 |
| USD | 64 | MXN | 1228 | Bank of New York Mellon | 7/15/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1)<br>|
| THB | 39695 | USD | 1226 | Citibank | 7/15/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1)<br>|
| USD | 297 | THB | 9665 | Citibank | 7/15/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (2)<br>|
| CNH | 7185 | USD | 1003 | Citibank | 7/16/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2 |
| USD | 1371 | ZAR | 24367 | Goldman Sachs | 7/16/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (4)<br>|
| USD | 2447 | EUR | 2127 | Bank of America | 7/16/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (61)<br>|
| USD | 38 | IDR | 622415 | Citibank | 7/18/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — <br><sup>(c)</sup><br>|
| USD | 861 | BRL | 4817 | Citibank | 7/18/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (21)<br>|
| USD | 717 | COP | 3027600 | Morgan Stanley | 7/18/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (22)<br>|
| USD | 47 | MYR | 201 | BNP Paribas | 7/21/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — <br><sup>(c)</sup><br>|
| USD | 98 | PLN | 360 | Citibank | 7/21/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (2)<br>|
| USD | 1285 | MYR | 5447 | JPMorgan Chase | 7/21/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (9)<br>|
| IDR | 3560000 | USD | 217 | HSBC Bank | 7/23/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3 |
| EUR | 76 | USD | 88 | Morgan Stanley | 7/25/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2 |
| INR | 12140 | USD | 141 | BNP Paribas | 7/28/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1 |
| USD | 98 | MXN | 1875 | Morgan Stanley | 7/28/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1)<br>|
| CZK | 31590 | USD | 1496 | Citibank | 8/6/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10 |
| HUF | 348902 | USD | 1021 | HSBC Bank | 8/6/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5 |
| CZK | 20855 | USD | 947 | Citibank | 8/27/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 49 |
| USD | 653 | ZAR | 11850 | Goldman Sachs | 8/27/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (14)<br>|
|  |  |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $(78)<br>|

---

**Investments in affiliates** <sup>(k)</sup>

------

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | Value at <br> 1/1/2025 <br> (000)<br>| Additions <br> (000)<br>| Reductions <br> (000)<br>| Net <br> realized <br> gain (loss) <br> (000)<br>| Net <br> unrealized <br> appreciation <br> (depreciation) <br> (000)<br>| Value at <br> 6/30/2025 <br> (000)<br>| Dividend <br> or interest <br> income <br> (000)<br>|
| **Short-term securities 3.96%** |  |  |  |  |  |  |  |
| **Money market investments 3.96%** |  |  |  |  |  |  |  |
| Capital Group Central Cash Fund 4.35% <sup>(j)</sup>  | $94686 | &nbsp;&nbsp; $320134 | &nbsp;&nbsp; $267116 | &nbsp;&nbsp; $(15)<br>| &nbsp;&nbsp; $(8)<br>| &nbsp;&nbsp; $147681 | &nbsp;&nbsp; $2879 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **37** | American Funds Insurance Series |

---

------

New World Fund (continued)

**Restricted securities** <sup>(d)</sup>

------

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Acquisition <br> date(s)<br>| Cost <br> (000)<br>| Value <br> (000)<br>| Percent <br> of net <br> assets<br>|
| QuintoAndar, Ltd., Series E, preference shares <sup>(a)(b)</sup> <br>| 5/26/2021 | $5258 | $6965 | 0.19<br> %<br>|
| QuintoAndar, Ltd., Series E-1, preference shares <sup>(a)(b)</sup> <br>| 12/20/2021 | 1716 | 1791 | 0.05 |
| NBM US Holdings, Inc. 6.625% 8/6/2029  | 7/8/2022  | 410 | 423 | 0.01 |
| NBM US Holdings, Inc. 7.00% 5/14/2026  | 5/16/2023 | 197 | 201 | 0.01 |
| Canva, Inc. <sup>(a)(b)</sup> <br>| 8/26/2021-11/4/2021 | 656 | 493 | 0.01 |
| Canva, Inc., Series A, noncumulative preferred shares <sup>(a)(b)</sup> <br>| 11/4/2021 | 58 | 44 | 0.00 <br><sup>(m)</sup><br>|
| Canva, Inc., Series A-3, noncumulative preferred shares <sup>(a)(b)</sup> <br>| 11/4/2021 | 2 | 1 | 0.00 <br><sup>(m)</sup><br>|
| Sasol Financing USA, LLC 8.75% 5/3/2029  | 1/24/2024  | 525 | 515 | 0.01 |
| Getir BV, Series D, preferred shares <sup>(a)(b)</sup> <br>| 5/27/2021 | 3500 | — <br><sup>(c</sup>)<br>| 0.00 <br><sup>(m)</sup><br>|
| **Total** |  | $12322 | $10433 | 0.28<br> %<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(a)</sup> Security did not produce income during the last 12 months.

<sup>(b)</sup> Value determined using significant unobservable inputs.

<sup>(c)</sup> Amount less than one thousand.

<sup>(d)</sup> Restricted security, other than Rule 144A securities or commercial paper issued pursuant to Section 4(a)(2) of the Securities Act of 1933. The total value of all such restricted securities was $10,433,000, which represented 0.28% of the net assets of the fund. 

<sup>(e)</sup> All or a portion of this security was on loan. The total value of all such securities was $7,151,000, which represented 0.19% of the net assets of the fund. Refer to Note 5 for more information on securities lending. 

<sup>(f)</sup> Acquired in a transaction exempt from registration under Rule 144A or, for commercial paper, Section 4(a)(2) of the Securities Act of 1933. May be resold in the U.S. in transactions exempt from registration, normally to qualified institutional buyers. The total value of all such securities was $12,331,000, which represented 0.33% of the net assets of the fund. 

<sup>(g)</sup> Step bond; coupon rate may change at a later date.

<sup>(h)</sup> Index-linked bond whose principal amount moves with a government price index. 

<sup>(i)</sup> Scheduled interest and/or principal payment was not received.

<sup>(j)</sup> Rate represents the seven-day yield at 6/30/2025.

<sup>(k)</sup> Part of the same "group of investment companies" as the fund as defined under the Investment Company Act of 1940, as amended.

<sup>(l)</sup> Security purchased with cash collateral from securities on loan. Refer to Note 5 for more information on securities lending.

<sup>(m)</sup> Amount less than 0.01%.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| |
|:---|
| **Key to abbreviation(s)** |
| ADR = American Depositary Receipts |
| BDR = Brazilian Depositary Receipts |
| BRL = Brazilian reais |
| CAD = Canadian dollars |
| CDI = CREST Depository Interest  |
| CLP = Chilean pesos |
| CNH = Chinese yuan renminbi |
| CNY = Chinese yuan renminbi |
| COP = Colombian pesos |
| CZK = Czech korunas |
| EGP = Egyptian pounds |
| EUR = Euros |
| GBP = British pounds |
| GDR = Global Depositary Receipts |

---

---

| |
|:---|
| HUF = Hungarian forints |
| IDR = Indonesian rupiah |
| INR = Indian rupees |
| MXN = Mexican pesos |
| MYR = Malaysian ringgits |
| NGN = Nigerian naira |
| PLN = Polish zloty |
| REIT = Real Estate Investment Trust |
| SOFR = Secured Overnight Financing Rate |
| THB = Thai baht |
| TRY = Turkish lira |
| USD = U.S. dollars |
| UST = U.S. Treasury |
| ZAR = South African rand |

---

Refer to the notes to financial statements.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| American Funds Insurance Series | **38** |

---

------

Washington Mutual Investors Fund

**Investment portfolio** June 30, 2025unaudited

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| Common stocks 96.21% | Shares | Value<br> (000)<br>|
| **Information technology 22.40%** |  |  |
| Broadcom, Inc.  | 3180875 | $876808 |
| Microsoft Corp.  | 1477941 | 735143 |
| NVIDIA Corp.  | 1376003 | 217395 |
| Apple, Inc.  | 959455 | 196851 |
| KLA Corp.  | 125916 | 112788 |
| ASML Holding NV (ADR)  | 112763 | 90367 |
| Motorola Solutions, Inc.  | 149143 | 62709 |
| International Business Machines Corp.  | 210325 | 62000 |
| Accenture PLC, Class A  | 143216 | 42806 |
| SAP SE (ADR)  | 135006 | 41055 |
| Texas Instruments, Inc.  | 180420 | 37459 |
| Oracle Corp.  | 148419 | 32449 |
| Salesforce, Inc.  | 97867 | 26687 |
| Applied Materials, Inc.  | 100045 | 18315 |
| Synopsys, Inc. <sup>(a)</sup>  | 31950 | 16380 |
| ASM International NV (ADR)  | 21707 | 13913 |
| Adobe, Inc. <sup>(a)</sup>  | 34743 | 13441 |
| Intel Corp.  | 545538 | 12220 |
| TE Connectivity Public, Ltd. Co.  | 36193 | 6105 |
|  |  | 2614891 |
| **Financials 18.36%** |  |  |
| Marsh & McLennan Cos., Inc.  | 1137983 | 248808 |
| JPMorgan Chase & Co.  | 666861 | 193330 |
| BlackRock, Inc.  | 166414 | 174610 |
| Visa, Inc., Class A  | 471682 | 167471 |
| Mastercard, Inc., Class A  | 230802 | 129697 |
| Capital One Financial Corp.  | 603410 | 128381 |
| Chubb, Ltd.  | 393830 | 114100 |
| Arthur J. Gallagher & Co.  | 340478 | 108994 |
| Bank of America Corp.  | 2241655 | 106075 |
| Wells Fargo & Co.  | 1022919 | 81956 |
| Truist Financial Corp.  | 1752492 | 75340 |
| Morgan Stanley  | 514896 | 72528 |
| Apollo Asset Management, Inc.  | 429153 | 60884 |
| Citizens Financial Group, Inc.  | 1320920 | 59111 |
| KKR & Co., Inc.  | 432202 | 57496 |
| Blackstone, Inc.  | 338091 | 50572 |
| CME Group, Inc., Class A  | 134224 | 36995 |
| Aon PLC, Class A  | 100447 | 35835 |
| American Express Co.  | 111170 | 35461 |
| S&P Global, Inc.  | 66315 | 34967 |
| Progressive Corp.  | 128261 | 34228 |
| Brookfield Asset Management, Ltd., Class A  | 483694 | 26739 |
| Goldman Sachs Group, Inc.  | 29966 | 21208 |
| Citigroup, Inc.  | 233574 | 19882 |
| AXA SA (ADR)  | 365158 | 17936 |
| Carlyle Group, Inc. (The)  | 270192 | 13888 |
| PNC Financial Services Group, Inc.  | 68886 | 12842 |
| Intercontinental Exchange, Inc.  | 52537 | 9639 |
| Fifth Third Bancorp  | 178306 | 7334 |
| KeyCorp  | 397800 | 6930 |
|  |  | 2143237 |
| **Industrials 11.50%** |  |  |
| RTX Corp.  | 1224474 | 178798 |
| General Electric Co.  | 641966 | 165236 |
| Northrop Grumman Corp.  | 283061 | 141525 |
| Boeing Co. (The) <sup>(a)</sup>  | 374770 | 78526 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **39** | American Funds Insurance Series |

---

------

Washington Mutual Investors Fund (continued)

---

| | | |
|:---|:---|:---|
| Common stocks (continued) | Shares | Value<br> (000)<br>|
| **Industrials (continued)** |  |  |
| Honeywell International, Inc.  | 324457 | $75560 |
| Union Pacific Corp.  | 289892 | 66698 |
| Paychex, Inc.  | 451500 | 65675 |
| 3M Co.  | 398062 | 60601 |
| L3Harris Technologies, Inc.  | 234851 | 58910 |
| Caterpillar, Inc.  | 145015 | 56296 |
| Deere & Co.  | 102849 | 52298 |
| Delta Air Lines, Inc.  | 769587 | 37848 |
| Ingersoll-Rand, Inc.  | 444378 | 36963 |
| Equifax, Inc.  | 139296 | 36129 |
| Carrier Global Corp.  | 438946 | 32126 |
| Parker-Hannifin Corp.  | 41006 | 28642 |
| PACCAR, Inc.  | 209348 | 19901 |
| Waste Connections, Inc.  | 99256 | 18533 |
| FedEx Corp.  | 79115 | 17984 |
| Johnson Controls International PLC  | 162291 | 17141 |
| Siemens AG (ADR)  | 132607 | 17089 |
| BAE Systems PLC (ADR)  | 161872 | 17008 |
| Republic Services, Inc.  | 67539 | 16656 |
| HEICO Corp.  | 44486 | 14591 |
| CSX Corp.  | 440277 | 14366 |
| Eaton Corp. PLC  | 17329 | 6186 |
| Lennox International, Inc.  | 8982 | 5149 |
| Deutsche Post AG (ADR)  | 94500 | 4390 |
| TransUnion  | 21970 | 1933 |
| Veralto Corp.  | — <br><sup>(b)</sup><br>| — <br><sup>(b)</sup><br>|
|  |  | 1342758 |
| **Health care 11.37%** |  |  |
| Eli Lilly and Co.  | 288964 | 225256 |
| UnitedHealth Group, Inc.  | 488501 | 152398 |
| Abbott Laboratories  | 1103923 | 150145 |
| Amgen, Inc.  | 521767 | 145682 |
| CVS Health Corp.  | 1797053 | 123961 |
| Gilead Sciences, Inc.  | 780218 | 86503 |
| AstraZeneca PLC (ADR)  | 1172994 | 81969 |
| Vertex Pharmaceuticals, Inc. <sup>(a)</sup>  | 174716 | 77783 |
| Danaher Corp.  | 299736 | 59210 |
| AbbVie, Inc.  | 301318 | 55931 |
| Elevance Health, Inc.  | 129557 | 50392 |
| Sanofi (ADR)  | 450166 | 21747 |
| Bristol-Myers Squibb Co.  | 425890 | 19714 |
| Zimmer Biomet Holdings, Inc.  | 210007 | 19155 |
| Novo Nordisk AS, Class B (ADR)  | 193034 | 13323 |
| Thermo Fisher Scientific, Inc.  | 30868 | 12516 |
| Humana, Inc.  | 31515 | 7705 |
| Illumina, Inc. <sup>(a)</sup>  | 80452 | 7676 |
| Regeneron Pharmaceuticals, Inc.  | 13923 | 7310 |
| Cooper Cos., Inc. <sup>(a)</sup>  | 79881 | 5684 |
| Zoetis, Inc., Class A  | 20870 | 3255 |
|  |  | 1327315 |
| **Consumer staples 8.74%** |  |  |
| Philip Morris International, Inc.  | 2426916 | 442014 |
| British American Tobacco PLC (ADR)  | 1900519 | 89952 |
| Keurig Dr Pepper, Inc.  | 2618399 | 86564 |
| Altria Group, Inc.  | 1020176 | 59813 |
| Constellation Brands, Inc., Class A  | 347154 | 56475 |
| Mondelez International, Inc., Class A  | 776532 | 52369 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| American Funds Insurance Series | **40** |

---

------

Washington Mutual Investors Fund (continued)

---

| | | |
|:---|:---|:---|
| Common stocks (continued) | Shares | Value<br> (000)<br>|
| **Consumer staples (continued)** |  |  |
| Coca-Cola Co.  | 590211 | $41757 |
| Procter & Gamble Co.  | 216242 | 34452 |
| Costco Wholesale Corp.  | 33711 | 33372 |
| Hershey Co.  | 120501 | 19997 |
| Church & Dwight Co., Inc.  | 184306 | 17714 |
| Nestlé SA (ADR)  | 178302 | 17709 |
| Dollar General Corp.  | 138016 | 15786 |
| Kimberly-Clark Corp.  | 103829 | 13386 |
| Estee Lauder Cos., Inc. (The), Class A  | 145769 | 11778 |
| Kraft Heinz Co. (The)  | 412788 | 10658 |
| Target Corp.  | 98519 | 9719 |
| Bunge Global SA  | 80582 | 6469 |
|  |  | 1019984 |
| **Consumer discretionary 6.59%** |  |  |
| Royal Caribbean Cruises, Ltd.  | 568612 | 178055 |
| Home Depot, Inc.  | 250518 | 91850 |
| Starbucks Corp.  | 949091 | 86965 |
| YUM! Brands, Inc.  | 530703 | 78640 |
| Amazon.com, Inc. <sup>(a)</sup>  | 356329 | 78175 |
| Darden Restaurants, Inc.  | 342240 | 74598 |
| TJX Companies, Inc. (The)  | 336253 | 41524 |
| Marriott International, Inc., Class A  | 100754 | 27527 |
| NIKE, Inc., Class B  | 360727 | 25626 |
| D.R. Horton, Inc.  | 171613 | 22124 |
| Vail Resorts, Inc.  | 118995 | 18698 |
| Tractor Supply Co.  | 340785 | 17983 |
| General Motors Co.  | 226927 | 11167 |
| Chipotle Mexican Grill, Inc. <sup>(a)</sup>  | 165637 | 9301 |
| Sony Group Corp. (ADR) <sup>(c)</sup>  | 268839 | 6998 |
|  |  | 769231 |
| **Communication services 4.85%** |  |  |
| Alphabet, Inc., Class C  | 591921 | 105001 |
| Alphabet, Inc., Class A  | 449491 | 79214 |
| Meta Platforms, Inc., Class A  | 241141 | 177984 |
| Comcast Corp., Class A  | 3506395 | 125143 |
| Walt Disney Co. (The)  | 323772 | 40151 |
| Electronic Arts, Inc.  | 144232 | 23034 |
| Deutsche Telekom AG (ADR)  | 267761 | 9797 |
| AT&T, Inc.  | 189961 | 5497 |
|  |  | 565821 |
| **Utilities 3.74%** |  |  |
| Constellation Energy Corp.  | 389313 | 125655 |
| Sempra  | 1188525 | 90054 |
| Southern Co. (The)  | 821429 | 75432 |
| FirstEnergy Corp.  | 1235342 | 49735 |
| DTE Energy Co.  | 225528 | 29873 |
| CenterPoint Energy, Inc.  | 560529 | 20594 |
| Entergy Corp.  | 238997 | 19865 |
| Public Service Enterprise Group, Inc.  | 192090 | 16170 |
| NextEra Energy, Inc.  | 125161 | 8689 |
|  |  | 436067 |
| **Energy 3.52%** |  |  |
| EOG Resources, Inc.  | 1101276 | 131724 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **41** | American Funds Insurance Series |

---

------

Washington Mutual Investors Fund (continued)

---

| | | |
|:---|:---|:---|
| Common stocks (continued) | Shares | Value<br> (000)<br>|
| **Energy (continued)** |  |  |
| Exxon Mobil Corp.  | 818910 | $88278 |
| ConocoPhillips  | 625790 | 56158 |
| Canadian Natural Resources, Ltd.  | 1752296 | 55022 |
| Shell PLC (ADR)  | 378073 | 26620 |
| TC Energy Corp.  | 434970 | 21222 |
| Cenovus Energy, Inc.  | 951373 | 12939 |
| Halliburton Co.  | 398694 | 8125 |
| Schlumberger NV  | 216823 | 7329 |
| Chevron Corp.  | 20964 | 3002 |
|  |  | 410419 |
| **Materials 2.86%** |  |  |
| Linde PLC  | 187287 | 87871 |
| Corteva, Inc.  | 873022 | 65066 |
| Wheaton Precious Metals Corp.  | 565165 | 50752 |
| Air Products and Chemicals, Inc.  | 177158 | 49969 |
| International Paper Co.  | 770696 | 36092 |
| Freeport-McMoRan, Inc.  | 258172 | 11192 |
| Rio Tinto PLC (ADR)  | 156586 | 9134 |
| LyondellBasell Industries NV  | 153562 | 8885 |
| Royal Gold, Inc.  | 44934 | 7991 |
| H.B. Fuller Co.  | 114890 | 6911 |
|  |  | 333863 |
| **Real estate 2.28%** |  |  |
| Welltower, Inc. REIT  | 912865 | 140335 |
| Mid-America Apartment Communities, Inc. REIT  | 327583 | 48486 |
| Prologis, Inc. REIT  | 262923 | 27638 |
| American Tower Corp. REIT  | 87159 | 19264 |
| Simon Property Group, Inc. REIT  | 93346 | 15006 |
| AvalonBay Communities, Inc. REIT  | 43005 | 8751 |
| Extra Space Storage, Inc. REIT  | 42274 | 6233 |
|  |  | 265713 |
| **Total common stocks** (cost: $6,870,557,000) |  | 11229299 |
| Convertible stocks 0.50% |  |  |
| **Industrials 0.27%** |  |  |
| Boeing Co., Series A, convertible preferred depositary shares, 6.00% 10/15/2027  | 455591 | 30980 |
| **Financials 0.23%** |  |  |
| KKR & Co., Inc., Class D, convertible preferred shares, 6.25% 3/1/2028  | 436775 | 23411 |
| Apollo Global Management, Inc., Class A, cumulative convertible preferred shares, 6.75% 7/31/2026  | 54000 | 4042 |
|  |  | 27453 |
| **Total convertible stocks** (cost: $47,807,000) |  | 58433 |
| Short-term securities 3.14% |  |  |
| **Money market investments 3.14%** | **Money market investments 3.14%** | **Money market investments 3.14%** |
| Capital Group Central Cash Fund 4.35% <sup>(d)(e)</sup>  | 3667823 | 366782 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| American Funds Insurance Series | **42** |

---

------

Washington Mutual Investors Fund (continued)

---

| | | |
|:---|:---|:---|
| Short-term securities (continued) | Shares | Value<br> (000)<br>|
| **Money market investments purchased with collateral from securities on loan 0.00%** | **Money market investments purchased with collateral from securities on loan 0.00%** | **Money market investments purchased with collateral from securities on loan 0.00%** |
| Invesco Short-Term Investments Trust – Government & Agency Portfolio, Institutional Class 4.26% <sup>(d)(f)</sup>  | 4082 | $4 |
| **Total short-term securities** (cost: $366,736,000) |  | 366786 |
| **Total investment securities 99.85%** (cost: $7,285,100,000) |  | 11654518 |
| Other assets less liabilities 0.15% |  | 17171 |
| **Net assets 100.00%** |  | $11671689 |

---

**Investments in affiliates** <sup>(e)</sup>

------

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | Value at <br> 1/1/2025 <br> (000)<br>| Additions <br> (000)<br>| Reductions <br> (000)<br>| Net <br> realized <br> gain (loss) <br> (000)<br>| Net <br> unrealized <br> appreciation <br> (depreciation) <br> (000)<br>| Value at <br> 6/30/2025 <br> (000)<br>| Dividend <br> or interest <br> income <br> (000)<br>|
| **Short-term securities 3.14%** |  |  |  |  |  |  |  |
| **Money market investments 3.14%** |  |  |  |  |  |  |  |
| Capital Group Central Cash Fund 4.35% <sup>(d)</sup>  | $245250 | &nbsp;&nbsp; $902891 | &nbsp;&nbsp; $781291 | &nbsp;&nbsp; $(31)<br>| &nbsp;&nbsp; $(37)<br>| &nbsp;&nbsp; $366782 | &nbsp;&nbsp; $7099 |
| **Money market investments purchased with collateral** <br> **from securities on loan 0.00%**<br>|  |  |  |  |  |  |  |
| Capital Group Central Cash Fund 4.35% <sup>(d)</sup>  | 9850 |  | &nbsp;&nbsp; 9850 <br><sup>(g)</sup><br>|  |  | &nbsp;&nbsp; — | &nbsp;&nbsp; — <br><sup>(h)</sup><br>|
| **Total 3.14%** |  |  |  | &nbsp;&nbsp; $(31)<br>| &nbsp;&nbsp; $(37)<br>| &nbsp;&nbsp; $366782 | &nbsp;&nbsp; $7099 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(a)</sup> Security did not produce income during the last 12 months.

<sup>(b)</sup> Amount less than one thousand.

<sup>(c)</sup> All or a portion of this security was on loan. The total value of all such securities was $4,000, which represented less than 0.01% of the net assets of the fund. Refer to Note 5 for more information on securities lending. 

<sup>(d)</sup> Rate represents the seven-day yield at 6/30/2025.

<sup>(e)</sup> Part of the same "group of investment companies" as the fund as defined under the Investment Company Act of 1940, as amended.

<sup>(f)</sup> Security purchased with cash collateral from securities on loan. Refer to Note 5 for more information on securities lending.

<sup>(g)</sup> Represents net activity. Refer to Note 5 for more information on securities lending.

<sup>(h)</sup> Dividend income is included with securities lending income in the fund's statement of operations and is not shown in this table.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| |
|:---|
| **Key to abbreviation(s)** |
| ADR = American Depositary Receipts |
| REIT = Real Estate Investment Trust |

---

Refer to the notes to financial statements.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **43** | American Funds Insurance Series |

---

------

U.S. Small and Mid Cap Equity Fund

**Investment portfolio** June 30, 2025unaudited

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| Common stocks 96.54% | Shares | Value<br> (000)<br>|
| **Financials 23.50%** |  |  |
| Capital One Financial Corp.  | 2354 | $501 |
| Brown & Brown, Inc.  | 3591 | 398 |
| Fifth Third Bancorp  | 7211 | 297 |
| Victory Capital Holdings, Inc., Class A  | 4402 | 280 |
| RenaissanceRe Holdings, Ltd.  | 1100 | 267 |
| KeyCorp  | 13000 | 227 |
| TPG, Inc., Class A  | 3952 | 207 |
| LPL Financial Holdings, Inc.  | 534 | 200 |
| Hamilton Lane, Inc., Class A  | 1186 | 169 |
| StepStone Group, Inc., Class A  | 2938 | 163 |
| Affirm Holdings, Inc., Class A <sup>(a)</sup>  | 2094 | 145 |
| Aspen Insurance Holdings, Ltd., Class A <sup>(a)</sup>  | 4099 | 129 |
| WEX, Inc. <sup>(a)</sup>  | 864 | 127 |
| Radian Group, Inc.  | 3119 | 112 |
| Tradeweb Markets, Inc., Class A  | 614 | 90 |
| Ameriprise Financial, Inc.  | 158 | 84 |
| Artisan Partners Asset Management, Inc., Class A  | 1682 | 75 |
| Ally Financial, Inc.  | 1756 | 68 |
| Citizens Financial Group, Inc.  | 1105 | 50 |
| Kinsale Capital Group, Inc.  | 91 | 44 |
| Arthur J. Gallagher & Co.  | 109 | 35 |
| Block, Inc., Class A <sup>(a)</sup>  | 521 | 35 |
|  |  | 3703 |
| **Industrials 20.22%** |  |  |
| XPO, Inc. <sup>(a)</sup>  | 2218 | 280 |
| United Rentals, Inc.  | 342 | 258 |
| Karman Holdings, Inc. <sup>(a)</sup>  | 4909 | 247 |
| Crane Co.  | 1255 | 238 |
| Ingersoll-Rand, Inc.  | 2725 | 227 |
| ATI, Inc. <sup>(a)</sup>  | 1884 | 163 |
| Comfort Systems USA, Inc.  | 284 | 152 |
| AGCO Corp.  | 1407 | 145 |
| Core & Main, Inc., Class A <sup>(a)</sup>  | 2211 | 133 |
| Generac Holdings, Inc. <sup>(a)</sup>  | 853 | 122 |
| Kadant, Inc.  | 378 | 120 |
| APi Group Corp. <sup>(a)</sup>  | 2013 | 103 |
| SiteOne Landscape Supply, Inc. <sup>(a)</sup>  | 830 | 100 |
| Advanced Drainage Systems, Inc.  | 718 | 83 |
| Copart, Inc. <sup>(a)</sup>  | 1583 | 78 |
| PACCAR, Inc.  | 756 | 72 |
| Applied Industrial Technologies, Inc.  | 306 | 71 |
| Toro Co. (The)  | 897 | 63 |
| HEICO Corp.  | 180 | 59 |
| Alight, Inc., Class A  | 10335 | 59 |
| L3Harris Technologies, Inc.  | 192 | 48 |
| Robert Half, Inc.  | 1150 | 47 |
| Graco, Inc.  | 521 | 45 |
| AMETEK, Inc.  | 246 | 45 |
| Fluor Corp. <sup>(a)</sup>  | 774 | 40 |
| Bloom Energy Corp., Class A <sup>(a)</sup>  | 1537 | 37 |
| Nextracker, Inc., Class A <sup>(a)</sup>  | 598 | 33 |
| Oshkosh Corp.  | 282 | 32 |
| CBIZ, Inc. <sup>(a)</sup>  | 408 | 29 |
| FTI Consulting, Inc. <sup>(a)</sup>  | 139 | 22 |
| FTAI Aviation, Ltd.  | 186 | 21 |
| Regal Rexnord Corp.  | 98 | 14 |
|  |  | 3186 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| American Funds Insurance Series | **44** |

---

------

U.S. Small and Mid Cap Equity Fund (continued)

---

| | | |
|:---|:---|:---|
| Common stocks (continued) | Shares | Value<br> (000)<br>|
| **Consumer discretionary 16.33%** |  |  |
| YUM! Brands, Inc.  | 2323 | $344 |
| Hilton Worldwide Holdings, Inc.  | 1003 | 267 |
| Vail Resorts, Inc.  | 1634 | 257 |
| LKQ Corp.  | 6101 | 226 |
| Aptiv Holdings, Ltd. <sup>(a)</sup>  | 2253 | 154 |
| Bright Horizons Family Solutions, Inc. <sup>(a)</sup>  | 970 | 120 |
| Wingstop, Inc.  | 341 | 115 |
| Flutter Entertainment PLC <sup>(a)</sup>  | 400 | 114 |
| Five Below, Inc. <sup>(a)</sup>  | 714 | 94 |
| Darden Restaurants, Inc.  | 422 | 92 |
| General Motors Co.  | 1825 | 90 |
| Williams-Sonoma, Inc.  | 475 | 77 |
| Polaris, Inc.  | 1836 | 75 |
| Murphy USA, Inc.  | 154 | 63 |
| TopBuild Corp. <sup>(a)</sup>  | 191 | 62 |
| Chewy, Inc., Class A <sup>(a)</sup>  | 1441 | 61 |
| Texas Roadhouse, Inc.  | 321 | 60 |
| Royal Caribbean Cruises, Ltd.  | 181 | 57 |
| D.R. Horton, Inc.  | 396 | 51 |
| Brinker International, Inc. <sup>(a)</sup>  | 266 | 48 |
| Toll Brothers, Inc.  | 408 | 46 |
| Cavco Industries, Inc. <sup>(a)</sup>  | 78 | 34 |
| AutoZone, Inc. <sup>(a)</sup>  | 9 | 33 |
| CAVA Group, Inc. <sup>(a)</sup>  | 385 | 32 |
|  |  | 2572 |
| **Information technology 10.90%** |  |  |
| Ingram Micro Holding Corp.  | 12295 | 256 |
| Insight Enterprises, Inc. <sup>(a)</sup>  | 1116 | 154 |
| Fabrinet, non-registered shares <sup>(a)</sup>  | 513 | 151 |
| Keysight Technologies, Inc. <sup>(a)</sup>  | 836 | 137 |
| Flex, Ltd. <sup>(a)</sup>  | 2187 | 109 |
| Lumentum Holdings, Inc. <sup>(a)</sup>  | 1084 | 103 |
| Vontier Corp.  | 2653 | 98 |
| Procore Technologies, Inc. <sup>(a)</sup>  | 1410 | 97 |
| Cloudflare, Inc., Class A <sup>(a)</sup>  | 394 | 77 |
| Pure Storage, Inc., Class A <sup>(a)</sup>  | 1273 | 73 |
| TD SYNNEX Corp.  | 472 | 64 |
| MongoDB, Inc., Class A <sup>(a)</sup>  | 293 | 62 |
| Ciena Corp. <sup>(a)</sup>  | 657 | 54 |
| CDW Corp.  | 276 | 49 |
| EPAM Systems, Inc. <sup>(a)</sup>  | 221 | 39 |
| RingCentral, Inc., Class A <sup>(a)</sup>  | 1316 | 37 |
| Okta, Inc., Class A <sup>(a)</sup>  | 369 | 37 |
| Fair Isaac Corp. <sup>(a)</sup>  | 18 | 33 |
| Clearwater Analytics Holdings, Inc., Class A <sup>(a)</sup>  | 1392 | 31 |
| Klaviyo, Inc., Class A <sup>(a)</sup>  | 693 | 23 |
| ServiceTitan, Inc., Class A <sup>(a)</sup>  | 160 | 17 |
| Circle Internet Group, Inc. <sup>(a)(b)</sup>  | 96 | 17 |
|  |  | 1718 |
| **Consumer staples 8.32%** |  |  |
| US Foods Holding Corp. <sup>(a)</sup>  | 4947 | 381 |
| Monster Beverage Corp. <sup>(a)</sup>  | 3877 | 243 |
| e.l.f. Beauty, Inc. <sup>(a)</sup>  | 1295 | 161 |
| Kimberly-Clark Corp.  | 801 | 103 |
| Casey's General Stores, Inc.  | 189 | 96 |
| Dollar General Corp.  | 823 | 94 |
| Estee Lauder Cos., Inc. (The), Class A  | 801 | 65 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **45** | American Funds Insurance Series |

---

------

U.S. Small and Mid Cap Equity Fund (continued)

---

| | | |
|:---|:---|:---|
| Common stocks (continued) | Shares | Value<br> (000)<br>|
| **Consumer staples (continued)** |  |  |
| Keurig Dr Pepper, Inc.  | 1967 | $65 |
| Maplebear, Inc. <sup>(a)</sup>  | 1127 | 51 |
| Target Corp.  | 347 | 34 |
| Constellation Brands, Inc., Class A  | 75 | 12 |
| Bunge Global SA  | 56 | 5 |
|  |  | 1310 |
| **Health care 7.45%** |  |  |
| Hims & Hers Health, Inc., Class A <sup>(a)</sup>  | 2204 | 110 |
| Medpace Holdings, Inc. <sup>(a)</sup>  | 305 | 96 |
| Exact Sciences Corp. <sup>(a)</sup>  | 1764 | 94 |
| Ionis Pharmaceuticals, Inc. <sup>(a)</sup>  | 2386 | 94 |
| Align Technology, Inc. <sup>(a)</sup>  | 458 | 87 |
| Illumina, Inc. <sup>(a)</sup>  | 885 | 84 |
| Veeva Systems, Inc., Class A <sup>(a)</sup>  | 291 | 84 |
| Cooper Cos., Inc. <sup>(a)</sup>  | 1132 | 81 |
| Molina Healthcare, Inc. <sup>(a)</sup>  | 233 | 69 |
| Halozyme Therapeutics, Inc. <sup>(a)</sup>  | 1133 | 59 |
| Doximity, Inc., Class A <sup>(a)</sup>  | 884 | 54 |
| Penumbra, Inc. <sup>(a)</sup>  | 203 | 52 |
| Natera, Inc. <sup>(a)</sup>  | 275 | 47 |
| Zimmer Biomet Holdings, Inc.  | 328 | 30 |
| NewAmsterdam Pharma Co. NV <sup>(a)</sup>  | 1638 | 30 |
| DexCom, Inc. <sup>(a)</sup>  | 310 | 27 |
| Humana, Inc.  | 95 | 23 |
| Krystal Biotech, Inc. <sup>(a)</sup>  | 147 | 20 |
| Alnylam Pharmaceuticals, Inc. <sup>(a)</sup>  | 34 | 11 |
| agilon health, Inc. <sup>(a)</sup>  | 4503 | 10 |
| Caris Life Sciences, Inc., Class A <sup>(a)</sup>  | 345 | 9 |
| GRAIL, Inc. <sup>(a)(b)</sup>  | 57 | 3 |
|  |  | 1174 |
| **Communication services 3.44%** |  |  |
| ROBLOX Corp., Class A <sup>(a)</sup>  | 2872 | 302 |
| Live Nation Entertainment, Inc. <sup>(a)</sup>  | 613 | 93 |
| Charter Communications, Inc., Class A <sup>(a)</sup>  | 128 | 52 |
| Trade Desk, Inc. (The), Class A <sup>(a)</sup>  | 669 | 48 |
| Take-Two Interactive Software, Inc. <sup>(a)</sup>  | 192 | 47 |
|  |  | 542 |
| **Real estate 2.79%** |  |  |
| Mid-America Apartment Communities, Inc. REIT  | 898 | 133 |
| Essex Property Trust, Inc. REIT  | 370 | 105 |
| Crown Castle, Inc. REIT  | 828 | 85 |
| NNN REIT, Inc.  | 1771 | 76 |
| Lineage, Inc. REIT  | 937 | 41 |
|  |  | 440 |
| **Energy 2.03%** |  |  |
| Diamondback Energy, Inc.  | 883 | 121 |
| Baker Hughes Co., Class A  | 2254 | 87 |
| Viper Energy, Inc., Class A  | 1358 | 52 |
| Permian Resources Corp., Class A  | 3106 | 42 |
| Cheniere Energy, Inc.  | 71 | 17 |
|  |  | 319 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| American Funds Insurance Series | **46** |

---

------

U.S. Small and Mid Cap Equity Fund (continued)

---

| | | |
|:---|:---|:---|
| Common stocks (continued) | Shares | Value<br> (000)<br>|
| **Materials 1.46%** |  |  |
| International Paper Co.  | 3154 | $148 |
| Element Solutions, Inc.  | 2825 | 64 |
| Albemarle Corp.  | 295 | 18 |
|  |  | 230 |
| **Utilities 0.10%** |  |  |
| FirstEnergy Corp.  | 364 | 15 |
| **Total common stocks** (cost: $14,596,000) |  | 15209 |
| Short-term securities 3.28% |  |  |
| **Money market investments 3.24%** | **Money market investments 3.24%** | **Money market investments 3.24%** |
| Capital Group Central Cash Fund 4.35% <sup>(c)(d)</sup>  | 5099 | 510 |
| **Money market investments purchased with collateral from securities on loan 0.04%** | **Money market investments purchased with collateral from securities on loan 0.04%** | **Money market investments purchased with collateral from securities on loan 0.04%** |
| Invesco Short-Term Investments Trust – Government & Agency Portfolio, Institutional Class 4.26% <sup>(c)(e)</sup>  | 6301 | 7 |
| **Total short-term securities** (cost: $516,000) |  | 517 |
| **Total investment securities 99.82%** (cost: $15,112,000) |  | 15726 |
| Other assets less liabilities 0.18% |  | 29 |
| **Net assets 100.00%** |  | $15755 |

---

**Investments in affiliates** <sup>(d)</sup>

------

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | Value at <br> 1/1/2025 <br> (000)<br>| Additions <br> (000)<br>| Reductions <br> (000)<br>| Net <br> realized <br> gain (loss) <br> (000)<br>| Net <br> unrealized <br> appreciation <br> (depreciation) <br> (000)<br>| Value at <br> 6/30/2025 <br> (000)<br>| Dividend <br> or interest <br> income <br> (000)<br>|
| **Short-term securities 3.24%** |  |  |  |  |  |  |  |
| **Money market investments 3.24%** |  |  |  |  |  |  |  |
| Capital Group Central Cash Fund 4.35% <sup>(c)</sup>  | $288 | &nbsp;&nbsp; $2214 | &nbsp;&nbsp; $1992 | &nbsp;&nbsp; $— <br><sup>(f)</sup><br>| &nbsp;&nbsp; $— <br><sup>(f)</sup><br>| &nbsp;&nbsp; $510 | &nbsp;&nbsp; $7 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(a)</sup> Security did not produce income during the last 12 months.

<sup>(b)</sup> All or a portion of this security was on loan. The total value of all such securities was $7,000, which represented 0.04% of the net assets of the fund. Refer to Note 5 for more information on securities lending. 

<sup>(c)</sup> Rate represents the seven-day yield at 6/30/2025.

<sup>(d)</sup> Part of the same "group of investment companies" as the fund as defined under the Investment Company Act of 1940, as amended.

<sup>(e)</sup> Security purchased with cash collateral from securities on loan. Refer to Note 5 for more information on securities lending.

<sup>(f)</sup> Amount less than one thousand.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| |
|:---|
| **Key to abbreviation(s)** |
| REIT = Real Estate Investment Trust |

---

Refer to the notes to financial statements.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **47** | American Funds Insurance Series |

---

------

Capital World Growth and Income Fund

**Investment portfolio** June 30, 2025unaudited

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| Common stocks 95.96% | Shares | Value<br> (000)<br>|
| **Information technology 21.38%** |  |  |
| Broadcom, Inc.  | 322908 | $89010 |
| Taiwan Semiconductor Manufacturing Co., Ltd.  | 2154772 | 78189 |
| Taiwan Semiconductor Manufacturing Co., Ltd. (ADR)  | 3201 | 725 |
| Microsoft Corp.  | 148122 | 73677 |
| NVIDIA Corp.  | 275672 | 43553 |
| Apple, Inc.  | 106641 | 21880 |
| ASML Holding NV  | 17464 | 13939 |
| ASML Holding NV (ADR)  | 1512 | 1212 |
| International Business Machines Corp.  | 41677 | 12286 |
| Micron Technology, Inc.  | 97542 | 12022 |
| Tokyo Electron, Ltd.  | 50675 | 9741 |
| Oracle Corp.  | 35633 | 7790 |
| Shopify, Inc., Class A, subordinate voting shares <sup>(a)</sup>  | 65481 | 7553 |
| SAP SE  | 20143 | 6125 |
| Texas Instruments, Inc.  | 25295 | 5252 |
| MediaTek, Inc.  | 122094 | 5224 |
| Seagate Technology Holdings PLC  | 27052 | 3904 |
| ANSYS, Inc. <sup>(a)</sup>  | 10370 | 3642 |
| Accenture PLC, Class A  | 10695 | 3197 |
| KLA Corp.  | 3423 | 3066 |
| Salesforce, Inc.  | 10034 | 2736 |
| Constellation Software, Inc.  | 721 | 2644 |
| Intel Corp.  | 116540 | 2611 |
| Capgemini SE  | 14221 | 2430 |
| Allegro MicroSystems, Inc. <sup>(a)</sup>  | 64600 | 2209 |
| Keyence Corp.  | 5100 | 2048 |
| Synopsys, Inc. <sup>(a)</sup>  | 3579 | 1835 |
| EPAM Systems, Inc. <sup>(a)</sup>  | 10025 | 1773 |
| Cloudflare, Inc., Class A <sup>(a)</sup>  | 8686 | 1701 |
| Ciena Corp. <sup>(a)</sup>  | 17848 | 1452 |
| Adobe, Inc. <sup>(a)</sup>  | 3195 | 1236 |
| Elastic NV, non-registered shares <sup>(a)</sup>  | 11780 | 993 |
| Fair Isaac Corp. <sup>(a)</sup>  | 458 | 837 |
| Advantech Co., Ltd.  | 36098 | 420 |
| Applied Materials, Inc.  | 743 | 136 |
|  |  | 427048 |
| **Financials 15.86%** |  |  |
| Zurich Insurance Group AG  | 20837 | 14565 |
| JPMorgan Chase & Co.  | 44526 | 12909 |
| AXA SA  | 262359 | 12878 |
| Chubb, Ltd.  | 41672 | 12073 |
| Mastercard, Inc., Class A  | 18748 | 10535 |
| BlackRock, Inc.  | 9891 | 10378 |
| Apollo Asset Management, Inc.  | 70768 | 10040 |
| Capital One Financial Corp.  | 46086 | 9805 |
| Citigroup, Inc.  | 110046 | 9367 |
| Aviva PLC  | 1042205 | 8858 |
| NatWest Group PLC  | 1253488 | 8799 |
| ING Groep NV  | 342713 | 7519 |
| Arthur J. Gallagher & Co.  | 22995 | 7361 |
| Blackstone, Inc.  | 47902 | 7165 |
| American Express Co.  | 22216 | 7086 |
| Banco Bilbao Vizcaya Argentaria SA  | 444681 | 6838 |
| Ping An Insurance (Group) Company of China, Ltd., Class H  | 1005280 | 6384 |
| Ping An Insurance (Group) Company of China, Ltd., Class A  | 35100 | 272 |
| UniCredit SpA  | 93613 | 6276 |
| Visa, Inc., Class A  | 17504 | 6215 |
| HSBC Holdings PLC (GBP denominated)  | 351246 | 4252 |
| HSBC Holdings PLC (HKD denominated)  | 130000 | 1572 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| American Funds Insurance Series | **48** |

---

------

Capital World Growth and Income Fund (continued)

---

| | | |
|:---|:---|:---|
| Common stocks (continued) | Shares | Value<br> (000)<br>|
| **Financials (continued)** |  |  |
| HDFC Life Insurance Co., Ltd.  | 598632 | $5684 |
| Wells Fargo & Co.  | 70909 | 5681 |
| 3i Group PLC  | 93637 | 5295 |
| Marsh & McLennan Cos., Inc.  | 22870 | 5000 |
| Bank of America Corp.  | 104457 | 4943 |
| Aon PLC, Class A  | 12988 | 4634 |
| Blue Owl Capital, Inc., Class A  | 230174 | 4422 |
| CVC Capital Partners PLC  | 207761 | 4253 |
| Israel Discount Bank, Ltd., Class A  | 426539 | 4250 |
| Ares Management Corp., Class A  | 24360 | 4219 |
| Partners Group Holding AG  | 3100 | 4044 |
| Postal Savings Bank of China Co., Ltd., Class H  | 5705383 | 3983 |
| Progressive Corp.  | 14883 | 3972 |
| BNP Paribas SA  | 42005 | 3776 |
| Munchener Ruckversicherungs-Gesellschaft AG  | 5305 | 3441 |
| KB Financial Group, Inc.  | 40508 | 3329 |
| AIA Group, Ltd.  | 365869 | 3281 |
| Mizuho Financial Group, Inc.  | 116000 | 3216 |
| FinecoBank SpA  | 139663 | 3099 |
| Axis Bank, Ltd.  | 213293 | 2983 |
| Erste Group Bank AG  | 34767 | 2961 |
| Danske Bank AS  | 71120 | 2900 |
| Morgan Stanley  | 20517 | 2890 |
| Svenska Handelsbanken AB, Class A  | 193544 | 2587 |
| China Merchants Bank Co., Ltd., Class A  | 256800 | 1647 |
| China Merchants Bank Co., Ltd., Class H  | 122403 | 855 |
| Brown & Brown, Inc.  | 22407 | 2484 |
| Brookfield Asset Management, Ltd., Class A (CAD denominated)  | 44450 | 2460 |
| Nu Holdings, Ltd., Class A <sup>(a)</sup>  | 174140 | 2389 |
| DBS Group Holdings, Ltd.  | 67000 | 2367 |
| HDFC Bank, Ltd.  | 66556 | 1553 |
| HDFC Bank, Ltd. (ADR)  | 8629 | 662 |
| CaixaBank SA, non-registered shares  | 249398 | 2160 |
| Bank Central Asia Tbk PT  | 4024400 | 2150 |
| B3 SA - Brasil, Bolsa, Balcao  | 732050 | 1965 |
| American International Group, Inc.  | 22219 | 1902 |
| TPG, Inc., Class A  | 34713 | 1821 |
| KKR & Co., Inc.  | 12817 | 1705 |
| National Bank of Canada  | 14828 | 1530 |
| Skandinaviska Enskilda Banken AB, Class A  | 84086 | 1467 |
| Societe Generale  | 24943 | 1427 |
| Banco Comercial Portugues, SA  | 1692704 | 1317 |
| Sumitomo Mitsui Financial Group, Inc.  | 50300 | 1269 |
| Fiserv, Inc. <sup>(a)</sup>  | 6083 | 1049 |
| Fidelity National Information Services, Inc.  | 11892 | 968 |
| Bank Hapoalim BM  | 46715 | 896 |
| Goldman Sachs Group, Inc.  | 1233 | 873 |
| Abu Dhabi Islamic Bank PJSC  | 141991 | 831 |
| Federal Home Loan Mortgage Corp. <sup>(a)(b)</sup>  | 98292 | 810 |
| Fannie Mae <sup>(a)</sup>  | 77815 | 742 |
| XP, Inc., Class A  | 36512 | 738 |
| Macquarie Group, Ltd.  | 4650 | 700 |
| Sberbank of Russia PJSC <sup>(c)</sup>  | 3196952 | — <br><sup>(d)</sup><br>|
|  |  | 316727 |
| **Industrials 15.14%** |  |  |
| General Electric Co.  | 121801 | 31350 |
| BAE Systems PLC  | 911124 | 23594 |
| Airbus SE, non-registered shares  | 93536 | 19531 |
| RTX Corp.  | 113584 | 16586 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **49** | American Funds Insurance Series |

---

------

Capital World Growth and Income Fund (continued)

---

| | | |
|:---|:---|:---|
| Common stocks (continued) | Shares | Value<br> (000)<br>|
| **Industrials (continued)** |  |  |
| Siemens AG  | 63126 | $16184 |
| TransDigm Group, Inc.  | 10394 | 15806 |
| Leonardo SpA  | 245803 | 13834 |
| Carrier Global Corp.  | 143154 | 10478 |
| Deere & Co.  | 20164 | 10253 |
| Melrose Industries PLC  | 1341959 | 9778 |
| Compagnie de Saint-Gobain SA, non-registered shares  | 80853 | 9490 |
| Ryanair Holdings PLC (ADR)  | 153215 | 8836 |
| Safran SA  | 22275 | 7239 |
| United Rentals, Inc.  | 9359 | 7051 |
| Hitachi, Ltd.  | 237400 | 6932 |
| RELX PLC  | 121544 | 6568 |
| Deutsche Post AG  | 135573 | 6262 |
| Rolls-Royce Holdings PLC  | 447691 | 5946 |
| Mitsui & Co., Ltd.  | 253700 | 5192 |
| L3Harris Technologies, Inc.  | 20021 | 5022 |
| Lockheed Martin Corp.  | 10375 | 4805 |
| Siemens Energy AG <sup>(a)</sup>  | 40154 | 4638 |
| Volvo AB, Class B  | 161206 | 4522 |
| Bureau Veritas SA  | 130575 | 4451 |
| Ingersoll-Rand, Inc.  | 51987 | 4324 |
| Parker-Hannifin Corp.  | 5942 | 4150 |
| Techtronic Industries Co., Ltd.  | 359000 | 3947 |
| Recruit Holdings Co., Ltd.  | 65950 | 3909 |
| MTU Aero Engines AG  | 8343 | 3707 |
| Saab AB, Class B  | 50858 | 2836 |
| ITOCHU Corp.  | 49800 | 2613 |
| International Consolidated Airlines Group SA (CDI)  | 547301 | 2563 |
| XPO, Inc. <sup>(a)</sup>  | 15581 | 1968 |
| Crane Co.  | 10233 | 1943 |
| Comfort Systems USA, Inc.  | 2936 | 1574 |
| CSX Corp.  | 45296 | 1478 |
| AMETEK, Inc.  | 7650 | 1384 |
| Weir Group PLC (The)  | 40053 | 1369 |
| Bunzl PLC  | 42369 | 1349 |
| SS&C Technologies Holdings, Inc.  | 13786 | 1142 |
| FTAI Aviation, Ltd.  | 9560 | 1100 |
| Boeing Co. (The) <sup>(a)</sup>  | 4235 | 887 |
| Grupo Aeroportuario del Pacifico, SAB de CV, Class B  | 37007 | 850 |
| Howmet Aerospace, Inc.  | 4460 | 830 |
| Woodward, Inc.  | 3354 | 822 |
| Diploma PLC  | 11469 | 770 |
| Core & Main, Inc., Class A <sup>(a)</sup>  | 12400 | 748 |
| Ferguson Enterprises, Inc.  | 2880 | 627 |
| Arcadis NV, non-registered shares  | 10404 | 505 |
| FedEx Corp.  | 1469 | 334 |
| Marubeni Corp.  | 13600 | 275 |
| GE Vernova, Inc.  | — <br><sup>(d)</sup><br>| — <br><sup>(d)</sup><br>|
|  |  | 302352 |
| **Consumer discretionary 9.07%** |  |  |
| Amazon.com, Inc. <sup>(a)</sup>  | 140588 | 30844 |
| Starbucks Corp.  | 160763 | 14731 |
| Flutter Entertainment PLC <sup>(a)</sup>  | 44504 | 12717 |
| Royal Caribbean Cruises, Ltd.  | 35581 | 11142 |
| Las Vegas Sands Corp.  | 253300 | 11021 |
| Compagnie Financiere Richemont SA, Class A  | 50832 | 9574 |
| Trip.com Group, Ltd. (ADR)  | 81904 | 4803 |
| Trip.com Group, Ltd.  | 77436 | 4498 |
| Industria de Diseno Textil SA  | 172358 | 8970 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| American Funds Insurance Series | **50** |

---

------

Capital World Growth and Income Fund (continued)

---

| | | |
|:---|:---|:---|
| Common stocks (continued) | Shares | Value<br> (000)<br>|
| **Consumer discretionary (continued)** |  |  |
| Tesla, Inc. <sup>(a)</sup>  | 26703 | $8483 |
| NEXT PLC  | 49226 | 8406 |
| MercadoLibre, Inc. <sup>(a)</sup>  | 2554 | 6675 |
| Home Depot, Inc.  | 15110 | 5540 |
| LVMH Moet Hennessy-Louis Vuitton SE  | 10539 | 5519 |
| Booking Holdings, Inc.  | 891 | 5158 |
| Chipotle Mexican Grill, Inc. <sup>(a)</sup>  | 82008 | 4605 |
| Moncler SpA  | 60825 | 3467 |
| Hermes International  | 1159 | 3139 |
| Marriott International, Inc., Class A  | 8912 | 2435 |
| Shimano, Inc.  | 16700 | 2424 |
| Restaurant Brands International, Inc. (CAD denominated)  | 28394 | 1884 |
| Aristocrat Leisure, Ltd.  | 39374 | 1689 |
| Dollarama, Inc.  | 11674 | 1645 |
| D.R. Horton, Inc.  | 12445 | 1604 |
| InterContinental Hotels Group PLC  | 13475 | 1536 |
| Hyundai Motor Co.  | 9840 | 1484 |
| adidas AG  | 5898 | 1375 |
| Ferrari NV (EUR denominated)  | 2794 | 1369 |
| Midea Group Co., Ltd., Class A  | 123300 | 1242 |
| Suzuki Motor Corp.  | 98300 | 1190 |
| Compass Group PLC  | 24325 | 824 |
| BYD Co., Ltd., Class H  | 42000 | 655 |
| Stellantis NV  | 60662 | 608 |
|  |  | 181256 |
| **Health care 8.41%** |  |  |
| Eli Lilly and Co.  | 40598 | 31647 |
| Abbott Laboratories  | 157539 | 21427 |
| Vertex Pharmaceuticals, Inc. <sup>(a)</sup>  | 46256 | 20593 |
| Stryker Corp.  | 27929 | 11050 |
| Novo Nordisk AS, Class B  | 149699 | 10390 |
| Gilead Sciences, Inc.  | 87671 | 9720 |
| Sanofi  | 80343 | 7780 |
| Medtronic PLC  | 75839 | 6611 |
| UnitedHealth Group, Inc.  | 20150 | 6286 |
| Takeda Pharmaceutical Co., Ltd.  | 189200 | 5814 |
| Molina Healthcare, Inc. <sup>(a)</sup>  | 15146 | 4512 |
| Amgen, Inc.  | 14806 | 4134 |
| Daiichi Sankyo Co., Ltd.  | 152300 | 3559 |
| Novartis AG  | 28740 | 3483 |
| Insulet Corp. <sup>(a)</sup>  | 10680 | 3356 |
| EssilorLuxottica SA  | 11285 | 3096 |
| Thermo Fisher Scientific, Inc.  | 7404 | 3002 |
| GE HealthCare Technologies, Inc.  | 21529 | 1595 |
| Haleon PLC  | 246030 | 1264 |
| Boston Scientific Corp. <sup>(a)</sup>  | 10781 | 1158 |
| Lonza Group AG  | 1598 | 1138 |
| CVS Health Corp.  | 16336 | 1127 |
| AstraZeneca PLC  | 7502 | 1042 |
| Cigna Group (The)  | 3100 | 1025 |
| Chugai Pharmaceutical Co., Ltd.  | 17100 | 894 |
| Rede D'Or Sao Luiz SA  | 122458 | 798 |
| Coloplast AS, Class B  | 6002 | 570 |
| Centene Corp. <sup>(a)</sup>  | 8628 | 468 |
| agilon health, Inc. <sup>(a)</sup>  | 125582 | 289 |
| Alnylam Pharmaceuticals, Inc. <sup>(a)</sup>  | 568 | 185 |
|  |  | 168013 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **51** | American Funds Insurance Series |

---

------

Capital World Growth and Income Fund (continued)

---

| | | |
|:---|:---|:---|
| Common stocks (continued) | Shares | Value<br> (000)<br>|
| **Communication services 8.30%** |  |  |
| Meta Platforms, Inc., Class A  | 55225 | $40761 |
| Alphabet, Inc., Class A  | 91743 | 16168 |
| Alphabet, Inc., Class C  | 61561 | 10920 |
| Netflix, Inc. <sup>(a)</sup>  | 9626 | 12891 |
| Deutsche Telekom AG  | 330282 | 12049 |
| Publicis Groupe SA  | 106720 | 12028 |
| SoftBank Group Corp.  | 116000 | 8470 |
| AT&T, Inc.  | 240744 | 6967 |
| NetEase, Inc.  | 216200 | 5811 |
| NetEase, Inc. (ADR)  | 4665 | 628 |
| Singapore Telecommunications, Ltd.  | 2083063 | 6258 |
| Bharti Airtel, Ltd.  | 230486 | 5401 |
| Bharti Airtel, Ltd., interim shares  | 7924 | 141 |
| Universal Music Group NV  | 170542 | 5521 |
| SoftBank Corp.  | 3155950 | 4887 |
| Tencent Holdings, Ltd.  | 58900 | 3774 |
| Comcast Corp., Class A  | 100858 | 3600 |
| Nintendo Co., Ltd.  | 34000 | 3277 |
| Spotify Technology SA <sup>(a)</sup>  | 3523 | 2703 |
| Omnicom Group, Inc.  | 19663 | 1415 |
| Walt Disney Co. (The)  | 10921 | 1354 |
| Sea, Ltd., Class A (ADR) <sup>(a)</sup>  | 4749 | 760 |
| Advanced Info Service PCL, foreign registered shares  | 7000 | 60 |
|  |  | 165844 |
| **Consumer staples 6.05%** |  |  |
| Philip Morris International, Inc.  | 270760 | 49313 |
| Nestle SA  | 120933 | 12015 |
| Imperial Brands PLC  | 302229 | 11935 |
| British American Tobacco PLC  | 242773 | 11540 |
| Kroger Co.  | 117170 | 8405 |
| JBS NV (BDR) <sup>(a)</sup>  | 238801 | 3438 |
| Ajinomoto Co., Inc.  | 123600 | 3355 |
| Ocado Group PLC <sup>(a)</sup>  | 792264 | 2468 |
| Costco Wholesale Corp.  | 2306 | 2283 |
| Danone SA  | 27147 | 2218 |
| Sysco Corp.  | 24507 | 1856 |
| Kweichow Moutai Co., Ltd., Class A  | 9100 | 1790 |
| Bunge Global SA  | 17875 | 1435 |
| Procter & Gamble Co.  | 7660 | 1220 |
| Uni-Charm Corp.  | 147000 | 1062 |
| Suntory Beverage & Food, Ltd. <sup>(b)</sup>  | 31400 | 1005 |
| US Foods Holding Corp. <sup>(a)</sup>  | 12968 | 999 |
| Arca Continental, SAB de CV  | 87378 | 924 |
| L'Oreal SA, non-registered shares  | 2062 | 882 |
| Loblaw Companies, Ltd.  | 5274 | 872 |
| Coca-Cola Co.  | 11233 | 795 |
| Keurig Dr Pepper, Inc.  | 19565 | 647 |
| Altria Group, Inc.  | 6282 | 368 |
| General Mills, Inc.  | 1805 | 93 |
|  |  | 120918 |
| **Materials 5.30%** |  |  |
| Freeport-McMoRan, Inc.  | 411150 | 17823 |
| Linde PLC  | 27617 | 12957 |
| Heidelberg Materials AG, non-registered shares  | 45768 | 10753 |
| Vale SA, ordinary nominative shares  | 962864 | 9331 |
| Vale SA (ADR), ordinary nominative shares  | 140029 | 1359 |
| Rio Tinto PLC  | 159054 | 9268 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| American Funds Insurance Series | **52** |

---

------

Capital World Growth and Income Fund (continued)

---

| | | |
|:---|:---|:---|
| Common stocks (continued) | Shares | Value<br> (000)<br>|
| **Materials (continued)** |  |  |
| First Quantum Minerals, Ltd. <sup>(a)</sup>  | 366873 | $6517 |
| Air Products and Chemicals, Inc.  | 18638 | 5257 |
| Corteva, Inc.  | 68862 | 5132 |
| Glencore PLC  | 982063 | 3823 |
| Ivanhoe Mines, Ltd., Class A <sup>(a)</sup>  | 450844 | 3387 |
| Air Liquide SA  | 15673 | 3234 |
| Smurfit Westrock PLC  | 63371 | 2735 |
| Dow, Inc.  | 84736 | 2244 |
| Agnico Eagle Mines, Ltd./ Mines Agnico Eagle Limitee  | 17572 | 2094 |
| Grupo Mexico, SAB de CV, Series B  | 249082 | 1509 |
| Southern Copper Corp.  | 14886 | 1506 |
| Shin-Etsu Chemical Co., Ltd.  | 31900 | 1057 |
| Akzo Nobel NV  | 14643 | 1025 |
| Lundin Mining Corp.  | 95894 | 1008 |
| CRH PLC  | 10569 | 970 |
| Franco-Nevada Corp.  | 5675 | 930 |
| Antofagasta PLC  | 35642 | 885 |
| Anglogold Ashanti PLC  | 15965 | 728 |
| Evonik Industries AG  | 20222 | 417 |
| Anglo American PLC  | — <br><sup>(d)</sup><br>| — <br><sup>(d)</sup><br>|
|  |  | 105949 |
| **Energy 3.99%** |  |  |
| Shell PLC (GBP denominated)  | 444092 | 15565 |
| Shell PLC (EUR denominated)  | 14064 | 497 |
| EOG Resources, Inc.  | 125943 | 15064 |
| Cameco Corp. (CAD denominated)  | 127926 | 9500 |
| Cameco Corp.  | 39775 | 2953 |
| Canadian Natural Resources, Ltd. (CAD denominated)  | 333819 | 10492 |
| TC Energy Corp. (CAD denominated) <sup>(b)</sup>  | 153662 | 7502 |
| Tourmaline Oil Corp.  | 64998 | 3136 |
| Baker Hughes Co., Class A  | 76799 | 2944 |
| BP PLC  | 567500 | 2849 |
| Suncor Energy, Inc.  | 68296 | 2558 |
| ConocoPhillips  | 21973 | 1972 |
| Expand Energy Corp.  | 12380 | 1448 |
| Neste OYJ  | 85724 | 1163 |
| Schlumberger NV  | 21356 | 722 |
| TotalEnergies SE  | 11680 | 717 |
| ADNOC Drilling Co. PJSC  | 381223 | 592 |
|  |  | 79674 |
| **Utilities 1.69%** |  |  |
| E.ON SE  | 252314 | 4644 |
| Iberdrola SA, non-registered shares  | 231736 | 4447 |
| Constellation Energy Corp.  | 11628 | 3753 |
| Pinnacle West Capital Corp.  | 36700 | 3284 |
| Engie SA  | 134866 | 3165 |
| NextEra Energy, Inc.  | 38632 | 2682 |
| Dominion Energy, Inc.  | 39815 | 2250 |
| Duke Energy Corp.  | 18764 | 2214 |
| China Resources Gas Group, Ltd.  | 728832 | 1862 |
| National Grid PLC  | 105993 | 1544 |
| DTE Energy Co.  | 10763 | 1426 |
| Public Service Enterprise Group, Inc.  | 11944 | 1005 |
| FirstEnergy Corp.  | 24064 | 969 |
| Southern Co. (The)  | 5700 | 523 |
|  |  | 33768 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **53** | American Funds Insurance Series |

---

------

Capital World Growth and Income Fund (continued)

---

| | | |
|:---|:---|:---|
| Common stocks (continued) | Shares | Value<br> (000)<br>|
| **Real estate 0.77%** |  |  |
| Prologis, Inc. REIT  | 44269 | $4653 |
| China Resources Mixc Lifestyle Services, Ltd.  | 943600 | 4562 |
| VICI Properties, Inc. REIT  | 134656 | 4390 |
| Simon Property Group, Inc. REIT  | 6679 | 1074 |
| Longfor Group Holdings, Ltd. <sup>(b)</sup>  | 668238 | 788 |
|  |  | 15467 |
| **Total common stocks** (cost: $1,143,827,000) |  | 1917016 |
| Preferred securities 0.26% |  |  |
| **Financials 0.26%** |  |  |
| Itau Unibanco Holding SA, preferred nominative shares  | 320549 | 2180 |
| Itau Unibanco Holding SA (ADR), preferred nominative shares  | 219472 | 1490 |
| Fannie Mae, Series S, 8.25% noncumulative preferred shares <sup>(a)(b)</sup>  | 58679 | 880 |
| Fannie Mae, Series T, 8.25% noncumulative preferred shares <sup>(a)</sup>  | 700 | 10 |
| Federal Home Loan Mortgage Corp., Series Z, 8.375% noncumulative preferred shares <sup>(a)(b)</sup>  | 37228 | 531 |
|  |  | 5091 |
| **Total preferred securities** (cost: $4,428,000) |  | 5091 |
| Bonds, notes & other debt instruments 0.07% | Principal amount<br> (000)<br>|  |
| **Corporate bonds, notes & loans 0.04%** | **Corporate bonds, notes & loans 0.04%** | **Corporate bonds, notes & loans 0.04%** |
| **Financials 0.02%** |  |  |
| Lloyds Banking Group PLC 3.369% 12/14/2046 (5-year UST Yield Curve Rate T Note Constant Maturity + <br> 1.50% on 12/14/2041) <sup>(e)</sup>  | USD709 | 505 |
| **Health care 0.02%** |  |  |
| Teva Pharmaceutical Finance Netherlands III BV 3.15% 10/1/2026  | 432 | 424 |
| **Total corporate bonds, notes & loans** |  | 929 |
| **Bonds & notes of governments & government agencies outside the U.S. 0.03%** | **Bonds & notes of governments & government agencies outside the U.S. 0.03%** | **Bonds & notes of governments & government agencies outside the U.S. 0.03%** |
| Brazil (Federative Republic of) 10.00% 1/1/2027  | BRL3,300 | 577 |
| **Total bonds, notes & other debt instruments** (cost: $1,581,000) |  | 1506 |
| Short-term securities 4.22% | Shares |  |
| **Money market investments 3.82%** | **Money market investments 3.82%** | **Money market investments 3.82%** |
| Capital Group Central Cash Fund 4.35% <sup>(f)(g)</sup>  | 762860 | 76286 |
| **Money market investments purchased with collateral from securities on loan 0.40%** | **Money market investments purchased with collateral from securities on loan 0.40%** | **Money market investments purchased with collateral from securities on loan 0.40%** |
| Invesco Short-Term Investments Trust – Government & Agency Portfolio, Institutional Class 4.26% <sup>(f)(h)</sup>  | 8089301 | 8089 |
| **Total short-term securities** (cost: $84,370,000) | **Total short-term securities** (cost: $84,370,000) | 84375 |
| **Total investment securities 100.51%** (cost: $1,234,206,000) | **Total investment securities 100.51%** (cost: $1,234,206,000) | 2007988 |
| Other assets less liabilities (0.51)% |  | (10284)<br>|
| **Net assets 100.00%** |  | $1997704 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| American Funds Insurance Series | **54** |

---

------

Capital World Growth and Income Fund (continued)

**Investments in affiliates** <sup>(g)</sup>

------

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | Value at <br> 1/1/2025 <br> (000)<br>| Additions <br> (000)<br>| Reductions <br> (000)<br>| Net <br> realized <br> gain (loss) <br> (000)<br>| Net <br> unrealized <br> appreciation <br> (depreciation) <br> (000)<br>| Value at <br> 6/30/2025 <br> (000)<br>| Dividend <br> or interest <br> income <br> (000)<br>|
| **Short-term securities 3.82%** |  |  |  |  |  |  |  |
| **Money market investments 3.82%** |  |  |  |  |  |  |  |
| Capital Group Central Cash Fund 4.35% <sup>(f)</sup>  | $46673 | &nbsp;&nbsp; $205977 | &nbsp;&nbsp; $176354 | &nbsp;&nbsp; $(8)<br>| &nbsp;&nbsp; $(2)<br>| &nbsp;&nbsp; $76286 | &nbsp;&nbsp; $1606 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(a)</sup> Security did not produce income during the last 12 months.

<sup>(b)</sup> All or a portion of this security was on loan. The total value of all such securities was $8,902,000, which represented 0.45% of the net assets of the fund. Refer to Note 5 for more information on securities lending. 

<sup>(c)</sup> Value determined using significant unobservable inputs.

<sup>(d)</sup> Amount less than one thousand.

<sup>(e)</sup> Step bond; coupon rate may change at a later date.

<sup>(f)</sup> Rate represents the seven-day yield at 6/30/2025.

<sup>(g)</sup> Part of the same "group of investment companies" as the fund as defined under the Investment Company Act of 1940, as amended.

<sup>(h)</sup> Security purchased with cash collateral from securities on loan. Refer to Note 5 for more information on securities lending.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| |
|:---|
| **Key to abbreviation(s)** |
| ADR = American Depositary Receipts |
| BDR = Brazilian Depositary Receipts |
| BRL = Brazilian reais |
| CAD = Canadian dollars |
| CDI = CREST Depository Interest  |
| EUR = Euros |
| GBP = British pounds |
| HKD = Hong Kong dollars |
| REIT = Real Estate Investment Trust |
| USD = U.S. dollars |
| UST = U.S. Treasury |

---

Refer to the notes to financial statements.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **55** | American Funds Insurance Series |

---

------

Growth-Income Fund

**Investment portfolio** June 30, 2025unaudited

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| Common stocks 97.21% | Shares | Value<br> (000)<br>|
| **Information technology 27.82%** |  |  |
| Microsoft Corp.  | 6355199 | $3161140 |
| NVIDIA Corp.  | 15063719 | 2379917 |
| Broadcom, Inc.  | 7692044 | 2120312 |
| Apple, Inc.  | 5646237 | 1158438 |
| Accenture PLC, Class A  | 1488978 | 445041 |
| Oracle Corp.  | 1909313 | 417433 |
| Amphenol Corp., Class A  | 3069782 | 303141 |
| Arista Networks, Inc. <sup>(a)</sup>  | 2911504 | 297876 |
| Cognizant Technology Solutions Corp., Class A  | 3381043 | 263823 |
| Seagate Technology Holdings PLC  | 1823912 | 263245 |
| Texas Instruments, Inc.  | 993770 | 206327 |
| Salesforce, Inc.  | 684185 | 186570 |
| Applied Materials, Inc.  | 933753 | 170942 |
| Taiwan Semiconductor Manufacturing Co., Ltd.  | 4102000 | 148847 |
| Microchip Technology, Inc.  | 1828376 | 128663 |
| Adobe, Inc. <sup>(a)</sup>  | 163526 | 63265 |
| Palo Alto Networks, Inc. <sup>(a)</sup>  | 220554 | 45134 |
| Micron Technology, Inc.  | 268034 | 33035 |
| ASML Holding NV  | 28845 | 23023 |
| QUALCOMM, Inc.  | 141313 | 22506 |
|  |  | 11838678 |
| **Industrials 15.48%** |  |  |
| RTX Corp.  | 7207131 | 1052385 |
| Automatic Data Processing, Inc.  | 1993331 | 614743 |
| Boeing Co. (The) <sup>(a)</sup>  | 2376190 | 497883 |
| Carrier Global Corp.  | 6092070 | 445878 |
| General Dynamics Corp.  | 1519363 | 443137 |
| GFL Environmental, Inc., subordinate voting shares  | 8442865 | 426027 |
| Woodward, Inc.  | 1642573 | 402578 |
| Airbus SE, non-registered shares  | 1921964 | 401313 |
| General Electric Co.  | 1504665 | 387286 |
| United Rentals, Inc.  | 293723 | 221291 |
| Paychex, Inc.  | 1519430 | 221016 |
| XPO, Inc. <sup>(a)</sup>  | 1749629 | 220961 |
| Honeywell International, Inc.  | 828971 | 193051 |
| Ingersoll-Rand, Inc.  | 2182540 | 181544 |
| Caterpillar, Inc.  | 418832 | 162595 |
| APi Group Corp. <sup>(a)</sup>  | 2760328 | 140915 |
| Uber Technologies, Inc. <sup>(a)</sup>  | 1288242 | 120193 |
| CSX Corp.  | 3114334 | 101621 |
| TransDigm Group, Inc.  | 65897 | 100206 |
| L3Harris Technologies, Inc.  | 381989 | 95818 |
| Union Pacific Corp.  | 360831 | 83020 |
| StandardAero, Inc. <sup>(a)</sup>  | 1589110 | 50295 |
| Waste Management, Inc.  | 113395 | 25947 |
|  |  | 6589703 |
| **Financials 12.23%** |  |  |
| JPMorgan Chase & Co.  | 2970358 | 861136 |
| Mastercard, Inc., Class A  | 1095825 | 615788 |
| Fidelity National Information Services, Inc.  | 6648960 | 541292 |
| BlackRock, Inc.  | 504695 | 529551 |
| Wells Fargo & Co.  | 3777575 | 302659 |
| Marsh & McLennan Cos., Inc.  | 1141737 | 249629 |
| Capital One Financial Corp.  | 1018858 | 216772 |
| Chubb, Ltd.  | 559859 | 162202 |
| Visa, Inc., Class A  | 445602 | 158211 |
| B3 SA - Brasil, Bolsa, Balcao  | 56528755 | 151698 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| American Funds Insurance Series | **56** |

---

------

Growth-Income Fund (continued)

---

| | | |
|:---|:---|:---|
| Common stocks (continued) | Shares | Value<br> (000)<br>|
| **Financials (continued)** |  |  |
| Morgan Stanley  | 957257 | $134839 |
| Berkshire Hathaway, Inc., Class B <sup>(a)</sup>  | 269334 | 130834 |
| Pinnacle Financial Partners, Inc.  | 1131294 | 124906 |
| Arthur J. Gallagher & Co.  | 386229 | 123640 |
| Goldman Sachs Group, Inc.  | 174257 | 123330 |
| Progressive Corp.  | 441636 | 117855 |
| PNC Financial Services Group, Inc.  | 520903 | 97107 |
| PayPal Holdings, Inc. <sup>(a)</sup>  | 1170785 | 87013 |
| S&P Global, Inc.  | 165000 | 87003 |
| CME Group, Inc., Class A  | 292470 | 80611 |
| State Street Corp.  | 681940 | 72518 |
| American Express Co.  | 214890 | 68546 |
| American International Group, Inc.  | 704000 | 60255 |
| First Citizens BancShares, Inc., Class A  | 27589 | 53977 |
| Apollo Asset Management, Inc.  | 373721 | 53020 |
|  |  | 5204392 |
| **Consumer discretionary 10.82%** |  |  |
| Amazon.com, Inc. <sup>(a)</sup>  | 7885129 | 1729918 |
| Starbucks Corp.  | 5895185 | 540176 |
| Royal Caribbean Cruises, Ltd.  | 1347194 | 421860 |
| Wyndham Hotels & Resorts, Inc. <sup>(b)</sup>  | 4703154 | 381943 |
| Home Depot, Inc.  | 851415 | 312163 |
| Tesla, Inc. <sup>(a)</sup>  | 809068 | 257009 |
| Las Vegas Sands Corp.  | 5713687 | 248603 |
| Sony Group Corp.  | 5225500 | 135350 |
| Viking Holdings, Ltd. <sup>(a)</sup>  | 2360527 | 125793 |
| Chipotle Mexican Grill, Inc. <sup>(a)</sup>  | 2131290 | 119672 |
| Hasbro, Inc.  | 1121640 | 82799 |
| TJX Companies, Inc. (The)  | 495864 | 61234 |
| DoorDash, Inc., Class A <sup>(a)</sup>  | 176256 | 43449 |
| Carvana Co., Class A <sup>(a)</sup>  | 122390 | 41241 |
| YUM! Brands, Inc.  | 272921 | 40441 |
| Hilton Worldwide Holdings, Inc.  | 151393 | 40322 |
| LVMH Moet Hennessy-Louis Vuitton SE  | 44522 | 23317 |
|  |  | 4605290 |
| **Health care 9.29%** |  |  |
| Eli Lilly and Co.  | 1455976 | 1134977 |
| Vertex Pharmaceuticals, Inc. <sup>(a)</sup>  | 1278119 | 569019 |
| AbbVie, Inc.  | 1919793 | 356352 |
| Abbott Laboratories  | 2330871 | 317022 |
| Thermo Fisher Scientific, Inc.  | 529687 | 214767 |
| Revvity, Inc.  | 1740393 | 168331 |
| IQVIA Holdings, Inc. <sup>(a)</sup>  | 861315 | 135735 |
| Johnson & Johnson  | 807444 | 123337 |
| Sanofi  | 1245837 | 120646 |
| Cencora, Inc.  | 401982 | 120534 |
| Insulet Corp. <sup>(a)</sup>  | 303962 | 95499 |
| Gilead Sciences, Inc.  | 715085 | 79281 |
| UnitedHealth Group, Inc.  | 238376 | 74366 |
| Intuitive Surgical, Inc. <sup>(a)</sup>  | 129867 | 70571 |
| Cigna Group (The)  | 169900 | 56165 |
| Stryker Corp.  | 138782 | 54906 |
| Danaher Corp.  | 250263 | 49437 |
| GE HealthCare Technologies, Inc.  | 626693 | 46419 |
| Amgen, Inc.  | 151000 | 42161 |
| CVS Health Corp.  | 535085 | 36910 |
| DexCom, Inc. <sup>(a)</sup>  | 390182 | 34059 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **57** | American Funds Insurance Series |

---

------

Growth-Income Fund (continued)

---

| | | |
|:---|:---|:---|
| Common stocks (continued) | Shares | Value<br> (000)<br>|
| **Health care (continued)** |  |  |
| Masimo Corp. <sup>(a)</sup>  | 119168 | $20046 |
| Medtronic PLC  | 210000 | 18306 |
| Alnylam Pharmaceuticals, Inc. <sup>(a)</sup>  | 44175 | 14405 |
|  |  | 3953251 |
| **Communication services 8.98%** |  |  |
| Meta Platforms, Inc., Class A  | 2978719 | 2198563 |
| Alphabet, Inc., Class A  | 4123004 | 726597 |
| Alphabet, Inc., Class C  | 2168410 | 384654 |
| Netflix, Inc. <sup>(a)</sup>  | 262557 | 351598 |
| Universal Music Group NV  | 3239458 | 104862 |
| SoftBank Group Corp.  | 484100 | 35348 |
| Comcast Corp., Class A  | 624053 | 22272 |
|  |  | 3823894 |
| **Consumer staples 3.14%** |  |  |
| British American Tobacco PLC  | 11381282 | 541008 |
| Procter & Gamble Co.  | 1370988 | 218426 |
| Philip Morris International, Inc.  | 1042193 | 189815 |
| Coca-Cola Co.  | 2053492 | 145284 |
| Imperial Brands PLC  | 3663668 | 144682 |
| Mondelez International, Inc., Class A  | 851894 | 57452 |
| Keurig Dr Pepper, Inc.  | 1164623 | 38502 |
|  |  | 1335169 |
| **Energy 2.99%** |  |  |
| Baker Hughes Co., Class A  | 8415638 | 322656 |
| Canadian Natural Resources, Ltd. (CAD denominated)  | 9452456 | 297092 |
| Exxon Mobil Corp.  | 2651600 | 285843 |
| Expand Energy Corp.  | 715878 | 83715 |
| TC Energy Corp.  | 1629755 | 79516 |
| EOG Resources, Inc.  | 575078 | 68785 |
| Chevron Corp.  | 444985 | 63717 |
| ConocoPhillips  | 434738 | 39013 |
| Halliburton Co.  | 1672003 | 34075 |
|  |  | 1274412 |
| **Materials 2.72%** |  |  |
| Air Products and Chemicals, Inc.  | 1428502 | 402923 |
| International Paper Co.  | 5806574 | 271922 |
| Linde PLC  | 565683 | 265407 |
| Eastman Chemical Co.  | 1388765 | 103685 |
| LyondellBasell Industries NV  | 769974 | 44551 |
| Freeport-McMoRan, Inc.  | 1005668 | 43596 |
| Albemarle Corp.  | 431100 | 27017 |
|  |  | 1159101 |
| **Utilities 1.97%** |  |  |
| PG&E Corp.  | 18016861 | 251155 |
| Dominion Energy, Inc.  | 4402764 | 248844 |
| CenterPoint Energy, Inc.  | 3037684 | 111605 |
| Entergy Corp.  | 1337004 | 111132 |
| Sempra  | 800000 | 60616 |
| NextEra Energy, Inc.  | 793264 | 55068 |
|  |  | 838420 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| American Funds Insurance Series | **58** |

---

------

Growth-Income Fund (continued)

---

| | | |
|:---|:---|:---|
| Common stocks (continued) | Shares | Value<br> (000)<br>|
| **Real estate 1.77%** |  |  |
| VICI Properties, Inc. REIT  | 10163137 | $331319 |
| Equinix, Inc. REIT  | 235188 | 187085 |
| American Tower Corp. REIT  | 428106 | 94620 |
| Prologis, Inc. REIT  | 866060 | 91040 |
| Welltower, Inc. REIT  | 306310 | 47089 |
|  |  | 751153 |
| **Total common stocks** (cost: $22,661,815,000) |  | 41373463 |
| Bonds, notes & other debt instruments 0.00% | Principal amount<br> (000)<br>|  |
| **Corporate bonds, notes & loans 0.00%** | **Corporate bonds, notes & loans 0.00%** | **Corporate bonds, notes & loans 0.00%** |
| **Consumer discretionary 0.00%** |  |  |
| General Motors Financial Co., Inc. 4.30% 7/13/2025  | USD160 | 160 |
| General Motors Financial Co., Inc. 5.25% 3/1/2026  | 827 | 828 |
| **Total corporate bonds, notes & loans** |  | 988 |
| **Total bonds, notes & other debt instruments** (cost: $969,000) |  | 988 |
| Short-term securities 2.96% | Shares |  |
| **Money market investments 2.96%** | **Money market investments 2.96%** | **Money market investments 2.96%** |
| Capital Group Central Cash Fund 4.35% <sup>(b)(c)</sup>  | 12613746 | 1261375 |
| **Total short-term securities** (cost: $1,261,311,000) |  | 1261375 |
| **Total investment securities 100.17%** (cost: $23,924,095,000) |  | 42635826 |
| Other assets less liabilities (0.17)% |  | (73509)<br>|
| **Net assets 100.00%** |  | $42562317 |

---

**Investments in affiliates** <sup>(b)</sup>

------

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | Value at <br> 1/1/2025 <br> (000)<br>| Additions <br> (000)<br>| Reductions <br> (000)<br>| Net <br> realized <br> gain (loss) <br> (000)<br>| Net <br> unrealized <br> appreciation <br> (depreciation) <br> (000)<br>| Value at <br> 6/30/2025 <br> (000)<br>| Dividend <br> or interest <br> income <br> (000)<br>|
| **Common stocks 0.90%** |  |  |  |  |  |  |  |
| **Consumer discretionary 0.90%** |  |  |  |  |  |  |  |
| Wyndham Hotels & Resorts, Inc.  | $509003 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $32068 | &nbsp;&nbsp; $6460 | &nbsp;&nbsp; $(101452)<br>| &nbsp;&nbsp; $381943 | &nbsp;&nbsp; $3857 |
| **Short-term securities 2.96%** |  |  |  |  |  |  |  |
| **Money market investments 2.96%** |  |  |  |  |  |  |  |
| Capital Group Central Cash Fund 4.35% <sup>(c)</sup>  | 1471964 | &nbsp;&nbsp; 3884821 | &nbsp;&nbsp; 4095042 | &nbsp;&nbsp; (247)<br>| &nbsp;&nbsp; (121)<br>| &nbsp;&nbsp; 1261375 | &nbsp;&nbsp; 33418 |
| **Total 3.86%** |  |  |  | &nbsp;&nbsp; $6213 | &nbsp;&nbsp; $(101573)<br>| &nbsp;&nbsp; $1643318 | &nbsp;&nbsp; $37275 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(a)</sup> Security did not produce income during the last 12 months.

<sup>(b)</sup> Affiliate of the fund or part of the same "group of investment companies" as the fund, as defined under the Investment Company Act of 1940, as amended.

<sup>(c)</sup> Rate represents the seven-day yield at 6/30/2025.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| |
|:---|
| **Key to abbreviation(s)** |
| CAD = Canadian dollars |
| REIT = Real Estate Investment Trust |
| USD = U.S. dollars |

---

Refer to the notes to financial statements.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **59** | American Funds Insurance Series |

---

------

International Growth and Income Fund

**Investment portfolio** June 30, 2025unaudited

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| Common stocks 95.81% | Shares | Value<br> (000)<br>|
| **Financials 24.20%** |  |  |
| UniCredit SpA  | 82015 | $5498 |
| AXA SA  | 98049 | 4813 |
| Societe Generale  | 83606 | 4781 |
| Skandinaviska Enskilda Banken AB, Class A  | 213375 | 3724 |
| DBS Group Holdings, Ltd.  | 92484 | 3267 |
| Banco Bilbao Vizcaya Argentaria SA  | 207319 | 3188 |
| Zurich Insurance Group AG  | 4329 | 3026 |
| CaixaBank SA, non-registered shares  | 346304 | 3000 |
| HSBC Holdings PLC (GBP denominated)  | 187318 | 2267 |
| HSBC Holdings PLC (HKD denominated)  | 57200 | 692 |
| KB Financial Group, Inc.  | 33773 | 2775 |
| Hana Financial Group, Inc.  | 38096 | 2436 |
| AIA Group, Ltd.  | 269000 | 2412 |
| Banco Santander SA  | 278262 | 2303 |
| Euronext NV  | 13050 | 2231 |
| Prudential PLC  | 176972 | 2217 |
| PICC Property and Casualty Co., Ltd., Class H  | 1140000 | 2207 |
| NatWest Group PLC  | 307586 | 2159 |
| Deutsche Bank AG  | 72520 | 2150 |
| Resona Holdings, Inc.  | 231000 | 2137 |
| HDFC Bank, Ltd.  | 84415 | 1970 |
| Bank Hapoalim BM  | 100063 | 1920 |
| Aviva PLC  | 214434 | 1823 |
| London Stock Exchange Group PLC  | 11847 | 1729 |
| Kotak Mahindra Bank, Ltd.  | 67163 | 1694 |
| Bank Leumi le-Israel BM  | 85824 | 1596 |
| Munchener Ruckversicherungs-Gesellschaft AG  | 2352 | 1525 |
| Allianz SE  | 3670 | 1488 |
| Ping An Insurance (Group) Company of China, Ltd., Class H  | 198500 | 1261 |
| Abu Dhabi Islamic Bank PJSC  | 213614 | 1251 |
| 3i Group PLC  | 22022 | 1245 |
| Tokio Marine Holdings, Inc.  | 27700 | 1175 |
| Edenred SA  | 36354 | 1126 |
| Aon PLC, Class A  | 2980 | 1063 |
| CVC Capital Partners PLC  | 50136 | 1026 |
| XP, Inc., Class A  | 45340 | 916 |
| ICICI Bank, Ltd. (ADR)  | 26538 | 893 |
| Mediobanca SpA <sup>(a)</sup>  | 37649 | 875 |
| Adyen NV <sup>(b)</sup>  | 463 | 850 |
| Etoro Group, Ltd., Class A <sup>(b)</sup>  | 12624 | 841 |
| Hiscox, Ltd.  | 48322 | 832 |
| Hong Kong Exchanges and Clearing, Ltd.  | 15500 | 827 |
| Tryg A/S  | 31592 | 816 |
| Macquarie Group, Ltd.  | 5051 | 760 |
| Pluxee NV  | 34882 | 760 |
| Canadian Imperial Bank of Commerce  | 9407 | 668 |
| Partners Group Holding AG  | 510 | 665 |
| Mizuho Financial Group, Inc.  | 23700 | 657 |
| Plus500, Ltd.  | 13607 | 634 |
| Brookfield Corp., Class A (CAD denominated)  | 8991 | 556 |
| Grupo Financiero Banorte, SAB de CV, Series O  | 56281 | 514 |
| People's Insurance Company (Group) of China, Ltd. (The), Class H  | 640000 | 487 |
| Banco BTG Pactual SA, units  | 61713 | 480 |
| Canara Bank  | 300837 | 401 |
| Sampo OYJ, Class A  | 36843 | 396 |
| Intesa Sanpaolo SpA  | 64163 | 370 |
| Grupo Financiero Inbursa, SAB de CV  | 139929 | 361 |
| MS&AD Insurance Group Holdings, Inc.  | 16000 | 359 |
| Saudi National Bank (The)  | 36707 | 354 |
| Bank Central Asia Tbk PT  | 641400 | 343 |
| Banca Generali SpA  | 6155 | 342 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| American Funds Insurance Series | **60** |

---

------

International Growth and Income Fund (continued)

---

| | | |
|:---|:---|:---|
| Common stocks (continued) | Shares | Value<br> (000)<br>|
| **Financials (continued)** |  |  |
| Japan Post Bank Co., Ltd.  | 28500 | $308 |
| ING Groep NV  | 10568 | 232 |
| Hang Seng Bank, Ltd.  | 12900 | 193 |
| Sberbank of Russia PJSC <sup>(c)</sup>  | 476388 | — <br><sup>(d)</sup><br>|
|  |  | 95865 |
| **Industrials 16.00%** |  |  |
| BAE Systems PLC  | 371144 | 9611 |
| Airbus SE, non-registered shares  | 27613 | 5766 |
| Ryanair Holdings PLC (ADR)  | 76887 | 4434 |
| Siemens AG  | 11090 | 2843 |
| Rheinmetall AG, non-registered shares  | 1264 | 2676 |
| Hitachi, Ltd.  | 88400 | 2581 |
| ABB, Ltd.  | 42447 | 2531 |
| Safran SA  | 7110 | 2311 |
| Deutsche Post AG  | 45152 | 2085 |
| RELX PLC  | 38138 | 2061 |
| ITOCHU Corp.  | 34700 | 1821 |
| DSV A/S  | 7290 | 1752 |
| Epiroc AB, Class B  | 42138 | 806 |
| Epiroc AB, Class A  | 33488 | 727 |
| Motiva Infraestrutura de Mobilidade SA  | 599534 | 1522 |
| Canadian National Railway Co. (CAD denominated)  | 13158 | 1371 |
| Diploma PLC  | 19393 | 1301 |
| Alliance Global Group, Inc.  | 7546600 | 1208 |
| Copa Holdings SA, Class A  | 10519 | 1157 |
| Compagnie de Saint-Gobain SA, non-registered shares  | 9633 | 1131 |
| SMC Corp.  | 3000 | 1084 |
| Volvo AB, Class B  | 38529 | 1081 |
| Deutsche Lufthansa AG  | 123520 | 1045 |
| Singapore Technologies Engineering, Ltd.  | 166300 | 1019 |
| ASSA ABLOY AB, Class B  | 31106 | 971 |
| SPIE SA  | 15845 | 890 |
| SGH, Ltd.  | 22731 | 809 |
| Grupo Aeroportuario del Pacifico, SAB de CV, Class B  | 34778 | 798 |
| Komatsu, Ltd.  | 20200 | 664 |
| Brambles, Ltd.  | 34999 | 539 |
| Kingspan Group PLC  | 6112 | 520 |
| Metso Corp.  | 39888 | 516 |
| Daikin Industries, Ltd.  | 4000 | 473 |
| Caterpillar, Inc.  | 1195 | 464 |
| Bombardier, Inc., Class B <sup>(b)</sup>  | 4952 | 431 |
| Jiangsu Hengli Hydraulic Co., Ltd., Class A  | 40100 | 403 |
| Mitsui & Co., Ltd.  | 15800 | 323 |
| Rolls-Royce Holdings PLC  | 23754 | 316 |
| International Consolidated Airlines Group SA (CDI)  | 66727 | 313 |
| Ashtead Group PLC  | 4715 | 302 |
| Salik Co. PJSC  | 174803 | 288 |
| International Container Terminal Services, Inc.  | 32510 | 237 |
| Wizz Air Holdings PLC <sup>(b)</sup>  | 12727 | 190 |
|  |  | 63371 |
| **Information technology 11.17%** |  |  |
| Taiwan Semiconductor Manufacturing Co., Ltd.  | 403000 | 14623 |
| ASML Holding NV  | 7732 | 6171 |
| MediaTek, Inc.  | 90000 | 3851 |
| Samsung Electronics Co., Ltd.  | 71381 | 3163 |
| Broadcom, Inc.  | 8075 | 2226 |
| SAP SE  | 7175 | 2182 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **61** | American Funds Insurance Series |

---

------

International Growth and Income Fund (continued)

---

| | | |
|:---|:---|:---|
| Common stocks (continued) | Shares | Value<br> (000)<br>|
| **Information technology (continued)** |  |  |
| NEC Corp.  | 55900 | $1638 |
| Sage Group PLC (The)  | 68516 | 1176 |
| Capgemini SE  | 6781 | 1159 |
| ASMPT, Ltd.  | 137500 | 1008 |
| SK hynix, Inc.  | 4609 | 997 |
| Halma PLC  | 20776 | 913 |
| ASM International NV  | 1296 | 830 |
| Fujitsu, Ltd.  | 31500 | 769 |
| Tokyo Electron, Ltd.  | 3900 | 750 |
| E Ink Holdings, Inc.  | 95000 | 719 |
| Bechtle AG, non-registered shares  | 12590 | 590 |
| Lumine Group, Inc., subordinate voting shares <sup>(b)</sup>  | 10419 | 366 |
| Tata Consultancy Services, Ltd.  | 8945 | 361 |
| Keyence Corp.  | 800 | 321 |
| eMemory Technology, Inc.  | 3000 | 242 |
| Newgen Software Technologies, Ltd.  | 13433 | 183 |
|  |  | 44238 |
| **Consumer staples 8.81%** |  |  |
| British American Tobacco PLC  | 131714 | 6261 |
| Philip Morris International, Inc.  | 27581 | 5023 |
| Nestle SA  | 44604 | 4431 |
| Imperial Brands PLC  | 91475 | 3613 |
| Carlsberg A/S, Class B  | 14001 | 1984 |
| KT&G Corp.  | 18007 | 1704 |
| Pernod Ricard SA  | 16278 | 1622 |
| Arca Continental, SAB de CV  | 127111 | 1344 |
| L'Oreal SA, non-registered shares  | 3110 | 1330 |
| Carrefour SA, non-registered shares  | 91237 | 1286 |
| Danone SA  | 13637 | 1114 |
| Anheuser-Busch InBev SA/NV  | 15787 | 1083 |
| Yamazaki Baking Co., Ltd.  | 39500 | 886 |
| Tsingtao Brewery Co., Ltd., Class H  | 129738 | 847 |
| Kweichow Moutai Co., Ltd., Class A  | 3290 | 647 |
| Ocado Group PLC <sup>(b)</sup>  | 175541 | 547 |
| Unilever PLC  | 8946 | 543 |
| United Spirits, Ltd.  | 19088 | 318 |
| Seven & i Holdings Co., Ltd.  | 18100 | 292 |
|  |  | 34875 |
| **Consumer discretionary 8.23%** |  |  |
| Industria de Diseno Textil SA  | 85241 | 4436 |
| Renault SA  | 67213 | 3098 |
| Trip.com Group, Ltd. (ADR)  | 37365 | 2191 |
| Trip.com Group, Ltd.  | 10050 | 584 |
| Prosus NV, Class N  | 48589 | 2717 |
| MGM China Holdings, Ltd.  | 1190000 | 1952 |
| Amadeus IT Group SA, Class A, non-registered shares  | 17324 | 1459 |
| LVMH Moet Hennessy-Louis Vuitton SE  | 2363 | 1238 |
| Aristocrat Leisure, Ltd.  | 28439 | 1220 |
| Evolution AB  | 13052 | 1037 |
| Entain PLC  | 83159 | 1028 |
| Midea Group Co., Ltd., Class A  | 95500 | 962 |
| ANTA Sports Products, Ltd.  | 72700 | 875 |
| Compagnie Financiere Richemont SA, Class A  | 4098 | 772 |
| InterContinental Hotels Group PLC  | 6711 | 765 |
| Hyundai Motor Co.  | 5056 | 762 |
| Suzuki Motor Corp.  | 51100 | 618 |
| Games Workshop Group PLC  | 2664 | 593 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| American Funds Insurance Series | **62** |

---

------

International Growth and Income Fund (continued)

---

| | | |
|:---|:---|:---|
| Common stocks (continued) | Shares | Value<br> (000)<br>|
| **Consumer discretionary (continued)** |  |  |
| Restaurant Brands International, Inc. (CAD denominated)  | 8197 | $544 |
| D'Ieteren Group  | 2461 | 529 |
| B&M European Value Retail SA  | 138745 | 517 |
| Meituan, Class B <sup>(b)</sup>  | 32000 | 511 |
| Dixon Technologies (India), Ltd.  | 2917 | 510 |
| Accor SA  | 9691 | 506 |
| Nitori Holdings Co., Ltd.  | 4900 | 474 |
| H World Group, Ltd. (ADR)  | 12538 | 425 |
| JD.com, Inc., Class A (ADR)  | 12568 | 410 |
| Paltac Corp.  | 14300 | 401 |
| Galaxy Entertainment Group, Ltd.  | 89361 | 397 |
| Amber Enterprises India, Ltd. <sup>(b)</sup>  | 4368 | 345 |
| BYD Co., Ltd., Class A  | 6400 | 296 |
| Maruti Suzuki India, Ltd.  | 1989 | 288 |
| Jumbo SA  | 3722 | 128 |
|  |  | 32588 |
| **Communication services 7.32%** |  |  |
| Koninklijke KPN NV  | 950618 | 4631 |
| Singapore Telecommunications, Ltd.  | 972800 | 2923 |
| Publicis Groupe SA  | 24160 | 2723 |
| Tencent Holdings, Ltd.  | 32500 | 2082 |
| Deutsche Telekom AG  | 49481 | 1805 |
| Nintendo Co., Ltd.  | 17500 | 1687 |
| Bharti Airtel, Ltd.  | 62029 | 1453 |
| MTN Group, Ltd.  | 181961 | 1448 |
| BT Group PLC  | 487864 | 1297 |
| Orange  | 82607 | 1257 |
| Kanzhun, Ltd., Class A (ADR) <sup>(b)</sup>  | 61210 | 1092 |
| Swisscom AG <sup>(b)</sup>  | 1375 | 975 |
| NetEase, Inc.  | 34200 | 919 |
| Nippon Television Holdings, Inc.  | 38500 | 895 |
| HYBE Co., Ltd.  | 3666 | 839 |
| Indus Towers, Ltd. <sup>(b)</sup>  | 153766 | 755 |
| America Movil, SAB de CV, Class B (ADR)  | 37216 | 668 |
| Universal Music Group NV  | 20503 | 664 |
| KT Corp. (ADR)  | 22308 | 464 |
| Vend Marketplaces ASA, Class A  | 11389 | 401 |
|  |  | 28978 |
| **Health care 6.52%** |  |  |
| Sanofi  | 67985 | 6584 |
| AstraZeneca PLC  | 38492 | 5347 |
| EssilorLuxottica SA  | 11732 | 3219 |
| Novo Nordisk AS, Class B  | 44521 | 3090 |
| Chugai Pharmaceutical Co., Ltd.  | 24300 | 1270 |
| bioMerieux SA  | 8453 | 1169 |
| Haleon PLC  | 180035 | 925 |
| Grifols SA, Class B (ADR) <sup>(b)</sup>  | 96958 | 876 |
| Roche Holding AG, nonvoting non-registered shares  | 2659 | 866 |
| Bayer AG  | 25374 | 763 |
| Genus PLC  | 15716 | 441 |
| Max Healthcare Institute, Ltd.  | 27843 | 414 |
| Fresenius SE & Co. KGaA  | 7058 | 355 |
| Jiangsu Hengrui Pharmaceutical Co., Ltd., Class H <sup>(b)</sup>  | 40000 | 274 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **63** | American Funds Insurance Series |

---

------

International Growth and Income Fund (continued)

---

| | | |
|:---|:---|:---|
| Common stocks (continued) | Shares | Value<br> (000)<br>|
| **Health care (continued)** |  |  |
| HOYA Corp.  | 1100 | $131 |
| Akums Drugs and Pharmaceuticals, Ltd. <sup>(b)</sup>  | 16884 | 115 |
| Euroapi SA <sup>(a)(b)</sup>  | 1412 | 5 |
|  |  | 25844 |
| **Materials 5.20%** |  |  |
| Barrick Mining Corp.  | 145374 | 3027 |
| Linde PLC  | 4443 | 2084 |
| Glencore PLC  | 443045 | 1725 |
| BASF SE  | 34443 | 1698 |
| Agnico Eagle Mines, Ltd./ Mines Agnico Eagle Limitee  | 11435 | 1362 |
| Shin-Etsu Chemical Co., Ltd.  | 35500 | 1176 |
| Vale SA (ADR), ordinary nominative shares  | 84314 | 819 |
| Vale SA, ordinary nominative shares  | 32911 | 319 |
| Heidelberg Materials AG, non-registered shares  | 3882 | 912 |
| Anhui Conch Cement Co., Ltd., Class H  | 345000 | 877 |
| Norsk Hydro ASA  | 141880 | 810 |
| Nutrien, Ltd. (CAD denominated)  | 13615 | 793 |
| Air Liquide SA  | 3426 | 707 |
| Rio Tinto PLC  | 11504 | 670 |
| Grupo Mexico, SAB de CV, Series B  | 102232 | 619 |
| Sika AG  | 2232 | 606 |
| Valterra Platinum, Ltd. (ZAR denominated)  | 11207 | 500 |
| Valterra Platinum, Ltd. (GBP denominated) <sup>(b)</sup>  | 1235 | 54 |
| Fresnillo PLC  | 25025 | 495 |
| Franco-Nevada Corp. (CAD denominated)  | 2647 | 435 |
| Anglo American PLC  | 10633 | 314 |
| Fortescue, Ltd.  | 23624 | 238 |
| Givaudan SA  | 43 | 208 |
| Freeport-McMoRan, Inc.  | 3152 | 137 |
| Alrosa PJSC <sup>(c)</sup>  | 53607 | — <br><sup>(d)</sup><br>|
|  |  | 20585 |
| **Energy 4.55%** |  |  |
| TotalEnergies SE  | 113612 | 6972 |
| Cameco Corp. (CAD denominated)  | 32219 | 2393 |
| Canadian Natural Resources, Ltd. (CAD denominated)  | 59516 | 1871 |
| Shell PLC (GBP denominated)  | 50148 | 1758 |
| Gaztransport & Technigaz SA  | 4044 | 801 |
| Cenovus Energy, Inc. (CAD denominated)  | 37928 | 516 |
| Cenovus Energy, Inc.  | 12761 | 174 |
| Repsol SA, non-registered shares  | 46619 | 683 |
| TC Energy Corp. (CAD denominated)  | 13038 | 636 |
| BP PLC  | 125880 | 632 |
| ADNOC Drilling Co. PJSC  | 316861 | 492 |
| Petroleo Brasileiro SA (Petrobras) (ADR), ordinary nominative shares  | 30053 | 376 |
| Tourmaline Oil Corp.  | 7613 | 367 |
| Schlumberger NV  | 7986 | 270 |
| South Bow Corp. <sup>(a)</sup>  | 2470 | 64 |
| Sovcomflot PAO <sup>(c)</sup>  | 356717 | — <br><sup>(d)</sup><br>|
|  |  | 18005 |
| **Utilities 2.76%** |  |  |
| Engie SA  | 138827 | 3258 |
| SSE PLC  | 64755 | 1628 |
| Iberdrola SA, non-registered shares  | 80462 | 1544 |
| Brookfield Infrastructure Partners, LP  | 37345 | 1251 |
| RWE AG  | 29722 | 1240 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| American Funds Insurance Series | **64** |

---

------

International Growth and Income Fund (continued)

---

| | | |
|:---|:---|:---|
| Common stocks (continued) | Shares | Value<br> (000)<br>|
| **Utilities (continued)** |  |  |
| Veolia Environnement SA  | 18018 | $642 |
| National Grid PLC  | 42387 | 618 |
| CPFL Energia SA  | 58911 | 443 |
| NTPC, Ltd.  | 81979 | 320 |
|  |  | 10944 |
| **Real estate 1.05%** |  |  |
| Mitsubishi Estate Co., Ltd.  | 42900 | 805 |
| Prologis Property Mexico, SA de CV, REIT  | 186799 | 706 |
| CK Asset Holdings, Ltd.  | 124000 | 547 |
| Link REIT  | 93568 | 500 |
| Sun Hung Kai Properties, Ltd.  | 34000 | 390 |
| CapitaLand Integrated Commercial Trust REIT  | 222900 | 380 |
| Henderson Land Development Co., Ltd.  | 92000 | 322 |
| Longfor Group Holdings, Ltd.  | 248742 | 293 |
| Goodman Logistics (HK), Ltd. REIT  | 10467 | 236 |
|  |  | 4179 |
| **Total common stocks** (cost: $274,155,000) |  | 379472 |
| Preferred securities 0.04% |  |  |
| **Materials 0.04%** |  |  |
| Gerdau SA, preferred nominative shares  | 58932 | 174 |
| **Total preferred securities** (cost: $222,000) |  | 174 |
| Short-term securities 4.17% |  |  |
| **Money market investments 3.96%** | **Money market investments 3.96%** | **Money market investments 3.96%** |
| Capital Group Central Cash Fund 4.35% <sup>(e)(f)</sup>  | 156755 | 15675 |
| **Money market investments purchased with collateral from securities on loan 0.21%** | **Money market investments purchased with collateral from securities on loan 0.21%** | **Money market investments purchased with collateral from securities on loan 0.21%** |
| Invesco Short-Term Investments Trust – Government & Agency Portfolio, Institutional Class 4.26% <sup>(e)(g)</sup>  | 842889 | 843 |
| **Total short-term securities** (cost: $16,516,000) |  | 16518 |
| **Total investment securities 100.02%** (cost: $290,893,000) |  | 396164 |
| Other assets less liabilities (0.02)% |  | (99)<br>|
| **Net assets 100.00%** |  | $396065 |

---

**Investments in affiliates** <sup>(f)</sup>

------

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | Value at <br> 1/1/2025 <br> (000)<br>| Additions <br> (000)<br>| Reductions <br> (000)<br>| Net <br> realized <br> gain (loss) <br> (000)<br>| Net <br> unrealized <br> appreciation <br> (depreciation) <br> (000)<br>| Value at <br> 6/30/2025 <br> (000)<br>| Dividend <br> or interest <br> income <br> (000)<br>|
| **Short-term securities 3.96%** |  |  |  |  |  |  |  |
| **Money market investments 3.96%** |  |  |  |  |  |  |  |
| Capital Group Central Cash Fund 4.35% <sup>(e)</sup>  | $11674 | &nbsp;&nbsp; $48655 | &nbsp;&nbsp; $44653 | &nbsp;&nbsp; $— <br><sup>(d)</sup><br>| &nbsp;&nbsp; $(1)<br>| &nbsp;&nbsp; $15675 | &nbsp;&nbsp; $272 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **65** | American Funds Insurance Series |

---

------

International Growth and Income Fund (continued)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(a)</sup> All or a portion of this security was on loan. The total value of all such securities was $891,000, which represented 0.22% of the net assets of the fund. Refer to Note 5 for more information on securities lending. 

<sup>(b)</sup> Security did not produce income during the last 12 months.

<sup>(c)</sup> Value determined using significant unobservable inputs.

<sup>(d)</sup> Amount less than one thousand.

<sup>(e)</sup> Rate represents the seven-day yield at 6/30/2025.

<sup>(f)</sup> Part of the same "group of investment companies" as the fund as defined under the Investment Company Act of 1940, as amended.

<sup>(g)</sup> Security purchased with cash collateral from securities on loan. Refer to Note 5 for more information on securities lending.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| |
|:---|
| **Key to abbreviation(s)** |
| ADR = American Depositary Receipts |
| CAD = Canadian dollars |
| CDI = CREST Depository Interest  |
| GBP = British pounds |
| HKD = Hong Kong dollars |
| REIT = Real Estate Investment Trust |
| ZAR = South African rand |

---

Refer to the notes to financial statements.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| American Funds Insurance Series | **66** |

---

------

Capital Income Builder

**Investment portfolio** June 30, 2025unaudited

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| Common stocks 74.97% | Shares | Value<br> (000)<br>|
| **Financials 14.92%** |  |  |
| JPMorgan Chase & Co.  | 85808 | $24877 |
| Morgan Stanley  | 105303 | 14833 |
| Munchener Ruckversicherungs-Gesellschaft AG  | 20000 | 12972 |
| Zurich Insurance Group AG  | 17253 | 12059 |
| NatWest Group PLC  | 1714879 | 12038 |
| ING Groep NV  | 431972 | 9478 |
| BlackRock, Inc.  | 8807 | 9241 |
| Wells Fargo & Co.  | 100287 | 8035 |
| Intact Financial Corp.  | 34475 | 8017 |
| DBS Group Holdings, Ltd.  | 213416 | 7538 |
| PNC Financial Services Group, Inc.  | 33774 | 6296 |
| Truist Financial Corp.  | 133958 | 5759 |
| KB Financial Group, Inc.  | 67130 | 5516 |
| Tokio Marine Holdings, Inc.  | 104800 | 4447 |
| Hana Financial Group, Inc.  | 69407 | 4438 |
| Euronext NV  | 22802 | 3897 |
| American International Group, Inc.  | 43446 | 3719 |
| AIA Group, Ltd.  | 400000 | 3587 |
| TPG, Inc., Class A  | 68006 | 3567 |
| National Bank of Canada  | 33144 | 3420 |
| BNP Paribas SA  | 36399 | 3272 |
| Banco Santander SA  | 392996 | 3253 |
| East West Bancorp, Inc.  | 31456 | 3176 |
| Sampo OYJ, Class A  | 289641 | 3115 |
| Progressive Corp.  | 11438 | 3052 |
| 360 ONE WAM, Ltd.  | 213984 | 2981 |
| Toronto-Dominion Bank (The) (CAD denominated)  | 38971 | 2866 |
| Power Corporation of Canada, subordinate voting shares <sup>(a)</sup>  | 71810 | 2805 |
| Banco Bilbao Vizcaya Argentaria SA  | 178297 | 2742 |
| UniCredit SpA  | 38177 | 2559 |
| Apollo Asset Management, Inc.  | 17756 | 2519 |
| CME Group, Inc., Class A  | 9068 | 2499 |
| PICC Property and Casualty Co., Ltd., Class H  | 1252000 | 2424 |
| 3i Group PLC  | 35575 | 2012 |
| Blackstone, Inc.  | 13386 | 2002 |
| EFG International AG  | 105100 | 1947 |
| Kaspi.kz JSC  | 21756 | 1916 |
| Webster Financial Corp.  | 33891 | 1851 |
| Skandinaviska Enskilda Banken AB, Class A  | 105131 | 1835 |
| Mizuho Financial Group, Inc.  | 64500 | 1789 |
| Swiss Re AG  | 10267 | 1775 |
| Samsung Fire & Marine Insurance Co., Ltd.  | 5329 | 1714 |
| Deutsche Bank AG  | 53468 | 1585 |
| State Street Corp.  | 14738 | 1567 |
| Hong Kong Exchanges and Clearing, Ltd.  | 28000 | 1494 |
| Standard Chartered PLC  | 87032 | 1442 |
| SouthState Corp.  | 12116 | 1115 |
| Patria Investments, Ltd., Class A  | 70098 | 986 |
| Bank Central Asia Tbk PT  | 1673400 | 894 |
| Canadian Imperial Bank of Commerce  | 12050 | 855 |
| Western Union Co.  | 98671 | 831 |
| Marsh & McLennan Cos., Inc.  | 3782 | 827 |
| Citizens Financial Group, Inc.  | 17188 | 769 |
| Vontobel Holding AG  | 9350 | 755 |
| Houlihan Lokey, Inc., Class A  | 3658 | 658 |
| Great-West Lifeco, Inc.  | 17173 | 653 |
| Resona Holdings, Inc.  | 62400 | 577 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **67** | American Funds Insurance Series |

---

------

Capital Income Builder (continued)

---

| | | |
|:---|:---|:---|
| Common stocks (continued) | Shares | Value<br> (000)<br>|
| **Financials (continued)** |  |  |
| First American Financial Corp.  | 6638 | $408 |
| Bank Mandiri (Persero) Tbk PT  | 1301701 | 391 |
| Sberbank of Russia PJSC <sup>(b)</sup>  | 204176 | — <br><sup>(c)</sup><br>|
|  |  | 233645 |
| **Information technology 9.73%** |  |  |
| Broadcom, Inc.  | 218318 | 60179 |
| Taiwan Semiconductor Manufacturing Co., Ltd.  | 821800 | 29820 |
| Microsoft Corp.  | 47315 | 23535 |
| Accenture PLC, Class A  | 24540 | 7335 |
| Seagate Technology Holdings PLC  | 33236 | 4797 |
| Tokyo Electron, Ltd.  | 23200 | 4459 |
| Texas Instruments, Inc.  | 21302 | 4423 |
| SAP SE  | 12964 | 3942 |
| KLA Corp.  | 3797 | 3401 |
| HCL Technologies, Ltd.  | 134835 | 2718 |
| MediaTek, Inc.  | 50000 | 2140 |
| TE Connectivity Public, Ltd. Co.  | 10940 | 1845 |
| Analog Devices, Inc.  | 7300 | 1738 |
| TDK Corp.  | 140100 | 1649 |
| Capgemini SE  | 2349 | 401 |
|  |  | 152382 |
| **Industrials 8.67%** |  |  |
| RTX Corp.  | 200678 | 29303 |
| Volvo AB, Class B  | 331726 | 9306 |
| Siemens AG  | 34165 | 8759 |
| Deutsche Post AG  | 170160 | 7859 |
| BAE Systems PLC  | 287802 | 7453 |
| RELX PLC  | 110698 | 5982 |
| Paychex, Inc.  | 35883 | 5220 |
| Mitsubishi Corp.  | 228781 | 4588 |
| Singapore Technologies Engineering, Ltd.  | 716900 | 4392 |
| Marubeni Corp.  | 211300 | 4274 |
| FedEx Corp.  | 17546 | 3988 |
| Honeywell International, Inc.  | 16873 | 3929 |
| Automatic Data Processing, Inc.  | 12139 | 3744 |
| Carrier Global Corp.  | 43991 | 3220 |
| Broadridge Financial Solutions, Inc.  | 13014 | 3163 |
| Airbus SE, non-registered shares  | 12725 | 2657 |
| Canadian National Railway Co. (CAD denominated)  | 23624 | 2462 |
| Northrop Grumman Corp.  | 4914 | 2457 |
| Union Pacific Corp.  | 10554 | 2428 |
| ITOCHU Corp.  | 41500 | 2178 |
| Localiza Rent a Car SA, ordinary nominative shares  | 272638 | 2033 |
| Bureau Veritas SA  | 58499 | 1994 |
| Robert Half, Inc.  | 41739 | 1713 |
| Epiroc AB, Class A  | 60943 | 1323 |
| Epiroc AB, Class B  | 4933 | 95 |
| Trinity Industries, Inc.  | 51776 | 1399 |
| Schneider Electric SE  | 5014 | 1334 |
| UL Solutions, Inc., Class A  | 16361 | 1192 |
| SGS SA  | 11681 | 1185 |
| PACCAR, Inc.  | 12078 | 1148 |
| Transurban Group  | 121112 | 1114 |
| Sulzer AG  | 5386 | 972 |
| Logista Integral SA, non-registered shares  | 23729 | 777 |
| ABB, Ltd.  | 11891 | 709 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| American Funds Insurance Series | **68** |

---

------

Capital Income Builder (continued)

---

| | | |
|:---|:---|:---|
| Common stocks (continued) | Shares | Value<br> (000)<br>|
| **Industrials (continued)** |  |  |
| Brambles, Ltd.  | 40818 | $629 |
| Computershare Ltd.  | 22570 | 593 |
| Watsco, Inc.  | 415 | 183 |
|  |  | 135755 |
| **Consumer staples 8.60%** |  |  |
| Philip Morris International, Inc.  | 232304 | 42309 |
| British American Tobacco PLC  | 501602 | 23843 |
| British American Tobacco PLC (ADR)  | 40836 | 1933 |
| Mondelez International, Inc., Class A  | 220906 | 14898 |
| Imperial Brands PLC  | 229612 | 9068 |
| Nestle SA  | 60265 | 5987 |
| Sysco Corp.  | 57604 | 4363 |
| Danone SA  | 45261 | 3698 |
| ITC, Ltd.  | 710417 | 3450 |
| Altria Group, Inc.  | 58605 | 3436 |
| Carlsberg A/S, Class B  | 21785 | 3087 |
| Coca-Cola Co.  | 42247 | 2989 |
| Kimberly-Clark Corp.  | 19552 | 2521 |
| General Mills, Inc.  | 42990 | 2227 |
| WH Group, Ltd.  | 2022500 | 1945 |
| Suntory Beverage & Food, Ltd.  | 51300 | 1642 |
| Procter & Gamble Co.  | 9712 | 1547 |
| Dollar General Corp.  | 10394 | 1189 |
| PepsiCo, Inc.  | 8237 | 1088 |
| Unilever PLC  | 16272 | 988 |
| Anheuser-Busch InBev SA/NV  | 12112 | 831 |
| Molson Coors Beverage Co., Class B, restricted voting shares  | 15116 | 727 |
| Pernod Ricard SA  | 5475 | 545 |
| Constellation Brands, Inc., Class A  | 1891 | 308 |
| Scandinavian Tobacco Group A/S  | 9175 | 122 |
|  |  | 134741 |
| **Health care 8.10%** |  |  |
| AbbVie, Inc.  | 109793 | 20380 |
| Abbott Laboratories  | 124644 | 16953 |
| Amgen, Inc.  | 49129 | 13717 |
| Gilead Sciences, Inc.  | 117805 | 13061 |
| AstraZeneca PLC  | 88789 | 12334 |
| Sanofi  | 108546 | 10512 |
| Novo Nordisk AS, Class B  | 110487 | 7668 |
| Medtronic PLC  | 82172 | 7163 |
| UnitedHealth Group, Inc.  | 14130 | 4408 |
| Bristol-Myers Squibb Co.  | 85101 | 3939 |
| Takeda Pharmaceutical Co., Ltd.  | 106625 | 3276 |
| Merck & Co., Inc.  | 28632 | 2267 |
| CVS Health Corp.  | 31588 | 2179 |
| EBOS Group, Ltd.  | 81078 | 1899 |
| EssilorLuxottica SA  | 6880 | 1887 |
| Roche Holding AG, nonvoting non-registered shares  | 4650 | 1514 |
| Novartis AG  | 9389 | 1138 |
| Sandoz Group AG  | 18029 | 987 |
| GSK PLC  | 43796 | 836 |
| Royalty Pharma PLC, Class A  | 22537 | 812 |
|  |  | 126930 |
| **Utilities 5.29%** |  |  |
| Engie SA  | 348234 | 8173 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **69** | American Funds Insurance Series |

---

------

Capital Income Builder (continued)

---

| | | |
|:---|:---|:---|
| Common stocks (continued) | Shares | Value<br> (000)<br>|
| **Utilities (continued)** |  |  |
| Iberdrola SA, non-registered shares  | 391173 | $7506 |
| E.ON SE  | 386133 | 7107 |
| Dominion Energy, Inc.  | 124159 | 7017 |
| National Grid PLC  | 446695 | 6509 |
| SSE PLC  | 209134 | 5256 |
| Pinnacle West Capital Corp.  | 56998 | 5100 |
| DTE Energy Co.  | 37944 | 5026 |
| CenterPoint Energy, Inc.  | 124795 | 4585 |
| Duke Energy Corp.  | 33133 | 3910 |
| Southern Co. (The)  | 41174 | 3781 |
| Entergy Corp.  | 37644 | 3129 |
| Sempra  | 39487 | 2992 |
| Atmos Energy Corp.  | 15655 | 2413 |
| Enel SpA  | 230994 | 2192 |
| Power Grid Corporation of India, Ltd.  | 616919 | 2157 |
| SembCorp Industries, Ltd.  | 268900 | 1449 |
| AES Corp.  | 132318 | 1392 |
| NextEra Energy, Inc.  | 18420 | 1279 |
| Edison International  | 21128 | 1090 |
| Power Assets Holdings, Ltd.  | 127000 | 816 |
|  |  | 82879 |
| **Consumer discretionary 4.85%** |  |  |
| McDonald's Corp.  | 32086 | 9375 |
| Industria de Diseno Textil SA  | 154521 | 8042 |
| Home Depot, Inc.  | 19698 | 7222 |
| Starbucks Corp.  | 74312 | 6809 |
| YUM! Brands, Inc.  | 33673 | 4990 |
| Midea Group Co., Ltd., Class A  | 484566 | 4882 |
| Royal Caribbean Cruises, Ltd.  | 11474 | 3593 |
| Compagnie Generale des Etablissements Michelin  | 92890 | 3451 |
| LVMH Moet Hennessy-Louis Vuitton SE  | 6411 | 3358 |
| Evolution AB  | 39788 | 3161 |
| Amadeus IT Group SA, Class A, non-registered shares  | 33725 | 2840 |
| Tractor Supply Co.  | 42150 | 2224 |
| NEXT PLC  | 12951 | 2211 |
| Compagnie Financiere Richemont SA, Class A  | 11374 | 2142 |
| Aristocrat Leisure, Ltd.  | 49212 | 2111 |
| Darden Restaurants, Inc.  | 9659 | 2105 |
| Vail Resorts, Inc.  | 12620 | 1983 |
| Restaurant Brands International, Inc.  | 27181 | 1802 |
| Galaxy Entertainment Group, Ltd.  | 283000 | 1256 |
| Las Vegas Sands Corp.  | 26266 | 1143 |
| OPAP SA  | 26284 | 596 |
| Jumbo SA  | 13271 | 458 |
| International Game Technology PLC  | 17882 | 283 |
|  |  | 76037 |
| **Energy 4.64%** |  |  |
| Exxon Mobil Corp.  | 134162 | 14463 |
| Canadian Natural Resources, Ltd. (CAD denominated)  | 372833 | 11718 |
| TC Energy Corp. (CAD denominated) <sup>(a)</sup>  | 195019 | 9521 |
| Shell PLC (GBP denominated)  | 187059 | 6557 |
| Shell PLC (ADR)  | 9821 | 691 |
| TotalEnergies SE  | 100624 | 6175 |
| EOG Resources, Inc.  | 42410 | 5073 |
| ConocoPhillips  | 52067 | 4672 |
| South Bow Corp. <sup>(a)</sup>  | 156968 | 4075 |
| EQT Corp.  | 62823 | 3664 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| American Funds Insurance Series | **70** |

---

------

Capital Income Builder (continued)

---

| | | |
|:---|:---|:---|
| Common stocks (continued) | Shares | Value<br> (000)<br>|
| **Energy (continued)** |  |  |
| Chevron Corp.  | 18330 | $2625 |
| Cenovus Energy, Inc.  | 93424 | 1271 |
| DT Midstream, Inc.  | 10047 | 1104 |
| Schlumberger NV  | 17806 | 602 |
| BP PLC  | 99480 | 499 |
| New Fortress Energy, Inc., Class A <sup>(d)</sup>  | 950 | 3 |
|  |  | 72713 |
| **Communication services 3.51%** |  |  |
| Singapore Telecommunications, Ltd.  | 3454300 | 10378 |
| T-Mobile US, Inc.  | 30317 | 7223 |
| Publicis Groupe SA  | 59664 | 6725 |
| AT&T, Inc.  | 208493 | 6034 |
| Deutsche Telekom AG  | 135327 | 4937 |
| Koninklijke KPN NV  | 881213 | 4293 |
| Comcast Corp., Class A  | 108926 | 3888 |
| Verizon Communications, Inc.  | 65877 | 2850 |
| NetEase, Inc.  | 86600 | 2328 |
| Nintendo Co., Ltd.  | 18200 | 1754 |
| America Movil, SAB de CV, Class B (ADR)  | 82076 | 1472 |
| HKT Trust and HKT, Ltd., units  | 984240 | 1469 |
| Omnicom Group, Inc.  | 12215 | 879 |
| Swisscom AG <sup>(d)</sup>  | 566 | 401 |
| Telkom Indonesia (Persero) Tbk PT, Class B  | 2242000 | 384 |
|  |  | 55015 |
| **Real estate 3.43%** |  |  |
| VICI Properties, Inc. REIT  | 627033 | 20441 |
| Welltower, Inc. REIT  | 45047 | 6925 |
| Prologis, Inc. REIT  | 37913 | 3985 |
| Extra Space Storage, Inc. REIT  | 23759 | 3503 |
| American Tower Corp. REIT  | 14128 | 3123 |
| Rexford Industrial Realty, Inc. REIT  | 84140 | 2993 |
| Mindspace Business Parks REIT  | 399976 | 1866 |
| Link REIT  | 302148 | 1613 |
| CTP NV  | 75076 | 1578 |
| CK Asset Holdings, Ltd.  | 322500 | 1421 |
| UDR, Inc. REIT  | 34393 | 1404 |
| Equinix, Inc. REIT  | 1676 | 1333 |
| SBA Communications Corp. REIT, Class A  | 4761 | 1118 |
| Sun Communities, Inc. REIT  | 5902 | 747 |
| Embassy Office Parks REIT  | 140661 | 639 |
| Lineage, Inc. REIT <sup>(a)</sup>  | 9785 | 426 |
| Longfor Group Holdings, Ltd.  | 357634 | 422 |
| Kimco Realty Corp. REIT  | 5095 | 107 |
|  |  | 53644 |
| **Materials 3.23%** |  |  |
| Air Products and Chemicals, Inc.  | 28543 | 8051 |
| Rio Tinto PLC  | 117196 | 6829 |
| Smurfit Westrock PLC  | 148945 | 6427 |
| Shin-Etsu Chemical Co., Ltd.  | 191162 | 6335 |
| Nitto Denko Corp.  | 218938 | 4244 |
| Linde PLC  | 8566 | 4019 |
| Vale SA, ordinary nominative shares  | 211978 | 2054 |
| Vale SA (ADR), ordinary nominative shares  | 91722 | 891 |
| International Paper Co.  | 55076 | 2579 |
| Anglo American PLC  | 75013 | 2214 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **71** | American Funds Insurance Series |

---

------

Capital Income Builder (continued)

---

| | | |
|:---|:---|:---|
| Common stocks (continued) | Shares | Value<br> (000)<br>|
| **Materials (continued)** |  |  |
| Antofagasta PLC  | 47581 | $1182 |
| BASF SE  | 23462 | 1157 |
| Dow, Inc.  | 31474 | 833 |
| Eastman Chemical Co.  | 11125 | 830 |
| Barrick Mining Corp.  | 34519 | 719 |
| Evonik Industries AG  | 27512 | 567 |
| Givaudan SA  | 110 | 532 |
| Air Liquide SA  | 2512 | 518 |
| BHP Group, Ltd. (CDI)  | 19509 | 468 |
| Valterra Platinum, Ltd. (GBP denominated) <sup>(d)</sup>  | 3257 | 143 |
|  |  | 50592 |
| **Total common stocks** (cost: $810,358,000) |  | 1174333 |
| Convertible stocks 0.43% |  |  |
| **Information technology 0.19%** |  |  |
| Microchip Technology, Inc., Series A, cumulative convertible preferred depositary shares, 7.50% 3/15/2028  | 44749 | 2982 |
| **Utilities 0.13%** |  |  |
| NextEra Energy, Inc., convertible preferred shares, 7.234% 11/1/2027  | 31400 | 1390 |
| PG&E Corp., Class A, convertible preferred shares, 6.00% 12/1/2027  | 18300 | 688 |
|  |  | 2078 |
| **Materials 0.06%** |  |  |
| Albemarle Corp., Class A, cumulative convertible preferred depositary shares, 7.25% 3/1/2027  | 30256 | 971 |
| **Financials 0.05%** |  |  |
| KKR & Co., Inc., Class D, convertible preferred shares, 6.25% 3/1/2028  | 13000 | 697 |
| **Total convertible stocks** (cost: $6,289,000) |  | 6728 |
| Bonds, notes & other debt instruments 13.99% | Principal amount<br> (000)<br>|  |
| **Mortgage-backed obligations 5.57%** | **Mortgage-backed obligations 5.57%** | **Mortgage-backed obligations 5.57%** |
| **Federal agency mortgage-backed obligations 4.63%** |  |  |
| Fannie Mae Pool #695412 5.00% 6/1/2033 <sup>(e)</sup>  | USD— <br><sup>(c)</sup><br>| — <br><sup>(c)</sup><br>|
| Fannie Mae Pool #FM2499 2.50% 2/1/2035 <sup>(e)</sup>  | 802 | 757 |
| Fannie Mae Pool #AD3566 5.00% 10/1/2035 <sup>(e)</sup>  | 1 | 1 |
| Fannie Mae Pool #CB3701 2.50% 5/1/2037 <sup>(e)</sup>  | 273 | 255 |
| Fannie Mae Pool #931768 5.00% 8/1/2039 <sup>(e)</sup>  | 1 | 1 |
| Fannie Mae Pool #AC0794 5.00% 10/1/2039 <sup>(e)</sup>  | 4 | 5 |
| Fannie Mae Pool #932606 5.00% 2/1/2040 <sup>(e)</sup>  | 2 | 2 |
| Fannie Mae Pool #AE0311 3.50% 8/1/2040 <sup>(e)</sup>  | 6 | 6 |
| Fannie Mae Pool #AE1248 5.00% 6/1/2041 <sup>(e)</sup>  | 7 | 7 |
| Fannie Mae Pool #AJ1873 4.00% 10/1/2041 <sup>(e)</sup>  | 5 | 5 |
| Fannie Mae Pool #AE1274 5.00% 10/1/2041 <sup>(e)</sup>  | 4 | 4 |
| Fannie Mae Pool #AE1277 5.00% 11/1/2041 <sup>(e)</sup>  | 3 | 3 |
| Fannie Mae Pool #AE1283 5.00% 12/1/2041 <sup>(e)</sup>  | 2 | 2 |
| Fannie Mae Pool #AE1290 5.00% 2/1/2042 <sup>(e)</sup>  | 4 | 4 |
| Fannie Mae Pool #AT0300 3.50% 3/1/2043 <sup>(e)</sup>  | 1 | 1 |
| Fannie Mae Pool #AT3954 3.50% 4/1/2043 <sup>(e)</sup>  | 1 | 1 |
| Fannie Mae Pool #AY1829 3.50% 12/1/2044 <sup>(e)</sup>  | 2 | 2 |
| Fannie Mae Pool #BH3122 4.00% 6/1/2047 <sup>(e)</sup>  | 1 | 1 |
| Fannie Mae Pool #BJ5015 4.00% 12/1/2047 <sup>(e)</sup>  | 26 | 25 |
| Fannie Mae Pool #BK5232 4.00% 5/1/2048 <sup>(e)</sup>  | 15 | 15 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| American Funds Insurance Series | **72** |

---

------

Capital Income Builder (continued)

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount<br> (000)<br>| Value<br> (000)<br>|
| **Mortgage-backed obligations (continued)** | **Mortgage-backed obligations (continued)** | **Mortgage-backed obligations (continued)** |
| **Federal agency mortgage-backed obligations (continued)** |  |  |
| Fannie Mae Pool #BK6840 4.00% 6/1/2048 <sup>(e)</sup>  | USD22 | $21 |
| Fannie Mae Pool #BK9743 4.00% 8/1/2048 <sup>(e)</sup>  | 6 | 6 |
| Fannie Mae Pool #BK9761 4.50% 8/1/2048 <sup>(e)</sup>  | 3 | 3 |
| Fannie Mae Pool #FM3280 3.50% 5/1/2049 <sup>(e)</sup>  | 29 | 27 |
| Fannie Mae Pool #FS5372 3.50% 7/1/2049 <sup>(e)</sup>  | 162 | 149 |
| Fannie Mae Pool #FS5313 3.50% 1/1/2050 <sup>(e)</sup>  | 1853 | 1702 |
| Fannie Mae Pool #CA5540 3.00% 4/1/2050 <sup>(e)</sup>  | 2584 | 2279 |
| Fannie Mae Pool #CA6309 3.00% 7/1/2050 <sup>(e)</sup>  | 296 | 263 |
| Fannie Mae Pool #CA6349 3.00% 7/1/2050 <sup>(e)</sup>  | 115 | 100 |
| Fannie Mae Pool #CA6740 3.00% 8/1/2050 <sup>(e)</sup>  | 76 | 67 |
| Fannie Mae Pool #CA7048 3.00% 9/1/2050 <sup>(e)</sup>  | 42 | 37 |
| Fannie Mae Pool #CA7052 3.00% 9/1/2050 <sup>(e)</sup>  | 12 | 10 |
| Fannie Mae Pool #CA7381 3.00% 10/1/2050 <sup>(e)</sup>  | 127 | 111 |
| Fannie Mae Pool #FM5166 3.00% 12/1/2050 <sup>(e)</sup>  | 82 | 71 |
| Fannie Mae Pool #BR4104 2.00% 1/1/2051 <sup>(e)</sup>  | 43 | 34 |
| Fannie Mae Pool #FM5509 3.00% 1/1/2051 <sup>(e)</sup>  | 125 | 110 |
| Fannie Mae Pool #FM6332 2.00% 2/1/2051 <sup>(e)</sup>  | 185 | 147 |
| Fannie Mae Pool #FS1086 2.00% 4/1/2051 <sup>(e)</sup>  | 22 | 17 |
| Fannie Mae Pool #CB0191 3.00% 4/1/2051 <sup>(e)</sup>  | 157 | 137 |
| Fannie Mae Pool #CB0193 3.00% 4/1/2051 <sup>(e)</sup>  | 19 | 17 |
| Fannie Mae Pool #FM7909 3.00% 6/1/2051 <sup>(e)</sup>  | 14 | 13 |
| Fannie Mae Pool #FM8477 3.00% 8/1/2051 <sup>(e)</sup>  | 110 | 96 |
| Fannie Mae Pool #CB2527 2.00% 12/1/2051 <sup>(e)</sup>  | 171 | 136 |
| Fannie Mae Pool #CB2787 3.50% 12/1/2051 <sup>(e)</sup>  | 18 | 17 |
| Fannie Mae Pool #BU1450 2.00% 1/1/2052 <sup>(e)</sup>  | 4 | 3 |
| Fannie Mae Pool #BV0790 3.50% 1/1/2052 <sup>(e)</sup>  | 71 | 64 |
| Fannie Mae Pool #FS0647 3.00% 2/1/2052 <sup>(e)</sup>  | 806 | 710 |
| Fannie Mae Pool #FS0752 3.00% 3/1/2052 <sup>(e)</sup>  | 460 | 403 |
| Fannie Mae Pool #CB3179 3.50% 3/1/2052 <sup>(e)</sup>  | 269 | 244 |
| Fannie Mae Pool #CB3379 4.00% 4/1/2052 <sup>(e)</sup>  | 4 | 4 |
| Fannie Mae Pool #MA4626 4.00% 6/1/2052 <sup>(e)</sup>  | 105 | 98 |
| Fannie Mae Pool #CB4021 4.00% 6/1/2052 <sup>(e)</sup>  | 9 | 8 |
| Fannie Mae Pool #BV8976 5.00% 8/1/2052 <sup>(e)</sup>  | 53 | 53 |
| Fannie Mae Pool #FS3056 2.00% 10/1/2052 <sup>(e)</sup>  | 150 | 119 |
| Fannie Mae Pool #BW1289 5.50% 10/1/2052 <sup>(e)</sup>  | 107 | 107 |
| Fannie Mae Pool #BW1243 5.50% 10/1/2052 <sup>(e)</sup>  | 97 | 97 |
| Fannie Mae Pool #MA4842 5.50% 12/1/2052 <sup>(e)</sup>  | 148 | 148 |
| Fannie Mae Pool #MA4919 5.50% 2/1/2053 <sup>(e)</sup>  | 93 | 93 |
| Fannie Mae Pool #CB5986 5.00% 3/1/2053 <sup>(e)</sup>  | 90 | 89 |
| Fannie Mae Pool #CB6012 4.00% 4/1/2053 <sup>(e)</sup>  | 798 | 743 |
| Fannie Mae Pool #MA4978 5.00% 4/1/2053 <sup>(e)</sup>  | 71 | 70 |
| Fannie Mae Pool #BX9827 5.00% 5/1/2053 <sup>(e)</sup>  | 232 | 228 |
| Fannie Mae Pool #FS4563 5.00% 5/1/2053 <sup>(e)</sup>  | 59 | 58 |
| Fannie Mae Pool #MA5010 5.50% 5/1/2053 <sup>(e)</sup>  | 253 | 253 |
| Fannie Mae Pool #MA5011 6.00% 5/1/2053 <sup>(e)</sup>  | 1378 | 1406 |
| Fannie Mae Pool #MA5039 5.50% 6/1/2053 <sup>(e)</sup>  | 313 | 313 |
| Fannie Mae Pool #CB6485 6.00% 6/1/2053 <sup>(e)</sup>  | 369 | 376 |
| Fannie Mae Pool #CB6486 6.00% 6/1/2053 <sup>(e)</sup>  | 229 | 234 |
| Fannie Mae Pool #CB6465 6.00% 6/1/2053 <sup>(e)</sup>  | 173 | 177 |
| Fannie Mae Pool #MA5089 4.00% 7/1/2053 <sup>(e)</sup>  | 268 | 249 |
| Fannie Mae Pool #MA5070 4.50% 7/1/2053 <sup>(e)</sup>  | 99 | 94 |
| Fannie Mae Pool #MA5071 5.00% 7/1/2053 <sup>(e)</sup>  | 123 | 121 |
| Fannie Mae Pool #BU4112 5.00% 7/1/2053 <sup>(e)</sup>  | 93 | 92 |
| Fannie Mae Pool #MA5072 5.50% 7/1/2053 <sup>(e)</sup>  | 815 | 817 |
| Fannie Mae Pool #MA5139 6.00% 9/1/2053 <sup>(e)</sup>  | 409 | 416 |
| Fannie Mae Pool #MA5177 4.00% 10/1/2053 <sup>(e)</sup>  | 911 | 848 |
| Fannie Mae Pool #MA5165 5.50% 10/1/2053 <sup>(e)</sup>  | 8 | 8 |
| Fannie Mae Pool #MA5166 6.00% 10/1/2053 <sup>(e)</sup>  | 45 | 46 |
| Fannie Mae Pool #MA5191 6.00% 11/1/2053 <sup>(e)</sup>  | 669 | 682 |
| Fannie Mae Pool #CB7426 6.50% 11/1/2053 <sup>(e)</sup>  | 68 | 71 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **73** | American Funds Insurance Series |

---

------

Capital Income Builder (continued)

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount<br> (000)<br>| Value<br> (000)<br>|
| **Mortgage-backed obligations (continued)** | **Mortgage-backed obligations (continued)** | **Mortgage-backed obligations (continued)** |
| **Federal agency mortgage-backed obligations (continued)** |  |  |
| Fannie Mae Pool #CB7626 6.50% 12/1/2053 <sup>(e)</sup>  | USD24 | $25 |
| Fannie Mae Pool #FS6767 6.50% 1/1/2054 <sup>(e)</sup>  | 27 | 28 |
| Fannie Mae Pool #CB8151 5.50% 3/1/2054 <sup>(e)</sup>  | 869 | 871 |
| Fannie Mae Pool #CB8168 6.00% 3/1/2054 <sup>(e)</sup>  | 117 | 119 |
| Fannie Mae Pool #MA5295 6.00% 3/1/2054 <sup>(e)</sup>  | 62 | 63 |
| Fannie Mae Pool #CB8328 5.50% 4/1/2054 <sup>(e)</sup>  | 948 | 955 |
| Fannie Mae Pool #MA5354 6.00% 5/1/2054 <sup>(e)</sup>  | 115 | 117 |
| Fannie Mae Pool #MA5388 5.50% 6/1/2054 <sup>(e)</sup>  | 71 | 71 |
| Fannie Mae Pool #FS8153 6.00% 6/1/2054 <sup>(e)</sup>  | 395 | 405 |
| Fannie Mae Pool #DB6878 6.00% 6/1/2054 <sup>(e)</sup>  | 125 | 127 |
| Fannie Mae Pool #FS8223 6.00% 6/1/2054 <sup>(e)</sup>  | 26 | 27 |
| Fannie Mae Pool #FS8219 6.00% 6/1/2054 <sup>(e)</sup>  | 19 | 19 |
| Fannie Mae Pool #DB4399 6.50% 6/1/2054 <sup>(e)</sup>  | 21 | 22 |
| Fannie Mae Pool #BU4699 5.50% 7/1/2054 <sup>(e)</sup>  | 153 | 153 |
| Fannie Mae Pool #MA5421 6.00% 7/1/2054 <sup>(e)</sup>  | 843 | 857 |
| Fannie Mae Pool #BU4700 6.00% 7/1/2054 <sup>(e)</sup>  | 185 | 188 |
| Fannie Mae Pool #CB8858 6.00% 7/1/2054 <sup>(e)</sup>  | 165 | 169 |
| Fannie Mae Pool #DB6905 6.00% 7/1/2054 <sup>(e)</sup>  | 109 | 111 |
| Fannie Mae Pool #FS8318 6.00% 7/1/2054 <sup>(e)</sup>  | 97 | 100 |
| Fannie Mae Pool #DB6901 6.00% 7/1/2054 <sup>(e)</sup>  | 80 | 81 |
| Fannie Mae Pool #DB7039 6.00% 7/1/2054 <sup>(e)</sup>  | 20 | 20 |
| Fannie Mae Pool #FS9819 7.00% 7/1/2054 <sup>(e)</sup>  | 465 | 490 |
| Fannie Mae Pool #FS8757 6.00% 8/1/2054 <sup>(e)</sup>  | 2755 | 2820 |
| Fannie Mae Pool #MA5445 6.00% 8/1/2054 <sup>(e)</sup>  | 358 | 364 |
| Fannie Mae Pool #DC0296 6.00% 8/1/2054 <sup>(e)</sup>  | 9 | 10 |
| Fannie Mae Pool #DB7687 6.00% 8/1/2054 <sup>(e)</sup>  | 9 | 10 |
| Fannie Mae Pool #FS8756 6.00% 8/1/2054 <sup>(e)</sup>  | 10 | 10 |
| Fannie Mae Pool #DB7690 6.00% 8/1/2054 <sup>(e)</sup>  | 9 | 9 |
| Fannie Mae Pool #BU4916 6.00% 8/1/2054 <sup>(e)</sup>  | 7 | 7 |
| Fannie Mae Pool #CB9071 6.50% 8/1/2054 <sup>(e)</sup>  | 18 | 19 |
| Fannie Mae Pool #MA5470 5.50% 9/1/2054 <sup>(e)</sup>  | 240 | 240 |
| Fannie Mae Pool #FS9001 5.50% 9/1/2054 <sup>(e)</sup>  | 34 | 34 |
| Fannie Mae Pool #BU5165 5.50% 11/1/2054 <sup>(e)</sup>  | 237 | 237 |
| Fannie Mae Pool #DC9197 4.50% 12/1/2054 <sup>(e)</sup>  | 575 | 551 |
| Fannie Mae Pool #MA5552 5.00% 12/1/2054 <sup>(e)</sup>  | 200 | 196 |
| Fannie Mae Pool #MA5583 4.00% 1/1/2055 <sup>(e)</sup>  | 1177 | 1095 |
| Fannie Mae Pool #MA5587 6.00% 1/1/2055 <sup>(e)</sup>  | 44 | 45 |
| Fannie Mae Pool #MA5615 6.00% 2/1/2055 <sup>(e)</sup>  | 628 | 639 |
| Fannie Mae Pool #MA5644 4.50% 3/1/2055 <sup>(e)</sup>  | 318 | 305 |
| Fannie Mae Pool #MA5647 6.00% 3/1/2055 <sup>(e)</sup>  | 25 | 25 |
| Fannie Mae Pool #MA5671 4.50% 4/1/2055 <sup>(e)</sup>  | 334 | 320 |
| Fannie Mae Pool #MA5674 6.00% 4/1/2055 <sup>(e)</sup>  | 79 | 80 |
| Fannie Mae Pool #MA5699 5.00% 5/1/2055 <sup>(e)</sup>  | 20 | 19 |
| Fannie Mae Pool #MA5701 6.00% 5/1/2055 <sup>(e)</sup>  | 204 | 208 |
| Fannie Mae Pool #MA5734 5.00% 6/1/2055 <sup>(e)</sup>  | 14 | 14 |
| Fannie Mae Pool #MA5735 5.50% 6/1/2055 <sup>(e)</sup>  | 1 | 1 |
| Fannie Mae Pool #MA5762 6.50% 7/1/2055 <sup>(e)</sup>  | 207 | 214 |
| Fannie Mae Pool #BF0142 5.50% 8/1/2056 <sup>(e)</sup>  | 328 | 338 |
| Fannie Mae Pool #BF0342 5.50% 1/1/2059 <sup>(e)</sup>  | 218 | 220 |
| Fannie Mae Pool #BM6737 4.50% 11/1/2059 <sup>(e)</sup>  | 535 | 514 |
| Fannie Mae Pool #BF0497 3.00% 7/1/2060 <sup>(e)</sup>  | 368 | 317 |
| Freddie Mac Pool #SB0649 2.50% 4/1/2037 <sup>(e)</sup>  | 401 | 375 |
| Freddie Mac Pool #SB1388 2.50% 1/1/2038 <sup>(e)</sup>  | 115 | 107 |
| Freddie Mac Pool #SC0149 2.00% 3/1/2041 <sup>(e)</sup>  | 63 | 54 |
| Freddie Mac Pool #RB0544 2.00% 6/1/2041 <sup>(e)</sup>  | 109 | 94 |
| Freddie Mac Pool #Q15874 4.00% 2/1/2043 <sup>(e)</sup>  | 1 | 1 |
| Freddie Mac Pool #G67711 4.00% 3/1/2048 <sup>(e)</sup>  | 181 | 171 |
| Freddie Mac Pool #Q55971 4.00% 5/1/2048 <sup>(e)</sup>  | 15 | 14 |
| Freddie Mac Pool #Q56175 4.00% 5/1/2048 <sup>(e)</sup>  | 12 | 11 |
| Freddie Mac Pool #Q55970 4.00% 5/1/2048 <sup>(e)</sup>  | 7 | 7 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| American Funds Insurance Series | **74** |

---

------

Capital Income Builder (continued)

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount<br> (000)<br>| Value<br> (000)<br>|
| **Mortgage-backed obligations (continued)** | **Mortgage-backed obligations (continued)** | **Mortgage-backed obligations (continued)** |
| **Federal agency mortgage-backed obligations (continued)** |  |  |
| Freddie Mac Pool #Q56599 4.00% 6/1/2048 <sup>(e)</sup>  | USD23 | $22 |
| Freddie Mac Pool #Q57242 4.50% 7/1/2048 <sup>(e)</sup>  | 10 | 10 |
| Freddie Mac Pool #Q58411 4.50% 9/1/2048 <sup>(e)</sup>  | 41 | 40 |
| Freddie Mac Pool #Q58436 4.50% 9/1/2048 <sup>(e)</sup>  | 19 | 19 |
| Freddie Mac Pool #Q58378 4.50% 9/1/2048 <sup>(e)</sup>  | 14 | 13 |
| Freddie Mac Pool #ZT1704 4.50% 1/1/2049 <sup>(e)</sup>  | 946 | 923 |
| Freddie Mac Pool #RA3384 3.00% 8/1/2050 <sup>(e)</sup>  | 12 | 11 |
| Freddie Mac Pool #RA3506 3.00% 9/1/2050 <sup>(e)</sup>  | 136 | 119 |
| Freddie Mac Pool #RA5901 3.00% 9/1/2051 <sup>(e)</sup>  | 64 | 56 |
| Freddie Mac Pool #RA6347 3.00% 11/1/2051 <sup>(e)</sup>  | 129 | 113 |
| Freddie Mac Pool #SD2629 2.50% 1/1/2052 <sup>(e)</sup>  | 48 | 40 |
| Freddie Mac Pool #QD3812 3.00% 1/1/2052 <sup>(e)</sup>  | 102 | 89 |
| Freddie Mac Pool #RA6973 2.00% 3/1/2052 <sup>(e)</sup>  | 243 | 193 |
| Freddie Mac Pool #SD1156 3.00% 4/1/2052 <sup>(e)</sup>  | 110 | 95 |
| Freddie Mac Pool #SD8213 3.00% 5/1/2052 <sup>(e)</sup>  | 796 | 691 |
| Freddie Mac Pool #SD8220 3.00% 6/1/2052 <sup>(e)</sup>  | 455 | 394 |
| Freddie Mac Pool #QE4383 4.00% 6/1/2052 <sup>(e)</sup>  | 313 | 292 |
| Freddie Mac Pool #RA7556 4.50% 6/1/2052 <sup>(e)</sup>  | 753 | 722 |
| Freddie Mac Pool #SD8225 3.00% 7/1/2052 <sup>(e)</sup>  | 146 | 127 |
| Freddie Mac Pool #SD1406 2.00% 8/1/2052 <sup>(e)</sup>  | 44 | 35 |
| Freddie Mac Pool #SD8242 3.00% 9/1/2052 <sup>(e)</sup>  | 111 | 96 |
| Freddie Mac Pool #SD1584 4.50% 9/1/2052 <sup>(e)</sup>  | 165 | 160 |
| Freddie Mac Pool #QE9222 5.00% 9/1/2052 <sup>(e)</sup>  | 586 | 577 |
| Freddie Mac Pool #QF0924 5.50% 9/1/2052 <sup>(e)</sup>  | 287 | 288 |
| Freddie Mac Pool #QF2223 4.00% 10/1/2052 <sup>(e)</sup>  | 26 | 24 |
| Freddie Mac Pool #SD5845 3.50% 11/1/2052 <sup>(e)</sup>  | 2430 | 2191 |
| Freddie Mac Pool #SD2948 5.50% 11/1/2052 <sup>(e)</sup>  | 103 | 103 |
| Freddie Mac Pool #SD2602 3.00% 12/1/2052 <sup>(e)</sup>  | 23 | 20 |
| Freddie Mac Pool #SD4116 4.50% 12/1/2052 <sup>(e)</sup>  | 437 | 419 |
| Freddie Mac Pool #SD8286 4.00% 1/1/2053 <sup>(e)</sup>  | 754 | 703 |
| Freddie Mac Pool #SD2716 5.00% 4/1/2053 <sup>(e)</sup>  | 93 | 92 |
| Freddie Mac Pool #SD8316 5.50% 4/1/2053 <sup>(e)</sup>  | 517 | 518 |
| Freddie Mac Pool #SD8324 5.50% 5/1/2053 <sup>(e)</sup>  | 391 | 392 |
| Freddie Mac Pool #SD8329 5.00% 6/1/2053 <sup>(e)</sup>  | 31 | 31 |
| Freddie Mac Pool #SD8331 5.50% 6/1/2053 <sup>(e)</sup>  | 979 | 981 |
| Freddie Mac Pool #SD3175 6.00% 6/1/2053 <sup>(e)</sup>  | 79 | 80 |
| Freddie Mac Pool #RA9294 6.50% 6/1/2053 <sup>(e)</sup>  | 15 | 16 |
| Freddie Mac Pool #RA9288 6.50% 6/1/2053 <sup>(e)</sup>  | 12 | 13 |
| Freddie Mac Pool #RA9289 6.50% 6/1/2053 <sup>(e)</sup>  | 12 | 13 |
| Freddie Mac Pool #RA9292 6.50% 6/1/2053 <sup>(e)</sup>  | 13 | 13 |
| Freddie Mac Pool #RA9287 6.50% 6/1/2053 <sup>(e)</sup>  | 8 | 9 |
| Freddie Mac Pool #RA9290 6.50% 6/1/2053 <sup>(e)</sup>  | 6 | 6 |
| Freddie Mac Pool #RA9291 6.50% 6/1/2053 <sup>(e)</sup>  | 4 | 4 |
| Freddie Mac Pool #RA9295 6.50% 6/1/2053 <sup>(e)</sup>  | 3 | 3 |
| Freddie Mac Pool #SD8342 5.50% 7/1/2053 <sup>(e)</sup>  | 32 | 32 |
| Freddie Mac Pool #SD3432 6.00% 7/1/2053 <sup>(e)</sup>  | 18 | 19 |
| Freddie Mac Pool #SD8362 5.50% 9/1/2053 <sup>(e)</sup>  | 17 | 17 |
| Freddie Mac Pool #SD8367 5.50% 10/1/2053 <sup>(e)</sup>  | 214 | 215 |
| Freddie Mac Pool #SD4977 5.00% 11/1/2053 <sup>(e)</sup>  | 850 | 835 |
| Freddie Mac Pool #SD8372 5.50% 11/1/2053 <sup>(e)</sup>  | 45 | 45 |
| Freddie Mac Pool #RJ0326 6.50% 11/1/2053 <sup>(e)</sup>  | 9 | 10 |
| Freddie Mac Pool #SD8392 4.00% 12/1/2053 <sup>(e)</sup>  | 53 | 49 |
| Freddie Mac Pool #SD8386 7.00% 12/1/2053 <sup>(e)</sup>  | 243 | 256 |
| Freddie Mac Pool #SD4693 6.50% 1/1/2054 <sup>(e)</sup>  | 8 | 8 |
| Freddie Mac Pool #SD8401 5.50% 2/1/2054 <sup>(e)</sup>  | 17 | 17 |
| Freddie Mac Pool #SD8402 6.00% 2/1/2054 <sup>(e)</sup>  | 1190 | 1211 |
| Freddie Mac Pool #SD8408 5.50% 3/1/2054 <sup>(e)</sup>  | 874 | 875 |
| Freddie Mac Pool #RJ1216 5.50% 4/1/2054 <sup>(e)</sup>  | 18 | 18 |
| Freddie Mac Pool #RJ1215 5.50% 4/1/2054 <sup>(e)</sup>  | 9 | 9 |
| Freddie Mac Pool #SD5303 6.00% 4/1/2054 <sup>(e)</sup>  | 450 | 461 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **75** | American Funds Insurance Series |

---

------

Capital Income Builder (continued)

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount<br> (000)<br>| Value<br> (000)<br>|
| **Mortgage-backed obligations (continued)** | **Mortgage-backed obligations (continued)** | **Mortgage-backed obligations (continued)** |
| **Federal agency mortgage-backed obligations (continued)** |  |  |
| Freddie Mac Pool #QI3333 6.00% 4/1/2054 <sup>(e)</sup>  | USD9 | $10 |
| Freddie Mac Pool #RJ1512 5.50% 5/1/2054 <sup>(e)</sup>  | 270 | 272 |
| Freddie Mac Pool #SD8432 6.00% 5/1/2054 <sup>(e)</sup>  | 53 | 53 |
| Freddie Mac Pool #SD5692 6.00% 5/1/2054 <sup>(e)</sup>  | 17 | 17 |
| Freddie Mac Pool #QI5199 6.50% 5/1/2054 <sup>(e)</sup>  | 25 | 26 |
| Freddie Mac Pool #QI7522 5.50% 6/1/2054 <sup>(e)</sup>  | 116 | 116 |
| Freddie Mac Pool #RJ1768 5.50% 6/1/2054 <sup>(e)</sup>  | 24 | 24 |
| Freddie Mac Pool #SD8439 6.00% 6/1/2054 <sup>(e)</sup>  | 1 | 1 |
| Freddie Mac Pool #QI8872 5.50% 7/1/2054 <sup>(e)</sup>  | 76 | 77 |
| Freddie Mac Pool #SD8446 5.50% 7/1/2054 <sup>(e)</sup>  | 64 | 64 |
| Freddie Mac Pool #SD8447 6.00% 7/1/2054 <sup>(e)</sup>  | 358 | 365 |
| Freddie Mac Pool #RJ1964 6.00% 7/1/2054 <sup>(e)</sup>  | 291 | 300 |
| Freddie Mac Pool #RJ1975 6.00% 7/1/2054 <sup>(e)</sup>  | 252 | 256 |
| Freddie Mac Pool #QI8874 6.00% 7/1/2054 <sup>(e)</sup>  | 76 | 77 |
| Freddie Mac Pool #SD5813 6.00% 7/1/2054 <sup>(e)</sup>  | 18 | 19 |
| Freddie Mac Pool #SD5896 6.00% 7/1/2054 <sup>(e)</sup>  | 16 | 16 |
| Freddie Mac Pool #SD8454 6.00% 8/1/2054 <sup>(e)</sup>  | 176 | 179 |
| Freddie Mac Pool #RJ2216 6.00% 8/1/2054 <sup>(e)</sup>  | 18 | 18 |
| Freddie Mac Pool #SD6029 6.00% 8/1/2054 <sup>(e)</sup>  | 9 | 10 |
| Freddie Mac Pool #RJ2210 6.00% 8/1/2054 <sup>(e)</sup>  | 5 | 5 |
| Freddie Mac Pool #RJ2314 6.00% 9/1/2054 <sup>(e)</sup>  | 38 | 39 |
| Freddie Mac Pool #RJ2306 6.00% 9/1/2054 <sup>(e)</sup>  | 19 | 20 |
| Freddie Mac Pool #RJ2308 6.00% 9/1/2054 <sup>(e)</sup>  | 18 | 19 |
| Freddie Mac Pool #RJ2312 6.00% 9/1/2054 <sup>(e)</sup>  | 19 | 19 |
| Freddie Mac Pool #RJ2309 6.00% 9/1/2054 <sup>(e)</sup>  | 9 | 9 |
| Freddie Mac Pool #RJ2851 4.50% 11/1/2054 <sup>(e)</sup>  | 82 | 79 |
| Freddie Mac Pool #RJ2860 5.00% 11/1/2054 <sup>(e)</sup>  | 53 | 52 |
| Freddie Mac Pool #RJ2917 5.50% 11/1/2054 <sup>(e)</sup>  | 63 | 63 |
| Freddie Mac Pool #RJ2922 6.00% 11/1/2054 <sup>(e)</sup>  | 18 | 18 |
| Freddie Mac Pool #SD8489 4.50% 12/1/2054 <sup>(e)</sup>  | 568 | 543 |
| Freddie Mac Pool #QX1414 5.50% 12/1/2054 <sup>(e)</sup>  | 339 | 339 |
| Freddie Mac Pool #RJ3264 4.50% 2/1/2055 <sup>(e)</sup>  | 37 | 35 |
| Freddie Mac Pool #SL0797 6.00% 2/1/2055 <sup>(e)</sup>  | 171 | 175 |
| Freddie Mac Pool #SD8507 6.00% 2/1/2055 <sup>(e)</sup>  | 84 | 85 |
| Freddie Mac Pool #SD8515 5.50% 3/1/2055 <sup>(e)</sup>  | 8 | 8 |
| Freddie Mac Pool #SD8516 6.00% 3/1/2055 <sup>(e)</sup>  | 12 | 13 |
| Freddie Mac Pool #SD8517 6.50% 3/1/2055 <sup>(e)</sup>  | 3033 | 3134 |
| Freddie Mac Pool #SL1094 5.00% 4/1/2055 <sup>(e)</sup>  | 12 | 12 |
| Freddie Mac Pool #SD8525 6.00% 4/1/2055 <sup>(e)</sup>  | 350 | 356 |
| Freddie Mac Pool #SD8532 5.00% 5/1/2055 <sup>(e)</sup>  | 20 | 19 |
| Freddie Mac Pool #SD8534 6.00% 5/1/2055 <sup>(e)</sup>  | 92 | 93 |
| Freddie Mac Pool #RQ0012 5.00% 6/1/2055 <sup>(e)</sup>  | 15 | 15 |
| Freddie Mac Pool #RQ0013 5.50% 6/1/2055 <sup>(e)</sup>  | 1 | 1 |
| Freddie Mac Pool #RQ0028 6.00% 7/1/2055 <sup>(e)</sup>  | 79 | 80 |
| Freddie Mac, Series K156, Class A2, Multi Family, 4.43% 2/25/2033 <sup>(e)(f)</sup>  | 160 | 160 |
| Freddie Mac Seasoned Credit Risk Transfer Trust, Series 2017-1, Class HA, 3.00% 1/25/2056 <sup>(e)(f)</sup>  | 89 | 84 |
| Freddie Mac Seasoned Credit Risk Transfer Trust, Series 2017-2, Class MA, 3.00% 8/25/2056 <sup>(e)</sup>  | 187 | 174 |
| Freddie Mac Seasoned Credit Risk Transfer Trust, Series 2017-2, Class HA, 3.00% 8/25/2056 <sup>(e)(f)</sup>  | 180 | 169 |
| Freddie Mac Seasoned Credit Risk Transfer Trust, Series 2017-4, Class HT, 3.25% 6/25/2057 <sup>(e)(f)</sup>  | 81 | 73 |
| Freddie Mac Seasoned Credit Risk Transfer Trust, Series 2017-4, Class MT, 3.50% 6/25/2057 <sup>(e)</sup>  | 68 | 61 |
| Freddie Mac Seasoned Credit Risk Transfer Trust, Series 2018-3, Class MA, 3.50% 8/25/2057 <sup>(e)</sup>  | 13 | 13 |
| Freddie Mac Seasoned Credit Risk Transfer Trust, Series 2019-1, Class MT, 3.50% 7/25/2058 <sup>(e)</sup>  | 837 | 749 |
| Freddie Mac Seasoned Credit Risk Transfer Trust, Series 2019-1, Class MA, 3.50% 7/25/2058 <sup>(e)</sup>  | 289 | 278 |
| Freddie Mac Seasoned Credit Risk Transfer Trust, Series 2019-2, Class MA, 3.50% 8/25/2058 <sup>(e)</sup>  | 457 | 437 |
| Freddie Mac Seasoned Credit Risk Transfer Trust, Series 2019-3, Class MA, 3.50% 10/25/2058 <sup>(e)</sup>  | 12 | 12 |
| Freddie Mac Seasoned Credit Risk Transfer Trust, Series 2019-3, Class MT, 3.50% 10/25/2058 <sup>(e)</sup>  | 8 | 7 |
| Freddie Mac Seasoned Loan Structured Transaction Trust, Series 2018-2, Class A1, 3.50% 11/25/2028 <sup>(e)</sup>  | 688 | 669 |
| Freddie Mac Seasoned Loan Structured Transaction Trust, Series 2019-2, Class A1C, 2.75% 9/25/2029 <sup>(e)</sup>  | 995 | 946 |
| Government National Mortgage Assn. 5.50% 7/1/2055 <sup>(e)(g)</sup>  | 609 | 610 |
| Government National Mortgage Assn. Pool #MA5764 4.50% 2/20/2049 <sup>(e)</sup>  | 160 | 156 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| American Funds Insurance Series | **76** |

---

------

Capital Income Builder (continued)

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount<br> (000)<br>| Value<br> (000)<br>|
| **Mortgage-backed obligations (continued)** | **Mortgage-backed obligations (continued)** | **Mortgage-backed obligations (continued)** |
| **Federal agency mortgage-backed obligations (continued)** |  |  |
| Government National Mortgage Assn. Pool #MA8267 4.00% 9/20/2052 <sup>(e)</sup>  | USD2,792 | $2611 |
| Government National Mortgage Assn. Pool #MA8346 4.00% 10/20/2052 <sup>(e)</sup>  | 59 | 55 |
| Government National Mortgage Assn. Pool #MA8723 4.00% 3/20/2053 <sup>(e)</sup>  | 208 | 194 |
| Government National Mortgage Assn. Pool #MA8947 5.00% 6/20/2053 <sup>(e)</sup>  | 380 | 375 |
| Government National Mortgage Assn. Pool #MA9016 5.00% 7/20/2053 <sup>(e)</sup>  | 1022 | 1007 |
| Government National Mortgage Assn. Pool #MA9776 4.00% 7/20/2054 <sup>(e)</sup>  | 25 | 23 |
| Government National Mortgage Assn. Pool #694836 5.683% 9/20/2059 <sup>(e)</sup>  | — <br><sup>(c)</sup><br>| — <br><sup>(c)</sup><br>|
| Government National Mortgage Assn. Pool #725893 5.20% 9/20/2064 <sup>(e)</sup>  | — <br><sup>(c)</sup><br>| — <br><sup>(c)</sup><br>|
| Uniform Mortgage-Backed Security 2.50% 7/1/2055 <sup>(e)(g)</sup>  | 1951 | 1618 |
| Uniform Mortgage-Backed Security 3.50% 7/1/2055 <sup>(e)(g)</sup>  | 1431 | 1289 |
| Uniform Mortgage-Backed Security 4.00% 7/1/2055 <sup>(e)(g)</sup>  | 88 | 82 |
| Uniform Mortgage-Backed Security 4.50% 7/1/2055 <sup>(e)(g)</sup>  | 164 | 157 |
| Uniform Mortgage-Backed Security 5.00% 7/1/2055 <sup>(e)(g)</sup>  | 162 | 159 |
| Uniform Mortgage-Backed Security 5.50% 7/1/2055 <sup>(e)(g)</sup>  | 191 | 191 |
| Uniform Mortgage-Backed Security 6.00% 7/1/2055 <sup>(e)(g)</sup>  | 1703 | 1731 |
| Uniform Mortgage-Backed Security 7.00% 7/1/2055 <sup>(e)(g)</sup>  | 3754 | 3953 |
| Uniform Mortgage-Backed Security 2.00% 8/1/2055 <sup>(e)(g)</sup>  | 51 | 40 |
| Uniform Mortgage-Backed Security 3.00% 8/1/2055 <sup>(e)(g)</sup>  | 872 | 754 |
| Uniform Mortgage-Backed Security 4.00% 8/1/2055 <sup>(e)(g)</sup>  | 187 | 174 |
| Uniform Mortgage-Backed Security 6.00% 8/1/2055 <sup>(e)(g)</sup>  | 156 | 158 |
| Uniform Mortgage-Backed Security 6.50% 8/1/2055 <sup>(e)(g)</sup>  | 154 | 159 |
| Uniform Mortgage-Backed Security 7.00% 8/1/2055 <sup>(e)(g)</sup>  | 243 | 255 |
|  |  | 72469 |
| **Commercial mortgage-backed securities 0.47%** |  |  |
| Atrium Hotel Portfolio Trust, Series 2024-ATRM, Class A, 5.409% 11/10/2029 <sup>(e)(f)(h)</sup>  | 296 | 302 |
| Benchmark Mortgage Trust, Series 2024-V5, Class AM, 6.417% 1/10/2057 <sup>(e)</sup>  | 41 | 43 |
| BMO Mortgage Trust, Series 2024-5C5, Class AS, 6.364% 2/15/2057 <sup>(e)(f)</sup>  | 122 | 128 |
| BX Trust, Series 2022-CSMO, Class A, (1-month USD CME Term SOFR + 2.115%) 6.427% 6/15/2027 <sup>(e)(f)(h)</sup>  | 332 | 334 |
| BX Trust, Series 2024-KING, Class A, (1-month USD CME Term SOFR + 1.541%) 5.853% 5/15/2034 <sup>(e)(f)(h)</sup>  | 105 | 106 |
| BX Trust, Series 2021-VOLT, Class A, (1-month USD CME Term SOFR + 0.814%) 5.126% 9/15/2036 <sup>(e)(f)(h)</sup>  | 628 | 626 |
| BX Trust, Series 2021-ARIA, Class C, (1-month USD CME Term SOFR + 1.76%) 6.072% 10/15/2036 <sup>(e)(f)(h)</sup>  | 100 | 100 |
| BX Trust, Series 2022-IND, Class A, (1-month USD CME Term SOFR + 1.491%) 5.803% 4/15/2037 <sup>(e)(f)(h)</sup>  | 97 | 97 |
| BX Trust, Series 2021-SOAR, Class A, (1-month USD CME Term SOFR + 0.784%) 5.096% 6/15/2038 <sup>(e)(f)(h)</sup>  | 152 | 152 |
| BX Trust, Series 2021-SOAR, Class D, (1-month USD CME Term SOFR + 1.514%) 5.826% 6/15/2038 <sup>(e)(f)(h)</sup>  | 88 | 88 |
| BX Trust, Series 2021-ACNT, Class C, (1-month USD CME Term SOFR + 1.614%) 5.926% 11/15/2038 <sup>(e)(f)(h)</sup>  | 86 | 86 |
| BX Trust, Series 2024-AIRC, Class A, (1-month USD CME Term SOFR + 1.691%) 6.003% 8/15/2039 <sup>(e)(f)(h)</sup>  | 176 | 177 |
| BX Trust, Series 2022-PSB, Class A, (1-month USD CME Term SOFR + 2.451%) 6.763% 8/15/2039 <sup>(e)(f)(h)</sup>  | 39 | 39 |
| BX Trust, Series 2024-BIO2, Class A, 5.594% 8/13/2041 <sup>(e)(f)(h)</sup>  | 590 | 599 |
| CALI Mortgage Trust, Series 24-SUN, Class A, (1-month USD CME Term SOFR + 1.89%) 6.203% <br> 7/15/2041 <sup>(e)(f)(h)</sup>  | 100 | 100 |
| CART, Series 2024-DFW1, Class A, (1-month USD CME Term SOFR + 1.642%) 5.984% 8/15/2041 <sup>(e)(f)(h)</sup>  | 120 | 120 |
| Citigroup Commercial Mortgage Trust, Series 2023-SMRT, Class A, 6.015% 10/12/2040 <sup>(e)(f)(h)</sup>  | 237 | 245 |
| DATA 2023-CNTR Mortgage Trust, Series 2023-CNTR, Class A, 5.919% 8/12/2043 <sup>(e)(f)(h)</sup>  | 574 | 582 |
| ELM Trust 2024, Series 2024-ELM, Class B10, 6.195% 6/10/2039 <sup>(e)(f)(h)</sup>  | 213 | 215 |
| ELM Trust 2024, Series 2024-ELM, Class B15, 6.195% 6/10/2039 <sup>(e)(f)(h)</sup>  | 191 | 192 |
| ELM Trust 2024, Series 2024-ELM, Class C15, 6.396% 6/10/2039 <sup>(e)(f)(h)</sup>  | 133 | 134 |
| ELM Trust 2024, Series 2024-ELM, Class C10, 6.396% 6/10/2039 <sup>(e)(f)(h)</sup>  | 120 | 121 |
| ELM Trust 2024, Series 2024-ELM, Class D10, 6.847% 6/10/2039 <sup>(e)(f)(h)</sup>  | 100 | 100 |
| ELM Trust 2024, Series 2024-ELM, Class D15, 6.897% 6/10/2039 <sup>(e)(f)(h)</sup>  | 100 | 100 |
| FIVE Mortgage Trust, Series 2023-V1, Class A3, 5.668% 2/10/2056 <sup>(e)</sup>  | 73 | 75 |
| GS Mortgage Securities Trust, Series 2024-70P, Class A, 5.487% 3/10/2041 <sup>(e)(f)(h)</sup>  | 592 | 596 |
| Houston Galleria Mall Trust, Series 2025-HGLR, Class A, 5.644% 2/5/2045 <sup>(e)(f)(h)</sup>  | 329 | 338 |
| HTL Commercial Mortgage Trust, Series 2024-T53, Class A, 5.875% 5/10/2039 <sup>(e)(f)(h)</sup>  | 100 | 101 |
| HTL Commercial Mortgage Trust, Series 2024-T53, Class B, 6.555% 5/10/2039 <sup>(e)(f)(h)</sup>  | 243 | 245 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **77** | American Funds Insurance Series |

---

------

Capital Income Builder (continued)

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount<br> (000)<br>| Value<br> (000)<br>|
| **Mortgage-backed obligations (continued)** | **Mortgage-backed obligations (continued)** | **Mortgage-backed obligations (continued)** |
| **Commercial mortgage-backed securities (continued)** |  |  |
| Hudson Yards Mortgage Trust, Series 2025-SPRL, Class A, 5.649% 1/13/2040 <sup>(e)(f)(h)</sup>  | USD541 | $558 |
| Multifamily Connecticut Avenue Securities, Series 2024-01, Class M7, (30-day Average USD-SOFR + 2.75%) <br> 7.055% 7/25/2054 <sup>(e)(f)(h)</sup>  | 110 | 111 |
| SWCH Commercial Mortgage Trust, Series 2025-DATA, Class D, (1-month USD CME Term SOFR + 2.591%) <br> 6.953% 3/15/2042 <sup>(e)(f)(h)</sup>  | 597 | 592 |
|  |  | 7402 |
| **Collateralized mortgage-backed obligations (privately originated) 0.47%** |  |  |
| Arroyo Mortgage Trust, Series 2021-1R, Class A1, 1.175% 10/25/2048 <sup>(e)(f)(h)</sup>  | 86 | 78 |
| Atlas SP, Series 2024-RPL1, Class A1, 3.85% 4/25/2064 (4.85% on 8/1/2028) <sup>(e)(h)(i)</sup>  | 514 | 498 |
| BINOM Securitization Trust, Series 2022-RPL1, Class A1, 3.00% 2/25/2061 <sup>(e)(f)(h)</sup>  | 60 | 56 |
| Cascade Funding Mortgage Trust, Series 2024-HB15, Class A, 4.00% 8/25/2034 <sup>(e)(f)(h)</sup>  | 175 | 173 |
| Cascade Funding Mortgage Trust, Series 2024-RM5, Class A, 4.00% 10/25/2054 <sup>(e)(f)(h)</sup>  | 398 | 390 |
| CIM Trust, Series 2022-R2, Class A1, 3.75% 12/25/2061 <sup>(e)(f)(h)</sup>  | 139 | 133 |
| Citigroup Mortgage Loan Trust, Series 2020-EXP1, Class A1A, 1.804% 5/25/2060 <sup>(e)(f)(h)</sup>  | 6 | 6 |
| Connecticut Avenue Securities Trust, Series 2023-R01, Class 1M1, (30-day Average USD-SOFR + 2.40%) <br> 6.705% 12/25/2042 <sup>(e)(f)(h)</sup>  | 28 | 29 |
| Connecticut Avenue Securities Trust, Series 2023-R05, Class 1M1, (30-day Average USD-SOFR + 1.90%) <br> 6.205% 6/25/2043 <sup>(e)(f)(h)</sup>  | 244 | 246 |
| Connecticut Avenue Securities Trust, Series 2023-R06, Class 1M1, (30-day Average USD-SOFR + 1.70%) <br> 6.005% 7/25/2043 <sup>(e)(f)(h)</sup>  | 82 | 82 |
| Connecticut Avenue Securities Trust, Series 2024-R04, Class 1M1, (30-day Average USD-SOFR + 1.10%) <br> 5.405% 5/25/2044 <sup>(e)(f)(h)</sup>  | 66 | 66 |
| Connecticut Avenue Securities Trust, Series 2024-R06, Class 1M2, (30-day Average USD-SOFR + 1.60%) <br> 5.905% 9/25/2044 <sup>(e)(f)(h)</sup>  | 87 | 87 |
| Freddie Mac Structured Agency Credit Risk Debt Notes, Series 2022-DNA6, Class M1A, (30-day Average <br> USD-SOFR + 2.15%) 6.455% 9/25/2042 <sup>(e)(f)(h)</sup>  | 11 | 12 |
| Freddie Mac Structured Agency Credit Risk Debt Notes, Series 2022-DNA6, Class M1B, (30-day Average <br> USD-SOFR + 3.70%) 8.005% 9/25/2042 <sup>(e)(f)(h)</sup>  | 64 | 67 |
| Freddie Mac Structured Agency Credit Risk Debt Notes, Series 2024-DNA2, Class M1, (30-day Average <br> USD-SOFR + 1.20%) 5.505% 5/25/2044 <sup>(e)(f)(h)</sup>  | 208 | 209 |
| Freddie Mac Structured Agency Credit Risk Debt Notes, Series 2024-DNA3, Class M2, (30-day Average <br> USD-SOFR + 1.45%) 5.755% 10/25/2044 <sup>(e)(f)(h)</sup>  | 90 | 90 |
| Freddie Mac Structured Agency Credit Risk Debt Notes, Series 2020-DNA1, Class M2, <br> (30-day Average USD-SOFR + 1.814%) 6.12% 1/25/2050 <sup>(e)(f)(h)</sup>  | 7 | 7 |
| GCAT Trust, Series 2024-NQM2, Class A1, 6.085% 6/25/2059 (7.359% on 5/1/2028) <sup>(e)(h)(i)</sup>  | 97 | 98 |
| Home Partners of America Trust, Series 2022-1, Class A, 3.93% 4/17/2039 <sup>(e)(h)</sup>  | 59 | 58 |
| HOMES Trust, Series 2024-NQM1, Class A1, 5.915% 7/25/2069 (6.915% on 7/1/2028) <sup>(e)(h)(i)</sup>  | 765 | 770 |
| Legacy Mortgage Asset Trust, Series 2021-GS2, Class A1, 5.75% 4/25/2061 <sup>(e)(h)</sup>  | 57 | 57 |
| Legacy Mortgage Asset Trust, Series 2021-GS5, Class A1, 2.25% 7/25/2067 (6.25% on 11/25/2025) <sup>(e)(h)(i)</sup>  | 96 | 96 |
| MFRA Trust, Series 2024-NQM2, Class A1, 5.272% 8/25/2069 (6.272% on 8/1/2028) <sup>(e)(h)(i)</sup>  | 516 | 514 |
| Morgan Stanley Residential Mortgage Loan Trust, Series 2024-NQM2, Class A1, 6.386% 5/25/2069 (7.386% <br> on 5/1/2028) <sup>(e)(h)(i)</sup>  | 119 | 120 |
| Onslow Bay Financial Mortgage Loan Trust, Series 2024-HYB1, Class A1, 3.645% 3/25/2053 <sup>(e)(f)(h)</sup>  | 152 | 150 |
| Onslow Bay Financial, LLC, Series 2024-NQM7, Class A1, 6.243% 3/25/2064 (7.243% on 4/1/2028) <sup>(e)(h)(i)</sup>  | 172 | 174 |
| Onslow Bay Financial, LLC, Series 2024-NQM8, Class A1, 6.233% 5/25/2064 (7.233% on 5/1/2028) <sup>(e)(h)(i)</sup>  | 387 | 391 |
| Onslow Bay Financial, LLC, Series 2024-NQM11, Class A1, 5.875% 6/25/2064 (6.825% on 7/1/2028) <sup>(e)(h)(i)</sup>  | 969 | 975 |
| Progress Residential Trust, Series 2024-SFR5, Class B, 3.25% 8/9/2029 <sup>(e)(h)</sup>  | 554 | 520 |
| Progress Residential Trust, Series 2022-SFR3, Class A, 3.20% 4/17/2039 <sup>(e)(h)</sup>  | 96 | 93 |
| Starwood Mortgage Residential Trust, Series 2024-SFR4, Class A, (1-month USD CME Term SOFR + 1.75%) <br> 6.062% 10/17/2041 <sup>(e)(f)(h)</sup>  | 140 | 141 |
| Towd Point Mortgage Trust, Series 2017-6, Class A1, 2.75% 10/25/2057 <sup>(e)(f)(h)</sup>  | 18 | 17 |
| Towd Point Mortgage Trust, Series 2018-2, Class A1, 3.25% 3/25/2058 <sup>(e)(f)(h)</sup>  | 16 | 16 |
| Towd Point Mortgage Trust, Series 2018-5, Class A1A, 3.25% 7/25/2058 <sup>(e)(f)(h)</sup>  | 9 | 9 |
| Towd Point Mortgage Trust, Series 2020-4, Class A1, 1.75% 10/25/2060 <sup>(e)(h)</sup>  | 329 | 299 |
| Treehouse Park Improvement Association No.1 9.75% 12/1/2033 <sup>(b)(h)</sup>  | 100 | 100 |
| Tricon Residential Trust, Series 2021-SFR1, Class A, 1.943% 7/17/2038 <sup>(e)(h)</sup>  | 195 | 190 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| American Funds Insurance Series | **78** |

---

------

Capital Income Builder (continued)

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount<br> (000)<br>| Value<br> (000)<br>|
| **Mortgage-backed obligations (continued)** | **Mortgage-backed obligations (continued)** | **Mortgage-backed obligations (continued)** |
| **Collateralized mortgage-backed obligations (privately originated) (continued)** |  |  |
| Tricon Residential Trust, Series 2024-SFR2, Class A, 4.75% 6/17/2040 <sup>(e)(h)</sup>  | USD167 | $167 |
| Verus Securitization Trust, Series 2024-4, Class A1, 6.218% 6/25/2069 (7.218% on 5/1/2028) <sup>(e)(h)(i)</sup>  | 77 | 78 |
| Verus Securitization Trust, Series 2024-8, Class A1, 5.364% 10/25/2069 <sup>(e)(f)(h)</sup>  | 98 | 98 |
|  |  | 7360 |
| **Total mortgage-backed obligations** |  | 87231 |
| **U.S. Treasury bonds & notes 4.93%** | **U.S. Treasury bonds & notes 4.93%** | **U.S. Treasury bonds & notes 4.93%** |
| **U.S. Treasury 4.93%** |  |  |
| U.S. Treasury 4.00% 2/15/2026  | 2369 | 2367 |
| U.S. Treasury 0.75% 3/31/2026  | 1 | 1 |
| U.S. Treasury 0.75% 5/31/2026  | 3850 | 3737 |
| U.S. Treasury 1.875% 6/30/2026  | 3855 | 3775 |
| U.S. Treasury 1.125% 10/31/2026  | 995 | 960 |
| U.S. Treasury 2.00% 11/15/2026 <sup>(j)</sup>  | 2800 | 2731 |
| U.S. Treasury 4.625% 11/15/2026  | 1200 | 1212 |
| U.S. Treasury 4.00% 1/15/2027 <sup>(j)</sup>  | 6541 | 6557 |
| U.S. Treasury 0.50% 4/30/2027  | 2375 | 2240 |
| U.S. Treasury 2.625% 5/31/2027  | 80 | 78 |
| U.S. Treasury 3.875% 5/31/2027  | 3009 | 3016 |
| U.S. Treasury 3.75% 6/30/2027  | 11364 | 11371 |
| U.S. Treasury 4.00% 2/29/2028  | 745 | 751 |
| U.S. Treasury 1.25% 3/31/2028  | 1350 | 1264 |
| U.S. Treasury 3.625% 3/31/2028  | 4 | 4 |
| U.S. Treasury 3.875% 6/15/2028  | 7447 | 7486 |
| U.S. Treasury 4.00% 7/31/2029  | 25 | 25 |
| U.S. Treasury 6.25% 5/15/2030  | 345 | 382 |
| U.S. Treasury 4.00% 5/31/2030  | 917 | 955 |
| U.S. Treasury 3.875% 6/30/2030  | 10178 | 10217 |
| U.S. Treasury 4.00% 6/30/2032  | 7532 | 7536 |
| U.S. Treasury 4.125% 11/15/2032  | 9 | 9 |
| U.S. Treasury 4.375% 5/15/2034  | 18 | 18 |
| U.S. Treasury 4.25% 5/15/2035  | 3046 | 3050 |
| U.S. Treasury 4.50% 8/15/2039  | 1045 | 1041 |
| U.S. Treasury 4.75% 2/15/2041  | 1730 | 1753 |
| U.S. Treasury 2.00% 11/15/2041 <sup>(j)</sup>  | 300 | 206 |
| U.S. Treasury 5.00% 5/15/2045  | 585 | 601 |
| U.S. Treasury 2.375% 5/15/2051 <sup>(j)</sup>  | 196 | 125 |
| U.S. Treasury 4.00% 11/15/2052  | 152 | 133 |
| U.S. Treasury 4.625% 2/15/2055 <sup>(j)</sup>  | 3276 | 3189 |
| U.S. Treasury 4.75% 5/15/2055  | 310 | 308 |
| **Total U.S. Treasury bonds & notes** |  | 77098 |
| **Corporate bonds, notes & loans 2.47%** | **Corporate bonds, notes & loans 2.47%** | **Corporate bonds, notes & loans 2.47%** |
| **Financials 0.47%** |  |  |
| Aero Capital Solutions, Inc., Term Loan, (1-month USD CME Term SOFR + 3.00%) <br> 7.61% 11/17/2029 <sup>(b)(f)(h)(k)</sup>  | 264 | 262 |
| American Express Co. 4.90% 2/13/2026  | 28 | 28 |
| American Express Co. 5.085% 1/30/2031 (USD-SOFR + 1.02% on 1/30/2030) <sup>(i)</sup>  | 50 | 51 |
| American Express Co. 5.442% 1/30/2036 (USD-SOFR + 1.32% on 1/30/2035) <sup>(i)</sup>  | 28 | 29 |
| American International Group, Inc. 4.85% 5/7/2030  | 99 | 101 |
| American International Group, Inc. 5.125% 3/27/2033  | 17 | 17 |
| Aon Corp. 5.35% 2/28/2033  | 21 | 22 |
| Arthur J. Gallagher & Co. 4.85% 12/15/2029  | 125 | 127 |
| Arthur J. Gallagher & Co. 5.00% 2/15/2032  | 50 | 51 |
| Bank of America Corp. 2.884% 10/22/2030 (3-month USD CME Term SOFR + 1.19% on 10/22/2029) <sup>(i)</sup>  | 26 | 24 |
| Bank of America Corp. 5.162% 1/24/2031 (USD-SOFR + 1.00% on 1/24/2030) <sup>(i)</sup>  | 238 | 244 |
| Bank of America Corp. 5.288% 4/25/2034 (USD-SOFR + 1.91% on 4/25/2033) <sup>(i)</sup>  | 118 | 120 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **79** | American Funds Insurance Series |

---

------

Capital Income Builder (continued)

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount<br> (000)<br>| Value<br> (000)<br>|
| **Corporate bonds, notes & loans (continued)** | **Corporate bonds, notes & loans (continued)** | **Corporate bonds, notes & loans (continued)** |
| **Financials (continued)** |  |  |
| Bank of America Corp. 5.511% 1/24/2036 (USD-SOFR + 1.31% on 1/24/2035) <sup>(i)</sup>  | USD75 | $77 |
| CaixaBank, SA 5.673% 3/15/2030 (USD-SOFR + 1.78% on 3/15/2029) <sup>(h)(i)</sup>  | 400 | 414 |
| CaixaBank, SA 6.037% 6/15/2035 (USD-SOFR + 2.26% on 9/15/2034) <sup>(h)(i)</sup>  | 200 | 209 |
| Capital One Financial Corp. 6.377% 6/8/2034 (USD-SOFR + 2.86% on 6/8/2033) <sup>(i)</sup>  | 45 | 48 |
| Capital One Financial Corp. 6.051% 2/1/2035 (USD-SOFR + 2.26% on 2/1/2034) <sup>(i)</sup>  | 95 | 99 |
| Chubb INA Holdings, LLC 5.00% 3/15/2034  | 35 | 36 |
| Citigroup, Inc. 5.174% 2/13/2030 (USD-SOFR + 1.364% on 2/13/2029) <sup>(i)</sup>  | 50 | 51 |
| Citigroup, Inc. 4.542% 9/19/2030 (USD-SOFR + 1.338% on 9/19/2029) <sup>(i)</sup>  | 36 | 36 |
| Citigroup, Inc. 3.057% 1/25/2033 (USD-SOFR + 1.351% on 1/25/2032) <sup>(i)</sup>  | 35 | 31 |
| Citigroup, Inc. 6.02% 1/24/2036 (USD-SOFR + 1.83% on 1/24/2035) <sup>(i)</sup>  | 44 | 45 |
| Citigroup, Inc. 5.333% 3/27/2036 (USD-SOFR + 1.465% on 3/27/2035) <sup>(i)</sup>  | 55 | 56 |
| Citizens Financial Group, Inc. 5.841% 1/23/2030 (USD-SOFR + 2.01% on 1/23/2029) <sup>(i)</sup>  | 120 | 124 |
| Corebridge Financial, Inc. 3.85% 4/5/2029  | 180 | 176 |
| Corebridge Financial, Inc. 3.90% 4/5/2032  | 32 | 30 |
| Corebridge Financial, Inc. 4.35% 4/5/2042  | 7 | 6 |
| Danske Bank AS 4.298% 4/1/2028 (1-year UST Yield Curve Rate T Note Constant Maturity + 1.75% on <br> 4/1/2027) <sup>(h)(i)</sup>  | 200 | 199 |
| Deutsche Bank AG 6.819% 11/20/2029 (USD-SOFR + 2.51% on 11/20/2028) <sup>(i)</sup>  | 300 | 320 |
| Deutsche Bank AG 4.999% 9/11/2030 (USD-SOFR + 1.70% on 9/11/2029) <sup>(i)</sup>  | 150 | 151 |
| Fifth Third Bancorp 6.339% 7/27/2029 (USD-SOFR + 2.34% on 7/27/2028) <sup>(i)</sup>  | 5 | 5 |
| Goldman Sachs Group, Inc. 4.937% 4/23/2028 (USD-SOFR + 1.319% on 4/23/2027) <sup>(i)</sup>  | 45 | 45 |
| Goldman Sachs Group, Inc. 5.727% 4/25/2030 (USD-SOFR + 1.265% on 4/25/2029) <sup>(i)</sup>  | 60 | 63 |
| Goldman Sachs Group, Inc. 5.218% 4/23/2031 (USD-SOFR + 1.58% on 4/23/2030) <sup>(i)</sup>  | 40 | 41 |
| Goldman Sachs Group, Inc. 5.536% 1/28/2036 (USD-SOFR + 1.38% on 1/28/2035) <sup>(i)</sup>  | 197 | 202 |
| JPMorgan Chase & Co. 4.979% 7/22/2028 (USD-SOFR + 0.93% on 7/22/2027) <sup>(i)</sup>  | 65 | 66 |
| JPMorgan Chase & Co. 5.581% 4/22/2030 (USD-SOFR + 1.16% on 4/22/2029) <sup>(i)</sup>  | 50 | 52 |
| JPMorgan Chase & Co. 4.995% 7/22/2030 (USD-SOFR + 1.125% on 7/22/2029) <sup>(i)</sup>  | 198 | 202 |
| JPMorgan Chase & Co. 5.103% 4/22/2031 (USD-SOFR + 1.435% on 4/22/2030) <sup>(i)</sup>  | 52 | 53 |
| JPMorgan Chase & Co. 1.953% 2/4/2032 (USD-SOFR + 1.065% on 2/4/2031) <sup>(i)</sup>  | 20 | 17 |
| JPMorgan Chase & Co. 5.294% 7/22/2035 (USD-SOFR + 1.46% on 7/22/2034) <sup>(i)</sup>  | 328 | 334 |
| JPMorgan Chase & Co. 5.572% 4/22/2036 (USD-SOFR + 1.68% on 4/22/2035) <sup>(i)</sup>  | 162 | 168 |
| Marsh & McLennan Cos., Inc. 5.00% 3/15/2035  | 25 | 25 |
| Marsh & McLennan Cos., Inc. 5.40% 3/15/2055  | 25 | 24 |
| Mastercard, Inc. 4.875% 3/9/2028  | 31 | 32 |
| Morgan Stanley 5.652% 4/13/2028 (USD-SOFR + 1.01% on 4/13/2027) <sup>(i)</sup>  | 25 | 26 |
| Morgan Stanley 4.994% 4/12/2029 (USD-SOFR + 1.38% on 4/12/2028) <sup>(i)</sup>  | 10 | 10 |
| Morgan Stanley 5.656% 4/18/2030 (USD-SOFR + 1.26% on 4/18/2029) <sup>(i)</sup>  | 140 | 145 |
| Morgan Stanley 4.654% 10/18/2030 (USD-SOFR + 1.10% on 10/18/2029) <sup>(i)</sup>  | 488 | 489 |
| Morgan Stanley 5.424% 7/21/2034 (USD-SOFR + 1.88% on 7/21/2033) <sup>(i)</sup>  | 35 | 36 |
| Morgan Stanley 5.32% 7/19/2035 (USD-SOFR + 1.555% on 7/19/2034) <sup>(i)</sup>  | 57 | 58 |
| Morgan Stanley 5.587% 1/18/2036 (USD-SOFR + 1.418% on 1/18/2035) <sup>(i)</sup>  | 38 | 39 |
| Morgan Stanley 5.664% 4/17/2036 (USD-SOFR + 1.757% on 4/17/2035) <sup>(i)</sup>  | 92 | 95 |
| Navient Corp. 5.00% 3/15/2027  | 150 | 150 |
| New York Life Global Funding 3.00% 1/10/2028 <sup>(h)</sup>  | 150 | 146 |
| OneMain Finance Corp. 6.625% 5/15/2029  | 340 | 350 |
| PNC Financial Services Group, Inc. 5.582% 6/12/2029 (USD-SOFR + 1.841% on 6/12/2028) <sup>(i)</sup>  | 50 | 52 |
| Ryan Specialty, LLC 5.875% 8/1/2032 <sup>(h)</sup>  | 100 | 101 |
| Truist Financial Corp. 5.435% 1/24/2030 (USD-SOFR + 1.62% on 1/24/2029) <sup>(i)</sup>  | 11 | 11 |
| Truist Financial Corp. 5.153% 8/5/2032 (USD-SOFR + 1.571% on 8/5/2031) <sup>(i)</sup>  | 50 | 51 |
| Truist Financial Corp. 5.867% 6/8/2034 (USD-SOFR + 2.361% on 6/8/2033) <sup>(i)</sup>  | 10 | 10 |
| Truist Financial Corp. 5.711% 1/24/2035 (USD-SOFR + 1.922% on 1/24/2034) <sup>(i)</sup>  | 40 | 42 |
| U.S. Bancorp 5.775% 6/12/2029 (USD-SOFR + 2.02% on 6/12/2028) <sup>(i)</sup>  | 70 | 73 |
| U.S. Bancorp 5.384% 1/23/2030 (USD-SOFR + 1.56% on 1/23/2029) <sup>(i)</sup>  | 85 | 88 |
| UBS Group AG 5.617% 9/13/2030 (1-year USD-ICE SOFR Swap + 1.34% on 9/13/2029) <sup>(h)(i)</sup>  | 200 | 208 |
| UBS Group AG 4.194% 4/1/2031 (USD-SOFR + 3.73% on 4/1/2030) <sup>(h)(i)</sup>  | 374 | 366 |
| Wells Fargo & Co. 5.707% 4/22/2028 (USD-SOFR + 1.07% on 4/22/2027) <sup>(i)</sup>  | 98 | 100 |
| Wells Fargo & Co. 5.15% 4/23/2031 (USD-SOFR + 1.50% on 4/23/2030) <sup>(i)</sup>  | 55 | 56 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| American Funds Insurance Series | **80** |

---

------

Capital Income Builder (continued)

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount<br> (000)<br>| Value<br> (000)<br>|
| **Corporate bonds, notes & loans (continued)** | **Corporate bonds, notes & loans (continued)** | **Corporate bonds, notes & loans (continued)** |
| **Financials (continued)** |  |  |
| Wells Fargo & Co. 6.491% 10/23/2034 (USD-SOFR + 2.06% on 10/23/2033) <sup>(i)</sup>  | USD104 | $114 |
| Wells Fargo & Co. 5.211% 12/3/2035 (USD-SOFR + 1.38% on 12/3/2034) <sup>(i)</sup>  | 25 | 25 |
| Wells Fargo & Co. 5.605% 4/23/2036 (USD-SOFR + 1.74% on 4/23/2035) <sup>(i)</sup>  | 56 | 58 |
|  |  | 7412 |
| **Health care 0.34%** |  |  |
| AbbVie, Inc. 5.05% 3/15/2034  | 175 | 178 |
| AbbVie, Inc. 5.35% 3/15/2044  | 25 | 25 |
| AbbVie, Inc. 5.40% 3/15/2054  | 240 | 234 |
| AbbVie, Inc. 5.50% 3/15/2064  | 25 | 24 |
| Amgen, Inc. 5.507% 3/2/2026  | 30 | 30 |
| Amgen, Inc. 5.15% 3/2/2028  | 55 | 56 |
| Amgen, Inc. 4.05% 8/18/2029  | 100 | 99 |
| Amgen, Inc. 5.25% 3/2/2030  | 124 | 128 |
| Amgen, Inc. 4.20% 3/1/2033  | 133 | 128 |
| Amgen, Inc. 5.25% 3/2/2033  | 71 | 73 |
| Amgen, Inc. 5.60% 3/2/2043  | 105 | 104 |
| Amgen, Inc. 4.20% 2/22/2052  | 19 | 15 |
| Amgen, Inc. 4.875% 3/1/2053  | 25 | 22 |
| Amgen, Inc. 5.65% 3/2/2053  | 37 | 36 |
| Amgen, Inc. 5.75% 3/2/2063  | 85 | 83 |
| AstraZeneca Finance, LLC 5.00% 2/26/2034  | 50 | 51 |
| Baxter International, Inc. 3.132% 12/1/2051  | 25 | 16 |
| Bristol-Myers Squibb Co. 4.90% 2/22/2029  | 95 | 97 |
| Bristol-Myers Squibb Co. 5.10% 2/22/2031  | 260 | 269 |
| Bristol-Myers Squibb Co. 5.20% 2/22/2034  | 295 | 302 |
| Bristol-Myers Squibb Co. 5.50% 2/22/2044  | 25 | 25 |
| Bristol-Myers Squibb Co. 5.55% 2/22/2054  | 325 | 317 |
| Bristol-Myers Squibb Co. 5.65% 2/22/2064  | 100 | 97 |
| Centene Corp. 4.625% 12/15/2029  | 530 | 516 |
| Centene Corp. 2.625% 8/1/2031  | 40 | 34 |
| CVS Health Corp. 5.125% 2/21/2030  | 50 | 51 |
| CVS Health Corp. 5.25% 2/21/2033  | 23 | 23 |
| CVS Health Corp. 5.70% 6/1/2034  | 97 | 100 |
| CVS Health Corp. 6.00% 6/1/2044  | 50 | 50 |
| CVS Health Corp. 5.625% 2/21/2053  | 55 | 51 |
| CVS Health Corp. 6.05% 6/1/2054  | 50 | 49 |
| Elevance Health, Inc. 4.95% 11/1/2031  | 30 | 30 |
| Elevance Health, Inc. 5.20% 2/15/2035  | 13 | 13 |
| Gilead Sciences, Inc. 1.65% 10/1/2030  | 8 | 7 |
| HCA, Inc. 2.375% 7/15/2031  | 18 | 16 |
| Humana, Inc. 3.70% 3/23/2029  | 12 | 12 |
| Humana, Inc. 5.375% 4/15/2031  | 35 | 36 |
| Medline Borrower, LP 6.25% 4/1/2029 <sup>(h)</sup>  | 380 | 391 |
| Merck & Co., Inc. 1.70% 6/10/2027  | 118 | 113 |
| Merck & Co., Inc. 3.40% 3/7/2029  | 110 | 107 |
| Merck & Co., Inc. 4.50% 5/17/2033  | 35 | 35 |
| Merck & Co., Inc. 4.90% 5/17/2044  | 35 | 33 |
| Molina Healthcare, Inc. 3.875% 5/15/2032 <sup>(h)</sup>  | 40 | 36 |
| Pfizer Investment Enterprises Pte., Ltd. 4.65% 5/19/2030  | 10 | 10 |
| Pfizer Investment Enterprises Pte., Ltd. 4.75% 5/19/2033  | 23 | 23 |
| Pfizer Investment Enterprises Pte., Ltd. 5.30% 5/19/2053  | 17 | 16 |
| Shire Acquisitions Investments Ireland DAC 3.20% 9/23/2026  | 7 | 7 |
| Teva Pharmaceutical Finance Netherlands III BV 5.125% 5/9/2029  | 362 | 364 |
| Teva Pharmaceutical Finance Netherlands III BV 7.875% 9/15/2029  | 600 | 655 |
| Teva Pharmaceutical Finance Netherlands III BV 4.10% 10/1/2046  | 89 | 64 |
|  |  | 5251 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **81** | American Funds Insurance Series |

---

------

Capital Income Builder (continued)

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount<br> (000)<br>| Value<br> (000)<br>|
| **Corporate bonds, notes & loans (continued)** | **Corporate bonds, notes & loans (continued)** | **Corporate bonds, notes & loans (continued)** |
| **Energy 0.25%** |  |  |
| APA Corp. 4.25% 1/15/2030 <sup>(h)</sup>  | USD385 | $369 |
| Baytex Energy Corp. 7.375% 3/15/2032 <sup>(h)</sup>  | 600 | 573 |
| Cenovus Energy, Inc. 5.40% 6/15/2047  | 44 | 39 |
| Columbia Pipelines Operating Co., LLC 5.927% 8/15/2030 <sup>(h)</sup>  | 9 | 9 |
| ConocoPhillips Co. 5.50% 1/15/2055  | 50 | 47 |
| Crescent Energy Finance, LLC 7.375% 1/15/2033 <sup>(h)</sup>  | 270 | 258 |
| Energy Transfer, LP 6.10% 12/1/2028  | 41 | 43 |
| Energy Transfer, LP 5.25% 7/1/2029  | 23 | 24 |
| Energy Transfer, LP 6.40% 12/1/2030  | 34 | 37 |
| Enterprise Products Operating, LLC 4.95% 2/15/2035  | 6 | 6 |
| EOG Resources, Inc. 5.95% 7/15/2055  | 110 | 112 |
| Equinor ASA 2.375% 5/22/2030  | 365 | 335 |
| Exxon Mobil Corp. 3.452% 4/15/2051  | 210 | 149 |
| Hess Midstream Operations, LP 5.875% 3/1/2028 <sup>(h)</sup>  | 35 | 36 |
| Hilcorp Energy I, LP 6.875% 5/15/2034 <sup>(h)</sup>  | 400 | 384 |
| NFE Financing, LLC 12.00% 11/15/2029 <sup>(h)</sup>  | 148 | 67 |
| Occidental Petroleum Corp. 5.55% 10/1/2034  | 124 | 122 |
| Petroleos Mexicanos 6.50% 1/23/2029  | 20 | 20 |
| Petroleos Mexicanos 8.75% 6/2/2029  | 177 | 183 |
| Saudi Arabian Oil Co. 5.75% 7/17/2054 <sup>(h)</sup>  | 200 | 188 |
| TotalEnergies Capital SA 4.724% 9/10/2034  | 17 | 17 |
| Venture Global Calcasieu Pass, LLC 4.125% 8/15/2031 <sup>(h)</sup>  | 595 | 551 |
| Venture Global Plaquemines LNG, LLC 6.50% 1/15/2034 <sup>(h)</sup>  | 195 | 195 |
| Venture Global Plaquemines LNG, LLC 7.75% 5/1/2035 <sup>(h)</sup>  | 75 | 81 |
|  |  | 3845 |
| **Utilities 0.23%** |  |  |
| AEP Transmission Co., LLC 2.75% 8/15/2051  | 50 | 31 |
| DTE Energy Co. 3.00% 3/1/2032  | 42 | 38 |
| Duke Energy Florida, LLC 5.95% 11/15/2052  | 25 | 26 |
| Edison International 4.125% 3/15/2028  | 132 | 127 |
| Edison International 5.45% 6/15/2029  | 100 | 99 |
| Edison International 5.25% 3/15/2032  | 389 | 369 |
| Electricite de France SA 9.125% junior subordinated perpetual bonds (5-year UST Yield Curve Rate T <br> Note Constant Maturity + 5.411% on 6/15/2033) <sup>(h)(i)</sup>  | 200 | 226 |
| FirstEnergy Corp. 2.65% 3/1/2030  | 393 | 361 |
| FirstEnergy Corp. 2.25% 9/1/2030  | 107 | 95 |
| Florida Power & Light Co. 5.10% 4/1/2033  | 35 | 36 |
| NiSource, Inc. 5.40% 6/30/2033  | 25 | 26 |
| Pacific Gas and Electric Co. 2.95% 3/1/2026  | 97 | 96 |
| Pacific Gas and Electric Co. 3.75% 7/1/2028  | 105 | 102 |
| Pacific Gas and Electric Co. 4.65% 8/1/2028  | 284 | 283 |
| Pacific Gas and Electric Co. 2.50% 2/1/2031  | 375 | 326 |
| Pacific Gas and Electric Co. 6.40% 6/15/2033  | 50 | 52 |
| Pacific Gas and Electric Co. 5.70% 3/1/2035  | 377 | 374 |
| Pacific Gas and Electric Co. 4.95% 7/1/2050  | 162 | 131 |
| Pacific Gas and Electric Co. 3.50% 8/1/2050  | 256 | 164 |
| Pacific Gas and Electric Co. 5.90% 10/1/2054  | 25 | 23 |
| PacifiCorp 5.50% 5/15/2054  | 95 | 87 |
| PacifiCorp 5.80% 1/15/2055  | 25 | 24 |
| Southern California Edison Co. 5.20% 6/1/2034  | 40 | 39 |
| Southern California Edison Co. 3.60% 2/1/2045  | 206 | 142 |
| Southern California Edison Co. 5.90% 3/1/2055  | 30 | 27 |
| Union Electric Co. 3.90% 4/1/2052  | 25 | 19 |
| WEC Energy Group, Inc. 5.15% 10/1/2027  | 25 | 25 |
| Xcel Energy, Inc. 4.75% 3/21/2028  | 264 | 267 |
|  |  | 3615 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| American Funds Insurance Series | **82** |

---

------

Capital Income Builder (continued)

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount<br> (000)<br>| Value<br> (000)<br>|
| **Corporate bonds, notes & loans (continued)** | **Corporate bonds, notes & loans (continued)** | **Corporate bonds, notes & loans (continued)** |
| **Communication services 0.23%** |  |  |
| America Movil, SAB de CV, 8.46% 12/18/2036  | MXN1,300 | $61 |
| AT&T, Inc. 3.50% 6/1/2041  | USD75 | 59 |
| CCO Holdings, LLC 4.75% 2/1/2032 <sup>(h)</sup>  | 25 | 24 |
| CCO Holdings, LLC 4.25% 1/15/2034 <sup>(h)</sup>  | 655 | 584 |
| Charter Communications Operating, LLC 6.10% 6/1/2029  | 41 | 43 |
| Meta Platforms, Inc. 4.30% 8/15/2029  | 40 | 40 |
| Meta Platforms, Inc. 4.75% 8/15/2034  | 53 | 53 |
| Meta Platforms, Inc. 5.40% 8/15/2054  | 29 | 28 |
| Meta Platforms, Inc. 5.55% 8/15/2064  | 40 | 39 |
| Netflix, Inc. 4.90% 8/15/2034  | 16 | 16 |
| Netflix, Inc. 5.40% 8/15/2054  | 6 | 6 |
| SBA Tower Trust 1.631% 11/15/2026 <sup>(h)</sup>  | 253 | 243 |
| Sirius XM Radio, LLC 4.00% 7/15/2028 <sup>(h)</sup>  | 780 | 750 |
| TEGNA, Inc. 5.00% 9/15/2029  | 360 | 344 |
| T-Mobile USA, Inc. 3.875% 4/15/2030  | 625 | 607 |
| T-Mobile USA, Inc. 2.55% 2/15/2031  | 203 | 182 |
| T-Mobile USA, Inc. 6.00% 6/15/2054  | 69 | 70 |
| Univision Communications, Inc. 7.375% 6/30/2030 <sup>(h)</sup>  | 340 | 334 |
| Verizon Communications, Inc. 1.75% 1/20/2031  | 142 | 123 |
|  |  | 3606 |
| **Consumer discretionary 0.20%** |  |  |
| Advance Auto Parts, Inc. 3.90% 4/15/2030  | 18 | 17 |
| Advance Auto Parts, Inc. 3.50% 3/15/2032  | 12 | 11 |
| Bath & Body Works, Inc. 6.875% 11/1/2035  | 150 | 156 |
| BMW US Capital, LLC 4.15% 4/9/2030 <sup>(h)</sup>  | 290 | 285 |
| BMW US Capital, LLC 3.70% 4/1/2032 <sup>(h)</sup>  | 25 | 23 |
| Carnival Corp. 6.125% 2/15/2033 <sup>(h)</sup>  | 175 | 179 |
| Daimler Trucks Finance North America, LLC 5.15% 1/16/2026 <sup>(h)</sup>  | 150 | 151 |
| Daimler Trucks Finance North America, LLC 5.125% 9/25/2027 <sup>(h)</sup>  | 150 | 152 |
| Daimler Trucks Finance North America, LLC 2.50% 12/14/2031 <sup>(h)</sup>  | 150 | 130 |
| Ford Motor Credit Co., LLC 2.70% 8/10/2026  | 306 | 298 |
| Ford Motor Credit Co., LLC 4.95% 5/28/2027  | 604 | 600 |
| Ford Motor Credit Co., LLC 5.918% 3/20/2028  | 622 | 628 |
| Ford Motor Credit Co., LLC 6.798% 11/7/2028  | 200 | 207 |
| General Motors Financial Co., Inc. 5.45% 9/6/2034  | 27 | 27 |
| Hyundai Capital America 5.275% 6/24/2027 <sup>(h)</sup>  | 55 | 56 |
| McDonald's Corp. 5.15% 9/9/2052  | 10 | 9 |
| Toyota Motor Credit Corp. 5.40% 11/10/2025  | 228 | 229 |
|  |  | 3158 |
| **Industrials 0.19%** |  |  |
| BAE Systems PLC 5.30% 3/26/2034 <sup>(h)</sup>  | 200 | 205 |
| Boeing Co. (The) 2.75% 2/1/2026  | 91 | 90 |
| Boeing Co. (The) 6.259% 5/1/2027  | 376 | 387 |
| Boeing Co. (The) 6.298% 5/1/2029  | 12 | 13 |
| Boeing Co. (The) 3.625% 2/1/2031  | 178 | 168 |
| Boeing Co. (The) 6.388% 5/1/2031  | 92 | 99 |
| Boeing Co. (The) 6.528% 5/1/2034  | 921 | 1001 |
| Boeing Co. (The) 5.805% 5/1/2050  | 136 | 131 |
| Canadian Pacific Railway Co. 3.00% 12/2/2041  | 25 | 18 |
| Canadian Pacific Railway Co. 3.10% 12/2/2051  | 80 | 53 |
| CSX Corp. 4.75% 11/15/2048  | 50 | 44 |
| CSX Corp. 4.50% 11/15/2052  | 35 | 29 |
| Herc Holdings, Inc. 7.25% 6/15/2033 <sup>(h)</sup>  | 90 | 94 |
| L3Harris Technologies, Inc. 5.40% 7/31/2033  | 15 | 15 |
| L3Harris Technologies, Inc. 5.60% 7/31/2053  | 13 | 13 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **83** | American Funds Insurance Series |

---

------

Capital Income Builder (continued)

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount<br> (000)<br>| Value<br> (000)<br>|
| **Corporate bonds, notes & loans (continued)** | **Corporate bonds, notes & loans (continued)** | **Corporate bonds, notes & loans (continued)** |
| **Industrials (continued)** |  |  |
| Moog, Inc. 4.25% 12/9/2027 <sup>(h)</sup>  | USD55 | $54 |
| Norfolk Southern Corp. 5.35% 8/1/2054  | 51 | 49 |
| Northrop Grumman Corp. 4.95% 3/15/2053  | 21 | 19 |
| QXO Building Products, Inc. 6.75% 4/30/2032 <sup>(h)</sup>  | 190 | 196 |
| Republic Services, Inc. 5.00% 4/1/2034  | 13 | 13 |
| RTX Corp. 6.00% 3/15/2031  | 35 | 38 |
| RTX Corp. 6.10% 3/15/2034  | 27 | 29 |
| RTX Corp. 6.40% 3/15/2054  | 22 | 24 |
| Union Pacific Corp. 2.80% 2/14/2032  | 17 | 15 |
| Union Pacific Corp. 3.50% 2/14/2053  | 20 | 14 |
| Waste Management, Inc. 4.625% 2/15/2030  | 60 | 61 |
| Waste Management, Inc. 4.95% 3/15/2035  | 16 | 16 |
| Waste Management, Inc. 5.35% 10/15/2054  | 25 | 24 |
|  |  | 2912 |
| **Real estate 0.16%** |  |  |
| American Tower Corp. 4.05% 3/15/2032  | 11 | 10 |
| Boston Properties, LP 2.45% 10/1/2033  | 7 | 6 |
| Boston Properties, LP 6.50% 1/15/2034  | 38 | 41 |
| Boston Properties, LP 5.75% 1/15/2035  | 95 | 96 |
| Crown Castle, Inc. 5.00% 1/11/2028  | 54 | 55 |
| Equinix, Inc. 1.55% 3/15/2028  | 25 | 23 |
| Equinix, Inc. 3.20% 11/18/2029  | 144 | 137 |
| Iron Mountain, Inc. 4.50% 2/15/2031 <sup>(h)</sup>  | 530 | 505 |
| Kennedy-Wilson, Inc. 5.00% 3/1/2031  | 550 | 496 |
| Ladder Capital Finance Holdings LLLP 7.00% 7/15/2031 <sup>(h)</sup>  | 20 | 21 |
| MPT Operating Partnership, LP 5.00% 10/15/2027  | 475 | 439 |
| Prologis, LP 5.00% 3/15/2034  | 40 | 40 |
| Service Properties Trust 8.375% 6/15/2029  | 680 | 708 |
|  |  | 2577 |
| **Consumer staples 0.16%** |  |  |
| Altria Group, Inc. 4.875% 2/4/2028  | 13 | 13 |
| Altria Group, Inc. 5.625% 2/6/2035  | 48 | 49 |
| BAT Capital Corp. 4.70% 4/2/2027  | 105 | 105 |
| BAT Capital Corp. 6.343% 8/2/2030  | 9 | 10 |
| BAT Capital Corp. 5.35% 8/15/2032  | 413 | 423 |
| BAT Capital Corp. 6.421% 8/2/2033  | 38 | 41 |
| BAT Capital Corp. 7.079% 8/2/2043  | 31 | 34 |
| BAT Capital Corp. 4.54% 8/15/2047  | 55 | 44 |
| BAT Capital Corp. 4.758% 9/6/2049  | 121 | 100 |
| BAT Capital Corp. 7.081% 8/2/2053  | 69 | 77 |
| BAT International Finance PLC 4.448% 3/16/2028  | 150 | 150 |
| H.J. Heinz Co. 4.875% 10/1/2049  | 235 | 202 |
| Mars, Inc. 4.80% 3/1/2030 <sup>(h)</sup>  | 25 | 25 |
| Mars, Inc. 5.20% 3/1/2035 <sup>(h)</sup>  | 165 | 167 |
| Mars, Inc. 5.65% 5/1/2045 <sup>(h)</sup>  | 71 | 71 |
| Mars, Inc. 5.70% 5/1/2055 <sup>(h)</sup>  | 145 | 145 |
| Mars, Inc. 5.80% 5/1/2065 <sup>(h)</sup>  | 24 | 24 |
| Mondelez International, Inc. 4.75% 8/28/2034  | 127 | 126 |
| Philip Morris International, Inc. 5.125% 11/17/2027  | 43 | 44 |
| Philip Morris International, Inc. 5.625% 11/17/2029  | 23 | 24 |
| Philip Morris International, Inc. 5.125% 2/15/2030  | 56 | 58 |
| Philip Morris International, Inc. 5.50% 9/7/2030  | 70 | 73 |
| Philip Morris International, Inc. 5.75% 11/17/2032  | 16 | 17 |
| Philip Morris International, Inc. 5.375% 2/15/2033  | 55 | 57 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| American Funds Insurance Series | **84** |

---

------

Capital Income Builder (continued)

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount<br> (000)<br>| Value<br> (000)<br>|
| **Corporate bonds, notes & loans (continued)** | **Corporate bonds, notes & loans (continued)** | **Corporate bonds, notes & loans (continued)** |
| **Consumer staples (continued)** |  |  |
| Philip Morris International, Inc. 5.625% 9/7/2033  | USD30 | $31 |
| Philip Morris International, Inc. 4.90% 11/1/2034  | 90 | 90 |
| Post Holdings, Inc. 6.375% 3/1/2033 <sup>(h)</sup>  | 330 | 334 |
|  |  | 2534 |
| **Information technology 0.13%** |  |  |
| Broadcom, Inc. 5.05% 7/12/2027  | 40 | 41 |
| Broadcom, Inc. 4.00% 4/15/2029 <sup>(h)</sup>  | 3 | 3 |
| Broadcom, Inc. 5.05% 7/12/2029  | 45 | 46 |
| Broadcom, Inc. 5.15% 11/15/2031  | 104 | 107 |
| Broadcom, Inc. 4.15% 4/15/2032 <sup>(h)</sup>  | 11 | 11 |
| Broadcom, Inc. 4.80% 10/15/2034  | 12 | 12 |
| Broadcom, Inc. 3.137% 11/15/2035 <sup>(h)</sup>  | 2 | 2 |
| Cisco Systems, Inc. 4.95% 2/26/2031  | 11 | 11 |
| Cisco Systems, Inc. 5.05% 2/26/2034  | 4 | 4 |
| Cisco Systems, Inc. 5.10% 2/24/2035  | 14 | 14 |
| Cisco Systems, Inc. 5.30% 2/26/2054  | 8 | 8 |
| Cisco Systems, Inc. 5.35% 2/26/2064  | 11 | 11 |
| Diebold Nixdorf, Inc. 7.75% 3/31/2030 <sup>(h)</sup>  | 250 | 266 |
| Fair Isaac Corp. 6.00% 5/15/2033 <sup>(h)</sup>  | 100 | 101 |
| Oracle Corp. 5.50% 8/3/2035  | 18 | 18 |
| ServiceNow, Inc. 1.40% 9/1/2030  | 54 | 47 |
| Synopsys, Inc. 4.65% 4/1/2028  | 40 | 40 |
| Synopsys, Inc. 4.85% 4/1/2030  | 40 | 41 |
| Synopsys, Inc. 5.00% 4/1/2032  | 40 | 40 |
| Synopsys, Inc. 5.15% 4/1/2035  | 780 | 786 |
| Synopsys, Inc. 5.70% 4/1/2055  | 380 | 378 |
|  |  | 1987 |
| **Materials 0.11%** |  |  |
| BHP Billiton Finance (USA), Ltd. 4.875% 2/27/2026  | 35 | 35 |
| BHP Billiton Finance (USA), Ltd. 4.75% 2/28/2028  | 35 | 36 |
| BHP Billiton Finance (USA), Ltd. 4.90% 2/28/2033  | 16 | 16 |
| BHP Billiton Finance (USA), Ltd. 5.25% 9/8/2033  | 7 | 7 |
| Celanese US Holdings, LLC 6.85% 11/15/2028  | 36 | 38 |
| Celanese US Holdings, LLC 7.05% 11/15/2030  | 27 | 28 |
| Celanese US Holdings, LLC 6.629% 7/15/2032  | 10 | 10 |
| Celanese US Holdings, LLC 7.20% 11/15/2033  | 23 | 24 |
| Chevron Phillips Chemical Co., LLC 4.75% 5/15/2030 <sup>(h)</sup>  | 20 | 20 |
| Cleveland-Cliffs, Inc. 7.50% 9/15/2031 <sup>(h)</sup>  | 125 | 121 |
| Consolidated Energy Finance SA 5.625% 10/15/2028 <sup>(h)</sup>  | 750 | 647 |
| Dow Chemical Co. (The) 5.15% 2/15/2034  | 19 | 19 |
| Dow Chemical Co. (The) 5.35% 3/15/2035  | 11 | 11 |
| Dow Chemical Co. (The) 5.55% 11/30/2048  | 15 | 14 |
| Dow Chemical Co. (The) 3.60% 11/15/2050  | 75 | 51 |
| Dow Chemical Co. (The) 6.90% 5/15/2053  | 6 | 6 |
| Dow Chemical Co. (The) 5.60% 2/15/2054  | 53 | 48 |
| First Quantum Minerals, Ltd. 6.875% 10/15/2027 <sup>(h)</sup>  | 249 | 250 |
| LYB International Finance III, LLC 3.625% 4/1/2051  | 102 | 68 |
| NOVA Chemicals Corp. 8.50% 11/15/2028 <sup>(h)</sup>  | 10 | 11 |
| NOVA Chemicals Corp. 4.25% 5/15/2029 <sup>(h)</sup>  | 325 | 313 |
|  |  | 1773 |
| **Total corporate bonds, notes & loans** |  | 38670 |
| **Asset-backed obligations 0.95%** | **Asset-backed obligations 0.95%** | **Asset-backed obligations 0.95%** |
| Affirm, Inc., Series 2024-A, Class A, 5.61% 2/15/2029 <sup>(e)(h)</sup>  | 215 | 216 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **85** | American Funds Insurance Series |

---

------

Capital Income Builder (continued)

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount<br> (000)<br>| Value<br> (000)<br>|
| **Asset-backed obligations (continued)** | **Asset-backed obligations (continued)** | **Asset-backed obligations (continued)** |
| American Homes 4 Rent, Series 2015-SFR2, Class A, 3.732% 10/17/2052 <sup>(e)(h)</sup>  | USD82 | $82 |
| American Homes 4 Rent, Series 2015-SFR2, Class B, 4.295% 10/17/2052 <sup>(e)(h)</sup>  | 100 | 100 |
| Auxilior Term Funding, LLC, Series 24-1, Class A2, 5.84% 3/15/2027 <sup>(e)(h)</sup>  | 277 | 278 |
| Avant Credit Card Master Trust, Series 2024-2A, Class A, 5.38% 5/15/2029 <sup>(e)(h)</sup>  | 400 | 399 |
| Avis Budget Rental Car Funding (AESOP), LLC, Series 2020-2, Class A, 2.02% 2/20/2027 <sup>(e)(h)</sup>  | 197 | 195 |
| Avis Budget Rental Car Funding (AESOP), LLC, Series 2020-2A, Class B, 2.96% 2/20/2027 <sup>(e)(h)</sup>  | 100 | 99 |
| Avis Budget Rental Car Funding (AESOP), LLC, Series 2023-6, Class A, 5.81% 12/20/2029 <sup>(e)(h)</sup>  | 339 | 353 |
| AXIS Equipment Finance Receivables, LLC, Series 2024-2, Class A2, 5.19% 7/21/2031 <sup>(e)(h)</sup>  | 344 | 347 |
| Blue Owl Asset Leasing Trust, Series 2024-1A, Class A2, 5.05% 3/15/2029 <sup>(e)(h)</sup>  | 78 | 78 |
| Capteris Equipment Finance, Series 2024-1, Class A2, 5.58% 7/20/2032 <sup>(e)(h)</sup>  | 662 | 672 |
| CF Hippolyta, LLC, Series 2020-1, Class A1, 1.69% 7/15/2060 <sup>(e)(h)</sup>  | 351 | 347 |
| CF Hippolyta, LLC, Series 2020-1, Class A2, 1.99% 7/15/2060 <sup>(e)(h)</sup>  | 87 | 80 |
| CF Hippolyta, LLC, Series 2020-1, Class B1, 2.28% 7/15/2060 <sup>(e)(h)</sup>  | 90 | 89 |
| CF Hippolyta, LLC, Series 2020-1, Class B2, 2.60% 7/15/2060 <sup>(e)(h)</sup>  | 90 | 81 |
| CF Hippolyta, LLC, Series 2021-1, Class A1, 1.53% 3/15/2061 <sup>(e)(h)</sup>  | 316 | 304 |
| CF Hippolyta, LLC, Series 2022-1A, Class A1, 5.97% 8/15/2062 <sup>(e)(h)</sup>  | 489 | 490 |
| Clarus Capital Funding, LLC, Series 2024-1A, Class A2, 4.71% 8/20/2032 <sup>(e)(h)</sup>  | 301 | 301 |
| CPS Auto Receivables Trust, Series 2024-C, Class B, 5.68% 12/15/2028 <sup>(e)(h)</sup>  | 497 | 501 |
| Drive Auto Receivables Trust, Series 2024-2, Class A2, 4.94% 12/15/2027 <sup>(e)</sup>  | 139 | 140 |
| Enterprise Fleet Financing, LLC, Series 2024-3, Class A2, 5.31% 4/20/2027 <sup>(e)(h)</sup>  | 323 | 324 |
| Enterprise Fleet Financing, LLC, Series 2024-4, Class A2, 4.69% 7/20/2027 <sup>(e)(h)</sup>  | 206 | 206 |
| Enterprise Fleet Financing, LLC, Series 2024-1, Class A2, 5.23% 3/20/2030 <sup>(e)(h)</sup>  | 394 | 397 |
| EquipmentShare, Series 2024-2M, Class B, 6.43% 12/20/2032 <sup>(e)(h)</sup>  | 149 | 151 |
| Ford Credit Auto Owner Trust, Series 2023-1, Class A, 4.85% 8/15/2035 <sup>(e)(h)</sup>  | 176 | 179 |
| Ford Credit Auto Owner Trust, Series 2023-2, Class A, 5.28% 2/15/2036 <sup>(e)(h)</sup>  | 181 | 187 |
| Ford Credit Floorplan Master Owner Trust, Series 2023-1, Class A1, 4.92% 5/15/2028 <sup>(e)(h)</sup>  | 188 | 189 |
| GCI Funding I, LLC, Series 2020-1, Class A, 2.82% 10/18/2045 <sup>(e)(h)</sup>  | 345 | 326 |
| GCI Funding I, LLC, Series 2021-1, Class A, 2.38% 6/18/2046 <sup>(e)(h)</sup>  | 64 | 59 |
| Global SC Finance V SRL, Series 2019-1A, Class B, 4.81% 9/17/2039 <sup>(e)(h)</sup>  | 83 | 81 |
| Global SC Finance V SRL, Series 2020-1A, Class A, 2.17% 10/17/2040 <sup>(e)(h)</sup>  | 314 | 300 |
| GLS Auto Receivables Trust, Series 2024-3A, Class A2, 5.35% 8/16/2027 <sup>(e)(h)</sup>  | 59 | 59 |
| GLS Auto Select Receivables Trust, Series 2024-4A, Class A2, 4.43% 12/17/2029 <sup>(e)(h)</sup>  | 88 | 88 |
| GM Financial Revolving Receivables Trust, Series 2023-1, Class A, 5.12% 4/11/2035 <sup>(e)(h)</sup>  | 285 | 292 |
| GM Financial Revolving Receivables Trust, Series 2022-1, Class A, 5.91% 10/11/2035 <sup>(e)(h)</sup>  | 184 | 191 |
| GM Financial Securitized Term Auto Receivables Trust, Series 2023-2, Class A3, 4.47% 2/16/2028 <sup>(e)</sup>  | 18 | 18 |
| GM Financial Securitized Term Auto Receivables Trust, Series 2023-2, Class A4, 4.43% 10/16/2028 <sup>(e)</sup>  | 48 | 48 |
| Hertz Vehicle Financing, LLC, Series 2021-2A, Class A, 1.68% 12/27/2027 <sup>(e)(h)</sup>  | 268 | 258 |
| Hertz Vehicle Financing, LLC, Series 2021-2A, Class B, 2.12% 12/27/2027 <sup>(e)(h)</sup>  | 100 | 96 |
| Hertz Vehicle Financing, LLC, Series 2021-2A, Class C, 2.52% 12/27/2027 <sup>(e)(h)</sup>  | 100 | 96 |
| Hertz Vehicle Financing, LLC, Series 2024-1A, Class A, 5.44% 1/25/2029 <sup>(e)(h)</sup>  | 187 | 190 |
| Horizon Aircraft Finance, Series 2024-1, Class A, 5.375% 9/15/2049 <sup>(e)(h)</sup>  | 364 | 365 |
| Hyundai Auto Receivables Trust, Series 2023-A, Class A3, 4.58% 4/15/2027 <sup>(e)</sup>  | 15 | 14 |
| Hyundai Auto Receivables Trust, Series 2023-A, Class A4, 4.48% 7/17/2028 <sup>(e)</sup>  | 28 | 28 |
| Merchants Fleet Funding, LLC, Series 2024-1, Class A, 5.82% 4/20/2037 <sup>(e)(h)</sup>  | 172 | 173 |
| Mission Lane Credit Card Master Trust, Series 2025-B, Class A, 5.40% 9/15/2031 <sup>(e)(h)</sup>  | 246 | 246 |
| Navient Student Loan Trust, Series 2021-A, Class A, 0.84% 5/15/2069 <sup>(e)(h)</sup>  | 26 | 24 |
| Navient Student Loan Trust, Series 2021-CA, Class A, 1.06% 10/15/2069 <sup>(e)(h)</sup>  | 47 | 43 |
| Nelnet Student Loan Trust, Series 2021-A, Class APT1, 1.36% 4/20/2062 <sup>(e)(h)</sup>  | 111 | 104 |
| Nelnet Student Loan Trust, Series 2021-B, Class AFX, 1.42% 4/20/2062 <sup>(e)(h)</sup>  | 220 | 206 |
| Nelnet Student Loan Trust, Series 2021-CA, Class AFL, (1-month USD CME Term SOFR + 0.854%) 5.172% <br> 4/20/2062 <sup>(e)(f)(h)</sup>  | 114 | 114 |
| New Economy Assets Phase 1 Issuer, LLC, Series 2021-1, Class A1, 1.91% 10/20/2061 <sup>(e)(h)</sup>  | 935 | 881 |
| NMEF Funding, LLC, Series 2024-A, Class A2, 5.15% 12/15/2031 <sup>(e)(h)</sup>  | 445 | 447 |
| OnDeck Asset Securitization Trust, LLC, Series 2024-1, Class A, 6.27% 6/17/2031 <sup>(e)(h)</sup>  | 100 | 101 |
| OnDeck Asset Securitization Trust, LLC, Series 2024-2A, Class A, 4.98% 10/17/2031 <sup>(e)(h)</sup>  | 127 | 126 |
| Oportun Funding, LLC, Series 2021-B, Class A, 1.47% 5/8/2031 <sup>(e)(h)</sup>  | 36 | 35 |
| PEAC Solutions Receivables, LLC, Series 2024-2A, Class A2, 4.74% 4/20/2027 <sup>(e)(h)</sup>  | 153 | 153 |
| PEAC Solutions Receivables, LLC, Series 2024-1A, Class A2, 5.79% 6/21/2027 <sup>(e)(h)</sup>  | 214 | 216 |
| PFS Financing Corp., Series 2022-D, Class A, 4.27% 8/16/2027 <sup>(e)(h)</sup>  | 100 | 100 |
| PFS Financing Corp., Series 2023-B, Class A, 5.27% 5/15/2028 <sup>(e)(h)</sup>  | 175 | 176 |
| PK ALIFT Loan Funding 4, LP, Series 2024-2, Class A, 5.052% 10/15/2039 <sup>(e)(h)</sup>  | 198 | 197 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| American Funds Insurance Series | **86** |

---

------

Capital Income Builder (continued)

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount<br> (000)<br>| Value<br> (000)<br>|
| **Asset-backed obligations (continued)** | **Asset-backed obligations (continued)** | **Asset-backed obligations (continued)** |
| Post Road Equipment Finance, Series 2024-1, Class A2, 5.59% 11/15/2029 <sup>(e)(h)</sup>  | USD102 | $103 |
| Reach Financial, LLC, Series 2024-2, Class A, 5.88% 7/15/2031 <sup>(e)(h)</sup>  | 195 | 195 |
| Santander Drive Auto Receivables Trust, Series 2024-4, Class A2, 5.41% 7/15/2027 <sup>(e)</sup>  | 94 | 94 |
| SCF Equipment Leasing, LLC, Series 2024-1A, Class A2, 5.88% 11/20/2029 <sup>(e)(h)</sup>  | 72 | 72 |
| SMB Private Education Loan Trust, Series 2021-A, Class APT2, 1.07% 1/15/2053 <sup>(e)(h)</sup>  | 43 | 38 |
| Stonepeak Infrastructure Partners, Series 2021-1A, Class AA, 2.301% 2/28/2033 <sup>(e)(h)</sup>  | 78 | 75 |
| Toyota Auto Loan Extended Note Trust, Series 2021-1, Class A, 1.07% 2/27/2034 <sup>(e)(f)(h)</sup>  | 335 | 328 |
| U.S. Bank National Association, Series 2025-SUP1, Class B, 5.582% 2/25/2032 <sup>(e)(h)</sup>  | 257 | 257 |
| Verdant Receivables, LLC, Series 2024-1, Class A2, 5.68% 12/12/2031 <sup>(e)(h)</sup>  | 84 | 86 |
| Wheels Fleet Lease Funding, LLC, Series 24-2A, Class A1, 4.87% 6/21/2039 <sup>(e)(h)</sup>  | 799 | 804 |
| Wheels Fleet Lease Funding, LLC, Series 2024-3A, Class A1, 4.80% 9/19/2039 <sup>(e)(h)</sup>  | 215 | 216 |
|  |  | 14904 |
| **Bonds & notes of governments & government agencies outside the U.S. 0.05%** | **Bonds & notes of governments & government agencies outside the U.S. 0.05%** | **Bonds & notes of governments & government agencies outside the U.S. 0.05%** |
| Peru (Republic of) 2.783% 1/23/2031  | 190 | 171 |
| Saudi Arabia (Kingdom of) 3.625% 3/4/2028  | 200 | 197 |
| United Mexican States 3.25% 4/16/2030  | 200 | 184 |
| United Mexican States 7.375% 5/13/2055  | 245 | 253 |
|  |  | 805 |
| **Municipals 0.02%** | **Municipals 0.02%** | **Municipals 0.02%** |
| **Illinois 0.01%** |  |  |
| GO Bonds, Pension Funding, Series 2003, 5.10% 6/1/2033  | 196 | 197 |
| **Massachusetts 0.01%** |  |  |
| Educational Fncg. Auth., Education Loan Rev. Bonds, Series 2024-A, 6.352% 7/1/2049  | 135 | 139 |
| **Total municipals** |  | 336 |
| **Total bonds, notes & other debt instruments** (cost: $220,241,000) |  | 219044 |
| Investment funds 2.06% | Shares |  |
| Capital Group Central Corporate Bond Fund <sup>(l)</sup>  | 3819323 | 32235 |
| **Total Investment funds** (cost: $35,212,000) |  | 32235 |
| Short-term securities 8.35% |  |  |
| **Money market investments 7.34%** | **Money market investments 7.34%** | **Money market investments 7.34%** |
| Capital Group Central Cash Fund 4.35% <sup>(l)(m)</sup>  | 1150689 | 115069 |
| **Money market investments purchased with collateral from securities on loan 1.01%** | **Money market investments purchased with collateral from securities on loan 1.01%** | **Money market investments purchased with collateral from securities on loan 1.01%** |
| Invesco Short-Term Investments Trust – Government & Agency Portfolio, Institutional Class 4.26% <sup>(m)(n)</sup>  | 15786027 | 15786 |
| **Total short-term securities** (cost: $130,837,000) |  | 130855 |
| **Total investment securities 99.80%** (cost: $1,202,937,000) |  | 1563195 |
| Other assets less liabilities 0.20% |  | 3128 |
| **Net assets 100.00%** |  | $1566323 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **87** | American Funds Insurance Series |

---

------

Capital Income Builder (continued)

**Futures contracts**

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Contracts | Type | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Number of <br> contracts<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Expiration <br> date<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Notional <br> amount <br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(000)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Value and <br> unrealized <br> appreciation <br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(depreciation) <br> at 6/30/2025 <br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(000)<br>|
| 3 Month SOFR Futures | Long | 269 | 9/17/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; USD64,335 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $44 |
| 2 Year U.S. Treasury Note Futures | Long | 217 | 10/3/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 45141 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 178 |
| 5 Year U.S. Treasury Note Futures | Long | 375 | 10/3/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 40875 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 429 |
| 10 Year U.S. Treasury Note Futures | Long | 147 | 9/30/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 16482 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 313 |
| 10 Year Ultra U.S. Treasury Note Futures | Short | 25 | 9/30/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (2857)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (72)<br>|
| 20 Year U.S. Treasury Bond Futures | Long | 44 | 9/30/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5081 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 185 |
| 30 Year Ultra U.S. Treasury Bond Futures | Long | 72 | 9/30/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8577 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 332 |
|  |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $1409 |

---

**Swap contracts**

------

**Interest rate swaps**

**Centrally cleared interest rate swaps** 

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Receive | Receive | Pay | Pay | &nbsp;&nbsp;&nbsp; Expiration <br> date | &nbsp;&nbsp;&nbsp; Notional <br> amount <br> &nbsp;&nbsp;&nbsp;&nbsp;(000) | &nbsp;&nbsp;&nbsp; Value at <br> 6/30/2025 <br> &nbsp;&nbsp;&nbsp;&nbsp;(000) | &nbsp;&nbsp;&nbsp; Upfront <br> premium <br> paid <br> &nbsp;&nbsp;&nbsp;&nbsp;(received) <br> &nbsp;&nbsp;&nbsp;&nbsp;(000) | &nbsp;&nbsp;&nbsp; Unrealized <br> appreciation <br> &nbsp;&nbsp;&nbsp;&nbsp;(depreciation) <br> at 6/30/2025 <br> &nbsp;&nbsp;&nbsp;&nbsp;(000) |
| Rate | &nbsp;&nbsp;&nbsp; Payment <br> frequency<br>| Rate | &nbsp;&nbsp;&nbsp; Payment <br> frequency<br>| &nbsp;&nbsp;&nbsp; Expiration <br> date | &nbsp;&nbsp;&nbsp; Notional <br> amount <br> &nbsp;&nbsp;&nbsp;&nbsp;(000) | &nbsp;&nbsp;&nbsp; Value at <br> 6/30/2025 <br> &nbsp;&nbsp;&nbsp;&nbsp;(000) | &nbsp;&nbsp;&nbsp; Upfront <br> premium <br> paid <br> &nbsp;&nbsp;&nbsp;&nbsp;(received) <br> &nbsp;&nbsp;&nbsp;&nbsp;(000) | &nbsp;&nbsp;&nbsp; Unrealized <br> appreciation <br> &nbsp;&nbsp;&nbsp;&nbsp;(depreciation) <br> at 6/30/2025 <br> &nbsp;&nbsp;&nbsp;&nbsp;(000) |
| 3.16% | At maturity | U.S. Urban CPI | At maturity | &nbsp;&nbsp;&nbsp; 6/23/2026 | &nbsp;&nbsp;&nbsp; USD350 | &nbsp;&nbsp;&nbsp; $— <br><sup>(c)</sup><br>| &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $— <br><sup>(c)</sup><br>|
| U.S. Urban CPI | At maturity | 3.17% | At maturity | &nbsp;&nbsp;&nbsp; 6/23/2026 | &nbsp;&nbsp;&nbsp; USD690 | &nbsp;&nbsp;&nbsp; — <br><sup>(c)</sup><br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — <br><sup>(c)</sup><br>|
| SOFR | Annual | 3.055% | Annual | &nbsp;&nbsp;&nbsp; 4/6/2031 | &nbsp;&nbsp;&nbsp; USD6,700 | &nbsp;&nbsp;&nbsp; 144 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 144 |
| SOFR | Annual | 2.91% | Annual | &nbsp;&nbsp;&nbsp; 9/18/2050 | &nbsp;&nbsp;&nbsp; USD592 | &nbsp;&nbsp;&nbsp; 99 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 99 |
|  |  |  |  |  |  | &nbsp;&nbsp;&nbsp; $243 | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $243 |

---

**Credit default swaps** 

**Centrally cleared credit default swaps on credit indices — sell protection** 

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| Reference <br> index<br>| &nbsp;&nbsp;&nbsp;&nbsp; Financing <br> rate received<br>| &nbsp;&nbsp;&nbsp;&nbsp; Payment <br> frequency<br>| &nbsp;&nbsp;&nbsp;&nbsp; Expiration <br> date<br>| &nbsp;&nbsp;&nbsp;&nbsp; Notional <br> amount <sup>(o)</sup> <br>&nbsp;&nbsp;&nbsp;&nbsp;(000)<br>| &nbsp;&nbsp;&nbsp;&nbsp; Value at <br> 6/30/2025 <sup>(p)</sup> <br>&nbsp;&nbsp;&nbsp;&nbsp;(000)<br>| &nbsp;&nbsp;&nbsp;&nbsp; Upfront <br> premium <br> paid <br> &nbsp;&nbsp;&nbsp;&nbsp;(received) <br> &nbsp;&nbsp;&nbsp;&nbsp;(000)<br>| &nbsp;&nbsp;&nbsp;&nbsp; Unrealized <br> appreciation <br> &nbsp;&nbsp;&nbsp;&nbsp;(depreciation) <br> at 6/30/2025 <br> &nbsp;&nbsp;&nbsp;&nbsp;(000)<br>|
| CDX.NA.IG.44 | 1.00% | Quarterly | &nbsp;&nbsp;&nbsp;&nbsp; 6/20/2030 | &nbsp;&nbsp;&nbsp;&nbsp; USD5,015 | &nbsp;&nbsp;&nbsp;&nbsp; $111 | &nbsp;&nbsp;&nbsp;&nbsp; $99 | &nbsp;&nbsp;&nbsp;&nbsp; $12 |

---

**Investments in affiliates** <sup>(l)</sup>

------

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | Value at <br> 1/1/2025 <br> (000)<br>| Additions <br> (000)<br>| Reductions <br> (000)<br>| Net <br> realized <br> gain (loss) <br> (000)<br>| Net <br> unrealized <br> appreciation <br> (depreciation) <br> (000)<br>| Value at <br> 6/30/2025 <br> (000)<br>| Dividend <br> or interest <br> income <br> (000)<br>|
| **Investment funds 2.06%** |  |  |  |  |  |  |  |
| Capital Group Central Corporate Bond Fund  | $30920 | &nbsp;&nbsp; $750 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $565 | &nbsp;&nbsp; $32235 | &nbsp;&nbsp; $750 |
| **Short-term securities 7.34%** |  |  |  |  |  |  |  |
| **Money market investments 7.34%** |  |  |  |  |  |  |  |
| Capital Group Central Cash Fund 4.35% <sup>(m)</sup>  | 60575 | &nbsp;&nbsp; 199935 | &nbsp;&nbsp; 145437 | &nbsp;&nbsp; — <br><sup>(c)</sup><br>| &nbsp;&nbsp; (4)<br>| &nbsp;&nbsp; 115069 | &nbsp;&nbsp; 1854 |
| **Total 9.40%** |  |  |  | &nbsp;&nbsp; $— <br><sup>(c)</sup><br>| &nbsp;&nbsp; $561 | &nbsp;&nbsp; $147304 | &nbsp;&nbsp; $2604 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| American Funds Insurance Series | **88** |

---

------

Capital Income Builder (continued)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(a)</sup> All or a portion of this security was on loan. The total value of all such securities was $16,714,000, which represented 1.07% of the net assets of the fund. Refer to Note 5 for more information on securities lending. 

<sup>(b)</sup> Value determined using significant unobservable inputs.

<sup>(c)</sup> Amount less than one thousand.

<sup>(d)</sup> Security did not produce income during the last 12 months.

<sup>(e)</sup> Principal payments may be made periodically. Therefore, the effective maturity date may be earlier than the stated maturity date.

<sup>(f)</sup> Coupon rate may change periodically. Reference rate and spread are as of the most recent information available. Some coupon rates are determined by the issuer or agent based on current market conditions; therefore, the reference rate and spread are not available. 

<sup>(g)</sup> Represents securities transacted on a TBA basis.

<sup>(h)</sup> Acquired in a transaction exempt from registration under Rule 144A or, for commercial paper, Section 4(a)(2) of the Securities Act of 1933. May be resold in the U.S. in transactions exempt from registration, normally to qualified institutional buyers. The total value of all such securities was $40,844,000, which represented 2.61% of the net assets of the fund. 

<sup>(i)</sup> Step bond; coupon rate may change at a later date.

<sup>(j)</sup> All or a portion of this security was pledged as collateral. The total value of pledged collateral was $2,008,000, which represented 0.13% of the net assets of the fund. 

<sup>(k)</sup> Loan participations and assignments; may be subject to legal or contractual restrictions on resale. The total value of all such loans was $262,000, which represented 0.02% of the net assets of the fund. 

<sup>(l)</sup> Part of the same "group of investment companies" as the fund as defined under the Investment Company Act of 1940, as amended.

<sup>(m)</sup> Rate represents the seven-day yield at 6/30/2025.

<sup>(n)</sup> Security purchased with cash collateral from securities on loan. Refer to Note 5 for more information on securities lending.

<sup>(o)</sup> The maximum potential amount the fund may pay as a protection seller should a credit event occur.

<sup>(p)</sup> The prices and resulting values for credit default swap indices serve as an indicator of the current status of the payment/performance risk. As the value of a sell protection credit default swap increases or decreases, when compared to the notional amount of the swap, the payment/performance risk may decrease or increase, respectively. 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| |
|:---|
| **Key to abbreviation(s)** |
| ADR = American Depositary Receipts |
| Assn. = Association |
| Auth. = Authority |
| CAD = Canadian dollars |
| CDI = CREST Depository Interest  |
| CME = CME Group |
| CPI = Consumer Price Index |
| DAC = Designated Activity Company |
| Fncg. = Financing |
| GBP = British pounds |

---

---

| |
|:---|
| GO = General Obligation |
| ICE = Intercontinental Exchange, Inc. |
| MXN = Mexican pesos |
| REIT = Real Estate Investment Trust |
| Rev. = Revenue |
| SOFR = Secured Overnight Financing Rate |
| TBA = To be announced |
| USD = U.S. dollars |
| UST = U.S. Treasury |

---

Refer to the notes to financial statements.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **89** | American Funds Insurance Series |

---

------

Asset Allocation Fund

**Investment portfolio** June 30, 2025unaudited

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| Common stocks 67.14% | Shares | Value<br> (000)<br>|
| **Information technology 16.85%** |  |  |
| Broadcom, Inc.  | 5212782 | $1436903 |
| Microsoft Corp.  | 2083449 | 1036328 |
| Taiwan Semiconductor Manufacturing Co., Ltd. (ADR)  | 2973803 | 673537 |
| Taiwan Semiconductor Manufacturing Co., Ltd.  | 773000 | 28049 |
| NVIDIA Corp.  | 2594429 | 409894 |
| Apple, Inc.  | 1032637 | 211866 |
| Intel Corp.  | 6095959 | 136550 |
| ASML Holding NV (ADR)  | 145009 | 116209 |
| MicroStrategy, Inc., Class A <sup>(a)</sup>  | 246870 | 99792 |
| Micron Technology, Inc.  | 726977 | 89600 |
| KLA Corp.  | 94152 | 84336 |
| International Business Machines Corp.  | 275000 | 81065 |
| Adobe, Inc. <sup>(a)</sup>  | 202715 | 78426 |
| Synopsys, Inc. <sup>(a)</sup>  | 90490 | 46392 |
| Oracle Corp.  | 185267 | 40505 |
| Diebold Nixdorf, Inc. <sup>(a)</sup>  | 532940 | 29525 |
| Salesforce, Inc.  | 102608 | 27980 |
| Applied Materials, Inc.  | 113846 | 20842 |
| Motorola Solutions, Inc.  | 35587 | 14963 |
|  |  | 4662762 |
| **Financials 12.18%** |  |  |
| Apollo Asset Management, Inc.  | 2534818 | 359615 |
| Arthur J. Gallagher & Co.  | 1010070 | 323344 |
| Aon PLC, Class A  | 752130 | 268330 |
| Mastercard, Inc., Class A  | 360948 | 202831 |
| Synchrony Financial  | 3000000 | 200220 |
| Capital One Financial Corp.  | 889662 | 189284 |
| Visa, Inc., Class A  | 525963 | 186743 |
| Ares Management Corp., Class A  | 1004749 | 174022 |
| Blue Owl Capital, Inc., Class A  | 9047540 | 173803 |
| Bank of America Corp.  | 2784601 | 131767 |
| Blackstone, Inc.  | 837355 | 125252 |
| Wells Fargo & Co.  | 1413342 | 113237 |
| American Express Co.  | 337999 | 107815 |
| Brown & Brown, Inc.  | 964468 | 106931 |
| Fiserv, Inc. <sup>(a)</sup>  | 584262 | 100733 |
| BlackRock, Inc.  | 88049 | 92385 |
| JPMorgan Chase & Co.  | 318591 | 92363 |
| Chubb, Ltd.  | 273887 | 79351 |
| Progressive Corp.  | 280641 | 74892 |
| Citigroup, Inc.  | 875000 | 74480 |
| AXA SA  | 1445264 | 70941 |
| KKR & Co., Inc.  | 273886 | 36435 |
| Brookfield Corp., Class A  | 486973 | 30119 |
| Goldman Sachs Group, Inc.  | 30100 | 21303 |
| Intercontinental Exchange, Inc.  | 110132 | 20206 |
| UniCredit SpA  | 214008 | 14346 |
| Sberbank of Russia PJSC <sup>(b)</sup>  | 8880000 | — <br><sup>(c)</sup><br>|
|  |  | 3370748 |
| **Industrials 9.09%** |  |  |
| ATI, Inc. <sup>(a)</sup>  | 3762816 | 324882 |
| Boeing Co. (The) <sup>(a)</sup>  | 1355000 | 283913 |
| TransDigm Group, Inc.  | 160869 | 244624 |
| L3Harris Technologies, Inc.  | 870418 | 218336 |
| General Electric Co.  | 722399 | 185938 |
| Honeywell International, Inc.  | 641747 | 149450 |
| Deere & Co.  | 270815 | 137707 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| American Funds Insurance Series | **90** |

---

------

Asset Allocation Fund (continued)

---

| | | |
|:---|:---|:---|
| Common stocks (continued) | Shares | Value<br> (000)<br>|
| **Industrials (continued)** |  |  |
| Parker-Hannifin Corp.  | 183050 | $127855 |
| Caterpillar, Inc.  | 290000 | 112581 |
| Ingersoll-Rand, Inc.  | 1251137 | 104070 |
| Safran SA  | 312100 | 101431 |
| United Rentals, Inc.  | 129402 | 97491 |
| Northrop Grumman Corp.  | 126468 | 63232 |
| Trane Technologies PLC  | 137366 | 60085 |
| Quanta Services, Inc.  | 152260 | 57566 |
| Copart, Inc. <sup>(a)</sup>  | 835833 | 41014 |
| Republic Services, Inc.  | 158509 | 39090 |
| RTX Corp.  | 260623 | 38056 |
| Union Pacific Corp.  | 158202 | 36399 |
| Carrier Global Corp.  | 382605 | 28003 |
| GE Vernova, Inc.  | 44366 | 23476 |
| FTAI Aviation, Ltd.  | 181908 | 20927 |
| Airbus SE, non-registered shares  | 94296 | 19689 |
|  |  | 2515815 |
| **Consumer discretionary 7.00%** |  |  |
| Booking Holdings, Inc.  | 68188 | 394757 |
| Amazon.com, Inc. <sup>(a)</sup>  | 1331622 | 292145 |
| Royal Caribbean Cruises, Ltd.  | 808815 | 253272 |
| Starbucks Corp.  | 1827909 | 167491 |
| Home Depot, Inc.  | 367100 | 134594 |
| NIKE, Inc., Class B  | 1485288 | 105515 |
| Darden Restaurants, Inc.  | 448084 | 97669 |
| D.R. Horton, Inc.  | 650250 | 83830 |
| Carnival Corp. <sup>(a)</sup>  | 2758206 | 77561 |
| Compagnie Financiere Richemont SA, Class A  | 381887 | 71930 |
| Moncler SpA  | 1254665 | 71517 |
| Texas Roadhouse, Inc.  | 325829 | 61064 |
| Hilton Worldwide Holdings, Inc.  | 139547 | 37167 |
| Restaurant Brands International, Inc.  | 498700 | 33059 |
| Tesla, Inc. <sup>(a)</sup>  | 79806 | 25351 |
| YUM! Brands, Inc.  | 91381 | 13541 |
| lululemon athletica, Inc. <sup>(a)</sup>  | 44474 | 10566 |
| AutoZone, Inc. <sup>(a)</sup>  | 1687 | 6262 |
| Aimbridge Topco, LLC <sup>(a)(b)</sup>  | 10722 | 807 |
| Party City Holdco, Inc. <sup>(a)(b)</sup>  | 68158 | — <br><sup>(c)</sup><br>|
| Party City Holdco, Inc. <sup>(a)(b)(d)</sup>  | 681 | — <br><sup>(c)</sup><br>|
|  |  | 1938098 |
| **Health care 6.79%** |  |  |
| Vertex Pharmaceuticals, Inc. <sup>(a)</sup>  | 992755 | 441974 |
| Gilead Sciences, Inc.  | 2987938 | 331273 |
| Eli Lilly and Co.  | 314292 | 245000 |
| UnitedHealth Group, Inc.  | 480370 | 149861 |
| Amgen, Inc.  | 473094 | 132093 |
| CVS Health Corp.  | 1451353 | 100114 |
| Thermo Fisher Scientific, Inc.  | 179059 | 72601 |
| Alnylam Pharmaceuticals, Inc. <sup>(a)</sup>  | 205917 | 67147 |
| Abbott Laboratories  | 487227 | 66268 |
| Illumina, Inc. <sup>(a)</sup>  | 599260 | 57175 |
| Cooper Cos., Inc. <sup>(a)</sup>  | 731383 | 52045 |
| Centene Corp. <sup>(a)</sup>  | 675000 | 36639 |
| AbbVie, Inc.  | 176323 | 32729 |
| Boston Scientific Corp. <sup>(a)</sup>  | 198062 | 21274 |
| Exact Sciences Corp. <sup>(a)</sup>  | 388980 | 20670 |
| Danaher Corp.  | 95660 | 18897 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **91** | American Funds Insurance Series |

---

------

Asset Allocation Fund (continued)

---

| | | |
|:---|:---|:---|
| Common stocks (continued) | Shares | Value<br> (000)<br>|
| **Health care (continued)** |  |  |
| Rotech Healthcare, Inc. <sup>(a)(b)(e)</sup>  | 184138 | $13864 |
| Molina Healthcare, Inc. <sup>(a)</sup>  | 36950 | 11007 |
| Novo Nordisk AS, Class B  | 70320 | 4881 |
| Endo, Inc. <sup>(a)</sup>  | 140115 | 2941 |
| Endo, Inc., 1L 7.50% Escrow <sup>(a)(b)</sup>  | 9648000 | — <br><sup>(c)</sup><br>|
| Carbon Health Technologies, Inc., Class A <sup>(a)(b)</sup>  | 4955500 | 50 |
|  |  | 1878503 |
| **Materials 4.82%** |  |  |
| Franco-Nevada Corp. (CAD denominated)  | 1925000 | 316044 |
| Wheaton Precious Metals Corp.  | 3349100 | 300749 |
| Royal Gold, Inc.  | 1405000 | 249865 |
| Lundin Mining Corp.  | 16017925 | 168443 |
| First Quantum Minerals, Ltd. <sup>(a)</sup>  | 5805000 | 103119 |
| Linde PLC  | 145263 | 68154 |
| Freeport-McMoRan, Inc.  | 1400000 | 60690 |
| Corteva, Inc.  | 571302 | 42579 |
| Air Products and Chemicals, Inc.  | 45664 | 12880 |
| Avery Dennison Corp.  | 65336 | 11465 |
| Venator Materials PLC <sup>(a)(b)</sup>  | 4096 | — <br><sup>(c)</sup><br>|
|  |  | 1333988 |
| **Consumer staples 4.33%** |  |  |
| Philip Morris International, Inc.  | 4082884 | 743615 |
| Keurig Dr Pepper, Inc.  | 3252056 | 107513 |
| Constellation Brands, Inc., Class A  | 499955 | 81333 |
| Costco Wholesale Corp.  | 69889 | 69186 |
| Nestle SA  | 617055 | 61305 |
| US Foods Holding Corp. <sup>(a)</sup>  | 514932 | 39655 |
| Estee Lauder Cos., Inc. (The), Class A  | 440395 | 35584 |
| Altria Group, Inc.  | 527643 | 30936 |
| Bunge Global SA  | 197085 | 15822 |
| Procter & Gamble Co.  | 75358 | 12006 |
|  |  | 1196955 |
| **Communication services 3.78%** |  |  |
| Meta Platforms, Inc., Class A  | 581159 | 428948 |
| Alphabet, Inc., Class C  | 1206415 | 214006 |
| Alphabet, Inc., Class A  | 344016 | 60626 |
| Comcast Corp., Class A  | 6366969 | 227237 |
| Charter Communications, Inc., Class A <sup>(a)</sup>  | 179040 | 73193 |
| Nintendo Co., Ltd.  | 265200 | 25561 |
| Take-Two Interactive Software, Inc. <sup>(a)</sup>  | 67585 | 16413 |
|  |  | 1045984 |
| **Energy 1.29%** |  |  |
| Canadian Natural Resources, Ltd. (CAD denominated)  | 4009172 | 126009 |
| ConocoPhillips  | 824000 | 73946 |
| Shell PLC (GBP denominated)  | 1914457 | 67103 |
| EOG Resources, Inc.  | 254319 | 30419 |
| Noble Corp. PLC, Class A  | 771174 | 20474 |
| Halliburton Co.  | 960000 | 19565 |
| Schlumberger NV  | 286500 | 9684 |
| Exxon Mobil Corp.  | 66470 | 7165 |
| Constellation Oil Services Holding SA (NDR) <sup>(a)</sup>  | 1564956 | 699 |
| New Fortress Energy, Inc., Class A <sup>(a)</sup>  | 150315 | 499 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| American Funds Insurance Series | **92** |

---

------

Asset Allocation Fund (continued)

---

| | | |
|:---|:---|:---|
| Common stocks (continued) | Shares | Value<br> (000)<br>|
| **Energy (continued)** |  |  |
| Altera Infrastructure, LP <sup>(b)</sup>  | 16129 | $498 |
| Expand Energy Corp.  | 277 | 32 |
| Bighorn Permian Resources, LLC <sup>(b)</sup>  | 4392 | — <br><sup>(c)</sup><br>|
|  |  | 356093 |
| **Real estate 0.53%** |  |  |
| VICI Properties, Inc. REIT  | 2308795 | 75267 |
| American Tower Corp. REIT  | 136942 | 30267 |
| Simon Property Group, Inc. REIT  | 119922 | 19279 |
| Crown Castle, Inc. REIT  | 134329 | 13799 |
| Alexandria Real Estate Equities, Inc. REIT  | 121544 | 8828 |
|  |  | 147440 |
| **Utilities 0.48%** |  |  |
| DTE Energy Co.  | 848144 | 112345 |
| FirstEnergy Corp.  | 323684 | 13032 |
| Southern Co. (The)  | 83100 | 7631 |
|  |  | 133008 |
| **Total common stocks** (cost: $10,832,516,000) |  | 18579394 |
| Preferred securities 0.00% |  |  |
| **Industrials 0.00%** |  |  |
| ACR III LSC Holdings, LLC, Series B, preferred shares <sup>(a)(b)(d)</sup>  | 450 | 647 |
| **Total preferred securities** (cost: $466,000) |  | 647 |
| Rights & warrants 0.00% |  |  |
| **Energy 0.00%** |  |  |
| Expand Energy Corporation, Class C, warrants, expire 2/9/2026 <sup>(a)</sup>  | 524 | 54 |
| Constellation Oil Services Holding SA, Class D, warrants, expire 6/10/2071 <sup>(a)(b)</sup>  | 4 | — <br><sup>(c)</sup><br>|
| **Total rights & warrants** (cost: $313,000) |  | 54 |
| Convertible stocks 0.14% |  |  |
| **Information technology 0.07%** |  |  |
| MicroStrategy, Inc., 8.00% perpetual convertible preferred shares <sup>(f)</sup>  | 168200 | 20354 |
| **Industrials 0.07%** |  |  |
| Boeing Co., Series A, convertible preferred depositary shares, 6.00% 10/15/2027  | 262145 | 17826 |
| **Total convertible stocks** (cost: $29,379,000) |  | 38180 |
| Bonds, notes & other debt instruments 26.96% | Principal amount<br> (000)<br>|  |
| **Mortgage-backed obligations 10.51%** | **Mortgage-backed obligations 10.51%** | **Mortgage-backed obligations 10.51%** |
| **Federal agency mortgage-backed obligations 9.44%** |  |  |
| Fannie Mae Pool #AE3069 4.00% 9/1/2025 <sup>(g)</sup>  | USD— <br><sup>(c)</sup><br>| — <br><sup>(c)</sup><br>|
| Fannie Mae Pool #AH0829 4.00% 1/1/2026 <sup>(g)</sup>  | — <br><sup>(c)</sup><br>| — <br><sup>(c)</sup><br>|
| Fannie Mae Pool #AH6431 4.00% 2/1/2026 <sup>(g)</sup>  | 24 | 24 |
| Fannie Mae Pool #AH5618 4.00% 2/1/2026 <sup>(g)</sup>  | — <br><sup>(c)</sup><br>| — <br><sup>(c)</sup><br>|
| Fannie Mae Pool #890329 4.00% 4/1/2026 <sup>(g)</sup>  | 2 | 2 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **93** | American Funds Insurance Series |

---

------

Asset Allocation Fund (continued)

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount<br> (000)<br>| Value<br> (000)<br>|
| **Mortgage-backed obligations (continued)** | **Mortgage-backed obligations (continued)** | **Mortgage-backed obligations (continued)** |
| **Federal agency mortgage-backed obligations (continued)** |  |  |
| Fannie Mae Pool #MA1109 4.00% 5/1/2027 <sup>(g)</sup>  | USD— <br><sup>(c)</sup><br>| $— <br><sup>(c)</sup><br>|
| Fannie Mae Pool #MA3653 3.00% 3/1/2029 <sup>(g)</sup>  | 6 | 6 |
| Fannie Mae Pool #AL8347 4.00% 3/1/2029 <sup>(g)</sup>  | 7 | 7 |
| Fannie Mae Pool #254767 5.50% 6/1/2033 <sup>(g)</sup>  | 133 | 136 |
| Fannie Mae Pool #555956 5.50% 12/1/2033 <sup>(g)</sup>  | 85 | 87 |
| Fannie Mae Pool #BN1085 4.00% 1/1/2034 <sup>(g)</sup>  | 238 | 238 |
| Fannie Mae Pool #FM2499 2.50% 2/1/2035 <sup>(g)</sup>  | 243 | 229 |
| Fannie Mae Pool #929185 5.50% 1/1/2036 <sup>(g)</sup>  | 254 | 262 |
| Fannie Mae Pool #893641 6.00% 9/1/2036 <sup>(g)</sup>  | 496 | 520 |
| Fannie Mae Pool #893688 6.00% 10/1/2036 <sup>(g)</sup>  | 125 | 131 |
| Fannie Mae Pool #AS8554 3.00% 12/1/2036 <sup>(g)</sup>  | 4020 | 3808 |
| Fannie Mae Pool #907239 6.00% 12/1/2036 <sup>(g)</sup>  | 11 | 11 |
| Fannie Mae Pool #928031 6.00% 1/1/2037 <sup>(g)</sup>  | 41 | 43 |
| Fannie Mae Pool #888292 6.00% 3/1/2037 <sup>(g)</sup>  | 369 | 387 |
| Fannie Mae Pool #AD0249 5.50% 4/1/2037 <sup>(g)</sup>  | 69 | 71 |
| Fannie Mae Pool #CB3701 2.50% 5/1/2037 <sup>(g)</sup>  | 124 | 116 |
| Fannie Mae Pool #190379 5.50% 5/1/2037 <sup>(g)</sup>  | 39 | 40 |
| Fannie Mae Pool #924952 6.00% 8/1/2037 <sup>(g)</sup>  | 586 | 614 |
| Fannie Mae Pool #888637 6.00% 9/1/2037 <sup>(g)</sup>  | 7 | 7 |
| Fannie Mae Pool #995674 6.00% 5/1/2038 <sup>(g)</sup>  | 228 | 240 |
| Fannie Mae Pool #AD0119 6.00% 7/1/2038 <sup>(g)</sup>  | 724 | 762 |
| Fannie Mae Pool #995224 6.00% 9/1/2038 <sup>(g)</sup>  | 6 | 6 |
| Fannie Mae Pool #AE0021 6.00% 10/1/2038 <sup>(g)</sup>  | 231 | 242 |
| Fannie Mae Pool #AL7164 6.00% 10/1/2038 <sup>(g)</sup>  | 141 | 147 |
| Fannie Mae Pool #889983 6.00% 10/1/2038 <sup>(g)</sup>  | 13 | 14 |
| Fannie Mae Pool #AD0095 6.00% 11/1/2038 <sup>(g)</sup>  | 504 | 528 |
| Fannie Mae Pool #AB0538 6.00% 11/1/2038 <sup>(g)</sup>  | 69 | 72 |
| Fannie Mae Pool #995391 6.00% 11/1/2038 <sup>(g)</sup>  | 10 | 11 |
| Fannie Mae Pool #AD0833 6.00% 1/1/2039 <sup>(g)</sup>  | — <br><sup>(c)</sup><br>| — <br><sup>(c)</sup><br>|
| Fannie Mae Pool #AL0309 6.00% 1/1/2040 <sup>(g)</sup>  | 47 | 49 |
| Fannie Mae Pool #AL0013 6.00% 4/1/2040 <sup>(g)</sup>  | 137 | 144 |
| Fannie Mae Pool #AL7228 6.00% 4/1/2041 <sup>(g)</sup>  | 167 | 174 |
| Fannie Mae Pool #AB4536 6.00% 6/1/2041 <sup>(g)</sup>  | 336 | 351 |
| Fannie Mae Pool #MA4387 2.00% 7/1/2041 <sup>(g)</sup>  | 5520 | 4763 |
| Fannie Mae Pool #FS0305 1.50% 1/1/2042 <sup>(g)</sup>  | 16669 | 13782 |
| Fannie Mae Pool #AP2131 3.50% 8/1/2042 <sup>(g)</sup>  | 2457 | 2308 |
| Fannie Mae Pool #AU8813 4.00% 11/1/2043 <sup>(g)</sup>  | 1527 | 1471 |
| Fannie Mae Pool #AU9350 4.00% 11/1/2043 <sup>(g)</sup>  | 830 | 800 |
| Fannie Mae Pool #AU9348 4.00% 11/1/2043 <sup>(g)</sup>  | 815 | 786 |
| Fannie Mae Pool #AL8773 3.50% 2/1/2045 <sup>(g)</sup>  | 4247 | 3986 |
| Fannie Mae Pool #FM9416 3.50% 7/1/2045 <sup>(g)</sup>  | 6952 | 6458 |
| Fannie Mae Pool #AL8354 3.50% 10/1/2045 <sup>(g)</sup>  | 989 | 921 |
| Fannie Mae Pool #AL8522 3.50% 5/1/2046 <sup>(g)</sup>  | 2175 | 2019 |
| Fannie Mae Pool #BC7611 4.00% 5/1/2046 <sup>(g)</sup>  | 80 | 76 |
| Fannie Mae Pool #AS8310 3.00% 11/1/2046 <sup>(g)</sup>  | 290 | 261 |
| Fannie Mae Pool #BD9307 4.00% 11/1/2046 <sup>(g)</sup>  | 1234 | 1170 |
| Fannie Mae Pool #BD9699 3.50% 12/1/2046 <sup>(g)</sup>  | 1226 | 1128 |
| Fannie Mae Pool #BE1290 3.50% 2/1/2047 <sup>(g)</sup>  | 1825 | 1681 |
| Fannie Mae Pool #BM1179 3.00% 4/1/2047 <sup>(g)</sup>  | 375 | 337 |
| Fannie Mae Pool #256975 7.00% 10/1/2047 <sup>(g)</sup>  | 2 | 2 |
| Fannie Mae Pool #CA0770 3.50% 11/1/2047 <sup>(g)</sup>  | 1259 | 1153 |
| Fannie Mae Pool #MA3211 4.00% 12/1/2047 <sup>(g)</sup>  | 2105 | 1999 |
| Fannie Mae Pool #MA3277 4.00% 2/1/2048 <sup>(g)</sup>  | 8 | 8 |
| Fannie Mae Pool #BK5255 4.00% 5/1/2048 <sup>(g)</sup>  | 9 | 9 |
| Fannie Mae Pool #FM3278 3.50% 11/1/2048 <sup>(g)</sup>  | 13393 | 12303 |
| Fannie Mae Pool #FM3280 3.50% 5/1/2049 <sup>(g)</sup>  | 1798 | 1672 |
| Fannie Mae Pool #CA4756 3.00% 12/1/2049 <sup>(g)</sup>  | 1390 | 1234 |
| Fannie Mae Pool #BN7443 2.50% 3/1/2050 <sup>(g)</sup>  | 31 | 26 |
| Fannie Mae Pool #CA5968 2.50% 6/1/2050 <sup>(g)</sup>  | 4580 | 3862 |
| Fannie Mae Pool #BP5576 2.50% 6/1/2050 <sup>(g)</sup>  | 404 | 336 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| American Funds Insurance Series | **94** |

---

------

Asset Allocation Fund (continued)

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount<br> (000)<br>| Value<br> (000)<br>|
| **Mortgage-backed obligations (continued)** | **Mortgage-backed obligations (continued)** | **Mortgage-backed obligations (continued)** |
| **Federal agency mortgage-backed obligations (continued)** |  |  |
| Fannie Mae Pool #CA6593 2.50% 8/1/2050 <sup>(g)</sup>  | USD10,266 | $8665 |
| Fannie Mae Pool #CA7052 3.00% 9/1/2050 <sup>(g)</sup>  | 304 | 266 |
| Fannie Mae Pool #BQ7589 2.00% 11/1/2050 <sup>(g)</sup>  | 2329 | 1848 |
| Fannie Mae Pool #CA7737 2.50% 11/1/2050 <sup>(g)</sup>  | 8416 | 7083 |
| Fannie Mae Pool #CA7599 2.50% 11/1/2050 <sup>(g)</sup>  | 1305 | 1103 |
| Fannie Mae Pool #CA7743 2.50% 11/1/2050 <sup>(g)</sup>  | 715 | 595 |
| Fannie Mae Pool #FM4897 3.00% 11/1/2050 <sup>(g)</sup>  | 11550 | 10313 |
| Fannie Mae Pool #BQ7646 2.00% 12/1/2050 <sup>(g)</sup>  | 1956 | 1552 |
| Fannie Mae Pool #BQ8497 2.00% 12/1/2050 <sup>(g)</sup>  | 1609 | 1275 |
| Fannie Mae Pool #FS9792 4.50% 12/1/2050 <sup>(g)</sup>  | 1036 | 1008 |
| Fannie Mae Pool #MA4237 2.00% 1/1/2051 <sup>(g)</sup>  | 5151 | 4110 |
| Fannie Mae Pool #FS5929 2.50% 1/1/2051 <sup>(g)</sup>  | 778 | 647 |
| Fannie Mae Pool #FM5944 2.50% 1/1/2051 <sup>(g)</sup>  | 79 | 66 |
| Fannie Mae Pool #FS3550 2.50% 1/1/2051 <sup>(g)</sup>  | 29 | 24 |
| Fannie Mae Pool #BR3255 2.00% 2/1/2051 <sup>(g)</sup>  | 6030 | 4780 |
| Fannie Mae Pool #FM5963 2.00% 2/1/2051 <sup>(g)</sup>  | 1837 | 1456 |
| Fannie Mae Pool #CA8828 2.50% 2/1/2051 <sup>(g)</sup>  | 3200 | 2701 |
| Fannie Mae Pool #CA8962 2.50% 2/1/2051 <sup>(g)</sup>  | 60 | 50 |
| Fannie Mae Pool #CB0290 2.00% 4/1/2051 <sup>(g)</sup>  | 4141 | 3287 |
| Fannie Mae Pool #FS1086 2.00% 4/1/2051 <sup>(g)</sup>  | 1760 | 1395 |
| Fannie Mae Pool #CA9494 2.50% 4/1/2051 <sup>(g)</sup>  | 96 | 80 |
| Fannie Mae Pool #CB0191 3.00% 4/1/2051 <sup>(g)</sup>  | 4542 | 3969 |
| Fannie Mae Pool #CB0193 3.00% 4/1/2051 <sup>(g)</sup>  | 559 | 489 |
| Fannie Mae Pool #BR0999 2.50% 5/1/2051 <sup>(g)</sup>  | 828 | 688 |
| Fannie Mae Pool #FM7222 2.50% 5/1/2051 <sup>(g)</sup>  | 778 | 646 |
| Fannie Mae Pool #CB0910 2.50% 6/1/2051 <sup>(g)</sup>  | 34956 | 29022 |
| Fannie Mae Pool #FM7740 2.50% 6/1/2051 <sup>(g)</sup>  | 9291 | 7714 |
| Fannie Mae Pool #FM7909 3.00% 6/1/2051 <sup>(g)</sup>  | 414 | 362 |
| Fannie Mae Pool #MA4378 2.00% 7/1/2051 <sup>(g)</sup>  | 154 | 123 |
| Fannie Mae Pool #FM9530 2.50% 7/1/2051 <sup>(g)</sup>  | 2059 | 1710 |
| Fannie Mae Pool #FM8434 2.00% 8/1/2051 <sup>(g)</sup>  | 5970 | 4733 |
| Fannie Mae Pool #FM8453 3.00% 8/1/2051 <sup>(g)</sup>  | 3904 | 3456 |
| Fannie Mae Pool #CB1304 3.00% 8/1/2051 <sup>(g)</sup>  | 71 | 62 |
| Fannie Mae Pool #FS1630 2.50% 9/1/2051 <sup>(g)</sup>  | 1338 | 1111 |
| Fannie Mae Pool #BT7263 2.50% 9/1/2051 <sup>(g)</sup>  | 661 | 549 |
| Fannie Mae Pool #FS5125 2.50% 10/1/2051 <sup>(g)</sup>  | 840 | 698 |
| Fannie Mae Pool #FS3298 2.50% 10/1/2051 <sup>(g)</sup>  | 536 | 445 |
| Fannie Mae Pool #BU2530 2.50% 10/1/2051 <sup>(g)</sup>  | 134 | 111 |
| Fannie Mae Pool #FM9335 2.50% 10/1/2051 <sup>(g)</sup>  | 92 | 77 |
| Fannie Mae Pool #MA4465 2.00% 11/1/2051 <sup>(g)</sup>  | 7704 | 6123 |
| Fannie Mae Pool #FM9646 2.00% 11/1/2051 <sup>(g)</sup>  | 5300 | 4201 |
| Fannie Mae Pool #CB2078 3.00% 11/1/2051 <sup>(g)</sup>  | 7975 | 6967 |
| Fannie Mae Pool #MA4492 2.00% 12/1/2051 <sup>(g)</sup>  | 2437 | 1937 |
| Fannie Mae Pool #CB2286 2.50% 12/1/2051 <sup>(g)</sup>  | 14266 | 11989 |
| Fannie Mae Pool #CB2375 2.50% 12/1/2051 <sup>(g)</sup>  | 6680 | 5611 |
| Fannie Mae Pool #CB2319 2.50% 12/1/2051 <sup>(g)</sup>  | 162 | 136 |
| Fannie Mae Pool #BT9483 2.50% 12/1/2051 <sup>(g)</sup>  | 78 | 66 |
| Fannie Mae Pool #CB2372 2.50% 12/1/2051 <sup>(g)</sup>  | 77 | 65 |
| Fannie Mae Pool #BT9510 2.50% 12/1/2051 <sup>(g)</sup>  | 77 | 65 |
| Fannie Mae Pool #BQ7006 2.00% 1/1/2052 <sup>(g)</sup>  | 2944 | 2338 |
| Fannie Mae Pool #MA4512 2.50% 1/1/2052 <sup>(g)</sup>  | 124 | 103 |
| Fannie Mae Pool #FS3549 2.50% 1/1/2052 <sup>(g)</sup>  | 65 | 54 |
| Fannie Mae Pool #FS0182 3.00% 1/1/2052 <sup>(g)</sup>  | 10085 | 8812 |
| Fannie Mae Pool #BV3076 2.00% 2/1/2052 <sup>(g)</sup>  | 6678 | 5298 |
| Fannie Mae Pool #MA4547 2.00% 2/1/2052 <sup>(g)</sup>  | 5115 | 4063 |
| Fannie Mae Pool #BT1968 2.00% 2/1/2052 <sup>(g)</sup>  | 1824 | 1447 |
| Fannie Mae Pool #BV3083 2.00% 2/1/2052 <sup>(g)</sup>  | 991 | 786 |
| Fannie Mae Pool #FS2660 2.50% 2/1/2052 <sup>(g)</sup>  | 2133 | 1774 |
| Fannie Mae Pool #FS1080 2.50% 2/1/2052 <sup>(g)</sup>  | 1947 | 1617 |
| Fannie Mae Pool #BV3674 2.50% 2/1/2052 <sup>(g)</sup>  | 728 | 607 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **95** | American Funds Insurance Series |

---

------

Asset Allocation Fund (continued)

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount<br> (000)<br>| Value<br> (000)<br>|
| **Mortgage-backed obligations (continued)** | **Mortgage-backed obligations (continued)** | **Mortgage-backed obligations (continued)** |
| **Federal agency mortgage-backed obligations (continued)** |  |  |
| Fannie Mae Pool #FS1885 2.50% 2/1/2052 <sup>(g)</sup>  | USD636 | $528 |
| Fannie Mae Pool #FS0647 3.00% 2/1/2052 <sup>(g)</sup>  | 53834 | 47420 |
| Fannie Mae Pool #BV3101 2.00% 3/1/2052 <sup>(g)</sup>  | 2963 | 2348 |
| Fannie Mae Pool #FS1742 2.00% 3/1/2052 <sup>(g)</sup>  | 2462 | 1956 |
| Fannie Mae Pool #MA4562 2.00% 3/1/2052 <sup>(g)</sup>  | 1826 | 1449 |
| Fannie Mae Pool #BV4169 2.00% 3/1/2052 <sup>(g)</sup>  | 1312 | 1040 |
| Fannie Mae Pool #BV4172 2.00% 3/1/2052 <sup>(g)</sup>  | 1300 | 1030 |
| Fannie Mae Pool #BV0162 2.00% 3/1/2052 <sup>(g)</sup>  | 115 | 91 |
| Fannie Mae Pool #BV4173 2.50% 3/1/2052 <sup>(g)</sup>  | 813 | 678 |
| Fannie Mae Pool #CB3063 2.50% 3/1/2052 <sup>(g)</sup>  | 739 | 616 |
| Fannie Mae Pool #CB3031 2.50% 3/1/2052 <sup>(g)</sup>  | 642 | 535 |
| Fannie Mae Pool #BV4119 2.50% 3/1/2052 <sup>(g)</sup>  | 163 | 136 |
| Fannie Mae Pool #CB3744 2.50% 3/1/2052 <sup>(g)</sup>  | 24 | 20 |
| Fannie Mae Pool #FS0931 3.00% 3/1/2052 <sup>(g)</sup>  | 352 | 305 |
| Fannie Mae Pool #MA4577 2.00% 4/1/2052 <sup>(g)</sup>  | 5929 | 4714 |
| Fannie Mae Pool #FS1598 2.00% 4/1/2052 <sup>(g)</sup>  | 3022 | 2400 |
| Fannie Mae Pool #BV4182 2.50% 4/1/2052 <sup>(g)</sup>  | 909 | 757 |
| Fannie Mae Pool #FS1749 2.50% 4/1/2052 <sup>(g)</sup>  | 880 | 733 |
| Fannie Mae Pool #BV5332 2.50% 4/1/2052 <sup>(g)</sup>  | 877 | 731 |
| Fannie Mae Pool #BU9507 2.50% 4/1/2052 <sup>(g)</sup>  | 162 | 135 |
| Fannie Mae Pool #BV5370 2.50% 4/1/2052 <sup>(g)</sup>  | 138 | 115 |
| Fannie Mae Pool #CB3379 4.00% 4/1/2052 <sup>(g)</sup>  | 657 | 613 |
| Fannie Mae Pool #FS9189 2.00% 5/1/2052 <sup>(g)</sup>  | 9713 | 7721 |
| Fannie Mae Pool #BV9644 2.50% 5/1/2052 <sup>(g)</sup>  | 940 | 783 |
| Fannie Mae Pool #MA4598 2.50% 5/1/2052 <sup>(g)</sup>  | 869 | 723 |
| Fannie Mae Pool #BW2204 2.50% 5/1/2052 <sup>(g)</sup>  | 153 | 127 |
| Fannie Mae Pool #BW0462 2.50% 5/1/2052 <sup>(g)</sup>  | 153 | 127 |
| Fannie Mae Pool #BV8592 2.50% 5/1/2052 <sup>(g)</sup>  | 118 | 98 |
| Fannie Mae Pool #FS7329 2.00% 6/1/2052 <sup>(g)</sup>  | 2416 | 1917 |
| Fannie Mae Pool #MA4623 2.50% 6/1/2052 <sup>(g)</sup>  | 786 | 654 |
| Fannie Mae Pool #MA4626 4.00% 6/1/2052 <sup>(g)</sup>  | 5830 | 5436 |
| Fannie Mae Pool #CB4021 4.00% 6/1/2052 <sup>(g)</sup>  | 1363 | 1272 |
| Fannie Mae Pool #BW2918 4.50% 6/1/2052 <sup>(g)</sup>  | 5085 | 4876 |
| Fannie Mae Pool #FS6986 2.00% 7/1/2052 <sup>(g)</sup>  | 5004 | 3968 |
| Fannie Mae Pool #CB4123 4.00% 7/1/2052 <sup>(g)</sup>  | 23 | 21 |
| Fannie Mae Pool #BV7912 2.50% 8/1/2052 <sup>(g)</sup>  | 156 | 130 |
| Fannie Mae Pool #BV8015 2.50% 8/1/2052 <sup>(g)</sup>  | 94 | 78 |
| Fannie Mae Pool #BW1192 4.50% 9/1/2052 <sup>(g)</sup>  | 629 | 602 |
| Fannie Mae Pool #CB4620 5.00% 9/1/2052 <sup>(g)</sup>  | 1007 | 995 |
| Fannie Mae Pool #FS3056 2.00% 10/1/2052 <sup>(g)</sup>  | 16546 | 13126 |
| Fannie Mae Pool #BX2841 4.00% 10/1/2052 <sup>(g)</sup>  | 15 | 14 |
| Fannie Mae Pool #CB4852 4.50% 10/1/2052 <sup>(g)</sup>  | 10696 | 10257 |
| Fannie Mae Pool #BX0097 4.50% 10/1/2052 <sup>(g)</sup>  | 839 | 806 |
| Fannie Mae Pool #MA4785 5.00% 10/1/2052 <sup>(g)</sup>  | 450 | 444 |
| Fannie Mae Pool #BX0463 4.00% 11/1/2052 <sup>(g)</sup>  | 982 | 915 |
| Fannie Mae Pool #BW1299 4.00% 11/1/2052 <sup>(g)</sup>  | 936 | 873 |
| Fannie Mae Pool #MA4805 4.50% 11/1/2052 <sup>(g)</sup>  | 9896 | 9490 |
| Fannie Mae Pool #FS5554 4.50% 11/1/2052 <sup>(g)</sup>  | 2995 | 2873 |
| Fannie Mae Pool #CB5764 2.50% 12/1/2052 <sup>(g)</sup>  | 887 | 738 |
| Fannie Mae Pool #MA4842 5.50% 12/1/2052 <sup>(g)</sup>  | 2361 | 2369 |
| Fannie Mae Pool #BW5062 4.00% 1/1/2053 <sup>(g)</sup>  | 22 | 20 |
| Fannie Mae Pool #FS5520 4.50% 1/1/2053 <sup>(g)</sup>  | 2695 | 2582 |
| Fannie Mae Pool #BX3263 4.00% 2/1/2053 <sup>(g)</sup>  | 569 | 530 |
| Fannie Mae Pool #MA4919 5.50% 2/1/2053 <sup>(g)</sup>  | 982 | 985 |
| Fannie Mae Pool #BW5000 4.00% 3/1/2053 <sup>(g)</sup>  | 902 | 841 |
| Fannie Mae Pool #FS4191 5.50% 3/1/2053 <sup>(g)</sup>  | 2515 | 2533 |
| Fannie Mae Pool #BX9358 4.00% 4/1/2053 <sup>(g)</sup>  | 327 | 304 |
| Fannie Mae Pool #MA4978 5.00% 4/1/2053 <sup>(g)</sup>  | 2143 | 2108 |
| Fannie Mae Pool #MA5027 4.00% 5/1/2053 <sup>(g)</sup>  | 6967 | 6492 |
| Fannie Mae Pool #MA5009 5.00% 5/1/2053 <sup>(g)</sup>  | 10714 | 10537 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| American Funds Insurance Series | **96** |

---

------

Asset Allocation Fund (continued)

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount<br> (000)<br>| Value<br> (000)<br>|
| **Mortgage-backed obligations (continued)** | **Mortgage-backed obligations (continued)** | **Mortgage-backed obligations (continued)** |
| **Federal agency mortgage-backed obligations (continued)** |  |  |
| Fannie Mae Pool #FS4563 5.00% 5/1/2053 <sup>(g)</sup>  | USD765 | $756 |
| Fannie Mae Pool #FS4840 5.50% 5/1/2053 <sup>(g)</sup>  | 963 | 964 |
| Fannie Mae Pool #MA5010 5.50% 5/1/2053 <sup>(g)</sup>  | 170 | 171 |
| Fannie Mae Pool #FS4736 6.50% 5/1/2053 <sup>(g)</sup>  | 239 | 248 |
| Fannie Mae Pool #BW9618 3.00% 6/1/2053 <sup>(g)</sup>  | 285 | 247 |
| Fannie Mae Pool #MA5038 5.00% 6/1/2053 <sup>(g)</sup>  | 25639 | 25196 |
| Fannie Mae Pool #MA5039 5.50% 6/1/2053 <sup>(g)</sup>  | 613 | 614 |
| Fannie Mae Pool #CB6491 6.50% 6/1/2053 <sup>(g)</sup>  | 1250 | 1302 |
| Fannie Mae Pool #CB6490 6.50% 6/1/2053 <sup>(g)</sup>  | 444 | 461 |
| Fannie Mae Pool #CB6468 6.50% 6/1/2053 <sup>(g)</sup>  | 325 | 339 |
| Fannie Mae Pool #FS7823 2.00% 7/1/2053 <sup>(g)</sup>  | 11488 | 9125 |
| Fannie Mae Pool #FS9167 2.50% 7/1/2053 <sup>(g)</sup>  | 840 | 697 |
| Fannie Mae Pool #FS6632 2.50% 7/1/2053 <sup>(g)</sup>  | 786 | 653 |
| Fannie Mae Pool #MA5089 4.00% 7/1/2053 <sup>(g)</sup>  | 9490 | 8840 |
| Fannie Mae Pool #MA5070 4.50% 7/1/2053 <sup>(g)</sup>  | 13850 | 13277 |
| Fannie Mae Pool #MA5072 5.50% 7/1/2053 <sup>(g)</sup>  | 2308 | 2313 |
| Fannie Mae Pool #MA5107 5.50% 8/1/2053 <sup>(g)</sup>  | 101 | 101 |
| Fannie Mae Pool #CB7104 5.50% 9/1/2053 <sup>(g)</sup>  | 5473 | 5487 |
| Fannie Mae Pool #MA5139 6.00% 9/1/2053 <sup>(g)</sup>  | 20042 | 20408 |
| Fannie Mae Pool #MA5165 5.50% 10/1/2053 <sup>(g)</sup>  | 1775 | 1778 |
| Fannie Mae Pool #MA5166 6.00% 10/1/2053 <sup>(g)</sup>  | 4871 | 4960 |
| Fannie Mae Pool #MA5207 4.00% 11/1/2053 <sup>(g)</sup>  | 15359 | 14300 |
| Fannie Mae Pool #BY1418 4.00% 11/1/2053 <sup>(g)</sup>  | 14504 | 13506 |
| Fannie Mae Pool #FS6838 5.50% 11/1/2053 <sup>(g)</sup>  | 4114 | 4121 |
| Fannie Mae Pool #MA5191 6.00% 11/1/2053 <sup>(g)</sup>  | 7362 | 7497 |
| Fannie Mae Pool #BY1448 4.00% 12/1/2053 <sup>(g)</sup>  | 11356 | 10574 |
| Fannie Mae Pool #FS6668 5.50% 12/1/2053 <sup>(g)</sup>  | 273 | 273 |
| Fannie Mae Pool #FS6873 6.50% 1/1/2054 <sup>(g)</sup>  | 7518 | 7774 |
| Fannie Mae Pool #FS6767 6.50% 1/1/2054 <sup>(g)</sup>  | 2197 | 2283 |
| Fannie Mae Pool #BY1343 4.00% 2/1/2054 <sup>(g)</sup>  | 12395 | 11537 |
| Fannie Mae Pool #FS7990 4.00% 2/1/2054 <sup>(g)</sup>  | 1962 | 1826 |
| Fannie Mae Pool #MA5271 5.50% 2/1/2054 <sup>(g)</sup>  | 636 | 637 |
| Fannie Mae Pool #FS6809 5.50% 2/1/2054 <sup>(g)</sup>  | 542 | 542 |
| Fannie Mae Pool #CB7932 6.00% 2/1/2054 <sup>(g)</sup>  | 3263 | 3330 |
| Fannie Mae Pool #CB7933 6.50% 2/1/2054 <sup>(g)</sup>  | 2266 | 2344 |
| Fannie Mae Pool #MA5296 5.50% 3/1/2054 <sup>(g)</sup>  | 11351 | 11359 |
| Fannie Mae Pool #CB8151 5.50% 3/1/2054 <sup>(g)</sup>  | 4859 | 4873 |
| Fannie Mae Pool #MA5295 6.00% 3/1/2054 <sup>(g)</sup>  | 896 | 912 |
| Fannie Mae Pool #CB8163 6.00% 3/1/2054 <sup>(g)</sup>  | 888 | 909 |
| Fannie Mae Pool #CB8168 6.00% 3/1/2054 <sup>(g)</sup>  | 9 | 9 |
| Fannie Mae Pool #CB8337 5.50% 4/1/2054 <sup>(g)</sup>  | 7444 | 7469 |
| Fannie Mae Pool #MA5388 5.50% 6/1/2054 <sup>(g)</sup>  | 1120 | 1121 |
| Fannie Mae Pool #DB6878 6.00% 6/1/2054 <sup>(g)</sup>  | 2259 | 2299 |
| Fannie Mae Pool #FS8153 6.00% 6/1/2054 <sup>(g)</sup>  | 1021 | 1045 |
| Fannie Mae Pool #CB8755 6.00% 6/1/2054 <sup>(g)</sup>  | 993 | 1016 |
| Fannie Mae Pool #FS8223 6.00% 6/1/2054 <sup>(g)</sup>  | 860 | 877 |
| Fannie Mae Pool #FS8219 6.00% 6/1/2054 <sup>(g)</sup>  | 805 | 825 |
| Fannie Mae Pool #CB8725 6.50% 6/1/2054 <sup>(g)</sup>  | 1009 | 1048 |
| Fannie Mae Pool #DB5480 6.50% 6/1/2054 <sup>(g)</sup>  | 60 | 62 |
| Fannie Mae Pool #DB5213 5.50% 7/1/2054 <sup>(g)</sup>  | 6048 | 6053 |
| Fannie Mae Pool #CB8842 5.50% 7/1/2054 <sup>(g)</sup>  | 2419 | 2423 |
| Fannie Mae Pool #BU4699 5.50% 7/1/2054 <sup>(g)</sup>  | 1495 | 1497 |
| Fannie Mae Pool #MA5421 6.00% 7/1/2054 <sup>(g)</sup>  | 12501 | 12716 |
| Fannie Mae Pool #DB6901 6.00% 7/1/2054 <sup>(g)</sup>  | 1411 | 1436 |
| Fannie Mae Pool #DB7039 6.00% 7/1/2054 <sup>(g)</sup>  | 698 | 713 |
| Fannie Mae Pool #BU4700 6.00% 7/1/2054 <sup>(g)</sup>  | 504 | 514 |
| Fannie Mae Pool #MA5422 6.50% 7/1/2054 <sup>(g)</sup>  | 6917 | 7149 |
| Fannie Mae Pool #FS8619 6.50% 7/1/2054 <sup>(g)</sup>  | 4621 | 4812 |
| Fannie Mae Pool #FS8607 6.50% 7/1/2054 <sup>(g)</sup>  | 3438 | 3580 |
| Fannie Mae Pool #CB8872 6.50% 7/1/2054 <sup>(g)</sup>  | 1573 | 1638 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **97** | American Funds Insurance Series |

---

------

Asset Allocation Fund (continued)

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount<br> (000)<br>| Value<br> (000)<br>|
| **Mortgage-backed obligations (continued)** | **Mortgage-backed obligations (continued)** | **Mortgage-backed obligations (continued)** |
| **Federal agency mortgage-backed obligations (continued)** |  |  |
| Fannie Mae Pool #CB8876 6.50% 7/1/2054 <sup>(g)</sup>  | USD469 | $488 |
| Fannie Mae Pool #FS8317 6.50% 7/1/2054 <sup>(g)</sup>  | 270 | 281 |
| Fannie Mae Pool #CB8977 5.00% 8/1/2054 <sup>(g)</sup>  | 454 | 445 |
| Fannie Mae Pool #DB7783 5.50% 8/1/2054 <sup>(g)</sup>  | 1403 | 1408 |
| Fannie Mae Pool #MA5445 6.00% 8/1/2054 <sup>(g)</sup>  | 9453 | 9617 |
| Fannie Mae Pool #FS8757 6.00% 8/1/2054 <sup>(g)</sup>  | 2887 | 2956 |
| Fannie Mae Pool #FS8758 6.00% 8/1/2054 <sup>(g)</sup>  | 1614 | 1645 |
| Fannie Mae Pool #BU4916 6.00% 8/1/2054 <sup>(g)</sup>  | 1361 | 1387 |
| Fannie Mae Pool #FS8756 6.00% 8/1/2054 <sup>(g)</sup>  | 1183 | 1210 |
| Fannie Mae Pool #FS8795 6.00% 8/1/2054 <sup>(g)</sup>  | 1167 | 1188 |
| Fannie Mae Pool #BU4968 6.00% 8/1/2054 <sup>(g)</sup>  | 954 | 970 |
| Fannie Mae Pool #DB7687 6.00% 8/1/2054 <sup>(g)</sup>  | 356 | 364 |
| Fannie Mae Pool #DB7690 6.00% 8/1/2054 <sup>(g)</sup>  | 279 | 285 |
| Fannie Mae Pool #DC0296 6.00% 8/1/2054 <sup>(g)</sup>  | 275 | 281 |
| Fannie Mae Pool #CB9071 6.50% 8/1/2054 <sup>(g)</sup>  | 1830 | 1906 |
| Fannie Mae Pool #FS8783 6.50% 8/1/2054 <sup>(g)</sup>  | 1337 | 1392 |
| Fannie Mae Pool #CB9210 5.50% 9/1/2054 <sup>(g)</sup>  | 3829 | 3841 |
| Fannie Mae Pool #FS9025 5.50% 9/1/2054 <sup>(g)</sup>  | 2421 | 2435 |
| Fannie Mae Pool #CB9146 5.50% 9/1/2054 <sup>(g)</sup>  | 2298 | 2310 |
| Fannie Mae Pool #BU4946 5.50% 9/1/2054 <sup>(g)</sup>  | 1169 | 1170 |
| Fannie Mae Pool #FS8866 6.00% 9/1/2054 <sup>(g)</sup>  | 2955 | 3023 |
| Fannie Mae Pool #MA5494 4.00% 10/1/2054 <sup>(g)</sup>  | 6658 | 6197 |
| Fannie Mae Pool #DC5642 4.00% 11/1/2054 <sup>(g)</sup>  | 1872 | 1743 |
| Fannie Mae Pool #MA5530 5.00% 11/1/2054 <sup>(g)</sup>  | 20081 | 19697 |
| Fannie Mae Pool #BU5165 5.50% 11/1/2054 <sup>(g)</sup>  | 1900 | 1903 |
| Fannie Mae Pool #DC6894 5.50% 11/1/2054 <sup>(g)</sup>  | 502 | 502 |
| Fannie Mae Pool #MA5531 5.50% 11/1/2054 <sup>(g)</sup>  | 310 | 310 |
| Fannie Mae Pool #MA5552 5.00% 12/1/2054 <sup>(g)</sup>  | 24032 | 23574 |
| Fannie Mae Pool #BU5361 5.00% 12/1/2054 <sup>(g)</sup>  | 1095 | 1076 |
| Fannie Mae Pool #CB9616 5.50% 12/1/2054 <sup>(g)</sup>  | 1450 | 1452 |
| Fannie Mae Pool #FA0287 6.00% 12/1/2054 <sup>(g)</sup>  | 27343 | 27808 |
| Fannie Mae Pool #DC7035 6.00% 12/1/2054 <sup>(g)</sup>  | 3069 | 3120 |
| Fannie Mae Pool #DC7823 6.00% 12/1/2054 <sup>(g)</sup>  | 341 | 347 |
| Fannie Mae Pool #MA5583 4.00% 1/1/2055 <sup>(g)</sup>  | 841 | 783 |
| Fannie Mae Pool #CB9736 4.50% 1/1/2055 <sup>(g)</sup>  | 13705 | 13118 |
| Fannie Mae Pool #CB9737 5.00% 1/1/2055 <sup>(g)</sup>  | 1956 | 1921 |
| Fannie Mae Pool #MA5587 6.00% 1/1/2055 <sup>(g)</sup>  | 4789 | 4871 |
| Fannie Mae Pool #DD0835 6.00% 1/1/2055 <sup>(g)</sup>  | 2808 | 2855 |
| Fannie Mae Pool #DC9721 6.50% 1/1/2055 <sup>(g)</sup>  | 17221 | 17806 |
| Fannie Mae Pool #FA0608 5.50% 2/1/2055 <sup>(g)</sup>  | 1825 | 1827 |
| Fannie Mae Pool #MA5615 6.00% 2/1/2055 <sup>(g)</sup>  | 22612 | 22994 |
| Fannie Mae Pool #MA5631 6.50% 2/1/2055 <sup>(g)</sup>  | 5681 | 5870 |
| Fannie Mae Pool #MA5644 4.50% 3/1/2055 <sup>(g)</sup>  | 14938 | 14298 |
| Fannie Mae Pool #MA5647 6.00% 3/1/2055 <sup>(g)</sup>  | 7363 | 7486 |
| Fannie Mae Pool #MA5670 4.00% 4/1/2055 <sup>(g)</sup>  | 25308 | 23550 |
| Fannie Mae Pool #MA5671 4.50% 4/1/2055 <sup>(g)</sup>  | 15703 | 15030 |
| Fannie Mae Pool #MA5674 6.00% 4/1/2055 <sup>(g)</sup>  | 6045 | 6148 |
| Fannie Mae Pool #MA5675 6.50% 4/1/2055 <sup>(g)</sup>  | 259 | 268 |
| Fannie Mae Pool #MA5699 5.00% 5/1/2055 <sup>(g)</sup>  | 3888 | 3813 |
| Fannie Mae Pool #MA5701 6.00% 5/1/2055 <sup>(g)</sup>  | 10004 | 10172 |
| Fannie Mae Pool #MA5734 5.00% 6/1/2055 <sup>(g)</sup>  | 1988 | 1949 |
| Fannie Mae Pool #MA5735 5.50% 6/1/2055 <sup>(g)</sup>  | 168 | 168 |
| Fannie Mae Pool #BF0133 4.00% 8/1/2056 <sup>(g)</sup>  | 5401 | 5043 |
| Fannie Mae Pool #BM6736 4.50% 11/1/2059 <sup>(g)</sup>  | 9400 | 9090 |
| Fannie Mae Pool #BF0497 3.00% 7/1/2060 <sup>(g)</sup>  | 3321 | 2864 |
| Fannie Mae Pool #BF0546 2.50% 7/1/2061 <sup>(g)</sup>  | 9297 | 7394 |
| Fannie Mae Pool #BF0762 3.00% 9/1/2063 <sup>(g)</sup>  | 763 | 645 |
| Fannie Mae Pool #BF0784 3.50% 12/1/2063 <sup>(g)</sup>  | 3230 | 2861 |
| Fannie Mae Pool #BF0786 4.00% 12/1/2063 <sup>(g)</sup>  | 3613 | 3341 |
| Fannie Mae, Series 2002-W3, Class A5, 7.50% 11/25/2041 <sup>(g)</sup>  | 19 | 20 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| American Funds Insurance Series | **98** |

---

------

Asset Allocation Fund (continued)

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount<br> (000)<br>| Value<br> (000)<br>|
| **Mortgage-backed obligations (continued)** | **Mortgage-backed obligations (continued)** | **Mortgage-backed obligations (continued)** |
| **Federal agency mortgage-backed obligations (continued)** |  |  |
| Fannie Mae, Series 2001-T10, Class A1, 7.00% 12/25/2041 <sup>(g)</sup>  | USD54 | $55 |
| Fannie Mae, Series 2006-43, Class JO, principal only, 0% 6/25/2036 <sup>(g)</sup>  | 26 | 23 |
| Freddie Mac Pool #C91912 3.00% 2/1/2037 <sup>(g)</sup>  | 7241 | 6866 |
| Freddie Mac Pool #SB0649 2.50% 4/1/2037 <sup>(g)</sup>  | 183 | 171 |
| Freddie Mac Pool #SB1388 2.50% 1/1/2038 <sup>(g)</sup>  | 52 | 49 |
| Freddie Mac Pool #G03978 5.00% 3/1/2038 <sup>(g)</sup>  | 327 | 332 |
| Freddie Mac Pool #G04553 6.50% 9/1/2038 <sup>(g)</sup>  | 37 | 39 |
| Freddie Mac Pool #G08347 4.50% 6/1/2039 <sup>(g)</sup>  | 49 | 49 |
| Freddie Mac Pool #RB5071 2.00% 9/1/2040 <sup>(g)</sup>  | 18245 | 15828 |
| Freddie Mac Pool #C03518 5.00% 9/1/2040 <sup>(g)</sup>  | 479 | 486 |
| Freddie Mac Pool #Q05807 4.00% 1/1/2042 <sup>(g)</sup>  | 1243 | 1202 |
| Freddie Mac Pool #Q23185 4.00% 11/1/2043 <sup>(g)</sup>  | 901 | 869 |
| Freddie Mac Pool #Q23190 4.00% 11/1/2043 <sup>(g)</sup>  | 586 | 566 |
| Freddie Mac Pool #760014 3.889% 8/1/2045 <sup>(g)(h)</sup>  | 140 | 139 |
| Freddie Mac Pool #Q37988 4.00% 12/1/2045 <sup>(g)</sup>  | 3958 | 3768 |
| Freddie Mac Pool #G60344 4.00% 12/1/2045 <sup>(g)</sup>  | 3780 | 3607 |
| Freddie Mac Pool #Z40130 3.00% 1/1/2046 <sup>(g)</sup>  | 3337 | 3032 |
| Freddie Mac Pool #Q41090 4.50% 6/1/2046 <sup>(g)</sup>  | 191 | 187 |
| Freddie Mac Pool #Q41909 4.50% 7/1/2046 <sup>(g)</sup>  | 192 | 188 |
| Freddie Mac Pool #760015 3.45% 1/1/2047 <sup>(g)(h)</sup>  | 344 | 335 |
| Freddie Mac Pool #Q46021 3.50% 2/1/2047 <sup>(g)</sup>  | 1055 | 974 |
| Freddie Mac Pool #SI2002 4.00% 3/1/2048 <sup>(g)</sup>  | 1837 | 1740 |
| Freddie Mac Pool #Z40273 4.50% 10/1/2048 <sup>(g)</sup>  | 1581 | 1540 |
| Freddie Mac Pool #RA3055 2.50% 7/1/2050 <sup>(g)</sup>  | 755 | 628 |
| Freddie Mac Pool #RA3384 3.00% 8/1/2050 <sup>(g)</sup>  | 309 | 271 |
| Freddie Mac Pool #SD8106 2.00% 11/1/2050 <sup>(g)</sup>  | 25275 | 20177 |
| Freddie Mac Pool #SD7528 2.00% 11/1/2050 <sup>(g)</sup>  | 14701 | 11844 |
| Freddie Mac Pool #QB7306 2.00% 1/1/2051 <sup>(g)</sup>  | 1783 | 1413 |
| Freddie Mac Pool #QB8934 2.50% 2/1/2051 <sup>(g)</sup>  | 34 | 28 |
| Freddie Mac Pool #RA4542 2.50% 2/1/2051 <sup>(g)</sup>  | 24 | 20 |
| Freddie Mac Pool #SI2108 2.50% 4/1/2051 <sup>(g)</sup>  | 58 | 48 |
| Freddie Mac Pool #RA5288 2.00% 5/1/2051 <sup>(g)</sup>  | 26126 | 21009 |
| Freddie Mac Pool #SD3095 2.50% 7/1/2051 <sup>(g)</sup>  | 668 | 555 |
| Freddie Mac Pool #SD7544 3.00% 7/1/2051 <sup>(g)</sup>  | 336 | 296 |
| Freddie Mac Pool #SD8160 2.00% 8/1/2051 <sup>(g)</sup>  | 793 | 631 |
| Freddie Mac Pool #RA5782 2.50% 9/1/2051 <sup>(g)</sup>  | 8375 | 7055 |
| Freddie Mac Pool #SD7545 2.50% 9/1/2051 <sup>(g)</sup>  | 5715 | 4823 |
| Freddie Mac Pool #SD2963 2.50% 9/1/2051 <sup>(g)</sup>  | 808 | 671 |
| Freddie Mac Pool #SD5485 2.50% 9/1/2051 <sup>(g)</sup>  | 48 | 40 |
| Freddie Mac Pool #RA5971 3.00% 9/1/2051 <sup>(g)</sup>  | 5553 | 4888 |
| Freddie Mac Pool #QC6456 3.00% 9/1/2051 <sup>(g)</sup>  | 640 | 554 |
| Freddie Mac Pool #RA6136 2.50% 10/1/2051 <sup>(g)</sup>  | 2955 | 2453 |
| Freddie Mac Pool #SD0734 3.00% 10/1/2051 <sup>(g)</sup>  | 149 | 132 |
| Freddie Mac Pool #QD1841 2.00% 11/1/2051 <sup>(g)</sup>  | 3771 | 2991 |
| Freddie Mac Pool #SD8182 2.00% 12/1/2051 <sup>(g)</sup>  | 1621 | 1288 |
| Freddie Mac Pool #RA6483 2.50% 12/1/2051 <sup>(g)</sup>  | 5655 | 4750 |
| Freddie Mac Pool #SD2629 2.50% 1/1/2052 <sup>(g)</sup>  | 2642 | 2195 |
| Freddie Mac Pool #SD7552 2.50% 1/1/2052 <sup>(g)</sup>  | 1987 | 1674 |
| Freddie Mac Pool #RA6614 2.50% 1/1/2052 <sup>(g)</sup>  | 918 | 763 |
| Freddie Mac Pool #SD0813 3.00% 1/1/2052 <sup>(g)</sup>  | 284 | 250 |
| Freddie Mac Pool #QD7414 2.00% 2/1/2052 <sup>(g)</sup>  | 1663 | 1320 |
| Freddie Mac Pool #RA6114 2.00% 2/1/2052 <sup>(g)</sup>  | 1598 | 1268 |
| Freddie Mac Pool #QD5748 2.00% 2/1/2052 <sup>(g)</sup>  | 853 | 676 |
| Freddie Mac Pool #SD8193 2.00% 2/1/2052 <sup>(g)</sup>  | 828 | 658 |
| Freddie Mac Pool #QD7312 2.50% 2/1/2052 <sup>(g)</sup>  | 538 | 449 |
| Freddie Mac Pool #QD7089 3.50% 2/1/2052 <sup>(g)</sup>  | 822 | 746 |
| Freddie Mac Pool #SD5343 2.00% 3/1/2052 <sup>(g)</sup>  | 3841 | 3050 |
| Freddie Mac Pool #SD8199 2.00% 3/1/2052 <sup>(g)</sup>  | 2909 | 2311 |
| Freddie Mac Pool #QD7772 2.00% 3/1/2052 <sup>(g)</sup>  | 1742 | 1381 |
| Freddie Mac Pool #QD8408 2.00% 3/1/2052 <sup>(g)</sup>  | 1077 | 854 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **99** | American Funds Insurance Series |

---

------

Asset Allocation Fund (continued)

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount<br> (000)<br>| Value<br> (000)<br>|
| **Mortgage-backed obligations (continued)** | **Mortgage-backed obligations (continued)** | **Mortgage-backed obligations (continued)** |
| **Federal agency mortgage-backed obligations (continued)** |  |  |
| Freddie Mac Pool #QD8103 2.00% 3/1/2052 <sup>(g)</sup>  | USD854 | $677 |
| Freddie Mac Pool #QD8820 2.00% 3/1/2052 <sup>(g)</sup>  | 255 | 202 |
| Freddie Mac Pool #SD5745 2.00% 3/1/2052 <sup>(g)</sup>  | 56 | 45 |
| Freddie Mac Pool #QD9460 2.50% 3/1/2052 <sup>(g)</sup>  | 838 | 698 |
| Freddie Mac Pool #RA7091 2.50% 3/1/2052 <sup>(g)</sup>  | 29 | 24 |
| Freddie Mac Pool #SD8204 2.00% 4/1/2052 <sup>(g)</sup>  | 2950 | 2343 |
| Freddie Mac Pool #QD9950 2.00% 4/1/2052 <sup>(g)</sup>  | 1836 | 1456 |
| Freddie Mac Pool #QD9791 2.00% 4/1/2052 <sup>(g)</sup>  | 1559 | 1237 |
| Freddie Mac Pool #QE0312 2.00% 4/1/2052 <sup>(g)</sup>  | 1064 | 843 |
| Freddie Mac Pool #QD9907 2.50% 4/1/2052 <sup>(g)</sup>  | 772 | 643 |
| Freddie Mac Pool #QE0812 2.50% 4/1/2052 <sup>(g)</sup>  | 591 | 492 |
| Freddie Mac Pool #QE1005 2.50% 4/1/2052 <sup>(g)</sup>  | 359 | 298 |
| Freddie Mac Pool #SD3478 2.50% 4/1/2052 <sup>(g)</sup>  | 111 | 92 |
| Freddie Mac Pool #SD7554 2.50% 4/1/2052 <sup>(g)</sup>  | 76 | 64 |
| Freddie Mac Pool #QE1578 2.50% 5/1/2052 <sup>(g)</sup>  | 812 | 676 |
| Freddie Mac Pool #QE2020 2.50% 5/1/2052 <sup>(g)</sup>  | 156 | 130 |
| Freddie Mac Pool #QE2111 2.50% 5/1/2052 <sup>(g)</sup>  | 118 | 98 |
| Freddie Mac Pool #QE3448 2.50% 5/1/2052 <sup>(g)</sup>  | 24 | 20 |
| Freddie Mac Pool #SD8213 3.00% 5/1/2052 <sup>(g)</sup>  | 29984 | 26009 |
| Freddie Mac Pool #SD4807 2.00% 6/1/2052 <sup>(g)</sup>  | 3568 | 2841 |
| Freddie Mac Pool #SD8220 3.00% 6/1/2052 <sup>(g)</sup>  | 15027 | 13020 |
| Freddie Mac Pool #QE4383 4.00% 6/1/2052 <sup>(g)</sup>  | 2152 | 2006 |
| Freddie Mac Pool #SD8225 3.00% 7/1/2052 <sup>(g)</sup>  | 29751 | 25803 |
| Freddie Mac Pool #SD7556 3.00% 8/1/2052 <sup>(g)</sup>  | 1164 | 1020 |
| Freddie Mac Pool #QE7976 4.50% 8/1/2052 <sup>(g)(i)</sup>  | 36298 | 34932 |
| Freddie Mac Pool #QE8579 4.50% 8/1/2052 <sup>(g)</sup>  | 176 | 169 |
| Freddie Mac Pool #SD8262 2.50% 9/1/2052 <sup>(g)</sup>  | 863 | 717 |
| Freddie Mac Pool #SD1581 2.50% 9/1/2052 <sup>(g)</sup>  | 100 | 83 |
| Freddie Mac Pool #QF0212 4.50% 9/1/2052 <sup>(g)</sup>  | 808 | 775 |
| Freddie Mac Pool #QE9497 4.50% 9/1/2052 <sup>(g)</sup>  | 203 | 195 |
| Freddie Mac Pool #SD1608 4.50% 9/1/2052 <sup>(g)</sup>  | 119 | 114 |
| Freddie Mac Pool #RA7938 5.00% 9/1/2052 <sup>(g)</sup>  | 1051 | 1035 |
| Freddie Mac Pool #QF2023 4.00% 10/1/2052 <sup>(g)</sup>  | 29 | 27 |
| Freddie Mac Pool #QF1236 4.50% 10/1/2052 <sup>(g)</sup>  | 1160 | 1112 |
| Freddie Mac Pool #SD2465 4.50% 10/1/2052 <sup>(g)</sup>  | 79 | 76 |
| Freddie Mac Pool #SD8266 4.50% 11/1/2052 <sup>(g)</sup>  | 2998 | 2875 |
| Freddie Mac Pool #SD8276 5.00% 12/1/2052 <sup>(g)</sup>  | 5187 | 5111 |
| Freddie Mac Pool #QF5938 2.50% 1/1/2053 <sup>(g)</sup>  | 223 | 186 |
| Freddie Mac Pool #SD8287 4.50% 1/1/2053 <sup>(g)</sup>  | 16126 | 15466 |
| Freddie Mac Pool #RA8625 2.50% 2/1/2053 <sup>(g)</sup>  | 927 | 771 |
| Freddie Mac Pool #QF7871 2.50% 2/1/2053 <sup>(g)</sup>  | 744 | 618 |
| Freddie Mac Pool #SD8297 4.00% 2/1/2053 <sup>(g)</sup>  | 1846 | 1720 |
| Freddie Mac Pool #SD8305 4.00% 3/1/2053 <sup>(g)</sup>  | 16971 | 15796 |
| Freddie Mac Pool #SD2716 5.00% 4/1/2053 <sup>(g)</sup>  | 1188 | 1174 |
| Freddie Mac Pool #SD8321 4.00% 5/1/2053 <sup>(g)</sup>  | 11519 | 10734 |
| Freddie Mac Pool #RA8647 4.50% 5/1/2053 <sup>(g)</sup>  | 81 | 77 |
| Freddie Mac Pool #SD8323 5.00% 5/1/2053 <sup>(g)</sup>  | 10350 | 10171 |
| Freddie Mac Pool #SD8338 4.00% 6/1/2053 <sup>(g)</sup>  | 3365 | 3132 |
| Freddie Mac Pool #SD8329 5.00% 6/1/2053 <sup>(g)</sup>  | 3633 | 3570 |
| Freddie Mac Pool #SD8331 5.50% 6/1/2053 <sup>(g)</sup>  | 2741 | 2747 |
| Freddie Mac Pool #RA9294 6.50% 6/1/2053 <sup>(g)</sup>  | 589 | 613 |
| Freddie Mac Pool #RA9292 6.50% 6/1/2053 <sup>(g)</sup>  | 511 | 532 |
| Freddie Mac Pool #RA9288 6.50% 6/1/2053 <sup>(g)</sup>  | 494 | 516 |
| Freddie Mac Pool #RA9289 6.50% 6/1/2053 <sup>(g)</sup>  | 480 | 502 |
| Freddie Mac Pool #RA9287 6.50% 6/1/2053 <sup>(g)</sup>  | 338 | 354 |
| Freddie Mac Pool #RA9290 6.50% 6/1/2053 <sup>(g)</sup>  | 258 | 269 |
| Freddie Mac Pool #RA9291 6.50% 6/1/2053 <sup>(g)</sup>  | 163 | 169 |
| Freddie Mac Pool #RA9295 6.50% 6/1/2053 <sup>(g)</sup>  | 142 | 151 |
| Freddie Mac Pool #SD3417 2.50% 7/1/2053 <sup>(g)</sup>  | 863 | 719 |
| Freddie Mac Pool #SD8353 4.00% 7/1/2053 <sup>(g)</sup>  | 9181 | 8549 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| American Funds Insurance Series | **100** |

---

------

Asset Allocation Fund (continued)

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount<br> (000)<br>| Value<br> (000)<br>|
| **Mortgage-backed obligations (continued)** | **Mortgage-backed obligations (continued)** | **Mortgage-backed obligations (continued)** |
| **Federal agency mortgage-backed obligations (continued)** |  |  |
| Freddie Mac Pool #SD8341 5.00% 7/1/2053 <sup>(g)</sup>  | USD28 | $28 |
| Freddie Mac Pool #SD8342 5.50% 7/1/2053 <sup>(g)</sup>  | 8411 | 8433 |
| Freddie Mac Pool #SD3432 6.00% 7/1/2053 <sup>(g)</sup>  | 693 | 712 |
| Freddie Mac Pool #QH1153 4.00% 9/1/2053 <sup>(g)</sup>  | 388 | 362 |
| Freddie Mac Pool #SD8362 5.50% 9/1/2053 <sup>(g)</sup>  | 26525 | 26569 |
| Freddie Mac Pool #SD4550 2.50% 10/1/2053 <sup>(g)</sup>  | 849 | 705 |
| Freddie Mac Pool #SD4077 2.50% 10/1/2053 <sup>(g)</sup>  | 102 | 85 |
| Freddie Mac Pool #SD4053 6.00% 10/1/2053 <sup>(g)</sup>  | 4872 | 4961 |
| Freddie Mac Pool #SD8390 4.00% 11/1/2053 <sup>(g)</sup>  | 1962 | 1826 |
| Freddie Mac Pool #SD4977 5.00% 11/1/2053 <sup>(g)</sup>  | 127362 | 125162 |
| Freddie Mac Pool #SD8372 5.50% 11/1/2053 <sup>(g)</sup>  | 23225 | 23285 |
| Freddie Mac Pool #RJ0326 6.50% 11/1/2053 <sup>(g)</sup>  | 728 | 756 |
| Freddie Mac Pool #SD4693 6.50% 1/1/2054 <sup>(g)</sup>  | 587 | 608 |
| Freddie Mac Pool #SD8397 6.50% 1/1/2054 <sup>(g)</sup>  | 455 | 470 |
| Freddie Mac Pool #RJ0854 6.50% 1/1/2054 <sup>(g)</sup>  | 295 | 306 |
| Freddie Mac Pool #QI0231 5.00% 2/1/2054 <sup>(g)</sup>  | 40 | 39 |
| Freddie Mac Pool #SD8401 5.50% 2/1/2054 <sup>(g)</sup>  | 438 | 438 |
| Freddie Mac Pool #SD8402 6.00% 2/1/2054 <sup>(g)</sup>  | 13204 | 13438 |
| Freddie Mac Pool #RJ1871 4.00% 3/1/2054 <sup>(g)</sup>  | 302 | 281 |
| Freddie Mac Pool #SD8408 5.50% 3/1/2054 <sup>(g)</sup>  | 11702 | 11711 |
| Freddie Mac Pool #RJ1015 6.50% 3/1/2054 <sup>(g)</sup>  | 120 | 125 |
| Freddie Mac Pool #QI3548 4.00% 4/1/2054 <sup>(g)</sup>  | 673 | 627 |
| Freddie Mac Pool #RJ1216 5.50% 4/1/2054 <sup>(g)</sup>  | 1590 | 1602 |
| Freddie Mac Pool #RJ1215 5.50% 4/1/2054 <sup>(g)</sup>  | 1160 | 1163 |
| Freddie Mac Pool #QI3333 6.00% 4/1/2054 <sup>(g)</sup>  | 402 | 410 |
| Freddie Mac Pool #RJ1417 5.50% 5/1/2054 <sup>(g)</sup>  | 15641 | 15754 |
| Freddie Mac Pool #RJ1419 5.50% 5/1/2054 <sup>(g)</sup>  | 7744 | 7755 |
| Freddie Mac Pool #RJ1448 5.50% 5/1/2054 <sup>(g)</sup>  | 2939 | 2943 |
| Freddie Mac Pool #SD5692 6.00% 5/1/2054 <sup>(g)</sup>  | 511 | 524 |
| Freddie Mac Pool #RJ1768 5.50% 6/1/2054 <sup>(g)</sup>  | 440 | 442 |
| Freddie Mac Pool #RJ1785 6.00% 6/1/2054 <sup>(g)</sup>  | 1650 | 1689 |
| Freddie Mac Pool #RJ1779 6.00% 6/1/2054 <sup>(g)</sup>  | 1166 | 1195 |
| Freddie Mac Pool #RJ1797 6.50% 6/1/2054 <sup>(g)</sup>  | 1774 | 1837 |
| Freddie Mac Pool #RJ1725 6.50% 6/1/2054 <sup>(g)</sup>  | 508 | 531 |
| Freddie Mac Pool #QI8825 5.00% 7/1/2054 <sup>(g)</sup>  | 1956 | 1920 |
| Freddie Mac Pool #SD8446 5.50% 7/1/2054 <sup>(g)</sup>  | 1021 | 1022 |
| Freddie Mac Pool #QI8872 5.50% 7/1/2054 <sup>(g)</sup>  | 751 | 752 |
| Freddie Mac Pool #RJ1963 5.50% 7/1/2054 <sup>(g)</sup>  | 632 | 632 |
| Freddie Mac Pool #SD8447 6.00% 7/1/2054 <sup>(g)</sup>  | 6950 | 7070 |
| Freddie Mac Pool #SD5813 6.00% 7/1/2054 <sup>(g)</sup>  | 3099 | 3177 |
| Freddie Mac Pool #SD5896 6.00% 7/1/2054 <sup>(g)</sup>  | 712 | 725 |
| Freddie Mac Pool #QI8874 6.00% 7/1/2054 <sup>(g)</sup>  | 209 | 213 |
| Freddie Mac Pool #SD8448 6.50% 7/1/2054 <sup>(g)</sup>  | 5999 | 6201 |
| Freddie Mac Pool #RJ1986 6.50% 7/1/2054 <sup>(g)</sup>  | 5428 | 5620 |
| Freddie Mac Pool #SD5905 6.50% 7/1/2054 <sup>(g)</sup>  | 2113 | 2200 |
| Freddie Mac Pool #RJ2193 5.00% 8/1/2054 <sup>(g)</sup>  | 377 | 371 |
| Freddie Mac Pool #RJ2241 5.00% 8/1/2054 <sup>(g)</sup>  | 268 | 263 |
| Freddie Mac Pool #RJ2195 5.00% 8/1/2054 <sup>(g)</sup>  | 240 | 235 |
| Freddie Mac Pool #RJ2200 5.50% 8/1/2054 <sup>(g)</sup>  | 6211 | 6230 |
| Freddie Mac Pool #RJ2206 5.50% 8/1/2054 <sup>(g)</sup>  | 3978 | 3992 |
| Freddie Mac Pool #RJ2243 5.50% 8/1/2054 <sup>(g)</sup>  | 3559 | 3566 |
| Freddie Mac Pool #SD6286 5.50% 8/1/2054 <sup>(g)</sup>  | 1171 | 1179 |
| Freddie Mac Pool #RJ2203 5.50% 8/1/2054 <sup>(g)</sup>  | 652 | 656 |
| Freddie Mac Pool #SD8454 6.00% 8/1/2054 <sup>(g)</sup>  | 5281 | 5371 |
| Freddie Mac Pool #RJ2212 6.00% 8/1/2054 <sup>(g)</sup>  | 2900 | 2976 |
| Freddie Mac Pool #RJ2216 6.00% 8/1/2054 <sup>(g)</sup>  | 2862 | 2916 |
| Freddie Mac Pool #SD6029 6.00% 8/1/2054 <sup>(g)</sup>  | 1821 | 1863 |
| Freddie Mac Pool #RJ2210 6.00% 8/1/2054 <sup>(g)</sup>  | 967 | 985 |
| Freddie Mac Pool #RJ2222 6.50% 8/1/2054 <sup>(g)</sup>  | 1766 | 1839 |
| Freddie Mac Pool #RJ2247 6.50% 8/1/2054 <sup>(g)</sup>  | 1464 | 1524 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **101** | American Funds Insurance Series |

---

------

Asset Allocation Fund (continued)

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount<br> (000)<br>| Value<br> (000)<br>|
| **Mortgage-backed obligations (continued)** | **Mortgage-backed obligations (continued)** | **Mortgage-backed obligations (continued)** |
| **Federal agency mortgage-backed obligations (continued)** |  |  |
| Freddie Mac Pool #RJ2228 6.50% 8/1/2054 <sup>(g)</sup>  | USD875 | $907 |
| Freddie Mac Pool #RJ2422 5.50% 9/1/2054 <sup>(g)</sup>  | 3633 | 3645 |
| Freddie Mac Pool #SD6328 5.50% 9/1/2054 <sup>(g)</sup>  | 3093 | 3120 |
| Freddie Mac Pool #RJ2298 5.50% 9/1/2054 <sup>(g)</sup>  | 2393 | 2401 |
| Freddie Mac Pool #QJ3044 5.50% 9/1/2054 <sup>(g)</sup>  | 2384 | 2385 |
| Freddie Mac Pool #RJ2415 5.50% 9/1/2054 <sup>(g)</sup>  | 1536 | 1546 |
| Freddie Mac Pool #RJ2408 5.50% 9/1/2054 <sup>(g)</sup>  | 1383 | 1386 |
| Freddie Mac Pool #SD8462 5.50% 9/1/2054 <sup>(g)</sup>  | 1180 | 1181 |
| Freddie Mac Pool #RJ2314 6.00% 9/1/2054 <sup>(g)</sup>  | 6273 | 6392 |
| Freddie Mac Pool #RJ2312 6.00% 9/1/2054 <sup>(g)</sup>  | 3411 | 3490 |
| Freddie Mac Pool #RJ2308 6.00% 9/1/2054 <sup>(g)</sup>  | 3220 | 3305 |
| Freddie Mac Pool #RJ2306 6.00% 9/1/2054 <sup>(g)</sup>  | 2991 | 3070 |
| Freddie Mac Pool #RJ2309 6.00% 9/1/2054 <sup>(g)</sup>  | 1833 | 1867 |
| Freddie Mac Pool #SD8463 6.00% 9/1/2054 <sup>(g)</sup>  | 829 | 843 |
| Freddie Mac Pool #SD8464 6.50% 9/1/2054 <sup>(g)</sup>  | 7787 | 8048 |
| Freddie Mac Pool #SD6271 6.50% 9/1/2054 <sup>(g)</sup>  | 1177 | 1221 |
| Freddie Mac Pool #QJ4693 6.50% 9/1/2054 <sup>(g)</sup>  | 597 | 622 |
| Freddie Mac Pool #RJ2474 6.50% 9/1/2054 <sup>(g)</sup>  | 383 | 397 |
| Freddie Mac Pool #RJ2411 6.50% 9/1/2054 <sup>(g)</sup>  | 265 | 276 |
| Freddie Mac Pool #RJ2470 6.50% 9/1/2054 <sup>(g)</sup>  | 141 | 146 |
| Freddie Mac Pool #SD8469 5.50% 10/1/2054 <sup>(g)</sup>  | 1589 | 1590 |
| Freddie Mac Pool #SD8471 6.50% 10/1/2054 <sup>(g)</sup>  | 419 | 433 |
| Freddie Mac Pool #RJ2850 4.50% 11/1/2054 <sup>(g)</sup>  | 2355 | 2256 |
| Freddie Mac Pool #RJ2851 4.50% 11/1/2054 <sup>(g)</sup>  | 134 | 128 |
| Freddie Mac Pool #RJ2860 5.00% 11/1/2054 <sup>(g)</sup>  | 5821 | 5710 |
| Freddie Mac Pool #SD8475 5.50% 11/1/2054 <sup>(g)</sup>  | 6584 | 6589 |
| Freddie Mac Pool #RJ2913 5.50% 11/1/2054 <sup>(g)</sup>  | 5900 | 5915 |
| Freddie Mac Pool #SD8489 4.50% 12/1/2054 <sup>(g)</sup>  | 41540 | 39760 |
| Freddie Mac Pool #RJ3017 5.00% 12/1/2054 <sup>(g)</sup>  | 6398 | 6282 |
| Freddie Mac Pool #RJ3163 5.00% 12/1/2054 <sup>(g)</sup>  | 3747 | 3677 |
| Freddie Mac Pool #QX1743 5.00% 12/1/2054 <sup>(g)</sup>  | 936 | 920 |
| Freddie Mac Pool #QX2834 5.00% 12/1/2054 <sup>(g)</sup>  | 309 | 304 |
| Freddie Mac Pool #SD8493 5.50% 12/1/2054 <sup>(g)</sup>  | 3278 | 3280 |
| Freddie Mac Pool #QX0376 5.50% 12/1/2054 <sup>(g)</sup>  | 1307 | 1309 |
| Freddie Mac Pool #QX1414 5.50% 12/1/2054 <sup>(g)</sup>  | 293 | 293 |
| Freddie Mac Pool #SD8494 5.50% 1/1/2055 <sup>(g)</sup>  | 4392 | 4394 |
| Freddie Mac Pool #QX4065 6.00% 1/1/2055 <sup>(g)</sup>  | 1917 | 1949 |
| Freddie Mac Pool #SD8486 6.50% 1/1/2055 <sup>(g)</sup>  | 100 | 103 |
| Freddie Mac Pool #SD8503 4.00% 2/1/2055 <sup>(g)</sup>  | 3172 | 2951 |
| Freddie Mac Pool #RJ3264 4.50% 2/1/2055 <sup>(g)</sup>  | 3997 | 3827 |
| Freddie Mac Pool #SD8505 5.00% 2/1/2055 <sup>(g)</sup>  | 2987 | 2929 |
| Freddie Mac Pool #SD8506 5.50% 2/1/2055 <sup>(g)</sup>  | 182 | 182 |
| Freddie Mac Pool #SD8507 6.00% 2/1/2055 <sup>(g)</sup>  | 2934 | 2983 |
| Freddie Mac Pool #SD8515 5.50% 3/1/2055 <sup>(g)</sup>  | 1074 | 1074 |
| Freddie Mac Pool #SD8516 6.00% 3/1/2055 <sup>(g)</sup>  | 390 | 396 |
| Freddie Mac Pool #SD8517 6.50% 3/1/2055 <sup>(g)</sup>  | 1785 | 1845 |
| Freddie Mac Pool #SL1094 5.00% 4/1/2055 <sup>(g)</sup>  | 1687 | 1655 |
| Freddie Mac Pool #SL0796 6.00% 4/1/2055 <sup>(g)</sup>  | 5518 | 5611 |
| Freddie Mac Pool #SD8525 6.00% 4/1/2055 <sup>(g)</sup>  | 5359 | 5449 |
| Freddie Mac Pool #QY2186 6.50% 4/1/2055 <sup>(g)</sup>  | 4855 | 5017 |
| Freddie Mac Pool #SD8526 6.50% 4/1/2055 <sup>(g)</sup>  | 1640 | 1694 |
| Freddie Mac Pool #SD8532 5.00% 5/1/2055 <sup>(g)</sup>  | 3572 | 3504 |
| Freddie Mac Pool #SD8533 5.50% 5/1/2055 <sup>(g)</sup>  | 61 | 61 |
| Freddie Mac Pool #SD8534 6.00% 5/1/2055 <sup>(g)</sup>  | 1422 | 1445 |
| Freddie Mac Pool #SL1138 6.00% 5/1/2055 <sup>(g)</sup>  | 765 | 778 |
| Freddie Mac Pool #SL1137 6.00% 5/1/2055 <sup>(g)</sup>  | 704 | 716 |
| Freddie Mac Pool #RQ0010 4.00% 6/1/2055 <sup>(g)</sup>  | 42 | 39 |
| Freddie Mac Pool #RQ0012 5.00% 6/1/2055 <sup>(g)</sup>  | 2098 | 2057 |
| Freddie Mac Pool #RQ0013 5.50% 6/1/2055 <sup>(g)</sup>  | 386 | 386 |
| Freddie Mac Pool #RQ0028 6.00% 7/1/2055 <sup>(g)</sup>  | 26271 | 26711 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| American Funds Insurance Series | **102** |

---

------

Asset Allocation Fund (continued)

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount<br> (000)<br>| Value<br> (000)<br>|
| **Mortgage-backed obligations (continued)** | **Mortgage-backed obligations (continued)** | **Mortgage-backed obligations (continued)** |
| **Federal agency mortgage-backed obligations (continued)** |  |  |
| Freddie Mac, Series T041, Class 3A, 4.45% 7/25/2032 <sup>(g)(h)</sup>  | USD148 | $136 |
| Freddie Mac, Series K755, Class A2, Multi Family, 5.203% 2/25/2031 <sup>(g)</sup>  | 10192 | 10655 |
| Freddie Mac Seasoned Credit Risk Transfer Trust, Series 2017-1, Class HA, 3.00% 1/25/2056 <sup>(g)(h)</sup>  | 2047 | 1923 |
| Freddie Mac Seasoned Credit Risk Transfer Trust, Series 2017-3, Class HA, 3.25% 7/25/2056 <sup>(g)(h)</sup>  | 884 | 840 |
| Freddie Mac Seasoned Credit Risk Transfer Trust, Series 2017-2, Class MA, 3.00% 8/25/2056 <sup>(g)</sup>  | 4060 | 3793 |
| Freddie Mac Seasoned Credit Risk Transfer Trust, Series 2017-2, Class HA, 3.00% 8/25/2056 <sup>(g)(h)</sup>  | 3930 | 3686 |
| Freddie Mac Seasoned Credit Risk Transfer Trust, Series 2017-4, Class HT, 3.25% 6/25/2057 <sup>(g)(h)</sup>  | 765 | 690 |
| Freddie Mac Seasoned Credit Risk Transfer Trust, Series 2017-4, Class MT, 3.50% 6/25/2057 <sup>(g)</sup>  | 639 | 574 |
| Freddie Mac Seasoned Credit Risk Transfer Trust, Series 2018-3, Class MA, 3.50% 8/25/2057 <sup>(g)</sup>  | 1240 | 1196 |
| Freddie Mac Seasoned Credit Risk Transfer Trust, Series 2018-2, Class MT, 3.50% 11/25/2057 <sup>(g)</sup>  | 1628 | 1460 |
| Freddie Mac Seasoned Credit Risk Transfer Trust, Series 2019-2, Class MA, 3.50% 8/25/2058 <sup>(g)</sup>  | 6893 | 6591 |
| Freddie Mac Seasoned Credit Risk Transfer Trust, Series 2019-4, Class MA, 3.00% 2/25/2059 <sup>(g)</sup>  | 4032 | 3739 |
| Freddie Mac Seasoned Loan Structured Transaction Trust, Series 2018-2, Class A1, 3.50% 11/25/2028 <sup>(g)</sup>  | 1606 | 1562 |
| Freddie Mac Seasoned Loan Structured Transaction Trust, Series 2019-1, Class A1, 3.50% 5/25/2029 <sup>(g)</sup>  | 3146 | 3050 |
| Freddie Mac Seasoned Loan Structured Transaction Trust, Series 2019-1, Class A2, 3.50% 5/25/2029 <sup>(g)</sup>  | 2455 | 2374 |
| Freddie Mac Seasoned Loan Structured Transaction Trust, Series 2019-3, Class A1C, 2.75% 11/25/2029 <sup>(g)</sup>  | 1955 | 1857 |
| Government National Mortgage Assn. Pool #BD7245 4.00% 1/20/2048 <sup>(g)</sup>  | 411 | 384 |
| Government National Mortgage Assn. Pool #MA5652 4.50% 12/20/2048 <sup>(g)</sup>  | 256 | 250 |
| Government National Mortgage Assn. Pool #MA6602 4.50% 4/20/2050 <sup>(g)</sup>  | 152 | 148 |
| Government National Mortgage Assn. Pool #MA6994 2.00% 11/20/2050 <sup>(g)</sup>  | 6651 | 5424 |
| Government National Mortgage Assn. Pool #MA7051 2.00% 12/20/2050 <sup>(g)</sup>  | 66491 | 54207 |
| Government National Mortgage Assn. Pool #MA7259 4.50% 3/20/2051 <sup>(g)</sup>  | 1322 | 1289 |
| Government National Mortgage Assn. Pool #MA7316 4.50% 4/20/2051 <sup>(g)</sup>  | 364 | 355 |
| Government National Mortgage Assn. Pool #MA7827 2.50% 1/20/2052 <sup>(g)</sup>  | 138 | 118 |
| Government National Mortgage Assn. Pool #MA7881 2.50% 2/20/2052 <sup>(g)</sup>  | 19601 | 16674 |
| Government National Mortgage Assn. Pool #MA7936 2.50% 3/20/2052 <sup>(g)</sup>  | 4775 | 4062 |
| Government National Mortgage Assn. Pool #MA7937 3.00% 3/20/2052 <sup>(g)</sup>  | 17975 | 15920 |
| Government National Mortgage Assn. Pool #MA7987 2.50% 4/20/2052 <sup>(g)</sup>  | 772 | 656 |
| Government National Mortgage Assn. Pool #MA7988 3.00% 4/20/2052 <sup>(g)</sup>  | 13647 | 12084 |
| Government National Mortgage Assn. Pool #MA8099 3.50% 6/20/2052 <sup>(g)</sup>  | 128 | 117 |
| Government National Mortgage Assn. Pool #MA8197 2.50% 8/20/2052 <sup>(g)</sup>  | 824 | 703 |
| Government National Mortgage Assn. Pool #MA8266 3.50% 9/20/2052 <sup>(g)</sup>  | 628 | 573 |
| Government National Mortgage Assn. Pool #MA8346 4.00% 10/20/2052 <sup>(g)</sup>  | 9635 | 9027 |
| Government National Mortgage Assn. Pool #MA8425 3.50% 11/20/2052 <sup>(g)</sup>  | 30121 | 27525 |
| Government National Mortgage Assn. Pool #MA8485 2.50% 12/20/2052 <sup>(g)</sup>  | 2178 | 1852 |
| Government National Mortgage Assn. Pool #MA8642 2.50% 2/20/2053 <sup>(g)</sup>  | 1859 | 1594 |
| Government National Mortgage Assn. Pool #MA9015 4.50% 7/20/2053 <sup>(g)</sup>  | 2934 | 2822 |
| Government National Mortgage Assn. Pool #MA9104 4.50% 8/20/2053 <sup>(g)</sup>  | 24822 | 23853 |
| Government National Mortgage Assn. Pool #MA9776 4.00% 7/20/2054 <sup>(g)</sup>  | 5140 | 4787 |
| Government National Mortgage Assn., Series 2021-2, Class AH, 1.50% 6/16/2063 <sup>(g)</sup>  | 2023 | 1479 |
| Uniform Mortgage-Backed Security 2.00% 7/1/2055 <sup>(g)(j)</sup>  | 27010 | 21388 |
| Uniform Mortgage-Backed Security 2.50% 7/1/2055 <sup>(g)(j)</sup>  | 184341 | 152871 |
| Uniform Mortgage-Backed Security 3.00% 7/1/2055 <sup>(g)(j)</sup>  | 329 | 285 |
| Uniform Mortgage-Backed Security 3.50% 7/1/2055 <sup>(g)(j)</sup>  | 16339 | 14712 |
| Uniform Mortgage-Backed Security 4.00% 7/1/2055 <sup>(g)(j)</sup>  | 5029 | 4677 |
| Uniform Mortgage-Backed Security 4.50% 7/1/2055 <sup>(g)(j)</sup>  | 33 | 32 |
| Uniform Mortgage-Backed Security 5.50% 7/1/2055 <sup>(g)(j)</sup>  | 2036 | 2036 |
| Uniform Mortgage-Backed Security 6.00% 7/1/2055 <sup>(g)(j)</sup>  | 81295 | 82618 |
| Uniform Mortgage-Backed Security 2.00% 8/1/2055 <sup>(g)(j)</sup>  | 1024 | 811 |
| Uniform Mortgage-Backed Security 3.00% 8/1/2055 <sup>(g)(j)</sup>  | 7719 | 6679 |
| Uniform Mortgage-Backed Security 3.50% 8/1/2055 <sup>(g)(j)</sup>  | 133584 | 120248 |
| Uniform Mortgage-Backed Security 4.00% 8/1/2055 <sup>(g)(j)</sup>  | 10641 | 9894 |
| Uniform Mortgage-Backed Security 6.50% 8/1/2055 <sup>(g)(j)</sup>  | 107699 | 111049 |
|  |  | 2613173 |
| **Commercial mortgage-backed securities 0.84%** |  |  |
| Bank Commercial Mortgage Trust, Series 2022-BNK43, Class A5, 4.399% 8/15/2055 <sup>(g)</sup>  | 1400 | 1356 |
| Bank Commercial Mortgage Trust, Series 2023-BNK45, Class A5, 5.203% 2/15/2056 <sup>(g)</sup>  | 645 | 655 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **103** | American Funds Insurance Series |

---

------

Asset Allocation Fund (continued)

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount<br> (000)<br>| Value<br> (000)<br>|
| **Mortgage-backed obligations (continued)** | **Mortgage-backed obligations (continued)** | **Mortgage-backed obligations (continued)** |
| **Commercial mortgage-backed securities (continued)** |  |  |
| Bank Commercial Mortgage Trust, Series 2023-5YR4, Class A3, 6.50% 12/15/2056 <sup>(g)</sup>  | USD5,368 | $5662 |
| Bank Commercial Mortgage Trust, Series 2023-5YR4, Class AS, 7.274% 12/15/2056 <sup>(g)(h)</sup>  | 857 | 918 |
| Bank Commercial Mortgage Trust, Series 2024-5YR9, Class A3, 5.614% 8/15/2057 <sup>(g)</sup>  | 4615 | 4782 |
| Bank Commercial Mortgage Trust, Series 2024-5YR8, Class A3, 5.884% 8/15/2057 <sup>(g)</sup>  | 1380 | 1441 |
| Bank Commercial Mortgage Trust, Series 2024-5YR12, Class A3, 5.902% 12/15/2057 <sup>(g)(h)</sup>  | 4062 | 4265 |
| Bank Commercial Mortgage Trust, Series 2024-5YR12, Class AS, 6.122% 12/15/2057 <sup>(g)(h)</sup>  | 1914 | 2001 |
| Bank Commercial Mortgage Trust, Series 2025-BNK49, Class A5, 5.623% 3/15/2058 <sup>(g)(h)</sup>  | 2753 | 2882 |
| Bank Commercial Mortgage Trust, Series 2020-BN26, Class A4, 2.403% 3/15/2063 <sup>(g)</sup>  | 2909 | 2621 |
| Barclays Commercial Mortgage Securities, LLC, Series 2022-C16, Class A5, 4.60% 6/15/2055 <sup>(g)(h)</sup>  | 490 | 484 |
| Barclays Commercial Mortgage Securities, LLC, Series 2023-C19, Class A5, 5.451% 4/15/2056 <sup>(g)</sup>  | 3006 | 3108 |
| Barclays Commercial Mortgage Securities, LLC, Series 2023-C21, Class A5, 6.00% 9/15/2056 <sup>(g)(h)</sup>  | 1792 | 1912 |
| Barclays Commercial Mortgage Securities, LLC, Series 2024-5C31, Class AS, 5.852% 12/15/2057 <sup>(g)</sup>  | 1828 | 1892 |
| Benchmark Mortgage Trust, Series 2018-B2, Class A4, 3.615% 2/15/2051 <sup>(g)</sup>  | 1000 | 981 |
| Benchmark Mortgage Trust, Series 2020-B17, Class A5, 2.289% 3/15/2053 <sup>(g)</sup>  | 2960 | 2624 |
| Benchmark Mortgage Trust, Series 2018-B7, Class A4, 4.51% 5/15/2053 <sup>(g)(h)</sup>  | 750 | 745 |
| Benchmark Mortgage Trust, Series 2024-V9, Class A3, 5.602% 8/15/2057 <sup>(g)</sup>  | 2112 | 2186 |
| Benchmark Mortgage Trust, Series 2024-V9, Class AS, 6.064% 8/15/2057 <sup>(g)(h)</sup>  | 590 | 614 |
| Benchmark Mortgage Trust, Series 2024-V10, Class A3, 5.277% 9/15/2057 <sup>(g)</sup>  | 618 | 633 |
| BMO Mortgage Trust, Series 2022-C2, Class A5, 4.974% 7/15/2054 <sup>(g)(h)</sup>  | 1750 | 1760 |
| BMO Mortgage Trust, Series 2023-C5, Class A5, 5.765% 6/15/2056 <sup>(g)</sup>  | 1117 | 1167 |
| BMO Mortgage Trust, Series 2024-5C8, Class A3, 5.625% 12/15/2057 <sup>(g)(h)</sup>  | 6990 | 7260 |
| BMO Mortgage Trust, Series 2024-5C8, Class AS, 5.94% 12/15/2057 <sup>(g)(h)</sup>  | 1450 | 1506 |
| BMO Mortgage Trust, Series 2025-5C9, Class A3, 5.779% 4/15/2058 <sup>(g)</sup>  | 3334 | 3484 |
| BX Trust, Series 2024-CNYN, Class A, (1-month USD CME Term SOFR + 1.442%) 5.754% 4/15/2029 <sup>(d)(g)(h)</sup>  | 4665 | 4681 |
| BX Trust, Series 2021-SDMF, Class A, (1-month USD CME Term SOFR + 0.703%) 5.015% 9/15/2034 <sup>(d)(g)(h)</sup>  | 5608 | 5592 |
| BX Trust, Series 2021-VOLT, Class A, (1-month USD CME Term SOFR + 0.814%) 5.126% 9/15/2036 <sup>(d)(g)(h)</sup>  | 4365 | 4352 |
| BX Trust, Series 2021-ARIA, Class A, (1-month USD CME Term SOFR + 1.014%) 5.325% 10/15/2036 <sup>(d)(g)(h)</sup>  | 7968 | 7963 |
| BX Trust, Series 2021-ARIA, Class B, (1-month USD CME Term SOFR + 1.411%) 5.723% 10/15/2036 <sup>(d)(g)(h)</sup>  | 5348 | 5344 |
| BX Trust, Series 2021-SOAR, Class A, (1-month USD CME Term SOFR + 0.784%) 5.096% 6/15/2038 <sup>(d)(g)(h)</sup>  | 3970 | 3970 |
| BX Trust, Series 2021-SOAR, Class B, (1-month USD CME Term SOFR + 0.984%) 5.296% 6/15/2038 <sup>(d)(g)(h)</sup>  | 1070 | 1070 |
| BX Trust, Series 2021-SOAR, Class C, (1-month USD CME Term SOFR + 1.214%) 5.526% 6/15/2038 <sup>(d)(g)(h)</sup>  | 965 | 965 |
| BX Trust, Series 2021-ACNT, Class A, (1-month USD CME Term SOFR + 0.964%) 5.276% 11/15/2038 <sup>(d)(g)(h)</sup>  | 4504 | 4504 |
| BX Trust, Series 2022-AHP, Class A, (1-month USD CME Term SOFR + 0.99%) 5.302% 2/15/2039 <sup>(d)(g)(h)</sup>  | 6334 | 6333 |
| BX Trust, Series 2024-AIRC, Class A, (1-month USD CME Term SOFR + 1.691%) 6.003% 8/15/2039 <sup>(d)(g)(h)</sup>  | 7668 | 7708 |
| BX Trust, Series 2024-BIO2, Class A, 5.594% 8/13/2041 <sup>(d)(g)(h)</sup>  | 11410 | 11575 |
| CALI Mortgage Trust, Series 24-SUN, Class A, (1-month USD CME Term SOFR + 1.89%) 6.203% <br> 7/15/2041 <sup>(d)(g)(h)</sup>  | 1153 | 1156 |
| CALI Mortgage Trust, Series 24-SUN, Class B, (1-month USD CME Term SOFR + 2.34%) 6.652% <br> 7/15/2041 <sup>(d)(g)(h)</sup>  | 1414 | 1419 |
| CART, Series 2024-DFW1, Class A, (1-month USD CME Term SOFR + 1.642%) 5.984% 8/15/2041 <sup>(d)(g)(h)</sup>  | 5162 | 5151 |
| Citigroup Commercial Mortgage Trust, Series 2023-SMRT, Class A, 6.015% 10/12/2040 <sup>(d)(g)(h)</sup>  | 3606 | 3727 |
| DC Commercial Mortgage Trust, Series 2023-DC, Class A, 6.314% 9/10/2040 <sup>(d)(g)</sup>  | 3677 | 3839 |
| Extended Stay America Trust, Series 2021-ESH, Class A, (1-month USD CME Term SOFR + 1.194%) 5.506% <br> 7/15/2038 <sup>(d)(g)(h)</sup>  | 1350 | 1351 |
| Extended Stay America Trust, Series 2021-ESH, Class B, (1-month USD CME Term SOFR + 1.494%) 5.806% <br> 7/15/2038 <sup>(d)(g)(h)</sup>  | 1105 | 1106 |
| Extended Stay America Trust, Series 2021-ESH, Class C, (1-month USD CME Term SOFR + 1.814%) 6.126% <br> 7/15/2038 <sup>(d)(g)(h)</sup>  | 1154 | 1155 |
| Fontainebleau Miami Beach Trust, Series 2024-FBLU, Class A, (1-month USD CME Term SOFR + 1.45%) <br> 5.762% 12/15/2029 <sup>(d)(g)(h)</sup>  | 2748 | 2752 |
| Grace Mortgage Trust, Series 2020-GRCE, Class A, 2.347% 12/10/2040 <sup>(d)(g)</sup>  | 3795 | 3338 |
| Great Wolf Trust, Series 2024-WLF2, Class A, (1-month USD CME Term SOFR + 1.691%) 6.003% <br> 5/15/2041 <sup>(d)(g)(h)</sup>  | 8302 | 8335 |
| GS Mortgage Securities Trust, Series 2023-SHIP, Class B, 5.101% 9/15/2038 <sup>(d)(g)(h)</sup>  | 1214 | 1211 |
| GS Mortgage Securities Trust, Series 2020-GC47, Class A5, 2.377% 5/12/2053 <sup>(g)</sup>  | 2489 | 2246 |
| Hawaii Hotel Trust, Series 2025-MAUI, Class A, (1-month USD CME Term SOFR + 1.393%) 5.705% <br> 3/15/2042 <sup>(d)(g)(h)</sup>  | 2059 | 2063 |
| Houston Galleria Mall Trust, Series 2025-HGLR, Class A, 5.644% 2/5/2045 <sup>(d)(g)(h)</sup>  | 5246 | 5393 |
| Hudson Yards Mortgage Trust, Series 2025-SPRL, Class A, 5.649% 1/13/2040 <sup>(d)(g)(h)</sup>  | 10151 | 10475 |
| JPMorgan Chase Commercial Mortgage Securities Trust, Series 2022-OPO, Class A, 3.024% 1/5/2039 <sup>(d)(g)</sup>  | 1522 | 1388 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| American Funds Insurance Series | **104** |

---

------

Asset Allocation Fund (continued)

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount<br> (000)<br>| Value<br> (000)<br>|
| **Mortgage-backed obligations (continued)** | **Mortgage-backed obligations (continued)** | **Mortgage-backed obligations (continued)** |
| **Commercial mortgage-backed securities (continued)** |  |  |
| JPMorgan Chase Commercial Mortgage Securities Trust, Series 2022-OPO, Class C, 3.377% 1/5/2039 <sup>(d)(g)</sup>  | USD578 | $516 |
| JPMorgan Chase Commercial Mortgage Securities Trust, Series 2022-OPO, Class C, 3.565% <br> 1/5/2039 <sup>(d)(g)(h)</sup>  | 100 | 85 |
| JW Commercial Mortgage Trust 2024-MRCO, Series 2024-BERY, Class A, (1-month USD CME Term SOFR + <br> 1.593%) 5.905% 11/15/2039 <sup>(d)(g)(h)</sup>  | 1960 | 1964 |
| Manhattan West Mortgage Trust, Series 2020-1MW, Class A, 2.13% 9/10/2039 <sup>(d)(g)</sup>  | 13772 | 13031 |
| MHC Commercial Mortgage Trust, CMO, Series 2021-MHC, Class A, (1-month USD CME Term SOFR + <br> 0.915%) 5.227% 4/15/2038 <sup>(d)(g)(h)</sup>  | 487 | 488 |
| Morgan Stanley Capital I Trust, Series 2022-L8, Class A5, 3.792% 4/15/2055 <sup>(g)(h)</sup>  | 370 | 345 |
| Multifamily Connecticut Avenue Securities, Series 2025-01, Class M1, (30-day Average USD-SOFR + 2.40%) <br> 6.705% 5/25/2055 <sup>(d)(g)(h)</sup>  | 577 | 579 |
| SDR Commercial Mortgage Trust, Series 2024-DSNY, Class A, (1-month USD CME Term SOFR + 1.392%) <br> 5.703% 5/15/2039 <sup>(d)(g)(h)</sup>  | 3964 | 3964 |
| SLG Office Trust, Series 2021-OVA, Class A, 2.585% 7/15/2041 <sup>(d)(g)</sup>  | 2194 | 1927 |
| SREIT Trust, Series 2021-MFP, Class A, (1-month USD CME Term SOFR + 0.845%) 5.157% 11/15/2038 <sup>(d)(g)(h)</sup>  | 4033 | 4032 |
| StorageMart Commercial Mortgage Trust, Series 2022-MINI, Class A, (1-month USD CME Term SOFR + <br> 1.00%) 5.312% 1/15/2039 <sup>(d)(g)(h)</sup>  | 10709 | 10674 |
| SWCH Commercial Mortgage Trust, Series 2025-DATA, Class A, (1-month USD CME Term SOFR + 1.443%) <br> 5.755% 3/15/2042 <sup>(d)(g)(h)</sup>  | 9322 | 9268 |
| Wells Fargo Commercial Mortgage Trust, Series 2022-C62, Class A4, 4.00% 4/15/2055 <sup>(g)(h)</sup>  | 1620 | 1532 |
| Wells Fargo Commercial Mortgage Trust, Series 2024-5C1, Class AS, 6.52% 7/15/2057 <sup>(g)</sup>  | 430 | 451 |
| WMRK Commercial Mortgage Trust, Series 2022-WMRK, Class A, (1-month USD CME Term SOFR + <br> 2.789%) 7.101% 11/15/2027 <sup>(d)(g)(h)</sup>  | 5716 | 5728 |
|  |  | 231685 |
| **Collateralized mortgage-backed obligations (privately originated) 0.23%** |  |  |
| Angel Oak Mortgage Trust, Series 2024-7, Class A1, 5.621% 5/25/2069 (6.621% on 7/1/2028) <sup>(d)(g)(k)</sup>  | 6136 | 6161 |
| Arroyo Mortgage Trust, Series 2021-1R, Class A1, 1.175% 10/25/2048 <sup>(d)(g)(h)</sup>  | 672 | 607 |
| BRAVO Residential Funding Trust, Series 2025-NQM5, Class A1, 5.496% 2/25/2065 (6.496% on <br> 5/1/2027) <sup>(d)(g)(k)</sup>  | 546 | 550 |
| Cascade Funding Mortgage Trust, Series 2024-RM5, Class A, 4.00% 10/25/2054 <sup>(d)(g)(h)</sup>  | 5671 | 5552 |
| CIM Trust, Series 2025-R1, Class A1, 5.00% 2/25/2099 (8.00% on 3/1/2028) <sup>(d)(g)(k)</sup>  | 1575 | 1558 |
| COLT Funding, LLC, Series 2024-INV3, Class A1, 5.443% 9/25/2069 (6.443% on 8/1/2028) <sup>(d)(g)(k)</sup>  | 2751 | 2757 |
| CS First Boston Mortgage Securities Corp., Series 2004-5, Class IVA1, 6.00% 9/25/2034 <sup>(g)</sup>  | 112 | 114 |
| Finance of America Structured Securities Trust, Series 2025-PC1, Class A1, 4.50% 5/25/2075 <sup>(d)(g)(k)</sup>  | 6582 | 6340 |
| Freddie Mac Structured Agency Credit Risk Debt Notes, Series 2022-DNA6, Class M1A, (30-day Average <br> USD-SOFR + 2.15%) 6.455% 9/25/2042 <sup>(d)(g)(h)</sup>  | 306 | 308 |
| Freddie Mac Structured Agency Credit Risk Debt Notes, Series 2024-DNA2, Class A1, (30-day Average <br> USD-SOFR + 1.25%) 5.555% 5/25/2044 <sup>(d)(g)(h)</sup>  | 3642 | 3659 |
| Home Partners of America Trust, Series 2021-2, Class A, 1.901% 12/17/2026 <sup>(d)(g)</sup>  | 3645 | 3510 |
| IRV Trust, Series 2025-200P, Class A, 5.471% 3/14/2047 <sup>(d)(g)(h)</sup>  | 6890 | 6980 |
| MASTR Alternative Loan Trust, Series 2004-2, Class 2A1, 6.00% 2/25/2034 <sup>(g)</sup>  | 212 | 213 |
| Morgan Stanley Residential Mortgage Loan Trust, Series 2024-NQM2, Class A1, 6.386% 5/25/2069 (7.386% <br> on 5/1/2028) <sup>(d)(g)(k)</sup>  | 2448 | 2475 |
| Onslow Bay Financial Mortgage Loan Trust, Series 2025-NQM8, Class A1, 5.472% 3/25/2065 (6.472% on <br> 5/1/2029) <sup>(d)(g)(k)</sup>  | 680 | 683 |
| Onslow Bay Financial, LLC, Series 2022-NQM6, Class A1, 4.70% 7/25/2062 (5.70% on 6/1/2026) <sup>(d)(g)(k)</sup>  | 4511 | 4519 |
| Progress Residential Trust, Series 2025-SFR3, Class A, 3.39% 7/17/2030 <sup>(d)(g)</sup>  | 2635 | 2483 |
| Progress Residential Trust, Series 2021-SFR6, Class A, 1.524% 7/17/2038 <sup>(d)(g)</sup>  | 2446 | 2385 |
| Starwood Mortgage Residential Trust, Series 2024-SFR4, Class A, (1-month USD CME Term SOFR + 1.75%) <br> 6.062% 10/17/2041 <sup>(d)(g)(h)</sup>  | 4925 | 4957 |
| Starwood Mortgage Residential Trust, Series 2025-SFR5, Class A, (1-month USD CME Term SOFR + 1.45%) <br> 5.762% 2/17/2042 <sup>(d)(g)(h)</sup>  | 675 | 676 |
| Towd Point Mortgage Trust, Series 2023-1, Class A1, 3.75% 1/25/2063 <sup>(d)(g)</sup>  | 2490 | 2409 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **105** | American Funds Insurance Series |

---

------

Asset Allocation Fund (continued)

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount<br> (000)<br>| Value<br> (000)<br>|
| **Mortgage-backed obligations (continued)** | **Mortgage-backed obligations (continued)** | **Mortgage-backed obligations (continued)** |
| **Collateralized mortgage-backed obligations (privately originated) (continued)** |  |  |
| Verus Securitization Trust, Series 2023-5, Class A5, 6.476% 6/25/2068 (7.476% on 6/1/2027) <sup>(d)(g)(k)</sup>  | USD1,910 | $1923 |
| Verus Securitization Trust, Series 24-R1, Class A1, 5.218% 9/25/2069 (6.218% on 10/1/2028) <sup>(d)(g)(k)</sup>  | 1943 | 1943 |
| Verus Securitization Trust, Series 2025-5, Class A1, 5.427% 6/25/2070 (6.427% on 6/1/2029) <sup>(d)(g)(k)</sup>  | 1217 | 1230 |
|  |  | 63992 |
| **Total mortgage-backed obligations** |  | 2908850 |
| **Corporate bonds, notes & loans 7.30%** | **Corporate bonds, notes & loans 7.30%** | **Corporate bonds, notes & loans 7.30%** |
| **Financials 1.75%** |  |  |
| AerCap Ireland Capital DAC 2.45% 10/29/2026  | 4890 | 4766 |
| Aero Capital Solutions, Inc., Term Loan, (1-month USD CME Term SOFR + 3.00%) <br> 7.61% 11/17/2029 <sup>(b)(d)(h)(l)</sup>  | 5453 | 5412 |
| AG Issuer, LLC 6.25% 3/1/2028 <sup>(d)</sup>  | 4470 | 4474 |
| AG TTMT Escrow Issuer, LLC 8.625% 9/30/2027 <sup>(d)</sup>  | 1072 | 1111 |
| AIB Group PLC 7.583% 10/14/2026 (USD-SOFR + 3.456% on 10/14/2025) <sup>(d)(k)</sup>  | 4250 | 4286 |
| Alliant Holdings Intermediate, LLC 4.25% 10/15/2027 <sup>(d)</sup>  | 1940 | 1906 |
| Alliant Holdings Intermediate, LLC 5.875% 11/1/2029 <sup>(d)</sup>  | 2295 | 2264 |
| Ally Financial, Inc. 8.00% 11/1/2031  | 2688 | 3040 |
| American Express Co. 6.338% 10/30/2026 (USD-SOFR + 1.33% on 10/30/2025) <sup>(k)</sup>  | 4810 | 4839 |
| American Express Co. 6.489% 10/30/2031 (USD-SOFR + 1.94% on 10/30/2030) <sup>(k)</sup>  | 2407 | 2623 |
| American Express Co. 5.442% 1/30/2036 (USD-SOFR + 1.32% on 1/30/2035) <sup>(k)</sup>  | 5885 | 6010 |
| American International Group, Inc. 5.125% 3/27/2033  | 2937 | 2988 |
| American International Group, Inc. 5.45% 5/7/2035  | 530 | 544 |
| AmWINS Group, Inc. 4.875% 6/30/2029 <sup>(d)</sup>  | 1348 | 1311 |
| Aon North America, Inc. 5.45% 3/1/2034  | 600 | 617 |
| Ardonagh Group Finance, Ltd. 8.875% 2/15/2032 <sup>(d)</sup>  | 2415 | 2543 |
| Aretec Group, Inc. 7.50% 4/1/2029 <sup>(d)</sup>  | 1250 | 1266 |
| Arthur J. Gallagher & Co. 5.00% 2/15/2032  | 750 | 761 |
| Arthur J. Gallagher & Co. 5.15% 2/15/2035  | 5444 | 5450 |
| Arthur J. Gallagher & Co. 5.55% 2/15/2055  | 2586 | 2482 |
| Athene Holding, Ltd. 6.625% 5/19/2055  | 770 | 794 |
| Banco Santander, SA 5.147% 8/18/2025  | 1400 | 1401 |
| Banco Santander, SA 5.565% 1/17/2030  | 6400 | 6647 |
| Bangkok Bank Public Co., Ltd. 3.733% 9/25/2034 (5-year UST Yield Curve Rate T Note Constant Maturity + <br> 1.90% on 9/25/2029) <sup>(k)</sup>  | 2176 | 2026 |
| Bank of America Corp. 2.087% 6/14/2029 (USD-SOFR + 1.06% on 6/14/2028) <sup>(k)</sup>  | 485 | 455 |
| Bank of America Corp. 5.819% 9/15/2029 (USD-SOFR + 1.57% on 9/15/2028) <sup>(k)</sup>  | 5533 | 5765 |
| Bank of America Corp. 1.922% 10/24/2031 (USD-SOFR + 1.37% on 10/24/2030) <sup>(k)</sup>  | 1000 | 872 |
| Bank of America Corp. 5.288% 4/25/2034 (USD-SOFR + 1.91% on 4/25/2033) <sup>(k)</sup>  | 4064 | 4147 |
| Bank of America Corp. 5.464% 5/9/2036 (USD-SOFR + 1.64% on 5/9/2035) <sup>(k)</sup>  | 1182 | 1212 |
| Bank of New York Mellon Corp. 4.975% 3/14/2030 (USD-SOFR + 1.085% on 3/14/2029) <sup>(k)</sup>  | 3477 | 3561 |
| Bank of New York Mellon Corp. 5.225% 11/20/2035 (USD-SOFR + 1.253% on 11/20/2034) <sup>(k)</sup>  | 326 | 332 |
| Bank of New York Mellon Corp. 5.316% 6/6/2036 (USD-SOFR + 1.35% on 6/6/2035) <sup>(k)</sup>  | 3359 | 3430 |
| BBVA Bancomer SA 7.625% 2/11/2035 (5-year UST Yield Curve Rate T Note Constant Maturity + 3.375% on <br> 2/11/2030) <sup>(d)(k)</sup>  | 2220 | 2285 |
| Berkshire Hathaway, Inc. 3.125% 3/15/2026  | 448 | 445 |
| Blackstone Private Credit Fund 6.00% 11/22/2034  | 2020 | 1976 |
| Block, Inc. 3.50% 6/1/2031  | 2325 | 2134 |
| Blue Owl Credit Income Corp. 4.70% 2/8/2027  | 1230 | 1223 |
| Blue Owl Credit Income Corp. 6.65% 3/15/2031  | 800 | 823 |
| BNP Paribas SA 2.159% 9/15/2029 (USD-SOFR + 1.218% on 9/15/2028) <sup>(d)(k)</sup>  | 2535 | 2350 |
| Boost Newco Borrower, LLC 7.50% 1/15/2031 <sup>(d)</sup>  | 1150 | 1222 |
| BPCE SA 5.876% 1/14/2031 (USD-SOFR + 1.68% on 1/14/2030) <sup>(d)(k)</sup>  | 8155 | 8462 |
| BPCE SA 5.389% 5/28/2031 (USD-SOFR + 1.581% on 5/28/2030) <sup>(d)(k)</sup>  | 3015 | 3071 |
| BPCE SA 6.293% 1/14/2036 (USD-SOFR + 2.04% on 1/14/2035) <sup>(d)(k)</sup>  | 9000 | 9456 |
| BPCE SA 6.027% 5/28/2036 (USD-SOFR + 1.956% on 5/28/2035) <sup>(d)(k)</sup>  | 4295 | 4426 |
| Brown & Brown, Inc. 4.60% 12/23/2026  | 1250 | 1256 |
| Brown & Brown, Inc. 5.25% 6/23/2032  | 358 | 365 |
| Brown & Brown, Inc. 5.55% 6/23/2035  | 7665 | 7819 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| American Funds Insurance Series | **106** |

---

------

Asset Allocation Fund (continued)

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount<br> (000)<br>| Value<br> (000)<br>|
| **Corporate bonds, notes & loans (continued)** | **Corporate bonds, notes & loans (continued)** | **Corporate bonds, notes & loans (continued)** |
| **Financials (continued)** |  |  |
| Brown & Brown, Inc. 6.25% 6/23/2055  | USD5,952 | $6141 |
| CaixaBank, SA 6.208% 1/18/2029 (USD-SOFR + 2.70% on 1/18/2028) <sup>(d)(k)</sup>  | 938 | 975 |
| CaixaBank, SA 5.673% 3/15/2030 (USD-SOFR + 1.78% on 3/15/2029) <sup>(d)(k)</sup>  | 4764 | 4928 |
| CaixaBank, SA 4.885% 7/3/2031 (USD-SOFR + 1.36% on 7/3/2030) <sup>(d)(k)</sup>  | 5200 | 5223 |
| CaixaBank, SA 5.581% 7/3/2036 (USD-SOFR + 1.79% on 7/3/2035) <sup>(d)(k)</sup>  | 4887 | 4939 |
| Capital One Financial Corp. 6.051% 2/1/2035 (USD-SOFR + 2.26% on 2/1/2034) <sup>(k)</sup>  | 2859 | 2981 |
| Chubb INA Holdings, LLC 3.35% 5/3/2026  | 880 | 873 |
| Chubb INA Holdings, LLC 5.00% 3/15/2034  | 4623 | 4712 |
| Chubb INA Holdings, LLC 4.35% 11/3/2045  | 400 | 346 |
| Citibank, NA 4.914% 5/29/2030  | 4825 | 4919 |
| Citigroup, Inc. 5.61% 9/29/2026 (USD-SOFR + 1.546% on 12/29/2025) <sup>(k)</sup>  | 8000 | 8018 |
| Citigroup, Inc. 4.786% 3/4/2029 (USD-SOFR + 0.87% on 3/4/2028) <sup>(k)</sup>  | 7250 | 7303 |
| Citigroup, Inc. 5.174% 2/13/2030 (USD-SOFR + 1.364% on 2/13/2029) <sup>(k)</sup>  | 2242 | 2288 |
| Citigroup, Inc. 4.542% 9/19/2030 (USD-SOFR + 1.338% on 9/19/2029) <sup>(k)</sup>  | 4750 | 4729 |
| Citigroup, Inc. 2.52% 11/3/2032 (USD-SOFR + 1.177% on 11/3/2031) <sup>(k)</sup>  | 2506 | 2192 |
| Citigroup, Inc. 6.02% 1/24/2036 (USD-SOFR + 1.83% on 1/24/2035) <sup>(k)</sup>  | 1299 | 1335 |
| Citigroup, Inc. 5.333% 3/27/2036 (USD-SOFR + 1.465% on 3/27/2035) <sup>(k)</sup>  | 1650 | 1664 |
| Citizens Financial Group, Inc. 5.718% 7/23/2032 (USD-SOFR + 1.91% on 7/23/2031) <sup>(k)</sup>  | 4213 | 4360 |
| Citizens Financial Group, Inc. 6.645% 4/25/2035 (USD-SOFR + 2.325% on 4/25/2034) <sup>(k)</sup>  | 3808 | 4107 |
| CME Group, Inc. 3.75% 6/15/2028  | 3069 | 3050 |
| Coinbase Global, Inc. 3.375% 10/1/2028 <sup>(d)</sup>  | 6514 | 6112 |
| Coinbase Global, Inc. 3.625% 10/1/2031 <sup>(d)</sup>  | 5766 | 5139 |
| Cooperatieve Rabobank UA 4.375% 8/4/2025  | 4032 | 4030 |
| Corebridge Financial, Inc. 3.65% 4/5/2027  | 914 | 902 |
| Corebridge Financial, Inc. 3.85% 4/5/2029  | 556 | 545 |
| Corebridge Financial, Inc. 3.90% 4/5/2032  | 315 | 296 |
| Corebridge Financial, Inc. 4.35% 4/5/2042  | 182 | 153 |
| Corebridge Financial, Inc. 4.40% 4/5/2052  | 438 | 351 |
| Deutsche Bank AG 2.552% 1/7/2028 (USD-SOFR + 1.318% on 1/7/2027) <sup>(k)</sup>  | 6650 | 6461 |
| Deutsche Bank AG 5.706% 2/8/2028 (USD-SOFR + 1.594% on 2/8/2027) <sup>(k)</sup>  | 1109 | 1128 |
| Deutsche Bank AG 6.72% 1/18/2029 (USD-SOFR + 3.18% on 1/18/2028) <sup>(k)</sup>  | 2250 | 2364 |
| Deutsche Bank AG 6.819% 11/20/2029 (USD-SOFR + 2.51% on 11/20/2028) <sup>(k)</sup>  | 750 | 800 |
| Deutsche Bank AG 3.547% 9/18/2031 (USD-SOFR + 3.043% on 9/18/2030) <sup>(k)</sup>  | 300 | 281 |
| DNB Bank ASA 5.896% 10/9/2026 (USD-SOFR + 1.95% on 10/9/2025) <sup>(d)(k)</sup>  | 6945 | 6971 |
| First Citizens BancShares, Inc. 5.231% 3/12/2031 (USD-SOFR + 1.41% on 3/12/2030) <sup>(k)</sup>  | 4540 | 4565 |
| Goldman Sachs Group, Inc. 1.948% 10/21/2027 (USD-SOFR + 0.913% on 10/21/2026) <sup>(k)</sup>  | 2198 | 2129 |
| Goldman Sachs Group, Inc. 2.64% 2/24/2028 (USD-SOFR + 1.114% on 2/24/2027) <sup>(k)</sup>  | 4000 | 3886 |
| Goldman Sachs Group, Inc. 4.937% 4/23/2028 (USD-SOFR + 1.319% on 4/23/2027) <sup>(k)</sup>  | 1980 | 1996 |
| Goldman Sachs Group, Inc. 4.692% 10/23/2030 (USD-SOFR + 1.135% on 10/23/2029) <sup>(k)</sup>  | 8513 | 8540 |
| Goldman Sachs Group, Inc. 5.536% 1/28/2036 (USD-SOFR + 1.38% on 1/28/2035) <sup>(k)</sup>  | 1443 | 1480 |
| Goldman Sachs Group, Inc. 3.21% 4/22/2042 (USD-SOFR + 1.513% on 4/22/2041) <sup>(k)</sup>  | 2000 | 1497 |
| HSBC Holdings PLC 2.804% 5/24/2032 (USD-SOFR + 1.187% on 5/24/2031) <sup>(k)</sup>  | 937 | 833 |
| HSBC Holdings PLC 2.871% 11/22/2032 (USD-SOFR + 1.41% on 11/22/2031) <sup>(k)</sup>  | 873 | 773 |
| HSBC Holdings PLC 5.45% 3/3/2036 (USD-SOFR + 1.56% on 3/3/2035) <sup>(k)</sup>  | 15084 | 15173 |
| HSBC Holdings PLC 5.79% 5/13/2036 (USD-SOFR + 1.88% on 5/13/2035) <sup>(k)</sup>  | 809 | 832 |
| HSBC Holdings PLC 6.332% 3/9/2044 (USD-SOFR + 2.65% on 3/9/2043) <sup>(k)</sup>  | 537 | 577 |
| HUB International, Ltd. 7.375% 1/31/2032 <sup>(d)</sup>  | 690 | 722 |
| Intercontinental Exchange, Inc. 5.25% 6/15/2031  | 2020 | 2095 |
| Intesa Sanpaolo SpA 8.248% 11/21/2033 (1-year UST Yield Curve Rate T Note Constant Maturity + 4.40% <br> on 11/21/2032) <sup>(d)(k)</sup>  | 4122 | 4787 |
| Intesa Sanpaolo SpA 7.778% 6/20/2054 (1-year UST Yield Curve Rate T Note Constant Maturity + 3.90% on <br> 6/20/2053) <sup>(d)(k)</sup>  | 3245 | 3644 |
| Jane Street Group, LLC 6.75% 5/1/2033 <sup>(d)</sup>  | 3015 | 3102 |
| Jefferson Capital Holdings, LLC 8.25% 5/15/2030 <sup>(d)</sup>  | 3010 | 3121 |
| JPMorgan Chase & Co. 1.04% 2/4/2027 (USD-SOFR + 0.695% on 2/4/2026) <sup>(k)</sup>  | 2666 | 2611 |
| JPMorgan Chase & Co. 5.04% 1/23/2028 (USD-SOFR + 1.19% on 1/23/2027) <sup>(k)</sup>  | 1066 | 1076 |
| JPMorgan Chase & Co. 4.323% 4/26/2028 (USD-SOFR + 1.56% on 4/26/2027) <sup>(k)</sup>  | 1550 | 1549 |
| JPMorgan Chase & Co. 4.851% 7/25/2028 (USD-SOFR + 1.99% on 7/25/2027) <sup>(k)</sup>  | 3351 | 3387 |
| JPMorgan Chase & Co. 4.505% 10/22/2028 (USD-SOFR + 0.86% on 10/22/2027) <sup>(k)</sup>  | 3630 | 3642 |
| JPMorgan Chase & Co. 6.087% 10/23/2029 (USD-SOFR + 1.57% on 10/23/2028) <sup>(k)</sup>  | 4250 | 4468 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **107** | American Funds Insurance Series |

---

------

Asset Allocation Fund (continued)

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount<br> (000)<br>| Value<br> (000)<br>|
| **Corporate bonds, notes & loans (continued)** | **Corporate bonds, notes & loans (continued)** | **Corporate bonds, notes & loans (continued)** |
| **Financials (continued)** |  |  |
| JPMorgan Chase & Co. 5.581% 4/22/2030 (USD-SOFR + 1.16% on 4/22/2029) <sup>(k)</sup>  | USD1,262 | $1311 |
| JPMorgan Chase & Co. 4.603% 10/22/2030 (USD-SOFR + 1.04% on 10/22/2029) <sup>(k)</sup>  | 4718 | 4735 |
| JPMorgan Chase & Co. 5.294% 7/22/2035 (USD-SOFR + 1.46% on 7/22/2034) <sup>(k)</sup>  | 1081 | 1100 |
| JPMorgan Chase & Co. 5.502% 1/24/2036 (USD-SOFR + 1.315% on 1/24/2035) <sup>(k)</sup>  | 2952 | 3042 |
| Kasikornbank PCL (Hong Kong Branch) 3.343% 10/2/2031 (5-year UST Yield Curve Rate T Note Constant <br> Maturity + 1.70% on 10/2/2026) <sup>(k)</sup>  | 1222 | 1190 |
| Marsh & McLennan Cos., Inc. 4.375% 3/15/2029  | 1705 | 1712 |
| Marsh & McLennan Cos., Inc. 4.85% 11/15/2031  | 7000 | 7112 |
| Marsh & McLennan Cos., Inc. 5.00% 3/15/2035  | 2250 | 2251 |
| Marsh & McLennan Cos., Inc. 4.90% 3/15/2049  | 719 | 650 |
| Marsh & McLennan Cos., Inc. 2.90% 12/15/2051  | 920 | 579 |
| Marsh & McLennan Cos., Inc. 5.40% 3/15/2055  | 2000 | 1929 |
| Mastercard, Inc. 4.35% 1/15/2032  | 4801 | 4782 |
| Mastercard, Inc. 4.85% 3/9/2033  | 2258 | 2302 |
| Metropolitan Life Global Funding I 5.15% 3/28/2033 <sup>(d)</sup>  | 1600 | 1625 |
| Morgan Stanley 4.679% 7/17/2026 (USD-SOFR + 1.669% on 7/17/2025) <sup>(k)</sup>  | 2450 | 2450 |
| Morgan Stanley 3.125% 7/27/2026  | 325 | 321 |
| Morgan Stanley 4.994% 4/12/2029 (USD-SOFR + 1.38% on 4/12/2028) <sup>(k)</sup>  | 463 | 470 |
| Morgan Stanley 5.164% 4/20/2029 (USD-SOFR + 1.59% on 4/20/2028) <sup>(k)</sup>  | 3995 | 4074 |
| Morgan Stanley 5.449% 7/20/2029 (USD-SOFR + 1.63% on 7/20/2028) <sup>(k)</sup>  | 3097 | 3186 |
| Morgan Stanley 5.042% 7/19/2030 (USD-SOFR + 1.215% on 7/19/2029) <sup>(k)</sup>  | 3584 | 3646 |
| Morgan Stanley 5.23% 1/15/2031 (USD-SOFR + 1.108% on 1/15/2030) <sup>(k)</sup>  | 1506 | 1542 |
| Morgan Stanley 2.699% 1/22/2031 (USD-SOFR + 1.143% on 1/22/2030) <sup>(k)</sup>  | 1031 | 951 |
| Morgan Stanley 5.516% 11/19/2055 (USD-SOFR + 1.71% on 11/19/2054) <sup>(k)</sup>  | 3500 | 3423 |
| MPT Finance Corp. 7.00% 2/15/2032  | EUR2,075 | 2508 |
| Nationstar Mortgage Holdings, Inc. 7.125% 2/1/2032 <sup>(d)</sup>  | USD1,230 | 1278 |
| Navient Corp. 6.75% 6/15/2026  | 150 | 152 |
| Navient Corp. 5.50% 3/15/2029  | 11105 | 10884 |
| Navient Corp. 11.50% 3/15/2031  | 4860 | 5510 |
| Navient Corp. 7.875% 6/15/2032  | 1095 | 1140 |
| New York Life Global Funding 2.35% 7/14/2026 <sup>(d)</sup>  | 529 | 518 |
| New York Life Global Funding 4.55% 1/28/2033 <sup>(d)</sup>  | 1132 | 1108 |
| Northwestern Mutual Global Funding 1.75% 1/11/2027 <sup>(d)</sup>  | 2240 | 2162 |
| Osaic Holdings, Inc. 10.75% 8/1/2027 <sup>(d)</sup>  | 2420 | 2427 |
| PayPal Holdings, Inc. 2.65% 10/1/2026  | 593 | 582 |
| PayPal Holdings, Inc. 2.30% 6/1/2030  | 552 | 502 |
| PennyMac Financial Services, Inc. 6.875% 2/15/2033 <sup>(d)</sup>  | 1375 | 1411 |
| Planet Financial Group, LLC 10.50% 12/15/2029 <sup>(d)</sup>  | 540 | 541 |
| PNC Bank, National Association, 4.543% 5/13/2027 (USD-SOFR + 0.63% on 5/13/2026) <sup>(k)</sup>  | 1720 | 1721 |
| PNC Financial Services Group, Inc. 5.575% 1/29/2036 (USD-SOFR + 1.394% on 1/29/2035) <sup>(k)</sup>  | 4180 | 4310 |
| Power Finance Corp., Ltd. 5.25% 8/10/2028  | 383 | 388 |
| Power Finance Corp., Ltd. 6.15% 12/6/2028  | 350 | 364 |
| Power Finance Corp., Ltd. 4.50% 6/18/2029  | 554 | 546 |
| Power Finance Corp., Ltd. 3.95% 4/23/2030  | 1213 | 1163 |
| Prudential Financial, Inc. 4.35% 2/25/2050  | 1976 | 1642 |
| Prudential Financial, Inc. 3.70% 3/13/2051  | 677 | 498 |
| Rocket Mortgage, LLC 2.875% 10/15/2026 <sup>(d)</sup>  | 2110 | 2059 |
| Rocket Mortgage, LLC 3.625% 3/1/2029 <sup>(d)</sup>  | 1505 | 1431 |
| SLM Corp. 6.50% 1/31/2030  | 1460 | 1534 |
| Starwood Property Trust, Inc. 4.375% 1/15/2027 <sup>(d)</sup>  | 3580 | 3549 |
| Starwood Property Trust, Inc. 7.25% 4/1/2029 <sup>(d)</sup>  | 970 | 1021 |
| Starwood Property Trust, Inc. 6.50% 7/1/2030 <sup>(d)</sup>  | 525 | 543 |
| Swiss Re Finance (Luxembourg) SA 5.00% 4/2/2049 <br> (5-year UST Yield Curve Rate T Note Constant Maturity + 3.582% on 4/2/2029) <sup>(d)(k)</sup>  | 1000 | 999 |
| Travelers Cos., Inc. 4.00% 5/30/2047  | 771 | 618 |
| Truist Bank 4.671% 5/20/2027 (USD-SOFR + 0.59% on 5/20/2026) <sup>(k)</sup>  | 2000 | 2003 |
| Truist Financial Corp. 7.161% 10/30/2029 (USD-SOFR + 2.446% on 10/30/2028) <sup>(k)</sup>  | 1677 | 1814 |
| Truist Financial Corp. 5.071% 5/20/2031 (USD-SOFR + 1.309% on 5/20/2030) <sup>(k)</sup>  | 506 | 514 |
| Truist Insurance Holdings, LLC, Term Loan, (3-month USD CME Term SOFR + 4.75%) 9.046% 5/6/2032 <sup>(h)(l)</sup>  | 2190 | 2221 |
| U.S. Bancorp 2.375% 7/22/2026  | 3584 | 3520 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| American Funds Insurance Series | **108** |

---

------

Asset Allocation Fund (continued)

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount<br> (000)<br>| Value<br> (000)<br>|
| **Corporate bonds, notes & loans (continued)** | **Corporate bonds, notes & loans (continued)** | **Corporate bonds, notes & loans (continued)** |
| **Financials (continued)** |  |  |
| U.S. Bancorp 5.424% 2/12/2036 (USD-SOFR + 1.411% on 2/12/2035) <sup>(k)</sup>  | USD3,808 | $3882 |
| UBS Group AG 4.125% 9/24/2025 <sup>(d)</sup>  | 2750 | 2746 |
| UBS Group AG 3.869% 1/12/2029 (3-month USD-LIBOR + 1.41% on 1/12/2028) <sup>(d)(k)(m)</sup>  | 800 | 788 |
| UBS Group AG 5.428% 2/8/2030 (1-year UST Yield Curve Rate T Note Constant Maturity + 1.52% on <br> 2/8/2029) <sup>(d)(k)</sup>  | 3575 | 3672 |
| UniCredit SpA 4.625% 4/12/2027 <sup>(d)</sup>  | 625 | 625 |
| Voyager Parent, LLC 9.25% 7/1/2032 <sup>(d)</sup>  | 5950 | 6194 |
| Wells Fargo & Co. 5.707% 4/22/2028 (USD-SOFR + 1.07% on 4/22/2027) <sup>(k)</sup>  | 7025 | 7180 |
| Wells Fargo & Co. 2.393% 6/2/2028 (USD-SOFR + 2.10% on 6/2/2027) <sup>(k)</sup>  | 400 | 385 |
| Wells Fargo & Co. 4.97% 4/23/2029 (USD-SOFR + 1.37% on 4/23/2028) <sup>(k)</sup>  | 2070 | 2099 |
| Wells Fargo & Co. 6.303% 10/23/2029 (USD-SOFR + 1.79% on 10/23/2028) <sup>(k)</sup>  | 7225 | 7637 |
| Wells Fargo & Co. 6.491% 10/23/2034 (USD-SOFR + 2.06% on 10/23/2033) <sup>(k)</sup>  | 3360 | 3674 |
| Wells Fargo & Co. 5.605% 4/23/2036 (USD-SOFR + 1.74% on 4/23/2035) <sup>(k)</sup>  | 390 | 403 |
| Westpac Banking Corp. 2.668% 11/15/2035 (5-year UST Yield Curve Rate T Note Constant Maturity + <br> 1.75% on 11/15/2030) <sup>(k)</sup>  | 2980 | 2630 |
| Westpac Banking Corp. 2.963% 11/16/2040  | 1344 | 996 |
| WEX, Inc. 6.50% 3/15/2033 <sup>(d)</sup>  | 1025 | 1035 |
|  |  | 485259 |
| **Communication services 0.86%** |  |  |
| Alphabet, Inc. 5.25% 5/15/2055  | 821 | 809 |
| Alphabet, Inc. 5.30% 5/15/2065  | 1876 | 1838 |
| AT&T, Inc. 2.25% 2/1/2032  | 800 | 689 |
| AT&T, Inc. 3.50% 9/15/2053  | 5140 | 3482 |
| CCO Holdings, LLC 4.75% 3/1/2030 <sup>(d)</sup>  | 1350 | 1309 |
| CCO Holdings, LLC 4.50% 8/15/2030 <sup>(d)</sup>  | 5750 | 5486 |
| CCO Holdings, LLC 4.25% 2/1/2031 <sup>(d)</sup>  | 9361 | 8751 |
| CCO Holdings, LLC 4.75% 2/1/2032 <sup>(d)</sup>  | 3115 | 2957 |
| CCO Holdings, LLC 4.50% 5/1/2032  | 7189 | 6699 |
| CCO Holdings, LLC 4.50% 6/1/2033 <sup>(d)</sup>  | 2085 | 1907 |
| CCO Holdings, LLC 4.25% 1/15/2034 <sup>(d)</sup>  | 1135 | 1011 |
| Charter Communications Operating, LLC 4.908% 7/23/2025  | 116 | 116 |
| Charter Communications Operating, LLC 4.40% 4/1/2033  | 1000 | 942 |
| Charter Communications Operating, LLC 4.80% 3/1/2050  | 4823 | 3862 |
| Charter Communications Operating, LLC 3.70% 4/1/2051  | 5493 | 3662 |
| Charter Communications Operating, LLC 3.90% 6/1/2052  | 8760 | 6017 |
| Charter Communications Operating, LLC 5.25% 4/1/2053  | 4965 | 4221 |
| Comcast Corp. 2.35% 1/15/2027  | 3584 | 3488 |
| Comcast Corp. 4.80% 5/15/2033  | 2165 | 2161 |
| Comcast Corp. 5.65% 6/1/2054  | 2281 | 2218 |
| Connect Finco SARL 9.00% 9/15/2029 <sup>(d)</sup>  | 6425 | 6466 |
| CSC Holdings, LLC 5.50% 4/15/2027 <sup>(d)</sup>  | 1400 | 1338 |
| CSC Holdings, LLC, Term Loan B, (USD Prime Rate + 1.50%) 9.00% 4/15/2027 <sup>(h)(l)</sup>  | 972 | 949 |
| CSC Holdings, LLC, Term Loan B, (3-month USD CME Term SOFR + 4.50%) 8.812% 1/18/2028 <sup>(h)(l)</sup>  | 2666 | 2632 |
| DIRECTV Financing, LLC 5.875% 8/15/2027 <sup>(d)</sup>  | 4713 | 4701 |
| DISH Network Corp. 11.75% 11/15/2027 <sup>(d)</sup>  | 10154 | 10475 |
| EchoStar Corp. 10.75% 11/30/2029  | 4409 | 4545 |
| EchoStar Corp. 6.75% PIK 11/30/2030 <sup>(n)</sup>  | 1964 | 1793 |
| Embarq, LLC 7.995% 6/1/2036  | 8084 | 3712 |
| Frontier Communications Holdings, LLC 6.75% 5/1/2029 <sup>(d)</sup>  | 6550 | 6640 |
| Frontier Communications Holdings, LLC 5.875% 11/1/2029  | 5591 | 5651 |
| Frontier Communications Holdings, LLC 6.00% 1/15/2030 <sup>(d)</sup>  | 3196 | 3240 |
| Frontier Communications Holdings, LLC 8.75% 5/15/2030 <sup>(d)</sup>  | 1100 | 1151 |
| Gray Media, Inc. 10.50% 7/15/2029 <sup>(d)</sup>  | 7305 | 7853 |
| Gray Media, Inc. 4.75% 10/15/2030 <sup>(d)</sup>  | 1656 | 1254 |
| Gray Media, Inc. 5.375% 11/15/2031 <sup>(d)</sup>  | 4790 | 3596 |
| Gray Television, Inc., Term Loan B, (3-month USD CME Term SOFR + 5.25%) 9.574% 6/4/2029 <sup>(h)(l)</sup>  | 1086 | 1086 |
| Intelsat Jackson Holdings SA 6.50% 3/15/2030 <sup>(d)</sup>  | 8871 | 9068 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **109** | American Funds Insurance Series |

---

------

Asset Allocation Fund (continued)

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount<br> (000)<br>| Value<br> (000)<br>|
| **Corporate bonds, notes & loans (continued)** | **Corporate bonds, notes & loans (continued)** | **Corporate bonds, notes & loans (continued)** |
| **Communication services (continued)** |  |  |
| Ligado Networks, LLC 17.50% PIK 11/1/2023 <sup>(d)(n)(o)</sup>  | USD7,331 | $2529 |
| Ligado Networks, LLC, Term Loan, 17.50% PIK 10/4/2025 <sup>(b)(l)(n)</sup>  | 1540 | 1540 |
| Meta Platforms, Inc. 4.75% 8/15/2034  | 3584 | 3602 |
| Meta Platforms, Inc. 5.40% 8/15/2054  | 3584 | 3498 |
| Nexstar Media, Inc. 5.625% 7/15/2027 <sup>(d)</sup>  | 1875 | 1872 |
| Nexstar Media, Inc. 4.75% 11/1/2028 <sup>(d)</sup>  | 2950 | 2875 |
| SBA Tower Trust 1.631% 11/15/2026 <sup>(d)</sup>  | 7802 | 7488 |
| Sinclair Television Group, Inc. 8.125% 2/15/2033 <sup>(d)</sup>  | 1375 | 1390 |
| Sirius XM Radio, LLC 4.00% 7/15/2028 <sup>(d)</sup>  | 6650 | 6392 |
| Sirius XM Radio, LLC 4.125% 7/1/2030 <sup>(d)</sup>  | 7282 | 6719 |
| Sirius XM Radio, LLC 3.875% 9/1/2031 <sup>(d)</sup>  | 7547 | 6713 |
| Take-Two Interactive Software, Inc. 4.00% 4/14/2032  | 2185 | 2071 |
| T-Mobile USA, Inc. 1.50% 2/15/2026  | 500 | 490 |
| T-Mobile USA, Inc. 2.05% 2/15/2028  | 325 | 307 |
| T-Mobile USA, Inc. 4.95% 3/15/2028  | 1918 | 1951 |
| T-Mobile USA, Inc. 4.80% 7/15/2028  | 4000 | 4054 |
| T-Mobile USA, Inc. 5.125% 5/15/2032  | 3623 | 3696 |
| T-Mobile USA, Inc. 5.30% 5/15/2035  | 4665 | 4725 |
| Univision Communications, Inc. 6.625% 6/1/2027 <sup>(d)</sup>  | 6300 | 6289 |
| Univision Communications, Inc. 8.00% 8/15/2028 <sup>(d)</sup>  | 300 | 305 |
| Univision Communications, Inc. 4.50% 5/1/2029 <sup>(d)</sup>  | 6234 | 5674 |
| Univision Communications, Inc. 7.375% 6/30/2030 <sup>(d)</sup>  | 1216 | 1196 |
| Verizon Communications, Inc. 2.55% 3/21/2031  | 410 | 368 |
| Verizon Communications, Inc. 2.355% 3/15/2032  | 2944 | 2539 |
| Verizon Communications, Inc. 5.05% 5/9/2033  | 1946 | 1974 |
| Verizon Communications, Inc. 5.25% 4/2/2035  | 6205 | 6259 |
| Verizon Communications, Inc. 2.875% 11/20/2050  | 601 | 375 |
| Verizon Communications, Inc. 2.987% 10/30/2056  | 1537 | 926 |
| Vodafone Group PLC 4.25% 9/17/2050  | 3898 | 3041 |
| WarnerMedia Holdings, Inc. 3.755% 3/15/2027  | 1018 | 950 |
| WarnerMedia Holdings, Inc. 5.141% 3/15/2052  | 4748 | 3335 |
| X Corp., Term Loan B3, 9.50% 10/26/2029 <sup>(l)</sup>  | 2675 | 2604 |
| X Corp., Term Loan B, (USD-SOFR + 6.50%) 10.927% 10/26/2029 <sup>(h)(l)</sup>  | 2776 | 2716 |
|  |  | 238238 |
| **Health care 0.78%** |  |  |
| 1261229 B.C., Ltd. 10.00% 4/15/2032 <sup>(d)</sup>  | 1840 | 1857 |
| AbbVie, Inc. 5.20% 3/15/2035  | 3056 | 3123 |
| AbbVie, Inc. 5.40% 3/15/2054  | 7250 | 7055 |
| AbbVie, Inc. 5.60% 3/15/2055  | 2261 | 2264 |
| AdaptHealth, LLC 6.125% 8/1/2028 <sup>(d)</sup>  | 645 | 647 |
| AdaptHealth, LLC 4.625% 8/1/2029 <sup>(d)</sup>  | 1990 | 1877 |
| AdaptHealth, LLC 5.125% 3/1/2030 <sup>(d)</sup>  | 1010 | 961 |
| Amgen, Inc. 5.25% 3/2/2030  | 1244 | 1282 |
| Amgen, Inc. 5.25% 3/2/2033  | 2990 | 3063 |
| Amgen, Inc. 5.60% 3/2/2043  | 1500 | 1489 |
| Amgen, Inc. 5.65% 3/2/2053  | 2750 | 2687 |
| Amgen, Inc. 4.40% 2/22/2062  | 1697 | 1326 |
| Amgen, Inc. 5.75% 3/2/2063  | 858 | 835 |
| AstraZeneca Finance, LLC 1.75% 5/28/2028  | 1677 | 1573 |
| AstraZeneca Finance, LLC 4.90% 2/26/2031  | 1658 | 1704 |
| AstraZeneca Finance, LLC 2.25% 5/28/2031  | 665 | 595 |
| AstraZeneca Finance, LLC 5.00% 2/26/2034  | 3181 | 3244 |
| AstraZeneca PLC 3.375% 11/16/2025  | 1022 | 1018 |
| Bausch Health Cos., Inc. 4.875% 6/1/2028 <sup>(d)</sup>  | 1025 | 865 |
| Bausch Health Cos., Inc. 11.00% 9/30/2028 <sup>(d)</sup>  | 1525 | 1511 |
| Baxter International, Inc. 1.915% 2/1/2027  | 4739 | 4564 |
| Baxter International, Inc. 2.272% 12/1/2028  | 3180 | 2961 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| American Funds Insurance Series | **110** |

---

------

Asset Allocation Fund (continued)

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount<br> (000)<br>| Value<br> (000)<br>|
| **Corporate bonds, notes & loans (continued)** | **Corporate bonds, notes & loans (continued)** | **Corporate bonds, notes & loans (continued)** |
| **Health care (continued)** |  |  |
| Bayer US Finance, LLC 6.125% 11/21/2026 <sup>(d)</sup>  | USD5,419 | $5509 |
| Bayer US Finance, LLC 6.25% 1/21/2029 <sup>(d)</sup>  | 3092 | 3248 |
| Bristol-Myers Squibb Co. 5.10% 2/22/2031  | 1800 | 1865 |
| Bristol-Myers Squibb Co. 5.20% 2/22/2034  | 825 | 845 |
| Bristol-Myers Squibb Co. 5.65% 2/22/2064  | 2550 | 2478 |
| CHS / Community Health Systems, Inc. 6.00% 1/15/2029 <sup>(d)</sup>  | 1750 | 1685 |
| CHS / Community Health Systems, Inc. 10.875% 1/15/2032 <sup>(d)</sup>  | 285 | 302 |
| CVS Health Corp. 5.00% 1/30/2029  | 3831 | 3890 |
| CVS Health Corp. 5.40% 6/1/2029  | 4144 | 4266 |
| CVS Health Corp. 5.55% 6/1/2031  | 3039 | 3158 |
| CVS Health Corp. 5.70% 6/1/2034  | 4053 | 4175 |
| DaVita, Inc. 3.75% 2/15/2031 <sup>(d)</sup>  | 2865 | 2608 |
| DaVita, Inc. 6.875% 9/1/2032 <sup>(d)</sup>  | 810 | 840 |
| DaVita, Inc. 6.75% 7/15/2033 <sup>(d)</sup>  | 1600 | 1653 |
| Elevance Health, Inc. 4.90% 2/8/2026  | 1417 | 1417 |
| Elevance Health, Inc. 5.20% 2/15/2035  | 610 | 617 |
| Elevance Health, Inc. 5.125% 2/15/2053  | 308 | 275 |
| Eli Lilly and Co. 5.10% 2/12/2035  | 8075 | 8280 |
| Endo Finance Holdings, Inc. 8.50% 4/15/2031 <sup>(d)</sup>  | 2200 | 2332 |
| Endo Finance Holdings, Inc., Term Loan B, (3-month USD CME Term SOFR + 4.00%) 8.327% 4/23/2031 <sup>(h)(l)</sup>  | 2556 | 2557 |
| GE HealthCare Technologies, Inc. 4.80% 8/14/2029  | 1522 | 1545 |
| Gilead Sciences, Inc. 5.25% 10/15/2033  | 2642 | 2734 |
| Gilead Sciences, Inc. 5.10% 6/15/2035  | 500 | 507 |
| Grifols SA 3.875% 10/15/2028  | EUR800 | 904 |
| Grifols SA 7.50% 5/1/2030  | 400 | 494 |
| HCA, Inc. 3.375% 3/15/2029  | USD720 | 692 |
| HCA, Inc. 3.625% 3/15/2032  | 896 | 827 |
| HCA, Inc. 4.375% 3/15/2042  | 1344 | 1125 |
| HCA, Inc. 4.625% 3/15/2052  | 1299 | 1045 |
| Humana, Inc. 5.375% 4/15/2031  | 3194 | 3268 |
| Humana, Inc. 5.55% 5/1/2035  | 6289 | 6327 |
| Humana, Inc. 5.75% 4/15/2054  | 1359 | 1267 |
| Humana, Inc. 6.00% 5/1/2055  | 230 | 222 |
| Insulet Corp. 6.50% 4/1/2033 <sup>(d)</sup>  | 885 | 923 |
| Medline Borrower, LP 6.25% 4/1/2029 <sup>(d)</sup>  | 2050 | 2109 |
| Medtronic Global Holdings S.C.A. 4.25% 3/30/2028  | 1983 | 1994 |
| Molina Healthcare, Inc. 4.375% 6/15/2028 <sup>(d)</sup>  | 545 | 533 |
| Molina Healthcare, Inc. 3.875% 11/15/2030 <sup>(d)</sup>  | 2899 | 2698 |
| Molina Healthcare, Inc. 3.875% 5/15/2032 <sup>(d)</sup>  | 5110 | 4655 |
| Molina Healthcare, Inc. 6.25% 1/15/2033 <sup>(d)</sup>  | 1900 | 1935 |
| Novant Health, Inc. 3.168% 11/1/2051  | 3360 | 2212 |
| Novartis Capital Corp. 2.00% 2/14/2027  | 570 | 554 |
| Owens & Minor, Inc. 4.50% 3/31/2029 <sup>(d)</sup>  | 5360 | 4809 |
| Owens & Minor, Inc. 6.625% 4/1/2030 <sup>(d)</sup>  | 2300 | 2163 |
| Pfizer Investment Enterprises Pte., Ltd. 5.30% 5/19/2053  | 1000 | 945 |
| Radiology Partners, Inc. 8.50% 7/15/2032 <sup>(d)</sup>  | 2445 | 2454 |
| Radiology Partners, Inc., Term Loan B, (3-month USD CME Term SOFR + 3.50%) 1.50% PIK and 6.591% <br> Cash 1/31/2029 <sup>(h)(l)(n)</sup>  | 3369 | 3362 |
| Roche Holdings, Inc. 4.203% 9/9/2029 <sup>(d)</sup>  | 3450 | 3458 |
| Roche Holdings, Inc. 4.592% 9/9/2034 <sup>(d)</sup>  | 2244 | 2222 |
| Summa Health 3.511% 11/15/2051  | 1483 | 1223 |
| Takeda U.S. Financing, Inc. 5.20% 7/7/2035  | 8987 | 8992 |
| Takeda U.S. Financing, Inc. 5.90% 7/7/2055  | 1983 | 1994 |
| Tenet Healthcare Corp. 4.625% 6/15/2028  | 645 | 637 |
| Tenet Healthcare Corp. 4.25% 6/1/2029  | 1975 | 1917 |
| Teva Pharmaceutical Finance Netherlands III BV 3.15% 10/1/2026  | 5360 | 5259 |
| Teva Pharmaceutical Finance Netherlands III BV 5.125% 5/9/2029  | 11995 | 12073 |
| Teva Pharmaceutical Finance Netherlands III BV 8.125% 9/15/2031  | 2000 | 2267 |
| UnitedHealth Group, Inc. 4.95% 1/15/2032  | 5863 | 5940 |
| UnitedHealth Group, Inc. 5.15% 7/15/2034  | 3650 | 3689 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **111** | American Funds Insurance Series |

---

------

Asset Allocation Fund (continued)

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount<br> (000)<br>| Value<br> (000)<br>|
| **Corporate bonds, notes & loans (continued)** | **Corporate bonds, notes & loans (continued)** | **Corporate bonds, notes & loans (continued)** |
| **Health care (continued)** |  |  |
| UnitedHealth Group, Inc. 5.30% 6/15/2035  | USD4,818 | $4912 |
| UnitedHealth Group, Inc. 5.625% 7/15/2054  | 2900 | 2815 |
| UnitedHealth Group, Inc. 5.95% 6/15/2055  | 3754 | 3815 |
| Viatris, Inc. 4.00% 6/22/2050  | 3161 | 2107 |
|  |  | 214124 |
| **Energy 0.70%** |  |  |
| Antero Midstream Partners, LP 5.375% 6/15/2029 <sup>(d)</sup>  | 2390 | 2374 |
| Antero Midstream Partners, LP 6.625% 2/1/2032 <sup>(d)</sup>  | 175 | 181 |
| Ascent Resources Utica Holdings, LLC 5.875% 6/30/2029 <sup>(d)</sup>  | 1270 | 1273 |
| Ascent Resources Utica Holdings, LLC 6.625% 10/15/2032 <sup>(d)</sup>  | 510 | 519 |
| Ascent Resources Utica Holdings, LLC 6.625% 7/15/2033 <sup>(d)</sup>  | 430 | 437 |
| Borr IHC, Ltd. 10.00% 11/15/2028 <sup>(d)</sup>  | 3087 | 2822 |
| Borr IHC, Ltd. 10.375% 11/15/2030 <sup>(d)</sup>  | 1298 | 1149 |
| Canadian Natural Resources, Ltd. 2.05% 7/15/2025  | 861 | 860 |
| Canadian Natural Resources, Ltd. 4.95% 6/1/2047  | 1397 | 1196 |
| Chevron USA, Inc. 4.687% 4/15/2030  | 8472 | 8644 |
| Chord Energy Corp. 6.75% 3/15/2033 <sup>(d)</sup>  | 1325 | 1354 |
| CITGO Petroleum Corp. 8.375% 1/15/2029 <sup>(d)</sup>  | 2075 | 2164 |
| Civitas Resources, Inc. 5.00% 10/15/2026 <sup>(d)</sup>  | 480 | 474 |
| Civitas Resources, Inc. 8.375% 7/1/2028 <sup>(d)</sup>  | 2780 | 2850 |
| Civitas Resources, Inc. 8.625% 11/1/2030 <sup>(d)</sup>  | 525 | 533 |
| Civitas Resources, Inc. 8.75% 7/1/2031 <sup>(d)</sup>  | 735 | 744 |
| CNX Midstream Partners, LP 4.75% 4/15/2030 <sup>(d)</sup>  | 1055 | 999 |
| CNX Resources Corp. 6.00% 1/15/2029 <sup>(d)</sup>  | 2675 | 2687 |
| CNX Resources Corp. 7.375% 1/15/2031 <sup>(d)</sup>  | 553 | 577 |
| CNX Resources Corp. 7.25% 3/1/2032 <sup>(d)</sup>  | 1180 | 1223 |
| ConocoPhillips Co. 5.50% 1/15/2055  | 3823 | 3631 |
| Constellation Oil Services Holding SA 9.375% 11/7/2029 <sup>(d)</sup>  | 2320 | 2363 |
| Crescent Energy Finance, LLC 7.625% 4/1/2032 <sup>(d)</sup>  | 1510 | 1476 |
| Crescent Energy Finance, LLC 7.375% 1/15/2033 <sup>(d)</sup>  | 1210 | 1158 |
| Devon Energy Corp. 5.20% 9/15/2034  | 2157 | 2096 |
| Devon Energy Corp. 5.75% 9/15/2054  | 7806 | 7034 |
| Diamondback Energy, Inc. 5.55% 4/1/2035  | 3000 | 3034 |
| Diamondback Energy, Inc. 5.75% 4/18/2054  | 5000 | 4646 |
| Enbridge, Inc. 3.70% 7/15/2027  | 56 | 55 |
| Encino Acquisition Partners Holdings, LLC 8.75% 5/1/2031 <sup>(d)</sup>  | 395 | 437 |
| Energy Transfer, LP 4.75% 1/15/2026  | 2235 | 2235 |
| Eni SpA 5.75% 5/19/2035 <sup>(d)</sup>  | 360 | 368 |
| Eni SpA 5.95% 5/15/2054 <sup>(d)</sup>  | 831 | 805 |
| Enterprise Products Operating, LLC 5.05% 1/10/2026  | 3153 | 3160 |
| Enterprise Products Operating, LLC 4.90% 5/15/2046  | 448 | 403 |
| EOG Resources, Inc. 4.40% 7/15/2028  | 410 | 412 |
| EOG Resources, Inc. 5.65% 12/1/2054  | 3079 | 3009 |
| EQT Corp. 7.50% 6/1/2030 <sup>(d)</sup>  | 642 | 706 |
| EQT Corp. 4.75% 1/15/2031 <sup>(d)</sup>  | 1635 | 1610 |
| Equinor ASA 4.25% 11/23/2041  | 1792 | 1589 |
| Expand Energy Corp. 5.875% 2/1/2029 <sup>(d)</sup>  | 790 | 794 |
| Expand Energy Corp. 5.375% 3/15/2030  | 1645 | 1651 |
| Expand Energy Corp. 4.75% 2/1/2032  | 810 | 788 |
| Expand Energy Corp. 4.875% 4/15/2032 <sup>(o)</sup>  | 7225 | 29 |
| Exxon Mobil Corp. 2.44% 8/16/2029  | 213 | 201 |
| Exxon Mobil Corp. 3.452% 4/15/2051  | 555 | 394 |
| Genesis Energy, LP 7.75% 2/1/2028  | 350 | 355 |
| Genesis Energy, LP 8.25% 1/15/2029  | 670 | 701 |
| Genesis Energy, LP 8.875% 4/15/2030  | 884 | 939 |
| Genesis Energy, LP 7.875% 5/15/2032  | 1120 | 1165 |
| GreenSaif Pipelines Bidco SARL 5.853% 2/23/2036 <sup>(d)</sup>  | 1135 | 1149 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| American Funds Insurance Series | **112** |

---

------

Asset Allocation Fund (continued)

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount<br> (000)<br>| Value<br> (000)<br>|
| **Corporate bonds, notes & loans (continued)** | **Corporate bonds, notes & loans (continued)** | **Corporate bonds, notes & loans (continued)** |
| **Energy (continued)** |  |  |
| GreenSaif Pipelines Bidco SARL 6.129% 2/23/2038  | USD3,477 | $3588 |
| GreenSaif Pipelines Bidco SARL 6.51% 2/23/2042  | 2003 | 2077 |
| GreenSaif Pipelines Bidco SARL 6.103% 8/23/2042 <sup>(d)</sup>  | 4257 | 4263 |
| Halliburton Co. 3.80% 11/15/2025  | 6 | 6 |
| Harvest Midstream I, LP 7.50% 9/1/2028 <sup>(d)</sup>  | 420 | 427 |
| Harvest Midstream I, LP 7.50% 5/15/2032 <sup>(d)</sup>  | 190 | 201 |
| Hess Midstream Operations, LP 5.875% 3/1/2028 <sup>(d)</sup>  | 750 | 762 |
| Hess Midstream Operations, LP 5.125% 6/15/2028 <sup>(d)</sup>  | 1655 | 1645 |
| Hess Midstream Operations, LP 4.25% 2/15/2030 <sup>(d)</sup>  | 960 | 924 |
| Hess Midstream Operations, LP 5.50% 10/15/2030 <sup>(d)</sup>  | 400 | 402 |
| Hilcorp Energy I, LP 6.00% 4/15/2030 <sup>(d)</sup>  | 465 | 452 |
| Hilcorp Energy I, LP 6.00% 2/1/2031 <sup>(d)</sup>  | 540 | 523 |
| Hilcorp Energy I, LP 8.375% 11/1/2033 <sup>(d)</sup>  | 475 | 493 |
| Matador Resources Co. 6.50% 4/15/2032 <sup>(d)</sup>  | 1325 | 1327 |
| MPLX, LP 4.125% 3/1/2027  | 448 | 446 |
| Nabors Industries, Inc. 9.125% 1/31/2030 <sup>(d)</sup>  | 1745 | 1672 |
| New Fortress Energy, Inc. 6.50% 9/30/2026 <sup>(d)</sup>  | 1375 | 764 |
| NFE Financing, LLC 12.00% 11/15/2029 <sup>(d)</sup>  | 20423 | 9289 |
| Northern Oil and Gas, Inc. 8.75% 6/15/2031 <sup>(d)</sup>  | 300 | 310 |
| Occidental Petroleum Corp. 6.60% 3/15/2046  | 2268 | 2237 |
| Occidental Petroleum Corp. 6.05% 10/1/2054  | 6482 | 5946 |
| Parkland Corp. 5.875% 7/15/2027 <sup>(d)</sup>  | 1550 | 1552 |
| Parkland Corp. 4.625% 5/1/2030 <sup>(d)</sup>  | 510 | 489 |
| Permian Resources Operating, LLC 9.875% 7/15/2031 <sup>(d)</sup>  | 586 | 642 |
| Permian Resources Operating, LLC 7.00% 1/15/2032 <sup>(d)</sup>  | 1020 | 1058 |
| Permian Resources Operating, LLC 6.25% 2/1/2033 <sup>(d)</sup>  | 800 | 808 |
| Petroleos Mexicanos 6.875% 10/16/2025  | 2517 | 2516 |
| Petroleos Mexicanos 4.50% 1/23/2026  | 400 | 395 |
| Petroleos Mexicanos 6.875% 8/4/2026  | 850 | 851 |
| Petroleos Mexicanos 6.50% 3/13/2027  | 2500 | 2484 |
| Petroleos Mexicanos 6.84% 1/23/2030  | 4260 | 4118 |
| Petroleos Mexicanos 5.95% 1/28/2031  | 3280 | 2968 |
| Petroleos Mexicanos 6.70% 2/16/2032  | 5793 | 5387 |
| Petroleos Mexicanos 6.50% 6/2/2041  | 41 | 31 |
| Petroleos Mexicanos 6.375% 1/23/2045  | 16 | 11 |
| Petroleos Mexicanos 6.75% 9/21/2047  | 139 | 101 |
| Petroleos Mexicanos 6.35% 2/12/2048  | 23 | 16 |
| Petroleos Mexicanos 7.69% 1/23/2050  | 2548 | 2006 |
| Petroleos Mexicanos 6.95% 1/28/2060  | 163 | 117 |
| Plains All American Pipeline, LP 3.80% 9/15/2030  | 101 | 97 |
| Rockies Express Pipeline, LLC 4.95% 7/15/2029 <sup>(d)</sup>  | 2689 | 2642 |
| Saudi Arabian Oil Co. 5.75% 7/17/2054 <sup>(d)</sup>  | 4040 | 3797 |
| Seadrill Finance, Ltd. 8.375% 8/1/2030 <sup>(d)</sup>  | 625 | 637 |
| South Bow USA Infrastructure Holdings, LLC 5.026% 10/1/2029 <sup>(d)</sup>  | 1668 | 1674 |
| Sunoco, LP 7.00% 9/15/2028 <sup>(d)</sup>  | 1475 | 1523 |
| Sunoco, LP 4.50% 5/15/2029  | 925 | 899 |
| Sunoco, LP 4.50% 4/30/2030  | 1105 | 1063 |
| Sunoco, LP 6.25% 7/1/2033 <sup>(d)</sup>  | 530 | 539 |
| Talos Production, Inc. 9.00% 2/1/2029 <sup>(d)</sup>  | 500 | 512 |
| Talos Production, Inc. 9.375% 2/1/2031 <sup>(d)</sup>  | 85 | 87 |
| TGS ASA 8.50% 1/15/2030 <sup>(d)</sup>  | 1235 | 1280 |
| Tidewater, Inc. 9.125% 7/15/2030 <sup>(d)</sup>  | 445 | 458 |
| TotalEnergies Capital SA 5.275% 9/10/2054  | 3750 | 3514 |
| TransCanada Pipelines, Ltd. 4.25% 5/15/2028  | 977 | 974 |
| TransCanada Pipelines, Ltd. 4.10% 4/15/2030  | 536 | 525 |
| Transocean Titan Financing, Ltd. 8.375% 2/1/2028 <sup>(d)</sup>  | 400 | 407 |
| Transocean, Inc. 8.00% 2/1/2027 <sup>(d)</sup>  | 105 | 104 |
| Transocean, Inc. 8.50% 5/15/2031 <sup>(d)</sup>  | 2000 | 1787 |
| Valero Energy Corp. 4.00% 4/1/2029  | 3584 | 3516 |
| Venture Global Calcasieu Pass, LLC 3.875% 8/15/2029 <sup>(d)</sup>  | 1030 | 972 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **113** | American Funds Insurance Series |

---

------

Asset Allocation Fund (continued)

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount<br> (000)<br>| Value<br> (000)<br>|
| **Corporate bonds, notes & loans (continued)** | **Corporate bonds, notes & loans (continued)** | **Corporate bonds, notes & loans (continued)** |
| **Energy (continued)** |  |  |
| Venture Global Calcasieu Pass, LLC 4.125% 8/15/2031 <sup>(d)</sup>  | USD840 | $778 |
| Venture Global LNG, Inc. 8.375% 6/1/2031 <sup>(d)</sup>  | 3680 | 3825 |
| Venture Global LNG, Inc. 9.00% junior subordinated perpetual preferred bonds (5-year UST Yield Curve <br> Rate T Note Constant Maturity + 5.44% on 9/30/2029) <sup>(d)(k)</sup>  | 2000 | 1946 |
| Venture Global Plaquemines LNG, LLC 7.50% 5/1/2033 <sup>(d)</sup>  | 2215 | 2373 |
| Venture Global Plaquemines LNG, LLC 6.50% 1/15/2034 <sup>(d)</sup>  | 2730 | 2730 |
| Venture Global Plaquemines LNG, LLC 6.75% 1/15/2036 <sup>(d)</sup>  | 2035 | 2035 |
| Weatherford International, Ltd. 8.625% 4/30/2030 <sup>(d)</sup>  | 8996 | 9278 |
|  |  | 194729 |
| **Consumer discretionary 0.70%** |  |  |
| Aimbridge Acquisition Co., Inc., Term Loan, (1-month USD CME Term SOFR + 5.614%) 9.935% <br> 3/11/2030 <sup>(b)(h)(l)</sup>  | 127 | 127 |
| Aimbridge Acquisition Co., Inc., Term Loan, (1-month USD CME Term SOFR + 7.614%) 6.00% PIK and <br> 5.947% Cash 3/11/2030 <sup>(b)(h)(l)(n)</sup>  | 116 | 116 |
| Alibaba Group Holding, Ltd. 2.125% 2/9/2031  | 501 | 444 |
| Alibaba Group Holding, Ltd. 4.50% 11/28/2034  | 766 | 739 |
| Alibaba Group Holding, Ltd. 4.00% 12/6/2037  | 200 | 176 |
| Asbury Automotive Group, Inc. 4.625% 11/15/2029 <sup>(d)</sup>  | 2115 | 2044 |
| Bath & Body Works, Inc. 6.875% 11/1/2035  | 350 | 363 |
| Caesars Entertainment, Inc. 7.00% 2/15/2030 <sup>(d)</sup>  | 2075 | 2150 |
| Carnival Corp. 4.00% 8/1/2028 <sup>(d)</sup>  | 2375 | 2326 |
| Carnival Corp. 6.125% 2/15/2033 <sup>(d)</sup>  | 1270 | 1300 |
| Daimler Trucks Finance North America, LLC 4.95% 1/13/2028 <sup>(d)</sup>  | 6570 | 6657 |
| Daimler Trucks Finance North America, LLC 5.125% 1/19/2028 <sup>(d)</sup>  | 604 | 613 |
| Daimler Trucks Finance North America, LLC 2.375% 12/14/2028 <sup>(d)</sup>  | 1350 | 1260 |
| Daimler Trucks Finance North America, LLC 5.125% 9/25/2029 <sup>(d)</sup>  | 3281 | 3345 |
| Daimler Trucks Finance North America, LLC 5.25% 1/13/2030 <sup>(d)</sup>  | 8140 | 8333 |
| Daimler Trucks Finance North America, LLC 5.375% 6/25/2034 <sup>(d)</sup>  | 1070 | 1073 |
| Fertitta Entertainment, LLC 4.625% 1/15/2029 <sup>(d)</sup>  | 3580 | 3431 |
| Ford Motor Credit Co., LLC 6.798% 11/7/2028  | 2111 | 2188 |
| Ford Motor Credit Co., LLC 5.80% 3/8/2029  | 3385 | 3393 |
| Ford Motor Credit Co., LLC 5.875% 11/7/2029  | 6830 | 6853 |
| Ford Motor Credit Co., LLC 7.122% 11/7/2033  | 1425 | 1480 |
| Ford Motor Credit Co., LLC 6.50% 2/7/2035  | 4370 | 4366 |
| General Motors Financial Co., Inc. 5.35% 1/7/2030  | 10705 | 10840 |
| General Motors Financial Co., Inc. 5.45% 9/6/2034  | 1894 | 1858 |
| General Motors Financial Co., Inc. 5.90% 1/7/2035  | 9342 | 9397 |
| Global Auto Holdings PLC 11.50% 8/15/2029 <sup>(d)</sup>  | 1300 | 1273 |
| Great Canadian Gaming Corp. 8.75% 11/15/2029 <sup>(d)</sup>  | 3525 | 3453 |
| Group 1 Automotive, Inc. 6.375% 1/15/2030 <sup>(d)</sup>  | 1385 | 1425 |
| Hanesbrands, Inc. 9.00% 2/15/2031 <sup>(d)</sup>  | 1625 | 1722 |
| Hilton Domestic Operating Co., Inc. 4.00% 5/1/2031 <sup>(d)</sup>  | 1885 | 1774 |
| Hilton Grand Vacations Borrower, LLC 5.00% 6/1/2029 <sup>(d)</sup>  | 3580 | 3446 |
| Home Depot, Inc. 1.50% 9/15/2028  | 3000 | 2773 |
| Home Depot, Inc. 3.90% 12/6/2028  | 825 | 823 |
| Home Depot, Inc. 2.95% 6/15/2029  | 1174 | 1124 |
| Home Depot, Inc. 1.875% 9/15/2031  | 3000 | 2584 |
| Home Depot, Inc. 4.50% 12/6/2048  | 428 | 367 |
| Home Depot, Inc. 5.30% 6/25/2054  | 3000 | 2883 |
| Hyatt Hotels Corp. 5.05% 3/30/2028  | 3726 | 3767 |
| Hyatt Hotels Corp. 5.75% 3/30/2032  | 3520 | 3615 |
| Hyundai Capital America 1.50% 6/15/2026 <sup>(d)</sup>  | 762 | 740 |
| Hyundai Capital America 5.45% 6/24/2026 <sup>(d)</sup>  | 3905 | 3937 |
| Hyundai Capital America 4.875% 6/23/2027 <sup>(d)</sup>  | 1334 | 1342 |
| Hyundai Capital America 5.275% 6/24/2027 <sup>(d)</sup>  | 6273 | 6355 |
| Hyundai Capital America 2.375% 10/15/2027 <sup>(d)</sup>  | 2311 | 2198 |
| Hyundai Capital America 4.90% 6/23/2028 <sup>(d)</sup>  | 4992 | 5029 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| American Funds Insurance Series | **114** |

---

------

Asset Allocation Fund (continued)

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount<br> (000)<br>| Value<br> (000)<br>|
| **Corporate bonds, notes & loans (continued)** | **Corporate bonds, notes & loans (continued)** | **Corporate bonds, notes & loans (continued)** |
| **Consumer discretionary (continued)** |  |  |
| Hyundai Capital America 2.10% 9/15/2028 <sup>(d)</sup>  | USD2,756 | $2544 |
| Hyundai Capital America 5.30% 1/8/2030 <sup>(d)</sup>  | 10081 | 10301 |
| Hyundai Capital America 5.10% 6/24/2030 <sup>(d)</sup>  | 4980 | 5036 |
| Hyundai Capital America 5.40% 1/8/2031 <sup>(d)</sup>  | 991 | 1013 |
| International Game Technology PLC 5.25% 1/15/2029 <sup>(d)</sup>  | 2445 | 2425 |
| KB Home 7.25% 7/15/2030  | 1295 | 1341 |
| LCM Investments Holdings II, LLC 4.875% 5/1/2029 <sup>(d)</sup>  | 440 | 428 |
| LCM Investments Holdings II, LLC 8.25% 8/1/2031 <sup>(d)</sup>  | 1025 | 1091 |
| Lithia Motors, Inc. 3.875% 6/1/2029 <sup>(d)</sup>  | 2900 | 2768 |
| Lithia Motors, Inc. 4.375% 1/15/2031 <sup>(d)</sup>  | 1025 | 975 |
| Marriott International, Inc. 4.90% 4/15/2029  | 1207 | 1229 |
| Marriott International, Inc. 2.75% 10/15/2033  | 2500 | 2129 |
| Marriott Ownership Resorts, Inc. 4.50% 6/15/2029 <sup>(d)</sup>  | 528 | 507 |
| McDonald's Corp. 4.60% 9/9/2032  | 642 | 643 |
| McDonald's Corp. 4.95% 3/3/2035  | 4392 | 4391 |
| Melco Resorts Finance, Ltd. 5.75% 7/21/2028 <sup>(d)</sup>  | 1710 | 1675 |
| Mercedes-Benz Finance North America, LLC 5.375% 11/26/2025 <sup>(d)</sup>  | 1344 | 1348 |
| Newell Brands, Inc. 8.50% 6/1/2028 <sup>(d)</sup>  | 715 | 753 |
| Newell Brands, Inc. 6.625% 9/15/2029  | 1850 | 1835 |
| Newell Brands, Inc. 6.375% 5/15/2030  | 535 | 522 |
| Newell Brands, Inc. 6.625% 5/15/2032  | 385 | 368 |
| Newell Brands, Inc. 6.875% 4/1/2036  | 1025 | 984 |
| Newell Brands, Inc. 7.00% 4/1/2046  | 475 | 407 |
| Nissan Motor Acceptance Co., LLC 1.85% 9/16/2026 <sup>(d)</sup>  | 320 | 305 |
| Nissan Motor Co., Ltd. 3.522% 9/17/2025 <sup>(d)</sup>  | 200 | 199 |
| Party City Holdco, Inc. 12.00% PIK 1/11/2029 <sup>(b)(d)(n)(o)</sup>  | 1355 | 135 |
| Petco Health and Wellness Co., Inc., Term Loan B, (3-month USD CME Term SOFR + 3.25%) 7.807% <br> 3/3/2028 <sup>(h)(l)</sup>  | 875 | 809 |
| RHP Hotel Properties, LP 6.50% 6/15/2033 <sup>(d)</sup>  | 575 | 592 |
| Royal Caribbean Cruises, Ltd. 5.375% 7/15/2027 <sup>(d)</sup>  | 910 | 916 |
| Royal Caribbean Cruises, Ltd. 6.00% 2/1/2033 <sup>(d)</sup>  | 1030 | 1051 |
| Sally Holdings, LLC 6.75% 3/1/2032  | 920 | 945 |
| Sands China, Ltd. 2.30% 3/8/2027  | 1859 | 1786 |
| Sonic Automotive, Inc. 4.625% 11/15/2029 <sup>(d)</sup>  | 3645 | 3539 |
| Sonic Automotive, Inc. 4.875% 11/15/2031 <sup>(d)</sup>  | 2215 | 2107 |
| Toyota Motor Credit Corp. 0.80% 1/9/2026  | 384 | 377 |
| Toyota Motor Credit Corp. 1.90% 1/13/2027  | 2240 | 2165 |
| Travel + Leisure Co. 4.50% 12/1/2029 <sup>(d)</sup>  | 2100 | 2031 |
| Universal Entertainment Corp. 9.875% 8/1/2029 <sup>(d)</sup>  | 600 | 587 |
| Volkswagen Group of America Finance, LLC 4.625% 11/13/2025 <sup>(d)</sup>  | 3446 | 3444 |
| Voyager Parent, LLC, Term Loan B, (1-month USD CME Term SOFR + 4.75%) 9.083% 5/10/2032 <sup>(h)(l)</sup>  | 2115 | 2096 |
|  |  | 193299 |
| **Information technology 0.56%** |  |  |
| Accenture Capital, Inc. 4.25% 10/4/2031  | 4734 | 4691 |
| Accenture Capital, Inc. 4.50% 10/4/2034  | 4453 | 4335 |
| Analog Devices, Inc. 5.05% 4/1/2034  | 1281 | 1314 |
| Analog Devices, Inc. 5.30% 4/1/2054  | 1762 | 1700 |
| Broadcom, Inc. 3.137% 11/15/2035 <sup>(d)</sup>  | 600 | 506 |
| Cisco Systems, Inc. 4.95% 2/26/2031  | 313 | 322 |
| Cisco Systems, Inc. 5.05% 2/26/2034  | 12 | 12 |
| Cisco Systems, Inc. 5.10% 2/24/2035  | 9674 | 9906 |
| Cloud Software Group, Inc. 6.50% 3/31/2029 <sup>(d)</sup>  | 4125 | 4166 |
| Cloud Software Group, Inc. 9.00% 9/30/2029 <sup>(d)</sup>  | 3750 | 3891 |
| Cloud Software Group, Inc. 8.25% 6/30/2032 <sup>(d)</sup>  | 2975 | 3169 |
| Cloud Software Group, Inc., Term Loan B1, (3-month USD CME Term SOFR + 3.50%) 7.796% <br> 3/29/2029 <sup>(h)(l)</sup>  | 3816 | 3823 |
| CommScope Technologies, LLC 5.00% 3/15/2027 <sup>(d)</sup>  | 5703 | 5560 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **115** | American Funds Insurance Series |

---

------

Asset Allocation Fund (continued)

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount<br> (000)<br>| Value<br> (000)<br>|
| **Corporate bonds, notes & loans (continued)** | **Corporate bonds, notes & loans (continued)** | **Corporate bonds, notes & loans (continued)** |
| **Information technology (continued)** |  |  |
| CommScope, LLC 8.25% 3/1/2027 <sup>(d)</sup>  | USD1,527 | $1522 |
| CommScope, LLC 7.125% 7/1/2028 <sup>(d)</sup>  | 1973 | 1941 |
| CommScope, LLC 9.50% 12/15/2031 <sup>(d)</sup>  | 400 | 419 |
| Commscope, LLC, Term Loan, (3-month USD CME Term SOFR + 5.25%) 9.577% 12/17/2029 <sup>(h)(l)</sup>  | 485 | 492 |
| CoreWeave, Inc. 9.25% 6/1/2030 <sup>(d)</sup>  | 1525 | 1560 |
| Diebold Nixdorf, Inc. 7.75% 3/31/2030 <sup>(d)</sup>  | 7575 | 8055 |
| Ellucian Holdings, Inc., Term Loan, (3-month USD CME Term SOFR + 4.75%) 9.077% 11/22/2032 <sup>(h)(l)</sup>  | 225 | 230 |
| Fair Isaac Corp. 4.00% 6/15/2028 <sup>(d)</sup>  | 1050 | 1023 |
| Fair Isaac Corp. 6.00% 5/15/2033 <sup>(d)</sup>  | 3925 | 3971 |
| Finastra USA, Inc., Term Loan B, (3-month USD CME Term SOFR + 7.25%) 11.428% 9/13/2029 <sup>(e)(h)(l)</sup>  | 2614 | 2633 |
| Finastra USA, Inc., Term Loan, (3-month USD CME Term SOFR + 7.25%) 11.428% 9/13/2029 <sup>(e)(h)(l)</sup>  | 54 | 55 |
| Gen Digital, Inc. 6.25% 4/1/2033 <sup>(d)</sup>  | 1375 | 1415 |
| Hughes Satellite Systems Corp. 5.25% 8/1/2026  | 12971 | 11556 |
| Hughes Satellite Systems Corp. 6.625% 8/1/2026  | 9228 | 6579 |
| ION Trading Technologies SARL 9.50% 5/30/2029 <sup>(d)</sup>  | 560 | 578 |
| Kaseya, Inc., Term Loan, (3-month USD CME Term SOFR + 3.25%) 7.577% 3/20/2032 <sup>(h)(l)</sup>  | 1746 | 1755 |
| Kaseya, Inc., Term Loan, (3-month USD CME Term SOFR + 5.00%) 9.327% 3/20/2033 <sup>(h)(l)</sup>  | 900 | 903 |
| Microchip Technology, Inc. 5.05% 3/15/2029  | 3000 | 3049 |
| Microchip Technology, Inc. 5.05% 2/15/2030  | 6361 | 6455 |
| NCR Atleos Corp. 9.50% 4/1/2029 <sup>(d)</sup>  | 4144 | 4542 |
| Open Text Holdings, Inc. 4.125% 12/1/2031 <sup>(d)</sup>  | 400 | 369 |
| Oracle Corp. 5.25% 2/3/2032  | 4750 | 4874 |
| Oracle Corp. 5.50% 8/3/2035  | 6232 | 6373 |
| Shift4 Payments, LLC, 6.75% 8/15/2032 <sup>(d)</sup>  | 2400 | 2494 |
| Synopsys, Inc. 5.15% 4/1/2035  | 6898 | 6956 |
| Synopsys, Inc. 5.70% 4/1/2055  | 5521 | 5493 |
| Texas Instruments, Inc. 4.60% 2/8/2029  | 2222 | 2261 |
| Texas Instruments, Inc. 4.85% 2/8/2034  | 1203 | 1223 |
| UKG, Inc. 6.875% 2/1/2031 <sup>(d)</sup>  | 950 | 986 |
| Unisys Corp. 10.625% 1/15/2031 <sup>(d)</sup>  | 1228 | 1266 |
| Viasat, Inc. 5.625% 4/15/2027 <sup>(d)</sup>  | 6733 | 6711 |
| Viasat, Inc. 6.50% 7/15/2028 <sup>(d)</sup>  | 1900 | 1797 |
| Viasat, Inc. 7.50% 5/30/2031 <sup>(d)</sup>  | 6626 | 5746 |
| Wolfspeed, Inc. 2.00% PIK and 9.875% Cash 6/23/2030 (13.875% on 6/22/2026) <sup>(e)(k)(n)</sup>  | 1014 | 1026 |
| Wolfspeed, Inc. 2.00% PIK and 9.875% Cash 6/23/2030 (13.875% on 6/23/2026) <sup>(e)(k)(n)</sup>  | 336 | 340 |
| X.Ai Corp. 12.50% 6/30/2030  | 2485 | 2485 |
| Xerox Holdings Corp. 5.50% 8/15/2028 <sup>(d)</sup>  | 600 | 459 |
| Xerox Holdings Corp. 8.875% 11/30/2029 <sup>(d)</sup>  | 779 | 589 |
|  |  | 153576 |
| **Industrials 0.51%** |  |  |
| AAdvantage Loyalty IP, Ltd. 5.50% 4/20/2026 <sup>(d)</sup>  | 335 | 334 |
| Albion Financing 1 SARL 7.00% 5/21/2030 <sup>(d)</sup>  | 6000 | 6138 |
| Ambipar Lux SARL 10.875% 2/5/2033 <sup>(d)</sup>  | 601 | 569 |
| Axon Enterprise, Inc. 6.125% 3/15/2030 <sup>(d)</sup>  | 5175 | 5335 |
| Axon Enterprise, Inc. 6.25% 3/15/2033 <sup>(d)</sup>  | 5835 | 6023 |
| BAE Systems PLC 5.125% 3/26/2029 <sup>(d)</sup>  | 3403 | 3489 |
| BAE Systems PLC 5.25% 3/26/2031 <sup>(d)</sup>  | 2663 | 2754 |
| BAE Systems PLC 5.30% 3/26/2034 <sup>(d)</sup>  | 2772 | 2835 |
| BAE Systems PLC 5.50% 3/26/2054 <sup>(d)</sup>  | 599 | 592 |
| Beach Acquisition Bidco, LLC, 10.75% PIK or 10.00% Cash 7/15/2033 <sup>(d)(n)</sup>  | 2125 | 2208 |
| Boeing Co. (The) 3.10% 5/1/2026  | 251 | 248 |
| Boeing Co. (The) 3.25% 2/1/2028  | 2000 | 1940 |
| Boeing Co. (The) 5.15% 5/1/2030  | 945 | 963 |
| Boeing Co. (The) 3.625% 2/1/2031  | 178 | 168 |
| Boeing Co. (The) 6.388% 5/1/2031  | 227 | 244 |
| Boeing Co. (The) 3.60% 5/1/2034  | 2500 | 2205 |
| Boeing Co. (The) 6.528% 5/1/2034  | 5453 | 5928 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| American Funds Insurance Series | **116** |

---

------

Asset Allocation Fund (continued)

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount<br> (000)<br>| Value<br> (000)<br>|
| **Corporate bonds, notes & loans (continued)** | **Corporate bonds, notes & loans (continued)** | **Corporate bonds, notes & loans (continued)** |
| **Industrials (continued)** |  |  |
| Boeing Co. (The) 5.805% 5/1/2050  | USD3,605 | $3461 |
| Boeing Co. (The) 6.858% 5/1/2054  | 2361 | 2587 |
| Boeing Co. (The) 7.008% 5/1/2064  | 1301 | 1430 |
| Brink's Co. (The) 4.625% 10/15/2027 <sup>(d)</sup>  | 2385 | 2372 |
| Brink's Co. (The) 6.50% 6/15/2029 <sup>(d)</sup>  | 485 | 500 |
| Brink's Co. (The) 6.75% 6/15/2032 <sup>(d)</sup>  | 850 | 886 |
| Canadian Pacific Railway Co. 1.75% 12/2/2026  | 1385 | 1337 |
| Canadian Pacific Railway Co. 5.20% 3/30/2035  | 2705 | 2744 |
| Canadian Pacific Railway Co. 3.00% 12/2/2041  | 209 | 152 |
| Canadian Pacific Railway Co. 3.10% 12/2/2051  | 653 | 430 |
| Chart Industries, Inc. 7.50% 1/1/2030 <sup>(d)</sup>  | 1347 | 1412 |
| CSX Corp. 4.25% 3/15/2029  | 1062 | 1063 |
| CSX Corp. 5.05% 6/15/2035  | 6111 | 6149 |
| FTAI Aviation Investors, LLC 5.50% 5/1/2028 <sup>(d)</sup>  | 1540 | 1533 |
| Herc Holdings, Inc. 7.00% 6/15/2030 <sup>(d)</sup>  | 1510 | 1578 |
| Herc Holdings, Inc. 7.25% 6/15/2033 <sup>(d)</sup>  | 505 | 529 |
| Icahn Enterprises, LP 5.25% 5/15/2027  | 2535 | 2458 |
| Icahn Enterprises, LP 4.375% 2/1/2029  | 2500 | 2104 |
| L3Harris Technologies, Inc. 5.40% 7/31/2033  | 4059 | 4171 |
| LATAM Airlines Group SA 7.625% 1/7/2031 <sup>(d)</sup>  | 4250 | 4277 |
| Lockheed Martin Corp. 5.10% 11/15/2027  | 852 | 874 |
| Lockheed Martin Corp. 4.45% 5/15/2028  | 2604 | 2635 |
| Lockheed Martin Corp. 5.70% 11/15/2054  | 1657 | 1673 |
| Norfolk Southern Corp. 4.45% 3/1/2033  | 1515 | 1483 |
| Norfolk Southern Corp. 5.10% 5/1/2035  | 2842 | 2857 |
| Norfolk Southern Corp. 3.05% 5/15/2050  | 2746 | 1808 |
| Norfolk Southern Corp. 5.35% 8/1/2054  | 4136 | 3954 |
| Northrop Grumman Corp. 3.25% 1/15/2028  | 3132 | 3061 |
| OneSky Flight, LLC 8.875% 12/15/2029 <sup>(d)</sup>  | 1125 | 1172 |
| Otis Worldwide Corp. 2.293% 4/5/2027  | 1913 | 1852 |
| Paychex, Inc. 5.60% 4/15/2035  | 427 | 442 |
| QXO Building Products, Inc. 6.75% 4/30/2032 <sup>(d)</sup>  | 1455 | 1503 |
| Reworld Holding Corp. 4.875% 12/1/2029 <sup>(d)</sup>  | 1035 | 985 |
| RTX Corp. 5.15% 2/27/2033  | 2669 | 2729 |
| RTX Corp. 5.375% 2/27/2053  | 3950 | 3784 |
| Sabre GLBL, Inc. 11.125% 7/15/2030 <sup>(d)</sup>  | 2225 | 2330 |
| Siemens Funding BV 5.80% 5/28/2055 <sup>(d)</sup>  | 6288 | 6496 |
| Siemens Funding BV 5.90% 5/28/2065 <sup>(d)</sup>  | 5581 | 5782 |
| Texas Combined Tirz I, LLC 0% 12/7/2062 <sup>(b)(d)</sup>  | 400 | 400 |
| TransDigm, Inc. 6.625% 3/1/2032 <sup>(d)</sup>  | 1485 | 1539 |
| Triumph Group, Inc. 9.00% 3/15/2028 <sup>(d)</sup>  | 1310 | 1370 |
| Union Pacific Corp. 2.40% 2/5/2030  | 2163 | 1996 |
| Union Pacific Corp. 5.10% 2/20/2035  | 2865 | 2915 |
| Union Pacific Corp. 2.95% 3/10/2052  | 1000 | 639 |
| Union Pacific Corp. 5.60% 12/1/2054  | 2487 | 2476 |
| Union Pacific Corp. 3.839% 3/20/2060  | 546 | 393 |
| Union Pacific Corp. 3.799% 4/6/2071  | 545 | 374 |
|  |  | 140668 |
| **Real estate 0.39%** |  |  |
| Alexandria Real Estate Equities, Inc. 3.80% 4/15/2026  | 282 | 280 |
| Alexandria Real Estate Equities, Inc. 3.95% 1/15/2028  | 1093 | 1081 |
| Alexandria Real Estate Equities, Inc. 2.75% 12/15/2029  | 1738 | 1606 |
| Alexandria Real Estate Equities, Inc. 3.375% 8/15/2031  | 1183 | 1094 |
| Alexandria Real Estate Equities, Inc. 1.875% 2/1/2033  | 3670 | 2936 |
| Alexandria Real Estate Equities, Inc. 4.85% 4/15/2049  | 367 | 308 |
| American Tower Corp. 1.45% 9/15/2026  | 2369 | 2289 |
| American Tower Corp. 3.55% 7/15/2027  | 1277 | 1259 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **117** | American Funds Insurance Series |

---

------

Asset Allocation Fund (continued)

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount<br> (000)<br>| Value<br> (000)<br>|
| **Corporate bonds, notes & loans (continued)** | **Corporate bonds, notes & loans (continued)** | **Corporate bonds, notes & loans (continued)** |
| **Real estate (continued)** |  |  |
| American Tower Corp. 3.60% 1/15/2028  | USD896 | $880 |
| American Tower Corp. 1.50% 1/31/2028  | 2240 | 2087 |
| American Tower Corp. 2.30% 9/15/2031  | 1344 | 1167 |
| American Tower Corp. 2.95% 1/15/2051  | 1792 | 1136 |
| Anywhere Real Estate Group, LLC 5.75% 1/15/2029 <sup>(d)</sup>  | 3040 | 2670 |
| Anywhere Real Estate Group, LLC 7.00% 4/15/2030 <sup>(d)</sup>  | 1975 | 1847 |
| Boston Properties, LP 6.50% 1/15/2034  | 2223 | 2381 |
| Boston Properties, LP 5.75% 1/15/2035  | 3143 | 3165 |
| Brookfield Property REIT, Inc., Term Loan B, (3-month USD CME Term SOFR + 3.25%) 7.56% 5/30/2030 <sup>(h)(l)</sup>  | 945 | 945 |
| Extra Space Storage, LP 2.35% 3/15/2032  | 1241 | 1054 |
| Fideicomiso Fibra Uno 7.70% 1/23/2032 <sup>(d)</sup>  | 1185 | 1236 |
| Host Hotels & Resorts, LP 4.50% 2/1/2026  | 318 | 317 |
| Howard Hughes Corp. (The) 5.375% 8/1/2028 <sup>(d)</sup>  | 1705 | 1693 |
| Howard Hughes Corp. (The) 4.125% 2/1/2029 <sup>(d)</sup>  | 2855 | 2721 |
| Howard Hughes Corp. (The) 4.375% 2/1/2031 <sup>(d)</sup>  | 3900 | 3602 |
| Invitation Homes Operating Partnership, LP 2.00% 8/15/2031  | 2152 | 1833 |
| Iron Mountain, Inc. 5.25% 7/15/2030 <sup>(d)</sup>  | 3785 | 3736 |
| Iron Mountain, Inc. 4.50% 2/15/2031 <sup>(d)</sup>  | 2650 | 2527 |
| Ladder Capital Finance Holdings LLLP 5.50% 8/1/2030  | 1884 | 1897 |
| MPT Operating Partnership, LP 5.00% 10/15/2027  | 12137 | 11221 |
| MPT Operating Partnership, LP 4.625% 8/1/2029  | 630 | 497 |
| MPT Operating Partnership, LP 8.50% 2/15/2032 <sup>(d)</sup>  | 3968 | 4156 |
| Park Intermediate Holdings, LLC 4.875% 5/15/2029 <sup>(d)</sup>  | 2280 | 2210 |
| Park Intermediate Holdings, LLC 7.00% 2/1/2030 <sup>(d)</sup>  | 1000 | 1029 |
| Prologis, LP 4.875% 6/15/2028  | 1357 | 1385 |
| Prologis, LP 4.75% 6/15/2033  | 2359 | 2354 |
| Prologis, LP 5.00% 3/15/2034  | 1850 | 1856 |
| Prologis, LP 5.00% 1/31/2035  | 1033 | 1033 |
| Public Storage Operating Co. 1.85% 5/1/2028  | 2231 | 2096 |
| Public Storage Operating Co. 1.95% 11/9/2028  | 1816 | 1692 |
| Public Storage Operating Co. 2.30% 5/1/2031  | 644 | 573 |
| Scentre Group Trust 1 3.25% 10/28/2025 <sup>(d)</sup>  | 896 | 892 |
| Scentre Group Trust 1 3.75% 3/23/2027 <sup>(d)</sup>  | 2178 | 2153 |
| Service Properties Trust 5.25% 2/15/2026  | 510 | 508 |
| Service Properties Trust 4.75% 10/1/2026  | 1635 | 1613 |
| Service Properties Trust 4.95% 2/15/2027  | 1540 | 1521 |
| Service Properties Trust 5.50% 12/15/2027  | 655 | 649 |
| Service Properties Trust 3.95% 1/15/2028  | 1815 | 1678 |
| Service Properties Trust 8.375% 6/15/2029  | 4228 | 4401 |
| Service Properties Trust 4.95% 10/1/2029  | 2715 | 2372 |
| Service Properties Trust 4.375% 2/15/2030  | 705 | 593 |
| Service Properties Trust 8.625% 11/15/2031 <sup>(d)</sup>  | 6775 | 7278 |
| Service Properties Trust 8.875% 6/15/2032  | 3803 | 3914 |
| Sun Communities Operating, LP 2.30% 11/1/2028  | 1653 | 1548 |
| Sun Communities Operating, LP 2.70% 7/15/2031  | 785 | 696 |
| UDR, Inc. 2.95% 9/1/2026  | 681 | 670 |
|  |  | 108335 |
| **Consumer staples 0.38%** |  |  |
| 7-Eleven, Inc. 0.95% 2/10/2026 <sup>(d)</sup>  | 739 | 723 |
| Albertsons Cos., Inc. 4.875% 2/15/2030 <sup>(d)</sup>  | 1000 | 984 |
| B&G Foods, Inc. 5.25% 9/15/2027  | 1000 | 912 |
| B&G Foods, Inc. 8.00% 9/15/2028 <sup>(d)</sup>  | 1750 | 1687 |
| BAT Capital Corp. 6.343% 8/2/2030  | 1191 | 1284 |
| BAT Capital Corp. 6.421% 8/2/2033  | 1290 | 1402 |
| BAT Capital Corp. 5.625% 8/15/2035  | 6074 | 6183 |
| BAT Capital Corp. 4.54% 8/15/2047  | 627 | 507 |
| Campbell's Co. (The) 4.75% 3/23/2035  | 952 | 915 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| American Funds Insurance Series | **118** |

---

------

Asset Allocation Fund (continued)

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount<br> (000)<br>| Value<br> (000)<br>|
| **Corporate bonds, notes & loans (continued)** | **Corporate bonds, notes & loans (continued)** | **Corporate bonds, notes & loans (continued)** |
| **Consumer staples (continued)** |  |  |
| Coca-Cola Co. 1.00% 3/15/2028  | USD842 | $782 |
| Coca-Cola Co. 4.65% 8/14/2034  | 1618 | 1627 |
| Constellation Brands, Inc. 3.60% 2/15/2028  | 625 | 614 |
| Constellation Brands, Inc. 2.25% 8/1/2031  | 1487 | 1289 |
| Fiesta Purchaser, Inc. 9.625% 9/15/2032 <sup>(d)</sup>  | 400 | 423 |
| Imperial Brands Finance PLC 5.625% 7/1/2035 <sup>(d)</sup>  | 3643 | 3657 |
| Imperial Brands Finance PLC 6.375% 7/1/2055 <sup>(d)</sup>  | 2101 | 2132 |
| J. M. Smucker Co. (The) 5.90% 11/15/2028  | 2385 | 2507 |
| J. M. Smucker Co. (The) 6.20% 11/15/2033  | 1554 | 1669 |
| J. M. Smucker Co. (The) 6.50% 11/15/2043  | 229 | 243 |
| J. M. Smucker Co. (The) 6.50% 11/15/2053  | 806 | 862 |
| Kroger Co. 5.00% 9/15/2034  | 4462 | 4433 |
| Kroger Co. 5.50% 9/15/2054  | 1983 | 1884 |
| Mars, Inc. 4.80% 3/1/2030 <sup>(d)</sup>  | 3408 | 3454 |
| Mars, Inc. 5.00% 3/1/2032 <sup>(d)</sup>  | 1855 | 1881 |
| Mars, Inc. 5.20% 3/1/2035 <sup>(d)</sup>  | 385 | 390 |
| Mars, Inc. 5.70% 5/1/2055 <sup>(d)</sup>  | 6678 | 6666 |
| Mondelez International, Inc. 4.75% 8/28/2034  | 837 | 828 |
| Mondelez International, Inc. 5.125% 5/6/2035  | 2176 | 2188 |
| Philip Morris International, Inc. 5.125% 11/17/2027  | 3073 | 3135 |
| Philip Morris International, Inc. 4.875% 2/15/2028  | 6000 | 6103 |
| Philip Morris International, Inc. 4.625% 11/1/2029  | 6764 | 6830 |
| Philip Morris International, Inc. 5.625% 11/17/2029  | 1482 | 1557 |
| Philip Morris International, Inc. 5.125% 2/15/2030  | 4166 | 4288 |
| Philip Morris International, Inc. 4.375% 4/30/2030  | 2554 | 2548 |
| Philip Morris International, Inc. 5.125% 2/13/2031  | 2275 | 2344 |
| Philip Morris International, Inc. 4.75% 11/1/2031  | 6194 | 6243 |
| Philip Morris International, Inc. 4.90% 11/1/2034  | 6755 | 6728 |
| Philip Morris International, Inc. 4.875% 4/30/2035  | 1907 | 1882 |
| Post Holdings, Inc. 4.625% 4/15/2030 <sup>(d)</sup>  | 2886 | 2777 |
| Post Holdings, Inc. 6.25% 2/15/2032 <sup>(d)</sup>  | 3279 | 3374 |
| Prestige Brands, Inc. 3.75% 4/1/2031 <sup>(d)</sup>  | 1115 | 1028 |
| Reynolds American, Inc. 5.85% 8/15/2045  | 2030 | 1960 |
| Walgreens Boots Alliance, Inc. 3.45% 6/1/2026  | 1595 | 1562 |
|  |  | 104485 |
| **Utilities 0.36%** |  |  |
| AEP Transmission Co., LLC 5.375% 6/15/2035  | 50 | 51 |
| Calpine Corp. 3.75% 3/1/2031 <sup>(d)</sup>  | 1975 | 1875 |
| CMS Energy Corp., junior subordinated, 6.50% 6/1/2055 (5-year UST Yield Curve Rate T Note Constant <br> Maturity + 1.961% on 6/1/2035) <sup>(k)</sup>  | 1375 | 1382 |
| Commonwealth Edison Co. 4.35% 11/15/2045  | 972 | 823 |
| Commonwealth Edison Co. 3.85% 3/15/2052  | 2330 | 1762 |
| Connecticut Light and Power Co. (The) 4.95% 8/15/2034  | 1837 | 1838 |
| Consumers Energy Co. 5.05% 5/15/2035  | 525 | 529 |
| Duke Energy Indiana, LLC 3.25% 10/1/2049  | 850 | 577 |
| Duke Energy Progress, LLC 3.70% 10/15/2046  | 457 | 345 |
| Duke Energy Progress, LLC 2.50% 8/15/2050  | 202 | 117 |
| Duke Energy Progress, LLC 2.90% 8/15/2051  | 91 | 57 |
| Edison International 4.125% 3/15/2028  | 1225 | 1183 |
| Edison International 5.25% 11/15/2028  | 1537 | 1522 |
| Edison International 5.45% 6/15/2029  | 917 | 907 |
| Edison International 6.95% 11/15/2029  | 2461 | 2559 |
| Edison International 6.25% 3/15/2030  | 3740 | 3800 |
| Edison International 5.25% 3/15/2032  | 7445 | 7067 |
| Electricite de France SA 6.25% 5/23/2033 <sup>(d)</sup>  | 1075 | 1152 |
| Electricite de France SA 9.125% junior subordinated perpetual bonds (5-year UST Yield Curve Rate T <br> Note Constant Maturity + 5.411% on 6/15/2033) <sup>(d)(k)</sup>  | 1475 | 1667 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **119** | American Funds Insurance Series |

---

------

Asset Allocation Fund (continued)

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount<br> (000)<br>| Value<br> (000)<br>|
| **Corporate bonds, notes & loans (continued)** | **Corporate bonds, notes & loans (continued)** | **Corporate bonds, notes & loans (continued)** |
| **Utilities (continued)** |  |  |
| Emera US Finance, LP 3.55% 6/15/2026  | USD287 | $284 |
| Exelon Corp., junior subordinated, 6.50% 3/15/2055 (5-year UST Yield Curve Rate T Note Constant Maturity <br> + 1.975% on 3/15/2035) <sup>(k)</sup>  | 1000 | 1018 |
| FirstEnergy Transmission, LLC 2.866% 9/15/2028 <sup>(d)</sup>  | 605 | 577 |
| Ithaca Energy (North Sea) PLC 8.125% 10/15/2029 <sup>(d)</sup>  | 1000 | 1032 |
| Long Ridge Energy, LLC, 8.75% 2/15/2032 <sup>(d)</sup>  | 2605 | 2708 |
| Long Ridge Energy, LLC, Term Loan B, (3-month USD CME Term SOFR + 4.50%) 8.796% 2/19/2032 <sup>(h)(l)</sup>  | 1920 | 1901 |
| MidAmerican Energy Co. 5.85% 9/15/2054  | 875 | 902 |
| Northern States Power Co. 2.60% 6/1/2051  | 735 | 444 |
| Northern States Power Co. 5.65% 5/15/2055  | 175 | 175 |
| Pacific Gas and Electric Co. 2.10% 8/1/2027  | 125 | 118 |
| Pacific Gas and Electric Co. 5.00% 6/4/2028  | 450 | 451 |
| Pacific Gas and Electric Co. 4.65% 8/1/2028  | 800 | 796 |
| Pacific Gas and Electric Co. 6.40% 6/15/2033  | 192 | 201 |
| Pacific Gas and Electric Co. 6.95% 3/15/2034  | 5560 | 5988 |
| Pacific Gas and Electric Co. 5.70% 3/1/2035  | 13859 | 13742 |
| Pacific Gas and Electric Co. 6.00% 8/15/2035  | 4962 | 5020 |
| Pacific Gas and Electric Co. 3.30% 8/1/2040  | 90 | 64 |
| Pacific Gas and Electric Co. 4.95% 7/1/2050  | 2950 | 2381 |
| PacifiCorp 5.30% 2/15/2031  | 1404 | 1447 |
| PacifiCorp 5.45% 2/15/2034  | 796 | 808 |
| PacifiCorp 5.35% 12/1/2053  | 3298 | 2968 |
| PacifiCorp 5.80% 1/15/2055  | 575 | 551 |
| Public Service Electric and Gas Co. 3.60% 12/1/2047  | 548 | 407 |
| Saavi Energia SARL 8.875% 2/10/2035 <sup>(d)</sup>  | 1495 | 1562 |
| Southern California Edison Co. 2.85% 8/1/2029  | 4450 | 4120 |
| Southern California Edison Co. 5.45% 6/1/2031  | 2500 | 2546 |
| Southern California Edison Co. 5.20% 6/1/2034  | 2522 | 2448 |
| Southern California Edison Co. 5.75% 4/1/2035  | 675 | 689 |
| Southern California Edison Co. 5.35% 7/15/2035  | 3000 | 2925 |
| Southern California Edison Co. 3.65% 2/1/2050  | 234 | 155 |
| Southern California Edison Co. 6.20% 9/15/2055  | 4770 | 4572 |
| Talen Energy Supply, LLC 8.625% 6/1/2030 <sup>(d)</sup>  | 400 | 429 |
| Trinidad Generation Unlimited 7.75% 6/16/2033 <sup>(d)</sup>  | 2295 | 2379 |
| Virginia Electric & Power 2.40% 3/30/2032  | 2307 | 2002 |
| Xcel Energy, Inc. 2.60% 12/1/2029  | 1131 | 1047 |
| Xcel Energy, Inc. 5.50% 3/15/2034  | 285 | 290 |
| XPLR Infrastructure Operating Partners, LP 8.375% 1/15/2031 <sup>(d)</sup>  | 1150 | 1229 |
|  |  | 99589 |
| **Materials 0.31%** |  |  |
| Avient Corp. 7.125% 8/1/2030 <sup>(d)</sup>  | 855 | 882 |
| Avient Corp. 6.25% 11/1/2031 <sup>(d)</sup>  | 170 | 172 |
| Celanese US Holdings, LLC 6.415% 7/15/2027  | 1996 | 2068 |
| Celanese US Holdings, LLC 7.05% 11/15/2030  | 2501 | 2634 |
| Celanese US Holdings, LLC 7.20% 11/15/2033  | 1618 | 1719 |
| Cleveland-Cliffs, Inc. 5.875% 6/1/2027  | 5425 | 5424 |
| Cleveland-Cliffs, Inc. 4.625% 3/1/2029 <sup>(d)</sup>  | 3625 | 3332 |
| Cleveland-Cliffs, Inc. 6.875% 11/1/2029 <sup>(d)</sup>  | 1650 | 1626 |
| Cleveland-Cliffs, Inc. 6.75% 4/15/2030 <sup>(d)</sup>  | 2275 | 2203 |
| Cleveland-Cliffs, Inc. 4.875% 3/1/2031 <sup>(d)</sup>  | 775 | 664 |
| Cleveland-Cliffs, Inc. 7.50% 9/15/2031 <sup>(d)</sup>  | 2000 | 1931 |
| Cleveland-Cliffs, Inc. 7.00% 3/15/2032 <sup>(d)</sup>  | 2695 | 2544 |
| Consolidated Energy Finance SA 12.00% 2/15/2031 <sup>(d)</sup>  | 1480 | 1453 |
| Dow Chemical Co. (The) 5.35% 3/15/2035  | 2674 | 2661 |
| Dow Chemical Co. (The) 4.80% 5/15/2049  | 435 | 358 |
| Dow Chemical Co. (The) 3.60% 11/15/2050  | 1057 | 716 |
| Dow Chemical Co. (The) 5.95% 3/15/2055  | 4720 | 4503 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| American Funds Insurance Series | **120** |

---

------

Asset Allocation Fund (continued)

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount<br> (000)<br>| Value<br> (000)<br>|
| **Corporate bonds, notes & loans (continued)** | **Corporate bonds, notes & loans (continued)** | **Corporate bonds, notes & loans (continued)** |
| **Materials (continued)** |  |  |
| First Quantum Minerals, Ltd. 9.375% 3/1/2029 <sup>(d)</sup>  | USD5,370 | $5706 |
| First Quantum Minerals, Ltd. 8.00% 3/1/2033 <sup>(d)</sup>  | 950 | 976 |
| FXI Holdings, Inc. 12.25% 11/15/2026 <sup>(d)</sup>  | 4517 | 3980 |
| FXI Holdings, Inc. 12.25% 11/15/2026 <sup>(d)</sup>  | 2181 | 1931 |
| International Flavors & Fragrances, Inc. 1.832% 10/15/2027 <sup>(d)</sup>  | 1406 | 1325 |
| JH North America Holdings, Inc. 5.875% 1/31/2031 <sup>(d)</sup>  | 1700 | 1716 |
| JH North America Holdings, Inc. 6.125% 7/31/2032 <sup>(d)</sup>  | 1335 | 1358 |
| Linde, Inc. 1.10% 8/10/2030  | 2633 | 2266 |
| LYB International Finance III, LLC 6.15% 5/15/2035  | 757 | 786 |
| Methanex Corp. 5.125% 10/15/2027  | 6305 | 6288 |
| Methanex US Operations, Inc. 6.25% 3/15/2032 <sup>(d)</sup>  | 330 | 329 |
| Minera Mexico SA de CV, 5.625% 2/12/2032 <sup>(d)</sup>  | 6734 | 6856 |
| Mineral Resources, Ltd. 9.25% 10/1/2028 <sup>(d)</sup>  | 945 | 968 |
| Mineral Resources, Ltd. 8.50% 5/1/2030 <sup>(d)</sup>  | 1525 | 1519 |
| Mosaic Co. 4.05% 11/15/2027  | 941 | 934 |
| NOVA Chemicals Corp. 4.25% 5/15/2029 <sup>(d)</sup>  | 1785 | 1718 |
| NOVA Chemicals Corp. 9.00% 2/15/2030 <sup>(d)</sup>  | 775 | 838 |
| NOVA Chemicals Corp. 7.00% 12/1/2031 <sup>(d)</sup>  | 1130 | 1185 |
| Quikrete Holdings, Inc. 6.375% 3/1/2032 <sup>(d)</sup>  | 555 | 571 |
| Quikrete Holdings, Inc. 6.75% 3/1/2033 <sup>(d)</sup>  | 1050 | 1084 |
| Rio Tinto Finance (USA) PLC 5.25% 3/14/2035  | 1339 | 1363 |
| Rio Tinto Finance (USA) PLC 5.75% 3/14/2055  | 3244 | 3251 |
| Venator Material, LLC, Term Loan, (3-month USD CME Term SOFR + 2.00%) 8.00% PIK and 6.308% Cash <br> 1/16/2026 <sup>(b)(h)(l)(n)</sup>  | 766 | 421 |
| Venator Material, LLC, Term Loan, (3-month USD CME Term SOFR + 8.00%) 8.00% PIK and 6.329% Cash <br> 7/16/2026 <sup>(b)(h)(l)(n)</sup>  | 770 | 423 |
| Venator Material, LLC, Term Loan, (USD-SOFR + 10.00%) 8.00% PIK and 6.302% Cash 10/12/2028 <sup>(b)(h)(l)(n)</sup>  | 1267 | 697 |
| Veritiv Operating Co. 10.50% 11/30/2030 <sup>(d)</sup>  | 640 | 694 |
| Warrior Met Coal, Inc. 7.875% 12/1/2028 <sup>(d)</sup>  | 2212 | 2259 |
| Westlake Corp. 4.375% 11/15/2047  | 448 | 350 |
|  |  | 86682 |
| **Total corporate bonds, notes & loans** |  | 2018984 |
| **U.S. Treasury bonds & notes 6.89%** | **U.S. Treasury bonds & notes 6.89%** | **U.S. Treasury bonds & notes 6.89%** |
| **U.S. Treasury 6.71%** |  |  |
| U.S. Treasury 4.75% 7/31/2025  | 50547 | 50563 |
| U.S. Treasury 5.00% 10/31/2025  | 2167 | 2172 |
| U.S. Treasury 4.875% 11/30/2025  | 12250 | 12278 |
| U.S. Treasury 0.50% 2/28/2026  | 42515 | 41501 |
| U.S. Treasury 4.625% 2/28/2026  | 1878 | 1883 |
| U.S. Treasury 3.625% 5/15/2026  | 1071 | 1067 |
| U.S. Treasury 4.625% 6/30/2026  | 17210 | 17312 |
| U.S. Treasury 4.125% 2/15/2027  | 1258 | 1264 |
| U.S. Treasury 2.625% 5/31/2027  | 96250 | 94271 |
| U.S. Treasury 3.875% 5/31/2027  | 87803 | 88007 |
| U.S. Treasury 0.50% 6/30/2027  | 28098 | 26368 |
| U.S. Treasury 3.75% 6/30/2027  | 130554 | 130641 |
| U.S. Treasury 4.125% 9/30/2027  | 90000 | 90817 |
| U.S. Treasury 4.00% 2/29/2028  | 46200 | 46549 |
| U.S. Treasury 3.625% 3/31/2028  | 9 | 9 |
| U.S. Treasury 3.50% 4/30/2028  | 5600 | 5569 |
| U.S. Treasury 3.875% 6/15/2028  | 17264 | 17355 |
| U.S. Treasury 4.00% 1/31/2029  | 8844 | 8924 |
| U.S. Treasury 2.875% 4/30/2029  | 50000 | 48478 |
| U.S. Treasury 4.25% 6/30/2029  | 28885 | 29425 |
| U.S. Treasury 4.00% 3/31/2030  | 83865 | 84645 |
| U.S. Treasury 0.625% 5/15/2030  | 9358 | 8051 |
| U.S. Treasury 4.00% 5/31/2030  | 25757 | 26005 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **121** | American Funds Insurance Series |

---

------

Asset Allocation Fund (continued)

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount<br> (000)<br>| Value<br> (000)<br>|
| **U.S. Treasury bonds & notes (continued)** | **U.S. Treasury bonds & notes (continued)** | **U.S. Treasury bonds & notes (continued)** |
| **U.S. Treasury (continued)** |  |  |
| U.S. Treasury 3.875% 6/30/2030  | USD230,050 | $230940 |
| U.S. Treasury 4.00% 7/31/2030  | 8160 | 8231 |
| U.S. Treasury 4.875% 10/31/2030  | 45491 | 47751 |
| U.S. Treasury 4.25% 6/30/2031  | 17165 | 17479 |
| U.S. Treasury 2.875% 5/15/2032  | 50000 | 46649 |
| U.S. Treasury 4.00% 6/30/2032  | 59074 | 59106 |
| U.S. Treasury 4.125% 11/15/2032  | 648 | 652 |
| U.S. Treasury 3.50% 2/15/2033  | 27034 | 26060 |
| U.S. Treasury 3.875% 8/15/2033  | 114911 | 113196 |
| U.S. Treasury 4.375% 5/15/2034  | 14285 | 14514 |
| U.S. Treasury 4.25% 11/15/2034  | 2075 | 2082 |
| U.S. Treasury 4.25% 5/15/2035  | 18803 | 18828 |
| U.S. Treasury 1.375% 11/15/2040  | 51338 | 32696 |
| U.S. Treasury 1.75% 8/15/2041  | 24960 | 16570 |
| U.S. Treasury 2.00% 11/15/2041  | 1058 | 728 |
| U.S. Treasury 4.625% 5/15/2044  | 14928 | 14638 |
| U.S. Treasury 5.00% 5/15/2045  | 99575 | 102275 |
| U.S. Treasury 2.50% 2/15/2046  | 3365 | 2332 |
| U.S. Treasury 3.00% 5/15/2047  | 8383 | 6277 |
| U.S. Treasury 3.00% 2/15/2048  | 301 | 224 |
| U.S. Treasury 2.25% 2/15/2052  | 72025 | 43985 |
| U.S. Treasury 4.00% 11/15/2052  | 5700 | 4987 |
| U.S. Treasury 3.625% 2/15/2053 <sup>(i)</sup>  | 121025 | 98766 |
| U.S. Treasury 3.625% 5/15/2053  | 18989 | 15484 |
| U.S. Treasury 4.25% 2/15/2054  | 17191 | 15688 |
| U.S. Treasury 4.25% 8/15/2054  | 37315 | 34073 |
| U.S. Treasury 4.625% 2/15/2055  | 49676 | 48353 |
|  |  | 1855718 |
| **U.S. Treasury inflation-protected securities 0.18%** |  |  |
| U.S. Treasury Inflation-Protected Security 0.375% 7/15/2025 <sup>(p)</sup>  | 4485 | 4483 |
| U.S. Treasury Inflation-Protected Security 0.125% 10/15/2025 <sup>(p)</sup>  | 3767 | 3755 |
| U.S. Treasury Inflation-Protected Security 2.125% 1/15/2035 <sup>(p)</sup>  | 21632 | 21989 |
| U.S. Treasury Inflation-Protected Security 2.125% 2/15/2054 <sup>(p)</sup>  | 22946 | 21009 |
|  |  | 51236 |
| **Total U.S. Treasury bonds & notes** |  | 1906954 |
| **Asset-backed obligations 2.05%** | **Asset-backed obligations 2.05%** | **Asset-backed obligations 2.05%** |
| Affirm Asset Securitization Trust, Series 2021-Z2, Class A, 1.17% 11/16/2026 <sup>(d)(g)</sup>  | 5 | 5 |
| Affirm Asset Securitization Trust, Series 2024-B, Class A, 4.62% 9/15/2029 <sup>(d)(g)</sup>  | 10457 | 10463 |
| Affirm, Inc., Series 2024-A, Class A, 5.61% 2/15/2029 <sup>(d)(g)</sup>  | 2962 | 2976 |
| Affirm, Inc., Series 2024-X1, Class A, 6.27% 5/15/2029 <sup>(d)(g)</sup>  | 184 | 184 |
| Affirm, Inc., Series 2024-X2, Class A, 5.22% 12/17/2029 <sup>(d)(g)</sup>  | 920 | 921 |
| American Credit Acceptance Receivables Trust, Series 2024-3, Class A, 5.76% 11/12/2027 <sup>(d)(g)</sup>  | 809 | 811 |
| American Credit Acceptance Receivables Trust, Series 2024-4, Class A, 4.81% 3/13/2028 <sup>(d)(g)</sup>  | 371 | 371 |
| American Credit Acceptance Receivables Trust, Series 2024-3, Class B, 5.66% 8/14/2028 <sup>(d)(g)</sup>  | 1328 | 1335 |
| American Credit Acceptance Receivables Trust, Series 2025-2, Class B, 4.85% 5/14/2029 <sup>(d)(g)</sup>  | 232 | 233 |
| American Credit Acceptance Receivables Trust, Series 2024-3, Class C, 5.73% 7/12/2030 <sup>(d)(g)</sup>  | 3332 | 3372 |
| American Credit Acceptance Receivables Trust, Series 2024-4, Class C, 4.91% 8/12/2031 <sup>(d)(g)</sup>  | 1005 | 1008 |
| Apollo Aviation Securitization Equity Trust, Series 2025-2A, Class A, 5.522% 2/16/2050 <sup>(d)(g)</sup>  | 3914 | 3961 |
| AutoNation Finance Trust 2025-1, Series 2025-1A, Class A2, 4.72% 4/10/2028 <sup>(d)(g)</sup>  | 255 | 255 |
| Avant Credit Card Master Trust, Series 2024-2A, Class A, 5.38% 5/15/2029 <sup>(d)(g)</sup>  | 8500 | 8479 |
| Avant Credit Card Master Trust, Series 2024-2A, Class B, 5.73% 5/15/2029 <sup>(d)(g)</sup>  | 4100 | 4083 |
| Avant Credit Card Master Trust, Series 2024-2A, Class C, 6.41% 5/15/2029 <sup>(d)(g)</sup>  | 2715 | 2706 |
| Avis Budget Rental Car Funding (AESOP), LLC, Series 2020-2, Class A, 2.02% 2/20/2027 <sup>(d)(g)</sup>  | 20244 | 20015 |
| Avis Budget Rental Car Funding (AESOP), LLC, Series 2020-2A, Class B, 2.96% 2/20/2027 <sup>(d)(g)</sup>  | 138 | 137 |
| Avis Budget Rental Car Funding (AESOP), LLC, Series 2021-1A, Class A, 1.38% 8/20/2027 <sup>(d)(g)</sup>  | 10410 | 10114 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| American Funds Insurance Series | **122** |

---

------

Asset Allocation Fund (continued)

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount<br> (000)<br>| Value<br> (000)<br>|
| **Asset-backed obligations (continued)** | **Asset-backed obligations (continued)** | **Asset-backed obligations (continued)** |
| Avis Budget Rental Car Funding (AESOP), LLC, Series 2023-5, Class A, 5.78% 4/20/2028 <sup>(d)(g)</sup>  | USD29,013 | $29616 |
| Avis Budget Rental Car Funding (AESOP), LLC, Series 2023-6, Class A, 5.81% 12/20/2029 <sup>(d)(g)</sup>  | 4960 | 5160 |
| Ballyrock, Ltd., CLO, Series 2019-2A, Class A1R, (3-month USD CME Term SOFR + 1.40%) 5.722% <br> 2/20/2036 <sup>(d)(g)(h)</sup>  | 7810 | 7830 |
| Bankers Healthcare Group Securitization Trust, Series 2021-A, Class A, 1.42% 11/17/2033 <sup>(d)(g)</sup>  | 116 | 114 |
| BofA Auto Trust, Series 2024-1, Class A3, 5.35% 11/15/2028 <sup>(d)(g)</sup>  | 2470 | 2495 |
| Bridgecrest Lending Auto Securitization Trust, Series 2024-3, Class A2, 5.54% 2/16/2027 <sup>(g)</sup>  | 332 | 332 |
| Bridgecrest Lending Auto Securitization Trust, Series 2025-1, Class A2, 4.71% 9/15/2027 <sup>(g)</sup>  | 688 | 688 |
| Bridgecrest Lending Auto Securitization Trust, Series 2024-4, Class A2, 4.84% 9/15/2027 <sup>(g)</sup>  | 531 | 531 |
| Bridgecrest Lending Auto Securitization Trust, Series 2024-3, Class A3, 5.34% 4/17/2028 <sup>(g)</sup>  | 2186 | 2192 |
| Bridgecrest Lending Auto Securitization Trust, Series 2024-4, Class A3, 4.72% 9/15/2028 <sup>(g)</sup>  | 955 | 956 |
| Bridgecrest Lending Auto Securitization Trust, Series 2024-4, Class B, 4.77% 8/15/2030 <sup>(g)</sup>  | 1679 | 1681 |
| CAL Funding IV, Ltd., Series 2020-1A, Class A, 2.22% 9/25/2045 <sup>(d)(g)</sup>  | 892 | 842 |
| CarMax Auto Owner Trust, Series 2024-2, Class A2A, 5.65% 5/17/2027 <sup>(g)</sup>  | 1710 | 1715 |
| CarMax Auto Owner Trust, Series 2024-3, Class A3, 4.89% 7/16/2029 <sup>(g)</sup>  | 8604 | 8698 |
| CarMax Select Receivables Trust, Series 2024-A, Class A2A, 5.78% 9/15/2027 <sup>(g)</sup>  | 652 | 654 |
| Castlelake Aircraft Securitization Trust, Series 2021-1, Class A, 2.868% 5/11/2037 <sup>(d)(g)</sup>  | 4138 | 3816 |
| Castlelake Aircraft Securitization Trust, Series 2017-1R, Class A, 2.741% 8/15/2041 <sup>(d)(g)</sup>  | 162 | 157 |
| Castlelake Aircraft Securitization Trust, Series 2025-1A, Class A, 5.783% 2/15/2050 <sup>(d)(g)</sup>  | 4714 | 4787 |
| CF Hippolyta, LLC, Series 2020-1, Class A1, 1.69% 7/15/2060 <sup>(d)(g)</sup>  | 5140 | 5086 |
| CF Hippolyta, LLC, Series 2020-1, Class A2, 1.99% 7/15/2060 <sup>(d)(g)</sup>  | 1707 | 1580 |
| CF Hippolyta, LLC, Series 2021-1, Class A1, 1.53% 3/15/2061 <sup>(d)(g)</sup>  | 6034 | 5808 |
| Chase Auto Owner Trust, Series 2024-2, Class A2, 5.66% 5/26/2027 <sup>(d)(g)</sup>  | 1230 | 1232 |
| Chase Auto Owner Trust, Series 2024-4A, Class A2, 5.25% 9/27/2027 <sup>(d)(g)</sup>  | 2349 | 2354 |
| Chase Auto Owner Trust, Series 2024-3, Class A2, 5.53% 9/27/2027 <sup>(d)(g)</sup>  | 2213 | 2219 |
| Chase Auto Owner Trust, Series 2024-4A, Class A3, 4.94% 7/25/2029 <sup>(d)(g)</sup>  | 5309 | 5359 |
| Chase Auto Owner Trust, Series 2024-3, Class A3, 5.22% 7/25/2029 <sup>(d)(g)</sup>  | 4257 | 4308 |
| CLI Funding VI, LLC, Series 2020-2A, Class A, 2.03% 9/15/2045 <sup>(d)(g)</sup>  | 968 | 901 |
| CLI Funding VI, LLC, Series 2020-1A, Class A, 2.08% 9/18/2045 <sup>(d)(g)</sup>  | 3648 | 3394 |
| CLI Funding VI, LLC, Series 2020-3A, Class A, 2.07% 10/18/2045 <sup>(d)(g)</sup>  | 759 | 707 |
| CLI Funding VIII, LLC, Series 2021-1A, Class A, 1.64% 2/18/2046 <sup>(d)(g)</sup>  | 1050 | 964 |
| CNH Equipment Trust, Series 2024-B, Class A2A, 5.42% 10/15/2027 <sup>(g)</sup>  | 1569 | 1574 |
| CPS Auto Receivables Trust, Series 2024-C, Class A, 5.88% 2/15/2028 <sup>(d)(g)</sup>  | 904 | 907 |
| Credit Acceptance Auto Loan Trust, Series 2023-3, Class A, 6.39% 8/15/2033 <sup>(d)(g)</sup>  | 1958 | 1976 |
| Daimler Trucks Retail Trust, Series 2024-1, Class A2, 5.60% 4/15/2026 <sup>(g)</sup>  | 773 | 774 |
| Daimler Trucks Retail Trust, Series 2024-1, Class A3, 5.49% 12/15/2027 <sup>(g)</sup>  | 3457 | 3494 |
| EDvestinU Private Education Loan, LLC, Series 2021-A, Class A, 1.80% 11/25/2045 <sup>(d)(g)</sup>  | 215 | 198 |
| Enterprise Fleet Financing, LLC, Series 2024-2, Class A2, 5.74% 12/20/2026 <sup>(d)(g)</sup>  | 679 | 682 |
| Enterprise Fleet Financing, LLC, Series 2024-3, Class A2, 5.31% 4/20/2027 <sup>(d)(g)</sup>  | 3048 | 3061 |
| Enterprise Fleet Financing, LLC, Series 2022-3, Class A2, 4.38% 7/20/2029 <sup>(d)(g)</sup>  | 616 | 615 |
| Enterprise Fleet Financing, LLC, Series 2022-4, Class A2, 5.76% 10/22/2029 <sup>(d)(g)</sup>  | 1484 | 1490 |
| EquipmentShare, Series 2024-2M, Class A, 5.70% 12/20/2032 <sup>(d)(g)</sup>  | 2609 | 2651 |
| EquipmentShare, Series 2025-1M, Class A, 5.48% 9/26/2033 <sup>(d)(g)</sup>  | 926 | 933 |
| Exeter Automobile Receivables Trust, Series 2025-1A, Class A2, 4.70% 9/15/2027 <sup>(g)</sup>  | 1744 | 1744 |
| Exeter Automobile Receivables Trust, Series 2025-1A, Class A3, 4.67% 8/15/2028 <sup>(g)</sup>  | 930 | 932 |
| First National Master Note Trust, Series 2025-1, Class A, 4.85% 2/15/2030 <sup>(g)</sup>  | 4558 | 4641 |
| First National Master Note Trust, Series 2024-1, Class A, 5.34% 5/15/2030 <sup>(g)</sup>  | 3970 | 4052 |
| FirstKey Homes Trust, Series 2020-SFR2, Class A, 1.266% 10/19/2037 <sup>(d)(g)</sup>  | 4756 | 4696 |
| Ford Credit Auto Owner Trust, Series 2023-2, Class A, 5.28% 2/15/2036 <sup>(d)(g)</sup>  | 5998 | 6184 |
| Ford Credit Auto Owner Trust, Series 2024-1, Class A, 4.87% 8/15/2036 <sup>(d)(g)(h)</sup>  | 13442 | 13716 |
| Ford Credit Floorplan Master Owner Trust, Series 2024-3, Class A1, 4.30% 9/15/2029 <sup>(d)(g)</sup>  | 3235 | 3243 |
| GCI Funding I, LLC, Series 2020-1, Class A, 2.82% 10/18/2045 <sup>(d)(g)</sup>  | 417 | 393 |
| GCI Funding I, LLC, Series 2020-1, Class B, 3.81% 10/18/2045 <sup>(d)(g)</sup>  | 188 | 177 |
| Global SC Finance V SRL, Series 2019-1A, Class B, 4.81% 9/17/2039 <sup>(d)(g)</sup>  | 1527 | 1483 |
| Global SC Finance V SRL, Series 2020-1A, Class A, 2.17% 10/17/2040 <sup>(d)(g)</sup>  | 6501 | 6200 |
| Global SC Finance VII SRL, Series 2020-2A, Class A, 2.26% 11/19/2040 <sup>(d)(g)</sup>  | 8223 | 7854 |
| Global SC Finance VII SRL, Series 2021-1A, Class A, 1.86% 4/17/2041 <sup>(d)(g)</sup>  | 2758 | 2554 |
| Global SC Finance VII SRL, Series 2021-2A, Class A, 1.95% 8/17/2041 <sup>(d)(g)</sup>  | 4088 | 3813 |
| Global SC Finance VII SRL, Series 2021-2A, Class B, 2.49% 8/17/2041 <sup>(d)(g)</sup>  | 323 | 300 |
| GLS Auto Receivables Trust, Series 2025-2A, Class A2, 4.75% 3/15/2028 <sup>(d)(g)</sup>  | 500 | 500 |
| GLS Auto Select Receivables Trust, Series 2024-4A, Class A2, 4.43% 12/17/2029 <sup>(d)(g)</sup>  | 902 | 902 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **123** | American Funds Insurance Series |

---

------

Asset Allocation Fund (continued)

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount<br> (000)<br>| Value<br> (000)<br>|
| **Asset-backed obligations (continued)** | **Asset-backed obligations (continued)** | **Asset-backed obligations (continued)** |
| GLS Auto Select Receivables Trust, Series 2025-1A, Class A2, 4.71% 4/15/2030 <sup>(d)(g)</sup>  | USD807 | $809 |
| GM Financial Automobile Leasing Trust, Series 2023-3, Class A3, 5.38% 11/20/2026 <sup>(g)</sup>  | 1004 | 1006 |
| GM Financial Revolving Receivables Trust, Series 2023-2, Class A, 5.77% 8/11/2036 <sup>(d)(g)</sup>  | 8654 | 9064 |
| GM Financial Revolving Receivables Trust, Series 2024-2, Class A, 4.52% 3/11/2037 <sup>(d)(g)</sup>  | 6768 | 6817 |
| GM Financial Securitized Term Auto Receivables Trust, Series 2024-1, Class A3, 4.85% 12/18/2028 <sup>(g)</sup>  | 2126 | 2137 |
| Hertz Vehicle Financing III, LLC, Series 2022-4A, Class A, 3.73% 9/25/2026 <sup>(d)(g)</sup>  | 3759 | 3754 |
| Hertz Vehicle Financing III, LLC, Series 2022-2A, Class A, 2.33% 6/26/2028 <sup>(d)(g)</sup>  | 4391 | 4220 |
| Hertz Vehicle Financing III, LLC, Series 2022-5A, Class A, 3.89% 9/25/2028 <sup>(d)(g)</sup>  | 4445 | 4386 |
| Hertz Vehicle Financing III, LLC, Series 2023-4, Class A, 6.15% 3/25/2030 <sup>(d)(g)</sup>  | 4585 | 4789 |
| Hertz Vehicle Financing, LLC, Series 2021-2A, Class A, 1.68% 12/27/2027 <sup>(d)(g)</sup>  | 10307 | 9917 |
| Hertz Vehicle Financing, LLC, Series 2021-2A, Class B, 2.12% 12/27/2027 <sup>(d)(g)</sup>  | 685 | 655 |
| Hertz Vehicle Financing, LLC, Series 2021-2A, Class C, 2.52% 12/27/2027 <sup>(d)(g)</sup>  | 429 | 412 |
| Hertz Vehicle Financing, LLC, Series 2024-1A, Class A, 5.44% 1/25/2029 <sup>(d)(g)</sup>  | 4771 | 4850 |
| Hertz Vehicle Financing, LLC, Series 2025-1A, Class A, 4.91% 9/25/2029 <sup>(d)(g)</sup>  | 1616 | 1624 |
| Hertz Vehicle Financing, LLC, Series 2025-3A, Class A, 5.06% 12/26/2029 <sup>(d)(g)</sup>  | 1250 | 1257 |
| Honda Auto Receivables Owner Trust, Series 2023-1, Class A3, 5.04% 4/21/2027 <sup>(g)</sup>  | 569 | 570 |
| Horizon Aircraft Finance, Series 2024-1, Class A, 5.375% 9/15/2049 <sup>(d)(g)</sup>  | 2519 | 2525 |
| Hyundai Auto Receivables Trust, Series 2024-A, Class A3, 4.99% 2/15/2029 <sup>(g)</sup>  | 3187 | 3217 |
| John Deere Owner Trust, Series 2024-A, Class A3, 4.96% 11/15/2028 <sup>(g)</sup>  | 2894 | 2922 |
| LAD Auto Receivables Trust, Series 2024-3A, Class A2, 4.64% 11/15/2027 <sup>(d)(g)</sup>  | 1581 | 1581 |
| LAD Auto Receivables Trust, Series 2023-4, Class A3, 6.10% 12/15/2027 <sup>(d)(g)</sup>  | 1422 | 1429 |
| LAD Auto Receivables Trust, Series 2024-3A, Class A3, 4.52% 3/15/2029 <sup>(d)(g)</sup>  | 954 | 957 |
| LAD Auto Receivables Trust, Series 2024-3A, Class A4, 4.60% 12/17/2029 <sup>(d)(g)</sup>  | 504 | 508 |
| Marathon CLO, Ltd., Series 2019-2A, Class A1R2, (3-month USD CME Term SOFR + 0.95%) 5.219% <br> 1/20/2033 <sup>(d)(g)(h)</sup>  | 3648 | 3632 |
| Navient Education Loan Trust, Series 2025-A, Class A, 5.02% 7/15/2055 <sup>(d)(g)</sup>  | 2778 | 2796 |
| Navient Student Loan Trust, Series 2021-CA, Class A, 1.06% 10/15/2069 <sup>(d)(g)</sup>  | 2788 | 2511 |
| Navient Student Loan Trust, Series 2021-G, Class A, 1.58% 4/15/2070 <sup>(d)(g)</sup>  | 3576 | 3233 |
| Navigator Aircraft ABS, Ltd., Series 2021-1, Class A, 2.771% 11/15/2046 <sup>(d)(g)</sup>  | 4877 | 4565 |
| Nelnet Student Loan Trust, Series 2021-CA, Class AFX, 1.32% 4/20/2062 <sup>(d)(g)</sup>  | 4921 | 4604 |
| Nelnet Student Loan Trust, Series 2021-A, Class APT1, 1.36% 4/20/2062 <sup>(d)(g)</sup>  | 3087 | 2905 |
| Nelnet Student Loan Trust, Series 2021-B, Class AFX, 1.42% 4/20/2062 <sup>(d)(g)</sup>  | 5216 | 4881 |
| New Economy Assets Phase 1 Issuer, LLC, Series 2021-1, Class A1, 1.91% 10/20/2061 <sup>(d)(g)</sup>  | 23051 | 21721 |
| Newark BSL CLO 2, Ltd., Series 2017-1A, Class A1R, (3-month USD CME Term SOFR + 1.232%) 5.513% <br> 7/25/2030 <sup>(d)(g)(h)</sup>  | 780 | 780 |
| Palmer Square Loan Funding, CLO, Series 2021-4A, Class A1, (3-month USD CME Term SOFR + 1.062%) <br> 5.318% 10/15/2029 <sup>(d)(g)(h)</sup>  | 627 | 626 |
| Palmer Square Loan Funding, CLO, Series 2021-4A, Class A2, (3-month USD CME Term SOFR + 1.662%) <br> 5.918% 10/15/2029 <sup>(d)(g)(h)</sup>  | 5378 | 5383 |
| Palmer Square Loan Funding, Ltd., Series 2024-2A, Class A1N, (3-month USD CME Term SOFR + 1.00%) <br> 5.256% 1/15/2033 <sup>(d)(g)(h)</sup>  | 4264 | 4257 |
| PEAC Solutions Receivables, LLC, Series 2025-1A, Class A2, 4.94% 10/20/2028 <sup>(d)(g)</sup>  | 1069 | 1073 |
| PFS Financing Corp., Series 2023-B, Class A, 5.27% 5/15/2028 <sup>(d)(g)</sup>  | 5298 | 5334 |
| PG&E Wildfire Recovery Funding, LLC, Series 2022-A, Class A2, 4.263% 6/1/2036 <sup>(g)</sup>  | 2442 | 2306 |
| PK ALIFT Loan Funding 3, LP, Series 2024-1, Class A1, 5.842% 9/15/2039 <sup>(d)(g)</sup>  | 814 | 826 |
| PK ALIFT Loan Funding 3, LP, Series 2024-1, Class AF, (1-month USD CME Term SOFR + 0%) 6.012% <br> 9/15/2039 <sup>(d)(g)(h)</sup>  | 598 | 599 |
| Race Point CLO, Ltd., Series 2015-9A, Class A1A2, (3-month USD CME Term SOFR + 1.202%) 5.458% <br> 10/15/2030 <sup>(d)(g)(h)</sup>  | 701 | 701 |
| Santander Drive Auto Receivables Trust, Series 2024-2, Class A2, 5.80% 9/15/2027 <sup>(g)</sup>  | 733 | 733 |
| Santander Drive Auto Receivables Trust, Series 2024-1, Class A3, 5.25% 4/17/2028 <sup>(g)</sup>  | 615 | 616 |
| Santander Drive Auto Receivables Trust, Series 2024-2, Class A3, 5.63% 11/15/2028 <sup>(g)</sup>  | 5474 | 5504 |
| Santander Drive Auto Receivables Trust, Series 2023-4, Class B, 5.77% 12/15/2028 <sup>(g)</sup>  | 5062 | 5130 |
| Santander Drive Auto Receivables Trust, Series 2024-4, Class A3, 4.85% 1/16/2029 <sup>(g)</sup>  | 5394 | 5411 |
| SBNA Auto Lease Trust, Series 2024-A, Class A3, 5.39% 11/20/2026 <sup>(d)(g)</sup>  | 3077 | 3085 |
| SBNA Auto Lease Trust, Series 2024-B, Class A2, 5.67% 11/20/2026 <sup>(d)(g)</sup>  | 249 | 250 |
| SBNA Auto Lease Trust, Series 2024-B, Class A3, 5.56% 11/22/2027 <sup>(d)(g)</sup>  | 1265 | 1276 |
| SFS Auto Receivables Securitization Trust, Series 2024-3A, Class A2, 4.71% 5/22/2028 <sup>(d)(g)</sup>  | 1598 | 1599 |
| SFS Auto Receivables Securitization Trust, Series 2023-1, Class A3, 5.47% 10/20/2028 <sup>(d)(g)</sup>  | 2864 | 2883 |
| SFS Auto Receivables Securitization Trust, Series 2025-2A, Class A2, 4.52% 11/20/2028 <sup>(d)(g)</sup>  | 504 | 505 |
| SFS Auto Receivables Securitization Trust, Series 2024-3A, Class A3, 4.55% 6/20/2030 <sup>(d)(g)</sup>  | 2966 | 2980 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| American Funds Insurance Series | **124** |

---

------

Asset Allocation Fund (continued)

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount<br> (000)<br>| Value<br> (000)<br>|
| **Asset-backed obligations (continued)** | **Asset-backed obligations (continued)** | **Asset-backed obligations (continued)** |
| SMB Private Education Loan Trust, Series 2021-A, Class A2A2, (1-month USD CME Term SOFR + 0.844%) <br> 5.156% 1/15/2053 <sup>(d)(g)(h)</sup>  | USD3,851 | $3823 |
| SOLRR Aircraft Aviation Holding, Ltd., Series 2021-1, Class A, 2.636% 10/15/2046 <sup>(d)(g)</sup>  | 2741 | 2557 |
| SPRITE, Ltd., Series 2021-1, Class A, 3.75% 11/15/2046 <sup>(d)(g)</sup>  | 2485 | 2404 |
| Stellar Jay Ireland DAC, Series 2021-1, Class A, 3.967% 10/15/2041 <sup>(d)(g)</sup>  | 1918 | 1881 |
| Stonepeak Infrastructure Partners, Series 2021-1A, Class AA, 2.301% 2/28/2033 <sup>(d)(g)</sup>  | 922 | 884 |
| Stonepeak Infrastructure Partners, Series 2021-1A, Class A, 2.675% 2/28/2033 <sup>(d)(g)</sup>  | 751 | 719 |
| Subway Funding, LLC, Series 2024-3, Class A2I, 5.246% 7/30/2054 <sup>(d)(g)</sup>  | 5253 | 5234 |
| Subway Funding, LLC, Series 2024-3A, Class A2II, 5.566% 7/30/2054 <sup>(d)(g)</sup>  | 6201 | 6195 |
| SuttonPark Structured Settlements, Series 2021-1, Class A, 1.95% 9/15/2075 <sup>(d)(g)</sup>  | 1421 | 1374 |
| Synchrony Card Issuance Trust, Series 2023-A, Class A, 5.54% 7/15/2029 <sup>(g)</sup>  | 2840 | 2873 |
| Synchrony Card Issuance Trust, Series 2025-A1, Class A, 4.78% 2/18/2031 <sup>(g)</sup>  | 4155 | 4223 |
| TAL Advantage V, LLC, Series 2020-1A, Class A, 2.05% 9/20/2045 <sup>(d)(g)</sup>  | 1194 | 1126 |
| Textainer Marine Containers, Ltd., Series 2020-2A, Class A, 2.10% 9/20/2045 <sup>(d)(g)</sup>  | 552 | 516 |
| Textainer Marine Containers, Ltd., Series 2021-1, Class A, 1.68% 2/20/2046 <sup>(d)(g)</sup>  | 708 | 651 |
| Textainer Marine Containers, Ltd., Series 2021-2A, Class A, 2.23% 4/20/2046 <sup>(d)(g)</sup>  | 2047 | 1911 |
| Textainer Marine Containers, Ltd., Series 2025-1H, Class A, 6.43% 7/23/2050 <sup>(d)(g)</sup>  | 2096 | 2096 |
| Thompson Park CLO, Ltd., Series 2021-1A, Class A1R, (3-month USD CME Term SOFR + 1.05%) 5.306% <br> 4/15/2034 <sup>(d)(g)(h)</sup>  | 3229 | 3225 |
| T-Mobile US Trust, Series 2024-1, Class A, 5.05% 9/20/2029 <sup>(d)(g)</sup>  | 5582 | 5628 |
| Toyota Auto Loan Extended Note Trust, Series 2021-1, Class A, 1.07% 2/27/2034 <sup>(d)(g)(h)</sup>  | 6503 | 6362 |
| Toyota Auto Receivables Owner Trust, Series 2023-C, Class A3, 5.16% 4/17/2028 <sup>(g)</sup>  | 4585 | 4610 |
| Toyota Auto Receivables Owner Trust, Series 2023-C, Class A4, 5.01% 2/15/2029 <sup>(g)</sup>  | 1822 | 1848 |
| Triton Container Finance VIII, LLC, Series 2020-1, Class A, 2.11% 9/20/2045 <sup>(d)(g)</sup>  | 7627 | 7095 |
| Triton Container Finance VIII, LLC, Series 2021-1, Class A, 1.86% 3/20/2046 <sup>(d)(g)</sup>  | 1368 | 1250 |
| United Auto Credit Securitization Trust, Series 2025-1, Class A, 4.80% 6/10/2027 <sup>(d)(g)</sup>  | 416 | 416 |
| Verdant Receivables, LLC, Series 2025-1A, Class A2, 4.85% 3/13/2028 <sup>(d)(g)</sup>  | 649 | 651 |
| Verdant Receivables, LLC, Series 2024-1, Class A2, 5.68% 12/12/2031 <sup>(d)(g)</sup>  | 1151 | 1170 |
| Verizon Master Trust, Series 2024-1, Class A1A, 5.00% 12/20/2028 <sup>(g)</sup>  | 3846 | 3854 |
| Verizon Master Trust, Series 2023-1, Class A, 4.49% 1/22/2029 (5.24% on 1/20/2026) <sup>(g)(k)</sup>  | 6704 | 6705 |
| Verizon Master Trust, Series 2024-3, Class A1A, 5.34% 4/22/2030 <sup>(g)</sup>  | 9409 | 9615 |
| Verizon Master Trust, Series 2023-3, Class A, 4.73% 4/21/2031 <sup>(d)(g)</sup>  | 8048 | 8177 |
| Verizon Master Trust., Series 24-5, Class A, 5.00% 6/21/2032 <sup>(d)(g)</sup>  | 934 | 959 |
| Volvo Financial Equipment, LLC, Series 2025-1A, Class A2, 4.41% 11/15/2027 <sup>(d)(g)</sup>  | 1928 | 1930 |
| Westlake Automobile Receivables Trust, Series 2025-1A, Class A2A, 4.66% 1/18/2028 <sup>(d)(g)</sup>  | 6044 | 6044 |
| Westlake Automobile Receivables Trust, Series 2025-P1, Class A2, 4.65% 2/15/2028 <sup>(d)(g)</sup>  | 376 | 377 |
| Westlake Automobile Receivables Trust, Series 2024-3A, Class A3, 4.71% 4/17/2028 <sup>(d)(g)</sup>  | 2142 | 2150 |
| Westlake Automobile Receivables Trust, Series 2023-3, Class B, 5.92% 9/15/2028 <sup>(d)(g)</sup>  | 2504 | 2518 |
| Westlake Automobile Receivables Trust, Series 2024-3A, Class B, 4.72% 11/15/2029 <sup>(d)(g)</sup>  | 6520 | 6537 |
| Westlake Automobile Receivables Trust, Series 2025-1A, Class C, 5.14% 10/15/2030 <sup>(d)(g)</sup>  | 1973 | 2001 |
| Wingspire Equipment Finance, LLC, Series 2024-1A, Class A2, 4.99% 9/20/2032 <sup>(d)(g)</sup>  | 572 | 573 |
| World Financial Network Credit Card Master Trust, Series 2023-A, Class A, 5.02% 3/15/2030 <sup>(g)</sup>  | 7030 | 7067 |
| World OMNI Select Auto Trust, Series 2024-A, Class A2A, 5.37% 2/15/2028 <sup>(g)</sup>  | 2254 | 2259 |
| World OMNI Select Auto Trust, Series 2024-A, Class A3, 4.98% 2/15/2030 <sup>(g)</sup>  | 4623 | 4649 |
|  |  | 567592 |
| **Bonds & notes of governments & government agencies outside the U.S. 0.13%** | **Bonds & notes of governments & government agencies outside the U.S. 0.13%** | **Bonds & notes of governments & government agencies outside the U.S. 0.13%** |
| CPPIB Capital, Inc. 2.75% 11/2/2027 <sup>(d)</sup>  | 5914 | 5770 |
| OMERS Finance Trust 3.50% 4/19/2032 <sup>(d)</sup>  | 3867 | 3668 |
| OMERS Finance Trust 4.00% 4/19/2052 <sup>(d)</sup>  | 3867 | 3002 |
| Panama (Republic of) 7.50% 3/1/2031  | 1765 | 1882 |
| Panama (Republic of) 2.252% 9/29/2032  | 4306 | 3297 |
| Peru (Republic of) 1.862% 12/1/2032  | 2525 | 2018 |
| Peru (Republic of) 5.875% 8/8/2054  | 2310 | 2234 |
| Peru (Republic of) 2.78% 12/1/2060  | 3383 | 1826 |
| Qatar (State of) 4.00% 3/14/2029 <sup>(d)</sup>  | 745 | 740 |
| Qatar (State of) 4.817% 3/14/2049 <sup>(d)</sup>  | 750 | 674 |
| United Mexican States 4.75% 4/27/2032  | 2305 | 2195 |
| United Mexican States 3.50% 2/12/2034  | 1790 | 1507 |
| United Mexican States 6.875% 5/13/2037  | 2720 | 2844 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **125** | American Funds Insurance Series |

---

------

Asset Allocation Fund (continued)

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount<br> (000)<br>| Value<br> (000)<br>|
| **Bonds & notes of governments & government agencies outside the U.S. (continued)** | **Bonds & notes of governments & government agencies outside the U.S. (continued)** | **Bonds & notes of governments & government agencies outside the U.S. (continued)** |
| United Mexican States 6.625% 1/29/2038  | USD200 | $203 |
| United Mexican States 7.375% 5/13/2055  | 4235 | 4382 |
| United Mexican States 3.771% 5/24/2061  | 1528 | 906 |
|  |  | 37148 |
| **Municipals 0.08%** | **Municipals 0.08%** | **Municipals 0.08%** |
| **Florida 0.03%** |  |  |
| Board of Administration Fin. Corp., Rev. Bonds, Series 2020-A, 1.705% 7/1/2027  | 4781 | 4556 |
| Board of Administration Fin. Corp., Rev. Bonds, Series 2020-A, 2.154% 7/1/2030  | 4808 | 4306 |
|  |  | 8862 |
| **Illinois 0.01%** |  |  |
| GO Bonds, Pension Funding, Series 2003, 5.10% 6/1/2033  | 3140 | 3158 |
| **Ohio 0.02%** |  |  |
| Cleveland-Cuyahoga Port Auth., Federal Lease Rev. Bonds (VA Cleveland Health Care Center Project), <br> Series 2021, 4.425% 5/1/2031  | 4960 | 4424 |
| **Puerto Rico 0.00%** |  |  |
| GO Taxable Bonds, CAB, Series 2022, 0% 11/1/2051  | 451 | 285 |
| **Wisconsin 0.02%** |  |  |
| Public Fin. Auth., Federal Lease Rev. Bonds (Fort Sam Acquisition Fncg.), Series 2022, 4.95% 3/1/2034  | 5765 | 5638 |
| **Total municipals** |  | 22367 |
| **Total bonds, notes & other debt instruments** (cost: $7,551,950,000) |  | 7461895 |
| Investment funds 2.79% | Shares |  |
| Capital Group Central Corporate Bond Fund <sup>(q)</sup>  | 91567012 | 772826 |
| **Total Investment funds** (cost: $797,018,000) |  | 772826 |
| Short-term securities 4.79% |  |  |
| **Money market investments 4.78%** | **Money market investments 4.78%** | **Money market investments 4.78%** |
| Capital Group Central Cash Fund 4.35% <sup>(q)(r)</sup>  | 13235020 | 1323502 |
| **Money market investments purchased with collateral from securities on loan 0.01%** | **Money market investments purchased with collateral from securities on loan 0.01%** | **Money market investments purchased with collateral from securities on loan 0.01%** |
| Invesco Short-Term Investments Trust – Government & Agency Portfolio, Institutional Class 4.26% <sup>(r)(s)</sup>  | 2117436 | 2118 |
| **Total short-term securities** (cost: $1,325,460,000) |  | 1325620 |
| **Total investment securities 101.82%** (cost: $20,537,102,000) |  | 28178616 |
| Other assets less liabilities (1.82)% |  | (503035)<br>|
| **Net assets 100.00%** |  | $27675581 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| American Funds Insurance Series | **126** |

---

------

Asset Allocation Fund (continued)

**Futures contracts**

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Contracts | Type | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Number of <br> contracts<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Expiration <br> date<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Notional <br> amount <br> &nbsp;&nbsp;&nbsp;&nbsp;(000)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Value and <br> unrealized <br> appreciation <br> &nbsp;&nbsp;&nbsp;&nbsp;(depreciation) <br> at 6/30/2025 <br> &nbsp;&nbsp;&nbsp;&nbsp;(000)<br>|
| 2 Year U.S. Treasury Note Futures | Long | 6165 | 10/3/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; USD1,282,465 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $5037 |
| 5 Year U.S. Treasury Note Futures | Long | 7067 | 10/3/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 770303 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8745 |
| 10 Year U.S. Treasury Note Futures | Long | 3299 | 9/30/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 369900 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7122 |
| 10 Year Ultra U.S. Treasury Note Futures | Short | 995 | 9/30/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (113694)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (2796)<br>|
| 20 Year U.S. Treasury Bond Futures | Long | 841 | 9/30/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 97109 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3355 |
| 30 Year Ultra U.S. Treasury Bond Futures | Short | 624 | 9/30/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (74334)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (2725)<br>|
|  |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $18738 |

---

**Swap contracts**

------

**Interest rate swaps**

**Centrally cleared interest rate swaps**

**Centrally cleared credit default swaps on credit indices — buy protection** 

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| Reference <br> index<br>| &nbsp;&nbsp;&nbsp;&nbsp; Financing <br> rate paid<br>| &nbsp;&nbsp;&nbsp;&nbsp; Payment <br> frequency<br>| &nbsp;&nbsp;&nbsp;&nbsp; Expiration <br> date<br>| &nbsp;&nbsp;&nbsp;&nbsp; Notional <br> amount <br> &nbsp;&nbsp;&nbsp;&nbsp;(000)<br>| &nbsp;&nbsp;&nbsp;&nbsp; Value at <br> 6/30/2025 <br> &nbsp;&nbsp;&nbsp;&nbsp;(000)<br>| &nbsp;&nbsp;&nbsp;&nbsp; Upfront <br> premium <br> paid <br> &nbsp;&nbsp;&nbsp;&nbsp;(received) <br> &nbsp;&nbsp;&nbsp;&nbsp;(000)<br>| &nbsp;&nbsp;&nbsp;&nbsp; Unrealized <br> appreciation <br> &nbsp;&nbsp;&nbsp;&nbsp;(depreciation) <br> at 6/30/2025 <br> &nbsp;&nbsp;&nbsp;&nbsp;(000)<br>|
| CDX.NA.IG.44 | 1.00% | Quarterly | &nbsp;&nbsp;&nbsp;&nbsp; 6/20/2030 | &nbsp;&nbsp;&nbsp;&nbsp; USD9,557 | &nbsp;&nbsp;&nbsp;&nbsp; $(211)<br>| &nbsp;&nbsp;&nbsp;&nbsp; $(189)<br>| &nbsp;&nbsp;&nbsp;&nbsp; $(22)<br>|
| CDX.NA.HY.44 | 5.00% | Quarterly | &nbsp;&nbsp;&nbsp;&nbsp; 6/20/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 68375 | &nbsp;&nbsp;&nbsp;&nbsp; (5132)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (4294)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (838)<br>|
|  |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; $(5343)<br>| &nbsp;&nbsp;&nbsp;&nbsp; $(4483)<br>| &nbsp;&nbsp;&nbsp;&nbsp; $(860)<br>|

---

**Investments in affiliates** <sup>(q)</sup>

------

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | Value at <br> 1/1/2025 <br> (000)<br>| Additions <br> (000)<br>| Reductions <br> (000)<br>| Net <br> realized <br> gain (loss) <br> (000)<br>| Net <br> unrealized <br> appreciation <br> (depreciation) <br> (000)<br>| Value at <br> 6/30/2025 <br> (000)<br>| Dividend <br> or interest <br> income <br> (000)<br>|
| **Investment funds 2.79%** |  |  |  |  |  |  |  |
| Capital Group Central Corporate Bond Fund  | $1368034 | &nbsp;&nbsp; $28182 | &nbsp;&nbsp; $634717 | &nbsp;&nbsp; $(136730)<br>| &nbsp;&nbsp; $148057 | &nbsp;&nbsp; $772826 | &nbsp;&nbsp; $28182 |
| **Short-term securities 4.78%** |  |  |  |  |  |  |  |
| **Money market investments 4.78%** |  |  |  |  |  |  |  |
| Capital Group Central Cash Fund 4.35% <sup>(r)</sup>  | 855747 | &nbsp;&nbsp; 3621866 | &nbsp;&nbsp; 3154023 | &nbsp;&nbsp; (32)<br>| &nbsp;&nbsp; (56)<br>| &nbsp;&nbsp; 1323502 | &nbsp;&nbsp; 29602 |
| **Total 7.57%** |  |  |  | &nbsp;&nbsp; $(136762)<br>| &nbsp;&nbsp; $148001 | &nbsp;&nbsp; $2096328 | &nbsp;&nbsp; $57784 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **127** | American Funds Insurance Series |

---

------

Asset Allocation Fund (continued)

**Restricted securities** <sup>(e)</sup>

------

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Acquisition <br> date(s)<br>| Cost <br> (000)<br>| Value <br> (000)<br>| Percent <br> of net <br> assets<br>|
| Rotech Healthcare, Inc. <sup>(a)(b)</sup> <br>| 8/22/2014 | $6949 | $13864 | 0.05<br> %<br>|
| Finastra USA, Inc., Term Loan B, (3-month USD CME Term SOFR <br> + 7.25%) 11.428% 9/13/2029 <sup>(h)(l)</sup> <br>| 9/13/2023 | 2573 | 2633 | 0.01 |
| Finastra USA, Inc., Term Loan, (3-month USD CME Term SOFR + <br> 7.25%) 11.428% 9/13/2029 <sup>(h)(l)</sup> <br>| 9/13/2023-6/13/2025 | 55 | 55 | 0.00 <br><sup>(t)</sup><br>|
| Wolfspeed, Inc. 2.00% PIK and 9.875% Cash 6/23/2030 <br> (13.875% on 6/22/2026) <sup>(k)(n)</sup> <br>| 6/23/2023-3/24/2025 | 992 | 1026 | 0.00 <br><sup>(t)</sup><br>|
| Wolfspeed, Inc. 2.00% PIK and 9.875% Cash 6/23/2030 <br> (13.875% on 6/23/2026) <sup>(k)(n)</sup> <br>| 10/22/2024-3/24/2025 | 326 | 340 | 0.00 <br><sup>(t)</sup><br>|
| **Total** |  | $10895 | $17918 | 0.06<br> %<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(a)</sup> Security did not produce income during the last 12 months.

<sup>(b)</sup> Value determined using significant unobservable inputs.

<sup>(c)</sup> Amount less than one thousand.

<sup>(d)</sup> Acquired in a transaction exempt from registration under Rule 144A or, for commercial paper, Section 4(a)(2) of the Securities Act of 1933. May be resold in the U.S. in transactions exempt from registration, normally to qualified institutional buyers. The total value of all such securities was $1,496,397,000, which represented 5.41% of the net assets of the fund. 

<sup>(e)</sup> Restricted security, other than Rule 144A securities or commercial paper issued pursuant to Section 4(a)(2) of the Securities Act of 1933. The total value of all such restricted securities was $17,918,000, which represented 0.06% of the net assets of the fund. 

<sup>(f)</sup> All or a portion of this security was on loan. The total value of all such securities was $2,306,000, which represented 0.01% of the net assets of the fund. Refer to Note 5 for more information on securities lending. 

<sup>(g)</sup> Principal payments may be made periodically. Therefore, the effective maturity date may be earlier than the stated maturity date.

<sup>(h)</sup> Coupon rate may change periodically. Reference rate and spread are as of the most recent information available. Some coupon rates are determined by the issuer or agent based on current market conditions; therefore, the reference rate and spread are not available. 

<sup>(i)</sup> All or a portion of this security was pledged as collateral. The total value of pledged collateral was $25,924,000, which represented 0.09% of the net assets of the fund. 

<sup>(j)</sup> Represents securities transacted on a TBA basis.

<sup>(k)</sup> Step bond; coupon rate may change at a later date.

<sup>(l)</sup> Loan participations and assignments; may be subject to legal or contractual restrictions on resale. The total value of all such loans was $42,505,000, which represented 0.15% of the net assets of the fund. 

<sup>(m)</sup> Securities referencing LIBOR are expected to transition to an alternative reference rate by the security's next scheduled coupon reset date.

<sup>(n)</sup> Payment in kind; the issuer has the option of paying additional securities in lieu of cash. Payment methods and rates are as of the most recent payment when available. 

<sup>(o)</sup> Scheduled interest and/or principal payment was not received.

<sup>(p)</sup> Index-linked bond whose principal amount moves with a government price index. 

<sup>(q)</sup> Part of the same "group of investment companies" as the fund as defined under the Investment Company Act of 1940, as amended.

<sup>(r)</sup> Rate represents the seven-day yield at 6/30/2025.

<sup>(s)</sup> Security purchased with cash collateral from securities on loan. Refer to Note 5 for more information on securities lending.

<sup>(t)</sup> Amount less than 0.01%.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| |
|:---|
| **Key to abbreviation(s)** |
| ADR = American Depositary Receipts |
| Assn. = Association |
| Auth. = Authority |
| CAB = Capital Appreciation Bonds |
| CAD = Canadian dollars |
| CLO = Collateralized Loan Obligations |
| CME = CME Group |
| CMO = Collateralized Mortgage Obligations |
| CMS = Constant Maturity Swap |
| DAC = Designated Activity Company |
| EUR = Euros |
| Fin. = Finance |

---

---

| |
|:---|
| Fncg. = Financing |
| GBP = British pounds |
| GO = General Obligation |
| LIBOR = London Interbank Offered Rate |
| NDR = Norwegian Depositary Receipts |
| PIK = Payment In Kind |
| REIT = Real Estate Investment Trust |
| Rev. = Revenue |
| SOFR = Secured Overnight Financing Rate |
| TBA = To be announced |
| USD = U.S. dollars |
| UST = U.S. Treasury |

---

Refer to the notes to financial statements.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| American Funds Insurance Series | **128** |

---

------

American Funds Global Balanced Fund

**Investment portfolio** June 30, 2025unaudited

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| Common stocks 61.95% | Shares | Value<br> (000)<br>|
| **Information technology 10.64%** |  |  |
| Broadcom, Inc.  | 40394 | $11135 |
| Microsoft Corp.  | 21644 | 10766 |
| NVIDIA Corp.  | 47330 | 7478 |
| Taiwan Semiconductor Manufacturing Co., Ltd.  | 201000 | 7294 |
| Accenture PLC, Class A  | 7800 | 2331 |
| Apple, Inc.  | 9047 | 1856 |
| Microchip Technology, Inc.  | 22545 | 1586 |
| ASML Holding NV  | 1857 | 1482 |
| Arista Networks, Inc. <sup>(a)</sup>  | 5876 | 601 |
|  |  | 44529 |
| **Financials 10.09%** |  |  |
| B3 SA - Brasil, Bolsa, Balcao  | 1852727 | 4972 |
| Banco Bilbao Vizcaya Argentaria SA  | 263394 | 4051 |
| ING Groep NV  | 155027 | 3401 |
| Chubb, Ltd.  | 10959 | 3175 |
| Marsh & McLennan Cos., Inc.  | 14131 | 3090 |
| Standard Chartered PLC  | 156968 | 2601 |
| Munchener Ruckversicherungs-Gesellschaft AG  | 3868 | 2509 |
| HDFC Bank, Ltd. (ADR)  | 25481 | 1954 |
| HDFC Bank, Ltd.  | 23358 | 545 |
| BlackRock, Inc.  | 1894 | 1987 |
| JPMorgan Chase & Co.  | 6668 | 1933 |
| Zurich Insurance Group AG  | 2524 | 1764 |
| Morgan Stanley  | 10945 | 1542 |
| BNP Paribas SA  | 11060 | 994 |
| Swiss Re AG  | 5574 | 964 |
| Mizuho Financial Group, Inc.  | 34600 | 959 |
| Capital One Financial Corp.  | 4389 | 934 |
| NatWest Group PLC  | 131775 | 925 |
| AIA Group, Ltd.  | 74200 | 665 |
| Progressive Corp.  | 2416 | 645 |
| Great-West Lifeco, Inc.  | 16064 | 611 |
| Goldman Sachs Group, Inc.  | 782 | 553 |
| UniCredit SpA  | 7995 | 536 |
| 3i Group PLC  | 9121 | 516 |
| Hannover Rück SE  | 1272 | 400 |
|  |  | 42226 |
| **Industrials 8.60%** |  |  |
| RTX Corp.  | 55837 | 8153 |
| Volvo AB, Class B  | 92975 | 2608 |
| General Dynamics Corp.  | 8071 | 2354 |
| Airbus SE, non-registered shares  | 11225 | 2344 |
| BAE Systems PLC  | 86701 | 2245 |
| Uber Technologies, Inc. <sup>(a)</sup>  | 20402 | 1903 |
| Daikin Industries, Ltd.  | 14400 | 1702 |
| Deutsche Post AG  | 36092 | 1667 |
| IHI Corp.  | 14483 | 1573 |
| Carrier Global Corp.  | 20453 | 1497 |
| Safran SA  | 4408 | 1433 |
| nVent Electric PLC  | 18043 | 1322 |
| CSX Corp.  | 32703 | 1067 |
| Melrose Industries PLC  | 108484 | 790 |
| Rolls-Royce Holdings PLC  | 59127 | 785 |
| TransDigm Group, Inc.  | 480 | 730 |
| PACCAR, Inc.  | 5817 | 553 |
| United Rentals, Inc.  | 708 | 533 |
| General Electric Co.  | 1980 | 510 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **129** | American Funds Insurance Series |

---

------

American Funds Global Balanced Fund (continued)

---

| | | |
|:---|:---|:---|
| Common stocks (continued) | Shares | Value<br> (000)<br>|
| **Industrials (continued)** |  |  |
| Caterpillar, Inc.  | 1262 | $490 |
| Waste Management, Inc.  | 2046 | 468 |
| L3Harris Technologies, Inc.  | 1800 | 452 |
| AtkinsRealis Group, Inc.  | 6127 | 430 |
| Boeing Co. (The) <sup>(a)</sup>  | 1845 | 387 |
|  |  | 35996 |
| **Health care 8.15%** |  |  |
| Eli Lilly and Co.  | 6479 | 5051 |
| Sanofi  | 48529 | 4699 |
| Abbott Laboratories  | 29693 | 4038 |
| Vertex Pharmaceuticals, Inc. <sup>(a)</sup>  | 8449 | 3761 |
| Gilead Sciences, Inc.  | 33630 | 3729 |
| Novo Nordisk AS, Class B  | 50903 | 3533 |
| Medtronic PLC  | 19325 | 1685 |
| Stryker Corp.  | 3483 | 1378 |
| Alnylam Pharmaceuticals, Inc. <sup>(a)</sup>  | 4063 | 1325 |
| Molina Healthcare, Inc. <sup>(a)</sup>  | 3573 | 1064 |
| AbbVie, Inc.  | 5172 | 960 |
| UnitedHealth Group, Inc.  | 2675 | 834 |
| Novartis AG  | 3976 | 482 |
| Takeda Pharmaceutical Co., Ltd.  | 14500 | 446 |
| GE HealthCare Technologies, Inc.  | 5321 | 394 |
| AstraZeneca PLC  | 2821 | 392 |
| BioMarin Pharmaceutical, Inc. <sup>(a)</sup>  | 5924 | 326 |
|  |  | 34097 |
| **Communication services 5.15%** |  |  |
| Meta Platforms, Inc., Class A  | 12920 | 9536 |
| Alphabet, Inc., Class A  | 16320 | 2876 |
| Alphabet, Inc., Class C  | 6975 | 1237 |
| AT&T, Inc.  | 117836 | 3410 |
| Netflix, Inc. <sup>(a)</sup>  | 917 | 1228 |
| Deutsche Telekom AG  | 25673 | 937 |
| Comcast Corp., Class A  | 23470 | 838 |
| Omnicom Group, Inc.  | 8961 | 645 |
| Universal Music Group NV  | 13386 | 433 |
| SoftBank Group Corp.  | 5500 | 402 |
|  |  | 21542 |
| **Consumer discretionary 4.68%** |  |  |
| Amazon.com, Inc. <sup>(a)</sup>  | 24589 | 5395 |
| Ferrari NV  | 3418 | 1677 |
| Ferrari NV (EUR denominated)  | 739 | 362 |
| Las Vegas Sands Corp.  | 43437 | 1890 |
| adidas AG  | 7746 | 1806 |
| Starbucks Corp.  | 18930 | 1734 |
| LVMH Moet Hennessy-Louis Vuitton SE  | 3082 | 1614 |
| Compagnie Financiere Richemont SA, Class A  | 6583 | 1240 |
| Midea Group Co., Ltd., Class A  | 119450 | 1204 |
| Royal Caribbean Cruises, Ltd.  | 3643 | 1141 |
| Sony Group Corp.  | 27900 | 723 |
| Viking Holdings, Ltd. <sup>(a)</sup>  | 8985 | 479 |
| Hasbro, Inc.  | 4685 | 346 |
|  |  | 19611 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| American Funds Insurance Series | **130** |

---

------

American Funds Global Balanced Fund (continued)

---

| | | |
|:---|:---|:---|
| Common stocks (continued) | Shares | Value<br> (000)<br>|
| **Consumer staples 4.34%** |  |  |
| Philip Morris International, Inc.  | 27539 | $5016 |
| Imperial Brands PLC  | 109428 | 4321 |
| British American Tobacco PLC  | 74366 | 3535 |
| ITC, Ltd.  | 568184 | 2759 |
| Nestle SA  | 9977 | 991 |
| Sysco Corp.  | 10532 | 798 |
| Suntory Beverage & Food, Ltd.  | 24000 | 768 |
|  |  | 18188 |
| **Materials 4.18%** |  |  |
| Freeport-McMoRan, Inc.  | 93947 | 4073 |
| Vale SA, ordinary nominative shares  | 272884 | 2644 |
| Vale SA (ADR), ordinary nominative shares  | 56123 | 545 |
| Nitto Denko Corp.  | 145300 | 2817 |
| Lundin Gold, Inc.  | 37546 | 1982 |
| Air Products and Chemicals, Inc.  | 4709 | 1328 |
| Smurfit Westrock PLC  | 26077 | 1125 |
| International Paper Co.  | 23245 | 1089 |
| Rio Tinto PLC  | 9962 | 581 |
| Franco-Nevada Corp. (CAD denominated)  | 3358 | 551 |
| Air Liquide SA  | 2444 | 504 |
| Celanese Corp.  | 4784 | 265 |
|  |  | 17504 |
| **Utilities 3.13%** |  |  |
| E.ON SE  | 135349 | 2491 |
| DTE Energy Co.  | 15885 | 2104 |
| Duke Energy Corp.  | 14304 | 1688 |
| Constellation Energy Corp.  | 5203 | 1679 |
| SembCorp Industries, Ltd.  | 284900 | 1535 |
| Dominion Energy, Inc.  | 23269 | 1315 |
| Pinnacle West Capital Corp.  | 12840 | 1149 |
| PG&E Corp.  | 80544 | 1123 |
|  |  | 13084 |
| **Energy 2.30%** |  |  |
| Canadian Natural Resources, Ltd. (CAD denominated)  | 159193 | 5003 |
| Shell PLC (GBP denominated)  | 46723 | 1638 |
| TC Energy Corp. (CAD denominated) <sup>(b)</sup>  | 30769 | 1502 |
| Chevron Corp.  | 7037 | 1008 |
| Cameco Corp. (CAD denominated)  | 6626 | 492 |
|  |  | 9643 |
| **Real estate 0.69%** |  |  |
| CTP NV  | 96586 | 2030 |
| Embassy Office Parks REIT  | 187528 | 851 |
|  |  | 2881 |
| **Total common stocks** (cost: $181,462,000) |  | 259301 |
| Convertible stocks 0.62% |  |  |
| **Financials 0.33%** |  |  |
| Apollo Global Management, Inc., Class A, cumulative convertible preferred shares, 6.75% 7/31/2026  | 18365 | 1375 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **131** | American Funds Insurance Series |

---

------

American Funds Global Balanced Fund (continued)

---

| | | |
|:---|:---|:---|
| Convertible stocks (continued) | Shares | Value<br> (000)<br>|
| **Utilities 0.29%** |  |  |
| NextEra Energy, Inc., convertible preferred shares, 7.234% 11/1/2027  | 27600 | $1221 |
| **Total convertible stocks** (cost: $2,727,000) |  | 2596 |
| Bonds, notes & other debt instruments 31.20% | Principal amount<br> (000)<br>|  |
| **Bonds & notes of governments & government agencies outside the U.S. 13.98%** | **Bonds & notes of governments & government agencies outside the U.S. 13.98%** | **Bonds & notes of governments & government agencies outside the U.S. 13.98%** |
| Agricultural Development Bank of China 3.75% 1/25/2029  | CNY550 | 82 |
| Asian Development Bank 6.72% 2/8/2028  | INR18,000 | 212 |
| Australia (Commonwealth of), Series 157, 1.50% 6/21/2031  | AUD115 | 67 |
| Australia (Commonwealth of), Series 166, 3.00% 11/21/2033  | 725 | 443 |
| Australia (Commonwealth of), Series 167, 3.75% 5/21/2034  | 700 | 450 |
| Austria (Republic of) 0% 2/20/2031  | EUR500 | 512 |
| Austria (Republic of) 2.90% 2/20/2034  | 120 | 142 |
| Belgium (Kingdom of), Series 97, 3.00% 6/22/2033  | 270 | 321 |
| Brazil (Federative Republic of) 10.00% 1/1/2029  | BRL2,230 | 377 |
| Brazil (Federative Republic of) 10.00% 1/1/2031  | 12103 | 1956 |
| Brazil (Federative Republic of) 10.00% 1/1/2035  | 5535 | 841 |
| Brazil (Federative Republic of) 6.00% 8/15/2040 <sup>(c)</sup>  | 226 | 38 |
| Brazil (Federative Republic of) 6.00% 8/15/2050 <sup>(c)</sup>  | 1633 | 267 |
| Brazil (Federative Republic of) 6.00% 8/15/2060 <sup>(c)</sup>  | 226 | 36 |
| Bulgaria (Republic of) 4.50% 1/27/2033  | EUR120 | 154 |
| Canada (Government) 0.25% 3/1/2026  | CAD246 | 178 |
| Canada (Government) 3.50% 3/1/2028  | 1119 | 839 |
| Canada (Government) 1.50% 12/1/2031  | 1040 | 697 |
| Chile (Republic of) 4.70% 9/1/2030  | CLP55,000 | 57 |
| China (People's Republic of), Series INBK, 1.65% 5/15/2035  | CNY3,980 | 553 |
| China (People's Republic of), Series INBK, 2.64% 1/15/2028  | 4100 | 590 |
| China (People's Republic of), Series INBK, 2.37% 1/15/2029  | 3860 | 556 |
| China (People's Republic of), Series INBK, 2.62% 6/25/2030  | 1970 | 290 |
| China (People's Republic of), Series INBK, 2.88% 2/25/2033  | 2870 | 437 |
| China (People's Republic of), Series INBK, 2.27% 5/25/2034  | 2410 | 353 |
| China (People's Republic of), Series INBK, 3.00% 10/15/2053  | 360 | 62 |
| China (People's Republic of), Series INBK, 1.92% 1/15/2055  | 1520 | 213 |
| China Development Bank Corp., Series 2004, 3.43% 1/14/2027  | 1060 | 152 |
| China Development Bank Corp., Series 2009, 3.39% 7/10/2027  | 8580 | 1240 |
| China Development Bank Corp., Series 1805, 4.88% 2/9/2028  | 2040 | 309 |
| Colombia (Republic of) 3.125% 4/15/2031  | USD200 | 165 |
| Estonia (Republic of) 3.25% 1/17/2034  | EUR160 | 190 |
| European Bank for Reconstruction and Development 5.25% 1/12/2027  | INR10,100 | 116 |
| European Bank for Reconstruction and Development 6.30% 10/26/2027  | 4300 | 50 |
| European Bank for Reconstruction and Development 6.75% 1/13/2032  | 55400 | 653 |
| European Investment Bank 0.375% 9/15/2027  | EUR110 | 125 |
| European Investment Bank 6.95% 3/1/2029  | INR5,700 | 67 |
| European Investment Bank 0.25% 1/20/2032  | EUR860 | 870 |
| European Investment Bank 7.40% 10/23/2033  | INR19,300 | 237 |
| European Investment Bank 2.875% 1/15/2035  | EUR45 | 53 |
| European Union 3.375% 10/4/2039  | 40 | 47 |
| Export-Import Bank of Thailand 5.354% 5/16/2029  | USD200 | 206 |
| French Republic O.A.T. 0.75% 2/25/2028  | EUR410 | 466 |
| French Republic O.A.T. 0% 11/25/2030  | 1320 | 1353 |
| French Republic O.A.T. 2.00% 11/25/2032  | 610 | 675 |
| French Republic O.A.T. 3.25% 5/25/2045  | 160 | 175 |
| French Republic O.A.T. 3.75% 5/25/2056  | 295 | 329 |
| Germany (Federal Republic of) 0% 8/15/2030  | 3775 | 3988 |
| Germany (Federal Republic of) 0% 2/15/2032  | 540 | 546 |
| Germany (Federal Republic of) 1.70% 8/15/2032  | 674 | 760 |
| Germany (Federal Republic of) 2.30% 2/15/2033  | 300 | 351 |
| Germany (Federal Republic of) 2.50% 2/15/2035  | 730 | 853 |
| Germany (Federal Republic of) 1.00% 5/15/2038  | 180 | 171 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| American Funds Insurance Series | **132** |

---

------

American Funds Global Balanced Fund (continued)

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount<br> (000)<br>| Value<br> (000)<br>|
| **Bonds & notes of governments & government agencies outside the U.S. (continued)** | **Bonds & notes of governments & government agencies outside the U.S. (continued)** | **Bonds & notes of governments & government agencies outside the U.S. (continued)** |
| Germany (Federal Republic of) 0% 8/15/2050  | EUR300 | $167 |
| Germany (Federal Republic of) 0% 8/15/2052  | 80 | 42 |
| Greece (Hellenic Republic of) 3.875% 6/15/2028  | 65 | 80 |
| Greece (Hellenic Republic of) 1.50% 6/18/2030  | 90 | 101 |
| Greece (Hellenic Republic of) 1.75% 6/18/2032  | 530 | 579 |
| Indonesia (Republic of), Series 71, 9.00% 3/15/2029  | IDR2,030,000 | 136 |
| Indonesia (Republic of), Series 78, 8.25% 5/15/2029  | 2263000 | 149 |
| Indonesia (Republic of), Series 87, 6.50% 2/15/2031  | 1253000 | 77 |
| Indonesia (Republic of), Series 96, 7.00% 2/15/2033  | 2543000 | 160 |
| Indonesia (Republic of), Series FR100, 6.625% 2/15/2034  | 1026000 | 63 |
| Inter-American Development Bank 7.00% 1/25/2029  | INR22,000 | 260 |
| International Bank for Reconstruction and Development 6.75% 9/8/2027  | 15800 | 186 |
| International Bank for Reconstruction and Development 6.75% 7/13/2029  | 16200 | 191 |
| Ireland (Republic of) 2.60% 10/18/2034  | EUR100 | 115 |
| Ireland (Republic of) 3.00% 10/18/2043  | 150 | 168 |
| Italy (Republic of) 1.35% 4/1/2030  | 250 | 279 |
| Italy (Republic of) 4.40% 5/1/2033  | 10 | 13 |
| Italy (Republic of) 4.35% 11/1/2033  | 740 | 945 |
| Italy (Republic of) 4.20% 3/1/2034  | 900 | 1137 |
| Italy (Republic of) 3.65% 8/1/2035  | 795 | 954 |
| Italy (Republic of) 4.50% 10/1/2053  | 210 | 257 |
| Italy (Republic of) 4.30% 10/1/2054  | 200 | 236 |
| Japan, Series 150, 0.005% 12/20/2026  | JPY84,950 | 584 |
| Japan, Series 346, 0.10% 3/20/2027  | 134150 | 922 |
| Japan, Series 352, 0.10% 9/20/2028  | 30650 | 208 |
| Japan, Series 358, 0.10% 3/20/2030  | 37400 | 249 |
| Japan, Series 363, 0.10% 6/20/2031  | 10500 | 69 |
| Japan, Series 373, 0.60% 12/20/2033  | 55750 | 366 |
| Japan, Series 152, 1.20% 3/20/2035  | 434000 | 2952 |
| Japan, Series 173, 0.40% 6/20/2040  | 50350 | 277 |
| Japan, Series 176, 0.50% 3/20/2041  | 109950 | 602 |
| Japan, Series 179, 0.50% 12/20/2041  | 50500 | 271 |
| Japan, Series 42, 1.70% 3/20/2044  | 59400 | 375 |
| Japan, Series 192, 2.40% 3/20/2045  | 487500 | 3410 |
| Japan, Series 37, 0.60% 6/20/2050  | 26950 | 118 |
| Japan, Series 74, 1.00% 3/20/2052  | 84000 | 393 |
| Japan, Series 76, 1.40% 9/20/2052  | 41100 | 212 |
| Japan, Series 77, 1.60% 12/20/2052  | 99700 | 539 |
| Japan, Series 84, 2.10% 9/20/2054  | 82450 | 492 |
| Magyar Export-Import Bank 6.00% 5/16/2029  | EUR100 | 127 |
| Malaysia (Federation of), Series 0419, 3.828% 7/5/2034  | MYR3,466 | 843 |
| Malaysia (Federation of), Series 0124, 4.054% 4/18/2039  | 601 | 148 |
| Malaysia (Federation of), Series 0221, 4.417% 9/30/2041  | 180 | 46 |
| Malaysia (Federation of), Series 0223, 4.291% 8/14/2043  | 653 | 165 |
| Malaysia (Federation of), Series 0224, 4.18% 5/16/2044  | 1307 | 327 |
| Malaysia (Federation of), Series 0417, 4.895% 5/8/2047  | 93 | 25 |
| Netherlands (Kingdom of the) 5.50% 1/15/2028  | EUR100 | 128 |
| New South Wales Treasury Corp. 4.75% 2/20/2035  | AUD400 | 263 |
| New South Wales Treasury Corp. 4.25% 2/20/2036  | 670 | 416 |
| Norway (Kingdom of) 1.75% 9/6/2029  | NOK735 | 68 |
| Norway (Kingdom of) 3.75% 6/12/2035  | 2460 | 243 |
| Nova Scotia (Province of) 3.15% 12/1/2051  | CAD170 | 98 |
| Panama (Republic of) 7.50% 3/1/2031  | USD200 | 213 |
| Panama (Republic of) 6.40% 2/14/2035  | 200 | 195 |
| Philippines (Republic of) 0.875% 5/17/2027  | EUR110 | 126 |
| Poland (Republic of), Series 1029, 2.75% 10/25/2029  | PLN410 | 105 |
| Portugal (Republic of) 0.475% 10/18/2030  | EUR50 | 53 |
| Portugal (Republic of) 3.375% 6/15/2040  | 195 | 227 |
| Province of Ontario 3.25% 7/3/2035  | 100 | 118 |
| Quebec (Province of) 3.35% 7/23/2039  | 190 | 219 |
| Romania 2.125% 3/7/2028  | 130 | 148 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **133** | American Funds Insurance Series |

---

------

American Funds Global Balanced Fund (continued)

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount<br> (000)<br>| Value<br> (000)<br>|
| **Bonds & notes of governments & government agencies outside the U.S. (continued)** | **Bonds & notes of governments & government agencies outside the U.S. (continued)** | **Bonds & notes of governments & government agencies outside the U.S. (continued)** |
| South Africa (Republic of), Series R-214, 6.50% 2/28/2041  | ZAR4,235 | $162 |
| South Korea (Republic of), Series 2712, 2.375% 12/10/2027  | KRW348,590 | 258 |
| South Korea (Republic of), Series 3212, 4.25% 12/10/2032  | 1830410 | 1493 |
| Spain (Kingdom of) 0% 1/31/2027  | EUR335 | 383 |
| Spain (Kingdom of) 0.80% 7/30/2027  | 490 | 563 |
| Spain (Kingdom of) 0.50% 10/31/2031  | 165 | 170 |
| Spain (Kingdom of) 3.15% 4/30/2033  | 317 | 380 |
| Spain (Kingdom of) 3.55% 10/31/2033  | 370 | 454 |
| Spain (Kingdom of) 3.25% 4/30/2034  | 120 | 143 |
| Spain (Kingdom of) 3.45% 10/31/2034  | 240 | 290 |
| Turkey (Republic of) 7.125% 7/17/2032  | USD200 | 200 |
| United Kingdom 1.25% 7/22/2027  | GBP410 | 536 |
| United Kingdom 0.375% 10/22/2030  | 210 | 241 |
| United Kingdom 1.00% 1/31/2032  | 750 | 848 |
| United Kingdom 4.25% 6/7/2032  | 785 | 1087 |
| United Kingdom 3.25% 1/31/2033  | 140 | 180 |
| United Kingdom 3.25% 1/22/2044  | 644 | 686 |
| United Kingdom 1.25% 7/31/2051  | 413 | 248 |
| United Kingdom 4.375% 7/31/2054  | 205 | 244 |
| United Kingdom 2.50% 7/22/2065  | 340 | 259 |
| United Mexican States 6.875% 5/13/2037  | USD200 | 209 |
| United Mexican States, Series M, 5.75% 3/5/2026  | MXN10,710 | 561 |
| United Mexican States, Series M, 8.00% 11/7/2047  | 5120 | 227 |
| United Mexican States, Series M, 8.00% 7/31/2053  | 26580 | 1166 |
| United Mexican States, Series S, 4.00% 10/29/2054 <sup>(c)</sup>  | 533 | 25 |
|  |  | 58518 |
| **Corporate bonds, notes & loans 6.14%** | **Corporate bonds, notes & loans 6.14%** | **Corporate bonds, notes & loans 6.14%** |
| **Financials 1.59%** |  |  |
| 200 Park Funding Trust 5.74% 2/15/2055 <sup>(d)</sup>  | USD100 | 99 |
| AIA Group, Ltd. 0.88% 9/9/2033 (5-year EUR Mid-Swap + 1.10% on 9/9/2028) <sup>(e)</sup>  | EUR330 | 360 |
| AIB Group PLC 7.583% 10/14/2026 (USD-SOFR + 3.456% on 10/14/2025) <sup>(d)(e)</sup>  | USD200 | 202 |
| AIB Group PLC 5.75% 2/16/2029 (1-year EUR Mid-Swap + 2.85% on 2/16/2028) <sup>(e)</sup>  | EUR200 | 254 |
| Banco de Sabadell, SA 5.25% 2/7/2029 (1-year EUR Mid-Swap + 2.40% on 2/7/2028) <sup>(e)</sup>  | 100 | 125 |
| Bank of America Corp. 5.202% 4/25/2029 (USD-SOFR + 1.63% on 4/25/2028) <sup>(e)</sup>  | USD161 | 165 |
| Barclays PLC 7.09% 11/6/2029 (1-year EUR (vs. 6-month GBP-LIBOR) + 2.553% on 11/6/2028) <sup>(e)(f)</sup>  | GBP100 | 146 |
| BBVA Bancomer SA 8.45% 6/29/2038 (5-year UST Yield Curve Rate T Note Constant Maturity + 4.661% on <br> 6/29/2033) <sup>(e)</sup>  | USD200 | 212 |
| BPCE SA 4.50% 1/13/2033  | EUR100 | 124 |
| BPCE SA 6.027% 5/28/2036 (USD-SOFR + 1.956% on 5/28/2035) <sup>(d)(e)</sup>  | USD250 | 258 |
| Brown & Brown, Inc. 5.55% 6/23/2035  | 7 | 7 |
| CaixaBank, SA 6.208% 1/18/2029 (USD-SOFR + 2.70% on 1/18/2028) <sup>(d)(e)</sup>  | 200 | 208 |
| CaixaBank, SA 4.375% 8/8/2036 (5-year EUR-ICE Swap EURIBOR + 1.95% on 8/8/2031) <sup>(e)</sup>  | EUR200 | 242 |
| Chubb INA Holdings, LLC 3.35% 5/3/2026  | USD10 | 10 |
| Chubb INA Holdings, LLC 4.35% 11/3/2045  | 20 | 17 |
| Citigroup, Inc. 4.542% 9/19/2030 (USD-SOFR + 1.338% on 9/19/2029) <sup>(e)</sup>  | 70 | 70 |
| Corebridge Financial, Inc. 3.90% 4/5/2032  | 59 | 55 |
| Deutsche Bank AG 2.311% 11/16/2027 (USD-SOFR + 1.219% on 11/16/2026) <sup>(e)</sup>  | 160 | 155 |
| Deutsche Bank AG 1.75% 11/19/2030 (3-month EUR-EURIBOR + 2.05% on 11/19/2029) <sup>(e)</sup>  | EUR200 | 221 |
| DNB Bank ASA 4.00% 8/17/2027 (1-year GBP-GILT + 2.15% on 8/17/2026) <sup>(e)</sup>  | GBP100 | 136 |
| Goldman Sachs Group, Inc. 5.727% 4/25/2030 (USD-SOFR + 1.265% on 4/25/2029) <sup>(e)</sup>  | USD290 | 302 |
| HSBC Holdings PLC 4.292% 9/12/2026 (3-month USD CME Term SOFR + 1.609% on 9/12/2025) <sup>(e)</sup>  | 200 | 200 |
| HSBC Holdings PLC 7.39% 11/3/2028 (USD-SOFR + 7.39% on 11/3/2027) <sup>(e)</sup>  | 360 | 382 |
| HSBC Holdings PLC 7.399% 11/13/2034 (USD-SOFR + 3.02% on 11/13/2033) <sup>(e)</sup>  | 290 | 324 |
| ING Groep NV 5.25% 11/14/2033 (3-month EUR-EURIBOR + 2.15% on 11/14/2032) <sup>(e)</sup>  | EUR100 | 131 |
| JPMorgan Chase & Co. 4.603% 10/22/2030 (USD-SOFR + 1.04% on 10/22/2029) <sup>(e)</sup>  | USD160 | 161 |
| JPMorgan Chase & Co. 1.953% 2/4/2032 (USD-SOFR + 1.065% on 2/4/2031) <sup>(e)</sup>  | 280 | 243 |
| KfW 1.125% 7/4/2025  | GBP95 | 130 |
| Mastercard, Inc. 2.00% 11/18/2031  | USD102 | 89 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| American Funds Insurance Series | **134** |

---

------

American Funds Global Balanced Fund (continued)

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount<br> (000)<br>| Value<br> (000)<br>|
| **Corporate bonds, notes & loans (continued)** | **Corporate bonds, notes & loans (continued)** | **Corporate bonds, notes & loans (continued)** |
| **Financials (continued)** |  |  |
| Mizuho Financial Group, Inc. 5.778% 7/6/2029 (1-year UST Yield Curve Rate T Note Constant Maturity + <br> 1.65% on 7/6/2028) <sup>(e)</sup>  | USD294 | $305 |
| Morgan Stanley 5.656% 4/18/2030 (USD-SOFR + 1.26% on 4/18/2029) <sup>(e)</sup>  | 150 | 156 |
| Morgan Stanley 5.042% 7/19/2030 (USD-SOFR + 1.215% on 7/19/2029) <sup>(e)</sup>  | 119 | 121 |
| NatWest Group PLC 0.78% 2/26/2030 (3-month EUR-EURIBOR + 0.949% on 2/26/2029) <sup>(e)</sup>  | EUR175 | 191 |
| New York Life Insurance Co. 3.75% 5/15/2050 <sup>(d)</sup>  | USD23 | 17 |
| PNC Financial Services Group, Inc. 6.875% 10/20/2034 (USD-SOFR + 2.284% on 10/20/2033) <sup>(e)</sup>  | 65 | 73 |
| PNC Financial Services Group, Inc. 5.676% 1/22/2035 (USD-SOFR + 1.902% on 1/22/2034) <sup>(e)</sup>  | 25 | 26 |
| PT Bank Negara Indonesia (Persero) Tbk 5.28% 4/5/2029  | 280 | 285 |
| Royal Bank of Canada 1.20% 4/27/2026  | 175 | 171 |
| Wells Fargo & Co. 3.90% 7/22/2032 (3-month EUR-EURIBOR + 1.22% on 7/22/2031) <sup>(e)(g)</sup>  | EUR250 | 303 |
|  |  | 6676 |
| **Utilities 0.87%** |  |  |
| Buffalo Energy Mexico Holdings 7.875% 2/15/2039 <sup>(d)</sup>  | USD200 | 206 |
| Cleveland Electric Illuminating Co. (The) 3.50% 4/1/2028 <sup>(d)</sup>  | 35 | 34 |
| CMS Energy Corp. 3.00% 5/15/2026  | 180 | 178 |
| Duke Energy Corp. 3.75% 4/1/2031  | EUR100 | 120 |
| Edison International 5.45% 6/15/2029  | USD55 | 54 |
| Edison International 6.25% 3/15/2030  | 50 | 51 |
| Electricite de France SA 4.25% 1/25/2032  | EUR100 | 123 |
| Electricite de France SA 4.00% 5/7/2037  | 100 | 117 |
| Electricite de France SA 7.50% junior subordinated perpetual bonds (5-year EUR Mid-Swap + 4.86% on <br> 12/6/2028) <sup>(e)</sup>  | 200 | 260 |
| Enel Finance International NV 2.125% 7/12/2028 <sup>(d)</sup>  | USD200 | 187 |
| Enfragen Energia Sur SA 5.375% 12/30/2030  | 200 | 179 |
| Engie SA 7.00% 10/30/2028  | GBP50 | 74 |
| Exelon Corp. 3.40% 4/15/2026  | USD150 | 149 |
| Interstate Power and Light Co. 2.30% 6/1/2030  | 50 | 45 |
| Pacific Gas and Electric Co. 2.10% 8/1/2027  | 100 | 95 |
| Pacific Gas and Electric Co. 3.30% 12/1/2027  | 252 | 244 |
| Pacific Gas and Electric Co. 4.65% 8/1/2028  | 114 | 113 |
| Pacific Gas and Electric Co. 4.55% 7/1/2030  | 31 | 30 |
| Pacific Gas and Electric Co. 6.15% 1/15/2033  | 78 | 80 |
| Pacific Gas and Electric Co. 4.95% 7/1/2050  | 120 | 97 |
| Pacific Gas and Electric Co. 3.50% 8/1/2050  | 137 | 88 |
| Public Service Company of Colorado 2.70% 1/15/2051  | 125 | 75 |
| Southern California Edison Co. 6.20% 9/15/2055  | 60 | 57 |
| SP Transmission PLC 2.00% 11/13/2031  | GBP100 | 117 |
| Xcel Energy, Inc. 3.35% 12/1/2026  | USD316 | 312 |
| XPLR Infrastructure Operating Partners, LP 7.25% 1/15/2029 <sup>(d)</sup>  | 550 | 564 |
|  |  | 3649 |
| **Energy 0.79%** |  |  |
| Ecopetrol SA 8.625% 1/19/2029  | 125 | 132 |
| Empresa Nacional del Petroleo 5.95% 7/30/2034 <sup>(d)</sup>  | 200 | 203 |
| Enterprise Products Operating, LLC 4.95% 2/15/2035  | 25 | 25 |
| GreenSaif Pipelines Bidco SARL 5.853% 2/23/2036 <sup>(d)</sup>  | 225 | 228 |
| Halliburton Co. 3.80% 11/15/2025  | 2 | 2 |
| ONEOK, Inc. 5.80% 11/1/2030  | 7 | 7 |
| ONEOK, Inc. 6.05% 9/1/2033  | 53 | 56 |
| Petroleos Mexicanos 6.875% 10/16/2025  | 63 | 63 |
| Petroleos Mexicanos 6.875% 8/4/2026  | 211 | 211 |
| Petroleos Mexicanos 6.49% 1/23/2027  | 1238 | 1232 |
| Petroleos Mexicanos 6.84% 1/23/2030  | 460 | 445 |
| Qatar Energy 3.125% 7/12/2041 <sup>(d)</sup>  | 320 | 237 |
| Raizen Fuels Finance SA 6.45% 3/5/2034 <sup>(d)</sup>  | 200 | 200 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **135** | American Funds Insurance Series |

---

------

American Funds Global Balanced Fund (continued)

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount<br> (000)<br>| Value<br> (000)<br>|
| **Corporate bonds, notes & loans (continued)** | **Corporate bonds, notes & loans (continued)** | **Corporate bonds, notes & loans (continued)** |
| **Energy (continued)** |  |  |
| Saudi Arabian Oil Co. 5.75% 7/17/2054 <sup>(d)</sup>  | USD200 | $188 |
| Targa Resources Corp. 5.50% 2/15/2035  | 2 | 2 |
| TotalEnergies Capital SA 5.488% 4/5/2054  | 85 | 82 |
|  |  | 3313 |
| **Communication services 0.54%** |  |  |
| America Movil, SAB de CV, 10.125% 1/22/2029  | MXN9,100 | 500 |
| America Movil, SAB de CV, 9.50% 1/27/2031  | 2000 | 107 |
| AT&T, Inc. 2.75% 6/1/2031  | USD165 | 150 |
| AT&T, Inc. 5.20% 11/18/2033  | GBP100 | 137 |
| AT&T, Inc. 2.55% 12/1/2033  | USD64 | 54 |
| Comcast Corp. 0% 9/14/2026  | EUR100 | 115 |
| Deutsche Telekom International Finance BV 9.25% 6/1/2032  | USD45 | 56 |
| Orange 9.00% 3/1/2031 <sup>(e)</sup>  | 65 | 79 |
| Orange 3.625% 11/16/2031  | EUR100 | 122 |
| Orange 5.625% 1/23/2034  | GBP90 | 128 |
| T-Mobile USA, Inc. 2.05% 2/15/2028  | USD200 | 189 |
| T-Mobile USA, Inc. 3.15% 2/11/2032  | EUR100 | 117 |
| T-Mobile USA, Inc. 3.70% 5/8/2032  | 100 | 120 |
| T-Mobile USA, Inc. 5.15% 4/15/2034  | USD115 | 116 |
| Verizon Communications, Inc. 0.375% 3/22/2029  | EUR140 | 151 |
| Verizon Communications, Inc. 0.75% 3/22/2032  | 100 | 101 |
|  |  | 2242 |
| **Consumer staples 0.50%** |  |  |
| Altria Group, Inc. 2.20% 6/15/2027  | 270 | 318 |
| BAT Capital Corp. 3.215% 9/6/2026  | USD62 | 61 |
| BAT Capital Corp. 4.70% 4/2/2027  | 67 | 67 |
| BAT Capital Corp. 3.557% 8/15/2027  | 105 | 104 |
| BAT Capital Corp. 3.462% 9/6/2029  | 75 | 72 |
| BAT Capital Corp. 5.625% 8/15/2035  | 243 | 248 |
| British American Tobacco PLC 3.00% junior subordinated perpetual bonds (5-year EUR Mid-Swap + <br> 3.372% on 12/27/2026) <sup>(e)</sup>  | EUR640 | 751 |
| Campbell's Co. (The) 4.75% 3/23/2035  | USD47 | 45 |
| Coca-Cola Co. 4.65% 8/14/2034  | 61 | 61 |
| Coca-Cola Co. 3.75% 8/15/2053  | EUR125 | 138 |
| Mars, Inc. 5.20% 3/1/2035 <sup>(d)</sup>  | USD105 | 106 |
| Philip Morris International, Inc. 5.75% 11/17/2032  | 110 | 116 |
|  |  | 2087 |
| **Health care 0.47%** |  |  |
| AbbVie, Inc. 5.05% 3/15/2034  | 25 | 25 |
| AbbVie, Inc. 5.35% 3/15/2044  | 25 | 25 |
| AbbVie, Inc. 5.40% 3/15/2054  | 25 | 24 |
| AbbVie, Inc. 5.50% 3/15/2064  | 25 | 24 |
| Amgen, Inc. 2.20% 2/21/2027  | 30 | 29 |
| Amgen, Inc. 4.20% 3/1/2033  | 280 | 269 |
| Amgen, Inc. 5.65% 3/2/2053  | 422 | 412 |
| Becton, Dickinson and Co. 3.70% 6/6/2027  | 43 | 42 |
| Becton, Dickinson and Co. 4.298% 8/22/2032  | 150 | 146 |
| Bristol-Myers Squibb Co. 5.55% 2/22/2054  | 60 | 59 |
| Bristol-Myers Squibb Co. 5.65% 2/22/2064  | 85 | 83 |
| CVS Health Corp. 5.40% 6/1/2029  | 242 | 249 |
| GE HealthCare Technologies, Inc. 4.80% 8/14/2029  | 33 | 33 |
| Pfizer Investment Enterprises Pte., Ltd. 4.75% 5/19/2033  | 107 | 107 |
| Pfizer Investment Enterprises Pte., Ltd. 5.30% 5/19/2053  | 21 | 20 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| American Funds Insurance Series | **136** |

---

------

American Funds Global Balanced Fund (continued)

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount<br> (000)<br>| Value<br> (000)<br>|
| **Corporate bonds, notes & loans (continued)** | **Corporate bonds, notes & loans (continued)** | **Corporate bonds, notes & loans (continued)** |
| **Health care (continued)** |  |  |
| Takeda Pharmaceutical Co., Ltd. 2.25% 11/21/2026  | EUR100 | $118 |
| UnitedHealth Group, Inc. 4.00% 5/15/2029  | USD258 | 255 |
| UnitedHealth Group, Inc. 5.625% 7/15/2054  | 65 | 63 |
|  |  | 1983 |
| **Industrials 0.43%** |  |  |
| Boeing Co. (The) 6.528% 5/1/2034  | 604 | 657 |
| Canadian Pacific Railway Co. 3.00% 12/2/2041  | 42 | 31 |
| Canadian Pacific Railway Co. 3.10% 12/2/2051  | 129 | 85 |
| Carrier Global Corp. 2.493% 2/15/2027  | 7 | 7 |
| CSX Corp. 3.80% 4/15/2050  | 6 | 4 |
| CSX Corp. 2.50% 5/15/2051  | 75 | 43 |
| GE Capital International Funding Co. Unlimited Co. 4.418% 11/15/2035  | 200 | 192 |
| Honeywell International, Inc. 3.75% 3/1/2036  | EUR100 | 117 |
| Lima Metro Line 2 Finance, Ltd. 5.875% 7/5/2034 <sup>(d)</sup>  | USD79 | 81 |
| MISC Capital Two (Labuan), Ltd. 3.75% 4/6/2027 <sup>(d)</sup>  | 200 | 197 |
| RTX Corp. 4.125% 11/16/2028  | 100 | 100 |
| RTX Corp. 6.10% 3/15/2034  | 55 | 59 |
| RTX Corp. 4.50% 6/1/2042  | 70 | 62 |
| Veralto Corp. 4.15% 9/19/2031  | EUR100 | 123 |
| Veralto Corp. 5.45% 9/18/2033  | USD60 | 62 |
|  |  | 1820 |
| **Consumer discretionary 0.37%** |  |  |
| BMW International Investment BV 4.75% 9/4/2030  | GBP100 | 139 |
| Daimler Trucks Finance North America, LLC 3.65% 4/7/2027 <sup>(d)</sup>  | USD150 | 148 |
| Daimler Trucks Finance North America, LLC 5.375% 1/18/2034 <sup>(d)</sup>  | 150 | 150 |
| Ford Motor Credit Co., LLC 3.622% 7/27/2028  | EUR200 | 236 |
| General Motors Financial Co., Inc. 4.90% 10/6/2029  | USD135 | 135 |
| Hyundai Capital America 1.50% 6/15/2026 <sup>(d)</sup>  | 250 | 243 |
| Hyundai Capital America 2.375% 10/15/2027 <sup>(d)</sup>  | 109 | 104 |
| Hyundai Capital America 5.10% 6/24/2030 <sup>(d)</sup>  | 72 | 73 |
| McDonald's Corp. 1.60% 3/15/2031 <sup>(g)</sup>  | EUR100 | 109 |
| Sands China, Ltd. 4.375% 6/18/2030  | USD200 | 191 |
|  |  | 1528 |
| **Materials 0.26%** |  |  |
| BHP Billiton Finance (USA), Ltd. 5.30% 2/21/2035  | 150 | 153 |
| Braskem Netherlands Finance BV 8.50% 1/12/2031  | 400 | 350 |
| First Quantum Minerals, Ltd. 9.375% 3/1/2029 <sup>(d)</sup>  | 250 | 266 |
| Vale Overseas, Ltd. 3.75% 7/8/2030  | 94 | 89 |
| Verallia SAS 3.875% 11/4/2032  | EUR200 | 235 |
|  |  | 1093 |
| **Information technology 0.18%** |  |  |
| Amphenol Corp. 3.125% 6/16/2032  | 100 | 117 |
| Broadcom, Inc. 4.00% 4/15/2029 <sup>(d)</sup>  | USD21 | 21 |
| Broadcom, Inc. 4.15% 11/15/2030  | 70 | 69 |
| Broadcom, Inc. 3.469% 4/15/2034 <sup>(d)</sup>  | 123 | 110 |
| Broadcom, Inc. 3.137% 11/15/2035 <sup>(d)</sup>  | 15 | 12 |
| Oracle Corp. 2.65% 7/15/2026  | 216 | 212 |
| SK hynix, Inc. 1.50% 1/19/2026  | 200 | 197 |
|  |  | 738 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **137** | American Funds Insurance Series |

---

------

American Funds Global Balanced Fund (continued)

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount<br> (000)<br>| Value<br> (000)<br>|
| **Corporate bonds, notes & loans (continued)** | **Corporate bonds, notes & loans (continued)** | **Corporate bonds, notes & loans (continued)** |
| **Real estate 0.14%** |  |  |
| American Tower Corp. 0.875% 5/21/2029  | EUR130 | $142 |
| Equinix Europe 2 Financing Corp., LLC 3.65% 9/3/2033  | 110 | 128 |
| Equinix Europe 2 Financing Corp., LLC 5.50% 6/15/2034  | USD100 | 102 |
| Equinix, Inc. 2.15% 7/15/2030  | 176 | 157 |
| Essex Portfolio, LP 3.375% 4/15/2026  | 40 | 40 |
|  |  | 569 |
| **Total corporate bonds, notes & loans** |  | 25698 |
| **Mortgage-backed obligations 5.66%** | **Mortgage-backed obligations 5.66%** | **Mortgage-backed obligations 5.66%** |
| **Federal agency mortgage-backed obligations 4.35%** |  |  |
| Fannie Mae Pool #FS3056 2.00% 10/1/2052 <sup>(h)</sup>  | 159 | 126 |
| Fannie Mae Pool #MA4805 4.50% 11/1/2052 <sup>(h)</sup>  | 33 | 32 |
| Fannie Mae Pool #FS4191 5.50% 3/1/2053 <sup>(h)</sup>  | 262 | 264 |
| Fannie Mae Pool #CB5912 6.00% 3/1/2053 <sup>(h)</sup>  | 70 | 71 |
| Fannie Mae Pool #MA4978 5.00% 4/1/2053 <sup>(h)</sup>  | 1301 | 1280 |
| Fannie Mae Pool #CB7104 5.50% 9/1/2053 <sup>(h)</sup>  | 339 | 340 |
| Fannie Mae Pool #MA5191 6.00% 11/1/2053 <sup>(h)</sup>  | 441 | 450 |
| Fannie Mae Pool #FS6767 6.50% 1/1/2054 <sup>(h)</sup>  | 29 | 31 |
| Fannie Mae Pool #MA5271 5.50% 2/1/2054 <sup>(h)</sup>  | 21 | 21 |
| Fannie Mae Pool #MA5296 5.50% 3/1/2054 <sup>(h)</sup>  | 15 | 15 |
| Fannie Mae Pool #MA5295 6.00% 3/1/2054 <sup>(h)</sup>  | 2813 | 2862 |
| Fannie Mae Pool #FS8131 5.50% 6/1/2054 <sup>(h)</sup>  | 92 | 93 |
| Fannie Mae Pool #FS8153 6.00% 6/1/2054 <sup>(h)</sup>  | 74 | 76 |
| Fannie Mae Pool #DB8491 5.50% 7/1/2054 <sup>(h)</sup>  | 496 | 497 |
| Fannie Mae Pool #FS8467 5.50% 7/1/2054 <sup>(h)</sup>  | 186 | 187 |
| Fannie Mae Pool #CB8842 5.50% 7/1/2054 <sup>(h)</sup>  | 139 | 139 |
| Fannie Mae Pool #BU4700 6.00% 7/1/2054 <sup>(h)</sup>  | 106 | 108 |
| Fannie Mae Pool #CB8858 6.00% 7/1/2054 <sup>(h)</sup>  | 72 | 73 |
| Fannie Mae Pool #FS8318 6.00% 7/1/2054 <sup>(h)</sup>  | 52 | 53 |
| Fannie Mae Pool #MA5422 6.50% 7/1/2054 <sup>(h)</sup>  | 7 | 7 |
| Fannie Mae Pool #DB7783 5.50% 8/1/2054 <sup>(h)</sup>  | 87 | 87 |
| Fannie Mae Pool #FS8758 6.00% 8/1/2054 <sup>(h)</sup>  | 87 | 89 |
| Fannie Mae Pool #FS8757 6.00% 8/1/2054 <sup>(h)</sup>  | 72 | 74 |
| Fannie Mae Pool #DB7792 6.00% 8/1/2054 <sup>(h)</sup>  | 66 | 68 |
| Fannie Mae Pool #BU4916 6.00% 8/1/2054 <sup>(h)</sup>  | 35 | 36 |
| Fannie Mae Pool #FS8756 6.00% 8/1/2054 <sup>(h)</sup>  | 29 | 30 |
| Fannie Mae Pool #DC0495 5.50% 9/1/2054 <sup>(h)</sup>  | 349 | 350 |
| Fannie Mae Pool #MA5470 5.50% 9/1/2054 <sup>(h)</sup>  | 3 | 3 |
| Fannie Mae Pool #MA5471 6.00% 9/1/2054 <sup>(h)</sup>  | 1169 | 1189 |
| Fannie Mae Pool #FS8866 6.00% 9/1/2054 <sup>(h)</sup>  | 92 | 94 |
| Fannie Mae Pool #MA5530 5.00% 11/1/2054 <sup>(h)</sup>  | 524 | 514 |
| Fannie Mae Pool #MA5531 5.50% 11/1/2054 <sup>(h)</sup>  | 11 | 11 |
| Fannie Mae Pool #DC7042 4.50% 12/1/2054 <sup>(h)</sup>  | 283 | 271 |
| Fannie Mae Pool #MA5552 5.00% 12/1/2054 <sup>(h)</sup>  | 13 | 13 |
| Fannie Mae Pool #FA0608 5.50% 2/1/2055 <sup>(h)</sup>  | 334 | 334 |
| Fannie Mae Pool #MA5615 6.00% 2/1/2055 <sup>(h)</sup>  | 118 | 120 |
| Fannie Mae Pool #MA5644 4.50% 3/1/2055 <sup>(h)</sup>  | 63 | 61 |
| Fannie Mae Pool #DD0782 5.50% 3/1/2055 <sup>(h)</sup>  | 40 | 40 |
| Fannie Mae Pool #MA5647 6.00% 3/1/2055 <sup>(h)</sup>  | 38 | 39 |
| Fannie Mae Pool #MA5671 4.50% 4/1/2055 <sup>(h)</sup>  | 67 | 64 |
| Fannie Mae Pool #MA5674 6.00% 4/1/2055 <sup>(h)</sup>  | 43 | 43 |
| Fannie Mae Pool #MA5699 5.00% 5/1/2055 <sup>(h)</sup>  | 101 | 99 |
| Fannie Mae Pool #MA5701 6.00% 5/1/2055 <sup>(h)</sup>  | 14 | 14 |
| Fannie Mae Pool #MA5734 5.00% 6/1/2055 <sup>(h)</sup>  | 52 | 51 |
| Fannie Mae Pool #MA5735 5.50% 6/1/2055 <sup>(h)</sup>  | 28 | 28 |
| Fannie Mae Pool #MA5762 6.50% 7/1/2055 <sup>(h)</sup>  | 3 | 3 |
| Freddie Mac Pool #RA5155 2.00% 5/1/2051 <sup>(h)</sup>  | 333 | 264 |
| Freddie Mac Pool #SD8266 4.50% 11/1/2052 <sup>(h)</sup>  | 99 | 95 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| American Funds Insurance Series | **138** |

---

------

American Funds Global Balanced Fund (continued)

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount<br> (000)<br>| Value<br> (000)<br>|
| **Mortgage-backed obligations (continued)** | **Mortgage-backed obligations (continued)** | **Mortgage-backed obligations (continued)** |
| **Federal agency mortgage-backed obligations (continued)** |  |  |
| Freddie Mac Pool #SD8287 4.50% 1/1/2053 <sup>(h)</sup>  | USD55 | $53 |
| Freddie Mac Pool #SD4977 5.00% 11/1/2053 <sup>(h)</sup>  | 128 | 126 |
| Freddie Mac Pool #RJ0326 6.50% 11/1/2053 <sup>(h)</sup>  | 10 | 10 |
| Freddie Mac Pool #SD8401 5.50% 2/1/2054 <sup>(h)</sup>  | 763 | 764 |
| Freddie Mac Pool #QI0213 6.50% 2/1/2054 <sup>(h)</sup>  | 8 | 8 |
| Freddie Mac Pool #SD8408 5.50% 3/1/2054 <sup>(h)</sup>  | 420 | 420 |
| Freddie Mac Pool #SD8433 6.50% 5/1/2054 <sup>(h)</sup>  | 10 | 10 |
| Freddie Mac Pool #RJ1855 5.00% 6/1/2054 <sup>(h)</sup>  | 27 | 26 |
| Freddie Mac Pool #RJ1768 5.50% 6/1/2054 <sup>(h)</sup>  | 43 | 43 |
| Freddie Mac Pool #RJ1779 6.00% 6/1/2054 <sup>(h)</sup>  | 83 | 85 |
| Freddie Mac Pool #RJ1963 5.50% 7/1/2054 <sup>(h)</sup>  | 36 | 36 |
| Freddie Mac Pool #RJ1975 6.00% 7/1/2054 <sup>(h)</sup>  | 109 | 112 |
| Freddie Mac Pool #SD5813 6.00% 7/1/2054 <sup>(h)</sup>  | 73 | 75 |
| Freddie Mac Pool #RJ1964 6.00% 7/1/2054 <sup>(h)</sup>  | 56 | 57 |
| Freddie Mac Pool #SD8447 6.00% 7/1/2054 <sup>(h)</sup>  | 51 | 52 |
| Freddie Mac Pool #QI8874 6.00% 7/1/2054 <sup>(h)</sup>  | 44 | 44 |
| Freddie Mac Pool #SD8453 5.50% 8/1/2054 <sup>(h)</sup>  | 23 | 23 |
| Freddie Mac Pool #SD6029 6.00% 8/1/2054 <sup>(h)</sup>  | 47 | 48 |
| Freddie Mac Pool #SD8454 6.00% 8/1/2054 <sup>(h)</sup>  | 12 | 12 |
| Freddie Mac Pool #RJ2298 5.50% 9/1/2054 <sup>(h)</sup>  | 126 | 126 |
| Freddie Mac Pool #SD8462 5.50% 9/1/2054 <sup>(h)</sup>  | 6 | 6 |
| Freddie Mac Pool #RJ2314 6.00% 9/1/2054 <sup>(h)</sup>  | 162 | 165 |
| Freddie Mac Pool #RJ2312 6.00% 9/1/2054 <sup>(h)</sup>  | 85 | 87 |
| Freddie Mac Pool #RJ2308 6.00% 9/1/2054 <sup>(h)</sup>  | 83 | 85 |
| Freddie Mac Pool #RJ2306 6.00% 9/1/2054 <sup>(h)</sup>  | 76 | 78 |
| Freddie Mac Pool #RJ2309 6.00% 9/1/2054 <sup>(h)</sup>  | 45 | 46 |
| Freddie Mac Pool #SD8469 5.50% 10/1/2054 <sup>(h)</sup>  | 35 | 35 |
| Freddie Mac Pool #RJ2851 4.50% 11/1/2054 <sup>(h)</sup>  | 74 | 71 |
| Freddie Mac Pool #SD8475 5.50% 11/1/2054 <sup>(h)</sup>  | 69 | 69 |
| Freddie Mac Pool #SD8491 5.00% 12/1/2054 <sup>(h)</sup>  | 511 | 501 |
| Freddie Mac Pool #QX1414 5.50% 12/1/2054 <sup>(h)</sup>  | 64 | 64 |
| Freddie Mac Pool #SD8493 5.50% 12/1/2054 <sup>(h)</sup>  | 1 | 1 |
| Freddie Mac Pool #SD8507 6.00% 2/1/2055 <sup>(h)</sup>  | 22 | 22 |
| Freddie Mac Pool #SD8515 5.50% 3/1/2055 <sup>(h)</sup>  | 1045 | 1045 |
| Freddie Mac Pool #SL1094 5.00% 4/1/2055 <sup>(h)</sup>  | 44 | 43 |
| Freddie Mac Pool #SD8525 6.00% 4/1/2055 <sup>(h)</sup>  | 43 | 43 |
| Freddie Mac Pool #SD8532 5.00% 5/1/2055 <sup>(h)</sup>  | 92 | 91 |
| Freddie Mac Pool #SD8534 6.00% 5/1/2055 <sup>(h)</sup>  | 12 | 12 |
| Freddie Mac Pool #RQ0012 5.00% 6/1/2055 <sup>(h)</sup>  | 1412 | 1384 |
| Freddie Mac Pool #RQ0013 5.50% 6/1/2055 <sup>(h)</sup>  | 65 | 65 |
| Uniform Mortgage-Backed Security 4.50% 7/1/2055 <sup>(h)(i)</sup>  | 403 | 386 |
| Uniform Mortgage-Backed Security 5.00% 7/1/2055 <sup>(h)(i)</sup>  | 891 | 874 |
| Uniform Mortgage-Backed Security 6.50% 8/1/2055 <sup>(h)(i)</sup>  | 88 | 91 |
|  |  | 18203 |
| **Collateralized mortgage-backed obligations (privately originated) 0.56%** |  |  |
| Cascade Funding Mortgage Trust, Series 2024-HB15, Class A, 4.00% 8/25/2034 <sup>(d)(h)(j)</sup>  | 82 | 81 |
| Connecticut Avenue Securities Trust, Series 2023-R04, Class 1M1, (30-day Average USD-SOFR + 2.30%) <br> 6.605% 5/25/2043 <sup>(d)(h)(j)</sup>  | 143 | 146 |
| Connecticut Avenue Securities Trust, Series 2023-R05, Class 1M1, (30-day Average USD-SOFR + 1.90%) <br> 6.205% 6/25/2043 <sup>(d)(h)(j)</sup>  | 72 | 72 |
| Connecticut Avenue Securities Trust, Series 2023-R06, Class 1M1, (30-day Average USD-SOFR + 1.70%) <br> 6.005% 7/25/2043 <sup>(d)(h)(j)</sup>  | 49 | 49 |
| Connecticut Avenue Securities Trust, Series 2024-R01, Class 1M2, (30-day Average USD-SOFR + 1.80%) <br> 6.105% 1/25/2044 <sup>(d)(h)(j)</sup>  | 55 | 56 |
| Connecticut Avenue Securities Trust, Series 2024-R04, Class 1M1, (30-day Average USD-SOFR + 1.10%) <br> 5.405% 5/25/2044 <sup>(d)(h)(j)</sup>  | 63 | 63 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **139** | American Funds Insurance Series |

---

------

American Funds Global Balanced Fund (continued)

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount<br> (000)<br>| Value<br> (000)<br>|
| **Mortgage-backed obligations (continued)** | **Mortgage-backed obligations (continued)** | **Mortgage-backed obligations (continued)** |
| **Collateralized mortgage-backed obligations (privately originated) (continued)** |  |  |
| Connecticut Avenue Securities Trust, Series 2024-R04, Class 1M2, (30-day Average USD-SOFR + 1.65%) <br> 5.955% 5/25/2044 <sup>(d)(h)(j)</sup>  | USD121 | $122 |
| Connecticut Avenue Securities Trust, Series 2025-R02, Class 1A1, (30-day Average USD-SOFR + 1.00%) <br> 5.305% 2/25/2045 <sup>(d)(h)(j)</sup>  | 21 | 21 |
| Connecticut Avenue Securities Trust, Series 2025-R02, Class 1M1, (30-day Average USD-SOFR + 1.15%) <br> 5.455% 2/25/2045 <sup>(d)(h)(j)</sup>  | 54 | 54 |
| Freddie Mac Structured Agency Credit Risk Debt Notes, Series 2025-DNA1, Class A1, (30-day Average <br> USD-SOFR + 0.95%) 5.255% 1/25/2045 <sup>(d)(h)(j)</sup>  | 32 | 32 |
| GCAT Trust, Series 2024-NQM2, Class A1, 6.085% 6/25/2059 (7.359% on 5/1/2028) <sup>(d)(e)(h)</sup>  | 228 | 230 |
| MFRA Trust, Series 2024-NQM3, Class A1, 5.722% 12/25/2069 (6.722% on 12/1/2028) <sup>(d)(e)(h)</sup>  | 110 | 111 |
| New York Mortgage Trust, Series 2024-CP1, Class A1, 3.75% 2/25/2068 <sup>(d)(h)(j)</sup>  | 87 | 81 |
| Onslow Bay Financial, LLC, Series 2024-NQM5, Class A1, 5.988% 3/25/2028 (6.988% on 3/1/2028) <sup>(d)(e)(h)</sup>  | 85 | 85 |
| Onslow Bay Financial, LLC, Series 2024-NQM7, Class A1, 6.243% 3/25/2064 (7.243% on 4/1/2028) <sup>(d)(e)(h)</sup>  | 166 | 168 |
| Onslow Bay Financial, LLC, Series 2025-NQM3, Class A1, 5.648% 12/1/2064 (6.648% on 2/1/2029) <sup>(d)(e)(h)</sup>  | 208 | 210 |
| Onslow Bay Financial, LLC, Series 2025-NQM1, Class A1, 5.547% 12/25/2064 (6.547% on 12/1/2028) <sup>(d)(e)(h)</sup>  | 215 | 216 |
| Starwood Mortgage Residential Trust, Series 2025-SFR5, Class A, (1-month USD CME Term SOFR + 1.45%) <br> 5.762% 2/17/2042 <sup>(d)(h)(j)</sup>  | 100 | 100 |
| Verus Securitization Trust, Series 2024-4, Class A1, 6.218% 6/25/2069 (7.218% on 5/1/2028) <sup>(d)(e)(h)</sup>  | 236 | 239 |
| Verus Securitization Trust, Series 2024-4, Class A2, 6.572% 6/25/2069 (7.572% on 5/1/2028) <sup>(d)(e)(h)</sup>  | 118 | 120 |
| Verus Securitization Trust, Series 2024-9, Class A1, 5.438% 11/25/2069 <sup>(d)(h)(j)</sup>  | 93 | 93 |
|  |  | 2349 |
| **Commercial mortgage-backed securities 0.51%** |  |  |
| BMO Mortgage Trust, Series 2024-5C8, Class AS, 5.94% 12/15/2057 <sup>(h)(j)</sup>  | 55 | 57 |
| BX Trust, Series 2021-VOLT, Class A, (1-month USD CME Term SOFR + 0.814%) 5.126% 9/15/2036 <sup>(d)(h)(j)</sup>  | 146 | 145 |
| BX Trust, Series 2025-BIO3, Class A, 6.138% 2/10/2042 <sup>(d)(h)</sup>  | 140 | 144 |
| Citigroup Commercial Mortgage Trust, Series 2023-PRM3, Class A, 6.36% 7/10/2028 <sup>(d)(h)(j)</sup>  | 100 | 105 |
| Citigroup Commercial Mortgage Trust, Series 2023-SMRT, Class A, 6.015% 10/12/2040 <sup>(d)(h)(j)</sup>  | 135 | 140 |
| Fontainebleau Miami Beach Trust, Series 2024-FBLU, Class A, (1-month USD CME Term SOFR + 1.45%) <br> 5.762% 12/15/2029 <sup>(d)(h)(j)</sup>  | 24 | 24 |
| Hawaii Hotel Trust, Series 2025-MAUI, Class A, (1-month USD CME Term SOFR + 1.393%) 5.705% <br> 3/15/2042 <sup>(d)(h)(j)</sup>  | 100 | 100 |
| Houston Galleria Mall Trust, Series 2025-HGLR, Class A, 5.644% 2/5/2045 <sup>(d)(h)(j)</sup>  | 157 | 161 |
| HTL Commercial Mortgage Trust, Series 2024-T53, Class A, 5.875% 5/10/2039 <sup>(d)(h)(j)</sup>  | 100 | 101 |
| Hudson Yards Mortgage Trust, Series 2025-SPRL, Class A, 5.649% 1/13/2040 <sup>(d)(h)(j)</sup>  | 131 | 135 |
| INTOWN Mortgage Trust, Series 2025-STAY, Class A, (1-month USD CME Term SOFR + 1.35%) 5.662% <br> 3/15/2042 <sup>(d)(h)(j)</sup>  | 295 | 294 |
| KSL Commercial Mortgage Trust, Series 2024-HT2, Class A, (1-month USD CME Term SOFR + 1.542%) <br> 5.854% 12/15/2039 <sup>(d)(h)(j)</sup>  | 143 | 143 |
| Multifamily Connecticut Avenue Securities, Series 2024-01, Class M7, (30-day Average USD-SOFR + 2.75%) <br> 7.055% 7/25/2054 <sup>(d)(h)(j)</sup>  | 51 | 52 |
| SWCH Commercial Mortgage Trust, Series 2025-DATA, Class A, (1-month USD CME Term SOFR + 1.443%) <br> 5.755% 3/15/2042 <sup>(d)(h)(j)</sup>  | 555 | 552 |
|  |  | 2153 |
| **Other mortgage-backed securities 0.24%** |  |  |
| Nykredit Realkredit AS, Series 01E, 1.50% 10/1/2037 <sup>(h)</sup>  | DKK415 | 60 |
| Nykredit Realkredit AS, Series 01E, 1.50% 10/1/2040 <sup>(h)</sup>  | 1093 | 156 |
| Nykredit Realkredit AS, Series 01E, 0.50% 10/1/2043 <sup>(h)</sup>  | 5082 | 659 |
| Nykredit Realkredit AS, Series 01E, 0.50% 10/1/2050 <sup>(h)</sup>  | 447 | 52 |
| Nykredit Realkredit AS, Series CCE, 1.00% 10/1/2050 <sup>(h)</sup>  | 540 | 67 |
| Realkredit Danmark AS 1.00% 10/1/2053 <sup>(h)</sup>  | 179 | 22 |
|  |  | 1016 |
| **Total mortgage-backed obligations** |  | 23721 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| American Funds Insurance Series | **140** |

---

------

American Funds Global Balanced Fund (continued)

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount<br> (000)<br>| Value<br> (000)<br>|
| **U.S. Treasury bonds & notes 4.78%** | **U.S. Treasury bonds & notes 4.78%** | **U.S. Treasury bonds & notes 4.78%** |
| **U.S. Treasury 4.47%** |  |  |
| U.S. Treasury 3.00% 7/15/2025  | USD985 | $984 |
| U.S. Treasury 4.50% 4/15/2027  | 1223 | 1238 |
| U.S. Treasury 4.00% 6/30/2028  | 4484 | 4522 |
| U.S. Treasury 4.625% 9/30/2028  | 1875 | 1927 |
| U.S. Treasury 4.125% 3/31/2029  | 865 | 877 |
| U.S. Treasury 3.50% 9/30/2029  | 755 | 747 |
| U.S. Treasury 4.00% 2/28/2030  | 1130 | 1141 |
| U.S. Treasury 0.625% 5/15/2030  | 1150 | 989 |
| U.S. Treasury 4.00% 5/31/2030  | 1090 | 1101 |
| U.S. Treasury 1.375% 11/15/2031 <sup>(k)</sup>  | 771 | 660 |
| U.S. Treasury 2.875% 5/15/2032  | 306 | 286 |
| U.S. Treasury 4.625% 2/15/2035 <sup>(k)</sup>  | 1340 | 1383 |
| U.S. Treasury 4.25% 5/15/2035  | 6 | 6 |
| U.S. Treasury 1.875% 2/15/2041 <sup>(k)</sup>  | 285 | 196 |
| U.S. Treasury 2.25% 5/15/2041 <sup>(k)</sup>  | 986 | 717 |
| U.S. Treasury 2.875% 11/15/2046  | 330 | 243 |
| U.S. Treasury 1.25% 5/15/2050  | 440 | 211 |
| U.S. Treasury 1.375% 8/15/2050  | 400 | 197 |
| U.S. Treasury 2.375% 5/15/2051 <sup>(k)</sup>  | 510 | 324 |
| U.S. Treasury 2.00% 8/15/2051 <sup>(k)</sup>  | 560 | 323 |
| U.S. Treasury 4.00% 11/15/2052  | 270 | 236 |
| U.S. Treasury 3.625% 2/15/2053  | 149 | 122 |
| U.S. Treasury 4.25% 8/15/2054  | 320 | 292 |
|  |  | 18722 |
| **U.S. Treasury inflation-protected securities 0.31%** |  |  |
| U.S. Treasury Inflation-Protected Security 0.375% 7/15/2027 <sup>(c)</sup>  | 372 | 367 |
| U.S. Treasury Inflation-Protected Security 2.375% 10/15/2028 <sup>(c)</sup>  | 687 | 713 |
| U.S. Treasury Inflation-Protected Security 1.00% 2/15/2049 <sup>(c)</sup>  | 268 | 194 |
|  |  | 1274 |
| **Total U.S. Treasury bonds & notes** |  | 19996 |
| **Asset-backed obligations 0.58%** | **Asset-backed obligations 0.58%** | **Asset-backed obligations 0.58%** |
| Affirm, Inc., Series 2024-X1, Class A, 6.27% 5/15/2029 <sup>(d)(h)</sup>  | 7 | 7 |
| Avis Budget Rental Car Funding (AESOP), LLC, Series 2023-2, Class A, 5.20% 10/20/2027 <sup>(d)(h)</sup>  | 125 | 126 |
| Avis Budget Rental Car Funding (AESOP), LLC, Series 2023-6, Class A, 5.81% 12/20/2029 <sup>(d)(h)</sup>  | 148 | 154 |
| Castlelake Aircraft Securitization Trust, Series 2025-1A, Class A, 5.783% 2/15/2050 <sup>(d)(h)</sup>  | 97 | 99 |
| EquipmentShare, Series 2024-2M, Class A, 5.70% 12/20/2032 <sup>(d)(h)</sup>  | 91 | 92 |
| Hertz Vehicle Financing, LLC, Series 2025-1A, Class A, 4.91% 9/25/2029 <sup>(d)(h)</sup>  | 100 | 101 |
| Lendbuzz Securitization Trust, Series 2025-1A, Class A2, 5.10% 10/15/2030 <sup>(d)(h)</sup>  | 43 | 43 |
| Marathon CLO, Ltd., Series 2019-2A, Class A1R2, (3-month USD CME Term SOFR + 0.95%) 5.219% <br> 1/20/2033 <sup>(d)(h)(j)</sup>  | 233 | 231 |
| Mission Lane Credit Card Master Trust, Series 2024-A, Class A1, 6.20% 8/15/2029 <sup>(d)(h)</sup>  | 113 | 114 |
| Mission Lane Credit Card Master Trust, Series 2024-A, Class B, 6.59% 8/15/2029 <sup>(d)(h)</sup>  | 100 | 101 |
| Mission Lane Credit Card Master Trust, Series 2025-B, Class A, 5.40% 9/15/2031 <sup>(d)(h)</sup>  | 100 | 100 |
| NMEF Funding, LLC, Series 2025-A, Class A2, 4.72% 7/15/2032 <sup>(d)(h)</sup>  | 100 | 100 |
| OnDeck Asset Securitization Trust, LLC, Series 2024-1, Class A, 6.27% 6/17/2031 <sup>(d)(h)</sup>  | 208 | 211 |
| OnDeck Asset Securitization Trust, LLC, Series 2024-1, Class B, 7.15% 6/17/2031 <sup>(d)(h)</sup>  | 100 | 102 |
| PEAC Solutions Receivables, LLC, Series 2025-1A, Class A2, 4.94% 10/20/2028 <sup>(d)(h)</sup>  | 86 | 86 |
| SCF Equipment Trust, LLC, Series 2025-1A, Class A3, 5.11% 11/21/2033 <sup>(d)(h)</sup>  | 231 | 236 |
| Securitized Term Auto Receivables Trust, Series 2025-A, Class B, 5.038% 7/25/2031 <sup>(d)(h)</sup>  | 13 | 13 |
| SMB Private Education Loan Trust, Series 2023-C, Class A1B, (30-day Average USD-SOFR + 1.55%) <br> 5.854% 11/15/2052 <sup>(d)(h)(j)</sup>  | 70 | 71 |
| Steele Creek CLO, Ltd., Series 2019-2A, Class ARR, (3-month USD CME Term SOFR + 1.00%) 5.256% <br> 7/15/2032 <sup>(d)(h)(j)</sup>  | 230 | 230 |
| U.S. Bank National Association, Series 2025-SUP1, Class B, 5.582% 2/25/2032 <sup>(d)(h)</sup>  | 219 | 219 |
|  |  | 2436 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **141** | American Funds Insurance Series |

---

------

American Funds Global Balanced Fund (continued)

---

| | | | |
|:---|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) |  | Principal amount<br> (000)<br>| Value<br> (000)<br>|
| **Municipals 0.03%** | **Municipals 0.03%** | **Municipals 0.03%** | **Municipals 0.03%** |
| **Ohio 0.02%** | **Ohio 0.02%** |  |  |
| Turnpike and Infrastructure Commission, Turnpike Rev. Ref. Bonds (Infrastructure Projects), Series 2020-A, <br> 3.216% 2/15/2048  | Turnpike and Infrastructure Commission, Turnpike Rev. Ref. Bonds (Infrastructure Projects), Series 2020-A, <br> 3.216% 2/15/2048  | USD100 | $72 |
| **Texas 0.01%** | **Texas 0.01%** |  |  |
| Grand Parkway Transportation Corp., Grand Parkway System Toll Rev. Ref. Bonds, Series 2020-B, <br> 3.236% 10/1/2052  | Grand Parkway Transportation Corp., Grand Parkway System Toll Rev. Ref. Bonds, Series 2020-B, <br> 3.236% 10/1/2052  | 80 | 55 |
| **Total municipals** | **Total municipals** |  | 127 |
| **Federal agency bonds & notes 0.03%** | **Federal agency bonds & notes 0.03%** | **Federal agency bonds & notes 0.03%** | **Federal agency bonds & notes 0.03%** |
| Korea Development Bank 6.75% 7/1/2030  | Korea Development Bank 6.75% 7/1/2030  | INR10,000 | 116 |
| **Total bonds, notes & other debt instruments** (cost: $131,387,000) | **Total bonds, notes & other debt instruments** (cost: $131,387,000) |  | 130612 |
| Investment funds 0.99% |  | Shares |  |
| Capital Group Central Corporate Bond Fund <sup>(l)</sup>  | Capital Group Central Corporate Bond Fund <sup>(l)</sup>  | 488295 | 4121 |
| **Total Investment funds** (cost: $3,868,000) | **Total Investment funds** (cost: $3,868,000) |  | 4121 |
| Short-term securities 5.53% |  |  |  |
| **Money market investments 5.16%** | **Money market investments 5.16%** | **Money market investments 5.16%** | **Money market investments 5.16%** |
| Capital Group Central Cash Fund 4.35% <sup>(l)(m)</sup>  | Capital Group Central Cash Fund 4.35% <sup>(l)(m)</sup>  | 215820 | 21582 |
| **Money market investments purchased with collateral from securities on loan 0.33%** | **Money market investments purchased with collateral from securities on loan 0.33%** | **Money market investments purchased with collateral from securities on loan 0.33%** | **Money market investments purchased with collateral from securities on loan 0.33%** |
| Invesco Short-Term Investments Trust – Government & Agency Portfolio, Institutional Class 4.26% <sup>(m)(n)</sup>  | Invesco Short-Term Investments Trust – Government & Agency Portfolio, Institutional Class 4.26% <sup>(m)(n)</sup>  | 1390770 | 1391 |
|  | Weighted<br> average yield<br> at acquisition<br>| Principal amount<br> (000)<br>|  |
| **Bills & notes of governments & government agencies outside the U.S. 0.04%** | **Bills & notes of governments & government agencies outside the U.S. 0.04%** | **Bills & notes of governments & government agencies outside the U.S. 0.04%** | **Bills & notes of governments & government agencies outside the U.S. 0.04%** |
| Egypt (Arab Republic of) 9/9/2025  | 21.356<br> %<br>| EGP10,000 | 191 |
| **Total short-term securities** (cost: $23,161,000) |  |  | 23164 |
| **Total investment securities 100.29%** (cost: $342,605,000) | **Total investment securities 100.29%** (cost: $342,605,000) |  | 419794 |
| Other assets less liabilities (0.29)% | Other assets less liabilities (0.29)% |  | (1205)<br>|
| **Net assets 100.00%** | **Net assets 100.00%** |  | $418589 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| American Funds Insurance Series | **142** |

---

------

American Funds Global Balanced Fund (continued)

**Options purchased (futures style)**

------

**Options on futures** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Description | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Number of <br> contracts<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Expiration <br> date<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Exercise <br> price<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Notional <br> amount <br> &nbsp;&nbsp;&nbsp;&nbsp;(000)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Value and <br> unrealized <br> appreciation <br> &nbsp;&nbsp;&nbsp;&nbsp;(depreciation) at <br> 6/30/2025 <br> &nbsp;&nbsp;&nbsp;&nbsp;(000)<br>|
| **Put** |  |  |  |  |  |
| 10 Year Euro-Bund Futures Options | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 95 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7/25/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; EUR129.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; EUR9,500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $7 |

---

**Options written (futures style)**

------

**Options on futures** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Description | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Number of <br> contracts<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Expiration <br> date<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Exercise <br> price<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Notional <br> amount <br> &nbsp;&nbsp;&nbsp;&nbsp;(000)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Value and <br> unrealized <br> appreciation <br> &nbsp;&nbsp;&nbsp;&nbsp;(depreciation) at <br> 6/30/2025 <br> &nbsp;&nbsp;&nbsp;&nbsp;(000)<br>|
| **Put** |  |  |  |  |  |
| 10 Year Euro-Bund Futures Options | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (95)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7/25/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; EUR128.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; EUR(9,500)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $(5)<br>|

---

**Futures contracts**

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Contracts | Type | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Number of <br> contracts<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Expiration <br> date<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Notional <br> amount <br> &nbsp;&nbsp;&nbsp;&nbsp;(000)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Value and <br> unrealized <br> appreciation <br> &nbsp;&nbsp;&nbsp;&nbsp;(depreciation) <br> at 6/30/2025 <br> &nbsp;&nbsp;&nbsp;&nbsp;(000)<br>|
| 2 Year Italy Government Bond Futures | Long | 6 | 9/10/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; USD763 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $— <br><sup>(o)</sup><br>|
| 2 Year Euro-Schatz Futures | Long | 5 | 9/10/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 632 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — <br><sup>(o)</sup><br>|
| 2 Year Canadian Government Bond Futures | Long | 16 | 9/29/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1242 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — <br><sup>(o)</sup><br>|
| 2 Year U.S. Treasury Note Futures | Short | 7 | 10/3/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1456)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — <br><sup>(o)</sup><br>|
| 5 Year Euro-Bobl Futures | Long | 60 | 9/10/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8317 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (20)<br>|
| 5 Year Canadian Government Bond Futures | Long | 19 | 9/29/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1592 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5 |
| 5 Year U.S. Treasury Note Futures | Long | 86 | 10/3/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9374 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 96 |
| 10 Year French Government Bond Futures | Long | 5 | 9/10/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 729 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (3)<br>|
| 10 Year Italy Government Bond Futures | Short | 8 | 9/10/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1140)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (3)<br>|
| 10 Year Euro-Bund Futures | Short | 47 | 9/10/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (7206)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 42 |
| 10 Year Australian Treasury Bond Futures | Short | 7 | 9/15/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (528)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (6)<br>|
| 10 Year Japanese Government Bond Futures | Short | 8 | 9/22/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (7723)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (25)<br>|
| 10 Year Canadian Government Bond Futures | Long | 15 | 9/29/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1344 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6 |
| 10 Year U.S. Treasury Note Futures | Long | 23 | 9/30/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2579 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 52 |
| 10 Year UK Gilt Futures | Long | 12 | 9/30/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1532 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 14 |
| 10 Year Ultra U.S. Treasury Note Futures | Long | 10 | 9/30/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1143 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 24 |
| 20 Year U.S. Treasury Bond Futures | Long | 15 | 9/30/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1732 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 64 |
| 30 Year Euro-Buxl Futures | Short | 11 | 9/10/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1539)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 16 |
| 30 Year Ultra U.S. Treasury Bond Futures | Long | 6 | 9/30/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 715 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 19 |
|  |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $281 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **143** | American Funds Insurance Series |

---

------

American Funds Global Balanced Fund (continued)

**Forward currency contracts**

------

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| Contract amount | Contract amount | Contract amount | Contract amount | Counterparty | &nbsp;&nbsp; Settlement <br> date | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unrealized <br> appreciation <br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(depreciation) <br> at 6/30/2025 <br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(000) |
| Currency purchased <br> (000) | Currency purchased <br> (000) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Currency sold <br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(000) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Currency sold <br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(000) | Counterparty | &nbsp;&nbsp; Settlement <br> date | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unrealized <br> appreciation <br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(depreciation) <br> at 6/30/2025 <br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(000) |
| GBP | 275 | USD | 371 | Morgan Stanley | 7/1/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $7 |
| GBP | 110 | USD | 148 | UBS AG | 7/1/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3 |
| USD | 240 | GBP | 175 | Morgan Stanley | 7/1/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — <br><sup>(o)</sup><br>|
| USD | 284 | GBP | 210 | Morgan Stanley | 7/1/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (5)<br>|
| JPY | 86895 | USD | 599 | Goldman Sachs | 7/7/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5 |
| JPY | 16970 | USD | 118 | Barclays Bank PLC | 7/7/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — <br><sup>(o)</sup><br>|
| EUR | 2380 | USD | 2713 | Goldman Sachs | 7/8/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 92 |
| USD | 91 | EUR | 80 | BNP Paribas | 7/8/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (3)<br>|
| USD | 138 | EUR | 120 | UBS AG | 7/8/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (3)<br>|
| USD | 232 | EUR | 200 | UBS AG | 7/8/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (4)<br>|
| USD | 907 | EUR | 820 | BNP Paribas | 7/8/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (60)<br>|
| USD | 187 | MYR | 790 | BNP Paribas | 7/9/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1)<br>|
| EUR | 980 | USD | 1127 | HSBC Bank | 7/10/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 28 |
| USD | 122 | EUR | 107 | HSBC Bank | 7/10/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (4)<br>|
| USD | 912 | EUR | 790 | JPMorgan Chase | 7/10/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (20)<br>|
| EUR | 430 | USD | 493 | Standard Chartered Bank | 7/14/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 14 |
| CNH | 22979 | USD | 3206 | Citibank | 7/14/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8 |
| CHF | 130 | USD | 159 | UBS AG | 7/14/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5 |
| USD | 49 | AUD | 75 | Standard Chartered Bank | 7/14/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — <br><sup>(o)</sup><br>|
| USD | 21 | CLP | 19505 | Morgan Stanley | 7/14/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — <br><sup>(o)</sup><br>|
| USD | 18 | BRL | 105 | Citibank | 7/14/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1)<br>|
| USD | 202 | CNH | 1450 | Goldman Sachs | 7/14/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1)<br>|
| USD | 785 | INR | 67415 | Standard Chartered Bank | 7/14/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1)<br>|
| USD | 70 | RON | 310 | Citibank | 7/14/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (2)<br>|
| USD | 86 | ILS | 300 | HSBC Bank | 7/14/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (3)<br>|
| USD | 591 | IDR | 9648911 | HSBC Bank | 7/14/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (4)<br>|
| USD | 1438 | AUD | 2195 | Citibank | 7/14/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (7)<br>|
| EUR | 1615 | USD | 1847 | BNP Paribas | 7/15/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 58 |
| USD | 278 | MXN | 5330 | Citibank | 7/15/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (5)<br>|
| EUR | 780 | USD | 905 | Bank of America | 7/16/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 15 |
| EUR | 423 | GBP | 360 | BNP Paribas | 7/16/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5 |
| CNH | 4590 | USD | 641 | Citibank | 7/16/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1 |
| EUR | 12 | USD | 14 | Bank of America | 7/16/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — <br><sup>(o)</sup><br>|
| NZD | 47 | USD | 29 | UBS AG | 7/16/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — <br><sup>(o)</sup><br>|
| USD | 227 | JPY | 32750 | Citibank | 7/16/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1)<br>|
| USD | 9685 | CNH | 69313 | HSBC Bank | 7/16/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (11)<br>|
| USD | 10308 | JPY | 1480084 | JPMorgan Chase | 7/17/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9 |
| USD | 1950 | CAD | 2660 | Bank of New York Mellon | 7/17/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (5)<br>|
| USD | 71 | COP | 300000 | Morgan Stanley | 7/18/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (2)<br>|
| USD | 1728 | KRW | 2363730 | Citibank | 7/18/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (21)<br>|
| USD | 1570 | BRL | 8781 | Citibank | 7/18/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (39)<br>|
| USD | 5670 | GBP | 4190 | UBS AG | 7/18/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (82)<br>|
| MYR | 2435 | USD | 573 | Standard Chartered Bank | 7/21/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5 |
| MYR | 915 | USD | 216 | JPMorgan Chase | 7/21/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2 |
| USD | 92 | SEK | 870 | Morgan Stanley | 7/21/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — <br><sup>(o)</sup><br>|
| USD | 64 | MYR | 281 | HSBC Bank | 7/21/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (2)<br>|
| USD | 107 | PLN | 390 | Citibank | 7/21/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (2)<br>|
| USD | 95 | MYR | 418 | BNP Paribas | 7/21/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (4)<br>|
| USD | 165 | MYR | 727 | Standard Chartered Bank | 7/21/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (7)<br>|
| USD | 234 | MYR | 1031 | Standard Chartered Bank | 7/21/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (10)<br>|
| USD | 249 | MYR | 1091 | Standard Chartered Bank | 7/21/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (10)<br>|
| USD | 281 | MYR | 1234 | Standard Chartered Bank | 7/21/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (12)<br>|
| USD | 388 | MYR | 1698 | HSBC Bank | 7/21/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (15)<br>|
| USD | 326 | JPY | 47140 | Bank of America | 7/22/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (2)<br>|
| JPY | 68730 | USD | 486 | Standard Chartered Bank | 7/22/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (8)<br>|
| EUR | 110 | USD | 126 | Goldman Sachs | 7/24/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| American Funds Insurance Series | **144** |

---

------

American Funds Global Balanced Fund (continued)

**Forward currency contracts** (continued)

------

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| Contract amount | Contract amount | Contract amount | Contract amount | Counterparty | &nbsp;&nbsp; Settlement<br> date | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unrealized<br> appreciation<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(depreciation)<br> at 6/30/2025<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(000) |
| Currency purchased<br> (000) | Currency purchased<br> (000) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Currency sold<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(000) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Currency sold<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(000) | Counterparty | &nbsp;&nbsp; Settlement<br> date | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unrealized<br> appreciation<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(depreciation)<br> at 6/30/2025<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(000) |
| USD | 345 | EUR | 300 | HSBC Bank | 7/24/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $(9)<br>|
| GBP | 457 | EUR | 530 | BNP Paribas | 7/25/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1 |
| EUR | 115 | USD | 136 | UBS AG | 7/25/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — <br><sup>(o)</sup><br>|
| USD | 583 | EUR | 510 | UBS AG | 7/25/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (19)<br>|
| EUR | 396 | DKK | 2950 | Bank of America | 7/28/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — <br><sup>(o)</sup><br>|
| USD | 367 | NOK | 3711 | Bank of America | 7/28/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1)<br>|
| USD | 411 | INR | 35415 | BNP Paribas | 7/28/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (2)<br>|
| USD | 569 | MXN | 10835 | Morgan Stanley | 7/28/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (7)<br>|
| USD | 549 | CHF | 440 | Barclays Bank PLC | 7/28/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (8)<br>|
| USD | 59 | CZK | 1240 | Citibank | 8/6/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — <br><sup>(o)</sup><br>|
| USD | 126 | SGD | 160 | Bank of America | 8/6/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — <br><sup>(o)</sup><br>|
| USD | 378 | EUR | 325 | UBS AG | 8/6/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (5)<br>|
| EUR | 188 | CAD | 300 | Citibank | 8/7/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1 |
| USD | 29349 | EUR | 25010 | Morgan Stanley | 8/8/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (193)<br>|
| GBP | 175 | USD | 240 | Morgan Stanley | 8/11/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — <br><sup>(o)</sup><br>|
| EUR | 505 | USD | 580 | HSBC Bank | 9/12/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 18 |
|  |  |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $(321)<br>|

---

**Swap contracts**

------

**Interest rate swaps**

**Centrally cleared interest rate swaps** 

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Receive | Receive | Pay | Pay | Expiration <br> date | Notional <br> amount <br> (000) | Value at <br> 6/30/2025 <br> (000) | Upfront <br> premium <br> paid <br> (received) <br> (000) | Unrealized <br> appreciation <br> (depreciation) <br> at 6/30/2025 <br> (000) |
| Rate | Payment <br> frequency<br>| Rate | Payment <br> frequency<br>| Expiration <br> date | Notional <br> amount <br> (000) | Value at <br> 6/30/2025 <br> (000) | Upfront <br> premium <br> paid <br> (received) <br> (000) | Unrealized <br> appreciation <br> (depreciation) <br> at 6/30/2025 <br> (000) |
| 3.79165% | Annual | SOFR | Annual | 1/13/2026 | USD865 | $(2)<br>| $— | $(2)<br>|
| 4.254% | Annual | SONIA | Annual | 5/9/2027 | GBP70 | 1 |  | 1 |
| 2.5225% | Semi-annual | Bank of Canada Overnight Repo | Semi-annual | 5/22/2027 | CAD2,970 | 2 |  | 2 |
| 3.5175% | Annual | SOFR | Annual | 8/15/2027 | USD2,500 | 3 |  | 3 |
| 4.98038% | Annual | SONIA | Annual | 6/21/2028 | GBP267 | 14 |  | 14 |
| 3.968% | Annual | SONIA | Annual | 2/16/2029 | GBP1,495 | 24 |  | 24 |
| SOFR | Annual | 3.29015% | Annual | 1/13/2030 | USD2,870 | 15 |  | 15 |
| 3.925% | Annual | 6-month NOK-NIBOR | Semi-annual | 3/5/2030 | NOK3,700 | 3 |  | 3 |
| 6-month EURIBOR | Semi-annual | 2.2577% | Annual | 3/5/2030 | EUR310 | — <br><sup>(o)</sup><br>|  | — <br><sup>(o)</sup><br>|
| 6-month EURIBOR | Semi-annual | 2.2592% | Annual | 3/5/2030 | EUR310 | — <br><sup>(o)</sup><br>|  | — <br><sup>(o)</sup><br>|
| 6-month EURIBOR | Semi-annual | 2.2562% | Annual | 3/5/2030 | EUR310 | — <br><sup>(o)</sup><br>|  | — <br><sup>(o)</sup><br>|
| 6-month EURIBOR | Semi-annual | 2.1912% | Annual | 3/6/2030 | EUR280 | 1 |  | 1 |
| 3.947% | Annual | SONIA | Annual | 3/20/2030 | GBP410 | 7 |  | 7 |
| 4.165% | Annual | 6-month NOK-NIBOR | Semi-annual | 3/24/2030 | NOK1,500 | 3 |  | 3 |
| 4.1703% | Annual | 6-month NOK-NIBOR | Semi-annual | 3/24/2030 | NOK960 | 2 |  | 2 |
| 4.162% | Annual | 6-month NOK-NIBOR | Semi-annual | 3/24/2030 | NOK970 | 1 |  | 1 |
| 4.165% | Annual | 6-month NOK-NIBOR | Semi-annual | 3/25/2030 | NOK3,540 | 6 |  | 6 |
| SONIA | Annual | 4.36738% | Annual | 6/21/2033 | GBP62 | (3)<br>|  | (3)<br>|
| SONIA | Annual | 3.9322% | Annual | 2/16/2054 | GBP375 | 44 |  | 44 |
|  |  |  |  |  |  | $121 | $— | $121 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **145** | American Funds Insurance Series |

---

------

American Funds Global Balanced Fund (continued)

**Swap contracts** (continued)

------

**Interest rate swaps** (continued)

**Bilateral interest rate swaps** 

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Receive | Receive | Pay | Pay | Counterparty | &nbsp;&nbsp; Expiration <br> date | &nbsp;&nbsp; Notional <br> amount <br> (000) | &nbsp;&nbsp; Value at <br> 6/30/2025 <br> (000) | &nbsp;&nbsp; Upfront <br> premium <br> paid <br> (received) <br> (000) | &nbsp;&nbsp; Unrealized <br> appreciation <br> (depreciation) <br> at 6/30/2025 <br> (000) |
| Rate | &nbsp;&nbsp; Payment <br> frequency<br>| Rate | &nbsp;&nbsp; Payment <br> frequency<br>| Counterparty | &nbsp;&nbsp; Expiration <br> date | &nbsp;&nbsp; Notional <br> amount <br> (000) | &nbsp;&nbsp; Value at <br> 6/30/2025 <br> (000) | &nbsp;&nbsp; Upfront <br> premium <br> paid <br> (received) <br> (000) | &nbsp;&nbsp; Unrealized <br> appreciation <br> (depreciation) <br> at 6/30/2025 <br> (000) |
| 11.91% | At maturity | BZDIOVER | At maturity | Barclays Bank PLC | &nbsp;&nbsp; 1/4/2027 | &nbsp;&nbsp; BRL2,940 | &nbsp;&nbsp; $(20)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $(20)<br>|
| 13.995% | At maturity | BZDIOVER | At maturity | Barclays Bank PLC | &nbsp;&nbsp; 1/2/2029 | &nbsp;&nbsp; BRL6,010 | &nbsp;&nbsp; 36 | &nbsp;&nbsp; — | &nbsp;&nbsp; 36 |
| 14.115% | At maturity | BZDIOVER | At maturity | Goldman Sachs | &nbsp;&nbsp; 1/2/2029 | &nbsp;&nbsp; BRL1,660 | &nbsp;&nbsp; 11 | &nbsp;&nbsp; — | &nbsp;&nbsp; 11 |
| 14.05% | At maturity | BZDIOVER | At maturity | Barclays Bank PLC | &nbsp;&nbsp; 1/2/2029 | &nbsp;&nbsp; BRL1,210 | &nbsp;&nbsp; 8 | &nbsp;&nbsp; — | &nbsp;&nbsp; 8 |
| 14.05% | At maturity | BZDIOVER | At maturity | Goldman Sachs | &nbsp;&nbsp; 1/2/2029 | &nbsp;&nbsp; BRL740 | &nbsp;&nbsp; 5 | &nbsp;&nbsp; — | &nbsp;&nbsp; 5 |
| 11.495% | At maturity | BZDIOVER | At maturity | Bank of America | &nbsp;&nbsp; 1/2/2029 | &nbsp;&nbsp; BRL3,810 | &nbsp;&nbsp; (42)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (42)<br>|
| 10.045% | At maturity | BZDIOVER | At maturity | Goldman Sachs | &nbsp;&nbsp; 1/2/2029 | &nbsp;&nbsp; BRL9,330 | &nbsp;&nbsp; (222)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (222)<br>|
|  |  |  |  |  |  |  | &nbsp;&nbsp; $(224)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $(224)<br>|

---

**Credit default swaps** 

**Centrally cleared credit default swaps on credit indices — buy protection** 

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| Reference <br> index<br>| &nbsp;&nbsp;&nbsp;&nbsp; Financing <br> rate paid<br>| &nbsp;&nbsp;&nbsp;&nbsp; Payment <br> frequency<br>| &nbsp;&nbsp;&nbsp;&nbsp; Expiration <br> date<br>| &nbsp;&nbsp;&nbsp;&nbsp; Notional <br> amount <br> &nbsp;&nbsp;&nbsp;&nbsp;(000)<br>| &nbsp;&nbsp;&nbsp;&nbsp; Value at <br> 6/30/2025 <br> &nbsp;&nbsp;&nbsp;&nbsp;(000)<br>| &nbsp;&nbsp;&nbsp;&nbsp; Upfront <br> premium <br> paid <br> &nbsp;&nbsp;&nbsp;&nbsp;(received) <br> &nbsp;&nbsp;&nbsp;&nbsp;(000)<br>| &nbsp;&nbsp;&nbsp;&nbsp; Unrealized <br> appreciation <br> &nbsp;&nbsp;&nbsp;&nbsp;(depreciation) <br> at 6/30/2025 <br> &nbsp;&nbsp;&nbsp;&nbsp;(000)<br>|
| ITRAXX.EUR.43 | 1.00% | Quarterly | &nbsp;&nbsp;&nbsp;&nbsp; 6/20/2030 | &nbsp;&nbsp;&nbsp;&nbsp; EUR2,260 | &nbsp;&nbsp;&nbsp;&nbsp; $(57)<br>| &nbsp;&nbsp;&nbsp;&nbsp; $(25)<br>| &nbsp;&nbsp;&nbsp;&nbsp; $(32)<br>|

---

**Centrally cleared credit default swaps on credit indices — sell protection** 

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| Reference <br> index<br>| &nbsp;&nbsp;&nbsp;&nbsp; Financing <br> rate received<br>| &nbsp;&nbsp;&nbsp;&nbsp; Payment <br> frequency<br>| &nbsp;&nbsp;&nbsp;&nbsp; Expiration <br> date<br>| &nbsp;&nbsp;&nbsp;&nbsp; Notional <br> amount <sup>(p)</sup> <br>&nbsp;&nbsp;&nbsp;&nbsp;(000)<br>| &nbsp;&nbsp;&nbsp;&nbsp; Value at <br> 6/30/2025 <sup>(q)</sup> <br>&nbsp;&nbsp;&nbsp;&nbsp;(000)<br>| &nbsp;&nbsp;&nbsp;&nbsp; Upfront <br> premium <br> paid <br> &nbsp;&nbsp;&nbsp;&nbsp;(received) <br> &nbsp;&nbsp;&nbsp;&nbsp;(000)<br>| &nbsp;&nbsp;&nbsp;&nbsp; Unrealized <br> appreciation <br> &nbsp;&nbsp;&nbsp;&nbsp;(depreciation) <br> at 6/30/2025 <br> &nbsp;&nbsp;&nbsp;&nbsp;(000)<br>|
| ITRAXX.EUR.XO.43 | 5.00% | Quarterly | &nbsp;&nbsp;&nbsp;&nbsp; 6/20/2030 | &nbsp;&nbsp;&nbsp;&nbsp; EUR1,130 | &nbsp;&nbsp;&nbsp;&nbsp; $124 | &nbsp;&nbsp;&nbsp;&nbsp; $119 | &nbsp;&nbsp;&nbsp;&nbsp; $5 |
| CDX.NA.IG.44 | 1.00% | Quarterly | &nbsp;&nbsp;&nbsp;&nbsp; 6/20/2030 | &nbsp;&nbsp;&nbsp;&nbsp; USD3,073 | &nbsp;&nbsp;&nbsp;&nbsp; 68 | &nbsp;&nbsp;&nbsp;&nbsp; 65 | &nbsp;&nbsp;&nbsp;&nbsp; 3 |
|  |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; $192 | &nbsp;&nbsp;&nbsp;&nbsp; $184 | &nbsp;&nbsp;&nbsp;&nbsp; $8 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| American Funds Insurance Series | **146** |

---

------

American Funds Global Balanced Fund (continued)

**Investments in affiliates** <sup>(l)</sup>

------

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | Value at <br> 1/1/2025 <br> (000)<br>| Additions <br> (000)<br>| Reductions <br> (000)<br>| Net <br> realized <br> gain (loss) <br> (000)<br>| Net <br> unrealized <br> appreciation <br> (depreciation) <br> (000)<br>| Value at <br> 6/30/2025 <br> (000)<br>| Dividend <br> or interest <br> income <br> (000)<br>|
| **Investment funds 0.98%** |  |  |  |  |  |  |  |
| Capital Group Central Corporate Bond Fund  | $3953 | &nbsp;&nbsp; $96 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $72 | &nbsp;&nbsp; $4121 | &nbsp;&nbsp; $96 |
| **Short-term securities 5.16%** |  |  |  |  |  |  |  |
| **Money market investments 5.16%** |  |  |  |  |  |  |  |
| Capital Group Central Cash Fund 4.35% <sup>(m)</sup>  | 22187 | &nbsp;&nbsp; 58601 | &nbsp;&nbsp; 59201 | &nbsp;&nbsp; (3)<br>| &nbsp;&nbsp; (2)<br>| &nbsp;&nbsp; 21582 | &nbsp;&nbsp; 541 |
| **Total 6.14%** |  |  |  | &nbsp;&nbsp; $(3)<br>| &nbsp;&nbsp; $70 | &nbsp;&nbsp; $25703 | &nbsp;&nbsp; $637 |

---

**Restricted securities** <sup>(g)</sup>

------

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Acquisition <br> date(s)<br>| Cost <br> (000)<br>| Value <br> (000)<br>| Percent <br> of net <br> assets<br>|
| Wells Fargo & Co. 3.90% 7/22/2032 (3-month EUR-EURIBOR + 1.22% on <br> 7/22/2031) <sup>(e)</sup> <br>| 12/4/2024 | $273 | $303 | 0.07<br> %<br>|
| McDonald's Corp. 1.60% 3/15/2031  | 9/30/2024 | 103 | 109 | 0.03 |
| **Total** |  | $376 | $412 | 0.10<br> %<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(a)</sup> Security did not produce income during the last 12 months.

<sup>(b)</sup> All or a portion of this security was on loan. The total value of all such securities was $1,472,000, which represented 0.35% of the net assets of the fund. Refer to Note 5 for more information on securities lending. 

<sup>(c)</sup> Index-linked bond whose principal amount moves with a government price index. 

<sup>(d)</sup> Acquired in a transaction exempt from registration under Rule 144A or, for commercial paper, Section 4(a)(2) of the Securities Act of 1933. May be resold in the U.S. in transactions exempt from registration, normally to qualified institutional buyers. The total value of all such securities was $11,223,000, which represented 2.68% of the net assets of the fund. 

<sup>(e)</sup> Step bond; coupon rate may change at a later date.

<sup>(f)</sup> Securities referencing LIBOR are expected to transition to an alternative reference rate by the security's next scheduled coupon reset date.

<sup>(g)</sup> Restricted security, other than Rule 144A securities or commercial paper issued pursuant to Section 4(a)(2) of the Securities Act of 1933. The total value of all such restricted securities was $412,000, which represented 0.10% of the net assets of the fund. 

<sup>(h)</sup> Principal payments may be made periodically. Therefore, the effective maturity date may be earlier than the stated maturity date.

<sup>(i)</sup> Represents securities transacted on a TBA basis.

<sup>(j)</sup> Coupon rate may change periodically. Reference rate and spread are as of the most recent information available. Some coupon rates are determined by the issuer or agent based on current market conditions; therefore, the reference rate and spread are not available. 

<sup>(k)</sup> All or a portion of this security was pledged as collateral. The total value of pledged collateral was $2,261,000, which represented 0.54% of the net assets of the fund. 

<sup>(l)</sup> Part of the same "group of investment companies" as the fund as defined under the Investment Company Act of 1940, as amended.

<sup>(m)</sup> Rate represents the seven-day yield at 6/30/2025.

<sup>(n)</sup> Security purchased with cash collateral from securities on loan. Refer to Note 5 for more information on securities lending.

<sup>(o)</sup> Amount less than one thousand.

<sup>(p)</sup> The maximum potential amount the fund may pay as a protection seller should a credit event occur.

<sup>(q)</sup> The prices and resulting values for credit default swap indices serve as an indicator of the current status of the payment/performance risk. As the value of a sell protection credit default swap increases or decreases, when compared to the notional amount of the swap, the payment/performance risk may decrease or increase, respectively. 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **147** | American Funds Insurance Series |

---

------

American Funds Global Balanced Fund (continued)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| |
|:---|
| **Key to abbreviation(s)** |
| ADR = American Depositary Receipts |
| AUD = Australian dollars |
| BRL = Brazilian reais |
| BZDIOVER = Overnight Brazilian Interbank Deposit Rate |
| CAD = Canadian dollars |
| CHF = Swiss francs |
| CLO = Collateralized Loan Obligations |
| CLP = Chilean pesos |
| CME = CME Group |
| CNH = Chinese yuan renminbi |
| CNY = Chinese yuan renminbi |
| COP = Colombian pesos |
| CZK = Czech korunas |
| DKK = Danish kroner |
| EGP = Egyptian pounds |
| EUR = Euros |
| EURIBOR = Euro Interbank Offered Rate |
| GBP = British pounds |
| ICE = Intercontinental Exchange, Inc. |
| IDR = Indonesian rupiah |
| ILS = Israeli shekels |
| INR = Indian rupees |

---

---

| |
|:---|
| JPY = Japanese yen |
| KRW = South Korean won |
| LIBOR = London Interbank Offered Rate |
| MXN = Mexican pesos |
| MYR = Malaysian ringgits |
| NIBOR = Norwegian Interbank Offered Rate |
| NOK = Norwegian kroner |
| NZD = New Zealand dollars |
| PLN = Polish zloty |
| Ref. = Refunding |
| REIT = Real Estate Investment Trust |
| Rev. = Revenue |
| RON = Romanian leu |
| SEK = Swedish kronor |
| SGD = Singapore dollars |
| SOFR = Secured Overnight Financing Rate |
| SONIA = Sterling Overnight Interbank Average Rate |
| TBA = To be announced |
| USD = U.S. dollars |
| UST = U.S. Treasury |
| ZAR = South African rand |

---

Refer to the notes to financial statements.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| American Funds Insurance Series | **148** |

---

------

The Bond Fund of America<sup>®</sup>

**Investment portfolio** June 30, 2025unaudited

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments 95.24% | Principal amount<br> (000)<br>| Value<br> (000)<br>|
| **Mortgage-backed obligations 34.58%** | **Mortgage-backed obligations 34.58%** | **Mortgage-backed obligations 34.58%** |
| **Federal agency mortgage-backed obligations 27.75%** |  |  |
| Fannie Mae Pool #256133 4.50% 1/1/2026 <sup>(a)</sup>  | USD1 | $1 |
| Fannie Mae Pool #AR3058 3.00% 1/1/2028 <sup>(a)</sup>  | 25 | 25 |
| Fannie Mae Pool #AS8018 3.00% 9/1/2031 <sup>(a)</sup>  | 26 | 25 |
| Fannie Mae Pool #BM4741 3.00% 4/1/2032 <sup>(a)</sup>  | 12 | 11 |
| Fannie Mae Pool #FM2499 2.50% 2/1/2035 <sup>(a)</sup>  | 2084 | 1968 |
| Fannie Mae Pool #CB2248 2.50% 11/1/2036 <sup>(a)</sup>  | 99 | 92 |
| Fannie Mae Pool #913966 6.00% 2/1/2037 <sup>(a)</sup>  | 30 | 31 |
| Fannie Mae Pool #CB3701 2.50% 5/1/2037 <sup>(a)</sup>  | 1768 | 1652 |
| Fannie Mae Pool #MA4665 2.50% 7/1/2037 <sup>(a)</sup>  | 739 | 690 |
| Fannie Mae Pool #945680 6.00% 9/1/2037 <sup>(a)</sup>  | 326 | 342 |
| Fannie Mae Pool #924866 6.14% 10/1/2037 <sup>(a)(b)</sup>  | 128 | 129 |
| Fannie Mae Pool #988588 5.50% 8/1/2038 <sup>(a)</sup>  | 161 | 165 |
| Fannie Mae Pool #889982 5.50% 11/1/2038 <sup>(a)</sup>  | 642 | 660 |
| Fannie Mae Pool #AB1297 5.00% 8/1/2040 <sup>(a)</sup>  | 140 | 142 |
| Fannie Mae Pool #AH8144 5.00% 4/1/2041 <sup>(a)</sup>  | 703 | 707 |
| Fannie Mae Pool #AH9479 5.00% 4/1/2041 <sup>(a)</sup>  | 681 | 690 |
| Fannie Mae Pool #FM7365 2.00% 5/1/2041 <sup>(a)</sup>  | 107480 | 92775 |
| Fannie Mae Pool #AI1862 5.00% 5/1/2041 <sup>(a)</sup>  | 659 | 667 |
| Fannie Mae Pool #AI3510 5.00% 6/1/2041 <sup>(a)</sup>  | 346 | 350 |
| Fannie Mae Pool #AJ0704 5.00% 9/1/2041 <sup>(a)</sup>  | 310 | 315 |
| Fannie Mae Pool #AJ5391 5.00% 11/1/2041 <sup>(a)</sup>  | 175 | 177 |
| Fannie Mae Pool #AZ3904 4.00% 5/1/2045 <sup>(a)</sup>  | 39 | 36 |
| Fannie Mae Pool #FM9416 3.50% 7/1/2045 <sup>(a)</sup>  | 1616 | 1501 |
| Fannie Mae Pool #AL8522 3.50% 5/1/2046 <sup>(a)</sup>  | 694 | 644 |
| Fannie Mae Pool #BD1968 4.00% 7/1/2046 <sup>(a)</sup>  | 738 | 699 |
| Fannie Mae Pool #BD5477 4.00% 7/1/2046 <sup>(a)</sup>  | 119 | 113 |
| Fannie Mae Pool #BM5148 4.00% 10/1/2046 <sup>(a)</sup>  | 4331 | 4117 |
| Fannie Mae Pool #BE0592 4.00% 11/1/2046 <sup>(a)</sup>  | 294 | 274 |
| Fannie Mae Pool #BE8885 4.00% 3/1/2047 <sup>(a)</sup>  | 718 | 682 |
| Fannie Mae Pool #MA3058 4.00% 7/1/2047 <sup>(a)</sup>  | 33 | 31 |
| Fannie Mae Pool #CA0770 3.50% 11/1/2047 <sup>(a)</sup>  | 3882 | 3556 |
| Fannie Mae Pool #BJ1515 4.00% 11/1/2047 <sup>(a)</sup>  | 1806 | 1712 |
| Fannie Mae Pool #CA0706 4.00% 11/1/2047 <sup>(a)</sup>  | 68 | 65 |
| Fannie Mae Pool #BM4413 4.50% 12/1/2047 <sup>(a)</sup>  | 2106 | 2050 |
| Fannie Mae Pool #CA1189 3.50% 2/1/2048 <sup>(a)</sup>  | 1098 | 1005 |
| Fannie Mae Pool #BJ5749 4.00% 5/1/2048 <sup>(a)</sup>  | 14 | 13 |
| Fannie Mae Pool #BF0293 3.00% 7/1/2048 <sup>(a)</sup>  | 5389 | 4782 |
| Fannie Mae Pool #BF0318 3.50% 8/1/2048 <sup>(a)</sup>  | 4077 | 3720 |
| Fannie Mae Pool #BM5349 4.00% 9/1/2048 <sup>(a)</sup>  | 17796 | 16865 |
| Fannie Mae Pool #FM4891 3.50% 10/1/2048 <sup>(a)</sup>  | 16585 | 15335 |
| Fannie Mae Pool #BM4676 4.00% 10/1/2048 <sup>(a)</sup>  | 10 | 9 |
| Fannie Mae Pool #FM3280 3.50% 5/1/2049 <sup>(a)</sup>  | 419 | 390 |
| Fannie Mae Pool #CA3807 3.00% 7/1/2049 <sup>(a)</sup>  | 1136 | 1011 |
| Fannie Mae Pool #CA3806 3.00% 7/1/2049 <sup>(a)</sup>  | 757 | 675 |
| Fannie Mae Pool #FS5372 3.50% 7/1/2049 <sup>(a)</sup>  | 2186 | 2014 |
| Fannie Mae Pool #FM1262 4.00% 7/1/2049 <sup>(a)</sup>  | 17711 | 16743 |
| Fannie Mae Pool #FM0007 3.50% 9/1/2049 <sup>(a)</sup>  | 12601 | 11515 |
| Fannie Mae Pool #FM1589 3.50% 9/1/2049 <sup>(a)</sup>  | 3335 | 3040 |
| Fannie Mae Pool #FM1954 3.50% 11/1/2049 <sup>(a)</sup>  | 5246 | 4780 |
| Fannie Mae Pool #FS5313 3.50% 1/1/2050 <sup>(a)</sup>  | 25007 | 22957 |
| Fannie Mae Pool #CA5504 2.50% 4/1/2050 <sup>(a)</sup>  | 11 | 9 |
| Fannie Mae Pool #CA5968 2.50% 6/1/2050 <sup>(a)</sup>  | 4987 | 4205 |
| Fannie Mae Pool #CA6168 2.50% 6/1/2050 <sup>(a)</sup>  | 532 | 443 |
| Fannie Mae Pool #FM5507 3.00% 7/1/2050 <sup>(a)</sup>  | 15444 | 13669 |
| Fannie Mae Pool #CA6309 3.00% 7/1/2050 <sup>(a)</sup>  | 5242 | 4672 |
| Fannie Mae Pool #CA6349 3.00% 7/1/2050 <sup>(a)</sup>  | 1684 | 1466 |
| Fannie Mae Pool #CA6727 2.50% 8/1/2050 <sup>(a)</sup>  | 4698 | 3912 |
| Fannie Mae Pool #CA6918 2.50% 8/1/2050 <sup>(a)</sup>  | 965 | 802 |
| Fannie Mae Pool #FP0058 2.50% 8/1/2050 <sup>(a)</sup>  | 610 | 507 |
| Fannie Mae Pool #CA6740 3.00% 8/1/2050 <sup>(a)</sup>  | 956 | 832 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **149** | American Funds Insurance Series |

---

------

The Bond Fund of America<sup>®</sup> (continued)

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount<br> (000)<br>| Value<br> (000)<br>|
| **Mortgage-backed obligations (continued)** | **Mortgage-backed obligations (continued)** | **Mortgage-backed obligations (continued)** |
| **Federal agency mortgage-backed obligations (continued)** |  |  |
| Fannie Mae Pool #BQ1226 2.00% 9/1/2050 <sup>(a)</sup>  | USD1,627 | $1298 |
| Fannie Mae Pool #BP6715 2.00% 9/1/2050 <sup>(a)</sup>  | 1 | 1 |
| Fannie Mae Pool #CA7040 2.50% 9/1/2050 <sup>(a)</sup>  | 17165 | 14257 |
| Fannie Mae Pool #FM4256 2.50% 9/1/2050 <sup>(a)</sup>  | 2635 | 2226 |
| Fannie Mae Pool #CA7028 2.50% 9/1/2050 <sup>(a)</sup>  | 896 | 757 |
| Fannie Mae Pool #FM7195 2.50% 9/1/2050 <sup>(a)</sup>  | 423 | 351 |
| Fannie Mae Pool #CA7052 3.00% 9/1/2050 <sup>(a)</sup>  | 306 | 268 |
| Fannie Mae Pool #CA7529 2.50% 10/1/2050 <sup>(a)</sup>  | 902 | 749 |
| Fannie Mae Pool #CA7257 2.50% 10/1/2050 <sup>(a)</sup>  | 255 | 215 |
| Fannie Mae Pool #FM4684 2.50% 10/1/2050 <sup>(a)</sup>  | 191 | 159 |
| Fannie Mae Pool #FP0034 2.50% 10/1/2050 <sup>(a)</sup>  | 179 | 149 |
| Fannie Mae Pool #CA7381 3.00% 10/1/2050 <sup>(a)</sup>  | 1485 | 1292 |
| Fannie Mae Pool #FM4870 2.00% 11/1/2050 <sup>(a)</sup>  | 1809 | 1434 |
| Fannie Mae Pool #CA7599 2.50% 11/1/2050 <sup>(a)</sup>  | 6060 | 5121 |
| Fannie Mae Pool #FM5309 2.50% 11/1/2050 <sup>(a)</sup>  | 1123 | 933 |
| Fannie Mae Pool #BQ7564 2.50% 11/1/2050 <sup>(a)</sup>  | 659 | 548 |
| Fannie Mae Pool #CA7743 2.50% 11/1/2050 <sup>(a)</sup>  | 25 | 21 |
| Fannie Mae Pool #FM4897 3.00% 11/1/2050 <sup>(a)</sup>  | 15025 | 13416 |
| Fannie Mae Pool #MA4208 2.00% 12/1/2050 <sup>(a)</sup>  | 1045 | 834 |
| Fannie Mae Pool #FM5166 3.00% 12/1/2050 <sup>(a)</sup>  | 1022 | 889 |
| Fannie Mae Pool #MA4237 2.00% 1/1/2051 <sup>(a)</sup>  | 6554 | 5230 |
| Fannie Mae Pool #BR4104 2.00% 1/1/2051 <sup>(a)</sup>  | 5062 | 4049 |
| Fannie Mae Pool #CA8587 2.00% 1/1/2051 <sup>(a)</sup>  | 41 | 33 |
| Fannie Mae Pool #FM6113 2.50% 1/1/2051 <sup>(a)</sup>  | 21322 | 17821 |
| Fannie Mae Pool #FS5929 2.50% 1/1/2051 <sup>(a)</sup>  | 1550 | 1289 |
| Fannie Mae Pool #FS3550 2.50% 1/1/2051 <sup>(a)</sup>  | 934 | 776 |
| Fannie Mae Pool #FM6293 3.00% 1/1/2051 <sup>(a)</sup>  | 64 | 56 |
| Fannie Mae Pool #BR3283 2.00% 2/1/2051 <sup>(a)</sup>  | 3278 | 2599 |
| Fannie Mae Pool #FM6332 2.00% 2/1/2051 <sup>(a)</sup>  | 717 | 568 |
| Fannie Mae Pool #BR2666 2.00% 2/1/2051 <sup>(a)</sup>  | 377 | 303 |
| Fannie Mae Pool #CA8828 2.50% 2/1/2051 <sup>(a)</sup>  | 5016 | 4234 |
| Fannie Mae Pool #CA9289 2.50% 2/1/2051 <sup>(a)</sup>  | 3501 | 2911 |
| Fannie Mae Pool #FM6556 2.00% 3/1/2051 <sup>(a)</sup>  | 348 | 276 |
| Fannie Mae Pool #FM6764 2.50% 3/1/2051 <sup>(a)</sup>  | 7432 | 6170 |
| Fannie Mae Pool #CA9390 2.50% 3/1/2051 <sup>(a)</sup>  | 1720 | 1428 |
| Fannie Mae Pool #BQ7729 2.50% 3/1/2051 <sup>(a)</sup>  | 966 | 802 |
| Fannie Mae Pool #BR3771 2.00% 4/1/2051 <sup>(a)</sup>  | 8557 | 6789 |
| Fannie Mae Pool #BR7191 2.00% 4/1/2051 <sup>(a)</sup>  | 1832 | 1452 |
| Fannie Mae Pool #BR7719 2.00% 4/1/2051 <sup>(a)</sup>  | 572 | 453 |
| Fannie Mae Pool #MA4305 2.00% 4/1/2051 <sup>(a)</sup>  | 28 | 23 |
| Fannie Mae Pool #BN9135 2.50% 4/1/2051 <sup>(a)</sup>  | 4948 | 4108 |
| Fannie Mae Pool #FM6871 2.50% 4/1/2051 <sup>(a)</sup>  | 4637 | 3850 |
| Fannie Mae Pool #MA4306 2.50% 4/1/2051 <sup>(a)</sup>  | 2463 | 2058 |
| Fannie Mae Pool #FS0030 2.50% 4/1/2051 <sup>(a)</sup>  | 172 | 143 |
| Fannie Mae Pool #FM6965 2.50% 4/1/2051 <sup>(a)</sup>  | 116 | 97 |
| Fannie Mae Pool #CB0191 3.00% 4/1/2051 <sup>(a)</sup>  | 3041 | 2658 |
| Fannie Mae Pool #CB0193 3.00% 4/1/2051 <sup>(a)</sup>  | 375 | 328 |
| Fannie Mae Pool #BT0519 2.00% 5/1/2051 <sup>(a)</sup>  | 10603 | 8405 |
| Fannie Mae Pool #FM7411 2.00% 5/1/2051 <sup>(a)</sup>  | 1779 | 1410 |
| Fannie Mae Pool #BR1035 2.00% 5/1/2051 <sup>(a)</sup>  | 17 | 13 |
| Fannie Mae Pool #FM7325 2.50% 5/1/2051 <sup>(a)</sup>  | 1906 | 1590 |
| Fannie Mae Pool #CB0396 2.50% 5/1/2051 <sup>(a)</sup>  | 1800 | 1494 |
| Fannie Mae Pool #FM7408 2.50% 5/1/2051 <sup>(a)</sup>  | 590 | 490 |
| Fannie Mae Pool #BR0999 2.50% 5/1/2051 <sup>(a)</sup>  | 475 | 394 |
| Fannie Mae Pool #FM7409 2.50% 5/1/2051 <sup>(a)</sup>  | 162 | 135 |
| Fannie Mae Pool #FM7222 2.50% 5/1/2051 <sup>(a)</sup>  | 33 | 27 |
| Fannie Mae Pool #FM7304 2.50% 5/1/2051 <sup>(a)</sup>  | 27 | 23 |
| Fannie Mae Pool #BT0136 2.00% 6/1/2051 <sup>(a)</sup>  | 1879 | 1489 |
| Fannie Mae Pool #FM7803 2.00% 6/1/2051 <sup>(a)</sup>  | 503 | 405 |
| Fannie Mae Pool #FM7740 2.50% 6/1/2051 <sup>(a)</sup>  | 47 | 39 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| American Funds Insurance Series | **150** |

---

------

The Bond Fund of America<sup>®</sup> (continued)

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount<br> (000)<br>| Value<br> (000)<br>|
| **Mortgage-backed obligations (continued)** | **Mortgage-backed obligations (continued)** | **Mortgage-backed obligations (continued)** |
| **Federal agency mortgage-backed obligations (continued)** |  |  |
| Fannie Mae Pool #FM7909 3.00% 6/1/2051 <sup>(a)</sup>  | USD277 | $242 |
| Fannie Mae Pool #FM7510 3.00% 6/1/2051 <sup>(a)</sup>  | 197 | 172 |
| Fannie Mae Pool #MA4378 2.00% 7/1/2051 <sup>(a)</sup>  | 77 | 61 |
| Fannie Mae Pool #CB0988 2.50% 7/1/2051 <sup>(a)</sup>  | 8722 | 7332 |
| Fannie Mae Pool #BT0849 2.50% 7/1/2051 <sup>(a)</sup>  | 4773 | 3965 |
| Fannie Mae Pool #FM9530 2.50% 7/1/2051 <sup>(a)</sup>  | 4453 | 3697 |
| Fannie Mae Pool #FM8315 2.50% 7/1/2051 <sup>(a)</sup>  | 996 | 829 |
| Fannie Mae Pool #CB1134 2.50% 7/1/2051 <sup>(a)</sup>  | 928 | 770 |
| Fannie Mae Pool #BT1288 2.50% 7/1/2051 <sup>(a)</sup>  | 573 | 475 |
| Fannie Mae Pool #FM7900 2.50% 7/1/2051 <sup>(a)</sup>  | 427 | 360 |
| Fannie Mae Pool #CB1066 2.50% 7/1/2051 <sup>(a)</sup>  | 216 | 181 |
| Fannie Mae Pool #CB1304 3.00% 8/1/2051 <sup>(a)</sup>  | 1347 | 1186 |
| Fannie Mae Pool #BT7309 2.00% 9/1/2051 <sup>(a)</sup>  | 10828 | 8583 |
| Fannie Mae Pool #FS1630 2.50% 9/1/2051 <sup>(a)</sup>  | 3121 | 2591 |
| Fannie Mae Pool #FM8761 2.50% 9/1/2051 <sup>(a)</sup>  | 1964 | 1631 |
| Fannie Mae Pool #CB1527 2.50% 9/1/2051 <sup>(a)</sup>  | 1043 | 874 |
| Fannie Mae Pool #CB1552 2.50% 9/1/2051 <sup>(a)</sup>  | 487 | 406 |
| Fannie Mae Pool #FS4711 2.50% 9/1/2051 <sup>(a)</sup>  | 437 | 363 |
| Fannie Mae Pool #BQ7428 2.50% 9/1/2051 <sup>(a)</sup>  | 316 | 264 |
| Fannie Mae Pool #BT7263 2.50% 9/1/2051 <sup>(a)</sup>  | 302 | 251 |
| Fannie Mae Pool #FM8692 2.50% 9/1/2051 <sup>(a)</sup>  | 56 | 46 |
| Fannie Mae Pool #FM8827 2.00% 10/1/2051 <sup>(a)</sup>  | 1653 | 1311 |
| Fannie Mae Pool #FS5125 2.50% 10/1/2051 <sup>(a)</sup>  | 319 | 265 |
| Fannie Mae Pool #FS4628 3.00% 10/1/2051 <sup>(a)</sup>  | 3092 | 2702 |
| Fannie Mae Pool #MA4465 2.00% 11/1/2051 <sup>(a)</sup>  | 4430 | 3521 |
| Fannie Mae Pool #FS0965 2.00% 11/1/2051 <sup>(a)</sup>  | 128 | 102 |
| Fannie Mae Pool #CB2088 2.50% 11/1/2051 <sup>(a)</sup>  | 94 | 78 |
| Fannie Mae Pool #FM9810 3.00% 11/1/2051 <sup>(a)</sup>  | 904 | 788 |
| Fannie Mae Pool #MA4492 2.00% 12/1/2051 <sup>(a)</sup>  | 812 | 646 |
| Fannie Mae Pool #FM9672 2.50% 12/1/2051 <sup>(a)</sup>  | 1934 | 1606 |
| Fannie Mae Pool #CB2787 3.50% 12/1/2051 <sup>(a)</sup>  | 21 | 19 |
| Fannie Mae Pool #BQ7006 2.00% 1/1/2052 <sup>(a)</sup>  | 1846 | 1466 |
| Fannie Mae Pool #BU7233 2.00% 1/1/2052 <sup>(a)</sup>  | 933 | 740 |
| Fannie Mae Pool #FS6479 2.50% 1/1/2052 <sup>(a)</sup>  | 4462 | 3710 |
| Fannie Mae Pool #FS0392 2.50% 1/1/2052 <sup>(a)</sup>  | 2098 | 1741 |
| Fannie Mae Pool #FS4203 2.50% 1/1/2052 <sup>(a)</sup>  | 1126 | 935 |
| Fannie Mae Pool #FS5613 2.50% 1/1/2052 <sup>(a)</sup>  | 337 | 280 |
| Fannie Mae Pool #FS0454 3.00% 1/1/2052 <sup>(a)</sup>  | 969 | 848 |
| Fannie Mae Pool #BV3076 2.00% 2/1/2052 <sup>(a)</sup>  | 15112 | 11989 |
| Fannie Mae Pool #MA4547 2.00% 2/1/2052 <sup>(a)</sup>  | 2497 | 1984 |
| Fannie Mae Pool #BV3083 2.00% 2/1/2052 <sup>(a)</sup>  | 809 | 642 |
| Fannie Mae Pool #BT1967 2.50% 2/1/2052 <sup>(a)</sup>  | 1648 | 1374 |
| Fannie Mae Pool #MA4548 2.50% 2/1/2052 <sup>(a)</sup>  | 885 | 737 |
| Fannie Mae Pool #FS1080 2.50% 2/1/2052 <sup>(a)</sup>  | 731 | 607 |
| Fannie Mae Pool #FS2660 2.50% 2/1/2052 <sup>(a)</sup>  | 488 | 406 |
| Fannie Mae Pool #FS1885 2.50% 2/1/2052 <sup>(a)</sup>  | 441 | 366 |
| Fannie Mae Pool #CB3099 2.50% 2/1/2052 <sup>(a)</sup>  | 256 | 213 |
| Fannie Mae Pool #FS0647 3.00% 2/1/2052 <sup>(a)</sup>  | 32666 | 28775 |
| Fannie Mae Pool #BV3101 2.00% 3/1/2052 <sup>(a)</sup>  | 1573 | 1247 |
| Fannie Mae Pool #MA4562 2.00% 3/1/2052 <sup>(a)</sup>  | 1256 | 997 |
| Fannie Mae Pool #FS1742 2.00% 3/1/2052 <sup>(a)</sup>  | 1073 | 853 |
| Fannie Mae Pool #BV4172 2.00% 3/1/2052 <sup>(a)</sup>  | 867 | 687 |
| Fannie Mae Pool #BV4133 2.50% 3/1/2052 <sup>(a)</sup>  | 2759 | 2291 |
| Fannie Mae Pool #CB3031 2.50% 3/1/2052 <sup>(a)</sup>  | 1766 | 1472 |
| Fannie Mae Pool #FS4433 2.50% 3/1/2052 <sup>(a)</sup>  | 642 | 535 |
| Fannie Mae Pool #BV4119 2.50% 3/1/2052 <sup>(a)</sup>  | 359 | 300 |
| Fannie Mae Pool #MA4563 2.50% 3/1/2052 <sup>(a)</sup>  | 35 | 29 |
| Fannie Mae Pool #FS1598 2.00% 4/1/2052 <sup>(a)</sup>  | 1663 | 1321 |
| Fannie Mae Pool #MA4577 2.00% 4/1/2052 <sup>(a)</sup>  | 750 | 596 |
| Fannie Mae Pool #CB3354 2.50% 4/1/2052 <sup>(a)</sup>  | 31581 | 26219 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **151** | American Funds Insurance Series |

---

------

The Bond Fund of America<sup>®</sup> (continued)

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount<br> (000)<br>| Value<br> (000)<br>|
| **Mortgage-backed obligations (continued)** | **Mortgage-backed obligations (continued)** | **Mortgage-backed obligations (continued)** |
| **Federal agency mortgage-backed obligations (continued)** |  |  |
| Fannie Mae Pool #BV4656 2.50% 4/1/2052 <sup>(a)</sup>  | USD1,597 | $1329 |
| Fannie Mae Pool #CB3379 4.00% 4/1/2052 <sup>(a)</sup>  | 1455 | 1358 |
| Fannie Mae Pool #FS1655 4.00% 4/1/2052 <sup>(a)</sup>  | 264 | 246 |
| Fannie Mae Pool #FS9189 2.00% 5/1/2052 <sup>(a)</sup>  | 3727 | 2963 |
| Fannie Mae Pool #FS8650 2.50% 5/1/2052 <sup>(a)</sup>  | 20741 | 17232 |
| Fannie Mae Pool #BV9644 2.50% 5/1/2052 <sup>(a)</sup>  | 2186 | 1821 |
| Fannie Mae Pool #MA4598 2.50% 5/1/2052 <sup>(a)</sup>  | 968 | 805 |
| Fannie Mae Pool #MA4623 2.50% 6/1/2052 <sup>(a)</sup>  | 150 | 125 |
| Fannie Mae Pool #CB4021 4.00% 6/1/2052 <sup>(a)</sup>  | 3018 | 2816 |
| Fannie Mae Pool #BW1931 5.00% 6/1/2052 <sup>(a)</sup>  | 3072 | 3024 |
| Fannie Mae Pool #BT8262 5.00% 6/1/2052 <sup>(a)</sup>  | 1375 | 1356 |
| Fannie Mae Pool #FS6631 2.50% 7/1/2052 <sup>(a)</sup>  | 738 | 614 |
| Fannie Mae Pool #CB4274 2.50% 7/1/2052 <sup>(a)</sup>  | 432 | 358 |
| Fannie Mae Pool #FS5493 2.50% 7/1/2052 <sup>(a)</sup>  | 136 | 113 |
| Fannie Mae Pool #BW0959 5.00% 7/1/2052 <sup>(a)</sup>  | 2813 | 2773 |
| Fannie Mae Pool #BV8976 5.00% 8/1/2052 <sup>(a)</sup>  | 568 | 563 |
| Fannie Mae Pool #FS2805 2.50% 9/1/2052 <sup>(a)</sup>  | 453 | 377 |
| Fannie Mae Pool #BW1192 4.50% 9/1/2052 <sup>(a)</sup>  | 255 | 244 |
| Fannie Mae Pool #BW8497 4.50% 9/1/2052 <sup>(a)</sup>  | 59 | 56 |
| Fannie Mae Pool #CB4620 5.00% 9/1/2052 <sup>(a)</sup>  | 8469 | 8374 |
| Fannie Mae Pool #FS3056 2.00% 10/1/2052 <sup>(a)</sup>  | 9096 | 7216 |
| Fannie Mae Pool #CB4852 4.50% 10/1/2052 <sup>(a)</sup>  | 9772 | 9371 |
| Fannie Mae Pool #BX0097 4.50% 10/1/2052 <sup>(a)</sup>  | 2518 | 2418 |
| Fannie Mae Pool #MA4785 5.00% 10/1/2052 <sup>(a)</sup>  | 2466 | 2430 |
| Fannie Mae Pool #BW1289 5.50% 10/1/2052 <sup>(a)</sup>  | 2770 | 2780 |
| Fannie Mae Pool #BW1243 5.50% 10/1/2052 <sup>(a)</sup>  | 2519 | 2530 |
| Fannie Mae Pool #MA4820 6.50% 10/1/2052 <sup>(a)</sup>  | 205 | 214 |
| Fannie Mae Pool #BX1132 4.50% 11/1/2052 <sup>(a)</sup>  | 847 | 812 |
| Fannie Mae Pool #BX5673 5.00% 12/1/2052 <sup>(a)</sup>  | 133 | 130 |
| Fannie Mae Pool #CB5778 6.00% 12/1/2052 <sup>(a)</sup>  | 37 | 37 |
| Fannie Mae Pool #BX5927 4.00% 1/1/2053 <sup>(a)</sup>  | 272 | 253 |
| Fannie Mae Pool #FS6769 5.00% 1/1/2053 <sup>(a)</sup>  | 30348 | 29904 |
| Fannie Mae Pool #FS4435 2.50% 2/1/2053 <sup>(a)</sup>  | 687 | 570 |
| Fannie Mae Pool #MA4916 4.00% 2/1/2053 <sup>(a)</sup>  | 4621 | 4302 |
| Fannie Mae Pool #MA4918 5.00% 2/1/2053 <sup>(a)</sup>  | 593 | 584 |
| Fannie Mae Pool #BW5268 4.00% 3/1/2053 <sup>(a)</sup>  | 407 | 379 |
| Fannie Mae Pool #CB5986 5.00% 3/1/2053 <sup>(a)</sup>  | 151 | 149 |
| Fannie Mae Pool #BX7779 5.50% 3/1/2053 <sup>(a)</sup>  | 4058 | 4079 |
| Fannie Mae Pool #FS4191 5.50% 3/1/2053 <sup>(a)</sup>  | 423 | 426 |
| Fannie Mae Pool #BX7949 6.00% 3/1/2053 <sup>(a)</sup>  | 1000 | 1018 |
| Fannie Mae Pool #CB5912 6.00% 3/1/2053 <sup>(a)</sup>  | 835 | 855 |
| Fannie Mae Pool #MA4993 4.00% 4/1/2053 <sup>(a)</sup>  | 4281 | 3986 |
| Fannie Mae Pool #MA4977 4.50% 4/1/2053 <sup>(a)</sup>  | 656 | 629 |
| Fannie Mae Pool #MA4978 5.00% 4/1/2053 <sup>(a)</sup>  | 15642 | 15388 |
| Fannie Mae Pool #BX9041 5.00% 4/1/2053 <sup>(a)</sup>  | 88 | 87 |
| Fannie Mae Pool #BY0130 5.50% 4/1/2053 <sup>(a)</sup>  | 960 | 965 |
| Fannie Mae Pool #CB6033 6.00% 4/1/2053 <sup>(a)</sup>  | 17738 | 18159 |
| Fannie Mae Pool #MA5027 4.00% 5/1/2053 <sup>(a)</sup>  | 4697 | 4377 |
| Fannie Mae Pool #CB6985 4.00% 5/1/2053 <sup>(a)</sup>  | 432 | 403 |
| Fannie Mae Pool #CB6297 4.00% 5/1/2053 <sup>(a)</sup>  | 30 | 28 |
| Fannie Mae Pool #BX9827 5.00% 5/1/2053 <sup>(a)</sup>  | 10478 | 10313 |
| Fannie Mae Pool #FS4563 5.00% 5/1/2053 <sup>(a)</sup>  | 2900 | 2865 |
| Fannie Mae Pool #MA5009 5.00% 5/1/2053 <sup>(a)</sup>  | 2760 | 2714 |
| Fannie Mae Pool #MA5010 5.50% 5/1/2053 <sup>(a)</sup>  | 5894 | 5907 |
| Fannie Mae Pool #MA5011 6.00% 5/1/2053 <sup>(a)</sup>  | 7060 | 7203 |
| Fannie Mae Pool #BW9618 3.00% 6/1/2053 <sup>(a)</sup>  | 615 | 533 |
| Fannie Mae Pool #CB6471 4.50% 6/1/2053 <sup>(a)</sup>  | 2902 | 2782 |
| Fannie Mae Pool #FS5192 5.50% 6/1/2053 <sup>(a)</sup>  | 6679 | 6694 |
| Fannie Mae Pool #MA5039 5.50% 6/1/2053 <sup>(a)</sup>  | 6347 | 6360 |
| Fannie Mae Pool #BY3612 5.50% 6/1/2053 <sup>(a)</sup>  | 311 | 312 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| American Funds Insurance Series | **152** |

---

------

The Bond Fund of America<sup>®</sup> (continued)

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount<br> (000)<br>| Value<br> (000)<br>|
| **Mortgage-backed obligations (continued)** | **Mortgage-backed obligations (continued)** | **Mortgage-backed obligations (continued)** |
| **Federal agency mortgage-backed obligations (continued)** |  |  |
| Fannie Mae Pool #CB6485 6.00% 6/1/2053 <sup>(a)</sup>  | USD3,837 | $3904 |
| Fannie Mae Pool #CB6486 6.00% 6/1/2053 <sup>(a)</sup>  | 2380 | 2432 |
| Fannie Mae Pool #CB6465 6.00% 6/1/2053 <sup>(a)</sup>  | 1799 | 1841 |
| Fannie Mae Pool #FS7823 2.00% 7/1/2053 <sup>(a)</sup>  | 6068 | 4820 |
| Fannie Mae Pool #FS9167 2.50% 7/1/2053 <sup>(a)</sup>  | 3642 | 3024 |
| Fannie Mae Pool #FS6037 2.50% 7/1/2053 <sup>(a)</sup>  | 152 | 126 |
| Fannie Mae Pool #CB6626 4.00% 7/1/2053 <sup>(a)</sup>  | 75 | 70 |
| Fannie Mae Pool #MA5070 4.50% 7/1/2053 <sup>(a)</sup>  | 19842 | 19022 |
| Fannie Mae Pool #BY4459 5.00% 7/1/2053 <sup>(a)</sup>  | 591 | 583 |
| Fannie Mae Pool #BU4112 5.00% 7/1/2053 <sup>(a)</sup>  | 93 | 92 |
| Fannie Mae Pool #MA5072 5.50% 7/1/2053 <sup>(a)</sup>  | 3400 | 3407 |
| Fannie Mae Pool #CB6768 6.50% 7/1/2053 <sup>(a)</sup>  | 7908 | 8229 |
| Fannie Mae Pool #MA5107 5.50% 8/1/2053 <sup>(a)</sup>  | 23480 | 23524 |
| Fannie Mae Pool #FS6666 5.50% 8/1/2053 <sup>(a)</sup>  | 12744 | 12787 |
| Fannie Mae Pool #CB7108 5.50% 9/1/2053 <sup>(a)</sup>  | 6200 | 6224 |
| Fannie Mae Pool #CB7104 5.50% 9/1/2053 <sup>(a)</sup>  | 531 | 532 |
| Fannie Mae Pool #MA5139 6.00% 9/1/2053 <sup>(a)</sup>  | 5000 | 5091 |
| Fannie Mae Pool #FS5749 6.50% 9/1/2053 <sup>(a)</sup>  | 15338 | 15862 |
| Fannie Mae Pool #MA5177 4.00% 10/1/2053 <sup>(a)</sup>  | 7575 | 7055 |
| Fannie Mae Pool #CB7332 5.50% 10/1/2053 <sup>(a)</sup>  | 11829 | 11871 |
| Fannie Mae Pool #CB7331 5.50% 10/1/2053 <sup>(a)</sup>  | 6558 | 6583 |
| Fannie Mae Pool #CB7725 6.00% 10/1/2053 <sup>(a)</sup>  | 8769 | 8929 |
| Fannie Mae Pool #DA1557 6.00% 10/1/2053 <sup>(a)</sup>  | 152 | 154 |
| Fannie Mae Pool #FS7252 5.00% 11/1/2053 <sup>(a)</sup>  | 63161 | 62069 |
| Fannie Mae Pool #CB7426 6.50% 11/1/2053 <sup>(a)</sup>  | 2116 | 2196 |
| Fannie Mae Pool #FS6668 5.50% 12/1/2053 <sup>(a)</sup>  | 1917 | 1920 |
| Fannie Mae Pool #CB7626 6.50% 12/1/2053 <sup>(a)</sup>  | 774 | 806 |
| Fannie Mae Pool #MA5218 7.00% 12/1/2053 <sup>(a)</sup>  | 965 | 1018 |
| Fannie Mae Pool #FS6767 6.50% 1/1/2054 <sup>(a)</sup>  | 5281 | 5488 |
| Fannie Mae Pool #FS6873 6.50% 1/1/2054 <sup>(a)</sup>  | 1292 | 1336 |
| Fannie Mae Pool #FS9507 4.50% 2/1/2054 <sup>(a)</sup>  | 2980 | 2855 |
| Fannie Mae Pool #MA5271 5.50% 2/1/2054 <sup>(a)</sup>  | 2613 | 2616 |
| Fannie Mae Pool #FS6809 5.50% 2/1/2054 <sup>(a)</sup>  | 1777 | 1779 |
| Fannie Mae Pool #FS7031 6.00% 2/1/2054 <sup>(a)</sup>  | 7083 | 7251 |
| Fannie Mae Pool #FS7503 6.00% 2/1/2054 <sup>(a)</sup>  | 5296 | 5387 |
| Fannie Mae Pool #CB8422 6.00% 2/1/2054 <sup>(a)</sup>  | 1902 | 1936 |
| Fannie Mae Pool #DA7831 6.00% 2/1/2054 <sup>(a)</sup>  | 1771 | 1802 |
| Fannie Mae Pool #BY8083 4.00% 3/1/2054 <sup>(a)</sup>  | 25 | 23 |
| Fannie Mae Pool #FS9508 4.50% 3/1/2054 <sup>(a)</sup>  | 14405 | 13808 |
| Fannie Mae Pool #CB8151 5.50% 3/1/2054 <sup>(a)</sup>  | 19135 | 19189 |
| Fannie Mae Pool #MA5296 5.50% 3/1/2054 <sup>(a)</sup>  | 1607 | 1608 |
| Fannie Mae Pool #FS7507 6.00% 3/1/2054 <sup>(a)</sup>  | 5058 | 5178 |
| Fannie Mae Pool #CB8168 6.00% 3/1/2054 <sup>(a)</sup>  | 3391 | 3455 |
| Fannie Mae Pool #MA5295 6.00% 3/1/2054 <sup>(a)</sup>  | 1742 | 1773 |
| Fannie Mae Pool #FS7653 6.50% 3/1/2054 <sup>(a)</sup>  | 4359 | 4537 |
| Fannie Mae Pool #CB8328 5.50% 4/1/2054 <sup>(a)</sup>  | 4987 | 5023 |
| Fannie Mae Pool #DB1235 6.00% 4/1/2054 <sup>(a)</sup>  | 5405 | 5542 |
| Fannie Mae Pool #DB5160 5.50% 5/1/2054 <sup>(a)</sup>  | 594 | 596 |
| Fannie Mae Pool #MA5354 6.00% 5/1/2054 <sup>(a)</sup>  | 384 | 391 |
| Fannie Mae Pool #DB2495 6.00% 5/1/2054 <sup>(a)</sup>  | 228 | 232 |
| Fannie Mae Pool #MA5388 5.50% 6/1/2054 <sup>(a)</sup>  | 2702 | 2704 |
| Fannie Mae Pool #FS8131 5.50% 6/1/2054 <sup>(a)</sup>  | 1869 | 1879 |
| Fannie Mae Pool #FS8153 6.00% 6/1/2054 <sup>(a)</sup>  | 18915 | 19367 |
| Fannie Mae Pool #CB8755 6.00% 6/1/2054 <sup>(a)</sup>  | 1261 | 1291 |
| Fannie Mae Pool #DB5030 6.00% 6/1/2054 <sup>(a)</sup>  | 1195 | 1216 |
| Fannie Mae Pool #CB8725 6.50% 6/1/2054 <sup>(a)</sup>  | 10755 | 11178 |
| Fannie Mae Pool #CB8842 5.50% 7/1/2054 <sup>(a)</sup>  | 6987 | 6999 |
| Fannie Mae Pool #FS8467 5.50% 7/1/2054 <sup>(a)</sup>  | 1490 | 1499 |
| Fannie Mae Pool #MA5421 6.00% 7/1/2054 <sup>(a)</sup>  | 33148 | 33719 |
| Fannie Mae Pool #FS8318 6.00% 7/1/2054 <sup>(a)</sup>  | 5109 | 5243 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **153** | American Funds Insurance Series |

---

------

The Bond Fund of America<sup>®</sup> (continued)

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount<br> (000)<br>| Value<br> (000)<br>|
| **Mortgage-backed obligations (continued)** | **Mortgage-backed obligations (continued)** | **Mortgage-backed obligations (continued)** |
| **Federal agency mortgage-backed obligations (continued)** |  |  |
| Fannie Mae Pool #CB8858 6.00% 7/1/2054 <sup>(a)</sup>  | USD2,600 | $2655 |
| Fannie Mae Pool #DB6901 6.00% 7/1/2054 <sup>(a)</sup>  | 2391 | 2433 |
| Fannie Mae Pool #FS8591 6.00% 7/1/2054 <sup>(a)</sup>  | 2197 | 2255 |
| Fannie Mae Pool #DB7685 6.00% 7/1/2054 <sup>(a)</sup>  | 1316 | 1340 |
| Fannie Mae Pool #BU4707 6.00% 7/1/2054 <sup>(a)</sup>  | 1237 | 1258 |
| Fannie Mae Pool #DB5214 6.00% 7/1/2054 <sup>(a)</sup>  | 596 | 606 |
| Fannie Mae Pool #CB8872 6.50% 7/1/2054 <sup>(a)</sup>  | 16780 | 17475 |
| Fannie Mae Pool #CB8876 6.50% 7/1/2054 <sup>(a)</sup>  | 4952 | 5148 |
| Fannie Mae Pool #FS8317 6.50% 7/1/2054 <sup>(a)</sup>  | 2806 | 2922 |
| Fannie Mae Pool #DB7783 5.50% 8/1/2054 <sup>(a)</sup>  | 136 | 136 |
| Fannie Mae Pool #MA5445 6.00% 8/1/2054 <sup>(a)</sup>  | 44877 | 45653 |
| Fannie Mae Pool #DC0299 6.00% 8/1/2054 <sup>(a)</sup>  | 1348 | 1373 |
| Fannie Mae Pool #FS8795 6.00% 8/1/2054 <sup>(a)</sup>  | 1289 | 1312 |
| Fannie Mae Pool #DB7792 6.00% 8/1/2054 <sup>(a)</sup>  | 1041 | 1059 |
| Fannie Mae Pool #FS8757 6.00% 8/1/2054 <sup>(a)</sup>  | 227 | 232 |
| Fannie Mae Pool #BU4916 6.00% 8/1/2054 <sup>(a)</sup>  | 111 | 113 |
| Fannie Mae Pool #FS8756 6.00% 8/1/2054 <sup>(a)</sup>  | 96 | 98 |
| Fannie Mae Pool #FS8783 6.50% 8/1/2054 <sup>(a)</sup>  | 2318 | 2414 |
| Fannie Mae Pool #CB9071 6.50% 8/1/2054 <sup>(a)</sup>  | 2007 | 2091 |
| Fannie Mae Pool #MA5470 5.50% 9/1/2054 <sup>(a)</sup>  | 3624 | 3627 |
| Fannie Mae Pool #FS9001 5.50% 9/1/2054 <sup>(a)</sup>  | 1709 | 1724 |
| Fannie Mae Pool #FS9025 5.50% 9/1/2054 <sup>(a)</sup>  | 1269 | 1276 |
| Fannie Mae Pool #DC2270 6.00% 9/1/2054 <sup>(a)</sup>  | 82 | 84 |
| Fannie Mae Pool #MA5498 6.00% 10/1/2054 <sup>(a)</sup>  | 887 | 902 |
| Fannie Mae Pool #MA5530 5.00% 11/1/2054 <sup>(a)</sup>  | 5359 | 5256 |
| Fannie Mae Pool #MA5531 5.50% 11/1/2054 <sup>(a)</sup>  | 4532 | 4536 |
| Fannie Mae Pool #MA5532 6.00% 11/1/2054 <sup>(a)</sup>  | 3500 | 3559 |
| Fannie Mae Pool #DC7042 4.50% 12/1/2054 <sup>(a)</sup>  | 264 | 254 |
| Fannie Mae Pool #CB9770 4.50% 12/1/2054 <sup>(a)</sup>  | 90 | 86 |
| Fannie Mae Pool #CB9768 4.50% 12/1/2054 <sup>(a)</sup>  | 33 | 31 |
| Fannie Mae Pool #MA5552 5.00% 12/1/2054 <sup>(a)</sup>  | 143 | 140 |
| Fannie Mae Pool #CB9675 6.00% 12/1/2054 <sup>(a)</sup>  | 4029 | 4128 |
| Fannie Mae Pool #BU5233 6.00% 12/1/2054 <sup>(a)</sup>  | 1426 | 1453 |
| Fannie Mae Pool #DC7035 6.00% 12/1/2054 <sup>(a)</sup>  | 949 | 965 |
| Fannie Mae Pool #DC7823 6.00% 12/1/2054 <sup>(a)</sup>  | 377 | 384 |
| Fannie Mae Pool #BU5358 6.00% 12/1/2054 <sup>(a)</sup>  | 294 | 300 |
| Fannie Mae Pool #MA5586 5.50% 1/1/2055 <sup>(a)</sup>  | 1900 | 1901 |
| Fannie Mae Pool #CB9821 6.00% 1/1/2055 <sup>(a)</sup>  | 1607 | 1638 |
| Fannie Mae Pool #DD0835 6.00% 1/1/2055 <sup>(a)</sup>  | 869 | 883 |
| Fannie Mae Pool #CB9840 6.50% 1/1/2055 <sup>(a)</sup>  | 1995 | 2062 |
| Fannie Mae Pool #CB9836 6.50% 1/1/2055 <sup>(a)</sup>  | 1346 | 1399 |
| Fannie Mae Pool #FA0608 5.50% 2/1/2055 <sup>(a)</sup>  | 2934 | 2936 |
| Fannie Mae Pool #MA5615 6.00% 2/1/2055 <sup>(a)</sup>  | 13962 | 14198 |
| Fannie Mae Pool #MA5646 5.50% 3/1/2055 <sup>(a)</sup>  | 496 | 496 |
| Fannie Mae Pool #MA5647 6.00% 3/1/2055 <sup>(a)</sup>  | 5405 | 5496 |
| Fannie Mae Pool #MA5670 4.00% 4/1/2055 <sup>(a)</sup>  | 17406 | 16196 |
| Fannie Mae Pool #MA5674 6.00% 4/1/2055 <sup>(a)</sup>  | 1036 | 1054 |
| Fannie Mae Pool #MA5699 5.00% 5/1/2055 <sup>(a)</sup>  | 281 | 276 |
| Fannie Mae Pool #MA5701 6.00% 5/1/2055 <sup>(a)</sup>  | 2211 | 2249 |
| Fannie Mae Pool #MA5735 5.50% 6/1/2055 <sup>(a)</sup>  | 6906 | 6909 |
| Fannie Mae Pool #DD7303 5.50% 6/1/2055 <sup>(a)</sup>  | 511 | 511 |
| Fannie Mae Pool #MA5762 6.50% 7/1/2055 <sup>(a)</sup>  | 2070 | 2139 |
| Fannie Mae Pool #BF0145 3.50% 3/1/2057 <sup>(a)</sup>  | 9669 | 8665 |
| Fannie Mae Pool #BF0264 3.50% 5/1/2058 <sup>(a)</sup>  | 7168 | 6450 |
| Fannie Mae Pool #BF0332 3.00% 1/1/2059 <sup>(a)</sup>  | 15248 | 13151 |
| Fannie Mae Pool #BF0497 3.00% 7/1/2060 <sup>(a)</sup>  | 18049 | 15563 |
| Fannie Mae Pool #BF0585 4.50% 12/1/2061 <sup>(a)</sup>  | 1008 | 965 |
| Fannie Mae Pool #BF0784 3.50% 12/1/2063 <sup>(a)</sup>  | 4704 | 4168 |
| Fannie Mae, Series 2001-50, Class BA, 7.00% 10/25/2041 <sup>(a)</sup>  | 3 | 3 |
| Fannie Mae, Series 2002-W3, Class A5, 7.50% 11/25/2041 <sup>(a)</sup>  | 14 | 14 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| American Funds Insurance Series | **154** |

---

------

The Bond Fund of America<sup>®</sup> (continued)

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount<br> (000)<br>| Value<br> (000)<br>|
| **Mortgage-backed obligations (continued)** | **Mortgage-backed obligations (continued)** | **Mortgage-backed obligations (continued)** |
| **Federal agency mortgage-backed obligations (continued)** |  |  |
| Fannie Mae, Series 2002-W1, Class 2A, 4.453% 2/25/2042 <sup>(a)(b)</sup>  | USD15 | $15 |
| Freddie Mac Pool #ZS8507 3.00% 11/1/2028 <sup>(a)</sup>  | 48 | 47 |
| Freddie Mac Pool #ZK7590 3.00% 1/1/2029 <sup>(a)</sup>  | 877 | 862 |
| Freddie Mac Pool #A15120 5.50% 10/1/2033 <sup>(a)</sup>  | 38 | 38 |
| Freddie Mac Pool #QN1073 3.00% 12/1/2034 <sup>(a)</sup>  | 31 | 29 |
| Freddie Mac Pool #SB0649 2.50% 4/1/2037 <sup>(a)</sup>  | 2494 | 2333 |
| Freddie Mac Pool #G05196 5.50% 10/1/2038 <sup>(a)</sup>  | 37 | 38 |
| Freddie Mac Pool #G05267 5.50% 12/1/2038 <sup>(a)</sup>  | 28 | 29 |
| Freddie Mac Pool #G06020 5.50% 12/1/2039 <sup>(a)</sup>  | 53 | 54 |
| Freddie Mac Pool #G05860 5.50% 2/1/2040 <sup>(a)</sup>  | 183 | 188 |
| Freddie Mac Pool #RB5071 2.00% 9/1/2040 <sup>(a)</sup>  | 1812 | 1572 |
| Freddie Mac Pool #A93948 4.50% 9/1/2040 <sup>(a)</sup>  | 131 | 131 |
| Freddie Mac Pool #SC0149 2.00% 3/1/2041 <sup>(a)</sup>  | 5393 | 4657 |
| Freddie Mac Pool #G06868 4.50% 4/1/2041 <sup>(a)</sup>  | 135 | 135 |
| Freddie Mac Pool #RB0544 2.00% 6/1/2041 <sup>(a)</sup>  | 9385 | 8101 |
| Freddie Mac Pool #G06841 5.50% 6/1/2041 <sup>(a)</sup>  | 303 | 311 |
| Freddie Mac Pool #Z40130 3.00% 1/1/2046 <sup>(a)</sup>  | 15573 | 14152 |
| Freddie Mac Pool #RA6996 2.50% 3/1/2047 <sup>(a)</sup>  | 56 | 47 |
| Freddie Mac Pool #ZT2100 3.00% 4/1/2047 <sup>(a)</sup>  | 90 | 79 |
| Freddie Mac Pool #SD0470 4.00% 11/1/2047 <sup>(a)</sup>  | 807 | 762 |
| Freddie Mac Pool #G08789 4.00% 11/1/2047 <sup>(a)</sup>  | 488 | 465 |
| Freddie Mac Pool #G61733 3.00% 12/1/2047 <sup>(a)</sup>  | 4015 | 3595 |
| Freddie Mac Pool #G67709 3.50% 3/1/2048 <sup>(a)</sup>  | 10467 | 9664 |
| Freddie Mac Pool #ZT2265 4.00% 8/1/2048 <sup>(a)</sup>  | 766 | 725 |
| Freddie Mac Pool #G61628 3.50% 9/1/2048 <sup>(a)</sup>  | 245 | 226 |
| Freddie Mac Pool #Q58494 4.00% 9/1/2048 <sup>(a)</sup>  | 956 | 907 |
| Freddie Mac Pool #ZN4842 3.50% 4/1/2049 <sup>(a)</sup>  | 497 | 455 |
| Freddie Mac Pool #RA1369 3.50% 9/1/2049 <sup>(a)</sup>  | 1585 | 1447 |
| Freddie Mac Pool #SD7508 3.50% 10/1/2049 <sup>(a)</sup>  | 8469 | 7809 |
| Freddie Mac Pool #QA4673 3.00% 11/1/2049 <sup>(a)</sup>  | 23124 | 20549 |
| Freddie Mac Pool #QB1368 2.50% 7/1/2050 <sup>(a)</sup>  | 4617 | 3900 |
| Freddie Mac Pool #RA3055 2.50% 7/1/2050 <sup>(a)</sup>  | 27 | 23 |
| Freddie Mac Pool #RA3384 3.00% 8/1/2050 <sup>(a)</sup>  | 312 | 273 |
| Freddie Mac Pool #RA3515 2.50% 9/1/2050 <sup>(a)</sup>  | 1823 | 1522 |
| Freddie Mac Pool #RA3506 3.00% 9/1/2050 <sup>(a)</sup>  | 1764 | 1543 |
| Freddie Mac Pool #SD7525 2.50% 10/1/2050 <sup>(a)</sup>  | 5495 | 4662 |
| Freddie Mac Pool #QB4847 2.50% 10/1/2050 <sup>(a)</sup>  | 1196 | 995 |
| Freddie Mac Pool #QB5799 2.50% 11/1/2050 <sup>(a)</sup>  | 60 | 50 |
| Freddie Mac Pool #QB5838 2.50% 11/1/2050 <sup>(a)</sup>  | 25 | 21 |
| Freddie Mac Pool #RA4206 2.50% 12/1/2050 <sup>(a)</sup>  | 1943 | 1615 |
| Freddie Mac Pool #SD0776 2.00% 2/1/2051 <sup>(a)</sup>  | 1779 | 1411 |
| Freddie Mac Pool #QB8605 2.00% 2/1/2051 <sup>(a)</sup>  | 424 | 341 |
| Freddie Mac Pool #SD8128 2.00% 2/1/2051 <sup>(a)</sup>  | 98 | 78 |
| Freddie Mac Pool #SD8134 2.00% 3/1/2051 <sup>(a)</sup>  | 62873 | 50074 |
| Freddie Mac Pool #SD0537 2.00% 3/1/2051 <sup>(a)</sup>  | 1789 | 1418 |
| Freddie Mac Pool #QB9901 2.50% 3/1/2051 <sup>(a)</sup>  | 2309 | 1917 |
| Freddie Mac Pool #SD0934 2.00% 4/1/2051 <sup>(a)</sup>  | 2195 | 1740 |
| Freddie Mac Pool #QC0416 2.50% 4/1/2051 <sup>(a)</sup>  | 226 | 188 |
| Freddie Mac Pool #SI2108 2.50% 4/1/2051 <sup>(a)</sup>  | 159 | 132 |
| Freddie Mac Pool #QC2062 2.00% 5/1/2051 <sup>(a)</sup>  | 1840 | 1459 |
| Freddie Mac Pool #RA5204 2.00% 5/1/2051 <sup>(a)</sup>  | 1803 | 1429 |
| Freddie Mac Pool #RA5155 2.00% 5/1/2051 <sup>(a)</sup>  | 1614 | 1279 |
| Freddie Mac Pool #RA5288 2.00% 5/1/2051 <sup>(a)</sup>  | 1261 | 1014 |
| Freddie Mac Pool #RA5267 3.00% 5/1/2051 <sup>(a)</sup>  | 1092 | 954 |
| Freddie Mac Pool #QC3423 2.00% 6/1/2051 <sup>(a)</sup>  | 1985 | 1573 |
| Freddie Mac Pool #QC2817 2.50% 6/1/2051 <sup>(a)</sup>  | 2349 | 1975 |
| Freddie Mac Pool #QC3428 2.50% 6/1/2051 <sup>(a)</sup>  | 764 | 634 |
| Freddie Mac Pool #SD3095 2.50% 7/1/2051 <sup>(a)</sup>  | 1950 | 1621 |
| Freddie Mac Pool #SD0926 2.50% 7/1/2051 <sup>(a)</sup>  | 551 | 461 |
| Freddie Mac Pool #SD7544 3.00% 7/1/2051 <sup>(a)</sup>  | 5773 | 5097 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **155** | American Funds Insurance Series |

---

------

The Bond Fund of America<sup>®</sup> (continued)

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount<br> (000)<br>| Value<br> (000)<br>|
| **Mortgage-backed obligations (continued)** | **Mortgage-backed obligations (continued)** | **Mortgage-backed obligations (continued)** |
| **Federal agency mortgage-backed obligations (continued)** |  |  |
| Freddie Mac Pool #SD8160 2.00% 8/1/2051 <sup>(a)</sup>  | USD781 | $621 |
| Freddie Mac Pool #RA5836 2.50% 9/1/2051 <sup>(a)</sup>  | 10005 | 8411 |
| Freddie Mac Pool #SD2963 2.50% 9/1/2051 <sup>(a)</sup>  | 7635 | 6339 |
| Freddie Mac Pool #SD5485 2.50% 9/1/2051 <sup>(a)</sup>  | 1857 | 1552 |
| Freddie Mac Pool #RA5759 2.50% 9/1/2051 <sup>(a)</sup>  | 888 | 737 |
| Freddie Mac Pool #RA5767 2.50% 9/1/2051 <sup>(a)</sup>  | 461 | 382 |
| Freddie Mac Pool #QC6761 2.50% 9/1/2051 <sup>(a)</sup>  | 50 | 41 |
| Freddie Mac Pool #RA5901 3.00% 9/1/2051 <sup>(a)</sup>  | 1022 | 893 |
| Freddie Mac Pool #QD0086 2.00% 10/1/2051 <sup>(a)</sup>  | 530 | 420 |
| Freddie Mac Pool #SD1345 2.50% 10/1/2051 <sup>(a)</sup>  | 1913 | 1589 |
| Freddie Mac Pool #SD2880 3.00% 10/1/2051 <sup>(a)</sup>  | 6354 | 5551 |
| Freddie Mac Pool #SD0734 3.00% 10/1/2051 <sup>(a)</sup>  | 1794 | 1579 |
| Freddie Mac Pool #QD0877 2.00% 11/1/2051 <sup>(a)</sup>  | 7969 | 6317 |
| Freddie Mac Pool #QD1841 2.00% 11/1/2051 <sup>(a)</sup>  | 2359 | 1871 |
| Freddie Mac Pool #SD1385 2.50% 11/1/2051 <sup>(a)</sup>  | 1383 | 1165 |
| Freddie Mac Pool #RA6347 3.00% 11/1/2051 <sup>(a)</sup>  | 1159 | 1013 |
| Freddie Mac Pool #SD8182 2.00% 12/1/2051 <sup>(a)</sup>  | 810 | 644 |
| Freddie Mac Pool #SD3729 2.50% 12/1/2051 <sup>(a)</sup>  | 1102 | 915 |
| Freddie Mac Pool #QD3310 3.00% 12/1/2051 <sup>(a)</sup>  | 18 | 16 |
| Freddie Mac Pool #QD4465 2.00% 1/1/2052 <sup>(a)</sup>  | 1886 | 1495 |
| Freddie Mac Pool #SD2629 2.50% 1/1/2052 <sup>(a)</sup>  | 4134 | 3433 |
| Freddie Mac Pool #SD0855 2.50% 1/1/2052 <sup>(a)</sup>  | 2642 | 2205 |
| Freddie Mac Pool #RA6634 2.50% 1/1/2052 <sup>(a)</sup>  | 487 | 405 |
| Freddie Mac Pool #QD5254 2.50% 1/1/2052 <sup>(a)</sup>  | 482 | 402 |
| Freddie Mac Pool #SD0813 3.00% 1/1/2052 <sup>(a)</sup>  | 3961 | 3484 |
| Freddie Mac Pool #RA6114 2.00% 2/1/2052 <sup>(a)</sup>  | 1634 | 1296 |
| Freddie Mac Pool #SD8193 2.00% 2/1/2052 <sup>(a)</sup>  | 828 | 658 |
| Freddie Mac Pool #QD7187 2.50% 2/1/2052 <sup>(a)</sup>  | 977 | 811 |
| Freddie Mac Pool #SI2095 2.50% 2/1/2052 <sup>(a)</sup>  | 403 | 335 |
| Freddie Mac Pool #SD8194 2.50% 2/1/2052 <sup>(a)</sup>  | 230 | 192 |
| Freddie Mac Pool #QD7360 2.50% 2/1/2052 <sup>(a)</sup>  | 171 | 142 |
| Freddie Mac Pool #QD7312 2.50% 2/1/2052 <sup>(a)</sup>  | 62 | 52 |
| Freddie Mac Pool #QD7089 3.50% 2/1/2052 <sup>(a)</sup>  | 596 | 541 |
| Freddie Mac Pool #SD5343 2.00% 3/1/2052 <sup>(a)</sup>  | 2322 | 1843 |
| Freddie Mac Pool #SD8199 2.00% 3/1/2052 <sup>(a)</sup>  | 1812 | 1439 |
| Freddie Mac Pool #QD8010 2.00% 3/1/2052 <sup>(a)</sup>  | 918 | 727 |
| Freddie Mac Pool #QD8103 2.00% 3/1/2052 <sup>(a)</sup>  | 854 | 677 |
| Freddie Mac Pool #RA6973 2.00% 3/1/2052 <sup>(a)</sup>  | 493 | 391 |
| Freddie Mac Pool #QD8820 2.00% 3/1/2052 <sup>(a)</sup>  | 170 | 135 |
| Freddie Mac Pool #SD8200 2.50% 3/1/2052 <sup>(a)</sup>  | 808 | 672 |
| Freddie Mac Pool #QE0888 2.50% 3/1/2052 <sup>(a)</sup>  | 728 | 607 |
| Freddie Mac Pool #QE0957 2.50% 3/1/2052 <sup>(a)</sup>  | 70 | 58 |
| Freddie Mac Pool #SD8204 2.00% 4/1/2052 <sup>(a)</sup>  | 1264 | 1004 |
| Freddie Mac Pool #SD3478 2.50% 4/1/2052 <sup>(a)</sup>  | 1714 | 1423 |
| Freddie Mac Pool #QE0521 2.50% 4/1/2052 <sup>(a)</sup>  | 563 | 469 |
| Freddie Mac Pool #QE1102 2.50% 4/1/2052 <sup>(a)</sup>  | 223 | 185 |
| Freddie Mac Pool #QE0322 2.50% 4/1/2052 <sup>(a)</sup>  | 124 | 103 |
| Freddie Mac Pool #SD1658 2.50% 4/1/2052 <sup>(a)</sup>  | 120 | 100 |
| Freddie Mac Pool #SD8212 2.50% 5/1/2052 <sup>(a)</sup>  | 1683 | 1401 |
| Freddie Mac Pool #RA7139 2.50% 5/1/2052 <sup>(a)</sup>  | 380 | 315 |
| Freddie Mac Pool #SD8213 3.00% 5/1/2052 <sup>(a)</sup>  | 42415 | 36791 |
| Freddie Mac Pool #SD8220 3.00% 6/1/2052 <sup>(a)</sup>  | 3623 | 3139 |
| Freddie Mac Pool #QE4084 6.50% 6/1/2052 <sup>(a)</sup>  | 180 | 189 |
| Freddie Mac Pool #SD3416 2.50% 7/1/2052 <sup>(a)</sup>  | 881 | 731 |
| Freddie Mac Pool #SD3632 2.50% 7/1/2052 <sup>(a)</sup>  | 475 | 395 |
| Freddie Mac Pool #SD2600 2.50% 7/1/2052 <sup>(a)</sup>  | 190 | 158 |
| Freddie Mac Pool #SD8225 3.00% 7/1/2052 <sup>(a)</sup>  | 4318 | 3745 |
| Freddie Mac Pool #QE5698 5.00% 7/1/2052 <sup>(a)</sup>  | 2045 | 2015 |
| Freddie Mac Pool #SD1406 2.00% 8/1/2052 <sup>(a)</sup>  | 89 | 71 |
| Freddie Mac Pool #SD1408 2.50% 8/1/2052 <sup>(a)</sup>  | 193 | 161 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| American Funds Insurance Series | **156** |

---

------

The Bond Fund of America<sup>®</sup> (continued)

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount<br> (000)<br>| Value<br> (000)<br>|
| **Mortgage-backed obligations (continued)** | **Mortgage-backed obligations (continued)** | **Mortgage-backed obligations (continued)** |
| **Federal agency mortgage-backed obligations (continued)** |  |  |
| Freddie Mac Pool #SD7556 3.00% 8/1/2052 <sup>(a)</sup>  | USD560 | $490 |
| Freddie Mac Pool #QE8579 4.50% 8/1/2052 <sup>(a)</sup>  | 72 | 69 |
| Freddie Mac Pool #SD8242 3.00% 9/1/2052 <sup>(a)</sup>  | 4020 | 3487 |
| Freddie Mac Pool #QF0212 4.50% 9/1/2052 <sup>(a)</sup>  | 326 | 313 |
| Freddie Mac Pool #QF1205 4.50% 9/1/2052 <sup>(a)</sup>  | 285 | 274 |
| Freddie Mac Pool #QE9497 4.50% 9/1/2052 <sup>(a)</sup>  | 83 | 79 |
| Freddie Mac Pool #SD1608 4.50% 9/1/2052 <sup>(a)</sup>  | 48 | 46 |
| Freddie Mac Pool #SD2465 4.50% 10/1/2052 <sup>(a)</sup>  | 32 | 31 |
| Freddie Mac Pool #RA8059 5.50% 10/1/2052 <sup>(a)</sup>  | 5779 | 5821 |
| Freddie Mac Pool #SD1896 4.00% 11/1/2052 <sup>(a)</sup>  | 16148 | 15285 |
| Freddie Mac Pool #SD1894 4.00% 11/1/2052 <sup>(a)</sup>  | 5631 | 5328 |
| Freddie Mac Pool #SD8266 4.50% 11/1/2052 <sup>(a)</sup>  | 16259 | 15592 |
| Freddie Mac Pool #QF2692 5.00% 11/1/2052 <sup>(a)</sup>  | 3483 | 3433 |
| Freddie Mac Pool #QF2926 5.00% 11/1/2052 <sup>(a)</sup>  | 3450 | 3399 |
| Freddie Mac Pool #SD2948 5.50% 11/1/2052 <sup>(a)</sup>  | 2042 | 2049 |
| Freddie Mac Pool #QF2862 6.50% 11/1/2052 <sup>(a)</sup>  | 61 | 63 |
| Freddie Mac Pool #SD8280 6.50% 11/1/2052 <sup>(a)</sup>  | 40 | 42 |
| Freddie Mac Pool #SD2602 3.00% 12/1/2052 <sup>(a)</sup>  | 1040 | 901 |
| Freddie Mac Pool #SD2065 4.00% 12/1/2052 <sup>(a)</sup>  | 997 | 929 |
| Freddie Mac Pool #RA8200 4.00% 12/1/2052 <sup>(a)</sup>  | 513 | 478 |
| Freddie Mac Pool #RA8309 6.00% 12/1/2052 <sup>(a)</sup>  | 1157 | 1187 |
| Freddie Mac Pool #SD8287 4.50% 1/1/2053 <sup>(a)</sup>  | 15265 | 14640 |
| Freddie Mac Pool #SD8288 5.00% 1/1/2053 <sup>(a)</sup>  | 193 | 190 |
| Freddie Mac Pool #RA8423 6.00% 1/1/2053 <sup>(a)</sup>  | 3080 | 3153 |
| Freddie Mac Pool #SD8298 4.50% 2/1/2053 <sup>(a)</sup>  | 14914 | 14303 |
| Freddie Mac Pool #SD8299 5.00% 2/1/2053 <sup>(a)</sup>  | 2208 | 2172 |
| Freddie Mac Pool #SD2462 5.50% 2/1/2053 <sup>(a)</sup>  | 42881 | 43071 |
| Freddie Mac Pool #RA8544 5.50% 2/1/2053 <sup>(a)</sup>  | 23172 | 23261 |
| Freddie Mac Pool #QF8083 6.00% 2/1/2053 <sup>(a)</sup>  | 13602 | 13891 |
| Freddie Mac Pool #QF9463 4.00% 3/1/2053 <sup>(a)</sup>  | 2602 | 2422 |
| Freddie Mac Pool #SD2610 4.00% 3/1/2053 <sup>(a)</sup>  | 1695 | 1577 |
| Freddie Mac Pool #SD8305 4.00% 3/1/2053 <sup>(a)</sup>  | 76 | 71 |
| Freddie Mac Pool #RA8720 4.00% 4/1/2053 <sup>(a)</sup>  | 2684 | 2502 |
| Freddie Mac Pool #SD8314 4.50% 4/1/2053 <sup>(a)</sup>  | 194 | 186 |
| Freddie Mac Pool #SD2716 5.00% 4/1/2053 <sup>(a)</sup>  | 4506 | 4453 |
| Freddie Mac Pool #QG1268 5.00% 4/1/2053 <sup>(a)</sup>  | 642 | 633 |
| Freddie Mac Pool #SD8315 5.00% 4/1/2053 <sup>(a)</sup>  | 542 | 534 |
| Freddie Mac Pool #QG2977 4.00% 5/1/2053 <sup>(a)</sup>  | 193 | 180 |
| Freddie Mac Pool #RA8647 4.50% 5/1/2053 <sup>(a)</sup>  | 33 | 31 |
| Freddie Mac Pool #SD8323 5.00% 5/1/2053 <sup>(a)</sup>  | 8264 | 8121 |
| Freddie Mac Pool #SD8324 5.50% 5/1/2053 <sup>(a)</sup>  | 8090 | 8108 |
| Freddie Mac Pool #QG3365 5.50% 5/1/2053 <sup>(a)</sup>  | 3465 | 3488 |
| Freddie Mac Pool #SD3369 5.50% 5/1/2053 <sup>(a)</sup>  | 2382 | 2388 |
| Freddie Mac Pool #SD2861 6.00% 5/1/2053 <sup>(a)</sup>  | 13542 | 13806 |
| Freddie Mac Pool #QG5002 4.00% 6/1/2053 <sup>(a)</sup>  | 578 | 538 |
| Freddie Mac Pool #SD8329 5.00% 6/1/2053 <sup>(a)</sup>  | 5524 | 5429 |
| Freddie Mac Pool #SD8331 5.50% 6/1/2053 <sup>(a)</sup>  | 19409 | 19448 |
| Freddie Mac Pool #SD3177 6.00% 6/1/2053 <sup>(a)</sup>  | 6319 | 6457 |
| Freddie Mac Pool #SD3083 6.00% 6/1/2053 <sup>(a)</sup>  | 2909 | 2962 |
| Freddie Mac Pool #RA9294 6.50% 6/1/2053 <sup>(a)</sup>  | 670 | 697 |
| Freddie Mac Pool #RA9292 6.50% 6/1/2053 <sup>(a)</sup>  | 580 | 604 |
| Freddie Mac Pool #RA9288 6.50% 6/1/2053 <sup>(a)</sup>  | 561 | 586 |
| Freddie Mac Pool #RA9289 6.50% 6/1/2053 <sup>(a)</sup>  | 546 | 570 |
| Freddie Mac Pool #RA9287 6.50% 6/1/2053 <sup>(a)</sup>  | 385 | 402 |
| Freddie Mac Pool #RA9290 6.50% 6/1/2053 <sup>(a)</sup>  | 294 | 307 |
| Freddie Mac Pool #RA9291 6.50% 6/1/2053 <sup>(a)</sup>  | 185 | 192 |
| Freddie Mac Pool #RA9295 6.50% 6/1/2053 <sup>(a)</sup>  | 162 | 171 |
| Freddie Mac Pool #QG7153 4.00% 7/1/2053 <sup>(a)</sup>  | 5155 | 4804 |
| Freddie Mac Pool #QG6067 4.00% 7/1/2053 <sup>(a)</sup>  | 542 | 504 |
| Freddie Mac Pool #QG7958 4.00% 7/1/2053 <sup>(a)</sup>  | 66 | 61 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **157** | American Funds Insurance Series |

---

------

The Bond Fund of America<sup>®</sup> (continued)

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount<br> (000)<br>| Value<br> (000)<br>|
| **Mortgage-backed obligations (continued)** | **Mortgage-backed obligations (continued)** | **Mortgage-backed obligations (continued)** |
| **Federal agency mortgage-backed obligations (continued)** |  |  |
| Freddie Mac Pool #SD8341 5.00% 7/1/2053 <sup>(a)</sup>  | USD255 | $251 |
| Freddie Mac Pool #SD3386 5.50% 7/1/2053 <sup>(a)</sup>  | 7500 | 7511 |
| Freddie Mac Pool #QG7411 5.50% 7/1/2053 <sup>(a)</sup>  | 584 | 586 |
| Freddie Mac Pool #RA9474 6.00% 7/1/2053 <sup>(a)</sup>  | 8188 | 8374 |
| Freddie Mac Pool #SD3434 6.00% 7/1/2053 <sup>(a)</sup>  | 2936 | 2992 |
| Freddie Mac Pool #QG8958 4.00% 8/1/2053 <sup>(a)</sup>  | 476 | 443 |
| Freddie Mac Pool #QG9629 4.00% 8/1/2053 <sup>(a)</sup>  | 396 | 369 |
| Freddie Mac Pool #QG9084 5.50% 8/1/2053 <sup>(a)</sup>  | 2310 | 2318 |
| Freddie Mac Pool #QG9008 5.50% 8/1/2053 <sup>(a)</sup>  | 2156 | 2164 |
| Freddie Mac Pool #QG9628 5.50% 8/1/2053 <sup>(a)</sup>  | 2033 | 2039 |
| Freddie Mac Pool #QG9141 5.50% 8/1/2053 <sup>(a)</sup>  | 1343 | 1348 |
| Freddie Mac Pool #SD3639 6.00% 8/1/2053 <sup>(a)</sup>  | 4434 | 4526 |
| Freddie Mac Pool #QH0851 6.00% 9/1/2053 <sup>(a)</sup>  | 13728 | 13973 |
| Freddie Mac Pool #QH1296 6.00% 9/1/2053 <sup>(a)</sup>  | 13376 | 13621 |
| Freddie Mac Pool #QH1059 6.00% 9/1/2053 <sup>(a)</sup>  | 10892 | 11101 |
| Freddie Mac Pool #SD3916 6.00% 9/1/2053 <sup>(a)</sup>  | 1428 | 1461 |
| Freddie Mac Pool #RA9854 6.00% 9/1/2053 <sup>(a)</sup>  | 1074 | 1101 |
| Freddie Mac Pool #SD3825 6.50% 9/1/2053 <sup>(a)</sup>  | 54078 | 55892 |
| Freddie Mac Pool #SD4997 5.00% 10/1/2053 <sup>(a)</sup>  | 802 | 790 |
| Freddie Mac Pool #SD8368 6.00% 10/1/2053 <sup>(a)</sup>  | 14446 | 14706 |
| Freddie Mac Pool #SD8369 6.50% 10/1/2053 <sup>(a)</sup>  | 3680 | 3806 |
| Freddie Mac Pool #SD4977 5.00% 11/1/2053 <sup>(a)</sup>  | 601 | 591 |
| Freddie Mac Pool #SD4571 5.50% 11/1/2053 <sup>(a)</sup>  | 18116 | 18178 |
| Freddie Mac Pool #SD8373 6.00% 11/1/2053 <sup>(a)</sup>  | 2186 | 2226 |
| Freddie Mac Pool #SD4318 6.50% 11/1/2053 <sup>(a)</sup>  | 12641 | 13150 |
| Freddie Mac Pool #RJ0326 6.50% 11/1/2053 <sup>(a)</sup>  | 1751 | 1818 |
| Freddie Mac Pool #RJ0440 6.00% 12/1/2053 <sup>(a)</sup>  | 5293 | 5402 |
| Freddie Mac Pool #QH5936 6.00% 12/1/2053 <sup>(a)</sup>  | 2812 | 2886 |
| Freddie Mac Pool #SD4693 6.50% 1/1/2054 <sup>(a)</sup>  | 644 | 668 |
| Freddie Mac Pool #SD5910 4.00% 2/1/2054 <sup>(a)</sup>  | 187 | 174 |
| Freddie Mac Pool #SD8401 5.50% 2/1/2054 <sup>(a)</sup>  | 770 | 771 |
| Freddie Mac Pool #SD4975 6.00% 2/1/2054 <sup>(a)</sup>  | 11117 | 11305 |
| Freddie Mac Pool #QI0006 6.00% 2/1/2054 <sup>(a)</sup>  | 4713 | 4796 |
| Freddie Mac Pool #SD4897 6.00% 2/1/2054 <sup>(a)</sup>  | 3599 | 3672 |
| Freddie Mac Pool #SD8402 6.00% 2/1/2054 <sup>(a)</sup>  | 194 | 197 |
| Freddie Mac Pool #SD4966 6.50% 2/1/2054 <sup>(a)</sup>  | 4842 | 5028 |
| Freddie Mac Pool #SD8408 5.50% 3/1/2054 <sup>(a)</sup>  | 410 | 410 |
| Freddie Mac Pool #RJ1216 5.50% 4/1/2054 <sup>(a)</sup>  | 2559 | 2578 |
| Freddie Mac Pool #RJ1215 5.50% 4/1/2054 <sup>(a)</sup>  | 1857 | 1862 |
| Freddie Mac Pool #RJ1435 6.00% 4/1/2054 <sup>(a)</sup>  | 8058 | 8235 |
| Freddie Mac Pool #SD5303 6.00% 4/1/2054 <sup>(a)</sup>  | 5285 | 5411 |
| Freddie Mac Pool #QI2895 6.00% 4/1/2054 <sup>(a)</sup>  | 4208 | 4313 |
| Freddie Mac Pool #RJ1346 6.00% 4/1/2054 <sup>(a)</sup>  | 1997 | 2050 |
| Freddie Mac Pool #SD8421 6.00% 4/1/2054 <sup>(a)</sup>  | 166 | 169 |
| Freddie Mac Pool #SD5316 6.00% 4/1/2054 <sup>(a)</sup>  | 23 | 23 |
| Freddie Mac Pool #SD5221 6.50% 4/1/2054 <sup>(a)</sup>  | 6363 | 6624 |
| Freddie Mac Pool #QI3488 6.50% 4/1/2054 <sup>(a)</sup>  | 4289 | 4433 |
| Freddie Mac Pool #SD8430 5.00% 5/1/2054 <sup>(a)</sup>  | 1977 | 1940 |
| Freddie Mac Pool #RJ1417 5.50% 5/1/2054 <sup>(a)</sup>  | 37758 | 38030 |
| Freddie Mac Pool #RJ1512 5.50% 5/1/2054 <sup>(a)</sup>  | 4705 | 4738 |
| Freddie Mac Pool #SD8432 6.00% 5/1/2054 <sup>(a)</sup>  | 3074 | 3129 |
| Freddie Mac Pool #RJ1447 6.50% 5/1/2054 <sup>(a)</sup>  | 6179 | 6436 |
| Freddie Mac Pool #RJ1857 5.50% 6/1/2054 <sup>(a)</sup>  | 2752 | 2757 |
| Freddie Mac Pool #RJ1768 5.50% 6/1/2054 <sup>(a)</sup>  | 984 | 990 |
| Freddie Mac Pool #RJ1859 6.00% 6/1/2054 <sup>(a)</sup>  | 25088 | 25561 |
| Freddie Mac Pool #SD8439 6.00% 6/1/2054 <sup>(a)</sup>  | 120 | 122 |
| Freddie Mac Pool #SD5701 6.50% 6/1/2054 <sup>(a)</sup>  | 5849 | 6091 |
| Freddie Mac Pool #SD8446 5.50% 7/1/2054 <sup>(a)</sup>  | 2462 | 2463 |
| Freddie Mac Pool #RJ1963 5.50% 7/1/2054 <sup>(a)</sup>  | 1826 | 1828 |
| Freddie Mac Pool #SD8447 6.00% 7/1/2054 <sup>(a)</sup>  | 23030 | 23429 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| American Funds Insurance Series | **158** |

---

------

The Bond Fund of America<sup>®</sup> (continued)

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount<br> (000)<br>| Value<br> (000)<br>|
| **Mortgage-backed obligations (continued)** | **Mortgage-backed obligations (continued)** | **Mortgage-backed obligations (continued)** |
| **Federal agency mortgage-backed obligations (continued)** |  |  |
| Freddie Mac Pool #RJ1964 6.00% 7/1/2054 <sup>(a)</sup>  | USD13,207 | $13581 |
| Freddie Mac Pool #SD5949 6.00% 7/1/2054 <sup>(a)</sup>  | 3096 | 3154 |
| Freddie Mac Pool #RJ1975 6.00% 7/1/2054 <sup>(a)</sup>  | 2714 | 2765 |
| Freddie Mac Pool #SD5813 6.00% 7/1/2054 <sup>(a)</sup>  | 237 | 243 |
| Freddie Mac Pool #SD8448 6.50% 7/1/2054 <sup>(a)</sup>  | 35128 | 36307 |
| Freddie Mac Pool #QI9151 6.50% 7/1/2054 <sup>(a)</sup>  | 2575 | 2682 |
| Freddie Mac Pool #RJ2193 5.00% 8/1/2054 <sup>(a)</sup>  | 2048 | 2015 |
| Freddie Mac Pool #RJ2241 5.00% 8/1/2054 <sup>(a)</sup>  | 1454 | 1429 |
| Freddie Mac Pool #RJ2195 5.00% 8/1/2054 <sup>(a)</sup>  | 1313 | 1290 |
| Freddie Mac Pool #SD8453 5.50% 8/1/2054 <sup>(a)</sup>  | 3 | 3 |
| Freddie Mac Pool #SD8454 6.00% 8/1/2054 <sup>(a)</sup>  | 9466 | 9627 |
| Freddie Mac Pool #RJ2210 6.00% 8/1/2054 <sup>(a)</sup>  | 5050 | 5147 |
| Freddie Mac Pool #RJ2216 6.00% 8/1/2054 <sup>(a)</sup>  | 2455 | 2502 |
| Freddie Mac Pool #SD6029 6.00% 8/1/2054 <sup>(a)</sup>  | 141 | 144 |
| Freddie Mac Pool #QJ1440 6.00% 8/1/2054 <sup>(a)</sup>  | 62 | 64 |
| Freddie Mac Pool #RJ2222 6.50% 8/1/2054 <sup>(a)</sup>  | 12853 | 13386 |
| Freddie Mac Pool #SD6034 6.50% 8/1/2054 <sup>(a)</sup>  | 12151 | 12655 |
| Freddie Mac Pool #SD6047 6.50% 8/1/2054 <sup>(a)</sup>  | 4793 | 4993 |
| Freddie Mac Pool #SD6035 6.50% 8/1/2054 <sup>(a)</sup>  | 3279 | 3415 |
| Freddie Mac Pool #RJ2247 6.50% 8/1/2054 <sup>(a)</sup>  | 1923 | 2001 |
| Freddie Mac Pool #RJ2228 6.50% 8/1/2054 <sup>(a)</sup>  | 1144 | 1185 |
| Freddie Mac Pool #SD8462 5.50% 9/1/2054 <sup>(a)</sup>  | 3617 | 3620 |
| Freddie Mac Pool #SD6578 6.00% 9/1/2054 <sup>(a)</sup>  | 4490 | 4592 |
| Freddie Mac Pool #RJ2314 6.00% 9/1/2054 <sup>(a)</sup>  | 485 | 494 |
| Freddie Mac Pool #RJ2312 6.00% 9/1/2054 <sup>(a)</sup>  | 263 | 269 |
| Freddie Mac Pool #RJ2308 6.00% 9/1/2054 <sup>(a)</sup>  | 248 | 254 |
| Freddie Mac Pool #RJ2306 6.00% 9/1/2054 <sup>(a)</sup>  | 229 | 235 |
| Freddie Mac Pool #RJ2309 6.00% 9/1/2054 <sup>(a)</sup>  | 152 | 155 |
| Freddie Mac Pool #QJ3982 6.00% 9/1/2054 <sup>(a)</sup>  | 44 | 45 |
| Freddie Mac Pool #QJ3945 6.00% 9/1/2054 <sup>(a)</sup>  | 30 | 31 |
| Freddie Mac Pool #RJ2320 6.50% 9/1/2054 <sup>(a)</sup>  | 4174 | 4347 |
| Freddie Mac Pool #SD6271 6.50% 9/1/2054 <sup>(a)</sup>  | 2607 | 2703 |
| Freddie Mac Pool #RJ2325 6.50% 9/1/2054 <sup>(a)</sup>  | 2254 | 2342 |
| Freddie Mac Pool #QJ4693 6.50% 9/1/2054 <sup>(a)</sup>  | 1034 | 1077 |
| Freddie Mac Pool #SD8464 6.50% 9/1/2054 <sup>(a)</sup>  | 1000 | 1034 |
| Freddie Mac Pool #SD8469 5.50% 10/1/2054 <sup>(a)</sup>  | 4203 | 4206 |
| Freddie Mac Pool #QJ5971 6.00% 10/1/2054 <sup>(a)</sup>  | 147 | 150 |
| Freddie Mac Pool #QJ5733 6.00% 10/1/2054 <sup>(a)</sup>  | 46 | 47 |
| Freddie Mac Pool #SD6733 6.50% 10/1/2054 <sup>(a)</sup>  | 5516 | 5715 |
| Freddie Mac Pool #QJ7714 6.50% 10/1/2054 <sup>(a)</sup>  | 149 | 154 |
| Freddie Mac Pool #SD8484 4.00% 11/1/2054 <sup>(a)</sup>  | 4311 | 4012 |
| Freddie Mac Pool #RJ2851 4.50% 11/1/2054 <sup>(a)</sup>  | 4829 | 4624 |
| Freddie Mac Pool #RJ2860 5.00% 11/1/2054 <sup>(a)</sup>  | 7307 | 7167 |
| Freddie Mac Pool #SD8475 5.50% 11/1/2054 <sup>(a)</sup>  | 13366 | 13376 |
| Freddie Mac Pool #RJ2917 5.50% 11/1/2054 <sup>(a)</sup>  | 11082 | 11107 |
| Freddie Mac Pool #RJ2922 6.00% 11/1/2054 <sup>(a)</sup>  | 3287 | 3343 |
| Freddie Mac Pool #RJ3017 5.00% 12/1/2054 <sup>(a)</sup>  | 6877 | 6751 |
| Freddie Mac Pool #RJ3163 5.00% 12/1/2054 <sup>(a)</sup>  | 6 | 6 |
| Freddie Mac Pool #SD8493 5.50% 12/1/2054 <sup>(a)</sup>  | 274 | 274 |
| Freddie Mac Pool #QX0376 5.50% 12/1/2054 <sup>(a)</sup>  | 14 | 14 |
| Freddie Mac Pool #QX1881 6.00% 12/1/2054 <sup>(a)</sup>  | 283 | 288 |
| Freddie Mac Pool #QX0548 6.50% 12/1/2054 <sup>(a)</sup>  | 780 | 808 |
| Freddie Mac Pool #SD8494 5.50% 1/1/2055 <sup>(a)</sup>  | 1412 | 1413 |
| Freddie Mac Pool #RJ3240 6.00% 1/1/2055 <sup>(a)</sup>  | 5759 | 5866 |
| Freddie Mac Pool #RJ3301 6.00% 1/1/2055 <sup>(a)</sup>  | 2350 | 2412 |
| Freddie Mac Pool #RJ3305 6.00% 1/1/2055 <sup>(a)</sup>  | 1643 | 1683 |
| Freddie Mac Pool #QX4065 6.00% 1/1/2055 <sup>(a)</sup>  | 593 | 603 |
| Freddie Mac Pool #RJ3241 6.50% 1/1/2055 <sup>(a)</sup>  | 1498 | 1562 |
| Freddie Mac Pool #RJ3264 4.50% 2/1/2055 <sup>(a)</sup>  | 4596 | 4401 |
| Freddie Mac Pool #SD8506 5.50% 2/1/2055 <sup>(a)</sup>  | 7333 | 7336 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **159** | American Funds Insurance Series |

---

------

The Bond Fund of America<sup>®</sup> (continued)

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount<br> (000)<br>| Value<br> (000)<br>|
| **Mortgage-backed obligations (continued)** | **Mortgage-backed obligations (continued)** | **Mortgage-backed obligations (continued)** |
| **Federal agency mortgage-backed obligations (continued)** |  |  |
| Freddie Mac Pool #SD8507 6.00% 2/1/2055 <sup>(a)</sup>  | USD2,421 | $2461 |
| Freddie Mac Pool #SL0797 6.00% 2/1/2055 <sup>(a)</sup>  | 1756 | 1796 |
| Freddie Mac Pool #SD8508 6.50% 2/1/2055 <sup>(a)</sup>  | — <br><sup>(c)</sup><br>| — <br><sup>(c)</sup><br>|
| Freddie Mac Pool #SD8516 6.00% 3/1/2055 <sup>(a)</sup>  | 159 | 161 |
| Freddie Mac Pool #SD8517 6.50% 3/1/2055 <sup>(a)</sup>  | 2703 | 2793 |
| Freddie Mac Pool #SD8525 6.00% 4/1/2055 <sup>(a)</sup>  | 8923 | 9073 |
| Freddie Mac Pool #SL0796 6.00% 4/1/2055 <sup>(a)</sup>  | 1707 | 1736 |
| Freddie Mac Pool #SD8526 6.50% 4/1/2055 <sup>(a)</sup>  | 483 | 500 |
| Freddie Mac Pool #SD8532 5.00% 5/1/2055 <sup>(a)</sup>  | 197 | 193 |
| Freddie Mac Pool #SD8534 6.00% 5/1/2055 <sup>(a)</sup>  | 1595 | 1621 |
| Freddie Mac Pool #RQ0012 5.00% 6/1/2055 <sup>(a)</sup>  | 883 | 865 |
| Freddie Mac Pool #RQ0013 5.50% 6/1/2055 <sup>(a)</sup>  | 12865 | 12872 |
| Freddie Mac Pool #RQ0015 6.50% 6/1/2055 <sup>(a)</sup>  | 224 | 231 |
| Freddie Mac Pool #RQ0028 6.00% 7/1/2055 <sup>(a)</sup>  | 1861 | 1892 |
| Freddie Mac, Series 3061, Class PN, 5.50% 11/15/2035 <sup>(a)</sup>  | 37 | 38 |
| Freddie Mac, Series 3318, Class JT, 5.50% 5/15/2037 <sup>(a)</sup>  | 94 | 99 |
| Freddie Mac, Series K156, Class A2, Multi Family, 4.43% 2/25/2033 <sup>(a)(b)</sup>  | 3461 | 3461 |
| Freddie Mac, Series 3146, Class PO, principal only, 0% 4/15/2036 <sup>(a)</sup>  | 84 | 74 |
| Freddie Mac, Series 3156, Class PO, principal only, 0% 5/15/2036 <sup>(a)</sup>  | 77 | 67 |
| Freddie Mac Seasoned Credit Risk Transfer Trust, Series 2018-3, Class MA, 3.50% 8/25/2057 <sup>(a)</sup>  | 5688 | 5486 |
| Freddie Mac Seasoned Credit Risk Transfer Trust, Series 2019-2, Class MA, 3.50% 8/25/2058 <sup>(a)</sup>  | 1400 | 1339 |
| Freddie Mac Seasoned Loan Structured Transaction Trust, Series 2022-1, Class A1, 3.50% 5/25/2032 <sup>(a)</sup>  | 7792 | 7495 |
| Government National Mortgage Assn. 5.00% 7/1/2055 <sup>(a)(d)</sup>  | 135 | 133 |
| Government National Mortgage Assn. 5.50% 7/1/2055 <sup>(a)(d)</sup>  | 27314 | 27358 |
| Government National Mortgage Assn. 2.00% 8/1/2055 <sup>(a)(d)</sup>  | 6176 | 5014 |
| Government National Mortgage Assn. 4.00% 8/1/2055 <sup>(a)(d)</sup>  | 108 | 100 |
| Government National Mortgage Assn. Pool #MA5817 4.00% 3/20/2049 <sup>(a)</sup>  | 9290 | 8762 |
| Government National Mortgage Assn. Pool #MA6042 5.00% 7/20/2049 <sup>(a)</sup>  | 25 | 25 |
| Government National Mortgage Assn. Pool #MA6221 4.50% 10/20/2049 <sup>(a)</sup>  | 3865 | 3756 |
| Government National Mortgage Assn. Pool #MA6600 3.50% 4/20/2050 <sup>(a)</sup>  | 8606 | 7891 |
| Government National Mortgage Assn. Pool #MA6994 2.00% 11/20/2050 <sup>(a)</sup>  | 1930 | 1574 |
| Government National Mortgage Assn. Pool #MA7051 2.00% 12/20/2050 <sup>(a)</sup>  | 3347 | 2728 |
| Government National Mortgage Assn. Pool #785607 2.50% 8/20/2051 <sup>(a)</sup>  | 7742 | 6471 |
| Government National Mortgage Assn. Pool #785575 2.50% 8/20/2051 <sup>(a)</sup>  | 2839 | 2377 |
| Government National Mortgage Assn. Pool #785659 2.50% 10/20/2051 <sup>(a)</sup>  | 2751 | 2300 |
| Government National Mortgage Assn. Pool #785813 2.50% 12/20/2051 <sup>(a)</sup>  | 4337 | 3638 |
| Government National Mortgage Assn. Pool #MA7881 2.50% 2/20/2052 <sup>(a)</sup>  | 4033 | 3431 |
| Government National Mortgage Assn. Pool #785998 2.50% 3/20/2052 <sup>(a)</sup>  | 3458 | 2897 |
| Government National Mortgage Assn. Pool #MA7937 3.00% 3/20/2052 <sup>(a)</sup>  | 226 | 200 |
| Government National Mortgage Assn. Pool #MA7988 3.00% 4/20/2052 <sup>(a)</sup>  | 174 | 154 |
| Government National Mortgage Assn. Pool #MA8044 3.50% 5/20/2052 <sup>(a)</sup>  | 4664 | 4257 |
| Government National Mortgage Assn. Pool #MA8148 3.00% 7/20/2052 <sup>(a)</sup>  | 4832 | 4280 |
| Government National Mortgage Assn. Pool #MA8199 3.50% 8/20/2052 <sup>(a)</sup>  | 3986 | 3643 |
| Government National Mortgage Assn. Pool #MA8266 3.50% 9/20/2052 <sup>(a)</sup>  | 21289 | 19425 |
| Government National Mortgage Assn. Pool #MA8267 4.00% 9/20/2052 <sup>(a)</sup>  | 7615 | 7121 |
| Government National Mortgage Assn. Pool #MA8346 4.00% 10/20/2052 <sup>(a)</sup>  | 5348 | 5011 |
| Government National Mortgage Assn. Pool #MA8799 4.50% 4/20/2053 <sup>(a)</sup>  | 3409 | 3283 |
| Government National Mortgage Assn. Pool #MA9015 4.50% 7/20/2053 <sup>(a)</sup>  | 12036 | 11578 |
| Government National Mortgage Assn. Pool #MA9016 5.00% 7/20/2053 <sup>(a)</sup>  | 3131 | 3085 |
| Government National Mortgage Assn. Pool #MA9104 4.50% 8/20/2053 <sup>(a)</sup>  | 7748 | 7446 |
| Government National Mortgage Assn. Pool #MA9169 4.50% 9/20/2053 <sup>(a)</sup>  | 12720 | 12217 |
| Government National Mortgage Assn. Pool #MA9776 4.00% 7/20/2054 <sup>(a)</sup>  | 1742 | 1623 |
| Government National Mortgage Assn. Pool #MB0024 4.50% 11/20/2054 <sup>(a)</sup>  | 21027 | 20143 |
| Government National Mortgage Assn. Pool #MB0144 4.00% 1/20/2055 <sup>(a)</sup>  | 9065 | 8435 |
| Government National Mortgage Assn. Pool #MB0202 4.00% 2/20/2055 <sup>(a)</sup>  | 797 | 741 |
| Government National Mortgage Assn. Pool #MB0256 4.00% 3/20/2055 <sup>(a)</sup>  | 1165 | 1084 |
| Government National Mortgage Assn. Pool #MB0421 4.00% 6/20/2055 <sup>(a)</sup>  | 99 | 92 |
| Government National Mortgage Assn., Series 2021-2, Class AH, 1.50% 6/16/2063 <sup>(a)</sup>  | 1472 | 1076 |
| Uniform Mortgage-Backed Security 2.00% 7/1/2040 <sup>(a)(d)</sup>  | 5845 | 5342 |
| Uniform Mortgage-Backed Security 2.50% 7/1/2055 <sup>(a)(d)</sup>  | 151036 | 125252 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| American Funds Insurance Series | **160** |

---

------

The Bond Fund of America<sup>®</sup> (continued)

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount<br> (000)<br>| Value<br> (000)<br>|
| **Mortgage-backed obligations (continued)** | **Mortgage-backed obligations (continued)** | **Mortgage-backed obligations (continued)** |
| **Federal agency mortgage-backed obligations (continued)** |  |  |
| Uniform Mortgage-Backed Security 3.50% 7/1/2055 <sup>(a)(d)</sup>  | USD58,704 | $52860 |
| Uniform Mortgage-Backed Security 4.00% 7/1/2055 <sup>(a)(d)</sup>  | 688 | 640 |
| Uniform Mortgage-Backed Security 5.00% 7/1/2055 <sup>(a)(d)</sup>  | 580 | 568 |
| Uniform Mortgage-Backed Security 5.50% 7/1/2055 <sup>(a)(d)</sup>  | 5902 | 5902 |
| Uniform Mortgage-Backed Security 6.00% 7/1/2055 <sup>(a)(d)</sup>  | 1301 | 1322 |
| Uniform Mortgage-Backed Security 7.00% 7/1/2055 <sup>(a)(d)</sup>  | 35090 | 36948 |
| Uniform Mortgage-Backed Security 2.00% 8/1/2055 <sup>(a)(d)</sup>  | 18486 | 14644 |
| Uniform Mortgage-Backed Security 3.00% 8/1/2055 <sup>(a)(d)</sup>  | 9047 | 7828 |
| Uniform Mortgage-Backed Security 4.00% 8/1/2055 <sup>(a)(d)</sup>  | 1456 | 1354 |
| Uniform Mortgage-Backed Security 6.50% 8/1/2055 <sup>(a)(d)</sup>  | 10953 | 11294 |
| Uniform Mortgage-Backed Security 7.00% 8/1/2055 <sup>(a)(d)</sup>  | 30276 | 31760 |
|  |  | 3042615 |
| **Commercial mortgage-backed securities 3.48%** |  |  |
| ALA Trust, Series 2025-OANA, Class A, (1-month USD CME Term SOFR + 1.7426%) 6.043% <br> 6/15/2040 <sup>(a)(b)(e)</sup>  | 11443 | 11524 |
| AMSR Trust, Series 2025-SFR1, Class A, 3.655% 6/17/2042 <sup>(a)(e)</sup>  | 11892 | 11381 |
| ARES Commercial Mortgage Trust, Series 24-IND, Class A, (1-month USD CME Term SOFR + 1.69%) 6.003% <br> 7/15/2041 <sup>(a)(b)(e)</sup>  | 1251 | 1255 |
| Bank Commercial Mortgage Trust, Series 2019-BN16, Class A4, 4.005% 2/15/2052 <sup>(a)</sup>  | 770 | 754 |
| Bank Commercial Mortgage Trust, Series 2019-BN17, Class A4, 3.714% 4/15/2052 <sup>(a)</sup>  | 100 | 97 |
| Bank Commercial Mortgage Trust, Series 2023-5YR3, Class AS, 7.315% 9/15/2056 <sup>(a)(b)</sup>  | 684 | 732 |
| Bank Commercial Mortgage Trust, Series 2023-5YR4, Class AS, 7.274% 12/15/2056 <sup>(a)(b)</sup>  | 500 | 536 |
| Bank Commercial Mortgage Trust, Series 2024-5YR11, Class AS, 6.139% 11/15/2057 <sup>(a)</sup>  | 3537 | 3697 |
| Bank Commercial Mortgage Trust, Series 2018-BN10, Class A4, 3.428% 2/17/2061 <sup>(a)</sup>  | 123 | 120 |
| Bank Commercial Mortgage Trust, Series 2019-BN19, Class A3, 3.183% 8/15/2061 <sup>(a)</sup>  | 1018 | 953 |
| Bank Commercial Mortgage Trust, Series 2020-BN26, Class A4, 2.403% 3/15/2063 <sup>(a)</sup>  | 295 | 266 |
| Bank5, Series 2025-5YR14, Class A3, 5.646% 4/15/2058 <sup>(a)</sup>  | 15601 | 16254 |
| Benchmark Mortgage Trust, Series 2018-B8, Class A5, 4.232% 1/15/2052 <sup>(a)</sup>  | 2541 | 2490 |
| Benchmark Mortgage Trust, Series 2018-B7, Class A4, 4.51% 5/15/2053 <sup>(a)(b)</sup>  | 781 | 776 |
| Benchmark Mortgage Trust, Series 2024-V5, Class AM, 6.417% 1/10/2057 <sup>(a)</sup>  | 3361 | 3506 |
| Benchmark Mortgage Trust, Series 2024-V11, Class AM, 6.201% 11/15/2057 <sup>(a)</sup>  | 2174 | 2276 |
| Benchmark Mortgage Trust, Series 2025-V14, Class A4, 5.66% 4/15/2058 <sup>(a)</sup>  | 8867 | 9248 |
| BMO Mortgage Trust, Series 2024-5C5, Class AS, 6.364% 2/15/2057 <sup>(a)(b)</sup>  | 2774 | 2907 |
| BMO Mortgage Trust, Series 2025-5C9, Class A3, 5.779% 4/15/2058 <sup>(a)</sup>  | 7780 | 8129 |
| BX Trust, Series 2022-CSMO, Class A, (1-month USD CME Term SOFR + 2.115%) 6.427% 6/15/2027 <sup>(a)(b)(e)</sup>  | 8476 | 8540 |
| BX Trust, Series 2024-KING, Class A, (1-month USD CME Term SOFR + 1.541%) 5.853% 5/15/2034 <sup>(a)(b)(e)</sup>  | 2183 | 2186 |
| BX Trust, Series 2021-VOLT, Class A, (1-month USD CME Term SOFR + 0.814%) 5.126% 9/15/2036 <sup>(a)(b)(e)</sup>  | 14268 | 14228 |
| BX Trust, Series 2021-VOLT, Class B, (1-month USD CME Term SOFR + 1.064%) 5.376% 9/15/2036 <sup>(a)(b)(e)</sup>  | 552 | 550 |
| BX Trust, Series 2021-ARIA, Class B, (1-month USD CME Term SOFR + 1.411%) 5.723% 10/15/2036 <sup>(a)(b)(e)</sup>  | 995 | 994 |
| BX Trust, Series 2021-ARIA, Class C, (1-month USD CME Term SOFR + 1.76%) 6.072% 10/15/2036 <sup>(a)(b)(e)</sup>  | 996 | 995 |
| BX Trust, Series 2021-RISE, Class A, (1-month USD CME Term SOFR + 0.862%) 5.174% 11/15/2036 <sup>(a)(b)(e)</sup>  | 10670 | 10666 |
| BX Trust, Series 2022-IND, Class A, (1-month USD CME Term SOFR + 1.491%) 5.803% 4/15/2037 <sup>(a)(b)(e)</sup>  | 3395 | 3400 |
| BX Trust, Series 2021-SOAR, Class A, (1-month USD CME Term SOFR + 0.784%) 5.096% 6/15/2038 <sup>(a)(b)(e)</sup>  | 1981 | 1981 |
| BX Trust, Series 2021-SOAR, Class B, (1-month USD CME Term SOFR + 0.984%) 5.296% 6/15/2038 <sup>(a)(b)(e)</sup>  | 382 | 382 |
| BX Trust, Series 2021-SOAR, Class C, (1-month USD CME Term SOFR + 1.214%) 5.526% 6/15/2038 <sup>(a)(b)(e)</sup>  | 259 | 259 |
| BX Trust, Series 2021-SOAR, Class D, (1-month USD CME Term SOFR + 1.514%) 5.826% 6/15/2038 <sup>(a)(b)(e)</sup>  | 654 | 654 |
| BX Trust, Series 2021-ACNT, Class A, (1-month USD CME Term SOFR + 0.964%) 5.276% 11/15/2038 <sup>(a)(b)(e)</sup>  | 8555 | 8555 |
| BX Trust, Series 2021-ACNT, Class B, (1-month USD CME Term SOFR + 1.364%) 5.676% 11/15/2038 <sup>(a)(b)(e)</sup>  | 291 | 290 |
| BX Trust, Series 2021-ACNT, Class C, (1-month USD CME Term SOFR + 1.614%) 5.926% 11/15/2038 <sup>(a)(b)(e)</sup>  | 86 | 86 |
| BX Trust, Series 2021-ACNT, Class D, (1-month USD CME Term SOFR + 1.964%) 6.276% 11/15/2038 <sup>(a)(b)(e)</sup>  | 129 | 129 |
| BX Trust, Series 2022-AHP, Class A, (1-month USD CME Term SOFR + 0.99%) 5.302% 2/15/2039 <sup>(a)(b)(e)</sup>  | 8600 | 8598 |
| BX Trust, Series 2024-AIRC, Class A, (1-month USD CME Term SOFR + 1.691%) 6.003% 8/15/2039 <sup>(a)(b)(e)</sup>  | 8000 | 8042 |
| BX Trust, Series 2024-BIO2, Class A, 5.594% 8/13/2041 <sup>(a)(b)(e)</sup>  | 26909 | 27299 |
| CALI Mortgage Trust, Series 24-SUN, Class A, (1-month USD CME Term SOFR + 1.89%) 6.203% <br> 7/15/2041 <sup>(a)(b)(e)</sup>  | 1514 | 1518 |
| CART, Series 2024-DFW1, Class A, (1-month USD CME Term SOFR + 1.642%) 5.984% 8/15/2041 <sup>(a)(b)(e)</sup>  | 5461 | 5449 |
| Citigroup Commercial Mortgage Trust, Series 2023-SMRT, Class A, 6.015% 10/12/2040 <sup>(a)(b)(e)</sup>  | 19044 | 19682 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **161** | American Funds Insurance Series |

---

------

The Bond Fund of America<sup>®</sup> (continued)

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount<br> (000)<br>| Value<br> (000)<br>|
| **Mortgage-backed obligations (continued)** | **Mortgage-backed obligations (continued)** | **Mortgage-backed obligations (continued)** |
| **Commercial mortgage-backed securities (continued)** |  |  |
| Citigroup Commercial Mortgage Trust, Series 2016-GC36, Class A5, 3.616% 2/10/2049 <sup>(a)</sup>  | USD610 | $602 |
| DATA 2023-CNTR Mortgage Trust, Series 2023-CNTR, Class A, 5.919% 8/12/2043 <sup>(a)(b)(e)</sup>  | 8924 | 9048 |
| DC Commercial Mortgage Trust, Series 2023-DC, Class A, 6.314% 9/10/2040 <sup>(a)(e)</sup>  | 966 | 1009 |
| DC Commercial Mortgage Trust, Series 2023-DC, Class B, 6.804% 9/10/2040 <sup>(a)(e)</sup>  | 1121 | 1177 |
| DC Commercial Mortgage Trust, Series 2023-DC, Class C, 7.379% 9/10/2040 <sup>(a)(b)(e)</sup>  | 862 | 904 |
| Deutsche Bank Commercial Mortgage Trust, Series 2016-C1, Class AM, 3.539% 5/10/2049 <sup>(a)</sup>  | 200 | 196 |
| Extended Stay America Trust, Series 2021-ESH, Class B, (1-month USD CME Term SOFR + 1.494%) 5.806% <br> 7/15/2038 <sup>(a)(b)(e)</sup>  | 564 | 564 |
| Extended Stay America Trust, Series 2021-ESH, Class C, (1-month USD CME Term SOFR + 1.814%) 6.126% <br> 7/15/2038 <sup>(a)(b)(e)</sup>  | 769 | 770 |
| Extended Stay America Trust, Series 2021-ESH, Class D, (1-month USD CME Term SOFR + 2.364%) 6.676% <br> 7/15/2038 <sup>(a)(b)(e)</sup>  | 588 | 590 |
| FIVE Mortgage Trust, Series 2023-V1, Class A3, 5.668% 2/10/2056 <sup>(a)</sup>  | 2432 | 2493 |
| Fontainebleau Miami Beach Trust, Series 2024-FBLU, Class A, (1-month USD CME Term SOFR + 1.45%) <br> 5.762% 12/15/2029 <sup>(a)(b)(e)</sup>  | 1508 | 1510 |
| GS Mortgage Securities Trust, Series 2024-70P, Class A, 5.487% 3/10/2041 <sup>(a)(b)(e)</sup>  | 10443 | 10507 |
| GS Mortgage Securities Trust, Series 2017-GS7, Class A4, 3.43% 8/10/2050 <sup>(a)</sup>  | 400 | 389 |
| GS Mortgage Securities Trust, Series 2019-GC38, Class A4, 3.968% 2/10/2052 <sup>(a)</sup>  | 100 | 97 |
| GS Mortgage Securities Trust, Series 2020-GC47, Class A5, 2.377% 5/12/2053 <sup>(a)</sup>  | 1536 | 1386 |
| Hawaii Hotel Trust, Series 2025-MAUI, Class A, (1-month USD CME Term SOFR + 1.393%) 5.705% <br> 3/15/2042 <sup>(a)(b)(e)</sup>  | 8260 | 8276 |
| Houston Galleria Mall Trust, Series 2025-HGLR, Class A, 5.644% 2/5/2045 <sup>(a)(b)(e)</sup>  | 15120 | 15543 |
| HTL Commercial Mortgage Trust, Series 2024-T53, Class A, 5.875% 5/10/2039 <sup>(a)(b)(e)</sup>  | 1478 | 1494 |
| Hudson Yards Mortgage Trust, Series 2025-SPRL, Class A, 5.649% 1/13/2040 <sup>(a)(b)(e)</sup>  | 24720 | 25509 |
| INTOWN Mortgage Trust, Series 2025-STAY, Class A, (1-month USD CME Term SOFR + 1.35%) 5.662% <br> 3/15/2042 <sup>(a)(b)(e)</sup>  | 28416 | 28334 |
| JPMDB Commercial Mortgage Securities Trust, Series 2017-C5, Class A5, 3.694% 3/15/2050 <sup>(a)</sup>  | 640 | 623 |
| JPMDB Commercial Mortgage Securities Trust, Series 2017-C7, Class A5, 3.409% 10/15/2050 <sup>(a)</sup>  | 240 | 233 |
| JPMorgan Chase Commercial Mortgage Securities Trust, Series 2022-OPO, Class A, 3.024% 1/5/2039 <sup>(a)(e)</sup>  | 6854 | 6250 |
| JPMorgan Chase Commercial Mortgage Securities Trust, Series 2016-JP4, Class A4, 3.648% <br> 12/15/2049 <sup>(a)(b)</sup>  | 2040 | 2008 |
| KSL Commercial Mortgage Trust, Series 2024-HT2, Class A, (1-month USD CME Term SOFR + 1.542%) <br> 5.854% 12/15/2039 <sup>(a)(b)(e)</sup>  | 13405 | 13400 |
| MHC Commercial Mortgage Trust, CMO, Series 2021-MHC, Class A, (1-month USD CME Term SOFR + <br> 0.915%) 5.227% 4/15/2038 <sup>(a)(b)(e)</sup>  | 19 | 19 |
| Morgan Stanley Bank of America Merrill Lynch Trust, Series 2015-C22, Class A-4, 3.306% 4/15/2048 <sup>(a)</sup>  | 97 | 96 |
| Morgan Stanley Bank of America Merrill Lynch Trust, Series 2016-C32, Class A-4, 3.72% 12/15/2049 <sup>(a)</sup>  | 245 | 242 |
| Morgan Stanley Capital I Trust, Series 2015-UBS8, Class AS, 4.114% 12/15/2048 <sup>(a)</sup>  | 730 | 718 |
| SDR Commercial Mortgage Trust, Series 2024-DSNY, Class A, (1-month USD CME Term SOFR + 1.392%) <br> 5.703% 5/15/2039 <sup>(a)(b)(e)</sup>  | 3848 | 3848 |
| SLG Office Trust, Series 2021-OVA, Class A, 2.585% 7/15/2041 <sup>(a)(e)</sup>  | 4065 | 3571 |
| SREIT Trust, Series 2021-FLWR, Class B, (1-month USD CME Term SOFR + 1.04%) 5.352% 7/15/2036 <sup>(a)(b)(e)</sup>  | 800 | 799 |
| SREIT Trust, Series 2021-MFP, Class B, (1-month USD CME Term SOFR + 1.194%) 5.506% 11/15/2038 <sup>(a)(b)(e)</sup>  | 221 | 221 |
| SREIT Trust, Series 2021-MFP, Class C, (1-month USD CME Term SOFR + 1.443%) 5.755% 11/15/2038 <sup>(a)(b)(e)</sup>  | 118 | 118 |
| SWCH Commercial Mortgage Trust, Series 2025-DATA, Class A, (1-month USD CME Term SOFR + 1.443%) <br> 5.755% 3/15/2042 <sup>(a)(b)(e)</sup>  | 26882 | 26728 |
| Wells Fargo Commercial Mortgage Trust, Series 2015-SG1, Class A4, 3.789% 9/15/2048 <sup>(a)</sup>  | 1132 | 1129 |
| Wells Fargo Commercial Mortgage Trust, Series 2016-C37, Class A5, 3.794% 12/15/2049 <sup>(a)</sup>  | 2550 | 2515 |
| Wells Fargo Commercial Mortgage Trust, Series 2019-C54, Class A4, 3.146% 12/15/2052 <sup>(a)</sup>  | 1019 | 963 |
| Wells Fargo Commercial Mortgage Trust, Series 2024-5C2, Class A3, 5.92% 11/15/2057 <sup>(a)</sup>  | 5667 | 5941 |
| Wells Fargo Commercial Mortgage Trust, Series 2017-RC1, Class A4, 3.631% 1/15/2060 <sup>(a)</sup>  | 205 | 202 |
|  |  | 381406 |
| **Collateralized mortgage-backed obligations (privately originated) 3.35%** |  |  |
| Arroyo Mortgage Trust, Series 2021-1R, Class A1, 1.175% 10/25/2048 <sup>(a)(b)(e)</sup>  | 1747 | 1578 |
| Arroyo Mortgage Trust, Series 2020-1, Class A1A, 1.662% 3/25/2055 <sup>(a)(e)</sup>  | 64 | 62 |
| Arroyo Mortgage Trust, Series 2022-1, Class A1A, 2.495% 12/25/2056 (3.495% on 2/25/2026) <sup>(a)(e)(f)</sup>  | 4257 | 4094 |
| Atlas SP, Series 2024-RPL1, Class A1, 3.85% 4/25/2064 (4.85% on 8/1/2028) <sup>(a)(e)(f)</sup>  | 11821 | 11432 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| American Funds Insurance Series | **162** |

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------

The Bond Fund of America<sup>®</sup> (continued)

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| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount<br> (000)<br>| Value<br> (000)<br>|
| **Mortgage-backed obligations (continued)** | **Mortgage-backed obligations (continued)** | **Mortgage-backed obligations (continued)** |
| **Collateralized mortgage-backed obligations (privately originated) (continued)** |  |  |
| BRAVO Residential Funding Trust, Series 2020-RPL2, Class A1, 2.00% 5/25/2059 <sup>(a)(b)(e)</sup>  | USD593 | $556 |
| BRAVO Residential Funding Trust, Series 2020-RPL1, Class A1, 2.50% 5/26/2059 <sup>(a)(b)(e)</sup>  | 243 | 237 |
| BRAVO Residential Funding Trust, Series 2022-RPL1, Class A1, 2.75% 9/25/2061 <sup>(a)(e)</sup>  | 675 | 619 |
| Cascade Funding Mortgage Trust, Series 2023-HB12, Class A, 4.25% 4/25/2033 <sup>(a)(b)(e)</sup>  | 197 | 195 |
| Cascade Funding Mortgage Trust, Series 2024-HB15, Class A, 4.00% 8/25/2034 <sup>(a)(b)(e)</sup>  | 2305 | 2285 |
| Cascade Funding Mortgage Trust, Series 2024-RM5, Class A, 4.00% 10/25/2054 <sup>(a)(b)(e)</sup>  | 13815 | 13523 |
| CIM Trust, Series 2022-R2, Class A1, 3.75% 12/25/2061 <sup>(a)(b)(e)</sup>  | 5199 | 4955 |
| Citigroup Mortgage Loan Trust, Series 2020-EXP1, Class A1A, 1.804% 5/25/2060 <sup>(a)(b)(e)</sup>  | 122 | 114 |
| COLT Mortgage Loan Trust, Series 2021-5, Class A1, 1.726% 11/26/2066 <sup>(a)(b)(e)</sup>  | 1054 | 952 |
| Connecticut Avenue Securities Trust, Series 2022-R06, Class 1M1, (30-day Average USD-SOFR + 2.75%) <br> 7.055% 5/25/2042 <sup>(a)(b)(e)</sup>  | 180 | 184 |
| Connecticut Avenue Securities Trust, Series 2023-R01, Class 1M1, (30-day Average USD-SOFR + 2.40%) <br> 6.705% 12/25/2042 <sup>(a)(b)(e)</sup>  | 465 | 478 |
| Connecticut Avenue Securities Trust, Series 2023-R04, Class 1M1, (30-day Average USD-SOFR + 2.30%) <br> 6.605% 5/25/2043 <sup>(a)(b)(e)</sup>  | 2374 | 2425 |
| Connecticut Avenue Securities Trust, Series 2023-R05, Class 1M1, (30-day Average USD-SOFR + 1.90%) <br> 6.205% 6/25/2043 <sup>(a)(b)(e)</sup>  | 1415 | 1429 |
| Connecticut Avenue Securities Trust, Series 2023-R06, Class 1M1, (30-day Average USD-SOFR + 1.70%) <br> 6.005% 7/25/2043 <sup>(a)(b)(e)</sup>  | 731 | 735 |
| Connecticut Avenue Securities Trust, Series 2024-R01, Class 1M1, (30-day Average USD-SOFR + 1.05%) <br> 5.355% 1/25/2044 <sup>(a)(b)(e)</sup>  | 3393 | 3393 |
| Connecticut Avenue Securities Trust, Series 2024-R01, Class 1M2, (30-day Average USD-SOFR + 1.80%) <br> 6.105% 1/25/2044 <sup>(a)(b)(e)</sup>  | 507 | 513 |
| Connecticut Avenue Securities Trust, Series 2024-R02, Class 1M1, (30-day Average USD-SOFR + 1.10%) <br> 5.405% 2/25/2044 <sup>(a)(b)(e)</sup>  | 354 | 354 |
| Connecticut Avenue Securities Trust, Series 2024-R02, Class 1M2, (30-day Average USD-SOFR + 1.80%) <br> 6.105% 2/25/2044 <sup>(a)(b)(e)</sup>  | 1053 | 1064 |
| Connecticut Avenue Securities Trust, Series 2024-R04, Class 1M1, (30-day Average USD-SOFR + 1.10%) <br> 5.405% 5/25/2044 <sup>(a)(b)(e)</sup>  | 2713 | 2713 |
| Connecticut Avenue Securities Trust, Series 2024-R06, Class 1M1, (30-day Average USD-SOFR + 1.05%) <br> 5.355% 9/25/2044 <sup>(a)(b)(e)</sup>  | 966 | 966 |
| Connecticut Avenue Securities Trust, Series 2024-R06, Class 1M2, (30-day Average USD-SOFR + 1.60%) <br> 5.905% 9/25/2044 <sup>(a)(b)(e)</sup>  | 1584 | 1591 |
| Connecticut Avenue Securities Trust, Series 2025-R02, Class 1A1, (30-day Average USD-SOFR + 1.00%) <br> 5.305% 2/25/2045 <sup>(a)(b)(e)</sup>  | 2005 | 2007 |
| Connecticut Avenue Securities Trust, Series 2025-R02, Class 1M1, (30-day Average USD-SOFR + 1.15%) <br> 5.455% 2/25/2045 <sup>(a)(b)(e)</sup>  | 5202 | 5209 |
| Connecticut Avenue Securities Trust, Series 2025-R04, Class 1M1, (30-day Average USD-SOFR + 1.20%) <br> 5.505% 5/25/2045 <sup>(a)(b)(e)</sup>  | 6774 | 6791 |
| Flagstar Mortgage Trust, Series 2021-8INV, Class A3, 2.50% 9/25/2051 <sup>(a)(b)(e)</sup>  | 1700 | 1385 |
| Flagstar Mortgage Trust, Series 2021-11INV, Class A4, 2.50% 11/25/2051 <sup>(a)(b)(e)</sup>  | 1872 | 1528 |
| Freddie Mac Structured Agency Credit Risk Debt Notes, Series 2022-DNA5, Class M1A, (30-day Average <br> USD-SOFR + 2.95%) 7.255% 6/25/2042 <sup>(a)(b)(e)</sup>  | 132 | 135 |
| Freddie Mac Structured Agency Credit Risk Debt Notes, Series 2022-DNA6, Class M1A, (30-day Average <br> USD-SOFR + 2.15%) 6.455% 9/25/2042 <sup>(a)(b)(e)</sup>  | 209 | 211 |
| Freddie Mac Structured Agency Credit Risk Debt Notes, Series 2022-DNA6, Class M1B, (30-day Average <br> USD-SOFR + 3.70%) 8.005% 9/25/2042 <sup>(a)(b)(e)</sup>  | 1519 | 1601 |
| Freddie Mac Structured Agency Credit Risk Debt Notes, Series 2024-DNA1, Class M1, (30-day Average <br> USD-SOFR + 1.35%) 5.655% 2/25/2044 <sup>(a)(b)(e)</sup>  | 3318 | 3326 |
| Freddie Mac Structured Agency Credit Risk Debt Notes, Series 2024-DNA2, Class M1, (30-day Average <br> USD-SOFR + 1.20%) 5.505% 5/25/2044 <sup>(a)(b)(e)</sup>  | 13353 | 13381 |
| Freddie Mac Structured Agency Credit Risk Debt Notes, Series 2024-DNA3, Class M1, (30-day Average <br> USD-SOFR + 1.00%) 5.305% 10/25/2044 <sup>(a)(b)(e)</sup>  | 3944 | 3944 |
| Freddie Mac Structured Agency Credit Risk Debt Notes, Series 2024-DNA3, Class M2, (30-day Average <br> USD-SOFR + 1.45%) 5.755% 10/25/2044 <sup>(a)(b)(e)</sup>  | 1648 | 1652 |
| Freddie Mac Structured Agency Credit Risk Debt Notes, Series 2025-DNA2, Class A1, (30-day Average <br> USD-SOFR + 1.10%) 5.405% 5/25/2045 <sup>(a)(b)(e)</sup>  | 2978 | 2981 |
| Freddie Mac Structured Agency Credit Risk Debt Notes, Series 2025-DNA2, Class M1, (30-day Average <br> USD-SOFR + 1.20%) 5.505% 5/25/2045 <sup>(a)(b)(e)</sup>  | 9130 | 9156 |
| GCAT Trust, Series 2024-NQM2, Class A1, 6.085% 6/25/2059 (7.359% on 5/1/2028) <sup>(a)(e)(f)</sup>  | 4454 | 4493 |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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| | |
|:---|:---|
| **163** | American Funds Insurance Series |

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------

The Bond Fund of America<sup>®</sup> (continued)

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| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount<br> (000)<br>| Value<br> (000)<br>|
| **Mortgage-backed obligations (continued)** | **Mortgage-backed obligations (continued)** | **Mortgage-backed obligations (continued)** |
| **Collateralized mortgage-backed obligations (privately originated) (continued)** |  |  |
| GCAT Trust, Series 2021-NQM6, Class A1, 1.855% 8/25/2066 <sup>(a)(b)(e)</sup>  | USD1,772 | $1607 |
| GS Mortgage-Backed Securities Trust, Series 2024-RPL2, Class A1, 3.75% 7/25/2061 (4.75% on 2/1/2028) <br> <sup>(a)(e)(f)</sup>  | 694 | 677 |
| Home Partners of America Trust, Series 2021-2, Class A, 1.901% 12/17/2026 <sup>(a)(e)</sup>  | 4556 | 4388 |
| HOMES Trust, Series 2024-NQM1, Class A1, 5.915% 7/25/2069 (6.915% on 7/1/2028) <sup>(a)(e)(f)</sup>  | 15394 | 15497 |
| JP Morgan Mortgage Trust, Series 2024-INV1, Class A2, 6.00% 4/25/2055 <sup>(a)(b)(e)</sup>  | 638 | 643 |
| Legacy Mortgage Asset Trust, Series 2021-GS2, Class A1, 5.75% 4/25/2061 <sup>(a)(e)</sup>  | 621 | 622 |
| Legacy Mortgage Asset Trust, Series 2021-GS5, Class A1, 2.25% 7/25/2067 (6.25% on 11/25/2025) <sup>(a)(e)(f)</sup>  | 1921 | 1919 |
| MFRA Trust, Series 2021-RPL1, Class A1, 1.131% 7/25/2060 <sup>(a)(b)(e)</sup>  | 2027 | 1847 |
| MFRA Trust, Series 2024-NQM2, Class A1, 5.272% 8/25/2069 (6.272% on 8/1/2028) <sup>(a)(e)(f)</sup>  | 23624 | 23561 |
| Onslow Bay Financial Mortgage Loan Trust, Series 2024-HYB1, Class A1, 3.645% 3/25/2053 <sup>(a)(b)(e)</sup>  | 2453 | 2418 |
| Onslow Bay Financial, LLC, Series 2024-NQM5, Class A1, 5.988% 3/25/2028 (6.988% on 3/1/2028) <sup>(a)(e)(f)</sup>  | 6519 | 6567 |
| Onslow Bay Financial, LLC, Series 2024-HYB2, Class A1, 3.677% 4/25/2053 <sup>(a)(b)(e)</sup>  | 1880 | 1878 |
| Onslow Bay Financial, LLC, Series 2024-NQM4, Class A1, 6.067% 1/25/2064 (7.067% on 2/1/2028) <sup>(a)(e)(f)</sup>  | 3385 | 3411 |
| Onslow Bay Financial, LLC, Series 2024-NQM7, Class A1, 6.243% 3/25/2064 (7.243% on 4/1/2028) <sup>(a)(e)(f)</sup>  | 7224 | 7304 |
| Onslow Bay Financial, LLC, Series 2024-NQM10, Class A1, 6.18% 5/25/2064 (7.18% on 6/1/2028) <sup>(a)(e)(f)</sup>  | 7021 | 7087 |
| Onslow Bay Financial, LLC, Series 2024-NQM8, Class A1, 6.233% 5/25/2064 (7.233% on 5/1/2028) <sup>(a)(e)(f)</sup>  | 17725 | 17931 |
| Onslow Bay Financial, LLC, Series 2024-NQM13, Class A1, 5.116% 6/25/2064 (6.116% on 8/1/2028) <sup>(a)(e)(f)</sup>  | 5192 | 5176 |
| Onslow Bay Financial, LLC, Series 2024-NQM11, Class A1, 5.875% 6/25/2064 (6.825% on 7/1/2028) <sup>(a)(e)(f)</sup>  | 19510 | 19630 |
| PRKCM Trust, Series 2021-AFC2, Class A1, 2.071% 11/25/2056 <sup>(a)(b)(e)</sup>  | 1303 | 1156 |
| Progress Residential Trust, Series 2025-SFR3, Class A, 3.39% 7/17/2030 <sup>(a)(e)</sup>  | 4038 | 3805 |
| Progress Residential Trust, Series 2022-SFR3, Class A, 3.20% 4/17/2039 <sup>(a)(e)</sup>  | 1084 | 1058 |
| Progress Residential Trust, Series 2024-SFR2, Class B, 3.40% 4/17/2041 <sup>(a)(b)(e)</sup>  | 1044 | 991 |
| Progress Residential Trust, Series 2025-SFR2, Class A, 3.305% 4/17/2042 <sup>(a)(e)</sup>  | 14345 | 13519 |
| PRP Advisors, LLC, Series 2025-RPL3, Class A1, 3.25% 4/25/2055 (4.25% on 4/1/2028) <sup>(a)(e)(f)</sup>  | 6176 | 5913 |
| Starwood Mortgage Residential Trust, Series 2024-SFR4, Class A, (1-month USD CME Term SOFR + 1.75%) <br> 6.062% 10/17/2041 <sup>(a)(b)(e)</sup>  | 6368 | 6410 |
| Towd Point Mortgage Trust, Series 2020-4, Class A1, 1.75% 10/25/2060 <sup>(a)(e)</sup>  | 7476 | 6786 |
| Towd Point Mortgage Trust, Series 2024-3, Class A1A, 5.107% 7/25/2065 <sup>(a)(b)(e)</sup>  | 3356 | 3424 |
| Treehouse Park Improvement Association No.1 9.75% 12/1/2033 <sup>(e)(g)</sup>  | 1423 | 1423 |
| Tricon Residential Trust, Series 2021-SFR1, Class A, 1.943% 7/17/2038 <sup>(a)(e)</sup>  | 5021 | 4881 |
| Tricon Residential Trust, Series 2024-SFR2, Class A, 4.75% 6/17/2040 <sup>(a)(e)</sup>  | 8569 | 8597 |
| Tricon Residential Trust, Series 2024-SFR3, Class A, 4.50% 8/17/2041 <sup>(a)(e)</sup>  | 7475 | 7435 |
| Tricon Residential Trust, Series 2024-SFR4, Class A, 4.30% 11/17/2041 <sup>(a)(e)</sup>  | 3360 | 3315 |
| Verus Securitization Trust, Series 2024-3, Class A1, 6.338% 4/25/2069 (7.338% on 4/1/2028) <sup>(a)(e)(f)</sup>  | 15504 | 15685 |
| Verus Securitization Trust, Series 2024-4, Class A1, 6.218% 6/25/2069 (7.218% on 5/1/2028) <sup>(a)(e)(f)</sup>  | 6574 | 6650 |
| Verus Securitization Trust, Series 2024-6, Class A1, 5.799% 7/25/2069 (6.799% on 7/1/2028) <sup>(a)(e)(f)</sup>  | 14079 | 14172 |
| Verus Securitization Trust, Series 2024-8, Class A1, 5.364% 10/25/2069 <sup>(a)(b)(e)</sup>  | 4413 | 4414 |
| Verus Securitization Trust, Series 2025-5, Class A1, 5.427% 6/25/2070 (6.427% on 6/1/2029) <sup>(a)(e)(f)</sup>  | 21776 | 22012 |
|  |  | 368056 |
| **Total mortgage-backed obligations** |  | 3792077 |
| **Corporate bonds, notes & loans 33.01%** | **Corporate bonds, notes & loans 33.01%** | **Corporate bonds, notes & loans 33.01%** |
| **Financials 11.08%** |  |  |
| AerCap Ireland Capital DAC 6.50% 7/15/2025  | 1798 | 1799 |
| AerCap Ireland Capital DAC 1.75% 1/30/2026  | 2841 | 2792 |
| AerCap Ireland Capital DAC 2.45% 10/29/2026  | 10289 | 10027 |
| AerCap Ireland Capital DAC 6.45% 4/15/2027  | 3994 | 4126 |
| Aero Capital Solutions, Inc., Term Loan, (1-month USD CME Term SOFR + 3.00%) <br> 7.61% 11/17/2029 <sup>(b)(e)(g)(h)</sup>  | 7652 | 7595 |
| AIB Group PLC 6.608% 9/13/2029 (USD-SOFR + 2.33% on 9/13/2028) <sup>(e)(f)</sup>  | 1597 | 1690 |
| AIB Group PLC 5.871% 3/28/2035 (USD-SOFR + 1.91% on 3/28/2034) <sup>(e)(f)</sup>  | 1995 | 2058 |
| Alpha Bank SA 7.50% 6/16/2027 (1-year EUR Mid-Swap + 5.084% on 6/16/2026) <sup>(f)</sup>  | EUR437 | 539 |
| Alpha Bank SA 6.875% 6/27/2029 (1-year EUR-ICE Swap EURIBOR + 3.793% on 6/27/2028) <sup>(f)</sup>  | 2840 | 3708 |
| Alpha Bank SA 5.00% 5/12/2030 (1-year EUR-ICE Swap EURIBOR + 2.432% on 5/12/2029) <sup>(f)</sup>  | 4065 | 5102 |
| American Express Co. 6.338% 10/30/2026 (USD-SOFR + 1.33% on 10/30/2025) <sup>(f)</sup>  | USD604 | 608 |
| American Express Co. 6.489% 10/30/2031 (USD-SOFR + 1.94% on 10/30/2030) <sup>(f)</sup>  | 359 | 391 |
| American Express Co. 5.043% 5/1/2034 (USD-SOFR + 1.835% on 5/1/2033) <sup>(f)</sup>  | 1618 | 1634 |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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| | |
|:---|:---|
| American Funds Insurance Series | **164** |

---

------

The Bond Fund of America<sup>®</sup> (continued)

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount<br> (000)<br>| Value<br> (000)<br>|
| **Corporate bonds, notes & loans (continued)** | **Corporate bonds, notes & loans (continued)** | **Corporate bonds, notes & loans (continued)** |
| **Financials (continued)** |  |  |
| American Express Co. 5.442% 1/30/2036 (USD-SOFR + 1.32% on 1/30/2035) <sup>(f)</sup>  | USD4,927 | $5031 |
| American Express Co. 5.667% 4/25/2036 (USD-SOFR + 1.79% on 4/25/2035) <sup>(f)</sup>  | 2464 | 2552 |
| American International Group, Inc. 4.85% 5/7/2030  | 3534 | 3592 |
| American International Group, Inc. 5.125% 3/27/2033  | 2749 | 2796 |
| Aon Corp. 5.35% 2/28/2033  | 1083 | 1116 |
| Aon North America, Inc. 5.15% 3/1/2029  | 3015 | 3089 |
| Aon North America, Inc. 5.30% 3/1/2031  | 1005 | 1040 |
| Aon North America, Inc. 5.45% 3/1/2034  | 2550 | 2621 |
| Aon North America, Inc. 5.75% 3/1/2054  | 1163 | 1147 |
| Arthur J. Gallagher & Co. 4.85% 12/15/2029  | 3140 | 3188 |
| Arthur J. Gallagher & Co. 5.15% 2/15/2035  | 1845 | 1847 |
| Arthur J. Gallagher & Co. 5.55% 2/15/2055  | 1845 | 1771 |
| Banco Santander, SA 5.147% 8/18/2025  | 4000 | 4003 |
| Banco Santander, SA 1.722% 9/14/2027 (1-year UST Yield Curve Rate T Note Constant Maturity + 0.90% on <br> 9/14/2026) <sup>(f)</sup>  | 1400 | 1353 |
| Bank of America Corp. 2.551% 2/4/2028 (USD-SOFR + 1.05% on 2/4/2027) <sup>(f)</sup>  | 4295 | 4176 |
| Bank of America Corp. 4.376% 4/27/2028 (USD-SOFR + 1.58% on 4/27/2027) <sup>(f)</sup>  | 2635 | 2635 |
| Bank of America Corp. 2.087% 6/14/2029 (USD-SOFR + 1.06% on 6/14/2028) <sup>(f)</sup>  | 3202 | 3002 |
| Bank of America Corp. 5.819% 9/15/2029 (USD-SOFR + 1.57% on 9/15/2028) <sup>(f)</sup>  | 339 | 353 |
| Bank of America Corp. 3.974% 2/7/2030 (3-month USD CME Term SOFR + 1.472% on 2/7/2029) <sup>(f)</sup>  | 1150 | 1132 |
| Bank of America Corp. 2.884% 10/22/2030 (3-month USD CME Term SOFR + 1.19% on 10/22/2029) <sup>(f)</sup>  | 3691 | 3456 |
| Bank of America Corp. 5.162% 1/24/2031 (USD-SOFR + 1.00% on 1/24/2030) <sup>(f)</sup>  | 5024 | 5151 |
| Bank of America Corp. 1.922% 10/24/2031 (USD-SOFR + 1.37% on 10/24/2030) <sup>(f)</sup>  | 20927 | 18255 |
| Bank of America Corp. 2.299% 7/21/2032 (USD-SOFR + 1.22% on 7/21/2031) <sup>(f)</sup>  | 36155 | 31516 |
| Bank of Ireland Group PLC 6.253% 9/16/2026 (1-year UST Yield Curve Rate T Note Constant Maturity + <br> 2.65% on 9/16/2025) <sup>(e)(f)</sup>  | 4850 | 4866 |
| Bank of New York Mellon Corp. 4.975% 3/14/2030 (USD-SOFR + 1.085% on 3/14/2029) <sup>(f)</sup>  | 1858 | 1903 |
| Bank of New York Mellon Corp. 5.06% 7/22/2032 (USD-SOFR + 1.23% on 7/22/2031) <sup>(f)</sup>  | 5690 | 5826 |
| Bank of New York Mellon Corp. 5.188% 3/14/2035 (USD-SOFR + 1.418% on 3/14/2034) <sup>(f)</sup>  | 2378 | 2409 |
| Bank of Nova Scotia (The) 5.25% 6/12/2028  | 1370 | 1412 |
| Banque Federative du Credit Mutuel 0.82% 10/16/2026  | JPY300,000 | 2074 |
| Barclays PLC 4.837% 9/10/2028 (USD-SOFR + 1.34% on 9/10/2027) <sup>(f)</sup>  | USD2,585 | 2605 |
| Block, Inc. 2.75% 6/1/2026  | 1975 | 1935 |
| BNP Paribas SA 2.591% 1/20/2028 (USD-SOFR + 1.228% on 1/20/2027) <sup>(e)(f)</sup>  | 13134 | 12752 |
| BNP Paribas SA 2.159% 9/15/2029 (USD-SOFR + 1.218% on 9/15/2028) <sup>(e)(f)</sup>  | 3594 | 3332 |
| BNP Paribas SA 5.738% 2/20/2035 (USD-SOFR + 1.88% on 2/20/2034) <sup>(e)(f)</sup>  | 4117 | 4266 |
| BPCE SA 1.652% 10/6/2026 (USD-SOFR + 1.52% on 10/6/2025) <sup>(e)(f)</sup>  | 4729 | 4691 |
| BPCE SA 0.895% 12/14/2026  | JPY100,000 | 691 |
| BPCE SA 5.975% 1/18/2027 (USD-SOFR + 2.10% on 1/18/2026) <sup>(e)(f)</sup>  | USD2,150 | 2165 |
| BPCE SA 6.714% 10/19/2029 (USD-SOFR + 2.27% on 10/19/2028) <sup>(e)(f)</sup>  | 5000 | 5297 |
| BPCE SA 5.716% 1/18/2030 (1-year UST Yield Curve Rate T Note Constant Maturity + 1.959% on <br> 1/18/2029) <sup>(e)(f)</sup>  | 1285 | 1323 |
| BPCE SA 5.876% 1/14/2031 (USD-SOFR + 1.68% on 1/14/2030) <sup>(e)(f)</sup>  | 1845 | 1914 |
| BPCE SA 5.389% 5/28/2031 (USD-SOFR + 1.581% on 5/28/2030) <sup>(e)(f)</sup>  | 3814 | 3885 |
| BPCE SA 5.936% 5/30/2035 (USD-SOFR + 1.85% on 5/30/2034) <sup>(e)(f)</sup>  | 4503 | 4617 |
| BPCE SA 6.293% 1/14/2036 (USD-SOFR + 2.04% on 1/14/2035) <sup>(e)(f)</sup>  | 10005 | 10512 |
| CaixaBank, SA 5.673% 3/15/2030 (USD-SOFR + 1.78% on 3/15/2029) <sup>(e)(f)</sup>  | 10948 | 11326 |
| CaixaBank, SA 6.84% 9/13/2034 (USD-SOFR + 2.77% on 9/13/2033) <sup>(e)(f)</sup>  | 1900 | 2088 |
| CaixaBank, SA 6.037% 6/15/2035 (USD-SOFR + 2.26% on 9/15/2034) <sup>(e)(f)</sup>  | 3953 | 4138 |
| Canadian Imperial Bank of Commerce 5.237% 6/28/2027  | 2650 | 2699 |
| Canadian Imperial Bank of Commerce 4.857% 3/30/2029 (USD-SOFR + 1.03% on 3/31/2028) <sup>(f)</sup>  | 31095 | 31435 |
| Capital One Financial Corp. 4.985% 7/24/2026 (USD-SOFR + 2.16% on 7/24/2025) <sup>(f)</sup>  | 2430 | 2430 |
| Capital One Financial Corp. 5.468% 2/1/2029 (USD-SOFR + 2.08% on 2/1/2028) <sup>(f)</sup>  | 515 | 527 |
| Capital One Financial Corp. 6.377% 6/8/2034 (USD-SOFR + 2.86% on 6/8/2033) <sup>(f)</sup>  | 1204 | 1282 |
| Capital One Financial Corp. 6.051% 2/1/2035 (USD-SOFR + 2.26% on 2/1/2034) <sup>(f)</sup>  | 2920 | 3045 |
| Charles Schwab Corp. (The) 5.643% 5/19/2029 (USD-SOFR + 2.21% on 5/19/2028) <sup>(f)</sup>  | 2445 | 2535 |
| China Ping An Insurance Overseas (Holdings), Ltd. 2.85% 8/12/2031  | 526 | 470 |
| Chubb INA Holdings, LLC 3.35% 5/3/2026  | 2020 | 2005 |
| Chubb INA Holdings, LLC 5.00% 3/15/2034  | 4400 | 4485 |
| Chubb INA Holdings, LLC 4.35% 11/3/2045  | 2015 | 1745 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **165** | American Funds Insurance Series |

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------

The Bond Fund of America<sup>®</sup> (continued)

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount<br> (000)<br>| Value<br> (000)<br>|
| **Corporate bonds, notes & loans (continued)** | **Corporate bonds, notes & loans (continued)** | **Corporate bonds, notes & loans (continued)** |
| **Financials (continued)** |  |  |
| Citibank, NA 5.803% 9/29/2028  | USD4,100 | $4288 |
| Citigroup, Inc. 4.60% 3/9/2026  | 1800 | 1800 |
| Citigroup, Inc. 5.174% 2/13/2030 (USD-SOFR + 1.364% on 2/13/2029) <sup>(f)</sup>  | 7800 | 7960 |
| Citigroup, Inc. 4.542% 9/19/2030 (USD-SOFR + 1.338% on 9/19/2029) <sup>(f)</sup>  | 5103 | 5081 |
| Citigroup, Inc. 4.952% 5/7/2031 (USD-SOFR + 1.463% on 5/7/2030) <sup>(f)</sup>  | 21543 | 21794 |
| Citigroup, Inc. 3.057% 1/25/2033 (USD-SOFR + 1.351% on 1/25/2032) <sup>(f)</sup>  | 990 | 885 |
| Citigroup, Inc. 3.785% 3/17/2033 (USD-SOFR + 1.939% on 3/17/2032) <sup>(f)</sup>  | 3090 | 2889 |
| Citigroup, Inc. 6.02% 1/24/2036 (USD-SOFR + 1.83% on 1/24/2035) <sup>(f)</sup>  | 123 | 126 |
| Citigroup, Inc. 5.333% 3/27/2036 (USD-SOFR + 1.465% on 3/27/2035) <sup>(f)</sup>  | 1874 | 1889 |
| Citizens Financial Group, Inc. 5.841% 1/23/2030 (USD-SOFR + 2.01% on 1/23/2029) <sup>(f)</sup>  | 15346 | 15898 |
| Citizens Financial Group, Inc. 6.645% 4/25/2035 (USD-SOFR + 2.325% on 4/25/2034) <sup>(f)</sup>  | 4518 | 4872 |
| Corebridge Financial, Inc. 3.65% 4/5/2027  | 3913 | 3863 |
| Corebridge Financial, Inc. 3.85% 4/5/2029  | 3534 | 3464 |
| Corebridge Financial, Inc. 3.90% 4/5/2032  | 3964 | 3723 |
| Corebridge Financial, Inc. 4.35% 4/5/2042  | 361 | 304 |
| Credit Agricole SA 1.247% 1/26/2027 (USD-SOFR + 0.892% on 1/26/2026) <sup>(e)(f)</sup>  | 2450 | 2404 |
| Danske Bank AS 1.549% 9/10/2027 (1-year UST Yield Curve Rate T Note Constant Maturity + 0.73% on <br> 9/10/2026) <sup>(e)(f)</sup>  | 2990 | 2889 |
| Danske Bank AS 4.298% 4/1/2028 (1-year UST Yield Curve Rate T Note Constant Maturity + 1.75% on <br> 4/1/2027) <sup>(e)(f)</sup>  | 2975 | 2965 |
| Deutsche Bank AG 4.10% 1/13/2026  | 7305 | 7281 |
| Deutsche Bank AG 4.10% 1/13/2026  | 857 | 854 |
| Deutsche Bank AG 2.129% 11/24/2026 (USD-SOFR + 1.87% on 11/24/2025) <sup>(f)</sup>  | 27047 | 26776 |
| Deutsche Bank AG 2.552% 1/7/2028 (USD-SOFR + 1.318% on 1/7/2027) <sup>(f)</sup>  | 17595 | 17095 |
| Deutsche Bank AG 6.72% 1/18/2029 (USD-SOFR + 3.18% on 1/18/2028) <sup>(f)</sup>  | 7343 | 7715 |
| Deutsche Bank AG 6.819% 11/20/2029 (USD-SOFR + 2.51% on 11/20/2028) <sup>(f)</sup>  | 6271 | 6693 |
| Deutsche Bank AG 4.999% 9/11/2030 (USD-SOFR + 1.70% on 9/11/2029) <sup>(f)</sup>  | 6685 | 6737 |
| Deutsche Bank AG 3.547% 9/18/2031 (USD-SOFR + 3.043% on 9/18/2030) <sup>(f)</sup>  | 6750 | 6316 |
| Deutsche Bank AG 3.729% 1/14/2032 (USD-SOFR + 2.757% on 1/14/2031) <sup>(f)</sup>  | 3235 | 2965 |
| Deutsche Bank AG 5.403% 9/11/2035 (USD-SOFR + 2.05% on 9/11/2034) <sup>(f)</sup>  | 3200 | 3184 |
| DNB Bank ASA 1.535% 5/25/2027 (5-year UST Yield Curve Rate T Note Constant Maturity + 0.72% on <br> 5/25/2026) <sup>(e)(f)</sup>  | 1200 | 1170 |
| Eurobank SA 2.00% 5/5/2027 (1-year EUR Mid-Swap + 2.398% on 5/5/2026) <sup>(f)</sup>  | EUR1,845 | 2158 |
| Eurobank SA 2.25% 3/14/2028 (1-year EUR Mid-Swap + 2.634% on 3/14/2027) <sup>(f)</sup>  | 4230 | 4943 |
| Eurobank SA 7.00% 1/26/2029 (1-year EUR Mid-Swap + 4.418% on 1/26/2028) <sup>(f)</sup>  | 3855 | 4999 |
| Eurobank SA 5.875% 11/28/2029 (1-year EUR Mid-Swap + 2.83% on 11/28/2028) <sup>(f)</sup>  | 12035 | 15435 |
| Eurobank SA 4.875% 4/30/2031 (5-year EUR Mid-Swap + 2.165% on 4/30/2030) <sup>(f)</sup>  | 390 | 489 |
| Fifth Third Bancorp 6.339% 7/27/2029 (USD-SOFR + 2.34% on 7/27/2028) <sup>(f)</sup>  | USD205 | 216 |
| Fifth Third Bancorp 4.895% 9/6/2030 (USD-SOFR + 1.486% on 9/6/2029) <sup>(f)</sup>  | 1968 | 1990 |
| Fifth Third Bancorp 5.631% 1/29/2032 (USD-SOFR + 1.84% on 1/29/2031) <sup>(f)</sup>  | 11396 | 11863 |
| Five Corners Funding Trust III 5.791% 2/15/2033 <sup>(e)</sup>  | 942 | 980 |
| Goldman Sachs Group, Inc. 1.431% 3/9/2027 (USD-SOFR + 0.795% on 3/9/2026) <sup>(f)</sup>  | 3030 | 2965 |
| Goldman Sachs Group, Inc. 1.542% 9/10/2027 (USD-SOFR + 0.818% on 9/10/2026) <sup>(f)</sup>  | 13275 | 12820 |
| Goldman Sachs Group, Inc. 1.948% 10/21/2027 (USD-SOFR + 0.913% on 10/21/2026) <sup>(f)</sup>  | 12997 | 12588 |
| Goldman Sachs Group, Inc. 2.64% 2/24/2028 (USD-SOFR + 1.114% on 2/24/2027) <sup>(f)</sup>  | 3703 | 3598 |
| Goldman Sachs Group, Inc. 3.615% 3/15/2028 (USD-SOFR + 1.846% on 3/15/2027) <sup>(f)</sup>  | 5534 | 5459 |
| Goldman Sachs Group, Inc. 4.937% 4/23/2028 (USD-SOFR + 1.319% on 4/23/2027) <sup>(f)</sup>  | 4895 | 4935 |
| Goldman Sachs Group, Inc. 5.727% 4/25/2030 (USD-SOFR + 1.265% on 4/25/2029) <sup>(f)</sup>  | 28930 | 30121 |
| Goldman Sachs Group, Inc. 5.049% 7/23/2030 (USD-SOFR + 1.21% on 7/23/2029) <sup>(f)</sup>  | 13759 | 13991 |
| Goldman Sachs Group, Inc. 4.692% 10/23/2030 (USD-SOFR + 1.135% on 10/23/2029) <sup>(f)</sup>  | 2441 | 2449 |
| Goldman Sachs Group, Inc. 5.218% 4/23/2031 (USD-SOFR + 1.58% on 4/23/2030) <sup>(f)</sup>  | 7315 | 7501 |
| Goldman Sachs Group, Inc. 5.016% 10/23/2035 (USD-SOFR + 1.42% on 10/23/2034) <sup>(f)</sup>  | 2929 | 2895 |
| Goldman Sachs Group, Inc. 5.536% 1/28/2036 (USD-SOFR + 1.38% on 1/28/2035) <sup>(f)</sup>  | 24589 | 25225 |
| Goldman Sachs Group, Inc. 2.908% 7/21/2042 (USD-SOFR + 1.40% on 7/21/2041) <sup>(f)</sup>  | 3160 | 2264 |
| HSBC Holdings PLC 2.206% 8/17/2029 (USD-SOFR + 1.285% on 8/17/2028) <sup>(f)</sup>  | 14232 | 13261 |
| HSBC Holdings PLC 2.871% 11/22/2032 (USD-SOFR + 1.41% on 11/22/2031) <sup>(f)</sup>  | 9437 | 8351 |
| HSBC Holdings PLC 5.45% 3/3/2036 (USD-SOFR + 1.56% on 3/3/2035) <sup>(f)</sup>  | 2000 | 2012 |
| ING Groep NV 6.083% 9/11/2027 (USD-SOFR + 1.56% on 9/11/2026) <sup>(f)</sup>  | 1680 | 1711 |
| Intercontinental Exchange, Inc. 5.25% 6/15/2031  | 1091 | 1132 |
| Intesa Sanpaolo SpA 5.71% 1/15/2026 <sup>(e)</sup>  | 15400 | 15436 |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| American Funds Insurance Series | **166** |

---

------

The Bond Fund of America<sup>®</sup> (continued)

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount<br> (000)<br>| Value<br> (000)<br>|
| **Corporate bonds, notes & loans (continued)** | **Corporate bonds, notes & loans (continued)** | **Corporate bonds, notes & loans (continued)** |
| **Financials (continued)** |  |  |
| Intesa Sanpaolo SpA 3.875% 7/14/2027 <sup>(e)</sup>  | USD6,250 | $6170 |
| Intesa Sanpaolo SpA 3.875% 1/12/2028 <sup>(e)</sup>  | 1986 | 1949 |
| Intesa Sanpaolo SpA 7.778% 6/20/2054 (1-year UST Yield Curve Rate T Note Constant Maturity + 3.90% on <br> 6/20/2053) <sup>(e)(f)</sup>  | 5100 | 5727 |
| Iron Mountain Information Management Services, Inc. 5.00% 7/15/2032 <sup>(e)</sup>  | 705 | 677 |
| JPMorgan Chase & Co. 1.04% 2/4/2027 (USD-SOFR + 0.695% on 2/4/2026) <sup>(f)</sup>  | 323 | 316 |
| JPMorgan Chase & Co. 6.07% 10/22/2027 (USD-SOFR + 1.33% on 10/22/2026) <sup>(f)</sup>  | 1400 | 1431 |
| JPMorgan Chase & Co. 5.04% 1/23/2028 (USD-SOFR + 1.19% on 1/23/2027) <sup>(f)</sup>  | 20000 | 20196 |
| JPMorgan Chase & Co. 5.571% 4/22/2028 (USD-SOFR + 0.93% on 4/22/2027) <sup>(f)</sup>  | 2678 | 2734 |
| JPMorgan Chase & Co. 4.979% 7/22/2028 (USD-SOFR + 0.93% on 7/22/2027) <sup>(f)</sup>  | 8670 | 8783 |
| JPMorgan Chase & Co. 4.203% 7/23/2029 (3-month USD CME Term SOFR + 1.522% on 7/23/2028) <sup>(f)</sup>  | 11980 | 11932 |
| JPMorgan Chase & Co. 5.581% 4/22/2030 (USD-SOFR + 1.16% on 4/22/2029) <sup>(f)</sup>  | 6480 | 6730 |
| JPMorgan Chase & Co. 4.995% 7/22/2030 (USD-SOFR + 1.125% on 7/22/2029) <sup>(f)</sup>  | 10724 | 10922 |
| JPMorgan Chase & Co. 4.603% 10/22/2030 (USD-SOFR + 1.04% on 10/22/2029) <sup>(f)</sup>  | 6549 | 6573 |
| JPMorgan Chase & Co. 5.103% 4/22/2031 (USD-SOFR + 1.435% on 4/22/2030) <sup>(f)</sup>  | 4720 | 4838 |
| JPMorgan Chase & Co. 1.953% 2/4/2032 (USD-SOFR + 1.065% on 2/4/2031) <sup>(f)</sup>  | 641 | 556 |
| JPMorgan Chase & Co. 2.545% 11/8/2032 (USD-SOFR + 1.18% on 11/8/2031) <sup>(f)</sup>  | 5313 | 4679 |
| JPMorgan Chase & Co. 5.294% 7/22/2035 (USD-SOFR + 1.46% on 7/22/2034) <sup>(f)</sup>  | 17099 | 17407 |
| JPMorgan Chase & Co. 4.946% 10/22/2035 (USD-SOFR + 1.34% on 10/22/2034) <sup>(f)</sup>  | 2790 | 2762 |
| JPMorgan Chase & Co. 5.572% 4/22/2036 (USD-SOFR + 1.68% on 4/22/2035) <sup>(f)</sup>  | 10233 | 10609 |
| Kasikornbank PCL (Hong Kong Branch) 3.343% 10/2/2031 (5-year UST Yield Curve Rate T Note Constant <br> Maturity + 1.70% on 10/2/2026) <sup>(f)</sup>  | 2415 | 2352 |
| KBC Groep NV 5.796% 1/19/2029 (1-year UST Yield Curve Rate T Note Constant Maturity + 2.10% on <br> 1/19/2028) <sup>(e)(f)</sup>  | 1375 | 1420 |
| Lloyds Banking Group PLC 5.985% 8/7/2027 (1-year UST Yield Curve Rate T Note Constant Maturity + <br> 1.48% on 8/7/2026) <sup>(f)</sup>  | 1625 | 1650 |
| Lloyds Banking Group PLC 5.462% 1/5/2028 (1-year UST Yield Curve Rate T Note Constant Maturity + <br> 1.375% on 1/5/2027) <sup>(f)</sup>  | 200 | 203 |
| Lloyds Banking Group PLC 5.679% 1/5/2035 (1-year UST Yield Curve Rate T Note Constant Maturity + <br> 1.75% on 1/5/2034) <sup>(f)</sup>  | 1979 | 2032 |
| M&T Bank Corp. 7.413% 10/30/2029 (USD-SOFR + 2.80% on 10/30/2028) <sup>(f)</sup>  | 6528 | 7081 |
| M&T Bank Corp. 6.082% 3/13/2032 (USD-SOFR + 2.26% on 3/13/2031) <sup>(f)</sup>  | 6357 | 6715 |
| Marsh & McLennan Cos., Inc. 5.00% 3/15/2035  | 2285 | 2286 |
| Marsh & McLennan Cos., Inc. 5.35% 11/15/2044  | 250 | 246 |
| Marsh & McLennan Cos., Inc. 5.40% 3/15/2055  | 2060 | 1987 |
| MetLife Capital Trust IV, junior subordinated, 7.875% 12/15/2067 <br> (3-month USD CME Term SOFR + 4.222% on 12/15/2037) <sup>(e)(f)</sup>  | 1405 | 1544 |
| MetLife, Inc. 3.60% 11/13/2025  | 3490 | 3481 |
| MetLife, Inc. 5.375% 7/15/2033  | 1279 | 1332 |
| Metropolitan Life Global Funding I 5.40% 9/12/2028 <sup>(e)</sup>  | 840 | 871 |
| Metropolitan Life Global Funding I 4.85% 1/8/2029 <sup>(e)</sup>  | 2050 | 2089 |
| Metropolitan Life Global Funding I 5.15% 3/28/2033 <sup>(e)</sup>  | 619 | 629 |
| Mitsubishi UFJ Financial Group, Inc. 1.538% 7/20/2027 (1-year UST Yield Curve Rate T Note Constant <br> Maturity + 0.75% on 7/20/2026) <sup>(f)</sup>  | 6200 | 6017 |
| Mitsubishi UFJ Financial Group, Inc. 1.64% 10/13/2027 (1-year UST Yield Curve Rate T Note Constant <br> Maturity + 0.67% on 10/13/2026) <sup>(f)</sup>  | 2225 | 2149 |
| Mitsubishi UFJ Financial Group, Inc. 5.422% 2/22/2029 <br> (1-year UST Yield Curve Rate T Note Constant Maturity + 1.38% on 2/22/2028) <sup>(f)</sup>  | 1430 | 1468 |
| Mitsubishi UFJ Financial Group, Inc. 5.133% 7/20/2033 <br> (1-year UST Yield Curve Rate T Note Constant Maturity + 2.125% on 7/20/2032) <sup>(f)</sup>  | 763 | 773 |
| Mizuho Financial Group, Inc. 1.554% 7/9/2027 (1-year UST Yield Curve Rate T Note Constant Maturity + <br> 0.75% on 7/9/2026) <sup>(f)</sup>  | 1367 | 1327 |
| Mizuho Financial Group, Inc. 5.778% 7/6/2029 (1-year UST Yield Curve Rate T Note Constant Maturity + <br> 1.65% on 7/6/2028) <sup>(f)</sup>  | 1701 | 1767 |
| Mizuho Financial Group, Inc. 5.376% 5/26/2030 (1-year UST Yield Curve Rate T Note Constant Maturity + <br> 1.12% on 5/26/2029) <sup>(f)</sup>  | 2020 | 2078 |
| Morgan Stanley 1.512% 7/20/2027 (USD-SOFR + 0.858% on 7/20/2026) <sup>(f)</sup>  | 13336 | 12940 |
| Morgan Stanley 4.994% 4/12/2029 (USD-SOFR + 1.38% on 4/12/2028) <sup>(f)</sup>  | 350 | 355 |
| Morgan Stanley 5.164% 4/20/2029 (USD-SOFR + 1.59% on 4/20/2028) <sup>(f)</sup>  | 21869 | 22301 |
| Morgan Stanley 5.656% 4/18/2030 (USD-SOFR + 1.26% on 4/18/2029) <sup>(f)</sup>  | 21784 | 22631 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **167** | American Funds Insurance Series |

---

------

The Bond Fund of America<sup>®</sup> (continued)

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount<br> (000)<br>| Value<br> (000)<br>|
| **Corporate bonds, notes & loans (continued)** | **Corporate bonds, notes & loans (continued)** | **Corporate bonds, notes & loans (continued)** |
| **Financials (continued)** |  |  |
| Morgan Stanley 4.654% 10/18/2030 (USD-SOFR + 1.10% on 10/18/2029) <sup>(f)</sup>  | USD1,704 | $1708 |
| Morgan Stanley 5.192% 4/17/2031 (USD-SOFR + 1.51% on 4/17/2030) <sup>(f)</sup>  | 4664 | 4782 |
| Morgan Stanley 1.794% 2/13/2032 (USD-SOFR + 1.034% on 2/13/2031) <sup>(f)</sup>  | 3031 | 2594 |
| Morgan Stanley 5.424% 7/21/2034 (USD-SOFR + 1.88% on 7/21/2033) <sup>(f)</sup>  | 11313 | 11593 |
| Morgan Stanley 5.32% 7/19/2035 (USD-SOFR + 1.555% on 7/19/2034) <sup>(f)</sup>  | 3069 | 3108 |
| Morgan Stanley 5.587% 1/18/2036 (USD-SOFR + 1.418% on 1/18/2035) <sup>(f)</sup>  | 14060 | 14438 |
| Morgan Stanley 5.664% 4/17/2036 (USD-SOFR + 1.757% on 4/17/2035) <sup>(f)</sup>  | 9846 | 10207 |
| Morgan Stanley Bank, N.A. 5.882% 10/30/2026  | 2775 | 2834 |
| MSCI, Inc. 3.25% 8/15/2033 <sup>(e)</sup>  | 695 | 610 |
| NatWest Group PLC 5.847% 3/2/2027 <br> (1-year UST Yield Curve Rate T Note Constant Maturity + 1.35% on 3/2/2026) <sup>(f)</sup>  | 3555 | 3587 |
| NatWest Group PLC 5.583% 3/1/2028 (1-year UST Yield Curve Rate T Note Constant Maturity + 1.10% on <br> 3/1/2027) <sup>(f)</sup>  | 2170 | 2210 |
| Northwestern Mutual Life Insurance Co. (The) 4.90% 6/12/2028 <sup>(e)</sup>  | 2090 | 2132 |
| OneMain Finance Corp. 7.125% 3/15/2026  | 87 | 88 |
| Piraeus Bank SA 7.25% 7/13/2028 (1-year EUR Mid-Swap + 3.692% on 7/13/2027) <sup>(f)</sup>  | EUR565 | 725 |
| Piraeus Bank SA 4.625% 7/17/2029 (1-year EUR Mid-Swap + 1.723% on 7/17/2028) <sup>(f)</sup>  | 165 | 203 |
| Piraeus Bank SA 6.75% 12/5/2029 (1-year EUR Mid-Swap + 3.837% on 12/5/2028) <sup>(f)</sup>  | 1345 | 1760 |
| PNC Financial Services Group, Inc. 5.582% 6/12/2029 (USD-SOFR + 1.841% on 6/12/2028) <sup>(f)</sup>  | USD4,594 | 4759 |
| PNC Financial Services Group, Inc. 6.875% 10/20/2034 (USD-SOFR + 2.284% on 10/20/2033) <sup>(f)</sup>  | 12265 | 13716 |
| PNC Financial Services Group, Inc. 5.676% 1/22/2035 (USD-SOFR + 1.902% on 1/22/2034) <sup>(f)</sup>  | 635 | 660 |
| Royal Bank of Canada 4.90% 1/12/2028  | 360 | 367 |
| Royal Bank of Canada 4.95% 2/1/2029  | 1360 | 1392 |
| Santander Holdings USA, Inc. 6.499% 3/9/2029 (USD-SOFR + 2.356% on 3/9/2028) <sup>(f)</sup>  | 5100 | 5319 |
| Santander Holdings USA, Inc. 5.353% 9/6/2030 (USD-SOFR + 1.94% on 9/6/2029) <sup>(f)</sup>  | 3706 | 3773 |
| Standard Chartered PLC 5.905% 5/14/2035 <br> (1-year UST Yield Curve Rate T Note Constant Maturity + 1.45% on 5/14/2034) <sup>(e)(f)</sup>  | 546 | 568 |
| State Street Corp. 4.164% 8/4/2033 (USD-SOFR + 1.726% on 8/4/2032) <sup>(f)</sup>  | 1640 | 1577 |
| State Street Corp. 5.159% 5/18/2034 (USD-SOFR + 1.89% on 5/18/2033) <sup>(f)</sup>  | 2579 | 2635 |
| Sumitomo Mitsui Financial Group, Inc. 5.88% 7/13/2026  | 1429 | 1451 |
| Sumitomo Mitsui Financial Group, Inc. 2.174% 1/14/2027  | 1100 | 1067 |
| Sumitomo Mitsui Financial Group, Inc. 5.80% 7/13/2028  | 1045 | 1089 |
| Sumitomo Mitsui Financial Group, Inc. 5.766% 1/13/2033  | 373 | 393 |
| Sumitomo Mitsui Trust Bank, Ltd. 5.55% 9/14/2028 <sup>(e)</sup>  | 1400 | 1453 |
| Swedbank AB 6.136% 9/12/2026 <sup>(e)</sup>  | 2100 | 2146 |
| Truist Financial Corp. 6.047% 6/8/2027 (USD-SOFR + 2.05% on 6/8/2026) <sup>(f)</sup>  | 1370 | 1389 |
| Truist Financial Corp. 4.873% 1/26/2029 (USD-SOFR + 1.435% on 1/26/2028) <sup>(f)</sup>  | 2605 | 2636 |
| Truist Financial Corp. 7.161% 10/30/2029 (USD-SOFR + 2.446% on 10/30/2028) <sup>(f)</sup>  | 2396 | 2592 |
| Truist Financial Corp. 5.435% 1/24/2030 (USD-SOFR + 1.62% on 1/24/2029) <sup>(f)</sup>  | 1741 | 1794 |
| Truist Financial Corp. 5.153% 8/5/2032 (USD-SOFR + 1.571% on 8/5/2031) <sup>(f)</sup>  | 4707 | 4800 |
| Truist Financial Corp. 5.867% 6/8/2034 (USD-SOFR + 2.361% on 6/8/2033) <sup>(f)</sup>  | 1586 | 1657 |
| Truist Financial Corp. 5.711% 1/24/2035 (USD-SOFR + 1.922% on 1/24/2034) <sup>(f)</sup>  | 2440 | 2530 |
| U.S. Bancorp 4.653% 2/1/2029 (USD-SOFR + 1.23% on 2/1/2028) <sup>(f)</sup>  | 2115 | 2129 |
| U.S. Bancorp 5.384% 1/23/2030 (USD-SOFR + 1.56% on 1/23/2029) <sup>(f)</sup>  | 7300 | 7518 |
| U.S. Bancorp 4.839% 2/1/2034 (USD-SOFR + 1.60% on 2/1/2033) <sup>(f)</sup>  | 2839 | 2804 |
| U.S. Bancorp 5.836% 6/12/2034 (USD-SOFR + 2.26% on 6/10/2033) <sup>(f)</sup>  | 1712 | 1799 |
| UBS AG 7.50% 2/15/2028  | 2445 | 2638 |
| UBS Group AG 1.305% 2/2/2027 (USD-SOFR + 0.98% on 2/2/2026) <sup>(e)(f)</sup>  | 11200 | 10990 |
| UBS Group AG 1.494% 8/10/2027 (1-year UST Yield Curve Rate T Note Constant Maturity + 0.85% on <br> 8/10/2026) <sup>(e)(f)</sup>  | 6623 | 6407 |
| UBS Group AG 5.428% 2/8/2030 (1-year UST Yield Curve Rate T Note Constant Maturity + 1.52% on <br> 2/8/2029) <sup>(e)(f)</sup>  | 17490 | 17966 |
| UBS Group AG 5.617% 9/13/2030 (1-year USD-ICE SOFR Swap + 1.34% on 9/13/2029) <sup>(e)(f)</sup>  | 14459 | 15017 |
| UBS Group AG 4.194% 4/1/2031 (USD-SOFR + 3.73% on 4/1/2030) <sup>(e)(f)</sup>  | 9636 | 9438 |
| UBS Group AG 2.095% 2/11/2032 (1-year UST Yield Curve Rate T Note Constant Maturity + 1.00% on <br> 2/11/2031) <sup>(e)(f)</sup>  | 1392 | 1204 |
| UBS Group AG 3.091% 5/14/2032 (USD-SOFR + 1.73% on 5/14/2031) <sup>(e)(f)</sup>  | 20425 | 18546 |
| UBS Group AG 2.746% 2/11/2033 (1-year UST Yield Curve Rate T Note Constant Maturity + 1.10% on <br> 2/11/2032) <sup>(e)(f)</sup>  | 4038 | 3524 |
| UBS Group AG 9.016% 11/15/2033 (USD-SOFR + 5.02% on 11/15/2032) <sup>(e)(f)</sup>  | 5000 | 6184 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| American Funds Insurance Series | **168** |

---

------

The Bond Fund of America<sup>®</sup> (continued)

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount<br> (000)<br>| Value<br> (000)<br>|
| **Corporate bonds, notes & loans (continued)** | **Corporate bonds, notes & loans (continued)** | **Corporate bonds, notes & loans (continued)** |
| **Financials (continued)** |  |  |
| UniCredit SpA 4.625% 4/12/2027 <sup>(e)</sup>  | USD1,395 | $1395 |
| Vigorous Champion International, Ltd. 4.25% 5/28/2029  | 462 | 455 |
| Wells Fargo & Co. 3.526% 3/24/2028 (USD-SOFR + 1.51% on 3/24/2027) <sup>(f)</sup>  | 6615 | 6524 |
| Wells Fargo & Co. 5.707% 4/22/2028 (USD-SOFR + 1.07% on 4/22/2027) <sup>(f)</sup>  | 11151 | 11397 |
| Wells Fargo & Co. 2.393% 6/2/2028 (USD-SOFR + 2.10% on 6/2/2027) <sup>(f)</sup>  | 1003 | 967 |
| Wells Fargo & Co. 4.808% 7/25/2028 (USD-SOFR + 1.98% on 7/25/2027) <sup>(f)</sup>  | 8357 | 8429 |
| Wells Fargo & Co. 4.97% 4/23/2029 (USD-SOFR + 1.37% on 4/23/2028) <sup>(f)</sup>  | 4895 | 4964 |
| Wells Fargo & Co. 5.574% 7/25/2029 (USD-SOFR + 1.74% on 7/25/2028) <sup>(f)</sup>  | 2545 | 2628 |
| Wells Fargo & Co. 5.15% 4/23/2031 (USD-SOFR + 1.50% on 4/23/2030) <sup>(f)</sup>  | 4260 | 4364 |
| Wells Fargo & Co. 5.389% 4/24/2034 (USD-SOFR + 2.02% on 4/24/2033) <sup>(f)</sup>  | 6025 | 6167 |
| Wells Fargo & Co. 6.491% 10/23/2034 (USD-SOFR + 2.06% on 10/23/2033) <sup>(f)</sup>  | 4062 | 4442 |
| Wells Fargo & Co. 5.211% 12/3/2035 (USD-SOFR + 1.38% on 12/3/2034) <sup>(f)</sup>  | 198 | 199 |
| Wells Fargo & Co. 5.605% 4/23/2036 (USD-SOFR + 1.74% on 4/23/2035) <sup>(f)</sup>  | 13513 | 13954 |
| Wells Fargo & Co. 4.611% 4/25/2053 (USD-SOFR + 2.13% on 4/25/2052) <sup>(f)</sup>  | 5719 | 4877 |
|  |  | 1215226 |
| **Utilities 4.25%** |  |  |
| AEP Texas, Inc. 3.45% 5/15/2051  | 1380 | 930 |
| AEP Transmission Co., LLC 5.375% 6/15/2035  | 1075 | 1099 |
| Alabama Power Co. 3.00% 3/15/2052  | 3219 | 2085 |
| Alfa Transmisora De Energia SA 4.55% 9/27/2051 <sup>(e)</sup>  | 411 | 303 |
| Baltimore Gas and Electric Co. 4.55% 6/1/2052  | 525 | 441 |
| Berkshire Hathaway Energy Co. 4.50% 2/1/2045  | 5895 | 5074 |
| Berkshire Hathaway Energy Co. 4.60% 5/1/2053  | 1017 | 851 |
| Cleveland Electric Illuminating Co. (The) 3.50% 4/1/2028 <sup>(e)</sup>  | 2400 | 2336 |
| Comision Federal de Electricidad 4.688% 5/15/2029 <sup>(e)</sup>  | 3655 | 3573 |
| Connecticut Light and Power Co. (The) 2.05% 7/1/2031  | 1775 | 1550 |
| DTE Energy Co. 5.10% 3/1/2029  | 7900 | 8059 |
| DTE Energy Co. 3.00% 3/1/2032  | 259 | 236 |
| Duke Energy Carolinas, LLC 5.35% 1/15/2053  | 332 | 319 |
| Duke Energy Florida, LLC 5.875% 11/15/2033  | 370 | 395 |
| Duke Energy Florida, LLC 3.40% 10/1/2046  | 5669 | 4080 |
| Duke Energy Florida, LLC 3.00% 12/15/2051  | 293 | 185 |
| Duke Energy Florida, LLC 5.95% 11/15/2052  | 575 | 591 |
| Duke Energy Progress, LLC 3.70% 9/1/2028  | 3750 | 3709 |
| Duke Energy Progress, LLC 2.00% 8/15/2031  | 1775 | 1542 |
| Duke Energy Progress, LLC 2.50% 8/15/2050  | 644 | 373 |
| Edison International 4.125% 3/15/2028  | 6768 | 6535 |
| Edison International 6.95% 11/15/2029  | 1575 | 1638 |
| Electricite de France SA 5.65% 4/22/2029 <sup>(e)</sup>  | 1420 | 1474 |
| Electricite de France SA 2.625% junior subordinated perpetual bonds (5-year EUR Mid-Swap + 2.86% on <br> 6/1/2028) <sup>(f)</sup>  | EUR2,800 | 3214 |
| Electricite de France SA 9.125% junior subordinated perpetual bonds (5-year UST Yield Curve Rate T <br> Note Constant Maturity + 5.411% on 6/15/2033) <sup>(e)(f)</sup>  | USD1,575 | 1780 |
| Emera US Finance, LP 2.639% 6/15/2031  | 4400 | 3866 |
| ENN Clean Energy International Investment, Ltd. 3.375% 5/12/2026 <sup>(e)</sup>  | 1310 | 1292 |
| Entergy Louisiana, LLC 4.20% 9/1/2048  | 5637 | 4496 |
| Eversource Energy 5.00% 1/1/2027  | 3415 | 3447 |
| FirstEnergy Corp. 1.60% 1/15/2026  | 20066 | 19701 |
| FirstEnergy Corp. 2.65% 3/1/2030  | 16560 | 15212 |
| FirstEnergy Corp. 2.25% 9/1/2030  | 12602 | 11197 |
| Florida Power & Light Co. 4.40% 5/15/2028  | 1655 | 1668 |
| Florida Power & Light Co. 5.10% 4/1/2033  | 7431 | 7600 |
| Florida Power & Light Co. 4.80% 5/15/2033  | 2929 | 2938 |
| Florida Power & Light Co. 5.30% 4/1/2053  | 1255 | 1201 |
| Georgia Power Co. 4.95% 5/17/2033  | 1845 | 1860 |
| Georgia Power Co. 5.25% 3/15/2034  | 3200 | 3265 |
| Georgia Power Co. 3.70% 1/30/2050  | 190 | 142 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **169** | American Funds Insurance Series |

---

------

The Bond Fund of America<sup>®</sup> (continued)

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount<br> (000)<br>| Value<br> (000)<br>|
| **Corporate bonds, notes & loans (continued)** | **Corporate bonds, notes & loans (continued)** | **Corporate bonds, notes & loans (continued)** |
| **Utilities (continued)** |  |  |
| Jersey Central Power & Light Co. 2.75% 3/1/2032 <sup>(e)</sup>  | USD525 | $461 |
| Monongahela Power Co. 3.55% 5/15/2027 <sup>(e)</sup>  | 1700 | 1676 |
| NiSource, Inc. 5.40% 6/30/2033  | 650 | 665 |
| Pacific Gas and Electric Co. 3.15% 1/1/2026  | 27543 | 27283 |
| Pacific Gas and Electric Co. 2.95% 3/1/2026  | 10850 | 10709 |
| Pacific Gas and Electric Co. 2.10% 8/1/2027  | 2026 | 1919 |
| Pacific Gas and Electric Co. 3.30% 12/1/2027  | 7105 | 6876 |
| Pacific Gas and Electric Co. 3.00% 6/15/2028  | 2542 | 2415 |
| Pacific Gas and Electric Co. 3.75% 7/1/2028  | 13760 | 13356 |
| Pacific Gas and Electric Co. 4.65% 8/1/2028  | 7900 | 7858 |
| Pacific Gas and Electric Co. 4.55% 7/1/2030  | 35449 | 34617 |
| Pacific Gas and Electric Co. 2.50% 2/1/2031  | 21597 | 18759 |
| Pacific Gas and Electric Co. 6.40% 6/15/2033  | 12824 | 13412 |
| Pacific Gas and Electric Co. 6.95% 3/15/2034  | 1294 | 1394 |
| Pacific Gas and Electric Co. 5.80% 5/15/2034  | 5376 | 5378 |
| Pacific Gas and Electric Co. 5.70% 3/1/2035  | 14434 | 14312 |
| Pacific Gas and Electric Co. 3.30% 8/1/2040  | 10340 | 7405 |
| Pacific Gas and Electric Co. 4.95% 7/1/2050  | 5524 | 4458 |
| Pacific Gas and Electric Co. 3.50% 8/1/2050  | 15807 | 10149 |
| Pacific Gas and Electric Co. 5.90% 10/1/2054  | 2410 | 2188 |
| PacifiCorp 5.30% 2/15/2031  | 603 | 621 |
| PacifiCorp 5.45% 2/15/2034  | 8920 | 9051 |
| PacifiCorp 3.30% 3/15/2051  | 325 | 212 |
| PacifiCorp 2.90% 6/15/2052  | 586 | 347 |
| PacifiCorp 5.35% 12/1/2053  | 3678 | 3310 |
| PacifiCorp 5.50% 5/15/2054  | 8738 | 8046 |
| PacifiCorp 5.80% 1/15/2055  | 7735 | 7411 |
| PECO Energy Co. 5.25% 9/15/2054  | 1775 | 1685 |
| Public Service Electric and Gas Co. 3.20% 5/15/2029  | 6000 | 5798 |
| Public Service Electric and Gas Co. 5.20% 8/1/2033  | 1200 | 1237 |
| Public Service Electric and Gas Co. 5.50% 3/1/2055  | 1503 | 1484 |
| Southern California Edison Co. 4.90% 6/1/2026  | 1177 | 1178 |
| Southern California Edison Co. 5.30% 3/1/2028  | 3826 | 3876 |
| Southern California Edison Co. 4.20% 3/1/2029  | 8211 | 8042 |
| Southern California Edison Co. 2.85% 8/1/2029  | 7858 | 7275 |
| Southern California Edison Co. 5.25% 3/15/2030  | 19378 | 19586 |
| Southern California Edison Co. 2.50% 6/1/2031  | 5044 | 4383 |
| Southern California Edison Co. 5.45% 6/1/2031  | 9875 | 10055 |
| Southern California Edison Co. 5.20% 6/1/2034  | 5196 | 5043 |
| Southern California Edison Co. 5.45% 3/1/2035  | 1845 | 1812 |
| Southern California Edison Co. 5.75% 4/1/2035  | 4549 | 4644 |
| Southern California Edison Co. 5.35% 7/15/2035  | 6450 | 6288 |
| Southern California Edison Co. 5.625% 2/1/2036  | 7051 | 6866 |
| Southern California Edison Co. 3.60% 2/1/2045  | 2417 | 1666 |
| Southern California Edison Co. 2.95% 2/1/2051  | 706 | 414 |
| Southern California Edison Co. 3.65% 6/1/2051  | 29 | 19 |
| Southern California Edison Co. 5.90% 3/1/2055  | 1661 | 1521 |
| Southwestern Electric Power Co. 1.65% 3/15/2026  | 3550 | 3481 |
| Southwestern Electric Power Co. 3.25% 11/1/2051  | 2075 | 1343 |
| Virginia Electric & Power 2.40% 3/30/2032  | 2575 | 2234 |
| Wisconsin Power and Light Co. 1.95% 9/16/2031  | 525 | 451 |
| Wisconsin Power and Light Co. 3.65% 4/1/2050  | 1075 | 772 |
| Wisconsin Public Service Corp. 2.85% 12/1/2051  | 375 | 230 |
| Xcel Energy, Inc. 4.75% 3/21/2028  | 7808 | 7886 |
| Xcel Energy, Inc. 2.60% 12/1/2029  | 4049 | 3747 |
| Xcel Energy, Inc. 5.45% 8/15/2033  | 4355 | 4445 |
| Xcel Energy, Inc. 5.50% 3/15/2034  | 4230 | 4300 |
|  |  | 466306 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| American Funds Insurance Series | **170** |

---

------

The Bond Fund of America<sup>®</sup> (continued)

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount<br> (000)<br>| Value<br> (000)<br>|
| **Corporate bonds, notes & loans (continued)** | **Corporate bonds, notes & loans (continued)** | **Corporate bonds, notes & loans (continued)** |
| **Health care 4.14%** |  |  |
| AbbVie, Inc. 5.05% 3/15/2034  | USD18,501 | $18844 |
| AbbVie, Inc. 5.35% 3/15/2044  | 800 | 785 |
| AbbVie, Inc. 5.40% 3/15/2054  | 15770 | 15345 |
| AbbVie, Inc. 5.50% 3/15/2064  | 550 | 534 |
| Amgen, Inc. 5.507% 3/2/2026  | 725 | 725 |
| Amgen, Inc. 5.15% 3/2/2028  | 5326 | 5444 |
| Amgen, Inc. 4.05% 8/18/2029  | 7429 | 7345 |
| Amgen, Inc. 2.45% 2/21/2030  | 5131 | 4700 |
| Amgen, Inc. 5.25% 3/2/2030  | 2854 | 2942 |
| Amgen, Inc. 4.20% 3/1/2033  | 8502 | 8164 |
| Amgen, Inc. 5.25% 3/2/2033  | 20793 | 21300 |
| Amgen, Inc. 4.875% 3/1/2053  | 3360 | 2937 |
| Amgen, Inc. 4.40% 2/22/2062  | 196 | 153 |
| AstraZeneca Finance, LLC 5.00% 2/26/2034  | 6925 | 7062 |
| Baxter International, Inc. 2.539% 2/1/2032  | 3906 | 3406 |
| Bristol-Myers Squibb Co. 4.90% 2/22/2029  | 2625 | 2688 |
| Bristol-Myers Squibb Co. 5.10% 2/22/2031  | 3990 | 4134 |
| Bristol-Myers Squibb Co. 5.20% 2/22/2034  | 22685 | 23242 |
| Bristol-Myers Squibb Co. 5.50% 2/22/2044  | 425 | 422 |
| Bristol-Myers Squibb Co. 2.55% 11/13/2050  | 2113 | 1234 |
| Bristol-Myers Squibb Co. 3.70% 3/15/2052  | 2197 | 1602 |
| Bristol-Myers Squibb Co. 6.25% 11/15/2053  | 1740 | 1866 |
| Bristol-Myers Squibb Co. 5.55% 2/22/2054  | 12840 | 12535 |
| Centene Corp. 4.25% 12/15/2027  | 14860 | 14644 |
| Centene Corp. 2.45% 7/15/2028  | 12410 | 11533 |
| Centene Corp. 4.625% 12/15/2029  | 14945 | 14546 |
| Centene Corp. 3.375% 2/15/2030  | 15718 | 14488 |
| Cigna Group (The) 5.125% 5/15/2031  | 2095 | 2156 |
| Cigna Group (The) 5.25% 2/15/2034  | 3745 | 3806 |
| CVS Health Corp. 5.125% 2/21/2030  | 1720 | 1752 |
| CVS Health Corp. 5.25% 1/30/2031  | 960 | 982 |
| CVS Health Corp. 5.55% 6/1/2031  | 3707 | 3852 |
| CVS Health Corp. 5.25% 2/21/2033  | 2122 | 2137 |
| CVS Health Corp. 5.70% 6/1/2034  | 7706 | 7938 |
| CVS Health Corp. 5.625% 2/21/2053  | 40 | 37 |
| CVS Health Corp. 5.875% 6/1/2053  | 4897 | 4682 |
| CVS Health Corp. 6.05% 6/1/2054  | 1995 | 1957 |
| CVS Health Corp. 6.00% 6/1/2063  | 1344 | 1286 |
| Elevance Health, Inc. 4.95% 11/1/2031  | 2322 | 2356 |
| Elevance Health, Inc. 5.20% 2/15/2035  | 7577 | 7660 |
| Elevance Health, Inc. 4.55% 5/15/2052  | 271 | 222 |
| Elevance Health, Inc. 5.125% 2/15/2053  | 784 | 701 |
| Elevance Health, Inc. 5.70% 2/15/2055  | 995 | 965 |
| Eli Lilly and Co. 5.10% 2/12/2035  | 23057 | 23641 |
| Eli Lilly and Co. 5.50% 2/12/2055  | 7907 | 7962 |
| Gilead Sciences, Inc. 5.25% 10/15/2033  | 3340 | 3457 |
| HCA, Inc. 5.20% 6/1/2028  | 4165 | 4256 |
| HCA, Inc. 2.375% 7/15/2031  | 2233 | 1944 |
| HCA, Inc. 3.625% 3/15/2032  | 2400 | 2215 |
| HCA, Inc. 4.625% 3/15/2052  | 226 | 182 |
| Humana, Inc. 5.375% 4/15/2031  | 5530 | 5659 |
| Humana, Inc. 5.55% 5/1/2035  | 1735 | 1745 |
| Humana, Inc. 5.75% 4/15/2054  | 954 | 889 |
| Johnson & Johnson 4.80% 6/1/2029  | 3970 | 4080 |
| Johnson & Johnson 4.90% 6/1/2031  | 4175 | 4319 |
| Merck & Co., Inc. 1.70% 6/10/2027  | 3093 | 2966 |
| Pfizer Investment Enterprises Pte., Ltd. 4.45% 5/19/2028  | 1375 | 1386 |
| Pfizer Investment Enterprises Pte., Ltd. 4.75% 5/19/2033  | 7942 | 7921 |
| Pfizer Investment Enterprises Pte., Ltd. 5.30% 5/19/2053  | 5622 | 5311 |
| Roche Holdings, Inc. 1.93% 12/13/2028 <sup>(e)</sup>  | 7545 | 7031 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **171** | American Funds Insurance Series |

---

------

The Bond Fund of America<sup>®</sup> (continued)

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount<br> (000)<br>| Value<br> (000)<br>|
| **Corporate bonds, notes & loans (continued)** | **Corporate bonds, notes & loans (continued)** | **Corporate bonds, notes & loans (continued)** |
| **Health care (continued)** |  |  |
| Roche Holdings, Inc. 4.592% 9/9/2034 <sup>(e)</sup>  | USD765 | $757 |
| Roche Holdings, Inc. 2.607% 12/13/2051 <sup>(e)</sup>  | 645 | 395 |
| Shire Acquisitions Investments Ireland DAC 3.20% 9/23/2026  | 306 | 302 |
| Stryker Corp. 4.85% 2/10/2030  | 1235 | 1260 |
| Stryker Corp. 5.20% 2/10/2035  | 1110 | 1132 |
| Takeda U.S. Financing, Inc. 5.20% 7/7/2035  | 12074 | 12080 |
| Teva Pharmaceutical Finance Netherlands III BV 6.75% 3/1/2028  | 26824 | 27874 |
| Teva Pharmaceutical Finance Netherlands III BV 5.125% 5/9/2029  | 4431 | 4460 |
| Teva Pharmaceutical Finance Netherlands III BV 7.875% 9/15/2029  | 3720 | 4063 |
| Teva Pharmaceutical Finance Netherlands III BV 8.125% 9/15/2031  | 2935 | 3327 |
| Teva Pharmaceutical Finance Netherlands III BV 6.00% 12/1/2032  | 725 | 741 |
| Teva Pharmaceutical Finance Netherlands III BV 4.10% 10/1/2046  | 37896 | 27295 |
| UnitedHealth Group, Inc. 3.75% 7/15/2025  | 5410 | 5408 |
| UnitedHealth Group, Inc. 4.80% 1/15/2030  | 395 | 401 |
| UnitedHealth Group, Inc. 2.00% 5/15/2030  | 466 | 417 |
| UnitedHealth Group, Inc. 4.95% 1/15/2032  | 1910 | 1935 |
| UnitedHealth Group, Inc. 4.20% 5/15/2032  | 1654 | 1602 |
| UnitedHealth Group, Inc. 5.15% 7/15/2034  | 15956 | 16125 |
| UnitedHealth Group, Inc. 3.05% 5/15/2041  | 1300 | 956 |
| UnitedHealth Group, Inc. 4.25% 6/15/2048  | 960 | 772 |
| UnitedHealth Group, Inc. 3.25% 5/15/2051  | 572 | 380 |
| UnitedHealth Group, Inc. 5.625% 7/15/2054  | 10472 | 10165 |
| UnitedHealth Group, Inc. 4.95% 5/15/2062  | 69 | 59 |
| Viatris, Inc. 4.00% 6/22/2050  | 3750 | 2500 |
|  |  | 454479 |
| **Consumer discretionary 3.71%** |  |  |
| Allied Universal Holdco, LLC 4.625% 6/1/2028 <sup>(e)</sup>  | 335 | 325 |
| Amazon.com, Inc. 1.65% 5/12/2028  | 3860 | 3626 |
| Amazon.com, Inc. 3.45% 4/13/2029  | 600 | 589 |
| Amazon.com, Inc. 3.25% 5/12/2061  | 4100 | 2670 |
| Amazon.com, Inc. 4.10% 4/13/2062  | 470 | 369 |
| Atlas LuxCo 4 SARL 4.625% 6/1/2028 <sup>(e)</sup>  | 255 | 247 |
| Bath & Body Works, Inc. 6.875% 11/1/2035  | 14740 | 15308 |
| BMW US Capital, LLC 3.45% 4/1/2027 <sup>(e)</sup>  | 1075 | 1059 |
| BMW US Capital, LLC 3.70% 4/1/2032 <sup>(e)</sup>  | 1350 | 1259 |
| Carnival Corp. 6.125% 2/15/2033 <sup>(e)</sup>  | 4115 | 4213 |
| Daimler Trucks Finance North America, LLC 5.00% 1/15/2027 <sup>(e)</sup>  | 794 | 802 |
| Daimler Trucks Finance North America, LLC 3.65% 4/7/2027 <sup>(e)</sup>  | 3567 | 3523 |
| Daimler Trucks Finance North America, LLC 5.125% 9/25/2027 <sup>(e)</sup>  | 1320 | 1339 |
| Daimler Trucks Finance North America, LLC 5.40% 9/20/2028 <sup>(e)</sup>  | 832 | 855 |
| Daimler Trucks Finance North America, LLC 2.375% 12/14/2028 <sup>(e)</sup>  | 3230 | 3015 |
| Daimler Trucks Finance North America, LLC 5.25% 1/13/2030 <sup>(e)</sup>  | 565 | 578 |
| Daimler Trucks Finance North America, LLC 2.50% 12/14/2031 <sup>(e)</sup>  | 8174 | 7096 |
| Daimler Trucks Finance North America, LLC 5.375% 1/13/2032 <sup>(e)</sup>  | 430 | 437 |
| Daimler Trucks Finance North America, LLC 5.50% 9/20/2033 <sup>(e)</sup>  | 691 | 701 |
| Daimler Trucks Finance North America, LLC 5.375% 1/18/2034 <sup>(e)</sup>  | 246 | 247 |
| Daimler Trucks Finance North America, LLC 5.625% 1/13/2035 <sup>(e)</sup>  | 3395 | 3457 |
| Ford Motor Co. 3.25% 2/12/2032  | 620 | 523 |
| Ford Motor Credit Co., LLC 6.95% 3/6/2026  | 855 | 863 |
| Ford Motor Credit Co., LLC 6.95% 6/10/2026  | 755 | 765 |
| Ford Motor Credit Co., LLC 2.70% 8/10/2026  | 200 | 195 |
| Ford Motor Credit Co., LLC 5.125% 11/5/2026  | 9695 | 9675 |
| Ford Motor Credit Co., LLC 4.271% 1/9/2027  | 18742 | 18479 |
| Ford Motor Credit Co., LLC 5.80% 3/5/2027  | 3145 | 3171 |
| Ford Motor Credit Co., LLC 5.85% 5/17/2027  | 6490 | 6542 |
| Ford Motor Credit Co., LLC 4.95% 5/28/2027  | 485 | 482 |
| Ford Motor Credit Co., LLC 4.125% 8/17/2027  | 39480 | 38603 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| American Funds Insurance Series | **172** |

---

------

The Bond Fund of America<sup>®</sup> (continued)

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount<br> (000)<br>| Value<br> (000)<br>|
| **Corporate bonds, notes & loans (continued)** | **Corporate bonds, notes & loans (continued)** | **Corporate bonds, notes & loans (continued)** |
| **Consumer discretionary (continued)** |  |  |
| Ford Motor Credit Co., LLC 3.815% 11/2/2027  | USD3,990 | $3853 |
| Ford Motor Credit Co., LLC 7.35% 11/4/2027  | 7549 | 7842 |
| Ford Motor Credit Co., LLC 5.918% 3/20/2028  | 24035 | 24284 |
| Ford Motor Credit Co., LLC 6.80% 5/12/2028  | 2030 | 2099 |
| Ford Motor Credit Co., LLC 6.798% 11/7/2028  | 762 | 790 |
| Ford Motor Credit Co., LLC 2.90% 2/10/2029  | 1065 | 969 |
| Ford Motor Credit Co., LLC 5.80% 3/8/2029  | 6740 | 6756 |
| Ford Motor Credit Co., LLC 5.113% 5/3/2029  | 9854 | 9639 |
| Ford Motor Credit Co., LLC 5.303% 9/6/2029  | 5407 | 5312 |
| Ford Motor Credit Co., LLC 7.35% 3/6/2030  | 10668 | 11266 |
| Ford Motor Credit Co., LLC 7.20% 6/10/2030  | 1015 | 1069 |
| Ford Motor Credit Co., LLC 6.05% 3/5/2031  | 3960 | 3953 |
| Ford Motor Credit Co., LLC 3.625% 6/17/2031  | 1215 | 1070 |
| Ford Motor Credit Co., LLC 7.122% 11/7/2033  | 688 | 714 |
| General Motors Co. 6.125% 10/1/2025  | 13888 | 13913 |
| General Motors Financial Co., Inc. 1.50% 6/10/2026  | 6712 | 6517 |
| General Motors Financial Co., Inc. 2.35% 2/26/2027  | 9771 | 9420 |
| General Motors Financial Co., Inc. 5.35% 1/7/2030  | 10000 | 10126 |
| General Motors Financial Co., Inc. 5.45% 7/15/2030  | 8013 | 8129 |
| General Motors Financial Co., Inc. 5.625% 4/4/2032  | 1201 | 1216 |
| General Motors Financial Co., Inc. 5.90% 1/7/2035  | 2888 | 2905 |
| Hanesbrands, Inc. 9.00% 2/15/2031 <sup>(e)</sup>  | 528 | 560 |
| Home Depot, Inc. 2.95% 6/15/2029  | 1966 | 1882 |
| Home Depot, Inc. 4.75% 6/25/2029  | 1849 | 1888 |
| Home Depot, Inc. 4.85% 6/25/2031  | 2559 | 2626 |
| Home Depot, Inc. 4.95% 6/25/2034  | 4749 | 4809 |
| Home Depot, Inc. 4.50% 12/6/2048  | 1915 | 1644 |
| Home Depot, Inc. 5.30% 6/25/2054  | 2234 | 2147 |
| Hyatt Hotels Corp. 5.05% 3/30/2028  | 8567 | 8662 |
| Hyundai Capital America 1.80% 10/15/2025 <sup>(e)</sup>  | 13274 | 13164 |
| Hyundai Capital America 6.25% 11/3/2025 <sup>(e)</sup>  | 825 | 828 |
| Hyundai Capital America 1.30% 1/8/2026 <sup>(e)</sup>  | 6000 | 5897 |
| Hyundai Capital America 5.50% 3/30/2026 <sup>(e)</sup>  | 705 | 709 |
| Hyundai Capital America 1.50% 6/15/2026 <sup>(e)</sup>  | 7475 | 7259 |
| Hyundai Capital America 1.65% 9/17/2026 <sup>(e)</sup>  | 7275 | 7024 |
| Hyundai Capital America 3.00% 2/10/2027 <sup>(e)</sup>  | 9000 | 8784 |
| Hyundai Capital America 5.275% 6/24/2027 <sup>(e)</sup>  | 1650 | 1672 |
| Hyundai Capital America 2.375% 10/15/2027 <sup>(e)</sup>  | 7543 | 7176 |
| Hyundai Capital America 5.60% 3/30/2028 <sup>(e)</sup>  | 1385 | 1419 |
| Hyundai Capital America 5.30% 6/24/2029 <sup>(e)</sup>  | 1523 | 1551 |
| Hyundai Capital America 5.15% 3/27/2030 <sup>(e)</sup>  | 25720 | 26038 |
| Hyundai Capital America 5.40% 6/24/2031 <sup>(e)</sup>  | 3365 | 3444 |
| Hyundai Capital Services, Inc. 1.25% 2/8/2026 <sup>(e)</sup>  | 3695 | 3622 |
| Marriott International, Inc. 5.00% 10/15/2027  | 4470 | 4545 |
| Marriott International, Inc. 4.90% 4/15/2029  | 653 | 665 |
| Marriott International, Inc. 5.35% 3/15/2035  | 1365 | 1377 |
| McDonald's Corp. 5.00% 5/17/2029  | 1305 | 1342 |
| McDonald's Corp. 4.95% 3/3/2035  | 786 | 786 |
| McDonald's Corp. 4.45% 3/1/2047  | 3535 | 2991 |
| McDonald's Corp. 3.625% 9/1/2049  | 2938 | 2133 |
| Nissan Motor Co., Ltd. 4.81% 9/17/2030 <sup>(e)</sup>  | 267 | 245 |
| Sands China, Ltd. 2.30% 3/8/2027  | 2368 | 2275 |
| Toyota Motor Credit Corp. 3.375% 4/1/2030  | 4954 | 4737 |
| Toyota Motor Credit Corp. 4.55% 5/17/2030  | 1625 | 1636 |
| Toyota Motor Credit Corp. 5.55% 11/20/2030  | 690 | 727 |
| Travel + Leisure Co. 6.625% 7/31/2026 <sup>(e)</sup>  | 675 | 683 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **173** | American Funds Insurance Series |

---

------

The Bond Fund of America<sup>®</sup> (continued)

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount<br> (000)<br>| Value<br> (000)<br>|
| **Corporate bonds, notes & loans (continued)** | **Corporate bonds, notes & loans (continued)** | **Corporate bonds, notes & loans (continued)** |
| **Consumer discretionary (continued)** |  |  |
| Volkswagen Group of America Finance, LLC 4.95% 8/15/2029 <sup>(e)</sup>  | USD1,635 | $1642 |
| Volkswagen Group of America Finance, LLC 6.45% 11/16/2030 <sup>(e)</sup>  | 5190 | 5525 |
| Wynn Resorts Finance, LLC 5.125% 10/1/2029 <sup>(e)</sup>  | 410 | 407 |
|  |  | 407376 |
| **Energy 2.63%** |  |  |
| Antero Resources Corp. 5.375% 3/1/2030 <sup>(e)</sup>  | 280 | 282 |
| APA Corp. 4.25% 1/15/2030 <sup>(e)</sup>  | 2465 | 2361 |
| Apache Corp. 4.625% 11/15/2025  | 645 | 644 |
| Ascent Resources Utica Holdings, LLC 6.625% 7/15/2033 <sup>(e)</sup>  | 395 | 401 |
| Baker Hughes Holdings, LLC 2.061% 12/15/2026  | 1136 | 1101 |
| Canadian Natural Resources, Ltd. 2.05% 7/15/2025  | 754 | 753 |
| Cenovus Energy, Inc. 5.375% 7/15/2025  | 2763 | 2763 |
| Cenovus Energy, Inc. 4.25% 4/15/2027  | 13613 | 13586 |
| Cenovus Energy, Inc. 2.65% 1/15/2032  | 2969 | 2567 |
| Cenovus Energy, Inc. 5.25% 6/15/2037  | 289 | 273 |
| Cenovus Energy, Inc. 3.75% 2/15/2052  | 19 | 13 |
| Chevron Corp. 2.954% 5/16/2026  | 3365 | 3327 |
| Civitas Resources, Inc. 8.75% 7/1/2031 <sup>(e)</sup>  | 22400 | 22677 |
| Columbia Pipelines Operating Co., LLC 5.927% 8/15/2030 <sup>(e)</sup>  | 268 | 283 |
| Devon Energy Corp. 5.75% 9/15/2054  | 2068 | 1863 |
| Diamondback Energy, Inc. 5.55% 4/1/2035  | 9020 | 9122 |
| Ecopetrol SA 8.875% 1/13/2033  | 15325 | 15820 |
| Energy Transfer, LP 5.25% 7/1/2029  | 979 | 1003 |
| Energy Transfer, LP 6.40% 12/1/2030  | 479 | 516 |
| Eni SpA 5.50% 5/15/2034 <sup>(e)</sup>  | 359 | 362 |
| Eni SpA 5.95% 5/15/2054 <sup>(e)</sup>  | 222 | 215 |
| Enterprise Products Operating, LLC 4.95% 2/15/2035  | 1465 | 1461 |
| EOG Resources, Inc. 5.95% 7/15/2055  | 5080 | 5177 |
| Equinor ASA 3.625% 9/10/2028  | 4928 | 4862 |
| Equinor ASA 3.125% 4/6/2030  | 20000 | 19094 |
| Equinor ASA 3.25% 11/18/2049  | 5687 | 3979 |
| Exxon Mobil Corp. 3.043% 3/1/2026  | 4625 | 4590 |
| Exxon Mobil Corp. 3.452% 4/15/2051  | 6510 | 4620 |
| GreenSaif Pipelines Bidco SARL 5.853% 2/23/2036 <sup>(e)</sup>  | 11320 | 11460 |
| Hess Midstream Operations, LP 5.875% 3/1/2028 <sup>(e)</sup>  | 1470 | 1493 |
| Occidental Petroleum Corp. 6.625% 9/1/2030  | 5120 | 5417 |
| Occidental Petroleum Corp. 5.55% 10/1/2034  | 5200 | 5106 |
| Odebrecht Drilling Services, LLC 7.50% 6/15/2030 <sup>(e)</sup>  | 6 | 6 |
| Oleoducto Central SA 4.00% 7/14/2027 <sup>(e)</sup>  | 1715 | 1673 |
| Oleoducto Central SA 4.00% 7/14/2027  | 350 | 341 |
| Petroleos Mexicanos 6.875% 10/16/2025  | 5000 | 4998 |
| Petroleos Mexicanos 4.50% 1/23/2026  | 1158 | 1143 |
| Petroleos Mexicanos 6.875% 8/4/2026  | 2965 | 2968 |
| Petroleos Mexicanos 6.49% 1/23/2027  | 20653 | 20562 |
| Petroleos Mexicanos 6.50% 3/13/2027  | 35154 | 34932 |
| Petroleos Mexicanos 6.50% 1/23/2029  | 2404 | 2354 |
| Petroleos Mexicanos 8.75% 6/2/2029  | 14185 | 14705 |
| Petroleos Mexicanos 6.84% 1/23/2030  | 11164 | 10793 |
| Petroleos Mexicanos 5.95% 1/28/2031  | 4681 | 4236 |
| Petroleos Mexicanos 6.70% 2/16/2032  | 15755 | 14652 |
| Petroleos Mexicanos 6.50% 6/2/2041  | 645 | 480 |
| Petroleos Mexicanos 6.375% 1/23/2045  | 259 | 184 |
| Petroleos Mexicanos 6.75% 9/21/2047  | 4589 | 3327 |
| Petroleos Mexicanos 6.35% 2/12/2048  | 352 | 245 |
| Petroleos Mexicanos 7.69% 1/23/2050  | 5874 | 4624 |
| Petroleos Mexicanos 6.95% 1/28/2060  | 6406 | 4607 |
| Saudi Arabian Oil Co. 5.75% 7/17/2054 <sup>(e)</sup>  | 6770 | 6362 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| American Funds Insurance Series | **174** |

---

------

The Bond Fund of America<sup>®</sup> (continued)

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount<br> (000)<br>| Value<br> (000)<br>|
| **Corporate bonds, notes & loans (continued)** | **Corporate bonds, notes & loans (continued)** | **Corporate bonds, notes & loans (continued)** |
| **Energy (continued)** |  |  |
| Shell Finance US, Inc. 2.75% 4/6/2030  | USD377 | $354 |
| South Bow USA Infrastructure Holdings, LLC 4.911% 9/1/2027 <sup>(e)</sup>  | 809 | 814 |
| TotalEnergies Capital International SA 3.455% 2/19/2029  | 885 | 866 |
| TotalEnergies Capital SA 5.275% 9/10/2054  | 6805 | 6377 |
|  |  | 288794 |
| **Industrials 1.88%** |  |  |
| ADT Security Corp. 4.125% 8/1/2029 <sup>(e)</sup>  | 510 | 493 |
| Aeropuerto Internacional de Tocumen, SA 4.00% 8/11/2041 <sup>(e)</sup>  | 730 | 550 |
| Aeropuerto Internacional de Tocumen, SA 5.125% 8/11/2061 <sup>(e)</sup>  | 565 | 398 |
| Air Lease Corp. 2.875% 1/15/2026  | 10172 | 10070 |
| Air Lease Corp. 2.20% 1/15/2027  | 4341 | 4204 |
| Air Lease Corp. 5.20% 7/15/2031  | 3650 | 3732 |
| BAE Systems PLC 5.00% 3/26/2027 <sup>(e)</sup>  | 1200 | 1214 |
| BAE Systems PLC 5.125% 3/26/2029 <sup>(e)</sup>  | 3482 | 3570 |
| BAE Systems PLC 5.25% 3/26/2031 <sup>(e)</sup>  | 2156 | 2230 |
| BAE Systems PLC 5.30% 3/26/2034 <sup>(e)</sup>  | 570 | 583 |
| Boeing Co. (The) 2.75% 2/1/2026  | 11211 | 11085 |
| Boeing Co. (The) 2.196% 2/4/2026  | 9781 | 9630 |
| Boeing Co. (The) 2.70% 2/1/2027  | 6473 | 6294 |
| Boeing Co. (The) 5.04% 5/1/2027  | 13539 | 13646 |
| Boeing Co. (The) 6.259% 5/1/2027  | 4214 | 4337 |
| Boeing Co. (The) 3.25% 2/1/2028  | 11810 | 11457 |
| Boeing Co. (The) 3.25% 3/1/2028  | 1925 | 1861 |
| Boeing Co. (The) 6.298% 5/1/2029  | 1507 | 1594 |
| Boeing Co. (The) 5.15% 5/1/2030  | 25342 | 25812 |
| Boeing Co. (The) 3.625% 2/1/2031  | 751 | 708 |
| Boeing Co. (The) 6.388% 5/1/2031  | 5632 | 6055 |
| Boeing Co. (The) 6.528% 5/1/2034  | 1381 | 1501 |
| Canadian Pacific Railway Co. 1.75% 12/2/2026  | 1066 | 1029 |
| Canadian Pacific Railway Co. 3.00% 12/2/2041  | 578 | 421 |
| Canadian Pacific Railway Co. 3.10% 12/2/2051  | 1801 | 1185 |
| CK Hutchison International (23), Ltd. 4.75% 4/21/2028 <sup>(e)</sup>  | 1260 | 1270 |
| CSX Corp. 4.10% 11/15/2032  | 1886 | 1830 |
| CSX Corp. 5.20% 11/15/2033  | 1333 | 1379 |
| CSX Corp. 4.50% 11/15/2052  | 4470 | 3773 |
| Dun & Bradstreet Corp. (The) 5.00% 12/15/2029 <sup>(e)</sup>  | 978 | 1003 |
| General Dynamics Corp. 3.75% 5/15/2028  | 479 | 477 |
| General Dynamics Corp. 3.625% 4/1/2030  | 387 | 377 |
| L3Harris Technologies, Inc. 5.40% 7/31/2033  | 1126 | 1157 |
| LG Energy Solution, Ltd. 5.25% 4/2/2028 <sup>(e)</sup>  | 13205 | 13260 |
| MISC Capital Two (Labuan), Ltd. 3.75% 4/6/2027 <sup>(e)</sup>  | 2690 | 2655 |
| Norfolk Southern Corp. 5.05% 8/1/2030  | 1734 | 1793 |
| Norfolk Southern Corp. 5.35% 8/1/2054  | 1458 | 1394 |
| Northrop Grumman Corp. 4.70% 3/15/2033  | 2909 | 2901 |
| Northrop Grumman Corp. 4.95% 3/15/2053  | 1124 | 1011 |
| Republic Services, Inc. 2.375% 3/15/2033  | 1635 | 1398 |
| Republic Services, Inc. 5.00% 4/1/2034  | 15 | 15 |
| RTX Corp. 5.75% 11/8/2026  | 550 | 560 |
| RTX Corp. 3.125% 5/4/2027  | 4551 | 4464 |
| RTX Corp. 4.125% 11/16/2028  | 4974 | 4956 |
| RTX Corp. 5.75% 1/15/2029  | 410 | 430 |
| RTX Corp. 6.00% 3/15/2031  | 550 | 591 |
| RTX Corp. 2.375% 3/15/2032  | 451 | 393 |
| RTX Corp. 6.10% 3/15/2034  | 401 | 434 |
| RTX Corp. 2.82% 9/1/2051  | 665 | 411 |
| RTX Corp. 3.03% 3/15/2052  | 1190 | 764 |
| RTX Corp. 6.40% 3/15/2054  | 1006 | 1104 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **175** | American Funds Insurance Series |

---

------

The Bond Fund of America<sup>®</sup> (continued)

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount<br> (000)<br>| Value<br> (000)<br>|
| **Corporate bonds, notes & loans (continued)** | **Corporate bonds, notes & loans (continued)** | **Corporate bonds, notes & loans (continued)** |
| **Industrials (continued)** |  |  |
| Summit Digitel Infrastructure Pvt, Ltd. 2.875% 8/12/2031 <sup>(e)</sup>  | USD2,550 | $2254 |
| Triton Container International, Ltd. 3.15% 6/15/2031 <sup>(e)</sup>  | 2482 | 2156 |
| Union Pacific Corp. 2.15% 2/5/2027  | 2213 | 2150 |
| Union Pacific Corp. 2.40% 2/5/2030  | 4454 | 4109 |
| Union Pacific Corp. 2.375% 5/20/2031  | 2298 | 2067 |
| Union Pacific Corp. 2.80% 2/14/2032  | 5244 | 4733 |
| Union Pacific Corp. 5.10% 2/20/2035  | 2104 | 2141 |
| Union Pacific Corp. 2.95% 3/10/2052  | 1405 | 897 |
| Union Pacific Corp. 5.60% 12/1/2054  | 470 | 468 |
| United Rentals (North America), Inc. 5.50% 5/15/2027  | 2500 | 2502 |
| Veralto Corp. 5.50% 9/18/2026  | 350 | 354 |
| Veralto Corp. 5.35% 9/18/2028  | 2450 | 2526 |
| Veralto Corp. 5.45% 9/18/2033  | 1680 | 1734 |
| Waste Management, Inc. 1.50% 3/15/2031  | 419 | 358 |
| Waste Management, Inc. 4.80% 3/15/2032  | 4135 | 4200 |
|  |  | 206108 |
| **Communication services 1.64%** |  |  |
| AT&T, Inc. 1.70% 3/25/2026  | 17807 | 17453 |
| AT&T, Inc. 1.65% 2/1/2028  | 4700 | 4410 |
| AT&T, Inc. 4.30% 2/15/2030  | 15940 | 15893 |
| AT&T, Inc. 2.55% 12/1/2033  | 12748 | 10673 |
| AT&T, Inc. 5.40% 2/15/2034  | 442 | 455 |
| AT&T, Inc. 4.50% 5/15/2035  | 174 | 166 |
| CCO Holdings, LLC 5.125% 5/1/2027 <sup>(e)</sup>  | 4800 | 4788 |
| CCO Holdings, LLC 4.75% 2/1/2032 <sup>(e)</sup>  | 1265 | 1201 |
| CCO Holdings, LLC 4.25% 1/15/2034 <sup>(e)</sup>  | 3875 | 3452 |
| Charter Communications Operating, LLC 6.10% 6/1/2029  | 1360 | 1424 |
| Charter Communications Operating, LLC 2.80% 4/1/2031  | 6057 | 5403 |
| Charter Communications Operating, LLC 4.40% 4/1/2033  | 1092 | 1029 |
| Charter Communications Operating, LLC 5.75% 4/1/2048  | 5000 | 4550 |
| Charter Communications Operating, LLC 4.80% 3/1/2050  | 5134 | 4111 |
| Charter Communications Operating, LLC 3.70% 4/1/2051  | 2519 | 1679 |
| Charter Communications Operating, LLC 3.90% 6/1/2052  | 6148 | 4223 |
| Charter Communications Operating, LLC 5.25% 4/1/2053  | 1065 | 905 |
| Comcast Corp. 3.15% 2/15/2028  | 7200 | 7015 |
| Comcast Corp. 4.55% 1/15/2029  | 1610 | 1628 |
| Comcast Corp. 4.80% 5/15/2033  | 1841 | 1838 |
| Comcast Corp. 2.887% 11/1/2051  | 18 | 11 |
| Comcast Corp. 5.65% 6/1/2054  | 3313 | 3222 |
| Comcast Corp. 5.50% 5/15/2064  | 250 | 233 |
| Netflix, Inc. 4.90% 8/15/2034  | 645 | 658 |
| Netflix, Inc. 5.40% 8/15/2054  | 127 | 125 |
| News Corp. 5.125% 2/15/2032 <sup>(e)</sup>  | 1300 | 1273 |
| SBA Tower Trust 1.631% 11/15/2026 <sup>(e)</sup>  | 6741 | 6470 |
| Sirius XM Radio, LLC 4.00% 7/15/2028 <sup>(e)</sup>  | 675 | 649 |
| Sirius XM Radio, LLC 3.875% 9/1/2031 <sup>(e)</sup>  | 12000 | 10674 |
| T-Mobile USA, Inc. 2.625% 4/15/2026  | 4416 | 4350 |
| T-Mobile USA, Inc. 3.75% 4/15/2027  | 5000 | 4950 |
| T-Mobile USA, Inc. 4.95% 3/15/2028  | 705 | 717 |
| T-Mobile USA, Inc. 4.80% 7/15/2028  | 175 | 177 |
| T-Mobile USA, Inc. 4.85% 1/15/2029  | 2725 | 2764 |
| T-Mobile USA, Inc. 3.875% 4/15/2030  | 4500 | 4372 |
| T-Mobile USA, Inc. 2.875% 2/15/2031  | 14691 | 13378 |
| T-Mobile USA, Inc. 5.125% 5/15/2032  | 4970 | 5070 |
| T-Mobile USA, Inc. 5.05% 7/15/2033  | 832 | 838 |
| T-Mobile USA, Inc. 5.75% 1/15/2034  | 730 | 765 |
| T-Mobile USA, Inc. 3.00% 2/15/2041  | 2100 | 1538 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| American Funds Insurance Series | **176** |

---

------

The Bond Fund of America<sup>®</sup> (continued)

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount<br> (000)<br>| Value<br> (000)<br>|
| **Corporate bonds, notes & loans (continued)** | **Corporate bonds, notes & loans (continued)** | **Corporate bonds, notes & loans (continued)** |
| **Communication services (continued)** |  |  |
| T-Mobile USA, Inc. 6.00% 6/15/2054  | USD920 | $937 |
| T-Mobile USA, Inc. 5.50% 1/15/2055  | 406 | 385 |
| Verizon Communications, Inc. 1.75% 1/20/2031  | 9144 | 7882 |
| Verizon Communications, Inc. 2.55% 3/21/2031  | 5047 | 4528 |
| Verizon Communications, Inc. 2.355% 3/15/2032  | 2775 | 2393 |
| Verizon Communications, Inc. 4.78% 2/15/2035  | 1552 | 1513 |
| Verizon Communications, Inc. 3.55% 3/22/2051  | 625 | 447 |
| Verizon Communications, Inc. 3.875% 3/1/2052  | 4006 | 2983 |
| Vodafone Group PLC 4.25% 9/17/2050  | 3050 | 2379 |
| WarnerMedia Holdings, Inc. 3.755% 3/15/2027  | 1126 | 1051 |
| WarnerMedia Holdings, Inc. 4.279% 3/15/2032  | 112 | 84 |
| ZipRecruiter, Inc. 5.00% 1/15/2030 <sup>(e)</sup>  | 490 | 419 |
|  |  | 179531 |
| **Consumer staples 1.54%** |  |  |
| Altria Group, Inc. 4.40% 2/14/2026  | 4585 | 4582 |
| Altria Group, Inc. 4.875% 2/4/2028  | 1330 | 1349 |
| Anheuser-Busch InBev Worldwide, Inc. 5.55% 1/23/2049  | 4715 | 4683 |
| BAT Capital Corp. 3.557% 8/15/2027  | 9271 | 9125 |
| BAT Capital Corp. 2.259% 3/25/2028  | 2353 | 2227 |
| BAT Capital Corp. 6.343% 8/2/2030  | 2210 | 2383 |
| BAT Capital Corp. 4.742% 3/16/2032  | 2675 | 2661 |
| BAT Capital Corp. 5.35% 8/15/2032  | 18664 | 19102 |
| BAT Capital Corp. 6.421% 8/2/2033  | 4665 | 5069 |
| BAT Capital Corp. 5.625% 8/15/2035  | 12170 | 12389 |
| BAT Capital Corp. 7.079% 8/2/2043  | 1323 | 1458 |
| BAT Capital Corp. 5.65% 3/16/2052  | 120 | 112 |
| BAT International Finance PLC 1.668% 3/25/2026  | 4070 | 3986 |
| BAT International Finance PLC 4.448% 3/16/2028  | 2925 | 2930 |
| Campbell's Co. (The) 5.20% 3/21/2029  | 726 | 744 |
| Constellation Brands, Inc. 3.50% 5/9/2027  | 7500 | 7384 |
| Constellation Brands, Inc. 4.35% 5/9/2027  | 890 | 891 |
| Constellation Brands, Inc. 4.80% 5/1/2030  | 1618 | 1632 |
| Constellation Brands, Inc. 2.25% 8/1/2031  | 1487 | 1289 |
| Constellation Brands, Inc. 4.75% 5/9/2032  | 1978 | 1966 |
| Constellation Brands, Inc. 4.90% 5/1/2033  | 2807 | 2783 |
| H.J. Heinz Co. 4.875% 10/1/2049  | 2725 | 2342 |
| Imperial Brands Finance PLC 4.50% 6/30/2028 <sup>(e)</sup>  | 12545 | 12546 |
| Indofood CBP Sukses Makmur Tbk PT 3.398% 6/9/2031  | 3110 | 2853 |
| Indofood CBP Sukses Makmur Tbk PT 4.745% 6/9/2051  | 685 | 554 |
| Mars, Inc. 4.80% 3/1/2030 <sup>(e)</sup>  | 4670 | 4733 |
| Mars, Inc. 5.00% 3/1/2032 <sup>(e)</sup>  | 3640 | 3690 |
| Mars, Inc. 5.20% 3/1/2035 <sup>(e)</sup>  | 15670 | 15866 |
| Mars, Inc. 5.65% 5/1/2045 <sup>(e)</sup>  | 2371 | 2378 |
| Mars, Inc. 5.70% 5/1/2055 <sup>(e)</sup>  | 13235 | 13212 |
| Mondelez International, Inc. 4.75% 8/28/2034  | 5520 | 5459 |
| Philip Morris International, Inc. 4.875% 2/13/2026  | 2508 | 2514 |
| Philip Morris International, Inc. 5.25% 9/7/2028  | 2800 | 2881 |
| Philip Morris International, Inc. 5.125% 2/15/2030  | 982 | 1011 |
| Philip Morris International, Inc. 5.50% 9/7/2030  | 4565 | 4774 |
| Philip Morris International, Inc. 4.75% 11/1/2031  | 830 | 837 |
| Philip Morris International, Inc. 5.375% 2/15/2033  | 1644 | 1699 |
| Walmart, Inc. 4.10% 4/15/2033  | 1206 | 1178 |
| Walmart, Inc. 4.50% 4/15/2053  | 1416 | 1241 |
|  |  | 168513 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **177** | American Funds Insurance Series |

---

------

The Bond Fund of America<sup>®</sup> (continued)

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount<br> (000)<br>| Value<br> (000)<br>|
| **Corporate bonds, notes & loans (continued)** | **Corporate bonds, notes & loans (continued)** | **Corporate bonds, notes & loans (continued)** |
| **Real estate 0.82%** |  |  |
| American Tower Corp. 3.65% 3/15/2027  | USD1,375 | $1359 |
| Boston Properties, LP 2.90% 3/15/2030  | 4630 | 4256 |
| Boston Properties, LP 3.25% 1/30/2031  | 463 | 425 |
| Boston Properties, LP 2.55% 4/1/2032  | 1674 | 1413 |
| Boston Properties, LP 2.45% 10/1/2033  | 1335 | 1067 |
| Boston Properties, LP 6.50% 1/15/2034  | 10849 | 11621 |
| Boston Properties, LP 5.75% 1/15/2035  | 11874 | 11957 |
| COPT Defense Properties, LP 2.00% 1/15/2029  | 1139 | 1038 |
| COPT Defense Properties, LP 2.75% 4/15/2031  | 1547 | 1369 |
| COPT Defense Properties, LP 2.90% 12/1/2033  | 564 | 464 |
| Corp. Inmobiliaria Vesta, SAB de CV, 3.625% 5/13/2031 <sup>(e)</sup>  | 395 | 350 |
| Crown Castle, Inc. 5.00% 1/11/2028  | 4874 | 4924 |
| Equinix, Inc. 2.90% 11/18/2026  | 2762 | 2708 |
| Equinix, Inc. 3.20% 11/18/2029  | 887 | 842 |
| Equinix, Inc. 3.90% 4/15/2032  | 1155 | 1094 |
| FibraSOMA 4.375% 7/22/2031 <sup>(e)</sup>  | 1475 | 1152 |
| Howard Hughes Corp. (The) 5.375% 8/1/2028 <sup>(e)</sup>  | 1755 | 1743 |
| Howard Hughes Corp. (The) 4.125% 2/1/2029 <sup>(e)</sup>  | 2755 | 2626 |
| Howard Hughes Corp. (The) 4.375% 2/1/2031 <sup>(e)</sup>  | 3135 | 2895 |
| Iron Mountain, Inc. 5.25% 3/15/2028 <sup>(e)</sup>  | 3020 | 3009 |
| Iron Mountain, Inc. 5.25% 7/15/2030 <sup>(e)</sup>  | 675 | 666 |
| Iron Mountain, Inc. 6.25% 1/15/2033 <sup>(e)</sup>  | 4395 | 4522 |
| Ladder Capital Finance Holdings LLLP 5.50% 8/1/2030  | 2097 | 2112 |
| Ladder Capital Finance Holdings LLLP 7.00% 7/15/2031 <sup>(e)</sup>  | 4683 | 4900 |
| Prologis, LP 4.875% 6/15/2028  | 1040 | 1061 |
| Prologis, LP 4.75% 6/15/2033  | 1409 | 1406 |
| Prologis, LP 5.125% 1/15/2034  | 6175 | 6254 |
| Prologis, LP 5.00% 3/15/2034  | 360 | 361 |
| Prologis, LP 5.25% 6/15/2053  | 117 | 110 |
| Service Properties Trust 3.95% 1/15/2028  | 1710 | 1581 |
| Service Properties Trust 8.625% 11/15/2031 <sup>(e)</sup>  | 3040 | 3266 |
| VICI Properties, LP 4.75% 2/15/2028  | 6844 | 6884 |
|  |  | 89435 |
| **Information technology 0.77%** |  |  |
| Analog Devices, Inc. 2.10% 10/1/2031  | 270 | 236 |
| Analog Devices, Inc. 5.05% 4/1/2034  | 717 | 735 |
| Analog Devices, Inc. 2.80% 10/1/2041  | 521 | 379 |
| Broadcom Corp. 3.875% 1/15/2027  | 5966 | 5927 |
| Broadcom, Inc. 5.05% 7/12/2027  | 2545 | 2582 |
| Broadcom, Inc. 4.00% 4/15/2029 <sup>(e)</sup>  | 609 | 601 |
| Broadcom, Inc. 5.05% 7/12/2029  | 2177 | 2230 |
| Broadcom, Inc. 5.15% 11/15/2031  | 5186 | 5337 |
| Broadcom, Inc. 4.15% 4/15/2032 <sup>(e)</sup>  | 630 | 607 |
| Broadcom, Inc. 3.469% 4/15/2034 <sup>(e)</sup>  | 11652 | 10413 |
| Broadcom, Inc. 4.80% 10/15/2034  | 1063 | 1051 |
| Broadcom, Inc. 3.137% 11/15/2035 <sup>(e)</sup>  | 847 | 715 |
| Broadcom, Inc. 4.926% 5/15/2037 <sup>(e)</sup>  | 2879 | 2796 |
| Cisco Systems, Inc. 4.95% 2/26/2031  | 991 | 1020 |
| Cisco Systems, Inc. 5.05% 2/26/2034  | 843 | 863 |
| Cisco Systems, Inc. 5.10% 2/24/2035  | 2675 | 2739 |
| Cisco Systems, Inc. 5.30% 2/26/2054  | 784 | 761 |
| Fair Isaac Corp. 6.00% 5/15/2033 <sup>(e)</sup>  | 1300 | 1315 |
| Microchip Technology, Inc. 5.05% 3/15/2029  | 4350 | 4421 |
| Oracle Corp. 1.65% 3/25/2026  | 4867 | 4768 |
| Oracle Corp. 4.80% 8/3/2028  | 615 | 625 |
| Oracle Corp. 5.25% 2/3/2032  | 1340 | 1375 |
| Oracle Corp. 5.50% 8/3/2035  | 2374 | 2428 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| American Funds Insurance Series | **178** |

---

------

The Bond Fund of America<sup>®</sup> (continued)

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount<br> (000)<br>| Value<br> (000)<br>|
| **Corporate bonds, notes & loans (continued)** | **Corporate bonds, notes & loans (continued)** | **Corporate bonds, notes & loans (continued)** |
| **Information technology (continued)** |  |  |
| ServiceNow, Inc. 1.40% 9/1/2030  | USD726 | $630 |
| Synopsys, Inc. 5.15% 4/1/2035  | 21470 | 21649 |
| Synopsys, Inc. 5.70% 4/1/2055  | 8055 | 8015 |
|  |  | 84218 |
| **Materials 0.55%** |  |  |
| Air Products and Chemicals, Inc. 2.70% 5/15/2040  | 2911 | 2120 |
| BHP Billiton Finance (USA), Ltd. 5.25% 9/8/2033  | 138 | 141 |
| Braskem Netherlands Finance BV 7.25% 2/13/2033 <sup>(e)</sup>  | 700 | 555 |
| Celanese US Holdings, LLC 6.415% 7/15/2027  | 6297 | 6525 |
| Celanese US Holdings, LLC 6.85% 11/15/2028  | 3575 | 3759 |
| Celanese US Holdings, LLC 6.58% 7/15/2029  | 8862 | 9242 |
| Celanese US Holdings, LLC 7.05% 11/15/2030  | 4530 | 4771 |
| Celanese US Holdings, LLC 6.629% 7/15/2032  | 800 | 839 |
| Celanese US Holdings, LLC 7.20% 11/15/2033  | 1031 | 1095 |
| Chevron Phillips Chemical Co., LLC 4.75% 5/15/2030 <sup>(e)</sup>  | 834 | 846 |
| Dow Chemical Co. (The) 5.15% 2/15/2034  | 452 | 452 |
| Dow Chemical Co. (The) 5.35% 3/15/2035  | 199 | 198 |
| Dow Chemical Co. (The) 5.55% 11/30/2048  | 142 | 130 |
| Dow Chemical Co. (The) 6.90% 5/15/2053  | 62 | 67 |
| Dow Chemical Co. (The) 5.60% 2/15/2054  | 504 | 459 |
| Methanex Corp. 5.125% 10/15/2027  | 510 | 509 |
| NOVA Chemicals Corp. 8.50% 11/15/2028 <sup>(e)</sup>  | 205 | 217 |
| NOVA Chemicals Corp. 4.25% 5/15/2029 <sup>(e)</sup>  | 425 | 409 |
| OCI NV 6.70% 3/16/2033 <sup>(e)</sup>  | 950 | 1052 |
| POSCO 5.75% 1/17/2028 <sup>(e)</sup>  | 745 | 766 |
| Rio Tinto Finance (USA) PLC 4.875% 3/14/2030  | 25776 | 26281 |
|  |  | 60433 |
| **Total corporate bonds, notes & loans** |  | 3620419 |
| **U.S. Treasury bonds & notes 19.60%** | **U.S. Treasury bonds & notes 19.60%** | **U.S. Treasury bonds & notes 19.60%** |
| **U.S. Treasury 18.98%** |  |  |
| U.S. Treasury 3.00% 7/15/2025  | 97643 | 97593 |
| U.S. Treasury 5.00% 9/30/2025  | 1090 | 1092 |
| U.S. Treasury 5.00% 10/31/2025  | 27980 | 28042 |
| U.S. Treasury 2.25% 11/15/2025  | 6785 | 6734 |
| U.S. Treasury 4.25% 12/31/2025  | 4994 | 4995 |
| U.S. Treasury 3.625% 5/15/2026  | 1926 | 1919 |
| U.S. Treasury 4.625% 6/30/2026  | 198 | 199 |
| U.S. Treasury 4.375% 7/31/2026  | 271 | 272 |
| U.S. Treasury 0.75% 8/31/2026  | 8871 | 8551 |
| U.S. Treasury 4.625% 11/15/2026  | 3589 | 3625 |
| U.S. Treasury 4.00% 1/15/2027  | 3741 | 3750 |
| U.S. Treasury 1.875% 2/28/2027  | 4000 | 3877 |
| U.S. Treasury 2.625% 5/31/2027  | 43530 | 42635 |
| U.S. Treasury 3.875% 5/31/2027  | 29928 | 30048 |
| U.S. Treasury 3.75% 6/30/2027  | 233196 | 233351 |
| U.S. Treasury 2.25% 11/15/2027  | 105830 | 102343 |
| U.S. Treasury 6.125% 11/15/2027  | 24000 | 25319 |
| U.S. Treasury 1.125% 2/29/2028  | 9895 | 9253 |
| U.S. Treasury 4.00% 2/29/2028  | 4750 | 4786 |
| U.S. Treasury 3.625% 3/31/2028  | 13 | 13 |
| U.S. Treasury 3.875% 6/15/2028  | 90271 | 90747 |
| U.S. Treasury 1.00% 7/31/2028  | 5630 | 5190 |
| U.S. Treasury 1.125% 8/31/2028  | 13555 | 12516 |
| U.S. Treasury 5.25% 11/15/2028  | 5700 | 5973 |
| U.S. Treasury 2.375% 5/15/2029  | 4070 | 3872 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **179** | American Funds Insurance Series |

---

------

The Bond Fund of America<sup>®</sup> (continued)

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount<br> (000)<br>| Value<br> (000)<br>|
| **U.S. Treasury bonds & notes (continued)** | **U.S. Treasury bonds & notes (continued)** | **U.S. Treasury bonds & notes (continued)** |
| **U.S. Treasury (continued)** |  |  |
| U.S. Treasury 4.00% 7/31/2029  | USD334 | $337 |
| U.S. Treasury 3.875% 12/31/2029  | 44049 | 44235 |
| U.S. Treasury 3.75% 5/31/2030  | 13300 | 13270 |
| U.S. Treasury 4.00% 5/31/2030  | 23286 | 24077 |
| U.S. Treasury 3.875% 6/30/2030  | 207879 | 208683 |
| U.S. Treasury 4.125% 8/31/2030  | 11215 | 11377 |
| U.S. Treasury 4.875% 10/31/2030  | 92133 | 96710 |
| U.S. Treasury 4.125% 10/31/2031  | 1408 | 1423 |
| U.S. Treasury 4.125% 11/30/2031  | 985 | 995 |
| U.S. Treasury 4.00% 6/30/2032  | 39211 | 39233 |
| U.S. Treasury 4.125% 11/15/2032  | 114 | 115 |
| U.S. Treasury 4.375% 5/15/2034  | 100 | 102 |
| U.S. Treasury 3.875% 8/15/2034  | 6145 | 6000 |
| U.S. Treasury 4.25% 5/15/2035 <sup>(i)</sup>  | 217126 | 217415 |
| U.S. Treasury 4.25% 5/15/2039 <sup>(i)</sup>  | 125497 | 122211 |
| U.S. Treasury 1.375% 11/15/2040  | 24540 | 15629 |
| U.S. Treasury 1.875% 2/15/2041  | 24272 | 16696 |
| U.S. Treasury 4.75% 2/15/2041  | 75066 | 76057 |
| U.S. Treasury 2.00% 11/15/2041  | 57 | 39 |
| U.S. Treasury 2.375% 2/15/2042  | 2701 | 1964 |
| U.S. Treasury 3.25% 5/15/2042  | 10848 | 8972 |
| U.S. Treasury 5.00% 5/15/2045  | 108592 | 111536 |
| U.S. Treasury 3.00% 2/15/2049  | 124633 | 91812 |
| U.S. Treasury 2.875% 5/15/2049  | 19228 | 13799 |
| U.S. Treasury 2.875% 5/15/2052  | 990 | 697 |
| U.S. Treasury 4.00% 11/15/2052  | 7328 | 6412 |
| U.S. Treasury 4.125% 8/15/2053  | 213 | 190 |
| U.S. Treasury 4.625% 2/15/2055 <sup>(i)</sup>  | 228046 | 221971 |
| U.S. Treasury 4.75% 5/15/2055  | 2905 | 2888 |
|  |  | 2081540 |
| **U.S. Treasury inflation-protected securities 0.62%** |  |  |
| U.S. Treasury Inflation-Protected Security 0.375% 7/15/2025 <sup>(j)</sup>  | 5495 | 5493 |
| U.S. Treasury Inflation-Protected Security 0.125% 10/15/2026 <sup>(j)</sup>  | 6045 | 5977 |
| U.S. Treasury Inflation-Protected Security 1.875% 7/15/2034 <sup>(j)</sup>  | 11474 | 11488 |
| U.S. Treasury Inflation-Protected Security 2.125% 1/15/2035 <sup>(j)</sup>  | 5974 | 6073 |
| U.S. Treasury Inflation-Protected Security 0.125% 2/15/2051 <sup>(j)</sup>  | — <br><sup>(c)</sup><br>| — <br><sup>(c)</sup><br>|
| U.S. Treasury Inflation-Protected Security 1.50% 2/15/2053 <sup>(j)</sup>  | 2337 | 1852 |
| U.S. Treasury Inflation-Protected Security 2.125% 2/15/2054 <sup>(j)</sup>  | 13940 | 12763 |
| U.S. Treasury Inflation-Protected Security 2.375% 2/15/2055 <sup>(j)</sup>  | 24528 | 23721 |
|  |  | 67367 |
| **Total U.S. Treasury bonds & notes** |  | 2148907 |
| **Asset-backed obligations 5.42%** | **Asset-backed obligations 5.42%** | **Asset-backed obligations 5.42%** |
| Affirm Asset Securitization Trust, Series 2021-Z2, Class A, 1.17% 11/16/2026 <sup>(a)(e)</sup>  | 4 | 4 |
| Affirm Asset Securitization Trust, Series 2024-B, Class A, 4.62% 9/15/2029 <sup>(a)(e)</sup>  | 9848 | 9853 |
| Affirm, Inc., Series 2024, Class 1A, 5.61% 2/15/2029 <sup>(a)(e)</sup>  | 11785 | 11841 |
| Affirm, Inc., Series 2024-A, Class A, 5.61% 2/15/2029 <sup>(a)(e)</sup>  | 3485 | 3502 |
| Affirm, Inc., Series 2024-X1, Class A, 6.27% 5/15/2029 <sup>(a)(e)</sup>  | 200 | 200 |
| Affirm, Inc., Series 2024-X2, Class A, 5.22% 12/17/2029 <sup>(a)(e)</sup>  | 2787 | 2789 |
| Ally Auto Receivables Trust, Series 2023-1, Class A3, 5.46% 5/15/2028 <sup>(a)</sup>  | 431 | 434 |
| American Credit Acceptance Receivables Trust, Series 2023-4, Class B, 6.63% 2/14/2028 <sup>(a)(e)</sup>  | 1843 | 1846 |
| American Homes 4 Rent, Series 2015-SFR2, Class A, 3.732% 10/17/2052 <sup>(a)(e)</sup>  | 2622 | 2611 |
| American Homes 4 Rent, Series 2015-SFR2, Class B, 4.295% 10/17/2052 <sup>(a)(e)</sup>  | 396 | 394 |
| AmeriCredit Automobile Receivables Trust, Series 2021-2, Class C, 1.01% 1/19/2027 <sup>(a)</sup>  | 581 | 575 |
| AmeriCredit Automobile Receivables Trust, Series 2021-2, Class D, 1.29% 6/18/2027 <sup>(a)</sup>  | 2613 | 2562 |
| Apollo Aviation Securitization Equity Trust, Series 2025-2A, Class A, 5.522% 2/16/2050 <sup>(a)(e)</sup>  | 4926 | 4986 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| American Funds Insurance Series | **180** |

---

------

The Bond Fund of America<sup>®</sup> (continued)

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount<br> (000)<br>| Value<br> (000)<br>|
| **Asset-backed obligations (continued)** | **Asset-backed obligations (continued)** | **Asset-backed obligations (continued)** |
| Avant Credit Card Master Trust, Series 2024-2A, Class A, 5.38% 5/15/2029 <sup>(a)(e)</sup>  | USD13,550 | $13516 |
| Avis Budget Rental Car Funding (AESOP), LLC, Series 2020-1A, Class A, 2.33% 8/20/2026 <sup>(a)(e)</sup>  | 2563 | 2557 |
| Avis Budget Rental Car Funding (AESOP), LLC, Series 2020-2, Class A, 2.02% 2/20/2027 <sup>(a)(e)</sup>  | 2427 | 2400 |
| Avis Budget Rental Car Funding (AESOP), LLC, Series 2020-2A, Class B, 2.96% 2/20/2027 <sup>(a)(e)</sup>  | 623 | 617 |
| Avis Budget Rental Car Funding (AESOP), LLC, Series 2020-2, Class C, 4.25% 2/20/2027 <sup>(a)(e)</sup>  | 1279 | 1271 |
| Avis Budget Rental Car Funding (AESOP), LLC, Series 2021-1A, Class A, 1.38% 8/20/2027 <sup>(a)(e)</sup>  | 3445 | 3347 |
| Avis Budget Rental Car Funding (AESOP), LLC, Series 2021-1A, Class B, 1.63% 8/20/2027 <sup>(a)(e)</sup>  | 531 | 515 |
| Avis Budget Rental Car Funding (AESOP), LLC, Series 2021-1A, Class C, 2.13% 8/20/2027 <sup>(a)(e)</sup>  | 193 | 187 |
| Avis Budget Rental Car Funding (AESOP), LLC, Series 2023-5, Class A, 5.78% 4/20/2028 <sup>(a)(e)</sup>  | 6724 | 6864 |
| Avis Budget Rental Car Funding (AESOP), LLC, Series 2025-1A, Class A, 4.80% 8/20/2029 <sup>(a)(e)</sup>  | 1348 | 1365 |
| Avis Budget Rental Car Funding (AESOP), LLC, Series 2023-6, Class A, 5.81% 12/20/2029 <sup>(a)(e)</sup>  | 5059 | 5263 |
| Avis Budget Rental Car Funding (AESOP), LLC, Series 2024-1, Class A, 5.36% 6/20/2030 <sup>(a)(e)</sup>  | 4665 | 4795 |
| AXIS Equipment Finance Receivables, LLC, Series 2024-2, Class A2, 5.19% 7/21/2031 <sup>(a)(e)</sup>  | 5541 | 5594 |
| Bankers Healthcare Group Securitization Trust, Series 2021-B, Class B, 1.67% 10/17/2034 <sup>(a)(e)</sup>  | 208 | 203 |
| Blackbird Capital II Aircraft Lease, Ltd. / Blackbird Capital II Aircraft Lease US, LLC, Series 2021-1, Class A, <br> 2.443% 7/15/2046 <sup>(a)(e)</sup>  | 3080 | 2892 |
| Blackbird Capital II Aircraft Lease, Ltd. / Blackbird Capital II Aircraft Lease US, LLC, Series 2021-1, Class B, <br> 3.446% 7/15/2046 <sup>(a)(e)</sup>  | 354 | 333 |
| Blue Owl Asset Leasing Trust, Series 2024-1A, Class A2, 5.05% 3/15/2029 <sup>(a)(e)</sup>  | 1183 | 1185 |
| BMW Vehicle Owner Trust, Series 2023-A, Class A3, 5.47% 2/25/2028 <sup>(a)</sup>  | 160 | 161 |
| Bridgecrest Lending Auto Securitization Trust, Series 2023-1, Class A3, 6.51% 11/15/2027 <sup>(a)</sup>  | 266 | 267 |
| Bridgecrest Lending Auto Securitization Trust, Series 2024-1, Class A3, 5.53% 1/18/2028 <sup>(a)</sup>  | 2571 | 2575 |
| Bridgecrest Lending Auto Securitization Trust, Series 2023-1, Class B, 6.80% 8/15/2029 <sup>(a)</sup>  | 1400 | 1413 |
| Business Jet Securities, LLC, Series 2024-2A, Class A, 5.364% 9/15/2039 <sup>(a)(e)</sup>  | 6424 | 6450 |
| Capteris Equipment Finance, Series 2024-1, Class A2, 5.58% 7/20/2032 <sup>(a)(e)</sup>  | 13328 | 13517 |
| Carvana Auto Receivables Trust, Series 2023-N3, Class A, 6.41% 9/10/2027 <sup>(a)(e)</sup>  | 27 | 27 |
| Carvana Auto Receivables Trust, Series 2023-P3, Class A3, 5.82% 8/10/2028 <sup>(a)(e)</sup>  | 388 | 391 |
| Carvana Auto Receivables Trust, Series 2021-N4, Class C, 1.72% 9/11/2028 <sup>(a)</sup>  | 65 | 63 |
| Carvana Auto Receivables Trust, Series 2023-P3, Class A4, 5.71% 7/10/2029 <sup>(a)(e)</sup>  | 172 | 177 |
| Castlelake Aircraft Securitization Trust, Series 2021-1, Class A, 2.868% 5/11/2037 <sup>(a)(e)</sup>  | 13731 | 12661 |
| Castlelake Aircraft Securitization Trust, Series 2021-1, Class C, 3.464% 5/11/2037 <sup>(a)(e)</sup>  | 5358 | 4964 |
| Castlelake Aircraft Securitization Trust, Series 2021-1, Class C, 6.171% 5/11/2037 <sup>(a)(e)</sup>  | 597 | 561 |
| Castlelake Aircraft Securitization Trust, Series 2017-1R, Class A, 2.741% 8/15/2041 <sup>(a)(e)</sup>  | 196 | 189 |
| CF Hippolyta, LLC, Series 2020-1, Class A1, 1.69% 7/15/2060 <sup>(a)(e)</sup>  | 18497 | 18303 |
| CF Hippolyta, LLC, Series 2020-1, Class A2, 1.99% 7/15/2060 <sup>(a)(e)</sup>  | 1907 | 1765 |
| CF Hippolyta, LLC, Series 2020-1, Class B1, 2.28% 7/15/2060 <sup>(a)(e)</sup>  | 3362 | 3327 |
| CF Hippolyta, LLC, Series 2020-1, Class B2, 2.60% 7/15/2060 <sup>(a)(e)</sup>  | 364 | 328 |
| CF Hippolyta, LLC, Series 2021-1, Class A1, 1.53% 3/15/2061 <sup>(a)(e)</sup>  | 5994 | 5770 |
| CF Hippolyta, LLC, Series 2021-1, Class B1, 1.98% 3/15/2061 <sup>(a)(e)</sup>  | 1898 | 1785 |
| CF Hippolyta, LLC, Series 2022-1A, Class A1, 5.97% 8/15/2062 <sup>(a)(e)</sup>  | 14984 | 15034 |
| CF Hippolyta, LLC, Series 2022-1A, Class A2, 6.11% 8/15/2062 <sup>(a)(e)</sup>  | 6572 | 6618 |
| Chesapeake Funding II, LLC, Series 2023-2, Class A1, 6.16% 10/15/2035 <sup>(a)(e)</sup>  | 622 | 630 |
| Citizens Auto Receivables Trust, Series 2023-2, Class A3, 5.83% 2/15/2028 <sup>(a)(e)</sup>  | 1556 | 1568 |
| Citizens Auto Receivables Trust, Series 2023-2, Class A4, 5.74% 10/15/2030 <sup>(a)(e)</sup>  | 799 | 817 |
| Clarus Capital Funding, LLC, Series 2024-1A, Class A2, 4.71% 8/20/2032 <sup>(a)(e)</sup>  | 6872 | 6882 |
| CLI Funding VI, LLC, Series 2020-2A, Class A, 2.03% 9/15/2045 <sup>(a)(e)</sup>  | 1538 | 1432 |
| CLI Funding VI, LLC, Series 2020-3A, Class A, 2.07% 10/18/2045 <sup>(a)(e)</sup>  | 3114 | 2902 |
| CLI Funding VIII, LLC, Series 2021-1A, Class A, 2.38% 2/18/2046 <sup>(a)(e)</sup>  | 285 | 261 |
| CPS Auto Receivables Trust, Series 2024-A, Class B, 5.65% 5/15/2028 <sup>(a)(e)</sup>  | 1237 | 1241 |
| CPS Auto Receivables Trust, Series 2024-D, Class A, 4.91% 6/15/2028 <sup>(a)(e)</sup>  | 1076 | 1077 |
| CPS Auto Receivables Trust, Series 2022-B, Class C, 4.33% 8/15/2028 <sup>(a)(e)</sup>  | 921 | 920 |
| Drive Auto Receivables Trust, Series 2024-2, Class A2, 4.94% 12/15/2027 <sup>(a)</sup>  | 1107 | 1108 |
| DriveTime Auto Owner Trust, Series 2021-2A, Class D, 1.50% 2/16/2027 <sup>(a)(e)</sup>  | 166 | 165 |
| DriveTime Auto Owner Trust, Series 2023-3, Class C, 6.40% 5/15/2029 <sup>(a)(e)</sup>  | 819 | 832 |
| DriveTime Auto Owner Trust, Series 2023-3, Class D, 7.12% 5/15/2029 <sup>(a)(e)</sup>  | 846 | 881 |
| EDvestinU Private Education Loan, LLC, Series 2021-A, Class A, 1.80% 11/25/2045 <sup>(a)(e)</sup>  | 262 | 241 |
| Enterprise Fleet Financing, LLC, Series 2024-3, Class A2, 5.31% 4/20/2027 <sup>(a)(e)</sup>  | 2594 | 2605 |
| Enterprise Fleet Financing, LLC, Series 2024-4, Class A2, 4.69% 7/20/2027 <sup>(a)(e)</sup>  | 9326 | 9341 |
| Enterprise Fleet Financing, LLC, Series 2022-3, Class A3, 4.29% 7/20/2029 <sup>(a)(e)</sup>  | 897 | 896 |
| Enterprise Fleet Financing, LLC, Series 2022-3, Class A2, 4.38% 7/20/2029 <sup>(a)(e)</sup>  | 260 | 260 |
| Enterprise Fleet Financing, LLC, Series 2024-1, Class A2, 5.23% 3/20/2030 <sup>(a)(e)</sup>  | 10564 | 10643 |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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| | |
|:---|:---|
| **181** | American Funds Insurance Series |

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The Bond Fund of America<sup>®</sup> (continued)

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| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount<br> (000)<br>| Value<br> (000)<br>|
| **Asset-backed obligations (continued)** | **Asset-backed obligations (continued)** | **Asset-backed obligations (continued)** |
| EquipmentShare, Series 2024-2M, Class A, 5.70% 12/20/2032 <sup>(a)(e)</sup>  | USD7,961 | $8088 |
| EquipmentShare, Series 2025-1M, Class A, 5.48% 9/26/2033 <sup>(a)(e)</sup>  | 4046 | 4075 |
| Exeter Automobile Receivables Trust, Series 2021-2, Class D, 1.40% 4/15/2027 <sup>(a)</sup>  | 1218 | 1199 |
| Exeter Automobile Receivables Trust, Series 2023-3A, Class B, 6.11% 9/15/2027 <sup>(a)</sup>  | 34 | 34 |
| Exeter Automobile Receivables Trust, Series 2023-5A, Class B, 6.58% 4/17/2028 <sup>(a)</sup>  | 3989 | 4012 |
| Exeter Automobile Receivables Trust, Series 2023-3A, Class C, 6.21% 6/15/2028 <sup>(a)</sup>  | 418 | 421 |
| Exeter Automobile Receivables Trust, Series 2022-2A, Class D, 4.56% 7/17/2028 <sup>(a)</sup>  | 271 | 270 |
| Exeter Automobile Receivables Trust, Series 2023-3A, Class D, 6.68% 4/16/2029 <sup>(a)</sup>  | 758 | 774 |
| Exeter Automobile Receivables Trust, Series 2023-1A, Class D, 6.69% 6/15/2029 <sup>(a)</sup>  | 462 | 470 |
| Exeter Automobile Receivables Trust, Series 2023-3A, Class E, 9.98% 1/15/2031 <sup>(a)(e)</sup>  | 1014 | 1105 |
| Flagship Credit Auto Trust, Series 2023-3, Class A3, 5.44% 4/17/2028 <sup>(a)(e)</sup>  | 561 | 562 |
| Flagship Credit Auto Trust, Series 2023-3, Class B, 5.64% 7/16/2029 <sup>(a)(e)</sup>  | 312 | 315 |
| Flagship Credit Auto Trust, Series 2023-3, Class C, 6.01% 7/16/2029 <sup>(a)(e)</sup>  | 454 | 463 |
| Flagship Credit Auto Trust, Series 2023-3, Class D, 6.58% 8/15/2029 <sup>(a)(e)</sup>  | 307 | 309 |
| Ford Credit Auto Owner Trust, Series 2023-B, Class A3, 5.23% 5/15/2028 <sup>(a)</sup>  | 703 | 707 |
| Ford Credit Auto Owner Trust, Series 2023-B, Class A4, 5.06% 2/15/2029 <sup>(a)</sup>  | 597 | 605 |
| Ford Credit Auto Owner Trust, Series 2023-1, Class A, 4.85% 8/15/2035 <sup>(a)(e)</sup>  | 4218 | 4283 |
| Ford Credit Floorplan Master Owner Trust, Series 2023-1, Class A1, 4.92% 5/15/2028 <sup>(a)(e)</sup>  | 5833 | 5860 |
| GCI Funding I, LLC, Series 2020-1, Class A, 2.82% 10/18/2045 <sup>(a)(e)</sup>  | 1411 | 1330 |
| GCI Funding I, LLC, Series 2021-1, Class A, 2.38% 6/18/2046 <sup>(a)(e)</sup>  | 1071 | 986 |
| GCI Funding I, LLC, Series 2021-1, Class B, 3.04% 6/18/2046 <sup>(a)(e)</sup>  | 119 | 109 |
| Global SC Finance VII SRL, Series 2020-2A, Class A, 2.26% 11/19/2040 <sup>(a)(e)</sup>  | 1838 | 1756 |
| Global SC Finance VII SRL, Series 2021-1A, Class A, 1.86% 4/17/2041 <sup>(a)(e)</sup>  | 6720 | 6222 |
| Global SC Finance VII SRL, Series 2021-2A, Class A, 1.95% 8/17/2041 <sup>(a)(e)</sup>  | 1869 | 1743 |
| Global SC Finance VII SRL, Series 2021-2A, Class B, 2.49% 8/17/2041 <sup>(a)(e)</sup>  | 1574 | 1458 |
| GLS Auto Receivables Trust, Series 2023-4, Class A3, 6.42% 6/15/2027 <sup>(a)(e)</sup>  | 1197 | 1198 |
| GLS Auto Receivables Trust, Series 2024-3A, Class A2, 5.35% 8/16/2027 <sup>(a)(e)</sup>  | 1079 | 1080 |
| GLS Auto Receivables Trust, Series 2023-3, Class B, 5.89% 1/18/2028 <sup>(a)(e)</sup>  | 1053 | 1056 |
| GLS Auto Receivables Trust, Series 2023-3, Class C, 6.01% 5/15/2029 <sup>(a)(e)</sup>  | 561 | 567 |
| GLS Auto Receivables Trust, Series 2023-3, Class D, 6.44% 5/15/2029 <sup>(a)(e)</sup>  | 507 | 519 |
| GLS Auto Select Receivables Trust, Series 2024-4A, Class A2, 4.43% 12/17/2029 <sup>(a)(e)</sup>  | 2399 | 2398 |
| GLS Auto Select Receivables Trust, Series 2024-2, Class A2, 5.58% 6/17/2030 <sup>(a)(e)</sup>  | 1521 | 1536 |
| GM Financial Automobile Leasing Trust, Series 2023-3, Class A3, 5.38% 11/20/2026 <sup>(a)</sup>  | 457 | 457 |
| GM Financial Automobile Leasing Trust, Series 2023-3, Class A4, 5.44% 8/20/2027 <sup>(a)</sup>  | 101 | 101 |
| GM Financial Consumer Automobile Receivables Trust, Series 2023-3, Class A3, 5.45% 6/16/2028 <sup>(a)</sup>  | 434 | 436 |
| GM Financial Consumer Automobile Receivables Trust, Series 2023-3, Class A4, 5.34% 12/18/2028 <sup>(a)</sup>  | 320 | 325 |
| GM Financial Revolving Receivables Trust, Series 2023-1, Class A, 5.12% 4/11/2035 <sup>(a)(e)</sup>  | 4815 | 4929 |
| GM Financial Revolving Receivables Trust, Series 2022-1, Class A, 5.91% 10/11/2035 <sup>(a)(e)</sup>  | 2703 | 2806 |
| GM Financial Revolving Receivables Trust, Series 2023-2, Class A, 5.77% 8/11/2036 <sup>(a)(e)</sup>  | 3984 | 4173 |
| GMF Floorplan Owner Revolving Trust, Series 2023-1, Class A1, 5.34% 6/15/2028 <sup>(a)(e)</sup>  | 1600 | 1616 |
| GMF Floorplan Owner Revolving Trust, Series 2023-1, Class A, 5.34% 6/17/2030 <sup>(a)(e)</sup>  | 948 | 977 |
| Hertz Vehicle Financing III, LLC, Series 2023-1, Class 1D, 9.13% 6/25/2027 <sup>(a)(e)</sup>  | 330 | 334 |
| Hertz Vehicle Financing III, LLC, Series 2022-2, Class D, 5.16% 6/26/2028 <sup>(a)(e)</sup>  | 1174 | 1122 |
| Hertz Vehicle Financing, LLC, Series 2021-2A, Class A, 1.68% 12/27/2027 <sup>(a)(e)</sup>  | 17770 | 17097 |
| Hertz Vehicle Financing, LLC, Series 2021-2A, Class B, 2.12% 12/27/2027 <sup>(a)(e)</sup>  | 1264 | 1209 |
| Hertz Vehicle Financing, LLC, Series 2021-2A, Class C, 2.52% 12/27/2027 <sup>(a)(e)</sup>  | 859 | 824 |
| Hertz Vehicle Financing, LLC, Series 2024-1A, Class A, 5.44% 1/25/2029 <sup>(a)(e)</sup>  | 3007 | 3057 |
| Honda Auto Receivables Owner Trust, Series 2023-1, Class A3, 5.04% 4/21/2027 <sup>(a)</sup>  | 190 | 191 |
| Honda Auto Receivables Owner Trust, Series 2023-1, Class A4, 4.97% 6/21/2029 <sup>(a)</sup>  | 188 | 189 |
| Horizon Aircraft Finance, Series 2024-1, Class A, 5.375% 9/15/2049 <sup>(a)(e)</sup>  | 9124 | 9145 |
| Hyundai Auto Receivables Trust, Series 2023-B, Class A3, 5.48% 4/17/2028 <sup>(a)</sup>  | 139 | 140 |
| Hyundai Auto Receivables Trust, Series 2023-B, Class A4, 5.31% 8/15/2029 <sup>(a)</sup>  | 160 | 163 |
| LAD Auto Receivables Trust, Series 2022-1, Class A, 5.21% 6/15/2027 <sup>(a)(e)</sup>  | 84 | 84 |
| LAD Auto Receivables Trust, Series 2023-1, Class A3, 5.48% 6/15/2027 <sup>(a)(e)</sup>  | 296 | 297 |
| LAD Auto Receivables Trust, Series 2022-1, Class B, 5.87% 9/15/2027 <sup>(a)(e)</sup>  | 438 | 440 |
| LAD Auto Receivables Trust, Series 2023-4, Class A3, 6.10% 12/15/2027 <sup>(a)(e)</sup>  | 993 | 997 |
| LAD Auto Receivables Trust, Series 2023-2, Class A3, 5.42% 2/15/2028 <sup>(a)(e)</sup>  | 775 | 776 |
| LAD Auto Receivables Trust, Series 2023-2, Class B, 5.45% 4/15/2028 <sup>(a)(e)</sup>  | 615 | 618 |
| LAD Auto Receivables Trust, Series 2023-3, Class B, 6.09% 6/15/2028 <sup>(a)(e)</sup>  | 848 | 861 |
| LAD Auto Receivables Trust, Series 2023-2, Class C, 5.58% 9/15/2028 <sup>(a)(e)</sup>  | 1361 | 1375 |
| LAD Auto Receivables Trust, Series 2023-4, Class B, 6.39% 10/16/2028 <sup>(a)(e)</sup>  | 3223 | 3300 |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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| | |
|:---|:---|
| American Funds Insurance Series | **182** |

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------

The Bond Fund of America<sup>®</sup> (continued)

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| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount<br> (000)<br>| Value<br> (000)<br>|
| **Asset-backed obligations (continued)** | **Asset-backed obligations (continued)** | **Asset-backed obligations (continued)** |
| LAD Auto Receivables Trust, Series 2023-3, Class C, 6.43% 12/15/2028 <sup>(a)(e)</sup>  | USD714 | $732 |
| LAD Auto Receivables Trust, Series 2022-1, Class C, 6.85% 4/15/2030 <sup>(a)(e)</sup>  | 623 | 632 |
| LAD Auto Receivables Trust, Series 2023-3, Class D, 6.92% 12/16/2030 <sup>(a)(e)</sup>  | 483 | 502 |
| LAD Auto Receivables Trust, Series 2023-2, Class D, 6.30% 2/15/2031 <sup>(a)(e)</sup>  | 123 | 126 |
| Mercedes-Benz Auto Receivables Trust, Series 2023-2, Class A3, 5.95% 11/15/2028 <sup>(a)</sup>  | 1050 | 1064 |
| Merchants Fleet Funding, LLC, Series 2023-1, Class A, 7.21% 5/20/2036 <sup>(a)(e)</sup>  | 698 | 704 |
| Merchants Fleet Funding, LLC, Series 2024-1, Class A, 5.82% 4/20/2037 <sup>(a)(e)</sup>  | 7005 | 7052 |
| Mission Lane Credit Card Master Trust, Series 2025-B, Class A, 5.40% 9/15/2031 <sup>(a)(e)</sup>  | 8461 | 8466 |
| Navient Education Loan Trust, Series 2025-A, Class A, 5.02% 7/15/2055 <sup>(a)(e)</sup>  | 7140 | 7186 |
| Navient Student Loan Trust, Series 2021-CA, Class A, 1.06% 10/15/2069 <sup>(a)(e)</sup>  | 1609 | 1449 |
| Navient Student Loan Trust, Series 2021-EA, Class A, 0.97% 12/16/2069 <sup>(a)(e)</sup>  | 940 | 842 |
| Navient Student Loan Trust, Series 2021-G, Class A, 1.58% 4/15/2070 <sup>(a)(e)</sup>  | 598 | 541 |
| Navigator Aircraft ABS, Ltd., Series 2021-1, Class A, 2.771% 11/15/2046 <sup>(a)(e)</sup>  | 3380 | 3163 |
| Nelnet Student Loan Trust, Series 2025-AA, Class A1B, (30-day Average USD-SOFR + 1.10%) 5.404% <br> 3/15/2057 <sup>(a)(b)(e)</sup>  | 16395 | 16301 |
| Nelnet Student Loan Trust, Series 2021-CA, Class AFX, 1.32% 4/20/2062 <sup>(a)(e)</sup>  | 165 | 154 |
| Nelnet Student Loan Trust, Series 2021-A, Class APT1, 1.36% 4/20/2062 <sup>(a)(e)</sup>  | 2818 | 2652 |
| Nelnet Student Loan Trust, Series 2021-B, Class AFX, 1.42% 4/20/2062 <sup>(a)(e)</sup>  | 6417 | 6005 |
| Nelnet Student Loan Trust, Series 2021-CA, Class AFL, (1-month USD CME Term SOFR + 0.854%) 5.172% <br> 4/20/2062 <sup>(a)(b)(e)</sup>  | 2117 | 2107 |
| New Economy Assets Phase 1 Issuer, LLC, Series 2021-1, Class A1, 1.91% 10/20/2061 <sup>(a)(e)</sup>  | 50765 | 47836 |
| Newark BSL CLO 2, Ltd., Series 2017-1A, Class A1R, (3-month USD CME Term SOFR + 1.232%) 5.513% <br> 7/25/2030 <sup>(a)(b)(e)</sup>  | 121 | 122 |
| Nissan Auto Receivables Owner Trust, Series 2023-B, Class A3, 5.93% 3/15/2028 <sup>(a)</sup>  | 598 | 603 |
| NMEF Funding, LLC, Series 2024-A, Class A2, 5.15% 12/15/2031 <sup>(a)(e)</sup>  | 5287 | 5313 |
| OnDeck Asset Securitization Trust, LLC, Series 2024-2A, Class A, 4.98% 10/17/2031 <sup>(a)(e)</sup>  | 2314 | 2303 |
| OnDeck Asset Securitization Trust, LLC, Series 2024-2A, Class B, 5.42% 10/17/2031 <sup>(a)(e)</sup>  | 482 | 480 |
| PEAC Solutions Receivables, LLC, Series 2024-2A, Class A2, 4.74% 4/20/2027 <sup>(a)(e)</sup>  | 2782 | 2783 |
| PEAC Solutions Receivables, LLC, Series 2024-1A, Class A2, 5.79% 6/21/2027 <sup>(a)(e)</sup>  | 3502 | 3530 |
| PFS Financing Corp., Series 2022-D, Class A, 4.27% 8/16/2027 <sup>(a)(e)</sup>  | 1721 | 1720 |
| PFS Financing Corp., Series 2023-D, Class A, (30-day Average USD-SOFR + 1.15%) 5.454% <br> 8/16/2027 <sup>(a)(b)(e)</sup>  | 1393 | 1394 |
| PFS Financing Corp., Series 2023-A, Class A, 5.80% 3/15/2028 <sup>(a)(e)</sup>  | 1710 | 1725 |
| PFS Financing Corp., Series 2023-B, Class A, 5.27% 5/15/2028 <sup>(a)(e)</sup>  | 4558 | 4589 |
| PFS Financing Corp., Series 2023-C, Class A, 5.52% 10/16/2028 <sup>(a)(e)</sup>  | 909 | 923 |
| PK ALIFT Loan Funding 4, LP, Series 2024-2, Class A, 5.052% 10/15/2039 <sup>(a)(e)</sup>  | 4870 | 4861 |
| Post Road Equipment Finance, Series 2024-1, Class A2, 5.59% 11/15/2029 <sup>(a)(e)</sup>  | 1652 | 1661 |
| Prestige Auto Receivables Trust, Series 2023-2, Class B, 6.64% 12/15/2027 <sup>(a)(e)</sup>  | 5088 | 5119 |
| Prodigy Finance Designated Activity Co., Series 2021-1A, Class A, (1-month USD CME Term SOFR + <br> 1.364%) 5.684% 7/25/2051 <sup>(a)(b)(e)</sup>  | 179 | 179 |
| Santander Drive Auto Receivables Trust, Series 2021-2, Class D, 1.35% 7/15/2027 <sup>(a)</sup>  | 215 | 214 |
| Santander Drive Auto Receivables Trust, Series 2024-4, Class A2, 5.41% 7/15/2027 <sup>(a)</sup>  | 1700 | 1702 |
| Santander Drive Auto Receivables Trust, Series 2021-3, Class D, 1.33% 9/15/2027 <sup>(a)</sup>  | 512 | 510 |
| Santander Drive Auto Receivables Trust, Series 2024-1, Class A3, 5.25% 4/17/2028 <sup>(a)</sup>  | 585 | 586 |
| Santander Drive Auto Receivables Trust, Series 2022-5, Class C, 4.74% 10/16/2028 <sup>(a)</sup>  | 630 | 630 |
| Santander Drive Auto Receivables Trust, Series 2023-4, Class B, 5.77% 12/15/2028 <sup>(a)</sup>  | 700 | 709 |
| SBNA Auto Lease Trust, Series 2024-A, Class A3, 5.39% 11/20/2026 <sup>(a)(e)</sup>  | 4791 | 4803 |
| SCF Equipment Leasing, LLC, Series 2024-1A, Class A2, 5.88% 11/20/2029 <sup>(a)(e)</sup>  | 2182 | 2198 |
| SFS Auto Receivables Securitization Trust, Series 2023-1, Class A3, 5.47% 10/20/2028 <sup>(a)(e)</sup>  | 558 | 562 |
| SFS Auto Receivables Securitization Trust, Series 2023-1, Class A4, 5.47% 12/20/2029 <sup>(a)(e)</sup>  | 361 | 368 |
| SLAM, Ltd., Series 2021-1, Class A, 2.434% 6/15/2046 <sup>(a)(e)</sup>  | 2186 | 2050 |
| SLAM, Ltd., Series 2021-1, Class B, 3.422% 6/15/2046 <sup>(a)(e)</sup>  | 403 | 375 |
| SMB Private Education Loan Trust, Series 2023-C, Class A1A, 5.67% 11/15/2052 <sup>(a)(e)</sup>  | 646 | 663 |
| SMB Private Education Loan Trust, Series 2023-C, Class A1B, (30-day Average USD-SOFR + 1.55%) <br> 5.854% 11/15/2052 <sup>(a)(b)(e)</sup>  | 713 | 721 |
| SMB Private Education Loan Trust, Series 2025-A, Class A1A, 5.13% 4/15/2054 <sup>(a)(e)</sup>  | 6704 | 6788 |
| SOLRR Aircraft Aviation Holding, Ltd., Series 2021-1, Class A, 2.636% 10/15/2046 <sup>(a)(e)</sup>  | 1899 | 1772 |
| SPRITE, Ltd., Series 2021-1, Class A, 3.75% 11/15/2046 <sup>(a)(e)</sup>  | 1667 | 1612 |
| Stellar Jay Ireland DAC, Series 2021-1, Class A, 3.967% 10/15/2041 <sup>(a)(e)</sup>  | 181 | 178 |
| Stonepeak Infrastructure Partners, Series 2021-1A, Class AA, 2.301% 2/28/2033 <sup>(a)(e)</sup>  | 462 | 443 |
| Stonepeak Infrastructure Partners, Series 2021-1A, Class A, 2.675% 2/28/2033 <sup>(a)(e)</sup>  | 529 | 506 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **183** | American Funds Insurance Series |

---

------

The Bond Fund of America<sup>®</sup> (continued)

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount<br> (000)<br>| Value<br> (000)<br>|
| **Asset-backed obligations (continued)** | **Asset-backed obligations (continued)** | **Asset-backed obligations (continued)** |
| SuttonPark Structured Settlements, Series 2021-1, Class A, 1.95% 9/15/2075 <sup>(a)(e)</sup>  | USD995 | $961 |
| TAL Advantage V, LLC, Series 2020-1A, Class A, 2.05% 9/20/2045 <sup>(a)(e)</sup>  | 1950 | 1838 |
| Textainer Marine Containers, Ltd., Series 2020-1A, Class A, 2.73% 8/21/2045 <sup>(a)(e)</sup>  | 792 | 760 |
| Textainer Marine Containers, Ltd., Series 2020-2A, Class A, 2.10% 9/20/2045 <sup>(a)(e)</sup>  | 1532 | 1433 |
| Textainer Marine Containers, Ltd., Series 2021-1, Class A, 1.68% 2/20/2046 <sup>(a)(e)</sup>  | 4739 | 4364 |
| Textainer Marine Containers, Ltd., Series 2021-1, Class B, 2.52% 2/20/2046 <sup>(a)(e)</sup>  | 265 | 244 |
| Textainer Marine Containers, Ltd., Series 2021-2A, Class A, 2.23% 4/20/2046 <sup>(a)(e)</sup>  | 4000 | 3736 |
| TIF Funding II, LLC, Series 2020-1A, Class A, 2.09% 8/20/2045 <sup>(a)(e)</sup>  | 3293 | 3096 |
| TIF Funding II, LLC, Series 2021-1A, Class B, 2.54% 2/20/2046 <sup>(a)(e)</sup>  | 99 | 89 |
| Triton Container Finance VIII, LLC, Series 2020-1, Class A, 2.11% 9/20/2045 <sup>(a)(e)</sup>  | 7680 | 7145 |
| Triton Container Finance VIII, LLC, Series 2021-1, Class A, 1.86% 3/20/2046 <sup>(a)(e)</sup>  | 2674 | 2445 |
| Triton Container Finance VIII, LLC, Series 2021-1A, Class B, 2.58% 3/20/2046 <sup>(a)(e)</sup>  | 260 | 236 |
| Verizon Master Trust, Series 2024-1, Class A1A, 5.00% 12/20/2028 <sup>(a)</sup>  | 7985 | 8003 |
| Verizon Master Trust, Series 2023-3, Class A, 4.73% 4/21/2031 <sup>(a)(e)</sup>  | 5380 | 5466 |
| Westlake Automobile Receivables Trust, Series 2021-2, Class D, 1.23% 12/15/2026 <sup>(a)(e)</sup>  | 206 | 206 |
| Westlake Automobile Receivables Trust, Series 2023-3, Class A3, 5.82% 5/17/2027 <sup>(a)(e)</sup>  | 2559 | 2565 |
| Westlake Automobile Receivables Trust, Series 2023-4, Class A3, 6.24% 7/15/2027 <sup>(a)(e)</sup>  | 3052 | 3070 |
| Westlake Automobile Receivables Trust, Series 2023-3, Class B, 5.92% 9/15/2028 <sup>(a)(e)</sup>  | 1175 | 1182 |
| Westlake Automobile Receivables Trust, Series 2023-3, Class C, 6.02% 9/15/2028 <sup>(a)(e)</sup>  | 2219 | 2251 |
| Westlake Automobile Receivables Trust, Series 2023-3, Class D, 6.47% 3/15/2029 <sup>(a)(e)</sup>  | 1236 | 1267 |
| Wheels Fleet Lease Funding, LLC, Series 24-2A, Class A1, 4.87% 6/21/2039 <sup>(a)(e)</sup>  | 12088 | 12160 |
| Wheels Fleet Lease Funding, LLC, Series 2024-3A, Class A1, 4.80% 9/19/2039 <sup>(a)(e)</sup>  | 9695 | 9747 |
| World Omni Auto Receivables Trust, Series 2023-C, Class A3, 5.15% 11/15/2028 <sup>(a)</sup>  | 273 | 274 |
| World Omni Auto Receivables Trust, Series 2023-C, Class A4, 5.03% 11/15/2029 <sup>(a)</sup>  | 232 | 235 |
|  |  | 594080 |
| **Municipals 1.46%** | **Municipals 1.46%** | **Municipals 1.46%** |
| **California 0.02%** |  |  |
| GO Bonds, Series 2009, 7.50% 4/1/2034  | 2100 | 2439 |
| **Illinois 1.30%** |  |  |
| City of Chicago, Board of Education, Unlimited Tax GO Bonds (Dedicated Rev.), Series 2010-C, 6.319% <br> 11/1/2029  | 65 | 64 |
| City of Chicago, Board of Education, Unlimited Tax GO Bonds (Dedicated Rev.), Series 2009-E, 6.138% <br> 12/1/2039  | 31050 | 28815 |
| City of Chicago, Board of Education, Unlimited Tax GO Bonds (Dedicated Rev.), Series 2010-D, 6.519% <br> 12/1/2040  | 8945 | 8386 |
| City of Chicago, Board of Education, Unlimited Tax GO Bonds (Qualified School Construction Bonds), <br> Series 2009-G, 1.75% 12/15/2025  | 2500 | 2457 |
| GO Bonds, Pension Funding, Series 2003, 5.10% 6/1/2033  | 102799 | 103195 |
|  |  | 142917 |
| **Massachusetts 0.07%** |  |  |
| Educational Fncg. Auth., Education Loan Rev. Bonds, Series 2024-A, 6.352% 7/1/2049  | 7500 | 7714 |
| **Texas 0.03%** |  |  |
| Grand Parkway Transportation Corp., Grand Parkway System Toll Rev. Ref. Bonds, Series 2020-B, <br> 3.236% 10/1/2052  | 4075 | 2784 |
| **Wisconsin 0.04%** |  |  |
| Public Fin. Auth., Federal Lease Rev. Bonds (Fort Sam Acquisition Fncg.), Series 2022, 4.95% 3/1/2034  | 4510 | 4411 |
| **Total municipals** |  | 160265 |
| **Bonds & notes of governments & government agencies outside the U.S. 1.06%** | **Bonds & notes of governments & government agencies outside the U.S. 1.06%** | **Bonds & notes of governments & government agencies outside the U.S. 1.06%** |
| Chile (Republic of) 4.00% 1/31/2052  | 580 | 448 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| American Funds Insurance Series | **184** |

---

------

The Bond Fund of America<sup>®</sup> (continued)

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount<br> (000)<br>| Value<br> (000)<br>|
| **Bonds & notes of governments & government agencies outside the U.S. (continued)** | **Bonds & notes of governments & government agencies outside the U.S. (continued)** | **Bonds & notes of governments & government agencies outside the U.S. (continued)** |
| Colombia (Republic of) 7.50% 2/2/2034  | USD2,530 | $2522 |
| Dominican Republic 5.95% 1/25/2027 <sup>(e)</sup>  | 8100 | 8190 |
| Dominican Republic 7.05% 2/3/2031 <sup>(e)</sup>  | 680 | 714 |
| Greece (Hellenic Republic of) 1.50% 6/18/2030  | EUR10,830 | 12114 |
| Greece (Hellenic Republic of) 0.75% 6/18/2031  | 9600 | 10071 |
| Greece (Hellenic Republic of) 4.25% 6/15/2033  | 23825 | 30443 |
| Japan 3.10% 3/20/2065  | JPY1,968,100 | 13705 |
| Japan, Series 86, 2.40% 3/20/2055  | 1908300 | 12173 |
| Paraguay (Republic of) 5.00% 4/15/2026  | USD285 | 285 |
| Poland (Republic of) 5.75% 11/16/2032  | 555 | 587 |
| Poland (Republic of) 4.875% 10/4/2033  | 830 | 826 |
| United Mexican States 6.00% 5/13/2030  | 2960 | 3067 |
| United Mexican States 6.00% 5/7/2036  | 14755 | 14599 |
| United Mexican States 6.875% 5/13/2037  | 3200 | 3345 |
| United Mexican States 7.375% 5/13/2055  | 3090 | 3197 |
|  |  | 116286 |
| **Federal agency bonds & notes 0.11%** | **Federal agency bonds & notes 0.11%** | **Federal agency bonds & notes 0.11%** |
| Fannie Mae 2.125% 4/24/2026  | 11910 | 11725 |
| **Total bonds, notes & other debt instruments** (cost: $10,550,957,000) |  | 10443759 |
| Common stocks 0.00% | Shares |  |
| **Energy 0.00%** |  |  |
| FORESEA Holding SA, Class C, nonvoting shares <sup>(e)</sup>  | 555 | 13 |
| FORESEA Holding SA, Class B <sup>(e)</sup>  | 61 | 1 |
| **Total common stocks** (cost: $9,000) |  | 14 |
| Short-term securities 6.80% |  |  |
| **Money market investments 6.80%** | **Money market investments 6.80%** | **Money market investments 6.80%** |
| Capital Group Central Cash Fund 4.35% <sup>(k)(l)</sup>  | 7457964 | 745797 |
| **Total short-term securities** (cost: $745,710,000) | **Total short-term securities** (cost: $745,710,000) | 745797 |
| **Total investment securities 102.04%** (cost: $11,296,676,000) |  | 11189570 |
| Other assets less liabilities (2.04)% |  | (224007)<br>|
| **Net assets 100.00%** |  | $10965563 |

---

**Futures contracts**

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Contracts | Type | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Number of <br> contracts<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Expiration <br> date<br>| &nbsp;&nbsp;&nbsp;&nbsp; Notional <br> amount <br> &nbsp;&nbsp;&nbsp;&nbsp;(000)<br>| &nbsp;&nbsp;&nbsp;&nbsp; Value and <br> unrealized <br> appreciation <br> &nbsp;&nbsp;&nbsp;&nbsp;(depreciation) <br> at 6/30/2025 <br> &nbsp;&nbsp;&nbsp;&nbsp;(000)<br>|
| 30 Day Federal Funds Futures | Long | 33 | 8/1/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; USD13,156 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $(29)<br>|
| 30 Day Federal Funds Futures | Long | 380 | 9/2/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 151569 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (11)<br>|
| 3 Month SOFR Futures | Long | 3768 | 9/17/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 901164 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (132)<br>|
| 3 Month SOFR Futures | Short | 7493 | 3/18/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1804502)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (2876)<br>|
| 2 Year U.S. Treasury Note Futures | Long | 7288 | 10/3/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1516075 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3980 |
| 5 Year U.S. Treasury Note Futures | Long | 14759 | 10/3/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1608731 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 16573 |
| 10 Year Euro-Bund Futures | Short | 399 | 9/10/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (61171)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 317 |
| 10 Year Japanese Government Bond Futures | Short | 76 | 9/22/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (73369)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (249)<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **185** | American Funds Insurance Series |

---

------

The Bond Fund of America<sup>®</sup> (continued)

**Futures contracts** (continued)

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Contracts | Type | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Number of<br> contracts<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Expiration<br> date<br>| &nbsp;&nbsp;&nbsp;&nbsp; Notional<br> amount<br> &nbsp;&nbsp;&nbsp;&nbsp;(000)<br>| &nbsp;&nbsp;&nbsp;&nbsp; Value and<br> unrealized<br> appreciation<br> &nbsp;&nbsp;&nbsp;&nbsp;(depreciation)<br> at 6/30/2025<br> &nbsp;&nbsp;&nbsp;&nbsp;(000)<br>|
| 10 Year U.S. Treasury Note Futures | Long | 5413 | 9/30/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; USD606,933 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $11168 |
| 10 Year Ultra U.S. Treasury Note Futures | Long | 472 | 9/30/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 53933 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 986 |
| 20 Year U.S. Treasury Bond Futures | Long | 17 | 9/30/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1963 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 55 |
| 30 Year Ultra U.S. Treasury Bond Futures | Long | 2688 | 9/30/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 320208 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11557 |
|  |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $41339 |

---

**Forward currency contracts**

------

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| Contract amount | Contract amount | Contract amount | Contract amount | Counterparty | &nbsp;&nbsp; Settlement <br> date | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unrealized <br> appreciation <br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(depreciation) <br> at 6/30/2025 <br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(000) |
| Currency purchased <br> (000) | Currency purchased <br> (000) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Currency sold <br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(000) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Currency sold <br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(000) | Counterparty | &nbsp;&nbsp; Settlement <br> date | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unrealized <br> appreciation <br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(depreciation) <br> at 6/30/2025 <br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(000) |
| EUR | 15927 | USD | 18685 | HSBC Bank | 7/1/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $78 |
| USD | 18048 | EUR | 15927 | BNP Paribas | 7/1/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (715)<br>|
| BRL | 24015 | USD | 4192 | Citibank | 7/14/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 212 |
| USD | 39177 | EUR | 34264 | BNP Paribas | 7/15/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1228)<br>|
| JPY | 7850983 | USD | 54424 | Citibank | 7/16/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 200 |
| JPY | 1271230 | USD | 8809 | Goldman Sachs | 7/16/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 36 |
| USD | 7336 | EUR | 6377 | Bank of America | 7/16/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (185)<br>|
| JPY | 3901364 | EUR | 23501 | JPMorgan Chase | 7/16/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (571)<br>|
| USD | 84956 | JPY | 12198797 | JPMorgan Chase | 7/17/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 71 |
| JPY | 1414255 | USD | 9801 | Goldman Sachs | 7/17/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 40 |
| USD | 8718 | JPY | 1259985 | JPMorgan Chase | 7/17/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (49)<br>|
| USD | 11977 | JPY | 1738295 | UBS AG | 7/28/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (135)<br>|
| USD | 18735 | EUR | 15927 | HSBC Bank | 8/11/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (81)<br>|
|  |  |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $(2327)<br>|

---

**Swap contracts**

------

**Interest rate swaps**

**Centrally cleared interest rate swaps** 

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Receive | Receive | Pay | Pay | &nbsp;&nbsp;&nbsp; Expiration <br> date | &nbsp;&nbsp;&nbsp; Notional <br> amount <br> &nbsp;&nbsp;&nbsp;&nbsp;(000) | &nbsp;&nbsp;&nbsp; Value at <br> 6/30/2025 <br> &nbsp;&nbsp;&nbsp;&nbsp;(000) | &nbsp;&nbsp;&nbsp; Upfront <br> premium <br> paid <br> &nbsp;&nbsp;&nbsp;&nbsp;(received) <br> &nbsp;&nbsp;&nbsp;&nbsp;(000) | &nbsp;&nbsp;&nbsp; Unrealized <br> appreciation <br> &nbsp;&nbsp;&nbsp;&nbsp;(depreciation) <br> at 6/30/2025 <br> &nbsp;&nbsp;&nbsp;&nbsp;(000) |
| Rate | &nbsp;&nbsp;&nbsp;&nbsp; Payment <br> frequency<br>| Rate | &nbsp;&nbsp;&nbsp;&nbsp; Payment <br> frequency<br>| &nbsp;&nbsp;&nbsp; Expiration <br> date | &nbsp;&nbsp;&nbsp; Notional <br> amount <br> &nbsp;&nbsp;&nbsp;&nbsp;(000) | &nbsp;&nbsp;&nbsp; Value at <br> 6/30/2025 <br> &nbsp;&nbsp;&nbsp;&nbsp;(000) | &nbsp;&nbsp;&nbsp; Upfront <br> premium <br> paid <br> &nbsp;&nbsp;&nbsp;&nbsp;(received) <br> &nbsp;&nbsp;&nbsp;&nbsp;(000) | &nbsp;&nbsp;&nbsp; Unrealized <br> appreciation <br> &nbsp;&nbsp;&nbsp;&nbsp;(depreciation) <br> at 6/30/2025 <br> &nbsp;&nbsp;&nbsp;&nbsp;(000) |
| 4.4555% | Annual | SOFR | Annual | &nbsp;&nbsp;&nbsp;&nbsp; 12/6/2025 | &nbsp;&nbsp;&nbsp;&nbsp; USD35,525 | &nbsp;&nbsp;&nbsp;&nbsp; $25 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $25 |
| SOFR | Annual | 4.186% | Annual | &nbsp;&nbsp;&nbsp;&nbsp; 2/18/2027 | &nbsp;&nbsp;&nbsp;&nbsp; USD30,500 | &nbsp;&nbsp;&nbsp;&nbsp; (287)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (287)<br>|
| SOFR | Annual | 3.39981% | Annual | &nbsp;&nbsp;&nbsp;&nbsp; 3/31/2027 | &nbsp;&nbsp;&nbsp;&nbsp; USD88,200 | &nbsp;&nbsp;&nbsp;&nbsp; 211 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 211 |
| SOFR | Annual | 3.62% | Annual | &nbsp;&nbsp;&nbsp;&nbsp; 6/30/2027 | &nbsp;&nbsp;&nbsp;&nbsp; USD40,816 | &nbsp;&nbsp;&nbsp;&nbsp; (163)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (163)<br>|
| 3.998% | Annual | SOFR | Annual | &nbsp;&nbsp;&nbsp;&nbsp; 12/4/2028 | &nbsp;&nbsp;&nbsp;&nbsp; USD40,040 | &nbsp;&nbsp;&nbsp;&nbsp; 770 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 770 |
| SOFR | Annual | 3.945% | Annual | &nbsp;&nbsp;&nbsp;&nbsp; 5/31/2029 | &nbsp;&nbsp;&nbsp;&nbsp; USD20,090 | &nbsp;&nbsp;&nbsp;&nbsp; (401)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (401)<br>|
| SOFR | Annual | 3.3125% | Annual | &nbsp;&nbsp;&nbsp;&nbsp; 10/7/2029 | &nbsp;&nbsp;&nbsp;&nbsp; USD11,993 | &nbsp;&nbsp;&nbsp;&nbsp; 44 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 44 |
| SOFR | Annual | 3.4445% | Annual | &nbsp;&nbsp;&nbsp;&nbsp; 10/7/2029 | &nbsp;&nbsp;&nbsp;&nbsp; USD6,052 | &nbsp;&nbsp;&nbsp;&nbsp; (12)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (12)<br>|
| SOFR | Annual | 3.4805% | Annual | &nbsp;&nbsp;&nbsp;&nbsp; 10/7/2029 | &nbsp;&nbsp;&nbsp;&nbsp; USD6,052 | &nbsp;&nbsp;&nbsp;&nbsp; (18)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (18)<br>|
| SOFR | Annual | 3.455% | Annual | &nbsp;&nbsp;&nbsp;&nbsp; 10/7/2029 | &nbsp;&nbsp;&nbsp;&nbsp; USD12,103 | &nbsp;&nbsp;&nbsp;&nbsp; (23)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (23)<br>|
| SOFR | Annual | 3.552% | Annual | &nbsp;&nbsp;&nbsp;&nbsp; 10/7/2029 | &nbsp;&nbsp;&nbsp;&nbsp; USD4,000 | &nbsp;&nbsp;&nbsp;&nbsp; (23)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (23)<br>|
| SOFR | Annual | 3.543% | Annual | &nbsp;&nbsp;&nbsp;&nbsp; 10/7/2029 | &nbsp;&nbsp;&nbsp;&nbsp; USD6,052 | &nbsp;&nbsp;&nbsp;&nbsp; (33)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (33)<br>|
| SOFR | Annual | 3.551% | Annual | &nbsp;&nbsp;&nbsp;&nbsp; 10/7/2029 | &nbsp;&nbsp;&nbsp;&nbsp; USD12,103 | &nbsp;&nbsp;&nbsp;&nbsp; (69)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (69)<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| American Funds Insurance Series | **186** |

---

------

The Bond Fund of America<sup>®</sup> (continued)

**Swap contracts** (continued)

------

**Interest rate swaps** (continued)

**Centrally cleared interest rate swaps** (continued)

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Receive | Receive | Pay | Pay | &nbsp;&nbsp;&nbsp; Expiration<br> date | &nbsp;&nbsp;&nbsp; Notional<br> amount<br> &nbsp;&nbsp;&nbsp;&nbsp;(000) | &nbsp;&nbsp;&nbsp; Value at<br> 6/30/2025<br> &nbsp;&nbsp;&nbsp;&nbsp;(000) | &nbsp;&nbsp;&nbsp; Upfront<br> premium<br> paid<br> &nbsp;&nbsp;&nbsp;&nbsp;(received)<br> &nbsp;&nbsp;&nbsp;&nbsp;(000) | &nbsp;&nbsp;&nbsp; Unrealized<br> appreciation<br> &nbsp;&nbsp;&nbsp;&nbsp;(depreciation)<br> at 6/30/2025<br> &nbsp;&nbsp;&nbsp;&nbsp;(000) |
| Rate | &nbsp;&nbsp;&nbsp;&nbsp; Payment<br> frequency<br>| Rate | &nbsp;&nbsp;&nbsp;&nbsp; Payment<br> frequency<br>| &nbsp;&nbsp;&nbsp; Expiration<br> date | &nbsp;&nbsp;&nbsp; Notional<br> amount<br> &nbsp;&nbsp;&nbsp;&nbsp;(000) | &nbsp;&nbsp;&nbsp; Value at<br> 6/30/2025<br> &nbsp;&nbsp;&nbsp;&nbsp;(000) | &nbsp;&nbsp;&nbsp; Upfront<br> premium<br> paid<br> &nbsp;&nbsp;&nbsp;&nbsp;(received)<br> &nbsp;&nbsp;&nbsp;&nbsp;(000) | &nbsp;&nbsp;&nbsp; Unrealized<br> appreciation<br> &nbsp;&nbsp;&nbsp;&nbsp;(depreciation)<br> at 6/30/2025<br> &nbsp;&nbsp;&nbsp;&nbsp;(000) |
| SOFR | Annual | 3.965% | Annual | &nbsp;&nbsp;&nbsp;&nbsp; 11/14/2029 | &nbsp;&nbsp;&nbsp;&nbsp; USD30,465 | &nbsp;&nbsp;&nbsp;&nbsp; $(684)<br>| &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $(684)<br>|
| SOFR | Annual | 3.9195% | Annual | &nbsp;&nbsp;&nbsp;&nbsp; 11/15/2029 | &nbsp;&nbsp;&nbsp;&nbsp; USD8,240 | &nbsp;&nbsp;&nbsp;&nbsp; (170)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (170)<br>|
| SOFR | Annual | 3.763% | Annual | &nbsp;&nbsp;&nbsp;&nbsp; 12/12/2029 | &nbsp;&nbsp;&nbsp;&nbsp; USD11,790 | &nbsp;&nbsp;&nbsp;&nbsp; (170)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (170)<br>|
| SOFR | Annual | 3.797% | Annual | &nbsp;&nbsp;&nbsp;&nbsp; 3/31/2030 | &nbsp;&nbsp;&nbsp;&nbsp; USD2,774 | &nbsp;&nbsp;&nbsp;&nbsp; (46)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (46)<br>|
| SOFR | Annual | 3.794% | Annual | &nbsp;&nbsp;&nbsp;&nbsp; 3/31/2030 | &nbsp;&nbsp;&nbsp;&nbsp; USD5,301 | &nbsp;&nbsp;&nbsp;&nbsp; (86)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (86)<br>|
| SOFR | Annual | 3.796% | Annual | &nbsp;&nbsp;&nbsp;&nbsp; 3/31/2030 | &nbsp;&nbsp;&nbsp;&nbsp; USD5,301 | &nbsp;&nbsp;&nbsp;&nbsp; (87)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (87)<br>|
| SOFR | Annual | 3.7815% | Annual | &nbsp;&nbsp;&nbsp;&nbsp; 3/31/2030 | &nbsp;&nbsp;&nbsp;&nbsp; USD10,484 | &nbsp;&nbsp;&nbsp;&nbsp; (165)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (165)<br>|
| SOFR | Annual | 3.6065% | Annual | &nbsp;&nbsp;&nbsp;&nbsp; 5/12/2030 | &nbsp;&nbsp;&nbsp;&nbsp; USD9,910 | &nbsp;&nbsp;&nbsp;&nbsp; (81)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (81)<br>|
| SOFR | Annual | 3.762% | Annual | &nbsp;&nbsp;&nbsp;&nbsp; 4/30/2032 | &nbsp;&nbsp;&nbsp;&nbsp; USD26,088 | &nbsp;&nbsp;&nbsp;&nbsp; (412)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (412)<br>|
| SOFR | Annual | 3.6025% | Annual | &nbsp;&nbsp;&nbsp;&nbsp; 1/8/2034 | &nbsp;&nbsp;&nbsp;&nbsp; USD16,295 | &nbsp;&nbsp;&nbsp;&nbsp; 18 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 18 |
| SOFR | Annual | 3.871% | Annual | &nbsp;&nbsp;&nbsp;&nbsp; 3/4/2034 | &nbsp;&nbsp;&nbsp;&nbsp; USD25,128 | &nbsp;&nbsp;&nbsp;&nbsp; (459)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (459)<br>|
| SOFR | Annual | 3.883% | Annual | &nbsp;&nbsp;&nbsp;&nbsp; 7/28/2045 | &nbsp;&nbsp;&nbsp;&nbsp; USD33,965 | &nbsp;&nbsp;&nbsp;&nbsp; 396 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 396 |
|  |  |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; $(1925)<br>| &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $(1925)<br>|

---

**Bilateral interest rate swaps** 

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Receive | Receive | Pay | Pay | Counterparty | Expiration <br> date | Notional <br> amount <br> (000) | Value at <br> 6/30/2025 <br> (000) | Upfront <br> premium <br> paid <br> (received) <br> (000) | Unrealized <br> appreciation <br> (depreciation) <br> at 6/30/2025 <br> (000) |
| Rate | &nbsp;&nbsp; Payment <br> frequency<br>| Rate | &nbsp;&nbsp; Payment <br> frequency<br>| Counterparty | Expiration <br> date | Notional <br> amount <br> (000) | Value at <br> 6/30/2025 <br> (000) | Upfront <br> premium <br> paid <br> (received) <br> (000) | Unrealized <br> appreciation <br> (depreciation) <br> at 6/30/2025 <br> (000) |
| 14.5956% | At maturity | BZDIOVER | At maturity | Goldman Sachs | &nbsp;&nbsp; 1/2/2029 | &nbsp;&nbsp; BRL160,970 | &nbsp;&nbsp; $1615 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $1615 |
| 14.24% | At maturity | BZDIOVER | At maturity | Barclays Bank PLC | &nbsp;&nbsp; 1/2/2029 | &nbsp;&nbsp; BRL88,380 | &nbsp;&nbsp; 773 | &nbsp;&nbsp; — | &nbsp;&nbsp; 773 |
| 14.585% | At maturity | BZDIOVER | At maturity | Bank of America | &nbsp;&nbsp; 1/2/2029 | &nbsp;&nbsp; BRL19,180 | &nbsp;&nbsp; 191 | &nbsp;&nbsp; — | &nbsp;&nbsp; 191 |
| 13.31% | At maturity | BZDIOVER | At maturity | BNP Paribas | &nbsp;&nbsp; 1/2/2029 | &nbsp;&nbsp; BRL76,120 | &nbsp;&nbsp; 126 | &nbsp;&nbsp; — | &nbsp;&nbsp; 126 |
| 13.18% | At maturity | BZDIOVER | At maturity | Barclays Bank PLC | &nbsp;&nbsp; 1/2/2029 | &nbsp;&nbsp; BRL56,000 | &nbsp;&nbsp; 67 | &nbsp;&nbsp; — | &nbsp;&nbsp; 67 |
| 13.05% | At maturity | BZDIOVER | At maturity | Barclays Bank PLC | &nbsp;&nbsp; 1/2/2029 | &nbsp;&nbsp; BRL77,000 | &nbsp;&nbsp; 24 | &nbsp;&nbsp; — | &nbsp;&nbsp; 24 |
| 13.04% | At maturity | BZDIOVER | At maturity | Goldman Sachs | &nbsp;&nbsp; 1/2/2029 | &nbsp;&nbsp; BRL41,300 | &nbsp;&nbsp; 10 | &nbsp;&nbsp; — | &nbsp;&nbsp; 10 |
| 12.99% | At maturity | BZDIOVER | At maturity | Bank of America | &nbsp;&nbsp; 1/2/2029 | &nbsp;&nbsp; BRL36,820 | &nbsp;&nbsp; (5)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (5)<br>|
| 12.99% | At maturity | BZDIOVER | At maturity | Goldman Sachs | &nbsp;&nbsp; 1/2/2029 | &nbsp;&nbsp; BRL41,300 | &nbsp;&nbsp; (6)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (6)<br>|
| 12.32% | At maturity | BZDIOVER | At maturity | Goldman Sachs | &nbsp;&nbsp; 1/2/2029 | &nbsp;&nbsp; BRL25,300 | &nbsp;&nbsp; (123)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (123)<br>|
| 12.365% | At maturity | BZDIOVER | At maturity | Goldman Sachs | &nbsp;&nbsp; 1/2/2029 | &nbsp;&nbsp; BRL38,509 | &nbsp;&nbsp; (174)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (174)<br>|
| 12.36% | At maturity | BZDIOVER | At maturity | Barclays Bank PLC | &nbsp;&nbsp; 1/2/2029 | &nbsp;&nbsp; BRL38,753 | &nbsp;&nbsp; (176)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (176)<br>|
| 12.3075% | At maturity | BZDIOVER | At maturity | Goldman Sachs | &nbsp;&nbsp; 1/2/2029 | &nbsp;&nbsp; BRL38,500 | &nbsp;&nbsp; (191)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (191)<br>|
| 12.36% | At maturity | BZDIOVER | At maturity | BNP Paribas | &nbsp;&nbsp; 1/2/2029 | &nbsp;&nbsp; BRL77,020 | &nbsp;&nbsp; (351)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (351)<br>|
| 12.35% | At maturity | BZDIOVER | At maturity | Barclays Bank PLC | &nbsp;&nbsp; 1/2/2029 | &nbsp;&nbsp; BRL76,900 | &nbsp;&nbsp; (357)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (357)<br>|
| 12.303% | At maturity | BZDIOVER | At maturity | BNP Paribas | &nbsp;&nbsp; 1/2/2029 | &nbsp;&nbsp; BRL75,919 | &nbsp;&nbsp; (378)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (378)<br>|
|  |  |  |  |  |  |  | &nbsp;&nbsp; $1045 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $1045 |

---

**Credit default swaps** 

**Centrally cleared credit default swaps on credit indices — buy protection** 

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| Reference <br> index<br>| &nbsp;&nbsp;&nbsp;&nbsp; Financing <br> rate paid<br>| &nbsp;&nbsp;&nbsp;&nbsp; Payment <br> frequency<br>| &nbsp;&nbsp;&nbsp;&nbsp; Expiration <br> date<br>| &nbsp;&nbsp;&nbsp;&nbsp; Notional <br> amount <br> &nbsp;&nbsp;&nbsp;&nbsp;(000)<br>| &nbsp;&nbsp;&nbsp;&nbsp; Value at <br> 6/30/2025 <br> &nbsp;&nbsp;&nbsp;&nbsp;(000)<br>| &nbsp;&nbsp;&nbsp;&nbsp; Upfront <br> premium <br> paid <br> &nbsp;&nbsp;&nbsp;&nbsp;(received) <br> &nbsp;&nbsp;&nbsp;&nbsp;(000)<br>| &nbsp;&nbsp;&nbsp;&nbsp; Unrealized <br> appreciation <br> &nbsp;&nbsp;&nbsp;&nbsp;(depreciation) <br> at 6/30/2025 <br> &nbsp;&nbsp;&nbsp;&nbsp;(000)<br>|
| CDX.NA.HY.44 | 5.00% | Quarterly | &nbsp;&nbsp;&nbsp;&nbsp; 6/20/2030 | &nbsp;&nbsp;&nbsp;&nbsp; USD94,715 | &nbsp;&nbsp;&nbsp;&nbsp; $(7109)<br>| &nbsp;&nbsp;&nbsp;&nbsp; $(4510)<br>| &nbsp;&nbsp;&nbsp;&nbsp; $(2599)<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **187** | American Funds Insurance Series |

---

------

The Bond Fund of America<sup>®</sup> (continued)

**Swap contracts** (continued)

------

**Credit default swaps** (continued)

**Centrally cleared credit default swaps on credit indices — sell protection** 

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| Reference <br> index<br>| &nbsp;&nbsp;&nbsp;&nbsp; Financing <br> rate received<br>| &nbsp;&nbsp;&nbsp;&nbsp; Payment <br> frequency<br>| &nbsp;&nbsp;&nbsp;&nbsp; Expiration <br> date<br>| &nbsp;&nbsp;&nbsp;&nbsp; Notional <br> amount <sup>(m)</sup> <br>&nbsp;&nbsp;&nbsp;&nbsp;(000)<br>| &nbsp;&nbsp;&nbsp;&nbsp; Value at <br> 6/30/2025 <sup>(n)</sup> <br>&nbsp;&nbsp;&nbsp;&nbsp;(000)<br>| &nbsp;&nbsp;&nbsp;&nbsp; Upfront <br> premium <br> paid <br> &nbsp;&nbsp;&nbsp;&nbsp;(received) <br> &nbsp;&nbsp;&nbsp;&nbsp;(000)<br>| &nbsp;&nbsp;&nbsp;&nbsp; Unrealized <br> appreciation <br> &nbsp;&nbsp;&nbsp;&nbsp;(depreciation) <br> at 6/30/2025 <br> &nbsp;&nbsp;&nbsp;&nbsp;(000)<br>|
| CDX.NA.IG.44 | 1.00% | Quarterly | &nbsp;&nbsp;&nbsp;&nbsp; 6/20/2030 | &nbsp;&nbsp;&nbsp;&nbsp; USD48,163 | &nbsp;&nbsp;&nbsp;&nbsp; $1065 | &nbsp;&nbsp;&nbsp;&nbsp; $604 | &nbsp;&nbsp;&nbsp;&nbsp; $461 |

---

**Investments in affiliates** <sup>(l)</sup>

------

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | Value at <br> 1/1/2025 <br> (000)<br>| Additions <br> (000)<br>| Reductions <br> (000)<br>| Net <br> realized <br> gain (loss) <br> (000)<br>| Net <br> unrealized <br> appreciation <br> (depreciation) <br> (000)<br>| Value at <br> 6/30/2025 <br> (000)<br>| Dividend <br> or interest <br> income <br> (000)<br>|
| **Short-term securities 6.80%** |  |  |  |  |  |  |  |
| **Money market investments 6.80%** |  |  |  |  |  |  |  |
| Capital Group Central Cash Fund 4.35% <sup>(k)</sup>  | $730121 | &nbsp;&nbsp; $2295601 | &nbsp;&nbsp; $2279811 | &nbsp;&nbsp; $94 | &nbsp;&nbsp; $(208)<br>| &nbsp;&nbsp; $745797 | &nbsp;&nbsp; $16350 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(a)</sup> Principal payments may be made periodically. Therefore, the effective maturity date may be earlier than the stated maturity date.

<sup>(b)</sup> Coupon rate may change periodically. Reference rate and spread are as of the most recent information available. Some coupon rates are determined by the issuer or agent based on current market conditions; therefore, the reference rate and spread are not available. 

<sup>(c)</sup> Amount less than one thousand.

<sup>(d)</sup> Represents securities transacted on a TBA basis.

<sup>(e)</sup> Acquired in a transaction exempt from registration under Rule 144A or, for commercial paper, Section 4(a)(2) of the Securities Act of 1933. May be resold in the U.S. in transactions exempt from registration, normally to qualified institutional buyers. The total value of all such securities was $1,833,396,000, which represented 16.72% of the net assets of the fund. 

<sup>(f)</sup> Step bond; coupon rate may change at a later date.

<sup>(g)</sup> Value determined using significant unobservable inputs.

<sup>(h)</sup> Loan participations and assignments; may be subject to legal or contractual restrictions on resale. The total value of all such loans was $7,595,000, which represented 0.07% of the net assets of the fund. 

<sup>(i)</sup> All or a portion of this security was pledged as collateral. The total value of pledged collateral was $79,661,000, which represented 0.73% of the net assets of the fund. 

<sup>(j)</sup> Index-linked bond whose principal amount moves with a government price index. 

<sup>(k)</sup> Rate represents the seven-day yield at 6/30/2025.

<sup>(l)</sup> Part of the same "group of investment companies" as the fund as defined under the Investment Company Act of 1940, as amended.

<sup>(m)</sup> The maximum potential amount the fund may pay as a protection seller should a credit event occur.

<sup>(n)</sup> The prices and resulting values for credit default swap indices serve as an indicator of the current status of the payment/performance risk. As the value of a sell protection credit default swap increases or decreases, when compared to the notional amount of the swap, the payment/performance risk may decrease or increase, respectively. 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| |
|:---|
| **Key to abbreviation(s)** |
| Assn. = Association |
| Auth. = Authority |
| BRL = Brazilian reais |
| BZDIOVER = Overnight Brazilian Interbank Deposit Rate |
| CLO = Collateralized Loan Obligations |
| CME = CME Group |
| CMO = Collateralized Mortgage Obligations |
| DAC = Designated Activity Company |
| EUR = Euros |
| EURIBOR = Euro Interbank Offered Rate |
| Fin. = Finance |

---

---

| |
|:---|
| Fncg. = Financing |
| GO = General Obligation |
| ICE = Intercontinental Exchange, Inc. |
| JPY = Japanese yen |
| Ref. = Refunding |
| Rev. = Revenue |
| SOFR = Secured Overnight Financing Rate |
| TBA = To be announced |
| USD = U.S. dollars |
| UST = U.S. Treasury |

---

Refer to the notes to financial statements.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| American Funds Insurance Series | **188** |

---

------

Capital World Bond Fund<sup>®</sup>

**Investment portfolio** June 30, 2025unaudited

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments 96.14% | Principal amount<br> (000)<br>| Value<br> (000)<br>|
| **Euros 22.44%** |  |  |
| AIA Group, Ltd. 0.88% 9/9/2033 (5-year EUR Mid-Swap + 1.10% on 9/9/2028) <sup>(a)</sup>  | EUR2,800 | $3053 |
| Albania (Republic of) 4.75% 2/14/2035  | 2290 | 2700 |
| Alpha Bank SA 6.875% 6/27/2029 (1-year EUR-ICE Swap EURIBOR + 3.793% on 6/27/2028) <sup>(a)</sup>  | 500 | 653 |
| Alpha Bank SA 5.00% 5/12/2030 (1-year EUR-ICE Swap EURIBOR + 2.432% on 5/12/2029) <sup>(a)</sup>  | 100 | 126 |
| Alpha Bank SA 5.50% 6/11/2031 (5-year EUR Mid-Swap + 5.823% on 6/11/2026) <sup>(a)</sup>  | 680 | 813 |
| Altria Group, Inc. 3.125% 6/15/2031  | 800 | 929 |
| American Tower Corp. 0.45% 1/15/2027  | 2525 | 2887 |
| American Tower Corp. 0.875% 5/21/2029  | 1470 | 1605 |
| Anheuser-Busch InBev SA/NV 1.125% 7/1/2027  | 2000 | 2301 |
| AT&T, Inc. 1.60% 5/19/2028  | 2350 | 2699 |
| Banco de Credito Social Cooperativo, SA 4.125% 9/3/2030 (1-year EUR-ICE Swap EURIBOR + 1.70% on <br> 9/3/2029) <sup>(a)</sup>  | 1000 | 1218 |
| Banco de Sabadell, SA 5.25% 2/7/2029 (1-year EUR Mid-Swap + 2.40% on 2/7/2028) <sup>(a)</sup>  | 900 | 1126 |
| Banco de Sabadell, SA 5.50% 9/8/2029 (1-year EUR-ICE Swap EURIBOR + 2.40% on 9/8/2028) <sup>(a)</sup>  | 700 | 892 |
| Bank Gospodarstwa Krajowego 4.25% 9/13/2044  | 290 | 329 |
| Bank of America Corp. 3.648% 3/31/2029 (3-month EUR-EURIBOR + 3.67% on 3/31/2028) <sup>(a)(b)</sup>  | 5000 | 6058 |
| Banque Federative du Credit Mutuel 3.875% 6/16/2032 (5-year EUR Mid-Swap + 2.20% on 6/16/2027) <sup>(a)</sup>  | 2800 | 3353 |
| Belgium (Kingdom of), Series 100, 2.85% 10/22/2034  | 880 | 1019 |
| Belgium (Kingdom of), Series 88, 1.70% 6/22/2050  | 2730 | 2104 |
| Belgium (Kingdom of), Series 98, 3.30% 6/22/2054  | 880 | 923 |
| BPCE SA 4.50% 1/13/2033  | 1400 | 1742 |
| BPCE SA 4.875% 2/26/2036 (5-year EUR-ICE Swap EURIBOR + 2.30% on 2/26/2031) <sup>(a)</sup>  | 900 | 1115 |
| British American Tobacco PLC 3.00% junior subordinated perpetual bonds (5-year EUR Mid-Swap + <br> 3.372% on 12/27/2026) <sup>(a)</sup>  | 4980 | 5840 |
| Coca-Cola Co. 3.375% 8/15/2037  | 155 | 179 |
| Commerzbank AG 4.625% 1/17/2031 (3-month EUR-EURIBOR + 2.10% on 1/17/2030) <sup>(a)</sup>  | 1900 | 2365 |
| Croatia (Republic of) 3.25% 2/11/2037  | 1005 | 1160 |
| Deutsche Bank AG 1.75% 11/19/2030 (3-month EUR-EURIBOR + 2.05% on 11/19/2029) <sup>(a)</sup>  | 4000 | 4422 |
| Deutsche Telekom AG 3.25% 6/4/2035  | 1990 | 2316 |
| Deutsche Telekom International Finance BV 7.50% 1/24/2033  | 200 | 302 |
| Egypt (Arab Republic of) 5.625% 4/16/2030  | 300 | 327 |
| Electricite de France SA 4.25% 1/25/2032  | 1300 | 1605 |
| Electricite de France SA 4.00% 5/7/2037  | 500 | 587 |
| Electricite de France SA 2.625% junior subordinated perpetual bonds (5-year EUR Mid-Swap + 2.86% on <br> 6/1/2028) <sup>(a)</sup>  | 1400 | 1607 |
| Electricite de France SA 7.50% junior subordinated perpetual bonds (5-year EUR Mid-Swap + 4.86% on <br> 12/6/2028) <sup>(a)</sup>  | 1200 | 1558 |
| Enel Finance International NV 4.00% 2/20/2031  | 465 | 572 |
| Engie SA 3.875% 1/6/2031  | 1000 | 1226 |
| Equinix Europe 2 Financing Corp., LLC 3.25% 3/15/2031  | 1375 | 1605 |
| Equinor ASA 1.375% 5/22/2032  | 3650 | 3850 |
| Eurobank Ergasias Services and Holdings SA 10.00% 12/6/2032 (5-year EUR Mid-Swap + <br> 7.588% on 12/6/2027) <sup>(a)</sup>  | 1540 | 2084 |
| Eurobank Ergasias Services and Holdings SA 6.25% 4/25/2034 (5-year EUR Mid-Swap + 3.707% on <br> 4/25/2029) <sup>(a)</sup>  | 475 | 602 |
| Eurobank SA 5.875% 11/28/2029 (1-year EUR Mid-Swap + 2.83% on 11/28/2028) <sup>(a)</sup>  | 240 | 308 |
| Eurobank SA 4.875% 4/30/2031 (5-year EUR Mid-Swap + 2.165% on 4/30/2030) <sup>(a)</sup>  | 2030 | 2543 |
| Eurobank SA 4.00% 2/7/2036 (1-year EUR-ICE Swap EURIBOR + 1.70% on 2/7/2035) <sup>(a)</sup>  | 1375 | 1592 |
| European Investment Bank 0.25% 1/20/2032  | 2075 | 2100 |
| European Investment Bank 1.50% 6/15/2032  | 1000 | 1093 |
| European Investment Bank 2.875% 1/12/2033  | 4500 | 5359 |
| European Investment Bank 2.875% 1/15/2035  | 395 | 465 |
| European Union 0.25% 10/22/2026  | 610 | 703 |
| European Union 2.875% 12/6/2027  | 1060 | 1272 |
| European Union 2.875% 10/5/2029  | 170 | 204 |
| European Union 3.125% 12/4/2030  | 190 | 231 |
| European Union 0% 7/4/2031  | 705 | 712 |
| European Union 3.25% 7/4/2034  | 380 | 458 |
| European Union 0% 7/4/2035  | 220 | 192 |
| European Union 3.75% 10/12/2045  | 425 | 502 |
| European Union 0.70% 7/6/2051  | 3000 | 1785 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **189** | American Funds Insurance Series |

---

------

Capital World Bond Fund<sup>®</sup> (continued)

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount<br> (000)<br>| Value<br> (000)<br>|
| **Euros (continued)** |  |  |
| European Union 3.375% 10/5/2054  | EUR540 | $580 |
| Finland (Republic of) 3.00% 9/15/2033  | 2370 | 2827 |
| Ford Motor Credit Co., LLC 3.622% 7/27/2028  | 960 | 1132 |
| French Republic O.A.T. 0.75% 2/25/2028  | 980 | 1114 |
| French Republic O.A.T. 2.75% 2/25/2029  | 1790 | 2139 |
| French Republic O.A.T. 0% 11/25/2030  | 19550 | 20032 |
| French Republic O.A.T. 0% 5/25/2032  | 2120 | 2055 |
| French Republic O.A.T. 2.00% 11/25/2032  | 3170 | 3506 |
| French Republic O.A.T. 3.00% 5/25/2033  | 1920 | 2260 |
| French Republic O.A.T. 3.00% 11/25/2034  | 4430 | 5134 |
| French Republic O.A.T. 0.50% 5/25/2040  | 600 | 454 |
| French Republic O.A.T. 0.75% 5/25/2052  | 360 | 202 |
| French Republic O.A.T. 3.75% 5/25/2056  | 810 | 902 |
| Germany (Federal Republic of) 0% 10/9/2026  | 2305 | 2654 |
| Germany (Federal Republic of) 0% 11/15/2027  | 1400 | 1579 |
| Germany (Federal Republic of) 0% 2/15/2030  | 16885 | 18062 |
| Germany (Federal Republic of) 2.50% 2/15/2035  | 13725 | 16037 |
| Germany (Federal Republic of) 1.00% 5/15/2038  | 1300 | 1232 |
| Germany (Federal Republic of) 0% 8/15/2050  | 1200 | 669 |
| Greece (Hellenic Republic of) 3.875% 6/15/2028  | 615 | 758 |
| Greece (Hellenic Republic of) 1.50% 6/18/2030  | 690 | 772 |
| Greece (Hellenic Republic of) 1.75% 6/18/2032  | 1915 | 2094 |
| Greece (Hellenic Republic of) 3.90% 1/30/2033  | 3200 | 3995 |
| Greece (Hellenic Republic of) 3.375% 6/15/2034  | 5870 | 7030 |
| Greece (Hellenic Republic of) 3.625% 6/15/2035  | 4385 | 5309 |
| Greece (Hellenic Republic of) 4.125% 6/15/2054  | 640 | 752 |
| Grifols SA 7.50% 5/1/2030  | 100 | 124 |
| Hungary (Republic of), Series Y, 4.50% 6/16/2034  | 380 | 452 |
| Hungary (Republic of), Series Y, 4.875% 3/22/2040  | 305 | 352 |
| ING Groep NV 5.25% 11/14/2033 (3-month EUR-EURIBOR + 2.15% on 11/14/2032) <sup>(a)</sup>  | 1200 | 1578 |
| Ireland (Republic of) 2.60% 10/18/2034  | 1820 | 2091 |
| Ireland (Republic of) 3.00% 10/18/2043  | 1130 | 1268 |
| Ireland (Republic of) 3.15% 10/18/2055  | 755 | 828 |
| Italy (Republic of) 1.85% 7/1/2025  | 17700 | 20850 |
| Italy (Republic of) 3.10% 8/28/2026  | 3425 | 4085 |
| Italy (Republic of) 1.10% 4/1/2027  | 2565 | 2976 |
| Italy (Republic of) 1.35% 4/1/2030  | 7 | 8 |
| Italy (Republic of) 2.70% 10/1/2030  | 1365 | 1606 |
| Italy (Republic of) 4.20% 3/1/2034  | 1430 | 1806 |
| Italy (Republic of) 3.65% 8/1/2035  | 4595 | 5512 |
| Italy (Republic of) 3.85% 10/1/2040  | 2530 | 2969 |
| Italy (Republic of) 4.30% 10/1/2054  | 4245 | 5016 |
| Johnson & Johnson 3.35% 2/26/2037  | 360 | 421 |
| Lithuania (Republic of) 3.50% 7/3/2031  | 1170 | 1425 |
| Lithuania (Republic of) 3.50% 2/13/2034  | 1620 | 1941 |
| Lloyds Banking Group PLC 3.875% 5/14/2032 (1-year EUR-ICE Swap EURIBOR + 1.18% on 5/14/2031) <sup>(a)</sup>  | 100 | 121 |
| Magyar Export-Import Bank 6.00% 5/16/2029  | 1430 | 1820 |
| Metropolitan Life Global Funding I 0.55% 6/16/2027 <sup>(b)</sup>  | 2000 | 2280 |
| MFB Magyar Fejlesztesi Bank Zartkoruen Mukodo Reszvenytarsasag 4.375% 6/27/2030  | 590 | 705 |
| MPT Finance Corp. 7.00% 2/15/2032  | 100 | 121 |
| National Bank of Greece SA 8.00% 1/3/2034 (5-year EUR-ICE Swap EURIBOR + 4.646% on 1/3/2029) <sup>(a)</sup>  | 660 | 877 |
| NatWest Group PLC 0.78% 2/26/2030 (3-month EUR-EURIBOR + 0.949% on 2/26/2029) <sup>(a)</sup>  | 2725 | 2977 |
| NatWest Group PLC 1.043% 9/14/2032 (5-year EUR Mid-Swap + 1.27% on 9/14/2027) <sup>(a)</sup>  | 185 | 210 |
| PepsiCo, Inc. 0.75% 10/14/2033  | 2000 | 1939 |
| Philip Morris International, Inc. 2.75% 6/6/2029  | 770 | 901 |
| Piraeus Bank SA 6.75% 12/5/2029 (1-year EUR Mid-Swap + 3.837% on 12/5/2028) <sup>(a)</sup>  | 320 | 419 |
| Piraeus Bank SA 5.00% 4/16/2030 (1-year EUR-ICE Swap EURIBOR + 2.245% on 4/16/2029) <sup>(a)</sup>  | 730 | 912 |
| Portugal (Republic of) 0.475% 10/18/2030  | 350 | 374 |
| Portugal (Republic of) 2.875% 10/20/2034  | 1960 | 2295 |
| Portugal (Republic of) 3.00% 6/15/2035  | 2870 | 3370 |
| Portugal (Republic of) 3.50% 6/18/2038  | 3140 | 3771 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| American Funds Insurance Series | **190** |

---

------

Capital World Bond Fund<sup>®</sup> (continued)

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount<br> (000)<br>| Value<br> (000)<br>|
| **Euros (continued)** |  |  |
| Portugal (Republic of) 3.375% 6/15/2040  | EUR715 | $832 |
| Province of Ontario 3.25% 7/3/2035  | 1120 | 1318 |
| Prysmian SpA 3.875% 11/28/2031  | 435 | 523 |
| Quebec (Province of) 0.25% 5/5/2031  | 920 | 940 |
| Quebec (Province of) 0.50% 1/25/2032  | 1155 | 1170 |
| Quebec (Province of) 3.35% 7/23/2039  | 2525 | 2911 |
| Queensland Treasury Corp. 3.25% 5/21/2035  | 360 | 424 |
| Romania 2.125% 3/7/2028  | 1440 | 1642 |
| Romania 3.75% 2/7/2034  | 530 | 534 |
| Romania 6.00% 9/24/2044  | 745 | 808 |
| Senegal (Republic of) 5.375% 6/8/2037  | 2250 | 1641 |
| Severn Trent Utilities Finance PLC 4.00% 3/5/2034  | 475 | 572 |
| Shell International Finance BV 1.50% 4/7/2028  | 2000 | 2308 |
| Slovak Republic, Series 250, 3.75% 3/6/2034  | 640 | 780 |
| Spain (Kingdom of) 0% 1/31/2028  | 900 | 1006 |
| Spain (Kingdom of) 1.40% 7/30/2028  | 7510 | 8648 |
| Spain (Kingdom of) 1.45% 4/30/2029  | 1890 | 2158 |
| Spain (Kingdom of) 1.25% 10/31/2030  | 1295 | 1427 |
| Spain (Kingdom of) 0.50% 10/31/2031  | 1247 | 1283 |
| Spain (Kingdom of) 3.15% 4/30/2033  | 3647 | 4367 |
| Spain (Kingdom of) 3.55% 10/31/2033  | 5005 | 6138 |
| Spain (Kingdom of) 3.25% 4/30/2034  | 1980 | 2367 |
| Spain (Kingdom of) 3.45% 10/31/2034  | 500 | 605 |
| Spain (Kingdom of) 3.20% 10/31/2035  | 1795 | 2109 |
| Spain (Kingdom of) 1.90% 10/31/2052  | 1010 | 788 |
| State Grid Overseas Investment (2016), Ltd. 2.125% 5/2/2030  | 200 | 230 |
| Stryker Corp. 1.00% 12/3/2031  | 450 | 465 |
| T-Mobile USA, Inc. 3.15% 2/11/2032  | 1705 | 1991 |
| Toyota Motor Credit Corp. 0.125% 11/5/2027  | 1850 | 2073 |
| Verallia SAS 3.875% 11/4/2032  | 4500 | 5287 |
| Verizon Communications, Inc. 3.50% 6/28/2032  | 1620 | 1941 |
|  |  | 330337 |
| **Japanese yen 8.79%** |  |  |
| Indonesia (Republic of), Series 20, 0.57% 5/27/2026  | JPY100,000 | 691 |
| Indonesia (Republic of), Series 31, 0.99% 5/27/2027  | 400000 | 2759 |
| Indonesia (Republic of), Series 32, 1.33% 5/25/2029  | 300000 | 2060 |
| Japan, Series 352, 0.10% 9/20/2028  | 314350 | 2134 |
| Japan, Series 356, 0.10% 9/20/2029  | 1029800 | 6907 |
| Japan, Series 116, 2.20% 3/20/2030  | 576100 | 4226 |
| Japan, Series 362, 0.10% 3/20/2031  | 514000 | 3386 |
| Japan, Series 374, 0.80% 3/20/2034  | 68200 | 454 |
| Japan, Series 152, 1.20% 3/20/2035  | 1239550 | 8430 |
| Japan, Series 21, 2.30% 12/20/2035  | 720000 | 5379 |
| Japan, Series 162, 0.60% 9/20/2037  | 1966150 | 11972 |
| Japan, Series 173, 0.40% 6/20/2040  | 270900 | 1491 |
| Japan, Series 179, 0.50% 12/20/2041  | 196950 | 1056 |
| Japan, Series 182, 1.10% 9/20/2042  | 619850 | 3629 |
| Japan, Series 186, 1.50% 9/20/2043  | 1341900 | 8257 |
| Japan, Series 188, 1.60% 3/20/2044  | 69000 | 429 |
| Japan, Series 192, 2.40% 3/20/2045  | 6359250 | 44483 |
| Japan, Series 53, 0.60% 12/20/2046  | 781600 | 3774 |
| Japan, Series 37, 0.60% 6/20/2050  | 694500 | 3043 |
| Japan, Series 73, 0.70% 12/20/2051  | 1568700 | 6765 |
| Japan, Series 74, 1.00% 3/20/2052  | 246100 | 1150 |
| Japan, Series 76, 1.40% 9/20/2052  | 5800 | 30 |
| Japan, Series 77, 1.60% 12/20/2052  | 53250 | 288 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **191** | American Funds Insurance Series |

---

------

Capital World Bond Fund<sup>®</sup> (continued)

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount<br> (000)<br>| Value<br> (000)<br>|
| **Japanese yen (continued)** |  |  |
| Japan, Series 79, 1.20% 6/20/2053  | JPY612,200 | $2959 |
| Japan, Series 81, 1.60% 12/20/2053  | 168700 | 898 |
| Japan, Series 84, 2.10% 9/20/2054  | 455100 | 2714 |
|  |  | 129364 |
| **British pounds 4.59%** |  |  |
| Credit Agricole SA 5.375% 1/15/2029 (1-year GBP-GILT + 1.65% on 1/15/2028) <sup>(a)</sup>  | GBP800 | 1115 |
| Electricite de France SA 5.50% 3/27/2037  | 900 | 1176 |
| KfW 1.125% 7/4/2025  | 1165 | 1599 |
| Lloyds Banking Group PLC 2.707% 12/3/2035 (5-year GBP-GILT + 2.40% on 12/3/2030) <sup>(a)</sup>  | 900 | 1075 |
| Quebec (Province of) 2.25% 9/15/2026  | 1870 | 2511 |
| United Kingdom 0.125% 1/30/2026  | 425 | 573 |
| United Kingdom 4.25% 12/7/2027  | 3785 | 5269 |
| United Kingdom 1.625% 10/22/2028  | 3690 | 4746 |
| United Kingdom 4.125% 7/22/2029  | 2015 | 2792 |
| United Kingdom 4.75% 12/7/2030  | 4770 | 6821 |
| United Kingdom 0.25% 7/31/2031  | 12845 | 14143 |
| United Kingdom 1.00% 1/31/2032  | 7120 | 8046 |
| United Kingdom 4.25% 6/7/2032  | 1310 | 1814 |
| United Kingdom 3.25% 1/31/2033  | 1090 | 1400 |
| United Kingdom 0.625% 7/31/2035  | 210 | 199 |
| United Kingdom 0.875% 1/31/2046  | 4917 | 3113 |
| United Kingdom 3.75% 10/22/2053  | 1870 | 1993 |
| United Kingdom 4.375% 7/31/2054  | 5570 | 6625 |
| United Kingdom 2.50% 7/22/2065  | 3313 | 2523 |
|  |  | 67533 |
| **Brazilian reais 2.64%** |  |  |
| Brazil (Federative Republic of) 10.00% 1/1/2029  | BRL33,688 | 5692 |
| Brazil (Federative Republic of) 10.00% 1/1/2031  | 113384 | 18323 |
| Brazil (Federative Republic of) 10.00% 1/1/2035  | 58289 | 8856 |
| Brazil (Federative Republic of) 6.00% 8/15/2040 <sup>(c)</sup>  | 2126 | 355 |
| Brazil (Federative Republic of) 6.00% 8/15/2050 <sup>(c)</sup>  | 26763 | 4382 |
| Brazil (Federative Republic of) 6.00% 8/15/2060 <sup>(c)</sup>  | 7920 | 1278 |
|  |  | 38886 |
| **Canadian dollars 2.06%** |  |  |
| Canada (Government) 3.50% 3/1/2028  | CAD25,228 | 18927 |
| Canada (Government) 1.50% 12/1/2031  | 5690 | 3811 |
| Canada (Government) 3.25% 12/1/2033  | 7330 | 5412 |
| Canada (Government) 2.75% 12/1/2048  | 3500 | 2246 |
|  |  | 30396 |
| **Australian dollars 2.06%** |  |  |
| Australia (Commonwealth of), Series 157, 1.50% 6/21/2031  | AUD3,640 | 2123 |
| Australia (Commonwealth of), Series 163, 1.00% 11/21/2031  | 5789 | 3226 |
| Australia (Commonwealth of), Series 167, 3.75% 5/21/2034  | 4415 | 2841 |
| New South Wales Treasury Corp. 4.75% 2/20/2035  | 12509 | 8219 |
| New South Wales Treasury Corp. 4.75% 9/20/2035  | 3115 | 2037 |
| New South Wales Treasury Corp. 4.25% 2/20/2036  | 14861 | 9231 |
| New South Wales Treasury Corp. 5.25% 2/24/2038  | 3956 | 2621 |
|  |  | 30298 |
| **South Korean won 1.71%** |  |  |
| South Korea (Republic of), Series 2709, 3.125% 9/10/2027  | KRW4,513,500 | 3394 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| American Funds Insurance Series | **192** |

---

------

Capital World Bond Fund<sup>®</sup> (continued)

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount<br> (000)<br>| Value<br> (000)<br>|
| **South Korean won (continued)** |  |  |
| South Korea (Republic of), Series 2712, 2.375% 12/10/2027  | KRW5,158,930 | $3816 |
| South Korea (Republic of), Series 2803, 3.25% 3/10/2028  | 3998100 | 3021 |
| South Korea (Republic of), Series 3212, 4.25% 12/10/2032  | 18379880 | 14987 |
|  |  | 25218 |
| **Chinese yuan renminbi 1.63%** |  |  |
| China (People's Republic of), Series INBK, 2.37% 1/15/2029  | CNY6,340 | 912 |
| China (People's Republic of), Series INBK, 2.75% 2/17/2032  | 1160 | 173 |
| China (People's Republic of), Series INBK, 1.57% 5/15/2032  | 33900 | 4715 |
| China (People's Republic of), Series INBK, 2.88% 2/25/2033  | 22230 | 3381 |
| China (People's Republic of), Series INBK, 2.27% 5/25/2034  | 54910 | 8033 |
| China (People's Republic of), Series INBK, 3.53% 10/18/2051  | 800 | 148 |
| China (People's Republic of), Series INBK, 3.12% 10/25/2052  | 4740 | 826 |
| China (People's Republic of), Series INBK, 3.19% 4/15/2053  | 4720 | 835 |
| China (People's Republic of), Series INBK, 3.00% 10/15/2053  | 5150 | 894 |
| China (People's Republic of), Series INBK, 1.92% 1/15/2055  | 28690 | 4011 |
|  |  | 23928 |
| **Malaysian ringgits 1.55%** |  |  |
| Malaysia (Federation of), Series 0419, 3.828% 7/5/2034  | MYR26,902 | 6544 |
| Malaysia (Federation of), Series 0124, 4.054% 4/18/2039  | 6143 | 1517 |
| Malaysia (Federation of), Series 0519, 3.757% 5/22/2040  | 10588 | 2523 |
| Malaysia (Federation of), Series 0221, 4.417% 9/30/2041  | 2484 | 636 |
| Malaysia (Federation of), Series 0223, 4.291% 8/14/2043  | 9030 | 2283 |
| Malaysia (Federation of), Series 0224, 4.18% 5/16/2044  | 35614 | 8920 |
| Malaysia (Federation of), Series 0417, 4.895% 5/8/2047  | 1277 | 344 |
|  |  | 22767 |
| **Mexican pesos 1.12%** |  |  |
| America Movil, SAB de CV, 10.125% 1/22/2029  | MXN13,920 | 765 |
| America Movil, SAB de CV, 9.50% 1/27/2031  | 29290 | 1566 |
| United Mexican States, Series M30, 8.50% 11/18/2038  | 21100 | 1034 |
| United Mexican States, Series M, 7.75% 11/13/2042  | 83507 | 3691 |
| United Mexican States, Series M, 8.00% 11/7/2047  | 7830 | 347 |
| United Mexican States, Series M, 8.00% 7/31/2053  | 198770 | 8719 |
| United Mexican States, Series S, 4.00% 10/29/2054 <sup>(c)</sup>  | 7738 | 357 |
|  |  | 16479 |
| **Indian rupees 1.07%** |  |  |
| Asian Development Bank 6.72% 2/8/2028  | INR144,700 | 1705 |
| European Bank for Reconstruction and Development 5.25% 1/12/2027  | 81400 | 932 |
| European Bank for Reconstruction and Development 6.30% 10/26/2027  | 34000 | 396 |
| European Bank for Reconstruction and Development 6.75% 1/13/2032  | 650500 | 7668 |
| European Investment Bank 6.95% 3/1/2029  | 46200 | 546 |
| European Investment Bank 7.40% 10/23/2033  | 155800 | 1915 |
| Inter-American Development Bank 7.00% 1/25/2029  | 18000 | 213 |
| International Bank for Reconstruction and Development 6.75% 9/8/2027  | 126400 | 1484 |
| Korea Development Bank 6.75% 7/1/2030  | 73000 | 844 |
|  |  | 15703 |
| **Indonesian rupiah 0.66%** |  |  |
| Indonesia (Republic of), Series 84, 7.25% 2/15/2026  | IDR22,733,000 | 1410 |
| Indonesia (Republic of), Series 64, 6.125% 5/15/2028  | 1556000 | 96 |
| Indonesia (Republic of), Series 95, 6.375% 8/15/2028  | 63512000 | 3932 |
| Indonesia (Republic of), Series 71, 9.00% 3/15/2029  | 26010000 | 1748 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **193** | American Funds Insurance Series |

---

------

Capital World Bond Fund<sup>®</sup> (continued)

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount<br> (000)<br>| Value<br> (000)<br>|
| **Indonesian rupiah (continued)** |  |  |
| Indonesia (Republic of), Series 82, 7.00% 9/15/2030  | IDR2,930,000 | $186 |
| Indonesia (Republic of), Series FR100, 6.625% 2/15/2034  | 29412000 | 1810 |
| Indonesia (Republic of), Series 68, 8.375% 3/15/2034  | 6937000 | 475 |
|  |  | 9657 |
| **Norwegian kroner 0.45%** |  |  |
| Norway (Kingdom of) 1.75% 9/6/2029  | NOK2,080 | 192 |
| Norway (Kingdom of) 2.125% 5/18/2032  | 6615 | 593 |
| Norway (Kingdom of) 3.75% 6/12/2035  | 59865 | 5913 |
|  |  | 6698 |
| **South African rand 0.45%** |  |  |
| South Africa (Republic of), Series R-2030, 8.00% 1/31/2030  | ZAR8,400 | 467 |
| South Africa (Republic of), Series R-2032, 8.25% 3/31/2032  | 114250 | 6170 |
|  |  | 6637 |
| **Danish kroner 0.44%** |  |  |
| Nykredit Realkredit AS, Series 01E, 0.50% 10/1/2043 <sup>(d)</sup>  | DKK48,108 | 6238 |
| Realkredit Danmark AS 1.00% 10/1/2053 <sup>(d)</sup>  | 2503 | 308 |
|  |  | 6546 |
| **Polish zloty 0.27%** |  |  |
| Poland (Republic of), Series 1029, 2.75% 10/25/2029  | PLN4,900 | 1255 |
| Poland (Republic of), Series 1033, 6.00% 10/25/2033  | 9280 | 2685 |
|  |  | 3940 |
| **Chilean pesos 0.19%** |  |  |
| Chile (Republic of) 1.50% 3/1/2026 <sup>(c)</sup>  | CLP903,263 | 971 |
| Chile (Republic of) 5.00% 10/1/2028  | 955000 | 1025 |
| Chile (Republic of) 6.00% 4/1/2033  | 675000 | 743 |
|  |  | 2739 |
| **Turkish lira 0.13%** |  |  |
| Turkey (Republic of), Series 5Y, 12.60% 10/1/2025  | TRY73,785 | 1738 |
| Turkey (Republic of) 17.80% 7/13/2033  | 12175 | 204 |
|  |  | 1942 |
| **Colombian pesos 0.07%** |  |  |
| Colombia (Republic of), Series B, 7.25% 10/26/2050  | COP7,150,600 | 1052 |
| **Czech korunas 0.06%** |  |  |
| Czech Republic 6.00% 2/26/2026  | CZK17,550 | 851 |
| **U.S. dollars 43.76%** |  |  |
| 1261229 B.C., Ltd. 10.00% 4/15/2032 <sup>(e)</sup>  | USD200 | 202 |
| AAR Escrow Issuer, LLC 6.75% 3/15/2029 <sup>(e)</sup>  | 27 | 28 |
| AbbVie, Inc. 5.05% 3/15/2034  | 2790 | 2842 |
| AbbVie, Inc. 5.35% 3/15/2044  | 75 | 74 |
| AbbVie, Inc. 5.40% 3/15/2054  | 1265 | 1231 |
| AbbVie, Inc. 5.50% 3/15/2064  | 150 | 146 |
| Abu Dhabi Crude Oil Pipeline, LLC 4.60% 11/2/2047  | 775 | 694 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| American Funds Insurance Series | **194** |

---

------

Capital World Bond Fund<sup>®</sup> (continued)

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount<br> (000)<br>| Value<br> (000)<br>|
| **U.S. dollars (continued)** |  |  |
| ACHV ABS Trust, Series 2024-3AL, Class C, 5.68% 12/26/2031 <sup>(d)(e)</sup>  | USD102 | $102 |
| Adnoc Murban Rsc, Ltd. 4.50% 9/11/2034 <sup>(e)</sup>  | 1345 | 1315 |
| Advance Auto Parts, Inc. 5.95% 3/9/2028  | 45 | 46 |
| AerCap Ireland Capital DAC 2.45% 10/29/2026  | 2102 | 2049 |
| Aero Capital Solutions, Inc., Term Loan, (1-month USD CME Term SOFR + 3.00%) <br> 7.61% 11/17/2029 <sup>(e)(f)(g)(h)</sup>  | 528 | 524 |
| Aeropuerto Internacional de Tocumen, SA 5.125% 8/11/2061 <sup>(e)</sup>  | 660 | 465 |
| AG Issuer, LLC 6.25% 3/1/2028 <sup>(e)</sup>  | 165 | 165 |
| AG TTMT Escrow Issuer, LLC 8.625% 9/30/2027 <sup>(e)</sup>  | 68 | 70 |
| AIB Group PLC 6.608% 9/13/2029 (USD-SOFR + 2.33% on 9/13/2028) <sup>(a)(e)</sup>  | 1147 | 1214 |
| AIB Group PLC 5.871% 3/28/2035 (USD-SOFR + 1.91% on 3/28/2034) <sup>(a)(e)</sup>  | 2985 | 3080 |
| Albertsons Cos., Inc. 3.50% 3/15/2029 <sup>(e)</sup>  | 140 | 133 |
| Albion Financing 1 SARL 7.00% 5/21/2030 <sup>(e)</sup>  | 200 | 205 |
| Alcoa Nederland Holding BV 4.125% 3/31/2029 <sup>(e)</sup>  | 75 | 72 |
| Alera Group Intermediate Holdings, Inc., Term Loan B, (3-month USD CME Term SOFR + 5.50%) 9.824% <br> 5/15/2033 <sup>(g)(h)</sup>  | 65 | 66 |
| Allegro CLO, Ltd., Series 2019-1, Class ARR, (3-month USD CME Term SOFR + 1.13%) 5.399% <br> 4/20/2032 <sup>(d)(e)(h)</sup>  | 553 | 553 |
| Alliance Resource Operating Partners, LP 8.625% 6/15/2029 <sup>(e)</sup>  | 50 | 53 |
| Alliant Holdings Intermediate, LLC 6.75% 10/15/2027 <sup>(e)</sup>  | 290 | 290 |
| Alliant Holdings Intermediate, LLC 5.875% 11/1/2029 <sup>(e)</sup>  | 120 | 118 |
| Alliant Holdings Intermediate, LLC 7.00% 1/15/2031 <sup>(e)</sup>  | 180 | 186 |
| Alliant Holdings Intermediate, LLC 6.50% 10/1/2031 <sup>(e)</sup>  | 65 | 66 |
| Alliant Holdings Intermediate, LLC 7.375% 10/1/2032 <sup>(e)</sup>  | 70 | 72 |
| Allied Universal Holdco, LLC 6.00% 6/1/2029 <sup>(e)</sup>  | 300 | 292 |
| Allwyn Entertainment Financing (UK) PLC 7.875% 4/30/2029 <sup>(e)</sup>  | 200 | 209 |
| Amazon.com, Inc. 1.50% 6/3/2030  | 2040 | 1805 |
| Amentum Holdings, Inc. 7.25% 8/1/2032 <sup>(e)</sup>  | 98 | 101 |
| Amer Sports Co. 6.75% 2/16/2031 <sup>(e)</sup>  | 35 | 36 |
| American Electric Power Co., Inc. 1.00% 11/1/2025  | 250 | 247 |
| American Express Co. 5.532% 4/25/2030 (USD-SOFR + 1.09% on 4/25/2029) <sup>(a)</sup>  | 1030 | 1071 |
| Amgen, Inc. 2.20% 2/21/2027  | 445 | 431 |
| Amgen, Inc. 5.25% 3/2/2030  | 981 | 1011 |
| Amgen, Inc. 5.25% 3/2/2033  | 2687 | 2752 |
| Amgen, Inc. 5.65% 3/2/2053  | 1284 | 1255 |
| AmWINS Group, Inc. 4.875% 6/30/2029 <sup>(e)</sup>  | 135 | 131 |
| Angola (Republic of) 9.50% 11/12/2025  | 4225 | 4245 |
| Anywhere Real Estate Group, LLC 5.75% 1/15/2029 <sup>(e)</sup>  | 110 | 97 |
| Anywhere Real Estate Group, LLC 5.25% 4/15/2030 <sup>(e)</sup>  | 115 | 94 |
| AP Core Holdings II, LLC, Term Loan B, (3-month USD CME Term SOFR + 5.50%) 9.941% 9/1/2027 <sup>(g)(h)</sup>  | 95 | 86 |
| Apollo Aviation Securitization Equity Trust, Series 2025-2A, Class A, 5.522% 2/16/2050 <sup>(d)(e)</sup>  | 994 | 1006 |
| Apollo Aviation Securitization Equity Trust, Series 25-1A, Class A, 5.943% 2/16/2050 <sup>(d)(e)</sup>  | 559 | 570 |
| Apple Bidco, LLC, Term Loan, (3-month USD CME Term SOFR + 2.50%) 6.827% 9/23/2031 <sup>(g)(h)</sup>  | 145 | 145 |
| Aramark Services, Inc. 5.00% 2/1/2028 <sup>(e)</sup>  | 110 | 110 |
| Aretec Group, Inc. 7.50% 4/1/2029 <sup>(e)</sup>  | 245 | 248 |
| Aretec Group, Inc. 10.00% 8/15/2030 <sup>(e)</sup>  | 50 | 55 |
| Artera Services, LLC 8.50% 2/15/2031 <sup>(e)</sup>  | 45 | 38 |
| Asbury Automotive Group, Inc. 5.00% 2/15/2032 <sup>(e)</sup>  | 55 | 52 |
| Ascent Resources Utica Holdings, LLC 5.875% 6/30/2029 <sup>(e)</sup>  | 55 | 55 |
| Ascent Resources Utica Holdings, LLC 6.625% 10/15/2032 <sup>(e)</sup>  | 25 | 25 |
| Ascent Resources Utica Holdings, LLC 6.625% 7/15/2033 <sup>(e)</sup>  | 15 | 15 |
| AssuredPartners, Inc. 5.625% 1/15/2029 <sup>(e)</sup>  | 190 | 190 |
| AssuredPartners, Inc., Term Loan, (3-month USD CME Term SOFR + 3.50%) 7.827% 2/14/2031 <sup>(g)(h)</sup>  | 30 | 30 |
| AT&T, Inc. 3.50% 9/15/2053  | 2070 | 1402 |
| ATI, Inc. 7.25% 8/15/2030  | 60 | 63 |
| Atkore, Inc. 4.25% 6/1/2031 <sup>(e)</sup>  | 25 | 23 |
| Avantor Funding, Inc. 3.875% 11/1/2029 <sup>(e)</sup>  | 122 | 116 |
| Avient Corp. 6.25% 11/1/2031 <sup>(e)</sup>  | 25 | 25 |
| Avis Budget Rental Car Funding (AESOP), LLC, Series 2023-2, Class A, 5.20% 10/20/2027 <sup>(d)(e)</sup>  | 1817 | 1831 |
| Avis Budget Rental Car Funding (AESOP), LLC, Series 2023-6, Class A, 5.81% 12/20/2029 <sup>(d)(e)</sup>  | 996 | 1036 |
| B&G Foods, Inc. 5.25% 9/15/2027  | 210 | 191 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **195** | American Funds Insurance Series |

---

------

Capital World Bond Fund<sup>®</sup> (continued)

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount<br> (000)<br>| Value<br> (000)<br>|
| **U.S. dollars (continued)** |  |  |
| B&G Foods, Inc. 8.00% 9/15/2028 <sup>(e)</sup>  | USD25 | $24 |
| BAE Systems PLC 5.30% 3/26/2034 <sup>(e)</sup>  | 865 | 885 |
| Baldwin Insurance Group Holdings, LLC 7.125% 5/15/2031 <sup>(e)</sup>  | 20 | 21 |
| Bank Commercial Mortgage Trust, Series 2023-5YR4, Class AS, 7.274% 12/15/2056 <sup>(d)(h)</sup>  | 219 | 235 |
| Bank Gospodarstwa Krajowego 5.75% 7/9/2034 <sup>(e)</sup>  | 950 | 979 |
| Bank Gospodarstwa Krajowego 6.25% 7/9/2054 <sup>(e)</sup>  | 425 | 423 |
| Bank of America Corp. 2.299% 7/21/2032 (USD-SOFR + 1.22% on 7/21/2031) <sup>(a)</sup>  | 4040 | 3522 |
| Bank of America Corp. 5.511% 1/24/2036 (USD-SOFR + 1.31% on 1/24/2035) <sup>(a)</sup>  | 1535 | 1579 |
| Bank of East Asia, Ltd. 5.825% junior subordinated perpetual bonds (5-year UST Yield Curve Rate T <br> Note Constant Maturity + 5.527% on 10/21/2025) <sup>(a)</sup>  | 640 | 639 |
| BAT Capital Corp. 3.215% 9/6/2026  | 955 | 942 |
| BAT Capital Corp. 5.625% 8/15/2035  | 5501 | 5600 |
| Bath & Body Works, Inc. 6.625% 10/1/2030 <sup>(e)</sup>  | 120 | 124 |
| Bath & Body Works, Inc. 6.875% 11/1/2035  | 75 | 78 |
| Bausch Health Americas, Inc. 9.25% 4/1/2026 <sup>(e)</sup>  | 80 | 80 |
| Baytex Energy Corp. 7.375% 3/15/2032 <sup>(e)</sup>  | 85 | 81 |
| BBVA Bancomer SA 8.45% 6/29/2038 (5-year UST Yield Curve Rate T Note Constant Maturity + 4.661% on <br> 6/29/2033) <sup>(a)</sup>  | 1360 | 1439 |
| Becton, Dickinson and Co. 4.298% 8/22/2032  | 320 | 311 |
| Biocon Biologics Global PLC 6.67% 10/9/2029 <sup>(e)</sup>  | 2595 | 2467 |
| BIP-V Chinook Holdco, LLC 5.50% 6/15/2031 <sup>(e)</sup>  | 400 | 395 |
| Block, Inc. 6.50% 5/15/2032  | 240 | 248 |
| BMO Mortgage Trust, Series 2024-5C8, Class AS, 5.94% 12/15/2057 <sup>(d)(h)</sup>  | 1070 | 1112 |
| BMW US Capital, LLC 4.15% 4/9/2030 <sup>(e)</sup>  | 900 | 885 |
| BNP Paribas SA 2.159% 9/15/2029 (USD-SOFR + 1.218% on 9/15/2028) <sup>(a)(e)</sup>  | 700 | 649 |
| BNP Paribas SA 2.871% 4/19/2032 (USD-SOFR + 1.387% on 4/19/2031) <sup>(a)(e)</sup>  | 1275 | 1143 |
| Boeing Co. (The) 6.259% 5/1/2027  | 45 | 46 |
| Boeing Co. (The) 5.15% 5/1/2030  | 2451 | 2496 |
| Boeing Co. (The) 3.625% 2/1/2031  | 718 | 677 |
| Boeing Co. (The) 6.388% 5/1/2031  | 723 | 777 |
| Boeing Co. (The) 6.528% 5/1/2034  | 457 | 497 |
| Boeing Co. (The) 5.805% 5/1/2050  | 50 | 48 |
| Boeing Co. (The) 6.858% 5/1/2054  | 526 | 576 |
| Bombardier, Inc. 7.125% 6/15/2026 <sup>(e)</sup>  | 16 | 16 |
| Boost Newco Borrower, LLC 7.50% 1/15/2031 <sup>(e)</sup>  | 25 | 27 |
| Borr IHC, Ltd. 10.00% 11/15/2028 <sup>(e)</sup>  | 289 | 264 |
| Boyd Gaming Corp. 4.75% 6/15/2031 <sup>(e)</sup>  | 45 | 43 |
| Boyne USA, Inc. 4.75% 5/15/2029 <sup>(e)</sup>  | 107 | 104 |
| BPCE SA 6.293% 1/14/2036 (USD-SOFR + 2.04% on 1/14/2035) <sup>(a)(e)</sup>  | 3520 | 3698 |
| Braskem Netherlands Finance BV 4.50% 1/31/2030  | 1756 | 1362 |
| Braskem Netherlands Finance BV 8.50% 1/12/2031  | 2129 | 1863 |
| Braskem Netherlands Finance BV 8.50% 1/12/2031 <sup>(e)</sup>  | 525 | 459 |
| BRAVO Residential Funding Trust, Series 2025-NQM5, Class A1, 5.496% 2/25/2065 (6.496% on <br> 5/1/2027) <sup>(a)(d)(e)</sup>  | 1599 | 1609 |
| Bristol-Myers Squibb Co. 5.20% 2/22/2034  | 1925 | 1972 |
| Bristol-Myers Squibb Co. 5.55% 2/22/2054  | 2200 | 2148 |
| British Columbia (Province of) 4.20% 7/6/2033  | 70 | 68 |
| Broadcom, Inc. 4.00% 4/15/2029 <sup>(e)</sup>  | 250 | 247 |
| Broadcom, Inc. 3.469% 4/15/2034 <sup>(e)</sup>  | 746 | 667 |
| Broadcom, Inc. 3.137% 11/15/2035 <sup>(e)</sup>  | 185 | 156 |
| Brookfield Property REIT, Inc. 5.75% 5/15/2026 <sup>(e)</sup>  | 63 | 63 |
| Brown & Brown, Inc. 5.25% 6/23/2032  | 28 | 29 |
| Brown & Brown, Inc. 6.25% 6/23/2055  | 48 | 50 |
| Buffalo Energy Mexico Holdings 7.875% 2/15/2039 <sup>(e)</sup>  | 1341 | 1383 |
| Burlington Northern Santa Fe, LLC 5.50% 3/15/2055  | 232 | 230 |
| BWX Technologies, Inc. 4.125% 4/15/2029 <sup>(e)</sup>  | 175 | 169 |
| BX Trust, Series 2021-VOLT, Class A, (1-month USD CME Term SOFR + 0.814%) 5.126% 9/15/2036 <sup>(d)(e)(h)</sup>  | 1269 | 1266 |
| BX Trust, Series 2025-BIO3, Class A, 6.138% 2/10/2042 <sup>(d)(e)</sup>  | 1724 | 1772 |
| Caesars Entertainment, Inc. 4.625% 10/15/2029 <sup>(e)</sup>  | 15 | 14 |
| Caesars Entertainment, Inc. 7.00% 2/15/2030 <sup>(e)</sup>  | 64 | 66 |
| Caesars Entertainment, Inc. 6.50% 2/15/2032 <sup>(e)</sup>  | 45 | 46 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| American Funds Insurance Series | **196** |

---

------

Capital World Bond Fund<sup>®</sup> (continued)

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount<br> (000)<br>| Value<br> (000)<br>|
| **U.S. dollars (continued)** |  |  |
| CaixaBank, SA 5.673% 3/15/2030 (USD-SOFR + 1.78% on 3/15/2029) <sup>(a)(e)</sup>  | USD1,633 | $1689 |
| CaixaBank, SA 6.84% 9/13/2034 (USD-SOFR + 2.77% on 9/13/2033) <sup>(a)(e)</sup>  | 200 | 220 |
| CaixaBank, SA 6.037% 6/15/2035 (USD-SOFR + 2.26% on 9/15/2034) <sup>(a)(e)</sup>  | 200 | 209 |
| California Resources Corp. 7.125% 2/1/2026 <sup>(e)</sup>  | 50 | 50 |
| Canadian Pacific Railway Co. 3.00% 12/2/2041  | 349 | 254 |
| Canadian Pacific Railway Co. 3.10% 12/2/2051  | 1085 | 714 |
| CAN-PACK Spolka Akcyjna 3.875% 11/15/2029 <sup>(e)</sup>  | 90 | 84 |
| Carnival Corp. 6.00% 5/1/2029 <sup>(e)</sup>  | 100 | 101 |
| Cascade Funding Mortgage Trust, Series 2024-NR1, Class A1, 6.405% 11/25/2029 <br> (9.405% on 11/25/2027) <sup>(a)(d)(e)</sup>  | 163 | 164 |
| Cascade Funding Mortgage Trust, Series 2024-HB15, Class M1, 4.00% 8/25/2034 <sup>(d)(e)(h)</sup>  | 614 | 596 |
| Cascade Funding Mortgage Trust, Series 2024-HB15, Class A, 4.00% 8/25/2034 <sup>(d)(e)(h)</sup>  | 111 | 110 |
| Castlelake Aircraft Securitization Trust, Series 2025-1A, Class A, 5.783% 2/15/2050 <sup>(d)(e)</sup>  | 834 | 847 |
| CCO Holdings, LLC 5.125% 5/1/2027 <sup>(e)</sup>  | 125 | 125 |
| CCO Holdings, LLC 4.75% 3/1/2030 <sup>(e)</sup>  | 135 | 131 |
| CCO Holdings, LLC 4.50% 8/15/2030 <sup>(e)</sup>  | 240 | 229 |
| CCO Holdings, LLC 4.25% 2/1/2031 <sup>(e)</sup>  | 155 | 145 |
| CCO Holdings, LLC 4.50% 6/1/2033 <sup>(e)</sup>  | 147 | 134 |
| CCO Holdings, LLC 4.25% 1/15/2034 <sup>(e)</sup>  | 55 | 49 |
| Centene Corp. 2.45% 7/15/2028  | 40 | 37 |
| Centene Corp. 4.625% 12/15/2029  | 35 | 34 |
| Centene Corp. 2.50% 3/1/2031  | 65 | 56 |
| Central Garden & Pet Co. 4.125% 10/15/2030  | 74 | 70 |
| Central Garden & Pet Co. 4.125% 4/30/2031 <sup>(e)</sup>  | 110 | 102 |
| Charter Communications Operating, LLC 3.75% 2/15/2028  | 2650 | 2601 |
| Charter Communications Operating, LLC 4.80% 3/1/2050  | 384 | 307 |
| Charter Communications Operating, LLC 3.70% 4/1/2051  | 188 | 125 |
| Charter Communications Operating, LLC 3.90% 6/1/2052  | 458 | 315 |
| Charter Communications Operating, LLC 5.25% 4/1/2053  | 17 | 14 |
| Cheniere Energy Partners, LP 3.25% 1/31/2032  | 26 | 23 |
| China Oil and Gas Group, Ltd. 4.70% 6/30/2026  | 1130 | 1110 |
| Chubb INA Holdings, LLC 3.35% 5/3/2026  | 195 | 194 |
| Chubb INA Holdings, LLC 4.35% 11/3/2045  | 425 | 368 |
| Cisco Systems, Inc. 5.10% 2/24/2035  | 990 | 1014 |
| Citigroup Commercial Mortgage Trust, Series 2023-PRM3, Class A, 6.36% 7/10/2028 <sup>(d)(e)(h)</sup>  | 805 | 843 |
| Citigroup Commercial Mortgage Trust, Series 2023-SMRT, Class A, 6.015% 10/12/2040 <sup>(d)(e)(h)</sup>  | 1240 | 1282 |
| Citizens Financial Group, Inc. 5.718% 7/23/2032 (USD-SOFR + 1.91% on 7/23/2031) <sup>(a)</sup>  | 421 | 436 |
| Civitas Resources, Inc. 8.75% 7/1/2031 <sup>(e)</sup>  | 90 | 91 |
| Civitas Resources, Inc. 9.625% 6/15/2033 <sup>(e)</sup>  | 15 | 15 |
| Clarios Global, LP 8.50% 5/15/2027 <sup>(e)</sup>  | 90 | 91 |
| Clarivate Science Holdings Corp. 3.875% 7/1/2028 <sup>(e)</sup>  | 45 | 43 |
| Clarivate Science Holdings Corp. 4.875% 7/1/2029 <sup>(e)</sup>  | 5 | 5 |
| Cleveland-Cliffs, Inc. 6.875% 11/1/2029 <sup>(e)</sup>  | 100 | 99 |
| Cleveland-Cliffs, Inc. 4.875% 3/1/2031 <sup>(e)</sup>  | 75 | 64 |
| Cloud Software Group, Inc. 6.50% 3/31/2029 <sup>(e)</sup>  | 235 | 237 |
| Cloud Software Group, Inc. 9.00% 9/30/2029 <sup>(e)</sup>  | 175 | 182 |
| Cloud Software Group, Inc., Term Loan B1, (3-month USD CME Term SOFR + 3.50%) 7.796% <br> 3/29/2029 <sup>(g)(h)</sup>  | 252 | 252 |
| CMS Energy Corp. 3.00% 5/15/2026  | 1200 | 1185 |
| CNX Resources Corp. 7.25% 3/1/2032 <sup>(e)</sup>  | 110 | 114 |
| Coca-Cola Co. 4.65% 8/14/2034  | 336 | 338 |
| Coinbase Global, Inc. 3.375% 10/1/2028 <sup>(e)</sup>  | 55 | 52 |
| Coinbase Global, Inc. 3.625% 10/1/2031 <sup>(e)</sup>  | 85 | 76 |
| Colombia (Republic of) 3.875% 4/25/2027  | 350 | 343 |
| Colombia (Republic of) 3.125% 4/15/2031  | 3000 | 2471 |
| Colombia (Republic of) 8.00% 11/14/2035  | 445 | 448 |
| Comcast Corp. 4.80% 5/15/2033  | 4100 | 4093 |
| Compass Group Diversified Holdings, LLC 5.25% 4/15/2029 <sup>(e)</sup>  | 192 | 173 |
| Compass Group Diversified Holdings, LLC 5.00% 1/15/2032 <sup>(e)</sup>  | 65 | 55 |
| Comstock Resources, Inc. 5.875% 1/15/2030 <sup>(e)</sup>  | 65 | 63 |
| Connect Finco SARL 9.00% 9/15/2029 <sup>(e)</sup>  | 200 | 201 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **197** | American Funds Insurance Series |

---

------

Capital World Bond Fund<sup>®</sup> (continued)

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount<br> (000)<br>| Value<br> (000)<br>|
| **U.S. dollars (continued)** |  |  |
| Connecticut Avenue Securities Trust, Series 2023-R04, Class 1M1, (30-day Average USD-SOFR + 2.30%) <br> 6.605% 5/25/2043 <sup>(d)(e)(h)</sup>  | USD1,208 | $1234 |
| Connecticut Avenue Securities Trust, Series 2023-R04, Class 1M2, (30-day Average USD-SOFR + 3.55%) <br> 7.855% 5/25/2043 <sup>(d)(e)(h)</sup>  | 804 | 850 |
| Connecticut Avenue Securities Trust, Series 2023-R05, Class 1M1, (30-day Average USD-SOFR + 1.90%) <br> 6.205% 6/25/2043 <sup>(d)(e)(h)</sup>  | 658 | 665 |
| Connecticut Avenue Securities Trust, Series 2023-R05, Class 1M2, (30-day Average USD-SOFR + 3.10%) <br> 7.405% 6/25/2043 <sup>(d)(e)(h)</sup>  | 305 | 319 |
| Connecticut Avenue Securities Trust, Series 2023-R06, Class 1M1, (30-day Average USD-SOFR + 1.70%) <br> 6.005% 7/25/2043 <sup>(d)(e)(h)</sup>  | 461 | 464 |
| Connecticut Avenue Securities Trust, Series 2024-R01, Class 1M2, (30-day Average USD-SOFR + 1.80%) <br> 6.105% 1/25/2044 <sup>(d)(e)(h)</sup>  | 206 | 208 |
| Connecticut Avenue Securities Trust, Series 2024-R04, Class 1M2, (30-day Average USD-SOFR + 1.65%) <br> 5.955% 5/25/2044 <sup>(d)(e)(h)</sup>  | 1148 | 1156 |
| Connecticut Avenue Securities Trust, Series 2025-R02, Class 1A1, (30-day Average USD-SOFR + 1.00%) <br> 5.305% 2/25/2045 <sup>(d)(e)(h)</sup>  | 259 | 259 |
| Connecticut Avenue Securities Trust, Series 2025-R02, Class 1M1, (30-day Average USD-SOFR + 1.15%) <br> 5.455% 2/25/2045 <sup>(d)(e)(h)</sup>  | 671 | 671 |
| ConocoPhillips Co. 5.50% 1/15/2055  | 3050 | 2897 |
| Constellation Oil Services Holding SA 9.375% 11/7/2029 <sup>(e)</sup>  | 200 | 204 |
| Constellium SE 3.75% 4/15/2029 <sup>(e)</sup>  | 125 | 118 |
| COPT Defense Properties, LP 2.75% 4/15/2031  | 1212 | 1073 |
| Corebridge Financial, Inc. 3.90% 4/5/2032  | 748 | 703 |
| CoreLogic, Inc. 4.50% 5/1/2028 <sup>(e)</sup>  | 384 | 367 |
| CoreLogic, Inc., Term Loan, (3-month USD CME Term SOFR + 6.50%) 10.941% 6/4/2029 <sup>(g)(h)</sup>  | 65 | 63 |
| CoreWeave, Inc. 9.25% 6/1/2030 <sup>(e)</sup>  | 50 | 51 |
| Coronado Finance Pty, Ltd. 9.25% 10/1/2029 <sup>(e)</sup>  | 125 | 93 |
| Coty, Inc. 5.00% 4/15/2026 <sup>(e)</sup>  | 36 | 36 |
| Coty, Inc. 4.75% 1/15/2029 <sup>(e)</sup>  | 65 | 64 |
| Coty, Inc. 6.625% 7/15/2030 <sup>(e)</sup>  | 95 | 97 |
| Cougar JV Subsidiary, LLC 8.00% 5/15/2032 <sup>(e)</sup>  | 65 | 69 |
| Crescent Energy Finance, LLC 9.25% 2/15/2028 <sup>(e)</sup>  | 178 | 186 |
| Crescent Energy Finance, LLC 7.625% 4/1/2032 <sup>(e)</sup>  | 165 | 161 |
| Crown Castle, Inc. 2.50% 7/15/2031  | 767 | 670 |
| CSX Corp. 3.80% 4/15/2050  | 75 | 57 |
| CVR Partners, LP 6.125% 6/15/2028 <sup>(e)</sup>  | 65 | 65 |
| Darling Ingredients, Inc. 6.00% 6/15/2030 <sup>(e)</sup>  | 10 | 10 |
| DaVita, Inc. 6.75% 7/15/2033 <sup>(e)</sup>  | 40 | 41 |
| Deluxe Corp. 8.00% 6/1/2029 <sup>(e)</sup>  | 20 | 19 |
| Deutsche Bank AG 2.129% 11/24/2026 (USD-SOFR + 1.87% on 11/24/2025) <sup>(a)</sup>  | 850 | 841 |
| Deutsche Bank AG 2.311% 11/16/2027 (USD-SOFR + 1.219% on 11/16/2026) <sup>(a)</sup>  | 1160 | 1126 |
| Deutsche Telekom International Finance BV 9.25% 6/1/2032  | 930 | 1161 |
| Diamond Sports Net, LLC, Term Loan, 15.00% PIK 1/2/2028 <sup>(g)(i)</sup>  | 8 | 7 |
| Diebold Nixdorf, Inc. 7.75% 3/31/2030 <sup>(e)</sup>  | 125 | 133 |
| DIRECTV Financing, LLC 5.875% 8/15/2027 <sup>(e)</sup>  | 50 | 50 |
| DIRECTV Financing, LLC, Term Loan, (3-month USD CME Term SOFR + 5.00%) 9.541% 8/2/2027 <sup>(g)(h)</sup>  | 13 | 13 |
| DISH Network Corp. 11.75% 11/15/2027 <sup>(e)</sup>  | 296 | 305 |
| Dun & Bradstreet Corp. (The) 5.00% 12/15/2029 <sup>(e)</sup>  | 23 | 24 |
| EchoStar Corp. 10.75% 11/30/2029  | 30 | 31 |
| Edison International 5.25% 11/15/2028  | 1862 | 1844 |
| Edison International 5.45% 6/15/2029  | 75 | 74 |
| Edison International 6.95% 11/15/2029  | 350 | 364 |
| Edison International 6.25% 3/15/2030  | 1510 | 1534 |
| Edison International 5.25% 3/15/2032  | 705 | 669 |
| Edison International 5.00% junior subordinated perpetual bonds (5-year UST Yield Curve Rate T <br> Note Constant Maturity + 3.901% on 3/15/2027) <sup>(a)</sup>  | 100 | 87 |
| Egypt (Arab Republic of) 6.588% 2/21/2028  | 1550 | 1553 |
| Egypt (Arab Republic of) 9.45% 2/4/2033 <sup>(e)</sup>  | 460 | 466 |
| Electricite de France SA 5.65% 4/22/2029 <sup>(e)</sup>  | 800 | 830 |
| Electricite de France SA 9.125% junior subordinated perpetual bonds (5-year UST Yield Curve Rate T <br> Note Constant Maturity + 5.411% on 6/15/2033) <sup>(a)(e)</sup>  | 300 | 339 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| American Funds Insurance Series | **198** |

---

------

Capital World Bond Fund<sup>®</sup> (continued)

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount<br> (000)<br>| Value<br> (000)<br>|
| **U.S. dollars (continued)** |  |  |
| Element Solutions, Inc. 3.875% 9/1/2028 <sup>(e)</sup>  | USD105 | $102 |
| Ellucian Holdings, Inc. 6.50% 12/1/2029 <sup>(e)</sup>  | 25 | 26 |
| Ellucian Holdings, Inc., Term Loan, (3-month USD CME Term SOFR + 4.75%) 9.077% 11/22/2032 <sup>(g)(h)</sup>  | 25 | 26 |
| Encino Acquisition Partners Holdings, LLC 8.75% 5/1/2031 <sup>(e)</sup>  | 30 | 33 |
| Endo Finance Holdings, Inc. 8.50% 4/15/2031 <sup>(e)</sup>  | 190 | 201 |
| Endo Finance Holdings, Inc., Term Loan B, (3-month USD CME Term SOFR + 4.00%) 8.327% 4/23/2031 <sup>(g)(h)</sup>  | 84 | 84 |
| Enel Finance International NV 1.625% 7/12/2026 <sup>(e)</sup>  | 1248 | 1212 |
| Enel Finance International NV 2.125% 7/12/2028 <sup>(e)</sup>  | 1227 | 1146 |
| Enfragen Energia Sur SA 5.375% 12/30/2030  | 3329 | 2983 |
| Entergy Corp. 0.90% 9/15/2025  | 750 | 744 |
| Enterprise Products Operating, LLC 4.95% 2/15/2035  | 168 | 167 |
| Enviri Corp. 5.75% 7/31/2027 <sup>(e)</sup>  | 145 | 143 |
| EQT Corp. 6.375% 4/1/2029 <sup>(e)</sup>  | 20 | 21 |
| EQT Corp. 7.50% 6/1/2030 <sup>(e)</sup>  | 45 | 49 |
| Equinix, Inc. 1.80% 7/15/2027  | 1145 | 1092 |
| EquipmentShare, Series 2024-2M, Class A, 5.70% 12/20/2032 <sup>(d)(e)</sup>  | 871 | 885 |
| EquipmentShare, Series 2025-1M, Class A, 5.48% 9/26/2033 <sup>(d)(e)</sup>  | 1348 | 1358 |
| EquipmentShare.com, Inc. 9.00% 5/15/2028 <sup>(e)</sup>  | 90 | 95 |
| EquipmentShare.com, Inc. 8.625% 5/15/2032 <sup>(e)</sup>  | 15 | 16 |
| ESAB Corp. 6.25% 4/15/2029 <sup>(e)</sup>  | 75 | 77 |
| Evergreen Credit Card Trust, Series 2025-CRT5, Class B, 5.24% 5/15/2029 <sup>(d)(e)</sup>  | 148 | 149 |
| Exeter Automobile Receivables Trust, Series 2023-5A, Class B, 6.58% 4/17/2028 <sup>(d)</sup>  | 62 | 62 |
| Expand Energy Corp. 5.875% 2/1/2029 <sup>(e)</sup>  | 46 | 46 |
| Expand Energy Corp. 6.75% 4/15/2029 <sup>(e)</sup>  | 30 | 30 |
| Expand Energy Corp. 5.375% 3/15/2030  | 55 | 55 |
| Expand Energy Corp. 4.75% 2/1/2032  | 15 | 15 |
| Expand Energy Corp. 4.875% 4/15/2032 <sup>(j)</sup>  | 915 | 4 |
| Export-Import Bank of Thailand 5.354% 5/16/2029  | 1420 | 1461 |
| Fair Isaac Corp. 4.00% 6/15/2028 <sup>(e)</sup>  | 15 | 15 |
| Fair Isaac Corp. 6.00% 5/15/2033 <sup>(e)</sup>  | 125 | 126 |
| Fannie Mae Pool #MA5696 7.00% 3/1/2045 <sup>(d)</sup>  | 75 | 80 |
| Fannie Mae Pool #BP5576 2.50% 6/1/2050 <sup>(d)</sup>  | 6 | 5 |
| Fannie Mae Pool #FP0015 2.50% 9/1/2050 <sup>(d)</sup>  | 1 | 1 |
| Fannie Mae Pool #FS9792 4.50% 12/1/2050 <sup>(d)</sup>  | 127 | 124 |
| Fannie Mae Pool #CB0046 3.00% 4/1/2051 <sup>(d)</sup>  | 1635 | 1417 |
| Fannie Mae Pool #FM9672 2.50% 12/1/2051 <sup>(d)</sup>  | 248 | 206 |
| Fannie Mae Pool #MA4577 2.00% 4/1/2052 <sup>(d)</sup>  | 1414 | 1124 |
| Fannie Mae Pool #FS9189 2.00% 5/1/2052 <sup>(d)</sup>  | 1380 | 1097 |
| Fannie Mae Pool #FS3056 2.00% 10/1/2052 <sup>(d)</sup>  | 3437 | 2727 |
| Fannie Mae Pool #CB4852 4.50% 10/1/2052 <sup>(d)</sup>  | 3987 | 3824 |
| Fannie Mae Pool #MA4785 5.00% 10/1/2052 <sup>(d)</sup>  | 51 | 50 |
| Fannie Mae Pool #MA4805 4.50% 11/1/2052 <sup>(d)</sup>  | 1692 | 1623 |
| Fannie Mae Pool #MA4919 5.50% 2/1/2053 <sup>(d)</sup>  | 93 | 93 |
| Fannie Mae Pool #FS4191 5.50% 3/1/2053 <sup>(d)</sup>  | 203 | 205 |
| Fannie Mae Pool #CB5912 6.00% 3/1/2053 <sup>(d)</sup>  | 882 | 903 |
| Fannie Mae Pool #BY0943 4.00% 4/1/2053 <sup>(d)</sup>  | 20 | 19 |
| Fannie Mae Pool #MA5009 5.00% 5/1/2053 <sup>(d)</sup>  | 4375 | 4302 |
| Fannie Mae Pool #FS4840 5.50% 5/1/2053 <sup>(d)</sup>  | 532 | 532 |
| Fannie Mae Pool #MA5010 5.50% 5/1/2053 <sup>(d)</sup>  | 16 | 16 |
| Fannie Mae Pool #MA5039 5.50% 6/1/2053 <sup>(d)</sup>  | 58 | 58 |
| Fannie Mae Pool #CB6626 4.00% 7/1/2053 <sup>(d)</sup>  | 28 | 26 |
| Fannie Mae Pool #MA5071 5.00% 7/1/2053 <sup>(d)</sup>  | 420 | 413 |
| Fannie Mae Pool #MA5072 5.50% 7/1/2053 <sup>(d)</sup>  | 218 | 219 |
| Fannie Mae Pool #CB7104 5.50% 9/1/2053 <sup>(d)</sup>  | 1535 | 1539 |
| Fannie Mae Pool #MA5165 5.50% 10/1/2053 <sup>(d)</sup>  | 839 | 840 |
| Fannie Mae Pool #MA5166 6.00% 10/1/2053 <sup>(d)</sup>  | 1839 | 1872 |
| Fannie Mae Pool #FS6838 5.50% 11/1/2053 <sup>(d)</sup>  | 435 | 435 |
| Fannie Mae Pool #MA5191 6.00% 11/1/2053 <sup>(d)</sup>  | 2183 | 2223 |
| Fannie Mae Pool #MA5271 5.50% 2/1/2054 <sup>(d)</sup>  | 636 | 637 |
| Fannie Mae Pool #FS6809 5.50% 2/1/2054 <sup>(d)</sup>  | 220 | 220 |
| Fannie Mae Pool #MA5296 5.50% 3/1/2054 <sup>(d)</sup>  | 457 | 457 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **199** | American Funds Insurance Series |

---

------

Capital World Bond Fund<sup>®</sup> (continued)

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount<br> (000)<br>| Value<br> (000)<br>|
| **U.S. dollars (continued)** |  |  |
| Fannie Mae Pool #MA5295 6.00% 3/1/2054 <sup>(d)</sup>  | USD277 | $282 |
| Fannie Mae Pool #BU4479 5.50% 4/1/2054 <sup>(d)</sup>  | 320 | 321 |
| Fannie Mae Pool #DB2495 6.00% 5/1/2054 <sup>(d)</sup>  | 578 | 588 |
| Fannie Mae Pool #FS8131 5.50% 6/1/2054 <sup>(d)</sup>  | 1639 | 1647 |
| Fannie Mae Pool #FS8153 6.00% 6/1/2054 <sup>(d)</sup>  | 1581 | 1618 |
| Fannie Mae Pool #DB6878 6.00% 6/1/2054 <sup>(d)</sup>  | 944 | 961 |
| Fannie Mae Pool #CB8755 6.00% 6/1/2054 <sup>(d)</sup>  | 646 | 661 |
| Fannie Mae Pool #FS8223 6.00% 6/1/2054 <sup>(d)</sup>  | 219 | 223 |
| Fannie Mae Pool #FS8219 6.00% 6/1/2054 <sup>(d)</sup>  | 196 | 202 |
| Fannie Mae Pool #CB8842 5.50% 7/1/2054 <sup>(d)</sup>  | 4031 | 4038 |
| Fannie Mae Pool #DB5213 5.50% 7/1/2054 <sup>(d)</sup>  | 3341 | 3344 |
| Fannie Mae Pool #BU4699 5.50% 7/1/2054 <sup>(d)</sup>  | 1039 | 1040 |
| Fannie Mae Pool #DB5214 6.00% 7/1/2054 <sup>(d)</sup>  | 1514 | 1540 |
| Fannie Mae Pool #BU4707 6.00% 7/1/2054 <sup>(d)</sup>  | 1306 | 1329 |
| Fannie Mae Pool #BU4700 6.00% 7/1/2054 <sup>(d)</sup>  | 838 | 853 |
| Fannie Mae Pool #DB6901 6.00% 7/1/2054 <sup>(d)</sup>  | 586 | 596 |
| Fannie Mae Pool #CB8858 6.00% 7/1/2054 <sup>(d)</sup>  | 570 | 582 |
| Fannie Mae Pool #FS8318 6.00% 7/1/2054 <sup>(d)</sup>  | 420 | 431 |
| Fannie Mae Pool #FS8591 6.00% 7/1/2054 <sup>(d)</sup>  | 318 | 326 |
| Fannie Mae Pool #DB7039 6.00% 7/1/2054 <sup>(d)</sup>  | 177 | 181 |
| Fannie Mae Pool #FS8786 6.50% 7/1/2054 <sup>(d)</sup>  | 17 | 17 |
| Fannie Mae Pool #FS9819 7.00% 7/1/2054 <sup>(d)</sup>  | 43 | 46 |
| Fannie Mae Pool #DB7783 5.50% 8/1/2054 <sup>(d)</sup>  | 393 | 395 |
| Fannie Mae Pool #DB7792 6.00% 8/1/2054 <sup>(d)</sup>  | 823 | 838 |
| Fannie Mae Pool #FS8757 6.00% 8/1/2054 <sup>(d)</sup>  | 496 | 508 |
| Fannie Mae Pool #FS8758 6.00% 8/1/2054 <sup>(d)</sup>  | 340 | 346 |
| Fannie Mae Pool #BU4916 6.00% 8/1/2054 <sup>(d)</sup>  | 246 | 251 |
| Fannie Mae Pool #FS8756 6.00% 8/1/2054 <sup>(d)</sup>  | 202 | 207 |
| Fannie Mae Pool #DC0299 6.00% 8/1/2054 <sup>(d)</sup>  | 195 | 199 |
| Fannie Mae Pool #DB7692 6.00% 8/1/2054 <sup>(d)</sup>  | 189 | 192 |
| Fannie Mae Pool #BU4968 6.00% 8/1/2054 <sup>(d)</sup>  | 163 | 166 |
| Fannie Mae Pool #DB7687 6.00% 8/1/2054 <sup>(d)</sup>  | 94 | 96 |
| Fannie Mae Pool #DB7690 6.00% 8/1/2054 <sup>(d)</sup>  | 74 | 76 |
| Fannie Mae Pool #MA5445 6.00% 8/1/2054 <sup>(d)</sup>  | 68 | 69 |
| Fannie Mae Pool #DC0296 6.00% 8/1/2054 <sup>(d)</sup>  | 66 | 68 |
| Fannie Mae Pool #FS8795 6.00% 8/1/2054 <sup>(d)</sup>  | 38 | 39 |
| Fannie Mae Pool #MA5470 5.50% 9/1/2054 <sup>(d)</sup>  | 2116 | 2118 |
| Fannie Mae Pool #FS8866 6.00% 9/1/2054 <sup>(d)</sup>  | 462 | 472 |
| Fannie Mae Pool #MA5530 5.00% 11/1/2054 <sup>(d)</sup>  | 1812 | 1777 |
| Fannie Mae Pool #MA5531 5.50% 11/1/2054 <sup>(d)</sup>  | 124 | 124 |
| Fannie Mae Pool #MA5552 5.00% 12/1/2054 <sup>(d)</sup>  | 48 | 47 |
| Fannie Mae Pool #FA0608 5.50% 2/1/2055 <sup>(d)</sup>  | 3825 | 3828 |
| Fannie Mae Pool #MA5631 6.50% 2/1/2055 <sup>(d)</sup>  | 707 | 731 |
| Fannie Mae Pool #MA5644 4.50% 3/1/2055 <sup>(d)</sup>  | 612 | 585 |
| Fannie Mae Pool #MA5646 5.50% 3/1/2055 <sup>(d)</sup>  | 4644 | 4647 |
| Fannie Mae Pool #MA5647 6.00% 3/1/2055 <sup>(d)</sup>  | 104 | 105 |
| Fannie Mae Pool #MA5671 4.50% 4/1/2055 <sup>(d)</sup>  | 644 | 616 |
| Fannie Mae Pool #MA5674 6.00% 4/1/2055 <sup>(d)</sup>  | 461 | 469 |
| Fannie Mae Pool #MA5699 5.00% 5/1/2055 <sup>(d)</sup>  | 350 | 343 |
| Fannie Mae Pool #MA5701 6.00% 5/1/2055 <sup>(d)</sup>  | 202 | 206 |
| Fannie Mae Pool #MA5734 5.00% 6/1/2055 <sup>(d)</sup>  | 1624 | 1593 |
| Fannie Mae Pool #MA5735 5.50% 6/1/2055 <sup>(d)</sup>  | 324 | 325 |
| Fannie Mae Pool #MA5762 6.50% 7/1/2055 <sup>(d)</sup>  | 1 | 2 |
| Fannie Mae Pool #DD6324 5.00% 4/1/2055 <sup>(d)</sup>  | 371 | 364 |
| Farmer Mac Agricultural Real Estate Trust, Series 2024-2, Class B, 5.595% 8/1/2054 <sup>(d)(e)(h)</sup>  | 330 | 294 |
| Fertitta Entertainment, LLC 6.75% 1/15/2030 <sup>(e)</sup>  | 25 | 23 |
| Fiesta Purchaser, Inc. 7.875% 3/1/2031 <sup>(e)</sup>  | 150 | 159 |
| Fiesta Purchaser, Inc. 9.625% 9/15/2032 <sup>(e)</sup>  | 30 | 32 |
| Fiesta Purchaser, Inc., Term Loan, (3-month USD CME Term SOFR + 3.25%) 7.577% 2/12/2031 <sup>(g)(h)</sup>  | 15 | 15 |
| Finastra USA, Inc., Term Loan B, (3-month USD CME Term SOFR + 7.25%) 11.428% 9/13/2029 <sup>(b)(g)(h)</sup>  | 95 | 96 |
| Finastra USA, Inc., Term Loan, (3-month USD CME Term SOFR + 7.25%) 11.428% 9/13/2029 <sup>(b)(g)(h)</sup>  | 2 | 2 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| American Funds Insurance Series | **200** |

---

------

Capital World Bond Fund<sup>®</sup> (continued)

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount<br> (000)<br>| Value<br> (000)<br>|
| **U.S. dollars (continued)** |  |  |
| First Student Bidco, Inc. 4.00% 7/31/2029 <sup>(e)</sup>  | USD45 | $42 |
| FirstEnergy Corp., Series B, 3.90% 7/15/2027  | 1763 | 1744 |
| Fontainebleau Miami Beach Trust, Series 2024-FBLU, Class A, (1-month USD CME Term SOFR + 1.45%) <br> 5.762% 12/15/2029 <sup>(d)(e)(h)</sup>  | 483 | 484 |
| Ford Motor Co. 6.10% 8/19/2032  | 30 | 30 |
| Ford Motor Credit Co., LLC 5.85% 5/17/2027  | 2175 | 2192 |
| Ford Motor Credit Co., LLC 4.95% 5/28/2027  | 300 | 298 |
| Ford Motor Credit Co., LLC 3.815% 11/2/2027  | 200 | 193 |
| Ford Motor Credit Co., LLC 7.35% 11/4/2027  | 200 | 208 |
| Ford Motor Credit Co., LLC 2.90% 2/16/2028  | 200 | 188 |
| Ford Motor Credit Co., LLC 5.80% 3/8/2029  | 3000 | 3007 |
| Ford Motor Credit Co., LLC 4.00% 11/13/2030  | 125 | 114 |
| Ford Otomotiv Sanayi AS 7.125% 4/25/2029 <sup>(e)</sup>  | 255 | 256 |
| Freddie Mac, Series K153, Class A2, Multi Family, 3.82% 1/25/2033 <sup>(d)</sup>  | 1680 | 1617 |
| Freddie Mac Pool #RB5111 2.00% 5/1/2041 <sup>(d)</sup>  | 2088 | 1797 |
| Freddie Mac Pool #Z40273 4.50% 10/1/2048 <sup>(d)</sup>  | 195 | 190 |
| Freddie Mac Pool #RA6114 2.00% 2/1/2052 <sup>(d)</sup>  | 605 | 480 |
| Freddie Mac Pool #QE6084 5.00% 7/1/2052 <sup>(d)</sup>  | 911 | 898 |
| Freddie Mac Pool #SD8266 4.50% 11/1/2052 <sup>(d)</sup>  | 372 | 357 |
| Freddie Mac Pool #SD8276 5.00% 12/1/2052 <sup>(d)</sup>  | 3297 | 3249 |
| Freddie Mac Pool #SD8287 4.50% 1/1/2053 <sup>(d)</sup>  | 2788 | 2674 |
| Freddie Mac Pool #SD8323 5.00% 5/1/2053 <sup>(d)</sup>  | 5529 | 5434 |
| Freddie Mac Pool #SD8331 5.50% 6/1/2053 <sup>(d)</sup>  | 259 | 260 |
| Freddie Mac Pool #SD8341 5.00% 7/1/2053 <sup>(d)</sup>  | 22 | 22 |
| Freddie Mac Pool #SD8342 5.50% 7/1/2053 <sup>(d)</sup>  | 695 | 697 |
| Freddie Mac Pool #SD3432 6.00% 7/1/2053 <sup>(d)</sup>  | 173 | 177 |
| Freddie Mac Pool #SD3512 6.00% 8/1/2053 <sup>(d)</sup>  | 58 | 59 |
| Freddie Mac Pool #RA9795 4.00% 9/1/2053 <sup>(d)</sup>  | 34 | 32 |
| Freddie Mac Pool #SD8362 5.50% 9/1/2053 <sup>(d)</sup>  | 2668 | 2672 |
| Freddie Mac Pool #SD8363 6.00% 9/1/2053 <sup>(d)</sup>  | 1592 | 1620 |
| Freddie Mac Pool #SD4977 5.00% 11/1/2053 <sup>(d)</sup>  | 29450 | 28942 |
| Freddie Mac Pool #SD8372 5.50% 11/1/2053 <sup>(d)</sup>  | 11000 | 11029 |
| Freddie Mac Pool #RJ0326 6.50% 11/1/2053 <sup>(d)</sup>  | 126 | 131 |
| Freddie Mac Pool #SD8401 5.50% 2/1/2054 <sup>(d)</sup>  | 194 | 194 |
| Freddie Mac Pool #SD8402 6.00% 2/1/2054 <sup>(d)</sup>  | 1786 | 1818 |
| Freddie Mac Pool #QI1357 4.00% 3/1/2054 <sup>(d)</sup>  | 927 | 863 |
| Freddie Mac Pool #SD8408 5.50% 3/1/2054 <sup>(d)</sup>  | 1449 | 1450 |
| Freddie Mac Pool #QI3333 6.00% 4/1/2054 <sup>(d)</sup>  | 103 | 105 |
| Freddie Mac Pool #SD5692 6.00% 5/1/2054 <sup>(d)</sup>  | 126 | 129 |
| Freddie Mac Pool #SD8433 6.50% 5/1/2054 <sup>(d)</sup>  | 25 | 26 |
| Freddie Mac Pool #RJ1855 5.00% 6/1/2054 <sup>(d)</sup>  | 271 | 266 |
| Freddie Mac Pool #RJ1857 5.50% 6/1/2054 <sup>(d)</sup>  | 14756 | 14781 |
| Freddie Mac Pool #RJ1768 5.50% 6/1/2054 <sup>(d)</sup>  | 822 | 826 |
| Freddie Mac Pool #RJ1859 6.00% 6/1/2054 <sup>(d)</sup>  | 977 | 995 |
| Freddie Mac Pool #RJ1963 5.50% 7/1/2054 <sup>(d)</sup>  | 1054 | 1055 |
| Freddie Mac Pool #QI8872 5.50% 7/1/2054 <sup>(d)</sup>  | 522 | 523 |
| Freddie Mac Pool #SD8447 6.00% 7/1/2054 <sup>(d)</sup>  | 1540 | 1567 |
| Freddie Mac Pool #RJ1964 6.00% 7/1/2054 <sup>(d)</sup>  | 1259 | 1294 |
| Freddie Mac Pool #RJ1975 6.00% 7/1/2054 <sup>(d)</sup>  | 869 | 886 |
| Freddie Mac Pool #SD5813 6.00% 7/1/2054 <sup>(d)</sup>  | 538 | 551 |
| Freddie Mac Pool #QI8874 6.00% 7/1/2054 <sup>(d)</sup>  | 346 | 352 |
| Freddie Mac Pool #SD5873 6.00% 7/1/2054 <sup>(d)</sup>  | 228 | 232 |
| Freddie Mac Pool #SD5896 6.00% 7/1/2054 <sup>(d)</sup>  | 185 | 189 |
| Freddie Mac Pool #RJ2200 5.50% 8/1/2054 <sup>(d)</sup>  | 6026 | 6045 |
| Freddie Mac Pool #RJ2206 5.50% 8/1/2054 <sup>(d)</sup>  | 3860 | 3874 |
| Freddie Mac Pool #RJ2243 5.50% 8/1/2054 <sup>(d)</sup>  | 3455 | 3462 |
| Freddie Mac Pool #RJ2203 5.50% 8/1/2054 <sup>(d)</sup>  | 633 | 637 |
| Freddie Mac Pool #SD6029 6.00% 8/1/2054 <sup>(d)</sup>  | 310 | 317 |
| Freddie Mac Pool #SD8454 6.00% 8/1/2054 <sup>(d)</sup>  | 29 | 29 |
| Freddie Mac Pool #RJ2222 6.50% 8/1/2054 <sup>(d)</sup>  | 543 | 565 |
| Freddie Mac Pool #SD8462 5.50% 9/1/2054 <sup>(d)</sup>  | 2317 | 2319 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **201** | American Funds Insurance Series |

---

------

Capital World Bond Fund<sup>®</sup> (continued)

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount<br> (000)<br>| Value<br> (000)<br>|
| **U.S. dollars (continued)** |  |  |
| Freddie Mac Pool #RJ2298 5.50% 9/1/2054 <sup>(d)</sup>  | USD666 | $668 |
| Freddie Mac Pool #RJ2314 6.00% 9/1/2054 <sup>(d)</sup>  | 1084 | 1104 |
| Freddie Mac Pool #RJ2312 6.00% 9/1/2054 <sup>(d)</sup>  | 592 | 606 |
| Freddie Mac Pool #RJ2308 6.00% 9/1/2054 <sup>(d)</sup>  | 560 | 574 |
| Freddie Mac Pool #RJ2306 6.00% 9/1/2054 <sup>(d)</sup>  | 514 | 528 |
| Freddie Mac Pool #RJ2309 6.00% 9/1/2054 <sup>(d)</sup>  | 331 | 337 |
| Freddie Mac Pool #SD8469 5.50% 10/1/2054 <sup>(d)</sup>  | 443 | 444 |
| Freddie Mac Pool #RJ2851 4.50% 11/1/2054 <sup>(d)</sup>  | 426 | 408 |
| Freddie Mac Pool #SD8475 5.50% 11/1/2054 <sup>(d)</sup>  | 1156 | 1157 |
| Freddie Mac Pool #SD8491 5.00% 12/1/2054 <sup>(d)</sup>  | 523 | 513 |
| Freddie Mac Pool #QX1414 5.50% 12/1/2054 <sup>(d)</sup>  | 340 | 340 |
| Freddie Mac Pool #SD8493 5.50% 12/1/2054 <sup>(d)</sup>  | 13 | 13 |
| Freddie Mac Pool #SD8507 6.00% 2/1/2055 <sup>(d)</sup>  | 58 | 59 |
| Freddie Mac Pool #SL1094 5.00% 4/1/2055 <sup>(d)</sup>  | 152 | 149 |
| Freddie Mac Pool #SD8525 6.00% 4/1/2055 <sup>(d)</sup>  | 627 | 637 |
| Freddie Mac Pool #SD8532 5.00% 5/1/2055 <sup>(d)</sup>  | 322 | 315 |
| Freddie Mac Pool #SD8534 6.00% 5/1/2055 <sup>(d)</sup>  | 166 | 169 |
| Freddie Mac Pool #RQ0012 5.00% 6/1/2055 <sup>(d)</sup>  | 449 | 441 |
| Freddie Mac Pool #RQ0013 5.50% 6/1/2055 <sup>(d)</sup>  | 746 | 746 |
| Freddie Mac Structured Agency Credit Risk Debt Notes, Series 2022-DNA3, Class M1B, (30-day Average <br> USD-SOFR + 2.90%) 7.205% 4/25/2042 <sup>(d)(e)(h)</sup>  | 441 | 455 |
| Freddie Mac Structured Agency Credit Risk Debt Notes, Series 2025-DNA1, Class A1, (30-day Average <br> USD-SOFR + 0.95%) 5.255% 1/25/2045 <sup>(d)(e)(h)</sup>  | 282 | 282 |
| Frontier Communications Holdings, LLC 5.00% 5/1/2028 <sup>(e)</sup>  | 25 | 25 |
| Frontier Communications Holdings, LLC 6.75% 5/1/2029 <sup>(e)</sup>  | 2 | 2 |
| Frontier Communications Holdings, LLC 5.875% 11/1/2029  | 65 | 66 |
| Frontier Communications Holdings, LLC 6.00% 1/15/2030 <sup>(e)</sup>  | 103 | 104 |
| Frontier Communications Holdings, LLC 8.625% 3/15/2031 <sup>(e)</sup>  | 27 | 29 |
| FXI Holdings, Inc. 12.25% 11/15/2026 <sup>(e)</sup>  | 497 | 438 |
| Garda World Security Corp. 8.375% 11/15/2032 <sup>(e)</sup>  | 65 | 67 |
| Gartner, Inc. 3.75% 10/1/2030 <sup>(e)</sup>  | 70 | 66 |
| GCAT Trust, Series 2024-NQM2, Class A1, 6.085% 6/25/2059 (7.359% on 5/1/2028) <sup>(a)(d)(e)</sup>  | 1150 | 1160 |
| Genesis Energy, LP 8.25% 1/15/2029  | 25 | 26 |
| Genesis Energy, LP 8.875% 4/15/2030  | 38 | 40 |
| Genesis Energy, LP 7.875% 5/15/2032  | 60 | 62 |
| Georgia (Republic of) 2.75% 4/22/2026 <sup>(e)</sup>  | 400 | 389 |
| Gilead Sciences, Inc. 5.25% 10/15/2033  | 1342 | 1389 |
| Gilead Sciences, Inc. 5.55% 10/15/2053  | 1155 | 1141 |
| Glatfelter Corp., Term Loan B, (3-month USD CME Term SOFR + 4.25%) 8.583% 11/4/2031 <sup>(g)(h)</sup>  | 55 | 54 |
| Global Auto Holdings PLC 11.50% 8/15/2029 <sup>(e)</sup>  | 200 | 196 |
| Goldman Sachs Group, Inc. 1.542% 9/10/2027 (USD-SOFR + 0.818% on 9/10/2026) <sup>(a)</sup>  | 1080 | 1043 |
| Goldman Sachs Group, Inc. 5.536% 1/28/2036 (USD-SOFR + 1.38% on 1/28/2035) <sup>(a)</sup>  | 732 | 751 |
| Government National Mortgage Assn. Pool #785813 2.50% 12/20/2051 <sup>(d)</sup>  | 3561 | 2987 |
| Government National Mortgage Assn. Pool #MB0144 4.00% 1/20/2055 <sup>(d)</sup>  | 1756 | 1634 |
| Government National Mortgage Assn. Pool #MB0202 4.00% 2/20/2055 <sup>(d)</sup>  | 185 | 172 |
| Government National Mortgage Assn. Pool #MB0256 4.00% 3/20/2055 <sup>(d)</sup>  | 225 | 209 |
| Government National Mortgage Assn. Pool #MB0421 4.00% 6/20/2055 <sup>(d)</sup>  | 10 | 9 |
| Government National Mortgage Assn. 6.50% 7/1/2055 <sup>(d)(k)</sup>  | 1708 | 1754 |
| Government National Mortgage Assn., Series 2021-2, Class AH, 1.50% 6/16/2063 <sup>(d)</sup>  | 754 | 551 |
| Grand Parkway Transportation Corp., Grand Parkway System Toll Rev. Ref. Bonds, Series 2020-B, <br> 3.236% 10/1/2052  | 965 | 659 |
| Gray Media, Inc. 5.375% 11/15/2031 <sup>(e)</sup>  | 19 | 14 |
| Greenko Dutch BV 3.85% 3/29/2026  | 1514 | 1488 |
| GreenSaif Pipelines Bidco SARL 5.853% 2/23/2036 <sup>(e)</sup>  | 1645 | 1665 |
| Group 1 Automotive, Inc. 4.00% 8/15/2028 <sup>(e)</sup>  | 115 | 111 |
| Grupo Energia Bogota SA ESP 4.875% 5/15/2030 <sup>(e)</sup>  | 660 | 650 |
| Gulfport Energy Operating Corp. 6.75% 9/1/2029 <sup>(e)</sup>  | 15 | 15 |
| HAH Group Holding Co., LLC 9.75% 10/1/2031 <sup>(e)</sup>  | 115 | 114 |
| Hanesbrands, Inc., Term Loan B, (3-month USD CME Term SOFR + 2.75%) 7.077% 3/7/2032 <sup>(g)(h)</sup>  | 56 | 57 |
| Harvest Midstream I, LP 7.50% 9/1/2028 <sup>(e)</sup>  | 25 | 25 |
| Harvest Midstream I, LP 7.50% 5/15/2032 <sup>(e)</sup>  | 25 | 26 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| American Funds Insurance Series | **202** |

---

------

Capital World Bond Fund<sup>®</sup> (continued)

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount<br> (000)<br>| Value<br> (000)<br>|
| **U.S. dollars (continued)** |  |  |
| Hawaii Hotel Trust, Series 2025-MAUI, Class A, (1-month USD CME Term SOFR + 1.393%) 5.705% <br> 3/15/2042 <sup>(d)(e)(h)</sup>  | USD1,066 | $1068 |
| HCA, Inc. 5.625% 9/1/2028  | 120 | 124 |
| HealthEquity, Inc. 4.50% 10/1/2029 <sup>(e)</sup>  | 80 | 78 |
| Helios Software Holdings, Inc. 8.75% 5/1/2029 <sup>(e)</sup>  | 200 | 206 |
| Herc Holdings, Inc. 7.00% 6/15/2030 <sup>(e)</sup>  | 65 | 68 |
| Herc Holdings, Inc. 7.25% 6/15/2033 <sup>(e)</sup>  | 30 | 31 |
| Hertz Vehicle Financing, LLC, Series 2024-1A, Class A, 5.44% 1/25/2029 <sup>(d)(e)</sup>  | 249 | 253 |
| Hertz Vehicle Financing, LLC, Series 2025-1A, Class A, 4.91% 9/25/2029 <sup>(d)(e)</sup>  | 1188 | 1194 |
| Hess Midstream Operations, LP 5.50% 10/15/2030 <sup>(e)</sup>  | 14 | 14 |
| Hightower Holding, LLC 6.75% 4/15/2029 <sup>(e)</sup>  | 235 | 234 |
| Hilcorp Energy I, LP 6.00% 4/15/2030 <sup>(e)</sup>  | 105 | 102 |
| Hilcorp Energy I, LP 6.00% 2/1/2031 <sup>(e)</sup>  | 25 | 24 |
| Hilton Domestic Operating Co., Inc. 4.875% 1/15/2030  | 25 | 25 |
| Hilton Domestic Operating Co., Inc. 4.00% 5/1/2031 <sup>(e)</sup>  | 115 | 108 |
| Honduras (Republic of) 6.25% 1/19/2027  | 653 | 654 |
| Houston Galleria Mall Trust, Series 2025-HGLR, Class A, 5.644% 2/5/2045 <sup>(d)(e)(h)</sup>  | 1949 | 2004 |
| Howard Hughes Corp. (The) 5.375% 8/1/2028 <sup>(e)</sup>  | 175 | 174 |
| Howard Hughes Corp. (The) 4.125% 2/1/2029 <sup>(e)</sup>  | 195 | 186 |
| Howard Hughes Corp. (The) 4.375% 2/1/2031 <sup>(e)</sup>  | 120 | 111 |
| Howden UK Refinance 2 PLC 8.125% 2/15/2032 <sup>(e)</sup>  | 200 | 209 |
| HSBC Holdings PLC 4.292% 9/12/2026 (3-month USD CME Term SOFR + 1.609% on 9/12/2025) <sup>(a)</sup>  | 4172 | 4168 |
| HSBC Holdings PLC 4.755% 6/9/2028 (USD-SOFR + 2.11% on 6/9/2027) <sup>(a)</sup>  | 1700 | 1707 |
| HSBC Holdings PLC 7.399% 11/13/2034 (USD-SOFR + 3.02% on 11/13/2033) <sup>(a)</sup>  | 2000 | 2238 |
| HSBC Holdings PLC 6.332% 3/9/2044 (USD-SOFR + 2.65% on 3/9/2043) <sup>(a)</sup>  | 1200 | 1289 |
| HTL Commercial Mortgage Trust, Series 2024-T53, Class A, 5.875% 5/10/2039 <sup>(d)(e)(h)</sup>  | 396 | 400 |
| HUB International, Ltd. 7.375% 1/31/2032 <sup>(e)</sup>  | 130 | 136 |
| HUB International, Ltd., Term Loan, (3-month USD CME Term SOFR + 2.50%) 6.769% 6/20/2030 <sup>(g)(h)</sup>  | 3 | 3 |
| Hudson Yards Mortgage Trust, Series 2025-SPRL, Class A, 5.649% 1/13/2040 <sup>(d)(e)(h)</sup>  | 2712 | 2799 |
| Hungary (Republic of) 6.00% 9/26/2035 <sup>(e)</sup>  | 325 | 327 |
| Hungary (Republic of) 5.50% 3/26/2036 <sup>(e)</sup>  | 290 | 280 |
| Husky Injection Molding Systems, Ltd., Term Loan B, (3-month USD CME Term SOFR + 4.50%) <br> 8.796% 2/15/2029 <sup>(g)(h)</sup>  | 54 | 55 |
| Hyatt Hotels Corp. 5.75% 3/30/2032  | 16 | 16 |
| Hyundai Capital America 1.50% 6/15/2026 <sup>(e)</sup>  | 2375 | 2306 |
| Hyundai Capital America 1.65% 9/17/2026 <sup>(e)</sup>  | 269 | 260 |
| Hyundai Capital America 2.00% 6/15/2028 <sup>(e)</sup>  | 600 | 555 |
| Hyundai Capital America 6.50% 1/16/2029 <sup>(e)</sup>  | 132 | 139 |
| Icahn Enterprises, LP 9.75% 1/15/2029  | 65 | 63 |
| Indonesia Asahan Aluminium (Persero) PT 5.45% 5/15/2030 <sup>(e)</sup>  | 500 | 509 |
| Ingles Markets, Inc. 4.00% 6/15/2031 <sup>(e)</sup>  | 130 | 121 |
| Insulet Corp. 6.50% 4/1/2033 <sup>(e)</sup>  | 7 | 7 |
| Intelsat Jackson Holdings SA 6.50% 3/15/2030 <sup>(e)</sup>  | 130 | 133 |
| Intesa Sanpaolo SpA 7.00% 11/21/2025 <sup>(e)</sup>  | 225 | 227 |
| INTOWN Mortgage Trust, Series 2025-STAY, Class A, (1-month USD CME Term SOFR + 1.35%) 5.662% <br> 3/15/2042 <sup>(d)(e)(h)</sup>  | 3679 | 3668 |
| Iron Mountain Information Management Services, Inc. 5.00% 7/15/2032 <sup>(e)</sup>  | 55 | 53 |
| Iron Mountain, Inc. 5.25% 7/15/2030 <sup>(e)</sup>  | 235 | 232 |
| Ithaca Energy (North Sea) PLC 8.125% 10/15/2029 <sup>(e)</sup>  | 200 | 206 |
| Jane Street Group, LLC 6.75% 5/1/2033 <sup>(e)</sup>  | 80 | 82 |
| Jefferson Capital Holdings, LLC 8.25% 5/15/2030 <sup>(e)</sup>  | 80 | 83 |
| JH North America Holdings, Inc. 5.875% 1/31/2031 <sup>(e)</sup>  | 5 | 5 |
| JH North America Holdings, Inc. 6.125% 7/31/2032 <sup>(e)</sup>  | 5 | 5 |
| JPMorgan Chase & Co. 1.04% 2/4/2027 (USD-SOFR + 0.695% on 2/4/2026) <sup>(a)</sup>  | 1243 | 1218 |
| JPMorgan Chase & Co. 5.572% 4/22/2036 (USD-SOFR + 1.68% on 4/22/2035) <sup>(a)</sup>  | 536 | 556 |
| JPMorgan Chase & Co. 5.534% 11/29/2045 (USD-SOFR + 1.55% on 11/29/2044) <sup>(a)</sup>  | 730 | 732 |
| Kaseya, Inc., Term Loan, (3-month USD CME Term SOFR + 3.25%) 7.577% 3/20/2032 <sup>(g)(h)</sup>  | 75 | 75 |
| Kaseya, Inc., Term Loan, (3-month USD CME Term SOFR + 5.00%) 9.327% 3/20/2033 <sup>(g)(h)</sup>  | 50 | 50 |
| KB Home 6.875% 6/15/2027  | 50 | 52 |
| Kennedy-Wilson, Inc. 4.75% 3/1/2029  | 20 | 19 |
| Kennedy-Wilson, Inc. 4.75% 2/1/2030  | 245 | 225 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **203** | American Funds Insurance Series |

---

------

Capital World Bond Fund<sup>®</sup> (continued)

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount<br> (000)<br>| Value<br> (000)<br>|
| **U.S. dollars (continued)** |  |  |
| Kimmeridge Texas Gas, LLC 8.50% 2/15/2030 <sup>(e)</sup>  | USD15 | $16 |
| Kodiak Gas Services, LLC 7.25% 2/15/2029 <sup>(e)</sup>  | 10 | 10 |
| Korea Electric Power Corp. 5.375% 7/31/2026 <sup>(e)</sup>  | 1290 | 1304 |
| Korea Electric Power Corp. 4.75% 2/13/2028 <sup>(e)</sup>  | 2250 | 2277 |
| Korea Gas Corp. 5.00% 7/8/2029 <sup>(e)</sup>  | 225 | 231 |
| KSL Commercial Mortgage Trust, Series 2024-HT2, Class A, (1-month USD CME Term SOFR + 1.542%) <br> 5.854% 12/15/2039 <sup>(d)(e)(h)</sup>  | 1243 | 1243 |
| LAD Auto Receivables Trust, Series 2023-1, Class A3, 5.48% 6/15/2027 <sup>(d)(e)</sup>  | 273 | 274 |
| LAD Auto Receivables Trust, Series 2023-4, Class B, 6.39% 10/16/2028 <sup>(d)(e)</sup>  | 194 | 199 |
| LAD Auto Receivables Trust, Series 2024-3A, Class A3, 4.52% 3/15/2029 <sup>(d)(e)</sup>  | 219 | 220 |
| Lamar Media Corp. 3.75% 2/15/2028  | 10 | 10 |
| Lamar Media Corp. 3.625% 1/15/2031  | 120 | 111 |
| Lamb Weston Holdings, Inc. 4.125% 1/31/2030 <sup>(e)</sup>  | 30 | 29 |
| LATAM Airlines Group SA 7.875% 4/15/2030 <sup>(e)</sup>  | 25 | 26 |
| LCM Investments Holdings II, LLC 4.875% 5/1/2029 <sup>(e)</sup>  | 110 | 107 |
| LCM Investments Holdings II, LLC 8.25% 8/1/2031 <sup>(e)</sup>  | 40 | 43 |
| Lendbuzz Securitization Trust, Series 2025-1A, Class A2, 5.10% 10/15/2030 <sup>(d)(e)</sup>  | 530 | 532 |
| Levi Strauss & Co. 3.50% 3/1/2031 <sup>(e)</sup>  | 115 | 105 |
| LGI Homes, Inc. 8.75% 12/15/2028 <sup>(e)</sup>  | 155 | 161 |
| Light and Wonder International, Inc. 7.00% 5/15/2028 <sup>(e)</sup>  | 20 | 20 |
| Lindblad Expeditions, LLC 6.75% 2/15/2027 <sup>(e)</sup>  | 5 | 5 |
| Live Nation Entertainment, Inc. 4.75% 10/15/2027 <sup>(e)</sup>  | 130 | 129 |
| Lloyds Banking Group PLC 1.627% 5/11/2027 (1-year UST Yield Curve Rate T Note Constant Maturity + <br> 0.85% on 5/11/2026) <sup>(a)</sup>  | 7000 | 6827 |
| Lockheed Martin Corp. 5.20% 2/15/2064  | 309 | 286 |
| LPL Holdings, Inc. 4.375% 5/15/2031 <sup>(e)</sup>  | 135 | 129 |
| LSB Industries, Inc. 6.25% 10/15/2028 <sup>(e)</sup>  | 90 | 89 |
| Magnetite CLO, Ltd., Series 2019-22, Class ARR, (3-month USD CME Term SOFR + 1.25%) 5.506% <br> 7/15/2036 <sup>(d)(e)(h)</sup>  | 563 | 564 |
| Marathon CLO, Ltd., Series 2019-2A, Class A1R2, (3-month USD CME Term SOFR + 0.95%) 5.219% <br> 1/20/2033 <sup>(d)(e)(h)</sup>  | 2788 | 2776 |
| Marriott International, Inc. 2.75% 10/15/2033  | 5 | 4 |
| Marriott Ownership Resorts, Inc. 4.50% 6/15/2029 <sup>(e)</sup>  | 45 | 43 |
| Mars, Inc. 4.80% 3/1/2030 <sup>(e)</sup>  | 2925 | 2965 |
| Mars, Inc. 5.00% 3/1/2032 <sup>(e)</sup>  | 1450 | 1470 |
| Mars, Inc. 5.20% 3/1/2035 <sup>(e)</sup>  | 1475 | 1493 |
| Marsh & McLennan Companies, Inc. 5.70% 9/15/2053  | 282 | 284 |
| Mastercard, Inc. 2.00% 11/18/2031  | 600 | 523 |
| Matador Resources Co. 6.50% 4/15/2032 <sup>(e)</sup>  | 50 | 50 |
| Matador Resources Co. 6.25% 4/15/2033 <sup>(e)</sup>  | 45 | 45 |
| McDonald's Corp. 4.95% 3/3/2035  | 476 | 476 |
| Medline Borrower, LP 5.25% 10/1/2029 <sup>(e)</sup>  | 40 | 40 |
| Medline Borrower, LP, Term Loan, (3-month USD CME Term SOFR + 2.25%) 6.577% 10/23/2028 <sup>(g)(h)</sup>  | 49 | 49 |
| MEG Energy Corp. 5.875% 2/1/2029 <sup>(e)</sup>  | 30 | 30 |
| Meituan 2.125% 10/28/2025  | 1730 | 1716 |
| Melco Resorts Finance, Ltd. 5.25% 4/26/2026 <sup>(e)</sup>  | 1528 | 1527 |
| Melco Resorts Finance, Ltd. 5.625% 7/17/2027 <sup>(e)</sup>  | 873 | 872 |
| Methanex Corp. 5.125% 10/15/2027  | 55 | 55 |
| Methanex Corp. 5.25% 12/15/2029  | 5 | 5 |
| MFRA Trust, Series 2024-NQM3, Class A1, 5.722% 12/25/2069 (6.722% on 12/1/2028) <sup>(a)(d)(e)</sup>  | 1352 | 1361 |
| MGM Resorts International 5.50% 4/15/2027  | 90 | 91 |
| Microchip Technology, Inc. 5.05% 2/15/2030  | 709 | 720 |
| Mileage Plus Holdings, LLC 6.50% 6/20/2027 <sup>(e)</sup>  | 30 | 30 |
| Mineral Resources, Ltd. 8.00% 11/1/2027 <sup>(e)</sup>  | 155 | 156 |
| Mineral Resources, Ltd. 9.25% 10/1/2028 <sup>(e)</sup>  | 85 | 87 |
| Minerva Luxembourg SA 8.875% 9/13/2033  | 1086 | 1174 |
| Mission Lane Credit Card Master Trust, Series 2024-A, Class A1, 6.20% 8/15/2029 <sup>(d)(e)</sup>  | 1094 | 1104 |
| Mission Lane Credit Card Master Trust, Series 2024-A, Class B, 6.59% 8/15/2029 <sup>(d)(e)</sup>  | 539 | 543 |
| Mission Lane Credit Card Master Trust, Series 2025-B, Class A, 5.40% 9/15/2031 <sup>(d)(e)</sup>  | 1136 | 1137 |
| Molina Healthcare, Inc. 4.375% 6/15/2028 <sup>(e)</sup>  | 80 | 78 |
| Molina Healthcare, Inc. 3.875% 11/15/2030 <sup>(e)</sup>  | 75 | 70 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| American Funds Insurance Series | **204** |

---

------

Capital World Bond Fund<sup>®</sup> (continued)

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount<br> (000)<br>| Value<br> (000)<br>|
| **U.S. dollars (continued)** |  |  |
| Molina Healthcare, Inc. 6.25% 1/15/2033 <sup>(e)</sup>  | USD115 | $117 |
| Moog, Inc. 4.25% 12/9/2027 <sup>(e)</sup>  | 120 | 117 |
| Morgan Stanley 4.654% 10/18/2030 (USD-SOFR + 1.10% on 10/18/2029) <sup>(a)</sup>  | 3700 | 3708 |
| Morgan Stanley 1.794% 2/13/2032 (USD-SOFR + 1.034% on 2/13/2031) <sup>(a)</sup>  | 1433 | 1226 |
| MPT Operating Partnership, LP 8.50% 2/15/2032 <sup>(e)</sup>  | 35 | 37 |
| MSCI, Inc. 3.625% 11/1/2031 <sup>(e)</sup>  | 210 | 194 |
| MSWF Commercial Mortgage Trust, Series 2023-2, Class A5, 6.014% 12/15/2056 <sup>(d)(h)</sup>  | 336 | 360 |
| Multifamily Connecticut Avenue Securities, Series 2024-01, Class M7, (30-day Average USD-SOFR + 2.75%) <br> 7.055% 7/25/2054 <sup>(d)(e)(h)</sup>  | 493 | 498 |
| Murphy Oil Corp. 6.00% 10/1/2032  | 25 | 24 |
| Murphy Oil USA, Inc. 4.75% 9/15/2029  | 48 | 47 |
| MV24 Capital BV 6.748% 6/1/2034  | 1025 | 995 |
| Nabors Industries, Inc. 7.375% 5/15/2027 <sup>(e)</sup>  | 55 | 54 |
| Nabors Industries, Inc. 9.125% 1/31/2030 <sup>(e)</sup>  | 160 | 153 |
| National Australia Bank, Ltd. 5.181% 6/11/2034 <sup>(e)</sup>  | 1250 | 1294 |
| Nationstar Mortgage Holdings, Inc. 5.125% 12/15/2030 <sup>(e)</sup>  | 135 | 137 |
| Navient Corp. 5.00% 3/15/2027  | 45 | 45 |
| Navient Corp. 4.875% 3/15/2028  | 145 | 143 |
| Navient Corp. 7.875% 6/15/2032  | 55 | 57 |
| NCR Atleos Corp., Term Loan B, (3-month USD CME Term SOFR + 3.75%) 8.030% 4/16/2029 <sup>(g)(h)</sup>  | 21 | 21 |
| NCR Voyix Corp. 5.125% 4/15/2029 <sup>(e)</sup>  | 38 | 37 |
| New York Life Global Funding 1.20% 8/7/2030 <sup>(e)</sup>  | 2725 | 2332 |
| New York Life Global Funding 5.00% 1/9/2034 <sup>(e)</sup>  | 1500 | 1511 |
| New York Mortgage Trust, Series 2024-CP1, Class A1, 3.75% 2/25/2068 <sup>(d)(e)(h)</sup>  | 547 | 506 |
| Newell Brands, Inc. 8.50% 6/1/2028 <sup>(e)</sup>  | 30 | 32 |
| Nexstar Media, Inc. 4.75% 11/1/2028 <sup>(e)</sup>  | 165 | 161 |
| NFE Financing, LLC 12.00% 11/15/2029 <sup>(e)</sup>  | 709 | 323 |
| NGL Energy Operating, LLC 8.125% 2/15/2029 <sup>(e)</sup>  | 55 | 56 |
| NGL Energy Operating, LLC 8.375% 2/15/2032 <sup>(e)</sup>  | 70 | 70 |
| NMEF Funding, LLC, Series 2025-A, Class A2, 4.72% 7/15/2032 <sup>(d)(e)</sup>  | 662 | 663 |
| Norfolk Southern Corp. 5.35% 8/1/2054  | 496 | 474 |
| Northern Oil and Gas, Inc. 8.125% 3/1/2028 <sup>(e)</sup>  | 150 | 151 |
| NOVA Chemicals Corp. 5.25% 6/1/2027 <sup>(e)</sup>  | 20 | 20 |
| NOVA Chemicals Corp. 9.00% 2/15/2030 <sup>(e)</sup>  | 90 | 97 |
| Novelis Corp. 4.75% 1/30/2030 <sup>(e)</sup>  | 80 | 77 |
| Novelis Corp. 3.875% 8/15/2031 <sup>(e)</sup>  | 20 | 18 |
| NuStar Logistics, LP 5.625% 4/28/2027  | 80 | 81 |
| Occidental Petroleum Corp. 6.375% 9/1/2028  | 54 | 56 |
| OCP SA 3.75% 6/23/2031  | 500 | 449 |
| OnDeck Asset Securitization Trust, LLC, Series 2024-1, Class A, 6.27% 6/17/2031 <sup>(d)(e)</sup>  | 269 | 272 |
| OnDeck Asset Securitization Trust, LLC, Series 2024-1, Class B, 7.15% 6/17/2031 <sup>(d)(e)</sup>  | 120 | 122 |
| OneMain Finance Corp. 7.125% 9/15/2032  | 25 | 26 |
| ONEOK, Inc. 5.80% 11/1/2030  | 69 | 72 |
| ONEOK, Inc. 6.05% 9/1/2033  | 514 | 540 |
| ONEOK, Inc. 6.625% 9/1/2053  | 290 | 302 |
| OneSky Flight, LLC 8.875% 12/15/2029 <sup>(e)</sup>  | 35 | 36 |
| Onslow Bay Financial, LLC, Series 2024-NQM5, Class A1, 5.988% 3/25/2028 (6.988% on 3/1/2028) <sup>(a)(d)(e)</sup>  | 770 | 776 |
| Onslow Bay Financial, LLC, Series 2024-NQM7, Class A1, 6.243% 3/25/2064 (7.243% on 4/1/2028) <sup>(a)(d)(e)</sup>  | 1494 | 1510 |
| Onslow Bay Financial, LLC, Series 2025-NQM3, Class A1, 5.648% 12/1/2064 (6.648% on 2/1/2029) <sup>(a)(d)(e)</sup>  | 2573 | 2589 |
| Onslow Bay Financial, LLC, Series 2025-NQM1, Class A1, 5.547% 12/25/2064 (6.547% on 12/1/2028) <sup>(a)(d)(e)</sup>  | 2624 | 2635 |
| Open Text Corp. 3.875% 2/15/2028 <sup>(e)</sup>  | 25 | 24 |
| Option Care Health, Inc. 4.375% 10/31/2029 <sup>(e)</sup>  | 25 | 24 |
| Oracle Corp. 2.65% 7/15/2026  | 2327 | 2286 |
| Oracle Corp. 3.25% 11/15/2027  | 1880 | 1838 |
| Oracle Corp. 3.95% 3/25/2051  | 22 | 16 |
| Orange 9.00% 3/1/2031 <sup>(a)</sup>  | 2434 | 2958 |
| Osaic Holdings, Inc. 10.75% 8/1/2027 <sup>(e)</sup>  | 256 | 257 |
| Owens & Minor, Inc. 6.625% 4/1/2030 <sup>(e)</sup>  | 40 | 38 |
| Pacific Gas and Electric Co. 3.15% 1/1/2026  | 3000 | 2972 |
| Pacific Gas and Electric Co. 4.65% 8/1/2028  | 542 | 539 |
| Pacific Gas and Electric Co. 6.40% 6/15/2033  | 1500 | 1569 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **205** | American Funds Insurance Series |

---

------

Capital World Bond Fund<sup>®</sup> (continued)

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount<br> (000)<br>| Value<br> (000)<br>|
| **U.S. dollars (continued)** |  |  |
| Pacific Gas and Electric Co. 3.30% 8/1/2040  | USD4,525 | $3241 |
| PacifiCorp 3.30% 3/15/2051  | 150 | 98 |
| PacifiCorp 2.90% 6/15/2052  | 280 | 166 |
| PacifiCorp 5.35% 12/1/2053  | 525 | 472 |
| PacifiCorp 5.50% 5/15/2054  | 980 | 902 |
| PacifiCorp 5.80% 1/15/2055  | 500 | 479 |
| Panama (Republic of) 3.75% 4/17/2026  | 465 | 459 |
| Panama (Republic of) 7.50% 3/1/2031  | 415 | 443 |
| Panama (Republic of) 6.40% 2/14/2035  | 850 | 830 |
| Panama (Republic of) 8.00% 3/1/2038  | 755 | 811 |
| Panama (Republic of) 7.875% 3/1/2057  | 2015 | 2055 |
| Park Intermediate Holdings, LLC 5.875% 10/1/2028 <sup>(e)</sup>  | 65 | 65 |
| Park Intermediate Holdings, LLC 4.875% 5/15/2029 <sup>(e)</sup>  | 65 | 63 |
| Park Intermediate Holdings, LLC 7.00% 2/1/2030 <sup>(e)</sup>  | 55 | 57 |
| Party City Holdco, Inc. 12.00% PIK 1/11/2029 <sup>(e)(f)(i)(j)</sup>  | 2 | — <br><sup>(l)</sup><br>|
| PEAC Solutions Receivables, LLC, Series 2025-1A, Class A2, 4.94% 10/20/2028 <sup>(d)(e)</sup>  | 1059 | 1063 |
| Performance Food Group, Inc. 5.50% 10/15/2027 <sup>(e)</sup>  | 11 | 11 |
| Permian Resources Operating, LLC 9.875% 7/15/2031 <sup>(e)</sup>  | 3 | 3 |
| Permian Resources Operating, LLC 7.00% 1/15/2032 <sup>(e)</sup>  | 25 | 26 |
| Permian Resources Operating, LLC 6.25% 2/1/2033 <sup>(e)</sup>  | 106 | 107 |
| Petroleos Mexicanos 6.875% 10/16/2025  | 946 | 946 |
| Petroleos Mexicanos 6.875% 8/4/2026  | 638 | 639 |
| Petroleos Mexicanos 6.49% 1/23/2027  | 5999 | 5972 |
| Petroleos Mexicanos 6.50% 3/13/2027  | 6200 | 6161 |
| Petroleos Mexicanos 6.84% 1/23/2030  | 8494 | 8211 |
| Petroleos Mexicanos 5.95% 1/28/2031  | 65 | 59 |
| Petroleos Mexicanos 6.70% 2/16/2032  | 779 | 724 |
| Petroleos Mexicanos 6.95% 1/28/2060  | 55 | 40 |
| Petrorio Luxembourg Holding SARL 6.125% 6/9/2026  | 910 | 912 |
| Pfizer Investment Enterprises Pte., Ltd. 4.75% 5/19/2033  | 2128 | 2122 |
| Pfizer Investment Enterprises Pte., Ltd. 5.30% 5/19/2053  | 188 | 178 |
| PG&E Corp. 5.00% 7/1/2028  | 235 | 229 |
| PG&E Corp. 5.25% 7/1/2030  | 175 | 167 |
| PG&E Corp., junior subordinated, 7.375% 3/15/2055 (5-year UST Yield Curve Rate T Note Constant Maturity <br> + 3.883% on 3/15/2030) <sup>(a)</sup>  | 145 | 138 |
| Philip Morris International, Inc. 5.125% 11/17/2027  | 315 | 321 |
| Philip Morris International, Inc. 2.10% 5/1/2030  | 634 | 571 |
| Philip Morris International, Inc. 5.75% 11/17/2032  | 1554 | 1644 |
| Philip Morris International, Inc. 5.375% 2/15/2033  | 1382 | 1428 |
| PNC Financial Services Group, Inc. 5.676% 1/22/2035 (USD-SOFR + 1.902% on 1/22/2034) <sup>(a)</sup>  | 375 | 390 |
| POSCO Holdings, Inc. 4.875% 1/23/2027 <sup>(e)</sup>  | 510 | 512 |
| Post Holdings, Inc. 5.50% 12/15/2029 <sup>(e)</sup>  | 80 | 80 |
| Post Holdings, Inc. 4.625% 4/15/2030 <sup>(e)</sup>  | 444 | 427 |
| Post Holdings, Inc. 6.25% 2/15/2032 <sup>(e)</sup>  | 33 | 34 |
| Prestige Brands, Inc. 3.75% 4/1/2031 <sup>(e)</sup>  | 120 | 111 |
| Procter & Gamble Co. 3.00% 3/25/2030  | 338 | 323 |
| Progress Residential Trust, Series 2025-SFR3, Class A, 3.39% 7/17/2030 <sup>(d)(e)</sup>  | 902 | 850 |
| PRP Advisors, LLC, Series 2025-RPL3, Class A1, 3.25% 4/25/2055 (4.25% on 4/1/2028) <sup>(a)(d)(e)</sup>  | 833 | 798 |
| PT Bank Negara Indonesia (Persero) Tbk 4.30% junior subordinated perpetual bonds (5-year UST Yield <br> Curve Rate T Note Constant Maturity + 3.466% on 3/24/2027) <sup>(a)</sup>  | 2755 | 2633 |
| PT Freeport Indonesia 5.315% 4/14/2032  | 449 | 450 |
| Quikrete Holdings, Inc. 6.375% 3/1/2032 <sup>(e)</sup>  | 40 | 41 |
| Quikrete Holdings, Inc. 6.75% 3/1/2033 <sup>(e)</sup>  | 10 | 10 |
| Quikrete Holdings, Inc., Term Loan B3, (3-month USD CME Term SOFR + 2.25%) 6.577% 2/10/2032 <sup>(g)(h)</sup>  | 15 | 15 |
| Radiology Partners, Inc. 9.781% PIK 2/15/2030 <sup>(e)(i)</sup>  | 282 | 277 |
| Radiology Partners, Inc., Term Loan B, (3-month USD CME Term SOFR + 3.50%) 1.50% PIK and 6.591% <br> Cash 1/31/2029 <sup>(g)(h)(i)</sup>  | 9 | 9 |
| Raizen Fuels Finance SA 6.45% 3/5/2034 <sup>(e)</sup>  | 910 | 911 |
| Range Resources Corp. 4.75% 2/15/2030 <sup>(e)</sup>  | 145 | 141 |
| Reworld Holding Corp. 4.875% 12/1/2029 <sup>(e)</sup>  | 25 | 24 |
| RHP Hotel Properties, LP 7.25% 7/15/2028 <sup>(e)</sup>  | 80 | 83 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| American Funds Insurance Series | **206** |

---

------

Capital World Bond Fund<sup>®</sup> (continued)

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount<br> (000)<br>| Value<br> (000)<br>|
| **U.S. dollars (continued)** |  |  |
| RHP Hotel Properties, LP 4.50% 2/15/2029 <sup>(e)</sup>  | USD90 | $88 |
| RHP Hotel Properties, LP 6.50% 6/15/2033 <sup>(e)</sup>  | 30 | 31 |
| Rio Tinto Finance (USA) PLC 5.25% 3/14/2035  | 1420 | 1446 |
| RLJ Lodging Trust, LP 4.00% 9/15/2029 <sup>(e)</sup>  | 25 | 23 |
| Roller Bearing Company of America, Inc. 4.375% 10/15/2029 <sup>(e)</sup>  | 20 | 19 |
| Royal Bank of Canada 5.153% 2/4/2031 (USD-SOFR + 1.03% on 2/4/2030) <sup>(a)</sup>  | 1700 | 1736 |
| Royal Caribbean Cruises, Ltd. 5.50% 4/1/2028 <sup>(e)</sup>  | 75 | 76 |
| Royal Caribbean Cruises, Ltd. 6.00% 2/1/2033 <sup>(e)</sup>  | 90 | 92 |
| Ryan Specialty, LLC 4.375% 2/1/2030 <sup>(e)</sup>  | 45 | 44 |
| Ryan Specialty, LLC 5.875% 8/1/2032 <sup>(e)</sup>  | 20 | 20 |
| Sabre GLBL, Inc. 11.125% 7/15/2030 <sup>(e)</sup>  | 25 | 26 |
| Sally Holdings, LLC 6.75% 3/1/2032  | 107 | 110 |
| Sands China, Ltd. 5.40% 8/8/2028  | 2710 | 2732 |
| Santander Holdings USA, Inc. 3.244% 10/5/2026  | 3750 | 3693 |
| Sasol Financing USA, LLC 8.75% 5/3/2029 <sup>(b)</sup>  | 1330 | 1318 |
| Sats Treasury Pte., Ltd. 4.828% 1/23/2029  | 350 | 356 |
| Saturn Oil & Gas, Inc. 9.625% 6/15/2029 <sup>(e)</sup>  | 66 | 66 |
| Saudi Arabian Oil Co. 5.75% 7/17/2054 <sup>(e)</sup>  | 1040 | 977 |
| Scentre Group Trust 1 3.75% 3/23/2027 <sup>(e)</sup>  | 110 | 109 |
| SCF Equipment Trust, LLC, Series 2025-1A, Class A3, 5.11% 11/21/2033 <sup>(d)(e)</sup>  | 2846 | 2907 |
| Scientific Games Holdings, LP 6.625% 3/1/2030 <sup>(e)</sup>  | 46 | 44 |
| SCIH Salt Holdings, Inc. 4.875% 5/1/2028 <sup>(e)</sup>  | 115 | 112 |
| Sealed Air Corp. 6.125% 2/1/2028 <sup>(e)</sup>  | 180 | 183 |
| Sealed Air Corp. 6.50% 7/15/2032 <sup>(e)</sup>  | 123 | 128 |
| Securitized Term Auto Receivables Trust, Series 2025-A, Class B, 5.038% 7/25/2031 <sup>(d)(e)</sup>  | 158 | 160 |
| Securitized Term Auto Receivables Trust, Series 2025-B, Class B, 4.98% 12/29/2032 <sup>(d)(e)</sup>  | 826 | 829 |
| Serbia (Republic of) 6.25% 5/26/2028 <sup>(e)</sup>  | 740 | 766 |
| Service Corp. International 5.75% 10/15/2032  | 35 | 35 |
| Service Properties Trust 8.625% 11/15/2031 <sup>(e)</sup>  | 60 | 64 |
| ServiceNow, Inc. 1.40% 9/1/2030  | 756 | 655 |
| Simmons Foods, Inc. 4.625% 3/1/2029 <sup>(e)</sup>  | 80 | 76 |
| Sirius XM Radio, LLC 3.125% 9/1/2026 <sup>(e)</sup>  | 50 | 49 |
| Sirius XM Radio, LLC 4.00% 7/15/2028 <sup>(e)</sup>  | 195 | 187 |
| Sirius XM Radio, LLC 4.125% 7/1/2030 <sup>(e)</sup>  | 39 | 36 |
| Sirius XM Radio, LLC 3.875% 9/1/2031 <sup>(e)</sup>  | 111 | 99 |
| SK hynix, Inc. 1.50% 1/19/2026  | 563 | 554 |
| SLM Corp. 6.50% 1/31/2030  | 85 | 89 |
| SM Energy Co. 6.50% 7/15/2028  | 45 | 45 |
| SMB Private Education Loan Trust, Series 2023-C, Class A1B, (30-day Average USD-SOFR + 1.55%) <br> 5.854% 11/15/2052 <sup>(d)(e)(h)</sup>  | 547 | 553 |
| SMRC Automotive Holdings Netherlands BV 5.625% 7/11/2029 <sup>(e)</sup>  | 595 | 605 |
| Sonic Automotive, Inc. 4.625% 11/15/2029 <sup>(e)</sup>  | 45 | 44 |
| Sonic Automotive, Inc. 4.875% 11/15/2031 <sup>(e)</sup>  | 20 | 19 |
| Southern California Edison Co. 2.85% 8/1/2029  | 200 | 185 |
| Southern California Edison Co. 3.65% 2/1/2050  | 1700 | 1125 |
| Southern California Edison Co. 5.90% 3/1/2055  | 1100 | 1007 |
| Spirit AeroSystems, Inc., Term Loan, (3-month CME Term SOFR + 4.25%) 8.78% 1/15/2027 <sup>(g)(h)</sup>  | 5 | 5 |
| Sprint, LLC 7.625% 3/1/2026  | 130 | 131 |
| Stagwell Global, LLC 5.625% 8/15/2029 <sup>(e)</sup>  | 115 | 110 |
| Starwood Mortgage Residential Trust, Series 2025-SFR5, Class A, (1-month USD CME Term SOFR + 1.45%) <br> 5.762% 2/17/2042 <sup>(d)(e)(h)</sup>  | 216 | 216 |
| State Street Corp. 5.146% 2/28/2036 (USD-SOFR + 1.217% on 2/28/2035) <sup>(a)</sup>  | 1450 | 1467 |
| Station Casinos, LLC 6.625% 3/15/2032 <sup>(e)</sup>  | 35 | 36 |
| Steele Creek CLO, Ltd., Series 2019-2A, Class ARR, (3-month USD CME Term SOFR + 1.00%) 5.256% <br> 7/15/2032 <sup>(d)(e)(h)</sup>  | 1832 | 1832 |
| Stillwater Mining Co. 4.00% 11/16/2026 <sup>(b)</sup>  | 2090 | 2043 |
| Sunoco, LP 7.00% 5/1/2029 <sup>(e)</sup>  | 30 | 31 |
| Sunoco, LP 4.50% 5/15/2029  | 290 | 282 |
| Sunoco, LP 4.50% 4/30/2030  | 35 | 34 |
| Surgery Center Holdings, Inc. 7.25% 4/15/2032 <sup>(e)</sup>  | 45 | 46 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **207** | American Funds Insurance Series |

---

------

Capital World Bond Fund<sup>®</sup> (continued)

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount<br> (000)<br>| Value<br> (000)<br>|
| **U.S. dollars (continued)** |  |  |
| SWCH Commercial Mortgage Trust, Series 2025-DATA, Class A, (1-month USD CME Term SOFR + 1.443%) <br> 5.755% 3/15/2042 <sup>(d)(e)(h)</sup>  | USD6,917 | $6877 |
| Synopsys, Inc. 5.15% 4/1/2035  | 1410 | 1422 |
| Talen Energy Supply, LLC 8.625% 6/1/2030 <sup>(e)</sup>  | 69 | 74 |
| Talen Energy Supply, LLC, Term Loan B, (3-month USD CME Term SOFR + 2.50%) 6.808% 5/17/2030 <sup>(g)(h)</sup>  | 44 | 44 |
| Talos Production, Inc. 9.00% 2/1/2029 <sup>(e)</sup>  | 15 | 15 |
| Talos Production, Inc. 9.375% 2/1/2031 <sup>(e)</sup>  | 55 | 56 |
| Tenet Healthcare Corp. 6.125% 10/1/2028  | 25 | 25 |
| Teva Pharmaceutical Finance Netherlands III BV 5.125% 5/9/2029  | 455 | 458 |
| Teva Pharmaceutical Finance Netherlands III BV 6.00% 12/1/2032  | 200 | 204 |
| TGS ASA 8.50% 1/15/2030 <sup>(e)</sup>  | 200 | 207 |
| Tidewater, Inc. 9.125% 7/15/2030 <sup>(e)</sup>  | 10 | 10 |
| Tierra Mojada Luxembourg II SARL 5.75% 12/1/2040  | 863 | 816 |
| T-Mobile USA, Inc. 2.40% 3/15/2029  | 1079 | 1005 |
| T-Mobile USA, Inc. 5.65% 1/15/2053  | 1400 | 1355 |
| Toronto-Dominion Bank (The) 4.783% 12/17/2029  | 424 | 429 |
| TotalEnergies Capital SA 5.488% 4/5/2054  | 1500 | 1445 |
| TransDigm, Inc. 4.875% 5/1/2029  | 80 | 79 |
| TransDigm, Inc. 6.875% 12/15/2030 <sup>(e)</sup>  | 85 | 88 |
| TransDigm, Inc. 6.625% 3/1/2032 <sup>(e)</sup>  | 45 | 47 |
| TransDigm, Inc. 6.375% 5/31/2033 <sup>(e)</sup>  | 75 | 75 |
| Transocean Poseidon, Ltd. 6.875% 2/1/2027 <sup>(e)</sup>  | 39 | 39 |
| Transocean Titan Financing, Ltd. 8.375% 2/1/2028 <sup>(e)</sup>  | 92 | 94 |
| Transocean, Inc. 8.75% 2/15/2030 <sup>(e)</sup>  | 32 | 33 |
| Transocean, Inc. 6.80% 3/15/2038  | 35 | 25 |
| Treehouse Park Improvement Association No.1 9.75% 12/1/2033 <sup>(e)(f)</sup>  | 100 | 100 |
| Tricon Residential Trust, Series 2023-SFR1, Class B, 5.10% 7/17/2040 <sup>(d)(e)</sup>  | 251 | 252 |
| Tricon Residential Trust, Series 2023-SFR1, Class C, 5.10% 7/17/2040 <sup>(d)(e)</sup>  | 100 | 100 |
| Triumph Group, Inc. 9.00% 3/15/2028 <sup>(e)</sup>  | 57 | 60 |
| Truist Insurance Holdings, LLC, Term Loan, (3-month USD CME Term SOFR + 4.75%) 9.046% 5/6/2032 <sup>(g)(h)</sup>  | 124 | 125 |
| Turkey (Republic of) 7.125% 7/17/2032  | 1360 | 1363 |
| U.S. Bank National Association, Series 2025-SUP1, Class B, 5.582% 2/25/2032 <sup>(d)(e)</sup>  | 752 | 753 |
| U.S. Treasury 3.875% 5/31/2027  | 662 | 664 |
| U.S. Treasury 3.50% 9/30/2029  | 399 | 395 |
| U.S. Treasury 4.125% 10/31/2029  | 328 | 333 |
| U.S. Treasury 4.00% 5/31/2030  | 2995 | 3024 |
| U.S. Treasury 4.125% 11/30/2031  | 704 | 711 |
| U.S. Treasury 3.875% 8/15/2034  | 540 | 527 |
| U.S. Treasury 4.625% 2/15/2035 <sup>(m)</sup>  | 1681 | 1734 |
| U.S. Treasury 1.75% 8/15/2041 <sup>(m)</sup>  | 4650 | 3087 |
| U.S. Treasury 4.75% 11/15/2043  | 2650 | 2648 |
| U.S. Treasury 4.625% 5/15/2044  | 1210 | 1187 |
| U.S. Treasury 3.00% 8/15/2048 <sup>(m)</sup>  | 5045 | 3730 |
| U.S. Treasury 1.25% 5/15/2050  | 1625 | 781 |
| U.S. Treasury 4.75% 11/15/2053 <sup>(m)</sup>  | 4809 | 4763 |
| U.S. Treasury 4.25% 2/15/2054  | 681 | 621 |
| U.S. Treasury 4.625% 5/15/2054 <sup>(m)</sup>  | 5926 | 5755 |
| U.S. Treasury 4.50% 11/15/2054  | 143 | 136 |
| U.S. Treasury Inflation-Protected Security 0.125% 7/15/2026 <sup>(c)</sup>  | 837 | 830 |
| U.S. Treasury Inflation-Protected Security 2.375% 10/15/2028 <sup>(c)(m)</sup>  | 10569 | 10964 |
| U.S. Treasury Inflation-Protected Security 0.125% 2/15/2051 <sup>(c)</sup>  | 3487 | 1900 |
| U.S. Treasury Inflation-Protected Security 1.50% 2/15/2053 <sup>(c)</sup>  | 183 | 145 |
| U.S. Treasury Inflation-Protected Security 2.125% 2/15/2054 <sup>(c)(m)</sup>  | 5916 | 5416 |
| UKG, Inc. 6.875% 2/1/2031 <sup>(e)</sup>  | 77 | 80 |
| Uniform Mortgage-Backed Security 3.50% 7/1/2055 <sup>(d)(k)</sup>  | 3098 | 2789 |
| Uniform Mortgage-Backed Security 4.50% 7/1/2055 <sup>(d)(k)</sup>  | 4068 | 3892 |
| Uniform Mortgage-Backed Security 5.00% 7/1/2055 <sup>(d)(k)</sup>  | 171 | 168 |
| Uniform Mortgage-Backed Security 6.00% 7/1/2055 <sup>(d)(k)</sup>  | 5160 | 5244 |
| Uniform Mortgage-Backed Security 7.00% 7/1/2055 <sup>(d)(k)</sup>  | 183 | 193 |
| Uniform Mortgage-Backed Security 6.50% 8/1/2055 <sup>(d)(k)</sup>  | 6 | 6 |
| United Mexican States 6.00% 5/7/2036  | 970 | 960 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| American Funds Insurance Series | **208** |

---

------

Capital World Bond Fund<sup>®</sup> (continued)

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount<br> (000)<br>| Value<br> (000)<br>|
| **U.S. dollars (continued)** |  |  |
| United Mexican States 6.338% 5/4/2053  | USD425 | $391 |
| United Natural Foods, Inc. 6.75% 10/15/2028 <sup>(e)</sup>  | 85 | 84 |
| United Rentals (North America), Inc. 3.875% 2/15/2031  | 130 | 122 |
| Univision Communications, Inc. 8.00% 8/15/2028 <sup>(e)</sup>  | 110 | 112 |
| Univision Communications, Inc. 4.50% 5/1/2029 <sup>(e)</sup>  | 250 | 228 |
| US Foods, Inc. 4.625% 6/1/2030 <sup>(e)</sup>  | 35 | 34 |
| Vail Resorts, Inc. 5.625% 7/15/2030 <sup>(e)</sup>  | 35 | 35 |
| Vail Resorts, Inc. 6.50% 5/15/2032 <sup>(e)</sup>  | 20 | 21 |
| Valvoline, Inc. 3.625% 6/15/2031 <sup>(e)</sup>  | 85 | 77 |
| Venator Material, LLC, Term Loan, (3-month USD CME Term SOFR + 2.00%) 8.00% PIK and 6.308% Cash <br> 1/16/2026 <sup>(f)(g)(h)(i)</sup>  | 32 | 18 |
| Venator Material, LLC, Term Loan, (3-month USD CME Term SOFR + 8.00%) 8.00% PIK and 6.329% Cash <br> 7/16/2026 <sup>(f)(g)(h)(i)</sup>  | 33 | 18 |
| Venator Material, LLC, Term Loan, (USD-SOFR + 10.00%) 8.00% PIK and 6.302% Cash 10/12/2028 <sup>(f)(g)(h)(i)</sup>  | 54 | 30 |
| Venture Global Calcasieu Pass, LLC 3.875% 8/15/2029 <sup>(e)</sup>  | 35 | 33 |
| Venture Global Calcasieu Pass, LLC 6.25% 1/15/2030 <sup>(e)</sup>  | 31 | 32 |
| Venture Global Calcasieu Pass, LLC 4.125% 8/15/2031 <sup>(e)</sup>  | 110 | 102 |
| Venture Global LNG, Inc. 8.125% 6/1/2028 <sup>(e)</sup>  | 80 | 83 |
| Venture Global LNG, Inc. 9.875% 2/1/2032 <sup>(e)</sup>  | 82 | 89 |
| Venture Global Plaquemines LNG, LLC 7.50% 5/1/2033 <sup>(e)</sup>  | 55 | 59 |
| Venture Global Plaquemines LNG, LLC 6.50% 1/15/2034 <sup>(e)</sup>  | 115 | 115 |
| Venture Global Plaquemines LNG, LLC 7.75% 5/1/2035 <sup>(e)</sup>  | 25 | 27 |
| Venture Global Plaquemines LNG, LLC 6.75% 1/15/2036 <sup>(e)</sup>  | 85 | 85 |
| Veralto Corp. 5.35% 9/18/2028  | 2900 | 2990 |
| Verus Securitization Trust, Series 2024-4, Class A1, 6.218% 6/25/2069 (7.218% on 5/1/2028) <sup>(a)(d)(e)</sup>  | 631 | 638 |
| Verus Securitization Trust, Series 2024-9, Class A1, 5.438% 11/25/2069 <sup>(d)(e)(h)</sup>  | 838 | 840 |
| Voyager Parent, LLC 9.25% 7/1/2032 <sup>(e)</sup>  | 150 | 156 |
| VZ Secured Financing BV 5.00% 1/15/2032 <sup>(e)</sup>  | 200 | 178 |
| Warrior Met Coal, Inc. 7.875% 12/1/2028 <sup>(e)</sup>  | 71 | 73 |
| WASH Multifamily Acquisition, Inc. 5.75% 4/15/2026 <sup>(e)</sup>  | 200 | 199 |
| Waste Management, Inc. 3.875% 1/15/2029  | 50 | 49 |
| Waste Pro USA, Inc. 7.00% 2/1/2033 <sup>(e)</sup>  | 20 | 21 |
| Weatherford International, Ltd. 8.625% 4/30/2030 <sup>(e)</sup>  | 93 | 96 |
| Wells Fargo & Co. 3.526% 3/24/2028 (USD-SOFR + 1.51% on 3/24/2027) <sup>(a)</sup>  | 4698 | 4633 |
| Wells Fargo & Co. 4.611% 4/25/2053 (USD-SOFR + 2.13% on 4/25/2052) <sup>(a)</sup>  | 1600 | 1365 |
| WESCO Distribution, Inc. 7.25% 6/15/2028 <sup>(e)</sup>  | 200 | 203 |
| WESCO Distribution, Inc. 6.625% 3/15/2032 <sup>(e)</sup>  | 150 | 156 |
| Westlake Automobile Receivables Trust, Series 2023-1, Class B, 5.41% 1/18/2028 <sup>(d)(e)</sup>  | 50 | 50 |
| Wingspire Equipment Finance, LLC, Series 2024-1A, Class A2, 4.99% 9/20/2032 <sup>(d)(e)</sup>  | 146 | 146 |
| WMG Acquisition Corp. 3.75% 12/1/2029 <sup>(e)</sup>  | 110 | 103 |
| WMG Acquisition Corp. 3.875% 7/15/2030 <sup>(e)</sup>  | 135 | 126 |
| WMG Acquisition Corp. 3.00% 2/15/2031 <sup>(e)</sup>  | 80 | 73 |
| Wolfspeed, Inc. 2.00% PIK and 9.875% Cash 6/23/2030 (13.875% on 6/22/2026) <sup>(a)(b)(i)</sup>  | 106 | 107 |
| Wynn Resorts Finance, LLC 7.125% 2/15/2031 <sup>(e)</sup>  | 43 | 46 |
| Ziggo BV 4.875% 1/15/2030 <sup>(e)</sup>  | 300 | 281 |
|  |  | 644142 |
| **Total bonds, notes & other debt instruments** (cost: $1,425,802,000) | **Total bonds, notes & other debt instruments** (cost: $1,425,802,000) | 1415113 |
| Preferred securities 0.01% | Shares |  |
| **U.S. dollars 0.01%** |  |  |
| ACR III LSC Holdings, LLC, Series B, preferred shares <sup>(e)(f)(n)</sup>  | 48 | 68 |
| **Total preferred securities** (cost: $49,000) |  | 68 |
| Common stocks 0.12% |  |  |
| **Norwegian kroner 0.12%** |  |  |
| Constellation Oil Services Holding SA (NDR) <sup>(n)</sup>  | 3958470 | 1767 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **209** | American Funds Insurance Series |

---

------

Capital World Bond Fund<sup>®</sup> (continued)

---

| | | | |
|:---|:---|:---|:---|
| Common stocks (continued) |  | Shares | Value<br> (000)<br>|
| **U.S. dollars 0.00%** | **U.S. dollars 0.00%** |  |  |
| Altera Infrastructure, LP <sup>(f)</sup>  | Altera Infrastructure, LP <sup>(f)</sup>  | 1441 | $45 |
| New Fortress Energy, Inc., Class A <sup>(n)</sup>  | New Fortress Energy, Inc., Class A <sup>(n)</sup>  | 4095 | 14 |
| DSG TopCo, Inc. <sup>(n)</sup>  | DSG TopCo, Inc. <sup>(n)</sup>  | 420 | 6 |
| Bighorn Permian Resources, LLC <sup>(f)</sup>  | Bighorn Permian Resources, LLC <sup>(f)</sup>  | 531 | — <br><sup>(l)</sup><br>|
| Party City Holdco, Inc. <sup>(f)(n)</sup>  | Party City Holdco, Inc. <sup>(f)(n)</sup>  | 80 | — <br><sup>(l)</sup><br>|
| Party City Holdco, Inc. <sup>(e)(f)(n)</sup>  | Party City Holdco, Inc. <sup>(e)(f)(n)</sup>  | 1 | — <br><sup>(l)</sup><br>|
| Venator Materials PLC <sup>(f)(n)</sup>  | Venator Materials PLC <sup>(f)(n)</sup>  | 232 | — <br><sup>(l)</sup><br>|
| Endo, Inc., 1L 6.125% Escrow <sup>(f)(n)</sup>  | Endo, Inc., 1L 6.125% Escrow <sup>(f)(n)</sup>  | 205000 | — <br><sup>(l)</sup><br>|
|  |  |  | 65 |
| **Total common stocks** (cost: $2,070,000) | **Total common stocks** (cost: $2,070,000) | **Total common stocks** (cost: $2,070,000) | 1832 |
| Investment funds 1.50% |  |  |  |
| Capital Group Central Corporate Bond Fund <sup>(o)</sup>  | Capital Group Central Corporate Bond Fund <sup>(o)</sup>  | 2612163 | 22047 |
| **Total investment funds** (cost: $20,457,000) | **Total investment funds** (cost: $20,457,000) | **Total investment funds** (cost: $20,457,000) | 22047 |
| Short-term securities 2.54% |  |  |  |
| **Money market investments 2.34%** | **Money market investments 2.34%** | **Money market investments 2.34%** | **Money market investments 2.34%** |
| Capital Group Central Cash Fund 4.35% <sup>(o)(p)</sup>  | Capital Group Central Cash Fund 4.35% <sup>(o)(p)</sup>  | 345182 | 34518 |
|  | Weighted<br> average yield<br> at acquisition<br>| Principal amount<br> (000)<br>|  |
| **Bills & notes of governments & government agencies outside the U.S. 0.20%** | **Bills & notes of governments & government agencies outside the U.S. 0.20%** | **Bills & notes of governments & government agencies outside the U.S. 0.20%** | **Bills & notes of governments & government agencies outside the U.S. 0.20%** |
| Egypt (Arab Republic of) 9/9/2025  | 21.356<br> %<br>| EGP150,475 | 2878 |
| **Total short-term securities** (cost: $37,370,000) | **Total short-term securities** (cost: $37,370,000) | **Total short-term securities** (cost: $37,370,000) | 37396 |
| Options purchased (equity style) 0.00% |  |  |  |
| Options purchased (equity style) \* | Options purchased (equity style) \* |  | 35 |
| **Total options purchased (equity style)** (cost: $21,000) | **Total options purchased (equity style)** (cost: $21,000) | **Total options purchased (equity style)** (cost: $21,000) | 35 |
| **Total investment securities 100.31%** (cost: $1,485,769,000) | **Total investment securities 100.31%** (cost: $1,485,769,000) | **Total investment securities 100.31%** (cost: $1,485,769,000) | 1476491 |
| **Total options written (equity style)** <sup>†</sup> **0.00%** (premium received: $121,000) | **Total options written (equity style)** <sup>†</sup> **0.00%** (premium received: $121,000) |  | (12)<br>|
| Other assets less liabilities (0.31)% | Other assets less liabilities (0.31)% |  | (4525)<br>|
| **Net assets 100.00%** | **Net assets 100.00%** |  | $1471954 |

---

<sup>\*</sup>**Options purchased (equity style)**

------

**Options on foreign currencies** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Description | Counterparty | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Expiration <br> date<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Exercise <br> price<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Notional <br> amount <br> &nbsp;&nbsp;&nbsp;&nbsp;(000)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Value at <br> 6/30/2025 <br> &nbsp;&nbsp;&nbsp;&nbsp;(000)<br>|
| **Call** |  |  |  |  |  |
| GBP/USD Foreign Currency Options | Goldman Sachs | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12/15/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; USD1.43 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GBP3,625 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $35 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| American Funds Insurance Series | **210** |

---

------

Capital World Bond Fund<sup>®</sup> (continued)

<sup>†</sup>**Options written (equity style)**

------

**Options on foreign currencies** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Description | Counterparty | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Expiration <br> date<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Exercise <br> price<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Notional <br> amount <br> &nbsp;&nbsp;&nbsp;&nbsp;(000)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Value at <br> 6/30/2025 <br> &nbsp;&nbsp;&nbsp;&nbsp;(000)<br>|
| **Call** |  |  |  |  |  |
| GBP/USD Foreign Currency Options | Goldman Sachs | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12/15/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; USD1.49 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GBP(3,625)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $(12)<br>|

---

**Options purchased (futures style)**

------

**Options on futures** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Description | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Number of <br> contracts<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Expiration <br> date<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Exercise <br> price<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Notional <br> amount <br> &nbsp;&nbsp;&nbsp;&nbsp;(000)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Value and <br> unrealized <br> appreciation <br> &nbsp;&nbsp;&nbsp;&nbsp;(depreciation) at <br> 6/30/2025 <br> &nbsp;&nbsp;&nbsp;&nbsp;(000)<br>|
| **Put** |  |  |  |  |  |
| 10 Year Euro-Bund Futures Options | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 817 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7/25/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; EUR129.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; EUR81,700 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $64 |

---

**Options written (futures style)**

------

**Options on futures** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Description | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Number of <br> contracts<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Expiration <br> date<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Exercise <br> price<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Notional <br> amount <br> &nbsp;&nbsp;&nbsp;&nbsp;(000)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Value and <br> unrealized <br> appreciation <br> &nbsp;&nbsp;&nbsp;&nbsp;(depreciation) at <br> 6/30/2025 <br> &nbsp;&nbsp;&nbsp;&nbsp;(000)<br>|
| **Put** |  |  |  |  |  |
| 10 Year Euro-Bund Futures Options | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (817)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7/25/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; EUR128.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; EUR(81,700)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $(39)<br>|

---

**Futures contracts**

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Contracts | Type | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Number of <br> contracts<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Expiration <br> date<br>| &nbsp;&nbsp;&nbsp;&nbsp; Notional <br> amount <br> &nbsp;&nbsp;&nbsp;&nbsp;(000)<br>| &nbsp;&nbsp;&nbsp;&nbsp; Value and <br> unrealized <br> appreciation <br> &nbsp;&nbsp;&nbsp;&nbsp;(depreciation) <br> at 6/30/2025 <br> &nbsp;&nbsp;&nbsp;&nbsp;(000)<br>|
| 3 Month SONIA Futures | Long | 141 | 3/18/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; USD46,637 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $158 |
| 2 Year Italy Government Bond Futures | Long | 239 | 9/10/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 30390 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (13)<br>|
| 2 Year Euro-Schatz Futures | Short | 300 | 9/10/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (37900)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 47 |
| 2 Year Canadian Government Bond Futures | Long | 394 | 9/29/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 30572 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 23 |
| 2 Year U.S. Treasury Note Futures | Long | 260 | 10/3/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 54086 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 92 |
| 3 Year Australian Treasury Bond Futures | Short | 1 | 9/16/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (71)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — <br><sup>(l)</sup><br>|
| 5 Year Euro-Bobl Futures | Long | 403 | 9/10/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 55864 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (127)<br>|
| 5 Year Canadian Government Bond Futures | Long | 268 | 9/29/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 22458 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 101 |
| 5 Year U.S. Treasury Note Futures | Long | 760 | 10/3/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 82840 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 884 |
| 10 Year French Government Bond Futures | Long | 46 | 9/10/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6710 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (24)<br>|
| 10 Year Italy Government Bond Futures | Short | 12 | 9/10/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1710)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (5)<br>|
| 10 Year Euro-Bund Futures | Short | 683 | 9/10/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (104711)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 587 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **211** | American Funds Insurance Series |

---

------

Capital World Bond Fund<sup>®</sup> (continued)

**Futures contracts** (continued)

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Contracts | Type | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Number of<br> contracts<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Expiration<br> date<br>| &nbsp;&nbsp;&nbsp;&nbsp; Notional<br> amount<br> &nbsp;&nbsp;&nbsp;&nbsp;(000)<br>| &nbsp;&nbsp;&nbsp;&nbsp; Value and<br> unrealized<br> appreciation<br> &nbsp;&nbsp;&nbsp;&nbsp;(depreciation)<br> at 6/30/2025<br> &nbsp;&nbsp;&nbsp;&nbsp;(000)<br>|
| 10 Year Australian Treasury Bond Futures | Short | 118 | 9/15/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; USD(8,901)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $(99)<br>|
| 10 Year Japanese Government Bond Futures | Short | 106 | 9/22/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (102331)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (348)<br>|
| 10 Year Canadian Government Bond Futures | Long | 21 | 9/29/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1881 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1 |
| 10 Year Ultra U.S. Treasury Note Futures | Long | 275 | 9/30/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 31423 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 678 |
| 10 Year UK Gilt Futures | Long | 220 | 9/30/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 28094 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 375 |
| 10 Year U.S. Treasury Note Futures | Long | 217 | 9/30/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 24331 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 469 |
| 20 Year U.S. Treasury Bond Futures | Long | 115 | 9/30/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 13279 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 467 |
| 30 Year Euro-Buxl Futures | Short | 46 | 9/10/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (6434)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 68 |
| 30 Year Ultra U.S. Treasury Bond Futures | Long | 2 | 9/30/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 238 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5 |
|  |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $3339 |

---

**Forward currency contracts**

------

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| Contract amount | Contract amount | Contract amount | Contract amount | Counterparty | &nbsp;&nbsp; Settlement <br> date | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unrealized <br> appreciation <br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(depreciation) <br> at 6/30/2025 <br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(000) |
| Currency purchased <br> (000) | Currency purchased <br> (000) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Currency sold <br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(000) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Currency sold <br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(000) | Counterparty | &nbsp;&nbsp; Settlement <br> date | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unrealized <br> appreciation <br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(depreciation) <br> at 6/30/2025 <br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(000) |
| GBP | 3740 | USD | 5131 | Morgan Stanley | 7/1/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $3 |
| USD | 5044 | GBP | 3740 | Morgan Stanley | 7/1/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (90)<br>|
| JPY | 772730 | USD | 5329 | Goldman Sachs | 7/7/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 41 |
| USD | 1689 | JPY | 245540 | BNP Paribas | 7/7/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (17)<br>|
| EUR | 14600 | USD | 16776 | Citibank | 7/8/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 431 |
| USD | 1028 | EUR | 890 | UBS AG | 7/8/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (20)<br>|
| USD | 1739 | EUR | 1510 | Morgan Stanley | 7/8/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (40)<br>|
| USD | 9018 | EUR | 8155 | BNP Paribas | 7/8/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (594)<br>|
| EUR | 18217 | USD | 20946 | HSBC Bank | 7/10/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 527 |
| USD | 583 | EUR | 505 | JPMorgan Chase | 7/10/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (13)<br>|
| USD | 487 | EUR | 427 | HSBC Bank | 7/10/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (16)<br>|
| USD | 2802 | ZAR | 50000 | UBS AG | 7/10/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (20)<br>|
| CNH | 269622 | USD | 37612 | Citibank | 7/14/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 98 |
| EUR | 2692 | USD | 3085 | Standard Chartered Bank | 7/14/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 89 |
| GBP | 800 | USD | 1082 | Morgan Stanley | 7/14/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 17 |
| AUD | 2600 | USD | 1696 | Standard Chartered Bank | 7/14/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 15 |
| TRY | 7670 | USD | 189 | Citibank | 7/14/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1 |
| INR | 25000 | USD | 291 | Standard Chartered Bank | 7/14/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — <br><sup>(l)</sup><br>|
| USD | 858 | NOK | 8645 | Citibank | 7/14/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — <br><sup>(l)</sup><br>|
| SEK | 11225 | USD | 1191 | BNP Paribas | 7/14/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (4)<br>|
| USD | 1731 | CLP | 1623750 | Morgan Stanley | 7/14/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (12)<br>|
| USD | 1483 | BRL | 8200 | UBS AG | 7/14/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (21)<br>|
| USD | 3273 | IDR | 53437025 | HSBC Bank | 7/14/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (22)<br>|
| USD | 14248 | AUD | 21747 | Citibank | 7/14/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (69)<br>|
| USD | 2353 | BRL | 13480 | Citibank | 7/14/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (119)<br>|
| EUR | 5075 | USD | 5803 | BNP Paribas | 7/15/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 182 |
| CAD | 5525 | USD | 4039 | Bank of New York Mellon | 7/15/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 21 |
| USD | 863 | EUR | 745 | Barclays Bank PLC | 7/15/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (16)<br>|
| EUR | 34176 | USD | 39311 | Bank of America | 7/16/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 992 |
| USD | 3474 | NOK | 34365 | BNP Paribas | 7/16/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 64 |
| EUR | 4922 | GBP | 4185 | BNP Paribas | 7/16/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 60 |
| CNH | 368432 | USD | 51481 | HSBC Bank | 7/16/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 56 |
| JPY | 1690218 | USD | 11717 | Citibank | 7/16/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 43 |
| CNH | 68468 | USD | 9559 | Citibank | 7/16/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 19 |
| NZD | 2799 | USD | 1704 | UBS AG | 7/16/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3 |
| NOK | 34365 | USD | 3412 | UBS AG | 7/16/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (2)<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| American Funds Insurance Series | **212** |

---

------

Capital World Bond Fund<sup>®</sup> (continued)

**Forward currency contracts** (continued)

------

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| Contract amount | Contract amount | Contract amount | Contract amount | Counterparty | &nbsp;&nbsp; Settlement<br> date | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unrealized<br> appreciation<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(depreciation)<br> at 6/30/2025<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(000) |
| Currency purchased<br> (000) | Currency purchased<br> (000) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Currency sold<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(000) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Currency sold<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(000) | Counterparty | &nbsp;&nbsp; Settlement<br> date | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unrealized<br> appreciation<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(depreciation)<br> at 6/30/2025<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(000) |
| USD | 2711 | EUR | 2330 | Citibank | 7/16/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $(37)<br>|
| USD | 16932 | EUR | 14600 | UBS AG | 7/16/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (285)<br>|
| CAD | 16013 | USD | 11740 | Bank of New York Mellon | 7/17/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 31 |
| JPY | 2279574 | USD | 15876 | JPMorgan Chase | 7/17/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (13)<br>|
| USD | 15723 | JPY | 2244750 | HSBC Bank | 7/18/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 101 |
| JPY | 1135410 | USD | 7835 | Bank of New York Mellon | 7/18/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 67 |
| COP | 2800000 | USD | 663 | Morgan Stanley | 7/18/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 20 |
| GBP | 1535 | USD | 2090 | Standard Chartered Bank | 7/18/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 17 |
| IDR | 14450980 | USD | 887 | Citibank | 7/18/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4 |
| USD | 10414 | KRW | 14246054 | Citibank | 7/18/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (127)<br>|
| USD | 10075 | GBP | 7445 | UBS AG | 7/18/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (145)<br>|
| USD | 13205 | BRL | 73862 | Citibank | 7/18/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (327)<br>|
| MYR | 20815 | USD | 4902 | Standard Chartered Bank | 7/21/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 41 |
| THB | 190470 | USD | 5839 | Citibank | 7/21/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 40 |
| SEK | 32900 | USD | 3466 | Morgan Stanley | 7/21/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 17 |
| MYR | 3215 | USD | 758 | JPMorgan Chase | 7/21/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5 |
| PLN | 6680 | EUR | 1567 | HSBC Bank | 7/21/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4 |
| USD | 273 | PLN | 1000 | Citibank | 7/21/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (4)<br>|
| USD | 2280 | CAD | 3109 | HSBC Bank | 7/21/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (6)<br>|
| USD | 899 | MYR | 3934 | HSBC Bank | 7/21/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (36)<br>|
| USD | 1343 | MYR | 5889 | BNP Paribas | 7/21/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (55)<br>|
| USD | 1304 | MYR | 5740 | Standard Chartered Bank | 7/21/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (58)<br>|
| USD | 1618 | MYR | 7113 | Standard Chartered Bank | 7/21/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (71)<br>|
| USD | 2922 | MYR | 12851 | Standard Chartered Bank | 7/21/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (130)<br>|
| USD | 3562 | MYR | 15578 | HSBC Bank | 7/21/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (137)<br>|
| USD | 3587 | MYR | 15720 | Standard Chartered Bank | 7/21/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (145)<br>|
| JPY | 388645 | USD | 2751 | Standard Chartered Bank | 7/22/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (45)<br>|
| USD | 5272 | EUR | 4580 | HSBC Bank | 7/24/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (132)<br>|
| GBP | 3981 | EUR | 4620 | BNP Paribas | 7/25/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 13 |
| USD | 5494 | EUR | 4805 | UBS AG | 7/25/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (177)<br>|
| CHF | 3497 | USD | 4361 | Barclays Bank PLC | 7/28/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 63 |
| MXN | 35424 | USD | 1859 | Morgan Stanley | 7/28/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 23 |
| DKK | 46980 | EUR | 6299 | Bank of America | 7/28/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — <br><sup>(l)</sup><br>|
| USD | 5237 | NOK | 52916 | Bank of America | 7/28/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (14)<br>|
| USD | 11415 | DKK | 73090 | Bank of America | 7/28/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (151)<br>|
| CZK | 18000 | USD | 852 | Citibank | 8/6/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6 |
| SGD | 1400 | USD | 1102 | Bank of America | 8/6/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3 |
| CZK | 47290 | EUR | 1908 | Citibank | 8/6/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2 |
| HUF | 1284310 | EUR | 3202 | Goldman Sachs | 8/6/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (4)<br>|
| USD | 1812 | HUF | 619035 | HSBC Bank | 8/6/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (9)<br>|
| USD | 3156 | EUR | 2710 | UBS AG | 8/6/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (45)<br>|
| EUR | 5100 | CAD | 8144 | Citibank | 8/7/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 31 |
| USD | 5132 | GBP | 3740 | Morgan Stanley | 8/11/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (3)<br>|
| EUR | 4535 | USD | 5211 | HSBC Bank | 9/12/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 157 |
| EUR | 1760 | USD | 2053 | UBS AG | 9/17/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 31 |
| USD | 1567 | EUR | 1362 | UBS AG | 9/17/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (46)<br>|
|  |  |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $61 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **213** | American Funds Insurance Series |

---

------

Capital World Bond Fund<sup>®</sup> (continued)

**Swap contracts**

------

**Interest rate swaps**

**Centrally cleared interest rate swaps** 

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Receive | Receive | Pay | Pay | Expiration <br> date | Notional <br> amount <br> (000) | Value at <br> 6/30/2025 <br> (000) | Upfront <br> premium <br> paid <br> (received) <br> (000) | Unrealized <br> appreciation <br> (depreciation) <br> at 6/30/2025 <br> (000) |
| Rate | Payment <br> frequency<br>| Rate | Payment <br> frequency<br>| Expiration <br> date | Notional <br> amount <br> (000) | Value at <br> 6/30/2025 <br> (000) | Upfront <br> premium <br> paid <br> (received) <br> (000) | Unrealized <br> appreciation <br> (depreciation) <br> at 6/30/2025 <br> (000) |
| 5.298% | Annual | 6-month PLN-WIBOR | Semi-annual | 2/14/2026 | PLN14,940 | $3 | $— | $3 |
| 6-month CZK-PRIBOR | Semi-annual | 3.875% | Annual | 2/14/2026 | CZK83,740 | (8)<br>|  | (8)<br>|
| 6-month EURIBOR | Semi-annual | 2.2032% | Annual | 2/10/2027 | EUR9,730 | (33)<br>|  | (33)<br>|
| 6-month EURIBOR | Semi-annual | 2.2007% | Annual | 2/10/2027 | EUR9,720 | (33)<br>|  | (33)<br>|
| 4.254% | Annual | SONIA | Annual | 5/9/2027 | GBP4,083 | 62 |  | 62 |
| 2.5225% | Semi-annual | Bank of Canada Overnight Repo | Semi-annual | 5/22/2027 | CAD25,620 | 21 |  | 21 |
| 3.5175% | Annual | SOFR | Annual | 8/15/2027 | USD24,180 | 25 |  | 25 |
| 3.968% | Annual | SONIA | Annual | 2/16/2029 | GBP13,830 | 226 |  | 226 |
| 6-month EURIBOR | Semi-annual | 2.8272% | Annual | 6/18/2029 | EUR5,930 | (172)<br>|  | (172)<br>|
| 3.4928% | Annual | SONIA | Annual | 8/6/2029 | GBP5,260 | (35)<br>|  | (35)<br>|
| SOFR | Annual | 3.4705% | Annual | 2/10/2030 | USD16,910 | (39)<br>|  | (39)<br>|
| 3.925% | Annual | 6-month NOK-NIBOR | Semi-annual | 3/5/2030 | NOK32,270 | 26 |  | 26 |
| 6-month EURIBOR | Semi-annual | 2.2577% | Annual | 3/5/2030 | EUR2,690 | (1)<br>|  | (1)<br>|
| 6-month EURIBOR | Semi-annual | 2.2562% | Annual | 3/5/2030 | EUR2,690 | (1)<br>|  | (1)<br>|
| 6-month EURIBOR | Semi-annual | 2.2592% | Annual | 3/5/2030 | EUR2,690 | (2)<br>|  | (2)<br>|
| 6-month EURIBOR | Semi-annual | 2.1912% | Annual | 3/6/2030 | EUR2,500 | 7 |  | 7 |
| 4.165% | Annual | 6-month NOK-NIBOR | Semi-annual | 3/24/2030 | NOK26,280 | 47 |  | 47 |
| 4.1703% | Annual | 6-month NOK-NIBOR | Semi-annual | 3/24/2030 | NOK16,900 | 31 |  | 31 |
| 4.162% | Annual | 6-month NOK-NIBOR | Semi-annual | 3/24/2030 | NOK16,890 | 30 |  | 30 |
| 4.165% | Annual | 6-month NOK-NIBOR | Semi-annual | 3/25/2030 | NOK62,070 | 112 |  | 112 |
| 2.2053% | Annual | 6-month EURIBOR | Semi-annual | 4/22/2030 | EUR6,330 | (17)<br>|  | (17)<br>|
| 2.2033% | Annual | 6-month EURIBOR | Semi-annual | 4/22/2030 | EUR6,350 | (18)<br>|  | (18)<br>|
| 3-month SEK-STIBOR | Quarterly | 2.3527% | Annual | 4/22/2030 | SEK67,510 | (67)<br>|  | (67)<br>|
| 3-month SEK-STIBOR | Quarterly | 2.3532% | Annual | 4/22/2030 | SEK67,510 | (68)<br>|  | (68)<br>|
| SONIA | Annual | 3.9322% | Annual | 2/16/2054 | GBP3,550 | 412 |  | 412 |
|  |  |  |  |  |  | $508 | $— | $508 |

---

**Bilateral interest rate swaps** 

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Receive | Receive | Pay | Pay | Counterparty | Expiration <br> date | Notional <br> amount <br> (000) | Value at <br> 6/30/2025 <br> (000) | Upfront <br> premium <br> paid <br> (received) <br> (000) | Unrealized <br> appreciation <br> (depreciation) <br> at 6/30/2025 <br> (000) |
| Rate | &nbsp;&nbsp; Payment <br> frequency<br>| Rate | &nbsp;&nbsp; Payment <br> frequency<br>| Counterparty | Expiration <br> date | Notional <br> amount <br> (000) | Value at <br> 6/30/2025 <br> (000) | Upfront <br> premium <br> paid <br> (received) <br> (000) | Unrealized <br> appreciation <br> (depreciation) <br> at 6/30/2025 <br> (000) |
| 12.215% | At maturity | BZDIOVER | At maturity | Bank of America | &nbsp;&nbsp; 1/4/2027 | &nbsp;&nbsp; BRL44,390 | &nbsp;&nbsp; $(255)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $(255)<br>|
| 11.22441676% | At maturity | BZDIOVER | At maturity | Goldman Sachs | &nbsp;&nbsp; 1/4/2027 | &nbsp;&nbsp; BRL30,865 | &nbsp;&nbsp; (321)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (321)<br>|
| 11.91% | At maturity | BZDIOVER | At maturity | Barclays Bank PLC | &nbsp;&nbsp; 1/4/2027 | &nbsp;&nbsp; BRL79,860 | &nbsp;&nbsp; (542)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (542)<br>|
| 11.405% | At maturity | BZDIOVER | At maturity | Goldman Sachs | &nbsp;&nbsp; 1/4/2027 | &nbsp;&nbsp; BRL100,270 | &nbsp;&nbsp; (870)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (870)<br>|
| 13.995% | At maturity | BZDIOVER | At maturity | Barclays Bank PLC | &nbsp;&nbsp; 1/2/2029 | &nbsp;&nbsp; BRL52,510 | &nbsp;&nbsp; 316 | &nbsp;&nbsp; — | &nbsp;&nbsp; 316 |
| 14.115% | At maturity | BZDIOVER | At maturity | Goldman Sachs | &nbsp;&nbsp; 1/2/2029 | &nbsp;&nbsp; BRL14,440 | &nbsp;&nbsp; 98 | &nbsp;&nbsp; — | &nbsp;&nbsp; 98 |
| 14.05% | At maturity | BZDIOVER | At maturity | Barclays Bank PLC | &nbsp;&nbsp; 1/2/2029 | &nbsp;&nbsp; BRL10,600 | &nbsp;&nbsp; 67 | &nbsp;&nbsp; — | &nbsp;&nbsp; 67 |
| 14.05% | At maturity | BZDIOVER | At maturity | Goldman Sachs | &nbsp;&nbsp; 1/2/2029 | &nbsp;&nbsp; BRL6,440 | &nbsp;&nbsp; 41 | &nbsp;&nbsp; — | &nbsp;&nbsp; 41 |
| 11.495% | At maturity | BZDIOVER | At maturity | Bank of America | &nbsp;&nbsp; 1/2/2029 | &nbsp;&nbsp; BRL35,980 | &nbsp;&nbsp; (389)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (389)<br>|
| 10.045% | At maturity | BZDIOVER | At maturity | Goldman Sachs | &nbsp;&nbsp; 1/2/2029 | &nbsp;&nbsp; BRL55,145 | &nbsp;&nbsp; (1313)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (1313)<br>|
|  |  |  |  |  |  |  | &nbsp;&nbsp; $(3168)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $(3168)<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| American Funds Insurance Series | **214** |

---

------

Capital World Bond Fund<sup>®</sup> (continued)

**Swap contracts** (continued)

------

**Credit default swaps** 

**Centrally cleared credit default swaps on credit indices — buy protection** 

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| Reference <br> index<br>| &nbsp;&nbsp;&nbsp;&nbsp; Financing <br> rate paid<br>| &nbsp;&nbsp;&nbsp;&nbsp; Payment <br> frequency<br>| &nbsp;&nbsp;&nbsp;&nbsp; Expiration <br> date<br>| &nbsp;&nbsp;&nbsp;&nbsp; Notional <br> amount <br> &nbsp;&nbsp;&nbsp;&nbsp;(000)<br>| &nbsp;&nbsp;&nbsp;&nbsp; Value at <br> 6/30/2025 <br> &nbsp;&nbsp;&nbsp;&nbsp;(000)<br>| &nbsp;&nbsp;&nbsp;&nbsp; Upfront <br> premium <br> paid <br> &nbsp;&nbsp;&nbsp;&nbsp;(received) <br> &nbsp;&nbsp;&nbsp;&nbsp;(000)<br>| &nbsp;&nbsp;&nbsp;&nbsp; Unrealized <br> appreciation <br> &nbsp;&nbsp;&nbsp;&nbsp;(depreciation) <br> at 6/30/2025 <br> &nbsp;&nbsp;&nbsp;&nbsp;(000)<br>|
| CDX.NA.IG.44 | 1.00% | Quarterly | &nbsp;&nbsp;&nbsp;&nbsp; 6/20/2030 | &nbsp;&nbsp;&nbsp;&nbsp; USD2,037 | &nbsp;&nbsp;&nbsp;&nbsp; $(45)<br>| &nbsp;&nbsp;&nbsp;&nbsp; $(41)<br>| &nbsp;&nbsp;&nbsp;&nbsp; $(4)<br>|
| CDX.EM.43 | 1.00% | Quarterly | &nbsp;&nbsp;&nbsp;&nbsp; 6/20/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 9890 | &nbsp;&nbsp;&nbsp;&nbsp; 246 | &nbsp;&nbsp;&nbsp;&nbsp; 350 | &nbsp;&nbsp;&nbsp;&nbsp; (104)<br>|
| CDX.NA.HY.44 | 5.00% | Quarterly | &nbsp;&nbsp;&nbsp;&nbsp; 6/20/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 11405 | &nbsp;&nbsp;&nbsp;&nbsp; (856)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (735)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (121)<br>|
| ITRAXX.EUR.43 | 1.00% | Quarterly | &nbsp;&nbsp;&nbsp;&nbsp; 6/20/2030 | &nbsp;&nbsp;&nbsp;&nbsp; EUR15,490 | &nbsp;&nbsp;&nbsp;&nbsp; (389)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (194)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (195)<br>|
|  |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; $(1044)<br>| &nbsp;&nbsp;&nbsp;&nbsp; $(620)<br>| &nbsp;&nbsp;&nbsp;&nbsp; $(424)<br>|

---

**Credit default swaps** 

**Centrally cleared credit default swaps on credit indices — sell protection** 

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| Reference <br> index<br>| &nbsp;&nbsp;&nbsp;&nbsp; Financing <br> rate received<br>| &nbsp;&nbsp;&nbsp;&nbsp; Payment <br> frequency<br>| &nbsp;&nbsp;&nbsp;&nbsp; Expiration <br> date<br>| &nbsp;&nbsp;&nbsp;&nbsp; Notional <br> amount <sup>(q)</sup> <br>&nbsp;&nbsp;&nbsp;&nbsp;(000)<br>| &nbsp;&nbsp;&nbsp;&nbsp; Value at <br> 6/30/2025 <sup>(r)</sup> <br>&nbsp;&nbsp;&nbsp;&nbsp;(000)<br>| &nbsp;&nbsp;&nbsp;&nbsp; Upfront <br> premium <br> paid <br> &nbsp;&nbsp;&nbsp;&nbsp;(received) <br> &nbsp;&nbsp;&nbsp;&nbsp;(000)<br>| &nbsp;&nbsp;&nbsp;&nbsp; Unrealized <br> appreciation <br> &nbsp;&nbsp;&nbsp;&nbsp;(depreciation) <br> at 6/30/2025 <br> &nbsp;&nbsp;&nbsp;&nbsp;(000)<br>|
| ITRAXX.EUR.XO.43 | 5.00% | Quarterly | &nbsp;&nbsp;&nbsp;&nbsp; 6/20/2030 | &nbsp;&nbsp;&nbsp;&nbsp; EUR3,520 | &nbsp;&nbsp;&nbsp;&nbsp; $386 | &nbsp;&nbsp;&nbsp;&nbsp; $371 | &nbsp;&nbsp;&nbsp;&nbsp; $15 |

---

**Investments in affiliates** <sup>(o)</sup>

------

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | Value at <br> 1/1/2025 <br> (000)<br>| Additions <br> (000)<br>| Reductions <br> (000)<br>| Net <br> realized <br> gain (loss) <br> (000)<br>| Net <br> unrealized <br> appreciation <br> (depreciation) <br> (000)<br>| Value at <br> 6/30/2025 <br> (000)<br>| Dividend <br> or interest <br> income <br> (000)<br>|
| **Investment funds 1.50%** |  |  |  |  |  |  |  |
| Capital Group Central Corporate Bond Fund  | $21147 | &nbsp;&nbsp; $513 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $387 | &nbsp;&nbsp; $22047 | &nbsp;&nbsp; $513 |
| **Short-term securities 2.34%** |  |  |  |  |  |  |  |
| **Money market investments 2.34%** |  |  |  |  |  |  |  |
| Capital Group Central Cash Fund 4.35% <sup>(p)</sup>  | 23214 | &nbsp;&nbsp; 269520 | &nbsp;&nbsp; 258213 | &nbsp;&nbsp; (1)<br>| &nbsp;&nbsp; (2)<br>| &nbsp;&nbsp; 34518 | &nbsp;&nbsp; 858 |
| **Total 3.84%** |  |  |  | &nbsp;&nbsp; $(1)<br>| &nbsp;&nbsp; $385 | &nbsp;&nbsp; $56565 | &nbsp;&nbsp; $1371 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **215** | American Funds Insurance Series |

---

------

Capital World Bond Fund<sup>®</sup> (continued)

**Restricted securities** <sup>(b)</sup>

------

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Acquisition <br> date(s)<br>| Cost <br> (000)<br>| Value <br> (000)<br>| Percent <br> of net <br> assets<br>|
| Bank of America Corp. 3.648% 3/31/2029 (3-month <br> EUR-EURIBOR + 3.67% on 3/31/2028) <sup>(a)</sup> <br>| 5/19/2020 | $5770 | $6058 | 0.41<br> %<br>|
| Metropolitan Life Global Funding I 0.55% 6/16/2027  | 12/11/2023 | 2040 | 2280 | 0.15 |
| Stillwater Mining Co. 4.00% 11/16/2026  | 1/26/2024-2/20/2024 | 1971 | 2043 | 0.14 |
| Sasol Financing USA, LLC 8.75% 5/3/2029  | 7/18/2023-2/16/2024 | 1338 | 1318 | 0.09 |
| Wolfspeed, Inc. 2.00% PIK and 9.875% Cash 6/23/2030 <br> (13.875% on 6/22/2026) <sup>(a)(i)</sup> <br>| 6/23/2023-3/24/2025 | 104 | 107 | 0.01 |
| Finastra USA, Inc., Term Loan B, (3-month USD CME Term SOFR <br> + 7.25%) 11.428% 9/13/2029 <sup>(g)(h)</sup> <br>| 9/13/2023 | 94 | 96 | 0.01 |
| Finastra USA, Inc., Term Loan, (3-month USD CME Term SOFR + <br> 7.25%) 11.428% 9/13/2029 <sup>(g)(h)</sup> <br>| 9/13/2023-6/13/2025 | 2 | 2 | 0.00 <br><sup>(s)</sup><br>|
| **Total** |  | $11319 | $11904 | 0.81<br> %<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(a)</sup> Step bond; coupon rate may change at a later date.

<sup>(b)</sup> Restricted security, other than Rule 144A securities or commercial paper issued pursuant to Section 4(a)(2) of the Securities Act of 1933. The total value of all such restricted securities was $11,904,000, which represented 0.81% of the net assets of the fund. 

<sup>(c)</sup> Index-linked bond whose principal amount moves with a government price index. 

<sup>(d)</sup> Principal payments may be made periodically. Therefore, the effective maturity date may be earlier than the stated maturity date.

<sup>(e)</sup> Acquired in a transaction exempt from registration under Rule 144A or, for commercial paper, Section 4(a)(2) of the Securities Act of 1933. May be resold in the U.S. in transactions exempt from registration, normally to qualified institutional buyers. The total value of all such securities was $155,722,000, which represented 10.58% of the net assets of the fund. 

<sup>(f)</sup> Value determined using significant unobservable inputs.

<sup>(g)</sup> Loan participations and assignments; may be subject to legal or contractual restrictions on resale. The total value of all such loans was $2,037,000, which represented 0.14% of the net assets of the fund. 

<sup>(h)</sup> Coupon rate may change periodically. Reference rate and spread are as of the most recent information available. Some coupon rates are determined by the issuer or agent based on current market conditions; therefore, the reference rate and spread are not available. 

<sup>(i)</sup> Payment in kind; the issuer has the option of paying additional securities in lieu of cash. Payment methods and rates are as of the most recent payment when available. 

<sup>(j)</sup> Scheduled interest and/or principal payment was not received.

<sup>(k)</sup> Represents securities transacted on a TBA basis.

<sup>(l)</sup> Amount less than one thousand.

<sup>(m)</sup> All or a portion of this security was pledged as collateral. The total value of pledged collateral was $13,222,000, which represented 0.90% of the net assets of the fund. 

<sup>(n)</sup> Security did not produce income during the last 12 months.

<sup>(o)</sup> Part of the same "group of investment companies" as the fund as defined under the Investment Company Act of 1940, as amended.

<sup>(p)</sup> Rate represents the seven-day yield at 6/30/2025.

<sup>(q)</sup> The maximum potential amount the fund may pay as a protection seller should a credit event occur.

<sup>(r)</sup> The prices and resulting values for credit default swap indices serve as an indicator of the current status of the payment/performance risk. As the value of a sell protection credit default swap increases or decreases, when compared to the notional amount of the swap, the payment/performance risk may decrease or increase, respectively. 

<sup>(s)</sup> Amount less than 0.01%.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| American Funds Insurance Series | **216** |

---

------

Capital World Bond Fund<sup>®</sup> (continued)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| |
|:---|
| **Key to abbreviation(s)** |
| Assn. = Association |
| AUD = Australian dollars |
| BRL = Brazilian reais |
| BZDIOVER = Overnight Brazilian Interbank Deposit <br> Rate<br>|
| CAD = Canadian dollars |
| CHF = Swiss francs |
| CLO = Collateralized Loan Obligations |
| CLP = Chilean pesos |
| CME = CME Group |
| CNH = Chinese yuan renminbi |
| CNY = Chinese yuan renminbi |
| COP = Colombian pesos |
| CZK = Czech korunas |
| DAC = Designated Activity Company |
| DKK = Danish kroner |
| EGP = Egyptian pounds |

---

---

| |
|:---|
| EUR = Euros |
| EURIBOR = Euro Interbank Offered Rate |
| GBP = British pounds |
| HUF = Hungarian forints |
| ICE = Intercontinental Exchange, Inc. |
| IDR = Indonesian rupiah |
| INR = Indian rupees |
| JPY = Japanese yen |
| KRW = South Korean won |
| MXN = Mexican pesos |
| MYR = Malaysian ringgits |
| NDR = Norwegian Depositary Receipts |
| NIBOR = Norwegian Interbank Offered Rate |
| NOK = Norwegian kroner |
| NZD = New Zealand dollars |
| PIK = Payment In Kind |
| PLN = Polish zloty |

---

---

| |
|:---|
| PRIBOR = Prague Interbank Offered Rate |
| Ref. = Refunding |
| REIT = Real Estate Investment Trust |
| Rev. = Revenue |
| RSC = Restricted Scope Company |
| SEK = Swedish kronor |
| SGD = Singapore dollars |
| SOFR = Secured Overnight Financing Rate |
| SONIA = Sterling Overnight Interbank Average Rate |
| STIBOR = Stockholm Interbank Offered Rate |
| TBA = To be announced |
| THB = Thai baht |
| TRY = Turkish lira |
| USD = U.S. dollars |
| UST = U.S. Treasury |
| WIBOR = Warsaw Interbank Offered Rate |
| ZAR = South African rand |

---

Refer to the notes to financial statements.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **217** | American Funds Insurance Series |

---

------

American High-Income Trust

**Investment portfolio** June 30, 2025unaudited

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments 88.27% | Principal amount<br> (000)<br>| Value<br> (000)<br>|
| **Corporate bonds, notes & loans 88.17%** | **Corporate bonds, notes & loans 88.17%** | **Corporate bonds, notes & loans 88.17%** |
| **Communication services 13.96%** |  |  |
| CCO Holdings, LLC 5.50% 5/1/2026 <sup>(a)</sup>  | USD102 | $102 |
| CCO Holdings, LLC 5.00% 2/1/2028 <sup>(a)</sup>  | 586 | 581 |
| CCO Holdings, LLC 5.375% 6/1/2029 <sup>(a)</sup>  | 525 | 523 |
| CCO Holdings, LLC 6.375% 9/1/2029 <sup>(a)</sup>  | 445 | 454 |
| CCO Holdings, LLC 4.75% 3/1/2030 <sup>(a)</sup>  | 3281 | 3181 |
| CCO Holdings, LLC 4.50% 8/15/2030 <sup>(a)</sup>  | 2484 | 2370 |
| CCO Holdings, LLC 4.25% 2/1/2031 <sup>(a)</sup>  | 3164 | 2958 |
| CCO Holdings, LLC 7.375% 3/1/2031 <sup>(a)</sup>  | 70 | 73 |
| CCO Holdings, LLC 4.75% 2/1/2032 <sup>(a)</sup>  | 2708 | 2570 |
| CCO Holdings, LLC 4.50% 5/1/2032  | 2419 | 2254 |
| CCO Holdings, LLC 4.50% 6/1/2033 <sup>(a)</sup>  | 2232 | 2042 |
| CCO Holdings, LLC 4.25% 1/15/2034 <sup>(a)</sup>  | 4646 | 4139 |
| Charter Communications Operating, LLC 4.80% 3/1/2050  | 437 | 350 |
| Charter Communications Operating, LLC 3.70% 4/1/2051  | 473 | 315 |
| Charter Communications Operating, LLC 3.90% 6/1/2052  | 950 | 653 |
| Charter Communications Operating, LLC 5.25% 4/1/2053  | 577 | 491 |
| Charter Communications Operating, LLC 3.85% 4/1/2061  | 175 | 112 |
| Clear Channel Outdoor Holdings, Inc. 7.75% 4/15/2028 <sup>(a)</sup>  | 870 | 823 |
| Clear Channel Outdoor Holdings, Inc. 7.50% 6/1/2029 <sup>(a)</sup>  | 460 | 426 |
| Connect Finco SARL 9.00% 9/15/2029 <sup>(a)</sup>  | 6630 | 6672 |
| Consolidated Communications, Inc. 5.00% 10/1/2028 <sup>(a)</sup>  | 225 | 228 |
| Consolidated Communications, Inc. 6.50% 10/1/2028 <sup>(a)</sup>  | 80 | 82 |
| CSC Holdings, LLC 5.50% 4/15/2027 <sup>(a)</sup>  | 430 | 411 |
| CSC Holdings, LLC, Term Loan B, (USD Prime Rate + 1.50%) 9.00% 4/15/2027 <sup>(b)(c)</sup>  | 329 | 321 |
| CSC Holdings, LLC, Term Loan B, (3-month USD CME Term SOFR + 4.50%) 8.812% 1/18/2028 <sup>(b)(c)</sup>  | 1698 | 1676 |
| Cumulus Media New Holdings, Inc. 8.00% 7/1/2029 <sup>(a)</sup>  | 285 | 81 |
| Diamond Sports Net, LLC, Term Loan, 15.00% PIK 1/2/2028 <sup>(b)(d)</sup>  | 40 | 36 |
| DIRECTV Financing, LLC 5.875% 8/15/2027 <sup>(a)</sup>  | 4210 | 4199 |
| DIRECTV Financing, LLC, Term Loan, (3-month USD CME Term SOFR + 5.00%) 9.541% 8/2/2027 <sup>(b)(c)</sup>  | 209 | 210 |
| DISH Network Corp. 11.75% 11/15/2027 <sup>(a)</sup>  | 12368 | 12759 |
| EchoStar Corp. 10.75% 11/30/2029  | 4187 | 4316 |
| EchoStar Corp. 6.75% PIK 11/30/2030 <sup>(d)</sup>  | 3157 | 2883 |
| Embarq, LLC 7.995% 6/1/2036  | 4729 | 2171 |
| Frontier Communications Holdings, LLC 5.875% 10/15/2027 <sup>(a)</sup>  | 445 | 445 |
| Frontier Communications Holdings, LLC 5.00% 5/1/2028 <sup>(a)</sup>  | 35 | 35 |
| Frontier Communications Holdings, LLC 6.75% 5/1/2029 <sup>(a)</sup>  | 3755 | 3807 |
| Frontier Communications Holdings, LLC 5.875% 11/1/2029  | 2625 | 2653 |
| Frontier Communications Holdings, LLC 6.00% 1/15/2030 <sup>(a)</sup>  | 3261 | 3306 |
| Frontier Communications Holdings, LLC 8.75% 5/15/2030 <sup>(a)</sup>  | 50 | 52 |
| Frontier Communications Holdings, LLC 8.625% 3/15/2031 <sup>(a)</sup>  | 225 | 239 |
| Gray Media, Inc. 7.00% 5/15/2027 <sup>(a)</sup>  | 325 | 325 |
| Gray Media, Inc. 10.50% 7/15/2029 <sup>(a)</sup>  | 4250 | 4569 |
| Gray Media, Inc. 4.75% 10/15/2030 <sup>(a)</sup>  | 791 | 599 |
| Gray Media, Inc. 5.375% 11/15/2031 <sup>(a)</sup>  | 2538 | 1905 |
| Gray Television, Inc., Term Loan D, (3-month USD CME Term SOFR + 3.00%) 7.439% 12/1/2028 <sup>(b)(c)</sup>  | 2 | 2 |
| Gray Television, Inc., Term Loan B, (3-month USD CME Term SOFR + 5.25%) 9.574% 6/4/2029 <sup>(b)(c)</sup>  | 1124 | 1124 |
| Intelsat Jackson Holdings SA 6.50% 3/15/2030 <sup>(a)</sup>  | 6565 | 6711 |
| Lamar Media Corp. 4.00% 2/15/2030  | 260 | 249 |
| Lamar Media Corp. 3.625% 1/15/2031  | 160 | 148 |
| Level 3 Financing, Inc. 3.75% 7/15/2029 <sup>(a)</sup>  | 550 | 465 |
| Ligado Networks, LLC 17.50% PIK 11/1/2023 <sup>(a)(d)(e)</sup>  | 3213 | 1108 |
| Ligado Networks, LLC, Term Loan, 17.50% PIK 10/4/2025 <sup>(b)(d)(f)</sup>  | 688 | 688 |
| News Corp. 3.875% 5/15/2029 <sup>(a)</sup>  | 710 | 680 |
| Nexstar Media, Inc. 5.625% 7/15/2027 <sup>(a)</sup>  | 1254 | 1252 |
| Nexstar Media, Inc. 4.75% 11/1/2028 <sup>(a)</sup>  | 3780 | 3685 |
| Paramount Global 7.875% 7/30/2030  | 130 | 144 |
| Paramount Global 6.875% 4/30/2036  | 490 | 502 |
| Sinclair Television Group, Inc. 8.125% 2/15/2033 <sup>(a)</sup>  | 1240 | 1254 |
| Sirius XM Radio, LLC 3.125% 9/1/2026 <sup>(a)</sup>  | 1760 | 1728 |
| Sirius XM Radio, LLC 5.00% 8/1/2027 <sup>(a)</sup>  | 700 | 695 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| American Funds Insurance Series | **218** |

---

------

American High-Income Trust (continued)

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount<br> (000)<br>| Value<br> (000)<br>|
| **Corporate bonds, notes & loans (continued)** | **Corporate bonds, notes & loans (continued)** | **Corporate bonds, notes & loans (continued)** |
| **Communication services (continued)** |  |  |
| Sirius XM Radio, LLC 4.00% 7/15/2028 <sup>(a)</sup>  | USD3,489 | $3353 |
| Sirius XM Radio, LLC 5.50% 7/1/2029 <sup>(a)</sup>  | 590 | 587 |
| Sirius XM Radio, LLC 4.125% 7/1/2030 <sup>(a)</sup>  | 3100 | 2860 |
| Sirius XM Radio, LLC 3.875% 9/1/2031 <sup>(a)</sup>  | 5756 | 5120 |
| Snap, Inc. 6.875% 3/1/2033 <sup>(a)</sup>  | 1540 | 1581 |
| Sprint Capital Corp. 6.875% 11/15/2028  | 316 | 339 |
| Sprint Capital Corp. 8.75% 3/15/2032  | 716 | 869 |
| Sprint, LLC 7.625% 3/1/2026  | 480 | 485 |
| Stagwell Global, LLC 5.625% 8/15/2029 <sup>(a)</sup>  | 1285 | 1230 |
| TEGNA, Inc. 5.00% 9/15/2029  | 861 | 823 |
| T-Mobile USA, Inc. 3.375% 4/15/2029  | 860 | 828 |
| Univision Communications, Inc. 6.625% 6/1/2027 <sup>(a)</sup>  | 3170 | 3164 |
| Univision Communications, Inc. 8.00% 8/15/2028 <sup>(a)</sup>  | 2455 | 2493 |
| Univision Communications, Inc. 4.50% 5/1/2029 <sup>(a)</sup>  | 5170 | 4706 |
| Univision Communications, Inc. 7.375% 6/30/2030 <sup>(a)</sup>  | 2397 | 2357 |
| Univision Communications, Inc. 8.50% 7/31/2031 <sup>(a)</sup>  | 1235 | 1237 |
| Univision Communications, Inc., Term Loan, (3-month USD CME Term SOFR + 4.25%) 8.546% <br> 6/24/2029 <sup>(b)(c)</sup>  | 68 | 68 |
| VMED O2 UK Financing I PLC 4.25% 1/31/2031 <sup>(a)</sup>  | 1300 | 1192 |
| WarnerMedia Holdings, Inc. 4.054% 3/15/2029  | 1027 | 956 |
| WarnerMedia Holdings, Inc. 4.279% 3/15/2032  | 490 | 412 |
| WarnerMedia Holdings, Inc. 5.05% 3/15/2042  | 405 | 273 |
| WMG Acquisition Corp. 3.75% 12/1/2029 <sup>(a)</sup>  | 1498 | 1405 |
| WMG Acquisition Corp. 3.875% 7/15/2030 <sup>(a)</sup>  | 957 | 895 |
| WMG Acquisition Corp. 3.00% 2/15/2031 <sup>(a)</sup>  | 225 | 204 |
| X Corp., Term Loan B3, 9.50% 10/26/2029 <sup>(b)</sup>  | 370 | 360 |
| X Corp., Term Loan B, (USD-SOFR + 6.50%) 10.927% 10/26/2029 <sup>(b)(c)</sup>  | 1464 | 1432 |
| Ziggo BV 4.875% 1/15/2030 <sup>(a)</sup>  | 865 | 809 |
|  |  | 138870 |
| **Energy 12.69%** |  |  |
| 3R Lux SARL 9.75% 2/5/2031 <sup>(a)</sup>  | 675 | 683 |
| Antero Midstream Partners, LP 5.375% 6/15/2029 <sup>(a)</sup>  | 620 | 616 |
| Antero Midstream Partners, LP 6.625% 2/1/2032 <sup>(a)</sup>  | 40 | 41 |
| Antero Resources Corp. 5.375% 3/1/2030 <sup>(a)</sup>  | 130 | 131 |
| Archrock Partners, LP 6.25% 4/1/2028 <sup>(a)</sup>  | 255 | 256 |
| Archrock Partners, LP 6.625% 9/1/2032 <sup>(a)</sup>  | 420 | 428 |
| Ascent Resources Utica Holdings, LLC 5.875% 6/30/2029 <sup>(a)</sup>  | 650 | 651 |
| Ascent Resources Utica Holdings, LLC 6.625% 10/15/2032 <sup>(a)</sup>  | 500 | 509 |
| Ascent Resources Utica Holdings, LLC 6.625% 7/15/2033 <sup>(a)</sup>  | 475 | 482 |
| Baytex Energy Corp. 8.50% 4/30/2030 <sup>(a)</sup>  | 645 | 646 |
| Baytex Energy Corp. 7.375% 3/15/2032 <sup>(a)</sup>  | 330 | 315 |
| BIP-V Chinook Holdco, LLC 5.50% 6/15/2031 <sup>(a)</sup>  | 1210 | 1196 |
| Blue Racer Midstream, LLC 7.00% 7/15/2029 <sup>(a)</sup>  | 125 | 131 |
| Borr IHC, Ltd. 10.00% 11/15/2028 <sup>(a)</sup>  | 2275 | 2079 |
| Borr IHC, Ltd. 10.375% 11/15/2030 <sup>(a)</sup>  | 1034 | 915 |
| California Resources Corp. 7.125% 2/1/2026 <sup>(a)</sup>  | 195 | 196 |
| California Resources Corp. 8.25% 6/15/2029 <sup>(a)</sup>  | 520 | 534 |
| Chord Energy Corp. 6.75% 3/15/2033 <sup>(a)</sup>  | 1315 | 1344 |
| CITGO Petroleum Corp. 8.375% 1/15/2029 <sup>(a)</sup>  | 1220 | 1272 |
| Civitas Resources, Inc. 5.00% 10/15/2026 <sup>(a)</sup>  | 585 | 578 |
| Civitas Resources, Inc. 8.375% 7/1/2028 <sup>(a)</sup>  | 740 | 759 |
| Civitas Resources, Inc. 8.625% 11/1/2030 <sup>(a)</sup>  | 730 | 742 |
| Civitas Resources, Inc. 8.75% 7/1/2031 <sup>(a)</sup>  | 2547 | 2578 |
| Civitas Resources, Inc. 9.625% 6/15/2033 <sup>(a)</sup>  | 290 | 298 |
| CNX Midstream Partners, LP 4.75% 4/15/2030 <sup>(a)</sup>  | 280 | 265 |
| CNX Resources Corp. 6.00% 1/15/2029 <sup>(a)</sup>  | 1504 | 1511 |
| CNX Resources Corp. 7.375% 1/15/2031 <sup>(a)</sup>  | 861 | 899 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **219** | American Funds Insurance Series |

---

------

American High-Income Trust (continued)

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount<br> (000)<br>| Value<br> (000)<br>|
| **Corporate bonds, notes & loans (continued)** | **Corporate bonds, notes & loans (continued)** | **Corporate bonds, notes & loans (continued)** |
| **Energy (continued)** |  |  |
| CNX Resources Corp. 7.25% 3/1/2032 <sup>(a)</sup>  | USD1,300 | $1347 |
| Comstock Resources, Inc. 6.75% 3/1/2029 <sup>(a)</sup>  | 405 | 406 |
| Comstock Resources, Inc. 5.875% 1/15/2030 <sup>(a)</sup>  | 890 | 865 |
| Constellation Oil Services Holding SA 9.375% 11/7/2029 <sup>(a)</sup>  | 2150 | 2190 |
| Crescent Energy Finance, LLC 9.25% 2/15/2028 <sup>(a)</sup>  | 1258 | 1312 |
| Crescent Energy Finance, LLC 7.625% 4/1/2032 <sup>(a)</sup>  | 1790 | 1749 |
| Crescent Energy Finance, LLC 7.375% 1/15/2033 <sup>(a)</sup>  | 1490 | 1426 |
| Crescent Energy Finance, LLC 8.375% 1/15/2034 <sup>(a)</sup>  | 495 | 496 |
| Diamond Foreign Asset Co. 8.50% 10/1/2030 <sup>(a)</sup>  | 420 | 438 |
| DT Midstream, Inc. 4.125% 6/15/2029 <sup>(a)</sup>  | 1408 | 1361 |
| DT Midstream, Inc. 4.375% 6/15/2031 <sup>(a)</sup>  | 307 | 294 |
| Encino Acquisition Partners Holdings, LLC 8.50% 5/1/2028 <sup>(a)</sup>  | 610 | 627 |
| Encino Acquisition Partners Holdings, LLC 8.75% 5/1/2031 <sup>(a)</sup>  | 1360 | 1503 |
| Energean Israel Finance, Ltd. 5.375% 3/30/2028 <sup>(a)</sup>  | 730 | 697 |
| Energean Israel Finance, Ltd. 5.875% 3/30/2031 <sup>(a)</sup>  | 765 | 707 |
| Energy Transfer, LP 6.00% 2/1/2029 <sup>(a)</sup>  | 55 | 56 |
| EQT Corp. 5.00% 1/15/2029  | 170 | 171 |
| EQT Corp. 6.375% 4/1/2029 <sup>(a)</sup>  | 185 | 191 |
| EQT Corp. 4.75% 1/15/2031 <sup>(a)</sup>  | 1350 | 1330 |
| EQT Corp. 3.625% 5/15/2031 <sup>(a)</sup>  | 290 | 269 |
| Expand Energy Corp. 6.75% 4/15/2029 <sup>(a)</sup>  | 635 | 643 |
| Expand Energy Corp. 5.375% 3/15/2030  | 1290 | 1295 |
| Expand Energy Corp. 4.75% 2/1/2032  | 290 | 282 |
| Expand Energy Corp. 4.875% 4/15/2032 <sup>(e)</sup>  | 4300 | 17 |
| Genesis Energy, LP 7.75% 2/1/2028  | 72 | 73 |
| Genesis Energy, LP 8.25% 1/15/2029  | 1545 | 1617 |
| Genesis Energy, LP 8.875% 4/15/2030  | 1225 | 1302 |
| Genesis Energy, LP 7.875% 5/15/2032  | 2540 | 2643 |
| Global Partners, LP 6.875% 1/15/2029  | 135 | 137 |
| Global Partners, LP 8.25% 1/15/2032 <sup>(a)</sup>  | 460 | 484 |
| Global Partners, LP 7.125% 7/1/2033 <sup>(a)</sup>  | 265 | 269 |
| Harbour Energy PLC 5.50% 10/15/2026 <sup>(a)</sup>  | 1065 | 1054 |
| Harvest Midstream I, LP 7.50% 9/1/2028 <sup>(a)</sup>  | 1392 | 1417 |
| Harvest Midstream I, LP 7.50% 5/15/2032 <sup>(a)</sup>  | 820 | 867 |
| Hess Midstream Operations, LP 5.875% 3/1/2028 <sup>(a)</sup>  | 845 | 858 |
| Hess Midstream Operations, LP 5.125% 6/15/2028 <sup>(a)</sup>  | 361 | 359 |
| Hess Midstream Operations, LP 6.50% 6/1/2029 <sup>(a)</sup>  | 455 | 468 |
| Hess Midstream Operations, LP 4.25% 2/15/2030 <sup>(a)</sup>  | 1430 | 1376 |
| Hess Midstream Operations, LP 5.50% 10/15/2030 <sup>(a)</sup>  | 490 | 492 |
| Hilcorp Energy I, LP 5.75% 2/1/2029 <sup>(a)</sup>  | 805 | 795 |
| Hilcorp Energy I, LP 6.00% 4/15/2030 <sup>(a)</sup>  | 837 | 814 |
| Hilcorp Energy I, LP 6.00% 2/1/2031 <sup>(a)</sup>  | 783 | 758 |
| Hilcorp Energy I, LP 6.25% 4/15/2032 <sup>(a)</sup>  | 970 | 927 |
| Hilcorp Energy I, LP 8.375% 11/1/2033 <sup>(a)</sup>  | 1258 | 1306 |
| Kimmeridge Texas Gas, LLC 8.50% 2/15/2030 <sup>(a)</sup>  | 250 | 259 |
| Kodiak Gas Services, LLC 7.25% 2/15/2029 <sup>(a)</sup>  | 350 | 362 |
| Matador Resources Co. 6.875% 4/15/2028 <sup>(a)</sup>  | 425 | 434 |
| Matador Resources Co. 6.50% 4/15/2032 <sup>(a)</sup>  | 720 | 721 |
| Matador Resources Co. 6.25% 4/15/2033 <sup>(a)</sup>  | 800 | 796 |
| MEG Energy Corp. 5.875% 2/1/2029 <sup>(a)</sup>  | 1430 | 1429 |
| Mesquite Energy, Inc. 7.25% 2/15/2023 <sup>(a)(e)</sup>  | 739 | 15 |
| Murphy Oil Corp. 6.375% 7/15/2028  | 243 | 245 |
| Murphy Oil Corp. 6.00% 10/1/2032  | 410 | 391 |
| Murphy Oil USA, Inc. 3.75% 2/15/2031 <sup>(a)</sup>  | 820 | 757 |
| Nabors Industries, Inc. 7.375% 5/15/2027 <sup>(a)</sup>  | 755 | 746 |
| Nabors Industries, Inc. 7.50% 1/15/2028 <sup>(a)</sup>  | 75 | 67 |
| Nabors Industries, Inc. 9.125% 1/31/2030 <sup>(a)</sup>  | 990 | 949 |
| Nabors Industries, Inc. 8.875% 8/15/2031 <sup>(a)</sup>  | 525 | 390 |
| New Fortress Energy, Inc. 6.50% 9/30/2026 <sup>(a)</sup>  | 935 | 520 |
| New Fortress Energy, Inc., Term Loan B, (3-month USD CME Term SOFR + 5.50%) 9.807% 10/30/2028 <sup>(b)(c)</sup>  | 267 | 147 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| American Funds Insurance Series | **220** |

---

------

American High-Income Trust (continued)

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount<br> (000)<br>| Value<br> (000)<br>|
| **Corporate bonds, notes & loans (continued)** | **Corporate bonds, notes & loans (continued)** | **Corporate bonds, notes & loans (continued)** |
| **Energy (continued)** |  |  |
| NFE Financing, LLC 12.00% 11/15/2029 <sup>(a)</sup>  | USD17,123 | $7788 |
| NGL Energy Operating, LLC 8.125% 2/15/2029 <sup>(a)</sup>  | 105 | 106 |
| NGL Energy Operating, LLC 8.375% 2/15/2032 <sup>(a)</sup>  | 1110 | 1114 |
| Noble Finance II, LLC 8.00% 4/15/2030 <sup>(a)</sup>  | 1695 | 1727 |
| Northern Oil and Gas, Inc. 8.125% 3/1/2028 <sup>(a)</sup>  | 1900 | 1918 |
| Northern Oil and Gas, Inc. 8.75% 6/15/2031 <sup>(a)</sup>  | 360 | 371 |
| NuStar Logistics, LP 6.00% 6/1/2026  | 286 | 287 |
| Occidental Petroleum Corp. 6.60% 3/15/2046  | 692 | 683 |
| Occidental Petroleum Corp. 6.05% 10/1/2054  | 1200 | 1101 |
| Parkland Corp. 5.875% 7/15/2027 <sup>(a)</sup>  | 605 | 606 |
| Parkland Corp. 4.625% 5/1/2030 <sup>(a)</sup>  | 440 | 422 |
| Parkland Corp. 6.625% 8/15/2032 <sup>(a)</sup>  | 70 | 72 |
| Permian Resources Operating, LLC 8.00% 4/15/2027 <sup>(a)</sup>  | 58 | 59 |
| Permian Resources Operating, LLC 7.00% 1/15/2032 <sup>(a)</sup>  | 955 | 991 |
| Permian Resources Operating, LLC 6.25% 2/1/2033 <sup>(a)</sup>  | 1490 | 1505 |
| Petroleos Mexicanos 6.875% 10/16/2025  | 350 | 350 |
| Petroleos Mexicanos 4.50% 1/23/2026  | 695 | 686 |
| Petroleos Mexicanos 6.875% 8/4/2026  | 155 | 155 |
| Petroleos Mexicanos 6.49% 1/23/2027  | 160 | 159 |
| Petroleos Mexicanos 5.35% 2/12/2028  | 125 | 120 |
| Petroleos Mexicanos 6.50% 1/23/2029  | 140 | 137 |
| Petroleos Mexicanos 8.75% 6/2/2029  | 777 | 805 |
| Petroleos Mexicanos 6.84% 1/23/2030  | 510 | 493 |
| Petroleos Mexicanos 5.95% 1/28/2031  | 715 | 647 |
| Petroleos Mexicanos 6.50% 6/2/2041  | 10 | 7 |
| Petroleos Mexicanos 6.75% 9/21/2047  | 31 | 22 |
| Petroleos Mexicanos 6.35% 2/12/2048  | 10 | 7 |
| Petroleos Mexicanos 7.69% 1/23/2050  | 185 | 146 |
| Petroleos Mexicanos 6.95% 1/28/2060  | 460 | 331 |
| Range Resources Corp. 8.25% 1/15/2029  | 500 | 515 |
| Range Resources Corp. 4.75% 2/15/2030 <sup>(a)</sup>  | 285 | 277 |
| Saturn Oil & Gas, Inc. 9.625% 6/15/2029 <sup>(a)</sup>  | 268 | 267 |
| Seadrill Finance, Ltd. 8.375% 8/1/2030 <sup>(a)</sup>  | 200 | 204 |
| Suburban Propane Partners, LP 5.00% 6/1/2031 <sup>(a)</sup>  | 335 | 317 |
| Summit Midstream Holdings, LLC 8.625% 10/31/2029 <sup>(a)</sup>  | 1745 | 1787 |
| Sunoco, LP 6.00% 4/15/2027  | 547 | 547 |
| Sunoco, LP 5.875% 3/15/2028  | 290 | 291 |
| Sunoco, LP 7.00% 5/1/2029 <sup>(a)</sup>  | 300 | 313 |
| Sunoco, LP 4.50% 5/15/2029  | 1970 | 1914 |
| Sunoco, LP 4.50% 4/30/2030  | 1880 | 1809 |
| Sunoco, LP 7.25% 5/1/2032 <sup>(a)</sup>  | 1335 | 1403 |
| Sunoco, LP 6.25% 7/1/2033 <sup>(a)</sup>  | 810 | 824 |
| Talos Production, Inc. 9.00% 2/1/2029 <sup>(a)</sup>  | 985 | 1009 |
| Talos Production, Inc. 9.375% 2/1/2031 <sup>(a)</sup>  | 1265 | 1293 |
| Targa Resources Partners, LP 6.50% 7/15/2027  | 133 | 133 |
| Targa Resources Partners, LP 5.50% 3/1/2030  | 327 | 332 |
| Targa Resources Partners, LP 4.875% 2/1/2031  | 695 | 690 |
| TGS ASA 8.50% 1/15/2030 <sup>(a)</sup>  | 710 | 736 |
| Tidewater, Inc. 9.125% 7/15/2030 <sup>(a)</sup>  | 290 | 299 |
| Transocean Aquila, Ltd. 8.00% 9/30/2028 <sup>(a)</sup>  | 436 | 441 |
| Transocean Poseidon, Ltd. 6.875% 2/1/2027 <sup>(a)</sup>  | 369 | 369 |
| Transocean Titan Financing, Ltd. 8.375% 2/1/2028 <sup>(a)</sup>  | 1074 | 1092 |
| Transocean, Inc. 8.00% 2/1/2027 <sup>(a)</sup>  | 140 | 138 |
| Transocean, Inc. 8.75% 2/15/2030 <sup>(a)</sup>  | 399 | 411 |
| Transocean, Inc. 8.50% 5/15/2031 <sup>(a)</sup>  | 665 | 594 |
| Transocean, Inc. 6.80% 3/15/2038  | 425 | 299 |
| USA Compression Partners, LP 6.875% 9/1/2027  | 332 | 333 |
| USA Compression Partners, LP 7.125% 3/15/2029 <sup>(a)</sup>  | 430 | 441 |
| Venture Global Calcasieu Pass, LLC 3.875% 8/15/2029 <sup>(a)</sup>  | 1190 | 1123 |
| Venture Global Calcasieu Pass, LLC 6.25% 1/15/2030 <sup>(a)</sup>  | 195 | 201 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **221** | American Funds Insurance Series |

---

------

American High-Income Trust (continued)

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount<br> (000)<br>| Value<br> (000)<br>|
| **Corporate bonds, notes & loans (continued)** | **Corporate bonds, notes & loans (continued)** | **Corporate bonds, notes & loans (continued)** |
| **Energy (continued)** |  |  |
| Venture Global Calcasieu Pass, LLC 4.125% 8/15/2031 <sup>(a)</sup>  | USD1,600 | $1482 |
| Venture Global Calcasieu Pass, LLC 3.875% 11/1/2033 <sup>(a)</sup>  | 1260 | 1103 |
| Venture Global LNG, Inc. 8.125% 6/1/2028 <sup>(a)</sup>  | 915 | 946 |
| Venture Global LNG, Inc. 9.50% 2/1/2029 <sup>(a)</sup>  | 405 | 441 |
| Venture Global LNG, Inc. 7.00% 1/15/2030 <sup>(a)</sup>  | 750 | 759 |
| Venture Global LNG, Inc. 8.375% 6/1/2031 <sup>(a)</sup>  | 1300 | 1351 |
| Venture Global LNG, Inc. 9.875% 2/1/2032 <sup>(a)</sup>  | 492 | 532 |
| Venture Global LNG, Inc. 9.00% junior subordinated perpetual preferred bonds (5-year UST Yield Curve <br> Rate T Note Constant Maturity + 5.44% on 9/30/2029) <sup>(a)(g)</sup>  | 413 | 402 |
| Venture Global Plaquemines LNG, LLC 7.50% 5/1/2033 <sup>(a)</sup>  | 1140 | 1222 |
| Venture Global Plaquemines LNG, LLC 6.50% 1/15/2034 <sup>(a)</sup>  | 1425 | 1425 |
| Venture Global Plaquemines LNG, LLC 7.75% 5/1/2035 <sup>(a)</sup>  | 970 | 1051 |
| Venture Global Plaquemines LNG, LLC 6.75% 1/15/2036 <sup>(a)</sup>  | 1470 | 1470 |
| Vital Energy, Inc. 7.875% 4/15/2032 <sup>(a)</sup>  | 700 | 599 |
| Weatherford International, Ltd. 8.625% 4/30/2030 <sup>(a)</sup>  | 3309 | 3413 |
| Western Midstream Operating, LP 4.50% 3/1/2028  | 239 | 238 |
| Western Midstream Operating, LP 5.25% 2/1/2050  | 300 | 253 |
| Wildfire Intermediate Holdings, LLC 7.50% 10/15/2029 <sup>(a)</sup>  | 395 | 393 |
|  |  | 126268 |
| **Financials 9.18%** |  |  |
| AG Issuer, LLC 6.25% 3/1/2028 <sup>(a)</sup>  | 1286 | 1287 |
| AG TTMT Escrow Issuer, LLC 8.625% 9/30/2027 <sup>(a)</sup>  | 392 | 406 |
| Alera Group Intermediate Holdings, Inc., Term Loan B, (3-month USD CME Term SOFR + 3.25%) 7.574% <br> 5/15/2032 <sup>(b)(c)</sup>  | 285 | 286 |
| Alera Group Intermediate Holdings, Inc., Term Loan B, (3-month USD CME Term SOFR + 5.50%) 9.824% <br> 5/15/2033 <sup>(b)(c)</sup>  | 1265 | 1292 |
| Alliant Holdings Intermediate, LLC 4.25% 10/15/2027 <sup>(a)</sup>  | 555 | 545 |
| Alliant Holdings Intermediate, LLC 5.875% 11/1/2029 <sup>(a)</sup>  | 1460 | 1440 |
| Alliant Holdings Intermediate, LLC 7.00% 1/15/2031 <sup>(a)</sup>  | 660 | 683 |
| Alliant Holdings Intermediate, LLC 6.50% 10/1/2031 <sup>(a)</sup>  | 845 | 862 |
| Alliant Holdings Intermediate, LLC 7.375% 10/1/2032 <sup>(a)</sup>  | 3420 | 3530 |
| AmWINS Group, Inc. 4.875% 6/30/2029 <sup>(a)</sup>  | 1650 | 1605 |
| Ardonagh Finco, Ltd. 7.75% 2/15/2031 <sup>(a)</sup>  | 1095 | 1146 |
| Ardonagh Group Finance, Ltd. 8.875% 2/15/2032 <sup>(a)</sup>  | 1815 | 1911 |
| Aretec Group, Inc. 7.50% 4/1/2029 <sup>(a)</sup>  | 3193 | 3235 |
| Aretec Group, Inc. 10.00% 8/15/2030 <sup>(a)</sup>  | 755 | 831 |
| AssuredPartners, Inc. 5.625% 1/15/2029 <sup>(a)</sup>  | 365 | 364 |
| AssuredPartners, Inc., Term Loan, (3-month USD CME Term SOFR + 3.50%) 7.827% 2/14/2031 <sup>(b)(c)</sup>  | 496 | 498 |
| Blackstone Private Credit Fund 6.00% 11/22/2034  | 795 | 778 |
| Block, Inc. 2.75% 6/1/2026  | 1640 | 1607 |
| Block, Inc. 3.50% 6/1/2031  | 1820 | 1671 |
| Block, Inc. 6.50% 5/15/2032  | 920 | 950 |
| Blue Owl Capital Corp. 3.40% 7/15/2026  | 290 | 285 |
| Blue Owl Capital Corp. 3.125% 4/13/2027  | 600 | 580 |
| Blue Owl Credit Income Corp. 4.70% 2/8/2027  | 965 | 959 |
| Blue Owl Credit Income Corp. 6.65% 3/15/2031  | 380 | 391 |
| Boost Newco Borrower, LLC 7.50% 1/15/2031 <sup>(a)</sup>  | 1660 | 1763 |
| Brown & Brown, Inc. 5.25% 6/23/2032  | 92 | 94 |
| Brown & Brown, Inc. 5.55% 6/23/2035  | 266 | 271 |
| Brown & Brown, Inc. 6.25% 6/23/2055  | 331 | 342 |
| Coinbase Global, Inc. 3.375% 10/1/2028 <sup>(a)</sup>  | 3416 | 3205 |
| Coinbase Global, Inc. 3.625% 10/1/2031 <sup>(a)</sup>  | 2554 | 2276 |
| Compass Group Diversified Holdings, LLC 5.25% 4/15/2029 <sup>(a)</sup>  | 3661 | 3289 |
| Compass Group Diversified Holdings, LLC 5.00% 1/15/2032 <sup>(a)</sup>  | 710 | 601 |
| Hightower Holding, LLC 6.75% 4/15/2029 <sup>(a)</sup>  | 1280 | 1277 |
| Hightower Holding, LLC 9.125% 1/31/2030 <sup>(a)</sup>  | 195 | 208 |
| Howden UK Refinance PLC 7.25% 2/15/2031 <sup>(a)</sup>  | 1100 | 1140 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| American Funds Insurance Series | **222** |

---

------

American High-Income Trust (continued)

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount<br> (000)<br>| Value<br> (000)<br>|
| **Corporate bonds, notes & loans (continued)** | **Corporate bonds, notes & loans (continued)** | **Corporate bonds, notes & loans (continued)** |
| **Financials (continued)** |  |  |
| HUB International, Ltd. 5.625% 12/1/2029 <sup>(a)</sup>  | USD165 | $165 |
| HUB International, Ltd. 7.25% 6/15/2030 <sup>(a)</sup>  | 767 | 802 |
| HUB International, Ltd. 7.375% 1/31/2032 <sup>(a)</sup>  | 870 | 911 |
| HUB International, Ltd., Term Loan, (3-month USD CME Term SOFR + 2.50%) 6.769% 6/20/2030 <sup>(b)(c)</sup>  | 146 | 146 |
| Intercontinental Exchange, Inc. 3.625% 9/1/2028  | 410 | 402 |
| Iron Mountain Information Management Services, Inc. 5.00% 7/15/2032 <sup>(a)</sup>  | 1335 | 1282 |
| Jane Street Group, LLC 6.75% 5/1/2033 <sup>(a)</sup>  | 1075 | 1106 |
| Jefferson Capital Holdings, LLC 8.25% 5/15/2030 <sup>(a)</sup>  | 830 | 861 |
| JPMorgan Chase & Co. 2.956% 5/13/2031 (USD-SOFR + 2.515% on 5/13/2030) <sup>(g)</sup>  | 160 | 148 |
| LPL Holdings, Inc. 4.375% 5/15/2031 <sup>(a)</sup>  | 715 | 684 |
| MPT Finance Corp. 7.00% 2/15/2032  | EUR705 | 852 |
| MSCI, Inc. 3.875% 2/15/2031 <sup>(a)</sup>  | USD630 | 595 |
| MSCI, Inc. 3.625% 11/1/2031 <sup>(a)</sup>  | 341 | 314 |
| MSCI, Inc. 3.25% 8/15/2033 <sup>(a)</sup>  | 584 | 512 |
| Nationstar Mortgage Holdings, Inc. 7.125% 2/1/2032 <sup>(a)</sup>  | 380 | 395 |
| Navient Corp. 6.75% 6/15/2026  | 510 | 517 |
| Navient Corp. 5.00% 3/15/2027  | 2253 | 2245 |
| Navient Corp. 4.875% 3/15/2028  | 550 | 543 |
| Navient Corp. 5.50% 3/15/2029  | 3815 | 3739 |
| Navient Corp. 9.375% 7/25/2030  | 1547 | 1708 |
| Navient Corp. 11.50% 3/15/2031  | 880 | 998 |
| Navient Corp. 7.875% 6/15/2032  | 1455 | 1515 |
| Navient Corp. 5.625% 8/1/2033  | 2463 | 2267 |
| OneMain Finance Corp. 3.875% 9/15/2028  | 165 | 158 |
| OneMain Finance Corp. 9.00% 1/15/2029  | 105 | 110 |
| OneMain Finance Corp. 6.625% 5/15/2029  | 1055 | 1085 |
| OneMain Finance Corp. 5.375% 11/15/2029  | 950 | 935 |
| OneMain Finance Corp. 7.875% 3/15/2030  | 915 | 973 |
| OneMain Finance Corp. 4.00% 9/15/2030  | 245 | 226 |
| OneMain Finance Corp. 7.50% 5/15/2031  | 125 | 131 |
| OneMain Finance Corp. 7.125% 11/15/2031  | 1335 | 1390 |
| OneMain Finance Corp. 7.125% 9/15/2032  | 1975 | 2047 |
| Osaic Holdings, Inc. 10.75% 8/1/2027 <sup>(a)</sup>  | 4101 | 4113 |
| Osaic Holdings, Inc., Term Loan B4, (3-month USD CME Term SOFR + 3.50%) 7.827% 8/17/2028 <sup>(b)(c)</sup>  | 475 | 476 |
| Owl Rock Capital Corp. 3.75% 7/22/2025  | 145 | 145 |
| Oxford Finance, LLC 6.375% 2/1/2027 <sup>(a)</sup>  | 1488 | 1497 |
| Panther Escrow Issuer, LLC 7.125% 6/1/2031 <sup>(a)</sup>  | 675 | 702 |
| PennyMac Financial Services, Inc. 6.875% 5/15/2032 <sup>(a)</sup>  | 440 | 450 |
| PennyMac Financial Services, Inc. 6.875% 2/15/2033 <sup>(a)</sup>  | 520 | 534 |
| Planet Financial Group, LLC 10.50% 12/15/2029 <sup>(a)</sup>  | 230 | 230 |
| Rocket Mortgage, LLC 2.875% 10/15/2026 <sup>(a)</sup>  | 520 | 508 |
| Ryan Specialty, LLC 4.375% 2/1/2030 <sup>(a)</sup>  | 720 | 697 |
| Ryan Specialty, LLC 5.875% 8/1/2032 <sup>(a)</sup>  | 805 | 812 |
| SLM Corp. 6.50% 1/31/2030  | 680 | 714 |
| Starwood Property Trust, Inc. 4.375% 1/15/2027 <sup>(a)</sup>  | 655 | 649 |
| Starwood Property Trust, Inc. 7.25% 4/1/2029 <sup>(a)</sup>  | 600 | 632 |
| Starwood Property Trust, Inc. 6.50% 7/1/2030 <sup>(a)</sup>  | 535 | 553 |
| Starwood Property Trust, Inc. 6.50% 10/15/2030 <sup>(a)</sup>  | 385 | 398 |
| Truist Insurance Holdings, LLC, Term Loan, (3-month USD CME Term SOFR + 4.75%) 9.046% 5/6/2032 <sup>(b)(c)</sup>  | 2891 | 2932 |
| Voyager Parent, LLC 9.25% 7/1/2032 <sup>(a)</sup>  | 3240 | 3373 |
| WEX, Inc. 6.50% 3/15/2033 <sup>(a)</sup>  | 550 | 555 |
|  |  | 91340 |
| **Consumer discretionary 9.11%** |  |  |
| Advance Auto Parts, Inc. 5.95% 3/9/2028  | 853 | 873 |
| Advance Auto Parts, Inc. 3.90% 4/15/2030  | 1470 | 1379 |
| Advance Auto Parts, Inc. 3.50% 3/15/2032  | 1629 | 1428 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **223** | American Funds Insurance Series |

---

------

American High-Income Trust (continued)

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount<br> (000)<br>| Value<br> (000)<br>|
| **Corporate bonds, notes & loans (continued)** | **Corporate bonds, notes & loans (continued)** | **Corporate bonds, notes & loans (continued)** |
| **Consumer discretionary (continued)** |  |  |
| Aimbridge Acquisition Co., Inc., Term Loan, (1-month USD CME Term SOFR + 5.614%) 9.935% <br> 3/11/2030 <sup>(b)(c)(f)</sup>  | USD556 | $556 |
| Aimbridge Acquisition Co., Inc., Term Loan, (1-month USD CME Term SOFR + 7.614%) 6.00% PIK and <br> 5.947% Cash 3/11/2030 <sup>(b)(c)(d)(f)</sup>  | 509 | 509 |
| Allied Universal Holdco, LLC 4.625% 6/1/2028 <sup>(a)</sup>  | 555 | 539 |
| Allied Universal Holdco, LLC 6.00% 6/1/2029 <sup>(a)</sup>  | 2545 | 2478 |
| Allied Universal Holdco, LLC 6.875% 6/15/2030 <sup>(a)</sup>  | 1375 | 1395 |
| Allied Universal Holdco, LLC 7.875% 2/15/2031 <sup>(a)</sup>  | 305 | 319 |
| Allwyn Entertainment Financing (UK) PLC 7.875% 4/30/2029 <sup>(a)</sup>  | 1849 | 1931 |
| Asbury Automotive Group, Inc. 4.625% 11/15/2029 <sup>(a)</sup>  | 1275 | 1232 |
| Asbury Automotive Group, Inc. 5.00% 2/15/2032 <sup>(a)</sup>  | 600 | 571 |
| Bath & Body Works, Inc. 6.875% 11/1/2035  | 1581 | 1642 |
| Bath & Body Works, Inc. 6.75% 7/1/2036  | 910 | 926 |
| Belron Finance 2019, LLC, Term Loan B, (3-month USD CME Term SOFR + 2.75%) 7.049% 10/16/2031 <sup>(b)(c)</sup>  | 591 | 594 |
| Boyd Gaming Corp. 4.75% 12/1/2027  | 441 | 439 |
| Boyd Gaming Corp. 4.75% 6/15/2031 <sup>(a)</sup>  | 575 | 552 |
| Boyne USA, Inc. 4.75% 5/15/2029 <sup>(a)</sup>  | 650 | 631 |
| Caesars Entertainment, Inc. 4.625% 10/15/2029 <sup>(a)</sup>  | 1794 | 1714 |
| Caesars Entertainment, Inc. 7.00% 2/15/2030 <sup>(a)</sup>  | 2345 | 2430 |
| Caesars Entertainment, Inc. 6.50% 2/15/2032 <sup>(a)</sup>  | 1570 | 1612 |
| Carnival Corp. 5.75% 3/1/2027 <sup>(a)</sup>  | 505 | 510 |
| Carnival Corp. 4.00% 8/1/2028 <sup>(a)</sup>  | 1450 | 1420 |
| Carnival Corp. 7.00% 8/15/2029 <sup>(a)</sup>  | 135 | 142 |
| Carnival Corp. 6.125% 2/15/2033 <sup>(a)</sup>  | 3765 | 3855 |
| Cougar JV Subsidiary, LLC 8.00% 5/15/2032 <sup>(a)</sup>  | 150 | 160 |
| Fertitta Entertainment, LLC 4.625% 1/15/2029 <sup>(a)</sup>  | 1800 | 1725 |
| Fertitta Entertainment, LLC 6.75% 1/15/2030 <sup>(a)</sup>  | 2155 | 1990 |
| First Student Bidco, Inc. 4.00% 7/31/2029 <sup>(a)</sup>  | 1295 | 1218 |
| First Student Bidco, Inc., Term Loan B, (3-month USD CME Term SOFR + 2.50%) 6.796% 7/21/2028 <sup>(b)(c)</sup>  | 334 | 334 |
| First Student Bidco, Inc., Term Loan C, (3-month USD CME Term SOFR + 2.50%) 6.796% 7/21/2028 <sup>(b)(c)</sup>  | 102 | 102 |
| Ford Motor Co. 3.25% 2/12/2032  | 500 | 422 |
| Ford Motor Credit Co., LLC 4.271% 1/9/2027  | 495 | 488 |
| Ford Motor Credit Co., LLC 3.815% 11/2/2027  | 115 | 111 |
| Ford Motor Credit Co., LLC 5.918% 3/20/2028  | 200 | 202 |
| Ford Motor Credit Co., LLC 5.875% 11/7/2029  | 225 | 226 |
| Ford Motor Credit Co., LLC 7.20% 6/10/2030  | 370 | 390 |
| Ford Motor Credit Co., LLC 4.00% 11/13/2030  | 550 | 502 |
| Ford Motor Credit Co., LLC 6.532% 3/19/2032  | 470 | 478 |
| Gap, Inc. 3.625% 10/1/2029 <sup>(a)</sup>  | 170 | 158 |
| Gap, Inc. 3.875% 10/1/2031 <sup>(a)</sup>  | 108 | 97 |
| General Motors Financial Co., Inc. 5.90% 1/7/2035  | 530 | 533 |
| Genting New York, LLC 7.25% 10/1/2029 <sup>(a)</sup>  | 1240 | 1287 |
| Global Auto Holdings PLC 11.50% 8/15/2029 <sup>(a)</sup>  | 585 | 573 |
| Great Canadian Gaming Corp. 8.75% 11/15/2029 <sup>(a)</sup>  | 1790 | 1753 |
| Hanesbrands, Inc. 9.00% 2/15/2031 <sup>(a)</sup>  | 2266 | 2401 |
| Hanesbrands, Inc., Term Loan B, (3-month USD CME Term SOFR + 2.75%) 7.077% 3/7/2032 <sup>(b)(c)</sup>  | 1123 | 1127 |
| Hilton Domestic Operating Co., Inc. 4.875% 1/15/2030  | 408 | 406 |
| Hilton Domestic Operating Co., Inc. 4.00% 5/1/2031 <sup>(a)</sup>  | 1045 | 983 |
| Hilton Grand Vacations Borrower, LLC 5.00% 6/1/2029 <sup>(a)</sup>  | 591 | 569 |
| Hyatt Hotels Corp. 5.75% 3/30/2032  | 269 | 276 |
| Hyundai Capital America 1.65% 9/17/2026 <sup>(a)</sup>  | 70 | 68 |
| International Game Technology PLC 4.125% 4/15/2026 <sup>(a)</sup>  | 465 | 465 |
| International Game Technology PLC 5.25% 1/15/2029 <sup>(a)</sup>  | 1065 | 1056 |
| KB Home 6.875% 6/15/2027  | 330 | 340 |
| KB Home 7.25% 7/15/2030  | 330 | 342 |
| Kohl's Corp. 5.125% 5/1/2031 <sup>(g)</sup>  | 90 | 65 |
| Kontoor Brands, Inc. 4.125% 11/15/2029 <sup>(a)</sup>  | 370 | 348 |
| Las Vegas Sands Corp. 6.20% 8/15/2034  | 25 | 26 |
| LCM Investments Holdings II, LLC 4.875% 5/1/2029 <sup>(a)</sup>  | 3405 | 3314 |
| LCM Investments Holdings II, LLC 8.25% 8/1/2031 <sup>(a)</sup>  | 1365 | 1452 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| American Funds Insurance Series | **224** |

---

------

American High-Income Trust (continued)

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount<br> (000)<br>| Value<br> (000)<br>|
| **Corporate bonds, notes & loans (continued)** | **Corporate bonds, notes & loans (continued)** | **Corporate bonds, notes & loans (continued)** |
| **Consumer discretionary (continued)** |  |  |
| Levi Strauss & Co. 3.50% 3/1/2031 <sup>(a)</sup>  | USD1,175 | $1076 |
| Light and Wonder International, Inc. 7.25% 11/15/2029 <sup>(a)</sup>  | 470 | 485 |
| Light and Wonder International, Inc. 7.50% 9/1/2031 <sup>(a)</sup>  | 305 | 319 |
| Lindblad Expeditions, LLC 6.75% 2/15/2027 <sup>(a)</sup>  | 205 | 206 |
| Lithia Motors, Inc. 3.875% 6/1/2029 <sup>(a)</sup>  | 1090 | 1040 |
| Lithia Motors, Inc. 4.375% 1/15/2031 <sup>(a)</sup>  | 700 | 666 |
| M.D.C. Holdings, Inc. 6.00% 1/15/2043  | 803 | 727 |
| Macy's Retail Holdings, LLC 5.875% 4/1/2029 <sup>(a)</sup>  | 75 | 74 |
| Marriott Ownership Resorts, Inc. 4.50% 6/15/2029 <sup>(a)</sup>  | 555 | 533 |
| Melco Resorts Finance, Ltd. 5.75% 7/21/2028 <sup>(a)</sup>  | 325 | 318 |
| Mercury Aggregator, LP, Term Loan 2, 3.50% 4/3/2026 <sup>(b)(f)</sup>  | 95 | 36 |
| Mercury Aggregator, LP, Term Loan, 13.50% 4/3/2026 (16.00% on 8/3/2025) <sup>(b)(f)(g)</sup>  | 166 | 63 |
| MGM Resorts International 5.50% 4/15/2027  | 200 | 201 |
| NCL Corp., Ltd. 5.875% 2/15/2027 <sup>(a)</sup>  | 375 | 377 |
| Newell Brands, Inc. 8.50% 6/1/2028 <sup>(a)</sup>  | 580 | 611 |
| Newell Brands, Inc. 6.625% 9/15/2029  | 435 | 431 |
| Newell Brands, Inc. 6.375% 5/15/2030  | 785 | 766 |
| Newell Brands, Inc. 6.625% 5/15/2032  | 435 | 416 |
| Newell Brands, Inc. 6.875% 4/1/2036  | 355 | 341 |
| Newell Brands, Inc. 7.00% 4/1/2046  | 165 | 141 |
| Nissan Motor Acceptance Co., LLC 1.85% 9/16/2026 <sup>(a)</sup>  | 350 | 334 |
| Party City Holdings, Inc. 0% 10/12/2028 <sup>(f)(h)</sup>  | 500 | — <br><sup>(i)</sup><br>|
| Party City Holdco, Inc. 12.00% PIK 1/11/2029 <sup>(a)(d)(e)(f)</sup>  | 2510 | 251 |
| PENN Entertainment, Inc. 4.125% 7/1/2029 <sup>(a)</sup>  | 15 | 14 |
| Petco Health and Wellness Co., Inc., Term Loan B, (3-month USD CME Term SOFR + 3.25%) 7.807% <br> 3/3/2028 <sup>(b)(c)</sup>  | 965 | 893 |
| RHP Hotel Properties, LP 7.25% 7/15/2028 <sup>(a)</sup>  | 492 | 510 |
| RHP Hotel Properties, LP 4.50% 2/15/2029 <sup>(a)</sup>  | 660 | 646 |
| RHP Hotel Properties, LP 6.50% 6/15/2033 <sup>(a)</sup>  | 745 | 767 |
| Royal Caribbean Cruises, Ltd. 5.50% 8/31/2026 <sup>(a)</sup>  | 70 | 70 |
| Royal Caribbean Cruises, Ltd. 5.50% 4/1/2028 <sup>(a)</sup>  | 1105 | 1120 |
| Royal Caribbean Cruises, Ltd. 6.25% 3/15/2032 <sup>(a)</sup>  | 705 | 725 |
| Royal Caribbean Cruises, Ltd. 6.00% 2/1/2033 <sup>(a)</sup>  | 625 | 637 |
| Sally Holdings, LLC 6.75% 3/1/2032  | 2887 | 2966 |
| Scientific Games Holdings, LP 6.625% 3/1/2030 <sup>(a)</sup>  | 190 | 183 |
| Scientific Games Holdings, LP, Term Loan, (3-month USD CME Term SOFR + 3.00%) 7.285% 4/4/2029 <sup>(b)(c)</sup>  | 1298 | 1298 |
| Service Corp. International 4.625% 12/15/2027  | 405 | 403 |
| Service Corp. International 5.125% 6/1/2029  | 75 | 75 |
| Service Corp. International 3.375% 8/15/2030  | 190 | 175 |
| Service Corp. International 4.00% 5/15/2031  | 515 | 482 |
| Service Corp. International 5.75% 10/15/2032  | 350 | 354 |
| Somnigroup International, Inc. 4.00% 4/15/2029 <sup>(a)</sup>  | 95 | 91 |
| Sonic Automotive, Inc. 4.625% 11/15/2029 <sup>(a)</sup>  | 2181 | 2118 |
| Sonic Automotive, Inc. 4.875% 11/15/2031 <sup>(a)</sup>  | 2669 | 2539 |
| Station Casinos, LLC 6.625% 3/15/2032 <sup>(a)</sup>  | 320 | 327 |
| Travel + Leisure Co. 4.50% 12/1/2029 <sup>(a)</sup>  | 995 | 962 |
| Travel + Leisure Co. 4.625% 3/1/2030 <sup>(a)</sup>  | 200 | 192 |
| Universal Entertainment Corp. 9.875% 8/1/2029 <sup>(a)</sup>  | 2495 | 2440 |
| Vail Resorts, Inc. 5.625% 7/15/2030 <sup>(a)</sup>  | 315 | 316 |
| Vail Resorts, Inc. 6.50% 5/15/2032 <sup>(a)</sup>  | 550 | 569 |
| Valvoline, Inc. 3.625% 6/15/2031 <sup>(a)</sup>  | 630 | 571 |
| Voyager Parent, LLC, Term Loan B, (1-month USD CME Term SOFR + 4.75%) 9.083% 5/10/2032 <sup>(b)(c)</sup>  | 400 | 396 |
| Wand NewCo 3, Inc. 7.625% 1/30/2032 <sup>(a)</sup>  | 10 | 11 |
| WASH Multifamily Acquisition, Inc. 5.75% 4/15/2026 <sup>(a)</sup>  | 615 | 613 |
| Wyndham Hotels & Resorts, Inc. 4.375% 8/15/2028 <sup>(a)</sup>  | 555 | 543 |
| Wynn Resorts Finance, LLC 5.125% 10/1/2029 <sup>(a)</sup>  | 482 | 479 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **225** | American Funds Insurance Series |

---

------

American High-Income Trust (continued)

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount<br> (000)<br>| Value<br> (000)<br>|
| **Corporate bonds, notes & loans (continued)** | **Corporate bonds, notes & loans (continued)** | **Corporate bonds, notes & loans (continued)** |
| **Consumer discretionary (continued)** |  |  |
| Wynn Resorts Finance, LLC 7.125% 2/15/2031 <sup>(a)</sup>  | USD487 | $520 |
| Wynn Resorts Finance, LLC 6.25% 3/15/2033 <sup>(a)</sup>  | 1300 | 1309 |
| ZF North America Capital, Inc. 7.125% 4/14/2030 <sup>(a)</sup>  | 250 | 245 |
|  |  | 90635 |
| **Health care 8.35%** |  |  |
| 1261229 B.C., Ltd. 10.00% 4/15/2032 <sup>(a)</sup>  | 2015 | 2034 |
| AdaptHealth, LLC 6.125% 8/1/2028 <sup>(a)</sup>  | 435 | 436 |
| AdaptHealth, LLC 4.625% 8/1/2029 <sup>(a)</sup>  | 1105 | 1042 |
| AdaptHealth, LLC 5.125% 3/1/2030 <sup>(a)</sup>  | 1505 | 1431 |
| AthenaHealth Group, Inc. 6.50% 2/15/2030 <sup>(a)</sup>  | 590 | 581 |
| Avantor Funding, Inc. 4.625% 7/15/2028 <sup>(a)</sup>  | 2040 | 2005 |
| Avantor Funding, Inc. 3.875% 11/1/2029 <sup>(a)</sup>  | 620 | 588 |
| Bausch + Lomb Corp. 8.375% 10/1/2028 <sup>(a)</sup>  | 70 | 73 |
| Bausch + Lomb Corp., Term Loan B, (USD-SOFR + 4.25%) 8.564% 12/18/2030 <sup>(b)(c)</sup>  | 447 | 448 |
| Bausch Health Americas, Inc. 9.25% 4/1/2026 <sup>(a)</sup>  | 939 | 937 |
| Bausch Health Americas, Inc. 8.50% 1/31/2027 <sup>(a)</sup>  | 1156 | 1102 |
| Bausch Health Cos., Inc. 5.00% 1/30/2028 <sup>(a)</sup>  | 442 | 364 |
| Bausch Health Cos., Inc. 4.875% 6/1/2028 <sup>(a)</sup>  | 1335 | 1127 |
| Bausch Health Cos., Inc. 11.00% 9/30/2028 <sup>(a)</sup>  | 530 | 525 |
| Bausch Health Cos., Inc. 7.25% 5/30/2029 <sup>(a)</sup>  | 20 | 14 |
| Bausch Health Cos., Inc. 5.25% 1/30/2030 <sup>(a)</sup>  | 1262 | 800 |
| Bausch Health Cos., Inc. 5.25% 2/15/2031 <sup>(a)</sup>  | 1277 | 755 |
| Biocon Biologics Global PLC 6.67% 10/9/2029  | 200 | 190 |
| Centene Corp. 4.625% 12/15/2029  | 945 | 920 |
| Centene Corp. 3.375% 2/15/2030  | 52 | 48 |
| Centene Corp. 3.00% 10/15/2030  | 295 | 264 |
| Centene Corp. 2.50% 3/1/2031  | 1125 | 969 |
| Centene Corp. 2.625% 8/1/2031  | 615 | 527 |
| Charles River Laboratories International, Inc. 4.25% 5/1/2028 <sup>(a)</sup>  | 186 | 181 |
| Charles River Laboratories International, Inc. 3.75% 3/15/2029 <sup>(a)</sup>  | 550 | 517 |
| CHS / Community Health Systems, Inc. 5.625% 3/15/2027 <sup>(a)</sup>  | 1395 | 1375 |
| CHS / Community Health Systems, Inc. 6.00% 1/15/2029 <sup>(a)</sup>  | 805 | 775 |
| CHS / Community Health Systems, Inc. 5.25% 5/15/2030 <sup>(a)</sup>  | 1990 | 1767 |
| CHS / Community Health Systems, Inc. 4.75% 2/15/2031 <sup>(a)</sup>  | 1020 | 873 |
| CHS / Community Health Systems, Inc. 10.875% 1/15/2032 <sup>(a)</sup>  | 180 | 191 |
| CVS Health Corp., junior subordinated, 6.75% 12/10/2054 (5-year UST Yield Curve Rate T Note Constant <br> Maturity + 2.516% on 12/10/2034) <sup>(g)</sup>  | 200 | 201 |
| DaVita, Inc. 4.625% 6/1/2030 <sup>(a)</sup>  | 1085 | 1040 |
| DaVita, Inc. 3.75% 2/15/2031 <sup>(a)</sup>  | 875 | 796 |
| DaVita, Inc. 6.875% 9/1/2032 <sup>(a)</sup>  | 2255 | 2338 |
| DaVita, Inc. 6.75% 7/15/2033 <sup>(a)</sup>  | 2035 | 2103 |
| Endo Finance Holdings, Inc. 8.50% 4/15/2031 <sup>(a)</sup>  | 2565 | 2718 |
| Endo Finance Holdings, Inc., Term Loan B, (3-month USD CME Term SOFR + 4.00%) 8.327% 4/23/2031 <sup>(b)(c)</sup>  | 1757 | 1758 |
| Grifols SA 3.875% 10/15/2028  | EUR340 | 384 |
| Grifols SA 4.75% 10/15/2028 <sup>(a)</sup>  | USD2,000 | 1924 |
| Grifols SA 7.50% 5/1/2030  | EUR1,320 | 1631 |
| HCA, Inc. 3.50% 9/1/2030  | USD180 | 170 |
| HCA, Inc. 4.625% 3/15/2052  | 233 | 187 |
| HCA, Inc. 7.50% 11/15/2095  | 250 | 272 |
| Insulet Corp. 6.50% 4/1/2033 <sup>(a)</sup>  | 372 | 388 |
| IQVIA, Inc. 5.00% 10/15/2026 <sup>(a)</sup>  | 603 | 603 |
| IQVIA, Inc. 6.50% 5/15/2030 <sup>(a)</sup>  | 660 | 681 |
| IQVIA, Inc. 6.25% 6/1/2032 <sup>(a)</sup>  | 1205 | 1238 |
| Jazz Securities DAC 4.375% 1/15/2029 <sup>(a)</sup>  | 506 | 489 |
| Mallinckrodt International Finance SA 14.75% 11/14/2028 <sup>(a)</sup>  | 174 | 180 |
| Medline Borrower, LP 3.875% 4/1/2029 <sup>(a)</sup>  | 1380 | 1325 |
| Medline Borrower, LP 6.25% 4/1/2029 <sup>(a)</sup>  | 914 | 940 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| American Funds Insurance Series | **226** |

---

------

American High-Income Trust (continued)

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount<br> (000)<br>| Value<br> (000)<br>|
| **Corporate bonds, notes & loans (continued)** | **Corporate bonds, notes & loans (continued)** | **Corporate bonds, notes & loans (continued)** |
| **Health care (continued)** |  |  |
| Medline Borrower, LP 5.25% 10/1/2029 <sup>(a)</sup>  | USD1,985 | $1971 |
| Medline Borrower, LP, Term Loan, (3-month USD CME Term SOFR + 2.25%) 6.577% 10/23/2028 <sup>(b)(c)</sup>  | 552 | 552 |
| Molina Healthcare, Inc. 4.375% 6/15/2028 <sup>(a)</sup>  | 995 | 973 |
| Molina Healthcare, Inc. 3.875% 11/15/2030 <sup>(a)</sup>  | 1514 | 1409 |
| Molina Healthcare, Inc. 3.875% 5/15/2032 <sup>(a)</sup>  | 2750 | 2505 |
| Molina Healthcare, Inc. 6.25% 1/15/2033 <sup>(a)</sup>  | 1495 | 1523 |
| Owens & Minor, Inc. 4.50% 3/31/2029 <sup>(a)</sup>  | 1328 | 1192 |
| Owens & Minor, Inc. 6.625% 4/1/2030 <sup>(a)</sup>  | 5290 | 4974 |
| Perrigo Finance Unlimited Co. 6.125% 9/30/2032  | 400 | 404 |
| Radiology Partners, Inc. 9.781% PIK 2/15/2030 <sup>(a)(d)</sup>  | 2347 | 2309 |
| Radiology Partners, Inc. 8.50% 7/15/2032 <sup>(a)</sup>  | 2830 | 2840 |
| Radiology Partners, Inc., Term Loan B, (3-month USD CME Term SOFR + 3.50%) 1.50% PIK and 6.591% <br> Cash 1/31/2029 <sup>(b)(c)(d)</sup>  | 1770 | 1766 |
| Sterigenics-Nordion Holdings, LLC 7.375% 6/1/2031 <sup>(a)</sup>  | 505 | 526 |
| Surgery Center Holdings, Inc. 7.25% 4/15/2032 <sup>(a)</sup>  | 665 | 679 |
| Team Health Holdings, Inc., Term Loan B, (3-month USD CME Term SOFR + 5.25%) 9.53% 3/2/2027 <sup>(b)(c)</sup>  | 36 | 36 |
| Tenet Healthcare Corp. 6.25% 2/1/2027  | 320 | 320 |
| Tenet Healthcare Corp. 5.125% 11/1/2027  | 375 | 375 |
| Tenet Healthcare Corp. 4.25% 6/1/2029  | 1620 | 1572 |
| Tenet Healthcare Corp. 4.375% 1/15/2030  | 895 | 867 |
| Tenet Healthcare Corp. 6.125% 6/15/2030  | 25 | 26 |
| Tenet Healthcare Corp. 6.75% 5/15/2031  | 860 | 890 |
| Tenet Healthcare Corp. 6.875% 11/15/2031  | 100 | 108 |
| Teva Pharmaceutical Finance Netherlands III BV 4.75% 5/9/2027  | 452 | 452 |
| Teva Pharmaceutical Finance Netherlands III BV 5.125% 5/9/2029  | 6790 | 6834 |
| Teva Pharmaceutical Finance Netherlands III BV 7.875% 9/15/2029  | 400 | 437 |
| Teva Pharmaceutical Finance Netherlands III BV 8.125% 9/15/2031  | 959 | 1087 |
| Teva Pharmaceutical Finance Netherlands III BV 6.00% 12/1/2032  | 940 | 961 |
| Teva Pharmaceutical Finance Netherlands III BV 4.10% 10/1/2046  | 942 | 679 |
| Teva Pharmaceutical Finance Netherlands IV BV 5.75% 12/1/2030  | 610 | 621 |
|  |  | 83113 |
| **Materials 8.13%** |  |  |
| Alliance Resource Operating Partners, LP 8.625% 6/15/2029 <sup>(a)</sup>  | 975 | 1037 |
| ArcelorMittal SA 7.00% 10/15/2039  | 488 | 541 |
| ArcelorMittal SA 6.75% 3/1/2041  | 825 | 870 |
| Ardagh Metal Packaging Finance PLC 4.00% 9/1/2029 <sup>(a)</sup>  | 690 | 630 |
| Avient Corp. 6.25% 11/1/2031 <sup>(a)</sup>  | 225 | 227 |
| Axalta Coating Systems Dutch Holding B BV 7.25% 2/15/2031 <sup>(a)</sup>  | 240 | 253 |
| Axalta Coating Systems, LLC 4.75% 6/15/2027 <sup>(a)</sup>  | 460 | 457 |
| Ball Corp. 6.875% 3/15/2028  | 465 | 476 |
| Ball Corp. 6.00% 6/15/2029  | 350 | 359 |
| Ball Corp. 2.875% 8/15/2030  | 160 | 144 |
| Ball Corp. 3.125% 9/15/2031  | 1530 | 1374 |
| CAN-PACK Spolka Akcyjna 3.875% 11/15/2029 <sup>(a)</sup>  | 1875 | 1758 |
| Capstone Copper Corp. 6.75% 3/31/2033 <sup>(a)</sup>  | 245 | 251 |
| Celanese US Holdings, LLC 6.415% 7/15/2027  | 45 | 47 |
| Celanese US Holdings, LLC 6.50% 4/15/2030  | 520 | 533 |
| Celanese US Holdings, LLC 7.05% 11/15/2030  | 265 | 279 |
| Celanese US Holdings, LLC 6.75% 4/15/2033  | 1290 | 1304 |
| Celanese US Holdings, LLC 7.20% 11/15/2033  | 70 | 74 |
| Cleveland-Cliffs, Inc. 5.875% 6/1/2027  | 1363 | 1363 |
| Cleveland-Cliffs, Inc. 4.625% 3/1/2029 <sup>(a)</sup>  | 2346 | 2157 |
| Cleveland-Cliffs, Inc. 6.875% 11/1/2029 <sup>(a)</sup>  | 2354 | 2320 |
| Cleveland-Cliffs, Inc. 6.75% 4/15/2030 <sup>(a)</sup>  | 920 | 891 |
| Cleveland-Cliffs, Inc. 4.875% 3/1/2031 <sup>(a)</sup>  | 2025 | 1734 |
| Cleveland-Cliffs, Inc. 7.50% 9/15/2031 <sup>(a)</sup>  | 1930 | 1863 |
| Cleveland-Cliffs, Inc. 7.00% 3/15/2032 <sup>(a)</sup>  | 2035 | 1921 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **227** | American Funds Insurance Series |

---

------

American High-Income Trust (continued)

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount<br> (000)<br>| Value<br> (000)<br>|
| **Corporate bonds, notes & loans (continued)** | **Corporate bonds, notes & loans (continued)** | **Corporate bonds, notes & loans (continued)** |
| **Materials (continued)** |  |  |
| Cleveland-Cliffs, Inc. 7.375% 5/1/2033 <sup>(a)</sup>  | USD210 | $197 |
| Consolidated Energy Finance SA 6.50% 5/15/2026 <sup>(a)</sup>  | 150 | 146 |
| Consolidated Energy Finance SA 5.625% 10/15/2028 <sup>(a)</sup>  | 655 | 565 |
| Consolidated Energy Finance SA 12.00% 2/15/2031 <sup>(a)</sup>  | 3465 | 3403 |
| CVR Partners, LP 6.125% 6/15/2028 <sup>(a)</sup>  | 685 | 687 |
| First Quantum Minerals, Ltd. 6.875% 10/15/2027 <sup>(a)</sup>  | 2207 | 2212 |
| First Quantum Minerals, Ltd. 9.375% 3/1/2029 <sup>(a)</sup>  | 4240 | 4505 |
| First Quantum Minerals, Ltd. 8.00% 3/1/2033 <sup>(a)</sup>  | 675 | 693 |
| Freeport-McMoRan, Inc. 4.25% 3/1/2030  | 437 | 428 |
| Freeport-McMoRan, Inc. 5.45% 3/15/2043  | 411 | 389 |
| FXI Holdings, Inc. 12.25% 11/15/2026 <sup>(a)</sup>  | 9297 | 8192 |
| FXI Holdings, Inc. 12.25% 11/15/2026 <sup>(a)</sup>  | 6051 | 5357 |
| Glatfelter Corp., Term Loan B, (3-month USD CME Term SOFR + 4.25%) 8.583% 11/4/2031 <sup>(b)(c)</sup>  | 612 | 602 |
| INEOS Finance PLC 6.75% 5/15/2028 <sup>(a)</sup>  | 500 | 497 |
| INEOS Finance PLC 7.50% 4/15/2029 <sup>(a)</sup>  | 285 | 286 |
| JH North America Holdings, Inc. 5.875% 1/31/2031 <sup>(a)</sup>  | 510 | 515 |
| JH North America Holdings, Inc. 6.125% 7/31/2032 <sup>(a)</sup>  | 805 | 819 |
| Kaiser Aluminum Corp. 4.625% 3/1/2028 <sup>(a)</sup>  | 638 | 625 |
| LABL, Inc. 10.50% 7/15/2027 <sup>(a)</sup>  | 160 | 153 |
| LSB Industries, Inc. 6.25% 10/15/2028 <sup>(a)</sup>  | 155 | 154 |
| Magnera Corp. 4.75% 11/15/2029 <sup>(a)</sup>  | 815 | 721 |
| Magnera Corp. 7.25% 11/15/2031 <sup>(a)</sup>  | 530 | 500 |
| Mauser Packaging Solutions Holding Co. 7.875% 8/15/2026 <sup>(a)</sup>  | 382 | 383 |
| Mauser Packaging Solutions Holding Co. 9.25% 4/15/2027 <sup>(a)</sup>  | 555 | 551 |
| Methanex Corp. 5.125% 10/15/2027  | 2415 | 2408 |
| Methanex Corp. 5.25% 12/15/2029  | 712 | 704 |
| Methanex Corp. 5.65% 12/1/2044  | 465 | 370 |
| Methanex US Operations, Inc. 6.25% 3/15/2032 <sup>(a)</sup>  | 860 | 858 |
| Minera Mexico SA de CV, 5.625% 2/12/2032 <sup>(a)</sup>  | 200 | 204 |
| Mineral Resources, Ltd. 8.125% 5/1/2027 <sup>(a)</sup>  | 393 | 393 |
| Mineral Resources, Ltd. 8.00% 11/1/2027 <sup>(a)</sup>  | 1919 | 1929 |
| Mineral Resources, Ltd. 9.25% 10/1/2028 <sup>(a)</sup>  | 1820 | 1865 |
| Mineral Resources, Ltd. 8.50% 5/1/2030 <sup>(a)</sup>  | 750 | 747 |
| NOVA Chemicals Corp. 8.50% 11/15/2028 <sup>(a)</sup>  | 245 | 259 |
| NOVA Chemicals Corp. 4.25% 5/15/2029 <sup>(a)</sup>  | 1365 | 1314 |
| NOVA Chemicals Corp. 9.00% 2/15/2030 <sup>(a)</sup>  | 2100 | 2271 |
| NOVA Chemicals Corp. 7.00% 12/1/2031 <sup>(a)</sup>  | 665 | 697 |
| Novelis Corp. 3.25% 11/15/2026 <sup>(a)</sup>  | 485 | 478 |
| Novelis Corp. 3.875% 8/15/2031 <sup>(a)</sup>  | 497 | 447 |
| Olin Corp. 5.625% 8/1/2029  | 200 | 199 |
| Olin Corp. 5.00% 2/1/2030  | 180 | 174 |
| Olin Corp. 6.625% 4/1/2033 <sup>(a)</sup>  | 80 | 79 |
| Quikrete Holdings, Inc. 6.375% 3/1/2032 <sup>(a)</sup>  | 835 | 859 |
| Quikrete Holdings, Inc. 6.75% 3/1/2033 <sup>(a)</sup>  | 995 | 1027 |
| Quikrete Holdings, Inc., Term Loan B3, (3-month USD CME Term SOFR + 2.25%) 6.577% 2/10/2032 <sup>(b)(c)</sup>  | 170 | 170 |
| Samarco Mineracao SA 9.00% PIK 6/30/2031 (5.00% PIK and 4.00% Cash on 12/30/2025) <sup>(a)(d)(g)</sup>  | 1280 | 1259 |
| Samarco Mineracao SA 9.00% 6/30/2031 (5.00% PIK and 4.00% Cash on 12/30/2025) <sup>(d)(g)</sup>  | 460 | 452 |
| SCIH Salt Holdings, Inc. 4.875% 5/1/2028 <sup>(a)</sup>  | 660 | 643 |
| Trident TPI Holdings, Inc. 12.75% 12/31/2028 <sup>(a)</sup>  | 470 | 499 |
| Trivium Packaging Finance BV 8.25% 7/15/2030 <sup>(a)</sup>  | 585 | 619 |
| Trivium Packaging Finance BV 12.25% 1/15/2031 <sup>(a)</sup>  | 1015 | 1089 |
| Tronox, Inc. 4.625% 3/15/2029 <sup>(a)</sup>  | 740 | 639 |
| Venator Material, LLC, Term Loan, (3-month USD CME Term SOFR + 2.00%) 8.00% PIK and 6.308% Cash <br> 1/16/2026 <sup>(b)(c)(d)(f)</sup>  | 540 | 297 |
| Venator Material, LLC, Term Loan, (3-month USD CME Term SOFR + 8.00%) 8.00% PIK and 6.329% Cash <br> 7/16/2026 <sup>(b)(c)(d)(f)</sup>  | 543 | 299 |
| Venator Material, LLC, Term Loan, (USD-SOFR + 10.00%) 8.00% PIK and 6.302% Cash 10/12/2028 <sup>(b)(c)(d)(f)</sup>  | 894 | 492 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| American Funds Insurance Series | **228** |

---

------

American High-Income Trust (continued)

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount<br> (000)<br>| Value<br> (000)<br>|
| **Corporate bonds, notes & loans (continued)** | **Corporate bonds, notes & loans (continued)** | **Corporate bonds, notes & loans (continued)** |
| **Materials (continued)** |  |  |
| Verde Purchaser, LLC, Term Loan B, (3-month USD CME Term SOFR + 4.00%) 8.296% 11/30/2030 <sup>(b)(c)</sup>  | USD194 | $195 |
| Veritiv Operating Co. 10.50% 11/30/2030 <sup>(a)</sup>  | 780 | 845 |
| Warrior Met Coal, Inc. 7.875% 12/1/2028 <sup>(a)</sup>  | 598 | 611 |
|  |  | 80834 |
| **Information technology 7.36%** |  |  |
| Acuris Finance US, Inc. 9.00% 8/1/2029 <sup>(a)</sup>  | 1350 | 1385 |
| ams-OSRAM AG 12.25% 3/30/2029 <sup>(a)</sup>  | 1175 | 1255 |
| Booz Allen Hamilton, Inc. 3.875% 9/1/2028 <sup>(a)</sup>  | 60 | 58 |
| Cloud Software Group, Inc. 6.50% 3/31/2029 <sup>(a)</sup>  | 1735 | 1752 |
| Cloud Software Group, Inc. 9.00% 9/30/2029 <sup>(a)</sup>  | 5185 | 5379 |
| Cloud Software Group, Inc. 8.25% 6/30/2032 <sup>(a)</sup>  | 1625 | 1731 |
| Cloud Software Group, Inc., Term Loan B1, (3-month USD CME Term SOFR + 3.50%) 7.796% <br> 3/29/2029 <sup>(b)(c)</sup>  | 1407 | 1410 |
| CommScope Technologies, LLC 5.00% 3/15/2027 <sup>(a)</sup>  | 2190 | 2135 |
| CommScope, LLC 8.25% 3/1/2027 <sup>(a)</sup>  | 1404 | 1400 |
| CommScope, LLC 7.125% 7/1/2028 <sup>(a)</sup>  | 1107 | 1089 |
| CommScope, LLC 4.75% 9/1/2029 <sup>(a)</sup>  | 103 | 101 |
| CommScope, LLC 9.50% 12/15/2031 <sup>(a)</sup>  | 525 | 550 |
| Commscope, LLC, Term Loan, (3-month USD CME Term SOFR + 5.25%) 9.577% 12/17/2029 <sup>(b)(c)</sup>  | 645 | 654 |
| CoreWeave, Inc. 9.25% 6/1/2030 <sup>(a)</sup>  | 425 | 435 |
| Diebold Nixdorf, Inc. 7.75% 3/31/2030 <sup>(a)</sup>  | 5860 | 6231 |
| Ellucian Holdings, Inc. 6.50% 12/1/2029 <sup>(a)</sup>  | 275 | 282 |
| Ellucian Holdings, Inc., Term Loan, (3-month USD CME Term SOFR + 4.75%) 9.077% 11/22/2032 <sup>(b)(c)</sup>  | 300 | 307 |
| Fair Isaac Corp. 4.00% 6/15/2028 <sup>(a)</sup>  | 2340 | 2279 |
| Fair Isaac Corp. 6.00% 5/15/2033 <sup>(a)</sup>  | 3120 | 3156 |
| Finastra USA, Inc., Term Loan B, (3-month USD CME Term SOFR + 7.25%) 11.428% 9/13/2029 <sup>(b)(c)(j)</sup>  | 3610 | 3638 |
| Finastra USA, Inc., Term Loan, (3-month USD CME Term SOFR + 7.25%) 11.428% 9/13/2029 <sup>(b)(c)(j)</sup>  | 75 | 76 |
| Fortress Intermediate 3, Inc. 7.50% 6/1/2031 <sup>(a)</sup>  | 440 | 461 |
| Gartner, Inc. 4.50% 7/1/2028 <sup>(a)</sup>  | 703 | 696 |
| Gartner, Inc. 3.75% 10/1/2030 <sup>(a)</sup>  | 126 | 118 |
| Gen Digital, Inc. 6.25% 4/1/2033 <sup>(a)</sup>  | 725 | 746 |
| Helios Software Holdings, Inc. 8.75% 5/1/2029 <sup>(a)</sup>  | 3675 | 3783 |
| Hughes Satellite Systems Corp. 5.25% 8/1/2026  | 3595 | 3203 |
| Hughes Satellite Systems Corp. 6.625% 8/1/2026  | 3415 | 2435 |
| Imola Merger Corp. 4.75% 5/15/2029 <sup>(a)</sup>  | 300 | 290 |
| ION Trading Technologies SARL 9.50% 5/30/2029 <sup>(a)</sup>  | 2420 | 2497 |
| Kaseya, Inc., Term Loan, (3-month USD CME Term SOFR + 3.25%) 7.577% 3/20/2032 <sup>(b)(c)</sup>  | 623 | 627 |
| Kaseya, Inc., Term Loan, (3-month USD CME Term SOFR + 5.00%) 9.327% 3/20/2033 <sup>(b)(c)</sup>  | 875 | 878 |
| McAfee Corp. 7.375% 2/15/2030 <sup>(a)</sup>  | 275 | 260 |
| NCR Atleos Corp. 9.50% 4/1/2029 <sup>(a)</sup>  | 1785 | 1957 |
| NCR Voyix Corp. 5.125% 4/15/2029 <sup>(a)</sup>  | 343 | 338 |
| Open Text Corp. 3.875% 2/15/2028 <sup>(a)</sup>  | 645 | 626 |
| Open Text Corp. 3.875% 12/1/2029 <sup>(a)</sup>  | 250 | 236 |
| Shift4 Payments, LLC, 6.75% 8/15/2032 <sup>(a)</sup>  | 985 | 1024 |
| Synaptics, Inc. 4.00% 6/15/2029 <sup>(a)</sup>  | 375 | 356 |
| UKG, Inc. 6.875% 2/1/2031 <sup>(a)</sup>  | 1325 | 1376 |
| Unisys Corp. 10.625% 1/15/2031 <sup>(a)</sup>  | 1875 | 1933 |
| Viasat, Inc. 5.625% 4/15/2027 <sup>(a)</sup>  | 5540 | 5522 |
| Viasat, Inc. 6.50% 7/15/2028 <sup>(a)</sup>  | 1505 | 1424 |
| Viasat, Inc. 7.50% 5/30/2031 <sup>(a)</sup>  | 2394 | 2076 |
| Viavi Solutions, Inc. 3.75% 10/1/2029 <sup>(a)</sup>  | 230 | 215 |
| Wolfspeed, Inc. 2.00% PIK and 9.875% Cash 6/23/2030 (13.875% on 6/22/2026) <sup>(d)(g)(j)</sup>  | 3138 | 3174 |
| Wolfspeed, Inc. 2.00% PIK and 9.875% Cash 6/23/2030 (13.875% on 6/23/2026) <sup>(d)(g)(j)</sup>  | 547 | 553 |
| Xerox Holdings Corp. 5.50% 8/15/2028 <sup>(a)</sup>  | 1135 | 869 |
| Xerox Holdings Corp. 8.875% 11/30/2029 <sup>(a)</sup>  | 269 | 203 |
|  |  | 73179 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **229** | American Funds Insurance Series |

---

------

American High-Income Trust (continued)

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount<br> (000)<br>| Value<br> (000)<br>|
| **Corporate bonds, notes & loans (continued)** | **Corporate bonds, notes & loans (continued)** | **Corporate bonds, notes & loans (continued)** |
| **Real estate 7.03%** |  |  |
| Anywhere Real Estate Group, LLC 5.75% 1/15/2029 <sup>(a)</sup>  | USD2,063 | $1812 |
| Anywhere Real Estate Group, LLC 5.25% 4/15/2030 <sup>(a)</sup>  | 1322 | 1085 |
| Anywhere Real Estate Group, LLC 7.00% 4/15/2030 <sup>(a)</sup>  | 465 | 435 |
| Brookfield Property REIT, Inc. 5.75% 5/15/2026 <sup>(a)</sup>  | 829 | 827 |
| Brookfield Property REIT, Inc., Term Loan B, (3-month USD CME Term SOFR + 3.25%) 7.56% 5/30/2030 <sup>(b)(c)</sup>  | 265 | 265 |
| Fideicomiso Fibra Uno 7.70% 1/23/2032 <sup>(a)</sup>  | 405 | 423 |
| Forestar Group, Inc. 5.00% 3/1/2028 <sup>(a)</sup>  | 92 | 91 |
| Forestar Group, Inc. 6.50% 3/15/2033 <sup>(a)</sup>  | 1900 | 1916 |
| Howard Hughes Corp. (The) 5.375% 8/1/2028 <sup>(a)</sup>  | 1392 | 1383 |
| Howard Hughes Corp. (The) 4.125% 2/1/2029 <sup>(a)</sup>  | 2688 | 2562 |
| Howard Hughes Corp. (The) 4.375% 2/1/2031 <sup>(a)</sup>  | 3643 | 3364 |
| Iron Mountain, Inc. 4.875% 9/15/2027 <sup>(a)</sup>  | 1006 | 1001 |
| Iron Mountain, Inc. 5.00% 7/15/2028 <sup>(a)</sup>  | 367 | 364 |
| Iron Mountain, Inc. 7.00% 2/15/2029 <sup>(a)</sup>  | 210 | 217 |
| Iron Mountain, Inc. 5.25% 7/15/2030 <sup>(a)</sup>  | 3060 | 3020 |
| Iron Mountain, Inc. 4.50% 2/15/2031 <sup>(a)</sup>  | 1660 | 1583 |
| Iron Mountain, Inc. 5.625% 7/15/2032 <sup>(a)</sup>  | 220 | 218 |
| Iron Mountain, Inc. 6.25% 1/15/2033 <sup>(a)</sup>  | 395 | 406 |
| Kennedy-Wilson, Inc. 4.75% 3/1/2029  | 1840 | 1726 |
| Kennedy-Wilson, Inc. 4.75% 2/1/2030  | 2645 | 2425 |
| Kennedy-Wilson, Inc. 5.00% 3/1/2031  | 2560 | 2310 |
| Ladder Capital Finance Holdings LLLP 5.25% 10/1/2025 <sup>(a)</sup>  | 440 | 440 |
| Ladder Capital Finance Holdings LLLP 4.75% 6/15/2029 <sup>(a)</sup>  | 315 | 307 |
| Ladder Capital Finance Holdings LLLP 5.50% 8/1/2030  | 38 | 38 |
| Ladder Capital Finance Holdings LLLP 7.00% 7/15/2031 <sup>(a)</sup>  | 615 | 643 |
| MPT Operating Partnership, LP 5.00% 10/15/2027  | 10058 | 9299 |
| MPT Operating Partnership, LP 4.625% 8/1/2029  | 170 | 134 |
| MPT Operating Partnership, LP 3.50% 3/15/2031  | 1524 | 1079 |
| MPT Operating Partnership, LP 8.50% 2/15/2032 <sup>(a)</sup>  | 4269 | 4471 |
| Park Intermediate Holdings, LLC 5.875% 10/1/2028 <sup>(a)</sup>  | 170 | 170 |
| Park Intermediate Holdings, LLC 4.875% 5/15/2029 <sup>(a)</sup>  | 820 | 795 |
| Park Intermediate Holdings, LLC 7.00% 2/1/2030 <sup>(a)</sup>  | 740 | 761 |
| Pebblebrook Hotel, LP 6.375% 10/15/2029 <sup>(a)</sup>  | 655 | 659 |
| RLJ Lodging Trust, LP 3.75% 7/1/2026 <sup>(a)</sup>  | 45 | 45 |
| RLJ Lodging Trust, LP 4.00% 9/15/2029 <sup>(a)</sup>  | 460 | 430 |
| SBA Communications Corp. 3.125% 2/1/2029  | 131 | 124 |
| Service Properties Trust 5.25% 2/15/2026  | 117 | 116 |
| Service Properties Trust 4.75% 10/1/2026  | 1515 | 1495 |
| Service Properties Trust 4.95% 2/15/2027  | 2131 | 2105 |
| Service Properties Trust 5.50% 12/15/2027  | 750 | 744 |
| Service Properties Trust 3.95% 1/15/2028  | 3031 | 2802 |
| Service Properties Trust 8.375% 6/15/2029  | 2460 | 2560 |
| Service Properties Trust 4.95% 10/1/2029  | 3518 | 3073 |
| Service Properties Trust 4.375% 2/15/2030  | 3180 | 2677 |
| Service Properties Trust 8.625% 11/15/2031 <sup>(a)</sup>  | 4850 | 5210 |
| Service Properties Trust 8.875% 6/15/2032  | 1230 | 1266 |
| VICI Properties, LP 3.875% 2/15/2029 <sup>(a)</sup>  | 1130 | 1094 |
|  |  | 69970 |
| **Industrials 6.87%** |  |  |
| AAdvantage Loyalty IP, Ltd. 5.50% 4/20/2026 <sup>(a)</sup>  | 108 | 108 |
| AAR Escrow Issuer, LLC 6.75% 3/15/2029 <sup>(a)</sup>  | 261 | 271 |
| ADT Security Corp. 4.125% 8/1/2029 <sup>(a)</sup>  | 200 | 193 |
| Albion Financing 1 SARL 7.00% 5/21/2030 <sup>(a)</sup>  | 1120 | 1146 |
| Allison Transmission, Inc. 3.75% 1/30/2031 <sup>(a)</sup>  | 1045 | 959 |
| Ambipar Lux SARL 9.875% 2/6/2031 <sup>(a)</sup>  | 226 | 214 |
| Ambipar Lux SARL 10.875% 2/5/2033 <sup>(a)</sup>  | 200 | 190 |
| Amentum Holdings, Inc. 7.25% 8/1/2032 <sup>(a)</sup>  | 1145 | 1179 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| American Funds Insurance Series | **230** |

---

------

American High-Income Trust (continued)

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount<br> (000)<br>| Value<br> (000)<br>|
| **Corporate bonds, notes & loans (continued)** | **Corporate bonds, notes & loans (continued)** | **Corporate bonds, notes & loans (continued)** |
| **Industrials (continued)** |  |  |
| American Airlines, Inc. 8.50% 5/15/2029 <sup>(a)</sup>  | USD415 | $435 |
| Aramark Services, Inc. 5.00% 2/1/2028 <sup>(a)</sup>  | 760 | 758 |
| ATI, Inc. 4.875% 10/1/2029  | 690 | 676 |
| ATI, Inc. 7.25% 8/15/2030  | 375 | 393 |
| ATI, Inc. 5.125% 10/1/2031  | 775 | 758 |
| Avis Budget Car Rental, LLC 5.75% 7/15/2027 <sup>(a)</sup>  | 767 | 761 |
| Avis Budget Car Rental, LLC 4.75% 4/1/2028 <sup>(a)</sup>  | 55 | 53 |
| Avis Budget Car Rental, LLC 5.375% 3/1/2029 <sup>(a)</sup>  | 925 | 892 |
| Avis Budget Car Rental, LLC 8.25% 1/15/2030 <sup>(a)</sup>  | 35 | 37 |
| Avis Budget Car Rental, LLC 8.00% 2/15/2031 <sup>(a)</sup>  | 445 | 461 |
| Avis Budget Group, Inc. 5.75% 7/15/2027 <sup>(a)</sup>  | 61 | 61 |
| Avolon Holdings Funding, Ltd. 2.528% 11/18/2027 <sup>(a)</sup>  | 2098 | 1995 |
| Axon Enterprise, Inc. 6.125% 3/15/2030 <sup>(a)</sup>  | 935 | 964 |
| Axon Enterprise, Inc. 6.25% 3/15/2033 <sup>(a)</sup>  | 1320 | 1362 |
| Beach Acquisition Bidco, LLC, 10.75% PIK or 10.00% Cash 7/15/2033 <sup>(a)(d)</sup>  | 605 | 629 |
| Boeing Co. (The) 3.60% 5/1/2034  | 190 | 168 |
| Boeing Co. (The) 5.805% 5/1/2050  | 34 | 33 |
| Boeing Co. (The) 6.858% 5/1/2054  | 352 | 386 |
| Boeing Co. (The) 7.008% 5/1/2064  | 120 | 132 |
| Bombardier, Inc. 7.45% 5/1/2034 <sup>(a)</sup>  | 115 | 125 |
| Brink's Co. (The) 6.50% 6/15/2029 <sup>(a)</sup>  | 170 | 175 |
| Brink's Co. (The) 6.75% 6/15/2032 <sup>(a)</sup>  | 170 | 177 |
| BWX Technologies, Inc. 4.125% 6/30/2028 <sup>(a)</sup>  | 165 | 161 |
| BWX Technologies, Inc. 4.125% 4/15/2029 <sup>(a)</sup>  | 335 | 323 |
| Chart Industries, Inc. 7.50% 1/1/2030 <sup>(a)</sup>  | 523 | 548 |
| Clarivate Science Holdings Corp. 3.875% 7/1/2028 <sup>(a)</sup>  | 915 | 878 |
| Clarivate Science Holdings Corp. 4.875% 7/1/2029 <sup>(a)</sup>  | 890 | 839 |
| Clean Harbors, Inc. 4.875% 7/15/2027 <sup>(a)</sup>  | 766 | 763 |
| Clean Harbors, Inc. 6.375% 2/1/2031 <sup>(a)</sup>  | 116 | 119 |
| CoreLogic, Inc. 4.50% 5/1/2028 <sup>(a)</sup>  | 3004 | 2868 |
| CoreLogic, Inc., Term Loan, (3-month USD CME Term SOFR + 6.50%) 10.941% 6/4/2029 <sup>(b)(c)</sup>  | 660 | 642 |
| Dun & Bradstreet Corp. (The) 5.00% 12/15/2029 <sup>(a)</sup>  | 980 | 1005 |
| Enviri Corp. 5.75% 7/31/2027 <sup>(a)</sup>  | 1295 | 1279 |
| EquipmentShare.com, Inc. 9.00% 5/15/2028 <sup>(a)</sup>  | 2870 | 3036 |
| EquipmentShare.com, Inc. 8.625% 5/15/2032 <sup>(a)</sup>  | 490 | 521 |
| FTAI Aviation Investors, LLC 5.50% 5/1/2028 <sup>(a)</sup>  | 700 | 697 |
| FTAI Aviation Investors, LLC 7.875% 12/1/2030 <sup>(a)</sup>  | 45 | 48 |
| Garda World Security Corp. 8.375% 11/15/2032 <sup>(a)</sup>  | 1735 | 1784 |
| Herc Holdings, Inc. 5.50% 7/15/2027 <sup>(a)</sup>  | 280 | 280 |
| Herc Holdings, Inc. 6.625% 6/15/2029 <sup>(a)</sup>  | 455 | 467 |
| Herc Holdings, Inc. 7.00% 6/15/2030 <sup>(a)</sup>  | 890 | 930 |
| Herc Holdings, Inc. 7.25% 6/15/2033 <sup>(a)</sup>  | 1110 | 1164 |
| Hertz Corp. (The) 4.625% 12/1/2026 <sup>(a)</sup>  | 645 | 579 |
| Hertz Corp. (The), Term Loan B-EXIT, (3-month USD CME Term SOFR + 3.50%) 8.041% 6/30/2028 <sup>(b)(c)</sup>  | 71 | 59 |
| Hertz Corp. (The), Term Loan C-EXIT, (3-month USD CME Term SOFR + 3.50%) 8.041% 6/30/2028 <sup>(b)(c)</sup>  | 15 | 13 |
| Icahn Enterprises, LP 6.25% 5/15/2026  | 818 | 813 |
| Icahn Enterprises, LP 5.25% 5/15/2027  | 3754 | 3641 |
| Icahn Enterprises, LP 9.75% 1/15/2029  | 1090 | 1060 |
| Icahn Enterprises, LP 4.375% 2/1/2029  | 855 | 719 |
| Icahn Enterprises, LP 10.00% 11/15/2029 <sup>(a)</sup>  | 90 | 89 |
| LATAM Airlines Group SA 7.625% 1/7/2031 <sup>(a)</sup>  | 810 | 815 |
| Mileage Plus Holdings, LLC 6.50% 6/20/2027 <sup>(a)</sup>  | 854 | 856 |
| Miter Brands Acquisition Holdco, Inc. 6.75% 4/1/2032 <sup>(a)</sup>  | 309 | 317 |
| Moog, Inc. 4.25% 12/9/2027 <sup>(a)</sup>  | 395 | 387 |
| Mueller Water Products, Inc. 4.00% 6/15/2029 <sup>(a)</sup>  | 275 | 264 |
| NESCO Holdings II, Inc. 5.50% 4/15/2029 <sup>(a)</sup>  | 1105 | 1077 |
| OneSky Flight, LLC 8.875% 12/15/2029 <sup>(a)</sup>  | 360 | 375 |
| Peraton Corp., Term Loan B, (3-month USD CME Term SOFR + 3.75%) 8.177% 2/1/2028 <sup>(b)(c)</sup>  | 1035 | 915 |
| Pitney Bowes, Inc. 6.875% 3/15/2027 <sup>(a)</sup>  | 600 | 606 |
| PM General Purchaser, LLC 9.50% 10/1/2028 <sup>(a)</sup>  | 215 | 149 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **231** | American Funds Insurance Series |

---

------

American High-Income Trust (continued)

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount<br> (000)<br>| Value<br> (000)<br>|
| **Corporate bonds, notes & loans (continued)** | **Corporate bonds, notes & loans (continued)** | **Corporate bonds, notes & loans (continued)** |
| **Industrials (continued)** |  |  |
| Prime Security Services Borrower, LLC 3.375% 8/31/2027 <sup>(a)</sup>  | USD475 | $461 |
| QXO Building Products, Inc. 6.75% 4/30/2032 <sup>(a)</sup>  | 1745 | 1802 |
| QXO Building Products, Inc., Term Loan B, (1-month USD CME Term SOFR + 3.00%) 7.296% 4/30/2032 <sup>(b)(c)</sup>  | 185 | 187 |
| Reworld Holding Corp. 4.875% 12/1/2029 <sup>(a)</sup>  | 1155 | 1100 |
| Reworld Holding Corp. 5.00% 9/1/2030  | 1455 | 1378 |
| Roller Bearing Company of America, Inc. 4.375% 10/15/2029 <sup>(a)</sup>  | 110 | 107 |
| Sabre GLBL, Inc. 11.125% 7/15/2030 <sup>(a)</sup>  | 2610 | 2733 |
| Sensata Technologies, Inc. 3.75% 2/15/2031 <sup>(a)</sup>  | 795 | 725 |
| SkyMiles IP, Ltd. 4.75% 10/20/2028 <sup>(a)</sup>  | 440 | 441 |
| Spirit AeroSystems, Inc. 4.60% 6/15/2028  | 798 | 785 |
| Spirit AeroSystems, Inc. 9.375% 11/30/2029 <sup>(a)</sup>  | 34 | 36 |
| Spirit AeroSystems, Inc. 9.75% 11/15/2030 <sup>(a)</sup>  | 195 | 215 |
| Spirit AeroSystems, Inc., Term Loan, (3-month CME Term SOFR + 4.25%) 8.78% 1/15/2027 <sup>(b)(c)</sup>  | 1081 | 1083 |
| Standard Building Solutions, Inc. 6.50% 8/15/2032 <sup>(a)</sup>  | 435 | 446 |
| Texas Combined Tirz I, LLC 0% 12/7/2062 <sup>(a)(f)</sup>  | 100 | 100 |
| Titan International, Inc. 7.00% 4/30/2028  | 750 | 754 |
| TransDigm, Inc. 6.75% 8/15/2028 <sup>(a)</sup>  | 75 | 77 |
| TransDigm, Inc. 6.875% 12/15/2030 <sup>(a)</sup>  | 355 | 369 |
| TransDigm, Inc. 6.625% 3/1/2032 <sup>(a)</sup>  | 1540 | 1596 |
| TransDigm, Inc. 6.00% 1/15/2033 <sup>(a)</sup>  | 405 | 408 |
| TransDigm, Inc. 6.375% 5/31/2033 <sup>(a)</sup>  | 400 | 401 |
| Uber Technologies, Inc. 7.50% 9/15/2027 <sup>(a)</sup>  | 395 | 399 |
| Uber Technologies, Inc. 6.25% 1/15/2028 <sup>(a)</sup>  | 755 | 759 |
| Uber Technologies, Inc. 4.50% 8/15/2029 <sup>(a)</sup>  | 310 | 308 |
| United Rentals (North America), Inc. 6.00% 12/15/2029 <sup>(a)</sup>  | 115 | 118 |
| United Rentals (North America), Inc. 3.875% 2/15/2031  | 745 | 701 |
| United Rentals (North America), Inc. 3.75% 1/15/2032  | 570 | 524 |
| United Rentals (North America), Inc. 6.125% 3/15/2034 <sup>(a)</sup>  | 310 | 320 |
| Waste Pro USA, Inc. 7.00% 2/1/2033 <sup>(a)</sup>  | 225 | 234 |
| WESCO Distribution, Inc. 6.625% 3/15/2032 <sup>(a)</sup>  | 1600 | 1665 |
| WESCO Distribution, Inc. 6.375% 3/15/2033 <sup>(a)</sup>  | 320 | 331 |
| XPO, Inc. 6.25% 6/1/2028 <sup>(a)</sup>  | 70 | 71 |
| XPO, Inc. 7.125% 6/1/2031 <sup>(a)</sup>  | 533 | 559 |
| XPO, Inc. 7.125% 2/1/2032 <sup>(a)</sup>  | 390 | 409 |
|  |  | 68379 |
| **Consumer staples 3.50%** |  |  |
| Albertsons Cos., Inc. 3.50% 3/15/2029 <sup>(a)</sup>  | 1198 | 1136 |
| Albertsons Cos., Inc. 4.875% 2/15/2030 <sup>(a)</sup>  | 465 | 458 |
| Amer Sports Co. 6.75% 2/16/2031 <sup>(a)</sup>  | 130 | 135 |
| B&G Foods, Inc. 5.25% 9/15/2027  | 1758 | 1603 |
| B&G Foods, Inc. 8.00% 9/15/2028 <sup>(a)</sup>  | 1375 | 1326 |
| Central Garden & Pet Co. 4.125% 10/15/2030  | 915 | 865 |
| Central Garden & Pet Co. 4.125% 4/30/2031 <sup>(a)</sup>  | 1740 | 1617 |
| Coty, Inc. 5.00% 4/15/2026 <sup>(a)</sup>  | 280 | 281 |
| Coty, Inc. 4.75% 1/15/2029 <sup>(a)</sup>  | 1070 | 1047 |
| Coty, Inc. 6.625% 7/15/2030 <sup>(a)</sup>  | 380 | 389 |
| Darling Ingredients, Inc. 6.00% 6/15/2030 <sup>(a)</sup>  | 1350 | 1369 |
| Fiesta Purchaser, Inc. 7.875% 3/1/2031 <sup>(a)</sup>  | 915 | 972 |
| Fiesta Purchaser, Inc. 9.625% 9/15/2032 <sup>(a)</sup>  | 775 | 820 |
| Fiesta Purchaser, Inc., Term Loan, (3-month USD CME Term SOFR + 3.25%) 7.577% 2/12/2031 <sup>(b)(c)</sup>  | 158 | 159 |
| H.J. Heinz Co. 3.875% 5/15/2027  | 275 | 273 |
| H.J. Heinz Co. 4.375% 6/1/2046  | 26 | 21 |
| Ingles Markets, Inc. 4.00% 6/15/2031 <sup>(a)</sup>  | 370 | 346 |
| KeHE Distributors, LLC 9.00% 2/15/2029 <sup>(a)</sup>  | 485 | 503 |
| Lamb Weston Holdings, Inc. 4.875% 5/15/2028 <sup>(a)</sup>  | 75 | 75 |
| Lamb Weston Holdings, Inc. 4.125% 1/31/2030 <sup>(a)</sup>  | 1920 | 1833 |
| Lamb Weston Holdings, Inc. 4.375% 1/31/2032 <sup>(a)</sup>  | 480 | 451 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| American Funds Insurance Series | **232** |

---

------

American High-Income Trust (continued)

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount<br> (000)<br>| Value<br> (000)<br>|
| **Corporate bonds, notes & loans (continued)** | **Corporate bonds, notes & loans (continued)** | **Corporate bonds, notes & loans (continued)** |
| **Consumer staples (continued)** |  |  |
| Mars, Inc. 4.60% 3/1/2028 <sup>(a)</sup>  | USD150 | $151 |
| Mars, Inc. 5.20% 3/1/2035 <sup>(a)</sup>  | 45 | 46 |
| Mars, Inc. 5.70% 5/1/2055 <sup>(a)</sup>  | 45 | 45 |
| Opal Bidco SAS 6.50% 3/31/2032 <sup>(a)</sup>  | 660 | 674 |
| Performance Food Group, Inc. 5.50% 10/15/2027 <sup>(a)</sup>  | 705 | 704 |
| Performance Food Group, Inc. 4.25% 8/1/2029 <sup>(a)</sup>  | 573 | 553 |
| Performance Food Group, Inc. 6.125% 9/15/2032 <sup>(a)</sup>  | 725 | 742 |
| Post Holdings, Inc. 5.50% 12/15/2029 <sup>(a)</sup>  | 451 | 449 |
| Post Holdings, Inc. 4.625% 4/15/2030 <sup>(a)</sup>  | 1815 | 1746 |
| Post Holdings, Inc. 4.50% 9/15/2031 <sup>(a)</sup>  | 1145 | 1064 |
| Post Holdings, Inc. 6.25% 2/15/2032 <sup>(a)</sup>  | 2570 | 2644 |
| Post Holdings, Inc. 6.375% 3/1/2033 <sup>(a)</sup>  | 415 | 420 |
| Prestige Brands, Inc. 5.125% 1/15/2028 <sup>(a)</sup>  | 138 | 137 |
| Prestige Brands, Inc. 3.75% 4/1/2031 <sup>(a)</sup>  | 1275 | 1176 |
| TreeHouse Foods, Inc. 4.00% 9/1/2028  | 2130 | 1944 |
| United Natural Foods, Inc. 6.75% 10/15/2028 <sup>(a)</sup>  | 963 | 951 |
| United Natural Foods, Inc., Term Loan B, (3-month USD CME Term SOFR + 4.75%) 9.077% 5/1/2031 <sup>(b)(c)</sup>  | 2738 | 2773 |
| US Foods, Inc. 4.625% 6/1/2030 <sup>(a)</sup>  | 510 | 497 |
| US Foods, Inc. 5.75% 4/15/2033 <sup>(a)</sup>  | 470 | 471 |
| Walgreens Boots Alliance, Inc. 3.45% 6/1/2026  | 2030 | 1987 |
|  |  | 34853 |
| **Utilities 1.94%** |  |  |
| AmeriGas Partners, LP 5.75% 5/20/2027  | 302 | 300 |
| Calpine Corp. 4.50% 2/15/2028 <sup>(a)</sup>  | 150 | 149 |
| Calpine Corp. 3.75% 3/1/2031 <sup>(a)</sup>  | 500 | 475 |
| CMS Energy Corp., junior subordinated, 6.50% 6/1/2055 (5-year UST Yield Curve Rate T Note Constant <br> Maturity + 1.961% on 6/1/2035) <sup>(g)</sup>  | 470 | 472 |
| Edison International 6.25% 3/15/2030  | 50 | 51 |
| Emera, Inc. 6.75% 6/15/2076 (3-month USD-LIBOR + 5.44% on 6/15/2026) <sup>(g)(k)</sup>  | 1155 | 1165 |
| Exelon Corp., junior subordinated, 6.50% 3/15/2055 (5-year UST Yield Curve Rate T Note Constant Maturity <br> + 1.975% on 3/15/2035) <sup>(g)</sup>  | 350 | 356 |
| FirstEnergy Corp. 2.25% 9/1/2030  | 980 | 871 |
| Ithaca Energy (North Sea) PLC 8.125% 10/15/2029 <sup>(a)</sup>  | 355 | 366 |
| Lightning Power, LLC 7.25% 8/15/2032 <sup>(a)</sup>  | 650 | 685 |
| Long Ridge Energy, LLC, 8.75% 2/15/2032 <sup>(a)</sup>  | 2755 | 2864 |
| Long Ridge Energy, LLC, Term Loan B, (3-month USD CME Term SOFR + 4.50%) 8.796% 2/19/2032 <sup>(b)(c)</sup>  | 848 | 839 |
| MI Windows and Doors, LLC, Term Loan B2, (3-month USD CME Term SOFR + 3.00%) 7.327% <br> 3/28/2031 <sup>(b)(c)</sup>  | 277 | 278 |
| NRG Energy, Inc. 3.625% 2/15/2031 <sup>(a)</sup>  | 110 | 101 |
| Pacific Gas and Electric Co. 3.30% 8/1/2040  | 280 | 201 |
| Pacific Gas and Electric Co. 4.95% 7/1/2050  | 745 | 601 |
| Pacific Gas and Electric Co. 3.50% 8/1/2050  | 2020 | 1297 |
| PacifiCorp, junior subordinated, 7.375% 9/15/2055 (5-year UST Yield Curve Rate T Note Constant Maturity <br> + 3.319% on 9/15/2030) <sup>(g)</sup>  | 75 | 78 |
| PG&E Corp. 5.00% 7/1/2028  | 390 | 380 |
| PG&E Corp. 5.25% 7/1/2030  | 2800 | 2669 |
| PG&E Corp., junior subordinated, 7.375% 3/15/2055 (5-year UST Yield Curve Rate T Note Constant Maturity <br> + 3.883% on 3/15/2030) <sup>(g)</sup>  | 2050 | 1947 |
| Saavi Energia SARL 8.875% 2/10/2035 <sup>(a)</sup>  | 620 | 648 |
| Talen Energy Supply, LLC 8.625% 6/1/2030 <sup>(a)</sup>  | 1227 | 1316 |
| Talen Energy Supply, LLC, Term Loan B, (3-month USD CME Term SOFR + 2.50%) 6.808% 5/17/2030 <sup>(b)(c)</sup>  | 279 | 280 |
| Trinidad Generation Unlimited 7.75% 6/16/2033 <sup>(a)</sup>  | 440 | 456 |
| XPLR Infrastructure Operating Partners, LP 8.375% 1/15/2031 <sup>(a)</sup>  | 395 | 422 |
|  |  | 19267 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **233** | American Funds Insurance Series |

---

------

American High-Income Trust (continued)

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount<br> (000)<br>| Value<br> (000)<br>|
| **Corporate bonds, notes & loans (continued)** | **Corporate bonds, notes & loans (continued)** | **Corporate bonds, notes & loans (continued)** |
| **Municipals 0.05%** |  |  |
| I-20 Lancaster Fund, LLC 12.00% 1/15/2035 <sup>(a)</sup>  | USD546 | $529 |
| **Total corporate bonds, notes & loans** |  | 877237 |
| **Mortgage-backed obligations 0.06%** | **Mortgage-backed obligations 0.06%** | **Mortgage-backed obligations 0.06%** |
| **Collateralized mortgage-backed obligations 0.06%** |  |  |
| Treehouse Park Improvement Association No.1 9.75% 12/1/2033 <sup>(a)(f)</sup>  | 603 | 603 |
| **Municipals 0.04%** | **Municipals 0.04%** | **Municipals 0.04%** |
| **Puerto Rico 0.04%** |  |  |
| GO Taxable Bonds, Series 2022, 0% 11/1/2043 <sup>(c)</sup>  | 327 | 202 |
| GO Taxable Bonds, CAB, Series 2022, 0% 11/1/2051  | 361 | 228 |
| **Total municipals** |  | 430 |
| **Total bonds, notes & other debt instruments** (cost: $880,995,000) |  | 878270 |
| Convertible bonds & notes 0.05% |  |  |
| **Communication services 0.05%** |  |  |
| EchoStar Corp., convertible notes, 3.875% PIK 11/30/2030 <sup>(d)</sup>  | 379 | 447 |
| **Total convertible bonds & notes** (cost: $403,000) |  | 447 |
| Common stocks 5.94% | Shares |  |
| **Health care 1.78%** |  |  |
| Rotech Healthcare, Inc. <sup>(f)(h)(j)</sup>  | 201793 | 15193 |
| Endo, Inc. <sup>(h)</sup>  | 98388 | 2065 |
| Endo GUC Trust, Class A1 <sup>(a)(h)</sup>  | 192719 | 107 |
| Endo, Inc., 1L 7.50% Escrow <sup>(f)(h)</sup>  | 5505000 | — <br><sup>(i)</sup><br>|
| Endo, Inc., 1L 6.875% Escrow <sup>(f)(h)</sup>  | 520000 | — <br><sup>(i)</sup><br>|
| Endo, Inc., 1L 6.125% Escrow <sup>(f)(h)</sup>  | 525000 | — <br><sup>(i)</sup><br>|
| Mallinckrodt PLC <sup>(h)</sup>  | 3631 | 308 |
|  |  | 17673 |
| **Information technology 1.57%** |  |  |
| Diebold Nixdorf, Inc. <sup>(h)</sup>  | 281243 | 15581 |
| **Utilities 1.13%** |  |  |
| Talen Energy Corp. <sup>(h)</sup>  | 37868 | 11011 |
| PG&E Corp.  | 18786 | 262 |
|  |  | 11273 |
| **Energy 1.04%** |  |  |
| Constellation Oil Services Holding SA (NDR) <sup>(h)</sup>  | 11240370 | 5018 |
| Ascent Resources, LLC, Class A <sup>(f)(j)</sup>  | 62978 | 3113 |
| Expand Energy Corp.  | 6708 | 784 |
| Weatherford International  | 10059 | 506 |
| New Fortress Energy, Inc., Class A <sup>(h)</sup>  | 109371 | 363 |
| Altera Infrastructure, LP <sup>(f)</sup>  | 9127 | 282 |
| Mesquite Energy, Inc. <sup>(f)(h)</sup>  | 3558 | 202 |
| Exxon Mobil Corp.  | 739 | 80 |
| Bighorn Permian Resources, LLC <sup>(f)</sup>  | 2894 | — <br><sup>(i)</sup><br>|
|  |  | 10348 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| American Funds Insurance Series | **234** |

---

------

American High-Income Trust (continued)

---

| | | |
|:---|:---|:---|
| Common stocks (continued) | Shares | Value<br> (000)<br>|
| **Consumer discretionary 0.35%** |  |  |
| Aimbridge Topco, LLC <sup>(f)(h)</sup>  | 46955 | $3535 |
| Party City Holdco, Inc. <sup>(f)(h)</sup>  | 126254 | — <br><sup>(i)</sup><br>|
| Party City Holdco, Inc. <sup>(a)(f)(h)</sup>  | 1260 | — <br><sup>(i)</sup><br>|
| NMG Parent, LLC <sup>(f)(h)</sup>  | 8350 | — <br><sup>(i)</sup><br>|
|  |  | 3535 |
| **Communication services 0.04%** |  |  |
| Intelsat SA  | 8182 | 355 |
| iHeartMedia, Inc., Class A <sup>(h)</sup>  | 22639 | 40 |
| DSG TopCo, Inc. <sup>(h)</sup>  | 2108 | 32 |
|  |  | 427 |
| **Financials 0.03%** |  |  |
| Navient Corp.  | 20000 | 282 |
| **Materials 0.00%** |  |  |
| Venator Materials PLC <sup>(f)(h)</sup>  | 3232 | — <br><sup>(i)</sup><br>|
| **Total common stocks** (cost: $41,230,000) |  | 59119 |
| Preferred securities 0.40% |  |  |
| **Consumer discretionary 0.25%** |  |  |
| MYT Holdings, LLC, Series A, 10.00% preferred shares <sup>(h)</sup>  | 1915904 | 2515 |
| **Industrials 0.15%** |  |  |
| ACR III LSC Holdings, LLC, Series B, preferred shares <sup>(a)(f)(h)</sup>  | 1022 | 1468 |
| **Total preferred securities** (cost: $2,772,000) |  | 3983 |
| Rights & warrants 0.01% |  |  |
| **Energy 0.01%** |  |  |
| Expand Energy Corporation, Class C, warrants, expire 2/9/2026 <sup>(h)</sup>  | 457 | 47 |
| **Total rights & warrants** (cost: $275,000) | **Total rights & warrants** (cost: $275,000) | 47 |
| Short-term securities 4.54% |  |  |
| **Money market investments 4.54%** | **Money market investments 4.54%** | **Money market investments 4.54%** |
| Capital Group Central Cash Fund 4.35% <sup>(l)(m)</sup>  | 451694 | 45170 |
| **Total short-term securities** (cost: $45,164,000) | **Total short-term securities** (cost: $45,164,000) | 45170 |
| **Total investment securities 99.21%** (cost: $970,839,000) |  | 987036 |
| Other assets less liabilities 0.79% |  | 7903 |
| **Net assets 100.00%** |  | $994939 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **235** | American Funds Insurance Series |

---

------

American High-Income Trust (continued)

**Futures contracts**

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Contracts | Type | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Number of <br> contracts<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Expiration <br> date<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Notional <br> amount <br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(000)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Value and <br> unrealized <br> appreciation <br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(depreciation) <br> at 6/30/2025 <br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(000)<br>|
| 2 Year U.S. Treasury Note Futures | Long | 89 | 10/3/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; USD18,514 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $73 |
| 5 Year U.S. Treasury Note Futures | Long | 101 | 10/3/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11009 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 124 |
| 10 Year Ultra U.S. Treasury Note Futures | Short | 8 | 9/30/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (914)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (23)<br>|
| 10 Year U.S. Treasury Note Futures | Short | 13 | 9/30/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1458)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (31)<br>|
| 30 Year Ultra U.S. Treasury Bond Futures | Short | 1 | 9/30/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (119)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (5)<br>|
|  |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $138 |

---

**Swap contracts**

------

**Credit default swaps** 

**Centrally cleared credit default swaps on credit indices — buy protection** 

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| Reference <br> index<br>| &nbsp;&nbsp;&nbsp;&nbsp; Financing <br> rate paid<br>| &nbsp;&nbsp;&nbsp;&nbsp; Payment <br> frequency<br>| &nbsp;&nbsp;&nbsp;&nbsp; Expiration <br> date<br>| &nbsp;&nbsp;&nbsp;&nbsp; Notional <br> amount <br> &nbsp;&nbsp;&nbsp;&nbsp;(000)<br>| &nbsp;&nbsp;&nbsp;&nbsp; Value at <br> 6/30/2025 <br> &nbsp;&nbsp;&nbsp;&nbsp;(000)<br>| &nbsp;&nbsp;&nbsp;&nbsp; Upfront <br> premium <br> paid <br> &nbsp;&nbsp;&nbsp;&nbsp;(received) <br> &nbsp;&nbsp;&nbsp;&nbsp;(000)<br>| &nbsp;&nbsp;&nbsp;&nbsp; Unrealized <br> appreciation <br> &nbsp;&nbsp;&nbsp;&nbsp;(depreciation) <br> at 6/30/2025 <br> &nbsp;&nbsp;&nbsp;&nbsp;(000)<br>|
| CDX.NA.HY.44 | 5.00% | Quarterly | &nbsp;&nbsp;&nbsp;&nbsp; 6/20/2030 | &nbsp;&nbsp;&nbsp;&nbsp; USD26,570 | &nbsp;&nbsp;&nbsp;&nbsp; $(1994)<br>| &nbsp;&nbsp;&nbsp;&nbsp; $(1513)<br>| &nbsp;&nbsp;&nbsp;&nbsp; $(482)<br>|

---

**Swap contracts**

------

**Credit default swaps** 

**Centrally cleared credit default swaps on credit indices — sell protection** 

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| Reference <br> index<br>| &nbsp;&nbsp;&nbsp;&nbsp; Financing <br> rate received<br>| &nbsp;&nbsp;&nbsp;&nbsp; Payment <br> frequency<br>| &nbsp;&nbsp;&nbsp;&nbsp; Expiration <br> date<br>| &nbsp;&nbsp;&nbsp;&nbsp; Notional <br> amount <sup>(n)</sup> <br>&nbsp;&nbsp;&nbsp;&nbsp;(000)<br>| &nbsp;&nbsp;&nbsp;&nbsp; Value at <br> 6/30/2025 <sup>(o)</sup> <br>&nbsp;&nbsp;&nbsp;&nbsp;(000)<br>| &nbsp;&nbsp;&nbsp;&nbsp; Upfront <br> premium <br> paid <br> &nbsp;&nbsp;&nbsp;&nbsp;(received) <br> &nbsp;&nbsp;&nbsp;&nbsp;(000)<br>| &nbsp;&nbsp;&nbsp;&nbsp; Unrealized <br> appreciation <br> &nbsp;&nbsp;&nbsp;&nbsp;(depreciation) <br> at 6/30/2025 <br> &nbsp;&nbsp;&nbsp;&nbsp;(000)<br>|
| CDX.NA.IG.44 | 1.00% | Quarterly | &nbsp;&nbsp;&nbsp;&nbsp; 6/20/2030 | &nbsp;&nbsp;&nbsp;&nbsp; USD37 | &nbsp;&nbsp;&nbsp;&nbsp; $1 | &nbsp;&nbsp;&nbsp;&nbsp; $1 | &nbsp;&nbsp;&nbsp;&nbsp; $— <br><sup>(i)</sup><br>|

---

**Investments in affiliates** <sup>(m)</sup>

------

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | Value at <br> 1/1/2025 <br> (000)<br>| Additions <br> (000)<br>| Reductions <br> (000)<br>| Net <br> realized <br> gain (loss) <br> (000)<br>| Net <br> unrealized <br> appreciation <br> (depreciation) <br> (000)<br>| Value at <br> 6/30/2025 <br> (000)<br>| Dividend <br> or interest <br> income <br> (000)<br>|
| **Short-term securities 4.54%** |  |  |  |  |  |  |  |
| **Money market investments 4.54%** |  |  |  |  |  |  |  |
| Capital Group Central Cash Fund 4.35% <sup>(l)</sup>  | $45641 | &nbsp;&nbsp; $122689 | &nbsp;&nbsp; $123157 | &nbsp;&nbsp; $(6)<br>| &nbsp;&nbsp; $2 | &nbsp;&nbsp; $45169 | &nbsp;&nbsp; $863 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| American Funds Insurance Series | **236** |

---

------

American High-Income Trust (continued)

**Restricted securities** <sup>(j)</sup>

------

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Acquisition <br> date(s)<br>| Cost <br> (000)<br>| Value <br> (000)<br>| Percent <br> of net <br> assets<br>|
| Rotech Healthcare, Inc. <sup>(f)(h)</sup> <br>| 9/26/2013 | $4331 | $15193 | 1.53<br> %<br>|
| Wolfspeed, Inc. 2.00% PIK and 9.875% Cash 6/23/2030 <br> (13.875% on 6/22/2026) <sup>(d)(g)</sup> <br>| 6/23/2023-3/24/2025 | 3077 | 3174 | 0.32 |
| Wolfspeed, Inc. 2.00% PIK and 9.875% Cash 6/23/2030 <br> (13.875% on 6/23/2026) <sup>(d)(g)</sup> <br>| 10/22/2024-3/24/2025 | 523 | 553 | 0.06 |
| Finastra USA, Inc., Term Loan B, (3-month USD CME Term SOFR <br> + 7.25%) 11.428% 9/13/2029 <sup>(b)(c)</sup> <br>| 9/13/2023 | 3554 | 3638 | 0.36 |
| Finastra USA, Inc., Term Loan, (3-month USD CME Term SOFR + <br> 7.25%) 11.428% 9/13/2029 <sup>(b)(c)</sup> <br>| 9/13/2023-6/13/2025 | 75 | 76 | 0.01 |
| Ascent Resources, LLC, Class A <sup>(f)</sup> <br>| 11/15/2016 | 302 | 3113 | 0.31 |
| **Total** |  | $11862 | $25747 | 2.59<br> %<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(a)</sup> Acquired in a transaction exempt from registration under Rule 144A or, for commercial paper, Section 4(a)(2) of the Securities Act of 1933. May be resold in the U.S. in transactions exempt from registration, normally to qualified institutional buyers. The total value of all such securities was $639,255,000, which represented 64.25% of the net assets of the fund. 

<sup>(b)</sup> Loan participations and assignments; may be subject to legal or contractual restrictions on resale. The total value of all such loans was $39,300,000, which represented 3.95% of the net assets of the fund. 

<sup>(c)</sup> Coupon rate may change periodically. Reference rate and spread are as of the most recent information available. Some coupon rates are determined by the issuer or agent based on current market conditions; therefore, the reference rate and spread are not available. 

<sup>(d)</sup> Payment in kind; the issuer has the option of paying additional securities in lieu of cash. Payment methods and rates are as of the most recent payment when available. 

<sup>(e)</sup> Scheduled interest and/or principal payment was not received.

<sup>(f)</sup> Value determined using significant unobservable inputs.

<sup>(g)</sup> Step bond; coupon rate may change at a later date.

<sup>(h)</sup> Security did not produce income during the last 12 months.

<sup>(i)</sup> Amount less than one thousand.

<sup>(j)</sup> Restricted security, other than Rule 144A securities or commercial paper issued pursuant to Section 4(a)(2) of the Securities Act of 1933. The total value of all such restricted securities was $25,747,000, which represented 2.59% of the net assets of the fund. 

<sup>(k)</sup> Securities referencing LIBOR are expected to transition to an alternative reference rate by the security's next scheduled coupon reset date.

<sup>(l)</sup> Rate represents the seven-day yield at 6/30/2025.

<sup>(m)</sup> Part of the same "group of investment companies" as the fund as defined under the Investment Company Act of 1940, as amended.

<sup>(n)</sup> The maximum potential amount the fund may pay as a protection seller should a credit event occur.

<sup>(o)</sup> The prices and resulting values for credit default swap indices serve as an indicator of the current status of the payment/performance risk. As the value of a sell protection credit default swap increases or decreases, when compared to the notional amount of the swap, the payment/performance risk may decrease or increase, respectively. 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| |
|:---|
| **Key to abbreviation(s)** |
| CAB = Capital Appreciation Bonds |
| CME = CME Group |
| CMS = Constant Maturity Swap |
| DAC = Designated Activity Company |
| EUR = Euros |
| GO = General Obligation |
| LIBOR = London Interbank Offered Rate |
| NDR = Norwegian Depositary Receipts |
| PIK = Payment In Kind |
| REIT = Real Estate Investment Trust |
| SOFR = Secured Overnight Financing Rate |
| USD = U.S. dollars |
| UST = U.S. Treasury |

---

Refer to the notes to financial statements.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **237** | American Funds Insurance Series |

---

------

American Funds Mortgage Fund

**Investment portfolio** June 30, 2025unaudited

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments 94.97% | Principal amount<br> (000)<br>| Value<br> (000)<br>|
| **Mortgage-backed obligations 89.32%** | **Mortgage-backed obligations 89.32%** | **Mortgage-backed obligations 89.32%** |
| **Federal agency mortgage-backed obligations 88.12%** |  |  |
| Fannie Mae Pool #695412 5.00% 6/1/2033 <sup>(a)</sup>  | USD— <br><sup>(b)</sup><br>| $— <br><sup>(b)</sup><br>|
| Fannie Mae Pool #AD3566 5.00% 10/1/2035 <sup>(a)</sup>  | 1 | 1 |
| Fannie Mae Pool #256583 5.00% 12/1/2036 <sup>(a)(c)</sup>  | 28 | 28 |
| Fannie Mae Pool #CB3701 2.50% 5/1/2037 <sup>(a)</sup>  | 97 | 91 |
| Fannie Mae Pool #931768 5.00% 8/1/2039 <sup>(a)</sup>  | 1 | 1 |
| Fannie Mae Pool #AC0794 5.00% 10/1/2039 <sup>(a)</sup>  | 4 | 5 |
| Fannie Mae Pool #932606 5.00% 2/1/2040 <sup>(a)</sup>  | 2 | 2 |
| Fannie Mae Pool #MA4232 2.00% 1/1/2041 <sup>(a)</sup>  | 126 | 109 |
| Fannie Mae Pool #BQ7816 1.50% 4/1/2041 <sup>(a)</sup>  | 221 | 183 |
| Fannie Mae Pool #BR0986 1.50% 5/1/2041 <sup>(a)</sup>  | 278 | 230 |
| Fannie Mae Pool #AE1248 5.00% 6/1/2041 <sup>(a)</sup>  | 7 | 7 |
| Fannie Mae Pool #MA4387 2.00% 7/1/2041 <sup>(a)</sup>  | 15 | 13 |
| Fannie Mae Pool #MA4388 2.50% 7/1/2041 <sup>(a)</sup>  | 71 | 63 |
| Fannie Mae Pool #MA4447 2.50% 10/1/2041 <sup>(a)</sup>  | 150 | 133 |
| Fannie Mae Pool #FM9117 2.50% 10/1/2041 <sup>(a)</sup>  | 82 | 73 |
| Fannie Mae Pool #AJ1873 4.00% 10/1/2041 <sup>(a)</sup>  | 5 | 5 |
| Fannie Mae Pool #AE1274 5.00% 10/1/2041 <sup>(a)</sup>  | 4 | 4 |
| Fannie Mae Pool #AE1277 5.00% 11/1/2041 <sup>(a)</sup>  | 3 | 3 |
| Fannie Mae Pool #MA4502 2.50% 12/1/2041 <sup>(a)</sup>  | 170 | 151 |
| Fannie Mae Pool #AE1283 5.00% 12/1/2041 <sup>(a)</sup>  | 2 | 2 |
| Fannie Mae Pool #MA4521 2.50% 1/1/2042 <sup>(a)</sup>  | 213 | 190 |
| Fannie Mae Pool #AE1290 5.00% 2/1/2042 <sup>(a)</sup>  | 4 | 4 |
| Fannie Mae Pool #AT0300 3.50% 3/1/2043 <sup>(a)</sup>  | 1 | 1 |
| Fannie Mae Pool #AT3954 3.50% 4/1/2043 <sup>(a)</sup>  | 1 | 1 |
| Fannie Mae Pool #AY1829 3.50% 12/1/2044 <sup>(a)</sup>  | 2 | 2 |
| Fannie Mae Pool #MA5696 7.00% 3/1/2045 <sup>(a)</sup>  | 37 | 39 |
| Fannie Mae Pool #FS3767 2.00% 4/1/2047 <sup>(a)</sup>  | 26 | 21 |
| Fannie Mae Pool #BH3122 4.00% 6/1/2047 <sup>(a)</sup>  | 1 | 1 |
| Fannie Mae Pool #BJ5015 4.00% 12/1/2047 <sup>(a)</sup>  | 26 | 25 |
| Fannie Mae Pool #BK5232 4.00% 5/1/2048 <sup>(a)</sup>  | 15 | 15 |
| Fannie Mae Pool #BK6840 4.00% 6/1/2048 <sup>(a)</sup>  | 22 | 21 |
| Fannie Mae Pool #BK9743 4.00% 8/1/2048 <sup>(a)</sup>  | 6 | 6 |
| Fannie Mae Pool #BK9761 4.50% 8/1/2048 <sup>(a)</sup>  | 3 | 3 |
| Fannie Mae Pool #CA6409 2.50% 7/1/2050 <sup>(a)</sup>  | 91 | 76 |
| Fannie Mae Pool #FS3745 2.00% 8/1/2050 <sup>(a)</sup>  | 17 | 14 |
| Fannie Mae Pool #CA7052 3.00% 9/1/2050 <sup>(a)</sup>  | 4 | 4 |
| Fannie Mae Pool #BN7466 2.00% 10/1/2050 <sup>(a)</sup>  | 100 | 80 |
| Fannie Mae Pool #BQ3005 2.50% 10/1/2050 <sup>(a)</sup>  | 63 | 53 |
| Fannie Mae Pool #BQ6356 2.00% 11/1/2050 <sup>(a)</sup>  | 35 | 28 |
| Fannie Mae Pool #CA8108 2.00% 12/1/2050 <sup>(a)</sup>  | 129 | 104 |
| Fannie Mae Pool #MA4208 2.00% 12/1/2050 <sup>(a)</sup>  | 11 | 9 |
| Fannie Mae Pool #FS9792 4.50% 12/1/2050 <sup>(a)</sup>  | 23 | 22 |
| Fannie Mae Pool #FM6113 2.50% 1/1/2051 <sup>(a)</sup>  | 1394 | 1165 |
| Fannie Mae Pool #FM5940 2.00% 2/1/2051 <sup>(a)(c)</sup>  | 1485 | 1195 |
| Fannie Mae Pool #CA8820 2.00% 2/1/2051 <sup>(a)</sup>  | 343 | 275 |
| Fannie Mae Pool #FM6332 2.00% 2/1/2051 <sup>(a)</sup>  | 166 | 132 |
| Fannie Mae Pool #MA4305 2.00% 4/1/2051 <sup>(a)</sup>  | 1 | 1 |
| Fannie Mae Pool #CB0041 3.00% 4/1/2051 <sup>(a)</sup>  | 174 | 155 |
| Fannie Mae Pool #FM7900 2.50% 7/1/2051 <sup>(a)</sup>  | 22 | 19 |
| Fannie Mae Pool #FM8038 3.00% 7/1/2051 <sup>(a)</sup>  | 31 | 27 |
| Fannie Mae Pool #CB1527 2.50% 9/1/2051 <sup>(a)</sup>  | 371 | 311 |
| Fannie Mae Pool #FS1630 2.50% 9/1/2051 <sup>(a)</sup>  | 23 | 19 |
| Fannie Mae Pool #FS0965 2.00% 11/1/2051 <sup>(a)</sup>  | 2 | 2 |
| Fannie Mae Pool #FM9492 2.50% 11/1/2051 <sup>(a)</sup>  | 386 | 326 |
| Fannie Mae Pool #FM9694 2.50% 11/1/2051 <sup>(a)</sup>  | 181 | 153 |
| Fannie Mae Pool #CB2095 3.00% 11/1/2051 <sup>(a)</sup>  | 32 | 28 |
| Fannie Mae Pool #FM9804 2.50% 12/1/2051 <sup>(a)</sup>  | 199 | 168 |
| Fannie Mae Pool #FM9976 3.00% 12/1/2051 <sup>(a)</sup>  | 79 | 70 |
| Fannie Mae Pool #CB2544 3.00% 1/1/2052 <sup>(a)</sup>  | 232 | 203 |
| Fannie Mae Pool #CB3031 2.50% 3/1/2052 <sup>(a)</sup>  | 383 | 319 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| American Funds Insurance Series | **238** |

---

------

American Funds Mortgage Fund (continued)

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount<br> (000)<br>| Value<br> (000)<br>|
| **Mortgage-backed obligations (continued)** | **Mortgage-backed obligations (continued)** | **Mortgage-backed obligations (continued)** |
| **Federal agency mortgage-backed obligations (continued)** |  |  |
| Fannie Mae Pool #BV9613 3.00% 4/1/2052 <sup>(a)</sup>  | USD41 | $36 |
| Fannie Mae Pool #CB3523 3.00% 5/1/2052 <sup>(a)</sup>  | 916 | 795 |
| Fannie Mae Pool #MA4626 4.00% 6/1/2052 <sup>(a)</sup>  | 284 | 265 |
| Fannie Mae Pool #FS5851 4.00% 7/1/2052 <sup>(a)</sup>  | 951 | 887 |
| Fannie Mae Pool #FS6362 3.50% 8/1/2052 <sup>(a)</sup>  | 163 | 147 |
| Fannie Mae Pool #CB4620 5.00% 9/1/2052 <sup>(a)</sup>  | 978 | 967 |
| Fannie Mae Pool #FS3056 2.00% 10/1/2052 <sup>(a)</sup>  | 690 | 547 |
| Fannie Mae Pool #MA4785 5.00% 10/1/2052 <sup>(a)</sup>  | 98 | 96 |
| Fannie Mae Pool #BW1289 5.50% 10/1/2052 <sup>(a)</sup>  | 35 | 35 |
| Fannie Mae Pool #BW1243 5.50% 10/1/2052 <sup>(a)</sup>  | 32 | 32 |
| Fannie Mae Pool #MA4805 4.50% 11/1/2052 <sup>(a)</sup>  | 149 | 143 |
| Fannie Mae Pool #MA4840 4.50% 12/1/2052 <sup>(a)</sup>  | 427 | 410 |
| Fannie Mae Pool #BX5673 5.00% 12/1/2052 <sup>(a)</sup>  | 97 | 95 |
| Fannie Mae Pool #BY1411 4.00% 2/1/2053 <sup>(a)</sup>  | 1113 | 1036 |
| Fannie Mae Pool #MA4916 4.00% 2/1/2053 <sup>(a)</sup>  | 9 | 8 |
| Fannie Mae Pool #MA4919 5.50% 2/1/2053 <sup>(a)</sup>  | 64 | 64 |
| Fannie Mae Pool #FS3759 6.00% 2/1/2053 <sup>(a)</sup>  | 94 | 97 |
| Fannie Mae Pool #CB5912 6.00% 3/1/2053 <sup>(a)</sup>  | 77 | 79 |
| Fannie Mae Pool #BY2249 4.00% 4/1/2053 <sup>(a)</sup>  | 26 | 25 |
| Fannie Mae Pool #MA4978 5.00% 4/1/2053 <sup>(a)</sup>  | 1935 | 1903 |
| Fannie Mae Pool #CB6131 6.50% 4/1/2053 <sup>(a)</sup>  | 216 | 226 |
| Fannie Mae Pool #CB6106 6.50% 4/1/2053 <sup>(a)</sup>  | 60 | 63 |
| Fannie Mae Pool #MA5008 4.50% 5/1/2053 <sup>(a)</sup>  | 42 | 40 |
| Fannie Mae Pool #MA5009 5.00% 5/1/2053 <sup>(a)</sup>  | 1710 | 1682 |
| Fannie Mae Pool #FS4563 5.00% 5/1/2053 <sup>(a)</sup>  | 49 | 48 |
| Fannie Mae Pool #MA5010 5.50% 5/1/2053 <sup>(a)</sup>  | 49 | 49 |
| Fannie Mae Pool #MA5011 6.00% 5/1/2053 <sup>(a)</sup>  | 256 | 261 |
| Fannie Mae Pool #MA5038 5.00% 6/1/2053 <sup>(a)</sup>  | 259 | 255 |
| Fannie Mae Pool #FS5192 5.50% 6/1/2053 <sup>(a)</sup>  | 736 | 737 |
| Fannie Mae Pool #MA5040 6.00% 6/1/2053 <sup>(a)</sup>  | 344 | 350 |
| Fannie Mae Pool #MA5070 4.50% 7/1/2053 <sup>(a)</sup>  | 138 | 132 |
| Fannie Mae Pool #MA5072 5.50% 7/1/2053 <sup>(a)</sup>  | 200 | 200 |
| Fannie Mae Pool #FS5343 6.00% 7/1/2053 <sup>(a)</sup>  | 415 | 423 |
| Fannie Mae Pool #CB6853 4.50% 8/1/2053 <sup>(a)</sup>  | 88 | 85 |
| Fannie Mae Pool #MA5136 4.50% 9/1/2053 <sup>(a)</sup>  | 254 | 244 |
| Fannie Mae Pool #MA5138 5.50% 9/1/2053 <sup>(a)</sup>  | 279 | 280 |
| Fannie Mae Pool #MA5165 5.50% 10/1/2053 <sup>(a)</sup>  | 841 | 842 |
| Fannie Mae Pool #CB7242 6.50% 10/1/2053 <sup>(a)</sup>  | 41 | 42 |
| Fannie Mae Pool #MA5167 6.50% 10/1/2053 <sup>(a)</sup>  | 13 | 13 |
| Fannie Mae Pool #CB7510 6.50% 11/1/2053 <sup>(a)</sup>  | 298 | 311 |
| Fannie Mae Pool #MA5215 5.50% 12/1/2053 <sup>(a)</sup>  | 78 | 78 |
| Fannie Mae Pool #FS6873 6.50% 1/1/2054 <sup>(a)</sup>  | 447 | 463 |
| Fannie Mae Pool #FS6767 6.50% 1/1/2054 <sup>(a)</sup>  | 214 | 222 |
| Fannie Mae Pool #FS9507 4.50% 2/1/2054 <sup>(a)</sup>  | 206 | 197 |
| Fannie Mae Pool #MA5271 5.50% 2/1/2054 <sup>(a)</sup>  | 1472 | 1473 |
| Fannie Mae Pool #FS6809 5.50% 2/1/2054 <sup>(a)</sup>  | 149 | 149 |
| Fannie Mae Pool #MA5296 5.50% 3/1/2054 <sup>(a)</sup>  | 139 | 139 |
| Fannie Mae Pool #FS7653 6.50% 3/1/2054 <sup>(a)</sup>  | 38 | 40 |
| Fannie Mae Pool #DB1235 6.00% 4/1/2054 <sup>(a)</sup>  | 129 | 132 |
| Fannie Mae Pool #CB8387 6.50% 4/1/2054 <sup>(a)</sup>  | 17 | 18 |
| Fannie Mae Pool #DB6878 6.00% 6/1/2054 <sup>(a)</sup>  | 271 | 275 |
| Fannie Mae Pool #FS8153 6.00% 6/1/2054 <sup>(a)</sup>  | 239 | 245 |
| Fannie Mae Pool #FS8223 6.00% 6/1/2054 <sup>(a)</sup>  | 44 | 45 |
| Fannie Mae Pool #FS8219 6.00% 6/1/2054 <sup>(a)</sup>  | 37 | 38 |
| Fannie Mae Pool #CB8755 6.00% 6/1/2054 <sup>(a)</sup>  | 21 | 22 |
| Fannie Mae Pool #CB8725 6.50% 6/1/2054 <sup>(a)</sup>  | 279 | 290 |
| Fannie Mae Pool #BU4700 6.00% 7/1/2054 <sup>(a)</sup>  | 554 | 565 |
| Fannie Mae Pool #DB6901 6.00% 7/1/2054 <sup>(a)</sup>  | 169 | 172 |
| Fannie Mae Pool #CB8858 6.00% 7/1/2054 <sup>(a)</sup>  | 131 | 134 |
| Fannie Mae Pool #BU4707 6.00% 7/1/2054 <sup>(a)</sup>  | 115 | 117 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **239** | American Funds Insurance Series |

---

------

American Funds Mortgage Fund (continued)

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount<br> (000)<br>| Value<br> (000)<br>|
| **Mortgage-backed obligations (continued)** | **Mortgage-backed obligations (continued)** | **Mortgage-backed obligations (continued)** |
| **Federal agency mortgage-backed obligations (continued)** |  |  |
| Fannie Mae Pool #FS8318 6.00% 7/1/2054 <sup>(a)</sup>  | USD60 | $61 |
| Fannie Mae Pool #DB7039 6.00% 7/1/2054 <sup>(a)</sup>  | 39 | 40 |
| Fannie Mae Pool #MA5421 6.00% 7/1/2054 <sup>(a)</sup>  | 8 | 8 |
| Fannie Mae Pool #FS8619 6.50% 7/1/2054 <sup>(a)</sup>  | 696 | 725 |
| Fannie Mae Pool #CB8872 6.50% 7/1/2054 <sup>(a)</sup>  | 435 | 453 |
| Fannie Mae Pool #MA5422 6.50% 7/1/2054 <sup>(a)</sup>  | 304 | 315 |
| Fannie Mae Pool #CB8876 6.50% 7/1/2054 <sup>(a)</sup>  | 131 | 136 |
| Fannie Mae Pool #FS8607 6.50% 7/1/2054 <sup>(a)</sup>  | 127 | 133 |
| Fannie Mae Pool #FS8317 6.50% 7/1/2054 <sup>(a)</sup>  | 78 | 82 |
| Fannie Mae Pool #FS9819 7.00% 7/1/2054 <sup>(a)</sup>  | 479 | 506 |
| Fannie Mae Pool #MA5445 6.00% 8/1/2054 <sup>(a)</sup>  | 226 | 230 |
| Fannie Mae Pool #FS8758 6.00% 8/1/2054 <sup>(a)</sup>  | 192 | 196 |
| Fannie Mae Pool #BU4968 6.00% 8/1/2054 <sup>(a)</sup>  | 140 | 142 |
| Fannie Mae Pool #DB7792 6.00% 8/1/2054 <sup>(a)</sup>  | 75 | 76 |
| Fannie Mae Pool #FS8757 6.00% 8/1/2054 <sup>(a)</sup>  | 55 | 56 |
| Fannie Mae Pool #FS8756 6.00% 8/1/2054 <sup>(a)</sup>  | 29 | 29 |
| Fannie Mae Pool #BU4916 6.00% 8/1/2054 <sup>(a)</sup>  | 29 | 29 |
| Fannie Mae Pool #FS8795 6.00% 8/1/2054 <sup>(a)</sup>  | 25 | 26 |
| Fannie Mae Pool #DB7687 6.00% 8/1/2054 <sup>(a)</sup>  | 19 | 19 |
| Fannie Mae Pool #DB7690 6.00% 8/1/2054 <sup>(a)</sup>  | 19 | 19 |
| Fannie Mae Pool #DC0296 6.00% 8/1/2054 <sup>(a)</sup>  | 9 | 10 |
| Fannie Mae Pool #CB9071 6.50% 8/1/2054 <sup>(a)</sup>  | 160 | 167 |
| Fannie Mae Pool #FS9025 5.50% 9/1/2054 <sup>(a)</sup>  | 507 | 509 |
| Fannie Mae Pool #FS9009 5.50% 9/1/2054 <sup>(a)</sup>  | 274 | 276 |
| Fannie Mae Pool #MA5470 5.50% 9/1/2054 <sup>(a)</sup>  | 214 | 214 |
| Fannie Mae Pool #FS8866 6.00% 9/1/2054 <sup>(a)</sup>  | 462 | 472 |
| Fannie Mae Pool #DC3477 6.50% 9/1/2054 <sup>(a)</sup>  | 236 | 244 |
| Fannie Mae Pool #MA5497 5.50% 10/1/2054 <sup>(a)</sup>  | 109 | 109 |
| Fannie Mae Pool #MA5498 6.00% 10/1/2054 <sup>(a)</sup>  | 409 | 416 |
| Fannie Mae Pool #BU5166 6.00% 10/1/2054 <sup>(a)</sup>  | 26 | 26 |
| Fannie Mae Pool #MA5530 5.00% 11/1/2054 <sup>(a)</sup>  | 326 | 319 |
| Fannie Mae Pool #MA5531 5.50% 11/1/2054 <sup>(a)</sup>  | 58 | 58 |
| Fannie Mae Pool #BU5165 5.50% 11/1/2054 <sup>(a)</sup>  | 50 | 50 |
| Fannie Mae Pool #CB9432 6.00% 11/1/2054 <sup>(a)</sup>  | 43 | 43 |
| Fannie Mae Pool #DC7042 4.50% 12/1/2054 <sup>(a)</sup>  | 186 | 179 |
| Fannie Mae Pool #MA5552 5.00% 12/1/2054 <sup>(a)</sup>  | 431 | 423 |
| Fannie Mae Pool #FA0287 6.00% 12/1/2054 <sup>(a)</sup>  | 552 | 561 |
| Fannie Mae Pool #DC7035 6.00% 12/1/2054 <sup>(a)</sup>  | 43 | 43 |
| Fannie Mae Pool #MA5583 4.00% 1/1/2055 <sup>(a)</sup>  | 144 | 134 |
| Fannie Mae Pool #MA5587 6.00% 1/1/2055 <sup>(a)</sup>  | 231 | 235 |
| Fannie Mae Pool #DD0835 6.00% 1/1/2055 <sup>(a)</sup>  | 40 | 40 |
| Fannie Mae Pool #FA0608 5.50% 2/1/2055 <sup>(a)</sup>  | 580 | 580 |
| Fannie Mae Pool #MA5615 6.00% 2/1/2055 <sup>(a)</sup>  | 442 | 450 |
| Fannie Mae Pool #MA5631 6.50% 2/1/2055 <sup>(a)</sup>  | 99 | 102 |
| Fannie Mae Pool #MA5647 6.00% 3/1/2055 <sup>(a)</sup>  | 89 | 91 |
| Fannie Mae Pool #MA5670 4.00% 4/1/2055 <sup>(a)</sup>  | 485 | 451 |
| Fannie Mae Pool #MA5674 6.00% 4/1/2055 <sup>(a)</sup>  | 285 | 290 |
| Fannie Mae Pool #FA1163 6.50% 4/1/2055 <sup>(a)</sup>  | 2075 | 2145 |
| Fannie Mae Pool #MA5699 5.00% 5/1/2055 <sup>(a)</sup>  | 298 | 292 |
| Fannie Mae Pool #MA5701 6.00% 5/1/2055 <sup>(a)</sup>  | 409 | 416 |
| Fannie Mae Pool #MA5734 5.00% 6/1/2055 <sup>(a)</sup>  | 153 | 150 |
| Fannie Mae Pool #MA5735 5.50% 6/1/2055 <sup>(a)</sup>  | 183 | 183 |
| Fannie Mae Pool #MA5762 6.50% 7/1/2055 <sup>(a)</sup>  | 27 | 28 |
| Fannie Mae Pool #BF0379 3.50% 4/1/2059 <sup>(a)</sup>  | 115 | 103 |
| Fannie Mae Pool #BF0481 3.50% 6/1/2060 <sup>(a)</sup>  | 124 | 111 |
| Fannie Mae Pool #BF0497 3.00% 7/1/2060 <sup>(a)</sup>  | 43 | 37 |
| Fannie Mae Pool #BF0585 4.50% 12/1/2061 <sup>(a)</sup>  | 42 | 40 |
| Fannie Mae Pool #BF0765 3.50% 9/1/2063 <sup>(a)</sup>  | 719 | 637 |
| FARM Mortgage Trust, Series 2024-1, Class A, 4.702% 10/1/2053 <sup>(a)(d)(e)</sup>  | 184 | 179 |
| Freddie Mac Pool #ZA1922 5.00% 2/1/2026 <sup>(a)(c)</sup>  | — <br><sup>(b)</sup><br>| — <br><sup>(b)</sup><br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| American Funds Insurance Series | **240** |

---

------

American Funds Mortgage Fund (continued)

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount<br> (000)<br>| Value<br> (000)<br>|
| **Mortgage-backed obligations (continued)** | **Mortgage-backed obligations (continued)** | **Mortgage-backed obligations (continued)** |
| **Federal agency mortgage-backed obligations (continued)** |  |  |
| Freddie Mac Pool #ZS8950 5.00% 10/1/2029 <sup>(a)</sup>  | USD1 | $1 |
| Freddie Mac Pool #A18781 5.00% 3/1/2034 <sup>(a)</sup>  | 459 | 461 |
| Freddie Mac Pool #SB0649 2.50% 4/1/2037 <sup>(a)</sup>  | 143 | 133 |
| Freddie Mac Pool #SB1388 2.50% 1/1/2038 <sup>(a)</sup>  | 41 | 38 |
| Freddie Mac Pool #RB5113 1.50% 6/1/2041 <sup>(a)</sup>  | 1460 | 1210 |
| Freddie Mac Pool #RB5115 2.50% 6/1/2041 <sup>(a)</sup>  | 275 | 246 |
| Freddie Mac Pool #RB5145 2.00% 2/1/2042 <sup>(a)</sup>  | 77 | 66 |
| Freddie Mac Pool #Q15874 4.00% 2/1/2043 <sup>(a)</sup>  | 1 | 1 |
| Freddie Mac Pool #760014 3.889% 8/1/2045 <sup>(a)(e)</sup>  | 248 | 247 |
| Freddie Mac Pool #Q47615 3.50% 4/1/2047 <sup>(a)</sup>  | 15 | 14 |
| Freddie Mac Pool #Q52069 3.50% 11/1/2047 <sup>(a)</sup>  | 22 | 20 |
| Freddie Mac Pool #Q55971 4.00% 5/1/2048 <sup>(a)</sup>  | 15 | 14 |
| Freddie Mac Pool #Q56175 4.00% 5/1/2048 <sup>(a)</sup>  | 12 | 11 |
| Freddie Mac Pool #Q55970 4.00% 5/1/2048 <sup>(a)</sup>  | 7 | 7 |
| Freddie Mac Pool #Q56599 4.00% 6/1/2048 <sup>(a)</sup>  | 23 | 22 |
| Freddie Mac Pool #Q58411 4.50% 9/1/2048 <sup>(a)</sup>  | 41 | 40 |
| Freddie Mac Pool #Q58436 4.50% 9/1/2048 <sup>(a)</sup>  | 19 | 19 |
| Freddie Mac Pool #Q58378 4.50% 9/1/2048 <sup>(a)</sup>  | 14 | 13 |
| Freddie Mac Pool #Z40273 4.50% 10/1/2048 <sup>(a)</sup>  | 36 | 35 |
| Freddie Mac Pool #QA2748 3.50% 9/1/2049 <sup>(a)</sup>  | 14 | 13 |
| Freddie Mac Pool #SD7512 3.00% 2/1/2050 <sup>(a)</sup>  | 129 | 114 |
| Freddie Mac Pool #RA3384 3.00% 8/1/2050 <sup>(a)</sup>  | 4 | 4 |
| Freddie Mac Pool #RA3576 2.00% 9/1/2050 <sup>(a)</sup>  | 681 | 540 |
| Freddie Mac Pool #SI2062 2.00% 9/1/2050 <sup>(a)</sup>  | 170 | 136 |
| Freddie Mac Pool #RA3987 2.50% 11/1/2050 <sup>(a)</sup>  | 179 | 150 |
| Freddie Mac Pool #RA4352 2.00% 1/1/2051 <sup>(a)</sup>  | 299 | 240 |
| Freddie Mac Pool #SD8128 2.00% 2/1/2051 <sup>(a)</sup>  | 2 | 1 |
| Freddie Mac Pool #SD8134 2.00% 3/1/2051 <sup>(a)</sup>  | 3 | 2 |
| Freddie Mac Pool #RA5288 2.00% 5/1/2051 <sup>(a)</sup>  | 278 | 224 |
| Freddie Mac Pool #QC7626 3.00% 9/1/2051 <sup>(a)</sup>  | 206 | 180 |
| Freddie Mac Pool #RA6406 2.00% 11/1/2051 <sup>(a)</sup>  | 67 | 54 |
| Freddie Mac Pool #SD1385 2.50% 11/1/2051 <sup>(a)</sup>  | 56 | 47 |
| Freddie Mac Pool #RA6598 3.50% 1/1/2052 <sup>(a)</sup>  | 143 | 130 |
| Freddie Mac Pool #SD0873 3.50% 2/1/2052 <sup>(a)(c)</sup>  | 940 | 862 |
| Freddie Mac Pool #QD7089 3.50% 2/1/2052 <sup>(a)</sup>  | 6 | 6 |
| Freddie Mac Pool #RA6973 2.00% 3/1/2052 <sup>(a)</sup>  | 687 | 545 |
| Freddie Mac Pool #SD8213 3.00% 5/1/2052 <sup>(a)</sup>  | 1360 | 1180 |
| Freddie Mac Pool #QE4001 3.00% 5/1/2052 <sup>(a)</sup>  | 42 | 37 |
| Freddie Mac Pool #SD8220 3.00% 6/1/2052 <sup>(a)</sup>  | 665 | 576 |
| Freddie Mac Pool #SD8225 3.00% 7/1/2052 <sup>(a)</sup>  | 1254 | 1088 |
| Freddie Mac Pool #SD1406 2.00% 8/1/2052 <sup>(a)</sup>  | 124 | 98 |
| Freddie Mac Pool #SD8242 3.00% 9/1/2052 <sup>(a)</sup>  | 111 | 96 |
| Freddie Mac Pool #SL0761 3.50% 9/1/2052 <sup>(a)</sup>  | 870 | 787 |
| Freddie Mac Pool #QF0213 4.50% 9/1/2052 <sup>(a)</sup>  | 1057 | 1014 |
| Freddie Mac Pool #RA7938 5.00% 9/1/2052 <sup>(a)</sup>  | 569 | 560 |
| Freddie Mac Pool #QF0924 5.50% 9/1/2052 <sup>(a)</sup>  | 216 | 216 |
| Freddie Mac Pool #SD8258 5.00% 10/1/2052 <sup>(a)</sup>  | 226 | 223 |
| Freddie Mac Pool #RA8059 5.50% 10/1/2052 <sup>(a)</sup>  | 97 | 98 |
| Freddie Mac Pool #SD1895 4.50% 11/1/2052 <sup>(a)</sup>  | 320 | 313 |
| Freddie Mac Pool #SD8280 6.50% 11/1/2052 <sup>(a)</sup>  | 695 | 723 |
| Freddie Mac Pool #SD2602 3.00% 12/1/2052 <sup>(a)</sup>  | 30 | 26 |
| Freddie Mac Pool #SD8287 4.50% 1/1/2053 <sup>(a)</sup>  | 57 | 54 |
| Freddie Mac Pool #SD8288 5.00% 1/1/2053 <sup>(a)</sup>  | 39 | 39 |
| Freddie Mac Pool #SD8315 5.00% 4/1/2053 <sup>(a)</sup>  | 111 | 110 |
| Freddie Mac Pool #SD2716 5.00% 4/1/2053 <sup>(a)</sup>  | 77 | 76 |
| Freddie Mac Pool #SD8316 5.50% 4/1/2053 <sup>(a)</sup>  | 86 | 86 |
| Freddie Mac Pool #SD8322 4.50% 5/1/2053 <sup>(a)</sup>  | 124 | 119 |
| Freddie Mac Pool #SD8323 5.00% 5/1/2053 <sup>(a)</sup>  | 1080 | 1061 |
| Freddie Mac Pool #SD2861 6.00% 5/1/2053 <sup>(a)</sup>  | 50 | 51 |
| Freddie Mac Pool #SD8331 5.50% 6/1/2053 <sup>(a)</sup>  | 275 | 276 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **241** | American Funds Insurance Series |

---

------

American Funds Mortgage Fund (continued)

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount<br> (000)<br>| Value<br> (000)<br>|
| **Mortgage-backed obligations (continued)** | **Mortgage-backed obligations (continued)** | **Mortgage-backed obligations (continued)** |
| **Federal agency mortgage-backed obligations (continued)** |  |  |
| Freddie Mac Pool #RA9279 6.00% 6/1/2053 <sup>(a)</sup>  | USD57 | $59 |
| Freddie Mac Pool #RA9283 6.00% 6/1/2053 <sup>(a)</sup>  | 50 | 51 |
| Freddie Mac Pool #RA9281 6.00% 6/1/2053 <sup>(a)</sup>  | 35 | 36 |
| Freddie Mac Pool #RA9284 6.00% 6/1/2053 <sup>(a)</sup>  | 28 | 28 |
| Freddie Mac Pool #SD8341 5.00% 7/1/2053 <sup>(a)</sup>  | 2 | 2 |
| Freddie Mac Pool #SD8342 5.50% 7/1/2053 <sup>(a)</sup>  | 802 | 804 |
| Freddie Mac Pool #SD3386 5.50% 7/1/2053 <sup>(a)</sup>  | 50 | 50 |
| Freddie Mac Pool #SD3432 6.00% 7/1/2053 <sup>(a)</sup>  | 34 | 35 |
| Freddie Mac Pool #SD8350 6.00% 8/1/2053 <sup>(a)(c)</sup>  | 2560 | 2607 |
| Freddie Mac Pool #RA9857 6.00% 9/1/2053 <sup>(a)</sup>  | 926 | 943 |
| Freddie Mac Pool #RA9854 6.00% 9/1/2053 <sup>(a)</sup>  | 112 | 115 |
| Freddie Mac Pool #SD8368 6.00% 10/1/2053 <sup>(a)</sup>  | 422 | 429 |
| Freddie Mac Pool #SD4053 6.00% 10/1/2053 <sup>(a)</sup>  | 316 | 322 |
| Freddie Mac Pool #SD8371 5.00% 11/1/2053 <sup>(a)</sup>  | 1009 | 991 |
| Freddie Mac Pool #SD4977 5.00% 11/1/2053 <sup>(a)</sup>  | 242 | 238 |
| Freddie Mac Pool #RJ0326 6.50% 11/1/2053 <sup>(a)</sup>  | 70 | 73 |
| Freddie Mac Pool #SD8395 5.50% 1/1/2054 <sup>(a)</sup>  | 431 | 432 |
| Freddie Mac Pool #RJ0668 6.00% 1/1/2054 <sup>(a)</sup>  | 1626 | 1659 |
| Freddie Mac Pool #SD4795 6.00% 1/1/2054 <sup>(a)</sup>  | 1283 | 1309 |
| Freddie Mac Pool #SD4693 6.50% 1/1/2054 <sup>(a)</sup>  | 51 | 53 |
| Freddie Mac Pool #RJ0854 6.50% 1/1/2054 <sup>(a)</sup>  | 10 | 11 |
| Freddie Mac Pool #QI0006 6.00% 2/1/2054 <sup>(a)</sup>  | 50 | 51 |
| Freddie Mac Pool #RJ1216 5.50% 4/1/2054 <sup>(a)</sup>  | 64 | 64 |
| Freddie Mac Pool #RJ1215 5.50% 4/1/2054 <sup>(a)</sup>  | 13 | 13 |
| Freddie Mac Pool #QI2895 6.00% 4/1/2054 <sup>(a)</sup>  | 101 | 103 |
| Freddie Mac Pool #QI3333 6.00% 4/1/2054 <sup>(a)</sup>  | 19 | 19 |
| Freddie Mac Pool #SD5221 6.50% 4/1/2054 <sup>(a)</sup>  | 55 | 58 |
| Freddie Mac Pool #RJ1448 5.50% 5/1/2054 <sup>(a)</sup>  | 62 | 62 |
| Freddie Mac Pool #SD5692 6.00% 5/1/2054 <sup>(a)</sup>  | 25 | 26 |
| Freddie Mac Pool #SD8432 6.00% 5/1/2054 <sup>(a)</sup>  | 8 | 8 |
| Freddie Mac Pool #SD5404 6.50% 5/1/2054 <sup>(a)</sup>  | 436 | 454 |
| Freddie Mac Pool #RJ1447 6.50% 5/1/2054 <sup>(a)</sup>  | 64 | 67 |
| Freddie Mac Pool #SD5706 6.50% 6/1/2054 <sup>(a)</sup>  | 664 | 692 |
| Freddie Mac Pool #RJ1726 6.50% 6/1/2054 <sup>(a)</sup>  | 216 | 225 |
| Freddie Mac Pool #SD5701 6.50% 6/1/2054 <sup>(a)</sup>  | 49 | 51 |
| Freddie Mac Pool #RJ1725 6.50% 6/1/2054 <sup>(a)</sup>  | 16 | 17 |
| Freddie Mac Pool #QI8874 6.00% 7/1/2054 <sup>(a)</sup>  | 230 | 234 |
| Freddie Mac Pool #RJ1975 6.00% 7/1/2054 <sup>(a)</sup>  | 200 | 204 |
| Freddie Mac Pool #RJ1964 6.00% 7/1/2054 <sup>(a)</sup>  | 180 | 185 |
| Freddie Mac Pool #SD8447 6.00% 7/1/2054 <sup>(a)</sup>  | 72 | 74 |
| Freddie Mac Pool #SD5813 6.00% 7/1/2054 <sup>(a)</sup>  | 64 | 65 |
| Freddie Mac Pool #SD5896 6.00% 7/1/2054 <sup>(a)</sup>  | 32 | 33 |
| Freddie Mac Pool #RJ1986 6.50% 7/1/2054 <sup>(a)</sup>  | 198 | 205 |
| Freddie Mac Pool #QI9547 6.50% 7/1/2054 <sup>(a)</sup>  | 96 | 99 |
| Freddie Mac Pool #SD5905 6.50% 7/1/2054 <sup>(a)</sup>  | 72 | 75 |
| Freddie Mac Pool #SD6286 5.50% 8/1/2054 <sup>(a)</sup>  | 290 | 292 |
| Freddie Mac Pool #RJ2210 6.00% 8/1/2054 <sup>(a)</sup>  | 253 | 258 |
| Freddie Mac Pool #SD8454 6.00% 8/1/2054 <sup>(a)</sup>  | 172 | 175 |
| Freddie Mac Pool #RJ2216 6.00% 8/1/2054 <sup>(a)</sup>  | 141 | 144 |
| Freddie Mac Pool #SD6029 6.00% 8/1/2054 <sup>(a)</sup>  | 38 | 38 |
| Freddie Mac Pool #SD6323 6.50% 8/1/2054 <sup>(a)</sup>  | 1610 | 1668 |
| Freddie Mac Pool #RJ2222 6.50% 8/1/2054 <sup>(a)</sup>  | 245 | 255 |
| Freddie Mac Pool #SD6034 6.50% 8/1/2054 <sup>(a)</sup>  | 114 | 119 |
| Freddie Mac Pool #RJ2247 6.50% 8/1/2054 <sup>(a)</sup>  | 99 | 103 |
| Freddie Mac Pool #RJ2228 6.50% 8/1/2054 <sup>(a)</sup>  | 61 | 63 |
| Freddie Mac Pool #SD6047 6.50% 8/1/2054 <sup>(a)</sup>  | 43 | 44 |
| Freddie Mac Pool #SD6035 6.50% 8/1/2054 <sup>(a)</sup>  | 28 | 29 |
| Freddie Mac Pool #SD8462 5.50% 9/1/2054 <sup>(a)</sup>  | 212 | 212 |
| Freddie Mac Pool #RJ2314 6.00% 9/1/2054 <sup>(a)</sup>  | 124 | 126 |
| Freddie Mac Pool #RJ2312 6.00% 9/1/2054 <sup>(a)</sup>  | 66 | 67 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| American Funds Insurance Series | **242** |

---

------

American Funds Mortgage Fund (continued)

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount<br> (000)<br>| Value<br> (000)<br>|
| **Mortgage-backed obligations (continued)** | **Mortgage-backed obligations (continued)** | **Mortgage-backed obligations (continued)** |
| **Federal agency mortgage-backed obligations (continued)** |  |  |
| Freddie Mac Pool #RJ2308 6.00% 9/1/2054 <sup>(a)</sup>  | USD64 | $66 |
| Freddie Mac Pool #RJ2306 6.00% 9/1/2054 <sup>(a)</sup>  | 57 | 59 |
| Freddie Mac Pool #RJ2309 6.00% 9/1/2054 <sup>(a)</sup>  | 36 | 36 |
| Freddie Mac Pool #SD8463 6.00% 9/1/2054 <sup>(a)</sup>  | 17 | 17 |
| Freddie Mac Pool #RJ2320 6.50% 9/1/2054 <sup>(a)</sup>  | 36 | 37 |
| Freddie Mac Pool #RJ2325 6.50% 9/1/2054 <sup>(a)</sup>  | 20 | 21 |
| Freddie Mac Pool #SD8469 5.50% 10/1/2054 <sup>(a)</sup>  | 9 | 9 |
| Freddie Mac Pool #SD8471 6.50% 10/1/2054 <sup>(a)</sup>  | 164 | 169 |
| Freddie Mac Pool #SD8475 5.50% 11/1/2054 <sup>(a)</sup>  | 469 | 469 |
| Freddie Mac Pool #SD8491 5.00% 12/1/2054 <sup>(a)</sup>  | 572 | 561 |
| Freddie Mac Pool #RJ3163 5.00% 12/1/2054 <sup>(a)</sup>  | 521 | 511 |
| Freddie Mac Pool #QX1414 5.50% 12/1/2054 <sup>(a)</sup>  | 377 | 377 |
| Freddie Mac Pool #SD8493 5.50% 12/1/2054 <sup>(a)</sup>  | 8 | 8 |
| Freddie Mac Pool #QX4065 6.00% 1/1/2055 <sup>(a)</sup>  | 27 | 27 |
| Freddie Mac Pool #SD8503 4.00% 2/1/2055 <sup>(a)</sup>  | 509 | 473 |
| Freddie Mac Pool #RJ3264 4.50% 2/1/2055 <sup>(a)</sup>  | 274 | 262 |
| Freddie Mac Pool #SD8507 6.00% 2/1/2055 <sup>(a)</sup>  | 134 | 136 |
| Freddie Mac Pool #SL0797 6.00% 2/1/2055 <sup>(a)</sup>  | 64 | 65 |
| Freddie Mac Pool #SD8516 6.00% 3/1/2055 <sup>(a)</sup>  | 16 | 16 |
| Freddie Mac Pool #SL1094 5.00% 4/1/2055 <sup>(a)</sup>  | 129 | 126 |
| Freddie Mac Pool #SL0796 6.00% 4/1/2055 <sup>(a)</sup>  | 77 | 79 |
| Freddie Mac Pool #SD8525 6.00% 4/1/2055 <sup>(a)</sup>  | 46 | 46 |
| Freddie Mac Pool #SD8532 5.00% 5/1/2055 <sup>(a)</sup>  | 274 | 269 |
| Freddie Mac Pool #SL1138 6.00% 5/1/2055 <sup>(a)</sup>  | 15 | 15 |
| Freddie Mac Pool #SL1137 6.00% 5/1/2055 <sup>(a)</sup>  | 15 | 15 |
| Freddie Mac Pool #SD8534 6.00% 5/1/2055 <sup>(a)</sup>  | 13 | 13 |
| Freddie Mac Pool #RQ0012 5.00% 6/1/2055 <sup>(a)</sup>  | 1199 | 1176 |
| Freddie Mac Pool #RQ0013 5.50% 6/1/2055 <sup>(a)</sup>  | 423 | 423 |
| Freddie Mac Pool #RQ0028 6.00% 7/1/2055 <sup>(a)</sup>  | 941 | 957 |
| Freddie Mac, Series K751, Class A2, Multi Family, 4.412% 3/25/2030 <sup>(a)</sup>  | 300 | 303 |
| Freddie Mac Seasoned Credit Risk Transfer Trust, Series 2017-1, Class HA, 3.00% 1/25/2056 <sup>(a)(e)</sup>  | 79 | 74 |
| Freddie Mac Seasoned Credit Risk Transfer Trust, Series 2017-3, Class HT, 3.25% 7/25/2056 <sup>(a)</sup>  | 79 | 70 |
| Freddie Mac Seasoned Credit Risk Transfer Trust, Series 2017-2, Class MA, 3.00% 8/25/2056 <sup>(a)</sup>  | 152 | 142 |
| Freddie Mac Seasoned Credit Risk Transfer Trust, Series 2017-2, Class HA, 3.00% 8/25/2056 <sup>(a)(e)</sup>  | 106 | 100 |
| Freddie Mac Seasoned Credit Risk Transfer Trust, Series 2018-1, Class HT, 3.00% 5/25/2057 <sup>(a)</sup>  | 21 | 18 |
| Freddie Mac Seasoned Credit Risk Transfer Trust, Series 2018-3, Class MA, 3.50% 8/25/2057 <sup>(a)</sup>  | 81 | 78 |
| Freddie Mac Seasoned Credit Risk Transfer Trust, Series 2019-2, Class MT, 3.50% 8/26/2058 <sup>(a)</sup>  | 26 | 23 |
| Freddie Mac Seasoned Credit Risk Transfer Trust, Series 2019-3, Class MT, 3.50% 10/25/2058 <sup>(a)</sup>  | 15 | 14 |
| Freddie Mac Seasoned Credit Risk Transfer Trust, Series 2024-2, Class MT, 3.50% 5/25/2064 <sup>(a)</sup>  | 630 | 546 |
| Freddie Mac Seasoned Loan Structured Transaction Trust, Series 2018-1, Class A1, 3.50% 6/25/2028 <sup>(a)</sup>  | 188 | 183 |
| Freddie Mac Seasoned Loan Structured Transaction Trust, Series 2018-2, Class A1, 3.50% 11/25/2028 <sup>(a)</sup>  | 10 | 10 |
| Freddie Mac Seasoned Loan Structured Transaction Trust, Series 20-3, Class AC, 2.00% 11/25/2030 <sup>(a)</sup>  | 289 | 260 |
| Freddie Mac Seasoned Loan Structured Transaction Trust, Series 21-1, Class AC, 2.25% 5/26/2031 <sup>(a)</sup>  | 293 | 268 |
| Freddie Mac Seasoned Loan Structured Transaction Trust, Series 21-2, Class AD, 2.00% 7/25/2031 <sup>(a)</sup>  | 251 | 225 |
| Freddie Mac Seasoned Loan Structured Transaction Trust, Series 2022-1, Class A1, 3.50% 5/25/2032 <sup>(a)</sup>  | 252 | 243 |
| Freddie Mac Seasoned Loan Structured Transaction Trust, Series 20-2, Class AC, 2.00% 9/27/2060 <sup>(a)</sup>  | 301 | 272 |
| Government National Mortgage Assn. 4.00% 7/1/2055 <sup>(a)(f)</sup>  | 355 | 330 |
| Government National Mortgage Assn. 5.00% 7/1/2055 <sup>(a)(f)</sup>  | 80 | 79 |
| Government National Mortgage Assn. 5.50% 7/1/2055 <sup>(a)(f)</sup>  | 273 | 273 |
| Government National Mortgage Assn. Pool #AH5894 3.75% 5/20/2034 <sup>(a)</sup>  | 557 | 544 |
| Government National Mortgage Assn. Pool #AD0028 3.75% 7/20/2038 <sup>(a)</sup>  | 232 | 218 |
| Government National Mortgage Assn. Pool #004410 4.00% 4/20/2039 <sup>(a)</sup>  | 47 | 45 |
| Government National Mortgage Assn. Pool #AH5897 3.75% 7/20/2039 <sup>(a)</sup>  | 473 | 446 |
| Government National Mortgage Assn. Pool #783690 6.00% 9/20/2039 <sup>(a)</sup>  | 63 | 66 |
| Government National Mortgage Assn. Pool #004823 4.00% 10/20/2040 <sup>(a)</sup>  | 73 | 69 |
| Government National Mortgage Assn. Pool #005104 5.00% 6/20/2041 <sup>(a)</sup>  | 154 | 154 |
| Government National Mortgage Assn. Pool #005142 4.50% 8/20/2041 <sup>(a)</sup>  | 11 | 10 |
| Government National Mortgage Assn. Pool #005165 6.50% 8/20/2041 <sup>(a)</sup>  | 77 | 78 |
| Government National Mortgage Assn. Pool #AA5326 3.50% 5/20/2042 <sup>(a)</sup>  | 77 | 69 |
| Government National Mortgage Assn. Pool #MA0366 3.50% 6/20/2042 <sup>(a)</sup>  | 180 | 166 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **243** | American Funds Insurance Series |

---

------

American Funds Mortgage Fund (continued)

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount<br> (000)<br>| Value<br> (000)<br>|
| **Mortgage-backed obligations (continued)** | **Mortgage-backed obligations (continued)** | **Mortgage-backed obligations (continued)** |
| **Federal agency mortgage-backed obligations (continued)** |  |  |
| Government National Mortgage Assn. Pool #AD4360 3.50% 7/20/2043 <sup>(a)</sup>  | USD38 | $35 |
| Government National Mortgage Assn. Pool #AH5884 4.25% 7/20/2044 <sup>(a)(c)</sup>  | 775 | 735 |
| Government National Mortgage Assn. Pool #MA6994 2.00% 11/20/2050 <sup>(a)</sup>  | 83 | 68 |
| Government National Mortgage Assn. Pool #BZ3978 2.50% 11/20/2050 <sup>(a)</sup>  | 34 | 29 |
| Government National Mortgage Assn. Pool #MA7051 2.00% 12/20/2050 <sup>(a)</sup>  | 74 | 60 |
| Government National Mortgage Assn. Pool #785575 2.50% 8/20/2051 <sup>(a)</sup>  | 317 | 265 |
| Government National Mortgage Assn. Pool #785659 2.50% 10/20/2051 <sup>(a)</sup>  | 76 | 63 |
| Government National Mortgage Assn. Pool #786706 2.50% 12/20/2051 <sup>(a)</sup>  | 495 | 416 |
| Government National Mortgage Assn. Pool #786502 2.50% 2/20/2052 <sup>(a)</sup>  | 311 | 263 |
| Government National Mortgage Assn. Pool #MA7881 2.50% 2/20/2052 <sup>(a)</sup>  | 67 | 57 |
| Government National Mortgage Assn. Pool #786647 2.50% 3/20/2052 <sup>(a)</sup>  | 162 | 137 |
| Government National Mortgage Assn. Pool #786701 2.50% 3/20/2052 <sup>(a)</sup>  | 133 | 112 |
| Government National Mortgage Assn. Pool #MA7936 2.50% 3/20/2052 <sup>(a)</sup>  | 42 | 36 |
| Government National Mortgage Assn. Pool #MA7937 3.00% 3/20/2052 <sup>(a)</sup>  | 50 | 44 |
| Government National Mortgage Assn. Pool #MA7987 2.50% 4/20/2052 <sup>(a)</sup>  | 218 | 185 |
| Government National Mortgage Assn. Pool #MA7988 3.00% 4/20/2052 <sup>(a)</sup>  | 59 | 52 |
| Government National Mortgage Assn. Pool #MA8266 3.50% 9/20/2052 <sup>(a)</sup>  | 4 | 4 |
| Government National Mortgage Assn. Pool #MA8346 4.00% 10/20/2052 <sup>(a)</sup>  | 153 | 144 |
| Government National Mortgage Assn. Pool #MA9015 4.50% 7/20/2053 <sup>(a)</sup>  | 239 | 230 |
| Government National Mortgage Assn. Pool #MA9016 5.00% 7/20/2053 <sup>(a)</sup>  | 13 | 13 |
| Government National Mortgage Assn. Pool #MA9776 4.00% 7/20/2054 <sup>(a)</sup>  | 79 | 73 |
| Government National Mortgage Assn. Pool #MB0024 4.50% 11/20/2054 <sup>(a)</sup>  | 108 | 104 |
| Government National Mortgage Assn. Pool #AN1825 4.517% 6/20/2065 <sup>(a)</sup>  | 21 | 21 |
| Government National Mortgage Assn. Pool #AO0461 4.559% 8/20/2065 <sup>(a)</sup>  | 6 | 6 |
| Government National Mortgage Assn. Pool #AO0409 4.572% 12/20/2065 <sup>(a)</sup>  | 23 | 23 |
| Government National Mortgage Assn. Pool #AO0385 4.328% 1/20/2066 <sup>(a)</sup>  | 93 | 92 |
| Government National Mortgage Assn. Pool #725897 5.20% 1/20/2066 <sup>(a)</sup>  | 1 | 1 |
| Government National Mortgage Assn., Series 2021-2, Class AH, 1.50% 6/16/2063 <sup>(a)</sup>  | 204 | 149 |
| Uniform Mortgage-Backed Security 4.00% 7/1/2040 <sup>(a)(f)</sup>  | 125 | 122 |
| Uniform Mortgage-Backed Security 2.50% 7/1/2055 <sup>(a)(f)</sup>  | 5044 | 4183 |
| Uniform Mortgage-Backed Security 3.50% 7/1/2055 <sup>(a)(f)</sup>  | 2635 | 2372 |
| Uniform Mortgage-Backed Security 4.00% 7/1/2055 <sup>(a)(f)</sup>  | 326 | 303 |
| Uniform Mortgage-Backed Security 5.00% 7/1/2055 <sup>(a)(f)</sup>  | 25 | 24 |
| Uniform Mortgage-Backed Security 6.00% 7/1/2055 <sup>(a)(f)</sup>  | 4621 | 4700 |
| Uniform Mortgage-Backed Security 7.00% 7/1/2055 <sup>(a)(f)</sup>  | 371 | 391 |
| Uniform Mortgage-Backed Security 2.00% 8/1/2055 <sup>(a)(f)</sup>  | 1180 | 935 |
| Uniform Mortgage-Backed Security 3.00% 8/1/2055 <sup>(a)(f)</sup>  | 1495 | 1293 |
| Uniform Mortgage-Backed Security 4.00% 8/1/2055 <sup>(a)(f)</sup>  | 690 | 641 |
| Uniform Mortgage-Backed Security 6.50% 8/1/2055 <sup>(a)(f)</sup>  | 2892 | 2982 |
|  |  | 104103 |
| **Commercial mortgage-backed securities 0.74%** |  |  |
| BX Trust, Series 2025-GW, Class A, (1-month USD CME Term SOFR + 1.60%) x.xx% 7/15/2042 <sup>(a)(d)(e)</sup>  | 200 | 201 |
| BX Trust, Series 2022-CSMO, Class A, (1-month USD CME Term SOFR + 2.115%) 6.427% 6/15/2027 <sup>(a)(d)(e)</sup>  | 100 | 101 |
| BX Trust, Series 2022-IND, Class A, (1-month USD CME Term SOFR + 1.491%) 5.803% 4/15/2037 <sup>(a)(d)(e)</sup>  | 96 | 96 |
| Citigroup Commercial Mortgage Trust, Series 2023-SMRT, Class A, 6.015% 10/12/2040 <sup>(a)(d)(e)</sup>  | 379 | 391 |
| Extended Stay America Trust, Series 2021-ESH, Class A, (1-month USD CME Term SOFR + 1.194%) 5.506% <br> 7/15/2038 <sup>(a)(d)(e)</sup>  | 86 | 86 |
|  |  | 875 |
| **Collateralized mortgage-backed obligations (privately originated) 0.46%** |  |  |
| CIM Trust, Series 2022-R2, Class A1, 3.75% 12/25/2061 <sup>(a)(d)(e)</sup>  | 136 | 130 |
| COLT Mortgage Loan Trust, Series 2021-5, Class A1, 1.726% 11/26/2066 <sup>(a)(d)(e)</sup>  | 56 | 50 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| American Funds Insurance Series | **244** |

---

------

American Funds Mortgage Fund (continued)

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount<br> (000)<br>| Value<br> (000)<br>|
| **Mortgage-backed obligations (continued)** | **Mortgage-backed obligations (continued)** | **Mortgage-backed obligations (continued)** |
| **Collateralized mortgage-backed obligations (privately originated) (continued)** |  |  |
| Farmer Mac Agricultural Real Estate Trust, Series 2024-2, Class A1, 5.196% 8/1/2054 <sup>(a)(d)(e)</sup>  | USD86 | $87 |
| Morgan Stanley Residential Mortgage Loan Trust, Series 2024-INV2, Class A1, 6.50% 2/25/2054 <sup>(a)(d)(e)</sup>  | 184 | 187 |
| PMT Loan Trust, Series 2024-INV1, Class A2, 6.00% 10/25/2059 <sup>(a)(d)(e)</sup>  | 94 | 95 |
|  |  | 549 |
| **Total mortgage-backed obligations** |  | 105527 |
| **U.S. Treasury bonds & notes 4.29%** | **U.S. Treasury bonds & notes 4.29%** | **U.S. Treasury bonds & notes 4.29%** |
| **U.S. Treasury 4.29%** |  |  |
| U.S. Treasury 4.375% 7/31/2026  | 535 | 537 |
| U.S. Treasury 3.50% 9/30/2026  | 465 | 463 |
| U.S. Treasury 3.75% 6/30/2027  | 295 | 295 |
| U.S. Treasury 4.25% 2/15/2028  | 460 | 466 |
| U.S. Treasury 3.875% 3/15/2028  | 550 | 553 |
| U.S. Treasury 4.125% 7/31/2028  | 450 | 455 |
| U.S. Treasury 4.50% 5/31/2029  | 1025 | 1053 |
| U.S. Treasury 4.00% 2/28/2030  | 330 | 333 |
| U.S. Treasury 4.00% 3/31/2030  | 100 | 101 |
| U.S. Treasury 1.875% 2/15/2041 <sup>(c)</sup>  | 240 | 165 |
| U.S. Treasury 3.25% 5/15/2042  | 106 | 88 |
| U.S. Treasury 4.75% 2/15/2045  | 190 | 189 |
| U.S. Treasury 1.875% 11/15/2051  | 65 | 36 |
| U.S. Treasury 4.625% 2/15/2055  | 345 | 336 |
| **Total U.S. Treasury bonds & notes** |  | 5070 |
| **Asset-backed obligations 1.36%** | **Asset-backed obligations 1.36%** | **Asset-backed obligations 1.36%** |
| American Credit Acceptance Receivables Trust, Series 2024-3, Class A, 5.76% 11/12/2027 <sup>(a)(d)</sup>  | 12 | 12 |
| American Credit Acceptance Receivables Trust, Series 2024-4, Class A, 4.81% 3/13/2028 <sup>(a)(d)</sup>  | 5 | 5 |
| Bridgecrest Lending Auto Securitization Trust, Series 2024-4, Class A2, 4.84% 9/15/2027 <sup>(a)</sup>  | 6 | 6 |
| CF Hippolyta, LLC, Series 2020-1, Class A1, 1.69% 7/15/2060 <sup>(a)(d)</sup>  | 90 | 89 |
| CPS Auto Receivables Trust, Series 2024-D, Class A, 4.91% 6/15/2028 <sup>(a)(d)</sup>  | 54 | 54 |
| Drive Auto Receivables Trust, Series 2024-2, Class A2, 4.94% 12/15/2027 <sup>(a)</sup>  | 13 | 13 |
| Drive Auto Receivables Trust, Series 2024-2, Class A3, 4.50% 9/15/2028 <sup>(a)</sup>  | 21 | 21 |
| Exeter Automobile Receivables Trust, Series 2024-4A, Class A2, 5.60% 5/17/2027 <sup>(a)</sup>  | 3 | 3 |
| Ford Credit Auto Owner Trust, Series 2023-2, Class A, 5.28% 2/15/2036 <sup>(a)(d)</sup>  | 257 | 265 |
| GLS Auto Receivables Trust, Series 2024-3A, Class A2, 5.35% 8/16/2027 <sup>(a)(d)</sup>  | 17 | 17 |
| GLS Auto Receivables Trust, Series 2024-4A, Class A2, 4.76% 10/15/2027 <sup>(a)(d)</sup>  | 12 | 12 |
| GLS Auto Receivables Trust, Series 2024-3A, Class A3, 5.02% 4/17/2028 <sup>(a)(d)</sup>  | 45 | 45 |
| Navient Student Loan Trust, Series 2021-A, Class A, 0.84% 5/15/2069 <sup>(a)(d)</sup>  | 66 | 60 |
| Navient Student Loan Trust, Series 2021-CA, Class A, 1.06% 10/15/2069 <sup>(a)(d)</sup>  | 85 | 77 |
| Nelnet Student Loan Trust, Series 2021-A, Class APT1, 1.36% 4/20/2062 <sup>(a)(d)</sup>  | 101 | 96 |
| Nelnet Student Loan Trust, Series 2021-CA, Class AFL, (1-month USD CME Term SOFR + 0.854%) 5.172% <br> 4/20/2062 <sup>(a)(d)(e)</sup>  | 84 | 83 |
| New Economy Assets Phase 1 Issuer, LLC, Series 2021-1, Class A1, 1.91% 10/20/2061 <sup>(a)(d)</sup>  | 100 | 94 |
| Santander Drive Auto Receivables Trust, Series 2024-4, Class A2, 5.41% 7/15/2027 <sup>(a)</sup>  | 27 | 27 |
| Santander Drive Auto Receivables Trust, Series 2024-5, Class A2, 4.88% 9/15/2027 <sup>(a)</sup>  | 13 | 13 |
| Santander Drive Auto Receivables Trust, Series 2022-4, Class B, 4.42% 11/15/2027 <sup>(a)</sup>  | 5 | 5 |
| Santander Drive Auto Receivables Trust, Series 2023-1, Class B, 4.98% 2/15/2028 <sup>(a)</sup>  | 2 | 2 |
| Santander Drive Auto Receivables Trust, Series 2023-4, Class A3, 5.73% 4/17/2028 <sup>(a)</sup>  | 3 | 3 |
| Synchrony Card Issuance Trust, Series 2023-A, Class A, 5.54% 7/15/2029 <sup>(a)</sup>  | 12 | 12 |
| Toyota Auto Loan Extended Note Trust, Series 2023-1, Class A, 4.93% 6/25/2036 <sup>(a)(d)</sup>  | 100 | 102 |
| Wheels Fleet Lease Funding, LLC, Series 24-2A, Class A1, 4.87% 6/21/2039 <sup>(a)(d)</sup>  | 484 | 487 |
|  |  | 1603 |
| **Total bonds, notes & other debt instruments** (cost: $112,487,000) |  | 112200 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **245** | American Funds Insurance Series |

---

------

American Funds Mortgage Fund (continued)

---

| | | | |
|:---|:---|:---|:---|
| Short-term securities 17.02% | Weighted<br> average yield<br> at acquisition<br>| Principal amount<br> (000)<br>| Value<br> (000)<br>|
| **Commercial paper 11.82%** | **Commercial paper 11.82%** | **Commercial paper 11.82%** | **Commercial paper 11.82%** |
| ADP Tax Services, Inc. 7/1/2025 <sup>(d)</sup>  | 4.330<br> %<br>| USD1,400 | $1400 |
| ADP Tax Services, Inc. 7/2/2025 <sup>(d)</sup>  | 4.340 | 1500 | 1500 |
| Apple, Inc. 8/13/2025 <sup>(d)</sup>  | 4.300 | 2400 | 2387 |
| CAFCO, LLC 8/19/2025 <sup>(d)</sup>  | 4.350 | 1200 | 1193 |
| Chevron Corp. 7/22/2025 <sup>(d)</sup>  | 4.310 | 1000 | 997 |
| Chevron Corp. 9/12/2025 <sup>(d)</sup>  | 4.320 | 1500 | 1487 |
| Johnson & Johnson 7/3/2025 <sup>(d)</sup>  | 4.260 | 1000 | 1000 |
| Novartis Finance Corp. 7/7/2025 <sup>(d)</sup>  | 4.320 | 500 | 500 |
| Paccar Financial Corp. 7/10/2025  | 4.360 | 1500 | 1498 |
| Prudential Funding, LLC 7/2/2025  | 4.340 | 2000 | 1999 |
|  |  |  | 13961 |
| **Federal agency bills & notes 5.20%** | **Federal agency bills & notes 5.20%** | **Federal agency bills & notes 5.20%** | **Federal agency bills & notes 5.20%** |
| Federal Farm Credit Banks 8/21/2025  | 4.220 | 1600 | 1590 |
| Federal Farm Credit Banks 11/14/2025  | 4.140 | 900 | 886 |
| Federal Home Loan Bank 9/3/2025  | 4.230 | 2200 | 2184 |
| Federal Home Loan Bank 9/17/2025  | 4.230 | 1500 | 1486 |
| **Total short-term securities** (cost: $20,108,000) | **Total short-term securities** (cost: $20,108,000) | **Total short-term securities** (cost: $20,108,000) | 20107 |
| Options purchased (equity style) 0.00% |  |  |  |
| Options purchased (equity style)\* | Options purchased (equity style)\* |  | 5 |
| **Total options purchased (equity style)** (cost: $19,000) | **Total options purchased (equity style)** (cost: $19,000) |  | 5 |
| **Total investment securities 111.99%** (cost: $132,614,000) | **Total investment securities 111.99%** (cost: $132,614,000) |  | 132312 |
| Other assets less liabilities (11.99)% | Other assets less liabilities (11.99)% |  | (14171)<br>|
| **Net assets 100.00%** | **Net assets 100.00%** |  | $118141 |

---

<sup>\*</sup>**Options purchased (equity style)**

------

**Options on futures** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Description | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Number of <br> contracts<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Expiration <br> date<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Exercise <br> price<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Notional <br> amount <br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(000)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Value at <br> 6/30/2025 <br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(000)<br>|
| **Call** |  |  |  |  |  |
| 3 Month SOFR Futures Options | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 18 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9/12/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; USD97.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; USD4,500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $1 |
| 3 Month SOFR Futures Options | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 47 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9/12/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;98.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11750 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1 |
|  |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $2 |
| **Put** |  |  |  |  |  |
| 3 Month SOFR Futures Options | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 120 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12/12/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; USD95.69 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 30000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $3 |
|  |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $5 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| American Funds Insurance Series | **246** |

---

------

American Funds Mortgage Fund (continued)

**Futures contracts**

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Contracts | Type | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Number of <br> contracts<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Expiration <br> date<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Notional <br> amount <br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(000)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Value and <br> unrealized <br> appreciation <br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(depreciation) <br> at 6/30/2025 <br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(000)<br>|
| 3 Month SOFR Futures | Long | 62 | 9/17/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; USD14,828 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $(2)<br>|
| 2 Year U.S. Treasury Note Futures | Long | 212 | 10/3/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 44101 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 169 |
| 5 Year U.S. Treasury Note Futures | Long | 191 | 10/3/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 20819 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 229 |
| 10 Year U.S. Treasury Note Futures | Long | 45 | 9/30/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5046 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 98 |
| 10 Year Ultra U.S. Treasury Note Futures | Long | 17 | 9/30/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1943 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 44 |
| 20 Year U.S. Treasury Bond Futures | Long | 15 | 9/30/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1732 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 63 |
| 30 Year Ultra U.S. Treasury Bond Futures | Short | 5 | 9/30/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (596)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (22)<br>|
|  |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $579 |

---

**Swap contracts**

------

**Interest rate swaps**

**Centrally cleared interest rate swaps** 

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Receive | Receive | Pay | Pay | &nbsp;&nbsp;&nbsp;&nbsp; Expiration <br> date | &nbsp;&nbsp;&nbsp;&nbsp; Notional <br> amount <br> &nbsp;&nbsp;&nbsp;&nbsp;(000) | &nbsp;&nbsp;&nbsp;&nbsp; Value at <br> 6/30/2025 <br> &nbsp;&nbsp;&nbsp;&nbsp;(000) | &nbsp;&nbsp;&nbsp;&nbsp; Upfront <br> premium <br> paid <br> &nbsp;&nbsp;&nbsp;&nbsp;(received) <br> &nbsp;&nbsp;&nbsp;&nbsp;(000) | &nbsp;&nbsp;&nbsp;&nbsp; Unrealized <br> appreciation <br> &nbsp;&nbsp;&nbsp;&nbsp;(depreciation) <br> at 6/30/2025 <br> &nbsp;&nbsp;&nbsp;&nbsp;(000) |
| Rate | &nbsp;&nbsp;&nbsp;&nbsp; Payment <br> frequency<br>| Rate | &nbsp;&nbsp;&nbsp;&nbsp; Payment <br> frequency<br>| &nbsp;&nbsp;&nbsp;&nbsp; Expiration <br> date | &nbsp;&nbsp;&nbsp;&nbsp; Notional <br> amount <br> &nbsp;&nbsp;&nbsp;&nbsp;(000) | &nbsp;&nbsp;&nbsp;&nbsp; Value at <br> 6/30/2025 <br> &nbsp;&nbsp;&nbsp;&nbsp;(000) | &nbsp;&nbsp;&nbsp;&nbsp; Upfront <br> premium <br> paid <br> &nbsp;&nbsp;&nbsp;&nbsp;(received) <br> &nbsp;&nbsp;&nbsp;&nbsp;(000) | &nbsp;&nbsp;&nbsp;&nbsp; Unrealized <br> appreciation <br> &nbsp;&nbsp;&nbsp;&nbsp;(depreciation) <br> at 6/30/2025 <br> &nbsp;&nbsp;&nbsp;&nbsp;(000) |
| SOFR | Annual | 3.6025% | Annual | &nbsp;&nbsp;&nbsp;&nbsp; 1/8/2034 | &nbsp;&nbsp;&nbsp;&nbsp; USD495 | &nbsp;&nbsp;&nbsp;&nbsp; $— <br><sup>(b)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $— <br><sup>(b)</sup><br>|
| SOFR | Annual | 3.8215% | Annual | &nbsp;&nbsp;&nbsp;&nbsp; 4/23/2035 | &nbsp;&nbsp;&nbsp;&nbsp; USD100 | &nbsp;&nbsp;&nbsp;&nbsp; (1)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (1)<br>|
| SOFR | Annual | 3.41% | Annual | &nbsp;&nbsp;&nbsp;&nbsp; 7/28/2045 | &nbsp;&nbsp;&nbsp;&nbsp; USD1,300 | &nbsp;&nbsp;&nbsp;&nbsp; 101 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 101 |
|  |  |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; $100 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $100 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(a)</sup> Principal payments may be made periodically. Therefore, the effective maturity date may be earlier than the stated maturity date.

<sup>(b)</sup> Amount less than one thousand.

<sup>(c)</sup> All or a portion of this security was pledged as collateral. The total value of pledged collateral was $841,000, which represented 0.71% of the net assets of the fund. 

<sup>(d)</sup> Acquired in a transaction exempt from registration under Rule 144A or, for commercial paper, Section 4(a)(2) of the Securities Act of 1933. May be resold in the U.S. in transactions exempt from registration, normally to qualified institutional buyers. The total value of all such securities was $13,564,000, which represented 11.48% of the net assets of the fund. 

<sup>(e)</sup> Coupon rate may change periodically. Reference rate and spread are as of the most recent information available. Some coupon rates are determined by the issuer or agent based on current market conditions; therefore, the reference rate and spread are not available. 

<sup>(f)</sup> Represents securities transacted on a TBA basis.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| |
|:---|
| **Key to abbreviation(s)** |
| Assn. = Association |
| CME = CME Group |
| SOFR = Secured Overnight Financing Rate |
| TBA = To be announced |
| USD = U.S. dollars |

---

Refer to the notes to financial statements.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **247** | American Funds Insurance Series |

---

------

Ultra-Short Bond Fund

**Investment portfolio** June 30, 2025unaudited

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | |
|:---|:---|:---|:---|
| Short-term securities 101.39% | Weighted<br> average yield<br> at acquisition<br>| Principal amount<br> (000)<br>| Value<br> (000)<br>|
| **Commercial paper 72.15%** | **Commercial paper 72.15%** | **Commercial paper 72.15%** | **Commercial paper 72.15%** |
| ADP Tax Services, Inc. 7/02/2025 <sup>(a)</sup>  | 0.027<br> %<br>| USD3,000 | $2999 |
| Alphabet,Inc. 9/23/2025 <sup>(a)</sup>  | 0.924 | 12000 | 11878 |
| Apple, Inc. 8/04/2025 <sup>(a)</sup>  | 0.495 | 5000 | 4979 |
| Apple, Inc. 9/15/2025 <sup>(a)</sup>  | 0.963 | 7000 | 6936 |
| Chariot Funding, LLC 9/04/2025 <sup>(a)</sup>  | 0.969 | 5000 | 4960 |
| Chariot Funding, LLC 9/15/2025 <sup>(a)</sup>  | 0.964 | 3500 | 3467 |
| Chevron Corp. 7/22/2025 <sup>(a)</sup>  | 1.025 | 3300 | 3291 |
| Cisco Systems, Inc. 7/10/2025 <sup>(a)</sup>  | 0.213 | 7000 | 6992 |
| Cisco Systems, Inc. 8/01/2025 <sup>(a)</sup>  | 1.001 | 5000 | 4981 |
| DBS Bank, Ltd. 8/18/2025 <sup>(a)</sup>  | 0.583 | 12000 | 11929 |
| Honeywell International, Inc. 7/01/2025 <sup>(a)</sup>  | 1.976 | 10000 | 9999 |
| Johnson & Johnson 7/03/2025 <sup>(a)</sup>  | 0.850 | 7000 | 6997 |
| Johnson & Johnson 8/13/2025 <sup>(a)</sup>  | 0.964 | 5000 | 4974 |
| Komatsu Finance America, Inc. 9/11/2025 <sup>(a)</sup>  | 0.802 | 1600 | 1586 |
| Linde, Inc. 7/01/2025  | 0.576 | 5500 | 5499 |
| Linde, Inc. 8/27/2025  | 0.678 | 7000 | 6952 |
| LVMH Moet Hennessy Louis Vuitton, Inc. 10/01/2025 <sup>(a)</sup>  | 0.961 | 8900 | 8800 |
| Nestle Finance International, Ltd. 7/30/2025 <sup>(a)</sup>  | 0.671 | 11600 | 11558 |
| Novartis Finance Corp. 7/21/2025 <sup>(a)</sup>  | 0.297 | 10000 | 9975 |
| Novartis Finance Corp. 7/22/2025 <sup>(a)</sup>  | 0.423 | 1400 | 1396 |
| NRW.Bank 8/15/2025 <sup>(a)</sup>  | 1.141 | 12000 | 11934 |
| OMERS Finance Trust 7/22/2025  | 1.031 | 7000 | 6981 |
| Procter & Gamble Co. 9/22/2025 <sup>(a)</sup>  | 1.050 | 2200 | 2178 |
| Procter & Gamble Co. 9/24/2025 <sup>(a)</sup>  | 1.064 | 10000 | 9898 |
| Prudential Funding, LLC 7/02/2025  | 0.385 | 12000 | 11997 |
| Roche Holdings, Inc. 9/03/2025 <sup>(a)</sup>  | 0.756 | 10000 | 9922 |
| Sanofi 8/28/2025 <sup>(a)</sup>  | 0.983 | 6000 | 5957 |
| Sanofi 9/17/2025 <sup>(a)</sup>  | 0.924 | 5000 | 4953 |
| Siemens Capital Co., LLC 7/01/2025 <sup>(a)</sup>  | 0.399 | 10000 | 9999 |
| Sumitomo Mitsui Trust Bank, Ltd. 7/18/2025 <sup>(a)</sup>  | 1.101 | 7000 | 6985 |
| Victory Receivables Corp. 7/11/2025 <sup>(a)</sup>  | 1.041 | 10000 | 9987 |
| Wal-Mart Stores, Inc. 7/07/2025 <sup>(a)</sup>  | 0.566 | 7000 | 6994 |
| Wal-Mart Stores, Inc. 7/14/2025 <sup>(a)</sup>  | 0.303 | 6000 | 5990 |
|  |  |  | 233923 |
| **Bonds & notes of governments & government agencies outside the U.S. 20.81%** | **Bonds & notes of governments & government agencies outside the U.S. 20.81%** | **Bonds & notes of governments & government agencies outside the U.S. 20.81%** | **Bonds & notes of governments & government agencies outside the U.S. 20.81%** |
| Alberta (Province of) 7/02/2025 <sup>(a)</sup>  | 0.319 | 4800 | 4799 |
| Alberta (Province of) 7/21/2025 <sup>(a)</sup>  | 0.455 | 3400 | 3391 |
| Alberta (Province of) 8/20/2025 <sup>(a)</sup>  | 0.620 | 3400 | 3379 |
| European Investment Bank 7/17/2025  | 0.816 | 11500 | 11477 |
| KfW 9/03/2025 <sup>(a)</sup>  | 1.724 | 7000 | 6946 |
| KfW 9/17/2025 <sup>(a)</sup>  | 0.871 | 6000 | 5944 |
| Ontario (Province of) 7/18/2025  | 0.269 | 4100 | 4091 |
| Ontario (Province of) 7/21/2025  | 0.616 | 2500 | 2494 |
| Ontario (Province of) 9/16/2025  | 0.906 | 5000 | 4953 |
| Quebec (Province of) 7/09/2025 <sup>(a)</sup>  | 0.341 | 6000 | 5993 |
| Quebec (Province of) 7/31/2025 <sup>(a)</sup>  | 0.499 | 4100 | 4085 |
| Swedish Export Credit Corp. 9/10/2025  | 0.943 | 10000 | 9913 |
|  |  |  | 67465 |
| **Federal agency bills & notes 8.43%** | **Federal agency bills & notes 8.43%** | **Federal agency bills & notes 8.43%** | **Federal agency bills & notes 8.43%** |
| Federal Farm Credit Banks 8/11/2025  | 0.563 | 3400 | 3384 |
| Federal Farm Credit Banks 8/21/2025  | 0.662 | 2400 | 2386 |
| Federal Home Loan Bank 7/09/2025  | 0.801 | 4600 | 4596 |
| Federal Home Loan Bank 8/11/2025  | 0.512 | 1800 | 1791 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| American Funds Insurance Series | **248** |

---

------

Ultra-Short Bond Fund (continued)

---

| | | | |
|:---|:---|:---|:---|
| Short-term securities (continued) | Weighted<br> average yield<br> at acquisition<br>| Principal amount<br> (000)<br>| Value<br> (000)<br>|
| **Federal agency bills & notes (continued)** | **Federal agency bills & notes (continued)** | **Federal agency bills & notes (continued)** | **Federal agency bills & notes (continued)** |
| Federal Home Loan Bank 8/22/2025  | 1.426<br> %<br>| USD6,400 | $6361 |
| Federal Home Loan Bank 8/27/2025  | 0.913 | 3900 | 3874 |
| Federal Home Loan Bank 9/17/2025  | 0.852 | 5000 | 4954 |
|  |  |  | 27346 |
| **Total short-term securities** (cost: $328,764,000) | **Total short-term securities** (cost: $328,764,000) | **Total short-term securities** (cost: $328,764,000) | 328734 |
| **Total investment securities 101.39%** (cost: $328,764,000) | **Total investment securities 101.39%** (cost: $328,764,000) | **Total investment securities 101.39%** (cost: $328,764,000) | 328734 |
| Other assets less liabilities (1.39)% |  |  | (4504)<br>|
| **Net assets 100.00%** |  |  | $324230 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(a)</sup> Acquired in a transaction exempt from registration under Rule 144A or, for commercial paper, Section 4(a)(2) of the Securities Act of 1933. May be resold in the U.S. in transactions exempt from registration, normally to qualified institutional buyers. The total value of all such securities was $237,031,000, which represented 73.11% of the net assets of the fund. 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| |
|:---|
| **Key to abbreviation(s)** |
| USD = U.S. dollars |

---

Refer to the notes to financial statements.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **249** | American Funds Insurance Series |

---

------

U.S. Government Securities Fund

**Investment portfolio** June 30, 2025unaudited

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments 87.01% | Principal amount<br> (000)<br>| Value<br> (000)<br>|
| **Mortgage-backed obligations 46.44%** | **Mortgage-backed obligations 46.44%** | **Mortgage-backed obligations 46.44%** |
| **Federal agency mortgage-backed obligations 46.44%** |  |  |
| Fannie Mae Pool #745316 6.50% 2/1/2026 <sup>(a)</sup>  | USD4 | $4 |
| Fannie Mae Pool #AL9870 6.50% 2/1/2028 <sup>(a)</sup>  | 8 | 8 |
| Fannie Mae Pool #257431 6.50% 10/1/2028 <sup>(a)</sup>  | 1 | 1 |
| Fannie Mae Pool #695412 5.00% 6/1/2033 <sup>(a)</sup>  | — <br><sup>(b)</sup><br>| — <br><sup>(b)</sup><br>|
| Fannie Mae Pool #AD3566 5.00% 10/1/2035 <sup>(a)</sup>  | 3 | 3 |
| Fannie Mae Pool #MA2588 4.00% 4/1/2036 <sup>(a)</sup>  | 459 | 455 |
| Fannie Mae Pool #MA2746 4.00% 9/1/2036 <sup>(a)</sup>  | 1022 | 1011 |
| Fannie Mae Pool #CB3701 2.50% 5/1/2037 <sup>(a)</sup>  | 775 | 724 |
| Fannie Mae Pool #940890 6.50% 6/1/2037 <sup>(a)</sup>  | — <br><sup>(b)</sup><br>| — <br><sup>(b)</sup><br>|
| Fannie Mae Pool #MA4665 2.50% 7/1/2037 <sup>(a)</sup>  | 324 | 303 |
| Fannie Mae Pool #256828 7.00% 7/1/2037 <sup>(a)</sup>  | 2 | 3 |
| Fannie Mae Pool #256860 6.50% 8/1/2037 <sup>(a)</sup>  | 10 | 10 |
| Fannie Mae Pool #888698 7.00% 10/1/2037 <sup>(a)</sup>  | 12 | 12 |
| Fannie Mae Pool #970343 6.00% 2/1/2038 <sup>(a)</sup>  | 12 | 12 |
| Fannie Mae Pool #931768 5.00% 8/1/2039 <sup>(a)</sup>  | 4 | 4 |
| Fannie Mae Pool #AC0794 5.00% 10/1/2039 <sup>(a)</sup>  | 18 | 18 |
| Fannie Mae Pool #932606 5.00% 2/1/2040 <sup>(a)</sup>  | 6 | 6 |
| Fannie Mae Pool #FM7365 2.00% 5/1/2041 <sup>(a)</sup>  | 24153 | 20849 |
| Fannie Mae Pool #AI1862 5.00% 5/1/2041 <sup>(a)</sup>  | 257 | 261 |
| Fannie Mae Pool #AI3510 5.00% 6/1/2041 <sup>(a)</sup>  | 135 | 137 |
| Fannie Mae Pool #AE1248 5.00% 6/1/2041 <sup>(a)</sup>  | 28 | 28 |
| Fannie Mae Pool #AJ0704 5.00% 9/1/2041 <sup>(a)</sup>  | 121 | 123 |
| Fannie Mae Pool #AJ1873 4.00% 10/1/2041 <sup>(a)</sup>  | 19 | 19 |
| Fannie Mae Pool #AJ5391 5.00% 11/1/2041 <sup>(a)</sup>  | 68 | 69 |
| Fannie Mae Pool #AE1277 5.00% 11/1/2041 <sup>(a)</sup>  | 12 | 12 |
| Fannie Mae Pool #AE1283 5.00% 12/1/2041 <sup>(a)</sup>  | 7 | 8 |
| Fannie Mae Pool #AE1290 5.00% 2/1/2042 <sup>(a)</sup>  | 16 | 16 |
| Fannie Mae Pool #AT0300 3.50% 3/1/2043 <sup>(a)</sup>  | 4 | 4 |
| Fannie Mae Pool #AT3954 3.50% 4/1/2043 <sup>(a)</sup>  | 6 | 5 |
| Fannie Mae Pool #AT7161 3.50% 6/1/2043 <sup>(a)</sup>  | 29 | 27 |
| Fannie Mae Pool #MA5235 6.50% 12/1/2043 <sup>(a)</sup>  | 1070 | 1107 |
| Fannie Mae Pool #AY1829 3.50% 12/1/2044 <sup>(a)</sup>  | 7 | 6 |
| Fannie Mae Pool #BE5017 3.50% 2/1/2045 <sup>(a)</sup>  | 52 | 49 |
| Fannie Mae Pool #FM9416 3.50% 7/1/2045 <sup>(a)</sup>  | 3526 | 3276 |
| Fannie Mae Pool #BE8740 3.50% 5/1/2047 <sup>(a)</sup>  | 45 | 41 |
| Fannie Mae Pool #BE8742 3.50% 5/1/2047 <sup>(a)</sup>  | 12 | 11 |
| Fannie Mae Pool #BH2846 3.50% 5/1/2047 <sup>(a)</sup>  | 6 | 6 |
| Fannie Mae Pool #BH2848 3.50% 5/1/2047 <sup>(a)</sup>  | 6 | 5 |
| Fannie Mae Pool #BH2847 3.50% 5/1/2047 <sup>(a)</sup>  | 2 | 1 |
| Fannie Mae Pool #BH3122 4.00% 6/1/2047 <sup>(a)</sup>  | 5 | 5 |
| Fannie Mae Pool #BJ5015 4.00% 12/1/2047 <sup>(a)</sup>  | 105 | 100 |
| Fannie Mae Pool #BM3788 3.50% 3/1/2048 <sup>(a)</sup>  | 2531 | 2334 |
| Fannie Mae Pool #BJ4901 3.50% 3/1/2048 <sup>(a)</sup>  | 33 | 30 |
| Fannie Mae Pool #BK5232 4.00% 5/1/2048 <sup>(a)</sup>  | 62 | 58 |
| Fannie Mae Pool #BK6840 4.00% 6/1/2048 <sup>(a)</sup>  | 87 | 83 |
| Fannie Mae Pool #BK9743 4.00% 8/1/2048 <sup>(a)</sup>  | 24 | 23 |
| Fannie Mae Pool #BK9761 4.50% 8/1/2048 <sup>(a)</sup>  | 13 | 13 |
| Fannie Mae Pool #FM3280 3.50% 5/1/2049 <sup>(a)</sup>  | 909 | 846 |
| Fannie Mae Pool #FM1062 3.50% 6/1/2049 <sup>(a)</sup>  | 337 | 312 |
| Fannie Mae Pool #BJ8411 3.50% 8/1/2049 <sup>(a)</sup>  | 89 | 82 |
| Fannie Mae Pool #CA4151 3.50% 9/1/2049 <sup>(a)</sup>  | 458 | 424 |
| Fannie Mae Pool #FM1443 3.50% 9/1/2049 <sup>(a)</sup>  | 248 | 229 |
| Fannie Mae Pool #FM2179 3.00% 1/1/2050 <sup>(a)</sup>  | 2904 | 2577 |
| Fannie Mae Pool #CA6593 2.50% 8/1/2050 <sup>(a)</sup>  | 744 | 628 |
| Fannie Mae Pool #CA7052 3.00% 9/1/2050 <sup>(a)</sup>  | 25 | 22 |
| Fannie Mae Pool #BQ3005 2.50% 10/1/2050 <sup>(a)</sup>  | 468 | 391 |
| Fannie Mae Pool #CA7257 2.50% 10/1/2050 <sup>(a)</sup>  | 159 | 134 |
| Fannie Mae Pool #CA7739 2.50% 11/1/2050 <sup>(a)</sup>  | 1592 | 1339 |
| Fannie Mae Pool #MA4208 2.00% 12/1/2050 <sup>(a)</sup>  | 194 | 155 |
| Fannie Mae Pool #BR0772 2.00% 1/1/2051 <sup>(a)</sup>  | 1362 | 1080 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| American Funds Insurance Series | **250** |

---

------

U.S. Government Securities Fund (continued)

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount<br> (000)<br>| Value<br> (000)<br>|
| **Mortgage-backed obligations (continued)** | **Mortgage-backed obligations (continued)** | **Mortgage-backed obligations (continued)** |
| **Federal agency mortgage-backed obligations (continued)** |  |  |
| Fannie Mae Pool #MA4237 2.00% 1/1/2051 <sup>(a)</sup>  | USD68 | $54 |
| Fannie Mae Pool #FM6548 2.00% 3/1/2051 <sup>(a)</sup>  | 911 | 736 |
| Fannie Mae Pool #CB0290 2.00% 4/1/2051 <sup>(a)</sup>  | 580 | 460 |
| Fannie Mae Pool #MA4305 2.00% 4/1/2051 <sup>(a)</sup>  | 9 | 7 |
| Fannie Mae Pool #FM6856 2.50% 4/1/2051 <sup>(a)</sup>  | 351 | 294 |
| Fannie Mae Pool #BR1035 2.00% 5/1/2051 <sup>(a)</sup>  | 6 | 4 |
| Fannie Mae Pool #FM8114 2.00% 6/1/2051 <sup>(a)</sup>  | 1374 | 1089 |
| Fannie Mae Pool #FM7687 3.00% 6/1/2051 <sup>(a)</sup>  | 4462 | 3942 |
| Fannie Mae Pool #BR2095 2.50% 7/1/2051 <sup>(a)</sup>  | 1325 | 1108 |
| Fannie Mae Pool #FM7900 2.50% 7/1/2051 <sup>(a)</sup>  | 156 | 132 |
| Fannie Mae Pool #FM8422 2.50% 8/1/2051 <sup>(a)</sup>  | 502 | 416 |
| Fannie Mae Pool #FM8745 2.50% 9/1/2051 <sup>(a)</sup>  | 1259 | 1045 |
| Fannie Mae Pool #CB1527 2.50% 9/1/2051 <sup>(a)</sup>  | 579 | 485 |
| Fannie Mae Pool #FS1630 2.50% 9/1/2051 <sup>(a)</sup>  | 375 | 311 |
| Fannie Mae Pool #FS0965 2.00% 11/1/2051 <sup>(a)</sup>  | 41 | 33 |
| Fannie Mae Pool #CB2286 2.50% 12/1/2051 <sup>(a)</sup>  | 1041 | 875 |
| Fannie Mae Pool #FM9976 3.00% 12/1/2051 <sup>(a)</sup>  | 666 | 589 |
| Fannie Mae Pool #BV0894 2.00% 1/1/2052 <sup>(a)</sup>  | 481 | 381 |
| Fannie Mae Pool #CB2544 3.00% 1/1/2052 <sup>(a)</sup>  | 1951 | 1709 |
| Fannie Mae Pool #CB2666 3.00% 1/1/2052 <sup>(a)</sup>  | 1000 | 866 |
| Fannie Mae Pool #BV3076 2.00% 2/1/2052 <sup>(a)</sup>  | 399 | 316 |
| Fannie Mae Pool #FS5037 2.50% 2/1/2052 <sup>(a)</sup>  | 381 | 317 |
| Fannie Mae Pool #FS0523 2.50% 2/1/2052 <sup>(a)</sup>  | 168 | 141 |
| Fannie Mae Pool #FS0647 3.00% 2/1/2052 <sup>(a)</sup>  | 3076 | 2710 |
| Fannie Mae Pool #BV0162 2.00% 3/1/2052 <sup>(a)</sup>  | 5245 | 4157 |
| Fannie Mae Pool #CB3140 4.00% 3/1/2052 <sup>(a)</sup>  | 414 | 386 |
| Fannie Mae Pool #BV7703 2.00% 4/1/2052 <sup>(a)</sup>  | 3271 | 2599 |
| Fannie Mae Pool #CB3354 2.50% 4/1/2052 <sup>(a)</sup>  | 7164 | 5947 |
| Fannie Mae Pool #CB3523 3.00% 5/1/2052 <sup>(a)</sup>  | 173 | 150 |
| Fannie Mae Pool #CB3528 4.00% 5/1/2052 <sup>(a)</sup>  | 573 | 534 |
| Fannie Mae Pool #FS7329 2.00% 6/1/2052 <sup>(a)</sup>  | 101 | 80 |
| Fannie Mae Pool #CB3774 4.00% 6/1/2052 <sup>(a)</sup>  | 2587 | 2412 |
| Fannie Mae Pool #FS2159 5.00% 6/1/2052 <sup>(a)</sup>  | 53 | 53 |
| Fannie Mae Pool #BV2558 5.00% 6/1/2052 <sup>(a)</sup>  | 47 | 47 |
| Fannie Mae Pool #FS6986 2.00% 7/1/2052 <sup>(a)</sup>  | 211 | 167 |
| Fannie Mae Pool #FS6362 3.50% 8/1/2052 <sup>(a)</sup>  | 2265 | 2045 |
| Fannie Mae Pool #BW7327 4.50% 8/1/2052 <sup>(a)</sup>  | 2765 | 2652 |
| Fannie Mae Pool #BV8976 5.00% 8/1/2052 <sup>(a)</sup>  | 311 | 308 |
| Fannie Mae Pool #FS2489 5.00% 8/1/2052 <sup>(a)</sup>  | 48 | 47 |
| Fannie Mae Pool #MA4732 4.00% 9/1/2052 <sup>(a)</sup>  | 1239 | 1155 |
| Fannie Mae Pool #BW1192 4.50% 9/1/2052 <sup>(a)</sup>  | 649 | 622 |
| Fannie Mae Pool #FS4611 5.00% 9/1/2052 <sup>(a)</sup>  | 8362 | 8240 |
| Fannie Mae Pool #FS3056 2.00% 10/1/2052 <sup>(a)</sup>  | 3297 | 2616 |
| Fannie Mae Pool #BW9458 4.50% 10/1/2052 <sup>(a)</sup>  | 922 | 886 |
| Fannie Mae Pool #BX0097 4.50% 10/1/2052 <sup>(a)</sup>  | 839 | 806 |
| Fannie Mae Pool #FS5994 5.00% 10/1/2052 <sup>(a)</sup>  | 8256 | 8137 |
| Fannie Mae Pool #BX1004 5.00% 10/1/2052 <sup>(a)</sup>  | 4769 | 4693 |
| Fannie Mae Pool #BW1289 5.50% 10/1/2052 <sup>(a)</sup>  | 596 | 598 |
| Fannie Mae Pool #BW1243 5.50% 10/1/2052 <sup>(a)</sup>  | 542 | 544 |
| Fannie Mae Pool #CB4917 5.50% 10/1/2052 <sup>(a)</sup>  | 83 | 83 |
| Fannie Mae Pool #MA4820 6.50% 10/1/2052 <sup>(a)</sup>  | 209 | 218 |
| Fannie Mae Pool #CB5118 4.00% 11/1/2052 <sup>(a)</sup>  | 51 | 48 |
| Fannie Mae Pool #MA4805 4.50% 11/1/2052 <sup>(a)</sup>  | 8 | 8 |
| Fannie Mae Pool #BX3198 4.00% 12/1/2052 <sup>(a)</sup>  | 52 | 49 |
| Fannie Mae Pool #MA4840 4.50% 12/1/2052 <sup>(a)</sup>  | 2569 | 2464 |
| Fannie Mae Pool #BX6121 6.00% 1/1/2053 <sup>(a)</sup>  | 1867 | 1914 |
| Fannie Mae Pool #BY1411 4.00% 2/1/2053 <sup>(a)</sup>  | 1383 | 1287 |
| Fannie Mae Pool #MA4919 5.50% 2/1/2053 <sup>(a)</sup>  | 9 | 9 |
| Fannie Mae Pool #FS3759 6.00% 2/1/2053 <sup>(a)</sup>  | 710 | 732 |
| Fannie Mae Pool #CB5919 6.00% 3/1/2053 <sup>(a)</sup>  | 797 | 812 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **251** | American Funds Insurance Series |

---

------

U.S. Government Securities Fund (continued)

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount<br> (000)<br>| Value<br> (000)<br>|
| **Mortgage-backed obligations (continued)** | **Mortgage-backed obligations (continued)** | **Mortgage-backed obligations (continued)** |
| **Federal agency mortgage-backed obligations (continued)** |  |  |
| Fannie Mae Pool #CB5912 6.00% 3/1/2053 <sup>(a)</sup>  | USD588 | $602 |
| Fannie Mae Pool #BY2249 4.00% 4/1/2053 <sup>(a)</sup>  | 225 | 210 |
| Fannie Mae Pool #MA4979 5.50% 4/1/2053 <sup>(a)</sup>  | 2105 | 2110 |
| Fannie Mae Pool #CB6106 6.50% 4/1/2053 <sup>(a)</sup>  | 354 | 369 |
| Fannie Mae Pool #MA5027 4.00% 5/1/2053 <sup>(a)</sup>  | 939 | 875 |
| Fannie Mae Pool #MA5010 5.50% 5/1/2053 <sup>(a)</sup>  | 313 | 314 |
| Fannie Mae Pool #MA5011 6.00% 5/1/2053 <sup>(a)</sup>  | 1798 | 1834 |
| Fannie Mae Pool #BW9778 4.00% 6/1/2053 <sup>(a)</sup>  | 1304 | 1215 |
| Fannie Mae Pool #CB6590 4.00% 6/1/2053 <sup>(a)</sup>  | 72 | 67 |
| Fannie Mae Pool #MA5039 5.50% 6/1/2053 <sup>(a)</sup>  | 2867 | 2872 |
| Fannie Mae Pool #CB6485 6.00% 6/1/2053 <sup>(a)</sup>  | 2855 | 2905 |
| Fannie Mae Pool #FS4933 6.00% 6/1/2053 <sup>(a)</sup>  | 1904 | 1940 |
| Fannie Mae Pool #CB6486 6.00% 6/1/2053 <sup>(a)</sup>  | 1771 | 1810 |
| Fannie Mae Pool #MA5040 6.00% 6/1/2053 <sup>(a)</sup>  | 1406 | 1433 |
| Fannie Mae Pool #CB6465 6.00% 6/1/2053 <sup>(a)</sup>  | 1338 | 1370 |
| Fannie Mae Pool #CB6626 4.00% 7/1/2053 <sup>(a)</sup>  | 800 | 745 |
| Fannie Mae Pool #BW9646 4.00% 7/1/2053 <sup>(a)</sup>  | 46 | 43 |
| Fannie Mae Pool #MA5070 4.50% 7/1/2053 <sup>(a)</sup>  | 1114 | 1068 |
| Fannie Mae Pool #CB6719 4.50% 7/1/2053 <sup>(a)</sup>  | 358 | 343 |
| Fannie Mae Pool #MA5072 5.50% 7/1/2053 <sup>(a)</sup>  | 9764 | 9782 |
| Fannie Mae Pool #MA5073 6.00% 7/1/2053 <sup>(a)</sup>  | 1681 | 1713 |
| Fannie Mae Pool #FS5343 6.00% 7/1/2053 <sup>(a)</sup>  | 279 | 284 |
| Fannie Mae Pool #MA5127 4.00% 8/1/2053 <sup>(a)</sup>  | 62 | 57 |
| Fannie Mae Pool #CB6853 4.50% 8/1/2053 <sup>(a)</sup>  | 441 | 423 |
| Fannie Mae Pool #MA5107 5.50% 8/1/2053 <sup>(a)</sup>  | 201 | 201 |
| Fannie Mae Pool #CB7216 4.00% 9/1/2053 <sup>(a)</sup>  | 27 | 25 |
| Fannie Mae Pool #MA5177 4.00% 10/1/2053 <sup>(a)</sup>  | 2630 | 2450 |
| Fannie Mae Pool #MA5165 5.50% 10/1/2053 <sup>(a)</sup>  | 21627 | 21663 |
| Fannie Mae Pool #MA5166 6.00% 10/1/2053 <sup>(a)</sup>  | 512 | 521 |
| Fannie Mae Pool #CB7242 6.50% 10/1/2053 <sup>(a)</sup>  | 689 | 716 |
| Fannie Mae Pool #MA5167 6.50% 10/1/2053 <sup>(a)</sup>  | 223 | 230 |
| Fannie Mae Pool #MA5207 4.00% 11/1/2053 <sup>(a)</sup>  | 978 | 910 |
| Fannie Mae Pool #MA5236 4.00% 12/1/2053 <sup>(a)</sup>  | 24 | 22 |
| Fannie Mae Pool #FS6668 5.50% 12/1/2053 <sup>(a)</sup>  | 518 | 519 |
| Fannie Mae Pool #MA5215 5.50% 12/1/2053 <sup>(a)</sup>  | 145 | 146 |
| Fannie Mae Pool #CB7624 6.50% 12/1/2053 <sup>(a)</sup>  | 12089 | 12533 |
| Fannie Mae Pool #FS6873 6.50% 1/1/2054 <sup>(a)</sup>  | 3439 | 3556 |
| Fannie Mae Pool #FS7990 4.00% 2/1/2054 <sup>(a)</sup>  | 1954 | 1819 |
| Fannie Mae Pool #MA5283 4.00% 2/1/2054 <sup>(a)</sup>  | 907 | 845 |
| Fannie Mae Pool #FS6809 5.50% 2/1/2054 <sup>(a)</sup>  | 479 | 479 |
| Fannie Mae Pool #MA5296 5.50% 3/1/2054 <sup>(a)</sup>  | 955 | 956 |
| Fannie Mae Pool #DA7881 5.50% 3/1/2054 <sup>(a)</sup>  | 401 | 401 |
| Fannie Mae Pool #MA5341 4.00% 4/1/2054 <sup>(a)</sup>  | 2758 | 2567 |
| Fannie Mae Pool #CB8328 5.50% 4/1/2054 <sup>(a)</sup>  | 1253 | 1262 |
| Fannie Mae Pool #DB1235 6.00% 4/1/2054 <sup>(a)</sup>  | 634 | 650 |
| Fannie Mae Pool #CB8387 6.50% 4/1/2054 <sup>(a)</sup>  | 1272 | 1328 |
| Fannie Mae Pool #MA5353 5.50% 5/1/2054 <sup>(a)</sup>  | 5594 | 5598 |
| Fannie Mae Pool #CB8507 6.50% 5/1/2054 <sup>(a)</sup>  | 1910 | 1990 |
| Fannie Mae Pool #CB8755 6.00% 6/1/2054 <sup>(a)</sup>  | 3074 | 3145 |
| Fannie Mae Pool #DB6878 6.00% 6/1/2054 <sup>(a)</sup>  | 817 | 831 |
| Fannie Mae Pool #CB8725 6.50% 6/1/2054 <sup>(a)</sup>  | 4370 | 4541 |
| Fannie Mae Pool #BU4700 6.00% 7/1/2054 <sup>(a)</sup>  | 7511 | 7653 |
| Fannie Mae Pool #FS8591 6.00% 7/1/2054 <sup>(a)</sup>  | 3833 | 3934 |
| Fannie Mae Pool #DB6901 6.00% 7/1/2054 <sup>(a)</sup>  | 1011 | 1029 |
| Fannie Mae Pool #BU4707 6.00% 7/1/2054 <sup>(a)</sup>  | 177 | 180 |
| Fannie Mae Pool #CB8872 6.50% 7/1/2054 <sup>(a)</sup>  | 6817 | 7099 |
| Fannie Mae Pool #CB8876 6.50% 7/1/2054 <sup>(a)</sup>  | 2007 | 2087 |
| Fannie Mae Pool #FS8317 6.50% 7/1/2054 <sup>(a)</sup>  | 1133 | 1180 |
| Fannie Mae Pool #FS9819 7.00% 7/1/2054 <sup>(a)</sup>  | 271 | 286 |
| Fannie Mae Pool #FS8757 6.00% 8/1/2054 <sup>(a)</sup>  | 233 | 239 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| American Funds Insurance Series | **252** |

---

------

U.S. Government Securities Fund (continued)

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount<br> (000)<br>| Value<br> (000)<br>|
| **Mortgage-backed obligations (continued)** | **Mortgage-backed obligations (continued)** | **Mortgage-backed obligations (continued)** |
| **Federal agency mortgage-backed obligations (continued)** |  |  |
| Fannie Mae Pool #MA5445 6.00% 8/1/2054 <sup>(a)</sup>  | USD215 | $219 |
| Fannie Mae Pool #FS8795 6.00% 8/1/2054 <sup>(a)</sup>  | 124 | 126 |
| Fannie Mae Pool #BU4916 6.00% 8/1/2054 <sup>(a)</sup>  | 115 | 117 |
| Fannie Mae Pool #DB7792 6.00% 8/1/2054 <sup>(a)</sup>  | 108 | 110 |
| Fannie Mae Pool #FS8756 6.00% 8/1/2054 <sup>(a)</sup>  | 96 | 98 |
| Fannie Mae Pool #FS9009 5.50% 9/1/2054 <sup>(a)</sup>  | 1989 | 2004 |
| Fannie Mae Pool #BU5166 6.00% 10/1/2054 <sup>(a)</sup>  | 1464 | 1492 |
| Fannie Mae Pool #DC5704 4.00% 11/1/2054 <sup>(a)</sup>  | 133 | 124 |
| Fannie Mae Pool #BU5165 5.50% 11/1/2054 <sup>(a)</sup>  | 209 | 209 |
| Fannie Mae Pool #MA5531 5.50% 11/1/2054 <sup>(a)</sup>  | 24 | 24 |
| Fannie Mae Pool #CB9432 6.00% 11/1/2054 <sup>(a)</sup>  | 398 | 406 |
| Fannie Mae Pool #MA5552 5.00% 12/1/2054 <sup>(a)</sup>  | 815 | 800 |
| Fannie Mae Pool #DC7823 6.00% 12/1/2054 <sup>(a)</sup>  | 37 | 38 |
| Fannie Mae Pool #MA5587 6.00% 1/1/2055 <sup>(a)</sup>  | 1850 | 1882 |
| Fannie Mae Pool #CB9821 6.00% 1/1/2055 <sup>(a)</sup>  | 1073 | 1094 |
| Fannie Mae Pool #FA0608 5.50% 2/1/2055 <sup>(a)</sup>  | 28 | 28 |
| Fannie Mae Pool #MA5631 6.50% 2/1/2055 <sup>(a)</sup>  | 4000 | 4134 |
| Fannie Mae Pool #MA5646 5.50% 3/1/2055 <sup>(a)</sup>  | 7938 | 7942 |
| Fannie Mae Pool #MA5647 6.00% 3/1/2055 <sup>(a)</sup>  | 145 | 147 |
| Fannie Mae Pool #MA5674 6.00% 4/1/2055 <sup>(a)</sup>  | 2158 | 2194 |
| Fannie Mae Pool #MA5701 6.00% 5/1/2055 <sup>(a)</sup>  | 3226 | 3280 |
| Fannie Mae Pool #BF0497 3.00% 7/1/2060 <sup>(a)</sup>  | 1149 | 991 |
| Fannie Mae Pool #BF0585 4.50% 12/1/2061 <sup>(a)</sup>  | 349 | 334 |
| Fannie Mae Pool #BF0765 3.50% 9/1/2063 <sup>(a)</sup>  | 441 | 391 |
| Fannie Mae Pool #DB0754 5.50% 3/1/2054 <sup>(a)</sup>  | 51 | 51 |
| Fannie Mae Pool #MA5528 4.00% 11/1/2054 <sup>(a)</sup>  | 947 | 881 |
| Fannie Mae Pool #MB0299 4.00% 2/1/2055 <sup>(a)</sup>  | 899 | 836 |
| FARM Mortgage Trust, Series 2024-1, Class A, 4.702% 10/1/2053 <sup>(a)(c)(d)</sup>  | 990 | 963 |
| Freddie Mac Pool #ZS8907 6.50% 10/1/2026 <sup>(a)</sup>  | — <br><sup>(b)</sup><br>| — <br><sup>(b)</sup><br>|
| Freddie Mac Pool #ZA2024 6.50% 9/1/2027 <sup>(a)</sup>  | 1 | 1 |
| Freddie Mac Pool #1H1354 7.081% 11/1/2036 <sup>(a)(d)</sup>  | 30 | 31 |
| Freddie Mac Pool #QO0557 2.50% 7/1/2037 <sup>(a)</sup>  | 1130 | 1056 |
| Freddie Mac Pool #C03518 5.00% 9/1/2040 <sup>(a)</sup>  | 234 | 237 |
| Freddie Mac Pool #G06459 5.00% 5/1/2041 <sup>(a)</sup>  | 482 | 489 |
| Freddie Mac Pool #RB5145 2.00% 2/1/2042 <sup>(a)</sup>  | 630 | 542 |
| Freddie Mac Pool #RB5154 2.50% 4/1/2042 <sup>(a)</sup>  | 9080 | 8052 |
| Freddie Mac Pool #Q15874 4.00% 2/1/2043 <sup>(a)</sup>  | 3 | 3 |
| Freddie Mac Pool #Q17696 3.50% 4/1/2043 <sup>(a)</sup>  | 22 | 20 |
| Freddie Mac Pool #Q19133 3.50% 6/1/2043 <sup>(a)</sup>  | 22 | 21 |
| Freddie Mac Pool #Q23190 4.00% 11/1/2043 <sup>(a)</sup>  | 112 | 108 |
| Freddie Mac Pool #Q28558 3.50% 9/1/2044 <sup>(a)</sup>  | 165 | 155 |
| Freddie Mac Pool #760014 3.889% 8/1/2045 <sup>(a)(d)</sup>  | 210 | 209 |
| Freddie Mac Pool #Q47615 3.50% 4/1/2047 <sup>(a)</sup>  | 42 | 38 |
| Freddie Mac Pool #Q52069 3.50% 11/1/2047 <sup>(a)</sup>  | 59 | 54 |
| Freddie Mac Pool #SD0470 4.00% 11/1/2047 <sup>(a)</sup>  | 5793 | 5472 |
| Freddie Mac Pool #Q54709 3.50% 3/1/2048 <sup>(a)</sup>  | 43 | 40 |
| Freddie Mac Pool #Q54701 3.50% 3/1/2048 <sup>(a)</sup>  | 41 | 37 |
| Freddie Mac Pool #Q54700 3.50% 3/1/2048 <sup>(a)</sup>  | 34 | 31 |
| Freddie Mac Pool #Q54781 3.50% 3/1/2048 <sup>(a)</sup>  | 28 | 25 |
| Freddie Mac Pool #Q54782 3.50% 3/1/2048 <sup>(a)</sup>  | 20 | 18 |
| Freddie Mac Pool #Q54699 3.50% 3/1/2048 <sup>(a)</sup>  | 19 | 17 |
| Freddie Mac Pool #Q54831 3.50% 3/1/2048 <sup>(a)</sup>  | 12 | 11 |
| Freddie Mac Pool #Q54698 3.50% 3/1/2048 <sup>(a)</sup>  | 11 | 10 |
| Freddie Mac Pool #G67711 4.00% 3/1/2048 <sup>(a)</sup>  | 1083 | 1028 |
| Freddie Mac Pool #Q55971 4.00% 5/1/2048 <sup>(a)</sup>  | 59 | 55 |
| Freddie Mac Pool #Q56175 4.00% 5/1/2048 <sup>(a)</sup>  | 47 | 45 |
| Freddie Mac Pool #Q56590 3.50% 6/1/2048 <sup>(a)</sup>  | 23 | 21 |
| Freddie Mac Pool #Q56589 3.50% 6/1/2048 <sup>(a)</sup>  | 13 | 12 |
| Freddie Mac Pool #Q56599 4.00% 6/1/2048 <sup>(a)</sup>  | 91 | 86 |
| Freddie Mac Pool #ZT2265 4.00% 8/1/2048 <sup>(a)</sup>  | 5429 | 5141 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **253** | American Funds Insurance Series |

---

------

U.S. Government Securities Fund (continued)

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount<br> (000)<br>| Value<br> (000)<br>|
| **Mortgage-backed obligations (continued)** | **Mortgage-backed obligations (continued)** | **Mortgage-backed obligations (continued)** |
| **Federal agency mortgage-backed obligations (continued)** |  |  |
| Freddie Mac Pool #Q58411 4.50% 9/1/2048 <sup>(a)</sup>  | USD165 | $161 |
| Freddie Mac Pool #Q58436 4.50% 9/1/2048 <sup>(a)</sup>  | 78 | 76 |
| Freddie Mac Pool #Q58378 4.50% 9/1/2048 <sup>(a)</sup>  | 56 | 54 |
| Freddie Mac Pool #ZT0522 4.50% 9/1/2048 <sup>(a)</sup>  | 17 | 16 |
| Freddie Mac Pool #QA0284 3.50% 6/1/2049 <sup>(a)</sup>  | 128 | 118 |
| Freddie Mac Pool #QA2748 3.50% 9/1/2049 <sup>(a)</sup>  | 38 | 35 |
| Freddie Mac Pool #RA1463 3.50% 10/1/2049 <sup>(a)</sup>  | 310 | 286 |
| Freddie Mac Pool #RA1580 3.50% 10/1/2049 <sup>(a)</sup>  | 159 | 147 |
| Freddie Mac Pool #RA3384 3.00% 8/1/2050 <sup>(a)</sup>  | 26 | 22 |
| Freddie Mac Pool #RA3576 2.00% 9/1/2050 <sup>(a)</sup>  | 1374 | 1089 |
| Freddie Mac Pool #SD8106 2.00% 11/1/2050 <sup>(a)</sup>  | 1177 | 939 |
| Freddie Mac Pool #RA3987 2.50% 11/1/2050 <sup>(a)</sup>  | 1791 | 1500 |
| Freddie Mac Pool #SD8128 2.00% 2/1/2051 <sup>(a)</sup>  | 32 | 25 |
| Freddie Mac Pool #SD8134 2.00% 3/1/2051 <sup>(a)</sup>  | 53 | 42 |
| Freddie Mac Pool #RA5288 2.00% 5/1/2051 <sup>(a)</sup>  | 2041 | 1641 |
| Freddie Mac Pool #RA5155 2.00% 5/1/2051 <sup>(a)</sup>  | 922 | 730 |
| Freddie Mac Pool #SD7544 3.00% 7/1/2051 <sup>(a)</sup>  | 134 | 119 |
| Freddie Mac Pool #SD0726 2.50% 10/1/2051 <sup>(a)</sup>  | 8362 | 7024 |
| Freddie Mac Pool #QD0910 2.00% 11/1/2051 <sup>(a)</sup>  | 536 | 425 |
| Freddie Mac Pool #RA6406 2.00% 11/1/2051 <sup>(a)</sup>  | 413 | 329 |
| Freddie Mac Pool #SD1385 2.50% 11/1/2051 <sup>(a)</sup>  | 440 | 370 |
| Freddie Mac Pool #QD5035 2.00% 1/1/2052 <sup>(a)</sup>  | 1340 | 1062 |
| Freddie Mac Pool #SD7552 2.50% 1/1/2052 <sup>(a)</sup>  | 272 | 229 |
| Freddie Mac Pool #SD0813 3.00% 1/1/2052 <sup>(a)</sup>  | 128 | 113 |
| Freddie Mac Pool #QD7087 2.00% 2/1/2052 <sup>(a)</sup>  | 1286 | 1019 |
| Freddie Mac Pool #QD7967 2.00% 2/1/2052 <sup>(a)</sup>  | 298 | 236 |
| Freddie Mac Pool #SD0873 3.50% 2/1/2052 <sup>(a)</sup>  | 10995 | 10081 |
| Freddie Mac Pool #QD7089 3.50% 2/1/2052 <sup>(a)</sup>  | 149 | 135 |
| Freddie Mac Pool #SD5745 2.00% 3/1/2052 <sup>(a)</sup>  | 338 | 268 |
| Freddie Mac Pool #QD9477 4.00% 4/1/2052 <sup>(a)</sup>  | 348 | 324 |
| Freddie Mac Pool #8D0226 2.547% 5/1/2052 <sup>(a)(d)</sup>  | 424 | 389 |
| Freddie Mac Pool #SD8213 3.00% 5/1/2052 <sup>(a)</sup>  | 7787 | 6755 |
| Freddie Mac Pool #SD8225 3.00% 7/1/2052 <sup>(a)</sup>  | 3221 | 2793 |
| Freddie Mac Pool #SD4554 4.00% 8/1/2052 <sup>(a)</sup>  | 139 | 129 |
| Freddie Mac Pool #QE8579 4.50% 8/1/2052 <sup>(a)</sup>  | 182 | 174 |
| Freddie Mac Pool #QE8282 5.00% 8/1/2052 <sup>(a)</sup>  | 787 | 776 |
| Freddie Mac Pool #QE7647 5.00% 8/1/2052 <sup>(a)</sup>  | 46 | 46 |
| Freddie Mac Pool #SD1496 5.00% 8/1/2052 <sup>(a)</sup>  | 39 | 38 |
| Freddie Mac Pool #QF0212 4.50% 9/1/2052 <sup>(a)</sup>  | 834 | 800 |
| Freddie Mac Pool #QE9497 4.50% 9/1/2052 <sup>(a)</sup>  | 210 | 201 |
| Freddie Mac Pool #SD1608 4.50% 9/1/2052 <sup>(a)</sup>  | 122 | 117 |
| Freddie Mac Pool #RA7938 5.00% 9/1/2052 <sup>(a)</sup>  | 9439 | 9298 |
| Freddie Mac Pool #SD8256 4.00% 10/1/2052 <sup>(a)</sup>  | 1376 | 1283 |
| Freddie Mac Pool #SD3782 4.50% 10/1/2052 <sup>(a)</sup>  | 3197 | 3066 |
| Freddie Mac Pool #SD8257 4.50% 10/1/2052 <sup>(a)</sup>  | 3089 | 2962 |
| Freddie Mac Pool #SD2465 4.50% 10/1/2052 <sup>(a)</sup>  | 82 | 78 |
| Freddie Mac Pool #SD1895 4.50% 11/1/2052 <sup>(a)</sup>  | 999 | 976 |
| Freddie Mac Pool #QF2560 4.50% 11/1/2052 <sup>(a)</sup>  | 957 | 920 |
| Freddie Mac Pool #SD2948 5.50% 11/1/2052 <sup>(a)</sup>  | 1908 | 1915 |
| Freddie Mac Pool #SD8281 6.50% 12/1/2052 <sup>(a)</sup>  | 4227 | 4396 |
| Freddie Mac Pool #SD8287 4.50% 1/1/2053 <sup>(a)</sup>  | 14 | 13 |
| Freddie Mac Pool #QF8523 4.00% 2/1/2053 <sup>(a)</sup>  | 760 | 708 |
| Freddie Mac Pool #SD8305 4.00% 3/1/2053 <sup>(a)</sup>  | 764 | 711 |
| Freddie Mac Pool #SD8316 5.50% 4/1/2053 <sup>(a)</sup>  | 861 | 863 |
| Freddie Mac Pool #QG1653 6.00% 4/1/2053 <sup>(a)</sup>  | 804 | 819 |
| Freddie Mac Pool #QG0259 6.00% 4/1/2053 <sup>(a)</sup>  | 434 | 443 |
| Freddie Mac Pool #RA8647 4.50% 5/1/2053 <sup>(a)</sup>  | 83 | 80 |
| Freddie Mac Pool #SD8324 5.50% 5/1/2053 <sup>(a)</sup>  | 768 | 769 |
| Freddie Mac Pool #SD3369 5.50% 5/1/2053 <sup>(a)</sup>  | 502 | 503 |
| Freddie Mac Pool #SD8325 6.00% 5/1/2053 <sup>(a)</sup>  | 3733 | 3803 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| American Funds Insurance Series | **254** |

---

------

U.S. Government Securities Fund (continued)

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount<br> (000)<br>| Value<br> (000)<br>|
| **Mortgage-backed obligations (continued)** | **Mortgage-backed obligations (continued)** | **Mortgage-backed obligations (continued)** |
| **Federal agency mortgage-backed obligations (continued)** |  |  |
| Freddie Mac Pool #QG3763 6.00% 5/1/2053 <sup>(a)</sup>  | USD1,731 | $1765 |
| Freddie Mac Pool #SD2979 6.50% 5/1/2053 <sup>(a)</sup>  | 257 | 268 |
| Freddie Mac Pool #SD8331 5.50% 6/1/2053 <sup>(a)</sup>  | 1455 | 1458 |
| Freddie Mac Pool #SD8332 6.00% 6/1/2053 <sup>(a)</sup>  | 14538 | 14809 |
| Freddie Mac Pool #SD3175 6.00% 6/1/2053 <sup>(a)</sup>  | 3775 | 3843 |
| Freddie Mac Pool #SD3083 6.00% 6/1/2053 <sup>(a)</sup>  | 1904 | 1938 |
| Freddie Mac Pool #QG5227 6.00% 6/1/2053 <sup>(a)</sup>  | 803 | 818 |
| Freddie Mac Pool #RA9279 6.00% 6/1/2053 <sup>(a)</sup>  | 403 | 413 |
| Freddie Mac Pool #RA9283 6.00% 6/1/2053 <sup>(a)</sup>  | 348 | 356 |
| Freddie Mac Pool #RA9281 6.00% 6/1/2053 <sup>(a)</sup>  | 247 | 253 |
| Freddie Mac Pool #RA9284 6.00% 6/1/2053 <sup>(a)</sup>  | 194 | 200 |
| Freddie Mac Pool #RA9294 6.50% 6/1/2053 <sup>(a)</sup>  | 1992 | 2073 |
| Freddie Mac Pool #RA9292 6.50% 6/1/2053 <sup>(a)</sup>  | 1727 | 1797 |
| Freddie Mac Pool #RA9288 6.50% 6/1/2053 <sup>(a)</sup>  | 1668 | 1743 |
| Freddie Mac Pool #RA9289 6.50% 6/1/2053 <sup>(a)</sup>  | 1623 | 1695 |
| Freddie Mac Pool #RA9287 6.50% 6/1/2053 <sup>(a)</sup>  | 1143 | 1196 |
| Freddie Mac Pool #RA9290 6.50% 6/1/2053 <sup>(a)</sup>  | 874 | 912 |
| Freddie Mac Pool #RA9291 6.50% 6/1/2053 <sup>(a)</sup>  | 550 | 570 |
| Freddie Mac Pool #RA9295 6.50% 6/1/2053 <sup>(a)</sup>  | 482 | 510 |
| Freddie Mac Pool #SD8342 5.50% 7/1/2053 <sup>(a)</sup>  | 16933 | 16977 |
| Freddie Mac Pool #SD3386 5.50% 7/1/2053 <sup>(a)</sup>  | 617 | 618 |
| Freddie Mac Pool #SD8343 6.00% 7/1/2053 <sup>(a)</sup>  | 18216 | 18553 |
| Freddie Mac Pool #SD8350 6.00% 8/1/2053 <sup>(a)</sup>  | 19987 | 20355 |
| Freddie Mac Pool #SD8362 5.50% 9/1/2053 <sup>(a)</sup>  | 725 | 726 |
| Freddie Mac Pool #SD3857 6.00% 9/1/2053 <sup>(a)</sup>  | 39176 | 39944 |
| Freddie Mac Pool #RA9857 6.00% 9/1/2053 <sup>(a)</sup>  | 2110 | 2150 |
| Freddie Mac Pool #SD3825 6.50% 9/1/2053 <sup>(a)</sup>  | 87 | 90 |
| Freddie Mac Pool #SD8366 5.00% 10/1/2053 <sup>(a)</sup>  | 3281 | 3228 |
| Freddie Mac Pool #SD4053 6.00% 10/1/2053 <sup>(a)</sup>  | 4713 | 4800 |
| Freddie Mac Pool #SD8370 4.50% 11/1/2053 <sup>(a)</sup>  | 711 | 681 |
| Freddie Mac Pool #SD8372 5.50% 11/1/2053 <sup>(a)</sup>  | 3169 | 3177 |
| Freddie Mac Pool #SD4318 6.50% 11/1/2053 <sup>(a)</sup>  | 10396 | 10814 |
| Freddie Mac Pool #SD8386 7.00% 12/1/2053 <sup>(a)</sup>  | 576 | 608 |
| Freddie Mac Pool #SD8395 5.50% 1/1/2054 <sup>(a)</sup>  | 1962 | 1964 |
| Freddie Mac Pool #RJ0854 6.50% 1/1/2054 <sup>(a)</sup>  | 381 | 395 |
| Freddie Mac Pool #QI0100 4.00% 2/1/2054 <sup>(a)</sup>  | 159 | 148 |
| Freddie Mac Pool #SD8401 5.50% 2/1/2054 <sup>(a)</sup>  | 944 | 945 |
| Freddie Mac Pool #SD4894 6.00% 2/1/2054 <sup>(a)</sup>  | 4108 | 4205 |
| Freddie Mac Pool #SD4975 6.00% 2/1/2054 <sup>(a)</sup>  | 209 | 213 |
| Freddie Mac Pool #SD8408 5.50% 3/1/2054 <sup>(a)</sup>  | 502 | 503 |
| Freddie Mac Pool #SD8425 4.00% 4/1/2054 <sup>(a)</sup>  | 515 | 480 |
| Freddie Mac Pool #RJ1216 5.50% 4/1/2054 <sup>(a)</sup>  | 576 | 580 |
| Freddie Mac Pool #RJ1215 5.50% 4/1/2054 <sup>(a)</sup>  | 100 | 101 |
| Freddie Mac Pool #QI2895 6.00% 4/1/2054 <sup>(a)</sup>  | 494 | 506 |
| Freddie Mac Pool #RJ1448 5.50% 5/1/2054 <sup>(a)</sup>  | 481 | 482 |
| Freddie Mac Pool #SD8432 6.00% 5/1/2054 <sup>(a)</sup>  | 77 | 79 |
| Freddie Mac Pool #SD5404 6.50% 5/1/2054 <sup>(a)</sup>  | 2443 | 2544 |
| Freddie Mac Pool #RJ1535 6.50% 5/1/2054 <sup>(a)</sup>  | 1230 | 1282 |
| Freddie Mac Pool #RJ1779 6.00% 6/1/2054 <sup>(a)</sup>  | 11851 | 12146 |
| Freddie Mac Pool #SD8439 6.00% 6/1/2054 <sup>(a)</sup>  | 1 | 1 |
| Freddie Mac Pool #RJ1792 6.50% 6/1/2054 <sup>(a)</sup>  | 2802 | 2926 |
| Freddie Mac Pool #RJ1726 6.50% 6/1/2054 <sup>(a)</sup>  | 1068 | 1112 |
| Freddie Mac Pool #RJ1725 6.50% 6/1/2054 <sup>(a)</sup>  | 651 | 680 |
| Freddie Mac Pool #SD5949 6.00% 7/1/2054 <sup>(a)</sup>  | 8348 | 8505 |
| Freddie Mac Pool #QI8874 6.00% 7/1/2054 <sup>(a)</sup>  | 3103 | 3161 |
| Freddie Mac Pool #SD5813 6.00% 7/1/2054 <sup>(a)</sup>  | 246 | 252 |
| Freddie Mac Pool #RJ1986 6.50% 7/1/2054 <sup>(a)</sup>  | 6989 | 7236 |
| Freddie Mac Pool #SD6286 5.50% 8/1/2054 <sup>(a)</sup>  | 4177 | 4207 |
| Freddie Mac Pool #SD8453 5.50% 8/1/2054 <sup>(a)</sup>  | 1001 | 1002 |
| Freddie Mac Pool #RJ2210 6.00% 8/1/2054 <sup>(a)</sup>  | 3261 | 3323 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **255** | American Funds Insurance Series |

---

------

U.S. Government Securities Fund (continued)

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount<br> (000)<br>| Value<br> (000)<br>|
| **Mortgage-backed obligations (continued)** | **Mortgage-backed obligations (continued)** | **Mortgage-backed obligations (continued)** |
| **Federal agency mortgage-backed obligations (continued)** |  |  |
| Freddie Mac Pool #RJ2216 6.00% 8/1/2054 <sup>(a)</sup>  | USD1,501 | $1530 |
| Freddie Mac Pool #SD6029 6.00% 8/1/2054 <sup>(a)</sup>  | 150 | 154 |
| Freddie Mac Pool #SD8454 6.00% 8/1/2054 <sup>(a)</sup>  | 91 | 92 |
| Freddie Mac Pool #RJ2222 6.50% 8/1/2054 <sup>(a)</sup>  | 3944 | 4108 |
| Freddie Mac Pool #QJ4811 5.50% 9/1/2054 <sup>(a)</sup>  | 679 | 679 |
| Freddie Mac Pool #RJ2314 6.00% 9/1/2054 <sup>(a)</sup>  | 504 | 513 |
| Freddie Mac Pool #RJ2312 6.00% 9/1/2054 <sup>(a)</sup>  | 272 | 279 |
| Freddie Mac Pool #RJ2308 6.00% 9/1/2054 <sup>(a)</sup>  | 257 | 264 |
| Freddie Mac Pool #RJ2306 6.00% 9/1/2054 <sup>(a)</sup>  | 238 | 244 |
| Freddie Mac Pool #RJ2309 6.00% 9/1/2054 <sup>(a)</sup>  | 152 | 155 |
| Freddie Mac Pool #SD6288 6.50% 9/1/2054 <sup>(a)</sup>  | 5032 | 5240 |
| Freddie Mac Pool #SD8464 6.50% 9/1/2054 <sup>(a)</sup>  | 1840 | 1902 |
| Freddie Mac Pool #SD8469 5.50% 10/1/2054 <sup>(a)</sup>  | 4 | 4 |
| Freddie Mac Pool #SD8471 6.50% 10/1/2054 <sup>(a)</sup>  | 46 | 48 |
| Freddie Mac Pool #SD8475 5.50% 11/1/2054 <sup>(a)</sup>  | 408 | 408 |
| Freddie Mac Pool #SD8493 5.50% 12/1/2054 <sup>(a)</sup>  | 3 | 3 |
| Freddie Mac Pool #RJ3240 6.00% 1/1/2055 <sup>(a)</sup>  | 3846 | 3917 |
| Freddie Mac Pool #RJ3301 6.00% 1/1/2055 <sup>(a)</sup>  | 1569 | 1610 |
| Freddie Mac Pool #RJ3305 6.00% 1/1/2055 <sup>(a)</sup>  | 1098 | 1124 |
| Freddie Mac Pool #SD8507 6.00% 2/1/2055 <sup>(a)</sup>  | 484 | 492 |
| Freddie Mac Pool #SD8515 5.50% 3/1/2055 <sup>(a)</sup>  | 6 | 6 |
| Freddie Mac Pool #SD8516 6.00% 3/1/2055 <sup>(a)</sup>  | 82 | 83 |
| Freddie Mac Pool #SD8517 6.50% 3/1/2055 <sup>(a)</sup>  | 12305 | 12716 |
| Freddie Mac Pool #SD8525 6.00% 4/1/2055 <sup>(a)</sup>  | 450 | 458 |
| Freddie Mac Pool #SD8534 6.00% 5/1/2055 <sup>(a)</sup>  | 118 | 120 |
| Freddie Mac Pool #RQ0012 5.00% 6/1/2055 <sup>(a)</sup>  | 667 | 654 |
| Freddie Mac, Series K751, Class A2, Multi Family, 4.412% 3/25/2030 <sup>(a)</sup>  | 3875 | 3916 |
| Freddie Mac Seasoned Credit Risk Transfer Trust, Series 2017-1, Class HA, 3.00% 1/25/2056 <sup>(a)(d)</sup>  | 3500 | 3289 |
| Freddie Mac Seasoned Credit Risk Transfer Trust, Series 2017-3, Class MT, 3.00% 7/25/2056 <sup>(a)</sup>  | 721 | 618 |
| Freddie Mac Seasoned Credit Risk Transfer Trust, Series 2017-3, Class HT, 3.25% 7/25/2056 <sup>(a)</sup>  | 291 | 257 |
| Freddie Mac Seasoned Credit Risk Transfer Trust, Series 2017-2, Class MA, 3.00% 8/25/2056 <sup>(a)</sup>  | 3587 | 3351 |
| Freddie Mac Seasoned Credit Risk Transfer Trust, Series 2017-2, Class HA, 3.00% 8/25/2056 <sup>(a)(d)</sup>  | 3203 | 3004 |
| Freddie Mac Seasoned Credit Risk Transfer Trust, Series 2018-1, Class HT, 3.00% 5/25/2057 <sup>(a)</sup>  | 786 | 672 |
| Freddie Mac Seasoned Credit Risk Transfer Trust, Series 2017-4, Class HT, 3.25% 6/25/2057 <sup>(a)(d)</sup>  | 1102 | 994 |
| Freddie Mac Seasoned Credit Risk Transfer Trust, Series 2018-3, Class MA, 3.50% 8/25/2057 <sup>(a)</sup>  | 347 | 334 |
| Freddie Mac Seasoned Credit Risk Transfer Trust, Series 2018-2, Class MT, 3.50% 11/25/2057 <sup>(a)</sup>  | 3476 | 3118 |
| Freddie Mac Seasoned Credit Risk Transfer Trust, Series 2019-1, Class MA, 3.50% 7/25/2058 <sup>(a)</sup>  | 416 | 400 |
| Freddie Mac Seasoned Credit Risk Transfer Trust, Series 2019-2, Class MA, 3.50% 8/25/2058 <sup>(a)</sup>  | 1558 | 1490 |
| Freddie Mac Seasoned Credit Risk Transfer Trust, Series 2019-2, Class MT, 3.50% 8/26/2058 <sup>(a)</sup>  | 612 | 546 |
| Freddie Mac Seasoned Credit Risk Transfer Trust, Series 2019-3, Class MT, 3.50% 10/25/2058 <sup>(a)</sup>  | 328 | 294 |
| Freddie Mac Seasoned Credit Risk Transfer Trust, Series 2019-4, Class MA, 3.00% 2/25/2059 <sup>(a)</sup>  | 1346 | 1248 |
| Freddie Mac Seasoned Loan Structured Transaction Trust, Series 2018-2, Class A1, 3.50% 11/25/2028 <sup>(a)</sup>  | 13783 | 13404 |
| Freddie Mac Seasoned Loan Structured Transaction Trust, Series 2019-3, Class A1C, 2.75% 11/25/2029 <sup>(a)</sup>  | 3488 | 3313 |
| Freddie Mac Seasoned Loan Structured Transaction Trust, Series 2020-1, Class A1D, 2.00% 7/25/2030 <sup>(a)</sup>  | 997 | 918 |
| Freddie Mac Seasoned Loan Structured Transaction Trust, Series 2020-1, Class A2D, 2.00% 7/25/2030 <sup>(a)</sup>  | 435 | 383 |
| Freddie Mac Seasoned Loan Structured Transaction Trust, Series 2022-1, Class A1, 3.50% 5/25/2032 <sup>(a)</sup>  | 3393 | 3264 |
| Government National Mortgage Assn. 3.50% 7/1/2055 <sup>(a)(e)</sup>  | 30 | 27 |
| Government National Mortgage Assn. 5.00% 7/1/2055 <sup>(a)(e)</sup>  | 5 | 5 |
| Government National Mortgage Assn. 5.50% 7/1/2055 <sup>(a)(e)</sup>  | 1905 | 1908 |
| Government National Mortgage Assn. Pool #782365 6.00% 7/15/2038 <sup>(a)</sup>  | 59 | 62 |
| Government National Mortgage Assn. Pool #700778 5.50% 10/15/2038 <sup>(a)</sup>  | 11 | 11 |
| Government National Mortgage Assn. Pool #004269 6.50% 10/20/2038 <sup>(a)</sup>  | 121 | 128 |
| Government National Mortgage Assn. Pool #698668 5.50% 11/15/2038 <sup>(a)</sup>  | 26 | 26 |
| Government National Mortgage Assn. Pool #698406 5.00% 7/15/2039 <sup>(a)</sup>  | 133 | 135 |
| Government National Mortgage Assn. Pool #783690 6.00% 9/20/2039 <sup>(a)</sup>  | 63 | 67 |
| Government National Mortgage Assn. Pool #783689 5.50% 2/20/2040 <sup>(a)</sup>  | 1745 | 1792 |
| Government National Mortgage Assn. Pool #783688 5.00% 6/20/2041 <sup>(a)</sup>  | 625 | 629 |
| Government National Mortgage Assn. Pool #783687 4.50% 12/20/2041 <sup>(a)</sup>  | 427 | 415 |
| Government National Mortgage Assn. Pool #MA0533 3.00% 11/20/2042 <sup>(a)</sup>  | 15 | 13 |
| Government National Mortgage Assn. Pool #MA6994 2.00% 11/20/2050 <sup>(a)</sup>  | 768 | 626 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| American Funds Insurance Series | **256** |

---

------

U.S. Government Securities Fund (continued)

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount<br> (000)<br>| Value<br> (000)<br>|
| **Mortgage-backed obligations (continued)** | **Mortgage-backed obligations (continued)** | **Mortgage-backed obligations (continued)** |
| **Federal agency mortgage-backed obligations (continued)** |  |  |
| Government National Mortgage Assn. Pool #MA7051 2.00% 12/20/2050 <sup>(a)</sup>  | USD673 | $548 |
| Government National Mortgage Assn. Pool #785575 2.50% 8/20/2051 <sup>(a)</sup>  | 4506 | 3773 |
| Government National Mortgage Assn. Pool #MA7534 2.50% 8/20/2051 <sup>(a)</sup>  | 1955 | 1663 |
| Government National Mortgage Assn. Pool #785659 2.50% 10/20/2051 <sup>(a)</sup>  | 622 | 520 |
| Government National Mortgage Assn. Pool #786706 2.50% 12/20/2051 <sup>(a)</sup>  | 3517 | 2957 |
| Government National Mortgage Assn. Pool #MA7827 2.50% 1/20/2052 <sup>(a)</sup>  | 82 | 69 |
| Government National Mortgage Assn. Pool #786502 2.50% 2/20/2052 <sup>(a)</sup>  | 3014 | 2549 |
| Government National Mortgage Assn. Pool #786647 2.50% 3/20/2052 <sup>(a)</sup>  | 1549 | 1312 |
| Government National Mortgage Assn. Pool #786701 2.50% 3/20/2052 <sup>(a)</sup>  | 943 | 797 |
| Government National Mortgage Assn. Pool #785998 2.50% 3/20/2052 <sup>(a)</sup>  | 739 | 619 |
| Government National Mortgage Assn. Pool #MA7937 3.00% 3/20/2052 <sup>(a)</sup>  | 236 | 209 |
| Government National Mortgage Assn. Pool #MA7987 2.50% 4/20/2052 <sup>(a)</sup>  | 871 | 741 |
| Government National Mortgage Assn. Pool #MA7988 3.00% 4/20/2052 <sup>(a)</sup>  | 185 | 164 |
| Government National Mortgage Assn. Pool #MA8044 3.50% 5/20/2052 <sup>(a)</sup>  | 2113 | 1929 |
| Government National Mortgage Assn. Pool #MA8199 3.50% 8/20/2052 <sup>(a)</sup>  | 655 | 598 |
| Government National Mortgage Assn. Pool #MA8266 3.50% 9/20/2052 <sup>(a)</sup>  | 3991 | 3641 |
| Government National Mortgage Assn. Pool #MA8346 4.00% 10/20/2052 <sup>(a)</sup>  | 307 | 288 |
| Government National Mortgage Assn. Pool #MA8567 4.00% 1/20/2053 <sup>(a)</sup>  | 419 | 392 |
| Government National Mortgage Assn. Pool #MA8723 4.00% 3/20/2053 <sup>(a)</sup>  | 208 | 194 |
| Government National Mortgage Assn. Pool #MA8947 5.00% 6/20/2053 <sup>(a)</sup>  | 53 | 52 |
| Government National Mortgage Assn. Pool #MA9015 4.50% 7/20/2053 <sup>(a)</sup>  | 4289 | 4126 |
| Government National Mortgage Assn. Pool #MA9104 4.50% 8/20/2053 <sup>(a)</sup>  | 2759 | 2651 |
| Government National Mortgage Assn. Pool #MA9169 4.50% 9/20/2053 <sup>(a)</sup>  | 1153 | 1108 |
| Government National Mortgage Assn. Pool #MA9776 4.00% 7/20/2054 <sup>(a)</sup>  | 4418 | 4114 |
| Government National Mortgage Assn. Pool #MB0023 4.00% 11/20/2054 <sup>(a)</sup>  | 5868 | 5460 |
| Government National Mortgage Assn. Pool #MB0024 4.50% 11/20/2054 <sup>(a)</sup>  | 1402 | 1343 |
| Government National Mortgage Assn. Pool #MB0089 4.00% 12/20/2054 <sup>(a)</sup>  | 4240 | 3946 |
| Government National Mortgage Assn. Pool #MB0144 4.00% 1/20/2055 <sup>(a)</sup>  | 436 | 405 |
| Government National Mortgage Assn., Series 2021-2, Class AH, 1.50% 6/16/2063 <sup>(a)</sup>  | 424 | 310 |
| Uniform Mortgage-Backed Security 2.00% 7/1/2040 <sup>(a)(e)</sup>  | 1115 | 1019 |
| Uniform Mortgage-Backed Security 4.00% 7/1/2040 <sup>(a)(e)</sup>  | 920 | 900 |
| Uniform Mortgage-Backed Security 5.00% 7/1/2040 <sup>(a)(e)</sup>  | 780 | 786 |
| Uniform Mortgage-Backed Security 2.50% 7/1/2055 <sup>(a)(e)</sup>  | 8642 | 7167 |
| Uniform Mortgage-Backed Security 3.50% 7/1/2055 <sup>(a)(e)</sup>  | 25486 | 22949 |
| Uniform Mortgage-Backed Security 4.00% 7/1/2055 <sup>(a)(e)</sup>  | 1272 | 1183 |
| Uniform Mortgage-Backed Security 4.50% 7/1/2055 <sup>(a)(e)</sup>  | 432 | 413 |
| Uniform Mortgage-Backed Security 5.00% 7/1/2055 <sup>(a)(e)</sup>  | 437 | 429 |
| Uniform Mortgage-Backed Security 6.00% 7/1/2055 <sup>(a)(e)</sup>  | 3295 | 3349 |
| Uniform Mortgage-Backed Security 7.00% 7/1/2055 <sup>(a)(e)</sup>  | 12685 | 13356 |
| Uniform Mortgage-Backed Security 2.00% 8/1/2055 <sup>(a)(e)</sup>  | 6583 | 5215 |
| Uniform Mortgage-Backed Security 3.00% 8/1/2055 <sup>(a)(e)</sup>  | 10488 | 9074 |
| Uniform Mortgage-Backed Security 4.00% 8/1/2055 <sup>(a)(e)</sup>  | 2690 | 2501 |
| Uniform Mortgage-Backed Security 6.50% 8/1/2055 <sup>(a)(e)</sup>  | 50461 | 52030 |
| **Total mortgage-backed obligations** |  | 844043 |
| **U.S. Treasury bonds & notes 37.75%** | **U.S. Treasury bonds & notes 37.75%** | **U.S. Treasury bonds & notes 37.75%** |
| **U.S. Treasury 33.19%** |  |  |
| U.S. Treasury 3.125% 8/15/2025  | 390 | 389 |
| U.S. Treasury 3.00% 10/31/2025  | 1395 | 1390 |
| U.S. Treasury 4.25% 12/31/2025  | 17685 | 17687 |
| U.S. Treasury 4.25% 1/31/2026  | 5535 | 5536 |
| U.S. Treasury 4.625% 2/28/2026  | 9375 | 9402 |
| U.S. Treasury 4.625% 3/15/2026  | 11050 | 11090 |
| U.S. Treasury 4.50% 3/31/2026  | 1435 | 1439 |
| U.S. Treasury 4.875% 4/30/2026  | 35525 | 35754 |
| U.S. Treasury 0.875% 6/30/2026  | 2065 | 2002 |
| U.S. Treasury 4.50% 7/15/2026  | 10366 | 10422 |
| U.S. Treasury 4.375% 7/31/2026  | 25795 | 25902 |
| U.S. Treasury 4.625% 9/15/2026  | 10209 | 10293 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **257** | American Funds Insurance Series |

---

------

U.S. Government Securities Fund (continued)

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount<br> (000)<br>| Value<br> (000)<br>|
| **U.S. Treasury bonds & notes (continued)** | **U.S. Treasury bonds & notes (continued)** | **U.S. Treasury bonds & notes (continued)** |
| **U.S. Treasury (continued)** |  |  |
| U.S. Treasury 3.50% 9/30/2026  | USD11,100 | $11044 |
| U.S. Treasury 3.875% 3/31/2027  | 23000 | 23039 |
| U.S. Treasury 4.50% 4/15/2027  | 30000 | 30375 |
| U.S. Treasury 0.50% 4/30/2027  | 1250 | 1179 |
| U.S. Treasury 2.625% 5/31/2027  | 2290 | 2243 |
| U.S. Treasury 3.75% 6/30/2027  | 33220 | 33242 |
| U.S. Treasury 3.75% 8/15/2027  | 5043 | 5046 |
| U.S. Treasury 4.25% 2/15/2028  | 48655 | 49313 |
| U.S. Treasury 3.625% 5/31/2028  | 14850 | 14819 |
| U.S. Treasury 1.25% 6/30/2028  | 3325 | 3096 |
| U.S. Treasury 4.00% 6/30/2028  | 6907 | 6966 |
| U.S. Treasury 1.00% 7/31/2028  | 970 | 894 |
| U.S. Treasury 4.125% 7/31/2028  | 17685 | 17898 |
| U.S. Treasury 2.625% 2/15/2029  | 3270 | 3149 |
| U.S. Treasury 4.50% 5/31/2029  | 825 | 848 |
| U.S. Treasury 2.625% 7/31/2029  | 9309 | 8917 |
| U.S. Treasury 4.00% 7/31/2029  | 15070 | 15212 |
| U.S. Treasury 4.125% 10/31/2029  | 4800 | 4869 |
| U.S. Treasury 4.125% 11/30/2029  | 10200 | 10350 |
| U.S. Treasury 4.375% 12/31/2029  | 23475 | 24057 |
| U.S. Treasury 4.00% 2/28/2030  | 11270 | 11380 |
| U.S. Treasury 4.00% 3/31/2030  | 15000 | 15140 |
| U.S. Treasury 3.75% 6/30/2030  | 17030 | 16986 |
| U.S. Treasury 4.625% 9/30/2030  | 1290 | 1338 |
| U.S. Treasury 4.875% 10/31/2030  | 625 | 656 |
| U.S. Treasury 4.25% 6/30/2031  | 9625 | 9801 |
| U.S. Treasury 4.125% 11/30/2031  | 3240 | 3272 |
| U.S. Treasury 4.125% 2/29/2032  | 9305 | 9390 |
| U.S. Treasury 4.125% 3/31/2032  | 3000 | 3026 |
| U.S. Treasury 2.75% 8/15/2032  | 8095 | 7467 |
| U.S. Treasury 3.875% 8/15/2033  | 3180 | 3133 |
| U.S. Treasury 4.375% 5/15/2034  | 1687 | 1714 |
| U.S. Treasury 3.875% 8/15/2034  | 1970 | 1924 |
| U.S. Treasury 4.25% 11/15/2034  | 1790 | 1796 |
| U.S. Treasury 4.625% 2/15/2035  | 5000 | 5159 |
| U.S. Treasury 4.50% 8/15/2039 <sup>(f)</sup>  | 13655 | 13601 |
| U.S. Treasury 4.625% 2/15/2040  | 90 | 90 |
| U.S. Treasury 1.375% 11/15/2040  | 1945 | 1239 |
| U.S. Treasury 3.875% 5/15/2043  | 820 | 732 |
| U.S. Treasury 4.375% 8/15/2043  | 40 | 38 |
| U.S. Treasury 4.50% 2/15/2044  | 3780 | 3654 |
| U.S. Treasury 4.125% 8/15/2044 <sup>(f)</sup>  | 11760 | 10773 |
| U.S. Treasury 2.50% 2/15/2045  | 4850 | 3415 |
| U.S. Treasury 5.00% 5/15/2045  | 7855 | 8068 |
| U.S. Treasury 2.50% 2/15/2046  | 3900 | 2703 |
| U.S. Treasury 2.50% 5/15/2046  | 1585 | 1095 |
| U.S. Treasury 2.875% 11/15/2046  | 2700 | 1988 |
| U.S. Treasury 3.00% 8/15/2048  | 750 | 554 |
| U.S. Treasury 2.375% 11/15/2049  | 1435 | 923 |
| U.S. Treasury 1.25% 5/15/2050  | 14825 | 7122 |
| U.S. Treasury 1.375% 8/15/2050  | 4330 | 2135 |
| U.S. Treasury 1.625% 11/15/2050 <sup>(f)</sup>  | 26165 | 13785 |
| U.S. Treasury 1.875% 2/15/2051  | 5892 | 3310 |
| U.S. Treasury 2.375% 5/15/2051  | 6280 | 3985 |
| U.S. Treasury 2.00% 8/15/2051  | 5226 | 3012 |
| U.S. Treasury 1.875% 11/15/2051  | 3164 | 1760 |
| U.S. Treasury 3.00% 8/15/2052  | 895 | 646 |
| U.S. Treasury 4.00% 11/15/2052  | 1849 | 1618 |
| U.S. Treasury 4.75% 11/15/2053  | 205 | 203 |
| U.S. Treasury 4.25% 2/15/2054 <sup>(f)</sup>  | 11130 | 10157 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| American Funds Insurance Series | **258** |

---

------

U.S. Government Securities Fund (continued)

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount<br> (000)<br>| Value<br> (000)<br>|
| **U.S. Treasury bonds & notes (continued)** | **U.S. Treasury bonds & notes (continued)** | **U.S. Treasury bonds & notes (continued)** |
| **U.S. Treasury (continued)** |  |  |
| U.S. Treasury 4.625% 5/15/2054  | USD5,610 | $5448 |
| U.S. Treasury 4.25% 8/15/2054  | 3825 | 3493 |
| U.S. Treasury 4.625% 2/15/2055  | 7370 | 7174 |
| U.S. Treasury, interest only, 0% 11/15/2040 <sup>(f)</sup>  | 1110 | 526 |
|  |  | 603291 |
| **U.S. Treasury inflation-protected securities 4.56%** |  |  |
| U.S. Treasury Inflation-Protected Security 0.375% 7/15/2025 <sup>(g)</sup>  | 2398 | 2398 |
| U.S. Treasury Inflation-Protected Security 0.125% 10/15/2026 <sup>(g)</sup>  | 9477 | 9371 |
| U.S. Treasury Inflation-Protected Security 0.125% 4/15/2027 <sup>(g)</sup>  | 2916 | 2856 |
| U.S. Treasury Inflation-Protected Security 1.625% 10/15/2029 <sup>(g)</sup>  | 36770 | 37226 |
| U.S. Treasury Inflation-Protected Security 0.125% 7/15/2031 <sup>(g)</sup>  | 1077 | 991 |
| U.S. Treasury Inflation-Protected Security 0.125% 1/15/2032 <sup>(g)</sup>  | 3349 | 3036 |
| U.S. Treasury Inflation-Protected Security 1.875% 7/15/2034 <sup>(g)</sup>  | 7268 | 7277 |
| U.S. Treasury Inflation-Protected Security 2.125% 2/15/2041 <sup>(g)</sup>  | 139 | 136 |
| U.S. Treasury Inflation-Protected Security 0.75% 2/15/2042 <sup>(f)(g)</sup>  | 1483 | 1152 |
| U.S. Treasury Inflation-Protected Security 0.625% 2/15/2043 <sup>(g)</sup>  | 1730 | 1286 |
| U.S. Treasury Inflation-Protected Security 1.00% 2/15/2049 <sup>(g)</sup>  | 319 | 231 |
| U.S. Treasury Inflation-Protected Security 0.25% 2/15/2050 <sup>(g)</sup>  | 363 | 211 |
| U.S. Treasury Inflation-Protected Security 0.125% 2/15/2051 <sup>(g)</sup>  | 142 | 77 |
| U.S. Treasury Inflation-Protected Security 1.50% 2/15/2053 <sup>(g)</sup>  | 802 | 636 |
| U.S. Treasury Inflation-Protected Security 2.125% 2/15/2054 <sup>(g)</sup>  | 3736 | 3421 |
| U.S. Treasury Inflation-Protected Security 2.375% 2/15/2055 <sup>(g)</sup>  | 12921 | 12496 |
|  |  | 82801 |
| **Total U.S. Treasury bonds & notes** |  | 686092 |
| **Federal agency bonds & notes 2.82%** | **Federal agency bonds & notes 2.82%** | **Federal agency bonds & notes 2.82%** |
| Export-Import Bank of the United States-Guaranteed, Ethiopian Leasing 2012, LLC 2.646% 5/12/2026  | 91 | 90 |
| Fannie Mae 7.125% 1/15/2030  | 2000 | 2273 |
| Federal Home Loan Bank 3.25% 11/16/2028  | 6500 | 6416 |
| Federal Home Loan Bank 5.50% 7/15/2036  | 300 | 327 |
| Private Export Funding Corp. 1.40% 7/15/2028  | 3000 | 2794 |
| Tennessee Valley Authority 2.875% 2/1/2027  | 5000 | 4930 |
| Tennessee Valley Authority 4.875% 5/15/2035  | 2445 | 2502 |
| Tennessee Valley Authority 4.65% 6/15/2035  | 1780 | 1809 |
| Tennessee Valley Authority 5.88% 4/1/2036  | 875 | 969 |
| Tennessee Valley Authority, Series A, 4.625% 9/15/2060  | 250 | 218 |
| Tennessee Valley Authority, Southaven Combined Cycle Generation, LLC, 3.846% 8/15/2033  | 695 | 666 |
| U.S. Agency for International Development, Morocco (Kingdom of) 7.55% 7/15/2026  | 897 | 911 |
| U.S. Department of Housing and Urban Development, Series 2015-A-11, 2.95% 8/1/2025  | 2220 | 2217 |
| U.S. Department of Housing and Urban Development, Series 2015-A-12, 3.10% 8/1/2026  | 2226 | 2198 |
| U.S. Department of Housing and Urban Development, Series 2015-A-13, 3.15% 8/1/2027  | 10250 | 10060 |
| U.S. Department of Housing and Urban Development, Series 2015-A-14, 3.25% 8/1/2028  | 3064 | 3006 |
| U.S. Department of Housing and Urban Development, Series 2015-A-15, 3.35% 8/1/2029  | 2020 | 1971 |
| U.S. Department of Housing and Urban Development, Series 2015-A-16, 3.50% 8/1/2030  | 1793 | 1733 |
| U.S. Department of Housing and Urban Development, Series 2015-A-17, 3.55% 8/1/2031  | 2194 | 2097 |
| U.S. Department of Housing and Urban Development, Series 2015-A-18, 3.60% 8/1/2032  | 2327 | 2187 |
| U.S. Department of Housing and Urban Development, Series 2015-A-19, 3.65% 8/1/2033  | 1639 | 1528 |
| U.S. Department of Housing and Urban Development, Series 2015-A-20, 3.70% 8/1/2034  | 330 | 304 |
|  |  | 51206 |
| **Total bonds, notes & other debt instruments** (cost: $1,613,297,000) |  | 1581341 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **259** | American Funds Insurance Series |

---

------

U.S. Government Securities Fund (continued)

---

| | | | |
|:---|:---|:---|:---|
| Short-term securities 16.90% | Weighted<br> average yield<br> at acquisition<br>| Principal amount<br> (000)<br>| Value<br> (000)<br>|
| **Commercial paper 13.73%** | **Commercial paper 13.73%** | **Commercial paper 13.73%** | **Commercial paper 13.73%** |
| ADP Tax Services, Inc. 7/1/2025 <sup>(c)</sup>  | 4.330<br> %<br>| USD1,757 | $1757 |
| ADP Tax Services, Inc. 7/2/2025 <sup>(c)</sup>  | 4.340 | 5500 | 5499 |
| Alphabet,Inc. 9/23/2025 <sup>(c)</sup>  | 4.340 | 20000 | 19796 |
| Apple, Inc. 8/4/2025 <sup>(c)</sup>  | 4.300 | 11900 | 11850 |
| Apple, Inc. 8/13/2025 <sup>(c)</sup>  | 4.300 | 22500 | 22382 |
| CAFCO, LLC 8/19/2025 <sup>(c)</sup>  | 4.350 | 15300 | 15207 |
| Chariot Funding, LLC 8/25/2025 <sup>(c)</sup>  | 4.370 | 10000 | 9931 |
| Chariot Funding, LLC 9/4/2025 <sup>(c)</sup>  | 4.370 | 7000 | 6943 |
| Chariot Funding, LLC 9/15/2025 <sup>(c)</sup>  | 4.370 | 500 | 495 |
| Cisco Systems, Inc. 8/1/2025 <sup>(c)</sup>  | 4.270 | 10000 | 9962 |
| Cisco Systems, Inc. 8/5/2025 <sup>(c)</sup>  | 4.270 | 10000 | 9957 |
| Coca-Cola Co. 7/17/2025 <sup>(c)</sup>  | 4.310 | 5000 | 4990 |
| Eli Lilly and Co. 7/25/2025 <sup>(c)</sup>  | 4.330 | 8700 | 8674 |
| Johnson & Johnson 7/3/2025 <sup>(c)</sup>  | 4.260 | 22000 | 21992 |
| Komatsu Finance America, Inc. 9/11/2025 <sup>(c)</sup>  | 4.330 | 17400 | 17247 |
| Linde, Inc. 8/27/2025  | 4.300 | 5000 | 4966 |
| LVMH Moet Hennessy Louis Vuitton, Inc. 10/1/2025 <sup>(c)</sup>  | 4.310 | 5000 | 4944 |
| Novartis Finance Corp. 7/7/2025 <sup>(c)</sup>  | 4.320 | 3600 | 3597 |
| Paccar Financial Corp. 7/10/2025  | 4.360 | 8400 | 8390 |
| Paccar Financial Corp. 7/24/2025  | 4.340 | 8150 | 8126 |
| Prudential Funding, LLC 7/2/2025  | 4.340 | 16000 | 15996 |
| Wal-Mart Stores, Inc. 7/7/2025 <sup>(c)</sup>  | 4.323 | 16800 | 16786 |
| Wal-Mart Stores, Inc. 7/14/2025 <sup>(c)</sup>  | 4.310 | 10000 | 9983 |
| Wal-Mart Stores, Inc. 7/21/2025 <sup>(c)</sup>  | 4.310 | 10000 | 9975 |
|  |  |  | 249445 |
| **Bonds & notes of governments & government agencies outside the U.S. 0.27%** | **Bonds & notes of governments & government agencies outside the U.S. 0.27%** | **Bonds & notes of governments & government agencies outside the U.S. 0.27%** | **Bonds & notes of governments & government agencies outside the U.S. 0.27%** |
| Ontario (Province of) 7/18/2025  | 4.360 | 5000 | 4989 |
| **U.S. Treasury bills 0.15%** | **U.S. Treasury bills 0.15%** | **U.S. Treasury bills 0.15%** | **U.S. Treasury bills 0.15%** |
| U.S. Treasury 7/1/2025  | 4.100 | 2700 | 2700 |
| **Federal agency bills & notes 2.75%** | **Federal agency bills & notes 2.75%** | **Federal agency bills & notes 2.75%** | **Federal agency bills & notes 2.75%** |
| Federal Farm Credit Banks 8/7/2025  | 4.230 | 7100 | 7069 |
| Federal Farm Credit Banks 8/27/2025  | 4.220 | 5000 | 4967 |
| Federal Home Loan Bank 7/9/2025  | 4.210 | 8900 | 8892 |
| Federal Home Loan Bank 7/11/2025  | 4.218 | 6000 | 5993 |
| Federal Home Loan Bank 7/25/2025  | 4.204 | 7500 | 7480 |
| Federal Home Loan Bank 8/27/2025  | 4.225 | 10600 | 10529 |
| Federal Home Loan Bank 9/17/2025  | 4.230 | 5000 | 4955 |
| **Total short-term securities** (cost: $307,049,000) | **Total short-term securities** (cost: $307,049,000) | **Total short-term securities** (cost: $307,049,000) | 307019 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| American Funds Insurance Series | **260** |

---

------

U.S. Government Securities Fund (continued)

---

| | |
|:---|:---|
| Options purchased (equity style) 0.01% | Value<br> (000)<br>|
| Options purchased (equity style)\* | $206 |
| **Total options purchased (equity style)** (cost: $626,000) | 206 |
| **Total investment securities 103.92%** (cost: $1,920,972,000) | 1888566 |
| Other assets less liabilities (3.92)% | (71188)<br>|
| **Net assets 100.00%** | $1817378 |

---

<sup>\*</sup>**Options purchased (equity style)**

------

**Options on futures** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Description | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Number of <br> contracts<br>| &nbsp;&nbsp;&nbsp;&nbsp; Expiration <br> date<br>| &nbsp;&nbsp;&nbsp;&nbsp; Exercise <br> price<br>| &nbsp;&nbsp;&nbsp;&nbsp; Notional <br> amount <br> &nbsp;&nbsp;&nbsp;&nbsp;(000)<br>| &nbsp;&nbsp;&nbsp;&nbsp; Value at <br> 6/30/2025 <br> &nbsp;&nbsp;&nbsp;&nbsp;(000)<br>|
| **Call** |  |  |  |  |  |
| 3 Month SOFR Futures Options | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 607 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9/12/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; USD97.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; USD151,750 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $23 |
| 3 Month SOFR Futures Options | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1551 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9/12/2025 | &nbsp;&nbsp;&nbsp;&nbsp;98.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 387750 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 29 |
| 3 Month SOFR Futures Options | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 106 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12/12/2025 | &nbsp;&nbsp;&nbsp;&nbsp;96.50 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 26500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 42 |
| 3 Month SOFR Futures Options | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 106 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12/12/2025 | &nbsp;&nbsp;&nbsp;&nbsp;97.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 26500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 19 |
| 3 Month SOFR Futures Options | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 105 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12/12/2025 | &nbsp;&nbsp;&nbsp;&nbsp;97.50 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 26250 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11 |
| 3 Month SOFR Futures Options | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 20 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12/12/2025 | &nbsp;&nbsp;&nbsp;&nbsp;98.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1 |
|  |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $125 |
| **Put** |  |  |  |  |  |
| 10 Year U.S. Treasury Note Futures Options | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 70 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7/3/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; USD111.25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $3 |
| 3 Month SOFR Futures Options | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3128 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12/12/2025 | &nbsp;&nbsp;&nbsp;&nbsp;95.69 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 782000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 78 |
|  |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $81 |
|  |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $206 |

---

**Futures contracts**

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Contracts | Type | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Number of <br> contracts<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Expiration <br> date<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Notional <br> amount <br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(000)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Value and <br> unrealized <br> appreciation <br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(depreciation) <br> at 6/30/2025 <br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(000)<br>|
| 30 Day Federal Funds Futures | Long | 111 | 9/2/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; USD44,274 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $(2)<br>|
| 3 Month SOFR Futures | Long | 2584 | 9/17/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 617996 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (302)<br>|
| 3 Month SOFR Futures | Long | 139 | 3/18/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 33475 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 56 |
| 3 Month SOFR Futures | Long | 3 | 6/17/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 724 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (3)<br>|
| 2 Year U.S. Treasury Note Futures | Long | 3136 | 10/3/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 652362 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2220 |
| 5 Year U.S. Treasury Note Futures | Long | 4330 | 10/3/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 471970 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5219 |
| 10 Year U.S. Treasury Note Futures | Long | 866 | 9/30/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 97100 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1787 |
| 10 Year Ultra U.S. Treasury Note Futures | Short | 99 | 9/30/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (11312)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (97)<br>|
| 20 Year U.S. Treasury Bond Futures | Long | 146 | 9/30/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 16858 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 591 |
| 30 Year Ultra U.S. Treasury Bond Futures | Long | 10 | 9/30/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1191 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10 |
|  |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $9479 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **261** | American Funds Insurance Series |

---

------

U.S. Government Securities Fund (continued)

**Swap contracts**

------

**Interest rate swaps**

**Centrally cleared interest rate swaps** 

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Receive | Receive | Pay | Pay | &nbsp;&nbsp;&nbsp; Expiration <br> date | &nbsp;&nbsp;&nbsp; Notional <br> amount <br> &nbsp;&nbsp;&nbsp;&nbsp;(000) | &nbsp;&nbsp;&nbsp; Value at <br> 6/30/2025 <br> &nbsp;&nbsp;&nbsp;&nbsp;(000) | &nbsp;&nbsp;&nbsp; Upfront <br> premium <br> paid <br> &nbsp;&nbsp;&nbsp;&nbsp;(received) <br> &nbsp;&nbsp;&nbsp;&nbsp;(000) | &nbsp;&nbsp;&nbsp; Unrealized <br> appreciation <br> &nbsp;&nbsp;&nbsp;&nbsp;(depreciation) <br> at 6/30/2025 <br> &nbsp;&nbsp;&nbsp;&nbsp;(000) |
| Rate | &nbsp;&nbsp;&nbsp;&nbsp; Payment <br> frequency<br>| Rate | &nbsp;&nbsp;&nbsp;&nbsp; Payment <br> frequency<br>| &nbsp;&nbsp;&nbsp; Expiration <br> date | &nbsp;&nbsp;&nbsp; Notional <br> amount <br> &nbsp;&nbsp;&nbsp;&nbsp;(000) | &nbsp;&nbsp;&nbsp; Value at <br> 6/30/2025 <br> &nbsp;&nbsp;&nbsp;&nbsp;(000) | &nbsp;&nbsp;&nbsp; Upfront <br> premium <br> paid <br> &nbsp;&nbsp;&nbsp;&nbsp;(received) <br> &nbsp;&nbsp;&nbsp;&nbsp;(000) | &nbsp;&nbsp;&nbsp; Unrealized <br> appreciation <br> &nbsp;&nbsp;&nbsp;&nbsp;(depreciation) <br> at 6/30/2025 <br> &nbsp;&nbsp;&nbsp;&nbsp;(000) |
| SOFR | Annual | 3.916% | Annual | &nbsp;&nbsp;&nbsp;&nbsp; 7/11/2025 | &nbsp;&nbsp;&nbsp;&nbsp; USD46,800 | &nbsp;&nbsp;&nbsp;&nbsp; $7 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $7 |
| 4.225% | Annual | SOFR | Annual | &nbsp;&nbsp;&nbsp;&nbsp; 9/30/2025 | &nbsp;&nbsp;&nbsp;&nbsp; USD27,550 | &nbsp;&nbsp;&nbsp;&nbsp; (11)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (11)<br>|
| SOFR | Annual | 4.63358% | Annual | &nbsp;&nbsp;&nbsp;&nbsp; 10/31/2025 | &nbsp;&nbsp;&nbsp;&nbsp; USD1,381 | &nbsp;&nbsp;&nbsp;&nbsp; (1)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (1)<br>|
| 4.2035% | Annual | SOFR | Annual | &nbsp;&nbsp;&nbsp;&nbsp; 1/10/2026 | &nbsp;&nbsp;&nbsp;&nbsp; USD11,197 | &nbsp;&nbsp;&nbsp;&nbsp; — <br><sup>(b)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — <br><sup>(b)</sup><br>|
| 4.2045% | Annual | SOFR | Annual | &nbsp;&nbsp;&nbsp;&nbsp; 1/10/2026 | &nbsp;&nbsp;&nbsp;&nbsp; USD1,020 | &nbsp;&nbsp;&nbsp;&nbsp; — <br><sup>(b)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — <br><sup>(b)</sup><br>|
| 4.184% | Annual | SOFR | Annual | &nbsp;&nbsp;&nbsp;&nbsp; 1/10/2026 | &nbsp;&nbsp;&nbsp;&nbsp; USD11,198 | &nbsp;&nbsp;&nbsp;&nbsp; (2)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (2)<br>|
| 4.27% | Annual | SOFR | Annual | &nbsp;&nbsp;&nbsp;&nbsp; 2/16/2026 | &nbsp;&nbsp;&nbsp;&nbsp; USD9,621 | &nbsp;&nbsp;&nbsp;&nbsp; 8 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 8 |
| 4.265% | Annual | SOFR | Annual | &nbsp;&nbsp;&nbsp;&nbsp; 2/16/2026 | &nbsp;&nbsp;&nbsp;&nbsp; USD4,777 | &nbsp;&nbsp;&nbsp;&nbsp; 4 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 4 |
| 4.3035% | Annual | SOFR | Annual | &nbsp;&nbsp;&nbsp;&nbsp; 2/17/2026 | &nbsp;&nbsp;&nbsp;&nbsp; USD2,874 | &nbsp;&nbsp;&nbsp;&nbsp; 3 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 3 |
| 4.2515% | Annual | SOFR | Annual | &nbsp;&nbsp;&nbsp;&nbsp; 2/17/2026 | &nbsp;&nbsp;&nbsp;&nbsp; USD2,847 | &nbsp;&nbsp;&nbsp;&nbsp; 2 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 2 |
| 4.2675% | Annual | SOFR | Annual | &nbsp;&nbsp;&nbsp;&nbsp; 2/17/2026 | &nbsp;&nbsp;&nbsp;&nbsp; USD2,771 | &nbsp;&nbsp;&nbsp;&nbsp; 2 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 2 |
| 4.3005% | Annual | SOFR | Annual | &nbsp;&nbsp;&nbsp;&nbsp; 2/17/2026 | &nbsp;&nbsp;&nbsp;&nbsp; USD1,989 | &nbsp;&nbsp;&nbsp;&nbsp; 2 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 2 |
| 4.288% | Annual | SOFR | Annual | &nbsp;&nbsp;&nbsp;&nbsp; 2/17/2026 | &nbsp;&nbsp;&nbsp;&nbsp; USD2,021 | &nbsp;&nbsp;&nbsp;&nbsp; 2 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 2 |
| 4.568% | Annual | SOFR | Annual | &nbsp;&nbsp;&nbsp;&nbsp; 3/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; USD27,000 | &nbsp;&nbsp;&nbsp;&nbsp; 82 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 82 |
| 4.56% | Annual | SOFR | Annual | &nbsp;&nbsp;&nbsp;&nbsp; 3/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; USD27,400 | &nbsp;&nbsp;&nbsp;&nbsp; 82 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 82 |
| 4.6275% | Annual | SOFR | Annual | &nbsp;&nbsp;&nbsp;&nbsp; 3/20/2026 | &nbsp;&nbsp;&nbsp;&nbsp; USD49,370 | &nbsp;&nbsp;&nbsp;&nbsp; 195 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 195 |
| 4.9005% | Annual | SOFR | Annual | &nbsp;&nbsp;&nbsp;&nbsp; 4/17/2026 | &nbsp;&nbsp;&nbsp;&nbsp; USD14,100 | &nbsp;&nbsp;&nbsp;&nbsp; 97 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 97 |
| 4.815% | Annual | SOFR | Annual | &nbsp;&nbsp;&nbsp;&nbsp; 5/6/2026 | &nbsp;&nbsp;&nbsp;&nbsp; USD31,500 | &nbsp;&nbsp;&nbsp;&nbsp; 220 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 220 |
| 4.723% | Annual | SOFR | Annual | &nbsp;&nbsp;&nbsp;&nbsp; 5/7/2026 | &nbsp;&nbsp;&nbsp;&nbsp; USD30,490 | &nbsp;&nbsp;&nbsp;&nbsp; 191 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 191 |
| 4.659% | Annual | SOFR | Annual | &nbsp;&nbsp;&nbsp;&nbsp; 5/17/2026 | &nbsp;&nbsp;&nbsp;&nbsp; USD45,400 | &nbsp;&nbsp;&nbsp;&nbsp; 278 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 278 |
| SOFR | Annual | 4.528% | Annual | &nbsp;&nbsp;&nbsp;&nbsp; 6/18/2026 | &nbsp;&nbsp;&nbsp;&nbsp; USD2,700 | &nbsp;&nbsp;&nbsp;&nbsp; (16)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (16)<br>|
| 3.53% | Annual | SOFR | Annual | &nbsp;&nbsp;&nbsp;&nbsp; 1/23/2027 | &nbsp;&nbsp;&nbsp;&nbsp; USD7,300 | &nbsp;&nbsp;&nbsp;&nbsp; (9)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (9)<br>|
| 3.5405% | Annual | SOFR | Annual | &nbsp;&nbsp;&nbsp;&nbsp; 1/23/2027 | &nbsp;&nbsp;&nbsp;&nbsp; USD12,100 | &nbsp;&nbsp;&nbsp;&nbsp; (13)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (13)<br>|
| 3.535% | Annual | SOFR | Annual | &nbsp;&nbsp;&nbsp;&nbsp; 1/23/2027 | &nbsp;&nbsp;&nbsp;&nbsp; USD13,000 | &nbsp;&nbsp;&nbsp;&nbsp; (15)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (15)<br>|
| SOFR | Annual | 4.186% | Annual | &nbsp;&nbsp;&nbsp;&nbsp; 2/18/2027 | &nbsp;&nbsp;&nbsp;&nbsp; USD54,150 | &nbsp;&nbsp;&nbsp;&nbsp; (509)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (509)<br>|
| 3.7645% | Annual | SOFR | Annual | &nbsp;&nbsp;&nbsp;&nbsp; 2/20/2027 | &nbsp;&nbsp;&nbsp;&nbsp; USD23,600 | &nbsp;&nbsp;&nbsp;&nbsp; 67 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 67 |
| 3.761% | Annual | SOFR | Annual | &nbsp;&nbsp;&nbsp;&nbsp; 2/20/2027 | &nbsp;&nbsp;&nbsp;&nbsp; USD11,800 | &nbsp;&nbsp;&nbsp;&nbsp; 33 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 33 |
| 4.5895% | Annual | SOFR | Annual | &nbsp;&nbsp;&nbsp;&nbsp; 5/6/2027 | &nbsp;&nbsp;&nbsp;&nbsp; USD22,710 | &nbsp;&nbsp;&nbsp;&nbsp; 429 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 429 |
| SOFR | Annual | 3.62% | Annual | &nbsp;&nbsp;&nbsp;&nbsp; 6/30/2027 | &nbsp;&nbsp;&nbsp;&nbsp; USD7,849 | &nbsp;&nbsp;&nbsp;&nbsp; (31)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (31)<br>|
| 3.45% | Annual | SOFR | Annual | &nbsp;&nbsp;&nbsp;&nbsp; 2/1/2028 | &nbsp;&nbsp;&nbsp;&nbsp; USD12,500 | &nbsp;&nbsp;&nbsp;&nbsp; 8 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 8 |
| 3.47% | Annual | SOFR | Annual | &nbsp;&nbsp;&nbsp;&nbsp; 2/2/2028 | &nbsp;&nbsp;&nbsp;&nbsp; USD11,600 | &nbsp;&nbsp;&nbsp;&nbsp; 13 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 13 |
| 3.6475% | Annual | SOFR | Annual | &nbsp;&nbsp;&nbsp;&nbsp; 2/27/2028 | &nbsp;&nbsp;&nbsp;&nbsp; USD19,700 | &nbsp;&nbsp;&nbsp;&nbsp; 172 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 172 |
| SOFR | Annual | 3.528% | Annual | &nbsp;&nbsp;&nbsp;&nbsp; 1/29/2030 | &nbsp;&nbsp;&nbsp;&nbsp; USD4,000 | &nbsp;&nbsp;&nbsp;&nbsp; (19)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (19)<br>|
| SOFR | Annual | 3.529% | Annual | &nbsp;&nbsp;&nbsp;&nbsp; 1/29/2030 | &nbsp;&nbsp;&nbsp;&nbsp; USD4,800 | &nbsp;&nbsp;&nbsp;&nbsp; (23)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (23)<br>|
| SOFR | Annual | 3.5485% | Annual | &nbsp;&nbsp;&nbsp;&nbsp; 1/29/2030 | &nbsp;&nbsp;&nbsp;&nbsp; USD5,200 | &nbsp;&nbsp;&nbsp;&nbsp; (29)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (29)<br>|
| U.S. EFFR | Annual | 0.5385% | Annual | &nbsp;&nbsp;&nbsp;&nbsp; 3/26/2030 | &nbsp;&nbsp;&nbsp;&nbsp; USD49,000 | &nbsp;&nbsp;&nbsp;&nbsp; 6039 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 6039 |
| 3.18% | Annual | SOFR | Annual | &nbsp;&nbsp;&nbsp;&nbsp; 4/17/2030 | &nbsp;&nbsp;&nbsp;&nbsp; USD2,600 | &nbsp;&nbsp;&nbsp;&nbsp; (28)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (28)<br>|
| 3.275% | Annual | SOFR | Annual | &nbsp;&nbsp;&nbsp;&nbsp; 4/18/2030 | &nbsp;&nbsp;&nbsp;&nbsp; USD2,600 | &nbsp;&nbsp;&nbsp;&nbsp; (17)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (17)<br>|
| 3.353% | Annual | SOFR | Annual | &nbsp;&nbsp;&nbsp;&nbsp; 4/19/2030 | &nbsp;&nbsp;&nbsp;&nbsp; USD2,600 | &nbsp;&nbsp;&nbsp;&nbsp; (8)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (8)<br>|
| 3.342% | Annual | SOFR | Annual | &nbsp;&nbsp;&nbsp;&nbsp; 4/19/2030 | &nbsp;&nbsp;&nbsp;&nbsp; USD2,600 | &nbsp;&nbsp;&nbsp;&nbsp; (9)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (9)<br>|
| 3.344% | Annual | SOFR | Annual | &nbsp;&nbsp;&nbsp;&nbsp; 4/20/2030 | &nbsp;&nbsp;&nbsp;&nbsp; USD2,600 | &nbsp;&nbsp;&nbsp;&nbsp; (9)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (9)<br>|
| 3.128% | Annual | SOFR | Annual | &nbsp;&nbsp;&nbsp;&nbsp; 4/28/2030 | &nbsp;&nbsp;&nbsp;&nbsp; USD2,600 | &nbsp;&nbsp;&nbsp;&nbsp; (34)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (34)<br>|
| 3.285% | Annual | SOFR | Annual | &nbsp;&nbsp;&nbsp;&nbsp; 5/1/2030 | &nbsp;&nbsp;&nbsp;&nbsp; USD2,500 | &nbsp;&nbsp;&nbsp;&nbsp; (15)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (15)<br>|
| 3.259% | Annual | SOFR | Annual | &nbsp;&nbsp;&nbsp;&nbsp; 5/1/2030 | &nbsp;&nbsp;&nbsp;&nbsp; USD2,600 | &nbsp;&nbsp;&nbsp;&nbsp; (19)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (19)<br>|
| 3.186% | Annual | SOFR | Annual | &nbsp;&nbsp;&nbsp;&nbsp; 5/9/2030 | &nbsp;&nbsp;&nbsp;&nbsp; USD2,600 | &nbsp;&nbsp;&nbsp;&nbsp; (28)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (28)<br>|
| 3.215% | Annual | SOFR | Annual | &nbsp;&nbsp;&nbsp;&nbsp; 5/10/2030 | &nbsp;&nbsp;&nbsp;&nbsp; USD2,500 | &nbsp;&nbsp;&nbsp;&nbsp; (23)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (23)<br>|
| 3.29% | Annual | SOFR | Annual | &nbsp;&nbsp;&nbsp;&nbsp; 5/19/2030 | &nbsp;&nbsp;&nbsp;&nbsp; USD3,100 | &nbsp;&nbsp;&nbsp;&nbsp; (19)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (19)<br>|
| 3.31% | Annual | SOFR | Annual | &nbsp;&nbsp;&nbsp;&nbsp; 6/9/2030 | &nbsp;&nbsp;&nbsp;&nbsp; USD26,800 | &nbsp;&nbsp;&nbsp;&nbsp; (141)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (141)<br>|
| U.S. EFFR | Annual | 0.666% | Annual | &nbsp;&nbsp;&nbsp;&nbsp; 11/19/2030 | &nbsp;&nbsp;&nbsp;&nbsp; USD15,500 | &nbsp;&nbsp;&nbsp;&nbsp; 2074 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 2074 |
| SOFR | Annual | 4.1615% | Annual | &nbsp;&nbsp;&nbsp;&nbsp; 5/15/2033 | &nbsp;&nbsp;&nbsp;&nbsp; USD330 | &nbsp;&nbsp;&nbsp;&nbsp; (13)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (13)<br>|
| SOFR | Annual | 4.15% | Annual | &nbsp;&nbsp;&nbsp;&nbsp; 5/15/2033 | &nbsp;&nbsp;&nbsp;&nbsp; USD880 | &nbsp;&nbsp;&nbsp;&nbsp; (34)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (34)<br>|
| 4.0135% | Annual | SOFR | Annual | &nbsp;&nbsp;&nbsp;&nbsp; 8/21/2033 | &nbsp;&nbsp;&nbsp;&nbsp; USD1,185 | &nbsp;&nbsp;&nbsp;&nbsp; 35 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 35 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| American Funds Insurance Series | **262** |

---

------

U.S. Government Securities Fund (continued)

**Swap contracts** (continued)

------

**Interest rate swaps** (continued)

**Centrally cleared interest rate swaps** (continued)

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Receive | Receive | Pay | Pay | &nbsp;&nbsp;&nbsp; Expiration<br> date | &nbsp;&nbsp;&nbsp; Notional<br> amount<br> &nbsp;&nbsp;&nbsp;&nbsp;(000) | &nbsp;&nbsp;&nbsp; Value at<br> 6/30/2025<br> &nbsp;&nbsp;&nbsp;&nbsp;(000) | &nbsp;&nbsp;&nbsp; Upfront<br> premium<br> paid<br> &nbsp;&nbsp;&nbsp;&nbsp;(received)<br> &nbsp;&nbsp;&nbsp;&nbsp;(000) | &nbsp;&nbsp;&nbsp; Unrealized<br> appreciation<br> &nbsp;&nbsp;&nbsp;&nbsp;(depreciation)<br> at 6/30/2025<br> &nbsp;&nbsp;&nbsp;&nbsp;(000) |
| Rate | &nbsp;&nbsp;&nbsp;&nbsp; Payment<br> frequency<br>| Rate | &nbsp;&nbsp;&nbsp;&nbsp; Payment<br> frequency<br>| &nbsp;&nbsp;&nbsp; Expiration<br> date | &nbsp;&nbsp;&nbsp; Notional<br> amount<br> &nbsp;&nbsp;&nbsp;&nbsp;(000) | &nbsp;&nbsp;&nbsp; Value at<br> 6/30/2025<br> &nbsp;&nbsp;&nbsp;&nbsp;(000) | &nbsp;&nbsp;&nbsp; Upfront<br> premium<br> paid<br> &nbsp;&nbsp;&nbsp;&nbsp;(received)<br> &nbsp;&nbsp;&nbsp;&nbsp;(000) | &nbsp;&nbsp;&nbsp; Unrealized<br> appreciation<br> &nbsp;&nbsp;&nbsp;&nbsp;(depreciation)<br> at 6/30/2025<br> &nbsp;&nbsp;&nbsp;&nbsp;(000) |
| SOFR | Annual | 3.6025% | Annual | &nbsp;&nbsp;&nbsp;&nbsp; 1/8/2034 | &nbsp;&nbsp;&nbsp;&nbsp; USD4,655 | &nbsp;&nbsp;&nbsp;&nbsp; $5 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $5 |
| SOFR | Annual | 3.175% | Annual | &nbsp;&nbsp;&nbsp;&nbsp; 2/1/2038 | &nbsp;&nbsp;&nbsp;&nbsp; USD16,000 | &nbsp;&nbsp;&nbsp;&nbsp; 925 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 925 |
| 3.065% | Annual | SOFR | Annual | &nbsp;&nbsp;&nbsp;&nbsp; 4/7/2040 | &nbsp;&nbsp;&nbsp;&nbsp; USD12,300 | &nbsp;&nbsp;&nbsp;&nbsp; (1141)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (1141)<br>|
| 3.616% | Annual | SOFR | Annual | &nbsp;&nbsp;&nbsp;&nbsp; 8/5/2044 | &nbsp;&nbsp;&nbsp;&nbsp; USD5,600 | &nbsp;&nbsp;&nbsp;&nbsp; (261)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (261)<br>|
| 3.561% | Annual | SOFR | Annual | &nbsp;&nbsp;&nbsp;&nbsp; 8/9/2044 | &nbsp;&nbsp;&nbsp;&nbsp; USD4,800 | &nbsp;&nbsp;&nbsp;&nbsp; (260)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (260)<br>|
| SOFR | Annual | 3.9815% | Annual | &nbsp;&nbsp;&nbsp;&nbsp; 11/6/2044 | &nbsp;&nbsp;&nbsp;&nbsp; USD10,330 | &nbsp;&nbsp;&nbsp;&nbsp; (25)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (25)<br>|
| SOFR | Annual | 3.045% | Annual | &nbsp;&nbsp;&nbsp;&nbsp; 7/27/2050 | &nbsp;&nbsp;&nbsp;&nbsp; USD3,600 | &nbsp;&nbsp;&nbsp;&nbsp; 524 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 524 |
| SOFR | Annual | 2.85282% | Annual | &nbsp;&nbsp;&nbsp;&nbsp; 12/6/2052 | &nbsp;&nbsp;&nbsp;&nbsp; USD540 | &nbsp;&nbsp;&nbsp;&nbsp; 98 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 98 |
| SOFR | Annual | 2.93542% | Annual | &nbsp;&nbsp;&nbsp;&nbsp; 12/6/2052 | &nbsp;&nbsp;&nbsp;&nbsp; USD550 | &nbsp;&nbsp;&nbsp;&nbsp; 93 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 93 |
| SOFR | Annual | 3.01413% | Annual | &nbsp;&nbsp;&nbsp;&nbsp; 1/12/2053 | &nbsp;&nbsp;&nbsp;&nbsp; USD1,402 | &nbsp;&nbsp;&nbsp;&nbsp; 218 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 218 |
| SOFR | Annual | 3.02% | Annual | &nbsp;&nbsp;&nbsp;&nbsp; 1/12/2053 | &nbsp;&nbsp;&nbsp;&nbsp; USD1,400 | &nbsp;&nbsp;&nbsp;&nbsp; 216 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 216 |
| SOFR | Annual | 2.974% | Annual | &nbsp;&nbsp;&nbsp;&nbsp; 4/17/2053 | &nbsp;&nbsp;&nbsp;&nbsp; USD800 | &nbsp;&nbsp;&nbsp;&nbsp; 130 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 130 |
| SOFR | Annual | 3.044% | Annual | &nbsp;&nbsp;&nbsp;&nbsp; 4/18/2053 | &nbsp;&nbsp;&nbsp;&nbsp; USD800 | &nbsp;&nbsp;&nbsp;&nbsp; 121 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 121 |
| SOFR | Annual | 3.0875% | Annual | &nbsp;&nbsp;&nbsp;&nbsp; 4/19/2053 | &nbsp;&nbsp;&nbsp;&nbsp; USD800 | &nbsp;&nbsp;&nbsp;&nbsp; 115 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 115 |
| SOFR | Annual | 3.1035% | Annual | &nbsp;&nbsp;&nbsp;&nbsp; 4/19/2053 | &nbsp;&nbsp;&nbsp;&nbsp; USD800 | &nbsp;&nbsp;&nbsp;&nbsp; 112 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 112 |
| SOFR | Annual | 3.0895% | Annual | &nbsp;&nbsp;&nbsp;&nbsp; 4/20/2053 | &nbsp;&nbsp;&nbsp;&nbsp; USD800 | &nbsp;&nbsp;&nbsp;&nbsp; 114 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 114 |
| SOFR | Annual | 2.9405% | Annual | &nbsp;&nbsp;&nbsp;&nbsp; 4/28/2053 | &nbsp;&nbsp;&nbsp;&nbsp; USD800 | &nbsp;&nbsp;&nbsp;&nbsp; 135 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 135 |
| SOFR | Annual | 3.0535% | Annual | &nbsp;&nbsp;&nbsp;&nbsp; 5/1/2053 | &nbsp;&nbsp;&nbsp;&nbsp; USD1,600 | &nbsp;&nbsp;&nbsp;&nbsp; 239 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 239 |
| SOFR | Annual | 3.085% | Annual | &nbsp;&nbsp;&nbsp;&nbsp; 5/9/2053 | &nbsp;&nbsp;&nbsp;&nbsp; USD900 | &nbsp;&nbsp;&nbsp;&nbsp; 129 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 129 |
| SOFR | Annual | 3.1135% | Annual | &nbsp;&nbsp;&nbsp;&nbsp; 5/10/2053 | &nbsp;&nbsp;&nbsp;&nbsp; USD800 | &nbsp;&nbsp;&nbsp;&nbsp; 111 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 111 |
| SOFR | Annual | 3.1605% | Annual | &nbsp;&nbsp;&nbsp;&nbsp; 5/19/2053 | &nbsp;&nbsp;&nbsp;&nbsp; USD1,000 | &nbsp;&nbsp;&nbsp;&nbsp; 131 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 131 |
| SOFR | Annual | 3.6765% | Annual | &nbsp;&nbsp;&nbsp;&nbsp; 2/20/2054 | &nbsp;&nbsp;&nbsp;&nbsp; USD2,019 | &nbsp;&nbsp;&nbsp;&nbsp; 87 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 87 |
| SOFR | Annual | 3.6815% | Annual | &nbsp;&nbsp;&nbsp;&nbsp; 2/20/2054 | &nbsp;&nbsp;&nbsp;&nbsp; USD1,510 | &nbsp;&nbsp;&nbsp;&nbsp; 64 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 64 |
| SOFR | Annual | 3.7205% | Annual | &nbsp;&nbsp;&nbsp;&nbsp; 2/21/2054 | &nbsp;&nbsp;&nbsp;&nbsp; USD520 | &nbsp;&nbsp;&nbsp;&nbsp; 18 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 18 |
| SOFR | Annual | 3.47875% | Annual | &nbsp;&nbsp;&nbsp;&nbsp; 8/5/2054 | &nbsp;&nbsp;&nbsp;&nbsp; USD4,200 | &nbsp;&nbsp;&nbsp;&nbsp; 323 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 323 |
| SOFR | Annual | 3.415% | Annual | &nbsp;&nbsp;&nbsp;&nbsp; 8/9/2054 | &nbsp;&nbsp;&nbsp;&nbsp; USD3,700 | &nbsp;&nbsp;&nbsp;&nbsp; 325 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 325 |
|  |  |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; $11516 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $11516 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(a)</sup> Principal payments may be made periodically. Therefore, the effective maturity date may be earlier than the stated maturity date.

<sup>(b)</sup> Amount less than one thousand.

<sup>(c)</sup> Acquired in a transaction exempt from registration under Rule 144A or, for commercial paper, Section 4(a)(2) of the Securities Act of 1933. May be resold in the U.S. in transactions exempt from registration, normally to qualified institutional buyers. The total value of all such securities was $212,930,000, which represented 11.72% of the net assets of the fund. 

<sup>(d)</sup> Coupon rate may change periodically. Reference rate and spread are as of the most recent information available. Some coupon rates are determined by the issuer or agent based on current market conditions; therefore, the reference rate and spread are not available. 

<sup>(e)</sup> Represents securities transacted on a TBA basis.

<sup>(f)</sup> All or a portion of this security was pledged as collateral. The total value of pledged collateral was $14,617,000, which represented 0.80% of the net assets of the fund. 

<sup>(g)</sup> Index-linked bond whose principal amount moves with a government price index. 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| |
|:---|
| **Key to abbreviation(s)** |
| Assn. = Association |
| EFFR = Effective Federal Funds Rate |
| SOFR = Secured Overnight Financing Rate |
| TBA = To be announced |
| USD = U.S. dollars |

---

Refer to the notes to financial statements.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **263** | American Funds Insurance Series |

---

------

Managed Risk Growth Fund

**Investment portfolio** June 30, 2025unaudited

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| Growth funds 84.99% | Shares | Value<br> (000)<br>|
| American Funds Insurance Series – Growth Fund, Class 1  | 3422976 | $441872 |
| **Total growth funds** (cost: $324,437,000) |  | 441872 |
| Fixed income funds 10.00% |  |  |
| American Funds Insurance Series – The Bond Fund of America, Class 1  | 5428526 | 52005 |
| **Total fixed income funds** (cost: $51,791,000) |  | 52005 |
| Short-term securities 4.58% |  |  |
| State Street Institutional U.S. Government Money Market Fund - Premier Class 4.27% <sup>(a)</sup>  | 23813652 | 23814 |
| **Total short-term securities** (cost: $23,814,000) |  | 23814 |
| Options purchased (equity style) 0.63% |  |  |
| Options purchased (equity style)\* |  | 3271 |
| **Total options purchased** (cost: $3,943,000) |  | 3271 |
| **Total investment securities 100.20**% (cost: $403,985,000) |  | 520962 |
| Other assets less liabilities (0.20)% |  | (1017)<br>|
| **Net assets 100.00%** |  | $519945 |

---

**\*Options purchased (equity style)**

------

**Equity index options** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Description | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Number of <br> contracts<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Notional <br> amount <br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(000)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Exercise <br> price<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Expiration <br> date<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Value at <br> 6/30/2025 <br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(000)<br>|
| **Put** |  |  |  |  |  |
| S&P 500 Index | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; USD6,205 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; USD4,225.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12/19/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $21 |
| S&P 500 Index | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 450 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 279223 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4250.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12/19/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 958 |
| S&P 500 Index | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 18615 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4300.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12/19/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 67 |
| S&P 500 Index | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 45 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 27922 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4325.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12/19/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 103 |
| S&P 500 Index | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 50 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 31025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4350.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12/19/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 117 |
| S&P 500 Index | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 20 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12410 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4375.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12/19/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 48 |
| S&P 500 Index | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 90 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 55844 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4250.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3/20/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 334 |
| S&P 500 Index | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 415 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 257505 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4275.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3/20/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1623 |
|  |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $3271 |

---

**Futures contracts**

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Contracts | Type | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Number of <br> contracts<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Expiration <br> date<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Notional <br> amount <br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(000)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Value and <br> unrealized <br> appreciation <br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(depreciation) <br> at 6/30/2025 <br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(000)<br>|
| British Pound Currency Futures | Short | 1 | 9/15/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; USD(86)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $(2)<br>|
| Euro Currency Futures | Short | 1 | 9/15/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (148)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (4)<br>|
| S&P 500 E-mini Index Futures | Long | 92 | 9/19/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 28767 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 66 |
|  |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $60 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| American Funds Insurance Series | **264** |

---

------

Managed Risk Growth Fund (continued)

**Investments in affiliates** <sup>(b)</sup>

------

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | Value at <br> 1/1/2025 <br> (000)<br>| Additions <br> (000)<br>| Reductions <br> (000)<br>| Net <br> realized <br> gain (loss) <br> (000)<br>| Net <br> unrealized <br> appreciation <br> (depreciation) <br> (000)<br>| Value at <br> 6/30/2025 <br> (000)<br>| Dividend <br> income <br> (000)<br>| Capital gain <br> distributions <br> received <br> (000)<br>|
| **Growth funds 84.99%** |  |  |  |  |  |  |  |  |
| American Funds Insurance Series – <br> Growth Fund, Class 1 <br>| $445562 | &nbsp;&nbsp; $110570 | &nbsp;&nbsp; $123574 | &nbsp;&nbsp; $45855 | &nbsp;&nbsp; $(36541)<br>| &nbsp;&nbsp; $441872 | &nbsp;&nbsp; $852 | &nbsp;&nbsp; $34295 |
| **Fixed income funds 10.00%** |  |  |  |  |  |  |  |  |
| American Funds Insurance Series – <br> The Bond Fund of America, Class 1 <br>| 52786 | &nbsp;&nbsp; 30401 | &nbsp;&nbsp; 32858 | &nbsp;&nbsp; 4 | &nbsp;&nbsp; 1672 | &nbsp;&nbsp; 52005 | &nbsp;&nbsp; 457 | &nbsp;&nbsp; — |
| **Total 94.99%** |  |  |  | &nbsp;&nbsp; $45859 | &nbsp;&nbsp; $(34869)<br>| &nbsp;&nbsp; $493877 | &nbsp;&nbsp; $1309 | &nbsp;&nbsp; $34295 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(a)</sup> Rate represents the seven-day yield at 6/30/2025. <br> <sup>(b)</sup> Part of the same "group of investment companies" as the fund as defined under the Investment Company Act of 1940, as amended.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| |
|:---|
| **Key to abbreviation(s)** |
| USD = U.S. dollars |

---

Refer to the notes to financial statements.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **265** | American Funds Insurance Series |

---

------

Managed Risk International Fund

**Investment portfolio** June 30, 2025unaudited

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| Growth funds 84.91% | Shares | Value<br> (000)<br>|
| American Funds Insurance Series – International Fund, Class 1  | 4843208 | $96864 |
| **Total growth funds** (cost: $76,504,000) |  | 96864 |
| Fixed income funds 9.99% |  |  |
| American Funds Insurance Series – The Bond Fund of America, Class 1  | 1190005 | 11400 |
| **Total fixed income funds** (cost: $11,262,000) |  | 11400 |
| Short-term securities 4.13% |  |  |
| State Street Institutional U.S. Government Money Market Fund - Premier Class 4.27% <sup>(a)</sup>  | 4707948 | 4708 |
| **Total short-term securities** (cost: $4,708,000) |  | 4708 |
| Options purchased (equity style) 0.42% |  |  |
| Options purchased (equity style)\* |  | 481 |
| **Total options purchased** (cost: $718,000) |  | 481 |
| **Total investment securities 99.45**% (cost: $93,192,000) |  | 113453 |
| Other assets less liabilities 0.55% |  | 628 |
| **Net assets 100.00%** |  | $114081 |

---

**\*Options purchased (equity style)**

------

**Equity index options** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Description | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Number of <br> contracts<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Notional <br> amount <br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(000)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Exercise <br> price<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Expiration <br> date<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Value at <br> 6/30/2025 <br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(000)<br>|
| **Put** |  |  |  |  |  |
| iShares MSCI EAFE ETF | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3900 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; USD34,862 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; USD64.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9/19/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $45 |
| iShares MSCI EAFE ETF | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 120 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1073 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;65.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9/19/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3 |
| iShares MSCI EAFE ETF | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 150 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1341 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;69.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9/19/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6 |
| iShares MSCI EAFE ETF | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 13408 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;65.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12/19/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 46 |
| iShares MSCI EAFE ETF | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 750 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6704 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;75.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12/19/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 62 |
| iShares MSCI EAFE ETF | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 350 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3128 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;76.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12/19/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 35 |
| iShares MSCI EAFE ETF | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 250 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2235 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;65.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3/20/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 13 |
| iShares MSCI EAFE ETF | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3300 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 29499 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;70.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3/20/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 271 |
|  |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $481 |

---

**Futures contracts**

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Contracts | Type | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Number of <br> contracts<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Expiration <br> date<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Notional <br> amount <br> &nbsp;&nbsp;&nbsp;&nbsp;(000)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Value and <br> unrealized <br> appreciation <br> &nbsp;&nbsp;&nbsp;&nbsp;(depreciation) <br> at 6/30/2025 <br> &nbsp;&nbsp;&nbsp;&nbsp;(000)<br>|
| MSCI EAFE Index Futures | Short | 8 | 9/19/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; USD(1,073)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $(24)<br>|
| S&P 500 E-mini Index Futures | Short | 5 | 9/19/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1563)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (55)<br>|
| Mini MSCI Emerging Market Index Futures | Short | 45 | 9/19/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (2775)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (47)<br>|
|  |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $(126)<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| American Funds Insurance Series | **266** |

---

------

Managed Risk International Fund (continued)

**Investments in affiliates** <sup>(b)</sup>

------

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | Value at <br> 1/1/2025 <br> (000)<br>| Additions <br> (000)<br>| Reductions <br> (000)<br>| Net <br> realized <br> gain (loss) <br> (000)<br>| Net <br> unrealized <br> appreciation <br> (depreciation) <br> (000)<br>| Value at <br> 6/30/2025 <br> (000)<br>| Dividend <br> income <br> (000)<br>| Capital gain <br> distributions <br> received <br> (000)<br>|
| **Growth funds 84.91%** |  |  |  |  |  |  |  |  |
| American Funds Insurance Series – <br> International Fund, Class 1 <br>| $96701 | &nbsp;&nbsp; $9227 | &nbsp;&nbsp; $20142 | &nbsp;&nbsp; $2798 | &nbsp;&nbsp; $8280 | &nbsp;&nbsp; $96864 | &nbsp;&nbsp; $62 | &nbsp;&nbsp; $— |
| **Fixed income funds 9.99%** |  |  |  |  |  |  |  |  |
| American Funds Insurance Series – <br> The Bond Fund of America, Class 1 <br>| 11472 | &nbsp;&nbsp; 3743 | &nbsp;&nbsp; 4220 | &nbsp;&nbsp; (30)<br>| &nbsp;&nbsp; 435 | &nbsp;&nbsp; 11400 | &nbsp;&nbsp; 101 | &nbsp;&nbsp; — |
| **Total 94.90%** |  |  |  | &nbsp;&nbsp; $2768 | &nbsp;&nbsp; $8715 | &nbsp;&nbsp; $108264 | &nbsp;&nbsp; $163 | &nbsp;&nbsp; $— |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(a)</sup> Rate represents the seven-day yield at 6/30/2025. <br> <sup>(b)</sup> Part of the same "group of investment companies" as the fund as defined under the Investment Company Act of 1940, as amended.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| |
|:---|
| **Key to abbreviation(s)** |
| USD = U.S. dollars |

---

Refer to the notes to financial statements.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **267** | American Funds Insurance Series |

---

------

Managed Risk Washington Mutual Investors Fund

**Investment portfolio** June 30, 2025unaudited

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| Growth-and-income funds 85.02% | Shares | Value<br> (000)<br>|
| American Funds Insurance Series – Washington Mutual Investors Fund, Class 1  | 15813911 | $270418 |
| **Total growth-and-income funds** (cost: $211,011,000) |  | 270418 |
| Fixed income funds 9.98% |  |  |
| American Funds Insurance Series – U.S. Government Securities Fund, Class 1  | 3179864 | 31735 |
| **Total fixed income funds** (cost: $31,329,000) |  | 31735 |
| Short-term securities 4.61% |  |  |
| State Street Institutional U.S. Government Money Market Fund - Premier Class 4.27% <sup>(a)</sup>  | 14661495 | 14661 |
| **Total short-term securities** (cost: $14,661,000) |  | 14661 |
| Options purchased (equity style) 0.38% |  |  |
| Options purchased (equity style)\* |  | 1203 |
| **Total options purchased** (cost: $1,977,000) |  | 1203 |
| **Total investment securities 99.99**% (cost: $258,978,000) |  | 318017 |
| Other assets less liabilities 0.01% |  | 47 |
| **Net assets 100.00%** |  | $318064 |

---

**\*Options purchased (equity style)**

------

**Equity index options** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Description | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Number of <br> contracts<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Notional <br> amount <br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(000)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Exercise <br> price<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Expiration <br> date<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Value at <br> 6/30/2025 <br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(000)<br>|
| **Put** |  |  |  |  |  |
| S&P 500 Index | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 250 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; USD155,124 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; USD4,500.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9/19/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $215 |
| S&P 500 Index | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 15512 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4225.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12/19/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 52 |
| S&P 500 Index | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 50 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 31025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4250.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12/19/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 107 |
| S&P 500 Index | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 40 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 24820 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4300.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12/19/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 89 |
| S&P 500 Index | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 40 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 24820 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4325.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12/19/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 91 |
| S&P 500 Index | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6205 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4350.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12/19/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 23 |
| S&P 500 Index | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 35 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 21717 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4375.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12/19/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 84 |
| S&P 500 Index | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 15 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9307 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4175.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3/20/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 53 |
| S&P 500 Index | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 125 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 77562 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4275.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3/20/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 489 |
|  |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $1203 |

---

**Futures contracts**

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Contracts | Type | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Number of <br> contracts<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Expiration <br> date<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Notional <br> amount <br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(000)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Value and <br> unrealized <br> appreciation <br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(depreciation) <br> at 6/30/2025 <br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(000)<br>|
| S&P 500 E-mini Index Futures | Long | 38 | 9/19/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; USD11,882 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $298 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| American Funds Insurance Series | **268** |

---

------

Managed Risk Washington Mutual Investors Fund (continued)

**Investments in affiliates** <sup>(b)</sup>

------

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | Value at <br> 1/1/2025 <br> (000)<br>| Additions <br> (000)<br>| Reductions <br> (000)<br>| Net <br> realized <br> gain (loss) <br> (000)<br>| Net <br> unrealized <br> appreciation <br> (depreciation) <br> (000)<br>| Value at <br> 6/30/2025 <br> (000)<br>| Dividend <br> income <br> (000)<br>| Capital gain <br> distributions <br> received <br> (000)<br>|
| **Growth-and-income funds 85.02%** |  |  |  |  |  |  |  |  |
| American Funds Insurance Series – <br> Washington Mutual Investors Fund, Class 1 <br>| $273106 | &nbsp;&nbsp; $42783 | &nbsp;&nbsp; $50322 | &nbsp;&nbsp; $10456 | &nbsp;&nbsp; $(5605)<br>| &nbsp;&nbsp; $270418 | &nbsp;&nbsp; $933 | &nbsp;&nbsp; $17905 |
| **Fixed income funds 9.98%** |  |  |  |  |  |  |  |  |
| American Funds Insurance Series – <br> U.S. Government Securities Fund, Class 1 <br>| 32524 | &nbsp;&nbsp; 9695 | &nbsp;&nbsp; 11805 | &nbsp;&nbsp; (345)<br>| &nbsp;&nbsp; 1666 | &nbsp;&nbsp; 31735 | &nbsp;&nbsp; 257 | &nbsp;&nbsp; — |
| **Total 95.00%** |  |  |  | &nbsp;&nbsp; $10111 | &nbsp;&nbsp; $(3939)<br>| &nbsp;&nbsp; $302153 | &nbsp;&nbsp; $1190 | &nbsp;&nbsp; $17905 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(a)</sup> Rate represents the seven-day yield at 6/30/2025. <br> <sup>(b)</sup> Part of the same "group of investment companies" as the fund as defined under the Investment Company Act of 1940, as amended.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| |
|:---|
| **Key to abbreviation(s)** |
| USD = U.S. dollars |

---

Refer to the notes to financial statements.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **269** | American Funds Insurance Series |

---

------

Managed Risk Growth-Income Fund

**Investment portfolio** June 30, 2025unaudited

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| Growth-and-income funds 79.76% | Shares | Value<br> (000)<br>|
| American Funds Insurance Series – Growth-Income Fund, Class 1  | 27136375 | $1693310 |
| **Total growth-and-income funds** (cost: $1,467,670,000) |  | 1693310 |
| Fixed income funds 14.96% |  |  |
| American Funds Insurance Series – The Bond Fund of America, Class 1  | 33142813 | 317508 |
| **Total fixed income funds** (cost: $314,557,000) |  | 317508 |
| Short-term securities 4.69% |  |  |
| State Street Institutional U.S. Government Money Market Fund - Premier Class 4.27% <sup>(a)</sup>  | 99642239 | 99642 |
| **Total short-term securities** (cost: $99,642,000) |  | 99642 |
| Options purchased (equity style) 0.69% |  |  |
| Options purchased (equity style)\* |  | 14515 |
| **Total options purchased** (cost: $22,680,000) |  | 14515 |
| **Total investment securities 100.10**% (cost: $1,904,549,000) |  | 2124975 |
| Other assets less liabilities (0.10)% |  | (2020)<br>|
| **Net assets 100.00%** |  | $2122955 |

---

**\*Options purchased (equity style)**

------

**Equity index options** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Description | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Number of <br> contracts<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Notional <br> amount <br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(000)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Exercise <br> price<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Expiration <br> date<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Value at <br> 6/30/2025 <br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(000)<br>|
| **Put** |  |  |  |  |  |
| S&P 500 Index | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 40 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; USD24,820 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; USD4,225.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9/19/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $26 |
| S&P 500 Index | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 80 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 49640 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4300.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9/19/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 56 |
| S&P 500 Index | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 70 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 43435 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4450.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9/19/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 58 |
| S&P 500 Index | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1365089 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4500.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9/19/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1888 |
| S&P 500 Index | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 120 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 74459 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4125.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12/19/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 226 |
| S&P 500 Index | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 150 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 93074 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4225.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12/19/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 311 |
| S&P 500 Index | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1285 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 797336 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4250.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12/19/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2737 |
| S&P 500 Index | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 310247 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4300.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12/19/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1118 |
| S&P 500 Index | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 120 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 74459 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4325.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12/19/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 274 |
| S&P 500 Index | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 160 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 99279 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4375.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12/19/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 386 |
| S&P 500 Index | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 80 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 49640 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4175.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3/20/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 280 |
| S&P 500 Index | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1830 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1135506 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4275.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3/20/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7155 |
|  |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $14515 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| American Funds Insurance Series | **270** |

---

------

Managed Risk Growth-Income Fund (continued)

**Futures contracts**

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Contracts | Type | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Number of <br> contracts<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Expiration <br> date<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Notional <br> amount <br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(000)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Value and <br> unrealized <br> appreciation <br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(depreciation) <br> at 6/30/2025 <br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(000)<br>|
| S&P 500 E-mini Index Futures | Long | 460 | 9/19/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; USD143,836 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $3205 |

---

**Investments in affiliates** <sup>(b)</sup>

------

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | Value at <br> 1/1/2025 <br> (000)<br>| Additions <br> (000)<br>| Reductions <br> (000)<br>| Net <br> realized <br> gain (loss) <br> (000)<br>| Net <br> unrealized <br> appreciation <br> (depreciation) <br> (000)<br>| Value at <br> 6/30/2025 <br> (000)<br>| Dividend <br> income <br> (000)<br>| Capital gain <br> distributions <br> received <br> (000)<br>|
| **Growth-and-income funds 79.76%** |  |  |  |  |  |  |  |  |
| American Funds Insurance Series – <br> Growth-Income Fund, Class 1 <br>| $1736906 | &nbsp;&nbsp; $409049 | &nbsp;&nbsp; $302039 | &nbsp;&nbsp; $54771 | &nbsp;&nbsp; $(205377)<br>| &nbsp;&nbsp; $1693310 | &nbsp;&nbsp; $4029 | &nbsp;&nbsp; $278792 |
| **Fixed income funds 14.96%** |  |  |  |  |  |  |  |  |
| American Funds Insurance Series – <br> The Bond Fund of America, Class 1 <br>| 325683 | &nbsp;&nbsp; 82741 | &nbsp;&nbsp; 102164 | &nbsp;&nbsp; (557)<br>| &nbsp;&nbsp; 11805 | &nbsp;&nbsp; 317508 | &nbsp;&nbsp; 2800 | &nbsp;&nbsp; — |
| **Total 94.72%** |  |  |  | &nbsp;&nbsp; $54214 | &nbsp;&nbsp; $(193572)<br>| &nbsp;&nbsp; $2010818 | &nbsp;&nbsp; $6829 | &nbsp;&nbsp; $278792 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(a)</sup> Rate represents the seven-day yield at 6/30/2025. <br> <sup>(b)</sup> Part of the same "group of investment companies" as the fund as defined under the Investment Company Act of 1940, as amended.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| |
|:---|
| **Key to abbreviation(s)** |
| USD = U.S. dollars |

---

Refer to the notes to financial statements.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **271** | American Funds Insurance Series |

---

------

Managed Risk Asset Allocation Fund

**Investment portfolio** June 30, 2025unaudited

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| Asset allocation funds 95.10% | Shares | Value<br> (000)<br>|
| American Funds Insurance Series – Asset Allocation Fund, Class 1  | 71278050 | $1858219 |
| **Total asset allocation funds** (cost: $1,681,795,000) |  | 1858219 |
| Short-term securities 4.82% |  |  |
| State Street Institutional U.S. Government Money Market Fund - Premier Class 4.27% <sup>(a)</sup>  | 94150915 | 94151 |
| **Total short-term securities** (cost: $94,151,000) |  | 94151 |
| Options purchased (equity style) 0.15% |  |  |
| Options purchased (equity style)\* |  | 2833 |
| **Total options purchased** (cost: $3,627,000) |  | 2833 |
| **Total investment securities 100.07**% (cost: $1,779,573,000) |  | 1955203 |
| Other assets less liabilities (0.07)% |  | (1334)<br>|
| **Net assets 100.00%** |  | $1953869 |

---

**\*Options purchased (equity style)**

------

**Equity index options** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Description | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Number of <br> contracts<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Notional <br> amount <br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(000)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Exercise <br> price<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Expiration <br> date<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Value at <br> 6/30/2025 <br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(000)<br>|
| **Put** |  |  |  |  |  |
| S&P 500 Index | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 20 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; USD12,410 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; USD4,300.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9/19/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $14 |
| S&P 500 Index | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 20 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12410 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4500.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9/19/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 17 |
| S&P 500 Index | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 18615 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4125.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12/19/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 57 |
| S&P 500 Index | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 35 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 21717 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4225.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12/19/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 72 |
| S&P 500 Index | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 405 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 251300 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4250.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12/19/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 863 |
| S&P 500 Index | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 105 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 65152 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4300.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12/19/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 235 |
| S&P 500 Index | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 18615 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4350.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12/19/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 70 |
| S&P 500 Index | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 385 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 238891 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4275.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3/20/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1505 |
|  |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $2833 |

---

**Futures contracts**

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Contracts | Type | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Number of <br> contracts<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Expiration <br> date<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Notional <br> amount <br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(000)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Value and <br> unrealized <br> appreciation <br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(depreciation) <br> at 6/30/2025 <br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(000)<br>|
| S&P 500 E-mini Index Futures | Long | 81 | 9/19/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; USD25,328 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $638 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| American Funds Insurance Series | **272** |

---

------

Managed Risk Asset Allocation Fund (continued)

**Investments in affiliates** <sup>(b)</sup>

------

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | Value at <br> 1/1/2025 <br> (000)<br>| Additions <br> (000)<br>| Reductions <br> (000)<br>| Net <br> realized <br> gain (loss) <br> (000)<br>| Net <br> unrealized <br> appreciation <br> (depreciation) <br> (000)<br>| Value at <br> 6/30/2025 <br> (000)<br>| Dividend <br> income <br> (000)<br>| Capital gain <br> distributions <br> received <br> (000)<br>|
| **Asset allocation funds 95.10%** |  |  |  |  |  |  |  |  |
| American Funds Insurance Series – <br> Asset Allocation Fund, Class 1 <br>| $1923478 | &nbsp;&nbsp; $243681 | &nbsp;&nbsp; $317008 | &nbsp;&nbsp; $(5123)<br>| &nbsp;&nbsp; $13191 | &nbsp;&nbsp; $1858219 | &nbsp;&nbsp; $8184 | &nbsp;&nbsp; $127660 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(a)</sup> Rate represents the seven-day yield at 6/30/2025. <br> <sup>(b)</sup> Part of the same "group of investment companies" as the fund as defined under the Investment Company Act of 1940, as amended.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| |
|:---|
| **Key to abbreviation(s)** |
| USD = U.S. dollars |

---

Refer to the notes to financial statements.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **273** | American Funds Insurance Series |

---

------

Financial statements unaudited

**Statements of assets and liabilities** at June 30, 2025

(dollars in thousands)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Global** <br> **Growth** <br> **Fund**<br>| **Global** <br> **Small** <br> **Capitalization** <br> **Fund**<br>| **Growth** <br> **Fund**<br>| **International** <br> **Fund**<br>| **New** <br> **World** <br> **Fund**<br>|
| **Assets:** |  |  |  |  |  |
| Investment securities, at value: |  |  |  |  |  |
| Unaffiliated issuers | $8417403 | $2956588 | $50144089 | $6929119 | $3605243 |
| Affiliated issuers | 237566 | 156122 | 1443384 | 330868 | 147681 |
| Cash | 177 | 303 | 335 | 608 | 293 |
| Cash collateral received for securities on loan |  | 2182 | 14037 |  | 478 |
| Cash collateral pledged for futures contracts |  |  |  |  | 150 |
| Cash collateral pledged for swap contracts |  |  |  |  |  |
| Cash denominated in currencies other than U.S. dollars | 510 | 608 | 1254 | 5444 | 1308 |
| Unrealized appreciation on open forward currency contracts |  |  |  |  | 90 |
| Bilateral swaps, at value |  |  |  |  |  |
| Unrealized appreciation on unfunded commitments\* |  |  |  |  |  |
| Receivables for: |  |  |  |  |  |
| Sales of investments |  | 2449 |  | 23471 | 4758 |
| Sales of fund's shares | 4270 | 814 | 35214 | 2867 | 4264 |
| Dividends and interest | 11835 | 4669 | 17251 | 16811 | 9797 |
| Variation margin on futures contracts |  |  |  |  | 22 |
| Variation margin on centrally cleared swap contracts |  |  |  |  |  |
| Variation margin on options (futures style) |  |  |  |  |  |
| Securities lending income | 3 | 33 | 36 | 5 | 3 |
| Other | 424 | 197 | 97 | 810 | 300 |
|  | 8672188 | 3123965 | 51655697 | 7310003 | 3774387 |
| **Liabilities:** |  |  |  |  |  |
| Collateral for securities on loan |  | 21824 | 140364 |  | 4784 |
| Unrealized depreciation on open forward currency contracts |  |  |  |  | 168 |
| Bilateral swaps, at value |  |  |  |  |  |
| Options written, at value |  |  |  |  |  |
| Payables for: |  |  |  |  |  |
| Purchases of investments | 31663 | 5973 | 14198 | 47280 | 10534 |
| Repurchases of fund's shares | 38493 | 10483 | 187437 | 20823 | 6332 |
| Investment advisory services | 2580 | 1465 | 12329 | 2765 | 1514 |
| Insurance administrative fees | 619 | 196 | 3597 | 296 | 525 |
| Services provided by related parties | 1145 | 504 | 6608 | 959 | 437 |
| Trustees' deferred compensation | 124 | 68 | 683 | 195 | 57 |
| Variation margin on futures contracts |  |  |  |  | 2 |
| Variation margin on centrally cleared swap contracts |  |  |  |  |  |
| Variation margin on options (futures style) |  |  |  |  |  |
| Non-U.S. taxes | 6022 | 16925 |  | 28851 | 22200 |
| Other | 90 | 50 | 713 | 130 | 174 |
|  | 80736 | 57488 | 365929 | 101299 | 46727 |
| Commitments and contingencies\* |  |  |  |  |  |
| **Net assets at June 30, 2025** | $8591452 | $3066477 | $51289768 | $7208704 | $3727660 |
| **Net assets consist of:** |  |  |  |  |  |
| Capital paid in on shares of beneficial interest | $4832286 | $2197996 | $19661442 | $5060920 | $2275998 |
| Total distributable earnings (accumulated loss) | 3759166 | 868481 | 31628326 | 2147784 | 1451662 |
| **Net assets at June 30, 2025** | $8591452 | $3066477 | $51289768 | $7208704 | $3727660 |
| Investment securities on loan, at value | $11 | $21033 | $137026 | $— | $7151 |
| Investment securities, at cost |  |  |  |  |  |
| Unaffiliated issuers | 4879530 | 2155395 | 20971807 | 5063863 | 2264412 |
| Affiliated issuers | 237553 | 156110 | 1443194 | 330857 | 147673 |
| Cash denominated in currencies other than U.S. dollars, at cost | 510 | 608 | 1254 | 5444 | 1307 |
| Premiums received on options written |  |  |  |  |  |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Refer to the end of the statements of assets and liabilities for footnote(s).

Refer to the notes to financial statements.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| American Funds Insurance Series | **274** |

---

------

Financial statements (continued) unaudited

**Statements of assets and liabilities** at June 30, 2025 (continued)

(dollars in thousands)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Washington** <br> **Mutual** <br> **Investors** <br> **Fund**<br>| **U.S. Small and** <br> **Mid** <br> **Cap Equity** <br> **Fund**<br>| **Capital** <br> **World Growth** <br> **and Income** <br> **Fund**<br>| **Growth-** <br> **Income** <br> **Fund**<br>| **International** <br> **Growth** <br> **and Income** <br> **Fund**<br>|
| **Assets:** |  |  |  |  |  |
| Investment securities, at value: |  |  |  |  |  |
| Unaffiliated issuers | $11287736 | $15216 | $1931702 | $40992508 | $380489 |
| Affiliated issuers | 366782 | 510 | 76286 | 1643318 | 15675 |
| Cash | 336 | 50 | 121 | 201 | 36 |
| Cash collateral received for securities on loan | 1 |  | 899 |  | 94 |
| Cash collateral pledged for futures contracts |  |  |  |  |  |
| Cash collateral pledged for swap contracts |  |  |  |  |  |
| Cash denominated in currencies other than U.S. dollars | 4 |  | 627 | 2042 | 256 |
| Unrealized appreciation on open forward currency contracts |  |  |  |  |  |
| Bilateral swaps, at value |  |  |  |  |  |
| Unrealized appreciation on unfunded commitments\* |  |  |  |  |  |
| Receivables for: |  |  |  |  |  |
| Sales of investments | 19690 |  | 3968 |  | 621 |
| Sales of fund's shares | 6995 | 16 | 2215 | 6034 | 627 |
| Dividends and interest | 14672 | 12 | 4292 | 42203 | 1442 |
| Variation margin on futures contracts |  |  |  |  |  |
| Variation margin on centrally cleared swap contracts |  |  |  |  |  |
| Variation margin on options (futures style) |  |  |  |  |  |
| Securities lending income | 11 | — <br><sup>†</sup><br>| 1 | 10 | 2 |
| Other | 1 |  | 272 | 440 | 56 |
|  | 11696228 | 15804 | 2020383 | 42686756 | 399298 |
| **Liabilities:** |  |  |  |  |  |
| Collateral for securities on loan | 5 | 7 | 8988 |  | 937 |
| Unrealized depreciation on open forward currency contracts |  |  |  |  |  |
| Bilateral swaps, at value |  |  |  |  |  |
| Options written, at value |  |  |  |  |  |
| Payables for: |  |  |  |  |  |
| Purchases of investments | 9997 | 36 | 5744 | 25347 | 729 |
| Repurchases of fund's shares | 9657 | — <br><sup>†</sup><br>| 5926 | 82681 | 902 |
| Investment advisory services | 2096 | 6 | 601 | 8480 | 152 |
| Insurance administrative fees | 1177 | — <br><sup>†</sup><br>| 182 | 1699 | 114 |
| Services provided by related parties | 1296 |  | 324 | 4431 | 81 |
| Trustees' deferred compensation | 153 | — <br><sup>†</sup><br>| 33 | 704 | 14 |
| Variation margin on futures contracts |  |  |  |  |  |
| Variation margin on centrally cleared swap contracts |  |  |  |  |  |
| Variation margin on options (futures style) |  |  |  |  |  |
| Non-U.S. taxes | 154 |  | 863 | 1045 | 253 |
| Other | 4 | — <br><sup>†</sup><br>| 18 | 52 | 51 |
|  | 24539 | 49 | 22679 | 124439 | 3233 |
| Commitments and contingencies\* |  |  |  |  |  |
| **Net assets at June 30, 2025** | $11671689 | $15755 | $1997704 | $42562317 | $396065 |
| **Net assets consist of:** |  |  |  |  |  |
| Capital paid in on shares of beneficial interest | $6758521 | $15085 | $1120609 | $22041672 | $309180 |
| Total distributable earnings (accumulated loss) | 4913168 | 670 | 877095 | 20520645 | 86885 |
| **Net assets at June 30, 2025** | $11671689 | $15755 | $1997704 | $42562317 | $396065 |
| Investment securities on loan, at value | $4 | $7 | $8902 | $— | $891 |
| Investment securities, at cost |  |  |  |  |  |
| Unaffiliated issuers | 6918368 | 14602 | 1157926 | 22366500 | 275220 |
| Affiliated issuers | 366732 | 510 | 76280 | 1557595 | 15673 |
| Cash denominated in currencies other than U.S. dollars, at cost | 4 |  | 627 | 2042 | 256 |
| Premiums received on options written |  |  |  |  |  |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Refer to the end of the statements of assets and liabilities for footnote(s).

Refer to the notes to financial statements.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **275** | American Funds Insurance Series |

---

------

Financial statements (continued) unaudited

**Statements of assets and liabilities** at June 30, 2025 (continued)

(dollars in thousands)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Capital** <br> **Income** <br> **Builder**<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br> **Asset** <br> **Allocation** <br> **Fund**<br>| **American** <br> **Funds** <br> **Global** <br> **Balanced** <br> **Fund**<br>| **The Bond** <br> **Fund** <br> **of America**<br>| **Capital** <br> **World Bond** <br> **Fund**<br>|
| **Assets:** |  |  |  |  |  |
| Investment securities, at value: |  |  |  |  |  |
| Unaffiliated issuers | $1415891 | $26082288 | $394091 | $10443773 | $1419926 |
| Affiliated issuers | 147304 | 2096328 | 25703 | 745797 | 56565 |
| Cash | 837 | 733 | 46 | 144 | 88 |
| Cash collateral received for securities on loan | 1754 | 235 | 154 |  |  |
| Cash collateral pledged for futures contracts |  |  |  |  |  |
| Cash collateral pledged for swap contracts |  |  |  |  |  |
| Cash denominated in currencies other than U.S. dollars | 207 | 404 | 342 | 242 | 1005 |
| Unrealized appreciation on open forward currency contracts |  |  | 280 | 637 | 3338 |
| Bilateral swaps, at value |  |  | 60 | 2806 | 522 |
| Unrealized appreciation on unfunded commitments\* |  | 2 |  |  | — <br><sup>†</sup><br>|
| Receivables for: |  |  |  |  |  |
| Sales of investments | 32413 | 1054925 | 3625 | 580724 | 523 |
| Sales of fund's shares | 18606 | 6351 | 436 | 39402 | 2634 |
| Dividends and interest | 5662 | 81500 | 2051 | 84545 | 14704 |
| Variation margin on futures contracts | 248 | 3148 | 102 | 8173 | 1130 |
| Variation margin on centrally cleared swap contracts | 6 |  | 23 | 223 | 218 |
| Variation margin on options (futures style) |  |  | 9 |  | 77 |
| Securities lending income | 3 | 22 | — <br><sup>†</sup><br>|  |  |
| Other | 179 | 719 | 61 | 61 | 465 |
|  | 1623110 | 29326655 | 426983 | 11906527 | 1501195 |
| **Liabilities:** |  |  |  |  |  |
| Collateral for securities on loan | 17540 | 2353 | 1545 |  |  |
| Unrealized depreciation on open forward currency contracts |  |  | 601 | 2964 | 3277 |
| Bilateral swaps, at value |  |  | 284 | 1761 | 3690 |
| Options written, at value |  |  |  |  | 12 |
| Payables for: |  |  |  |  |  |
| Purchases of investments | 36269 | 1593478 | 4947 | 924089 | 18908 |
| Repurchases of fund's shares | 1300 | 39578 | 418 | 6595 | 1783 |
| Investment advisory services | 284 | 5882 | 143 | 1795 | 514 |
| Insurance administrative fees | 431 | 4051 | 99 | 913 | 62 |
| Services provided by related parties | 184 | 2924 | 73 | 1074 | 206 |
| Trustees' deferred compensation | 15 | 431 | 6 | 178 | 32 |
| Variation margin on futures contracts | 17 | 1321 | 33 | 463 | 346 |
| Variation margin on centrally cleared swap contracts | 18 | 234 | 14 | 1126 | 230 |
| Variation margin on options (futures style) |  |  | 7 |  | 58 |
| Non-U.S. taxes | 717 | 800 | 182 |  | 20 |
| Other | 12 | 22 | 42 | 6 | 103 |
|  | 56787 | 1651074 | 8394 | 940964 | 29241 |
| Commitments and contingencies\* |  |  |  |  |  |
| **Net assets at June 30, 2025** | $1566323 | $27675581 | $418589 | $10965563 | $1471954 |
| **Net assets consist of:** |  |  |  |  |  |
| Capital paid in on shares of beneficial interest | $1157379 | $18236532 | $331978 | $12407733 | $1667643 |
| Total distributable earnings (accumulated loss) | 408944 | 9439049 | 86611 | (1442170)<br>| (195689)<br>|
| **Net assets at June 30, 2025** | $1566323 | $27675581 | $418589 | $10965563 | $1471954 |
| Investment securities on loan, at value | $16714 | $2306 | $1472 | $— | $— |
| Investment securities, at cost |  |  |  |  |  |
| Unaffiliated issuers | 1052673 | 18416741 | 317156 | 10550966 | 1430793 |
| Affiliated issuers | 150264 | 2120361 | 25449 | 745710 | 54976 |
| Cash denominated in currencies other than U.S. dollars, at cost | 210 | 427 | 341 | 238 | 1005 |
| Premiums received on options written |  |  | 13 |  | 121 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Refer to the end of the statements of assets and liabilities for footnote(s).

Refer to the notes to financial statements.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| American Funds Insurance Series | **276** |

---

------

Financial statements (continued) unaudited

**Statements of assets and liabilities** at June 30, 2025 (continued)

(dollars in thousands)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **American** <br> **High-Income** <br> **Trust**<br>| **American** <br> **Funds** <br> **Mortgage** <br> **Fund**<br>| **Ultra-Short** <br> **Bond Fund**<br>| **U.S.** <br> **Government** <br> **Securities** <br> **Fund**<br>| **Managed** <br> **Risk** <br> **Growth** <br> **Fund**<br>|
| **Assets:** |  |  |  |  |  |
| Investment securities, at value: |  |  |  |  |  |
| Unaffiliated issuers | $941867 | $132312 | $328734 | $1888566 | $27085 |
| Affiliated issuers | 45169 |  |  |  | 493877 |
| Cash | 493 | 148 | 106 | 2239 |  |
| Cash collateral received for securities on loan |  |  |  |  |  |
| Cash collateral pledged for futures contracts | 257 |  |  |  | 967 |
| Cash collateral pledged for swap contracts | 1348 |  |  |  |  |
| Cash denominated in currencies other than U.S. dollars | 2 |  |  |  |  |
| Unrealized appreciation on open forward currency contracts |  |  |  |  |  |
| Bilateral swaps, at value |  |  |  |  |  |
| Unrealized appreciation on unfunded commitments\* | 2 |  |  |  |  |
| Receivables for: |  |  |  |  |  |
| Sales of investments | 897 | 19309 |  | 198469 | 1981 |
| Sales of fund's shares | 1131 | 536 | 71 | 8809 | 40 |
| Dividends and interest | 14530 | 455 |  | 10099 | 79 |
| Variation margin on futures contracts | 18 | 74 |  | 1211 | 92 |
| Variation margin on centrally cleared swap contracts |  | 1 |  | 546 |  |
| Variation margin on options (futures style) |  |  |  |  |  |
| Securities lending income |  |  |  |  |  |
| Other | 5 | 1 |  |  |  |
|  | 1005719 | 152836 | 328911 | 2109939 | 524121 |
| **Liabilities:** |  |  |  |  |  |
| Collateral for securities on loan |  |  |  |  |  |
| Unrealized depreciation on open forward currency contracts |  |  |  |  |  |
| Bilateral swaps, at value |  |  |  |  |  |
| Options written, at value |  |  |  |  |  |
| Payables for: |  |  |  |  |  |
| Purchases of investments | 8748 | 34514 |  | 287995 | 2850 |
| Repurchases of fund's shares | 1378 | 80 | 4484 | 2734 | 829 |
| Investment advisory services | 229 | 21 | 70 | 315 | 42 |
| Insurance administrative fees | 117 | 36 | 46 | 320 | 304 |
| Services provided by related parties | 175 | 22 | 69 | 302 | 99 |
| Trustees' deferred compensation | 33 | 4 | 12 | 48 | 6 |
| Variation margin on futures contracts | 9 | 8 |  | 104 | 46 |
| Variation margin on centrally cleared swap contracts | 91 | 10 |  | 742 |  |
| Variation margin on options (futures style) |  |  |  |  |  |
| Non-U.S. taxes |  |  |  |  |  |
| Other |  |  |  | 1 |  |
|  | 10780 | 34695 | 4681 | 292561 | 4176 |
| Commitments and contingencies\* |  |  |  |  |  |
| **Net assets at June 30, 2025** | $994939 | $118141 | $324230 | $1817378 | $519945 |
| **Net assets consist of:** |  |  |  |  |  |
| Capital paid in on shares of beneficial interest | $1276070 | $128755 | $317685 | $2060022 | $436834 |
| Total distributable earnings (accumulated loss) | (281131)<br>| (10614)<br>| 6545 | (242644)<br>| 83111 |
| **Net assets at June 30, 2025** | $994939 | $118141 | $324230 | $1817378 | $519945 |
| Investment securities on loan, at value | $— | $— | $— | $— | $— |
| Investment securities, at cost |  |  |  |  |  |
| Unaffiliated issuers | 925675 | 132614 | 328764 | 1920972 | 27757 |
| Affiliated issuers | 45164 |  |  |  | 376228 |
| Cash denominated in currencies other than U.S. dollars, at cost | 2 |  |  |  |  |
| Premiums received on options written |  |  |  |  |  |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Refer to the end of the statements of assets and liabilities for footnote(s).

Refer to the notes to financial statements.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **277** | American Funds Insurance Series |

---

------

Financial statements (continued) unaudited

**Statements of assets and liabilities** at June 30, 2025 (continued)

(dollars in thousands)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Managed** <br> **Risk** <br> **International** <br> **Fund**<br>| **Managed Risk** <br> **Washington** <br> **Mutual** <br> **Investors** <br> **Fund**<br>| **Managed** <br> **Risk** <br> **Growth-** <br> **Income** <br> **Fund**<br>| **Managed** <br> **Risk** <br> **Asset** <br> **Allocation** <br> **Fund**<br>|
| **Assets:** |  |  |  |  |
| Investment securities, at value: |  |  |  |  |
| Unaffiliated issuers | $5189 | $15864 | $114157 | $96984 |
| Affiliated issuers | 108264 | 302153 | 2010818 | 1858219 |
| Cash |  |  |  |  |
| Cash collateral received for securities on loan |  |  |  |  |
| Cash collateral pledged for futures contracts | 673 | 722 | 6046 | 1606 |
| Cash collateral pledged for swap contracts |  |  |  |  |
| Cash denominated in currencies other than U.S. dollars |  |  |  |  |
| Unrealized appreciation on open forward currency contracts |  |  |  |  |
| Bilateral swaps, at value |  |  |  |  |
| Unrealized appreciation on unfunded commitments\* |  |  |  |  |
| Receivables for: |  |  |  |  |
| Sales of investments | 593 | 585 | 13194 | 2675 |
| Sales of fund's shares | 7 | 6 | 22 | 162 |
| Dividends and interest | 18 | 53 | 357 | 347 |
| Variation margin on futures contracts | — <br><sup>†</sup><br>| 112 | 1112 | 234 |
| Variation margin on centrally cleared swap contracts |  |  |  |  |
| Variation margin on options (futures style) |  |  |  |  |
| Securities lending income |  |  |  |  |
| Other |  |  |  |  |
|  | 114744 | 319495 | 2145706 | 1960227 |
| **Liabilities:** |  |  |  |  |
| Collateral for securities on loan |  |  |  |  |
| Unrealized depreciation on open forward currency contracts |  |  |  |  |
| Bilateral swaps, at value |  |  |  |  |
| Options written, at value |  |  |  |  |
| Payables for: |  |  |  |  |
| Purchases of investments | 502 | 800 | 13902 | 1501 |
| Repurchases of fund's shares | 60 | 292 | 6786 | 2977 |
| Investment advisory services | 9 | 26 | 171 | 158 |
| Insurance administrative fees | 68 | 190 | 1257 | 1177 |
| Services provided by related parties | 22 | 62 | 53 | 390 |
| Trustees' deferred compensation | 2 | 5 | 26 | 38 |
| Variation margin on futures contracts |  | 56 | 556 | 117 |
| Variation margin on centrally cleared swap contracts |  |  |  |  |
| Variation margin on options (futures style) |  |  |  |  |
| Non-U.S. taxes |  |  |  |  |
| Other |  |  |  |  |
|  | 663 | 1431 | 22751 | 6358 |
| Commitments and contingencies\* |  |  |  |  |
| **Net assets at June 30, 2025** | $114081 | $318064 | $2122955 | $1953869 |
| **Net assets consist of:** |  |  |  |  |
| Capital paid in on shares of beneficial interest | $139237 | $288277 | $1694131 | $1732385 |
| Total distributable earnings (accumulated loss) | (25156)<br>| 29787 | 428824 | 221484 |
| **Net assets at June 30, 2025** | $114081 | $318064 | $2122955 | $1953869 |
| Investment securities on loan, at value | $— | $— | $— | $— |
| Investment securities, at cost |  |  |  |  |
| Unaffiliated issuers | 5426 | 16638 | 122322 | 97778 |
| Affiliated issuers | 87766 | 242340 | 1782227 | 1681795 |
| Cash denominated in currencies other than U.S. dollars, at cost |  |  |  |  |
| Premiums received on options written |  |  |  |  |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Refer to the end of the statements of assets and liabilities for footnote(s).

Refer to the notes to financial statements.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| American Funds Insurance Series | **278** |

---

------

Financial statements (continued) unaudited

**Statements of assets and liabilities** at June 30, 2025 (continued)

(dollars and shares in thousands, except per-share amounts)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  |  | **Global** <br> **Growth** <br> **Fund**<br>| **Global** <br> **Small** <br> **Capitalization** <br> **Fund**<br>| **Growth** <br> **Fund**<br>| **International** <br> **Fund**<br>| **New** <br> **World** <br> **Fund**<br>|
| Shares of beneficial interest issued and outstanding <br> (no stated par value) — unlimited shares authorized | Shares of beneficial interest issued and outstanding <br> (no stated par value) — unlimited shares authorized |  |  |  |  |  |
| **Class 1:** | Net assets | $3826307 | $885004 | $23219776 | $3273585 | $1963422 |
|  | Shares outstanding | 106790 | 46087 | 179874 | 163697 | 66495 |
|  | Net asset value per share | $35.83 | $19.20 | $129.09 | $20.00 | $29.53 |
| **Class 1A:** | Net assets | $23541 | $6080 | $394214 | $14290 | $12395 |
|  | Shares outstanding | 662 | 322 | 3092 | 719 | 423 |
|  | Net asset value per share | $35.56 | $18.89 | $127.48 | $19.87 | $29.34 |
| **Class 2:** | Net assets | $3658494 | $1785308 | $21211228 | $3398928 | $851450 |
|  | Shares outstanding | 103962 | 99231 | 166854 | 170971 | 29249 |
|  | Net asset value per share | $35.19 | $17.99 | $127.12 | $19.88 | $29.11 |
| **Class 3:** | Net assets |  |  | $286572 | $15420 |  |
|  | Shares outstanding | Not applicable | Not applicable | 2195 | 769 | Not applicable |
|  | Net asset value per share |  |  | $130.57 | $20.06 |  |
| **Class 4:** | Net assets | $1083110 | $390085 | $6177978 | $506481 | $900393 |
|  | Shares outstanding | 31244 | 21761 | 50128 | 25929 | 31253 |
|  | Net asset value per share | $34.67 | $17.93 | $123.24 | $19.53 | $28.81 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  |  | **Washington** <br> **Mutual** <br> **Investors** <br> **Fund**<br>| **U.S. Small and** <br> **Mid** <br> **Cap Equity** <br> **Fund**<br>| **Capital** <br> **World Growth** <br> **and Income** <br> **Fund**<br>| **Growth-** <br> **Income** <br> **Fund**<br>| **International** <br> **Growth** <br> **and Income** <br> **Fund**<br>|
| Shares of beneficial interest issued and outstanding <br> (no stated par value) — unlimited shares authorized | Shares of beneficial interest issued and outstanding <br> (no stated par value) — unlimited shares authorized |  |  |  |  |  |
| **Class 1:** | Net assets | $6487868 | $10 | $611606 | $25261729 | $31530 |
|  | Shares outstanding | 379415 | 1 | 36247 | 404854 | 2559 |
|  | Net asset value per share | $17.10 | $10.45 | $16.87 | $62.40 | $12.32 |
| **Class 1A:** | Net assets | $34514 | $10 | $10701 | $47962 | $7639 |
|  | Shares outstanding | 2030 | 1 | 639 | 776 | 639 |
|  | Net asset value per share | $17.00 | $10.45 | $16.75 | $61.80 | $11.96 |
| **Class 2:** | Net assets | $3097649 | $11 | $1060266 | $14111614 | $164143 |
|  | Shares outstanding | 185220 | 1 | 63087 | 231203 | 13720 |
|  | Net asset value per share | $16.72 | $10.45 | $16.81 | $61.04 | $11.96 |
| **Class 3:** | Net assets |  |  |  | $154690 |  |
|  | Shares outstanding | Not applicable | Not applicable | Not applicable | 2474 | Not applicable |
|  | Net asset value per share |  |  |  | $62.54 |  |
| **Class 4:** | Net assets | $2051658 | $15724 | $315131 | $2986322 | $192753 |
|  | Shares outstanding | 124370 | 1505 | 19301 | 50082 | 16407 |
|  | Net asset value per share | $16.50 | $10.45 | $16.33 | $59.63 | $11.75 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Refer to the end of the statements of assets and liabilities for footnote(s).

Refer to the notes to financial statements.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **279** | American Funds Insurance Series |

---

------

Financial statements (continued) unaudited

**Statements of assets and liabilities** at June 30, 2025 (continued)

(dollars and shares in thousands, except per-share amounts)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  |  | **Capital** <br> **Income** <br> **Builder**<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br> **Asset** <br> **Allocation** <br> **Fund**<br>| **American** <br> **Funds** <br> **Global** <br> **Balanced** <br> **Fund**<br>| **The Bond** <br> **Fund** <br> **of America**<br>| **Capital** <br> **World Bond** <br> **Fund**<br>|
| Shares of beneficial interest issued and outstanding <br> (no stated par value) — unlimited shares authorized | Shares of beneficial interest issued and outstanding <br> (no stated par value) — unlimited shares authorized |  |  |  |  |  |
| **Class 1:** | Net assets | $793538 | $16240337 | $96777 | $6713270 | $619493 |
|  | Shares outstanding | 57708 | 622968 | 7093 | 700832 | 59346 |
|  | Net asset value per share | $13.75 | $26.07 | $13.64 | $9.58 | $10.44 |
| **Class 1A:** | Net assets | $13755 | $44955 | $4073 | $259363 | $26030 |
|  | Shares outstanding | 1002 | 1737 | 301 | 27296 | 2519 |
|  | Net asset value per share | $13.73 | $25.87 | $13.54 | $9.50 | $10.33 |
| **Class 2:** | Net assets | $20266 | $4400629 | $149204 | $2710252 | $754851 |
|  | Shares outstanding | 1475 | 171759 | 11005 | 287705 | 73192 |
|  | Net asset value per share | $13.74 | $25.62 | $13.56 | $9.42 | $10.31 |
| **Class 3:** | Net assets |  | $33494 |  |  |  |
|  | Shares outstanding | Not applicable | 1284 | Not applicable | Not applicable | Not applicable |
|  | Net asset value per share |  | $26.09 |  |  |  |
| **Class 4:** | Net assets | $738764 | $6956166 | $168535 | $1282678 | $71580 |
|  | Shares outstanding | 53861 | 274415 | 12672 | 137094 | 7060 |
|  | Net asset value per share | $13.72 | $25.35 | $13.30 | $9.36 | $10.14 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  |  | **American** <br> **High-Income** <br> **Trust**<br>| **American** <br> **Funds** <br> **Mortgage** <br> **Fund**<br>| **Ultra-Short** <br> **Bond Fund**<br>| **U.S.** <br> **Government** <br> **Securities** <br> **Fund**<br>| **Managed** <br> **Risk** <br> **Growth** <br> **Fund**<br>|
| Shares of beneficial interest issued and outstanding <br> (no stated par value) — unlimited shares authorized | Shares of beneficial interest issued and outstanding <br> (no stated par value) — unlimited shares authorized |  |  |  |  |  |
| **Class 1:** | Net assets | $248752 | $17791 | $34289 | $269845 |  |
|  | Shares outstanding | 26289 | 1879 | 2993 | 27050 | Not applicable |
|  | Net asset value per share | $9.46 | $9.47 | $11.46 | $9.98 |  |
| **Class 1A:** | Net assets | $3290 | $3037 | $127 | $276893 |  |
|  | Shares outstanding | 350 | 325 | 11 | 27940 | Not applicable |
|  | Net asset value per share | $9.41 | $9.33 | $11.44 | $9.91 |  |
| **Class 2:** | Net assets | $534801 | $41346 | $227700 | $1029394 |  |
|  | Shares outstanding | 58049 | 4418 | 20602 | 104700 | Not applicable |
|  | Net asset value per share | $9.21 | $9.36 | $11.05 | $9.83 |  |
| **Class 3:** | Net assets | $8031 |  | $3782 | $5264 |  |
|  | Shares outstanding | 844 | Not applicable | 338 | 526 | Not applicable |
|  | Net asset value per share | $9.51 |  | $11.21 | $10.00 |  |
| **Class 4:** | Net assets | $200065 | $55967 | $58332 | $235982 |  |
|  | Shares outstanding | 19314 | 6068 | 5249 | 24059 | Not applicable |
|  | Net asset value per share | $10.36 | $9.22 | $11.11 | $9.81 |  |
| **Class P1:** | Net assets |  |  |  |  | $13806 |
|  | Shares outstanding | Not applicable | Not applicable | Not applicable | Not applicable | 1031 |
|  | Net asset value per share |  |  |  |  | $13.39 |
| **Class P2:** | Net assets |  |  |  |  | $506139 |
|  | Shares outstanding | Not applicable | Not applicable | Not applicable | Not applicable | 38220 |
|  | Net asset value per share |  |  |  |  | $13.24 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Refer to the end of the statements of assets and liabilities for footnote(s).

Refer to the notes to financial statements.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| American Funds Insurance Series | **280** |

---

------

Financial statements (continued) unaudited

**Statements of assets and liabilities** at June 30, 2025 (continued)

(dollars and shares in thousands, except per-share amounts)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  |  | **Managed** <br> **Risk** <br> **International** <br> **Fund**<br>| **Managed Risk** <br> **Washington** <br> **Mutual** <br> **Investors** <br> **Fund**<br>| **Managed** <br> **Risk** <br> **Growth-** <br> **Income** <br> **Fund**<br>| **Managed** <br> **Risk** <br> **Asset** <br> **Allocation** <br> **Fund**<br>|
| Shares of beneficial interest issued and outstanding <br> (no stated par value) — unlimited shares authorized | Shares of beneficial interest issued and outstanding <br> (no stated par value) — unlimited shares authorized |  |  |  |  |
| **Class P1:** | Net assets | $1954 | $2740 | $1855636 | $12050 |
|  | Shares outstanding | 233 | 226 | 131460 | 946 |
|  | Net asset value per share | $8.40 | $12.11 | $14.12 | $12.74 |
| **Class P2:** | Net assets | $112127 | $315324 | $267319 | $1941819 |
|  | Shares outstanding | 13401 | 26237 | 19091 | 157980 |
|  | Net asset value per share | $8.37 | $12.02 | $14.00 | $12.29 |

---

\*

Refer to Note 5 for further information on unfunded commitments and refer to Note 7 for further information on expense recoupment.

<sup>†</sup>

Amount less than one thousand.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Refer to the notes to financial statements.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **281** | American Funds Insurance Series |

---

------

Financial statements (continued) unaudited

**Statements of operations** for the six months ended June 30, 2025

(dollars in thousands)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Global** <br> **Growth** <br> **Fund**<br>| **Global** <br> **Small** <br> **Capitalization** <br> **Fund**<br>| **Growth** <br> **Fund**<br>| **International** <br> **Fund**<br>| **New** <br> **World** <br> **Fund**<br>|
| **Investment income:** |  |  |  |  |  |
| Income (net of non-U.S. taxes<sup>\*</sup>): |  |  |  |  |  |
| Dividends: |  |  |  |  |  |
| Unaffiliated issuers | $78930 | $22148 | $127325 | $103236 | $40021 |
| Affiliated issuers |  | 2399 | 28944 | 6773 | 2879 |
|  | 78930 | 24547 | 156269 | 110009 | 42900 |
| Interest from unaffiliated issuers | 322 | 544 | 47 | 326 | 5531 |
| Securities lending income (net of fees) | 24 | 170 | 101 | 30 | 33 |
|  | 79276 | 25261 | 156417 | 110365 | 48464 |
| Fees and expenses\*: |  |  |  |  |  |
| Investment advisory services | 18949 | 9266 | 71060 | 16287 | 9926 |
| Distribution services | 5501 | 2468 | 31424 | 4641 | 2023 |
| Insurance administrative services | 1233 | 392 | 7157 | 592 | 1046 |
| Transfer agent services | 1 | — <br><sup>†</sup><br>| 5 | 1 | — <br><sup>†</sup><br>|
| Administrative services | 1197 | 430 | 7012 | 1022 | 516 |
| Accounting and administrative services |  |  |  |  |  |
| Reports to shareholders | 32 | 15 | 216 | 27 | 10 |
| Registration statement and prospectus | 10 | 4 | 74 | 11 | 4 |
| Trustees' compensation | 14 | 5 | 81 | 12 | 6 |
| Auditing and legal | 18 | 38 | 45 | 23 | 16 |
| Custodian | 340 | 210 | 358 | 480 | 564 |
| Other | 5 | 22 | 24 | 4 | 25 |
| Total fees and expenses before waivers and/or reimbursements | 27300 | 12850 | 117456 | 23100 | 14136 |
| Less waivers and/or reimbursements of fees and expenses: |  |  |  |  |  |
| Investment advisory services waivers | 4251 | 622 |  |  | 1204 |
| Miscellaneous fee reimbursement |  |  |  |  |  |
| Total waivers and/or reimbursements of fees and expenses | 4251 | 622 |  |  | 1204 |
| Total fees and expenses after waivers and/or reimbursements | 23049 | 12228 | 117456 | 23100 | 12932 |
| Net investment income | 56227 | 13033 | 38961 | 87265 | 35532 |
| **Net realized gain (loss) and unrealized appreciation** <br> **(depreciation):**<br>|  |  |  |  |  |
| Net realized gain (loss)\* on: |  |  |  |  |  |
| Investments in: |  |  |  |  |  |
| Unaffiliated issuers | 212755 | 98985 | 2508111 | 442791 | 117197 |
| Affiliated issuers | (41)<br>| 2156 | (73)<br>| (59)<br>| (15)<br>|
| Options purchased (futures style) |  |  |  |  |  |
| Options written |  |  |  |  |  |
| Futures contracts |  |  |  |  | 50 |
| Forward currency contracts |  |  |  |  | (253)<br>|
| Swap contracts |  |  |  |  | (88)<br>|
| Currency transactions | (1087)<br>| 51 | 454 | 2634 | (175)<br>|
| Capital gain distributions received from affiliated issuers |  |  |  |  |  |
|  | 211627 | 101192 | 2508492 | 445366 | 116716 |
| Net unrealized appreciation (depreciation)\* on: |  |  |  |  |  |
| Investments in: |  |  |  |  |  |
| Unaffiliated issuers | 616756 | 126975 | 2234698 | 259557 | 355998 |
| Affiliated issuers | (39)<br>| (12779)<br>| (7)<br>| (34)<br>| (8)<br>|
| Options purchased (futures style) |  |  |  |  |  |
| Options written |  |  |  |  |  |
| Futures contracts |  |  |  |  | 50 |
| Forward currency contracts |  |  |  |  | (158)<br>|
| Swap contracts |  |  |  |  | 104 |
| Currency translations | 501 | 219 | 142 | 1164 | 458 |
|  | 617218 | 114415 | 2234833 | 260687 | 356444 |
| Net realized gain (loss) and unrealized appreciation <br> (depreciation)<br>| 828845 | 215607 | 4743325 | 706053 | 473160 |
| **Net increase (decrease) in net assets resulting from operations** | $885072 | $228640 | $4782286 | $793318 | $508692 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Refer to the end of the statements of operations for footnote(s).

Refer to the notes to financial statements.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| American Funds Insurance Series | **282** |

---

------

Financial statements (continued) unaudited

**Statements of operations** for the six months ended June 30, 2025 (continued)

(dollars in thousands)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Washington** <br> **Mutual** <br> **Investors** <br> **Fund**<br>| **U.S. Small** <br> **and Mid** <br> **Cap Equity** <br> **Fund**<br>| **Capital** <br> **World Growth** <br> **and Income** <br> **Fund**<br>| **Growth-** <br> **Income** <br> **Fund**<br>| **International** <br> **Growth** <br> **and Income** <br> **Fund**<br>|
| **Investment income:** |  |  |  |  |  |
| Income (net of non-U.S. taxes<sup>\*</sup>): |  |  |  |  |  |
| Dividends: |  |  |  |  |  |
| Unaffiliated issuers | $105376 | $85 | $22810 | $272732 | $7423 |
| Affiliated issuers | 7099 | 7 | 1606 | 37275 | 272 |
|  | 112475 | 92 | 24416 | 310007 | 7695 |
| Interest from unaffiliated issuers | 14 | 1 | 80 | 83 | 2 |
| Securities lending income (net of fees) | 66 | 1 | 8 | 29 | 5 |
|  | 112555 | 94 | 24504 | 310119 | 7702 |
| Fees and expenses\*: |  |  |  |  |  |
| Investment advisory services | 20532 | 33 | 4458 | 49976 | 841 |
| Distribution services | 5985 | — <br><sup>†</sup><br>| 1600 | 20214 | 403 |
| Insurance administrative services | 2337 | — <br><sup>†</sup><br>| 361 | 3435 | 218 |
| Transfer agent services | 1 |  | — <br><sup>†</sup><br>| 5 | — <br><sup>†</sup><br>|
| Administrative services | 1647 | 2 | 282 | 6001 | 53 |
| Accounting and administrative services |  |  |  |  |  |
| Reports to shareholders | 11 | 2 | 5 | 186 | 6 |
| Registration statement and prospectus | 6 | 2 | 1 | 64 | — <br><sup>†</sup><br>|
| Trustees' compensation | 19 | — <br><sup>†</sup><br>| 4 | 69 | — <br><sup>†</sup><br>|
| Auditing and legal | 24 | 21 | 15 | 41 | 14 |
| Custodian | 111 | — <br><sup>†</sup><br>| 69 | 150 | 34 |
| Other | 6 | — <br><sup>†</sup><br>| 1 | 22 | — <br><sup>†</sup><br>|
| Total fees and expenses before waivers and/or reimbursements | 30679 | 60 | 6796 | 80163 | 1569 |
| Less waivers and/or reimbursements of fees and expenses: |  |  |  |  |  |
| Investment advisory services waivers | 7873 |  | 939 |  |  |
| Miscellaneous fee reimbursement |  | 21 |  |  |  |
| Total waivers and/or reimbursements of fees and expenses | 7873 | 21 | 939 |  |  |
| Total fees and expenses after waivers and/or reimbursements | 22806 | 39 | 5857 | 80163 | 1569 |
| Net investment income | 89749 | 55 | 18647 | 229956 | 6133 |
| **Net realized gain (loss) and unrealized appreciation** <br> **(depreciation):**<br>|  |  |  |  |  |
| Net realized gain (loss)\* on: |  |  |  |  |  |
| Investments in: |  |  |  |  |  |
| Unaffiliated issuers | 466620 | 1 | 94134 | 1545351 | 3484 |
| Affiliated issuers | (31)<br>| — <br><sup>†</sup><br>| (8)<br>| 6213 | — <br><sup>†</sup><br>|
| Options purchased (futures style) |  |  |  |  |  |
| Options written |  |  |  |  |  |
| Futures contracts |  |  |  |  |  |
| Forward currency contracts |  |  |  |  | (19)<br>|
| Swap contracts |  |  |  |  |  |
| Currency transactions | (10)<br>|  | 146 | (671)<br>| 26 |
| Capital gain distributions received from affiliated issuers |  |  |  |  |  |
|  | 466579 | 1 | 94272 | 1550893 | 3491 |
| Net unrealized appreciation (depreciation)\* on: |  |  |  |  |  |
| Investments in: |  |  |  |  |  |
| Unaffiliated issuers | 422904 | 1052 | 120534 | 1519959 | 58509 |
| Affiliated issuers | (37)<br>| — <br><sup>†</sup><br>| (2)<br>| (101573)<br>| (1)<br>|
| Options purchased (futures style) |  |  |  |  |  |
| Options written |  |  |  |  |  |
| Futures contracts |  |  |  |  |  |
| Forward currency contracts |  |  |  |  | (10)<br>|
| Swap contracts |  |  |  |  |  |
| Currency translations | 8 |  | 261 | 696 | 100 |
|  | 422875 | 1052 | 120793 | 1419082 | 58598 |
| Net realized gain (loss) and unrealized appreciation <br> (depreciation)<br>| 889454 | 1053 | 215065 | 2969975 | 62089 |
| **Net increase (decrease) in net assets resulting from operations** | $979203 | $1108 | $233712 | $3199931 | $68222 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Refer to the end of the statements of operations for footnote(s).

Refer to the notes to financial statements.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **283** | American Funds Insurance Series |

---

------

Financial statements (continued) unaudited

**Statements of operations** for the six months ended June 30, 2025 (continued)

(dollars in thousands)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Capital** <br> **Income** <br> **Builder**<br>| **Asset** <br> **Allocation** <br> **Fund**<br>| **American** <br> **Funds** <br> **Global** <br> **Balanced** <br> **Fund**<br>| **The Bond** <br> **Fund** <br> **of America**<br>| **Capital** <br> **World Bond** <br> **Fund**<br>|
| **Investment income:** |  |  |  |  |  |
| Income (net of non-U.S. taxes<sup>\*</sup>): |  |  |  |  |  |
| Dividends: |  |  |  |  |  |
| Unaffiliated issuers | $22301 | $115625 | $3666 | $— | $87 |
| Affiliated issuers | 2604 | 57784 | 637 | 16350 | 1371 |
|  | 24905 | 173409 | 4303 | 16350 | 1458 |
| Interest from unaffiliated issuers | 4788 | 173336 | 2702 | 250561 | 32199 |
| Securities lending income (net of fees) | 19 | 67 | 1 |  |  |
|  | 29712 | 346812 | 7006 | 266911 | 33657 |
| Fees and expenses\*: |  |  |  |  |  |
| Investment advisory services | 2550 | 35056 | 884 | 19253 | 3116 |
| Distribution services | 854 | 13524 | 374 | 4906 | 1018 |
| Insurance administrative services | 847 | 8266 | 196 | 1815 | 126 |
| Transfer agent services | — <br><sup>†</sup><br>| 3 | — <br><sup>†</sup><br>| 1 | — <br><sup>†</sup><br>|
| Administrative services | 214 | 3972 | 60 | 1641 | 217 |
| Accounting and administrative services |  |  |  |  |  |
| Reports to shareholders | 6 | 58 | 5 | 48 | 6 |
| Registration statement and prospectus | 7 | 35 | 1 | 42 | 1 |
| Trustees' compensation | 3 | 45 | 1 | 18 | 3 |
| Auditing and legal | 29 | 39 | 20 | 8 | 1 |
| Custodian | 50 | 102 | 51 | 79 | 119 |
| Other | 1 | 17 | — <br><sup>†</sup><br>| 6 | 1 |
| Total fees and expenses before waivers and/or reimbursements | 4561 | 61117 | 1592 | 27817 | 4608 |
| Less waivers and/or reimbursements of fees and expenses: |  |  |  |  |  |
| Investment advisory services waivers | 929 |  | 27 | 8204 |  |
| Miscellaneous fee reimbursement |  |  |  |  |  |
| Total waivers and/or reimbursements of fees and expenses | 929 |  | 27 | 8204 |  |
| Total fees and expenses after waivers and/or reimbursements | 3632 | 61117 | 1565 | 19613 | 4608 |
| Net investment income | 26080 | 285695 | 5441 | 247298 | 29049 |
| **Net realized gain (loss) and unrealized appreciation** <br> **(depreciation):**<br>|  |  |  |  |  |
| Net realized gain (loss)\* on: |  |  |  |  |  |
| Investments in: |  |  |  |  |  |
| Unaffiliated issuers | 32418 | 1657001 | 10337 | (28295)<br>| (17007)<br>|
| Affiliated issuers |  | (136762)<br>| (3)<br>| 94 | (1)<br>|
| Options purchased (futures style) |  |  | (44)<br>|  | (399)<br>|
| Options written |  |  | 27 |  | 297 |
| Futures contracts | (329)<br>| 5194 | (227)<br>| (29364)<br>| (425)<br>|
| Forward currency contracts |  |  | (4788)<br>| (8500)<br>| 1112 |
| Swap contracts | 60 | (455)<br>| 6 | 5186 | 404 |
| Currency transactions | 4 | (536)<br>| (66)<br>| 22 | (406)<br>|
| Capital gain distributions received from affiliated issuers |  |  |  |  |  |
|  | 32153 | 1524442 | 5242 | (60857)<br>| (16425)<br>|
| Net unrealized appreciation (depreciation)\* on: |  |  |  |  |  |
| Investments in: |  |  |  |  |  |
| Unaffiliated issuers | 106144 | 112140 | 25483 | 205102 | 97958 |
| Affiliated issuers | 561 | 148001 | 70 | (208)<br>| 385 |
| Options purchased (futures style) |  |  | 7 |  | 64 |
| Options written |  |  | (5)<br>|  | 15 |
| Futures contracts | 2387 | 21662 | 519 | 71589 | 5267 |
| Forward currency contracts |  |  | (140)<br>| (4153)<br>| 118 |
| Swap contracts | (216)<br>| (884)<br>| 204 | 3548 | 3041 |
| Currency translations | 179 | 646 | 96 | 133 | 753 |
|  | 109055 | 281565 | 26234 | 276011 | 107601 |
| Net realized gain (loss) and unrealized appreciation <br> (depreciation)<br>| 141208 | 1806007 | 31476 | 215154 | 91176 |
| **Net increase (decrease) in net assets resulting from operations** | $167288 | $2091702 | $36917 | $462452 | $120225 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Refer to the end of the statements of operations for footnote(s).

Refer to the notes to financial statements.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| American Funds Insurance Series | **284** |

---

------

Financial statements (continued) unaudited

**Statements of operations** for the six months ended June 30, 2025 (continued)

(dollars in thousands)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **American** <br> **High-Income** <br> **Trust**<br>| **American** <br> **Funds** <br> **Mortgage** <br> **Fund**<br>| **Ultra-Short** <br> **Bond Fund**<br>| **U.S.** <br> **Government** <br> **Securities** <br> **Fund**<br>| **Managed** <br> **Risk** <br> **Growth** <br> **Fund**<br>|
| **Investment income:** |  |  |  |  |  |
| Income (net of non-U.S. taxes<sup>\*</sup>): |  |  |  |  |  |
| Dividends: |  |  |  |  |  |
| Unaffiliated issuers | $789 | $— | $— | $— | $421 |
| Affiliated issuers | 863 |  |  |  | 1309 |
|  | 1652 |  |  |  | 1730 |
| Interest from unaffiliated issuers | 33248 | 3012 | 7558 | 42463 |  |
| Securities lending income (net of fees) |  |  |  |  |  |
|  | 34900 | 3012 | 7558 | 42463 | 1730 |
| Fees and expenses\*: |  |  |  |  |  |
| Investment advisory services | 1918 | 168 | 439 | 2661 | 333 |
| Distribution services | 888 | 117 | 382 | 1571 | 608 |
| Insurance administrative services | 225 | 69 | 88 | 638 | 625 |
| Transfer agent services | — <br><sup>†</sup><br>| — <br><sup>†</sup><br>| — <br><sup>†</sup><br>| — <br><sup>†</sup><br>| — <br><sup>†</sup><br>|
| Administrative services | 143 | 17 | 51 | 271 |  |
| Accounting and administrative services |  |  |  |  | 30 |
| Reports to shareholders | 7 | 5 | 6 | 8 |  |
| Registration statement and prospectus | 2 | 1 | 1 | 3 | 5 |
| Trustees' compensation | 1 | — <br><sup>†</sup><br>| — <br><sup>†</sup><br>| 3 | 1 |
| Auditing and legal | 9 | — <br><sup>†</sup><br>| — <br><sup>†</sup><br>| 1 | — <br><sup>†</sup><br>|
| Custodian | 12 | 8 | — <br><sup>†</sup><br>| 17 | 4 |
| Other | 10 | — <br><sup>†</sup><br>| — <br><sup>†</sup><br>| 1 | — <br><sup>†</sup><br>|
| Total fees and expenses before waivers and/or reimbursements | 3215 | 385 | 967 | 5174 | 1606 |
| Less waivers and/or reimbursements of fees and expenses: |  |  |  |  |  |
| Investment advisory services waivers | 570 | 44 |  | 661 | 83 |
| Miscellaneous fee reimbursement |  |  |  |  |  |
| Total waivers and/or reimbursements of fees and expenses | 570 | 44 |  | 661 | 83 |
| Total fees and expenses after waivers and/or reimbursements | 2645 | 341 | 967 | 4513 | 1523 |
| Net investment income | 32255 | 2671 | 6591 | 37950 | 207 |
| **Net realized gain (loss) and unrealized appreciation** <br> **(depreciation):**<br>|  |  |  |  |  |
| Net realized gain (loss)\* on: |  |  |  |  |  |
| Investments in: |  |  |  |  |  |
| Unaffiliated issuers | 730 | (49)<br>|  | 454 | (2283)<br>|
| Affiliated issuers | (6)<br>|  |  |  | 45859 |
| Options purchased (futures style) |  |  |  |  |  |
| Options written |  |  |  |  |  |
| Futures contracts | 160 | 243 |  | 6752 | (15006)<br>|
| Forward currency contracts |  |  |  |  |  |
| Swap contracts | (1)<br>| 9 |  | 2638 |  |
| Currency transactions | 9 |  |  |  | 123 |
| Capital gain distributions received from affiliated issuers |  |  |  |  | 34295 |
|  | 892 | 203 |  | 9844 | 62988 |
| Net unrealized appreciation (depreciation)\* on: |  |  |  |  |  |
| Investments in: |  |  |  |  |  |
| Unaffiliated issuers | 5595 | 1749 | (53)<br>| 23033 | 15 |
| Affiliated issuers | 2 |  |  |  | (34869)<br>|
| Options purchased (futures style) |  |  |  |  |  |
| Options written |  |  |  |  |  |
| Futures contracts | 214 | 920 |  | 16396 | (403)<br>|
| Forward currency contracts |  |  |  |  |  |
| Swap contracts | (525)<br>| (41)<br>|  | (2276)<br>|  |
| Currency translations | 3 |  |  |  |  |
|  | 5289 | 2628 | (53)<br>| 37153 | (35257)<br>|
| Net realized gain (loss) and unrealized appreciation <br> (depreciation)<br>| 6181 | 2831 | (53)<br>| 46997 | 27731 |
| **Net increase (decrease) in net assets resulting from operations** | $38436 | $5502 | $6538 | $84947 | $27938 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Refer to the end of the statements of operations for footnote(s).

Refer to the notes to financial statements.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **285** | American Funds Insurance Series |

---

------

Financial statements (continued) unaudited

**Statements of operations** for the six months ended June 30, 2025 (continued)

(dollars in thousands)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Managed** <br> **Risk** <br> **International** <br> **Fund**<br>| **Managed Risk** <br> **Washington** <br> **Mutual** <br> **Investors** <br> **Fund**<br>| **Managed** <br> **Risk** <br> **Growth-** <br> **Income** <br> **Fund**<br>| **Managed** <br> **Risk** <br> **Asset** <br> **Allocation** <br> **Fund**<br>|
| **Investment income:** |  |  |  |  |
| Income (net of non-U.S. taxes<sup>\*</sup>): |  |  |  |  |
| Dividends: |  |  |  |  |
| Unaffiliated issuers | $100 | $280 | $1932 | $1845 |
| Affiliated issuers | 163 | 1190 | 6829 | 8184 |
|  | 263 | 1470 | 8761 | 10029 |
| Interest from unaffiliated issuers |  |  |  |  |
| Securities lending income (net of fees) |  |  |  |  |
|  | 263 | 1470 | 8761 | 10029 |
| Fees and expenses\*: |  |  |  |  |
| Investment advisory services | 75 | 208 | 1390 | 1290 |
| Distribution services | 138 | 388 | 327 | 2402 |
| Insurance administrative services | 141 | 391 | 2602 | 2416 |
| Transfer agent services | — <br><sup>†</sup><br>| — <br><sup>†</sup><br>| — <br><sup>†</sup><br>| — <br><sup>†</sup><br>|
| Administrative services |  |  |  |  |
| Accounting and administrative services | 26 | 28 | 45 | 44 |
| Reports to shareholders |  |  |  |  |
| Registration statement and prospectus | 5 | 5 | 4 | 5 |
| Trustees' compensation | — <br><sup>†</sup><br>| 1 | 3 | 3 |
| Auditing and legal | — <br><sup>†</sup><br>| — <br><sup>†</sup><br>| 2 | 1 |
| Custodian | 4 | 3 | 4 | 4 |
| Other | — <br><sup>†</sup><br>| — <br><sup>†</sup><br>| 1 | 1 |
| Total fees and expenses before waivers and/or reimbursements | 389 | 1024 | 4378 | 6166 |
| Less waivers and/or reimbursements of fees and expenses: |  |  |  |  |
| Investment advisory services waivers | 19 | 52 | 349 | 324 |
| Miscellaneous fee reimbursement | — <br><sup>†</sup><br>|  |  |  |
| Total waivers and/or reimbursements of fees and expenses | 19 | 52 | 349 | 324 |
| Total fees and expenses after waivers and/or reimbursements | 370 | 972 | 4029 | 5842 |
| Net investment income | (107)<br>| 498 | 4732 | 4187 |
| **Net realized gain (loss) and unrealized appreciation (depreciation):** |  |  |  |  |
| Net realized gain (loss)\* on: |  |  |  |  |
| Investments in: |  |  |  |  |
| Unaffiliated issuers | (561)<br>| (1416)<br>| (14007)<br>| (1782)<br>|
| Affiliated issuers | 2768 | 10111 | 54214 | (5123)<br>|
| Options purchased (futures style) |  |  |  |  |
| Options written |  |  |  |  |
| Futures contracts | (6387)<br>| (9931)<br>| (54893)<br>| (49874)<br>|
| Forward currency contracts |  |  |  |  |
| Swap contracts |  |  |  |  |
| Currency transactions | 33 | 47 | 205 | 177 |
| Capital gain distributions received from affiliated issuers |  | 17905 | 278792 | 127660 |
|  | (4147)<br>| 16716 | 264311 | 71058 |
| Net unrealized appreciation (depreciation)\* on: |  |  |  |  |
| Investments in: |  |  |  |  |
| Unaffiliated issuers | (152)<br>| (135)<br>| (1473)<br>| (299)<br>|
| Affiliated issuers | 8715 | (3939)<br>| (193572)<br>| 13191 |
| Options purchased (futures style) |  |  |  |  |
| Options written |  |  |  |  |
| Futures contracts | (227)<br>| 372 | 4222 | 1361 |
| Forward currency contracts |  |  |  |  |
| Swap contracts |  |  |  |  |
| Currency translations |  |  |  |  |
|  | 8336 | (3702)<br>| (190823)<br>| 14253 |
| Net realized gain (loss) and unrealized appreciation <br> (depreciation)<br>| 4189 | 13014 | 73488 | 85311 |
| **Net increase (decrease) in net assets resulting from operations** | $4082 | $13512 | $78220 | $89498 |

---

\*

Additional information related to non-U.S. taxes and class-specific fees and expenses is included in the notes to financial statements.

<sup>†</sup>

Amount less than one thousand.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Refer to the notes to financial statements.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| American Funds Insurance Series | **286** |

---

------

Financial statements (continued)

**Statements of changes in net assets**

(dollars in thousands)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Global Growth Fund** | **Global Growth Fund** | **Global Small** <br> **Capitalization Fund** | **Global Small** <br> **Capitalization Fund** | **Growth Fund** | **Growth Fund** |
|  | Six months <br> ended <br> June 30,<br>2025<sup>1</sup> | Year ended <br> December 31,<br>2024 | Six months <br> ended <br> June 30,<br>2025<sup>1</sup> | Year ended <br> December 31,<br>2024 | Six months <br> ended <br> June 30,<br>2025<sup>1</sup> | Year ended <br> December 31,<br>2024 |
| **Operations:** |  |  |  |  |  |  |
| Net investment income (loss) | $56227 | $83934 | $13033 | $14439 | $38961 | $123765 |
| Net realized gain (loss) | 211627 | 1058571 | 101192 | 67213 | 2508492 | 3989653 |
| Net unrealized appreciation (depreciation) | 617218 | (106961)<br>| 114415 | (6037)<br>| 2234833 | 7880200 |
| Net increase (decrease) in net assets resulting from <br> operations<br>| 885072 | 1035544 | 228640 | 75615 | 4782286 | 11993618 |
| **Distributions paid to shareholders** | (1069091)<br>| (362247)<br>| (65735)<br>| (145595)<br>| (4035332)<br>| (1183768)<br>|
| **Net capital share transactions** | 717148 | (305156)<br>| (86887)<br>| (124117)<br>| 2839871 | (2405717)<br>|
| **Total increase (decrease) in net assets** | 533129 | 368141 | 76018 | (194097)<br>| 3586825 | 8404133 |
| **Net assets:** |  |  |  |  |  |  |
| Beginning of period | 8058323 | 7690182 | 2990459 | 3184556 | 47702943 | 39298810 |
| End of period | $8591452 | $8058323 | $3066477 | $2990459 | $51289768 | $47702943 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **International Fund** | **International Fund** | **New World Fund** | **New World Fund** | **Washington Mutual** <br> **Investors Fund** | **Washington Mutual** <br> **Investors Fund** |
|  | Six months <br> ended <br> June 30,<br>2025<sup>1</sup> | Year ended <br> December 31,<br>2024 | Six months <br> ended <br> June 30,<br>2025<sup>1</sup> | Year ended <br> December 31,<br>2024 | Six months <br> ended <br> June 30,<br>2025<sup>1</sup> | Year ended <br> December 31,<br>2024 |
| **Operations:** |  |  |  |  |  |  |
| Net investment income (loss) | $87265 | $80016 | $35532 | $49823 | $89749 | $178541 |
| Net realized gain (loss) | 445366 | 335500 | 116716 | 148263 | 466579 | 784826 |
| Net unrealized appreciation (depreciation) | 260687 | (158907)<br>| 356444 | 26354 | 422875 | 937617 |
| Net increase (decrease) in net assets resulting from <br> operations<br>| 793318 | 256609 | 508692 | 224440 | 979203 | 1900984 |
| **Distributions paid to shareholders** | (2865)<br>| (91320)<br>| (152884)<br>| (66666)<br>| (812730)<br>| (270276)<br>|
| **Net capital share transactions** | (368267)<br>| (557783)<br>| (39747)<br>| (124462)<br>| 439202 | (851035)<br>|
| **Total increase (decrease) in net assets** | 422186 | (392494)<br>| 316061 | 33312 | 605675 | 779673 |
| **Net assets:** |  |  |  |  |  |  |
| Beginning of period | 6786518 | 7179012 | 3411599 | 3378287 | 11066014 | 10286341 |
| End of period | $7208704 | $6786518 | $3727660 | $3411599 | $11671689 | $11066014 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Refer to the end of the statements of changes in net assets for footnote(s).

Refer to the notes to financial statements.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **287** | American Funds Insurance Series |

---

------

Financial statements (continued)

**Statements of changes in net assets** (continued)

(dollars in thousands)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **U.S. Small and Mid** <br> **Cap Equity Fund** | **U.S. Small and Mid** <br> **Cap Equity Fund** | **Capital** <br> **World Growth** <br> **and Income Fund** | **Capital** <br> **World Growth** <br> **and Income Fund** | **Growth-Income Fund** | **Growth-Income Fund** |
|  | Six months <br> ended <br> June 30,<br>2025<sup>1</sup> | Period <br> ended <br> December 31,<br>2024<sup>2</sup> | Six months <br> ended <br> June 30,<br>2025<sup>1</sup> | Year ended <br> December 31,<br>2024 | Six months <br> ended <br> June 30,<br>2025<sup>1</sup> | Year ended <br> December 31,<br>2024 |
| **Operations:** |  |  |  |  |  |  |
| Net investment income (loss) | $55 | $13 | $18647 | $29625 | $229956 | $464425 |
| Net realized gain (loss) | 1 | 4 | 94272 | 142599 | 1550893 | 6999624 |
| Net unrealized appreciation (depreciation) | 1052 | (438)<br>| 120793 | 78887 | 1419082 | 1206283 |
| Net increase (decrease) in net assets resulting from <br> operations<br>| 1108 | (421)<br>| 233712 | 251111 | 3199931 | 8670332 |
| **Distributions paid to shareholders** | (5)<br>| (13)<br>| (75167)<br>| (32476)<br>| (7076713)<br>| (2264497)<br>|
| **Net capital share transactions** | 73 | 15013 | (49160)<br>| (191651)<br>| 5184105 | (2602817)<br>|
| **Total increase (decrease) in net assets** | 1176 | 14579 | 109385 | 26984 | 1307323 | 3803018 |
| **Net assets:** |  |  |  |  |  |  |
| Beginning of period | 14579 |  | 1888319 | 1861335 | 41254994 | 37451976 |
| End of period | $15755 | $14579 | $1997704 | $1888319 | $42562317 | $41254994 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br> **International Growth** <br> **and Income Fund** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br> **International Growth** <br> **and Income Fund** | **Capital Income Builder** | **Capital Income Builder** | **Asset Allocation Fund** | **Asset Allocation Fund** |
|  | Six months <br> ended <br> June 30,<br>2025<sup>1</sup> | Year ended <br> December 31,<br>2024 | Six months <br> ended <br> June 30,<br>2025<sup>1</sup> | Year ended <br> December 31,<br>2024 | Six months <br> ended <br> June 30,<br>2025<sup>1</sup> | Year ended <br> December 31,<br>2024 |
| **Operations:** |  |  |  |  |  |  |
| Net investment income (loss) | $6133 | $7648 | $26080 | $42544 | $285695 | $590761 |
| Net realized gain (loss) | 3491 | (1592)<br>| 32153 | 24024 | 1524442 | 1925378 |
| Net unrealized appreciation (depreciation) | 58598 | 5162 | 109055 | 61325 | 281565 | 1576776 |
| Net increase (decrease) in net assets resulting from <br> operations<br>| 68222 | 11218 | 167288 | 127893 | 2091702 | 4092915 |
| **Distributions paid to shareholders** | (1423)<br>| (8098)<br>| (16131)<br>| (45676)<br>| (2025651)<br>| (1743267)<br>|
| **Net capital share transactions** | 6613 | (9047)<br>| 46498 | 35182 | 523850 | (949298)<br>|
| **Total increase (decrease) in net assets** | 73412 | (5927)<br>| 197655 | 117399 | 589901 | 1400350 |
| **Net assets:** |  |  |  |  |  |  |
| Beginning of period | 322653 | 328580 | 1368668 | 1251269 | 27085680 | 25685330 |
| End of period | $396065 | $322653 | $1566323 | $1368668 | $27675581 | $27085680 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Refer to the end of the statements of changes in net assets for footnote(s).

Refer to the notes to financial statements.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| American Funds Insurance Series | **288** |

---

------

Financial statements (continued)

**Statements of changes in net assets** (continued)

(dollars in thousands)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **American Funds** <br> **Global Balanced Fund** | **American Funds** <br> **Global Balanced Fund** | **The Bond Fund** <br> **of America** | **The Bond Fund** <br> **of America** | **Capital World Bond Fund** | **Capital World Bond Fund** |
|  | Six months <br> ended <br> June 30,<br>2025<sup>1</sup> | Year ended <br> December 31,<br>2024 | Six months <br> ended <br> June 30,<br>2025<sup>1</sup> | Year ended <br> December 31,<br>2024 | Six months <br> ended <br> June 30,<br>2025<sup>1</sup> | Year ended <br> December 31,<br>2024 |
| **Operations:** |  |  |  |  |  |  |
| Net investment income (loss) | $5441 | $9318 | $247298 | $501464 | $29049 | $61225 |
| Net realized gain (loss) | 5242 | 16800 | (60857)<br>| (134500)<br>| (16425)<br>| (22949)<br>|
| Net unrealized appreciation (depreciation) | 26234 | (1065)<br>| 276011 | (207188)<br>| 107601 | (80072)<br>|
| Net increase (decrease) in net assets resulting from <br> operations<br>| 36917 | 25053 | 462452 | 159776 | 120225 | (41796)<br>|
| **Distributions paid to shareholders** | (16555)<br>| (7048)<br>| (96658)<br>| (475626)<br>| (3588)<br>| (33915)<br>|
| **Net capital share transactions** | 5945 | (14487)<br>| (567129)<br>| 474834 | (92920)<br>| (16393)<br>|
| **Total increase (decrease) in net assets** | 26307 | 3518 | (201335)<br>| 158984 | 23717 | (92104)<br>|
| **Net assets:** |  |  |  |  |  |  |
| Beginning of period | 392282 | 388764 | 11166898 | 11007914 | 1448237 | 1540341 |
| End of period | $418589 | $392282 | $10965563 | $11166898 | $1471954 | $1448237 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **American** <br> **High-Income Trust** | **American** <br> **High-Income Trust** | **American Funds** <br> **Mortgage Fund** | **American Funds** <br> **Mortgage Fund** | **Ultra-Short Bond Fund** | **Ultra-Short Bond Fund** |
|  | Six months <br> ended <br> June 30,<br>2025<sup>1</sup> | Year ended <br> December 31,<br>2024 | Six months <br> ended <br> June 30,<br>2025<sup>1</sup> | Year ended <br> December 31,<br>2024 | Six months <br> ended <br> June 30,<br>2025<sup>1</sup> | Year ended <br> December 31,<br>2024 |
| **Operations:** |  |  |  |  |  |  |
| Net investment income (loss) | $32255 | $60672 | $2671 | $5237 | $6591 | $16889 |
| Net realized gain (loss) | 892 | 3094 | 203 | (1054)<br>|  | — <br><sup>3</sup><br>|
| Net unrealized appreciation (depreciation) | 5289 | 19028 | 2628 | (3372)<br>| (53)<br>| 130 |
| Net increase (decrease) in net assets resulting from <br> operations<br>| 38436 | 82794 | 5502 | 811 | 6538 | 17019 |
| **Distributions paid to shareholders** | (10773)<br>| (59402)<br>| (896)<br>| (5001)<br>| (2557)<br>| (17633)<br>|
| **Net capital share transactions** | 35313 | 34726 | 2704 | 7230 | (18429)<br>| (33462)<br>|
| **Total increase (decrease) in net assets** | 62976 | 58118 | 7310 | 3040 | (14448)<br>| (34076)<br>|
| **Net assets:** |  |  |  |  |  |  |
| Beginning of period | 931963 | 873845 | 110831 | 107791 | 338678 | 372754 |
| End of period | $994939 | $931963 | $118141 | $110831 | $324230 | $338678 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Refer to the end of the statements of changes in net assets for footnote(s).

Refer to the notes to financial statements.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **289** | American Funds Insurance Series |

---

------

Financial statements (continued)

**Statements of changes in net assets** (continued)

(dollars in thousands)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **U.S. Government** <br> **Securities Fund** | **U.S. Government** <br> **Securities Fund** | **Managed Risk** <br> **Growth Fund** | **Managed Risk** <br> **Growth Fund** | **Managed Risk** <br> **International Fund** | **Managed Risk** <br> **International Fund** |
|  | Six months <br> ended <br> June 30,<br>2025<sup>1</sup> | Year ended <br> December 31,<br>2024 | Six months <br> ended <br> June 30,<br>2025<sup>1</sup> | Year ended <br> December 31,<br>2024 | Six months <br> ended <br> June 30,<br>2025<sup>1</sup> | Year ended <br> December 31,<br>2024 |
| **Operations:** |  |  |  |  |  |  |
| Net investment income (loss) | $37950 | $72049 | $207 | $2764 | $(107)<br>| $1470 |
| Net realized gain (loss) | 9844 | (1294)<br>| 62988 | 37612 | (4147)<br>| (2539)<br>|
| Net unrealized appreciation (depreciation) | 37153 | (55237)<br>| (35257)<br>| 69526 | 8336 | 1155 |
| Net increase (decrease) in net assets resulting from <br> operations<br>| 84947 | 15518 | 27938 | 109902 | 4082 | 86 |
| **Distributions paid to shareholders** | (14197)<br>| (73267)<br>| (24752)<br>| (2419)<br>| (1480)<br>| (1561)<br>|
| **Net capital share transactions** | (73399)<br>| 353747 | (9503)<br>| (88856)<br>| (2829)<br>| (8399)<br>|
| **Total increase (decrease) in net assets** | (2649)<br>| 295998 | (6317)<br>| 18627 | (227)<br>| (9874)<br>|
| **Net assets:** |  |  |  |  |  |  |
| Beginning of period | 1820027 | 1524029 | 526262 | 507635 | 114308 | 124182 |
| End of period | $1817378 | $1820027 | $519945 | $526262 | $114081 | $114308 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Managed Risk** <br> **Washington Mutual** <br> **Investors Fund** | **Managed Risk** <br> **Washington Mutual** <br> **Investors Fund** | **Managed Risk** <br> **Growth-Income Fund** | **Managed Risk** <br> **Growth-Income Fund** | **Managed Risk** <br> **Asset Allocation Fund** | **Managed Risk** <br> **Asset Allocation Fund** |
|  | Six months <br> ended <br> June 30,<br>2025<sup>1</sup> | Year ended <br> December 31,<br>2024 | Six months <br> ended <br> June 30,<br>2025<sup>1</sup> | Year ended <br> December 31,<br>2024 | Six months <br> ended <br> June 30,<br>2025<sup>1</sup> | Year ended <br> December 31,<br>2024 |
| **Operations:** |  |  |  |  |  |  |
| Net investment income (loss) | $498 | $4979 | $4732 | $33950 | $4187 | $37923 |
| Net realized gain (loss) | 16716 | (4225)<br>| 264311 | 73326 | 71058 | 123915 |
| Net unrealized appreciation (depreciation) | (3702)<br>| 42170 | (190823)<br>| 261435 | 14253 | 124394 |
| Net increase (decrease) in net assets resulting from <br> operations<br>| 13512 | 42924 | 78220 | 368711 | 89498 | 286232 |
| **Distributions paid to shareholders** | (4680)<br>| (5475)<br>| (109558)<br>| (65908)<br>| (156085)<br>| (69126)<br>|
| **Net capital share transactions** | (12974)<br>| (39434)<br>| (22573)<br>| (313193)<br>| (5394)<br>| (294452)<br>|
| **Total increase (decrease) in net assets** | (4142)<br>| (1985)<br>| (53911)<br>| (10390)<br>| (71981)<br>| (77346)<br>|
| **Net assets:** |  |  |  |  |  |  |
| Beginning of period | 322206 | 324191 | 2176866 | 2187256 | 2025850 | 2103196 |
| End of period | $318064 | $322206 | $2122955 | $2176866 | $1953869 | $2025850 |

---

<sup>1</sup>

Unaudited.

<sup>2</sup>

For the period November 15, 2024, commencement of operations, to December 31, 2024.

<sup>3</sup>

Amount less than one thousand.

Refer to the notes to financial statements.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| American Funds Insurance Series | **290** |

---

------

Notes to financial statementsunaudited

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**1. Organization**

------

American Funds Insurance Series (the "series") is registered under the Investment Company Act of 1940, as amended (the "1940 Act"), as an open-end management investment company with 42 different funds ("the funds"), including 24 funds in the series covered in this report. The series consists of 41 diversified funds and one nondiversified fund: U.S. Small and Mid Cap Equity Fund. The other 18 funds in the series are covered in separate reports. Thirteen funds in the series are covered in the American Funds Insurance Series - Target Date Series report and five funds in the series are covered in the American Funds Insurance Series - Portfolio Series report. The assets of each fund are segregated, with each fund accounted for separately. Capital Research and Management Company ("CRMC") is the series' investment adviser. Milliman Financial Risk Management LLC ("Milliman FRM") is the subadviser for the risk management strategy for eight of the funds (the "managed risk funds"), five of which are covered in this report.

The managed risk funds covered in this report are Managed Risk Growth Fund, Managed Risk International Fund, Managed Risk Washington Mutual Investors Fund, Managed Risk Growth-Income Fund and Managed Risk Asset Allocation Fund. The managed risk funds invest in other funds within the series (the "underlying funds") and employ Milliman FRM to implement the risk management strategy, which consists of using hedging instruments — primarily exchange-traded options and futures contracts — to attempt to stabilize the volatility of the funds around target volatility levels and reduce the downside exposure of the funds during periods of significant market declines.

Shareholders approved a proposal to reorganize the series from a Massachusetts business trust to a Delaware statutory trust. The series reserved the right to delay implementing the reorganization and has elected to do so.

The investment objective(s) for each fund covered in this report are as follows:

**Global Growth Fund** — To provide long-term growth of capital.

**Global Small Capitalization Fund** — To provide long-term growth of capital.

**Growth Fund** — To provide growth of capital.

**International Fund** — To provide long-term growth of capital.

**New World Fund** — To provide long-term capital appreciation.

**Washington Mutual Investors Fund** — To produce income and to provide an opportunity for growth of principal consistent with sound common stock investing.

**U.S. Small and Mid Cap Equity Fund** — To provide capital appreciation.

**Capital World Growth and Income Fund** — To provide long-term growth of capital while providing current income.

**Growth-Income Fund** — To achieve long-term growth of capital and income.

**International Growth and Income Fund** — To provide long-term growth of capital while providing current income.

**Capital Income Builder** — The two primary objectives are (1) to provide a level of current income that exceeds the average yield on U.S. stocks generally and (2) to provide a growing stream of income over the years. The secondary objective is to provide growth of capital.

**Asset Allocation Fund** — To provide high total return (including income and capital gains) consistent with preservation of capital over the long term.

**American Funds Global Balanced Fund** — Seeks the balanced accomplishment of three objectives: long-term growth of capital, conservation of principal and current income.

**The Bond Fund of America** — To provide as high a level of current income as is consistent with the preservation of capital.

**Capital World Bond Fund** — To provide, over the long term, a high level of total return consistent with prudent investment management.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **291** | American Funds Insurance Series |

---

------

**American High-Income Trust** — The primary objective is to provide a high level of current income. The secondary objective is capital appreciation.

**American Funds Mortgage Fund** — To provide current income and preservation of capital.

**Ultra-Short Bond Fund** — To provide current income, consistent with the maturity and quality standards applicable to the fund, and preservation of capital and liquidity.

**U.S. Government Securities Fund**— To provide a high level of current income consistent with prudent investment risk and preservation of capital.

**Managed Risk Growth Fund** — To provide growth of capital while seeking to manage volatility and provide downside protection.

**Managed Risk International Fund** — To provide long-term growth of capital while seeking to manage volatility and provide downside protection.

**Managed Risk Washington Mutual Investors Fund** — To produce income and to provide an opportunity for growth of principal consistent with sound common stock investing while seeking to manage volatility and provide downside protection.

**Managed Risk Growth-Income Fund** — To achieve long-term growth of capital and income while seeking to manage volatility and provide downside protection.

**Managed Risk Asset Allocation Fund** — To provide high total return (including income and capital gains) consistent with preservation of capital over the long term while seeking to manage volatility and provide downside protection.

Each fund in the series, except the managed risk funds, offers either four or five share classes (Classes 1, 1A, 2, 3 or 4); the managed risk funds offer two share classes (Classes P1 and P2). Holders of all share classes of each fund have equal pro rata rights to assets, dividends and liquidation proceeds of each fund held. Each share class of each fund has identical voting rights, except for the exclusive right to vote on matters affecting only its class. Share classes have different fees and expenses ("class-specific fees and expenses"), primarily due to different arrangements for certain distribution expenses. Differences in class-specific fees and expenses will result in differences in net investment income and, therefore, the payment of different per-share dividends by each class of each fund.

**2. Significant accounting policies**

------

Each fund is an investment company that applies the accounting and reporting guidance issued in Topic 946 by the U.S. Financial Accounting Standards Board ("FASB"). Each fund's financial statements have been prepared to comply with U.S. generally accepted accounting principles ("U.S. GAAP"). These principles require the series' investment adviser to make estimates and assumptions that affect reported amounts and disclosures. Actual results could differ from those estimates. Subsequent events, if any, have been evaluated through the date of issuance in the preparation of the financial statements. The funds follow the significant accounting policies described in this section, as well as the valuation policies described in the next section on valuation.

**Operating segments** — Each fund represents a single operating segment as the operating results of each fund are monitored as a whole and its long-term asset allocation is determined in accordance with the terms of its prospectus, based on defined investment objectives that are executed by the fund's portfolio management team. A senior executive team comprised of the funds' Principal Executive Officer and Principal Financial Officer, serves as the funds' chief operating decision maker ("CODM"), who act in accordance with Board of Trustee reviews and approvals. The CODM uses financial information, such as changes in net assets from operations, changes in net assets from fund share transactions, and income and expense ratios, consistent with that presented within the accompanying financial statements and financial highlights to assess each fund's profits and losses and to make resource allocation decisions. Segment assets are reflected in the statement of assets and liabilities as net assets, which consists primarily of investment securities, at value, and significant segment expenses are listed in the accompanying statement of operations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| American Funds Insurance Series | **292** |

---

------

**Security transactions and related investment income** — Security transactions are recorded by each fund as of the date the trades are executed with brokers. Realized gains and losses from security transactions are determined based on the specific identified cost of the securities. In the event a security is purchased with a delayed payment date, each fund will segregate liquid assets sufficient to meet their payment obligations. Dividend income is recognized on the ex-dividend date and interest income is recognized on an accrual basis. Market discounts, premiums and original issue discounts on fixed-income securities are amortized daily over the expected life of the security.

**Fees and expenses** — The fees and expenses of the underlying funds held by the managed risk funds are not included in the fees and expenses reported for each of the managed risk funds; however, they are indirectly reflected in the valuation of each of the underlying funds. These fees are included in the unaudited net effective expense ratios that are provided as additional information in the financial highlights tables.

**Class allocations** — Income, fees and expenses (other than class-specific fees and expenses), realized gains and losses and unrealized appreciation and depreciation are allocated daily among the various share classes of each fund based on their relative net assets. Class-specific fees and expenses, such as distribution expenses, are accrued daily and charged directly to the respective share class of each fund.

**Distributions paid to shareholders** — Income dividends and capital gain distributions are recorded on each fund's ex-dividend date.

**Currency translation** — Assets and liabilities, including investment securities, denominated in currencies other than U.S. dollars are translated into U.S. dollars at the exchange rates supplied by one or more pricing vendors on the valuation date. Purchases and sales of investment securities and income and expenses are translated into U.S. dollars at the exchange rates on the dates of such transactions. The effects of changes in exchange rates on investment securities are included with the net realized gain or loss and net unrealized appreciation or depreciation on investments in the funds' statements of operations. The realized gain or loss and unrealized appreciation or depreciation resulting from all other transactions denominated in currencies other than U.S. dollars are disclosed separately.

**New accounting pronouncements** — In December 2023, the FASB issued Accounting Standards Update 2023-09 ("the ASU"), Income Taxes (Topic 740): Improvements to Income Tax Disclosures, which enhances income tax disclosures, including disclosure of income taxes paid disaggregated by jurisdiction. The ASU is effective for annual periods beginning after December 15, 2024, with early adoption permitted. Management is currently evaluating the ASU and its impact to the financial statements.

**3. Valuation**

------

CRMC, the series' investment adviser, values the funds' investments at fair value as defined by U.S. GAAP. The net asset value per share is calculated once daily as of the close of regular trading on the New York Stock Exchange, normally 4 p.m. New York time, each day the New York Stock Exchange is open.

**Methods and inputs** — The series' investment adviser uses the following methods and inputs to establish the fair value of each fund's assets and liabilities. Use of particular methods and inputs may vary over time based on availability and relevance as market and economic conditions evolve.

Equity securities, including depositary receipts, are generally valued at the official closing price of, or the last reported sale price on, the exchange or market on which such securities are traded, as of the close of business on the day the securities are being valued or, lacking any sales, at the last available bid price. Prices for each security are taken from the principal exchange or market on which the security trades. The value of an underlying fund is based on its reported net asset value.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **293** | American Funds Insurance Series |

---

------

Fixed-income securities, including short-term securities, are generally valued at evaluated prices obtained from third-party pricing vendors. Vendors value such securities based on one or more of the inputs described in the following table. The table provides examples of inputs that are commonly relevant for valuing particular classes of fixed-income securities in which the funds are authorized to invest. However, these classifications are not exclusive and any of the inputs may be used to value any other class of fixed-income security.

---

| | |
|:---|:---|
| **Fixed-income class** | **Examples of standard inputs** |
| All | &nbsp;&nbsp; Benchmark yields, transactions, bids, offers, quotations from dealers and <br> trading systems, new issues, spreads and other relationships observed in <br> the markets among comparable securities; and proprietary pricing <br> models such as yield measures calculated using factors such as cash <br> flows, financial or collateral performance and other reference data <br> (collectively referred to as "standard inputs")<br>|
| Corporate bonds, notes & loans; convertible securities | Standard inputs and underlying equity of the issuer |
| Bonds & notes of governments & government agencies | Standard inputs and interest rate volatilities |
| Mortgage-backed; asset-backed obligations | &nbsp;&nbsp; Standard inputs and cash flows, prepayment information, default rates, <br> delinquency and loss assumptions, collateral characteristics, credit <br> enhancements and specific deal information<br>|
| Municipal securities | &nbsp;&nbsp; Standard inputs and, for certain distressed securities, cash flows or <br> liquidation values using a net present value calculation based on inputs <br> that include, but are not limited to, financial statements and debt <br> contracts <br>|

---

Securities with both fixed-income and equity characteristics, or equity securities traded principally among fixed-income dealers, are generally valued in the manner described for either equity or fixed-income securities, depending on which method is deemed most appropriate by the series' investment adviser. The Capital Group Central Corporate Bond Fund ("CCBF"), a fund within the Capital Group Central Fund Series II, and Capital Group Central Cash Fund ("CCF"), a fund within the Capital Group Central Fund Series (collectively the "Central Funds"), are each valued based upon a floating net asset value, which fluctuates with changes in the value of each fund's portfolio securities. The underlying securities are valued based on the policies and procedures in the Central Funds' statements of additional information. The State Street Institutional U.S. Government Money Market Fund held by the managed risk funds is managed to maintain a $1.00 net asset value per share. The net asset value of each share class of each managed risk fund is calculated based on the reported net asset values of the underlying funds in which each fund invests.

Exchange-traded options and futures are generally valued at the official closing price for options and official settlement price for futures on the exchange or market on which such instruments are traded, as of the close of business on the day such instruments are being valued. Forward currency contracts are valued based on the spot and forward exchange rates obtained from a third-party pricing vendor. Swaps and over-the-counter (OTC) options are generally valued using evaluated prices obtained from third-party pricing vendors who calculate these values based on market inputs that may include the yields of the indices referenced in the instrument and the relevant curve, dealer quotes, default probabilities and recovery rates, exchange rates, implied option volatilites, and terms of the contract.

Securities and other assets for which representative market quotations are not readily available or are considered unreliable by the series' investment adviser are fair valued as determined in good faith under fair value guidelines adopted by the series' investment adviser and approved by the board of trustees as further described. The investment adviser follows fair valuation guidelines, consistent with U.S. Securities and Exchange Commission rules and guidance, to consider relevant principles and factors when making fair value determinations. The investment adviser considers relevant indications of value that are reasonably and timely available to it in determining the fair value to be assigned to a particular security, such as the type and cost of the security, restrictions on resale of the security, relevant financial or business developments of the issuer, actively traded similar or related securities, dealer or broker quotes, conversion or exchange rights on the security, related corporate actions, significant events occurring after the close of trading in the security, and changes in overall market conditions. In addition, the closing prices of equity securities and futures that trade in markets outside U.S. time zones may be adjusted to reflect significant events that occur after the close of local trading but before the net asset value of each share class of each fund is determined. Fair valuations of investments that are not actively trading involve judgment and may differ materially from valuations that would have been used had greater market activity occurred.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| American Funds Insurance Series | **294** |

---

------

**Processes and structure** — The series' board of trustees has designated the series' investment adviser to make fair value determinations, subject to board oversight. The investment adviser has established a Joint Fair Valuation Committee (the "Committee") to administer, implement and oversee the fair valuation process, and to make fair value decisions. The Committee regularly reviews its own fair value decisions, as well as decisions made under its standing instructions to the investment adviser's valuation team. The Committee reviews changes in fair value measurements from period to period, pricing vendor information and market data, and may, as deemed appropriate, update the fair valuation guidelines to better reflect the results of back testing and address new or evolving issues. Pricing decisions, processes and controls over security valuation are also subject to additional internal reviews facilitated by the investment adviser's global risk management group. The Committee reports changes to the fair valuation guidelines to the board of trustees. The series' board and audit committee also regularly review reports that describe fair value determinations and methods.

**Classifications** — The series' investment adviser classifies the funds' assets and liabilities into three levels based on the inputs used to value the assets or liabilities. Level 1 values are based on quoted prices in active markets for identical securities. Level 2 values are based on significant observable market inputs, such as quoted prices for similar securities and quoted prices in inactive markets. Certain securities trading outside the U.S. may transfer between Level 1 and Level 2 due to valuation adjustments resulting from significant market movements following the close of local trading. Level 3 values are based on significant unobservable inputs that reflect the investment adviser's determination of assumptions that market participants might reasonably use in valuing the securities.

The valuation levels are not necessarily an indication of the risk or liquidity associated with the underlying investment. For example, U.S. government securities are reflected as Level 2 because the inputs used to determine fair value may not always be quoted prices in an active market. The funds' valuation levels as of June 30, 2025, were as follows (dollars in thousands):

**Global Growth Fund**

As of June 30, 2025, all of the fund's investment securities were classified as Level 1.

**Global Small Capitalization Fund** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Investment securities** | **Investment securities** | **Investment securities** | **Investment securities** |
|  | **Level 1** | **Level 2** | **Level 3** | **Total** |
| Assets: |  |  |  |  |
| Common stocks: |  |  |  |  |
| Industrials | $689754 | $— | $— | $689754 |
| Financials | 473223 |  |  | 473223 |
| Information technology | 403781 |  | 428 | 404209 |
| Consumer discretionary | 382656 |  |  | 382656 |
| Health care | 353674 |  |  | 353674 |
| Materials | 181377 |  |  | 181377 |
| Communication services | 134493 |  |  | 134493 |
| Real estate | 79192 |  |  | 79192 |
| Consumer staples | 76756 |  |  | 76756 |
| Energy | 76013 |  |  | 76013 |
| Utilities | 58664 |  |  | 58664 |
| Preferred securities  | 9138 |  | 14522 | 23660 |
| Convertible stocks  | 13046 |  |  | 13046 |
| Convertible bonds & notes  |  | 4039 |  | 4039 |
| Short-term securities | 161954 |  |  | 161954 |
| Total | $3093721 | $4039 | $14950 | $3112710 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **295** | American Funds Insurance Series |

---

------

**Growth Fund** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Investment securities** | **Investment securities** | **Investment securities** | **Investment securities** |
|  | **Level 1** | **Level 2** | **Level 3** | **Total** |
| Assets: |  |  |  |  |
| Common stocks: |  |  |  |  |
| Information technology | $13898317 | $— | $5985 | $13904302 |
| Communication services | 10248832 |  |  | 10248832 |
| Consumer discretionary | 7058073 |  |  | 7058073 |
| Health care | 5661824 |  | 9825 | 5671649 |
| Industrials | 5401182 |  | 2633 | 5403815 |
| Financials | 4094384 |  |  | 4094384 |
| Consumer staples | 1049326 |  | 2671 | 1051997 |
| Energy | 1016036 |  |  | 1016036 |
| Materials | 726868 |  |  | 726868 |
| Utilities | 358047 |  |  | 358047 |
| Real estate | 309468 |  |  | 309468 |
| Preferred securities  |  |  | 146802 | 146802 |
| Rights & warrants  |  |  | 22672 | 22672 |
| Convertible stocks  | 4131 |  | 686 | 4817 |
| Short-term securities | 1569711 |  |  | 1569711 |
| Total | $51396199 | $— | $191274 | $51587473 |

---

**International Fund** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Investment securities** | **Investment securities** | **Investment securities** | **Investment securities** |
|  | **Level 1** | **Level 2** | **Level 3** | **Total** |
| Assets: |  |  |  |  |
| Common stocks: |  |  |  |  |
| Industrials | $1316771 | $— | $— | $1316771 |
| Financials | 1183785 |  |  | 1183785 |
| Information technology | 951942 |  | 6168 | 958110 |
| Communication services | 655458 |  |  | 655458 |
| Consumer discretionary | 650213 |  |  | 650213 |
| Health care | 621389 |  |  | 621389 |
| Materials | 567220 |  |  | 567220 |
| Consumer staples | 430268 |  |  | 430268 |
| Energy | 396129 |  |  | 396129 |
| Utilities | 116308 |  |  | 116308 |
| Preferred securities  | 32903 |  | 565 | 33468 |
| Rights & warrants  |  |  | —<br> \*<br>| —<br> \*<br>|
| Short-term securities | 330868 |  |  | 330868 |
| Total | $7253254 | $— | $6733 | $7259987 |

---

\*

Amount less than one thousand.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| American Funds Insurance Series | **296** |

---

------

**New World Fund** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Investment securities** | **Investment securities** | **Investment securities** | **Investment securities** |
|  | **Level 1** | **Level 2** | **Level 3** | **Total** |
| Assets: |  |  |  |  |
| Common stocks: |  |  |  |  |
| Financials | $704693 | $2554 | $—<br> \*<br>| $707247 |
| Information technology | 676770 |  | 493 | 677263 |
| Consumer discretionary | 450359 |  |  | 450359 |
| Industrials | 412982 |  |  | 412982 |
| Communication services | 363276 |  |  | 363276 |
| Health care | 228078 |  |  | 228078 |
| Consumer staples | 224042 |  |  | 224042 |
| Materials | 183568 |  | —<br> \*<br>| 183568 |
| Energy | 83019 |  | —<br> \*<br>| 83019 |
| Real estate | 63806 |  |  | 63806 |
| Utilities | 51736 |  |  | 51736 |
| Preferred securities  | 18723 |  | 8801 | 27524 |
| Rights & warrants  |  | 26 |  | 26 |
| Convertible stocks  | 183 |  |  | 183 |
| Bonds, notes & other debt instruments  |  | 127378 |  | 127378 |
| Short-term securities | 151987 | 450 |  | 152437 |
| Total | $3613222 | $130408 | $9294 | $3752924 |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **Other investments**<sup>†</sup>  | **Other investments**<sup>†</sup>  | **Other investments**<sup>†</sup>  | **Other investments**<sup>†</sup>  |
|  | **Level 1** | **Level 2** | **Level 3** | **Total** |
| Assets: |  |  |  |  |
| Unrealized appreciation on futures contracts | $65 | $— | $— | $65 |
| Unrealized appreciation on open forward currency contracts |  | 90 |  | 90 |
| Liabilities: |  |  |  |  |
| Unrealized depreciation on futures contracts | (4)<br>|  |  | (4)<br>|
| Unrealized depreciation on open forward currency contracts |  | (168)<br>|  | (168)<br>|
| Total  | $61 | $(78)<br>| $— | $(17)<br>|

---

\*

Amount less than one thousand.

<sup>†</sup>

Futures contracts and forward currency contracts are not included in the fund's investment portfolio.

**Washington Mutual Investors Fund**

As of June 30, 2025, all of the fund's investment securities were classified as Level 1.

**U.S. Small and Mid Cap Equity Fund**

As of June 30, 2025, all of the fund's investment securities were classified as Level 1.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **297** | American Funds Insurance Series |

---

------

**Capital World Growth and Income Fund** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Investment securities** | **Investment securities** | **Investment securities** | **Investment securities** |
|  | **Level 1** | **Level 2** | **Level 3** | **Total** |
| Assets: |  |  |  |  |
| Common stocks: |  |  |  |  |
| Information technology | $427048 | $— | $— | $427048 |
| Financials | 316727 |  | —<br> \*<br>| 316727 |
| Industrials | 302352 |  |  | 302352 |
| Consumer discretionary | 181256 |  |  | 181256 |
| Health care | 168013 |  |  | 168013 |
| Communication services | 165844 |  |  | 165844 |
| Consumer staples | 120918 |  |  | 120918 |
| Materials | 104031 | 1918 |  | 105949 |
| Energy | 79674 |  |  | 79674 |
| Utilities | 32792 | 976 |  | 33768 |
| Real estate | 15467 |  |  | 15467 |
| Preferred securities  | 5091 |  |  | 5091 |
| Bonds, notes & other debt instruments  |  | 1506 |  | 1506 |
| Short-term securities | 84375 |  |  | 84375 |
| Total | $2003588 | $4400 | $—<br> \*<br>| $2007988 |

---

\*

Amount less than one thousand.

**Growth-Income Fund** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Investment securities** | **Investment securities** | **Investment securities** | **Investment securities** |
|  | **Level 1** | **Level 2** | **Level 3** | **Total** |
| Assets: |  |  |  |  |
| Common stocks: |  |  |  |  |
| Information technology | $11838678 | $— | $— | $11838678 |
| Industrials | 6589703 |  |  | 6589703 |
| Financials | 5204392 |  |  | 5204392 |
| Consumer discretionary | 4605290 |  |  | 4605290 |
| Health care | 3953251 |  |  | 3953251 |
| Communication services | 3823894 |  |  | 3823894 |
| Consumer staples | 1335169 |  |  | 1335169 |
| Energy | 1274412 |  |  | 1274412 |
| Materials | 1159101 |  |  | 1159101 |
| Utilities | 838420 |  |  | 838420 |
| Real estate | 751153 |  |  | 751153 |
| Bonds, notes & other debt instruments  |  | 988 |  | 988 |
| Short-term securities | 1261375 |  |  | 1261375 |
| Total | $42634838 | $988 | $— | $42635826 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| American Funds Insurance Series | **298** |

---

------

**International Growth and Income Fund** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Investment securities** | **Investment securities** | **Investment securities** | **Investment securities** |
|  | **Level 1** | **Level 2** | **Level 3** | **Total** |
| Assets: |  |  |  |  |
| Common stocks: |  |  |  |  |
| Financials | $95865 | $— | $—<br> \*<br>| $95865 |
| Industrials | 63371 |  |  | 63371 |
| Information technology | 44238 |  |  | 44238 |
| Consumer staples | 34875 |  |  | 34875 |
| Consumer discretionary | 32588 |  |  | 32588 |
| Communication services | 28978 |  |  | 28978 |
| Health care | 25844 |  |  | 25844 |
| Materials | 20585 |  | —<br> \*<br>| 20585 |
| Energy | 18005 |  | —<br> \*<br>| 18005 |
| Utilities | 10944 |  |  | 10944 |
| Real estate | 4179 |  |  | 4179 |
| Preferred securities  | 174 |  |  | 174 |
| Short-term securities | 16518 |  |  | 16518 |
| Total | $396164 | $— | $—<br> \*<br>| $396164 |

---

\*

Amount less than one thousand.

**Capital Income Builder** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Investment securities** | **Investment securities** | **Investment securities** | **Investment securities** |
|  | **Level 1** | **Level 2** | **Level 3** | **Total** |
| Assets: |  |  |  |  |
| Common stocks: |  |  |  |  |
| Financials | $233645 | $— | $—<br> \*<br>| $233645 |
| Information technology | 152382 |  |  | 152382 |
| Industrials | 135755 |  |  | 135755 |
| Consumer staples | 134741 |  |  | 134741 |
| Health care | 126930 |  |  | 126930 |
| Utilities | 82013 | 866 |  | 82879 |
| Consumer discretionary | 76037 |  |  | 76037 |
| Energy | 72713 |  |  | 72713 |
| Communication services | 55015 |  |  | 55015 |
| Real estate | 53644 |  |  | 53644 |
| Materials | 50592 |  |  | 50592 |
| Convertible stocks  | 6728 |  |  | 6728 |
| Bonds, notes & other debt instruments: |  |  |  |  |
| Mortgage-backed obligations |  | 87131 | 100 | 87231 |
| U.S. Treasury bonds & notes |  | 77098 |  | 77098 |
| Corporate bonds, notes & loans |  | 38408 | 262 | 38670 |
| Asset-backed obligations |  | 14904 |  | 14904 |
| Bonds & notes of governments & government agencies <br> outside the U.S.<br>|  | 805 |  | 805 |
| Municipals |  | 336 |  | 336 |
| Investment funds  | 32235 |  |  | 32235 |
| Short-term securities  | 130855 |  |  | 130855 |
| Total | $1343285 | $219548 | $362 | $1563195 |

---

Refer to the next page for footnote(s).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **299** | American Funds Insurance Series |

---

------

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Other investments**<sup>†</sup>  | **Other investments**<sup>†</sup>  | **Other investments**<sup>†</sup>  | **Other investments**<sup>†</sup>  |
|  | **Level 1** | **Level 2** | **Level 3** | **Total** |
| Assets: |  |  |  |  |
| Unrealized appreciation on futures contracts | $1481 | $— | $— | $1481 |
| Unrealized appreciation on centrally cleared interest rate swaps |  | 243 |  | 243 |
| Unrealized appreciation on centrally cleared credit default swaps |  | 12 |  | 12 |
| Liabilities: |  |  |  |  |
| Unrealized depreciation on futures contracts | (72)<br>|  |  | (72)<br>|
| Unrealized appreciation on centrally cleared interest rate swaps |  | —<br> \*<br>|  | —<br> \*<br>|
| Total  | $1409 | $255 | $— | $1664 |

---

\*

Amount less than one thousand.

<sup>†</sup>

Futures contracts, interest rate swaps and credit default swaps are not included in the fund's investment portfolio.

**Asset Allocation Fund** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Investment securities** | **Investment securities** | **Investment securities** | **Investment securities** |
|  | **Level 1** | **Level 2** | **Level 3** | **Total** |
| Assets: |  |  |  |  |
| Common stocks: |  |  |  |  |
| Information technology | $4662762 | $— | $— | $4662762 |
| Financials | 3370748 |  | —<br> \*<br>| 3370748 |
| Industrials | 2515815 |  |  | 2515815 |
| Consumer discretionary | 1937291 |  | 807 | 1938098 |
| Health care | 1864589 |  | 13914 | 1878503 |
| Materials | 1333988 |  | —<br> \*<br>| 1333988 |
| Consumer staples | 1196955 |  |  | 1196955 |
| Communication services | 1045984 |  |  | 1045984 |
| Energy | 355595 |  | 498 | 356093 |
| Real estate | 147440 |  |  | 147440 |
| Utilities | 133008 |  |  | 133008 |
| Preferred securities  |  |  | 647 | 647 |
| Rights & warrants  | 54 |  | —<br> \*<br>| 54 |
| Convertible stocks  | 38180 |  |  | 38180 |
| Bonds, notes & other debt instruments: |  |  |  |  |
| Mortgage-backed obligations |  | 2908850 |  | 2908850 |
| Corporate bonds, notes & loans |  | 2009713 | 9271 | 2018984 |
| U.S. Treasury bonds & notes |  | 1906954 |  | 1906954 |
| Asset-backed obligations |  | 567592 |  | 567592 |
| Bonds & notes of governments & government agencies <br> outside the U.S.<br>|  | 37148 |  | 37148 |
| Municipals |  | 22367 |  | 22367 |
| Investment funds | 772826 |  |  | 772826 |
| Short-term securities  | 1325620 |  |  | 1325620 |
| Total | $20700855 | $7452624 | $25137 | $28178616 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Other investments**<sup>†</sup>  | **Other investments**<sup>†</sup>  | **Other investments**<sup>†</sup>  | **Other investments**<sup>†</sup>  |
|  | **Level 1** | **Level 2** | **Level 3** | **Total** |
| Assets: |  |  |  |  |
| Unrealized appreciation on futures contracts | $24259 | $— | $— | $24259 |
| Liabilities: |  |  |  |  |
| Unrealized depreciation on futures contracts | (5521)<br>|  |  | (5521)<br>|
| Unrealized depreciation on centrally cleared credit default swaps |  | (860)<br>|  | (860)<br>|
| Total  | $18738 | $(860)<br>| $— | $17878 |

---

\*

Amount less than one thousand.

<sup>†</sup>

Futures contracts and credit default swaps are not included in the fund's investment portfolio.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| American Funds Insurance Series | **300** |

---

------

**American Funds Global Balanced Fund** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Investment securities** | **Investment securities** | **Investment securities** | **Investment securities** |
|  | **Level 1** | **Level 2** | **Level 3** | **Total** |
| Assets: |  |  |  |  |
| Common stocks: |  |  |  |  |
| Information technology | $44529 | $— | $— | $44529 |
| Financials | 42226 |  |  | 42226 |
| Industrials | 35996 |  |  | 35996 |
| Health care | 34097 |  |  | 34097 |
| Communication services | 21542 |  |  | 21542 |
| Consumer discretionary | 19611 |  |  | 19611 |
| Consumer staples | 18188 |  |  | 18188 |
| Materials | 17133 | 371 |  | 17504 |
| Utilities | 13084 |  |  | 13084 |
| Energy | 9643 |  |  | 9643 |
| Real estate | 2881 |  |  | 2881 |
| Convertible stocks  | 2596 |  |  | 2596 |
| Bonds, notes & other debt instruments: |  |  |  |  |
| Bonds & notes of governments & government agencies <br> outside the U.S.<br>|  | 58518 |  | 58518 |
| Corporate bonds, notes & loans |  | 25698 |  | 25698 |
| Mortgage-backed obligations |  | 23721 |  | 23721 |
| U.S. Treasury bonds & notes |  | 19996 |  | 19996 |
| Asset-backed obligations |  | 2436 |  | 2436 |
| Municipals |  | 127 |  | 127 |
| Federal agency bonds & notes |  | 116 |  | 116 |
| Investment funds  | 4121 |  |  | 4121 |
| Short-term securities  | 22973 | 191 |  | 23164 |
| Total | $288620 | $131174 | $— | $419794 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Other investments\*** | **Other investments\*** | **Other investments\*** | **Other investments\*** |
|  | **Level 1** | **Level 2** | **Level 3** | **Total** |
| Assets: |  |  |  |  |
| Unrealized appreciation on options purchased (futures style) | $7 | $— | $— | $7 |
| Unrealized appreciation on futures contracts | 338 |  |  | 338 |
| Unrealized appreciation on open forward currency contracts |  | 280 |  | 280 |
| Unrealized appreciation on centrally cleared interest rate swaps |  | 126 |  | 126 |
| Unrealized appreciation on bilateral interest rate swaps |  | 60 |  | 60 |
| Unrealized appreciation on centrally cleared credit default swaps |  | 8 |  | 8 |
| Liabilities: |  |  |  |  |
| Unrealized depreciation on options written (futures style) | (5)<br>|  |  | (5)<br>|
| Unrealized depreciation on futures contracts | (57)<br>|  |  | (57)<br>|
| Unrealized depreciation on open forward currency contracts |  | (601)<br>|  | (601)<br>|
| Unrealized depreciation on centrally cleared interest rate swaps |  | (5)<br>|  | (5)<br>|
| Unrealized depreciation on bilateral interest rate swaps |  | (284)<br>|  | (284)<br>|
| Unrealized depreciation on centrally cleared credit default swaps |  | (32)<br>|  | (32)<br>|
| Total  | $283 | $(448)<br>| $— | $(165)<br>|

---

\*

Options purchased (futures style), options written, future contracts, forward currency contracts, interest rate swaps and credit default swaps are not included in the fund's investment portfolio.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **301** | American Funds Insurance Series |

---

------

**The Bond Fund of America** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Investment securities** | **Investment securities** | **Investment securities** | **Investment securities** |
|  | **Level 1** | **Level 2** | **Level 3** | **Total** |
| Assets: |  |  |  |  |
| Bonds, notes & other debt instruments: |  |  |  |  |
| Mortgage-backed obligations | $— | $3790654 | $1423 | $3792077 |
| Corporate bonds, notes & loans |  | 3612824 | 7595 | 3620419 |
| U.S. Treasury bonds & notes |  | 2148907 |  | 2148907 |
| Asset-backed obligations |  | 594080 |  | 594080 |
| Municipals |  | 160265 |  | 160265 |
| Bonds & notes of governments & government agencies <br> outside the U.S.<br>|  | 116286 |  | 116286 |
| Federal agency bonds & notes |  | 11725 |  | 11725 |
| Common stocks  |  | 14 |  | 14 |
| Short-term securities  | 745797 |  |  | 745797 |
| Total | $745797 | $10434755 | $9018 | $11189570 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Other investments\*** | **Other investments\*** | **Other investments\*** | **Other investments\*** |
|  | **Level 1** | **Level 2** | **Level 3** | **Total** |
| Assets: |  |  |  |  |
| Unrealized appreciation on futures contracts | $44636 | $— | $— | $44636 |
| Unrealized appreciation on open forward currency contracts |  | 637 |  | 637 |
| Unrealized appreciation on centrally cleared interest rate swaps |  | 1464 |  | 1464 |
| Unrealized appreciation on bilateral interest rate swaps |  | 2806 |  | 2806 |
| Unrealized appreciation on centrally cleared credit default swaps |  | 461 |  | 461 |
| Liabilities: |  |  |  |  |
| Unrealized depreciation on futures contracts | (3297)<br>|  |  | (3297)<br>|
| Unrealized depreciation on open forward currency contracts |  | (2964)<br>|  | (2964)<br>|
| Unrealized depreciation on centrally cleared interest rate swaps |  | (3389)<br>|  | (3389)<br>|
| Unrealized depreciation on bilateral interest rate swaps |  | (1761)<br>|  | (1761)<br>|
| Unrealized depreciation on centrally cleared credit default swaps |  | (2599)<br>|  | (2599)<br>|
| Total  | $41339 | $(5345)<br>| $— | $35994 |

---

\*

Futures contracts, forward currency contracts, interest rate swaps and credit default swaps are not included in the fund's investment portfolio.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| American Funds Insurance Series | **302** |

---

------

**Capital World Bond Fund** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Investment securities** | **Investment securities** | **Investment securities** | **Investment securities** |
|  | **Level 1** | **Level 2** | **Level 3** | **Total** |
| Assets: |  |  |  |  |
| Bonds, notes & other debt instruments: |  |  |  |  |
| Euros | $— | $330337 | $— | $330337 |
| Japanese yen |  | 129364 |  | 129364 |
| British pounds |  | 67533 |  | 67533 |
| Brazilian reais |  | 38886 |  | 38886 |
| Canadian dollars |  | 30396 |  | 30396 |
| Australian dollars |  | 30298 |  | 30298 |
| South Korean won |  | 25218 |  | 25218 |
| Chinese yuan renminbi |  | 23928 |  | 23928 |
| Malaysian ringgits |  | 22767 |  | 22767 |
| Mexican pesos |  | 16479 |  | 16479 |
| Indian rupees |  | 15703 |  | 15703 |
| Indonesian rupiah |  | 9657 |  | 9657 |
| Norwegian kroner |  | 6698 |  | 6698 |
| South African rand |  | 6637 |  | 6637 |
| Danish kroner |  | 6546 |  | 6546 |
| Polish zloty |  | 3940 |  | 3940 |
| Chilean pesos |  | 2739 |  | 2739 |
| Turkish lira |  | 1942 |  | 1942 |
| Colombian pesos |  | 1052 |  | 1052 |
| Czech korunas |  | 851 |  | 851 |
| U.S. dollars |  | 643452 | 690 | 644142 |
| Preferred securities  |  |  | 68 | 68 |
| Common stocks  | 1781 | 6 | 45 | 1832 |
| Investment funds  | 22047 |  |  | 22047 |
| Short-term securities | 34518 | 2878 |  | 37396 |
| Options purchased on foreign currencies (equity style) |  | 35 |  | 35 |
| Total | $58346 | $1417342 | $803 | $1476491 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Other investments\*** | **Other investments\*** | **Other investments\*** | **Other investments\*** |
|  | **Level 1** | **Level 2** | **Level 3** | **Total** |
| Assets: |  |  |  |  |
| Unrealized appreciation on options purchased (futures style) | $64 | $— | $— | $64 |
| Unrealized appreciation on futures contracts | 3955 |  |  | 3955 |
| Unrealized appreciation on open forward currency contracts |  | 3338 |  | 3338 |
| Unrealized appreciation on centrally cleared interest rate swaps |  | 1002 |  | 1002 |
| Unrealized appreciation on bilateral interest rate swaps |  | 522 |  | 522 |
| Unrealized appreciation on centrally cleared credit default swaps |  | 15 |  | 15 |
| Liabilities: |  |  |  |  |
| Value of options written (equity style) |  | (12)<br>|  | (12)<br>|
| Unrealized depreciation on options written (futures style) | (39)<br>|  |  | (39)<br>|
| Unrealized depreciation on futures contracts | (616)<br>|  |  | (616)<br>|
| Unrealized depreciation on open forward currency contracts |  | (3277)<br>|  | (3277)<br>|
| Unrealized depreciation on centrally cleared interest rate swaps |  | (494)<br>|  | (494)<br>|
| Unrealized depreciation on bilateral interest rate swaps |  | (3690)<br>|  | (3690)<br>|
| Unrealized depreciation on centrally cleared credit default swaps |  | (424)<br>|  | (424)<br>|
| Total  | $3364 | $(3020)<br>| $— | $344 |

---

\*

Options purchased (futures style), options written, futures contracts, forward currency contracts, interest rate swaps and credit default swaps are not included in the fund's investment portfolio.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **303** | American Funds Insurance Series |

---

------

**American High-Income Trust** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Investment securities** | **Investment securities** | **Investment securities** | **Investment securities** |
|  | **Level 1** | **Level 2** | **Level 3** | **Total** |
| Assets: |  |  |  |  |
| Bonds, notes & other debt instruments: |  |  |  |  |
| Corporate bonds, notes & loans | $— | $873946 | $3291 | $877237 |
| Other |  | 430 | 603 | 1033 |
| Convertible bonds & notes  |  | 447 |  | 447 |
| Common stocks  | 35992 | 802 | 22325 | 59119 |
| Preferred securities  |  | 2515 | 1468 | 3983 |
| Rights & warrants  | 47 |  |  | 47 |
| Short-term securities  | 45170 |  |  | 45170 |
| Total | $81209 | $878140 | $27687 | $987036 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Other investments**<sup>1</sup>  | **Other investments**<sup>1</sup>  | **Other investments**<sup>1</sup>  | **Other investments**<sup>1</sup>  |
|  | **Level 1** | **Level 2** | **Level 3** | **Total** |
| Assets: |  |  |  |  |
| Unrealized appreciation on futures contracts | $197 | $— | $— | $197 |
| Unrealized appreciation on centrally cleared credit default swaps |  | — <br><sup>2</sup><br>|  | — <br><sup>2</sup><br>|
| Liabilities: |  |  |  |  |
| Unrealized depreciation on futures contracts | (59)<br>|  |  | (59)<br>|
| Unrealized depreciation on centrally cleared credit default swaps |  | (482)<br>|  | (482)<br>|
| Total  | $138 | $(482)<br>| $— | $(344)<br>|

---

<sup>1</sup>

Futures contracts and credit default swaps are not included in the fund's investment portfolio.

<sup>2</sup>

Amount less than one thousand.

The following table reconciles the valuation of the fund's Level 3 investment securities and related transactions for the year ended June 30, 2025 (dollars in thousands):

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Beginning** <br> **value at** <br> **1/1/2025**<br>| **Transfers** <br> **into** <br> **Level 3**<sup>3</sup> <br>| **Purchases** | **Sales** | **Net** <br> **realized** <br> **gain (loss)**<sup>4</sup> <br>| **Unrealized** <br> **appreciation** <br> **(depreciation)**<sup>4</sup> <br>| **Transfers** <br> **out of** <br> **Level 3**<sup>3</sup> <br>| **Ending** <br> **value at** <br> **6/30/2025**<br>|
| Investment securities | &nbsp;&nbsp; $36440 | &nbsp;&nbsp; $1869 | &nbsp;&nbsp; $6147 | &nbsp;&nbsp; $(4347)<br>| &nbsp;&nbsp; $390 | &nbsp;&nbsp; $(9061)<br>| &nbsp;&nbsp; $(3751)<br>| &nbsp;&nbsp; $27687 |
| Net unrealized appreciation (depreciation) during the period on Level 3 investment securities held at June 30, 2025 | Net unrealized appreciation (depreciation) during the period on Level 3 investment securities held at June 30, 2025 | Net unrealized appreciation (depreciation) during the period on Level 3 investment securities held at June 30, 2025 | Net unrealized appreciation (depreciation) during the period on Level 3 investment securities held at June 30, 2025 | Net unrealized appreciation (depreciation) during the period on Level 3 investment securities held at June 30, 2025 | Net unrealized appreciation (depreciation) during the period on Level 3 investment securities held at June 30, 2025 | Net unrealized appreciation (depreciation) during the period on Level 3 investment securities held at June 30, 2025 | Net unrealized appreciation (depreciation) during the period on Level 3 investment securities held at June 30, 2025 | &nbsp;&nbsp; $(6171)<br>|

---

<sup>3</sup>

Transfers into or out of Level 3 are based on the beginning market value of the quarter in which they occurred. These transfers are the result of changes in the availability of pricing sources and/or in the observability of significant inputs used in valuing the securities.

<sup>4</sup>

Net realized gain and unrealized depreciation are included in the related amounts on investments in the fund's statement of operations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| American Funds Insurance Series | **304** |

---

------

**Unobservable inputs** — Valuation of the fund's Level 3 securities is based on significant unobservable inputs that reflect the investment adviser's determination of assumptions that market participants might reasonably use in valuing the securities. The following table provides additional information used by the fund's investment adviser to fair value the fund's Level 3 securities (dollars in thousands):

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Value at** <br> **6/30/2025**<br>| &nbsp;&nbsp; **Valuation** <br> **techniques**<br>| &nbsp;&nbsp; **Unobservable** <br> **inputs**<br>| **Range** <br> **(if applicable)**<br>| &nbsp;&nbsp; **Weighted** <br> **average\***<br>| &nbsp;&nbsp; **Impact to** <br> **valuation from** <br> **an increase in** <br> **input**<sup>†</sup> <br>|
| Bonds, notes & other <br> debt instruments | $3894 | &nbsp;&nbsp; Estimated <br> recovery value | Expected proceeds | Not applicable | Not applicable | Not applicable |
| Bonds, notes & other <br> debt instruments | $3894 | &nbsp;&nbsp; Estimated <br> recovery value | De minimis | Not applicable | Not applicable | Not applicable |
| Bonds, notes & other <br> debt instruments | $3894 | Transaction | Transaction price | Not applicable | Not applicable | Not applicable |
| Bonds, notes & other <br> debt instruments | $3894 | &nbsp;&nbsp; Indicative market <br> quotation<br>| Broker quote | Not applicable | Not applicable | Not applicable |
| Common stocks | $22325 | &nbsp;&nbsp; Estimated <br> recovery value | Expected proceeds | Not applicable | Not applicable | Not applicable |
| Common stocks | $22325 | &nbsp;&nbsp; Estimated <br> recovery value | Discount for uncertainty  | 20% | 20% | Decrease |
| Common stocks | $22325 | &nbsp;&nbsp; Estimated <br> recovery value | De minimis | Not applicable | Not applicable | Not applicable |
| Common stocks | $22325 | &nbsp;&nbsp; Market <br> comparables | EV/EBITDA multiple | 5.9x - 10.0x | 8.1x | Increase |
| Common stocks | $22325 | &nbsp;&nbsp; Market <br> comparables | EV/EBITDA-CAPEX multiple | 9.9x | 9.9x | Increase |
| Common stocks | $22325 | &nbsp;&nbsp; Market <br> comparables | &nbsp;&nbsp; Premium to EV/EBITDA-CAPEX <br> multiple<br>| 5% | 5% | Increase |
| Common stocks | $22325 | &nbsp;&nbsp; Market <br> comparables | P/BV multiple | 0.7x | 0.7x | Increase |
| Common stocks | $22325 | &nbsp;&nbsp; Market <br> comparables | Premium to P/BV multiple | 40% | 40% | Increase |
| Common stocks | $22325 | &nbsp;&nbsp; Market <br> comparables | DLOM | 9% - 15% | 9% | Decrease |
| Preferred securities | $1468 | &nbsp;&nbsp; Market <br> comparables | EV/EBITDA multiple | 4.4x | 4.4x | Increase |
| Preferred securities | $1468 | &nbsp;&nbsp; Market <br> comparables | DLOM | 15% | 15% | Decrease |
|  | $27687 |  |  |  |  |  |

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\*

Weighted average is by relative fair value.

<sup>†</sup>

This column represents the directional change in fair value of the Level 3 securities that would result in an increase from the corresponding input. Significant increases and decreases in these inputs in isolation could result in significantly higher or lower fair value measurements.

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| |
|:---|
| **Key to abbreviations** |
| CAPEX = Capital expenditures |
| DLOM = Discount for lack of marketability |
| EBITDA = Earnings before interest, taxes, depreciation and amortization |
| EV = Enterprise value |
| P/BV = Price to book value |

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**American Funds Mortgage Fund** 

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **Investment securities** | **Investment securities** | **Investment securities** | **Investment securities** |
|  | **Level 1** | **Level 2** | **Level 3** | **Total** |
| Assets: |  |  |  |  |
| Bonds, notes & other debt instruments: |  |  |  |  |
| Mortgage-backed obligations | $— | $105527 | $— | $105527 |
| U.S. Treasury bonds & notes |  | 5070 |  | 5070 |
| Asset-backed obligations |  | 1603 |  | 1603 |
| Short-term securities  |  | 20107 |  | 20107 |
| Options purchased on futures (equity style) | 5 |  |  | 5 |
| Total | $5 | $132307 | $— | $132312 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **305** | American Funds Insurance Series |

---

------

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Other investments\*** | **Other investments\*** | **Other investments\*** | **Other investments\*** |
|  | **Level 1** | **Level 2** | **Level 3** | **Total** |
| Assets: |  |  |  |  |
| Unrealized appreciation on futures contracts | $603 | $— | $— | $603 |
| Unrealized appreciation on centrally cleared interest rate swaps |  | 101 |  | 101 |
| Liabilities: |  |  |  |  |
| Unrealized depreciation on futures contracts | (24)<br>|  |  | (24)<br>|
| Unrealized depreciation on centrally cleared interest rate swaps |  | (1)<br>|  | (1)<br>|
| Total  | $579 | $100 | $— | $679 |

---

\*

Futures contracts and interest rate swaps are not included in the fund's investment portfolio.

**Ultra-Short Bond Fund**

As of June 30, 2025, all of the fund's investment securities were classified as Level 2.

**U.S. Government Securities Fund** 

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **Investment securities** | **Investment securities** | **Investment securities** | **Investment securities** |
|  | **Level 1** | **Level 2** | **Level 3** | **Total** |
| Assets: |  |  |  |  |
| Bonds, notes & other debt instruments: |  |  |  |  |
| Mortgage-backed obligations | $— | $844043 | $— | $844043 |
| U.S. Treasury bonds & notes |  | 686092 |  | 686092 |
| Federal agency bonds & notes |  | 51206 |  | 51206 |
| Short-term securities  |  | 307019 |  | 307019 |
| Options purchased on futures (equity style) | 206 |  |  | 206 |
| Total | $206 | $1888360 | $— | $1888566 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Other investments\*** | **Other investments\*** | **Other investments\*** | **Other investments\*** |
|  | **Level 1** | **Level 2** | **Level 3** | **Total** |
| Assets: |  |  |  |  |
| Unrealized appreciation on futures contracts | $9883 | $— | $— | $9883 |
| Unrealized appreciation on centrally cleared interest rate swaps |  | 14278 |  | 14278 |
| Liabilities: |  |  |  |  |
| Unrealized depreciation on futures contracts | (404)<br>|  |  | (404)<br>|
| Unrealized depreciation on centrally cleared interest rate swaps |  | (2762)<br>|  | (2762)<br>|
| Total  | $9479 | $11516 | $— | $20995 |

---

\*

Futures contracts and interest rate swaps are not included in the fund's investment portfolio.

**Managed Risk Growth Fund**

As of June 30, 2025, all of the fund's investments were classified as Level 1.

**Managed Risk International Fund**

As of June 30, 2025, all of the fund's investments were classified as Level 1.

**Managed Risk Washington Mutual Investors Fund**

As of June 30, 2025, all of the fund's investments were classified as Level 1.

**Managed Risk Growth-Income Fund**

As of June 30, 2025, all of the fund's investments were classified as Level 1.

**Managed Risk Asset Allocation Fund**

As of June 30, 2025, all of the fund's investments were classified as Level 1.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| American Funds Insurance Series | **306** |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**4. Risk factors**

------

Investing in the funds may involve certain risks including, but not limited to, those described below.

**Market conditions** — The prices of, and the income generated by, the common stocks, bonds and other securities held by a fund may decline — sometimes rapidly or unpredictably — due to various factors, including events or conditions affecting the general economy or particular industries or companies; overall market changes; local, regional or global political, social or economic instability; governmental, governmental agency or central bank responses to economic conditions; levels of public debt and deficits; changes in inflation rates; and currency exchange rate, interest rate and commodity price fluctuations. These risks may be heightened in the case of smaller capitalization stocks.

Economies and financial markets throughout the world are highly interconnected. Economic, financial or political events, trading and tariff arrangements, wars, terrorism, cybersecurity events, natural disasters, public health emergencies (such as the spread of infectious disease), bank failures and other circumstances in one country or region, including actions taken by governmental or quasi-governmental authorities in response to any of the foregoing, could have impacts on global economies or markets. As a result, whether or not a fund invests in securities of issuers located in or with significant exposure to the countries affected, the value and liquidity of a fund's investments may be negatively affected by developments in other countries and regions.

**Issuer risks** — The prices of, and the income generated by, securities held by a fund may decline in response to various factors directly related to the issuers of such securities, including reduced demand for an issuer's goods or services, poor management performance, major litigation, investigations or other controversies related to the issuer, changes in the issuer's financial condition or credit rating, changes in government regulations affecting the issuer or its competitive environment and strategic initiatives such as mergers, acquisitions or dispositions and the market response to any such initiatives. An individual security may also be affected by factors relating to the industry or sector of the issuer or the securities markets as a whole, and conversely an industry or sector or the securities markets may be affected by a change in financial condition or other event affecting a single issuer.

**Investing in income-oriented stocks** — The value of a fund's securities and income provided by a fund may be reduced by changes in the dividend policies of, and the capital resources available for dividend payments at, the companies in which the fund invests.

**Investing in growth-oriented stocks** — Growth-oriented common stocks and other equity-type securities (such as preferred stocks, convertible preferred stocks and convertible bonds) may involve larger price swings and greater potential for loss than other types of investments. These risks may be even greater in the case of smaller capitalization stocks.

**Investing in small companies** — Investing in smaller companies may pose additional risks. For example, it is often more difficult to value or dispose of small company stocks and more difficult to obtain information about smaller companies than about larger companies. Furthermore, smaller companies often have limited product lines, operating histories, markets and/or financial resources, may be dependent on one or a few key persons for management, and can be more susceptible to losses. Moreover, the prices of their stocks may be more volatile than stocks of larger, more established companies, particularly during times of market turmoil.

**Investing in small and mid-capitalization companies** — Investing in small and mid-capitalization companies may pose additional risks. For example, it is often more difficult to value or dispose of smaller company stocks and more difficult to obtain information about smaller companies than about larger companies. Furthermore, smaller companies often have limited product lines, operating histories, markets and/or financial resources, may be dependent on one or a few key persons for management, and can be more susceptible to losses. Moreover, the prices of their stocks may be more volatile than stocks of larger, more established companies, particularly during times of market turmoil.

**Investing outside the U.S.** — Securities of issuers domiciled outside the U.S. or with significant operations or revenues outside the U.S., and securities tied economically to countries outside the U.S., may lose value because of adverse political, social, economic or market developments (including social instability, regional conflicts, terrorism and war) in the countries or regions in which the issuers are domiciled, operate or generate revenue or to which the securities are tied economically. These securities may also lose value due to changes in foreign currency exchange rates against the U.S. dollar and/or currencies of other countries. Issuers of these securities may be more susceptible to actions of foreign governments, such as nationalization, currency blockage or the imposition of price controls, sanctions, or punitive taxes, each of which could adversely impact the value of these securities. Securities markets in certain countries may be more volatile and/or less liquid than those in the U.S. Investments outside the U.S. may also be subject to different regulatory, legal, accounting, auditing, financial reporting and recordkeeping requirements, and may be more difficult to value, than those in the U.S. In addition, the value of investments outside the U.S. may be reduced by foreign taxes, including foreign withholding taxes on

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **307** | American Funds Insurance Series |

---

------

interest and dividends. Further, there may be increased risks of delayed settlement of securities purchased or sold by the fund, which could impact the liquidity of the fund's portfolio. The risks of investing outside the U.S. may be heightened in connection with investments in emerging markets.

**Investing in developing countries** — Investing in countries with developing economies and/or markets may involve risks in addition to and greater than those generally associated with investing in developed countries. For instance, developing countries tend to have less developed political, economic and legal systems than those in developed countries. Accordingly, the governments of these countries may be less stable and more likely to intervene in the market economy, for example, by imposing capital controls, nationalizing a company or industry, placing restrictions on foreign ownership and on withdrawing sale proceeds of securities from the country, and/or imposing punitive taxes that could adversely affect the prices of securities. Information regarding issuers in developing countries may be limited, incomplete or inaccurate, and such issuers may not be subject to regulatory, accounting, auditing, and financial reporting and recordkeeping standards comparable to those to which issuers in developed countries are subject. A fund's rights with respect to its investments in developing countries, if any, will generally be governed by local law, which may make it difficult or impossible for the fund to pursue legal remedies or to obtain and enforce judgments in local courts. In addition, the economies of these countries may be dependent on relatively few industries, may have limited access to capital and may be more susceptible to changes in local and global trade conditions and downturns in the world economy. Securities markets in these countries can also be relatively small and have substantially lower trading volumes. As a result, securities issued in these countries may be more volatile and less liquid, more vulnerable to market manipulation, and more difficult to value, than securities issued in countries with more developed economies and/or markets. Less certainty with respect to security valuations may lead to additional challenges and risks in calculating a fund's net asset value. Additionally, developing countries are more likely to experience problems with the clearing and settling of trades and the holding of securities by banks, agents and depositories that are less established than those in developed countries.

**Investing in emerging markets** — Investing in emerging markets may involve risks in addition to and greater than those generally associated with investing in the securities markets of developed countries. For instance, emerging market countries tend to have less developed political, economic and legal systems than those in developed countries. Accordingly, the governments of these countries may be less stable and more likely to intervene in the market economy, for example, by imposing capital controls, nationalizing a company or industry, placing restrictions on foreign ownership and on withdrawing sale proceeds of securities from the country, and/or imposing punitive taxes that could adversely affect the prices of securities. Information regarding issuers in emerging markets may be limited, incomplete or inaccurate, and such issuers may not be subject to regulatory, accounting, auditing, and financial reporting and recordkeeping standards comparable to those to which issuers in more developed markets are subject. A fund's rights with respect to its investments in emerging markets, if any, will generally be governed by local law, which may make it difficult or impossible for the fund to pursue legal remedies or to obtain and enforce judgments in local courts. In addition, the economies of these countries may be dependent on relatively few industries, may have limited access to capital and may be more susceptible to changes in local and global trade conditions and downturns in the world economy. Securities markets in these countries can also be relatively small and have substantially lower trading volumes. As a result, securities issued in these countries may be more volatile and less liquid, more vulnerable to market manipulation, and more difficult to value, than securities issued in countries with more developed economies and/or markets. Less certainty with respect to security valuations may lead to additional challenges and risks in calculating a fund's net asset value. Additionally, emerging markets are more likely to experience problems with the clearing and settling of trades and the holding of securities by banks, agents and depositories that are less established than those in developed countries.

**Investing in debt instruments** — The prices of, and the income generated by, bonds and other debt securities held by a fund may be affected by factors such as the interest rates, maturities and credit quality of these securities.

Rising interest rates will generally cause the prices of bonds and other debt securities to fall. Also, when interest rates rise, issuers of debt securities that may be prepaid at any time, such as mortgage-or other asset-backed securities, are less likely to refinance existing debt securities, causing the average life of such securities to extend. A general change in interest rates may cause investors to sell debt securities on a large scale, which could also adversely affect the price and liquidity of debt securities and could also result in increased redemptions from a fund. Falling interest rates may cause an issuer to redeem, call or refinance a debt security before its stated maturity, which may result in a fund having to reinvest the proceeds in lower yielding securities. Longer maturity debt securities generally have greater sensitivity to changes in interest rates and may be subject to greater price fluctuations than shorter maturity debt securities.

Bonds and other debt securities are also subject to credit risk, which is the possibility that the credit strength of an issuer or guarantor will weaken or be perceived to be weaker, and/or an issuer of a debt security will fail to make timely payments of principal or interest and the security will go into default. Changes in actual or perceived creditworthiness may occur quickly. A downgrade or default affecting any of a fund's securities could cause the value of a fund's shares to decrease. Lower quality debt securities generally have

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| American Funds Insurance Series | **308** |

---

------

higher rates of interest and may be subject to greater price fluctuations than higher quality debt securities. Credit risk is gauged, in part, by the credit ratings of the debt securities in which a fund invests. However, ratings are only the opinions of the rating agencies issuing them and are not guarantees as to credit quality or an evaluation of market risk. The fund's investment adviser relies on its own credit analysts to research issuers and issues in assessing credit and default risks.

**Investing in lower rated debt instruments** — Lower rated bonds and other lower rated debt securities generally have higher rates of interest and involve greater risk of default or price declines due to changes in the issuer's creditworthiness than those of higher quality debt securities. The market prices of these securities may fluctuate more than the prices of higher quality debt securities and may decline significantly in periods of general economic difficulty. These risks may be increased with respect to investments in junk bonds.

**Investing in derivatives** — The use of derivatives involves a variety of risks, which may be different from, or greater than, the risks associated with investing in traditional securities, such as stocks and bonds. Changes in the value of a derivative may not correlate perfectly with, and may be more sensitive to market events than, the underlying asset, rate or index, and a derivative instrument may cause a fund to lose significantly more than its initial investment. Derivatives may be difficult to value, difficult for a fund to buy or sell at an opportune time or price and difficult, or even impossible, to terminate or otherwise offset. A fund's use of derivatives may result in losses to the fund, and investing in derivatives may reduce a fund's returns and increase a fund's price volatility. A fund's counterparty to a derivative transaction (including, if applicable, the fund's clearing broker, the derivatives exchange or the clearinghouse) may be unable or unwilling to honor its financial obligations in respect of the transaction. In certain cases, the fund may be hindered or delayed in exercising remedies against or closing out derivative instruments with a counterparty, which may result in additional losses. Derivatives are also subject to operational risk (such as documentation issues, settlement issues and systems failures) and legal risk (such as insufficient documentation, insufficient capacity or authority of a counterparty, and issues with the legality or enforceability of a contract).

**Currency** — The prices of, and the income generated by, many debt securities held by a fund may also be affected by changes in relative currency values. If the U.S. dollar appreciates against foreign currencies, the value in U.S. dollars of a fund's securities denominated in such currencies would generally fall and vice versa.

**Investing in mortgage-related and other asset-backed securities** — Mortgage-related securities, such as mortgage-backed securities, and other asset-backed securities, include debt obligations that represent interests in pools of mortgages or other income-bearing assets, such as residential mortgage loans, home equity loans, mortgages on commercial buildings, consumer loans or receivables and equipment leases. While such securities are subject to the risks associated with investments in debt instruments generally (for example, credit, extension and interest rate risks), they are also subject to other and different risks. Mortgage-backed and other asset-backed securities are subject to changes in the payment patterns of borrowers of the underlying debt, potentially increasing the volatility of the securities and a fund's net asset value. When interest rates fall, borrowers are more likely to refinance or prepay their debt before its stated maturity. This may result in a fund having to reinvest the proceeds in lower yielding securities, effectively reducing a fund's income. Conversely, if interest rates rise and borrowers repay their debt more slowly than expected, the time in which the mortgage-backed and other asset-backed securities are paid off could be extended, reducing a fund's cash available for reinvestment in higher yielding securities. Mortgage-backed securities are also subject to the risk that underlying borrowers will be unable to meet their obligations and the value of property that secures the mortgages may decline in value and be insufficient, upon foreclosure, to repay the associated loans. Investments in asset-backed securities are subject to similar risks.

**Investing in future delivery contracts** — A fund may enter into contracts, such as to-be-announced contracts and mortgage dollar rolls, that involve a fund selling mortgage-related securities and simultaneously contracting to repurchase similar securities for delivery at a future date at a predetermined price. This can increase a fund's market exposure, and the market price of the securities that the fund contracts to repurchase could drop below their purchase price. While a fund can preserve and generate capital through the use of such contracts by, for example, realizing the difference between the sale price and the future purchase price, the income generated by the fund may be reduced by engaging in such transactions. In addition, these transactions increase the turnover rate of a fund.

**Investing in inflation-linked bonds** — The values of inflation-linked bonds generally fluctuate in response to changes in real interest rates — i.e., rates of interest after factoring in inflation. A rise in real interest rates may cause the prices of inflation-linked securities to fall, while a decline in real interest rates may cause the prices to increase. Inflation-linked bonds may experience greater losses than other debt securities with similar durations when real interest rates rise faster than nominal interest rates. There can be no assurance that the value of an inflation-linked security will be directly correlated to changes in interest rates; for example, if interest rates rise for reasons other than inflation, the increase may not be reflected in the security's inflation measure.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **309** | American Funds Insurance Series |

---

------

Investing in inflation-linked bonds may also reduce a fund's distributable income during periods of deflation. If prices for goods and services decline throughout the economy, the principal and income on inflation-linked securities may decline and result in losses to a fund.

**Investing in securities backed by the U.S. government** — U.S. government securities are subject to market risk, interest rate risk and credit risk. Securities backed by the U.S. Treasury or the full faith and credit of the U.S. government are guaranteed only as to the timely payment of interest and principal when held to maturity. Accordingly, the current market values for these securities will fluctuate with changes in interest rates and the credit rating of the U.S. government. Notwithstanding that these securities are backed by the full faith and credit of the U.S. government, circumstances could arise that would prevent or delay the payment of interest or principal on these securities, which could adversely affect their value and cause the fund to suffer losses. Such an event could lead to significant disruptions in U.S. and global markets.

Securities issued by U.S. government-sponsored entities and federal agencies and instrumentalities that are not backed by the full faith and credit of the U.S. government are neither issued nor guaranteed by the U.S. government.

**Investing in repurchase agreements** — Upon entering into a repurchase agreement, a fund purchases a security from a bank or broker-dealer, which simultaneously commits to repurchase the security within a specified time at the fund's cost with interest. The security purchased by the fund constitutes collateral for the seller's repurchase obligation. If the party agreeing to repurchase should default, the fund may seek to sell the security it holds as collateral. The fund may incur a loss if the value of the collateral securing the repurchase obligation falls below the repurchase price. The fund may also incur disposition costs and encounter procedural delays in connection with liquidating the collateral.

**Interest rate risk** — The values and liquidity of the securities held by a fund may be affected by changing interest rates. For example, the values of these securities may decline when interest rates rise and increase when interest rates fall. Longer maturity debt securities generally have greater sensitivity to changes in interest rates and may be subject to greater price fluctuations than shorter maturity debt securities. A fund may invest in variable and floating rate securities. When a fund holds variable or floating rate securities, a decrease in market interest rates will adversely affect the income received from such securities and the net asset value of a fund's shares. Although the values of such securities are generally less sensitive to interest rate changes than those of other debt securities, the value of variable and floating rate securities may decline if their interest rates do not rise as quickly, or as much, as market interest rates. Conversely, floating rate securities will not generally increase in value if interest rates decline. During periods of extremely low short-term interest rates, a fund may not be able to maintain a positive yield or total return and, in relatively low interest rate environments, there are heightened risks associated with rising interest rates.

**Credit and liquidity support** — Changes in the credit quality of banks and financial institutions providing credit and liquidity support features with respect to securities held by a fund could cause the values of these securities to decline.

**Asset allocation** — A fund's percentage allocation to equity securities, debt securities and money market instruments could cause the fund to underperform relative to relevant benchmarks and other funds with similar investment objectives.

**Liquidity risk** — Certain fund holdings may be or may become difficult or impossible to sell, particularly during times of market turmoil. Liquidity may be impacted by the lack of an active market for a holding, legal or contractual restrictions on resale, or the reduced number and capacity of market participants to make a market in such holding. Market prices for less liquid or illiquid holdings may be volatile or difficult to determine, and reduced liquidity may have an adverse impact on the market price of such holdings. Additionally, the sale of less liquid or illiquid holdings may involve substantial delays (including delays in settlement) and additional costs and the fund may be unable to sell such holdings when necessary to meet its liquidity needs, or to try to limit losses, or may be forced to sell at a loss.

**Nondiversification** — The fund is nondiversified, which allows it to invest a greater percentage of its assets in any one issuer than would otherwise be the case. To the extent that the fund invests a larger percentage of its assets in securities of one or more issuers, poor performance by these securities could have a greater adverse impact on the fund's investment results.

**Management** — The investment adviser to the funds actively manages the funds' investments. Consequently, the funds are subject to the risk that the methods and analyses, including models, tools and data, employed by the investment adviser in this process may be flawed or incorrect and may not produce the desired results. This could cause the funds to lose value or their investment results to lag relevant benchmarks or other funds with similar objectives.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| American Funds Insurance Series | **310** |

---

------

Investing in the managed risk funds may involve additional risks including, but not limited to, those described below.

**Fund structure** — The managed risk funds invest in underlying funds and incur expenses related to those underlying funds. In addition, investors in the managed risk funds will incur fees to pay for certain expenses related to the operations of the managed risk funds. An investor holding the underlying fund directly would incur lower overall expenses but would not receive the benefit of the managed risk strategy. Additionally, in accordance with an exemption under the Investment Company Act of 1940, as amended, the investment adviser considers only proprietary funds when selecting underlying investment options and allocations. This means that the fund's investment adviser does not, nor does it expect to, consider any unaffiliated funds as underlying investment options for the fund. This strategy could raise certain conflicts of interest when determining the overall asset allocation of the fund or choosing underlying investments for the fund, including the selection of funds that result in greater compensation to the adviser or funds with relatively lower historical investment results. The investment adviser has policies and procedures designed to mitigate material conflicts of interest that may arise in connection with its management of the fund.

**Management** — The managed risk funds are subject to the risk that the managed risk strategy or the methods employed by the subadviser in implementing the managed risk strategy may not produce the desired results. This could cause the managed risk funds to lose value or their investment results to lag relevant benchmarks or other funds with similar objectives.

**Underlying fund risks** — Because the managed risk funds' investments consist of investments in underlying funds, the managed risk funds' risks are directly related to the risks of the respective underlying fund in which each managed risk fund invests. For this reason, it is important to understand the risks associated with investing both in the managed risk fund and in each of the underlying funds.

**Investing in options and futures contracts** — In addition to the risks generally associated with investing in derivative instruments, options and futures contracts are subject to the creditworthiness of the clearing organizations, exchanges and, in the case of futures, futures commission merchants with which a fund transacts. While both options and futures contracts are generally liquid instruments, under certain market conditions, options and futures may be deemed to be illiquid. For example, a fund may be temporarily prohibited from closing out its position in an options or futures contract if intraday price change limits or limits on trading volume imposed by the applicable exchange are triggered. If a fund is unable to close out a position on an options or futures contract, the fund would remain subject to the risk of adverse price movements until the fund is able to close out the position in question. The ability of a fund to successfully utilize options and futures contracts may depend in part upon the ability of the fund's investment adviser or subadviser to accurately forecast interest rates and other economic factors and to assess and predict the impact of such economic factors on the options and futures in which the fund invests. If the investment adviser or subadviser incorrectly forecasts economic developments or incorrectly predicts the impact of such developments on the options and futures in which it invests, a fund could suffer losses. Whereas the risk of loss on a put option purchased by the fund is limited to the initial cost of the option, the amount of a potential loss on a futures contract could greatly exceed the relatively small initial amount invested in entering the futures position.

**Hedging** — There may be imperfect or even negative correlation between the prices of the options and futures contracts in which a fund invests and the prices of the underlying securities or indexes which the fund seeks to hedge. For example, options and futures contracts may not provide an effective hedge because changes in options and futures contract prices may not track those of the underlying securities or indexes they are intended to hedge. In addition, there are significant differences between the securities market, on the one hand, and the options and futures markets, on the other, that could result in an imperfect correlation between the markets, causing a given hedge not to achieve its objectives. The degree of imperfection of correlation depends on circumstances such as variations in speculative market demand for options and futures, including technical influences in options and futures trading, and differences between the financial instruments being hedged and the instruments underlying the standard contracts available for trading. A decision as to whether, when and how to hedge involves the exercise of skill and judgment, and even a well-conceived hedge may be unsuccessful to some degree because of market behavior or unexpected interest rate trends. In addition, the fund's investment in exchange-traded options and futures and their resulting costs could limit the fund's gains in rising markets relative to those of the underlying funds, or to those of unhedged funds in general.

**Short positions** — The fund may suffer losses from short positions in futures contracts. Losses from short positions in futures contracts occur when the underlying index increases in value. As the underlying index increases in value, the holder of the short position in the corresponding futures contract is required to pay the difference in value of the futures contract resulting from the increase in the index on a daily basis. Losses from a short position in an index futures contract could potentially be very large if the value of the underlying index rises dramatically in a short period of time.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **311** | American Funds Insurance Series |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**5. Certain investment techniques**

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**Securities lending** — Some of the funds have entered into securities lending transactions in which the funds earn income by lending investment securities to brokers, dealers or other institutions. Each transaction involves three parties: the fund, acting as the lender of the securities, a borrower, and a lending agent that acts as an intermediary.

Securities lending transactions are entered into by the fund under the securities lending agreement with the lending agent. The lending agent facilitates the exchange of securities between the lender and the borrower, generally provides protection from borrower default, marks to market the value of collateral daily, secures additional collateral from the borrower if it falls below preset terms, and may reinvest the collateral on behalf of the fund according to agreed parameters. The lending agent has indemnified the fund against losses resulting from borrower default. Although risk is mitigated by the collateral and indemnification, the fund could experience a delay in recovering its securities and a potential loss of income or value if the borrower fails to return the securities, collateral investments decline in value or the lending agent fails to perform.

The borrower is required to post highly liquid assets, such as cash or U.S. government securities, as collateral for the loan in an amount at least equal to the value of the securities loaned. Investments made with cash collateral are recognized as assets in the fund's investment portfolio. The same amount is recorded as a liability in the fund's statement of assets and liabilities. While securities are on loan, the fund will continue to receive the equivalent of the interest, dividends or other distributions paid by the issuer, as well as a portion of the interest on the investment of the collateral. Additionally, although the fund does not have the right to vote on securities while they are on loan, the fund has a right to consent on corporate actions and a right to recall loaned securities to vote on proposals affecting them. The borrower is obligated to return the loaned security at the conclusion of the loan or, during the pendency of the loan, on demand from the fund.

The following table presents the value of the securities on loan, the type and value of collateral received and the value of the investment securities purchased, if any, from the cash collateral received by each fund (dollars in thousands):

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| | | | | |
|:---|:---|:---|:---|:---|
| | | **Collateral received** | **Collateral received** | |
| <br>**Funds**  | <br>**Value of** <br> **investment** <br> **securities** <br> **on loan**<br>| **Cash**  | **U.S. government** <br> **securities** <br>| <br>**Value of** <br> **investment** <br> **securities** <br> **purchased** <br>|
| Global Growth Fund | &nbsp;&nbsp; $11 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $12 | &nbsp;&nbsp; $— |
| Global Small Capitalization Fund | &nbsp;&nbsp; 21033 | &nbsp;&nbsp; 21824 | &nbsp;&nbsp; 154 | &nbsp;&nbsp; 19642 |
| Growth Fund | &nbsp;&nbsp; 137026 | &nbsp;&nbsp; 140364 | &nbsp;&nbsp; — | &nbsp;&nbsp; 126327 |
| New World Fund | &nbsp;&nbsp; 7151 | &nbsp;&nbsp; 4784 | &nbsp;&nbsp; 2898 | &nbsp;&nbsp; 4306 |
| Washington Mutual Investors Fund | &nbsp;&nbsp; 4 | &nbsp;&nbsp; 5 | &nbsp;&nbsp; — | &nbsp;&nbsp; 4 |
| U.S. Small and Mid Cap Equity Fund | &nbsp;&nbsp; 7 | &nbsp;&nbsp; 7 | &nbsp;&nbsp; — | &nbsp;&nbsp; 7 |
| Capital World Growth and Income Fund | &nbsp;&nbsp; 8902 | &nbsp;&nbsp; 8988 | &nbsp;&nbsp; 484 | &nbsp;&nbsp; 8089 |
| International Growth and Income Fund | &nbsp;&nbsp; 891 | &nbsp;&nbsp; 937 | &nbsp;&nbsp; 2 | &nbsp;&nbsp; 843 |
| Capital Income Builder | &nbsp;&nbsp; 16714 | &nbsp;&nbsp; 17540 | &nbsp;&nbsp; — | &nbsp;&nbsp; 15786 |
| Asset Allocation Fund | &nbsp;&nbsp; 2306 | &nbsp;&nbsp; 2353 | &nbsp;&nbsp; — | &nbsp;&nbsp; 2118 |
| American Funds Global Balanced Fund | &nbsp;&nbsp; 1472 | &nbsp;&nbsp; 1545 | &nbsp;&nbsp; — | &nbsp;&nbsp; 1391 |

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Investment securities purchased from cash collateral are disclosed in the investment portfolio as short-term securities. Securities received as collateral, if any, are not recognized as fund assets. The contractual maturity of collateral received under the securities lending agreement is classified as overnight and continuous.

**Index-linked bonds** — Some of the funds have invested in index-linked bonds, which are fixed-income securities whose principal value is periodically adjusted to a government price index. Over the life of an index-linked bond, interest is paid on the adjusted principal value. Increases or decreases in the principal value of index-linked bonds are recorded as interest income in the fund's statement of operations.

**Mortgage dollar rolls** — Some of the funds have entered into mortgage dollar roll transactions of TBA securities in which the fund sells a TBA mortgage-backed security to a counterparty and simultaneously enters into an agreement with the same counterparty to buy back a similar TBA security on a specific future date at a predetermined price. Mortgage dollar rolls are accounted for as purchase and sale transactions and may result in an increase to the fund's portfolio turnover rate. Portfolio turnover rates excluding and including mortgage dollar rolls are presented at the end of the financial highlights tables.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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| | |
|:---|:---|
| American Funds Insurance Series | **312** |

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**Loan transactions** — Some of the funds have entered into loan transactions in which the fund acquires a loan either through an agent, by assignment from another holder, or as a participation interest in another holder's portion of a loan. The loan is often administered by a financial institution that acts as agent for the holders of the loan, and the fund may be required to receive approval from the agent and/or borrower prior to the sale of the investment. The loan's interest rate and maturity date may change based on the terms of the loan, including potential early payments of principal.

**Short-term securities** — The managed risk funds hold shares of State Street Institutional U.S. Government Money Market Fund, a cash management vehicle offered and managed by State Street Bank and Trust Company.

**Unfunded commitments** — Global Small Capitalization Fund, Asset Allocation Fund, Capital World Bond Fund and American High-Income Trust have participated in transactions that involve unfunded commitments, which may obligate each fund to purchase new or additional bonds and/or purchase additional shares of the applicable issuer if certain contingencies are met. As of June 30, 2025, the maximum exposure from these unfunded commitments for Global Small Capitalization Fund, Asset Allocation Fund, Capital World Bond Fund and American High-Income Trust was $490,000, $3,151,000, $8,000 and $1,158,000, respectively, which would represents 0.02% for Global Small Capitalization Fund, 0.01% for Asset Allocation Fund, less than 0.01% for Capital World Bond Fund and 0.05% for American High-Income Trust, respectively, of the net assets of each fund should such commitments become due. Unrealized appreciation on these unfunded commitments was less than $1,000 for Capital World Bond Fund, $2,000 for Asset Allocation Fund and $1,000 for American High-Income Trust, and is disclosed as unrealized appreciation on unfunded commitments in each fund's statement of assets and liabilities. Unrealized appreciation is included in net unrealized appreciation (depreciation) on investments in unaffiliated issuers in each fund's statement of operations.

**Option contracts** — Some of the funds have entered into option contracts, which give the purchaser of the option, in return for a premium payment, the right to buy from (in the case of a call) or sell to (in the case of a put) the writer of the option the reference instrument underlying the option (or the cash value of the instrument or index underlying the option) at a specified exercise price. The writer of an option has the obligation, upon exercise of the option, to cash settle or deliver the underlying instrument or index upon payment of the exercise price (in the case of a call) or to cash settle or take delivery of the underlying instrument or index and pay the exercise price (in the case of a put).

By purchasing a put option, the fund obtains the right (but not the obligation) to sell the instrument underlying the option (or to deliver the cash value of the instrument or index underlying the option) at a specified exercise price. In return for this right, the fund pays the current market price, or the option premium, for the option. The fund may terminate its position in a put option by allowing the option to expire or by exercising the option. If the option is allowed to expire, the fund will lose the entire amount of the premium paid. If the option is exercised, the fund completes the sale of the underlying instrument (or delivers the cash value of the index underlying the option) at the exercise price. The fund may also terminate a put option position by entering into opposing close-out transactions in advance of the option expiration date.

The features of call options are essentially the same as those of put options, except that the purchaser of a call option obtains the right (but not the obligation) to purchase, rather than sell, the underlying instrument (or the cash value of the index underlying the option) at the specified exercise price. The buyer of a call option typically attempts to participate in potential price increases of the underlying instrument or index with risk limited to the cost of the option if the price of the underlying instrument or index falls. At the same time, the call option buyer can expect to suffer a loss if the price of the underlying instrument or index does not rise sufficiently to offset the cost of the option.

The writer of a put or call option takes the opposite side of the transaction from the option purchaser. In return for receipt of the option premium, the writer assumes the obligation to pay or receive the exercise price for the option's underlying instrument or index if the other party to the option chooses to exercise it. The writer may seek to terminate a position in a put option before exercise by entering into opposing close-out transactions in advance of the option expiration date. If the market for the relevant put option is not liquid, however, the writer must be prepared to pay the exercise price while the option is outstanding, regardless of price changes. Writing a call option obligates the writer to, upon exercise of the option, deliver the option's underlying instrument in return for the exercise price or to make a net cash settlement payment, as applicable. The characteristics of writing call options are similar to those of writing put options, except that writing call options is generally a profitable strategy if prices remain the same or fall. The potential gain for the option seller in such a transaction would be capped at the premium received.

Option contracts can be either equity style (premium is paid in full when the option is opened) or futures style (premium moves as part of variation margin over the life of the option, and is paid in full when the option is closed). For equity style options, premiums paid on options purchased, as well as the daily fluctuation in market value, are included in investment securities from unaffiliated issuers in each

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **313** | American Funds Insurance Series |

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------

fund's statement of asset and liabilities, and premiums received on options written, as well as the daily fluctuation in market value, are included in options written at value in each fund's statement of assets and liabilities. The net realized gains or losses and net unrealized appreciation or depreciation from equity style options are recorded in investments for purchased options and in options written for written options in the fund's statement of operations and statement of changes in net assets.

For futures style options, on a daily basis for both purchased and written options, the fund pays or receives variation margin based on the premium paid and the daily fluctuation in market value, and records variation margin in the statement of assets and liabilities. Realized gains or losses are recorded at the time the option contract is closed or expires. The net realized gains or losses and net unrealized appreciation or depreciation from futures style options are recorded in options purchased (futures style) in the fund's statement of operations and statement of changes in net assets.

Option contracts can take different forms. Some of the funds have entered into the following types of options contracts:

**Options on equity indexes** — As part of their managed risk strategy, the managed risk funds will at times purchase put options on equity indexes in standardized contracts traded on foreign or domestic securities exchanges, boards of trade, or similar entities.

**Options on futures** — Some of the funds have entered into options on future contracts to seek to manage the fund's interest rate sensitivity by increasing or decreasing the duration of the fund or a portion of the fund's portfolio. An option on a futures contract gives the purchaser of the option the right to buy or sell a position in a futures contract from or to the writer of the option, at a specified price on or before the specified expiration date.

**Options on foreign currencies** — One of the funds has entered into options on foreign currencies to seek to protect against changes in currency exchange rates, to increase exposure to a particular foreign currency, to shift exposure to currency fluctuations from one currency to another or to seek to increase returns. An option on a foreign currency gives the holder of the option the right to buy or sell a foreign currency from or to the writer of the option, at a specified price on or before the specified expiration date.

**Futures contracts** — Some of the funds have entered into futures contracts, which provide for the future sale by one party and purchase by another party of a specified amount of a specific financial instrument for a specified price, date, time and place designated at the time the contract is made. Futures contracts are used to strategically manage the fund's interest rate sensitivity by increasing or decreasing the duration of the fund or a portion of the fund's portfolio. For the managed risk funds, futures contracts are used to strategically manage portfolio volatility and downside equity risk.

Upon entering into futures contracts, and to maintain the fund's open positions in futures contracts, the fund is required to deposit with a futures broker, known as a futures commission merchant ("FCM"), in a segregated account in the name of the FCM an amount of cash, U.S. government securities or other liquid securities, known as initial margin. The margin required for a particular futures contract is set by the exchange on which the contract is traded to serve as collateral, and may be significantly modified from time to time by the exchange during the term of the contract.

On a daily basis, each fund pays or receives variation margin based on the increase or decrease in the value of the futures contracts and records variation margin on futures contracts in each fund's statement of assets and liabilities. Futures contracts may involve a risk of loss in excess of the variation margin shown on each fund's statement of assets and liabilities. Each fund records realized gains or losses at the time the futures contract is closed or expires. Net realized gains or losses and net unrealized appreciation or depreciation from futures contracts are recorded in each fund's statement of operations.

**Forward currency contracts** — Some of the funds have entered into forward currency contracts, which represent agreements to exchange currencies on specific future dates at predetermined rates. The series' investment adviser uses forward currency contracts to manage the fund's exposure to changes in exchange rates. Upon entering into these contracts, risks may arise from the potential inability of counterparties to meet the terms of their contracts and from possible movements in exchange rates.

On a daily basis, the series' investment adviser values forward currency contracts based on the applicable exchange rates and records unrealized appreciation or depreciation for open forward currency contracts in each fund's statement of assets and liabilities. Realized gains or losses are recorded at the time the forward contract is closed or offset by another contract with the same broker for the same settlement date and currency. Closed forward currency contracts that have not reached their settlement date are included in the respective receivables or payables for closed forward currency contracts in each fund's statement of assets and liabilities. Net realized gains or losses from closed forward currency contracts and net unrealized appreciation or depreciation from open forward currency contracts are recorded in each fund's statement of operations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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| | |
|:---|:---|
| American Funds Insurance Series | **314** |

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**Swap contracts** — Some of the funds have entered into swap agreements, which are two-party contracts entered into primarily by institutional investors for a specified time period. In a typical swap transaction, two parties agree to exchange the returns earned or realized from one or more underlying assets or rates of return. Swap agreements can be traded on a swap execution facility (SEF) and cleared through a central clearinghouse (cleared), traded over-the-counter (OTC) and cleared, or traded bilaterally and not cleared. Because clearing interposes a central clearinghouse as the ultimate counterparty to each participant's swap, and margin is required to be exchanged under the rules of the clearinghouse, central clearing is intended to decrease (but not eliminate) counterparty risk relative to uncleared bilateral swaps. To the extent the funds enter into bilaterally negotiated swap transactions, the funds will enter into swap agreements only with counterparties that meet certain credit standards and subject to agreed collateralized procedures. The term of a swap can be days, months or years and certain swaps may be less liquid than others.

Upon entering into a centrally cleared swap contract, the funds are required to deposit cash, U.S. government securities or other liquid securities, which is known as initial margin. Generally, the initial margin required for a particular swap is set and held as collateral by the clearinghouse on which the contract is cleared. The amount of initial margin required may be significantly modified from time to time by the clearinghouse during the term of the contract.

On a daily basis, interest accruals related to the exchange of future payments are recorded as a receivable and payable in the funds' statement of assets and liabilities for centrally cleared swaps and as unrealized appreciation or depreciation in the funds' statement of assets and liabilities for bilateral swaps. For centrally cleared swaps, the fund also pays or receives a variation margin based on the increase or decrease in the value of the swaps, including accrued interest as applicable, and records variation margin in the statement of assets and liabilities. The funds record realized gains and losses on both the net accrued interest and any gain or loss recognized at the time the swap is closed or expires. Net realized gains or losses, as well as any net unrealized appreciation or depreciation, from swaps are recorded in the funds' statement of operations.

Swap agreements can take different forms. Some of the funds have entered into the following types of swap agreements:

**Interest rate swaps** — Some of the funds have entered into interest rate swaps, which seek to manage the interest rate sensitivity of the fund by increasing or decreasing the duration of the funds or a portion of the funds' portfolio. An interest rate swap is an agreement between two parties to exchange or swap payments based on changes in an interest rate or rates. Typically, one interest rate is fixed and the other is variable based on a designated short-term interest rate such as the Secured Overnight Financing Rate (SOFR), prime rate or other benchmark. In other types of interest rate swaps, known as basis swaps, the parties agree to swap variable interest rates based on different designated short-term interest rates. Interest rate swaps generally do not involve the delivery of securities or other principal amounts. Rather, cash payments are exchanged by the parties based on the application of the designated interest rates to a notional amount, which is the predetermined dollar principal of the trade upon which payment obligations are computed. Accordingly, the funds' current obligation or right under the swap agreement is generally equal to the net amount to be paid or received under the swap agreement based on the relative value of the position held by each party.

**Credit default swap indices** — Some of the funds have entered into centrally cleared credit default swap indices, including CDX and iTraxx indices (collectively referred to as "CDSIs"), in order to assume exposure to a diversified portfolio of credits or to hedge against existing credit risks. A CDSI is based on a portfolio of credit default swaps with similar characteristics, such as credit default swaps on high-yield bonds. In a typical CDSI transaction, one party (the protection buyer) is obligated to pay the other party (the protection seller) a stream of periodic payments over the term of the contract. If a credit event, such as a default or restructuring, occurs with respect to any of the underlying reference obligations, the protection seller must pay the protection buyer the loss on those credits.

The funds may enter into a CDSI transaction as either protection buyer or protection seller. If the funds are protection buyers, they would pay the counterparty a periodic stream of payments over the term of the contract and would not recover any of those payments if no credit events were to occur with respect to any of the underlying reference obligations. However, if a credit event did occur, the funds, as protection buyers, would have the right to deliver the referenced debt obligations or a specified amount of cash, depending on the terms of the applicable agreement, and to receive the par value of such debt obligations from the counterparty protection seller. As protection sellers, the funds would receive fixed payments throughout the term of the contract if no credit events were to occur with respect to any of the underlying reference obligations. If a credit event were to occur, however, the value of any deliverable obligation received by the funds, coupled with the periodic payments previously received by the funds, may be less than the full notional value that the funds, as a protection seller, pays to the counterparty protection buyer, effectively resulting in a loss of value to the funds. Furthermore, as protection sellers, the funds would effectively add leverage to their portfolio because it would have investment exposure to the notional amount of the swap transaction.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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| | |
|:---|:---|
| **315** | American Funds Insurance Series |

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The following table presents the average month-end notional amounts of options on futures, options on foreign currencies, futures contracts, forward currency contracts, interest rate swaps and credit default swaps while held for each fund (dollars in thousands):

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Options** <br> **on** <br> **futures**<br>| **Options** <br> **on** <br> **foreign currencies**<br>| **Futures** <br> **contracts**<br>| **Forward** <br> **currency** <br> **contracts**<br>| **Interest** <br> **rate** <br> **swaps**<br>| **Credit** <br> **default** <br> **swaps**<br>|
| New World Fund | Not applicable | Not applicable | &nbsp;&nbsp; $15751  | &nbsp;&nbsp; $19587  | &nbsp;&nbsp; $1,702\*  | Not applicable |
| International Growth and <br> Income Fund<br>| Not applicable | Not applicable | Not applicable | &nbsp;&nbsp; 645\*  | Not applicable | Not applicable |
| Capital Income Builder | Not applicable | Not applicable | &nbsp;&nbsp; 165704  | Not applicable | &nbsp;&nbsp; 7379  | &nbsp;&nbsp; 5160  |
| Asset Allocation Fund | Not applicable | Not applicable | &nbsp;&nbsp; 2375438  | Not applicable | &nbsp;&nbsp; 585,466\*  | &nbsp;&nbsp; 58451  |
| Global Balanced Fund | &nbsp;&nbsp; $13706 | Not applicable | &nbsp;&nbsp; 49536  | &nbsp;&nbsp; 67771  | &nbsp;&nbsp; 17473  | &nbsp;&nbsp; 7108  |
| The Bond Fund of America | Not applicable | Not applicable | &nbsp;&nbsp; 5974302  | &nbsp;&nbsp; 234959  | &nbsp;&nbsp; 627191  | &nbsp;&nbsp; 145756  |
| Capital World Bond Fund | &nbsp;&nbsp; 72254 | &nbsp;&nbsp; $20561 | &nbsp;&nbsp; 669768  | &nbsp;&nbsp; 490321  | &nbsp;&nbsp; 255025  | &nbsp;&nbsp; 92993  |
| American High-Income Trust | Not applicable | Not applicable | &nbsp;&nbsp; 40053  | Not applicable | Not applicable | &nbsp;&nbsp; 14703  |
| American Funds Mortgage Fund | &nbsp;&nbsp; 25546 | Not applicable | &nbsp;&nbsp; 101434  | Not applicable | &nbsp;&nbsp; 1820  | Not applicable |
| U.S. Government Securities <br> Fund<br>| &nbsp;&nbsp; 900592 | Not applicable | &nbsp;&nbsp; 2057761  | Not applicable | &nbsp;&nbsp; 1084428  | Not applicable |
| Managed Risk Growth Fund | &nbsp;&nbsp; 429063 | Not applicable | &nbsp;&nbsp; 1746 | Not applicable | Not applicable | Not applicable |
| Managed Risk International <br> Fund<br>| &nbsp;&nbsp; 84769 | Not applicable | &nbsp;&nbsp; 573 | Not applicable | Not applicable | Not applicable |
| Managed Risk Washington <br> Mutual Investors Fund<br>| &nbsp;&nbsp; 265317 | Not applicable | &nbsp;&nbsp; 3801 | Not applicable | Not applicable | Not applicable |
| Managed Risk Growth-Income <br> Fund<br>| &nbsp;&nbsp; 2964611 | Not applicable | &nbsp;&nbsp; 59458 | Not applicable | Not applicable | Not applicable |
| Managed Risk Asset Allocation | &nbsp;&nbsp; 353919 | Not applicable | &nbsp;&nbsp; 35924 | Not applicable | Not applicable | Not applicable |

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\*

No contracts were held at the end of the reporting period; amount represents the average month-end notional amount of contracts while they were held.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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| | |
|:---|:---|
| American Funds Insurance Series | **316** |

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------

The following tables identify the location and fair value amounts on each fund's statement of assets and liabilities and/or the effect on each fund's statement of operations resulting from each fund's use of options, futures contracts, forward currency contracts, interest rate swaps and/or credit default swaps as of, or for the six months ended, June 30, 2025 (dollars in thousands):

**New World Fund** 

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | | **Assets** | **Assets** | **Liabilities** | **Liabilities** |
| <br>**Contracts** | <br>**Risk type** | &nbsp;&nbsp; **Location on statement of** <br> **assets and liabilities**<br>| **Value** | &nbsp;&nbsp;&nbsp;&nbsp; **Location on statement of** <br> **assets and liabilities**<br>| **Value** |
| Futures | Interest | Unrealized appreciation<sup>1</sup> <br>| $65 | Unrealized depreciation<sup>1</sup> <br>| $4 |
| Forward currency | Currency | &nbsp;&nbsp; Unrealized appreciation on open <br> forward currency contracts<br>| 90 | &nbsp;&nbsp;&nbsp;&nbsp; Unrealized depreciation on open <br> forward currency contracts<br>| 168 |
|  |  |  | $155 |  | $172 |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | | **Net realized gain (loss)** | **Net realized gain (loss)** | **Net unrealized appreciation (depreciation)** | **Net unrealized appreciation (depreciation)** |
| <br>**Contracts** | <br>**Risk type** | &nbsp;&nbsp; **Location on statement of** <br> **operations**<br>| **Value** | &nbsp;&nbsp;&nbsp;&nbsp; **Location on statement of** <br> **operations**<br>| **Value** |
| Futures | Interest | &nbsp;&nbsp; Net realized gain (loss) on futures <br> contracts<br>| $50 | &nbsp;&nbsp;&nbsp;&nbsp; Net unrealized appreciation <br> &nbsp;&nbsp;&nbsp;&nbsp;(depreciation) on futures contracts<br>| $50 |
| Forward currency | Currency | &nbsp;&nbsp; Net realized gain (loss) on forward <br> currency contracts<br>| (253)<br>| &nbsp;&nbsp;&nbsp;&nbsp; Net unrealized appreciation <br> &nbsp;&nbsp;&nbsp;&nbsp;(depreciation) on forward currency <br> contracts<br>| (158)<br>|
| Swap | Interest | &nbsp;&nbsp; Net realized gain (loss) on swap <br> contracts<br>| (88)<br>| &nbsp;&nbsp;&nbsp;&nbsp; Net unrealized appreciation <br> &nbsp;&nbsp;&nbsp;&nbsp;(depreciation) on swap contracts<br>| 104 |
|  |  |  | $(291)<br>|  | $(4)<br>|

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**Capital Income Builder** 

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| | | | |
|:---|:---|:---|:---|
| <br>**Contracts** | <br>**Risk type** | **Assets**<br>**Value** | **Liabilities**<br>**Value** |
| Futures | Interest<br> Unrealized appreciation<sup>1</sup> <br>| $1481<br> Unrealized depreciation<sup>1</sup> <br>| $72 |
| Swap (centrally <br> cleared)<br>| Interest<br> Unrealized appreciation<sup>1</sup> <br>| 243<br> Unrealized depreciation<sup>1</sup> <br>| — <br><sup>2</sup><br>|
| Swap (centrally <br> cleared)<br>| Credit<br> Unrealized appreciation<sup>1</sup> <br>| 12<br> Unrealized depreciation<sup>1</sup> <br>|  |
|  |  | $1736 | $72 |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | | **Net realized gain (loss)** | **Net realized gain (loss)** | **Net unrealized appreciation (depreciation)** | **Net unrealized appreciation (depreciation)** |
| <br>**Contracts** | <br>**Risk type** | &nbsp;&nbsp; **Location on statement of** <br> **operations**<br>| **Value** | &nbsp;&nbsp;&nbsp;&nbsp; **Location on statement of** <br> **operations**<br>| **Value** |
| Futures | Interest | &nbsp;&nbsp; Net realized gain (loss) on futures <br> contracts<br>| $(329)<br>| &nbsp;&nbsp;&nbsp;&nbsp; Net unrealized appreciation <br> &nbsp;&nbsp;&nbsp;&nbsp;(depreciation) on futures contracts<br>| $2387 |
| Swap | Interest | &nbsp;&nbsp; Net realized gain (loss) on swap <br> contracts<br>| 51 | &nbsp;&nbsp;&nbsp;&nbsp; Net unrealized appreciation <br> &nbsp;&nbsp;&nbsp;&nbsp;(depreciation) on swap contracts<br>| (228)<br>|
| Swap | Credit | &nbsp;&nbsp; Net realized gain (loss) on swap <br> contracts<br>| 9 | &nbsp;&nbsp;&nbsp;&nbsp; Net unrealized appreciation <br> &nbsp;&nbsp;&nbsp;&nbsp;(depreciation) on swap contracts<br>| 12 |
|  |  |  | $(269)<br>|  | $2171 |

---

Refer to the end of the table(s) for footnote(s).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **317** | American Funds Insurance Series |

---

------

**Asset Allocation Fund** 

---

| | | | |
|:---|:---|:---|:---|
| <br>**Contracts** | <br>**Risk type** | **Assets**<br>**Value** | **Liabilities**<br>**Value** |
| Futures | Interest<br> Unrealized appreciation<sup>1</sup> <br>| $24259<br> Unrealized depreciation<sup>1</sup> <br>| $5521 |
| Swap (centrally <br> cleared)<br>| Credit<br> Unrealized appreciation<sup>1</sup> <br>| —<br> Unrealized depreciation<sup>1</sup> <br>| 860 |
|  |  | $24259 | $6381 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | | **Net realized gain (loss)** | **Net realized gain (loss)** | **Net unrealized appreciation (depreciation)** | **Net unrealized appreciation (depreciation)** |
| <br>**Contracts** | <br>**Risk type** | &nbsp;&nbsp; **Location on statement of** <br> **operations**<br>| **Value** | &nbsp;&nbsp;&nbsp;&nbsp; **Location on statement of** <br> **operations**<br>| **Value** |
| Futures | Interest | &nbsp;&nbsp; Net realized gain (loss) on futures <br> contracts<br>| $5194 | &nbsp;&nbsp;&nbsp;&nbsp; Net unrealized appreciation <br> &nbsp;&nbsp;&nbsp;&nbsp;(depreciation) on futures contracts<br>| $21662 |
| Swap | Interest | &nbsp;&nbsp; Net realized gain (loss) on swap <br> contracts<br>| (439)<br>| &nbsp;&nbsp;&nbsp;&nbsp; Net unrealized appreciation <br> &nbsp;&nbsp;&nbsp;&nbsp;(depreciation) on swap contracts<br>| 119 |
| Swap | Credit | &nbsp;&nbsp; Net realized gain (loss) on swap <br> contracts<br>| (16)<br>| &nbsp;&nbsp;&nbsp;&nbsp; Net unrealized appreciation <br> &nbsp;&nbsp;&nbsp;&nbsp;(depreciation) on swap contracts<br>| (1003)<br>|
|  |  |  | $4739 |  | $20778 |

---

**American Funds Global Balanced Fund** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | | **Assets** | **Assets** | **Liabilities** | **Liabilities** |
| <br>**Contracts** | <br>**Risk type** | &nbsp;&nbsp; **Location on statement of** <br> **assets and liabilities**<br>| **Value** | &nbsp;&nbsp;&nbsp;&nbsp; **Location on statement of** <br> **assets and liabilities**<br>| **Value** |
| Options purchased <br> (futures style)<br>| Interest | Unrealized appreciation<sup>1</sup> <br>| $7 | Unrealized depreciation<sup>1</sup> <br>| $— |
| Options written <br> (futures style)<br>| Interest | Unrealized appreciation<sup>1</sup> <br>|  | Unrealized depreciation<sup>1</sup> <br>| 5 |
| Futures | Interest | Unrealized appreciation<sup>1</sup> <br>| 338 | Unrealized depreciation<sup>1</sup> <br>| 57 |
| Forward currency | Currency | &nbsp;&nbsp; Unrealized appreciation on open <br> forward currency contracts<br>| 280 | &nbsp;&nbsp;&nbsp;&nbsp; Unrealized depreciation on open <br> forward currency contracts<br>| 601 |
| Swap (centrally <br> cleared)<br>| Interest | Unrealized appreciation<sup>1</sup> <br>| 126 | Unrealized depreciation<sup>1</sup> <br>| 5 |
| Swap (bilateral) | Interest | Bilateral swaps, at value | 60 | Bilateral swaps, at value | 284 |
| Swap (centrally <br> cleared)<br>| Credit | Unrealized appreciation<sup>1</sup> <br>| 8 | Unrealized depreciation<sup>1</sup> <br>| 32 |
|  |  |  | $819 |  | $984 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Refer to the end of the table(s) for footnote(s).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| American Funds Insurance Series | **318** |

---

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | | **Net realized gain (loss)** | **Net realized gain (loss)** | **Net unrealized appreciation (depreciation)** | **Net unrealized appreciation (depreciation)** |
| <br>**Contracts** | <br>**Risk type** | &nbsp;&nbsp; **Location on statement of** <br> **operations**<br>| **Value** | &nbsp;&nbsp;&nbsp;&nbsp; **Location on statement of** <br> **operations**<br>| **Value** |
| Options purchased <br> (futures style)<br>| Interest | &nbsp;&nbsp; Net realized gain (loss) on options <br> purchased (futures style)<br>| $(44)<br>| &nbsp;&nbsp;&nbsp;&nbsp; Net unrealized appreciation <br> &nbsp;&nbsp;&nbsp;&nbsp;(depreciation) on options <br> purchased (futures style)<br>| $7 |
| Options written <br> (futures style)<br>| Interest | &nbsp;&nbsp; Net realized gain (loss) on options <br> written<br>| 27 | &nbsp;&nbsp;&nbsp;&nbsp; Net unrealized appreciation <br> &nbsp;&nbsp;&nbsp;&nbsp;(depreciation) on options written<br>| (5)<br>|
| Futures | Interest | &nbsp;&nbsp; Net realized gain (loss) on futures <br> contracts<br>| (227)<br>| &nbsp;&nbsp;&nbsp;&nbsp; Net unrealized appreciation <br> &nbsp;&nbsp;&nbsp;&nbsp;(depreciation) on futures contracts<br>| 519 |
| Forward currency | Currency | &nbsp;&nbsp; Net realized gain (loss) on forward <br> currency contracts<br>| (4788)<br>| &nbsp;&nbsp;&nbsp;&nbsp; Net unrealized appreciation <br> &nbsp;&nbsp;&nbsp;&nbsp;(depreciation) on forward currency <br> contracts<br>| (140)<br>|
| Swap | Interest | &nbsp;&nbsp; Net realized gain (loss) on swap <br> contracts<br>| 24 | &nbsp;&nbsp;&nbsp;&nbsp; Net unrealized appreciation <br> &nbsp;&nbsp;&nbsp;&nbsp;(depreciation) on swap contracts<br>| 223 |
| Swap | Credit | &nbsp;&nbsp; Net realized gain (loss) on swap <br> contracts<br>| (18)<br>| &nbsp;&nbsp;&nbsp;&nbsp; Net unrealized appreciation <br> &nbsp;&nbsp;&nbsp;&nbsp;(depreciation) on swap contracts<br>| (19)<br>|
|  |  |  | $(5026)<br>|  | $585 |

---

**The Bond Fund of America** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | | **Assets** | **Assets** | **Liabilities** | **Liabilities** |
| <br>**Contracts** | <br>**Risk type** | &nbsp;&nbsp; **Location on statement of** <br> **assets and liabilities**<br>| **Value** | &nbsp;&nbsp;&nbsp;&nbsp; **Location on statement of** <br> **assets and liabilities**<br>| **Value** |
| Futures | Interest | Unrealized appreciation<sup>1</sup> <br>| $44636 | Unrealized depreciation<sup>1</sup> <br>| $3297 |
| Forward currency | Currency | &nbsp;&nbsp; Unrealized appreciation on open <br> forward currency contracts<br>| 637 | &nbsp;&nbsp;&nbsp;&nbsp; Unrealized depreciation on open <br> forward currency contracts<br>| 2964 |
| Swap (centrally <br> cleared)<br>| Interest | Unrealized appreciation<sup>1</sup> <br>| 1464 | Unrealized depreciation<sup>1</sup> <br>| 3389 |
| Swap (bilateral) | Interest | Bilateral swaps, at value | 2806 | Bilateral swaps, at value | 1761 |
| Swap (centrally <br> cleared)<br>| Credit | Unrealized appreciation<sup>1</sup> <br>| 461 | Unrealized depreciation<sup>1</sup> <br>| 2599 |
|  |  |  | $50004 |  | $14010 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | | **Net realized gain (loss)** | **Net realized gain (loss)** | **Net unrealized appreciation (depreciation)** | **Net unrealized appreciation (depreciation)** |
| <br>**Contracts** | <br>**Risk type** | &nbsp;&nbsp; **Location on statement of** <br> **operations**<br>| **Value** | &nbsp;&nbsp;&nbsp;&nbsp; **Location on statement of** <br> **operations**<br>| **Value** |
| Futures | Interest | &nbsp;&nbsp; Net realized gain (loss) on futures <br> contracts<br>| $(29364)<br>| &nbsp;&nbsp;&nbsp;&nbsp; Net unrealized appreciation <br> &nbsp;&nbsp;&nbsp;&nbsp;(depreciation) on futures contracts<br>| $71589 |
| Forward currency | Currency | &nbsp;&nbsp; Net realized gain (loss) on forward <br> currency contracts<br>| (8500)<br>| &nbsp;&nbsp;&nbsp;&nbsp; Net unrealized appreciation <br> &nbsp;&nbsp;&nbsp;&nbsp;(depreciation) on forward currency <br> contracts<br>| (4153)<br>|
| Swap | Interest | &nbsp;&nbsp; Net realized gain (loss) on swap <br> contracts<br>| 4209 | &nbsp;&nbsp;&nbsp;&nbsp; Net unrealized appreciation <br> &nbsp;&nbsp;&nbsp;&nbsp;(depreciation) on swap contracts<br>| 5700 |
| Swap | Credit | &nbsp;&nbsp; Net realized gain (loss) on swap <br> contracts<br>| 977 | &nbsp;&nbsp;&nbsp;&nbsp; Net unrealized appreciation <br> &nbsp;&nbsp;&nbsp;&nbsp;(depreciation) on swap contracts<br>| (2152)<br>|
|  |  |  | $(32678)<br>|  | $70984 |

---

Refer to the end of the table(s) for footnote(s).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **319** | American Funds Insurance Series |

---

------

**Capital World Bond Fund** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | | **Assets** | **Assets** | **Liabilities** | **Liabilities** |
| <br>**Contracts** | <br>**Risk type** | &nbsp;&nbsp; **Location on statement of** <br> **assets and liabilities**<br>| **Value** | &nbsp;&nbsp;&nbsp;&nbsp; **Location on statement of** <br> **assets and liabilities**<br>| **Value** |
| Options purchased <br> (equity style)<br>| Currency | Investment securities | $35 | Investment securities | $— |
| Options written <br> (equity style)<br>| Currency | Options written, at value |  | Options written, at value | 12 |
| Options purchased <br> (futures style)<br>| Interest | Unrealized appreciation<sup>1</sup> <br>| 64 | Unrealized depreciation<sup>1</sup> <br>|  |
| Options written <br> (futures style)<br>| Interest | Unrealized appreciation<sup>1</sup> <br>|  | Unrealized depreciation<sup>1</sup> <br>| 39 |
| Futures | Interest | Unrealized appreciation<sup>1</sup> <br>| 3955 | Unrealized depreciation<sup>1</sup> <br>| 616 |
| Forward currency | Currency | &nbsp;&nbsp; Unrealized appreciation on open <br> forward currency contracts<br>| 3338 | &nbsp;&nbsp;&nbsp;&nbsp; Unrealized depreciation on open <br> forward currency contracts<br>| 3277 |
| Swap (centrally <br> cleared)<br>| Interest | Unrealized appreciation<sup>1</sup> <br>| 1002 | Unrealized depreciation<sup>1</sup> <br>| 494 |
| Swap (bilateral) | Interest | Bilateral swaps, at value | 522 | Bilateral swaps, at value | 3690 |
| Swap (centrally <br> cleared)<br>| Credit | Unrealized appreciation<sup>1</sup> <br>| 15 | Unrealized depreciation<sup>1</sup> <br>| 424 |
|  |  |  | $8931 |  | $8552 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | | **Net realized gain (loss)** | **Net realized gain (loss)** | **Net unrealized appreciation (depreciation)** | **Net unrealized appreciation (depreciation)** |
| <br>**Contracts** | <br>**Risk type** | &nbsp;&nbsp; **Location on statement of** <br> **operations**<br>| **Value** | &nbsp;&nbsp;&nbsp;&nbsp; **Location on statement of** <br> **operations**<br>| **Value** |
| Options purchased <br> (equity style)<br>| Interest | &nbsp;&nbsp; Net realized gain (loss) on <br> investments<br>| $(2)<br>| &nbsp;&nbsp;&nbsp;&nbsp; Net unrealized appreciation <br> &nbsp;&nbsp;&nbsp;&nbsp;(depreciation) on investments<br>| $18 |
| Options purchased <br> (equity style)<br>| Currency | &nbsp;&nbsp; Net realized gain (loss) on <br> investments<br>| 180 | &nbsp;&nbsp;&nbsp;&nbsp; Net unrealized appreciation <br> &nbsp;&nbsp;&nbsp;&nbsp;(depreciation) on investments<br>| 31 |
| Options written <br> (equity style)<br>| Currency | &nbsp;&nbsp; Net realized gain (loss) on options <br> written<br>| 52 | &nbsp;&nbsp;&nbsp;&nbsp; Net unrealized appreciation <br> &nbsp;&nbsp;&nbsp;&nbsp;(depreciation) on options written<br>| 54 |
| Options purchased <br> (futures style)<br>| Interest | &nbsp;&nbsp; Net realized gain (loss) on options <br> purchased (futures style)<br>| (399)<br>| &nbsp;&nbsp;&nbsp;&nbsp; Net unrealized appreciation <br> &nbsp;&nbsp;&nbsp;&nbsp;(depreciation) on options <br> purchased (futures style)<br>| 64 |
| Options written <br> (futures style)<br>| Interest | &nbsp;&nbsp; Net realized gain (loss) on options <br> written<br>| 245 | &nbsp;&nbsp;&nbsp;&nbsp; Net unrealized appreciation <br> &nbsp;&nbsp;&nbsp;&nbsp;(depreciation) on options written<br>| (39)<br>|
| Futures | Interest | &nbsp;&nbsp; Net realized gain (loss) on futures <br> contracts<br>| (425)<br>| &nbsp;&nbsp;&nbsp;&nbsp; Net unrealized appreciation <br> &nbsp;&nbsp;&nbsp;&nbsp;(depreciation) on futures contracts<br>| 5267 |
| Forward currency | Currency | &nbsp;&nbsp; Net realized gain (loss) on forward <br> currency contracts<br>| 1112 | &nbsp;&nbsp;&nbsp;&nbsp; Net unrealized appreciation <br> &nbsp;&nbsp;&nbsp;&nbsp;(depreciation) on forward currency <br> contracts<br>| 118 |
| Swap | Interest | &nbsp;&nbsp; Net realized gain (loss) on swap <br> contracts<br>| (205)<br>| &nbsp;&nbsp;&nbsp;&nbsp; Net unrealized appreciation <br> &nbsp;&nbsp;&nbsp;&nbsp;(depreciation) on swap contracts<br>| 3337 |
| Swap | Credit | &nbsp;&nbsp; Net realized gain (loss) on swap <br> contracts<br>| 609 | &nbsp;&nbsp;&nbsp;&nbsp; Net unrealized appreciation <br> &nbsp;&nbsp;&nbsp;&nbsp;(depreciation) on swap contracts<br>| (296)<br>|
|  |  |  | $1167 |  | $8554 |

---

Refer to the end of the table(s) for footnote(s).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| American Funds Insurance Series | **320** |

---

------

**American High-Income Trust** 

---

| | | | |
|:---|:---|:---|:---|
| <br>**Contracts** | <br>**Risk type** | **Assets**<br>**Value** | **Liabilities**<br>**Value** |
| Futures | Interest<br> Unrealized appreciation<sup>1</sup> <br>| $197<br> Unrealized depreciation<sup>1</sup> <br>| $59 |
| Swap (centrally <br> cleared)<br>| Credit<br> Unrealized appreciation<sup>1</sup> <br>| —<br> Unrealized depreciation<sup>1</sup> <br>| 482 |
|  |  | $197 | $541 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | | **Net realized gain (loss)** | **Net realized gain (loss)** | **Net unrealized appreciation (depreciation)** | **Net unrealized appreciation (depreciation)** |
| <br>**Contracts** | <br>**Risk type** | &nbsp;&nbsp; **Location on statement of** <br> **operations**<br>| **Value** | &nbsp;&nbsp;&nbsp;&nbsp; **Location on statement of** <br> **operations**<br>| **Value** |
| Futures | Interest | &nbsp;&nbsp; Net realized gain (loss) on futures <br> contracts<br>| $160 | &nbsp;&nbsp;&nbsp;&nbsp; Net unrealized appreciation <br> &nbsp;&nbsp;&nbsp;&nbsp;(depreciation) on futures contracts<br>| $214 |
| Swap | Credit | &nbsp;&nbsp; Net realized gain (loss) on swap <br> contracts<br>| (1)<br>| &nbsp;&nbsp;&nbsp;&nbsp; Net unrealized appreciation <br> &nbsp;&nbsp;&nbsp;&nbsp;(depreciation) on swap contracts<br>| (525)<br>|
|  |  |  | $159 |  | $(311)<br>|

---

**American Funds Mortgage Fund** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | | **Assets** | **Assets** | **Liabilities** | **Liabilities** |
| <br>**Contracts** | <br>**Risk type** | &nbsp;&nbsp; **Location on statement of** <br> **assets and liabilities**<br>| **Value** | &nbsp;&nbsp;&nbsp;&nbsp; **Location on statement of** <br> **assets and liabilities**<br>| **Value** |
| Options purchased <br> (equity style)<br>| Interest | Investment securities | $5 | Investment securities | $— |
| Futures | Interest | Unrealized appreciation<sup>1</sup> <br>| 603 | Unrealized depreciation<sup>1</sup> <br>| 24 |
| Swap (centrally <br> cleared)<br>| Interest | Unrealized appreciation<sup>1</sup> <br>| 101 | Unrealized depreciation<sup>1</sup> <br>| 1 |
|  |  |  | $709 |  | $25 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | | **Net realized gain (loss)** | **Net realized gain (loss)** | **Net unrealized appreciation (depreciation)** | **Net unrealized appreciation (depreciation)** |
| <br>**Contracts** | <br>**Risk type** | &nbsp;&nbsp; **Location on statement of** <br> **operations**<br>| **Value** | &nbsp;&nbsp;&nbsp;&nbsp; **Location on statement of** <br> **operations**<br>| **Value** |
| Options purchased <br> (equity style)<br>| Interest | &nbsp;&nbsp; Net realized gain (loss) on <br> investments<br>| $(10)<br>| &nbsp;&nbsp;&nbsp;&nbsp; Net unrealized appreciation <br> &nbsp;&nbsp;&nbsp;&nbsp;(depreciation) on investments<br>| $(7)<br>|
| Futures | Interest | &nbsp;&nbsp; Net realized gain (loss) on futures <br> contracts<br>| 243 | &nbsp;&nbsp;&nbsp;&nbsp; Net unrealized appreciation <br> &nbsp;&nbsp;&nbsp;&nbsp;(depreciation) on futures contracts<br>| 920 |
| Swap | Interest | &nbsp;&nbsp; Net realized gain (loss) on swap <br> contracts<br>| 9 | &nbsp;&nbsp;&nbsp;&nbsp; Net unrealized appreciation <br> &nbsp;&nbsp;&nbsp;&nbsp;(depreciation) on swap contracts<br>| (41)<br>|
|  |  |  | $242 |  | $872 |

---

Refer to the end of the table(s) for footnote(s).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **321** | American Funds Insurance Series |

---

------

**U.S. Government Securities Fund** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | | **Assets** | **Assets** | **Liabilities** | **Liabilities** |
| <br>**Contracts** | <br>**Risk type** | &nbsp;&nbsp; **Location on statement of** <br> **assets and liabilities**<br>| **Value** | &nbsp;&nbsp;&nbsp;&nbsp; **Location on statement of** <br> **assets and liabilities**<br>| **Value** |
| Options purchased <br> (equity style)<br>| Interest | Investment securities | $206 | Investment securities | $— |
| Futures | Interest | Unrealized appreciation<sup>1</sup> <br>| 9883 | Unrealized depreciation<sup>1</sup> <br>| 404 |
| Swap (centrally <br> cleared)<br>| Interest | Unrealized appreciation<sup>1</sup> <br>| 14278 | Unrealized depreciation<sup>1</sup> <br>| 2762 |
|  |  |  | $24367 |  | $3166 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | | **Net realized gain (loss)** | **Net realized gain (loss)** | **Net unrealized appreciation (depreciation)** | **Net unrealized appreciation (depreciation)** |
| <br>**Contracts** | <br>**Risk type** | &nbsp;&nbsp; **Location on statement of** <br> **operations**<br>| **Value** | &nbsp;&nbsp;&nbsp;&nbsp; **Location on statement of** <br> **operations**<br>| **Value** |
| Options purchased <br> (equity style)<br>| Interest | &nbsp;&nbsp; Net realized gain (loss) on <br> investments<br>| $(336)<br>| &nbsp;&nbsp;&nbsp;&nbsp; Net unrealized appreciation <br> &nbsp;&nbsp;&nbsp;&nbsp;(depreciation) on investments<br>| $(296)<br>|
| Futures | Interest | &nbsp;&nbsp; Net realized gain (loss) on futures <br> contracts<br>| 6752 | &nbsp;&nbsp;&nbsp;&nbsp; Net unrealized appreciation <br> &nbsp;&nbsp;&nbsp;&nbsp;(depreciation) on futures contracts<br>| 16396 |
| Swap | Interest | &nbsp;&nbsp; Net realized gain (loss) on swap <br> contracts<br>| 2638 | &nbsp;&nbsp;&nbsp;&nbsp; Net unrealized appreciation <br> &nbsp;&nbsp;&nbsp;&nbsp;(depreciation) on swap contracts<br>| (2276)<br>|
|  |  |  | $9054 |  | $13824 |

---

**Managed Risk Growth Fund** 

---

| | | | |
|:---|:---|:---|:---|
| <br>**Contracts** | <br>**Risk type** | **Assets**<br>**Value** | **Liabilities**<br>**Value** |
| Options purchased <br> (equity style)<br>| Equity<br> &nbsp;&nbsp; Investment securities from <br> unaffiliated issuers<sup>3</sup> <br>| $3271<br>&nbsp;&nbsp;&nbsp;&nbsp; Investment securities from <br> unaffiliated issuers<sup>3</sup> <br>| $— |
| Futures | Currency<br> Unrealized appreciation<sup>1</sup> <br>| —<br> Unrealized depreciation<sup>1</sup> <br>| 6 |
| Futures | Equity<br> Unrealized appreciation<sup>1</sup> <br>| 66<br> Unrealized depreciation<sup>1</sup> <br>|  |
|  |  | $3337 | $6 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | | **Net realized gain (loss)** | **Net realized gain (loss)** | **Net unrealized appreciation (depreciation)** | **Net unrealized appreciation (depreciation)** |
| <br>**Contracts** | <br>**Risk type** | &nbsp;&nbsp; **Location on statement of** <br> **operations**<br>| **Value** | &nbsp;&nbsp;&nbsp;&nbsp; **Location on statement of** <br> **operations**<br>| **Value** |
| Options purchased <br> (equity style)<br>| Equity | &nbsp;&nbsp; Net realized gain (loss) on <br> investments in unaffiliated issuers<br>| $(2283)<br>| &nbsp;&nbsp;&nbsp;&nbsp; Net unrealized appreciation <br> &nbsp;&nbsp;&nbsp;&nbsp;(depreciation) on investments in <br> unaffiliated issuers<br>| $15<br>|
| Futures | Currency | &nbsp;&nbsp; Net realized gain (loss) on futures <br> contracts<br>| (350)<br>| &nbsp;&nbsp;&nbsp;&nbsp; Net unrealized appreciation <br> &nbsp;&nbsp;&nbsp;&nbsp;(depreciation) on futures contracts<br>| (10)<br>|
| Futures | Equity | &nbsp;&nbsp; Net realized gain (loss) on futures <br> contracts<br>| (14664)<br>| &nbsp;&nbsp;&nbsp;&nbsp; Net unrealized appreciation <br> &nbsp;&nbsp;&nbsp;&nbsp;(depreciation) on futures contracts<br>| (397)<br>|
| Futures | Interest | &nbsp;&nbsp; Net realized gain (loss) on futures <br> contracts<br>| 8 | &nbsp;&nbsp;&nbsp;&nbsp; Net unrealized appreciation <br> &nbsp;&nbsp;&nbsp;&nbsp;(depreciation) on futures contracts<br>| 4 |
|  |  |  | $(17289)<br>|  | $(388)<br>|

---

Refer to the end of the table(s) for footnote(s).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| American Funds Insurance Series | **322** |

---

------

**Managed Risk International Fund** 

---

| | | | |
|:---|:---|:---|:---|
| <br>**Contracts** | <br>**Risk type** | **Assets**<br>**Value** | **Liabilities**<br>**Value** |
| Options purchased <br> (equity style)<br>| Equity<br> &nbsp;&nbsp; Investment securities from <br> unaffiliated issuers<sup>3</sup> <br>| $481<br>&nbsp;&nbsp;&nbsp;&nbsp; Investment securities from <br> unaffiliated issuers<sup>3</sup> <br>| $— |
| Futures | Equity<br> Unrealized appreciation<sup>1</sup> <br>| —<br> Unrealized depreciation<sup>1</sup> <br>| 126 |
|  |  | $481 | $126 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | | **Net realized gain (loss)** | **Net realized gain (loss)** | **Net unrealized appreciation (depreciation)** | **Net unrealized appreciation (depreciation)** |
| <br>**Contracts** | <br>**Risk type** | &nbsp;&nbsp; **Location on statement of** <br> **operations**<br>| **Value** | &nbsp;&nbsp;&nbsp;&nbsp; **Location on statement of** <br> **operations**<br>| **Value** |
| Options purchased <br> (equity style)<br>| Equity | &nbsp;&nbsp; Net realized gain (loss) on <br> investments in unaffiliated issuers<br>| $(561)<br>| &nbsp;&nbsp;&nbsp;&nbsp; Net unrealized appreciation <br> &nbsp;&nbsp;&nbsp;&nbsp;(depreciation) on investments in <br> unaffiliated issuers<br>| $(152)<br>|
| Futures | Currency | &nbsp;&nbsp; Net realized gain (loss) on futures <br> contracts<br>|  | &nbsp;&nbsp;&nbsp;&nbsp; Net unrealized appreciation <br> &nbsp;&nbsp;&nbsp;&nbsp;(depreciation) on futures contracts<br>|  |
| Futures | Equity | &nbsp;&nbsp; Net realized gain (loss) on futures <br> contracts<br>| (6393)<br>| &nbsp;&nbsp;&nbsp;&nbsp; Net unrealized appreciation <br> &nbsp;&nbsp;&nbsp;&nbsp;(depreciation) on futures contracts<br>| (230)<br>|
| Futures | Interest | &nbsp;&nbsp; Net realized gain (loss) on futures <br> contracts<br>| 6 | &nbsp;&nbsp;&nbsp;&nbsp; Net unrealized appreciation <br> &nbsp;&nbsp;&nbsp;&nbsp;(depreciation) on futures contracts<br>| 3 |
|  |  |  | $(6948)<br>|  | $(379)<br>|

---

**Managed Risk Washington Mutual Investors Fund** 

---

| | | | |
|:---|:---|:---|:---|
| <br>**Contracts** | <br>**Risk type** | **Assets**<br>**Value** | **Liabilities**<br>**Value** |
| Options purchased <br> (equity style)<br>| Equity<br> &nbsp;&nbsp; Investment securities from <br> unaffiliated issuers<sup>3</sup> <br>| $1203<br>&nbsp;&nbsp;&nbsp;&nbsp; Investment securities from <br> unaffiliated issuers<sup>3</sup> <br>| $— |
| Futures | Equity<br> Unrealized appreciation<sup>1</sup> <br>| 298<br> Unrealized depreciation<sup>1</sup> <br>|  |
|  |  | $1501<br>| $— |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | | **Net realized gain (loss)** | **Net realized gain (loss)** | **Net unrealized appreciation (depreciation)** | **Net unrealized appreciation (depreciation)** |
| <br>**Contracts** | <br>**Risk type** | &nbsp;&nbsp; **Location on statement of** <br> **operations**<br>| **Value** | &nbsp;&nbsp;&nbsp;&nbsp; **Location on statement of** <br> **operations**<br>| **Value** |
| Options purchased <br> (equity style)<br>| Equity | &nbsp;&nbsp; Net realized gain (loss) on <br> investments in unaffiliated issuers<br>| $(1416)<br>| &nbsp;&nbsp;&nbsp;&nbsp; Net unrealized appreciation <br> &nbsp;&nbsp;&nbsp;&nbsp;(depreciation) on investments in <br> unaffiliated issuers<br>| $(135)<br>|
| Futures | Currency | &nbsp;&nbsp; Net realized gain (loss) on futures <br> contracts<br>| (183)<br>| &nbsp;&nbsp;&nbsp;&nbsp; Net unrealized appreciation <br> &nbsp;&nbsp;&nbsp;&nbsp;(depreciation) on futures contracts<br>|  |
| Futures | Equity | &nbsp;&nbsp; Net realized gain (loss) on futures <br> contracts<br>| (9762)<br>| &nbsp;&nbsp;&nbsp;&nbsp; Net unrealized appreciation <br> &nbsp;&nbsp;&nbsp;&nbsp;(depreciation) on futures contracts<br>| 364 |
| Futures | Interest | &nbsp;&nbsp; Net realized gain (loss) on futures <br> contracts<br>| 14 | &nbsp;&nbsp;&nbsp;&nbsp; Net unrealized appreciation <br> &nbsp;&nbsp;&nbsp;&nbsp;(depreciation) on futures contracts<br>| 8 |
|  |  |  | $(11347)<br>|  | $237 |

---

Refer to the end of the table(s) for footnote(s).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **323** | American Funds Insurance Series |

---

------

**Managed Risk Growth-Income Fund** 

---

| | | | |
|:---|:---|:---|:---|
| <br>**Contracts** | <br>**Risk type** | **Assets**<br>**Value** | **Liabilities**<br>**Value** |
| Options purchased <br> (equity style)<br>| Equity<br> &nbsp;&nbsp; Investment securities from <br> unaffiliated issuers<sup>3</sup> <br>| $14515<br>&nbsp;&nbsp;&nbsp;&nbsp; Investment securities from <br> unaffiliated issuers<sup>3</sup> <br>| $— |
| Futures | Equity<br> Unrealized appreciation<sup>1</sup> <br>| 3205<br> Unrealized depreciation<sup>1</sup> <br>|  |
|  |  | $17720<br>| $— |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | | **Net realized gain (loss)** | **Net realized gain (loss)** | **Net unrealized appreciation (depreciation)** | **Net unrealized appreciation (depreciation)** |
| <br>**Contracts** | <br>**Risk type** | &nbsp;&nbsp; **Location on statement of** <br> **operations**<br>| **Value** | &nbsp;&nbsp;&nbsp;&nbsp; **Location on statement of** <br> **operations**<br>| **Value** |
| Options purchased <br> (equity style)<br>| Equity | &nbsp;&nbsp; Net realized gain (loss) on <br> investments in unaffiliated issuers<br>| $(14007)<br>| &nbsp;&nbsp;&nbsp;&nbsp; Net unrealized appreciation <br> &nbsp;&nbsp;&nbsp;&nbsp;(depreciation) on investments in <br> unaffiliated issuers<br>| $(1473)<br>|
| Futures | Currency | &nbsp;&nbsp; Net realized gain (loss) on futures <br> contracts<br>| (1347)<br>| &nbsp;&nbsp;&nbsp;&nbsp; Net unrealized appreciation <br> &nbsp;&nbsp;&nbsp;&nbsp;(depreciation) on futures contracts<br>|  |
| Futures | Equity | &nbsp;&nbsp; Net realized gain (loss) on futures <br> contracts<br>| (53591)<br>| &nbsp;&nbsp;&nbsp;&nbsp; Net unrealized appreciation <br> &nbsp;&nbsp;&nbsp;&nbsp;(depreciation) on futures contracts<br>| 4197<br>|
| Futures | Interest | &nbsp;&nbsp; Net realized gain (loss) on futures <br> contracts<br>| 45 | &nbsp;&nbsp;&nbsp;&nbsp; Net unrealized appreciation <br> &nbsp;&nbsp;&nbsp;&nbsp;(depreciation) on futures contracts<br>| 25 |
|  |  |  | $(68900)<br>|  | $2749 |

---

**Managed Risk Asset Allocation Fund** 

---

| | | | |
|:---|:---|:---|:---|
| <br>**Contracts** | <br>**Risk Type** | **Assets**<br>**Value** | **Liabilities**<br>**Value** |
| Options purchased <br> (equity style)<br>| Equity<br> &nbsp;&nbsp; Investment securities from <br> unaffiliated issuers<sup>3</sup> <br>| $2833<br> &nbsp;&nbsp;&nbsp;&nbsp; Investment securities from <br> unaffiliated issuers<sup>3</sup> <br>| $— |
| Futures | Equity<br> Unrealized appreciation<sup>1</sup> <br>| 638<br> Unrealized depreciation<sup>1</sup> <br>|  |
|  |  | $3471<br>| $— |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | | **Net realized gain (loss)** | **Net realized gain (loss)** | **Net unrealized appreciation (depreciation)** | **Net unrealized appreciation (depreciation)** |
| <br>**Contracts** | <br>**Risk type** | &nbsp;&nbsp; **Location on statement of** <br> **operations**<br>| **Value** | &nbsp;&nbsp;&nbsp;&nbsp; **Location on statement of** <br> **operations**<br>| **Value** |
| Options purchased <br> (equity style)<br>| Equity | &nbsp;&nbsp; Net realized gain (loss) on <br> investments in unaffiliated issuers<br>| $(1782)<br>| &nbsp;&nbsp;&nbsp;&nbsp; Net unrealized appreciation <br> &nbsp;&nbsp;&nbsp;&nbsp;(depreciation) on investments in <br> unaffiliated issuers<br>| $(299)<br>|
| Futures | Currency | &nbsp;&nbsp; Net realized gain (loss) on futures <br> contracts<br>| (513)<br>| &nbsp;&nbsp;&nbsp;&nbsp; Net unrealized appreciation <br> &nbsp;&nbsp;&nbsp;&nbsp;(depreciation) on futures contracts<br>|  |
| Futures | Equity | &nbsp;&nbsp; Net realized gain (loss) on futures <br> contracts<br>| (50070)<br>| &nbsp;&nbsp;&nbsp;&nbsp; Net unrealized appreciation <br> &nbsp;&nbsp;&nbsp;&nbsp;(depreciation) on futures contracts<br>| 1047<br>|
| Futures | Interest | &nbsp;&nbsp; Net realized gain (loss) on futures <br> contracts<br>| 709 | &nbsp;&nbsp;&nbsp;&nbsp; Net unrealized appreciation <br> &nbsp;&nbsp;&nbsp;&nbsp;(depreciation) on futures contracts<br>| 314 |
|  |  |  | $(51656)<br>|  | $1062 |

---

<sup>1</sup>

Includes cumulative appreciation/depreciation on futures style options, futures contracts, centrally cleared interest rate swaps and/or centrally cleared credit default swaps as reported in the applicable table following each fund's investment portfolio. Only current day's variation margin is reported within each fund's statement of assets and liabilities.

<sup>2</sup>

Amount less than one thousand.

<sup>3</sup>

Includes options purchased as reported in each fund's investment portfolio.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| American Funds Insurance Series | **324** |

---

------

**Collateral** — Some funds either receive or pledge highly liquid assets, such as cash or U.S. government securities, as collateral due to securities lending and/or their use of option contracts, futures contracts, forward currency contracts, interest rate swaps, credit default swaps and/or future delivery contracts. For securities lending, each participating fund receives collateral in exchange for lending investment securities. The lending agent may reinvest collateral from securities lending transactions according to agreed parameters. For options on equity indexes, options on futures, futures contracts, centrally cleared interest rate swaps and centrally cleared credit default swaps, the program calls for each participating fund to pledge collateral for initial and variation margin by contract. For options on foreign currencies, forward currency contracts and bilateral swaps, the program calls for each participating fund to either receive or pledge collateral based on the net gain or loss on unsettled contracts by counterparty. For future delivery contracts, the program calls for each participating fund to either receive or pledge collateral based on the net gain or loss on unsettled contracts by certain counterparties. The purpose of the collateral is to cover potential losses that could occur in the event that either party cannot meet its contractual obligation. Non-cash collateral pledged by each participating fund, if any, is disclosed in each fund's investment portfolio, and cash collateral pledged by each participating fund, if any, is held in a segregated account with the fund's custodian, which is reflected as pledged cash collateral in each fund's statement of assets and liabilities.

**Rights of offset** — Funds that hold forward currency contracts, options on foreign currencies and bilateral swaps have enforceable master netting agreements with certain counterparties, where amounts payable by each party to the other in the same currency (with the same settlement date and with the same counterparty) are settled net of each party's payment obligation. If an early termination date occurs under these agreements following an event of default or termination event, all obligations of each party to its counterparty are settled net through a single payment in a single currency ("close-out netting"). For financial reporting purposes, the funds do not offset financial assets and financial liabilities that are subject to these master netting arrangements in the statements of assets and liabilities.

The following tables present each fund's forward currency contracts, options on foreign currencies and bilateral swaps by counterparty that are subject to master netting agreements but that are not offset in the funds' statements of assets and liabilities. The net amount column shows the impact of offsetting on the funds' statement of assets and liabilities as of June 30, 2025, if close-out netting was exercised (dollars in thousands):

**New World Fund** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Gross amounts** <br> **recognized in the** <br> **statement of assets** <br> **and liabilities** | **Gross amounts not offset in the** <br> **statement of assets and liabilities and** <br> **subject to a master netting agreement** | **Gross amounts not offset in the** <br> **statement of assets and liabilities and** <br> **subject to a master netting agreement** | **Gross amounts not offset in the** <br> **statement of assets and liabilities and** <br> **subject to a master netting agreement** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Net** <br> **amount** |
| **Counterparty** | **Gross amounts** <br> **recognized in the** <br> **statement of assets** <br> **and liabilities** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Available** <br> **to offset**<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Non-cash** <br> **collateral\***<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Cash** <br> **collateral\***<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Net** <br> **amount** |
| Assets: |  |  |  |  |  |
| BNP Paribas | $18<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $(2)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $—<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $—<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $16<br>|
| Citibank | 62<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (26)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 36<br>|
| HSBC Bank | 8<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8<br>|
| Morgan Stanley | 2<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (2)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —<br>|
| Standard Chartered Bank | — <br><sup>†</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — <br><sup>†</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |
| Total | $90<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $(30)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $—<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $—<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $60<br>|
| Liabilities: |  |  |  |  |  |
| Bank of America | $61<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $—<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $—<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $—<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $61<br>|
| Bank of New York Mellon | 1<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1<br>|
| BNP Paribas | 2<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (2)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —<br>|
| Citibank | 26<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (26)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —<br>|
| Goldman Sachs | 18<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 18<br>|
| JPMorgan Chase | 9<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9<br>|
| Morgan Stanley | 23<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (2)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 21<br>|
| Standard Chartered Bank | 28<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — <br><sup>†</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 28<br>|
| Total | $168<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $(30)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $—<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $—<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $138<br>|

---

Refer to the end of the table(s) for footnote(s).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **325** | American Funds Insurance Series |

---

------

**American Funds Global Balanced Fund** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Gross amounts** <br> **recognized in the** <br> **statement of assets** <br> **and liabilities** | **Gross amounts not offset in the** <br> **statement of assets and liabilities and** <br> **subject to a master netting agreement** | **Gross amounts not offset in the** <br> **statement of assets and liabilities and** <br> **subject to a master netting agreement** | **Gross amounts not offset in the** <br> **statement of assets and liabilities and** <br> **subject to a master netting agreement** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Net** <br> **amount** |
| **Counterparty** | **Gross amounts** <br> **recognized in the** <br> **statement of assets** <br> **and liabilities** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Available** <br> **to offset**<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Non-cash** <br> **collateral\***<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Cash** <br> **collateral\***<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Net** <br> **amount** |
| Assets: |  |  |  |  |  |
| Bank of America | $15<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $(15)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $—<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $—<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $—<br>|
| Barclays Bank PLC | 44<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (28)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 16<br>|
| BNP Paribas | 64<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (64)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —<br>|
| Citibank | 10<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (10)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —<br>|
| Goldman Sachs | 116<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (116)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —<br>|
| HSBC Bank | 46<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (46)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —<br>|
| JPMorgan Chase | 11<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (11)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —<br>|
| Morgan Stanley | 7<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (7)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —<br>|
| Standard Chartered Bank | 19<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (19)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —<br>|
| UBS AG | 8<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (8)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —<br>|
| Total | $340<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $(324)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $—<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $—<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $16<br>|
| Liabilities: |  |  |  |  |  |
| Bank of America | $45<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $(15)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $(30)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $—<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $—<br>|
| Bank of New York Mellon | 5<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5<br>|
| Barclays Bank PLC | 28<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (28)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —<br>|
| BNP Paribas | 70<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (64)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6<br>|
| Citibank | 78<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (10)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 68<br>|
| Goldman Sachs | 223<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (116)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (107)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —<br>|
| HSBC Bank | 48<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (46)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2<br>|
| JPMorgan Chase | 20<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (11)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (9)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —<br>|
| Morgan Stanley | 207<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (7)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 200<br>|
| Standard Chartered Bank | 48<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (19)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 29<br>|
| UBS AG | 113<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (8)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 105<br>|
| Total | $885<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $(324)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $(146)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $—<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $415<br>|

---

**The Bond Fund of America** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Gross amounts** <br> **recognized in the** <br> **statement of assets** <br> **and liabilities** | **Gross amounts not offset in the** <br> **statement of assets and liabilities and** <br> **subject to a master netting agreement** | **Gross amounts not offset in the** <br> **statement of assets and liabilities and** <br> **subject to a master netting agreement** | **Gross amounts not offset in the** <br> **statement of assets and liabilities and** <br> **subject to a master netting agreement** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Net** <br> **amount** |
| **Counterparty** | **Gross amounts** <br> **recognized in the** <br> **statement of assets** <br> **and liabilities** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Available** <br> **to offset**<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Non-cash** <br> **collateral\***<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Cash** <br> **collateral\***<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Net** <br> **amount** |
| Assets: |  |  |  |  |  |
| Bank of America | $191<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $(190)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $—<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $—<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $1<br>|
| Barclays Bank PLC | 864<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (533)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 331<br>|
| BNP Paribas | 126<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (126)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —<br>|
| Citibank | 412<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 412<br>|
| Goldman Sachs | 1701<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (494)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1207<br>|
| HSBC Bank | 78<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (78)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —<br>|
| JPMorgan Chase | 71<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (71)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —<br>|
| Total | $3443<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $(1492)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $—<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $—<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $1951<br>|
| Liabilities: |  |  |  |  |  |
| Bank of America | $190<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $(190)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $—<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $—<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $—<br>|
| Barclays Bank PLC | 533<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (533)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —<br>|
| BNP Paribas | 2672<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (126)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (2475)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 71<br>|
| Goldman Sachs | 494<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (494)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —<br>|
| HSBC Bank | 81<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (78)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3<br>|
| JPMorgan Chase | 620<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (71)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 549<br>|
| UBS AG | 135<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 135<br>|
| Total | $4725<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $(1492)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $(2475)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $—<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $758<br>|

---

Refer to the end of the table(s) for footnote(s).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| American Funds Insurance Series | **326** |

---

------

**Capital World Bond Fund** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Gross amounts** <br> **recognized in the** <br> **statement of assets** <br> **and liabilities** | **Gross amounts not offset in the** <br> **statement of assets and liabilities and** <br> **subject to a master netting agreement** | **Gross amounts not offset in the** <br> **statement of assets and liabilities and** <br> **subject to a master netting agreement** | **Gross amounts not offset in the** <br> **statement of assets and liabilities and** <br> **subject to a master netting agreement** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Net** <br> **amount** |
| **Counterparty** | **Gross amounts** <br> **recognized in the** <br> **statement of assets** <br> **and liabilities** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Available** <br> **to offset**<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Non-cash** <br> **collateral\***<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Cash** <br> **collateral\***<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Net** <br> **amount** |
| Assets: |  |  |  |  |  |
| Bank of America | $995<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $(809)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $—<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $—<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $186<br>|
| Bank of New York Mellon | 119<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 119<br>|
| Barclays Bank PLC | 446<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (446)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —<br>|
| BNP Paribas | 319<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (319)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —<br>|
| Citibank | 675<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (675)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —<br>|
| Goldman Sachs | 215<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (215)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —<br>|
| HSBC Bank | 845<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (358)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (310)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 177<br>|
| JPMorgan Chase | 5<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (5)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —<br>|
| Morgan Stanley | 80<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (80)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —<br>|
| Standard Chartered Bank | 162<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (162)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —<br>|
| UBS AG | 34<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (34)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —<br>|
| Total | $3895<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $(3103)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $—<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $(310)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $482<br>|
| Liabilities: |  |  |  |  |  |
| Bank of America | $809<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $(809)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $—<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $—<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $—<br>|
| Barclays Bank PLC | 558<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (446)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (112)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —<br>|
| BNP Paribas | 670<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (319)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (288)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 63<br>|
| Citibank | 683<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (675)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8<br>|
| Goldman Sachs | 2520<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (215)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (2298)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7<br>|
| HSBC Bank | 358<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (358)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —<br>|
| JPMorgan Chase | 26<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (5)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (15)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6<br>|
| Morgan Stanley | 145<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (80)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 65<br>|
| Standard Chartered Bank | 449<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (162)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (287)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —<br>|
| UBS AG | 761<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (34)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (340)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 387<br>|
| Total | $6979<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $(3103)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $(3340)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $—<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $536<br>|

---

\*

Collateral is shown on a settlement basis.

<sup>†</sup>

Amount less than one thousand.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **327** | American Funds Insurance Series |

---

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**6. Taxation and distributions**

------

**Federal income taxation** — Each fund complies with the requirements under Subchapter M of the Internal Revenue Code applicable to regulated investment companies and intends to distribute substantially all of its net taxable income and net capital gains each year. The funds are not subject to income taxes to the extent such distributions are made. Therefore, no federal income tax provision is required.

As of and during the period ended June 30, 2025, none of the funds had a liability for any unrecognized tax benefits. Each fund recognizes interest and penalties, if any, related to unrecognized tax benefits as income tax expense in their respective statements of operations. During the period, none of the funds incurred any significant interest or penalties.

Each fund's tax returns are generally not subject to examination by federal, state and, if applicable, non-U.S. tax authorities after the expiration of each jurisdiction's statute of limitations, which is typically three years after the date of filing but can be extended in certain jurisdictions.

**Non-U.S. taxation** — Dividend and interest income, if any, are recorded net of non-U.S. taxes paid. The funds may file withholding tax reclaims in certain jurisdictions to recover a portion of amounts previously withheld. As a result of rulings from European courts, the funds may file for additional reclaims related to prior years ("EU reclaims"). These reclaims are recorded when the amount is known and there are no significant uncertainties on collectability. During the six months ended June 30, 2025, some of the funds recognized EU reclaims (net of fees and the effect of realized gain or loss from currency translations) and interest related to European court rulings as follows (dollars in thousands):

---

| | | | |
|:---|:---|:---|:---|
| **Fund** | **Reclaims** | **Fees** | **Interest** |
| Global Growth Fund | &nbsp;&nbsp; $587 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $51 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $285 |
| Global Small Capitalization Fund | &nbsp;&nbsp; 45 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1 |
| International Fund | &nbsp;&nbsp; 2072 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 111 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 309 |
| International Growth and Income Fund | &nbsp;&nbsp; 196 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |

---

The reclaims and interest are included in dividend income and interest income, respectively, in each fund's statements of operations. Gains realized by the funds on the sale of securities in certain countries, if any, may be subject to non-U.S. taxes. The funds generally record an estimated deferred tax liability based on unrealized gains to provide for potential non-U.S. taxes payable upon the sale of these securities.

**Distributions** — Distributions determined on a tax basis may differ from net investment income and net realized gains for financial reporting purposes. These differences are due primarily to different treatment for items such as currency gains and losses; short-term capital gains and losses; capital losses related to sales of certain securities within 30 days of purchase; unrealized appreciation of certain investments in securities outside the U.S.; deferred expenses; cost of investments sold; paydowns on fixed-income securities; net capital losses; non-U.S. taxes on capital gains; amortization of premiums and discounts and income on certain investments. The fiscal year in which amounts are distributed may differ from the year in which the net investment income and net realized gains are recorded by the funds for financial reporting purposes.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| American Funds Insurance Series | **328** |

---

------

Additional tax basis disclosures for each fund are as follows (dollars in thousands):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Global** <br> **Growth** <br> **Fund**<br>| **Global** <br> **Small** <br> **Capitalization** <br> **Fund**<br>| **Growth** <br> **Fund**<br>| **International** <br> **Fund**<br>| **New** <br> **World** <br> **Fund**<br>| **Washington** <br> **Mutual** <br> **Investors** <br> **Fund**<br>|
| **As of December 31, 2024:** |  |  |  |  |  |  |
| Undistributed ordinary income | &nbsp;&nbsp; $36695 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $592960 | &nbsp;&nbsp; $2838 | &nbsp;&nbsp; $15572 | &nbsp;&nbsp; $91745 |
| Late year ordinary loss deferral<sup>2</sup> <br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (5889)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Undistributed long-term capital gains | &nbsp;&nbsp; 1032377 | &nbsp;&nbsp; 65722 | &nbsp;&nbsp; 3442300 | &nbsp;&nbsp; — | &nbsp;&nbsp; 137294 | &nbsp;&nbsp; 720853 |
| Capital loss carryforward<sup>1</sup> <br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; (206867)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Capital loss carryforward utilized | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 333805 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| **As of June 30, 2025:** |  |  |  |  |  |  |
| Gross unrealized appreciation on <br> investments<br>| &nbsp;&nbsp; 3672153 | &nbsp;&nbsp; 874249 | &nbsp;&nbsp; 29669987 | &nbsp;&nbsp; 1970140 | &nbsp;&nbsp; 1386903 | &nbsp;&nbsp; 4493198 |
| Gross unrealized depreciation on <br> investments<br>| &nbsp;&nbsp; (175826)<br>| &nbsp;&nbsp; (96526)<br>| &nbsp;&nbsp; (588478)<br>| &nbsp;&nbsp; (120463)<br>| &nbsp;&nbsp; (66083)<br>| &nbsp;&nbsp; (136080)<br>|
| Net unrealized appreciation <br> (depreciation) on investments<br>| &nbsp;&nbsp; 3496327 | &nbsp;&nbsp; 777723 | &nbsp;&nbsp; 29081509 | &nbsp;&nbsp; 1849677 | &nbsp;&nbsp; 1320820 | &nbsp;&nbsp; 4357118 |
| Cost of investments | &nbsp;&nbsp; 5158642 | &nbsp;&nbsp; 2334987 | &nbsp;&nbsp; 22505964 | &nbsp;&nbsp; 5410310 | &nbsp;&nbsp; 2432087 | &nbsp;&nbsp; 7297400 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **U.S. Small** <br> **and Mid Cap** <br> **Equity Fund**<br>| **Capital World** <br> **Growth and** <br> **Income Fund**<br>| **Growth-** <br> **Income** <br> **Fund**<br>| **International** <br> **Growth** <br> **and Income** <br> **Fund**<br>| **Capital** <br> **Income** <br> **Builder**<br>| **Asset** <br> **Allocation** <br> **Fund**<br>|
| **As of December 31, 2024:** |  |  |  |  |  |  |
| Undistributed ordinary income | &nbsp;&nbsp; $5 | &nbsp;&nbsp; $4026 | &nbsp;&nbsp; $485763 | &nbsp;&nbsp; $1421 | &nbsp;&nbsp; $14631 | &nbsp;&nbsp; $274951 |
| Undistributed long-term capital gains | &nbsp;&nbsp; — | &nbsp;&nbsp; 71132 | &nbsp;&nbsp; 6590885 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 1750583 |
| Capital loss carryforward<sup>1</sup> <br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; (25671)<br>| &nbsp;&nbsp; (6862)<br>| &nbsp;&nbsp; — |
| Capital loss carryforward utilized | &nbsp;&nbsp; — | &nbsp;&nbsp; 69742 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 18956 | &nbsp;&nbsp; — |
| **As of June 30, 2025:** |  |  |  |  |  |  |
| Gross unrealized appreciation on <br> investments<br>| &nbsp;&nbsp; 1508 | &nbsp;&nbsp; 812185 | &nbsp;&nbsp; 18907142 | &nbsp;&nbsp; 114299 | &nbsp;&nbsp; 385128 | &nbsp;&nbsp; 8199326 |
| Gross unrealized depreciation on <br> investments<br>| &nbsp;&nbsp; (894)<br>| &nbsp;&nbsp; (47504)<br>| &nbsp;&nbsp; (167029)<br>| &nbsp;&nbsp; (11155)<br>| &nbsp;&nbsp; (26553)<br>| &nbsp;&nbsp; (567859)<br>|
| Net unrealized appreciation <br> (depreciation) on investments<br>| &nbsp;&nbsp; 614 | &nbsp;&nbsp; 764681 | &nbsp;&nbsp; 18740113 | &nbsp;&nbsp; 103144 | &nbsp;&nbsp; 358575 | &nbsp;&nbsp; 7631467 |
| Cost of investments | &nbsp;&nbsp; 15112 | &nbsp;&nbsp; 1243307 | &nbsp;&nbsp; 23895713 | &nbsp;&nbsp; 293020 | &nbsp;&nbsp; 1206185 | &nbsp;&nbsp; 20569509 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **American** <br> **Funds** <br> **Global** <br> **Balanced** <br> **Fund**<br>| **The Bond** <br> **Fund of** <br> **America**<br>| **Capital** <br> **World** <br> **Bond** <br> **Fund**<br>| **American** <br> **High-Income** <br> **Trust**<br>| **American** <br> **Funds** <br> **Mortgage** <br> **Fund**<br>| **Ultra-Short** <br> **Bond** <br> **Fund**<br>|
| **As of December 31, 2024:** |  |  |  |  |  |  |
| Undistributed ordinary income | &nbsp;&nbsp; $919 | &nbsp;&nbsp; $96579 | &nbsp;&nbsp; $3576 | &nbsp;&nbsp; $10769 | &nbsp;&nbsp; $895 | &nbsp;&nbsp; $2554 |
| Undistributed long-term capital gains | &nbsp;&nbsp; 15632 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Capital loss carryforward<sup>1</sup> <br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (1584772)<br>| &nbsp;&nbsp; (199982)<br>| &nbsp;&nbsp; (329227)<br>| &nbsp;&nbsp; (14210)<br>| &nbsp;&nbsp; (1)<br>|
| Capital loss carryforward utilized | &nbsp;&nbsp; 3502 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 2670 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| **As of June 30, 2025:** |  |  |  |  |  |  |
| Gross unrealized appreciation on <br> investments<br>| &nbsp;&nbsp; 86169 | &nbsp;&nbsp; 200273 | &nbsp;&nbsp; 58927 | &nbsp;&nbsp; 54453 | &nbsp;&nbsp; 2127 | &nbsp;&nbsp; 1 |
| Gross unrealized depreciation on <br> investments<br>| &nbsp;&nbsp; (9941)<br>| &nbsp;&nbsp; (244004)<br>| &nbsp;&nbsp; (64856)<br>| &nbsp;&nbsp; (38953)<br>| &nbsp;&nbsp; (1403)<br>| &nbsp;&nbsp; (31)<br>|
| Net unrealized appreciation <br> (depreciation) on investments<br>| &nbsp;&nbsp; 76228 | &nbsp;&nbsp; (43731)<br>| &nbsp;&nbsp; (5929)<br>| &nbsp;&nbsp; 15500 | &nbsp;&nbsp; 724 | &nbsp;&nbsp; (30)<br>|
| Cost of investments | &nbsp;&nbsp; 343260 | &nbsp;&nbsp; 11273203 | &nbsp;&nbsp; 1483160 | &nbsp;&nbsp; 972704 | &nbsp;&nbsp; 132267 | &nbsp;&nbsp; 328764 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Refer to the end of the table(s) for footnote(s).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **329** | American Funds Insurance Series |

---

------

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **U.S.** <br> **Government** <br> **Securities** <br> **Fund**<br>| **Managed** <br> **Risk** <br> **Growth** <br> **Fund**<br>| **Managed** <br> **Risk** <br> **International** <br> **Fund**<br>| **Managed** <br> **Risk** <br> **Washington** <br> **Mutual** <br> **Investors** <br> **Fund**<br>| **Managed** <br> **Risk** <br> **Growth-** <br> **Income** <br> **Fund**<br>| **Managed** <br> **Risk** <br> **Asset** <br> **Allocation** <br> **Fund**<br>|
| **As of December 31, 2024:** |  |  |  |  |  |  |
| Undistributed ordinary income | &nbsp;&nbsp; $14192 | &nbsp;&nbsp; $3030 | &nbsp;&nbsp; $1479 | &nbsp;&nbsp; $4678 | &nbsp;&nbsp; $29096 | &nbsp;&nbsp; $34222 |
| Undistributed long-term capital gains | &nbsp;&nbsp; — | &nbsp;&nbsp; 21721 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 80444 | &nbsp;&nbsp; 121846 |
| Capital loss carryforward<sup>1</sup> <br>| &nbsp;&nbsp; (285585)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (17954)<br>| &nbsp;&nbsp; (22352)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Capital loss carryforward utilized | &nbsp;&nbsp; — | &nbsp;&nbsp; 12281 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| **As of June 30, 2025:** |  |  |  |  |  |  |
| Gross unrealized appreciation on <br> investments<br>| &nbsp;&nbsp; 45694 | &nbsp;&nbsp; 117719 | &nbsp;&nbsp; 20510 | &nbsp;&nbsp; 60113 | &nbsp;&nbsp; 231817 | &nbsp;&nbsp; 177065 |
| Gross unrealized depreciation on <br> investments<br>| &nbsp;&nbsp; (50484)<br>| &nbsp;&nbsp; (64383)<br>| &nbsp;&nbsp; (22277)<br>| &nbsp;&nbsp; (25719)<br>| &nbsp;&nbsp; (76928)<br>| &nbsp;&nbsp; (47264)<br>|
| Net unrealized appreciation <br> (depreciation) on investments<br>| &nbsp;&nbsp; (4790)<br>| &nbsp;&nbsp; 53336 | &nbsp;&nbsp; (1767)<br>| &nbsp;&nbsp; 34394 | &nbsp;&nbsp; 154889 | &nbsp;&nbsp; 129801 |
| Cost of investments | &nbsp;&nbsp; 1914351 | &nbsp;&nbsp; 467686 | &nbsp;&nbsp; 115094 | &nbsp;&nbsp; 283921 | &nbsp;&nbsp; 1973291 | &nbsp;&nbsp; 1826040 |

---

<sup>1</sup>

Each fund's capital loss carryforward will be used to offset any capital gains realized by the fund in the current year or in subsequent years. Funds with a capital loss carryforward will not make distributions from capital gains while a capital loss carryforward remains.

<sup>2</sup>

This deferral is considered incurred in the subsequent year.

Distributions paid by each fund were characterized for tax purposes as follows (dollars in thousands):

**Global Growth Fund** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Six months ended June 30, 2025** | **Six months ended June 30, 2025** | **Six months ended June 30, 2025** | **Year ended December 31, 2024** | **Year ended December 31, 2024** | **Year ended December 31, 2024** |
| **Share class** | **Ordinary** <br> **income**<br>| **Long-term** <br> **capital gains**<br>| **Total** <br> **distributions** <br> **paid** <br>| **Ordinary** <br> **income**<br>| **Long-term** <br> **capital gains**<br>| **Total** <br> **distributions** <br> **paid**<br>|
| Class 1 | &nbsp;&nbsp; $17222 | $455982 | $473204 | &nbsp;&nbsp;&nbsp;&nbsp; $65173 | $99126 | $164299 |
| Class 1A | &nbsp;&nbsp; 96 | 2766 | 2862 | &nbsp;&nbsp;&nbsp;&nbsp; 319 | 536 | 855 |
| Class 2 | &nbsp;&nbsp; 15237 | 443236 | 458473 | &nbsp;&nbsp;&nbsp;&nbsp; 57169 | 103301 | 160470 |
| Class 4 | &nbsp;&nbsp; 4149 | 130403 | 134552 | &nbsp;&nbsp;&nbsp;&nbsp; 12745 | 23878 | 36623 |
| Total | &nbsp;&nbsp; $36704 | $1032387 | $1069091 | &nbsp;&nbsp;&nbsp;&nbsp; $135406 | $226841 | $362247 |

---

**Global Small Capitalization Fund** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Six months ended June 30, 2025** | **Six months ended June 30, 2025** | **Six months ended June 30, 2025** | **Year ended December 31, 2024** | **Year ended December 31, 2024** | **Year ended December 31, 2024** |
| **Share class** | **Ordinary** <br> **income**<br>| **Long-term** <br> **capital gains**<br>| **Total** <br> **distributions** <br> **paid**<br>| **Ordinary** <br> **income**<br>| **Long-term** <br> **capital gains**<br>| **Total** <br> **distributions** <br> **paid**<br>|
| Class 1 | &nbsp;&nbsp; $— | $19199 | $19199 | &nbsp;&nbsp;&nbsp;&nbsp; $24044 | $21820 | $45864 |
| Class 1A | &nbsp;&nbsp; — | 126 | 126 | &nbsp;&nbsp;&nbsp;&nbsp; 120 | 119 | 239 |
| Class 2 | &nbsp;&nbsp; — | 39094 | 39094 | &nbsp;&nbsp;&nbsp;&nbsp; 42943 | 43051 | 85994 |
| Class 4 | &nbsp;&nbsp; — | 7316 | 7316 | &nbsp;&nbsp;&nbsp;&nbsp; 6428 | 7070 | 13498 |
| Total | &nbsp;&nbsp; $— | $65735 | $65735 | &nbsp;&nbsp;&nbsp;&nbsp; $73535 | $72060 | $145595 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| American Funds Insurance Series | **330** |

---

------

**Growth Fund** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Six months ended June 30, 2025** | **Six months ended June 30, 2025** | **Six months ended June 30, 2025** | **Year ended December 31, 2024** | **Year ended December 31, 2024** | **Year ended December 31, 2024** |
| **Share class** | **Ordinary** <br> **income**<br>| **Long-term** <br> **capital gains**<br>| **Total** <br> **distributions** <br> **paid** <br>| **Ordinary** <br> **income**<br>| **Long-term** <br> **capital gains**<br>| **Total** <br> **distributions** <br> **paid**<br>|
| Class 1 | &nbsp;&nbsp; $271740 | $1543000 | $1814740 | &nbsp;&nbsp;&nbsp;&nbsp; $121696 | $433019 | $554715 |
| Class 1A | &nbsp;&nbsp; 4439 | 26100 | 30539 | &nbsp;&nbsp;&nbsp;&nbsp; 1328 | 7268 | 8596 |
| Class 2 | &nbsp;&nbsp; 243730 | 1433339 | 1677069 | &nbsp;&nbsp;&nbsp;&nbsp; 72492 | 433759 | 506251 |
| Class 3 | &nbsp;&nbsp; 3240 | 18878 | 22118 | &nbsp;&nbsp;&nbsp;&nbsp; 1123 | 5725 | 6848 |
| Class 4 | &nbsp;&nbsp; 69855 | 421011 | 490866 | &nbsp;&nbsp;&nbsp;&nbsp; 9370 | 97988 | 107358 |
| Total | &nbsp;&nbsp; $593004 | $3442328 | $4035332 | &nbsp;&nbsp;&nbsp;&nbsp; $206009 | $977759 | $1183768 |

---

**International Fund** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Six months ended June 30, 2025** | **Six months ended June 30, 2025** | **Six months ended June 30, 2025** | **Year ended December 31, 2024** | **Year ended December 31, 2024** | **Year ended December 31, 2024** |
| **Share class** | **Ordinary** <br> **income**<br>| **Long-term** <br> **capital gains**<br>| **Total** <br> **distributions** <br> **paid**<br>| **Ordinary** <br> **income**<br>| **Long-term** <br> **capital gains**<br>| **Total** <br> **distributions** <br> **paid**<br>|
| Class 1 | &nbsp;&nbsp; $2080 | $— | $2080 | &nbsp;&nbsp;&nbsp;&nbsp; $46267 | $— | $46267 |
| Class 1A | &nbsp;&nbsp; 4 |  | 4 | &nbsp;&nbsp;&nbsp;&nbsp; 157 |  | 157 |
| Class 2 | &nbsp;&nbsp; 776 |  | 776 | &nbsp;&nbsp;&nbsp;&nbsp; 40220 |  | 40220 |
| Class 3 | &nbsp;&nbsp; 5 |  | 5 | &nbsp;&nbsp;&nbsp;&nbsp; 191 |  | 191 |
| Class 4 | &nbsp;&nbsp; — |  |  | &nbsp;&nbsp;&nbsp;&nbsp; 4485 |  | 4485 |
| Total | &nbsp;&nbsp; $2865 | $— | $2865 | &nbsp;&nbsp;&nbsp;&nbsp; $91320 | $— | $91320 |

---

**New World Fund** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Six months ended June 30, 2025** | **Six months ended June 30, 2025** | **Six months ended June 30, 2025** | **Year ended December 31, 2024** | **Year ended December 31, 2024** | **Year ended December 31, 2024** |
| **Share class** | **Ordinary** <br> **income**<br>| **Long-term** <br> **capital gains**<br>| **Total** <br> **distributions** <br> **paid** <br>| **Ordinary** <br> **income**<br>| **Long-term** <br> **capital gains**<br>| **Total** <br> **distributions** <br> **paid** <br>|
| Class 1 | &nbsp;&nbsp; $8656 | $71532 | $80188 | &nbsp;&nbsp;&nbsp;&nbsp; $29713 | $8227 | $37940 |
| Class 1A | &nbsp;&nbsp; 49 | 453 | 502 | &nbsp;&nbsp;&nbsp;&nbsp; 167 | 49 | 216 |
| Class 2 | &nbsp;&nbsp; 3487 | 31619 | 35106 | &nbsp;&nbsp;&nbsp;&nbsp; 11293 | 3828 | 15121 |
| Class 4 | &nbsp;&nbsp; 3394 | 33694 | 37088 | &nbsp;&nbsp;&nbsp;&nbsp; 9604 | 3785 | 13389 |
| Total | &nbsp;&nbsp; $15586 | $137298 | $152884 | &nbsp;&nbsp;&nbsp;&nbsp; $50777 | $15889 | $66666 |

---

**Washington Mutual Investors Fund** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Six months ended June 30, 2025** | **Six months ended June 30, 2025** | **Six months ended June 30, 2025** | **Year ended December 31, 2024** | **Year ended December 31, 2024** | **Year ended December 31, 2024** |
| **Share class** | **Ordinary** <br> **income**<br>| **Long-term** <br> **capital gains**<br>| **Total** <br> **distributions** <br> **paid** <br>| **Ordinary** <br> **income**<br>| **Long-term** <br> **capital gains**<br>| **Total** <br> **distributions** <br> **paid**<br>|
| Class 1 | &nbsp;&nbsp; $52115 | $397175 | $449290 | &nbsp;&nbsp;&nbsp;&nbsp; $111395 | $50394 | $161789 |
| Class 1A | &nbsp;&nbsp; 264 | 2103 | 2367 | &nbsp;&nbsp;&nbsp;&nbsp; 426 | 202 | 628 |
| Class 2 | &nbsp;&nbsp; 24149 | 193815 | 217964 | &nbsp;&nbsp;&nbsp;&nbsp; 46990 | 24567 | 71557 |
| Class 4 | &nbsp;&nbsp; 15307 | 127802 | 143109 | &nbsp;&nbsp;&nbsp;&nbsp; 23694 | 12608 | 36302 |
| Total | &nbsp;&nbsp; $91835 | $720895 | $812730 | &nbsp;&nbsp;&nbsp;&nbsp; $182505 | $87771 | $270276 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **331** | American Funds Insurance Series |

---

------

**U.S. Small and Mid Cap Equity Fund** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Six months ended June 30, 2025** | **Six months ended June 30, 2025** | **For the period November 15, 2024**<sup>3</sup> **to** <br> **December 31, 2024** | **For the period November 15, 2024**<sup>3</sup> **to** <br> **December 31, 2024** | **For the period November 15, 2024**<sup>3</sup> **to** <br> **December 31, 2024** |
| **Share class** | **Ordinary** <br> **income**<br>| **Total** <br> **distributions** <br> **paid**<br>| **Ordinary** <br> **income**<br>| **Long-term** <br> **capital gains**<br>| **Total** <br> **distributions** <br> **paid**<br>|
| Class 1 | &nbsp;&nbsp; $— <br><sup>4</sup><br>| $— <br><sup>4</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; $— <br><sup>4</sup><br>| $— | $— <br><sup>4</sup><br>|
| Class 1A | &nbsp;&nbsp; — <br><sup>4</sup><br>| — <br><sup>4</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; — <br><sup>4</sup><br>|  | — <br><sup>4</sup><br>|
| Class 2 | &nbsp;&nbsp; — <br><sup>4</sup><br>| — <br><sup>4</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; — <br><sup>4</sup><br>|  | — <br><sup>4</sup><br>|
| Class 4 | &nbsp;&nbsp; 5<br>— <br><sup>4</sup><br>| 5 | &nbsp;&nbsp;&nbsp;&nbsp; 13 |  | 13 |
| Total | &nbsp;&nbsp; $5<br>$— <br><sup>4</sup><br>| $5 | &nbsp;&nbsp;&nbsp;&nbsp; $13 | $— | $13 |

---

**Capital World Growth and Income Fund** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Six months ended June 30, 2025** | **Six months ended June 30, 2025** | **Six months ended June 30, 2025** | **Year ended December 31, 2024** | **Year ended December 31, 2024** | **Year ended December 31, 2024** |
| **Share class** | **Ordinary** <br> **income**<br>| **Long-term** <br> **capital gains**<br>| **Total** <br> **distributions** <br> **paid** <br>| **Ordinary** <br> **income**<br>| **Long-term** <br> **capital gains**<br>| **Total** <br> **distributions** <br> **paid**<br>|
| Class 1 | &nbsp;&nbsp; $1434 | $21740 | $23174 | &nbsp;&nbsp;&nbsp;&nbsp; $11350 | $— | $11350 |
| Class 1A | &nbsp;&nbsp; 21 | 363 | 384 | &nbsp;&nbsp;&nbsp;&nbsp; 144 |  | 144 |
| Class 2 | &nbsp;&nbsp; 2061 | 37773 | 39834 | &nbsp;&nbsp;&nbsp;&nbsp; 17039 |  | 17039 |
| Class 4 | &nbsp;&nbsp; 519 | 11256 | 11775 | &nbsp;&nbsp;&nbsp;&nbsp; 3943 |  | 3943 |
| Total | &nbsp;&nbsp; $4035 | $71132 | $75167 | &nbsp;&nbsp;&nbsp;&nbsp; $32476 | $— | $32476 |

---

**Growth-Income Fund** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Six months ended June 30, 2025** | **Six months ended June 30, 2025** | **Six months ended June 30, 2025** | **Year ended December 31, 2024** | **Year ended December 31, 2024** | **Year ended December 31, 2024** |
| **Share class** | **Ordinary** <br> **income**<br>| **Long-term** <br> **capital gains**<br>| **Total** <br> **distributions** <br> **paid** <br>| **Ordinary** <br> **income**<br>| **Long-term** <br> **capital gains**<br>| **Total** <br> **distributions** <br> **paid**<br>|
| Class 1 | &nbsp;&nbsp; $290697 | $3878399 | $4169096 | &nbsp;&nbsp;&nbsp;&nbsp; $338365 | $1023186 | $1361551 |
| Class 1A | &nbsp;&nbsp; 526 | 7252 | 7778 | &nbsp;&nbsp;&nbsp;&nbsp; 495 | 1702 | 2197 |
| Class 2 | &nbsp;&nbsp; 159838 | 2211126 | 2370964 | &nbsp;&nbsp;&nbsp;&nbsp; 163135 | 597677 | 760812 |
| Class 3 | &nbsp;&nbsp; 1732 | 23742 | 25474 | &nbsp;&nbsp;&nbsp;&nbsp; 1879 | 6513 | 8392 |
| Class 4 | &nbsp;&nbsp; 33021 | 470380 | 503401 | &nbsp;&nbsp;&nbsp;&nbsp; 26050 | 105495 | 131545 |
| Total | &nbsp;&nbsp; $485814 | $6590899 | $7076713 | &nbsp;&nbsp;&nbsp;&nbsp; $529924 | $1734573 | $2264497 |

---

**International Growth and Income Fund** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Six months ended June 30, 2025** | **Six months ended June 30, 2025** | **Six months ended June 30, 2025** | **Year ended December 31, 2024** | **Year ended December 31, 2024** | **Year ended December 31, 2024** |
| **Share class** | **Ordinary** <br> **income**<br>| **Long-term** <br> **capital gains**<br>| **Total** <br> **distributions** <br> **paid**<br>| **Ordinary** <br> **income**<br>| **Long-term** <br> **capital gains**<br>| **Total** <br> **distributions** <br> **paid**<br>|
| Class 1 | &nbsp;&nbsp; $112 | $— | $112 | &nbsp;&nbsp;&nbsp;&nbsp; $461 | $— | $461 |
| Class 1A | &nbsp;&nbsp; 28 |  | 28 | &nbsp;&nbsp;&nbsp;&nbsp; 156 |  | 156 |
| Class 2 | &nbsp;&nbsp; 614 |  | 614 | &nbsp;&nbsp;&nbsp;&nbsp; 3897 |  | 3897 |
| Class 4 | &nbsp;&nbsp; 669 |  | 669 | &nbsp;&nbsp;&nbsp;&nbsp; 3584 |  | 3584 |
| Total | &nbsp;&nbsp; $1423 | $— | $1423 | &nbsp;&nbsp;&nbsp;&nbsp; $8098 | $— | $8098 |

---

Refer to the end of the table(s) for footnote(s).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| American Funds Insurance Series | **332** |

---

------

**Capital Income Builder** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Six months ended June 30, 2025** | **Six months ended June 30, 2025** | **Six months ended June 30, 2025** | **Year ended December 31, 2024** | **Year ended December 31, 2024** | **Year ended December 31, 2024** |
| **Share class** | **Ordinary** <br> **income**<br>| **Long-term** <br> **capital gains**<br>| **Total** <br> **distributions** <br> **paid**<br>| **Ordinary** <br> **income**<br>| **Long-term** <br> **capital gains**<br>| **Total** <br> **distributions** <br> **paid**<br>|
| Class 1 | &nbsp;&nbsp; $9077 | $— | $9077 | &nbsp;&nbsp;&nbsp;&nbsp; $25390 | $— | $25390 |
| Class 1A | &nbsp;&nbsp; 143 |  | 143 | &nbsp;&nbsp;&nbsp;&nbsp; 397 |  | 397 |
| Class 2 | &nbsp;&nbsp; 212 |  | 212 | &nbsp;&nbsp;&nbsp;&nbsp; 575 |  | 575 |
| Class 4 | &nbsp;&nbsp; 6699 |  | 6699 | &nbsp;&nbsp;&nbsp;&nbsp; 19314 |  | 19314 |
| Total | &nbsp;&nbsp; $16131 | $— | $16131 | &nbsp;&nbsp;&nbsp;&nbsp; $45676 | $— | $45676 |

---

**Asset Allocation Fund** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Six months ended June 30, 2025** | **Six months ended June 30, 2025** | **Six months ended June 30, 2025** | **Year ended December 31, 2024** | **Year ended December 31, 2024** | **Year ended December 31, 2024** |
| **Share class** | **Ordinary** <br> **income**<br>| **Long-term** <br> **capital gains**<br>| **Total** <br> **distributions** <br> **paid** <br>| **Ordinary** <br> **income**<br>| **Long-term** <br> **capital gains**<br>| **Total** <br> **distributions** <br> **paid**<br>|
| Class 1 | &nbsp;&nbsp; $164502 | $1019238 | $1183740 | &nbsp;&nbsp;&nbsp;&nbsp; $374078 | $678739 | $1052817 |
| Class 1A | &nbsp;&nbsp; 434 | 2795 | 3229 | &nbsp;&nbsp;&nbsp;&nbsp; 848 | 1422 | 2270 |
| Class 2 | &nbsp;&nbsp; 43502 | 280960 | 324462 | &nbsp;&nbsp;&nbsp;&nbsp; 92429 | 187595 | 280024 |
| Class 3 | &nbsp;&nbsp; 326 | 2081 | 2407 | &nbsp;&nbsp;&nbsp;&nbsp; 693 | 1326 | 2019 |
| Class 4 | &nbsp;&nbsp; 66287 | 445526 | 511813 | &nbsp;&nbsp;&nbsp;&nbsp; 127247 | 278890 | 406137 |
| Total | &nbsp;&nbsp; $275051 | $1750600 | $2025651 | &nbsp;&nbsp;&nbsp;&nbsp; $595295 | $1147972 | $1743267 |

---

**American Funds Global Balanced Fund** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Six months ended June 30, 2025** | **Six months ended June 30, 2025** | **Six months ended June 30, 2025** | **Year ended December 31, 2024** | **Year ended December 31, 2024** | **Year ended December 31, 2024** |
| **Share class** | **Ordinary** <br> **income**<br>| **Long-term** <br> **capital gains**<br>| **Total** <br> **distributions** <br> **paid** <br>| **Ordinary** <br> **income**<br>| **Long-term** <br> **capital gains**<br>| **Total** <br> **distributions** <br> **paid**<br>|
| Class 1 | &nbsp;&nbsp; $254 | $3585 | $3839 | &nbsp;&nbsp;&nbsp;&nbsp; $1963 | $— | $1963 |
| Class 1A | &nbsp;&nbsp; 9 | 152 | 161 | &nbsp;&nbsp;&nbsp;&nbsp; 64 |  | 64 |
| Class 2 | &nbsp;&nbsp; 335 | 5617 | 5952 | &nbsp;&nbsp;&nbsp;&nbsp; 2714 |  | 2714 |
| Class 4 | &nbsp;&nbsp; 324 | 6279 | 6603 | &nbsp;&nbsp;&nbsp;&nbsp; 2307 |  | 2307 |
| Total | &nbsp;&nbsp; $922 | $15633 | $16555 | &nbsp;&nbsp;&nbsp;&nbsp; $7048 | $— | $7048 |

---

**The Bond Fund of America** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Six months ended June 30, 2025** | **Six months ended June 30, 2025** | **Six months ended June 30, 2025** | **Year ended December 31, 2024** | **Year ended December 31, 2024** | **Year ended December 31, 2024** |
| **Share class** | **Ordinary** <br> **income**<br>| **Long-term** <br> **capital gains**<br>| **Total** <br> **distributions** <br> **paid**<br>| **Ordinary** <br> **income**<br>| **Long-term** <br> **capital gains**<br>| **Total** <br> **distributions** <br> **paid**<br>|
| Class 1 | &nbsp;&nbsp; $60306 | $— | $60306 | &nbsp;&nbsp;&nbsp;&nbsp; $305561 | $— | $305561 |
| Class 1A | &nbsp;&nbsp; 2233 |  | 2233 | &nbsp;&nbsp;&nbsp;&nbsp; 8909 |  | 8909 |
| Class 2 | &nbsp;&nbsp; 23485 |  | 23485 | &nbsp;&nbsp;&nbsp;&nbsp; 115243 |  | 115243 |
| Class 4 | &nbsp;&nbsp; 10634 |  | 10634 | &nbsp;&nbsp;&nbsp;&nbsp; 45913 |  | 45913 |
| Total | &nbsp;&nbsp; $96658 | $— | $96658 | &nbsp;&nbsp;&nbsp;&nbsp; $475626 | $— | $475626 |

---

**Capital World Bond Fund** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Six months ended June 30, 2025** | **Six months ended June 30, 2025** | **Six months ended June 30, 2025** | **Year ended December 31, 2024** | **Year ended December 31, 2024** | **Year ended December 31, 2024** |
| **Share class** | **Ordinary** <br> **income**<br>| **Long-term** <br> **capital gains**<br>| **Total** <br> **distributions** <br> **paid**<br>| **Ordinary** <br> **income**<br>| **Long-term** <br> **capital gains**<br>| **Total** <br> **distributions** <br> **paid**<br>|
| Class 1 | &nbsp;&nbsp; $1662 | $— | $1662 | &nbsp;&nbsp;&nbsp;&nbsp; $15387 | $— | $15387 |
| Class 1A | &nbsp;&nbsp; 53 |  | 53 | &nbsp;&nbsp;&nbsp;&nbsp; 983 |  | 983 |
| Class 2 | &nbsp;&nbsp; 1727 |  | 1727 | &nbsp;&nbsp;&nbsp;&nbsp; 16410 |  | 16410 |
| Class 4 | &nbsp;&nbsp; 146 |  | 146 | &nbsp;&nbsp;&nbsp;&nbsp; 1135 |  | 1135 |
| Total | &nbsp;&nbsp; $3588 | $— | $3588 | &nbsp;&nbsp;&nbsp;&nbsp; $33915 | $— | $33915 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **333** | American Funds Insurance Series |

---

------

**American High-Income Trust** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Six months ended June 30, 2025** | **Six months ended June 30, 2025** | **Six months ended June 30, 2025** | **Year ended December 31, 2024** | **Year ended December 31, 2024** | **Year ended December 31, 2024** |
| **Share class** | **Ordinary** <br> **income**<br>| **Long-term** <br> **capital gains**<br>| **Total** <br> **distributions** <br> **paid**<br>| **Ordinary** <br> **income**<br>| **Long-term** <br> **capital gains**<br>| **Total** <br> **distributions** <br> **paid**<br>|
| Class 1 | &nbsp;&nbsp; $2793 | $— | $2793 | &nbsp;&nbsp;&nbsp;&nbsp; $15191 | $— | $15191 |
| Class 1A | &nbsp;&nbsp; 37 |  | 37 | &nbsp;&nbsp;&nbsp;&nbsp; 199 |  | 199 |
| Class 2 | &nbsp;&nbsp; 5937 |  | 5937 | &nbsp;&nbsp;&nbsp;&nbsp; 35147 |  | 35147 |
| Class 3 | &nbsp;&nbsp; 87 |  | 87 | &nbsp;&nbsp;&nbsp;&nbsp; 529 |  | 529 |
| Class 4 | &nbsp;&nbsp; 1919 |  | 1919 | &nbsp;&nbsp;&nbsp;&nbsp; 8336 |  | 8336 |
| Total | &nbsp;&nbsp; $10773 | $— | $10773 | &nbsp;&nbsp;&nbsp;&nbsp; $59402 | $— | $59402 |

---

**American Funds Mortgage Fund** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Six months ended June 30, 2025** | **Six months ended June 30, 2025** | **Six months ended June 30, 2025** | **Year ended December 31, 2024** | **Year ended December 31, 2024** | **Year ended December 31, 2024** |
| **Share class** | **Ordinary** <br> **income**<br>| **Long-term** <br> **capital gains**<br>| **Total** <br> **distributions** <br> **paid**<br>| **Ordinary** <br> **income**<br>| **Long-term** <br> **capital gains**<br>| **Total** <br> **distributions** <br> **paid**<br>|
| Class 1 | &nbsp;&nbsp; $143 | $— | $143 | &nbsp;&nbsp;&nbsp;&nbsp; $804 | $— | $804 |
| Class 1A | &nbsp;&nbsp; 23 |  | 23 | &nbsp;&nbsp;&nbsp;&nbsp; 121 |  | 121 |
| Class 2 | &nbsp;&nbsp; 316 |  | 316 | &nbsp;&nbsp;&nbsp;&nbsp; 1928 |  | 1928 |
| Class 4 | &nbsp;&nbsp; 414 |  | 414 | &nbsp;&nbsp;&nbsp;&nbsp; 2148 |  | 2148 |
| Total | &nbsp;&nbsp; $896 | $— | $896 | &nbsp;&nbsp;&nbsp;&nbsp; $5001 | $— | $5001 |

---

**Ultra-Short Bond Fund** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Six months ended June 30, 2025** | **Six months ended June 30, 2025** | **Six months ended June 30, 2025** | **Year ended December 31, 2024** | **Year ended December 31, 2024** | **Year ended December 31, 2024** |
| **Share class** | **Ordinary** <br> **income**<br>| **Long-term** <br> **capital gains**<br>| **Total** <br> **distributions** <br> **paid**<br>| **Ordinary** <br> **income**<br>| **Long-term** <br> **capital gains**<br>| **Total** <br> **distributions** <br> **paid**<br>|
| Class 1 | &nbsp;&nbsp; $267 | $— | $267 | &nbsp;&nbsp;&nbsp;&nbsp; $1996 | $— | $1996 |
| Class 1A | &nbsp;&nbsp; 1 |  | 1 | &nbsp;&nbsp;&nbsp;&nbsp; 6 |  | 6 |
| Class 2 | &nbsp;&nbsp; 1787 |  | 1787 | &nbsp;&nbsp;&nbsp;&nbsp; 12857 |  | 12857 |
| Class 3 | &nbsp;&nbsp; 29 |  | 29 | &nbsp;&nbsp;&nbsp;&nbsp; 205 |  | 205 |
| Class 4 | &nbsp;&nbsp; 473 |  | 473 | &nbsp;&nbsp;&nbsp;&nbsp; 2569 |  | 2569 |
| Total | &nbsp;&nbsp; $2557 | $— | $2557 | &nbsp;&nbsp;&nbsp;&nbsp; $17633 | $— | $17633 |

---

**U.S. Government Securities Fund** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Six months ended June 30, 2025** | **Six months ended June 30, 2025** | **Six months ended June 30, 2025** | **Year ended December 31, 2024** | **Year ended December 31, 2024** | **Year ended December 31, 2024** |
| **Share class** | **Ordinary** <br> **income**<br>| **Long-term** <br> **capital gains**<br>| **Total** <br> **distributions** <br> **paid**<br>| **Ordinary** <br> **income**<br>| **Long-term** <br> **capital gains**<br>| **Total** <br> **distributions** <br> **paid**<br>|
| Class 1 | &nbsp;&nbsp; $2151 | $— | $2151 | &nbsp;&nbsp;&nbsp;&nbsp; $11248 | $— | $11248 |
| Class 1A | &nbsp;&nbsp; 2157 |  | 2157 | &nbsp;&nbsp;&nbsp;&nbsp; 11344 |  | 11344 |
| Class 2 | &nbsp;&nbsp; 8060 |  | 8060 | &nbsp;&nbsp;&nbsp;&nbsp; 42551 |  | 42551 |
| Class 3 | &nbsp;&nbsp; 41 |  | 41 | &nbsp;&nbsp;&nbsp;&nbsp; 204 |  | 204 |
| Class 4 | &nbsp;&nbsp; 1788 |  | 1788 | &nbsp;&nbsp;&nbsp;&nbsp; 7920 |  | 7920 |
| Total | &nbsp;&nbsp; $14197 | $— | $14197 | &nbsp;&nbsp;&nbsp;&nbsp; $73267 | $— | $73267 |

---

**Managed Risk Growth Fund** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Six months ended June 30, 2025** | **Six months ended June 30, 2025** | **Six months ended June 30, 2025** | **Year ended December 31, 2024** | **Year ended December 31, 2024** | **Year ended December 31, 2024** |
| **Share class** | **Ordinary** <br> **income**<br>| **Long-term** <br> **capital gains**<br>| **Total** <br> **distributions** <br> **paid** <br>| **Ordinary** <br> **income**<br>| **Long-term** <br> **capital gains**<br>| **Total** <br> **distributions** <br> **paid**<br>|
| Class P1 | &nbsp;&nbsp; $111 | $558 | $669 | &nbsp;&nbsp;&nbsp;&nbsp; $93 | $— | $93 |
| Class P2 | &nbsp;&nbsp; 2919 | 21164 | 24083 | &nbsp;&nbsp;&nbsp;&nbsp; 2326 |  | 2326 |
| Total | &nbsp;&nbsp; $3030 | $21722 | $24752 | &nbsp;&nbsp;&nbsp;&nbsp; $2419 | $— | $2419 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| American Funds Insurance Series | **334** |

---

------

**Managed Risk International Fund** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Six months ended June 30, 2025** | **Six months ended June 30, 2025** | **Six months ended June 30, 2025** | **Year ended December 31, 2024** | **Year ended December 31, 2024** | **Year ended December 31, 2024** |
| **Share class** | **Ordinary** <br> **income**<br>| **Long-term** <br> **capital gains**<br>| **Total** <br> **distributions** <br> **paid**<br>| **Ordinary** <br> **income**<br>| **Long-term** <br> **capital gains**<br>| **Total** <br> **distributions** <br> **paid**<br>|
| Class P1 | &nbsp;&nbsp; $30 | $— | $30 | &nbsp;&nbsp;&nbsp;&nbsp; $29 | $— | $29 |
| Class P2 | &nbsp;&nbsp; 1450 |  | 1450 | &nbsp;&nbsp;&nbsp;&nbsp; 1532 |  | 1532 |
| Total | &nbsp;&nbsp; $1480 | $— | $1480 | &nbsp;&nbsp;&nbsp;&nbsp; $1561 | $— | $1561 |

---

**Managed Risk Washington Mutual Investors Fund** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Six months ended June 30, 2025** | **Six months ended June 30, 2025** | **Six months ended June 30, 2025** | **Year ended December 31, 2024** | **Year ended December 31, 2024** | **Year ended December 31, 2024** |
| **Share class** | **Ordinary** <br> **income**<br>| **Long-term** <br> **capital gains**<br>| **Total** <br> **distributions** <br> **paid**<br>| **Ordinary** <br> **income**<br>| **Long-term** <br> **capital gains**<br>| **Total** <br> **distributions** <br> **paid**<br>|
| Class P1 | &nbsp;&nbsp; $40 | $— | $40 | &nbsp;&nbsp;&nbsp;&nbsp; $53 | $— | $53 |
| Class P2 | &nbsp;&nbsp; 4640 |  | 4640 | &nbsp;&nbsp;&nbsp;&nbsp; 5422 |  | 5422 |
| Total | &nbsp;&nbsp; $4680 | $— | $4680 | &nbsp;&nbsp;&nbsp;&nbsp; $5475 | $— | $5475 |

---

**Managed Risk Growth-Income Fund** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Six months ended June 30, 2025** | **Six months ended June 30, 2025** | **Six months ended June 30, 2025** | **Year ended December 31, 2024** | **Year ended December 31, 2024** | **Year ended December 31, 2024** |
| **Share class** | **Ordinary** <br> **income**<br>| **Long-term** <br> **capital gains**<br>| **Total** <br> **distributions** <br> **paid** <br>| **Ordinary** <br> **income**<br>| **Long-term** <br> **capital gains**<br>| **Total** <br> **distributions** <br> **paid**<br>|
| Class P1 | &nbsp;&nbsp; $25511 | $70237 | $95748 | &nbsp;&nbsp;&nbsp;&nbsp; $33022 | $25142 | $58164 |
| Class P2 | &nbsp;&nbsp; 3596 | 10214 | 13810 | &nbsp;&nbsp;&nbsp;&nbsp; 4085 | 3659 | 7744 |
| Total | &nbsp;&nbsp; $29107 | $80451 | $109558 | &nbsp;&nbsp;&nbsp;&nbsp; $37107 | $28801 | $65908 |

---

**Managed Risk Asset Allocation Fund** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Six months ended June 30, 2025** | **Six months ended June 30, 2025** | **Six months ended June 30, 2025** | **Year ended December 31, 2024** | **Year ended December 31, 2024** | **Year ended December 31, 2024** |
| **Share class** | **Ordinary** <br> **income**<br>| **Long-term** <br> **capital gains**<br>| **Total** <br> **distributions** <br> **paid** <br>| **Ordinary** <br> **income**<br>| **Long-term** <br> **capital gains**<br>| **Total** <br> **distributions** <br> **paid**<br>|
| Class P1 | &nbsp;&nbsp; $208 | $722 | $930 | &nbsp;&nbsp;&nbsp;&nbsp; $226 | $138 | $364 |
| Class P2 | &nbsp;&nbsp; 34023 | 121132 | 155155 | &nbsp;&nbsp;&nbsp;&nbsp; 39976 | 28786 | 68762 |
| Total | &nbsp;&nbsp; $34231 | $121854 | $156085 | &nbsp;&nbsp;&nbsp;&nbsp; $40202 | $28924 | $69126 |

---

<sup>3</sup>

Commencement of operations.

<sup>4</sup>

Amount less than one thousand.

**7. Fees and transactions**

------

CRMC, the series' investment adviser, is the parent company of Capital Client Group, Inc. ("CCG"), the distributor of the series' shares, and American Funds Service Company® ("AFS"), the series' transfer agent. CRMC, CCG and AFS are considered related parties to the series.

**Investment advisory services** — The series has an investment advisory and service agreement with CRMC that provides for monthly fees accrued daily. These fees are based on annual rates that generally decrease as net asset levels increase. CRMC receives investment advisory fees from the underlying funds held by the managed risk funds, which are included in the unaudited net effective expense ratios that are provided as additional information in the financial highlights tables. Subadvisory fees for the managed risk funds are paid by CRMC to Milliman FRM. The managed risk funds are not responsible for paying any subadvisory fees.

**Investment advisory services waivers** — CRMC is waiving a portion of its investment advisory services fees for some of the funds. For the six months ended June 30, 2025, total investment advisory services fees waived by CRMC were $26,151,000. CRMC does not intend to recoup these waivers. Investment advisory fees in each fund's statement of operations are presented gross of any waivers from CRMC.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **335** | American Funds Insurance Series |

---

------

The range of rates, net asset levels and the current annualized rates of average daily net assets for each fund before and after any investment advisory services waivers, if applicable, are as follows:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Fund** | **Rates** | **Rates** | **Net asset level** <br> **(in billions)** | **Net asset level** <br> **(in billions)** | **For the** <br> **six months** <br> **ended** <br> **June 30,** <br> **2025,** <br> **before waiver** | **For the** <br> **six months** <br> **ended** <br> **June 30,** <br> **2025,** <br> **after waiver** |
| **Fund** | **Beginning** <br> **with**<br>| **Ending** <br> **with**<br>| **Up to** | **In excess** <br> **of**<br>| **For the** <br> **six months** <br> **ended** <br> **June 30,** <br> **2025,** <br> **before waiver** | **For the** <br> **six months** <br> **ended** <br> **June 30,** <br> **2025,** <br> **after waiver** |
| Global Growth Fund | .475<br> %<br>| .435<br> %<br>| $15.0 | $15.0 | .475<br> %<br>| .368<br> %<br>|
| Global Small Capitalization Fund | .647 | .615 | 15.0 | 15.0 | .647 | .604 |
| Growth Fund | .500 | .275 | .6 | 44.0 | .304 | .304 |
| International Fund | .478 | .430 | 15.0 | 21.0 | .478 | .478 |
| New World Fund | .577 | .510 | 15.0 | 15.0 | .577 | .507 |
| Washington Mutual Investors Fund | .374 | .350 | 15.0 | 15.0 | .374 | .231 |
| U.S. Small and Mid Cap Equity Fund | .450 |  | all |  | .450 | .450 |
| Capital World Growth and Income Fund | .475 | .435 | 15.0 | 15.0 | .475 | .375 |
| Growth-Income Fund | .500 | .217 | .6 | 44.0 | .250 | .250 |
| International Growth and Income Fund | .478 | .450 | 15.0 | 15.0 | .478 | .478 |
| Capital Income Builder | .357 | .330 | 15.0 | 15.0 | .357 | .227 |
| Asset Allocation Fund | .500 | .236 | .6 | 34.0 | .265 | .265 |
| American Funds Global Balanced Fund | .446 | .420 | 15.0 | 15.0 | .446 | .433 |
| The Bond Fund of America | .352 | .320 | 15.0 | 15.0 | .352 | .202 |
| Capital World Bond Fund | .431 | .360 | 15.0 | 15.0 | .431 | .431 |
| American High-Income Trust | .404 | .386 | 15.0 | 15.0 | .404 | .284 |
| American Funds Mortgage Fund  | .295 | .280 | 15.0 | 15.0 | .295 | .218 |
| Ultra-Short Bond Fund | .257 | .242 | 15.0 | 15.0 | .257 | .257 |
| U.S. Government Securities Fund | .295 | .280 | 15.0 | 15.0 | .295 | .222 |
| Managed Risk Growth Fund\* | .100 |  | all |  | .150 | .100 |
| Managed Risk International Fund\* | .100 |  | all |  | .150 | .100 |
| Managed Risk Washington Mutual Investors Fund\* | .100 |  | all |  | .150 | .100 |
| Managed Risk Growth-Income Fund\* | .100 |  | all |  | .150 | .100 |
| Managed Risk Asset Allocation Fund\* | .100 |  | all |  | .150 | .100 |

---

\*

For a portion of the period CRMC waived a portion of the investment advisory and services fee, such that the fee was reduced from 0.150% to 0.100%. Effective May 1, 2025, the series' board of trustees approved a revised investment advisory and services agreement for the Managed Risk Funds, removing the 0.050% fee waiver and concurrently reducing the fee for each share class from 0.150% to 0.100%.

**Class-specific fees and expenses** — Expenses that are specific to individual share classes are accrued directly to the respective share class. The principal class-specific fees and expenses are further described below:

**Distribution services** — The series has plans of distribution for all share classes except Class 1. Under the plans, the board of trustees approves certain categories of expenses that are used to finance activities primarily intended to sell fund shares. The plans provide for payments to pay service fees to firms that have entered into agreements with the series. These payments, based on an annualized percentage of average daily net assets, range from 0.18% to 0.50% as noted in the table below. In some cases, the board of trustees has limited the amounts that may be paid to less than the maximum allowed by the plans.

---

| | | |
|:---|:---|:---|
| **Share class** | **Currently approved limits** | **Plan limits** |
| Class 1A | 0.00<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.25<br> %<br>|
| Class 2 | 0.25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.25 |
| Class 3 | 0.18 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.18 |
| Class 4 | 0.25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.25 |
| Class P1 | 0.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.25 |
| Class P2 | 0.25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.50 |

---

**Insurance administrative services** — The series has an insurance administrative services plan for Class 1A, 4, P1 and P2 shares. Under the plan, these share classes pay 0.25% of each insurance company's respective average daily net assets in each share class to compensate the insurance companies for services provided to their separate accounts and contractholders for which the shares of the fund are beneficially owned as underlying investments of such contractholders' annuities. These services include, but are not limited to, maintenance, shareholder communications and transactional services. The insurance companies are not related parties to the series.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| American Funds Insurance Series | **336** |

---

------

**Transfer agent services** — The series has a shareholder services agreement with AFS under which the funds compensate AFS for providing transfer agent services to all of the funds' share classes. These services include recordkeeping, shareholder communications and transaction processing. Under this agreement, the managed risk funds also pays sub-transfer agency fees to AFS. These fees are paid by AFS to third parties for performing transfer agent services on behalf of fund shareholders.

**Administrative services** — The series has an administrative services agreement with CRMC under which each fund compensates CRMC for providing administrative services to all of the funds' share classes except Class P1 and P2 shares. Administrative services are provided by CRMC and its affiliates to help assist third parties providing non-distribution services to fund shareholders. These services include providing in-depth information on each fund and market developments that impact fund investments. Administrative services also include, but are not limited to, coordinating, monitoring and overseeing third parties that provide services to fund shareholders. The agreement provides each fund, other than the managed risk funds, the ability to charge an administrative services fee at the annual rate of 0.05% of average daily net assets attributable to each share class. Currently each fund, other than the managed-risk funds, pays CRMC an administrative services fee at the annual rate of 0.03% of average daily net assets of each share class for CRMC's provision of administrative services. For the managed risk funds, CRMC receives administrative services fees at an annual rate of 0.03% of average daily net assets from Class 1 shares of the underlying funds for administrative services provided to the series.

**Accounting and administrative services** — The managed risk funds have a subadministration agreement with Bank of New York Mellon ("BNY Mellon") under which the fund compensates BNY Mellon for providing accounting and administrative services to each of the managed risk funds' share classes. These services include, but are not limited to, fund accounting (including calculation of net asset value), financial reporting and tax services. BNY Mellon is not a related party to the managed risk funds.

Class-specific expenses under the agreements described above were as follows (dollars in thousands):

**Global Growth Fund** 

---

| | | | |
|:---|:---|:---|:---|
| **Share class** | **Distribution** <br> **services**<br>| **Insurance** <br> **administrative** <br> **services**<br>| **Administrative** <br> **services**<br>|
| Class 1 | Not applicable | Not applicable | $534 |
| Class 1A | $— | $26 | 3 |
| Class 2 | 4295 | Not applicable | 515 |
| Class 4 | 1206 | 1207 | 145 |
| Total class-specific <br> expenses<br>| $5501 | $1233 | $1197 |

---

**Global Small Capitalization Fund** 

---

| | | | |
|:---|:---|:---|:---|
| **Share class** | **Distribution** <br> **services**<br>| **Insurance** <br> **administrative** <br> **services**<br>| **Administrative** <br> **services**<br>|
| Class 1 | Not applicable | Not applicable | $133 |
| Class 1A | $— | $7 | 1 |
| Class 2 | 2083 | Not applicable | 250 |
| Class 4 | 385 | 385 | 46 |
| Total class-specific <br> expenses<br>| $2468 | $392 | $430 |

---

**Growth Fund** 

---

| | | | |
|:---|:---|:---|:---|
| **Share class** | **Distribution** <br> **services**<br>| **Insurance** <br> **administrative** <br> **services**<br>| **Administrative** <br> **services**<br>|
| Class 1 | Not applicable | Not applicable | $3171 |
| Class 1A | $— | $489 | 59 |
| Class 2 | 24517 | Not applicable | 2942 |
| Class 3 | 239 | Not applicable | 40 |
| Class 4 | 6668 | 6668 | 800 |
| Total class-specific <br> expenses<br>| $31424 | $7157 | $7012 |

---

**International Fund** 

---

| | | | |
|:---|:---|:---|:---|
| **Share class** | **Distribution** <br> **services**<br>| **Insurance** <br> **administrative** <br> **services**<br>| **Administrative** <br> **services**<br>|
| Class 1 | Not applicable | Not applicable | $463 |
| Class 1A | $— | $16 | 2 |
| Class 2 | 4053 | Not applicable | 486 |
| Class 3 | 13 | Not applicable | 2 |
| Class 4 | 575 | 576 | 69 |
| Total class-specific <br> expenses<br>| $4641 | $592 | $1022 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **337** | American Funds Insurance Series |

---

------

**New World Fund** 

---

| | | | |
|:---|:---|:---|:---|
| **Share class** | **Distribution** <br> **services**<br>| **Insurance** <br> **administrative** <br> **services**<br>| **Administrative** <br> **services**<br>|
| Class 1 | Not applicable | Not applicable | $271 |
| Class 1A | $— | $15 | 2 |
| Class 2 | 992 | Not applicable | 119 |
| Class 4 | 1031 | 1031 | 124 |
| Total class-specific <br> expenses<br>| $2023 | $1046 | $516 |

---

**Washington Mutual Investors Fund** 

---

| | | | |
|:---|:---|:---|:---|
| **Share class** | **Distribution** <br> **services**<br>| **Insurance** <br> **administrative** <br> **services**<br>| **Administrative** <br> **services**<br>|
| Class 1 | Not applicable | Not applicable | $924 |
| Class 1A | $— | $38 | 5 |
| Class 2 | 3686 | Not applicable | 442 |
| Class 4 | 2299 | 2299 | 276 |
| Total class-specific <br> expenses<br>| $5985 | $2337 | $1647 |

---

**U.S. Small and Mid Cap Equity Fund** 

---

| | | | |
|:---|:---|:---|:---|
| **Share class** | **Distribution** <br> **services**<br>| **Insurance** <br> **administrative** <br> **services**<br>| **Administrative** <br> **services**<br>|
| Class 1 | Not applicable | Not applicable | $—<br> \*<br>|
| Class 1A | $— | $—<br> \*<br>| —<br> \*<br>|
| Class 2 |  | Not applicable | —<br> \*<br>|
| Class 4 | —<br> \*<br>| —<br> \*<br>| 2 |
| Total class-specific <br> expenses<br>| $—<br> \*<br>| $—<br> \*<br>| $2 |

---

**Capital World Growth and Income Fund** 

---

| | | | |
|:---|:---|:---|:---|
| **Share class** | **Distribution** <br> **services**<br>| **Insurance** <br> **administrative** <br> **services**<br>| **Administrative** <br> **services**<br>|
| Class 1 | Not applicable | Not applicable | $88 |
| Class 1A | $— | $12 | 2 |
| Class 2 | 1251 | Not applicable | 150 |
| Class 4 | 349 | 349 | 42 |
| Total class-specific <br> expenses<br>| $1600 | $361 | $282 |

---

**Growth-Income Fund** 

---

| | | | |
|:---|:---|:---|:---|
| **Share class** | **Distribution** <br> **services**<br>| **Insurance** <br> **administrative** <br> **services**<br>| **Administrative** <br> **services**<br>|
| Class 1 | Not applicable | Not applicable | $3562 |
| Class 1A | $— | $54 | 7 |
| Class 2 | 16700 | Not applicable | 2004 |
| Class 3 | 133 | Not applicable | 22 |
| Class 4 | 3381 | 3381 | 406 |
| Total class-specific <br> expenses<br>| $20214 | $3435 | $6001 |

---

**International Growth and Income Fund** 

---

| | | | |
|:---|:---|:---|:---|
| **Share class** | **Distribution** <br> **services**<br>| **Insurance** <br> **administrative** <br> **services**<br>| **Administrative** <br> **services**<br>|
| Class 1 | Not applicable | Not applicable | $4 |
| Class 1A | $— | $9 | 1 |
| Class 2 | 194 | Not applicable | 23 |
| Class 4 | 209 | 209 | 25 |
| Total class-specific <br> expenses<br>| $403 | $218 | $53 |

---

**Capital Income Builder** 

---

| | | | |
|:---|:---|:---|:---|
| **Share class** | **Distribution** <br> **services**<br>| **Insurance** <br> **administrative** <br> **services**<br>| **Administrative** <br> **services**<br>|
| Class 1 | Not applicable | Not applicable | $110 |
| Class 1A | $— | $16 | 2 |
| Class 2 | 23 | Not applicable | 3 |
| Class 4 | 831 | 831 | 99 |
| Total class-specific <br> expenses<br>| $854 | $847 | $214 |

---

**Asset Allocation Fund** 

---

| | | | |
|:---|:---|:---|:---|
| **Share class** | **Distribution** <br> **services**<br>| **Insurance** <br> **administrative** <br> **services**<br>| **Administrative** <br> **services**<br>|
| Class 1 | Not applicable | Not applicable | $2341 |
| Class 1A | $— | $52 | 6 |
| Class 2 | 5281 | Not applicable | 634 |
| Class 3 | 28 | Not applicable | 5 |
| Class 4 | 8215 | 8214 | 986 |
| Total class-specific <br> expenses<br>| $13524 | $8266 | $3972 |

---

Refer to the end of the table(s) for footnote(s).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| American Funds Insurance Series | **338** |

---

------

**American Funds Global Balanced Fund** 

---

| | | | |
|:---|:---|:---|:---|
| **Share class** | **Distribution** <br> **services**<br>| **Insurance** <br> **administrative** <br> **services**<br>| **Administrative** <br> **services**<br>|
| Class 1 | Not applicable | Not applicable | $14 |
| Class 1A | $— | $5 | 1 |
| Class 2 | 183 | Not applicable | 22 |
| Class 4 | 191 | 191 | 23 |
| Total class-specific <br> expenses<br>| $374 | $196 | $60 |

---

**The Bond Fund of America** 

---

| | | | |
|:---|:---|:---|:---|
| **Share class** | **Distribution** <br> **services**<br>| **Insurance** <br> **administrative** <br> **services**<br>| **Administrative** <br> **services**<br>|
| Class 1 | Not applicable | Not applicable | $1017 |
| Class 1A | $— | $290 | 35 |
| Class 2 | 3381 | Not applicable | 406 |
| Class 4 | 1525 | 1525 | 183 |
| Total class-specific <br> expenses<br>| $4906 | $1815 | $1641 |

---

**Capital World Bond Fund** 

---

| | | | |
|:---|:---|:---|:---|
| **Share class** | **Distribution** <br> **services**<br>| **Insurance** <br> **administrative** <br> **services**<br>| **Administrative** <br> **services**<br>|
| Class 1 | Not applicable | Not applicable | $89 |
| Class 1A | $— | $46 | 6 |
| Class 2 | 937 | Not applicable | 112 |
| Class 4 | 81 | 80 | 10 |
| Total class-specific <br> expenses<br>| $1018 | $126 | $217 |

---

**American High-Income Trust** 

---

| | | | |
|:---|:---|:---|:---|
| **Share class** | **Distribution** <br> **services**<br>| **Insurance** <br> **administrative** <br> **services**<br>| **Administrative** <br> **services**<br>|
| Class 1 | Not applicable | Not applicable | $35 |
| Class 1A | $— | $4 | 1 |
| Class 2 | 660 | Not applicable | 79 |
| Class 3 | 7 | Not applicable | 1 |
| Class 4 | 221 | 221 | 27 |
| Total class-specific <br> expenses<br>| $888 | $225 | $143 |

---

**American Funds Mortgage Fund** 

---

| | | | |
|:---|:---|:---|:---|
| **Share class** | **Distribution** <br> **services**<br>| **Insurance** <br> **administrative** <br> **services**<br>| **Administrative** <br> **services**<br>|
| Class 1 | Not applicable | Not applicable | $3 |
| Class 1A | $— | $3 | —<br> \*<br>|
| Class 2 | 51 | Not applicable | 6 |
| Class 4 | 66 | 66 | 8 |
| Total class-specific <br> expenses<br>| $117 | $69 | $17 |

---

**Ultra-Short Bond Fund** 

---

| | | | |
|:---|:---|:---|:---|
| **Share class** | **Distribution** <br> **services**<br>| **Insurance** <br> **administrative** <br> **services**<br>| **Administrative** <br> **services**<br>|
| Class 1 | Not applicable | Not applicable | $5 |
| Class 1A | $— | $—<br> \*<br>| —<br> \*<br>|
| Class 2 | 291 | Not applicable | 35 |
| Class 3 | 3 | Not applicable | 1 |
| Class 4 | 88 | 88 | 10 |
| Total class-specific <br> expenses<br>| $382 | $88 | $51 |

---

**U.S. Government Securities Fund** 

---

| | | | |
|:---|:---|:---|:---|
| **Share class** | **Distribution** <br> **services**<br>| **Insurance** <br> **administrative** <br> **services**<br>| **Administrative** <br> **services**<br>|
| Class 1 | Not applicable | Not applicable | $39 |
| Class 1A | $— | $358 | 43 |
| Class 2 | 1287 | Not applicable | 154 |
| Class 3 | 4 | Not applicable | 1 |
| Class 4 | 280 | 280 | 34 |
| Total class-specific <br> expenses<br>| $1571 | $638 | $271 |

---

**Managed Risk Growth Fund** 

---

| | | |
|:---|:---|:---|
| **Share class** | **Distribution** <br> **services**<br>| **Insurance** <br> **administrative** <br> **services**<br>|
| Class P1 | Not applicable | $16 |
| Class P2 | $608 | 609 |
| Total class-specific <br> expenses<br>| $608 | $625 |

---

Refer to the end of the table(s) for footnote(s).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **339** | American Funds Insurance Series |

---

------

**Managed Risk International Fund** 

---

| | | |
|:---|:---|:---|
| **Share class** | **Distribution** <br> **services**<br>| **Insurance** <br> **administrative** <br> **services**<br>|
| Class P1 | Not applicable | $2 |
| Class P2 | $138 | 139 |
| Total class-specific <br> expenses<br>| $138 | $141 |

---

**Managed Risk Washington Mutual Investors Fund** 

---

| | | |
|:---|:---|:---|
| **Share class** | **Distribution** <br> **services**<br>| **Insurance** <br> **administrative** <br> **services**<br>|
| Class P1 | Not applicable | $3 |
| Class P2 | $388 | 388 |
| Total class-specific <br> expenses<br>| $388 | $391 |

---

**Managed Risk Growth-Income Fund** 

---

| | | |
|:---|:---|:---|
| **Share class** | **Distribution** <br> **services**<br>| **Insurance** <br> **administrative** <br> **services**<br>|
| Class P1 | Not applicable | $2275 |
| Class P2 | $327 | 327 |
| Total class-specific <br> expenses<br>| $327 | $2602 |

---

**Managed Risk Asset Allocation Fund** 

---

| | | |
|:---|:---|:---|
| **Share class** | **Distribution** <br> **services**<br>| **Insurance** <br> **administrative** <br> **services**<br>|
| Class P1 | Not applicable | $15 |
| Class P2 | $2402 | 2401 |
| Total class-specific <br> expenses<br>| $2402 | $2416 |

---

\*

Amount less than one thousand.

**Miscellaneous fee reimbursements** — CRMC reimbursed a portion of miscellaneous fees and expenses for U.S. Small and Mid Cap Equity Fund and Managed Risk International Fund. This reimbursement may be adjusted or discontinued by CRMC, subject to any restrictions in the series' prospectus. For the six months ended June 30, 2025, total fees and expenses reimbursed by CRMC were $21,000. CRMC may recoup all or a portion of these reimbursements during the current fiscal year. Fees and expenses in each fund's statement of operations are presented gross of any reimbursements from CRMC.

**Trustees' deferred compensation** — Trustees who are unaffiliated with CRMC may elect to defer the cash payment of part or all of their compensation. These deferred amounts, which remain as liabilities of the funds, are treated as if invested in one or more of the American Funds. These amounts represent general, unsecured liabilities of the funds and vary according to the total returns of the selected funds. Trustees' compensation, shown on the accompanying financial statements, reflects current fees (either paid in cash or deferred) and a net increase in the value of the deferred amounts as follows (dollars in thousands):

---

| | | | |
|:---|:---|:---|:---|
| **Fund** | **Current fees** | **Increase (decrease)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total trustees'** <br> **compensation**<br>|
| Global Growth Fund | &nbsp;&nbsp; $10 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $4 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $14 |
| Global Small Capitalization Fund | &nbsp;&nbsp; 4 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5 |
| Growth Fund | &nbsp;&nbsp; 60 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 21 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 81 |
| International Fund | &nbsp;&nbsp; 9 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12 |
| New World Fund | &nbsp;&nbsp; 4 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6 |
| Washington Mutual Investors Fund | &nbsp;&nbsp; 14 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 19 |
| U.S. Small and Mid Cap Equity Fund | &nbsp;&nbsp; —<br> \*<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —<br> \*<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —<br> \*<br>|
| Capital World Growth and Income Fund | &nbsp;&nbsp; 3 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4 |
| Growth-Income Fund | &nbsp;&nbsp; 52 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 17 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 69 |
| International Growth and Income Fund | &nbsp;&nbsp; —<br> \*<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —<br> \*<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —<br> \*<br>|
| Capital Income Builder | &nbsp;&nbsp; 2 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3 |
| Asset Allocation Fund | &nbsp;&nbsp; 34 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 45 |
| American Funds Global Balanced Fund | &nbsp;&nbsp; 1 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —<br> \*<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1 |
| The Bond Fund of America | &nbsp;&nbsp; 14 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 18 |
| Capital World Bond Fund | &nbsp;&nbsp; 2 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3 |
| American High-Income Trust | &nbsp;&nbsp; 1 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —<br> \*<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1 |
| American Funds Mortgage Fund | &nbsp;&nbsp; —<br> \*<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —<br> \*<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —<br> \*<br>|
| Ultra-Short Bond Fund | &nbsp;&nbsp; —<br> \*<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —<br> \*<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —<br> \*<br>|
| U.S. Government Securities Fund | &nbsp;&nbsp; 2 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3 |
| Managed Risk Growth Fund | &nbsp;&nbsp; 1 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —<br> \*<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1 |
| Managed Risk International Fund | &nbsp;&nbsp; —<br> \*<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —<br> \*<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —<br> \*<br>|
| Managed Risk Washington Mutual Investors Fund | &nbsp;&nbsp; 1 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —<br> \*<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1 |
| Managed Risk Growth-Income Fund | &nbsp;&nbsp; 2 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3 |
| Managed Risk Asset Allocation Fund | &nbsp;&nbsp; 2 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3 |

---

\*

Amount less than one thousand.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| American Funds Insurance Series | **340** |

---

------

**Affiliated officers and trustees** — Officers and certain trustees of the series are or may be considered to be affiliated with CRMC, CCG and AFS. No affiliated officers or trustees received any compensation directly from any fund in the series.

**Investments in CCBF and CCF** — Some of the funds hold shares of CCBF, a corporate bond fund, and/or CCF, an institutional prime money market fund ,which are both managed by CRMC. CCBF seeks to provide maximum total return consistent with capital preservation and prudent risk management by investing primarily in corporate debt instruments. CCBF is used as an investment vehicle for some of the funds' corporate bond investments. CCF invests in high-quality, short-term money market instruments. CCF is used as the primary investment vehicle for some of the funds' short-term investments. Both CCBF and CCF shares are only available for purchase by CRMC, its affiliates, and other funds managed by CRMC or its affiliates, and are not available to the public. CRMC does not receive an investment advisory services fee from either CCBF or CCF.

**Security transactions with related funds** — The funds may purchase from, or sell securities to, other CRMC-managed funds (or funds managed by certain affiliates of CRMC) under procedures adopted by the fund's board of trustees. The funds involved in such transactions are considered related by virtue of having a common investment adviser (or affiliated investment advisers), common trustees and/or common officers. When such transactions occur, each transaction is executed at the current market price of the security and no brokerage commissions or fees are paid in accordance with Rule 17a-7 of the 1940 Act.

The following table presents purchase and sale transactions between each fund and related funds, and net realized gain or loss from such sales, if any, as of June 30, 2025 (dollars in thousands):

---

| | | | |
|:---|:---|:---|:---|
| **Fund**  | **Purchases**  | **Sales**  | **Net** <br> **realized** <br> **gain (loss)**<br>|
| Global Growth Fund | &nbsp;&nbsp; $88976 | &nbsp;&nbsp; $14964 | &nbsp;&nbsp; $2923 |
| Global Small Capitalization Fund | &nbsp;&nbsp; 17787 | &nbsp;&nbsp; 7499 | &nbsp;&nbsp; 1872 |
| Growth Fund | &nbsp;&nbsp; 262208 | &nbsp;&nbsp; 192926 | &nbsp;&nbsp; 65081 |
| International Fund | &nbsp;&nbsp; 95968 | &nbsp;&nbsp; 38929 | &nbsp;&nbsp; 6168 |
| New World Fund | &nbsp;&nbsp; 9610 | &nbsp;&nbsp; 29959 | &nbsp;&nbsp; 5791 |
| Washington Mutual Investors Fund | &nbsp;&nbsp; 73880 | &nbsp;&nbsp; 101813 | &nbsp;&nbsp; 14322 |
| Capital World Growth and Income Fund | &nbsp;&nbsp; 21390 | &nbsp;&nbsp; 27562 | &nbsp;&nbsp; 6719 |
| Growth-Income Fund | &nbsp;&nbsp; 332042 | &nbsp;&nbsp; 383247 | &nbsp;&nbsp; 101737 |
| International Growth and Income Fund | &nbsp;&nbsp; 1199 | &nbsp;&nbsp; 2747 | &nbsp;&nbsp; 138 |
| Capital Income Builder | &nbsp;&nbsp; 14710 | &nbsp;&nbsp; 14805 | &nbsp;&nbsp; 4080 |
| Asset Allocation Fund | &nbsp;&nbsp; 199278 | &nbsp;&nbsp; 71009 | &nbsp;&nbsp; 43548 |
| American Funds Global Balanced Fund | &nbsp;&nbsp; 2269 | &nbsp;&nbsp; 3535 | &nbsp;&nbsp; 909 |

---

**8. Indemnifications**

------

The series' organizational documents provide board members and officers with indemnification against certain liabilities or expenses in connection with the performance of their duties to the series. In the normal course of business, the series may also enter into contracts that provide general indemnifications. Each fund's maximum exposure under these arrangements is unknown since it is dependent on future claims that may be made against the series. The risk of material loss from such claims is considered remote. Insurance policies are also available to the series' board members and officers.

**9. Committed line of credit**

------

Global Small Capitalization Fund, New World Fund and American High-Income Trust participate with other funds managed by CRMC in a $1.5 billion credit facility (the "line of credit") to be utilized for temporary purposes to fund shareholder redemptions. Each fund has agreed to pay commitment fees on its pro-rata portion of the line of credit, which are reflected in other expenses in each fund's statement of operations. None of the funds borrowed on this line of credit at any time during the six months ended June 30, 2025.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **341** | American Funds Insurance Series |

---

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**10. Capital share transactions**

------

Capital share transactions in each fund were as follows (dollars and shares in thousands):

**Global Growth Fund** 

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Sales**<sup>1</sup> | **Sales**<sup>1</sup> | **Reinvestments of** <br> **distributions** | **Reinvestments of** <br> **distributions** | **Repurchases**<sup>1</sup> | **Repurchases**<sup>1</sup> | **Net increase** <br> **(decrease)** | **Net increase** <br> **(decrease)** |
| <br>**Share class** | **Amount** | **Shares** | **Amount** | **Shares** | **Amount** | **Shares** | **Amount** | **Shares** |
| **Six months ended June 30, 2025** | **Six months ended June 30, 2025** | **Six months ended June 30, 2025** | **Six months ended June 30, 2025** | **Six months ended June 30, 2025** | **Six months ended June 30, 2025** | **Six months ended June 30, 2025** | **Six months ended June 30, 2025** | **Six months ended June 30, 2025** |
| Class 1 | $132465 | 3800 | &nbsp;&nbsp; $473203 | 13844 | &nbsp;&nbsp; $(297705)<br>| (8075)<br>| &nbsp;&nbsp; $307963 | 9569 |
| Class 1A | 1877 | 52 | &nbsp;&nbsp; 2862 | 84 | &nbsp;&nbsp; (1125)<br>| (31)<br>| &nbsp;&nbsp; 3614 | 105 |
| Class 2 | 18094 | 501 | &nbsp;&nbsp; 458474 | 13654 | &nbsp;&nbsp; (244822)<br>| (6757)<br>| &nbsp;&nbsp; 231746 | 7398 |
| Class 4 | 88558 | 2477 | &nbsp;&nbsp; 134552 | 4068 | &nbsp;&nbsp; (49285)<br>| (1386)<br>| &nbsp;&nbsp; 173825 | 5159 |
| Total net increase (decrease) | $240994 | 6830 | &nbsp;&nbsp; $1069091 | 31650 | &nbsp;&nbsp; $(592937)<br>| (16249)<br>| &nbsp;&nbsp; $717148 | 22231 |
| **Year ended December 31, 2024** | **Year ended December 31, 2024** | **Year ended December 31, 2024** | **Year ended December 31, 2024** | **Year ended December 31, 2024** | **Year ended December 31, 2024** | **Year ended December 31, 2024** | **Year ended December 31, 2024** | **Year ended December 31, 2024** |
| Class 1 | $182743 | 4922 | &nbsp;&nbsp; $164299 | 4426 | &nbsp;&nbsp; $(478156)<br>| (12907)<br>| &nbsp;&nbsp; $(131114)<br>| (3559)<br>|
| Class 1A | 3593 | 97 | &nbsp;&nbsp; 855 | 23 | &nbsp;&nbsp; (3164)<br>| (85)<br>| &nbsp;&nbsp; 1284 | 35 |
| Class 2 | 64877 | 1789 | &nbsp;&nbsp; 160470 | 4397 | &nbsp;&nbsp; (544385)<br>| (14948)<br>| &nbsp;&nbsp; (319038)<br>| (8762)<br>|
| Class 4 | 187863 | 5186 | &nbsp;&nbsp; 36623 | 1016 | &nbsp;&nbsp; (80774)<br>| (2235)<br>| &nbsp;&nbsp; 143712 | 3967 |
| Total net increase (decrease) | $439076 | 11994 | &nbsp;&nbsp; $362247 | 9862 | &nbsp;&nbsp; $(1106479)<br>| (30175)<br>| &nbsp;&nbsp; $(305156)<br>| (8319)<br>|

---

**Global Small Capitalization Fund** 

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Sales**<sup>1</sup> | **Sales**<sup>1</sup> | **Reinvestments of** <br> **distributions** | **Reinvestments of** <br> **distributions** | **Repurchases**<sup>1</sup> | **Repurchases**<sup>1</sup> | **Net increase** <br> **(decrease)** | **Net increase** <br> **(decrease)** |
| <br>**Share class** | **Amount** | **Shares** | **Amount** | **Shares** | **Amount** | **Shares** | **Amount** | **Shares** |
| **Six months ended June 30, 2025** | **Six months ended June 30, 2025** | **Six months ended June 30, 2025** | **Six months ended June 30, 2025** | **Six months ended June 30, 2025** | **Six months ended June 30, 2025** | **Six months ended June 30, 2025** | **Six months ended June 30, 2025** | **Six months ended June 30, 2025** |
| Class 1 | $41857 | 2403 | &nbsp;&nbsp;&nbsp; $19028 | 1042 | &nbsp;&nbsp;&nbsp; $(166307)<br>| (9259)<br>| &nbsp;&nbsp;&nbsp; $(105422)<br>| (5814)<br>|
| Class 1A | 339 | 19 | &nbsp;&nbsp;&nbsp; 126 | 7 | &nbsp;&nbsp;&nbsp; (191)<br>| (11)<br>| &nbsp;&nbsp;&nbsp; 274 | 15 |
| Class 2 | 21045 | 1286 | &nbsp;&nbsp;&nbsp; 39095 | 2285 | &nbsp;&nbsp;&nbsp; (102502)<br>| (6007)<br>| &nbsp;&nbsp;&nbsp; (42362)<br>| (2436)<br>|
| Class 4 | 72171 | 4238 | &nbsp;&nbsp;&nbsp; 7315 | 429 | &nbsp;&nbsp;&nbsp; (18863)<br>| (1119)<br>| &nbsp;&nbsp;&nbsp; 60623 | 3548 |
| Total net increase (decrease) | $135412 | 7946 | &nbsp;&nbsp;&nbsp; $65564 | 3763 | &nbsp;&nbsp;&nbsp; $(287863)<br>| (16396)<br>| &nbsp;&nbsp;&nbsp; $(86887)<br>| (4687)<br>|
| **Year ended December 31, 2024** | **Year ended December 31, 2024** | **Year ended December 31, 2024** | **Year ended December 31, 2024** | **Year ended December 31, 2024** | **Year ended December 31, 2024** | **Year ended December 31, 2024** | **Year ended December 31, 2024** | **Year ended December 31, 2024** |
| Class 1 | $82737 | 4519 | &nbsp;&nbsp;&nbsp; $45699 | 2557 | &nbsp;&nbsp;&nbsp; $(168033)<br>| (9099)<br>| &nbsp;&nbsp;&nbsp; $(39597)<br>| (2023)<br>|
| Class 1A | 766 | 43 | &nbsp;&nbsp;&nbsp; 239 | 14 | &nbsp;&nbsp;&nbsp; (637)<br>| (35)<br>| &nbsp;&nbsp;&nbsp; 368 | 22 |
| Class 2 | 58585 | 3367 | &nbsp;&nbsp;&nbsp; 85994 | 5139 | &nbsp;&nbsp;&nbsp; (246897)<br>| (14207)<br>| &nbsp;&nbsp;&nbsp; (102318)<br>| (5701)<br>|
| Class 4 | 41322 | 2398 | &nbsp;&nbsp;&nbsp; 13498 | 810 | &nbsp;&nbsp;&nbsp; (37390)<br>| (2159)<br>| &nbsp;&nbsp;&nbsp; 17430 | 1049 |
| Total net increase (decrease) | $183410 | 10327 | &nbsp;&nbsp;&nbsp; $145430 | 8520 | &nbsp;&nbsp;&nbsp; $(452957)<br>| (25500)<br>| &nbsp;&nbsp;&nbsp; $(124117)<br>| (6653)<br>|

---

Refer to the end of the table(s) for footnote(s).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| American Funds Insurance Series | **342** |

---

------

**Growth Fund** 

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Sales**<sup>1</sup> | **Sales**<sup>1</sup> | **Reinvestments of** <br> **distributions** | **Reinvestments of** <br> **distributions** | **Repurchases**<sup>1</sup> | **Repurchases**<sup>1</sup> | **Net increase** <br> **(decrease)** | **Net increase** <br> **(decrease)** |
| <br>**Share class** | **Amount** | **Shares** | **Amount** | **Shares** | **Amount** | **Shares** | **Amount** | **Shares** |
| **Six months ended June 30, 2025** | **Six months ended June 30, 2025** | **Six months ended June 30, 2025** | **Six months ended June 30, 2025** | **Six months ended June 30, 2025** | **Six months ended June 30, 2025** | **Six months ended June 30, 2025** | **Six months ended June 30, 2025** | **Six months ended June 30, 2025** |
| Class 1 | $1154878 | 9350 | &nbsp;&nbsp; $1813129 | 14793 | &nbsp;&nbsp; $(1579414)<br>| (12694)<br>| &nbsp;&nbsp; $1388593 | 11449 |
| Class 1A | 73719 | 595 | &nbsp;&nbsp; 30539 | 252 | &nbsp;&nbsp; (97203)<br>| (749)<br>| &nbsp;&nbsp; 7055 | 98 |
| Class 2 | 248965 | 2034 | &nbsp;&nbsp; 1677068 | 13892 | &nbsp;&nbsp; (1393936)<br>| (11137)<br>| &nbsp;&nbsp; 532097 | 4789 |
| Class 3 | 553 | 5 | &nbsp;&nbsp; 22118 | 178 | &nbsp;&nbsp; (16524)<br>| (130)<br>| &nbsp;&nbsp; 6147 | 53 |
| Class 4 | 589030 | 4934 | &nbsp;&nbsp; 490866 | 4194 | &nbsp;&nbsp; (173917)<br>| (1448)<br>| &nbsp;&nbsp; 905979 | 7680 |
| Total net increase (decrease) | $2067145 | 16918 | &nbsp;&nbsp; $4033720 | 33309 | &nbsp;&nbsp; $(3260994)<br>| (26158)<br>| &nbsp;&nbsp; $2839871 | 24069 |
| **Year ended December 31, 2024** | **Year ended December 31, 2024** | **Year ended December 31, 2024** | **Year ended December 31, 2024** | **Year ended December 31, 2024** | **Year ended December 31, 2024** | **Year ended December 31, 2024** | **Year ended December 31, 2024** | **Year ended December 31, 2024** |
| Class 1 | $1283657 | 11196 | &nbsp;&nbsp; $554066 | 4995 | &nbsp;&nbsp; $(2581742)<br>| (22564)<br>| &nbsp;&nbsp; $(744019)<br>| (6373)<br>|
| Class 1A | 43180 | 381 | &nbsp;&nbsp; 8596 | 79 | &nbsp;&nbsp; (33697)<br>| (304)<br>| &nbsp;&nbsp; 18079 | 156 |
| Class 2 | 414661 | 3673 | &nbsp;&nbsp; 506251 | 4690 | &nbsp;&nbsp; (3189792)<br>| (28372)<br>| &nbsp;&nbsp; (2268880)<br>| (20009)<br>|
| Class 3 | 1071 | 10 | &nbsp;&nbsp; 6848 | 62 | &nbsp;&nbsp; (32036)<br>| (278)<br>| &nbsp;&nbsp; (24117)<br>| (206)<br>|
| Class 4 | 874214 | 7971 | &nbsp;&nbsp; 107359 | 1032 | &nbsp;&nbsp; (368353)<br>| (3358)<br>| &nbsp;&nbsp; 613220 | 5645 |
| Total net increase (decrease) | $2616783 | 23231 | &nbsp;&nbsp; $1183120 | 10858 | &nbsp;&nbsp; $(6205620)<br>| (54876)<br>| &nbsp;&nbsp; $(2405717)<br>| (20787)<br>|

---

**International Fund** 

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Sales**<sup>1</sup> | **Sales**<sup>1</sup> | **Reinvestments of** <br> **distributions** | **Reinvestments of** <br> **distributions** | **Repurchases**<sup>1</sup> | **Repurchases**<sup>1</sup> | **Net increase** <br> **(decrease)** | **Net increase** <br> **(decrease)** |
| <br>**Share class** | **Amount** | **Shares** | **Amount** | **Shares** | **Amount** | **Shares** | **Amount** | **Shares** |
| **Six months ended June 30, 2025** | **Six months ended June 30, 2025** | **Six months ended June 30, 2025** | **Six months ended June 30, 2025** | **Six months ended June 30, 2025** | **Six months ended June 30, 2025** | **Six months ended June 30, 2025** | **Six months ended June 30, 2025** | **Six months ended June 30, 2025** |
| Class 1 | $63294 | 3490 | &nbsp;&nbsp; $2080 | 108 | &nbsp;&nbsp; $(231772)<br>| (12501)<br>| &nbsp;&nbsp; $(166398)<br>| (8903)<br>|
| Class 1A | 530 | 29 | &nbsp;&nbsp; 4 | — <br><sup>2</sup><br>| &nbsp;&nbsp; (639)<br>| (35)<br>| &nbsp;&nbsp; (105)<br>| (6)<br>|
| Class 2 | 94000 | 5226 | &nbsp;&nbsp; 776 | 41 | &nbsp;&nbsp; (307337)<br>| (16707)<br>| &nbsp;&nbsp; (212561)<br>| (11440)<br>|
| Class 3 | 100 | 5 | &nbsp;&nbsp; 5 | — <br><sup>2</sup><br>| &nbsp;&nbsp; (956)<br>| (50)<br>| &nbsp;&nbsp; (851)<br>| (45)<br>|
| Class 4 | 34797 | 1938 | &nbsp;&nbsp; — |  | &nbsp;&nbsp; (23149)<br>| (1275)<br>| &nbsp;&nbsp; 11648 | 663 |
| Total net increase (decrease) | $192721 | 10688 | &nbsp;&nbsp; $2865 | 149 | &nbsp;&nbsp; $(563853)<br>| (30568)<br>| &nbsp;&nbsp; $(368267)<br>| (19731)<br>|
| **Year ended December 31, 2024** | **Year ended December 31, 2024** | **Year ended December 31, 2024** | **Year ended December 31, 2024** | **Year ended December 31, 2024** | **Year ended December 31, 2024** | **Year ended December 31, 2024** | **Year ended December 31, 2024** | **Year ended December 31, 2024** |
| Class 1 | $103818 | 5617 | &nbsp;&nbsp; $46267 | 2445 | &nbsp;&nbsp; $(505047)<br>| (27104)<br>| &nbsp;&nbsp; $(354962)<br>| (19042)<br>|
| Class 1A | 2421 | 132 | &nbsp;&nbsp; 158 | 9 | &nbsp;&nbsp; (2072)<br>| (114)<br>| &nbsp;&nbsp; 507 | 27 |
| Class 2 | 294279 | 16201 | &nbsp;&nbsp; 40220 | 2136 | &nbsp;&nbsp; (554239)<br>| (30168)<br>| &nbsp;&nbsp; (219740)<br>| (11831)<br>|
| Class 3 | 2 | — <br><sup>2</sup><br>| &nbsp;&nbsp; 191 | 10 | &nbsp;&nbsp; (2572)<br>| (137)<br>| &nbsp;&nbsp; (2379)<br>| (127)<br>|
| Class 4 | 64019 | 3511 | &nbsp;&nbsp; 4485 | 242 | &nbsp;&nbsp; (49713)<br>| (2726)<br>| &nbsp;&nbsp; 18791 | 1027 |
| Total net increase (decrease) | $464539 | 25461 | &nbsp;&nbsp; $91321 | 4842 | &nbsp;&nbsp; $(1113643)<br>| (60249)<br>| &nbsp;&nbsp; $(557783)<br>| (29946)<br>|

---

Refer to the end of the table(s) for footnote(s).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **343** | American Funds Insurance Series |

---

------

**New World Fund** 

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Sales**<sup>1</sup> | **Sales**<sup>1</sup> | **Reinvestments of** <br> **distributions** | **Reinvestments of** <br> **distributions** | **Repurchases**<sup>1</sup> | **Repurchases**<sup>1</sup> | **Net increase** <br> **(decrease)** | **Net increase** <br> **(decrease)** |
| <br>**Share class** | **Amount** | **Shares** | **Amount** | **Shares** | **Amount** | **Shares** | **Amount** | **Shares** |
| **Six months ended June 30, 2025** | **Six months ended June 30, 2025** | **Six months ended June 30, 2025** | **Six months ended June 30, 2025** | **Six months ended June 30, 2025** | **Six months ended June 30, 2025** | **Six months ended June 30, 2025** | **Six months ended June 30, 2025** | **Six months ended June 30, 2025** |
| Class 1 | $71378 | 2538 | &nbsp;&nbsp;&nbsp; $80187 | 2838 | &nbsp;&nbsp;&nbsp; $(176169)<br>| (6345)<br>| &nbsp;&nbsp;&nbsp; $(24604)<br>| (969)<br>|
| Class 1A | 408 | 15 | &nbsp;&nbsp;&nbsp; 502 | 18 | &nbsp;&nbsp;&nbsp; (1825)<br>| (67)<br>| &nbsp;&nbsp;&nbsp; (915)<br>| (34)<br>|
| Class 2 | 30481 | 1122 | &nbsp;&nbsp;&nbsp; 35106 | 1260 | &nbsp;&nbsp;&nbsp; (87236)<br>| (3178)<br>| &nbsp;&nbsp;&nbsp; (21649)<br>| (796)<br>|
| Class 4 | 41929 | 1547 | &nbsp;&nbsp;&nbsp; 37088 | 1345 | &nbsp;&nbsp;&nbsp; (71596)<br>| (2638)<br>| &nbsp;&nbsp;&nbsp; 7421 | 254 |
| Total net increase (decrease) | $144196 | 5222 | &nbsp;&nbsp;&nbsp; $152883 | 5461 | &nbsp;&nbsp;&nbsp; $(336826)<br>| (12228)<br>| &nbsp;&nbsp;&nbsp; $(39747)<br>| (1545)<br>|
| **Year ended December 31, 2024** | **Year ended December 31, 2024** | **Year ended December 31, 2024** | **Year ended December 31, 2024** | **Year ended December 31, 2024** | **Year ended December 31, 2024** | **Year ended December 31, 2024** | **Year ended December 31, 2024** | **Year ended December 31, 2024** |
| Class 1 | $211139 | 7770 | &nbsp;&nbsp;&nbsp; $37940 | 1389 | &nbsp;&nbsp;&nbsp; $(310526)<br>| (11467)<br>| &nbsp;&nbsp;&nbsp; $(61447)<br>| (2308)<br>|
| Class 1A | 2546 | 92 | &nbsp;&nbsp;&nbsp; 216 | 8 | &nbsp;&nbsp;&nbsp; (1406)<br>| (52)<br>| &nbsp;&nbsp;&nbsp; 1356 | 48 |
| Class 2 | 97709 | 3717 | &nbsp;&nbsp;&nbsp; 15121 | 562 | &nbsp;&nbsp;&nbsp; (163082)<br>| (6131)<br>| &nbsp;&nbsp;&nbsp; (50252)<br>| (1852)<br>|
| Class 4 | 79272 | 3006 | &nbsp;&nbsp;&nbsp; 13389 | 502 | &nbsp;&nbsp;&nbsp; (106780)<br>| (4055)<br>| &nbsp;&nbsp;&nbsp; (14119)<br>| (547)<br>|
| Total net increase (decrease) | $390666 | 14585 | &nbsp;&nbsp;&nbsp; $66666 | 2461 | &nbsp;&nbsp;&nbsp; $(581794)<br>| (21705)<br>| &nbsp;&nbsp;&nbsp; $(124462)<br>| (4659)<br>|

---

**Washington Mutual Investors Fund** 

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Sales**<sup>1</sup> | **Sales**<sup>1</sup> | **Reinvestments of** <br> **distributions** | **Reinvestments of** <br> **distributions** | **Repurchases**<sup>1</sup> | **Repurchases**<sup>1</sup> | **Net increase** <br> **(decrease)** | **Net increase** <br> **(decrease)** |
| <br>**Share class** | **Amount** | **Shares** | **Amount** | **Shares** | **Amount** | **Shares** | **Amount** | **Shares** |
| **Six months ended June 30, 2025** | **Six months ended June 30, 2025** | **Six months ended June 30, 2025** | **Six months ended June 30, 2025** | **Six months ended June 30, 2025** | **Six months ended June 30, 2025** | **Six months ended June 30, 2025** | **Six months ended June 30, 2025** | **Six months ended June 30, 2025** |
| Class 1 | $101514 | 6077 | &nbsp;&nbsp; $447861 | 27045 | &nbsp;&nbsp; $(433964)<br>| (25486)<br>| &nbsp;&nbsp; $115411 | 7636 |
| Class 1A | 3863 | 226 | &nbsp;&nbsp; 2368 | 144 | &nbsp;&nbsp; (1054)<br>| (61)<br>| &nbsp;&nbsp; 5177 | 309 |
| Class 2 | 41877 | 2492 | &nbsp;&nbsp; 217964 | 13455 | &nbsp;&nbsp; (205682)<br>| (12318)<br>| &nbsp;&nbsp; 54159 | 3629 |
| Class 4 | 179899 | 10924 | &nbsp;&nbsp; 143109 | 8955 | &nbsp;&nbsp; (58553)<br>| (3594)<br>| &nbsp;&nbsp; 264455 | 16285 |
| Total net increase (decrease) | $327153 | 19719 | &nbsp;&nbsp; $811302 | 49599 | &nbsp;&nbsp; $(699253)<br>| (41459)<br>| &nbsp;&nbsp; $439202 | 27859 |
| **Year ended December 31, 2024** | **Year ended December 31, 2024** | **Year ended December 31, 2024** | **Year ended December 31, 2024** | **Year ended December 31, 2024** | **Year ended December 31, 2024** | **Year ended December 31, 2024** | **Year ended December 31, 2024** | **Year ended December 31, 2024** |
| Class 1 | $87079 | 5408 | &nbsp;&nbsp; $161220 | 9874 | &nbsp;&nbsp; $(948618)<br>| (58997)<br>| &nbsp;&nbsp; $(700319)<br>| (43715)<br>|
| Class 1A | 4491 | 279 | &nbsp;&nbsp; 628 | 38 | &nbsp;&nbsp; (3232)<br>| (205)<br>| &nbsp;&nbsp; 1887 | 112 |
| Class 2 | 56060 | 3529 | &nbsp;&nbsp; 71557 | 4484 | &nbsp;&nbsp; (477590)<br>| (30368)<br>| &nbsp;&nbsp; (349973)<br>| (22355)<br>|
| Class 4 | 260219 | 16589 | &nbsp;&nbsp; 36302 | 2301 | &nbsp;&nbsp; (99151)<br>| (6416)<br>| &nbsp;&nbsp; 197370 | 12474 |
| Total net increase (decrease) | $407849 | 25805 | &nbsp;&nbsp; $269707 | 16697 | &nbsp;&nbsp; $(1528591)<br>| (95986)<br>| &nbsp;&nbsp; $(851035)<br>| (53484)<br>|

---

**U.S. Small and Mid Cap Equity Fund** 

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Sales**<sup>1</sup> | **Sales**<sup>1</sup> | **Reinvestments of** <br> **distributions** | **Reinvestments of** <br> **distributions** | **Repurchases**<sup>1</sup> | **Repurchases**<sup>1</sup> | **Net increase** <br> **(decrease)** | **Net increase** <br> **(decrease)** |
| <br>**Share class** | **Amount** | **Shares** | **Amount** | **Shares** | **Amount** | **Shares** | **Amount** | **Shares** |
| **Six months ended June 30, 2025** | **Six months ended June 30, 2025** | **Six months ended June 30, 2025** | **Six months ended June 30, 2025** | **Six months ended June 30, 2025** | **Six months ended June 30, 2025** | **Six months ended June 30, 2025** | **Six months ended June 30, 2025** | **Six months ended June 30, 2025** |
| Class 1 | &nbsp;&nbsp; $— | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; $— <br><sup>2</sup><br>| &nbsp;&nbsp; — <br><sup>2</sup><br>| &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; $— <br><sup>2</sup><br>| &nbsp;&nbsp; — <br><sup>2</sup><br>|
| Class 1A | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — <br><sup>2</sup><br>| &nbsp;&nbsp; — <br><sup>2</sup><br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — <br><sup>2</sup><br>| &nbsp;&nbsp; — <br><sup>2</sup><br>|
| Class 2 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — <br><sup>2</sup><br>| &nbsp;&nbsp; — <br><sup>2</sup><br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — <br><sup>2</sup><br>| &nbsp;&nbsp; — <br><sup>2</sup><br>|
| Class 4 | &nbsp;&nbsp; 68 | &nbsp;&nbsp; 6 | &nbsp;&nbsp;&nbsp; 5 | &nbsp;&nbsp; 1 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 73 | &nbsp;&nbsp; 7 |
| Total net increase (decrease) | &nbsp;&nbsp; $68 | &nbsp;&nbsp; 6 | &nbsp;&nbsp;&nbsp; $5 | &nbsp;&nbsp; 1 | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; $73 | &nbsp;&nbsp; 7 |
| **For the period November 15, 2024**<sup>3</sup> **to December 31, 2024** | **For the period November 15, 2024**<sup>3</sup> **to December 31, 2024** | **For the period November 15, 2024**<sup>3</sup> **to December 31, 2024** | **For the period November 15, 2024**<sup>3</sup> **to December 31, 2024** | **For the period November 15, 2024**<sup>3</sup> **to December 31, 2024** | **For the period November 15, 2024**<sup>3</sup> **to December 31, 2024** | **For the period November 15, 2024**<sup>3</sup> **to December 31, 2024** | **For the period November 15, 2024**<sup>3</sup> **to December 31, 2024** | **For the period November 15, 2024**<sup>3</sup> **to December 31, 2024** |
| Class 1 | &nbsp;&nbsp; $10 | &nbsp;&nbsp; 1 | &nbsp;&nbsp;&nbsp; $— <br><sup>2</sup><br>| &nbsp;&nbsp; — <br><sup>2</sup><br>| &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; $10 | &nbsp;&nbsp; 1 |
| Class 1A | &nbsp;&nbsp; 10 | &nbsp;&nbsp; 1 | &nbsp;&nbsp;&nbsp; — <br><sup>2</sup><br>| &nbsp;&nbsp; — <br><sup>2</sup><br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 10 | &nbsp;&nbsp; 1 |
| Class 2 | &nbsp;&nbsp; 10 | &nbsp;&nbsp; 1 | &nbsp;&nbsp;&nbsp; — <br><sup>2</sup><br>| &nbsp;&nbsp; — <br><sup>2</sup><br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 10 | &nbsp;&nbsp; 1 |
| Class 4 | &nbsp;&nbsp; 14970 | &nbsp;&nbsp; 1497 | &nbsp;&nbsp;&nbsp; 13 | &nbsp;&nbsp; 1 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 14983 | &nbsp;&nbsp; 1498 |
| Total net increase (decrease) | &nbsp;&nbsp; $15000 | &nbsp;&nbsp; 1500 | &nbsp;&nbsp;&nbsp; $13 | &nbsp;&nbsp; 1 | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; $15013 | &nbsp;&nbsp; 1501 |

---

Refer to the end of the table(s) for footnote(s).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| American Funds Insurance Series | **344** |

---

------

**Capital World Growth and Income Fund** 

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Sales**<sup>1</sup> | **Sales**<sup>1</sup> | **Reinvestments of** <br> **distributions** | **Reinvestments of** <br> **distributions** | **Repurchases**<sup>1</sup> | **Repurchases**<sup>1</sup> | **Net increase** <br> **(decrease)** | **Net increase** <br> **(decrease)** |
| <br>**Share class** | **Amount** | **Shares** | **Amount** | **Shares** | **Amount** | **Shares** | **Amount** | **Shares** |
| **Six months ended June 30, 2025** | **Six months ended June 30, 2025** | **Six months ended June 30, 2025** | **Six months ended June 30, 2025** | **Six months ended June 30, 2025** | **Six months ended June 30, 2025** | **Six months ended June 30, 2025** | **Six months ended June 30, 2025** | **Six months ended June 30, 2025** |
| Class 1 | $40119 | 2660 | &nbsp;&nbsp;&nbsp; $22861 | 1414 | &nbsp;&nbsp;&nbsp; $(98762)<br>| (6251)<br>| &nbsp;&nbsp;&nbsp; $(35782)<br>| (2177)<br>|
| Class 1A | 1184 | 74 | &nbsp;&nbsp;&nbsp; 383 | 23 | &nbsp;&nbsp;&nbsp; (280)<br>| (17)<br>| &nbsp;&nbsp;&nbsp; 1287 | 80 |
| Class 2 | 9776 | 617 | &nbsp;&nbsp;&nbsp; 39834 | 2473 | &nbsp;&nbsp;&nbsp; (88441)<br>| (5547)<br>| &nbsp;&nbsp;&nbsp; (38831)<br>| (2457)<br>|
| Class 4 | 26679 | 1720 | &nbsp;&nbsp;&nbsp; 11775 | 752 | &nbsp;&nbsp;&nbsp; (14288)<br>| (925)<br>| &nbsp;&nbsp;&nbsp; 24166 | 1547 |
| Total net increase (decrease) | $77758 | 5071 | &nbsp;&nbsp;&nbsp; $74853 | 4662 | &nbsp;&nbsp;&nbsp; $(201771)<br>| (12740)<br>| &nbsp;&nbsp;&nbsp; $(49160)<br>| (3007)<br>|
| **Year ended December 31, 2024** | **Year ended December 31, 2024** | **Year ended December 31, 2024** | **Year ended December 31, 2024** | **Year ended December 31, 2024** | **Year ended December 31, 2024** | **Year ended December 31, 2024** | **Year ended December 31, 2024** | **Year ended December 31, 2024** |
| Class 1 | $61832 | 4046 | &nbsp;&nbsp;&nbsp; $11187 | 709 | &nbsp;&nbsp;&nbsp; $(124340)<br>| (8176)<br>| &nbsp;&nbsp;&nbsp; $(51321)<br>| (3421)<br>|
| Class 1A | 1263 | 86 | &nbsp;&nbsp;&nbsp; 144 | 9 | &nbsp;&nbsp;&nbsp; (793)<br>| (51)<br>| &nbsp;&nbsp;&nbsp; 614 | 44 |
| Class 2 | 14751 | 970 | &nbsp;&nbsp;&nbsp; 17039 | 1085 | &nbsp;&nbsp;&nbsp; (177803)<br>| (11812)<br>| &nbsp;&nbsp;&nbsp; (146013)<br>| (9757)<br>|
| Class 4 | 31604 | 2138 | &nbsp;&nbsp;&nbsp; 3943 | 258 | &nbsp;&nbsp;&nbsp; (30478)<br>| (2080)<br>| &nbsp;&nbsp;&nbsp; 5069 | 316 |
| Total net increase (decrease) | $109450 | 7240 | &nbsp;&nbsp;&nbsp; $32313 | 2061 | &nbsp;&nbsp;&nbsp; $(333414)<br>| (22119)<br>| &nbsp;&nbsp;&nbsp; $(191651)<br>| (12818)<br>|

---

**Growth-Income Fund** 

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Sales**<sup>1</sup> | **Sales**<sup>1</sup> | **Reinvestments of** <br> **distributions** | **Reinvestments of** <br> **distributions** | **Repurchases**<sup>1</sup> | **Repurchases**<sup>1</sup> | **Net increase** <br> **(decrease)** | **Net increase** <br> **(decrease)** |
| <br>**Share class** | **Amount** | **Shares** | **Amount** | **Shares** | **Amount** | **Shares** | **Amount** | **Shares** |
| **Six months ended June 30, 2025** | **Six months ended June 30, 2025** | **Six months ended June 30, 2025** | **Six months ended June 30, 2025** | **Six months ended June 30, 2025** | **Six months ended June 30, 2025** | **Six months ended June 30, 2025** | **Six months ended June 30, 2025** | **Six months ended June 30, 2025** |
| Class 1 | $511559 | 7825 | &nbsp;&nbsp; $4165917 | 69688 | &nbsp;&nbsp; $(1641284)<br>| (24371)<br>| &nbsp;&nbsp; $3036192 | 53142 |
| Class 1A | 2245 | 35 | &nbsp;&nbsp; 7777 | 131 | &nbsp;&nbsp; (1976)<br>| (29)<br>| &nbsp;&nbsp; 8046 | 137 |
| Class 2 | 63453 | 961 | &nbsp;&nbsp; 2370964 | 40536 | &nbsp;&nbsp; (883298)<br>| (13297)<br>| &nbsp;&nbsp; 1551119 | 28200 |
| Class 3 | 270 | 4 | &nbsp;&nbsp; 25474 | 426 | &nbsp;&nbsp; (12167)<br>| (178)<br>| &nbsp;&nbsp; 13577 | 252 |
| Class 4 | 194913 | 2988 | &nbsp;&nbsp; 503401 | 8808 | &nbsp;&nbsp; (123143)<br>| (1891)<br>| &nbsp;&nbsp; 575171 | 9905 |
| Total net increase (decrease) | $772440 | 11813 | &nbsp;&nbsp; $7073533 | 119589 | &nbsp;&nbsp; $(2661868)<br>| (39766)<br>| &nbsp;&nbsp; $5184105 | 91636 |
| **Year ended December 31, 2024** | **Year ended December 31, 2024** | **Year ended December 31, 2024** | **Year ended December 31, 2024** | **Year ended December 31, 2024** | **Year ended December 31, 2024** | **Year ended December 31, 2024** | **Year ended December 31, 2024** | **Year ended December 31, 2024** |
| Class 1 | $332044 | 5020 | &nbsp;&nbsp; $1360424 | 21268 | &nbsp;&nbsp; $(3357393)<br>| (51220)<br>| &nbsp;&nbsp; $(1664925)<br>| (24932)<br>|
| Class 1A | 5383 | 81 | &nbsp;&nbsp; 2198 | 35 | &nbsp;&nbsp; (5242)<br>| (81)<br>| &nbsp;&nbsp; 2339 | 35 |
| Class 2 | 113447 | 1761 | &nbsp;&nbsp; 760811 | 12154 | &nbsp;&nbsp; (2068284)<br>| (32090)<br>| &nbsp;&nbsp; (1194026)<br>| (18175)<br>|
| Class 3 | 313 | 5 | &nbsp;&nbsp; 8392 | 131 | &nbsp;&nbsp; (19777)<br>| (301)<br>| &nbsp;&nbsp; (11072)<br>| (165)<br>|
| Class 4 | 332452 | 5218 | &nbsp;&nbsp; 131545 | 2144 | &nbsp;&nbsp; (199130)<br>| (3142)<br>| &nbsp;&nbsp; 264867 | 4220 |
| Total net increase (decrease) | $783639 | 12085 | &nbsp;&nbsp; $2263370 | 35732 | &nbsp;&nbsp; $(5649826)<br>| (86834)<br>| &nbsp;&nbsp; $(2602817)<br>| (39017)<br>|

---

Refer to the end of the table(s) for footnote(s).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **345** | American Funds Insurance Series |

---

------

**International Growth and Income Fund** 

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Sales**<sup>1</sup> | **Sales**<sup>1</sup> | **Reinvestments of** <br> **distributions** | **Reinvestments of** <br> **distributions** | **Repurchases**<sup>1</sup> | **Repurchases**<sup>1</sup> | **Net increase** <br> **(decrease)** | **Net increase** <br> **(decrease)** |
| <br>**Share class** | **Amount** | **Shares** | **Amount** | **Shares** | **Amount** | **Shares** | **Amount** | **Shares** |
| **Six months ended June 30, 2025** | **Six months ended June 30, 2025** | **Six months ended June 30, 2025** | **Six months ended June 30, 2025** | **Six months ended June 30, 2025** | **Six months ended June 30, 2025** | **Six months ended June 30, 2025** | **Six months ended June 30, 2025** | **Six months ended June 30, 2025** |
| Class 1 | &nbsp;&nbsp; $15811 | &nbsp;&nbsp; 1385 | &nbsp;&nbsp;&nbsp; $112 | &nbsp;&nbsp; 9 | &nbsp;&nbsp;&nbsp; $(5330)<br>| &nbsp;&nbsp; (497)<br>| &nbsp;&nbsp;&nbsp; $10593 | &nbsp;&nbsp; 897 |
| Class 1A | &nbsp;&nbsp; 556 | &nbsp;&nbsp; 53 | &nbsp;&nbsp;&nbsp; 28 | &nbsp;&nbsp; 3 | &nbsp;&nbsp;&nbsp; (350)<br>| &nbsp;&nbsp; (33)<br>| &nbsp;&nbsp;&nbsp; 234 | &nbsp;&nbsp; 23 |
| Class 2 | &nbsp;&nbsp; 2119 | &nbsp;&nbsp; 196 | &nbsp;&nbsp;&nbsp; 614 | &nbsp;&nbsp; 53 | &nbsp;&nbsp;&nbsp; (17536)<br>| &nbsp;&nbsp; (1614)<br>| &nbsp;&nbsp;&nbsp; (14803)<br>| &nbsp;&nbsp; (1365)<br>|
| Class 4 | &nbsp;&nbsp; 21208 | &nbsp;&nbsp; 1980 | &nbsp;&nbsp;&nbsp; 669 | &nbsp;&nbsp; 59 | &nbsp;&nbsp;&nbsp; (11288)<br>| &nbsp;&nbsp; (1056)<br>| &nbsp;&nbsp;&nbsp; 10589 | &nbsp;&nbsp; 983 |
| Total net increase (decrease) | &nbsp;&nbsp; $39694 | &nbsp;&nbsp; 3614 | &nbsp;&nbsp;&nbsp; $1423 | &nbsp;&nbsp; 124 | &nbsp;&nbsp;&nbsp; $(34504)<br>| &nbsp;&nbsp; (3200)<br>| &nbsp;&nbsp;&nbsp; $6613 | &nbsp;&nbsp; 538 |
| **Year ended December 31, 2024** | **Year ended December 31, 2024** | **Year ended December 31, 2024** | **Year ended December 31, 2024** | **Year ended December 31, 2024** | **Year ended December 31, 2024** | **Year ended December 31, 2024** | **Year ended December 31, 2024** | **Year ended December 31, 2024** |
| Class 1 | &nbsp;&nbsp; $3051 | &nbsp;&nbsp; 287 | &nbsp;&nbsp;&nbsp; $461 | &nbsp;&nbsp; 43 | &nbsp;&nbsp;&nbsp; $(1958)<br>| &nbsp;&nbsp; (184)<br>| &nbsp;&nbsp;&nbsp; $1554 | &nbsp;&nbsp; 146 |
| Class 1A | &nbsp;&nbsp; 950 | &nbsp;&nbsp; 92 | &nbsp;&nbsp;&nbsp; 156 | &nbsp;&nbsp; 15 | &nbsp;&nbsp;&nbsp; (1296)<br>| &nbsp;&nbsp; (129)<br>| &nbsp;&nbsp;&nbsp; (190)<br>| &nbsp;&nbsp; (22)<br>|
| Class 2 | &nbsp;&nbsp; 5039 | &nbsp;&nbsp; 489 | &nbsp;&nbsp;&nbsp; 3897 | &nbsp;&nbsp; 378 | &nbsp;&nbsp;&nbsp; (25957)<br>| &nbsp;&nbsp; (2509)<br>| &nbsp;&nbsp;&nbsp; (17021)<br>| &nbsp;&nbsp; (1642)<br>|
| Class 4 | &nbsp;&nbsp; 22262 | &nbsp;&nbsp; 2198 | &nbsp;&nbsp;&nbsp; 3583 | &nbsp;&nbsp; 353 | &nbsp;&nbsp;&nbsp; (19235)<br>| &nbsp;&nbsp; (1887)<br>| &nbsp;&nbsp;&nbsp; 6610 | &nbsp;&nbsp; 664 |
| Total net increase (decrease) | &nbsp;&nbsp; $31302 | &nbsp;&nbsp; 3066 | &nbsp;&nbsp;&nbsp; $8097 | &nbsp;&nbsp; 789 | &nbsp;&nbsp;&nbsp; $(48446)<br>| &nbsp;&nbsp; (4709)<br>| &nbsp;&nbsp;&nbsp; $(9047)<br>| &nbsp;&nbsp; (854)<br>|

---

**Capital Income Builder** 

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Sales**<sup>1</sup> | **Sales**<sup>1</sup> | **Reinvestments of** <br> **distributions** | **Reinvestments of** <br> **distributions** | **Repurchases**<sup>1</sup> | **Repurchases**<sup>1</sup> | **Net increase** <br> **(decrease)** | **Net increase** <br> **(decrease)** |
| <br>**Share class** | **Amount** | **Shares** | **Amount** | **Shares** | **Amount** | **Shares** | **Amount** | **Shares** |
| **Six months ended June 30, 2025** | **Six months ended June 30, 2025** | **Six months ended June 30, 2025** | **Six months ended June 30, 2025** | **Six months ended June 30, 2025** | **Six months ended June 30, 2025** | **Six months ended June 30, 2025** | **Six months ended June 30, 2025** | **Six months ended June 30, 2025** |
| Class 1 | $53250 | 4104 | &nbsp;&nbsp;&nbsp; $9077 | 689 | &nbsp;&nbsp;&nbsp; $(55753)<br>| (4314)<br>| &nbsp;&nbsp;&nbsp; $6574 | 479 |
| Class 1A | 723 | 57 | &nbsp;&nbsp;&nbsp; 143 | 11 | &nbsp;&nbsp;&nbsp; (879)<br>| (68)<br>| &nbsp;&nbsp;&nbsp; (13)<br>| — <br><sup>2</sup><br>|
| Class 2 | 874 | 66 | &nbsp;&nbsp;&nbsp; 212 | 16 | &nbsp;&nbsp;&nbsp; (1115)<br>| (85)<br>| &nbsp;&nbsp;&nbsp; (29)<br>| (3)<br>|
| Class 4 | 72342 | 5524 | &nbsp;&nbsp;&nbsp; 6699 | 509 | &nbsp;&nbsp;&nbsp; (39075)<br>| (3019)<br>| &nbsp;&nbsp;&nbsp; 39966 | 3014 |
| Total net increase (decrease) | $127189 | 9751 | &nbsp;&nbsp;&nbsp; $16131 | 1225 | &nbsp;&nbsp;&nbsp; $(96822)<br>| (7486)<br>| &nbsp;&nbsp;&nbsp; $46498 | 3490 |
| **Year ended December 31, 2024** | **Year ended December 31, 2024** | **Year ended December 31, 2024** | **Year ended December 31, 2024** | **Year ended December 31, 2024** | **Year ended December 31, 2024** | **Year ended December 31, 2024** | **Year ended December 31, 2024** | **Year ended December 31, 2024** |
| Class 1 | $55004 | 4532 | &nbsp;&nbsp;&nbsp; $25389 | 2057 | &nbsp;&nbsp;&nbsp; $(74884)<br>| (6100)<br>| &nbsp;&nbsp;&nbsp; $5509 | 489 |
| Class 1A | 1738 | 141 | &nbsp;&nbsp;&nbsp; 397 | 32 | &nbsp;&nbsp;&nbsp; (825)<br>| (68)<br>| &nbsp;&nbsp;&nbsp; 1310 | 105 |
| Class 2 | 3421 | 272 | &nbsp;&nbsp;&nbsp; 575 | 47 | &nbsp;&nbsp;&nbsp; (1546)<br>| (126)<br>| &nbsp;&nbsp;&nbsp; 2450 | 193 |
| Class 4 | 82282 | 6662 | &nbsp;&nbsp;&nbsp; 19315 | 1565 | &nbsp;&nbsp;&nbsp; (75684)<br>| (6165)<br>| &nbsp;&nbsp;&nbsp; 25913 | 2062 |
| Total net increase (decrease) | $142445 | 11607 | &nbsp;&nbsp;&nbsp; $45676 | 3701 | &nbsp;&nbsp;&nbsp; $(152939)<br>| (12459)<br>| &nbsp;&nbsp;&nbsp; $35182 | 2849 |

---

Refer to the end of the table(s) for footnote(s).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| American Funds Insurance Series | **346** |

---

------

**Asset Allocation Fund** 

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Sales**<sup>1</sup> | **Sales**<sup>1</sup> | **Reinvestments of** <br> **distributions** | **Reinvestments of** <br> **distributions** | **Repurchases**<sup>1</sup> | **Repurchases**<sup>1</sup> | **Net increase** <br> **(decrease)** | **Net increase** <br> **(decrease)** |
| <br>**Share class** | **Amount** | **Shares** | **Amount** | **Shares** | **Amount** | **Shares** | **Amount** | **Shares** |
| **Six months ended June 30, 2025** | **Six months ended June 30, 2025** | **Six months ended June 30, 2025** | **Six months ended June 30, 2025** | **Six months ended June 30, 2025** | **Six months ended June 30, 2025** | **Six months ended June 30, 2025** | **Six months ended June 30, 2025** | **Six months ended June 30, 2025** |
| Class 1 | $214618 | 8406 | &nbsp;&nbsp; $1183741 | 46955 | &nbsp;&nbsp; $(1239167)<br>| (47739)<br>| &nbsp;&nbsp; $159192 | 7622 |
| Class 1A | 3528 | 137 | &nbsp;&nbsp; 3229 | 129 | &nbsp;&nbsp; (3619)<br>| (139)<br>| &nbsp;&nbsp; 3138 | 127 |
| Class 2 | 41143 | 1602 | &nbsp;&nbsp; 324461 | 13093 | &nbsp;&nbsp; (312360)<br>| (12180)<br>| &nbsp;&nbsp; 53244 | 2515 |
| Class 3 | 313 | 12 | &nbsp;&nbsp; 2407 | 96 | &nbsp;&nbsp; (1415)<br>| (54)<br>| &nbsp;&nbsp; 1305 | 54 |
| Class 4 | 189713 | 7467 | &nbsp;&nbsp; 511813 | 20873 | &nbsp;&nbsp; (394555)<br>| (15526)<br>| &nbsp;&nbsp; 306971 | 12814 |
| Total net increase (decrease) | $449315 | 17624 | &nbsp;&nbsp; $2025651 | 81146 | &nbsp;&nbsp; $(1951116)<br>| (75638)<br>| &nbsp;&nbsp; $523850 | 23132 |
| **Year ended December 31, 2024** | **Year ended December 31, 2024** | **Year ended December 31, 2024** | **Year ended December 31, 2024** | **Year ended December 31, 2024** | **Year ended December 31, 2024** | **Year ended December 31, 2024** | **Year ended December 31, 2024** | **Year ended December 31, 2024** |
| Class 1 | $189766 | 7473 | &nbsp;&nbsp; $1052819 | 42339 | &nbsp;&nbsp; $(2193455)<br>| (86366)<br>| &nbsp;&nbsp; $(950870)<br>| (36554)<br>|
| Class 1A | 9384 | 373 | &nbsp;&nbsp; 2270 | 91 | &nbsp;&nbsp; (5272)<br>| (211)<br>| &nbsp;&nbsp; 6382 | 253 |
| Class 2 | 63147 | 2538 | &nbsp;&nbsp; 280024 | 11458 | &nbsp;&nbsp; (646053)<br>| (25867)<br>| &nbsp;&nbsp; (302882)<br>| (11871)<br>|
| Class 3 | 546 | 22 | &nbsp;&nbsp; 2019 | 81 | &nbsp;&nbsp; (3219)<br>| (128)<br>| &nbsp;&nbsp; (654)<br>| (25)<br>|
| Class 4 | 595855 | 24315 | &nbsp;&nbsp; 406136 | 16791 | &nbsp;&nbsp; (703265)<br>| (28339)<br>| &nbsp;&nbsp; 298726 | 12767 |
| Total net increase (decrease) | $858698 | 34721 | &nbsp;&nbsp; $1743268 | 70760 | &nbsp;&nbsp; $(3551264)<br>| (140911)<br>| &nbsp;&nbsp; $(949298)<br>| (35430)<br>|

---

**American Funds Global Balanced Fund** 

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Sales**<sup>1</sup> | **Sales**<sup>1</sup> | **Reinvestments of** <br> **distributions** | **Reinvestments of** <br> **distributions** | **Repurchases**<sup>1</sup> | **Repurchases**<sup>1</sup> | **Net increase** <br> **(decrease)** | **Net increase** <br> **(decrease)** |
| <br>**Share class** | **Amount** | **Shares** | **Amount** | **Shares** | **Amount** | **Shares** | **Amount** | **Shares** |
| **Six months ended June 30, 2025** | **Six months ended June 30, 2025** | **Six months ended June 30, 2025** | **Six months ended June 30, 2025** | **Six months ended June 30, 2025** | **Six months ended June 30, 2025** | **Six months ended June 30, 2025** | **Six months ended June 30, 2025** | **Six months ended June 30, 2025** |
| Class 1 | &nbsp;&nbsp; $4237 | &nbsp;&nbsp; 324 | &nbsp;&nbsp;&nbsp; $3840 | &nbsp;&nbsp; 290 | &nbsp;&nbsp;&nbsp; $(11565)<br>| &nbsp;&nbsp; (878)<br>| &nbsp;&nbsp;&nbsp; $(3488)<br>| &nbsp;&nbsp; (264)<br>|
| Class 1A | &nbsp;&nbsp; 256 | &nbsp;&nbsp; 19 | &nbsp;&nbsp;&nbsp; 161 | &nbsp;&nbsp; 12 | &nbsp;&nbsp;&nbsp; (215)<br>| &nbsp;&nbsp; (16)<br>| &nbsp;&nbsp;&nbsp; 202 | &nbsp;&nbsp; 15 |
| Class 2 | &nbsp;&nbsp; 1215 | &nbsp;&nbsp; 91 | &nbsp;&nbsp;&nbsp; 5951 | &nbsp;&nbsp; 452 | &nbsp;&nbsp;&nbsp; (14274)<br>| &nbsp;&nbsp; (1080)<br>| &nbsp;&nbsp;&nbsp; (7108)<br>| &nbsp;&nbsp; (537)<br>|
| Class 4 | &nbsp;&nbsp; 20102 | &nbsp;&nbsp; 1545 | &nbsp;&nbsp;&nbsp; 6604 | &nbsp;&nbsp; 511 | &nbsp;&nbsp;&nbsp; (10367)<br>| &nbsp;&nbsp; (799)<br>| &nbsp;&nbsp;&nbsp; 16339 | &nbsp;&nbsp; 1257 |
| Total net increase (decrease) | &nbsp;&nbsp; $25810 | &nbsp;&nbsp; 1979 | &nbsp;&nbsp;&nbsp; $16556 | &nbsp;&nbsp; 1265 | &nbsp;&nbsp;&nbsp; $(36421)<br>| &nbsp;&nbsp; (2773)<br>| &nbsp;&nbsp;&nbsp; $5945 | &nbsp;&nbsp; 471 |
| **Year ended December 31, 2024** | **Year ended December 31, 2024** | **Year ended December 31, 2024** | **Year ended December 31, 2024** | **Year ended December 31, 2024** | **Year ended December 31, 2024** | **Year ended December 31, 2024** | **Year ended December 31, 2024** | **Year ended December 31, 2024** |
| Class 1 | &nbsp;&nbsp; $5008 | &nbsp;&nbsp; 386 | &nbsp;&nbsp;&nbsp; $1963 | &nbsp;&nbsp; 149 | &nbsp;&nbsp;&nbsp; $(13832)<br>| &nbsp;&nbsp; (1065)<br>| &nbsp;&nbsp;&nbsp; $(6861)<br>| &nbsp;&nbsp; (530)<br>|
| Class 1A | &nbsp;&nbsp; 1071 | &nbsp;&nbsp; 82 | &nbsp;&nbsp;&nbsp; 64 | &nbsp;&nbsp; 5 | &nbsp;&nbsp;&nbsp; (316)<br>| &nbsp;&nbsp; (25)<br>| &nbsp;&nbsp;&nbsp; 819 | &nbsp;&nbsp; 62 |
| Class 2 | &nbsp;&nbsp; 5061 | &nbsp;&nbsp; 388 | &nbsp;&nbsp;&nbsp; 2714 | &nbsp;&nbsp; 208 | &nbsp;&nbsp;&nbsp; (26779)<br>| &nbsp;&nbsp; (2070)<br>| &nbsp;&nbsp;&nbsp; (19004)<br>| &nbsp;&nbsp; (1474)<br>|
| Class 4 | &nbsp;&nbsp; 23792 | &nbsp;&nbsp; 1863 | &nbsp;&nbsp;&nbsp; 2307 | &nbsp;&nbsp; 180 | &nbsp;&nbsp;&nbsp; (15540)<br>| &nbsp;&nbsp; (1226)<br>| &nbsp;&nbsp;&nbsp; 10559 | &nbsp;&nbsp; 817 |
| Total net increase (decrease) | &nbsp;&nbsp; $34932 | &nbsp;&nbsp; 2719 | &nbsp;&nbsp;&nbsp; $7048 | &nbsp;&nbsp; 542 | &nbsp;&nbsp;&nbsp; $(56467)<br>| &nbsp;&nbsp; (4386)<br>| &nbsp;&nbsp;&nbsp; $(14487)<br>| &nbsp;&nbsp; (1125)<br>|

---

Refer to the end of the table(s) for footnote(s).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **347** | American Funds Insurance Series |

---

------

**The Bond Fund of America** 

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Sales**<sup>1</sup> | **Sales**<sup>1</sup> | **Reinvestments of** <br> **distributions** | **Reinvestments of** <br> **distributions** | **Repurchases**<sup>1</sup> | **Repurchases**<sup>1</sup> | **Net increase** <br> **(decrease)** | **Net increase** <br> **(decrease)** |
| <br>**Share class** | **Amount** | **Shares** | **Amount** | **Shares** | **Amount** | **Shares** | **Amount** | **Shares** |
| **Six months ended June 30, 2025** | **Six months ended June 30, 2025** | **Six months ended June 30, 2025** | **Six months ended June 30, 2025** | **Six months ended June 30, 2025** | **Six months ended June 30, 2025** | **Six months ended June 30, 2025** | **Six months ended June 30, 2025** | **Six months ended June 30, 2025** |
| Class 1 | $413053 | 43891 | &nbsp;&nbsp; $59979 | 6381 | &nbsp;&nbsp; $(982200)<br>| (103891)<br>| &nbsp;&nbsp; $(509168)<br>| (53619)<br>|
| Class 1A | 44943 | 4815 | &nbsp;&nbsp; 2233 | 240 | &nbsp;&nbsp; (16662)<br>| (1774)<br>| &nbsp;&nbsp; 30514 | 3281 |
| Class 2 | 38712 | 4164 | &nbsp;&nbsp; 23485 | 2542 | &nbsp;&nbsp; (206373)<br>| (22197)<br>| &nbsp;&nbsp; (144176)<br>| (15491)<br>|
| Class 4 | 111809 | 12133 | &nbsp;&nbsp; 10633 | 1158 | &nbsp;&nbsp; (66741)<br>| (7230)<br>| &nbsp;&nbsp; 55701 | 6061 |
| Total net increase (decrease) | $608517 | 65003 | &nbsp;&nbsp; $96330 | 10321 | &nbsp;&nbsp; $(1271976)<br>| (135092)<br>| &nbsp;&nbsp; $(567129)<br>| (59768)<br>|
| **Year ended December 31, 2024** | **Year ended December 31, 2024** | **Year ended December 31, 2024** | **Year ended December 31, 2024** | **Year ended December 31, 2024** | **Year ended December 31, 2024** | **Year ended December 31, 2024** | **Year ended December 31, 2024** | **Year ended December 31, 2024** |
| Class 1 | $997057 | 104811 | &nbsp;&nbsp; $303806 | 32314 | &nbsp;&nbsp; $(1023095)<br>| (106864)<br>| &nbsp;&nbsp; $277768 | 30261 |
| Class 1A | 30267 | 3210 | &nbsp;&nbsp; 8908 | 955 | &nbsp;&nbsp; (69212)<br>| (7414)<br>| &nbsp;&nbsp; (30037)<br>| (3249)<br>|
| Class 2 | 118960 | 12741 | &nbsp;&nbsp; 115243 | 12454 | &nbsp;&nbsp; (268162)<br>| (28438)<br>| &nbsp;&nbsp; (33959)<br>| (3243)<br>|
| Class 4 | 297378 | 31907 | &nbsp;&nbsp; 45913 | 4990 | &nbsp;&nbsp; (82229)<br>| (8801)<br>| &nbsp;&nbsp; 261062 | 28096 |
| Total net increase (decrease) | $1443662 | 152669 | &nbsp;&nbsp; $473870 | 50713 | &nbsp;&nbsp; $(1442698)<br>| (151517)<br>| &nbsp;&nbsp; $474834 | 51865 |

---

**Capital World Bond Fund** 

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Sales**<sup>1</sup> | **Sales**<sup>1</sup> | **Reinvestments of** <br> **distributions** | **Reinvestments of** <br> **distributions** | **Repurchases**<sup>1</sup> | **Repurchases**<sup>1</sup> | **Net increase** <br> **(decrease)** | **Net increase** <br> **(decrease)** |
| <br>**Share class** | **Amount** | **Shares** | **Amount** | **Shares** | **Amount** | **Shares** | **Amount** | **Shares** |
| **Six months ended June 30, 2025** | **Six months ended June 30, 2025** | **Six months ended June 30, 2025** | **Six months ended June 30, 2025** | **Six months ended June 30, 2025** | **Six months ended June 30, 2025** | **Six months ended June 30, 2025** | **Six months ended June 30, 2025** | **Six months ended June 30, 2025** |
| Class 1 | $53252 | 5284 | &nbsp;&nbsp;&nbsp; $1662 | 163 | &nbsp;&nbsp;&nbsp; $(71979)<br>| (7167)<br>| &nbsp;&nbsp;&nbsp; $(17065)<br>| (1720)<br>|
| Class 1A | 2275 | 236 | &nbsp;&nbsp;&nbsp; 53 | 5 | &nbsp;&nbsp;&nbsp; (18255)<br>| (1837)<br>| &nbsp;&nbsp;&nbsp; (15927)<br>| (1596)<br>|
| Class 2 | 34568 | 3519 | &nbsp;&nbsp;&nbsp; 1728 | 172 | &nbsp;&nbsp;&nbsp; (102579)<br>| (10384)<br>| &nbsp;&nbsp;&nbsp; (66283)<br>| (6693)<br>|
| Class 4 | 11296 | 1158 | &nbsp;&nbsp;&nbsp; 146 | 15 | &nbsp;&nbsp;&nbsp; (5087)<br>| (523)<br>| &nbsp;&nbsp;&nbsp; 6355 | 650 |
| Total net increase (decrease) | $101391 | 10197 | &nbsp;&nbsp;&nbsp; $3589 | 355 | &nbsp;&nbsp;&nbsp; $(197900)<br>| (19911)<br>| &nbsp;&nbsp;&nbsp; $(92920)<br>| (9359)<br>|
| **Year ended December 31, 2024** | **Year ended December 31, 2024** | **Year ended December 31, 2024** | **Year ended December 31, 2024** | **Year ended December 31, 2024** | **Year ended December 31, 2024** | **Year ended December 31, 2024** | **Year ended December 31, 2024** | **Year ended December 31, 2024** |
| Class 1 | $50423 | 5049 | &nbsp;&nbsp;&nbsp; $15387 | 1561 | &nbsp;&nbsp;&nbsp; $(110677)<br>| (11006)<br>| &nbsp;&nbsp;&nbsp; $(44867)<br>| (4396)<br>|
| Class 1A | 39370 | 4030 | &nbsp;&nbsp;&nbsp; 983 | 100 | &nbsp;&nbsp;&nbsp; (1586)<br>| (160)<br>| &nbsp;&nbsp;&nbsp; 38767 | 3970 |
| Class 2 | 107727 | 10975 | &nbsp;&nbsp;&nbsp; 16410 | 1683 | &nbsp;&nbsp;&nbsp; (141037)<br>| (14229)<br>| &nbsp;&nbsp;&nbsp; (16900)<br>| (1571)<br>|
| Class 4 | 13021 | 1348 | &nbsp;&nbsp;&nbsp; 1135 | 119 | &nbsp;&nbsp;&nbsp; (7549)<br>| (775)<br>| &nbsp;&nbsp;&nbsp; 6607 | 692 |
| Total net increase (decrease) | $210541 | 21402 | &nbsp;&nbsp;&nbsp; $33915 | 3463 | &nbsp;&nbsp;&nbsp; $(260849)<br>| (26170)<br>| &nbsp;&nbsp;&nbsp; $(16393)<br>| (1305)<br>|

---

Refer to the end of the table(s) for footnote(s).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| American Funds Insurance Series | **348** |

---

------

**American High-Income Trust** 

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Sales**<sup>1</sup> | **Sales**<sup>1</sup> | **Reinvestments of** <br> **distributions** | **Reinvestments of** <br> **distributions** | **Repurchases**<sup>1</sup> | **Repurchases**<sup>1</sup> | **Net increase** <br> **(decrease)** | **Net increase** <br> **(decrease)** |
| <br>**Share class** | **Amount** | **Shares** | **Amount** | **Shares** | **Amount** | **Shares** | **Amount** | **Shares** |
| **Six months ended June 30, 2025** | **Six months ended June 30, 2025** | **Six months ended June 30, 2025** | **Six months ended June 30, 2025** | **Six months ended June 30, 2025** | **Six months ended June 30, 2025** | **Six months ended June 30, 2025** | **Six months ended June 30, 2025** | **Six months ended June 30, 2025** |
| Class 1 | $24975 | 2760 | &nbsp;&nbsp;&nbsp; $2778 | 300 | &nbsp;&nbsp;&nbsp; $(15383)<br>| (1664)<br>| &nbsp;&nbsp;&nbsp; $12370 | 1396 |
| Class 1A | 537 | 58 | &nbsp;&nbsp;&nbsp; 37 | 4 | &nbsp;&nbsp;&nbsp; (528)<br>| (57)<br>| &nbsp;&nbsp;&nbsp; 46 | 5 |
| Class 2 | 24001 | 2639 | &nbsp;&nbsp;&nbsp; 5936 | 658 | &nbsp;&nbsp;&nbsp; (45605)<br>| (5041)<br>| &nbsp;&nbsp;&nbsp; (15668)<br>| (1744)<br>|
| Class 3 | 172 | 18 | &nbsp;&nbsp;&nbsp; 87 | 9 | &nbsp;&nbsp;&nbsp; (497)<br>| (53)<br>| &nbsp;&nbsp;&nbsp; (238)<br>| (26)<br>|
| Class 4 | 70614 | 6928 | &nbsp;&nbsp;&nbsp; 1920 | 189 | &nbsp;&nbsp;&nbsp; (33731)<br>| (3336)<br>| &nbsp;&nbsp;&nbsp; 38803 | 3781 |
| Total net increase (decrease) | $120299 | 12403 | &nbsp;&nbsp;&nbsp; $10758 | 1160 | &nbsp;&nbsp;&nbsp; $(95744)<br>| (10151)<br>| &nbsp;&nbsp;&nbsp; $35313 | 3412 |
| **Year ended December 31, 2024** | **Year ended December 31, 2024** | **Year ended December 31, 2024** | **Year ended December 31, 2024** | **Year ended December 31, 2024** | **Year ended December 31, 2024** | **Year ended December 31, 2024** | **Year ended December 31, 2024** | **Year ended December 31, 2024** |
| Class 1 | $9340 | 1009 | &nbsp;&nbsp;&nbsp; $15096 | 1627 | &nbsp;&nbsp;&nbsp; $(25253)<br>| (2709)<br>| &nbsp;&nbsp;&nbsp; $(817)<br>| (73)<br>|
| Class 1A | 996 | 107 | &nbsp;&nbsp;&nbsp; 199 | 21 | &nbsp;&nbsp;&nbsp; (720)<br>| (77)<br>| &nbsp;&nbsp;&nbsp; 475 | 51 |
| Class 2 | 18069 | 1979 | &nbsp;&nbsp;&nbsp; 35146 | 3885 | &nbsp;&nbsp;&nbsp; (64581)<br>| (7119)<br>| &nbsp;&nbsp;&nbsp; (11366)<br>| (1255)<br>|
| Class 3 | 151 | 16 | &nbsp;&nbsp;&nbsp; 529 | 57 | &nbsp;&nbsp;&nbsp; (1201)<br>| (130)<br>| &nbsp;&nbsp;&nbsp; (521)<br>| (57)<br>|
| Class 4 | 93982 | 9271 | &nbsp;&nbsp;&nbsp; 8335 | 821 | &nbsp;&nbsp;&nbsp; (55362)<br>| (5531)<br>| &nbsp;&nbsp;&nbsp; 46955 | 4561 |
| Total net increase (decrease) | $122538 | 12382 | &nbsp;&nbsp;&nbsp; $59305 | 6411 | &nbsp;&nbsp;&nbsp; $(147117)<br>| (15566)<br>| &nbsp;&nbsp;&nbsp; $34726 | 3227 |

---

**American Funds Mortgage Fund** 

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Sales**<sup>1</sup> | **Sales**<sup>1</sup> | **Reinvestments of** <br> **distributions** | **Reinvestments of** <br> **distributions** | **Repurchases**<sup>1</sup> | **Repurchases**<sup>1</sup> | **Net increase** <br> **(decrease)** | **Net increase** <br> **(decrease)** |
| <br>**Share class** | **Amount** | **Shares** | **Amount** | **Shares** | **Amount** | **Shares** | **Amount** | **Shares** |
| **Six months ended June 30, 2025** | **Six months ended June 30, 2025** | **Six months ended June 30, 2025** | **Six months ended June 30, 2025** | **Six months ended June 30, 2025** | **Six months ended June 30, 2025** | **Six months ended June 30, 2025** | **Six months ended June 30, 2025** | **Six months ended June 30, 2025** |
| Class 1 | &nbsp;&nbsp; $172 | &nbsp;&nbsp; 19 | &nbsp;&nbsp;&nbsp; $143 | &nbsp;&nbsp; 16 | &nbsp;&nbsp;&nbsp; $(98)<br>| &nbsp;&nbsp; (11)<br>| &nbsp;&nbsp;&nbsp; $217 | &nbsp;&nbsp; 24 |
| Class 1A | &nbsp;&nbsp; 432 | &nbsp;&nbsp; 47 | &nbsp;&nbsp;&nbsp; 23 | &nbsp;&nbsp; 2 | &nbsp;&nbsp;&nbsp; (205)<br>| &nbsp;&nbsp; (22)<br>| &nbsp;&nbsp;&nbsp; 250 | &nbsp;&nbsp; 27 |
| Class 2 | &nbsp;&nbsp; 1345 | &nbsp;&nbsp; 146 | &nbsp;&nbsp;&nbsp; 316 | &nbsp;&nbsp; 34 | &nbsp;&nbsp;&nbsp; (3788)<br>| &nbsp;&nbsp; (412)<br>| &nbsp;&nbsp;&nbsp; (2127)<br>| &nbsp;&nbsp; (232)<br>|
| Class 4 | &nbsp;&nbsp; 7786 | &nbsp;&nbsp; 856 | &nbsp;&nbsp;&nbsp; 414 | &nbsp;&nbsp; 46 | &nbsp;&nbsp;&nbsp; (3836)<br>| &nbsp;&nbsp; (422)<br>| &nbsp;&nbsp;&nbsp; 4364 | &nbsp;&nbsp; 480 |
| Total net increase (decrease) | &nbsp;&nbsp; $9735 | &nbsp;&nbsp; 1068 | &nbsp;&nbsp;&nbsp; $896 | &nbsp;&nbsp; 98 | &nbsp;&nbsp;&nbsp; $(7927)<br>| &nbsp;&nbsp; (867)<br>| &nbsp;&nbsp;&nbsp; $2704 | &nbsp;&nbsp; 299 |
| **Year ended December 31, 2024** | **Year ended December 31, 2024** | **Year ended December 31, 2024** | **Year ended December 31, 2024** | **Year ended December 31, 2024** | **Year ended December 31, 2024** | **Year ended December 31, 2024** | **Year ended December 31, 2024** | **Year ended December 31, 2024** |
| Class 1 | &nbsp;&nbsp; $170 | &nbsp;&nbsp; 18 | &nbsp;&nbsp;&nbsp; $804 | &nbsp;&nbsp; 87 | &nbsp;&nbsp;&nbsp; $(279)<br>| &nbsp;&nbsp; (30)<br>| &nbsp;&nbsp;&nbsp; $695 | &nbsp;&nbsp; 75 |
| Class 1A | &nbsp;&nbsp; 976 | &nbsp;&nbsp; 105 | &nbsp;&nbsp;&nbsp; 121 | &nbsp;&nbsp; 13 | &nbsp;&nbsp;&nbsp; (195)<br>| &nbsp;&nbsp; (21)<br>| &nbsp;&nbsp;&nbsp; 902 | &nbsp;&nbsp; 97 |
| Class 2 | &nbsp;&nbsp; 3228 | &nbsp;&nbsp; 349 | &nbsp;&nbsp;&nbsp; 1928 | &nbsp;&nbsp; 211 | &nbsp;&nbsp;&nbsp; (5636)<br>| &nbsp;&nbsp; (603)<br>| &nbsp;&nbsp;&nbsp; (480)<br>| &nbsp;&nbsp; (43)<br>|
| Class 4 | &nbsp;&nbsp; 18316 | &nbsp;&nbsp; 1981 | &nbsp;&nbsp;&nbsp; 2148 | &nbsp;&nbsp; 239 | &nbsp;&nbsp;&nbsp; (14351)<br>| &nbsp;&nbsp; (1539)<br>| &nbsp;&nbsp;&nbsp; 6113 | &nbsp;&nbsp; 681 |
| Total net increase (decrease) | &nbsp;&nbsp; $22690 | &nbsp;&nbsp; 2453 | &nbsp;&nbsp;&nbsp; $5001 | &nbsp;&nbsp; 550 | &nbsp;&nbsp;&nbsp; $(20461)<br>| &nbsp;&nbsp; (2193)<br>| &nbsp;&nbsp;&nbsp; $7230 | &nbsp;&nbsp; 810 |

---

Refer to the end of the table(s) for footnote(s).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **349** | American Funds Insurance Series |

---

------

**Ultra-Short Bond Fund** 

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Sales**<sup>1</sup> | **Sales**<sup>1</sup> | **Reinvestments of** <br> **distributions** | **Reinvestments of** <br> **distributions** | **Repurchases**<sup>1</sup> | **Repurchases**<sup>1</sup> | **Net increase** <br> **(decrease)** | **Net increase** <br> **(decrease)** |
| <br>**Share class** | **Amount** | **Shares** | **Amount** | **Shares** | **Amount** | **Shares** | **Amount** | **Shares** |
| **Six months ended June 30, 2025** | **Six months ended June 30, 2025** | **Six months ended June 30, 2025** | **Six months ended June 30, 2025** | **Six months ended June 30, 2025** | **Six months ended June 30, 2025** | **Six months ended June 30, 2025** | **Six months ended June 30, 2025** | **Six months ended June 30, 2025** |
| Class 1 | $6176 | 542 | &nbsp;&nbsp;&nbsp; $266 | 23 | &nbsp;&nbsp;&nbsp; $(11314)<br>| (993)<br>| &nbsp;&nbsp;&nbsp; $(4872)<br>| (428)<br>|
| Class 1A |  |  | &nbsp;&nbsp;&nbsp; 1 | — <br><sup>2</sup><br>| &nbsp;&nbsp;&nbsp; — |  | &nbsp;&nbsp;&nbsp; 1 | — <br><sup>2</sup><br>|
| Class 2 | 32949 | 2991 | &nbsp;&nbsp;&nbsp; 1788 | 162 | &nbsp;&nbsp;&nbsp; (54467)<br>| (4948)<br>| &nbsp;&nbsp;&nbsp; (19730)<br>| (1795)<br>|
| Class 3 | 112 | 10 | &nbsp;&nbsp;&nbsp; 29 | 3 | &nbsp;&nbsp;&nbsp; (392)<br>| (35)<br>| &nbsp;&nbsp;&nbsp; (251)<br>| (22)<br>|
| Class 4 | 43286 | 3915 | &nbsp;&nbsp;&nbsp; 473 | 43 | &nbsp;&nbsp;&nbsp; (37336)<br>| (3358)<br>| &nbsp;&nbsp;&nbsp; 6423 | 600 |
| Total net increase (decrease) | $82523 | 7458 | &nbsp;&nbsp;&nbsp; $2557 | 231 | &nbsp;&nbsp;&nbsp; $(103509)<br>| (9334)<br>| &nbsp;&nbsp;&nbsp; $(18429)<br>| (1645)<br>|
| **Year ended December 31, 2024** | **Year ended December 31, 2024** | **Year ended December 31, 2024** | **Year ended December 31, 2024** | **Year ended December 31, 2024** | **Year ended December 31, 2024** | **Year ended December 31, 2024** | **Year ended December 31, 2024** | **Year ended December 31, 2024** |
| Class 1 | $16477 | 1429 | &nbsp;&nbsp;&nbsp; $1996 | 176 | &nbsp;&nbsp;&nbsp; $(20160)<br>| (1740)<br>| &nbsp;&nbsp;&nbsp; $(1687)<br>| (135)<br>|
| Class 1A |  |  | &nbsp;&nbsp;&nbsp; 6 | 1 | &nbsp;&nbsp;&nbsp; — |  | &nbsp;&nbsp;&nbsp; 6 | 1 |
| Class 2 | 57235 | 5128 | &nbsp;&nbsp;&nbsp; 12858 | 1175 | &nbsp;&nbsp;&nbsp; (97431)<br>| (8724)<br>| &nbsp;&nbsp;&nbsp; (27338)<br>| (2421)<br>|
| Class 3 | 370 | 32 | &nbsp;&nbsp;&nbsp; 204 | 19 | &nbsp;&nbsp;&nbsp; (841)<br>| (74)<br>| &nbsp;&nbsp;&nbsp; (267)<br>| (23)<br>|
| Class 4 | 19303 | 1714 | &nbsp;&nbsp;&nbsp; 2569 | 233 | &nbsp;&nbsp;&nbsp; (26048)<br>| (2325)<br>| &nbsp;&nbsp;&nbsp; (4176)<br>| (378)<br>|
| Total net increase (decrease) | $93385 | 8303 | &nbsp;&nbsp;&nbsp; $17633 | 1604 | &nbsp;&nbsp;&nbsp; $(144480)<br>| (12863)<br>| &nbsp;&nbsp;&nbsp; $(33462)<br>| (2956)<br>|

---

**U.S. Government Securities Fund** 

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Sales**<sup>1</sup> | **Sales**<sup>1</sup> | **Reinvestments of** <br> **distributions** | **Reinvestments of** <br> **distributions** | **Repurchases**<sup>1</sup> | **Repurchases**<sup>1</sup> | **Net increase** <br> **(decrease)** | **Net increase** <br> **(decrease)** |
| <br>**Share class** | **Amount** | **Shares** | **Amount** | **Shares** | **Amount** | **Shares** | **Amount** | **Shares** |
| **Six months ended June 30, 2025** | **Six months ended June 30, 2025** | **Six months ended June 30, 2025** | **Six months ended June 30, 2025** | **Six months ended June 30, 2025** | **Six months ended June 30, 2025** | **Six months ended June 30, 2025** | **Six months ended June 30, 2025** | **Six months ended June 30, 2025** |
| Class 1 | $44977 | 4581 | &nbsp;&nbsp;&nbsp; $2087 | 213 | &nbsp;&nbsp;&nbsp; $(56128)<br>| (5713)<br>| &nbsp;&nbsp;&nbsp; $(9064)<br>| (919)<br>|
| Class 1A | 15985 | 1654 | &nbsp;&nbsp;&nbsp; 2157 | 222 | &nbsp;&nbsp;&nbsp; (37901)<br>| (3880)<br>| &nbsp;&nbsp;&nbsp; (19759)<br>| (2004)<br>|
| Class 2 | 45477 | 4677 | &nbsp;&nbsp;&nbsp; 8060 | 834 | &nbsp;&nbsp;&nbsp; (115722)<br>| (11932)<br>| &nbsp;&nbsp;&nbsp; (62185)<br>| (6421)<br>|
| Class 3 | 241 | 24 | &nbsp;&nbsp;&nbsp; 41 | 4 | &nbsp;&nbsp;&nbsp; (241)<br>| (24)<br>| &nbsp;&nbsp;&nbsp; 41 | 4 |
| Class 4 | 64712 | 6659 | &nbsp;&nbsp;&nbsp; 1788 | 185 | &nbsp;&nbsp;&nbsp; (48932)<br>| (5051)<br>| &nbsp;&nbsp;&nbsp; 17568 | 1793 |
| Total net increase (decrease) | $171392 | 17595 | &nbsp;&nbsp;&nbsp; $14133 | 1458 | &nbsp;&nbsp;&nbsp; $(258924)<br>| (26600)<br>| &nbsp;&nbsp;&nbsp; $(73399)<br>| (7547)<br>|
| **Year ended December 31, 2024** | **Year ended December 31, 2024** | **Year ended December 31, 2024** | **Year ended December 31, 2024** | **Year ended December 31, 2024** | **Year ended December 31, 2024** | **Year ended December 31, 2024** | **Year ended December 31, 2024** | **Year ended December 31, 2024** |
| Class 1 | $68973 | 6957 | &nbsp;&nbsp;&nbsp; $10757 | 1108 | &nbsp;&nbsp;&nbsp; $(60235)<br>| (6083)<br>| &nbsp;&nbsp;&nbsp; $19495 | 1982 |
| Class 1A | 283124 | 28940 | &nbsp;&nbsp;&nbsp; 11344 | 1174 | &nbsp;&nbsp;&nbsp; (6503)<br>| (659)<br>| &nbsp;&nbsp;&nbsp; 287965 | 29455 |
| Class 2 | 101793 | 10487 | &nbsp;&nbsp;&nbsp; 42550 | 4440 | &nbsp;&nbsp;&nbsp; (132491)<br>| (13544)<br>| &nbsp;&nbsp;&nbsp; 11852 | 1383 |
| Class 3 | 881 | 89 | &nbsp;&nbsp;&nbsp; 204 | 21 | &nbsp;&nbsp;&nbsp; (1780)<br>| (181)<br>| &nbsp;&nbsp;&nbsp; (695)<br>| (71)<br>|
| Class 4 | 72367 | 7407 | &nbsp;&nbsp;&nbsp; 7920 | 827 | &nbsp;&nbsp;&nbsp; (45157)<br>| (4667)<br>| &nbsp;&nbsp;&nbsp; 35130 | 3567 |
| Total net increase (decrease) | $527138 | 53880 | &nbsp;&nbsp;&nbsp; $72775 | 7570 | &nbsp;&nbsp;&nbsp; $(246166)<br>| (25134)<br>| &nbsp;&nbsp;&nbsp; $353747 | 36316 |

---

**Managed Risk Growth Fund** 

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Sales** | **Sales** | **Reinvestments of** <br> **distributions** | **Reinvestments of** <br> **distributions** | **Repurchases** | **Repurchases** | **Net increase** <br> **(decrease)** | **Net increase** <br> **(decrease)** |
| <br>**Share class** | **Amount** | **Shares** | **Amount** | **Shares** | **Amount** | **Shares** | **Amount** | **Shares** |
| **Six months ended June 30, 2025** | **Six months ended June 30, 2025** | **Six months ended June 30, 2025** | **Six months ended June 30, 2025** | **Six months ended June 30, 2025** | **Six months ended June 30, 2025** | **Six months ended June 30, 2025** | **Six months ended June 30, 2025** | **Six months ended June 30, 2025** |
| Class P1 | $492 | 38 | &nbsp;&nbsp;&nbsp; $669 | 52 | &nbsp;&nbsp;&nbsp; $(1087)<br>| (82)<br>| &nbsp;&nbsp;&nbsp; $74 | 8 |
| Class P2 | 7709 | 598 | &nbsp;&nbsp;&nbsp; 24083 | 1898 | &nbsp;&nbsp;&nbsp; (41369)<br>| (3152)<br>| &nbsp;&nbsp;&nbsp; (9577)<br>| (656)<br>|
| Total net increase (decrease) | $8201 | 636 | &nbsp;&nbsp;&nbsp; $24752 | 1950 | &nbsp;&nbsp;&nbsp; $(42456)<br>| (3234)<br>| &nbsp;&nbsp;&nbsp; $(9503)<br>| (648)<br>|
| **Year ended December 31, 2024** | **Year ended December 31, 2024** | **Year ended December 31, 2024** | **Year ended December 31, 2024** | **Year ended December 31, 2024** | **Year ended December 31, 2024** | **Year ended December 31, 2024** | **Year ended December 31, 2024** | **Year ended December 31, 2024** |
| Class P1 | $974 | 79 | &nbsp;&nbsp;&nbsp; $93 | 8 | &nbsp;&nbsp;&nbsp; $(2663)<br>| (220)<br>| &nbsp;&nbsp;&nbsp; $(1596)<br>| (133)<br>|
| Class P2 | 10767 | 875 | &nbsp;&nbsp;&nbsp; 2326 | 197 | &nbsp;&nbsp;&nbsp; (100353)<br>| (8347)<br>| &nbsp;&nbsp;&nbsp; (87260)<br>| (7275)<br>|
| Total net increase (decrease) | $11741 | 954 | &nbsp;&nbsp;&nbsp; $2419 | 205 | &nbsp;&nbsp;&nbsp; $(103016)<br>| (8567)<br>| &nbsp;&nbsp;&nbsp; $(88856)<br>| (7408)<br>|

---

Refer to the end of the table(s) for footnote(s).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| American Funds Insurance Series | **350** |

---

------

**Managed Risk International Fund** 

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Sales** | **Sales** | **Reinvestments of** <br> **distributions** | **Reinvestments of** <br> **distributions** | **Repurchases** | **Repurchases** | **Net increase** <br> **(decrease)** | **Net increase** <br> **(decrease)** |
| <br>**Share class** | **Amount** | **Shares** | **Amount** | **Shares** | **Amount** | **Shares** | **Amount** | **Shares** |
| **Six months ended June 30, 2025** | **Six months ended June 30, 2025** | **Six months ended June 30, 2025** | **Six months ended June 30, 2025** | **Six months ended June 30, 2025** | **Six months ended June 30, 2025** | **Six months ended June 30, 2025** | **Six months ended June 30, 2025** | **Six months ended June 30, 2025** |
| Class P1 | &nbsp;&nbsp; $113 | &nbsp;&nbsp; 14 | &nbsp;&nbsp;&nbsp; $30 | &nbsp;&nbsp; 3 | &nbsp;&nbsp;&nbsp; $(79)<br>| &nbsp;&nbsp; (9)<br>| &nbsp;&nbsp;&nbsp; $64 | &nbsp;&nbsp; 8 |
| Class P2 | &nbsp;&nbsp; 2379 | &nbsp;&nbsp; 291 | &nbsp;&nbsp;&nbsp; 1450 | &nbsp;&nbsp; 178 | &nbsp;&nbsp;&nbsp; (6722)<br>| &nbsp;&nbsp; (818)<br>| &nbsp;&nbsp;&nbsp; (2893)<br>| &nbsp;&nbsp; (349)<br>|
| Total net increase (decrease) | &nbsp;&nbsp; $2492 | &nbsp;&nbsp; 305 | &nbsp;&nbsp;&nbsp; $1480 | &nbsp;&nbsp; 181 | &nbsp;&nbsp;&nbsp; $(6801)<br>| &nbsp;&nbsp; (827)<br>| &nbsp;&nbsp;&nbsp; $(2829)<br>| &nbsp;&nbsp; (341)<br>|
| **Year ended December 31, 2024** | **Year ended December 31, 2024** | **Year ended December 31, 2024** | **Year ended December 31, 2024** | **Year ended December 31, 2024** | **Year ended December 31, 2024** | **Year ended December 31, 2024** | **Year ended December 31, 2024** | **Year ended December 31, 2024** |
| Class P1 | &nbsp;&nbsp; $146 | &nbsp;&nbsp; 17 | &nbsp;&nbsp;&nbsp; $29 | &nbsp;&nbsp; 3 | &nbsp;&nbsp;&nbsp; $(232)<br>| &nbsp;&nbsp; (27)<br>| &nbsp;&nbsp;&nbsp; $(57)<br>| &nbsp;&nbsp; (7)<br>|
| Class P2 | &nbsp;&nbsp; 5087 | &nbsp;&nbsp; 599 | &nbsp;&nbsp;&nbsp; 1532 | &nbsp;&nbsp; 174 | &nbsp;&nbsp;&nbsp; (14961)<br>| &nbsp;&nbsp; (1722)<br>| &nbsp;&nbsp;&nbsp; (8342)<br>| &nbsp;&nbsp; (949)<br>|
| Total net increase (decrease) | &nbsp;&nbsp; $5233 | &nbsp;&nbsp; 616 | &nbsp;&nbsp;&nbsp; $1561 | &nbsp;&nbsp; 177 | &nbsp;&nbsp;&nbsp; $(15193)<br>| &nbsp;&nbsp; (1749)<br>| &nbsp;&nbsp;&nbsp; $(8399)<br>| &nbsp;&nbsp; (956)<br>|

---

**Managed Risk Washington Mutual Investors Fund** 

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Sales** | **Sales** | **Reinvestments of** <br> **distributions** | **Reinvestments of** <br> **distributions** | **Repurchases** | **Repurchases** | **Net increase** <br> **(decrease)** | **Net increase** <br> **(decrease)** |
| <br>**Share class** | **Amount** | **Shares** | **Amount** | **Shares** | **Amount** | **Shares** | **Amount** | **Shares** |
| **Six months ended June 30, 2025** | **Six months ended June 30, 2025** | **Six months ended June 30, 2025** | **Six months ended June 30, 2025** | **Six months ended June 30, 2025** | **Six months ended June 30, 2025** | **Six months ended June 30, 2025** | **Six months ended June 30, 2025** | **Six months ended June 30, 2025** |
| Class P1 | &nbsp;&nbsp; $73 | &nbsp;&nbsp; 6 | &nbsp;&nbsp;&nbsp; $40 | &nbsp;&nbsp; 3 | &nbsp;&nbsp;&nbsp; $(184)<br>| &nbsp;&nbsp; (15)<br>| &nbsp;&nbsp;&nbsp; $(71)<br>| &nbsp;&nbsp; (6)<br>|
| Class P2 | &nbsp;&nbsp; 2835 | &nbsp;&nbsp; 241 | &nbsp;&nbsp;&nbsp; 4640 | &nbsp;&nbsp; 398 | &nbsp;&nbsp;&nbsp; (20378)<br>| &nbsp;&nbsp; (1735)<br>| &nbsp;&nbsp;&nbsp; (12903)<br>| &nbsp;&nbsp; (1096)<br>|
| Total net increase (decrease) | &nbsp;&nbsp; $2908 | &nbsp;&nbsp; 247 | &nbsp;&nbsp;&nbsp; $4680 | &nbsp;&nbsp; 401 | &nbsp;&nbsp;&nbsp; $(20562)<br>| &nbsp;&nbsp; (1750)<br>| &nbsp;&nbsp;&nbsp; $(12974)<br>| &nbsp;&nbsp; (1102)<br>|
| **Year ended December 31, 2024** | **Year ended December 31, 2024** | **Year ended December 31, 2024** | **Year ended December 31, 2024** | **Year ended December 31, 2024** | **Year ended December 31, 2024** | **Year ended December 31, 2024** | **Year ended December 31, 2024** | **Year ended December 31, 2024** |
| Class P1 | &nbsp;&nbsp; $290 | &nbsp;&nbsp; 26 | &nbsp;&nbsp;&nbsp; $53 | &nbsp;&nbsp; 5 | &nbsp;&nbsp;&nbsp; $(607)<br>| &nbsp;&nbsp; (54)<br>| &nbsp;&nbsp;&nbsp; $(264)<br>| &nbsp;&nbsp; (23)<br>|
| Class P2 | &nbsp;&nbsp; 6900 | &nbsp;&nbsp; 617 | &nbsp;&nbsp;&nbsp; 5422 | &nbsp;&nbsp; 490 | &nbsp;&nbsp;&nbsp; (51492)<br>| &nbsp;&nbsp; (4594)<br>| &nbsp;&nbsp;&nbsp; (39170)<br>| &nbsp;&nbsp; (3487)<br>|
| Total net increase (decrease) | &nbsp;&nbsp; $7190 | &nbsp;&nbsp; 643 | &nbsp;&nbsp;&nbsp; $5475 | &nbsp;&nbsp; 495 | &nbsp;&nbsp;&nbsp; $(52099)<br>| &nbsp;&nbsp; (4648)<br>| &nbsp;&nbsp;&nbsp; $(39434)<br>| &nbsp;&nbsp; (3510)<br>|

---

**Managed Risk Growth-Income Fund** 

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Sales** | **Sales** | **Reinvestments of** <br> **distributions** | **Reinvestments of** <br> **distributions** | **Repurchases** | **Repurchases** | **Net increase** <br> **(decrease)** | **Net increase** <br> **(decrease)** |
| <br>**Share class** | **Amount** | **Shares** | **Amount** | **Shares** | **Amount** | **Shares** | **Amount** | **Shares** |
| **Six months ended June 30, 2025** | **Six months ended June 30, 2025** | **Six months ended June 30, 2025** | **Six months ended June 30, 2025** | **Six months ended June 30, 2025** | **Six months ended June 30, 2025** | **Six months ended June 30, 2025** | **Six months ended June 30, 2025** | **Six months ended June 30, 2025** |
| Class P1 | $22938 | 1634 | &nbsp;&nbsp;&nbsp; $95748 | 7025 | &nbsp;&nbsp;&nbsp; $(138781)<br>| (9811)<br>| &nbsp;&nbsp;&nbsp; $(20095)<br>| (1152)<br>|
| Class P2 | 2032 | 146 | &nbsp;&nbsp;&nbsp; 13810 | 1021 | &nbsp;&nbsp;&nbsp; (18320)<br>| (1305)<br>| &nbsp;&nbsp;&nbsp; (2478)<br>| (138)<br>|
| Total net increase (decrease) | $24970 | 1780 | &nbsp;&nbsp;&nbsp; $109558 | 8046 | &nbsp;&nbsp;&nbsp; $(157101)<br>| (11116)<br>| &nbsp;&nbsp;&nbsp; $(22573)<br>| (1290)<br>|
| **Year ended December 31, 2024** | **Year ended December 31, 2024** | **Year ended December 31, 2024** | **Year ended December 31, 2024** | **Year ended December 31, 2024** | **Year ended December 31, 2024** | **Year ended December 31, 2024** | **Year ended December 31, 2024** | **Year ended December 31, 2024** |
| Class P1 | $16125 | 1168 | &nbsp;&nbsp;&nbsp; $58164 | 4309 | &nbsp;&nbsp;&nbsp; $(346171)<br>| (25246)<br>| &nbsp;&nbsp;&nbsp; $(271882)<br>| (19769)<br>|
| Class P2 | 4069 | 297 | &nbsp;&nbsp;&nbsp; 7744 | 582 | &nbsp;&nbsp;&nbsp; (53124)<br>| (3920)<br>| &nbsp;&nbsp;&nbsp; (41311)<br>| (3041)<br>|
| Total net increase (decrease) | $20194 | 1465 | &nbsp;&nbsp;&nbsp; $65908 | 4891 | &nbsp;&nbsp;&nbsp; $(399295)<br>| (29166)<br>| &nbsp;&nbsp;&nbsp; $(313193)<br>| (22810)<br>|

---

Refer to the end of the table(s) for footnote(s).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **351** | American Funds Insurance Series |

---

------

**Managed Risk Asset Allocation Fund** 

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Sales** | **Sales** | **Reinvestments of** <br> **distributions** | **Reinvestments of** <br> **distributions** | **Repurchases** | **Repurchases** | **Net increase** <br> **(decrease)** | **Net increase** <br> **(decrease)** |
| <br>**Share class** | **Amount** | **Shares** | **Amount** | **Shares** | **Amount** | **Shares** | **Amount** | **Shares** |
| **Six months ended June 30, 2025** | **Six months ended June 30, 2025** | **Six months ended June 30, 2025** | **Six months ended June 30, 2025** | **Six months ended June 30, 2025** | **Six months ended June 30, 2025** | **Six months ended June 30, 2025** | **Six months ended June 30, 2025** | **Six months ended June 30, 2025** |
| Class P1 | $12 | 1 | &nbsp;&nbsp;&nbsp; $930 | 75 | &nbsp;&nbsp;&nbsp; $(185)<br>| (14)<br>| &nbsp;&nbsp;&nbsp; $757 | 62 |
| Class P2 | 9933 | 798 | &nbsp;&nbsp;&nbsp; 155155 | 13016 | &nbsp;&nbsp;&nbsp; (171239)<br>| (13497)<br>| &nbsp;&nbsp;&nbsp; (6151)<br>| 317 |
| Total net increase (decrease) | $9945 | 799 | &nbsp;&nbsp;&nbsp; $156085 | 13091 | &nbsp;&nbsp;&nbsp; $(171424)<br>| (13511)<br>| &nbsp;&nbsp;&nbsp; $(5394)<br>| 379 |
| **Year ended December 31, 2024** | **Year ended December 31, 2024** | **Year ended December 31, 2024** | **Year ended December 31, 2024** | **Year ended December 31, 2024** | **Year ended December 31, 2024** | **Year ended December 31, 2024** | **Year ended December 31, 2024** | **Year ended December 31, 2024** |
| Class P1 | $1509 | 116 | &nbsp;&nbsp;&nbsp; $365 | 29 | &nbsp;&nbsp;&nbsp; $(1325)<br>| (108)<br>| &nbsp;&nbsp;&nbsp; $549 | 37 |
| Class P2 | 32478 | 2619 | &nbsp;&nbsp;&nbsp; 68762 | 5709 | &nbsp;&nbsp;&nbsp; (396241)<br>| (32260)<br>| &nbsp;&nbsp;&nbsp; (295001)<br>| (23932)<br>|
| Total net increase (decrease) | $33987 | 2735 | &nbsp;&nbsp;&nbsp; $69127 | 5738 | &nbsp;&nbsp;&nbsp; $(397566)<br>| (32368)<br>| &nbsp;&nbsp;&nbsp; $(294452)<br>| (23895)<br>|

---

<sup>1</sup>

Includes exchanges between share classes of the fund.

<sup>2</sup>

Amount less than one thousand.

<sup>3</sup>

Commencement of operations.

**11. Investment transactions and other disclosures**

------

The following tables present additional information for each fund for the six months ended June 30, 2025 (dollars in thousands):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Global** <br> **Growth** <br> **Fund**<br>| **Global** <br> **Small** <br> **Capitalization** <br> **Fund**<br>| **Growth** <br> **Fund**<br>| **International** <br> **Fund**<br>| **New** <br> **World** <br> **Fund**<br>| **Washington** <br> **Mutual** <br> **Investors** <br> **Fund**<br>|
| Purchases of investment securities\* | &nbsp;&nbsp; $1179396 | &nbsp;&nbsp; $757557 | &nbsp;&nbsp; $6385618 | &nbsp;&nbsp; $2780244 | &nbsp;&nbsp; $785414 | &nbsp;&nbsp; $1990904 |
| Sales of investment securities\* | &nbsp;&nbsp; 1347163 | &nbsp;&nbsp; 939607 | &nbsp;&nbsp; 7875256 | &nbsp;&nbsp; 2957157 | &nbsp;&nbsp; 998449 | &nbsp;&nbsp; 2405834 |
| Non-U.S. taxes paid on dividend income | &nbsp;&nbsp; 3677 | &nbsp;&nbsp; 1787 | &nbsp;&nbsp; 3183 | &nbsp;&nbsp; 8711 | &nbsp;&nbsp; 3916 | &nbsp;&nbsp; 784 |
| Non-U.S. taxes (refunded) paid on interest <br> income<br>| &nbsp;&nbsp; 13 | &nbsp;&nbsp; (4)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 36 | &nbsp;&nbsp; — |
| Non-U.S. taxes refunded (paid) on realized <br> gains<br>| &nbsp;&nbsp; (829)<br>| &nbsp;&nbsp; 2490 | &nbsp;&nbsp; — | &nbsp;&nbsp; 10524 | &nbsp;&nbsp; 2970 | &nbsp;&nbsp; — |
| Non-U.S. taxes provided on unrealized <br> appreciation<br>| &nbsp;&nbsp; 5299 | &nbsp;&nbsp; 17693 | &nbsp;&nbsp; — | &nbsp;&nbsp; 28246 | &nbsp;&nbsp; 21733 | &nbsp;&nbsp; — |
| Interest income from affiliated issuers | &nbsp;&nbsp; 5913 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **U.S. Small** <br> **and Mid** <br> **Cap Equity** <br> **Fund**<br>| **Capital** <br> **World** <br> **Growth** <br> **and Income** <br> **Fund**<br>| **Growth-** <br> **Income** <br> **Fund**<br>| **International** <br> **Growth** <br> **and Income** <br> **Fund**<br>| **Capital** <br> **Income** <br> **Builder**<br>| **Asset** <br> **Allocation** <br> **Fund**<br>|
| Purchases of investment securities\* | &nbsp;&nbsp; $3209 | &nbsp;&nbsp; $479965 | &nbsp;&nbsp; $7133302 | &nbsp;&nbsp; $99185 | &nbsp;&nbsp; $393384 | &nbsp;&nbsp; $11283114 |
| Sales of investment securities\* | &nbsp;&nbsp; 3287 | &nbsp;&nbsp; 609901 | &nbsp;&nbsp; 8577738 | &nbsp;&nbsp; 91723 | &nbsp;&nbsp; 425205 | &nbsp;&nbsp; 12909245 |
| Non-U.S. taxes paid on dividend income | &nbsp;&nbsp; — | &nbsp;&nbsp; 1359 | &nbsp;&nbsp; 3376 | &nbsp;&nbsp; 576 | &nbsp;&nbsp; 1461 | &nbsp;&nbsp; 2655 |
| Non-U.S. taxes paid on realized gains | &nbsp;&nbsp; — | &nbsp;&nbsp; 170 | &nbsp;&nbsp; — | &nbsp;&nbsp; 11 | &nbsp;&nbsp; 26 | &nbsp;&nbsp; — |
| Non-U.S. taxes provided on unrealized <br> appreciation<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; 735 | &nbsp;&nbsp; — | &nbsp;&nbsp; 253 | &nbsp;&nbsp; 590 | &nbsp;&nbsp; — |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Refer to the end of the table(s) for footnote(s).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| American Funds Insurance Series | **352** |

---

------

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **American** <br> **Funds** <br> **Global** <br> **Balanced** <br> **Fund**<br>| **The Bond** <br> **Fund** <br> **of America**<br>| **Capital** <br> **World Bond** <br> **Fund**<br>| **American** <br> **High-Income** <br> **Trust**<br>| **American** <br> **Funds** <br> **Mortgage** <br> **Fund**<br>| **Ultra-Short** <br> **Bond** <br> **Fund**<br>|
| Purchases of investment securities\* | &nbsp;&nbsp; $172059 | &nbsp;&nbsp; $7186261 | &nbsp;&nbsp; $824354 | &nbsp;&nbsp; $216134 | &nbsp;&nbsp; $240611 | &nbsp;&nbsp; $— |
| Sales of investment securities\* | &nbsp;&nbsp; 186597 | &nbsp;&nbsp; 7700521 | &nbsp;&nbsp; 863783 | &nbsp;&nbsp; 157435 | &nbsp;&nbsp; 230976 | &nbsp;&nbsp; — |
| Non-U.S. taxes paid on dividend income | &nbsp;&nbsp; 241 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; (9)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Non-U.S. taxes paid on interest income | &nbsp;&nbsp; — <br><sup>†</sup><br>| &nbsp;&nbsp; 8 | &nbsp;&nbsp; 42 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Non-U.S. taxes paid on realized gains | &nbsp;&nbsp; 42 | &nbsp;&nbsp; — | &nbsp;&nbsp; 427 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Non-U.S. taxes provided on unrealized <br> appreciation<br>| &nbsp;&nbsp; 181 | &nbsp;&nbsp; — | &nbsp;&nbsp; 133 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **U.S.** <br> **Government** <br> **Securities** <br> **Fund**<br>| **Managed** <br> **Risk** <br> **Growth** <br> **Fund**<br>| **Managed** <br> **Risk** <br> **International** <br> **Fund**<br>| **Managed** <br> **Risk** <br> **Washington** <br> **Mutual** <br> **Investors** <br> **Fund**<br>| **Managed** <br> **Risk** <br> **Growth-** <br> **Income** <br> **Fund**<br>| **Managed** <br> **Risk** <br> **Asset** <br> **Allocation** <br> **Fund**<br>|
| Purchases of investment securities\* | &nbsp;&nbsp; $2190673 | &nbsp;&nbsp; $140971 | &nbsp;&nbsp; $12970 | &nbsp;&nbsp; $52478 | &nbsp;&nbsp; $491790 | &nbsp;&nbsp; $243681 |
| Sales of investment securities\* | &nbsp;&nbsp; 2371368 | &nbsp;&nbsp; 156432 | &nbsp;&nbsp; 24362 | &nbsp;&nbsp; 62127 | &nbsp;&nbsp; 404203 | &nbsp;&nbsp; 317008 |

---

\*

Excludes short-term securities and U.S. government obligations, if any.

<sup>†</sup>

Amount less than one thousand.

**12. Ownership concentration**

------

At June 30, 2025, American Funds Insurance Series - Portfolio Series - Managed Risk Growth and Income Portfolio held 17% and 13% of the outstanding shares of American Funds Insurance Series - Capital World Growth and Income Fund and American Funds Insurance Series - Capital Income Builder, respectively. Furthermore, American Funds Insurance Series - Portfolio Series - Managed Risk Global Allocation Portfolio held 17% of the outstanding shares of American Funds Insurance Series - American Funds Global Balanced Fund.

In addition, CRMC held aggregate ownership of 99% of the outstanding shares of American Funds Insurance Series - U.S. Small and Mid Cap Equity Fund. The ownership percentage represents the seed money invested in the fund when it began operations. American Funds Insurance Series - U.S. Small and Mid Cap Equity Fund began operations on November 15, 2024.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **353** | American Funds Insurance Series |

---

------

Financial highlights

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Net asset** <br> **value,** <br> **beginning** <br> **of year** | **Income (loss) from investment operations**<sup>1</sup> | **Income (loss) from investment operations**<sup>1</sup> | **Income (loss) from investment operations**<sup>1</sup> | **Dividends and distributions** | **Dividends and distributions** | **Dividends and distributions** | **Net asset** <br> **value,** <br> **end** <br> **of year** | **Total return**<sup>2</sup>  | **Net assets,** <br> **end of year** <br> **(in millions)** | **Ratio of** <br> **expenses to** <br> **average net** <br> **assets before** <br> **waivers/** <br> **reimbursements**<sup>3</sup>  | **Ratio of** <br> **expenses to** <br> **average net** <br> **assets after** <br> **waivers/** <br> **reimbursements**<sup>2,3</sup>  | **Ratio of** <br> **net income** <br> **(loss)** <br> **to average** <br> **net assets**<sup>2</sup>  |
| **Year ended**  | **Net asset** <br> **value,** <br> **beginning** <br> **of year** | **Net** <br> **investment** <br> **income** <br> **(loss)**<br>| **Net gains** <br> **(losses) on** <br> **securities** <br> **(both** <br> **realized and** <br> **unrealized)**<br>| **Total from** <br> **investment** <br> **operations**<br>| **Dividends** <br> **(from net** <br> **investment** <br> **income)**<br>| **Distributions** <br> **(from capital** <br> **gains)**<br>| **Total** <br> **dividends** <br> **and** <br> **distributions**<br>| **Net asset** <br> **value,** <br> **end** <br> **of year** | **Total return**<sup>2</sup>  | **Net assets,** <br> **end of year** <br> **(in millions)** | **Ratio of** <br> **expenses to** <br> **average net** <br> **assets before** <br> **waivers/** <br> **reimbursements**<sup>3</sup>  | **Ratio of** <br> **expenses to** <br> **average net** <br> **assets after** <br> **waivers/** <br> **reimbursements**<sup>2,3</sup>  | **Ratio of** <br> **net income** <br> **(loss)** <br> **to average** <br> **net assets**<sup>2</sup>  |
| **Global Growth Fund** | **Global Growth Fund** | **Global Growth Fund** | **Global Growth Fund** | **Global Growth Fund** | **Global Growth Fund** | **Global Growth Fund** | **Global Growth Fund** | **Global Growth Fund** | **Global Growth Fund** | **Global Growth Fund** | **Global Growth Fund** | **Global Growth Fund** | **Global Growth Fund** |
| **Class 1:**  | **Class 1:**  | **Class 1:**  | **Class 1:**  | **Class 1:**  | **Class 1:**  | **Class 1:**  | **Class 1:**  | **Class 1:**  | **Class 1:**  | **Class 1:**  | **Class 1:**  | **Class 1:**  | **Class 1:**  |
| 6/30/2025<sup>4,5</sup> <br>| $36.91 | &nbsp;&nbsp; $.29 | &nbsp;&nbsp; $3.65 | &nbsp;&nbsp; $3.94 | &nbsp;&nbsp; $(.14)<br>| &nbsp;&nbsp; $(4.88)<br>| &nbsp;&nbsp; $(5.02)<br>| &nbsp;&nbsp; $35.83 | 11.33 %<sup>6</sup><br>| &nbsp;&nbsp; $3826 | &nbsp;&nbsp; .52 %<sup>7</sup><br>| &nbsp;&nbsp; .41 %<sup>7</sup><br>| 1.58 %<sup>7</sup><br>|
| 12/31/2024 | 33.92 | &nbsp;&nbsp; .44 | 4.29 | 4.73 | &nbsp;&nbsp; (.67)<br>| &nbsp;&nbsp; (1.07)<br>| &nbsp;&nbsp; (1.74)<br>| 36.91 | 13.94 | &nbsp;&nbsp; 3589 | &nbsp;&nbsp; .52 | &nbsp;&nbsp; .41 | 1.20 |
| 12/31/2023 | 30.18 | &nbsp;&nbsp; .36 | 6.30 | 6.66 | &nbsp;&nbsp; (.37)<br>| &nbsp;&nbsp; (2.55)<br>| &nbsp;&nbsp; (2.92)<br>| 33.92 | 22.91 | &nbsp;&nbsp; 3418 | &nbsp;&nbsp; .52 | &nbsp;&nbsp; .41 | 1.13 |
| 12/31/2022 | 45.46 | &nbsp;&nbsp; .34 | &nbsp;&nbsp; (11.34)<br>| &nbsp;&nbsp; (11.00)<br>| &nbsp;&nbsp; (.31)<br>| &nbsp;&nbsp; (3.97)<br>| &nbsp;&nbsp; (4.28)<br>| 30.18 | &nbsp;&nbsp; (24.54)<br>| &nbsp;&nbsp; 3104 | &nbsp;&nbsp; .53 | &nbsp;&nbsp; .46 | 1.01 |
| 12/31/2021 | 41.16 | &nbsp;&nbsp; .25 | 6.48 | 6.73 | &nbsp;&nbsp; (.26)<br>| &nbsp;&nbsp; (2.17)<br>| &nbsp;&nbsp; (2.43)<br>| 45.46 | 16.72 | &nbsp;&nbsp; 4270 | &nbsp;&nbsp; .55 | &nbsp;&nbsp; .54 | &nbsp;&nbsp; .56 |
| 12/31/2020 | 32.57 | &nbsp;&nbsp; .20 | 9.56 | 9.76 | &nbsp;&nbsp; (.21)<br>| &nbsp;&nbsp; (.96)<br>| &nbsp;&nbsp; (1.17)<br>| 41.16 | 30.79 | &nbsp;&nbsp; 3309 | &nbsp;&nbsp; .56 | &nbsp;&nbsp; .56 | &nbsp;&nbsp; .59 |
| **Class 1A:**  | **Class 1A:**  | **Class 1A:**  | **Class 1A:**  | **Class 1A:**  | **Class 1A:**  | **Class 1A:**  | **Class 1A:**  | **Class 1A:**  | **Class 1A:**  | **Class 1A:**  | **Class 1A:**  | **Class 1A:**  | **Class 1A:**  |
| 6/30/2025<sup>4,5</sup> <br>| 36.70 | &nbsp;&nbsp; .24 | 3.62 | 3.86 | &nbsp;&nbsp; (.12)<br>| &nbsp;&nbsp; (4.88)<br>| &nbsp;&nbsp; (5.00)<br>| 35.56 | 11.19 <br><sup>6</sup><br>| &nbsp;&nbsp; 24 | &nbsp;&nbsp; .77 <br><sup>7</sup><br>| &nbsp;&nbsp; .66 <br><sup>7</sup><br>| 1.34 <br><sup>7</sup><br>|
| 12/31/2024 | 33.74 | &nbsp;&nbsp; .35 | 4.26 | 4.61 | &nbsp;&nbsp; (.58)<br>| &nbsp;&nbsp; (1.07)<br>| &nbsp;&nbsp; (1.65)<br>| 36.70 | 13.67 | &nbsp;&nbsp; 20 | &nbsp;&nbsp; .77 | &nbsp;&nbsp; .66 | &nbsp;&nbsp; .95 |
| 12/31/2023 | 30.04 | &nbsp;&nbsp; .28 | 6.26 | 6.54 | &nbsp;&nbsp; (.29)<br>| &nbsp;&nbsp; (2.55)<br>| &nbsp;&nbsp; (2.84)<br>| 33.74 | 22.60 | &nbsp;&nbsp; 18 | &nbsp;&nbsp; .77 | &nbsp;&nbsp; .66 | &nbsp;&nbsp; .88 |
| 12/31/2022 | 45.28 | &nbsp;&nbsp; .26 | &nbsp;&nbsp; (11.31)<br>| &nbsp;&nbsp; (11.05)<br>| &nbsp;&nbsp; (.22)<br>| &nbsp;&nbsp; (3.97)<br>| &nbsp;&nbsp; (4.19)<br>| 30.04 | &nbsp;&nbsp; (24.73)<br>| &nbsp;&nbsp; 14 | &nbsp;&nbsp; .78 | &nbsp;&nbsp; .71 | &nbsp;&nbsp; .78 |
| 12/31/2021 | 41.02 | &nbsp;&nbsp; .14 | 6.46 | 6.60 | &nbsp;&nbsp; (.17)<br>| &nbsp;&nbsp; (2.17)<br>| &nbsp;&nbsp; (2.34)<br>| 45.28 | 16.45 | &nbsp;&nbsp; 18 | &nbsp;&nbsp; .80 | &nbsp;&nbsp; .79 | &nbsp;&nbsp; .33 |
| 12/31/2020 | 32.47 | &nbsp;&nbsp; .12 | 9.52 | 9.64 | &nbsp;&nbsp; (.13)<br>| &nbsp;&nbsp; (.96)<br>| &nbsp;&nbsp; (1.09)<br>| 41.02 | 30.49 | &nbsp;&nbsp; 12 | &nbsp;&nbsp; .81 | &nbsp;&nbsp; .81 | &nbsp;&nbsp; .34 |
| **Class 2:**  | **Class 2:**  | **Class 2:**  | **Class 2:**  | **Class 2:**  | **Class 2:**  | **Class 2:**  | **Class 2:**  | **Class 2:**  | **Class 2:**  | **Class 2:**  | **Class 2:**  | **Class 2:**  | **Class 2:**  |
| 6/30/2025<sup>4,5</sup> <br>| 36.37 | &nbsp;&nbsp; .24 | 3.58 | 3.82 | &nbsp;&nbsp; (.12)<br>| &nbsp;&nbsp; (4.88)<br>| &nbsp;&nbsp; (5.00)<br>| 35.19 | 11.17 <br><sup>6</sup><br>| &nbsp;&nbsp; 3658 | &nbsp;&nbsp; .77 <br><sup>7</sup><br>| &nbsp;&nbsp; .66 <br><sup>7</sup><br>| 1.32 <br><sup>7</sup><br>|
| 12/31/2024 | 33.44 | &nbsp;&nbsp; .35 | 4.22 | 4.57 | &nbsp;&nbsp; (.57)<br>| &nbsp;&nbsp; (1.07)<br>| &nbsp;&nbsp; (1.64)<br>| 36.37 | 13.68 | &nbsp;&nbsp; 3512 | &nbsp;&nbsp; .77 | &nbsp;&nbsp; .66 | &nbsp;&nbsp; .95 |
| 12/31/2023 | 29.79 | &nbsp;&nbsp; .28 | 6.21 | 6.49 | &nbsp;&nbsp; (.29)<br>| &nbsp;&nbsp; (2.55)<br>| &nbsp;&nbsp; (2.84)<br>| 33.44 | 22.60 | &nbsp;&nbsp; 3522 | &nbsp;&nbsp; .77 | &nbsp;&nbsp; .66 | &nbsp;&nbsp; .88 |
| 12/31/2022 | 44.94 | &nbsp;&nbsp; .25 | &nbsp;&nbsp; (11.21)<br>| &nbsp;&nbsp; (10.96)<br>| &nbsp;&nbsp; (.22)<br>| &nbsp;&nbsp; (3.97)<br>| &nbsp;&nbsp; (4.19)<br>| 29.79 | &nbsp;&nbsp; (24.74)<br>| &nbsp;&nbsp; 3234 | &nbsp;&nbsp; .78 | &nbsp;&nbsp; .71 | &nbsp;&nbsp; .76 |
| 12/31/2021 | 40.72 | &nbsp;&nbsp; .13 | 6.41 | 6.54 | &nbsp;&nbsp; (.15)<br>| &nbsp;&nbsp; (2.17)<br>| &nbsp;&nbsp; (2.32)<br>| 44.94 | 16.42 | &nbsp;&nbsp; 4559 | &nbsp;&nbsp; .80 | &nbsp;&nbsp; .80 | &nbsp;&nbsp; .30 |
| 12/31/2020 | 32.24 | &nbsp;&nbsp; .12 | 9.44 | 9.56 | &nbsp;&nbsp; (.12)<br>| &nbsp;&nbsp; (.96)<br>| &nbsp;&nbsp; (1.08)<br>| 40.72 | 30.47 | &nbsp;&nbsp; 4387 | &nbsp;&nbsp; .81 | &nbsp;&nbsp; .81 | &nbsp;&nbsp; .34 |
| **Class 4:**  | **Class 4:**  | **Class 4:**  | **Class 4:**  | **Class 4:**  | **Class 4:**  | **Class 4:**  | **Class 4:**  | **Class 4:**  | **Class 4:**  | **Class 4:**  | **Class 4:**  | **Class 4:**  | **Class 4:**  |
| 6/30/2025<sup>4,5</sup> <br>| 35.93 | &nbsp;&nbsp; .19 | 3.54 | 3.73 | &nbsp;&nbsp; (.11)<br>| &nbsp;&nbsp; (4.88)<br>| &nbsp;&nbsp; (4.99)<br>| 34.67 | 11.05 <br><sup>6</sup><br>| &nbsp;&nbsp; 1083 | 1.02 <br><sup>7</sup><br>| &nbsp;&nbsp; .91 <br><sup>7</sup><br>| 1.10 <br><sup>7</sup><br>|
| 12/31/2024 | 33.08 | &nbsp;&nbsp; .25 | 4.18 | 4.43 | &nbsp;&nbsp; (.51)<br>| &nbsp;&nbsp; (1.07)<br>| &nbsp;&nbsp; (1.58)<br>| 35.93 | 13.39 | &nbsp;&nbsp; 937 | 1.02 | &nbsp;&nbsp; .91 | &nbsp;&nbsp; .69 |
| 12/31/2023 | 29.51 | &nbsp;&nbsp; .20 | 6.14 | 6.34 | &nbsp;&nbsp; (.22)<br>| &nbsp;&nbsp; (2.55)<br>| &nbsp;&nbsp; (2.77)<br>| 33.08 | 22.29 | &nbsp;&nbsp; 732 | 1.02 | &nbsp;&nbsp; .91 | &nbsp;&nbsp; .63 |
| 12/31/2022 | 44.57 | &nbsp;&nbsp; .17 | &nbsp;&nbsp; (11.12)<br>| &nbsp;&nbsp; (10.95)<br>| &nbsp;&nbsp; (.14)<br>| &nbsp;&nbsp; (3.97)<br>| &nbsp;&nbsp; (4.11)<br>| 29.51 | &nbsp;&nbsp; (24.92)<br>| &nbsp;&nbsp; 584 | 1.03 | &nbsp;&nbsp; .96 | &nbsp;&nbsp; .52 |
| 12/31/2021 | 40.45 | &nbsp;&nbsp; .03 | 6.35 | 6.38 | &nbsp;&nbsp; (.09)<br>| &nbsp;&nbsp; (2.17)<br>| &nbsp;&nbsp; (2.26)<br>| 44.57 | 16.14 | &nbsp;&nbsp; 744 | 1.05 | 1.04 | &nbsp;&nbsp; .07 |
| 12/31/2020 | 32.05 | &nbsp;&nbsp; .03 | 9.38 | 9.41 | &nbsp;&nbsp; (.05)<br>| &nbsp;&nbsp; (.96)<br>| &nbsp;&nbsp; (1.01)<br>| 40.45 | 30.17 | &nbsp;&nbsp; 533 | 1.06 | 1.06 | &nbsp;&nbsp; .09 |

---

Refer to the end of the table(s) for footnote(s).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| American Funds Insurance Series | **354** |

---

------

Financial highlights (continued)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Net asset** <br> **value,** <br> **beginning** <br> **of year** | **Income (loss) from investment operations**<sup>1</sup> | **Income (loss) from investment operations**<sup>1</sup> | **Income (loss) from investment operations**<sup>1</sup> | **Dividends and distributions** | **Dividends and distributions** | **Dividends and distributions** | **Net asset** <br> **value,** <br> **end** <br> **of year** | **Total return**<sup>2</sup>  | **Net assets,** <br> **end of year** <br> **(in millions)** | **Ratio of** <br> **expenses to** <br> **average net** <br> **assets before** <br> **waivers/** <br> **reimbursements**<sup>3</sup>  | **Ratio of** <br> **expenses to** <br> **average net** <br> **assets after** <br> **waivers/** <br> **reimbursements**<sup>2,3</sup>  | **Ratio of** <br> **net income** <br> **(loss)** <br> **to average** <br> **net assets**<sup>2</sup>  |
| **Year ended**  | **Net asset** <br> **value,** <br> **beginning** <br> **of year** | **Net** <br> **investment** <br> **income** <br> **(loss)**<br>| **Net gains** <br> **(losses) on** <br> **securities** <br> **(both** <br> **realized and** <br> **unrealized)**<br>| **Total from** <br> **investment** <br> **operations**<br>| **Dividends** <br> **(from net** <br> **investment** <br> **income)**<br>| **Distributions** <br> **(from capital** <br> **gains)**<br>| **Total** <br> **dividends** <br> **and** <br> **distributions**<br>| **Net asset** <br> **value,** <br> **end** <br> **of year** | **Total return**<sup>2</sup>  | **Net assets,** <br> **end of year** <br> **(in millions)** | **Ratio of** <br> **expenses to** <br> **average net** <br> **assets before** <br> **waivers/** <br> **reimbursements**<sup>3</sup>  | **Ratio of** <br> **expenses to** <br> **average net** <br> **assets after** <br> **waivers/** <br> **reimbursements**<sup>2,3</sup>  | **Ratio of** <br> **net income** <br> **(loss)** <br> **to average** <br> **net assets**<sup>2</sup>  |
| **Global Small Capitalization Fund** | **Global Small Capitalization Fund** | **Global Small Capitalization Fund** | **Global Small Capitalization Fund** | **Global Small Capitalization Fund** | **Global Small Capitalization Fund** | **Global Small Capitalization Fund** | **Global Small Capitalization Fund** | **Global Small Capitalization Fund** | **Global Small Capitalization Fund** | **Global Small Capitalization Fund** | **Global Small Capitalization Fund** | **Global Small Capitalization Fund** | **Global Small Capitalization Fund** |
| **Class 1:**  | **Class 1:**  | **Class 1:**  | **Class 1:**  | **Class 1:**  | **Class 1:**  | **Class 1:**  | **Class 1:**  | **Class 1:**  | **Class 1:**  | **Class 1:**  | **Class 1:**  | **Class 1:**  | **Class 1:**  |
| 6/30/2025<sup>4,5</sup> <br>| $18.15 | &nbsp;&nbsp; $.10 | &nbsp;&nbsp; $1.35 | &nbsp;&nbsp; $1.45 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $(.40)<br>| &nbsp;&nbsp; $(.40)<br>| &nbsp;&nbsp; $19.20 | 8.08 %<sup>6</sup><br>| &nbsp;&nbsp; $885 | &nbsp;&nbsp; .70 %<sup>7</sup><br>| &nbsp;&nbsp; .65 %<sup>7</sup><br>| 1.11 %<sup>7</sup><br>|
| 12/31/2024 | 18.57 | &nbsp;&nbsp; .12 | &nbsp;&nbsp; .34 | &nbsp;&nbsp; .46 | &nbsp;&nbsp; (.23)<br>| &nbsp;&nbsp; (.65)<br>| &nbsp;&nbsp; (.88)<br>| 18.15 | 2.59 | &nbsp;&nbsp; 942 | &nbsp;&nbsp; .70 | &nbsp;&nbsp; .67 | &nbsp;&nbsp; .66 |
| 12/31/2023 | 16.22 | &nbsp;&nbsp; .11 | 2.53 | 2.64 | &nbsp;&nbsp; (.08)<br>| &nbsp;&nbsp; (.21)<br>| &nbsp;&nbsp; (.29)<br>| 18.57 | 16.45 | &nbsp;&nbsp; 1001 | &nbsp;&nbsp; .70 | &nbsp;&nbsp; .65 | &nbsp;&nbsp; .63 |
| 12/31/2022 | 34.17 | &nbsp;&nbsp; .05 | &nbsp;&nbsp; (9.50)<br>| &nbsp;&nbsp; (9.45)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (8.50)<br>| &nbsp;&nbsp; (8.50)<br>| 16.22 | &nbsp;&nbsp; (29.37)<br>| &nbsp;&nbsp; 916 | &nbsp;&nbsp; .72 | &nbsp;&nbsp; .69 | &nbsp;&nbsp; .24 |
| 12/31/2021 | 32.64 | &nbsp;&nbsp; (.02)<br>| 2.32 | 2.30 | &nbsp;&nbsp; — | &nbsp;&nbsp; (.77)<br>| &nbsp;&nbsp; (.77)<br>| 34.17 | 6.98 | &nbsp;&nbsp; 1707 | &nbsp;&nbsp; .74 | &nbsp;&nbsp; .74 | &nbsp;&nbsp; (.07)<br>|
| 12/31/2020 | 26.80 | &nbsp;&nbsp; (.01)<br>| 7.49 | 7.48 | &nbsp;&nbsp; (.05)<br>| &nbsp;&nbsp; (1.59)<br>| &nbsp;&nbsp; (1.64)<br>| 32.64 | 30.04 | &nbsp;&nbsp; 2391 | &nbsp;&nbsp; .75 | &nbsp;&nbsp; .75 | &nbsp;&nbsp; (.06)<br>|
| **Class 1A:**  | **Class 1A:**  | **Class 1A:**  | **Class 1A:**  | **Class 1A:**  | **Class 1A:**  | **Class 1A:**  | **Class 1A:**  | **Class 1A:**  | **Class 1A:**  | **Class 1A:**  | **Class 1A:**  | **Class 1A:**  | **Class 1A:**  |
| 6/30/2025<sup>4,5</sup> <br>| 17.88 | &nbsp;&nbsp; .08 | 1.33 | 1.41 | &nbsp;&nbsp; — | &nbsp;&nbsp; (.40)<br>| &nbsp;&nbsp; (.40)<br>| 18.89 | 7.98 <br><sup>6</sup><br>| &nbsp;&nbsp; 6 | &nbsp;&nbsp; .95 <br><sup>7</sup><br>| &nbsp;&nbsp; .90 <br><sup>7</sup><br>| &nbsp;&nbsp; .87 <br><sup>7</sup><br>|
| 12/31/2024 | 18.31 | &nbsp;&nbsp; .07 | &nbsp;&nbsp; .34 | &nbsp;&nbsp; .41 | &nbsp;&nbsp; (.19)<br>| &nbsp;&nbsp; (.65)<br>| &nbsp;&nbsp; (.84)<br>| 17.88 | 2.34 | &nbsp;&nbsp; 5 | &nbsp;&nbsp; .95 | &nbsp;&nbsp; .92 | &nbsp;&nbsp; .40 |
| 12/31/2023 | 16.00 | &nbsp;&nbsp; .06 | 2.50 | 2.56 | &nbsp;&nbsp; (.04)<br>| &nbsp;&nbsp; (.21)<br>| &nbsp;&nbsp; (.25)<br>| 18.31 | 16.15 | &nbsp;&nbsp; 5 | &nbsp;&nbsp; .95 | &nbsp;&nbsp; .90 | &nbsp;&nbsp; .38 |
| 12/31/2022 | 33.93 | &nbsp;&nbsp; — <br><sup>8</sup><br>| &nbsp;&nbsp; (9.43)<br>| &nbsp;&nbsp; (9.43)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (8.50)<br>| &nbsp;&nbsp; (8.50)<br>| 16.00 | &nbsp;&nbsp; (29.54)<br>| &nbsp;&nbsp; 4 | &nbsp;&nbsp; .97 | &nbsp;&nbsp; .94 | &nbsp;&nbsp; — <br><sup>9</sup><br>|
| 12/31/2021 | 32.49 | &nbsp;&nbsp; (.07)<br>| 2.28 | 2.21 | &nbsp;&nbsp; — | &nbsp;&nbsp; (.77)<br>| &nbsp;&nbsp; (.77)<br>| 33.93 | 6.73 | &nbsp;&nbsp; 5 | &nbsp;&nbsp; .99 | &nbsp;&nbsp; .99 | &nbsp;&nbsp; (.21)<br>|
| 12/31/2020 | 26.74 | &nbsp;&nbsp; (.09)<br>| 7.48 | 7.39 | &nbsp;&nbsp; (.05)<br>| &nbsp;&nbsp; (1.59)<br>| &nbsp;&nbsp; (1.64)<br>| 32.49 | 29.72 | &nbsp;&nbsp; 1 | &nbsp;&nbsp; .99 | &nbsp;&nbsp; .99 | &nbsp;&nbsp; (.33)<br>|
| **Class 2:**  | **Class 2:**  | **Class 2:**  | **Class 2:**  | **Class 2:**  | **Class 2:**  | **Class 2:**  | **Class 2:**  | **Class 2:**  | **Class 2:**  | **Class 2:**  | **Class 2:**  | **Class 2:**  | **Class 2:**  |
| 6/30/2025<sup>4,5</sup> <br>| 17.05 | &nbsp;&nbsp; .07 | 1.27 | 1.34 | &nbsp;&nbsp; — | &nbsp;&nbsp; (.40)<br>| &nbsp;&nbsp; (.40)<br>| 17.99 | 7.96 <br><sup>6</sup><br>| &nbsp;&nbsp; 1785 | &nbsp;&nbsp; .95 <br><sup>7</sup><br>| &nbsp;&nbsp; .90 <br><sup>7</sup><br>| &nbsp;&nbsp; .86 <br><sup>7</sup><br>|
| 12/31/2024 | 17.50 | &nbsp;&nbsp; .07 | &nbsp;&nbsp; .32 | &nbsp;&nbsp; .39 | &nbsp;&nbsp; (.19)<br>| &nbsp;&nbsp; (.65)<br>| &nbsp;&nbsp; (.84)<br>| 17.05 | 2.33 | &nbsp;&nbsp; 1733 | &nbsp;&nbsp; .95 | &nbsp;&nbsp; .92 | &nbsp;&nbsp; .41 |
| 12/31/2023 | 15.30 | &nbsp;&nbsp; .06 | 2.39 | 2.45 | &nbsp;&nbsp; (.04)<br>| &nbsp;&nbsp; (.21)<br>| &nbsp;&nbsp; (.25)<br>| 17.50 | 16.17 | &nbsp;&nbsp; 1879 | &nbsp;&nbsp; .95 | &nbsp;&nbsp; .90 | &nbsp;&nbsp; .38 |
| 12/31/2022 | 32.94 | &nbsp;&nbsp; — <br><sup>8</sup><br>| &nbsp;&nbsp; (9.14)<br>| &nbsp;&nbsp; (9.14)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (8.50)<br>| &nbsp;&nbsp; (8.50)<br>| 15.30 | &nbsp;&nbsp; (29.55)<br>| &nbsp;&nbsp; 1762 | &nbsp;&nbsp; .97 | &nbsp;&nbsp; .94 | &nbsp;&nbsp; — <br><sup>9</sup><br>|
| 12/31/2021 | 31.56 | &nbsp;&nbsp; (.10)<br>| 2.25 | 2.15 | &nbsp;&nbsp; — | &nbsp;&nbsp; (.77)<br>| &nbsp;&nbsp; (.77)<br>| 32.94 | 6.74 | &nbsp;&nbsp; 2521 | &nbsp;&nbsp; .99 | &nbsp;&nbsp; .99 | &nbsp;&nbsp; (.30)<br>|
| 12/31/2020 | 26.02 | &nbsp;&nbsp; (.08)<br>| 7.25 | 7.17 | &nbsp;&nbsp; (.04)<br>| &nbsp;&nbsp; (1.59)<br>| &nbsp;&nbsp; (1.63)<br>| 31.56 | 29.72 | &nbsp;&nbsp; 2653 | 1.00 | 1.00 | &nbsp;&nbsp; (.31)<br>|
| **Class 4:**  | **Class 4:**  | **Class 4:**  | **Class 4:**  | **Class 4:**  | **Class 4:**  | **Class 4:**  | **Class 4:**  | **Class 4:**  | **Class 4:**  | **Class 4:**  | **Class 4:**  | **Class 4:**  | **Class 4:**  |
| 6/30/2025<sup>4,5</sup> <br>| 17.01 | &nbsp;&nbsp; .05 | 1.27 | 1.32 | &nbsp;&nbsp; — | &nbsp;&nbsp; (.40)<br>| &nbsp;&nbsp; (.40)<br>| 17.93 | 7.86 <br><sup>6</sup><br>| &nbsp;&nbsp; 390 | 1.20 <br><sup>7</sup><br>| 1.15 <br><sup>7</sup><br>| &nbsp;&nbsp; .61 <br><sup>7</sup><br>|
| 12/31/2024 | 17.46 | &nbsp;&nbsp; .03 | &nbsp;&nbsp; .32 | &nbsp;&nbsp; .35 | &nbsp;&nbsp; (.15)<br>| &nbsp;&nbsp; (.65)<br>| &nbsp;&nbsp; (.80)<br>| 17.01 | 2.12 | &nbsp;&nbsp; 310 | 1.20 | 1.17 | &nbsp;&nbsp; .15 |
| 12/31/2023 | 15.28 | &nbsp;&nbsp; .02 | 2.37 | 2.39 | &nbsp;&nbsp; — <br><sup>8</sup><br>| &nbsp;&nbsp; (.21)<br>| &nbsp;&nbsp; (.21)<br>| 17.46 | 15.79 | &nbsp;&nbsp; 300 | 1.20 | 1.15 | &nbsp;&nbsp; .13 |
| 12/31/2022 | 32.96 | &nbsp;&nbsp; (.05)<br>| &nbsp;&nbsp; (9.13)<br>| &nbsp;&nbsp; (9.18)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (8.50)<br>| &nbsp;&nbsp; (8.50)<br>| 15.28 | &nbsp;&nbsp; (29.69)<br>| &nbsp;&nbsp; 261 | 1.22 | 1.19 | &nbsp;&nbsp; (.25)<br>|
| 12/31/2021 | 31.67 | &nbsp;&nbsp; (.18)<br>| 2.24 | 2.06 | &nbsp;&nbsp; — | &nbsp;&nbsp; (.77)<br>| &nbsp;&nbsp; (.77)<br>| 32.96 | 6.43 | &nbsp;&nbsp; 344 | 1.24 | 1.24 | &nbsp;&nbsp; (.53)<br>|
| 12/31/2020 | 26.16 | &nbsp;&nbsp; (.14)<br>| 7.27 | 7.13 | &nbsp;&nbsp; (.03)<br>| &nbsp;&nbsp; (1.59)<br>| &nbsp;&nbsp; (1.62)<br>| 31.67 | 29.39 | &nbsp;&nbsp; 268 | 1.25 | 1.25 | &nbsp;&nbsp; (.56)<br>|

---

Refer to the end of the table(s) for footnote(s).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **355** | American Funds Insurance Series |

---

------

Financial highlights (continued)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Net asset** <br> **value,** <br> **beginning** <br> **of year** | **Income (loss) from investment operations**<sup>1</sup> | **Income (loss) from investment operations**<sup>1</sup> | **Income (loss) from investment operations**<sup>1</sup> | **Dividends and distributions** | **Dividends and distributions** | **Dividends and distributions** | **Net asset** <br> **value,** <br> **end** <br> **of year** | **Total return** | **Net assets,** <br> **end of year** <br> **(in millions)** | **Ratio of** <br> **expenses** <br> **to average** <br> **net assets**<sup>3</sup>  | **Ratio of** <br> **net income** <br> **(loss)** <br> **to average** <br> **net assets** |
| **Year ended**  | **Net asset** <br> **value,** <br> **beginning** <br> **of year** | **Net** <br> **investment** <br> **income** <br> **(loss)**<br>| **Net gains** <br> **(losses) on** <br> **securities** <br> **(both** <br> **realized and** <br> **unrealized)**<br>| **Total from** <br> **investment** <br> **operations**<br>| **Dividends** <br> **(from net** <br> **investment** <br> **income)**<br>| **Distributions** <br> **(from capital** <br> **gains)**<br>| **Total** <br> **dividends** <br> **and** <br> **distributions**<br>| **Net asset** <br> **value,** <br> **end** <br> **of year** | **Total return** | **Net assets,** <br> **end of year** <br> **(in millions)** | **Ratio of** <br> **expenses** <br> **to average** <br> **net assets**<sup>3</sup>  | **Ratio of** <br> **net income** <br> **(loss)** <br> **to average** <br> **net assets** |
| **Growth Fund** | **Growth Fund** | **Growth Fund** | **Growth Fund** | **Growth Fund** | **Growth Fund** | **Growth Fund** | **Growth Fund** | **Growth Fund** | **Growth Fund** | **Growth Fund** | **Growth Fund** | **Growth Fund** |
| **Class 1:**  | **Class 1:**  | **Class 1:**  | **Class 1:**  | **Class 1:**  | **Class 1:**  | **Class 1:**  | **Class 1:**  | **Class 1:**  | **Class 1:**  | **Class 1:**  | **Class 1:**  | **Class 1:**  |
| 6/30/2025<sup>4,5</sup> <br>| $127.47 | &nbsp;&nbsp; $.21 | &nbsp;&nbsp; $12.28 | &nbsp;&nbsp; $12.49 | &nbsp;&nbsp; $(.26)<br>| &nbsp;&nbsp; $(10.61)<br>| &nbsp;&nbsp; $(10.87)<br>| &nbsp;&nbsp; $129.09 | 10.26 %<sup>6</sup><br>| &nbsp;&nbsp; $23220 | &nbsp;&nbsp; .34 %<sup>7</sup><br>| &nbsp;&nbsp; .33 %<sup>7</sup><br>|
| 12/31/2024 | 99.44 | &nbsp;&nbsp; .51 | 30.78 | 31.29 | &nbsp;&nbsp; (.67)<br>| &nbsp;&nbsp; (2.59)<br>| &nbsp;&nbsp; (3.26)<br>| 127.47 | 31.96 | &nbsp;&nbsp; 21469 | &nbsp;&nbsp; .34 | &nbsp;&nbsp; .45 |
| 12/31/2023 | 76.29 | &nbsp;&nbsp; .57 | 28.16 | 28.73 | &nbsp;&nbsp; (.54)<br>| &nbsp;&nbsp; (5.04)<br>| &nbsp;&nbsp; (5.58)<br>| 99.44 | 38.81 | &nbsp;&nbsp; 17382 | &nbsp;&nbsp; .35 | &nbsp;&nbsp; .65 |
| 12/31/2022 | 127.58 | &nbsp;&nbsp; .58 | &nbsp;&nbsp; (37.03)<br>| &nbsp;&nbsp; (36.45)<br>| &nbsp;&nbsp; (.53)<br>| &nbsp;&nbsp; (14.31)<br>| &nbsp;&nbsp; (14.84)<br>| 76.29 | &nbsp;&nbsp; (29.75)<br>| &nbsp;&nbsp; 13660 | &nbsp;&nbsp; .35 | &nbsp;&nbsp; .64 |
| 12/31/2021 | 120.22 | &nbsp;&nbsp; .46 | 24.29 | 24.75 | &nbsp;&nbsp; (.58)<br>| &nbsp;&nbsp; (16.81)<br>| &nbsp;&nbsp; (17.39)<br>| 127.58 | 22.30 | &nbsp;&nbsp; 19783 | &nbsp;&nbsp; .34 | &nbsp;&nbsp; .37 |
| 12/31/2020 | 81.22 | &nbsp;&nbsp; .43 | 41.28 | 41.71 | &nbsp;&nbsp; (.53)<br>| &nbsp;&nbsp; (2.18)<br>| &nbsp;&nbsp; (2.71)<br>| 120.22 | 52.45 | &nbsp;&nbsp; 15644 | &nbsp;&nbsp; .35 | &nbsp;&nbsp; .46 |
| **Class 1A:**  | **Class 1A:**  | **Class 1A:**  | **Class 1A:**  | **Class 1A:**  | **Class 1A:**  | **Class 1A:**  | **Class 1A:**  | **Class 1A:**  | **Class 1A:**  | **Class 1A:**  | **Class 1A:**  | **Class 1A:**  |
| 6/30/2025<sup>4,5</sup> <br>| 126.11 | &nbsp;&nbsp; .05 | 12.14 | 12.19 | &nbsp;&nbsp; (.21)<br>| &nbsp;&nbsp; (10.61)<br>| &nbsp;&nbsp; (10.82)<br>| 127.48 | 10.13 <br><sup>6</sup><br>| &nbsp;&nbsp; 394 | &nbsp;&nbsp; .59 <br><sup>7</sup><br>| &nbsp;&nbsp; .08 <br><sup>7</sup><br>|
| 12/31/2024 | 98.46 | &nbsp;&nbsp; .22 | 30.43 | 30.65 | &nbsp;&nbsp; (.41)<br>| &nbsp;&nbsp; (2.59)<br>| &nbsp;&nbsp; (3.00)<br>| 126.11 | 31.61 | &nbsp;&nbsp; 377 | &nbsp;&nbsp; .59 | &nbsp;&nbsp; .20 |
| 12/31/2023 | 75.61 | &nbsp;&nbsp; .35 | 27.88 | 28.23 | &nbsp;&nbsp; (.34)<br>| &nbsp;&nbsp; (5.04)<br>| &nbsp;&nbsp; (5.38)<br>| 98.46 | 38.47 | &nbsp;&nbsp; 280 | &nbsp;&nbsp; .60 | &nbsp;&nbsp; .40 |
| 12/31/2022 | 126.70 | &nbsp;&nbsp; .39 | &nbsp;&nbsp; (36.79)<br>| &nbsp;&nbsp; (36.40)<br>| &nbsp;&nbsp; (.38)<br>| &nbsp;&nbsp; (14.31)<br>| &nbsp;&nbsp; (14.69)<br>| 75.61 | &nbsp;&nbsp; (29.93)<br>| &nbsp;&nbsp; 187 | &nbsp;&nbsp; .60 | &nbsp;&nbsp; .45 |
| 12/31/2021 | 119.59 | &nbsp;&nbsp; .16 | 24.11 | 24.27 | &nbsp;&nbsp; (.35)<br>| &nbsp;&nbsp; (16.81)<br>| &nbsp;&nbsp; (17.16)<br>| 126.70 | 21.97 | &nbsp;&nbsp; 121 | &nbsp;&nbsp; .59 | &nbsp;&nbsp; .13 |
| 12/31/2020 | 80.92 | &nbsp;&nbsp; .20 | 41.05 | 41.25 | &nbsp;&nbsp; (.40)<br>| &nbsp;&nbsp; (2.18)<br>| &nbsp;&nbsp; (2.58)<br>| 119.59 | 52.07 | &nbsp;&nbsp; 60 | &nbsp;&nbsp; .60 | &nbsp;&nbsp; .21 |
| **Class 2:**  | **Class 2:**  | **Class 2:**  | **Class 2:**  | **Class 2:**  | **Class 2:**  | **Class 2:**  | **Class 2:**  | **Class 2:**  | **Class 2:**  | **Class 2:**  | **Class 2:**  | **Class 2:**  |
| 6/30/2025<sup>4,5</sup> <br>| 125.79 | &nbsp;&nbsp; .05 | 12.10 | 12.15 | &nbsp;&nbsp; (.21)<br>| &nbsp;&nbsp; (10.61)<br>| &nbsp;&nbsp; (10.82)<br>| 127.12 | 10.12 <br><sup>6</sup><br>| &nbsp;&nbsp; 21211 | &nbsp;&nbsp; .59 <br><sup>7</sup><br>| &nbsp;&nbsp; .08 <br><sup>7</sup><br>|
| 12/31/2024 | 98.20 | &nbsp;&nbsp; .22 | 30.34 | 30.56 | &nbsp;&nbsp; (.38)<br>| &nbsp;&nbsp; (2.59)<br>| &nbsp;&nbsp; (2.97)<br>| 125.79 | 31.61 | &nbsp;&nbsp; 20386 | &nbsp;&nbsp; .59 | &nbsp;&nbsp; .20 |
| 12/31/2023 | 75.41 | &nbsp;&nbsp; .35 | 27.80 | 28.15 | &nbsp;&nbsp; (.32)<br>| &nbsp;&nbsp; (5.04)<br>| &nbsp;&nbsp; (5.36)<br>| 98.20 | 38.49 | &nbsp;&nbsp; 17879 | &nbsp;&nbsp; .60 | &nbsp;&nbsp; .40 |
| 12/31/2022 | 126.28 | &nbsp;&nbsp; .35 | &nbsp;&nbsp; (36.62)<br>| &nbsp;&nbsp; (36.27)<br>| &nbsp;&nbsp; (.29)<br>| &nbsp;&nbsp; (14.31)<br>| &nbsp;&nbsp; (14.60)<br>| 75.41 | &nbsp;&nbsp; (29.94)<br>| &nbsp;&nbsp; 14452 | &nbsp;&nbsp; .60 | &nbsp;&nbsp; .38 |
| 12/31/2021 | 119.18 | &nbsp;&nbsp; .15 | 24.03 | 24.18 | &nbsp;&nbsp; (.27)<br>| &nbsp;&nbsp; (16.81)<br>| &nbsp;&nbsp; (17.08)<br>| 126.28 | 21.97 | &nbsp;&nbsp; 21986 | &nbsp;&nbsp; .59 | &nbsp;&nbsp; .12 |
| 12/31/2020 | 80.57 | &nbsp;&nbsp; .19 | 40.89 | 41.08 | &nbsp;&nbsp; (.29)<br>| &nbsp;&nbsp; (2.18)<br>| &nbsp;&nbsp; (2.47)<br>| 119.18 | 52.10 | &nbsp;&nbsp; 20594 | &nbsp;&nbsp; .60 | &nbsp;&nbsp; .21 |
| **Class 3:**  | **Class 3:**  | **Class 3:**  | **Class 3:**  | **Class 3:**  | **Class 3:**  | **Class 3:**  | **Class 3:**  | **Class 3:**  | **Class 3:**  | **Class 3:**  | **Class 3:**  | **Class 3:**  |
| 6/30/2025<sup>4,5</sup> <br>| 128.88 | &nbsp;&nbsp; .09 | 12.43 | 12.52 | &nbsp;&nbsp; (.22)<br>| &nbsp;&nbsp; (10.61)<br>| &nbsp;&nbsp; (10.83)<br>| 130.57 | 10.16 <br><sup>6</sup><br>| &nbsp;&nbsp; 287 | &nbsp;&nbsp; .52 <br><sup>7</sup><br>| &nbsp;&nbsp; .15 <br><sup>7</sup><br>|
| 12/31/2024 | 100.54 | &nbsp;&nbsp; .30 | 31.09 | 31.39 | &nbsp;&nbsp; (.46)<br>| &nbsp;&nbsp; (2.59)<br>| &nbsp;&nbsp; (3.05)<br>| 128.88 | 31.70 | &nbsp;&nbsp; 276 | &nbsp;&nbsp; .52 | &nbsp;&nbsp; .27 |
| 12/31/2023 | 77.09 | &nbsp;&nbsp; .42 | 28.45 | 28.87 | &nbsp;&nbsp; (.38)<br>| &nbsp;&nbsp; (5.04)<br>| &nbsp;&nbsp; (5.42)<br>| 100.54 | 38.56 | &nbsp;&nbsp; 236 | &nbsp;&nbsp; .53 | &nbsp;&nbsp; .47 |
| 12/31/2022 | 128.68 | &nbsp;&nbsp; .42 | &nbsp;&nbsp; (37.35)<br>| &nbsp;&nbsp; (36.93)<br>| &nbsp;&nbsp; (.35)<br>| &nbsp;&nbsp; (14.31)<br>| &nbsp;&nbsp; (14.66)<br>| 77.09 | &nbsp;&nbsp; (29.89)<br>| &nbsp;&nbsp; 188 | &nbsp;&nbsp; .53 | &nbsp;&nbsp; .45 |
| 12/31/2021 | 121.13 | &nbsp;&nbsp; .24 | 24.47 | 24.71 | &nbsp;&nbsp; (.35)<br>| &nbsp;&nbsp; (16.81)<br>| &nbsp;&nbsp; (17.16)<br>| 128.68 | 22.07 | &nbsp;&nbsp; 302 | &nbsp;&nbsp; .52 | &nbsp;&nbsp; .19 |
| 12/31/2020 | 81.84 | &nbsp;&nbsp; .26 | 41.56 | 41.82 | &nbsp;&nbsp; (.35)<br>| &nbsp;&nbsp; (2.18)<br>| &nbsp;&nbsp; (2.53)<br>| 121.13 | 52.20 | &nbsp;&nbsp; 279 | &nbsp;&nbsp; .53 | &nbsp;&nbsp; .28 |
| **Class 4:**  | **Class 4:**  | **Class 4:**  | **Class 4:**  | **Class 4:**  | **Class 4:**  | **Class 4:**  | **Class 4:**  | **Class 4:**  | **Class 4:**  | **Class 4:**  | **Class 4:**  | **Class 4:**  |
| 6/30/2025<sup>4,5</sup> <br>| 122.38 | &nbsp;&nbsp; (.10)<br>| 11.74 | 11.64 | &nbsp;&nbsp; (.17)<br>| &nbsp;&nbsp; (10.61)<br>| &nbsp;&nbsp; (10.78)<br>| 123.24 | 9.99 <br><sup>6</sup><br>| &nbsp;&nbsp; 6178 | &nbsp;&nbsp; .84 <br><sup>7</sup><br>| &nbsp;&nbsp; (.17 )<sup>7</sup><br>|
| 12/31/2024 | 95.70 | &nbsp;&nbsp; (.06)<br>| 29.52 | 29.46 | &nbsp;&nbsp; (.19)<br>| &nbsp;&nbsp; (2.59)<br>| &nbsp;&nbsp; (2.78)<br>| 122.38 | 31.29 | &nbsp;&nbsp; 5195 | &nbsp;&nbsp; .84 | &nbsp;&nbsp; (.06)<br>|
| 12/31/2023 | 73.64 | &nbsp;&nbsp; .13 | 27.12 | 27.25 | &nbsp;&nbsp; (.15)<br>| &nbsp;&nbsp; (5.04)<br>| &nbsp;&nbsp; (5.19)<br>| 95.70 | 38.13 | &nbsp;&nbsp; 3522 | &nbsp;&nbsp; .85 | &nbsp;&nbsp; .15 |
| 12/31/2022 | 123.79 | &nbsp;&nbsp; .12 | &nbsp;&nbsp; (35.87)<br>| &nbsp;&nbsp; (35.75)<br>| &nbsp;&nbsp; (.09)<br>| &nbsp;&nbsp; (14.31)<br>| &nbsp;&nbsp; (14.40)<br>| 73.64 | &nbsp;&nbsp; (30.11)<br>| &nbsp;&nbsp; 2409 | &nbsp;&nbsp; .85 | &nbsp;&nbsp; .14 |
| 12/31/2021 | 117.24 | &nbsp;&nbsp; (.15)<br>| 23.59 | 23.44 | &nbsp;&nbsp; (.08)<br>| &nbsp;&nbsp; (16.81)<br>| &nbsp;&nbsp; (16.89)<br>| 123.79 | 21.69 | &nbsp;&nbsp; 3214 | &nbsp;&nbsp; .84 | &nbsp;&nbsp; (.13)<br>|
| 12/31/2020 | 79.41 | &nbsp;&nbsp; (.04)<br>| 40.24 | 40.20 | &nbsp;&nbsp; (.19)<br>| &nbsp;&nbsp; (2.18)<br>| &nbsp;&nbsp; (2.37)<br>| 117.24 | 51.71 | &nbsp;&nbsp; 2347 | &nbsp;&nbsp; .85 | &nbsp;&nbsp; (.04)<br>|

---

Refer to the end of the table(s) for footnote(s).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| American Funds Insurance Series | **356** |

---

------

Financial highlights (continued)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Net asset** <br> **value,** <br> **beginning** <br> **of year** | **Income (loss) from investment operations**<sup>1</sup> | **Income (loss) from investment operations**<sup>1</sup> | **Income (loss) from investment operations**<sup>1</sup> | **Dividends and distributions** | **Dividends and distributions** | **Dividends and distributions** | **Net asset** <br> **value,** <br> **end** <br> **of year** | **Total return** | **Net assets,** <br> **end of year** <br> **(in millions)** | **Ratio of** <br> **expenses** <br> **to average** <br> **net assets**<sup>3</sup>  | **Ratio of** <br> **net income** <br> **(loss)** <br> **to average** <br> **net assets** |
| **Year ended**  | **Net asset** <br> **value,** <br> **beginning** <br> **of year** | **Net** <br> **investment** <br> **income** <br> **(loss)**<br>| **Net gains** <br> **(losses) on** <br> **securities** <br> **(both** <br> **realized and** <br> **unrealized)**<br>| **Total from** <br> **investment** <br> **operations**<br>| **Dividends** <br> **(from net** <br> **investment** <br> **income)**<br>| **Distributions** <br> **(from capital** <br> **gains)**<br>| **Total** <br> **dividends** <br> **and** <br> **distributions**<br>| **Net asset** <br> **value,** <br> **end** <br> **of year** | **Total return** | **Net assets,** <br> **end of year** <br> **(in millions)** | **Ratio of** <br> **expenses** <br> **to average** <br> **net assets**<sup>3</sup>  | **Ratio of** <br> **net income** <br> **(loss)** <br> **to average** <br> **net assets** |
| **International Fund** | **International Fund** | **International Fund** | **International Fund** | **International Fund** | **International Fund** | **International Fund** | **International Fund** | **International Fund** | **International Fund** | **International Fund** | **International Fund** | **International Fund** |
| **Class 1:**  | **Class 1:**  | **Class 1:**  | **Class 1:**  | **Class 1:**  | **Class 1:**  | **Class 1:**  | **Class 1:**  | **Class 1:**  | **Class 1:**  | **Class 1:**  | **Class 1:**  | **Class 1:**  |
| 6/30/2025<sup>4,5</sup> <br>| $17.84 | &nbsp;&nbsp; $.25 | &nbsp;&nbsp; $1.92 | &nbsp;&nbsp; $2.17 | &nbsp;&nbsp; $(.01)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $(.01)<br>| &nbsp;&nbsp; $20.00 | 12.18 %<sup>6</sup><br>| &nbsp;&nbsp; $3274 | &nbsp;&nbsp; .52 %<sup>7</sup><br>| 2.71 %<sup>7</sup><br>|
| 12/31/2024 | 17.50 | &nbsp;&nbsp; .23 | &nbsp;&nbsp; .38 | &nbsp;&nbsp; .61 | &nbsp;&nbsp; (.27)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (.27)<br>| 17.84 | 3.40 | &nbsp;&nbsp; 3080 | &nbsp;&nbsp; .52 | 1.26 |
| 12/31/2023 | 15.31 | &nbsp;&nbsp; .25 | 2.20 | 2.45 | &nbsp;&nbsp; (.26)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (.26)<br>| 17.50 | 16.12 | &nbsp;&nbsp; 3353 | &nbsp;&nbsp; .53 | 1.50 |
| 12/31/2022 | 22.70 | &nbsp;&nbsp; .34 | &nbsp;&nbsp; (4.79)<br>| &nbsp;&nbsp; (4.45)<br>| &nbsp;&nbsp; (.34)<br>| &nbsp;&nbsp; (2.60)<br>| &nbsp;&nbsp; (2.94)<br>| 15.31 | &nbsp;&nbsp; (20.57)<br>| &nbsp;&nbsp; 3157 | &nbsp;&nbsp; .54 | 1.95 |
| 12/31/2021 | 23.64 | &nbsp;&nbsp; .38 | &nbsp;&nbsp; (.67)<br>| &nbsp;&nbsp; (.29)<br>| &nbsp;&nbsp; (.65)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (.65)<br>| 22.70 | &nbsp;&nbsp; (1.23)<br>| &nbsp;&nbsp; 4747 | &nbsp;&nbsp; .55 | 1.57 |
| 12/31/2020 | 20.86 | &nbsp;&nbsp; .14 | 2.82 | 2.96 | &nbsp;&nbsp; (.18)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (.18)<br>| 23.64 | 14.28 | &nbsp;&nbsp; 5652 | &nbsp;&nbsp; .55 | &nbsp;&nbsp; .71 |
| **Class 1A:**  | **Class 1A:**  | **Class 1A:**  | **Class 1A:**  | **Class 1A:**  | **Class 1A:**  | **Class 1A:**  | **Class 1A:**  | **Class 1A:**  | **Class 1A:**  | **Class 1A:**  | **Class 1A:**  | **Class 1A:**  |
| 6/30/2025<sup>4,5</sup> <br>| 17.75 | &nbsp;&nbsp; .22 | 1.91 | 2.13 | &nbsp;&nbsp; (.01)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (.01)<br>| 19.87 | 11.97 <br><sup>6</sup><br>| &nbsp;&nbsp; 14 | &nbsp;&nbsp; .77 <br><sup>7</sup><br>| 2.47 <br><sup>7</sup><br>|
| 12/31/2024 | 17.41 | &nbsp;&nbsp; .18 | &nbsp;&nbsp; .38 | &nbsp;&nbsp; .56 | &nbsp;&nbsp; (.22)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (.22)<br>| 17.75 | 3.17 | &nbsp;&nbsp; 13 | &nbsp;&nbsp; .77 | &nbsp;&nbsp; .99 |
| 12/31/2023 | 15.23 | &nbsp;&nbsp; .21 | 2.19 | 2.40 | &nbsp;&nbsp; (.22)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (.22)<br>| 17.41 | 15.85 | &nbsp;&nbsp; 12 | &nbsp;&nbsp; .78 | 1.24 |
| 12/31/2022 | 22.61 | &nbsp;&nbsp; .30 | &nbsp;&nbsp; (4.78)<br>| &nbsp;&nbsp; (4.48)<br>| &nbsp;&nbsp; (.30)<br>| &nbsp;&nbsp; (2.60)<br>| &nbsp;&nbsp; (2.90)<br>| 15.23 | &nbsp;&nbsp; (20.80)<br>| &nbsp;&nbsp; 10 | &nbsp;&nbsp; .79 | 1.73 |
| 12/31/2021 | 23.55 | &nbsp;&nbsp; .33 | &nbsp;&nbsp; (.67)<br>| &nbsp;&nbsp; (.34)<br>| &nbsp;&nbsp; (.60)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (.60)<br>| 22.61 | &nbsp;&nbsp; (1.47)<br>| &nbsp;&nbsp; 12 | &nbsp;&nbsp; .80 | 1.39 |
| 12/31/2020 | 20.80 | &nbsp;&nbsp; .08 | 2.81 | 2.89 | &nbsp;&nbsp; (.14)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (.14)<br>| 23.55 | 13.96 | &nbsp;&nbsp; 10 | &nbsp;&nbsp; .80 | &nbsp;&nbsp; .43 |
| **Class 2:**  | **Class 2:**  | **Class 2:**  | **Class 2:**  | **Class 2:**  | **Class 2:**  | **Class 2:**  | **Class 2:**  | **Class 2:**  | **Class 2:**  | **Class 2:**  | **Class 2:**  | **Class 2:**  |
| 6/30/2025<sup>4,5</sup> <br>| 17.75 | &nbsp;&nbsp; .22 | 1.91 | 2.13 | &nbsp;&nbsp; — <br><sup>8</sup><br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — <br><sup>8</sup><br>| 19.88 | 12.03 <br><sup>6</sup><br>| &nbsp;&nbsp; 3399 | &nbsp;&nbsp; .77 <br><sup>7</sup><br>| 2.46 <br><sup>7</sup><br>|
| 12/31/2024 | 17.41 | &nbsp;&nbsp; .19 | &nbsp;&nbsp; .37 | &nbsp;&nbsp; .56 | &nbsp;&nbsp; (.22)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (.22)<br>| 17.75 | 3.16 | &nbsp;&nbsp; 3238 | &nbsp;&nbsp; .77 | 1.00 |
| 12/31/2023 | 15.23 | &nbsp;&nbsp; .21 | 2.19 | 2.40 | &nbsp;&nbsp; (.22)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (.22)<br>| 17.41 | 15.84 | &nbsp;&nbsp; 3382 | &nbsp;&nbsp; .78 | 1.24 |
| 12/31/2022 | 22.60 | &nbsp;&nbsp; .29 | &nbsp;&nbsp; (4.76)<br>| &nbsp;&nbsp; (4.47)<br>| &nbsp;&nbsp; (.30)<br>| &nbsp;&nbsp; (2.60)<br>| &nbsp;&nbsp; (2.90)<br>| 15.23 | &nbsp;&nbsp; (20.79)<br>| &nbsp;&nbsp; 3164 | &nbsp;&nbsp; .79 | 1.71 |
| 12/31/2021 | 23.54 | &nbsp;&nbsp; .33 | &nbsp;&nbsp; (.68)<br>| &nbsp;&nbsp; (.35)<br>| &nbsp;&nbsp; (.59)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (.59)<br>| 22.60 | &nbsp;&nbsp; (1.49)<br>| &nbsp;&nbsp; 4190 | &nbsp;&nbsp; .80 | 1.35 |
| 12/31/2020 | 20.78 | &nbsp;&nbsp; .09 | 2.80 | 2.89 | &nbsp;&nbsp; (.13)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (.13)<br>| 23.54 | 13.97 | &nbsp;&nbsp; 4481 | &nbsp;&nbsp; .80 | &nbsp;&nbsp; .46 |
| **Class 3:**  | **Class 3:**  | **Class 3:**  | **Class 3:**  | **Class 3:**  | **Class 3:**  | **Class 3:**  | **Class 3:**  | **Class 3:**  | **Class 3:**  | **Class 3:**  | **Class 3:**  | **Class 3:**  |
| 6/30/2025<sup>4,5</sup> <br>| 17.90 | &nbsp;&nbsp; .23 | 1.94 | 2.17 | &nbsp;&nbsp; (.01)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (.01)<br>| 20.06 | 12.11 <br><sup>6</sup><br>| &nbsp;&nbsp; 15 | &nbsp;&nbsp; .70 <br><sup>7</sup><br>| 2.54 <br><sup>7</sup><br>|
| 12/31/2024 | 17.56 | &nbsp;&nbsp; .20 | &nbsp;&nbsp; .37 | &nbsp;&nbsp; .57 | &nbsp;&nbsp; (.23)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (.23)<br>| 17.90 | 3.19 | &nbsp;&nbsp; 15 | &nbsp;&nbsp; .70 | 1.08 |
| 12/31/2023 | 15.35 | &nbsp;&nbsp; .22 | 2.22 | 2.44 | &nbsp;&nbsp; (.23)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (.23)<br>| 17.56 | 15.99 | &nbsp;&nbsp; 17 | &nbsp;&nbsp; .71 | 1.32 |
| 12/31/2022 | 22.76 | &nbsp;&nbsp; .31 | &nbsp;&nbsp; (4.81)<br>| &nbsp;&nbsp; (4.50)<br>| &nbsp;&nbsp; (.31)<br>| &nbsp;&nbsp; (2.60)<br>| &nbsp;&nbsp; (2.91)<br>| 15.35 | &nbsp;&nbsp; (20.76)<br>| &nbsp;&nbsp; 16 | &nbsp;&nbsp; .72 | 1.78 |
| 12/31/2021 | 23.69 | &nbsp;&nbsp; .34 | &nbsp;&nbsp; (.67)<br>| &nbsp;&nbsp; (.33)<br>| &nbsp;&nbsp; (.60)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (.60)<br>| 22.76 | &nbsp;&nbsp; (1.39)<br>| &nbsp;&nbsp; 21 | &nbsp;&nbsp; .73 | 1.41 |
| 12/31/2020 | 20.92 | &nbsp;&nbsp; .10 | 2.81 | 2.91 | &nbsp;&nbsp; (.14)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (.14)<br>| 23.69 | 14.00 | &nbsp;&nbsp; 25 | &nbsp;&nbsp; .73 | &nbsp;&nbsp; .53 |
| **Class 4:**  | **Class 4:**  | **Class 4:**  | **Class 4:**  | **Class 4:**  | **Class 4:**  | **Class 4:**  | **Class 4:**  | **Class 4:**  | **Class 4:**  | **Class 4:**  | **Class 4:**  | **Class 4:**  |
| 6/30/2025<sup>4,5</sup> <br>| 17.46 | &nbsp;&nbsp; .20 | 1.87 | 2.07 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | 19.53 | 11.86 <br><sup>6</sup><br>| &nbsp;&nbsp; 507 | 1.02 <br><sup>7</sup><br>| 2.24 <br><sup>7</sup><br>|
| 12/31/2024 | 17.13 | &nbsp;&nbsp; .14 | &nbsp;&nbsp; .37 | &nbsp;&nbsp; .51 | &nbsp;&nbsp; (.18)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (.18)<br>| 17.46 | 2.93 | &nbsp;&nbsp; 441 | 1.02 | &nbsp;&nbsp; .74 |
| 12/31/2023 | 14.99 | &nbsp;&nbsp; .16 | 2.16 | 2.32 | &nbsp;&nbsp; (.18)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (.18)<br>| 17.13 | 15.56 | &nbsp;&nbsp; 415 | 1.03 | &nbsp;&nbsp; .99 |
| 12/31/2022 | 22.31 | &nbsp;&nbsp; .25 | &nbsp;&nbsp; (4.71)<br>| &nbsp;&nbsp; (4.46)<br>| &nbsp;&nbsp; (.26)<br>| &nbsp;&nbsp; (2.60)<br>| &nbsp;&nbsp; (2.86)<br>| 14.99 | &nbsp;&nbsp; (21.02)<br>| &nbsp;&nbsp; 373 | 1.04 | 1.47 |
| 12/31/2021 | 23.25 | &nbsp;&nbsp; .27 | &nbsp;&nbsp; (.67)<br>| &nbsp;&nbsp; (.40)<br>| &nbsp;&nbsp; (.54)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (.54)<br>| 22.31 | &nbsp;&nbsp; (1.71)<br>| &nbsp;&nbsp; 459 | 1.05 | 1.13 |
| 12/31/2020 | 20.54 | &nbsp;&nbsp; .04 | 2.76 | 2.80 | &nbsp;&nbsp; (.09)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (.09)<br>| 23.25 | 13.66 | &nbsp;&nbsp; 423 | 1.05 | &nbsp;&nbsp; .21 |

---

Refer to the end of the table(s) for footnote(s).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **357** | American Funds Insurance Series |

---

------

Financial highlights (continued)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Net asset** <br> **value,** <br> **beginning** <br> **of year** | **Income (loss) from investment operations**<sup>1</sup> | **Income (loss) from investment operations**<sup>1</sup> | **Income (loss) from investment operations**<sup>1</sup> | **Dividends and distributions** | **Dividends and distributions** | **Dividends and distributions** | **Net asset** <br> **value,** <br> **end** <br> **of year** | **Total return**<sup>2</sup>  | **Net assets,** <br> **end of year** <br> **(in millions)** | **Ratio of** <br> **expenses to** <br> **average net** <br> **assets before** <br> **waivers/** <br> **reimbursements**<sup>3</sup>  | **Ratio of** <br> **expenses to** <br> **average net** <br> **assets after** <br> **waivers/** <br> **reimbursements**<sup>2,3</sup>  | **Ratio of** <br> **net income** <br> **(loss)** <br> **to average** <br> **net assets**<sup>2</sup>  |
| **Year ended**  | **Net asset** <br> **value,** <br> **beginning** <br> **of year** | **Net** <br> **investment** <br> **income** <br> **(loss)**<br>| **Net gains** <br> **(losses) on** <br> **securities** <br> **(both** <br> **realized and** <br> **unrealized)**<br>| **Total from** <br> **investment** <br> **operations**<br>| **Dividends** <br> **(from net** <br> **investment** <br> **income)**<br>| **Distributions** <br> **(from capital** <br> **gains)**<br>| **Total** <br> **dividends** <br> **and** <br> **distributions**<br>| **Net asset** <br> **value,** <br> **end** <br> **of year** | **Total return**<sup>2</sup>  | **Net assets,** <br> **end of year** <br> **(in millions)** | **Ratio of** <br> **expenses to** <br> **average net** <br> **assets before** <br> **waivers/** <br> **reimbursements**<sup>3</sup>  | **Ratio of** <br> **expenses to** <br> **average net** <br> **assets after** <br> **waivers/** <br> **reimbursements**<sup>2,3</sup>  | **Ratio of** <br> **net income** <br> **(loss)** <br> **to average** <br> **net assets**<sup>2</sup>  |
| **New World Fund** | **New World Fund** | **New World Fund** | **New World Fund** | **New World Fund** | **New World Fund** | **New World Fund** | **New World Fund** | **New World Fund** | **New World Fund** | **New World Fund** | **New World Fund** | **New World Fund** | **New World Fund** |
| **Class 1:**  | **Class 1:**  | **Class 1:**  | **Class 1:**  | **Class 1:**  | **Class 1:**  | **Class 1:**  | **Class 1:**  | **Class 1:**  | **Class 1:**  | **Class 1:**  | **Class 1:**  | **Class 1:**  | **Class 1:**  |
| 6/30/2025<sup>4,5</sup> <br>| $26.67 | &nbsp;&nbsp; $.31 | &nbsp;&nbsp; $3.80 | &nbsp;&nbsp; $4.11 | &nbsp;&nbsp; $(.04)<br>| &nbsp;&nbsp; $(1.21)<br>| &nbsp;&nbsp; $(1.25)<br>| &nbsp;&nbsp; $29.53 | 15.63 %<sup>6</sup><br>| &nbsp;&nbsp; $1964 | &nbsp;&nbsp; .64 %<sup>7</sup><br>| &nbsp;&nbsp; .57 %<sup>7</sup><br>| 2.24 %<sup>7</sup><br>|
| 12/31/2024 | 25.48 | &nbsp;&nbsp; .43 | 1.32 | 1.75 | &nbsp;&nbsp; (.44)<br>| &nbsp;&nbsp; (.12)<br>| &nbsp;&nbsp; (.56)<br>| 26.67 | 6.86 | &nbsp;&nbsp; 1800 | &nbsp;&nbsp; .64 | &nbsp;&nbsp; .57 | 1.60 |
| 12/31/2023 | 22.30 | &nbsp;&nbsp; .40 | 3.19 | 3.59 | &nbsp;&nbsp; (.41)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (.41)<br>| 25.48 | 16.22 | &nbsp;&nbsp; 1778 | &nbsp;&nbsp; .64 | &nbsp;&nbsp; .57 | 1.64 |
| 12/31/2022 | 31.83 | &nbsp;&nbsp; .37 | &nbsp;&nbsp; (7.17)<br>| &nbsp;&nbsp; (6.80)<br>| &nbsp;&nbsp; (.39)<br>| &nbsp;&nbsp; (2.34)<br>| &nbsp;&nbsp; (2.73)<br>| 22.30 | &nbsp;&nbsp; (21.86)<br>| &nbsp;&nbsp; 1610 | &nbsp;&nbsp; .68 | &nbsp;&nbsp; .57 | 1.48 |
| 12/31/2021 | 31.59 | &nbsp;&nbsp; .29 | 1.38 | 1.67 | &nbsp;&nbsp; (.36)<br>| &nbsp;&nbsp; (1.07)<br>| &nbsp;&nbsp; (1.43)<br>| 31.83 | 5.16 | &nbsp;&nbsp; 2443 | &nbsp;&nbsp; .74 | &nbsp;&nbsp; .56 | &nbsp;&nbsp; .88 |
| 12/31/2020 | 25.84 | &nbsp;&nbsp; .15 | 5.93 | 6.08 | &nbsp;&nbsp; (.06)<br>| &nbsp;&nbsp; (.27)<br>| &nbsp;&nbsp; (.33)<br>| 31.59 | 23.89 | &nbsp;&nbsp; 2309 | &nbsp;&nbsp; .76 | &nbsp;&nbsp; .64 | &nbsp;&nbsp; .58 |
| **Class 1A:**  | **Class 1A:**  | **Class 1A:**  | **Class 1A:**  | **Class 1A:**  | **Class 1A:**  | **Class 1A:**  | **Class 1A:**  | **Class 1A:**  | **Class 1A:**  | **Class 1A:**  | **Class 1A:**  | **Class 1A:**  | **Class 1A:**  |
| 6/30/2025<sup>4,5</sup> <br>| 26.53 | &nbsp;&nbsp; .27 | 3.78 | 4.05 | &nbsp;&nbsp; (.03)<br>| &nbsp;&nbsp; (1.21)<br>| &nbsp;&nbsp; (1.24)<br>| 29.34 | 15.48 <br><sup>6</sup><br>| &nbsp;&nbsp; 12 | &nbsp;&nbsp; .89 <br><sup>7</sup><br>| &nbsp;&nbsp; .82 <br><sup>7</sup><br>| 1.95 <br><sup>7</sup><br>|
| 12/31/2024 | 25.36 | &nbsp;&nbsp; .36 | 1.31 | 1.67 | &nbsp;&nbsp; (.38)<br>| &nbsp;&nbsp; (.12)<br>| &nbsp;&nbsp; (.50)<br>| 26.53 | 6.58 | &nbsp;&nbsp; 12 | &nbsp;&nbsp; .89 | &nbsp;&nbsp; .82 | 1.33 |
| 12/31/2023 | 22.19 | &nbsp;&nbsp; .33 | 3.20 | 3.53 | &nbsp;&nbsp; (.36)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (.36)<br>| 25.36 | 15.98 | &nbsp;&nbsp; 10 | &nbsp;&nbsp; .89 | &nbsp;&nbsp; .82 | 1.38 |
| 12/31/2022 | 31.70 | &nbsp;&nbsp; .30 | &nbsp;&nbsp; (7.15)<br>| &nbsp;&nbsp; (6.85)<br>| &nbsp;&nbsp; (.32)<br>| &nbsp;&nbsp; (2.34)<br>| &nbsp;&nbsp; (2.66)<br>| 22.19 | &nbsp;&nbsp; (22.09)<br>| &nbsp;&nbsp; 9 | &nbsp;&nbsp; .93 | &nbsp;&nbsp; .82 | 1.24 |
| 12/31/2021 | 31.43 | &nbsp;&nbsp; .17 | 1.41 | 1.58 | &nbsp;&nbsp; (.24)<br>| &nbsp;&nbsp; (1.07)<br>| &nbsp;&nbsp; (1.31)<br>| 31.70 | 4.90 | &nbsp;&nbsp; 12 | &nbsp;&nbsp; .99 | &nbsp;&nbsp; .81 | &nbsp;&nbsp; .54 |
| 12/31/2020 | 25.74 | &nbsp;&nbsp; .07 | 5.92 | 5.99 | &nbsp;&nbsp; (.03)<br>| &nbsp;&nbsp; (.27)<br>| &nbsp;&nbsp; (.30)<br>| 31.43 | 23.63 | &nbsp;&nbsp; 18 | 1.01 | &nbsp;&nbsp; .87 | &nbsp;&nbsp; .26 |
| **Class 2:**  | **Class 2:**  | **Class 2:**  | **Class 2:**  | **Class 2:**  | **Class 2:**  | **Class 2:**  | **Class 2:**  | **Class 2:**  | **Class 2:**  | **Class 2:**  | **Class 2:**  | **Class 2:**  | **Class 2:**  |
| 6/30/2025<sup>4,5</sup> <br>| 26.33 | &nbsp;&nbsp; .27 | 3.75 | 4.02 | &nbsp;&nbsp; (.03)<br>| &nbsp;&nbsp; (1.21)<br>| &nbsp;&nbsp; (1.24)<br>| 29.11 | 15.48 <br><sup>6</sup><br>| &nbsp;&nbsp; 852 | &nbsp;&nbsp; .89 <br><sup>7</sup><br>| &nbsp;&nbsp; .82 <br><sup>7</sup><br>| 1.99 <br><sup>7</sup><br>|
| 12/31/2024 | 25.17 | &nbsp;&nbsp; .36 | 1.30 | 1.66 | &nbsp;&nbsp; (.38)<br>| &nbsp;&nbsp; (.12)<br>| &nbsp;&nbsp; (.50)<br>| 26.33 | 6.55 | &nbsp;&nbsp; 791 | &nbsp;&nbsp; .89 | &nbsp;&nbsp; .82 | 1.36 |
| 12/31/2023 | 22.02 | &nbsp;&nbsp; .33 | 3.17 | 3.50 | &nbsp;&nbsp; (.35)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (.35)<br>| 25.17 | 15.99 | &nbsp;&nbsp; 803 | &nbsp;&nbsp; .89 | &nbsp;&nbsp; .82 | 1.39 |
| 12/31/2022 | 31.48 | &nbsp;&nbsp; .30 | &nbsp;&nbsp; (7.10)<br>| &nbsp;&nbsp; (6.80)<br>| &nbsp;&nbsp; (.32)<br>| &nbsp;&nbsp; (2.34)<br>| &nbsp;&nbsp; (2.66)<br>| 22.02 | &nbsp;&nbsp; (22.10)<br>| &nbsp;&nbsp; 764 | &nbsp;&nbsp; .93 | &nbsp;&nbsp; .82 | 1.24 |
| 12/31/2021 | 31.25 | &nbsp;&nbsp; .20 | 1.38 | 1.58 | &nbsp;&nbsp; (.28)<br>| &nbsp;&nbsp; (1.07)<br>| &nbsp;&nbsp; (1.35)<br>| 31.48 | 4.92 | &nbsp;&nbsp; 1086 | &nbsp;&nbsp; .99 | &nbsp;&nbsp; .81 | &nbsp;&nbsp; .63 |
| 12/31/2020 | 25.59 | &nbsp;&nbsp; .08 | 5.87 | 5.95 | &nbsp;&nbsp; (.02)<br>| &nbsp;&nbsp; (.27)<br>| &nbsp;&nbsp; (.29)<br>| 31.25 | 23.58 | &nbsp;&nbsp; 1109 | 1.01 | &nbsp;&nbsp; .89 | &nbsp;&nbsp; .34 |
| **Class 4:**  | **Class 4:**  | **Class 4:**  | **Class 4:**  | **Class 4:**  | **Class 4:**  | **Class 4:**  | **Class 4:**  | **Class 4:**  | **Class 4:**  | **Class 4:**  | **Class 4:**  | **Class 4:**  | **Class 4:**  |
| 6/30/2025<sup>4,5</sup> <br>| 26.09 | &nbsp;&nbsp; .23 | 3.72 | 3.95 | &nbsp;&nbsp; (.02)<br>| &nbsp;&nbsp; (1.21)<br>| &nbsp;&nbsp; (1.23)<br>| 28.81 | 15.31 <br><sup>6</sup><br>| &nbsp;&nbsp; 900 | 1.14 <br><sup>7</sup><br>| 1.07 <br><sup>7</sup><br>| 1.75 <br><sup>7</sup><br>|
| 12/31/2024 | 24.95 | &nbsp;&nbsp; .29 | 1.28 | 1.57 | &nbsp;&nbsp; (.31)<br>| &nbsp;&nbsp; (.12)<br>| &nbsp;&nbsp; (.43)<br>| 26.09 | 6.33 | &nbsp;&nbsp; 809 | 1.14 | 1.07 | 1.10 |
| 12/31/2023 | 21.84 | &nbsp;&nbsp; .27 | 3.14 | 3.41 | &nbsp;&nbsp; (.30)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (.30)<br>| 24.95 | 15.67 | &nbsp;&nbsp; 787 | 1.14 | 1.07 | 1.14 |
| 12/31/2022 | 31.24 | &nbsp;&nbsp; .24 | &nbsp;&nbsp; (7.03)<br>| &nbsp;&nbsp; (6.79)<br>| &nbsp;&nbsp; (.27)<br>| &nbsp;&nbsp; (2.34)<br>| &nbsp;&nbsp; (2.61)<br>| 21.84 | &nbsp;&nbsp; (22.25)<br>| &nbsp;&nbsp; 701 | 1.18 | 1.07 | &nbsp;&nbsp; .99 |
| 12/31/2021 | 31.04 | &nbsp;&nbsp; .12 | 1.36 | 1.48 | &nbsp;&nbsp; (.21)<br>| &nbsp;&nbsp; (1.07)<br>| &nbsp;&nbsp; (1.28)<br>| 31.24 | 4.63 | &nbsp;&nbsp; 906 | 1.24 | 1.06 | &nbsp;&nbsp; .38 |
| 12/31/2020 | 25.47 | &nbsp;&nbsp; .02 | 5.83 | 5.85 | &nbsp;&nbsp; (.01)<br>| &nbsp;&nbsp; (.27)<br>| &nbsp;&nbsp; (.28)<br>| 31.04 | 23.29 | &nbsp;&nbsp; 807 | 1.26 | 1.14 | &nbsp;&nbsp; .08 |

---

Refer to the end of the table(s) for footnote(s).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| American Funds Insurance Series | **358** |

---

------

Financial highlights (continued)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Net asset** <br> **value,** <br> **beginning** <br> **of year** | **Income (loss) from investment operations**<sup>1</sup> | **Income (loss) from investment operations**<sup>1</sup> | **Income (loss) from investment operations**<sup>1</sup> | **Dividends and distributions** | **Dividends and distributions** | **Dividends and distributions** | **Net asset** <br> **value,** <br> **end** <br> **of year** | **Total return**<sup>2</sup>  | **Net assets,** <br> **end of year** <br> **(in millions)** | **Ratio of** <br> **expenses to** <br> **average net** <br> **assets before** <br> **waivers/** <br> **reimbursements**<sup>3</sup>  | **Ratio of** <br> **expenses to** <br> **average net** <br> **assets after** <br> **waivers/** <br> **reimbursements**<sup>2,3</sup>  | **Ratio of** <br> **net income** <br> **(loss)** <br> **to average** <br> **net assets**<sup>2</sup>  |
| **Year ended**  | **Net asset** <br> **value,** <br> **beginning** <br> **of year** | **Net** <br> **investment** <br> **income** <br> **(loss)**<br>| **Net gains** <br> **(losses) on** <br> **securities** <br> **(both** <br> **realized and** <br> **unrealized)**<br>| **Total from** <br> **investment** <br> **operations**<br>| **Dividends** <br> **(from net** <br> **investment** <br> **income)**<br>| **Distributions** <br> **(from capital** <br> **gains)**<br>| **Total** <br> **dividends** <br> **and** <br> **distributions**<br>| **Net asset** <br> **value,** <br> **end** <br> **of year** | **Total return**<sup>2</sup>  | **Net assets,** <br> **end of year** <br> **(in millions)** | **Ratio of** <br> **expenses to** <br> **average net** <br> **assets before** <br> **waivers/** <br> **reimbursements**<sup>3</sup>  | **Ratio of** <br> **expenses to** <br> **average net** <br> **assets after** <br> **waivers/** <br> **reimbursements**<sup>2,3</sup>  | **Ratio of** <br> **net income** <br> **(loss)** <br> **to average** <br> **net assets**<sup>2</sup>  |
| **Washington Mutual Investors Fund** | **Washington Mutual Investors Fund** | **Washington Mutual Investors Fund** | **Washington Mutual Investors Fund** | **Washington Mutual Investors Fund** | **Washington Mutual Investors Fund** | **Washington Mutual Investors Fund** | **Washington Mutual Investors Fund** | **Washington Mutual Investors Fund** | **Washington Mutual Investors Fund** | **Washington Mutual Investors Fund** | **Washington Mutual Investors Fund** | **Washington Mutual Investors Fund** | **Washington Mutual Investors Fund** |
| **Class 1:**  | **Class 1:**  | **Class 1:**  | **Class 1:**  | **Class 1:**  | **Class 1:**  | **Class 1:**  | **Class 1:**  | **Class 1:**  | **Class 1:**  | **Class 1:**  | **Class 1:**  | **Class 1:**  | **Class 1:**  |
| 6/30/2025<sup>4,5</sup> <br>| $16.86 | &nbsp;&nbsp; $.15 | &nbsp;&nbsp; $1.35 | &nbsp;&nbsp; $1.50 | &nbsp;&nbsp; $(.06)<br>| &nbsp;&nbsp; $(1.20)<br>| &nbsp;&nbsp; $(1.26)<br>| &nbsp;&nbsp; $17.10 | 9.17 %<sup>6</sup><br>| &nbsp;&nbsp; $6488 | &nbsp;&nbsp; .41 %<sup>7</sup><br>| &nbsp;&nbsp; .26 %<sup>7</sup><br>| 1.79 %<sup>7</sup><br>|
| 12/31/2024 | 14.49 | &nbsp;&nbsp; .29 | 2.51 | 2.80 | &nbsp;&nbsp; (.30)<br>| &nbsp;&nbsp; (.13)<br>| &nbsp;&nbsp; (.43)<br>| 16.86 | 19.40 | &nbsp;&nbsp; 6269 | &nbsp;&nbsp; .41 | &nbsp;&nbsp; .26 | 1.78 |
| 12/31/2023 | 12.69 | &nbsp;&nbsp; .28 | 1.92 | 2.20 | &nbsp;&nbsp; (.28)<br>| &nbsp;&nbsp; (.12)<br>| &nbsp;&nbsp; (.40)<br>| 14.49 | 17.66 | &nbsp;&nbsp; 6020 | &nbsp;&nbsp; .41 | &nbsp;&nbsp; .27 | 2.07 |
| 12/31/2022 | 18.09 | &nbsp;&nbsp; .31 | &nbsp;&nbsp; (1.69)<br>| &nbsp;&nbsp; (1.38)<br>| &nbsp;&nbsp; (.30)<br>| &nbsp;&nbsp; (3.72)<br>| &nbsp;&nbsp; (4.02)<br>| 12.69 | &nbsp;&nbsp; (8.28)<br>| &nbsp;&nbsp; 5507 | &nbsp;&nbsp; .41 | &nbsp;&nbsp; .26 | 2.13 |
| 12/31/2021 | 14.35 | &nbsp;&nbsp; .29 | 3.73 | 4.02 | &nbsp;&nbsp; (.28)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (.28)<br>| 18.09 | 28.12 | &nbsp;&nbsp; 6766 | &nbsp;&nbsp; .42 | &nbsp;&nbsp; .31 | 1.79 |
| 12/31/2020 | 13.56 | &nbsp;&nbsp; .25 | &nbsp;&nbsp; .95 | 1.20 | &nbsp;&nbsp; (.26)<br>| &nbsp;&nbsp; (.15)<br>| &nbsp;&nbsp; (.41)<br>| 14.35 | 9.04 | &nbsp;&nbsp; 5684 | &nbsp;&nbsp; .43 | &nbsp;&nbsp; .43 | 2.00 |
| **Class 1A:**  | **Class 1A:**  | **Class 1A:**  | **Class 1A:**  | **Class 1A:**  | **Class 1A:**  | **Class 1A:**  | **Class 1A:**  | **Class 1A:**  | **Class 1A:**  | **Class 1A:**  | **Class 1A:**  | **Class 1A:**  | **Class 1A:**  |
| 6/30/2025<sup>4,5</sup> <br>| 16.79 | &nbsp;&nbsp; .13 | 1.34 | 1.47 | &nbsp;&nbsp; (.06)<br>| &nbsp;&nbsp; (1.20)<br>| &nbsp;&nbsp; (1.26)<br>| 17.00 | 8.99 <br><sup>6</sup><br>| &nbsp;&nbsp; 34 | &nbsp;&nbsp; .66 <br><sup>7</sup><br>| &nbsp;&nbsp; .51 <br><sup>7</sup><br>| 1.54 <br><sup>7</sup><br>|
| 12/31/2024 | 14.43 | &nbsp;&nbsp; .25 | 2.50 | 2.75 | &nbsp;&nbsp; (.26)<br>| &nbsp;&nbsp; (.13)<br>| &nbsp;&nbsp; (.39)<br>| 16.79 | 19.15 | &nbsp;&nbsp; 29 | &nbsp;&nbsp; .66 | &nbsp;&nbsp; .51 | 1.53 |
| 12/31/2023 | 12.61 | &nbsp;&nbsp; .23 | 1.92 | 2.15 | &nbsp;&nbsp; (.21)<br>| &nbsp;&nbsp; (.12)<br>| &nbsp;&nbsp; (.33)<br>| 14.43 | 17.29 | &nbsp;&nbsp; 23 | &nbsp;&nbsp; .66 | &nbsp;&nbsp; .52 | 1.77 |
| 12/31/2022 | 17.96 | &nbsp;&nbsp; .27 | &nbsp;&nbsp; (1.67)<br>| &nbsp;&nbsp; (1.40)<br>| &nbsp;&nbsp; (.23)<br>| &nbsp;&nbsp; (3.72)<br>| &nbsp;&nbsp; (3.95)<br>| 12.61 | &nbsp;&nbsp; (8.45)<br>| &nbsp;&nbsp; 64 | &nbsp;&nbsp; .66 | &nbsp;&nbsp; .51 | 1.76 |
| 12/31/2021 | 14.28 | &nbsp;&nbsp; .27 | 3.67 | 3.94 | &nbsp;&nbsp; (.26)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (.26)<br>| 17.96 | 27.70 | &nbsp;&nbsp; 169 | &nbsp;&nbsp; .67 | &nbsp;&nbsp; .53 | 1.62 |
| 12/31/2020 | 13.51 | &nbsp;&nbsp; .23 | &nbsp;&nbsp; .93 | 1.16 | &nbsp;&nbsp; (.24)<br>| &nbsp;&nbsp; (.15)<br>| &nbsp;&nbsp; (.39)<br>| 14.28 | 8.79 | &nbsp;&nbsp; 25 | &nbsp;&nbsp; .67 | &nbsp;&nbsp; .67 | 1.78 |
| **Class 2:**  | **Class 2:**  | **Class 2:**  | **Class 2:**  | **Class 2:**  | **Class 2:**  | **Class 2:**  | **Class 2:**  | **Class 2:**  | **Class 2:**  | **Class 2:**  | **Class 2:**  | **Class 2:**  | **Class 2:**  |
| 6/30/2025<sup>4,5</sup> <br>| 16.53 | &nbsp;&nbsp; .13 | 1.32 | 1.45 | &nbsp;&nbsp; (.06)<br>| &nbsp;&nbsp; (1.20)<br>| &nbsp;&nbsp; (1.26)<br>| 16.72 | 9.01 <br><sup>6</sup><br>| &nbsp;&nbsp; 3098 | &nbsp;&nbsp; .66 <br><sup>7</sup><br>| &nbsp;&nbsp; .51 <br><sup>7</sup><br>| 1.54 <br><sup>7</sup><br>|
| 12/31/2024 | 14.21 | &nbsp;&nbsp; .24 | 2.47 | 2.71 | &nbsp;&nbsp; (.26)<br>| &nbsp;&nbsp; (.13)<br>| &nbsp;&nbsp; (.39)<br>| 16.53 | 19.14 | &nbsp;&nbsp; 3002 | &nbsp;&nbsp; .66 | &nbsp;&nbsp; .51 | 1.53 |
| 12/31/2023 | 12.46 | &nbsp;&nbsp; .24 | 1.88 | 2.12 | &nbsp;&nbsp; (.25)<br>| &nbsp;&nbsp; (.12)<br>| &nbsp;&nbsp; (.37)<br>| 14.21 | 17.29 | &nbsp;&nbsp; 2899 | &nbsp;&nbsp; .66 | &nbsp;&nbsp; .52 | 1.82 |
| 12/31/2022 | 17.83 | &nbsp;&nbsp; .26 | &nbsp;&nbsp; (1.65)<br>| &nbsp;&nbsp; (1.39)<br>| &nbsp;&nbsp; (.26)<br>| &nbsp;&nbsp; (3.72)<br>| &nbsp;&nbsp; (3.98)<br>| 12.46 | &nbsp;&nbsp; (8.45)<br>| &nbsp;&nbsp; 2775 | &nbsp;&nbsp; .66 | &nbsp;&nbsp; .51 | 1.88 |
| 12/31/2021 | 14.15 | &nbsp;&nbsp; .25 | 3.67 | 3.92 | &nbsp;&nbsp; (.24)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (.24)<br>| 17.83 | 27.78 | &nbsp;&nbsp; 3426 | &nbsp;&nbsp; .67 | &nbsp;&nbsp; .56 | 1.54 |
| 12/31/2020 | 13.39 | &nbsp;&nbsp; .22 | &nbsp;&nbsp; .91 | 1.13 | &nbsp;&nbsp; (.22)<br>| &nbsp;&nbsp; (.15)<br>| &nbsp;&nbsp; (.37)<br>| 14.15 | 8.68 | &nbsp;&nbsp; 3082 | &nbsp;&nbsp; .68 | &nbsp;&nbsp; .68 | 1.75 |
| **Class 4:**  | **Class 4:**  | **Class 4:**  | **Class 4:**  | **Class 4:**  | **Class 4:**  | **Class 4:**  | **Class 4:**  | **Class 4:**  | **Class 4:**  | **Class 4:**  | **Class 4:**  | **Class 4:**  | **Class 4:**  |
| 6/30/2025<sup>4,5</sup> <br>| 16.34 | &nbsp;&nbsp; .11 | 1.30 | 1.41 | &nbsp;&nbsp; (.05)<br>| &nbsp;&nbsp; (1.20)<br>| &nbsp;&nbsp; (1.25)<br>| 16.50 | 8.90 <br><sup>6</sup><br>| &nbsp;&nbsp; 2052 | &nbsp;&nbsp; .91 <br><sup>7</sup><br>| &nbsp;&nbsp; .76 <br><sup>7</sup><br>| 1.29 <br><sup>7</sup><br>|
| 12/31/2024 | 14.06 | &nbsp;&nbsp; .20 | 2.44 | 2.64 | &nbsp;&nbsp; (.23)<br>| &nbsp;&nbsp; (.13)<br>| &nbsp;&nbsp; (.36)<br>| 16.34 | 18.85 | &nbsp;&nbsp; 1766 | &nbsp;&nbsp; .91 | &nbsp;&nbsp; .76 | 1.28 |
| 12/31/2023 | 12.34 | &nbsp;&nbsp; .20 | 1.86 | 2.06 | &nbsp;&nbsp; (.22)<br>| &nbsp;&nbsp; (.12)<br>| &nbsp;&nbsp; (.34)<br>| 14.06 | 16.97 | &nbsp;&nbsp; 1344 | &nbsp;&nbsp; .91 | &nbsp;&nbsp; .77 | 1.58 |
| 12/31/2022 | 17.71 | &nbsp;&nbsp; .23 | &nbsp;&nbsp; (1.64)<br>| &nbsp;&nbsp; (1.41)<br>| &nbsp;&nbsp; (.24)<br>| &nbsp;&nbsp; (3.72)<br>| &nbsp;&nbsp; (3.96)<br>| 12.34 | &nbsp;&nbsp; (8.69)<br>| &nbsp;&nbsp; 1098 | &nbsp;&nbsp; .91 | &nbsp;&nbsp; .77 | 1.64 |
| 12/31/2021 | 14.06 | &nbsp;&nbsp; .21 | 3.65 | 3.86 | &nbsp;&nbsp; (.21)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (.21)<br>| 17.71 | 27.51 | &nbsp;&nbsp; 1104 | &nbsp;&nbsp; .92 | &nbsp;&nbsp; .81 | 1.30 |
| 12/31/2020 | 13.31 | &nbsp;&nbsp; .19 | &nbsp;&nbsp; .91 | 1.10 | &nbsp;&nbsp; (.20)<br>| &nbsp;&nbsp; (.15)<br>| &nbsp;&nbsp; (.35)<br>| 14.06 | 8.47 | &nbsp;&nbsp; 788 | &nbsp;&nbsp; .93 | &nbsp;&nbsp; .93 | 1.51 |

---

Refer to the end of the table(s) for footnote(s).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **359** | American Funds Insurance Series |

---

------

Financial highlights (continued)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Net asset** <br> **value,** <br> **beginning** <br> **of year** | **Income (loss) from investment operations**<sup>1</sup> | **Income (loss) from investment operations**<sup>1</sup> | **Income (loss) from investment operations**<sup>1</sup> | **Dividends and distributions** | **Dividends and distributions** | **Dividends and distributions** | **Net asset** <br> **value,** <br> **end** <br> **of year** | **Net assets,** <br> **end of year** <br> **(in millions)** |
| **Year ended**  | **Net asset** <br> **value,** <br> **beginning** <br> **of year** | **Net** <br> **investment** <br> **income** <br> **(loss)**<br>| **Net gains** <br> **(losses) on** <br> **securities** <br> **(both** <br> **realized and** <br> **unrealized)**<br>| **Total from** <br> **investment** <br> **operations**<br>| **Dividends** <br> **(from net** <br> **investment** <br> **income)**<br>| **Distributions** <br> **(from capital** <br> **gains)**<br>| **Total** <br> **dividends** <br> **and** <br> **distributions**<br>| **Net asset** <br> **value,** <br> **end** <br> **of year** | **Net assets,** <br> **end of year** <br> **(in millions)** |
| **U.S. Small and Mid Cap Equity Fund** | **U.S. Small and Mid Cap Equity Fund** | **U.S. Small and Mid Cap Equity Fund** | **U.S. Small and Mid Cap Equity Fund** | **U.S. Small and Mid Cap Equity Fund** | **U.S. Small and Mid Cap Equity Fund** | **U.S. Small and Mid Cap Equity Fund** | **U.S. Small and Mid Cap Equity Fund** | **U.S. Small and Mid Cap Equity Fund** | **U.S. Small and Mid Cap Equity Fund** |
| **Class 1:**  | **Class 1:**  | **Class 1:**  | **Class 1:**  | **Class 1:**  | **Class 1:**  | **Class 1:**  | **Class 1:**  | **Class 1:**  | **Class 1:**  |
| 6/30/2025<sup>4,5</sup> <br>| $9.71 | &nbsp;&nbsp; $.04 | &nbsp;&nbsp; $.70 | &nbsp;&nbsp; $.74 | &nbsp;&nbsp; $— <br><sup>8</sup><br>| &nbsp;&nbsp; $— <br><sup>8</sup><br>| &nbsp;&nbsp; $— <br><sup>8</sup><br>| &nbsp;&nbsp; $10.45<br>7.56 %<sup>6</sup><br>| &nbsp;&nbsp; $— <br><sup>10</sup><br>&nbsp;&nbsp; .82 %<sup>7</sup><br>&nbsp;&nbsp; .54 %<sup>7</sup><br>&nbsp;&nbsp; .76 %<sup>7</sup><br>|
| 12/31/2024<sup>4,11</sup> <br>| 10.00 | &nbsp;&nbsp; .01 | &nbsp;&nbsp; (.29)<br>| &nbsp;&nbsp; (.28)<br>| &nbsp;&nbsp; (.01)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (.01)<br>| 9.71<br>&nbsp;&nbsp; (2.81 )<sup>6</sup><br>| &nbsp;&nbsp; — <br><sup>10</sup><br>&nbsp;&nbsp; .59 <br><sup>7</sup><br>&nbsp;&nbsp; .54 <br><sup>7</sup><br>&nbsp;&nbsp; .72 <br><sup>7</sup><br>|
| **Class 1A:**  | **Class 1A:**  | **Class 1A:**  | **Class 1A:**  | **Class 1A:**  | **Class 1A:**  | **Class 1A:**  | **Class 1A:**  | **Class 1A:**  | **Class 1A:**  |
| 6/30/2025<sup>4,5</sup> <br>| 9.71 | &nbsp;&nbsp; .04 | &nbsp;&nbsp; .70 | &nbsp;&nbsp; .74 | &nbsp;&nbsp; — <br><sup>8</sup><br>| &nbsp;&nbsp; — <br><sup>8</sup><br>| &nbsp;&nbsp; — <br><sup>8</sup><br>| 10.45<br>7.56 <br><sup>612</sup><br>| &nbsp;&nbsp; — <br><sup>10</sup><br>&nbsp;&nbsp; .83 <br><sup>712</sup><br>&nbsp;&nbsp; .54 <br><sup>712</sup><br>&nbsp;&nbsp; .76 <br><sup>712</sup><br>|
| 12/31/2024<sup>4,11</sup> <br>| 10.00 | &nbsp;&nbsp; .01 | &nbsp;&nbsp; (.29)<br>| &nbsp;&nbsp; (.28)<br>| &nbsp;&nbsp; (.01)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (.01)<br>| 9.71<br>&nbsp;&nbsp; (2.81 )<sup>612</sup><br>| &nbsp;&nbsp; — <br><sup>10</sup><br>&nbsp;&nbsp; .59 <br><sup>712</sup><br>&nbsp;&nbsp; .54 <br><sup>712</sup><br>&nbsp;&nbsp; .72 <br><sup>712</sup><br>|
| **Class 2:**  | **Class 2:**  | **Class 2:**  | **Class 2:**  | **Class 2:**  | **Class 2:**  | **Class 2:**  | **Class 2:**  | **Class 2:**  | **Class 2:**  |
| 6/30/2025<sup>4,5</sup> <br>| 9.71 | &nbsp;&nbsp; .04 | &nbsp;&nbsp; .70 | &nbsp;&nbsp; .74 | &nbsp;&nbsp; — <br><sup>8</sup><br>| &nbsp;&nbsp; — <br><sup>8</sup><br>| &nbsp;&nbsp; — <br><sup>8</sup><br>| 10.45<br>7.56 <br><sup>612</sup><br>| &nbsp;&nbsp; — <br><sup>10</sup><br>&nbsp;&nbsp; .82 <br><sup>712</sup><br>&nbsp;&nbsp; .54 <br><sup>712</sup><br>&nbsp;&nbsp; .76 <br><sup>712</sup><br>|
| 12/31/2024<sup>4,11</sup> <br>| 10.00 | &nbsp;&nbsp; .01 | &nbsp;&nbsp; (.29)<br>| &nbsp;&nbsp; (.28)<br>| &nbsp;&nbsp; (.01)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (.01)<br>| 9.71<br>&nbsp;&nbsp; (2.81 )<sup>612</sup><br>| &nbsp;&nbsp; — <br><sup>10</sup><br>&nbsp;&nbsp; .59 <br><sup>712</sup><br>&nbsp;&nbsp; .54 <br><sup>712</sup><br>&nbsp;&nbsp; .72 <br><sup>712</sup><br>|
| **Class 4:**  | **Class 4:**  | **Class 4:**  | **Class 4:**  | **Class 4:**  | **Class 4:**  | **Class 4:**  | **Class 4:**  | **Class 4:**  | **Class 4:**  |
| 6/30/2025<sup>4,5</sup> <br>| 9.71 | &nbsp;&nbsp; .04 | &nbsp;&nbsp; .70 | &nbsp;&nbsp; .74 | &nbsp;&nbsp; — <br><sup>8</sup><br>| &nbsp;&nbsp; — <br><sup>8</sup><br>| &nbsp;&nbsp; — <br><sup>8</sup><br>| 10.45<br>7.56 <br><sup>612</sup><br>| &nbsp;&nbsp; 16<br>&nbsp;&nbsp; .83 <br><sup>712</sup><br>&nbsp;&nbsp; .54 <br><sup>712</sup><br>&nbsp;&nbsp; .76 <br><sup>712</sup><br>|
| 12/31/2024<sup>4,11</sup> <br>| 10.00 | &nbsp;&nbsp; .01 | &nbsp;&nbsp; (.29)<br>| &nbsp;&nbsp; (.28)<br>| &nbsp;&nbsp; (.01)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (.01)<br>| 9.71<br>&nbsp;&nbsp; (2.82 )<sup>612</sup><br>| &nbsp;&nbsp; 15<br>&nbsp;&nbsp; .59 <br><sup>712</sup><br>&nbsp;&nbsp; .55 <br><sup>712</sup><br>&nbsp;&nbsp; .71 <br><sup>712</sup><br>|

---

Refer to the end of the table(s) for footnote(s).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| American Funds Insurance Series | **360** |

---

------

Financial highlights (continued)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Net asset** <br> **value,** <br> **beginning** <br> **of year** | **Income (loss) from investment operations**<sup>1</sup> | **Income (loss) from investment operations**<sup>1</sup> | **Income (loss) from investment operations**<sup>1</sup> | **Dividends and distributions** | **Dividends and distributions** | **Dividends and distributions** | **Net asset** <br> **value,** <br> **end** <br> **of year** | **Total return**<sup>2</sup>  | **Net assets,** <br> **end of year** <br> **(in millions)** | **Ratio of** <br> **expenses to** <br> **average net** <br> **assets before** <br> **waivers/** <br> **reimbursements**<sup>3</sup>  | **Ratio of** <br> **expenses to** <br> **average net** <br> **assets after** <br> **waivers/** <br> **reimbursements**<sup>2,3</sup>  | **Ratio of** <br> **net income** <br> **(loss)** <br> **to average** <br> **net assets**<sup>2</sup>  |
| **Year ended**  | **Net asset** <br> **value,** <br> **beginning** <br> **of year** | **Net** <br> **investment** <br> **income** <br> **(loss)**<br>| **Net gains** <br> **(losses) on** <br> **securities** <br> **(both** <br> **realized and** <br> **unrealized)**<br>| **Total from** <br> **investment** <br> **operations**<br>| **Dividends** <br> **(from net** <br> **investment** <br> **income)**<br>| **Distributions** <br> **(from capital** <br> **gains)**<br>| **Total** <br> **dividends** <br> **and** <br> **distributions**<br>| **Net asset** <br> **value,** <br> **end** <br> **of year** | **Total return**<sup>2</sup>  | **Net assets,** <br> **end of year** <br> **(in millions)** | **Ratio of** <br> **expenses to** <br> **average net** <br> **assets before** <br> **waivers/** <br> **reimbursements**<sup>3</sup>  | **Ratio of** <br> **expenses to** <br> **average net** <br> **assets after** <br> **waivers/** <br> **reimbursements**<sup>2,3</sup>  | **Ratio of** <br> **net income** <br> **(loss)** <br> **to average** <br> **net assets**<sup>2</sup>  |
| **Capital World Growth and Income Fund** | **Capital World Growth and Income Fund** | **Capital World Growth and Income Fund** | **Capital World Growth and Income Fund** | **Capital World Growth and Income Fund** | **Capital World Growth and Income Fund** | **Capital World Growth and Income Fund** | **Capital World Growth and Income Fund** | **Capital World Growth and Income Fund** | **Capital World Growth and Income Fund** | **Capital World Growth and Income Fund** | **Capital World Growth and Income Fund** | **Capital World Growth and Income Fund** | **Capital World Growth and Income Fund** |
| **Class 1:**  | **Class 1:**  | **Class 1:**  | **Class 1:**  | **Class 1:**  | **Class 1:**  | **Class 1:**  | **Class 1:**  | **Class 1:**  | **Class 1:**  | **Class 1:**  | **Class 1:**  | **Class 1:**  | **Class 1:**  |
| 6/30/2025<sup>4,5</sup> <br>| $15.53 | &nbsp;&nbsp; $.17 | &nbsp;&nbsp; $1.82 | &nbsp;&nbsp; $1.99 | &nbsp;&nbsp; $(.04)<br>| &nbsp;&nbsp; $(.61)<br>| &nbsp;&nbsp; $(.65)<br>| &nbsp;&nbsp; $16.87 | 13.03 %<sup>6</sup><br>| &nbsp;&nbsp; $612 | &nbsp;&nbsp; .52 %<sup>7</sup><br>| &nbsp;&nbsp; .42 %<sup>7</sup><br>| 2.19 %<sup>7</sup><br>|
| 12/31/2024 | 13.85 | &nbsp;&nbsp; .27 | 1.71 | 1.98 | &nbsp;&nbsp; (.30)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (.30)<br>| 15.53 | 14.24 | &nbsp;&nbsp; 597 | &nbsp;&nbsp; .52 | &nbsp;&nbsp; .42 | 1.75 |
| 12/31/2023 | 11.67 | &nbsp;&nbsp; .27 | 2.19 | 2.46 | &nbsp;&nbsp; (.28)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (.28)<br>| 13.85 | 21.22 | &nbsp;&nbsp; 579 | &nbsp;&nbsp; .52 | &nbsp;&nbsp; .41 | 2.08 |
| 12/31/2022 | 18.42 | &nbsp;&nbsp; .32 | &nbsp;&nbsp; (3.28)<br>| &nbsp;&nbsp; (2.96)<br>| &nbsp;&nbsp; (.34)<br>| &nbsp;&nbsp; (3.45)<br>| &nbsp;&nbsp; (3.79)<br>| 11.67 | &nbsp;&nbsp; (17.13)<br>| &nbsp;&nbsp; 548 | &nbsp;&nbsp; .57 | &nbsp;&nbsp; .41 | 2.36 |
| 12/31/2021 | 16.67 | &nbsp;&nbsp; .38 | 2.10 | 2.48 | &nbsp;&nbsp; (.33)<br>| &nbsp;&nbsp; (.40)<br>| &nbsp;&nbsp; (.73)<br>| 18.42 | 15.03 | &nbsp;&nbsp; 812 | &nbsp;&nbsp; .63 | &nbsp;&nbsp; .47 | 2.14 |
| 12/31/2020 | 15.92 | &nbsp;&nbsp; .22 | 1.14 | 1.36 | &nbsp;&nbsp; (.23)<br>| &nbsp;&nbsp; (.38)<br>| &nbsp;&nbsp; (.61)<br>| 16.67 | 9.03 | &nbsp;&nbsp; 657 | &nbsp;&nbsp; .66 | &nbsp;&nbsp; .66 | 1.49 |
| **Class 1A:**  | **Class 1A:**  | **Class 1A:**  | **Class 1A:**  | **Class 1A:**  | **Class 1A:**  | **Class 1A:**  | **Class 1A:**  | **Class 1A:**  | **Class 1A:**  | **Class 1A:**  | **Class 1A:**  | **Class 1A:**  | **Class 1A:**  |
| 6/30/2025<sup>4,5</sup> <br>| 15.44 | &nbsp;&nbsp; .16 | 1.79 | 1.95 | &nbsp;&nbsp; (.03)<br>| &nbsp;&nbsp; (.61)<br>| &nbsp;&nbsp; (.64)<br>| 16.75 | 12.86 <br><sup>6</sup><br>| &nbsp;&nbsp; 11 | &nbsp;&nbsp; .77 <br><sup>7</sup><br>| &nbsp;&nbsp; .67 <br><sup>7</sup><br>| 1.97 <br><sup>7</sup><br>|
| 12/31/2024 | 13.77 | &nbsp;&nbsp; .23 | 1.70 | 1.93 | &nbsp;&nbsp; (.26)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (.26)<br>| 15.44 | 14.00 | &nbsp;&nbsp; 8 | &nbsp;&nbsp; .77 | &nbsp;&nbsp; .67 | 1.50 |
| 12/31/2023 | 11.61 | &nbsp;&nbsp; .23 | 2.18 | 2.41 | &nbsp;&nbsp; (.25)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (.25)<br>| 13.77 | 20.87 | &nbsp;&nbsp; 7 | &nbsp;&nbsp; .77 | &nbsp;&nbsp; .66 | 1.83 |
| 12/31/2022 | 18.34 | &nbsp;&nbsp; .28 | &nbsp;&nbsp; (3.25)<br>| &nbsp;&nbsp; (2.97)<br>| &nbsp;&nbsp; (.31)<br>| &nbsp;&nbsp; (3.45)<br>| &nbsp;&nbsp; (3.76)<br>| 11.61 | &nbsp;&nbsp; (17.29)<br>| &nbsp;&nbsp; 6 | &nbsp;&nbsp; .82 | &nbsp;&nbsp; .66 | 2.13 |
| 12/31/2021 | 16.62 | &nbsp;&nbsp; .37 | 2.06 | 2.43 | &nbsp;&nbsp; (.31)<br>| &nbsp;&nbsp; (.40)<br>| &nbsp;&nbsp; (.71)<br>| 18.34 | 14.71 | &nbsp;&nbsp; 7 | &nbsp;&nbsp; .88 | &nbsp;&nbsp; .70 | 2.08 |
| 12/31/2020 | 15.88 | &nbsp;&nbsp; .18 | 1.13 | 1.31 | &nbsp;&nbsp; (.19)<br>| &nbsp;&nbsp; (.38)<br>| &nbsp;&nbsp; (.57)<br>| 16.62 | 8.78 | &nbsp;&nbsp; 2 | &nbsp;&nbsp; .90 | &nbsp;&nbsp; .90 | 1.23 |
| **Class 2:**  | **Class 2:**  | **Class 2:**  | **Class 2:**  | **Class 2:**  | **Class 2:**  | **Class 2:**  | **Class 2:**  | **Class 2:**  | **Class 2:**  | **Class 2:**  | **Class 2:**  | **Class 2:**  | **Class 2:**  |
| 6/30/2025<sup>4,5</sup> <br>| 15.49 | &nbsp;&nbsp; .15 | 1.81 | 1.96 | &nbsp;&nbsp; (.03)<br>| &nbsp;&nbsp; (.61)<br>| &nbsp;&nbsp; (.64)<br>| 16.81 | 12.88 <br><sup>6</sup><br>| &nbsp;&nbsp; 1060 | &nbsp;&nbsp; .77 <br><sup>7</sup><br>| &nbsp;&nbsp; .67 <br><sup>7</sup><br>| 1.94 <br><sup>7</sup><br>|
| 12/31/2024 | 13.81 | &nbsp;&nbsp; .23 | 1.71 | 1.94 | &nbsp;&nbsp; (.26)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (.26)<br>| 15.49 | 14.00 | &nbsp;&nbsp; 1015 | &nbsp;&nbsp; .77 | &nbsp;&nbsp; .67 | 1.51 |
| 12/31/2023 | 11.64 | &nbsp;&nbsp; .23 | 2.18 | 2.41 | &nbsp;&nbsp; (.24)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (.24)<br>| 13.81 | 20.88 | &nbsp;&nbsp; 1040 | &nbsp;&nbsp; .77 | &nbsp;&nbsp; .66 | 1.83 |
| 12/31/2022 | 18.38 | &nbsp;&nbsp; .28 | &nbsp;&nbsp; (3.26)<br>| &nbsp;&nbsp; (2.98)<br>| &nbsp;&nbsp; (.31)<br>| &nbsp;&nbsp; (3.45)<br>| &nbsp;&nbsp; (3.76)<br>| 11.64 | &nbsp;&nbsp; (17.33)<br>| &nbsp;&nbsp; 983 | &nbsp;&nbsp; .82 | &nbsp;&nbsp; .66 | 2.11 |
| 12/31/2021 | 16.63 | &nbsp;&nbsp; .33 | 2.11 | 2.44 | &nbsp;&nbsp; (.29)<br>| &nbsp;&nbsp; (.40)<br>| &nbsp;&nbsp; (.69)<br>| 18.38 | 14.78 | &nbsp;&nbsp; 1340 | &nbsp;&nbsp; .88 | &nbsp;&nbsp; .73 | 1.85 |
| 12/31/2020 | 15.89 | &nbsp;&nbsp; .18 | 1.13 | 1.31 | &nbsp;&nbsp; (.19)<br>| &nbsp;&nbsp; (.38)<br>| &nbsp;&nbsp; (.57)<br>| 16.63 | 8.73 | &nbsp;&nbsp; 1349 | &nbsp;&nbsp; .91 | &nbsp;&nbsp; .91 | 1.23 |
| **Class 4:**  | **Class 4:**  | **Class 4:**  | **Class 4:**  | **Class 4:**  | **Class 4:**  | **Class 4:**  | **Class 4:**  | **Class 4:**  | **Class 4:**  | **Class 4:**  | **Class 4:**  | **Class 4:**  | **Class 4:**  |
| 6/30/2025<sup>4,5</sup> <br>| 15.08 | &nbsp;&nbsp; .13 | 1.76 | 1.89 | &nbsp;&nbsp; (.03)<br>| &nbsp;&nbsp; (.61)<br>| &nbsp;&nbsp; (.64)<br>| 16.33 | 12.73 <br><sup>6</sup><br>| &nbsp;&nbsp; 315 | 1.02 <br><sup>7</sup><br>| &nbsp;&nbsp; .92 <br><sup>7</sup><br>| 1.72 <br><sup>7</sup><br>|
| 12/31/2024 | 13.46 | &nbsp;&nbsp; .18 | 1.67 | 1.85 | &nbsp;&nbsp; (.23)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (.23)<br>| 15.08 | 13.70 | &nbsp;&nbsp; 268 | 1.02 | &nbsp;&nbsp; .92 | 1.25 |
| 12/31/2023 | 11.35 | &nbsp;&nbsp; .19 | 2.14 | 2.33 | &nbsp;&nbsp; (.22)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (.22)<br>| 13.46 | 20.65 | &nbsp;&nbsp; 235 | 1.02 | &nbsp;&nbsp; .91 | 1.57 |
| 12/31/2022 | 18.04 | &nbsp;&nbsp; .24 | &nbsp;&nbsp; (3.20)<br>| &nbsp;&nbsp; (2.96)<br>| &nbsp;&nbsp; (.28)<br>| &nbsp;&nbsp; (3.45)<br>| &nbsp;&nbsp; (3.73)<br>| 11.35 | &nbsp;&nbsp; (17.57)<br>| &nbsp;&nbsp; 188 | 1.07 | &nbsp;&nbsp; .91 | 1.86 |
| 12/31/2021 | 16.35 | &nbsp;&nbsp; .29 | 2.06 | 2.35 | &nbsp;&nbsp; (.26)<br>| &nbsp;&nbsp; (.40)<br>| &nbsp;&nbsp; (.66)<br>| 18.04 | 14.46 | &nbsp;&nbsp; 225 | 1.13 | &nbsp;&nbsp; .97 | 1.65 |
| 12/31/2020 | 15.63 | &nbsp;&nbsp; .14 | 1.12 | 1.26 | &nbsp;&nbsp; (.16)<br>| &nbsp;&nbsp; (.38)<br>| &nbsp;&nbsp; (.54)<br>| 16.35 | 8.55 | &nbsp;&nbsp; 166 | 1.16 | 1.16 | &nbsp;&nbsp; .97 |

---

Refer to the end of the table(s) for footnote(s).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **361** | American Funds Insurance Series |

---

------

Financial highlights (continued)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Net asset** <br> **value,** <br> **beginning** <br> **of year** | **Income (loss) from investment operations**<sup>1</sup> | **Income (loss) from investment operations**<sup>1</sup> | **Income (loss) from investment operations**<sup>1</sup> | **Dividends and distributions** | **Dividends and distributions** | **Dividends and distributions** | **Net asset** <br> **value,** <br> **end** <br> **of year** | **Total return** | **Net assets,** <br> **end of year** <br> **(in millions)** | **Ratio of** <br> **expenses** <br> **to average** <br> **net assets**<sup>3</sup>  | **Ratio of** <br> **net income** <br> **(loss)** <br> **to average** <br> **net assets** |
| **Year ended**  | **Net asset** <br> **value,** <br> **beginning** <br> **of year** | **Net** <br> **investment** <br> **income** <br> **(loss)**<br>| **Net gains** <br> **(losses) on** <br> **securities** <br> **(both** <br> **realized and** <br> **unrealized)**<br>| **Total from** <br> **investment** <br> **operations**<br>| **Dividends** <br> **(from net** <br> **investment** <br> **income)**<br>| **Distributions** <br> **(from capital** <br> **gains)**<br>| **Total** <br> **dividends** <br> **and** <br> **distributions**<br>| **Net asset** <br> **value,** <br> **end** <br> **of year** | **Total return** | **Net assets,** <br> **end of year** <br> **(in millions)** | **Ratio of** <br> **expenses** <br> **to average** <br> **net assets**<sup>3</sup>  | **Ratio of** <br> **net income** <br> **(loss)** <br> **to average** <br> **net assets** |
| **Growth-Income Fund** | **Growth-Income Fund** | **Growth-Income Fund** | **Growth-Income Fund** | **Growth-Income Fund** | **Growth-Income Fund** | **Growth-Income Fund** | **Growth-Income Fund** | **Growth-Income Fund** | **Growth-Income Fund** | **Growth-Income Fund** | **Growth-Income Fund** | **Growth-Income Fund** |
| **Class 1:**  | **Class 1:**  | **Class 1:**  | **Class 1:**  | **Class 1:**  | **Class 1:**  | **Class 1:**  | **Class 1:**  | **Class 1:**  | **Class 1:**  | **Class 1:**  | **Class 1:**  | **Class 1:**  |
| 6/30/2025<sup>4,5</sup> <br>| $69.59 | &nbsp;&nbsp; $.43 | &nbsp;&nbsp; $4.69 | &nbsp;&nbsp; $5.12 | &nbsp;&nbsp; $(.18)<br>| &nbsp;&nbsp; $(12.13)<br>| &nbsp;&nbsp; $(12.31)<br>| &nbsp;&nbsp; $62.40 | 8.13 %<sup>6</sup><br>| &nbsp;&nbsp; $25262 | &nbsp;&nbsp; .28 %<sup>7</sup><br>| 1.27 %<sup>7</sup><br>|
| 12/31/2024 | 59.26 | &nbsp;&nbsp; .84 | 13.33 | 14.17 | &nbsp;&nbsp; (.89)<br>| &nbsp;&nbsp; (2.95)<br>| &nbsp;&nbsp; (3.84)<br>| 69.59 | 24.55 | &nbsp;&nbsp; 24476 | &nbsp;&nbsp; .28 | 1.28 |
| 12/31/2023 | 50.21 | &nbsp;&nbsp; .86 | 11.96 | 12.82 | &nbsp;&nbsp; (.88)<br>| &nbsp;&nbsp; (2.89)<br>| &nbsp;&nbsp; (3.77)<br>| 59.26 | 26.47 | &nbsp;&nbsp; 22319 | &nbsp;&nbsp; .29 | 1.60 |
| 12/31/2022 | 67.35 | &nbsp;&nbsp; .85 | &nbsp;&nbsp; (11.50)<br>| &nbsp;&nbsp; (10.65)<br>| &nbsp;&nbsp; (.83)<br>| &nbsp;&nbsp; (5.66)<br>| &nbsp;&nbsp; (6.49)<br>| 50.21 | &nbsp;&nbsp; (16.28)<br>| &nbsp;&nbsp; 19692 | &nbsp;&nbsp; .29 | 1.54 |
| 12/31/2021 | 55.38 | &nbsp;&nbsp; .79 | 12.64 | 13.43 | &nbsp;&nbsp; (.86)<br>| &nbsp;&nbsp; (.60)<br>| &nbsp;&nbsp; (1.46)<br>| 67.35 | 24.42 | &nbsp;&nbsp; 25507 | &nbsp;&nbsp; .29 | 1.28 |
| 12/31/2020 | 50.71 | &nbsp;&nbsp; .75 | 6.02 | 6.77 | &nbsp;&nbsp; (.80)<br>| &nbsp;&nbsp; (1.30)<br>| &nbsp;&nbsp; (2.10)<br>| 55.38 | 13.81 | &nbsp;&nbsp; 22903 | &nbsp;&nbsp; .29 | 1.52 |
| **Class 1A:**  | **Class 1A:**  | **Class 1A:**  | **Class 1A:**  | **Class 1A:**  | **Class 1A:**  | **Class 1A:**  | **Class 1A:**  | **Class 1A:**  | **Class 1A:**  | **Class 1A:**  | **Class 1A:**  | **Class 1A:**  |
| 6/30/2025<sup>4,5</sup> <br>| 69.10 | &nbsp;&nbsp; .34 | 4.64 | 4.98 | &nbsp;&nbsp; (.15)<br>| &nbsp;&nbsp; (12.13)<br>| &nbsp;&nbsp; (12.28)<br>| 61.80 | 7.98 <br><sup>6</sup><br>| &nbsp;&nbsp; 48 | &nbsp;&nbsp; .53 <br><sup>7</sup><br>| 1.02 <br><sup>7</sup><br>|
| 12/31/2024 | 58.88 | &nbsp;&nbsp; .67 | 13.24 | 13.91 | &nbsp;&nbsp; (.74)<br>| &nbsp;&nbsp; (2.95)<br>| &nbsp;&nbsp; (3.69)<br>| 69.10 | 24.25 | &nbsp;&nbsp; 44 | &nbsp;&nbsp; .53 | 1.02 |
| 12/31/2023 | 49.93 | &nbsp;&nbsp; .72 | 11.87 | 12.59 | &nbsp;&nbsp; (.75)<br>| &nbsp;&nbsp; (2.89)<br>| &nbsp;&nbsp; (3.64)<br>| 58.88 | 26.12 | &nbsp;&nbsp; 35 | &nbsp;&nbsp; .54 | 1.35 |
| 12/31/2022 | 67.02 | &nbsp;&nbsp; .71 | &nbsp;&nbsp; (11.44)<br>| &nbsp;&nbsp; (10.73)<br>| &nbsp;&nbsp; (.70)<br>| &nbsp;&nbsp; (5.66)<br>| &nbsp;&nbsp; (6.36)<br>| 49.93 | &nbsp;&nbsp; (16.48)<br>| &nbsp;&nbsp; 28 | &nbsp;&nbsp; .54 | 1.30 |
| 12/31/2021 | 55.16 | &nbsp;&nbsp; .65 | 12.55 | 13.20 | &nbsp;&nbsp; (.74)<br>| &nbsp;&nbsp; (.60)<br>| &nbsp;&nbsp; (1.34)<br>| 67.02 | 24.08 | &nbsp;&nbsp; 32 | &nbsp;&nbsp; .53 | 1.04 |
| 12/31/2020 | 50.54 | &nbsp;&nbsp; .63 | 5.99 | 6.62 | &nbsp;&nbsp; (.70)<br>| &nbsp;&nbsp; (1.30)<br>| &nbsp;&nbsp; (2.00)<br>| 55.16 | 13.55 | &nbsp;&nbsp; 16 | &nbsp;&nbsp; .54 | 1.28 |
| **Class 2:**  | **Class 2:**  | **Class 2:**  | **Class 2:**  | **Class 2:**  | **Class 2:**  | **Class 2:**  | **Class 2:**  | **Class 2:**  | **Class 2:**  | **Class 2:**  | **Class 2:**  | **Class 2:**  |
| 6/30/2025<sup>4,5</sup> <br>| 68.38 | &nbsp;&nbsp; .33 | 4.60 | 4.93 | &nbsp;&nbsp; (.14)<br>| &nbsp;&nbsp; (12.13)<br>| &nbsp;&nbsp; (12.27)<br>| 61.04 | 8.00 <br><sup>6</sup><br>| &nbsp;&nbsp; 14111 | &nbsp;&nbsp; .53 <br><sup>7</sup><br>| 1.02 <br><sup>7</sup><br>|
| 12/31/2024 | 58.30 | &nbsp;&nbsp; .66 | 13.10 | 13.76 | &nbsp;&nbsp; (.73)<br>| &nbsp;&nbsp; (2.95)<br>| &nbsp;&nbsp; (3.68)<br>| 68.38 | 24.23 | &nbsp;&nbsp; 13882 | &nbsp;&nbsp; .53 | 1.03 |
| 12/31/2023 | 49.46 | &nbsp;&nbsp; .72 | 11.75 | 12.47 | &nbsp;&nbsp; (.74)<br>| &nbsp;&nbsp; (2.89)<br>| &nbsp;&nbsp; (3.63)<br>| 58.30 | 26.14 | &nbsp;&nbsp; 12894 | &nbsp;&nbsp; .54 | 1.35 |
| 12/31/2022 | 66.44 | &nbsp;&nbsp; .70 | &nbsp;&nbsp; (11.33)<br>| &nbsp;&nbsp; (10.63)<br>| &nbsp;&nbsp; (.69)<br>| &nbsp;&nbsp; (5.66)<br>| &nbsp;&nbsp; (6.35)<br>| 49.46 | &nbsp;&nbsp; (16.50)<br>| &nbsp;&nbsp; 11508 | &nbsp;&nbsp; .54 | 1.29 |
| 12/31/2021 | 54.66 | &nbsp;&nbsp; .63 | 12.45 | 13.08 | &nbsp;&nbsp; (.70)<br>| &nbsp;&nbsp; (.60)<br>| &nbsp;&nbsp; (1.30)<br>| 66.44 | 24.10 | &nbsp;&nbsp; 15319 | &nbsp;&nbsp; .54 | 1.03 |
| 12/31/2020 | 50.08 | &nbsp;&nbsp; .62 | 5.93 | 6.55 | &nbsp;&nbsp; (.67)<br>| &nbsp;&nbsp; (1.30)<br>| &nbsp;&nbsp; (1.97)<br>| 54.66 | 13.54 | &nbsp;&nbsp; 14012 | &nbsp;&nbsp; .54 | 1.27 |
| **Class 3:**  | **Class 3:**  | **Class 3:**  | **Class 3:**  | **Class 3:**  | **Class 3:**  | **Class 3:**  | **Class 3:**  | **Class 3:**  | **Class 3:**  | **Class 3:**  | **Class 3:**  | **Class 3:**  |
| 6/30/2025<sup>4,5</sup> <br>| 69.76 | &nbsp;&nbsp; .37 | 4.69 | 5.06 | &nbsp;&nbsp; (.15)<br>| &nbsp;&nbsp; (12.13)<br>| &nbsp;&nbsp; (12.28)<br>| 62.54 | 8.02 <br><sup>6</sup><br>| &nbsp;&nbsp; 155 | &nbsp;&nbsp; .46 <br><sup>7</sup><br>| 1.09 <br><sup>7</sup><br>|
| 12/31/2024 | 59.40 | &nbsp;&nbsp; .72 | 13.36 | 14.08 | &nbsp;&nbsp; (.77)<br>| &nbsp;&nbsp; (2.95)<br>| &nbsp;&nbsp; (3.72)<br>| 69.76 | 24.32 | &nbsp;&nbsp; 155 | &nbsp;&nbsp; .46 | 1.10 |
| 12/31/2023 | 50.33 | &nbsp;&nbsp; .77 | 11.97 | 12.74 | &nbsp;&nbsp; (.78)<br>| &nbsp;&nbsp; (2.89)<br>| &nbsp;&nbsp; (3.67)<br>| 59.40 | 26.23 | &nbsp;&nbsp; 142 | &nbsp;&nbsp; .47 | 1.42 |
| 12/31/2022 | 67.48 | &nbsp;&nbsp; .75 | &nbsp;&nbsp; (11.51)<br>| &nbsp;&nbsp; (10.76)<br>| &nbsp;&nbsp; (.73)<br>| &nbsp;&nbsp; (5.66)<br>| &nbsp;&nbsp; (6.39)<br>| 50.33 | &nbsp;&nbsp; (16.43)<br>| &nbsp;&nbsp; 125 | &nbsp;&nbsp; .47 | 1.36 |
| 12/31/2021 | 55.49 | &nbsp;&nbsp; .68 | 12.65 | 13.33 | &nbsp;&nbsp; (.74)<br>| &nbsp;&nbsp; (.60)<br>| &nbsp;&nbsp; (1.34)<br>| 67.48 | 24.18 | &nbsp;&nbsp; 166 | &nbsp;&nbsp; .47 | 1.10 |
| 12/31/2020 | 50.81 | &nbsp;&nbsp; .66 | 6.02 | 6.68 | &nbsp;&nbsp; (.70)<br>| &nbsp;&nbsp; (1.30)<br>| &nbsp;&nbsp; (2.00)<br>| 55.49 | 13.60 | &nbsp;&nbsp; 154 | &nbsp;&nbsp; .47 | 1.34 |
| **Class 4:**  | **Class 4:**  | **Class 4:**  | **Class 4:**  | **Class 4:**  | **Class 4:**  | **Class 4:**  | **Class 4:**  | **Class 4:**  | **Class 4:**  | **Class 4:**  | **Class 4:**  | **Class 4:**  |
| 6/30/2025<sup>4,5</sup> <br>| 67.14 | &nbsp;&nbsp; .25 | 4.49 | 4.74 | &nbsp;&nbsp; (.12)<br>| &nbsp;&nbsp; (12.13)<br>| &nbsp;&nbsp; (12.25)<br>| 59.63 | 7.85 <br><sup>6</sup><br>| &nbsp;&nbsp; 2986 | &nbsp;&nbsp; .78 <br><sup>7</sup><br>| &nbsp;&nbsp; .77 <br><sup>7</sup><br>|
| 12/31/2024 | 57.34 | &nbsp;&nbsp; .49 | 12.86 | 13.35 | &nbsp;&nbsp; (.60)<br>| &nbsp;&nbsp; (2.95)<br>| &nbsp;&nbsp; (3.55)<br>| 67.14 | 23.93 | &nbsp;&nbsp; 2698 | &nbsp;&nbsp; .78 | &nbsp;&nbsp; .78 |
| 12/31/2023 | 48.72 | &nbsp;&nbsp; .57 | 11.57 | 12.14 | &nbsp;&nbsp; (.63)<br>| &nbsp;&nbsp; (2.89)<br>| &nbsp;&nbsp; (3.52)<br>| 57.34 | 25.82 | &nbsp;&nbsp; 2062 | &nbsp;&nbsp; .79 | 1.10 |
| 12/31/2022 | 65.57 | &nbsp;&nbsp; .56 | &nbsp;&nbsp; (11.18)<br>| &nbsp;&nbsp; (10.62)<br>| &nbsp;&nbsp; (.57)<br>| &nbsp;&nbsp; (5.66)<br>| &nbsp;&nbsp; (6.23)<br>| 48.72 | &nbsp;&nbsp; (16.70)<br>| &nbsp;&nbsp; 1630 | &nbsp;&nbsp; .79 | 1.05 |
| 12/31/2021 | 53.99 | &nbsp;&nbsp; .48 | 12.28 | 12.76 | &nbsp;&nbsp; (.58)<br>| &nbsp;&nbsp; (.60)<br>| &nbsp;&nbsp; (1.18)<br>| 65.57 | 23.80 | &nbsp;&nbsp; 1928 | &nbsp;&nbsp; .79 | &nbsp;&nbsp; .79 |
| 12/31/2020 | 49.52 | &nbsp;&nbsp; .49 | 5.85 | 6.34 | &nbsp;&nbsp; (.57)<br>| &nbsp;&nbsp; (1.30)<br>| &nbsp;&nbsp; (1.87)<br>| 53.99 | 13.25 | &nbsp;&nbsp; 1407 | &nbsp;&nbsp; .79 | 1.02 |

---

Refer to the end of the table(s) for footnote(s).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| American Funds Insurance Series | **362** |

---

------

Financial highlights (continued)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Net asset** <br> **value,** <br> **beginning** <br> **of year** | **Income (loss) from investment operations**<sup>1</sup> | **Income (loss) from investment operations**<sup>1</sup> | **Income (loss) from investment operations**<sup>1</sup> | **Dividends and distributions** | **Dividends and distributions** | **Dividends and distributions** | **Net asset** <br> **value,** <br> **end** <br> **of year** | **Total return**<sup>2</sup>  | **Net assets,** <br> **end of year** <br> **(in millions)** | **Ratio of** <br> **expenses to** <br> **average net** <br> **assets before** <br> **waivers/** <br> **reimbursements**<sup>3</sup>  | **Ratio of** <br> **expenses to** <br> **average net** <br> **assets after** <br> **waivers/** <br> **reimbursements**<sup>2,3</sup>  | **Ratio of** <br> **net income** <br> **(loss)** <br> **to average** <br> **net assets**<sup>2</sup>  |
| **Year ended**  | **Net asset** <br> **value,** <br> **beginning** <br> **of year** | **Net** <br> **investment** <br> **income** <br> **(loss)**<br>| **Net gains** <br> **(losses) on** <br> **securities** <br> **(both** <br> **realized and** <br> **unrealized)**<br>| **Total from** <br> **investment** <br> **operations**<br>| **Dividends** <br> **(from net** <br> **investment** <br> **income)**<br>| **Distributions** <br> **(from capital** <br> **gains)**<br>| **Total** <br> **dividends** <br> **and** <br> **distributions**<br>| **Net asset** <br> **value,** <br> **end** <br> **of year** | **Total return**<sup>2</sup>  | **Net assets,** <br> **end of year** <br> **(in millions)** | **Ratio of** <br> **expenses to** <br> **average net** <br> **assets before** <br> **waivers/** <br> **reimbursements**<sup>3</sup>  | **Ratio of** <br> **expenses to** <br> **average net** <br> **assets after** <br> **waivers/** <br> **reimbursements**<sup>2,3</sup>  | **Ratio of** <br> **net income** <br> **(loss)** <br> **to average** <br> **net assets**<sup>2</sup>  |
| **International Growth and Income Fund** | **International Growth and Income Fund** | **International Growth and Income Fund** | **International Growth and Income Fund** | **International Growth and Income Fund** | **International Growth and Income Fund** | **International Growth and Income Fund** | **International Growth and Income Fund** | **International Growth and Income Fund** | **International Growth and Income Fund** | **International Growth and Income Fund** | **International Growth and Income Fund** | **International Growth and Income Fund** | **International Growth and Income Fund** |
| **Class 1:**  | **Class 1:**  | **Class 1:**  | **Class 1:**  | **Class 1:**  | **Class 1:**  | **Class 1:**  | **Class 1:**  | **Class 1:**  | **Class 1:**  | **Class 1:**  | **Class 1:**  | **Class 1:**  | **Class 1:**  |
| 6/30/2025<sup>4,5</sup> <br>| $10.19 | &nbsp;&nbsp; $.23 | &nbsp;&nbsp; $1.95 | &nbsp;&nbsp; $2.18 | &nbsp;&nbsp; $(.05)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $(.05)<br>| &nbsp;&nbsp; $12.32 | 21.40 %<sup>6</sup><br>| &nbsp;&nbsp; $31 | &nbsp;&nbsp; .54 %<sup>7</sup><br>| &nbsp;&nbsp; .54 %<sup>7</sup><br>| 4.06 %<sup>7</sup><br>|
| 12/31/2024 | 10.10 | &nbsp;&nbsp; .28 | &nbsp;&nbsp; .10 | &nbsp;&nbsp; .38 | &nbsp;&nbsp; (.29)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (.29)<br>| 10.19 | 3.64 | &nbsp;&nbsp; 17 | &nbsp;&nbsp; .57 | &nbsp;&nbsp; .57 | 2.62 |
| 12/31/2023 | 8.94 | &nbsp;&nbsp; .27 | 1.15 | 1.42 | &nbsp;&nbsp; (.26)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (.26)<br>| 10.10 | 16.08 | &nbsp;&nbsp; 15 | &nbsp;&nbsp; .56 | &nbsp;&nbsp; .55 | 2.82 |
| 12/31/2022 | 19.62 | &nbsp;&nbsp; .39 | &nbsp;&nbsp; (3.09)<br>| &nbsp;&nbsp; (2.70)<br>| &nbsp;&nbsp; (.28)<br>| &nbsp;&nbsp; (7.70)<br>| &nbsp;&nbsp; (7.98)<br>| 8.94 | &nbsp;&nbsp; (15.00)<br>| &nbsp;&nbsp; 13 | &nbsp;&nbsp; .64 | &nbsp;&nbsp; .54 | 3.29 |
| 12/31/2021 | 19.01 | &nbsp;&nbsp; .54 | &nbsp;&nbsp; .53 | 1.07 | &nbsp;&nbsp; (.46)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (.46)<br>| 19.62 | 5.64 | &nbsp;&nbsp; 30 | &nbsp;&nbsp; .67 | &nbsp;&nbsp; .67 | 2.70 |
| 12/31/2020 | 18.18 | &nbsp;&nbsp; .27 | &nbsp;&nbsp; .85 | 1.12 | &nbsp;&nbsp; (.29)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (.29)<br>| 19.01 | 6.24 | &nbsp;&nbsp; 1120 | &nbsp;&nbsp; .68 | &nbsp;&nbsp; .68 | 1.70 |
| **Class 1A:**  | **Class 1A:**  | **Class 1A:**  | **Class 1A:**  | **Class 1A:**  | **Class 1A:**  | **Class 1A:**  | **Class 1A:**  | **Class 1A:**  | **Class 1A:**  | **Class 1A:**  | **Class 1A:**  | **Class 1A:**  | **Class 1A:**  |
| 6/30/2025<sup>4,5</sup> <br>| 9.91 | &nbsp;&nbsp; .19 | 1.90 | 2.09 | &nbsp;&nbsp; (.04)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (.04)<br>| 11.96 | 21.15 <br><sup>6</sup><br>| &nbsp;&nbsp; 8 | &nbsp;&nbsp; .79 <br><sup>7</sup><br>| &nbsp;&nbsp; .79 <br><sup>7</sup><br>| 3.60 <br><sup>7</sup><br>|
| 12/31/2024 | 9.83 | &nbsp;&nbsp; .24 | &nbsp;&nbsp; .10 | &nbsp;&nbsp; .34 | &nbsp;&nbsp; (.26)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (.26)<br>| 9.91 | 3.39 | &nbsp;&nbsp; 6 | &nbsp;&nbsp; .82 | &nbsp;&nbsp; .82 | 2.34 |
| 12/31/2023 | 8.70 | &nbsp;&nbsp; .24 | 1.13 | 1.37 | &nbsp;&nbsp; (.24)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (.24)<br>| 9.83 | 15.92 | &nbsp;&nbsp; 6 | &nbsp;&nbsp; .81 | &nbsp;&nbsp; .80 | 2.54 |
| 12/31/2022 | 19.39 | &nbsp;&nbsp; .35 | &nbsp;&nbsp; (3.05)<br>| &nbsp;&nbsp; (2.70)<br>| &nbsp;&nbsp; (.29)<br>| &nbsp;&nbsp; (7.70)<br>| &nbsp;&nbsp; (7.99)<br>| 8.70 | &nbsp;&nbsp; (15.31)<br>| &nbsp;&nbsp; 5 | &nbsp;&nbsp; .88 | &nbsp;&nbsp; .79 | 3.15 |
| 12/31/2021 | 18.97 | &nbsp;&nbsp; .50 | &nbsp;&nbsp; .52 | 1.02 | &nbsp;&nbsp; (.60)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (.60)<br>| 19.39 | 5.39 | &nbsp;&nbsp; 6 | &nbsp;&nbsp; .94 | &nbsp;&nbsp; .92 | 2.50 |
| 12/31/2020 | 18.15 | &nbsp;&nbsp; .22 | &nbsp;&nbsp; .85 | 1.07 | &nbsp;&nbsp; (.25)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (.25)<br>| 18.97 | 5.98 | &nbsp;&nbsp; 3 | &nbsp;&nbsp; .93 | &nbsp;&nbsp; .93 | 1.38 |
| **Class 2:**  | **Class 2:**  | **Class 2:**  | **Class 2:**  | **Class 2:**  | **Class 2:**  | **Class 2:**  | **Class 2:**  | **Class 2:**  | **Class 2:**  | **Class 2:**  | **Class 2:**  | **Class 2:**  | **Class 2:**  |
| 6/30/2025<sup>4,5</sup> <br>| 9.91 | &nbsp;&nbsp; .19 | 1.90 | 2.09 | &nbsp;&nbsp; (.04)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (.04)<br>| 11.96 | 21.15 <br><sup>6</sup><br>| &nbsp;&nbsp; 164 | &nbsp;&nbsp; .79 <br><sup>7</sup><br>| &nbsp;&nbsp; .79 <br><sup>7</sup><br>| 3.53 <br><sup>7</sup><br>|
| 12/31/2024 | 9.82 | &nbsp;&nbsp; .25 | &nbsp;&nbsp; .10 | &nbsp;&nbsp; .35 | &nbsp;&nbsp; (.26)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (.26)<br>| 9.91 | 3.48 | &nbsp;&nbsp; 150 | &nbsp;&nbsp; .82 | &nbsp;&nbsp; .82 | 2.40 |
| 12/31/2023 | 8.70 | &nbsp;&nbsp; .24 | 1.12 | 1.36 | &nbsp;&nbsp; (.24)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (.24)<br>| 9.82 | 15.76 | &nbsp;&nbsp; 165 | &nbsp;&nbsp; .81 | &nbsp;&nbsp; .80 | 2.54 |
| 12/31/2022 | 19.38 | &nbsp;&nbsp; .36 | &nbsp;&nbsp; (3.05)<br>| &nbsp;&nbsp; (2.69)<br>| &nbsp;&nbsp; (.29)<br>| &nbsp;&nbsp; (7.70)<br>| &nbsp;&nbsp; (7.99)<br>| 8.70 | &nbsp;&nbsp; (15.25)<br>| &nbsp;&nbsp; 162 | &nbsp;&nbsp; .88 | &nbsp;&nbsp; .78 | 3.24 |
| 12/31/2021 | 18.95 | &nbsp;&nbsp; .48 | &nbsp;&nbsp; .53 | 1.01 | &nbsp;&nbsp; (.58)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (.58)<br>| 19.38 | 5.37 | &nbsp;&nbsp; 211 | &nbsp;&nbsp; .93 | &nbsp;&nbsp; .92 | 2.44 |
| 12/31/2020 | 18.12 | &nbsp;&nbsp; .23 | &nbsp;&nbsp; .85 | 1.08 | &nbsp;&nbsp; (.25)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (.25)<br>| 18.95 | 6.01 | &nbsp;&nbsp; 221 | &nbsp;&nbsp; .93 | &nbsp;&nbsp; .93 | 1.43 |
| **Class 4:**  | **Class 4:**  | **Class 4:**  | **Class 4:**  | **Class 4:**  | **Class 4:**  | **Class 4:**  | **Class 4:**  | **Class 4:**  | **Class 4:**  | **Class 4:**  | **Class 4:**  | **Class 4:**  | **Class 4:**  |
| 6/30/2025<sup>4,5</sup> <br>| 9.74 | &nbsp;&nbsp; .18 | 1.87 | 2.05 | &nbsp;&nbsp; (.04)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (.04)<br>| 11.75 | 21.07 <br><sup>6</sup><br>| &nbsp;&nbsp; 193 | 1.04 <br><sup>7</sup><br>| 1.04 <br><sup>7</sup><br>| 3.36 <br><sup>7</sup><br>|
| 12/31/2024 | 9.67 | &nbsp;&nbsp; .22 | &nbsp;&nbsp; .09 | &nbsp;&nbsp; .31 | &nbsp;&nbsp; (.24)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (.24)<br>| 9.74 | 3.11 | &nbsp;&nbsp; 150 | 1.07 | 1.07 | 2.13 |
| 12/31/2023 | 8.56 | &nbsp;&nbsp; .21 | 1.12 | 1.33 | &nbsp;&nbsp; (.22)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (.22)<br>| 9.67 | 15.66 | &nbsp;&nbsp; 143 | 1.06 | 1.05 | 2.29 |
| 12/31/2022 | 19.23 | &nbsp;&nbsp; .33 | &nbsp;&nbsp; (3.04)<br>| &nbsp;&nbsp; (2.71)<br>| &nbsp;&nbsp; (.26)<br>| &nbsp;&nbsp; (7.70)<br>| &nbsp;&nbsp; (7.96)<br>| 8.56 | &nbsp;&nbsp; (15.52)<br>| &nbsp;&nbsp; 121 | 1.13 | 1.04 | 3.01 |
| 12/31/2021 | 18.82 | &nbsp;&nbsp; .44 | &nbsp;&nbsp; .51 | &nbsp;&nbsp; .95 | &nbsp;&nbsp; (.54)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (.54)<br>| 19.23 | 5.09 | &nbsp;&nbsp; 132 | 1.18 | 1.17 | 2.21 |
| 12/31/2020 | 18.01 | &nbsp;&nbsp; .19 | &nbsp;&nbsp; .83 | 1.02 | &nbsp;&nbsp; (.21)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (.21)<br>| 18.82 | 5.73 | &nbsp;&nbsp; 112 | 1.18 | 1.18 | 1.19 |

---

Refer to the end of the table(s) for footnote(s).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **363** | American Funds Insurance Series |

---

------

Financial highlights (continued)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Net asset** <br> **value,** <br> **beginning** <br> **of year** | **Income (loss) from investment operations**<sup>1</sup> | **Income (loss) from investment operations**<sup>1</sup> | **Income (loss) from investment operations**<sup>1</sup> | **Dividends and distributions** | **Dividends and distributions** | **Dividends and distributions** | **Net asset** <br> **value,** <br> **end** <br> **of year** | **Total return**<sup>2</sup>  | **Net assets,** <br> **end of year** <br> **(in millions)** | **Ratio of** <br> **expenses to** <br> **average net** <br> **assets before** <br> **waivers/** <br> **reimbursements**<sup>3</sup>  | **Ratio of** <br> **expenses to** <br> **average net** <br> **assets after** <br> **waivers/** <br> **reimbursements**<sup>2,3</sup>  | **Ratio of** <br> **net income** <br> **(loss)** <br> **to average** <br> **net assets**<sup>2</sup>  |
| **Year ended**  | **Net asset** <br> **value,** <br> **beginning** <br> **of year** | **Net** <br> **investment** <br> **income** <br> **(loss)**<br>| **Net gains** <br> **(losses) on** <br> **securities** <br> **(both** <br> **realized and** <br> **unrealized)**<br>| **Total from** <br> **investment** <br> **operations**<br>| **Dividends** <br> **(from net** <br> **investment** <br> **income)**<br>| **Distributions** <br> **(from capital** <br> **gains)**<br>| **Total** <br> **dividends** <br> **and** <br> **distributions**<br>| **Net asset** <br> **value,** <br> **end** <br> **of year** | **Total return**<sup>2</sup>  | **Net assets,** <br> **end of year** <br> **(in millions)** | **Ratio of** <br> **expenses to** <br> **average net** <br> **assets before** <br> **waivers/** <br> **reimbursements**<sup>3</sup>  | **Ratio of** <br> **expenses to** <br> **average net** <br> **assets after** <br> **waivers/** <br> **reimbursements**<sup>2,3</sup>  | **Ratio of** <br> **net income** <br> **(loss)** <br> **to average** <br> **net assets**<sup>2</sup>  |
| **Capital Income Builder** | **Capital Income Builder** | **Capital Income Builder** | **Capital Income Builder** | **Capital Income Builder** | **Capital Income Builder** | **Capital Income Builder** | **Capital Income Builder** | **Capital Income Builder** | **Capital Income Builder** | **Capital Income Builder** | **Capital Income Builder** | **Capital Income Builder** | **Capital Income Builder** |
| **Class 1:**  | **Class 1:**  | **Class 1:**  | **Class 1:**  | **Class 1:**  | **Class 1:**  | **Class 1:**  | **Class 1:**  | **Class 1:**  | **Class 1:**  | **Class 1:**  | **Class 1:**  | **Class 1:**  | **Class 1:**  |
| 6/30/2025<sup>4,5</sup> <br>| $12.39 | &nbsp;&nbsp; $.25 | &nbsp;&nbsp; $1.27 | &nbsp;&nbsp; $1.52 | &nbsp;&nbsp; $(.16)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $(.16)<br>| &nbsp;&nbsp; $13.75 | 12.33 %<sup>6</sup><br>| &nbsp;&nbsp; $793 | &nbsp;&nbsp; .40 %<sup>7</sup><br>| &nbsp;&nbsp; .27 %<sup>7</sup><br>| 3.88 %<sup>7</sup><br>|
| 12/31/2024 | 11.63 | &nbsp;&nbsp; .42 | &nbsp;&nbsp; .79 | 1.21 | &nbsp;&nbsp; (.45)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (.45)<br>| 12.39 | 10.45 | &nbsp;&nbsp; 709 | &nbsp;&nbsp; .40 | &nbsp;&nbsp; .27 | 3.44 |
| 12/31/2023 | 10.99 | &nbsp;&nbsp; .41 | &nbsp;&nbsp; .59 | 1.00 | &nbsp;&nbsp; (.36)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (.36)<br>| 11.63 | 9.28 | &nbsp;&nbsp; 660 | &nbsp;&nbsp; .40 | &nbsp;&nbsp; .26 | 3.68 |
| 12/31/2022 | 12.17 | &nbsp;&nbsp; .37 | &nbsp;&nbsp; (1.21)<br>| &nbsp;&nbsp; (.84)<br>| &nbsp;&nbsp; (.34)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (.34)<br>| 10.99 | &nbsp;&nbsp; (6.90)<br>| &nbsp;&nbsp; 586 | &nbsp;&nbsp; .44 | &nbsp;&nbsp; .26 | 3.31 |
| 12/31/2021 | 10.87 | &nbsp;&nbsp; .37 | 1.28 | 1.65 | &nbsp;&nbsp; (.35)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (.35)<br>| 12.17 | 15.31 | &nbsp;&nbsp; 563 | &nbsp;&nbsp; .53 | &nbsp;&nbsp; .27 | 3.19 |
| 12/31/2020 | 10.73 | &nbsp;&nbsp; .31 | &nbsp;&nbsp; .15 | &nbsp;&nbsp; .46 | &nbsp;&nbsp; (.32)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (.32)<br>| 10.87 | 4.64 | &nbsp;&nbsp; 621 | &nbsp;&nbsp; .53 | &nbsp;&nbsp; .35 | 3.07 |
| **Class 1A:**  | **Class 1A:**  | **Class 1A:**  | **Class 1A:**  | **Class 1A:**  | **Class 1A:**  | **Class 1A:**  | **Class 1A:**  | **Class 1A:**  | **Class 1A:**  | **Class 1A:**  | **Class 1A:**  | **Class 1A:**  | **Class 1A:**  |
| 6/30/2025<sup>4,5</sup> <br>| 12.38 | &nbsp;&nbsp; .23 | 1.26 | 1.49 | &nbsp;&nbsp; (.14)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (.14)<br>| 13.73 | 12.12 <br><sup>6</sup><br>| &nbsp;&nbsp; 14 | &nbsp;&nbsp; .65 <br><sup>7</sup><br>| &nbsp;&nbsp; .52 <br><sup>7</sup><br>| 3.63 <br><sup>7</sup><br>|
| 12/31/2024 | 11.62 | &nbsp;&nbsp; .39 | &nbsp;&nbsp; .79 | 1.18 | &nbsp;&nbsp; (.42)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (.42)<br>| 12.38 | 10.19 | &nbsp;&nbsp; 13 | &nbsp;&nbsp; .65 | &nbsp;&nbsp; .52 | 3.17 |
| 12/31/2023 | 10.98 | &nbsp;&nbsp; .38 | &nbsp;&nbsp; .59 | &nbsp;&nbsp; .97 | &nbsp;&nbsp; (.33)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (.33)<br>| 11.62 | 9.01 | &nbsp;&nbsp; 10 | &nbsp;&nbsp; .65 | &nbsp;&nbsp; .51 | 3.42 |
| 12/31/2022 | 12.15 | &nbsp;&nbsp; .34 | &nbsp;&nbsp; (1.19)<br>| &nbsp;&nbsp; (.85)<br>| &nbsp;&nbsp; (.32)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (.32)<br>| 10.98 | &nbsp;&nbsp; (7.06)<br>| &nbsp;&nbsp; 10 | &nbsp;&nbsp; .69 | &nbsp;&nbsp; .52 | 3.06 |
| 12/31/2021 | 10.86 | &nbsp;&nbsp; .34 | 1.27 | 1.61 | &nbsp;&nbsp; (.32)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (.32)<br>| 12.15 | 14.95 | &nbsp;&nbsp; 10 | &nbsp;&nbsp; .78 | &nbsp;&nbsp; .52 | 2.94 |
| 12/31/2020 | 10.72 | &nbsp;&nbsp; .28 | &nbsp;&nbsp; .16 | &nbsp;&nbsp; .44 | &nbsp;&nbsp; (.30)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (.30)<br>| 10.86 | 4.38 | &nbsp;&nbsp; 6 | &nbsp;&nbsp; .78 | &nbsp;&nbsp; .60 | 2.81 |
| **Class 2:**  | **Class 2:**  | **Class 2:**  | **Class 2:**  | **Class 2:**  | **Class 2:**  | **Class 2:**  | **Class 2:**  | **Class 2:**  | **Class 2:**  | **Class 2:**  | **Class 2:**  | **Class 2:**  | **Class 2:**  |
| 6/30/2025<sup>4,5</sup> <br>| 12.38 | &nbsp;&nbsp; .23 | 1.27 | 1.50 | &nbsp;&nbsp; (.14)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (.14)<br>| 13.74 | 12.20 <br><sup>6</sup><br>| &nbsp;&nbsp; 20 | &nbsp;&nbsp; .65 <br><sup>7</sup><br>| &nbsp;&nbsp; .52 <br><sup>7</sup><br>| 3.64 <br><sup>7</sup><br>|
| 12/31/2024 | 11.62 | &nbsp;&nbsp; .39 | &nbsp;&nbsp; .79 | 1.18 | &nbsp;&nbsp; (.42)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (.42)<br>| 12.38 | 10.19 | &nbsp;&nbsp; 18 | &nbsp;&nbsp; .65 | &nbsp;&nbsp; .52 | 3.18 |
| 12/31/2023 | 10.98 | &nbsp;&nbsp; .38 | &nbsp;&nbsp; .59 | &nbsp;&nbsp; .97 | &nbsp;&nbsp; (.33)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (.33)<br>| 11.62 | 9.01 | &nbsp;&nbsp; 15 | &nbsp;&nbsp; .65 | &nbsp;&nbsp; .51 | 3.43 |
| 12/31/2022 | 12.16 | &nbsp;&nbsp; .34 | &nbsp;&nbsp; (1.20)<br>| &nbsp;&nbsp; (.86)<br>| &nbsp;&nbsp; (.32)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (.32)<br>| 10.98 | &nbsp;&nbsp; (7.13)<br>| &nbsp;&nbsp; 13 | &nbsp;&nbsp; .69 | &nbsp;&nbsp; .51 | 3.06 |
| 12/31/2021 | 10.87 | &nbsp;&nbsp; .34 | 1.27 | 1.61 | &nbsp;&nbsp; (.32)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (.32)<br>| 12.16 | 14.94 | &nbsp;&nbsp; 13 | &nbsp;&nbsp; .78 | &nbsp;&nbsp; .52 | 2.93 |
| 12/31/2020 | 10.72 | &nbsp;&nbsp; .29 | &nbsp;&nbsp; .16 | &nbsp;&nbsp; .45 | &nbsp;&nbsp; (.30)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (.30)<br>| 10.87 | 4.48 | &nbsp;&nbsp; 8 | &nbsp;&nbsp; .78 | &nbsp;&nbsp; .60 | 2.83 |
| **Class 4:**  | **Class 4:**  | **Class 4:**  | **Class 4:**  | **Class 4:**  | **Class 4:**  | **Class 4:**  | **Class 4:**  | **Class 4:**  | **Class 4:**  | **Class 4:**  | **Class 4:**  | **Class 4:**  | **Class 4:**  |
| 6/30/2025<sup>4,5</sup> <br>| 12.36 | &nbsp;&nbsp; .22 | 1.27 | 1.49 | &nbsp;&nbsp; (.13)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (.13)<br>| 13.72 | 12.09 <br><sup>6</sup><br>| &nbsp;&nbsp; 739 | &nbsp;&nbsp; .90 <br><sup>7</sup><br>| &nbsp;&nbsp; .77 <br><sup>7</sup><br>| 3.39 <br><sup>7</sup><br>|
| 12/31/2024 | 11.60 | &nbsp;&nbsp; .36 | &nbsp;&nbsp; .79 | 1.15 | &nbsp;&nbsp; (.39)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (.39)<br>| 12.36 | 9.93 | &nbsp;&nbsp; 629 | &nbsp;&nbsp; .90 | &nbsp;&nbsp; .77 | 2.93 |
| 12/31/2023 | 10.96 | &nbsp;&nbsp; .35 | &nbsp;&nbsp; .59 | &nbsp;&nbsp; .94 | &nbsp;&nbsp; (.30)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (.30)<br>| 11.60 | 8.75 | &nbsp;&nbsp; 566 | &nbsp;&nbsp; .90 | &nbsp;&nbsp; .76 | 3.18 |
| 12/31/2022 | 12.14 | &nbsp;&nbsp; .31 | &nbsp;&nbsp; (1.20)<br>| &nbsp;&nbsp; (.89)<br>| &nbsp;&nbsp; (.29)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (.29)<br>| 10.96 | &nbsp;&nbsp; (7.37)<br>| &nbsp;&nbsp; 530 | &nbsp;&nbsp; .94 | &nbsp;&nbsp; .76 | 2.81 |
| 12/31/2021 | 10.85 | &nbsp;&nbsp; .31 | 1.27 | 1.58 | &nbsp;&nbsp; (.29)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (.29)<br>| 12.14 | 14.68 | &nbsp;&nbsp; 559 | 1.03 | &nbsp;&nbsp; .77 | 2.69 |
| 12/31/2020 | 10.71 | &nbsp;&nbsp; .26 | &nbsp;&nbsp; .15 | &nbsp;&nbsp; .41 | &nbsp;&nbsp; (.27)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (.27)<br>| 10.85 | 4.11 | &nbsp;&nbsp; 462 | 1.03 | &nbsp;&nbsp; .85 | 2.55 |

---

Refer to the end of the table(s) for footnote(s).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| American Funds Insurance Series | **364** |

---

------

Financial highlights (continued)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Net asset** <br> **value,** <br> **beginning** <br> **of year** | **Income (loss) from investment operations**<sup>1</sup> | **Income (loss) from investment operations**<sup>1</sup> | **Income (loss) from investment operations**<sup>1</sup> | **Dividends and distributions** | **Dividends and distributions** | **Dividends and distributions** | **Net asset** <br> **value,** <br> **end** <br> **of year** | **Total return** | **Net assets,** <br> **end of year** <br> **(in millions)** | **Ratio of** <br> **expenses** <br> **to average** <br> **net assets**<sup>3</sup>  | **Ratio of** <br> **net income** <br> **(loss)** <br> **to average** <br> **net assets** |
| **Year ended**  | **Net asset** <br> **value,** <br> **beginning** <br> **of year** | **Net** <br> **investment** <br> **income** <br> **(loss)**<br>| **Net gains** <br> **(losses) on** <br> **securities** <br> **(both** <br> **realized and** <br> **unrealized)**<br>| **Total from** <br> **investment** <br> **operations**<br>| **Dividends** <br> **(from net** <br> **investment** <br> **income)**<br>| **Distributions** <br> **(from capital** <br> **gains)**<br>| **Total** <br> **dividends** <br> **and** <br> **distributions**<br>| **Net asset** <br> **value,** <br> **end** <br> **of year** | **Total return** | **Net assets,** <br> **end of year** <br> **(in millions)** | **Ratio of** <br> **expenses** <br> **to average** <br> **net assets**<sup>3</sup>  | **Ratio of** <br> **net income** <br> **(loss)** <br> **to average** <br> **net assets** |
| **Asset Allocation Fund** | **Asset Allocation Fund** | **Asset Allocation Fund** | **Asset Allocation Fund** | **Asset Allocation Fund** | **Asset Allocation Fund** | **Asset Allocation Fund** | **Asset Allocation Fund** | **Asset Allocation Fund** | **Asset Allocation Fund** | **Asset Allocation Fund** | **Asset Allocation Fund** | **Asset Allocation Fund** |
| **Class 1:**  | **Class 1:**  | **Class 1:**  | **Class 1:**  | **Class 1:**  | **Class 1:**  | **Class 1:**  | **Class 1:**  | **Class 1:**  | **Class 1:**  | **Class 1:**  | **Class 1:**  | **Class 1:**  |
| 6/30/2025<sup>4,5</sup> <br>| $26.04 | &nbsp;&nbsp; $.30 | &nbsp;&nbsp; $1.76 | &nbsp;&nbsp; $2.06 | &nbsp;&nbsp; $(.12)<br>| &nbsp;&nbsp; $(1.91)<br>| &nbsp;&nbsp; $(2.03)<br>| &nbsp;&nbsp; $26.07 | 8.20 %<sup>6</sup><br>| &nbsp;&nbsp; $16240 | &nbsp;&nbsp; .30 %<sup>7</sup><br>| 2.32 %<sup>7</sup><br>|
| 12/31/2024 | 23.86 | &nbsp;&nbsp; .60 | 3.29 | 3.89 | &nbsp;&nbsp; (.61)<br>| &nbsp;&nbsp; (1.10)<br>| &nbsp;&nbsp; (1.71)<br>| 26.04 | 16.73 | &nbsp;&nbsp; 16023 | &nbsp;&nbsp; .30 | 2.36 |
| 12/31/2023 | 22.20 | &nbsp;&nbsp; .57 | 2.54 | 3.11 | &nbsp;&nbsp; (.56)<br>| &nbsp;&nbsp; (.89)<br>| &nbsp;&nbsp; (1.45)<br>| 23.86 | 14.55 | &nbsp;&nbsp; 15555 | &nbsp;&nbsp; .30 | 2.49 |
| 12/31/2022 | 29.08 | &nbsp;&nbsp; .52 | &nbsp;&nbsp; (4.24)<br>| &nbsp;&nbsp; (3.72)<br>| &nbsp;&nbsp; (.51)<br>| &nbsp;&nbsp; (2.65)<br>| &nbsp;&nbsp; (3.16)<br>| 22.20 | &nbsp;&nbsp; (13.19)<br>| &nbsp;&nbsp; 15138 | &nbsp;&nbsp; .30 | 2.15 |
| 12/31/2021 | 26.50 | &nbsp;&nbsp; .48 | 3.54 | 4.02 | &nbsp;&nbsp; (.50)<br>| &nbsp;&nbsp; (.94)<br>| &nbsp;&nbsp; (1.44)<br>| 29.08 | 15.40 | &nbsp;&nbsp; 18836 | &nbsp;&nbsp; .30 | 1.71 |
| 12/31/2020 | 24.05 | &nbsp;&nbsp; .43 | 2.59 | 3.02 | &nbsp;&nbsp; (.46)<br>| &nbsp;&nbsp; (.11)<br>| &nbsp;&nbsp; (.57)<br>| 26.50 | 12.71 | &nbsp;&nbsp; 19238 | &nbsp;&nbsp; .30 | 1.80 |
| **Class 1A:**  | **Class 1A:**  | **Class 1A:**  | **Class 1A:**  | **Class 1A:**  | **Class 1A:**  | **Class 1A:**  | **Class 1A:**  | **Class 1A:**  | **Class 1A:**  | **Class 1A:**  | **Class 1A:**  | **Class 1A:**  |
| 6/30/2025<sup>4,5</sup> <br>| 25.88 | &nbsp;&nbsp; .27 | 1.74 | 2.01 | &nbsp;&nbsp; (.11)<br>| &nbsp;&nbsp; (1.91)<br>| &nbsp;&nbsp; (2.02)<br>| 25.87 | 8.04 <br><sup>6</sup><br>| &nbsp;&nbsp; 45 | &nbsp;&nbsp; .55 <br><sup>7</sup><br>| 2.08 <br><sup>7</sup><br>|
| 12/31/2024 | 23.74 | &nbsp;&nbsp; .54 | 3.26 | 3.80 | &nbsp;&nbsp; (.56)<br>| &nbsp;&nbsp; (1.10)<br>| &nbsp;&nbsp; (1.66)<br>| 25.88 | 16.41 | &nbsp;&nbsp; 42 | &nbsp;&nbsp; .55 | 2.12 |
| 12/31/2023 | 22.10 | &nbsp;&nbsp; .51 | 2.53 | 3.04 | &nbsp;&nbsp; (.51)<br>| &nbsp;&nbsp; (.89)<br>| &nbsp;&nbsp; (1.40)<br>| 23.74 | 14.32 | &nbsp;&nbsp; 32 | &nbsp;&nbsp; .55 | 2.25 |
| 12/31/2022 | 28.97 | &nbsp;&nbsp; .46 | &nbsp;&nbsp; (4.22)<br>| &nbsp;&nbsp; (3.76)<br>| &nbsp;&nbsp; (.46)<br>| &nbsp;&nbsp; (2.65)<br>| &nbsp;&nbsp; (3.11)<br>| 22.10 | &nbsp;&nbsp; (13.43)<br>| &nbsp;&nbsp; 27 | &nbsp;&nbsp; .55 | 1.95 |
| 12/31/2021 | 26.42 | &nbsp;&nbsp; .42 | 3.52 | 3.94 | &nbsp;&nbsp; (.45)<br>| &nbsp;&nbsp; (.94)<br>| &nbsp;&nbsp; (1.39)<br>| 28.97 | 15.13 | &nbsp;&nbsp; 24 | &nbsp;&nbsp; .55 | 1.49 |
| 12/31/2020 | 23.99 | &nbsp;&nbsp; .37 | 2.58 | 2.95 | &nbsp;&nbsp; (.41)<br>| &nbsp;&nbsp; (.11)<br>| &nbsp;&nbsp; (.52)<br>| 26.42 | 12.43 | &nbsp;&nbsp; 14 | &nbsp;&nbsp; .55 | 1.56 |
| **Class 2:**  | **Class 2:**  | **Class 2:**  | **Class 2:**  | **Class 2:**  | **Class 2:**  | **Class 2:**  | **Class 2:**  | **Class 2:**  | **Class 2:**  | **Class 2:**  | **Class 2:**  | **Class 2:**  |
| 6/30/2025<sup>4,5</sup> <br>| 25.65 | &nbsp;&nbsp; .26 | 1.73 | 1.99 | &nbsp;&nbsp; (.11)<br>| &nbsp;&nbsp; (1.91)<br>| &nbsp;&nbsp; (2.02)<br>| 25.62 | 8.04 <br><sup>6</sup><br>| &nbsp;&nbsp; 4401 | &nbsp;&nbsp; .55 <br><sup>7</sup><br>| 2.07 <br><sup>7</sup><br>|
| 12/31/2024 | 23.53 | &nbsp;&nbsp; .53 | 3.24 | 3.77 | &nbsp;&nbsp; (.55)<br>| &nbsp;&nbsp; (1.10)<br>| &nbsp;&nbsp; (1.65)<br>| 25.65 | 16.44 | &nbsp;&nbsp; 4340 | &nbsp;&nbsp; .55 | 2.11 |
| 12/31/2023 | 21.91 | &nbsp;&nbsp; .50 | 2.52 | 3.02 | &nbsp;&nbsp; (.51)<br>| &nbsp;&nbsp; (.89)<br>| &nbsp;&nbsp; (1.40)<br>| 23.53 | 14.27 | &nbsp;&nbsp; 4261 | &nbsp;&nbsp; .55 | 2.24 |
| 12/31/2022 | 28.74 | &nbsp;&nbsp; .46 | &nbsp;&nbsp; (4.19)<br>| &nbsp;&nbsp; (3.73)<br>| &nbsp;&nbsp; (.45)<br>| &nbsp;&nbsp; (2.65)<br>| &nbsp;&nbsp; (3.10)<br>| 21.91 | &nbsp;&nbsp; (13.41)<br>| &nbsp;&nbsp; 4228 | &nbsp;&nbsp; .55 | 1.90 |
| 12/31/2021 | 26.21 | &nbsp;&nbsp; .41 | 3.49 | 3.90 | &nbsp;&nbsp; (.43)<br>| &nbsp;&nbsp; (.94)<br>| &nbsp;&nbsp; (1.37)<br>| 28.74 | 15.10 | &nbsp;&nbsp; 5473 | &nbsp;&nbsp; .55 | 1.46 |
| 12/31/2020 | 23.79 | &nbsp;&nbsp; .37 | 2.56 | 2.93 | &nbsp;&nbsp; (.40)<br>| &nbsp;&nbsp; (.11)<br>| &nbsp;&nbsp; (.51)<br>| 26.21 | 12.46 | &nbsp;&nbsp; 5242 | &nbsp;&nbsp; .55 | 1.55 |
| **Class 3:**  | **Class 3:**  | **Class 3:**  | **Class 3:**  | **Class 3:**  | **Class 3:**  | **Class 3:**  | **Class 3:**  | **Class 3:**  | **Class 3:**  | **Class 3:**  | **Class 3:**  | **Class 3:**  |
| 6/30/2025<sup>4,5</sup> <br>| 26.08 | &nbsp;&nbsp; .28 | 1.75 | 2.03 | &nbsp;&nbsp; (.11)<br>| &nbsp;&nbsp; (1.91)<br>| &nbsp;&nbsp; (2.02)<br>| 26.09 | 8.07 <br><sup>6</sup><br>| &nbsp;&nbsp; 34 | &nbsp;&nbsp; .48 <br><sup>7</sup><br>| 2.14 <br><sup>7</sup><br>|
| 12/31/2024 | 23.90 | &nbsp;&nbsp; .56 | 3.29 | 3.85 | &nbsp;&nbsp; (.57)<br>| &nbsp;&nbsp; (1.10)<br>| &nbsp;&nbsp; (1.67)<br>| 26.08 | 16.52 | &nbsp;&nbsp; 32 | &nbsp;&nbsp; .48 | 2.18 |
| 12/31/2023 | 22.23 | &nbsp;&nbsp; .53 | 2.55 | 3.08 | &nbsp;&nbsp; (.52)<br>| &nbsp;&nbsp; (.89)<br>| &nbsp;&nbsp; (1.41)<br>| 23.90 | 14.37 | &nbsp;&nbsp; 30 | &nbsp;&nbsp; .48 | 2.31 |
| 12/31/2022 | 29.12 | &nbsp;&nbsp; .48 | &nbsp;&nbsp; (4.25)<br>| &nbsp;&nbsp; (3.77)<br>| &nbsp;&nbsp; (.47)<br>| &nbsp;&nbsp; (2.65)<br>| &nbsp;&nbsp; (3.12)<br>| 22.23 | &nbsp;&nbsp; (13.37)<br>| &nbsp;&nbsp; 28 | &nbsp;&nbsp; .48 | 1.97 |
| 12/31/2021 | 26.53 | &nbsp;&nbsp; .43 | 3.55 | 3.98 | &nbsp;&nbsp; (.45)<br>| &nbsp;&nbsp; (.94)<br>| &nbsp;&nbsp; (1.39)<br>| 29.12 | 15.22 | &nbsp;&nbsp; 36 | &nbsp;&nbsp; .48 | 1.53 |
| 12/31/2020 | 24.08 | &nbsp;&nbsp; .39 | 2.59 | 2.98 | &nbsp;&nbsp; (.42)<br>| &nbsp;&nbsp; (.11)<br>| &nbsp;&nbsp; (.53)<br>| 26.53 | 12.50 | &nbsp;&nbsp; 33 | &nbsp;&nbsp; .48 | 1.62 |
| **Class 4:**  | **Class 4:**  | **Class 4:**  | **Class 4:**  | **Class 4:**  | **Class 4:**  | **Class 4:**  | **Class 4:**  | **Class 4:**  | **Class 4:**  | **Class 4:**  | **Class 4:**  | **Class 4:**  |
| 6/30/2025<sup>4,5</sup> <br>| 25.41 | &nbsp;&nbsp; .23 | 1.72 | 1.95 | &nbsp;&nbsp; (.10)<br>| &nbsp;&nbsp; (1.91)<br>| &nbsp;&nbsp; (2.01)<br>| 25.35 | 7.95 <br><sup>6</sup><br>| &nbsp;&nbsp; 6956 | &nbsp;&nbsp; .80 <br><sup>7</sup><br>| 1.82 <br><sup>7</sup><br>|
| 12/31/2024 | 23.34 | &nbsp;&nbsp; .46 | 3.20 | 3.66 | &nbsp;&nbsp; (.49)<br>| &nbsp;&nbsp; (1.10)<br>| &nbsp;&nbsp; (1.59)<br>| 25.41 | 16.11 | &nbsp;&nbsp; 6649 | &nbsp;&nbsp; .80 | 1.87 |
| 12/31/2023 | 21.75 | &nbsp;&nbsp; .44 | 2.49 | 2.93 | &nbsp;&nbsp; (.45)<br>| &nbsp;&nbsp; (.89)<br>| &nbsp;&nbsp; (1.34)<br>| 23.34 | 14.02 | &nbsp;&nbsp; 5807 | &nbsp;&nbsp; .80 | 1.99 |
| 12/31/2022 | 28.56 | &nbsp;&nbsp; .39 | &nbsp;&nbsp; (4.16)<br>| &nbsp;&nbsp; (3.77)<br>| &nbsp;&nbsp; (.39)<br>| &nbsp;&nbsp; (2.65)<br>| &nbsp;&nbsp; (3.04)<br>| 21.75 | &nbsp;&nbsp; (13.66)<br>| &nbsp;&nbsp; 5380 | &nbsp;&nbsp; .80 | 1.66 |
| 12/31/2021 | 26.06 | &nbsp;&nbsp; .34 | 3.47 | 3.81 | &nbsp;&nbsp; (.37)<br>| &nbsp;&nbsp; (.94)<br>| &nbsp;&nbsp; (1.31)<br>| 28.56 | 14.84 | &nbsp;&nbsp; 6337 | &nbsp;&nbsp; .80 | 1.22 |
| 12/31/2020 | 23.67 | &nbsp;&nbsp; .31 | 2.54 | 2.85 | &nbsp;&nbsp; (.35)<br>| &nbsp;&nbsp; (.11)<br>| &nbsp;&nbsp; (.46)<br>| 26.06 | 12.16 | &nbsp;&nbsp; 5131 | &nbsp;&nbsp; .80 | 1.30 |

---

Refer to the end of the table(s) for footnote(s).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **365** | American Funds Insurance Series |

---

------

Financial highlights (continued)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Net asset** <br> **value,** <br> **beginning** <br> **of year** | **Income (loss) from investment operations**<sup>1</sup> | **Income (loss) from investment operations**<sup>1</sup> | **Income (loss) from investment operations**<sup>1</sup> | **Dividends and distributions** | **Dividends and distributions** | **Dividends and distributions** | **Net asset** <br> **value,** <br> **end** <br> **of year** | **Total return**<sup>2</sup>  | **Net assets,** <br> **end of year** <br> **(in millions)** | **Ratio of** <br> **expenses to** <br> **average net** <br> **assets before** <br> **waivers/** <br> **reimbursements**<sup>3</sup>  | **Ratio of** <br> **expenses to** <br> **average net** <br> **assets after** <br> **waivers/** <br> **reimbursements**<sup>2,3</sup>  | **Ratio of** <br> **net income** <br> **(loss)** <br> **to average** <br> **net assets**<sup>2</sup>  |
| **Year ended**  | **Net asset** <br> **value,** <br> **beginning** <br> **of year** | **Net** <br> **investment** <br> **income** <br> **(loss)**<br>| **Net gains** <br> **(losses) on** <br> **securities** <br> **(both** <br> **realized and** <br> **unrealized)**<br>| **Total from** <br> **investment** <br> **operations**<br>| **Dividends** <br> **(from net** <br> **investment** <br> **income)**<br>| **Distributions** <br> **(from capital** <br> **gains)**<br>| **Total** <br> **dividends** <br> **and** <br> **distributions**<br>| **Net asset** <br> **value,** <br> **end** <br> **of year** | **Total return**<sup>2</sup>  | **Net assets,** <br> **end of year** <br> **(in millions)** | **Ratio of** <br> **expenses to** <br> **average net** <br> **assets before** <br> **waivers/** <br> **reimbursements**<sup>3</sup>  | **Ratio of** <br> **expenses to** <br> **average net** <br> **assets after** <br> **waivers/** <br> **reimbursements**<sup>2,3</sup>  | **Ratio of** <br> **net income** <br> **(loss)** <br> **to average** <br> **net assets**<sup>2</sup>  |
| **American Funds Global Balanced Fund** | **American Funds Global Balanced Fund** | **American Funds Global Balanced Fund** | **American Funds Global Balanced Fund** | **American Funds Global Balanced Fund** | **American Funds Global Balanced Fund** | **American Funds Global Balanced Fund** | **American Funds Global Balanced Fund** | **American Funds Global Balanced Fund** | **American Funds Global Balanced Fund** | **American Funds Global Balanced Fund** | **American Funds Global Balanced Fund** | **American Funds Global Balanced Fund** | **American Funds Global Balanced Fund** |
| **Class 1:**  | **Class 1:**  | **Class 1:**  | **Class 1:**  | **Class 1:**  | **Class 1:**  | **Class 1:**  | **Class 1:**  | **Class 1:**  | **Class 1:**  | **Class 1:**  | **Class 1:**  | **Class 1:**  | **Class 1:**  |
| 6/30/2025<sup>4,5</sup> <br>| $12.96 | &nbsp;&nbsp; $.20 | &nbsp;&nbsp; $1.05 | &nbsp;&nbsp; $1.25 | &nbsp;&nbsp; $(.04)<br>| &nbsp;&nbsp; $(.53)<br>| &nbsp;&nbsp; $(.57)<br>| &nbsp;&nbsp; $13.64 | 9.72 %<sup>6</sup><br>| &nbsp;&nbsp; $97 | &nbsp;&nbsp; .52 %<sup>7</sup><br>| &nbsp;&nbsp; .50 %<sup>7</sup><br>| 3.02 %<sup>7</sup><br>|
| 12/31/2024 | 12.37 | &nbsp;&nbsp; .34 | &nbsp;&nbsp; .52 | &nbsp;&nbsp; .86 | &nbsp;&nbsp; (.27)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (.27)<br>| 12.96 | 6.90 | &nbsp;&nbsp; 95 | &nbsp;&nbsp; .52 | &nbsp;&nbsp; .51 | 2.63 |
| 12/31/2023 | 12.55 | &nbsp;&nbsp; .33 | 1.29 | 1.62 | &nbsp;&nbsp; (.23)<br>| &nbsp;&nbsp; (1.57)<br>| &nbsp;&nbsp; (1.80)<br>| 12.37 | 14.05 | &nbsp;&nbsp; 98 | &nbsp;&nbsp; .53 | &nbsp;&nbsp; .52 | 2.67 |
| 12/31/2022 | 14.73 | &nbsp;&nbsp; .26 | &nbsp;&nbsp; (2.37)<br>| &nbsp;&nbsp; (2.11)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (.07)<br>| &nbsp;&nbsp; (.07)<br>| 12.55 | &nbsp;&nbsp; (14.33)<br>| &nbsp;&nbsp; 96 | &nbsp;&nbsp; .59 | &nbsp;&nbsp; .58 | 1.99 |
| 12/31/2021 | 14.19 | &nbsp;&nbsp; .18 | 1.37 | 1.55 | &nbsp;&nbsp; (.19)<br>| &nbsp;&nbsp; (.82)<br>| &nbsp;&nbsp; (1.01)<br>| 14.73 | 11.05 | &nbsp;&nbsp; 120 | &nbsp;&nbsp; .73 | &nbsp;&nbsp; .73 | 1.24 |
| 12/31/2020 | 13.51 | &nbsp;&nbsp; .17 | 1.24 | 1.41 | &nbsp;&nbsp; (.19)<br>| &nbsp;&nbsp; (.54)<br>| &nbsp;&nbsp; (.73)<br>| 14.19 | 10.53 | &nbsp;&nbsp; 139 | &nbsp;&nbsp; .72 | &nbsp;&nbsp; .72 | 1.29 |
| **Class 1A:**  | **Class 1A:**  | **Class 1A:**  | **Class 1A:**  | **Class 1A:**  | **Class 1A:**  | **Class 1A:**  | **Class 1A:**  | **Class 1A:**  | **Class 1A:**  | **Class 1A:**  | **Class 1A:**  | **Class 1A:**  | **Class 1A:**  |
| 6/30/2025<sup>4,5</sup> <br>| 12.87 | &nbsp;&nbsp; .18 | 1.05 | 1.23 | &nbsp;&nbsp; (.03)<br>| &nbsp;&nbsp; (.53)<br>| &nbsp;&nbsp; (.56)<br>| 13.54 | 9.66 <br><sup>6</sup><br>| &nbsp;&nbsp; 4 | &nbsp;&nbsp; .77 <br><sup>7</sup><br>| &nbsp;&nbsp; .75 <br><sup>7</sup><br>| 2.78 <br><sup>7</sup><br>|
| 12/31/2024 | 12.30 | &nbsp;&nbsp; .30 | &nbsp;&nbsp; .51 | &nbsp;&nbsp; .81 | &nbsp;&nbsp; (.24)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (.24)<br>| 12.87 | 6.57 | &nbsp;&nbsp; 4 | &nbsp;&nbsp; .78 | &nbsp;&nbsp; .77 | 2.35 |
| 12/31/2023 | 12.49 | &nbsp;&nbsp; .29 | 1.30 | 1.59 | &nbsp;&nbsp; (.21)<br>| &nbsp;&nbsp; (1.57)<br>| &nbsp;&nbsp; (1.78)<br>| 12.30 | 13.77 | &nbsp;&nbsp; 3 | &nbsp;&nbsp; .78 | &nbsp;&nbsp; .77 | 2.42 |
| 12/31/2022 | 14.70 | &nbsp;&nbsp; .22 | &nbsp;&nbsp; (2.36)<br>| &nbsp;&nbsp; (2.14)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (.07)<br>| &nbsp;&nbsp; (.07)<br>| 12.49 | &nbsp;&nbsp; (14.56)<br>| &nbsp;&nbsp; 3 | &nbsp;&nbsp; .84 | &nbsp;&nbsp; .84 | 1.71 |
| 12/31/2021 | 14.16 | &nbsp;&nbsp; .15 | 1.36 | 1.51 | &nbsp;&nbsp; (.15)<br>| &nbsp;&nbsp; (.82)<br>| &nbsp;&nbsp; (.97)<br>| 14.70 | 10.83 | &nbsp;&nbsp; 4 | &nbsp;&nbsp; .98 | &nbsp;&nbsp; .98 | 1.02 |
| 12/31/2020 | 13.49 | &nbsp;&nbsp; .14 | 1.23 | 1.37 | &nbsp;&nbsp; (.16)<br>| &nbsp;&nbsp; (.54)<br>| &nbsp;&nbsp; (.70)<br>| 14.16 | 10.25 | &nbsp;&nbsp; 3 | &nbsp;&nbsp; .97 | &nbsp;&nbsp; .97 | 1.03 |
| **Class 2:**  | **Class 2:**  | **Class 2:**  | **Class 2:**  | **Class 2:**  | **Class 2:**  | **Class 2:**  | **Class 2:**  | **Class 2:**  | **Class 2:**  | **Class 2:**  | **Class 2:**  | **Class 2:**  | **Class 2:**  |
| 6/30/2025<sup>4,5</sup> <br>| 12.89 | &nbsp;&nbsp; .18 | 1.05 | 1.23 | &nbsp;&nbsp; (.03)<br>| &nbsp;&nbsp; (.53)<br>| &nbsp;&nbsp; (.56)<br>| 13.56 | 9.64 <br><sup>6</sup><br>| &nbsp;&nbsp; 149 | &nbsp;&nbsp; .77 <br><sup>7</sup><br>| &nbsp;&nbsp; .75 <br><sup>7</sup><br>| 2.78 <br><sup>7</sup><br>|
| 12/31/2024 | 12.31 | &nbsp;&nbsp; .31 | &nbsp;&nbsp; .50 | &nbsp;&nbsp; .81 | &nbsp;&nbsp; (.23)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (.23)<br>| 12.89 | 6.58 | &nbsp;&nbsp; 149 | &nbsp;&nbsp; .77 | &nbsp;&nbsp; .76 | 2.38 |
| 12/31/2023 | 12.49 | &nbsp;&nbsp; .30 | 1.29 | 1.59 | &nbsp;&nbsp; (.20)<br>| &nbsp;&nbsp; (1.57)<br>| &nbsp;&nbsp; (1.77)<br>| 12.31 | 13.83 | &nbsp;&nbsp; 160 | &nbsp;&nbsp; .78 | &nbsp;&nbsp; .77 | 2.42 |
| 12/31/2022 | 14.70 | &nbsp;&nbsp; .22 | &nbsp;&nbsp; (2.36)<br>| &nbsp;&nbsp; (2.14)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (.07)<br>| &nbsp;&nbsp; (.07)<br>| 12.49 | &nbsp;&nbsp; (14.56)<br>| &nbsp;&nbsp; 158 | &nbsp;&nbsp; .84 | &nbsp;&nbsp; .83 | 1.73 |
| 12/31/2021 | 14.16 | &nbsp;&nbsp; .15 | 1.36 | 1.51 | &nbsp;&nbsp; (.15)<br>| &nbsp;&nbsp; (.82)<br>| &nbsp;&nbsp; (.97)<br>| 14.70 | 10.79 | &nbsp;&nbsp; 208 | &nbsp;&nbsp; .98 | &nbsp;&nbsp; .98 | 1.01 |
| 12/31/2020 | 13.48 | &nbsp;&nbsp; .14 | 1.23 | 1.37 | &nbsp;&nbsp; (.15)<br>| &nbsp;&nbsp; (.54)<br>| &nbsp;&nbsp; (.69)<br>| 14.16 | 10.30 | &nbsp;&nbsp; 208 | &nbsp;&nbsp; .97 | &nbsp;&nbsp; .97 | 1.03 |
| **Class 4:**  | **Class 4:**  | **Class 4:**  | **Class 4:**  | **Class 4:**  | **Class 4:**  | **Class 4:**  | **Class 4:**  | **Class 4:**  | **Class 4:**  | **Class 4:**  | **Class 4:**  | **Class 4:**  | **Class 4:**  |
| 6/30/2025<sup>4,5</sup> <br>| 12.66 | &nbsp;&nbsp; .16 | 1.04 | 1.20 | &nbsp;&nbsp; (.03)<br>| &nbsp;&nbsp; (.53)<br>| &nbsp;&nbsp; (.56)<br>| 13.30 | 9.55 <br><sup>6</sup><br>| &nbsp;&nbsp; 169 | 1.02 <br><sup>7</sup><br>| 1.00 <br><sup>7</sup><br>| 2.54 <br><sup>7</sup><br>|
| 12/31/2024 | 12.10 | &nbsp;&nbsp; .27 | &nbsp;&nbsp; .50 | &nbsp;&nbsp; .77 | &nbsp;&nbsp; (.21)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (.21)<br>| 12.66 | 6.32 | &nbsp;&nbsp; 144 | 1.02 | 1.01 | 2.12 |
| 12/31/2023 | 12.32 | &nbsp;&nbsp; .26 | 1.27 | 1.53 | &nbsp;&nbsp; (.18)<br>| &nbsp;&nbsp; (1.57)<br>| &nbsp;&nbsp; (1.75)<br>| 12.10 | 13.45 | &nbsp;&nbsp; 128 | 1.03 | 1.02 | 2.17 |
| 12/31/2022 | 14.53 | &nbsp;&nbsp; .19 | &nbsp;&nbsp; (2.33)<br>| &nbsp;&nbsp; (2.14)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (.07)<br>| &nbsp;&nbsp; (.07)<br>| 12.32 | &nbsp;&nbsp; (14.73)<br>| &nbsp;&nbsp; 111 | 1.09 | 1.08 | 1.49 |
| 12/31/2021 | 14.02 | &nbsp;&nbsp; .11 | 1.34 | 1.45 | &nbsp;&nbsp; (.12)<br>| &nbsp;&nbsp; (.82)<br>| &nbsp;&nbsp; (.94)<br>| 14.53 | 10.46 | &nbsp;&nbsp; 135 | 1.23 | 1.23 | &nbsp;&nbsp; .77 |
| 12/31/2020 | 13.36 | &nbsp;&nbsp; .10 | 1.22 | 1.32 | &nbsp;&nbsp; (.12)<br>| &nbsp;&nbsp; (.54)<br>| &nbsp;&nbsp; (.66)<br>| 14.02 | 10.00 | &nbsp;&nbsp; 105 | 1.22 | 1.22 | &nbsp;&nbsp; .78 |

---

Refer to the end of the table(s) for footnote(s).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| American Funds Insurance Series | **366** |

---

------

Financial highlights (continued)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Net asset** <br> **value,** <br> **beginning** <br> **of year** | **Income (loss) from investment operations**<sup>1</sup> | **Income (loss) from investment operations**<sup>1</sup> | **Income (loss) from investment operations**<sup>1</sup> | **Dividends and distributions** | **Dividends and distributions** | **Dividends and distributions** | **Net asset** <br> **value,** <br> **end** <br> **of year** | **Total return**<sup>2</sup>  | **Net assets,** <br> **end of year** <br> **(in millions)** | **Ratio of** <br> **expenses to** <br> **average net** <br> **assets before** <br> **waivers/** <br> **reimbursements**<sup>3</sup>  | **Ratio of** <br> **expenses to** <br> **average net** <br> **assets after** <br> **waivers/** <br> **reimbursements**<sup>2,3</sup>  | **Ratio of** <br> **net income** <br> **(loss)** <br> **to average** <br> **net assets**<sup>2</sup>  |
| **Year ended**  | **Net asset** <br> **value,** <br> **beginning** <br> **of year** | **Net** <br> **investment** <br> **income** <br> **(loss)**<br>| **Net gains** <br> **(losses) on** <br> **securities** <br> **(both** <br> **realized and** <br> **unrealized)**<br>| **Total from** <br> **investment** <br> **operations**<br>| **Dividends** <br> **(from net** <br> **investment** <br> **income)**<br>| **Distributions** <br> **(from capital** <br> **gains)**<br>| **Total** <br> **dividends** <br> **and** <br> **distributions**<br>| **Net asset** <br> **value,** <br> **end** <br> **of year** | **Total return**<sup>2</sup>  | **Net assets,** <br> **end of year** <br> **(in millions)** | **Ratio of** <br> **expenses to** <br> **average net** <br> **assets before** <br> **waivers/** <br> **reimbursements**<sup>3</sup>  | **Ratio of** <br> **expenses to** <br> **average net** <br> **assets after** <br> **waivers/** <br> **reimbursements**<sup>2,3</sup>  | **Ratio of** <br> **net income** <br> **(loss)** <br> **to average** <br> **net assets**<sup>2</sup>  |
| **The Bond Fund of America** | **The Bond Fund of America** | **The Bond Fund of America** | **The Bond Fund of America** | **The Bond Fund of America** | **The Bond Fund of America** | **The Bond Fund of America** | **The Bond Fund of America** | **The Bond Fund of America** | **The Bond Fund of America** | **The Bond Fund of America** | **The Bond Fund of America** | **The Bond Fund of America** | **The Bond Fund of America** |
| **Class 1:**  | **Class 1:**  | **Class 1:**  | **Class 1:**  | **Class 1:**  | **Class 1:**  | **Class 1:**  | **Class 1:**  | **Class 1:**  | **Class 1:**  | **Class 1:**  | **Class 1:**  | **Class 1:**  | **Class 1:**  |
| 6/30/2025<sup>4,5</sup> <br>| $9.27 | &nbsp;&nbsp; $.22 | &nbsp;&nbsp; $.18 | &nbsp;&nbsp; $.40 | &nbsp;&nbsp; $(.09)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $(.09)<br>| &nbsp;&nbsp; $9.58 | 4.30 %<sup>6</sup><br>| &nbsp;&nbsp; $6713 | &nbsp;&nbsp; .39 %<sup>7</sup><br>| &nbsp;&nbsp; .24 %<sup>7</sup><br>| 4.64 %<sup>7</sup><br>|
| 12/31/2024 | 9.54 | &nbsp;&nbsp; .44 | &nbsp;&nbsp; (.29)<br>| &nbsp;&nbsp; .15 | &nbsp;&nbsp; (.42)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (.42)<br>| 9.27 | 1.50 | &nbsp;&nbsp; 6992 | &nbsp;&nbsp; .39 | &nbsp;&nbsp; .24 | 4.60 |
| 12/31/2023 | 9.41 | &nbsp;&nbsp; .39 | &nbsp;&nbsp; .09 | &nbsp;&nbsp; .48 | &nbsp;&nbsp; (.35)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (.35)<br>| 9.54 | 5.21 | &nbsp;&nbsp; 6908 | &nbsp;&nbsp; .39 | &nbsp;&nbsp; .20 | 4.15 |
| 12/31/2022 | 11.21 | &nbsp;&nbsp; .31 | &nbsp;&nbsp; (1.67)<br>| &nbsp;&nbsp; (1.36)<br>| &nbsp;&nbsp; (.32)<br>| &nbsp;&nbsp; (.12)<br>| &nbsp;&nbsp; (.44)<br>| 9.41 | &nbsp;&nbsp; (12.26)<br>| &nbsp;&nbsp; 6370 | &nbsp;&nbsp; .39 | &nbsp;&nbsp; .20 | 3.09 |
| 12/31/2021 | 11.89 | &nbsp;&nbsp; .21 | &nbsp;&nbsp; (.23)<br>| &nbsp;&nbsp; (.02)<br>| &nbsp;&nbsp; (.19)<br>| &nbsp;&nbsp; (.47)<br>| &nbsp;&nbsp; (.66)<br>| 11.21 | &nbsp;&nbsp; (.14)<br>| &nbsp;&nbsp; 8555 | &nbsp;&nbsp; .39 | &nbsp;&nbsp; .26 | 1.84 |
| 12/31/2020 | 11.17 | &nbsp;&nbsp; .23 | &nbsp;&nbsp; .87 | 1.10 | &nbsp;&nbsp; (.27)<br>| &nbsp;&nbsp; (.11)<br>| &nbsp;&nbsp; (.38)<br>| 11.89 | 9.96 | &nbsp;&nbsp; 6844 | &nbsp;&nbsp; .40 | &nbsp;&nbsp; .40 | 2.00 |
| **Class 1A:**  | **Class 1A:**  | **Class 1A:**  | **Class 1A:**  | **Class 1A:**  | **Class 1A:**  | **Class 1A:**  | **Class 1A:**  | **Class 1A:**  | **Class 1A:**  | **Class 1A:**  | **Class 1A:**  | **Class 1A:**  | **Class 1A:**  |
| 6/30/2025<sup>4,5</sup> <br>| 9.20 | &nbsp;&nbsp; .20 | &nbsp;&nbsp; .18 | &nbsp;&nbsp; .38 | &nbsp;&nbsp; (.08)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (.08)<br>| 9.50 | 4.18 <br><sup>6</sup><br>| &nbsp;&nbsp; 260 | &nbsp;&nbsp; .64 <br><sup>7</sup><br>| &nbsp;&nbsp; .49 <br><sup>7</sup><br>| 4.40 <br><sup>7</sup><br>|
| 12/31/2024 | 9.47 | &nbsp;&nbsp; .41 | &nbsp;&nbsp; (.29)<br>| &nbsp;&nbsp; .12 | &nbsp;&nbsp; (.39)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (.39)<br>| 9.20 | 1.23 | &nbsp;&nbsp; 221 | &nbsp;&nbsp; .64 | &nbsp;&nbsp; .49 | 4.35 |
| 12/31/2023 | 9.35 | &nbsp;&nbsp; .37 | &nbsp;&nbsp; .08 | &nbsp;&nbsp; .45 | &nbsp;&nbsp; (.33)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (.33)<br>| 9.47 | 4.89 | &nbsp;&nbsp; 258 | &nbsp;&nbsp; .64 | &nbsp;&nbsp; .45 | 3.90 |
| 12/31/2022 | 11.16 | &nbsp;&nbsp; .31 | &nbsp;&nbsp; (1.69)<br>| &nbsp;&nbsp; (1.38)<br>| &nbsp;&nbsp; (.31)<br>| &nbsp;&nbsp; (.12)<br>| &nbsp;&nbsp; (.43)<br>| 9.35 | &nbsp;&nbsp; (12.49)<br>| &nbsp;&nbsp; 220 | &nbsp;&nbsp; .64 | &nbsp;&nbsp; .45 | 3.15 |
| 12/31/2021 | 11.84 | &nbsp;&nbsp; .18 | &nbsp;&nbsp; (.23)<br>| &nbsp;&nbsp; (.05)<br>| &nbsp;&nbsp; (.16)<br>| &nbsp;&nbsp; (.47)<br>| &nbsp;&nbsp; (.63)<br>| 11.16 | &nbsp;&nbsp; (.36)<br>| &nbsp;&nbsp; 12 | &nbsp;&nbsp; .64 | &nbsp;&nbsp; .51 | 1.59 |
| 12/31/2020 | 11.13 | &nbsp;&nbsp; .20 | &nbsp;&nbsp; .87 | 1.07 | &nbsp;&nbsp; (.25)<br>| &nbsp;&nbsp; (.11)<br>| &nbsp;&nbsp; (.36)<br>| 11.84 | 9.68 | &nbsp;&nbsp; 9 | &nbsp;&nbsp; .65 | &nbsp;&nbsp; .65 | 1.74 |
| **Class 2:**  | **Class 2:**  | **Class 2:**  | **Class 2:**  | **Class 2:**  | **Class 2:**  | **Class 2:**  | **Class 2:**  | **Class 2:**  | **Class 2:**  | **Class 2:**  | **Class 2:**  | **Class 2:**  | **Class 2:**  |
| 6/30/2025<sup>4,5</sup> <br>| 9.12 | &nbsp;&nbsp; .20 | &nbsp;&nbsp; .18 | &nbsp;&nbsp; .38 | &nbsp;&nbsp; (.08)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (.08)<br>| 9.42 | 4.21 <br><sup>6</sup><br>| &nbsp;&nbsp; 2710 | &nbsp;&nbsp; .64 <br><sup>7</sup><br>| &nbsp;&nbsp; .49 <br><sup>7</sup><br>| 4.39 <br><sup>7</sup><br>|
| 12/31/2024 | 9.40 | &nbsp;&nbsp; .41 | &nbsp;&nbsp; (.30)<br>| &nbsp;&nbsp; .11 | &nbsp;&nbsp; (.39)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (.39)<br>| 9.12 | 1.16 | &nbsp;&nbsp; 2766 | &nbsp;&nbsp; .64 | &nbsp;&nbsp; .49 | 4.35 |
| 12/31/2023 | 9.27 | &nbsp;&nbsp; .36 | &nbsp;&nbsp; .10 | &nbsp;&nbsp; .46 | &nbsp;&nbsp; (.33)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (.33)<br>| 9.40 | 5.02 | &nbsp;&nbsp; 2879 | &nbsp;&nbsp; .64 | &nbsp;&nbsp; .45 | 3.89 |
| 12/31/2022 | 11.06 | &nbsp;&nbsp; .28 | &nbsp;&nbsp; (1.66)<br>| &nbsp;&nbsp; (1.38)<br>| &nbsp;&nbsp; (.29)<br>| &nbsp;&nbsp; (.12)<br>| &nbsp;&nbsp; (.41)<br>| 9.27 | &nbsp;&nbsp; (12.58)<br>| &nbsp;&nbsp; 2844 | &nbsp;&nbsp; .64 | &nbsp;&nbsp; .45 | 2.84 |
| 12/31/2021 | 11.73 | &nbsp;&nbsp; .18 | &nbsp;&nbsp; (.22)<br>| &nbsp;&nbsp; (.04)<br>| &nbsp;&nbsp; (.16)<br>| &nbsp;&nbsp; (.47)<br>| &nbsp;&nbsp; (.63)<br>| 11.06 | &nbsp;&nbsp; (.31)<br>| &nbsp;&nbsp; 3729 | &nbsp;&nbsp; .64 | &nbsp;&nbsp; .52 | 1.57 |
| 12/31/2020 | 11.02 | &nbsp;&nbsp; .20 | &nbsp;&nbsp; .86 | 1.06 | &nbsp;&nbsp; (.24)<br>| &nbsp;&nbsp; (.11)<br>| &nbsp;&nbsp; (.35)<br>| 11.73 | 9.73 | &nbsp;&nbsp; 3840 | &nbsp;&nbsp; .65 | &nbsp;&nbsp; .65 | 1.75 |
| **Class 4:**  | **Class 4:**  | **Class 4:**  | **Class 4:**  | **Class 4:**  | **Class 4:**  | **Class 4:**  | **Class 4:**  | **Class 4:**  | **Class 4:**  | **Class 4:**  | **Class 4:**  | **Class 4:**  | **Class 4:**  |
| 6/30/2025<sup>4,5</sup> <br>| 9.07 | &nbsp;&nbsp; .19 | &nbsp;&nbsp; .18 | &nbsp;&nbsp; .37 | &nbsp;&nbsp; (.08)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (.08)<br>| 9.36 | 3.98 <br><sup>6</sup><br>| &nbsp;&nbsp; 1283 | &nbsp;&nbsp; .89 <br><sup>7</sup><br>| &nbsp;&nbsp; .74 <br><sup>7</sup><br>| 4.14 <br><sup>7</sup><br>|
| 12/31/2024 | 9.35 | &nbsp;&nbsp; .38 | &nbsp;&nbsp; (.29)<br>| &nbsp;&nbsp; .09 | &nbsp;&nbsp; (.37)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (.37)<br>| 9.07 | &nbsp;&nbsp; .98 | &nbsp;&nbsp; 1188 | &nbsp;&nbsp; .89 | &nbsp;&nbsp; .74 | 4.10 |
| 12/31/2023 | 9.23 | &nbsp;&nbsp; .34 | &nbsp;&nbsp; .09 | &nbsp;&nbsp; .43 | &nbsp;&nbsp; (.31)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (.31)<br>| 9.35 | 4.72 | &nbsp;&nbsp; 963 | &nbsp;&nbsp; .89 | &nbsp;&nbsp; .70 | 3.66 |
| 12/31/2022 | 11.01 | &nbsp;&nbsp; .26 | &nbsp;&nbsp; (1.65)<br>| &nbsp;&nbsp; (1.39)<br>| &nbsp;&nbsp; (.27)<br>| &nbsp;&nbsp; (.12)<br>| &nbsp;&nbsp; (.39)<br>| 9.23 | &nbsp;&nbsp; (12.75)<br>| &nbsp;&nbsp; 787 | &nbsp;&nbsp; .89 | &nbsp;&nbsp; .70 | 2.61 |
| 12/31/2021 | 11.69 | &nbsp;&nbsp; .15 | &nbsp;&nbsp; (.22)<br>| &nbsp;&nbsp; (.07)<br>| &nbsp;&nbsp; (.14)<br>| &nbsp;&nbsp; (.47)<br>| &nbsp;&nbsp; (.61)<br>| 11.01 | &nbsp;&nbsp; (.59)<br>| &nbsp;&nbsp; 891 | &nbsp;&nbsp; .89 | &nbsp;&nbsp; .76 | 1.34 |
| 12/31/2020 | 11.00 | &nbsp;&nbsp; .17 | &nbsp;&nbsp; .85 | 1.02 | &nbsp;&nbsp; (.22)<br>| &nbsp;&nbsp; (.11)<br>| &nbsp;&nbsp; (.33)<br>| 11.69 | 9.38 | &nbsp;&nbsp; 714 | &nbsp;&nbsp; .90 | &nbsp;&nbsp; .90 | 1.48 |

---

Refer to the end of the table(s) for footnote(s).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **367** | American Funds Insurance Series |

---

------

Financial highlights (continued)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Net asset** <br> **value,** <br> **beginning** <br> **of year** | **Income (loss) from investment operations**<sup>1</sup> | **Income (loss) from investment operations**<sup>1</sup> | **Income (loss) from investment operations**<sup>1</sup> | **Dividends and distributions** | **Dividends and distributions** | **Dividends and distributions** | **Net asset** <br> **value,** <br> **end** <br> **of year** | **Total return**<sup>2</sup>  | **Net assets,** <br> **end of year** <br> **(in millions)** | **Ratio of** <br> **expenses to** <br> **average net** <br> **assets before** <br> **waivers/** <br> **reimbursements**<sup>3</sup>  | **Ratio of** <br> **expenses to** <br> **average net** <br> **assets after** <br> **waivers/** <br> **reimbursements**<sup>2,3</sup>  | **Ratio of** <br> **net income** <br> **(loss)** <br> **to average** <br> **net assets**<sup>2</sup>  |
| **Year ended**  | **Net asset** <br> **value,** <br> **beginning** <br> **of year** | **Net** <br> **investment** <br> **income** <br> **(loss)**<br>| **Net gains** <br> **(losses) on** <br> **securities** <br> **(both** <br> **realized and** <br> **unrealized)**<br>| **Total from** <br> **investment** <br> **operations**<br>| **Dividends** <br> **(from net** <br> **investment** <br> **income)**<br>| **Distributions** <br> **(from capital** <br> **gains)**<br>| **Total** <br> **dividends** <br> **and** <br> **distributions**<br>| **Net asset** <br> **value,** <br> **end** <br> **of year** | **Total return**<sup>2</sup>  | **Net assets,** <br> **end of year** <br> **(in millions)** | **Ratio of** <br> **expenses to** <br> **average net** <br> **assets before** <br> **waivers/** <br> **reimbursements**<sup>3</sup>  | **Ratio of** <br> **expenses to** <br> **average net** <br> **assets after** <br> **waivers/** <br> **reimbursements**<sup>2,3</sup>  | **Ratio of** <br> **net income** <br> **(loss)** <br> **to average** <br> **net assets**<sup>2</sup>  |
| **Capital World Bond Fund** | **Capital World Bond Fund** | **Capital World Bond Fund** | **Capital World Bond Fund** | **Capital World Bond Fund** | **Capital World Bond Fund** | **Capital World Bond Fund** | **Capital World Bond Fund** | **Capital World Bond Fund** | **Capital World Bond Fund** | **Capital World Bond Fund** | **Capital World Bond Fund** | **Capital World Bond Fund** | **Capital World Bond Fund** |
| **Class 1:**  | **Class 1:**  | **Class 1:**  | **Class 1:**  | **Class 1:**  | **Class 1:**  | **Class 1:**  | **Class 1:**  | **Class 1:**  | **Class 1:**  | **Class 1:**  | **Class 1:**  | **Class 1:**  | **Class 1:**  |
| 6/30/2025<sup>4,5</sup> <br>| $9.63 | &nbsp;&nbsp; $.21 | &nbsp;&nbsp; $.63 | &nbsp;&nbsp; $.84 | &nbsp;&nbsp; $(.03)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $(.03)<br>| &nbsp;&nbsp; $10.44 | 8.71 %<sup>6</sup><br>| &nbsp;&nbsp; $619 | &nbsp;&nbsp; .48 %<sup>7</sup><br>| &nbsp;&nbsp; .48 %<sup>7</sup><br>| 4.18 %<sup>7</sup><br>|
| 12/31/2024 | 10.16 | &nbsp;&nbsp; .42 | &nbsp;&nbsp; (.70)<br>| &nbsp;&nbsp; (.28)<br>| &nbsp;&nbsp; (.25)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (.25)<br>| 9.63 | &nbsp;&nbsp; (2.76)<br>| &nbsp;&nbsp; 588 | &nbsp;&nbsp; .48 | &nbsp;&nbsp; .48 | 4.20 |
| 12/31/2023 | 9.55 | &nbsp;&nbsp; .32 | &nbsp;&nbsp; .29 | &nbsp;&nbsp; .61 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | 10.16 | 6.39 | &nbsp;&nbsp; 665 | &nbsp;&nbsp; .48 | &nbsp;&nbsp; .48 | 3.33 |
| 12/31/2022 | 11.79 | &nbsp;&nbsp; .25 | &nbsp;&nbsp; (2.30)<br>| &nbsp;&nbsp; (2.05)<br>| &nbsp;&nbsp; (.03)<br>| &nbsp;&nbsp; (.16)<br>| &nbsp;&nbsp; (.19)<br>| 9.55 | &nbsp;&nbsp; (17.43)<br>| &nbsp;&nbsp; 663 | &nbsp;&nbsp; .51 | &nbsp;&nbsp; .48 | 2.43 |
| 12/31/2021 | 12.94 | &nbsp;&nbsp; .25 | &nbsp;&nbsp; (.85)<br>| &nbsp;&nbsp; (.60)<br>| &nbsp;&nbsp; (.24)<br>| &nbsp;&nbsp; (.31)<br>| &nbsp;&nbsp; (.55)<br>| 11.79 | &nbsp;&nbsp; (4.73)<br>| &nbsp;&nbsp; 988 | &nbsp;&nbsp; .60 | &nbsp;&nbsp; .50 | 2.06 |
| 12/31/2020 | 12.12 | &nbsp;&nbsp; .26 | &nbsp;&nbsp; .95 | 1.21 | &nbsp;&nbsp; (.18)<br>| &nbsp;&nbsp; (.21)<br>| &nbsp;&nbsp; (.39)<br>| 12.94 | 10.17 | &nbsp;&nbsp; 1219 | &nbsp;&nbsp; .59 | &nbsp;&nbsp; .52 | 2.08 |
| **Class 1A:**  | **Class 1A:**  | **Class 1A:**  | **Class 1A:**  | **Class 1A:**  | **Class 1A:**  | **Class 1A:**  | **Class 1A:**  | **Class 1A:**  | **Class 1A:**  | **Class 1A:**  | **Class 1A:**  | **Class 1A:**  | **Class 1A:**  |
| 6/30/2025<sup>4,5</sup> <br>| 9.54 | &nbsp;&nbsp; .19 | &nbsp;&nbsp; .62 | &nbsp;&nbsp; .81 | &nbsp;&nbsp; (.02)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (.02)<br>| 10.33 | 8.51 <br><sup>6</sup><br>| &nbsp;&nbsp; 26 | &nbsp;&nbsp; .73 <br><sup>7</sup><br>| &nbsp;&nbsp; .73 <br><sup>7</sup><br>| 3.94 <br><sup>7</sup><br>|
| 12/31/2024 | 10.08 | &nbsp;&nbsp; .40 | &nbsp;&nbsp; (.69)<br>| &nbsp;&nbsp; (.29)<br>| &nbsp;&nbsp; (.25)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (.25)<br>| 9.54 | &nbsp;&nbsp; (2.97)<br>| &nbsp;&nbsp; 39 | &nbsp;&nbsp; .74 | &nbsp;&nbsp; .74 | 4.05 |
| 12/31/2023 | 9.50 | &nbsp;&nbsp; .30 | &nbsp;&nbsp; .28 | &nbsp;&nbsp; .58 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | 10.08 | 6.11 | &nbsp;&nbsp; 1 | &nbsp;&nbsp; .73 | &nbsp;&nbsp; .73 | 3.08 |
| 12/31/2022 | 11.76 | &nbsp;&nbsp; .22 | &nbsp;&nbsp; (2.30)<br>| &nbsp;&nbsp; (2.08)<br>| &nbsp;&nbsp; (.02)<br>| &nbsp;&nbsp; (.16)<br>| &nbsp;&nbsp; (.18)<br>| 9.50 | &nbsp;&nbsp; (17.69)<br>| &nbsp;&nbsp; 1 | &nbsp;&nbsp; .76 | &nbsp;&nbsp; .73 | 2.19 |
| 12/31/2021 | 12.91 | &nbsp;&nbsp; .23 | &nbsp;&nbsp; (.85)<br>| &nbsp;&nbsp; (.62)<br>| &nbsp;&nbsp; (.22)<br>| &nbsp;&nbsp; (.31)<br>| &nbsp;&nbsp; (.53)<br>| 11.76 | &nbsp;&nbsp; (4.88)<br>| &nbsp;&nbsp; 1 | &nbsp;&nbsp; .85 | &nbsp;&nbsp; .75 | 1.85 |
| 12/31/2020 | 12.10 | &nbsp;&nbsp; .23 | &nbsp;&nbsp; .95 | 1.18 | &nbsp;&nbsp; (.16)<br>| &nbsp;&nbsp; (.21)<br>| &nbsp;&nbsp; (.37)<br>| 12.91 | 9.89 | &nbsp;&nbsp; 1 | &nbsp;&nbsp; .83 | &nbsp;&nbsp; .76 | 1.83 |
| **Class 2:**  | **Class 2:**  | **Class 2:**  | **Class 2:**  | **Class 2:**  | **Class 2:**  | **Class 2:**  | **Class 2:**  | **Class 2:**  | **Class 2:**  | **Class 2:**  | **Class 2:**  | **Class 2:**  | **Class 2:**  |
| 6/30/2025<sup>4,5</sup> <br>| 9.52 | &nbsp;&nbsp; .19 | &nbsp;&nbsp; .62 | &nbsp;&nbsp; .81 | &nbsp;&nbsp; (.02)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (.02)<br>| 10.31 | 8.55 <br><sup>6</sup><br>| &nbsp;&nbsp; 755 | &nbsp;&nbsp; .73 <br><sup>7</sup><br>| &nbsp;&nbsp; .73 <br><sup>7</sup><br>| 3.93 <br><sup>7</sup><br>|
| 12/31/2024 | 10.03 | &nbsp;&nbsp; .39 | &nbsp;&nbsp; (.69)<br>| &nbsp;&nbsp; (.30)<br>| &nbsp;&nbsp; (.21)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (.21)<br>| 9.52 | &nbsp;&nbsp; (3.04)<br>| &nbsp;&nbsp; 761 | &nbsp;&nbsp; .73 | &nbsp;&nbsp; .73 | 3.95 |
| 12/31/2023 | 9.45 | &nbsp;&nbsp; .29 | &nbsp;&nbsp; .29 | &nbsp;&nbsp; .58 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | 10.03 | 6.14 | &nbsp;&nbsp; 817 | &nbsp;&nbsp; .73 | &nbsp;&nbsp; .73 | 3.08 |
| 12/31/2022 | 11.70 | &nbsp;&nbsp; .22 | &nbsp;&nbsp; (2.29)<br>| &nbsp;&nbsp; (2.07)<br>| &nbsp;&nbsp; (.02)<br>| &nbsp;&nbsp; (.16)<br>| &nbsp;&nbsp; (.18)<br>| 9.45 | &nbsp;&nbsp; (17.70)<br>| &nbsp;&nbsp; 765 | &nbsp;&nbsp; .76 | &nbsp;&nbsp; .73 | 2.18 |
| 12/31/2021 | 12.84 | &nbsp;&nbsp; .22 | &nbsp;&nbsp; (.84)<br>| &nbsp;&nbsp; (.62)<br>| &nbsp;&nbsp; (.21)<br>| &nbsp;&nbsp; (.31)<br>| &nbsp;&nbsp; (.52)<br>| 11.70 | &nbsp;&nbsp; (4.92)<br>| &nbsp;&nbsp; 1030 | &nbsp;&nbsp; .85 | &nbsp;&nbsp; .75 | 1.82 |
| 12/31/2020 | 12.03 | &nbsp;&nbsp; .22 | &nbsp;&nbsp; .95 | 1.17 | &nbsp;&nbsp; (.15)<br>| &nbsp;&nbsp; (.21)<br>| &nbsp;&nbsp; (.36)<br>| 12.84 | 9.90 | &nbsp;&nbsp; 1058 | &nbsp;&nbsp; .84 | &nbsp;&nbsp; .77 | 1.83 |
| **Class 4:**  | **Class 4:**  | **Class 4:**  | **Class 4:**  | **Class 4:**  | **Class 4:**  | **Class 4:**  | **Class 4:**  | **Class 4:**  | **Class 4:**  | **Class 4:**  | **Class 4:**  | **Class 4:**  | **Class 4:**  |
| 6/30/2025<sup>4,5</sup> <br>| 9.37 | &nbsp;&nbsp; .18 | &nbsp;&nbsp; .61 | &nbsp;&nbsp; .79 | &nbsp;&nbsp; (.02)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (.02)<br>| 10.14 | 8.45 <br><sup>6</sup><br>| &nbsp;&nbsp; 72 | &nbsp;&nbsp; .98 <br><sup>7</sup><br>| &nbsp;&nbsp; .98 <br><sup>7</sup><br>| 3.67 <br><sup>7</sup><br>|
| 12/31/2024 | 9.88 | &nbsp;&nbsp; .36 | &nbsp;&nbsp; (.68)<br>| &nbsp;&nbsp; (.32)<br>| &nbsp;&nbsp; (.19)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (.19)<br>| 9.37 | &nbsp;&nbsp; (3.32)<br>| &nbsp;&nbsp; 60 | &nbsp;&nbsp; .98 | &nbsp;&nbsp; .98 | 3.70 |
| 12/31/2023 | 9.33 | &nbsp;&nbsp; .27 | &nbsp;&nbsp; .28 | &nbsp;&nbsp; .55 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | 9.88 | 5.89 | &nbsp;&nbsp; 57 | &nbsp;&nbsp; .98 | &nbsp;&nbsp; .98 | 2.84 |
| 12/31/2022 | 11.57 | &nbsp;&nbsp; .19 | &nbsp;&nbsp; (2.25)<br>| &nbsp;&nbsp; (2.06)<br>| &nbsp;&nbsp; (.02)<br>| &nbsp;&nbsp; (.16)<br>| &nbsp;&nbsp; (.18)<br>| 9.33 | &nbsp;&nbsp; (17.84)<br>| &nbsp;&nbsp; 53 | 1.01 | &nbsp;&nbsp; .98 | 1.94 |
| 12/31/2021 | 12.71 | &nbsp;&nbsp; .19 | &nbsp;&nbsp; (.84)<br>| &nbsp;&nbsp; (.65)<br>| &nbsp;&nbsp; (.18)<br>| &nbsp;&nbsp; (.31)<br>| &nbsp;&nbsp; (.49)<br>| 11.57 | &nbsp;&nbsp; (5.18)<br>| &nbsp;&nbsp; 66 | 1.10 | 1.00 | 1.57 |
| 12/31/2020 | 11.92 | &nbsp;&nbsp; .19 | &nbsp;&nbsp; .94 | 1.13 | &nbsp;&nbsp; (.13)<br>| &nbsp;&nbsp; (.21)<br>| &nbsp;&nbsp; (.34)<br>| 12.71 | 9.62 | &nbsp;&nbsp; 61 | 1.09 | 1.02 | 1.58 |

---

Refer to the end of the table(s) for footnote(s).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| American Funds Insurance Series | **368** |

---

------

Financial highlights (continued)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Net asset** <br> **value,** <br> **beginning** <br> **of year** | **Income (loss) from investment operations**<sup>1</sup> | **Income (loss) from investment operations**<sup>1</sup> | **Income (loss) from investment operations**<sup>1</sup> | **Dividends and distributions** | **Dividends and distributions** | **Dividends and distributions** | **Net asset** <br> **value,** <br> **end** <br> **of year** | **Total return**<sup>2</sup>  | **Net assets,** <br> **end of year** <br> **(in millions)** | **Ratio of** <br> **expenses to** <br> **average net** <br> **assets before** <br> **waivers/** <br> **reimbursements**<sup>3</sup>  | **Ratio of** <br> **expenses to** <br> **average net** <br> **assets after** <br> **waivers/** <br> **reimbursements**<sup>2,3</sup>  | **Ratio of** <br> **net income** <br> **(loss)** <br> **to average** <br> **net assets**<sup>2</sup>  |
| **Year ended**  | **Net asset** <br> **value,** <br> **beginning** <br> **of year** | **Net** <br> **investment** <br> **income** <br> **(loss)**<br>| **Net gains** <br> **(losses) on** <br> **securities** <br> **(both** <br> **realized and** <br> **unrealized)**<br>| **Total from** <br> **investment** <br> **operations**<br>| **Dividends** <br> **(from net** <br> **investment** <br> **income)**<br>| **Distributions** <br> **(from capital** <br> **gains)**<br>| **Total** <br> **dividends** <br> **and** <br> **distributions**<br>| **Net asset** <br> **value,** <br> **end** <br> **of year** | **Total return**<sup>2</sup>  | **Net assets,** <br> **end of year** <br> **(in millions)** | **Ratio of** <br> **expenses to** <br> **average net** <br> **assets before** <br> **waivers/** <br> **reimbursements**<sup>3</sup>  | **Ratio of** <br> **expenses to** <br> **average net** <br> **assets after** <br> **waivers/** <br> **reimbursements**<sup>2,3</sup>  | **Ratio of** <br> **net income** <br> **(loss)** <br> **to average** <br> **net assets**<sup>2</sup>  |
| **American High-Income Trust** | **American High-Income Trust** | **American High-Income Trust** | **American High-Income Trust** | **American High-Income Trust** | **American High-Income Trust** | **American High-Income Trust** | **American High-Income Trust** | **American High-Income Trust** | **American High-Income Trust** | **American High-Income Trust** | **American High-Income Trust** | **American High-Income Trust** | **American High-Income Trust** |
| **Class 1:**  | **Class 1:**  | **Class 1:**  | **Class 1:**  | **Class 1:**  | **Class 1:**  | **Class 1:**  | **Class 1:**  | **Class 1:**  | **Class 1:**  | **Class 1:**  | **Class 1:**  | **Class 1:**  | **Class 1:**  |
| 6/30/2025<sup>4,5</sup> <br>| $9.19 | &nbsp;&nbsp; $.32 | &nbsp;&nbsp; $.06 | &nbsp;&nbsp; $.38 | &nbsp;&nbsp; $(.11)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $(.11)<br>| &nbsp;&nbsp; $9.46 | 4.13 %<sup>6</sup><br>| &nbsp;&nbsp; $249 | &nbsp;&nbsp; .44 %<sup>7</sup><br>| &nbsp;&nbsp; .32 %<sup>7</sup><br>| 7.03 %<sup>7</sup><br>|
| 12/31/2024 | 8.94 | &nbsp;&nbsp; .65 | &nbsp;&nbsp; .24 | &nbsp;&nbsp; .89 | &nbsp;&nbsp; (.64)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (.64)<br>| 9.19 | 9.92 | &nbsp;&nbsp; 229 | &nbsp;&nbsp; .45 | &nbsp;&nbsp; .32 | 6.96 |
| 12/31/2023 | 8.53 | &nbsp;&nbsp; .63 | &nbsp;&nbsp; .43 | 1.06 | &nbsp;&nbsp; (.65)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (.65)<br>| 8.94 | 12.69 | &nbsp;&nbsp; 223 | &nbsp;&nbsp; .45 | &nbsp;&nbsp; .31 | 7.10 |
| 12/31/2022 | 10.19 | &nbsp;&nbsp; .56 | &nbsp;&nbsp; (1.47)<br>| &nbsp;&nbsp; (.91)<br>| &nbsp;&nbsp; (.75)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (.75)<br>| 8.53 | &nbsp;&nbsp; (9.01)<br>| &nbsp;&nbsp; 224 | &nbsp;&nbsp; .47 | &nbsp;&nbsp; .32 | 5.95 |
| 12/31/2021 | 9.80 | &nbsp;&nbsp; .51 | &nbsp;&nbsp; .34 | &nbsp;&nbsp; .85 | &nbsp;&nbsp; (.46)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (.46)<br>| 10.19 | 8.74 | &nbsp;&nbsp; 278 | &nbsp;&nbsp; .53 | &nbsp;&nbsp; .37 | 4.95 |
| 12/31/2020 | 9.87 | &nbsp;&nbsp; .61 | &nbsp;&nbsp; .17 | &nbsp;&nbsp; .78 | &nbsp;&nbsp; (.85)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (.85)<br>| 9.80 | 8.21 | &nbsp;&nbsp; 123 | &nbsp;&nbsp; .52 | &nbsp;&nbsp; .52 | 6.46 |
| **Class 1A:**  | **Class 1A:**  | **Class 1A:**  | **Class 1A:**  | **Class 1A:**  | **Class 1A:**  | **Class 1A:**  | **Class 1A:**  | **Class 1A:**  | **Class 1A:**  | **Class 1A:**  | **Class 1A:**  | **Class 1A:**  | **Class 1A:**  |
| 6/30/2025<sup>4,5</sup> <br>| 9.15 | &nbsp;&nbsp; .31 | &nbsp;&nbsp; .05 | &nbsp;&nbsp; .36 | &nbsp;&nbsp; (.10)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (.10)<br>| 9.41 | 4.00 <br><sup>6</sup><br>| &nbsp;&nbsp; 3 | &nbsp;&nbsp; .69 <br><sup>7</sup><br>| &nbsp;&nbsp; .57 <br><sup>7</sup><br>| 6.78 <br><sup>7</sup><br>|
| 12/31/2024 | 8.90 | &nbsp;&nbsp; .62 | &nbsp;&nbsp; .25 | &nbsp;&nbsp; .87 | &nbsp;&nbsp; (.62)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (.62)<br>| 9.15 | 9.73 | &nbsp;&nbsp; 3 | &nbsp;&nbsp; .70 | &nbsp;&nbsp; .57 | 6.71 |
| 12/31/2023 | 8.51 | &nbsp;&nbsp; .61 | &nbsp;&nbsp; .41 | 1.02 | &nbsp;&nbsp; (.63)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (.63)<br>| 8.90 | 12.40 | &nbsp;&nbsp; 3 | &nbsp;&nbsp; .70 | &nbsp;&nbsp; .56 | 6.90 |
| 12/31/2022 | 10.16 | &nbsp;&nbsp; .53 | &nbsp;&nbsp; (1.46)<br>| &nbsp;&nbsp; (.93)<br>| &nbsp;&nbsp; (.72)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (.72)<br>| 8.51 | &nbsp;&nbsp; (9.29)<br>| &nbsp;&nbsp; 1 | &nbsp;&nbsp; .72 | &nbsp;&nbsp; .57 | 5.70 |
| 12/31/2021 | 9.78 | &nbsp;&nbsp; .49 | &nbsp;&nbsp; .33 | &nbsp;&nbsp; .82 | &nbsp;&nbsp; (.44)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (.44)<br>| 10.16 | 8.42 | &nbsp;&nbsp; 1 | &nbsp;&nbsp; .78 | &nbsp;&nbsp; .64 | 4.75 |
| 12/31/2020 | 9.86 | &nbsp;&nbsp; .56 | &nbsp;&nbsp; .20 | &nbsp;&nbsp; .76 | &nbsp;&nbsp; (.84)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (.84)<br>| 9.78 | 7.94 | &nbsp;&nbsp; 1 | &nbsp;&nbsp; .78 | &nbsp;&nbsp; .78 | 5.85 |
| **Class 2:**  | **Class 2:**  | **Class 2:**  | **Class 2:**  | **Class 2:**  | **Class 2:**  | **Class 2:**  | **Class 2:**  | **Class 2:**  | **Class 2:**  | **Class 2:**  | **Class 2:**  | **Class 2:**  | **Class 2:**  |
| 6/30/2025<sup>4,5</sup> <br>| 8.96 | &nbsp;&nbsp; .30 | &nbsp;&nbsp; .05 | &nbsp;&nbsp; .35 | &nbsp;&nbsp; (.10)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (.10)<br>| 9.21 | 3.97 <br><sup>6</sup><br>| &nbsp;&nbsp; 535 | &nbsp;&nbsp; .69 <br><sup>7</sup><br>| &nbsp;&nbsp; .57 <br><sup>7</sup><br>| 6.78 <br><sup>7</sup><br>|
| 12/31/2024 | 8.73 | &nbsp;&nbsp; .61 | &nbsp;&nbsp; .23 | &nbsp;&nbsp; .84 | &nbsp;&nbsp; (.61)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (.61)<br>| 8.96 | 9.67 | &nbsp;&nbsp; 536 | &nbsp;&nbsp; .70 | &nbsp;&nbsp; .57 | 6.70 |
| 12/31/2023 | 8.35 | &nbsp;&nbsp; .59 | &nbsp;&nbsp; .41 | 1.00 | &nbsp;&nbsp; (.62)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (.62)<br>| 8.73 | 12.45 | &nbsp;&nbsp; 533 | &nbsp;&nbsp; .70 | &nbsp;&nbsp; .56 | 6.85 |
| 12/31/2022 | 9.98 | &nbsp;&nbsp; .52 | &nbsp;&nbsp; (1.43)<br>| &nbsp;&nbsp; (.91)<br>| &nbsp;&nbsp; (.72)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (.72)<br>| 8.35 | &nbsp;&nbsp; (9.26)<br>| &nbsp;&nbsp; 521 | &nbsp;&nbsp; .72 | &nbsp;&nbsp; .57 | 5.68 |
| 12/31/2021 | 9.61 | &nbsp;&nbsp; .48 | &nbsp;&nbsp; .33 | &nbsp;&nbsp; .81 | &nbsp;&nbsp; (.44)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (.44)<br>| 9.98 | 8.42 | &nbsp;&nbsp; 673 | &nbsp;&nbsp; .78 | &nbsp;&nbsp; .65 | 4.80 |
| 12/31/2020 | 9.70 | &nbsp;&nbsp; .55 | &nbsp;&nbsp; .19 | &nbsp;&nbsp; .74 | &nbsp;&nbsp; (.83)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (.83)<br>| 9.61 | 7.94 | &nbsp;&nbsp; 665 | &nbsp;&nbsp; .78 | &nbsp;&nbsp; .78 | 5.88 |
| **Class 3:**  | **Class 3:**  | **Class 3:**  | **Class 3:**  | **Class 3:**  | **Class 3:**  | **Class 3:**  | **Class 3:**  | **Class 3:**  | **Class 3:**  | **Class 3:**  | **Class 3:**  | **Class 3:**  | **Class 3:**  |
| 6/30/2025<sup>4,5</sup> <br>| 9.25 | &nbsp;&nbsp; .32 | &nbsp;&nbsp; .04 | &nbsp;&nbsp; .36 | &nbsp;&nbsp; (.10)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (.10)<br>| 9.51 | 3.96 <br><sup>6</sup><br>| &nbsp;&nbsp; 8 | &nbsp;&nbsp; .62 <br><sup>7</sup><br>| &nbsp;&nbsp; .50 <br><sup>7</sup><br>| 6.85 <br><sup>7</sup><br>|
| 12/31/2024 | 8.99 | &nbsp;&nbsp; .63 | &nbsp;&nbsp; .25 | &nbsp;&nbsp; .88 | &nbsp;&nbsp; (.62)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (.62)<br>| 9.25 | 9.79 | &nbsp;&nbsp; 8 | &nbsp;&nbsp; .63 | &nbsp;&nbsp; .50 | 6.77 |
| 12/31/2023 | 8.58 | &nbsp;&nbsp; .61 | &nbsp;&nbsp; .43 | 1.04 | &nbsp;&nbsp; (.63)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (.63)<br>| 8.99 | 12.54 | &nbsp;&nbsp; 8 | &nbsp;&nbsp; .63 | &nbsp;&nbsp; .49 | 6.91 |
| 12/31/2022 | 10.24 | &nbsp;&nbsp; .54 | &nbsp;&nbsp; (1.47)<br>| &nbsp;&nbsp; (.93)<br>| &nbsp;&nbsp; (.73)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (.73)<br>| 8.58 | &nbsp;&nbsp; (9.25)<br>| &nbsp;&nbsp; 9 | &nbsp;&nbsp; .65 | &nbsp;&nbsp; .50 | 5.76 |
| 12/31/2021 | 9.84 | &nbsp;&nbsp; .50 | &nbsp;&nbsp; .34 | &nbsp;&nbsp; .84 | &nbsp;&nbsp; (.44)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (.44)<br>| 10.24 | 8.60 | &nbsp;&nbsp; 10 | &nbsp;&nbsp; .71 | &nbsp;&nbsp; .58 | 4.86 |
| 12/31/2020 | 9.92 | &nbsp;&nbsp; .57 | &nbsp;&nbsp; .19 | &nbsp;&nbsp; .76 | &nbsp;&nbsp; (.84)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (.84)<br>| 9.84 | 7.93 | &nbsp;&nbsp; 10 | &nbsp;&nbsp; .71 | &nbsp;&nbsp; .71 | 5.94 |
| **Class 4:**  | **Class 4:**  | **Class 4:**  | **Class 4:**  | **Class 4:**  | **Class 4:**  | **Class 4:**  | **Class 4:**  | **Class 4:**  | **Class 4:**  | **Class 4:**  | **Class 4:**  | **Class 4:**  | **Class 4:**  |
| 6/30/2025<sup>4,5</sup> <br>| 10.07 | &nbsp;&nbsp; .33 | &nbsp;&nbsp; .06 | &nbsp;&nbsp; .39 | &nbsp;&nbsp; (.10)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (.10)<br>| 10.36 | 3.90 <br><sup>6</sup><br>| &nbsp;&nbsp; 200 | &nbsp;&nbsp; .94 <br><sup>7</sup><br>| &nbsp;&nbsp; .82 <br><sup>7</sup><br>| 6.53 <br><sup>7</sup><br>|
| 12/31/2024 | 9.75 | &nbsp;&nbsp; .65 | &nbsp;&nbsp; .27 | &nbsp;&nbsp; .92 | &nbsp;&nbsp; (.60)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (.60)<br>| 10.07 | 9.39 | &nbsp;&nbsp; 156 | &nbsp;&nbsp; .95 | &nbsp;&nbsp; .82 | 6.45 |
| 12/31/2023 | 9.26 | &nbsp;&nbsp; .63 | &nbsp;&nbsp; .46 | 1.09 | &nbsp;&nbsp; (.60)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (.60)<br>| 9.75 | 12.18 | &nbsp;&nbsp; 107 | &nbsp;&nbsp; .95 | &nbsp;&nbsp; .81 | 6.62 |
| 12/31/2022 | 10.99 | &nbsp;&nbsp; .55 | &nbsp;&nbsp; (1.58)<br>| &nbsp;&nbsp; (1.03)<br>| &nbsp;&nbsp; (.70)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (.70)<br>| 9.26 | &nbsp;&nbsp; (9.53)<br>| &nbsp;&nbsp; 77 | &nbsp;&nbsp; .97 | &nbsp;&nbsp; .82 | 5.44 |
| 12/31/2021 | 10.54 | &nbsp;&nbsp; .50 | &nbsp;&nbsp; .36 | &nbsp;&nbsp; .86 | &nbsp;&nbsp; (.41)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (.41)<br>| 10.99 | 8.18 | &nbsp;&nbsp; 90 | 1.03 | &nbsp;&nbsp; .89 | 4.52 |
| 12/31/2020 | 10.56 | &nbsp;&nbsp; .57 | &nbsp;&nbsp; .22 | &nbsp;&nbsp; .79 | &nbsp;&nbsp; (.81)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (.81)<br>| 10.54 | 7.74 | &nbsp;&nbsp; 69 | 1.03 | 1.03 | 5.58 |

---

Refer to the end of the table(s) for footnote(s).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **369** | American Funds Insurance Series |

---

------

Financial highlights (continued)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Net asset** <br> **value,** <br> **beginning** <br> **of year** | **Income (loss) from investment operations**<sup>1</sup> | **Income (loss) from investment operations**<sup>1</sup> | **Income (loss) from investment operations**<sup>1</sup> | **Dividends and distributions** | **Dividends and distributions** | **Dividends and distributions** | **Net asset** <br> **value,** <br> **end** <br> **of year** | **Total return**<sup>2</sup>  | **Net assets,** <br> **end of year** <br> **(in millions)** | **Ratio of** <br> **expenses to** <br> **average net** <br> **assets before** <br> **waivers/** <br> **reimbursements** | **Ratio of** <br> **expenses to** <br> **average net** <br> **assets after** <br> **waivers/** <br> **reimbursements**<sup>2</sup>  | **Ratio of** <br> **net income** <br> **(loss)** <br> **to average** <br> **net assets**<sup>2</sup>  |
| **Year ended**  | **Net asset** <br> **value,** <br> **beginning** <br> **of year** | **Net** <br> **investment** <br> **income** <br> **(loss)**<br>| **Net gains** <br> **(losses) on** <br> **securities** <br> **(both** <br> **realized and** <br> **unrealized)**<br>| **Total from** <br> **investment** <br> **operations**<br>| **Dividends** <br> **(from net** <br> **investment** <br> **income)**<br>| **Distributions** <br> **(from capital** <br> **gains)**<br>| **Total** <br> **dividends** <br> **and** <br> **distributions**<br>| **Net asset** <br> **value,** <br> **end** <br> **of year** | **Total return**<sup>2</sup>  | **Net assets,** <br> **end of year** <br> **(in millions)** | **Ratio of** <br> **expenses to** <br> **average net** <br> **assets before** <br> **waivers/** <br> **reimbursements** | **Ratio of** <br> **expenses to** <br> **average net** <br> **assets after** <br> **waivers/** <br> **reimbursements**<sup>2</sup>  | **Ratio of** <br> **net income** <br> **(loss)** <br> **to average** <br> **net assets**<sup>2</sup>  |
| **American Funds Mortgage Fund** | **American Funds Mortgage Fund** | **American Funds Mortgage Fund** | **American Funds Mortgage Fund** | **American Funds Mortgage Fund** | **American Funds Mortgage Fund** | **American Funds Mortgage Fund** | **American Funds Mortgage Fund** | **American Funds Mortgage Fund** | **American Funds Mortgage Fund** | **American Funds Mortgage Fund** | **American Funds Mortgage Fund** | **American Funds Mortgage Fund** | **American Funds Mortgage Fund** |
| **Class 1:**  | **Class 1:**  | **Class 1:**  | **Class 1:**  | **Class 1:**  | **Class 1:**  | **Class 1:**  | **Class 1:**  | **Class 1:**  | **Class 1:**  | **Class 1:**  | **Class 1:**  | **Class 1:**  | **Class 1:**  |
| 6/30/2025<sup>4,5</sup> <br>| $9.08 | &nbsp;&nbsp; $.23 | &nbsp;&nbsp; $.24 | &nbsp;&nbsp; $.47 | &nbsp;&nbsp; $(.08)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $(.08)<br>| &nbsp;&nbsp; $9.47 | 5.15 %<sup>6</sup><br>| &nbsp;&nbsp; $18 | &nbsp;&nbsp; .35 %<sup>7</sup><br>| &nbsp;&nbsp; .27 %<sup>7</sup><br>| 5.03 %<sup>7</sup><br>|
| 12/31/2024 | 9.44 | &nbsp;&nbsp; .47 | &nbsp;&nbsp; (.38)<br>| &nbsp;&nbsp; .09 | &nbsp;&nbsp; (.45)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (.45)<br>| 9.08 | &nbsp;&nbsp; .93 | &nbsp;&nbsp; 17 | &nbsp;&nbsp; .39 | &nbsp;&nbsp; .31 | 5.04 |
| 12/31/2023 | 9.45 | &nbsp;&nbsp; .45 | &nbsp;&nbsp; (.08)<br>| &nbsp;&nbsp; .37 | &nbsp;&nbsp; (.38)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (.38)<br>| 9.44 | 4.03 | &nbsp;&nbsp; 17 | &nbsp;&nbsp; .41 | &nbsp;&nbsp; .29 | 4.76 |
| 12/31/2022 | 10.63 | &nbsp;&nbsp; .07 | &nbsp;&nbsp; (1.10)<br>| &nbsp;&nbsp; (1.03)<br>| &nbsp;&nbsp; (.15)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (.15)<br>| 9.45 | &nbsp;&nbsp; (9.76)<br>| &nbsp;&nbsp; 1 | &nbsp;&nbsp; .45 | &nbsp;&nbsp; .25 | &nbsp;&nbsp; .70 |
| 12/31/2021 | 11.11 | &nbsp;&nbsp; .06 | &nbsp;&nbsp; (.09)<br>| &nbsp;&nbsp; (.03)<br>| &nbsp;&nbsp; (.08)<br>| &nbsp;&nbsp; (.37)<br>| &nbsp;&nbsp; (.45)<br>| 10.63 | &nbsp;&nbsp; (.32)<br>| &nbsp;&nbsp; 231 | &nbsp;&nbsp; .49 | &nbsp;&nbsp; .29 | &nbsp;&nbsp; .58 |
| 12/31/2020 | 10.56 | &nbsp;&nbsp; .10 | &nbsp;&nbsp; .64 | &nbsp;&nbsp; .74 | &nbsp;&nbsp; (.17)<br>| &nbsp;&nbsp; (.02)<br>| &nbsp;&nbsp; (.19)<br>| 11.11 | 6.98 | &nbsp;&nbsp; 224 | &nbsp;&nbsp; .48 | &nbsp;&nbsp; .36 | &nbsp;&nbsp; .93 |
| **Class 1A:**  | **Class 1A:**  | **Class 1A:**  | **Class 1A:**  | **Class 1A:**  | **Class 1A:**  | **Class 1A:**  | **Class 1A:**  | **Class 1A:**  | **Class 1A:**  | **Class 1A:**  | **Class 1A:**  | **Class 1A:**  | **Class 1A:**  |
| 6/30/2025<sup>4,5</sup> <br>| 8.96 | &nbsp;&nbsp; .22 | &nbsp;&nbsp; .22 | &nbsp;&nbsp; .44 | &nbsp;&nbsp; (.07)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (.07)<br>| 9.33 | 4.96 <br><sup>6</sup><br>| &nbsp;&nbsp; 3 | &nbsp;&nbsp; .60 <br><sup>7</sup><br>| &nbsp;&nbsp; .52 <br><sup>7</sup><br>| 4.78 <br><sup>7</sup><br>|
| 12/31/2024 | 9.32 | &nbsp;&nbsp; .44 | &nbsp;&nbsp; (.37)<br>| &nbsp;&nbsp; .07 | &nbsp;&nbsp; (.43)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (.43)<br>| 8.96 | &nbsp;&nbsp; .74 | &nbsp;&nbsp; 3 | &nbsp;&nbsp; .64 | &nbsp;&nbsp; .56 | 4.78 |
| 12/31/2023 | 9.34 | &nbsp;&nbsp; .41 | &nbsp;&nbsp; (.07)<br>| &nbsp;&nbsp; .34 | &nbsp;&nbsp; (.36)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (.36)<br>| 9.32 | 3.72 | &nbsp;&nbsp; 2 | &nbsp;&nbsp; .65 | &nbsp;&nbsp; .53 | 4.38 |
| 12/31/2022 | 10.59 | &nbsp;&nbsp; .19 | &nbsp;&nbsp; (1.24)<br>| &nbsp;&nbsp; (1.05)<br>| &nbsp;&nbsp; (.20)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (.20)<br>| 9.34 | &nbsp;&nbsp; (10.03)<br>| &nbsp;&nbsp; 2 | &nbsp;&nbsp; .69 | &nbsp;&nbsp; .54 | 1.91 |
| 12/31/2021 | 11.08 | &nbsp;&nbsp; .04 | &nbsp;&nbsp; (.10)<br>| &nbsp;&nbsp; (.06)<br>| &nbsp;&nbsp; (.06)<br>| &nbsp;&nbsp; (.37)<br>| &nbsp;&nbsp; (.43)<br>| 10.59 | &nbsp;&nbsp; (.47)<br>| &nbsp;&nbsp; 2 | &nbsp;&nbsp; .74 | &nbsp;&nbsp; .54 | &nbsp;&nbsp; .33 |
| 12/31/2020 | 10.55 | &nbsp;&nbsp; .07 | &nbsp;&nbsp; .63 | &nbsp;&nbsp; .70 | &nbsp;&nbsp; (.15)<br>| &nbsp;&nbsp; (.02)<br>| &nbsp;&nbsp; (.17)<br>| 11.08 | 6.63 | &nbsp;&nbsp; 1 | &nbsp;&nbsp; .73 | &nbsp;&nbsp; .59 | &nbsp;&nbsp; .61 |
| **Class 2:**  | **Class 2:**  | **Class 2:**  | **Class 2:**  | **Class 2:**  | **Class 2:**  | **Class 2:**  | **Class 2:**  | **Class 2:**  | **Class 2:**  | **Class 2:**  | **Class 2:**  | **Class 2:**  | **Class 2:**  |
| 6/30/2025<sup>4,5</sup> <br>| 8.98 | &nbsp;&nbsp; .22 | &nbsp;&nbsp; .23 | &nbsp;&nbsp; .45 | &nbsp;&nbsp; (.07)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (.07)<br>| 9.36 | 5.05 <br><sup>6</sup><br>| &nbsp;&nbsp; 41 | &nbsp;&nbsp; .60 <br><sup>7</sup><br>| &nbsp;&nbsp; .52 <br><sup>7</sup><br>| 4.78 <br><sup>7</sup><br>|
| 12/31/2024 | 9.34 | &nbsp;&nbsp; .45 | &nbsp;&nbsp; (.38)<br>| &nbsp;&nbsp; .07 | &nbsp;&nbsp; (.43)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (.43)<br>| 8.98 | &nbsp;&nbsp; .68 | &nbsp;&nbsp; 42 | &nbsp;&nbsp; .64 | &nbsp;&nbsp; .56 | 4.79 |
| 12/31/2023 | 9.36 | &nbsp;&nbsp; .41 | &nbsp;&nbsp; (.07)<br>| &nbsp;&nbsp; .34 | &nbsp;&nbsp; (.36)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (.36)<br>| 9.34 | 3.68 | &nbsp;&nbsp; 44 | &nbsp;&nbsp; .64 | &nbsp;&nbsp; .52 | 4.35 |
| 12/31/2022 | 10.61 | &nbsp;&nbsp; .18 | &nbsp;&nbsp; (1.23)<br>| &nbsp;&nbsp; (1.05)<br>| &nbsp;&nbsp; (.20)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (.20)<br>| 9.36 | &nbsp;&nbsp; (9.94)<br>| &nbsp;&nbsp; 46 | &nbsp;&nbsp; .69 | &nbsp;&nbsp; .54 | 1.87 |
| 12/31/2021 | 11.09 | &nbsp;&nbsp; .04 | &nbsp;&nbsp; (.10)<br>| &nbsp;&nbsp; (.06)<br>| &nbsp;&nbsp; (.05)<br>| &nbsp;&nbsp; (.37)<br>| &nbsp;&nbsp; (.42)<br>| 10.61 | &nbsp;&nbsp; (.57)<br>| &nbsp;&nbsp; 58 | &nbsp;&nbsp; .74 | &nbsp;&nbsp; .54 | &nbsp;&nbsp; .33 |
| 12/31/2020 | 10.54 | &nbsp;&nbsp; .08 | &nbsp;&nbsp; .63 | &nbsp;&nbsp; .71 | &nbsp;&nbsp; (.14)<br>| &nbsp;&nbsp; (.02)<br>| &nbsp;&nbsp; (.16)<br>| 11.09 | 6.72 | &nbsp;&nbsp; 58 | &nbsp;&nbsp; .73 | &nbsp;&nbsp; .60 | &nbsp;&nbsp; .68 |
| **Class 4:**  | **Class 4:**  | **Class 4:**  | **Class 4:**  | **Class 4:**  | **Class 4:**  | **Class 4:**  | **Class 4:**  | **Class 4:**  | **Class 4:**  | **Class 4:**  | **Class 4:**  | **Class 4:**  | **Class 4:**  |
| 6/30/2025<sup>4,5</sup> <br>| 8.86 | &nbsp;&nbsp; .20 | &nbsp;&nbsp; .23 | &nbsp;&nbsp; .43 | &nbsp;&nbsp; (.07)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (.07)<br>| 9.22 | 4.86 <br><sup>6</sup><br>| &nbsp;&nbsp; 56 | &nbsp;&nbsp; .85 <br><sup>7</sup><br>| &nbsp;&nbsp; .77 <br><sup>7</sup><br>| 4.53 <br><sup>7</sup><br>|
| 12/31/2024 | 9.23 | &nbsp;&nbsp; .42 | &nbsp;&nbsp; (.38)<br>| &nbsp;&nbsp; .04 | &nbsp;&nbsp; (.41)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (.41)<br>| 8.86 | &nbsp;&nbsp; .35 | &nbsp;&nbsp; 49 | &nbsp;&nbsp; .89 | &nbsp;&nbsp; .82 | 4.53 |
| 12/31/2023 | 9.25 | &nbsp;&nbsp; .38 | &nbsp;&nbsp; (.06)<br>| &nbsp;&nbsp; .32 | &nbsp;&nbsp; (.34)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (.34)<br>| 9.23 | 3.51 | &nbsp;&nbsp; 45 | &nbsp;&nbsp; .90 | &nbsp;&nbsp; .78 | 4.12 |
| 12/31/2022 | 10.49 | &nbsp;&nbsp; .16 | &nbsp;&nbsp; (1.22)<br>| &nbsp;&nbsp; (1.06)<br>| &nbsp;&nbsp; (.18)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (.18)<br>| 9.25 | &nbsp;&nbsp; (10.16)<br>| &nbsp;&nbsp; 40 | &nbsp;&nbsp; .94 | &nbsp;&nbsp; .79 | 1.66 |
| 12/31/2021 | 10.97 | &nbsp;&nbsp; .01 | &nbsp;&nbsp; (.09)<br>| &nbsp;&nbsp; (.08)<br>| &nbsp;&nbsp; (.03)<br>| &nbsp;&nbsp; (.37)<br>| &nbsp;&nbsp; (.40)<br>| 10.49 | &nbsp;&nbsp; (.78)<br>| &nbsp;&nbsp; 43 | &nbsp;&nbsp; .99 | &nbsp;&nbsp; .79 | &nbsp;&nbsp; .08 |
| 12/31/2020 | 10.44 | &nbsp;&nbsp; .04 | &nbsp;&nbsp; .63 | &nbsp;&nbsp; .67 | &nbsp;&nbsp; (.12)<br>| &nbsp;&nbsp; (.02)<br>| &nbsp;&nbsp; (.14)<br>| 10.97 | 6.38 | &nbsp;&nbsp; 37 | &nbsp;&nbsp; .98 | &nbsp;&nbsp; .85 | &nbsp;&nbsp; .41 |

---

Refer to the end of the table(s) for footnote(s).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| American Funds Insurance Series | **370** |

---

------

Financial highlights (continued)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Net asset** <br> **value,** <br> **beginning** <br> **of year** | **Income (loss) from investment operations**<sup>1</sup> | **Income (loss) from investment operations**<sup>1</sup> | **Income (loss) from investment operations**<sup>1</sup> | **Dividends and distributions** | **Dividends and distributions** | **Dividends and distributions** | **Net asset** <br> **value,** <br> **end** <br> **of year** | **Total return** | **Net assets,** <br> **end of year** <br> **(in millions)** | **Ratio of** <br> **expenses** <br> **to average** <br> **net assets** | **Ratio of** <br> **net income** <br> **(loss)** <br> **to average** <br> **net assets** |
| **Year ended**  | **Net asset** <br> **value,** <br> **beginning** <br> **of year** | **Net** <br> **investment** <br> **income** <br> **(loss)**<br>| **Net gains** <br> **(losses) on** <br> **securities** <br> **(both** <br> **realized and** <br> **unrealized)**<br>| **Total from** <br> **investment** <br> **operations**<br>| **Dividends** <br> **(from net** <br> **investment** <br> **income)**<br>| **Distributions** <br> **(from capital** <br> **gains)**<br>| **Total** <br> **dividends** <br> **and** <br> **distributions**<br>| **Net asset** <br> **value,** <br> **end** <br> **of year** | **Total return** | **Net assets,** <br> **end of year** <br> **(in millions)** | **Ratio of** <br> **expenses** <br> **to average** <br> **net assets** | **Ratio of** <br> **net income** <br> **(loss)** <br> **to average** <br> **net assets** |
| **Ultra-Short Bond Fund** | **Ultra-Short Bond Fund** | **Ultra-Short Bond Fund** | **Ultra-Short Bond Fund** | **Ultra-Short Bond Fund** | **Ultra-Short Bond Fund** | **Ultra-Short Bond Fund** | **Ultra-Short Bond Fund** | **Ultra-Short Bond Fund** | **Ultra-Short Bond Fund** | **Ultra-Short Bond Fund** | **Ultra-Short Bond Fund** | **Ultra-Short Bond Fund** |
| **Class 1:**  | **Class 1:**  | **Class 1:**  | **Class 1:**  | **Class 1:**  | **Class 1:**  | **Class 1:**  | **Class 1:**  | **Class 1:**  | **Class 1:**  | **Class 1:**  | **Class 1:**  | **Class 1:**  |
| 6/30/2025<sup>4,5</sup> <br>| $11.31 | &nbsp;&nbsp; $.23 | &nbsp;&nbsp; $.01 | &nbsp;&nbsp; $.24 | &nbsp;&nbsp; $(.09)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $(.09)<br>| &nbsp;&nbsp; $11.46 | 2.13 %<sup>6</sup><br>| &nbsp;&nbsp; $34 | &nbsp;&nbsp; .29 %<sup>7</sup><br>| 4.13 %<sup>7</sup><br>|
| 12/31/2024 | 11.35 | &nbsp;&nbsp; .58 | &nbsp;&nbsp; (.01)<br>| &nbsp;&nbsp; .57 | &nbsp;&nbsp; (.61)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (.61)<br>| 11.31 | 5.08 | &nbsp;&nbsp; 39 | &nbsp;&nbsp; .30 | 4.98 |
| 12/31/2023 | 11.35 | &nbsp;&nbsp; .55 | &nbsp;&nbsp; .01 | &nbsp;&nbsp; .56 | &nbsp;&nbsp; (.56)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (.56)<br>| 11.35 | 4.94 | &nbsp;&nbsp; 40 | &nbsp;&nbsp; .30 | 4.81 |
| 12/31/2022 | 11.27 | &nbsp;&nbsp; .17 | &nbsp;&nbsp; (.01)<br>| &nbsp;&nbsp; .16 | &nbsp;&nbsp; (.08)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (.08)<br>| 11.35 | 1.42 | &nbsp;&nbsp; 51 | &nbsp;&nbsp; .32 | 1.48 |
| 12/31/2021 | 11.31 | &nbsp;&nbsp; (.03)<br>| &nbsp;&nbsp; (.01)<br>| &nbsp;&nbsp; (.04)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | 11.27 | &nbsp;&nbsp; (.35)<br>| &nbsp;&nbsp; 37 | &nbsp;&nbsp; .37 | &nbsp;&nbsp; (.28)<br>|
| 12/31/2020 | 11.30 | &nbsp;&nbsp; .02 | &nbsp;&nbsp; .02 | &nbsp;&nbsp; .04 | &nbsp;&nbsp; (.03)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (.03)<br>| 11.31 | &nbsp;&nbsp; .34 | &nbsp;&nbsp; 44 | &nbsp;&nbsp; .37 | &nbsp;&nbsp; .16 |
| **Class 1A:**  | **Class 1A:**  | **Class 1A:**  | **Class 1A:**  | **Class 1A:**  | **Class 1A:**  | **Class 1A:**  | **Class 1A:**  | **Class 1A:**  | **Class 1A:**  | **Class 1A:**  | **Class 1A:**  | **Class 1A:**  |
| 6/30/2025<sup>4,5</sup> <br>| 11.31 | &nbsp;&nbsp; .22 | &nbsp;&nbsp; — <br><sup>8</sup><br>| &nbsp;&nbsp; .22 | &nbsp;&nbsp; (.09)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (.09)<br>| 11.44 | 1.91 <br><sup>6</sup><br>| &nbsp;&nbsp; — <br><sup>10</sup><br>| &nbsp;&nbsp; .52 <br><sup>7</sup><br>| 3.91 <br><sup>7</sup><br>|
| 12/31/2024 | 11.35 | &nbsp;&nbsp; .55 | &nbsp;&nbsp; — <br><sup>8</sup><br>| &nbsp;&nbsp; .55 | &nbsp;&nbsp; (.59)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (.59)<br>| 11.31 | 4.86 | &nbsp;&nbsp; — <br><sup>10</sup><br>| &nbsp;&nbsp; .53 | 4.74 |
| 12/31/2023 | 11.35 | &nbsp;&nbsp; .54 | &nbsp;&nbsp; — | &nbsp;&nbsp; .54 | &nbsp;&nbsp; (.54)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (.54)<br>| 11.35 | 4.79 | &nbsp;&nbsp; — <br><sup>10</sup><br>| &nbsp;&nbsp; .53 | 4.69 |
| 12/31/2022 | 11.28 | &nbsp;&nbsp; .16 | &nbsp;&nbsp; (.01)<br>| &nbsp;&nbsp; .15 | &nbsp;&nbsp; (.08)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (.08)<br>| 11.35 | 1.32 | &nbsp;&nbsp; — <br><sup>10</sup><br>| &nbsp;&nbsp; .31 | 1.40 |
| 12/31/2021 | 11.31 | &nbsp;&nbsp; (.03)<br>| &nbsp;&nbsp; — <br><sup>8</sup><br>| &nbsp;&nbsp; (.03)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | 11.28 | &nbsp;&nbsp; (.27)<br>| &nbsp;&nbsp; — <br><sup>10</sup><br>| &nbsp;&nbsp; .36 | &nbsp;&nbsp; (.28)<br>|
| 12/31/2020 | 11.30 | &nbsp;&nbsp; .03 | &nbsp;&nbsp; .01 | &nbsp;&nbsp; .04 | &nbsp;&nbsp; (.03)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (.03)<br>| 11.31 | &nbsp;&nbsp; .32 | &nbsp;&nbsp; — <br><sup>10</sup><br>| &nbsp;&nbsp; .35 | &nbsp;&nbsp; .26 |
| **Class 2:**  | **Class 2:**  | **Class 2:**  | **Class 2:**  | **Class 2:**  | **Class 2:**  | **Class 2:**  | **Class 2:**  | **Class 2:**  | **Class 2:**  | **Class 2:**  | **Class 2:**  | **Class 2:**  |
| 6/30/2025<sup>4,5</sup> <br>| 10.93 | &nbsp;&nbsp; .21 | &nbsp;&nbsp; — <br><sup>8</sup><br>| &nbsp;&nbsp; .21 | &nbsp;&nbsp; (.09)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (.09)<br>| 11.05 | 1.88 <br><sup>6</sup><br>| &nbsp;&nbsp; 228 | &nbsp;&nbsp; .54 <br><sup>7</sup><br>| 3.88 <br><sup>7</sup><br>|
| 12/31/2024 | 10.98 | &nbsp;&nbsp; .53 | &nbsp;&nbsp; — <br><sup>8</sup><br>| &nbsp;&nbsp; .53 | &nbsp;&nbsp; (.58)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (.58)<br>| 10.93 | 4.89 | &nbsp;&nbsp; 245 | &nbsp;&nbsp; .55 | 4.73 |
| 12/31/2023 | 11.00 | &nbsp;&nbsp; .51 | &nbsp;&nbsp; — <br><sup>8</sup><br>| &nbsp;&nbsp; .51 | &nbsp;&nbsp; (.53)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (.53)<br>| 10.98 | 4.64 | &nbsp;&nbsp; 273 | &nbsp;&nbsp; .55 | 4.56 |
| 12/31/2022 | 10.93 | &nbsp;&nbsp; .13 | &nbsp;&nbsp; — <br><sup>8</sup><br>| &nbsp;&nbsp; .13 | &nbsp;&nbsp; (.06)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (.06)<br>| 11.00 | 1.17 | &nbsp;&nbsp; 297 | &nbsp;&nbsp; .57 | 1.23 |
| 12/31/2021 | 10.99 | &nbsp;&nbsp; (.06)<br>| &nbsp;&nbsp; — <br><sup>8</sup><br>| &nbsp;&nbsp; (.06)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | 10.93 | &nbsp;&nbsp; (.55)<br>| &nbsp;&nbsp; 245 | &nbsp;&nbsp; .62 | &nbsp;&nbsp; (.53)<br>|
| 12/31/2020 | 11.01 | &nbsp;&nbsp; — <br><sup>8</sup><br>| &nbsp;&nbsp; — <br><sup>8</sup><br>| &nbsp;&nbsp; — <br><sup>8</sup><br>| &nbsp;&nbsp; (.02)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (.02)<br>| 10.99 | &nbsp;&nbsp; .03 | &nbsp;&nbsp; 288 | &nbsp;&nbsp; .62 | &nbsp;&nbsp; (.05)<br>|
| **Class 3:**  | **Class 3:**  | **Class 3:**  | **Class 3:**  | **Class 3:**  | **Class 3:**  | **Class 3:**  | **Class 3:**  | **Class 3:**  | **Class 3:**  | **Class 3:**  | **Class 3:**  | **Class 3:**  |
| 6/30/2025<sup>4,5</sup> <br>| 11.08 | &nbsp;&nbsp; .22 | &nbsp;&nbsp; — <br><sup>8</sup><br>| &nbsp;&nbsp; .22 | &nbsp;&nbsp; (.09)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (.09)<br>| 11.21 | 1.96 <br><sup>6</sup><br>| &nbsp;&nbsp; 4 | &nbsp;&nbsp; .47 <br><sup>7</sup><br>| 3.95 <br><sup>7</sup><br>|
| 12/31/2024 | 11.13 | &nbsp;&nbsp; .54 | &nbsp;&nbsp; — <br><sup>8</sup><br>| &nbsp;&nbsp; .54 | &nbsp;&nbsp; (.59)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (.59)<br>| 11.08 | 4.91 | &nbsp;&nbsp; 4 | &nbsp;&nbsp; .48 | 4.79 |
| 12/31/2023 | 11.14 | &nbsp;&nbsp; .52 | &nbsp;&nbsp; .01 | &nbsp;&nbsp; .53 | &nbsp;&nbsp; (.54)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (.54)<br>| 11.13 | 4.75 | &nbsp;&nbsp; 4 | &nbsp;&nbsp; .48 | 4.64 |
| 12/31/2022 | 11.07 | &nbsp;&nbsp; .13 | &nbsp;&nbsp; — <br><sup>8</sup><br>| &nbsp;&nbsp; .13 | &nbsp;&nbsp; (.06)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (.06)<br>| 11.14 | 1.19 | &nbsp;&nbsp; 4 | &nbsp;&nbsp; .50 | 1.19 |
| 12/31/2021 | 11.12 | &nbsp;&nbsp; (.05)<br>| &nbsp;&nbsp; — <br><sup>8</sup><br>| &nbsp;&nbsp; (.05)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | 11.07 | &nbsp;&nbsp; (.45)<br>| &nbsp;&nbsp; 5 | &nbsp;&nbsp; .55 | &nbsp;&nbsp; (.46)<br>|
| 12/31/2020 | 11.13 | &nbsp;&nbsp; — <br><sup>8</sup><br>| &nbsp;&nbsp; .02 | &nbsp;&nbsp; .02 | &nbsp;&nbsp; (.03)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (.03)<br>| 11.12 | &nbsp;&nbsp; .13 | &nbsp;&nbsp; 4 | &nbsp;&nbsp; .55 | &nbsp;&nbsp; .03 |
| **Class 4:**  | **Class 4:**  | **Class 4:**  | **Class 4:**  | **Class 4:**  | **Class 4:**  | **Class 4:**  | **Class 4:**  | **Class 4:**  | **Class 4:**  | **Class 4:**  | **Class 4:**  | **Class 4:**  |
| 6/30/2025<sup>4,5</sup> <br>| 11.00 | &nbsp;&nbsp; .20 | &nbsp;&nbsp; (.01)<br>| &nbsp;&nbsp; .19 | &nbsp;&nbsp; (.08)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (.08)<br>| 11.11 | 1.76 <br><sup>6</sup><br>| &nbsp;&nbsp; 58 | &nbsp;&nbsp; .79 <br><sup>7</sup><br>| 3.63 <br><sup>7</sup><br>|
| 12/31/2024 | 11.05 | &nbsp;&nbsp; .50 | &nbsp;&nbsp; .01 | &nbsp;&nbsp; .51 | &nbsp;&nbsp; (.56)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (.56)<br>| 11.00 | 4.62 | &nbsp;&nbsp; 51 | &nbsp;&nbsp; .80 | 4.47 |
| 12/31/2023 | 11.05 | &nbsp;&nbsp; .48 | &nbsp;&nbsp; .01 | &nbsp;&nbsp; .49 | &nbsp;&nbsp; (.49)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (.49)<br>| 11.05 | 4.44 | &nbsp;&nbsp; 56 | &nbsp;&nbsp; .80 | 4.28 |
| 12/31/2022 | 11.00 | &nbsp;&nbsp; .12 | &nbsp;&nbsp; (.03)<br>| &nbsp;&nbsp; .09 | &nbsp;&nbsp; (.04)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (.04)<br>| 11.05 | &nbsp;&nbsp; .83 | &nbsp;&nbsp; 80 | &nbsp;&nbsp; .82 | 1.05 |
| 12/31/2021 | 11.08 | &nbsp;&nbsp; (.09)<br>| &nbsp;&nbsp; .01 | &nbsp;&nbsp; (.08)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | 11.00 | &nbsp;&nbsp; (.72)<br>| &nbsp;&nbsp; 46 | &nbsp;&nbsp; .87 | &nbsp;&nbsp; (.79)<br>|
| 12/31/2020 | 11.13 | &nbsp;&nbsp; (.04)<br>| &nbsp;&nbsp; .01 | &nbsp;&nbsp; (.03)<br>| &nbsp;&nbsp; (.02)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (.02)<br>| 11.08 | &nbsp;&nbsp; (.25)<br>| &nbsp;&nbsp; 40 | &nbsp;&nbsp; .87 | &nbsp;&nbsp; (.35)<br>|

---

Refer to the end of the table(s) for footnote(s).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **371** | American Funds Insurance Series |

---

------

Financial highlights (continued)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Net asset** <br> **value,** <br> **beginning** <br> **of year** | **Income (loss) from investment operations**<sup>1</sup> | **Income (loss) from investment operations**<sup>1</sup> | **Income (loss) from investment operations**<sup>1</sup> | **Dividends and distributions** | **Dividends and distributions** | **Dividends and distributions** | **Net asset** <br> **value,** <br> **end** <br> **of year** | **Total return**<sup>2</sup>  | **Net assets,** <br> **end of year** <br> **(in millions)** | **Ratio of** <br> **expenses to** <br> **average net** <br> **assets before** <br> **waivers/** <br> **reimbursements** | **Ratio of** <br> **expenses to** <br> **average net** <br> **assets after** <br> **waivers/** <br> **reimbursements**<sup>2</sup>  | **Ratio of** <br> **net income** <br> **(loss)** <br> **to average** <br> **net assets**<sup>2</sup>  |
| **Year ended**  | **Net asset** <br> **value,** <br> **beginning** <br> **of year** | **Net** <br> **investment** <br> **income** <br> **(loss)**<br>| **Net gains** <br> **(losses) on** <br> **securities** <br> **(both** <br> **realized and** <br> **unrealized)**<br>| **Total from** <br> **investment** <br> **operations**<br>| **Dividends** <br> **(from net** <br> **investment** <br> **income)**<br>| **Distributions** <br> **(from capital** <br> **gains)**<br>| **Total** <br> **dividends** <br> **and** <br> **distributions**<br>| **Net asset** <br> **value,** <br> **end** <br> **of year** | **Total return**<sup>2</sup>  | **Net assets,** <br> **end of year** <br> **(in millions)** | **Ratio of** <br> **expenses to** <br> **average net** <br> **assets before** <br> **waivers/** <br> **reimbursements** | **Ratio of** <br> **expenses to** <br> **average net** <br> **assets after** <br> **waivers/** <br> **reimbursements**<sup>2</sup>  | **Ratio of** <br> **net income** <br> **(loss)** <br> **to average** <br> **net assets**<sup>2</sup>  |
| **U.S. Government Securities Fund** | **U.S. Government Securities Fund** | **U.S. Government Securities Fund** | **U.S. Government Securities Fund** | **U.S. Government Securities Fund** | **U.S. Government Securities Fund** | **U.S. Government Securities Fund** | **U.S. Government Securities Fund** | **U.S. Government Securities Fund** | **U.S. Government Securities Fund** | **U.S. Government Securities Fund** | **U.S. Government Securities Fund** | **U.S. Government Securities Fund** | **U.S. Government Securities Fund** |
| **Class 1:**  | **Class 1:**  | **Class 1:**  | **Class 1:**  | **Class 1:**  | **Class 1:**  | **Class 1:**  | **Class 1:**  | **Class 1:**  | **Class 1:**  | **Class 1:**  | **Class 1:**  | **Class 1:**  | **Class 1:**  |
| 6/30/2025<sup>4,5</sup> <br>| $9.59 | &nbsp;&nbsp; $.22 | &nbsp;&nbsp; $.25 | &nbsp;&nbsp; $.47 | &nbsp;&nbsp; $(.08)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $(.08)<br>| &nbsp;&nbsp; $9.98 | 4.94 %<sup>6</sup><br>| &nbsp;&nbsp; $270 | &nbsp;&nbsp; .33 %<sup>7</sup><br>| &nbsp;&nbsp; .26 %<sup>7</sup><br>| 4.45 %<sup>7</sup><br>|
| 12/31/2024 | 9.91 | &nbsp;&nbsp; .45 | &nbsp;&nbsp; (.35)<br>| &nbsp;&nbsp; .10 | &nbsp;&nbsp; (.42)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (.42)<br>| 9.59 | &nbsp;&nbsp; .99 | &nbsp;&nbsp; 268 | &nbsp;&nbsp; .33 | &nbsp;&nbsp; .27 | 4.53 |
| 12/31/2023 | 9.99 | &nbsp;&nbsp; .40 | &nbsp;&nbsp; (.09)<br>| &nbsp;&nbsp; .31 | &nbsp;&nbsp; (.39)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (.39)<br>| 9.91 | 3.21 | &nbsp;&nbsp; 257 | &nbsp;&nbsp; .33 | &nbsp;&nbsp; .21 | 4.05 |
| 12/31/2022 | 11.67 | &nbsp;&nbsp; .32 | &nbsp;&nbsp; (1.56)<br>| &nbsp;&nbsp; (1.24)<br>| &nbsp;&nbsp; (.44)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (.44)<br>| 9.99 | &nbsp;&nbsp; (10.75)<br>| &nbsp;&nbsp; 242 | &nbsp;&nbsp; .36 | &nbsp;&nbsp; .22 | 2.90 |
| 12/31/2021 | 13.04 | &nbsp;&nbsp; .18 | &nbsp;&nbsp; (.26)<br>| &nbsp;&nbsp; (.08)<br>| &nbsp;&nbsp; (.18)<br>| &nbsp;&nbsp; (1.11)<br>| &nbsp;&nbsp; (1.29)<br>| 11.67 | &nbsp;&nbsp; (.44)<br>| &nbsp;&nbsp; 522 | &nbsp;&nbsp; .39 | &nbsp;&nbsp; .29 | 1.50 |
| 12/31/2020 | 12.34 | &nbsp;&nbsp; .16 | 1.07 | 1.23 | &nbsp;&nbsp; (.26)<br>| &nbsp;&nbsp; (.27)<br>| &nbsp;&nbsp; (.53)<br>| 13.04 | 10.09 | &nbsp;&nbsp; 429 | &nbsp;&nbsp; .38 | &nbsp;&nbsp; .38 | 1.21 |
| **Class 1A:**  | **Class 1A:**  | **Class 1A:**  | **Class 1A:**  | **Class 1A:**  | **Class 1A:**  | **Class 1A:**  | **Class 1A:**  | **Class 1A:**  | **Class 1A:**  | **Class 1A:**  | **Class 1A:**  | **Class 1A:**  | **Class 1A:**  |
| 6/30/2025<sup>4,5</sup> <br>| 9.53 | &nbsp;&nbsp; .20 | &nbsp;&nbsp; .26 | &nbsp;&nbsp; .46 | &nbsp;&nbsp; (.08)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (.08)<br>| 9.91 | 4.82 <br><sup>6</sup><br>| &nbsp;&nbsp; 277 | &nbsp;&nbsp; .58 <br><sup>7</sup><br>| &nbsp;&nbsp; .51 <br><sup>7</sup><br>| 4.20 <br><sup>7</sup><br>|
| 12/31/2024 | 9.87 | &nbsp;&nbsp; .42 | &nbsp;&nbsp; (.35)<br>| &nbsp;&nbsp; .07 | &nbsp;&nbsp; (.41)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (.41)<br>| 9.53 | &nbsp;&nbsp; .70 | &nbsp;&nbsp; 286 | &nbsp;&nbsp; .58 | &nbsp;&nbsp; .51 | 4.23 |
| 12/31/2023 | 9.96 | &nbsp;&nbsp; .38 | &nbsp;&nbsp; (.10)<br>| &nbsp;&nbsp; .28 | &nbsp;&nbsp; (.37)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (.37)<br>| 9.87 | 2.88 | &nbsp;&nbsp; 5 | &nbsp;&nbsp; .58 | &nbsp;&nbsp; .46 | 3.83 |
| 12/31/2022 | 11.63 | &nbsp;&nbsp; .29 | &nbsp;&nbsp; (1.55)<br>| &nbsp;&nbsp; (1.26)<br>| &nbsp;&nbsp; (.41)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (.41)<br>| 9.96 | &nbsp;&nbsp; (10.93)<br>| &nbsp;&nbsp; 4 | &nbsp;&nbsp; .60 | &nbsp;&nbsp; .47 | 2.70 |
| 12/31/2021 | 13.00 | &nbsp;&nbsp; .16 | &nbsp;&nbsp; (.26)<br>| &nbsp;&nbsp; (.10)<br>| &nbsp;&nbsp; (.16)<br>| &nbsp;&nbsp; (1.11)<br>| &nbsp;&nbsp; (1.27)<br>| 11.63 | &nbsp;&nbsp; (.65)<br>| &nbsp;&nbsp; 5 | &nbsp;&nbsp; .64 | &nbsp;&nbsp; .53 | 1.28 |
| 12/31/2020 | 12.32 | &nbsp;&nbsp; .09 | 1.10 | 1.19 | &nbsp;&nbsp; (.24)<br>| &nbsp;&nbsp; (.27)<br>| &nbsp;&nbsp; (.51)<br>| 13.00 | 9.75 | &nbsp;&nbsp; 4 | &nbsp;&nbsp; .64 | &nbsp;&nbsp; .64 | &nbsp;&nbsp; .69 |
| **Class 2:**  | **Class 2:**  | **Class 2:**  | **Class 2:**  | **Class 2:**  | **Class 2:**  | **Class 2:**  | **Class 2:**  | **Class 2:**  | **Class 2:**  | **Class 2:**  | **Class 2:**  | **Class 2:**  | **Class 2:**  |
| 6/30/2025<sup>4,5</sup> <br>| 9.46 | &nbsp;&nbsp; .20 | &nbsp;&nbsp; .25 | &nbsp;&nbsp; .45 | &nbsp;&nbsp; (.08)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (.08)<br>| 9.83 | 4.75 <br><sup>6</sup><br>| &nbsp;&nbsp; 1029 | &nbsp;&nbsp; .58 <br><sup>7</sup><br>| &nbsp;&nbsp; .51 <br><sup>7</sup><br>| 4.20 <br><sup>7</sup><br>|
| 12/31/2024 | 9.78 | &nbsp;&nbsp; .42 | &nbsp;&nbsp; (.34)<br>| &nbsp;&nbsp; .08 | &nbsp;&nbsp; (.40)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (.40)<br>| 9.46 | &nbsp;&nbsp; .75 | &nbsp;&nbsp; 1051 | &nbsp;&nbsp; .58 | &nbsp;&nbsp; .52 | 4.28 |
| 12/31/2023 | 9.87 | &nbsp;&nbsp; .37 | &nbsp;&nbsp; (.09)<br>| &nbsp;&nbsp; .28 | &nbsp;&nbsp; (.37)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (.37)<br>| 9.78 | 2.89 | &nbsp;&nbsp; 1073 | &nbsp;&nbsp; .58 | &nbsp;&nbsp; .46 | 3.80 |
| 12/31/2022 | 11.53 | &nbsp;&nbsp; .29 | &nbsp;&nbsp; (1.54)<br>| &nbsp;&nbsp; (1.25)<br>| &nbsp;&nbsp; (.41)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (.41)<br>| 9.87 | &nbsp;&nbsp; (10.95)<br>| &nbsp;&nbsp; 1059 | &nbsp;&nbsp; .61 | &nbsp;&nbsp; .47 | 2.69 |
| 12/31/2021 | 12.89 | &nbsp;&nbsp; .15 | &nbsp;&nbsp; (.25)<br>| &nbsp;&nbsp; (.10)<br>| &nbsp;&nbsp; (.15)<br>| &nbsp;&nbsp; (1.11)<br>| &nbsp;&nbsp; (1.26)<br>| 11.53 | &nbsp;&nbsp; (.62)<br>| &nbsp;&nbsp; 1391 | &nbsp;&nbsp; .64 | &nbsp;&nbsp; .54 | 1.24 |
| 12/31/2020 | 12.21 | &nbsp;&nbsp; .09 | 1.10 | 1.19 | &nbsp;&nbsp; (.24)<br>| &nbsp;&nbsp; (.27)<br>| &nbsp;&nbsp; (.51)<br>| 12.89 | 9.80 | &nbsp;&nbsp; 1439 | &nbsp;&nbsp; .64 | &nbsp;&nbsp; .64 | &nbsp;&nbsp; .73 |
| **Class 3:**  | **Class 3:**  | **Class 3:**  | **Class 3:**  | **Class 3:**  | **Class 3:**  | **Class 3:**  | **Class 3:**  | **Class 3:**  | **Class 3:**  | **Class 3:**  | **Class 3:**  | **Class 3:**  | **Class 3:**  |
| 6/30/2025<sup>4,5</sup> <br>| 9.62 | &nbsp;&nbsp; .21 | &nbsp;&nbsp; .25 | &nbsp;&nbsp; .46 | &nbsp;&nbsp; (.08)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (.08)<br>| 10.00 | 4.79 <br><sup>6</sup><br>| &nbsp;&nbsp; 5 | &nbsp;&nbsp; .51 <br><sup>7</sup><br>| &nbsp;&nbsp; .44 <br><sup>7</sup><br>| 4.27 <br><sup>7</sup><br>|
| 12/31/2024 | 9.94 | &nbsp;&nbsp; .43 | &nbsp;&nbsp; (.35)<br>| &nbsp;&nbsp; .08 | &nbsp;&nbsp; (.40)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (.40)<br>| 9.62 | &nbsp;&nbsp; .79 | &nbsp;&nbsp; 5 | &nbsp;&nbsp; .51 | &nbsp;&nbsp; .44 | 4.35 |
| 12/31/2023 | 10.02 | &nbsp;&nbsp; .39 | &nbsp;&nbsp; (.10)<br>| &nbsp;&nbsp; .29 | &nbsp;&nbsp; (.37)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (.37)<br>| 9.94 | 3.00 | &nbsp;&nbsp; 6 | &nbsp;&nbsp; .51 | &nbsp;&nbsp; .39 | 3.85 |
| 12/31/2022 | 11.70 | &nbsp;&nbsp; .30 | &nbsp;&nbsp; (1.57)<br>| &nbsp;&nbsp; (1.27)<br>| &nbsp;&nbsp; (.41)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (.41)<br>| 10.02 | &nbsp;&nbsp; (10.90)<br>| &nbsp;&nbsp; 6 | &nbsp;&nbsp; .54 | &nbsp;&nbsp; .40 | 2.76 |
| 12/31/2021 | 13.07 | &nbsp;&nbsp; .16 | &nbsp;&nbsp; (.26)<br>| &nbsp;&nbsp; (.10)<br>| &nbsp;&nbsp; (.16)<br>| &nbsp;&nbsp; (1.11)<br>| &nbsp;&nbsp; (1.27)<br>| 11.70 | &nbsp;&nbsp; (.62)<br>| &nbsp;&nbsp; 9 | &nbsp;&nbsp; .57 | &nbsp;&nbsp; .47 | 1.31 |
| 12/31/2020 | 12.37 | &nbsp;&nbsp; .10 | 1.12 | 1.22 | &nbsp;&nbsp; (.25)<br>| &nbsp;&nbsp; (.27)<br>| &nbsp;&nbsp; (.52)<br>| 13.07 | 9.91 | &nbsp;&nbsp; 10 | &nbsp;&nbsp; .57 | &nbsp;&nbsp; .57 | &nbsp;&nbsp; .78 |
| **Class 4:**  | **Class 4:**  | **Class 4:**  | **Class 4:**  | **Class 4:**  | **Class 4:**  | **Class 4:**  | **Class 4:**  | **Class 4:**  | **Class 4:**  | **Class 4:**  | **Class 4:**  | **Class 4:**  | **Class 4:**  |
| 6/30/2025<sup>4,5</sup> <br>| 9.44 | &nbsp;&nbsp; .19 | &nbsp;&nbsp; .26 | &nbsp;&nbsp; .45 | &nbsp;&nbsp; (.08)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (.08)<br>| 9.81 | 4.73 <br><sup>6</sup><br>| &nbsp;&nbsp; 236 | &nbsp;&nbsp; .83 <br><sup>7</sup><br>| &nbsp;&nbsp; .76 <br><sup>7</sup><br>| 3.95 <br><sup>7</sup><br>|
| 12/31/2024 | 9.77 | &nbsp;&nbsp; .39 | &nbsp;&nbsp; (.34)<br>| &nbsp;&nbsp; .05 | &nbsp;&nbsp; (.38)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (.38)<br>| 9.44 | &nbsp;&nbsp; .44 | &nbsp;&nbsp; 210 | &nbsp;&nbsp; .83 | &nbsp;&nbsp; .77 | 4.02 |
| 12/31/2023 | 9.86 | &nbsp;&nbsp; .35 | &nbsp;&nbsp; (.10)<br>| &nbsp;&nbsp; .25 | &nbsp;&nbsp; (.34)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (.34)<br>| 9.77 | 2.62 | &nbsp;&nbsp; 183 | &nbsp;&nbsp; .83 | &nbsp;&nbsp; .71 | 3.54 |
| 12/31/2022 | 11.52 | &nbsp;&nbsp; .26 | &nbsp;&nbsp; (1.54)<br>| &nbsp;&nbsp; (1.28)<br>| &nbsp;&nbsp; (.38)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (.38)<br>| 9.86 | &nbsp;&nbsp; (11.19)<br>| &nbsp;&nbsp; 190 | &nbsp;&nbsp; .85 | &nbsp;&nbsp; .72 | 2.45 |
| 12/31/2021 | 12.88 | &nbsp;&nbsp; .12 | &nbsp;&nbsp; (.25)<br>| &nbsp;&nbsp; (.13)<br>| &nbsp;&nbsp; (.12)<br>| &nbsp;&nbsp; (1.11)<br>| &nbsp;&nbsp; (1.23)<br>| 11.52 | &nbsp;&nbsp; (.88)<br>| &nbsp;&nbsp; 238 | &nbsp;&nbsp; .89 | &nbsp;&nbsp; .79 | &nbsp;&nbsp; .98 |
| 12/31/2020 | 12.22 | &nbsp;&nbsp; .05 | 1.10 | 1.15 | &nbsp;&nbsp; (.22)<br>| &nbsp;&nbsp; (.27)<br>| &nbsp;&nbsp; (.49)<br>| 12.88 | 9.48 | &nbsp;&nbsp; 272 | &nbsp;&nbsp; .89 | &nbsp;&nbsp; .89 | &nbsp;&nbsp; .42 |

---

Refer to the end of the table(s) for footnote(s).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| American Funds Insurance Series | **372** |

---

------

Financial highlights (continued)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Net asset** <br> **value,** <br> **beginning** <br> **of year** | **Income (loss) from investment operations**<sup>1</sup> | **Income (loss) from investment operations**<sup>1</sup> | **Income (loss) from investment operations**<sup>1</sup> | **Dividends and distributions** | **Dividends and distributions** | **Dividends and distributions** | **Net asset** <br> **value, end** <br> **of year** | **Total return**<sup>2</sup>  | **Net assets,** <br> **end of year** <br> **(in millions)** | **Ratio of** <br> **expenses** <br> **to average** <br> **net assets** <br> **before** <br> **waivers/** <br> **reimburse-** <br> **ments**<sup>13</sup>  | **Ratio of** <br> **expenses** <br> **to average** <br> **net assets** <br> **after** <br> **waivers/** <br> **reimburse-** <br> **ments**<sup>2,13</sup>  | **Net** <br> **effective** <br> **expense** <br> **ratio**<sup>2,5,14</sup>  | **Ratio of** <br> **net income** <br> **(loss)** <br> **to average** <br> **net assets**<sup>2</sup>  |
| **Year ended** | **Net asset** <br> **value,** <br> **beginning** <br> **of year** | **Net** <br> **investment** <br> **income** <br> **(loss)**<br>| **Net gains** <br> **(losses) on** <br> **securities** <br> **(both** <br> **realized and** <br> **unrealized)**<br>| **Total from** <br> **investment** <br> **operations**<br>| **Dividends** <br> **(from net** <br> **investment** <br> **income)**<br>| **Distributions** <br> **(from capital** <br> **gains)**<br>| **Total** <br> **dividends** <br> **and** <br> **distributions**<br>| **Net asset** <br> **value, end** <br> **of year** | **Total return**<sup>2</sup>  | **Net assets,** <br> **end of year** <br> **(in millions)** | **Ratio of** <br> **expenses** <br> **to average** <br> **net assets** <br> **before** <br> **waivers/** <br> **reimburse-** <br> **ments**<sup>13</sup>  | **Ratio of** <br> **expenses** <br> **to average** <br> **net assets** <br> **after** <br> **waivers/** <br> **reimburse-** <br> **ments**<sup>2,13</sup>  | **Net** <br> **effective** <br> **expense** <br> **ratio**<sup>2,5,14</sup>  | **Ratio of** <br> **net income** <br> **(loss)** <br> **to average** <br> **net assets**<sup>2</sup>  |
| **Managed Risk Growth Fund** | **Managed Risk Growth Fund** | **Managed Risk Growth Fund** | **Managed Risk Growth Fund** | **Managed Risk Growth Fund** | **Managed Risk Growth Fund** | **Managed Risk Growth Fund** | **Managed Risk Growth Fund** | **Managed Risk Growth Fund** | **Managed Risk Growth Fund** | **Managed Risk Growth Fund** | **Managed Risk Growth Fund** | **Managed Risk Growth Fund** | **Managed Risk Growth Fund** | **Managed Risk Growth Fund** |
| **Class P1:**  | **Class P1:**  | **Class P1:**  | **Class P1:**  | **Class P1:**  | **Class P1:**  | **Class P1:**  | **Class P1:**  | **Class P1:**  | **Class P1:**  | **Class P1:**  | **Class P1:**  | **Class P1:**  | **Class P1:**  | **Class P1:**  |
| 6/30/2025<sup>4,5</sup> <br>| $13.35 | $.02 | $.70 | $.72 | $(.11)<br>| $(.57)<br>| $(.68)<br>| $13.39 | 5.67 %<sup>6</sup><br>| $14 | .39 %<sup>7</sup><br>| .36 %<sup>7</sup><br>| .68 %<sup>7</sup><br>| .33 %<sup>7</sup><br>|
| 12/31/2024 | 10.86 | .10 | 2.48 | 2.58 | (.09)<br>|  | (.09)<br>| 13.35 | 23.82 | 14 | .42 | .37 | .69 | .81 |
| 12/31/2023 | 11.37 | .08 | 2.28 | 2.36 | (.08)<br>| (2.79)<br>| (2.87)<br>| 10.86 | 23.77 | 13 | .42 | .37 | .70 | .77 |
| 12/31/2022 | 18.53 | .06 | (4.46)<br>| (4.40)<br>| (.22)<br>| (2.54)<br>| (2.76)<br>| 11.37 | (24.62)<br>| 9 | .41 | .36 | .68 | .47 |
| 12/31/2021 | 17.25 | .04 | 2.16 | 2.20 | (.18)<br>| (.74)<br>| (.92)<br>| 18.53 | 13.08 | 13 | .41 | .36 | .69 | .19 |
| 12/31/2020 | 13.78 | .07 | 4.20 | 4.27 | (.12)<br>| (.68)<br>| (.80)<br>| 17.25 | 32.45 | 11 | .42 | .37 | .72 | .49 |
| **Class P2:**  | **Class P2:**  | **Class P2:**  | **Class P2:**  | **Class P2:**  | **Class P2:**  | **Class P2:**  | **Class P2:**  | **Class P2:**  | **Class P2:**  | **Class P2:**  | **Class P2:**  | **Class P2:**  | **Class P2:**  | **Class P2:**  |
| 6/30/2025<sup>4,5</sup> <br>| 13.19 | — <br><sup>8</sup><br>| .70 | .70 | (.08)<br>| (.57)<br>| (.65)<br>| 13.24 | 5.53 <br><sup>6</sup><br>| 506 | .65 <br><sup>7</sup><br>| .62 <br><sup>7</sup><br>| .94 <br><sup>7</sup><br>| .08 <br><sup>7</sup><br>|
| 12/31/2024 | 10.73 | .06 | 2.46 | 2.52 | (.06)<br>|  | (.06)<br>| 13.19 | 23.50 | 513 | .67 | .62 | .94 | .52 |
| 12/31/2023 | 11.28 | .05 | 2.26 | 2.31 | (.07)<br>| (2.79)<br>| (2.86)<br>| 10.73 | 23.50 | 495 | .67 | .62 | .95 | .43 |
| 12/31/2022 | 18.42 | .03 | (4.45)<br>| (4.42)<br>| (.18)<br>| (2.54)<br>| (2.72)<br>| 11.28 | (24.88)<br>| 445 | .67 | .62 | .94 | .20 |
| 12/31/2021 | 17.11 | (.01)<br>| 2.16 | 2.15 | (.10)<br>| (.74)<br>| (.84)<br>| 18.42 | 12.89 | 584 | .67 | .62 | .95 | (.07)<br>|
| 12/31/2020 | 13.71 | .03 | 4.16 | 4.19 | (.11)<br>| (.68)<br>| (.79)<br>| 17.11 | 32.03 | 554 | .67 | .62 | .97 | .20 |
| **Managed Risk International Fund** | **Managed Risk International Fund** | **Managed Risk International Fund** | **Managed Risk International Fund** | **Managed Risk International Fund** | **Managed Risk International Fund** | **Managed Risk International Fund** | **Managed Risk International Fund** | **Managed Risk International Fund** | **Managed Risk International Fund** | **Managed Risk International Fund** | **Managed Risk International Fund** | **Managed Risk International Fund** | **Managed Risk International Fund** | **Managed Risk International Fund** |
| **Class P1:**  | **Class P1:**  | **Class P1:**  | **Class P1:**  | **Class P1:**  | **Class P1:**  | **Class P1:**  | **Class P1:**  | **Class P1:**  | **Class P1:**  | **Class P1:**  | **Class P1:**  | **Class P1:**  | **Class P1:**  | **Class P1:**  |
| 6/30/2025<sup>4,5</sup> <br>| $8.23 | $— <br><sup>8</sup><br>| $.30 | $.30 | $(.13)<br>| $— | $(.13)<br>| $8.40 | 3.73 %<sup>6</sup><br>| $2 | .43 %<sup>7</sup><br>| .39 %<sup>7</sup><br>| .86 %<sup>7</sup><br>| .08 %<sup>7</sup><br>|
| 12/31/2024 | 8.36 | .13 | (.12)<br>| .01 | (.14)<br>|  | (.14)<br>| 8.23 | (.05)<br>| 2 | .46 | .37 | .84 | 1.50 |
| 12/31/2023 | 8.61 | .13 | .41 | .54 | (.15)<br>| (.64)<br>| (.79)<br>| 8.36 | 6.36 | 2 | .46 | .36 | .84 | 1.60 |
| 12/31/2022 | 10.55 | .15 | (1.75)<br>| (1.60)<br>| (.34)<br>|  | (.34)<br>| 8.61 | (15.27)<br>| 2 | .44 | .37 | .85 | 1.70 |
| 12/31/2021 | 11.07 | .24 | (.67)<br>| (.43)<br>| (.09)<br>|  | (.09)<br>| 10.55 | (3.92)<br>| 2 | .44 | .36 | .86 | 2.12 |
| 12/31/2020 | 11.01 | .08 | .22 | .30 | (.16)<br>| (.08)<br>| (.24)<br>| 11.07 | 3.13 | 2 | .43 | .35 | .86 | .82 |
| **Class P2:**  | **Class P2:**  | **Class P2:**  | **Class P2:**  | **Class P2:**  | **Class P2:**  | **Class P2:**  | **Class P2:**  | **Class P2:**  | **Class P2:**  | **Class P2:**  | **Class P2:**  | **Class P2:**  | **Class P2:**  | **Class P2:**  |
| 6/30/2025<sup>4,5</sup> <br>| 8.18 | (.01)<br>| .31 | .30 | (.11)<br>|  | (.11)<br>| 8.37 | 3.69 <br><sup>6</sup><br>| 112 | .69 <br><sup>7</sup><br>| .66 <br><sup>7</sup><br>| 1.13 <br><sup>7</sup><br>| (.19 )<sup>7</sup><br>|
| 12/31/2024 | 8.32 | .10 | (.13)<br>| (.03)<br>| (.11)<br>|  | (.11)<br>| 8.18 | (.45)<br>| 112 | .72 | .63 | 1.10 | 1.19 |
| 12/31/2023 | 8.58 | .10 | .42 | .52 | (.14)<br>| (.64)<br>| (.78)<br>| 8.32 | 6.22 | 122 | .73 | .63 | 1.11 | 1.21 |
| 12/31/2022 | 10.48 | .12 | (1.74)<br>| (1.62)<br>| (.28)<br>|  | (.28)<br>| 8.58 | (15.54)<br>| 124 | .70 | .63 | 1.11 | 1.36 |
| 12/31/2021 | 10.99 | .20 | (.65)<br>| (.45)<br>| (.06)<br>|  | (.06)<br>| 10.48 | (4.13)<br>| 160 | .71 | .63 | 1.13 | 1.79 |
| 12/31/2020 | 10.92 | .04 | .23 | .27 | (.12)<br>| (.08)<br>| (.20)<br>| 10.99 | 2.80 | 168 | .71 | .63 | 1.14 | .42 |
| **Managed Risk Washington Mutual Investors Fund** | **Managed Risk Washington Mutual Investors Fund** | **Managed Risk Washington Mutual Investors Fund** | **Managed Risk Washington Mutual Investors Fund** | **Managed Risk Washington Mutual Investors Fund** | **Managed Risk Washington Mutual Investors Fund** | **Managed Risk Washington Mutual Investors Fund** | **Managed Risk Washington Mutual Investors Fund** | **Managed Risk Washington Mutual Investors Fund** | **Managed Risk Washington Mutual Investors Fund** | **Managed Risk Washington Mutual Investors Fund** | **Managed Risk Washington Mutual Investors Fund** | **Managed Risk Washington Mutual Investors Fund** | **Managed Risk Washington Mutual Investors Fund** | **Managed Risk Washington Mutual Investors Fund** |
| **Class P1:**  | **Class P1:**  | **Class P1:**  | **Class P1:**  | **Class P1:**  | **Class P1:**  | **Class P1:**  | **Class P1:**  | **Class P1:**  | **Class P1:**  | **Class P1:**  | **Class P1:**  | **Class P1:**  | **Class P1:**  | **Class P1:**  |
| 6/30/2025<sup>4,5</sup> <br>| $11.76 | $.03 | $.50 | $.53 | $(.18)<br>| $— | $(.18)<br>| $12.11 | 4.56 %<sup>6</sup><br>| $3 | .39 %<sup>7</sup><br>| .36 %<sup>7</sup><br>| .61 %<sup>7</sup><br>| .57 %<sup>7</sup><br>|
| 12/31/2024 | 10.50 | .20 | 1.28 | 1.48 | (.22)<br>|  | (.22)<br>| 11.76 | 14.20 | 3 | .41 | .36 | .61 | 1.80 |
| 12/31/2023 | 11.24 | .20 | .79 | .99 | (.24)<br>| (1.49)<br>| (1.73)<br>| 10.50 | 10.04 | 3 | .42 | .37 | .63 | 1.91 |
| 12/31/2022 | 12.95 | .23 | (1.38)<br>| (1.15)<br>| (.56)<br>|  | (.56)<br>| 11.24 | (8.92)<br>| 3 | .41 | .36 | .60 | 1.96 |
| 12/31/2021 | 11.24 | .16 | 1.79 | 1.95 | (.24)<br>|  | (.24)<br>| 12.95 | 17.46 | 2 | .41 | .36 | .66 | 1.33 |
| 12/31/2020 | 12.01 | .18 | (.35)<br>| (.17)<br>| (.26)<br>| (.34)<br>| (.60)<br>| 11.24 | (.93)<br>| 2 | .40 | .35 | .76 | 1.66 |
| **Class P2:**  | **Class P2:**  | **Class P2:**  | **Class P2:**  | **Class P2:**  | **Class P2:**  | **Class P2:**  | **Class P2:**  | **Class P2:**  | **Class P2:**  | **Class P2:**  | **Class P2:**  | **Class P2:**  | **Class P2:**  | **Class P2:**  |
| 6/30/2025<sup>4,5</sup> <br>| 11.69 | .02 | .49 | .51 | (.18)<br>|  | (.18)<br>| 12.02 | 4.39 <br><sup>6</sup><br>| 315 | .66 <br><sup>7</sup><br>| .62 <br><sup>7</sup><br>| .87 <br><sup>7</sup><br>| .32 <br><sup>7</sup><br>|
| 12/31/2024 | 10.43 | .17 | 1.28 | 1.45 | (.19)<br>|  | (.19)<br>| 11.69 | 13.99 | 319 | .68 | .63 | .88 | 1.51 |
| 12/31/2023 | 11.18 | .18 | .77 | .95 | (.21)<br>| (1.49)<br>| (1.70)<br>| 10.43 | 9.73 | 322 | .68 | .63 | .89 | 1.71 |
| 12/31/2022 | 12.88 | .19 | (1.37)<br>| (1.18)<br>| (.52)<br>|  | (.52)<br>| 11.18 | (9.16)<br>| 321 | .67 | .62 | .86 | 1.62 |
| 12/31/2021 | 11.18 | .11 | 1.79 | 1.90 | (.20)<br>|  | (.20)<br>| 12.88 | 17.11 | 371 | .68 | .62 | .92 | .91 |
| 12/31/2020 | 11.91 | .13 | (.33)<br>| (.20)<br>| (.19)<br>| (.34)<br>| (.53)<br>| 11.18 | (1.25)<br>| 355 | .68 | .63 | 1.04 | 1.18 |

---

Refer to the end of the table(s) for footnote(s).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **373** | American Funds Insurance Series |

---

------

Financial highlights (continued)

---

| | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Net asset**<br> **value,**<br> **beginning**<br> **of year** | **Income (loss) from investment operations**<sup>1</sup> | **Income (loss) from investment operations**<sup>1</sup> | **Income (loss) from investment operations**<sup>1</sup> | **Dividends and distributions** | **Dividends and distributions** | **Dividends and distributions** | **Net asset**<br> **value, end**<br> **of year** | **Total return**<sup>2</sup> | **Net assets,**<br> **end of year**<br> **(in millions)** | **Ratio of**<br> **expenses**<br> **to average** <br> **net assets**<br> **before**<br> **waivers/**<br> **reimburse-**<br> **ments**<sup>13</sup> | **Ratio of**<br> **expenses**<br> **to average**<br> **net assets**<br> **after**<br> **waivers/**<br> **reimburse-**<br> **ments**<sup>2,13</sup> | **Net**<br> **effective**<br> **expense**<br> **ratio**<sup>2,5,14</sup> | **Ratio of**<br> **net income**<br> **(loss)**<br> **to average**<br> **net assets**<sup>2</sup> |
| **Year ended** | **Net asset**<br> **value,**<br> **beginning**<br> **of year** | **Net**<br> **investment**<br> **income**<br> **(loss)**<br>| **Net gains**<br> **(losses) on**<br> **securities**<br> **(both**<br> **realized and**<br> **unrealized)**<br>| **Total from**<br> **investment**<br> **operations**<br>| **Dividends**<br> **(from net**<br> **investment**<br> **income)**<br>| **Distributions**<br> **(from capital**<br> **gains)**<br>| **Total**<br> **dividends**<br> **and**<br> **distributions**<br>| **Net asset**<br> **value, end**<br> **of year** | **Total return**<sup>2</sup> | **Net assets,**<br> **end of year**<br> **(in millions)** | **Ratio of**<br> **expenses**<br> **to average** <br> **net assets**<br> **before**<br> **waivers/**<br> **reimburse-**<br> **ments**<sup>13</sup> | **Ratio of**<br> **expenses**<br> **to average**<br> **net assets**<br> **after**<br> **waivers/**<br> **reimburse-**<br> **ments**<sup>2,13</sup> | **Net**<br> **effective**<br> **expense**<br> **ratio**<sup>2,5,14</sup> | **Ratio of**<br> **net income**<br> **(loss)**<br> **to average**<br> **net assets**<sup>2</sup> |
| **Managed Risk Growth-Income Fund** | **Managed Risk Growth-Income Fund** | **Managed Risk Growth-Income Fund** | **Managed Risk Growth-Income Fund** | **Managed Risk Growth-Income Fund** | **Managed Risk Growth-Income Fund** | **Managed Risk Growth-Income Fund** | **Managed Risk Growth-Income Fund** | **Managed Risk Growth-Income Fund** | **Managed Risk Growth-Income Fund** | **Managed Risk Growth-Income Fund** | **Managed Risk Growth-Income Fund** | **Managed Risk Growth-Income Fund** | **Managed Risk Growth-Income Fund** | **Managed Risk Growth-Income Fund** |
| **Class P1:**  | **Class P1:**  | **Class P1:**  | **Class P1:**  | **Class P1:**  | **Class P1:**  | **Class P1:**  | **Class P1:**  | **Class P1:**  | **Class P1:**  | **Class P1:**  | **Class P1:**  | **Class P1:**  | **Class P1:**  | **Class P1:**  |
| 6/30/2025<sup>4,5</sup> <br>| $14.35 | $.03 | $.50 | $.53 | $(.20)<br>| $(.56)<br>| $(.76)<br>| $14.12 | 3.89 %<sup>6</sup><br>| $1856 | .39 %<sup>7</sup><br>| .36 %<sup>7</sup><br>| .63 %<sup>7</sup><br>| .49 %<sup>7</sup><br>|
| 12/31/2024 | 12.53 | .21 | 2.02 | 2.23 | (.23)<br>| (.18)<br>| (.41)<br>| 14.35 | 18.03 | 1903 | .41 | .36 | .63 | 1.55 |
| 12/31/2023 | 12.51 | .20 | 1.65 | 1.85 | (.21)<br>| (1.62)<br>| (1.83)<br>| 12.53 | 16.17 | 1910 | .41 | .36 | .63 | 1.64 |
| 12/31/2022 | 15.73 | .18 | (2.79)<br>| (2.61)<br>| (.30)<br>| (.31)<br>| (.61)<br>| 12.51 | (16.74)<br>| 1833 | .41 | .36 | .62 | 1.33 |
| 12/31/2021 | 14.01 | .14 | 1.99 | 2.13 | (.21)<br>| (.20)<br>| (.41)<br>| 15.73 | 15.32 | 2328 | .41 | .36 | .64 | .96 |
| 12/31/2020 | 13.76 | .17 | 1.08 | 1.25 | (.26)<br>| (.74)<br>| (1.00)<br>| 14.01 | 9.85 | 2120 | .41 | .36 | .66 | 1.24 |
| **Class P2:**  | **Class P2:**  | **Class P2:**  | **Class P2:**  | **Class P2:**  | **Class P2:**  | **Class P2:**  | **Class P2:**  | **Class P2:**  | **Class P2:**  | **Class P2:**  | **Class P2:**  | **Class P2:**  | **Class P2:**  | **Class P2:**  |
| 6/30/2025<sup>4,5</sup> <br>| 14.25 | .02 | .49 | .51 | (.20)<br>| (.56)<br>| (.76)<br>| 14.00 | 3.72 <br><sup>6</sup><br>| 267 | .64 <br><sup>7</sup><br>| .61 <br><sup>7</sup><br>| .88 <br><sup>7</sup><br>| .24 <br><sup>7</sup><br>|
| 12/31/2024 | 12.45 | .17 | 2.01 | 2.18 | (.20)<br>| (.18)<br>| (.38)<br>| 14.25 | 17.69 | 274 | .66 | .61 | .88 | 1.29 |
| 12/31/2023 | 12.44 | .17 | 1.64 | 1.81 | (.18)<br>| (1.62)<br>| (1.80)<br>| 12.45 | 15.90 | 277 | .66 | .61 | .88 | 1.39 |
| 12/31/2022 | 15.64 | .15 | (2.78)<br>| (2.63)<br>| (.26)<br>| (.31)<br>| (.57)<br>| 12.44 | (16.93)<br>| 268 | .66 | .61 | .87 | 1.10 |
| 12/31/2021 | 13.93 | .10 | 1.98 | 2.08 | (.17)<br>| (.20)<br>| (.37)<br>| 15.64 | 15.05 | 340 | .66 | .61 | .89 | .70 |
| 12/31/2020 | 13.69 | .14 | 1.07 | 1.21 | (.23)<br>| (.74)<br>| (.97)<br>| 13.93 | 9.58 | 315 | .66 | .61 | .91 | 1.02 |
| **Managed Risk Asset Allocation Fund** | **Managed Risk Asset Allocation Fund** | **Managed Risk Asset Allocation Fund** | **Managed Risk Asset Allocation Fund** | **Managed Risk Asset Allocation Fund** | **Managed Risk Asset Allocation Fund** | **Managed Risk Asset Allocation Fund** | **Managed Risk Asset Allocation Fund** | **Managed Risk Asset Allocation Fund** | **Managed Risk Asset Allocation Fund** | **Managed Risk Asset Allocation Fund** | **Managed Risk Asset Allocation Fund** | **Managed Risk Asset Allocation Fund** | **Managed Risk Asset Allocation Fund** | **Managed Risk Asset Allocation Fund** |
| **Class P1:**  | **Class P1:**  | **Class P1:**  | **Class P1:**  | **Class P1:**  | **Class P1:**  | **Class P1:**  | **Class P1:**  | **Class P1:**  | **Class P1:**  | **Class P1:**  | **Class P1:**  | **Class P1:**  | **Class P1:**  | **Class P1:**  |
| 6/30/2025<sup>4,5</sup> <br>| $13.20 | $.05 | $.56 | $.61 | $(.24)<br>| $(.83)<br>| $(1.07)<br>| $12.74 | 4.83 %<sup>6</sup><br>| $12 | .39 %<sup>7</sup><br>| .36 %<sup>7</sup><br>| .65 %<sup>7</sup><br>| .70 %<sup>7</sup><br>|
| 12/31/2024 | 11.90 | .29 | 1.45 | 1.74 | (.27)<br>| (.17)<br>| (.44)<br>| 13.20 | 14.90 | 12 | .41 | .36 | .65 | 2.28 |
| 12/31/2023 | 12.43 | .31 | .87 | 1.18 | (.26)<br>| (1.45)<br>| (1.71)<br>| 11.90 | 10.51 | 10 | .41 | .36 | .66 | 2.61 |
| 12/31/2022 | 15.33 | .24 | (2.34)<br>| (2.10)<br>| (.32)<br>| (.48)<br>| (.80)<br>| 12.43 | (13.75)<br>| 7 | .41 | .36 | .65 | 1.80 |
| 12/31/2021 | 13.84 | .21 | 1.55 | 1.76 | (.27)<br>|  | (.27)<br>| 15.33 | 12.82 | 7 | .41 | .36 | .66 | 1.43 |
| 12/31/2020 | 13.81 | .25 | .51 | .76 | (.21)<br>| (.52)<br>| (.73)<br>| 13.84 | 6.10 | 5 | .41 | .36 | .66 | 1.91 |
| **Class P2:**  | **Class P2:**  | **Class P2:**  | **Class P2:**  | **Class P2:**  | **Class P2:**  | **Class P2:**  | **Class P2:**  | **Class P2:**  | **Class P2:**  | **Class P2:**  | **Class P2:**  | **Class P2:**  | **Class P2:**  | **Class P2:**  |
| 6/30/2025<sup>4,5</sup> <br>| 12.78 | .03 | .54 | .57 | (.23)<br>| (.83)<br>| (1.06)<br>| 12.29 | 4.71 <br><sup>6</sup><br>| 1942 | .64 <br><sup>7</sup><br>| .61 <br><sup>7</sup><br>| .90 <br><sup>7</sup><br>| .43 <br><sup>7</sup><br>|
| 12/31/2024 | 11.53 | .22 | 1.44 | 1.66 | (.24)<br>| (.17)<br>| (.41)<br>| 12.78 | 14.63 | 2014 | .66 | .61 | .90 | 1.81 |
| 12/31/2023 | 12.09 | .21 | .90 | 1.11 | (.22)<br>| (1.45)<br>| (1.67)<br>| 11.53 | 10.23 | 2093 | .66 | .61 | .91 | 1.86 |
| 12/31/2022 | 14.93 | .18 | (2.25)<br>| (2.07)<br>| (.29)<br>| (.48)<br>| (.77)<br>| 12.09 | (13.97)<br>| 2182 | .66 | .61 | .90 | 1.40 |
| 12/31/2021 | 13.45 | .15 | 1.53 | 1.68 | (.20)<br>|  | (.20)<br>| 14.93 | 12.50 | 2812 | .66 | .61 | .91 | 1.03 |
| 12/31/2020 | 13.46 | .15 | .56 | .71 | (.20)<br>| (.52)<br>| (.72)<br>| 13.45 | 5.88 | 2773 | .66 | .61 | .91 | 1.15 |

---

Refer to the end of the table(s) for footnote(s).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| American Funds Insurance Series | **374** |

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------

Financial highlights (continued)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Portfolio turnover rate for all share classes** <br> **excluding mortgage dollar roll transactions**<sup>15,16</sup>  | **Six months ended** <br> **June 30, 2025**<sup>4,5,6</sup>  | **Year ended December 31,** | **Year ended December 31,** | **Year ended December 31,** | **Year ended December 31,** | **Year ended December 31,** |
| **Portfolio turnover rate for all share classes** <br> **excluding mortgage dollar roll transactions**<sup>15,16</sup>  | **Six months ended** <br> **June 30, 2025**<sup>4,5,6</sup>  | **2024** | **2023** | **2022** | **2021** | **2020** |
| Capital Income Builder | &nbsp;&nbsp; 34<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 49<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 59<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 48<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 60<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 110<br> %<br>|
| Asset Allocation Fund | &nbsp;&nbsp; 33 | &nbsp;&nbsp;&nbsp;&nbsp; 43 | &nbsp;&nbsp;&nbsp;&nbsp; 54 | &nbsp;&nbsp;&nbsp;&nbsp; 42 | &nbsp;&nbsp;&nbsp;&nbsp; 45 | &nbsp;&nbsp;&nbsp;&nbsp; 49 |
| American Funds Global Balanced Fund | &nbsp;&nbsp; 28 | &nbsp;&nbsp;&nbsp;&nbsp; 55 | &nbsp;&nbsp;&nbsp;&nbsp; 43 | &nbsp;&nbsp;&nbsp;&nbsp; 111 | &nbsp;&nbsp;&nbsp;&nbsp; 36 | &nbsp;&nbsp;&nbsp;&nbsp; 68 |
| The Bond Fund of America | &nbsp;&nbsp; 66 | &nbsp;&nbsp;&nbsp;&nbsp; 102 | &nbsp;&nbsp;&nbsp;&nbsp; 129 | &nbsp;&nbsp;&nbsp;&nbsp; 77 | &nbsp;&nbsp;&nbsp;&nbsp; 87 | &nbsp;&nbsp;&nbsp;&nbsp; 72 |
| Capital World Bond Fund | &nbsp;&nbsp; 31 | &nbsp;&nbsp;&nbsp;&nbsp; 54 | &nbsp;&nbsp;&nbsp;&nbsp; 110 | &nbsp;&nbsp;&nbsp;&nbsp; 114 | &nbsp;&nbsp;&nbsp;&nbsp; 64 | &nbsp;&nbsp;&nbsp;&nbsp; 88 |
| American Funds Mortgage Fund | &nbsp;&nbsp; 30 | &nbsp;&nbsp;&nbsp;&nbsp; 52 | &nbsp;&nbsp;&nbsp;&nbsp; 85 | &nbsp;&nbsp;&nbsp;&nbsp; 56 | &nbsp;&nbsp;&nbsp;&nbsp; 38 | &nbsp;&nbsp;&nbsp;&nbsp; 123 |
| U.S. Government Securities Fund | &nbsp;&nbsp; 23 | &nbsp;&nbsp;&nbsp;&nbsp; 43 | &nbsp;&nbsp;&nbsp;&nbsp; 113 | &nbsp;&nbsp;&nbsp;&nbsp; 77 | &nbsp;&nbsp;&nbsp;&nbsp; 126 | &nbsp;&nbsp;&nbsp;&nbsp; 112 |
| **Portfolio turnover rate for all share classes** <br> **including mortgage dollar roll transactions, if any**<sup>15,16</sup>  | **Six months ended** <br> **June 30, 2025**<sup>4,5,6</sup>  | **Year ended December 31,** | **Year ended December 31,** | **Year ended December 31,** | **Year ended December 31,** | **Year ended December 31,** |
| **Portfolio turnover rate for all share classes** <br> **including mortgage dollar roll transactions, if any**<sup>15,16</sup>  | **Six months ended** <br> **June 30, 2025**<sup>4,5,6</sup>  | **2024** | **2023** | **2022** | **2021** | **2020** |
| Global Growth Fund | &nbsp;&nbsp; 15<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 41<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 29<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 29<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 18<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 17<br> %<br>|
| Global Small Capitalization Fund | &nbsp;&nbsp; 27 | &nbsp;&nbsp;&nbsp;&nbsp; 47 | &nbsp;&nbsp;&nbsp;&nbsp; 36 | &nbsp;&nbsp;&nbsp;&nbsp; 40 | &nbsp;&nbsp;&nbsp;&nbsp; 29 | &nbsp;&nbsp;&nbsp;&nbsp; 38 |
| Growth Fund | &nbsp;&nbsp; 14 | &nbsp;&nbsp;&nbsp;&nbsp; 23 | &nbsp;&nbsp;&nbsp;&nbsp; 23 | &nbsp;&nbsp;&nbsp;&nbsp; 29 | &nbsp;&nbsp;&nbsp;&nbsp; 25 | &nbsp;&nbsp;&nbsp;&nbsp; 32 |
| International Fund | &nbsp;&nbsp; 42 | &nbsp;&nbsp;&nbsp;&nbsp; 35 | &nbsp;&nbsp;&nbsp;&nbsp; 28 | &nbsp;&nbsp;&nbsp;&nbsp; 42 | &nbsp;&nbsp;&nbsp;&nbsp; 44 | &nbsp;&nbsp;&nbsp;&nbsp; 40 |
| New World Fund | &nbsp;&nbsp; 23 | &nbsp;&nbsp;&nbsp;&nbsp; 55 | &nbsp;&nbsp;&nbsp;&nbsp; 36 | &nbsp;&nbsp;&nbsp;&nbsp; 40 | &nbsp;&nbsp;&nbsp;&nbsp; 43 | &nbsp;&nbsp;&nbsp;&nbsp; 70 |
| Washington Mutual Investors Fund | &nbsp;&nbsp; 18 | &nbsp;&nbsp;&nbsp;&nbsp; 31 | &nbsp;&nbsp;&nbsp;&nbsp; 29 | &nbsp;&nbsp;&nbsp;&nbsp; 30 | &nbsp;&nbsp;&nbsp;&nbsp; 90 | &nbsp;&nbsp;&nbsp;&nbsp; 40 |
| U.S. Small and Mid Cap Equity Fund | &nbsp;&nbsp; 22 | &nbsp;&nbsp;&nbsp;&nbsp; 4 <br><sup>4611</sup><br>|  |  |  |  |
| Capital World Growth and Income Fund | &nbsp;&nbsp; 26 | &nbsp;&nbsp;&nbsp;&nbsp; 34 | &nbsp;&nbsp;&nbsp;&nbsp; 29 | &nbsp;&nbsp;&nbsp;&nbsp; 42 | &nbsp;&nbsp;&nbsp;&nbsp; 85 | &nbsp;&nbsp;&nbsp;&nbsp; 36 |
| Growth-Income Fund | &nbsp;&nbsp; 18 | &nbsp;&nbsp;&nbsp;&nbsp; 45 | &nbsp;&nbsp;&nbsp;&nbsp; 26 | &nbsp;&nbsp;&nbsp;&nbsp; 25 | &nbsp;&nbsp;&nbsp;&nbsp; 24 | &nbsp;&nbsp;&nbsp;&nbsp; 33 |
| International Growth and Income Fund | &nbsp;&nbsp; 27 | &nbsp;&nbsp;&nbsp;&nbsp; 39 | &nbsp;&nbsp;&nbsp;&nbsp; 38 | &nbsp;&nbsp;&nbsp;&nbsp; 48 | &nbsp;&nbsp;&nbsp;&nbsp; 41 | &nbsp;&nbsp;&nbsp;&nbsp; 56 |
| Capital Income Builder | &nbsp;&nbsp; 43 | &nbsp;&nbsp;&nbsp;&nbsp; 107 | &nbsp;&nbsp;&nbsp;&nbsp; 149 | &nbsp;&nbsp;&nbsp;&nbsp; 126 | &nbsp;&nbsp;&nbsp;&nbsp; 93 | &nbsp;&nbsp;&nbsp;&nbsp; 184 |
| Asset Allocation Fund | &nbsp;&nbsp; 59 | &nbsp;&nbsp;&nbsp;&nbsp; 129 | &nbsp;&nbsp;&nbsp;&nbsp; 159 | &nbsp;&nbsp;&nbsp;&nbsp; 118 | &nbsp;&nbsp;&nbsp;&nbsp; 124 | &nbsp;&nbsp;&nbsp;&nbsp; 145 |
| American Funds Global Balanced Fund | &nbsp;&nbsp; 47 | &nbsp;&nbsp;&nbsp;&nbsp; 141 | &nbsp;&nbsp;&nbsp;&nbsp; 103 | &nbsp;&nbsp;&nbsp;&nbsp; 126 | &nbsp;&nbsp;&nbsp;&nbsp; 39 | &nbsp;&nbsp;&nbsp;&nbsp; 86 |
| The Bond Fund of America | &nbsp;&nbsp; 120 | &nbsp;&nbsp;&nbsp;&nbsp; 398 | &nbsp;&nbsp;&nbsp;&nbsp; 545 | &nbsp;&nbsp;&nbsp;&nbsp; 415 | &nbsp;&nbsp;&nbsp;&nbsp; 456 | &nbsp;&nbsp;&nbsp;&nbsp; 461 |
| Capital World Bond Fund | &nbsp;&nbsp; 60 | &nbsp;&nbsp;&nbsp;&nbsp; 269 | &nbsp;&nbsp;&nbsp;&nbsp; 286 | &nbsp;&nbsp;&nbsp;&nbsp; 188 | &nbsp;&nbsp;&nbsp;&nbsp; 91 | &nbsp;&nbsp;&nbsp;&nbsp; 145 |
| American High-Income Trust | &nbsp;&nbsp; 18 | &nbsp;&nbsp;&nbsp;&nbsp; 45 | &nbsp;&nbsp;&nbsp;&nbsp; 40 | &nbsp;&nbsp;&nbsp;&nbsp; 34 | &nbsp;&nbsp;&nbsp;&nbsp; 56 | &nbsp;&nbsp;&nbsp;&nbsp; 78 |
| American Funds Mortgage Fund | &nbsp;&nbsp; 222 | &nbsp;&nbsp;&nbsp;&nbsp; 644 | &nbsp;&nbsp;&nbsp;&nbsp; 1053 | &nbsp;&nbsp;&nbsp;&nbsp; 1141 | &nbsp;&nbsp;&nbsp;&nbsp; 975 | &nbsp;&nbsp;&nbsp;&nbsp; 1143 |
| Ultra-Short Bond Fund | &nbsp;&nbsp; — <br><sup>17</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; — <br><sup>17</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; — <br><sup>17</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; — <br><sup>17</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; — <br><sup>17</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; — <br><sup>17</sup><br>|
| U.S. Government Securities Fund | &nbsp;&nbsp; 150 | &nbsp;&nbsp;&nbsp;&nbsp; 398 | &nbsp;&nbsp;&nbsp;&nbsp; 744 | &nbsp;&nbsp;&nbsp;&nbsp; 695 | &nbsp;&nbsp;&nbsp;&nbsp; 433 | &nbsp;&nbsp;&nbsp;&nbsp; 867 |
| Managed Risk Growth Fund | &nbsp;&nbsp; 29 | &nbsp;&nbsp;&nbsp;&nbsp; 14 | &nbsp;&nbsp;&nbsp;&nbsp; 39 | &nbsp;&nbsp;&nbsp;&nbsp; 97 | &nbsp;&nbsp;&nbsp;&nbsp; 32 | &nbsp;&nbsp;&nbsp;&nbsp; 80 |
| Managed Risk International Fund | &nbsp;&nbsp; 12 | &nbsp;&nbsp;&nbsp;&nbsp; 11 | &nbsp;&nbsp;&nbsp;&nbsp; 27 | &nbsp;&nbsp;&nbsp;&nbsp; 82 | &nbsp;&nbsp;&nbsp;&nbsp; 24 | &nbsp;&nbsp;&nbsp;&nbsp; 71 |
| Managed Risk Washington Mutual Investors Fund | &nbsp;&nbsp; 17 | &nbsp;&nbsp;&nbsp;&nbsp; 8 | &nbsp;&nbsp;&nbsp;&nbsp; 19 | &nbsp;&nbsp;&nbsp;&nbsp; 70 | &nbsp;&nbsp;&nbsp;&nbsp; 16 | &nbsp;&nbsp;&nbsp;&nbsp; 101 |
| Managed Risk Growth-Income Fund | &nbsp;&nbsp; 20 | &nbsp;&nbsp;&nbsp;&nbsp; 13 | &nbsp;&nbsp;&nbsp;&nbsp; 21 | &nbsp;&nbsp;&nbsp;&nbsp; 67 | &nbsp;&nbsp;&nbsp;&nbsp; 13 | &nbsp;&nbsp;&nbsp;&nbsp; 38 |
| Managed Risk Asset Allocation Fund | &nbsp;&nbsp; 13 | &nbsp;&nbsp;&nbsp;&nbsp; 7 | &nbsp;&nbsp;&nbsp;&nbsp; 13 | &nbsp;&nbsp;&nbsp;&nbsp; 48 | &nbsp;&nbsp;&nbsp;&nbsp; 5 | &nbsp;&nbsp;&nbsp;&nbsp; 30 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>1</sup> Based on average shares outstanding.

<sup>2</sup> This column reflects the impact of certain waivers and/or reimbursements from CRMC and/or AFS, if any.

<sup>3</sup> Ratios do not include expenses of any Central Funds. The fund indirectly bears its proportionate share of the expenses of any Central Funds, if applicable.

<sup>4</sup> Based on operations for a period that is less than a full year.

<sup>5</sup> Unaudited.

<sup>6</sup> Not annualized.

<sup>7</sup> Annualized.

<sup>8</sup> Amount less than $.01.

<sup>9</sup> Amount less than .01%.

<sup>10</sup> Amount less than $1 million.

<sup>11</sup> For the period November 15, 2024, commencement of operations, through December 31, 2024.

<sup>12</sup> All or a significant portion of assets in this class consisted of seed capital invested by CRMC and/or its affiliates. Fees for distribution services and/or insur- ance administrative services, as applicable, are not charged or accrued on these seed capital assets. If such fees were paid by the fund on seed capital assets, fund expenses would have been higher and net income and total return would have been lower. 

<sup>13</sup> This column does not include expenses of the underlying funds in which each fund invests.

<sup>14</sup> This column reflects the net effective expense ratios for each fund and class, which include each class's expense ratio combined with the weighted average net expense ratio of the underlying funds for the periods presented. 

<sup>15</sup> Refer to Note 5 for further information on mortgage dollar rolls.

<sup>16</sup> Rates do not include the fund's portfolio activity with respect to any Central Funds, if applicable.

<sup>17</sup> Amount is either less than 1% or there is no turnover.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Refer to the notes to financial statements.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **375** | American Funds Insurance Series |

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------

Changes in and disagreements with accountants

------

None

Matters submitted for shareholder vote

------

None

Remuneration paid to directors, officers and others

------

Refer to the trustees' deferred compensation disclosure in the notes to financial statements.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| American Funds Insurance Series | **376** |

---

------

Approval of Investment Advisory and Service Agreement — American Funds Insurance Series

------

The series' board has approved the continuation of the series' Investment Advisory and Service Agreement (the "agreement") with Capital Research and Management Company ("CRMC") for an additional one-year term through April 30, 2026. The agreement was amended to add U.S. Small and Mid Cap Equity Fund. The board approved the agreement following the recommendation of the series' Contracts Committee (the "committee"), which is composed of all the series' independent board members. The board and the committee determined in the exercise of their business judgment that the advisory fee structure for each fund within the series was fair and reasonable in relation to the services provided, and that approving the agreement was in the best interests of each fund and its shareholders.

In reaching this decision, the board and the committee took into account their interactions with CRMC and information furnished to them throughout the year and otherwise provided to them, as well as information prepared specifically in connection with their review of the agreement, and they were advised by their independent counsel with respect to the matters considered. They considered the following factors, among others, but did not identify any single issue or particular piece of information that, in isolation, was the controlling factor, and each board and committee member did not necessarily attribute the same weight to each factor.

**1. Nature, extent and quality of services**

The board and the committee considered the depth and quality of CRMC's investment management process, including its global research capabilities; the experience, capability and integrity of its senior management and other personnel; the low turnover rates of its key personnel; the overall financial strength and stability of CRMC and the Capital Group organization; the resources and systems CRMC devotes to investment management (the manner in which each fund's assets are managed, including liquidity management), financial, investment operations, compliance, trading, proxy voting, shareholder communications, and other services; and the ongoing evolution of CRMC's organizational structure designed to maintain and strengthen these qualities. The board and the committee also considered the nature, extent and quality of administrative and shareholder services provided by CRMC to the funds under the agreement and other agreements, as well as the benefits to each fund's shareholders from investing in a fund that is part of a large family of funds. The board and the committee considered the risks assumed by CRMC in providing services to the funds, including operational, business, financial, reputational, regulatory and litigation risks. The board and the committee concluded that the nature, extent and quality of the services provided by CRMC have benefited and should continue to benefit each fund and its shareholders.

**2. Investment results**

The board and the committee considered the investment results of each fund in light of its objectives. They compared each fund's investment results with those of other funds (including funds that currently form the basis of the Lipper index for the category in which each fund is included) and data such as publicly disclosed benchmarks, including applicable market and fund indexes over various periods (including each fund's lifetime) through September 30, 2024. They generally placed greater emphasis on investment results over longer term periods and relative to benchmarks consistent with each fund's objective. On the basis of this evaluation and the board's and the committee's ongoing review of investment results, and considering the relative market conditions during certain reporting periods, the board and the committee concluded that each fund's investment results have been satisfactory for renewal of the agreement, and that CRMC's record in managing the funds indicated that its continued management should benefit each fund and its shareholders.

**3. Advisory fees and total expenses**

The board and the committee compared the advisory fees and total expense levels of each fund to those of other relevant funds. They observed that the advisory fees and total expenses of each fund generally compared favorably to those of other similar funds included in the comparable Lipper category. The board and the committee also considered the breakpoint discounts in each fund's advisory fee structure that reduce the level of fees charged by CRMC to the fund as fund assets increase.

In addition, the board and committee reviewed information regarding the effective advisory fees charged to non-mutual fund clients by CRMC and its affiliates. They noted that, to the extent there were differences between the advisory fees paid by each fund and the advisory fees paid by those clients, the differences appropriately reflected the investment, operational, regulatory and market differences between advising the funds and the other clients. The board and the committee concluded that each fund's cost structure was fair and reasonable in relation to the services provided, as well as in relation to the risks assumed by the adviser in sponsoring and managing each fund, and that each fund's shareholders receive reasonable value in return for the advisory fees and other amounts paid to CRMC by the funds.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **377** | American Funds Insurance Series |

---

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**4. Ancillary benefits**

The board and the committee considered a variety of other benefits that CRMC and its affiliates receive as a result of CRMC's relationship with the series and other American Funds, including fees for administrative services provided to certain share classes; fees paid to CRMC's affiliated transfer agent; sales charges and distribution fees received and retained by the series' principal underwriter, an affiliate of CRMC; and possible ancillary benefits to CRMC and its institutional management affiliates in managing other investment vehicles. The board and the committee reviewed CRMC's portfolio trading practices, noting that CRMC bears the cost of third-party research. The board and committee also noted that CRMC benefited from the use of commissions from portfolio transactions made on behalf of each fund to facilitate payments to certain broker-dealers for research to comply with regulatory requirements applicable to these firms, with all such amounts reimbursed by CRMC. The board and the committee took these ancillary benefits into account in evaluating the reasonableness of the other amounts paid to CRMC by the funds.

**5. Adviser financial information**

The board and the committee reviewed information regarding CRMC's costs of providing services to the American Funds, including personnel, systems and resources of investment, compliance, trading, accounting and other administrative operations. They considered CRMC's costs and related cost allocation methodology, as well as its track record of investing in technology, infrastructure and staff to maintain and expand services and capabilities, respond to industry and regulatory developments, and attract and retain qualified personnel. They noted information regarding the compensation structure for CRMC's investment professionals. They reviewed information on the profitability of the investment adviser and its affiliates. The board and the committee also compared CRMC's profitability and compensation data to the reported results and data of a number of large, publicly held investment management companies. The board and the committee noted the competitiveness and cyclicality of both the mutual fund industry and the capital markets, and the importance in that environment of CRMC's long-term profitability for maintaining its independence, company culture and management continuity. They further considered the breakpoint discounts in the funds' advisory fee structure and CRMC's sharing of potential economies of scale, or efficiencies, through breakpoints and other fee reductions and costs voluntarily absorbed. The board and the committee concluded that each fund's advisory fee structure reflected a reasonable sharing of benefits between CRMC and the funds' shareholders.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| American Funds Insurance Series | **378** |

---

------

Approval of Investment Advisory and Service Agreement and Subadvisory Agreement — American Funds Insurance Series Managed Risk Funds

------

The series' board has approved the continuation of the series' Investment Advisory and Service Agreement (the "advisory agreement") with Capital Research and Management Company ("CRMC") with respect to the Managed Risk Funds for an additional one-year term through April 30, 2026. The advisory agreement was amended to permanently reduce the advisory fee for each fund within the series from 15 basis points to 10 basis points. The board has also approved the series' Subadvisory Agreement (the "subadvisory agreement") with CRMC and Milliman Financial Risk Management LLC ("Milliman FRM") with respect to these funds for the same term. The advisory and subadvisory agreements are jointly referred to below as the "agreements." The board approved the agreements following the recommendation of the series' Contracts Committee (the "committee"), which is composed of all the series' independent board members. The board and the committee determined in the exercise of their business judgment that the advisory fee structure for each fund within the series was fair and reasonable in relation to the services provided, and that approving the agreements was in the best interests of each fund and its shareholders.

In reaching this decision, the board and the committee took into account their interactions with CRMC and Milliman FRM and information furnished to them throughout the year and otherwise provided to them, as well as information prepared specifically in connection with their review of the agreements, and they were advised by their independent counsel with respect to the matters considered. They considered the following factors, among others, but did not identify any single issue or particular piece of information that, in isolation, was the controlling factor, and each board and committee member did not necessarily attribute the same weight to each factor.

**1. Nature, extent and quality of services**

The board and the committee considered the depth and quality of CRMC's investment management process, including its global research capabilities; the experience, capability and integrity of its senior management and other personnel; the low turnover rates of its key personnel; the overall financial strength and stability of CRMC and the Capital Group organization; the resources and systems CRMC devotes to investment management (the manner in which each fund's assets are managed, including liquidity management), financial, investment operations, compliance, trading, proxy voting, shareholder communications, and other services; and the ongoing evolution of CRMC's organizational structure designed to maintain and strengthen these qualities. The board and the committee also considered the nature, extent and quality of the oversight of Milliman FRM's services provided by CRMC, administrative and shareholder services provided by CRMC to the funds under the advisory agreement and other agreements, as well as the benefits to each fund's shareholders from investing in a fund that is part of a large family of funds. The board and the committee considered the risks assumed by CRMC in providing services to the funds, including operational, business, financial, reputational, regulatory and litigation risks. The board and the committee concluded that the nature, extent and quality of the services provided by CRMC have benefited and should continue to benefit each fund and its shareholders.

The board and the committee also considered the depth and quality of Milliman FRM's investment management process, including its experience in applying the Milliman Managed Risk Strategy to other funds in the series and risk management services for other clients; the experience, capability and integrity of its senior management and other personnel; and the services provided to each fund under the subadvisory agreement. The board and the committee concluded that the nature, extent and quality of the services provided by Milliman FRM have benefited and should continue to benefit each fund and its shareholders.

**2. Investment results**

The board and the committee considered the investment results of each fund in light of its objectives. They compared each fund's investment results with those of other funds (including funds that currently form the basis of the Lipper index for the category in which each fund is included), and data such as publicly disclosed benchmarks, including applicable market and fund indexes over various periods (including each fund's lifetime) through September 30, 2024. They generally placed greater emphasis on investment results over longer term periods and relative to benchmarks consistent with each fund's objective. The board and the committee also considered the volatility of the funds compared with the S&P 500 Managed Risk indexes and those of a group of funds with volatility management strategies identified by management over various periods (including each fund's lifetime) through September 30, 2024. On the basis of this evaluation and the board's and the committee's ongoing review of investment results, and considering the relative market conditions during certain reporting periods, the board and the committee concluded that each fund's investment results and the results of the services provided by CRMC and Milliman FRM have been satisfactory for renewal of the agreements, and that CRMC's and Milliman FRM's record in managing the funds indicated that their continued management should benefit each fund and its shareholders.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **379** | American Funds Insurance Series |

---

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**3. Advisory fees and total expenses**

The board and the committee compared the advisory fees and total expense levels of each fund to those of other relevant funds. The board and the committee noted that CRMC had agreed to eliminate its waiver of 5 basis points of the advisory fee for each of the funds and to permanently reduce the advisory fee of the funds from 15 basis points to 10 basis points, and that CRMC agreed to continue to pay the fees due to Milliman FRM under the subadvisory agreement. They observed that each fund's advisory fees and total expenses were generally competitive with those of other similar funds included in the comparable Lipper category.

The board and the committee also considered the breakpoint discounts in each underlying fund's advisory fee structure that reduce the level of fees charged by CRMC to the underlying fund as its assets increase. In addition, they reviewed information regarding the effective advisory fees charged to non-mutual fund clients by CRMC and its affiliates. They noted that, to the extent there were differences between the advisory fees paid by each fund and the advisory fees paid by those clients, the differences appropriately reflected the investment, operational, regulatory and market differences between advising the funds and the other clients. They also reviewed the fees paid to Milliman FRM by other funds which it advised or subadvised. The board and the committee concluded that each fund's cost structure was fair and reasonable in relation to the services that CRMC provided, directly and through Milliman FRM, as well as in relation to the risks assumed by the adviser in sponsoring and managing each fund, and that each fund's shareholders receive reasonable value in return for the advisory fees and other amounts paid to CRMC (and indirectly to Milliman FRM) by the funds.

**4. Ancillary benefits**

The board and the committee considered a variety of other benefits that CRMC and its affiliates receive as a result of CRMC's relationship with the series and the other American Funds, including fees for administrative services provided to certain share classes; fees paid to CRMC's affiliated transfer agent; sales charges and distribution fees received and retained by the series' principal underwriter, an affiliate of CRMC; and possible ancillary benefits to CRMC and its institutional management affiliates in managing other investment vehicles. The board and the committee reviewed CRMC's portfolio trading practices, noting that CRMC bears the cost of third-party research. The board and committee also noted that CRMC benefited from the use of commissions from portfolio transactions made on behalf of each fund to facilitate payments to certain broker-dealers for research to comply with regulatory requirements applicable to these firms, with all such amounts reimbursed by CRMC. The board and the committee also reviewed similar ancillary benefits received by Milliman FRM as a result of its relationship with the series. The board and the committee took these ancillary benefits into account in evaluating the reasonableness of the advisory fees and other amounts paid to CRMC (and indirectly to Milliman FRM) by each fund.

**5. Adviser financial information**

The board and the committee reviewed information regarding CRMC's costs of providing services to the American Funds, including personnel, systems and resources of investment, compliance, trading, accounting and other administrative operations. They considered CRMC's costs and related cost allocation methodology, as well as its track record of investing in technology, infrastructure and staff to maintain and expand services and capabilities, respond to industry and regulatory developments, and attract and retain qualified personnel. They noted information regarding the compensation structure for CRMC's investment professionals. They reviewed information on the profitability of the investment adviser and its affiliates. The board and the committee also compared CRMC's profitability and compensation data to the reported results and data of a number of large, publicly held investment management companies. The board and the committee noted the competitiveness and cyclicality of both the mutual fund industry and the capital markets, and the importance in that environment of CRMC's long-term profitability for maintaining its independence, company culture and management continuity. They further considered the breakpoint discounts in the funds' advisory fee structure and CRMC's sharing of potential economies of scale, or efficiencies, through breakpoints and other fee reductions and costs voluntarily absorbed. The board and the committee concluded that each fund's advisory fee structure reflected a reasonable sharing of benefits between CRMC and the funds' shareholders.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| American Funds Insurance Series | **380** |

---

------

**Item 8. Changes in and Disagreements with Accountants for Open-End Management Investment Companies.**

Included as part of the financial statements filed under Item 7.

**Item 9. Proxy Disclosures for Open-End Management Investment Companies.**

Included as part of the financial statements filed under Item 7.

**Item 10. Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies.**

Included as part of the financial statements filed under Item 7.

**Item 11. Statement Regarding Basis for Approval of Investment Advisory Contract.**

Included as part of the financial statements filed under Item 7.

**Item 12. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.**

Not applicable.

**Item 13. Portfolio Managers of Closed-End Management Investment Companies.**

Not applicable.

**Item 14. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.**

Not applicable.

**Item 15. Submission of Matters to a Vote of Security Holders.**

No material changes have been made.

**Item 16. Controls and Procedures.**

(a) The registrant maintains disclosure controls and procedures that are designed to ensure that information required to be disclosed in the registrant's filings under the Securities Exchange Act of 1934, as amended, and the Investment Company Act of 1940, as amended, is recorded, processed, summarized, and reported within the periods specified in the rules and forms of the U.S. Securities and Exchange Commission. Such information is accumulated and communicated to the registrant's management, including its principal executive officer and principal financial officer, as appropriate, to allow timely decisions regarding required disclosure. The registrant's management, including the principal executive officer and the principal financial officer, recognizes that any set of controls and procedures, no matter how well designed and operated, can provide only reasonable assurance of achieving the desired control objectives.

Within ninety (90) days prior to the filing date of this report on Form N-CSR, the registrant had carried out an evaluation, under the supervision and with the participation of the registrant's management, including the registrant's principal executive officer and the registrant's principal financial officer, of the effectiveness of the design and operation of the registrant's disclosure controls and procedures. Based on such evaluation, the registrant's principal executive officer and principal financial officer concluded that the registrant's disclosure controls and procedures are effective.

(b) There have been no significant changes in the registrant's internal controls over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) during the period covered by this report that have materially affected, or are reasonably likely to materially affect, the registrant's internal controls over financial reporting. There have been no significant changes in the registrant's internal controls or in other factors that could significantly affect the internal controls subsequent to the date of their evaluation in connection with the preparation of this report on Form N-CSR.

**Item 17. Disclosure of Securities Lending Activities for Closed-End Management Investment Companies.**

Not applicable.

**Item 18. Recovery of Erroneously Awarded Compensation.**

Not applicable.

**Item 19. Exhibits.**

(a) (1) Not applicable to the semi-annual filing.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) Not applicable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) The certifications required by Rule 30a-2(a) under the Investment Company Act of 1940, as amended, are attached hereto.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) Not applicable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5) Not applicable.

(b) The certification required by Rule 30a-2(b) under the Investment Company Act of 1940, as amended, is attached hereto.

**SIGNATURES**

Pursuant to the requirements of the Securities Exchange Act of 1934, as amended, and the Investment Company Act of 1940, as amended, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

---

| | |
|:---|:---|
|  | JNL Series Trust |
| By: | /s/ Mark D. Nerud |
|  | Mark D. Nerud |
|  | Principal Executive Officer |
| Date: | August 28, 2025 |

---

Pursuant to the requirements of the Securities Exchange Act of 1934, as amended, and the Investment Company Act of 1940, as amended, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

---

| | |
|:---|:---|
| By: | /s/ Mark D. Nerud |
|  | Mark D. Nerud |
|  | Principal Executive Officer |
| Date: | August 28, 2025 |
| By: | /s/ Andrew Tedeschi |
|  | Andrew Tedeschi |
|  | Principal Financial Officer |
| Date: | August 28, 2025 |

---

**EXHIBIT LIST**

---

| | |
|:---|:---|
| Exhibit 19(a)(3) | [Certification of the Principal Executive Officer required by Rule 30a-2(a) under the Investment Company Act of 1940, as amended.](ex99-cert.htm) |
|  | [Certification of the Principal Financial Officer required by Rule 30a-2(a) under the Investment Company Act of 1940, as amended.](ex99-cert.htm) |
| Exhibit 19(b) | [Certification required by Rule 30a-2(b) under the Investment Company Act of 1940, as amended.](ex99-906cert.htm) |

---

## Ex-99.Cert

[JNL Series Trust N-CSRS](jnlst-ncsrs_063025.htm)

Exhibit 19(a)(3)

CERTIFICATION

I, Mark D. Nerud, certify that:

1. I have reviewed this report on Form N-CSR of JNL Series Trust;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary
to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period
covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material
respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required
to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;

4. The registrant's other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures
(as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule
30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision,
to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others
within those entities, particularly during the period in which this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under
our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements
for external purposes in accordance with generally accepted accounting principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about
the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based
on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the period
covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over
financial reporting; and

5. The registrant's other certifying officer and I have disclosed to the registrant's auditors and the audit committee of the registrant's
board of trustees:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which
are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal
control over financial reporting.

---

| | | |
|:---|:---|:---|
| Date: | August 28, 2025 | /s/ Mark D. Nerud |
| | | Mark D. Nerud |
| | | Principal Executive Officer |

---

Exhibit 19(a)(3)

CERTIFICATION

I, Andrew Tedeschi, certify that:

1. I have reviewed this report on Form N-CSR of JNL Series Trust;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary
to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period
covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material
respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required
to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;

4. The registrant's other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures
(as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule
30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision,
to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others
within those entities, particularly during the period in which this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under
our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements
for external purposes in accordance with generally accepted accounting principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about
the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based
on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the period
covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over
financial reporting; and

5. The registrant's other certifying officer and I have disclosed to the registrant's auditors and the audit committee of the registrant's
board of trustees:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which
are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal
control over financial reporting.

---

| | | |
|:---|:---|:---|
| Date: | August 28, 2025 | /s/ Andrew Tedeschi |
| | | Andrew Tedeschi |
| | | Principal Financial Officer |

---

## Exhibit 99.906

[JNL Series Trust N-CSRS](jnlst-ncsrs_063025.htm)

Exhibit 19(b)

Certification pursuant to Section 906 of the Sarbanes-Oxley Act of 2002

Mark D. Nerud, Principal Executive Officer, and Andrew Tedeschi, Principal Financial Officer of the JNL Series Trust, certify that:

1. This Form N-CSR filing for the registrant (the "Report") fully complies with the requirements of Section 13(a) or 15(d)
of the Securities Exchange Act of 1934, as amended; and

2. The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations
of the registrant.

---

| | |
|:---|:---|
| By: | /s/ Mark D. Nerud |
|  | Mark D. Nerud |
|  | Principal Executive Officer |
| Date: | August 28, 2025 |

---

---

| | |
|:---|:---|
| By: | /s/ Andrew Tedeschi |
|  | Andrew Tedeschi |
|  | Principal Financial Officer |
| Date: | August 28, 2025 |

---

This certificate is furnished pursuant to the requirements of Form N-CSR and shall not be deemed "filed" for purposes of Section 18 of the Securities Exchange Act of 1934, as amended, or otherwise subject to the liability of that section, and shall not be deemed to be incorporated by reference into any filing under the Securities Act of 1933, as amended, or the Securities Exchange Act of 1934, as amended.